Trinity College Annual Report and Financial Statements Year ended 31 July 2025 Registered Charity No. 1143755 TRINITY COLLEGE Annual Rèport and Financial Statèm&nts Contènts Govérning Body. Offi￿rS and Advisers Report of the Governing Body Audrtor's Report 18 stalement of Accounting Policies Consolidated St8lemenl of Financial Activthès 27 Consolidated and Gollege Balance SheÈls 28 Consolidated Statement of Cash Flows 29 Notes to the Financial Statements 30 TRINITY COLLEGE Gov&rnlng Body, Officer$ 8nd Advisers Year endèd 31 July 2025 MEMBERS OF THE GOVERNING BODY The members of the Goveming Body who are Professorial Fellows or who have been in post foi tnor6 than one year are the College's charity Iruslees under charty law. The members of the Governing Body who served during the year are detailed below. Those members who were not trLJStees of the College during all or part of the year August 2024 to July 2025 are indicated by an asterisk before their nam85. (i) {6) 'Sir Robert Chote {p￿SIdent) Joined 0lm912025 Appointed Tnjstee QI/I1/2025 ReS￿ned 3110￿2025 Dame Hilary Boulding IPresidenll Mrs Lynne Adam 'Dr Alison Andrew Demittsd 27/0&?024- 30/09f2025 Professor Dame Frances Ashcroft Rètired So/09￿025 'Piofessor Nicholas Barber Demitted 20/0312025- 2026 Professor Francis Barr Professor Geoffrey Balchen Dr Fanny Bessard Professor Maria del Pilar Blanco Revd Joshua Brocklesby Mrs Felicity Susan Broers Professor Keith Buckler Retired 30J09n025 Dr Rebecca Bullard Dr Jan Czemuszka Reti￿￿ 3o/o9rd025 'Professor Janina Dill Appointed Twsl88 I￿lOP2024 Professor Stefano-M8ria Evangelista Mr Christopher Ferguson 'Professor Dame Amanda Gay Fisher Demitted 01110￿024- 30109￿025 'Piofessor Stephen Fisher Dr Kantik Ghosh Demitted 01/1012024- 30/09f2025 Dr Anil Gomes Dr Nalalia Gromak Dr GaLJtam Gurung Professor lan Hewitt Resigned 30/09r2025 Demitted 06170/2025 Professor Katherine Ibbell Demitted Q111012025 Professor Marta Kwiatkowska 'Dr Dong Liu Professor Martin Maiden App(xnted Tmste8 2¥0112025 'Professor Peter Mcculloch Reb"red 20/12r2024 Professor James McDougall Resuned 30/09r2025 TRINITY COLLEGE Governing Body, Officèrs and Advisers Yèar ended 31 July 2025 (31 f4J 'Dr Meera Mehta Appthnl8d Trust8e 22/oir2025 Professor David Parker Profèssor Susan Perkin "Piofessor Janet Breckenridge Pierrehumbert Reswned 30/09￿024 Dr Luke Rostill Professor Melanie Rupflin "Profèssor Stephen Sheard Professor Sam Vinko Dr Meia Walravens Resigned 12A12f2025 Demitted 0￿1012025 'Profes$or Justin Wark Demitted 0I/IW2024- 01/04￿025 Appointed Tmst68 16/10￿024 'Dr Tobias Wamecke Dr Gail West (Trimbl81 'Professor Charfotte Williams 'Dr William Alasdair Winning Professor Johann65 Zachhuber Resigned 30/U9f2024 Appointed Trusteè 76/10￿024 The activities of thè Governing Body are carried out through six main committees of the Governing Body of the College and a number of other committees For the current academic year. Fellows, membership of the main committees is shown above. {11 Academi¢ Committee 121 Bursarial Ctsmmittee 131 DevelopTnenl Commrttee 141 Investment Committee {51 Remuneration Committee (61 Risk, Audit and Governan￿ Committee In addition to the Fellows, the Bursarial, Development, Investment, Remuneialion and Risk, Audit and Governance Committaes have external members who ale appointed on the basis ofthèir experien￿ and expertise in the ielevant fields. COLLEGE OFFICERS The Officers of th6 College lo whom day-to-day management is delegated are.. President Sir Robert Chole (Joined 01109120251 President Dame Hilary Boulding (Resigned 31108120251 Estates Bursai Mr Christopher Ferguson Domestic Bursar Mrs Lynne Adam Senior Tutor Dr Rebecca Bullard Dean Dr Dean Sheppard Chaplain Reverend Joshua Brocklesby Development Director Mrs Susan Broeis TRINITY COLLEGE Goveming Body, Officers and Advisers Year ended 31 July 202S OLLEGE ADVISERS Invastment Managers Baillie Giffoid & Co, Calton Square, 1 GTeenside Row, Edinburgh, EH1 3AN CCLA Inveslmenl Managernent Ltd, One Angel Lane, Lortdon, &C4R 3AB Fundsrnilh LLP, 33 Cavendish Square, London. W1G OPW Royal London Unit Trust Managers Lirniled, 55 Gracechurch Streel, London, EC3V ORL Savills Investment Management, 33 Margaret Street, London, W1 G OJD Vanguard Asset Management Ltd, 41h Floor, The Walbrook Building. 25 Walbrook, London, EC4N 8AF Vanguard Ireland. 30 Herbert Street. Dublin 2, Ireland Rathbones. 30 GTesham Street, London, EC2V 7QN Land Agènt Laws & Fiennes. W8rren Lodge, Broughton, Banbury, Oxfordshirè OX15 5EF Audltor Gravita Audit Oxford, First Floor, Park Central, 40-41 Park End Street, Oxford OX1 1JD Bankèrs Bardays Bank plc, Ground Floor, Apex Plaza. Forbury Road, Reading RG1 1AX Solicitors Freeth5 LLP. Spires House, 5700 Oxford Business Park South, Oxford OX4 2RW Farrer & Co LLP, 66 Lincoln's Inn Fields, London WC2A 3LH COLLEGE ADDRESS Broad Street, Oxford, OX1 3BH Website www.Irinty.ox.ac.uk TRINITY COLLEGE Report of the Governing Body Year •nded 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 au(Jited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The College of the Holy and Undivided Trinity in the University of Oxford, which is known as Trinity College I'the College.). 15 an eleemosynary chartered chaiitable corporation. 11 was founded by Sir Thomas Pope under a Letters of Patent issued by Philip and Mary dated 8 March 1555, and a deed of foundation dated 25 March 1555. The College registered wrth the Chartty Comrnission on 12 September 2011 Iregi51ered number 1143755). The names of all merllbers of the Govèming Body at the date of this report and of those in office during the year, together with details of the advisers of the College, are given on pages 3 to 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed by its Statutes. Governing Body The Govèrning Body is constituted and regulated in accordance with the College Statute5. the lerrns of which are Ènfoice8ble uttirnately by the Visitor, The Lord Bishop of Winchester. The Goveming Body is self- appointing. The majority of the Goveming Body members are Official Fellows who are either Tutorial Fellows, jointly appointed with the University on the basis of their acad&mi¢ ex￿llen￿ and ability lo meet leaching and ie5earch needs of the College, or College Officers appoillled lo fu￿11 admini51ialive roles in the College. New members of the Governing Body are recruited by advertisement and inducted into the workings of the College, including thè College's policies and procedures. by the President and College Officers. In accordance with College Statutes, new Fellows, other than Profe550rial Fellows, do not have vob'ng rights at Governing Body meetings during their first year in office. and are therefore not ttuslee5 of the charity. Members of the Governing Body attend appropriate trustee Iiaining on appoinlrllenl and will receNie continuing training to reflect developments in the sector and changes in regulation. The Goveming Body determinès the on-going strategic direction of the College and regulates its administration and the m8n8gemenl of ils fInan￿S and assets. 11 meels a minirnum of nine times per year under the chairmanship of the President. 11 is supported in its role by a number of committees, the most significant of which are listed on page 4 and are described below. 11 delegates day-lo-day management to the College Officers who are listed on the same page. Academic Commlttee The Academic Commillee advises the Governing Body on the College's academic provision. 11 provides assurance lo the Governing Body on the College's discharge of its ￿SpOnsibl1rtieS in relation to undergraduates and graduates, including its admis510n5 policies and processes. It also supports the Senior Tutor in fulfilling their responsibilities in accord8nce with the College's Oelegat4'0n Framework 11 meets no lèss than three Iirne5 per academic year, is chaiied by the Presidenl and has JCR and MCR sludelll iepresentation. TRINITY COLLEGE Report of th8 Goveming Body Year ended 31 July 2025 Bursarial Committee The Bursaiial Committee has a broad remit, overseeing finanaal, investment alld operational matters on behalf of the Governing Body. There are two extemal members. chosen for their relevant skills and experience It holds scheduled meetings Mice per academic term. and also may meet on an ad hoc basis rf required outside term time to consider speelfic ts'me-limrted decisions Ifor example property purchases or disposalsl. Development Committee The work of the Development Committee is focvssed on relations with alurnni an(J donors to the College. For examplè, this committee oveisees both fundraising carnpaigns and the College's comprehenswe annual programme of alumni events. Investment Committee The Investment Committee adwses the Bursarial Cornmittee- and ultimately the Goveming Body- on the Co11ege'5 fin8ncig1 invèstments. These mainly consist of investments in unit trusts, but may also include cash deposits and other financial instruments. There are three external members with ielevant experience in the investment sector. The committee also benelils from the advice of an independent consultant, who prepares the quarteily investmènt report an(J provides information lo support the committee's decisions. Remuneration Cofflmittoa and Remunèration of Members of the Govèrning Body Mernbeis of the Governing Body receive no remuneration or benelrts from their Irusleeship of the College. Those trustees who are also employees of the College re￿1ve remunei8lion for their work as employees of the College based on the advi￿ of the College's Remuneration Committee. There are four external members of the Committee, one of whom is the Chair. Al the discretion ol the Chair, the President. Eslales Bursar and one olhei trustee may be invited to attend all or part of any meeting lo support the Committee. Fellows of thè College may also attend meetings, al thè discretion of the Chair. The Piesident and all Fellows are excluded from any discussions or votes where a conflict ol interests arises. Risk, Audlt and Governance Committee Following a recent review of its governance the College created a new Risk. Audit and Governance Committee l RAGCo'l in the 2024r25 year. The new cotllmittÉÉ assumed responsibility for oversight of the College's management of Risk and Audit (previously overseen by the Bursarial Commrtteel and took on a new role of advising the Governing Body on its Complian￿ with best piacti¢e on Governan￿. 11 has three exlemal members, all of whom have relevant experience in these complex fields. The Comtllrttee meets lour times per yeai. The President and Estates Bursar attend the tneetings by invitation of the Chaii. Olhei Collegè Offi￿rS and rnernbers of staff may also be invited by the Chair to attend in older lo help the Commiltee's L)nderstanding of any items Ljnder review. The Chair attends the Goveming Body's November meeting to rÉport on the Cornrnittee's work and adwse on the approval of the Annual Report and Financial Statements. Group structure and relatlonships The College is part of Ihe collegiate University of Oxford. Material interdependencies bebmeen the University and the College arise as a consequence of this relationship. The College has two wholly owned non-chaThl8ble subsidiaries.. Trinity College Oxford Limited, whose trading activities prirllarily ¢omprise letting the College's facilities when not in use for their charitable objec15, and Trinity College Developments Limited. which undertakes rnajor building works to the College's buildings. The annual profits of the sub5idi8ries are donated lo the College Ljnder the Gift Aid Scheme. The College administers many ITusls. as detailed in Notes 18 and 19 to the financial stalements. TRINITY COLLEGE Report ofthe Govaming Body Year ended 31 July 2025 Governance review During the course of the 2023124 and 2024125 academic years the College conducted a review of its governance. This review was led by a Governance Working Group, whose biief was to ensure that the College's govemance arrangernenls are appropriate for a charity regulated by the Charity Commission. The Working Group look advice from external experts and shared best practice ideas with other colleges wrthin the University. They also consuKed with the College's Visitor and the Charity Comtnission. A number of options were considered, in partI￿lar focussing on the future composition of the main Iluslee board or Governing Body. In accoidance with the advicè from rts Working Group the College conduded that ils needs remainèd best served by trustees drawn from a wide range of disciplinary specialities bul with relevant current experience of leaching and research within the Higher Edu¢alion sector. Therefore. the College retains Ils existing Governing Body structure. However, as suggested by the Charity Commission, the size of the Governing Body has been redLJced. The College has also implernented a regime of independent oversight of ils govemaneé A new Risk, Audit and Goveinance Committe&, composed entirely of suitab￿-qUalIfled external Tnembers, has wide-ranging powers to review the College's cornpliance with its own constitution and the Charity Governance Code. The Committee advises Governing Body in the first in51ance- but also has a rernit to refer matters lo the Visitor 01 ihe Charity Commission if necessary. OBJECTIVES AND ACTIVITIES Charitable Object and Alms Object The object of the College is to 8dv8nce education, learning and research through the provision, maintenan￿, support anLI conduct of a college within the UnNersily of Oxtord. The aims sel for the College's subsidiaries are Its help finance the achievement of the College's objeet. Public benefit In 8ccordance with the Chanty Commission's guidance, the Iruslees havè due regard for their duty lo ensure that the College provides a public benefit, and are satisfied that it fulfils thi5 duty. The College advances public leaming by providing higher 8ducalion for undergraduate and postgraduate students within Oxford University. 8nd by supporting the pursuit of publicly disserninaled ￿search. The academic Fellows have contraclual obligations to leach and lo undertake research. The College provides public benefit by offering higher education lo its undergiaduales, much of it through the tutorial system which provides the opportunily to meet with a tutor on a weekly basis during tem lime. In ad(Jilion, the College provides classes, seminars and other forms of teaching as appropriate. in conjunction with the University's departments. All undeigraduale matters are overseen by the Senior Tutor. Graduates at the College form an important part ol the academic community While they arè taught and undertake rasearch in FacuKies and Departments of the University, every graduate student is assigned a College Graduate Adviser who is a Fellow of the College and who provides academic and pastoral support. The Senioi Tutor is also the Tutor foi Graduates and maintains oversight of the academic progress of graduate5, and of Iheir We￿ar8 and needs. To support student learning, the College piovides the use of its library, IT network, chapel, buildings and accommodation. 11 actively promotes the widei cultural, moral and social development of its students IhTough the ptovision of facilities for drama, rnusic, sports, welfare support and careers advi￿, as well as religious worship. TRINITY COLLEGE Report of the Governing Body Yèar ended 31 July 2025 The College ernploys Careei Developtnent Fellows and Junior Research Fellows who, al an earfy career stage. have already shown outstanding promise in their chosen field of research, lo enable them to concentrate on their r&search topic and to develop their career. Senior Research Fellows are also Ètnployéd in non-teaching positions lo carry out reseaith. RecNitment and support for studènts The College offers undergraduate p18¢es on the basis of academic merit. The College airns to altiacl studen15 who are most able to benelil from an Oxford education regardless ol sex, gender, income, ethnic origin, religion, disabilrty or pievious educational opportunity, and actively works lo recruit students from non-traditional backgrounds by prornoling access. There are no geographical restrictions in the College's objectives and students and acadernic staff ale drawn from across the UK and Ihe wider world. Students are billed for aco)mmodation and meals at affordable rates. The College also levies course fees where applicable. The Unive1511y's Council's Planning and Resource Allocalion Committee, on the recommendation of the Joint Fees and Student Support Advisory Group, sels the specffic fees lor Oxford University courses. For Home" students, the govemment sets the maximum annual fee cap, while international 51udenl fees are set by the University and vary by course. The College offers financial assistance lo students expèrièncing financial hardship, helping to alleviate the costs associated wrth course fees and living expenses. In addition lo the grants and loans available to UK undergraduates through Sludenl Finance England, further support is provided based primarily on assessed household income. In 2025, the total value of bursaries and hardship awards funded by the College was £117,000, representing a decrease of £25,000 cornpaTed lo 2024. Under the Oxford Bursaries Piogramme, 62 sludenis from the lowest household income brackets received financial support during the academic year lup from 58 in 20241. This support, provided jointly by Ihe University and the College, inclLJded travel supplements, fee reductions. and buisaiies, lolalling £282.250 12024.. £275,240). The College's contribution lo this support amounted lo £60,50012024.. £56,800). Foi students from lower-middle incotne households, the College awarded an additional £56,50012024.' £85,200) to both undergraduates and graduates. This induded bursaries, va￿tIOn residèn¢e support, and writino-up grants. The value of th6 annual support for this group of 51udenls is dependent on the level of demand and does not indicate a reduction in the support offered. In recognition of academic merit, the College also awarded seholarships, prizes, and academic grants totalling £768,00012024". £661.IX)01 to both undergraduate 8nd gr8duale students. ACHIEVEMENTS AND PERFORMANCE The end ofthe 2024-25 a¢adémic year marked the retirement of Dame Hilary Boulding from her role as President of the College. Dame Hilary was the first woman to be elected to the role of President in Trinity's 470-year history. DLJring her eight-year tenure she oversaw the construction of the Levine Building and the relurbishmenl of Many of thè College's older buildings. Academic life flourished and the Colle9e transformed ts approach to encouraging applications frorn students frorn diverse and disadvantaged backgiound5. Meanwhile the College's net assets grew by £gom, increasing from £155m on her arrival in 2017 to £245m al the lirlle of her departure. By all measures this was a very sueeessful term of office. The College community is deeply gralefvl lo Dame Hilary for all her excellent work and wishes her a long 8nd happy rèlirèmenl. In the academic year 2024-25, 92 Trinity students completed an undergraduate degree. 34 sludenls137¢/ol achieved a First or Distinction, and 49153 /.) a 2.1. In the First Public Examination, 28.kn were awarded a Distinction 01 First. FThie students on the Asliophori8 Foundation Year completed this programme, and foLJr progressed to undergraduate slLJdy at Trinity. Undergradugltss al Trinity were awaided Univérsity prizès for TRINITY COLLEGE Report ofthe Governing Body Year ended 31 July 2025 excellent performance in examinations in a wide range of subjects, induding Biochemistry, Chemistry, Engineering Science, Medicine. Materials Soence, Mathematics and Theology. Results for Trinity's graduate 51udenls were ext￿MelY strong. 32 Trinity students completed laught Masters deg￿es- 14 of Ihem144°/ I were awarded a Distinction 8nd 8125°/ol with a Merit. 20 DPhil students were granted leave lo supplicate over th$ course of the year. In 202425, Trinity awarded 32 full and partial scholarships for graduate study al this college, many of them ctrfunded with other bodie5 including the University's Clarendon fund, departments and Divisions. In total, 92°A of Trinrty's 36 new DPhil students and 76°/0 of the 29 new laught Masters students were in re￿Ipt of scholarship fvnding as they started Ihtrir Course. Trinills Fellows (including Profes501ial Fellows, Tutorial Fellows, Research Fellows, and ca￿er Development Fellows) continLJed lo carry out and publish outstanding research. Several have bèen aw8rded prestigious funding, 6xtÈinal fellowships, and prizes in their fiéld lo acknowledge the signrfioance of their research. A report on the individual activities ol the Presidelll and Fellows may be found in Ihe Trinily Collagè Report 2024-25, which can be obtained directly from the College. The College Sports and Societies Working Group promotes sport. the arts and soaeties within Trinity College, wrth a focus on partlClP8tion 8nd supporting the wellbeing of our students. Termly paytnents continue to be made to th& student bodies, sports clubs., and also to individu815 to reimburse some of the expense of partiapating in University and College sporbng, cultural and iecrealional activ￿e$. Blues Awards are presentèd in iecognition of an individual sportsperson's achievement within their particukr sport at the University of Oxford. The Trinity Colleg8 Oxford Society fund conlribules towards the blues recipients. expenditure on Blues merchandise aeeording lo the status of their aw8rd. In the year,11 Full Blues and 8 Half Blues awards were made in diffe￿nI discAplines. The College continues lo good progress towards it5 aim lo become a mora diverse and widely represenlalive cornmunity, in which students of 811 background5 feel equally valued. supported and able to flourish. However, as the figures in the University's Annual Admissions Statistics Report highlight. we a¢krTrowledge that further progress on widening access is still needed. For example. the proportion of undeigiaduale students admitted lo Trinity from state secondary schools rose from 54.2°kn in 2019 to 82.29￿ in 2024, but this remains below the 8verage of 66.2°/u State school stud8nt5 admilled across the University. Meanwhile, Ihe proportion of Trinity students identifying as Black and Minority Ethnic grew from 21.40h in 2019 to 32°A in 2024, which is slightly above thè Universty average of 30.8°/.. Achievements, ¢oncern5 and future plans ale detailed in the Head of Acces5 Annual Admissions Statistics R8POrt. Further information can be found on the College websrte. Several major building projects were wmpleled during Ihe 2024-25 year. Al the start of the year the Glade 1 listed Hall, Kitchèn and SCR range of buildings finally reopened after more than two years of renovation works costing £9.5m. The outcome is a generational upgrade, including an entirely new kitchen, improved and extended staff welfare facilities, a lift providing disabled access to five leve15. a new servery, and, more generally, a full refurbishmènt of the cole of the Gollege's historie eslale. It has been wamly re￿]Ved by the College community. Immediatety following this project, the College installed a large ground source heat pump system powÈied by boieholes under its North Lawn, providing space heating and hol water for the Grade 2 Jackson Buildirig which houses staircases 5, 6 and 7. This £1.5m project was part-funded by a Govemment decarbonisation grant of more than £0.6m. In its off-site accommodation the College also installed air source heat PLJmps at 20-44 Rawlinson Road, again with the help of a Govemrnent decarbonisalion grant. Finally, across the summer of 2025 the College has undertaken the creation ofa new, accessible MGR sitting room on the ground floor of Keltel Hall. 10 TRINITY COLLEGE Report of the Govèminy Body Year ended 31 July 2025 FINANCIAL REVIEW For the yeai, the Consolidated Statement of Finan¢ial Activities shows an operating defial of £1,080,000. Taken at face value this implies a reduction of £1,724,OCM) when compared lo the 2023-24 £644,000 operating surplus. However, the 2023-24 surplus was inffated by the release of pension provisions totalling £1,472,000 50 in fact the underlying reduction was £252.OiXJ. This was in line wilh budget. Meanwhile, the College's total return investment policy provides lor a transfer of Capital gains from the endowment fund to the restricted and ￿n￿Stricted funds to supplement natural incorne. In 2024125 this capital Iransler of nearly £1.4m ensured that the unrtrslricted fund ended the year with a small gain1£212,0001. Overall, invesltnent gains led to nearly £10m growth in the College's total nel assets. which Closed the year with a valuation of £244.7rn lup frotn £234.9m at the previous year's cltssel. An immaterial portion ol the gain is likely to have relaled to prior years. Income Year on year, College incomè increased by £1,054,000 from £12.476.000 to £13,530,000. All categories generating income for the Collegè apart from the actual investment incorne contributed to this overall increase. as shown in the table below.. Incorne by category and year ChaTltable activities other Trading Income Donations and Legacles 1,410,0 1,031,OW 379,000 Actual Investment Income 2025 7,195,000 6.565,IMX) 691,000 380,(h)O 4.234,000 2024 4,500,0 IncreasellDecreasel Percentage change 630,IKK) 9.6% 311,IKiO 81.8% 1266.CKM)I -5.9% 36.8% Further anal sis of incornÉ b cate Within the Incotne generated from charrtable activities, the outperfomiers were overseas course fees, wrth an increase of £168,OW, and College residential income. whioh rose by £446,000. The increase in course fee income was largely driven by price, with rates significantly inc18as@d by the University for all postgraduate Studènts and overseas undergraduates who began their studies in 2024-2025. Th¢ strong performanee in ie5idenlial In￿Me is attributed to a 15)h1£173,0001 increase in charitable sales lo non-members Imainly summer schools). a £162.000 increase in sludenl acwtntnodation income, mainly due to increased occupancy rates, and a 34.9°/01£111,0001 increase in catering sales lo members following the reopening of the Kitchen and Hall. 'Other trading income. identifies conference activity within the College's subsidiary Trinity College Oxford Limited. Conference and events perf0rrnan￿ has picked up momentum following both the reopening of Ihe College's dining facilities and 8 departmenlal restructuring. Donation income has grown as the Collegè resumed its focus on fundraising campaigns, with particu18r emphasis on a new endowed fund for graduate scholarships to mark the retirement of the outgoing president, Dame Hilary Boulding. Friends and old members ¢onlinue lo provide remarkable support with their generosity, for which the College will forever be deeply grateful. Actual investment income witnessèd a weaker performance frorn equty dividends and also from interest on fNed lerrn deposi15 and cash in 202425. with £254,000 less income in those categories alone. Thi5 was patNy TRINITY COLLEGE Report of the Govemlng Body Year ended 31 July 2025 due lo declining interest rates for cash deposits, but also to a switch in equity investments lo fows more on capital grovth and less on dividend yield. The College recognised investment incomè ol tnoie than £5,610,OOC>12024 £5,522,000) on a total ielutn basis al a rale of 3°k. £5,413,000 of those ietuin5 are from the Endowed funds and are allocated to income in the Unrestricted and Reslricled funds. £197,000 total returns 8re generated from and allocated back into the Unrestricted lund. As shown by the volatility of the actual investment income and the stability of the lolal relum5, the total return method provides certainty of income to allocate lo expenditure.11 also balan￿S the needs and interests of current beneficiaries of the College's activities with Ihose of the fLrture The intentions of this policy are, firstly, to achieve overall higher levels of investment returns by removing the constraint of being required lo produce natural income rather than eapilal growth., and, secondly, lo smooth income bètween years, allowing the College to plan more effectively lor medium-lerm expendrture. Fund Total Return at3% Allocated OUT offund 15,413,000) Allocated to Income Endowed Fund5 5,413,000 Unrestrlrted Funds 197,000 4,164,000 1,249.000 Rettrlcted Funds Total 5,610,000 15,413,000) 5,413,000 Ex enditure The 2024-25 Statement of Financial Activities ISOFAI shows that expenditure has increased substantially, by £2,778,000, cornpared to the prior yeai. However, further analysis is necessary lo provide a like foi like comparison. The table below strip5 out the impact of the release of the pension provision to give a more insighfful and appiopriale analysis. Reported teaching resear¢h aThd residerrtial Penslon provision releose djustrnent Éxpendlture by ¢ategory teoching reseurch ond resldentlol Fundraislng through donatsons Tradlng expenditure Investment management costs 2025 13,283,ffl0 10,739,WO 13,283,(K>O 642,(KX) 448.NKI 237,000 2024 1,472,0 11,472,000) 12,211,000 580,000 174,000 339,000 IncreasellDecreasel Percentage Change 2,544￿00 1,072,iX 62,t%#) 274,000 1102,0001 130.11% 23.7% 8.8% 10.7% 157.5% Excluding the irnp8cl of the release of the pension provision la51 year, there has been 8n increase of 8.8Qk In le8ching. research and residential expendrture. This increase is largely due to Increases in dI￿¢t staff costs, wrth average pay to staff rising by slightly more than ihe prevailing rale of inflation, an increase lo the ernployers, national insurance contribution rate and a nutnber of additional posts recruited. Staff costs in¢reased by lo.5.￿. Student support costs also increased by a little over 1 OOA. This was primarily due lo an increase of more than £100k in the valuÉ of graduate scholarships. whi¢h was partially offset by minor savings elsewhere. 12 TRINITY COLLEGE Report of the Governing Body .ded 31 July 2025 Other non-slaff ¢osls allocated lo teaching, research and residential have increased by £408,000. This includes items such as the costs of oateiing, the costs of providing and maintaining accommodation and the cost lo the College of student support as slated above. Increased expenditure on alumni relations and fundraising activity has reflected an increase in carnpaign activity, including travel abroad by the Piesident and the Development Dirèctor. In addition to holding tradrtional alumni events to maintain ielalionships with old members and lo thank donors ft)r their ¢(>nlinued support lo the College. donors were also invited to enjoy a seiies of programmed evenls wilhin the College. As expgclp.d, the cost of trading has increased as levels of aclivity and income have increased. However, the rtyte o rrnase in costs has been gra-. er than the increase in income. In part this trend ieflects the expel ience of trading in an inflationary period. with unpredictable cost rises adveisely affecting margins for conferences and other events sold in advance at a fixed price. Despite atlempts to build conlingencies for price increases, the resullanl lower margins are unavoidable in ￿rtain circumstances. Furthern0￿, introductory discounts to establish the Levine Evènts Programmfy and favourable pricing for events hosted by members and staff ol thè College have reduced prolilabilily. Investments and Loans The loan between the endowment and unrestricted funds for the construction of the Levine Building was reduced by £541.OW lo £12.420,000 in the year, largely due to a repayment of £500,000 at the year end. In accordance with the Charities Ad 2011 it is anticipated that this loan will be repaid over a period of 20 years from the official dale of completion of the project. 2024-25 costs of the now completed Kitchen. Dining Hall 8nd SCR project of £163,000 in-year have irTrcreased the value of that loan from £6.413,000 10 £6,576,000. The lolal balanee of intèr-fund loans at 31si July 2025 was £18,996,000. Investments gains for the year of £10,824,000 {2024'. £9,619,000) comprised £8,953,0(KJ gains in land and property12024'. £1,349,000} and £1.871.000 gains in liquid investmenls12024". £8,271.0001. Significant gains in value were made across the College's property portfolio, identified by an independent five- yearly RICS Valuation- Global Standards'ied book valuation which was cotnpleled in 2025 in aw)rdanGe with the College's Charities Act 2011 obligations These gain5 10 some extent reflect the curnulalwe effect of improvemen15 to various properties across the estate over recenl years, and new planning consents granted. Conversely the pioTreds from salés and disposals of land reduced to £1,304,00012024'. £3,479,000), which is the lowest level for a number of years. This reflected the timing of eontraelual payments due from developers. Building worf( continues at pace on hvo of the CoSlege's housing development siles neai Banbury Ilhe Roman Fields sile, developed by Vistry. and the Banbury Rise11 sile developed by Bloor Homes). The remaining 13 hoiiotss ?r tle 480-unil Banbury Rise phatre I scheme were sold as expected In 2024-25. The College will continuè to explore development opportunit￿$ across its property portfolio. The College's financial investments fared less well during the year, posb'ng only a minor capital gain (£1,871,000 11.5°hl. The lolal relutn li.e. capital gains plus income) from the finanaal investments was £5,062,0(￿, representing a 3.9°kn return on the £128m opening valuation. The 2024-25 yèar was a tkjrbulenl onè for equity inveslors, as fluctuating US Iiade tariffs at titlles caused chaos in stock markets. However, the College's investments in various L)nit trusts generally un(Ser-performed the MSCI World Index, as managers sought to hold posrtions in quality growth companies and ger)erally avoided the overall market's heavy concentration on the'magnrficenl Sev&n° US technology stocks. Rès•rvès policy The College's reseTves policy is lo maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpectéd revenue shortfall, to allow the Collegg lo be managed effi¢ienlly and lo provide a buffer that would ensure uninletrupled services. 13 TRINITY COLLEGE Reportofthe Governlng Body Year ended 31 July 2025 The lolal fvnds of the College and its subsidiari6s al the year-end amounted to £244,688,00012024.' £234,924,000). This includes andowmenl capital of £209,166,000 and unspent restricted income funds totalling £2,755,000. The Unrestricted account includes an atnounl of £26,433,00012024." £26.240,0001 in designated funds. The vast majority of this sum reflects the nel book value of the College's tangible assets 1£45,2%,0001, partly offset by a loan of £18,996.LKIO from the Endowment lund to finance major building projects. Free reserves at the year-end amounted to £6.314.OW12024'. £6,296,000). The value of the free reserves of Ihe College represents approximately 6 rnonlhs expenditure, and therefore is considered by the Trustees lo be an appropriate sum. The College hgs outstanding property improvements which may, in dué Course. place additional demands on ils free reserves. The fundirKJ requirements and options will be Considered as part of any project assessment prior lo ¢ommen¢emenl. Risk managem8nt The College has on-going pro￿sseS for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its sub51d131ies. Vvhen il is not able lo address risk issues using internal resources, the College18kes advice from experts external to the College with specialist knowledge. Policies and procedurès wrthin the College are reviewed by the relèvant College committee. Financial iisks are 8sse55ed by the Bursarial Commrttee and investment risks are monitored by the IrTrve51rllent Commiltee. Thé Domestic Bursar and dom8slic staff Heads of Department meet regLJlarly to review health and safety issues. Training courses and other forrns of career development ara available to Members of staff lo enhall￿ their skills in risk-re181ed areas. The Goveming Body, who have ultimate responsibility for managing any risks fawl by the College, have ieviewed the processes in placé for tnanaging risk and the principal identified iisks to which the College and its subsidiaries are exposed and have concluded that adequate systetns are in place to managè these risks. A consolidated risk register is maintained as a live document, estimating the potential impact afid likelihood of occurrence of each risk and the mitigating actions rèquired. Actions are time-limrted and have designated ownership where possible. The Risk. Audit and Governance Committee reviews the risk register in dstail and advises the Govèrning Body accordingly. In its Risk Managernenl Policy, the College has staled its appelile for risk as follows.. In putsuing ils objectnies, as expfrEssed in its Slratggic Plan arKI elsewhere, the Coll8g8 will generally accept a l&v&l of risk proportionate to the expected beneffts to bfj gained, and the scale orlik81ihood of damage. The College has a high app&lil& for risk the Gonlexl ofencouraging and promoting critical enquiry, acad9miG freedom, fr8edom of eXp￿sSion, and open debate. Th& Co118ge has a very low app6tit8 fornsk where thern is likelNhood of significant and lasting reputational damage,. signiliGanf and lastNng dan7age to its provision of worfd-class ￿SearCh or teaching, signAr￿an1 fAn8fjGial loss orsignificanl negative variations to financial plans,. loss of life orhami to stud8rils, slaff, Gollaboralors, partners or Visito￿,. orillegal or unethical activity. Sustslnabllity A diive towards improwng environmentsl sustainabilty is ino)rporated in the College's operational and investment activities. A sus18inability Committee reviews progress on such items as energy use, food waste and recycling In 202&24 the University upgraded Trinity College lo'Beyond Gold" level in Ils Green Impact Awards. and this achievement was repeated in 2024-25. In its equity investment portfolio. the College dNesled entirely from fossil fuèl production in 2019 and ellcourages ils investment rnanagers lo actively engage with investee companies on issue5 of environmental or social concern. On ils agricullural estate the COll￿e continues to engage with its tenant farmers to promote environmental improvements. including the introduction of rts into Countryside Stewardship Schemes lo itnprove biodiversty and reduce carbon emissions. 14 TRINITY COLLEGE Report ofthe Govamlng Body Year ended 31 July 2025 In 2024125 the College reported on rts investigations lo establish its baseline carbon footprint. It is eslimated thal Ihe College's Greenhouse Gas Protocol Corporate Slandaid 'Core° etnissions werè equivalent to 2,315 tonnès of C02 in the 2022r23 year. This figure includes all core Scope 1, 2 & 3 emissions. If all non-core etnis5ions are also included (for example, amissions arising from investments), ihe figure increases lo 8,423 lonnes of C02 pei year. Although large, the core emissions total is unsutprising. The Trinity College community, including students, academics and staff, numbers more than 600 people. Therefore. for this group, the core emissions per head arising from activities within thè College average slightly below 4 tonneslyeai. Eslimales of the lolal average annual UK emissions per adult are wVLhin the range 10-13 tonnes of C02 per yeai. Measuring changes in C02 output in real lime is unre81islic". for example. involving the tracking of the point of origin of all cateiing (Jeliveriès. Therefore, the College has focussed on pra¢li¢al mèasurès known to create a positive effect- for example décarbonising its heating systems to reduce or elirninale around 590 lonnestye8r of Scope 1 emissrons and reducing red meat consumption in order to address one of the main Scope 3 drivers. The C02 footprint will be reassessed in due course. Investment policy and obl8ctives The Collgg8's inveslmenl objectives are lo balance the needs of current and future beneficiaries by.. increasing Ihe value of the investments in real terms over lirne., producing a consistent and suslainable return lo support expendilui8", observing the restrictions applied by the College's Socially Responsible Investment PoI￿y,. and delivering these objectives within ac¢eptsble levels ol risk. In order to achieve these objectives the College applies a lolal return policy. Under the terms of this policy, a steady return of 3 % net of fee5 is drawn from the investment portfolio and credited lo the unrestricted and rest￿tted funds to finance curient year activity. In accordance with the College's accounting policies, the 3.10 total relum iale has been set by the Governing Body for a five year term (expiring 3151 July 20271. It is Ljnderpinned by an investment policy whrh targets a real rate of return of 40/0 net of fees li.e. inflation + 40AI. The College's investrnent decisions and appetite for investmenl risk support this target rate of return. In effect the College is therefore aiming to grow ils Investments al a nel ralè of 1°A per annum. This implicit growth rate also creates a long leim margin of error, lo ensure that the cuiienl generation does not deprive future generth'ons of some ol the benefrts of the investment assets. The restrictions applied by the College's Soaally Responsible Investment Policy indude weapons, pomography, lob8¢¢0, high-interest lending. garnbling and carbon-basèd fuel extraction. The Investment Cornmiltee monrtors fund managers, comp5iance with this poliw on a quarterly basis. At the year end, the College's long-lerm investments, combining property and other investsnents, lotalled £195.898,000 {2024'. £184,923,000), an overall 5.9% increase of £10,975,000. A further £3,399,0￿ is held in cash, awaiting redeploymenl to new inve51rnenls. Fundraising through donations Trinity Gollege is committed to irnplemenling best pra¢tice in its fundraising activities in line wth the guidance provided by the Fundraising Regulator and the Institute of Fundraising. The College's fundraising policy, which is displayed on the website, is in line with the code of practice provided by the Institute of Fundraising. It is followed by all members of the fundraising team. The College ernploys five professional, full-lime metllbeis of staff in th8 Alumni & Development offi￿,. their rol98 cover both fundraising and alumni relations. which are closely connected. Fiotn lime lo lime assistance 15 TRINITY COLLEGE Report of the Goveming Body Y¥ar ended 31 July 2025 is sougm from extern81 consuttants. On such occasions, the College enters into a foimal written agreemènt with these consuttanls and monrtors their work. The Development Committee discusses fundraising and, along with the Goveming Body lo whorn Tt reports, monitors the work of the fundiaising team. The College's fundiaising policy is brought to the Development Committee each year for review and, when agreed. rt is endorsed by the trustèès 8nd an updated version displayed on the College website. Fundraising is not directed at the general public. Instead, gifts are solicited only from individuals with whom the College has an a¢tive relationship- Old Members lalumnil and Friends- or those individuals or organisalions that have been carefully identified as hawng a potential interest in supporting a specthc activty or inilialive. The College has a￿ayS subscribed lo the view that all gifts should be made without coercion, as an informed decision, with full transparency and agreement regarding the use of the gift. Individuals are not subject to eonstanl iequesls for donations. They are not approached di￿¢t￿ with a soliatalion MO￿ than once in any financial year. The College employs a range of direct solicitation meth(Kls. which indude wrill8n appeals, as well as face-lo-face approaches. Members of the fundraising team do not intrude on thè privacy of potential donors, nor adopt persistent or aggressive beh8viour. If any individual or organisation asks lo be excluded from fundraising approaches, this is recoided on the database and a¢l¢d upon immediately so that they a￿ excluded from all forms of solicitation, or those forms from which they have asked to be exduded. Potential donors are not put under undue pressure lo rllake a donation. Maatings are conducted sensitively and when a meetillg is requested, it is made Clear if it has a fundraising purpose. When the College is aware that someone is vulnerable, such a person is not approached for a donation. Should a donation be made at a 'me when the donor was not able lo make an infomed d￿lSIon, bul this was not elÉar lo the fundraiser al the timfj, such a donation would be returned. Trinity has not received any complaints about ils fvndraising activities. The College's policy for the handling of complaints is displayed on the wèbsite and follows Institute of Fundiai5ing best praclic8. STRATEGY AND FUTURE PLANS Following Dame Hilary Boulding's retirement in 2025. TTinity College is delighted lo welcome the appointment of Sir Robert Chote as its new President. Trinity College operates in accordance with its currenl five-yèar strategy, which spans the peiiod 2023-2028. This can be found on the College'5 website.. hllps Ilwww.Iriiiily.ox.ac LiklpLiblications-old-membeis. Whilst the previous five-year sliategy focussed heavily on developing the College's facilities, the strategy lor the cuiienl period is characlerised by increment81 irnprovemenl in our academic programme. A number of new academic posts have been created and our access programme has been enhanced by participation in the University's Astrophoria Foundation Year inilialive. A number of mèasures have been introduced lo irrprove the student experience and academic outcomes. For example, a nsw learning and developmènt support role helps undergraduates with the transition from school to university and a personal developrnent coursè has been introduced for all second year undergraduates. Meanwhile. the College continuès to enhance ils facilities., in particular by decarbonising 118 healing systems in aecofdan¢e with ils commitment lo achieving carbon net-zero. In its strategic plan the College committed to £2.5rn of expenditure on this item. Good progre$s has been made, with the completion of a ground-source 16 TRINITY COLLEGE Report of the Governing Body Yèar ended 31 July 2025 heating 5yStem on the Broad Street site and an air-50urce system at one of the outlying properties. Thanks 10 successfvl bids for grant fundillg to assist with the cost of the first two projects, £1.4m remains lo fund further decaibonisation projects over the next three years. The college will ¢onlinue to recruil and relain world Class academics lo undertake both leaching and research, and the most academically able students from the widest possible background, with a particular focus on encouraging applicants from ¢ommunities that are under-represented at Oxford University. The college will ¢onlinue to provide academic leaching and guidance lo its students so they Can achieve to Ihe best of their abilities, and to provide the facilities and environment required for the development and Ènjoyment of students oulside their academic StUd￿s. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law requires Ihe Goveming Body lo piepare financial statements for each fin8n¢i81 year. Under that law the Governing Body have prepared the finallcial slalemenls in accordance with United KingdoTh Generally Accepted A¢counling Pra¢ti¢e (United 'ngdom Accounting Standards and applicable lawl, including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic ol Ireland IFRS 1021. Under charity law the Governing Body must not approvg the financlal slalemenls unless Ihgy are satisfied that they give a true and fair vièw of Ihe stale of affair5 of the College and of Ils nel incorne or expendiluie for that period. In preparing these financi81 statements, the Goveming Body is required to.. select the most suttable accounting policies and then apply them consislenlly,. mak8 judgmènts and accounting eslimales that are reasonable and prudént". state whelher applicable accounlillg standards, including FRS 102, have been followed, subject to any material departures disclosed and exp18ined in the finanaal st*ements', stale whelher a Slalemenl of Recommended Pradice ISORPI applies and has been followed, subject lo any material departures which are explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropr￿te to presume ihal the Colle9e will conlinue to operate. The Governing Body is responsible for keeping proper accounting recoid5 that arè suffieiènt to show and explain the College's transactions and disclose with reasonable accuracy 81 any time the Iinancial position of the College and enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also iesponsible for safeguarding the assets ol the College and ensuring their prop81 application und8r charity law and hence foT taking reasonable steps for the pievention and dete¢Aion of fiaud and other Appr d by the Governing Body on 26th November 2025 and signed on its behalf by.. Sir Robert Chote Pr•sSd•nt 17 TRINITY COLLEGE Auditor's Report Year ended 31 July 2025 Independent audmorfs report to the Trustees of Trinty College- Oplnion We have audited the financial statements of Trinity College Ilhe'charity'l for the year ended 31 July 2025 which compiise the Statement of Accounting Poli¢ies. the Consolidated Staletnenl of Financial Activities. the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The finanaal reporting fiarnework that has been applied in their preparation is appliGable under Paw and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK (Unrted Kingdorn Generally AcceptÉd Accounting Practice). In our opinion, the financial statements-. gwe a true and fair view of the state of thè gTOUP and charity's affairs as al 31 July 2025 and of thè group's income and expenditure for the year then ended., have been proper￿ prepared In accordance with United Kingdorn Generally Accepted Accounting Piactice., have been preparèd in accordance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in aecordancg with Inlemalional Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards arè further described in the Auditorfs responsibilities for the audrt of the financial statements section of our report. We afe independent of the Charity in accordance with the ethical requirÉm6nls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standaid. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriaté lo provide a basis for our opinion. Conclusions relating to golng concèrn In audiling the financial stslements, we have concluded that the Trustees use of the going concem basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed. we have not identffied any m*erial uncertainties relating lo events or conditions that. individually or collectively, rnay cast significant doubt on the charity's ability lo continue as a going concem for a period of al least 12 months from when the financial staternenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees wrth respect to going coneern are described in the relevant sections of this report. Other infomiation The Trustees are responsible for the other information. The other information comprises the informat￿n included in the annual report other than the finan¢i81 slalernents and our auditorfs report Ihereon. Our opinion on the financial slatemenls does not cover the other infoirnation and, except lo the extent othemiise expli¢illy slated in our report, we do not express any form of assurance condusion thereon. In connection with our audit ol the fi'nanaal statements. our responsibility is to lead the other information and. in doing so, consider whether the other information 15 rnaterially ineonsistenl wrth the financial statemen15 01 our knowledge obtained in the audit 01 otherwise appears to be maleiially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a 18 TRINrrY COLLEGE Auditor's R•port Year ended 31 July 202S material misstatement in the finan¢ial statements or a material misstalernenl ol the other information. If, based on the work we have pertormed, we conclude that there is a material misstatement of this other infomalion, we are required lo report that fact. We have nothing to report in thi5 regard. Matters on which we are required to r&port by exception We have nothing to report in respect ol the following matters in relation to which the Charilies Act 2011 requires us to report lo you il. in (>ur opinion.. sufficient 8ccounling records have not been kept., thè financ4al stalements ale not in agreement with the accounting records and returns." or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilltlas of the Trustses As explained more fully in the Ststement of Acooynling and Reporting Responsibilities set out on page 17, the Mernbers of the Trustees are responsible for the preparation of the fin8nci81 slalemènls and lor being satisfied that they giv8 a true and fair view. and for such internal control as they determine is necessary lo enable the preparation of financial statements that are free from material misslatement, whether due lo fraud or eiior. In preparing the financial slaternents, the Trustees are responsible foi assessing the Charity's ability to continue as a going concern, disclosing. as applicable, matlers related lo going concern and using thè going concern basis of aocounling unless the Trustees eilhei Intènd to liquidate the Charily or to cease operations. or have no realislic alternative but to do so. Auditorfs r¢$ponslblllties for the audit of th& financial statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations madg or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the finanaal statements as a whole are free from material misslatemenl. whether due to fraud 01 erior. and lo issue an auditor's report that includes our opinion. Reasonable assurance is 3 high level ol assurance, but is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always deleGt a material misstatement when it exists. Misslalements can arise from fraud or errtsr and are considered maleii81 if, indDJidually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instsncès of non-compliance wth laws and regulations. We deslgn proc.edures in line wrth our responsibilities. outlined above, to deteci material misstatements in iespect of irregularities. including fraud. The extent lo which our procedures are capable of detecling irregularities. including fiaud is detailed below.. Our approach lo identifying and assessiNg the risks of material misstatement in respect of irregularities, inclu4ing fraud and non-compliance with laws and regulations. wa5 as follows". the engagement partner ensured that thè èngagement team colledivety had the appropriate competence, capabilrfiies and skills lo identify or iecognise non-¢ompliance wrth applicable laws and regulations., we identified the laws and regulations applicable to thè charity through discussions with Trustees and othèr management, and Iiom our knowledge and experience of the Client's sector.. we focused on spe¢rfi¢ laws and regulations which we considered may have a direct material effect on the financial slalemenl$ or the operations of the charity, including Charities Act 2011, Office for Students and Oxford UniveTsty requirements, taxation legislation. d8t8 protection, employment and pensions. planning and health and safety legislation., 19 TRINITY COLLEGE Auditor's Report Year endèd 31 July 2025 we assessed the extent of compliance with the laws and regulations identified abov8 through making enquirtres of rnanagement and, where relevant. inspecting legal correspondeneè,. and identrfied laws and regulations were communi¢aled within the audit learn regularfy and the team remained alert lo instan￿$ ol non-compli8noe throughout the avdil. We assessed the susceptibility of the charity's financial slalemenls lo material misslalement, induding obtaining an understanding of how fraud might occur, by". making enquiries of Trustees and other management 8s to where they considered there was SuS￿ptIbIlity to fraud, their knowledge of actual, suspected and alleged Ir8ud.' and considering the intem31 ¢onlrols in place lo mthgata risks of fraud and non-￿mPliance with laws and regulats'ons., To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unèxpected relationships,. tested journal entries lo idenlrfy unusual transactions., assessed whelherjudgemenls and assurnplions made in determining the accounting estimates were indicative of potential bias.. and investigated the rationale behind significant or unusual transactions., In response lo the risk of irwularitie5 and non-complianc9 with laws and regulations. we designed procedures wh￿h included, bul were not limited to: agreeing financAal slalemenl disclosures lo underlying supportirrfJ documentation; rèading the minutes of meetings of those ¢harged with govem8n¢e', enquiring of managèment as lo actual and potenbal liligalion and claims.. if considered necessary, reviewing correspondence with rèlevant regulators and the charty's legal advisors. There are inherent lirnilalions in our audit procedures described above. Thè more removed Ihat laws and regulations are frorn financial transactions. the less likely it is that we would become aware of non-complianca. Auditing standards also limit thé audit prO￿dureS required to identify non-complian¢e with laws and regulations to enquiry of the Trustees and other managemÈnl and the inspection of iegulatory and legal correspondence. if any. Material misslatemenls thal arise due lo fraud can be harder to detect than those that arise from error as they may involve deliber*e concealment or collusion. A further description of our responsibilities for the audrt of the financial slalemenis is located on the Finan¢ial Reporting Council's ￿b$lIe at.. www fic.org iiklaLidilorsiesponsibililies. This description fomis part of OLJr audiloffs report. 20 TRINITY COLLEGE Auditor's Report Year ended 31 July 2025 Use of our report This report is made solely lo the College's Trustees, in accordance with section 144 of the Charitie5 Act 2011 8nd the regul8lions made under section 154 of that Act. Our audit work has been undertaken so that we might slate lo the Trustees Iho8É matters we are ￿qUIred lo state to them in an audilor's report and for no other purpose. To Ihe fullest exlenl pertnitted by law, we do not aecept or assume responsibility to anyone other than the College's Trustees, for our audrfc work. lor this ￿port, or for the opinions we have formed. rM14d6rfxl 6fv UP Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Streel Oxford OX1 1JD Dale.. 17 Jilli£ Gravita Audit Oxford LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 20(b. 21 TRINITY COLLEGE statement of Accounting Policies Year endèd 31 July 2025 STATEMENT OF ACCOUNTING POLICIES 1. Scope of the financial statements The financial stalèmÈnts present the Consolidated Statement of Financial Activities ISOFAI. the Consolidated and College Balance Sheels and the ConsO￿ldated Slalement of Cash Flow5 comprising the consolidation of the College and with its wholly owned subsidiaries, Trinity College Oxford Limited and Trinity College Developments Limited. The subsidiaries have been consolidated fiotn the date of their formation being the date from which the College has exercised conliol through voting rights in the subsidiaries No separate SOFA has been presented lor the College alone as eurrerllly perrllitted by Ihe Charity Commission on a concessionary basis foi the filing of consolidated finan￿al statements. A summary of the results and finanual posrtion of the charity and Éach ol ils material subsidiaries for the reporting year are in note 13. 2. Basis of accounung The College's individual alld consolidated financial $18lemenls have been p￿pared in accordance with Unrted Kingdom Accounting Standards, in particular'FRS 102.. The Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021. The College is a public benefit entity for the purposes of FRS 102 and a registÈrÈd charty. The College ha5 therefore also prepared its individual and consolidaled financial slalemenls in accordance with 'The Statement of Recommended Practice 8pplicable to charities prèparing their financial statemènts in accordance with FRS 102. (The Charities SORP IFRS 10211. The financral statements have been prèpared on a going con￿rn basis and on the historical cost basis, except for the measurement of investmen15 and certain financial assets and liabilities at fair value with movements in value reported within the SOFA. The principal accounting policies adopted are sel out below and have been applied consistenlly throLJghout the year. 3. Accounting judgements and estimation uncertalnty In preparing financial statements it is necéss3ry lo make certain judgemen15. estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts récognised in the financial statements. The College eatrie5 Its pioperty investments at open market value on the balan￿ sheet, with changes in valuation being recognised in the income and expenditure section of the SOFA. Independent valualions are oblained periodically. as required, to detem)ine fair value at the balance sheet dale. Intemal valuations a￿ undertaken in the intervening years. Included within nel gains in inveslment is an amount of £5.6mil, a portion of which likely relates lo period periods. On th¢ basis that this difference has arisen due to a change of methodology rather than an error, and is below the relevant materiality limit, no prior peri(Kl djuslment is proposed. The College participate5 ill two mulli-employer defined benefit pension schemes. In the judgemenl of Ihe Goveming Body, there is insufficient information about the plan assets and li8bililies to be able to reliably account for its share of the defined bènefit obligation and plan assets in the fillancial statements and therefore the plans are accounted for as defined contribution plans (see note 221. With respect lo the next financial year, the most significant areas of uneertainly that affect the carrying value of assels held by the College are al the perfoirnance of investment markets in volatile economic and geopolitical ciicutnstances. and bl opportunrties for development of the College's landed eslale. 4. Income recognition All income is recognised once the College has entrtlement to the income, the economic bénefit 15 probable and Ihe atnounl can be reliably measured. Income from fee$, Office for Students support an(1 other charges for servlcès Fees receivable, offi￿ for Students SLJPPOrt and charges for services and use of the premises are TecognisÈd in thè period in which the related service is provided. 22 TRINITY COLLEGE Statament of Accounting PolicieB Year endèd 31 July 2025 b. Income from donations and lega¢l&s Donations and grants that do nol impose specific future performance-related or other speGrfic conditions are recognised on the dale on which the charily has entitlement to the resource, the amount can be reliably measured and the eoonotni¢ benefit to the College ol the donation or grant is probable. Donalions alld grants subjÈd to performance-relaled condition5 are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are mel or their fulfilment is wholly within the control of the College and it is probable thal the specffied condition5 will be rnel. Legacies are recognised following grant of probate and once the College has received sufficient information from the executors of the dece8sed's eslale to be satisfied th* the grft can be reliably measured and that the ectsnomic benefit to the College is probable. ljtsnations and legacies accruing for the general purposes of thè College arè crèdited to unrestricted funds. Dtsnations and legacies which are subjèct to conditions as to their use imposed by the donor or set by the leirns ol an appeal are credited to the relevant ￿StriCt@d fund or, wh@rè the donation, grant or legacy is required lo be held as capital, to the endowment funds. Where donations are re￿IVed in kind las distinct from cash or other rnonelary assets), they are measured at the fair value of those assets at the date of the grft. c. Investment income Interest on bank balances is accounted for on an accrual basis with intèrest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Dividend income and similai distributions are recognised on the date the share interest becomes ex- dwidend or when Ihe right to the dividend can be established. Income trom investment properties is recognised in the period to which the rental income relates. d. Total Tetum a¢¢ountlng for Investments The Truslees have adopted a duly aulhoii59d polry of total r&tum accounting for the College investment relutns with effect from 1st August, 2017 Eff@etive from 2022-23 the investment return to be applied as incorne is calculated as 30A (plus costs) of the average of the yeai-end values of the ielevant investments in each of the last 5 years. For nèw funds less than 5 years old, the average is based on the age of the fund. The preserved Ifrozenl value of the invested endowment caprtal is eVLher based on actual donation value5 or represents rts open market value in 2005 together with all subsequent endowments valued at date of gift. In line with the policy, the rate of return will be reviewed by the Governing Body in 2027 after zn interval of fi've years with any changes to be effective 2027-2028. S. Expenditure Expenditure is accounted for on an accruals basis A liability and related expenditure is recognised when a legal or constructive obligation cornrnils the College lo expenditure that will Pfobabty require 5ettlèmenl, the amount of which can be ieli8bly measured or estimated. Grants awarded that are not performanc&relaled are charged as an expense as soon 85 a legal or constructive obligation for their payment arises. Giants subject lo performance-relaled conditions are èxpensed as the specified conditions of the grant are met. All expendiluie. In¢luding support costs and governance costs, is 8llocaled OT apportioned lo the applicable expenditure cslegories in the SOFA. Support costs, induding governance costs l¢osls of complying with eonslilulional and statutory requiremenlsl and oth6r indirect costs, are apportioned lo expenditure categories in the SOFA bassd on the estimated amount attributable to that activity in the year, either by reference to staff lime or the use m8de of the Ljnderlying assels, as 8pproprial@. Irrecoverable VAT is included wrth the item of expenditure o which it relates. 23 TRINITY COLLEGE Statement of AccounUng PolS¢ie$ Year ended 31 July 2025 Inlra-group sales and charges between the College and its subsidiaries are excluded from Iiading income and expenditure in Ihe ¢onsolid8led financial statements. 6. Tangible fixed assèts Land is staled at cost. Buildings and equipment are staled at cost less a￿UMUlated depreci4tion and any a¢¢urnulaled impaimient losses. Expenditure on the acquisition or enhancement ol land and on the acquisition, construction and enhancement of buildings which is directly attribLJtable lo bringing the asset lo rts working condition for its intended use and amoLJnting to mtsr& than £1,000 together with expenditure on equipment costing rnore than £1,000 is capilalised. Other expenditure on equipment incurred in the norrllal day-to-day running of the College and ils subsidiaries is chargèd lo the SOFA as incurred. 7. Dèprèciation Depreciation is prowded to write off the cost of all relevant tangible fixed assets, 18ss their estimated residual value, in equal annual inslalments over their expected useful econornic lives as follows". Freehold properties. including major extensions 50 years Leasehold properties 50 years or perKJd of lease if shorter Building improvements 10- 20 years Equipment 2 -10 years Freehold land is not depreciated. The cost of Maintenan￿ 15 charged in the SOFA in the period in whith rt is Incurred. At the end of each reporting period, Ihe residual values and usefvl lives of assets ale reviewed and adjusted if necessary. In addition, if events or ¢hange in circumstances illdicate that the carrying value may not be recoverable thèn th8 carrying values of tangible fixed assets are reviewed for impaiitnent. 8. H•ritagÈ Assets The College has chosen lo hold heritage assets al cost. The College has a number of as5els, induding works of art, ancient books and manuscripts and silver th81 meet the definition of heritage assets under the SORP. Items purchased are reeognised al c051 and items donated lo the College are recognised al fair value. The College has taken advantage of the exernption within FRS 102 not to disclose trans8clions before 1 January 2015 as obtaining fair values for these assets would be impracticable and the cost of obtaining such valuations would oufvleigh the benefits to the users of these financial $18temenls. 9. Investments Investment properiies are inrtially recognised at thèir cost and subsequently measured at their fair value Imarkel value) at each reptsrting date. Purchases and sales of investment properties are reeognised on exchange of contracts Listed investments are initially Measur￿ al Iheii cost and subsequently measured at Iheir fair value at each reporting date. Fair value is based on their quoted pric6 31 the balan￿ sheet dal8 wilhoul deduction of the estimatèd fuluie selling costs. Investments such as hedge fLJnds and private equity funds which have no readily identifiable tn8rket value are initially measured al their costs and subsequenlly measured at their fair value al each reporting date without deduction of the estirnated future selling costs. Fair value is based on the rnosl recent valuations available from their respective fund managers. Changes in fair value and gains and losses arising on tha disposal of investments are credited or charged lo the income or expenditure section of the SOFA as 'gains or losses on investmènts. and are allocated to the fund holding or disposing of the relevant investment. 24 TRINITY COLLEGE 5tstsment of Accounting Poli¢1os Yets.- trEided 31 July 2025 other financial instruments a. Cash and c8$h equlvalents Cash and ¢ash equivalents include cash al banks and in hand and short-lemi deposits with a maturEty date of three months 01 less. b. Debtors and creditors Deblors and creditor5 receivable or payable within one year of the ￿pOrting date are carried al their at transaction price. Debtors and creditors Ihat are receivable or payable in tlloie than one year and not subject lo a market rate of interest are measured at the present value of the expected fvlure receipts Of payment discounted al 8 market rate of interest. 10. Stocks Stocks are valued at the lower of cost and net realisable value. cost being the pur¢hase price on a first in. first out basis. 11. Forelgn currencies The functional and presentation currency of the Collège and its subsidiaries is the pound sterling. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are IransL4ted into pounds sterling al the iales applying at the reporting date. Foreign ex¢hange gains and losses rèsulting from the settlement of transactions and from the tianslalion of monetary assets and liabilities denominated in foreign eurrencies at the exchange rates at the reporting dale are re￿gnised in the income and expenditure se¢tion of the SOFA. 12. Fund accounting The lolal funds of the College and its subsidiaries a￿ allocated to unrestricted. ￿strICted or endowment fund5 based on the terms sel by the donors or set by the terms of an appeal. Endowment funds a further sub-divided into permanent and expendable. Uniestrieted funds can be used in furtherance of the objecls of the College 81 the di$cr8lion of the Governing Body. The Governing Body may decide that part ol the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds. Reslrided funds comprise gifts, lègacies and grants where the donors have specified that the funds are to be used foi parti¢ular purposes of the College. Thèy consist of either gifts where the donor has specified that both the capital and any income arising rnu5t be used for the purposes given orthe incotne on grfts where the donoi has required or permitted the capital lo be main18ined and wrth the intention that the income will be used for spe¢ifi¢ purposes within the College's objects. Permanent endowment funds arise where donors specify that the funds ale to be retained as capital for the permanent benefrt of the College. Expendable endowment funds are similar to permanent endowment in that they have been given, or the College h8s determined based on the circumstances that they have been given, for the long-lerm benefit of the College. However, the Goveming Body may al their discrÉtion determine to spend all or part of the capital. 13. Pension costs Significant accounting poli¢i&$ The College participates in the Universitie5 Superannuation Scheme IUSSI and the University of Oxford S18ff Pension Scheme IOSPSI. These schemes are hybrid pension schemes, providin9 both defined bènefits and benefits based on defined contributions. The assets of each sd)eme are held in a separale truslee-administered funds. Due lo the mutual nature of the schemes, the assels are not attributed lo individu81 employers. and scheme-wide contribution rates are sel. As 8 iesull. the College is exposed to acluarial risks arising from employees of olhei employers and is unable lo identify ils shar8 of the underlying assets and liabilities ol the schemes on a consislenl and reasonable basis. 25 TRINITY COLLEGE Statement of Accounting Policies Year endad 31 July 2025 In accordance with Section 28 of FRS 102 'EmployÈe Benefits,, the College therefore accounts for the schemes as il they weie wholly defined contribution schemes. Consequently, the amount oh8rged to the income and expenditure account iepresenls the contributions payable to each scheme. Where a s¢heme valuation delemines that the scheme is in deficit on a 'lechnical provisions, basis las was the case following the 2020 USS valuation), the scheme's Trustee must agree a Recovery Plan that sets out how each partiapating employer will fund an overall deficit. The College recognises a liability for the contributions payable under such an aoreemenl Ilo the extent that they relate to the dèficill with related expénse5 being recognised in the Statement of Financial Aclivilies. The College is aware of the Virgin Media v NTL Pension Ttusleesll Limited Court of Appeal judg&menl. In Augusl 2024, the Department for Work and Pensions announced ils intention to legislate lo retrospectively validate affected amendment5, and accompanying guidance was published in September 2025 as part of the Pension S¢hemes Bill process. Pending completion of this review and the enactment of the proposed legislation, no maleiial financial impa¢t has been identified. Crltlcal a¢counting judgements FRS 102 distinguishes belween a group plan and a mulli-employer scheme. A group plan typical consists of a collection of entities Ljndar comtnon ￿ntrOl, usually with a sponsoring employer. In ¢ontrasl, a multFemployer scheme involve5 entities Ihat are not under common control, such as the Universities Superannuation Scheme IUSSI and the Univer51ty ol Oxford Staff Pension Scheme iospsi The College is satisfied that both USS and OSPS meet the definition of a multl-8mployer scheme. Further disclosures relating to the deficrf( recovery liability. which was fully satisfied in 202&2024 can be found in note 22. 28 Trlnlty College Consolld8téd Statement Df Flnanclal Actfvrt For the year endBd 31 July 2025 un￿s￿ed Fmd RestriEled Fund$ £'ooo EndwKd Fundè 2025 Totsl 2024 rot rooo INCOME ANDENLK)WMENTS FROM.. Teaching, re5eaith and reskleniki OthorTradlng kncome DoDatipn84nd lÉgacl•g hvegtments Inv8strn8nt Inrome Totslreium a&)cat8dto Totsl Into T.188 6&5 380 I￿31 658 425 4,035 4234 4,5DO 1.249 (94Jl 13.530 12.476 EXPENDttURE ON.. Tea￿*￿￿. afbd reS￿aTrI￿1 1.462 10.739 Gen¢rèikn9 lund&'. Ihrough donJtbn$ expeTwJiluie Investmenl managementCQ616 Totyi Exwndllura 642 448 642 580 236 2J6 237 339 1,462 931NWossesl Dn Inveslments 93 10.824 Netln¢omel(Exp•ndllurnl 253 445 9.552 9,744 10,263 Trnnshrs fund 465 14651 Nèt moVèmOOtIA lund*forth•y•ar Fund br¢ughlforo 9,552 Q.7U 234.124 10263 224.661 32,SJS 2.775 Fundi clrrfed a131 Ju 32.747 2.755 244MS 234.024 27 Trinity College Consolldated and College Balance Sheets As at 31 July 2025 2025 GTOUP £'ooa 2024 Group £'ooo 2026 College £'ooo 2024 College £'ooo Notes FIXEO ASSETS Tangible asse15 Propety investments Other Inveslments 45,296 64,443 131.466 45,481 56,575 128,349 4$,296 64,442 131,456 45.481 56.575 128,349 12 Total Flxed As¥ots 241,194 230.404 241.194 230,404 CURRENT ASSETS siock Debtors Cash al bank and In hand 47 1.374 5,072 46 1,911 2,￿2 47 1.738 4.597 15 1,S16 3,399 Total CurvfyniAs88ts 4,961 6,493 4,858 6.382 LIABILITIES Creditors. Amounts falliNJ due w￿h1￿ one waf 16 1,442 1.925 1,362 1.834 NET CURRENT ASSETS 3,519 4,568 3,497 4,548 TOTAL ASSEYS LÈSS CURRENT LIABILITIES 244,713 234.972 244,691 234,952 Provisions lor Ilablllle8 and ¢harye8 17 45 47 4S 47 Net In¢on*llExpendlturtl gains I1105sesl 244,668 234.925 244,646 234.905 TOTAL NET ASSETS 244,668 234.925 244,648 234.$05 FUNDS OF THE eOLLeGE Endowmènt lunds 200.166 199,813 209,166 199,613 Retstrfcted funds 2,755 2,775 2,755 2,775 Unr08trl¢t*d funth General lunds Desvjnaled funds s￿14 26,434 6,29S 26,241 6,314 26,412 6,296 26,220 244,668 234.925 244,646 234,904 The financial statements were apprO￿d and aulhorlsed forlssue bythe GovemSw Body ofTmity Colkge on of November. 2025 Preskjent Estates Bursar 28 Trinity College Consolidated Statement of Cash Flows For the year ended 31 July 2025 202S £'ooo 2024 £￿￿0 Nots8 Nel C•8h provlded by lused in) operating a¢tfvttles 14.2481 13.4401 C•sh flow5 from Investlng a¢tl¥Stle8 Dividends. Inieresl ?nd rents from inveslments Purchase of property. plant and equipment Proceed5 froffl Sa￿ tsf Invasknenls Purchase of Invesimenls Npt cash provlded by lused In) Investiny activlllos Cash IIow5 from financlng a¢tlvltl6s Receipt of endowment Flet cash provlded by flnanclng actNities 4.234 11,9421 12,568 112,720 2,140 4,500 15.3971 16.759 12.2631 3,600 435 435 Cbathyè In ¢•8h and cash equNalents in the rtportlng perlod 11,6731 214 Cgsh and cash eryufvalonts 81 tho beglnning of the rgportltkll per￿d 6,072 4,8 Cash and cash èoufvalènts at tho end of the reportlng period 25 3.399 5.072 29 Trlnlty C¢)Ilege Notes to the fit)anclal statements For the year ended 31 Jufyf 2025 IPICOMEFROPI CHARITABLEAtTMnÉ$ 102S 2￿4 e31B Tul11￿1￿4￿-uKS￿d EU sIL￿OnI Tuiti￿tte5-0¥￿e￿Sll￿￿lS 1,292 1.501 omra￿d￿mI¢lrthrn èl¥idÈMI¢I Income 4,038 3.592 Tolil Tei¢hlnB. R•sèar¢hand RtsldBrtkni 6.685 TvtsllTKuMefrDmthrttit4•ictMll Ihegb￿e •51¥ I￿￿thSE2,8￿ PL*lvJw4ccounl**Tund$ cFFS￿￿O12U24.￿,Sw. UndBrlhF SI￿￿￿1*UpPort by O%lOtdUnl￿rÈhWknAW￿￿tsfrorn È26kl2Q24.£Okl. DONATIC>MS*J40 LEOACIES 25 OonitbJN and UhresIriEledfur(ts ftas1r￿￿dfu￿5 ZJI 4J5 1.031 INCOIAEFROII OTHER TR￿11￿At7mmÉs 2026 eo 2V24 Note 31a 5th*rycompawtrathgir￿x7￿￿ 380 30 Trlnlty College Notes ¢0 thè flnanclal statements Forthe year endÈd 31 July 2025 IkNESTklENT INCO¥E 20 2￿4 rooD Note J19 CoMrnery￿r 0wpiopert¥i￿Mè Inromafvothfixed Interes1 InlwpslgnflxEdlèm c#Sh BBnkiniÈr•&t 29 R¢slthtsdf4m CummeraBlrtnl OtharproPFtyi￿nÈ fromfi*ed Irknreslsbc*s lÉrm C*$h Other |nvESlmeThl iThttsmts 742 CommeraBI rent Olh8rpropety 2M15 2ffj88 |wnBfrom Ittld￿l￿9￿t￿t0[*9 Intere51onfixEd cash other￿Ve¥I￿e￿In￿￿ntt 528 OthEI Mlwèsl 4.¢J5 4.2pa 4.134 4,SOLI 31 Tiinlty Collegè Note9 tothe financial statements Forth4 ye3r ended 31 Juty 2026 ANALYSISOFEXPÈNDtrupE 2S 2024 NL*•31 Dlracl rostsalloc81th Its. 4.303 I.￿2 3,g p0rtgndgov#ffi5￿ co4ts4Rocatedio' Yéathni, rÈa8￿￿O￿d resiO*nd Totsl exp•ndkM* Oirec131artcosls aM￿lÉd 478 437 O￿￿￿reCtCO￿l￿ Fundra￿n9 In¥esbDFntminaoemtThiwtsl s￿rta￿E￿I￿rrwIG?rQ￿S&N￿CIIth￿tQ." F￿￿ra1&1￿ TO1￿ expEndliLYeonr4laltyfivwts 1.093 Total b*PandHurt 11.Pa2 Cd4•1sll*Aéto bèESSe55edlorC0NNbuU￿ undÉrlPE provlwonsof Slat￿8 Xvofihv UnNewot0￿￿d Th￿c￿l￿b￿r0￿FUr￿flSUsEdlQfflak£ and￿￿10 bE￿Ofr￿d In•othncewrth by the CLU￿1011￿ un1W￿tyQlo 32 Trlnlty College Notes to the financlal stslemg11ts Forthe Ènded 31 Juty 2025 ANALy￿SOF5uPF0ftT AF4DGOVERNANCECOSTS G8mrall Fu￿S Rqggar Tolil eollo tFoNsllcathmln1￿r£knl 57 57 DBprèdar 1127 1127 1761 T￿g FuDds rooo Tot41 Eo D￿•sIlL￿dmIrn￿tramQn 79 105 01hor￿rte￿￿thar￿$ 2092 Fin?nGwlarQ ￿Me$￿e￿nIrl￿￿4Il￿, hUmAnrtsOW￿CD5tsErn B11rib￿1dac¢Ord1￿tQ the qghn*Jstyniimp5ppnlonÉ**a￿I1Trty. DepreryabDncD&tÉ andpiofitorl0sswiksp05￿t[kn￿ as￿1£ ￿(tI￿n￿￿￿k•Us•Made0rfv￿r￿￿q4s9tts. rel￿enCel0￿E¥i￿u￿p the CalEge. 2026 2Q4 27 Audi￿1$1￿MUMr￿l1o￿-Qth￿s￿ry$ OlherwvgmgnLY D)S 32 NDVAnOuntl￿kn ￿nPl￿e￿I(QSlsQrrelrnbUtsèda￿P1nS￿￿IfM•CO1IgeFII￿JQnlhBb￿s1S￿4 s￿l•m￿nts. 33 Trlnlty College Trlotes to the financlal st¥tements For the yeaittndèd 31 Jutyf 2025 SRANTSIAD AWARDS 202$ 024 Dwry IheyeartheCol8g&Thr1dÈd￿4raS￿¥ts bun%anesto sI￿en￿l￿￿1￿4re5w￿ ¥ UrYe¥tikted lur GraThts lointhvld￿S Schol¥shPS, wlzeS4Dd Èutsane5 fyan15to otherlTh3*nmons Totsi ￿nres￿l 29 29 47 50 R•s¢rtted funds Stholarship&, prtZè5 Bnd9rants ur￿￿ÉS hErdshp 73T $32 Totsi Rstrfctsd 745 Total grants ènd 4wBrds 81S TbE riW￿￿b0we I￿u￿s￿l￿*S1tsIhecoIklP0fN1knrd Bur&¥JSkn ShthThtsoI￿￿￿eDUw9o￿￿￿E6lkf2￿4. £57kl. STAFFCOSTS 202 2￿4 andw4oe 1 Se¢X￿¥t￿l pens1￿ cosls. M1è22 o￿lT￿ 5thEmES 18841 benefiL 228 273 5.194 Thpavwage nUmb8rd*M￿￿yP￿5ofthC Coleo8.uthduW io 2Li4 T￿￿End To UnwerwL&auMts CuFLe￿￿1& 16 oth Tol 32 Th￿t￿l￿wI￿O[ma￿￿￿ rdate5h>1tr￿ln￿YEuOflheCoM2g￿exC￿1tyth¥ COIepET￿￿I. D&tsMs ollhe c¢4IeFTn￿EIe# Is I[￿￿￿0￿a￿aSÈpdlÈI￿I￿ lntsgofKkand￿SLitÈMBrtt￿ rewed gr￿ pay ¥hYbEtkryfiFsleKdudiw Nl gn¥)dwroihey•ar￿¢￿i￿￿E60.Q￿I1(￿-2l.' 1 *i￿1n￿£60.￿1 10£7D.LW ￿￿(2D24- 11 ￿￿2W￿l￿￿£70,mT ID£￿,￿QbandI2u24-2l Trinity Colleg¢ Notes to the fiDan¢lal Btatements Forthe year ended 31 2025 T￿GIBLE FI¥￿￿*sEr& FlxlLlPS, ngsind e4W￿rnI rooo nd Tol•1 £.￿0 C( 1.451 TrÉnskrsto rotlasslfy ￿￿1$ Atendof y￿r 5&930 Al5tsrtOf￿ÉT 13,¢ 3,1 1l777 2,127 Atend uTy*ir 3M70 Netbook￿lUE Al•ndotyow 41,8 45,29S At5lprtot￿r 41,125 45W1 wpménl Alst4rf ofy¢ A￿l￿on3 TrafisTuis 57.741 62.251 .2681 2268 68.gJO 200 DnpM¢tstlon*ndkrwl￿eTrt At51￿011￿r C￿￿rge10rI￿eYp4F 13,62 14777 1127 AtÈndofy•ar Not bookvHI endofwr J,SOD 46.196 Alstartrly 44.125 1.￿$ 45,481 TrEColkgehg5 S￿￿1aM11￿￿￿he1dhl3lQD￿3SSQlsIIOt￿￿ICh￿r¢ ￿f1￿cOUt9￿'S IML*ing ThÈsé COMp￿&b￿d&wIth￿sQ￿thP CulB9B#rte, anamawwts and01￿[l￿$￿* 24teT*ts ryeer*.in r45es, Iture. reli￿* ￿5￿1r¥￿s1 availa￿ IDrtheseassetsar* mlbe0btsinF￿1WÈtd￿oM0￿O￿P￿nwB. Howver, lntsorthl￿Q1thbTNste¢%th CD&tdtho8e ￿3￿1? Isntpwimmatena. HERITAGÈASSETS Tha Colleot hag Co1￿1￿￿? MarA￿C￿pts8r￿ TN5teeS, V* dèpreda￿ oflheS8a$¥gts ISrtpliimM•leffla. Allh8rrtAgoaI4et5￿ MBknL91n￿ WOU￿￿[￿ke￿a5 •fv1È&lbyspdda￿S ￿bE ￿Ce¥sary. by3rrdng8m8nlvAthlhF C¢1￿01. 35 Trlnlty College Ni)tes to the finattelal statements Forthe year endèd 31 July 2025 PROPERTVIMVESIMENTS Gmupi￿¢DIr1q• 2￿4 rota Total eo Nok¥31a. 31b vElu*1￿ al￿art olyllar T￿Tr%￿rg 11,1 SI￿S 68.7QI 219 11531 DISF￿￿? ReVEbzliC￿ wnsloossési In thtsyaBr (3.6271 50,015 56,575 A￿41¥?1￿￿110nQfthE Wwlesw￿préparad ￿C￿rt￿rJon8s LLP￿S Jdy2025 based￿ Mithélv￿lU￿-F1Ee￿￿d. Th&Vauatron RwmhaSbe￿CC￿￿1Èdl￿Z[L￿d￿W1rh Iheapprtyri3lE 5edions oflhpcuTh8ntRIcSV3luFA￿Tr-Gk￿1 sI￿￿r￿s rR£d BoL*Gkb811, Irromw1htt IVSC ITh1èir￿￿onaV￿1V*wsl¥thrdS andtrèré￿￿l, c￿￿￿1 UKfftthn￿5Upp1ernent. A v*LYA￿ IntèThiÉlYbBwJon￿￿sv￿￿5. OTlfERIWES7IIEPITS 2D25 rotyj 2024 ValMl1￿ ètslartotyear Valuèofwrtha5es V•ueo15ths ¢D￿re￿￿e)InCr•asI Inv0￿￿11n¥E3frn￿s 128Wg 115fyJ 111,1641 121. 113.14 8,271 Grov¥ IThv&4twN4 Wt•nd oly•4r 131.456 128,349 T28,349 Hékl thEUK 2024 Total rooo theUK PUK £wo EquMyinvis1mtsn Prop•rtvTu￿* 8.774 6229 9A48 152 93.787 7,897 14731 7.7J2 9.291 .407 2.072 2.743 3.1 7J 2.822 7.703 190 ,647 30.173 24.693 126.148 36 Trinlty College Notes to thè Ilnanclal statements Forthfr year gndtd 31 Juty 2025 PARENT AMD SU8SIDI•IIYUNDERTAKINGS Tr*ColkgE lo0%￿￿￿1￿￿O￿ ¥h8reL%FYt4 InTdnity Col￿*0￿trd Lknll4d ffCDLI. ¥(XwnPÉrypro¥hlng￿fftr•￿ •vj￿h￿￿￿I wiSe$. lo￿011￿ 1&su8d shale cap1* |nTrlnityColl80tstsevebpn￿1s LimNed trcDLI, 8￿mp￿Y desiqnerd re￿￿tered ettrE CLllege. ￿￿¥83￿£rrt4arÈ 1 orthnaryÉ1 ShWe￿ rqsul5sDdth￿roSÈ&IS andHablkbg5 Of1k￿￿￿tantt &*yeW￿dwE￿￿ B51¢￿ lrinty Coleoe TCOL TCDL Income Expendi￿ 12.B33 6è7 1438) P501 1341 269 10.*4 GaiThsNLtsssÉsi Riluttforl￿YP￿￿ 248,0 11,4071 452 14S21 93 (121 N&i￿ndsaIuIoerWjOry￿ 244.646 20 Fcf referlonots 31 37 Trinity college Notes io the finarlcial slalement5 Forthe yèar end8d 31 Juty 2025 STATEMENTOFIMI￿$1￿AEHTT0TlL RETURN ThÉ TMS1*$h￿e adcpigda Q￿lyau￿￿s￿a polICy￿ID￿l retyrn B¢￿￿nI1r￿knttrK*CO1￿V Investm￿lre￿ffi5￿Tthe￿￿frOrn IslA￿￿S1, 2D17 F￿￿the lil0lAUL￿sl 20L, Inve31menl re￿rnt0 ￿ appblldB5 Incomei3caP￿IatedéS 3%{￿5 ED5Isloftheavera￿Q1￿èYezr￿ndVakjPso1Ih& rèlèv￿1 In each tsflhelBSt5y4ars CLI￿• FornÈwfund5 le55than 6ye8rs ￿d, ￿r89￿￿ts&3tdon￿ a￿￿[the[V￿. Thepresewd{ftts2enlv*￿0[￿e1￿v￿o￿é￿dNmeTrtCaprtal Is ethttrba5ad1￿zdU￿ldDnII￿¥4IutgOr￿￿#ts￿￿t5￿s0pEnrnWk￿ p￿￿￿￿￿￿tE￿O￿ryn•￿t Eypenda ToLIl Tw¥lfor Tts1a R£1 £tyJD AI bIgl￿n￿ vllhEyeir'. Grtc4mp0￿nto1thl 42.￿4 131.827 42.Q54 131.827 134.827 EApendatleerdowrn¢nt 22.731 2l?J1 42fv54 i¥B2Y 116181 1Bg.613 movemerts1nl￿reP¢rl￿￿*rfQd". ftéttoupMÈhtoltru51for￿p￿sTh4N NJhx41ioTrfr0￿￿￿f￿rIfiVtSIMtThI v451ment￿￿￿ veSlMentTé1￿ll rèali&EdEndunre¥lisedgansandlJÉ&ès 4.0 10.4 12321 iQ.405 TDt41 13.658 14.072 14.566 Unapplédlotsl BIw41gdto E%pEndEYEerwtheNs IransTerrédts IrKa)riE 14.74 14,7491 1663 14,1491 t4dmowmèntslDiepDrtIwpErfod 414 9J2J 9A5J Atendoftho TeporUropo￿o￿". G￿￿MpOnentoft￿ pern￿￿￿1t￿ 42.4e8 42, 14J.737 EIwdBbleerthwrngDt 22, 22,*0 I￿.166 142,7J7 186.206 Forpnor¥earc0nwab￿Is￿IwtOrd931d Trinity Colleue P4oteA to the fSnanclJl $tst•m•nts For th8 yehrendÈd 31 JU￿ 2025 DE￿OR5 2014 2￿4 2Q24 cdi £￿D tooo 125 1• 237 15 c￿￿ts￿l￿dbV Gr￿pur￿l*￿5 Loans ropzy*lewVMTrWa￿ Pwaymtnts and￿￿T￿edi￿r￿mI Olhertsbtons 1.036 Jts6 304 324 294 20 GroLP 2DE4 Col*gE Grtwp £'wo T￿￿￿￿ltrJrS $97 ISU￿8￿10Gr￿PUndErt￿kI￿ty TaKE11￿ 5*Lthty CO1￿8C￿nmbul lao 17 PROV￿oNs FOR U4BILITESAND CHAROES 2025 2￿4 Group fo Col•g• po ChBwed Inlhll Sothdtn Aténdotyur 47 ThF EbDvepmtsllnrd•thstot￿ Cl￿￿61￿￿1￿￿￿Ath reffi 39 Trtnlty College Notes tothe Nnanclal ststèments For the year ended 21 2025 APIALYSISOFMOVEMENTSOPI FUPJDS Al 1 August 2￿4 Al J1 J￿Y 2025 rth)o E)w*ilu Tron*rs Endo￿1￿￿ FundI.peFThar￿y1 Perma￿ntE￿¥￿éTh1F￿ F￿ndS1ors1[JthTriWIQSand￿d F￿r￿chad￿ck Fund 116,245 6J5 441 144Q 1,B56 2A1 FunttytOSUPmFdk￿$￿ps F￿r (F21 44 44 38 IA7Tr 1541 23 Funds [DrstUd￿sUppDrt hikh6attTraw81l￿ Mis J H Sl£thn Ch￿>b￿￿lIarF￿ *i51on F￿j MllwdFur r$￿S Fu WarMEmwl¥ Fwd WP Haskell-SmihFur JFttreyAO￿ttF￿ Orw 1.618 1421 1421 14Ql (371 20 20 IN22 1,117 f,255 27 1331 714 10) 10) (231 TIJ 683 (201 24 Endowntfflt Funds.EKPEndaWE F￿r￿S ta suppOrtF£1￿￿ip¥ F￿r￿STars1udEThl5￿Ppl Felbwghip Fund Vaillemonal F￿￿ 9.0 130 76 133 11591 1721 1581 6.46J 2,493 io) 4? 28 Fwd &rk￿erFryFv￿￿ Iw49 Klr¢s Group Fu 22 roi (2n (241 (24 13 hEr￿￿-Ex￿￿ab1l 27 10) 1¥813 5.41 Erth*m8nifLmd$he￿bY￿b1iLfj8rfe Total knwJmllntFLrth-Qroup 5,4t2 10.731 9.166 ReBlrktsd Funds 8ulldlry Fu FUnds1￿5th￿nISWw¢ 264 Is 1701 256 1.71• Funds &)SUFWM Dr8￿￿$tO￿£1￿tQrn￿F￿r ProTessor JO￿ ￿￿ell thcome F￿d klrs J H McKeowD I￿(M￿F￿nd Drw Olherlunds- ktstrltlèd 286 424 1301 (3n 7D 95 47 42 2D 164 13281 T￿ll1 Fund$-CO￿ T￿￿1 Re¥lrlcted Funds.0 2.7Y5 781 IT56 Unr•strtttt4dFih1È 8.402 93 Fiy£d4s¥eldesiw•d Fw KllchenPrOl￿Q•%w￿F￿ Qts14 24$02 10 2.320 F￿d510T￿LthN SUPPllrt Total UnrÈslrtthd Fund&-c￿l￿go 4.628 bySub51thrips 20 TolalUrrfeitrfcttdFiihts.Gr 32,5J6 g3 32.747 244.6 Fur￿￿￿150fp￿rYe4rC0￿para￿s 31e Ao College Notes to the financial stst¢Ments Forthe y&gr ended 31 ju￿ 2025 lg FUNDSOFTHE COLLEGE DET￿Ls ThPktsl￿ ￿aSUMM4￿Df￿￿f￿Q￿￿andpU￿s8&o1éachottsM￿prFuTh FuryJs.P•tiharteTht'. Fun AC0r￿0￿d£lI￿nolQrt1￿a￿ COMI￿. whthlhe Èod¥eonsthto penn￿￿nI ￿￿1&m￿nI. FOrgÉn8rapL￿os?5. Tofu￿ ImpfovÉmÈnls to IhefabncofihpCd*v. Forg￿4p￿r[￿￿S. To l￿d￿drd5forQ￿¥tgr￿IrO3r￿antt 4myBar￿￿4d￿￿l?s FMn* chFkn￿* Drèl*Jsknrts Fund prof￿50rJthrt MllchelFtmd ￿hrt￿h￿￿ TrBvdkng Fund K*s J M McKeown SIEphaThChrisbtrMlkrFw Schol￿shiP[L￿d SiudoDtSUF Ftsi ￿ThEre1 pu￿se5. Fur*rreatedin 1870's e4thErsrn£l*r[￿S', $tshl8Thtsup FL WP Hè5kEII-SnliinFur Jè*re¥Abbort Fw DIW H￿nIFU SI￿￿nI SWPDrt. r￿1r51¢￿efa￿cOf￿cdkn￿. Èr6wn Fe1trms￿p Fund WaTMémoilal Fund Hunt-fyubbB Fund Fry F￿nd{￿ds Hanry &ithee6Fur TO￿￿th￿FIl0thp InCIs33 Stuthmsuppo the FE1Ub￿￿p In Sdences. SthIAtshlp Fur ReslrfctodFund%'. N￿￿8￿1￿1n9f￿Hj Th£ rt￿￿1*In￿ ￿ L*¢12,g61thwas r￿￿￿￿￿£541ktQ£I2.42Orn mad¥fro È4IkrWdtsMllr￿Sar￿4 reP￿￿￿t￿[￿￿kTI0tht￿ unre5￿ctedthd. . D￿1￿9￿81, SCR Pioiecl Thèr•*¥￿￿￿￿￿1pTo￿4IrA1￿￿[￿￿d￿Orn £8.413m ID£O,51snity£l￿kl11SIk Ca51hBy£188kdOrnt￿II. t￿￿1￿￿11ed Fur F￿adasset￿e￿gn¥t￿d i￿r£S1￿￿E￿ Fundswflthare rag￿9en1e￿ by1￿￿￿ed￿s￿lsofthco1eqe ardffterefwe not Collegp'p ItMNereprosÈN5 ￿tsunL￿1￿¢S￿ TmG8nw￿VTr1PSts1r1Èd F￿ndS wra ANALYSK8 OF NET￿SE[s BETr4EEN FUNDS UNe*nctsd Funds f￿D 2Q25 Tolil Fund& Funds ro 45,2 45.2 44A4J 131,4$6 Olhor IDvqstrorl$ 2,B74 2.7 125.727 Provi&on5Torhablbteg N8tQw￿e￿lB*gÈls (IB,￿) 18, 2.7$5 209,1fj6 244*68 2024 FL￿5 £yJoD Tartybi8 nxedas¥et5 Proparf¥ i￿￿5￿ner1￿ OlherlnvèÈlménts 45,4 444BQ 5q575 1¥,34B 5S,57S 122,184 3,389 2.776 prov￿¢4￿￿119b1rtIB5Al**ch￿￿9 3.OB8 4.558 ￿l￿nS 31 $24 Trtnlty Gollege Notes totho financial ststsmèhts Forthe yèar ended 31 Juty 2[$25 TRUSTEEV REIIiJNEPAllON The Fell￿￿É￿M￿reI￿￿TrUs11éS ￿ldbY￿r{rkn tsltrLèUDw4ity The PrE￿eN Proles8OrtslFé￿% Tutu￿Fe10U￿5 Othal F¥loAvsbySpecW ¥e¢iki) JLVUOrR￿è￿rthFall￿ Ntslnjslw H￿¥S￿r. CDll¢0erecen￿la￿￿L￿rlhEirtha￿￿iWtyÈ￿. Tho Tutorid. OWBnd J￿￿rR•S￿alChF¢Se￿￿F￿IOwsWèOl91￿ for$ sthryfywE3beknw.Trw tru5tEesllv• Inpro rqc¢hmmend8liWlpthEGuvaTrno Rémuw[41ioTrcommltt￿IÉ $?1 ￿￿40￿p￿t7￿rtr￿A￿￿￿ROPO 42 TrlDity Collège 14otes to the financS01 statem9nts For the year ended 31 Juty 2025 Pl￿ 2￿5 2￿4 Q¢D5$w￿r￿aIIllfft. taxatlE 8ndpoTrsit L*K4bkbEfEfitsand Tm5knWFelowJ pension ED.￿0.ts. E3,￿.t￿9&9 £4,￿-£I.99$ £5.OM-£5.9 E6.Or￿£6.e99 E7,(O￿£7.¢9> 5.400 19,￿D 7,lQO Èe.Q0&£9WJg t12.0￿£12 9U £13.00￿E1J.$ t17.00￿£17.95I É20.00tso0,9 £L.OQD.tt2.999 £24MO.É23.890 £26.r￿2G,g9 212r*J 13,6 17,7 20,1 ia,1ts) ??.￿0 27.X¥J B.OW-tt8.*9 2B,3 t30,oL￿£]0.￿# ÈJi.orts£31.A £32,￿￿£S2.￿9 60.8 31,8 ,QO(>£35,951 E￿.L￿£35,￿3 ?.￿￿E37.999 £3B.LWU8.$* t40.W>£40,g9 È42.0(I>£42,gg E44,0￿£4￿ 2,0￿£s2.￿# t57,m£S7.￿> 9,￿￿£s9.909 £TO,(￿￿70.9$e £72,IWE72.g99 £75.CW£75,9 £7fj.W>£76,99 EY7.LWÈ77.￿9 176.7tsJ 112.8 36,2 40,7 37,4 40.1 42.goD 44,QOD S2.600 44,1 $2.WO 57.4QO 138 7QB 21& 7S.6r¥) 76.$OD 155, 102.7 t105.W&e105, E107.WO-t107,9 £105,LW-t109,9 £113,W-£11J,$99 É125,W-£125, £148,aDO-t148, £167,o0￿£167.o9 K170,Qo￿£I7Q.*) 1(* ID7.￿D lo&.￿0 227, 125.800 148,6 167,1 170,70D N￿elA￿St￿s•rt nolempknywotthÈCd*gp ￿mU￿rA11￿ AI11￿51*￿S miyeBI Bl LgL4è, ot￿rtran4￿cl1OnS￿thtn￿￿ee1 NO]E￿i￿￿on anasupp￿rn2ntBty paym8N9were M￿￿1￿￿1ee% SeeaW wie 28Relaled PanyT￿￿5￿￿￿S Thpwal r8murn8rallon(InGbJino 8mpb¥ersnetiun￿inS￿rIThtt0￿paI￿bk￿ymWlrnnt. thoTntstÈÈ&olth•C&legp.w*9 E2.147,W 12D24. tt.￿9.9￿1. Key M￿nB￿￿ent*•cOnS￿ts￿to ￿ thèTnJ&t£es Crll8gE. 43 College 14otes tothe fingncial statern•nts Forthfr yèar endBd 31 Juty 2025 22 PEMWNSCHEIIES S(hemEs4rmuntedfor underFR$ 102 asdÈflnRdThtnbLrt￿n endBd on 301h sap￿rnbEl 2023. A piovisillnol£19k mJY¢ * 2fj Juty2023 I20￿ £679kl 10 axountfordEficii recovory paymert5 Upto 30th Serlember2D23. Thoi ram8ining I￿9bIrt wa¥reJeasedtothE inetsrn¢and e￿n￿luMacC0u￿t in 2D24. ThÈ Tiusiee and th8 Universityhave agreed a ¢orlThbution schall￿ whthtts)k ¢ff•dfrom I Oclober2023 a￿dtsk*satt0Unt olthe benefrnimprovement$ ond C￿ngeSt0 member ¢oDtnbution8 n¢9 th8 last d*e.11 vdas 4reedthai Ihe schemethdll meei ils Co￿5frOM the me's xsèts, induditby ￿ApenSeS rdatitwJiO i*)th DB DC Sècty¢ns aDd th&cost at Pratedion FundloItr￿r stsI￿ary1e￿es. Thetswe summarises Ihe key assumpliDn5. FUrther4e￿Il$ oflhe 8ssutnptions In siatoment of funding princiFAes d￿ed 27 June 2023 ande&n be louThl at ps'.Ilfin?n￿.È￿n1n.oX.￿.￿kI0sPs-dQcurnEnt* D*e OfV￿U￿1Q￿". 31103tt022 £914m Vzlueolasg41s'. £961m E47m deffcNI. Theprlnd le wum tions used b iheactuarywere.. RatE ol 1ftte￿ riods t￿ret￿ment L4bts' 42.25% RAt8of Interest ods efterr@tirem&nt GiM5' * O.S% RH Bre9k-w￿Tr RPI cutve l?$5 0.5% r&2030 &nd 1.0% st-2030 cpi RPI inflatiDn *sum ion 1%6 2030 and 0.1% oSt-2030 Fundin RètiOS'. Technul proM￿on$ bwij.. Bu 105% 62% 5t-retlrement mortality- bAse iable No￿p&￿￿OnerS'. 105% ofstandard S3M me¢ium lab￿tOr bDth m&le$ Bndfemala Penyoners 105% of stand*d S3PxA Dxdiumlables foi both m￿￿5 and famales n-PEnsiDners 105% of stèndwd S3PNA medium tèblos for￿t￿ maes &ndlema8s PenS￿nerS. 105% otsthnth￿ S3PrtA mediumtale fortolh mdes femalas 16.5% DBl0rmEMbe￿ from 0111012023 10% 112% 114% DC members in relBiion ID 4% 16% 18% an-fiom 0111Q12023 311Q312025 monaty- Irnpr￿mentS RecomTnendEdemkI￿rtgC0niriblrtI0n rate las % olpensloThaN¢salarie51'. Effe¢tlve date of nextvauabon 4S Trlnity Colle Notes to thv financial statemonts For the y4arended 31 Juty 2025 Pen51on (har6elorthe year Th*pen￿onch￿rer4rded byihe Calegtsdunw theatxounbng period lexduding penslon fin•fft￿ coitsi was gwal ai 344 PensK Univerj Conknu PenslL olothrd Slaff PeDSlwSthm•". 37Q Tol4lEm èlcortrfbullons T26 -T4L The$pamuntslndude£241.63012024'. £196,960> contri￿0￿8 PeyEtletod¢fjn•l contdtxrf￿￿ sthomesfii tates In thB of Ihose 46 Trlnity Ctsllèg& Notes to the fiD8n¢lal statements Forthe year ended 31 Juty 202$ TAXAnON Thèc￿g￿l%a￿￿ lol* ￿￿OI￿bletOthP￿￿PStrQMLryxtt￿0￿Ifft galns rOCq￿ed1￿IhB Ir￿Y￿￿e1Thd Qalr¢4areap￿￿dtg Moknbllly CLIk￿5$￿bS￿1ary C￿p￿￿(lE￿Ib￿￿5e￿Bd1[￿1orS oflhtsthe8e com￿y(l￿81 ave￿a￿atedlh￿l lhèyinl8nalorn*ed0￿1￿￿S eachvewt0￿CQ1e0eequEl lolhEtaxaL* wskin￿r tsxthnhas bten I￿luded IDIhBfinÈ￿l￿s1￿*rnBnIs RECONCILLAT￿ OF NETITrJCOIIING RE80URCESTQ NETC45H FLOWFftOMOPERATKIN5 Qfoup £ThID 9,744 10, 143341 110.8241 14351 14.5WI EnthWmenlloDEIIL￿y 1541 ISurWu51AD&sonsa￿ o1flxedw￿s DéttÈa2￿(hWPa5?1irydBbtQrs È￿￿S1)n￿￿trase￿ credilo provigions ID8CteagoInwoB￿ IApÉnslonSd￿ren￿tHlty I4￿} P4ntcuhprOvbd￿bY IusBdln>0pirathw4¢￿ets 2$ AMALY&SOFCA8H ANDCASH EQUIVALENTS 2025 2D24 ashalbankand IDband 5,072 47 Trinity Collego Notes to the financial sratsmènts Fortha year ended 31 2025 NANCL4LCOIIMTUEPIT5 21 CAPITALCOlIMtruENTS Th&¢olp9F h&dcontrxtsdEomrnth¢nts*31 Juty2025fortuth £137.68012024-£1.425,OW) RELATED PIATYTRANSACWJNS gleye &partolmèedk913t£ ofOx*ord. IklèAs1 Int£￿e￿nd￿nd￿tsb￿￿eD1hEU￿¥1r5ltyEnd1hP ColEgeath a&80￿e￿u￿￿• OTIN&￿￿kn5￿ F￿￿Ornn￿pUrK￿aS, tslthiver3tyand tsthtrrc￿l4I¢5￿EnoI1reètédÈSr￿￿t￿d parne54sdèfimd￿ FF5 102 emb8fsoFlheQovemlw INst4os ollhé CDlIty￿É￿ rolateap¥b8sB5dafinedby FRS 102. WIDe5as 01￿￿c￿￿9￿. Details pwnenl¥ ￿￿Tel￿bLy$8diK￿￿A￿￿è5frLwleOSar8￿I￿D￿ed9￿￿￿I1fy1￿￿1OI￿ 21. JItruth•Sa￿s￿1eCl1O IhebenofiloTMaiw•i￿￿￿tyin￿Ta￿è. Thp ti*•l pFBmI￿nolEs.É￿￿)1s￿dbYthc￿￿V klanall￿￿￿￿ Protés#￿￿￿1 Liab￿. 0￿?frO￿￿tr0M 2tr￿￿t•S tts1￿ C￿￿gedU￿￿ Myé3rthnwnFedtots,7Wf2￿4-E2,7￿trQm l trusl*i Irknty¥l¥(thrgedlln d4PErt￿erltstrL*BfrQrn thECd*. COWW14ENT uNBiurEs POSTEALANCÉ SHEET EVÈMTS 48 Trlnlty College Not*¥ to the financlal $tst•rnents Forthe yeAr ended 31 JU￿ 2025 AODMONAL PRKlkYEAR COMPARATIVÉS l￿FA•S I1J￿Y2D24.' rfhts¥bmntby Furyj Typ¢ Res￿￿¢ 2014 Tot•1 £OllO £￿00 £￿0 OIIE ANO ENDOWMENT5 FROII.. crthla￿e OUwTrtdWlrrtomt T46 1.031 I￿￿e￿m￿nI McomE 4,283 4.075 C4hirlncoMè.CJR8 T￿llIn¢0￿¢ E¥PEFIDfFURE ON.. 11. 12N76 FUrth￿in￿ TrÉdlroéxpondllure I￿e￿￿{￿lMa￿rner#COYts 58D 171 339 10,JDI NEt1rKo*nelExpend￿u￿Ih￿rDr￿l•* 1.322 N*g0lnsll￿S￿￿$)a￿lfiYesrrnE￿ts 9,164 É19 NÉtIrthm￿(ExPQ￿ollUnI} &ch8m¢8 Net InfwdsfvrlhEyèir bioughlforwwd Js6 1a,263 2246S1 ,473 FthidscarfEd1or￿rd￿1 31Jdy ]2￿6 1775 199ffi1J 2¥921 PROFERfYINVESTMB4TS 2D24 Total Agricu￿￿￿1 ComhMf¢lil D4¢In￿0th￿r £￿0 sl*olyear TTrn5r8rs￿rween hddiilcA￿ÈThylm￿QVgr￿￿ls 5t￿￿1 015p￿lS Rè¥￿alOn9aIrn91t1QyBasI Inthey 3.3 14,432 66,701 162 13h27) 479) 1.13g v¥￿￿￿n￿tt￿d Dlye4r 43 1).183 ¥6.575 49 Trlnrty College Notes to the financlal %tstement5 For the year Ènded 31 July 2025 hoth SU￿￿nIS TCOL TCDL R•tNofp 12,(81 111,$821 221 g7 G￿nE${LOS￿*S1 FlaS￿br1heYear a$s￿S T￿lI11a￿lI1 2J6,785 14691 furé$41lheer*or￿ar 2D to1￿1￿1￿￿ Pqrrrhan8nIÈnthw￿t Uwpled Tot41 Exwd8tr1& RafNot• liveStrnw* £￿0 Gm Comp￿Èn1 of1hepermanfint•￿￿ojrnèrtt unapp11ed1oL￿ r*u È%p8n￿trl￿e￿dOWrneTht ToTw1Endo￿￿•mS 42.035 410 42.0 42,DJ$ 12&dD7 f7I442 11.328 191.7TI Ilovèmart&lhtharnporfng perfod.. SlTrOTer￿9Vrn￿r￿ndS Rerouwen1 oftruslfoi InvE5bn Ahcalion fram truslforlnvg*menl 54 4,2E3 9,1 13381 7,729 7,729 361 La55. lrw95mentmartsymÈ￿￿sts 0￿rIran5[arS 11,0&6 11,1 13,1 Unapp￿e￿l0taI relumalocAl8dt¢ Iranafe￿edtQIrÈo 4.tt61 14.6661 14.e661 14b681 113211 5M20 6839 1.402 lértdDrth&rnporNng pthod.. 42.054 42,05 Unpppheolotal rél 42,05 134,827 22.ni 42.054 1J4827 176OB1 Trinity College Note5 tothe lindnclal staternents For the yearendwd 31 Juty 2025 At I AwJ51 2D23 AtJt Jubj 2024 sl 141,643 4,2 4,143 2,273 1,729 1.727 1.480 146,24S Ftsnk Fun4 279 4.40$ 1691 1531 Funds ltssuppom Ford Fun¢ PTOfe35￿jUh￿￿rt￿1F￿ Pthidslorsl￿￿r5Upwrt 48 l.lJ7 1.￿2 1.$24 1.256 17 37 35 M15J H Fund Ch￿5￿￿￿1118￿F￿ 1.409 1361 1361 79 79 70 MllwdFu J3 F￿￿ mernO￿￿1 Fu 18J 774 727 073 Fund Drw Hwl Fwd Olhal￿nds.P￿￿*rtÈrtlÈr￿1￿or lJ95 ID) 1,688 Erkn•ntFLYth. EKpend FwdstosWrtFelhAvsNPS F￿￿￿tor￿1￿￿e￿I 5UPWt È￿￿Fell7￿Y￿lP Fu 8.483 &070 125ei B7D 341 154 153 85 &412 18$) 1561 1301 1281 1.841 1,969 Hunl-fyubbEFéll¢ryvshlpF SirRoger Fry F￿dI￿a&￿ntys￿pFu￿d1 &thadFu OIherf￿dS-￿Vr£nda￿ 27 24 67 57 &10 102 751 14D) s.￿1 by subsldart&4 Tot41 Endo1vm¥ntF￿th.GMuP Re5ttktéd Funth Fu￿0 RefurfDlthme r￿, DiThlW Hal ￿￿SCE F￿r￿s(DrSEudènl 8ws4riES knconLe FLmd FiYAtstOSWPDrtFE1I￿￿￿S DrB13bjs￿n'% I￿rne FL PtDfe550r JDhn Ml¢hel I￿￿￿eFU J H M¢Kgovnkncortè F￿d DrWHunlI￿OfftP Fwd OlhorTLrids- ReSth￿e4 FLThJ 370 Y.7GO 1541 70 286 (91 1391 (31 101 204 305 TatalReslrfGteJ Fwhts.C(th•• Restr￿E￿Il￿d*v￿ Tot41 F￿￿- unre5￿Cl*d FLY 1$.8831 $.Z96 2$ P61 Fundts lorstuthnt8upport ?D 40 7.*3 4.516 $1518 UnresmctedFU￿s-￿r¢￿p 0,473 7,393 4￿1$ 31636