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 con￿lIdated Siatemènt of ComprehensNe Incom8 and Expenditure 29 College Statement ol ComprehensNe I￿•m6 and Expenditure 30 ConsOl￿ated 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 Vic￿3ster. 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 prOf￿0r 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 st￿8￿ 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 Gur￿8 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 wo￿1 Dr Greg Taujar￿k88 Dr Bill Baluna$ Dr Sour8v Sarkar Dr Gwèn wyatt-m￿n (to 30.07.20241 Dr A8n8 Drlèselk)v• Or jar￿ 08Vi83 Or Joghu8 Lwonca Dr SufAmic*ay 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• LI￿3￿M lfrom 1.10.20241 Dr Vldya Venkatesh Ifrorn 1.10.20241 Dr Edd M*"r Ilrom 1.10.20241 Dt Borts Bc41￿1 (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 Mgel*n Or Nelson Lam Ito 3T.07.20241 Dr Alana Mai10$110 1&0620241 Audltori Poters Elworthy & Moor• Salisbury House Station Road Cambridge CB12 8•nk•rs Uoyds Bank ple 3 Sidney Stwt CambrKlg& CB2 3HQ Sollcltors Birkett8 LLP 22 Sl•Jon Road Cambndge CB1 2JD Illlls & Re•￿ LLP Botsn￿ House 98-100 HilLs Road Cambridge CB2 1PH Farror & Co LLP 66 Lincoln'5 Inn Fiekls LoThau) WC2A 3LH Prlncipal Prop•rty Ag•nt# 8ldw•lls Bldwell House TrUM￿ngton Street Cambridge CB29LD Carter Jonas One Station Square CambrKJge CB12GA Tram¢o Carnbridy Ltd Nine Hills Road CambrKlge CB2 1GE Page13 TRINITY HALL Operating and Financial Review For the Year Ended 30 June 2025 Status Trinity Hall, or The Master. Fellows and Stholats of the College or Hall of th8 Holy Trinty in Ihe Unwersty of Cambridge. was fourKJed by Bishop Bateman of Norwich in 1350. The College is an autonomous. self-goveming community of schc4ars, and one of 31 Colleges within the University of Cambridge. The College is a registered charity and its regislere(J ¢harity number is 1137458. Alms and objectlves The Coll8ge Is an instllution of higher education. Its purposes are the a(fvancement of education. religion. leamlng and r6search. Th6 College admits las junior membeTsI undérgraduate and postgraduate students malriculated In the Univer5ty of Cambrhlge. 11 provides financial and other support lo those of Its members who require rt In order lo athieve its purposes and il sijpports taaching and research in the University. In ffiJrtheranc8 of its objectNes. the College maintains and managas an •ndowment of assets. Induding properties. Besides financi81 and lulorial Support. it provides accommodation, catering and other seTvice5 to tis members and others. Governance arrangements for the College ar8 881 out on page 12. OvèrvSew of the Year Key Ilgur•¥ Operatlng doficlt (unrestricted) College investmenU$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 Col*e'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 p￿SSureS 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 grcr*V 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 refu￿lShMent 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 ach￿ernents and ￿rtOrn￿n￿ 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 Horne￿u 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 eXcel￿nCe of the Cdlege. regardless of their ￿an￿al, 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 Part￿paI￿n 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 admISs￿n5 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 Collab￿ation 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 eligi1￿e 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.OL￿j was spent on speclfl¢ $lud8nlships for poslgr8duate students represents'ng 157% 1130%) of postgraduate fee income {£714.OCH) ¢1. £705.()JO In 202>24}. In addlllon lo these specific awards the College supports its entire student body. both undergraduate and poslgraduale. by subsidlslng their leaching and living arrangements with operational support from its endowment. This Is taken annualty from the total relum ol Inveslmenl assets. For thè accoun￿n9 year 2024-25 the deficit on the Education Aecounl wa$ £7.2 mi11Son 1£6.5 millAxl- thu$ $upport for each student of all cla3888 averaged lu$1 over £13.3291£11.4701. The College also supports all students through a grant scheme lo asslsl ￿th the purchase of books and equipment. allendancos al conforoncas. childcare and Iravol. In addition lo Ils other programm8S, the College operates a hardship scheme for all students In financial hardship. The College's mulli-discip1￿ary Wellbeing Team provKles sbAents experiencing wellbeing-related S$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 pe￿OnallY, 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 r￿ur@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 COl￿e 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 be￿8&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¢J￿rnent ￿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 In￿rn8 2023 v 2024 v 2025 11 Inc Other •2023 •2024 •2026 Total Expendtiure 2023 v 2024 v 2025 12 10 EdLKal ACC CU Ccffllrtb *2￿2￿ •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 re￿rd 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 COl￿e exited in 2024 in ac¢crfdan¢e ￿1h its investment Fdicy. Secondly a number of managed aCc￿nIS 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 there1￿8 impxts distributions. There was also a reduth'on in bank Inte￿$t (re¢ord&J in Other Income) as cash deposits vffie invested Into property opw1unitie8 which will generate long-tem incom stream8 and capital growth fty th? Col*e. P. In our opinlon the financlal statements: glvè a tru6 and falr vl6w of the state of the Group's and Colleg8's affairs as al 30 June 2025 and of ils Incoming resources and application of resourcès lor thè yèar then ended: have b9en properly prepared in accoup and College and its environment oblain8d in the ¢ours¢ of the audit. we havts not identified material misststements in the Operating and Flnanci81 Review. We have nothing to roport in rospgct of the following matters in rolat￿n to sthl¢h tha Charitles {accounts and Reports) R¢gulations 2008 roquire us to report lo you rf. n our opinion.. svfflcient accounting records have not bgen kept., or the financial slalements ara not in agr6&menl wlth thè aecounling records,. or w8 have not received all the Infomation and &xplanalions wé requir8 for our audiL Re*pon•lbllltl•$ 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 appIl￿ble. 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 reasonal￿e assurance abwl W￿ther 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. I￿egularitIeS. including fraud. are instances of non-compliarKe with laws and regUlat￿nS. 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 kno￿edge 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 Com￿lanCe with which M￿h1 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 regUlaI￿n$ identified were communicated vathin Ihè audll t8am regularly and the team remained alert lo instances of nonns 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 balar￿e$ 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 col￿ge is entitled ￿ the funds, when receipl is probablg and when amounts can be measured reliably which is the earl￿r 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 aC￿Unt 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 fore￿ft currencles are recorded al the rale of exchang8 ruling at the dale of the transaekn"ons. Monetsry assets and liabilities denominated in f￿91gn 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 cOmp￿h8n$1v8 Income and Expendhure as folbws: Income- Expend'rture- £110.632- (r￿le 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 Impalm￿nt 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 dep￿eLgted 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 w￿h the depreciation policy. Loas•d ass•ts Fixed assets held under finance leoses ond the related base obllgatlon8 ara racorded In the balar￿e 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 nUM￿r 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 carr￿d 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 befv￿en 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 OT￿nt 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 an￿rtIsed 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 O￿lgat￿)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 c￿￿geS F￿8rat&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 comp￿Sated 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 balan￿S 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 definit￿n, 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 liabilit￿s. 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 Contribut￿nS 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 *￿ID In Oor uo ccc rtrr> io** PknP- aj 11 Iiiiill 111 lllllll |lU IIID Iiiiill 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 nonstsI GOI￿e Membe Confefences 4,655 302 1.837 170 4,773 314 1,762 161 C8terlng 7,010 Expenditure has t￿n allocated to the expenditure h&arlings in dir8ct prowrtion to the In￿Me in Note 2 PaRe135 TRINITY HALL Notes to the Accounts I. ANALYSIS OF EXPENDrruRE BY ACTI￿ry 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 Col*g•'s exiem81 •LKlitors 53 53 50 50 STAFF COSTS C¢nsolld*tsd 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 ROmUr￿Tat1￿ InchJdo8 salary and any ￿x￿O 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$nl p•rnMn61 w• Ihoso peryons hawng aulI￿rity r8spcfflsitMIty for plannkng. dlr8ctiNJ 8nd ￿ntrOlliN Ihe activ￿.88 of Ihè Cdl•g0. The aggregated remunerakn paid lo key management perscfflnel con$i$ts ol salary, e￿￿0ye￿$ national in8urydnc• contribLrtions, ern￿oYe￿5 pèn8￿ crmtn'buborss, Ius 8rry taY#￿e bèn•fits •ithar PAid, payab￿ or provhl•d gross of Any $818ry $8crllke 8n8ngtrm￿tB. 30 Jun 25 £000 30 Jun 24 £000 Key managemont porscffln61 692 681 Thg Trustees recwved no 01￿￿m￿lS in thelr capauty as Truste68 ol ihè Chanty. Page | 37 0> c Q. Wthough issued through a fvndin9 velidg, tho Cc41w has no rosF*Msiblity 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 Inswa￿e cOry￿￿tion 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 ccFPS￿Ss 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• Y￿1. 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 sC￿larshIp 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￿¢1￿d •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 Ntsnr year Thè lalg$1 availab￿ cornplole a￿8￿¥1 v•kolitin ol thg R•tirement In(A)￿ Buldèris at 31 March 20231.the valuatlon dale") and ¢grried thJt usiro the projected untt methrA1. Since th8 Colle9è cannol IdeTr￿.fy its share of USS Rebrement Inc(￿e Builder {tlefjr￿ benefit) a￿ts and liablllues, the foll0v￿n9 dls¢losur88 reflect th)se relevant for IJN)ge as$ats and liabilities as a %thdo. The 2023 valualK)n was the seventh vauation for lh• scheme under the scheme-sp￿￿f￿ furKllng regirne inlrcrflu¢¥d by the Pensions A¢1 2004, whlch requir8s schemes to ha¥* suffi¢ient and appropriate assets to ctsv•r Iheir technic81 prDvisions. Al the valuation dale, tha value of the assets of the scheme was £73.1 b'lliM and the value of the scheme's tsthni¢al provisbns was £65.7 bllllon lTrJicating a suwus of £7.4 bi￿lon and a funding ralJ"o of 11 IY•. Page I d5 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￿-te￿i 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% {proV￿1ng 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 8Xpe￿anCe 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• Co1￿9￿ F•dv•t•d P•n¥lofft Sch•nw Thè college operai¢s • dofinod bontrfils FA•n for Iho C¢llop$4mplo￿$ of ts C￿lrid￿ Coll8g•s' F8d8ratsd Pensb)n g¢heme. The liabilities ol the plan have been ￿l¢￿I￿led. 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 Cd*ès' Fèderaled PenS￿n Scheme. bul allowng for the diffe￿nt assumptions rwuired urbjer FRS102 tsking fully into C&l8ld8rallon changes in the plan benefit strudure and momber5hip $ince Ihat daig. The prfndpal actuprial a￿umPI10r￿ al Ihe balwce $heet dale w¢m.' 30 Jun 2025 30 Jun 2024 Dlscounl rat Increase in S￿aries.10 2030 Incmsa In saLaries -frcrn 2031 RPI assumption CPI assuM￿On lo 2030 CPI assumption from 2031 Penslon in¢re8se$ in paymènt IRPI Max 5% pal Pension increases in payiTWt (CPI Max 2.$% pa) 5.50V• 2 40V. 3.30% 2.90V. 1.90% 2.80V. 2.85Vty 1.85Y• 5.10% 2.85Q/ 3.75'/tr 3.35°1. 2 35./. 3.25Vo 3.15Y. 2.00V. PaRe146 TRINITY HALL Notes to the Accounts 26. PENSIOM SCHEMES {Continu•d} The uThJedw'ng mortality assurnpl￿ is basèd upon the siaThJard laFAe known as S3PxA on a year of birth usage CMI 2023 fijture Improvement factors and a long tem rnte of ftrture improvemgnt of 1.25°A p.a. This resLdts in Ihe following lil• èxpèdanciès.. Male age 65 now has 8 Iwe expèctsncy 0121.4 year5. Female age 65 now has a lile expeclan¢y 0124 years. Male Age 45 now, retiring al age 65. has a life eXpectar￿Y from 65 of 22.7 years. Fem8b ag6 45 now. reth'ring at age 65, has a lifo •xpe¢tancy Irom 65 of 25.4 yèars. Employqè B•n•fft ObllgaVon• Th¥ amounts r￿09n1$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 $¢Nic8 Cost Administrativ6 expensos IGOIn￿oSS on F4an than9es Intarast on net ¢Jelined benefi1 las3elYTh'a￿Ity Total 76 33 134 25 149 243 258 30 Jun 25 30 Jun 24 Chang•s in fv prn$ant val￿ of t￿ pl￿ *r• •$ folknws.. Pr¥s•n¢ value of ￿an Uabilitles al hginning of Current servi(* cost linduding emplo￿,8 ¢(￿1ntmrtIUI￿1 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.. Mar*et 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 ¢on￿lbut￿nS 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 finan￿￿1 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 ExPer￿D¢e gains and losses 8rfsirvJ on plan li8bilitig Chang8s In as$umption8 und8rlyirg present vak* of plan Ilabillti•s Actuarlal galnl11￿Sl roc09n￿#d Irb OCI (767) 126 11101 36 52 1.279 575 Mov•m•nt In 8u4)lu$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 Con￿ltte•, adin9 a$ lh& TDjst￿ of tho S¢h•m•, by 8 qualifiod Ind*￿nd•At a￿￿ry. Tha Adu￿781 assumptiong Unde￿n9 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 ReCO￿ry PLqn hos boen a9￿d 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. pay￿8 fr)r tho porh)d frem 1 July 2024 to 31 January 2030. These payments art suw to le￿eW Idloww)g ihe ￿xI fund1￿ vaklation. due 85 al 31 March 2026. Tha total pan￿on cost. aft81 pwsonal h•alth ￿ts￿ance 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: COn￿lbU￿0ns 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. AL￿8 Amerl¢8. Martols ManagerTWIt Ltd and Aula121 Limited 1087876691811 of which are incorporated in Englatvj except Aula Am*i¢a incofporated in Delaware. 28. CONTINQENT LIA81UTIES AND ASSETS USS P•n•lon Sch•m• A cOn￿ngenI liability •xlsts In rel8tr.rn to ihe pensKJn valUat￿n recovery plan. 8inc*lho Cdle9918 an ernployorolmèmbors within lh8 $ch￿ne. 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 un8￿8 to dentify its $h8r• ol the underlying 898018 8nd Iiatsliti•s. the conts'rw)I liabilrty 18 not recognlsed 85 a provlsion on th& b818nca sh•et. The 088ocialod rec•lvabl• from I￿ 6chwn• in f•SP8Ct ol tho Cdltrgg's &ywnditure is 8imil8dy not rècogni9ad. 29. RELATED PARTY TRANSACTIONS tlying to the n4￿r• ol Ilw Co118g•'s operatM3 ond COff￿0￿10n of tho Cc41890 Govemin9 Boty. it is in8vilablo thal Iran88Ctions will tok8 place with organI￿tiOnS in %thich a Cc41egg Gov•ming Body m?rnb¥r may have an interèst. All transactions involving OfganisatKJrffj in ¥ fflem￿r ol the Colleg8 GovemlThJ Body may have an inl¢rast are conOu¢ttsd at am.810￿th and In acix>rdorKX wth tha Cc4W's wm#l pMC8dw￿. In addltion, the Col*e h88 provid•d bans tct hsfelbws a8 part ofa Shar8d Equty Sch•rM. Thom amwnts ar• Induded in invèstm&nts. Th& College malntains 8 r89iSt8r of interosts for tAI Colw r￿veM1ng Body mèmb&ryJ and where any momber of the College Goveming Body hos 8 mat•rial inte￿81 in a matter, they are requirgd to doclare that fact. Durfng th8 year no fe¢s or *èr& paid to Felbw8 In raspect of Iheir du￿ 8$ Tnjstees. Wh8re a ColK8ge TnJ¥tae tr￿ds 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$44 to Ihe C(Aley. F¥ll¢)ws are romuneralgd for lèading. rgs•arth ¢)ther dul*s wthin the Colw. Fellows are blllod for any private catering. Thè salari•s paKI lo Trustee¥ in the yw are S￿rnaMe￿ In tat4e bd(w. PaEe149 TRINITY HALL Notes to the Accounts From To 2025 Numb•r 38 2024 Number £0 £10,001 £20,001 £30,001 £40,001 £50,001 £60.001 £70,001 £80.001 £90,001 £100,001 £110,001 E120,001 £130,001 £10,CM £20,000 £30,OCKJ £40,000 £50,000 £60,000 £70,000 £80,000 £90,000 £100.000 £110.000 £120,000 £130.000 £140.000 Totsl 33 10 71 tolal Trusta• saLqri•8 £1,79Y,000 for t￿ y•ar12024'. £1.817,9401. Tha Trusta8s w•r• al80 Paid oth•r laxa￿0 b8n•fits (irKI￿thng ffi￿Yer Nabonal I￿uranCe ¢ontn'bution$ and employer cxjntributions to pension81 which tOtal￿d £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)$8 trangActh)ns with wholty owned group comwies Ihal are relaled parties. 30. ACQUISITION OF MARTELS MANAGEMENT LIMITED On 3 0¢10￿r 2024 tho Colbg• a¢quirnd 1fy)% ol Ihg sharn capnal of Martels Man8geThnt Limited a UK bas￿ anbty for a total ￿SIderab"On ol E4,943,000. Mart81$ M8n89sm•nl'$ prin¢ip•l ￿ty￿7ty is thal ol th• m8n8g8mont ol inv•sbnent properU&s and delNery ol rental r•ium8 In Ess¢x, UK. The I￿lOW￿9 tab￿ summarises th& th)SKlwation pokj by Iho Co11998. lh& falr value ol assets acqulrod, li¥bililK*8 a$sumod and th¥ non-¢ontrdlin9 intor¢st at ths •cwisith)n dat•". Page150 TRINITY HALL Notes to thg Accounts 30. ACQUISITION OF MARTELS MANAGEMENT LIMITED IContinu*d} R•eognls•d *mount$ 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 id￿1￿8￿& net aSg8ts 820 CC￿91d6roI1Cfi transfoff Goochvill 8rfsln on Ac uisibijn Prlor to acqulslJon. the investment properties wera reco￿1$￿ as prop81ty. F￿an1 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•h￿s1ve Incorne and Expanditure A(ttunl f￿ 2024 was £178,000. Martols Manwmont Limitod also cC￿tr￿(￿l • 8Lwplus or £33,000 over the game period. Page151