2021-07-31-accounts

Keble College Annual Report and Financial Statements Year ended 31 July 2021

KEBLE COLLEGE Annual Report and Financial Statements Contents Pages Governing Body. Offic8rs and Advisers Report ol the Governing Body 4-15 Auditorfs Report 16-18 Statement of Aecounting Policies 19-22 Consolldated Statement of Financial Activibes 23 Con501idat9d and College Balan￿ Sheets 24 Consolldated Statement of Cash Flows 25 Notes to the Financial Statements 26-44

KEBLE COLLEGE Governing Body. Officers and Advisers For the year ended 31 July 2021 MEMBERS OF THE GOVERNING BODY The Members ol the GoverniFFg Body are the College's charity trustees under charity law. The Governing Body detemiines the ongoing strategic direction of the College and regulates its administmtion and the management of its finan￿$ and 85sets. It is served by five principal committees.- Finance Committee Investrnent Advisory Committee Academic Commlttee Development Comrnittee Rernuneralion Comrnittee 121 131 141 151 The membeTS ol the Governing Body who s8rv8d in Offi￿ as Governors durlng the 2020-21 year or 5ub58quently, and thè membership of the five principal committees. a￿ detailed below. In addition, the Governing Body. the Fin8nc8 Committee and the Academic Cornmittee have non-voting student Tepresentative5. 121 141 151 Sir Jonaihan Phillips Mr RJ Boden Dr AP Rogers MsJTud Prol HL Anderson Dr IW Archer Dr LM Bendall Prol M Bevis Prof M Bockmuehl Prof C Bountra Prof A Bueno-orowo DrSButt Prof H Byme Prof F Caron Prof G-Q Chen Prol M Clarke Mr SA Cooke Prof U Coopè Prof B Cuenca-Grau Prof D Oowns Revd N Everett Prof S Faulkner DrJ Fix Prof S Fletcher Prof N Gardini Prof C Gosden Dr J Goudkatnp Dr B Greenhou Dr U Gruneberg Prof ERF Harcourt Dr MN Hawcroft Prof A Hawkins Prof D Jak5¢h Prof TJ Jenkinson Prof A Juhas2 Prof SE Kearsey Prof R Klose Dr S Kno￿e5 Dr F Leach Prof A Lvovsk Warden Bursar Ilo 31.12.20 Senior Tutor Director of Developrnenl Professorial Fellow Fellow & Tutor in Modern Histlyy Fellow & Tutor in Ar¢haeok)gy and Anthropol Fellow & Tutor in En Prof8ssori81 Fellow Professorial Fellow Fellow & Tutor in Computer Science (from 1.7.201 Fellow & Tutor In Neurophysiology Fellow & Tutor in Mathematics Fellow & Tutor in Statistics Professorial Fellow Fellow & Tutor in Social Anthro Bursar from 1.1.21 Professonal Fellow Fellow and Tutor in Computer Science Fellow and Tutor in Theology Chaplain Fellow & Tutor in Inor anic Cherni5try Fellow and Tutor in Philosophy Fellow & Tutor in Chetnistry Fellow & Tutor in Italian Professorial Fellow Fellow & Tutor in Law Fellow & Tutor in Geograph Fellow & Tutor In Exp. Pathology Fellow & Tulor in Philosophy Fellow & Tutor in French Fellow by Special Election Fellow & Tutor in Physics Professorial Felbw Fellow & Tutor in Mathematics Fellow & Tutor in Biolo Professorial Fellow Fellow and Tutor in Zoology Fellow & Tutor in Engineering S¢ience Fellow & Tutor in Physics 10 31.12.201

KEBLE COLLEGE Governlng Body. Offlcers and Advlsers For the year ended 31 July 2021 Dr K Macfarlane Dr S Martin Prof V Mayer-schonber Dr D McDermott Prof A.MS Misra Prof P Newman Prof S Pa ne Prol WE Peel Prof D PuTkiss Prol G Reinert Prof K Sheppard Prof H Smith Dr K Soonawalla Prof J Tomlinson Prof R Washington Prof Dame S Whatmore Fellow and Tutor in Theology Fellow by Speoal E18Ction Professorial F811ow Fellow & Tutor in Politics Fellow & Tutor in Modem Histo Professorial Fellow Fellow & Tutor in En Science Ilo 31.7.211 Fellow & Tutor in Jurisprudence Fellow & Tutor in En lish Language & Lit8rature Professorial Fellow Fellow & Tutor in Econornics Fellow & Tutor in Economics Fellow & Tutor in Management Professorial Fellow F8llow & Tutor in Geography Professoiial Fellow er Non-Trvstee Committee Members Mr J Church External Mr M Chambers External Mr A Dalkin External Ms H Harrison External Mr R Jolliffe External Dr H Jone5 Fellow b Sp6cizI Election Mr M Jone5 External Mr G Kerr Fellow b SpeGial Election Mr J Mooney External Ms Y Murphy Librarian Ms J Newbu External Mr G Robinson External Mr A Shilston External Ms F Wilson Libiarian (from 1.11.201 21 131 141 10 31.10.201 COLLEGE SENIOR STAFF The senior staff of the College to whom day to day fflanagemenl is delegated are as follows. The Warden.. The Bur$ar'. Sir Jonathan Phillips The Senior Tutor.. Mr RJ Boden Ito 31 De￿rnber 201 The Development Director. Mr SA Cooke Ifrorn 1 January 211 Dr AP Rogers Ms J Tudge AUDITOR Critchleys Audit LLP 23-38 Hylhe Bridge Street Oxford OX1 2EP INVESTMENT MANAGER Oxford University Endowment Management King Charles House Park End Street Oxford OX1 1JD COLLEGE ADDRESS K8b18 College Parks Road Oxford OX1 3PG BANKERS Hand8lsbanken Seacourt Tower West Way Oxtord OX2 OJJ SOLICITORS Mi115 & Re8v8 LLP Botanic House 100 Hills Road Cambiidge CB2 1PH WEBSITE w¥vw.k8ble.ox.ac.uk

KEBLE COLLEGE Report ofthe Governing Body For the year gnded 31 July 2021 The Member5 of the Governing Body present their Annual Report lor the year ended 31 July 2021 undor th8 Charitle5 Act 2011 tog8ther with the audited financial statern8nts for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Warden, Fellow5 and Scholars ol Keble Coll8g8 in the University of Oxford, known as Keble Cdlege l°th8 College"I, is an ele8mosynary chartered charitable corporation aggregate. 11 was founcled by public 8ub5cription in 1870 in memory of the Reverend John Keble, on land in th8 parish of St Giles purchased from St John's College. with the object of providing a University education for young men in a College conducted in accord8nC8 With the principles ol the Church of Eroland. The Colleg8 is registered with the Charity Cotnmission Iregislered number 11439971. The narne5 of 811 Mgmb8rs of Ih8 Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisets of the Co118ge. ar8 given on pages 2 to 3. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng documents The College was ineorporated by Royal Charter dated 6 June 1870. The Charter ol Incorporation was modified by a Supplemental Charler dated 7 April 1902, and subsequently by Slatules Tnad8 by the University of Oxford Commissioners on 14 July 1925, under th8 provisions ol the Universities of Oxford and Cambridge Act. 1923. The Charter of Incorwration and Ihe Statutes of 1925 were further amended in 1952 and further rnodified by subsequent amendments. The current statute5 were approved by Her Maj8sty in Coun¢il on 101k February 2016. Governlng Body The Governing Body is constituted and regulated in accordance with th8 Co118ge Statutes, the terms ofwhlch a￿ enforeeable ultimately by the Visitor, who is the Archbishop of C8nterbury. The Governing Body Is self-apptsinting, has such powers a are conferr8d on it by its Charter and Statutes, and has the entire direction and man3g8ment of the aNairs ol the College. The Governing Body appoints the Warden, Fellow5, Tutors, Lecturers and such >Jrninistrative and other officers as the Governing Bodythinks necessaryfrorn time to time. It determines the ongoing Strategic direction of the College and regulates its adrninistrats.on and the tnallagern8ntof ils finances and assets. Itappoints comrnittees and delegates to thEm such pow8rs as it thinks fit. The committees charged with tsver588ing the conduct ol College business a￿ listed below in the sgction heAd8d 'Th8 management of the College" Recrultment and training of Members of the Governing Body New Members of Govèming Body are. in the case ol academics, norm811y recruited through a joint appointment proces5 wilh the University ol Oxford which include5 open advertisgment of the posts and a professional s81ection and appointment process. In the case of posts funded solely by the College. re¢ruilment is also usually through open advertisement of the post followed by a professional selection and appointment pro￿$$ Inclutjing 6xlernal representstives as approprlate. New rnembers of the Governing Body are inducted into the workings of the Cdlege. including Governing Body poliey and procedures, through meetings wth the Warden, the Senior Tutor the Bursar and the provision ol a cc¥nprehensive sel of reference do¢uments. Mernbers of the Governing Body attend trustee tr8ining and infomiation courses 8s 8ppropriate to keep them Infomied on cur￿nt issues in the sector and on regulatory ￿qUIreMentS. Remuneration of Members of the Govèrning Body and Senlor College Staff Members of the Governing Body receive no remuneration or benefits from th￿r role as College trustees. Those trustees who are also employees of the College receive remuneratlon for their work as employ88s of the College which is set based on the advice ol the College's Remuneration Committee. The Committee when cornplete consists of five itldividuals, none of whom tnay be either trustees or eTllploy8es of the College. Remuneration for trust885 who arg teaching or research fellows is set in line with that awarded lo the Universitl5 acadeTnic staff. Rernuneration for trustees who are full-titne administrators 15 set at an appropriate point on the College's salary scale based on a full job evaluation and reference to Comparab￿ posts elsewhere. The rernuneralion of senior cd18ge staff is sel by the College's Pay and Benefits Cornmittee at an appropriate point on the College's salary scale based on a lull job evaluation and reference to comparable posts elsewhere.

KEBLE COLLEGE Report of the Governing 8ody For the year ended 31 July 2021 The management ofthe College The Governing Body rneets 9 tirnes a year. The work of developing College policy and rnonitoring imp18rn8ntation is carri8d out by 15 standing committees and any ternporary working groups the Goveming Body deems it expedient lo create. The IS standing comtnittee5 are.. Ac8demic Committee Oveisees planning in acad8mic rnatters and the level and quality of academic provision and library service5 to jurrfor members. Monitor5 the appropriateness of the existing e5tabli5htnent of Tutor5 and L8Cturers in r818tion to th acad8mic needs of the College. Considers and rnakes recommend8ts.ons on advice from the Research Cornmittee eoncerning the use of funds available lor the purpose of research. Advowsons Committee Oversees thè College's patronage of 69 Church ol Ewland paiishes throughout the UK 8nd make8 recornmendations on the application of income from the Harlow Trust. Poor Parishe5 Trust, and Ordinands. Fund. Buildings and Gardens Commillee Ovèrse8s th8 Maintenan￿ and devel￿ment olthé Gollege's buildings and grounds. Data Protection and Inform8Iion Security Commlttee Ov8rsees development and implementation of dat8 protection and inlormatlon security policiès and procedurès. Dev6lopm8n* Committee Ov8rsees the activities ol the development offic8, which is responsible for alumni relations and fundraising. Domeslic Committ88 Oversees the provision of board and lodging to Coll8ge rnembÈrs. Fellowships CommittE$ Advise$ on nominations to honorary and emeritus fr11ow¥hips and fellowships by special election. Finance Ctsmmillee Over58e5 all matters of financial policy and practicè, and in partiular the financial implicath)ns of any proposals undèr consideration. Reviews and makes recommendations concerning annual ststernents of accounts for the preceding year, budget5 and rnanagement accounts, College charge5, trading actiwties, IT proi4sion, salary policy and Investment r8cornm8ndations from tre Investment Advisory Committee. Health and Safety Committee MoniloT5 th8 Cdlege's health and safety record, commission8 and reviews an annual independent health and safety audit, and makes policy recommendatlOn5. Human Resources and Eou81ity committee Oversee5 811 aspects of HR and Equallly poI￿Y and irnplernentation. Invgstmenl Advisory Committ88 Provides advice to Goveming Body, through Finance Cornrnittee. on the investrnenls ol the Cdlege and the appropriatè 18vel of income drawdown. Payand Benefils Comrnitt68 Conducts an annual review of pay and benefits of employees, within a fmancial framework set by Financ8 Committ8e. Makes recommendations on policy to Finance Committee. Rèmungralion CornmitÉee The Remuneration Committee is responsib16 for rèviewing and approving the pay and benefits ol rnembers ol the Governing Body. Its members are all exiernal. with th8 Warden and Bursar in attendan￿ lexcept for item5 relating to their rernunerationl. It considers any recommendations on the pay and benefits of Iru5te8S Put forward bythè Governing Body. Thesè il rnay either approve or refer back to Governing 8ody with a recommendation that the proposed pay and benefrts be reconsidered with a view to their being reduced. Research Committee Monitors and c(Fordinates research activities within th8 College and makes recommendations on the distribution of College research funds and the appointment of research visitors and associates.

KEBLE COLLEGE Report ofthe Governlng Body For the year •nded 31 July 2021 student Support Committee Makes ￿¢0MmendatIOnS concerning the overall ￿Ve1 of $tudpnl 5UPPOrt. Consider5 and Makes awards In response lo dividual applications lor support. The day-to-day running of the College is delegated by Governing Body to the Warden. the Bursai and the SèniorTutor, with th8 Developmenl Director havlng delegated responsibility for the College's lundra15ing 3Ctivities. Group structuTr and rglationship$ As noted above, th8 College, through an Advowsons Committee, appoints to the livlngs 0169 Church of England parishes and, among other 8¢tivities. administers two trusts whose objects. extemal to those of the College, are the 5UPPOrt of parishes and Church of England adivities. The College also h8$ two wholly owned non-charitabl8 subsidiary companies. Conference K8b18 Limited arranges conferences and other residential and non-r8sidenlial events which genefate trading revenue from the use of the College's fa¢ilities when they are not required for ils primary purpose. The annual profits of COnfe￿nce Keble are éDnated to the College under the Girt Aid Scheme, Keble Propertles Limited from time to time undertakes major desKJn and build works under eontract to Ihe coll￿e. The College is partof the cOl￿gi31e University of Oxford. Material lnterd8pende￿ieS befvrfeen the Universlty aThl th6 Collega aris6 as a con5eouence of thls relatlortship. OBJECTIVES AND ACTIVITIES Charltable Objects ènd Aims The College's Obje¢is are- 111 The provision of a UniversityeduCat￿n in a Collège in the Universtyof Oxford to be called Ke￿e College conducted in accordan￿ with the principles of the Church of EnglaTh 121 The advan￿rnent of education and learning and the promotron of research The Goveming Body has considered th9 Charity Commission's guidance tsn public benefit 8nd. in keeping with its objects, the College's aims for th8 publi¢ beneflt are set out bdow. Publlc benefit The Coll￿6 prowde8. in conjunction with the Univèrsity of Oxford. an education for some 449 undergr8du8te and 503 graduate students which is recognised int8rn8tionally as being ol the highest standard. This educatsc￿ develops students academically and enables them to develop their leadership qualities and interpersonal skills. and 50 prepares them to play full 8nd effective roles in society. In particular, the College provides.. teaching facilities, individLf81 or sMall￿rOUp supervision, a5 well a5 pastoral, administrative and acadfrm￿ supwrt through its tutorial and graduate rnentorlng systems., welfare services. including the availability ol the Chaplain to assist every member of the col￿ge of everyreligiou5 belief and none, 8nd medical support induding a College nurse and doctor", student grants for study purposes and for cases ol financial need, partly promded through the continuing support of the Keble Association ol alutnni of th8 College., IT and olher administrative support., specialist choral musical education lor ils choral students. who are members of the College's renowned choir, specialist organ musical education for its organ Students., so¢ial, cultural. rnusical. rec￿atIonal and sporting facilit￿$ to enable each ol its students to realise as much 89 Possible of their academic and personal potential whilst studying at the College.

KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2021 The College advances research through.. providing Research Fellowships. Ca￿er Development Fellowships, and Researth AsSOCl8tsships to outstanding academics at the early stages of th8ir careers, which enable them to develop and focus on their research in this fom)akn've period befo￿ they undertake the full teaching and administrative du1185 of an academic post.. supporting research work pursued by its Fellows and others through promoting interacti)n within and across disciplines. granting sabbatical188ve to enable thetn to concgntrate on ￿searCh work. enabling the exchange and dissemination tsf research ideas, and providiry facilities and grants for national and international conf8ren¢es, ￿searCh trips and research materials., encouraging ￿SIts from outstanding acad8rniC8 frorn abroad.. and encouraging members of th8 College to ¢Jisseminale the results ol their research to othpr academics and the general public through the publication ol papers in aradernicjournals and books. through presentstions at conferences, through media appearances and press articles and other suitable means. The Collrye rnaintains an extensive Library lincluding irnportant special collections). so providing a ValUa￿e resou￿ for Students and Fellows of the College. On a discretionary basis, the College makes its library aval￿ble to members of other Coll4es and the University ol Oxford rnore widely, extem315chol8rs and researchers. as well as local children from maintain9d and other schools as part of educational visls. The Colleg8 SUPPOrts a Chapel wth a programme of rdigiou$ services open to all. Through its OUt￿8¢h and schools liaison activities, the College f05ter8 the general educatvjnal and university aspirations of students from a wide range of social backgrounds. The College does not consider that there is any detrim8rit or harm that arisès from carrying out the College's ayns and is not aware of views amtsng other$ that such detrirnent or hami mlght aris8. The members of the Collège, both students and a¢adernic staff, are th& piim8ry beneficiaries and are directly engag￿ in gducation. learning andlor research. However, bèn8ficiaries also inelude.. students and academic staff Irorn other college5 in Oxford and th6 University ol Oxford rnor8 widely. visiting academics from oth8r highereducalion institutions and visiting schoolchildren and alumni of the College who have an opportunity to attend educational events at the College and use its acad8mi¢ tscilities. The gen8ral public a also able to attend various educational aclivitle5 in the COll￿e such as 18Ctures, seminars, and conferences. and benefit also frorn being admitted without charge to thè College s grounds and able to wew its historical and artistic heritag8 and hddings. The Collèg8 8dmits as student5 those who have th6 highest potential for benefiting from the education provided by the College and the University and rgcruits as acadernic staff those who are able to contribute mostto the academic excellence ol the College, regardless of their financial, social. religious or ethnic background". ther8 8re no geographKal restrictions in the College's obj'ects and Students and academ￿ staff ofthe College are drawn from across the UK and intemationally., there are no age roslrictions in the College's objects but students of the College are predominantly betW99n 18 and 24 yemrs old.. and there a￿ not considered to be any religi￿S restrictions in thè College's objects and m8mbeF8 of the Cdlege have a wide varlety of faith traditions or nonè. The focus of the College is Stro[￿lY acadernic and students need to satisty hvJh acadernic entry requirernenls. The College charges the lollowng f88S'. al College fees, atextemally regulated ratas. to undergraduates entilled to Student Supwrt and to graduate students.. and a fe8 d8t8rmined by the College annually to Overseas undergraduates and any HomelEU under9raduate5 not entiued to Student Support.. and bl A¢cornmodation and meal charges at reasonable rates.

KEBLE COLLEGE Rgport of the Governlng Body For the year ended 31 July 2021 la order to assist undergraduates entstled to Student Support. there Is a comprehensive bursary scheme in place to support students Irorn lower income backgrounds, which 15 funded by both the University and College. The following is a Summary of awa￿$ mad8 to HornelEU undergraduates during the year.. OxfordBurs8ry (OGlober 2016 starters).. 1 award out ol a HomelEU population of 4.. 1 aw8rd at £1,400 Oxford Bursary IOctober2017starlers).' 15 award$ outola HomelEU population of 43.. 6 award8 8tthe maximurn 01£3.700: the average value of the awards was £2,361 Oxford BuAEary (Ocfober 2018 sl8rters).' 14 awards out of a HomelEU Fh)pulalion of 111= 8 award5 at the maximum of £3.700'. the average value of the awards was £2,900 Oxford Bursary (October 2019 start8rn}.' 22 awards out of a HomelEU population of 109= 11 awards at thè maximum of £3.7CQ.. the average value of the awards was £2.904 Oxford Bursary (October 2020 startersj.. 32 awards out of a Hom81EU populatlon of 129.. 18 awards at the maximum of £3,700 the average value of the awards was £3,644 To assist graduat8 stud￿t$ Ihe Colleg8 provides substsnlial financial support through schemes operated in conjunction with the University. These include scholarship packages to fund fees and living costs and'top-up, assistan￿ tt) fill shorttalls in students. funding. The College also supports studènts through grant sthemes to assist wth the purchase ol books and equipment, attendance at conferences. childcare support and travel grants. The College also rnake5 awards for 8cadernic development and h8s various scholarships and prizes avallable lo reward academic ex￿llen￿. In addition to its other programmes, the College operates a hardship scheme for students in financial hardshlp and provides a¢￿$5 to hardship s¢hemes operated by the University. To raise educational aspiration and attract outstanding applicants who might not othe￿iSe have considered applying to Keble, the College operates an extensive outreach progratnme as part ol University-wid8 initiatives to wlden aecoss. This prografflme is under the ￿SpOnSibl11tY of the Senior Tutor and includes an extensive programme of visits by ¥chools to the College, open days. admissitsns symposia for teachers. as well as vi5it5 to schools and guidanc8 and information on the College websitefor prospective applicant5. In agreement with the other Oxford colleges as an outreach initiative, the col￿ge has particular links with prosp&ctiV8 8pplicanls from Birmingharn and surrounding areas. More detail 15 provided bebw. In orderto fu￿11 its charitable purpose, the College ernploys a War(Èn, who Serves as head of the college. and, as Govarning Body Fellows, senior acadernic staff. many ol whom Supervise and tutor students. the College Chaplain. and senior administrative officers. Th85e all serve as ch8rty trustees through being members of the College's Governing Body. The 8rnployment ￿ the Warden and Felbw5 15 undertaken with the intention of furthering th8 College's aims and their ernployrnenl direcdy contrlbules lo th8 fulfilment ol those aims. The private benefit accruing to the Warden and Fellows through salaries. sbpeniys and employment related benefits is objectively reasonable, rneaSU￿d against academic stipends generally. and is subject to the oversight of a Remuneration Committee. Without the employrnent of the Warden, academic fellows. Chaplain and senior adtninistr8tive officers the College ￿Uld not lulfil its charitable aims as a Collegg In the University of Oxford. Many ol the trustees also ￿te1ve benefit5 (for example r&sea￿h. conference and book grantsl which are prO￿l￿ed wth the intention of furthering the College s aims, including that ol advancing r8searth. The amounts ol the benefits provided ar8 objectivety reasonable. measured against the a¢adernic benefits made available to oth8r bengficlaries of the College. ACHIEVEMENTS AND PERFORMANCE The College's aim is that every undergraduate should leave with 8 good degree, i.e. a first ¢18ss or upper second. In 2020- 21, 114 of the 118 finali5t5 achieved this goal, 970A of those silting their final 8xarninations. 01 thosè, 49 were awarded first class degrees. The College continues to work hard to ensure thatevery student reali8estheiracaderni¢ ambitions. All Oxford undergiaduates also lake a qualifying examination in their first year." 36 01 the 151 students who sat the First Public Exatninats'on in 2020121 were awarded Distincb"ons. Eight underyraduate5 failed on8 or more papers bu( of those. six went io pass in the scheduled Septemberre-Sit5. Excellence in the First Public Examination and sustained excellence in couisè work is recognised by th8 award of an und8rgraduale scholarship. 98 Keble students hold aeadamic sctKJlarships.

KEBLE COLLEGE Report of the Governlng Body For the year endèd 31 July 2021 The size and shapè of Keble's graduate comrnunity has continued to change following th& opening in 2018 of the new graduate ￿￿tre, the H B Allen Centre. This not only enable5 the College to provide good a¢¢ommodation to a larg8 nurnb8r of graduates, but it also presents the Op￿rtUnIty to ac¢ommo(late graduates on modular, part-time courses. Of the 503 graduat85 in the College, 136 were part-time. mostly undertsking courses in advanced professional qualifications. Among lull-time graduates, the rnajority 153 per eenll are on research degr8es (for example DPhill and the rest are on taught mast8rs, including some professional qualifications (for exawnpie, M8AI. Twenty-nine Kebl8 graduates successfully submitted for DPhils in 2020.21. Arnong those taking taught masters programrnes, 39 were awarded either a Merit or a DiS￿nCtion. K8ble continues to receive a very hlgh nurnber of dI￿¢t applications for undergraduate degrees. 1.111 (excluding rnedic5 and Biomedic51 in 2020-21. A total of 132 offers were rnade lo applicants at Kebl8. 8nd a further 23 applic8nls to Keble were ma(le offers by other cC41￿8s. Among UK applicants onty. 60 per cent of offers were made to students from maintained schools. Comprehensive stalislical data on admission is published by the Uriiverslty as a 58parale report," selective dats is also published In the College's annual equality report. All admissions procedu￿$ and outcomes are routinely monitored for eouality obi8Ctives. The 2020121 application and interview process wa5 conducted online bècause of Covid-19. The College continuès to play a lull part in the University's initlatives to widen undergraduate access. Kèble parbcipated in the Opportunity Oxford programme, designed to ￿duce the admission gap betW9en the areas the highest and lowest participation in higher education. Four students arrived under this programrne, Due to Covid-19 our regular outreach and access activities for 2020121 were either Cancelled or tiansferred online as part of a wide-reaching digital Strategy of engagement with schools. UnlortUn8lely. we were un8ble to support UNIQ through provision of accofflmodation and physical resources. as we usually do. The Open Days were ￿.b[anded as Virtual Open Days lor four consecutive rounds12020 and 20211 on a University wide scale, and Keble participated in this initiative. Durlng th8 Long Vacation in 2020, stsff suc￿sSfUllY prepared a Covid-S8cur8 environmtnl and Students ￿tUrned to the College to study for Michaelmas Tèrffl 2020. However, ifflposilion of a further national lockdown in early January 2021 resulted in a significant number of students not returning to Okford for Hilary Term. Most students returned lo Keble for Trinity ferm and the College wa5 able to begin to rd8x certain Covid-19 restrictyons towards the end ol Trinity Term. FINANCIAL REVIEW Operallons, capltsl •xpendl¢ure and funding The charitable activits'es of the College consist of teaching and research, together wlh the provis￿n of board and lodging to Gollege members in buildings owned by th9 College. most of which are Grade 1 or Grade 2. listed. The income generated by these activities in 2020121 amounted to £7.11m, 8 very similar level to that ol the prev¥Jus year but almost É1rn lower than 2018119, reflecting the continued loss of a¢commodation and catering Incomè as some Stl￿entS rem8ined away from College due to Covick19 constraints, particularly during Hilary Terrn 2021. The cost ol undertaking these charitable activities amounted to £12.Om. Operating costs were reduced due to the elirnination of non-essential non-slaff expenditure, and a £1m reduction in staff costs through a redundancy prograrnme that reduced non-academic headcount by 25118% of the pre-COV￿ totall. Adjusting lorthe irnpacl ofthe movernenton provisions lordefined benefrt pension schemes. the underlying decrease in operating costs compared to the pr8vious year was £1.1rn. The Cowd-19 pand6mic 8nd its economlc ¢￿seQUenceS continue to present a major Ghallenge lo the College. In addition to loss of student rents, the College was unable to generate any material r8v8nue from ils conf8rence and bed & breakfast busin85s. This rtsulted in a reduction in oth8r net trading incom8 of £1.1m compared to 2019QO and £1.6m cornpared to 2018119. However, since August 2021 the College has successfully restarted the conference and bed & breakfast business though unsurprisingly. activity lev8ls have been very low COrnpa￿d to pr8-Covid. The Cdlege 15 investing in a nurnber of initiative5 to support full recov8ry of the business. Th8 College has continued io restr￿ capital expenditure in response to Covid-19, h8ving completed a rnajor multi-year programme of investment in its buildiws. plant and rnachinery, prior lo the pandemic. Capital expenditure was £0.2tn in 2020121. Apart from one remaining major project- phase 2 of the renewal of the main Kitchen, Hall and Servery- the 8ntire Victorian estate has been renovated over the pa81 Menly year5 at a cost of £17m. The College's more recent building5 on the Parks Road site, H3yW8rd and De Breyne. ARCO and Sloane Robinson. have also received such investment 89 was requi￿d, whi15t the H B Allen Centro only opened in 2018. This makes it possible lo plan for relatively low spending on eapitsl projects compared to recent yaars Trfyithout risking detriment to the fabr￿ of the ColL9ge.

KEBLE COLLEGE Report of the Governlng Body For the year ended 31 July 2021 Donation5 received by the Colleg8 In 2020121 tota118d £2.7m12019120 £1.9ml. Th8 compo8ltk)n of this totsl wa5 as follow5-. £OWs Unrestricted in¢ome gifts Reslricled income gifts Glfts for capital projects Endo￿Trent grfts 2,693 1.468 525 The College invests its endowment for total return. 86°h of the endowment is invested in the Oxford Endowrnent Fund I'OEF"), managed by Oxford University Endowment ManageTnent. In norrnal years, the Colleg8 h85 applied a spending rule permitting a maxirnum transfer of 3.5Vh of the average ¢losing value ol the endowment value over the previous five year8. However, In response lo the adverse financial impact of Covid-19. Govaining Body decided lo Increase the sperKling rule limlt to be equal to the arnount ol the annual distribution from OEF. The standard OEF distribution is usually 4.25% of the average Net Asset Value of fund units over the previous twenty quart8rs, but in response to the CoMd-19 Qisis OUEM ènnounced that the maximutn distribution would be Increased to 7Y. for one year. Transfers under the revised spending rule for the year amounted to £2.43rn, including £43k for external purposes (the support of Keble parishes). In 2021-22 it is planned that Ihe maximum transfer rule wll revert to 3.5% of the 8verage closing value ol the endowrnents OV8r the previous five years. Investment policy. objectlves and performance The College's Investmènt objectNes are to baLance current and futu￿ benefiaary needs by.. maintaining latleastl the value ol the investments in ￿al temis., produung a consistent and 5ustsinable arnount to support expenditure.. and delivering these objectives within acceptab￿ levd5 of risk. To meet these objectives the College's investsn8nts 85 a whole are managed on a total return basls, maintaining diver5ification across a range of a55et c18sses in order to produce an appropriate balance between risk and Telum. In line with this approach, the College statutes allow the College to invest pemianent endowments to ma￿Mise the related total return and lo make available for expenditurè each year an appropriate proportion of the unapplied total return. The investment strategy, policy and performance 8re monitored by the Fin8nce Committee. Al the year end, the College's èndowrn8nt tolalled £58.8m12020.. £50.3ml. The aggregate investment return for the year was 21.43%12020'. .1.1%). The Value of the Oxfor¢J Endowment Fund was £50.Om 12020.. £43.3rn1 after payment of the 7% distrit)ution. Th8 total OEF investment r81um w85 22.5%. The carrying value ol the pre5erv8d pemianenl capital and thè arnount ofany unapplied total retum available forexpendllure Was taken as the open mafketvalues ofthese fund5 a5 at 1 August 2004 togetherwith the 0ri9inal gift value olall subsequenl endowment ￿Ceived. Almost 811 of the College's discreti(￿ary funds, apart from its private equity holdings and joint-8quity interests in Fellows, housing. are held in the Oxford Endowment Fund managèd by OUEM (Oxford University Endowment Management). Over the past 10 years the OEF has achieved an annu81ised net ￿tUrn of 10.1% norninal and 8.3% real. The Goveming Body keeps the Spending Rule and the16vel of incorne withdrawn under review to balance the needs and interests of curr8nt and futu￿ beneficiaries of Ihe COl￿ge,$ acYVit￿s. Debt and Llquldlty InAugust 2020 the College borrowed £3m on 8 3-yearfixed.rate basis in orderto reduce short lem) liquidity pressure ¢au5ed by the irnp8ctol CoMd-19 coinciding with settlement olthe final account for the HB Allen Centr8. During the yearthe College also benefitted fr(Nll the award ol a COVID-19 grant from the Oxlorrs College Gontribulions Committee. As at 31 July 2021 the College had a cash balance of £0.7rn. an undrawn oveidraft facility of £5m, the £3m 3 year teim loan and £40m ol long term debt associatèd bfrith the HB Alen Centie d8V81oprnenL 10

KEBLE COLLEGE Report ofthe Governing Body For the year ended 31 July 2021 Reservos The College's policy is to maintain sulficient free reserves IgÈn8r81 funds) to enable it to rneet its short-term financial obligations In th8 event of an unexpected revenue shortfall and lo allow the College to be managed efficiently and to provid8 buffer that would ensure uninterrupted services. Govèrning Body agreed that the targ81 amount lor general funds should be the equivalent of thre8 months, expenditure on charitsble objec15 (currently £2.5ml. The College entered the Covid-19 crisis with significantly les5 buffer than this due to issues relating to the funding and cornpletion of Ihe H8 Allen centre and the financial impact of Covid-19 subsequently (x)rnpounded the problem. During 2020121 th8 general funds position slSghtly Improved from -£9.Om (negat￿e) at 31 July 2020 to-£7.4m Inegativel at 31 July 2021. Total funds of the College and it5 subsidiaries atthe year-end amounted to £137m12020.. £129ml. Thi5 includ85 endowment capitsl 01 £58.8m12020.. £50.3ml and unspent restricted incorne funds totalling £956k12020'. £648kl. Financlal Rlsk Factors Factors that could adversely affect the College's financial posltion in the future i￿lude.. students b8ing r8quired to study r8rn0tgly rather than in residence in Oxford because of the pandemic lailure of the College conference business to fully r8cover, having been unable to operate durlng th6 pandérnic funding for ac8deTnic activit￿$ not keeping pace with costs poor invèstment performance decline in philanthropic support The Governing Body and it5 constituènt eornmittees are well awafe of these risks, rnonltor Ihern regularly and ensure that appropriate measu￿$ are taken to reduce or mitigate them. Fundralslng The Colleg8 h85 an Alumni & Development Office wh08e role 18 to nurtu￿ strong relations between Keb18 and its alumn and, through those relations, to raise funds for its charitable activili05. Th8 Office consists of a Dir8Ctor and four staff. The College has a network of alumni volunteers Year Group Representstives who assist in communicating inforrnation regarding College news. event5, and fundraising project5 to their peers. All cornrnunication via Year Group Repre8glltatsves 15 directed in terms ol colltent and timing by th8 Alumni & Development Offi¢e staff. The College 15 r8gi5tered with tho Fundraising Regulator and voluntarily subscribes to its Code of Fundralsing Practice as adapted, by agreement with the Regulator, to meet the particular arcumslanc8s of colleges in the Univ8rsity of Oxford. The adivilies ol the Year Group Representative5 adhere to the Code Of Fundraising Practi￿ as Adapted. The College is not awa￿ ol any failure on ils part to comply ￿th the Code and has not re￿Ived any complaints in 2020-21 about ils fundraising aetimty, nor the activity of the Y88r Group Representative5. The College does not solicit funds from rnembers ol the public.. its fundraising activities a￿ principally focu58d on its alumnl and on third parties inlrodu¢ed to th8 College by alumni. The College communicates ￿gUlarlY with its alumni using a variety of media. If an alumnus 8xpresses 8 wish not lo be Approached for donations or not to be communicated Vrith, that is worcbd and respected. The College has a policy on fundraising with and responding to people in vulnerable ¢ircumstances. All Alumni & Dev81oprnent offi￿ staff and Year Group Representatives a￿ aware of th6 policy and a￿ Instructed tu review the content annually. All Fundraising policies a￿ published online at https.'Ilwww.keble.ox.ac.uklgovemance-and-poli¢iesl.

KEBLE COLLEGE Roport of the Governing Body For the year ended 31 July 2021 Risk mana9ement Keble has Orn-g￿ng processes for identifying. evalualiiYJ and mana9ing the principal rBks and uncertaintles faced by tha College and ils subsidiaries in undertaklng their activities. When it is not able to address risk issues using internal resources, th8 College lakes advic8 from external experts. All the College commillees tnonitor risk on an ongoing basis and conduct an annual review of the major risks to which the Co118ge is exposed in their 8rea5 of responsibility. Their findings a aggregated into a report on major risks which is Consider￿ by the Goveming Body each year. H8allh and Safety risks are monitored by a committee of heads of departrnent, chaired by thè Bursar and subject to annual 8xlernal audrt. Th8 GovemSng 8ody, which has ultirnate responsibility lor rnanaging any risks laced by the College. has glven consider8ti to the major risks to which the College and its Subsidiaries are exposed and has concluded that adequate system5 are in pla￿ to rnan8ge these risks. It is recognised that systems can provide only reasonable but not absolute assurance that rnajcy ri5k5 have been managed. The principal risks and unCertaint￿S laced by the College and its subsidiaries Ihat havé b8en identified are categorised 8$ follows.. Activityi rlsk and potenllal damag8 Rlsk rnanag8m8nt mèasLrres adopted Progres5 report for 2020-21 and further measures to be Gonsidered during 2021.22 D￿lY Microsoft Teams m￿h￿S with Warden. Senior Tutor. Bursar arml Dow51ic Bursar alld wetrkly Strategy Plannlng Gwoup rneelings occurred throughout the year. The colle￿ si188 have been rnade Covld-secure. The 2ccatnThodab"on team impltrrnenled Covid rules foranytommerGrJl guests stayin9 ￿ College over th8 I￿g vacation. The Co1￿98 has baen Covid.5ecure throughout the pandetniG. New cleaning and ventilation woloco15 have tÉen put in pla¢e and continue to be mainl8inÈd. Board and l(wJging. Pandemics. Illntss. ealh, loss of business. damage to reputation. Prepare and update pandem￿ plan Board and lodging. Failure to cl)serve quaontiDe or sdl-isolation order. Spread of the viru8. Amen(henls to th2 Col￿ge Handbook to sel out rules and conventions far social dislantyng. Relance on peer wessure underpinned by disciplinary sanct￿nS. Board and lodging. Failure le obseive SOC181 distancing. Spread of the viw5. rnendmenls to Ihe College Handbook to sel out tules and conventions sodal di$18no¥ng. Reliance on peèr wes5ur underpinned by dIscl￿lnary sanclrons. The Cdlege has wnstandy reviewed Covid mle8 and regulation$ as updated by Univèrsity and GovarnmÈnl. OwThng and operating buildirvJs. Failure ulililies seNKe$. Fire (failure of elecirical sy51ernsl., danger to r&sidents from waler-bome bacleiia.. walerdama98. Renewal ef electrical urcuits and plumbing5erviceslhroughoullheCollege. Well eslabllshed regimes for flushing water SYs￿m$ and PAT testing electrical appllances. Liability insutance 1£10mn limit any one occurrence) More efficient boil￿$ and beutrinsula￿oD of buildin9s. Reslriclions on car pad<ing. All Arw kitchens upjraded Sloane Robinson EVAC pipework repairs undertaken. Repair lo sP￿r under L5. PL4nned upgrade of the plant room in the Lodgings. PO551￿e window repaitS and rtplacemenl in the Library and Lo(Jing5. Owning and operating Exsslve cathn emi$5ions. change., repulalional damage. Owning an uperating bulldlrgs. Slruclural defecls. Danger lo residpnl5. d8inage lo buildlrss. loss offacililie5. Climate Planhed upgrade of th8 planlroom in the Lodgings. P0S￿bla wndow repalrs and replacamenl in the tsbrary and Lodglnys. Repairs to Chapel windobys. roof and stonework in 2020121. Drone Sutvey underlaken of all ioofs and hv)h-lÈvel areas Urgenl Library chimney rep8ir$ underway trom July 2021. Lower repairs on the L*)raryend wdl a150 reqilred. Rolliag programmo of caixial renovations. Empkiym8nt of structural englneers lo adwlso on any building 8118ratifft5. FundiNJ. Changès in Coitege f881 8Xtemal fundirrfj,. impact on colleges of likely deficit in University funding. Fin8ncial k)￿ funding Shortr￿1. W(Kklhrough Conf8r8nceof College5 and Estate5 Bursars Commlttee College has mainlaned strong siudÈnt nurn￿r8 duiing Covid. June 2021 govetnmenl consullalion on r8OJcb'on in luilion fees vAlh concern for aris and humanities as sclanc8 rnay be protected by lop-ups. 12

KEBLE COLLEGE Report ofthe Governlng Body For the year ended 31 July 2021 A¢tlvlty. risk and potenlial dam808 Risk rnana98ment measures adoptad ProgTèss report for 2020-21 and lurther measures to be ¢on$ldored during 2021Q2 ReCreat￿n and 5POrts AccJdents. Injury. Follow IJDivetsty policy and guldelines and take me35we5 to rse awar8n8s5 of risk 2020-2021 risk assessments revised in line ￿th Covid-secure practi￿5 and sport resumed in line th tha guidance of the relevant 5pJ1in9 body. Rlsk Assessrnen15 w￿11 be regularly revwed in hlof andemio develo rnenls. 1S oul 01 22 rtrienlion Sc￿duleS are now complet&, and 11 schedul&s have b8en'mapped' to the ROPA. ROPA mapping is ongoing in four departments. The DARS LIA is Still oulslanding. Breach and SAR procedure5 aE working well. Greater awarene55 01 the DPIA prots8dure musl be achieved Iseo bèlow). GDPR doGumentalion must be miew8d on an annual basis. Deparkmental staff would b8nelil from further Iraning in awareness of required GDPR clauses. Infomiation and IT promsion. Data Prolectlon fallurè. Ewsure to legal action. PUbl￿se ru￿5 Efflploymenl cost8. Sudden and unexpected incrèase5. Financial strain. thr88ts to core activity presented by possible remedial measures. Estate5 Bur5ars' Committee aclivelv engaged in working parties dealing with pensvJns Ibolh USS and OSPSI Arproval of new s818ry scale for 2021122 incorw)rating 1% cost of liwng increase and rai5in9 our kJwesi paid colleagues lo the LlvSng Wage Founda11L￿ Livin9 Wagè. SvJnificantri5k of sub5tanlially increased p8nsM w5ts folkivng the 2020 USS Valuation. Staff Quality. Failure to attract and retain high quality academic staff. Lose supwrt a5 centre of excelltrnGe. Collgge housing allowancg and hou51g scheme. Colkge axommodaiion for single Fellows. Priva1& health insurance scheme. Enoa9emÈni with tscullies le supp)rt requestsforbuy-ouls. 8nd sp8cL81 kgava. A¢tive engao8m8nl ￿lIh Univer5ity-wde recruiknenl PVC rewrb that progi68s on these issues h95 been sl¢)w btcause ol Covid bul ￿al a WOTking party WIN report in MT21 Teaching. PO￿ quality, poororganisat￿Th', Implementation of academic slralegy., Llniversity & extem81 pressur&on Fellow5. Possible liligalion., datnage lo repulalion.. inability to attract high quality students. Feedback queslronnaires, 51ruGture of tutorial oroanisation reviewed.. informal appr8i$8b of Fdlows by Wardtrn before confitrnalion and releGlion and apprc¥)riale reviews ai olhpr lime5'. luillon records.- College lernplale ￿ duls or lulorial felknws New teaching cwr5e for Sclences introduced by CTL", Hum3nil1gslofollow in MT21. Ongoing work on Dlgilal Educaiion in 2021-22 Recreation and sports. Excessive rinking and other behawoural problem5. nconvenience. offensive behavlour. damageto reputation. College Regulaiions and related behavw)ural cimles. decanal 51rucluie, profe55ional bar staff The Sports Groun¢ has be8n operaiing wilhin COVKI regulallons ￿th boo￿ng$ being taken thrO￿h the ground5 manager. OSS have undèrtaken spot cf*cks to Énsure ￿m￿lanCe and s&curity is maintained Data breach Incidents have r25ulled frthm user fatigue rather than s￿tern fwlure. All A&D staff ¢onsKJering flexible working 8$ kKkdown eases. All have remote a￿esS to DARS and G drive via VPN. and are familiar wlh best practice ID letTll3 of dala handling. processing and storage. InduC￿On of new leam membets will GDver all 8sptrGts of GDPR and risk management FurKJraising. Los$ ￿ breach of p&5anal d81a. L05s ol poienlial donation5. hss of support from dortrs. Negative publicity. Staff aware of Data Proleclion issues & managemenl of risk Rernote 8¢¢eÈ$ 10 DARS now 18chnicalty possible A&D staff. Fundraising. Inadequate records an(J lad of fundraising and marketiru pemisslons. F811ure to cornply wrfh Fundraising Regulations l GDPRI from May 2018 and updale(I PECR. from May 2018. Syslems land related Inlrastruciurel do not supsx)rt extemal legal and regulatory compliance. Los5 of polenlial donations. h)ss of support donors. In extreme circumstances Fundraising Regu181¢r. Constant updating of database. regular contact wilh alumni. Staff adhering Io v5e of agreed alumni preference5. Nochangesd8emednÈce55aryin 2020. Docswll be rewewed fully in July 2021. FR Levy paid lor 2020r21 and bud9eied for 2021122. Docs yel lo be developed. Legitimate Inleresi Assessment- slill awailing final copy from DARS cèntral. All to be rpad thoroughly by all AW 51alf. in¢lu¢ing coming new teatn (nembers. and reviewed annually by Dev Comm. Docs to be tsdi51ributed with 5ugge5ted amendments. by 13

KEBLE COLLEGE Report of the Governlng Body For the year ended 31 July 2021 FUTURE PLANS The Covid-19 crisis continues to have a significant impa¢t on the life and work of the College. The College 15 seeking to return to as nortnal a student experience as pos5ibl8 for the 2021122 acadetnic year whilst balancing this with the lleed to provide 8 safe place for students to live and study and College 51aff to work. The College is fortunat8 in having all its accommodation on just two sites, located within five minutes of each uth8r. The accommodation consists of 495 ensuite rooms and 134 twin rooms12 rooms sharing one balhrooml. These make il possi￿e to manage incidences of Covid-19 infection in Wdys whtch seek to safeguard th8 health ol the community a5 a whole. Th8 conference and bed & breakfast business has shown initial signs of recovery since restarting in August 2021, and St Is hoped Ih£t this business will return to p￿-GOV1d activity levels by Summer 2022. However, the conferen¢è and hospitality marketface5 considerable uncertainty over the corning months due lo changes in consurner habits ¢aused by the pandemic, possible lurther Covid-19 disruption over th8 winter rnonths. changes to the cornpetilive landscape and pressu￿5 in the bour market due to impacts from the pandernic and Brexit. The College has invested in resources to support a SUC￿SSfUl rebuilding ol the conference business and more generally ks inv651igabng ways to ensure that It rèfflains an attractive employer arnidst the labour market dlsruption. All non-essential capital projects have bèen put on hold but the College remain5 cornmitted lo complefjng Phase 2 of its kltthen projed-the remodelling ofthe main kit¢hen itself-when funds are available. This wll generate Fnajorimprovernents in productivity and efficiency as well as significandy improving th8 Working envlronment of k8y Staff. The College plans to review medium term strategic plans against the backdrop of r8oent completion olthè HB AJl8n Centre, recovery from the adverse impacts of Covid-19 and change of Warden in Sepiember 2022. 14

KEBLE COLLEGE Report ofthe Governing Body For the year ended 31 July 2021 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial ststements in accordance with applicable law and regulations. Charity law requires the Goveming Body to prepare financlal staternents for each financial year. Under that law th8 Governing Body has prepared the financial ststements iri accordan¢e United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards ar￿ applicable lawl. including Finar)cial Rewrting Standard 102.. The Flnancial Reporting Standard Appli¢able in the UK and Republic ol Ireland IFRS 1021. Under charity law the Goveming Body must not approve the financial $taten*nts unless It is satisfied that th8y give a true and fair view of the state of affairs ol the College and of ils n8t Income or expenditure for that pericKY. In pr8paring these financial statements. the Governing Body is required to.. select th? m05t suitable accounting poliues and then apply them consi5tently', rnake judgment5 and accounting estirnates that a￿ reasonablg and prudent., state whether applicable accounting standards. including FRS 102. have been followed, subject to any rnaterial departures disdosed and explained Tn the financial statements., state whether a Statement of Recommended Pr8ctice ISORPI applies and has been followed. subject to any material departures which are explained in the financial statements.. prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the Cdlege will continue to operate. The Goveming Body is responsible for keeping proper accounting ￿cOrdS that are Suffident to show and explain the College's transactions and disclose with reasonable accuracy al any time th8 financial position of Ihe College and enable theffl lo ensure that the financial statements comply with the Charities Act 2011. It is a150 r85ponsible for safeguarding the 8ssets ol the Colleg& and ensuring their proper application under charity law and hence for taking reasonable steps lor the prevention and d8ts¢tion of foud and other Irregularitres. Approved by the Govaming Body on 3Id November 2021 and &gned on its behalf by= Sir Jonathan PliIIip8 Warden 15

KEBLE COLLEGE Reptsrt of the Audltor to the Members of the Governlng Body of Keble College For the year ended 31 July 2021 Oprnion We have audited the financial stal8menls of Keble College lthe"Charity"I for the year ended 31 July 2021 whKh comprise the Slaternent of Accounting PO1￿cleS, the Consolidated Statement of Financial A¢tivitie5. the Consolidated and College Balance Sheets. the Consolidated Cash Flow Statement and notes to the financial statements. The finanoal reporting fratnework that has been appli8d in thelr preparation is ap￿1¢able law and United Kingdorn Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdorn Generally Accepted Accounting Practicè). In ouropinion, the financial statements give a true and fairview of the slate ol the grcyjp and charity's affairs a$ at 31 July 2021 and of the group's income and expenditure for the year then ended, have been properly prepared in accordance w￿th Unhed Kingdom Generally Accepted Accounting Praclice. h8ve been prePa￿d in accordance with the requirements ol the Charbties Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitlE5 und8r those standard5 are further described in the Auditor's re5ponsibililies for the audit of the financk31 statement5 section ol our report. We are independ8nt of the Charity in accordance wth the ethieal requirements that are rèlevsnt to our audit of the financial statements in the UK, including the FRC s Ethical Standard. and ￿ have fulfilled our other ethKal rtsponsibilities in accordance with these requir8rn8nts. We believe that the audit evldencè we have obtained is suffici8nt and appropriate to provide a basis for our opinion. ConclusFon$ relating to golng ¢C*ncem In auditing the fin8nci81 statements, we have concluded thatthe Mernbers of the Goveming Body's use of the going concem basls of accounting in the preparation ol the financial statements is appropriate. Based on the work we have performed. we have not identified any material un￿rtaiNlieS relating to events or conditions that, indiwdvally or collectively, rnay cast significant doubt on the charity'5 ability to contlnue as k going concem fora pertod of at least 12 months from when the I￿nancIal statements are authorised for issue. Our responsibilities and the r8$ponsibilities of the MèmberB of the Goveming Body with respect to going concem arè dascribed in the rtlev&nt sections ol this report. other Informatlon The M8tnbers of the Govèrning Body are responsible for the other information. The olher information comptiS85 th9 inforrnalion included in the annual report other than the finaneial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other Inforrnation and, except to the extent otherwise explicidy slated in our port, we do not express any form of assurance condusion Ihereon. In connection with our audit of the financial stalernents, our r85ponsibillty Is lo read the other Snfonnation and, in doing so, considerwhelher the other inforTnatioll is materially ineonsistent wlh the financial statements or our knowledge obtained in thè audit or otherwise appears to be rnaterially misststed.11 w8 identify such material incon515tencies or appar8nt rnaterial rnisslatement5, we are requlred to del8rrnine whether thère is a material mi55tatement in the financial statements or a material rnisstatement ofthe other infomialion. If. ba58d on the work w8 have performed, we Conclude thatthere isa mat&ri81 mis5tal8ffl8nl of this other information, we are required to report that fact. We have nothiry to report in thi5 regard. 16

KEBLE COLLEGE Report of the Auditor to the Members of the Govwnlng Body of Keble Colleg• For the year ended 31 July 2021 Matters on whlch we are required to report by exceptlon We have nothing to report in respect ol the folbwing mattets in relation to whlch ChaTitie5 Act 2011 requlres us to report to you if, in our opinion.. Suff￿lent ac¢ounling records have not been kept,. the financial statements a￿ not in agreement wlth the accounting records and ￿tUM$., or we have tlot obtained all the information and explanations ne￿sSary for the purposes of our audit. Responsibilities of the Members of the Governin9 Body As explained rn0￿ fully in the Statement ol Accounting and Reporting Responsibilit125 Is8t out on page 151, thè Members of the Governing Body are responsible for th8 preparation ol the financi81 statements and for being satisfied that they give a true and fair view. and for such intemal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, wh8ther (Jue to fraud or error. In preparing the finanaal statements, the Members of th8 Governing Body arè re5pon5ible for aSses￿n9 the Ch8rty'$ gbility to continue as a going concern. disclosing, as applicable. matters related to going concern and using the going con￿rn basis of accounty'ng unless the Members of the Governing Body 8ilher intend to liquidatè th8 Charity or to cease opemtions. or have no realistic allemativ8 but to do so. Audltor's r•5pon5ibilitles for th• audit of the finan¢lal statements We have been apw)inted a5 audStor undèr S8Ction 144 of the ChaTlties Act 2011 and report in accordance wth the Act and levant regulations made or having effe¢t Ihereun¢Jer. Our objects'ves are to obtain reasonable assurance about whethgr the financial statements a5 a whole are free from material mi5Statement. whether due to fraud or erfor, and to issue an auditorfs reportthat include5 ouropinion. Reasonablea5suranc& is 8 high level of 85surance. but is not a guarantee that an audit conducted in accordance wllh ISAS IUKI will always detect a material tnisstatemenl when it exists. Mksstatements Can arise from frèud or error and are considered material il, indlvidually or in the aggregate, they could reasonably be exp8c18d lo Influen￿ the economi¢ decisions ol users taken on the basis of these financi815lalements. Irregularities, including traud, are instances of non-compliance with laws and regulations_ We design procedures in line wllh our responsibilities, outlined above. to detect material misstatetnents in respect ol Ir￿g￿larItIes, including fraud. The extent to which our procedures are capable of delecling irregularilie5, including fraud is detailed below.. Our approach to identifying and assessing the ri5k5 of material mlsstatefflent in respect of Irregularits'es, including fraud and non-compliance with laws and regulations, was as follows.. th8 engagement partner 8nsured that the engagemènt team collectively had the appropriate cornpeten￿, capabilities and skills to identify or recognis8 non-compliance wth applicable laws and ￿gUlatIOns,. W8 identified the laws and regulatlons applKable to the charity through discussions wth Members olthe Govemlng Body and other management, and from our knowledge atyj 8XP8rience of Ihe client's seelor,. we focused on spgcrfic laws and regulations which we considered may have a dI￿¢t material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requ1￿Ments, t8xation legislation, data protectioD. empk)yment and pensions. planning and health and safety legi51ation'. we assesse(I th8 extent of compliance ￿t￿ the law8 and regulatlons ￿entifIéd above through Maki￿ enquiries of management and. where relevant, inspecting legal ¢orrespondence,' and idèntified laws and regulations were comrnunicated within tho aud(( team regularfy and the team remained alert to instances ol non-compliance throughout the audit. We assessed the suscèptibility of the charity's financial statements to material misststemen( induding obtaining 8 underntanding of how fraud rnight occur, by.. making enquiries ol Members of Governing Body and other management as to where they conside￿d the￿ was susceptibility to fraud, their knowledge of actual, suspected and alSegèd fraud,. and considering the internal controls in p18¢e to mit¥ate risks ol fraud and non-compliance with law5 and regulations- 17

KEBLE COLLEGE Report of the Auditor to the Member$ of the Governlng Body of Keble College For the year ended 31 July 2021 To a¢Jdres5 risk of fraud through management bias and override of c￿trOlS. ￿.. performed analytical pr(￿edureS to identify any unusual or unexpected relationships.. teste(J joumal entries to identify unusual transactions.. assessed whether judgements and assumptions made In dètamiining the accounting estirnales were indicative of potential bias- arKI investKJated the rabonale bphind significant or unusual transactM)ns', In response to the risk of irregularities and non-compliance wth Lqws and regulats'ons, we designed procedures which included, bul were not limited to.. agreeing financial statement disclosures to underfyiThg supporting documentation.. reading the fflinutes of rneets.ngs of those ¢harged with govemance- enquiring of management as to actual and potential libgatK)n and clams., il conSide￿d nac8Ssary, reviewng Corresponden￿ with r8Jev8nt regL￿atOrS and the company'5 18gal advisors. There are Snhèrent limitations in our 8udit procedurè5 d85cribed above. The rDore rernoved that laws and regulations are frotn financial transactions. the less likely it 15 that we would become aware ol non-cornpliance. Auditing Standards also limit the audit prO￿d￿re5 required to identify non-compiiance with laws and regulations to enquiry of the Members of Governing Body and other rnanagemenl and the inspection of regulatory and ￿gaI correspondence. if any. Material rnis5tatemenls that arise due to fraud can be harder to d8t8Ct than those that arisè frorn error as they rnoy involve deliberate concealtnent or collusion. A further doscription of our respK)nsibilities for the audit of the financial 5taternents is located on the Financial Reporting Council's websits 81.. www.frc.or .uklauditorsres Thi5 description foms part ofour auditor's report. Use of tsur report This report is made solely lo thè Cotlege's Governlng Body, as a body. in accordance with section 144 of the char￿•$ Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we rnight slate to the Members of the Governing Body those matter5 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 assurne responsibility to anyone otherthan the College's Goveming Borly as a body. for our audit work, for this report, or for the opinion5 W8 have formed. Critchleys Audit LLP Statutory Auditor Oxtord 10 November 2021 Crk¢hley5 Audit LLP is eligible lo act as an audlor in terrrE of sadions 1212 of the Companies Act 2006. 18

KEBLE COLLEGE Statement of Accountlng Poll¢le$ For th• year ended 31 July 2021 Scope of the financlal statements The financial statements pres8nt th8 Consolidated Statement of Financial Actiwties ISOFAI, the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and ils wholly owned subsidiarie5, Conf8rence Keble Limited and Keble Properties Limited. No separats SOFA has been p￿sented for the College alone, as currently pemiitted by the Charty Commission on a concessionary basis. A suwnrnary of the results End financial position of the charity and each of ils material subsidiaries for the reporbng year are in note13. Basls of accounting The College'5 individual and consolidated financial ststements hav6 b88n prepared in accordancewith United Kingdom Accounting Standards. In part￿y18r 'FRS 102= The Financial Rewrting Standard ap￿1¢able Tn the UK and Republic of Irelancl. IFRS 1021. The College is a public benefit entity forthe purposes of FRS 102 and a registered tharity. The College has therèfore also prepared its individual and consolidated financial statements in accord8n¢9 With'The Ststement of Recommended PractiTr applicable to charities p￿Paring their finanoal statements in accordance with FRS 102. (The Charities SORP IFRS 10211. The financial statement5 have been prepare(l on a going concern basis and on the hi8iorical cost basis, exeept for the measurem&nt of investments and certain financi818$sels arKI Ilabilities at fair value with movements in value reported within the Statement ol Financial Activities ISOFAI. The principal accounting policies adopt8d are set out below and have been applied consi518nUy throughout the yeaf. 3. Accountlng judgements and estimation uncertalnty In the view of the Governing Body, in apptying the 8wounting polScles adoptèd no I[￿geMentS were required that have a significant effect on the atnounts recognised in the financial slalements. Income recognition l income is recognised onc8 the College has entitlement lo the income, th6 aconornic benefit Is probable and tt)e amount can be r81iably measured. a. Incom8 from fees. HEFCE support 8nd olherGharges forsemices Fees receivable, HEFCE support and tharges forservi￿S and use of Ihè premises are recognised in the period in which the related service is promded. b. Income from donations, grants and leg8cies Donation8 and grants that do not Irnpose futtjre perfomiance-related or other specific ¢￿ditionS are ￿cognISed on the date on which th& charity has entitlernent to the resource, the amount can be reliably measured and the eeonornic benefit lo the College of the donation or grant is probab￿. Donations grant5 subj8Ct to performance- related conditions are recognised as and when those (x>nditions are tnet. Don8tions and grants subject to other specific conditions ar8 re¢ognised as those conditions are met or their fulfilment is wholly within the control of the College and it is prObats￿ that the specifiEd conditions will be met. Legaues are recognised followng grant of probate and once th8 College has received 5uffi¢ient information from the exe¢utorlsl of the dec8ased'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 legaeie5 accruing forthe general purposes of the College a￿ cr8dited to unrestricted funds. Donalicms, grants and legacies which a￿ subject to corKlitions as to their Ltse imposad by the donor or set by the temis of an 8ppeal are credited lo the relevant restricted fund or, where the donation, grant or legacy is required to be held as capitsl. lo Ihe endowment funds. Where donations 8re received in kind las distinrt from cash or other monetary assets), thèy are meaSU￿d atthe fair value of those assets at the date of the gift. c. Inveslm8ntffncome Interest on bank balances is 8ccount8d for on an accrual basis interest recognised in the period lo which the interest relates. Incorne from fixed Inte￿$t tjebt Securities 15 recogniseil using the eftective interest rate method. Dividend income and similar distributions are re¢ognised on the date the share interest becomes ex-dividend or hen the right lo the dividend can be established. Income from investment properties is recognised in the period to whi¢h the rental income relates. 19

KEBLE COLLEGE Statement of A¢¢ountlng Policles For the year ended 31 July 2021 S. Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commit8 the College to eX￿nditU￿ that will probably require settlement, Ihe amount of which can be ￿liablY rneasured or estimated. Grants awarded that are not perfornance-rdaled are charg8d as an expens8 as soon as a legal or constructive obligation for their payment arises. Grants subject to p8rformance-￿1￿led condits'ons a￿ expensed as the 5P8cified condition5 of Ihe grant a￿ met. AII 8XP8nditure Including support costs aThY governance costs are allocated or apportioned to the applicab￿ 8xpendlture categories in the Statement of Financial Activitie5 Ilhe SOFA). Support costs, which include governance C￿ts Icosts of complying with constitutional and statutory requirernentsl ancj other ir)direct costs, are appor￿oned lo expenditure categories in the SOFA based on the eslirnaled amount attributable to that activity in the year. either by r8ference to staft time or the use made of the underlying a558ts, as appropriate. Irrecoverable VAT is included ￿th the item ol èXP8nditure to which it relate5. Intra-group s8les and charges belween the College and its subsidiaries ar8 excluded from trading income and expenditure in the eon501idaled financial statem8nts. Leases Lease5 of assets that transfer substantially all th8 risks and rewards of ownership are classifièd as finan￿ leases. The 5ts of the assets held under ￿nance leases are included within fixed asset5 and Ilepreciation is charged over the shorter of the lease term and th8 assets, useful lives. AsS8ls are assessed for impai￿ent at each reporting date. The corresponding Capital obligations under these leases are shown as liabilities and recognised al the lower ol the fair value ol the leased assets and the pr85enl value ol the rninirnum lease payrnents. Lease payments are apportioned between capital rep8yrnent and finance Charges in the SOFA so as to £chieve a constant rate of interest on the rern8ining b81arn￿ of the liability. Leases that do not transfer all the risks and rewards of ownership are classifled as operating leases. Rentsls payable under op9rating leases are charged in the SOFA on 8 5traighl line basi5 OV8r the relevant leasè temis. Any ￿ase incentives are ￿¢09n158d over the lease tarm on a straiqht line basi5. 7. Tangible fixed a$$ets Land is stated 8t wst. 8ulldings and equiprnent are slated at cost less a¢curnLtlated depredatlon and any awumulated impairment losses. Expenditure on the acquisition or enhawetn8nt of land and on the acquisition. constru¢tion and enhancement of buil¢Jing5 which is directly attribut8ble to bringing the 83sel to its working condition for its intended Lise and arnounting to more than £20,000 together with exp8nditure on equipment costing more than £20,(X)O is capitalised. Where a part of a building or equipment is replacèd and the costs capitalised. the carrwry value of those parts replaced is derecognised and expensed in the SOFA. Othèr expenditu￿ on equipment incurred in the normal day-to4ay running of the College and it5 subsidiaries is chargad to the SOFA as incurred. Depwciatlon Depreciation is provid8d to write off the cost of all relevant tangible fixed assets, less their estimated residual value. in equal annual instalrnents over their exp8Cted useful econornic lives as follows.- Freehold properties, including major extertsions Leasehold properties Building itnprovements Equipment 40 years 40 years or period of lease il shorter 40 years 5 yeaTS Freehokl land Is not depreciated. The cost of maintenanca is charged in the SOFA in the kEriod in whlch il is incurred. At the end of ea¢h ￿pOrting pgriod, the residual v8lues and useful Ipjes of assets are reviewed and adjusted il nècessary. In addition, if evonls or change in circumstances intJicat& that the carrying value rn8y not be recoverable then the carrying value5 of tangible fixed as58ts are reviewed for imp8irrnenl. 9. Herltsge Assets The College has chosen to hold heriiage assets al lair value. The college has a number of assets. inclu¢Jing rtems of art and historic texts that meet the definition ol heritage assets under the SORP. Heritage assets purchased are inil'ally recognised and 5ubs8quenlly measured at fair value. Items tJonat8d to the College are recognised at fair value. 20

KEBLE COLLEGE Statement of Accountlng Pollcles For the year ended 31 July 2021 10. Investment5 Investment propertie5 are initially recognised at their ¢ost and subsequently measured at thar fair value Imarket value) at each reporting date. Purchases and sale5 of investment properties 8re recognise¢J on exchange of conlracls. Liste(1 investm8nt5 are initially measured at their Cost and subsequendy measured al their f8ir value at each reporting date. F8ir value is base£l on their quoted price at th8 balance sheet date without d8duction ofthe estimated future selling Costs. Investments such as hedge funds and private equity funds which h8ve no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without d8ductK>n of the estimated future selling costs. Falr value is based on the most re￿nt valuations available frotn their respectiwe fund managers. Changes In fairvalue and galns and k)sses arising on the di5P05al of investments are creditsd or charged lo the incomè or expenditure se¢lion of the SOFA as'gains or losse5 on investments, and ar8 allocated to the fund holdiw ordisposing of th8 relevant investm8nt. 11. Other flnanclal Instrumonts Cash 8nd Gash equivalenls Cash and cash equivalents include cash at banks and In hand and Short term deposits with a maturity date of thr8e Months or lès5. Deb10￿ and creditors Debtors and creditors receivable or payable within one year of the reporting dale are carried at their transaction price. Debtors and cr8ditors that a￿ receivable or payable In mole than one year and not subj8ct to a rnarket rate of interest ar8 m88sured at the pr6$ent value of the expected future re¢&pts or payment discounted al a market rate of interest. 12. Sto¢k5 stocks are valued atthe Iow8r of cost and net r8alisable value, cost bèing the purchase price on 8 fjrst in, first out basls. 13. Foreign currencies Thè functional and pr88entstion currerscy of the Colege and its subsidiaries Is thè rK)und sterling. Transactions denominated in foreign currencies during the year are translated into pounds Sterling using the spot exch8nge rates at the <Jate5 of the transactions. Monetary asset5 and liabilities denorninated in foreign cuirencies are translated Into pounds 5t8rling at the rates applying at the reporting date. Foreign exehknge gains and losses resulliro from the settlemènt of tranSaCt￿nS and from the translation of monetary asspt5 and liabilities denominated in foreign currencles at th& 8xchange rale5 at the reporting dale are rewgnised in the incom8 and expenditure section of the SOFA. 14. Total Return Investment a¢¢ountlng The College statutes authorise the College to adopta'total return, basis forthe invèstrnentollls pem)anentendowment. Th8 College can invèst its pemianent endowm8nts without regard to the Caiytallincome distir￿tIonS of standard trust law and with discretion to appty any part of the a¢¢L￿Ula1ed total return on the investmènt as incorne for spending each year. Until Ihis power is exercised. the total return is accurnulated as a compon8nl of the endowtnent known as the unapplied total ￿tuM that can be either be retained for investment or re18ased to incc¥ne at the disGrlion ol the Governing Body. 15. Fund ac¢ountSng The lotsl funds of thè Gollege and its subsidiaries are allocated to unr&stricled. restricted or Endowment funds based on theterms set bythe donors or set by the lenns ol an app8al. Endowrnentfunds ar8 furthgrsub-divided into P8rmanent and exp8ndable. Unrestricted funds can be used in furtheranc8 of the objects of the College at the dIS￿tIon of the Goveming 8ody. The Governing Body may decide tt)at part ol the unrestricted funds shall be used in future for a specific purposè and this 11 ￿ ac¢ounted for by transfers to apprtspriale designated lunds. Restricted funds comprise gift5, legacies and grants bvh8re the donors have spacffied that the funds are to be used for particular purposes of the col￿ge. They consist of eithergrfts Whe￿ the donor has 5peufied Ihat both the capital and 21

KEBLE COLLEGE ststement of Aeeounting Pollcl•$ For the year ended 31 July 2021 any income arrsing must be used forthe purposes given orlhe income on gifts where thB donor has required or permitted the capital to be maintained and with the intention that the incorne will be used for specific purposes within the College's objects. Perrnan8nt endowment funds arise where donors specify that the fund5 8re to be retained a5 capital for the permanent benefit of the College. Any part of the total return arising from the capitsl that is allocated lo incorne wlll be accounted for as ￿n￿stricted lunds unless the donor has placed restrKtions on the use ol that income. in which case it will b8 accounted lor as a restricted fund. Expendable endowment funds a￿ similar to P8rrnanent endowment in that they have been given, or the College has detemiined based on th8 circumstantss that they have been giver), for the long tem benefit of the College. However, th8 Governing Body rnay at tkeir ¢Jiscretion determine to spend all or part of the capital. 16. Penslon costs The costs of retirement benefits provided to employees ol the Colleg8 through two multr'-employer defined pension schemes are accounted for as if these were defined contribution schemes as inforrnation Is not available to use defined benefit accounting in accordance with the reouiretnents of FRS 102. The coll￿&.8 ¢onlribulions lo these schemes are recognised a5 a liability and an expense in the period in which the salaries to which the contributions relate are payabl8. In addition. a liability is recognised at the balance sheet date for the diseoun18d value ol the expected future contrlbution payrn8nts under the agrèèrn8nts with these tnulti-employer schernes to fund the past Service deficits. 22

Keblè Colh ons011dat￿ Stsl¢ment ofFSMnciwl Aclivhles Forthe yearended 31 July2021 Unreslrlci Er￿QWed Fwd5 £OOD 2020 Totsl Funds eooD Totsl £000 Notes £OLYJ INCOIIE ENDOWMEMTS FROAI.. CharftAblE aGtyvities Teaching. research and re￿dÉnti¥l Other Iradlmg incorne Donatlons ahd Iggacles InY4stment6 Invesimeni income Total relum 8lh)IEdlo ￿ruffle Oth¥v Income 7.1 7.105 7,132 7(Q 525 2.fj93 1,￿9 725 1.22S 1.269 1.782 12.4281 2￿07 2.381 18 31 1203 1,269 493 rotal Incomè 11,872 121 13,654 13.017 EXPEN0￿uRE ON.. ch¥￿table actIvIt￿$ Teèchlng, rFsearch and r8sldÈrfkg1 10.fy94 1.956 12,040 12.341 Getteritwu funds FU￿ra￿l Trading expendhurè Itweslrnenl mana9ÉMent￿SIS 514 922 St4 707 1,395 1.436 fA36 2.102 Total expendiiwr• 11.52fy 1,9se 13.476 14,443 NgtlTh¢tymvll•xp•ndrtur41 kthr•win 352 1531 178 N81 galnsll1055esl on Ithvest￿rts Fixed asaet impairmertcharoe 12 8,563 IA03 NÈt in¢omellexpendttur•l 8.442 8,741 13.6541 TranGf¢rs ￿¢H￿fUndS 18 361 Other recognisgd galn5nosses GahW(kn1se5lon revAIualiDn of fwRdass￿s Aduaikilgainsl(1099èal on dFfned benefi[p￿¥￿n sctrnmej Not mowtMn¢ infunds lorthe yeBr FU￿ balancè$ broughtrorward 8.442 .741 13J34} 131.912 18 77.617 50,313 128,S78 Fun&5 ¢arfedfor•rd at31 July 18 77.608 58,755 137.319 128.S78 Page 23

KeblE CaMBg• Con#olld419d and Collegè Balanc4 Sh••t$ Forlheyearended 31 July 2021 2021 Group £ryJo 2020 2021 Collè9è £000 2020 Coikge £ouo Notes £0 FIXED AS5ÈT3 Tangibleassety Hentage &$el$ Propety Inve5t￿ntS InV8￿MentS 88,84 27,108 10,075 55,272 91.090 27.108 10.075 48.075 88,64 27,1Q8 fO,Q75 5S,2T2 g1,Q90 27.10 10,075 48.075 10 Tptslffi￿d ass•ts 111.095 176.346 181.(65 176.348 CURREMfAS8ETS stocks Oebtors Cash at bank andlh hatNJ 66 704 61 66 678 15 25 591 653 Totèl ¢UrrEnt¥•s9ts 1,348 953 1.248 794 L¢ABILlflES CrèthiO¢'. nounl5 ta￿l￿g due wfthln oneyear 16 1,331 1.305 7,283 N￿CURRENT ASSETSIILIABILMESI TOTALASSETS LESS CVRRENT LIABiunES 17 .491 6,489 169.8S7 181.038 169.859 ¢REDtTORS' falllng dueafter more than one year Provlslons forllatsllltles and ¢haryes 43,OOD 40.QOO 43.000 40.LKII NET ASSEfs BEFORE PEN8KIN ASSETOR LIABILITY 129.857 138,038 129,859 Defined beneflt pen$iCdrk$¢hrymvllabll 793 1.279 793 1.279 TOTAL NET AS$ETS 137 19 128A78 12B.580 FUNDS OF THECOLLEGE 18 Endowrnenl fiJJ $8,75S 50.313 38.755 50.313 RwJlrictsd Jnd5 956 48 •56 648 Unre5trithdfund$ D¢signal& fund5 ¢BDgfdl funds RevAlual￿n ￿$¢￿Ve Pensknn Nsèrv $8,715 S￿715 60.803 19.0121 27,108 19.0151 27,108 11.2791 77.617 27,108 17931 77,608 Z7.108 1793 Y7,5Y 77.619 TOTALFUNDS 137 319 128.578 Tre finBnpJalstatemerfswere approved 2nd wthDris¢dfoi wsueèythe GDverning Body¢1Ke￿￿ COM￿On 3 NovenÈr2021. SrJonathan Phllt Warden SC¢ak Bur6ar Page 24

K4bK• Call¢go CoDwlldated Cash Fk>wStst•ment Forlhèy•ar 31 2021 2021 GTOUP £000 2020 Group £000 Notes Nèt (used 1nypro￿ded by QPBr4lsng a￿lIeS 24 12,5921 1.5fj7 Cash ftowts lrnrnlnvestfngactl￿1e4 D￿￿ends. Interesl ienls fromlnvestments Proceed5 Iromthe SÈIÈ vl propprty, planland equlpment Pur¢ha5È01 property. ￿￿￿t andequiomenl Pft)ca￿SfrOrn sa￿5 of Inves￿en Pureh3se olinvgstsnents NEtcJ3h P￿￿ded byl{used iTrl in￿￿tIng a¢￿￿￿e$ Caghfl¢Wisfrom flI￿nCIng actl¥ttles Repaymentgof bottQWing Cash inlknwsliom new bvrrowiny Receiptolendofftnenl Financ&costs pald N&tC•sh P￿￿ded byMu9d Inlflnan¢iDg acti￿￿¢$ 2.5D7 2a81 If92) 1.$76 1.791 3,611 IZ.3831 3,000 525 11,4281 2,097 11.2801 Chany In cABh aod Cash equfvaleThtg Intht i¥pprtinB pjriod 2.786 IZ0961 ¢as and c09h oqulv4l•nts at the beglnnlng tsf thE repryting Period 12,0901 Change In cAsh and equivalents due oexthAnq•x Ca¥handcashe4ul¥a￿tsts wt lh¢ end ofthè reportlng pttlod 25 12,090} c￿rfty lawreqLir6$ $8par ad￿nIstra10n ollhe ¢ashfvwscl endowed wdoiheriesiriEl8d lund50f theCoNege. Trds ¢on$iiaiDI has not advei8dyaifected groupcashllDWS 05 ¥t8led above. Page 25

K•bt• Colkge Not95 ia th&finwells¢ai#m&At# For the yearendpd 31 July2021 INCOME FROPI CHARifA8LE AGrwmES 202D eollo £000 Teaehingl r•i•l￿b and resldeniial unreSt￿tt￿￿f￿￿ TuilFon fg88-UKand EU 5vJden Tuilion feES-Ov8rs8as ¥ludents hrf8ss fXh¢rFEFCE wpDJrt Oihei 8CadÈrn￿ incom9 c01k9èrès￿thiti￿l 2,J45 2,201 1,1 2B1 144 124 186 3.158 7.133 Amounis rgc91vedf￿rn thg UnNO1$tyoI Oxfvrd from publ¢1ya¢¢￿IPfv￿3 undei the c￿￿ge Funding Fo￿V Induded in thB abov9'. 4920 3,508 DONATIONSAND LEGACE8 202f £000 2020 £￿0 Unresthcted fundy Reslnded lunds Enrto¥¥ad lunds IA6B 7•D 525 878 1.ee9 INCOME FROM OThER TPADIPIGACTJvrriE$ 202Q Un[eStr￿￿ lunds subsh1rèryCQrnp￿ylr40ry incorne 41 1,102 Othertradin9 In¢( 39 INVESTMENT INCI)ME 2021 £000 2020 Unr•51rfcted fund9 Commerc&al re Bank htsresi 725 682 End0￿d fund5 Invesimèrt Inwme 1.702 1.699 2.381 Page 26

Kqbh COW•ge lot•s to ¢hv ￿￿￿¢￿￿1$10teM1nt Forthe yearended 31 July2021 AI4ALY316 OFEXPEtr4DIFURE 2021 £000 2QO ewo Chorf14bli AP￿d1¢ur￿-Te0ChIrtg, res•wth and resldenlial DireBt5tatrco¥ts 4762 2,891 4,91fj 14%) 5.524 3,363 4.802 11.3481 SuppLvianO g￿eMarK£ ¢ps18 See note 6 Supwlan¢ gov&mancè- n)E¥vEmgnl ￿ pTh&lonfcf defin8d b9nef1lpen5￿ sthmes Totsl chJrftJbl•expendltur• 1IIMO 12,341 ExpBndllur¢ on ral8lnB lund Dirgct%laNcwts allocated k)". FU￿raI￿n9 Trading ex[￿￿1 3YI 633 48T Otherd¥8Ct C051521kn4ied io.. FunthsY gypenoilure 61 162 467 $￿portan& oovemancg cr4tsallxaled ￿." 6gonoi•8 55 5B Tisding expeThliiur• Tot 9xpend￿￿&￿￿ T&￿I￿lundS I.￿6 2.1Q2 TDtsI txpendlture TeathiTrJ. resea￿0[￿4 rBild￿￿￿l expenLUiUlÈinciud85'Coni￿uI￿'. Thè CollEg8 i51iabietobA aSSèWd furConlThbthron und4rth8 wow510nsofsiatkniE XV ufthe Urrive￿lY0lo￿[Ord. Tho ¢onlrknuUon Fund SLE•d to maké gt¥nts nd loans kn co11p￿￿on thè basis of nè8d. cOntrJbJt￿n 1$ B¢widantEvthh reuulalhjns made by1￿ ¢owdl oflhe un￿￿￿ty0f Oth. ANALYSIS OFSUPPORT ANO GOVERNAN¢e¢05T8 T￿1￿9. R•tharch & Re￿￿ent￿l GweiAiirwJ Funds Tut41 ￿21 £000 £000 373 436 154 107 231 2.fjI2 1.418 10 31 DtsrnÈsiira¢rnln15tR Human i•¥ovrrns Doweciallon Bank Inte￿lp4Yab OlheifmancèthaigFs GovÈm￿r9 ¢wis 2.e42 4.916 2020 Totsl 11120 FlnordAladminbtralion LNJm&sbcAdtninK8tr￿n Human ￿S0￿ree$ 402 167 94 224 2,475 1.376 471 171 loo 265 2.475 1,371 Dgpre¢k?1￿Tr Bank Interest Payab her flnancètharges Governanee CO$ls P8ge 27

K•bl? ¢vllege Not4 to thoflnanclal 91aiim•rf$ For the ye4rendEd JI July2021 ANALYSIS OFSUPPORT AND GOVERNANCECOSTS {eonti Finanw domeSt￿&drninISt[Jv￿. ITar￿ hum8n r950uruscosis Èreallribufr4 axrydlng 10t￿ esbmaléd ¥l¥ff YrnespentoTre2Chathrty. costs and fixad asset Impalnnèniarf attiibutgd In lull lothè CDll8ge'¥ ¢harliab￿aci1y1l￿. Sity it ￿ lor the Surwrtof1￿5e￿rE￿I￿￿s ltrai Iheèulldiws, plani and equyM•nib￿￿g d9p[ec￿led are held. Ini8rgSt and QlherfiTh3ncèchary¥are attibJied acc￿￿￿9 k)Ihgpurpose olthe tElatedf￿at￿ng. Gov8mwcec05ts are alloGaied ￿ ih&cor8 Charit￿ xt1viiyoltui￿O￿. See èlstsnDtg 31 Wih rgspecito the excepbunJl c4rcumslÈrte$du8loCOVD-19. 2Q21 £DDD 2020 £000 Ga¥•m￿￿ ￿51$ in¢lud?.' AuditortsreffluAÈratiDn-audil s8￿Ge$ All￿1￿S reMune￿I￿￿n- aS$uratV 69nd¢ès Otherth￿ audd AudilL¢s r8muDeraiion- laxadw8OrySeThUS Audito¢5 lemun8lal￿D- Olherse￿tiS Legalandothgrf8gs on C0Tr511￿1t0￿a1 maliws Othergovernance Co¥L 24 26 N0arn￿t ha5 been Included In Gtbv&rnar￿ Costs IDrlhèdlwt¢mplo￿neDtcCSL1OfMImbUt3edeyP9f￿$eS olth¥Cdby8 Fellows on the basiSth8lthpsE pawnen15 td¥le lothe Fellows'invOlvÈm8nt In Colle9e'5 chsri1sb19a¢ithiies. DBWls0lth&remunerat￿n olthe Fel(ws and lh￿1 r4imbut59d e¥pens&5 ar• note 21 bgbjw. GRANTS AND AWARDS 2021 EOOD Grants io Indiwidual UTh¢pryradL￿tesChoL4[ShV5. WiZg5 d￿j grdnt5 8utsallg5 and hardshy awards Gr8d￿lS scholarship$, priz•$8￿ grants Gran1$ io Lhgfin$iiluti¢AIS 40 112 49 154 Rgstrictffdfunds Giants tQ IDdiYhYus'. Und8rgiadu4te scholashipg, ursarigs and hardshlpAwArd¥ GtÈduate stholarshlps. Pliie8and Gla￿StDO1h9r ￿￿tul￿n5 18 70 170 220 61 $21 390 To¢al and awards 6Sq TheabDve w$1$ are inEludBd the ch￿b￿e￿wdrtL￿e onTaa¢hlwvJ Research. GratstOOlhgrinsilbthlonsm•nlyty)mprise awaidsto Keb￿ pari$h¢s fromlhe Ihè PoOrP￿SheS Fun( srAFF COSTS EOOO SaLaries and SoGlal se¢uritycD8ts P8nslon costs Defined beftefil ¥cheTnes-emrADyerfs ¢oniribubDrr& Defined coniiibulion sthgrn&s-ampkny4rf$ contrtbJiKns Supplementhtion pasrynent5 Defined benpfitxhemes- movernonionpen&on thslon C#herb9n￿ts 1178 449 6.074 742 139 14961 6,284 SuFVOrtfor Soma oflhB6e costs undthpGDwmrneMlurtWh s(tsm•. iwIL￿d In otherinclltne. ￿met0- Jgealsonote 31. 12621 1473 Page 28

K4bl8 Cd1• Not•s ¢0 th finan¢L71 stat•rneni$ Farthey￿r ell¢Jed 31 July2Q21 3TAFF COSTS (continu Th# average numbwolempwes ofthè C￿￿5￿, &xcJding TruÈes. a full eguivalenibB55￿s as lolkA4E.' 2421 2020 No. Tu11￿￿ and re393i¢h Coll•9èrO6￿Pnb8l Fundrdi5it¥J Suppcrfi Total 102 16 135 Thèa¥aiag9 wmberof ernFluyed College True¥during1fro yeaiw8sa5follvS.' 2020 No. No. AssocAIg ProlèssorandTutorial Fg11(yJ- UnNeisKy PrafessryandTutoipal FelLW- Colleup 01￿[ leathiry •i¢ rwarch Tc4al do Thetollowry informal￿Tr rdates kn the empknyeES of lh9 cdlege excluding1hethNe￿ Ttvsi885. D¥ails otlhe ￿L￿etstA)rt olthè Fellowsand Iheir reinbuised Oyfftnsès 8 p￿vthd In 21 bdLW. The Tru￿￿91 of emp1tsygèslsxdud￿ IhecoiWTruS￿Èsl d￿)ng1h•Yo4r￿ho5eg￿ss payand bonèfits (￿ll￿l￿g wnpknyerNI and pensl0nconirfbiiJ￿J leil V•ilhin the follow1￿ bands wg$-. 2021 2020 £80,ork).£ty).t The numbArDf thveemkqwes rdr£mèntbgr*frts accwiry wasasS)110sYS'. sthmes £000 The tgdefin8d contribthhjn pens1￿ schEm¥¥ lorlheseompknyBe5tCtsll&S 17 17 P8ge 29

Xeble Note5 to th•financlHI sla¢qrn4nls ForthO￿ar￿n￿ed 31 J￿￿2021 TANGIBLE FLXED A55ETS Frgeh Lgnd a jild1r￿S £000 Plartand Ma¢trinery Groupand Cdlwg• Total £DOO £￿0 Co4t Atstsrtofiwr Addit￿￿5 Atend lltyear 104.867 189 105.056 3.459 1Q8,326 192 108,518 3.462 Dgpr•claUon startofyear Charge ihey At End ofwr 14,5 2.483 17.077 2.612 17236 19,878 N4ibaok vak Aténd vlyear B7.979 .640 s￿rt tsf 90,273 817 In ￿dI￿n to its heriLqge a38ets (see note 101, the c￿l￿ge svbyrtial hlsiorfc assets all tsfwhith ￿ v5ed In Ihg cOU￿e of IhèCdkg6'5t•a¢hifty and res&3r¢h Be￿W￿￿$. ThEsocoMpr￿9 Iisied buildiNJson thee￿Ie99 siletog9thfrr￿1lh Ihelrwnients. Because￿th￿ra￿e and. in rnanycase5. uthquenaiut•, rgliablp histoiic41 cosi innnèbun is nntavailabl&forihese assetsènd ubtain•Y &xceptaidlswwthonatèOXP9nw. However. oplnlon oltho Twstgesthe dew￿lated h￿tti￿al Cost￿l￿e59 assets Is nowwnmalerial. 10 HERITAGE ASSETS Manu5UVIG AIV?luation £000 In¢una￿lS AtV8￿￿On Group andcollw Atvaluation TotJl AISLrt$ndfjnd ofJwar 12.55U 12.840 27,108 Thèe(￿￿￿& ¢uriP￿Y hoid5 thr£adassèa¢l¥$891sftY hwitaqe pww)s4s.' rAthure rKuTrabu￿. The￿ a￿ pl￿￿r￿s1￿ Llghl ollh& Wortil by Hr4man HunL and Ths olchnst trom Ihe wothshopofWi118rn Key. The College has 87 manu5CriPts, areincluded In the Catara￿ of th8 Cclbclon bymaknlm B. Pgik8s'. Th8mJthev&lmaywW$olKpble College Oxford 119791.Theieaie 100 Ilems Inttp mlle¢*on of earlyprlnted bjoks. Althèsè h8ril¥gFassets were donat￿ Iolhè Cdlgge ibearfyyears. The piclureE ère llndisplayin Ihechapel and Mayb&￿ew￿tyM￿rn08T&O1kn& wbll¢ai noch8rge whBnthe Com99￿150p￿Tr. The m￿￿$triptsand incunabub aio held in CoNEoe LibWYa￿ ale availabfe ￿ SC￿lar$O￿ ￿Ques1. A digitsl viiag9 has i￿n mAtha rnsll¥mwsmanwcripiin thecol1e￿￿n- th¥ R¢yen&buro Led￿n￿. Al thrÉedassE5 of ps58tswereYalwd as at31 July2014. Page 30

KqbleColl• to thB fIn￿¢SaI stalgmènts Forth yew ended 31 July2021 PROPERTY INVESTMENTS Grow>4nd Cdlgg• 2021 Tota¢ £￿00 Agrlcullur rooo Comrn¥C￿l £￿00 Qttwr eorl) Total £wo V8thliDll al siartol￿r Tangliblwfixed a55Qt5 tlèSSifiodat 5tartotyp Inbvl A¢ditson5 and Improvennts 3lco¥l 04SPD5als nel RevaluAiiOn gainsllknsS951 In ￿ar 10,075 111,075 9.715 )fjo Valuaiion 4tqnd olyw 10.075 10.075 Commeicl31 prop￿1$ r8presEnt th&p(￿S￿OI1he H B Allèn C8ntrg3DdaoadjoiTrhig buslnesS%nich arè rente¢ locommeroal le￿￿ts. A totrnèlvtyiubtiyn ofthe nrnercial propertieSwaS prepared byGarteiJonasas ai 11th SBptgmbFr2D20fNthe 54arendth131 thty2020. OftlC9 Fertal Va￿￿5 have primarily ￿Main bro¥thyiimlLiracross 202￿2021 and I￿[910r9 V￿L￿110n ai SLgrtof I￿)￿raP￿0YJmd￿5 Is v￿￿t￿n aithè ￿ of Ihe year. 12 INVESTMENTS l investmenls ar8hdd allawvalue. 2020 £u £I)OD Group investmllnt¥ Valulon at start ofyèar N9vJ rnnoyinvosityj AmOuntswll￿1O Rwnvested Sncomè lThveStTh￿￿I rnaDagemeni lees Ioecrgaseylnc￿3$e in valuèolithV95lrrnnts 48,07S 210 ,ST8} 50.3LN) 1Y 11,7911 2.2681 Grpvp Inve8trnen16 atend af y•ar 54272 48.075 InYÉSbhth n subwd&ar￿s Colly In¥•s¢ments at •nd ofy•ar 48.075 Gro￿l￿v￿1￿￿nts c£•nprls•.' Herd Qutslde thè UK £000 H91d IheUK £000 2021 Total £000 outside thg UK £aoD Hdd In Ihe UK £000 2020 Totsl £￿0 EoutyinvÈglm¢nt5 Glthl rnulti-asselfunds j￿Trt Equltylnvesimth￿I Fixed Snreststocks AlteinEllve and Olhei in￿¥1MentS 45,966 41275 1.847 43275 1W47 2.49) 3I01 2.071 2.952 Tol41 group Inv•strmntS 54.361 55,272 47,194 48.075 Page 31

KeblECollo Noles toth• finandal $tstoments Forth•y•ir onded 31 July2021 13 PARENT AND SUBSIDIARY UtIDERTAKINGS Thee￿￿￿e lo￿￿ oftr ilWBd Share￿￿181 in Conkréntè Ka￿￿L￿￿hte￿, a ccthpÈnyptowding COnfve￿ end Ol￿rEvent Ihe Cole premises. 100% ollhe issued sharé capltal In Ket40 PrtygfliF$ Limited. acomparywidlng dèsvjn construcihin seNice$ tothèColkgE. The ièsulLs of Ihe wareNand subs1dlkn￿. theiia55ets and I￿3￿&11￿3 ￿t￿year end, wereas lo11t￿5. Ipamli KebkPiopBrfw Keble £oDo £oco Tufflmr Exp8ndllu Donat￿ntO Coll8gg under lllftA knktP5tre£elvab ILosSèsyg¥￿& Igvgluatlon Result ￿ar 13.612 113.5101 41 106 8.563 8.665 147 Tcia 839èts Toia 182.343 145,098} 97 (231 13) Nei funds atthg ¢n¢olyear See addl)nÈlIYn￿ 32b forpwi ye3rcrAmpaNI%. 74 14 8TATEMENTOF IWESTMENTTOTAL REniRN ThTwsittrs have a dvlyathhorised policyof lotal reivma¢wunliryJ lor inveslmeni r￿umS￿l1h effeclfrom Z003. Thè i￿￿1n to boapplgd a5 IncLNne15 tsauaiiy¢a1￿￿at8d as 3.S% olthe3ver49 ollheyearnd vgluB3ollhe relevant invesiments in each olthe lasi 5 years. Forth8 finsnrbl yeargn¢ed 31 JU￿21. th• um appligd lo incomowA6 an exGBplional 7% due 10 Ihe fiThèncis1 challgn9es OfC￿1d-l9. ThÈr8tuin wlll rwrt loilhe s¢ArÉrtdè4 31 July2a22. The proEer¥ed Iliozenlvauè ththo Inves￿ èndowmBllt rapi￿1 represents ￿$0P￿ Ma[kElV4￿ Dn31 July2004 109dhErWi￿ all subsequoniendowmqnts vaknd atdatsofglt. Perrhan￿1 EndovJmyl Exp9ndablo Total Endowmenl$ Twst for Invegim&Thi £000 ReiLYn Total £000 £oco At thp beglrfftlng ofthvy•4r'. GIft￿Mp(￿￿tofthfy perni￿&Tht èndowrynBnt UnappI￿d Iolal retYTD EAp8ndéblg ￿￿j0￿M&nt Total Endowrn•Dts 24.064 16 24,0fj4 16,5$9 16,589 24.064 18.589 40.653 5fj,313 Movernents in th8 r•portlng PBrfod'. Giftoferthwmeni run¢s V￿1￿￿￿1 Felum". thvidends inteiesl knvfjstmgnl retum.. ro3li4•d and u[￿all￿d gains And kn9 Tatsl 438 1,440 8.919 8.797 B7 342 525 1,782 8,563 10070 1,440 6.919 8.359 2.QT3 Unapplied lotal iaium alloca19d io Incorn• Ew8ndaWeen¢hJ4fftents iian¥fBttedloirm 11.87• 6531 15531 15531 12A281 Netm¢>V4MEnts I￿ reportlng petrlod 43B 6,464 6.922 ondolthe r¢portlno yADd.. GrflGu[nwn￿lo1the pelmanen1gthy￿￿nI UnappliÈd totsl reiwn Expendèble ènd(Mmert Totsl Endov•Tnonls 24,5￿ 24.502 23.073 24.502 2J.073 23.073 S£0 Bddlknnalynote 32c torprf0ryearc0mps￿l￿•S. Pagè 32

Keble Coll 1019$ lothe flnandai #tst•mgnts Fortheyear July2021 Is DEBTCfiS 211 Gr¢up £000 2020 Group College £000 £000 All du•wtthln onp year. Trad@dgbtors A￿D￿t5 wed tyColegernaYA Amountso4v£d bYG￿￿p undèrfakings Loans repayab￿ ¥%ilhlnonE year Prepa5ryn+nts and ￿cr￿d Income 13 70 25 70 17 458 474 4S9 474 591 704 534 676 JnOuTht dvg tor Furknugh aalrns pald &ft£rtheyegrnd iwjuded above.. 109 16 ¢REDrroRS'. falllngdutrlthlrt Dn&y• 2021 Gr¢WP £000 2020 Group Cottege £000 CollÉ9B Bank tsverOr8fi8 Tr￿2(￿dil0r1 Amuntgowgd lo Cole Member9 Amountsowedlo Group UndÈrtakvws Tèmati(￿ socva15LwiIty C￿￿99 ¢(4itributifyi ru¥l¥ deterred IrKome oth￿Cle￿￿r$ 2.273 6( 2.273 405 477 21 374 3,355 142 401 290 4.079 276 596 290 7,444 17 CRÉDnORS'. fallkng ¢kn aft9rthtsr•t￿n on4 yvr 2021 fjroup £000 2020 Gi eOCA) 2021 01￿ £oth) 2020 CrAkgè tooo Pnvate F4acernwi Bank Loon 40,000 40.iY)U 40,000 40.000 43.000 43.( 40.0 Thgcullrye is5ued£30m h knrtrtErm nolesalparin Decernber 2015 afutUwr£5m ala premlum in Junè 2ll18. Th9s9 Doles beara fixed iThler8st r8tpof 3 366% pA. Th&C￿￿De tssuedè lurther£5m olkng-ierm notes at Parin Klay2Q19ala fix•1 5n￿rSt ra￿012.98% p.a. The teFm5 8ndconditsOfts èrè tthFThwi¥g the 5amelors11 threetianGhes. rep2yment being due In ￿ne￿al annud in$ia1m8nts camm9tvn9 In De¢ember2046. ThÈ P10¢99ds hw¢ beenapFli?dt¢ ihb n9th￿tilln ofthe H8Alen Ceniieon IheArland?iie. August 2020, In response to thE I￿PaCI oflhe pandemlcm generi Iwds settlemeni of ￿￿dIng ¥voik ¢u5L8, the Collggg bJwO￿d£3 milknn On a rimed ba5K8. Interesi Is pay8bleouartÈtyin atTeers at a rateol 1.8%, with Tepaypnenlollbe inllialdrawdown at thèènd afth9 3 ywa Page 33

Kebl&Colle Noiss tDthB llnHnckl stat•M•nts FDrth•y4ar ended 31 July2O21 f8 FUNDS OFTHE COLLEGE MOVEMÈNT3 Al 1 Augvst 2020 Gal￿1 Al 31 July 2021 £ono r￿oUrCeS expended £000 Transfe Éooo ODO £000 EndDvJmentFunds. P•m¥Bmnt G@nBial PWkK69S External wrposes BU￿[leS Schokrships Fello￿hry>s Mus 16.210 1,849 575 19841 1756 315 270 18,$59 2,185 2,275 7,231 17,1£5 159 1671 IiS31 16241 120 14.754 136 222 524 23 EndowmEmi Funds- Expqn(lab Ggngial purposes ButsaTIfrS Sthbr5h FèiitrAthI 0iwspecir￿d pUrErt￿e5 4,001 1.256 6B8 142 4581 1.47fj 815 1567 T41 26 530 74 Tot￿ Endo¥¥ment FUTh 50,313 2.307 58.759 ReBtrfctsd Fund6 Fixed a¥¥elprojectsfund lunding (JhgrrFstriGted Incomè lunthng Ardied ￿1 retumf￿M reslrKted pjipose endNment lund¥ Total Rosthctsd Funrfts 38 49 10 810 651 17531 344 11.2031 1,203 648 700 11.9561 1.5fjd 956 unr￿1￿CtI& Fud4 GgnFr31 Fixed asset degonaied lund Ravalualion reserve 10.464 142 112.0411 3.09 12.2301 17,4961 58.715 27.108 60,803 27.108 1.279 77.619 Totsl Unreslrfcted Fund9- Call•y Unr8Strlth8d lunds hgld by subsidlaiiÈS Total U￿r￿tricted Funds-Group 10,fjQ6 111,5SS1 77,534 74 7T,fjtIB 77.817 1Q.647 {11.$20} 8fj4 Tolol Fu 128,578 13,854 13.476 137 19 Sfjeadthh?n¥Atyrnk32dftr p￿T￿rCoMparaIfve9. Page 34

K•b￿c1)lIk1• Notestvthe finan¢i41 $l•t•meTrls Forth•y4ar 8nded31 July2021 19 FUNDS OFTHÉ COLLEGE DET￿Ls Thefc4￿ng Isa $￿￿rnaryDf Ihevriwn¥ and purpDsesof &3ch olth• Fund Endowm•rtl Funds- P•rmanonL' Genertl purpwe% AcrAisolldAbon llr9lftsanddrywt1￿WbBre ￿0￿0. btst noi ¢ap81, can b8 u¥gdfwlhegenerdlwrposes oftho Ethrn21 purweE Capil ba￿nce￿Ip8￿ thnati0n¥whg￿ te￿Ied Income. b￿n01 the Uigind captsl. tan bF l0rspwfi￿lJj￿ts B￿eMaI iothe ¢harty. CapftBI b8￿nCe of pastdon¥tion¥¥knerorelatedif>m. nolthEQrigFn￿cap1w. can loibursartes iosLVPO sludenlsolihe Collega. apal balence of pa5tdoh9￿fft$ t￿t9¢ in¢(Kne. bLI not tha odglnal ca￿l91. ￿ bè I¢￿10r¥hoiOtshIPS awardgd losluden15 oltheCollèg•. ¢?plLII balance olpasidDnaiK)n5YJh8I8 in¢Dry. bthnot Ihe ￿91￿￿ eapital. Can b@ US￿10[1hO tU￿1r￿j0f CDlle9elEllow¥hys. Gits whgre r91ated Income. but notlheoivJinalcawL4. b8 used for Ihe I￿7￿1n9 olthoral xoknhips and supportothei MU¥￿9￿1¥1111S wltrinlhèC<4lege. Schokrshlps Felh?￿￿pS Endtywmenl FUnd$-Expbnd￿kn.. tseneral purposes Aconsrli¢atlm of g￿$ 2nd thnaitinsthèrè ￿LIt￿d Or1r￿Me and carAial, usgdbrthwgeneral pur￿5￿5 oflhe Charity. ¢apitsl b¥anGe ol pasithnaiwjns itlalèd in¢urnF. or IDcom&and Ca￿131. Can bo usèd foi ￿a[La$ to SUPWrt studenls ol Ihe Colle￿. Capiial b¥l8tKeolpasl thnathinswhere le￿Ied ifitomF. orinrom8 anOcaFrflal. can ie Ltsed lorsctslarsh¥)savJtthd SludÈntSolthe¢￿lvgfr. Ca￿181 balAnceorr￿gt&)￿t1¢W￿he[erdated IrKome. orin(xth¥ and capital. can be used Ic¢lhefundknpolc￿￿ge t911ow5hlp Capital balance olp3St ￿￿￿ted In¢orne, orincorneand czpltsl, can b$us•d lurlhe ofdl sp8crfKgd Colleg•aGtlvttles. 8ursaries F£lloNv8hips Olherspedfled rAJW$eS Rt$trici•d hnds.. FItyJ 8gt pr¢ts funL4rwJ Gifts that must be aprAd to a55el proi8cts. The translerlrom thesèlwA1s th pknI£XP8ndilurethal relates lothesefurmts. Gins d￿nal￿$ Ihai musiba In supptsrtofU Oeydopmenloffice el￿ndIt￿￿ rel¥bng knlhev￿￿Tr2Q20 rn￿￿n. and dona￿on$t￿t￿￿$I te applledln 8UPWrt ofothèi Collep a¢￿¥1￿•S. DewdopmBnlofflcofuTrJkn9 Olhoit•Strkt4d In￿￿8 )plied lotal rfurn Iroffl resirftted putp)¥e eThYJwYneni funds pIv8d tolal retuin generated from restrktodpuryw9 P9rmanBnt exp£ndabl• thThlomont[und$wh￿h fflustbè a￿118￿ torlhg spec1rb￿ resirickd puw. ts•siw•t•d Fund6 Fixed ￿se1￿e$￿3n3t2d i￿￿$1￿￿e￿ F￿d$ r£rK•sM#d byth fixd as8eis oftr Collegeand Ihwefrts noi aval￿b￿ f(wgw8nditLTe ort tha CollEgg'sggneRI purpos05. UnreslrlclBd Fth)1sM￿eh ¥è rèptssÉntsd bythB rwMAknnolherttsgo assets. FUryJsvtr￿Ch are repiesented bythB Collty8s penSiDnfU￿ I￿￿11￿&s. R•vvaI￿n re5er¥e Pèn$&)n MÉrve Yhe Genernl Unresli￿￿d Funds rewesonl balance Itom th&Coles•¥3¢lfv1l￿5 othersourc•athtaré avwlawoforihe gene￿ purwses of thè Page 35

Notes to ihwfinJn¢lal slatemertls Forth• ygai •nded 31 July2ty21 AWILYSIS OFNRT ASSETS BETWEEN FUNDS Unig[KigJ Funds eooo Restrthd FutO¥ £0 EryJowffAnt Funds 2Wk1 TDtal EQOO 2021 Tanglble r￿ed assBIs 88.640 27,10B 10,(175 8B.640 27.108 10,07S 55.272 17 143,OQOI Piopettyinve8irnw Inv05tm•n N81 ￿J￿80t86$eis1(￿&I1￿e5I Long term liabill￿e5 fund ￿£bIlIty $5,272 3.483 956 143,OWI Ji 77.fjo 5&755 2020 tlllal 2020 Tan01￿e f￿•Y asseis Hentage assets PiorrtylnvgsbD9n15 In￿tMen Net Cutsanlassei&iilabl￿e5j 91.Q9D 27,108 10.075 91.CO0 27.108 10.075 48,075 (6.4911 140,0(h)I 48,075 192771 14D.OaOI Pens￿￿ fund Iiabilty 80.313 TRUSTEES, REMUNERATION The Felbws whDaf¥iheTruslee501the CrllBge lorlhe pu￿0$eS rrfcharityi3Wr￿e1V8 no iemunérabw fw¥diTrJ asthBrtytruStees ¥18 paid bywtherorbxh of Ihe Universitygnd the College foi Ihe acadWn￿ ￿e￿l¢e$ 1heYp￿Y￿￿ io Collgge las ern￿0￿51. ￿ salade6 oIA¢adÉmir $rnployeos paid on ext4in dBrnic8nd £¢adÈm￿reljted scEles and Dften InVo￿e101nl ar￿￿￿nEnts￿lth Urdversityof Oxford. Th9 S￿￿95 of rnn4cadèmi¢ ￿P￿9$are wdonihF CoNÈ98 own scale. tru&tFes myeal alcommDn ascan Olherempknyeeswho are Qllilled to ￿lI5whI￿ wotkmg. Tru5tee5011h•c¢Akns8 lall Iniolh•fc4kn4rt9 tat9yories'. ofHwse Plofessori￿ O(fickl Fellc Research Felh l Re8earch Fe￿(￿¥S a￿￿1￿¥ble Fhiuslng ￿lo￿￿n￿.VllIch ￿1nd￿￿dWjthI￿ thpsalaryTrJures bekny. 2020 No. Np. TrL[S￿5who Ivoln accom￿dal￿n bylhe CrAkg6. lorwhKth ￿eY￿e clar9￿ a market Rnl.. Ttuoe&who ar& ￿eMp￿)ye98 of th&Collegeand do not roC￿Ve romungrabjn.. 13 The¢￿￿$haS a Remunerath)n cornm￿8e thlch rna%ey rfjwmMendaI￿￿S io Goveming Bodyon payand ben2fiL% which argovtsldg of exièrna $¢40& T ¢omposlUon olthe Remun*aiOn Commrttee K set wt Sn itEe Reportolthe G￿eMIr￿j Body in 89¢1kn. Governlng Bo¢ty. OtricFrs an￿A￿Ser$. K•ymwaBEmeM r4muhBf4llon 2020 £th)o £DOO 445 Wairfen. gLYs&r,SenKJrTuknrand Developm￿ Olredor 441 Pa99 36

K•bl CollBg• N05 tothefvThanclal stateme￿5 Ftsrlknfyyear•nd￿ 31 July1011 TRUSTEES. REMUNERAMON Icotlnuèdl Rernun•ts￿Un pald to Iru6tee$ 2021 rernVDerat￿n. lax& NwtFroffrwiees b8rth•nd pwKwconITh￿rtlons pfltuslee5 Gr05s remtsneRbon. tèxabkn and pe￿On conffi￿1￿￿$ Rangfr -£s,wo £12.OU1 -E13.ODO E21,001 -E22.WO £23.￿7 -£24.000 £25.001 .£26,0 E26.001 -Q7.0(1) £27.001 -£28,0 £28,001 - t29.OCK) £29,001 -£30.000 e30.001 -£31.000 E31.001 -£32.000 £32.￿1 -£33.0 t36.Q01 -£37,0 £40.001 -t41,000 £42,001 -£43,000 £59,001 - W.ODO E60.001 -E61.000 £61.￿1 -t62.000 £62.W1 -£63.000 £70,001 -£71,000 £91,001 -￿2,000 £98,001 -£97,WQ E125,001-£12f,000 £127,001-£128,OUO Toki 4.179 12.720 21.683 23,203 177,185 338.fj19 54.420 12,746 21,813 228.312 313.242 27.125 7B,145 58,323 JQ.982 12 13 32.676 36,422 40,2SS 42,653 179,532 f21,256 61.848 62,668 70.828 91.719 42.458 119.521 120.992 62,536 7Q.696 91.519 96.708 125.822 127,000 1.614.603 124622 127.279 1,680,73 40 Oth•rtr4nsa¢tlons WAh trust8•5 No INS￿e Claimed exp8nsesfor any￿￿ In th5GharpEofdub#5 as a ￿￿￿￿9. Nok28 prO￿d&$ futh9rinform*knnon [￿rtytraTrSatt￿ns. Page 37

K•blfy¢ollgge Nolqs ti>the finan¢ll $tatemon¢• Fol Ihèyoar end￿ 31 July2021 PENSION SCHEMES The College parricipales In ￿ principal pension sehetnesfor its slaff - Ihe UnpversitiFs Sup8rannualion Scheme {USSI and the UDiversity olOxloFd si811 P8n5ion Scheme IOSPSI. The asselsof each schemè¥e hfld in separale IIu51e&adrnlniStÈrfd funos. USS and OSPS arèeontributory mixtrd benefil 5chemÈs li.E Ih¢y provide beneflls on 8 dEfined benefil ba5is- based on lÈntyh ol sprvice and penslonablÈ s￿￿ry-￿￿ ona defined contiibulbn basi$-ba5ed on conliibuliDns inlp Ihe scheme). 80th are mulli-èmploypr scheme5 and the Colley$ is unablelo Identity Ils share olthg asse15 ar￿ liobililies relaling lodefined benèlit$ of earh scheme on a COnSi$ipnt and reasonat4e basis. Therelore. in accOrd￿Ce￿￿ the aceovnling standard FRS 102 paragiaph 28.11. the College accounts forlhEschefftes a5 If Iheywèr$ dsfined conliibjlion scheme$. As a reSLII. the amount chai9ed to Ihe IrKorne￿d EwendiiUr8 Arwunt represenls thè contribulions payabfe to Ihe schemes in respecl of the accounting pe1￿. In thE evpnt of lh8 w￿￿[a￿al of any ol thè Partiopabng employers In USS or OSPS. the arnouni ot any PBnSiDn funding shortfall Iwhich cannot beolh8Thry5e iecoveredl in ie5ped ol Ihaistnployer wll be sprèad a¢ros$ th& remaining parlicipabny employer5 and Feflecied in lth ￿xt odu3rial Valual￿n of the SC￿EMe. The Colege has also made ¥v3ilabLv Ihe National Employmènt Savin9s Trust foremplo>e8swhD are eligible und2r akrtomab¢ trnroknenl reguktions to Fen$ipn benpfils bul not eliJble for Èither USS or OSPS. S¢hqmBs accountsdf4r und•r FRS 102a$ d•lJDed¢oht[ibul￿n Actuarialvaluatlons Qualffled acivair¥ pon￿l￿11￿VaIue USS OSPS rfefined benelts usiry th&'prO￿ unit mglhod.. embracing a maikvalwapproach. Thg r•Su￿n91￿￿èIg 0luntnbu1￿n take Df Jcluailalsu￿IUSe5 ordeficil& Ineath xheme. Th&lInènC￿ assw￿l10￿$ were derlvèd tr(th rnarkgl prevalling aithè y4uat￿n dai•. Tha msulig of11￿ ￿t•s1 actuarlalv2lu3t￿￿5 the wwnpllonswhth have Inè m05t signifKani etrect on Iher+ults wai8." USS 3110312018 16109Q019 £67.3bn £63.7bn osps 3110312019 1WQ612020 £84Bm £735m 1£133ml Date valuètion i&s￿L% wbliod'. Valu8 of3$sels'. scwnt Rate of increase SalariÈ5 Ratè of InBrgaso In AS5￿[Vad ￿(99¥P9￿anC1e5cTh f41irèm8nt ¥tage 65.. Males Cuffefttlya9Ed65 Fèmale6 curr9nVyaggd 65 descu￿B￿llYaged 45 FÈtnaiEs ¢urrenl ed45 CP1￿.75% lo CPl+2.S2%paè la GittstrO.S% 10 225% AYEtagE RPV¢PI 24.6 yrs 26.1 yr¥ 26.8 SYS 27.9 hys 21.7y 24.4 yr6 23.0 y 2S.8yry4 Fu￿1n9 Rai￿$". TachnKl plovi5￿￿￿bJ$i5 SLltulNy Pension Pth¢1￿￿ Fund bas19 basis 87% 74% 76% 5S% 21.1% Incfea51ng 1023.P% tsn 01110121 31103J2WIO Eff8￿1￿9 ¢aleolngxivalu3bOn". 31I0Y20r2 NDt85". The dtscountrete (lorWa￿ rateslfrthe Ussvalualion was.. Yoars l-I0'.CPI + 0.14% redw¥Jg linoAdy ￿ cpi-0.73% Years 11-20.. CPI +2.52% rgduL¥ry linarlytoCPI + 1.￿% by5wai21 Years 214:CPI + 1.55% b. T￿ di¥g)unl FaleforihE OSPS vJlualion was.. Pttrretitnenl..Eqv?I lolhe UK nominalgilt * Ihe YaluatJn dai•pkts2.35% p.a. ate3chl0rn1. POSE-￿time￿L Eqwl lolhe UK nomiial ihe dAi• pa. aleach lem. c. Pen5￿m$ in¢reases ICPI)forthe USS volu¥tiwwwe'. Tenn de￿ndent rates in line Wth Ihediffeience the Fixed I￿￿13nd Index Unkod yIddCw￿. less 1.3% Ba. d. Iruea5eStDp8n￿lln￿ in po5Thnl lorlhe OSPS valu31￿￿ were.. RPI knflhlon is ￿￿1ved fromihe gLxThnètricdifièretw botweoD UK Mmitd gill cuTh and the UKinthx-j￿k£d Cvrveaiih&¥alUÈi￿Tr d¥te, les¥ Q3% p.a. al exh tenn. CPI iftfiatK)n is dErivg¢ fiom ihoRPI 195s tha Sch#mFknua￿S best esUmAieofthe bnlermdrfterencebEkneÈn RPI C Infial￿n asapplies Iiom lime iotimè11.Q% p.a. * a131 March 20191. Foi pènsion ultlgases linked io Inrkbrjn, a pnt4Qn inCFee5ecuN6 L8¢wstruthd based ￿ elth81 IFt RPI. CPI urthfraverape ollhe RP18￿ CPI innaliun ￿Ne5 descTrbed thve. adju518d loallowlor lh• dI￿[*￿t and minKnuM ann￿1 increa5951hatApply. IhpS¢h8me Aciuarrfs best eSlimalE of inflal e. The USS and OSPS ampEoy8T cuntrlbuiion ro￿ induda pmwshjnsforthe rfoffuiuTe acciualoldefined tyenefiL%. dBficil<￿nti7￿jt￿ns,odMiThWratiy¢ expnie5 tslnedconthknrtions. Page 38

K•blÈCollege Notes lothèffnandal slalomonts Foi the y•af•nded 31 July 2021 PENSION SCHEPAES Icontinuedl S•n5tt1vltyof aC￿art￿l valualbTr4Murnplcns SuTplu¥e5 N der￿1$ thch arisa at lutu￿¥31u3iiOhI mayimpacton iheLYAkgè's lthurecmlnbukn Commilmert. TheEensi1r￿llÈS [Ega￿l￿th¥ pri￿1￿1 assump1￿￿3 used lo measuieth8 schamgli?blllll&s ar# $iiout bdow.. vss Assumplion InilkaldiS(wntrate AssdvakF8S RPI- CP15pread Ch8ng8 In asjumpli increase byO.1D reduce by 10% increase byO.I% more sssutnplion Imortaliiy u$1datl8¥lv￿Uat￿n, ratsd dosvn byafurtheryearl cton USSYats decieasè by E1.2bn in¢Fea5e by6.4bn decreaseby£O.7bn Rat8olrn¢rfiaily Irthaafi byf1.fj osps Aswrnplion Impactoft osps fpckniG￿p￿￿Sffj￿s tfrom 801a hmdèdat V8ILIN)n rete of lnie￿$t RPI decie&e byO.25% iThCtèasq byO.25% increas8 by£45m itwease by£40m D•fici¢Re¢ovoryPIBths li￿ FRS 102 para9Trph28.11& the Colle92has a I￿t￿lilY Irtha payabk Iorlno 8greed C￿ldI1Ufftdl￿ plan. Thu 8$8umplions wed in these cakJJlglion¥ are￿￿ed bdrrty." us8 31103J2028 0.25% 1.QO% osps 3010112028 0.38% 1.00% 0.8Y £11.822 e9.078 FIDish Date Ior D@ficit RFcoveryPLgn." Avgragfr 5tatfnumbèr Incrgas&'. Avor898 sL3tfsalBry AvE(ag8 diswunl ia ovèr pèri￿.. Ellèet olO.S%rtharyè In diSCOunitat¥". ENeciol 1% change In slaftgroih'. £3,51S £7.316 A Pluv￿ll￿ 01£792k ha$ made al 31 ￿lY2021 (2020- É1.279kl lorthE pre¥enlvalue oflheesiimatFdfutuR dgficlt luThling4l$m8nt D1￿cont￿￿l0ng payawo undgl Ihesè 8or4Èmgnts. uslro iheèssumptiuns shthyn. The prtsvisillnreducw as Ihedeficit i% oftaccordlng PBnSK>n reG(wgryschem•. P•nslon chary•forth•y Tre pOns￿n ¢hargeracorded byth8 (DI￿￿0dUiThJ the w¢tyJnling lexcluding pw81￿ tharKecostslwas ￿valIDth8 conl11t￿OnS ￿Y￿b￿a￿tra1kn¥anCe [¢rft￿ dèfitit remrypian 33f￿￿￿¥.. 21 2020 $cheme UnNèn%ftièS Supgrannuaiion S¢hÈm8 niveisrty0fo￿oFd SlarfPen510n Schème Olh¢rs¢herne5-COntribulKJns sup￿￿￿￿n￿￿oTr paymants 4D¥emeTrt hl defined schsm•5 rotsl 3$3 139 In¢hJdwJ in othei credlio1sÈi¢pww￿ mnlilbullDrs pay8t￿￿o[£nI12o2O.' £nll Pagè 39

KeblpColl¢ge Not45 toth•fin?nclal 5tst4mn Farth• ￿rendEd 31 JulyZ021 23 TAV4rh) The Cole ￿ atAE to lake advantage olthptsx 8xgrnptions avalabla to charilkgsfiom ta￿110￿ in rÈsp8Ctofincorne ￿ capiLg198in$ the 9￿en1that $u¢h incomfrand9ains are 9ppI￿l0ex￿us￿e1yCharIta￿l￿￿lpOse5. No lkabililyto (xywTallon taxAi£•S Intnè ColggBs svbshl1ary¢Cth￿￿s bècausglhe difèttotsollhesecompanies havp wIca￿l that Ihey intend b make dona￿oN$ Èach ￿rt0￿&COllegg ￿U￿1t0 lholam￿ wolKsofoa¢h companyundgrthg GiftAid $¢hwn9. AWO￿￿7glY no forlaxation ha5 beEll in the financial $￿Emo￿t$. 20 £•DD On th&oiher hand. th8￿￿9? pasts sub￿ant&91t3￿a￿ UryKovera￿kIrtrnrtvATfj￿ purchase> utr84 In provhjlw IL%eXempt￿UQyts0￿¥ SUFvlies. 417 RECONCILATION OFIIET INCOMING RESUJReE8 TO NET CASH FLOWFRN1 OPEFiAnOIIS 2020 É•DD Netl•xpendilur•yinccffl 8.741 Elimination olnon4JpÈr#ting u¥hflows.' hiVe￿meNtIncUrne IGaSnsVLos$4$ on invesiments Endowmenidllnal￿￿s Flnaneing Costs DgPTociall Decreage In stKk Decreasè in d8btws lie￿aslncrvJrtOrs Ofjcrease hi pensron liBbSty 12.507) {2.&11 11341 1N28 2.475 p.uoi 1186 Ngtcash luG•d InVprDvldgd byopgrAUng 1.567 25 ANALYSIS OF CNSHAND ¢A8H EQUIVALEIITS 2021 2QO Group £0 2021 2020 Cc4hg@ Group £Doo Cash ai b3nkand In hand Notlcedeposlts IIF$¥lhan 3 months) Bank oveTdiafis {2.2731 122731 Totsi<h and ¢ash ¢quI¥￿0n￿ 653 A£3M bank k)kn Wasa￿anged kn SÈptsmbgr20201o*Jnd Ihe sdI￿nent ollhe BANI Co￿r￿(l l(xthe NBAlen Centr•. FINAtr4CIALCOMMrrME14TS 131 Ju1ythF¢￿￿Jè had Iwasg Pa￿$ThiS undFrnoTrcancdFab OpÈtsbn9183S￿ a5 foll￿&.. 2LEO £000 Land and bulldln95 -notlaterlhan oneyeel Page 40

K•ble CO￿ Notes lo Ihefin£nclalstatemonts Favthe ￿arendd 31 Juty2021 27 CAPITAL COMPmlE+ITS 2021 2020 ContrAct4dwit¥ Mmmlmènts forl(rturocaFrfial proje#sas al Ihe ￿al￿nd. RELATED PARTYTRANSACTIONS TheC￿le9& is parf ￿f Ihe )￿1¢9181& iknN8rWlyol Oxlord. Maienal hiterdgpeThj￿E5b￿1￿P9nIh0 unfveisi1vèt￿ Df Collegeaitse as relalrA75hli. for￿ryb￿g wrpose5, Unw9Nty and th• ot￿￿¢0¥£g￿8 aro ￿￿trea￿d 8$ r91aled parties a5 d￿Me￿ in FRS 102. mem￿￿01th￿lv£lnIn9 Body. who3rglhotrusieè3olth8 ¢olleg¢and relèiÈd pwtiw ￿4￿ned byFRS 102. ie¢Wve remuneiabonand fiiU95 JSBrnFIO￿s oflheCrAkg8 D8taifsolthese paymènts roimbursed •xpense5 as irusiees 2tedi¥¢b￿d3epala1e1yin thEsFlinan•al siatemenis. TheCrAkngF hJs PTopertle50vmBd 1olntty￿lh Irusi409 undsrJu1Nloq￿ty¢wr8hlP39re?men1sb9iWÈ$n1￿etN51ee andlhe CollEg8. Then•ttwk value oft 11gJe'sshatpin Bath property Is as I￿￿￿5.. 2021 2020 £(bJo DrL Bend&l DrSBu Prvfs Faukner DtD McDermott Prof S Fbicher M5J STurfg? Piof D Pioie f>wJ 287 287 263 272 214 218 270 270 248 256 Z02 175 165 176 All￿¥￿t Bqutyproperties$ip5ubi8citQ thedeparfureollhetruSt@èfroM the C(4bg•. cowriNOENTLIABIUTIES Thor8Yrg nospecilccMbny¥nl fiablKilies asai theytrarid. The Unc9n￿￿1¢S wih reEpeciio COMD-19 eFAderni¢aroaddre55edeLsetherè. POSY 8ALJJ4CE SHEET EVÈNYS

we Inp yearena. TOIIOwns tnecomFrfBDtyIOTine v8iuavDn. a newauai M2$¢ntOUb07cOllTn￿￿n9 Len agregawm an •Ths¢fft oawot i Octol￿r2D2l. Rg¢altuiahngUK USS prow$￿nO￿t￿8 b￿s01thEse(j)n1ribu￿on￿￿￿￿ resvhinan Increased thedeffcltof£482k. aB iDcrea50 01£298k. Aturtherchange ￿ defiol rgcovery¢onlt￿j￿II0￿Slll bewme ￿p￿l￿blo underik 202Dv6l￿l￿n Illh&Joint Negpti8ling Cornmrtiee on bAn•fft Chang￿ has noi bè&n @xEcuted by28 F4bruary2022. ID thls 6cenari4 hwJÈ•rdeficilre(xwerycontn￿1OTrs knll ¢LynMEn￿ Irom 1 OcwJb8r2022 ai 3% andlhen crea5e8V8ry6 monihs ￿ntIl thEy 18ath 20% at 1 OctOfr2025. They rtmain alth￿l￿v￿ unid 31 Juty2032. Nego1￿1￿$￿￿ti￿U&aldan Increase to ￿81@v￿1 r& c￿$￿e￿d remllie. 31 eOW.19 2021 £000 Furlough re￿IptS Colleg&contrlbuiK]n SthBmeg￿Trt (Jhersundryinra 473 493 a6tpiitbs durlng Ibe sEarconllnuedlO bB imwdcled by1￿ Impa￿ ol Ihe COVID-19 pand￿[¢, in particularthèloss olresvJentHllr4comedu$ -iéturD ul 60me siud&This and tho fos5 olincome Iiom confeieneE5 and b¢¢ 8 bieakfasi bv%ness duriry Ih&swnmer. Soma slaff 4¥grg placed on luriwgh lor ich thtttolly rgcèlved9DV9inmeot grants. In addi1￿￿ th$G￿le￿8 r&erwed g grani IfQrn Ihecontribulion Fund governed UfvJrth&pioYr6kn5 oIStatui•XV of Unlvèrstyof Oxfoi¢. thn4ylh8all0pA￿Th hasbeen carrkdatsl￿ same basls as I￿5**P9￿j1rVJ adthAfor pthr9 uf'n0trnefa￿l1lts￿ nekty•ar. Page 41

K•bleCollg Ndtss financ￿1 8tat•rnenl8 FDrlh?yar end￿ 31 July2O21 ADOITIONALPRIOR YEARCOMPARATWES Where inform3i￿n labulaied lffl the notès for lh8 byar. W•s•n￿On ofcomparauw inl(thiatR)n trorn th• pr￿louSY￿al ts presentfjd h8re 32 SOFAfor yellr un￿￿tricIed Funds tooo ResliKied Funds £000 2020 Toki Funds INCOME AND ENOOWMENTS FR¢XI'. Charrtatylè a¢iThryliÈS Teèrhing, research and res￿$￿tI￿1 Olh+rtrading InC4me DonativtL3 and kgades Invesimeni$ Invgslmeniincon• Tot¥1 relurn8Iknr￿￿ io Olh8r I￿OM 7,133 7.133 857 876 134 1.869 e82 21 493 1381 815 493 Total income 10.927 1,6W3 11017 EXPENDITURE ON". ¢harilab￿ a¢ii¥ib•S T88¢hing. Rseerth and ifj¥hYertial 10.766 1.575 12.341 Gènèiating luryjs 707 1.395 Tradiry eXpe￿￿Ul• Ygslmoni manawmwnt cwts 2.102 Totsl expendiwre 12.861 1.582 14.443 Nèt Incorn￿•￿pQndilurè1tsef0rt 98ins 11.934) 1.4251 Nel pa1￿¢10$S1ÉI Dn knvesimBnts Fixed assollmpaimlltchw 12.208} 122661 Ng1 ￿COMe11￿•nth￿raI 11,934} 13m41 Translers funds 304 1304} Clhriecogni%ed gainsfy)5se5 Gain￿1￿)5s0S}ort l£Vau¥t￿nOIfIX£d &ssèts Actuanal loss on der￿ed benefilpenSii)n schgm 360 Nei mo¥omèntin funds forlhè year 70 193 Page 42

K¥￿￿ CoJEgge Note5 10 IhEfinJn£ial$lalemÈi# Forthp ￿ar￿nded 31 Juty2021 32b PARENT AND SVBSIOLARYUNDERTAKNGS fr)r￿Or year Theye wec4mparaiivpfioureswilh 18spg¢1 io no￿ 13. ¢oUege Iparentl Xéb￿ Prowrtws ConfeMrKe KeFAE 202D 2020 £000 2020 £(l)D Tumo¥r ExpendlLUr8 Donal￿￿￿ Col￿ge undei ak1 restrètsivab ILossèsyg8n3 un tevaluèllon 12.on 113,4261 1795 I1.￿9} Rgwllfortr ￿ar 3,2f Toia ass5 3.452 148.562) 41 Plgt (unds at Énd ofyear 128.580 32c STATEMENT OF INVESTMENTTOTAL RETURN for prfor year These or9 comparairie figureswrth ro5peci w noi• 14. 2Q Tolal Enthv•TnBnts PennanBnl EndNrn&it Experthb Endo¥vment TNSI lor Inv9slmeni Rètum eo(K) eooD Giiicomponelltolthopermanent Ond[￿¥￿•￿t Unapplled iOLel ieturn Expglldableerthmnèni rotal endowments 24.(¥JO 24,OOU 18.195 24.ODO 18.1 9.988 52,183 18,1 9.988 24.oc 18.19fj 42,Igs Movement9 In thB roP¢rtlng Gil of endoMYntfunds Inve5tm•nitètum.. dividends and IniÉr8 InvesimÈnt tFlum'. realised And ￿troll￿ed gaI￿and bjsses Total 1.3n 1.373 I1.8￿) 13981 328 14331 1.699 (2.2681 (43SI 4621 Unappl*d lotsl tEturn 4￿caIedtO ifthme EXpe￿ableendmn￿￿IS Iranslerred 10 12911 Nrtrnovgrnènts In I￿rtITrg p￿Qrf 11.60 11.$43} 13281 At•nd of the r•porlkng pBrS0d'. &n¢Wn￿TrBn1OI Ihg PgFrtMnenlenLb¥the Unapplied lotsl re￿1 EwnOabl@9ndowmor Total End0wm￿ts 24.064 24.064 16.589 16.589 18,589 9,660 9,660 24,064 16,$89 40.653 50.313 Page 43

NDtq5 ta thgfinan¢lalstatsm#rtt4 Fcrthi yearended 31 July2021 32d FIINDS OFTHE COLLEGE MOVEMENYS- prfcF yeareoMpwthi ThEs@arg comparairth fwureswlh respgdlo Th)te 18. At 1 ￿9￿$t 2019 £ots) Ir))mhg Al 31 Juty 2020 ¢xpendgJ Éooo Translets £0 {103￿) £0 Endwmtt F￿d5-pe￿an0n] Gen￿r￿ purposes Ext8rnal purwses Bur5anes sC￿￿r$h Fèlltswshi MD5 16.894 1.931 549 14981 17351 184} 1891 127SI 1.849 1.584 6,120 14.754 136 6.332 15.304 138 Endowment Funds. ENpBtthb tseneral purposes Bufsan@s SCh)Igr6￿ Fèlltswshi 0￿¥r￿Pe￿￿ed9Ulp0ses 4.169 4.(￿1 1,256 709 3,248 572 Total EDthMnanl Funds 52.18tF 1.833 50.313 Rèstrithd Furth IX9d asEgt projects fu￿Ing oevelllt￿￿Pn1 offKeluThllnp Othai rf51r1¢￿ income fundin9 totsl return from reslihxed PLYwse eAdowmenlfund$ Total RèsthEtad 41 307 563 (7¥31 610 815 841 78 11.5621 IJn￿s1￿￿ed Funds G&ngral Fixed 3ssetdEswJn*gdfun Revaluat￿n r•s•N8 PeDsion ￿Serve TDtsI un￿InCted Fundy-C¢l Unr95ts1￿ed fu￿$ hd¢J tyy¥ub5vJrdires TO￿ Un￿Sinc￿ F￿ds-GrOuP 8.469 735 112.994) 11.2341 2,159 .9)9 27,108 I2.￿9) 60.803 27,1QS 111,fj841 77.619 73 78.887 10, 925 360 77.617 Total Fu￿5 14.443 Pagè 44