TtUNITY HALL CAMBRIDGE ACCOUNTS FOR THE YEAR ENDED 30 June 2025
TRINITY HALL Index to the accounts For the Year Ended 30 June 2025 Page Contents Govgming Body and Advisers Op8raling and Financial Review 12 Corporate Govemanc& and Public 8enefrt Statement 17 Responsibilllies of thè Govaming 8tsJy and Statemènt of Intamal Control 18 Report of the Auditors 22 stst6menl of Prlnc6pal Accounllng Pollcles 28 conlIdated Siatemènt of ComprehensNe Incom8 and Expenditure 29 College Statement ol ComprehensNe I•m6 and Expenditure 30 ConsOlated Statement of Chang85 in Reserye8 31 Con¥olid81ed Balance Sheet 32 College Balance Sheet Cffis¢Jidaled Cash Fk)w Slalement Notes to the Accounts Page12
TRINITY HALL Governing Body and Advls•rs For the Year Ended 30 June 2025 Govemlng Body Ms Mary Ho¢kaday Prof8ssor Jan Schramm Mr Tim Harvey-samuel Dr Michael SutherfaThJ Vic3ster. Bursar.. Senior Tutor. R•gister•d charfty numb•r 1137458 Prof Simon Guest Prof Mlke Hobson Prol John Cl8rkson Prof Jam8s MontuK)mery Prof Florian Hoiif8ldar Prof Bflan ChefDns Prof SinKJn M(xY8 prOf0r V88ant Kumar 110 30.09.20241 Dr Nlck Bampo8 Prof John Brpdley Prol Claro Jackson Prol Louls& H8ywccrfI Prof Graham Pullan Prof Sasha Turehyn Revd Or Stephen Hant ProfAJexBnder Ma Prof st8 Watterson Prol Ramji V•nkatar8manan Dr Tamsln O'con1 Prol Damd Erdos Prof Pedro R8mos fvnto of Ad BrarKh Oi Heath8r Dr ReKI-Edw8rds Pfof Gonplo 8•mordos Prof Hatice Gur8 Or Rona Smith Or Rach81 Tdl•y Of Lèila Mukhida Mr Jai Chitnavi8 Dr Mar$ Tom Dr Lee Dtrwlt Dr Neil Dewar Dr Tristen Nawor (to 30.09.20241 Dr Ra¢hèll Stretch Dr J8m05 wo1 Dr Greg Taujark88 Dr Bill Baluna$ Dr Sour8v Sarkar Dr Gwèn wyatt-mn (to 30.07.20241 Dr A8n8 Drlèselk)v• Or jar 08Vi83 Or Joghu8 Lwonca Dr SufAmicay Dr Daniglo C8s6ese Or Louls Kleè Dr Reb•c£a Dell Prof Carnpbell McLachlan KC lfrcffl 1.10.20241 Dr 08m8 K88lm18 Ifmm 1.10.20241 Dr Sofi• LI3M lfrom 1.10.20241 Dr Vldya Venkatesh Ifrorn 1.10.20241 Dr Edd M"r Ilrom 1.10.20241 Dt Borts Bc411 (from 1.01.20251 Dr Dydlo (from 1.01.20251 Prof lan Imlkinson Dr Crtgtiano Risitscoa Dr Jerome Jarrett Prof Edmund Kunji Dr Is8bèllè McNeill (to 21.02.20251 Mr Glen Sharp Dr Jan• Partnor ProfAndr8w Murray Mr Andrew Arlhur Dr Rob8rt Ashof Prof Ante Enfyaht Dr hmya Burgon Dr Maritiko Mgeln Or Nelson Lam Ito 3T.07.20241 Dr Alana Mai10$110 1&0620241 Audltori Poters Elworthy & Moor• Salisbury House Station Road Cambridge CB12 8•nk•rs Uoyds Bank ple 3 Sidney Stwt CambrKlg& CB2 3HQ Sollcltors Birkett8 LLP 22 Sl•Jon Road Cambndge CB1 2JD Illlls & Re• LLP Botsn House 98-100 HilLs Road Cambridge CB2 1PH Farror & Co LLP 66 Lincoln'5 Inn Fiekls LoThau) WC2A 3LH Prlncipal Prop•rty Ag•nt# 8ldw•lls Bldwell House TrUMngton Street Cambridge CB29LD Carter Jonas One Station Square CambrKJge CB12GA Tram¢o Carnbridy Ltd Nine Hills Road CambrKlge CB2 1GE Page13
TRINITY HALL Operating and Financial Review For the Year Ended 30 June 2025 Status Trinity Hall, or The Master. Fellows and Stholats of the College or Hall of th8 Holy Trinty in Ihe Unwersty of Cambridge. was fourKJed by Bishop Bateman of Norwich in 1350. The College is an autonomous. self-goveming community of schc4ars, and one of 31 Colleges within the University of Cambridge. The College is a registered charity and its regislere(J ¢harity number is 1137458. Alms and objectlves The Coll8ge Is an instllution of higher education. Its purposes are the a(fvancement of education. religion. leamlng and r6search. Th6 College admits las junior membeTsI undérgraduate and postgraduate students malriculated In the Univer5ty of Cambrhlge. 11 provides financial and other support lo those of Its members who require rt In order lo athieve its purposes and il sijpports taaching and research in the University. In ffiJrtheranc8 of its objectNes. the College maintains and managas an •ndowment of assets. Induding properties. Besides financi81 and lulorial Support. it provides accommodation, catering and other seTvice5 to tis members and others. Governance arrangements for the College ar8 881 out on page 12. OvèrvSew of the Year Key Ilgur•¥ Operatlng doficlt (unrestricted) College investmenU$tud•nt Valuo of Scholarshlpslawards £2.1m1+4.9%} £13,329 (+16%) £1.8m (+14.6%) Invostment return Investments total 3.5% £402.8m (+5.9%) 2025 marks the 675th anniversary of Ihe Cole's loundallon. The College approachgS the next 675 years with firmness of purpose. grounded in the provision of an academic and pastoral environment thal is forward looking, ol the highest quality and sustainable in all senses. There are slruclural pSSureS al work in the financing of Higher Education lo which we are not immune. College finance$ in 2024-25 continued lo see revenve squeezed and costs grcrV through rising employment taxes and inflationary pressure on wages and purthases. While the 3.1 % fee increase for home students for the year 202>26 is helpful and long overdue, this is offset muttiple limes by the increase in employer Nalional Insurance ntributionS imposed in the November 2024 budget which came into effect In Aprll 2025. These issues continue lo affecl Ihe entire Higher Education sector. The College aims lo offset some of the impact through ils endowment {which provides 56.6Y& of Ihe College's total income) but future investment capacity is constrained by these structural factors. There was good progress in conferencing income and furKlraising and cost control was broaély light. The College made purposeful progress on a number of important objectives in the year. We began the execution of our Maslerplan with a refurbishment of O Staircase to enhanced sustainability standards and completed planning for the fvll refulShMent of Bishop Bateman Court. This will provide 50 rooms in the College's first entirely ft)ssil luel free residential buildlng. The College was awarded a Plalinurn award in the collegiate Universitys annual Green Impact Survey, Ihe first time we have reathed this level. Underpinning this commitmenl the College approved a holist sustsinability strategy, based on the studies in the Maslerplan, which envisages a 65.1• reduction in Scope 1 & 2 emissions by 2035. Pa8e14
TRINITY HALL Operatlng and Financial Review For the Year Ended 30 June 2025 The Colle90 launched its 6751h AJ)niversary CampaNJn in July. The theme of this £50m campaign is 'Believg, Belong, Become". The Campaign seeks to underpin th8 College's ability to provide worfd class teaching lo our students. supported by outstanding pastoral car6 in a sustainable estate whlch reflects and cares for our traditions while also looking forward to the next 675 years with improved student facing facilities enabling us lo remain compelitNe with our peers. This CampaFgn will be the bedro¢k of our future Capacity to invest in our provision and faciliiies alongsKJe signifiG4nt contributions from our own resources. Work on Strat8gic purpose antj goveman¢e made gc*>J and coherent progre5S. AI 30 June 2025 the College's endowment and cash stood 81 £411.1 m {2024 £401.3ml representing growth of 2.44% over the prior year. This continu8s lo provide the key bulwark for the resource8 available lo deploy towards a¢hieving our obj8clives. These drivers are refie¢l8d in our financial results for the year. Tha opèrallng dafltlt IS £2. lm (2024 £2.Oml, Ihe total d8fi¢il (which includes unreslrict8d. restrictad and 8ndowmonl 8clNItyI has grown to £6.3m from £3.1 m. Ihg increase is entirely due to a reduction in Inva$lmènt Incom8 whlch wè anfjclpal• being substantially roversed in the coming year. Nel ass819 graw by 3.3Y• io £430.6m12024 £416.9ml. Achievernents and P•rfonnan¢o The Collège reviews Its achernents and rtOrnn In PUTSUit of its charitable purposos in the following rèspects.. Prospective and current students- progro$$ on admi8slon8, broadening access, studènt support and academic perfomiance.. Research- the annual research f8llow$hip ¢ornpetition and the destination of research fellows on completion of Iheir appolntmonts; Staff - academic and non-acadgmic staff numbers and costs: and Financial performance- income and expendiiure levels. balance sheet and endowmont performance. Stud•nts During the year. the College educated 381 14041 undergraduate sludents and 216 12391 PQ5tgraduate Students. Thiy includes all students up lo the Ilme they recewe their degree. regardless of the lime spent at the College or whether they are still payln9 fees. The College charges the following fees.. College Tees al extemally regulaled rates to undergraduates entitled to Student SupFQrt and lo postgraduate students Iwith those undergradual6 fe68 being pard by grant funding through arrangements approved by the Govemment}. and a faè dèterminéd by the Collegè annually to Overse8$ undergraduates and any Horneu und8rgradualas Th)t entrtied to Sludanl Support A¢commodalK)n and meal charges al reasonable rates. Admissions The Collegg admits as students those who have the highest potential for bgnefitting from the education provided by the College and the University and recruits as academic stsff those are able lo contribute most to the acad8mic eXcelnCe of the Cdlege. regardless of their anal, social. religious or ethnic background. In the 202S admissions round a lolal of 149 Undergraduale offers (not including deferred offers carried oveT from the previous roundl were rnad8 lo students Icf. 134 in 20241. The table below summarises the offers made for entry in 2025 by subied type and gender, also induded are the numbers for candidates who wore ullimalely confirmed for enty in October 2025.. Page15
TRINITY HALL Operating and Financial Review For the Year Ended 30 June 2025 Sciences Total Male Female Other Totsl Offers 75 59 154 134 76 72 154 Intake 57 45 45 111 102 51 53 49 111 102 Induding only those applunls who were UK r6$Klent. 77% of offers were made lo applkants from Maintained Schools (cf. 77% in 20241. Overall 72% (cf. 7&%iofoff8rs were to students categorised a5 Hom8 students (including Refugee stslus) for fee purposes, 6% Id.Thi lo EU Students and 219h (Gf. 2(Phl to Ov8rs8as students. The UniveTsIty and College$ have $&t the fdh)wing admk8sions larg8ts collect&1Y In Ihair la18sl Access and PartpaIn Plan IAPPI 2025-26 10 202&29.' Increase the proportion of Students from IMD qulnti18s 1 & 2 onlering the Unt¥er¥ity lo 25.1% by 2029. Increase the proportion of students In receipt of FSM entering the University by 2029, wlth target lo be set in 2025 once additional data become available. The proportK)n of offgrn made by the Coll8g8 to UK r8gkl8nt students (induding deferred offers from 20251 from POLAR4 Q1 was 2.7% {cf. APP tary8t of 7.LYAI and 12%% Icf. APP t8ly•t of 16.6%) from POLAR4 Q1 and Q2 The proportion of offers madè by th8 Co11698 to UK resident students from quinlllos 1 and 2 of regbnal IMD was 17.9°/ty Icl. APPI8W&21.2%1. Al the time of wriling, of the posigraduate admISsn5 for enty In 2025 420/0 Icl. 4PAI were sludenl$ calegorised as Home students for fee purposes and 58% lel. 57%) Oversaes sludenls. The gender split of post9raduale 8dmissions was 48•A idenlifying as malo Id. 55%1. 48% Identifying as female (cf. and 4% idenlfying as other Id. PA). Broad•nlng A¢ce$$ To raise ¢ducalional asplrallon and attract outstandirtsj applicants WI might not otheThvSse have ¢onsld¢red applylng to Trinty H811, Ihe College continues lo develop its actiwties and initiatives in a wide-ranglng outraach programme overseen by Ihe College's Director of Admissions. A diversg programme of ovants has been carried out including in-person outreach provision including summer residenlials, open days and extensive on-srte Collabation wth third paty charities and organisations. In-person provision was supplemented wilh virtual events to improve aecesglbility and ensure constant. SU51ained engagemenl wilh the College's Link Area schools and oth8rs across the country A new Access and Participation Plan has been put in at8 which includes largets corKeming underrepresented elhnicilies and demographics. Our You'll Fit In programme (aimed at Year 12 students with Alrican, Caribbean. Bangladeshi and Pakistani herttagel and Waymarkers programme {aimed at Year 10 students with Gypsy-Traveller herrtagel are designed to lackle these issues. Both have been facilrtaled funding from the Isaac Newton Trust. Whilst these initiatives are in their early $lages. encouragingly over 600 Folential applicants rggi318r8d for the first Youll Fit In programme. The Cambridge fmm the Inside podcasl ser. launched by the Trinty Hall Admissions team in September 2024 wlh support from the Isaac Newton Trust, airns to broaden access lo Cambridge by demysty'.ng the admissions prccess and student Irfg. Featuring interviews with sludents. academies. and staff, the series is available in both video and audio formals across platfom)s like YouTube. Spoltfy, and Apple Podcasts. A dedicated studio was built to support production, and shorter clips are also released to make wnlent more accessible. Since launch, the series has gained over 55.000 views and nearly 4.500 hours of watch time on YouTube alone, with strong engagement across categories such as admissions advice. subject-specific insights. and sludenl experiences. Page16
TRINITY HALL Operating and Financial Revlew For the Year Ended 30 June 2025 Desprte its success, the podcast has yel lo fully reach its intended audience - particularly secondary school students aged 13-17, who represent only 6QA of viewers. To address this, the College is irnplementing targeted outreach strategies. including short-form content for TikTok, Instagram Reels. and YouTube Shorts, as well as publishing transcripts and termly reviews lo improve aecessibility- These efforts aim to increase visibility among Year 13 applKants and schools. ensuring that outstanding candidates who might not otheThvise consKler Cambridge are infomied. encouraged, and supported in thelr application journey. Studont Support In order lo assist undergradu8tes entitled to Student Support, the College provides assistance to those of limited financial means through the Cambridge Bursary Scheme I'CBS"). a scheme operated in common with the University. For the academic year 2024-25. the number of awards made was 84 1971. out of a Hom& undergraduate populats.on of 309 13451. équal to 27Yo 128%). Tha average value of th8 awards was £2.7481£2,9521. and 421551 oftho awards w8ra at tha maximum value of£3,500. The Schema 18 widely gdverti5gd on Ihg Unwersrty website, on collage w8bsrtes and in the Admissions Prospgctus. Students who slarled in or after 2021 who are eligi1e for a CBS award and who have been eligiblg for free s¢hool meals al any point during secondary school al80 receive the Education Premium. an additional award of £1,0th) per year. In 2024-25. 221191 Stud8nls received the Education Premium. In addition, the College provides further assislance lo students through hardship grants and travel and long V8Cal residence awards. To support the costs ol postgraduate sludents, Ihe Cdlege provides substantial financial assi8tsnc8. Thls In¢ludos scholarships to fund fees and living costs and 'lop-up' funding lo fill funding shortfalls in slud8nl$' fijnding packages. For the academic year 2024-25. £1,122.000 (£914.OLj was spent on speclfl¢ $lud8nlships for poslgr8duate students represents'ng 157% 1130%) of postgraduate fee income {£714.OCH) ¢1. £705.()JO In 202>24}. In addlllon lo these specific awards the College supports its entire student body. both undergraduate and poslgraduale. by subsidlslng their leaching and living arrangements with operational support from its endowment. This Is taken annualty from the total relum ol Inveslmenl assets. For thè accounn9 year 2024-25 the deficit on the Education Aecounl wa$ £7.2 mi11Son 1£6.5 millAxl- thu$ $upport for each student of all cla3888 averaged lu$1 over £13.3291£11.4701. The College also supports all students through a grant scheme lo asslsl th the purchase of books and equipment. allendancos al conforoncas. childcare and Iravol. In addition lo Ils other programm8S, the College operates a hardship scheme for all students In financial hardship. The College's mulli-discip1ary Wellbeing Team provKles sbAents experiencing wellbeing-related S$sues with access lo general and specialist supporl, infomialion and advice. Following a whole institution stepped care model, in partnership with the students. staff and Fellows, Ihe Team's goals are to treale an environment in which students can Ilourish academically arHJ peOnallY, to equip them with the skills and knowledge they need lo look after their own wellbeing and to cope effectively with the stresses of lrfe, and lo develop a community and preventative approach lo wellbeing. The College parlners actively wlh the UnNersity CounsellirKJ service to deliver this. A¢ad•mic pgrforniance In the 2024-25 academic year a total of 347 Trinity Hall sludents sat dassed examinations. Of thes8, 99128 /ol achieved firsl-class honours l Distinction. and a further 198 {57•/o) received a 2.1 l Ment. These rur@S compare to 26Y• and 54% in 2024. Research For those wanting lo pursue a career in academia. an important transibonal slep from PhD to a lectur&ship is the appointment of leading young a¢8demics lo a Research Fellowship. The Colleoe is foriunate lo have funding for fjve named research fellowships and there are usually six Research Fellows In College at any one time. Appointments lo Research Fellowships are keenly contested, attracting many exceptK)nal candidates from aeross the globe who take part in an open competstion for Ihe two posts awarded each year. SUC$S1u1 candidates in the 2025 competition came from the fields of Chemic81 Engineering and Economics. Research Fellows play an actNe role in College lrfe and on leavlng Trinty Hall have usualty secured an excellent posting within the academic wot1d. P4e17
TRINITY HALL Operating and Financlal Revlew For the Year Ended 30 June 2025 Employees In order lo fulfil its charitable purposes of advancing edUcat)n, religion. leaming and research. the College employs as Fellows. College Teaching Officers, Supgrvisors. Directors of Studies. Tutors. a Dean of Chapel and senior adminislrab.ve officers, who with the Master ex officio, serve as charity trustees through beir4J members of the Goveming Body. The employment of the Master and Fellows is undertaken with the intention of furthering the Colege's aims and their employment directly conlribules lo the fulfilm6nt of those aims. The private benefrt accruin9 to the Master and Fellows through salaries, sllpends and employment related benefrts is objectively reasonable. measured against academic sllwnds generally and are reviewed by the SIip8nds Committee which indudes four extemal members. Annual pay increaso¥ normally follow natsonal settlements applying to the universty sector. Key manag6m8nt personn81 ar8 those persons having authority and resF)on$lbillty for planning, directing and controlling the activit$ of the College. The aggregated emoluments paid lo key managemènt pèrsonnel were £692.000 1£681.cwI. Wilhout the employrnent of Fellows, the Colleg8 could not fulfil its charitable aims as a College in Ihe UnNersty ol Cambridge. Tha Trugtees received no emolum6nts in their capacity as Trustees of the Charity. The College also empltsys other full or part 'm• m•mb•rs of staff IFTE 153.00 d. 151 c 20241 lo provide the professional and servic8 support necessary to run the Collage. Total costs for acadern and non-academic staff for th6 yaar were £9.3 million 1£7.9 llIOn1. Int•mal B•n•flclarl•• The Masl8r and Fellows of the College also r¢c6fv6 b8nofits as b6nefieiarl89. These comprise re$•ar¢h grants, book grants, elc. These benefits are provided with the intantlon of fijrthering the College's aims. primarily that of advancing research. The amounts of the b8n6fi1s provided are objectively reasonablg. moa$ur•d against tho acadwnlc benofits mada avallable to other beneficiaries of th8 College. Flnanclal Porformanca Con•olSdat•d Incom• and Expondlture Accounl The COle recorded an Unrestricted deficit of £2.1m for year 12024 - £2.Oml and a Restricted surplus of £1.3m {E1.3ml. The overall deficit was £6.3m (£3.1ml. The increase in the overall deficit 1$ mainly due lo: the presence 2024 of a £926k writèback with regard to the University Superannuatlon Schemo.. and an unusually large gap be8&n inv6slment income and the total return drawdown which the College r8Cgives from the endowment under its spending rule 13Yo of the average capital balance over th8 preceding seven years). This gap was principally coused by a fall In investment income1£5.Om vs £7.3m in the prior yearl. The underfying operating performance Is described in "overvie above. The drawdown from the en¢Jrnent presentS 56.8Yo of the College's total annual irKome. Page18
TRINITY HALL Operating and Financial Review For the Year Ended 30 June 2025 Totd Inrn8 2023 v 2024 v 2025 11 Inc Other •2023 •2024 •2026 Total Expendtiure 2023 v 2024 v 2025 12 10 EdLKal ACC CU Ccffllrtb 22 •2024 •2025 Income from academlc fees and charges was stable at £2.9rn. Income Irom resld8nc85. accommodallon and catering irKnased by 4.3% 10 £5.7m {£5.4ml. Our confeffjnce and caterlng bu81ne88 excelled again. total revenues reached £1.Sm (£1.3m) 8 15.3% increase. Thls represents a rerd year for this aclNity. surpassing pre-COVID bvo18. A5 mentioned 8arlier investrnent irKome fell by 31.5% to £5.Om1£7.3m}. The rnduclion 1$ due to hvo main factor5. Fysty. Certain divKlerHI receipts from our equtyfundg reduced. rnst notably those related to tobacco exp05ure. whi¢h the COle exited in 2024 in ac¢crfdan¢e 1h its investment Fdicy. Secondly a number of managed aCcnIS l¥¥here Indivpjual equities are held separately) were transitioned to investsnents stwctured as collective fijnds over the period. Some of those funds use accumulation rather than dk8tr1bufk un6ts whkh there18 impxts distributions. There was also a reduth'on in bank Inte$t (re¢ord&J in Other Income) as cash deposits vffie invested Into property opw1unitie8 which will generate long-tem incom stream8 and capital growth fty th? Cole. P<e19
TRINrrY HALL Op•rating and Flnanclal Revlew For th• Year Ended 30 June 2025 Exdudlng the USS WTiteba¢k of £926k vthleh had Ihe effect of reducing expendrture last year Ithls Ilem is thankfvlly now removed fr¢)m the In¢owt and Expenditure account) aggregate expendrture Incraased by 1.9% in the year to £23.4m1£23.Oml, CPIH was 4.0% for the year so overall there vas satisfact cost containThnt. Upward cost pressures li Hh¢r Edueatlon are higher than broad&r inflation and. as staled above, the impact of flat home student fee$ exacerbates the negatwe operathMal gearing wllhln the sector. Expenditure on education 9rew by 7.1% during the year under review to £10.2m1£9,5ml. This increase is split between increased spending Scholarships, Teaching and Tu1181. and Admissions and Outreach. In the latter area fintroded a hkJhly Successful podcast Series to maximise our accessibility to all candidates. Costs reialed to aCcommclath and caterin9 decreased by 0.6% to £7.Om 1£7.Oml. If one adjusts for the USS vthteback of £926k In the prior year, other expenditure fell by 3.0% 10 £6.2m1£6.4ml. The College's cth)tribution lo the Universitys inter-cdl8gl8te equ811s81k fund fosa by 8% or £25% to £323k 08 a fvnction of the Cdlega's relètive grov#th in resources. Donattons and now 8nd¢MM)ts arn r•cord8d al t2.8m. a 19% Increase on £2.3m In the prlor year. It 8hv8ys b8s1 to look 8t longer-lemi trends faIr Ih8n any slngle year. Tha gonoroslty aThJ support ol our donors 1$ wolndlY appre¢i8ted. As mentioned above thg a¢hvernOn1 of the AnnNef8ary Camp8ign'$ larg$ will be 8 ¢ru¢i81 element in enabllng the co19 lo realis9 its fvture ol'ectNe8. BalIn $h••e •nd •ndowm•nt p•rfornianc• Nél Bssets grew by 3.3% to £430.7m12024 £416.9m}. Investment performance drove this growth, wlth total retum of 3.5%. Inve8tm6nts grew by 5.9% to £402.8m (£380.5ml. Equity wrfom)8nca from our UK manager8 wa8 relalfvoty weak and appreclallon In our intemalional ats w8$ signrflrAnlly reduced by the 8.5Vtr redudlon In the v81ue of the US dollar versus sterflng In the perd under Once agaln. Japan perfom)ed well. We changed a UK manager during latter part of the year. Propety staged muted recovery. AS menloned abov&we completed on Iwo acqul$i¢ion$. a mixed use agrthttural arKI Indusldal estate In Essex and a Small unlt busine88 park in Girton. th¢ latter wilh our partngrs Tramco. Each of thage hold slgnlficant value creation opp(YWniiles bul require some Investment lo enabbg US to capture that. We al80 c4mpl8ted 8n oplon agreemont for a 8olar farm al our Waltham Abbey sits. The balance provisk)n relatin9 to futuro Ponjlon liablities ¢onlinugd lo dgdlne, Toathing £1.9m 1£2.6ml havlw essentS<y halv•d in two yws. Cambridge & Counlies Bank I'CCB.) W anoth¢r 8trorKJ and profftable year. The value of the College's Investment grew by 13% from £102.3rn to £115.7m. We conllnue to play an a(aive rokn on CCB'S board and are deghted wth the quality of ils porformance and the rlgour of its managemgnl. More Infomialion on CCB is availabkn at htt '.Ilccbank.co.u The first projects in Our Maslefplan wero 6XeCUted In the year. O staircase w85 refurbished to an enhancad $ustsinability standard. and the JunK)r Burgar and Mainlenance team completed all project planning for the full r¢trofft and refurbishment of BistN) Bateman cjrt, whth, once completed. wlll be an entirely fossil fuel fré¢ building. HannirKJ pffmlssion was obtained shordy after yearnd. and the proigd is underway. Oullook Thg College continu95 to invest far in the education of gtudents Ihan it re¢ewes In fee Income. In the year to June 2025 this gap increased to £13.329 per student Per 8nnum. We therefore have ¥tructural educatiM deficit of £7.2m which we cover each and every year. slgnlficantty from our ondowment retum. The launch of the 675th AnnNersary Fundraising ¢ampalgn enables ug to plan for thg ContUed future delivery of a V•trld cL4ss educational experience for our students. wlthin $u$tsinable enTrMonment which both Tellects our tradonS and is adapted to current and future 8tudent requiremgnls. Campaign uncheS in Cambridge, London. the USA and Asts have demonstrated the strength oflhe bond between Slumn8e and the College. Our own resour¢es wll also make a sjnlCanI contribution lo many of the measures outlined in the Campalgn obJe¢lNes. There are a number of opportunities thIft tyjr portfolio for both income enhancement and p11 value creation vhich we expect to bring to fruilion in the coming yearn. and I kxtk forward lo rewUng on these as they iio
TRINITY HALL Operating and Financial Review For the Year Ended 30 June 2025 crystallise. We do not expect sNJnificant change in the challenging sector dynamics we face lalthough the T8cenl commitment to index linking of fees is welcome) bul we do intend to continue to manage our financ8s so as to allow us a continuing measure of control over our plans. On behalf of the Goveming Body Timothy H8rvey-S8muel Date. 03 December 2025 PaRe 111
TRINITY HALL Corporate Governance and Public Benefit Statement For the Year Ended 30 June 2025 Govemane• The Master and Fellows constitute the Governing Body of the College and Junior Member representalNes are invited lo meetsngs (for unrestricted business). The Goveming Body is Constituted and regulated in accordance th Ihe College Stslutes. The body is responsible fty the strateg direction of the College. for ils on-going adminislratson. and for the management of its finances and assets. Meetings are held eight times a year under the chaim)anship of the Master. Supporting the Governing Body 15 8 range of eommittees and advisory groups including Finance, Fellowship, Development. Educab'on Policy, Statutes Ordinances Regulabons & Polic*s. PREVENT, Buildings and Estate Operats"ons. Responsibilits"es of the Goveming 8ody are more fully described on page 17. The Goveming Body are also the Trustees of the tharity and are listed i)n pa9e 3, abng with the principal officers. On appointment. all Trust88s are made aware of the Chanty Commission's guidanc6 on public ben8fit and that their duty as a Trust89 is to ensure the Charity is carrying out its purposes for the public benefit. There is a Register of Interests of Trvstees and dedaration5 Of interest are made 8yStemalically at all meetings. Inv•¥tm•nt pollcy Trinty Hall's endowment fvnds ar8 managed day-to-day on a discrgts'onary basis by selected leading financial services and property investsmenl management companies. The inv Im nl olic {including ESG principles) is available on the Colle99 b5fte. The College monrtors the perform8nce of its choson managers through regular meellngs of It8 Finance {Inveslmen151 ond Finance (Propetyl Committeos. whiGh bodi•$ also d6clde asset allocation issue8 {with periodic review by Goveming Body). Mgmborship of these ¢ommittees Is composed of those F6llow$ ol lh¢ Colleg¢ who aro m¢mb8TS of thè Financ8 Committee. augmented by the presencg of th8 managers of individual investrnenl portfolios an¢J exlem$l professlonal advlsers In an advlsory capacity. Asset classes that can be held Include but are not Ilmtted lo: UK and inlemauonal equities. and unit trusts and Investment trusts comprlsing these. propaty (held both dir8clly and Indirectly). fixed inLX)mo inslruments. hedge funds and other diversifying asgets. privale 8qvity and venture capilal Investments and lunds, soft and hard commodltfjes funds. all fomis of derivabves and financial futures, and cash. Trinily Hall adheres to Charity Commission guidelines and prinaples of general fKluciary law governing tho roquiromont to invest to maximk80 fetums constst¢nl wth the College's alms, Interests and purposes. R•serv•8 poII¢y Trinity Hall regards itself as a perpthal institution and thus manages Its investments for the long-temi. The investsnenl strategy aims lo Increase the College's wealth and therefore its free reserve$ over tlme al least in line with. and preferably In excess of, inflation in order that rt wll always be able lo fulfil its Obligatn$ and responsibilities to current and future generations of beneficiaries. The College's charitable mission is cenlred on the support of education and research, and It aims to be able to grow its provision in real terms over lime in lulfilment of this mission. The College employs a Total Relum Policy lo determine the level of draw down fr(Nn Ihe endowmenl each year necessary lo support rts operalional spending requirements Ilhe Spending Rule). Thls Spending Rule is calculated using a seven-year rolling average for the value of the College's investments (net of loans) and is currently sel al 3.0%. The Cdlege pericyjically reviews the Spending Rule and may make adjustments according lo prevailing interest rale, inflation and return expectaOn$. The sum drawn down each year is tr8nsferred to income where il is used lo support the operations of the College. Subslanlial new donaln$ or bequests receNed during Ihe year are added to unrestrScted funds, unless the donor has specified a restncted purpose. At 30 June 2025 Trinty H811 had £127.1 million 1£119.4ml in restricted reserves and unrestrieled reserves of £303.5 mill)n {£297.5ml of which £98.0 MillnI£95.0MI ts represented by fixed assets. The £205.5 million1£202 5 ml of unrestncted reseNes that are not acunted for withn fixed assets are invested and the Total Return Policy is Sp. Page112
TRINITY HALL Corporate Gov6mance and Public Benefit Statement For the Year Ended 30 June 2025 Thg purpose of a Reserves Policy is to operate as a protective buffer so as to ensure that a charity has sufficient funds in the event of signffunt operation81 andlor financial ¢Jrfficulty. In the Coilege's case, in addition lo usual operational expenses, th8 Cost of liabilit$ were the worst to happen, is deemed lo include the s¢ale of the defi¢it5 on the USS and CCFPS pension schemes. any unexpecled18rge-scale Capital expenditure on the College esiale and increasing levels of support for academic activities. The College aims to maintain sufficient free reserves lo cover thre8 to five years. expenditure. Withln these feseTV8S sufficient liquid assets are lo be kept on hand such that one yearf5 expenditure could be raised within fourteen days and three years, expenditure within three months. This seems appropriate in the light of our intention to manage risk and volalilrty wthin acceptable parameters while being able lo fulfil our charitable misSn in perpetuity. Fundralslng The approach taken by the College to fvndraising actrvilies is to support key priorities, identrfied by the Governing Body in accordance wth the College's charitablè mission and strategic direction. Fundralslng teehniques Include telephone fundfaising using live ealL% onty, direct mail and e-mall, crowd-funding. the promotion of16gacy giving and faCe-tlaC6 fundraising by private meeting wrth potèntial major donors. Th6 Co116ge may pariner with profe$sK•nal fundraisers in line with the guidan¢e lald out by tho Fundraising Regulator. The Collagè has bè6n r6gisl6r•d with thè Fundraising Regulator slnce 2017. There ha3 been rK) failure to eomply wilh Its codè and no complaints received since we have r8gisler8d. To protéct vulnèrabl8 peoplè and other m8ners of the publk th6 Collap act8 in the following way.. 8efore telephone fundraising, all people the College inlends to call are sent a pre-call letter making clear that they can request not lo recewe the call. Our¢ng the fundraising the list of thos6 not wishing lo r$eeive a call is updated daity- Dufing lelephone lundraising calls, a request for a glft is madè a maximum of throe limes Isubsequenl times at a lower levell- Tralning Is given on how lo ask in thls way wilhoul applyiThJ p$sle lo the recipient of the call.. Training Is also glvon on how lo handle a call when contact is mada with an obvlously vuln8rablo porson where we have previousty been unaware of this vulnerabllity., We do not peT3iSt in a¥king for personal meetings if th•r• Is an Indication that a meeting 1$ nol welcomed or wanted., We have a policy for fundraising from vulnerable people whiGh ¢an be found on our websll¢. All other fundraising communicatitin$ are by post or email and are issued no more Ihan five times a year.. Any members of our mailing list ara able to opt OJI of receNing communkation from us by dlffer6nl thannels and for diffefont purkM)ses. al any time. Prlnclpal rlsks and unc•rtalntl•s As part of its supervlsion of th9 College's activities. the Finance Committée IAudf(l idenlffies and considers the major risks lo which the is exposed, and establishes procedure5 to manage those risks. Theie are four main types of 8¢Orni¢ risk. relating to.. Th8 safety of the Co1.S klId1rS and faGArties. These risks ar8 mitigated primarily by management procedures. including comph'ance with relevant regUlatn5. alarm systems and acllve maintenance. The securlty of the College's assets. There are b(rth physical s8curty measures in place and established financial control wocedures. Cyber security measures are also in plarE to protect information assets. Insurance arrangements are reviewa annualty with professKJnal advisers. Inveslm8nl nsks relating to the Cole's long-temi investments. The main risk mitigation measures are covered in the Investment POIy, namely an asset allocation p)licy which provid8s diversrfL4lion by type of investment. management of investments by carefully selected professional managers and oversight of asset allocation and investment perfomance by the Pa£e113
TRINITY HALL Corporate Governance and Publlc Benefit Statement For the Year Ended 30 June 2025 Finance Ilnvestmenls} and Finan (Property) Committees vthich inckjde both Trustses and experienced investment professionals. The impact of conduct risks and any adverse media Coverage on levels of applicat)n$ from potential students and on donations from alumni ar other ssjpporters as well as th& professional fees expended in dealing with related matters. These risks are managed by ensuring Ihal procedures and regulations are filOwed. aryl compliance is checked, personnel are carefully recruf(ed and trained, and that the Collego has a professional Communub'ons function. There ar8, as always, uncertainties regarding the fvtur& exlemal environment within which the College will operate. most notsbly regarding hher education policy and funding. The Finance Committee considers however that thè co16 will bè able to respond effectNely to changes in that environment. The prlnclpal rlsks and uncertsintles that the College fac8s may be IeflY 8ummarised'. well as creating new opportunitie5 and affiCne18$. 8vor inereaslng dependence on technology exposes the College's data and operations to inereasing cybér security risks. The College conlinu&s lo strive toward évèr improving eyber $8curity resilience and ensure that sacurity 1$ built intr) tgchnology. dats storag6 and sothvar8 from purchasalinstallation and that it is updated punctually. It musl also b• prepared not only lo d6fand its systems bul also lo be able tr) rOv8r swiftty from a destructive cyb8r-attack should rt occur., Economic impacts deriving from inflatK)n have begn exacerbated by thg impa¢t of Brexit on labour supply, mobility and s.111¥81. This has an impact on tho College's recruitment and ils ability lo sourcg supplies- Uncertain economic conditions may adversdy 8ffecl the contTrnued ro¢ov•ry of the Coll8g8's conference aclivib'es which have been a svJnifitsnl Contributor to the College's revenues. Although the College has a programme of buildlng renewal and improvements, it is ahvays possible wth buildings of the •Je ol the Collegè's esta16 that un&xp8clèd Issues that may arise.. Long-18 plans for the regeneration of the College's estale wlll need lo rely heavily on the generosty of the College's alumni and other supporters as well as the College's ability lo invest In Its facSllties. The failure ofacademic fees lo keep up with Ihe rise in academic ws15, as well as Ihe inevitable urKertainlies with o sMJnificant thange lo the funding of universities in England, moan that the lunding and costs assoeiated wilh the Collège's core actlvity need to be kept undgT constant revlew; Repulatlonal flsk musl always be a concem for a Charlty wlth dlverse operalion5 and ¢onslltueneies. Safeguardlng and vulnorabl• adult8. pollcy Trlnily Hall recognlses that Fellows. staff and students of the College may somelirnes work wlh ¢hildren and other vulnerable individu81s in the course of their duties. In this conlexl. the College is ¢ommitted to respecting the rights. wishes and well-being of indivKluals with whom il is working. taking all reasonable steps lo protect them from physical. sexual and emotional abuse., promokn'ng the welfarè of children and vulnerable individuals. and ensuring their protection within a relationship ol Irusl. The College's Safeguarding Policy has been established lo support these commitments and lo ènsure that the College fuifils ils obligalions under ihe Safeguarding Vulnerable Groups Act 2006 and Subsequent legislation. Envlronm•ntal poll¢y In achieving excellence in teaching and research. Trinity Hall manages its activities. buildings and eslales to promote environmental sustainability. conserves and enhances natural r8sourcgs and prevents environmentsl pollulion to Ing about a continual improvement in its environmental perfomance. Equal opportunitig5 The College is committed lo the arKI pr*ice of equal opportunities and aims to be an equal QPF)Ortunities employer. The College's empkjymenl policy seeks to ensure that no job applicant or PaKe114
TRINITY HALL Corporate Governance and Publlc Benefit Statement For the Year Ended 30 June 2025 employee reeeives less favourable treaknenl on any grounds that are unjustthed in tems of equality of opportunities for all. Publlc beneflt statement Public benefit is the w8y that a charity makes a FM)Sitive difference to Ihe publlc. Not 8verylhing that is of benefit to the public will be charitable. Public benefit in a charitable sense is onty provhJed by activities which are undertaken to advance an organisathJn's charitable purposes. In 8ccordance wllh ils Founding Charter and Ststtjtes, the College's charitable purpose is lo advance education, religion, learning and research for the public benefft by the provisM)n, support and maintenanc8 of a College in the University of Cambridge. A full statement of the public bonefft It provides has been lodged wrth the Charlty Commission. It is summarised as follows.. Educallon: Th6 College provldes. in o)njun¢tlon wllh thè Unrversty of Cambridge, an educallon for some 600 undergraduate and poslgra¢Juate 8tudents which is reccqnised Inlernab"onally as b.ng of the hlgh6St slan(Jard. This adueation develops students academically and advances their laadership qualities and inlerp8rsonal skills, and so prepares them to play lull and effective roleg in soaety. The provision of téaehing facillti8s and indiwdual or small-group supervi$6on, a8 w811 as pastoral. administrative and academic support through its tutorial and posigraduala m6ntoring systems. Social, cultural. musical. rocrgatw81 #nd spon9 facililtes lo enable each of its students to realise as muth as pOssle of their academbc and personal potential whilst studying 01 tho College. Research: The provl$lon of Researth Fellowships to outstanding academic8 at the earty $18ges of Ihelr careers, which enables them to devdop and fcKus on their research in thi$ formalfve perio before they undertake the full teaching and 8dminislralive duties of an 8cademlc post.. Supporting research work pursued by it5 Other Fdlows Ihrough promoting inlèracti¢)n acro88 disciplines. providirrfJ facilities and grants for national and inlemalKJnal ¢onfernnce8. research trips and research malerials. Encouraging visits from outstanding academics from abroad. Encouraging the dissemination of research undertaken by members of Ihe College through th$ publication of papers in academic joumals other suitable means. Th6 College &irries forward the Iradrtion, wnlinuous slnce its foundation, of being a place of splrilual and ethical refleGtion on the Chri51iarb faith arx1 ils implications for the individual and SOGiety. In particular th8 College.. Maintalns ar Supports the Chapol a$ a a¢6 of religious worship and hobls a vari8ly of rdigious services on weekdays and at wèekends d4Jring term. which are open to the 98n&ral public and visitors. Supports, thrOh the College Dean, the emotional. mental and spiritual well-being of all members of the College communty whatever their faith Iradib'on or none. Maintains Its historfc connection with the work of the Church ol Engknd. parti¢ulady through Its Snvolvement with Sl Eolvard. King and Martyr, CambrTrdge. In addition lo the Chap81's c8ntral role in colge. the Catholic Chaplaincy celebrate$ mass al least thre8 times annually. u5 religiou5 celebrations andlor setvKes lake pce in College for many faiths including 151am, Judaism, Hinduism and Sikhism. The Cdlege maintains an ext8nsive Library linduding impcwtsnt special {llectIonS}, so providing a valuable rgsource for students and Fellows of the College, members ofother colleges an¢J the University of Cambridge more wdely. extemal scholars and researchers. as well as local children from maintained and other schools Ihrough educational visits and the public through regular exhibitions. Page115
TRINITY HALL Corporate Governance and Public Beneflt ststement For the Year Ended 30 June 2025 The r89ident members of th8 College. both students arKI academic stafl. are the primary beneficiaries and are directly engaged in education. relwjion, leaming or research. However. beneficianes also Include students and academic stsff from other colleges in Cambridge and the University of Cambridge more widely, visiting academis from other higher education institutions and visiting schwl children and alumni of the College who have an opportunity to attend educational events al the College or use its academic facilities. The general public are also abb to attend various educational aclivitses in the College $u¢h as exhibilK)ns in the library and public rooms. Concorts open lo the public are also held in College and external venues. Auditor Our auditor, Pelers Elworthy & Moore transferred théir audit registration and tfore that part of their busines8 to a newly incorpofated limiled cornpany. PEM Audit Limited. on 1 September 2025. Accordingly. Peters Elworthy & Moore ceased lo bè the Colleg8 and subsidiaries, auditor with the Trustèes and Directors duly appointing PEM Audrt Limited lo fill the vacancy arising. On behalf of the overning B Tlmothy Harvey-samuel Oale: 03 December 2025 Page116
TRINITY HALL Responsibilities of the Governing Body and Statement of Intemal Control For the Year Ended 30 June 2025 The Goveming Bcrfty is responsible ts the administration and rnan8gement of the College's affairs. The Governing Body psents audited finandal statements for each financial year. These are prepared in accordance with Ihe provisions of the Statutes of the colge and of the unersity of Cambridge and applicable United lfj'ngdom A¢¢ounting Standards, induding the Statement of Recommended Practice 'Accounling for Further and Higher Education InstttutkThS'. as inlerpreled by the University of Cambridge In their R0mmended CambrKlge College Accwnts. With referenc* to Ihe above provisions, the Goveming BCMYY is responsible for ensurirwJ th81 there is an effectNe system of intern81 control and that a¢countiThJ records are propedy kept. It is required to present aud(ted financial stalem8nls foi each financial year. preparod in accordanca with the Statues of the Unfversity. In causing the finandal $tstèm8nts to be prepared, tho Govaming Body are required to ensure that they.. Select suil3ble accounting p)li¢ie$ and appty thom consistently., Make ludgaments arHJ ests'matgs aro made that are reasonable and prudent.. Stsl8 whelhar applicable accounting standards have been lollowed, subject to any materlal d•partures disclosed and explained in the financial stalemanls; ppare the fin8ncial statements on thè going Cor ba$lg unl8SS it is in8pproprlate to presume that the College wi11 continue in opefatK)n. The Govèming Body is satisfied that tho College has 8dequ8t• rnsourceg io conunue kn operation for the fore$¢oable lutur8. The financial ststements are accordingty prepared on a golng concem basls. The Govemlng Body has taken reasonable steps to •n$ure that there are approprlate finanoal and management controls in place lo safeguard the as¥•ts of the College and prevant and delect fraud. Any system of intemal financial control, however, can only prow'de reasonablo. not absolute. assurance against materlal misstatement or1088. The Governing Body is respons18 for the maintenance and integrity of the corporale and financial Snformalion included on the College s wgbstle. Legislation in the United Kingdom governing the preparation and dis$eminatSon of financial slatements may drffer from legislation in other lurisdiclions. On behalf of the Goveming Body Timothy Harvey-samuel Dale.. 03 December 2025 Page117
TRINITY HALL Report of the Auditors For the Year Ended 30 June 2025 Independent auditors, report to tho Governing Body of Trinity Hall Oplnlon We have audited the financial Slatements of Trinity Hall (the'CcAbge'l and its sub$idiaries {logelher the 'Group'l for the year ended 30 June 2025. which comprise oflhe Consolidated and College Stalemenl of Comprehensive Income and Expenditure, the Consolidated Siatement of Changes in Reserves. the Con5olidaled and College Balance Sheets, the Consolidated Cash Flow Statement and the related notes to the financial statements. Including a summary of svjnrficanl accounling policies. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclic8>. In our opinlon the financlal statements: glvè a tru6 and falr vl6w of the state of the Group's and Colleg8's affairs as al 30 June 2025 and of ils Incoming resources and application of resourcès lor thè yèar then ended: have b9en properly prepared in acc<Ydance with Uniied Kingdom Generally AG¢ept6d AccounlirrfJ Practice., and hav6 bean proparad in accordancè wlth tha roquiroments of th& Charities Act 2011 and Ihg Stalutos of the Unlver$lty ol Cambridp. Basls of oplnlon We conducted our audit in accordance th Internation81 Standards on Audiling {UKI IISAS (UKI) and appll&gblo law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for th8 audll of the financSal stslements seclDn ol our reFQrt. We are independent of the Group in accordance with the 8thlcal raquirem9nls that are relevant lo our audil of the finanoal statemfrnls In the Unitèd Kingdom, Includlng the Flnaneial Reportlng Council's Elhlcal Standard and wè havè lulfillèd our other ethical responsibilities in accordance vAlh those roquirements. Wo belleve that th& audit ovidence we have obtained is sufficient and approprfala to prowde a ba8 for our oplnlon. Concluslon• r•latlng lo golng conc•rn In auditing the financ1 slalemgnts. we have concded that Ihe Trustees. use of thg going concern basls ol accounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties ralating to events or conditions that, individually or llectivelY, may $1 significant doubl on th6 Group's or College's ability to continue as a going ¢on¢¢rn lor a period of at least fvffjlvo month$ from when th8 financ4al statements are aulhorised for issue. Our responsibilities and the respon$ibililies of Ihe Trustaes with rospact lo golng ¢oncem are described in Ihe rglevant sections of this report. Oth•r Inforniatlon The Goveming Body are responsible for th8 other information. The other InfonatiOn comprises the information included in the Annual R8port other than the finanaal statements and our Auditorfs Report thereon. Our opinion on the financial statements does not Ver the other infomiakn.on and, except lo the extent otherwise explicitly Stated in our report, we do not gxpres5 any fonn of assurance conclusion there. In connection th our audit of the financial stst8m8nts. our re5FnsibIlIty is lo read the other infom)abon and, in doing so. consider whether the other information is materially inconsislenl wth the financial statements or our knowledge oblain8d in the course of the audrt, or otherwise appears to be materially mi5slated. If we identify such material inconsislenaes or appargnl material misstaternenls, we are required to delemine whether this gives riso lo a mal8rial misslaternent in the financial statements or a material misslatemenl of the other PaRe118
TRINITY HALL Report of the Audltors For the Year Ended 30 June 2025 infomalion. If. based on the work we have performed. we condude that Ihgra 15 a material misstatement of this other information. wg aio required lo rgport that fact. We have nothing to report in this regard. Opinion on oth•r matt•rs prns¢rlbod by th Statu0$ of tho Unlverslty of Cambrldgo In our opinion. based on the woth undwtaken in the Course of the audit.. the contribution due from the College lo the Universty has been computed as advised in the provl$lon81 assessment by Ihe University of Cambridge and in accordance wth the provisions of StstU G,11, of tho Univarsity of Cambndg•. Matters of whlch w• ar• r•qulrnd to report by •xGoPtlon In thè light of Ihe knowledge and understanding of the (>oup and College and its environment oblain8d in the ¢ours¢ of the audit. we havts not identified material misststements in the Operating and Flnanci81 Review. We have nothing to roport in rospgct of the following matters in rolatn to sthl¢h tha Charitles {accounts and Reports) R¢gulations 2008 roquire us to report lo you rf. n our opinion.. svfflcient accounting records have not bgen kept., or the financial slalements ara not in agr6&menl wlth thè aecounling records,. or w8 have not received all the Infomation and &xplanalions wé requir8 for our audiL Repon•lbllltl•$ of Gov•rnlng Body A5 explained more fully In the responsibillts'es of the Govemlng Body, set oul on page 17 of Ihesg financial statements, the Govemlng Bc4Jy Is responslble for Ihe preparalk)n of the financlal statements and for boing satisflgd that they glve a true and fair view, and for such Intemal control as tho Govoming Body determine is ngCeS8ary lo enable the preparalkm of ffinandal stalements that are free from rnaterial misstatement, whether due to fraud or error. In preparing the financial statements. Ihe Goveming Body is responsible fora$ses$ing the Group's and College's ability lo continue as a going concem, disclosing, as appIlble. rnallers relaled to going concem and usSng Ihe ing concern basis of accounting n$S the Trustses either inlend lo liquidate the Group or the Collep or lo ¢ea5e operation5. Lr have no realislic altemalive bul to do so. Audltors. rospon$ibiliti•s for th• audit of the fin•nci•l $tat•m•nts i)Jr objectlves are lo obtain reasonale assurance abwl Wther the financlal sialements as a 018 are free from materi81 misstalemenl. whether due lo fraud or error. 8nd lo issue an Audilorfs Report that includes our opinKTrn. Reasonable assurance is a high level of assurance, but is not a guarantee that an audf( conducted in accordance with ISAS (UK} wll afvlays detecl a material misstatement when tt exisls. Mlsstalements can arise from fraud lx error and are consKlered material rf, individually or in the aggregale, Ihey COLJld reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. IegularitIeS. including fraud. are instances of non-compliarKe with laws and regUlatnS. We design PTocedureg in line wtth our restM)nsibililies, ¢)utlined alx)ve, lo delecl material misstatements in respect of irregularities including fraud. The extent to whi¢h ¢)ur procedures are Pable of detecting irregularities. induding fraud is detailed below. Our approach to 1dent1.ng and assessing the risks of material misstatement in respectof irregularities. including fraud and non-comtAiance wf(h laws an¢J regulations, was as follows: Page119
TRINITY HALL Report of the Auditors For the Year Ended 30 June 2025 the engagement partner ensured that Ihe engagement team collectively hat1 the appropriate competence. capabilits'es and skills lo idenlrfy or recognise nonqcompliance with applicable laws and regulations.. we identified the Iwws and regulakn'ons applicable lo tho College through dlscussions with management, and from our commercial knoedge and exk)efien¢e of th8 educatlon sector; we focused on specific laws and regulations %thich we consiéered may have a direct material effect on the financial statements or the operations of the College, including the Charrt88 Act 2011, the Statutes of the University of Cambri(kJe and taxatKJTr legislalion.. in addilKJn. w8 considerad provisions of othèr laws and regulations which do not hav& a dire¢t èffeet on the linancial statements bul ComlanCe with which Mh1 be fundamental to the Group's and College's ability to operate or to avoid material pon4ltie$- we obtained an understarrtling of the College's policies and procedures on coffyliance with laws 8nd regul8lion5, includir¥J documentation of any instsncè$ of nonweomplianca. we mad6 enquiri88 of management as lo wher8 Ihey consklarod Ihara was susc8plibilrty lo fraud. their knowledge of actual, suspected and alleged fraud.. we consldered the Inl8rnal contr(As In place to mltvJate risks of fraud and non-Q)mpli8n¢8 with laws and regulallon6', we ass8888d the suscepllbilty of the College's flnancial statements lo material mi$$tatement, Including how fraud might occur., and laws and regUlaIn$ identified were communicated vathin Ihè audll t8am regularly and the team remained alert lo instances of non<ornplian¢e throughout the audll. As a rèsult of the above rfsk assessment procedures, w6 Idenllfied the grealesl risk of material misslatemanl on th8 financial stalem6nl$ ari$ing from irrégularitias and fraud lo be within Ihe polentsal for management to override controls together wllh the risk of fraudulent revenue recognitTron. W8 considered thg risk of fraudulent ravenue recognition lo be most prevalent in the completeness and Culff of donakn'on and legacy income and the cut-off of conference income. In response lo these identified risks. we designed procedures which included. bul were not limited lo.. perfomied analytical procedures Io Klentrfy any unusual or unexpect¢d rolattonships. including audii data analytics lo review for anomalies; perfomied audit work over the rlsk of management override of controls, induding testing of journal enlrles and other adjuslmenls for appropriateness, evaluating the busine$s rationale ol significant transactions outsSde the normal course of business- assessed whether judgemènts and assumptths made in delemiining the accounting estimates sel out on page 22 were Sndlcallve of Fotenllal bias: we performed Subslantiva testing for a saryle of donations from the Colkge's records to supportlng documentslion lo ensure that all ir)Me was appropriately r8cognlsed In the general ledger in the correct pe0d and any reslriclions appropriately recc¥3nised', we ?l$o tested a saMe of donations around the year end and di8cussed oThJoing lega¢ies wilh the Development Offe to ensure cul off had been correctty applied.. and we performed subslanlive lestirNJ for a SaMe of (wiferences from th8 booking system to invoice lo ensure that all income was appropriately recognised in the general ledger in the correct period.. PaRe120
TRINITY HALL Report of the Auditors For the Year Ended 30 Juné 2025 In response to the rlsk of irregularities and nonvcompliance with laws and regulats'ons, we designed procedures which Included. but wwo not lim1t to.. we agreed the finanu81 slalement disdosures to undertylng supporting docuMentan. we assessed the exlenl of compliance the laws and r8guLab'ons identified above through making enquiries of management and inspects'ng legal ¢orresporKJence'. we wad the minutes of meets'ngs of those L*ar9ed vrith govemance; arvj we discussed with management actual arKI potential litigatson and dalms. There are inherent limitstions n our audit procedures described above. The mora removed that laws and regulatsons 8re trom financial Iransaclions, the less likely il is that we would become aware of non-compliance. Auditin9 standards also limit the audrt procedures required to idenllfy non4omplianc8 wSth laws and regul8tsons lo enquiry of the Truste and other management and the inspection of ragulatory and legal correspondence. rf any. M81erial misslalemenls that arise due lo fraud can bg harder to del1 than thoso that from error a8 they may involve deliberat6 concealment or collusion. A further descriplSon of our responslbllrtS for th8 audit of the financial statements 1$ located on th& Financial Reporting Councll's website al: www.frc.cKg.uklaudilorsresponsibilitie8. This descriplion fomis part of our AudOrts Report. Us• of our r•port This report is made solety lo the College's Govemng Body, as a body, In accordance with the Si8tUos of the University of Cambndge and the Chanlies Act 2011. Our audrt work ha$ been undertaken so that we mlghi stale to the Goveming Body Ihose matters we are required lo State to them in an Audilof s Report and for no other purpose. To the lullesl exlenl Pernied by law. we do nol accept or assume responslbllrty lo anyone other than the College ond the College's Goveming Body. as a body. for our audlt work. lor thig report, or for Ihe opinions we have formed. PEM Audlt Llmlt•d Reglslered Audllor3 Sallsbury Houso Station Road Cambridge CB12LA Date.. Page121
TRINITY HALL Statement of Accounting Policies For the Year Ended 30 June 2025 Basls of preparatlon The financial statements have been wepared in accordance the provisK>ns of the Slalutes of the Cdlege and of the University of Cambridge, using the Recommended Cambridge College Accounts IRCCAI formal,. and applicable United Kingdom Accounling Standards; including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Pracb"c* (SORPI: Accounting for Further and Higher Education issued in 2019. The Slalement of Comprehenslve Income and Expendilvre inclijdes acliwty analysis In order to demonslrale that all fee Income Is spenl for educational purp)ses. The anatysk8 requifed by the SORP is sel out In note 8. The College Is a publlc b6nefrt 6nlrty and therefore has applied the relevant public benefft requirement of the appllcabl8 UK laws and arAuntsng standaTds. Basls of a¢countlnq The flnanGial slalernents have been prep8red under the hkstorical cost convention. modffjed In r8spo¢1 of Ihe treatment of Investments whkh are Included al valuation. Bail8 of consolldatlon The consolldaled finanelal Slaternents Include Ihe Collgge and its subsidiary undertakings. Dalails of Ihe 8ub8ldlary undertaklngs indud8d are sel out in note 27. Intra4Jroup balare$ are elknlnaled on consolléallon. The consolldaled flnanual slal6m6nts do not include the aclivlties of sludènl soci6ties as these are 88parale bodi88 in whith th8 Colleg8 h88 no flnanual intarest ar4J over wh08a poly dect8ionB It has no control. Rocognltlon of Incomo Ac•d•mlc fg•s Academie le&$ are re¢ognis8d in the period to which they relalo and include all foes chargeable to sludtsnls or their sponsors. The costs ol any fees waived OT written off by ihe College are inGluded as expenditure. Donatlons and endowm•nts Non exchange transactions without perfomianca related condllhMs arè donatlons and endowm8nts. Donations and endowments wth donor-imposed restrictions arè recognised within the Statament of ComprehensNe Income and Expenditure when the College is entitled lo the incoff. Income is retained within restricted reserves until such lime th81 It is ulilised in line with such restrictions. Legacies are r¥Gognised when the colge is entitled the funds, when receipl is probablg and when amounts can be measured reliably which is the earlr of probate beiThJ granlod or final estate accounts being re¢eNed when rt becomes probable that a distnbulion will be made to the College. Where enliuemenl is dernonstrated, the College only reeognises income lo the extent thal future distributions be measured reliably. For residual legacies thls means that the value of future dislributions is eslimaled based on available evKlenee in the year. These estlmales are regulaty VIeWed and updated as Tequired. Donations and endowment$ with restricti$ are dassified as restricted reserves with additional dlsclosure Provided within the notes to the accounts. There are four main types of donatlons and endowments th restriclions.. Restrfcted donallons objective. Unrestricted pem)anent endowments - the dorKJr has speclfied that Ihe fund Is to be permanently Invested to generate an income stream for the general beneftl of the College. Restrfcted expendable end¢)wmenl$ - Ihe donor has speafied a particular objective, and the College can eonvert the donated sum into income. Restricted permanent end¢)wments - the ijonor has gpe¢ffied thÉt the fund is to be permanently Invested to generate an income stream lo be applied lo a particular objective. the donor ha$ speafied that the donation musl be used for a partlcular PaEe122
TRINITY HALL Statement of Accountlng Policies For the Year Ended 30 June 2025 Donations wilh no re8tri¢lions are recorded within the Ststement of Comprehensive Inccrfne and Expendilxjre when the College is entitled to the income. Total Retum Investment fund and long dated borrowing fund ino)me is credil8d to the income and expenditure account on a total return basis. Non-inveslmenl fijnd inujme is credited in the period in which rt is earned. Income from restricted endowments rbot expended in acc(KdanGe Nyith the restrictions of the endowment is transferred from the income and expenditure account lo Testricted endowments. Investment fund income taken to the Income and expenditure aCUnt under the recfjgnition of Income on a totsl retum basis is calculated al 3.0%12024'.3.OgA) of an average of the market value ofthe investmènt assets. Th8 long-dated borrowing fund total tUrn Is calculated to ensure fund income matthes th8 fund èxpenditure. Forelgn currèncy translatlon Transactions denominated in foreft currencles are recorded al the rale of exchang8 ruling at the dale of the transaekn"ons. Monetsry assets and liabilities denominated in f91gn currencies ara translated into slerting al year ond rat8s or. whare there are foJward foreign exchange conlract. al CA)nlracl rales. The rèsulting exchange dhY8reneeg ara dealt with in th8 dotermlnallon of the incomo and axpendtture for the finan¢ial year. Oth•r Incom• Incom& Is received from a rang6 01 activlt188 Including accommodation, catering conferences and olher sèrvicés rèndered. CambTldge Bufsary Sch•rn¢ Since 2019-20. payment ol tho Cambrldge Bursaries to eligibl8 Students was made dlreclly by tho Student Loans Company ISLC}. As a conséquence. Ihe College rgimbursed the SLC for the full amount paid to their eligible sludenls and tho Col*e subsequenuy received a contribution from the University of Cambridge towards this payment. The n81 paymont of £157,309 is shown within the Con301idaled Stalemenl of cOmph8n$1v8 Income and Expendhure as folbws: Income- Expend'rture- £110.632- (rle 1) £267.941 Endowm•nt and Investment In¢om• Investment income and chang8 in value of investrnenl assets is rec¢xded in income in the year in which 11 arises and a5 either reslricled or unrestricted income according to the tefms or olher $triCt10n8 applied to the individual endowment fvnd. Fixed assets Land •nd bulldlnqs Fixed assels are slated at ¢osl less accumulatsd depreciation and a¢cumulated iwf)airmenl losses. Operallonal propety a85ets that have been revalued to fair value on 30 June 2014, Ihe dale of transition to the RCCA SORP. are meosured on the basis of deemed cost, being Ihe revalued amount at the dale of that revaluation_ Freehold buildings are depreciated on a straight-line basis over their expected useful economic life whlch we believe is 50 years. Freehold land 15 not depreciated. Tho Cgntral Sile land has not been included. Where land and buildlngs are acquired with the of specsfic bequests or donattons, they are capttalised and eprecialed as above. The related benefactM)ns are credited to a deferred capital account and are released to Ihe Income and Expenditure Account over the expected usefvl econom lrfe of the related asset on a basi$ consistent with the deprec1ation pcAicy. Finance costs which are dir8Ctty attritKrtable to the ¢onstnJclion of buiklings are not Capitalised as part of those assets. PaEe123
TRINITY HALL Statement of Accounting Policies For the Year Ended 30 June 2025 A r&view Impalmnt of a fixed asset is carried out rf events or changes in circumstances indKate that the carrying amount of the fixed asset may nol b8 recoverable. Buildings under construction are valLted at cost. based on th8 value of architects. certrficates and other direct costs incurred. They are not depreciated until they are brought into use. Maintenance of premis•s The College has a rolling maintenance plan which is reviewed on an annual basis. The wst of routine maintenance is charged to the income and expendrture atrounl as rt is inojffed or capitaliseil and depreGialed over the useful economic life of the asset concemed. Equlpment Fumilure, fittings and equipment lexduding motor vehi¢*s arKI artl cosb'ng18ss Ihan £IO.C4)O is written off in the year of acquisition. The organ which is included within plant and equipment is d8pr8cialed al 2Yo per annum, based on its expected usefrjl life. Other assets are caprtalised and depreclated on a slraighl-line basls over their expected useful lrfe as follows: Fumiture and fftlings Plant and equipment Computer equipment 10% p8r annum 5%-20Vo per annum 33% pgr annum For Art and Collectible assets which have a useful economie Irfa of gr68t6r than 100 y98rs an annual impairm8nl r8view is undertaken lo ensure the residual value ramains In excess of the carying valuo. Whera èquipmént Is acquired wllh th6 aid of 8peclfic bequests or donations r( is capilalised and depeLgted as above. The r6la16d ben6faelSons are credited lo a deferred capital acc(MJnl and are released lo the Income and exp6ndlture account over the expected useful economic lrfe of the related asset on a bosls conslslent wh the depreciation policy. Loas•d ass•ts Fixed assets held under finance leoses ond the related base obllgatlon8 ara racorded In the balare sheet at the lair v01ue ofihe leased assets at thg inception of the lèasè. Th6 exces883 of age payments over recorded lease oblSgalons are Irealed as finance chargas which are amortlsed over each leage leTh lo giv• a Gonslanl ral8 of charge on the Trmaining balance of the obligali¢)ns. Rental costs under operating leases are charged to oxpendllure In equal amounts ovor th8 p8rlod$ of the leages. Herfta9• •33•ts The College holds and conserves a nUMr of colleclions. exhibits, ariefacts and other assets of historical. artistic or scientific importance. Acquisitsons ol heritage assels have been capilalistrd al cost or, in the case of donated assets. at expert valuation on receipt. Herilage assets are nol depreciated sint6 their long economic life and high residual value mean Ihal any depr8ciats.on would not be malefial. Assets ara annually reviewed for impaimienl. Shared Equhy Scheme Investments Inveslmenls due from Fellows on "shared equity Sche$. occur where th6 co1 has provided a portion of the finance of a house purchase and are induded in investments. Under the scheme rules these amounts are due for repayment on the eadiesl ol: The dale on which Ihere is a future sale of the property or within two years of a Fellow ceasing to be an eligible Fellow whether by rosignation. r8lirement death or otherwise, or a Fellow acquires the College's share of Ihe value of the propety. Inv•stm•nts Fixed asset investments are induded in the balance sheet al fair value, excapt for investments in subsi(lsary undertakings which are slated in the College's balance sheet at cost and eliminated on consolidation. Investments that a not listed on a recognised stock exchange are carried at historical cost less any provision for impairment in their valuelmarkel value. PaKe124
TRINITY HALL Statement of Accounting Pollcles For the Year Ended 30 June 2025 Stocks stocks are slated al the lower of cost and net realisable value after making provision for slow moving and obsolete items. Flnancial Instrumgnts The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurèment and disclosure of financial inslruments. Financial a$sels and liabilrties are recognised when the Coll898 becomes paty to the contractual provision of th8 instrumenL and they are classified according to the substance of the contractual arrangernents entered into. A financial asset and a financial liability are offset only when there is a 9allY enforceab16 rfvjht to set off the recognlsed amounts and an intentKJn either to settle on a net basis, or to realise the asset and setue the liability slmultan8ou$ly. Flnanclal assèts 8aslG finan¢lal assets include trade and other receivables, cash and Cash 6quival8nts and investments In ommgrdal paper {l.e. deposlls and bonds). Thes8 assets are inilialty recognisèd 8t transaction price unless th& arrangamant constitute8 a financing transaction, where th9 transaction is measured al thè present value of th6 lulur8 receipts discounted at a markèt rale of interest. Such asset$ are subsequentty carrd al amortlsod cost using th8 eff6cllv8 interest rale rnelhod. Flnanci31 assels are as$èssed for indicators of impairment al aach reportlng dale. If there is objeclivfr ovidence of impairnent. an impairment loss Is r¢¢ognised In the Slatament of Comprehensive Income. For financlal assets carried al amortised cost the Impairment loss is the difference befven the carying amount ol the asset and the present value ol the estimated future cash flows, discounted at the asset's original effectlve Interest rate. Other financial assets, including th)V8stsments in equity instruments, whlch are nol subsidiaries OTnt vontures, afe inilially measured at lair value which is typically thè transaction price. These a$sels are subsaquenlly arried at fair value and changes in fair value at the reporting date are re¢ogni$ed in the Slaternenl of Comprehensive Income. Where the investrnent in equity instruments is not publidy traded and where the fair value cannot be reliably measured. the assets are measured al cost less impalmient. Invoslmènts in property or other phystil a$$els do t constitute a financi81 instrument and ara not included. FSnancial assets are de-recognised when the contractual rights lo Ihe cash flows from thg assel expire or are settled or substanlially all of the risks and rewards of ownership are transferred to another party. Flnanclal Llabllltl•s Basic financial liabilities include trade and other payabks, bank loans and Inl8rgroup108ns. These Ilabilities are Initially recognise¢J al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payinents discounted at a mafk81 rate of interest. Debt instruments are Subsequently carried at anrtIsed cost using the effe¢tive interest rate method. Fees paid on the establishment of loan faclllties are recogni8ed as transaction costs of the loan to the oxtenl that it is probable Ihat some or all of Ihe facility wll be drawn down. Trade payables are obligations lo pay for gwjs or seTviGe$ that have been acquired in the ordinary course of business from suppliers. Ac¢nIS payable are classrfied as ¢urrenl liabililies if payment is due wrthin one year or less. If not, they a presented as non-currenl liabilities. Trade payables are recognised initially at transaction price and subsequently measured at arnO$ed cost using the effe¢live Inlerost rale methcAI. Oen'valives, including forward foreign exchange )ntrac1S. are not basic financlal instruments. Derlvatives are initially reLX)gnised al fair value on the dale the derivative contract is entered into and are subsequenuy re- measured at the fair value at the reporting dale. Changes in the fair value of derivatives are recognlsed in the Statement of Comprehensive Irbcome in ffinan costs or finar income as appropriate. unless they are included in a hedging arrangemenL Page125
TRINITY HALL Statement of Accountlng Pollcles For the Year Ended 30 June 2025 Provlsions Provisions are recognised ¥yhen the College has a present legal or constructive Olgat)n as a result of a past event. it is probable that a transfer of econom benefits will be required to settle the obligation, and a liable estimate can be made of the amount of the oblNJalion. Taxation The Co118ge is a registered chaiity Inumber 11374581 and also a charity wrthin the meaning of Section 467 of the Corporation Tax Act 2010. Accordingty, the College is exempt from taxabon in respect of income or capital gains received wthin th8 ca18gories covered by Sections 478 to 488 of the CorporatKJn Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to th8 0xt8nl that such income or gains a applied to exclusively charilable purposes. The College ree6ives no slmllar exemption in respect of val Added Tax. Contrlbutlon under Statute G, 11 The College is liable lo be assessed for Contribution under the provisions of Statute G. 11 of the University of C8mbrldg8. Contribution Is used lo fund grants lo colleges from the Colleges Fund. The College may from tlme to lim8 be eligible for such grants. The liabllty for the year is as advised lo the College by the University basad on an a898ssable amount derivad from the value of tho College's assets ag at the gnd of the prevlous financial year. Pen8lon Sch•m•8 Th8 College partiapates in UnNersiiies Superannuation Scheme. The assets of tho s¢hém8 ar8 held In a separate Iruslee-adminislered fund. Because of the rnutual nalure of the stheme, the a$$els are not attrSbuled lo individual institutions and a scheme-vide contribution rale is sel. The College 1$ therefore exposed to luarial risks associated with other institutions. employees and is unable to identfy ils ghare of the underlying assets and liabllitles of the scheme on a consistent and reasonable basls. As required by Section 28 of FRS 102 "Employee benefits". the College therefore accounts for the schama as11 tt were a defined conlribution 6cheme. As a resutt, the amount charged to thè Statement of Compr8h8nslve Income and Expenditure represents the conlrlbullons payable lo the scheme. Since the College has enlered into an agwment Ilhe Recovery Plan) th81 delemilnes how each employer wilhin the scheme will lund the overall deficit, the Colleg& recognises a liabilty for the conlribulions p8yable that ari88 from the agreement (to the extenl that they rdale lo the deficill wilh relaled expenses being recognised through the Statement of Comprehensive Income and Expendilure. However, the lalesl valualion for the scherne showed Ihat no provision wa8 necessary and therefore no liabiSily has been recognised since June 2024. The College also contribute$ lo thè Cambridge cgeS F8rat&d Pension Scheme, which is a similar defined b6n6fil pension scheme. Unlike thè Universitiès Supèrannuab'on Sch8m6, Ihls scheme has surpluses and deficits direclly attribulablè lo individual Collegès. Pènsion costs ara aeeountsd for over the period during whi¢h tho College bon&fft$ from thfr ompltyo&s' s8rvic89. Since 2010 The College contributes lo Iwo further schemes. NEST arHI The Cambridge Colleges Group Personal Pension Scheme {CCGPPSI. a defin8d contribulion Scheme. for new employees. The scheme is administered by Aviva. Employment b•n•fits Short term employment benefrts such as salaries and compSated absences are recognised as an expense in the year in which the employees render service lo the College. Any unused benefits are accrued and rneasured as the additional amount the College expects to pay as a resuli of the unused entitlement. Ros•rv•s Reserves are allocated behveen restricted and unrestricted reserves. Endowment reseryes include balances which, in r8spect of endowment to the College. are held as pemanent funds. whith the College musl hold to perpetuity. Restricted reserves include balanS in respect of which the donor has designated a specffic purpose and therefore the lege is reslricted in the use of these funds. Page126
TRINITY HALL Statement of Accounting Policies For the Year Ended 30 June 2025 Crltical A¢counting Estlmates and Judg•ments The prep8ralion of the College's accounts requires management to make judgemgnts, estimales and assumptions that affect the application of acc(yJnting policies and reported amounts of asset5 and liabilities, income and expenses. These judgements, estimates and assocxated assumptions are basgd on historic81 exp8rience and other factors, including expectations of future events Ihal are believed to be reasonable under the Cifcumstsnces. The resulling accounting estimates wll. by definitn, seldom equal th8 related actual results. Management considers the areas sel out below to be thos6 where uilical accounting judgements have been applied and the resulting estimates and assumptions may lead to adjustments lo the future carrying arnounls of assets and liabilits. Incom9 rocognition - Judgement 1$ applied in dgtornining thè valu• and timing of certain irulmè items to be reco9nised in the accounts. This includes determining when rf0manC8 related Conditions hav8 be8n met and delermlning the appropriate recognition timing for donations. b8quests and legacies. In general. the later ar8 recognised when al the probate stage. Useful lives of property. plant and gquipmont- Propgrty. plant and oquipmanl represent a significant proportion of the College, s total assets. Therefore, the estimated usefrjl livés can havé a significanl Impact on the depreciation Charged and the College's reportgd perfonnance. Useful lives ar8 detèrmined at th8 time the asset is acquired and rewewed rogularly for appropriateness. The lives are bas&d on historical 8xp8ri8nce$ wf(h similar ass8t8, profes8ional advlc8 and anlicipalion of future events. Detalls of Ihe carrylng values of property. plant and equipment are Shown in note 10. Recoveroblllty of debtors - The provlslon for doubtlul debts is based on the College's estimate of the expected recoverabllity of those debts. Assumptions are made based on the level of debtors which have defaulted hisiorlcally, coupled with current 8conomic kn¢>edge. The provision is based on the current shuation of the customèr. tha age profile of thè debt and the nature of the amount due. Inv8slment property - Prop8rtles are revalued lo their fair value al the reporting dale by our Property Ag&nts, Bidwells and Chartered Surveyors Gerald Eve. The valuation is based on the assumplon$ and judgements which are impacted by a variety of laclor5 including market and other eg)nomK condklons. Roliremenl bongfrt obligations- The cost of defined benefit pension plans and other posl-¢mploymonl benefits are delemined usin9 actuarial valuations. The actuarial valuation involves maklng assumptions about discount rates, fulurg salary increases. mortality rates and future pension incre8ses. Due lo the complexity ol tha valuation, the underlying assumptions and the long.lem nature of these plans. such eslimates are subject lo signlficant uncertainty. Further dotalls are gNen in note 26. FRS 102 makes the distinction b•tsv8en a group plan and a rnulb'4mployer scheme. A group plan wnsisls of a collection of enlilies under common control typically th a sponsoring employer. A multS-employer sch6mo is a scheme for entities not under common control and represent$ {typlcally) an induslry-wide scheme such as Universib'es Superannuation Scheme. The accounting for a mults'*mployer scheme where the gmploy8r has entered into an agreement with the scheme that detèmines how the employer wll fund a deficit, results in the recognition of a liability for Ihe ContributnS payable that arise from the agreement (to the extent that they relate lo the deficit) Nwth the resulting expense charged thfough the Income statement in acccfdance wfth section 28 of FRS 102. Management are satisfied that Universities Superannuation Scheme meets the definition of a multi -employer 5¢heme and has therefore recognised the discounted fair value of the contractual ¢onlribulions under the funding plan in existence at the dale of approving the accounts. Pa£e127
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TRINITY HALL Consolidated Balance Sheet For the Year Ended 30 June 2025 Nole 30 Jun 25 £000 30 Jun 24 Non4urr•nt Ass•ts Fixed asset8 Investments 10 11 98,444 402,802 94.528 380,530 Total non<urrent ass$ 501.246 475.058 Currnnt Assets Stock Dgbtors Cash Investm8nt¥ 510 3.007 8,319 453 2,719 20.818 12 13 11.836 23.990 Crodltor¥: amounts falllng du• wlthln )n• y•ar 14 {5,5351 14,5721 Not current ass8 6,301 19,418 Cr•dltors: amounts falllng du• after more than on• yèar 15 {75.01)0) {75.000) Not assets •x¢ludlng yn•lon Ilablllty 432,547 419,476 Pension Liability 16 {1,8951 {2,8171 as$ets Includlng pension u•Vlli*blllty) 430 652 416 859 Total 30 Jun 25 Total 30 Jun 24 Repr•Mnted by: R•strl¢t¢d Reserves Income and expendilure $¢e-endOWMent reserve (Restricted) In¢ome and expendilur? reseTre-restricted reserve 17 18 104,243 22,867 127,110 99.033 20.318 119.351 Unr8ytrlctsd Reserv•8 Income and expenditure ro$eThe•unreslricted 303,542 297,508 TOTAL RESERVES 430,652 416.859 The financial statements were approved by the Goveming Body on 04 November 2025 and signed on ils behalf by.. Tim Harvey-samuel Bursar Date.. 03 Detsrnber 2025 Paoe131
TRINITY HALL College Balance Sheet For the Year Ended 30 June 2025 Note 30 Jun 25 £000 30 Jun 24 £000 Non4urrent Ax88ts Flxed assets Inve$lments 10 11 98,972 395,907 95,056 374,296 Total non-curr•nt assets 494,879 469,352 Currnnt As8•ts Si¢xk Debtors Cash Investments 510 8.673 8.905 453 8.005 19,077 12 13 16.088 27,535 Credltor8: amounts f•lllng duo wlthSn on¢ ygar 14 (5.6241 14,461 } Net current as1$ 23,074 Credltorn: amounts falllng due •ft•r mor• than one year 15 175.0001 175,0001 Ngt •$¥•ts •xcludlng penslon Ilablllty 430,343 417.426 Penslon Llabillty 16 {1,895) {2,6171 Not a88018 Includlng p•nslon a8uVlllability) 414,809 Total 30 Jun 25 £000 Total 30 Jun 24 £000 R•pr•Mnt•d by: R•strfct•d Rouriiès Income and expendilura re8erve4ndowm•nt r•séN• IR83lrfcted) Income and expendituw reServevre$tred reseThe 17 18 104,243 21,116 125,359 99,033 19,036 118,069 Unreslrlctsd Res6r¥os Income and expenditure reseNe•unre$tri¢led 303.089 296.740 TOTAL RESERVES 428.448 414,809 The financial statements were approved by ihe Goveming Body on 04 November 2025 and signed on its behalf by: Tim Harvey-samuel Bursar Date.. 03 December 2025 Page132
TRINITY HALL Consolidated Cash Flow Statemènt For the Year Ended 30 June 2025 Note 30 Jun 25 £000 30 Jun 24 £000 Ngt Cash IOuffiow)Ilnflow from Opgratlng A¢tlvltie• 10,191 {4.833} Ca8h flow from Inv•stlng actlvltle• 21 119,770) 6,413 Contrlbutlon to coll•g•s fund (323) 1298) Cash flows from flnanclng activttlo$ 21 (2.597) 12.6041 {Decr••s•ylncr•a$e In cash and cash •qulv•hnts In year {12,4991 11,3221 C¥$h and cash equivalents at the beginning of the yoar 20.818 22.140 C¥•h and cash •qulval•nts •t th• end of th• y•ar 22 8.319 20.818 Pa£e133
TRINITY HALL Notes to the Accounts ACADEMIC FEES AND CHARGES 30 Jun 25 £000 30 Jun 24 College fees.. Fee Income recve(18t the regulated Undergraduate rate Fee income received at the unregulaled Undergru81e re Fee incorne received at the Postyraduate rate other incorne 1.345 783 714 60 2,902 1.520 592 705 76 2.893 Cambridge Bursaiies Income 111 3,013 123 3,016 2. ACCOMMODATION, CATERING AND CONFERENCES INCOME 30 Jun 25 Coll•ge £000 30Jun 24 Colleg• £000 30 Jun• 25 Group Éooo 30 Jun• 24 Group £000 A¢¢onmodotion College memr$ onlerences Coltege M8rnbers Confsrencas 2.987 3.017 198 1,114 102 2.987 3.017 670 Calwng 1.179 109 1,179 671 641 3. ENDOWMEMT ANO INVESTMENT 4COME 3.4. Any¥l¥ 30 Jun 25 Coll•g• £000 jo Jun 24 Coll•90 £000 30 Junè 25 Group 30Jun• 24 Group £000 Incom Irom: Non-invegtment fund Investsnent fund totd rebjm Other investment income 273 9,786 175 1381 9,248 93 9,786 9.248 3.b. Summary of tot1 r•lurn 30 Jun 25 College £000 30Jun 24 Coll•g• £000 30 Jun• 25 Group £000 30 Jun• 24 Group £000 Endowm8nt incom• from". Assols indudod in Iho Inv•slrnoni hjnd Ag5•15 1 irKlud8d in the Ir¥wes¢m8nt Gainsllloss&sl on Endovm)8nl Asso1$.' La ilaIn95 Qwtod gnd txlw $0(aJI&S and Lash 4.716 4,513 273 7,242 1381 1.411 8S3 Total retu¥n for the year 23.421 37.734 23.941 38.241 Total r8tum transf8rr•d to tha Incomg and eXpen¢JllU account Total retum transfoffod to tho BalarKe Sheet {9.6591 19.129) 19.6591 19,1291 1127} 11191 11271 11191 Inv•stm8nt mana9*S costs15 not• 3cl {124) 15611 19591 11.0281 Unappllod Totsl R•turn forth• y•ar Ineludèd withln th• Statom•nt of Total R•cognls•d Galns and Lossés Ise• not• 19) 13.511 27.925 13.196 27.965 Page134
TRINITY HALL Notes to the Accounts 3. ENDOVAIENT AND INVESTMEKf INCOME {Condnu•dl 3.c. Investrnent manag•menl eosts 30 Jun 23 College £000 3D Jun 24 Coll¢qe £000 30 Jun• 25 Group Èooo 30 June 24 Group £000 Inv&slmenl ManaMent costs 124 1.028 124 561 959 4. DONATIONS 30 Jun 25 Coll•g• £000 30 Jun 24 Coll99• 30Jun•25 Group 30 June 24 Group £000 Unr•$1rkt donatbns 2.243 1.648 1,622 1.163 Rastrktsd donakni$ 481 629 481 829 5. OTHER INCOME JO Jun 25 Collo99 30 Jun 24 Coll•g• £000 30 Jun• 25 Group £000 30 Jun• 24 Group £000 Olhor in¢om¥ 917 671 337 195 8ank Inl8rgSt r$Vabl 306 643 661 8S8 1,332 EDUCATION expENDITURE 30 Jun 25 30 Jun 24 £000 Teaching Tutorial Admissbns and Accoss Re8e8rch Scholah1pS ond Awards Other Edu¢8tlonal F8¢MII 3,769 1,220 886 1,168 1.760 1,421 3,743 1,093 722 1,107 1,536 1,345 10,224 7. ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE 30 Jun 25 £000 30 Jun 24 £000 A¢commc4JatK)n Colloge Memtr Conference5 lind. markgtin9 c¥>stsI GOIe Membe Confefences 4,655 302 1.837 170 4,773 314 1,762 161 C8terlng 7,010 Expenditure has tn allocated to the expenditure h&arlings in dir8ct prowrtion to the InMe in Note 2 PaRe135
TRINITY HALL Notes to the Accounts I. ANALYSIS OF EXPENDrruRE BY ACTIry 2025 8.4. ACTivrrf 2025 Stsff & Fellow$ Payroll Costs (Not• 91 Oth•r Operatlng Exp•ns•s Éooo O¢prnelètlon (Not¢ 101 Totsl £000 Note Educallon AecommLYlabon. Catering and Conlorenco8 Other 4,349 4,126 548 1.316 5,327 1,522 10.224 6,964 6,198 9.273 12,249 23,386 8.b. ACTivrrY 2024 Educatt"on Accommodabon. Catering and Conferences Othar 4,154 3.889 556 1.211 4,837 1,910 9.547 7.010 {1131 5.611 5.498 1.767 12,358 22,055 8.c. OTHER EXPENDITURE 30 Jun 25 £000 30Jun 24 £000 Inv8slment and proiKty rnanagemenl Thlrfl pBty costs Internal cosis 1.395 269 1,783 263 2,026 Long t1al¢d boThowing Int•r•sl •nd ¥trl up ¢hary Fundraising Alumnl 2.S97 2.604 839 365 210 154 M16c•ll8n8ou8 Oth•r VSS Deficrt Contribub'on under Statule G,11 82 19261 298 323 ed. AUDrroRS REMUNERATION 30 Jun 25 £000 30 Jun 24 £000 Other operating expens indud•'. Audll lees payaNe to tho Colg•'s exiem81 •LKlitors 53 53 50 50 STAFF COSTS C¢nsolldtsd Non- Acadèmks 30 Jun 2S Acadgmk 30 Jun 25 £000 T•)tal 30 Jun 25 £000 Total 30 Jun 24 £000 Staff Costs Emoluments Soclal Security Costs Other pensi Costs 2,023 185 5.831 7,854 729 690 9,273 7.498 658 2261 7.930 500 6.875 2.398 Page136
TRINITY HALL Notes to the Accounts 9. STAFF COSTS IContinu•d) 30 Jun 2S Fellow 30 Jun 2S 30 Jun 25 Total 30 Jun 24 Full-tlm• Equivalents Av•rag• Staff Numb•r4 Academic Non-Academic 79 79 153 80 151 153 79 153 232 231 At th8 Balancè Sheèt date th¢rs wefe 73 rnembers of the Govemiry Body. During Ihe year th¢ average numb¢r reeeiving r•munèr8lon was 71. Th8 number of officer5 aThJ wnploye05 of Ihe College. includiro Hoad ol Hous•, who r8cgfvgd &mdum8nts in the followThJ ranges wa3: 30 Jun 25 £000 30 Jun 24 £000 £ 60.001 £ 70,001 £ 80,CQ1 £ 90.001 £100,001 £110,C()1 £120.CQ1 £130.CQ1 £70,000 £80.000 £90,000 £100.000 £110.000 £120.000 £130.000 £140,000 ROmUrTat1 InchJdo8 salary and any xO ben&fits either paKI. payatA& or prowd•d. gft>ss of any 8alary sacrlfic4 arrangem8ntB. K•y manag•m•nt p•rnonn•l Kay m8nagam$nl p•rnMn61 w• Ihoso peryons hawng aulIrity r8spcfflsitMIty for plannkng. dlr8ctiNJ 8nd ntrOlliN Ihe activ.88 of Ihè Cdl•g0. The aggregated remunerakn paid lo key management perscfflnel con$i$ts ol salary, e0ye$ national in8urydnc• contribLrtions, ernoYe5 pèn8 crmtn'buborss, Ius 8rry taY#e bèn•fits •ithar PAid, payab or provhl•d gross of Any $818ry $8crllke 8n8ngtrmtB. 30 Jun 25 £000 30 Jun 24 £000 Key managemont porscffln61 692 681 Thg Trustees recwved no 01mlS in thelr capauty as Truste68 ol ihè Chanty. Page | 37
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TRINITY HALL Notes to the Accounts 12. DEBTORS 30 Jun 25 Group £000 30 Jun 24 Group £000 30 Jun 25 Coll•g• £000 30 Jun 24 Coll•go £000 hAembets oflhe Cc4lege Amounts due frorn Sub5idi?ry UndertakirJ Oiher Debtors Prepayments And 8¢¢rued Inc•m• 6,113 2,275 274 5,450 2.282 273 2.614 2.435 3,M7 2.719 ,673 8.005 13. CASH Bank Depx)sts Current Accounts Cash In hand 8,315 20,814 fj,901 19.073 8.319 20,818 6,905 19,OTI 14. CREDITORS.. AMOUNTS FALLING DUE IpirrHIN OME YEAR Trad• crnditors Membars ol th8 Coleg8 Amounts du• lo Subsidiary UrMl8rtaking Contribution to Cclleges Fund Accruals and dofgrr8d irKom• 0th8r 128 127 128 127 478 3,CK$1 478 2,177 1.459 698 4.S72 5.624 4.461 15. CREDITORS: AIKUNT8 FALLING DUE AFTER MORE THAN ONE YEAR Bardays, PRICOA and PIC klans Ilnvestment borrowing Cambrldge Colleges Bond18sue Ioperalional borrowThJl Deferred incom& 65.000 65,0 6S,000 10,0Tr) 10.000 10.OLKJ 10.000 75.C(Kl 75,000 75,C 75.000 Th• Bar¢lays bank ban is repaya? in 2047 and b•ars kntsrest at a Nended rate 014.86%. During 2014 th8 Ce frcffi instiluliwl knv•stors, cdkntivdy wilh other colleges. th• Colleg8's share br £10 million. The k)ans are unsècured and repayabtè duriThJ Ihe period 2043-2053 and are al fixod ratas ol approximatsly 4.4g/>. Wthough issued through a fvndin9 velidg, tho Cc41w has no rosFMsiblity for the obligation5 01 any othef of the issuing colleges. DurirvJ 2016 tho Colkryge borrowed £15 Mill from the Prmo C4Mtal Grr4Jp on private placement. coupon 1.98%, malurity 31 Juty 2056. During 2018 the Cd*e borrowed £25 nwlh'on from the nSion Inswae cOrytion on private placernent. coup 2.59%. m8turtty S O¢tobor 2068. Page141
TRINITY HALL Notes to the Accounts 16. PENSION UABILITIES CCFPS 2025 uss 2025 Totsl 2025 Total 2024 GROUP AND COLLEGE 881an¢tr at the bo9'nnwig of tho yoar CCFPSIUSS Recognised in income and e¥pen(liture Conlribubons paid by th¢ Colle9e Actuarial Igainyloss recowi5ed in OCI Balance at the and of the year ccFPSSs 2.617 243 13901 1575 1,895 2.617 243 13901 575 1,895 3.780 11.3951 152L 2,617 17. ENDOlthVMENT FUNDS RMtri¢t•d P•rnian•nt Endowm•nls 30 Jun 2S Totsl 30 Jun 24 Total Group Balane• •t th• b•olnnlng ofth• Y1. 99,033 99.033 89,120 N&w •ndowm•nts ro¢¢fvod Transfèrs Incr&ose in the mark&t valu& ol inveslment8 656 656 525 4.554 9.388 Balane• at th• •nd ol th• yMr 104,243 104.243 99.033 R•pr•Mb)tlng: Fellowship funds sClarshIp fund5 Prize funds Hardship funds Travel grant funds Olh?r funds 32.230 25.268 2.320 10,152 4.211 30,062 104.243 32,230 25,268 2.320 10,152 4,211 30,062 104.243 30.689 23,810 2,154 9.655 4.025 28,700 99,033 18. RESTRICTED RESERVES Caprtal grants UMp•nt P•m•n•nt Unspent and oth•r RMtrlct•d Incom• £000 ROS¢1d •xp•nd•bl• •Ddowrn•nt Group ond Colhg• 30 Jun 25 Total 30 Jun 24 Total £000 £000 Balance at th• beglnnlng of th• y•ar. Income rece+vable from gndowment asset Investrnents Academic fees New donatK)ns Release ol stricied capital nds Expenditure Transfers Increase in the markat value of investrnents 297 13.958 4,781 19,036 16,530 2.786 17S 2,948 111 481 2,717 123 629 433 {21 12,2191 12761 {1,6641 {1.5241 1731) 1.674 {2.3951 150 13 574 198 785 1,534 Balance ot th* end ol the yoar. 317 14,158 6.641 21.116 19,036 P¥Re142
TRINITY HALL Notes to the Accounts Repr•sentJng: Fellowship funds Scholarship lunds Priz funds H8rd5hip fvnds Travel grant funds Other funds 342 3.455 70 243 5.546 5.446 450 650 673 8.351 5,114 4.153 424 1.000 595 7,750 1.991 407 317 5.547 2,487 317 14.158 6,641 21,116 19,036 NCI GROUP WFwd.. Non-controlllng Inte$t shère of ccmprehensive inC(r for Ihe year Ntsn<onlrolllng intsrgsts 8¢qulrèd APP Di$tribLrtbns lo non-controlling int•r•sts APP 1,282 178 373 (821 1.084 75 172 1491 22,867 20,318 19. PAEMORANDUM OF UNAPPUED TOTAL RETURN Ilu$ wlthin r•8•ms th8 fo11thn9 an)u rnpresl tré Unappllod Tot81 Return ofthe Cdbw.. 30 Jun 25 Total £000 30 Jun 24 Totsl £000 Unapplled Total Retum at the be&¥nniThJ ofthe y•ar 254.292 226.327 Unappliod Tota Rotum for tho year nots 3b} 13.196 27,965 Unoppligd Total Rotum at the ond ol th• y•*r 267.488 254,292 20. RECONCILIATION OF CONSOLIDATED SURPLUS TO NET CASH FLOWS FROM OPERATING ACTNITIES 30Jun 25 Total £000 30 Jun 24 Total £000 Surplus lor the year 13,502 27.883 Adluslment for nonwcash items DeprerAalion ol tsngible fixwl assets IGain)Ao$s on endobwnants. donations and invostrnent proF4ty Pension ¢0315 le55 conlribubons payab Inu8a58yDe¢rea5• in stocks IlncreaseyDecrease in deblo IncreasellDecreasel in credttOTY Conlributim to Cdlege FuThJ Iln¢rea$eyDecwse in CLwmnt Asset in¥eslments Loss on dispos81 of fix assets 10 1,767 129,2961 11,1641 1591 699 11.9691 298 14,439) 1722) 156 1288) 323 618 Pay143
TRINITY HALL Notes to the Accounts Adlustm•nt for Inv•stlng or financlng xtlvltl•s InvestTrI income Interest payable Interest recewable Invtstmnt costs 14,5131 2,597 17,2421 2.604 1.028 Ilet Cash Flow from Opefatlng Actl¥ltles 10,191 14,8331 21. CASH FLOWS FROM INVESTING ACTMTIES Non4urrnl inv¢stm¢nt dlskwl 46,780 47.907 Investment Ino)me Inve8tm8nt C4)sis Endowm•nt fund$ inv•stsd Paymonts ma(10 to acquir• nonacJjrr1 ass•ts N•t Cash Flow from Inv•sling Actlvltl•8 4,513 19591 {67,9321 12,172L {19.7701 7,242 11,0281 146,5101 11,1981 6,413 CASH FLOWS FROM FINANCING ACTIVTrEs Barclays loan int•r•st CambrKd9e Colleges boThl Issue Inlerest Pricoa loan intere6t PIC 108n interest N•t Ca•h Flow from Flnn¢lnq Athltl•• 11.213} 14391 12971 16481. 12,5971 11.2151 12971 848L 12,6041 22. ANALYSIS OF CASH AND BANK BALANCES At the Imglnnlng of tho y•4r C•sh Flty At th• •nd of th• year Bank ov¥rdralts Cash at bqnk and in hand 20,818 112.4991 8.319 Net funds 20.818 112,4991 8,319 23. FINANCIAL INSTRUMENTS Y•ar End•d 30 Jun 25 £000 Ye•r Endtd 30Jun24 £000 Flnanclal assets Flnancial assets al a falr value thmugh Staternent of Comweheroive Listed equlty inveslments Financial assets that are equity instnjments mSu1¥d 81 3( kns$ hnpathnt othor equity investments Financial 8sset$ that are debt ¥)strumertg measur9d at amordwl cost C8$h and cash equwalwts Other debtors 128,245 127,923 200,181 187,750 8.319 2,587 339,331 20.818 2,435 338,926 Page144
TRINITY HALL
Notes to the Accounts
30 Jun 25
£•oo
30 Jun 24
£000
Financial liabilities
Fin8nual liabilities measured at aThKrti50d ¢st
Loans
Trade fftdf(or8
75.OtK)
462
75A62
75.000
505
7S,505
24. CAprrAL COMIAITMENTS
30 Jun 25
£000
JO Jun 24
£000
Cawtal commitm•nts At 30 Je 2024. exdudlng VAT ar• os fdknw5:
Authoris•d and conlractad
Authtsrisod but not contracted
420
265
2,735
3.000
8.000
2$. LEASE OBLIGATIONS
30 Jun 25
Eooo
30 Jun 24
£000
As al 30 Jun• 2024 tho Colw had the commitm8nts der
n¢n
TRINITY HALL Notes to the Accounts 26. PENSION SCHEMES IContinu•dl The key financlal assumptions usèd in the 2023 valuation are desulbad boknw. detail Is set out in the Statement of FundirrfJ principles. Price Inflat-cPI 3% p.a. (based on a I0-tei averag8 expected knl ofCPI. broad(v conslstenl wllh long-tenn mathel expectth'onsl 1.0% p.a. 10 2030. reducir4J to 0.1% p.a. from 2030. RPIICPI gap Panslon intr¢asès (CPI) 8enofi1$ wilh rjo ¢•p.' CPI a5surnpb u¥ 3bps B&neffts sul¥•cl to a Gap"of5% {proV1ng inftafMary In¢r08s•s up lo 5%. And hamofany &xcess inffalion ovor 5% up to a maximum of 10%) CPI assumpts'on 3bps ()'s¢ount ral& Fixed inlwest gih yi81d rjjrye 9. •-16tir6ment .' 2.5°A p.a Post r•tir8ment '. 0.9)% p. Th• main d8mographie assumption used rtlat8s lo th8 mortalty assumpbons. These assumptions are based on an81ysl$ of Ihè sch8m•'9 8XpeanCe carriad OLrt as part of the 2023 actU8Mal valuats"on. Tha nKJrtolity assumption5 vsed in these ri9ur88 am Os fcAIows'. 2023 valuatlon Mortality b88• table Futur& improwm8nts to mortallty 101% of S2PMA'lighf for m8kn and 95% 01 S3PFA for fèm81&9 CMI 2021 %ith a srnoothing par8meler of 7.5. an tnib'al addition of 0.4% p.8.. 10% w2020 and w2021 parameters. and a hjng.tem improv?menl r•lg 011.8% p.q. for m81•8 and 1.6% p.a. lor lema18S Tho curronl Irf• oxp8ctsrK on retlrnmont at ag8 65 aro.. 2025 ¥•luatlon 21.4 24.0 22.7 25.4 2024 valuatlon 21.4 23.9 22.6 25.3 Males currerfy aged 65 Femal86 currenuy aged 85 Males aged 65 al 30 June 2045 Females aged 65 ai 30th June 2045 Cambrtdg• Co19 F•dv•t•d P•n¥lofft Sch•nw Thè college operai¢s • dofinod bontrfils FA•n for Iho C¢llop$4mplo$ of ts Clrid Coll8g•s' F8d8ratsd Pensb)n g¢heme. The liabilities ol the plan have been l¢Iled. at 30 June 2025, fcf th8 purposes ol FRS102 using a valuallon system doslgned for the M8nagom•nl Commltteè, adng 88 Trust¢¢ ol the Cambridg8 Cdès' Fèderaled PenSn Scheme. bul allowng for the diffent assumptions rwuired urbjer FRS102 tsking fully into C&l8ld8rallon changes in the plan benefit strudure and momber5hip $ince Ihat daig. The prfndpal actuprial aumPI10r al Ihe balwce $heet dale w¢m.' 30 Jun 2025 30 Jun 2024 Dlscounl rat Increase in Saries.10 2030 Incmsa In saLaries -frcrn 2031 RPI assumption CPI assuMOn lo 2030 CPI assumption from 2031 Penslon in¢re8se$ in paymènt IRPI Max 5% pal Pension increases in payiTWt (CPI Max 2.$% pa) 5.50V• 2 40V. 3.30% 2.90V. 1.90% 2.80V. 2.85Vty 1.85Y• 5.10% 2.85Q/ 3.75'/tr 3.35°1. 2 35./. 3.25Vo 3.15Y. 2.00V. PaRe146
TRINITY HALL Notes to the Accounts 26. PENSIOM SCHEMES {Continu•d} The uThJedw'ng mortality assurnpl is basèd upon the siaThJard laFAe known as S3PxA on a year of birth usage CMI 2023 fijture Improvement factors and a long tem rnte of ftrture improvemgnt of 1.25°A p.a. This resLdts in Ihe following lil• èxpèdanciès.. Male age 65 now has 8 Iwe expèctsncy 0121.4 year5. Female age 65 now has a lile expeclan¢y 0124 years. Male Age 45 now, retiring al age 65. has a life eXpectarY from 65 of 22.7 years. Fem8b ag6 45 now. reth'ring at age 65, has a lifo •xpe¢tancy Irom 65 of 25.4 yèars. Employqè B•n•fft ObllgaVon• Th¥ amounts r09n1$ad in Ihe balanc• sheet are 8¥ 10kn.. 30 Jun 25 £000 30 Jun 24 £000 Present value of Scheme liabihties Market value of Scheme assats N•t d•flnod b•n•lll a#gtllllabllltyl 111.9891 10.095 {1.894) 113,2051 10,588 12.6171 The 8mounts ro¢ognlsgJ kn profft or klu Afe os Ic41ows: 30 Jun 25 £000 30 Jun 24 £000 Current $¢Nic8 Cost Administrativ6 expensos IGOInoSS on F4an than9es Intarast on net ¢Jelined benefi1 las3elYTh'aIty Total 76 33 134 25 149 243 258 30 Jun 25 30 Jun 24 Chang•s in fv prn$ant val of t pl r• •$ folknws.. Pr¥s•n¢ value of an Uabilitles al hginning of Current servi( cost linduding emplo,8 ¢(1ntmrtIUI1 Interest on pl8n liabililias Actuarial lossesllgairtsl B8n8fits pald. (Gainyloss on pLryn changes Pr•s•nt valu• of plan IlabSllth• at •nd of p•rlod 13.205 147 12.817 158 658 66 4941 11,3471 16761 11,989 13.20S Ch8ty¥$ in tho falr valu• of th• an arè as loltsws.. Maret value of plan assets at twinnlng of perlod Int6r8St on plan assets Return on assels, 185s inttsygst Indudwj in pmffit and loss Conlributions by Coll89¢ Employee ¢onlbutnS B¥n6fits paid Mark•t valu• of plan at eTHI ot period 10.588 525 7671 390 71 (7131 10.094 126 443 74 (5261 10,588 Page147
TRINITY HALL Notes to the Accounts 26. PENSION SCHEMES Icontjnuodl The major catsgoiias of plan assats as a porcentage of tcrtal Scheme assets were.. 30 Jun 25 30 Jun 24 30 Jun 23 30 Jun 22 Equities and Hedge Funds Bond3 & Cash Property Total so% 37% f3% 100% 49% 38% 13% 52% 42% 12% 100% 14% 1)¥ The plan has no investrnents in property c<¢up by asygts used by ar finan1 instrumttnts issutrd by the College. Analysis of the r•vmeasuremenl ol th8 n•t defined benefit Ilabilty recogniyed in Other Comprghensive Incoma {OCII for the year ending 30 June 2025 {with comparatN8 figures Icf Ihe year ending 30 June 202418rè as follows.. 30 Jun 25 30 Jun 24 Actual relum kss expected retvm on plan assets ExPerD¢e gains and losses 8rfsirvJ on plan li8bilitig Chang8s In as$umption8 und8rlyirg present vak of plan Ilabillti•s Actuarlal galnl11Sl roc09n#d Irb OCI (767) 126 11101 36 52 1.279 575 Mov•m•nt In 8u4)lu$llddlcitl durtro th• fendIng 30 Juno 2025 (wth comparative fi3ures thg y•ar ndlNa 30 Juno 20241: 30 Jun 15 30 Jun 24 Surpluslldefi'citl in plan at beghthg ol year Reco9nised in profit Bnd ioss Contributions paid by th• Coll•g8 Acluarial gainllloss) recogni98d in OCI Surpluilld•ll¢ltl In plan •t th• •nd of th• y•4r 12.6171 12431 390 57S 11.8951 12,854) 125B) 443 52 12,6171 Fundin9 Pollcy Fundlng v8lu8lKJns c8rri•d out every three years on behalf of Ihe Managernent Conltte•, adin9 a$ lh& TDjst of tho S¢h•m•, by 8 qualifiod Ind*nd•At ary. Tha Adu781 assumptiong Unden9 the fvndirwJ valurylion or• different to Ihose adoptad under FRS102. Th818St such valuatlon was at 31 March 2023. Thi5 showed that the assets w¢re Inwffldent to Ver the IlabS1ilh?S on the funding basis. A ReCOry PLqn hos boen a9d with Ihe Colep. vthich commits th& Cc41ey to P8ylng contrfbukn.o lo fund shorffall. These def cat reductlon contrfbutkJr¢J a incorporated irhto Ihe plan's Schedukn of Conlribution8 datsd 03 June 2024 and as follows.. Annual ccfitiibullons of rnt less thon £267.630 p.a. pay8 fr)r tho porh)d frem 1 July 2024 to 31 January 2030. These payments art suw to leeW Idloww)g ihe xI fund1 vaklation. due 85 al 31 March 2026. Tha total panon cost. aft81 pwsonal h•alth tsance conin'tMJtKmS, for the year ended 30 Jung 2025158e note 91 was as Idlows." Paee148
TRINITY HALL Notes to the Accounts PENSION SCHEMES IContlnu•dl 30 Jun 25 30 Jun 24 £000 USS.. charg8d lo I&E CCFPS.. chanJed to I&E (Noto 161 CCGPPS.. Contribution5 NEST: COnlbU0ns Tolal (Nots 91 210 243 16961 258 199 18 12211 15 27. PRINCIPAL SUBSIDIARY AMD ASSOCIATED UNDERTAKINGS AND OTHER SIGNIFICANT INVESTMENTS The coll$.$ Investment In sthsidiary Und&rta"ngS r•presents 1thJ% of share capital of, Trinity Hall Reglden¢8s111 mrt8d1028081761. Aula Hospttallty Llmrtèd1065862991. AL8 Amerl¢8. Martols ManagerTWIt Ltd and Aula121 Limited 1087876691811 of which are incorporated in Englatvj except Aula Ami¢a incofporated in Delaware. 28. CONTINQENT LIA81UTIES AND ASSETS USS P•n•lon Sch•m• A cOnngenI liability •xlsts In rel8tr.rn to ihe pensKJn valUatn recovery plan. 8inclho Cdle9918 an ernployorolmèmbors within lh8 $chne. The contingent118bllty reLqt8s lo Ihe amounl g•nèrated by pas1 serviGg of current m8mb8r5 and th8 88s0¢1818d proportkjn of the d8firil. &'vgn that the schemo is a mults"4mployer stheme, ond Ihe Collage 59 un88 to dentify its $h8r• ol the underlying 898018 8nd Iiatsliti•s. the conts'rw)I liabilrty 18 not recognlsed 85 a provlsion on th& b818nca sh•et. The 088ocialod rec•lvabl• from I 6chwn• in f•SP8Ct ol tho Cdltrgg's &ywnditure is 8imil8dy not rècogni9ad. 29. RELATED PARTY TRANSACTIONS tlying to the n4r• ol Ilw Co118g•'s operatM3 ond COff010n of tho Cc41890 Govemin9 Boty. it is in8vilablo thal Iran88Ctions will tok8 place with organItiOnS in %thich a Cc41egg Gov•ming Body m?rnb¥r may have an interèst. All transactions involving OfganisatKJrffj in ¥ fflemr ol the Colleg8 GovemlThJ Body may have an inl¢rast are conOu¢ttsd at am.810th and In acix>rdorKX wth tha Cc4W's wm#l pMC8dw. In addltion, the Cole h88 provid•d bans tct hsfelbws a8 part ofa Shar8d Equty Sch•rM. Thom amwnts ar• Induded in invèstm&nts. Th& College malntains 8 r89iSt8r of interosts for tAI Colw rveM1ng Body mèmb&ryJ and where any momber of the College Goveming Body hos 8 mat•rial inte81 in a matter, they are requirgd to doclare that fact. Durfng th8 year no fe¢s or èr& paid to Felbw8 In raspect of Iheir du 8$ Tnjstees. Wh8re a ColK8ge TnJ¥tae trds a non4x•uJlfve p)si for an •nlity in whKh the has an inveslrn¢nt. the Governing Body may approve the retentiM of ony fee5 paid or stipul81¢ that such fees aT• p8s$44 to Ihe C(Aley. F¥ll¢)ws are romuneralgd for lèading. rgs•arth ¢)ther dul*s wthin the Colw. Fellows are blllod for any private catering. Thè salari•s paKI lo Trustee¥ in the yw are SrnaMe In tat4e bd(w. PaEe149
TRINITY HALL Notes to the Accounts From To 2025 Numb•r 38 2024 Number £0 £10,001 £20,001 £30,001 £40,001 £50,001 £60.001 £70,001 £80.001 £90,001 £100,001 £110,001 E120,001 £130,001 £10,CM £20,000 £30,OCKJ £40,000 £50,000 £60,000 £70,000 £80,000 £90,000 £100.000 £110.000 £120,000 £130.000 £140.000 Totsl 33 10 71 tolal Trusta• saLqri•8 £1,79Y,000 for t y•ar12024'. £1.817,9401. Tha Trusta8s w•r• al80 Paid oth•r laxa0 b8n•fits (irKIthng ffiYer Nabonal IuranCe ¢ontn'bution$ and employer cxjntributions to pension81 which tOtald £375.LTh)O for the year (2024.. £382.CO)I Co118ge has taken advantago ol lh• •xwnption wrthin secllon 33 of FRS 102 not to dl8¢h)$8 trangActh)ns with wholty owned group comwies Ihal are relaled parties. 30. ACQUISITION OF MARTELS MANAGEMENT LIMITED On 3 0¢10r 2024 tho Colbg• a¢quirnd 1fy)% ol Ihg sharn capnal of Martels Man8geThnt Limited a UK bas anbty for a total SIderab"On ol E4,943,000. Mart81$ M8n89sm•nl'$ prin¢ip•l ty7ty is thal ol th• m8n8g8mont ol inv•sbnent properU&s and delNery ol rental r•ium8 In Ess¢x, UK. The IlOW9 tab summarises th& th)SKlwation pokj by Iho Co11998. lh& falr value ol assets acqulrod, li¥bililK*8 a$sumod and th¥ non-¢ontrdlin9 intor¢st at ths •cwisith)n dat•". Page150
TRINITY HALL Notes to thg Accounts 30. ACQUISITION OF MARTELS MANAGEMENT LIMITED IContinud} R•eognls•d mount$ of Id•ntlnabl& ass #¢qulr•d, and li•bllltl•s Assum•d: Mot• Book Valu• Adluslm•nts £000 F•lr Value £000 £000 Inv&slment 793 4.915 Trade debto 12 45 45 Other dtrbiors 12 15 15 Accruals and d&forr•d Incorn8 14 17 Oth8r creditors 14 16 16 Total id18& net aSg8ts 820 CC91d6roI1Cfi transfoff Goochvill 8rfsln on Ac uisibijn Prlor to acqulslJon. the investment properties wera reco1$ as prop81ty. Fan1 and oqulFfftenl and h•ld at C051. ThÉ asset8 wèrè brought in line wllh thglr lalr value al the dats ol wuisil'on and ih8re was a in the basis of accounung to invèsbn8nt proportieB. Th• Acquisition ol Martèls Monag•menl Limited was 8•llled in co8h amount¢d to £4.942.OCQ. Th8 r•v•nu8 trorn Martels Management Limit induded In the Con801id8ted Stalom8nl of Compr•hs1ve Incorne and Expanditure A(ttunl f 2024 was £178,000. Martols Manwmont Limitod also cCtr(l • 8Lwplus or £33,000 over the game period. Page151