2021-07-31-accounts

ST CATHERINE S COLLEGE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2021

St Catherine's College Annual Report and Financial Statements Year ended 31 July 2021

St Catherine's College ADnual Report and Financial Statements Contents Governing Body. Offi￿r8 and Advisers Report of the Governlng Body 17 Auditor's Report 18-21 Statement of Accounting Policies 22-26 Consolidated Statement of FinancSal Actlvities 27 Con8011dated and College Balance Sheets 28 Statement of Cash Flows Note8 to the Financlal Statements 3048

St Catb¢rin¢'s College Report of tbe Goverlling Body ofst Catherine's College 31 July 2021 MEMBERS OF THE GOVERNING BODY The Members of .the Governing Body are the College's charlty trustees under charity law. The members of the Governing Body who served in office as Governors during the year or subsequently are detailed below. {1) (2) {3) (4) (5) Professor K E BOrJars Professor A G Rosser Professor J S Foord Dr R A Leese Professor L L Fawcett de Posada Professor P A Handford Professor R l Todd Professor M Lackenby Professor M E Mulholland Professor G Lolve Professor R M Berry Profe88orA l Handa Professor D J Womersley Ms C E Chappell Professor D R H Gillespie Professor P P Ed￿￿rdS Professor P S Grant Professor J N Pila Professor B B van Es Professor T Pizzari .Professor B W Byrne .Profesgor R M Bailey Professor G Scerif Professor C Reisinger

St Catherine'$ College Report of *he Governing Body of St Catherine's College 31 Juty 2021 Professor K E Shepherd- Barr Dr J E Thomson Professor A J Bunker Professor A L Smith Professor A Muench Professor U C T Oppermann Professor A Goriely Dr D A Robertson Professor P T Ireland Professor P Hamaiainen Professor B A F Bolllg Professor E P J Strlde Professor H de Wet M20-H21 Professor P E Koralus Professor A J Dlcklnson H20-T21 Professor I P J Shlpsey Dr F R Mcconnell M20 Profes80r L Tunbrldge ProfessDr A C de O Nobre Dr A L Power Dr J M Goodman Dr A landolo (until 31.08.21) Dr A Teytelboym DrSJPWolfe Dr T C Adams Dr O Adamidis

St Catherine's College Report of the Governing Body of St Catherine's College 31 July2021 Drc Haase Mr l N Wright (from Feb 21) During the year the activltfes of the Goveming Body were carr￿d out through fve principal committees. The current membership of these committees is shown above for each Fellow. (1) Finance Committee (2) Investment Subcommlttee (reports to Finance) (3) Academic Policy Committee (4) student Liaison Committee {8) Remuneration Committee The Remuneration Committee indudes, in addltlon to the Fellows indicated above, two extemal members, Mr A W Henfrey and Mr S Clark. Mr Henfrey Is also a member of the Investment Subcommittee.

St Catberine's College Report ofthe GoverlliDg Body of St Catherine's College 31 July 2021 COLLEGE SENIOR STAFF The senior staff of the College to vthom day to day management is delegated are as follows. Master Senlor Tutor Dean: Michaelmas Temi, Hilary Tem Dean: Trinity Term Professor K E Bbriars Professor M E Mulholland Professor H de Wet Dr R M Bailey Dr F E Dinshaw unbl 30 September 2020, Professor B WByme from I October 2020 Mr J L Bennett unlil 30 September 2020 Mr l N Wright from 8 February 2021 Ms l M Rossouw-smith 1 Oct 2020-8 Feb 2021 Finance Bursar Home Bursar Acting Home Bursar COLLEGE ADVISORS Broker and Custodian Hargreaves Lansdown One College Square South Anchor Road Bristol BS15HL Audltor Critchleys Audlt LLP Beaver House 23- 38 Hythe Brtdge Street Oxford OX12EP Bankers Lloyds Bank plc The Atrium Davidson House Forbury Square Readlng RG13EU College address St Catherine's College Manor Rd Oxford OX13UJ Website www.stcalz.ox.ac.uk

St Catherine's College Report of the Governing Body of St Catherineys College 31 July 2021 The Members of the Governing Body present their Annual Report for the year ended 31 July 2021 under the Chartties Act 2011 together with the audited financial statements ft)r the year. REFERENCE AND ADMINISTRATIVE INFORMATION St Catherine's College in the University of Oxford, which is known as St Catherine's College, ("the College") is an eleemosynary chartered charitable corporation aggregate. It was founded under a royal charter granted on 1 October 1963. The College registered with the Charities Commission on 15 September 2011 (registered number 1143817>. The names of all Members of the Governing Body at the date of this report and of those in office during the year. together with detai15 of the senior staff and advisers of the College. are given on pages 2 to 5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed by its Charter dated 1 October 1963 and Statutes last amended June 2004. Governing Body The Governing Body is constituted and regulated in accordance with the College Statutes. the terms of which are enforceable ultimately by the Visitor. who was. until his death on the 9th of April 2021, HRH Prince Philip, Duke of Edinburgh. The College is currently seeking a new Visitor, and in the meantime, the University's Chancellor takes on the role. The Governing Body ts self-appointing and consists of The Master. Bursars, Academic Registrar, Official Tutorial Fellows (Class A), Professorial Fellows and some other Fellows. New members of the Governing Body are elected on the basis of a recommendation to Governing Body of the Fellowships Committee. The Governing Body detemiines the continuing strategic direction of the College and regulates its administration and the management of its finances and assets. It Meets regularly under the chairmanship of the Master and is advised by fwe principal committees. Recrullment and training of Members of the Governing Body New Fellows, including those who are ex officio members of the Governing Body. are recruited in open competition following established conventions for advertisement. They are inducted into the workings and procedures of the College, including Goveming Body policy. by the Master and College Officers. New members of the Governing Body are required to attend the tralnlng for new trustees provided through the University. so that they are briefed on good practi￿ for trustees and made aware of current issues and regulatory requirements in the sector. Junior Members Representatives of junior members are present at meetings of the Governing Body and of certain College Committees.

St CY4therine's College Report of the Governing Body of Si Catherine's College 31 Juty 2021 Remuneration of Members of the Governing Body and Senior College Staff Members of the Goveming Body who are Fellows are primarily teachlng and research employees of the College andlor University and receive no remuneration or benefits from their trusteeship of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College which is based on the advice of the College's Remuneration Committee. members of which include Fellows not in receipt of remuneration from the College and externals. Remuneration is set in line with that awarded to the University's academic staff or with the median prevailing rates for similar posts in Oxford. Organisational management The members of the Goveming Body meet 10 times a year. The work of developing policies and monitoring the implementation of these is carried out by five principal Committees: The Finance Corrimittee has oversight over all matters of financial strategy including the generation and expenditure of capital and income, the investment of the endowment and the monitoring of risk. The Investment Subcommittee assists the Finance Committee to formulate investment policy and is responsible for its implementation. The Academic Policy Committee has oversight over all aspects of the academic strategy and educational activity of the College. The Student Liaison Committee has oversight over all matters affecting students directly. ranging from academic matters through to the domestic arrangements of the College. The Remuneration Committee is responsible for recommending to Finance Committee and Governing Body on levels of remuneration for all members of the Governing Body, for keeping them under review, and for ensuring that any Conflicts of interest that may arise are acknowledged and appropriately addressed. The day-to-day running of the College is delegated to the Master and senior College Officers. The Master chairs all meetings of the principal committees with the exceptbjn of Remuneralion Committee. Group structure and relationships The College administers a number of special trusts, as detailed in Notes 18 and 19 to the financial statements. The College has two wholly owned non-charitable subsidiaries: St Catherine's College Management Ltd and St Catherine's College Development Ltd whose annual profits are donated to the College under the Gift Aid Scheme. The subsidiaries, aims, objectives and achievements are covered in the relevant seclions of this report. Thè College is part of the collegiate structure of the University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2021 OBJECTIVES AND ACTIVITIES Charltable Objects and Aims The College's Charitable Objects are to advance learning, education and research Sn the arts and sciences and to provide for men and women who shall be members of the University a College wherein they may work for degrees in the University or may cary out postgraduate or other special studies. The Governing Body has considered the Charity Commlsslon's guidance on public benefit and in keeping with its objects. the College's alms for the public benefit are: to advance learnlng, educatlon and research in Ihe arts and sciences to provide for men and women who shall be members of the University a College wherein they may work for degrees in the University or may carry out postgraduate or other special studies The alrns of the College's subsidiaries are to help finance the achievement of the College's alms a8 above. Th8 College is one of the constltuent colleges of the University of Oxford chlefly admitting undergraduate and postgraduate students. Such students must be members of a college in order to study for degrees at the University of Oxford, and many Faculty posts in th8 Untversity are joint appointments between a college and the Un5versty. The College therefore carries out Its education and research activities jolntly with the University. The College supplements the education provislon provided jointly with the Unlverslty wSth further tutorial teaching provided by college-only appointed teachers. its own library and IT facilities, and welfare. domestic, social, cuftural and recreational facilities to enable each of Its students to reallse thelr academlc ar￿ personal polential to its fullest extent. The College also supplements the research a￿1VILle8 it promotes jointly with the University through joint appointments. by providing College Research Fellowships. provkllng fundlng In support of research. provldlng facllltles for visitlng researchers and for national and international conferences, and a social environment for interaction between researchers. Additionally, the College supports outreach activities designed to promote aspiration among United Kingdom Schoo1-￿aVerS to engage in University study. The College provides various forms of financial asslstsnce to both undergraduate and postgraduate students through prizes, scholarships and grants. and to alleviate cases of hardship. The College admits undergraduates., postgraduales are admitted jointly viith the University. The College admits undergraduate students frorn the UK and elsewhere without any restriction except the satisfaction of stated academic criteria. Tuition fees for Horne students are regulated and financed on a national basis. and for other students in conformity to University-wide agreements. The College charges its students for accommodation and food; students are eluible for Student Loans under the national scheme, and for Oxford Bursaries and Crankstart Scholarships on a means-tested basis to cover these and related core Maintenan￿ costs.

Sl Catherine*$ College Report of th¢ Gov¢Tning Body of St Catherine's College 31 July 2021 Non-UK undergraduates and postgraduates need also to satisfy the College in advance of being enrolled on a course that they have sufficient funding to cover the University and College fees for Year 1 of their course. and ijedare their willingness to meet all University and College fees and living costs for the duration of their course. The private benefit accruing to the Master, Fellows and other employees of the College by means of salaries and employment-related beneffts is objectwely reasonable. Where the recipients of benefits are members of the Governing Body, and therefore are trustees. the Governing Body has dlrected that all forms of benefit and remuneration are detemiined by a Remuneration Committee includlng a Chair and majority of suitably qualified individuals who are not members of the Governing Body or not ellglble to receive such remuneration or benefrts. The College does not consider that any detriment or harm arises from carrying out the College's aims. The Coltege remains committed to the aim of providing public benefit in accordance with its founding principles. Tha prlncipal committees monltor and report to Governing Body on the achievement of the college'8 aims and its academic, financial, pastoral, and cultural perfomwnce. Actlvltles and obJectfves of the Colleg6 The College's actlvlties are focused on furthering its stated objects and alms for the public benefit by fulfilling Its educat5onal purposes wlth respect to both teach5ng and research having regard to both the obllgations and rights that ensue from Its Incorporation within the Collegiate University and its status as a registered charlty. ACHIEVEMENTS AND PERFORMANCE Junlor Member8: Academlc In the Final Honours School examinations of 202169 candidates were awarded a first, 66 a11(i), 4 a11(ii) and 1 a111. Subjects with at leasl a third of candidates gaining a first in the Final Honour School this year were Biochemistry. Biomedical Sciences, Computer Scien￿, Economics, Engineering. English, Fine Art. Geography. History. History of Art, Human Sciences, Management, Materials, Mathematics, Medical Sciences, Music, Philosophy, Physics, Politics and Psychology. No candidate gained below all (i) in Biochemisty. Biologlcal Sciences, Biomedical Sciences, Chemistry, Economics, English, Fine Art, Geography. History. History of Art. Human Saences, Law, Management, Materials, Mathematics, Medlcal Sciences. Modern Languages, Musi< Philosophy. Polit￿ and Psychology. In the First Public examinations of 202150 students of the College were awarded distinction5. This year 37 graduates from 19 dtfferent faculties and departments were granted leave to supplicate for the DPhil. A further 129 graduates have been successful In other graduate examinations. 48 graduates were awarded distinctions and 36 were awarded merils. NotabSe achievements by individual students include the following:

St Ca¢berille's College Report of tbe Goyerllillg Body of St Catherine's College 31 July 2021 Nisha Hare was awarded the Sir John Stallworthy Prize (Women's & Reproductive Health), the Meakins Mcclaran medal, the Mortensen Prize in Surgery and the Ledingham Prize in Medicine. Laura Molloy was awarded the ProQuest Doctoral Dissertation AV￿rd from the Association for Information Sctence and Technology. Emll Indzhev vKJn a Gibbs Prize for the best perf0mian￿ in Computer Science Finals and the G-Research Prize for the Best Computer Science Project. Alexander Townsend- Teague in Mathematlcs & Computer Science won a Gibbs Prize for his Computer Science Project Sahil Thapa won the Norton Rose Fulbright Prfze for Overall Best PerfOrrnan￿ In Law Mods and the Prize for the Best Perfomiance in Criminal Law Aloysius Wang In and Faun Williams in won Gibbs Prtze5 for the best perfomiance In Prelims in Engineering and Modem Languages & Linguistics respectively. Hsin-Lei Lin won the BCS Prize in Computer Sclenc£ for the Best Performance in Computer Science Prelims. Nina Guy won a Gibbs Prize for the second best perfomlance in Human Sclences Prellms. Jacquellne Brown and Molly Johnson won Glbbs Prizes for dlstinguished perfomianca in English Finals. Aaron Aujla in Economics & Management and Yinghuai Sun in Engineering Science won Gibbs Prizes for meritorious work In Finals and Prelims respectively. Lorenzo Pier8ante won a Gibbs Prize for Practical Work. Katle Hurman was awarded a Congratulatory First in Experimenlal Psychology. Harmanpreet Randhawa won the John Farthing Prize fof Outstanding Work in the Fine Art Prellms Anatomy Paper. Laura Mitchell was the joint winner of the Royal Geographical Society Geograph￿ of Health and Wellbelng Research Group's dissertation prize. See Hyun Park won the Pinsent Masons Prize in Taxation Law and Eve Thomson won the Law Faculty Prlze In Media Law Kehinde Lawal, Mong Leung and Shane Mccarthy won Annourers and Brasiers, Company l TATA Steel Best Team Design Project Prizes. Anthony Akinwale won the Depariment of Materials Annual Prjze for the Most Signlficant Improvement between FHS Part l and Part11. Katie Brookes won the Paget Toynbee Prize for the Best performan￿ in Italian Paper IX and Jonathan West won the Dolores Oria Merino Prize for the Best Perfonnance in Spanish Prose Paper I Tlger Hills won the Examiners, Prize for the best overall resuft in the Msc in Migration Studies Peter Koepernlk won the OMMS Mathematical Prize for his excellent perfomance in the Msc in Mathematical Sciences. io

St CatheriDegs Colkg¢ Report of the Governing Body of St Catherine's Colkge 31 July 2021 During the year 157 new undergraduates and 222 new graduales were admitted. Undergraduale applications numbered 1054 in De￿mber 2020. compared with 926 in 2019. Due to the pandemic, the Norrtngton Table was deEayed this year so that the results published in the surnmer were for the academic year 2019-20, but like the year before, St Catherine's is in second place. an impressive achievement by the College's students and those who teach them. During the past year. the College has relied on a blend of in-person and online teaching as dictated by circUmstan￿s. In the coming academic year. the College is expecting to rely largely on face-to-face teaching. but where necessary we are prepared for online delivery. In line with University poliry, admissions interviews will tske Pla￿ online again this year, and the College expects this to be helpful in ensuring PA)cial diversty and diKErsity in intellectual bad(ground and, thereby. overall qualty. Junior Members: Other Achievements Physics student Esthy Hung, co-founder of 'End the Eating Disorder Crisis Now., won the Vice-chancellorfs Social lrnpact Avrnrd. Three of our undergraduates have been elected to the Oxford Students Union: Aleena Waseem. as Vice-President: Charities and Community. a role in which she follows another Catz student, Ben Famier. and Bethan Adams and Dhitee Goel have been elected student trustees. Though the pandemic has put severe restTiCtions on sporting activity this year. there are still some remarkable achievements to report. St Catherine's College had two women. Maddy Kowalenko and Daisy Connolly, and one man, Finlay Ryan-Phillips, in the respective football Varsity matches. both of which were won by Oxford. First-year student Manon Johnes played for the women's team in the rugby Varsty. PhD student Augustine Wambersie was on stroke in the Oxford boat in the Boat Race. The Catz water polo team won cuppers. Senior Members: Academic Awards. and Achlevements Professor Laura Tunbrtdge was elected a Fellow of the British Academy, Professor Philip Torr was elected Fellow of the Royal Society and Professor Byron Byrne was elected a Fellow of the Royal Academy of Engineering and of the Institution of Civil Engineers. Professor Tunbridge was also awarded the Dent Medal from the Royal Musical Association, and Professor Byrne the Brttish Geotechnical Association Medal. Professor Eleanor Stride was made an OBE in the New Year Honours list, and she was also elected Honorary Fellow of the Institute of Engineering and Technology. Professor Andrew Dickinson was rnade an Honorary Senior Fellow of the British Institute of International and Comparative Law. Professor Louise Fawcett was elected a Fellow of the Royal Belgtan Academy.

St Catherines College Report ofthe Governing Body ofst Catberin¢s College 31 July 2021 OBITUARIES On the 9th of April 2021, only two months before what would have been hls 100th birthday, our Visitor, His Royal Highness the Prince Philip, Duke of Edinburgh. passed away. The College is saddened also to report the death of Emeritus Fellow Dr Bruce Tolley. ADMISSIONS, ACCESS AND OUTREACH The College participated successfully In varlous wldening participation programmes Including its flagship initiatlve, Catalyst. A second Catalyst 'hub' has been launched in the London borough of Haringey, and plans are underway to establish two further 'hubs' in South Wales and North East England. This programme was awarded a grant of £20.000 from the Department for Education, which provldes strong evldence of its success. Nearly all outreach activities were held online durlng the 202012021 academic year but In person events w511 resume from September 2021 onwards. Followlng the natlon-wlde controversy over the awarding of A level results In August 2020, the College decided to honour the vast majority (>98%) of its conditlonal offers for October 2020 entry. Applications in the December 2020 admissions round increased by 13.80/0,. 143 candidates elected to take up offers for MT 2021 while 8 deferred entry till MT 2022. DEVELOPMENT AND FUND RAISING The College continued to focus its fundraising activities in 2020121 on securing funds for Tutorlal Fellowshlps, student support, including hardship, and bulldlng projects. Through the year much of the normal development and fund-raising activlty was very restrlcted due to COVID, wlth stafflng levels In the offlce much reduced compared to pre-COVID, In January 2020 Ms Laura Stoker joined the College from the University of British Columbia as Director of Development. Under her dlrectlon the support posts for the office were recruited, so that by the year end the office was back to pre-COVID staffing level8. Donatlons for the year amounted to £1,004K (2019120: £2,272K), including £15,837 from legacies, with the ratio of funds raised to fund-ralslng costs belng 4.1. The College is registered with the Fundralslng Regulator and employs full-time professional staff in the Development offi￿ to act on Its behalf and to ensure that It Is compliant with the Code of Fundraising Practice. Training is given to Development Office staff to ensure that they are aware of the Code. The College did not receive any complaints relating to its fundraising activities. FABRIC The College undertook two major projects durlng the year, both of which were completed over the summer. Firstly, as a result of a catastrophlc flood of the Boiler House on 8 January 2021, the boilers, sewage plant, and all assoclated equipment were completely replaced during the summer. An asbestos hazard. that existed wlthln the boiler house, was completely removed as part of the enabling works. The completed work now allows better 12

St Catherlne's College Report of the Governing Body of St Catherine's Colkge 31 July2021 integration of the Building Management System, permitttng far better monitoring and control of the heating systems, promoting eff￿lenCy. The second main project was the comp]ete replacement of the Main Dinlng Hall ceiling, lights and Fire Alam system., this was due to buckling and staining of the existing ceiling and the need to upgrade the fire akam)s. Due to the Grade 1 Ilstlng of the Hall. the new celllng exactly replicates the original, albeit with modern materials, fire alarm systems, and LED lighting installed in the refurbtshed lighting units, which not only is more efficient and reliable, but also improves the quality of the lighting look over the existing lights. During the work asbestos panelling within the ceiling was removed. Som@ rnuch needed works were also undertaken In the Masterfs Lodgings to repla￿ the kitchen, and to undertake surveys to assess the need for further refurbishment FINANCIAL REVIEW The accounts are presented in the fomiat prescribed by Statute XV of the Universlty In confomiity with UK Charity Statement of Recommended Practice. The operating results for the year were again substantially affected by a loss of revenue due to COVID-19 dlsruptlons, including the loss of student rental income during Hilary Term and the Easter VacatSon, and a major reduction in conference income Ihroughout the year. Reductions in expenditure were made where possible, but balanced by an increase In depreciation for the year, and payments totalling £462k (2020: £340k) through the govemment furlough funding scheme were obtsined. On average 55 staff were pLgced on furlough with the College making up all salarie5 to 100%. Overall income was down 150/0 on 2020, with expenditure marginally up, 1°/0, on 2020, leading to a net income before gains, for the year, of £201k (2020: 2,298k). However, Investment gains of £10,613k (2020: £150k) meant that net income on the SOFA Increased to £10.814k, from £2,448k in 2020. In assessing the results for the year the Governing Body differentiates be￿een core recurring operation5 which are predictable, including the transfer of total return from capital funds at a sustainable annual level. and those likely to evidence a slgnlflcant degree of volatility year on year. such as donations and legacies, Investment Income (as the College is a total retum investor) and the movement on the pension reserve. If the sustainable spending transfer from the endowment is substituted for the investment income on the SOFA, and donations. costs assoclated with income from restricted funds and the movement on the penslon reserve are excluded, then the net operating deficit for the year is £377K (2020.. deficit £345K) Reserves policy The College's reserves policy is to maintain sufficient free re5eNes to enable it to meet Its short-tem financial obligations in the event of an unexpected revenue shortfall and to allow the College to be managed efficiently and provide a buffer that would ensure uninterrupted services. Total funds of the College and its subsNJiaries at the year-end amounted to £134.1 m (2020: £123.3m). This includes endowment capital of £98.7m and unspent restricted income funds totalling £573K. Free resep4es at the year-end amounted to £6.2m (2020: £5.Om), representing retained unrestricted income reserves excluding an amount of £27.2m (2020: £28.2m) for the bcok value of tangible f￿ed assets less associated funding arrangements. 13

St Catherine's College Report of the Governing Body of St Catheriue's College 31 Juty 2021 The future level of free reseNes will depend on the pace at which the economy returns to normal following COVID, combined with the level of required capital investment in the fabric of the buildings. Rlsk Management The College has on-going pro￿sseS which operated through-out the flnancial year for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking thelr actlvStles. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and Pro￿dureS within the College are reviewed by the relevant College Committee, chaired by the Master or one of the Bursars. Flnancial risks are assessed by the Finance Committee and investment r￿kS are monitored by the Investment Committee. In addition, the Home Bursar and domestic staff heads meet regularly to review health and safety issues. Tralnlng courses and other forms of career development are available, when appropriate, to members of staff to enhance their skllls In rlsk-related areas. The Governing Body, which has ultlmate respons5blllty for managing any rlsks faced by the College, has revlewed the processes in place for managing risk and the principal Identlfled rlsks to whlch the College and its subsidiarles are exposed and has concluded Ihat adequately robust systems are in place to manage these rlsks. The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows.. Governance risks - e.g. inappropriate organlsatlonal structure, difficulties recruiting trustees with relevant skills, confllcts of Interest., Operational risks - e.g. service quallty and development., contract pricing. employment Issues; health and safety Issues; publlc health issues", fraud and mlsapproprlatlon; constructlon rlsk attached to a major new building project. Financial risks - e.g. accuracy and timeliness of financial information. adequacy of reserves and cash flow, diversity of income sources, investment management., risks arising from the leverage taken on via the placement of £25m in debt. uncertainty surrounding the future level of tuition fees for HEU students and other forms of HE funding., uncertainty in relation to the business model of the collegiate university post-covid. External risks - e.g. public perception and adverse publicity. demographiG changes, government policy. uncertainty surrounding the continuing negotiations to wlthdraw from the EU. Compliance with law and regulation - e.g. breach of trust law, employTnenl and data protection law, and the regulatory requirements of particular activities such as fund-ralslng. strategies for managing the risks identified by the College as described above include, for example: Establishing the appropriate committees responsible for fonnulating recommendations to Governing Body., Providing appropriate training to all members of staff and at the induction of new Fellows; 14

St Catherine's College Report of the Governing Body of St Catherille's College 31 July2021 Ensuring accountabilty of College offi￿[S lo the appropriate comtnittee and for the committees in tum to be accountable to the Goveming Body" Developing and implementing key policies across the main areas of activty of the College, including. for example. admissions policy. hea￿h & safety policy, and Information securty policy. Ensuring that appropriate insurance policies are in pla￿ and reviewed regularly. The College identifies the risks it faces. the potenlial impact of each risk. the likelihood of recurrence, the severty of impact, and the steps taken to mitsgate each particular risk in its Risk Register, which is regularly reviewed by the Finance Committee and approved by Governing Body. During the year. to address Ihe College response to COVID-19, the Governing Body established a COVID-19 Steering Group as a temporary, non-standing committee of the College. The membership comprised College Officers. along with relevant senior College staff, and chaired by the Master. The Group had responsibility for assessing and detennining the College's reaction to changes in the internal or exiernal environment in relation to the pandemic. The Group's mandate ha5 been renewed for the academic year 2021122. Investment pollcy, objectives and perfomlance The College's investment objectives are to balan￿ the needs of current and future beneficiaries by: maintaining (at least) the value of the endowment in real terms: producing a consistent and 5uslainable amount to support expendtture; and delivering these objectNes within acceptable levels of ris To meet these objectives, the College's inveslments as a whole are managed on a total return basis to a benchmark of UK CPI44%, maintaining 4Iiversification across a range of asset classes in order to produ￿ an appropriate balance between risk and retum. In line with this approach. the College ststutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total retum. The investment policy and strategy are set by the Goveming Body as advised by the Investment Committee from time to time and perforrnan￿ is regularly monitored by the Investment Committee and reported to Finance Committee and Governing Body. At the year end, the College's long temi endowment investments. combining securities and property investments. totalled £98.7m. The College measures investment performance in calendar quarters; the total inveslment retum for 12 months to 30 June VRS +12.0% which compared to the benchmark (UK CPl+40kn) Tetum of +6.5'k' MSCI ACWI of +20.70/0. FTSE All Share TR Df 25.1%,. FfsE Actuaries UK CGT_5.OO/D', 700A MSCI ACW11300/0 FTSE Actuaries UK CGT of +12.80 The carying value of the preserved permanent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 1 August 2002 together with the original gift value of all subsequent endowment received. 15

St Catherine's College Report of Éhe Coverning Body of St Catherine's College 31 July2021 On the total return basis of investing, it is the Governing Body's pollcy to extract as income 3% of the value of General Endowment. However. to smooth and moderate the amounts withdrawn, this 3% is calculated on the average of the year end values in each of the last three years. Due to increasing investment values over the previous three years, the effective amounts withdrawn are currently less than the nominal 30h stated in this policy. Transfers from other expendable endowment funds and from permanent endowment funds match expenditure from the relevant funds according to their remits. The equivalent of 2.40k of the opening endowment value was extracted as income on the total return basis during the year. The Governing Body keeps the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College's activities. Future Plans The College's future plans as agreed by the Governing Body are.. To contlnue to strlve by all posslble means for eX￿llenCe in teaching, leamlng and research within the framework of an Oxford college. To meet and address the challenges presented by operating during a pandemic which may endure for an as yet unquantifiable period of time. Wlthln those Ilmitations, to provide up to date and best in class facilltles for staff, students and conference delegates. To raise further endowment to secure a sufficient degree of College autonomy against a background of considerable financial uncertainty In higher education. The College w511 contlnue to raise money for its core purposes.. student support, teaching, the development of its faciliti@s, and the general endowment to sustain its activities. To ensure that rlsks are clarlfled In order to minSmi5e the Impact of unexpected or undeslrable consequences so that the College continues to enhance its ability to provlde a first-class educatlon. Statement of accountlng and reportlng respon8lbllitle8 The Governing Body Is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law requires the Governlng Body to prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial statements In accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Appllcable In the UK and Republic of Ireland (FRS 102). Under charity law the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view ot the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to: select the most suitable accounting policies and then apply them consistently- make judgments and accounting estimates that are reasonable and prudent; 16

St Catherine's College Report of the Governing Body of St Catherine's College 31 Jllly2021 state whether applicable accounting standards, induding FRS 102. have been followed, subject to any material departures disclosed and explained in the financial statements- state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any malerial departures which are explained in the financial statements. prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the Col￿ge vjill continue to operate. The Governing Body ts responsible for keeping proper accountlng records that are sufficient to show and explain the College's transactions and disclose wlth reasonable accuracy at any time the financial position of the College and enable them to ensure that the flnancial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other Srregularities. Approved by the Governlng Body on 3 November 2021 and signed on its behalf by: Kerstl Borjars Mastsr 17

St Catherine's College Report of the Auditor to the MembeT5 of the Governing Body of St Catherine's College Opinion We have audited the financial statements of St Catherine's College (the "Chariw) for the year ended 31 July 2021 which comprise the Slatement of Accounting Policie5. the Consolidated Statement of Financial Activities. the Consolidated and College Balan Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unlted Kingdom Generally Accepted Accounting practi￿). In our oplnion, the financlal statements: give a true and fair view of the state of the group and charity's affairs a5 at 31 July 2021 and of the group's income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: have been prepared in accordance with the requlrements of the Charities Act 2011. Basls for opinion We conducted our audit In accordance wlih Intematlonal Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charty in accordance with the ethical requirements that are relevant to our audit of the financlal statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfil￿ our other ethical responslbllltles In accordance wlth these requlrements. We belleve that the audit evldence we have obtalned is sufficfent and approprlate to provide a basls for our oplnlon. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Members of the Governlng B¢xly's use of the golng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not Identtfied any materfal uncertalnties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitls abillty to continue as a going concem for a period of at leasl 12 months from when the financlal statements are authorlsed for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going con￿rn are described in the retevant sections of this report. Other Infomiation The Members of the Goveming Body are responsible for the other Infomiatlon. The other information comprises the infomiation included in the annual report other than the financial statements and our auditorfs report thereon. Our opinion on the financial 18

St CAtherlne's College Report of the Auditor to the Members ofthe Coverning Body of St Catherine's Collegè statements does not cover the other information and, except to the extent othenfiiise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other Infomiation is materially inconsistent with the financial statements or our knowledge obtained In the audlt or otherwise appears to be materially misstated. If VR identify such material inconslstencles or apparent material misstatements, VR are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perforned, we conclude that there is a materfal misstatement of thls other Snformatlon. we are required to report that fact. We have nothlng to report in this regard. Matters on which we are requlred to report by exceptlon We have nothing to report in ￿pect of the following matters In relatlon to whlch the Charities Act 2011 requires us to report to you if. in our opinion: sufficient accounting records have not been kept the financial statements are not in agreement with the accounting record8 and return8; or we have not obtained all the infomiation and explanations necessary for the purposes of our audit. ResponsIblll￿es of the Members of the Govemlng Body As explalned more fully In the Statement of Accounling and Reporting Responslbllltles set out on pages 16-17, the Members of the Governing Body are responsible for the preparatlon of the flnanclal statements and for being satIsf￿d that they give a true and fair view, and for such internal conlrol as they determine is necessary to enable the preparatlon of Ilnandal statements that are free from material misstatement, whether due to fraud or error. In preparlng the flnancial statements. the Members of the Governing Body are responsible for assessing the Charity's abilty to Continue as a going concern, disclosing, as applicable. matters related to going con￿rn and using the going concem basis of accounting unless the Members of the Goveming Body either intend to liquidate the Charity or to ￿ase operations, or have no realistic alternative but to do so. Auditor's responsibillties for the audlt of the financlal statements We have been appointed as auditor under Section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorf5 report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audtt conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. 19

St Catherine'y College Report of the Audilor to the Members of the Governing Body of Sl Catherine's College Misstatements can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and ￿gUlations. We design procedures in line with our responsibiltties, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting.irregularities. including fraud is detailed below: Our approach to identifying and assessing the risks of material misslalement in respect of irregularities, including fraud and non-compliance wtth taws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skilts to identify or recognise non- compliance with applicable tav•s and regulations. we identified the laws and regulations applicable to the charity through discussions with Members of the Goveming Body and other management. and from our knowledge and experien￿ of the client's sector, we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011. Office for Students and Oxford Universty requirements, taxation legisialion. data protection, employment and pensions, planning and health and safety tegislation- we assessed the exient of compliance with the laws and regulations identified above through making enquiries of management and. where relevant, inspecting legal corresponden￿. and identified laws and regulations were communicated within the audit team regularly and the tsam remained alert to instances of non-compliance throughout the audit. We assessed the susceptibilty of the charitys financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud. their knowledge of actual. suspected and al]eged fraud. and considering the inlemal controls in pla￿ to mitsgate risks of fraud and non- Complian￿ with laws and regulations: To address the risk of fraud through management bia5 and override of controls, we: perfomied analytical Pro￿dureS to identify any unusual or unexpected relattonships; tested journal entries to identify unusual transactions: assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potentia5 bias; and investigated the rationale behind significant or unusual transactions,. In response to the risk of irregularities and non<ompliance with laws and regulations, we designed procedures which included, but were not limited to: 20

St Catherille's College Report of the Auditor to the mernbe￿ ofthe Governing Body ofst Catherine's College agreeing financial statemenl disdosures to underlying supporting documentation; reading the minutes of meetings of those charged with g0veman￿. enquiring of management as to actual and potential litigation and claims; if considered necessary, reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and ￿gulatiOnS are from financtal transactions, the less likely it ts that we would become awa￿ of non-complian￿. Auditing standards also limrt the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Goveming Body and other management and the inspection of regulatory and legal corresponden￿. if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate cOn￿alment or collusion. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Reporbng Counctl's website al. wMv.frc.org.uklauditorsresponsibilities. This description fomis part of our auditors reporL Use of this report Thls report Is made solely to the College's Goveming Body. as a body. in accordance wilh section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditorf5 report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the College's Governing Body as a body, for our audit work. for this reporL or for the opinions we have formed. Critchleys Audit LLP statutory Auditor Oxford Date: 08 December 2021 Critchleys Audit LLP is eligible to act as an auditor in terms of section5 1212 of the Companies Act 2006. 21

ST CATHERfNE'S COLLEGE Statement ofAecouDting Policies Year ended 31 Juty 2021 1. Scope of the financial statements The financial statements present the Consolidated Statement of Financial Activtties (SOFA), the Consolidated and College Balance Sheets and the Consolidated Cash Flow Statement comprising the consolidation of the College and with its wholly owned subsidiaries. St Catherine's COl￿e Management Ltd and St Catherine's College Development Ltd. No separate SOFA has been presented for the College alone as pemiitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. The results of the subsidiaries as induded in the consolidated income, expenditure and results of the College are disclosed in note 12. 2. Basis of accounting The College's individual and consolidated financial ststements have been prepared in accordance wth United Kingd(Im Accounting Standards. in particular 'FRS 102.. The Financial Reporting Standard applicable in the UK and RepubliG of Ireland. {FRS 102). The College is a public benefit entty for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordan￿ with The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102, (The Charities SORP (FRS 102)). The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the Measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the statement of Financial Actrvities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year. 3. Income recognition l income is recognised once the College has entitlemenl to the income. the economic benefit is probable and the amount can be reliably measured. a. Incoming resources from fee income. HEFCE support and other charyes for services Fees receivable, HEFCE support and charges for setvices and use of the premises, including contributs'ons received from restricted funds. are accounted for in the period in which the related service is provided. b. Income from donatlons. grants and legacles Donations and grants that do not impose speafic future perfomiance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donalions and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly

ST CATHERINE'S COILEGE Ststement of Accounting Policies Year ended 31 July 2tr21 3. Incom6 rocognition (eontinued) b. Income from donations• grants arKI legacies (continued) within the control of the College and it is probable that the specified conditions will be met. Legacies are recognised following grant of probate and On￿ the College has received sufficient infomiation from the executor(s) of the deceased's estate to be satisfied that the gfft be reliably measured and that the economic benefrt to the College is probable. Donations. grants and legaaes accruing for Ihe general purposes of the College are credited to unrestricted funds. Donations, grants and tegacies which are subject to conditions as to their use imposed by the donor or set by the tenns of an appeal are credited to the relevant restricted furKI or, where the donatb)n, grant or legacy is required to be held as capital. to the endowment funds. Where donations are receNed in kind (as dislinct from cash or other monetary assets), they are measured at the fair .value of those assets at the date of the gift. 4. Investment income Interest on bank batances and fjxed interest securities is accounted for in the period to which the interest relates. Dividend income and similar dislrft)utions are accounled for in the period in which they become re￿1Vable. Income from investrnent properties is accounted for in the period to which the rental income relates. 5. Expendlture Expenditure is accounted for on an accruals basis. Indirect expenditure is apportioned to expenditure calegories based on the estimated amount attributable lo that actNity in the year. either by referen￿ to staff time or the use made of the underfying assets. as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relales. Grants awarded are expensed as soon as they become legal or operational commitments. Govemance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure. 23

ST CATHERINE'S coI￿GE Statement of Accounting Policies Year ended 31 Juty 2021 6. Tangible fixed assets The cost of major renovation projects which increase the service potential of buildings is capitalised and depreciated over applicable periods. Expenditure on equipment costing more than £1 K is capitalised and carried in the balance sheet at historical cost. Other expenditure on equipment incurred in the nomial day-to-day runnlng of the College and its subsidiaries is charged to the Statement of Financial Activities as incurred. 7. Depreclation Depreciation is provided to wrlte off the cost of all relevant tanglble fixed assets, le5S their estimated residual value, in equal annual instabnents over their expected useful economic lives as follows: Freehold properties, including major extensions 8ulldlng Improvements Equlpment 4- 10 years Fr8ehold land is not deprecEaled. The cost of MaIntenan￿ is charged in the Statement of Flnancial Activities in the period in which it is incurred. InV￿tments Investmént properties are valued as Indhfvjual Investments at thelr market values as at the balance sheet date. Purchases and sates of Investment propertles are recognised on exchange of contracts. Llsted Investments are valued at their rni(kmarkel values as at the balance sheet date. Investrnents such as hedge funds and private equty funds which have no readily identifiable market value are included at the most recent valuations from thelr respectlve managers. Gains and losses 8rising on the investments are credrted or charged to the statement of Financial Activities and are allocated to the appropriate Fund according to the "ownership. of the underfying assets. 9. Stocks Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis. 10. Foreign currencles Transactions denominated in foreign currencies during the year are translated at prevailing rales of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates applying at the Balance Sheet date or, where there are related forward foreign exchange contracts. at the contract rates. The resulting exchange dIfferen￿S are taken to the Statement of Financial Activities. 30 years 20- 30 years 24

ST CATHERINE'S COLLEGE Statement of Aecounting Policies Y¢ar ended 31 July 2021 11. Total Return investment accountlng The College statutes authorise the College to adopt a lotal retum, basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capitaifincome distinctions of trust law and with discretion to apply any part of the accumulated total retum on the investrnent as income for spending each year. Until this power is exerC￿ed, the total return is accumulated as a capital supplement to the preserved {'frozen') value of the permanent endowmenL The Governing Body has decided that it is in the best interests of the College to account for its invested expendable endowment capital in the sarne way, though there is no legal restriction on the power to spend such capltal. For the carying value of the preserved (Yrozen,) pemanent capital, the Govemors have taken its open market value as at 2003-04. together with the orlginal glft value of all subsequent endowments received. 12. Fund accountlng Th8 totsl funds of the College and Its subsidiarres are allocated lo unrestricted, restricted or endowment funds based on the origins of the funds and the tems set by the donors. Endovfflient funds are further sub41ivided into pennanent and expendable. Unrestricted funds can be used In furtherance of the objects of the College al the discretion of the Governing Body. The Governing Body may decide that part of the unrestilcted funds shall be used In future for a specific purpose and thls wlll be accounted for by transfeTS to appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for specific purposes. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has requlred that the capltsl be maintained and the income used for specific purposes. Permanent endowment funds aTise where donors specify that the funds should be retained as capital for the pennanent benefit of the College. Any income arising from the capltal will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case it will be accounted for as a restricted fund. Expendable endowment funds are similar to pennanent endowment in that they have been given, or the College has determined based on the circumstances that they have been gNen. for the long term benefft of the College. However, the Governing Body may at its discretlon deternine lo spend all or part of the capital. 25

ST CATHERINEYS COLLEGE Statsment of Accounting Policie5 Year ended 31 July 2021 13. Penslon costs The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as if these were defined contribution schemes in accordan￿ with the requirements of FRS 102. T.he College's contributions lo these schemes are charged in the period in which the salaries to which the contrbutions relate are payable. 14.Accounting Judgements and estimation uncertainty The College has used the methodologies provided by the Universities Superannuation Scheme and the Oxford Staff Pension Scheme to calculate its share of the deficits of these ￿0 schemes. This calculation therefore embodies major judgements made by the trustees of the schemes as to the actions required to eliminate their overall deficits and the rate at which this can be achieved. In the vtew of the Governing Body, no assumptions concerning the future or estimation uncertainly affecting assets and liabilities at the balance sheet date are likely to result in a material adjustrnent to their carrying amounts in the next financial year. 26

St Cathering's College Consolldated Statement of Flnan¢lal Actlvltlos Forth• year ended 31 July 2021 AS rethted 2D2 Total Unwtri¢¢ed Funds £'DOO Rostricted FuDdB End￿d Funds rrAo 2021 Total £'ooo Not•8 INGQME AND ENDQV4MENT5 FROM: Chirltable act￿111&6. Teachlw. research and reshlenlal Oth¢rTradlng In¢omp DanaUonB and 1p8ac￿8 In¥•Ètm•tt18 7.194 7.194 7022 2eo 2272 615 1004 1.138 2.133 485 11,rt46 1,384 P,1331 2,619 2.762 Tot81 r6tum allocated lo Incomo Otherlncome TOLII InEom• 14 485 11,300 389 11341 13,302 EXPENDITURE ON: Charnablo act￿Ill•S.. T￿chIng. rèsearch And reildertl81 9.488 e3e 10.094 Generatlng lundB'. Fundia￿l￿g Tradlllg expoftdlluro In¥eStmentm8n&oBmontc￿t Totsl ExpondMur• 2B2 S97 83 10,310 282 697 186 11.099 854 177 638 73 N•t th¢om•llExp•ndiiui•I b•forn galm 247 201 2.298 NetS8ln•llloMèil on InveJtm•nts Oc¥) 10,013 10,613 150 Not 1n¢omDIIEx￿n￿lI￿1¢l 1.255 P47 9,806 10,814 2,448 Trin•f•rn b•trA•n ftmd8 18 192 Oth•r rqvounh•d galn8lloM Galnsllloss•sl on dK8p¢xAI of flxed a88at N•t M0￿M￿ntIn furtdl fortho y￿￿ 1.OS4 9,808 10,814 2,44B Fund baiane$ broWllorward le 33,707 fjzo 88.gJ2 123,327 120,B79 Fundg ¢irr￿d foTh4ard a¢ 31 July 34,831 98.7 134141 123.327

st Catherlne's College Consolldated and College Balance Shoets As at 31 July 2021 2021 Group 2020 GroL4> £'ooo 2020 Colleg8 £'ooo Colle rooo FIXED ASSETS TangIb￿ assèts Pr¢perty inve$¢rnents Other Inv•sbnants 10 11 12 27.162 14,872 2B213 14,8Z8 68.4S4 27.162 14,872 94265 28.213 14,828 88,454 Total Flxed Asgets 140,299 131.495 140.299 131.495 CURRENT ASSETS St¢ca3 Debtors InveglmentB Ca8h at bank and In hand 187 3,372 5,947 12,243 187 3,392 5,947 12,162 16 970 723 14865 776 723 14674 Total CuryentA•sei• 21768 21,749 382 21.888 LIABILiT]ES Credftor3.' Amount8 lalllng duo wSthln ono 2.010 1.748 1,623 1,6B7 NET CURRENT ASSET81(LweiLITE8) 21.758 20,001 21,758 20,001 TOTAL AS$Efs LESS CURR￿ UABILinES 161057 151,498 161OS7 161,496 CREDITORS., falllbVJ du• aft•rmorn th•n ono y• 17 26.500 28,700 26,500 26,700 ProvWon• lor IlabllJtl•s and ¢hary•• NET ASSETSIIUABILITtESI BEFORE PENSION AsseT OR LIABILITY 134SS7 124.798 134667 124,796 Dèfined benefit penslon sch•m• Ilablllty 1.416 1,489 TOTAL NET ASSETSIIUABIUTJESI 134.141 123,327 134,141 123,327 FUNDS OF THE COLLEGE Endowm•nt fund8 737 98.nr 66,932 R•8lrf¢t•d fvnd $73 S73 Unrgstricted funds Designated funds General funds Ponsion rèaèrv8 30m2 6.165 11A161 3Q213 30,082 6.16S 11.4161 30,213 11.469) 11.4891 14141 1ZJ.327 134.141 123.327 Th8 fjngncial st8tornents ￿rE aFvovJ and authormed lorlssu• ty thè Go¥wriw Br ofSI Cath8rinds Cokgè C￿ 3 November 2021 TNslee.' Trustae.. 28

8t CatheTlne's College Consolidated Statement of Cash Flows For the year ended 31 July 2021 2021 TOOO 2020 Net ￿$h provlded by (used In) ry•rating activitses 4,369 Cash flows from Investlng actlvltSes Dividends, interest aThJ renls from invtstrnents Proceeds from th• saJ8 of property. pjant eqLuprr*nt Purchase ofpropety. plant and eqwmenl ProeÈÈds from 8ale of investrnents Purchase ol investments Not ￿sh provided by (used Inl Invesllry acllvAtles 2A19 1960) 14,3111 20,&85 118,912 124 B.BBO 2.317 Cash flows from flnan¢ing aetiviti•s Repaymenis of borrowing Cash infb￿5 from new b¢rrovdr Re￿Ipl of endowrnent Net cash provlded by {￿ed Inl flnaneing activil (200) 120DI 615 415 Change in cash and Cash equlval•nts in thè K•portlng perlod 4A98 12,9511 Cash 8nd cash equIval￿ts at the beglnnkng of thè reporting perlod 18,190 21,168 Change In cash and cash equl¥alBnts dug to e￿h1￿JE rate movements Cash and cash equlvalenls at the end ¢>f tho Trprxtkng Poriod 25 22,588 18.190 29

St Cath•rln•'$ Nolos 10 thg flnancSal slatsments Forthe year ended 31 July 2021 INCOME FROM CHARrrAeLEACYbVtI 2021 2020 £￿¢V rell¢hkn9, Research ar￿ R•gldenYlll Uni•siTIGtsd Iwd$ Tuthn f¢e9- UKand EU student• TuibDn fea9- Over9e&& ¥ludents Olherlees OlhorHEFCE 9UPPQrt Olheraredomk Incomè CdE498 ￿￿￿en11￿1 Incrme 1117 1,494 1,a 229 2,835 Tolal Tea¢hlng. Res•4￿h aTrd R•sldeffli ThDabowanAtyg1& Includeg £4.l01krec4￿•￿ffDM OAfgrd unlvor5￿fvorn publlctyaccDunlablo lundi unlerlhw GFF Sth•mp12020'. £3,040k). Undarthe tomis olthèwnd•ror4du4h) ¥￿d￿ntS￿pPllrt offered tyQxToTd Unfv•r¥ityto•lu¢•nhfrom InMm• hou••hDldo. lh• wlW•h8r• olth• t￿1 walved omounled lo£Ok (202a' Elk). Th$4r•nplhidudod lTrlhFfeF Income reported ll￿¥0. DONAnOMgAMD LEGAC1É8 3031 1020 £ioo DaMtl•n• •nd L•qiol•i Unrnjldcted 770 0111 INCOME FROM OTHER TRADINGACTMTIE8 9021 £wo 2020 £YJo sub￿l￿9rye4mPanYtN1IThg Ineomè INVE3TMeNTINCOIAE 2021 £woo 2020 £vJDo othorpropBty Inuorn• gqulty& 010b￿ 41¥•r6￿ I￿]dend8 In¢om• tr¢mfixèd Infvtost iiock• Int•r•6t¢n doposN8 and c4•h Olh•rlnYo1kn8ntlncom• Bank lrti•r•$i Otrrlnt•twl 13 1,13S 1.136 OtherpropertylrKDm EqviW&glDbal dhr8lTbvd d￿￿￿nd& IrKom?from Ixed Interg¥t$t•¢k8 Ima￿ton fixfjd i•rm dopmils andGuh Oth6riNvèstffiènÈirMme BEnk Interost Olherlnt•r941 491 245 4n 1.a26 Yotsl Inc¢mè 2.519 2.78Z OTHER INGQMe Fudouoh irKDmB Other m¢BI￿nEDUl lrncomè 482 23 24D 386 An&V•R9gOf￿ staK￿￿elu￿0￿ and th&CdIeqePa￿ th•oddMF4n&l 20%ttsmakeupJolaryto 10W. 30

St Catherlne's College Notss to tho finan¢ial ststèmènts FOT the year ended 31 July 2021 AWILYSISOF EXPENorruRE 1021 rooo 2020 £'c CharItsbl• •wAdltuY• rectstaff costB ollocated to., T8atshln& resgthand re$hI￿tAl 4,190 4,189 Ou￿¢JIreutG￿8ts alkated lo.. Tegcllng, ro$gv¢h And ro8kl•ntk91 2,108 a.140 SuppDrt govèmanco tost8 allocated Teèchino, re56a￿and rogld8nlal 3,289 2.548 Total ¢horh•bl• xp•ndttU Exp•nolturnon rnlslno fufid8 reotgtaff colts alloceted ta. 194 202 288 28# Tradlng expend1￿[ InvoJtrncnlmwa9•m•nt¢o Fundrydising Tradlno expondI￿re IrNMtm•MmMaym•nl¢oits 10 34 Supth •nd gov•m•rK• QQBt•.ollo¢fyt•d tth. Tr•L¥ng w•rt4lt¢Jr• Invastmoni fflanwM•nl￿Sts 802 231 177 rotal frxpeodtt￿ on w#•r4thLQ fundB Totii •xp•ndltw• 11.OU4 Tho2020 r•wur¢•6 •xp•ndod o1£11,068k rnprn¢M•ot10.371kfrom unrNlrkl￿fiJnd$, £03ek fvern r•blrfet•d l￿dI •nd£73k fr¢M•ndoW￿ frhidi. Tho cdo• I1114bl• ￿ b• aJieB8ed foreonlribu¢lon und•rth• pro￿￿OnI0f StalUt•Xv￿(hts Llrmvorntyoloxford. Th• Con￿bIhIlDrn Fund Is umd to mllk•grBnt• loono loeollooo8en th•b411* of n•ud. Conlrtbuttonj oro c•kul•i•d •nnullyln •o¢ordanc•wlth r•guLqii¢ng ffllldètrrfty)4¢oun41 dth• unI￿r¥￿ otOAforO. Th• w￿1n0 r06e•rcheoits I￿￿ud￿¢01￿0• CunbltrAon poyot4eol£Ok12020- tagk). 31

st Catherine's Colleg? Notes to th• flnan¢lal slat•monts Forth• y•ar ￿d•￿ 31 July 2021 AtrIALY815 OFSUPPORT AND ¢50vER￿£¢0￿ Texhirtg Totsl roots £'ooo 312 512 Domesllcadmlnl$tralon 61 Deprecw¢n Los51{WDffiI on Thxed aysEts Bar& 1ntereatPay￿e In¥e5bm8ntrnBnagemeni erfiogn¢g¢hAtg¢5 2,D10 771 153 153 1621 18 3,743 G&neraUn9 FurwD ashvly. G￿r￿￿￿￿ts a[p￿kx￿￿a￿O[dlng bj ￿m￿s￿lIn eathwe zozi £woo GoYenW￿¢e costs comprt¥: IB 16 18 as8 8opaat8noteithlnthe5e 9WM￿.

st Catherine's College Notss to the finan¢lal statemenfs For th• y•ar•ndod 31 Juty 2021 GRANTSANDAWARDS 2020 row L￿rStri￿odfUuds GrAThtstr>lnLI￿a￿5.' ScholaTrhlp5, andg Bur3srie8 Bnd Qr8duoSludentsNps GrartS toolherlnsbbjbons Totsl unrn8trlct8d 1S 16 31 27 Ro8trlthd fund8 GraNts toinrlblaLiai8". Schoiartships, pr+ze5 and grw Bursar￿9 and hBrdsNpa¥wts 049 533 90 6[a￿ts￿Other1nS1lbjbons Total restrlctsd Tolal yrants and awards 73Q 74Z STAFF¢OSTS 2021 roo 2020 gwqgathtrrc•tsfortr￿arv￿rea¥ 9¥ondw S¢¢01 $￿j￿ty ¢0 Pensloncosts Iseetho 211.. 4316 4.424 309 Defin2d beNafil schemes-mwnÈntth prnon Daffi￿d ththbut¢n xemes Offjrbonefft8 15391 125 The awrap Nnetofempltsmalthe Cthy?. onab2ltimoequNa1ertttyÈs￿￿ $ hlows. 2021 97 PthliGwtship Hqlrl Fundralsl 10 10 147 147 TheavÈrAge num￿oI8￿p￿0d ¢<49&Tntsw4j￿•*￿￿armIs CUF Le￿￿￿5 To121 40 33

8t CatheT5ne's CoUeg• Not￿ to the finaneAI Ststements Forthe year ended 31 July 2021 STAFF C08T8 Icontknuedl The ￿1r￿li￿O infQmalton rdatès to theempw olth& ColWotx(4udlrYuthB TtU5tees. 1)elails ofthe wTrLreration 4nd r¢InU￿¢￿ wen¥e¥ oltt# CdeTlUStée3 ￿ Included as a3epArAiè nol8 inth¢sèfinanrl￿ slatgmentS. The number0t￿lOYes5 lsxduding TtU5tee5ldurinotheparwhoso gross wand ￿n￿￿￿(￿udIn9 emI4￿r Nl andwnsion ¢oniribJUDnsl I￿1 £eo.001470,QQO Thw numborof atKvewrkn5vAthr¢tk¢mentbenefits aceftlino Wa#A%follo￿" In d￿ne￿ benèfiLschemes In a¢fined¢•niribubW srhem Cdkgg Gonknbutsn5 to dBQned ￿ntrtb￿tion pen91oTh Ackme#tot•Ued 566 to TANGIBLE FIXEDASSETS 6roup8 College LeasehD land and trAJildlng¥ 00 F￿hold land arnd Pkqnl rnAthingry F￿l￿re8, fllttng5 and equipment roo to tooo rooo Atstartofyear ,3e1 fj53 dS.854 107 Atend ofyeaT GOO D•prBcIa￿oTr and Imp4lrmprt Al start￿￿r DeP￿￿4￿n etharge IDtthe>wr Depreclauon ot) rtASPD$ Imp8th•ni 17,641 2M11 1.171 Atend ofyew 140 NÈt bool valuo Atmd ofy•ar 26.702 Atstsrtofyoar 27.72D 493 28,213 The￿b￿l￿¢4￿0￿ £Ok 12020.'£Ok)of plant mdchinery hdd undernnance leage¥ £Ok {2020.'£Ok) offixur•s Bné fithnys hqld wndFriinance lea9•$. Thecollege h49 hbiorf¢8¥Set$811 ofwhKh are used lrn the¢(wtspof IheCoKeg?'s teachlno and re2earcha¢bvibe$. Thp5e COmprf￿ rnalnWli$ted bull￿ng$&7 thecol￿￿%Ite, iogoth¢rwith thelr¢ontCnts I￿uding otart. In 3ome¢ase5 rellab￿h1stQrftt&1 costinfo￿atron is nOta¥￿Iable fortheAS¥ffts8nd could notba obtained except 4t4]spr•porri￿ftt expensè. However. IDthaopirrion Df the Tn￿tee5 thed¢pre¢lale4 kni%toh¢al ￿$1 of the5eassets15 now Irrnnat2rfaL 11 PROPERYY INVESTMENTS Group &Colleg• 2021 Totsl rooo 2020 Totsl £'QDU AgrfCU￿ £000 two ewo ValuiDn Ot ¥thrt￿>￿ar A4dibON$ and IMp￿eMents&tta$t TftnslertotBnglbkr￿d assets Disposalv ReV￿ts4￿ 98in91(¢¢ss•sl In Ihèyear 14.828 14.a28 17,227 15651 12,8311 422 Valuayon atond oly¢ir 14,872 14,872 14,82$ The pruparbes Indude nirtè propertles byOUM and threepmpÈrtEes wrchased ￿￿e(th CgiiwJe¥lolntèqUKty5thenethith ststt. ThgsearevduEd Annu￿ty byrefergnceio Chang￿ ￿nCe￿8pur￿859datQjn the NahDnwtdÈ HDUSB Price Ind￿l¢r￿¢￿erSouth Eastorwherb BppIEcthe tetms ofthelointequlty8greements.

St Catherkne's College Note8 to the finan¢lal statements For thè year ond8d 31 Juty 2021 12 OTHER ItIVE3TME14Y8 Ith¥￿I￿nts0rQ A¢fA[r￿￿. 2021 2D20 £OD Valua￿lln al stsrtolya 67.56B 18,912 114e891 935 ArnguntBwthdrth%n Ineomg Invwlmontrnanog•rnarrtfeeB (P¢creAgeyinFtw In 93S 01 1272) Groyp ID¥Mtsn¢nts at•nd 01￿•1 9B.￿s 68,454 In￿￿Ont1Th iuWdwrt•¥ C•lleoe InmtrA•ntsAt•nd•1￿1t Qroup Inyethonis w4prt••.' )21 In th6UK rooo 2020 Tthl t￿0D th•UK e¢c¢ theUK £woo E9￿￿1Th￿l1M•rt1 mult￿11011U Prowty lundj Fix•d In1w•¥i¥t4￿ au¥• and cthOtlnvoJtrrtrttA Flxqd t4rm lind c•ih 29.674 in• 28.4$1 11,393 14.02• 11,39# 2,939 18h42 11.911 7.IST 16,825 i) 10,C 7,156 16.418 17,244 10.419 Totsl Brgup Invesbn•M 13 PARENT AND IINDÉRYAKMG8 T￿¢01•1￿01￿￿ IWIJ orth• 5nStCaiMfyWI C Lkrted. conf•Mn¢•¥ ¢•rw•nt68Nl￿9 on th•Cdl•ypr•rnlsu. and ILVA ollh•lj￿•d •bw•¢wi knstc0Lp￿1￿•¢￿knVOW•￿ LnM•o>ry>Any prty•idir4 indtsjl￿J wnitrwJ r￿(•5 tothecolege. st￿ 8t¢4 Int4m• xpend1￿[ Don•bDn ID¢d￿tUn&TgIk1 337 1352) R•wllfwth•) 7¢t#i •s••ts T¢Y41 16Q N•tfuni¥ •lth• •r* of￿¥

St Catherine's College Notes to the flnanclal statements For thè ￿ar èndèd 31 July 2021 14 STATEMENT OF IMVESTMENTTOTAL RETURN The Tru8teeA haveadoptsda dulyauihorf3fft1 pAoltotal rBlunaccounttn9 forth8 rnIUr￿8Wth￿ effect from 20D7106. Theknve&lfflentrobJ tobe aFplled a9 Ilncomela calc￿l￿ted Ès 9% olthbavefagvoltho yfar•gnd valu98 olthe i0￿Va￿l￿ve81rn0llls In qach otthe la8t3 yqar6. Thememd Ur¢)zeKI vaiueoltheknve8ted enda￿entC￿p￿2I represents rtsgrteiv8lu•ln 200W04 tweih8f ali sub£equenlendoynll8nts ¥￿u80 wldats olgift. PeTh￿er&￿ndrhwrnent Unapplled Tots1 Expendabl Yolal Endwn8ni End¢)wm•nts T￿tfOr Inv•6lm•nt rooD Toial £￿00 t'ooo £'ooo Alth• boulTrnlTry olthpyear.. Glttrompun9nlolthp purM￿o￿ten￿￿Inlnt total rttum ExpÈndèblb Afidayment Totsl Endowm•nls 10,316 O.J68 5.760 10.3e6 s,n• 5.78• 10,366 1.789 16.166 72.777 18.932 qov•M•fits In th• r•portlng pBrlod: GWlol•néowment lundg RecoupmRnloltNil lorlnygltmwrt Allocalbn from IN81 IDrlnveslmort InveBlmenlr•lum'. Inv89tm0ntlncomo Inve8kn6ntrewm.' ro•ll••d and ur)r•ai￿qd gaknsand loise¥ Lem.. InvestfflenlmBnaoBow1¢￿11 Oth•rtt4ns19 Total 25 261 251 1.133 8,IP4 3) 1,384 10,013 31 209 2,32 11,039 Un•Fvll•d tow retum allocoied lo Incom6 INth• rwibrf P•rtlld Tr4n$fw4 Into •w•nd4bl••ndLvKnent8 Igni 13731 12,13 18731 11,760) 12,13)) Il•lmo¥•m•nl• In TrportlTro p•rlod 1,097 7,810 V06 Atono •lth• r•portln4 p•rlod: Qlft )￿nPOnent011hO pom•n•n¢ •rthvMi•ni Uo•ppllfjd tot81 rewm ¥pendabTe endDwmnt Total EndowmMt8 10,625 10.625 7,4e6 10,125 7,486 2021 Gioup t'ODO 20 2021 Collega E'DQO 2020 Cdleoth £'ouo Group £'oo Arnounlo lalllng dvEwlthlo on•y••r. TrRdedebtorn ATrKunts ty ¢￿1+98M0mb&% A￿Trts by Qroup Utsdèrtatho& Loan8 r¢p#yaoiéwlthlrt #ne year an0xcn￿d inP￿Me 3.197 3.197 44 214 144 27 144 OlherdebtorA 314 AMourt•f•lllTrg du•aft•rmoi•th4rboMyew. Loo￿1 3.392 CREPITOR8: falllrtj du•wthln onty•ar 2121 Qroup £'OOD 2020 Group rooo 2021 2020 CDlleo• roDQ £'OOD a￿k102n$ Trede credttors Amountsowed lo ColeMombprg AMDunEs￿lled ts Group wd•rta￿n g¢¢il tseeurfty Coirell8ccntrlbutt Accfualy and d9tsrred Incorne Oth•fsFBditor5 200 54B 200 200 1,008 8s 267 95 257 $80 47 17 4Y 17 2& 29 2P10 1,748

st CatheAn8'3 Colege Notes to th• fjnaneial ¥fatements Forthe year ended 31 July 2021 17 CREorroR&' ￿￿kdu•￿￿OI￿o•th1niM￿s 2021 Colt•g• 2020 Group roo £￿0D Bark knn 1.700 le#•s QWcredRDT8 25.WJ 215,OUO 2ts,L¥JO 28.7 20.mo 25,7QD 18 IAALY818 OF Al￿MENT￿(￿l FUNDS At31 July 2021 £WOD SS061 £wo Effjd07n•ntFunth-P•rmuort SGhrAar5hlps & Pths Fenwghl Siud•n Bu￿din 52 7.3$2 6.013 1.710 127 {14 EndowTnent Vunth. LYp•Dd•tyl• Genorgl•ndtyhTh•ffl 6,173 117) Scld•r8Npi & F•lowthlpb 491 414 3,Ml 11Qg) 4043 Total Endo￿¥￿1 Pund•. Coll•ll• 134 End￿1•ntI￿7d h•￿ 134 R•lltrl¢t4d S￿0￿￿hr98 & pths Students R•wr¢h •auat•C•ntr• Buldino iJvothI 184 2D 117 170 213 4S 81 ExpBndIlur•ft￿•￿ILfflvAl￿￿ TDIAI F¥nds- C•llrf• 192 $73 Rovlilcted l￿d5 he￿ tySwb•l￿0rf•l T¢)tsl R•itrtEted Fund•.Gvoup Unr•strl¢i•d Fund8 G•n•ral rBsèfvè FLx4d Atsel DeAWoted Fw Othoraudémtc relle (7,619) RMU) 27.1$2 15 1740) 1904 D¢S￿￿*t•410￿J¥OfvV#1 pen510fl IBsw¥e 53 Tolal Unr2Bldcted Fund¥-¢oll•g• iO.J7 819 lJntesldctwJ ho￿ ty4wb$id4rf05 TotAI Unff•striet•d FundB.13roup 19 34.831 Totsi FuThds 123.3ZT I1,￿7 10,632 27

StCathèrine Colleg• Notes to thg financial stalements Forthe y•ar •ndèd 31 July 2021 19 FUlaJSOFTHECIXLEGE DqTAU Fo1(AvBhips Schc4arthlp& Prfos$ RE8eateh Funds PAvata PlawrnrtFur reptyth¢wve F4atwn￿A otdebtiTh Ocir**r2051. indudes Irtsjm? n4on rew¥e

Si Cath8rinD¥ Coleg Noles to the flnan¢Sal statements Forthe year ended 31 Juty 2021 LY8IS OF NET ASSETS BET¥￿EN FIMIg Fur ro Funds rooD Total £'ooo rooD Tan0lblof￿da1g•ts Propetylnvestrrnn 27,162 14.4ty) 27,162 14,W12 gB,Z80 21,r 4n 9S385 NetcurrenlAJsel• X.781 11N181 P8,sr Ltw témi t4lM•• (28,6QD) 96.737 1020 TOtsI F￿dI Ftsnd roo 28313 14.350 1820) 28AIJ 14￿2$ 88A64 20.001 Propetyln¥osbTh¥ts otherinvrttm6r eur(ent4¥9¢ Dufinod b•n&fitp•y$lon i¢h•M• ILgt44 L¢not•rm liAtr￿lIt￿¥ 478 88,464 11.499) 700) 126.7011 21 TrU8TEGS'AEMUIRATI¢IN wverrAng ollhrJvwnthn•nL 8$ em￿¢￿0#. Wh•r• poMIt. •xitim￿￿•I￿J iih unh11￿010￿￿0J￿. Trusteéi alth•opl•q•f￿lIththè Th Mast•r Fell¢w8 Proftsauigl F¢lkx R•lldern Feif¢w6 ty Sp￿￿1 sb.penu￿tyLe¢ts Fa¢uYty Lettu￿15 lh• s4ryflqweB telow.Thr¢• fv•in C¢h 48 In￿M bBbywb•£l,149k (201fv20tI,OW. Thololdorp￿th￿<o￿tyi￿h£231￿ POI&2Of27Tr).

8tCathèrine'5 Colleg8 Noto$ to thE flnanclal 8tst&m•nts Forthe year onded 31 Juty 2021 21 TRUSTEE8' REMUNERATION Remun•Yathn pafdtotruBts•$ 2021 2Q20 Gros& remvnerovon, taKaN• banerrt& ènd pèn$ion ¢wiIIOulion¥ Gros8 remunerauon, t8X8tyto be￿116 and pon8ion ¢ontsibuU¢¥J# Nuthof Nuwlqr¢f TFusp•èiiFbts E1,OW1,999 £4,0￿4,899 ,ON7,991 £g,OOLk£•.g £I1.ODfyÈ11,999 £12,OW£12.99• £14,000-E14,999 £1$,000-£16.998 £17.DW417,999 t18,OW18.995 £20,O0￿20,g99 £21,00￿£21,$I$ È22,00$£22.999 £Z3.Q0&£23,999 £24,00￿£24,9&l £28.00￿£2￿,P9g t34.000.£34,999 £38.000-£38,990 £39,000-E39.990 £43,ODO-£43,999 £44,OQQ-E44.999 £49,QQ¢449.00 £SO,QQO400,99• £81,00￿51,• £52,000452,9B9 £59,QON59,9 £eo,ooo460, £81.000481,$99 E8e.oo￿£8e,99g £87,000-£87,999 £e9.OD&£89,999 £70,oO￿£7Q.999 r11,000471,999 £72,000472,999 £?22,00ts£122,899 1,756 7,897 1.27 9,242 11,Q94 25,221 14,228 16,571 17,531 18,701 20.772 21.203 24,770 16,644 36.599 45,586 23,28B 292.523 170.099 12 18 288.076 25,204 34,$14 36,6¢3 39,988 68,41$ 44,097 4•.987 101,420 $0,284 S1,241 62.337 59.452 Eè.I152 eo,045 91.439 86,037 07,298 68,097 6•,236 70,Q22 71,105 72,e14 1X,447 85.983 T¢ 51 1 309 e61 ate Mt gnwby•ots olthe do r￿[Otel￿r4fflunnrsll All truIt￿• moy¢•tAtMmmMtabf•, cen £11 oth4r•mpity•&sth¢ Rrg¥nlV¢dtorMaljKl￿wa￿rq, q aluollgte27 RO￿¢•d PotyTrnnuckn& K¢ym•n•u•nont Mmurt•rndon Th•toW rnmun•r4don pnld to k4ymqn&oenwntYMD £294k Izo2Q'.£331￿, Keymgnagwrtenlafvmn￿de￿4 to both• ienior$l8ff18t¢d on pllge 4ofth•Réwrtofth• Go¥ernlng Bo. 40

st Catherlne's Collo99 Notss to the flnan¢ial staiErnents For tho yoar ended 31 July 2021 22 PEN510N SCHEME PROMSION8 P•n810fl¥¢hBmes p•n￿on Iosps). Tr￿asSets Dfthg held kn sep¥t1￿l0fradW￿n1&Iereth1unds USS ano osps 8eThemesar•conthtsAorymly£d bBnefitschernes 11.6. ttWprQv￿e ￿efitsc￿ a delknÈo traMbws-based oniaw PEn￿or¢blesaIary &rx1 on è riÈfnéd(wknbulionba¥fs- bwdon LyjThtrt￿￿￿slnts1 tho x¢moi co￿• to Idèthty its ¥hwolthe U￿￿￿ngE&sets r4latsng to dgfined tenefils ofeath sremethi a basis TI￿re, ￿ arwrdaxewith ts•[X￿Jnti￿g stwTrdart FRS 102paragraph 28.11, th¢Cdkngfyvx¢unkaforthe Sc￿e$￿S rftrwrf*wFd8f0￿d Gontnbukn 2fTh￿. mxalwu￿ th8affnurtthargtyJl¢ tho IDwmtr4nd ENp&ndrture Attount lew5￿￿5 macc￿Ub¢Wvayabl0to ￿ schoffl¢sin In thg •Wrtotthe ￿arty0fIhÈ ￿rU￿p￿ting In VSS orOSPS. th$4wntolaty Law￿lts0 inNrdtsfthaI￿Oyer￿￿l b¢ ¥prad C¢4oh88 nwdoav4i￿bkI1he ar• und9r￿&￿tren1C4M￿nlrOou1thMtOpon&Ory b•nerrfS￿rtnotI￿gi￿0fDrO￿t￿rU5s tyOSPS. 8chem•s •G¢outhdlor undwFRS 102pKe8r•th Xll bd•fin•d¢othWkn•4h•m A¢l￿a￿al Y•lu•Uons QU￿1n04 arltIar￿sPerf￿d1￿ty¥4IUOthO OSPS¥eFmM Ntr)d',•ntr4dwa Ma￿•1￿A￿& TrMau￿n0I0￿• 31Wth8 311)W20 £6IB £￿T (ll1ST• LY.orAb Q4OSYA2 Rm 24.Iw• 211 166 279 21.7w¥ 214)TS 2SA 74% 21.Y 19% ZJ7%1 iiio 4. Th•dcwntrthifoMwd rthl forthe USSbJekn ratv. 1-10.. Yw• 11-2Q: Y••F¥ 1-21+: CPI +0.14% rethw Wtyb)CPI.o.n% CH +2.SYA r•xhvd + 1.$5% by>Yw21 CH • 1.SS% b. Tll04i¥cowrtrntetrlFoOSP5 Post4•tirtrnent EgJolb)th•UKrKNrln￿ qltratt￿•ttho￿kn￿On dAl• ￿￿82.25%1￿•t￿Xh terrn. ¥ab)8UM dlte F4usO.S ￿ •tqKh twm. Perm￿r￿ Inue8WICIP) for1￿ uSsb￿UltiEfi￿￿e'. RPI Irfflaticn s de[￿d nge0rn4rfriente tth&)thplMnc0ni￿OIt¢rn1¥IJ kn LKlnd•K4nkgd ¢urw•t tho ¥￿￿8t￿n￿at8, leJB 0.2% paateach wm. CP[ Inflatknn vd RF4 1atffjnWK￿. LM5 beytoliami¢ lry.tenD (fthrth b8Wn RPI orJCPI a￿•￿trom1￿￿o paas at31 IAwch ZD19) F¢t penBbJn incrsqs inked to 0 F•TrSpJn &JiStr￿bgB0dCrt0￿rtrAPl CH crthe4w4&¢tthe RH 41

st Catherlne's Collego Note8 to the finaneknl stat•ments Fortho year ended 31 July 2021 PENSION s￿EME PROMSIONS 1upntln￿éd) Thè uss andOSP8 empknrconlrfbuNon ralÈs InthJd& forth&ca91olthAwea¢eurnlofdefin&l bane￿ thlbtconthbLrtllioni AdmlnlstrativÈ Èxp8nsos and4lafin$d conth￿￿￿on5. sen8Rl¥tyolactuarfalva￿atk)ll as8umptTonB rpr￿Se3 ordgfKit9 whlch Edseal fvturevaluattons mayimpacton th8 Cdl8ge'sfrJtuM oAffitr4JbDncommhmqnL TrsensAY4thy regardlngthe prindp 4s$umpllons to me85ureihe $¢hema Iwgbifrfd88 ar8 8etout bdo%Y. Im acton U% liabl1￿e5 RPllnla ea8elkuÈatyED. reasety£1.8bn byalurtÉtyeAI) ps lrnpatt onasFSterthnia5 pmvrsk) LbyoayJty025% l1rdE￿ty£4¥ ty£40 DéficltRecovery Plan& 1nliro¥￿th FRS 102paragraph 28.11A. IheColloq¢hA¥ W￿￿1$8￿4118￿1ty¢c￿lThOC￿rfbUU0n3p￿y4blQfDrth08g￿drt8ffrllfUndl￿ nc4ple assuDytionsu5ed In the¥eGokulatknnsare latded Wcw. osps uss 3tWE12028 a11C ge¥aff yedbx¢yJnlrty4erpBmd EffertolQ8%change￿Q￿￿urttr EbttoT1%¢hawèirnSknYwtr4 £1L £1Th AprovisvJnof £1.41Gkha¥b￿ nMdF8t31 12020.. £1,48gkl lorthè wpntvaluEofthe eslifflated futyJrodof¢itiun¢lng Pl¥￿ni￿1 tt I[¢￿tiOnS payaUe underth098 Bgreements, usthotheaswrnplEonsshown. Thp roducesa5￿ dofKSt15 paTd oltoccwdlnglDlhÈ penalon Pgn51on thargefortheyear Th•p¢nslon¢haroef¢¢4ldtsdbylhèColdurfngthè8ixY>unting FqriryJlexc)Jdino pon5Eon Thn?n¢•￿ts1was¢Q￿l¢O iho ¢othbthon5 payab afteraUowanceforthedefAreco¥y rA•na8fol Schem 2D20121 2019120 UnlvershEes Supewnvaihn 8thern8 Univet5ty Of o￿Ord Staff Pen$ion Sch&m Olhersch¢mos-conMbulknn$ Totsl ZJ9 TheSean￿￿fits IncbAe £5e6kl2020'. £S71 payabletodefinedcontrfbulon schemalat￿è8$pldff1d In theNié$ oithotse pkng. Included In DihW(re￿ftc1B&re Fenyloneonlri￿bttr￿ payth of£Ok P020:£ fAxA￿9N Tha ￿￿191¢ Wxo auvant40è oftha tax exemptiw¥aYatsbleto¢hHriDey frty))twlon In respe￿OrIncoMe end c4pital galns rerpNfjd tothoextHnlthBI Lh inwmeand oBln$ a￿¥?pl￿1 lo￿lU5￿èIychQrHé￿1e wrpDSeS. ND Itablltiito Corp￿410n lax ariw1rnth6 Cclkgds subBh11ary¢ompAnles berau¥q ihF dredots of thl$lthasecompanles hAV• IndE¢aied that￿aY intend tomokedon4tiuns eac yeario ¢h2 Gol1¢getq￿al ¢othetaxabbpror]t8 of lhecrX￿ThYu￿1fjr lheGlft￿d sthemè.AyArdinglyrto provigioD f¢rtaxab¢n ha5 ￿en INduded 1nthoflnaTK￿￿l 8talements. 42

st Gathorine's College Notes to the flnancbal slatements Forthè ended 31 Juty 2021 RECoN￿UArnON OF NETINCOl•X RESOiRCEJ TO NEfwH FLOWFROM ¢)PEF14TrC4S 2021 Group 20 N•1 1rtGom•n•xpfrnd￿rn1 10.814 1446 kn¥051rn0ntlncomo (2.S19) P.70 IGaln8lAoMo In1Th4nls 1618) 2,010 11,494 1,574 pr•S￿l0n 2W2 11,0481 4221 (D•v•u•yTn¢rnw ID•Uea￿￿fi(￿M In p￿lon Dth•m• 112) Nol¢a•h provld•d ty{uts•d Inj actt go AI•ALY818 OF CASH AADCA8H EqVP4￿ElI7) 2021 2020 C•ih4tbinkwd In Nolk• thpo81ts Oejj than 3 15.865 12.243 5,947 Tolnl cath cuh •quI￿hn¢• ￿m￿coMmITmeNTS At31 Jutyth• Cdhg•b8d4MudMMmknn•nts •&lXhX•'. 2021 2020 •nd b￿[no¥ oy•rfng one>tar eWrfn9 •r#Jfi¥ay rtno In Lwth•yJ•r Oth•r eI￿rtr￿￿1n 0￿year eptdnB bthevntWDBnd 27 CAPIT￿cOl￿r￿MrS Thfrcdlellehadcontra¢￿cOrnnth￿ •131 woti#lii*i£414,orth(>JZO.£k). 43

St Cather1￿.8 College Notes to thè financlal statements For the year ended 31 Juty 2021 TheColegÈ Is ￿rt0fth0Col9YIate Matrrf￿ b21y￿e￿￿2￿nl￿rae￿d ofthe Collw re]BbDnshw wtPLBes. Ihe ThXtrdas porbe5￿ defined in FRS 102 Therèw¥ew lOW￿¢￿￿tandIr￿8I3l JL¥. Cole. 2020 £wo DrR Baky DrL Tunbrtdge DrA 7S 212 DDimoNAL PR￿R YEARCOWARA71VES SOFA iJfwddtyfs 2120 rotsl £'OOD FMds £)IOD INGOMEAND EIIDOWMENfs FI¢OM.' Charitable aGtivibeB.' Teaching, re8ear¢h and r•&d•rthl OthtfTradlTrg Incrthe Dothattons and legacles 7.622 1,494 2,272 1.136 1079 2,782 TDlalrebJmalocatedtrJ knr otherlnc4r( Tot•1 Incon I1￿￿3 13J02 EXPENDJTUREON.. harftabfpactlvHf¢s: TqaGhir4, rp5earth ond t9￿ 9,886 GwMbngfiJnts.. Fundra￿9 $64 177 11.004 1ZT Total Expendltuh Ileiiffi¢orn&¥ÉxpeTrd5ttsff•) 413 P4et InMwYExpendtbJrtl 166 75 (74) GaIn￿OD5sesI an diSPDglrffixwJasBet 81 727 baLce9 broughtfoNMrd 12D,879 F#nd$ carfed forward xtjl July 123XT b.PropefyinwslrDents IMt•111

St Catherfne's Gollege Notes to the financlal statements For the y•ar ond•d 31 July 2021 ADDIMONAL PRiOR YEAR COMPARATivesi¢onUnuedl Group & Colkgo 4rkultyi £000 comme1c￿l CXhBr T4)tal E'OOO Valuotson al Startof yè¢r Addibonjand IrnprovemeDts al cost Yianslerlotanglbb fix4 DI8ww6 RevaluaNon VIn￿l￿)IsEl inthq 17,rJ7 17.237 11$311 422 422 Vulu•VoTh •tend￿Y•1T 14828 ¢. Par•nt& •utsldl4ryund•rt•klngo (not• 131 Stca Mwnag•m• 201811 Devobprnortl 2018119 Inc47 Exp•noilufO 261 (2611 3.206 13.1441 ie2) R￿U￿r￿￿•￿ar Total4$8et$ To￿1 IhbllNh• 1491 (J N•lfurtd •lth••nd ofyfr4r 4.8t4t•rnw￿In￿¥tM•n1latsl Mturn ltttst• 131 Perrnanonl Endowm•r¢l Unpllod Tol•1 Retum Ey••nd•bl• Endewmortt Tot•1 Endowm•nts 2020 rrublfar Inw•imfrni £roD Td £woo eo¢o £wc Atth• b•qlnnlno ol¢h•y••r'. Glfttompwertofth? pErnim•ni￿d￿￿￿InI Unsp￿404 total r•tum Expandablo ondtyJrn•nt 10,175 3.V27 10,176 5.927 72.103 72.10$ 72.103 88,2Qfj 10.171 5.92r 18,102 Mr•vem•nl• Inth• reportlni ￿￿0d. Glft 0fondoknffl￿1 tundj RétoupmontoftruèlforlDveJtmtnl AIIoc4tion Immituilforlnv•Jlrnent lnve91m￿l r•turTr.' tot41 InveyimBnl Invttlm￿l r•turTr.' re&liJ•dAn4 unm￿11￿d oAki¥ qnd fo• L•s5.' In¥•8¢montm•nAg•moni¢oits Oihwlron3fer• Tolal 191 1,303 1.484 297 2P7 1,329 r41SI 150) 1,Q20 1203} {50) 249 440 2,3e7 2,107 UnAppii•#t0￿1 retL¥nal1o￿Iédl0 inEDrne In the rePD￿n9 pwloo TNnBrèr5 Into oxpend8blb doY4menti 13871 11,09¥ 12,0701 1387) <387) 11.Q92) {2,0781 mom•nt8 In rèportkng perlod 191 678 Atend glth• roportlng wiiod- GNtcofflpon￿1•f1IOpMWnell(8ndoYThe￿1 Unapplled retum Expendab19 9ndoY4ment Tol*l kndowrn•nts 10,2e6 10,368 5,769 S.78 S,789 72,m BB,933

St Cath•vlno's Collog• Notss to the financlal statements Forthe year endad $1 Juty 2021 30 ADDlmOtiAL PRIOR YEARCOMPARATIVES lconlnu￿> . Anllty4lBolmovorn•rtoTr Ino1• 171 At 1 Awgu•t 2019 rorp) IncomltvJ. rejource Oaln Ihssesl 31 July 2020 Tran&ler8 eooD tooD EndowmrtFunds. P•man•nt se￿￿14￿1p5 & Pr&èB Falbwshi 7,828 8,812 1,719 144 rJ% 149 104 POBI 123 T,BZS $,$13 1,788 147 Iso 141 BU1￿1n EndawmértFund. Ey4>•nd•bl• G•naial 2ndwrnoN 54,352 9,890 4,320 3,732 2,225 251 87 69 1182) 14M26 ,SDY 8chDLqrahlpJ & PrLz Fe1k1￿h1 1341 ),￿1 rotsi Efidowm•rt Fun¢.Coll•g• Endo￿Thank￿ndA h•ld by￿￿8101￿rIOI Toial FDnth. ¢Jffjyp Jo R••trIBt•d Fund• 175 14 22 74 491 177 Siud•nts R•s•4f¢h QrnduNi•G•ntr• 180 213 <e71 Exp•nd1￿1•IIOM •nd¢¥ffti•nlfuNd¥on •pDdflcpurpNe 1fj431 648 Tothi Fun￿.¢￿I•ll• 547 778 e23 21 R•thct8dfund h•ld ￿lub￿dI￿rIe1 Toiai Il•¥ld¢tsd Pundl.ar￿p B47 778 e23 Unrnstsktqd ￿￿nd4 Goneral ra8eNe FlxedAB8et DeB&nEled FuTrJ heracad8rnioies•r¥• PrivAtè PKgc8rngnl 8ulldlw DF4lgn&d 10leNt fund 7,12 25,477 7.7$¥ 11.B47)' 4.310 5.023 28.213 Is 1,90S 1.208 ?0 <2,008 1.134 (7701 413 11,4691 Total Unreitrtet•d Fund¥.Coll•y 412 ?3.787 re>b1ct•dfvn¥i h•]d Dy oubtshlil Total Unrtttrf¢t•d Funds.Gruup 413 Totsl Fur4B 120 B79 149 12132fj 31 P08TbALNIJCESHEETEVENT8 Sin¢thfryoar8ft4, tsllovAwthe mmp￿￿On olth$ 2D20 Wriuailal Wal￿ab"OTh, o rwduBI rata 9C&d￿l0 of¢ontrib￿lonts ha8 bE4n agreed an evecttve daig of I Qclobgr2Q21. Ro¢akukgbnPthO USS provklknn on thé b$i¥ Df these con1rf￿10n¥ rg$ul In an IrKreased ¢￿￿all0Th tofundthe dèllrNof£2,400.000. 40 In¢rea8e of £l.SZQ.WQ. Afurtheichange lo dgfiw r￿￿e￿￿nInrxrfIofi$￿I1 ￿ rypllcable un¢4fthF 202Dval￿1kn Wthemnl Ngoolwlng Comrr#tety rt¢ommend8d deed On benofft thÉngèy has not baen execuled by24 F•bruary 2022 a13% then Inueayee¥ery 6 months untllhsyreoBh 2￿&11 O¢i¢b•r 2025. Tho levd ur 31 May 2032. Nè0￿￿1110ns conllnue And an In¢ia8otOthits ￿￿115 con8klered iemote. If knescth£duleolconiii￿knnS rernalnl unBhanoAd, Cdkgg's finaNdai Blaternents rorihey&•r$ndod 31 Juty2022vlM Telgctthg$4 thange8 ioth? subJeGltoany oihwchaweg In financiil and Op&rnlOTr￿ aB*umwign$.