2023-07-31-accounts

ST CATHERINE'S COLLEGE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023

St Catherine's College Annual Report and Financial Statements Year ended 31 July 2023

St Catherlne's College Annull Report and FinaDclal Statements Contents Gov8rnlng Body. Officers and Advisers Report of the Governing Body 6-17 Audltorfs Report 18-21 Statement of Accnunting Pollcles 22-26 Consolidat8d Statement of Flnanclal Actlvities 27 Consolidated and College Balanc8 Sheets 28 Statement of Cash Flows 29 Notes to the Financial Statements 30-50

St CatheriDe?s College Report of the Governing Body of St Catherlne?s College 31 July 2023 MEMBERS OF THE GOVERNING BODY The Members of the Goveming Body are th8 College's charity trustees under charity law. The members of the Governing Body who served in office as trustees during the y8ar or subsequently are detsiled below. (11 (2) 13) {41 (5) Professor K E Borlars Professor A G Rosser Professor J S Foord Dr R A Leese Professor L L Fawcett de Posada Professor P A H8ndford Professor R l Todd Professor M La¢kenby Professor M E Mulholland Professor G Lowe Professor R M Berry Professor A l Handa Professor D J Womersley Ms C E Chappell Professor D R H Gillespie Professor P S Grant Professor J N Pila Professor B B van Es Professor T Pizzari Professor B W Byme Professor R M Bailey Professor G Scerif Professor C Reising8r Professor K E Sh8pherd- Barr

St Catherlne's College Report of the Governing Body of St Catherlne's College 31 July 2023 Dr J E Thomson Prof8ssor A J Bunker Professor A L Smith Professor A Muench Professor U C T Oppermann Professor A Goriely Mrs N Freud Dr D A Robertson Professor P T Ireland Professor P Hamaiainen Professor B A F Bollig Professor E P J Stride Professor H de Wet Professor P E Kor8lus Professor A J Dickinson Professor I P J Ships8y Professor F R Mcconnell Professor L Tunbridge Professor A C de O Nobre Dr A L Power Dr J M Goodman Professor A Teytelboym Professor S J P Wolfe Dr T C Adams Professor O Adamidis Dr C Haase Mr l N Wright Professor Ludmilla Steier Mrs I-M Rossouw-smith

St Cathcrine?s College Report of the Governlng Body of St Catherlne'5 College 31 July 2023 During the year the activities of the Goveming Body were carried out through five principal committees. The m8mb8rship during the year of these committees is shown above for each Fellow. (1) Financ8 Commlttee (2) Investment Subcommittee (reports to Financ8) (3) Academic Policy Committee (4) Student Llalson Committee (5) Bèneflts Committee The Benefits Commlttee Includes, In 8ddltlon to the Fellows indicated above, three members external lo the Governing Body, Ms S Haywood Price (Chair), Ms S Ghosh and Mr G Keating. The Investment Subcommittee also includ8S two members who are not on the Governing Body; Mr A Henfrey and Mr K Sternb8rg.

St Catherln¢*s College Report of the Coventhig Body of St Catherine's College 31 July 2023 COLLEGE SENIOR STAFF The senior stsff of the College to whom day to day management is delegated are as follows. Master Senlor Tutor Dean Finance Bursar Professor K E Boryars Professor M E Mulholland Professor R M Bailey Professor B W Byme Mr l N Wright until 2 September 2022 I-M Rossouw Smith from 3 S8Pt8mb8r 2022 (Actlng Hom8 Bursar until 23 June 2023) Home Bursar COLLEGE ADVISORS Broker and Custodlan Hargreaves Lansdown One College Squar8 South Anchor Road Bristol BS15HL Audltor Critchleys Audit LLP Beever House 23- 38 Hytho Bridge Street Oxford OX12EP Bankors Lloyds Bank plc The Atrium D8vidson House Forbury Square Reading RG13EU College addross St Catherine's Co118ge Manor Rd Oxford OX13UJ

St C&therlDe's College Report of the Governing Body of St Catherine's College 31 July 2023 The Members of the Goveming Body present their Annual Report for the year ended 31 July 2023 under the Charities Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION St Catherino's Collega in tha University of Oxford, which is known as St Catherine's Colleg8.1"the Coll8ge"l is an el88mosynary chartered charitab18 corporation aggregate. It was founded under a royal charter grant8d on 1 October 1963. The Coll8g8 r8gist8red with the Charilies Commission on 15 September 2011 (registered number 11438171. The nam8s of all M8mb8rs of the Gov8ming Body at the dat8 of Ihis report and of th¢)se in officè durlng the year, together with details of the senlor staff and advls8rs of the College, are glven on pages 2 to 5. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng documents The College Is govemed by its Charter dated 1 October 1963 and Statutes last amended June 2004. The Charter and Ststutes have reCen￿Y been revised and submitted to the Privy Councll for approval. Govemlng Body The Governlng Body is constituted and regulated in accordance with the College Statutes, the tems of whlch are enforceable ultlmately by the Visitor, who was, until his death on the 9th of April 2021, HRH Prince Phllip, Duke of Edlnburgh. The College is currently seeking a new Visitor, and in the meantime, the University's Chancellor lakes ¢Jn the role. The Governing Body is self-appointing and consists of The Master, Bursars, Academic Registrar, Officlal Tutorlal Fellows (Class A), Professorlal Fellows and some other Fellows. New m8mbers of the Govemlng Body 8re elected on the basis of a recommendatlon to Governing Body of th8 Fellowships Committ88. The Governlng Body determines the Continuing strategic direction of the College and r8gulat8s its administration and the management of Its finances and assets. It me8ts regularly under the chalrmanshlp of the Master and Is advised by five prlnclpal Committees. Recrultment and tralnlng of Mèmbers of the Govarnlng Body New Fellows, Includlng those who are ex officio members of the Goveming Body, are recrulted In open competition following established conventions for advertisement. They are inducted into the workings and procedures of the College, including Governing Body policy, by the Master and College OffI￿r$. New members of the Governing Body are required to attend the training for new trustees provided through the Universily, so that they are briefed on good practice for trustees end made aware of current ISSU8s and regulalory requirements in the sector. Tho membars of the Governing Body are reminded annually of their main dLrtles as trustees as identified by the Charity Commission. A register of interests Is kept and updated annually. and a skills audit is carried out annually.

St Catherlne*s College Report of the GoverniDg Body Df St Catherine'5 College 31 July 2023 Junlor Members Rep￿sentativeS of junior members are in attendance at meetings of the Gov8ming Body and of certaln College Commlttees. Remunoration of Mombers of tho Governing Body and sonior Colloge Staff Members of the Governing Body who are Fellows are prfmarily teaching and research employees of the College andlor University and receive no remun8ration or benefits from their trusteeship of th8 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 advSce of the College's Benefits Commlttee, the votlng members of which are extemal to the Governing Body. Remunèration is sat in line with that awarded to the University's academic staff or with the median prevailing rates for similar posts in Oxford. Organlsatlonal rnanagemenl The members of the Governing Body m8et 10 times a year. The work of developing pollcies and monitorlng th8 implementatlon of th888 Is carri8d out by five principal Committees: The Finance Commlttee has overslght over 811 matters of financial strategy including the generation and expenditura of capital and income, the Investment of the endowment and the monitoring of risk. The Investment Subcommittee assists the Finance Committee In formulating Investment policy and is responsible for its implementation. The Academlc Policy Committ88 has ov8rsight Over all aspects of th8 academlc strategy and educational activlty of the College. The Student Llalson Committee has oversight over all matters affectlng students directly, ranglng from academic matters through to the domestic arrangements of the Collage. The Benefits Committee is responsib18 for recomm8nding to tho Governing Body on levels of remuneration and benefits for all members of the Governing Body, for keeping them under review, and for ensurSng that any confllcts of interest th8t may arlse a￿ 8¢knowledged and appropriately addressed. The day-tO•day running of the College Is delegated to the Master and senior College Officers. The Master chairs all m8etlngs of the prlnclpal Commlttees wlth the exceptlon of the Benefits Committee. Group structure and rolatlonshlps The College administers a number of special trusts, as detsiled in Notes 18 and 19 to the finan¢i81 ststements. The College has two wholly owned non-charitab18 subsidiaries: St C8therlne's College Management Ltd and St Catherine's College Development Ltd whose annual profits are donated to the Collgga under the Gift Aid Scheme. The subsidiaries, aims, objectives and achievements arè covered in the relevant sections of this ￿pOrt.

St Catherinels College Report of the Governing Body of St Catherine's College 31 July 2023 The College is part of th8 collegiate structure of the University of Oxford. Material interdepend8ncies b8hv88n th8 University and the College arise as a consequence of Ihls relationship. OBJECTIVES AND ACTIVITIES Charltable ObJ8Ct8 and Alms The College's Charitable Objects are to advan￿ learning, educalion and research in the arts and sciences and to provide for men and women who shall be members of the Univ8rsity a College wherein they may work for degrees in the University or may carry out postgraduat8 or oth8r sp8¢lal studies. The Governing Body has considered the CharSty Commission's guidance on public benefit and in k88ping with its objects, the College's aims for the public benefit are.. to advanc818arnlng, educalion and research In the arts and sciences,. and to provide for men and women who sh811 be members ofthe Unlverslty a College wherein they may work for degrees in th8 University or may carry out postgraduate or other special studies. The aims of the College's subsidiarl8s are to help fin8nce the achlevement of the College's alms as above. The College is one of the constitU8nt colleges of the University of Oxford chiefly admlttlng undergraduate and poslgraduate students. Such students must b8 members of a college in order to study for degrees at the Univ8rsity of Oxford, and many Faculty posts in the Unlversity are joint appolntments between a college and the Unlverslty. The College ther8ft)re rArries out Its education and research actlvitSes jointly wlth the University. The College supplements the education provislon provided jointly with the University wlth further tutorial teaching provided by college-only appointed t8achers, its own library and IT facilities, and welfare, domestic, social, cultural and recreational facilities to enable each of Its students to re8118e their a¢ademi¢ and personal potential to its fullest extent. Th8 College also supplements the research activlties it promotes jointly with the University through Jolnt appointments, by providing College Research Fellowships, by awarding sabbatical leave during which Fellows can focus on research activities, by providing funding in support of research, by providing facilities for visiting researchers and for national and international Confe￿nCes, and a social environment for interaction between researchers. Additionally, th8 College supports outreach activities designed to promote aspiration among United Klngdom school-leavers to engage in University study. The College provides various fonns of flnancial assistance to both undergraduate and Fosigraduate students through prizes, scholarships and grants, and to alleviate cases of hardship. Th8 College admits undergraduatos,, postgraduates are admitted Jointly with the University. The College admits undergraduate students from the UK and elsewhere wtthout any restriction except the satisfaction of stated academic criteria. Tuition fe8s for

St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2023 Home students are regulated and financèd on a national basis, and for other students In conformity to Univ8rsity-wide agreements. The College charges Its students for accommodation and food., students are eligible for Student Loans under the national scheme, and for Oxford Bursaries and Crankstart Scholarships on a means-tested b8SIS to cover these and related cor8 maintenance costs. Non-UK undergraduates and postgraduatès need also to satisfy the College in advance of being enrolled on a course that they have sufficient funding to cover the University and Collège fees for Year 1 of their course, and declare their willingness to meet all University and College fees and living costs for the duration of their course. The prfvate benefit accruing to th8 Mastèr, Fallows and other employees of the College by means of salaries and employm8nt-relat8d benefits Is objectively reasonable. Where the recipients of benefits are members of the Goveming Body, and therefore are trustees, the Goveming Body has directed that all forms of benefit and remuneration ar8 detemlned by a Benefits Commlttee. with suitably qualified members and a Chair external to the Gov8rning Body. The College does not consider that any d8triment or harm arlses from carrying out the College's aims. The College remains commltted to the aim of providing public b8n8fit in accordance with its founding principles. The prlnclpal Committees monltor and report lo Goveming Body on the achi8vement of the college's aims and its academic, financial, pastoral, and cultural p8rformance. Actlvltles and obJoctlvo8 ol the Colloge The Colleg8's activitles are focused on furtherlng Its stated objects afKI aims for the public benefit by fulfilllng its educational purposes with respect to both t88ching and resear¢h havlng regard to both the obligations and the rights that ensue from its incorporalion withln the Collegiate University and its stslus as a registered Charity. ACHIEVEMENTS AND PERFORMANCE Junlor Members: AeAdomlc In the Final Honours School examinations of 2023, there were 51 candidates awarded a first, 75 a11(1), 7 811(iil and 1 a111. In the First Public examinations of 2023, there were 36 students of the College awarded distinctions. During the academic year 43 graduates from 16 different faculties and departments were granted leave to supplicate for the DPhil. A further 91 graduates have been successful in other graduate examinations; 22 graduates were awarded distinctions and 31 were awarded merits. Selected achi8v8ments by individual students include- Litong Wu won the runner up prize for the best Part11 project in Inorganic Chemistry.

St C2therine'$ Collegc Report of the Governing Body of St Catberine's College 31 July 2023 Yichen Huang won the Hoare Pnze for best overall performance by a Computer Science candidate in the Part B examination. Zeyang Zhao won the Gibbs Prize for the best Computer Science project in the Part C examination. Aik Wen Tan won a Gibbs Book Prize for performance in History Finals. Thomas Lim won the Martin Wronker Prize for Tort. Madelelne Hawley won the Armourers and Brasiers, Company l TATA Steel Prize for the best overall performanc6 in practicals in Materials Sclence Prellms. Lucas B8lz-Ko8ling, James Bignell, Toby Dedrick and Inigo Stratton won th8 Armourers, and Brasiers, Prize for the best s8cond-y8ar Matérials S¢ien¢e business plan team presentation. Millie Cast won a prize for 88St Tsam Design Project In the Part l Materials Science examination. Yunhao Lou was rank8d first out of 165 candidates in Mathematics Prelims. Francisz8k Knyszewski won the Gibbs Prize for Performance in the Part A Mathematics èxaminallon and was ranked second out of 142 candidates. Kevin Xu was part of the team that won th8 Idea Allas Group Project Prize for delivering a ￿al-tIme solution to a real-world problem and explalnlng their contributions clearly for their group design practical in the Part B Comput8r Science examination. Alexander Stead won the prize for the best performance in Paper11 in the Molecular & Cellular Biochemlstry Part l examination. Benedikt Riedl won the Wint8r Williams Prize in International Economic Law 2023 During the year 139 new undergraduates and 204 new graduates were admltted. Undergraduate applications numbered 925 in December 2022, compared with 998 in 2020. In line with University policy, admissions interviews will lake place online for the foreseeable future. and the College expects this to be helpful in ensuring soclal dlversity and diversity in intellectual background and. thereby, overall quality. Junlor Mèmbers: Other Achlevements A team from St Catherine's College compeled in University Challenge. Although they aGhieved a respectable score, they were eliminated in the first round. Ella Fryer was awarded the Vincent's Award for her achi8vements in athletics. One of our undergraduat8 students, Freddy Orpin rowed in the Boat race, and the College has been presented in a numb8r of varsity teams. Like last y8ar St Catherine's College fielded a large team of runners in the Town and Gown 10K. 10

St CAtherlne*s College Report of the Governing Body of St Catherine's College 3J July 2023 Senior Members: Acadernlc Awards, and Achlevements Professor Pekka Hamalainen was elected a Féllow of the British Academy, and Professor Sam Wolfe was awarded the prestigious Leverhulme Prize. Honorary Fellow Prof8ssor Graeme Segal was granted the Frontiers of S¢ien¢e Award at the inaugural International Congress of Basic Science. Professor Byron Byrne was awarded the British Geotechnical Association Medal for 2022, and Professor Orestis Adamidis an ISSMGE "Bright Spat1(" Award. Former Fellow Dame Angela McLean was appointed the new Government Chief Scientific Advis8r. OBITUARIES The College is sad to report the death in October of Emeritus Fellow Donald Perkins,. in December of Honorary Fellow Tom Phillips., in January of Emeritus Fellow Barrie Juniper; in May of Honorary Fellow and former Master Sir Brian Smlth.. in Jun8 of Honorary Fellow John Goodenough at the age of 100., in August this year Fomier Fellow Professor John Maitland Wright; and In September this year Emerltus Professor Jose Harrls. ADMISSIONS, ACCESS AND OUTREACH The College participated in various wid8ning participation programmes during the 202212023 academic year, including its flagship initiative. Catalyst. The partner schools for this programme are Concentrated in four key locations= South Wales, Teeslde and the London boroughs of Lewlsham and Haringey. Applications for undergraduate Courses In the December 2022 admissions round decreased by 7.30/0 relative to the previous year. 139 candldates 818Cted to tak8 UP offers for October 2023 while 6 candidates deferred entry till October 2024. DEVELOPMENT AND FUND RAISING The College continued to focus its fundraising 8Ctlvitles in 2022123 on securlng funds for Tutorial Fellowshlps, Student Support {including hardship), Access and Outreach and Buildings and Grounds. In-person donor meetings continued in Oxford and London with focus on major gift cultivation. International travel resumed, with the Master and Development Director Iravelling to the east coast of the USA in Michaelmas, and to Hong Kong and Singapore In the spring. The Development Office hosted over 20 events for alumnl and friends in Oxford. London, and abroad. These included events for current students and parents, Gaudles, subject dinners, careers events, the London Party, and bespoke stewardship events such as the 08an Kitchin Clrcl8. Approxlmat81y 1,500 of our alurnni and friends attended at least one event. The Development Office sent out its first global alumni questionnaire to solicit vital alumni and donor feedback on events, Communications. fundraising. stewardship, and volunteering opportunities. Donations and legacies for the year amounted to £995k12022.' £878k), includlng £30k from legacies, with tha ratio of funds raised to fund-raising costs being 2.0. The College Is registered with the Fundraising Regulator and employs fvll-time professional staff in the Development Office to act on its behalf and lo ensure that it is

St Catherine's College Report of the Governlng Body of St CAtherine'8 Coll￿¢ 31 July 2023 compllant with the Code of Fundraising Practice. Training is given to Development Office stsff to ensure that they are awar8 of the Code. The College did not receive any complaints relating to It$ fundralslng 8Ctivitles. FABRIC Th8 Coll8ge und8rtook several proleds relating to the fabrlc this year, many of which were completed over th8 long vacation.. The Wolfson Library saw phase three of the fixed wire remedial work, Including lightlng improvements and the replacement of the distribution board. A full refurbishment of Staircase 19 ensulte bathrooms took place over the Summer to update the current facillties and address water damaged wall panels. R8furbishment of the Master's Lodgings bathrooms took place during May, with further refurbishments to the bedrooms and ensuites of the Fellows guestrooms during JulylAugust. The two hot water cyllnders In Staircase 17 plantroom were replaced during the long vacation, one unit failed beyond repair end of 2022 and the other unit was outdated wlth parts no longer being manufactured. A programme of levelllng and relaying slabs around college started 88rty In 2023 addr8ssing high priority areas In the first instance. This work will continue for the next 5 years focussing on sp8clflc sections at 8 lime. St Cath8rin8's House, Bath Slreet, benefitted from the creation of a common room for graduate students during December 2022 and the installation of a veranda which started in August and wlll be completed by the end of October 2023. Palntlng of some external areas. as well as bedrwms of Stalrcase 20, 21 and 22, took place. Further re-wiring work of low-level external lights took place along the path stretching from the small roundabout towards the Alan Bullock building. Following the completion of the financial year the College identifled that Reinforced Autoclaved Aerated Concrete IRAACI formed part of many of the roof structures In the original 1960's Arne Jacobsen designed College site. These include the Senior Common R¢)om, Junior Common Room, Kitchen, Administrative Offices, Dining Hall, Wolfson Library, Bernard Sunley Building, and the top floor stud8nt rooms of the A¢commodatlon Staircases 1 to 16. Following publicly available guidance the Colleg8 restricted access to affected spaces to allow risk assessments to be carried out. Under the direction of the Bursars and the Finance Committee, remediation has been put in place to allow occupation of the student accommodation, and altemative spac8s have been provided for common rooms, kitchen facililies and a dining room. Longer term plans are being developed by the Bursars. in consultstion with extemal professional advisors, for consideration by the Finance Committee and the Goveming Body. 12

St Catherine’s College Report of the Governing Body of St Catherine’s College 31 July 2023

FINANCIAL REVIEW

The accounts are presented in the format prescribed by Statute XV of the University in conformity with UK Charity Statement of Recommended Practice. The operating results for the year represented significant improvement over the two years impacted by COVID-19, with a significant contribution made by the re-emergence of conference activities (£2,706k compared to £1,405k in 2022), particularly at Easter and in the Summer. Overall income was up 15% on 2022, with total expenditure down 6% on 2022, leading to a net income before gains, for the year, of £5,403k (2022: £2,039k). However, expenditure for the year included a reduction in the defined benefit pension scheme liability provision of £1,055k. Accounting for this, and on a like for like basis, expenditure increased by 13% on 2022. Investments were down on the year with revaluation losses of £8,374k (2022: gains of £5,949k) leading to net expenditure on the SOFA of £2,971k (2022: net income of £7,988). In assessing the year’s results, the Governing Body differentiates between core recurring operations which are predictable, including the transfer of total return from capital funds at a sustainable annual level, and those likely to evidence a significant degree of volatility year on year, such as donations and legacies, investment income (as the College is a total return 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 associated with income from restricted funds and the movement on the pension reserve are excluded, then the net operating position shows an increased surplus of £1,128k compared to £423k in 2022.

Reserves policy

The College's reserves policy is to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall and to allow the College to be managed efficiently, providing a buffer that would ensure uninterrupted services.

Total funds of the College and its subsidiaries at the year-end amounted to £139.2m (2022: £142.1m). This includes endowment capital of £100.8m (2022: £104.3m) and unspent restricted income funds totalling £416k (2022: £588k). Free reserves at the year-end increased to £10.7m (2022: £8.7m), representing retained unrestricted income reserves excluding an amount of £24.8m (2022: £25.9m) for the book value of tangible fixed assets less associated funding arrangements.

The future level of free reserves will depend on the rate of building works to address the presence of Reinforced Autoclaved Aerated Concrete (RAAC) in the College, either through remediation of roof structures or roof replacement. These works are necessary to allow the re-establishment of normal operations in the College. Fund-raising from alumni and donors to support capital expenditure will also play a significant role in determining the rate at which remediation and or roof replacement can take place, reducing the need to draw on the reserves.

Risk Management

The College has on-going processes which operated through-out the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking their activities. When it is not able to address

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St CatheTine's College Report of the Governing Body of St CAtherine's College 31 July 2023 rlsk issues using internal resources, the College takes advlce from experts external to th8 Coll8ge with specialist knowledge. Policies and procedures wilhin the College ar8 r8view8d by the r818vant Co118g8 Committee, chair8d by th8 Master or one of the Bursars. Financial risks are assessed by the Finance Committee and investment rlsks are monitored by the Investment Subcommittee. In addition, the Home Bursar and domestic staff heads meet regularly to review health and safety issues. Training courses and othèr forms of career development are available, when appropriat8, to members of staff to enhance their skills in risk-related areas. Th8 Goveming Body, which has ultlmate responslbillty for managing any risks faced by the Colleg8, has r8viewed the processes In place for Identifying the principal risks to which the College and its subsidlaries are exposed and has concluded that adequalely robust systems are in place to manage these risks. The principal risks and uncertainties faced by the College and Its subsidiaries that have been Identifled are categorised as follows: Govemance risks- e.g. inappropriate organisational structu￿. difficulties recruiting trustees wlth relevant skills, conflicts of Interest. Operatlon81 risks - e.g. service quality and development; contract pricing,. employm8nt Issues., health and safety issues., public health issues., fraud and mlsappropriation- Construction risk attached to a major building projects. Financial risks - e.g. accuracy and timellness of flnanclal Info￿atiOn, adequacy of r8serves and cash flow, dlverslty of income sources, Investment management., risks arising from the leverage taken on via the placernent of £25m in debt, uncertainty surrounding the future level of tultion fees for Home students and other foms of HE funding,, uncertalnty in relatlon to the business model of the colleglate university post-covid. External rlsks - e.g. public percaption and adverse publiclty. demographic changes, governmenl policy. Compllance with law and regu18tion - e.g. breach of trust law, employment and data protection law, and the regulatory r8qulrements of particular actlvlt18s such as fund-raising. Strategies for managing the risks identlfied by the College as described above Snclude, for example.. Estsblishlng the appropriate committees responslble for formulating recommendations to Governing Body. Providing appropriate tralning io all members of staff and an induction of new Fellows. Ensuring accountsbility of College Officers to the appropriate Committ88 and for the Commltt8es In tum to be accountable to the Governing Body. Developing and implemenlng key policies across the main areas of activity of the College, including, for example. admissions policy, health and safety policy, and information security policy. 14

St C#ther5ne'$ College Report of the Covernlng Body of St Catherine's College 31 July 2023 Ensuring that appropriate insurance policies are in place and reviewed regularly. The College identifies the risks it faGes. the potential impact of each risk, the likelihood of recurrence, the severity of impact, and th8 Steps tak8n to mitigate each particular risk in Its Risk Register, which is regularly reviewed by the Finance Committee and approved annually by the Goveming Body. The presence of Reinforced Autoclaved Aerated Concrete (RAAC) has Introduced a significant risk to delivery of the Colleg8's short- and medlum-term oparatlons, and consequently the College's financial objectives. Th8 managem8nt of this risk is18d by the Bursars, advised by extemal professional advisors, and working with the Finance Committee and under the direction of the Goveming Body. In addition a College Bulldlng Committee will ba established by the Governing Body to oversee the work. Investrnent pollcy, obJa¢tlv8s and performance The College's investment obj8Ctiv8s ar8 to balance the needs of current and futuro beneficiaries by: maintaining (at18ast) the value of th8 endowmant in real tenn5: produclng a Consistent and. sustalnable amount lo support 8XP8ndilure; and delivering these obl8Ctives wlthln acceptable levels of rlsk. To meet th8s8 objectives, the Cdlege's investments as a whole are managed on a total retum basis to a benchmark of UK CPl+40/o, maintaining diversification across a range of asset classes in order to produce an appropriate balance b8￿8&n rlsk and return. In Ilne with this approach. the College statutes allow the College to invest permanent endowments to maximise the related total ￿turn and to make avallable for expendSture each year an appropriate proportion of the unapplied total retum. The investment policy and stratègy are set by the Goveming Body as advlsed by the Investment Subcommittee from lime to time and performance Is regularly monitored by the Investment Subcommittee and reported to Finance Committee and Governing Body. At the year end, the College'5 long term endowment investments, comblnlng securities and property Investments, totalled £100.8m (2022.. £104.3m). The College fom)8lly measure5 investment performanc8 in calendar quarters., the total investment retum for 12 months to 30 June was ￿.10￿ which compared to the benchmark (UK CPl+4% ) return of 10.0 %' MSCI ACWI of11.3/0 FTSE All Share TR of 7.90A', FTSE Actuaries UK CGT-16.40A,' 70% MSCI ACW11300/0 FTSE Acluaries UK CGT of 3.00 The carying value of the preserved permanent capital and the amount of any unapplied total retum available for expenditure was taken as the open market values of thes8 funds as at 1 August 2002 togelher with the original gift value of all subsequent endowment received. On the total return basis of Investing, it Is the Goveming Body's policy 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 averag6 ofthe year end values in each of the last three years. Due to Increasing investment values over the previous Ihree years, the effective amounts withdrawn are currently less than the nominal 30/0 Stated in this tx)licy. Transfers from other expendable endowment funds and from permanent 15

St Catherine's College Report of the Coverning Body of St C4therlne's College 31 July 2023 andowment funds match expenditure from the relevant funds according to their remits. Th8 equivalent of 2.40/0 of the opening endowment value was extracted as income on the total return basis during the y8ar. The Governing Body keeps the level of income withdrawn under review to balance the needs and interests of current and future beneficiari88 of the College's activitlgs. Futurn Plans The College's future plans include the following.. To continue to strive by all possible means for excellence in teaching, leaming and research within the framework of an Oxford college. To meet and address the challenges presented by r8tuming operatlons to nomial following a global pandemic. taking account of th8 subs8quenl global macro- economic environment that has developed, Including high inflation, low economic growth, all of which may endure for th8 medium tann. Within those limilalions, to provid8 UP to date and best in class facilities for staff, students and conference delegates. To raise further endowment to secure a sufflclent degree of College autonomy against a background of conslderable financial uncertainty in higher education. The College will continue to raise money for its core purposes: student support, teachlng, the development of its facllitl8s, and the general endowment to sustain its activities. To ensure that risks aro clarified to minimise the impact of unexpected or undesirable consequences so that the College continues to enhance its abillty to provide a first-clas5 education. To address the presence of Reinforc8d Autoclaved Aerated Concrete (RAACI in th8 College, for the short-term and longer-lerm, to mitigate tho impacts on the financial performance of the College, and to return Coll8g8 dom8StIC Operations to normal in a timely manner. ststement of accountlng and roportlng responsibilities The Goveming Body is responsible for preparing the Report of th8 Governing Body and the financial statements In accordance with applicable law and regulations. Charity law requir8S th8 Governing Body to prepare financial slatements for each financlal year. Under that law the Governing Body has 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 Applicable in the UK and Republic of Ireland (FRS 102). Under charity law the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the College and of its nel income or expenditure for that period. In preparing these financial statements. the Governing Body is required to.. 16

St Cathtrine's College Report of the Govertting Body of St C*therine•s College 31 July 2023 Select the most suitable accounting policies and then apply them consistently., make judgments and accounting 8Stimates thal are reasonable and prudent., state whether applicable accounting standards, including FRS 102. have been followed, subject to any material departures disclosed and explained in the financial 8tatement8'. stale wh8ther a Statement of Recommended Practice ISORP) applies and has been followed. subject to any material departures which are 8xplain8d in the financial statements., prepare the financial statements on the going concem basis unless it18 inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting record8 that are sufficient to show and explain the College's transactlons and disclose with reasonable accuracy at any time the financial position of the College and enable it to ensure that the financial statements comply with th6 Charities Ad 2011. It is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Goveming Body on 1 November 2023 and signed on its beham by: Ker8ti Borjars Master 17

ST CATHERINE'S COLLEGE Report of the Auditor to the Members of tht Governing Body of St Catherine'5 College For the year ended 31 July 2023 Oplnlon We have audited the financial statements of St Cathérine's Colleg8 (the "Charity,) for the year ended 31 July 2023 which comprise the Statement of Accounting Policies, the Consolidat8d Statement of Financial AGlivities. the Consolidated and College BalanGe Sheets, the Consolidated Cash Flow Stat6m8nt 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 (United Kingdom Generally Accepted Accounting Practice). In our opinion. the flnancial statements glve a true and f8lr view of the state of the group and charftys affaSrs as at 31 July 2023 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 Practlce; have be8n pr8par8d in accordance with the requirements ofth6 Charities Act 2011. Bas1• for oplnlon We conducted our audit in accordance with Int8rnational Standards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those standards are further described In the Auditor's r8sponsibllltles for the audit of the financial slaternenls section of our report. We are independent of th8 Charity in accordanc8 With the ethical requirements that are relevant to our audit of the financial statements in the UK, Including the FRC'S Ethlcal StarKlard, and we have fulfilled our other ethical responsibillties in accordance with these requlrem8nts. W8 b81i8V8 that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rnlatlng to golng concern In audltlng the financial statements, we have concluded that the Members of the Goveming Body's use of the going concem basis of accounting in the preparation of the financial statements is appropriale. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charlty's 8bility to continue as a going concern for a period of at least 12 months from when the financial ststements are authoris8d for issue. Our responsibilities and the responsibilities of the Members of the Goveming Body with respect to going concern are described in the relevant sections of this report. other Informatlon The Members of the Governing Body are responsible for the other information. The other Information ¢omprises the infomiation included in the annual report other than th8 financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, ex￿pt to the extent otherwise 18

ST CATHERINE'S COLLEGE Report of the Auditor to the Members ofthe Governing Body of St Catherine's College For the year ended 31 July 2023 explicitly stated in our report, we do not express any fomi of assurance Conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other informatlon and, In dolng so, consider whathèr the other information is materially inconsistent with the financial stalements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materlal inconslstancios or apparent materi81 misstatements, we are required to detemlne wheth8r there is a mat8rial misstat8m8nt in the finan¢ial statem8nts or a material misstatement of the olher information. If, based on the work we have performed, we conclude that there Is a material mlsstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on whl¢h we are requlred to report by exceptlon We have nothlng to report In resped of the followSng matters In relation to which the Charlties Act 2011 requires us to report to you if, in our opinion.. sufficient accounting records have not b8en kept; the financial stat8m8nts are not in agreement with th8 accounting records and returns; or we have not obtaSned all the information and explanatlons necessary for the purposes of our 8udlt. Rospon8ibilltlo8 of tho Membors of the Govornlng Body As explained more fully in the Sla18m8nt of Accounting and Reporting Responsibilities [set out on page 14], the Members of the Goveming Body are responsible for the preparation of the financi81 statements and for being satisfied that they give 8 true and falr vlew, and for such internal control as they determine is necessary to enable the preparation of financial statements that ar8 fr88 from mat8rial misstatement, whether due to fraud or error. In preparing the financial Statements, the Members of the Governing Body ar8 responsib18 for assessing the Charity's ability to Continue as a going concern, dlsclosing, as applicab18, m8tt8rs related to golng concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidaté th8 Charity or lo cease operations, or have no roalistic alternative but to do so. Audltor'8 responslbilitles for tho audtt of the flnanclal statements We hav8 bèan appointed as auditor under Section 144 of the Charities Act 2011 and report in arxordance with the Act and relevant regulations made or having effect thereunder. Our objeclives are to obtain reasonable assuranc8 about whether the financial statements as a whole are free from material misstatement, whether due to fraud or 8rror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranc&, but is not a guarantee that an audit conducted in a¢cordan¢e with ISAS IUKI will always detect a material misstatement when it exists. 19

ST CATHERINE'S COLLEGE Report of the Auditor to the Members of the Governing Body of Sl Catherine's College For the year ended 31 July 2023 Misststements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence th8 economic decisions of users taken on the basis of these financial ststements. The axtent to which our procedures a￿ capable of detecting Irregularities, induding fraud is detailed below.. the engagement partner ensured that the engagement team collectively had th8 appropriate competence, capabilities and skills to Identify or ré¢ognise non- compliance with applicable laws and r8gulations', we identifi8d the laws and règulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experien￿ of the client's sector- we focused on speclfic laws and regulations which we considered may have dlrect material effect on the financial statements or the operatlons of thè charity, including Charities Act 2011 , Office for Students and Oxford University requirements, taxation legislation, data proteclion, employment and penslons, planning and health and saf&ty18gislalion; we assessed the exlent of compllance with the laws and regulalions idgntified above through making enquiries of management and, where relevant, inspecting legal correspondence; and identif18d laws and regulatlons were ￿mmunICated within the audit team regularly and the team remained alert to instances of non-compllance throughout the audit. We assessed the susceptlbility of the charily's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making 8nquiri8s of M8mb8rs of Gov8rnlng Body and other manag8m8nt as to where they consSdered ther8 was susceptibility to fraud, their knowledge of aclual, suspected and alleged fraud,. and considering the Inlemal controls In place to mitlgate risks of fraud and non- Compliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we: Performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions., assessed whether judgements and assumptlons made in determining the accounting estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions., In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to: ag￿eIng financial statement disclosures to undedying supporting documentation., reading the minutes of meetings of those charged with governan￿., 20

ST CATHEIUNE'S COLLEGK Report of the Audfitor to the Members of the GovernSnE Body of St C2therlne's College For the year ended 31 July 2023 enquiring of management as to actual and potential litigation and claims. if considered nec8ssary. r8Vi8wing correspond8nc8 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 regulations are from financial transactions, the less likely it is that we would become Aware of non-compli8nce. Auditing standards also limit 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 correspondence, if any. Material misstat8m8nts that aris8 due to fraud can b8 harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. This description forms part of our auditor's report. Us8 of our r•port Thls report Is made sol8ly to th8 Co118g8'8 Governlng Body, as a body. In accordance wlth section 144 of the Charities Act 2011 and the regulatlons made under sectlon 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 auditor's report and for no other purpose. To the fullest extent permitted by18w, we do not accept or assume responsibility to anyon8 Other than the College's Governlng Body as a body, for our audit work, for this report, or for tho oplnions we have formed. Crllchleys Audlt LLP Statutory Auditor Oxford Date.. 1112123 Critchleys Audit LLP is eligible to act as an auditor in tèmis of section 1212 of tha Companies Act 2006 21

ST CATHERINE'S COLLEGE Statement of Accounting Polieles Ye•r ended 31 July 2023 1. Scope of thè flnanclal stalom8nt$ Tha financlal ststements present the Consolidaled Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Cash Flow Statem8nt comprising the consolidation of the College and with its wholly owned subsidiaries, St Catherine's College Management Ltd and St Catherine's College Development Ltd. No separale SOFA has been presented for the College alone as permitted by the Charity Commlsslon on a concessionary basis for the fillng of consolidated financial statements. Th8 r8sults of the subsidianes as included in the consolidated Income, expenditure and results of the College are disclosed in note 12. 2. Basls of accounting The College's indlvldual and consolidat8d financial statements have been p￿pared in a¢cordance with United Kingdom Accounting Standards. In partlcular 'FRS 102.. Th8 Flnanclal Reporting Standard applicable in the UK and Republic of Ir81and' (FRS 1021. The College is a public benefit entity for th8 purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financSal statements in accordance with 'The Statement of Recommended Practice applicable to charities preparlng their financial statements in accordance wilh FRS 102, (The Charities SORP (FRS 1021). The flnanclal statements have been prepared on a going concem basls and on the historlcal cost basis, 8XC8Pt for the measurement of investments and certaln flnanclal assets and liabilities at fair value with movements In v81ue reported withln the Ststement of Financlal Activities (SOFA). The principal accountlng policies adopted are set out below and have been applied consistently throughout the year. 3. Income rocognltlon All income Is recognised once the College has entitlement to the income, the economlc benefit is probable and the amount Can be reliably measured. a. Incomlng ro8our¢es from foe income, HEFCE support and other charg08 for servlces Fees receivable, HEFCE support and Charges for services and use of the premises, Including contributions received from restricted funds, are accounted for in th8 perlod In which the related service is provided. b. Incomo from donations. grants and legaci06 Donations and grants that do not impose specific futu￿ perfomiance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be r81iably measured and the econom1¢ benefit to the College of th8 donation or grant Is probable. Donatlons and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants suble¢t to other speclfic conditions are recognised as those conditions are met or their fulfilment is wholly 22

ST CATHEIUNE'S COLLEGE Statement of Accounting Policie8 Year ended 31 July 2023 3. Incomè recognltlon {contlnued) b. Income from donatlon81 grants and legaclas (contlnued) within the control of the College and it is probable that the specified conditions will be met. Legacles are recognised following grant of probate and once the College has re￿1Ve￿ sufflcient information from the executorls) of the deceased's estsle to be satisfied that the gift can be reliably measured and that the economi¢ bénefit to the College is probabl8. Donations, grants and legacle8 accrulng for the general purposes of the College are credited to unrestricted funds. Donatlons, grants and legacies which are subject to condltions as to thelr use imposed by the donor or set by the terms of an appeal are credited to the relevant reslrlcted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary ass8ts), they are measured at the fair value of those assets at the date of the glft. 4. Investment Incorne Interest on bank balanc8s and flx8d Interest securities is accounted for in the period to which the interest relates. Dividend Income and similar dlstrlbutlons are accounted for in Ihe perlod In whlch they become receivable. Income from investment properties is accounted for in the period to which the rental income relates. S. Expondllure Expenditure is accounted for on an accruals basls. Indlrect expendlture Is apportioned to expenditur8 categorfes based on the estimated amount attributable to that aclivify in the year, either by r8fer8nce to staff tlm8 or the use made of the underlylng assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it r8lales. Grants awarded are expensod as soon as th8y become legal or operational commitments. Govemance costs comprise the costs of complying wlth constltutional and ststutory requirements. Intra-group sales and charges be￿een the College and its subsidiaries are excluded from trading income and expenditure. 23

ST CATHEIUNE?S COLLEG St*tement of Accounting Polieies Year ended 31 July 2023 6. Tanglble flxed assets The cost of major renovation projects which increase the Se￿iCe potential of buildings is capitalised and depreciated over applicable periods. Expenditure on équipment costing more than £1 K is capitalisèd and carried in the balance sheet at historlcal cost. Other expenditur8 on equipment incurred in the normal day-to4ay running of the College and its subsldlaries18 charged to the Statement of Financial Activitles as incurred. 7. Dopreclatlon Depreciation is provlded to wrlte off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual Instalments over their expected useful economic lives as follows.. Freehold propertles, Includlng major extenslons 30 y8ars Building improvements 20- 30 years Equipment 4- 10 years Freehold land is not d8pr8cial8d. The cost of maintenance is charged in the Statement of Financial Activiti8s in the period in which it is incurred. 8. Investments Investment properties are valued as individual investments at their market values as at the balance sheet dale. Purchases and sales of investment properties are recognlsed on exchange of contracts. Listed investments are valued at their mld-market values as at the balance sheet date. Investments such as hedge funds and private equity funds whlch have no readily identifiable market value are included at the most recent valuations from their respective managers. Gains and losses arising on the investmenls are credited or charged to the Statement of Financial Activitiès and arè allocated to the appropriate Fund accordlro to the 'ownership' of the underlying 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. Forolgn currencles Transactions denominated in foreign currencies during the year are translated at prevailing rat8s of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign currenci8s are translated into sterling al rates applying at the Balance Sheet date or, where there are related fO￿ard foreign exchange contracts, at the contract rates. The resulting exchange differences are tsken to the Statsment of Financial Activltiès.

ST CATHERIIYEYS COLLECE Statenient of Accounting Policies Year ended 31 July 2023 11. Total Roturn Investmont accountlng The College stalut8s aulhorise the Collegè to adopt a 'total relum, basis for the investment of its pemianent endowment. The College can invest ils permanent endowments without regard to the capitallincome distinctions of trust law and with discretion to apply any part of the accumulated total retum on the investment as income for spending each year. Until this power is exercised, the total relum is accumulated as a capital supplement to th8 preserved {'frozen') value of thè perrnanent endowment. The Goveming Body has decided that it is in the best interests of the Collegé to account for its invested expendable endowment capital in the same way, though there is no legal restriction on the power to 8P8nd such capitsl. For the carrying valu8 of the pr8s8rved {'frozèn') p8mianent capital. th8 Governors have tsken its open market value as at 2003-04, together with the orlglnal glft value of all subsequent endowments received. 12. Fund a¢¢ountlng The total funds of the College and ils subsidiaries ar8 allocated to unrestricted, reslricted or endowment funds based on the origins of the funds and the terms set by the donors. Endowment funds are further sub-divided into permanent and 8xpendable. Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of tho unrestricted funds shall be used in future for a speclfic purpose and this will be accounted for by transfers to appropriate designated funds. Restricted funds comprise glfts, legacies and grants where the donors have earrnarked funds for specific purposes. They consist of elther glfts wh8r8 th8 donor has sp8cifi8d that both the c8pilal and 8ny income arising musl be used for the purposes given or the Income on gifts where the donor has required that the capitsl be maintained and the income used for specific purposes. Pemianent endowment funds arise where donors specify that the funds should be retained as capital for the pemianonl benefit of the College. Any in¢oma arising from the capital will be accounted for as unre$tri¢ted funds unless the donor has placed stricted the use of that income, In which cas8 it will be accounted for as a r8Strict8d fund. Expendable 8ndowment funds are similar to permanent endowment In that they have been given, or the College has delemiined based on the circumstances that they have been given, for the long term b8n8fit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capltal. 25

ST CATHERINE'S COLLECE Statement of Aeeountlng Poll¢ie$ Year ended 31 July 2023 13. Penslon costs The costs of retirement benefits provided to &mployees ol Ihe College through two multi-employer defined pension schemes are accounted for as if these were defined contribution schemes in accordance with the requlrernents of FRS 102. The College's contributions to these schemes are charg8d in the perlod in which the salaries to which the contributions relate are payable. 14. Accountlng Judgement8 and estlmatlon uncertalnty The College has used the methodologies provided by the Universities Superannuation Scheme and the Oxford Staff Pension Scheme to calculale its share of the deficits of these ttvo schemes. This calculation thgr8fore embodies major ludgements made by the Irustees of the schemes as to the actions requlred to eliminate their overall defscits and the rat8 at which this can b8 achieved. In the view of the Goveming Body, no assumptions concemlng the future or estimation uncertainly affectSng assets and liabilitias at the balan¢e shéèt date are likely to result in a material adjustment lo Ihair carrying amounts in th8 next financial year. 26

st Cthorln•'s Colleuo Consolidat￿1 Slatsm•nt of Financlal Actlvltle• For tho yoar•nd•d 31 July 2023 Unr¢strfthd F￿nde rorK) RoJtrl¢t¢d Fur¥J¥ EnthM¢ Fund8 £￿00 2013 Totsl 2022 INCOME AND ENOOWMENTS FROM.. Charftabl• a¢tbvlI￿•-. T￿ChI￿, 18899￿h and r•eldenlkg1 OthwTr4dlnB ID¢om• Don•tlon¥ •nd1•ga¢l•# Inv•slm•nt• Investmtrni Incoma Toial return &lknc4ted to Incrrne ott￿ Incomo Tol•l In¢•m• 10.628 1.872 10.128 1,672 gls 9.622 674 a7 16$ 812 1,911 2.492 21 3,828 12.4921 11.701 5,285 14 21 ExpeNDrrLIRE OPI: Tellchlw, rawich and reli￿1￿￿1 11.28 12.2 13.269 503 734 114 41D Tradlw frxpandhui• IDveslmtrni man8pm￿l coit• Tol•l Exp•ndllur• 734 43 N•t In¢oThllExp•ndltur•l b•lof• g•ln• 4,008 ￿111 2,10J 5,403 2.039 Nei gw1n￿lI0￿￿oi> on Inv•8lrnqnt8 12,e761 15,8981 18.J741 5,949 N•t In¢onllExp•ndltur•l Tr•n•lw• lJ•iw••n lund• 16 101 ¢)th•r t•oagnl••¢ N•t mo¥•m•nt In fund•forth•y•ar 13,4941 Fund b￿an￿1 b￿ght 1¢Th￿rd 18 37.2 lo4,￿ 141.1Z9 1Y,141 Pun¥• ¢irrf•d f•rw4rd 4131 Juty 27

St Catherlne's Collgg• Consolidated and Colloge Balanco She•ts A8 at 31 July 2023 2022 Group tfM)O 2023 Colk#• eooo 2022 college rooo Group Not•J FIXEO ASSETS Tanglble 8S88ts Property inve5kn8nt$ Other Inv&stments 10 11 12 24,820 18.123 104,560 25,879 14,7 108,534 24.820 18,123 104.mo 25,879 14,796 108,534 Totsl Flx•d A•••ts 147,603 149.209 147.Sa3 149,209 CURRENT ASSETS 272 1.132 3,653 16,342 242 1,928 3,324 18,865 272 242 2,téo 3,324 18,395 Debtor8 Inv8strn8nls Cash at bank pffjd Sn hund 15 15.985 Total Currnnt A•••l• 21,3•9 24,179 21.100 Thr1 UABILITIES Cr8dltor$'. AmrAJn¢& falllno du8 wlthln OTh8 ￿Pr 16 2.105 1,947 NET CURRENT ASSET81ILLABIUTIE81 19,S54 22,074 19.554 22.074 TOTAL A88ETS LE88 CURRENT LLA81LITIE8 167,057 171.283 167.057 171.283 CRED￿OR8. f•lllng du• •ft•r mor• than on• y••r 17 21,100 26.3Crf) 28.100 26.300 Prov1￿0￿• for114bllMh• and ch•rg•• NET A88ETSIILIAIJILITIE81 BEFORE PENSION Ass￿ OR L￿BILITy 140.957 144,983 140,967 144,983 Dolln•d b•n•fft p•n•k*n Kh•m• Ilablllty 22 1,799 2.854 2,854 TOTAL NET ASS￿81(LIAB1LIT1E3l 142,12D 142,12? FUNDS OF THE COLLEOE Endowm•ntlund• 100.811 104.305 100,811 104,30S R9•trl￿•d fund• 588 416 588 Unr•strlctsd fund• 08￿gnat￿d fur%J¥ General funds Pension rgserve 29.038 10,694 11,7991 31.898 8.192 12,8541 ,036 10,694 11,7991 31,898 8.192 12,8541 22 158 142,129 139,158 142,129 Th8 flnanclal 8tatement8were approved 8nd for i5suD by th8 Goveming Body of St Cathgrin8'8 College on 29 November 2023 TnJsts8: Tru6tee:

st Cotherlne's College Consolldaled Statement of Ca8h Flow8 For the year ended 31 July 2023 2023 £'ooo 2022 No¢•• N•t cash Fffovid•d by lu8od Inl opwatlng actl¥ltles 1,401 Caih flow¥ from InvoBllng acllvltl Dividends. intorest and rents from inve$tment Pro¢ood$ Irom tho salo of propwty. plant and 1qu5pm￿l Pwch898 of property, Jant and equik¥nent Proc88d8 from 8818 of Inv88tm8nts Purchase of investment8 N•t cash provld•d by luud In) In￿stIng •ctl¥ltl•• 5,767 5.285 11.0221 3,815 11.M2 2.982 17571 7,S82 11,827 C•th flow• from IlnAnclng •Ctlvltl•• Rèp8ym8nig ol borrowinu Ca6h Inflow6 from n&w borro￿n9 Rocelpl ol 8ndowrnent Not ca•h provld•d by lumd Inl Ilnan¢lng •ctlvlll 12001 12001 812 612 739 53 Ch•ng• In ¢A•h •nd ¢a•h •qulval•nts In th• r•portlno plod ,01 C••h aftd ¢a•h •qulv•l•nts atth• b•glnnlng of th• r•portlnq p•rlod 22,009 22,S88 Change In u•h Ind ¢a•h •qulval•nt• du• to •x¢hang• rat• mov•monts C••h and ￿•h •qulval•nts at th• •nd of th• r•portlnq p•rlod 25 19.g•S 22,009 29

Sl C•¢h•rln•'• Colh#• NotsB to the linanclal etstomon¢8 Forth• y••r •nd•d 31 July 2023 COME FROM cHAJIlT￿LEACT￿rr￿S 2023 2022 T••chlng, IiM•orth4nd RMkl•Thtl•l UnrosiiKted funds Tullwjn fees- UKand EU ￿t￿ntS T￿Iknn feo8-O¥ewas slud•rts (Jhw fe88 (Mh•rOtThco forL￿onL￿ lupwt 2.192 2,119 2.178 237 245 ColeprMldDntial 5.622 TotyiT•A¢hknqb RMMr¢h Iftd R••ld•ni Th•4btyrt •n4tr&1• Q4,517krK•lwd Irwn Oxlvrd unh•Th#yfr￿ publkty4¢rounlitsi•fvTrd• und•ith• ¢FF4¢h•M•{x22.'i4J13k>. Urthr￿￿ t•rm•vlthe und•ryr4¢u•t• pBckagi o11￿d ty Oxlord UnIv•￿tyt0 |w+v¥1￿m• hwMh(Id•, m• •h•p• ofth• fw•wvhv•damount•dio£19k (2022.. £Okl. not IThGIL￿•d In lh• fw Inc0￿r1￿rt•d abov•. DOIIATKJII8 JID LEGKIE8 2D23 Éwoo Z022 4nd L•wl Unrgsirfctod funL Reitrlc￿d fund Endow•d 113 812 995 139 73 878 NCOME FROAI OTHER TR￿Ill•Q ACTMmEg 2Q22 Jbihl4rycrfflwnytr4dlng InrAm• h•rtr4dlng Ir￿m• 674 INVESTIIINI IN¢¢)M• 2025 £￿00 £wo Oth•rprowrtyirwm• 1.44S IhMm• from hx•ttinl•wt4to¢k Iht•m4tonllxotttonn ¢Mh 10 1.289 282 nk IDtor•ii h•rlnl•r•bt (Jn•i prop¥rtyirL¢omo Equlty &gluD01 div•fSintQOI￿d9nd1 IrKung Irorn Ixed Inlgi•sistrKk• Intoresi on twm dopwlts ￿e￿￿h Olh¢i Invo8￿9￿1 Irthm• 8#TrK IntBIQAI Olh•i ITr￿ 881 1.0•2 68 T•i•l knY•tsMntlh¢• OTHER INCOIAE Fuilowh Ir￿8 Other rn1sE•I￿rhWu5 hicome 42 21 21

St C8th•rfn•'i Coll襕 Noim to th¢ Ilnan¢lal $1)t￿•nI• Forth• •ndpd 31 Juty 2023 JIALYS18 OF LXPENOITURE 2023 e'ooo 2022 c￿rIt•￿ts •xpondttw• Diw $iaff Toaching. rwg8rch4nd F861thnl 4,853 h•rdSr•ctco8M albcaled ￿.. T••Ghing. r•sMrchaThY rwl¢•ntl 4,813 3.917 8LVPDrt4nd gL¥¥0rnawAc￿t1 allLKahl to.. T0￿hIng. rosMrth4nd r68idenii 2,463 12.228 13.289 Exp•Trdttur• on rthlnofund• PIMCI BlloEal•Y to.. Fundralslro TrAdlho tyxpondllur 349 318 FundralilThJ Tplding •xp•Thdttyi• Inv•stm•ni m•n•J•m•rt¢o 104 106 Jpptyrt ind oov•mane•¢oits Nllwthd Funoral￿rj Trding txpendfture InYMlm•nlmin•wm•nteo• 312 214 136 T4)Iil •xp•ndllur• 0Trg•nwilkn9fun Totsl •xp•ndllur• Th• 2022 rvwuwwpDndvdolE14,46Sk mpY6Jentod £13.89Uk ￿N•1￿ct•j kndi, £712k from r••iikt•d hjnth •nd £77k from •TrJoYd hjnth. Th• &IIoA• ￿ IIBblotts t<1 C4ntMtyJll40 th• olStalut• XVolin• Unlvwthol Oxfo￿. Th• con111￿￿0￿ Fund ffj uwd to ar￿ IDurolocoll•goi CDlhv of nged, C￿l￿b￿lrI1B irocnbJloted enr￿llY In •cCordinc•￿th rep￿&￿0n1 byih• Cwwll ur1¥ern￿OI0￿￿rd. Tho ￿ChIn1 llnd inc4ud•Coll•g• CAn￿)U￿aTr p•ytyh tsf¢88k12022- Ulkl. 31

St Catherlne'6 Collage No¢¢$ to th• financlal $tsi•m•nts For tho y•ar ondod 31 July 2023 ANAL￿$ OF SupP￿T ANDaovtRNAN¢E CQST¥ TeDcNr G￿r￿lInq Fund 2023 Toial Fln8nda1admln￿￿knn DomèaticAdmlnl$irthion Humoh r¢source¥ 332 332 26D 17 31) 67 DoproL4bt L06Wlpmfit}tsn fix•d ￿1•￿ BAnk Illkn41 p&bl• 312 1,768 728 721 214 ii.fyssi 214 Oth•rflMnc4 cMt9 Gov•Nnw c4• 11.05S1 T••rl Gonoiolirwj FurO1 ro R•••irch Tot•1 fO•D 30L5 240 DomMti¢4dmlnisIr￿i0n HumBn r•eourc•v 24• 287 1.738 D•w•c4•t 2.042 B4nk Inlwwl pwbl• InvqHtrn•nl oth•PI￿￿e n7 130 1Jl 12 12 Finand•14ThJ4om•iii¢ Jmln141rn11on 4nd humvn ry•ourc•b w•1• w•4Ythbut•d Kwrdlng ithff Ilm• •pthiton•ich coii orio•¥ OTh 01￿1¥1 ollx•d •iMifj •r• ettrf￿•d 10 lh• um rn•d•ollh• undqrtww MMt•. Intw•it •Mrtbuled qwirdlw purycq•oflh• rn￿1•d flnnclw. irt •lILK￿d wcordlw to tlm• ip•M In •4¢h 4T•. 2023 t'ouo 2Q22 r￿)0 Go¥•rn4r•M ¢wI• coMprf￿.. dltd¢& fmun•r•hOn-•Ud￿ Aud1￿• mMun•rvon-•Murynco •udlt 24 1b 24 18 No amounthx tonl￿￿0 oxtsforthv L¥rxt•mWm¢nlcoBtiorFglmburngd •xwi4w ofth• Cdlggg FdIO￿on th• ￿11• that Ihe t¥iii• iotn• F•11￿¥ Itwknrnqnt In lh• Coll•g•• ch•rtiabh acUvlll•i. D•tAIL• of F•lirA￿ 4nllihbirr•imburn￿ oxwM• ln¢ludVd￿• Bwf4k•DDt• fmncknl 8thm•nM.

St Catherlne's Collog• Not9$ toth•flnancl818tst8m8nt¥ For th• ymr ￿nd￿ 31 July 2022 GIIMTSANDAWRO8 201J 2Q22 Dur￿ trworlhè ColW fundodrowAreh AVJAth4TrJ iotyJd•nt• trom bts r••tFkl•d lundA• fclkvm. U￿r￿¢￿¢t¥d lun GrAnti to Indiv￿U&l$'. ScMiaisNps. wzes qiAnti JF5¥￿$ ano hardihlp GrJduat• sIL￿ents￿p Giwti toother InEIllu￿0￿ Total uMMtrl¢t•d R••trl¢l•d lund• Oranllts ind1v1￿￿￿', Sth)wshlPi, and grnn 4nJ nAidahlp ¢o¢uèt& st￿¥￿tahIp1 101 TIM41 r••trl¢t•d Tol•l ornnt• •nd •w•rd• Th•llgur• Itl¢ludBd4bryvr•pr￿•Trty th• CQiilothe C￿￿9• Df th• Oftyd BLYuryqth•ffl•. 81udDnt•olihwll•ll•rKd¥•d tk (IQ22." £117000k},SDm•ollhu•• •1￿•ni•ll￿rfj¢•￿ 1o•w4lYero zok12022.' Eokl. Th•4bow •r• Indu¢•d yAihln lh• trorft•b1••x￿lll￿•0n Tmthlw and R•Mwch. •TAFF¢OS 2023 2022 Th•4gllr•yt• •taff c￿111￿￿• bWWdr•i• k41M. a•1￿•14nd w49•1 8rrtio1 vKurllycoit4 P•niion¢oil• (••• llio nLé• 211.. Doll￿d benofil•cMmè1-¥mpwicon￿b￿tknftl 6.041 370 123 12 147 170 Oih•rb•Nfii Thy averngv numbor01•mp￿v0eI Of￿ Col*ge. ¥xdudlW Tru•te8•. bmy wul¥4lfnl basli w46 18 follovty.

)2$ 2022 Tu￿￿nIn0 T•￿reh Cc41•9• r•8ld•nb PublIC￿l]hip 47 FUn(k¥￿ 8uppcrt Univ4ws1ty Lpthrord Oth•r &nd T<)t41 40

8t Cathehln•'8 Collog• Not￿ to Ihg ffnanelol iatsm•nl$ Forth• yoar•nd•d 31 Juty 2023 STAFF CO8TS IconWnu•d) CallvTn￿té•S IB Indu¢•d al no In the6e 8iaternwrt$. Th•numb•rol•mphy•AA l•xlthlrwJ tn• Ct4w•TrUèt•wl durfng th•yearwthB4 LwnAlli4 IHx¢iudln9 4mpio￿NIAl￿J CDNAbJi￿n11 I￿1 £80,Q01-E70.000 £70.0014eo.001 Th• numb•rol th• obJv&•m ￿￿1￿1￿4￿h rnJr•m•nibtrrth •uwlng In d•fIMd￿n¢￿bJlknnxmffl 102J rooo 62) 2022 rocN) Th•thllty• uJntnbutlthi• to d•fiW ¢ontH￿￿k)fi WJn¥￿nl￿Mlu totsld 10 TIJIOIBLE FLXED•JSET aroup& Col• Loqseh￿d gnd •Nd Fr•BhohY IDDd4nd buldlry tooo Flxluwi, •oJipm T•t•l oo Coll 4e,4fj3 726 2,684 4•.447 1,012 Addibon• Almd olymr 47,0 D•pr•ciqlon 4ndnpthn•nt All￿rt41￿•r OBvge￿￿￿￿GhlryP lor1￿ ￿￿T 21,418 1,907 2,110 ImyiTrn•nt Al•nd oly••r 2J,J N•t boDk ¥u• A¢•n¢J oty••r 24,216 20 At•mrtOl￿iT 2S,445 434 28M7• £Ok12022'.£Okl ol plini ind mKhln4ryhgld undèriinAnc• i••w. £Ok12022'.EOkl ol fLVrn And1t￿n￿ n•1# undgi n￿￿n￿lIa￿. CdW• liBt4liC￿￿tI ali •r• u$•J In tho courB• of ihe Colleg•'8 ieDchlng ond rm•aKhacU￿lIW. Thwecompilu rndnly116ted bulldknp rAI ihè ¢ollBgB Blte. Th￿rc￿t•￿teI￿￿kl[Trll Kvngwth• olort. In 40m• c41￿ r•Wobh hl8torl¢AI coat Inf0m￿on Lltwtav￿IQtrlO forth•M 0860th andcou I bB excepiol d•WoportlonBts4x￿11¥. HrA¥•v•r, h th• Tru¥t•ry¥ n(hw Imm•t•rW. PROPERTY INvesThitNT• rirgup &¢•iho• 2033 Tot41 POOD 2022 Tot ro ¢(thmp￿l4l roc ValuHiion Ai It•rtof ￿Ar Addillons Impr0￿0Tht14t￿l Thn¥fwtc tangiblè f￿•d 4Aq DiBWgA Revgluation QAIMllb384•1 In m+￿￿r 14,798 5,295 14,796 5,195 14,872 1,122 12.2851 1,087 11,9371 11,K71 V•luDthiTr DI •Thd olyo•r Thè pTUpe￿ell InrludDnin& by OLIM prop•rUe& pU￿h￿sed undèr th• c￿￿89&,9￿￿Trt ty4uiiycrmA wlth 918ff. These4￿ valued annutybyrof6r•fth LtschBweB th8 purch4u8 dth In Nai￿n¥￿d9 Houaè Prlce Indèxtsi ihB OLéer&thh applipAble ￿¢(￿LIng

St ¢athorlna'8 Collgg Not9• tts th¥ Ilnanclal $tat•mvffls For year ended 31 Juty 2023 12 OTIER INVESTraEIIT8 All In¥0￿MentI4￿h0￿I al lakvalw. 202? Z07 VBlualiun at St￿01 Invast•d Amount•%vithLko Rdn¥o¥tod Incom¥ 10B,551 86.265 11,82e 18.704} 2.2 14.7081 IO•cr•woyncTW89 Invalueof knv48Irn￿ 16.43n 4,882 Ortyjp Inv•th•rts d•r•J•fy••r 104M( Inv••trn•nt In Col•q• lThv••tsMntb At•nd ol>wr Hold ou11￿ th•U Id10 •iM< J outsld• tr&UK 2023 Tot•1 EOC T•t41 UK EwltylrN••bn•nts oio)w mulV44•tfuM• 7,739 13,838 37,041 44,7 6,3eo 14,384 344 38,626 43,886 14,384 21,625 11194 16,303 FIx•d Ift￿1 ¥toe All•m•llvo oth•rinv••bm•nty Flx•d ￿Trn Ar￿ cA•h 8,833 14,OS4 .1S4 20,•17 9,104 7,¢48 1Q,285 17,333 Totsl group 1J PARENTIJID IUBWIARY UIKIERTAKIIQI The Collq90 100% oltho118u•d•h•T• WrtAI In 8t C4tMdn•'iCdhg• MAnAg•m•ni Umbt•d,A comwnypTo¥ldlrfj conTwqnc4 •nd Oth6r￿rI MThl¢•ion ih•Cci• pi4mth•i, 4TrJ 1QJ% ol lh• ￿lU¢ 4h•t• ¢4pK•l h St C•th•￿￿'1 cJi•o• ow•lwm￿tsL&Ml￿d, • ¢wHnypr¢V￿ln9 dmlgn and bL4bJ conitruclc ioth• Coll•g•. Th• r41￿11 •nd Ih•ir••••ts•nd Ii•yiuM of th•NMnt ind •ilh• ￿v•ndwIrn u TolhYw•. 81 ¢•ti SI CBLi D•v•lO￿T•￿t Irtsim• ExpBnL4ium Dea8￿on ￿ CoiggA Lmd•r91ft8hJ 11.rnn 770 F91 It*rth•>wr Totul gJMt• e9 18gei 35

StCa1h•rtn•￿ Collo90 Nots$ to th• Ilnan¢lal $l)t•m•nl• For tho y•ar endgd 31 July 2023 14 STATEMÉNTOF IWESVMENY YOTAL RETURN The TNsts06 have adopted 4 du￿aU￿rI￿1 PDll¢yoltolal relurri4ccounllng lorlh8 |Dvam•nt Tatum8vAlh4ff•clfrom 2W710&. Th Inv•ètm4ntr•tum t Ap￿1￿1 a& Income Is calculaled as 3% of the av•Mgèofthe trar-end valu•s Oft￿ relovanl Inv•simÈTht3 In Èachollh18513 yg•r4 Thfy prfjsgrvgd UT0￿￿) Valuèalthè Inwa￿] ￿d￿mOnICapkth1 ieproaant8lta open morK•I VPJUb In 2003104 ioqethor Wim All eubaeqwnteTrJNm•nt8￿￿d aldato ofqdt. P•M•ngnl Endo¥Yment Unapplied TotAI Aèium £wo EY￿ble Toial TTUBt lor Total £wo EWO AtlPth7lnnlngofth•￿ar. Qlftcom￿nllnt olth• Vnupplknd tolal r•lum expBnLblo endDfft¥nl 10.894 10,994 8.447 10,994 8,447 84,884 B,447 84,864 10,•94 1,447 19,441 Mov•m•nw In th• r•portlTrg p•rh)d'. Glfl fund RKoupm•ni ￿ Irthlfor Inv•imoni All¢￿ilOn from truBtfor lo¥o•imoM Inwiimont rntum.. W141 Inve4knènl lrtom• IMAim•nt rnturn.. r•AIiMd Ind ￿[#11￿0 q•ln• I(￿ L•••.' Inw•im•nt Mnty•m•nlc￿ Olhei tM•ler• Totyi 226 22 812 3,82fj {4.e3ei 1431 IC•J 11.0031 436 13491 87 Un•pyi•d tdtal ¢lum •1￿￿1010 In¢om•in tho peilod 14071 (2.th61 (2.4921 N•t rn0¥￿•￿1￿ In r•portlng p•vlod 458 17511 13.416} At •Trd otlh• r•pffling p•rbDd.' 11M>J 11. 7.691 11.430 7.691 81.8b9 unjp￿1•d r•iwn Expendab￿ •nduNffj•nt 7.691 81.685 DEVTORS 2Q2J 2022 2023 ¢pll•g• 2022 CoW¢go £DJo Oioup £,￿0 Anunts14111w du•wlthkn •r•• hwr.. ¢ryblo ArDounts byCollog• m•rnbthl Arnwnts tyyed byGw 377 136 671 Pr•pllymgnts ar￿4¢¢IUOd IrKom• h•rd•btoi• 7J4 614 614 Angunts la111￿94￿¥ •fr mor•￿￿ on• y••r. LoBni ,132 1.928 2,010 CREDITORJ: f•llnq wmhln OTr• >wr 2022 Gr¢up 20Z3 Coll•ll• £'•OD 2022 Cd4 Group 84nk I￿nI TIAdg crgdltorB Arncdjnl4￿￿ ioCcii•q• Mgmb•rJ Arn￿￿￿￿0￿￿ ￿GrOUp urf+rt4kmè T￿110￿ ar￿ 5QCial 8•cudty College contrèutlon Accwth and defer￿4 irmme hBr credlioT loo 2QO 632 327 161 532 143 532 221

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St C&theflne's College Not•8 to th• fSnonclal $tot•m Forthg yoar •nd8d 31 July 2023 AEom0Tr￿L ￿OR YEIACOAIPAAATIVESlc•rrtlThwdl •. m4y•l•of mMffl•nion A￿dI In0￿ 181 Al 1 AuwBt 2020 Ihcamlw GAln$l At 31 July 2011 £'ODO oxpendèd Trnnjfers £￿00 eooo Endo4Th•nt Funth.P•nMn•nt S￿L￿re￿I￿￿& Felth¥shlp8 StULniB BullLYn 8,$29 7,362 2,057 278 11351 1381 la7 10 2.30J 177 Endvmnt FuTrJ•. Eyw•ndibf• Genoial¢ndowm8nl eo,468 1.674 11,8971 2,BS •J,423 & prtz• 4.W3 4.043 14ei 42 104 Tgtsl Endqwrnwl Fund•.Cq••g• 77 Er￿•￿t￿r￿1 h•1dbY•thbld￿1l• T•￿end¢￿M•￿t Furl•-Gr• 104 JOS ¢tht•O Fund SeMIArÈhipA & pnz 8Wdont• R￿0￿re￿ GrB&JAtè C￿1r& 167 176 203 170 211 78 EvndltrJip Irorn •ndoWn•nlfur￿￿ rAI •p•cMk IS9BI 673 712 Rwiii¢t•¢ lun0* h•id by4uOtsld￿rl Total RHblot•d Pyhd•-¢rw 673 712 598 M7 VN••trict•d FuThd• Gangr￿ rgMTh• Fixed A81•10••19nth Fund OtMI ACAd•m￿ T￿¥r Piiv&t• PlvAm8nt T•MN• Pil¥ato PlvArngnt CAih rMwv• Idhg OMlwalodr•Mr¥• fund Pernlw r•Hry• 6.165 27.1¢2 10,$93 950 1,192 12,0421 17 4,876 1,44S 1701} 1,028 2S8 Yotsl Unr••lrf¢t•d Fund•.Coll•u• Unr•$irKt•d luThli hold by Bu￿1410￿ Toi•l Unr••irt¢&id Fund•-OMup 134,141 13,047 4,512 142.1

St Cathevlne's Colleq• Not88 to Iha flnanclal 8tatsmant8 Forih• y•r •nd•d 31 July 2023 31 US DEPARTMENT OF EDUCATION FINANCIAL RESPON$IBILrrY WPPLEMENTAL8¢HEOVLE In 8&tsfactlon of tt¥oblwJBdDll8 iofacllitats St￿￿n￿. acLW5 to US federal finBnL¥81 aid, th? ColleBo18 loq￿￿J. bytho US Depgrlm•nlof Edu￿ts￿, to prewl, tho fc4lolng &JWerfnL41 Schw3ule• In 8 We8(Ytsd fcrfmat, The aGhqdulos have been.. Prepar￿ under th¥ historical co&1 c0Tbvenl￿, aublqcl to Ihw rnvaluat￿ of certakn flxed a￿018.. prepar￿ using Unli8d Klngdom g6￿￿11Y accepl8d 8t￿￿11￿ ID ac¢othnr8 vilh Flnaficlal ReportsNJ Sl8ndard 102 IFRS 1021 thB Stalernonl of Rocommended PraGtico'. Accounlng for FUri￿r and Higher Educalbn 12019 9dl￿onI., pr•s•nl•d In pounds stwllno. 2023 2022 £000 £'ooo Éxp•nt•bkn Il•t A•••ts 8alanc6 Sh••t- N618Sat• whhoul donur roilrbcdons Net allsel8 ilhout donor restriGtIons 8a1 8Theet. 37,924 37,236 Unre8tilciqd 8al•nce Shqqt. Net aMqt• wth domr rMIAcUoni N•1 •is•iJ Bbl 8h••t. Oonor FuDd•'. EndDwm•nl and R8elrfct•d lund• 101,227 104.893 8•lenc4 Sh••t- party r0e8lvab￿ and R•l&l•d p•ty not• di￿10￿￿r Saeurod and Un88cui•d iollied party Th￿1¥1b Note 28- 10 Tru8ie•a B•lanc• Sh••t. Rolftled r￿￿va￿l• and R•iAiod ￿rtY not• d1•¢1￿￿10 Uneecuiod relotéd party r•c•lvab Notg 28- lo•no lo Tru•tw• 8alint• Shaqt. Proyrty. Plonl nnd qqulprnwl, Ml Proparty, planl 8•18h••i. nd quipmani. Tènolbk• 24,820 26,879 Coniiruction In progr•ssl Nolel to th• FlnDrKIBI 8tat•m•nli- 8Alwco ShMI- PropBty, pl&nt Property, P￿nI Ind •qulpm8ni- pro-Imk4•m?ntaUon Dnd qqulpmoni- prn- IM￿•m0￿￿tion Noies to th• Sialom•nli- 8•14nc• Shwl- Property. plant Prop•rty, plant And •qulpmgni- poli. nd •qyipm8nl- Implomentslkn oulet8ndlng d•bl l¢x ortgin purchaoe ImplomntsllDn ilh oul818nding d8bl lorarln•l puichjè Notes to th• Fln8Nl81 $18l•mwt¥- Bdan¢• ￿••I- Pwrty, plèni Propérty. pll8ni and equlprn•nl- PDS1- And 4qulpm•nl- Implamonlauon ￿l￿￿ta￿l$l￿d1Th0 d•èl forortlnal posi- PUf¢ha6• lfflplemontalh)n Ilho outstsndlng Note oflhe Financlal Slatffwn¢s- Ba18ru She￿- corthm￿￿)Th In Con8lructlon In pwress PTogress 47

St C•th8rln•'8 Collog• Not•S to th• ffin•nG141 $tat¢m#nt For th• year•nd•d 31 July 2023 31 US DEPARTMENT OF EDUCAIION RNANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE IGoniinu•dl Èxp•ndablD NDt Au•tB loonllnuodl 2D23 2022 Fln 8t•t• r•t rooo £000 B￿anCe Sh881- L088a r￿hIty.US• 8888t8. n useB6sel, n•1 Of1￿ Flnwcial St818mènts- B￿8￿¢• Sho•t- Lothae ￿ght￿- L•••o nghldduw a•¥•tprathirnO¢ff•ntslk?n uo•Au¢I pr•. Not• Oft￿ Nmndal $1oments- Bu￿r￿¢ 8heel- Loallq ￿hl￿- L•9$• 4•••t p￿4M￿l0￿•ntatl7D Ug• •$$•t post- IM￿M￿lS1 B•lIn￿ She4t- GO¢￿￿1 ITh￿91b Bal•nc¥ ￿••I-1￿h•r Int•nglbN• 8•08 Int•nolb i•t• al8nu Sh••l- Po•t-•mplQ￿n0DI qnd F•n•lon Po•l- •mpbym•ni Ind p•nolon 8•1 Sh••t- £hnnthJ tyw•fll p•n•kJn Il•bllty 1.709 2.804 Bal•nc• Shèot- Not• PJyobk• Ind Llno dc￿￿￿101 Low-lorm d•ti- k)ng-l•rm purpDU& (both currnnl Ind lon9 iarml for kng term and L4n• of Cr•dll for Con•wudbn in woco•4 purp￿ Baiant• 8hOOI. Noi• PbyibK and L5n• of Cr•dttfor Low.l•rm dqbt. nTrl•rrn purpo8•6 (both Cu￿1 I￿j Img ￿rmI t•mi nd Lh• olCr•dll ts Con•tructlon In wc¢• Impl•mgnWon Balanc• knot. Not• payab￿ and Lim ofCredNfoi LoN-18m d8t4- ni•rrn purpo#•ts (both eurrnnl antt long i•rml for kng l• •nd Llno ol Crodll for Con6trucibn in purpo￿# PDII. IMpl￿•n￿￿On Balance Sheot. 14Dte Poy•bK• ond Llrw) olcroditlor Lh• of Ctyd Jnll-t•rrn purpo¥vts (both cutyqni lerml for G)rbstrucl and Llnè of Credll fttr Con¥lnA¢tlon In iYrK• In voc• Balanc• Sheet- LeaB• rfgh1-o1-￿ l￿b]IllY L•¥• rfghl4- U&6 81tsè1 B818n¢8 &eot- ￿¥0 r¥M.of-wo ￿•11￿￿￿1￿Y prtrirnpl•m•nl&llon implemanth￿on fighl-of-u88 Bolftnr* Sho•t- Loase righl-of•LN8 aJJet118Ylny Po81- Impl•wnla¢bn righl4)f-u50 1oag88

St Catherlne'8 Collego Not•• to Ihg flnanelal $tst•m•nts Forthe year endgd 31 July 2023 31 US OEPARTMENT OF EDUCATION FINMCIAL RespoNSIBIUTY SUPPLEMENTAL SCHEDULE I¢oDllnu•dl Éxpqndablk trl•t A%q•ts IconllN•dl 2023 2022 FITh Ststy r•f £'ooo £DOO Bokwj She•i. Annulll•s Annulues Wlh ￿￿(y rostr￿￿¥ 8h••t. Tqrm •ndD¥wm•nli T•rm •ndNYn8nt• %%ilh donor r88thct￿Th8 Balinc• Sha•t- LW• In￿m Fundts Llfe Incom• donor reitrictlon Balon￿ Sh••l- P•rp•luil Furl• Not a8sel•vth Not• 18- donor Endothm• Fundo- p•im•n•ni 18,545 i•itrlci•d In porp•luhty Tot•1 ExP•nI￿ Ind Lo•• StatsmDnl of Flmncial AcUvid•a-Totsi Op•Mih9 Tot1 •xonM# 8ttFA. Toi•l EynM• crot81 trom sial•rMniof FInan￿lI 4thoul de￿Or x￿ndIt￿l0. A¢iivlll# pdor to 8dlu8tm8ni81 rn6th¢UonJ- •n dlr•cUy Fund• florn Stal•m•nl Non-Op•r•tlw SOFA- ond N•1 Inv•otyn•nl Inv••tm•nl IrKom• F4u g•ln• I Ilo•M•l N•1 12,074 14,AlS Stol•m•nl of FIr￿[al AcllvitB- NTri-Opw•iing Ilnv•8lrnanl reiurn #pyopriftw lor •pfyn¢lngl, Inv••lm•nl•, r1 ol anrNAI 4panoiw oain 110161. Oth•r COrnPDrb&nts of Ml pwlodlc C￿14. P¥n8lon-fdii•d Other thin n•t ydod sl0￿m•01 of Flw¢l@l Actfvii￿6- Ilnvesirn￿t Noi InY••lm8nl SOFA- lum appropdiiod for •nd Invutrn•nl•, g•ln4 I Ilo•M•l Inv••tmonl nèt ol •nnLwI 8wrxdino. ￿hn Ilotsl InGOrn• FILO -z.e07 7.203 -2.607 7,203 InJlllo818•1 St&tsm•ni of Flnwciai AcUvitt•8- P•niknn Pqnalon-r•lot•d ohang00 oth•r thon portodl¢ wslc ano•s oih•r thdn n•¢ porfodic ¢oal• M•dNl•d Il•t A•••t• Balanc• Sheol. N•t 4J¥•¢•thoutdonor rnslri¢tion¥ No1888818 Ihoul donor rn8irlciion Bal Sh•ot & Not• 20.. 37.924 37.228 lund$ B•iine• 8h••t.t&d N•tai•et• dDn¢ N•1 aMat•wllh Bal Shoet & dDnor 20.. r88frl¢tlon8 101.227 104.893 ROS￿¢19￿ fundy Inlawlbkg 8ets B$iqnf Sh••t. Rdètod p•rtyrnc8fvabl• and Relalad PDty notedlsclosur• Socur•d And Un6o¢urod related party rvAlvatdo Not• 28. loan4 tD TwEte 49

St C•¢hwln•'• Collty• Not•s to th8 flnanclal 8tatsm8nts Fortho yoar ondgd 31 Juty 2023 31 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SLIPPLEMENTAL SCklEDULE l¢onllnu•dl odlff•d AMt• 2023 Fln 8tJts r £'ocrfJ rooo £000 sha￿- RrJ&ted party rrK•iva¥• •nd Relalod psrty not8 di8¢losur8 Unaecured relatod party r•r4vatyo Note 28- loDn to Tru8ts1& BiL•nc• Sh8•t. Total A#ets T¢)t•l A880ts B&1 sh￿t- A88818 & CuT￿nI Asw1• 188.906 173.388 NO￿ ofth• Flnandw S1816m&ni8- Balanetr Sh••t. L&x88 Loa66 rtghl-ol-uee @8801 pr+lmpknmwili￿n U80 88981 pré- Inyk•m•nl•Ut Balanca Sh••i- Lo••• rhl-ol-uo• aBS•I h￿L41￿Y prfvimpl•m•nlalbn Prtr Implorn•nl•lc ghl-of-u8è Balinc• Sh•èl- 13oodll Intanglbk? a80•1• B81•nc8 Sh•oi- Roll￿d party r•c•l¥ibk ènd R•ldl•d pllrty not• ¢18¢lo•ur• 8oeufod and Unsgcur•d r•lalod PBrty r•calv•tA• Nts￿ 28. to Truo1••1 8418nt4 Sh••t- R•lthd pgrty r•c•lvbk bnd R•l•lod wrty not• dlKlo•ur• Uni•cur•d r•lai8d p&rty Not• 28- to Truiia•i M•1 I￿0Th• sta￿￿nI of Flnanclal A¢UvMeo. Chonoe In Nat A4&•tJ WE￿ul Oonor R•8McUoni Change In N•1 SOFA. N•1 A$$ots mov•m•ni In Donor lundts.. Unr•$tdth 6a6 2,405 StRthm•nt of Flnonclal AcUvlllM- IN&1 a$•oty Tot81 R6venu• SOFA- Tolgl m10￿ad from r•èiriGU￿l. Tolal 0￿r￿￿n9 Re¥￿u• bnd Goini Incomg lej nd Otmr Add￿OnI ond So1• of Flx•J Aoeelo, Inva•￿0￿1 98lnè Ill￿￿•01- TL4al inm lo¥J Invelllrn?nl 13.316 11,239 POST BW•4CESHEET EVQNTS Fdlth¥lw tho tomtyetknn allh•ffiTh￿1•l ￿th• c￿￿9? trmldvnlllod that Relnfor<¢d AutfyYvNed Aer•tsd CoTryète{Ji44Clpl•nk• foim8d an kniollrnl wtol manyDllhe ioolitructum Iniha orioln811980'8 Jthen Lknwnud Collvw jiti. F￿1¢y￿1￿9 p￿l¢ly￿¥￿I1ew9guIdvnCO the C￿1•9• r•slduwJ 10 4ff•&•dipActt ￿ Allown8k #I9￿8M•n￿ ￿ bè Rem•di4￿WOrk h•8 IlrKe bgen put In Flo￿ ￿ •1￿1 fBXUPationollho BludantaxommodBiion. and att•mtiv• BPaCW4hAvè pr¢vtdOd fycommtsn roums, khlthon facil￿•& • dlrlw room, ￿ Alth¥ Colk90• ￿•TI￿oni A9 UBual. thry•rtwm planè Ar• br d￿loP￿d byth• Cdl•w. In consultatlonwlih 8￿41n wof•i$10Tr41 AoMBCrf•. wlth lh# Int4nYon that1Urt￿l￿I￿È wll )• un¢èrtak•n duthg2D23f24 202412510 r•lLYn4fferl•J oporaiionlll normol u￿.