2025-07-31-accounts

Keble College

Annual Report and Financial Statements Year ended 31 July 2025

KEBLE COLLEGE Annual Report and Financial Statements Contents

	Pages
Governing Body, Officers and Advisers	2-3
Report ofthe Governing Body	4-16
Auditor's Report	17-19
Statement ofAccounting Policies	20-23
Consolidated Statement of Financial Activities	24
Consolidated and College Balance Sheets	25
Consolidated Statement of Cash Flows	26
NotestotheFinancialStatements	27-45

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Report of the Governing Body

KEBLE COLLEGE

For the year ended 31 July 2025

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the College’s charity trustees under charity law. The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It is served by five principal committees:

(1) Finance Committee (2) Investment Advisory Committee (3) | Academic Committee (4) Development & Communications Committee (5) Audit, Risk & Remuneration Committee

The members ofthe Governing Bodywho served in office as Governors during the 2024-25 yearor subsequently, and the membership of the five principal committees, are detailed below. In addition, the Governing Body, the Finance Committee and the Academic Committee have non-voting student representatives.
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KEBLE COLLEGE

Report of the Governing Body

For the year ended 31 July 2025

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COLLEGE SENIOR STAFF

The senior staff of the College to whom day to day management is delegated are as follows.

The Warden: Sir MG Jacobs The Senior Tutor: Dr AP Rogers The Bursar: Mr SA Cooke (resigned 31 October 2024) The Development Director: Ms J Tudge Mr T Polkey (appointed 12 November 2024, resigned 6 April 2025) Mr | Rockey (appointed 7 April 2025) AUDITOR INVESTMENT MANAGER COLLEGE ADDRESS Gravita Audit Oxford LLP Oxford University Endowment Management Keble College Park Central, King Charles House Parks Road 40-41 Park End Street Park End Street Oxford, Oxford, OX1 1JD Oxford, OX1 1JD OX1 3PG BANKERS SOLICITORS WEBSITE Handelsbanken Mills & Reeve LLP www.keble.ox.ac.uk Seacourt Tower, West Way, Botanic House, 100 Hills Road Oxford, OX2 OJJ Cambridge, CB2 1PH

The Members of the Governing Body present their Annual Report for the year ended 31 July 2025 under the Charities Act 2011 together with the audited financial statements for the year.

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

The Warden, Fellows and Scholars of Keble College in the University of Oxford, known as Keble College (‘the College”), is an eleemosynary chartered charitable corporation aggregate. It was founded by public subscription in 1870 in memory of the Reverend John Keble, on land in the 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 accordance with the principles of the Church of England.

The College is registered with the Charity Commission (registered number 1143997). The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages2 to 3.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College was incorporated by Royal Charter dated 6 June 1870. The Charter of Incorporation was modified by a Supplemental Charter dated 7 April 1902, and subsequently by Statutes made by the University of Oxford Commissioners on 14 July 1925, under the provisions of the Universities of Oxford and Cambridge Act, 1923. The Charter of Incorporation and the Statutes of 1925 were further amended in 1952 and further modified by subsequent amendments. The current Statutes were approved by Her Majesty in Council on 10" February 2016.

Review of College Governance

In October 2023 Governing Body formed a Governance Committee to review and, if relevant, recommend changes to current College governance arrangements. The review included an open consultation with all trustees and reached a recommendation that was subsequently approved by Governing Body that the existing Governing Body model of governance should be retained, rather than moving to a new model. The review also recommended that the College should continue a process of incremental improvements to ensure best possible governance within the Governing Body model. Governing Body approved the conversion of the existing Remuneration Committee into a new Audit, Risk and Remuneration Committee during 2024/25.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the Archbishop of Canterbury. The Governing Body has such powers as are conferred on it by its Charter and Statutes, and has responsibility for the entire direction and management of the affairs of the College.

The Governing Body appoints the Warden, Fellows, Tutors, Lecturers and such administrative and other officers as the Governing Body thinks necessary from time to time. It determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It appoints committees and delegates to them such powers as it thinks fit. The committees charged with overseeing the conduct of College business are listed below in the section headed “The management of the College’.

Recruitment and training of Members of the Governing Body

New Members of the Governing Body are, in the case of academics, normally recruited through a joint appointment process with the University of Oxford which includes open advertisement of the posts and a professional selection and appointment process. In the case of posts funded solely by the College, recruitment is also usually through open advertisement of the post followed by a professional selection and appointment process including external representatives as appropriate. New members of the Governing Body are inducted into the workings of the College, including Governing Body policy and procedures, through meetings with the Warden, the Senior Tutor and the Bursar and the provision of a comprehensive set of reference documents.

Members of the Governing Body attend trustee training and information courses as appropriate to keep them informed on current issues in the sector and on regulatory requirements. General trustee training for all trustees takes place at the start of each academic year.

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body receive no remuneration or benefits from their role as College trustees. Those trustees who are also employees of the College receive remuneration for their work as employees of the College which is set based on the advice of the College’s Audit, Risk & Remuneration Committee. The Committee when complete consists of five individuals, none of whom may be either trustees or employees of the College. Remuneration for trustees who are teaching or research Fellows is set in line with that awarded to the University's academic staff. Remuneration for trustees who are full-time administrators is set at an appropriate point on the College's salary scale based on a full job evaluation and reference to comparable posts elsewhere.

The remuneration of senior college staff is set by the College’s Pay and Benefits Committee at an appropriate point on the College's salary scale based on a full job evaluation and reference to comparable posts elsewhere.

The management of the College

The Governing Body meets 9 times a year. The work of developing College policy and monitoring implementation is carried out by 14 standing committees, 2 technical advisory committees, 1 ad-hoc committee and any temporary working groups the Governing Body deems it expedient to create. The standing committees are:

• e Academic Committee Oversees planning in academic matters and the level and quality of academic provision and library services to junior members. Monitors the appropriateness of the existing establishment of Tutors and Lecturers in relation to the academic needsofthe College.

• e Audit, Risk & Remuneration Committee (formerly Remuneration Committee) Governing Body approved the conversion of the existing Remuneration Committee into a new Audit, Risk and Remuneration Committee during 2024/25. The role of the Committee is to keep under review essential compliance and governance matters and provide relevant assurance and recommendations to Governing Body, including recommending that it seeks expert external advice on specific matters within its remit, In addition the Committee makes an annual independent assessment of the appropriate salary and benefits for Fellows and particular college staff, and considers any recommendations on the pay and benefits of trustees put forward by the Governing Body. These it may either approve or refer back to Governing Body with a recommendation that the proposed pay and benefits be reconsidered with a view to their being reduced.

• e Buildings & Gardens Committee Oversees the maintenance and development of the College's buildings and grounds. Reviews the use of College space and authorises non-ordinary usage. Oversees the management and care of the College’s chattels.

• e Chapel, Advowsons & Music Committee Oversees the life of the College's chapel and Chaplaincy, as well as the musical life of the College. Administers the College's patronage of 69 Church of England parishes throughout the UK and makes recommendations on the application of restricted income for ecclesiastical and musical purposes.

• e Development & Communications Committee Oversees the fundraising and alumni relations activities and the internal and external communications of the College.

• e Domestic Committee Oversees the provision of housing and catering services to College members. Acts as a point of liaison for Junior members to discuss concerns about domestic issues.

• e Fellowships Committee Advises on nominations to honorary and emeritus fellowships and fellowships by special election.

• e Finance Committee consideration.Oversees all matters of financial policy and practice, and in particularthe financial implications of any proposals under Reviews and makes recommendations concerning annual statements of accounts for the preceding

• year, budgets and management accounts, College charges, trading activities, insurance matters, IT strategy, salary policy and investment recommendations from the Investment Advisory Committee.

• e Health & Safety Committee Monitors the College’s health and safety record, commissions and reviews an annual independent health and safety audit, and makes policy recommendations.

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KEBLE COLLEGE

Report of the Governing Body For the year ended 31 July 2025

• e Human Resources & Equality Committee

Oversees all aspects of HR and Equality policy and implementation.

• e Pay & Benefits Committee Conducts an annual review of pay and benefits of employees, within a financial framework set by Finance Committee. Makes recommendations on policy to Finance Committee.

• e Research Committee Monitors and co-ordinates research activities within the College and makes recommendations on the distribution of College research funds, support for visiting academics, encourages and considers joint activity with other institutions.

• e Student Welfare Committee Oversees the work of College Officers with student welfare responsibilities, promotion of student wellbeing and supports the Junior and Middle Common Room welfare representatives.

• e Sustainability Committee Provides recommendations to Governing Body on improvements to the College’s overall sustainability, implications for sustainability from other committee recommendations and how the College can increase its influence on sustainability, both internally and externally.

The technical advisory committees are:

• e Data Protection & Information Security Committee Monitors and makes recommendations on the development, implementation and management of data protection and information security policies, procedures and risks.

• e Investment Advisory Committee Provides advice to Governing Body, through Finance Committee, on the investments of the College and the appropriate level of income drawdown.

The ad-hoc committee is:

• e Governance Committee Governance Committee was formed in October 2023 as an ad-hoc committee of Governing Body with the specific purpose of reviewing current College governance arrangements.

The day-to-day running of the College is delegated by Governing Body to the Warden, the Bursar and the Senior Tutor, with the Development Director having delegated responsibility for the College’s fundraising activities.

Group structure and relationships

As noted above, the College, through an Advowsons Committee, appoints to the livings of 69 Church of England parishes and, among other activities, administers two trusts whose objects, external to those of the College, are the support of parishes and Church of England activities.

The College also has two wholly owned non-charitable subsidiary companies. Conference Keble Limited arranges conferences and other residential and non-residential events which generate trading revenue from the use of the College’s facilities when they are not required for its primary purpose. The annual profits of Conference Keble are donated to the College under the Gift Aid Scheme. Keble Properties Limited from time to time undertakes major design and build works under contract to the College.

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

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KEBLE COLLEGE

Report of the Governing Body For the year ended 31 July 2025

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College's Objects are:

• (1) Thein accordanceprovision ofwitha Universitythe principles educationof theinChurch a Collegeof Englandin the University of Oxford to be called Keble College conducted

• (2) The advancement of education and learning and the promotion of research

The Governing Body has considered the Charity Commission’s guidance on public benefit and, in keeping with its objects, the College's primary aim for public benefit is as follows. The College provides, in conjunction with the University of Oxford, an education for some 450 undergraduate and 560 graduate students which is recognised internationally as being of the highest standard. This education develops students academically and enables them to develop their leadership qualities and interpersonal skills, and so prepares them to play full and effective roles in society. Further public benefits are included within the description of the College's provision that follows.

• In support of its objects, the College provides:

• e teaching facilities, individual or small-group supervision, as well as pastoral, administrative and academic support through its tutorial and graduate mentoring systems;

• e welfare services, including the availability of the Chaplain to assist every member of the College of every religious belief and none, and medical support including a College nurse;

• e student grants for study purposes and for cases of financial need, partly provided through the continuing support of the Keble Association of alumni of the College;

• e IT and other administrative support;

• e — specialist choral musical education for its choral students, who are members of the College’s renowned choir;

• e — specialist organ musical education for its organ students;

• e — social, cultural, musical, recreational and sporting facilities to enable each of its students to realise as much as possible of their academic and personal potential whilst studying at the College;

The College advances research through:

• e providing Research Fellowships, Career Development Fellowships, and Research Associateships to outstanding academics at the early stages of their careers, which enable them to develop and focus on their research in this formative period before they undertake the full teaching and administrative duties of an academic post;

• e — supporting research work pursued by its Fellows and others through promoting interaction within and across disciplines, granting sabbatical leave to enable them to concentrate on research work, enabling the exchange and dissemination of research ideas, and providing facilities and grants for national and international conferences, research trips and research materials;

• © encouraging visits from outstanding academics from abroad; and

• e encouraging members of the College to disseminate the results of their research to other academics and the general public through the publication of papers in academic journals and books, through presentations at conferences, through media appearances and press articles and other suitable means.

The College maintains an extensive Library (including important special collections), so providing a valuable resource for students and Fellows of the College. On a discretionary basis, the College makes its library available to members of other Colleges and the University of Oxford more widely, external scholars and researchers.

The College supports a Chapel with a programme of religious services open to all.

Through its outreach and schools liaison activities, the College fosters the general educational and university aspirations of students from a wide range of social backgrounds.

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

The College does not consider that there is any detriment or harm that arises from carrying out the College's aims and is not aware of views among others that such detriment or harm might arise.

The members of the College, both students and academic staff, are the primary beneficiaries and are directly engaged in education, learning and/or research.

However, beneficiaries also include: students and academic staff from other colleges in Oxford and the University of Oxford more widely, visiting academics from other higher education institutions and visiting schoolchildren and alumni of the College who have an opportunity to attend educational events at the College and use its academic facilities. The general public are also able to attend various educational activities in the College such as lectures, seminars, and conferences, and benefit also from being admitted without charge to the College's grounds and able to view its historical and artistic heritage and holdings.

The College admits as students those who have the highest potential for benefiting from the education provided by the College and the University and recruits as academic staff those who are able to contribute most to the academic excellence of the College, regardless of their financial, social, religious or ethnic background:

• e — there are no geographical restrictions in the College’s objects and students and academic staff of the College are drawn from across the UK and internationally;

• e there are no age restrictions in the College's objects but students of the College are predominantly between 18 and 24 years old; and

• e there are not considered to be any religious restrictions in the College’s objects and members of the College have a wide variety of faith traditions or none.

The focus of the College is strongly academic and students need to satisfy high academic entry requirements.

The College charges the following fees:

• a) Tuition fees, at externally regulated rates, to undergraduates entitled to Student Support and to graduate students; and a fee determined by the University of Oxford annually to Overseas undergraduates and any Home undergraduates not entitled to Student Support. The College's share of these fees is determined by an integrated payment mechanism with the University of Oxford; and

• b) Accommodation and meal charges at reasonable rates.

In order to assist undergraduates entitled to Student Support, there is a comprehensive bursary scheme in place to support students from lower income backgrounds, which is funded by both the University and College. Awards include the Oxford Bursary, Crankstart, Santander and Reuben Bursaries The following is a summary of awards made to Home/EU undergraduates during the 2024/25 academic year:

October 2019 starters: 2 awards out of a Home/EU population of 2 awards at the maximum value of £5,970.

October 2020 starters: 1 award out of a Home/EU population of 8; zero awards at the maximum of £5,970.

October 2021 starters: 6 awards out of a home population of 50: 6 awards at the maximum of £5,970; the average value of the awards was £4,203.

October 2022 starters: 29 awards out of a home population of 108: 7 awards at the maximum of £5,970; the average value of the awards was £4,689.

October 2023 starters: 30 awards out of a home population of 111: 7 awards at the maximum of £5,970; the average value of the awards was £4,565. October 2024 starters: 34 awards out of a home population of 108: 8 awards at the maximum of £5,970; the average value of the awards was £4,295.

To assist graduate students the College provides substantial financial support through schemes operated in conjunction with the University. These include scholarship packages to fund fees and living costs and ‘top-up’ assistance to fill shortfalls in students’ funding.

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

The College supports students through grant schemes to assist with the purchase of books and equipment, attendance at conferences and travel grants. The College also makes awards for academic development and has various scholarships and prizes available to reward academic excellence.

In addition to its other programmes, the College operates a scheme for students in need of financial assistance and provides access to similar schemes operated by the University.

To raise educational aspiration and attract outstanding applicants who might not otherwise have considered applying to Keble, the College operates an extensive outreach programme as part of University-wide initiatives to widen access. This programme is under the responsibility of the Senior Tutor and is managed by a specially-appointed Access Fellow. It includes an extensive programme of visits by schools to the College, open days, admissions symposia for teachers, as well as visits to schools and guidance and information on the College website for prospective applicants. In agreement with the other Oxford colleges, the College has particular links with prospective applicants from Birmingham and surrounding areas.

In order to fulfil its charitable purpose, the College employs a Warden, who serves as headofthe College, and, as Governing Body Fellows, senior academic staff, many of whom supervise and tutor students, the College Chaplain, and senior administrative officers. These all serve as charity trustees through being members of the College's Governing Body. The employment of the Warden and Fellows is undertaken with the intention of furthering the College’s aims and their employment directly contributes to the fulfilment of those aims. The private benefit accruing to the Warden and Fellows through salaries, stipends and employment related benefits is objectively reasonable, measured against academic stipends generally, and is subject to the oversight of a Remuneration Committee. Without the employment of the Warden, academic fellows, Chaplain and senior administrative officers the College could not fulfil its charitable aims as a College in the University of Oxford.

Many of the trustees also receive benefits (for example research, conference and book grants) which are provided with the intention of furthering the College's aims, including that of advancing research. The amounts of the benefits provided are objectively reasonable, measured against the academic benefits made available to other beneficiaries of the College and within the sector.

Sustainability Initiatives

Keble is committed to carrying out its charitable objects and associated activities in an environmentally and socially responsible manner. The College formed a Sustainability Committee as a standing committee of Governing Body in 2022/23. The Committee was formed to advise Governing Body on initiatives to improve the college’s overall sustainability, implications for sustainability recommendations from other committees and how the College can increase its influence on sustainability both internally and externally.

The responsibilities of the committee include sustainability practice and influence & citizenship. Sustainability practice covers energy consumption and production, food supply and consumption, water consumption and waste, procurement, travel of staff and students, waste, and biodiversity. Influence & citizenship is concerned with how best to leverage the College’s position as a leading higher education institution to have a positive, wide ranging and longer-term influence on sustainability both internally and externally.

Sustainability activities undertaken during 2024/25 include a reduction in pesticide use and adoption of peat-free compost, working with a new charity partner saving over one tonne of leftover items from landfill, increasing food sourcing from local suppliers, appointment of colleagues to academic posts with a strong focus on sustainability, detailed investigations of the heating of the Victorian estate, and second hosting part of the Vice Chancellor's Colloquium on climate. In addition, Keble’s best practice has been shared with other colleges. The College was awarded a Gold Green Impact Award by the University of Oxford for the first time.

ACHIEVEMENTS AND PERFORMANCE

The College’s aim is that every undergraduate should leave with a good degree, i.e. a first class or upper second. In 202425, 90% of the 127 students sitting their final examinations achieved this goal. Of those, 41 were awarded first class degrees. All Oxford undergraduates also take a qualifying examination (usually) in their first year; 38 of the 133 students who sat the First Public Examination in 2024-25 were awarded Distinctions. Excellence in the First Public Examination and sustained excellence in course work is recognised by the award of an undergraduate scholarship. Out of a total of 449 Keble undergraduates, 111 students hold academic scholarships.

In recognition of the fact that many of our incoming undergraduates have experienced educational disadvantage (including the effects of the pandemic), we have two trained Study Skills tutors to support their transition from school to University and help ensure that every student realises their academic ambitions.

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KEBLE COLLEGE Report of the Governing Body

For the year ended 31 July 2025

Keble has approximately 560 students taking graduate-level courses. Among graduates a small majority (52%) are on taught courses leading to masters qualifications. A relatively high proportion of graduate students are on part-time courses, enabling them to combine learning with professional careers. In 2024-25, 147 students were on part-time courses. There were 1,122 applications for undergraduate courses in 2024-25, of whom 35% were shortlisted for interview. One hundred and forty two offers were made for 2025 entry and two for 2026 entry. 66% of the offers made to applicants from the UK were to applicants from state schools. Ten offers were made to applicants identified as a priority for the University's Opportunity Oxford programme (see https ://www.ox.ac.uk/admissions/undergraduate/increasing-access/opportunityoxford). A further six offers were made to applicants who were identified as eligible for places on the Opportunity Oxford programme, but not as a priority. The College also participates in the new Astrophoria Foundation Year programme and made four offers for entry in 2024. Comprehensive statistical data on admission is published by the University as a separate report; selective data is also published in the College's annual equality report. All admissions procedures and outcomes are routinely monitored for equality objectives.

There is also an annual report on our Access and Admissions activity available from the College website.

FINANCIAL REVIEW

Operations, capital expenditure and funding

The charitable activities of the College consist of teaching and research, together with the provision of board and lodging to College members in buildings owned by the College, most of which are Grade 1 or Grade 2° listed.

The cost of undertaking charitable activities in 2024/25 totalled £17.2m. The cost of undertaking charitable activities in the previous year, 2023/24 was £14.2m including a £2.2m non-cash decrease in pension provisions. Adjusting for the non-cash provision movements, costs increased by £0.7m (4.2%) to £16.4m.

Capital expenditure in 2024/25 was £0.5m and was lower than budgeted due to the deferral of certain capital projects to 2025/26. The College is undertaking a conditions survey in order to develop a revised planned preventative maintenance programme and anticipates increasing capital expenditure in the coming years in order to maintain the Victorian estate and the more recent buildings, while also reducing the College's carbon emissions and improving biodiversity.

Income generated from charitable activities in 2024/25 totalled £11.6m, an increase of £0.7m (6.5%) compared to 2023/24. Income fromother trading activities, primarily conferences and summer schools, fell against 2023/24 by £0.1m (3.1%). This small decrease reflects a fall in numbers attending international summer schools hosted at the College. The College is continuing to assess opportunities for improving the profitability and financial stability of these activities.

Total income from charitable activities and other trading income was £14.0m in 2024/25, £0.6m (4.2%) higher than 2023/24 and broadly in line with the increase in costs after adjusting for non-cash provisions.

Donations and legacies received in 2024/25 totalled £8.1m (2023/24 £7.5m), comprising gifts as follows:

	£000s
Unrestricted income gifts	4,824
Restricted income gifts	1,698
Gifts designated for capital projects	1
Endowment gifts	1,546
	8,069

Legacies received in 2024/25 include paintings gifted to the College valued at £1,873k; these are held as tangible fixed assets and included in unrestricted income gifts. Additional paintings were bequeathed to the College with conditions which make their value to the College uncertain at the present time and which have therefore not been recognised as assets.

The College’s permanent endowment is invested on a total return basis. 90% of the College’s total endowment is invested in the Oxford Endowment Fund (“OEF"), managed by Oxford University Endowment Management.

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

The College currently applies a ‘spending rule’ under which 3.5% of the average closing value of the endowment value over the previous five years is applied or transferred to income from the permanent and expendable endowments. In 2024/25 the application of the spending rule resulted in a applications and transfers totalling £1.7m, including £73k for external purposes (the support of Keble parishes).

Investment policy, objectives and performance

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

e maintaining (at least) the value of the investments in real terms; e producing a consistent and sustainable amount to support expenditure; and e delivering these objectives within acceptable levels of risk.

To meet these objectives, the College's investments as a whole are managed on a total return basis, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return. In 2013 Governing Body decided that all of the College's discretionary funds would be invested in the Oxford Endowment Fund (OEF) managed by Oxford University Endowment Management (OUEM), except for a small number of legacy private equity holdings and any joint-equity interests in Fellows’ housing. Investment strategy and performance are monitored by the Finance Committee and Investment Advisory Committee. The College does not have its own investment policy in relation to social, environmental and ethical considerations and the OEF sustainability and ESG risk management policies are disclosed on its website https://www.ouem.co.uk/esg-risk-management/.

At the year end, the College's investments totalled £75.2m (2024: £63.2m). The aggregate investment return for the year was 10.06% (2024: 7.87%). The value of the Oxford Endowment Fund was £70.6m (2024: £58.7m) after payment of the 3.5% distribution. The total OEF investment return was 10.52% (2024: -8.73%). Over the past 10 years the OEF has achieved an annualised net return of 7.8%.

The carrying value of the preserved permanent capital and the amount of any unapplied total return available for expenditure wasendowment taken asreceived. the open market values ofthese funds as at 1 August 2004 together with the original gift value of all subsequent

The Governing Body keeps its spending rule under review to balance the needs and interests of current and future beneficiaries of the College's activities.

Debt and Liquidity

In December 2021, the College borrowed £4m on a new 7-year fixed rate basis with capital repayments beginning from December 2023. This loan amount reflects the total cost of the impact of the pandemic on the College and was taken out to reduce short term liquidity pressure. During the year the College repaid £0.8m of this capital.

As at 31 July 2025, the College had a liquid cash balance of £6m, fixed term bank deposits (1-6 month maturities) of £1.9m, an undrawn overdraft facility of £6m, £2.8m remaining of the 7-year term loan and £40m of long-term debt associated with the HB Allen Centre development.

The year-end cash balance of £7.9m included £3.1m owing to the endowment as a result of endowment gifts received during the year and liquidation of certain assets during the year ahead of re-investment in the OEF. It also contained £2.0m of funds designated for specific purposes. The underlying cash position excluding the amounts due to the endowment and designated funds was therefore £2.8m.

11

KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

Reserves

The College's policy is to maintain sufficient free reserves (general funds) to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall and to allow the College to be managed efficiently. Governing Body agreed that the target amount for general funds should be the equivalent of three months’ expenditure on charitable objects (currently £4.3m). The College entered the pandemic with significantly lower reserves than this, due to issues relating to the funding and completion of the HB Allen Centre, and the financial impact of the pandemic subsequently caused general funds to deteriorate to -£9.0m (negative) at 31 July 2020.

Since then, the general funds position has shown continual improvement, to -£2.8m (negative) at 31 July 2025. General funds decreased during the year by £2.5m as a result of Governing Body designating a £4.0m legacy received into general funds in 2023/24 towards long-term debt repayment. Without this designation general funds would have increased by £1.5m during 2024/25.

The total funds of the College and its subsidiaries at 31 July 2025 amounted to £161m (2024: £150m). This includes endowment funds of £73.5m (2024: £66.3m) and unspent restricted income funds totalling £1.7m (2024: £1.2m).

Financial Risk Factors

Factors that could adversely affect the College's financial position in the future include:

e Inflationary pressures, in particular growth in income from academic activities not keeping pace with cost inflation; e Increased capital expenditure requirements after a period of relatively low-cost levels; e poor investment performance; e deterioration in the profitability of trading subsidiaries’ activities; and e any decline in philanthropic support.

The Governing Body and its constituent committees are well aware of these risks, monitor them regularly and ensure that appropriate measures are taken to reduce or mitigate them. The Audit, Risk and Remuneration Committee will have oversight of all risks.

Fundraising

The College has an Alumni & Development Office whose role is to nurture strong relations between Keble and its alumni Collegeand, throughhas athosenetworkrelations,of alumnito raisevolunteersfunds for—itsYearcharitableGroupactivities.RepresentativesThe Office— whoconsistsassistofina directorcommunicating and eightinformationstaff. The regarding College news, events, and fundraising projects to their peers. All communication via Year Group Representatives is directed in terms of content and timing by the Alumni & Development Office staff.

The College is registered with the Fundraising Regulator and voluntarily subscribes to its Code of Fundraising Practice as adapted, by agreement with the Regulator, to meet the particular circumstances of colleges in the University of Oxford. The activities of the Year Group Representatives adhere to the Code of Fundraising Practice as adapted.

The College is not aware of any failure on its part to comply with the Code and has not received any complaints in 2024-25 about its fundraising activity, nor the activity of the Year Group Representatives. The College does not solicit funds from members of the public: its fundraising activities are principally focused on its alumni and on third parties introduced to the College by alumni. The College communicates regularly with its alumni using a variety of media. If an individual expresses a wish not to be approached for donations or not to be communicated with, that is recorded and respected.

The College has a policy on fundraising with and responding to people in vulnerable circumstances. All Alumni & Development Office staff and Year Group Representatives are aware of the policy and are instructed to review the content annually. All fundraising policies are published online at https:/Awww.keble.ox.ac.uk/governance-and-policies/

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

Risk management

Keble has on-going processes for identifying, evaluating and managing the principal risks and uncertainties faced by the Collegeand its subsidiaries in undertaking theiractivities. When it is not able to address risk issues using internal resources, the College takes advice from external experts. All the College committees monitor risk on an ongoing basis and conduct an annual review of the major risks to which the College is exposed in their areas of responsibility. Their findings are
aggregated into a report on major risks which is considered by the Governing Body each year. Health and Safety risks are monitored by a committee of heads ofdepartment, chaired by the Bursar and subject to annual external audit.
The Governing Body, which has ultimate responsibility formanaging any risksfaced bythe College, has reviewed themajor risks towhich the Collegeand its subsidiaries areexposed and has concluded thatadequate systems are in place tomanage these risks. It is recognised that systems can provide reasonable but not absolute assurance that major risks have been managed. The Risk, Remuneration, Audit and Governance Committee will have oversight of all risks.
The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows:
Activity, riskand potential damage Risk management measures adopted Progress report for 2024-25 and further
measures to be considered during 2025-26
Owning and operating buildings.
damage.
Funding. Inability to repay £2.8m short
repaying short term debt).
Financial management. Overspending.
COVID and high inflation. Better management
information to be developed for use by budget
holders.
Key personnel. Lack of Management
various financial risks identified must also be a
high priority. Significant management resource is
being invested in a Governance review. Financial Planning. Lack of a Strategic
Board and lodging. Pandemics. Illness,
Owning and operating _buildings.
taking place for replacement of Boathouse roof.
Binsey boathouse new roof and welfare facilities
to be reviewed. Condition and asset/PPM survey
with Drone survey has been undertaken. Rolling
painting program in place for HBAC and Arco
Building.
Inflation. Adverse impact of high inflation
College annual net cashflow is negative in the
25/26budgetafterdebtrepaymentcommitments.

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

|Activity, risk and potential damage
Risk management measures adopted
Progress
report
for
2024-25
and
further
llei
Funding. Capital expenditureonthe estate | 5-year capital expenditure plan prepared | Capital expenditure increased in 2025/26, with 5-
has been significantly constrained since | in May 2023 and reviewed
annually. | year plan for further increases. Condition survey
Covid. The estate will require significant |Donor funding being sought for specific | undertaken to prioritise Capital expenditure.
investment
over
the
medium
term.| large projects.
Damage
to
the
fabric
of
the
estate| |---| |resulting in significantly higher costs in the| |long run.| |Recreation and sports. Accidents. Injury.
Follow University policy and guidelines |Review of Sports took place Oct 2024: they now
and take measures to raise awareness of | have RiskAssessments in place.
risk, Risk assessments| |Funding. Changes in College fee/external |WorkthroughConference ofCollegesand | Nochange in underlying riskornumbers. Even at
funding; impact on colleges of likely deficit | Estates Bursars Committee
lower levels of inflation, College finances remain
in
University funding.
Financial
loss/
under pressure as 1) Domestic undergraduate
funding shortfall.
fee income largely flat since 2017 2) College| |domestic operation
is loss making, so even
if| |inflationary
cost
increases
are passed on
to| |students, the size ofthe loss grows with inflation.
General Funds. Inadequate generalfunds | Issue considered by Finance Committee. | General funds increased from negative £6m in
(otherwiseknownasfreereserves)makes | Agreed that we should aim to
build |2023 to negative £1m
in 2024. Subsequent
the College vulnerable
to unexpected | reserves
to
the
equivalent
of
three | decrease
in general funds due to prioritising
additional
costs
or
drop
in
income. | months' charitable expenditure.
designation offunds towards long-term debt.
Temporary cash flow problem which might
only
be
resolved
by — disruptive| |postponement of other spending.| |HBAC snagging issues. Failure to resolve | Resolution programme beingmanaged by| All parties are working to reinstate rooms with
leaks.
Damage
to
reputation
and | Bursarand Domestic Bursarwith support | leaks and close offthe defects list. Tenants have
compensation
claims from commercial | from independent third-party experts.
been kept up-to-date on the progress.
tenants.| |Energy. Exceptionally high increases in | Energy
usage
is
tracked
through | Condition
survey
undertaken
in
2024/25.
energy costs combined with the difficulty |Sustainability
Committee.
Energy | Increased
funds
allocated
to
sustainability
of reducing energy usage in old, listed | reduction initiatives discussed andagreed | measures
College buildings. Increased costs and | at Sustainability Committee.
excessive carbon footprint| |Owningand operating buildings. Failure of |Renewal
of
electrical
circuits
and | Fixed wire electrical inspection review
utilities services. Fire (failure of electrical | plumbingservicesthroughouttheCollege.
ongoing.
Contract meetings being held for all
systems); dangerto residents from water- |Well established regimes for flushing |main contracts which manage high risk assets
borne bacteria;waterdamage.
water systems and PAT testing electrical | across the College estate.
appliances.
Liability insurance (£10mn| |limit any
one occurrence).| |Information
and
IT
provision.
Data | Publicise rules.
Work on the review of retention schedules and
Protection
failure.
Exposure
to
legal
completion
of
the
final
department's ROPA
action.
mapping
continue.
The
implementation
of| |retention schedules ongoing. Breach and SAR| |procedures
are
working
well.
GDPR| |documentation must be reviewed but has been| |paused
due
to
potential
legislative
changes.| |Inhouse training continues to be rolled outto non-| |academic staff to improve their awareness of| |GDPR, butneeds reviewing following the passing| |of Data (Use and Access) Act 2025.| |Employment
costs.
Sudden
and
Estates
Bursars'
Committee
actively |The Oxford Living Wage increased by 5.4% in
unexpected increases.
Financial strain, |engaged in working parties dealing with | 2025. 2025/26 budget includes increased
NI
threats
to core
activity
presented
by | pensions (both USS andOSPS)
costs and provisional cost of living increases.
possible remedial measures.
University academic pay award, including Oxford| |Weighting introduced from August 2024,| |Loss ofkey staff. Loss of critical business |Review reward and retention strategyand | Staffturnoverhas reduced since 2023.
continuity.
implementcontingencyplanning.|

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

FUTURE PLANS

The College's main aim is to promote high-quality education and research. As part of this effort, we aim to provide opportunities for academically talented individuals, regardless of background. Furthermore, we aim to promote a broad range of personal and professional attributes in our students to equip them for life beyond higher education. Alongside this, we will protect and enhance our estate, including its significant listed buildings.

The Trustees’ current emphasis is on continuity and stability. We will continue to support our individualised approach to teaching through the tutorial system. We will support the University Access and Participation Plan and continue to deliver our own Access and Outreach programme focussed on the West Midlands. We will ensure that student costs are appropriate but not excessive and that sufficient financial support is available for those who would not otherwise be able to participate. At the same time, we are making future plans to further our aims. We undertook a major expansion of postgraduate students in 2019 and have built a thriving and successful postgraduate community. There is still significant unmet demand for postgraduate places and we are considering further expansion. We currently have a low number of early career academics, who make valuable academic and non-academic contributions and inject innovation and creativity. Over time, we would like to increase their number. We plan to increase our capital expenditure to ensure that we are maintaining our estate in good condition and fully fit for purpose. We wish to continue the process of enhancing the environmental performance of our estate and will invest in improvements with reasonable pay-back periods. TheIntelligence trustees are conscious of the need to respond to novel and destabilising technologies, in particularthe impact of Artificial We (Al) on the subjects that we research and teach, how we teach, how our students learn and how we operate. few will invest in access to Al tools and training in effective use of Al for both students and staff. We recognise that the next bestyearsto respondwill seeandhighlybe prepareddisruptiveto effectsadapt rapidly.from new technology and we will need to live with some uncertainty about how

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KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2025

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial statements in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to:

• e select the most suitable accounting policies and then apply them consistently;

• e make judgments and accounting estimates that are reasonable and prudent;

• e state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

• e state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements;

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate.

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 5 November 2025 and signed on its behalf by:

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Momt JaolS“
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Sir Michael Jacobs Warden

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16

KEBLE COLLEGE Independent Auditor’s report to the Members of the Governing Body of Keble College For the year ended 31 July 2025

Opinion

We have audited the financial statements of Keble College (the “Charity") for the year ended 31 July 2025 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements

• e give a true and fair view of the state of the group and charity's affairs as at 31 July 2025 and of the group's income and expenditure for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; e have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Members of the Governing Body's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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KEBLE COLLEGE Independent Auditor’s report to the Members of the Governing Body of Keble College For the year ended 31 July 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

• e — sufficient accounting records have not been kept;

• e the financial statements are not in agreement with the accounting records and returns; or e we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the Members of the Governing Body

As explained more fully in the Statement of Accounting and Reporting Responsibilities [set out on page 15], the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• e the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• e we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client's sector:

• e we focused on specific laws and regulations which we considered may havea direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;

• e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence; and

• e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• e making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• e — considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

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28

KEBLE COLLEGE Statement of Accounting Policies For the year ended 31 July 2025

a

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries, Conference Keble Limited and Keble Properties Limited. No separate SOFA has been presented for the College alone, as currently permitted by the Charity Commission on a concessionary basis. A summary of the results and financial position of the charity and each of its material subsidiaries for the reporting year are in note13.

1. Basis of accounting

The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

1. Accounting judgements and estimation uncertainty In the view of the Governing Body, in applying the accounting policies adopted no judgements were required that have a significant effect on the amounts recognised in the financial statements.

2. Income recognition All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.

3. a. Income from fees, Office for Students (OfS) support and other charges for services Fees receivable, OfS support and charges for services and use of the premises are recognised in the period in which the related service is provided.

b. Income from donations, grants and legacies Donations and grants that do not impose future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performancerelated conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased's estate to be satisfied that it is able to meet any restrictions on entitlement to the gift, the economic benefit to the College is probable, and its value can be reliably measured.

Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.

c. Investment income Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established. Income from investment properties is recognised in the period to which the rental income relates.

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KEBLE COLLEGE Statement of Accounting Policies For the year ended 31 July 2025

i 5. Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated. Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA). Support costs, which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs, are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to Staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

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

1. Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability. Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis.

1. Tangible fixed assets Land is stated at cost. Fine art is stated at cost, or at market value if donated to the College. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £20,000 together with expenditure on equipment costing more than £20,000 is capitalised. Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

1. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 40 years Leasehold properties 40 years or period of lease if shorter Building improvements 40 years Equipment 5 years

Freehold land and fine art are not depreciated. The cost of maintenance is charged in the SOFA in the period in which itis incurred.

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

SS

21

KEBLE COLLEGE Statement of Accounting Policies

For the year ended 31 July 2025

ee 9. Heritage Assets

The College has chosen to hold heritage assets at fair value. The college has a number of assets, including items of art and historic texts that meet the definition of heritage assets under the SORP. Heritage assets purchased are initially recognised and subsequently measured at fair value. Items donated to the College are recognised at fair value. 10. Investments

Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction ofthe estimated future selling costs. Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers.

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

1. Other financial instruments

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

b. Current asset investments Current asset investments include short term deposits with have fixed term maturities of less than one year but greater than three months.

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

12. Stocks

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

13. Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

14. Total Return investment accounting

The College statutes authorise the College to adopta ‘total return’ basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can be either be retained for investment or released to income at the discretion of the Governing Body.

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KEBLE COLLEGE Statement of Accounting Policies For the year ended 31 July 2025

:

i

15. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and theany income arising must be used for the purposes given orthe income on gifts where the donor has required or permitted capital to be maintained and with the intention that the income will be used for specific purposes within the College’s objects.

Permanent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

16. Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes, the Universities Superannuation Scheme ("USS") & the Oxford Staff Pension Scheme (“OSPS’), are accounted for as if these were defined contribution schemes as information is not available to use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised asa liability and an expense in the period in which the salaries to which the contributions relate are payable.

Where deficit recovery plans have been in place, the College has recognised its share of the deficit plans.

eee

23

Keble College

Consolidated Statement of Financial Activities

For the year ended 31 July 2025

eee	eee	eee	eee	eee	eee	eee
		Unrestricted	Restricted	Endowed	2025	2024
		Funds	Funds	Funds	Total	Total
	Notes	£000	£000	£000	£000	£000
INCOME AND ENDOWMENTS FROM:
Charitable activities
Teaching, researchand residential Other trading income Donations and legacies Investments	4 3 2	11,623 2,382 4,824	- - 1,699	- - 1,546	11,623 2,382 8,069	10,907 2,522 7,540
Investment income Total return allocated toincome Otherincome	4 19 33	1,016 742 282	- 946 -	2,573 (1,688) -	3,589 - 282	3,364 - 50
Totalincome		20,869	2,645	2,434	25,945	24,383
EXPENDITURE ON:
Charitable activities	5
Teaching, research and residential		15,148	2,016	-	17,164	14,216
Generating funds	5
Fundraising Trading expenditure Investment management costs		883 1,597 -	15 - -	- - -	898 1,597 -	850 1,629 .
		2,480	15	-	2,495	2,479
Total expenditure		17,628	2,031	-	19,659	16,695
Netincome/(expenditure) before gains		3,241	614	2,431	6,286	7,688
Netgains/(losses) on investments Fixed asset impairment charge	12	232 -	- -	4,766 -	4,998 -	4,944 -
Net income/(expenditure)		3,473	614	7,197	11,284	12,632
Transfers between funds	19	136	(136)	-	-	-
Other recognised gains/losses
Gains/(losses) on revaluation of fixed assets		-	-	-	-	-
Actuarial gains/(losses) on defined benefit pension	schemes		“	.	.	“
Netmovement in funds fortheyear		3,609	478	7,197	11,284	12,632
Fund balances broughtforward	19	82,259	1,193	66,303	149,755	137,123
Fundscarriedforwardat31July	19	85,868	1,671	73,500	161,039	149,755

24

Keble College

Consolidated and College Balance Sheets

For the year ended 31 July 2025

esse	esse	esse	esse	esse	esse
		2025	2024	2025	2024
		Group	Group	College	College
	Notes	£000	£000	£000	£000
FIXED ASSETS
Tangible assets	9	82,224	82,312	82,224	82,312
Heritage assets	10	27,108	27,108	27,108	27,108
Property investments Investments	11 12	12,600 75,161	12,600 63,245	12,600 75,161	12,600 63,245
Total fixed assets		197,093	185,265	197,093	185,265
CURRENT ASSETS
Stocks Debtors	15	52 2,628	45 4,926	52 1,757	45 4,535
Current asset investments	16	-	511	-	511
Cash and cash equivalents	26	7,943	6,042	6,870	5,676
Total current assets		10,623	11,524	8,679	10,767
LIABILITIES
Creditors: amounts falling due within one year	17	4,677	4,234	3,427	4,373
NETCURRENTASSETS (LIABILITIES)		5,946	7,290	5,252	6,394
TOTALASSETS LESS CURRENT LIABILITIES		203,039	192,555	202,345	191,659
CREDITORS: falling due after more than one year		42,000	42,800	42,000	42,800
TOTALNETASSETS		161,039	149,755	160,345	148,859
FUNDS OFTHE COLLEGE	19
Endowmentfunds		73,500	66,303	73,500	66,303
Restricted funds		1,671	1,198	1,671	1,193
Unrestricted funds
Designated funds		61,537	55,446	61,537	55,446
General funds		(2,777)	(295)	(3,471)	(1,191)
Revaluation reserve		27,108	27,108	27,108	27,108
		85,868	82,259	85,174	81,363
TOTALFUNDS		161,039	149,755	160,345	148,859
The financial statements were approved and authorised for issue by the Governing		Body ofKeble College on 5 November2025.
M F
Sir Michael Jacobs Warden		Ivan Rockey Bursar

25

Keble College

Consolidated Cash Flow Statement

For the year ended 31 July 2025

eae

==> picture [506 x 305] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Group|Group| |Notes|£000|£000| |Net cash|(used|in)/|provided|by operating|activities|25|5,959|2,446| |Cash|flows|from|investing|activities| |Dividends,|interest|and|rents|from|investments|3,589|3,364| |Purchase|of property,|plant and|equipment|(530)|(365)| |Proceeds|from|sales|of|investments|1,093|555| |Purchase|of investments|(7,500)|(3,711)| |Net cash|provided|by /(used|in)|investing|activities|(3,348)|(157)| |Cash|flows|from|financing|activities| |Repayments|of|borrowing|(800)|(400)| |Cash|inflows|from|new|borrowing|-|a| |Receipt|of endowment|1,546|1,745| |Finance|costs|paid|(1,456)|(1,468)| |Net|cash|provided|by /(used|in)|financing|activities|(710)|(123)| |Change|in|cash|and|cash|equivalents|in|the|reporting|period|1,901|2,166| |Cash and cash|equivalents|at the|beginning ofthe|reporting|6,042|3,876| |period| |Change|in|cash|and|cash|equivalents|due|to|exchange|rate| |movements|-|-| |Cash and|cash|equivalents|at the|end|of the|reporting|period|26|7,943|6,042|

----- End of picture text -----

Charity law requires separate administration of the cashflows of endowed and other restricted funds of the College. This constraint has not adversely affected group cashflows as stated above.

26

Keble College

Notes to the financial statements

For the year ended 31 July 2025

2

SSeS

1	INCOME FROM CHARITABLE ACTIVITIES	2025	2024
		£000	£000
	Teaching, research and residential
	Unrestricted funds
	Tuition fees -UKand EU students	2,221	2,317
	Tuition fees - Overseas students	2,356	2,010
	Other fees	380	409
	Other Office for Students support	120	92
	Other academic income	178	177
	College residential income	6,368	5,902
		11,623	10,907
	Amounts received from the University of Oxford from publicly accountable funds under the College Funding Formula
	included in the above:	4,662	4,416
	To support the strategic priority tofund more graduate scholars and to enable outstanding students to take up their places regardlessoftheir financial position, for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes, the college share ofthe feeswaived
	amountedto£96k(2024:£61k).Thesearenotincludedinthefeeincomereportedabove.

3

4

DONATIONSAND LEGACIES	2025	2024
	£000	£000
Unrestricted funds	4,824	5,042
Restricted funds	1,699	753
Endowed funds	1,546	1,745
	8,069	7,540
INCOME FROM OTHERTRADING ACTIVITIES	2025	2024
	£000	£000
Unrestricted funds
Subsidiary company trading income	2,324	2,459
Other trading income	58	63
	2,382	2,522
INVESTMENTINCOME	2025	2024
	£000	£000
Unrestricted funds
Commercial rent	803	789
Bank interest	213	170
	1,016	959
Endowed funds
Investment income	2,573	2,405
Totalinvestmentincome	3,589	3,364

Investment income is stated net of investment management fees where it is not practicable to identify these costs separately.

27

Keble College

Notes to the financial statements

For the year ended 31 July 2025

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

eee	eee	eee	eee	eee
5	ANALYSIS OF EXPENDITURE		2025	2024
			£000	£000
	Charitable expenditure - Teaching, research	and residential
	Direct staff costs		6,793	6,148
	Other direct costs		5,103	5,063
	Support and governance costs	see note 6	5,268	5,206
	Support and governance - movement on provision fordefined benefit pension schemes		-	(2,201)
	Total charitable expenditure		17,164	14,216
	Expenditure on raising funds
	Direct staff costs allocated to:
	Fundraising		629	551
	Trading expenditure		1,015	936
	Other direct costs allocated to:
	Fundraising		198	232
	Trading expenditure		492	615
	Support and governance costs allocated to:
	Fundraising	see note 6	71	67
	Trading expenditure	see note 6	90	78
	Total expenditure on raising funds		2,495	2,479
	Total expenditure		19,659	16,695
	Teaching,researchandresidentialexpenditure	includes'Contribution':	.	-

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

ANALYSIS OF SUPPORT ANDAND GOVERNANCE COSTS
		Teaching,
	Generating Funds	Research &
		Residential	Total 2025
2025	£000	£000	£000
Financial administration	95	488	583
Domestic administration	3	257	260
Human resources	6	244	250
IT	57	287	344
Depreciation	-	2,491	2,491
Bank interest payable	-	1,456	1,456
Other finance charges	-	-	-
Governance costs	-	45	45
	161	5,268	5,429
2024			Total 2024
Financial administration	73	373	446
Domestic administration	5	218	223
Human resources	6	215	221
IT	61	303	364
Depreciation	-	2,591	2,591
Bank interest payable	-	1,468	1,468
Otherfinance charges	-	-	-
Governance costs	:	38	38
	145	5,206	5,351

28

Keble College

Notes to the financial statements

For the year ended 31 July 2025

7

8

eee 6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS (cont)

Finance and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and fixed asset impairment are attributed in full to the College's charitable activities, since it is for the support of those activities that the buildings, plant and equipment being depreciated are held. Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated to the core charitable activity of tuition.

	2025	2024
	£000	£000
Governance costs include:
Auditor's remuneration - audit services	36	33
Auditor's remuneration - tax advisory services	3	3
Legal and other fees on constitutional matters	3	1
Other governance costs	3	1
	45	38

No amount has been included in Governance Costs for the direct employment costs or reimbursed expenses ofthe College Fellows on the basis that these payments relate to the Fellows’ involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are provided in note 22 below.

GRANTS AND AWARDS	2025	2024
	£000	£000
Unrestricted funds
Grants to individuals:
Undergraduate scholarships, prizes and grants	67	68
Bursaries and hardship awards	100	104
Graduate scholarships, prizes and grants	26	8
	193	180
Restricted funds
Grants to individuals:
Undergraduate scholarships, prizes and grants	49	74
Bursaries and hardship awards	190	291
Graduate scholarships, prizes and grants	458	413
Grants to other institutions	73	60
	770	838
Totalgrantsandawards	963	1,018

The above costs are included within the charitable expenditure on Teaching and Research. Grants to other institutions mainly comprise awards to Keble parishes from the Harlow Trust and the Poor Parishes Funds.

STAFF COSTS	2025	2024
	£000	£000
Salaries and wages	7,825	7,141
Social security costs	711	570
Pension costs
Defined benefit schemes - employer's contributions	558	573
Defined contribution schemes -employer's contributions	256	238
Supplementation payments	2	2
Defined benefitschemes - movement on pension provision	-	(2,248)
	9,352	6,276

Included within Salaries and wages were termination payments amounting to £nil (2024: £8k), which were fully paid within the year.

29

Notes to the financial statements

For the year ended 31 July 2025

Keble College

ee

8 STAFF COSTS (continued)

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----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|average|number|of employees|of the|College,|excluding|Trustees,| |on a|full|time|equivalent|basis was|as|follows:|2025|2024| |No.|No.| |Tuition|and|research|16|15| |College|residential|103|97| |Fundraising|9|7| |Support|23|23| |Total|151|142| |The|average|number|of|employed|College|Trustees|during|the|year|was|as|follows:|2025|2024| |No.|No.| |Associate|Professor|and|Tutorial|Fellow|-|University|27|27| |Associate|Professor|and|Tutorial|Fellow|-|College|7|7| |Other|teaching|and|research|1|1| |Other|5|5| |Total|40|40|

----- End of picture text -----

The following information relates to the employees of the College excluding the College Trustees.

Details of the remuneration of the Fellows and their reimbursed expenses are provided in note 22 below.

The number of employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

==> picture [490 x 107] intentionally omitted <==

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |No.|No.| |£60,000|-|£70,000|1|2| |£70,000|-|£80,000|1|-| |The|number|of|the|above|employees|with|retirement|benefits|accruing|was|as|follows:| |In|defined|contribution|schemes|2|2| |£000|£000| |The|College|contributions|to|defined|contribution|pension|schemes|for these|employees|totalled|20|23|

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30

Notes to the financial statements

Keble College

For the year ended 31 July 2025

==> picture [521 x 231] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |eee| |9|TANGIBLE|FIXED|ASSETS| |Freehold|Equipment|Fine|Art| |land|and| |Group|and|College|buildings|Total| |£000|£000|£000|£000| |Cost| |At|start|of year|106,525|2,927|-|109,452| |Additions|340|190|1,873|2,403| |At|end|of year|106,865|3,117|1,873|111,855| |Depreciation| |At start|of year|24,598|2,542|-|27,140| |Charge|for|the|year|2,439|52|-|2,491| |At end|of year|27,037|2,594|-|29,631| |Net|book|value| |At end|of year|79,828|523|1,873|82,224| |At|start|of year|81,927|385|:|82,312|

----- End of picture text -----

==> picture [8 x 6] intentionally omitted <==

----- Start of picture text -----
10
----- End of picture text -----

==> picture [488 x 153] intentionally omitted <==

----- Start of picture text -----
|||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |In|addition|to|its|heritage|assets|(see|note|10),|the|College|has|substantial|long-held|historic assets|all|of which|are|used|in|the|course|of the|College's|teaching| |and|research|activities.|These|comprise|listed|buildings|on|the|College|site|together|with|their|contents.|Because|of their age|and,|in|many|cases,|unique|nature,| |reliable|historical|cost|information|is|not|available|for these|assets|and|could|not|be|obtained|except|at disproportionate|expense.|However,|in|the|opinion|of the| |Trustees|the|depreciated|historical|cost|of|these|assets|is|now|immaterial.| |HERITAGE|ASSETS| |Group|and|College|At ValuationPaintings|ManuscriptsAt|Valuation|AtIncunabula Valuation|Total| |£000|£000|£000|£000| |At|start|and|end|of year|12,550|12,840|1,718|27,108|

----- End of picture text -----

The College currently holds three classes of assets for heritage purposes: pictures, manuscripts and incunabula. There are two pictures in the collection: The Light of the World by Holman Hunt, and The Lamentation of Christ from the workshop of Willem Key. The College has 87 manuscripts, all of which are included in the catalogue of the collection by Malcolm B. Parkes: The medieval manuscripts of Keble College Oxford (1979). There are 100 items in the collection of early printed books. All these heritage assets were donated to the College in its early years. The pictures are on display in the Chapel and may be viewed by members of the public at no charge when the College is open. The manuscripts and incunabula are held in the College Library and are available to scholars on request. A digital image has been made of six medieval manuscripts so far, including the most famous in the collection - the Regensburg Lectionary. Keble MS39, a 15th Book of Hours (Use of Paris) with devotions in French, has been loaned twice since March 2024 to major exhibitions at the Louvre (‘A new look at Van Eyck’) and Musée Condé (‘Les trés riches heures du Duc de Berry’). The manuscript returned to Keble in October 2025 after being assessed by a team of conservation snecialists. All three classes of assets were valued as at 31 Julv 2014

31

Notes to the financial statements

12

Keble College

For the year ended 31 July 2025

==> picture [521 x 117] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |eee| |11|PROPERTY|INVESTMENTS| |Group|and|College|2025|2024| |Agricultural|Commercial|Other|Total|Total| |£'000|£'000|£'000|£'000|£'000| |Valuation|at|start|of year|-|12,600|-|12,600|10,075| |Revaluation|gains/(losses)|in|the|year|-|-|-|-|2,525| |Valuation|at|end|of year|-|12,600|-|12,600|12,600|

----- End of picture text -----

Commercial properties represent the portion of the H B Allen Centre and an adjoining business which are rented to commercial tenants. A formal valuation of the commercial properties was prepared by Carter Jonas as at 5th August 2024 for the year ended 31 July 2024. The valuation was conducted in accordance with the investment method of valuation. Subsequent assessment of valuations are based on readily available market information.

INVESTMENTS

==> picture [491 x 299] intentionally omitted <==

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |All|investments|are|held|at|fair|value.|2025|2024| |£000|£000| |Group|investments| |Valuation|at|start|of year|63,245|57,681| |New|money invested|7,500|3,200| |Investments|gifted|‘i|4| |Amounts|withdrawn|(582)|(55)| |Investment|management|fees|-|(1)| |(Decrease)/|increase|in|value|of investments|4,998|2,419| |Group|investments|at end|of year|75,161|63,245| |Investment|in|subsidiaries|-|-| |College|investments|at end|of year|75,161|63,245| |Group|investments|comprise:|Held|outside|Held|in|2025|Held|outside|Held|in|2024| |the|UK|the|UK|Total|the|UK|the|UK|Total| |£000|£000|£000|£000|£000|£000| |Equity|investments|-|4|4|-|1|1| |Global|multi-asset funds|-|70,599|70,599|-|58,701|58,701| |Joint|Equity|investments|-|1,396|1,396|-|1,761|1,761| |Fixed|interest|stocks|-|-|-|-|-|-| |Alternative|and|other|investments|-|3,165|3,165|7|2,775|2,782| |Total|group|investments|-|75,161|75,161|7|63,238|63,245|

----- End of picture text -----

32

Notes to the financial statements

For the year ended 31 July 2025

14 STATEMENT OF INVESTMENT TOTAL RETURN

Keble College

ees

==> picture [175 x 7] intentionally omitted <==

----- Start of picture text -----
13 PARENT AND SUBSIDIARY UNDERTAKINGS
----- End of picture text -----

The College holds 100% of the issued share capital in Conference Keble Limited, a companyproviding conference and otherevent services on the College premises, and 100% ofthe issued share capital in Keble Properties Limited, a company providing design and build construction services to the College. Both subsidiaries have their registered office at Keble College, Parks Road, Oxford.	The College holds 100% of the issued share capital in Conference Keble Limited, a companyproviding conference and otherevent services on the College premises, and 100% ofthe issued share capital in Keble Properties Limited, a company providing design and build construction services to the College. Both subsidiaries have their registered office at Keble College, Parks Road, Oxford.	The College holds 100% of the issued share capital in Conference Keble Limited, a companyproviding conference and otherevent services on the College premises, and 100% ofthe issued share capital in Keble Properties Limited, a company providing design and build construction services to the College. Both subsidiaries have their registered office at Keble College, Parks Road, Oxford.	The College holds 100% of the issued share capital in Conference Keble Limited, a companyproviding conference and otherevent services on the College premises, and 100% ofthe issued share capital in Keble Properties Limited, a company providing design and build construction services to the College. Both subsidiaries have their registered office at Keble College, Parks Road, Oxford.	The College holds 100% of the issued share capital in Conference Keble Limited, a companyproviding conference and otherevent services on the College premises, and 100% ofthe issued share capital in Keble Properties Limited, a company providing design and build construction services to the College. Both subsidiaries have their registered office at Keble College, Parks Road, Oxford.	The College holds 100% of the issued share capital in Conference Keble Limited, a companyproviding conference and otherevent services on the College premises, and 100% ofthe issued share capital in Keble Properties Limited, a company providing design and build construction services to the College. Both subsidiaries have their registered office at Keble College, Parks Road, Oxford.
The results of theparentand subsidiaries, and theirassets and liabilities at the year end, were as follows:		KebleCollege (parent)		Keble Properties Conference Keble
			£000	£000	£000
Turnover			23,376	32	2,324
Expenditure			(17,925)	(31)	(1,704)
Donation to College under gift aid			823	(1)	(822)
Interest receivable			213	-	-
(Losses)/gains on revaluation			4,998	:	.
Resultforthe year			11,485	-	(202)
Total assets			205,772	2	2,253
Total liabilities			(45,427)	(1)	(1,562)
Netfunds at the end ofyear			160,345	1	691
See additionally note 34b for prior year comparatives.
STATEMENT OF INVESTMENT TOTAL RETURN
TheTrustees haveadopted a duly authorised policy oftotal return accounting for investment returns with forthe yearended 31 July 2025 and 31 July2024was calculated as 3.5% ofthe average of the year-end years. The preserved (frozen) value ofthe invested endowment capital represents its open marketvalue endowments valued at date of gift.			effectfrom 2003. The return to be applied as income valuesofthe relevant investments in each ofthe last5 on 31 July2004 togetherwith all subsequent
		Permanent Endowment		Expendable	Total
		Unapplied		Endowment Endowments
	Trust for	Total
	Investment	Return	Total
	£000	£000	£000	£000	£000
At the beginning ofthe year:
Giftcomponent ofthe permanentendowment Unapplied total return	30,591 -	- 24,074	30,591 24,074	- -	30,591 24,074
Expendableendowment	-	-	-	11,638	11,638
Total Endowments	30,591	24,074	54,665	11,638	66,303
Movements in the reporting period:
Gift ofendowment funds Investment return: dividends and interest	1,482 -	- 2,117	1,482 2,117	64 456	1,546 2,573
Investment return: realised and unrealised gains and losses Less: Investment management cosis	- -	3,929 -	3,929 -	837 -	4,766 -
Othertransfers	-	-	-	-	-
Total	1,482	6,046	7,528	1,357	8,885
Unapplied total return allocated to income Expendable endowments transferred to income	- (1,384) (1,384) - (1,384) - - - (304) (304) eee) (9) - (1,384) (1,384) (304) (1,688) ————$ NN):
Netmovements in reporting period	1,482	4,662	6,144	1,053	7,197
At end ofthe reporting period:
Giftcomponentofthe permanentendowment	32,073	-	32,073	-	32,073
Unapplied total return	-	28,736	28,736	-	28,736
Expendableendowment TotalEndowments	- 32,073	- 28,736	- 60,809	12,691 12,691	12,691 73,500

See additionally note 34c for prior year comparatives.

33

Notes to the financial statements

For the year ended 31 July 2025

17

18 CREDITORS: falling due after more than one year

Keble College

SSeS

15	DEBTORS	2025	2024	2025	2024
		Group	Group	College	College
		£000	£000	£000	£000
	All due within one year.
	Trade debtors	1,075	641	323	233
	Amounts owed by College members	231	359	231	359
	Amounts owed by Group undertakings	-	-	310	17
	Loans repayable within one year	20	17	20	17
	Prepayments and accrued income	952	3,302	§23	3,302
	Other debtors	350	607	350	607
		2,628	4,926	1,757	4,535
16	Currentasset investments	2025	2024	2025	2024
		Group	Group	College	College
		£000	£000	£000	£000
	Fixed term bank deposits	-	511	-	511
		.	511	-	511
17	CREDITORS: falling due within oneyear	2025	2024	2025	2024
		Group	Group	College	College
		£000	£000	£000	£000
	Bank loans (see note 18)	800	800	800	800
	Trade creditors	1,901	1,412	719	884
	Amountsowed to College Members	295	345	295	345
	Amounts owed to Group undertakings	-	-	-	671
	Taxation and social security	343	382	342	383
	Accruals	364	429	360	424
	Deferred income	390	327	327	327
	Other creditors	584	539	584	539
		4,677	4,234	3,427	4,373

Deferred income represents services relating to the provision of space to commercial tenants, conference services or student accommodation which has been invoiced prior to the year end but performed after the year end. All services are performed in the following financial year and the full amount included at the Balance sheet date is released in the subsequent financial year.

CREDITORS: falling due after more than one year
	2025	2024	2025	2024
	Group	Group	College	College
	£000	£000	£000	£000
Private placement	40,000	40,000	40,000	40,000
Bank Loan	2,000	2,800	2,000	2,800
	42,000	42,800	42,000	42,800

The College issued £30m in long-term notes at par in December 2015 and a further £5m at a premium in June 2018. These notes bear a fixed interest rate of 3.366% p.a. The College issued a further £5m of long-term notes at par in May 2019 ata fixed interest rate of 2.98% p.a. The terms and conditions are otherwise the same for all three tranches, repayment being due in ten equal annual instalments commencing in December 2046. The proceeds have been applied to the construction of the HB Allen Centre on the Acland site. In December 2021, the College refinanced an existing loan and borrowed £4m at a rate of 2.59% p.a. with interest payable quarterly in arrears. The loan is fora period of 7 years in which the first two years did not require repayment of the capital component, with this being payable quarterly over the remaining 5 years. The original loan was taken out due to the impact of the pandemic and the settlement of building works.

34

Notes to the financial statements

Keble College

For the year ended 31 July 2025

ee

19	FUNDS OF THE COLLEGE MOVEMENTS
		At1August	Incoming	Resources		Gains/	At 31 July
		2024	resources	expended	Transfers	(losses)	2025
		£000	£000	£000	£000	£000	£000
	Endowment Funds - Permanent
	General purposes	18,591	721	-	(595)	1,337	20,054
	External purposes	2,208	86	-	(73)	159	2,380
	Bursaries	2,509	207	-	(30)	180	2,866
	Scholarships	8,198	558	-	504	639	9,899
	Fellowships	22,848	1,952	-	(1,171)	1,592	25,221
	Music	311	78	-	(17)	22	394
	Endowment Funds - Expendable
	General purposes Bursaries Scholarships Fellowships	4,574 1,565 917 3,737	178 83 38 145	- - - -	(147) (46) (14) (72)	329 112 66 269	4,934 1,714 1,007 4,079
	Other specified purposes	845	73	-	(27)	61	952
	Total Endowment Funds	66,303	4,119	-	(1,688)	4,766	73,500
	Restricted Funds
	Fixed asset projects funding	100	435	-	(136)	-	399
	Development office funding	12	6	(15)	-	-	3
	Other restricted income funding	1,081	1,258	(1,070)	-	-	1,269
	Applied total return from restricted purpose endowment funds	.	w	(946)	946	-	-
	Total Restricted Funds	1,193	1,699	(2,031)	810	-	1,671
	Unrestricted Funds
	General	(1,191)	17,802	(15,416)	(4,666)	-	(3,471)
	Fixed asset designated fund	54,924	1	281	(378)	-	54,828
	Other designated funds	522	-	33	5,922	232	6,709
	Revaluation reserve	27,108	-	-	-	-	27,108
	Pension reserve	-	-	-	-	-	-
	Total Unrestricted Funds - College	81,363	17,803	(15,102)	878	232	85,174
	Unrestricted funds held bysubsidiaries	896	2,324	(2,526)	-	-	694
	Total Unrestricted Funds -Group	82,259	20,127	(17,628)	878	232	85,868
	Total Funds	149,755	25,945	(19,659)	-	4,998	161,039
	Included within Endowment Funds - Permanent is a transfer of£697k between Fellowshipsand Scholarships previousyear.				due to the redesignation	ofa gift received in the

See additionally note 34d for prior year comparatives.

35

Keble College

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

eee

20	FUNDS OF THE COLLEGE DETAILS
	The following is a summary ofthe origins	and purposes ofeach ofthe Funds.
	Endowment Funds - Permanent:
	General purposes	A consolidation of gifts and donationswhere income, but not capital, can be used forthe general purposes ofthe
		charity.
	External purposes	Capital balance of past donations where related income, but not the original capital, can be used forspecified objects
		external to the charity.
	Bursaries	Capital balance ofpastdonations where related income, but notthe original capital, can be used forbursaries to
		support students of the College.
	Scholarships	Capital balance ofpast donations where related income, but not the original capital, can be used forscholarships
		awarded to students ofthe College.
	Fellowships	Capital balance ofpastdonationswhere related income, but notthe original capital, can be used forthefunding of College fellowships.
	Music	Giftsmadewhere related income, but not the original capital, can be used forthe funding ofchoral scholarships and
		support other music activities within the College.
	Endowment Funds - Expendable:
	General purposes	Aconsolidation ofgifts and donationswhere related income, orincome and capital, can be used forthe general purposes of the charity.
	Bursaries	Capital balance ofpastdonationswhere related income, orincome and capital, can beused forbursaries tosupport students of the College.
	Scholarships	Capital balance ofpast donationswhere related income, orincome and capital, can be used forscholarships awarded to studentsofthe College.
	Fellowships	Capital balance ofpastdonationswhere related income, orincome and capital, can be used forthe funding ofCollege fellowships.
	Other specified purposes	Capital balance ofpastdonationswhere related income, orincome and capital, can be used forthe funding ofother
		specified College activities.
	Restricted Funds:
	Fixed asset projects funding	Gifts and donations that must be applied to specific fixed asset projects. The transfer from thesefunds represents the
		capital expenditure that relates to these funds.
	Development office funding	Gifts and donations that must be applied in supportofthe Development office expenditure relating to the Vision 2020
		campaign.
	Other restricted income funding	Gifts and donations that mustbe applied in supportof other specified College activities.
	Applied total return from restricted	Applied total return generated from restricted purpose permanent and expendable endowment funds which must be
	purpose endowment funds	applied forthe specified restricted purpose.
	Designated Funds
	Fixed assetdesignated	Unrestricted Fundswhich are represented by the fixed assets ofthe College and therefore not available for
		expenditure on the College's general purposes.
	Other designated funds	Unrestricted Fundswhich have been designated bythe trustees for a specific purpose and therefore not available for
		expenditure on the College's general purposes.
	Revaluation reserve	Unrestricted Funds which are represented by the revaluation of heritage assets.
	Pension reserve	Unrestricted Funds which are represented by the College's pension fund liabilities.
	The General Unrestricted Funds representthe College.	the balance arising from the College's activities and othersources that are available forthe general purposes ofthe

36

Notes to the financial statements

22 TRUSTEES' REMUNERATION

Keble College

For the year ended 31 July 2025

eee

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21 ANALYSIS OF NET ASSETS BETWEEN FUNDS
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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|2025| |Funds|Funds|Funds|Total| |2025|£000|£000|£000|£000| |Tangible|fixed|assets|82,224|-|-|82,224| |Heritage|assets|27,108|-|-|27,108| |Property|investments|12,600|-|-|12,600| |Investments|4,734|-|70,427|75,161| |Net|current|assets/(liabilities)|1,202|1,671|3,073|5,946| |Long|term|liabilities|(42,000)|-|-|(42,000)| |Pension|fund|liability|-|-|-|-| |85,868|1,671|73,500|161,039| |2024| |Total| |2024|£000|£000|£000|£000| |Tangible|fixed|assets|82,312|-|-|82,312| |Heritage|assets|27,108|-|-|27,108| |Property|investments|12,600|-|-|12,600| |Investments|3|-|63,242|63,245| |Net current|assets/(liabilities)|3,036|1,193|3,061|7,290| |Long|term|liabilities|(42,800)|-|-|(42,800)| |Pension|fund|liability|-|-|-|-| |82,259|1,193|66,303|149,755|

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The Fellows who are the Trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic services they provide to the College (as employees). The salaries of academic employees are paid on external academic and academic-related scales and often involve joint arrangements with the University of Oxford. The salaries of non-academic employees are paid on the College's own scale. All trustees may eat at common table, as can other employees who are entitled to meals while working.

Trustees of the college fall into the following categories: Head of House Professorial Fellow Official Fellow Fellow by Special Election Research Fellow

Official and Research Fellows are eligible for a Housing Allowance, which is included within the salary figures below.

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |No.|No.| |Trustees|who|live|in accommodation|owned|by the|College,|for which|they are charged|a|market|rent:|3|3| |Trustees|who|are|not|employees|of the|College|and|do|not|receive|remuneration:|15|15|

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||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|College|has|a|Remuneration|Committee|which|makes|recommendations|to|Governing|Body on|pay and|benefits|which|are|outside|of external|scales,|The| |composition|of the|Remuneration|Committee|is|set out|in|the|Report of the|Governing|Body|in|the|section,|Governing|Body,|Officers|and Advisers.| |Key|management|remuneration|2025|2024| |£000|£000| |Warden,|Bursar,|Senior Tutor and|Development|Director|558|531|

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37

Notes to the financial statements

For the year ended 31 July 2025

Keble College

SSeS

22	TRUSTEES' REMUNERATION (continued)	TRUSTEES' REMUNERATION (continued)	TRUSTEES' REMUNERATION (continued)
	Remuneration paid to trustees
				Gross remuneration, taxable		Gross remuneration, taxable benefits
	Range		Number of trustees	benefits and pension contributions	Number oftrustees	and pension contributions
				£		£
	£23,001	- £24,000	-	-	2	47,119
	£25,001	-£26,000	4	25,070	-	-
	£26,001	- £27,000	1	26,253	5	134,599
	£27,001	- £28,000	5	136,980	ii)	306,997
	£28,001	- £29,000	13	370,380	5	141,446
	£29,001	-£30,000	2	58,592	1	29,154
	£30,001	- £31,000	5	152,195	1	30,174
	£32,001	-£33,000	-	-	1	32,985
	£35,001	- £36,000	4	35,833	-	-
	£42,001	-£43,000	-	-	2	85,007
	£45,001	- £46,000	1	45,268	-	-
	£46,001	- £47,000	1	46,718	-	-
	£55,001	- £56,000	-	-	1	55,655
	£56,001	-£57,000	1	56,920	-	-
	£58,001	- £59,000	1	58,225	-	-
	£65,001	- £66,000	-	-	3	195,646
	£66,001	-£67,000	1	66,969	4	266,718
	£67,001	- £68,000	4	269,157	-	-
	£68,001	-£69,000	1	68,549	-	-
	£72,001	-£73,000	4	72,597	-	-
	£95,001	- £96,000	-	-	1	95,396
	£105,001	- £106,000	1	105,226	-	-
	£109,001	-£110,000	-	-	4	109,356
	£135,001	-£136,000	4	135,166	2	270,964
	£140,001	-£141,000	1	140,513	-	-
	Total		42	1,870,611	40	1,801,216

Other transactions with trustees No trustee claimed expenses for any work performed in discharge of duties as a trustee. Note 29 provides further information on related party transactions.

38

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

eee

23 PENSION SCHEMES TheStaffCollege participates in two principal pension schemes for its staff— the Universities Superannuation Scheme (USS) and the University of Oxford Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed contributionbenefit schemes (i.e. they provide benefits on a defined benefit basis — based on length of service and pensionable salary— and on a defined basis — based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemesas if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial The College has also made available the National Employment Savings Trust for employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS. The College is aware of the Virgin Media v NTL Pension Trustees I! Limited Court of Appeal judgement which may give rise to adjustments to the schemes. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities.

Schemes accounted for under FRS 102 as defined contribution schemes
University Superannuation Scheme
A deficitrecovery plan was put in place as part ofthe 2020 valuation, which required payment of6.2% ofsalaries over the period 1 April 2022 until 31 March 2024, atwhich point the ratewould increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus ona ‘technical provisions’ basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the
outstanding provision to the incomeand expenditure account in the prioryear. The latest available completeactuarial valuation of the Retirement Income Builder, the defined benefit part ofthe scheme, is as at 31 March 2023 (the valuation date), whichwas carried out using the projected unitmethod. Since the College cannot identify its share ofUSS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.
The2023 valuation was the seventh valuation for thescheme under the scheme-specific funding regime introduced by the Pensions Act2004, which requires schemes to have sufficient and appropriate assets to cover theirtechnical provisions (the statutoryfunding objective). At the valuation date, the value ofthe
assets ofthe scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of£7.4 billion anda funding ratio
The key financial assumptions used in the 2023 valuation are described below:
Price inflation-Consumer Prices Index (CPI) 3.0% p.a. (based on a long-term average expected level ofCPI, broadly consistent with long-
term market expectations)
RPI/CPI gap 1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030
Pension increases (subject to a floor of0%) Benefits with no cap: CPI assumption plus 3bps Benefits subject to a “softcap” of5% (providing
inflationary increases up to 5%, and half ofany excess inflation over5% up to a maximum of
10%): CPI assumption minus 3bps.
Discount rate (forward rates) Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% p.a.
Post-retirement: 0.9% p.a.
The main demographic assumptions used relate to the mortalityassumptions. These assumptions are based on analysis ofthe scheme’s experience carried out as part ofthe 2020 actuarial valuation. The mortalityassumptions used in these figures are as follows:
Mortality base table 101% ofS2PMA “light” for males and 95% ofS3PFA forfemales.
Future improvements to mortality CMI2021 with a smoothing parameter of 7.5, an initial addition of0.4% p.a. and a long-term
improvement rate of 1.8% pa for males and 1.6% pa for females.
The current life expectancies on retirement at age 65 are:
2025 2024
Males currently aged 65 (years) 23.8 23.7
Females currently aged 65 (years) 25.5 25.6
Males currently aged 45 (years) 25.7 25.4
Females currently aged 45 (years) 27.2 202
University of Oxford Staff Pension Scheme
The University ofOxford StaffPension Scheme (OSPS) is a multi-employer hybrid scheme set up under trustand sponsored by the University ofOxford. New members joining the scheme build up benefits on a defined contribution basis. Members who joined before 1st October2017 build up benefits on a career
averagerevaluedearningsbasis.

39

Notes to the financial statements

For the year ended 31 July 2025

Keble College

ees 23 PENSION SCHEMES (continued) The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023 The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of and the benefit improvements changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund /other statutory levies. The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Date|of|valuation:|31/03/2022| |Date|valuation|results|published:|27/06/2023| |Value|of|liabilities:|£914m| |Value|of|assets:|£961m| |Funding|surplus|/|(deficit):|£47m| |The|Principal|assumptions|used|by the|actuary were:| |Rate|of|interest|(periods|up|to|retirement)|Gilts'|+2.25%| |Rate|of|interest|(periods|after|retirement)|Gilts'|+0.5%| |RPI|Break-even|RPI|curve|less|0.5%|pa|pre-2030|and|1.0%| |pa|post-2030| |CPI|RPI|inflation|assumption|less|1%|pa|pre-2030|and 0.1%| |pa|post-2030| |Pensionable|salary|increases|RPI|+|pa| |Funding|Ratios:| |:|Technical|provisions|basis|105%| |:|‘Buy-out'|basis|62%| |Non-financial|assumptions:| |Post-retirement|mortality|-|base|table|Non-Pensioners:|105%|of standard|S3PxA medium|tables|for|both|males|and|females| |Pensioners:|105%|of standard|S3PxA|medium|tables|for|both|males|and|females| |Post-retirement|mortality|-|improvements|Non-Pensioners:|105%|of standard|S3PxA medium|tables|for both|males|and|females| |Pensioners:|105%|of standard|S3PxA medium|tables|for|both|males|and|females| |Recommended|employer's|contribution|rate|(as|%|of|16.5%|DB|for|members|from|01/10/2023| |pensionable|salaries):|10% /12% /14%|DC members|in|relation|to 4% /6% /8%|cost|plan|-|from|01/10/2023| |EWfecive date|of next valuation|siosaeesOOSOCOSOSOCOCOCOCSCSCSC‘“‘*d TT|

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Pension charge for the year

The pension charge recorded by the college during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

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|||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Scheme|£000|£000| |Universities|Superannuation|Scheme|472|475| |University of Oxford|Staff Pension Scheme|330|331| |Other schemes — contributions|12|12| |Supplementation|payments|2|2| |Total|816|820| |These amounts|include|£256k|(2024:|£238k)|contributions|payable|to|defined|contribution|schemes|at|rates|specified|in|the|rules|of those|plans.| |Included|in|other creditors|are|pension|contributions|payable|of £104k|(2024:|£87k).|

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40

Keble College

Notes to the financial statements

For the year ended 31 July 2025

26

27

eeeee

24 TAXATION

	The College is able to takeadvantage ofthe taxexemptions available to charities from taxation in respectofincome andcapitalgainsreceived tothe extentthat such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiarycompanies because the directors ofthese companies have indicated thatthey intend to make donations each yearto the College equal to the taxable profits ofeach company under the GiftAid scheme. Accordingly no provision for taxation has been included in the financial statements.	The College is able to takeadvantage ofthe taxexemptions available to charities from taxation in respectofincome andcapitalgainsreceived tothe extentthat such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiarycompanies because the directors ofthese companies have indicated thatthey intend to make donations each yearto the College equal to the taxable profits ofeach company under the GiftAid scheme. Accordingly no provision for taxation has been included in the financial statements.	The College is able to takeadvantage ofthe taxexemptions available to charities from taxation in respectofincome andcapitalgainsreceived tothe extentthat such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiarycompanies because the directors ofthese companies have indicated thatthey intend to make donations each yearto the College equal to the taxable profits ofeach company under the GiftAid scheme. Accordingly no provision for taxation has been included in the financial statements.	The College is able to takeadvantage ofthe taxexemptions available to charities from taxation in respectofincome andcapitalgainsreceived tothe extentthat such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiarycompanies because the directors ofthese companies have indicated thatthey intend to make donations each yearto the College equal to the taxable profits ofeach company under the GiftAid scheme. Accordingly no provision for taxation has been included in the financial statements.	The College is able to takeadvantage ofthe taxexemptions available to charities from taxation in respectofincome andcapitalgainsreceived tothe extentthat such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiarycompanies because the directors ofthese companies have indicated thatthey intend to make donations each yearto the College equal to the taxable profits ofeach company under the GiftAid scheme. Accordingly no provision for taxation has been included in the financial statements.
				2025	2024
				£000	£000
	On the other hand, the College pays substantial tax as unrecoverable	inputVAT on purchases
	incurred in providing its exempt educational supplies:			493	396
25	RECONCILIATION OF NETINCOMING RESOURCESTO NETCASH FLOW FROM OPERATIONS			2025	2024
				£000	£000
	Net (expenditure)/ income			11,284	12,632
	Elimination of non-operating cash flows:
	Investment income			(3,589)	(3,364)
	(Gains)/Losses on investments			(4,998)	(4,944)
	Endowment donations			(1,546)	(1,745)
	Donations in kind			(1,873)	-
	Financing costs			1,456	1,468
	Depreciation			2,491	2,591
	Decrease/(increase) in stock			(7)	19
	Decrease in debtors			2,298	(2,142)
	Increase in creditors			443	134
	(Decrease)/increase in pension scheme liability			-	(2,203)
	Netcash provided byoperating activities			5,959	2,446
26	ANALYSIS OF CASH AND CASH EQUIVALENTS
		2025	2024	2025	2024
		Group	Group	College	College
		£000	£000	£000	£000
	Cash atbankand in hand	4,578	1,284	3,505	918
	Notice deposits (less than 3 months)	3,365	4,758	3,365	4,758
	Bank overdrafts	.	-	-	-
	Total cash and cash equivalents	7,943	6,042	6,870	5,676
27	FINANCIAL COMMITMENTS
	At 31 July the College had future minimum lease payments under non-cancellable
	operating leases as follows:			2025	2024
				£000	£000
	Land and buildings
	-notlaterthanoneyear			-	-

41

Keble College

Notes to the financial statements

For the year ended 31 July 2025

30 PROVISIONS AND CONTINGENT LIABILITIES

31

esse

28 CAPITAL COMMITMENTS

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£000|£000| |Contracted|capital|commitments|for future|capital|projects|as|at|the|year-end:|-|75|

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29 RELATED PARTY TRANSACTIONS

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||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|College|is|part|of the|collegiate|University|of Oxford.|Material|interdependencies|between|the|University and|of the|College|arise|as|a|consequence|of this| |relationship.|For|reporting|purposes,|the|University|and|the|other|Colleges|are|not|treated|as|related|parties|as|defined|in|FRS|102.| |Members|of the|Governing|Body,|who|are|the|trustees|of|the|College|and|related|parties|as|defined|by|FRS|102,|receive|remuneration|and|facilities|as| |employees ofthe|College.|Details|of these|payments|and|reimbursed|expenses|as|trustees|are|disclosed|separately|in|these|financial|statements.| |The|College|has|properties|owned|jointly with|trustees|under|joint|equity ownership|agreements|between|the|trustee|and|the|College. The|net book|value|of the| |College's|share|in|each|property|is|as|follows:| |2025|2024| |Trustee|£000|£000| |Dr|L|Bendall|309|302| |Prof S|Faulkner|290|283| |Dr D|McDermott|337|329| |Prof S|Fletcher|239|234| |Prof|D|Downs|220|215| |Prof|B|Grau| |-|177| |Ms|J|S Tudge|-|221| |1,395|1,761|

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All joint equity properties are subject to sale on the departure ofthe trustee from the College.

There were no provisions or specific contingent liabilities as at the year-end.

CONTINGENT ASSETS

On 19th October 2023, the College was informed that probate had been granted ona legacy comprising a collection of paintings. There are potential conditions attached to the collection and the value of these assets to the College is still uncertain at this time. An asset for these legacy items has therefore not been included in these financial statements.

32 POST BALANCE SHEET EVENTS

Subsequent to the year end the College has been informed that probate has been granted on two significant legacies for which the College is the residual beneficiary. One legacy is worth approximately £380k and for the other a reliable value cannot be determined at this time but is expected to be in excess of £1m.

33 OTHER INCOME

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Grants received
Other sundry income
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||| |---|---| |2025|2024| |£000|£000| |183|e| |99|50| |282|50|

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42

Keble College Notes to the financial statements

For the year ended 31 July 2025

See

34 ADDITIONAL PRIOR YEAR COMPARATIVES

Where information is tabulated in the notes for the current year, presentation of comparative information from the previous year is presented here.

34a SOFA for prior year

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowed|2024| |Funds|Funds|Funds|Total| |£000|£000|£000|£000| |INCOME|AND|ENDOWMENTS|FROM:| |Charitable|activities| |Teaching,|research|and|residential|10,907|-|-|10,907| |Other trading|income|2,522|-|-|2,522| |Donations|and|legacies|5,042|753|1,745|7,540| |Investments| |Investment|income|959|-|2,405|3,364| |Total|return|allocated|to|income|718|978|(1,696)|-| |Other|income|50|-|-|50| |Total|income|20,198|1,731|2,454|24,383| |EXPENDITURE|ON:| |Charitable|activities| |Teaching,|research|and|residential|12,245|1,971|-|14,216| |Generating|funds| |Fundraising|829|21|-|850| |Trading|expenditure|1,629|-|-|1,629| |Investment|management|costs|-|-|‘|-|-| |2,458|21|-|2,479| |Total|expenditure|14,703|1,992|-|16,695| |Net|income/(expenditure)|before|gains|5,495|(261)|2,454|7,688| |Net|gains/(losses)|on|investments|2,525|-|2,419|4,944| |Fixed|asset|impairment|charge|-|-|-|-| |Net|income/(expenditure)|8,020|(261)|4,873|12,632| |Transfers|between|funds|39|(39)|-|-| |Other|recognised|gains/losses| |Gains/(losses)|on|revaluation|of|fixed|assets|-|-|-|-| |Actuarial|loss|on|defined|benefit|pension|schemes|-|-|-|-| |Net movement|in|funds|for|the|year|8,059|(300)|4,873|12,632|

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43

Notes to the financial statements

For the year ended 31 July 2025

Keble College

eee

34b PARENT AND SUBSIDIARY UNDERTAKINGS for prior year

These are comparative figures with respect to note 13.

PARENT ANDAND SUBSIDIARY UNDERTAKINGS for prior year These are comparative figures with respect to note 13.
			Kable College (parent)	Keble Properties	Conference Keble
			2024	2024	2024
			£000	£000	£000
Turnover			21,555	51	2,459
Expenditure			(17,823)	(50)	(1,637)
Donation to College under gift aid			544	-	(544)
Interest receivable			170	-	-
(Losses)/gains on revaluation			4,945	-	-
Result for the year			9,391	1	278
Total assets			196,032	18	1,428
Total liabilities			(47,173)	(17)	(532)
Netfunds at the end ofyear			148,859	1	896
STATEMENTOF INVESTMENTTOTAL RETURN for prioryear
These are comparative figures with respect to note 14.
					2,024.00
		PermanentEndowment		Expendable	Total
		Unapplied		Endowment	Endowments
	Trust for	Total
	Investment	Return	Total
	£000	£000	£000	£000	£000
At the beginning ofthe year:
Giftcomponent of the permanent endowment	28,915	-	28,915	-	28,915
Unapplied total return	-	21,523	21,523	-	21,523
Expendable endowment	-	-	-	10,992	10,992
Total Endowments	28,915	21,523	50,438	10,992	61,430
Movements in the reporting period:
Gift ofendowment funds	1,676	-	1,676	69	1,745
Investment return: dividends and interest	-	1,971	1,971	434	2,405
Investment return: realised and unrealised gains and losses	-	1,986	1,986	433	2,419
Total	1,676	3,957	5,633	936	6,569
Unapplied total return allocated to income	-	(1,406)	(1,406)	-	(1,406)
Expendable endowments transferred to income	-	-	-	(290)	(290)
	-	(1,406)	(1,406)	(290)	(1,696)
Net movements in reporting period	1,676	2,551	4,227	646	4,873
At end of the reporting period:
Giftcomponent ofthe permanentendowment	30,591	-	30,591	-	30,591
Unapplied total return	-	24,074	24,074	-	24,074
Expendable endowment	-	-	-	11,638	11,638
TotalEndowments	30,591	24,074	54,665	11,638	66,303

34c STATEMENT OF INVESTMENT TOTAL RETURN for prior year These are comparative figures with respect to note 14.

44

Notes to the financial statements

For the year ended 31 July 2025

Keble College

eee

34d FUNDS OF THE COLLEGE MOVEMENTS- prior year comparatives These are comparative figures with respect to note 19.

	At 1 August	Incoming	Resources			Gains/	At 31 July
	2023	resources	expended		Transfers	(losses)	2024
	£000	£000	£000		£000	£000	£000
Endowment Funds - Permanent
General purposes	17,770	696	-		(575)	700	18,591
External purposes	2,104	82	-		(61)	83	2,208
Bursaries	2,329	143	-		(55)	92	2,509
Scholarships	7,741	316	-		(164)	305	8,198
Fellowships	20,196	2,402	-		(545)	795	22,848
Music	295	11	-		(6)	11	311
Endowment Funds - Expendable
General purposes	4,374	171	-		(143)	172	4,574
Bursaries	1,470	80	-		(43)	58	1,565
Scholarships	857	36	-		(10)	34	917
Fellowships	3,529	138	-		(69)	139	3,737
Other specified purposes	765	75	-		(25)	30	845
Total Endowment Funds	61,430	4,150	-		(1,696)	2,419	66,303
Restricted Funds
Fixed asset projects funding	417	22	-		(39)	-	100
Development office funding	-	33	(21)		-	-	12
Other restricted income funding	1,376	698	(993)		-	-	1,081
Applied total return from restricted purpose endowment funds	.	.	(978)		978	.	.
Total Restricted Funds	1,493	753	(1,992)		939	-	1,193
Unrestricted Funds
General	(5,938)	16,851	(14,725)		96	2,525	(1,191)
Fixed asset designated fund	54,615	170	-		139	-	54,924
Other designated funds	-	-	-		522	-	522
Revaluation reserve	27,108	-	-		-	-	27,108
Pension reserve	(2,203)	-	2,203	;	-	-	-
Total Unrestricted Funds - College	73,582	17,021	(12,522)		757	2,525	81,363
Unrestricted funds held bysubsidiaries	618	2,459	(2,181)		-	-	896
Total Unrestricted Funds - Group	74,200	19,480	(14,703)		757	2,525	82,259
TotalFunds	137,123	24,383	(16,695)		-	4,944	149,755

45