## ## |||||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.|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|| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||N
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NS0CS| |||||||||||||||||||||||||I-| ## |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| ## ## |19|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|| ## ## ## ## ##