2025-07-31-accounts

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Mansfield

UNIVERSITY OF OXFORD

Annual Report and Financial Statements

Year ended 31 July 2025

Registered charity 1143860

Annual Report and Financial Statements Year Ended 31 July 2025 Contents

MANSFIELD COLLEGE

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MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

MEMBERS OF THE GOVERNING BODY

The members of the Governing Body are the College’s trustees under charity law. The members of the Governing Body who served in office during the year or subsequently are detailed below.

	Committees
Professor[Sinan [Professor Professor	[Professor [Professor PS Professor [Professor [Mr [Professor /Professor [Mr [Professor ‘Ms ‘Professor Professor Professor [Professor [Professor [Professor [Dr [Professor[Peter [Dr [Professor PR [Professor[Paul [Professor [Professor

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

During the year certain activities of the Governing Body were delegated to two committees. The current membership of those committees is shown above for each trustee.

(1) Finance and Resources Committee (FRC) (2) Academic Tutors Committee (ATC)

In addition, the College has a few other committees to enhance the governance of the College. These are the Audit and Risk Committee, the Remuneration Committee and the Estate Development Sub-Committee.

The Governing Body introduced an Audit and Risk Committee to its system of governance during the course of the year. The committee comprises qualified and experienced external members and it scrutinises the Colleges systems for effective governance, internal management controls and risk management.

The Remuneration Committee comprising entirely independent members, which is responsible for overseeing the remuneration and benefits of trustees who, in their distinct capacity as employees, are remunerated by the College.

The Estate Development Sub-Committee comprises various members of the Governing Body and it provides oversight, check and challenge to the Estate Transformation Project.

COLLEGE SENIOR STAFF

The senior staff of the College to whom day to day management was delegated during the year or subsequently are detailed below.

Ms Helen Mountfield, KC [Principal

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

[MrClemBrohier| Bursar ProfessorAndrewHiggins|Dean

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

COLLEGE ADVISERS

Investment managers

Oxford University Endowment Management, King Charles House, Park End St, Oxford OX1 1JD HSBC Private Bank, Geneva, Switzerland

Auditor

Gravita Audit Oxford LLP, First Floor, Park Central, 40-41 Park End Street, Oxford, OX1 1JD

Banker

HSBC UK Bank Plc, Hanborough House, Wallbrook Court, North Hinksey Lane, Oxford, OX2 OQS

Solicitor

Hewitsons LLP, Shakespeare House, 42 Newmarket Road, Cambridge, CB5 8EP

College address and website Mansfield College, Mansfield Rd, Oxford OX1 3TF www.mansfield.ox.ac.uk

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

The members of the Governing Body present their Annual Report for the year ended 31 July 2025 under the Charities Act 2011, together with the audited Financial Statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Principal and Fellows of Mansfield College in the University of Oxford, which is known as Mansfield College (“the College”), is an eleemosynary chartered charitable corporation aggregate. It was founded in 1886 as a theological non-conformist training college and received its Royal Charter in 1995.

The College registered with the Charity Commission on 20 September 2011 (registered number 1143860).

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 set out on pages 2-4.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Charter and Statutes dated 11 April 1995.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, the Chancellor of the University of Oxford. The Governing Body is self-appointing. New members are elected based on Statutes land IV which define the categories of Fellows. The Governing Body is ultimately responsible for the strategic direction of the College, and for the management and administration of its finances and assets. It meets regularly under the chairship of the Principal and is advised by two main committees.

Recruitment and training of members of the Governing Body

New members of the Governing Body are recruited either as joint appointments with the University, as College-only appointments or as Professorial Fellows. They are inducted into the workings of the College, including Governing Body policy and procedures, through comprehensive briefings from senior staff.

Remuneration of members of the Governing Body and senior College Staff

Members of the Governing Body are primarily Fellows who are also teaching and research employees of the College and/or the University of Oxford and receive no remuneration or benefits in their capacity as trustees of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College, which is set based on the advice of the Remuneration Committee. Where applicable, remuneration is set in line with that awarded to the University’s academic staff.

MANSFIELD COLLEGE Governing Body, Officers and Advisers Year Ended 31 July 2025

The remuneration of other senior staff is set in line with benchmarked salaries in other colleges of the University of Oxford and the University Pay Scale.

Organisational Management

The Governing Body meets three times per term unless additional exceptional meetings are required. Certain activities of the Governing Body are delegated to two committees as follows:

e The Finance and Resources Committee (FRC) reviews the College's financial performance ona regular basis and makes recommendations to the Governing Body on the annual budget and financial policy. It also considers a range of other related matters including investments, development activity and performance, audit, personnel and operational matters.
e The Academic Policy Committee (APC) considers academic policies and, if approved by the Governing Body, oversees their implementation, including access activity, admissions, teaching provision and the progress of undergraduates and graduates.

Other committees and working groups are convened as required to address specific issues.

The day-to-day running of the College is delegated to the senior staff of the College.

Group structure and relationships

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

The College has one wholly owned non-charitable subsidiary, Mansfield College Developments Limited (MCDL), which undertakes capital projects on behalf of the College. The directors of MCDL have indicated that they intend to make donations each year to the College of an amount equal to the taxable profits of the company. The College is working with Blake Morgan LLP to put a deed of covenant in place.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s objects are to:

e Advance learning, education and research in the arts and the sciences;
e Provide facilities for men and women who shall be members of the University in which they may work for degrees, diplomas and certificates of the University and where men and women may engage in advanced and other study and the conduct and publication of research in Oxford;
e Promote the Christian religion and in particular the Christian traditions originating in the Continental Reformation and English Dissent; and to provide opportunities for the study of theology and training for the Christian Ministry, having regard especially to the ministries of the United Reformed Church in the United Kingdom and the Churches of the

MANSFIELD COLLEGE Governing Body, Officers and Advisers Year Ended 31 July 2025

Congregational Federation.

The aims set for the College’s subsidiary are to help finance the achievement of the College’s aims as above.

Public benefit

The Governing Body has considered and given due regard to the Charity Commission's guidance on public benefit. The College provides public benefit by offering higher education to its undergraduates and postgraduates purely based on academic merit. The education of undergraduates is enhanced by the tutorial system, which provides for undergraduates to meet with their tutor on a regular basis. The tutor is responsible for their students’ academic progress and pastoral care. Postgraduate student members are supported by a College Fellow who acts as their College Adviser, dedicated to monitoring and developing their progress, as well as dealing with any pastoral issues. For undergraduates and graduates, tutors and Advisers are supported by the College’s welfare team. The College also provides the College Library and Reading Rooms for students’ use, as well as computing facilities, accommodation, food and other resources, often at subsidised rates.

To assist students experiencing financial difficulties with tuition fees and living costs whilst at the College, financial support is made available from the College's own hardship funds and from grants awarded by the University. In addition, the College supports students in their studies through grants to cover, inter alia, the purchase of books, travel and research expenses. This support is in addition to that available from the University of Oxford through the Oxford Bursary scheme, in which the College also participates.

In total during the year, the College made bursary and hardship awards totalling £47k (2024: £61k), including £45k (2024: £46k) under the Oxford Bursary scheme. Some of those students in the Oxford Bursary scheme also received fee waivers amounting to £27k (2024: £36k).

The College gave scholarships, prizes and other grants during the year totalling £424k (2024: £486k).

Among the numerous scholarships awarded by the College, many in partnership with University initiatives and programmes, Mansfield welcomes a dedicated Sanctuary Scholar, for a student whose education has been disrupted by forced migration. Thanks to generous support from alumni and the Council of Lutheran Churches we have welcomed multiple Sanctuary Scholars to Mansfield since 2021. Mansfield also continued to be a participating college in the University of Oxford's Graduate Scheme for Ukraine Refugees, which was developed in record time in response to the invasion.

Mansfield was also one of the first participating colleges in Black Academic Futures, Oxford University’s programme to offer UK Black and Mixed Black students financial support to pursue graduate study at Oxford. This is one of a series of scholarship programmes to address under-representation and help improve equality, diversity and inclusion in Oxford’s graduate student body.

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

In October 2024 Mansfield welcomed its fifth cohort of Kofi Annan scholars of the Weidenfeld-Hoffmann graduate programme. These scholarships have been named for the former Secretary-General of the United Nations and Nobel Peace Prize winner, Kofi Annan (1938-2018), who opened the Bonavero Institute of Human Rights at Mansfield in June 2018. The Weidenfeld-Hoffmann Scholarships and Leadership Programme within Oxford University aims to provide outstanding university graduates and professionals from developing and emerging economies with the opportunity to pursue study at Oxford. In addition to their studies, the graduates participate in a tailor-made leadership programme to give them additional practical skills and opportunities. The Kofi Annan Scholarships at Mansfield have been made possible thanks to the generosity of a Mansfield alumnus.

The College also awarded a Reach Scholarship for an undergraduate from a low-income country who would not be able to attend the University without significant financial support. The College, together with individual members of the senior, middle and junior common rooms, contributed to the Reach Scholar's full tuition fees and living costs.

The College’s academics carry out original research which is of public benefit and the alumni of the College go on to work in many spheres, often having a beneficial impact on the wider community. More information about this research is available in the annual Mansfield Magazine.

Additional Public Benefit Activities and Initiatives

The Principal of the College, Helen Mountfield KC, convenesa lively and engaging programme of weekly ‘Public Talks’ every Friday at the College during Oxford termtimes, given by leading figures froma variety of fields. These talks are advertised widely across Oxford and are free to attend, regularly attracting audiences of well over 100 people. Recordings of past Mansfield Public Talks are published on Mansfield's YouTube channel.

Mansfield College was recognised as a College of Sanctuary, under the University of Sanctuary scheme, in March 2021 as a result of its ongoing commitment to nurture a culture of inclusivity and awareness for those seeking sanctuary.

In line with this status, Mansfield College is undertaking a ‘Sanctuary Arts’ project, funded by a benefactor, to draw together the migrant and refugee communities of Oxford city, together with the students and colleges of Oxford University, through the practice of writing, reading, and publishing poetry. This project is organised and facilitated by Kate Clanchy MBE, member of the University of Oxford English Faculty and Writer in Residence at Mansfield College, former City Poet of Oxford, long-time teacher in Oxford's state schools, currently working as Poet in Residence for Asylum Welcome, Oxford's well-established refugee charity and in EMBS, Oxford’s Community College.

Another project linked to Mansfield as a College of Sanctuary is led by Professorial Fellow in Industrial Mathematics and Janet Dyson Fellow in Maths at Mansfield, Professor lan Griffiths, along with colleagues from the Mathematical Institute in Oxford. This group has delivered a series of workshops for mathematically qualified and maths-literate refugees and asylum

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

seekers. The workshop series aims to support refugees and asylum seekers to overcome personal and intellectual limbo by linking Oxford mathematicians and mathematicians from refugee backgrounds. They also offer support in pursuing maths-based careers in the UK, including data sciences and statistics, different industry sectors, education and teaching. The initiative first began as a pilot scheme of informal workshops delivered during lockdown last year in partnership with Oxford Charity, Asylum Welcome. The feedback received from these sessions was very positive and the project is now expanding across the UK.

Access and Outreach

The College continues to be active in carrying out access work with schools and colleges in its link regions and attracts students from diverse backgrounds. Significant time and resources are devoted to outreach activities to encourage applicants from underrepresented groups and non-traditional backgrounds. The post of McBain Access Officer at the College has been fully endowed thanks to a donation from an alumnus in 2021/22. Bursaries and grants are often made in support of widening access.

The College’s success in this respect is demonstrated by the proportion of its UK undergraduates who are educated in the maintained sector. In recent years, including the year under review, this has been between 90% and 95% of its UK undergraduate admissions. This continues to be considerably higher than the University of Oxford average.

Activities and Objectives of the College

The College’s activities are focused on furthering its objective and aims for the public benefit. During the year, 515 undergraduates, graduates and visiting students from all parts of the UK and throughout the world benefitted from the educational opportunities provided by the College.

The College fulfils its Christian objective through the funding of a Chaplain and the provision of a regular Christian service, together with other services of a Christian nature such as the annual Christmas carol service. The Chaplain also supports the College’s welfare provision.

Strategic Objectives

In June 2020, the Governing Body agreed a new Strategic Plan covering the period through to 2040. This summarises the College’s culture and core values, the strategic objectives which flow from them and identifies priority actions over the next 5 years to achieve the strategic objectives.

The strategic objectives are:

Academic excellence: to continue, secure and enhance the development and sharing of knowledge, ideas and expertise so as to strengthen the teaching and research which are our core functions;

Governing Body, Officers and Advisers Year Ended 31 July 2025

MANSFIELD COLLEGE

Broadening participation in academic life: to continue, secure and enhance our work on broadening participation in academically elite higher education, so as to give a wider pool of people voices in shaping academic and social discourse and decision-making;
Strong community, inclusion and well-being: to ensure that Mansfield is a good place to work, to study, and for our students to learn and develop as citizens;
Robust governance, operational effectiveness and environmental sustainability: to ensure that Mansfield is run efficiently, sustainably and effectively, to maximise use of resources and to support Fellows better in their research and to enable people to contribute well to the community without unnecessary stress;
Reputation and intellectual leadership: to ensure that Mansfield is well regarded and known for its academic and social mobility work in the University, among alumni and supporters, and in the wider world, and provides an exemplar of good practice;
Financial sustainability: to ensure that Mansfield has sufficient financial security to continue its activities as a sustainable going concern, and to allow for further projects and initiatives.

The College monitors progress and makes any necessary adjustments _ to realise these objectives.

ACHIEVEMENTS AND PERFORMANCE

Student numbers in 2024-25 comprised 255 undergraduates, 217 postgraduates and 43 visiting students. The last are primarily students from colleges in the USA who study at Oxford for one academic year.

Students performed well academically during the year and results continue to be strong, both by comparison with prior years and with other Oxford colleges.

The Fellows of the College made significant contributions to their academic disciplines and to the wider academic community with their research, publications and teaching. More information about Fellows’ academic activity can be found in the annual Mansfield Magazine.

FUNDRAISING

The Development team at Mansfield is responsible for raising funds for the College and running an engaging annual programme of activities, communications and events for Mansfield’s c. 5,500-strong alumni community.

Our current fundraising campaign, For Mansfield, Forever, is the most ambitious and significant in Mansfield’s history and aims to secure the College's future as a leader across the higher education sector in ensuring talented students from the broadest makeup of society have access to Oxford's world-class education.

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

The campaign launched in March 2024 and seeks to endow the College’s core teaching, research, and operational posts (“People”), raise the capital required for a transformational redevelopment of the college site (“Place”), and both secure and enhance our access and student support provision (“Culture”).

Announcements on social media and our website happened concurrently to the launch. The College magazine, which this year was a bumper ‘Campaign Edition’ was also circulated the same month.

The campaign was launched with the announcement of a lead donation of £25 million from alumnus Chris Foster (Maths, 1997). With his gift — the largest in Mansfield’s history — Chris sought to support all three pillars of the campaign, ensuring that Mansfield becomes fullyequipped to find and support generations of students to come.

As of September 2025, the campaign has inspired donations from over 1,500 alumni and supporters, and in total £57.5 million has been given or pledged (since 2019/20) - exclusive of gifts pledged in supporters’ wills — in support of all three campaign pillars, People, Place, and Culture. The College is deeply grateful to all of the alumni and others who continue to support it.

The campaign, and our new way of telling Mansfield’s story, has also had a fantastic response-— receiving significant positive attention on social media, and resulting in the Principal being interviewed in the national press and national and international broadcast media around launch. Key media pieces included the Guardian, the Times, an interview on Sky News, and a documentary on ARD German Television.

Subsequently, this year, the ‘For Mansfield. Forever.’ campaign won two globally prestigious CASE (Council for Advancement & Support of Education) awards. The CASE Circle of Excellence Awards are the premier accolades for educational advancement, and celebrate colleges, universities, and schools across the world whose talented staff advance their institutions with ingenuity and resourcefulness.

This year, a key fundraising priority has been to secure funds for the College’s planned Estate Transformation Project, for which planning permission will be submitted in mid-November 2025. A target of £20m must be met in order to ‘unlock’ the structured finance required to fully fund an ambitious transformation of the College’s site on Mansfield Road, and to date £17.5m has been pledged in support of this goal.

Furthermore, we were delighted this year to announce the establishment of the OxfordFoster Scholarships in the Humanities and Politics at Mansfield College, thanks to a further gift of £4.7 million from Chris Foster. This generous gift — pledged as part of the College's ‘For Mansfield. Forever.’ campaign — unlocked 2:1 match funding through the University of Oxford's Graduate Endowment Matched Scholarship (GEMS) scheme, bringing the total fund for the Oxford-Foster Scholarships to over £7 million.

The Oxford-Foster Scholarships will provide full funding for up to five graduate students at any one time, supporting study in the Humanities - English, History, Philosophy, and Theology - and in Politics, an area of particular strength and demand at Mansfield. The scholarships will be awarded on the basis of academic excellence, and the first Oxford-Foster Scholars will begin their studies in the 2026-27 academic year. Chris’ new gift is in addition to his

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

previously announced £25 million lead benefaction to kick-start the For Mansfield. Forever. campaign, and reflects his continued leadership and deep commitment to advancing Mansfield’s mission of access and academic excellence.

Mansfield College is registered with the Fundraising Regulator and employs full and part-time professional staff in the Development team to act on its behalf in this area and to ensure that it is compliant with the Code of Fundraising Practice. Training is given to Development team staff to ensure that they are aware of and follow the Code.

During the year, the College did not receive any complaints relating to its fundraising activities.

FINANCIAL REVIEW

Financial result

The College set a prudent budget for the year taking into account pay settlements and general inflation. The Consolidated Statement of Financial Activities shows net income after investment gains of £8.44m (2023/24: net income £2.99.m).

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

Income

Income from charitable activities of £6.Im (2023/24: £5.5m) comprises tuition fees from UK, EU and overseas students, support from the Office for Students and other academic income, and College residential income. Other trading income of £1.4m up slightly from £1.3m in 23/24 marked a continued improvement in activity against budget. Total donations and legacies of £4.9m made a valued contribution to the new fund-raising campaign, ‘For Mansfield, Forever’ thanks to our generous benefactors. Investment income of £2.7m (£2.4m in 2023/24) reflected the significant increase in endowment at the end of the previous year. The College recorded other income of £70k (2023/24: £80k), which included the lease and service charge from the Bonavero Institute of Human Rights (BIHR) based on our site and income from summer schools.

Expenditure

The College's total expenditure increased to £10.1m (2023/24: £8.4m). The main variance in expenditure is accounted for by the pension provision release in 2023/24 of £1.3m. Staff costs are the largest element of expenditure at £5.4m (53%) ( 2023/24: £4.8m 49%). In line with Oxford University, we introduced Oxford weighting on salaries in addition to the nationally agreed pay rise.

Whilst higher inflation impacted, the College continued to improve procurement through consortia arrangements and participating in buying groups across colleges.

The Estate Transformation Project continued to progress moving to RIBA stage 3 where the design concept for the estate remodelling was developed into a detailed, coordinated plan. The College is aiming to submit a planning application to Oxford City Council Planning Committee in November 2025.

Further details on the College’s expenditure are disclosed in Note6 to the financial statements.

Gains/Losses on Investments

The College ‘s investments are managed by Oxford University Endowment Management Limited, CCLA and HSBC Private Bank. As disclosed in Note 11 to the financial statements, the value of the investments increased by a net £8.4m to £52.8m from £44.4m in 2023/24.

Consolidated Balance Sheet

Net assets as at 31st July 2025 were £79.6m (2024: £71.1m). The College held restricted funds of £24.3m (2024: £28.6m) and designated funds of £21.3m (2024: £18.8m). General funds have improved to a positive £1.3m. This has been a negative balance in recent years.

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, to allow the College to be managed efficiently and to provide a buffer that would ensure uninterrupted services. The College holds general unrestricted funds of £1.2k (2024 £-1.6k)with an aim to increase the reserve to £3m. The College’s cash-flow is seasonal, but sufficient working capital is available through the £19m Lombard Loan facility arrangement with HSBC. The

MANSFIELD COLLEGE

Governing Body, Officers and Advisers

Year Ended 31 July 2025

College drew down £3m from the facility in the year to aid with the accumulated costs of the Estate Transformation Project and this will be cleared down post the year end.

The increase in net income and the utilisation of restricted funds intended for the Estate Transformation Project are the reasons the general funds at the year-end improved from a negative position of £1.6m in 2023/24 to a positive position of £1.3m at the end of 2024/25.

Restricted funds at the year-end fell from £28.6m to £24.3m as they were utilised.

Unrestricted funds that have been designated by Trustees for specific purposes increased from £18.8m in 23/24 to £21.3m at the end of the year 2024/25.

One of the objectives of the Estate Transformation Project is to provide facilities and capacity on the site sufficient to contribute to improved revenue generation, a reduction in off-site accommodation subsidies and a reset of the Colleges financial operating model. The new facilities will start to come online in 2029. This will lead to a sustained improvement in the free reserves position.

Investment Policy, Objectives and Performance

The College’s investment objectives are to balance current and future beneficiary needs by:

e Maintaining (at least) the value of the investments in real terms. e Producing a consistent and sustainable level of income to support expenditure; and e Delivering these objectives within acceptable levels of risk.

To meet these objectives, the College's investments are managed to maintain diversification across a range of asset classes to produce an appropriate balance between risk and return.

The investment policy and strategy has been set by the Governing Body and performance monitoring and other aspects of the College's investments are included in the terms of reference of the Finance & Resources Committee.

Risk Management

The College has a system for managing risks. During the year the Governing Body strengthened it governance by introducing an Audit and Risk Committee which adds oversight to the risk management process.

The College has identified 9 strategic risks which, if not effectively managed, could impact on the achievement of the College objectives. The 9 strategic risks are identified at headline level below.

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

a Major cyber security failure (Cyber and system security) Major safeguarding failure (Safeguarding)
Major health, safety and well — being failure (Health, safety and well-being)
Maintaining service continuity and resilience (Resilience and continuity)
| 5. Building on quality of provision (Quality) Maintaining and building staffing capacity and capability (Capacity and capability)

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Maintaining financial resilience (Finance)
| 8. Utilising and maximising use of technology (Technology)
9 | Ability to develop the College estate (Estate)
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The College understands that these 9 strategic risks have in some cases negative implications were they to arise. However, some of the risks also present opportunities for the College. The College will seek to ensure that these risks continue to be managed by:

e Making sure the key control environment is effective — the key controls exist, are consistently applied and that they achieve the desired outcome.
e Confirming that actions being pursued to improve the management of the risk are suitably progressed and they achieve the desired outcome.

Verifying that the key control environment consists of the following main components:

e Policies and procedures. e Risk assessments. e Action plans. e Performance measurement.
e Learning and development; and
e Visibility and oversight.

Checking that this system is underpinned by behaviour, stakeholder engagement, systems & process and information & evidence.

The above has been consolidated in the revised College Risk Management Framework.

In addition to the strategic risks identified, the College has also developed a project risk register covering the Estate Transformation Project.

Planned next steps to further develop and improve risk management include a programme of internal audit plan that covers the main areas of risk over a three year cycle.

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

The Trustee Board agreed to dissolve the G B Caird Memorial Trust is a registered charity (number 328327) and transfer the funds to the College. At the year end the administrators were in the process of transfer. The College continued to hold the funds on behalf of the Trust until the dissolution is concluded. As at 31 July 2025, the value of the funds invested by the College on behalf of the Trust was £306k (2024: £276k).

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body is responsible for preparing the Report of the Governing Body and the Financial Statements in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare Financial Statements for each financial year. Under that law the Governing Body has prepared the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). Under charity law the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to:

Select the most suitable accounting policies and then apply them consistently.

e Make judgments and accounting estimates that are reasonable and prudent. e State whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements.
e 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.
e 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.

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Governing Body, Officers and Advisers Year Ended 31 July 2025

Approved by the Governing Body on 26 November 2025 and signed on its behalf by:

Helen Mountfield KC Principal

Clem Brohier Bursar and Fellow

MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

Year Ended 31 July 2025

Opinion

We have audited the financial statements of Mansfield College (the “Charity”) for the year ended 31 July 2025 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:

e give a true and fair view of the state of the group and charity’s affairs as at 31 July 2025 and of the group’s income and expenditure for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
e have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International 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 concern 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 information

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 auditor's report thereon. Our opinion on the financial statements does

MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

Year Ended 31 July 2025

not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we 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 information, 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:

e sufficient accounting records have not been kept;
e the financial statements are not in agreement with the accounting records and returns; or
e we have not obtained all the information 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 15, the Members of the Governing 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 determine 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 concern and using the going concern basis of accounting unless the Members of the Governing 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 auditor's 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.

Misstatements can arise from fraud or error and are considered material if, individually or in

MANSFIELD COLLEGE

independent Auditor’s Report to the Trustees of Mansfield College Year Ended 31 July 2025

the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

e the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;
e 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;
e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;
e 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
e 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:

e 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
e considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
e performed analytical procedures to identify any unusual or unexpected relationships;
e tested journal entries to identify unusual transactions;
e assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

Year Ended 31 July 2025

e 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:

e agreeing financial statement disclosures to underlying supporting documentation;
e reading the minutes of meetings of those charged with governance;
e enquiring of management as to actual and potential litigation and claims;
e 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.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the College’s Governing 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.

Gravita Audit Oxford LLP

Statutory Auditor Oxford

Date: 3/12/25

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Gravita Audit Oxford LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006

MANSFIELD COLLEGE

Statement of Accounting Policies Year Ended 31 July 2025

Scope of the Financial Statements

The Financial Statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiary Mansfield College Developments Limited. The subsidiary has been consolidated from the date of its formation being the date from which the College has exercised control through voting rights in the subsidiary. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and the assets and liabilities of the subsidiary for the reporting year are in Note 12.

Basis of accounting

The College's individual and consolidated Financial Statements have been prepared in accordance with United Kingdom Accounting Standards, 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.

There are no material uncertainties about going concern.

3. Accounting judgements and estimation uncertainty

The College has used the methodologies provided by the Universities Superannuation Scheme and the Oxford Staff Pension Scheme to calculate its share of the deficits of these two 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 uncertainty 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.

4. 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. Income from fees, Office for Students support and other charges for services

MANSFIELD COLLEGE

Statement of Accounting Policies

Year Ended 31 July 2025

Fees receivable, less any scholarships, bursaries or other allowances granted from the College's unrestricted funds, Office for Students support and charges for services and use of the premises are recognised in the period in which the related service 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 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 information from the executor(s) of the deceased's estate to be satisfied that the gift can 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 permanent 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.

c. Investment income

Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates.

Income from fixed interest debt securities is recognised using the effective interest rate method.

Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established.

Income from investment properties is recognised in the period to which the rental income relates.

5. Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised whena legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

MANSFIELD COLLEGE Statement of Accounting Policies

Year Ended 31 July 2025

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).

Support costs which includes governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA 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.

Intra-group sales and charges between the College and its subsidiary are excluded from trading income and expenditure in the consolidated financial statements.

Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and are recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA ona straight-line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis.

Tangible fixed assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use, and expenditure on equipment, amounting to more than £1,500 is capitalised. Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is de-recognised and expensed in the SOFA. Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

MANSFIELD COLLEGE

Statement of Accounting Policies Year Ended 31 July 2025

8. 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 extensions50 years

Leasehold properties	Period of lease
Building improvements	10 years
Equipment	3years

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

9. Heritage Assets

The College does not have any heritage assets.

10. Investments

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

Tl. Other financial instruments

a. Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

b. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payments discounted at a market rate of interest.

12. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price ona first in, first out basis.

13. Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling.

MANSFIELD COLLEGE Statement of Accounting Policies

Year Ended 31 July 2025

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions.

14. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. 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 specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College's objects.

Permanent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on 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 circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

15. Pension costs

The College participates in the Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognisesa liability for the contributions payable

MANSFIELD COLLEGE

Statement of Accounting Policies Year Ended 31 July 2025

that arise from the agreements (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

16. Agency arrangements

The college acts as agent in investing monies for the G B Caird Memorial Trust. Income and expenditure relating to this investment is excluded from the statement of financial activities as the College does not have control over the charitable application of the funds. The funds received and paid, and any balances held, are disclosed in note 28.

Mansfield College, Mansfield Road, Oxford, OX1 3TF

Mansfield College

Consolidated Statement of Financial Activities

For the year ended 31 July 2025

		Unrestricted Funds	Restricted Funds	Endowed Funds	2025 Total	2024 Total
	Notes	£'000	£'000	£'000	£'000	£'000
INCOMEAND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential	1	6,064	-	-	6,064	5,512
OtherTrading Income	2	1,412	-	-	1,412	1,253
Donations and legacies	3	164	834	3,929	4,927	1,773
Investments
Investment income	4	1,982	681	-	2,663	2,410
Other income	5	70	-	-	70	80
Total income		9,692	1,515	3,929	15,136	11,028
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential		7,442	1,551	-	8,993	7,449
Raising funds:
Fundraising		770	-	-	770	734
Trading expenditure		263	-	-	263	250
Corporation tax		80	-	-	80	-
Investment management costs		11	-	-	11	9
Total Expenditure	6	8,566	1,551	.	10,117	8,442
Net Income/(Expenditure) before gains		1,126	(36)	3,929	5,019	2,586
Net gains/(losses) on investments	11	1	(7)	3,430	3,424	408
NetIncome/(Expenditure)		1,127	(43)	7,359	8,443	2,994
Transfers between funds	16	4,162	(4,273)	111	-	-
Netmovement in funds fortheyear		5,289	(4,316)	7,470	8,443	2,994
Fund balances brought forward	16	17,285	28,605	25,243	71,133	68,139
Fundscarriedforwardat31July		22,574	24,289	32,713	79,576	71,133

Mansfield College Consolidated and College Balance Sheets As at 31 July 2025

		2025	2024	2025	2024
		Group	Group	College	College
	Notes	£'000	£'000	£'000	£'000
FIXED ASSETS
Tangible assets	10	22,280	19,853	22,280	19,853
Other Investments	11	52,794	44,434	52,794	44,434
Total Fixed Assets		75,074	64,287	75,074	64,287
CURRENTASSETS
Stocks		126	132	126	132
Debtors	13	2,409	1,864	2,408	1,864
Deposits and other shortterm investments		6,819	6,924	6,819	6,924
Cash at bank and in hand		596	-	596	-
Total CurrentAssets		9,950	8,920	9,949	8,920
LIABILITIES
Creditors: Amounts falling due within one year	14	5,208	1,804	5,210	1,806
NETCURRENTASSETS(LIABILITIES)		4,742	7,116	4,739	7,114
TOTAL ASSETS LESSCURRENT LIABILITIES		79,816	71,403	79,813	71,401
CREDITORS: falling due aftermorethan one year	15	240	270	240	270
NETASSETS BEFORE PENSION LIABILITY		79,576	71,133	79,573	71,131
Defined benefit pension scheme liability	20	-	-	-	-
TOTAL NETASSETS		79,576	71,133	79,573	71,131
FUNDS OF THE COLLEGE
Endowmentfunds		32,713	25,243	32,713	25,243
Restricted funds		24,289	28,605	24,289	28,605
Unrestricted funds
Designated funds		21,280	18,842	21,280	18,842
General funds		1,294	(1,557)	1,291	(1,559)
Pension reserve	20	=	x	é	re
		79,576	71,133	79,573	71,131

The financial statements were approved and authorised for issue by the Governing Body of Mansfield College on 26/11/2025

Helen Mountfield KC

Clem Brohier

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Mansfield College

Consolidated Statement of Cash Flows For the year ended 31 July 2025

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		2025	2024
	Notes	£'000	£'000
Netcash provided by (used in) operating activities	22	(1,026)	4,308
Cash flows from investing activities
Dividends, interest and rents from investments		2,663	2,410
Proceeds from the sale of property, plant and equipment		-	-
Purchase offixed assets (including adjustment)		(3,139)	(1,138)
Proceeds from sale of investments		a	.
Purchase ofinvestments		(4,936)	(19,417)
Net cash provided by (used in) investing activities		(5,412)	(18,145)
Cash flows from financing activities
Repayments of borrowing		-	-
Cash inflowsfrom new borrowing		3,000	-
Receipt ofendowment		3,929	550
Net cash provided by (used in) financing activities		6,929	550
Change in cash and cash equivalents in the reporting period		491	(13,287)
Cash and cash equivalents atthe beginning ofthe
reporting period		6,924	20,211
Change in cash and cash equivalents due to exchange
rate movements		-	-
Cash and cash equivalents at the end ofthe reporting
period	24	7,415	6,924

Mansfield College Notes to the financial statements For the year ended 31 July 2025

1 INCOME FROM CHARITABLE ACTIVITIES

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2025 2024
Teaching, Research and Residential £'000 £000
Unrestricted funds
Tuition fees - UK and EU students. 1,040 1,073
Tuition fees - Overseas students 1,555 1,277
Other fees 616 735
Other Office for Students support 39 4
Other academic income 123 23
College residential income 2,691 2,363
Total income from charitable activities 6,064 5,512
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	The above analysis includes£1079k receivedfrom University ofOxford from publicly accountable funds underthe CFFScheme (2024: £1114k).
	Underthetermsofthe undergraduatestudentsupportpackageoffered byUniversity ofOxfordtostudentsfrom lowerincome households, thecollege	share ofthefeeswaived
	amounted to£27k (2024: £36k),These are notincluded in the feeincome reported above,
2	INCOMEFROMOTHERTRADING ACTIVITES
		2025	2024
		£000	£000
	Non-charitabletrading income	1,401	1,249
	Other trading income	11 1,412	4 1,253
3	DONATIONS AND LEGACIES
		2025	2024
		e000	£000
	Donationsand Legacies Unrestricted funds Restrictedfunds	164 834	280 943
	Endowedfunds	3,929	$50
		4,927	1,773
4	INVESTMENTINCOME
		2025	2024
		e000	£000
	Unrestricted funds
	Equitydividends Incomefrom fixed intereststocks	524 1,086	515 338
	Benk interest	362	948
		1,982	1,601
	Restrictedfunds
	Equitydividends	881 681	609 609
	TotalInvestmentincome	2,663	2,410
5	OTHERINCOME
		2025	2024
		£'000	£000
	Otherincome	70	80
		70	80

Mansfield College

Notes to the financial statements For the year ended 31 July 2025

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||||||| |---|---|---|---|---|---| |6|ANALYSIS|OF EXPENDITURE| |2025|2024| |€&000|£000| |Charitable|expenditure| |Direct staff costs|allocated|to:| |Teaching,|research|and|residential|3,937|3,536| |Other|direct costs|allocated|to:| |Taaching,|research|and|residential|3,083|3,475| |Support and|governance|costs allocated|to:| |Teaching,|research|and|residential|2,043|438| |Total charitable expenditure|9,073|7,449| |Expenditure on|raising|funds| |Direct staff costs|allocated|to:| |Fundraising|519|492| |Trading|expenditure|103|6g| |Other direct costs|allocated|to:| |Fundraising|188|180| |Trading|expenditure|141|184| |Support and governance|costs|allocated|to:| |Fundraising|63|62| |Trading|expenditure|19|7| |Investment management costs|11|9| |Total expenditure on|raising funds|41,044|993| |Total expenditure|10,117|8,442|

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The Collage is fable to be assessed for Contribution under the provisions of Statute XV of the University ofOxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford.

Mansfield College Notes to the financlal statements For the year ended 31 July 2025

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||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |i| |7ANALYSIS OF SUPPORT AND GOVERNANCE|COSTS| |Teaching| |2025|Generating|and|Public|2025| |Funds|Research|Worship|Heritage|Total| |£000|£000|£000|£000|£'000| |Financial|administration|43|560|-|-|603| |Domestic|administration|-|126|-|-|126| |Human|resources|-|235|-|-|235| |IT|16|141|-|-|157| |Depreciation|-|712|-|-|712| |Loss/(profit)|on|fixed|assets|-|-|Fs|.|5| |Bank interest payable|-|-|-|-|-| |Investment Management|129|129| |Other|finance|charges.|19|90|-|-|109| |Govemance|costs|4|50|-|-|54| |62|2,043|-|=|2,125| |Teaching| |2024|Generating|and|Public|2024| |Funds|Research|Worship|Heritage|Total| |£000|£'000|£000|£'000|£000| |Financial|administration|41|499|-|-|540| |Domestic|administration|-|118|-|-|118| |Human|resources|-|176|-|-|176| |T|19|169|-|-|188| |Depreciation|-|712|-|-|712| |Loss/(profit)|on|fixed|assets|o|-|*|.|7| |Bank|interest payable|-|-|-|.|-| |Investment Management|-|24|24| |Other finance charges|7|(1,283)|-|-|(1,276)| |Governance|costs|2|23|-|-|25| |a|: <1)| |Financial|administration,|domestic|administration and|IT costs|are|attributed|according|to|the|estimated|staff time|spent on|each|activity.| |Depreciation|costs|and|are|attributed|according|to|the|use|made|of the|underlying|assets,| |Other finance charges are|attributed|according|to the purposeofthe|related|financing.| |Governance|costs are|allocated|to the core|charitable|activity|of|[tuition.]| |2025|2024| |€£'000|£'000| |Govemance|costs|comprise:| |Auditor's|remuneration|-|audit services|52|23| |Auditor's remuneration|- other services|2|2| |54|25| |No amount has been included|in governance|costs for the direct employment|costs or reimbursed expenses|of the|College|Fellows on the|basis that these|payments|relate|to|the| |Fellows involvement|in|the|College's|charitable|activities. Details|of the|remuneration|of the|Fellows and|their|reimbursed|expenses|are included|as|a separate|note|within these| |financia!|statements.| |The Auditor's remuneration|includes an|accrual|of £29k|relating|to|the|audit of the|financial|statements for the year ended|31|July 2025.|In|accordance|with|standard| |accounting|practice,|accruals are|recognised|in|the year to which they|relate. The|current year reflects a one-off elevation|of Auditors fees,|with|the|charge|expected| |to|revert to|a|normalised|level|in|future|reporting|periods,| |t)|GRANTS AND AWARDS|£0002025|£0002024| |During|the year the|College|funded|research|awards and|bursaries to students from|its|restricted and unrestricted funds as|follows:| |Unrestricted|funds| |Grants|to|Individuals:| |Scholarships,|prizes|and|grants|86|21| |Bursaries and|hardship awards|45|46| |Total|unrestricted|111|67| |Restricted|funds| |Grantsto|individuals:| |Scholarships,|prizes and|grants|358|486| |Bursaries and hardship|awards|2|15| |Total|restricted|360|501| |Total|grants|and|awards|471|568| |The figures above include the|cost|to the College|of the Oxford|Bursary scheme.|Students of the College received £45k (2024: £46k).and some|of|those students also received fee| |waivers|amounting|1o £27k|(2024:|£37k).|

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The above costs are included within the charitable expenditure on Teaching and Research

Mansfield College

Notes to the financial statements For the year ended 31 July 2025

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||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |i| |3STAFF COSTS|2025|2024| |The aggregate|staff costs for the year were|as follows,|£000|£000| |Salaries and wages|4411|3,993| |Severance|pay|21|-| |Social|security costs|422|320| |Pension|costs:| |Defined|benefit schemes|519|514| |Pension|deficit recovery plan|adjustments|(nate 20)|-|(1,319)| |5,373|3,508| |The average number of employees ofthe|College,|excluding|Trustees,| |on a|full time|equivalent|basis was as|follows|2025|2024| |Tuition|and|research|12|8| |College|residential|51|45| |Fundraising|9|8| |Support|18|15| |Total|90|76| |The|average|number|of employed|College|Trustees|during|the year was as|follows.| |University|Lecturers.|19|17| |CUF|Lecturers|1|1| |Other teaching and|research|20|19| |Other|1|4| |Tota!|41|3a| |There were|5|employees|(excluding|college|trustees)|during|the year whose gross|pay and|pay|benefits|(excluding employer|NI and|pension|contributions)|exceeded|£60,000| |(2024:|No|employees).| |10|TANGIBLE|FIXED ASSETS| |Group and|College|Leasehold|Freehold|Assets|Fixtures,| |land|and|land|and|under|fittings and| |buildings|buildings|construction|equipment|Total| |£000|£000|£000|£000|£'000| |Cost| |At start of year|75|25,304|1,093|739|27,211| |Additions|14|3|3,085|37|3,139| |At end|of year|89|25,307|4,178|776|30,350| |Depreciation| |At start of year|1|6,681|-|666|7,358| |Depreciation|charge|for the|yaar|1|648|-|63|712| |At end|of year|12|7,329|:|729|8,070| |Net|book|value| |At end|of year|7|17,878|4,178|47|22,280| |At start of year|64|18,623|1,093|73|19,853| |The|College|has substantial|long-held|historic assets|all|of|which|are|used|in the|course|of the|College's teaching and|research|activities.|These|comprise|listed|buildings on the| |College|site, together with thelr contents comprising works of art, ancient books and manuscripts and other treasured|artefacts.|Because|oftheir age and,|in many cases,|unique| |nature,|reliable|historical|cost information|is not avallable for|these assets and could|not be|obtained|except at dispraportionate expense. However,|in the|opinion|of|the Trustees the| |depreciated|historical|cost|of these|assets|is now immaterial|

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Mansfield College Notes to the financial statements For the year ended 31 July 2025

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aEl
ah OTHER INVESTMENTS
Group and College
All investments are held at fair value.
2025 2024
£000 £000
Investments
Valuation at start of year 44,434 24,609
New money invested 4,936 19,417
Increase/(decrease) in value ofinvestments 3,424 408
Group investments at end of year 52,794 44,434
Investment in subsidiaries ° -
Investments at end of year 52,794 44,434
Investments comprise: Held outside Held in 2025 Held outside Held in 2024
the UK the UK Total the UK the UK Total
£000 £000 £'000 £000 £000 £000
Equity investments - 29,719 29,719 - 22,539 22,539
Altemative and other investments - 2,695 2,696 - 2,436 2,436
Fixed term deposits and cash - 20,380 20,380 - 19,459 19,459
Total investments - 52,704 52,794 - 44,434 44,434
12 PARENT AND SUBSIDIARY UNDERTAKINGS
The College holds 100% of the issued share capital in Mansfield College Developments Limited, a company providing building services to the College.
The results and the assets and liabilities of the subsidiary at the year end are as follows.
2025 2024
£'000 £000
Income - :
Expenditure - 2
Result for the year - 2
Total assets 2 2
Total liabilities - -
Net funds at the end of year 2 2
13 DEBTORS
2025 2024 2025 2024
Group Group College College
£000 £000 £000 £000
Amounts falling due within one year:
Trade debtors 632 433 632 433
Amounts owed by College members 320 499 320 499
Prepayments and accrued income 55 46 55 46
Other debtors 1,402 886 1,401 886
2,409 1,864 Ze 1,864
14 CREDITORS: falling due within one year
2025 2024 2025 2024
Group Group College Collage
£000 £000 £000 £000
Bank loans 3,000 - 3,000 -
Trade creditors 573 732 573 732
Amounts owed to College Members 139 111 188 111
Amounts owed to Group underlakings - - 2 2
Taxation and social security 51 20 51 20
Accruals and deferrod income 591 677 591 677
Other creditors 804 264 904 264
5,208 1,804 5,210 1,806
Bank loans totalling £3m at 31 July 2025 (2024: £0) are secured against corporate bonds investments included in Note 11.
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Mansfield College Notes to the financial statements For the year ended 31 July 2025

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|||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |eeeee| |15|CREDITORS:|falling|due|after more than|one|year| |2025|2024|2025|2024| |Group|Group|College|College| |e000|£000|£000|£'000| |Other loans|240|270|240|270| |240|270|240|270| |16|ANALYSIS|OF|MOVEMENTS|ON|FUNDS| |Group and|College|At1 August|incoming|Resources|Gains/|At 31|July| |2024|resources|expended|Transfers|(losses)|2025| |£000|£000|£7000|£000|£000|e000| |Endowment|Funds|-|Permanent| |General endowment|9,266|-|-|-|1,220|10,486| |Fellowships|9,602|662|-|(434)|4,159|10,989| |Scholarships/Prizes/Bursaries|2,148|3,267|-|550|577|6,542| |Chapel|and|related|purposes|1,480|-|-|-|474|1,654| |Other|43|s|°|-|5|48| |Endowment|Funds|- Expendable| |General|endowment|2,282|-|-|-|259|2,541| |Fellowships|288|-|-|-|31|299| |Scholarships/Prizes/Bursaries|108|-|-|5)|-|104| |Other|45|-|:|=|5|50| |Total Endowment Funds|25,243|3,929|-|414|3,430|32,713| |Restricted|Funds| |Fellowships|10,440|430|(343)|(116)|(3)|10,408| |Scholarships/Prizes/Bursaries|1,264|307|(77)|8|-|902| |Chapel|and|related|purposes|14|42|(39)|-|-|17| |Bulldings - capital|10,000|542|(245)|(3,869)|(3)|6,425| |Buildings|- lease|1,011|-|-|(11)|-|1,000| |Other|5,876|194|(247)|(285)|(1)|5,537| |Total|Restricted Funds|26,605|1,515|(1,551)|(4,273)|®|24,289| |Unrestricted|Funds| |Fixed asset designated fund|18,842|-|(712)|3,150|-|21,260| |General funds|(1,561)|9,692|(7,852)|1,012|1|1,292| |Other designated funds| |Pension|reserve|-|-|:|»|:|°| |Total Unrestricted Funds|- College|17,281|9,692|(8,564)|4,162|1|22,572| |Unrestricted|funds|held|by|subsidiaries|4|-|(2)|-|2| |Total Unrestricted|Funds|17,285|9,682|(8,566)|4,162|1|22,574| |Total Funds|71,133|15,136|(10,117)|-|3,424|79,576| |The|material|fund|transfers|arise|from|the|reclassification|of donations to|named|restricted and|endowed|funds and|the|allocation|of capital|spend|to|date|on|the| |Estate Transformation|Project from|the|buildings|capital|restricted|fund.|

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Mansfield College Notes to the financial statements For the year ended 31 July 2025

ee

17 DETAILS OF THE FUNDS OF THE COLLEGE

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|following|is|a summary|of|[the]|[origins][ and]|[purposes]|[of][ each]|[of][ the]|[Funds]| |Endowment|Funds|-|Permanent:| |General endowment|A consolidation|of|[gifts][ and]|[donations][ where][ income,]|[but not][ capital,]|[can]|[be]|[used]|[for][ the][ general]| |Fellowships|Capitalpurposesbalanceofthe Collegeof past donations where|related|income,|but not the|original|capital,|can|be|used|for| |supporting|Teaching|Fellowships| |Scholarships/Prizes/Bursaries|Capital|balance|of past donations where|related|income,|but not|the|original|capital, can be|used|for| |the|provision|of scholarships,|prizes and|bursaries| |Chapel|and|related|purposes|Capital|balance|of past donations where|related|income,|but not the|originel|capital,|can|be|used|to| |support the|Chapel|and|related|activities| |Other|A consolidation|of gifts and donations where|income,|but not capital, can|be used to support other| |specified|College|activities| |Endowment Funds|- Expendable:| |General|endowment|A consolidation|of gifts and|donations where|elther income,|or income|and|capital,|can|be|used|for| |Fellowships|Athe consolidation general purposesof giftsof and the Collegedonations where|either|income,|or income|and|capital,|can|be|used|for| |supporting|Teaching|Fellowships| |Scholarships/Prizes/Bursaries|Capital balance of|past|donations|where|either income,|or Income and|capital, can be used|for| |the|provision|of scholarships,|prizes and|bursaries| |Other|A consolidation|of gifts and donations where|either income,|or income|and|capital, can|be used to| |supporting|other specified|College|activities,| |7|FUNDS|OF THE COLLEGE|DETAILS|continued| |Restricted|Funds:| |Fellowships|A consolidation|of gifts and donations where|both income|and|capital|must be used|for supporting| |Teaching|Fellows| |Scholarships/Prizes/Bursaries|A consolidation|of gifts and donations where|both income|and|capital|must be used|for the| |provision|of scholarships,|prizes and|bursaries| |Chapel|and|related|purposes|A consolidation|of gifts and donations where|both|income|and|capital|must be|used|to support| |the|Chapel|and|related|activities| |Buildings|A consolidation|of gifts and donations where|both income|and|capital|must be used to|provide| |new|buildings|or|maintain|existing|bulldings| |Other|A consolidation|of gifts and donations where|both income|and|capital|must be used to support| |other specified|College|activities| |Designated|Funds| |Fixed|asset designated fund|This|represents the|net book value|of|the|fixed|assets|of|the|College|less the amount funded|by the|"Bulldings - Lease”| |restricted|fund. Therefore, this element of unrestricted|funds are|not|available|for expenditure on the|College's general| |purposes.| |Pension|reserve|Representing|the|liability|for future|pension|contributions|under defined|benefit schemes|

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The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are avallable for the general purposes of the College.
18 ANALYSIS OF NET ASSETS BETWEEN FUNDS.
Unrestricted Restricted Endowment 2025
2025 Funds Funds Funds Total
£000 £000 £000 £'000
Tangible fixed assets 21,280 1,000 - 22,280
Other investments - 20,081 32,713 52,794
Net current assets/(liabilities) 1,534 3,208 - 4,742
Long term liabilities (240) - . (240)
22,574 24,269 32,713 73,576
Unrestricted Restricted Endowment 2024
2024 Funds Funds Funds Total
£000 £000 £000 £000
Tangible fixed assets 18,842 1,011 - 19,853
Other investments - 19,191 25,243 44,434
Net current assets/(Ilabilities) (1,287) 8,403 - 7,116
Long term liabilities (270) - - (270)
17,285 28,605 25,243 71,133
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Mansfield College Notes to the financial statements For the year ended 31 July 2025

19 TRUSTEES' REMUNERATION

The Fellows who are the Trusteesofthe College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic services they provide to the College. Trustees of the College fall into the following categories: Head of House Professorial Fellaw Official Fellow Supernumerary Fellow

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

Some Trustees are eligible for a Housing Allowance, which is disclosed within the salary figures below.

The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales, The Remuneration Committee has a membership that is completely external to that of Goveming Body.

19 TRUSTEES’ REMUNERATION continued Remuneration paid to trustees

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |Number of|Gross|remuneration,|taxable|Number of|Gross|remuneration,|taxable| |Range|Trustees/Fellows|benefits and pension|contributions|— Trueteea/Fellows|benefits and|pension|contributions| |£|£| |£1|- £10,000|4|500|1|500| |£10,001|- £20,000|2|31,444|2|29,598| |£20,001|- £30,000|13|488,312|7|426,372| |£30,001|- £40,000|1|39,804|1|33,602| |£40,001|- £50,000|1|41,605|1|44,654| |£50,001|- £60,000|4|59,275|0|-| |£60,001|- £70,000|1|66,312|1|63,133| |£70,001|- £80,000|0|-|1|71,699| |£80,001|- £90,000|4|87,609|1|88,409| |£90,001|- £100,000|Q|-|1|98,492| |£100,001|- £110,000|1|100,760|6|:| |£150,001|- £160,000|0|-|1|158,175| |£160,001|- £170,000|1|160,542|Go|-| |£170,001|- £180,000|1|171,250|4|171,989| |Total|29|1,247,413|28|1,187,623| |12|(2024:|10) trustees|are|not employeesof the|College and do|not receive|remuneration.|

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All trustees may eat at common table, as can all other employees who are entitled to meals while working,

Other transactions with trustees

No trustes claimed expenses for any work performed in discharge of duties as a trustee.

See also note 26 Related Party Transactions

Key management remuneration

The total remuneration paid to key management was £619k (2024: £605k).

Key management is considered to be the Principal, the Bursar, the Senior Tutor, the Dean, the Tutor for Graduates, the Development Director, the Accountant, and the Domestic Bursar.

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Mansfield College
Notes to the financial statements
For the year ended 31 July 2025
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20 PENSION SCHEMES
Schemes accounted for under FRS 102 as defined contribution schemes
Deficit Recovery Plans
For USS, a deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at
which point the rate would increase to 6 3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis.
The Callege was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure
account in the prior year, The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using
the projected unit method. Since the College cannot identify its share af USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect
those relevant for those assets and abilitiesss a whoie
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The 2023 valuation was the seventh valuation for the schemes under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have
sufficient and appropriate assets 1o cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion
and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of [£7.4] [billion] [and] [a] [funding] [ratio] [of][ 111%.]
The key financial assumptions used in the 2023 valuation are described below,
Price inflation - Consumer Prices Index (CPI) 13.0% p.a. (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations)
RPVCPI gap 1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030
Discount rate Fixed interest gilt yield curve plus:
Pre-retirerment: 2.5% pa.
Post-retiremont: 0.9% p.a.
Pension increases (subject to a floor of 0%) toBenofits 5%, andwithhaifno ofcap: anyCPI excessassumption inflation plusover 5%3bps up Benefitsto a maximum subjecttoof a 10%): “soft cap” CPI ofassumption 5% (providing minusinflationary 3bps increases up
The main demographic assumptions used relate to the mortality assumptions, These assumptions are based on analysis of the scheme’s experiance carried out as part of the 2023
actuarial valuation, The mortality assumptions used in these figures are as follows:
Mortality base table 101% of S2PMA “light” tor males and 95% of S3PFA for females
(CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a,, 10% w2020 and
A 7
Future improvements to mortality fernales021 parameters, and a long-term improvement rate of 1.8% pa for males and 1,6% pa for
The current life expectancies on retirement at age 65 are:
Males currently aged 65 (years) 202523.8 202423,7)
Females currently aged 65 (years) 25.5 25.4
Males currently aged 45 (years) 25.7 25.6)
Fomates currently aged 45 (years) 27.2 272)
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University of Oxford Staff Pension Schame

The University of Oxford Staff Pension Scheme (OSPS) is a muittemployer hybrid scheme set up under trust and sponsored by the University. Itis the pension scheme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined contibution basis, Members who joined before ist October 2017 build up benefits on a career average revalued earings basis

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contibution ended on 30th September 2023. A provision of £1.2m was made at 31 July 2023 (2022: £2.3m) to account for deficit recovery payments up to 30th September 2023, That remaining liability of £1 2m was released to the income and expenditure account in 2024.

The Trustee and the University have agreed a new contribution schedule which tookeffect from 1 October 2023 and takes account of[the][benefit][improvements][and][changes][ to] member contributions since the last valuation date, It was agreed that the scheme will meet its own running costs from ihe scheme's assets, Including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund /other statutory levies The table below summarises the key actuarial assumplions. Further details of ihe assumptions are set out in the statementoffunding principles dated 27 June 2023 and can be found at https:/finance.admin.ox ac.uk/osps-documents

31/03/2022

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Valve of liablites: L_£si4m
ValueEIof assets: |
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Mansfield College
Notes to the financial statements
For the year ended 31 July 2025
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20 PENSION SCHEMES continued
The principal assumptions usedby the actuary were
Rateof interest (periods after retreman LGiis05% |
Break-even RPI curve
iiess 0.5% pa pro-2030
land 1,0% pa post-2030
RPI inflation assumption
CPI less 1% pa pre-2030
land 0.1% pa post-2030
Funding Ratios:
Non-financial assumptions:
Post-retirement. mortalityi - base table Non-Pensioners:405% of standard S3PxA medium105% of standard tables S3PxA for medium both malestables andfor femalesboth males and females Pensioners:
Postretrement mortaitty + Non-Pensioners: 105% of standard S3PxA medium tables for both maies and femaies
provements Pensioners: 105% of standard S3PxA medium tables for both males and females
[Recommended employer's contribution rate (as % of 16.5% DB for members from 01/10/2023
ReelEffective date of nextee valuabon: 10%31/03/2025 12% /14% DC members in rotationto 4% /8% /8% cost plan - from 01/10/2023
The College is aware of the Virgin Media v NTL Pensions Trustees II Limited Court of Appeal judgement which may give rise to adjustments to
schemes. At present the legal pracess is incomplete and therefore we are unable to quantify any potential liabilities.
Pension charge for the year
The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable
alter allowance for the deficit recovery plan as follows:
Scheme 2025 2024
e'000 £000
Universities Superannuation Scheme 323 319
University of Oxford Staff Pension Scheme 196 194
Total 519 513
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21 TAXATION The Collage is able to take advantageofthe tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applled to exclusively charitable purposes. Provision has been made for corporation tax on non prime purpose trading activities. No liability to corporation tax arises in the College's subsidiary company because the directors of this company have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme.

Mansfield College Notes to the financial statements For the year ended 31 July 2025

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |22|RECONCILIATION|OF|NET INCOMING|RESOURCES TO| |NET CASH|FLOW FROM|OPERATIONS|2025|2024| |Group|Group| |£000|£000| |Net income/(expenditure)|8,523|2,994| |Elimination|of non-operating|cash|flows:| |Investment income|(2,663)|(2,410)| |(Gains)Aossesin|investments|(3,424)|(408)| |Endowment donations|(3,929)|(550)| |Corporation|tax|(80)| |Depreciation|(including|adjustment)|712|712| |Decrease/(Increase)|in|stock|6|(42)| |Decrease/(Increase)|in|debtors|(645)|4467| |(Decrease)/increase|in|creditors|374|839| |{(Decrease)/ncrease|in|pension scheme|liability|-|(1,294)| |Net cash|provided|by (used|in)|operating|activities|(1,026)|4,308| |23|ANALYSIS|OF|NET DEBT| |2025|2024| |e'000|£'000| |Cash|at|bank|and|in|hand|596|380| |Current asset investments|6,819|6,562| |Bank overdraft|(558)|(184)| |Loans falling due|within|one year|(3,000)|-| |Loans|falling due|after one year|{240)|(270)| |ar a| |24|~~|ANALYSIS OF CASH AND CASH EQUIVALENTS|2025|2024| |£'000|£'000| |Cash|at bank|and|in hand|596|362| |Notice|deposits|(less than|3|months)|6,819|6,562| |Total cash and cash|equivalents|7,415|6,924| |25|FINANCIAL|COMMITMENTS| |At 31|July the|College|had|annual commitments|under non-cancellable|operating|leases|as follows:|2025|2024| |£'000|£'000| |Land and|buildings| |expiring|within one year|661|643| |expiring|between|two|and|five|years|949|4,645| |1,610|2,286| |During|the|year the|College|made|payments|under non-cancellable|operating|leases|tolalling|£616k|(£2024:|£635k),|

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26 CAPITAL COMMITMENTS

The Estate Transformation Project is currently close to the end of RIBA Stage 3 with a submission for planning permission to be made in mid-Novmber 2025. The decision to progress to RIBA Stage 4 will be taken by the Governing Body in January 2026. If the planning application is successful and should the Governing Body agree to proc agree to proceed, the commitment to Stories (Services) Limited for future development management fees will be £524k.

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27 RELATED PARTY TRANSACTIONS
The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequenceofthis relationship. For
reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102.
Membersofthe Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College,
Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements.
During the year the College made payments totalling £3,695 (2024: £1,619) to Keiko Ikeuchi, the wife of Paul Lodge, a trustee, for photography services.
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During the year the College made payments totalling £4,796 (2024: £6,144) to Phil Harriss, the partner of Ros Ballaster, a trustee, for editorial and proof-reading services. During the year, 23 tustees made donations of £1,260 in total.

a7 POST BALANCE SHEET EVENTS

There were no material post balance sheet events which require disclosure in these financial statements.

28 AGENCY ARRANGEMENTS The College is investing monies for the G B Caird Memorial Trust alongside its own investments. In the accounting period ending 31 July 2025 the College received investment income of£12k (2024: £12k). The total balance held is £308K (2024: £276k).

Mansfield College Notes to the financial statements For the year ended 31 July 2025

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29 ADDITIONAL PRIOR YEAR COMPARATIVES
a Consolidated Statement of Financial Activities
Unrestricted Restricted Endowed 2024
Funds Funds Funds Total
£000 £000 £000 £000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential §,512 - - 5,512
Other Trading Income 1,253 - - 1,253
Donations and legacies 280 943 550 1,773
Investments
Investment Income 1,801 609 - 2,410
TotalOther income income 892680 1,552a650a ee11,028
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential 6,162 1,262 5 7,449
Raising funds:
Fundraising 734 - - 734
Trading expenditure 250 - - 250
Investment management costs EI - - 9
Total Expenditure 7,155 1,282 5 8,442
Net Income/(Expenditure) before gains 4,771 270 545 2,586
Net gains/(losses) on investments - 315 93 408
Nat Income/{Expenditure) 1,771 885 438 2,994
Transfers between funds 912 (912) - -
Net movement in funds for the year 2,683 (327) 638 2,994
Fund balances brought forward 14,602 28,932 24,605 68,139
Funds carried forward at 31 July 17,265 26,605 25,243 71,133
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Mansfield College Notes to the financlal statements For the year ended 31 July 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |29|ADDITIONAL|PRIOR YEAR|COMPARATIVES|continued| |b|Analysis|of Movements on|Funds| |Group and|College|At1 August|Incoming|Resources|Gains/|At 31|July| |2023|resources.|expended|Transfers|(losses)|2024| |£000|£000|£000|£'000|£000|e000| |Endowment|Funds|-|Permanent| |General|endowment|9,231|-|-|-|35|9,206| |Fellowships|9,028|550|-|-|24|9,602| |Scholarships/Prizes/Bursaries|2,139|-|-|-|9|2,148| |Chapel|and|related|purposes|1,473|-|-|-|7|1,480| |Other|43|-|-|-|-|43| |Endowment|Funds|- Expendable| |General|endowment|2,269|-|-|-|13|2,282| |Fellowships|287|-|-|-|1|268| |Schoiarships/Prizes/Bursaries|410|-|5)|-|4|109| |Other|45|:|<|Fs|-|45| |Total Endowment Funds|- College|24,605|550|(5)|-|-|93|25,243| |Restricted|Funds| |Fellowships|10,274|445|(279)|.|°|10,440| |Scholarships/Prizes/Bursaries|1,371|564|(676)|5|-|1,264| |Chapel and|related|purposes|1|40|(37)|-|-|14| |Buildings|-|capital|10,310|2|(2)|(310)|°|10,000| |Buildings|- lease|1,022|-|-|(41)|-|1,011| |Other|5,944|501|(288)|(596)|315|5,876| |Total Restricted Funds - Collage|28.932|4,552|(1,282)|(912)|315|28,605| |Restricted|funds|held|by subsidiaries|-|°|°|°|-|=| |Unrestricted|Funds| |Fixed|asset designated|fund|18,405|-|(712)|1,149|-|18,842| |General funds|(2,511)|8,926|(7,739)|(237)|-|(1,561)| |Other designated|funds| |Major works|reserve|-|-| |Pension|reserve|(1,294)|-|1,294|-|-|-| |Total Unrestricted Funds|- College|14,600|8,926|(7,157)|912|-|17,281| |Unrestricted|funds|held|by subsidiaries|2|-|2|-|-|4| |Total Unrestricted|Funds|14,602|8,926|(7,155)|912|:|17,285| |Total Funds|68,139|11,028|(8,442)|-|408|71,133|

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Mansfield

MANSFIELD COLLEGE

Table of Contents

MANSFIELD COLLEGE

MEMBERS OF THE GOVERNING BODY

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

COLLEGE SENIOR STAFF

Ms Helen Mountfield, KC [Principal

MANSFIELD COLLEGE

COLLEGE ADVISERS

Investment managers

Auditor

Banker

Solicitor

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

Governing Body

Recruitment and training of members of the Governing Body

Remuneration of members of the Governing Body and senior College Staff

Organisational Management

Group structure and relationships

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s objects are to:

Congregational Federation.

Public benefit

MANSFIELD COLLEGE

Additional Public Benefit Activities and Initiatives

MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2025

Access and Outreach

Activities and Objectives of the College

Strategic Objectives

MANSFIELD COLLEGE

ACHIEVEMENTS AND PERFORMANCE

FUNDRAISING

MANSFIELD COLLEGE

MANSFIELD COLLEGE

FINANCIAL REVIEW

Financial result

MANSFIELD COLLEGE

Income

Expenditure

Gains/Losses on Investments

Consolidated Balance Sheet

Reserves Policy

MANSFIELD COLLEGE

Governing Body, Officers and Advisers

Year Ended 31 July 2025

Investment Policy, Objectives and Performance

Risk Management

MANSFIELD COLLEGE

FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

Opinion

In our opinion, the financial statements:

Basis for opinion

Conclusions relating to going concern

Other information

MANSFIELD COLLEGE

Year Ended 31 July 2025

Matters on which we are required to report by exception

Auditor's responsibilities for the audit of the financial statements

MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

e investigated the rationale behind significant or unusual transactions;

Gravita Audit Oxford LLP

Date: 3/12/25

3. Accounting judgements and estimation uncertainty

4. Income recognition

Year Ended 31 July 2025

b. Income from donations, grants and legacies

5. Expenditure