2024-07-31-accounts

ST CA THERINE'S COLLEGE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

St Catherine's College Annual Report and Financial Statements Year ended 31 July 2024

St Catherine's College Annual Report and Financial Ststements Contents Goveming Body, Officers and Advisers Report of the Goveming Body 6-18 Auditorfs Report 1￿22 Statement of Accounting Policies 23-27 Consolidated Statement of Financial Activities 28 Consolidated and College Balance Sheets 29 Statement of Cash Flows 30 Notes to the Financial Statements 31-51

St Catherine's College Report of tbe Governillg Body of St Catherine's College 31 July 2024 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charity law. The members of the Governing Body who served in office as trustees during the year or subsequently are detailed below. (1) (2) (3) (4) (5) Professor K E Borjars (until 23 July 2024) Professor A G Rosser (until 30 September 2023) Professor J S Foord Dr R A Leese Professor L L Fawcett de Posada Professor P A Handford Professor R l Todd Professor M Lackenby Professor M E Mulholland Professor G 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 Byrne Professor R M Bailey Professor G Scerif Professor C Reisinger

St Catherine's College Report of the Governlng Body of St Catherine's College 31 July 2024 Professor K E Shepherd- Barr Dr J E Thomson Professor A J Bunker Professor A L Smith Professor A Muench Professor U C T Oppermann Professor A Goriely Mrs N Freud Dr D A Robertson Professor P T Ireland Professor P Hamalainen Professor B A F Bollig Professor E P J Stride Professor H de Wet Professor P E Koralus Professor A J Dickinson Professor I P J Shipsey Professor F R Mcconnell Professor L Tunbridge 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 Professor Ludmilla Steier Mrs I-M Rossouw-smith

St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2024 During the year the activities of the Goveming Body were carried out through five principal committees. The membership during the year of these Gommittees is shown above for each Fellow. (1) Finance Committee (2) Investment Subcommittee (reports to Finance) (3) Academic Policy Committee (4) Student Liaison Committee (5) Benefits Committee The Benefits Committee includes, in addition to the Fellows indicated above. three members external to the Goveming Body. Ms S Haywood Price (Chair), Ms S Ghosh and Mr G Keating. The Investment Subcommittee also includes two members who are not on the Goveming Body,. Mr A Henfrey and Mr K Sternberg.

St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2024 COLLEGE SENIOR STAFF The senior staff of the College to whom day to day management is delegated are as follows. Professor K E Boryars until 23 July 2024 followed by Professor B B van Es as Pro Master Professor M E Mulholland Pmfessor D R H Gillespie Professor B W Byrne Mrs I-M Rossouw Smith Master Senior Tutor Dean Finance Bursar Home Bursar COLLEGE ADVISORS Broker and Custodian Hargreaves Lansdown One College Square South Anchor Road Bristol BS15HL Auditor Critchleys Audit LLP First Floor Park Central 40 - 41 Park End Street Oxford OX1 1JD Bankers Lloyds Bank plc The Atrium Davidson House Forbury Square Reading RG13EU College address St Catherine's College Manor Rd Oxford OX13UJ Webslte ￿w.stGaIZ.ox.ac. uk

St Catberine's College Report of the Governing Body of St Catherine's College 31 July 2024 The Members of the Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION St Catherine's College in the University of Oxford, which is known as St Catherine's College, ("the College") is an eleemosynary chartered charitable corporation aggregate. It was founded under a royal charter granted on 1 October 1963. The College registered with the Charities Commission on 15 September 2011 (registered number 1143817). The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming documents The College is governed by its Charter dated 1 October 1963, last amended by the Governing Body on 30 November 2022 with approval by His Majesty The King in Council on 21 February 2024, and the Statutes, last amended by the Governing Body on 30 November 2022 and approved by His Majesty The King in Council on 10 April 2024. The Charter and Statutes were subjected to a review by the Statutes Committee and the Governing Body during the Academic Years 2020121 to 2022123. Governlng Body The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enfor￿able ultimately by the Visitor, who was, until his death on the 9th of April 2021, HRH Prin￿ Philip, Duke of Edinburgh. During the year 2023124 the College elected a new Visitor, Lord Victor Adebowale CBE. The Governing Body is self-appointing and consists of The Master, Bursars, Academic Registrar, Official Tutorial Fellows (Class A), Professorial Fellows and some other Fellows. New members of the Governing Body are elected on the basis of a recommendation to Governing Body of the Fellowships Committee. The Goveming Body determines the continuing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the Master and is advised by five principal Committees. The College is conscious that the Charity Commission is reviewing the governance model of Oxford colleges. At present, no major alterations have been made to the College's model of governance, which is felt to be necessary and robust. The College does, however, keep abreast of developments and debates in this matter and will respond as necessary, if required. The Mastership The Master, Professor Kersti Borjars, retired on 23rd July 2024, following which Professor Bart van Es was appointed as Pro Master. The Governing Body is currently undertaking a recruitment process for a new Master.

St Catherine's College Report of the Governlng Body of St Catherine's College 31 July 2024 Recruitment and training of Members of the Governlng Body New Fellows, including those who are ex officio members of the Goveming Body, are recruited 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 Officers. New members of the Governing Body are required to attend the training for new trustees provided through the Conference of Colleges, so that they are briefed on good practice for trustees and made aware of current issues and regulatory requirements in the sector. The members of the Governing Body are reminded annually of their main duties 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. Junior Members Representatives of junior members are in attendance at meetings of the Governing Body and of certain College Committees. Remuneration of Members of the Governing Body and Senior College Staff Members of the Governing Body who are Fellows are primarily teaching and research employees of the College andlor University and re￿1ve no remuneration or benefits from their trusteeship of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College which is based on the advice of the College's Benefits Committee, the voting members of which are external to the Governing Body. Remuneration is set in line with that awarded to the University's academic staff or with the median prevailing rates for similar posts in Oxford. Oryanisational management The members of the Governing Body meet 10 times a year. The work of developing policies and monitoring the implementation of these is carried out by five principal Committees: The Finance Committee has oversight over all matters of financial strategy including the generation and expenditure of capital and income, the investment of the endowment and the monitoring of risk. The Investment Subcommittee assists the Finan￿ Committee in formulating investment policy and is responsible for its implementation. The Academic Policy Committee has oversight over all aspects of the academic strategy and educational activity of the College. The Student Liaison Committee has oversight over all matters affecting students directly, ranging from academic matters through to the domestic arrangements of the College. The Benefits Committee is responsible for recommending to the Governing Body on levels of remuneration and benefits for all members of the Governing Body. for keeping them under review, and for ensuring that any conflicts of interest that may arise are acknowledged and appropriately addressed.

St Catherine's College Report of the Governlng Body of St Catherine's College 31 July 2024 The day-to-day running of the College is delegated to the Master and senior College OffI￿rS. The Master chairs all meetings of the principal Committees with the exception of the Benefits Committee. Group structure and relationships The College administers a number of special trusts, as detailed in Notes 18 and 19 to the financial statements. The College has two wholly owned non-charitable subsidiaries: St Catherine's College Management Ltd and St Catherine's College Development Ltd whose annual profits are donated to the College under the Gift Aid Scheme. The subsidiaries, aims, objectives and achievements are covered in the relevant sections of this report. The College is part of the collegiate structure of the University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. OBJECTIVES AND ACTIVITIES Charitable Objects and Aims The College's Charitable Objects are to advance leaming, education and research in the arts and sciences and to provide for men and women who shall be members of the University a College wherein they may work for degrees in the University or may Gary out postgraduate or other special studies. The Governing Body has Considered the Charity Commission's guidance on public benefit and in keeping with its objects, the College's aims for the public benefit are: to advance learning, education and research in the arts and sciences. and to provide for men and women who shall be members of the University a College wherein they may work for degrees in the University or may carry out postgraduate or other special studies. The aims of the College's subsidiaries are to help finance the achievement of the College's aims as above. The College is one of the constituent colleges of the University of Oxford chiefly admitting undergraduate and postgraduate students. Such students must be members of a college in order to study for degrees at the University of Oxford, and many Faculty posts in the University are joint appointments between a college and the University. The College therefore carries out its education and research activities jointly with the University. The College supplements the education provision provided jointly with the Universrty with further tutorial teaching provided by college-only appointed teachers, its own library and IT facilities, and welfare, domestic, social, cultural and recreational facilities to enable each of its students to realise their academic and personal potential to its fullest extent. The College also supplements the research activities it promotes jointly with the University through joint appointments, by providing College Research Fellowships, by awarding sabbatical leave during which Fell0V￿ can focus on research activities, by

St Catherine's College Report of the Governing Body of St Catherineys College 31 July 2024 providing funding in support of research, by providing facilities for visiting researchers and for national and international conferences, and a social environment for interaction between researchers. Additionally, the College supports outreach activities designed to promote aspiration among United Kingdom school-leavers to engage in Universrty study. The College provides various forms of financial assistance to both undergraduate and postgraduate students through prizes, scholarships and grants, and to alleviate cases of hardship. The College admits undergraduates. postgraduates are admitted jointly with the University. The College admits undergraduate students from the UK and elsewhere without any restriction except the satisfaction of stated academic criteria. Tuition fees for Home students are regulated and financed on a national basis, and for other students in conformity to University-wide agreements. The College charges its students for accommodation and food; students are eligible for Student Loans under the national scheme, and for Oxford Bursaries and Crankstart Scholarships on a means-tested basis to cover these and related core maintenance costs. Non-UK undergraduates and postgraduates need also to satisfy the College in advance of being enrolled on a course that they have sufficient funding to cover the University and College fees for Year 1 of their course and declare their willingness to meet all University and College fees and living costs for the duration of their course. The private benefit accruing to the Master, Fellows and other employees of the College by means of salaries and employment-related benefits is objectively reasonable. Where the recipients of benefits are members of the Goveming Body, and therefore are trustees, the Governing Body has directed that all forms of benefit and remuneration are determined by a Benefits Committee, with suitably qualified members and a Chair extemal to the Governing Body. The College does not consider that any detriment or hami arises from carrying out the College's aims. The College remains committed to the aim of providing public benefit in accordance with its founding principles. The principal Committees monitor and report to Governing Body on the achievement of the college's aims and its academic, financial, pastoral, and cultural performan￿. Activities and objectives of the College The College's activities are focused on furthering its stated objects and aims for the public benefit by fulfilling its educational purposes with respect to both teaching and research having regard to both the obligations and the rights that ensue from its incorporation within the Collegiate University and its status as a registered charity. ACHIEVEMENTS AND PERFORMANCE Junior Members: Academic In the Final Honours School examinations of 2024, there V￿re 50 candidates awarded First, 75 a11(i), 10 a11(ii), 1 a111 and 1 a Pass.

St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2024 In the First Public examinations of 2024, there were 37 students of the College awarded Distinctions. During the academic year 52 graduates from 21 different faculties and departments were granted leave to supplicate for the DPhil. A further 51 graduates have been successful in other graduate examinations (21 with Distinction and 14 with Merit) (98 results awaited). Selected achievements by individual students include: Charlotte Rowland won the runner up prize for the best Part11 project in Inorganic Chemistry. Awa Ndour won the prize for best library dissertation Experimental Psychology. Alice Emmett won the Olwen Hufton Prize for the best thesis on Gender History. Jake Dann won the Gibbs Prize for the second-best performan￿ in History Finals. Megan Lintern won a Gibbs Book Prize for performance in History Finals. Benjamin Harrison won the Kirk Greene Prize for best thesis in Modern African History. Adam Mee won the Gibbs Prize for the best perfomiance in History of Art Finals. Clan Jones won the Law Faculty Prize in Taxation of Trusts and Global Wealth. Ella Tait won the Law Faculty Prize in Medical Law and Ethics. Somesh Taori, Law, was proxime for the Gibbs Prize Nuan-yi (Veronica) Zeng won the Armourers and Brasiers, CompanylRolls- Royce Prize for outstanding overall performance Materials Science Prelims. Rizqullah Rasyiddin won the Armourers and Brasiers, Prize for the best second- year Materials Science Selection Poster. Peter Hindson won the TATA Steel Prize for best overall performance in Part I Materials Science practicals. Jiongjie Hua won a departmental prize for performance in Mathematics Prelims. Alexander Swan won the Gibbs Prize for outstanding performance in the second-year Graduate-Entry Medicine examination. Yilin Ren won the Johnson Matthey Prize for the best Overall Performan￿ in Materials Science Prelims. Benjamin Mathole and Sonari Amabibi for The Shimadzu Prize in Practical Chemistry Alfie Mclntyre won the Fred Hodcroft Prize for the best performance in the history of Spanish language or Spanish dialects 2024 Max Blansjaar won the Gibbs Prize for the best overall perfomance in Music Finals. An Aloysius Wang won the Gibbs Prize for Best Performance in Final Honour School of Engineering scien￿ (Part C) Alexandra Sevcenco won the IET Manufacturing Engineering Student Prize In overall academic performance, the College was placed 6th in the Norrington Table. During the year 139 new undergraduates and 209 new graduates were admitted. Undergraduate applications numbered 925 in December 2023, compared with 925 in 2022. io

St Catherine?s College Report of the Governing Body of St Catherine's College 31 July 2024 In line with University policy, admissions interviews will take place online for the foreseeable future, and the College expects this to be helpful in ensuring social diversity and diversity in intellectual background and, thereby, overall quality. Junior Members: Other Achievements Student life continued in good spirits despite the constraints imposed by RAAC. Notably, the College hosted Sir Gregory Doran. the former Artistic Director of the Royal Shakespeare Company, as Cameron Mackintosh professor. In addition to an in- conversation event chaired by Professor Bart van Es, Sir Greg directed a major Shakespeare production in Oxford's Playhouse theatre. Students from St Catherine's took part in the production as actors, composers, and a Catz student acted as Production Manager. 23 travel awards were made for student trips, including a trip researching iophores on the Gold Coast of Australia and a trip investigating the coffee supply chain in the Peruvian Andes. In college sports, notable successes included men's rugby 7s winning the bowl, men's football coming second in the league and winning the plate, and blues in football for three Catz men. The women's football team reached the quarter-finals in cuppers and the mixed tennis team reached the final of cuppers. Senior Members: Academlc Awards, and Achievements Professor Marc Lackenby was awarded a Frontiers of Science Award 2024, and Domus Fellow and alumna Dr Katherine Rundell was awarded Author of the Year and Book of the Year: Children's Fiction at the British Book Awards 2024 and Waterstones Book of the Year 2023. Professor Andrew Dickinson delivered a special course at The Hague Academy of International Law which was based at the Peace Palace on 'Natural justice in recognition and enforcement of foreign judgements. Professor Philipp Koralus was appointed the inaugural Mccord Professor of Philosophy and A.1. at the University of Oxford and will be leading the newly created Human-centered A.1. Lab. ADMISSIONS, ACCESS AND OUTREACH The College participated in various widening participation programmes during the 202312024 academic year including its flagship initiative, Catalyst, working with partner schools in South Wales, Teeside and the London boroughs of Lewisham and Haringey. Applications for undergraduate courses in the December 2023 admissions round decreased by 7.3 % relative to the previous year", 140 candidates elected to take up offers for October 2024 while 3 candidates deferred entry till October 2025 and 1 candidate deferred entry till October 2026. DEVELOPMENT AND FUND RAISING The College focussed its fundraising activities in 2023124 on securing funds for RAAC, Tutorial Fellowships, Student Support (including hardship), Access and Outreach and Foundation Scholarships and Academic Prizes. In-person donor meetings continued in Oxford and London, with a focus on major gift cultivation. International travel continued with the Master and Development Director traveling to the east and west coast of the USA in Michaelmas and Europe in the spring. The Development Office hosted over 20

St Catherfine's College Report of the Governing Body of St Catherine's College 31 July 2024 events for alumni and friends in Oxford, London, Paris, Berlin, Hamburg, New York, and San Francisco, with Fellows hosting further intemational gatherings. These included events for current students and parents. Gaudies, subject dinners, careers events, the London Party. and bespoke stewardship events such as the Dean Kitchin Circle. Approximately 1,500 of our alumni and friends attended at least one event, including an enhanced offering of free online events. Donations and legacies for the year amounted to £2.Om (2023: £995k), including £400k from legacies, with the ratio of funds raised to fund-raising costs being 4.5. In May the College hosted its first Giving Day. raising over £200k in 36 hours. The College is registered with the Fundraising Regulator and employs full-time professional staff in the Development offi￿ to act on its behalf and to ensure that it is compliant with the Code of Fundraising Practice. Training is given to Development Office staff to ensu￿ that they are aware of the Code. The College did not receive any complaints relating to its fundraising activities. FABRIC The College undertook several projects relating to the fabric this year, many of which were completed over the Easter break and summer long vacation: A full refurbishment of Staircase 18 ensuite bathrooms took place to update the current facilities and address water damaged wall panels. Work was completed to defective showers in Staircases 3,4 and 16 Refurbishment of the Master's Lodgings lounge, dining room and private lounge, as well as some external paintwork. A programme of levelling and relaying slabs around college started early in 2023 addressing high priority areas in the first instan￿. This work was expedited when the College restricted access to some buildings in September 2023 due to RAAC. Three temporary structures were installed which affected pedestrian routes on- site and for Health and Safety reasons slabs works were prioritised to ensure safe passage for all. St Catherine's House, Bath Street, benefitted from resurfacing works to the external areas. A storage space for outdoor games were created and re-flooring of the laundry rooms took place. Furthermore, SMART thermostatic valves were installed during August as a trial to improve energy use efficiencies. Extemal painting was carried out to various areas in college to refresh the state of the accessible areas. Planning permission was secured to remove the cobbles between the Lodge and 'Unbroken Tai Chi Flow, sculpture and repla￿ with tarmac. Installation of Electrical Vehicle charging points by the Alan Bullock Building. REINFORCED AUTOCLAVED AERATED CONCRETE (RAAC) The main site of St Catherine's College is Grade 1 listed, designed by Arne Jacobsen and constructed during the 1960s. ReinfOr￿d autoclaved aerated concrete (RAAC) panels are a lightweight form of concrete panel that V￿re frequently used in building construction from the 1950s to the 1990s. RAAC panels were specified and used in the construction of some of the original Arne Jacobsen buildings, including for the flat roofs. 12

St Catherfine's College Report of the Governing Body of St Catherine's College 31 July 2024 The buildings where there is presence of RAAC, include the 152 top floor student bedrooms in Staircases 1 to 16, the Junior Common Room, the Senior Common Room, the Hall, the Wolfson Library, the Bernard Sunley Building and the Administration Office Block. The College buildings have been regularly monitored and maintained Sin￿ their construction, and there have been no failures of the RAAC panels at the College. However. following reported failure in a small number of education settings in mid-2023, the College engaged independent consultants to undertake appropriate risk assessments of the affected areas. leading to restricted access to areas of the site, principally the Common Rooms, the Kitchen. the Dining Hall, Wolfson Library and Bernard Sunley Building. Various of the staff working in the administration have had to be relocated to offices across the College site. Initial work was undertaken to remediate student bedrooms in the accommodation blocks, through the installation of a secondary timber frame beneath the roof, allowing the student rooms to be safely occupied for Michaelmas Term 2023. A range of temporary structures {e.g. kitchens, dining hall, seminar rooms, lecture theatre) have been erected during the year to allow the College's activities to continue, as close to nomially as possible. These have all required planning permissions from the local authority. In addition, a substantial amount of work was required to put in place the necessary infrastructure to facilitate the temporary structures and to support Servi￿ staff in safely fulfilling their duties. Work undertaken included installation of temporary distribution boards, provision of services including water and drainage, increased temporary lighting and making safe and ac￿Ssible alternative pedestrian routes. During 2023124 the total revenue expenditure for K4AC related interventions was £2.4m, and further £1.5m is budgeted for 2024125, depending on the rate of completion of permanent works. Ensuring the long-term use of the College's buildings is of paramount importance, both to the running of the College as well as to the heritage assets, long-term preseniation. A professional design team (involving project managers, architects, structural engineers, planning advisors and other appropriate consultants) has been retained by the College to provide advice regarding the retention andlor replacement of the RAAC roof panels. Following examination of the options, including consultation with statutory stakeholders, the College concluded that removing the RAAC panels would be less harmful than other options. A replacement roof has been identified, with the RAAC panels being replaced by cold-rolled steel joists within structural roof cassettes, being lightweight and stable to represent an optimal solution. The team has taken the opportunity to include insulation in the roof structure, ensuring that the final solution remained sympathetic to the original design intent. All heritage stakeholders (Historic England, Twentieth Century Society, Oxford City Council) were fully involved in the design process, and subsequently planning permission for phase 1 of works was received on 30 July 2024. Planning pennission for phase 2, the student accommodation blocks, is expected shortly. During the financial year 2023124 the College incurred £1m of capital expenditure in developing the roof replacement solution, and initial investigation works have also been undertaken. As part of the design process the College appointed Beard Construction as the building contractor, through a design and build contract. This is structured to allow the works to be completed in sections, as the design is further developed, costs agreed and funding put in place. The first building to be remediated will be the single-storey Junior Common Room, Senior Common Room, Administration Offices and the Kitchen. It is expected 13

St Catherlne's College Report of the Governing Body of St Catherine's College 31 July 2024 that the removal of RNAC will commence early in the New Year, with the roof replacement beginning from March 2025, and the buildings ready for use by Q3 2025. The College Dining Hall will follow, with expectation that it will be available from Q4 2025, and the Bernard Sunley Building is expected to be ready by Q12026. The College continues to explore the feasibility of re-roofing the Wolfson Library, with the Student Accommodation rooms to follow in due course, as funding permits. FINANCIAL REVIEW The accounts are presented in the fomiat prescribed by Statute XV of the Universrty in conformity with UK Charity Statement of Recommended Practice. The operating results for the year were significantly impacted by the necessary expenditure to address the presence of RAAC in the College structures. A total of £2.4m was expended through the year to provide for temporary facilities, including kitchens, dining facilities, a lecture theatre, seminar rooms, common room Spa￿ and a bar, as well as to provide for ne￿SSary remediation actions, particularly to the student accommodation blocks. Total income for the year was up 2.70/0 at £19.7m, including £6.4m for fee income, £3.4m for student accommodation, £2.1 m for conferencing activities, £2.Om for donations and legacies and £5.1 of investment income. Total expenditure was up 16.00/0 to £15.9m, but this accounted for a reversal of the pension deficit liability of £1.8m. If the change to the pension deficit liability and the expenditure for RAAC are excluded then expenditure was at £15.2m, 3.4 % above expenditure in 2022123. Given the healthy position of the various pension schemes there is now no pension deficit liability shown on the accounts. Net income before gains was £3.8m (2023: £5.4m). Investments were up in the year with a revaluation gain of £2.1 m (2023: loss of £8.4m) leading to a net gain on the SOFA of £5.9m (2023.. net expenditure of £3.Om). In assessing the yearfs 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 a deficit of £1.7m compared to a surplus of £1.2m in 2023 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*nd amounted to £145.1 m (2023: £139.2m). This includes endowment capital of £104.Om (2023: £100.8m) and unspent restricted income funds totalling £1.Om (2023: £416k). Free reserves at the year-end increased to £10.9m (2023: £10.7m), representing retained unrestricted income reserves excluding an amount of £24.2m (2023.. £24.8m) for the book value of tangible fixed assets less associated funding arrangements. 14

St Catherine?s College Report of the Governing Body of St Catherine's College 31 July 2024 The future level of free reserves will depend on the rate of building works to address the presence of Reinforced Autoclaved Aerated Concrete (RMC) in the College, which is expected to involve roof replacement. These works are necessary to allow the re- establishment of normal operations in the College. The current expectation is that the free reserves will be drawn down completely during 2024125 and 2025126 to fund the building work, following which normal operations will resume in the College, and the free reserves will be replenished. Fund-raising from alumni and donors to support capital expenditure will also play a significant role in detemiining the rate at which remediation and or roof replacement can take pla￿, 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 un￿rtaintieS faced by the College and its subsidiaries in undertaking their activities. When it is not able to address risk issues using internal resources, the College takes advice from experts extemal to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee, chaired by the Master or one of the Bursars. Financial risks are assessed by the Finance Committee and investment risks 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 other forms of career development are available, when appropriate, to members of staff to enhance their skills in risk-related areas. The Governing Body, which has ultimate responsibility for managing any risks faced by the College, has reviewed the processes in Pla￿ for identifying the principal risks to which the College and its subsidiaries are exposed and has concluded that adequately robust systems are in place to manage these risks. The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows: Governance risks - e.g. inappropriate organisational structure, difficulties recruiting trustees with relevant skills, Gonflicts of interest. Operational risks - e.g. serrfice quality and development,. contract pricing,. employment issues" health and safety issues; public health issues. fraud and misappropriation., construction risk attached to a major building projects. Financial risks - e.g. accuracy and timeliness of financial information, adequacy of reserves and cash flow, diversity of income sources, investment management., risks arising from the leverage taken on via the pla￿ment of £25m in debt, uncertainty surrounding the future level of tuition fees for Home students and other forms of HE funding", uncertainty in relation to the business model of the collegiate university post-covid. Extemal risks - e.g. public perception and adverse publicity, demographic changes, government policy. Compliance with law and regulation - e.g. breach of trust law, employment and data protection law, and the regulatory requirements of particular activities such as fund-raising. 15

St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2024 strategies for managing the risks identified by the College as described above include, for example.. Establishing the appropriate committees responsible for formulating recommendations to Goveming Body. Providing appropriate training to all members of staff and an induction of new Fellows. Ensuring accountability of College Officers to the appropriate Committee and for the Committees in turn to be accountable to the Governing Body. Developing and implementing key policies across the main areas of activity of the College, including, for example, admissions policy, health and safety policy, and information security policy. Ensuring that appropriate insurance policies are in place and reviewed regularly. The College identifies the risks it faces. the potential impact of each risk, the likelihood of recurrence, the severity of impact, and the steps taken to mitigate each particular risk in its Risk Register, which is regularly reviewed by the Finance Committee and approved annually by the Governing Body. The presence of Reinforced Autoclaved Aerated Concrete (RAAC) has introduced significant risk to delivery of the College's short- and medium-term operations, and consequently the College's financial objectives. A College Building Committee has been established by the Governing Body to oversee the necessary remediation and building work. The management of this risk is led by the Bursars, advised by external professional advisors, and working with the Building Committee, Finance Committee and under the direction of the Governing Body. Investment policy9 objectives and performance The College's investment objectives are to balance the needs of current and future beneficiaries by: maintaining (at least) the value of the endowment in real terms. producing a consistent and sustainable amount to support expenditure., and delivering these objectives within acceptable levels of risk. To meet these objectives, the College's investments as a whole are managed on a total return basis to a benchmark of UK CPl+40k. maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and retum. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return. The investment policy and strategy are set by the Governing Body as advised by the Investment Subcommittee from time 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's long term endowment investments, combining seGUrities and property investments, totalled £104.Om (2023: £100.8m). The College formally 16

St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2024 measures investment performance in calendar quarters; the total investment retum for 12 months to 30 June was 5.00/0 which compared to the benchmark (UK CPI+4010) return of 6.0 %, MSCI ACWI of 20.20k' FTSE All Share TR of 13.2 % , FTSE Actuaries UK CGT - 2.20A; 700/0 MSCI ACW1130 % FTSE Actuaries UK CGT of 14.80k. The carrying value of the presenied permanent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 1 August 2002 together with the original gift value of all subsequent endowment received. 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 average of the year end values in each of the last three years. Due to increasing investment values over the previous three years. the effective amounts withdrawn are currently less than the nominal 3 % stated in this policy. Transfers from other expendable endowment funds and from permanent endowment funds match expenditure from the relevant funds according to their remits. The equivalent of 2.40/0 of the opening endowment value was extracted as income on the total return basis during the year. The Goveming Body keeps the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College's activities. Future Plans The College's future plans include the following.. To continue to strive by all possible means for excellence in teaching, learning and research within the framework of an Oxford college. To meet and address the challenges presented by the current global macro- economic environment that has developed post-covid, including high inflation and low economic growth, both of which may endure for the medium temi. Within those limitations, to provide up to date and best in class facilities for staff, students and conference delegates. To raise further endowment to secure a sufficient degree of College autonomy against a background of considerable financial uncertainty in higher education. The College will continue to raise money for its core purposes.. student support, teaching, the development of its facilities, and the general endowment to sustain its activities. To ensure that risks are clarified to minimise the impact of unexpected or undesirable consequen￿5 so that the College continues to enhance its ability to provide a first-class education. To address the presence of Reinforced Autoclaved Aerated Concrete (RAAC) in the College, for the short-term and longer-term. to mitigate the impacts on the financial performance of the College, and to retum College domestic operations to normal in a timely manner. 17

St Catherine's College Report of the Governing Body of St Catberlne's College 31 July 2024 Statement of accounting and reporting responslbilities The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and ￿gUlations. Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Goveming Body has prepared the financial statements in accordance United Kingdom Generally AC￿pted 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 net income or expenditure for that period. In preparing these financial statements, the Goveming Body is required to: select the most suitable accounting policies and then apply them consistently. make judgments and accounting estimates that are reasonable and prudent. state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements. state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions 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 the Charities Act 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 Governing Body on 6 November 2024 and signed on its behalf by: Bart van Es Pro Master 18

ST CATHERINE'S COLLEGE Report of the Auditor to the Members of the Governing Body of St Catherine's College For the year ended 31 July 2024 Opinion We have audited the financial statements of St Catherine's College (the "Charitl,) for the year ended 31 July 2024 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities. the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements giv8 a true and fair view of the state of the group and charity's affairs as at 31 July 2024 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 Practi￿. have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Members of the Governing Body's use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. 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 charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report. Other Infomiation The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorfs ￿port thereon. Our opinion on the financial statements does not Gover the other information and, ex￿pt to the extent otherwise 19

ST CATHERINE'S COLLEGE Report of the Auditor to the Members of the Governing Body of St Catherlne's College For the year ended 31 July 2024 explicitly stated in our report, 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 information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. sufficient accounting records have not been kept. the financial statements are not in agreement with the accounting records and returns., or we have not obtained all the infomation and explanations necessary for the purposes of our audit. Responsibilities of the Members of the Governing Body As explained more fully in the Statement of Accounting and Reporting Responsibilities [set out on page 1 a, the Members of the Goveming Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity's ability to continue as a going concern. disclosing, as applicable, matters related to going con￿rn and using the going concern basis of accounting unless the Members of the Goveming Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. 20

ST CATHERINE?S COLLEGE Report of the Auditor to the Members of the Governlng Body of St Catherine's College For the year ended 31 July 2024 Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client's sector. we focused on specific lav￿ and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and considering the internal controls in place to mitigate 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 assumptions 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: agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged with governance; 21

ST CATHERINE'S COLLEGE Report of the Audltor to the Members of the Governing Body of St Catherine's College For the year ended 31 July 2024 enquiring of management as to actual and potential litigation and claims; if considered necessary, reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate 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: www.frc or .uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the College's Goveming Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College's Governing Body as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP Statutory Auditor Oxford Date.. 4112124 Critchleys Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 22

ST CATHERINE'S COLLEGE ststement of Accounting Policies Year ended 31 July 2024 1. Scope of the financial ststements The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balan￿ Sheets and the Consolidated Cash Flow Statement 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 separate SOFA has been presented for the College alone as permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. The results of the subsidiaries as included in the consolidated income. expenditure and results of the College are disclosed in note 12. 2. Basis of accounting The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Stsndards. in particular 'FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland, (FRS 102). The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with 'The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102, (The Charities SORP (FRS 102)). The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year. 3. Income recognition All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured. a. Incoming resources from fee income, Office for Students (Ofs) support and other charges for services Fees receivable, Ofs support and charges for services and use of the premises, including contributions received from restricted funds, are accounted for in the period in which the related Servi￿ is provided. b. Income from donations, grants and legacies Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly 23

ST CATHERINE?S COLLEGE Statement of Accounting Policies Year ended 31 July 2024 3. Income recognltion (continued) b. Income from donations. grants and legacles (continued) within the control of the College and it is probable that the specified conditions will be met. Legacies are recognised following grant of probate and once the College has received sufficient infomiation from the executor(s) of the deceased's estate to be satisfied that the gift Gan be reliably measured and that the economic benefit to the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted 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 assets), they are measured at the fair value of those assets at the date of the gift. 4. Investment income Interest on bank balances and fixed interest securities is accounted for in the period to which the interest relates. Dividend income and similar distributions are accounted for in the period in which they become receivable. Income from investment properties is accounted for in the period to which the rental income relates. 5. Expenditure Expenditure is accounted for on an accruals basis. Indirect expenditure is apportioned to expenditure categories based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates. Grants awarded are expensed as soon as they become legal or operational commitments. Governance c08ts comprise the costs of complying with constitutional and ststutory requirements. Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure. 24

ST CATHERINE'S COLLEGE Statement of Accounting Policfies Year eDded 31 July 2024 6. Tangible fixed assets The cost of major renovation projects which increase the service potential of buildings is capitalised and depreciated over applicable periods. Expenditure on equipment costing more than £1 K is Gapitalised and carried in the balance sheet at historical cost. Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the Statement of Financial Activities as incurred. 7. Depreciation Depreciation is provided to write 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 properties, including major extensions Building improvements 30 years 20 - 30 years Equipment 4- 10 years Freehold land is not depreciated. The cost of maintenance is charged in the Statement of Financial Activities 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 date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are valued at their mid-mart(et values as at the balance sheet date. Investments such as hedge funds and private equity funds which have no readily identifiable market value are included at the most re￿nt valuations from their respective managers. Gains and losses arising on the investments are credited or charged to the statement of Financial Activities and are allocated to the appropriate Fund according 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 pri￿ on a first in. first out basis. 10. Foreign currencies Transactions denominated in foreign currencies during the year are translated at prevailing rates of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign cUr￿nCIeS are translated into sterling at rates applying at the Balance Sheet date or, where there are related forward foreign exchange contracts, at the contract rates. The resulting exchange differences are taken to the Statement of Financial Activities. 25

ST CATHERINE'S COLLEGE StatemeDt of Accounting Policies Year ended 31 July 2024 11. Totsl Return investment accounting The College statutes authorise the College to adopt a 'total return, basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the caprtaifincome distinctions of trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a capital supplement to the preserved ('frozen') value of the pemianent endowment. The Goveming Body has decided that it is in the best interests of the College to account for its invested expendable endowment capital in the same way, though there is no legal restriction on the power to spend such capital. For the carrying value of the preserved ('frozen') permanent capital, the Governors have taken its open market value as at 2003-04, together with the original gift value of all subsequent endowments received. 12. Fund accounting The total funds of the College and its subsidiaries are allocated to unrestricted, restricted 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 expendable. 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 the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors have eamiarked funds for specific purposes. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gtfts where the donor has required that the capital be maintained and the income used for specific purposes. Permanent endowment funds arise where donors specify that the funds should be retained as capital for the pemianent benefit of the College. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case it will be accounted for as a restricted fund. Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circUmstan￿S that they have been given, for the long term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the Gapital. 26

ST CATHERINE'S COLLEGE Statement of Accounting Polieie5 Year ended 31 July 2024 13. Pension costs The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as if these were defined contribution SGhemes in accordance with the requirements of FRS 102. The College's contributions to these schemes are charged in the period in which the salaries to which the contributions relate are payable. 14. Accounting judgements and estlmation uncertainty The College has used the methodologies provided by the Universities Superannuation Scheme and the Oxford Staff Pension Scheme to calculate its share of the deficits of these schemes. This calculation therefore embodies major judgements made by the trustees of the schemes as to the actions required to eliminate their overall deficits and the rate at which this can be achieved. In the view of the Governing Body, no assumptions concerning the future or estimation uncertainly affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 27

St Catherlne's College Consolidated Ststement of Flnancial Activltles For the year ended 31 July 2024 Unrestr Funds r(X)O Restrlcted Funds £Doo Endowed Funds £'ooo 2024 Tc*tal rooo 2023 Total £'ooo Notés INCOME AND ENDOWMENTS FROM, Charitsble activities= TeachiTVJ. researGh and residen￿31 Other TradTng Income Donations and legacies Investments Investment incorne Total r8tum allocated to income other income Total Income 11.319 1.022 322 11.319 1.022 2.049 10.628 1.672 995 918 2.270 12.4681 5.132 5.767 14 2.466 179 18,172 179 19,701 21 19.083 809 EXPENDITURE ON: Charitable activitie5: T8aching, re89arch and residenlal 13,678 820 14,498 12,229 Gen•rating fvnd¥: Fundraising Trading expenditure Investment management Costs Total Expendlture 473 724 140 15015 473 724 179 15,874 503 734 214 13,680 39 39 820 Net In￿Me1{EXp•ndrture) bgfore galns 11 3.827 5.403 Net gainslllossesl on investments 11. 12 13781 18,3741 Net Incom81{Expondlturel 2,779 3,145 5,913 12,9711 Transfors belweeD fund5 18 16221 623 oth•r recogn16ed gainsllosses G8insllbsse$l on LfispDsal of fixed asset Net mr)vem8nt In funds for the year 2.157 612 3,144 5.913 12,9711 Fund ba18nces brwght forward 18 37.931 416 100.811 139,158 142.129 Funds tsarried forward at 31 Juty 40,088 1,028 103,955 145,071 139.158 28

St Catherine's College Consolldated and College Balance Sheets As at 31 July 2024 2024 Group rooo 2023 Group £'ooo 2024 College rooo 2023 College £'CN)O Notes FIXED ASSETS Tangible assets Property investments Other Invesknents 10 11 12 24,229 21.046 107.289 24,820 18,123 104,560 24.229 21.046 107.289 24.820 18.123 104.560 Totsl FIX￿ Assèts 152.564 147,503 152.564 147,503 CURRENT ASSETS Stod(s Debtors Investments Cash at bank and in hand 278 1.671 4.264 14.348 272 1,132 3,653 16,342 278 2.534 4.264 13.304 272 1.190 3.653 15,985 15 Total Current Assets 20,561 21,399 20.380 21.100 LIABILITIES Creditors= Amounts falling due within one year 16 2,154 1,845 1.973 1.546 NET CURRENT ASSETSIILIABILITIES) 18,407 19,554 18.407 19,554 TOTAL ASSETS LESS CURRENT LIABILITIES 170,971 167.057 170.971 167,057 CREDITORS: falllng due after more than ong yoar 17 25.900 26,100 25.900 26,100 Provlslorrs for Ilabllltles and chargos NET ASSETSI{LIABILITIES) BEFORE PENSION ASSET OR LIABILITY 145,071 140,957 145.071 140,957 Defined benefit pension schome Ilablllty 22 1,799 1.799 TOTAL NET ASSETSIILIABILITIES) 145,071 139,158 145,071 139.158 FUNDS OF THE COLLEGE Endowment funds 103,9SS 100.811 103.955 100,811 Restricted funds 1,028 416 1.028 416 Unrestricted funds Designated funds General funds Pension reserve 29,210 10,878 29,036 10,694 11.7991 29.210 10.878 29,036 10.694 11.799} 22 145,071 139,158 145,071 139.158 The financial Statements were approved and authorised for issue by the Governing Body of St Catherine's College on 6 November 2024 Trustee: Trustee: 29

St Catherine's College Consolidated Statement of Cash Flows For the year ended 31 July 2024 2024 £'ooo 2023 £'ooo Notes Net cash providod by (used In) operating a¢tivitSes 24 (2,13n 356 Cash flO￿ts from investing actlvities Dividends. interest and rents from investments PriKeeds from the sale of property, plant and equipment Purthase of propety, plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by (used inl investing activities 5,132 5.767 (1,531) 3,860 (7,426) 36 {1.0221 3.815 111.5421 (2,9821 Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowing Receipt of endowment Nel cash provlded by (used in) flnanclng activities 1200) 1200) 918 718 812 612 Chango In cash and cash equlvalonts in the reportlng perlod 11.383) 12,014) Cash and Gash equivalents at the beginning of the reporting perlod 19,995 22,(M)g Change In cash and equivalents dug to gxGhange rale movements Cash and cash equlvalents at the end of the reporting perlod 25 18,612 19,995 30

St Catherine's College Notss to the financlal statsments For the yoar onded 31 July 2024 INCOME FROM C￿1￿lTABLE ACTMTIES 2024 rooo 2023 £￿00 Téachlng. Research and Resldéntlal Unr8Strictsd fiJnd5 Tuition fees- UK and EU students Tuition fees- Ovetsea5 Students Other fees Other0ffi￿ for Stud8nts supwt Otherarademic income College r8sid8ntial Inccffle 2,072 2,643 1,331 2,192 2,119 1,232 217 4,868 11,319 245 4.634 10,628 Totsl Teaching. Research and Resldontki 11,319 10.628 The abovo anal￿1$ Includes£4.903k rac8ived fr¢Jm Oxford Un￿181tyfTvM publlcty acCourrtab￿ funds undorthe CFF Scherne12023: £4.517kl. Underth8 t8ms of the underyraduaie stud8nt 8UPPOrt package offerod by Oxford Unwersityto sludeTrts frotn lower income househL4ds. the college share of the fe85 waived amounM to £27k12023.. £19kl. ThÈst are mt inclLMJed in the f&8 Ir￿Me r8POrted aix)ve. DONATIONS AND LEGACIES 2024 rooo 2023 l)onatton8 and Legaclp Unrestricted fund8 Resiricied l￿d8 EryJow¥d funds 322 183 812 918 INCOME FROM OTHER TRADING ACTMTIES 2024 rooo 2023 rooo Subsldi8ry comp8nytradiw incomè 0th8r trading income 1,672 1.022 1,672 INVESTMENT INCOME 2023 £￿00 eooo Unresthctedfunds OtheT pro￿rty income Equity& global diveNfi£d dniidÈnds Ir￿orne from fixed iTtsrest stocks Interest on fixed terFn dew>sits and Lash Other inveslrngnt incom8 Bank interest Cxher Irrt8￿st 1,393 1,131 1,036 431 282 1862 1,941 Endowpdfunds Othar property Incrn18 Equity& global dlverslfied dMdend5 lrtome from fixed Interest stocks INre8t on fixed term deposits and &3sh Dth&r investment irKome Bank Interest Otsr inler8St 1,163 861 149 958 66 2,899 2,270 3,826 Total Investment in¢oMe 5,132 5.767 OTHER INCOME Other miscellanoou8 Income 179 179 21 21 31

St Catherlnè's Collego Notgs to the financlal statements For the year endod 31 July 2024 A)IALY81S OF EXPENDMIRE 2024 rooo 2023 eoc Charlt8bl8 expenditure "r8Ct stsff costs alk)tsabJ to.. Toathino, resèarch 8nd r8sid8nti81 5.138 4,953 Other dlrect o)sts al￿￿￿j to.. Teaching. research and resld8nlal 7.421 4,813 Support arKI govemanca costs allLxat8d to.. Teachlng. r8searth and residenti 1,939 2,463 Totsl charftsbla expendllur• 14,488 12.229 Expendlture on rdlsinyfun¢ts DireGt staff c￿ts allo&qt8d Fundrai51 Trading expendrture Inve&tment manag8ment costs 307 337 349 344 Oth8rdir8Ct Costs alloGated tty. Fundraising Trv4Jing expendtture Investment m8nagwn8nt ojsts 154 79 SuptKJrt and govemBnce costs allwatsd to.. FurK1rai8lng Tr&Jlng expenditure Inve¥tment Man￿￿Ment¢08t8 318 311 214 Total expendlture on generatlng funds 1,451 Total *¥pendliure 15.874 13,680 The 2023 rwurt88 eynded of£13,680k repre$8nl&l £12,696k from unQ$trl¢￿I funds, £941k fvorn reslricted fund5 and £43k from endowed funds. The Coll8ge Is liable to be a5se5sed for ContrltMJUon underthe provision$ of Slatute XV ofthe UniveNtyof Oxford. The Cantrfbuibn Fund k8 used to make grant8 and k)ans to colleges on the basis of need. Cttntrfbutions are calculated annually in accordanc8 with régulat￿S Tnodo bythe cou￿1 of the University of Okford. The t8achlng and r888arch costs include Collége Contrlbution payab￿ of e62k12023- £56kl. 32

St Catherln&'s College N¢)tes to the financial ststements Forthe year ended 31 July 2024 J4ALYSIS OF SUPPORT GOVERNANCE COSTS T8achlng and Research G￿eratiThJ Fund8 Total £'ooo rooo Fiftanci￿ administration Dom8sts"c administration Human resources 406 291 131 367 1,803 406 291 131 367 1121 DeprecHtK)n Lossllptofitl on fi￿1 a58ets k interest pardble Inve5ttnent manag8mEnt Olher financ8 charges Gov8mance costs 318 715 715 79 11.7991 179 11.7991 25 497 1.939 Teaching 8nd R8seatch £'ooo Genarallng Fund5 £wo Tot41 £woo Flnancld 8dminishDon Dom85tyG adtnlnlstwon Human r88ourc88 332 268 87 313 1,768 332 268 87 313 2,080 IT Dgpreckqtk Lossllprofill on fjxwj assets B8nk intefyst Poyabla Investment management Other finarKe charaes Govemance eosls 312 726 214 11.055) 24 214 11,0551 Flnartlal and dOrr￿stiC Jmlni$tr8Uon and human resowc8& costs are atknbuted acco￿11¥j to tha 85timat8d storttlme spent on each activity. Dapreaalion costs and profit orloss OTh disposal of fixed asts are atknbuted accordlTrJ lo the use made of th8 thderIW￿ 8888ts. IT costs are attributed ac(*Jrding to lime allocatwl to each 8Ctiwty. Interest aTYJ otherfinanca charges are attrfbuted &eording tothe purpo8e ofts related finan¢lng. GoveTnon¢e costs are 8llocated xcordlng to time 8p8nt in ea¢h arèa. 2024 eooo corK) Governance ￿$ts eomprf88: Auditorfs rernuneration-audit services Auditors rémuner8ts"on- assurance sérvlces otharthan audit 24 24 No amount has ind￿Jed In govamance costs for Iha dr8ct8mploymentco8ts orreimburned expenses of the College Fellows on th& bBSiS that th95e payments relate to the Fellows involvem8nt in the College's charitsble acovtties. D8tdl8 ofthe wuneralion oftha Fellow8 and their relmbursad 8xpen505 a Induded as a separate note wllhln thes8 finsnciEI 51atsm8nts. 33

St Cathgrine's College Nots$ to the flnancial Statements Forthe year endgd 31 July 2024 GRANTS ANO AWARDS 2024 £'ooo 2023 £000 During the ywthe colle￿ funded rè888rch 8ward5 and burs8rle8 to students from its re8trtd8d and unre8trf¢tad fund as follow5.. Unrastrlctad funds Grants to individuals.. SchoL8rships. prize$ and grants 8ur88ri8S and hardship awards Graduate Studentships Grantsto otherinstitutions Total unre5tr1cted 81 35 116 Restrlctad lurtds Grants to indiYidual8'. Scholarships, prizes gnd grants Btst5arlès and hardship awards GTaduat8 Studentships Grants to other in5titutlDn5 Totsl r85tr1cted 679 815 134 118 820 Totsl grnnts and award¥ 936 1,052 The figure Induded above rèpr958nts the costto the CA>lleg• of the Oxford BU￿ary scheme. Students of thi$ colleg8 raceived £92k12023'. £97kl.Some of those Students also r8c8iv8d fee waivers amounting to £27k12023.' £Okl. Thp 8bove cc6ts are indudwj wilhln the charitable ￿4)end￿Ure on Teaching R8888rch. 2024 £.￿0 2023 Thp aggffjgate staff costs for the yearwer8 88 follow5. 8alarf88 and wages Social 8ecuritycosts Pension costs15ee also n12t8 211.. Defined b￿efft schema8- employer contrlbutlons Defined b￿er11 8chemos- mov8m8nt In provision D&fln8d conlribution sthemes Othw benefits 410 370 623 11.0551 170 11.7991 125 4,734 5,1S4 The average number of employe8s of the College. exclL*11rvJ Tw8t885, on a full Ume aquivdent ba$is was 8s follow5. 2024 2023 Tultion and resgarch College residentl Public worship Heft￿e Fundrai51rvJ SLfPPOrt 59 51 10 Total 163 157 The 8v8rdgB nUtnb8rof employed Colleg8 Trust805 during lh2 y8èrwas 85 fo1kxvs. Unlv8rsity Lectu￿ CUF Lecturer5 Otherteaching and research Other Total

st Catherine's Coll•ge Notes to tho financlal statoments For the year onded 31 July 2024 STAFF COSTS1¢ontlnu8dl The following Information Tekte$ to employees of tha CdW8 exdudlng the CollgJe frustees. Dètsi18 of th8 remuneralon and reimbursed expen8es ofthe Collage Truste&& Includad as a separate note in these financi81 stst8ment$. TF numb8rof 8mploye6s IwJudlrvJ th8 College Tru&tttsl duriry ￿rWhoSe gros$ pay and bènefrts (excl￿1￿0 emplosw Nl and ￿510n contrfbutionsl fdl within th& following bar￿sWs.. £60.001470.000 £70.￿l-£BO.0Dl The number of tha above employ888 wilh retirement benefits accruing was as follow%.. lrt defined tenefits sc￿M•S In defined contribution schetne8 2024 t'ooo 560 2023 £'OLX) Thp College ojntrfbutions to d8fin8d contributK)n pBnsion scheTne5 totall 10 TANGIBLE FIXED ASSETS Gr¢Jup & Cdl¢go Leasehold land and building5 Freehold land and buildings Plant and rnad)inery Fixtures. filtiws and equipTnent rooo Totsl rooo £000 Cost At start of ygar Additions Oisp050L 47,591 1,394 2,878 137 50,469 1,531 At énd ofyear 3.015 D8pr8cS8tlon and Impalnnont At startof ytsr DEpre¢ktlon charg8 forthe year D￿r￿ck9t[an on disp05als Impairnient 23,325 1,9S6 2.324 166 25,649 1122 At end of yar 25.281 490 N¢t book value At end ofyear 23.704 52$ At start of ￿ar 24.266 Th8 above Indud85'. £Ok12023..£Okl of pllqnt and machinery Wd Undarfinar￿e lea&8&. £Ok12023..£Okl of fixuras and fitbng$ h6ld under finance léases. The College has historic assets all 01wh￿h are u5￿j in the (x)ur8e of the Colleges t88thing and research a￿￿ties. These comprise mainly listed buildings en the c￿￿ge site. togethervjlth their conterts induding some work5 of art. In some Cases reliable histori￿1 (x)st infortnab.on is not awdilab￿ for th88e a55ets and could not be obtwned except at disprcportionate expense. However, in th2 opIn￿n of the Trustee8 the dePreCrat￿ histo￿(￿1 cttt of these a55ets18 now imrnatsrial. 11 PROPERTY INVESTMENTS Group & Collego 2024 Totsl £'ooo 2023 Total £￿0D Ag￿Ul￿1ral rooD Commeraal Other £rM)o Vduation * start of year Additions and improvements al ￿$¢ Transfer trj tangible fLxed assets Disposal$ Re¥aluati(n gain51110sse$l in the year 18.123 2.950 18.123 2,950 14.796 5,295 11011 74 11011 74 1311 11.9371 v￿uatIOn It end of year 21,048 21.046 18,123 The Propert￿ inrlude nlne prcperbe5 tnanag8d by OLIM arKI ttwo prop8rbe5 purcha88d underthe Coll8g¥8 joSnt equity 5cl*m8 wlth staff. The59 ar8valu8d annually by refereTTh to chang88 since the purchase date In ts Nationwide Fk)us8 Price Indexfor Yw outer South East orwh8re applicable ￿cordir￿a to the teryn$ of Iheiolnt equity agro&m8nls. 35

St Catherlne's Collego NotOS to the financlal statements For the year onded 31 July 2024 12 OTHER INVESTMENTS I Investments are held atf8lrvalu8. 2024 t'ooo 2023 £￿00 Group & Colleg• In￿stMents ValuatDn at start of y88r New money invèsted Amounts wlhdrawn Reinv8st8d Ineom? Invèstm8nt management fees ID8craaseYincrease in value of Inv8slrnent5 104,560 1,142 11,5881 1.163 108.534 6.389 14,7881 2.012 16,437) Group & Colkgo In¥estm8nts at ond ofygar 107.289 104,560 Investment in $ubsldi8ri85 Group & Colleg¢ Invastsnents it ond of y¢ar 107,289 104,580 Group & Coll¢g¢ In¥88tm8nts cornpri$e: Held outside th8 UK £'wo Hdd in the UK £'(x)o 2024 Total rooo Held outside Ihe UK £Yx)o Hald in the UK £wo 2023 Total Equty investment5 Gk)b31 [nuIt￿8$S6tfunds Proptyftjnds F￿ed inter88t stocks Altomative and other investrn8nts Fixed term dpposits arK1 (2sh 7.459 14.130 39.602 47.061 14,130 13,436 7.739 13.636 109 37.041 44,780 13,B36 16,303 13.436 16.194 5.475 17,017 10.170 22,492 10,170 6,633 14.054 9.154 20,687 9,154 Total group & Coll¢g¢ Invastments 80,225 107.289 28,117 76,443 104.560 13 PARENT AND SUBSIDIARY UNDERTAKIN¢JS ThE College holds 1￿% ofthe i55ued Share capital in St Gqlherlno$ Collage MBrÉgemgnt Umiied, 8 company providiTrJ and otherevent seryL¢es on the CCI￿ge promi888, and 100% of the i6su8d share capital in St Cathgrfn8¥ ColWe D8velwTnents Limlted. 8 compBny proV￿l￿g deslgn and bulld wrotrurDon services to the Colleg8. Thè r8sultS 8nd their a558ts ènd Ilabillues ofthe parent and $ubsld18ries at Ihe ye8r end as follvws. st Catt M8nagement St Catr Development £'coo ro Income Expenditur8 Donation to College underglft ald 11,0381 e63 375 R95uIt forthe year Tofal assets Totsl Ilabllits-88 1.036 11,0361 191 Net fund5 atthe end of year 36

St Catherine's College Notes to the financial statements Forthe year endod 31 July 2024 14 STATEMENT OF INVESTMENTTOTAL REfuRN The Trustees have 8(k)pted 8 dulyauthorised p￿￿Y oftotal return aceounling for th& College inv8slment retUff￿ with effect from 20D7108. The inve5tm8nt return to be 8ppIBd a5 in¢om8 Is calcuLqted as 3% of the av8rag8 of the year-end values of the relevant invéstments in each ofthe last 3 years. The YeseN￿j lfrozènl value of the invested 8ndowmentcapitsl repre$&nts its opan market vdue In 2003104 toJetherwKh all subsequent 8ndcwTherts valued atd8t8 ofgift. E¥pend8ble Total End¢wm&nt Endowments Permanent EndowTnent Unapplied To181 Retum eooo Trust for Investment eo Totsl rooo rooo Atthe bèglnnlng of the yoar Gift component otthe p8mianent endcA¥m8nt Unap￿led totsl return Exp8ndable endowmènt Totsl 11.430 11.430 7,691 11,430 7.891 81,fjJg 100.811 7.691 11,430 7.691 19.122 81.689 Movements In the rBportlng porlod: Gift of endtywtnerrtfunds RewupTnentof Injst for investment locatknn from trust for investsnent Investmant retum.. total investsn&nt income Investment retum.. realised and unrealised gains and los88s Less.. Inveslrnent man￿ement C05t5 Othertransfers T¢)tal 314 918 432 432 466 1.838 1.998 1391 2,270 2,464 1391 604 1.503 4.109 5.612 Unapp118d tot81 retum alloGa1￿1 to Inojme in the reporlng FÉrlod Tr8nsf8r5 into expendabl 8rK1O￿e￿ts 14061 14061 12.0621 12,4681 14061 14061 12,0621 12,4681 Net rntswh•nt8 In reportlng pErlod 604 493 1.097 1047 3,144 At ond of the reportlng perlod: Gift component ofthe p&manenl endowment Unapklied total return Expendable &ndowm8nt Total EndtymeT 12,034 12,034 8,184 12,034 8.184 83,737 103,955 8.184 83,737 83,737 12,034 8.18 20,218 15 DEBTORS 2024 Group £'ooo 2023 Group eooo 2024 College £'ooo 2023 Colkge £￿00 Amount8 falllng due wlthln one spar: Trade debtors Amounts owed bycollege members Amounts owed byGrcyJp undtrrtakings Loan5 repaydble wrthin one yoar Prepayments and a¢¢ruèd incom8 otherdebtors 377 272 1,112 671 734 362 149 149 P4nounts falling due aftor more than onè year Lo7ns 1.671 1.132 1534 1,190 16 CREDifoRS: f8lllng du¢ wlthln on8 year 2024 Group rooo 2023 Group £000 2024 Collfrge £'ooo 2023 Cdlege £￿00 Bank loans Trade Gr￿￿orS ATnounts owed to Colleg8 MeTnb8rs Amounts owed to Grt>up undertaking¥ Tzxation and ￿181 security College t¢￿tribU￿. Accru818 and defErred in¢om8 Other credito 200 2W 656 76 514 76 117 15 152 233 327 161 365 221 36S 227 2.154 1,845 1,973 1.546 37

St Cathgrine's College Notss to the flnanGial statements For the year ended 31 July 2024 17 CREDITORS: falllng du8 after more than one year 2024 Group £'ooo 2023 Group £'ooo 2024 College rooo 20TJ Cdle £YJ Bank loan$ otAlgations urK1er fin8nca18a5e5 Other credltors 900 1,100 900 1,100 25,000 25.000 25,000 25,000 2S,900 26,1DO 25,900 26,100 The bank loan Is a 25 yearunsecured fixed rate loan, endi￿ on 02101r2030. Other¢roditor& rwre&ent8 a wvate placement of dabt wtth a t8rn1 of45 years * a fjxed interest rate of 2.57% ending on 1411012061. 18 ANALYStS OF MOVEMENTS ON FUNDS At 1 August 2023 £'OLX) IncomirvJ resources £OOD Resources expended £'ooo cal￿1 Ilossesl £Doo At 31 July 2024 £'No Transfers £'ODO Endowmnt Funds- Pèmxnent Scholarships & Prizes Fdknhips SttJd&nts Buildings 8.no 7.865 2,353 173 345 521 160 214 1S2 58 9,121 8,402 2.515 180 1561 Endowment Funds. E¥ppndabl• G8neral ondowTnent Re$8arth Scho18r5hip8 & Prize5 Fellow5hip5 Students 60.573 11,610 5,237 1,657 261 130 1391 11,8451 1321 1641 1,481 61.827 12.123 128 4,092 257 245 13 Ttstsl End)Wrn8nt Fund8- Collogo 100,811 39 2.469 2.464 103,955 EndoMrTh8nl funds h8kd bysubsidiories Total End)wment Fund6- Group 100,811 3,188 39 2.469 2,464 103.955 R¢strleted Funds Scholarshlps & priz88 Students Research Grdduate Centre Bthkllng Works Dér2rbonlsth"on & sustainability 209 95 102 37 93 179 1891 11061 99 175 soo 500 Expenditure trom èndowment funds on 5pecifi¢ pur￿$8& 16241 624 Total Restrlctsd Funds- College 416 820 623 1,028 Restrided fijnds hald by sub$idiad8S Totri Restrfcted Funds- Group 416 820 623 Unrostrfcted Fuftd5 General raserve Fixed Asset Designated Fund Olher academic reS￿ve Private Placernent prop8ty r8serve Private Placem￿t cash reserve Bukjing Designated rgserve furKr Pension re5etve Ern￿￿nCY& unr8slrict8d fund 10.694 24,816 18 2.999 1,203 13,469 626 1.532 10,878 12,1221 19 3.660 1,393 530 17821 50 14281 11.7991 1.799 313 T¢4ts1 Unr88trtctsd Funds- Colleg¢ 37,931 15.705 16.816 1,421 Unrestrictgd fund5 by$ubsldi8ri85 Total Unra8trlcted Funds- Group 37,931 15.705 16.815 1.421 40.088 Total Funds 139,158 19,702 117,674 3.885 145.071 38

St Cath9ring'$ College Noles to the flnanclal statemonts FOT the year ended 31 July 2024 19 FUNDS OF THE COLLEGE DET￿Ls Tha following is a summaryof the origins and purrx)se& of each of Funds ErKltswm¢nt Funds. Pomian8nt'. Schd8r&hlps & priz88 A consdidatk)n of gifts and donations where income, but not capital, can b8 used for schLilarshlp8 and priz8S. F￿lOW$hips A u)n5d1datk￿ of gift8 ar￿ donations wh8r8 incom8, but not capital, can be used for Fellowships. A ￿>t}sOlIdat￿ of gifts and donats.ons wh8r8 income, but not Capital, can be for stud8nt hardship. Building5 A consolidat￿n of gifts and donations where incoma. but not captsl, can be used forthe bUI￿l￿g5 of the College. Endowm¢nt Fund$- Expendabl•: General 8n(kJwm8nt A Gonsolidatl¢Jn of gifts and donation$ wh8re 8lth8r Income, or Ir￿￿8 and caFitsI, n be used for Ihe general purpos8s ofthe charity Sth)larship5 & Prrzes A con80lidallon ofgifts and donations where either income, or irwne Bnd ca￿￿1, can be used for xholarships and prizes. R6search A fund wh08e Inttffle 8nd In certaln clrcum5tsnces capital rnay be used for research. Fell¢yw8hip8 A &)1￿lIdat￿n of glfts and donatioThs wh8r8 either in￿me, or income arwj capital, r2n be used for Fellowships. studants A consolidatk)n of glfts and donallons whara elthar Incom8, cf ir￿eMe and c¥wtsl, ran be used for student hardship. Bulldln A con801idatlon of glfts and donats.ons %yhera either incorne, or income and c8Pital, rAn be used for Iha buildings ofthe Collega. Réstrletéd Fund8: Scholarships A consolldatlon ofgift8 and donations where both income and c8Pital L¥n be Used foTschol8rships. students A consolithtlon of glfts and donations whère both Income and ca#tal can ba used forthe b8nefitof studénts. R88earch A consolidation of gifts and donations where both incorne and capilal (xn bè LL88d for research. Deslgnated Funds F￿ed As52t De51gnated Fund Unrestricted Funds whlch are repr888nted by the fixad ass8ls of Ihe Cdlege and thBreforE mt availab￿ for 8xp8nditur8 on the College's generdl pU￿Se5 Other academiG reseNe Unrestricted Funds allccsted by the Governing Bodyfor (ksignaled aGad8tnl purrose5. Private Placwnent Fund Unrestricted fuNls allorA8d by the Governlng Body in order lo accru8 fundsto repaythe ￿aCeMent of d8bt In October 2061. The fund indude5 income nd g8in& from th8 matching investments net of all cost5 and inv85tment losses Of any). Penslon TesoNe Representing the Ilabllityforfuture pen81on contdbLrtlon8 und8rd8fined benefit ¢hemes. Bu1￿1ng D?￿gnated re58rv8 fund Unrestricted Fund& allacated by the Goveming Body for buidling propcts. General Unrestrf(tsd lunds RÈpr8sent accumulated income from the College'5 activitiBs and ttlh&r sources thèt are available forthe general purposas of Ihe College. 39

st Catherine's College Notss to the financial statements Fortheyearended 31 July 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS Untsstricted Funds £'ooo R88trieted Funds £'ooo Endowment Fund$ £'ooo 2024 Totsl £YJoo Tanglbl& fixed a88et# Propety inv8Strnents Other investrnents Net cuiient assets Defined ben8fit pensK)n Scheme liability Long terrn Irabilities 24,229 20,600 2,752 18,407 24,229 21.046 107,289 18A07 448 102,509 1,028 125,9001 125.9001 40,088 1,028 103,955 145,071 Unresthcted Fund5 £'DOO Restricted Funds £'Doo Endowment Funds £'ooo 2023 Total £w(MJ Tar￿J1￿e fixed 8SS8ts Pro￿ty investrnents Olher investments Netcurrentassets Defined benefit P8n5ion scheme Ilabillty Long term liabilities 24.820 17,600 3,856 19,554 11,7991 128.1001 523 100,288 18.123 104560 19.554 11.7991 126,1001 418 37,931 416 10a.aii 139.168 21 TRUSTEES. REMUNERATION The trustse$ of the college comprise the governlng bo, primarflyfgllow5 who are teachlng and re￿re￿ employ888 of the College and who sf( on goveming body by vlrtU8 of their employment. No trustsg ￿1Ve8 any remuneration for acdng 98 8 tN$tee. How8ver, those trustses who arè also employees of the College receive salars lor their ￿rk as emplosw8. Where pos$lble, thesè salarfe$ ar8 wd on extsmal 8cal8s and often argioint 8rr8ngements wth th8 Urniverslty ol Oxford. rrustees of the fall into the followlng ca18gories.' The Master Official Tutoftal Fellows Offielal non-Tutori81 F811ows Professorial Fellows Readers Fellows by Swial Electk)n Stipendiary Lecturer8 Faculty Lecturers Some bJ$tetss are eligible t¢ partlpats in th8 College'$ ￿￿nteqU1ty $cheme-, other8 mty be ellglble for8 housing allowance which 1$ di$¢lo$ed wthin the salary fvJure$ below. Three trustees Ilve In houses ¢)wned jointty Mrith the Coll8g¢. Some trustees rteeive addil'on81 allowances lor additional work ¢arrpd out as part colleg8 officers. For example. S•nior Tutor, Dean. Tutor for Adrni58ions, Tutorfor Graduates. These 8rnounts are in¢luded within the remuneratK)n figures bEbw. The total remunemtion and taxab￿ benerts a5 Shown beknw 15 £1,301k12022-23 £1,225k}. The total of pensw)n cOntiibut￿n5 is £172k12022-23 £261kl.

St Catherine's Collego Noles to the financlal statgments For the yoar onded 31 July 2024 21 TRUSTEES. REMUNEIiATION1¢oDUnuedl Ramunarallon pald to tru$i•è$ 2024 2023 Gross remunerdtion. ta￿bI8 tenefi15 and pBn510 contrfbutions Gross remuneration. taxable benefits and pen5K) Iribthi￿S Nurnberof Nurnberof Trusie&sIFellGY Range 11 £3,000i3,999 £9,UJO-£9.999 £10.OOOQ10,999 £13,000413,999 £14,WO-£14,999 £18.OLNJ-£18.999 £19.OW-£19,999 £20.OW-£20,999 £21,OW-£21,999 £22,0(Jl-£22,999 £23,OCKF£23,999 £24,orrt)-£24,999 £25,OLN5£25,999 £26,0(MM26,999 £31,000431.999 £34,000-£34,999 £￿,0(￿43S,99g £48,000449,999 £53,oor)-t53,999 t54,000-£S4,999 £SS,000-£55,999 £61,000-£61,999 £62.000-£62,999 £63,000-£63,999 £69.000-£69,999 £70.000-£70.999 £73.000473.999 £76.000476.999 £78.QOO478.999 £82,fKM)-£82,999 £129.(K)0-£129,999 £134.(KIO-£134,999 7,915 9.835 10,026 13.212 29.506 36,565 39,038 20.294 21,859 22.875 23,235 341,284 75,914 39.564 44,9S8 23.987 24,192 410,247 79,943 14 16 31,689 34,649 35,333 48,101 106,528 45,092 48,171 53.244 54,503 55,286 55,710 123,191 62.105 63,728 69.475 141.317 70.&58 73,657 76,484 78.410 82.074 129.632 134,22S Tot41 53 1.461,297 52 1,486,014 Eleven trustees are not employ88s of th8 collage and do not raceive remunerauon. l trustees mayeatat ¢ommon table. 85 can all other Èmployee5 who a￿ gntr.ued to Meals whil8 wothing. See also Th)ts 28 Related P8tyTran50¢1ions K•y manag8m8nt remuneratlon Tha totsl r8mur)eratk)n pald to key manBgernent W8s £331k12023- £328kl- Key manag8mentar8 considered to b8 th8 Senior staff list￿ Dn p&aa 4 of the Reportof the Go¥amirrfJ Body. 41

St Catherlno's College Notes to Ihe flnanclal ststements For tho y&ar ended 31 July 2024 Pen81on 8ch8m85 The Coll69& partiapat85 in tt¥o principal ￿nSIOn s¢hÈme8 forlts staff- th6 Universlties Suparannualtlon Sthème IUSSI and the Unlversity of Oxford Staff Pens Scheme IOSPSI. The assets of ead) $cheme 8re hdp in separatè Iwstee-wJministffjd hjnds. USS and OSPS are ¢￿￿bulory mixad benefrt schemes lie they provide benefils on a defird tÉnefrt basis- based on length of sémce pensionaN& salary- and on a definwj cixrtribulion basis- bas&J on ¢onthbullons into the sch8mel. Both are tnultl-employerschemes and the Cdlege is unable to identrfy its share of the underlyng assets #nd liabilities relating to defined bervalts of each scheme on a coThsi4lent and reasonable b3s15. Th8refore. in ￿(ordanCe Wlth the accounting 5tatdard FRS102 paragraph 28.11, the Coll8F accounts forthe schetnes 88 Iftheywere defined contribution 5chetll85. As 8 resuK the atnountch8rW to the Inry)me and Expe￿ltUre acwunt represents the contrlbutK)ns payable to Ih8 schemes in r85pect of the accounting Per￿1. In the event of Ihg withdrawal of anyofthe paTtidp8tirwJ employers in USS or OSPS. the amount of any p8nsb)n funding shDrtfall (which cannot be oth8twlse recover8dl in respect of thatemtAoyerwill be spread attross the Temainiry parh(apatiThJ employers and refied8d in the next actuarial va1uaUon ofthe schBrne. H[r￿￿￿er In OSPS the amount of any p8n8ion 51K>rttaS1 in TÈSP8Ct of anywthdtawing parbciwdb.ng ernployertwll be thargd tothat employer. The College has m18 avwlable thB Nation81 Employment S3virvJ5 Tr￿t foremtAoyees who ar8 eligible under4uI(Xnat￿ enrdm8nt rwJulation5 to pènsion beneffits but TK>t elig[b￿ for8ither USS or OSPS. Universlltes SupÈrannualtion Schorne The USS oJmprise5 kn parts, LJSS Retirement Incom8 Builderfiich is a d8fined berEflt arrdTrJernentand USS Investmenl Bui1derwh￿h b a def5n8d ccntribu1￿D arrangement. However, 85 explain8d above. both parts ar8 ao))unt6¢J for a$ Wthey were defineLI contributK)n arr8ry8ments. A defficit recovery plan WBS put In place as part of the 20X) valuats"on. whith r8qulred payrnentof 62% of 581@ries ov8rthe p8rloY 1 April 2022 untll 31 ￿ArCh 2024. atwhth point Ihe rate would in¢w$8 to 6.3%. No defirit recovery p18n was required und8r the 2023 valuation berèu$8 the scheme wa5 in surplu8 on a technical prov￿10￿ ba$i$. Coll8gewa5 ￿ I0￿er raquir8d to make dofirjt recovery Gontribrtlon$ from 1 January2024 and aw)rdinyy rdeased the outstandirJ provision to the income arK18xp8ndilure account. At 31 Juty2023, the Col￿e5 bg18nce sheet I￿luded 8 liabllty of £1,783k fcrfuturo (xjntrfbulions, following the 2020 valuatlon when the sthemg was in deficit. No deficit Te¢ovory plan was required from th8 2023 valuatv)n, be(au$8 the scheme wa$ In surplus. Changes to contrbutK)n rat88 were impiementfjj 1 January 2024. The rtmaining ILqbility of £1,783k was r818ased to the Ino)m8 and expeThJiture a¢ixJunt. The finand8188sumptions u$ed in the 2023 valuation are d8scribed below. CPI assumptp)n Pension incr99$e$ Tarm de endeni r8185 in Ilne with th$ diUtrr•ncg bèNv8en the F￿ed Int¢￿$1 and Index ￿nked ol(1 BenofilB WI￿ no c .. CPI a55um lion lus 3b s è8nefils sub e¢1 to a $oft c rovidln sub.ect to a lloorof 0%) Olscount rate (forward ￿68) Fixad interest allt weld curve plus.. Pre-r8tirement.' 2.5% p. PoSt￿t￿Mment.. 0.9% Further dotsils on Ihe Actuarial Valuations of th8 USS Ln bè found on the USS wbsite. [h￿S)￿A￿.USg.cO.uk1￿t￿8r18l-V&lUation I Oxford Staff Penslon Schem• The Unlver81tyof Oxford Stalf PetK%ion Scheme IOSPSI is a mulb"-employw hftjrtd scheme set up undertrust arKI spon80red tythts University. It Is the pensK)n Th& lat88tfull actsrial valuation forthe OSPS scheme was ojmpkted 35 at 31 March 2022. The fundirvJ prtsrtk)n of tIy5 sthetne has improved significanyy Thp Tru8t88 and the Universty have agreed a new corrtritAJts"on S￿￿dule whlth took effect from 1 OGtaber 2023 arK1 take5 account of the b&n8fft irnproveTnents and chang88 to member wnlributK)n8 since the lastvaluation date. Itwas agre&l that th8 scheme will m£gt its own Nnning costs from thp sth8me's a58els, including exp8ns8s relatiw to txth the DB and DC Sectio[ andthe c05tof ppnslon Protathon Fund lother statutw18W8S. Acopyof the fijll actU8rial valuation and otherfvrtherdetails on Ihe 5chetne are available on the Unwsity ofoxforf website. [h￿Sj￿￿8nce.ad[￿I￿.0x￿c.ukIo5PS-d0cu[nents] Induded in otherrywjitors ar8 pension Conthbuts(￿S payable of£Ok12023'. £95kl. The CK>llwJo k% aware ofthe Ifirgin Mw1ia v wfL Pension Trust88811 Llmited Court ofAppeal judgement which tn8y gfva ri88 to adjustrnents to hemes. At pre88ntthe leg81 prccess is Incompleto afK1 thereforewe are unable to quant￿ any pDtentI￿ li8bili*"8S. Penslon ¢harge for tho year The Fen5ion ¢harg8 forthe yearw45 equal to the emploJErcontrlbutions. Sthem 2023124 2022123 rm 505 280 Univer5its'e5 Super8nnuaticn Sch8me University of Oxford Stsff Pension S¢heme Oth8rschemes- contributk)ns 460 226 793 42

St Catherlne's Co119ge Notgs to the financlal ststement$ Forthe year gnded 31 July 2024 TAXATION Tha Colwe ks able totske 8dv8ntage of th&tax 8xamptiorts available ta charities from taxat￿ in rèsp8ct of income and c8pitsI galns r£￿Ved to the exténtthat such Income and gains aré applled lo exdusively¢hariiabl8 purws85. No Ilabllity to corporation tax arbes In thè College's subsidkgry ¢ompanles b8c8use Ihts dlrectors ofthksAhese companl8s have iryjicatod thatthey intend to m•ke donatlons each yearto tho C(AWe equal to the taxable profits oflhe Company under th8 Gfft Aid Scheme. A¢cordirvJty no provision fortaxatlon ha8 been includ1 in the finarKid statements. RECONCILIATION OF INCCAIING RESOURCES TO NET C￿H FLOWFROM OPERATIONS 2024 Group £Tho 2023 Group ow Not Inc¢xnellyndlturel 5,913 12.9711 Elirninati£￿ of non4)PEtating cash flows.. Investment incxbTlle 15.1321 15.7671 {G￿nS￿OsSeS in Investments Endownentdonations D8preC￿qt10n l&Jrplus￿0ss on sale of ￿x8d assets Decfeaselllncreasel In stod( D￿asel{ln￿9a88I in debtors (Dernseylr￿re8s8 in creditors (Dec￿888y1ncrta5e In provisions (Decreaseylncrease in p￿slon ￿hame liabilty 12.0861 19181 2.121 8,374 18121 2.081 161 15391 309 1301 12601 11.7991 11.0551 Net ¢•$h provided by Iu80d Inl opratlng ￿tIvItIeS 358 25 ANALYSIS OF ¢￿H ANO CASH EQUIVALENTS 2024 £'wo 2023 £￿00 Cash Bt bank and In hand Notice d8posils (less than 3 rnonthsl Bank ovardrafts 14,348 16,342 3,653 Total cash and cash equlvalents 18.612 19.9 26 FINANCIAL COMMITMEPItS At 31 Jutythe Colleg& had 8nnual commitments under non<artrlthlè OP&Tatlng leas88 as follth¥s.' 2024 £'ooo 2023 Land and bulldlngs expiring wlthin orvèyaar èxpirfThJ beWn and flv8 years expirfThJ in ovar five &ars expiring within one expiring tEtwe8n tbvo r￿e yea expiring in ov8rfive ￿ar5 c￿lTAL COMMITMENTS Th8re are no cak¥tal Gotnmittments that require (Jl$closure.

St Catherlne's College Notes to the financlal statements For tho year gnded 31 July 2024 RELATED PARTY TRANSACTIONS Tha Colleg8 N8 partof the r¥Jllegiate UnIv&￿1tyof Oxford. Material Interdepe￿10nt￿￿ bett¥een Ihe Unlversltyand of ts College 8rise a5 a ¢onsaquence of this relatlonshlp. For reportiru purwjses, th& Universty tha oth8rColleges are not trèated a& rélatsd part&¥ a8 defined in FRS 102 mber5 ofthe Goveming B(xly, who 8r8 Iha tnjstees of the Collegts ar￿ related parties as defined ty FRS 102. ￿e1Ve remunèration and f8ollU8s 88 ampbyees of the College. Detsils ofthese payments and reimbursed eypenses as trustees are discthad separately in these finanual ststtsmènts. There wwe no103ns outstanding at 31 Juty. The Coll8g8 has propertEs wilh th& follt)wirvJ net bJok valuas ownedlointlywith Irustè8s urMlerh)int equity ownership agraements beiween the trustae and the College. 2024 £'Mo 2023 £000 Professor R Bailey PTofessorA Power 98 258 271 Al joint 8quty properties are subi8dtO s￿e on the d&partur8 ofth& trustee from the Qjlege. 29 CONTINGENT LIABILITIES Nor￿. 30 ADDMONAL PRIOR YEAR COMPARATIVES . SOFA brakdown Unrestricted Funds £000 Restricted Fur¥Js Endmd Fund$ £.￿0 20rJ Total INCOME AND ENDOWMENTS FROM.. Charltsble actlvlttes: TeachiryJ. researth arKI te8ldenlal OtherTrading Ineomè D¢That￿n$ and legaclas In￿$1￿Tr￿ Investment Income Total rebJm all￿ated tc inwmo Other irKome Total in¢om• 10.628 1.672 10,828 1,672 995 183 812 1,941 2.492 21 16,754 3,826 12,4921 21 19.083 183 2,146 EXPENDIYURE ON: CharStsb18 actlvttles- Teaching. research and ￿sIden181 11.288 941 12,229 Sèneratlng funds: Fundraising TrathtvJ eX￿nditsjrS Investment management Costs Totsl Expondliure 503 734 503 43 214 13,680 12.696 941 Net IncomellExpgndlturel before galns 5.403 Net galnsll1￿8$} on Inveslments 12,6761 15.6981 18J741 Net IncotnellExpendltsvo1 2,971 Trnnsfers bptween fund6 16871 586 101 Other racognlsed gains1lo￿eS G8insllb55951 cn dis[x)s￿ of fixed a888t N9¢ mov9mwrrt in lunds forth8 year 695 11721 13.4941 12.9711 Fund b81arKe8 brought forydrd 37,236 1W305 141129 Fund8 carrled forward at 31 July 37,931 416 100,811 139 156 b. Prop*tr InvoBtmonts Inote 11 44

St Catherine's College Notgs to tha financial statements Forthe year onded 31 July 2024 ADDMONAL P￿oR YEAR COMPARATNES Icontlnuedl Gr<>up & Colleg8 2023 Agricubtural £￿00 Ccffim8rcial Other rooo rooo rooo ValL4tion at start ofs*ar Addition5 ar￿ irnprovetn£nts at (x)st Transferto taryible fixed assets Distx)sals R8valuatk)n gairtslllossesl in the yaar 14.796 5.295 14,796 4295 1311 11.9371 1311 11.9371 Valuatlon al end of year 18.123 18,123 c. Parent & subsldlary undortaklng$ InotE 131 St Cqtz ma￿gernent 2022123 Development 202W23 In￿rne Exp8nditur8 Donation to College undergift aid 11,7671 775 992 Result forthe year Total assets Total Ilabllitie$ 698 16981 Netfvnds atthe end of ygar d. Stst8m8nt of Investment total roturn Intste 141 Permanent Endowm8nt Unapplied Total Rewm £￿0 &xpendable Endowment Total Endowments 2023 Trustfor Investment Totsl £'ooo £'ooo £'ooo Attho beglnnlng of th8yoar Gift comwnent ofthe pemianent endowment Unapplied total roturn Expendable endowment Total Endowment8 10.994 10.994 8,447 10,994 8,44T 84,864 104305 8,447 10.994 8,447 19.441 84864 Movornents In the reporting period: Grft of endowmentfunds Recoupment of trust for Investmant Ioc8Uon from trust for Investmant Investrnant return-. tot81 investment income Invastment return.. realised and unreali5ed gain$ and10gses Le￿ Investment management costs Other transfers Total 228 228 812 713 11,0621 713 11,0621 3.113 14,6361 1431 108 I1.¢￿0) 15.6981 1431 100 11,0031 208 87 436 13491 UnapyN•l total rettjm a11ocatad to income in the reporting p&riod Transfers into exwdablB endowments 14071 14071 12.0851 12.4921 14071 14071 12,0851 12,4¥21 N9t mo¥erngnts in reportlng wrtod 436 (7561 13.1751 13A951 At end of th6 r8portlng Porlod: Gift component of the pemi8nent endowmsrt Unapplied total return E￿nd#ble endowmgnt Total Endowments 11.430 11.430 7,691 11,430 7,691 7,891 81,689 45

St Catherlne's College Notss tothe financlal statomonts For the year ended 31 July 2024 DDMONAL PRIOR YEAR COMPARATIVES I￿ntInUe¢ll o. Analys18 of movomont on funds (note 181 At 1 August 2020 £'L¥JO Incthming resources £YJoo R8sourc8s expanded £'ooo Gansl Ilossesl £'ooo At 31 July Tr8nsfers £'ix)o rooo Endovnngnt Funds-Parrnan8nt SGholarships & Pritts Fèllowshlps stud8nts Buildings 9,029 7,936 409 312 207 12151 51 14931 14341 11261 8,730 7.865 2.353 173 177 151 Endowment Fund5-Expendable General endowment Res&ard) Scholarships & Prizes Fdlow5hips Sludents Bulldlngs 2,652 438 200 155 250 1431 11,9941 11261 13.4651 16531 12861 12301 60.573 11.610 5,237 11.951 5.266 4.220 11251 151 245 Total Endowm¢n¢ Funds. Coll8g8 104.305 43 2,391 5,698 100,811 Endowm8ntfund8 he￿ by subsldlade8 Total EndoY4Trent Funds. Group 104.30S 4.638 1391 5.698 100,811 Re4ts1¢i¢d Funds Sclulwships & prfze8 Student8 Research Gr￿uate Cwrtre Buikjing Works Expenditure frorn end¢)wmentfund5 on 5pe¢lfi¢ purpo$o$ 191 170 218 1201 11251 1921 209 95 102 76 19 11001 1191 17051 705 Total R88tr1cted Funds- Collego 588 1&3 941 586 416 Resthct6d fvnds held by subsidiari85 Totsi Restrlctad Funés- Group 588 183 941 5B6 416 Unrestrktod Funds General reserve Frrted Asset Oesignated Fund Other ar%demic reserve Priv8le Placernent prop8rty r888rve Private Placernent cash reserve Building D￿gnated r888rve fund Pension reser 8.192 25,878 17 4,676 1,327 12,574 110,8571 12,0811 785 1,019 10,694 24.816 18 2.999 1.203 1.131 557 18131 11,9951 12.8541 1.055 Total Un￿str1thd Fund5 . Colleg¢ 37.236 14,262 113,7511 1,805 Unrestricted funds held by subsidiarie8 Total Unrostrlcted Fund8- Group 37.236 1.821 37.931 Totsl Fund8 142.129 14.735 17.319 139.158 31 POST BALANCE SHEET EVENTS Th8 Co118ge continue5 to a(klress the presence of Relnforced Autoclaved A8ratsJ Ccficrete IRAACI in the rwf stru￿reS of the original 1960.5 Arne Jawbs8n dasign￿j buildiry through the PTOVi5iOll of teTTJtx)rarystruthJres for atternatN8 8pac8 provision, induding for Ihe JCR. Kitthen. Hall and Bernard s￿￿leY Buildlng. The College has ttJmm8nced work on the RAAC Roof ReplaceFnent proiBCt. whlch wlll s8È naw r￿f structures Install8d cn the JCR. SCR TrQt¢￿n. Adtn1nistrat￿n Block. Hall and Bernatd Sunley Buildiro, Vrith Ihe constructi)n work exppcted to finlsh in earfy 2026. 811(Avlng th? buildiro8 to wme back into serwlce. The Coll£g8 ontinues to devel(y plans forthe WoKson ￿brary and the 5t￿entaCCQrnffl{Hjat￿n blo(*s.