Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD
Date 18 August 2026
Dear Partners
This representation letter is provided in connection with your audit of the financial statements of Worcester College Oxford Endowment Trust for the year ending 31 October 2025 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position of Worcester College Oxford Endowment Trust in accordance with the Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Financial statements
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We have fulfilled our responsibilities as trustees, as set out in the terms of your engagement under the Charities Act 2011 for preparing financial statements in accordance with Charities Act 2011 and Charities Statement of Recommended Practice , which give a true and fair view of the financial position of the charity as of 31 October 2025 and of the results of its operations and its cash flows for the year then ended and for making accurate representations to you.
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The methods, significant assumptions and the data used by us in making accounting estimates and their related disclosures are appropriate to achieve recognition, measurement or disclosure that is reasonable in the context of the applicable financial reporting framework.
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We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
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We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.
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Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.
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All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements.
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We confirm the financial statements are free of material misstatements, including omissions. We believe that those uncorrected misstatements identified during the audit are immaterial both individually and in aggregate to the financial statements as a whole. A list of these items is attached to this letter of representation, together with our reasons for not correcting them. We agree with the journal adjustments processed by you in the preparation of the financial statements.
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We confirm that, having considered our expectations and intentions for the next twelve months, and the availability of working capital, the charity is a going concern. We confirm that the disclosures in the accounting policies are an accurate reflection of the reasons for our consideration that the financial statements should be drawn up on a going concern basis. We confirm that we have disclosed to you details of our plans for future actions relating to our going concern assessment including the feasibility of these plans.
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We confirm the following specific representations made to you:
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All restrictions on income have been recognised in the accounts
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No management charges should be reflected in the accounts.
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The financial statements accurately disclose all bank balances and banking arrangements in place.
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If sufficient cash is not available to settle liabilities when the fall due, investments may be used by the charity to generate required cash.
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During the year B Wigmore donated £1,492,270 to the charity that has no restrictions.
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During the year D Loevner donated £899,353. This donation is restricted.
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The grant to Worcester College changed this year to £725,000.
Information provided
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All accounting records and relevant information have been made available to you for the purpose of your audit. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have deemed it necessary to obtain audit evidence. All other records and related information including minutes of all board meetings have been made available to you.
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All transactions undertaken by the charity have been properly reflected in the accounting records and are reflected in the financial statements.
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We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
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We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves, management, employees who have significant roles in internal control, or others, where fraud could have a material effect on the financial statements.
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We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.
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We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its business and which could affect the financial statements. The charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.
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We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the charity that we are aware of.
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The charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
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There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.
We confirm to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.
We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each trustee has taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that you are aware of that information.
Yours faithfully
Signed on behalf of the board of trustees by:
…………………………………………(Signature)
David Loevner…………………....(Trustee)
- 18 August 2026
Registered as a charity: 1150037
Worcester College Oxford Endowment Trust
FINANCIAL STATEMENTS for the year ended 31[st] October 2025
WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
INDEX
| Page | |
|---|---|
| Charity information | 2 |
| Trustees’ report | 3 |
| Report of the auditor | 6 |
| Principal accounting policies | 10 |
| Statement of Financial Activities | 12 |
| Balance sheet | 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 |
1
WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
CHARITY INFORMATION
Trustees: Mr D Isaac Mr D Kemper Mr D Loevner Sir Lindsay Owen-Jones KBE Mr M Paisner Dr J Scott Scullion Mr B Wigmore Charity Address: Worcester College Walton Street Oxford OX1 2HB Charity Registration Number: 1150037 Bankers: Barclays Bank Customer Service Centre Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Auditor: Gravita Audit Oxford LLP Chartered Accountants First Floor, Park Central 40-41 Park End St Oxford OX1 1JD
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
TRUSTEES’ REPORT
The Trustees present their report together with financial statements for the year ended 31 October 2025. Worcester College Oxford Endowment Trust is a registered charity governed by its Trust Deed dated 29 October 2012.
Principal activities and objectives
The principal objectives of the charity are:
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to provide financial and material assistance, encouragement and support to and for the advancement of education, religion, learning and research, at Worcester College;
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to preserve and maintain the fabric and contents of any buildings, grounds and land held by Worcester College; and
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such other charitable purposes as are connected with the advancement of education, religion, learning and research as shall in the opinion of the Trustees from time to time be conducive or complementary to the advancement and support of Worcester College.
Organisation
The Trustees have met once in the period. Administration and accounting support is provided to the charity by Worcester College. The day-to-day management is delegated to Mike Huggins, Finance and Estates Bursar.
Related parties
Worcester College will be the main beneficiary from the Trust and the Trust’s principal objective is to provide grants to the College for various activities.
Business and financial review
The principal activity of the Trust is the provision of grants to Worcester College, for various activities. Each year the Trustees of Worcester College Oxford Endowment Trust will make a grant to the College for activities which are worthy of support and are in accordance with the Trust’s objects. The Trustees will approve the grant for the year taking into account the projected income for the year and brought forward reserves which are available for distribution.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Achievements and performance
The Trust’s principal funding sources are donations.
During the year the Trust received donations of £2,391,923 (2024: £666,545). The total market value of the Trust’s investments was £16,445,362 at 31 October 2025 (2024: £15,073,360).This enabled a donation to the College of £725,000.
Public benefit reporting
The Trustees confirm that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have due regard to public benefit guidance published by the Charity Commission.
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
TRUSTEES’ REPORT
Trustee Induction and Training
When appointing Trustees, consideration to skills and experience are reviewed to contribute fully to the Trust. Trustees are fully briefed when appointed and if further training is required this is arranged as necessary.
Investment Performance
The objective of the Trust’s investment policy is to achieve a rising level of income which increases sufficiently to counteract the impact of inflation and to meet the Trust's principal activity of the provision of grants to Worcester College, while at the same time ensuring long term capital growth of the Trust's investment portfolio. The total return on all investments, before fees, for 2025 was 3.3% (2024: 3.4%).
Risk statement
The Trustees have identified the main risks to which the Charity is exposed. Systems and procedures are being developed to mitigate these risks.
Financial risk assessment
At present the financial risks to which the charity is exposed are managed by risk diversification and liquidity. The majority of the financial assets are cash funds held at the bank and investments with MFS Investment Management Company and Oxford University Endowment Management. The Charity seeks to ensure sufficient liquidity is available to meet foreseeable needs. The Charity aims to hold cash deposits and liquid investments which are adequate to ensure that volatility in short term income should not impact on expenditure and to ensure that the Charity is able to continue in its current manner should unforeseen events arise.
Reserves policy
The Trust has the power under its Trust Deed to accumulate income for a period of 21 years from 29 October 2012. The trustees have reviewed the charity's need for reserves in line with the Charity Commission guidelines. The normal policy is to hold unrestricted reserves to protect against the risks of shortfalls in cash balances due to uncertainties in the timing of fundraising opportunities for unrestricted funds. The level of reserves is considered appropriate during the financial year and in line with the Trust Deed.
On 31 October 2025 the charity held the following Reserves:
| Unrestricted general funds Restricted funds Reserves at 31 October 2025 |
£ 13,403,930 6,461,315 |
|---|---|
| 19,865,245 |
Funding
The charity’s assets are available and adequate to fulfil its obligations.
Trustees
The trustees, who have served during the year are listed below. Mr D Isaac Mr D Kemper Mr D Loevner Sir Lindsay Owen-Jones KBE Mr M Paisner Dr J Scott Scullion Mr B Wigmore
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
TRUSTEES’ REPORT
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements, for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed on their behalf by:
David Loevner
18 August 2026
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
Independent auditor’s report to the trustees of Worcester College Oxford Endowment Trust
Opinion
We have audited the financial statements of Worcester College Oxford Endowment Trust (‘the charity’) for the year ended 31 October 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
•give a true and fair view of the state of the charity’s affairs as at 31 October 2025 and of its incoming resources and application of resources for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•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 director’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 directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- •the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
•sufficient accounting records have not been kept; or
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•the financial statements are not in agreement with the accounting records; or
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•we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees 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 the trustees 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 trustees 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 trustees 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 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:
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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;
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we identified the laws and regulations applicable to the charity through discussions with directors and other management, and from our knowledge and experience;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity.
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
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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:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims;
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reviewing relevant correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
Gravita Audit Oxford LLP, Statutory Auditor First Floor, Park Central, 40-41 Park End St Oxford OX1 1JD
20 August 2026
Gravita Audit Oxford LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
PRINCIPAL ACCOUNTING POLICIES
Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trust is a public benefit entity under FRS102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, 2025-26, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Income recognition
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that there are donor-imposed restrictions, recognition is deferred until the pre-condition has been met.
Legacy gifts are recognised on a case-by-case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.
In the event that the gift is in the form of an asset other than cash, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Intangible income is valued and included in income to the extent that it represents goods or services which would otherwise be purchased. An equivalent amount is charged as expenditure. Voluntary help is not included in income.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and is inclusive of any irrecoverable VAT. All expenses (including support costs and governance costs) are allocated or apportioned to the following applicable expenditure headings:-
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expenditure incurred directly to the fulfilment of the charity's objectives (charitable activities)
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expenditure incurred directly in the effort to raise voluntary contributions (costs of generating voluntary income)
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
PRINCIPAL ACCOUNTING POLICIES
Items of expenditure involving more than one cost category are apportioned on the basis of the estimated costs relating to each category as appropriate.
Governance costs are costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. Governance costs include external audit, legal and professional fees, remuneration to trustees and costs associated with constitutional and statutory requirements. Also included within this category are any costs associated with the strategic management of the charity's activities.
Corporation tax and VAT
The charity has charitable status and is exempt from corporation tax on the income it has received. The charity is not registered for VAT.
Fund accounting
Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity. The Restricted funds are to endow four fellowships at Worcester College: the Asa Briggs Humanities Fellowship, the Loevner Fellowship in Statistics, the David Woods Kemper Family Fellowship in English Literature and the Loevner Fellowship in the History of Art.
Investments
Investments are included in the balance sheet at market valuation. Realised gains and losses on investments are calculated as the difference between sale proceeds and market value at the start of the year or subsequent cost and are credited or charged to the statement of financial activities in the year of disposal. Unrealised gains and losses represent the movement in the market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
Judgement and key sources of estimation uncertainty
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumption about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical Judgements
The Trustees deemed that there were no critical judgements in the Worcester College Oxford Endowment Trust accounts.
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2025
| Unrestricted Restricted 2025 Funds Funds Total Note £ £ £ INCOME AND ENDOWMENTS FROM: Donations and legacies 1 1,492,570 899,35300 2,391,923 Investment income 2 402,8420 161,07300 563,915 00 00 0 Total income 1,895,412 1,060,426 2,955,838 EXPENDITURE ON: Generating funds Investment management costs 3 78 - 78 0 0 0 Charitable activities 0 0 0 Grants to institutions 4 493,1200 231,88000 725,000 Governance and support costs 5 4,200 - 4,200 0 0 Total expenditure 497,398 231,880 729,278 Net income / (expenditure) before gains 1,398,013 828,546 2,226,560 0 Net (loss)/gain on investments 933,188 438,815 1,372,003 0 0 Net (expenditure) / income 2,331,201 1,267,361 3,598,563 Transfers between funds - - - Net movement in funds for the year 2,331,202 1,267,361 3,598,563 0 0 0 Fund balances brought forward 9 11,072,728 5,193,954 16,266,682 0 0 0 Funds carried forward at 31 October 9 13,403,930 6,461,315 19,865,245 |
Unrestricted Restricted 2025 Funds Funds Total Note £ £ £ INCOME AND ENDOWMENTS FROM: Donations and legacies 1 1,492,570 899,35300 2,391,923 Investment income 2 402,8420 161,07300 563,915 00 00 0 Total income 1,895,412 1,060,426 2,955,838 EXPENDITURE ON: Generating funds Investment management costs 3 78 - 78 0 0 0 Charitable activities 0 0 0 Grants to institutions 4 493,1200 231,88000 725,000 Governance and support costs 5 4,200 - 4,200 0 0 Total expenditure 497,398 231,880 729,278 Net income / (expenditure) before gains 1,398,013 828,546 2,226,560 0 Net (loss)/gain on investments 933,188 438,815 1,372,003 0 0 Net (expenditure) / income 2,331,201 1,267,361 3,598,563 Transfers between funds - - - Net movement in funds for the year 2,331,202 1,267,361 3,598,563 0 0 0 Fund balances brought forward 9 11,072,728 5,193,954 16,266,682 0 0 0 Funds carried forward at 31 October 9 13,403,930 6,461,315 19,865,245 |
2024 Total £ 666,545 494,267 0 |
|---|---|---|
| 2,955,838 | 1,160,812 | |
| 72 0 0 675,000 3,500 0 |
||
| 729,278 | 678,572 | |
| 2,226,560 1,372,003 0 |
482,240 724,619 |
|
| 3,598,563 - |
1,206,859 - |
|
| 3,598,563 0 16,266,682 0 |
1,206,859 15,059,823 |
|
| 19,865,245 | 16,266,682 |
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
BALANCE SHEET AS AT 31 OCTOBER 2025
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank LIABILITIES Creditors: amounts falling due within one year 8 NET CURRENT ASSETS / (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS Unrestricted 9 Restricted 9 TOTAL FUNDS |
31 October 2025 £ 16,445,363 3,433,582 3,433,582 (13,700) 3,419,882 19,865,245 13,403,930 6,461,315 19,865,245 |
31 October 2024 £ 15,073,360 1,207,022 1,207,022 (13,700) 1,193,322 16,266,682 11,072,728 5,193,954 16,266,682 |
|---|---|---|
The financial statements were approved by the Trustees and signed on their behalf on 18 August 2026 by
David Loevner Trustee Charity number: 1150037
The accompanying accounting policies and notes form an integral part of these financial statements.
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
Net income for the reporting period (as per the statement of financial activities) Adjusted for: Non-operating cash flows: investment income Increase/(decrease) in creditors Net cash (used in) / provided by operating activities Cash flows from investing activities Dividends, interest and rents from investments Net cash provided by / (used in) investing activities Change in cash and cash equivalents in the reporting period Reconciliation of net cash flows to movement in net funds Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period All of the cash flows are derived from continuing operations. Analysis of cash and cash equivalents At 1 Nov 2024 £ Cash at bank and in hand 1,207,022 |
2025 £ 2,226,560 (563,915) - 1,662,645 563,915 563,915 2,226,560 1,207,022 3,433,582 Cash Flows £ 2,226,560 |
2024 £ 482,240 (494,267) 3,500 (8,527) 494,267 494,267 485,741 721,281 1,207,022 At 31 Oct 2025 £ 3,433,582 |
|---|---|---|
A classification adjustment has been made in the comparative cash flow statement that has no overall impact on the results or the prior year funds balance.
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WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025
1 DONATIONS AND LEGACIES
| Unrestricted Restricted 2 INVESTMENT INCOME Unrestricted Bank interest received Other investment income Restricted Other investment income 3 INVESTMENT MANAGEMENT COSTS Unrestricted Bank charges 4 GRANTS TO INSTITUTIONS Grant to Worcester College Unrestricted Restricted 5 GOVERNANCE COSTS Unrestricted Audit fee |
2025 Total £ 1,492,570 899,353 2,391,923 2025 Total £ 60,303 342,539 402,842 161,073 563,915 2025 Total £ 78 2025 Total £ 493,120 231,880 725,000 2025 Total £ 4,200 4,200 |
2024 Total £ 666,545 - |
|---|---|---|
| 666,545 | ||
| 2024 Total £ 4,940 326,122 |
||
| 331,062 163,205 |
||
| 494,267 | ||
| 2024 Total £ 72 |
||
| 2024 Total £ 449,867 225,133 |
||
| 675,000 | ||
| 2024 Total £ 3,500 |
||
| 3,500 |
Costs that are allocated on a “Direct” basis are charged directly to the project or programme to which they relate, no apportionment of those costs is required.
15
WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025
6 PAYMENTS TO TRUSTEES AND CONNECTED PERSONS
No trustee or person with a family or business connection with a trustee received remuneration or expenses in the period directly or indirectly, from either the charity or an institution or company controlled by the charity.
7 FIXED ASSETS: INVESTMENTS
| Listed Investments and cash Market value at 1 November 2024 Additions Disposals Transfer to current assets Net gain/(loss) on revaluation Market value at 31 October 2025 Historical Cost An analysis of the location of the listed investments of the Trust is as follows: UK Non-UK £ £ 2,114,064 14,331,298 |
2025 Total £ 15,073,360 - - - 1,372,003 16,445,363 9,319,705 2025 Total £ 16,445,362 |
2024 Total £ 14,348,741 - - - 724,619 |
|---|---|---|
| 15,073,360 | ||
| 9,319,705 | ||
| 2024 Total £ 15,073,360 |
8 CREDITORS
| Amounts falling due within 1 year Audit fee Intercompany |
2025 Total £ 10,500 3,200 13,700 |
2024 Total £ 10,500 3,200 |
|---|---|---|
| 13,700 |
16
WORCESTER COLLEGE OXFORD ENDOWMENT TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2025
9 FUNDS
| Balance at 1 November 2024 Incoming resources Resources expended Other gains and losses Balance at 31 October 2025 |
Unrestricted Funds 11,072,728 1,895,412 (497,397) 933,188 13,403,931 |
Restricted Funds £ 5,193,954 1,060,426 (231,880) 438,815 6,461,315 |
Endowed Funds £ - - - - - |
2025 Total £ 16,266,682 2,955,838 (729,278) 1,372,003 19,865,245 |
2024 Total £ 15,059,823 1,160,812 (678,572) 724,619 16,266,682 |
|---|---|---|---|---|---|
Unrestricted funds comprise those funds which the charity is free to use in the furtherance of the charity’s principal activities. The Restricted funds are to endow four fellowships at Worcester College; Asa Briggs Humanities Fellowship, the Loevner Fellowship in Statistics, the David Woods Kemper Family Fellowship in English Literature and the Loevner Fellowship in the History of Art.
| Investments Current assets Current liabilities Total net assets |
Unrestricted Funds 10,164,672 2,344,904 (13,700) 13,403,930 |
Restricted Funds £ 6,102,009 1,267,360 - 6,461,315 |
2025 Total £ 16,445,363 3,433,582 (13,700) 19,865,245 |
2024 Total £ 15,073,360 1,207,022 (13,700) |
|---|---|---|---|---|
| 16,266,681 |
The allocation of funds between unrestricted and restricted funds at 1 November 2024 and the carrying value of investments at 31 October 2024 have been adjusted to correct a prior period mis-statement.
10 RELATED PARTIES
During the year the Trust made £725,000 (2024: £675,000) in grants to Worcester College, Oxford. During the year trustees, Mr B Wigmore donated £1,492,270 (2024: £666,545) and Mr D Loevner donated £899,353. David Isaac and Scott Scullion are trustees of Worcester College, Oxford.
11 CONTINGENT LIABILITIES
There were no contingent liabilities as at 31 October 2025.
12 CAPITAL COMMITMENTS
There were no capital commitments as at 31 October 2025.
13 POST BALANCE SHEET EVENTS
There are no post balance sheet events to report.
17
Management letter to the Board of Trustees of Worcester College Oxford Endowment Trust
OX1 1JD
Year ended 31[st] October 2025
Page | 1
Management Letter 2025
Contents
Introduction .............................................................................................................................................3 Purpose of the document ...................................................................................................................... 3 Acknowledgements .................................................................................................................................. 3 Limitations ................................................................................................................................................ 3 Executive Summary ..................................................................................................................................4 Further assistance .................................................................................................................................... 4 Audit Status ..............................................................................................................................................5 Areas of Audit Focus .................................................................................................................................6 Audit differences ......................................................................................................................................7 Summary of adjusted differences from draft numbers provided by management ............................. 7 Summary of unadjusted differences in the final financial statements for approval ............................ 7 Potential Control Weaknesses ...................................................................................................................8 Update on matters raised in previous reports ....................................................................................... 8 New matters arising in this year .............................................................................................................. 8 Proposed Letter of Representation ............................................................................................................9 Other audit matters ................................................................................................................................ 10 Detailed comments on the financial statements and audit opinion ................................................... 10 Qualitative aspects of accounting practices ......................................................................................... 10 Judgements made by management ...................................................................................................... 10 Related parties ........................................................................................................................................ 10 Independence matters ........................................................................................................................... 10 Serious incident reporting...................................................................................................................... 10
Page | 2
Management Letter 2025
Introduction
Purpose of the document
In accordance with our normal practice and the International Standards on Auditing (UK) 260, we are writing to draw your attention to various matters which arose during the course of our audit of your financial statements for the year ended 31[st] October 2025.
This letter includes an executive summary of the key findings below which are supported by the detailed sections thereafter.
The purpose of the audit is to enable us to express an opinion on the financial statements. Our audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal controls. The matters reported are limited to those deficiencies that the auditor has identified during the audit and that the auditor has concluded are of sufficient importance to merit being reported to those charged with governance.
Our audit included obtaining sufficient and appropriate audit evidence to support our opinion. We use a variety of audit techniques to obtain audit evidence, including tests of design of controls; analytical review; verification of specific transactions and balances; and third party verification. We also assessed the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
Our audit involved a risk-based approach and included an examination of evidence on a sample basis. Because of the sample nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, there is an unavoidable risk that some errors and material misstatements may remain undiscovered. Any errors and irregularity identified have been included within this report.
Acknowledgements
We would also like to take this opportunity of expressing our thanks to your staff for their assistance during the course of our audit. A substantial amount of preparation work was required in order to be fully ready for the audit and we appreciate the efforts of Leigh MacNeill and the finance team.
Limitations
Please note that this report has been prepared for the sole use of Worcester College Oxford Endowment Trust and it must not be disclosed to third parties, quoted or referred to, without our prior written consent. No responsibility is assumed by us to any other person or entity.
Page | 3
Management Letter 2025
Executive Summary
We are pleased to attach our report and our key findings are summarised below.
-
We expect to issue an unmodified “clean” audit report.
-
We have identified no material audit adjustments from our work. Page 7.
-
We have identified no significant control deficiencies from our work. Page 8.
-
Any other matters of significance to be raised are shown on Page 10.
-
Specific points within the proposed letter of representation are shown on Page 9.
Further assistance
Should Members of the Board of Trustees or management wish to ask any questions regarding the matters raised in this letter or if we can be of any further assistance, please contact Katherine Wilkes.
Katherine Wilkes FCA Audit Partner
Email katherine.wilkes@gravita.com
Telephone 01865 261127
Page | 4
Management Letter 2025
Audit Status
Our audit is substantially complete. There have been no significant changes to our audit plan. The following matters are outstanding to be resolved prior to issuing our audit opinion:
- None
Page | 5
Management Letter 2025
Areas of Audit Focus
As detailed in our audit plan, we identified the following significant risk areas during our audit planning and have included a brief summary of the work carried out and our findings below.
| Riskarea | Work carriedout | Conclusion | |
|---|---|---|---|
| 1. | Related Parties disclosure (required focus area for all audits) |
We reviewed the list of related parties (Worcester College and Trustees) to identify any transactions requiring disclosure. We also considered whether the list of related parties was complete. |
No issues noted. |
| 2. | Management Override of Controls (required focus area for all audits) |
Areas of judgement or complexity have been assessed. All journals were checked for reasonableness to confirm they were valid. |
There was no indication of override of controls noted. |
| 3. | Income Recognition (required focus area for all audits) |
Investments income was checked to documentation to ensure accuracy. We considered completeness of income through reviewing bank statement records. |
No issues with income recognition were noted. |
| Other risks | Work carried out | Conclusion | |
| 4. | Valuation of investments. | We have reviewed investment reports from independent investment managers. We have also re-calculated the values of listed investments as at year end. |
No significant issues were noted from the audit procedures. |
Our audit procedures go beyond the above higher risk areas to cover material areas of the financial statements. No issues were noted during the procedures.
Page | 6
Management Letter 2025
Audit differences
In the normal course of an audit, we can identify misstatements in the financial data provided to us at the start of the audit. Where individual errors or their aggregation exceed our materiality level of £162,700, we are required to modify our audit report if they are not adjusted in the final financial statements. For the interest of Board of Trustees and management, we have summarised both the errors that have been corrected and those that have not.
In accordance with ICAEW guidance on triviality limits for audit, we report all items exceeding 5% of the materiality, which for this year is £8,135.
Summary of adjusted differences from draft numbers provided by management
We did not identify any adjusted differences in the course of our audit.
Summary of unadjusted differences in the final financial statements for approval
| No. | Descriptionof error | Impacton | Impact on |
|---|---|---|---|
| SOFA | Balance sheet | ||
| (£) | (£) | ||
| 1. | Interest received for 8thSeptember | ||
| 2025 to 7thDecember 2025. The | Cr 15,821 | Dr 15,821 | |
| proportion from 8thSeptember 2025 | |||
| to 31stOctober 2025 was not | |||
| included in the accounts. | |||
| TOTAL | Cr 15,821 | Dr 15,821 |
Page | 7
Management Letter 2025
Potential Control Weaknesses
Your management is responsible for identification, assessment and monitoring of risk, and for developing, operating and monitoring the systems of internal control. Our audit procedures are designed primarily for the purpose of expressing an opinion on the financial statements and therefore do not constitute a full and detailed review of all aspects of the systems and controls and therefore cannot be relied upon to identify all actual and potential weaknesses. We have included a summary of the issues that we have identified below.
Update on matters raised in previous reports
No items arising in the previous year
New matters arising in this year
| Observation | Implications& risk | Recommendation | Management response |
|---|---|---|---|
| Bank interest income We noted that bank interest received after the period but relating to the period had not been included as income in this period. |
Costs and income not being included in the correct period can make it hard to compare year- on-year performance. |
We would recommend that post year end bank transactions are reviewed for and adjusted as needed. |
Page | 8
Management Letter 2025
Proposed Letter of Representation
In accordance with standard practice for such an audit and based on the work carried out to date, we will ask the Board of Trustees to approve and sign the attached letter of representation to accompany the signed final financial statements. We draw your attention to the specific representations contained within point 9 and reproduced below, otherwise the letter is routine.
-
All restrictions on income have been recognised in the accounts
-
No management charges should be reflected in the accounts.
-
The financial statements accurately disclose all bank balances and banking arrangements in place.
-
If sufficient cash is not available to settle liabilities when the fall due, investments may be used by the charity to generate required cash.
-
During the year B Wigmore donated £1,492,270 to the charity that has no restrictions.
-
During the year D Loevner donated £899,353. This donation is restricted.
-
The grant to Worcester College changed this year to £725,000.
Page | 9
Management Letter 2025
Other audit matters
Detailed comments on the financial statements and audit opinion
Based upon our work carried out to date, and subject to no significant events occurring prior to the signing of the audit report, we anticipate issuing an unmodified audit report in your statutory financial statements.
Qualitative aspects of accounting practices
We have no comments to make concerning the qualitative aspects of the charity’s accounting practices and financial reporting, including accounting policies, accounting estimates and financial statement disclosures.
Judgements made by management
During the course of our audit we are required to review the main judgements or estimates made by management, which would have a material or significant impact on the financial statements. We have identified the following main judgement areas and our comments thereon.
Investments value – these are taken from third party investment reports – no issues noted during testing
Related parties
The Charity is required to disclose related party transactions, per the Charities SORP, within its financial statements. We have not identified any omissions in the disclosure.
Independence matters
We have not identified any actual or potential issues in respect to our integrity, objectivity and independence as your auditors.
We have therefore complied with the relevant ethical requirements concerning independence.
Serious incident reporting
All trustees are responsible for identifying and reporting, in a timely fashion, any serious incidents to the Charity Commission, in accordance with their requirements for all registered charities. Whilst our audit scope does not specifically require us to identify any such matters, we report to the members that there were no such actual or potential matters that came to our attention.
Page | 10
Management Letter 2025