2023-07-31-accounts - Hughes Hall In The University Of Cambridge

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				Page
Reference and Administration Details
Members ofthe Governing Body
Report ofthe Trustees				4 —18
Report ofthe Auditors				19-22
Statement of Principal Accounting	Policies			23 —29
Consolidated Statement ofComprehensive		Income and Expenditure		30
Consolidated and College Statement ofChanges			in Reserves	31
Consolidated and College Balance	Sheet			32
Cash Flow Statement				33
Notes to the Accounts				34 —52

Name ofCol	lege:	lege:
The President	and Fellows		of Hughes Hall in the University		ofCambridge
Address:	Hughes	Hall
	Cambridge
	CB1 2EW
Charity Commission		Registered No: 1137471
Advisors:
Auditors			Peters Elworthy	& Moore
			Salisbury House
			Station Road
			Cambridge
			CB1 2LA
Solicitors			Ashton Legal
			Chequers House
			77-81 Newmarket	Road
			Cambridge
			CB58EU
			Mills 8 Reeve
			Francis House
			112Hills Road
			Cambridge
			CB2 1PH
Bankers			Lloyds Bank
			3Sidney Street
			Cambridge
			CB2 3HQ
Fund Managers			Cazenove Capital
			1 London Wall Place
			London
			EC2Y 5AU
Senior officers:
Head of House			Sir Laurie Bristow (from 01/10/2022)
			Dr Anthony Freeling (to 30/09/2022)
Bursar			Mr Jonathan Newby
Senior Tutor			Dr Tori McKee

The trustees ofthe College duri	The trustees ofthe College duri	ng the period 1 August 202	2 to 31July 2023 were:
Head of House Sir Laurie Dr Anthony		Bristow (President) (from Freeling (President) (to	1 October 2022) 30September 2022)
Fellows:
Dr Farah Ahmed			Mr Jonathan Newby *
Mr Mark Anderson (resigned		31 March 2023)	Prof William Nuttall
Dr Stephen Axford			Prof Ajith Parlikad
Prof Michael Barrett			Prof Jorge Pinto-Da-Silva-e-Conceicao-Santos		(from	1
Dr Jimmy Chan			September 2022)
Mr William Charnley			Prof Jonathan Powell
Dr Othman Cole			Mrs Laurel Powers-Freeling
Dr Bart de Nijs			Dr Perla Pucci
Dr Paula De Oliveira-Banca			Dr Corinne Roughley
				*
Prof Gishan Dissanaike			Prof Ricardo Sabates-Aysa
Prof John Doorbar			Dr Carole Sargent*
Dr Pete Dudley			Prof Kishore Sengupta
Dr Fatmah Mish Ebrahim			Dr Guillermo Serrano-Najera	(from 1 February	2023)
Ms Emily Farnworth Prof Tamsin Ford			Prof Eugene Shwageraus Prof Nidhi Singal *
Dr Markus Gehring			Dr Jeffrey Skopek
Prof Emanuele Giovannetti			Prof Jacob Stegenga
Prof Sara Hennessy			Dr Martin Steinfeld
Dr Sarah Hoare			Prof Andreas Stylianides
Prof Riikka Hofmann			Dr Livia Tomova
Dr Sonia llie*			Prof Paul Tracey
Prof Bill Irish *			Prof Caroline Trotter
Dr Agnieszka Iwasiewicz-Wabnig			Prof Suzanne Turner
DrYury Korolev * (resigned 31 December 2022)			Dr Lars Vinx*
Dr Alastair Lockhart			Prof Rupert Wegerif
Dr Andrew Mackintosh	(resigned 30September 2022)		Dr Clive Wells
Ms Mahnaz Malik *			Dr Claire West *
Dr David McCay			Dr Jessica White
Dr Tori McKee *			Dr Nigel Yandell

xpenditure during the year was F8.15m (E7.40m in 2021/22) which included aF0.49m (E0.48m in 2021/22) depreciation. Capital funding costs ofE0.72m (E0.73m in 2021/22) were all interest costs.	xpenditure during the year was F8.15m (E7.40m in 2021/22) which included aF0.49m (E0.48m in 2021/22) depreciation. Capital funding costs ofE0.72m (E0.73m in 2021/22) were all interest costs.	xpenditure during the year was F8.15m (E7.40m in 2021/22) which included aF0.49m (E0.48m in 2021/22) depreciation. Capital funding costs ofE0.72m (E0.73m in 2021/22) were all interest costs.	xpenditure during the year was F8.15m (E7.40m in 2021/22) which included aF0.49m (E0.48m in 2021/22) depreciation. Capital funding costs ofE0.72m (E0.73m in 2021/22) were all interest costs.	xpenditure during the year was F8.15m (E7.40m in 2021/22) which included aF0.49m (E0.48m in 2021/22) depreciation. Capital funding costs ofE0.72m (E0.73m in 2021/22) were all interest costs.
tre's income during the year was F2.94m (F2.24m in 2021/22). The expenditure was F2.30m (R1.36m in The net surplus was F0.63m (F0.88m in 2021/22) during the year and this will be spent in the following
			2023 Total	2022 Total
Ordina Income			9,454,129	7,861,246
Ordlna Ex endlture			8,150,634	7,397,051
Sur Ius on ordlna	income		1,303,495	464,195
Donations received includln le ac			672,380	506,724
New endowment			50,000	1,047,763
Ca ital Grant from Colic es Fund			1,147,000	1,203,000
Fundin costs			722,216	726,431
Brid e Centres net			633,805	877,931
Effectof other alns, losses and char es			542,834	951,901
Total corn rehenslve	income for the	ear	2,541,630	2,421,280

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Group	Income and Unrestricted	expenditure Restricted	reserve Endowment	Total
Balance at 1 August 2022	43,189,517	2,548,100	8,461,970	54,199,587
Surplus from income and expenditure statement	2,299,068	512,966	(242,218)	2,569,816
Other comprehensive income Transfer between funds	(28,186)	(2,500)	2,500	(28,186)
Balance at 31July 2023	45,460,399	3,058,566	8,222,252	56,741,217
College	Income and Unrestricted	expenditure Restricted	reserve Endowment	Total
			F
Balance at 1 August 2022	43,794,176	2,538,633	8,461,970	54,794,779
Surplus from income and expenditure statement	2,347,604	489,615	(242,218)	2,595,001
Other comprehensive income Transfer between funds	(28,186)	(2,500)	2,500	(28,186)
Balance at 31July 2023	46,113,594	3,025,748	8,222,252	57,361,594
Group	Income and Unrestricted	expenditure Restricted	reserve Endowment	Total
Balance at 31July 2021	41,994,706	1,885,600	7,897,998	51,778,304
Surplus from income and expenditure statement	1,202,494	662,500	563,972	2,428,966
Other comprehensive income	(7,683)			(7,683)
Balance at 31July 2022	43,189,517	2,548,100	8,461,970	54,199,587
College	Income and Unrestricted	expenditure Restricted	reserve Endowment	Total
Balance at 31July 2021	42,320,685	1,620,262	7,897,998	51,838,945
Surplus from income and expenditure statement	1,481,174	918,371	563,972	2,963,517
Other comprehensive income	(7,683)			(7,683)
Balance at 31July 2022	43,794,176	2,538,633	8,461,970	54,794,779

					2023	2023	2022	2022
					Consolidated	College	Consolidated	College
				Note	K
Non-Current Assets
Fixed assets				10	35,844,431	36,286,094	36,034,516	36,476,526
Investments				11	41,456,289	41,456,289	39,130,734	39,130,734
Total non-current assets					77,300,720	77,742,383	75,165,250	75,607,260
Current Assets
Stocks				12	19,377	19,377	21,263	21,263
Trade and other receivables				13	795,820	1,256,495	665,028	919,892
Cash and cash equivalents				14	2,029,458	1,550,152	1,317,925	1,143,481
Total current assets					2,844,655	2,826,024	2,004,216	2,084,636
Creditors: amounts	falling		due
within one year				15	(2,741,578)	(2,544,233)	(2,166,574)	(2,093,812)
Net current assetsl(liabilities)					103,077	281,791	162,358	9,176
Total assets less current			liabilities		77,403,797	78,024,174	75,002,892	75,598,084
Creditors: amounts	falling		due	16	(20,124,650)	(20,124,650)	(20,309,731)	(20,309,731)
after more than one	year
Provisions
Pension provisions				17	(537,930)	(537,930)	(493,574)	(493,574)
Total net assets					56,741,217	57,361,594	54,199,587	54,794,779
Restricted reserves
Income and expenditure		reserve—
endowment reserve				18	8,222,252	8,222,252	8,461,970	8,461,970
Income and expenditure		reserve—
restricted reserve				19	3,058,566	3,025,748	2,548,100	2,538,633
					11,280,818	11,248,000	11,010,070	11,000,603
Unrestricted Reserves
Income and expenditure		reserve—
unrestricted					45,460,399	46,113,594	43,189,517	43,794,176
Total Reserves					56,741,217	57,361,594	54,199,587	54,794,779

			Note	2023	2022f
Net cash inflow from operating activities			21	3,562,509	5,077,439
Cash flows from investing activities			22	(1,949,120)	(4,969,508)
Cash flows from financing activities			23	(901,856)	(901,678)
Increase/(Decrease) in cash and cash	equivalents	in the year		711,533	793,747
Cash and cash equivalents at beginning	ofthe year			1,317,925	2,111,672
Cash and cash equivalents at end of	the year		14	2,029,458	1,317,925

	Academic fees and charges	Academic fees and charges	Academic fees and charges						2023 K	2022f
	Colleges fees:
	Fee income received at	the	regulated undergraduate				rate		457,077	524,373
	Fee income received at	the	unregulated	undergraduate			rate		1,002,167	945,437
	Fee income received at	the	graduate rate						2,676,490	2,229,931
									4,135,734	3,699,741
	Other income:
	Research Fellow Support (funded through					donations)			39,311	39,368
	Bursaries (Cambridge Bursary Scheme			and other donations)					272,023	248,505
	Teaching and Other Income									30,000
	Total								4,447,068	4,017,614
	Income from accommodation, catering					and conferences			2023	2022
	Accommodation		College members						2,735,587	2,735,385
			Conferences						445,157	219,652
	Catering		College members						303,450	373,177
			Conferences						224,225	96,109
	Total								3,708,419	3,424,323
	Endowment return and	investment income
	The Total Return investment		accounting	policy only applies tothe Long Term Fund
									2023 K	2022f
3a	Analysis ofEndowment	income
	Total return contribution	(see note 3b)							239,771	230,465
	Land and buildings								38,082	32,510
	Quoted securities								633,393	186,856
	Income from short-term	investments							379,444	28,086
	Other investment income								5,663	2,160
	Total								1,296,353	480,077
3b	Summary oftotal return								2023	2022
	Income from:
	Quoted and other securities		and cash						139,164	91,810
	Gains/(losses) on endowment assets:
	Quoted and other securities		and cash						(180,323)	(344,490)
	Investment management	costs (see note			3c)				(37,949)	(36,190)
	Total return for the year								(79,108)	(288,870)
	Total return transferred note 3a)	to	income and	expenditure			reserve	(see	~239,771	~239,485
	Unapplied total return Comprehensive Income	for year included within Statement and Expenditure (see note 20)						of	~318,879	~519,335

3c	Investment management	Investment management	costs			2023	2022
	Quoted securities	—equities	including	in Total return		37,949	36,190
	Quoted securities	—equities				63,108	55,140
	Total					101,057	91,330
4	Bridge Centres (Restricted)
			Source ofFunding		Income	Expenditure	2023Total	2022 Total
						E
	HEE Academic Research		Health	Education		(79,794)		79,794
	Evaluation		England
	Oracy Cambridge		Various		36,015	(41,998)	(1,994)	3,989
	Inquiring Learners		Dr Ron	Zimmem	10,000	(14,704)	4,028	8,732
	Digital Education Futures		Dipont,	Various
	Initiative (DEFI)				127,498	(164,268)	157,682	194,452
	Cambridge Teacher	Research	Dipont,	Various
	Exchange (Camtree)				(5,213)	(125,283)	69,731	200,227
	Centre for Climate Engagement (CCE)		Hatton Trust, Conduit Trust, ECF, SMU		g65 1g2	(882,461)	473,577	390,846
	Boards for Climate Action		CIFF8	Ikea Foundation	1 345305	(856,266)	1,047,645	558,606
	Cambridge Digital Innovation		Various		179,702	(138,168)	222,402	180,868
	(CDI)
	Totals				2,658,499	2,302,942	1,973,071	1,617,514
5	Education expenditure					2023	2022
	Teaching Tutorial					1,420,962 1,052,489	1,299,270 954,288
	Admissions					1,049,208	962,755
	Research					603,270	633,528
	Scholarships and awards Other educational facilities					501,050 547,154	456,388 409,271
	Total					5,174,133	4,715,500

TH	E YEAR ENDE	E YEAR ENDE	D 31J	D 31J	ULY2023	ULY2023
6	Accommodation,		catering		and conferences		expenditure	2023f	2022
	Accommodation			College members				2,533,122	2,649,935
				Conferences				412,210	73,751
	Catering			College members				280,991	240,026
				Conferences				207,631	42,970
	Total							3,433,954	3,006,682
7	Other Expenditure							2023	2022
	Loan Interest							25,198	26,505
	Bond Interest							191,467	191,424
	Other expenditure		including		USS			48,098	183,370
	Total							264,763	401,299
Sa	Analysis of	2022/23		expenditure		by activity
				Staffcosts			Other
					(Note	9)	operating
							expenses	Depreciation	Total
								f.
	Education (Note 5)				2,620,759		2,405,298	148,076	5,174,133
	Accommodation,
	catering and
	conferences	(Note	6)		1,346,793		1,741,650	345,511	3,433,954
	Other (Note 7)						263,602	1,161	264,763
	Bridge Centres				997,305		1,305,637		2,302,942
	Totals				4,964,857		5,716,187	494,748	11,175,792

Analysis	of202	1/22 exp	enditure	by activi	ty
					Staff	Other
					costs	operating
				(Note 9)		expenses	Depreciation	Total
						R
Education	(Note	5)		2,428,224		2,142,903	144,373	4,715,500
Accommodation,		catering	and
conferences (Note 6)
				1,134,549		1,535,264	336,869	3,006,682
Other (Note 7)						400,444	856	401,300
Bridge Centres				297,484		1,060,705		1,358,189
Totals				3,860,257		5,139,316	482,098	9,481,671
Auditors'	remuneration						2023	2022
Other operating		expenses	include:
Audit fees	payable to the		College's	external	auditors		31,000	23,100
Other fees	payable to the		College's	external	auditors		2,075	2,809
							33,075	25,909

YEAR ENDED 3	1JULY202	3
Tangible Fixed Assets	Consolidated
				Furniture
				fittings
	Freehold	Freehold	Motor	and	Kitchen
	landf	buildingsf	vehiclef	equipmentf	equipmentf	Totalf
Cost
As at 1 August 2022	15,584,741	25,432,689	11,000	553,054	81,630	41,663,114
Additions at cost			51,599	262,619	6,029	320,247
Disposals			(11,000)	(163,732)	(53,524)	(228,256)
As at 31 July 2023	15,584,741	25,432,689	51,599	651,941	34,135	41,755,105
Depreciation
As at 1 August 2022		5,127,309	11,000	421,540	68,749	5,628,598
Charge for the year Disposal		375,069	10,320 ~11,880	102,532 ~148,148	6,827 ~53,524	494,748 ~212,672
As at 31 July 2023		5,502,378	10,320	375,924	22,052	5,910,674
Net book value
As at 31 July 2023	15,584,741	19,930,311	41,279	276,017	12,083	35,844,431
As at 31 July 2022	15,584,741	20,305,380		131,514	12,881	36,034,516
Tangible Fixed Assets	College
				Furniture
				fittings
	Freehold	Freehold	Motor	and	Kitchen
	landf	buildingsf	vehiclef	equipmentf	equipmentf	Totalf
Cost
As at 1 August 2022
	15,584,741	25,876,948	11,000	549,372	81,631	42,103,692
Additions at cost			51,599	261,114	6,027	318,740
Disposal			(11,000)	(163,734)	(53,524)	(228,258)
As at 31 July 2023	15,584,741	25,876,948	51,599	646,752	34,134	42,194,174
Depreciation
As at 1 August 2022		5,127,310	11,000	420,105	68,750	5,627,165
Charge for the year Disposal		375,070	10,320 ~11,080	101,371 ~148,148	6,826 ~53,524	493,587 ~212,672
As at 30July 2023		5,502,380	10,320	373,328	22,052	5,908,079
Net book value
As at 31 July 2023	15,584,741	20,374,568	41,279	273,424	12,082	36,286,094
As at 31 July 2022	15,584,741	20,749,638		129,266	12,881	36,476,526

					2023f	2022f
As at 1 August 2022 Additions					39,130,734 7,955,122	34,857,424 4,078,659
Disposais proceeds Gains					(4,798,957) (513,562)	(3,641,162) (944,218)
Increase in cash balances	held	at fund managers			(317,048)	4,780,031
As at 31 July 2023					41,456,289	39,130,734
Represented by: Property Quoted securities - equities					667,716 5,819,908	667,716 5,888,629
Quoted securities - bonds Quoted securities - Multi-asset Quoted securities - Alternatives Cash in hand		fund & Funds			11,069,309 1,246,192 2,272,639 20,380,525	8,251,440 1,315,299 2,310,076 20,697,574
					41,456,289	39,130,734
Stocks
			Group	College	Group	College
			2023f	2023f	2022f	2022f
Goods for resale			13,525	13,525	15,844	15,844
Other stocks			5,852	5,852	5,419	5,419
			19,377	19,377	21,263	21,263
Trade and other receivables
			Group	College	Group	College
			2023f	2023f	2022f	2022f
Members ofthe College Other receivables			288,092 171,979	288,092 3,542	398,019 35,399	398,019 7,904
Prepayments and accrued income Amounts owed by subsidiary company Other taxes and social security			302,133 33,616	277,994 686,867	202,177 29,433	176,858 337,111
			795,820	1,256,495	665,028	919,892
Cash and cash equivalents
			Group	College	Group	College
			2023f	2023f	2022f	2022f
Short-term money market investments			318,646	318,646	317,387	317,387
Bank deposits Current accounts			29,541 1,681,271	29,541 1,201,965	29,286 971,252	29,286 796,808
Total			2,029,458	1,550,152	1,317,925	1,143,481

			Group	College	Group	College
			2023	2023	2022	2022f
Bank loan			185,081	185,081	179,639	179,639
Trade creditors			277,870	246,067	256,926	215,817
Members	ofthe College		764,377	764,377	928,706	928,706
University	fees		3,477	3,477	45,717	45,717
Other taxes and social security			364,080	321,573	210,548	203,200
Accruals and deferred		income	1,146,693	1,023,658	545,038	520,733
			2,741,578	2,544,233	2,166,574	2,093,812
Creditors:	amounts	falling due after more than one		year
			Group	College	Group	College
			2Q23	2023	2022	2022
Long term	bank loan		2,624,650	2,624,650	2,809,731	2,809,731
Other loans			17,500,000	17,500,000	17,500,000	17,500,000
			20,124,650	20,124,650	20,309,731	20,309,731

			CCFPS	USS	2023	2022f
Balance	at beginning	ofyear	168,767	324,807	493,574	312,188
Movement in year:
Current	service cost		4,030		4,030	4,030
Contributions			(9,870)	(31,444)	(41,314)	(18,988)
Change	in expected	contributions		36,289	36,289	184,417
Other finance cost			6,414	10,751	17,165	4,244
Actuarial	loss		28,186		28,186	7,683
Balance	at end ofyear		197,527	340,403	537,930	493,574

Endowment funds
Restricted net assets	relating to	endowments	are as follows:
			Restricted	Unrestricted
			permanent	permanent	2023	2022
Group and College		endowmentsf		endowmentsf	Totalf	Totalf
Balance at beginning	ofyear		2,921,088	5,540,882	8,461,970	7,897,998
New donations and endowments			50,000		50,000	1,047,764
Net transfer from/(to) expenditure account	income and		2,500		2,500	(2,500)
Increase/(decrease)	in market	value
of investments			(98,933)	(193,285)	(292,218)	(481,292)
Balance at end ofyear			2,874,655	5,347,597	8,222,252	8,461,970
Analysis by type of	purpose:
Fellowship Fund Student Support Fund Scholarship Other Funds			98,957 493,392 2,197,306 85,000		98,957 493,392 2,197,306 85,000	50,727 511,225 2,274,136 85,000
General endowments				5,347,597	5,347,597	5,540,882
			2,874,655	5,347,597	8,222,252	8,461,970
Analysis by asset
Investments			2,785,402	5,181,563	7,966,965	7,916,622
Cash			89,253	166,034	255,287	545,348
			2,874,655	5,347,597	8,222,252	8,461,970

Restricted Reserves	Restricted Reserves
			Permanent
			Unspent and
			Other	Restricted	Bridge
			Restricted	expendable	Centres	2023	2022
Group			Income	endowment		Total	Total
Balance at beginning		of	765,624	164,961	1,617,514	2,548,100	1,885,600
year
New donations			356,697	80,951	2,658,499	3,096,147	2,736,278
Investment income			76,619	5,663		82,282	56,653
Increase/(decrease)	in
market value ofinvestments			(2,965)	(2,952)		(5,917)	(12,089)
Expenditure			(255,660)	(101,944)	(2,302,942)	(2,659,546)	(2,118,342)
Transfer between	funds		(793)	(1,707)		(2,500)
Balance at end ofyear			940,523	144,972	1,973,071	3,058,566	2,548,100
Fellowship Funds			31,902			31,902	34,679
Scholarship Funds			432,830			432,830	439,852
Prize Funds			13,557	6,796		20,353	21,791
Student Support	Funds		215,267	8,070		223,337	235,814
Other Funds			246,387	130,106		376,493	175,300
Bridge Centres			580		1,973,071	1,973,651	1,617,514
Travel Funds							23,150
			939,943	144,972	1,973,071	3,058,566	2,548,100

			Permanent	Restricted
			Unspent and	expendable
			Other	endowment
			Restricted		Bridge	2023	2022
College			Income F		Centresf	Total	Total
Balance at	beginning	of	756,530	164,961	1,617,141	2,538,632	1,620,262
year
New donations			334,960	80,951	2,672,863	3,088,774	2,473,837
Investment	income		76,619	5,663		82,282	56,653
Increase in	market value of
investments			(2,965)	(2,953)		(5,918)	(12,089)
Expenditure			(256,273)	(101,943)	(2,317,306)	(2,675,522)	(1,600,030)
Transfer			(793)	(1,707)		(2,500)
Balance at	end ofyear		908,078	144,972	1,972,698	3,025,748	2,538,633
Fellowship	Funds		31,902			31,902	34,679
Scholarship	Funds		432,830			432,830	439,852
Prize Funds			13,557	6,796		20,353	21,791
Student Support Funds Other Funds			215,267 214,522	8,070 130,106		223,337 344,628	235,814 166,206
Bridge Centres Travel Funds					1,972,698	1,972,698	1,617,141 23,150
			908,078	144,972	1,972,698	3,025,748	2,538,633

			2023	2022f
Unapplied	Total Return at beginning	ofyear	7,440,967	7,960,303
Unapplied	Total (Loss)/Return for year (see note 3b)		(318,879)	(519,335)
Unapplied	Total Return at end of	year	7,122,088	7,440,968

21	Reconciliation ofconsolidated		surplus	surplus	for the year to net cash inflow from operating	for the year to net cash inflow from operating	activities
						2023	2022f
	Surplus for the year					2,541,630	2,421,283
	Adjustment for non-cash items
	Depreciation					494,748	482,098
	Gain on endowments					513,562	944,218
	Decrease/(increase) in stocks					1,886	(5,699)
	Decrease/(increase) in debtors					(130,792)	91,641
	Increase/(decrease) in creditors					569,562	577,503
	Increase/(decrease) in provisions					44,356	181,386
	Adjustment for investing or financing				activities
	Investment income					(1,195,746)	(341,422)
	Loan interest payable					83,993	88,351
	Bond interest payable					638,224	638,080
	Loss on the sale of non-current	assets				1,086
	Net cash inflow from operating		activities			3,562,509	5,077,439
22	Cash flows from investing activities
						2023f	2022f
	Proceed from sales ofnon-current		fixed	assets		14,500	450
	Non-current investment disposal					4,500,000	3,800,000
	Net investment income					156,626	123,894
	Endowment funds invested					(6,300,000)	(8,800,000)
	Payments made to acquire non-current			assets		(320,246)	(93,852)
	Total cash flows from investing		activities			1,949,120	4,969,508
23	Cash flows from financing activities
						2023	2022
	Loan interest paid					(83,993)	(88,351)
	Bond interest paid					(638,224)	(638,080)
	New secured loans
	Repayment ofamounts borrowed					(179,639)	(175,247)
	Total cash flows from financing		activities			901,856	901,678

24	Consolidated reconciliation	Consolidated reconciliation	Consolidated reconciliation	and analysis ofnet	and analysis ofnet	and analysis ofnet	debt
										Other non-
						At 1 August		Cash Flows		cash	At 31July
						2022				changes	2023
										f.	F
	Cash and cash	equivalents				1,317,925			711,533		2,029,458
	Borrowings: Amounts		falling		due
	within one year Bank Loan					(179,639)			(5,443)		(185,082)
	Borrowings: Amounts		falling		due
	after more than	one year
	Long term bank	loan				(2,809,731)			185,081		(2,624,650)
	Other loans					(17,500,000)					(17,500,000)
						19,171,445			891,171		~18,280,273
25	Financial Instruments
										2023 K	2022f
	Financial assets
	Financial assets	at fair	value		through	Statements	of	Comprehensive
	income
	Listed equity investments									20,408,048	17,765,444
	Financial assets that are debt			instruments		measured	at amortised		cost
	Cash and cash	equivalents								22,409,982	22,015,499
	Debtors									460,071	433,418
	Financial liabilities
	Financial liabilities	measured		at	amortised	cost
	Loans									20,309,731	20,489,370
	Trade creditors									277,870	256,926
	Other creditors									1,128,457	1,139,254

iversities Supera e total pension	nnuation Sche cost for the year	me (USS), and the Cambridge ended 31July was as follows:	Colleges Federation Pension S	cheme (CCF
			2023f	2022
USS: Employer	Contributions		109,547	79,079
Stakeholder scheme: Employer		Contributions	179,294	135,592
			288,841	214,671

omparative figu	res for t	he year ending 30June 2022) are as follow	s:
			2023	2022
			F
Current service	cost
Administrative	expenses		4,030	4,030
Interest on net	defined	benefit liability	6,414	2,955
Total charge			10,444	6,985

			2023	2022
			K	E
Present	value ofplan liabilities at beginning	ofperiod	710,098	828,143
Current	service cost
Benefits	paid		(40,789)	(36,837)
Interest	on plan liabilities		26,216	14,577
Actuarial	losses		(58,055)	(95,785)
Present	value ofScheme liabilities at end of	period	637,470	710,098

				2023	2022
Market value	of plan assets at beginning		of period	541,331	664,174
Contributions	paid by the	College		9,870	9,870
Benefits paid				(40,789)	(36,837)
Administration	expenses	paid		(4,070)	(4,370)
Interest on plan assets				19,802	11,622
Return on assets, less interest included			in profit and loss	(86,201)	(103,128)
Market value	ofScheme	assets at end	ofperiod	439,943	541,331
Actual return	on plan assets			(66,399)	(91,506)

he major categories ofplan assets as apercentage oft 30June 2022) are as follows:	otal Scheme assets at30June 2023 (with comparativ	e figures
	2023	2022
Equities	49%	52%
Bonds &Cash	38%	34%
Properties	13%	14%
Total	100%	1000/

					2023	2022
Return on	assets, less interest included		in income and expenditure		(86,201)	(103,128)
Expected	less actual plan expenses				(40)	(340)
Experience gains and losses arising		on	plan liabilities		(54,745)	(81,679)
Changes	in assumptions underlying	the	present value of	plan liabilities	112,800	177,464
Remeasurement of net defined benefit			liability recognised	in OCI	28,186	7,683

					2023f	2022
Net defined	benefit asset/(liability)	at beginning	ofyear		(168,767)	(163,969)
Recognised in Profit and Loss Contributions paid by the College Remeasurement ofnet defined benefit liability			recognised	in OCI	(10,444) 9,870 (28,186)	(6,985) 9,870 (7,683)
Net defined	benefit asset/(liability)	at end ofyear			197,527	168,767

Principal su	Principal su	bsidiary an	d associated undertak	ings and	other	sig	nific	ant investment	s
Subsidiary		Company
At 31July 2023 Hughes			Hall held an investment	in the following		companies:
Undertaking			Company	Activity					Incorporation	/o
			Numbers
Hughes	Hall	Limited	03238129	Design and build		of	new	residential	United	100'/o
				accommodation					Kingdom
Hughes	Hall	(Hong	1661877	Providing	advancement			and	Hong Kong	100'/o
Kong) Limited				promotion	oflearning		and education
				at Hughes	Hall,	University of
				Cambridge
Hughes	Hall	Conference	00038077	Provision	ofconference			services	United	100'/o
Company	Limited								Kingdom
Chapter	Zero Limited		12062028	Membership organisation				and climate	United	100'/o
				change research					Kingdom