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 

13 



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 C*thorln•'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¢on*llExp•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 p*lod
,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 for*L￿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￿r*j
Tr*ding 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 •TrJo*Yd 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•y*tyh 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••r*l
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
co*ii 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 fln*nclw.
irt •lILK*￿d wcordlw to tlm• ip•M In •4¢h 4T•*.
2023
t'ouo
2Q22
r￿)0
Go¥•rn4r•M ¢wI• coMprf￿..
dltd¢& f*mun•r•hOn-•Ud￿
Aud1￿• mMun•r*von-•Murynco •udlt
24
1b
24
18
No amounthx t*onl￿￿*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 8th*m•nM.

St Catherlne's Collog•
Not9$ toth•flnancl818tst8m8nt¥
For th• ymr ￿nd￿ 31 July 2022
GIIMTSANDAW*RO8
201J
2Q22
Dur￿ tr*worlhè ColW fundodrowAreh AVJAth4TrJ io*tyJd•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• O*ftyd BLYuryqth•ffl•. 81udDnt•olih*wll•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$.
Th•numb•rol•mphy•AA l•xlthlrwJ tn• Ct4w•TrUèt•wl durfng th•yearwthB4 LwnAlli4 IHx¢iudln9 4mpio￿NIAl￿J CDNAbJi￿n11 I￿1
£80,Q01-E70.000
£70.0014eo.001
Th• numb•rol th• obJv&•m ￿￿1￿1￿4￿h rnJr•m•nibtrr*th •uwlng
In d•fIMd￿n¢￿bJlknnxmffl
102J
rooo
62)
2022
rocN)
Th•thllty• uJntnbutlthi• to d•fiW ¢ontH￿￿k)fi WJn¥￿nl￿Mlu totsl*d
10
TIJIOIBLE FLXED•JSET
aroup& Col*•
Loqseh￿d
gnd •Nd
Fr•BhohY
IDDd4nd
buldlry
tooo
Flxluwi,
•oJipm
T•t•l
oo
Coll
4e,4fj3
726
2,684
4•.447
1,012
Addibon•
Almd olymr
47,0
D•pr•ciq*lon 4nd*npthn•nt
All￿rt41￿•r
OBvge￿￿￿￿GhlryP lor1￿ ￿￿T
21,418
1,907
2,110
ImyiTrn•nt
Al•nd oly••r
2J,J
N•t boDk ¥*u•
A¢•n¢J oty••r
24,216
20
At•mrtOl￿iT
2S,445
434
28M7•
£Ok12022'.£Okl ol plini ind mKhln4ryhgld undèriinAnc• i••w.
£Ok12022'.EOkl ol fLVrn And1t￿n￿ n•1# undgi n￿￿n￿lIa￿*.
CdW• liBt4liC￿￿tI ali •r• u$•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 4A*q
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 ty4uiiy*cr*mA wlth 918ff. These4￿ valued
annu*tybyrof6r•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 |Dva*m•nt Tatum8vAlh4ff•clfrom 2W710&. Th* Inv•ètm4ntr•tum t
Ap￿1￿1 a& Income Is calculaled as 3% of the av•Mgèofthe tr*ar-end valu•s Oft￿ relovanl Inv•simÈTht3 In Èachollh*18513 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
AtlPth7*lnnlngofth•￿ar.
Qlftcom￿nllnt olth•
Vnupplknd tolal r•lum
expBnL*blo 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
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£,￿0
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St Calhorln•'• Collg9e
Not06 totha Ilnanclal ststomants
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17
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37

Sl C•therfn•'• Collego
Notss to tha flnanclal $tat8monts
For th• y••r•nd•d 31 Juty 2023
FUN08 OF THE COLLÉGE DEt•Ls
Th? folly￿￿ li Q￿mm￿ry0fth• Ind p￿ry￿)I•l olth• FundA
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d for F•ltyv6hlpB.
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n bè tsrth•yMrnl purp¢*w oftMI th•Mty
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can b• ￿ld prtz••.
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8trJdw
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n b• itud•nih•rd•NP,
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St Cath•rlng'5 Collo99
Note6 to th• flnanclal •tat•m•ntf
Forthe y•ar endad 31 Juty 2023
I￿ALysIs OF NET ASSETS BETWEEN FUND8
Vnrttlrtctgd
Fund
R6gMcied
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EThJcwrnont
F￿d4
20
Totthi
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g t&im Ilabill￿￿
24.820
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26,879
14,
4,137
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126.3001
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21
TRU8TEE8' REMLIIEPAnON
The truiie•D of Ll• wIl•g•r*Jmpi￿eItr￿ gD¥eming body, PDm•rlyhllLwi%tho4r• f••Mrth ernrduffti4llh• C￿1•00 •Thdwhowi
on body bywrtwolth•lr•mployrn•ni.
No IiLNts• Mcd¥•• aiyr•mun•r41kn for•BtlryJ •• • MMt••. t￿l•t￿*•I￿￿ ir• i1￿•mPlO5￿0lth0 Coll•Je Tec4lv• lor
a8•mpWe•. Where poulY•, t￿ •eI•ll￿ •Te on •xl•md •ndehn 4i•hJlnl Y1• VnithtyolI￿rrt.
TnJit•ès oTlhJ coll•ge lrtc Ihofdlo*1w c•Morteb.'
The MbBt
Offl¢￿1 Tthodbi F•ll
OfflCk*l nrM-TutOrl#l
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lh￿¥￿ b￿￿¥1$£1.22Ek {2021-22£1,161kl. Th•tty•l ￿p￿On ¢onthbutyW ￿ £261K12021-22E244kl.

St Cathorfn•'B Colloge
Not•5 to ¢h• flMn¢541 stst8m•nts
For th• yaar•ndod 31 Juty 2023
21
TRUBTEES. REMUNÉRATKJN I¢ohtlThu•dl
2Q23
2022
¢kna Iwqble
benofith and pen8lc
L￿n￿l￿ON
Gro￿ f•munBrÈtkJn. tavJJ
nDfit• and peMbJn
Nuh*wrl
£04999
t7.W&£7,99
£9.iKJO.£9.$90
7,658
8,527
26,370
9.835
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È17,0fy)417.999
E18,OWI18.9
I19,L￿￿19.g
£21,￿{21.9￿9
E22,CWI22.949
E23,OryJ423.9B9
£24,0￿￿24.￿9
13.212
17,001
3¢,9
39.5e4
21.197
22.•28
44,95
23,867
24,192
410,247
79,943
46,002
48.171
io
3Q4,715
75.408
26.138
91.24e
18
£26,0￿￿20.9B9
E45,OW445.909
£4a,OOD448.9B9
EOO,OOD450.9B9
E02,Cth462.9B9
ES3,￿￿53.98g
E54,OW464.909
E65.WD455.909
£e0.ow￿6o.909
te2.￿￿62.909
£83.(￿483.98g
£eT.CW467.999
£88.CW468.99
£70.(￿l70.94g
£?3.￿￿73.9￿
60.307
52.387
63.244
54.503
5.280
$4A6S
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62.10S
3.720
63.754
07.35
70.358
73.557
7e.484
78,410
73,179
1.2&2
124,610
£124,WQ4124,9Bg
129.632
Totli
1488014
1.42S,523
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808 a*0 Not• 28 Rd•t•d PItyTi*M•¢loni
Th• r•mun•i•iknn p•ld ￿ k•yrn4n4g•m•nl w4• £326k 12022.. £317kl.
m[￿0¥m￿lI￿ com￿•[•dIQ ￿ tr* Mrdor bi•ff Il•i•J PAPB 4olth•R•portolth• Gov•rnlng BO.

St C•th•rln•'s Coll•g•
Mots8 to tho flnanclal 8tst•m•nt8
For th• y••r •nd•d 31 July 2023
PEfisioN 8CHEME PROVISIONiI
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st C4thvrfng'8 Collogo
Not•S to the Iln•n¢l•l $tat•m•nt8
Forth• year endod 31 July 2023
PENSION SCHEME PROVISK)NSlcOnllnu•dl
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St C•therln•* Coll•g•
Motss to tho flnanclal statsnwnts
For th• y•ar•ndod 31 July 2023
23
TAXATKIN
Th• ColhoB IB abl&to lak•adv*u8 ofth8 wxaxfjrnplon6 awa￿¥blO10 In r•RPqCtof and cllpltal r•c•iv*Jiom••xtsni thAt
wxh Iwme g41DB are appl1￿ to•xdusiv•ly¢h•nwbl• purposes. No Ilabllltyto corpN8tiOn lax In Coll8w's bttbwth
dlr•etorsolthi8Ah984 ¢ompBnlèi ha¥¢ iTrJicèied Ifbal IhbYinwr￿ lo makè donations eèch ￿9r10 In• c￿le0e•qUal lolhj iaxabh profits cornpNnywdEr
GKgAd4¢h•mé. k￿r¢In0ty n• lOrtÈXS￿h•• I￿￿1•￿ In ￿ fin￿￿al •Lgt4rn4nts.
ftÉeONCILLAmON OF MeT 1tr4CONING RuouRce$TO
IIQT C￿N FLIYIIFROM OPIRATK￿j
ZJ
Qmup
2022
Qroup
Ellmln4lon ol ￿￿￿P￿￿tIng c••hflow&
Irw••im•niirK•Jm•
16.2851
8,374
16.9491
17391
E￿o¥￿•nI doMUDni
2,081
Isurpluilryom on iDl• of nx•d •H•
0w¢ty4wiincr••••iin ito¢k
DIctha￿lInet0M•iIn d*blOM
796
12601
IOBCr•A••yl￿r•￿1•Ift ￿TrIlOn IAL411
1,437
P4•t o••h prwld•d tylu••d lTrlowr*4e¢￿￿l•
H￿v81801 cA8HANDe￿m EQUN*IENT8
t,￿0
h It b•nk aThJ kn hand
18.e86
J,06J
8•nk
Totsl 4nd cuh•qththThts
FINANCI￿coMI11[￿E￿TS
At31 July c￿*•hO￿ •nnwl ¢OMmth￿￿ opDtytiAo hv••41• lo1￿•..
23
2022
nd •nd buWOlngi
•xpINw Yllhin owy
Oth•r
•xplrtr@V4Ethln<ry
explTrw bett￿￿n M04nd Iw
xplrfw In ovorfl¥o
CAPIT•L eoMAirrMENT$
Thwè ￿ nD r8phg1 ¢ommllbllOnl•trIgtrwulrndlicl￿uro.
43

St Cath•rln•'8 Colleg•
Nvtu to the flnanclal 8tqtsmerrt•
Forthe yaar anded 31 Juty 2023
RELATED PARTY TRNJISACTIONS
Tho Col*J• l* pAn of th• ￿l¥JIa1￿ Un￿*1￿￿01 i)xford. Mèièrtal Int4￿1p￿￿d￿nd￿& botr￿￿ UnlvBtsity4nd of Collago c<Jnsqquonca of
F(￿r￿￿[W purpDs88. Ih&Vn1vw￿ty4nd thg0th9re￿bgOfj aro not IrD•t•d aB rdaiodyrtieu4s dofined li FR$ 102
MBmbèTa 01t￿ Go¥omSno Body, arèthoiNf4ie•& of iha co1￿￿ ènd ￿￿ted BS dpfinod by FRS 102. ￿0￿erem￿nEtllt1on
of ￿ Coll&J•. D•tali pBymonii rrymburwd tyXPDllWS tyusloeJ4re disc￿￿¢¢1¢p9r0ldVin th••¢ffinqnciNI stht•rnents.
Th•rewJMno Outole￿I￿ It 31
Th• pmp•rtkns*thlhol￿I0￿4ryJ ns1 book Y￿U8¥ V*Thd1dndy￿th und•ri&N•quty rJ¥m•T6Np agi•èm•nts bètw•on Ih•liuire• t
Collvp,
)23
2022
£wo
PTofoJ7or R 8eiloy
PTQtoJsor L TU￿b￿g
PTofesvorA P￿r
87
31
256
A￿l￿nI04utywcPaT￿￿ar•1UbJl￿tO on M•d•p￿Ur￿O1t￿ fT¢m c￿￿08.
CONTrIJEMT uAlllLIT￿a
*PDITIONAL PRIOA YeAR ¢OMP*MThI
. SOFAbMkdtyw
Unr••i
RoJtn(thd
Endowd
Fund•
2022
T¢l•l
INCOMÉ ANO ÉNC4yihie14T8 FROM:
1oA¢hin9, r••ttl•nt￿1
Oth•rTrn￿n0 Inaom•
Donaiiom and Wct••
9.S21
874
9,822
674
071
739
IAv•*un•fit In¢om•
Toi4 f•bJm •ll0m￿ to Inccrn•
Oth•r lrtom•
Totsl Inc•m•
2.71S
2,297
12.2971
expoNDITLIIE 011:
Chiriilbh •011￿￿9..
Tollthng, r•J•arch •nd r••bJ•n￿I
12.607
T12
14289
O•n•r4tlng lynd•'.
Fundryl￿[
TraJiw ￿mpD￿diLVr*
Inv4Atmfjnt ￿￿￿￿•￿nI cu•
Ttyt•l Exp•nd*ur•
419
861
419
77
136
14J8S
13,691
712
N•tjnconwiexp•r￿1ll1*l
io3•
1.28
4949
M•tlnc¢Jrn•l¢Exponthtw•)
TrnrMl•rn f
1¥881
Oth•r rycvBnh•d qiln•nD•
olfixod DSMI
N•¢ mmvyjnt In thJnd•forlh•swr
15
Fund baLgTht4S bwhl romqrd
34,031
91,737
134141
b. Pfop•rty InvHimonio (Trots 111

Stcathgrlno's CollBg•
Not¢s to th• nn•ncl¥l $t*•m•nts
For tho yoar ended 31 Juty 2023
ADomoNAL P￿OR YE*RCOMPAMmÉJlc4nllnu•d
&eoii4•
2022
Tot•1
cr￿￿￿101
£wo
luakn •t wrtolwvr
and IrnpTowmen16 al ¢o•t
Trnn$lorto ￿l¥JIb￿ nxod am•
14.872
1.122
14.B72
1,122
{2.2851
1.CO7
122601
•,oe7
Rw8lu4Uon gain*VN80i1 Inih•
V•luillon * •nd
¢. P4r•rf & •ub•tyJ1•ry4￿dlrt*thY Ir*¢• 111
SIC*
Sl Cotz
nw•mÈnt D•voknpmMt
2021n2
2021122
t'rpjo
Inwm•
Expthid
Donallwtoc￿￿ll• undorghl dd
e74
14701
R•suiirty ￿ s••f
Tot81
2e4
12841
N•ifuTrd• •itM o1s••r
d.gl•t•mw**l InvHlm•rrttoth1 r•trJrTr IM1• 141
P•imirrfJni
Expind&bl
Y•¢•l
Tiu81 f
InYo•iM•nt
2021
Fl•twn
rrpjo
Tot41
two
toots
Atlh•b•gknnlTrgolth• ywr..
Glh GDmpllnqnt ol th• p•mAn•Ai•roy*m•ni
unAppi￿d to￿1 fthum
Ewndlblè enoM￿nI
lQ,62J
10.621
10.826
7.4t8
7,486
10.626
•0,737
Mow•rn•nt• knth• r•pprtlnq p•rlgd'.
(und
R•c¢uwnvnl of irwltslnYe8lrn•nt
loraikn ITom INilfrKlnvMbT•nt
Inwslm•ni r¢lwTh total Inveslmonl Inwme
InwBtrnDni relwrk rgllllud •nd unroBll•Ddg•Anb ￿dI0￿••
370
370
1.040
281
281
4.362
4.863
Tot*1
370
1.321
1.691
6.174
7.eos
tot•1 retum4lkn￿9d10 Incumo Inlhe rgpcrtroj
TrnnBler8 Into OXPBndllble•ndLwKTh8nis
13801
11.9371
13801
13601
370
9•1
4.237
Ai4nd￿th* r•portinq 9•rf￿..
GIft¢ornpDnwiolih•pgnnAn•nt￿￿3Wrn•TrI
Urop￿1•d iotBI iqwm
EwgndpbloeDth*rngrl
Totsl
10.9BS
10.9B5
8.447
1Q.995
e,447
,447
10,098
4447
19,412
IIM305
4S

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
Endo4*Th•nt Funth.P•nMn•nt
S￿L￿re￿I￿￿&
Felth¥shlp8
StUL*niB
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 fc4lo*lng &JWerf*nL41 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- N618*Sat• 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 lorar*ln•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 $1*oments- Bu￿r￿¢ 8heel- Loallq ￿hl￿-
L•9$• 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-
n*i•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 $tst•m•nts
Forthe year endgd 31 July 2023
31 US OEPARTMENT OF EDUCATION FINMCIAL RespoNSIBIUTY SUPPLEMENTAL SCHEDULE I¢oDllnu•dl
Éxpqndablk trl•t A%q•ts IconllN•dl
2023
2022
FITh Ststy r•f
£'ooo
£DOO
Bokwj She•i. Annulll•s
Annulues Wlh
￿￿(y
rostr￿￿¥
8h••t. Tqrm •ndD¥wm•nli
T•rm
•ndNYn8nt•
%%ilh donor
r88thct￿Th8
Balinc• Sha•t- LW• In￿m* Fundts
Llfe Incom•
donor
reitrictlon
Balon￿ Sh••l- P•rp•luil Furl•
Not a8sel•vth Not• 18-
donor
Endothm•
Fundo-
p•im•n•ni
18,545
i•itrlci•d In
porp•luhty
Tot•1 ExP•nI￿ Ind Lo••
StatsmDnl of Flmncial AcUvid•a-Totsi Op•Mih9 Tot*1 •xonM# 8ttFA. Toi•l
EynM• crot81 trom sial•rMniof FInan￿lI
*4thoul de￿Or
x￿ndIt￿l0.
A¢iivlll# pdor to 8dlu8tm8ni81
rn6th¢UonJ-
•n dlr•cUy Fund•
florn Stal•m•nl
Non-Op•r•tlw SOFA-
ond N•1
Inv•otyn•nl
Inv••tm•nl
IrKom• F4u*
g•ln• I Ilo•M•l N•1
12,074
14,AlS
Stol•m•nl of FIr￿[al Acllvit*B- NTri-Opw•iing
Ilnv•8lrnanl reiurn #pyopriftw lor •pfyn¢lngl,
Inv••lm•nl•, r*1 ol anrNAI 4panoiw oain 110161.
Oth•r COrnPDrb&nts of Ml pwlodlc C￿14.
P¥n8lon-fdii•d Other thin n•t ydod
sl0￿m•01 of Flw¢l@l Actfvii￿6- Ilnvesirn￿t
Noi InY••lm8nl SOFA-
lum appropdiiod for •nd Invutrn•nl•, g•ln4 I Ilo•M•l Inv••tmonl
nèt ol •nnLwI 8wrxdino. ￿hn Ilotsl
InGOrn• FILO
-z.e07
7.203
-2.607
7,203
InJlllo818•1
St&tsm•ni of Flnwciai AcUvitt•8- P•niknn Pqnalon-r•lot•d
ohang00 oth•r thon portodl¢ wslc
ano•s oih•r
thdn n•¢
porfodic ¢oal•
M•dNl•d Il•t A•••t•
Balanc• Sheol. N•t 4J¥•¢•thoutdonor
rnslri¢tion¥
No1888818
Ihoul donor
rn8irlciion*
Bal Sh•ot &
Not• 20..
37.924
37.228
lund$
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 A*Mt•
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••• r*hl-ol-uo• aBS•I h￿L41￿Y
prfvimpl•m•nlalbn
Prtr
Implorn•nl•lc
ghl-of-u8è
Balinc• Sh•èl- 13ood*ll
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•lv*bk* 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
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