2024-07-31-accounts

Charlty Registration No- 1137471 HUGHES HALL RECOMMENDED CAMBRIDGE COLLEGE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

HUGHES HALL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2024 Contents Page Reference and Adrninistralion Details Members of the Governing Body Report of the Trustees 4-17 Report of the Auditors 18-21 Slalemenl of Principal Accounting Policies 22-28 Con501idated Slalem8nl of Comprehensive Income and Expenditure 29 Consolidated and College Slalemenl of Changes in Reserves 30 Consolidated and Colleg& Balance Sheet 31 Cash Flow Ststemenl 32 Notes to the Accounts 33-52

HUGHES HALL REFERENCE AND ADMINISTRATION DETAILS FOR THE YEAR ENDED 31 JUL Y 2024 Name of College: The President and Fellows of Hughes Hall in the University of Cambridge Address: Hughes Hall Cambridge CB1 2EW Charity Commission Reglstered No: 1137471 Advisors: Auditors Peters Elworthy & Moore Salisbury House Station Road Cambridge CB12LA Solicitors Ashton Legal Chequers Houso 77-81 Newmarket Road Cambridge CB5 8EU Mills & R&eve Francis House 112 Hills Road Cambridge C82 1PH Bankers Lloycls Bank 3 Sidney Street Cambridge CB2 3HQ Fund Managèr$ Cazenove Capital 1 London Wall Place London EC2Y SAU Senior officers: Head of House Sir Laurie Brislow Bursar Senior Tutor Mr Jonathan Newby Dr Tori McKee

HUGHES HALL MEMBERS OF THE GOVERNING BODY FOR THE YEAR ENDED 31 JUL Y 2024 Charity Trustees {M&mbèrs of the Governing Body) The trustees of the College during the period 1 August 2023 10 31 July 2024 were: Head of House Sir Laurie Brislow {Pr8sidenl)' Fellows.. Dr Farah Ahmed Prof William Nuttall Prof Harro Dirk van Asselt (joined 1 September 20231 Prof Ajilh Padikad Dr Stephen Axford (resigned 15 November 20231 Prof Jorge Pinlo-Da-Silva-e-Conceicao.Sanlos Prol Michael Barrett Prof Jonathan Powell Dr Jifllmy Chan Mrs Laur&1 Powers-Freeling Mr William Charnley Dr Perla Pucci Dr Othman Cole Dr Corinne Roughl8y Dr Bart de Nils" Prof Ricardo Sabates-Aysa' Dr Paula De Oliveira-Banca Dr Carolo Sargent. Prof Gishan Dissanaike Prof Kishore Sengupts Prof John Doofbar" Dr Guillermo Serrano-Najera Dr Pete Dudley Prof Eugene Shwageraus Dr Falmah Mish Ebrahim (resigned 19 October 20231 Prof Nidhi Singal ' Ms Emily Farnworth Dr Jeffrey Skopek Prof Tamsin Ford Prof Jacob Stegenga Dr Markus Gehring Dr Martin Steinf&ld Prol Emanuele Giovannetti Prof Andreas Stylianides Prof Sara Hennessy Dr Livia Tomova (resigned 29 February 20241 Dr Sarah Hoare Prof Paul Tracey ProfRiikka Hofmann Prof Caroline Trotter Dr Sonia Ilie Prof Suzanne Turner Prof Bill Irish Dr Lars Vinx. Dr Agnieszka Iwasiewi¢z-Wabnig Prol Rupert Wegerif Dr Alastair Lockhart Iresigned 29 September 20231 Dr Clive Wells Ms Mahnaz Malik ' Dr Claire Wesl. Iresigned 14 January 20241 Dr Vasiliki Mavridou (joined 30 November 20231 Dr Jessica White Dr David Mccay Dr Alexis Willett ' I'oined 19 June 20241 Dr Tori McKee ' Mrs Kerry Wilson ' Q'oined 14 February 20241 Dr Tabitha Mwangi (J'oined 12 June 20241 Dr Nigel Yandell Mr Jonathan Newby ' Those members of the Governing Body rnarked . Ilogother with the student President and Secretary of the Middle Common Rooml served as members of the College Council within the period.

HUGHES HALL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JUL Y 2024 OPERATING AND FINANCIAL REVIEW Introduction Hughes Hall Ilhe 'College'l is pleased lo present its operating and financial review. together with the financial statements lor the year ended 31 July 2024. Since its foundation in 1885, Hughes Hall's aim has been lo Iransforfn the lives of those who come lo learn, lo leach and lo research here, and Ihrough them, lo change society for the better. A mature college accepting students over 21, we are committed to widening participation to those whose path lo study may not have been slraighllorward. We are a community where our students can achieve their best, personally and acadernically. that is inclusive. promol8S innovation, and has impact on the world outside Cambricjge. These three 'pillars' inform everything we do, and how we do it, and underpin the delivery of our mission. Inclusivity is a core value, and the Coll&ge has a diverse membership in ternis of nationality, background and age. Our community comprises over 80 nalionalilies, from a very wide range of personal backgroLJnds 2nd life experiences, and we continue lo be ranktrd in the lop ten largest colleges in Cambridge, with 466 students malriculaling in October 2023, and 957 stLJdenls currently studying al Hughes. During 2023-2024, our innovative Pathways Programme engaged students with its blended co-CUTricular leaming, focusing on academic skills, personal and ¢areer development. This guidance and individualised support, with original material generated by our in-house experts, is twinned with our strong welfare and wellbging provision, enabling our students lo flourish during their time here. In 2024, the College also welcomed its new Director of Developrnenl and Director of Impact. The College's rapid growth within the last decade necessilales the development of our estate, and the Development Director and team are looking forward lo working with our alumni and supporters lo transform the College for the future. In parallel, the rapid growth of our Bridge Cenlres demonslrales their reach beyond academia into global transformational initiatives. The Impact DireGtor will lead ambitious projects. to ensure the College harnesses the experience and ski'llsel of our mature undergraduate and postgraduate cohorts, senior membership 2nd alumni. During the financial year, the College finances continLJed to be strengthened by conference and summer schools aclivily, which cornbined now exceed pre-pandemi¢ levels. The rising cost of living Continues lo b& challenging and we work hard lo support our students and staff, through pastoral and welfare support, and our corllmitment to the Cambridge Living Wage and pay monitoring for our staff. The College has benefited from some generous legacies from ils alurnni, conlribuling to the endowment which allows us to support our students financially lo sludy al Cafflbridge. 11 is evident the success of the College relies on our community.. students, staff, seniors, alumni and visitors, and we extend our thanks lo all who played a part in delivering a successful 2023-2024. The Collegg The College is the oldest graduate college in Cambridge yel wears its history lightly. The College owes ils origins lo the Cambridge Tfftining College for Women, founded in 1885 and granted a Charter of Incorporation in July 2006. Today, we are known as'Hughes Hall, and are one of 31 sell-governing colleges within the University of Cambridge. We have a re￿rd of being innovative.. our Victorian benefactors were unique in founding the Cambridge Training College to support the growing movement lo expand educational opportunities for women and girls. Once Cambridge rinally admitted women undergraduates, the College became an integral part ol the University's drive to develop graduate education. The growing College developed its eslale, extending the original building, renamed the Margaret Wileman Building, and erecting Chancellors, Court, Centenary and Fenner's Buildings. In th& last decade, the College has raised over £3m for s¢holarships, expanded ils library and study facilities, increased ils student accommodation by over 100 rooms, built Gresham Court and increased its staff to enhance both academic and pastoral support. The 'Fellows' of the College form the Governing Body, the highest authority in the College, and are the Colloge's chaiity trustees. The College is comtnitted to the election of a diverse Fellowship and our senior membership, of over 200, incorporates a wide range of scholars and professionals into the intellectual and Communal life of the College.

HUGHES HALL REPORT OF THE TRUSTEES {continued) FOR THE YEAR ENDED 31 JUL Y 2024 An important featufft of collegiate life at Hughes Hall is that Students and the senior membership rnix freely, with no separate provision at regular meals or in the use ol ths Colleg&'s recreational facilities. Fostered by the egalitarian and mature atmosphere of the Gollege. all members, whether student, Fellow or other senior member, have DPPOrtunilies to share interests and learn from one another in the relaxed, supporb've environment of the College. The College has developed ils distin¢tive intellectual strengths and reputation as a bridge between ac8demia and the wider wodd. ancl 'The Bridge, iniliakn've al Hughes Hall leverages the College's multi-disciplinary perspective, international nature and external focus to bring the expertise of ils a¢ademi¢ community lo solve real wodd oblems. The key inilialives of 'The Bridge, and ils centres lin boldl are summarised below. Climate change is one of the most important challenges for society today. The Hughes Hall Centrg for Climate Engagomènt {CCEI builds a bridge from academic insight lo boardroom action, lo help companies reach nel zero emissions and builcl climate resilience. CCE raises awareness ol the governance, legal frameworks and best practi￿5 that can support this transition and provides tools for boards and legal praclilioners to implement the change needed. Cambrldge Digital Innovation ICDII stimulates Inleraclion between industry professionals, policy-m8kers, academics, students and experts on the most exciting and impactful phenomena driving the digital revolution. A key focus of CDI as a Knowledge Hub is lo help develop and translate knowledge from academia into practice and policy. The Digital Education Futures Initiative IDEFII aims to create a more inclusive global education system by building a community that offers a space for open dialogue, research and IhoLJght leaolership on digital education's role in shaping a sustainable future. camt￿e. the Cambridge Tèacher Research Exchange, promotes, supw>rts and publishes teacher ￿Search. and is developing a digital plalforrn and library for educators lo promote improved oulcom&s for leam&rs world-wide. Oracy Cambridge aims to raise awareness of the importance of effective spoken communication, and ways that il can be taught and learned, amongst policy makers and praclilioners, within the UK and internationally. The Impact Leadershlp Programme provides transferable skills and experiences to complement academic research training. It is open lo posId￿10ral researchers and PhD students al Hughes and is relevant to those from all backgrounds interested in a variety of professional paths. The College also supports two further inttialives.. The Centre for Climate Engagement hosts the Climate Governance Initiatlve, in collaboration with the World Economic Forum, which mobilises boards of directors around the wortd lo address climate change. It provides an international plafform to coordinate a growing global ne￿Ork of national Chapters whi¢h in turn oquip their rllernbers with the skills and knowledge needed lo make climate a boardroom priority. Chapter Zero is a nol-for-profil business wholly owned by HLJghes Hall which was set up to build a community of nDn-exeGulive directors and equip them to lead crucial UK boardroom discussions on the impacts of climate change. Chapter Zero members are helping ensure that the companies on whose boards they sit are fit for the future and that global net zero ambitions are Iransformgd into robust plans and measurable action. Chapter Zero Is the UK Chapter of the Climate G0Veman￿ Inilialive.

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Scope of the financial statements The consolidated financial statements ¢over the activities of Hughes Hall. Hughes Hall Ltd, Hughes Hall Conference Company Ltd, Hughes Hall (Hong Kongl Ltd, and Chapter Zero Ltd. Hughes Hall Ltd is a wholly owned subsidiary of Hughes Hall and its principal activity is lo design and construct new buildings to expand the Hughes Hall estate. The Directors are all Iruslees of Hughes Hall. Hugh6s Hall Conference Company Ltd is a wholly owned subsidiary of Hughes Hall and its principal activity is delivery of conlerencos and events. The Directors are all trustees DI Hughes Hall. Hughes Hall (Hong Kongl Ltd is a wholly owned SLJbsidiary of Hughes Hall, incorporated and domiciled in Hong Kong. Its principal activity is the profflolion of l&arning and education al Hughes Hall. University of Cambridge. 11 was sel up to facilitate the processing of donations from Hong Kong based benelaclors. It Is audited separately in Hong Kong by local accountants lo satisfy Hong Kong ￿gUlationS and the Hughes Hall consolidated accounts include the draft Financial Statements for Hughes Hall IHong Kongl Ltd for the year ended 31 July 2024. Chapter Zero Ltd is a company limited by guarantee of which Hughes Hall Is the sole member and exercises ojntrol over the company. Chapter Zero is therefore a subsidiary of Hughes Hall and its principal activity is engaging industry with the challenges companies face in dealing with ¢limale change. Up lo three trustees of Hughes Hall sil on the tr￿ard of Chapter Zero. Aims and obj8Ctives of the Collggg The objectives of the College, as sel out in our Royal Charter, are to.. endow. maintain and carry on a college in Cambridge for graduates and for malure-age students qualified to be malriculaled in the University of Cambridge., and womole education, learning and resttarch in the University of Cambridge and elsewhere. Public benefit The College, in conjunction with the University ofC8mbridge, provides an education for mature undergraduate (aged 21 and abovel and postgraduate slLJdenls, which is recognised inlernalionally as being of the highest standard. This education devolops students academlcalty and advances their leadership qualities and interpersonal skills, and so prepares them lo play full and effective roles in society. In particular, the College provides.. teaching facilities and individual or small-group supervision for undergraduates, as well as pastoral. administrative and acadomic support for all students IhroLJgh ils tutorial and mentoring systems., and so¢ial, cultural, intellectual, musical, recreational and sporting facilities which enable each of its students lo realise their academic and personal potential lo the full while studying al the College.

HUGHES HALL REPORT OF THE TRUSTEES {continued) FOR THE YEAR ENDED 31 JUL Y 2024 Teaching The College admits stLJdenls who have the highest potential for benefiting from the education provided by the College and the University, and recruits as academio staff those who ale able lo contribute most lo th& academic excellence of the College, regardless of their gender or their financial, social, religious or ethni¢ background. In 2023124 Hughes Hall had 24 lulors, each with responsibility for a student group of LJP to 60 students. Five of the lulors are Governing Body Fellows. The College has seven champion roles that provide mor$ targeted SLJPPOrt to students in spacific areas.. Race Equality, Disability, Gender Equality, LGBTQ+ Harassment Support and Parents and Caregivers. Tutors are an important source of support, both for routine matters like grant applications, and for supporting other occasional issues, whether personal, financial, or academic. Tutors then follow up any issues raised, where necessary seeking advice from the Head of Welfare and Wellbeing, Senior Tutor and College Health Practitioner, or the University's Student Support Servic&, The tutors meet regularly in term-lime and discuss general issues relating to the student body and any individual issues where their collective experience and perspective can be of wider benefit. The lulorial team operates under strict Confidenlialily protocols, as is appropriate, The College maintains a number of funds which students can access for specific areas ol need. During the academi¢ year, the College launched ils Pathways PrtsJramme following a successful pilot study. The initiative offers a unique, innovative, and cohesive programme lo our sludenis, with individualised support and development opportunilies.11 is delivered by the Library, Wellbeing and Bridge Cenlres teams, with funding from the Isaac Newton Trust and the College Wellbeing Stimulus Fund. The programme is designed lo equip Hughesians with the necessary academi¢ skills to thrive, bijild a sense of community and cultivate personal wellbeing, and strengthen transferable skills tD take with them beyond their degrees. In 2023-2024, the team ran 55 live events and created 30 modules, with new conlenl being released on a regular basis. Looking forward to 2024-25, Pathways is increasing support for students for their transition into the university. New module5 include pre-arrival webinars, mentoring from current Hughes students and mock supervisions with Directors of Study. The involv&ment of more Hughes Hall senior members in Pathway's programming throughout the year will enable students to benefit frotll seniors, expertise and grow connections across the Hughes community. The College has a thriving events pro9ramme, delivered by the core events team, who work with the MCR Imiddle Combination Room, representing the interests Df poslgraduale sludentsl, senior members, postdocs and subject area leads lo offer cross cjisciplinary and subject specific events, supporting the College's charitable objective of promoting educats'on and18arning. This year's College event highlights included an 'in conversation, evening with Dame Melinda Simmons DCMG who reflected on her experien￿$ as Ambassador to Ukrain&', and 'Women's Stories.. Changing the World. where Zahra Joya. founder of Rukshana Media, and By-Fellow and author Megan Hunter, discussed their life and careers. The seventh 'Berg Rust, lecture wel¢omed Henrietta Heald to speak about the visionary c19th scientist and engineer William Armstrong, and there was a programme of events lo mark important dates including Black History Month IOctober}, International Women's Day (March) and supporting LGBTQ+ rights and visibility (June). The College hosted ils series of annual dinners for students, senior members and invited guests, in the subject areas of.. Law Icharnley Dinnerl, Medicine Izimmern Lecture and Dinner) 2nd Education (Lecture and Dinner in collaboration with the International School Partnership), where guests discussed new ideas and celebrated our subject communities al Hughes Hall. The College appoints an Academic Convenor who is responsible for establishing 8 programme of events lo enliven the academic life of the College and to build academic links be￿￿en middle and senior rnembers. The opportunity to promote research being conducted within our fellowship was provided al the end of year senior memb&rs symposium and dinner, and our 14ughes posl-docs toasted their year of academic endeavour and connected at tho Research Summer Event.

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 The MCR held a range of engaging events including the 'Pending PuZ￿e$, series. and the MCR academic offi￿r launched a new ¢ompelition, 'The Bridge Awards, where teams pitched their innovalionlentrepreneurship ideas and competed for a cash prize. An MCR-led 'Resear¢h Day, saw students showcase groundbreaking projects, network, collaborate and 9ain insights into diverse research amas, whilst our popular '3 Minute Thesis, competition demonstrated the breadth of our students, studies and research. The College is proud of ils thriving music programme and all College meillbers, and the local community, enjoyed the chance to allend Dur informal musical evenings, with repertoires across a wide range of styles. Two popular 'music cafes. were held, al which students and seniors enjoyed sharing their fflusical talents within a friendly and supportive environment, and a mindfulness rnusic session was held for students during Welfare Week. In conjunction th an inspiring Hughes Hall alumnus, the weekend 'Feslival of Inlemational laws Artists, es12bli5hed a firm fooling and a new residency with the 'Cambridge Quartel, was created. Research The College advances research through.. providing Research Fellowships lo outstanding a¢ademics in the early stages of their careers, which enables them lo develop and focus on their research in Ihis formative pèriod before they undertake the full teaching and administrative duties of an academic post., connecting our academic tslenl with leaders in policy, practi￿ and commerce, and enable lasting solutions lo pressing problems through our translational initiats've-'The Briclge supporting the research work ol ils students and Fellows by promoting interaction across disciplines, providing facilities for seminars and developing a community of researchers and providing grants for conferences. research trips and materials,. and fostering academic networking by encouraging visits from outstanding aCadem￿S as Vi811ing Fellows and Visiting Scholars, The College maintsins an extensive Library Ilhe Edwin Leong Library) which provides a valuable resource for students and F&llows of the College. Funding The College funds its acliwlies from academic fees, charges for student accommodation and catering, income from its conferencing business and income from investments 2nd donations. The two most significant ordinary income SI￿amS are income from student accommodation of £3.30m 1£2.74rn in 20221231 and fees for poslgraduale and unregulated undergraduate students of £3.92m 1£3.68m in 2022123}. The College ￿CeiVed £0.70m I£0.67m in 2022123} in donations including £0.47m I£0.10m in 20221231 legacy donations. In 2023124 Hughes Hall had 7851827 in 20221231 fee-paying students, plus 951110 in 20221231 students no longef paying fees but yet lo complete their course by, for example, writing up dissertats'ons. They cover the full range of courses.. Bachelors, Masters land other 1-year poslgradualel and Doctoral courses. Most students were lull-lirlle, txjt 1431166 in 20221231 were part-tirne IMEd, Mst, Exe¢ulive MBA, part-time MPhil and PhDI. For fees purposes the number of students on £ full-time equivalent basis was 7151745 in 20221231.

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Structure, Governance and Management The Governing Body, comprising the President and Fellows, is responsible for the governance of the College., it meets formally twice per term and on other occasions if necessary. The President and College Officers are accountable lo the Governing Body. The Governing Br￿Y is constiluled and regulated in accordance with the College Slalules and is the body responsible for the strategic direction of the College,. its members are the Charity's trustee5. The College Council has delegated responsibility from the Governing Body for all matters relating to the administration ol the College. The College Council comprises the President, Vice-Presidenl, Senior Tutor, Bursar Dire¢lor of Inslilulional Advan￿ment Inon-voting member, lo 31 December 20231, Development Oireclor (from 14 February 20241, Director of Strategy and the Bridge Inon-voting member lo 15 November 20231, Impact Director (from 19 June 20241, seven other mefflbers of the Governing Body Ilhe latter each elected by the Governing Body for periods of three years) and th8 President and Secretary lor nominated rep￿sentatIve) of the Middle Combination Room IMCRI. The Offi￿rS of the MCR participate for Unreserved (Openl Business. Declarations of interest are made at every Governing Body, Council and College Committee meeting. The College has a number of sub-commitl88s of Goveming Body and ol Council which are listed in the Governance section of this report. These include the Audit and Risk Committee and the Finance Committee. The responsibilities ol Finance Commtttee include setting the strategy and processes foi finan¢ial regulation within the College and the Audit and Risk Committee responsible for ensuring that those processes are followed. Flnancial and other support Hughes Hall has several funds to assist its students with financial support, including funds for Scholarships, Prizes, Hardship and Travel. There a￿ also Disability and Inclusion, and Mental Health funds which support spfjcific student needs and are reviewed frequently to ensure funding is al the appropriate level. In 2023-2024, Hughes Hall students received a total of £331,406 1£315.266 in 20221231 through the Cambridge Bursary Scheme, which is operated collectively with the University and other colleges. The scheme allocates a maximum of £3,500 for main award and £5,600 for enhanced award per year lo students whose household income was below £25.000 and is in addition to any government loans. Students with incomes ol up to £62,215 received 2 sliding scale of amounts tapering to £100 for main award and £160 for enhanced award. An additional £1 000 educational premium bursary was awarded to students who received free school meals whilst al s&condary school. This significant support provided by the Cambridge Bursary Scheme for its students is appreciated by the College. Scholarships are administered by the Admissions Committee, and are awards made on academic groLJnds to applicants lo the CDllege. In 2023124 Hughes Hall allocated awards lo 16 students lo the value of £105,2201£113,007 in 20221231 and administered awards lo the value of £153.5511£204,587in 20221231 from external benefactors. In 2023124 the College awarded prizes for outstanding academic achievement lo the value of £10,381 {£6.575 in 20231241 as follows.. 20 x E.M. Burnett Prizes for Distinction in MASI or First Class in LLMIMCL 16 x E.M. Bumett Prizes for First Class in BA 1 x Lowman Prize for Education 59 x Johnston Prizes for Distinction in Masters Courses lex¢luding MAST or LLMIMCLI or for a departmental or national l international prize 1 x Dineen Prize for PGCE 3 x JW Cook Priz¢ in BA and LLM 1 x Grossman Prize in BA Economics 8 x G£¥Jwin-Raffan Prizes in Medicine and Education

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Other Funds Fund Dèscription Total £ 2023124 £14,641 Total £ 2022123 £25,690 Hardship BLJrsaries For unforeseen hardship in mainlenan¢e andlor a¢¢omrnodalion For students with disability-related issues, through the Coll&ge or the University AGcessibility and Disability Resource Centre ADRC For mental health issues, through College provision or rivale counsellin For all poslgraduales, and for undergraduates when a course requirement. Generously supported by a benefactor. Disability & Inclusion Support £49,593 £25,178 Mental Health ort Conference Travel £20,344 £28,999 £16,098 £24,701 Varsil S Language Course Support For alhleles artici alin in Universil orts teams For students who study a language other than English alongside their course, normally through the Language Centre's ro ramme CULP For various financial needs up lo £250, e.g. PhD Thesis bindin small hardshi £3,656 £1,781 £4,565 £1,995 Innominale Fund £2,528 £3.662 Fundrnislng and Alumnl Relation$ At Hughes Hall, academic fundraising matches College priorities with those of our donors. The College's strengths in law and education, alDng with the grDwing Bridge centres, provide fundraising Opportunities for people, research and the buildings in which they operate, as well as a way for alumni to actively engage with their college. The College's Development Office works in partnership with the University of Cambridge on Alurnni and Development related activities and with the Cambridge in America team in New York. Our popular annual Alumni Festival programme continues, enabling our global alumni lo easily engage with the College. In 2023-24, our global events offered an opportunity to re-engage with alumni In New Delhi, New York, Hong Kong, Palo Allo and Utah, strengthening existing and forging new relationships. During the y&ar we were delighted to welcome alumni al our annual dinners.. Medicine (Zimmem Lecture and Dinner) Hurnanilies (Berg Rust Leclurel and Education (Lecture and Dinner in collaboration with the International Sch￿1 Partnership). Many also enjoyed our annual Alumni Garden Party in June and a memorable reunion was held in JLJIY 2024 lor those who studied Education at Hughes Hall more than 40 years ago. The year corilinued with a review of scholarship and bursary provision and the early preparations for a capital campaign. We believe that there are increasing numbers of alumni willing lo engage with their College and this will ¢onlribule to our ambitious plans. In 2024 we introduced a programme of prospect research to support our idents'ficalion and cullivalion of futuro donors. There has been considerable change in the Development Office during the year with the departure of the Director of Institutional Aclvancemenl and the appointment of a new Development Director. Extèrnal consultancy support produced an audit of data and financial records lo strengthen the systems and a new team has been established as we Pfepare for the College's 140th Anniversary in 2025. The funds raised duiing 2023-24 focused on Scholarships and Bursaries, the Bridge Centres and unrestricted donations for general Colloge needs, with these unrestricted donations providing flexible provision to the College. 10

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Note on fundraising The College is regIste￿d with the Fundraising Regulator and subscribes lo the Fundraising Regulator's code of practi￿. All fundraising activity meets curr&nl standards. The College does not use external professiDnal fundraisers and carries out fundraising activities, primarily through its Development Office, in collaboration with Cambridge University Development and Alumni Relations office as appropriate. The College pursues a traditional approach lo fund-raising, seeking alumni participation Ihroijgh regular giving schemes and approaches lo donor prospects lor supporting research-led initiatives in the College. In addition to seeking financial and other support for the College, the Development Office is also responsible for broader alumni relations. Techniques used Include face lo face fundraising by private meeting, the promotion of legacy givirig and opportunities for online giving via the website. Training is given lo all individuals who undertake fundraising activities to ensure that they know how lo handle an obviously vulnerable person and to protect vulnerable people and the wider public From intrusive, persistent or undue pressure. Th& College has received no ¢omplainls conc8fning fundraising acts'vity in 2023-2024. Financial Report Income and Expenditure For the financial year from 1 August 2023 10 31 July 2024 the Group recorded total comprehensive income of £5.64m 1£2.54ffl in 20221231. Total income was £11.48m 1£9.45m in 20221231 before donations and legacies of £0.70m 1£0.67m in 2022123} and Colleges Grant of £0.61m1£1.15m in 20221231. Within the £11.48m income from academic fees and charges increased lo £4.64m as at 31 July 20241£4.45m as at 31 July 20231. Income from accommodation and catering fDr College Members increas8d lo £3.66m 1£3.04m in 20221231. Income from accommodation and ¢alering for Conference guests increased to £1.12m I£0.67m in 20221231 mainly from summer schools taking place in July 2024. There was £2.05m in investment and other income1£1.30m in 20221231. Ordinary expenditure during the year was £8.811£8.15m in 20221231 which included a £0.51 m I£0.49m in 20221231 charge for depreciation. Capital funding costs of £0.72m I£0.72m in 20221231 were all interest costs. Bridge Cenlre's income during the year was £4.15m1£2.94m in 20221231. The expenditure was £3.16m {£2.30m in 20221231. The nel surplus was £0.99rn I£0.63m in 20221231 during the year and this will be spent in the following year. 2024 Total 2023 Total Ordinar Ordin8 Incom& enditure 11.480,787 8.809,394 9,454,129 8,150,634) lus on ordlna In¢ome 2 671393 1.303,495 Donations re￿i¥&d includin I New èndowment Ca ital Gr8nt from Colle Fundin costs Brid e Centres Effect ol other ac 704,025 128,610 613.000 716,881 988,484 1,252.929 672,380 50.000 1.147,000 722,216 633.805 542.834 es Fund n@1 8ins. losses and char es Total com iehensive Incorne for th6 ear 5 641,560 2,541.63 11

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Endowment and investment pèrformance The College's Investment Policy aims to protect the values of the portfolios in real terms by striking a balance be￿een the interests of the present members of the College and future gensralions. whilst supporting the strategic vision ol the College for ils growth and expansion. The investment portfolio is monitored and reviewed by the College's Investments Committee, which comprises the Presidonl, the Bursar, three other Fellows ol the College. a MCR representative and three external members, who are experts in investment management. Membership ol the Investments Committee is approved by GDverning Body, and the Investment Policy is approved annually by the Council. As at July 2024. the College held investments in two financial investment portfolios. the Long Terill Fund and Estates Development Fund, which are tnanaged by ils investment managers, Cazenove Capital, part oflhe Schroders Group. The College holds no direct investment in indiwdual companies. Cazenove maintains a Socially Responsible Investment policy, ¢tsnducting research into the s{￿lar, environmental, ethical and corporate governan¢o stance of the comp8nies selected for investment and rating individual firms. In JLJIY 2024, the College moved its investrllents to Cazenove's Sustainable Mulli-Asset Fund, which follows a policy of acting to avoid harm by restricting investment in controversial investment areas, including bul not limited to gambling. alcohol, tobacco, armaments and fossil fuels. Statement in relation to invèstrn8nt In fossil fuels There is strong interest from both the College's beneficiaries and the wider public regarding the College's investrnenls in companies associated with fossil fuel extraction. While information on the College's investments is confidential and details are subject to confidentiality agreements with ils investment managers, the College is able lo report the following as at 31 July 2024. There is zero fossil fuel investment in the Eslales Development Fund. There was zero exposure to Companies who derive mDre than 10°k of their revenue from the extraction, production and refining of co81, oil and gas in the Long Term FLJnd. There are no plans to commit lo any further allocation of funds lo companies linked lo fossil fuels. The College aiills lo have zero investment in fossil fuels within the fund by 2030. Capltal expgndlture and maintenance of bulldings The College actively improves ils facilities provision for students, completing capital expenditure projects to ensure the high standard of accommodation and communal spaces on ils sile. As the College has grown, there is increasing pressure on both the numbei of sludenl rooms, and the educational and amenity spa¢& that fosters a strong College cornmunily. A significant capital project is planned to commence within the next three years lo address these needs. Adaptations to the Margaret Wileman Building during 2023 created a mulli-faith rwm, new supervisionlmeeling rooms and additional offices lo support the growth in College stsff. Relurbishmenl of communal spaces CDnlinued with works in Margaret Wil2man Building atrium and Fenn&r's Peter Richards Room. An urgent requirement for healing resulted in a boiler replacement project al Gresham Court.. the use of air source heal pumps was considered, however highly efficient gas boi￿r$ were selected as the opb'mum solution due lo the lime-crits'cal nature of the issue. During the financial year, the College had 392 rO0￿S available for students lo rent, 268 (including 11 flatslsludiosl were in buildings on the central College sile, 124 (including 1 family house) were in houses or developments owned or managed by the College, located in residential streets in the local area. 12

HUGHES HALL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 JUL Y 2024 Ras9ryes policy As the College intends lo continue lo pursue its objectives in perpetuity, it views its inv$slmenls slralegically over the long term. The principal aim is to protect and maintain the real value of ils endowment capital, and to Continue to increase ils unrestricted fLJnds and reserves as much as possible over that extended period, whilst seeking an equitable funding balance between the interests and asF4ralions of present and future members, and the retention of an abilty to cope with unforeseen financial upheavals and opportunities. The College has a policy of holding sufficient free reserves which are readily available in case of a revenue shortfall or other need for liquidity, and are invested in liquid assets within the College's investment portfolio. The policy target for free reserves is to be an amount broadly equivalent lo six month's operational expen(filure, currently £3.87m. The College's level of liquid reseN&s has satisfied this largel at all limes during the previous three years. The value of the College's I￿e reserves at 31 July 2024, wa5 £13.31m 1£9.62m in 20221231 defined as the consolidated unrestricted reserves less fixed assets. Remuneration Policy No Trustee receives any remLJneralion, or any other benefit, for acting as a trustee of the College. Trustees only re￿1ve oul-of-pocket expenses, inCUr￿d in the course of carrying out their trustee duties. Outside their role as a Trustee of the College, thè President and any Fellow of the College may receive such remuneration and any other benefits in respect of any employment, College Office or College Post, or other post or appoinlmenl. as the College's Ordinances authorise. The College has a Remuneration Committee comprised of five non-conflicled trustees, which acts as an independent advisory body lo the Governing Body. The Remunetalion Committee is charged with the scrutiny and management of College policies on remuneration and benefits payable to the President and Fellows of the College, including.. lal rernuneralion and benefit policies.. Ibl salary and stipencs s¢altss- {cl honoraria. induding bonuses., Idl tomis and conditions of employment., and lel any scheme of allowances and benefits. Details of remuneration for key management personnel are oulined in Note 9. Details of related party transactions with Trustees are outlined in Note 29. Princlpal rlsks and uncartalntles The Governing Body as charity trustees has a responsibility to monitr>r, disclose and where feasible rnanage the major risks and uncertainties facing the Coll$g8. The College monitors these risks by maintaining a Risk Register which identifies the College's key risks, documents the controls used lo mitigate their impact andlor likelihood, and al each review, ￿cOrdS the additional mitigating actions which have taken place. The risks are reviewed at least lermly and the Risk Register htral rnap, a visual representation ol risk status. is updated lo show any significant change in risk. The Risk Register is reviewed al each meeting of the Audit and Risk Committee. who report to the Goveming Body and al each meeting of the Finance Committee, who report lo Council. The most significant current risks are.. cyber-security events such as cyber 8ttacks or data breaches, with the potential for significant short- term impact affecting both acadefllic delivery and College operations- student welfare issues, stemming from the longer-lerm impact of Covid and the uncertain employment outlook, causing a decline in mentsl wellbeing., 13

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 increases in costs Ilogists'cs, food, raw malerialsl resulting from a volatile economic clitllate and global conflicts, negatively affecting ¢onferen¢ing and catering and wider College expenditure., steep rises in energy costs increasing the College's operational running costs,, increases in inflation and cosl-of-living, including accommodation rental rates in proximity to the College, affecting sludenl numbers and reducing the Cc>llege's growth., significant movements in investment markets reducing the value of the investment assets., an uncertain economic and financial environment putting pressure on the College's ability lo ralse development ftjnds., The following areas of inslilulional risk are being actively monitored by the College's Committees, and any identified rising risks reported al Council and Governing Body meetings. Education inadequate student welfare provision impacting the wellbeing of the student body and negatively aff6¢ling the College's reputation., changes lo the balance of membership Ipostgraduat￿undergradua1el impacting both fee income and resource expenditure,. IT infrastructure- increased risks associated with Cyber security, Ihreatsning College operations. People- major threat lo health & wellbeing or security incident on College sile affecting students, wellbeing or safety., recruitment and retention Df staff and Fellows affocling performance and instilulional knowledge impacting College operations". Estate- reduction in income impacting Estates maintenan¢e reserves with health and safely and capital project implications., Financial SLJslainability curr8nl economic dimate with continued levels of inflation increasing the College's cost base, presenting challenges to existing College operations and future development plans,. operational income and expenditure imbalances affecting covenant thresholds.. Environmental insufficient progress in carbon fyduction initiatives resulting in potential failure to meet the zero carbon 2038 largel, impacting energy expenditure and sludenl trust and engagern8nl', and ProgTrss durlng th8 year During the year the College focused on its 2030 Vision, to educate and nurture leaders of the future and make a major contribution lo global so¢iely, in an inclusive, innovative and impaclful manner. This strategic vision was supported by the College's progress in six broad areas.. Acadèmic, tutorial, pastoral The College's Pathway5 Programme completed its pilot slucly and commenced its first year, and was successfully awarded grants by the College Wellbeing Stimulus Fund and the Isaac Newton Trust lo develop further pathways lo benefit the students engaging in the programme. Concurrently. the Impact Leadership Programme was developed into a mainstream offering in 2023124 and will roll-out in 2024125, developing future leaders and equipping people for Suc￿sS in the 21st century. The College also continued lo engage with University iniliab'ves, notably the Teaching Review. Exam Mitigations Review and the Disabled Students Provision review. • Equality, Diversity and Inclusion Our communty comprises over 80 nalionalilies, from a very wide range of personal backgrounds and life experierTrces and we refnain Cofnmitted lo wdening participation lo those whose path to study may not have been straightforward. New roles within the Tutorial team in 2023124 focused on student outreach, promoting awareness of the College's strengths and the compelling reasons lo slLJdy here. Hughes students and academics conts'nued lo be nominated for and win, social irllpact awards. research translation competitions, highly competitive international scholarships and innovative industry patents, and Ihree Hughes Hall slud&nts were in the Light Blues eighl as the University of Cambridge won the 2024 Boat Race. 14

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 • Estates and infr3StTUCtur8 In July 2024, the College made a vital slep f0Th￿3rd in ils &states maslerplan with the PLJr¢hase ol land al Fenner's Grouncl, adjacent to the historic tvTargarel Wileman Building. This purchase provided Cambridge University Cricket and Athletics Club with funds to Secu￿ the future of cricket al Fenner's, which had become increasingly uncertain as maintenance costs in¢reased and the Sport itself faced challenges in player numbers and governance. Development In 2024, the College wel¢omed its new Director of Development, and investment in a new leam and system enhancem¢nls provided a strong foundation for Development work. In 2024125. strong relationships with HLJghes Hall's global alumni, will support growth in the College's scholarships and legacies and a capital ¢ampaign to support eslales developrnenl. People The year saw continuing work on gender parity in th& active Fellowship, with the goal of achieving this by 2030 or sooner. Al the start of term in October 2024, the College's Governing Body was approximately 3..2 male to f&male, and the Fellowships le8m remain focused on ensuring recruilmenl supports equality and diversity. The Bridg The College appointed a new role ol Impact Director in 2024, to support our strategic focus on innovation and impact in the 2030 Vision. The Bridge Centres continue lo promote research by connecting our academi¢ lalenl with leaders in policy. practice and commerce, and enable lasting 501utions lo pressing problems. Major grants and donations supporting this work received by the Centre for Climate Engagement in 2023124 were from Halton Trust, Condijil Tiusl, IKEA Foundation, Children's Investment Fund Foundation ICIFF}. UK Research and Innovation Ilnnovale UK) and Genernlion Foundation. See note 4. Positively during the year, the College's catering and conference income recovered lo above pre-pandemic levels, however the principal detriments up lo 31 July 2024 were.. ulilily costs increasing by 590/0 on top of the previous year's 50lts increase, accomrnodation costs increasing due lo adding sludenl rooms to the portfolio from private landlords and general inllalionary pressures al￿Ve the Bank of England largel for rnosl of the year. The significant portion of funds being held as cash reduced the potential impact on endowment assets during ongoing market fluctuation. Future plans Looking ahead, the College will build on the a¢complishmenls of 202312024 and will use ils achievements within the year lo ¢ontinue making the steady progress required to deliver th& impactful, innovative and inclusive 2030 Vision. Within the Bridge, the spin-oul of the Clirnate Governance Initiative and Chapter Zero is scheduled to complete during 202412025, This is a success story of a fledgling Bridge Centre becoming independent and moving out of the College lo make a real-world impact. This journey will provide information and lessons leamed lo inform our future Bridge strategy. The College will focus on updating ils governance, with the ongoing Slatules & Ordinances review streamlining regulatory procedures. enabling us lo be more agile and focus attenliDn on the 2030 Vision. The Development Office will strengthen ils leam, systems and data lo deliver positive outcomes. This will include a focijs on growing the College's s¢holarships lo provide a¢￿SS lo education for those in Challenging financial circumstances. The team will also work closely with the Impact Director to build a clear case lor support cenlred on the positive difference Hughes Hall is making lo the wodd. The College will continue to develop proposals for the estate, lo ensure a viable development which meets College needs. Private placement funding secured in 2018119 and the College's liquid funds are available to move the project forward and the Development Office'5 capital campaign will be a major conlribulor to the scope 8nd ambition of the project. Operationally, the College continues to manage risks proactively. The key Concerns going forward are rises in inflation and the cost of living affecting student applications and College operslions, further international visa legislation decreasing sludenl numbers, a delay in the predicted luilion lee increase and sustained ecor￿MiC pressure linked to the global conflicts. 15

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Corporate Governance The following slalement is provided by the Governing Body lo enable readers of the finan¢ial statements lo obtain a better understanding of the College's arrangements for th& management of its resources and for audit. The College is 8 registered charity Iregislered number 1137471) and subject lo regulation by the Charity Cornmission for England and Wales. The members of the Governing Body are the charity trustees and are responsible for ensuring corllplian¢e with charity law. The Goveming Body members are advised in carying out their duties by four Committees, all of which meet al least twice per a¢ademic year. Audit and Risk Committee Fellowships Committee Governance Committee Remuneration Committee The College Council reports lo Governing Body and has delegated authority to make decision on and is responsible for College operations. Seven Governing Body members and the Principal Officers of the College sil on College Council. Council is advised by seven Committees, which meet al least twice per academic year. Admissions Committe& CCE Oversight Committee DEFI Oversight Committee Estates Committee Flnance Committee Investments Committee Prevent Committee The principal Officers of the College for the period are the President, the Bursar and the Senior Tutor. It is the duty of the Audit and Risk Committee lo keep under review the effectiveness of the College's internal systems ol financial and other controls,. to advise the Governing Body on the appointment of external and internal auditors,. to consider reports submitted by the auditors, both exlemal and internal,. lo rnonilor the implementats'on of recommendations made by the auditors,. to make an annual report lo the Governing Body. Its members are.. trustees Dr J Chan (Chairl, Dr P Dudley, Prof W Irish, Mr W Charnley, Mrs L Powers-Freeling, Dr F Ahmed, Dr J Habchi and exlemal membors Ms A Shakespeare, Mr M Cobman and Dr M Bellamy. There are Registers of Interests of Trustees and the non-truslees on the Finance and Audit and Risk Committees and other key personnel. Declarations of interest are made syslemalically al each of the meetings listed above. The College's Trustees during the year endgd 31 July 2024 are sel out on page 3. statement of Internal Control Governing Body is responsible for maintaining a sound system of inlemal control that supports the achievement of policy, aims and objectives while safeguarding the public and other funds and assets for which the Governing Body is responsible, in a¢¢ordance with the College's Slatules. The system of internal control is designed to manage ralher than eliminate the risk of failLJre to achieve policies. aims and objectives., il therefore provides reasonable bul not absolute assurance of effeclivengss. The systems of intemal control are designed to identify the principal risks lo Ihg achievement of policies, aims and objectives. to evaluate the nature and exlenl of those risks and to manage them effficienlly, effectively and economically. This process was in place lor the year ended 31 July 2024 and up to the dale of approval of the financial slalemenls. Governing Body is responsible for reviewing the effectiveness of the syslom of intemal control. 16

HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Governing Body's review of the effectiveness of the system ol internal control is informed by the work of the various Commitl&es, the Bursar, and other College Officers, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their managernent letter and other reports. The College's system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In parti¢ular, it includes.. comprehensive budgeting and monitoring systems with an annual budget and periodic financial reports which are reviewed by the Finance Committee on behalf of Council., regular reviews by the Council of reports which indicate financial performance against the forecasts and of major purchase plans, capital works and expenditu￿ programmes., setting largels lo measure financial and other perfortllan¢e,' clearly clefined purchasing lassel purchase or capital investrnentl guidelines., delegation of authority and segregatloll of duties,. and idenlificalion and management of risks. Rg$ponsiblllties of the Govèrning Body Governing Body is restx)nsible for pieparing the Annual Report and financial statements in accordanco with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally A¢¢epled Accounting Pracli¢o). The College's Slalutes and the Slalutes and Ordinances of the University of CaTMbridge require the Governing Body lo prepare financial slalemenls for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that peiiod. In preparing these financial stalemenis, the members of Governing Body are required to.. select suitable accounting policies and then apply them consislenlly make judgements and eslimales that are reasonable and prudent stale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial siatem&nls', and prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that the College will continue in operation. Governing Body is responsible for keeping accounting records which disclose with reasonable accuracy al any time the financial position of the College and enable them lo ensure that the financial slalemenls comply with the Stslutes of the University of Cambridge. They are also responsible for safeguarding thts assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Governing Body is responsible for the maintenance and integrity of the corporate and finan¢ial information included on the College's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements rnay differ from ltrgislation in other juiisdi¢lions. Mr Jonathan Ngwby Bursar Member of Collega Council and Governing Body Date: 4 Decamber 2024 17

HUGHES HALL REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNING BODY OF HUGHES HALL FOR THE YEAR ENDED 31 JUL Y 2024 Opinion We have aLJdited the financial slalefflents of Hughes Hall Ilhe 'Collegel and its subsidiaries (the Group) for the year ended 31 July 2024 which comprise the Consolidated Slalemenl of Comprehensive Income and Exp&nditLJre, the Consolidated Statement of Changes in Reserves, the Consolidated and College Balan￿ Sheets, the Consolidated Cash Flow Statement and notes lo th$ financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandaid 102 The Financial Reporting Stsndard applicable in the UK and R8public ol Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our Dpinion, the financial slalements.. give a true and fair view of the stale of the Group's and College's affairs as al 31 July 2024 and of its incoming resources and 2pplicalion of resources lor the year then ended., have been propedy prepa￿d in a¢cordan¢e with United Kingdom Generally A¢￿pIed Accounting Pracli¢e,' and have been prepared in accordance with the requirements of the Charities Act 2011 and the StalLJles of the University of Carnbridge. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further describecl in th& Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the finencial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reouiremenls. We believe that the aLJdil eviden￿ we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concèrn In audib'ng the fi'nancial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation DI th$ financial statements is appropriate. Based on the WDrk we have performed, we have not identified any rnalerial uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Group or College's ability to continue as a going concern for a period of al least twelve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are described in the relevant sections of this report. Other information The Governing Body is responsible for the other information. The other information cornprises the information included in the Annual Report of the Trustees other than the financial stalerllents and our auditors. report thereon. Our opinion on the financial statements dDes not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially in¢onsislenl with the financial statements or our knowledge obtained in the Course ol the audit. or otherwise appears to be materially misslaled. If we identify such malerial inconsistencies or apparent material tnisstalemenls, we are reqLJired lo determine whether there is a material misslalemenl in the financial statemen15 or a fnaterial misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstslemenl of this other information, we are required to report that fact. We have nothing to report in this regard. 18

HUGHES HALL REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNING BODY OF HUGHES HALL {continued) FOR THE YEAR ENDED 31 JUL Y 2024 Opinion on other matters prescrib&d by the Statutes of the University of Cambrldge In tsur opinion based on the work undertaken in the Course of the audit.. The contribution due from the College lo the University has been computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,11, of the University Df Cambridge. Matters on which we are required to report by exception In the light of the knowledg& and understanding of the Group and Colleg8 and its environrnenl obtained in the course of the audit, we hav& not identified material misstatements in the Report of the Trustees. We have nothing lo report in respect ofthe following matters in relation lo which the Charitios (Accounts and Reports) Regulations 2008 reqLJire us lo repDrt to you if, in our opinion.. sufficient accounting records hBve not been kept., or the financial slalemenls are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit. Responsibilities of the Governlng Body As explained more fully in the responsibilities of the Governing Body statement sel out on page 16, the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inl&rn81 control as the Governing 8ody determine is n8cessary to enable the preparation of financial stalemenis that are free from material miss181ernenl, whether due to fraud or error. In preparing the financial statements, the Governing Body are responsible for assessing the Group's and Colleg&'s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using th& going concern basis of a¢¢ounting unless the Trustees either intend lo liquidate the Group or College or to cease operations, or have no realistic alternative bul lo do so. Auditors. responsibilitl¥s for tho audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from rllalerial misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assuran￿ is a high level of 8ssuran¢e, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material rnisslalement when il exists. Misslalemenls can arise from fraud or error and are considered material il. individually or in the aggregate, they Could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of dete¢ling irregularities, including fraud is detailed below-. Our approach lo identifying and assessing the risks ol material misslalemenl in respect of irregularilles. including fraLJd and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement 18am collectively had the appropriate competence. capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the Group through discussions with Trustees and other management, and from our knowledge and experience of the education sector., we obtained an understanding ol the legal and regulatory framework applicablo lo the Group and how the Group is complying with that framework., 19

HUGHES HALL REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNING BODY OF HUGHES HALL {continued) FOR THE YEAR ENDED 31 JUL Y 2024 we obtained an understanding of Ihe Group's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance., we id8nlified which laws and regulalions were significant in the context of the Group., the Laws and regulations we considered in this context were Charities Act 2011, the Stalules of the University of Cambridge and laxalion legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the relalad financial slalemenl items., in sddition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls but compliance with which might be fundamental lo the Group and the College's ability to operate or to avoid material penalty., anLf identified laws and regulations were comrnuni¢aled within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group's financial statements lo material misslalement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to whero they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fr&ud', and considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we., tested journal entries to identify unusual transacts'ons., assessed whether judgements and assumptions made in determining the accounting estimates sel out the accoLJnling poli¢y were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to.. agreeing financial statement disdosures lo underlying supporting documenlalion., reviewing minutes ol meetings of those charged with governance.. enquiring of management as lo actual and potential litigation and claims.. and revlewing correspondence with relevant regLJlalors and the College's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely it is that we WOLJld become aware of non-compliance. Auditing standards also limit the audit procedures required lo Identify non-compliance with laws and regulalionslg enquiry ol the Trustees and other management and the inspection of regulatory and legal correspondence, il any. Material misstslemenls that arise due lo fraud can b& harder lo detect than those that arise from error as they may involve deliberato concealment or collusion. A further description of our responsibilities for the audit ol the financial statements is located on the Financial Reporting Council's website at.. htt s".Ilwww.frc.or audil-of-lhe-fildescri lion-of-lhe-audilor's-res .uklaudilorslaudil-assurancelauditor-s-res onsibililies-for-Ihe- onsibililies-for. This description forms part ol our auditors, report. 20

HUGHES HALL REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNING BODY OF HUGHES HALL (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Use of our report This report is made solely to the College's Governing Body as a bcKJy. in accordance with College's stslutes, the Slalules of the University of Cambridge and the Charities Act 2011. Our work has been undertaken so that we might stsle lo the Governing Body those matters we are required to stale to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily lo anyone other than the College and the College's Goveming Body as a body, fDr our audit work, for this report, or for the opinions we have fomied. PETERS ELWORTHY & MOORE Chartered Accountants and Stslutory Auditors Salisbury House Station Road Cambridge CB12LA Dale.. Peters Elworthy & Moore is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006. 21

HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JUL Y 2024 Statement of Prlnclpal Accounting Policies Basis of preparation The financial staternenls have been prepared in accordan¢e with the provisions of the Stalules of the College and of the University of Cambridge, using the Recommended Cambridge College Accounts IRCCAI format, and applicable United Kingdom accoLJnting standards, including Finanaal Reporting Standard 102 IFRS1021 and th6 Statement ol Recommended Practice ISORPI." Accounting for Further and Higher Education issued in 2019. The Slalement of Comprehensive Income and Expenditure includes activity analysis in order to demonstrate that all fee income is spent for educational purposes. The analysis required by the SORP is sel out in note 8. The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards. The functional and presentational currency of the College is GBP. The level ol rounding applied is lo the nearest £. Going concem Students have ￿turNed tD the College al the start of the new academic year and the majority of College activities have resumed with conference activity rising to pre-covid levels. The Trustees have prepared a budget for the duration of 2023124 and cashflow forecasts for the period beyoncl the end of the financial year which have been stress lesled based on 2 nurnber of assumptions. They have considered the impact upon the College and ils cash resources and unrestricted reserves. The College also has significant investments which could be realised if required. Based upon their review the Trustees believe that the Group will have sufficient resources to meet ils liabilities as they fall due lor the foreseeable future and therefore have continued lo adopt the going concern basis in preparing the financial stslerTTrenls Basis of accounting The financial stslements have beon prepared under the historical cost Convention, modified in respect of the treatment of investments which a￿ included al valuation. Basis of consolldation The consolidated financial statements include the College and ils subsidiary undortakings. Details of the subsidiary undertakings included are $81 out in note 27. Inlra-group balances are eliminated on consolidation. The Group assets show a lower level of reserves compared to the College as the ￿tter includes adminislralive charges payable by its subsidiary Hughes Hall Ltd. R9¢0gnltion of income Income is recognised in the slalement of financial activities ISOFAI when a transaction or other event results in an increase in the charity's assets or a reduction in its liabilities. Income must only be recognised in the accounts of a charity when all of the following criteria are met.. Enlillemenl- control over the rights or other ac¢ess lo the economic benefit has passed to the charity., Probable- il is more likely than not that the economi¢ benefits 8ssocialed with the transaction or gift will flow lo the charity., Measurement- the monetary value or arllount of the income Can be measured reliably ancl the ¢osls incurred for the transaction and the costs to complete the transaction Gan be measured reliably. A¢ademK fees Academi¢ fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsors. The costs of any fees waived or written off by the College are included as expenditure. 22

HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued} FOR THE YEAR ENDED 31 JUL Y 2024 Grant incowne Grants received from non-government sources (including resear¢h grants from non-govemment sourcesl are recognised within the Consolidated Statement of Comprehensive Income and Expenditure when the College is enlilled to the income and performance related conditions have been mel. InGome received in advance of performance ielaled conditions is deforred on the balance sheet and released lo the Consolidated Statement of Comprehensive Income and Expenditure In line with such conditions being mel. Don@t￿nS and endowments Non exchange Iransacbons without performance related Conditions are donations and endowments. Ch8ri1able donations aty recognised on receipt or when the College is enlilled to the income and the value Can be measured reliably. Donations and endowments with donor-imposed restrictions are recognised within the Consolidated Slalernenl of Comprehensive Income and Expenditure when the College is enlilled to the income. Income is retained within restricted reserves until such lime that il is utilised in line with such restrictions al which point the income is released to general reserves through a reserve transfer. Donations 8nd endowments with restrictions are classified as restricted reserves with additional disclosure provided within the notes lo the accounts. There are four main typos of donaty'ons and endowments with restrictions: Restricted donations- the donor has specified that the donation must be used for a parb'cular objective., Unrestricted permanent endowments - the donor has specified that the fund is lo be permanently invested lo generate an income slr&arn for the general benefit of the College., Restri¢led expendable endowments- the donor has specified a particular objective and the College can convert the donated sum into income., and Restricted permanent endowments - the donor has specified that the fund is lo be pemianenlly invested lo generate an incorne stream lo bo applied lo a particular objective. Donations wllh no reslrlclions are recorded within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled lo the income. Investment inGome and Change in value of investment assets Investment income and change in value of investment assets 15 recorded in in¢orne in the year in which it arises and as either restricted or unrestricted income accordlng to the terms or other restrictions applied lo the individual endowrnent fund. To121 Return In 202312024, Hughes Hall operates a Total Return investment accounting policy for the Long Term Fund. The College allocated a proportion of the investment earnings. net of expenses, and capital appreciation, lo the income and expttndilure account each year. The allocation of income is del&rrllined by a spending rule sel by the College, calculated as 3¥0 of the average Total Market Value of the Long Term fund over the previous 5 financial years. Other income Income is received from a range of a¢livilies including accommodation, catering conferences and other services rendered and is recognised in the period in which the goods or services are delivered. Legacy accounting policy For legacies. enlillemenl is taken as the earlier of the date of which either.. tho College is aware that probate has been granted, the estate has been finalised and notification has been made by the execulorlsl to the Trust that a distribution will be made, or when a distribution is received from the eslale. Receipt of a legacy, in whole or in part, is only considered probable when the amount Can be measured reliably, and the College has been notified of the execvlor's intention to tllake a dislribulion. Where legacies have been notified lo the College, or the College is aware of the granting of probate, and the crileria for incofne recognition have not been msl. then the legacy is treated as a contingent asset and dis¢105ed if material. 23

HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES {continued) FOR THE YEAR ENDED 31 JUL Y 2024 Cambridge Bursary Scheme In 2023-24. payment of the Cambridge Bursaries to eligible students was made dire¢lly by the Student Loans Company ISLCI. The College ￿]mbUrSed the SLC for the full amount and the University of Cambridge and other Colleges paid th&ii shares lo the College. Each College shows the gross payment made lo eligible students within education expenditure and the contribution from the University and other Colleges as incorne within academic fees and charges. The nel payment of £32,384 is shown within the Consolidated Statement of Comprehensive Income and Expenditure as follows.. Income Isee note 11 Expenditure £299,022 £331.406 For&lgn currency translation Transactions denDmin8led in foreign cUr￿nCleS are recorded at the rale of exchange ruling al the dale of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling al year end rates or, where the￿ are forward foreign exchange contract, at contract rates, The resulting exchange differences are dealt with in the delerminalion ol the comprehensive income and expenditure for the financial year. Fixed assets Land and buildings Fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to 1 August 2014. the dale of transition lo SORP, are measured on the basis of deemed cost, being Ihe revalued amount at the date of that revaluation. Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets. Costs incurred in relation to land and buildings after inib'al purchase or conslruclion, and prior lo valuation, are capilalised to the extent that they increase the expected future benefits to the Collage. Freehold land is not depreciated as il is considered to have an indefinite useful life. Freehold buildings are depreciated on a slraighl line basis over their expected useful lives of 70 years. Buildings under conslru¢lion aro valued al cost, based on the value Df architects. cerlificales and other direct costs incurred. They are not depreciated until they are brought into use. The Cost of adcjilions to operational propety shown in the balance sheet includes the Cost of land. Fumiture, fittings and equipment costing less than £2,000 per individual item or group of related items is written off in the year of acquisition. All other assets are capitslised and depreciated lon a slrsight line basis) over their expected useful life as follows.. Furniture and fittings Kitchen equipment Computer equipment 20.0% per annum 12.SVo per annum 20.0% per annum Leased Jssels Costs in respect of operating leases are charged on a straighl-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term. Heritage 8ssels The College holds and conserves a nutnber of wllections, exhibits, artefacts and other assets of historical, artistic or scienb'fic importance. Heritage assets acquired before 1 August 2014 have not been capilalised since reliable estimates DI Cost or value are not available on a ¢osl-b&nefit basis. There have been no assets acquired or gifted since this dale. 24

HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Investmgnts Fixed asset investments are included in the balance sheol al fair value, except for investments in subsidiary undertakings which are slated in the College's balance sheet al cost and eliminated on consolidation. Investments that are not listed on a recognised stock exchange are carried al historical cost less any provision for impairment in their valuelmarket value. Stocks stocks are slated at the lower of CDSI and net realisable value after making provision for slow moving and obsclele items. Debtors Short term debtors are measured at transaction price, less impairment. Cash and Cash Equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible lo known amounts of c4sh with insignificant risk of change in value. Crèditors Short term creditors are measured at the transaction price. Provisions Provisions are recognised when the College has a present legal or Constructive obligation as a result of a past event, il is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Continggnt Ilabllities and assets A contingent liability arises from a past event that gives the College a possible obligation whos& existence will only be Confirmed by the occurrence or otherwise of uncertain future events, not wholly within the control of the College. Contingent liabilities also arise in circumstances where a provision would otherwise be rnade bul either il is not probable that an ouffiow of resources will b& required, or the amount of the obligation cannot bg measured reliably. A contingent asset arises where an event has taken place that gives the College a possible asset whose existence will only be Gonfirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the College. Contingent assets and liabilities are not recognised in the balan￿ sheet but a￿ disclosed in the notes. Flnancial instruments The College has elected lo adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes party lo the contractual provision of the insliument, and they are classified accDrding lo the substance of the contractual arrangements entered into. A financial asset and a financial liability are offset only when there is a legally enfOr￿able right lo sel off the recognised amounts and an intention either to settle on a nel basis, or lo realise the asset and settle the liability simultaneously. 25

HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES {continued) FOR THE YEAR ENDED 31 JUL Y 2024 Financial assots Basic financial assets include trade and other receivables, cash and cash equlvalents and investments in commercial paper li.e. deposits and bonds). These assets are initially recognised al transaction price unless the arrangement constitulos a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Such assets are subsequently carried at amortised cost using the effective interest rale method. Financial assets are assessed for indi¢alors ol impairment at eè¢h reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Slalernent of Comprehensive Income. For financial assets ¢8rried at amortised cost the impairment loss is the difference between the carrying amoLJnt of the asset and the present value of the eslimaled future cash flows, discounted al the asset's original effective interest rate. Other financial assets, including Investments in equity instruments, which are nDI subsidiaries or joint ventures, are initially m&asured at fair value which is typically the IransacliDn price. These ass8ls are subsequently carried at fair value and changes in fair value al the reporting dale are recognised in the Stat&ment of Comprehensive Income. Where the investment in equity instruments is not publicly traded and where the fair value Cannot be reliably measured, the assets are measured at cost less impaiimenl. Investments in property or other physical assets do not constitute a financial instrument and are not included. Financial assets are de-recognised when the contrectual rights to the cash flows from the asset expire or are settled or subslanlially all of the risks and rewards ol ownership are twnsferred lo another party. Financial Llabilities 8asic financial liabilities include trade and other payables, bank loans and intergioup loans. These liabilities are initially recognised al transaction price unless the arrangement conslilules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rale of interest. Debt instruments are subsequently carried al amortised cost Ljsing the effective interest rate method. Fees paid on the eslablishmenl of loan facilities are r8cognised as transaction costs of the loan lo the extent that it is piobable that some or all of the facility will be drawn down. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary Course ol business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade payables are reoognised initially al transaction price and subsequently measvr&d at amortised cost Ljsing the effective interest rate method. Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised al fair value on the dale the derivats've contract is entered into and are subsequently re-measured al their fair value al the reporting date. Changes in the fair value of derivakn'ves are recognised In the Statement of Comprehensive Income in finance costs or finance income as appropriate, unless they are included in a he￿Ing arrangement. To the exlenl that the College enters into forward foreign exchange contracts which remain unsettled al the ￿porting date the fair value of the contracts is reviewed at that date. The initial fair value is measured as the transaction price on the dale of inception ol the contracts. Subsequent valuations are Considered on the basis ol the forward rates for those unsettled contracts at the reporting dale. The College does not apply any hedg& accounting in respect of forward foreign exchange contracts held to manage cAsh flow exposures of forecast transactions denominated in foreign currencies. Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires. 26

HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 JUL Y 2024 Taxation The College is a registered charity (number 11374711 and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the College is exernpl from tsxalion in respect of income or ¢apilal gains received within the categories covered by Sections 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College re￿iVeS no similar exemption in respect of Value Added Tax. Contribution under Statute G. 11 The College is liable lo be assessed for Contribution under the provisions of Slalute G, 11 of the University of Cambridge. Contribution is used lo fund grants lo colleges from the Colleges Fund. The liabilily for the year is as advised to the College by the University based on an assessable amount derived from the value of the College's assets as al the end of the previous financial year. Under the Current rules of the scheme, Hughes Hall has always been a nel recipient and not contributor. Penslon costs Universitiès Superannuation Scheme (USSI Slgnificant accounting policlès.. The inslilulion participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-adminislered fund. 8e¢ause of the mutual nature of the scheme. the assets are not attributed lo individual institutions and a scheme-wide contribution rale is set. The inslilulion is therefore exposed lo actuarial risks associated with other insts'lulions, employees and is unable lo identify its share of the underlying assets and liabilities of the scherne on a consislenl and reasonable basis. As ￿qUired by Section 28 of FRS 102 'Employee benefits", the institution therefore a¢counts for the scherne as if il were a defi'ned contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable lo the schem&. Since the institution has entered into an agreement Ilhe Recovery Plan) that determines how each employer within the scheme will fund the overall delicil, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the cleficill with related expenses being recognised through the profil and loss account. Critical accounting judgements.. FRS 102 makes the distinction between a group plan and a mulliemployer scheme. A grDUP plan consists of a Collection of entities under ¢OTnmon ¢onlrol typically with a sponsoring employer. A mulli-em Joyer scheme is a scheme for enlilies not under cornmon control and represents itypicallyl an industry- wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreerllent with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficill with the resulting expense charged through the profil or loss account in accordance with se¢lion 28 of FRS 102. The directors ar8 satisfied that Universities Superannuation Scheme meets the definition of a multi- employer scheme and has th&refore recognised the discounted fair value of the conlraclual contributions under the recovery plan in existen￿ al the dale of approving these financial slalements. Cambridge Colleges Federated Pension S¢hem8 ICCFPS) The College pat*'cipales in the Cambridge Colleges Federated Pension Scheme, a defined benefit scheme. There are no current mernbers of staff in the scheme. Pension costs are assessed in accordan￿ with the advice of the actuary, based on the lalesl actuarial valuation of the Scherlle and are accountsd for on the basis of providing pensions over the period during which the College benefits from the employees, services. 27

HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES {continued) FOR THE YEAR ENDED 31 JUL Y 2024 other penslon schemes The College also operates a defined contribution pension s¢heme for employees. The assets of the scheme are held separately from those of the College. The annual contributions payable are charged to the Income and Expenditure Account. Crltical accounting estimates and areas of Judgemont The prgparalion of the College's a¢¢ounls requires management to rmake judgernenls, estimates and assumptions that affect the application of accounting policies and reported 8mDunls of assets and liabilities, income and expenses. These judgements, estimates and associated assumptions are based on historical experience and oth&r factors, including expectations of futur& events that are believed lo be reasonable under the circurnstances. The resulting accounting eslimales will, by definition, seldom equal the related actual results. Management considers the areas sel out below to be those where critical a¢¢ounting judgements have been applied and the resLJlling estimates and assumptions may lead lo adjuslmenls lo the future carrying amounts of assets and Income recognition Judgement Is applied in determining the value and lirlling of certain income items lo be recognised in th& accounts. This includes determining when performance related conditions have been mel and determining the appropriate recognition liming for donations, bequests and legacies. In gener81, the later are recognised when at the probate stage. Useful lives of property. plant and equipment - Property, plant and equipment represent a significant proportion of the College's total assets. Therefore, the estimated useful lives ran have a significant impact on the depreciation charged and the CDllege's reported performance. Useful lives are delemiined al the lime the asset is acquired and revi&wecl regularly for appropriateness. The lives are based on historical experiences with similar assets, professional advice and anticipation of future events. Details of the carrying values DI propety, plant and equipment are shown in note 10. Recoverability of debtors The provision for doubtful debts is based on the College's estimate of the exp&cled recoverability of those debts. Assumpllons 2r& made based on the levol of debtors which have defaulted histoiically, coupled with current econornic knowledge. The provision is based on the Current situation of the customer, the age profile of the debt and the nature of the amount duo. Retirement benefit obligations - The cost of defined benefit pension plans and other tx)sl-ernploymenl benefits are elermined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, fLJtLJre salary increases, mortality rates and futLJre pension increases. Due lo the complexity of the valuation. the underlying assumptions and th& long-term natLJre of these plans. such estimates are subject lo significant uncertainty. Further details are given in note 26. Management are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value Df the contractual contributions under the funding plan in existence al the dale of approving the accounts. As the College is conlraclually bound lo make deficit recovery payments to USS, this is recognised as a liability on the balance sheet. The provision is currently based on the USS deficit recovery plan agreed after the 2018 actuarial valuation, which defines the deficit payment required as a percentsge of future salaries until 2028. These contributions will be reassessed within each triennial valuation ol the SGheme. The provision is based on managefflenl's estimate ol expected future salary inllalion, changes in staff nLJmbers and the prevailing rate of discount. Further details are sel out in note 26. Employment benefits Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service lo the College. Any unused benefits are accrued and measured as the additional amount the College expects lo pay as a result of the unused enlillemenl. 28

)0> ro oooor t)000 OONr£ -o￿tr) *rn(F)C¥io rrio(o roo IDCr 00) rory) fDN(n (o loo ¢ry rD- ¢0 CL Q

HUGHES HALL STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 JUL Y 2024 Group Income and expendlture reserve Unrestrlcted Restricted Endowment Total Balance at 1 August 2023 Surplus from incorne and eKp6ndilure slalem8nl Other comprehensive incorng Transfer betW8en funds 45.460,399 3.058,566 8,222,252 56,741,217 4,408,008 13,8011 3.950,000 544.300 693,053 5,645,361 13,8011 1530,9381 13,419,0621 Balanc8 at 31 July 2024 53,814.606 3,071,928 5,496,243 62,382,777 College Income and expenditure reserve Unrestrlcled Restricted Endowrnent Totsl Balance at 1 August 2023 Surplus Irorn income and expenditur9 statement Other comprehensive incotne Transfer betW8en funds 46.113,594 4,131.709 3.025.748 576,166 8,222.252 693.053 57.361,594 5,400,928 13.8011 3,950,000 1530.9381 13,419.0621 13,8011 Balanc8 at 31 July 2024 54,191 502 3,070,976 5.496,243 62,758.721 Group Income and 8xpenditure reserve Unrestricted Restri¢ted Endowment Total Balance at 1 August 2022 Surplus from income and 8xpenditure stal8ment Other comprehen5iV8 income Transf8r be￿￿n funds 43,189.517 2,548,100 8,461,970 54,199,587 2,299,068 128.1861 512,966 1242.2181 2.569,816 128.1861 12.5WI 2,500 Balance at 31 July 2023 45,460,399 3.058,566 8,222,252 56.741,217 College Incom8 and expendlture reserve Unrestricted Restritted Endowment Total Balance at 1 August 2022 Surplus from incorne and expenditur8 ststement Other comprth8n5ive incom8 Transfer between funds 43.794,176 2,538.633 8,461,970 54.794,779 2,347.604 128,1861 489.615 1242.2181 2,595.001 128,1861 12,5001 2.500 Balance at 31 July 2023 46,113,594 3,025,748 8,222.252 57.361,594 The notes on pages 33 to 52 form part ofthese accounts. 30

HUGHES HALL CONSOLIDATED AND COLLEGE BALANCE SHEET ASA T31 JUL Y2024 2024 Con501idated 2024 Colleg8 2023 Consolldated 2023 College Note Non-current Assets Fixed asse15 InvestTnents Total non-current assets 10 11 39,530.8&9 42,261430 81.792,318 39,965.725 42.261.430 82.227,155 35,844,431 41.456,289 77.300.720 36.286,094 41,456.289 77,742.383 Current Assets Stocks Trade and other receivables Cash and cash 8qUiV81ents Total cUr￿n1 a55ets 12 13 14 20.097 1.969.670 1.289,586 3.219,353 20.097 1.825,542 1,186.951 3.032,590 19,377 795,820 2,029.458 2,844.655 19.377 1,256.495 1,550,152 2,828,024 ¢￿ditOrS.. amounts falllng due with¥n one year 15 12.549,8691 12.361,9991 12,741.5781 12,544,233) N•t current assetslllrabilitiesl 729.484 670.591 103,077 281,791 Totsl as5et$ less currenl liabilitle$ 82.521,802 82.897,746 77.403.797 78,024.174 Creflitor5.' amounts falling due after more than one year 16 119,934,008) 119,934.0081 120,124,650) 120,124,850) Provisions Penslon provisions 17 1205,0171 1205,0171 1537,9301 1537.9301 Total net asset8 62,382.7TT 62,758.721 56.741.217 57.361,594 Restricted reserves Income and expenditure reserve- endowrnent reserve 18 s,4￿,243 5,496,243 8.222,252 8.222,252 Income and expenditure ￿serv8- slricted ￿SerVa 19 3,071,928 3,070.976 3,058,566 3,025.748 Unrestrlct8d Re$eNes Income and expenditure reserve- unr8stricled 8,568,171 8,567,219 11,280.818 11,248,000 53,814.608 54,191.502 45,460,399 46,113,594 Totsl R8serves 62,382,777 62.758,721 56741,217 57,361,594 The accompanying noles on pag88 33 to 52 are an integral part of this balance sheet. The financial statements were approved by the Governing Body on 4th 08cernber 2024 and signed on their behalf by.. Mr Jonathan Newby Bursar Member of Co118ge Couneil and Governing Body 31

HUGHES HALL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JUL Y 2024 2024 2023 Note N8t cash inflow from operating actlvltlos Cash flows from investing activities 21 2,345.869 3,562,509 22 12,183,776) 11,949,120) Cash Ik)ws from financing activities 23 1901,9621 1901,8561 In¢roasellDecr8a5el In Cash and cash equlvalents in the year 739.869 711,533 Cash and cash equivalents al beginning of the year 2.029,458 1,317,925 Cash and ca$h equlvalents at 8nd of the year 14 1,289.589 2 029.458 The notes on pages 33 to 52 form part ol the58 accounts. 32

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 Academrc fee5 and charg85 2024 2023 Co118ges fees.. Fee in¢orn8 re￿ived at the regulated undergrzduate rale Fee income received at the unregulated und8rgraduate rate Fee income received al the graduate rate 388.500 1,004,￿1 2,916.390 457,077 1.002,167 2,676,490 Other income.. Research Fellow Support Ifunded through donatronsl Burs8ries Icambridge Bursary Scheme and olh6r donallon51 Teaching and Other Income 4,309,791 4,135.734 25,163 299,022 3,578 39,311 272,023 Total 4,637,554 4,447,068 Income from accommodation, Catering and conferènce$ 2024 2023 Accommodation Coll8ge m8rnbers Conferences College memb8rs Conferences 3,302,843 742.703 359.941 374,473 2.735,587 445.157 303,450 224,225 Catering Total 4,779.960 3 708,419 Endowment return and Inv8Stmet)t Income The Totsl Return investtn8nt accounting poli¢y onlyapplies to the Long Term Fund 2024 2023 3a Analysls of Endowment Income Total return contribution (see rK)le 3bl Land and builclings Quoted securikn'es Income froffl short-term Investments Other investment income 244,739 33.315 1.166,389 572,145 239.771 38,082 633,393 379,444 5.663 Total 2 016,588 1.296,353 3b Summary of total retum 2024 2023 Income from.. Quoted and other securit18s and cash 188,061 139,164 Gainsllk)ssesl on endowrnenl assel8'. Quoted and other securities and cash 61,301 1180,3231 Invest￿ent management ¢osts1589 note 3¢) Total return for the y88r 138,8431 137,9491 190.519 179,1081 Total retum Iranslerr8d to Income and expenditure reS8￿e 1s68 Trole 3a) Unapplied total retum for yeai included within Staletn8nl ol Comprehensive In(x)me and Expenditure Isee note 201 244 739 239 771 54.220 318.879 33

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 Investment managèment costs 2024 2023 Quoted s8CUrities- equities including in Total Return Quoted securities- equities 38.843 84.806 37,949 63,108 Total 123,649 101,057 Brldge Centres (Restrictedl Source of Fundlng Opgnlng Balance 1 Aug2023 Incorne Expendltur8 CIo8lng Balance 31 Jul 2024 HEE Acadamic ReseErch Ev81uaiion eallh Education Erbgland 4,638 14.6381 148.7101 Qrgcy Cambridge Vadous 11,9941 85.801 35.097 Inquiring Learners Dr Ron Zimmem 4,028 10,000 17,4731 6,555 Oigilal Education Futures VarkQUS 157,682 280,337 1323,9291 114,090 Cambridge Teacher Resgarch Variws Exchang8 Icarire81 69,731 194,501 1170,0871 94.145 Cènlre for Climate EThJ898menl ICCEI Hallon Ttusl, Conduit Trust. ECF, SMU 473,577 1,128.078 1980.9611 620.694 808rds forClimal6 Action CIFF & Ikea Foundation 1.047.645 1.398,979 11,445,t871 1,001,437 CANFFUND Inmvale UK 31.428 131,4281 Cllmate Govemance Initi8b"v& Generation Foundaiian 497,855 11491 497,708 Cambridge Digital Innovation Vari￿9 ICDII 222,402 156,125 1144,0641 234,463 Tota15 1.973,071 3,787.742 3,156,626 2,604.187 Education exwndlture 2024 2023 Teachlng Tutorial Admissions Research Scholarships and 8W8rds Other educabonal faciliti8S 1,533.479 1,170,813 1,145,253 655,535 412,979 605,686 1.416,873 1,049.317 1.047,111 601.764 501.050 546.617 Total 5,523,745 5,162.732

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 Accornmodation, catering and conferen¢es èxpenditure 2024 2023 A￿OMr￿0d8ti0n College m8mbers Conferences College members Conferents5 2.813.424 632.648 306,605 318,9e3 2,370,555 533,062 258.341 268.771 Catering Total 4,071.660 3,430 729 Other E¥pÈnditure 2024 2023 Loan Int8rest Bond Interest Other expenditure 23.565 191,499 50,324 25,198 191.467 26,436 Total 265.388 243,101 8a Analy$ls of 2023124 expendlture by activity staff Costs (Note 91 other operatlng expensès Depreciation Total Edu(xtion (Note 51 Accomtnodation, catering and conferences INote 61 Other (Note 71 Change in USS deficit recovery provision 2.933,200 2,437.879 152,666 5,523,745 1,562,054 113,7131 2.153,385 278.046 356,221 1,055 4.071.660 265.388 (Note 91 Bridge Centres 1334,5191 1.406,365 1,750,261 1334,5191 3,156.626 Tota15 5,553.387 6619,571 509.942 12.682,900 Expenditure includes fundr8ising costs of £266.95712023.. £251.9901. This expenditu￿ does not include £91.27012023.. £101,552) towards the costs of alumni ￿lationS. 8b Analy$ls of 2022123 4xp8ndltur8 by activity staff ¢o$ts (Note 91 Other operatlng expenses Depreclatlon Total Education (Note 51 Accommodats'on, catering 8nd conferences (Note 61 Other (Note 71 Change in USS dèficit ￿0Very provision Bridge Centrès 2,620,759 2,393.897 148,076 5.162,732 1,346,793 131,4441 1,738.425 273,384 345,511 1,161 3,430,729 243,101 36,288 997.305 36,288 2,302,942 1.305.637 Totals 4.969.701 5,711,343 11.175.792 35

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 Audltors. rèmuneratlon 2024 2023 Other operating exp8nses Snclude.. Audit fees pay8ble to the College'5 8Xternal auditors other fee5 ￿yable to the College'5 external auditors 32,325 1.600 33.925 31,000 2,075 33.075 Staff ¢ost5 Non. academic Con$olidated 2024 Total Academlc 2023 Total Stsff co8ts: Salaries National Insurance 2.243,790 203,373 2,860,618 264,139 5,104,408 467,512 4.293,604 382,411 Pension costs Net change in USS deficit recovery provision (see Note 171 146.536 183.163 329.699 288.842 1191,0981 1157,1341 1348,2321 4,844 Subtotal ol pension cost8 18ee Note 9bl 144.5621 26.029 118.5331 293.686 2,402,601 3.150,786 5.553,387 4 969,701 Basecj on th8 2023 valu8tion of the Universities Sup&r8nnualion Schem8 IUSSI, the impact of the nel change in th$ USS dgfi¢il recovery provision is a credit of £348,23212023.. defiot of £4,844). This compris6S non-ca5h ¢￿￿1t iesulling from the change in assumptions, including the discount rate, of £3￿.51?{2O23.. £36,288) and cash contributions made lo ￿duce the deficit in the year of £13.71312023' £31,444). Average staff nurnbers 2024 Number of Full Ilme Fellows Equiva18nt Average staff numbers 2023 Number of Full time Fèllowg equivalent Acad&mic Non-acadernic 23 43 73 24 37 65 Total 26 116 26 102 Full time equivalent nUrn￿r$ also include fellows. Al the balan￿ 5h88t date thèr8 We￿ 5512023.. 541 members of the Governlng Body. During the year the average nutnb8r receiving remuneration was 2812023.. 261 shown 8bove. The number of offi￿rS and empltsy8e$ ol thè Collèg8. including Head ol House, who re￿1Ve￿ rernuneration in the following rangés was.. £100,001- £110.000 £110,001 - £120,0￿} £120,001 - £130.000 £130,OD1 - £140,000 £140,001 _ £150,000 2024 2023 Remuneration includ8s salary, employer's national insurance contributions, employer's pension eontributhons plus any taxable benefits either paid, payable or provided. gros5 of any salary sacrifice arrangements.

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 Staff costs Icontlnuedl K8y managemènt personnel Key manag8menl personnel are those persons hairing authority and r65wnsibility for planning. directing and controlling the activities ol the College. During the year there were 512023.. 51 metnbers of the key management team who are the P￿sIdent, Bursar, Senior Tutor, Development Oir8Ctor and Impact Director. The aggregated remuneration paid which conslsts of salary, employer's national insui8n conlribulions, employer's pensions contributlOll5, plus any taxab18 benefits either paid, payable or provided, gmss ol any salary sacrifice arrangem&nls. 2024 2023 Aggregated remuneration 565.168 529,644 9b Pen$lon Costs Th8 total pension ￿$t included In staff costs for the y&ar (see no18 8a) was.. Employer Total 2024 Contribu. tions Provisions Pen51on Costs.. 2024 INote 171 Employèr Contribu- tlons 2023 Provislon5 Total 2023 2023 INote 171 2024 uss CCFPS Stakeholder Scheme A8gon 95.821 1348,2321 110,6281 1252.4111 110,6281 109,547 4.844 19.8701 114,392 19.8701 233,878 233,878 179,294 179.294 Total 329.899 1358,8601 129,1611 288,841 15.0261 283,816 37

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 10 Tanglble Fixed Assets Consolidated Furnltur8 fitt4ngs and equipment Freèhold land Freehold buildlngs Motor vehl¢le Kitchen equipment Total Cost A5 811 August 2023 15.584,741 Additions al Cost 3,950,000 Dispos81s 25.432.689 51,599 651.941 246.400 1220.0021 34,135 41,755.105 4,196,400 1225,9401 15,9381 As al 31 July 2024 19.534 741 25.432,689 51,599 678,339 28.191 45.725.565 Depreciatlon As al 1 August 2023 Charge for the year Disposal As at 31 July 2024 5,502,378 375,070 10,320 10,320 375.924 118,914 220,002 274.836 22,052 5,639 5,938 21.753 5.910.674 509.943 225.940 6,194,677 5,877.448 20,640 Net book value A$ at 31 July 2024 19 534,741 19 555.241 30.959 403,503 6,444 39.530,888 As at 31 July 2023 15 584,741 19,930.311 41,279 276,017 12,083 35,844.431 Tangible Fixed Assets College Fumlture fitting5 and equiprnent Freehold land Freehold buildings Motor vehicle K¥tchen equipment Total Cost As at 1 August 2023 15.584,741 Additions at cost 3.950.000 Disposal 25,876,948 51,599 646,752 238,519 1220,0021 34,134 42,194,174 4,188,519 1225.9401 15,9381 As at 31 July 2024 19,534.741 25,876.948 51.599 665 289 28.196 46.756,753 Depreciation As at 1 August 2023 Charge for the year Disposal As at 30 July 2024 5,502.380 375,070 10.320 10,320 373.328 117,859 220,002 271.185 22,052 5,639 5,938 21.753 5,908,080 508,888 225.940 6,191028 5,877.450 20.840 Net book value As at 31 July 2024 19,5￿,741 19,999.498 30.959 394.084 39,965.725 As at 31 July 2023 15,584,741 20,374.568 41.279 273.424 12.082 The insured value of freehold and building5 as at 31 Juty 2024 was £45.669,24612023.. £42,091,471). 36.286,094 The cons(Aidated Cost of freehold buildings and zssels in construction consists of the costs incurred by the College less the surplus ￿corded in th8 accounts of Hughe5 Hall Limited. a subsidiary undertaking. snd ellminated on consolidation. 38

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 11 Investments Consolidated and College 2024 2023 As at l August 2023 Additions Disposals proc88ds Gains Increase in cash balances held at fund ffl8nagers As at 31 July 2024 41.456,289 39,￿8,245 143,203.0501 871.422 3.228,524 39,130,734 7,955,122 14,798,957) 1513,5621 1317,0481 42,261.430 41,456 289 Represented by.. Property Quoted securities- equities Quotecj securitl8s- bonds Quoted securiti8$- Multi-asset fund Quoted 5ecurities- Alt8rnalive5 & Funds Cash in hand 667,716 11,487 8,672.873 6,601.689 948,029 25,359,636 667,718 5,819,908 11,069,309 1,246,192 2.272,639 20,380,525 42,261.430 41,456.289 12 stocks Group 2024 Colle9e 2024 Group 2023 College 2023 Goods for resa18 Other stocks 15,596 4,501 20,097 15.596 13,525 5,852 19,377 13.525 5,852 19,377 20,097 13 Trade and other reeeivables Group 2024 Colle9e 2024 Group 2023 Collegt 2023 Members ol the College Other receivables Prepayments and accrued income Amounts owed by subsidiary cotnpany Other tsxes 2nd social security University Fees 344.455 65,844 1,489,643 344.455 2,676 405.876 1.018,398 288.092 171.979 302.133 288.092 3.542 277.994 686,867 15,591 54.137 33,616 54.137 1.969,670 1,825,542 795,820 1,256.495 14 Cash and cash 8qulvalents Group 2024 College 2024 Group 2023 College 2023 Short-tertn money market investments Bank deposi15 Current accounts 321,049 321.1)49 318.646 29,541 1,681,271 318,646 29.541 1.201,965 968.537 865,902 Total 1,289.586 1,186,951 2,029,458 1.550,152 39

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 15 Creditors.. amounts falllng due Wlthln one year Group 2024 College 2024 Group 2023 College 2023 Bank loan Trade creditors Members of the College University fe8S Other taxes and soci£l security A¢cruals and deferred income 190.642 267.828 620.783 190.642 253,224 620,763 185,081 277,870 764,377 3.477 364,080 1,146,693 185.081 246,067 764.377 3,477 321,573 1.023,658 231,030 1,239.606 204.249 1,093,121 2,549,869 2,361999 2,741.518 2.544.233 16 Creditors.. amounts fallln9 duo after more than one year Group 2024 College 2024 Group 2023 College 2023 Long term bonk loan Other loans 2.434,008 17,500.000 2,434.008 17,500,000 2,624,650 17,500,000 2.624.650 17.500,000 19,934.008 19.934,008 20,124.650 20,124,650 Prlvate Plac8m8nt Bonds Private p18c&menl rnoney of £4.34 million was bOrr￿d at a fixed Inte￿$1 rat8 of 4.4% and £3.16 million was boiiowed at a fixed interest rale of 4.45W.. 01 the Bond for £4.34 million, £2.41 million 1$ due for repayTnent in hjll on 30 October 2043 8nd £1.93 million is due for repayment on 30 October 2053. The additional Bond for £3.16 million at 4.45% 15 repayabl& in full on 31 January 2044. These Bonds ar& unsecur8d. Th8 College Secured a further loan of £10 million al a fixed interest rate of 3.05°A. The k)an is due for r8paym6nt in full on 2 February 2059. 17 Penslon provlslon5 Con$olldated and Colle9e CCFPS U5S 2024 2023 Balance at beginning of year 197,527 340.403 537,930 493,574 Movement in year.. Currenl s8rvi¢e cost Contributions Change in eXp￿ted conlribubons Other financ8 ¢0s1 ActU8ri81 loss 4.030 110.6291 4,030 124,3421 1334.5191 18,117 3.801 4,030 141,3141 36.289 17.165 28,186 113.7131 1334.5191 7,829 10,2&Y 3,801 Balance al end of year 205,017 205,017 537.930 40

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 18 Endowment fund5 R88tricted net assets relating lo endowments are as follows.. Restricted perrnanent endowment5 Unrestricted permanent endowments Group and College 2024 Total 2023 Total Balance at beginnin9 of year 2.874,655 5,347,597 8,222.252 8.461,970 New donations and endowments 128,610 613,(K)O 741.610 50.000 Net transfer fromlltol incorne and expenditure account 530,938 13.950,0001 13,419,062) 2,500 Increaselld8cr88sel In tnarket value of investments 116,6471 131.9101 148.5571 1292,2181 Balance at end of year 3,517,556 1978,687 5,496.243 8.222,252 Analys1$ by typ8 of purpose: Fellowship Fund Student Support Funij Scholarship Other Funds General endowment5 160,313 751,156 2,521.087 85.000 160,313 751,156 2.521,087 85,000 1,978.687 98,957 493,392 2.197,306 85.000 5,347.597 1,978,687 3,517.556 1978.687 5.496,243 8.222,252 Analysls by asset Investments C8sh 3.408,343 109.213 1.978,687 5,387.030 109,213 7,966,965 255,287 3.517.556 1,978,687 5,496,243 8,222.252 41

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 19 Restricted Reserves Permanent Unspent and Other Restrlcted Income Restricted expendable endowment Brldge Cent￿S (Note 41 Group 2024 Total 2023 Total Balance at beginnin9 of year 940,523 144,972 1,973,071 3,058.566 2.548.100 New donations 137,426 95,379 3.787,742 4,020,547 3,096.147 Inveslfflent income 77,428 77,428 82.282 lncrease1ldec￿aSe) in fflarkel valLJe ol invoslments 15071 15071 15.9171 ExpenditU18 1265.4201 1131,1221 13.156,6261 13.553,1681 12,659,546) Tr8nsfer betW68n funds 1421,7091 1109,2291 1530.9381 12,5001 Balance at end of year 467,741 2.604,187 3.071 928 3.058,566 Fellowship Funds Scholarship Funds Prize Funds Student Supp)rt Funds Other Funds Bridge Centres 20,548 70.070 16.811 33,739 326.573 20,548 70,070 16,811 33,739 326,573 2,604,187 31,902 432.830 20,353 223.337 376.493 1,973,651 2,604,187 467,741 2,604,187 3,071,928 3.058,566 42

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 19 Restricted Re$erv85 Icontlnuedl Permanent Unspent and Other Restricted Income Restrlcted expendable endowment College Brldge Centres 2024 Total 2023 Total Balance at beginnlng of year 908.078 144.972 1.972.698 3,025,748 2,538,632 New donations 137.426 95,379 3,756.420 3,989,225 3,088,774 Inv8Stment income 77,428 77,428 82.282 Increas8 in matk8t value of Investments 15071 15071 15.9181 EX￿ndItUre 1233,5541 1131,1221 13.125.304) 13,489.9801 12.675,5221 Transfer 1421,7091 1109,2291 1530,9381 12.5001 Balance at end of year 467,162 2.803.814 3,070.976 3.025,748 Fellowship Funds Scholarship Funds Prize Funds Student Support Funds 0th8r Funds Bridge Centres 20,548 70,070 16,811 33.739 325,994 20.548 70,070 16,811 33.739 325,994 2,603,814 31,902 432.830 20.353 223,337 344.628 1,972,698 2.603,814 467.162 2.603.814 3,070,976 3 025.748 20 Memorandum of Unapplled Total Return 2024 2023 Unap￿led Total Return at beginnirKJ of year Unapplied Total ILoss)IRgturn for year (see note 3bl Unapp118d Total Return at end of year 7.122,088 154,2201 7,440,967 1318,8791 7.067,868 7,122,088 43

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 21 Reconcillatlon of consolidated surplus for tite year to net cash inflow from operating actlviues 2024 2023 Surplus for the ye8r 5,641,560 2,541,630 Adjustment for non-ca$h items Depreciation Gain on endowments De¢reasellincreasel in stocks Decreasel(inc￿aseI in debtors Increaselldecr8asel in cr8dilors Increaselldecr888el In provisions 509.943 1871,4221 17201 11,173,8501 1197.2701 1332,9131 494,748 513.562 1,886 1130,7921 569.562 44,356 Adjustment for investlng or flnancrng activities Investment income Loan interest P8yable Bond interest payable L05s on the sale of non-curr8nt assets 11,946,340) 78,550 638,331 11,195,746) 83.993 638.224 1,086 Net cash inflow from operntlng actlvities 2,345,869 3,562,509 22 Cash flows from investlng actlvltles 2024 2023 Proceed from sale5 of non-current fixed 885ets Non-¢urrent investment disposal Net investment income Endowment funds invested Paytnents made to acquire non-¢urrent assets 14,500 4.500,000 156.626 16,300,0001 1320,2461 43.203.050 1,946,340 143, 136,7661 14,196,400) Total Ga5h flows from investing a¢tlvltl8S 2,183,776 1,949.120 23 Cash flows from financing actlvities 2024 2023 Loan Inte￿$t paid Bond interest paid N6w $ecured loans Repayrnenl of amounts borrowed 178,5501 1638,3311 183,9931 1638.2241 1185,0811 1179.6391 Total cash flow5 from financlng activltles 901.962 901,856

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 24 Consolidated reconciliatlon and analysi5 of net debt Othèr non- cash Changos At 1 August 2023 Cash Flows At 31 July 2024 Cash and cash equivalents 2,029,458 1739,8691 1,289,589 Borrowing5.' Amounts falllng due wlthln on8 year Bank Loan Borrowlngs.. Amounts falling due after more than one year Long terrn b8nk loan Other loans 1185,0821 15,5611 1190,6431 12,624.6501 I17.5(￿,000) 190,642 12,434,008) 117.500,0001 18,280.274 554.788 18,835.062 25 Flnaneial Instruments 2024 2023 Flnanclal assets Financial assets at f8ir valu8 through Slatemellts of Comprehensive income Listed equity investrnents Finzncial assets that are debt instrurnenl8 measur8d al amortised cost Cash and cash equivalents Debtors 16,234,078 20,408,048 26.649,225 410.300 22.409,982 460.071 Fin8ncial liabilities measured at amortised Cost Loans Trad8 credltors Other creditors 20,124.650 267,828 851,793 20,309,731 277,870 1,128.457 26 Penslon Scheme In addition lo the defin8d contribution scherne the College participates in two defined benefit scheme5, the Universities Super&nnualion Scheme IUSSI. and the Carnbridge Colleges Fed&ralion Pension Sch8rne ICCFPSI. The total p8nsion cost for the year 8nded 31 July was as follows.. 2024 2023 USS." Empbyer Contributions st8keholder scheme.. Employer ContributlC¥15 95,821 233,878 109,547 179.294 329,699 288,841 Please note the 30 June 2024 date us8d in Note 26a. University Superannuation Sch8m8 IUSSI and Note 26b. Catnbridge Collegés Federation Pension Schetn8 ICCFPSI is based on the report sent for disclosur& by the Iwo schemes. 45

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 26 Pen$lon Scheme Icontinuedl a. Unlverslty Superannuation Scherne IUSSI The total cost charged to the profit and bss acE(yJnl 15 £13.71312023.. £31.4441. Deficil recovery contributions due wthin one year for the insblution are £334,51912023.' £36,288). A deficit recovery plan was put in place as part ol the 2020 valuation, which r6quired payment o16.2Yo of s81ars over the period 1 April 2022 until 31 March 2024, al which polnt Ihe rate would increase to 6.3 . No deficit recovery plan as reqUI￿d unijer the 2023 valuation becaus& the scheme was in surplus on a technital provisions basis Th8 institution was no longer ￿quired 10 rn8ke deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profil and loss account. The latest available ¢omplet8 aduari31 valuation ofthe R&tirement Income Builder is as at 31 March 2023 Ithe valuation dzlel, which was carded out uslng the projected unil method. SinTr the institution cannot id8ntify ils Share ol USS Retirement Income 8uilder (defined benefit) 8ssets and liabilil'es, the following dis¢losure5 reflect th05& relevant for th058 assets and liabilities as a whole. The 2023 valuation was the s8venlh valu81ion for the sch8me under the scheme-specific funding regitne intrcluced by the Pensions Act 2004, which requir8s $¢hetnes to have suffici8nt and appropriat8 assets to cover theii technical provisions (the Statutory funding objectivel. At the valuation d81e. the value of the assets of the scheme was £73.1 billion and the value of the s¢hern8'8 technic81 provisions w85 £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%. The key financial assurnplions used in the 2023 valuation arg de$¢rib8d below. More detail is set out in the Statem8nt of Funding Principle htt s.'Ilww.uss.co.uklabout-uslvaluation-and-fundin Islatemenl-of-fundin riF)ci 105 CPI assumption Term d8pend6nt rates in line ￿th the drfference betW88n the Fixed Interest and Index Linked yield curves less.. 1.ov .a. lo 2030, ￿d￿CIn Betlefrts with no cap.. lineaA b 0.1U Perlsion increases Isubject to a floor of OQkl .a. fr(Kn 2030 CPI a55umpbon plus 3bps 8enefils subject to a °soft cap" of 5% (providing inf181ionary in¢reasgs up to 5%, and hall of any ex¢e55 inflation over 5% up to a maximum of 10%1'. CPI assutn tion minus 3b Fixed inter8St gill y181d curve plus.. Pre-ret1￿MenI.. 2.5% p.a. Discount rates) rate (forward Post r&tirement.. 0.9% The main demographic assumptk)ns used relate to the mortalty assumptions. These assumptions are based on analysis ofthe scheme's experien￿ carried out as part ol the 2023 a¢tuarial valuation. The mortality assumptions used in these fioures are as follows". 2023 valuatlon 101 of S2PMA'light" for mal85 and 95Qk of S3PFA for females ortality base tsble Futur8 impmvements to mortalty CMI 2021 with a smoothing par8meter of 7.5. an initial addition ol 0.40kn p.a., 10% 2020 and w2021 parameters. and a long-lerm irnprovetnenl rate of 1.8% pa for rnales and 1.6° a for females The curr6nt life expectancies on retirement at age 65 are". Males cur18ntly aged 65 lyear51 Females currently aged 65 lyearsl Males currently aged 45 lyearsl Females currèntly aged 45 (year51 2024 23.7 25.6 254 27.2 2023 24.0 25.6 26.0 27.4 46

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 26 Penslon Schem* leontlnuedl b. Cambridge Colleges Federatiowt Pension S¢heme ICCFPSI The College operates a defined benefits plan for the College's etnployees of the Cambridge Colleges, Federated Pension S¢hetne ICCFPSI. The liabilities of the plan have been calculated, at 30 June 2024, for the purpos85 of FRS102 using a valuation system designed for the Managernent Comrnittee. acting as Trust8e of the Cambridge Colleges. Fe£fer8led Pension Scherne, but allowing for the different assumptions ￿quired under FRS102 and taking fully into consideration changes in the pl8n benefit structure membership since that dale. The principal actU8rial assurnptions at th8 balancg sheet dale were as follows.. 2024 2023 °A p.a. 5.20 Discount rate o p.a. 5.10 Retail Pric8 Index IRPII a55umplion CorFsumer Price Index ICPII assumption.. To 2030 From 2031 3.35 2.35 3.25 3.40. 2.80. 2.80 For this year, we have assumed that RPI wll be and CPI wll be 7Yo12023". 9% and 7% respeclivelyl. The czps under the Ru18s are applied lo assumed ￿en￿on increases. The underlying rnortallty as5umptlon is based upon the standard t3ble known as S3PA on a year of birth us8ge wilh CMI 2023 future improvement factors and a long-term rate of future improvernent of 1.25Qk per annum, 8 stsndard smoothing faclor17.01 and no allowan￿ for additional improvement5 12023.. S3PA on 8 year of birth usage with CMI 2022 future improvement factors and a long-term rale of future improvement of 1.25% p8r annum. a standard smoothing laclor17.01 and no allowance lor additional improvemenlsl. This r8suIts ir? the following life expectancies.. Male age 65 now has 8 life expect8ncy of 21.4 years (p￿VIOuSlY 21.4 y&8rsl. Female age 65 now h88 a life expe¢lancy of 23.9 years Ipreviously 23.9 years). Ma18 age 45 now and retiring in 20 years has a life expectancy of 22.6 years Ipreviously 22.6 years). Fem8le age 45 now and retiring in 20 years has a life expectancy of 25.3 years (previously 25.3 years) The amounts ￿COgniSed in the Balance Sheet as al 30 June 2024 (with comparative figures as at 30 June 202318re as follows.. 2024 2023 Present value of plan liabilities Market value of plan assets 1631,5851 426.567 1637,4701 439.943 Nel defined benefit Iliabilityl 205,018 197,527 47

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 26 Pension S¢herne Icontinu8dl The amount8 to be reC￿niSed in the income and 8xpenditure account for the year ending 30 June 2024 (with ¢omparative fIgu￿S for the year ending 30 June 20231 are 8s follows.. 2024 2023 Current servlce cost Administrative expenses Inte￿$t on net defin8d benefit liability Total charge 4.030 10,288 4,030 6,414 14,318 10.444 Changes in the present value of the plan liabiliti88 lor the year ending 30 June 2024 (with comparative figures for the ye8r ending 3D June 20231 are 25 follows.. 2024 2023 Present value of plan liabilitie5 at beginning of period Current service cost Benefits paid Inte￿$t on plan liabilities Actu£rial losses 637,470 710,098 144,7601 31,999 6,876 140.7891 26,216 158.0551 Pr85ent value of Scheme liabilitie5 81 end of period 631.585 637.470 Ch8nges in the fair value of plan assets for the year ending 30 June 2024 Iwith comparativ8 figur8s for the year 8nding 30 June 20231 are as follows". 2024 2023 Market value of plan assets al beginnirg of period Contributions paid by th8 College Benefits paid Adtninistralion expenses paid lTrleresl on plan asset5 Return on assets, less interest includèd in profit and loss 439,943 10,628 144.7601 14.7071 21,711 3,752 541.331 9,870 140,7891 14,0701 19.802 186,2011 Market value of Scheme assets al end of pèriod 428,567 439.943 Actual return on plan as8ets 25.463 166.3991 The major categories of plan assets as 8 perconfage of total Scherne assets at 30 Jun8 2024 (with compaotiV8 figure5 at 30 June 20231 are as follow5.. 2024 2023 Equities Bonds & Cash Properties 46% 42% 12% 49% 38% 13U Total 100% Th8 plan ha5 no investTnents in propety oceupied by assets used by or financial instruments issjed by the College. 48

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 26 Pen$lon Scheme l¢ontinuedl Analysis of the remezsuremenl of the net defined benefit liability ￿COgniSed in Other COMp￿h8n$1ve Income (OCII lor th8 year ending 30 June 2024 Iwith comparative figures for the year ending 30 June 20231 are as follows.. 2024 2023 Retum on assets, less interest included in inc0rn8 and èxpenditu Expected les5 actual plan exwnses Experienc8 g8ins and losses arising on plan liabilities Changes in assurnptions underlying the pr8senl value ol plan liabilities Remeasurement of net defined benefit li8bility reoognised in OCI 3,752 16771 15,4301 11,4461 186.2011 1401 154,7451 112,800 3,801 28,186 Mov&menl in net defined benefit asseulliabilityl during the year ending 30 June 2024 Iwith LX)mparative figures for the year ending 30 June 20231 a￿ as follows.. 2024 2023 Net defined benefit assetilliabililyl al b8ginnlng of year Recognised in Profil Loss Contributions paid by the College Remeasuremenl of n8t defined benefit liability reccgnised in OCI Net defined benefit assetrlliabilllyl at end of year 1197.5271 114.3181 10,628 13,8011 1168,7671 110,4441 9.870 128.1861 205.018 197.527 Funding Policy Actuarial v81uations are carried out every thr88 years on behalfof the Management Comrnittee. aeling as th8 Trustee of the Scheme, by 8 qualified independent actuary. The actuarial assumptions und8Aying the actuarial valuation are diffe￿nt to those adopted under FRS102. The last such aCtL￿rial valuation was as al 31 March 2023. This showed that the plan's asset5 were insufficlent to cover the liabilities on the funding basis. A Recovery Plan has bE8n agreed with the College. which ¢ommils the College to P8ying contributions lo fund the shortfall. These defiat reduction contributions are incorrKJrated into th8 plan's Schedule of Contributions dated 3 June 2024 and are a5 follows.. Annual contributlOn5 of not les5 than £7,718 per annum payable lor th& period to 31 March 2033. These paym8nts are subj£cl to review following the next funding valuation, due as al 31 March 2026. c. Stakgholder Scheme The Co118ge also op8r8tes a defined contribution scheme under the stakeholder rules for employees. The pen5K)n charge lor the ye8r was £233,87812023.. £179,294). 49

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 27 Princrpal subsidiary and associated undortaklngs and other signtficant Investrnents Subsldiary Company At 31 July 2024 Hughes Hall held an investment in the following companies.. Undertaking Company Numbers Activlty Incorporation Hughes Hall Lirnit8d 03238129 Design and build ol new rgsK1ential accommodation United Kingdom 100U Hughes Hall (Hong Kongl Limited 1661877 Providing advar1￿mernt and promotvjn Hong Kong of learniThJ and education al Hugh8S H811, Univ8rsity of Carnbridge 100% Hugh88 Hall cOnfe￿n Company Limit8d 0￿38077 Provision of conference servi￿$ United lfj'ngdom 100% Chapter Zero Limited 12062028 Membership org8nisation and climate change research United ￿ngdoM 100% 28 Contingent Llabilltles With effect from 16 March 2007. the universih.es Superannuation Sch8me IUSSI positloned itself 8$ a "last man standing" scheme so that in the event of an in501ven¢y of any ol the participating ernployers in USS, the amount of any pension funding shortfall (which c8nnot otherwise be recovered) in respect of that efflployer will be spread across the remainlng participant employers. 29 Related Party Transactlons Owing to the nature of the College'5 operations and the composition of the Governing Body, it is inevitable that tr8nsactions will take place with Organisat￿n5 in which a Governing Body member may hav8 an int8re$t. All transactions involving organisations in which 8 member of the Governing Body may hav8 an interest are conducted at arrn's length and in accordance with the coll￿e'S normal procedures. The Co118ge maintain5 8 wister of interests for all m8mbers of the Governing B(￿Y and where any m6rnber of thg Governing Body h85 8 material interest in a College maller th&y are r8quired lo d￿lar8 that f8Ct. During the year no f88s or expens85 We￿ paid to Fellows in respect of thelr dutigs as Trustees. Fellows are reffluneraled foi teaching, res8ar¢h and other dut18S ¥Vlthin the College. Fellows are billed for any private Catering. The Trustees remuneration is overseen by the Finance Committee. The salaries paid to Trustees in the y63r are summ8rised in the table below". 2024 Number 14 Froffl 2023 Number 16 To £10,000 £20,000 £30,IJJO £40,000 £50.000 £60.000 £70,￿0 £80.000 £90,000 £100.000 £110,IK)O £120,000 £1 £10,001 £20.001 £30.001 £40.001 £50.001 £60,001 £70,001 £80.001 £90,001 £100.001 £110,001 Total 27 26 Th8 total Trustee s81aries were £646.861 for the year202412023'. £626.6391. The Trusleeswere also paid othertaxable benefits lincluding assooated employer National Insurance ¢ontributions and employ8r wntributions to p8nsionsl whlch totslled £154,78 for the year 202412023.. £161,438). 50

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 29 Related Party Tran$actlons IcontFnuedl During the year 20 Trusl6e5 recelved grants from the Co118ge towards their r85e8rd) totalling £15,7491202212023.. £5.8341 under a new Initiative to support Fellows, ￿se￿rch. In th8 2023124 financial year, one Hughes Hall tru5t8e had significant control of another organisatDn, the Cambddge Trust. The value in 2023124 was £1.183.48912022123.. £nill. The College has a number of trading subsidiary undertaking5 which are consolidaled into these aecounts. All subsidiary undertakings are IOODk owned by the Coilege and are detailed in note 27. The College has tsken advantag8 of the exemption within section 33 01 FRS 102 not to disclose Iransaclion5 with wholly owned group companies that ar8 related parties. 30 US Dtrpartment of Edu￿tIOn Financial Responsibility Supplemental Schedule In satisfaction of its obligations to facilitate students. access to US federal financial aid, the College is required, by thè US Dep8rtment of Education, to present the following Suppletnentsl Schedule in a prescribed format. The amounts presented within the 5ch8dules havg been. prep8red under the historlcal cost conv8ntion, subject lo the revaluation of ￿rtain fixed ass8ts. prepared using United Kingdom g8nerally accepted awounting practice, in accordance with Fin8ncial R8POrting Standard 102 IFRS 1021 and the Statement of Recornrnended Practice". Ac(x)unting for Further and Higher Educalion12019 edits.onl presented it? pounds sterling. The schedules set out how each amount discloserj has been extracted frorn the financi81 stslernents. A5 set out above, the accounting policie8 used in determining the amoun15 disck)58d are not intended to and do not comply with th8 requlrements of accounting principle5 generally accepted in the United States of America. 30a Primary Reserve Ratio Page Primary statementl note and Iln• Item 2024 2023 Ex endable Nel A558ts 32 Balance Shèèt- Unrestricted reserve5 Balance Sheet- Reslricle re58rves Balance Sheet- Rèstricted serves Nel assets bvilhoul donor restrictK)n$ Net assets with donor r8Stricllons Nel assets with donor restrictions restricted in perpetuity Property plant and equipment Post-employfflent and pension 52.836.616 45,460,399 32 8,568.173 11,280,818 32 32 32 Balance Sheet- Fixed assets Balance Sheet- Pension provislons Balance Sheet- Creditors falling due atter one year Note 16- Private Placement 18.568,1731 139,530.8861 111,280,818) 135,844.4311 205.018 537.930 Long term debt for long term purposes Long term debt nol for purchase of property 40 19.934,008 20,124,650 117.500,0001 117.500,5001 15,944,756 12,778.048 Total Ex ense nd Losses Without Donor Restrictions Statetnent ol CtKnprehensiv8 Total operating expenses Incom8 and Expenditure unreStr￿ted lolal expenditu 9,742,820 8.166,965 9.742,820 8.166,965 51

HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2024 30b Equlty Ratlo Pa9e Prlmary statementl note and line Item 2024 2023 32 Ba18nce Sheet Modified Net Assets Unreslric18d Net ass818 Wthoul donor reserves restrictions Balance Sheet- Restricted Nel assets with donor serv8S restrictions 32 52,836,616 45.460.399 8.568,173 11,280.818 61,404.789 56,741,217 32 Modified Assets Total non-current 8$sets Balance Sheet- Non-current assets 8al8n¢e She6t- Curr8nl assèts 81,792.316 77,300.720 32 T0181 current assets 2,301.367 2,844,655 84,093.683 80,145,375 30¢ Net Incomo Ratlo Page Primary $tat8mentl note and line Item 2024 2023 Chan In Net Assets Without nor Reslri¢tion5 Surplus I Ideficitl from income and expenditure statement 31 Statement of Changes in Reserwes- Unrestricted serves Slaternent of Changes in Reserv8s- Unre5trpcted serves Slaternenl of Chang8s in Reserv88- Unrestricted reserves 3.430,017 45,460.399 31 otherc0mp￿hensive income 13,8011 128,1861 31 Release of restricl8d capital funds spent in the year 3,426.216 45,432,213 Total Revenue and Gains Without Donor Restrictions Total operating revenue 30 Statement of Comprehensiv8 Income and Expenditure Unrestricted total income Statement of Comprehensiv8 Incom8 and Expenditure- Unre5tri¢ted investment incom8 Statement of Changes in Reserves- Unrestricted reserves 12.009.505 10.821,101 30 Investment return appropriated for spending 11.778.279) 11,050.9191 30 Releas8 01 restricted capital lund8 spent in the ye8r 10,231,226 9,770 182 52