Charity Re9iStration No: 1137471 HUGHES HALL RECOMMENDED CAMBRIDGE COLLEGE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 HUGHES HALL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2025 Contents Reference Afknlnistratlon Detslls Members of the l>)veming Body Rwrt of the Trustees 4-18 Rewrt of the IrKIe￿ndttnt ￿ to the GovwrNr*J Boty of Hufv Hall 19-22 ststemnl of Prinopal Ac¢(yJitirvJ Pdicies 23-29 Consolidated Statement of Comwdiensive lrtomo arrtl Exrenditure Consolidated and Cdleg8 Staterfwnt of Chws in Resms 31 co￿OI1datOd and College Balance Sheet Cash Fl¢)w Stat6mènt 33 Notes to the Accounts HUGHES HALL REFERENCE AND ADMINISTRATION DETAILS FOR THE YEAR ENDED 31 JUL Y 2025 Name of College: The President and Fdlows of Huglw Hall in the University 0fCam￿dge Addrgss: Hughes Hall Cambridge C812E Wobslto.. wWw.hughes.C￿.ac.lrf( Charfty Commlsslon RegiSter•d No: 1137471 Advlsors: Audito PEM Audrt Limited Salislyjry HoLBe station Road Cambridge C81 L4 Solkltors Jwilon Legal Chefwers House 77-81 Newmarket Road Cambri(h)e C85 8EU Mills & Reeve Botanic House 100 Hdls Ro&J Cambri(trJe CB2 1PH Bankern Uoyd5 3 Sidney Slre¢t Cambrit*3 CB2 3HQ Fund Managern 1 LorKlon Wall Plac8 Lo￿1 EC2Y SAU Senior oifi¢•rs: Head of Hwse Bursar Sir Laurie 8ristow Mr Jonathan Newby 30 September 2￿5) Mr Laurie Smith (from 29 Septemb¥ 20251 Dr Tori McKee Senior TutLY HUGHES HALL MEMBERS OF THE GOVERNING BODY FOR THE YEAR ENDED 31 JULY 2025 Charlty Trustees {Member8 of the Govgrnlng Body) The trustee$ ofthe College during the perKMJ 1 August 2024 to 31 Juty 2025 werè: He￿ of House Sr Laiyie Brtsttrw {PreswJent}" Fellows.. Dr F*ah Ahmed ￿rJ￿ath￿ W" Prd Nuttal Prof Aiith Pathad" Prof Pinl(￿Da.s1va-e-cQnC41¢aTrsant0S Pfof Powel Mrs Lwrel Powers.FredvvJ (wb3n8d 30 September 20241 Prof Harro Dirk van Asselt Prol Michael Barratt Mr Janos Bow8rs14)p)inted 5 FeiYu*y 2025) DrJimmy Ch Mr William Chamley Dr Othman Cole Dr Bart de Nils. Dr Sally Rau(knn (woln￿￿ 1 Octcthr 2024} Dr Paula De Olv¢iro-Banca {res•Jned 7 AwJLL8t 2024) Dr Rcv31 ProfGi$han Dissanaike Prof RKardo Sabates.Aysa Prof John DcL)rb&' Dr Caro18 Sargent Iresign8d s) September 2024) Dr Pete Du(Mey (resigned 30 September 2024) Prrf Kishore Sengupta Dr Joe Ellis {apKKJinted 16 September 2024} Dr GU￿knnO Serram-Najera ' Ms Emily Famworlh ' Prof Tamsin Ford Dr Markus Gehring Prof Emanuele Giovannetti Prof Sara Hennessy Dr Sarah Hc*e ProfRiikka Hofinam Dr s￿18 Iliè. Prof &'ll Irish. DrAgnleszka lwasiewicz-wa￿Ig. ttr LOr5V￿X Mr Florian Jaeckle {app)inled 1 Oclober 2024) tk Lefan Wang (appoinied 11 February 2025) Dr SperKer Johnston (8ppoint8112 Sgptents 2024) Prof Rupertwegerif Dr Lcis Kirn lappJnted 1 Ociober 20241 Ms Yi Wei lappointgj 1 September 2024) Ms Mahnaz Malik. Wei (a￿￿nted 5 Decerrthr 2024} Mrs Jane Mann {appointed 1 Novembgr 2024) Ck CINe WelL8 Dr Gosia Marschall {apyinted 1 NO￿l￿ 2024) Jessti Vlhite Dr Vasiliki MavrithJu OT Alexis Willett ' Dr Kennedy {apFKinted 1 October 2024 Kerry Wibon ' Dr Davhj Mccay (resigml 21 J￿e 2025) Ck EmmaTh￿8 Wroth (appoint8J 5 December 2024) Dr Tori McKee' NNJel Yandell ' Ms Amy Mollett {appowrted S Febft￿ry 2Q25) Matteo Zallh) lapwinbj 1 Octcthr 2024) Or Tabitha ￿¥an91 Prof N*Jhi SiThJal" Dr Jeffrey Skopek Prof Ste98roa {res*3ned 30 September 2024) Dr IAartin St8infdd Prof P￿1 Tracey Those membef5 ofthe Gjverring Body m*ked ' (tcgether wilh the stsJent Presitht and Secretary of the Middle Common Rcw)ml served as memb¥s of the COl￿e Cound within Ihe pericKI. Mr Laur* Smith was app￿ted on 29 September 2025 Mr jMath￿ Ntr*ty lesl￿ed on 30 Septembgr 2025. HUGHES HALL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 JUL Y 2025 OPERATING AND FINANCIAL REVIEW Intrtxluctlon Hughes Hall (the 'College') is p￿aSed to F￿esent its cperatiThJ and ffin￿ revivw. together with the financial stat8ment5 for the year 8ThJ8d 31 Juty 2025. The College ce18brated its 140th amiversary in 2025. refieclirKJ cfi ils un￿]Ue heritage and trar$f0m￿t10nal knpact. Since its foundalKJn in 1885. Hughes Hal's aim has been to transform th8 kves of those who come lo leam. to teach and to research here. and through them. io bring about tM)ytive cwe in soc4ety t1￿￿gh the transfomiative Fower of education. Our College is fouThJ¢d on dear Val￿.. ind￿￿￿. nnovab.on arKI irnpacl. As a mature college accepting students over 21, we are committed lo wdeniTrJ participati￿ to those whose path to sluty may not have been straightfoNard. and we offer a comnxmity whwe our s￿￿ts can athieve the￿ best. pwsonally and academically. The College has a diverse. indusive rnemberstrwp in terms of nationaity. ba￿9Tr*Jr￿￿ and ag8. Our community comprises over 80 nationalities, from a very wide ran￿ of peyscmal bxkgrounds and lrfe eX￿rie￿s, and we continue to be rankod in ￿ top len l¥gesl ￿118985 in Cambridge. with $46 5bJdents matriojlab.ng in October 2024. and slLKlents studying at Huthes durlng the 202*2025 aC*leM￿ Jear. Tho Coll Th8 College is the oldest graduate college kn CartYiOJe yet ils l¥story Ightty. We have a r￿rd of being innovative.. our Victorian be￿factOrS were unNue in I￿J￿￿1n9 the Carn￿￿19e TrainiThJ Colbege in 1885 to SUPF(Jrt the movement lo expand ethJcalKJnal Op￿rtUnItieS for aThJ gKls and we were granled a Charter of Incorporatic*) in July 2006. Once Cambridge finaly admitted woman undergraduates, lh8 College becaTh part ofthe UnNgrsity's drive to devel¢)p graduate educatiefi. Tedty. we we knrjwn as'Hughes Hall. and are one of 31 self-goveming colleges within the University of camI￿d9&. The 'Fellow5' of Ihe College form the Goverrdng Body, the hBJhest ajthority in ihe col￿ge. and are the College's ¢harty trustees. The College is committed to the election of a diverse Fellowshipand our Sen1￿ membership. ofover 200. incorporates a wde range of FKrfeSsK￿als inlo the intell8caual a￿1 ccrnwal life ofth8 Colleg8. As a rn8￿re college, HLwJhes Hall has develop&J d"Sb"nctp￿ inter￿tUal strW arKI a reputation as a bridge Iween academia and the wkjer wl￿1. 'The Bridge. ￿lIlatIVe al Hughes Hall leverages the Collegg's multi- (lisciplinary perspective and inlemational nature to bmg ts expertise (rf ils academK community to solve real world problem$. The key inthb"ve$ of 'The Bridge. and its centres i￿kIl are summarised below. Cambrldge ￿gItal Innovatlon {CDI) slimulales interaction befvn industy professionats. ￿l¢y-maker$. academics. slLwJen15 and experts on the m05t exciting aTrJ impadlul phenomena driving the (Jigilal revolution. A key fwus of CDI as a Kr•)wkdge Hub is to tr*lp devdop and tr￿slate knowledge from academia into praCt￿e and policy. Camtree Icambrldge Teachor Research Ex¢hany) pY(¥lKkn. SUPKKJts ar¥J publishes teacher research and provides O￿lne training and an Al-ethanced for educators. to Frnote improved outcomes for leam6rs workl-wide. Climate change is one of the mosl important challenges society tc#Jay. The Hugl*s Hall C•ntre for Climate Engag•monl (CCEI builds a bridge from ac8dern￿ ins*3hl lo &tion. lo h* Company directors. legal practitioners aThJ other decfjsion-makers reach net zero emissions and ￿lId dimale resikence. CCE raises awareness of the legal licy. governance frarneworks and besl mKes Ihat W SWF4)rt ar￿ tow¥ds these ot4ectives and provKles tools lo implement Ihe thange needed. DEFI (Digital Education Futurns 1nftlat1￿) exphNes how dylal technokgy can be designed and used to SUPF dialogue. collective wilelli9er￿e, lulLres Ihinkww ¢n ed￿a1￿M. helpiry communities imagine shape more equitable educati￿[ futures. The Innovation Policy Ignllion Progr￿Me is a pikjl wcyecl. la￿c￿ed in May 2025. that aims to empower regions globally to drive 8¢￿0mle growth indusive inr#)vatKa. HUGHES HALL REPORT OF THE TRUSTEES (continued FOR THE YEAR ENDED 31 JUL Y 2025 Oracy Cambridgè aims to raise awareness of the of effective stM)ken ￿)MmUnicatI￿, and ways that it can be taught and leamed. amongst policy makers and wittwn the UK and Intemalionaily. During 2025. Ihe CrA18gesupported tsvo of its 8Tidg8 nitiative5 to succe8sfvly transi¢K￿ into y￿&pendent enlwprisos.. The Centre for Qimale Engagement K¥8￿￿$1Y ￿ted Ihe Climat• Gov•rnanc8 Iniliatlve (CGI). in collaboration with the Wodd Econ¢)mic Forum. The CGI prov¥Jes an Intem*icffial plarfomi to coordinate a srowr4J gkjbal nefv￿k of national Chapters of rwjn-execubve DireCt￿S v4fv.th equip ttr*ir members with skills knowledge needed lo make c￿Mate a boardroom priority. ￿ 1 Febru￿ 2025. CGI tra￿l￿￿)ed frcrtn b8iry hostsd by the College to being hosted by an irKlepend8nt rtharity. Chapter Zero Alan￿. Chapterzero is 8 not-for-wofft business W￿lty owned by Hu9￿S Hal until 31 January 2025. Established to bLnld a Community of UK non-execuiive directcrfs. Chapter Zero n￿nt)erS play a vital rde in ensuriThJ companies they serye are kyepared for the future. translab.ng ￿0b01 zero ￿bit￿$ into adionable and measurable strategies. As the UK Chapter of the Climate Govtrnance Ini118tive {CGI), Chapier Zwo also transfwr8d to oporat8 under the Chapter Zero Aliance bLrt remains separate arKI disb.nct frle lor the stratw ofthe Comege.. its w*mbers are the Charity's Irustees. The College COLw￿l has delggaled reSp￿$bIlty the GovemirvJ Body fL¥ all matters relatlng lo the administration of the Cdlege. The College Cowcd comwses the PresidenL VKe*re3ident. Senior Tutor. Bursar, Development Dnctor. Impact DirectLY. Se￿ other of the Govemirvj Bc*Jy {the latter exh elect￿ by the Goveming Body for peritsjs of thr* years) *KI the President and Secretary lor rK)minated represent￿¥8? of the Middle commC￿ Room {MCRI. The Officers of the MCR pa￿1pate for UnreseNed (Op￿) Business. Dedarations of interest are made at e¥wy G0vem￿9 Body. c￿￿11 Cclle99 Commiites meeting. The Colkge has a nUrn￿r of Suk￿COmmIttee$ of GovwinJ B(Mty of Council which we listed in the Governance sèction of this repo￿ These indude the A￿lt Fkn'sk Corffliitiee and the Fina￿ Committeg. The responsibilities of Finance Committee include setting the strategy ￿￿eSSeS fc* financial regulation *fjthin the College and the P￿di1 and Risk C(Mnmittee is r8sprMKsiL48 for ertsurYwJ that Ih05e proces￿ are fOlkW￿d. Alms and obJKllv•s of th• CoH•g• The objectives of thè College. as sèt CArt wi CM Royal Ch￿, we to.. dow, maintain aThJ carry (m a (xilege in caMbr￿e fOrgr•j￿teS m*￿￿￿ge students qualified lo be malriculat8d in the Univerw of Cankndge: WKI ote education. leamir¥J resewch in the Uni¥wsity of Cartrfidp else*there. HUGHES HALL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 JUL Y 2025 Public bènellt The Colege, in Conjuncti￿ with the Univergty of C￿trAId*. wovths ￿ edLKatirffj for mature undergraduate {aged 21 and atx)vel and ￿SIgradUate St￿Y￿ts, is rec￿lised ntwnatmalty as being of the highest standard. This education develops stulents academically and a0*￿eS their18adership qualities and interpersonal ski115. so prepare$ them lo play full and effecbve rdes in ¥￿iety. In particul¥. the Cdlege provides.. teaching facilities and individual or small-grtyjp supemsion for ￿dergraduateS. as well as pastoral. administrative and acaderrthc supp)rt forall stLthJents th1o￿h its tutori￿ and mentorir#J system$: and social. cultural. intellectual, musical, le￿allon* a￿1 sry)rting facilit￿$ Nthich enable each of ils students lo realise their academic and personal Kx)tential to tl* full vthile sludyng al the College. Teachlng The College admits stLhJents who have the highest wlentHI forb8nefiting from edu¢alK>n provided by Ihe Coll898 and the University, and recnAls as academic stsff tIK)se we ab￿ lo c¥>nlribute most to the academic excellence of the Co1￿99. regardless of their geThJer or their firwwl. xKial. religious or ethnic backgrouThJ. In 2024125 Hughes Hall had 30 tutors. each with respO￿bIlty lor a studant wp ot up to 60 students. Six of the trjtors are Goveming Bcxty Fellows. The Cdlege has seven Cham[*￿ roles Ihat provide more largeled support lo students in specific are8s: Race Equality. Oisability, Geth Equality, LGBTQ+, Har855menl Supp(¥t armj Pa￿nIS and Caregivers. Tutors are an iMp￿tsnt SOLwce of supporL both mattets l&e grant arWKats(￿$. an(1 fix supw)rting other occasional issues, wh8th8f personal, financial. or academic. Tutors thèn follow up any issues rais8d. W￿re necessary seeking avice from the Head of Wdfare aThJ Well)eing, Head of Education Seryices, Senior Tutor, Deputy Senior Tutors and the College Health Practitioner. or the Univer5rty's Student Support Service. The tutors meet regularly In term-time and discuss pnera iSSL*S rdating to thè student bcdy and any indiv¢&tral issues where their collective &xperi8nce and rmp8ctiv8 can ￿ of wd8r b8n8fit. Th8 lutorial team op8rat8s und8r strict confidentiality protocols, as is appropriate. The C(dlege maintarts a number of funds which students can access for specific areas of need. The Head of EducatNJn Seryi¢xs prov*Je5 Specialist support for sludents facing fInar￿la1 thfficullles. Thls xademK year saw the second year of H￿he$ Hafs uniaue Palhways Programme. The wiitiative offers a S￿9￿13r. innovative. and o)hesiv8 programme to our St￿ts, with indivKlualis8d suFf>ort arKI developm8nt opportunities. It is delivered by the CLYe Pathways team, wilh input from the Liiyary and Wellbeing Teams, and received funding from the 15aac Newlon Trust the Cdlege Wellbeing Stimulus FuTrJ. The programme is designed lo equip Hughesians with Ihe ￿cesSary a¢aderrM¢ thlls to thri￿. a sense ol ￿Mmunity and curttvate personal wellbeing. and strengthen transferabl8 skills to tak8 W41h th8m beyond ther degrees. In 2024-25 the team ran 47 events in College, indud1￿j work$￿ps, strtKtured sludy ses$K￿$. pop-up stslls. The programme's active online learning Flatfom) hosts 42 modules on a variety of topKs 5ee5 regular student engagement. The team hav8 delivered 73 one•to-one super¥1$*)￿ with Hughes sludwtS. The Palhways prograrnme this year inccwForated the ImrACt Lead￿1P Programme lftymedy a BrKlge Centre). This year-long curriajlum of seminars and ￿est speakws for 8 smal cthyt of students equips p&ticipants with th8 skills and knowledge necessary to succeed as authent￿. ccffryaswnate. and conment leaders in their careers. In the 2025-2026 academic year Palhways furthw inueasing support incoming St￿Jents by delivering a lh￿e- (Joy intensiv8 transilton programme for rw undergra¢kntes t*fore the b8ginThng of term. Featuring 18Ctures, workshops, and panels, this KYcrfJrammè wll prepare studerts to b8gin their ww5e5 With C(￿￿denCe and a sense of belonging al Hughes Hall. HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2025 Resèarch The College advanc8s r8sewth It￿OU￿. providyu Researth Felowthps to oulslanthTrJ xa(kmics in the eaty stsges of thèir which enables them to develop and focth on 1heir research in Ihis fcffmati¥8 Fwic*J tefore ty urKlertake the full leaching and administrative (hJties of a) academlc post. connecting our 8cademK talent bwth le&￿e￿ n pjky. FKXtice aTrJ ctrtnmerce. aThJ enable lastiryJ sohJtI￿ts lo pressing problems through our translabcwl initiative- Tr 8rith3é'" sur4)orting Ihe Tesearth V4DFk of its Str￿ and Fetrows by p￿￿1￿¥j interacti(n ￿ discipfines. provi(ling facililles for seminars and devdOp1￿ a ccrnunty of re$eWd￿ grants f(ff conferences. research trips and materials.. and fostering a￿d￿[C networkirYJ by enCcryw￿ ¥6slls from outslanLlng academics as Vtsiting Fellow5 and Visiting SthJlaTS. The College mwntans an extensNe LI￿ (the E[￿1n Lg)rwJ Liirnyl which wovld8s a ¥￿able res(x*¢o f students and Fellows of Ihe Cdlege. Ev•nts The Colle9e contiThJe5 to ddiver a V￿r￿1 aThJ ¢SvTh ev￿1$ pr(¥xamme in cd1aboratK￿ wryth the MCR Ith8 MKldle Common Room. who rewesent the Inter￿1$ of our student community). ser￿r membws and posldLKtoral researche￿. These events ents)mpass uoss disoplnary aKI sutiett Swif￿ evenls. supportmg the College's charitsble objective of promoting edwation aThJ lewni)g. Over Ihe past year, 81 IkniT¥J 8ody W. Ihe Impact Chr8ctrff has tsken re4)onsibllity for developing initiats'ves and relationships that will help deliver the CrAege's '2030 Viwn.. and the Oevelopment Director has led events that ￿nned current stud￿1 al￿￿1. ￿ Palhw8yS team ccfftlinue to provide events that deuver Supp￿ and development owJrtLW)ities ft¥ all students. Highlights in yearfs prowamme induded an eNtrwKJ with ioun*ltst and foffeign oNrespondenl Luke Hardlng in conversation with our PresidwLt Lajrie Bristc•w. discussing his whdeqarwJing career induding postings in Russia and Afghanistan. The eighlh ￿n￿al Rithard 8erg Rust Lectlre. delivered by Jemy Uglow and f(￿￿Sing on Thomas Bewick. attracied a wde audience, as did a range of Ihwht-provoking talks olfered as part of the Cambridge Universty ALThni Festival. The College mathed imp(¥lant occask)ns suth as Bla* History Pl￿1h. Inter[￿l10naI Women's Day. Disabilty History Month. Irrternational Day of Women in STEM. and LGBTQ+ Rights and Wisibilty, f&aturing talks. events guest spethers at formal dimers. New Initiatlve8 in 2025 irKluded o celetKatiffi of Wcffld Pc*ty Oay. iK¥edible twamme ol renowned wlllers who read and d*cussed their work. A series of spe¢ialisgJ maslerclasses w￿e launched fmjsing on elevating individual work for amplified impax FurtlkpmKW8. a w annua 'Refiections' event was introd￿d, the Ilrst of whith focLtssed on COVID.19- thanged us less(Th for futwe preparedness. Annual subject dinners contknu&J to grow n Fwulwity. otsir¥J students. wN)r m￿b￿S9￿1 guests the opp)thnity to intelectually eroage across the disciplines of Law {Cham* Dinner}. Medicne {J"nwnem Lecture & Dinner), Education, 8iomedieal s￿e￿S. Physcal Sciences & EweeriThJ. Busi￿$ & Economics. Humanities. These dinners celebrated the College's subRct Ccrnm￿kn.eS. presentTrry ¥Kreas8d (￿aSIOnS ￿ 'cerebral mingling, _ specific r8qU8St from C￿ studenls. The MCR hosted a range ofengaging everts. many fwused on *ellbeing to SUPFXNt ￿aMing. The popular '3 Mnuta Thesls, compelltion, led by the Pathways team. to deThr￿trate the twdth aThJ depth of wr student community's stud￿ and research. Theopportunty to pronJ)te IwrFellowship's rege*thwasstythbr￿￿ atthe end ofyearsenior Members SyThp05vJm and Dinner. highlighting the College's to *xdern￿ exc*lle￿. HUGHES HALL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 JUL Y 2025 Thè College is Proud of its t￿1VIng MUSK progrdThwne. wth b(Ah CcAlege members and the local ccrfnmunity enjoying the chance lo attend the College's informal muS￿al evenings, wilh repertores across a wide range of styfes. Three popular Music Cafés were heky. wow(ling a wel￿n￿￿ sp*% stLvJents an(J senvjr rnembers lo share th￿r musical tal8nts. The weekethd Festiv81 of lnt8math.onal returned for its second year. with the addilK)n of a new Artistic Co-DirectLY. The Cambri(kJe Quartet residency devebFed with a series of cOr￿ertS focussing on the 'Hislory of the String Quartet.. As part ofthe college's 140th annNersary celebralM)ns, the new￿ established Wleman concert seriès c+lered a high stsnd¥d of ￿rKert$. hekl within ￿ intimats setting of our Pavilion Room. Fundlng The College lunds its activities from academic fees. Ch￿e5 for student acLX)rnmo(Jation and caten"ng, irKome from its conferencing business a￿1 Ir￿Me from investments arKI ￿natIOns. The most significant ordinary income Streams are income from student acLommc#Jation of £3.50m (£3.30m in 20231241 and fees for postgraduate and regulated undergraSu8te students of £4.16m (£3.92m in 2023124). Cdlege received £0.41m {£0.70m in 20231241 in donation$. In 2024125 H￿heS Hall had 794 (785 wi 2023r24) fe￿wr￿j stthts. ￿u5 86 (95 in 2023r241 students no longer paying fees but yel to complete their ctyJrse by. ftx example. wrilir4J up dissertations. They COV￿ full range of ¢ourses'. Bachelors, Masters land other 1-yeor poslgYathJat8) and DOCt(￿al c(wrses. Most slLKlents were full-time, trArt 142 (143 in 2023124) were part-time (MEd, Mst, Exe￿Il¥e MBA, part-time MPhil atwj PhD}. For fees pur(k)ses the number of students ￿ a fvl-lime equival&tt basis w85 730 <715 in 2023r24). Financial and other $upport Hughes Hall has several fijnds lo assist its sIwI￿ts *ryth fin￿la1 SUFPCrt including lunds ts s￿￿larShIpS. PfFzes. Hardship. Sport and Travd. There are aLso Disabiliiy 8nd Irth$￿n, Mental Health fund5 vthich supwrt specrf student needs and ￿e wiewed fr￿uentlY to ensure fuTrJiThJ is at the apprcyiate level. In 2024125, Hughes Hall St￿entS receNed a totsl of£261.154 (£331.406 in 2023124) throwh the CambrithJe Bursary Scheme. whith is cperated ¢ollectively with the University and other c(4*es. The scheme all￿aleS a maximum of £3,5CM) for main award and £5.600 ￿harKed aw*d per year to students wtKJse Ih)usehokJ 1￿me was below £25.000 and is in addition to any government loans. kn ajdilional £1.000 edu¢xti¢Mal W￿lUM bursary was awarded lo students who r8ceNed fr88 Sc￿1 me815 whilst al $￿ary sthool. This sigThficant swp)rt provided by the Camb￿dge Bursary Scheme for its stLKlents is aFpreciaied by ts College. SclNJl8rships are ￿minIster8d by Admission5 Committee. and are awards mad8 cm academic groLmds to applicanls lo the College. lft 2024125 Hughes Hall alkKate(l aw¥ds lo 15 (16 in 2023124} students lo the value of £127,363 (£105.220 in 20231241 adnwnistered awards k) the of £244.825 (£153,551 in 2023124) from extemal benefactors. In 2024125 the College awarded wrze5 for outstanthng academic athi8¥￿nt to Ihe valu8 of £7,5781£10.381 in 20231241 as folh)ws'. 27 x E.M. 8umett fvizes for FN5t Class in BA 3 x JW Cook Prize in BA law aTrJ LLM 28 x Jothslon Prizes fLY DistinctK￿ in Masth ￿l￿se$ or for a departmental or nalional l interna￿nal prize I x Grossman ￿1ze in U EccK)omi 1 x Slaughter & May Piize in BA law 4 x Godwin-Raffan Prizes in frAe(*ewE LY Edwation 1 x Hoskote Prize in BA Engli¥h 1 x Helena Powell BA in History 1 x Dineen Piize for PGCE a8SSICS 1 x Lowman Prize for PGCE Educati HUGHES HALL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 JUL Y 2025 Othor FundB Fund Total £ 2024r25 £56 568 £24.083 Total £ 2023r24 £29.641 £16.098 Hardshi 8UrS8￿S Conference Travel ￿fOreseen hardshi in maintenan¢e ar￿Or accommrxlatic *1 p)sI￿aduate5. and for undergraduates wh8n a course requiremenL Ggnerou$ty $UFPXted by a b￿efad￿. Inncrfninate FuTrJ For ¥ari¢ws finanoal needs up to £250. e.g. PhD bwKIry. small hardsh. For stud8nls who study a language other than Ewjlish akngsKI8 ir cowse. nomialty throuth the Language Centre's amn CULP A dethcticn Irom Ihe i>*knte fee w ca￿(a to dcthl studentshi £3.284 £2.528 Language Course Support £1.853 £1.781 vice-Cha￿ell(rfs Aw&d Fund £62.443 £63.778 Fundralslng and Alumnl Relallons Al Hughes Hal. our aim is to match our fundraisin9 efforts wrth bolh the C￿e'S strategie prKJriti'es and the interests otK C￿r Strateg￿ &5 yew fuTrJraI￿n9 pmrit￿$ ind￿Je. enhanciThJ stLKlent prowsion through scholarships and bUrS￿e8, rAc4moting wider participation and indusive access lo hI￿Or gdLKation. researth tranSlatiC￿ and development and inwrovemenl of the Colege estste focused on cwr Wollast(M) Road siie. The College's Deveknpment 0￿e Wofks in cS)se partnership with the UnNersity of Cambridge and the CambrKlge in America team based in New ye￿k, to cwrth'nale alumni ￿ development ￿lated activities. Ourir¥J 2024.2025. glob4ev8nts hosted byCc4lege OffiLxfs8ThJ cwrw¥ormemb￿s valuaLI8 OPPOrtuniti8s to engage wth alumni in New Ycrt. Hong Kong. IAexico. Bemiuda, Melbowne, Sydney and across Icrations wtthin the UK, strengthening exisknrKJ con￿11(￿$ and eststlisling new relaticfflshys. Our well*stsblished Njumni Festival programme Continu￿ to thrive aThJ was expanded to the Music Festival of Inl8mational Arlists. In 2025. the College celebrated its 14(th Anniversary and its a￿fflnl in a Cop￿￿10n of special eveNs, mosl notably. a SFecial Commemoration Dinngr that lyought together ￿efaCtorS and senior members aThJ T8achSng Tales and Tea, a MeM￿able 140th annI￿Sary (wniw fw our Ethjcation alumru. Hughes Hall also held its inawJural Giwng Day, whh* sWcessfij￿ raised £111.831 in funds from over 300 dornrs. many ofwhom were e￿jaging wrth thB College forthe firsttime. The Development 0￿e communicates with alumni, staff. senior ffembers and st￿ents trwough the Colege's rf￿Ithty n8wsletter. aThJ a resty￿ College magazlne. The Owl. launched in Michaelmas Teffli to highty positrye rev￿￿ frc¥n ¢YX alumni. Aumi engagement has grown sleadily throughoth the year. with in¢reased participaticn in events. swrfey feectjxk and eontrityjtions to both the newsletter and rwazine. all of ¥thich help to suppytthe advancemenl ol the College's amlytb)us plans. Funds raised thjring Ihe 2024 - 2025 sw)pJtsd a w*Je rar*Je of initiatNes. indudlng scholarships aNI bursaries. sludent hardship and studént experier￿e {inthding ihe Ilagship PattNays programme). the Hughes Hall Boat Cl￿. th8 Bridge Centres. and unreslrKt￿ donatiLN)s that offer Ihe College vital nexibility in meets"w its evolwng needs. HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y2025 Nots on fundral$lng The College is registered with the Fun(kaising Regulator and adheres to its code of fuTh4rolsw￿ practice, ensuring that all fijndraising a¢tiTrrily m88ts curr8nt reguktw St￿rds. Fundrai8iThJ is coThJucled primarily through the Developmenl Office, in collaboration with CambrKlge University DeVel¢)p￿nt and AunMi Relations Office and Cambridge in America as appropriate. The Colege does Th)t eng￿)8 extemal professional fijndraisers 8nd pursues a traditional approad). f¢xusiig on bull ding relationships ¥￿th alumni and apwoaching pro$￿￿tive donors lo supsx)rt College initiatives. In addib.on to seeking ffinarKid and other (x)mmrtment fLv the Cdlege, D&velopment Office is also responsible for broader alumni relatic￿. Engagement techniques indude f&e-Io-face wivale meetings. an online GNing Day, the promotion of18gacy giving and OP￿rtUnitIeS for givng vta the College website. The College received no c£Jrnplaints regarding its lundraising activity in 2024-2025. Finan¢lal Review Scopg of thg fi￿n¢la1 slatemgnts The consolidated finanaal statements ￿Ver the activit￿ of Hughes Hall, HwJhes Hall Ltd, Hughes Hall Conference Company Ltd and Hughes (Hong Kongl Ltd. H￿￿eS Hall Ltd is a wholty own8d subsKliary of Hughes Hal and ils prirKapal *Jivity is to de5bJn aTrJ construct new buildings to expand the Hughes Hall estale. The D¥ect(ffs are dl I￿￿tee$ of H￿he$ Ho11. Hughes Hall Conference coM￿Y Lld is a whollyowned subsidiary of H￿eS Hal a￿1 its pr￿CIpal aclivity is dgliv8ry of conferences and events. The Directors are all tru51ees of Hughes H811. Hugh&s Hall (Hong Kongl Lid is 8 wholty own8d subsmliary of HLty Hall. ir￿rpOrated and domialed in Hong Kong. Its principal aclivty is the FKcwnolion of leaming and educati￿ at HwJhes Hall, unNer￿ of Cambridge. 11 was set up to facililale the processing of donation5 from Hong K￿g based beneta(aors. It is auditetj separately in Hon9 Kong by lo¢al acc(NJntants to satisfy KL￿g regLl8tions aryj Hughes Hall cor%olidated accthjnts include the draft Financial Slatem8nls for Hughes Hall (Hong Kong) Ltd for the year ended 31 J￿Y 2025. Ch8Pter Zero Ltd is a company linwled by guarantee Hug￿ Hall was Ihe sde memb8r. and up to three Iruslees of Hughes Hall sal on its board. Chapter Zero was a sthidiary of Hu9h8s Hall until 31 January 2025. Chapter Zero has not ￿en cC￿SO￿dal8d into the 2024-2025 arZ(￿nts the advTh of the College's auditQTS. Inc¢)mè and Expondilu For the financial yearfrom 1 A￿￿$1 2024 to 31 2025 Ihe Grw recortsd total comprehensNe income of £1.73m 1£5.64m in 20231241. Total income was £11.79m (£11.48m in 2023124) belore donatic￿S and leoacies of £0.41m (£0.70m In 2023124) and Cdlw Grant of £0.68m (£Q.61m in 20231241. W(thin the £11.79m ￿OMe from academic fees and (* increased to £4.74m as al 31 July 20251£4.64m as al 31 July 20241. Incorre from accommodation and caterirg College Members irueased to £3.87m1£3.66m in 2023124). Incomg from accommodati￿ aThY caterirwJ for CCfflfere￿e guests reduced lo £1.06m {£1.12m in 20231241 due to summer schools sligmy lower kn￿r￿S. There was £2.12m in investment a￿1 other incom8 (£2.05m in 2023124). Ordinary 8xpenditurg during the year was £9.92m {£8.81m in 2023r241 Ithch Ind￿￿ed a £0.52m {£0.51m in 20231241 charge for dep￿￿atiOn. Capital funding costs of £0.71m (£0.72m in 2023124) were all ￿terest costs. 10 HUGHES HALL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JUL Y2025 Bridge Centre irKome during year w& £3.69m (£4.15m li 2023124). Thè experKlilure was £4.89m {£3.16m in 20231241. The n81 def￿1 during the year was £1.20m (net SLWP]us £0.99m in 20231241 which was due to the transfer of grants bebnglng to Clmate GovemarKe Iniliative a￿1 Chotrter Zero they rnv￿ cxrt of Cdlege ¢)wnersh"p on 31RI Januwy 2025. 2025 Total 2024 Totsl Ordina Ordina Incwe 11.791,478 9,920. 11,460,787 8.809,394 Su lus on ordln Incom• 1.170.514 1671 J93 Donations recgNeil indwji New endown*nt 'tal Grant from Coll Fundi eosts Bri C4ntr•s Elled ol olh8r 704,025 128,610 613.(KKI 716.881 988.484 1,252S29 174.272 675.158 11.555 1.196.593 es Fund n•t ains. k)sses cha Total corn r•hwtyhfe kncorn• for th• •ar 641 Capltal •xp•nditur• and malnt8nance of buldlngs The College continues to improve its facilities to support ￿ evoFvirvJ needs of rts St￿Jent comm￿ty. Over th? past financial year, capital expenditure projects have maffttsining the high ¢wality of accommodation and ommunal spaces ac¥oss the estsle. As sludenl rwmbers have so too has the dallar￿ for ￿idential, ucalional, and amenity spaces that foster a wbrant ar#Y irldusive ￿llegIate 8nvironment. To athjress these pressures. Ihe College i8 preparing to Lgunch a malor caiytsl project within the next I¥￿ years. aimed at expanding accommodati￿ capacity aTrJ improvir¥J th8 overall sludent eXFef1e￿e. Wlihin the year, a mw refurbishment of the Cenlerrary Bulding was completed with upgrades to all rooms. includin9 energy efficiency and sustanability Inyovements delNered by replacing all *ryndws Wbth gas-filkd doubwlazed glass units composed of recycled [4ast￿. Across the Cdlege eslale, ￿cesSIbl1￿Y work has ir￿lUded the inslallation of hearir4J lo¢TJs in key *eas an arton)aled d(xx fr￿1 the w la￿ lo Ihe MCR Clubrcthi in the Margaret Wileman Building. DurirKJ the year. th8 College haj Y32 rooms a¥aikble for stihjents to rent. 268 {inchJdiNJ 11 Ilalslstudios} were in bulldiros on the central College sile. 124 {induding 1 famity hwse) wwé in h¢)uses or lkvelopments ownod or managed by the College, locate￿ in fesmjential slreets in ts l(Kal area. Reserves polky As the Coll8ge intends to continue to wrsue tts ciwbves in Ferpeluity. it vivws rts inveslments straleglcally over the long term. The prrncipal am is lo proted and maintsin the real vaue of its en¢knvment capitsl, and lo continu8 to Increase its unrestricted fu￿￿$ and raserves as mLth as F#JSSt•ie over that extenda period. whilst seekiNJ an equitable funding balan￿ between the interests arnl aspiraticms of rmesent ar¥J future m8mb8TS. and the retention of an abilty to rtsFe ￿ unforeseen finarwl upheav￿S 8nd opp¢xturMlies. The C¢Jlege has a policy of hLqding suffiaent free reserves wtich readity available in case of a T￿enUe shortlall or other need for liquidty and are invested In kquKI assets *rythin the College's investment rortfolio. The policy target for free reseNes is lo be an anM)unt bro•Jty equr4pb8nt to six ￿nth'S cfera¢p)nal expendriure. ¢urMtly £4.32m. The College's level of INuid ￿seNe$ has satisfied this tty at al times dwirKJ the [￿¥10￿$ three years. The vahje of the College's tr& reseNes at 31 July 2025. was £15.71m (£14.28m kn 202W241 define(l as ts ¢xJnsolidat8d unrestricted reserves less fixed assets. 11 HUGHES HALL REPORT OF THE TRUSTEES {¢ontinued) FOR THE YEAR ENDED 31 JUL Y 2025 Romuneratlon Pollcy No Trustee r￿elVeS any r￿uneratiC￿l. N any other benefit. ftr ading as a tntstee of the College. Trustees only receive ￿t￿f-pOck8t 8XP8nses, ir￿Urred in the course of carryThJ out their trustee dub'e5. Outside their role as a Trustee of the College, the P￿￿dent and any Fellow of the CcAlege may receive such remuneration and any other benefits in respect of any employment. College Olke orcollege Post or other postor appointmenL as the Cc4lege's Ordina￿e$ authorise. The College has a Remuneration C¢)mmittee cO￿lSed offve rv)n-ccfftfft￿ed trustees, ithich acts as an imlependent advisory body to the Governing B￿ty. The Remuneralth Committee ts charged with th& scrutiny and management of College ￿1cleS on remuneration aThJ benefits payable to the Preside￿ aThJ Fell(Y+VS of the College. includir¥J: (a) remuneration aThJ benefft kK4￿les., {b) salary and siipend scales- {cl honoraria. including bonuses- Id) terms arKI wndilions of employmentr. and lel any scheme ol allowances arNI bel￿. Detsils of remuneration for key management personnel ¥e in Note 9. Details of related party transactions with Trustees are (xrtlined in Note 30. Endowmgnt and Investmenl wfommnce The College's Inve$tmentPd￿Y aimsto protect theval￿ ofthe p￿01*)9 in ￿81 tems by striking 8 balance b81w88n th8 interests of the present members of the Colb&3e and fvtwe generations. whilst SLVPOrting the straleg¢c vlsknn of the College for its growth and expanwn. The investment portfoho Is mnilored and reviewed by the Cdlege's Investments Committee, which comprises th8 Pr8sid8nl. the Bursar. three other Fellows of the College. a MCR represenlalNe and three extemal members, are ex￿rtts in investment management Mernbership ofthe Investm￿lS Committee 1$ approved by Goveming Btsty, and the Investment Poltcy is approved arnualty by ts Cdleg8 Comryl. As al J￿Y 2025, the College held investments in financial investment porlfolK)s, L￿9 Temi FuThJ and Estsles Developmenl Fund. which are managed by investment manw. Cazeno¥e CaFital. part ofthe Sclwcéers Group. The College h)Ids no direct investment in indmdual cAJmpant8S. Caz&nove maintains a s￿l811Y ResponsitAe Investrnent ￿lCy, corthkntYJ research into the social. ￿vIrOnments1. ethical and wrporate govemanee stance of the corryaThes Se￿¢ted for investm￿1 aNJ indwidual ffimis. statement In relatlon to Invgstmgnt In fos$11 fv91s There is strong nterestfrom tolh the C￿lege.$ ￿ner￿la￿and Ihe wxlerwblic regar(Iwig the College's inveslments in ￿MPanieS asso¢iated with fossil fuel extr&bon. lthble infomiation on the College's investments is ￿nfidentIal and d8t8As are subj'ecl to confid8ntialty agreements with its investment manager5. the College is able lo report that as at 31 July 2025, Ihere is zero fossil fv*l investment in Eststes t)evek)pwenl FuThJ. and Ihere was zero exposure lo companies who dBrive more than 10% of their fr(¥m Ihe extradi￿. refiniry of coal. oil and gas in the Long Temi FurKI. The Cdlege has rK) plans to commit lo ary al(K*1￿ ol fimds to ccrfnpanies linked to fossil fuèls and the College aims to have zefo inv8Stment in fossil fu8Ls wktlin Ihe fund by 2030. 12 HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2025 Prlnclpal rlsks and uncgrtalntles The Goveming 8c#Jy as charity trustees has a resrx)nsblity to disdrkse and where feasible manage the major risks and uncertainkn'es facing the Cdlege. The College monilcrfs risks by maintaining a Risk Register. identi￿$ the College's key risks. dc¢uments the o)ntrols used to mitigate their inpact andlor likelihood, and at each r8view. records the additional mitigatir4J actIC￿ which have taken place. The risks we reviewed at least temily and the Risk Register heat map. a visual representation of risk status, is upxlat8d lo show any significant change in risk. Th¢ Risk Register is reviawed at exh Tneetir¥J of the Audrt and Risk Committee, who rewrt to the Goveming B￿Y and at meeim9 of the FI￿￿e ComnNttee. wh) r8F#Jt to c￿nC￿l. The ￿nCIpal risks lo the College are: slgnlf1￿n¢ In¢rw￿ In contlnu•d hlgh l•v•ls of Inflallon impacting cost of living. potentially affecting student numbers and reducing the Cole9e's weasww thè (*nstructi￿ costs of major Ca￿ts1 projects. threatening aflLYdatH"lity: In¢rfja80s in oporational costs, Includln9 0￿9Y costs. reS￿￿.￿j from a vd8ti18 e¢0￿Mi¢ climate and global conflicts. negativety affeding c￿ferenc1r￿j aThJ catering and wider College expenditure,. Increase In sludent w•llare Issues. stemnNng fr(ffi the kyuer-teffli whpact of Covid the uncertain employment ouuook. causing a decline in mental w8lltetng.' Signiflcant downthm in UK and global financlal markets reduciThJ th8 value of the Coll8ge's investrnent assets. leathng to redLKed for c4pilal wojects aThJ reducir¥J ffinancial reslience: gov•rnrn•nt policlos and global g•oOiilcal sliuatlons rnstrict movement and fundlry for EU and inlemalional students aTrJ stsff. redwig stL•Jent nunbers and affectiThJ inc£rfne; an uncertain economlc and ffinancial envtroM￿Tht wttirvJ wessure on the College's ability to ra development luThls', ¢yber-socurlty events suth a$ cyt¢r attacks cy data bread*s. with the t￿1181 Signif￿an1 short. torm iThyact affethg t)oth ddNery O￿allons, impaciing College's finances. The follovAng areas (rf knstitutional r￿k and cCwres￿iThJ Mituatio￿8 aTr beifvj actively monitored ty the Colege's Commi118es, and rising risks reFrtyled at Ccmjncil arKY Goverr*w Bc#Jy meetings. Risk w•a A{xA￿87¥e strategy 1$ in plxe lo omole student wellkng arnl irNestfftht is targeted to areas of highest need. The Colege dosdy monitors (*anges to the balance of C(￿890 membership armj inputs to discu5siws on Iversity fees WKI future Higher Educatw)n sector )vernM￿t wlky I￿￿9h col￿g￿3t¢ aTrJ University Educallon - inadequate stUd￿t w8lf¥e provision impactmg tha wellbeing ofthe student bcty arnl negatively affeckn.ng the College's rewtstion.. changes lo the balance of fflembership {postgraduatel undergraduale) impading both fee incom8 and resource 8xrAndilure'. future costs of sttjdert fin￿¢la1 siw(Kl The Colle9e 15 fundraiswig lor stwjent I￿r$an8$. schdarshys and wdfare funds. including owmerf funds to guarantee fvture fijndirg. IT inlrastrudur•- i￿reased risks associated with cyber seC￿ty, to trt)th personal and institutional data. Ihreotering Cdlg38 OP8rations. AC￿ IT strategy ar*J ongcing irNestmenl in IT oducts and Servi￿ fc¢uses on operational security r8silience. aThJ staff training swrts awarene55 of cyber risks. 13 HUGHES HALL REPORT OF THE TRUSTEES (contlnued) FOR THE YEAR ENDED 31 JULY2025 Risk ar•a R&sponses and actions College ind￿e an IrKidenl Management aThJ Bwness Plan which provides guidance and SWF#Yt in the event of a c¥itic81 incident,. Counol a￿1 Fdlrmships Crynmittee oversee issues rekling to rgywtnEnt and retenticffl of AssBtsnt Staff. Academ Slaff the Fèlo*thp: HR and data prot8Ction poli¢ies erksure regAatw ccryliance and protecion of Cc41ege data. Peopl•- major tt*eat to health & wellbeing or security incident on Cot site affecting students. wellbeww or salety.. recruitment and relentDn of staff d Fellow5', Staff performarbce impa¢ting Comege operalions or stsff tumover eausitwJ loss of lnstiiut1￿al kno1￿8. delays to cawkl woiects wnpacting accoThTh)dation and r￿UcIng student applications to the CrAleg8- reduction ￿ Cdl8ge investment ￿￿rne vnpacting Eststes maintenance reserves with heath and safety and caFilal project Implicabons- high inflati(¥) environment affecting both bjilding mainlenartt delivery of capitsl projects,. The Colkge B F¥￿￿t￿lng the develcyment ol estate imkyove tw)th student accomffKtdation and edl￿t￿l amBnity. and is at the planning stage of a major ￿[1￿1 proi&X Th8 College carefully manages its nvjation p￿￿￿10, ir￿ludirvj cwimitments to Pyiwdte leases. lo provide a(hJitional accomrnodaticK) for its st￿nts. The College Asset Mawitenance plan r￿c￿dS al estste a5set5. Irth conditK)n and $d￿l￿1e$ the maintenance and ￿fUrbI$hrnen1 of assels lo enswe H&S legislalbon compliance and a 4rwilained Cc41ege enwrcfflmenl. Flnan¢lal Sustslnabllty rwt economi¢ ¢limale and high inflat*￿ary envlrcxim￿I increases the C(Alege's cost basa. and th8 growlh of th inv8slments FMyifolM), wesenting challeNJes to existiTrJ College operatiorts and fulure development plans.. operatio￿1 income and expenditure imbalances affecting cov￿nt threshohjs.. Cdlege mcfflitots and adjusts 8xperKliture to mitigate inllaticffiary effects where this is possitle. irtluding subsidising student acCoMn￿dalIcm and catering. pr¢￿rement ifry>rovemen15 acro&s Facrfrties and Domestic Operatiorts drive value f(* nx)ney in O￿reff￿t decisKJrts. Financial feportiNJ morrilors incLYne expenditure confomiance with Budgets ndude setting as*Je fvnds tor rèpayment of the Co118ge's fixed-rale. Icfflg" temi fina￿1r9 cf)t￿. Regular investsnents reporting lov*E proaclive management to maximise lund lential. Envirnnm•ntal - insufficient progre55 in carbon r￿AUCtIon initiatives reS￿ting in p)lential failure to meet zero cart)on tsrgets. IMP￿tIng enwgy expenditure: investments in fossil luels iiiyacts students trust and enwemenL T￿3 CoH8ge Pla￿ wstainablity at the core of its i¥watKffis. w￿1$1 en$￿ThJ its eXpe￿Ill￿re is lo￿Sed C￿ deliverirKJ its charitsble obiectNes. The College ams to have zero invesknenl in fossil fuels within its invesbrnrt fuThJs by 2030. 14 HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2025 Progress durlng th• yoar Flnanclal Sufflrnary Operational ino)me Increased by apF￿XI￿?lefy 3% yearryon•year. trrtoa￿ li Ine infiatic￿. A notsblg FK)siItV8 development was a 23% reducti￿ in utility costs compared to last yearfs peak. resutting In sigThfKant savings. Howevor, the College experienced sryne fina￿la1 pwsures throwJltrJJt the peritsy. Summer school income declinod ty 17%, primarily due to reduced student arrivals in JLAY 2025. linked to onww geowlrti&91 challenges-partiujlady affecting participants frC￿ Chna. From Aprl 2025. an irKrease in Employers, National Insuran￿ contribution5 added £106.000 lo the annual salary bill for operatsonal staff, {eXdud¥￿ staff witrin the 8rith3e c￿tres). This increase is QLtside of infl8tion¥y •Jjustments and contributes lo the Lyoader cost wessures faced by Ihe C(Aleg8. General inflatson continued to exceed the Bank of EngLand's targeL F￿ents)g ongory challenges to f￿an￿al planning and operational expenditure. The College contin￿$ to fc¢us on that 4Jeli¥w 203) w￿10n. 10 8(￿cate and nurture leaders of the future and make a major Cc￿t￿L￿￿kl￿ to gbbal ￿KIety. in an in￿￿¥9. innovative and impactfvl manner. Prc*Jress acros$ six broad areas is summarised bekMI: Aud9mlc, ￿torfal, pastoral The Colege's Pathways Prograrr*ne. wth generous ILm(*ng from the CollegeWellt*iThJ Stwnuhjs Fund aThJ the Isaac Newton Trust has continued to grow and deveb)p a c(mwehensive raThJe of onlire. asynchronous. and f&e-trtrfaco synchron¢JUS content to enhance the petsonal. 8cadomic. ￿ 18adwsh¥J skills of al our students. One to ona specialist support sessions tailored to indivKlual stwjenl needs are also offered and the College consistently sees high levels of engagement and 5atisfackn ￿•s5 all levels of sb￿. The pr(KJromme also includes the Impactful Leadership Piogramme. develcyirwJ fubJre leaders equikwtng people for sU￿$S in the 21st century. Ac&Jemic results have been excellent, *ith newly 40% of Hws Hall und8rgraduate finalists achieving First dass results. Hughes studenls and academics continued to be n¢JYMnated for. and win innovation awards. research competitions. scholarships and industy patents. and 8 Huthes Hal student was in the Light Blu￿ eight as the University Cambrith38 won the 2025 Boat tse. Equ•llty. DSvernlty and Incluslon The College's ccthmitmenl to pr￿tivelY particW1￿ saw a ¢￿tInued ftKusgJ on st￿16nt ￿treaCh, promoting awareness of the College's strengths, ta￿red we*eing and a¢adern￿ skils support, and other compelhng reasons to study her8 for a dr¥erse range of pK)tential alW￿an18. The Outreach learn ￿ntinu￿d lo promote free ar¥J accessible ways to dw)ver more about applylng lo Cambridge, and at￿t life at Hughes Hall across the UK and inkmatiwaty, via drcpin chats with ￿MisSIonS tut￿$, open ays, vwtual tour5. webinar5 and a range of residgnli*s. programmes and intemships for 21 + students arKI those vh)0 have experienced Socickec￿nOMic disadvwtsge. The Cow benefits from hoslThJ Mastercard Foundation Scholars. Gates Schc4aTS. Cambridge Trust 8Kfthrs. St(vmzy Schokn and many othws. all of vthom enrich our intelleclual, cultural. and s￿la1 wovision. Estates and InfrastnKIurn At the start oflhe financial year, Hughes Hall had acwired Iwo parcds of land adjacent lo the cricket ffiehy at Fennerfs. fromthe University ofcambridgè. Thiswll enable the Cc4egeto: pyovide newand m￿h ￿eded crAnrrMJnal education spaces its campus.. offer ￿￿)mMcdats0n lo a pruFx)rtion of our student tM)dy {retuming privalely leased houses into the aty's oversUbs￿b￿j rentsl ho￿ng market) ￿d., signiknnlly impn)ve the environmental sustsinability and bithjivwwty of the Site through C￿lU1￿ pl￿d laThJscaping. The purchase recelved support of the University as it safwJuards Lytht at Fennerfs for fvlure generabons. The priority during the year has been design development. in ¢c￿SultatiOn with ￿ L¢y21 AVI￿rity, to ensure a f￿ar￿allY wable and 8UStainable Scheme can progress lo a formal planning applicatKw. 15 HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y2025 Developmenl The focus moving forward will be on engaging ￿th Hughes Hall's gknbal alumni. This strategy wll support the long- lemi fundraising and devekjpment attivty required to fvnd Cole9e's priorib'es for St￿￿entS. wh￿h I￿]Ude wdeniNJ access, growing the Coifege's sc￿larShipS 1xff￿5 to provKle access lo e(lucation ft)r thos8 in challenging financial cYcumsta)ces. akxKJ 7Mth adva￿1￿ the devekl￿nent of ￿ WollastLM Road estate. Pooplg The College ￿ntInUeS to make prcrfyess towa￿$ its goal of achieviThJ geThJer pwity in the &live Fellowship. At the start of term in October 2025. the College's Govemiro Body was approximalety 4..3 male to female. the Fellowships leam remain focused on ensuriThJ recsuilmenl suprKKts equalty ond divergty whiLst maintaining an ¥)propriate balanc8 in 1h8 FellrMships' sklls. experience ￿ ac&Jemic areas of frKus. Bridge Impact The Bridge Cenlres contlThJ8 to promote res8arth by cOn￿lir￿j (wr acad8mic takgnt with18aders in policy. practice and commerce. and enable lasting soluticffts lo F￿￿n9 protAems. This year saw an expansion of how we Ihink about impact beyond Bridge initiatives to the College as a The College launched 8 new pilot inilralive, the Innovation Polw Ignthon Programme, established a ser*s of 'impact' events. deveb)ped resources to support its people lo maximise théir own irroac( Crèated ￿)p￿ilieS for èxternal engagwnenl and partnerships. Outlook and future plans In lts1o￿neY towards the 2030 VisKffj, the 2025126 firwi?al ￿rwIll See1￿ 0)Mplet￿ off￿ Stslutes & Ordinar￿e$ governance project, aimèd al promoting mfxe agle de(>sth mak￿Y by reduL?ng the number ofcharitytrustees whilst retaining the W￿8T Gov8ming Body's exp8rb"se. The wll also see the Developm8nt Office's capital campaign gel underway. wlich will be a maicff C￿trib[rtor to the Cclege's estates devdopment Flans ¢)ver the nexl three years. The College is an operaticfialty streamlin￿1 ￿ar*SaI￿)n ¢kns hove the security of a genero￿ endowment on which it can rely. The College therefore prudentty its irKome and expendrture. D￿ng the next two to three years, the College will need lo welulty manoge bcth its imjdgels its investrnenls. induding those whi¢h d8rive from extemal financing, to enstn It￿ delNer a major capitsl prqecl crucial for its stud8nl b￿lY to live. study and be part of the collegkgle commLmSty at the UThversity of CamtM￿Ja. Operalionalty. the College ¢￿tInUeS to manage risks yoactively. The key concems going foTr¥ard are rises in inflation and the cost of living affedirtrj slud8rt aprAicatior6 aThJ Colege OFerations. 980-political ￿stability decreasing x)styraduale sludent numbers. a ¢Jelay in the we¢Scted tuitKm fee increase. delays to planned building works and ¢￿strUCti¢)n inflation affecting woject affc*dat•'hty, delNtty arKI loan IepaYff￿ts, and sustained econom￿ pressure linked lo global ccfflflicts. The expenditure of the majwity of the College's rn)n-ethment Ivnts the estates devel￿ment proièct. and the Ilnited nature of the College's pemianent end(h¥n￿t mthes rt dear thal the College wll need to raise additiC￿al lunds in the next 3-5 year5. b)Ih to SUPPL¥t the caFMtsI wgect to ￿pId its Fermanent endowment. which is vital for the College to Contin￿ to deliver on its charitable c&jectives a￿1 achieve its ful potential. 16 HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y 2025 Corporato Gov•rnanc• The following ststwnenl is provrded by the GovgmirwJ Bothy to enable readers of the fina￿￿91 statements to obtain a tetter understsnthng ol the College's ar￿9￿M￿ts th8 management of its resources arvj for aLKliL The College is a registered charity {regist8red nLmts 1137471) *)d subj&X to regulation by the Charity Commission fcK England arKI Wales. The of Govuw Body are the tharity bijstogs and are resp)nsible f￿ ensuring comF4iance with charity law. The Goveming Body members are advised in (¥rr5vYJ (yjl their by fow con￿￿tte¢s. all of whith meet al least ￿Ce per a¢adern￿ year. Audit and Risk Ccmmittee Fellowships Committee Governan￿ Committee Remun8r8tion C(Mnmittee The College Council reports to GownirKJ Bcrtty and has delegated aut￿rity to make decisions on is responslble for Cc41ege operab0￿. Seven Goverymng B(xty memters arAI the Principal 0￿￿eT$ of Ihe Colege sil on College Council. Counol is &Jvised by eight Ccjnmiltees. whith rneet at least twice per academlc year.. AdmIss￿)n8 Commrttee Bridge Committee CCE Oversight Committee DEFI Oversight Committee Estates C¢ynmittee Finance Commlttee Investmen15 Comrv¥ttee Prevent Fre&J¢Jm of Speech Committee The prinopd Officws of the College for p8r￿d are the Presiden( the Bursar and the Senlor Tutor. 11 is thè duty ol the AL*Jit and Rlsk ConNnittee to keep urnler review lh8 effectweness of the College's intemal systems Offfina￿al arwj otherojntrols". to thsetheGovemhvJ Bo(ty on the appointment ofextemal and intemal auditors: lo ¢￿SIder reports 5ubmitied by the auditots. both external and intemal: to monitorthe Thplementation of recommendations made by the oudiiors.. to make an an1￿1 ￿port to the Goveming Body. Its members are: trustees Dr J ch￿ (Chairl. Mrw Chamley. Dr F Ahmed. Dr J Habthi. Prof H van Asselt. aThJ extemaS members M5 A Shakespeare. Mr M c￿eM￿ Dr M Belwny. There are Re¢istersof Intsrests ofTntslees 8TrJ the wtrustees aNI Audit Rtgk Commiltees and other key persomel. thclarydtions of itsrest are mth systwiwically at each ofthe meetings listed above. The College's Trust8gs during the year eThJ8d 31 J￿Y 2025 are set (Mrt on pw 3. Stotoment of Internal Control Goveming 8ody is re5F￿e maintanw¥J a 5LMnJ sJ6t8m ofinlemal Ly)ntrol that the achievement of policy. aims objectives while safeguarding pU￿1C and thr fvrxls assets forwhich tho Governing Bcrtjy is resp(msitAe. in acc(*darKe ￿ the Cc4ege's Statutes. The system of intem81 is deSi￿ed to m￿age rath8r thart elimNte the risk of failure to achleve wlicies, aims and objectives: it therek>re wowdes feasonat￿ not absolute asSu￿ce of effectNeness. The system$ of intemal control are designed lo i(kntsfy th8 priThipal iisks to the athievemenl of poliues. awns and objectNes. lo evaluate the nature and extent of Ihose risks and to manage them efficienuy. effectivety aTr econ(Nnicalty. This pr(￿S was n 14ace fly the year eThJed 31 Juty 2025 and up to tr* date of approval of tho f￿ancial statements. 17 HUGHES HALL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 JUL Y2025 Goveming 80(Iy 15 reSpOr￿Ible for revi&Aryrg Ih8 eflecliveness of the system of nternal cnntrol. GOvern￿g Body's review of the effect￿en￿ of the system of ffttemal control is infrjrnied by the work of the various Committees, the Bursar. other College orr￿ts. have fesponslbility for the development and mainl￿anCe of the ￿ternal control framewc¥k. aThJ by ccffnments made by the extemal authtors in their management letter and other repwts. The College's system of intemal finarKaal contrc4 is based on a fram￿•￿ of regular management infom*tion and 8dministr8tiv& procwjures inc4udirwJ the setyegab.on oftht*s aThJ a system of de*alion and aco)untability. In particular. il includes.. comprehensive bLKlgeting and monttoring sySt￿)S with ￿ a)nual budw and periLN1ie financial reports which are reviewed by the Finan￿ Committee behall ol C￿r￿lI.. regular reviews by Ihe Council of repcrfts ThI￿ate fina￿1* perk)m7￿Ce against the forecasts and ol major purchase plans. capital woths a￿1 expenditure programmes.. setbng tsrgets to meas￿8 finan(xal aTvJ other performance: cleady defined PLrthasing l&set purchase carAtal in￿lMentI g￿delin8$. delegation of autlK)rity and segregation of duties: aThJ tdentificaiion otKI management of risks. R•spon$lbllltlos of th• Gov•rning Body Governing Body is responsble for preparing the Annual ReE*Jt ffinanual statements in accordance with applicable law and United lQngdrAn Accouniing St￿ar(L8 (United Kingdom Generally Accepted Accounting Practice). The College's Stabjles and the Statutes arKI ordinan￿ of the Univew of Cambridge require the Governing Body lo prepare financial slalements for each financaal year gNe a arKI fair VEW of the slate of affairs of ihe College and of the surF4us or defiot of Ihe College for Ih8t p￿r￿J. In preparing these financial slalefflents, the memb8rs of Goveming B{￿Y a￿ required to: select suitable ac￿￿ntIng ￿￿1ClOS arml then wy them c￿siSt mak8 judgements estimates that we reason￿￿ and Fxudent stale whether applicable aceounliThJ standards have been fclk)wed. sutr4ectto any mtsial departures dis¢kJ$¢d and explained in the financial statements- and Prepare the financial stslements on the wr•3 concem basis unless it is Wiapr￿priate to presume thatthe College will continue in operation. Goveming Bo* is respc￿$1bI8 for keeping accwnting records wlmth disckjse reaS(￿able accuwy at any li rinancial position of the CcAlege and enable Ihem trj arsure that th8 fnancial stateM￿ts comply with th8 Statules of the University of Camtrrridge. Tt*y a￿ aso reSp0nskn￿ for safeguarding the assets of Ihe Cdlege and hence for tthing reasonable steps for the prevention arnj deleclicm) of fr8wJ and other irregularities. Goveming Body is resFonsitAe for the rnan1enar￿ and integrity of the and finanaal information induded on the College's website. Legtslab"on In the United Kingdom goveming the preparatKJn and dissemination of financial stslements may difler licrfn ￿ls1￿1￿)n n other ￿￿￿d￿tIL￿s. Mr Laurkn Smtth Burnar Mern￿r of College Council and Govomlng Body Oate: 3 O•cemb•r 2025 18 HUGHES HALL REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNING BODY OF HUGHES HALL FOR THE YEAR ENDED 31 JUL Y 2025 Opinion We have audited the finan¢ial ststements of Hughes Hal {the'Collegel and its subsidiaries {th8 Group) for the year ended 31 July 2025 wthich comwise the Consolidated Statement of COMpreh￿S￿e Ino)m8 and Expenditwe, the Consolidated Slalement of CharKJes in ResefV¢S. the Consolidated and College Balance Sheets, the ConscAidalod Cash Flow Ststement and notes to th8 finar￿la1 statements. i￿1￿1￿j a summary of strgnificant accounting polioes. The f￿ancIal re[￿ting framework that has been applied in their weparati￿ is arT)licable law and United Kingdom Acci)unting Standards. ￿clUdi￿ Fina￿181 Repytng st￿dard 102 The F￿ancIal RgportiTra StsrKlard 8pr4icable In the UK and Republic ol Irdand (United KN￿￿Orn Gererally Attepl8d ACCO￿ti￿3 Practhc8). In our opin￿n, Ihe finarKiaS ststemenls: give a Irw and fair view of the state of the GTWP'S and CoH8ge's affairs as at 31 Juty 2025 and of its kncoming resour￿ and appStxbon of res(wrces for the year then erKled: have been txop&ly prepared in accord￿8 Unital Kirw3dom G8nerally Accepted A£counliry Practi¢*', aThl have bean prepared in aCC￿danCe with the requirements of the chariti￿ h£1 2011 and the Statutes of the University (rf Cambridgg. 8asls for oplnlon We COnd￿ted cmjr audit in a¢c¥)rd8nce wilh Intematicffta Standards on Authtry IUKI IISAS (UK)) and applicabl& law. Our respon￿bIlItIeS under those standards are further described in the Auditors, reskY)nsibilities for the audit ol the financial sL*ements section of our report. We are wyJep8ndenl of the Grwp in acC￿dan￿ with the ethical requirements that are relevant to our audit of the fina￿la1 statemerts in the United lQngdom, th8 Financial Reporting Council's Eth￿1 Standard. and we have I￿lled our other eth￿al responsibilityas li accordance with these requirements. We believe that the a￿j11 evidence we have obtained is sufficient and apwOpr￿t8 to pnvide a basis for our opirion. Concluslons r8lating to golng conc•rn In audrting the finwcial statem8nts, we have COrKhA￿ that the Tntstees, use of the 90in9 concem basis of acc(wnting in the tryOTation of the firwKial statements i8 WwroW￿le. 8ased on the wcrfk we have Fwlom*d. we have not Xlentsf￿d any m818ri81 uncertainti8s relating to even15 or conditions that, indiwdually orcollectively. may cast $i￿1r￿t dtsjbt on the Group or College's at4lity to conknnue as a going eon¢em for a period ol at least Iwelve mntts from f￿￿￿la1 ststwnenls are authorisgd for issue. Our reswnsibilitiesand the resrmwbilibesof Ihe Tr￿teeSwith respectb) g￿r￿j 1x￿cern are desuib8d in the relevant seclions of this reF*yt. Other Informatlon The GovemiThJ Booy is reSPon￿bIe for the othw inf￿lat￿)n. The otr*r infomation comprises the information included in the Operaling and FIn￿CIal Review olherthan the fmancAal statements and oUrAudit￿, R8yJrt thereon. Our opinion the financlal stslements does r￿)1 ￿Ver the other information wd. except to Ihe extent otherwkse 8xplicNly stsled ui tyjr report, we do ￿)1 exwess any form of assur￿ cO￿￿siC￿ thereon. In connection with ¢JJr a￿]it ofthe finar￿181 statements. ow restwsibility is to re•Y other ￿fC￿mation and. in doing $0, ￿nsider whether the olh¢r 1nfomat1L￿ is materialy iwy)ststent 7Mth the financial statements or our knowledge c+Jtained in the COL4rse of the audit. or othepwise appe￿3 to te materially misstal&J. If we identify such material Inconsistencies or apparent material missl*ments, are rewirej to determine %thèlher there is a material misstat￿ent in the financial statwnents or a material misstat8m8nt of th8 Othgr infvjrmalicffi. If. based on the work we have perfomied. we 0)￿ll￿Je that there is a material n1sstst￿￿l of this otsr info￿at￿￿. we are required lo report Ihat fact. We have nothing to reF*Yt in this reg¥d. 19 HUGHES HALL REPORT OF THE INDEPENDENT AUDrroRS TO THE GOVERNING BODY OF HUGHES HALL {continued) FOR THE YEAR ENDED 31 JUL Y 2025 Oplnlon on othèr mattors prwrib￿ by the Stalutgs of ihg Unlverslty of Cambrldgo In our otAnion bawl on the work undertaken in ￿ o)upse of the a￿jIL. The contribution due frsjn the College to the UniveNty has W ￿mpUt￿j as advised in the wovisional assessment by the University of Carrtjridge arml n accordance vAth the wovisions of Ststute G.11. of the University of Camtrrridge. Mattèrs on which we are requirnd to report by èx¢option In Ihe light of the knowle(b3e and underslanthr@ ofthe Group aThJ its envimnmenl rt)ts#ied in thg C{￿rSe of the aijdit, we hav8 not KI￿tIr1ed mal8rKal MtsStatem￿ts in Ihe Operats'ng and Financial Review. We have nothiThJ to retN)rt in ￿Spect dthe folkywu)g matters in relatMM towtiith the Ckrities (Accounts al￿ Re￿t$} Rewlations 2008 requre us to repc*l to Y￿ rf. in our opini￿. sufficient accounting rec(Kds have not been keptr. c the financial statements are not in agreement the arxc￿n11ng reeord$'. or we have not recthed all the informal￿n and explanatiLW we re￿￿e for ow audiL Rg$ponslbllltlo¥ of th9 Govgmlng Body As explaineij more fulty in the responsibilities of the Goverryng Body statement set OLrt on page 16, Goveming are responsitAe for the weparation of the financi81 statements and for being satisfied that they give a true and fair view, and for such intemal Control as the Goveming Bc*ty determi￿ is necessary to enable the preparation of rmancAal statements that ar8 free from material misstalem8nt. whelher due lo fraud or err(Y. In preparing the final￿[al statements, the GovemirKJ are resptr*sible fc* assessing the Group's and College's ability lo continue as a going concem. d'sdosing. a5 applicaL4e. matters related to going cOr￿M and usiThJ the going concern basis of accounting unless the GovemirwJ Bc*ty thther interKI to hquidate Ihe I>0￿ ￿ cc11￿0 or to ceas6 operations. or have no realisti¢ attemative bth to do so. Audltorn, responslblllll•s for the audlt of th• Ilnancial statement• OUT objectives are to obtain reasonable assuran￿ at￿ wh81tr￿ the fnanoal statements as a w￿)18 are frae from material mis51alemen( whether due lo fraud or error, arKI to Issue an Audilors. Rep)rt that includes our opinion. Reasonable assurance is a high level of assur￿Ce, tKJl is rw)t a guaTrntee that an a￿lt ￿ndUcted in accordance wlh ISAS {UKI will 8￿y$ delect a material misstslement WI￿ it exists. Misstatemènts can arise from fraud or error and are eonsideied material if. iThJivKlually or in the aggregate. they c￿jId reasonabty be expected to influence the e¢ont)mic decisKJns of users t*en on basts ofttrw fina￿1* slatements. IrregJl8ri1ies, including fraud. we inst￿$ of ￿(￿-¢(￿n￿l￿ with laws and regulatK)ns. We design prO￿dUleS in line with ¢yJr responsibilities. wuined 81y)ve. lo detect material mrsstatements in respect of irregularitie5, includng fraud. The extent to which our [￿aCedUreS are capable of delecting irregularities. l￿dIng fraud is detailed bel¢)w: Ow approach to idenlfying arnl assesgng Ihe risks of Materi￿ Misstat￿nI in respect of Irregularities, inciudlng fraud aTrJ non-conyliarKe with laws and regulations. as folkjws.. the engag2menl partner er￿ured that the engagement 18am Colk￿tl￿ty had th8 approFffiale competen￿. capatrAlities and skills lo identify ￿ re￿Tr5e rKin-CfynKAiance app￿Cable laws and regulations., we id8ntified the laws and regulations applicable lo the Gr￿p through discussi￿$ ￿th Trustees and other management, and from cwr CLMnmercial knowledge aTrJ eXperier￿ of Ihe eduCat￿n sector we I0￿J5ed C￿ 5pecrfic laws and regulakn.ons which consKI￿ed have a direct material effect on the rnancial $talements or ihe Operat￿ of Ihe Grwp. Chwiles Act 2011, the Statutes of the University of cam￿Idg8 and laxalion ￿*jaIl￿. HUGHES HALL REPORT OF THE INDEPENDENT AUDITORS TO THE GOVERNING BODY OF HUGHES HALL (continued FOR THE YEAR ENDED 31 JUL Y 2025 ) a(hJilion. we consithred of laws aThJ reg￿ti￿S wtrich th) ￿t havo a direct 6ffeca on the financial ststements bul Complian￿ wth whth mvjht be fundamental to th¢ Group's and College's ablllty lo operate or to avoid material penalties. we Obt￿ne{l an understanding ofthe Cc*ge's FYcKedure50n Complian￿ with law5 arKI regulations, includAig documentati￿ of ￿Y instances of n￿-¢￿N￿1an¢e. we made enquiries of Managen￿nI as lo where Ihey ccffls•Jered there was susceptibility to fratyj, thelr knowledge of actual, suspected and alw fra￿1. we considered the intemal ccffllrds in to miipjate risks of fraud aThJ non-cornpl1￿¢¢ with laws and regLElation$: we as$8ss8d the SLTrscoptitrflty ol tho c￿*.$ financial stateffl￿ to material misslalement. In¢￿d￿9 how fraud might occur. laws rewlalions Klentif4ed were C￿nr￿￿￿Eed tAithin the autht leam regulady a)d the team reMak￿d alert lo instances of rK)n-C(rfnpliance th[rA￿l￿1 the a￿l*L As a result of the above risk asSessM￿t proCedU￿S we identified the gr8atesi risk of material mi5Statement the financial slat@m8nts arIS￿g from irregukritiesand fraud lo te within the ￿tentIal management to override contro13 together with the risk ol fraudulent revenue reccgnition. We cffisider&J thè risk 01 fr8udulenl revenue recwnition to be most prpvalent in the compleleness * oJt off of th)nation and 1gJacy incom the cut off of cc￿ferenCe inwme. In reswnse to these identified risks. we d8swj￿d rxctethres which irKluded. but were limited to.. perfrrtmed analytical prc¢edwes to Klentify ￿￿Su81 or rektionships.. performed aLKlit work over the risk of managem*)t override of C￿trCIS. ncIL￿ing testing oljoumal entries and other ajustments for apprcyrialene5s. ev*atry the r8ficffjale of signifKant transactions outside IF normal col￿ of busiress: assessed vthetherj￿@m8ntS and assuThwtMyB made in deterniiThng theaw)untirKJ estimates setoul on page8 28 and 29 were1Th1icative of potential frias: we used Audit Dats An8lyb'cs to rev*w the dienl dats anomali8& we performed substantive testing for a sample Ofdc￿allon5 from Raiserfs Edge to supwting d(￿u￿￿n￿tIOn lo ensure that all income was aFfJrowiatety rwiised in the general ledger in correct perictyJ and any reslrictions appropriately re¢cgnised.. we also18Sted a sampl&ofdonationsaround Iheyearend arwj disrJJ8sedonfvJ legacw with the Development orrice to ensure cut off had been corfeclly applied.. we petforffled SubSt￿tI¥e testing for a sample of¢(￿f￿8rKes from the by)kwhg $ystwn lo in¥0* lo ensure that all InC￿e was apprtyrialety recognised in the general ledger in the cThrecl ppJM)d'. In fèSP)nse to the risk ofirrtyuwitiasaThJ laws ar#J re9￿010￿, w8 d&sign8d proc4dures which includ&J, but W8r8 not Iwnited to.. we agreed the finarrti￿ sl8twn￿I ds(knL¥es to uTh*tyiry swwbng dO￿Mentat￿)n.. we assessed the extent of com ￿lance with the18ws arnl T89￿ati(￿S identified above 1hro￿h making enquiries (rf management and wwectir¥J legal c(xresFw)nderte.' we read the minutes of meetings ofthose charged with govemanc*,' wo discussed wilh marogemenl aclual and Fthntial liwiffi *KJ dai There are inherent limilaticms in our audil Procedu￿ descited atrf)ve. Tr more remov&J that laws &)d regulations are from financial transact*)ns, the less likely it is IhatwewoLld become aware of nonthcompliance. Auditing standards also limit the audit prc¢edures requir&J to Id￿1￿ non-C(MN)liance with laws aThJ regulations to enquiryof theTrusl88s and other management and the in5pecbon ol regulatory VAKI ￿81 rf any. Material misstatements that arise (kn lo fraud can b8 l¥rder to d8tect than those thal arise ermr as they may involve deliberate ￿nCe81m￿t or collusffi. A further description of our resp(x)slxlilies lor the athlt of the fmaroal statements is h)cated M the Financial Re[￿rtIng Council's We￿18 al: wVdW.frC.org.￿ditOrsresw￿Ib1Iit￿. This descriptic￿ fo￿￿$ of our Audilorf$ Rep)rL 21 HUGHES HALL REPORT OFTHE INDEPENDENT AUDITORS TOTHE GOVERNING BODY OF HUGHES HALL (continued) FOR THE YEAR ENDED 31 JUL Y 2025 Us• of our r•wt Thi8 rewrt Is made so18ty to Iho Colege's Goveming Boty as a body, kn accordance th Colleg8's statutes, Ihe Stslules ofthe UnNersity of Cambridge aThJ the char￿&S A(a 2011. 0￿￿￿rk has been undertaken so that ￿￿ mKJht stste lo the Governing Br* Ih)so matters wa ara raqiAred lo state to Ihem In an PJJditors' ReFQrt and for no other purposg. To the fullest extent perniiited by law, ￿ th) rw)t accept or assume re5ponsibilty lo anyone other than the College and the Ccllege's Goverrmng Body as a body. for our audil wort. for thi8 repor( or for the opinrons we have fonn8d. PEM Audlt Llmlt•d Registered Auditors Salisbury H(xJse Station Road Cambrtdge CB12LA PEM Audlt L¥nited is er￿ible to act as an auditr* in tem￿ 1212 ofthe Companies AL# 2(KI6. HUGHES HALL STATEMENT OF PRINCIPAL ACCOUKnNG POUCIES FOR THE YEAR ENDED 31 JUL Y2025 ststement of Principal A¢countin9 Policies 8asl$ of preparatlon The financial stalernents have been prepared in a(wdw)ce 7Mth Ihe provisions of the StstLrtes of the Conege and ol the University of Cambridst. using the Retcrfnmended C￿bridge College Actounts {RCCA) format, and applicable Uniled Kingdom a￿Unting siandards, i￿lUdIr¥3 Financial Re￿ing Standard 102 IFRS1021 aTrJ Ihe Statement of Recommended Practice (SORP): Accouniing f(Y Furlher Higher Education ISSU￿ in 2019. The Statement of compre￿nSive In¢¢)me and Expenrfiture ncfL•Jes &tviity analysis w) order to demonstrat8 that all fee income is spent for educat*Jnal purpose5. The anaty5i5 re(Bx&J by the SORP is set out in note 8. Th8 Coll8g8 is 8 putAic benefit entity and theTrfrye has applied the relevant Publ￿ benefft requirement of the appl￿ble UK laws arbj acc(MJnling standards. The funcbonal aThJ presentational currency Of￿ Collegè is GBP. The lèvel of r￿Tr￿1ng applied is to the nearest £. Golng concem The Trustees have prepared a budget for the ￿rat￿n of 2024125 and c4shflN forecasts for the period beyond the end of the finanaal y8ar which have been stress tested based on a number of assumption5. They have conswjered lh8 impact upon the College a￿[ its cash resrMJrces and ￿restr1d￿ reserves. The College a150 has s￿nif￿ant inveslmonts which could ￿ realised rf required. Based Upc￿ their review the Trustees believe Ihat Ihe Group Mll have suffic￿1 res￿rn to meet its liabilities as they fall due for the frKeseeable fuiure and Iherefore have conb.nued lo adopt the goirwJ concem b8sis in weparing the financial ststerrents Basis of xcountlng The financial statements have been prepored under the historic21 ojsl C￿?1￿ntiOn. ft￿￿fied in ￿SpeCt of th8 treatment of investments which are ir￿lUded al vabJatic￿. 8asls of consolidatlon The ¢￿S011daIed financial $t*ements indude the College its Subs1th￿ uThdertakin￿. Details of the subsit* ndertakings included are set cwt in rK)te 28. lntra4aro￿ balances ar8 eliminated on cortsolidation. The Group assets sPb)w a h)wer level of reseNes fMnpar8d to ts College as latter indud85 admIr￿StratiVe charges payable by its subsidiwy Hughes Hall Ltd. Rocognmon of Income Income is rec¥)gnised in the statement ol fin￿al activitses (SOFA) *At*n a transaction or oth8r event results in an increase in the chanty's assets or a reduclion in [15 liakn"lities. Income rThJ51 cfflly be recognised in the accounts of a charity when all of the followr¥J criteria are met= Enlillement- control over the righls tx other access to benefft has passed to the charity: Probable- it is fflC￿e likely th￿ not that the eLY)MmK beneffts as$￿ated Ylith the transactw)n or gift will flow lo the ¢tharity.' Measuremenl- the M(￿etary va￿e or arTh)unt of ts irKome C￿ be nwsured reliably and the Costs incLwred for trans8cl*)n and the costs io f>)M￿le the tr￿sa￿￿1￿ ￿ bg nwsured reliatAy. Acad8mic fees a¢Jemic fees are recognised in the perty)d lo Ihey relale and indude all fees tharge8b￿ to stL*Jenls or their SFK)nsors. The costs of any fees waived ￿ wrtN8n off by the Cd18ge are I￿l￿ded as Bxp8nditure. 23 HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (contlnued) FOR THE YEAR ENDED 31 JUL Y2025 Grant income Gr￿ts received from non-govemmenl swrces (l￿1￿￿1r￿j research gra)ts from n￿-governMent sourc£sl are r8cogni$8d within the Consolbyated Statement of Corryrehen5ive IncM* and ExpenditLYe v•hen the College is enliuod to the income arKI perforrnonce related ¢C￿￿tiOnS have been met. Income received in advance of ￿rf0m)ance related CA)nditions is Ileferred on Ihe balance sheel and ffjleaged lo the Consolidated Statement of Comwehensive IrKom8 aThY Expend￿￿re in lin8 %Mth Co￿lItionS being mel. DonatKJns and 9ndowm8nts Non exchange tr8nsacticrf)s with￿t perf0m￿nCe related c(yK*bcms donations and end¢)wmenl$. Charitable donations are ￿ognISed on rtteipt or when the CcAlege is entitkd lo the income 81x1 th8 vahje can be maasured r81iably. Donations and erbjowments wlh donor4mposed restricbons are recognised within the ConsolKlated Sialemenl of Comprehensive Income and Expenditure bthen Ihe College is entrtled lo the irKome. Income is retained within restricted reseryes until such time that it is ulilised in Ibne with suth restric11￿$ al whith point the income 19 released lo general reserves thr￿jgh 8 reserve transfer. Donatio￿ and endowménts with réstrictions are classified as restitted reserves with 8t*Jrtion81 disclosure provMtsJ Ihln the notes to aCc￿nts. There are four main types of donati￿lS aThJ 8rvJcwmwnts wllh restric11￿$.. Restricled donati(￿S- the swffied that the dorHth)n rnust be us&J for a partiujar ok¥ectsv8; Unrestricted p8mianent endowments- th8 donor has s￿l￿ed that the knd is to be permanently invested lo generate 8n income stream kn the general benefil of the College; Reslricted experklable 8ndowThnts- ts donor has specif*d a ￿'￿¢bYe and the College ¢An convert the donated sum into 1￿me,. and Reslrithd permanent 8ndowm8nts - the has sp&J[￿d that Ihe lund t5 lo be perMan￿llY invested lo generate an income stream lo be applied lo a p*iwlar (￿'8ClI¥e. Donations svith no re5trictK)ns are recorded witrun the C(￿$(41dated Statwnenl of Comprehensive Incomè and Expenditure ￿en the Cdkge is éntiued to the irK£rfne. Investmenl income and change in value ol thvestm8nt assets Investment income and change in value of Investrnenl assets is recfflled in ir￿e wi ￿ year in Ythid) il arises and a$ either restricted or unreslricled i￿ome a¢cc*ding lo the temis or other restrictKJns •pligd to the indwidual endowmenl fund. Tolal Relum In 2024125. Hughes Hall operates 8 Totsl Relum invests))ent accounting pdicy th8 Long Term Fund. The College alloca18d a proportion of the investment eamings. r￿1 of expenses. and eapNlal appreciation, to the incorne and expenditure acco￿1 each year. The allocation ol income is detennined by a spendmg rule sel by the College, calculated as 3% of the average Tolal Markel Value ol the Term fLrf ¢￿er the prèvious 5 fina￿la1 ye81S. other income Income Is receive(l from a rar¥Je of actiMtss incthK￿ng acccrfnrncrflati￿. catering ￿nferenCeS and other serv rendered and is recognised i) th8 pertod in whrh the gcKrfJs ￿ Serv￿ are deIN￿d. Legacy accounting policy For legacies. entitlement is taken as the earlier of the date of either.. the Cdlege is aware that probate has been granted, the estate has been finatised and Tr)lifKatw has been made by the execulorlsl to the Trust that a stribulion will be made, ￿ when a distributim is receN8d ff(rn the esWe. Receipt of a 18gacy. in whole or in part. is only Cor￿Idered probable when the a￿￿Unt ￿ be measured rdiably. and the College has been notified of th executor's inlenlK•n lo make a distnbution. Where legaues have been noltf*d lo the C¢Jl8ge, or the Colbege ts aware of th8 granting of probate. and thè criieria ￿ irwrte wnitiw have been ThEt. Ihen the legacy treated as a Itin￿nI asset and disclosed if material. 24 HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POUCIES (continued) FOR THE YEAR ENDED 31 JUL Y 2025 C8mbridge Bursary Scheff In 2024125, payment of the Can*¥idge Burs￿ to eligible students was made thredy by the Student Loans Company ISLCI. The College rewnixJr5ed th8 SLC for Ihe lul anwit 8ThJ the Uni¥ersity of Cambridge and other Cdleges paKI their shares to the College. Eath College shows the gross payment m* to eligible stud￿￿ wthin e(luCal￿n expenditure arKI thè ¢c￿tribUtIon from the University and other Colleges as inc{￿ne academ￿ fees and charges. The nel Pa￿nI of£26.258 is shthwi th8 CTrisolidated Statement ofccrfnprehensive In¢))The and Expen(liluTe as follows.. In¢ome {see note 1) Expenditure £234.896 £261.154 Forelgn curr•ncy translatlon Transactions dencKninated in foreign curfencies are r&LYded at the fate of exchange ruliw at the dale of the transacliorts. Monetary assets arKI liablilies dencffThnated in forebJn ￿TTencIeS are translated into sterling at year end ￿1¢$ or. where there are fcThard fryeign exchange wlrxt. at contract rates. The resulting exchange differ8nc8s dealt with in the deternwnation of Ih8 ccWeher￿i￿ aTrJ exFeThJiture IC￿ the financial year. Flx•d assets Land andbuildings Fixed assets are ststed at deemed cost ress acc4Jmulata dewecialion ac4)Jmuts￿ imp84miwt losses. Certain items offixed assets that had been revalued to fair vdue on or wiorto 1 Awt 2014. the date of transition to SORP. afe measured on the basis of deemed cos[ beiThJ ts rev4ued amc4Jnt at the date ofthat revaluation. Where parts of a fixed asset have (kfferent useful fves. are acxtymted for as separate it8ms offixed ass8ts. Costs incurred in relatlon to land tr￿ddIng$ 8fter irritial or construction. aThJ prfc* to valuation, are pitali5ed to the extent that they I￿ease the exWed (uture benefits lo the Coltegg. Freehold land is not1*p￿CIated as it is consKlered tohave an lThJefiiile useful life. FreehokJ builthngsare depreciated a straight line bosis over their expethd useftd fves of70 ￿. Buildings under constructs.on are valued at cost based cffi Ihe vthe of archrtects. certificates and other direct ccsts incurred. T￿Y are ncrt d¢preoated until Ihey ¥e IxoLyhl into Use. The cost of additiorts to operabonal property in the thel includes the cosl of land. Furniture, ffittings 8nd equipment costing less than £2.000 wKJivNknI ttem or of related items is written off rn the year of acquisition. Al other assets are capitalised atKI ￿￿e￿ated a straight Ine basis) over iheir expected ijsefvjl life as follows: Furnitur8 and fittings Kitchen equipment Computer gquipmw 20.0% p8r anrnm 12.5% atNx Leased assets Costs in resFect of opwating leases are tharged ￿ a str4ht4ne basis overthe lease temi. Any lease premiums or incentives afe spread over minirnum lease ierm. Herit8ge assets The College hd03 and conserves a rnmber ofcolkntwm. exhbits. artefads and other assets of historThl, wbslic ienlific imp￿ar￿. Heritage assets wured befrjre 1 Augwrt 2014 have not been ca￿lISed since reliable estimates ol cost or value are not avad*¥le C￿ a ￿1$t*￿fft basis. There have been no assets acquired or gifted since this dats. 25 HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (contin￿d) FOR THE YEAR ENDED 31 JUL Y2025 Inve$tm•nt$ Fixed asset investments are induded in the balance sheet at fair Val￿. ex￿pt for investments in ￿b$i￿ary undertakings W￿"th are 51aled In the College's balance sheet at cost and eliminated on consolidation. Investments that are not listed on a ￿cogniSed stock excharye we wied * hvStt￿IcaI cosl less ary provision for impoimient li their v￿￿01m3rket value. Stocks Stocks we stated at th8 lower of cost and nel r84isatAe v4ue aftw m&irwJ tffo¥isKJn for sbw nKwing and obsolete items. D•btorn Short temi debt￿$ a￿ measured at transacti(m prTh, ￿ InN>wm￿t. Ca¥h and Cash Ewivalents Cash is represented by cash in hand deposits f￿1?1 ￿StitutIonS repayaile with¢xrt penalty on notre of )1 more than 24 h(wrs. Cash 8quivalwts are hthly liquid investrnents that matur8 mor8 than three months from the dale ofacqLAsltion and that reathly convertible to known affl(X￿ts ofcash with insigtlfwt Iksk of change Ml value. Cr¢dHors Short term creditys are meastsr8d at Its trartsxtKffi pri(*. Prov15ions Provision$ are r8crwiised when Ihe College has a present W or (x￿StruCtive c*thgatr)n as a result of a past 8V8nL it is probable that a Iransfer of econc*nic beneffits be requir&J to seule the ot4wJation aThJ a reliable estlmate can be made of the amount of the oblwJation. Contlng•nt liabilities and ass•ts A ￿ntingent liability arises from a past event grves the Col* a obfig8tifM whos8 8XiStence wll only be confimied by the oceuwence or otherwise of Ur￿ertain future events. not wholly within the control of Ihe College. Contingent lia￿litIeS also *i$e in circumstsnces wWe a F￿¥S￿)n would otherwise be made but either it is r+ot probable that an outnow ol resources be reqlwed. or Ihe of the oblBJalion wnot be MeaSu￿d reliabty. A conting8nl asset arises wtrpre an has L4(en that give5 the Colege a p)ssible asset whose existence YAII only be confim)ed by the occurrence or otherwise of ￿celL￿n futu￿ events wholly within the control of the College. Contingenl assets aThJ liabilitres we not recLyiised in Ihe balance sheet tKrt are ￿ls￿Sed in ￿les. Flnanclal Instrum•nts The Coll8ge has *ted to athjpt Sectrffis 11 12 of FRS 102 in resp8Ct of reCOgnit￿n. measurement and dlsciosure of financial instruments. Financial assets a￿1 labiltties a￿ ￿&>JnIse(l when the College becomes paty to the contractual provisil￿ of instrurrEnL WKI fv we cla￿.[￿ aC(XXd￿g to th& substance of the coritraclu81 arrangements entered into. A f￿ancIsI assel and a finandal h'atslity are offsel when there a legally ￿rceable right to set off Ihe recognised amwnts and an intentim either to setue a net basis. or to realtse the asset and settle the liabSltty simultarEously. HUGHES HALL STATEMENT OF PRINCIPAL ACCOUNTING POUCIES (contlnued) FOR THE YEAR ENDED 31 JUL Y 2025 Flnandal assets Bas￿ financial assets itxhjde trade s￿1 otherreceivab18s. cash and cash equNalents and inve5trnenls in commercial pap8r li.e. deposits bonds). These assets are initiaHy recc*Jnised at transadion price unlèss the arrangement conslitules a fIn￿¢1￿J Iransa¢tion, where the transaction ts measwed at the prasont value of the future receipts discounted al a mark8t rate of interest. Such assets are subwuenlly carried at arnortised cost using the effective interest rale method. Financial assets are assessed fLY Indicato￿ of impamienl al each reporbng dale. If thère is objeclive evvjence of Mparn￿nL ￿ impaYrTWt b)ss is reec9*￿ In Slatem&)t of Comprehertsiv8 Inrnme. For fmancial assets carried at ￿Th)rtised cost Ihe IMpanr￿1 k)ss the diffverKe tetween the carrying amcwnl of the assetand present value oflhe es*"mated hjbjre cash Iby•4 dIS￿nted atthe asw's Ong￿01 effeclNe interest r8te. Other finandal assets. IndudirvJ inveslments in eqiity irthments. vthith are not sthsidiaries orjoint Yenlures. are Initially measured al faty value vthich is tyFMcally the trar￿tIon priee. These assets are subsequendy carried at fair value and changes in fair value * the re￿rtIng date are recowised in the Slalement of Ccrfnprehensrv& Income. w￿re the investment in equity ir￿truments is not publKty traded *there the fair value cannot be reliably measured. the assets are measured al cost less Impaint. Inveslrrffits in property LY other physical assets do not constitute a fmancial instrument and ￿e rK)t indLKJed. Financial assets we de.rewis8d when the contractual rvjhts to Ihe ￿$h flows the asset exwe (Y are settled LY substantially all ofthe risks and rewwds of ownership are trartsferred to arKJther party. Flnanchl Llabllltiety Basic finan(ial liatxlities include trade and othw p8yabl8s. bank loans and intenJroup loan5. These liabl￿tIeS ar8 inrtially reccgnised at Irarsaction pr￿e unkn the arrangern￿t constitutes a fina￿Ing transxtion, where the debt instrument is measured 8t the twent value ol the futwe paY￿rts di5countsd at a mark&t rale of Interest. Debt instruments are subsequentty ￿rri￿j 8t anwtised cost using Ihe effe¢tNe ￿terest rate melhcNJ. Fe8s pakd on the establi5hrnent of108n knlibes arn rec(Nwd as trar￿cti￿ ¢osts ofth6 loan to the extent that it is probable th* sorrE or all of the facility wil be drnwn I￿¥￿. Trade Payal￿e8 are obligati￿$ to pay lor 9xd5 ￿ servKes that have been ac4L4red in the c(dinary course of business from suppliers. Accounts payabk are classif*l as (yJrent liabiltiies rf payment is due within on8 y8ar or less. If not. they are presented as non-currenl li*xlitres. Trade paydLle5 are reLxJgrMsed initially at I￿Saction price and subsequently measured at an￿)￿8￿ cost us#ig the effective rntvest rats methc•J. Derivatives. ￿￿thng forward exchan9e c4)ntracis, are basic fin￿87 inslrwnents. Derivatives are initially nised al fair value on the date th8 derivative ccrftract 15 entered into arnj are subsequently re-measwed at their fair value 81 the rewbng date. Charoes in the lair valuè of derivatives are ￿1))gniSed in the Statomenl of Comprehensive Income in finance costs or ffinan￿ incoffE as 4)wcyiate. unless they are Induded in a hedgiTrJ arrangement. To the extent thal the College enter$ into IcThard foreign exchw COntr￿ts ￿1¢h remain unsetN8d al the reporting dale the faif value of the ¢￿tracts is revi8W8d at that date. The w)ttial fair value is measwed as the Iransadion price LN) the date of InCep￿n of the corrtracls. Subsequent valuatiC*ts are ¢￿sId￿ed ￿ Ihe basis of th& forward rates for those unseltled crffitr&ts at ts r8prrfting date. The ColwJè does not appty any hedge accounting in respect of forbyard foreign eXCh￿ge contracts hekl to manage cash Ikwi exFOSwes of forecast transactions denominated in kjreign currerKi8s. Financial li8bdities are d￿￿O￿lSed kn the li*HIty is 1thsdwg￿1, caKdled. ￿ exkire5. HUGHES HALL STATEMENT OF PRINCIPAL AccouMllNG POUCIES (continued) FOR THE YEAR ENDED 31 JUL Y2025 Taxati¢>n The College is a registered ch￿ty (number 1137471) and aso a charity wilhn the meanir#J ol Section 467 of the Corporation Tax Act 2010. Accordingly. the College is exempl taxation in respect of Inco￿ ￿ capital gains received within the categories covered by Sections 478 to 488 of the Corporalw)n Tax Act 2010 or Section 256 01 the Taxation of Chargeabl8 Gains Act 1992 to the extent that such income cf gairts are applied to exclusivety charitsble purposes. The College recelves M similar exemption in respect of Va￿￿ A(kYed Tax. Contrlbutlon under Statuto G,11 The College is liable to be assessed for c0ntritArti￿ urnler the provisions of Slatute G, 11 of the University of Cambridge. Contribut•)n is used to lurwj grants to col* from the Colleges Fund. The liabi&ty for the year is as Jvised to the College by the Universty based ￿ an assessable am￿nI derive¢l from the value of the College's assets as at th8 8Th1 of the previous financaal yew. UThYer the ojrrenl njles olthe scheme, Hugh8s Hall has always been 8 nel reci&Nent not ￿ntributOr. Pènsion costs un￿r$ll10$ superannuat1(￿ S¢hom• IUSS) Slgnifkant aCC￿ntIng pollcles: The instituiw particip8tes in Universities SuperannuatiLN) Scheme. The assets of the scheme are held in a separate trustee•8dministered f￿d. Because ofthe mutual T￿lUre otthe scheme. the ass8ls are not attributed to individual institutions and a seheme4vide ￿￿tributIon rate is sèt. The institLrtion bs therefore exposed to actuarial risks associated vthh other Institut￿S, enwknyees and is unable to identsfy ts share of the underlying assets and liabllrties of the scheme on a consistent reasonable basis. As rewired by Section 28 01 FRS 102 'Employee benefits". the inslitulKin there1￿ &cs)unls for the scheme as if tt were a defined contribution heme. As a result. the amount eharged to the profit loss *ctyJnt represents thè contributions payable lo the scheme. Since the instituiion has entered into an agree￿nt (the Recovery P￿n) that determne5 Iw)w e8th employ wilhin the scheme will fvnd the overall (Jefiryt, the Instituti￿ recowises a liabilty for the conlributi¢)ns payable that 8ris8 from the agreement Ilo the extenl that they relate to ￿ d8W) relatsd expenses being recognised through the profit and loss acwunt. Crltlcal accountlng Judggmenls.. FRS 102 makes Ihe drstinctiw between a group plan and a mulliemployer stheme. A group rAan corksisls of a cc4￿ClI0n of entities und8r common control typicAIty with a sponsoriThJ employer. A mulli-employer scheme is a scheme for enbties not ttyKler c1￿mOn contrc4 and represents {typically) an industry- wide Scheme such a5 Universilies SuperaMu81ion Scheme. The accx)unb"ThJ for a multi-8mpioyer scheme where the employer has entered into * agreement with the scheme that (letermines how ￿ employer wll fund a deficit results in th8 re￿￿11t10n of a liatmlity for the Contributior￿ payabl8 that arise from lh8 agreement (to the exlenl that they relate to the deficit) with ￿sUlting exFense charged through the profil loss account in accordance wlh section 28 of FRS 102. The directors satisfied that UThVer￿1es Super8nnualicfft Scheme meets the defin￿On of a multi- employer seheme and has therefore recwised rtality rates arKI lulure pens￿￿ increase5. Due to the ccrylexity of the valuation. the undedylng asSumpb¢X￿ and the long-term natwe ofthese FI￿$. s￿1 estimates a￿ subject lo significant uncertainty. Further details given 27. Management satisfiwj that Universibes SupwanrKJa¢th sc￿￿ meets the ¢Jefmition ofa mulli4mployer scheme and has therefore recognised the dISc(￿nted f* value of the c(Xrtril￿tiQnS uTrJ8r the fUThj￿g plan in oxisterKe at the dale olapproving the accJJunts. As the College is contractualty bwnd trj make d8ficil PaYrT￿ to USS. thrs rs re￿gnISed as a liablllty on the balance sheet. The pmvision is currenuy based on Ihe USS def￿11 recovery plan agreed after the 2018 actuarial Valuation, which d8fin8s the d8fit?t payment required as a percent￿ rl fLrtwe salaries until 2028. These contributions wll be reassessed %*ithin each trierrial vauatiC￿ of th8 scheme. The tfovish)n is based on management's estimate of expected future 5thy chaNJes in stsff numbgrs and prevailirwJ rate of discount. Fwther detoils ￿ set out in I￿te 27. Employment ben•flts Short Iwm empbyff*nt benefits such as salaries cmwsated 8bserw are recognised as an eXper￿e in the y8ar in which the employees render Servi￿ to the College. Any un￿d benefits a￿ accrued and rneasured as the addilional am%￿nI the College expects to pay as a result of the ￿Used entiUemenL 00 ¢7) ¢ ¢7> cri ¥i oot ** gx i O)4X$￿ rti oJ(*o * Jrco **￿*1)￿) -Q*O • CIJZL) HUGHES HALL STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 JUL Y 2025 Group RestiiGted Eftdowm•nt Total Balan￿ at 1 Au9USt 2024 SufpIl￿ fr¢m $nd *x¢•bJilur• st8tèrn8nl other¢crfr￿lrehe￿1Ye inc Twsfer behyeen lunds &3.814. 2210.374 3.071.928 11.51&13S) 5.496243 1.022.315 62.382,777 1.717.5S4 8,096 10.IYXI 110.LKKII Balan¢• at 31 Juty 2025 56.033.076 1.566.793 6.$08.5S8 64.108.427 Collogg Incom• and ¢xpendltur• r•s¢rv• R•slwlcled Total Balance at 1 August 2024 sur￿l￿ frryn irwrn¢ and eXF•Jiti $tst8ment Other ccwrehensive wme Transf•r t*￿a•n l￿dS 54,191.502 227S.3>3 3.070.976 {1.514,1831 5,496.243 1.022.315 2.758.721 1,763.528 8,096 10.(Ki) 110,W)I Balan¢• at 31 July 2025 56.474,994 1.566.793 64.550.345 Group Unwestrkl Restflcted ErKlowfflent TotAI Balanc• at 1 August 2023 Sur￿￿ from inc(Th and exFw*Jitixe staternent Other c(ryrehen5ive IiKorrie Tran¥fgr bgiwgen lund$ 45.460.399 4.408. 3,058.566 8.222252 s93.￿3 56.741.217 S.84S,361 13.8011 3.950.C {3.8011 (530,938) (3.419.062) Balan￿ at 31 July 2024 53.814.FA 3 071528 ￿43 62 382.777 Colle9• Unw¢strfcl•d Endowrn•nt Tot81 Bala￿9 Jt 1 August 2023 Sur￿￿ Irom income an¢J ex￿￿￿J1￿￿e statement hor comprghensivg In￿18 Tran¥lgr bgknn lunds 46.113.594 4.131.709 3.025.748 576.186 8.222252 693.(63 57,361.594 5.400.928 13.8011 199J.C 13.8011 (￿).9381 (3.419.(￿) Balanc• •1 31 July 2Q24 54,191.502 3.070.976 5.496.243 62.7S8.721 The notes on pauws 34 to S3 Ifom part of1￿e acc(￿￿￿. 31 HUGHES HALL CONSOLIDATED AND COLLEGE BALANCE SHEET AS A T 31 JULY 2025 Reststed 2024 Consolldat•d Restated 2024 Coll•g• 2025 2025 Non.Curr•nt Ass•t• Fixed assets Inveslnwnts Tol* nw.current as¥ 10 11 40.322.715 19,487,623 59,810.338 40,801.302 19.487.6T8 60.288.925 39.530,886 17.0￿.289 56.621.177 39,965,725 17.090.289 57,056.014 Curr•nt A8s•ts st(*ks Trade and other rec£i¥able Short tomi Investmènts Cash and cash equivaknls Total eurr•nt aèsets 12 13 14 15 20,097 1.969.670 6.424,561 20.036,166 28.450.494 20,097 1.825,542 6,424,561 19,933,531 28,203.731 797.713 21.￿1.043 5.115.755 712.387 21.()01.043 5,070.128 26,809.956 cred￿019. amounts fallln9 du• wlthin on• y•ar N•t curr•nt as$•I￿lIab￿lIl•s) 16 I2.705.￿7) 12.611.IY231 12.S49.869) 12,381,999} 24.235.602 24.198.933 25,9(JJ,625 25,841,732 Total 8s*•t* current Il#bllltleo 84.487.8Sg 82.521,802 82,897.746 Cr•dlt¢rs: amounts fallln9 duo after rnor• than one Jyar 17 119.737.8531 119.737.8531 119.934.(￿j8) {19.934.0081 ProvI￿On9 Pen￿￿ PmWSK>ns 18 (1*3.e601 (199.Wl 1205.0171 {2C6.0171 Tolal n•t •u•ts 64.108.427 64.550.345 62.758.721 R•strictod re•¢ry•B Income and expendikne ￿$erne- &ndowm8nt Te58r¥e Incomè and •￿ndIt￿8 res8W- 19 s.￿.558 6.$08.558 5.496243 5,496.243 1.￿.793 1.566,793 3.071S28 3,070,976 &075.351 8.075.351 8.568.171 d$ 8,567,219 UnrestrSctBd Reser¥•s Inthm8 and éxp￿￿itW& rès81¥*- nrestricted 56.033.076 SS.474,994 53.814. 54.191.502 Total Ros•rv•4 64 108 427 64.550,345 62,382.777 62 7S8 721 Thè aeerAnpan￿ Mtès on pag85 34 *5 53 are an irtyal part of ba￿ s The f￿art￿91 statements w•rn apwofft1 by the GOverrI￿ Bcty c￿ 3 DÉcembèr 2025 S¥Jr￿1 on bahall by.. Laurh Smlth 8ur$4r Mernber of College Coundl and Gov•rnlNJ Bcdy HUGHES HALL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JUL Y 2025 R•stat•d 2024 2025 N•t ¢ash Inll*)w frvm ¢yratkng a￿1¥1119$ 682.6n 4.769. Cash Iow5 frryn inv851iwJ activth5 (14.7CQ.88n 12.847,1C6 Cash fkn¥s fr(￿ finw**g acbm 1902.1971 (907.￿3) In¢rgawllD•¢rnasel In ￿$h and In th• year 14920411 16.715.051 C¥5h and (ash equiwaknts at cltheyear 20.036.166 3.321.115 Ca•h and rA¥h gqthfalonts at •nd olthe ye 15 5.115.755 20036 166 Th8 not•s C￿ pages 34 to 53 forn part ol these Kryxjnts. HUGHES HALL NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 Academlc le05 and chwJ 2025 2024 Colleges fees.. Fee i￿Orne ￿C￿¥•￿ at Iho rBguiqted underrJaduate rate F88 ineomè rÈcwved at Ihe unwuL*ed uThkwaduate rate Fee wome r￿ve￿ at thè r8le 342.250 1,026.320 3.129220 388.5C(I 1.004,901 2.916,3 4.497.￿) 4.309.791 Olher irwm*.' Rw38￿h Felh)w &JppDrt Ilurthd thrrAW donal￿￿$) Bursaries Icarnbi*Jge Bursary Scheme a￿1 ottwdwiKffi} TeaclMNJ OlhÈr kncome 25.163 299,022 3,578 4,153 4.736.&39 4.637.$54 Income from axommodatlon, ¢otothg and contornne•• 2025 2024 3.499.745 768.702 368,329 294.737 3,302.843 742.703 359,941 374,473 lerences CcAkge m8mb•s C*rÉng Tolal 4.931.513 4.719.980 Endowmènt Nlurn and knve1tm￿Q Ine4)m• TO￿ Retum hwes1mntalxx￿ (￿tyapF4￿t0tr￿ Term FuThl 2025 2024 Analysls of Endowmont Inwn• Total raturn eontritMJtion (see note 3bl Land bjildiros Quoted securities 244.894 33,457 1.197.983 739. 244.739 33.315 1.166.389 572.145 other investrnenl ￿Corne 2.216.287 2.016.588 summary ol tota rntwn 2025 2024 Income from.. Quotwj and olher5Kurilies arnl cash 168,061 Gainfjllossesl on endowment awls: Quoted and olhers￿UrlknQs and ￿sh 428.444 61,301 Invesknwnt Manag￿)ente(￿lsQe ￿ 3cl 116.60B) {38,843) Total relu¥n frA the yaar Total re￿rn Iransferred lo expwhjibxe reseThY Isge note 3a) Unappled total retum lor y•ar inckthJ ¥th"n Stat•￿rt of Comprehen&ve and Exp&wJilure Isee ￿ 21) 244,894 244.739 199.897 HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 2025 ¢￿01•￿ secJJW8s-equitse8 ¢fKknJi¥J in Tola Rettmn Quoteil 5&yffiitse$-eqi#be5 16, 105.390 Total 121.998 123,649 Brfdg• C•ntm {R•strithd Soure• ol FunthThJ Op•nl Expondturn rn￿1•f ¢I￿1n5 Bal•nc• 31 Jul 2025 i Ayg2024 35.097 19),9)31 30,780 1Th4uirirKJ Learrer5 6,555 10.oc {14.2921 2.283 Dbjiti Fth In￿"*"¥• IDEFII 114. I155￿76) {8,6561 94.145 37.177 1131.0791 243 Extharmje Icantreel C*tr¢ fOrC￿Mate Engwi¢nt ICCEI. 620.W 1.664,097 11,645.0291 639,762 TnJ5L ECF. SMU FF a kna 1.LJ)1.437 632056 11,634.2931 162.3281 CANFFUND 62.326 497.7( 137.5701 14eii.1361 ICDII CCE Portitsjs" CCE Laudes" Twinkl IDEFII Twinkl ICamtr8el Twiw InnovatK)n Pdicy V8fb)IK% Progra1￿￿ IIPIPI 159.324 1149.1941 1328.6561 1135.3321 {38.286) 142.898) 244,593 135.332 151.223 133.282 5.OCQ 112,937 TotsL 3,401.119 The 8rty Cenlres conthbute to thè C￿￿ge,$ CO￿ 8￿￿tional ￿ re5earth purpo$¢s by foster¥ knterdWpIin￿ ￿￿ab0rnb.On and delNwwvJ irMbativ•s that transl* 8c*lemic insight Into r*l-world iryact. Thelr Income and •Xpèr￿ituI• IkK¢uate Ir(xn to year. mawty b) ths timing d grant recgirAS a¥J sxciated cosls. wir49 this year. Cl•wts Wllative ICGII Cl*rZero trw5thonod fr￿n Colege ownership to 8 nèw tha￿ty. Chapterzero All1￿. As part of ths F￿¢￿￿, Ihe grants pwousty all¢xat• to CGI and Chapter Zèro ￿re lully recc4JThsed as gxp&)thtwe at Ih8 FA￿l of transf•r. wfwth resulted in an OVor8U d¢ficitkn Bridge c￿lIeS. X124 Teackn9 Tutori Admissbjns Researth Schobrslipg and awards Oth•r edwabcThl 1.￿1.546 1.174,392 I.176.￿6 754.445 527.997 1.$33.479 1.170,813 1.145.253 655.535 412.979 PA15.686 Tolal 5 876.252 5,523.745 HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 Accornmting expens￿ Deprnclall Tolal Education 51 AC￿MMOdati￿. calering aThJ Confe￿nceS (Note 61 Other (Notg 7) 29332Q) 1.562.054 2.437.879 2.153.385 152.666 356,221 5.523.745 4.071.660 (13.7131 278,046 1.055 265.388 Change in USS deficil recovery provi￿Ort {Not• 181 1334.S191 1334.5191 Bridge C￿t 1.4(￿.365 1.750.261 3.156.626 S.￿,387 6.619571 509.942 12,682, HUGHES HALL NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 2025 2024 Ctther ex￿Se$ inthde.. AudA fees pay&￿e to Collgg¢'$ ¢xl•mal Otherfees payable to the Colle9e's exlernal audito 29,400 6.225 35.625 2.32S 33.925 Staff co•ts 2025 2024 Total Consolldotod Stsff costs: Salaries National InBu¥ 2.207.899 237.886 3236.476 317.S58 5.444.375 555.244 5.104.408 467.512 Pension costs Nol th￿0 in USS deficit r8cffiry prcNisth Ise8 Note 17) 159.514 365.847 329.699 {348.rJ21 Subtotsl of perffj￿ Is Note 9bl 159.514 365,847 118,5331 2,605.299 3.760,167 6.365.466 5.553.387 Based on the 2024 of uriN￿lI185 Svp8rn)ThJation sCheTh￿ IUSSI. the ￿part of the net cha￿• in th8 USS dekit recovery provisi￿1 was 8 credit {￿£348.232 in 2024. This CA)rkwris8s in a non-ca5h redit r*sunwvJ from the thange in asSUmF4*￿$. I￿Ud￿ thg i￿S￿￿￿[lI rate. cl £334.519 and contributions made to the defiot wi the yearof £13.713. Av•rng• staff numbers 2024 Nurn￿r of Full tJm• F•lkM •qulval¢nt NumbBr of Ful tkn• F•110￿ Equl¥al••rt Acadèm 23 121 26 116 Full time equN*rt wmber5 also fdky*s. Allhe balance sheet date there ￿18 &J {2024: &51 rrembwsofthg Govgmry Bcxty. f*Jrry the yearthg average number rwAiving rornuneralK¥) 26 (￿24". 271 shcv*n thv8. remunwation ITh the fdltrwRig r￿geS was: 2Q25 2024 t100,001- £f10.000 £110.C4)1- £120.O¢X) £120.￿)1- £130,0 £130.CKJ1- £140.I>J) t140.￿1 - £19).C ¢>)￿nbul￿)rts pkn ￿ t￿b￿ b￿*fits pa¥J. payth or r*ovided. gross of any saoific4 arrdngemenls. 37 HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 9a Staff costs (cot￿nutd) Key M￿•9￿￿•￿1 pernonnel Kpy manag?mgnt personnd ar• thosè havi￿￿ aJI￿ritY •J rgsrK￿lb11ty for planning, directing and ¢onlrolling Ihe acimthes d the College. thJriNJ thè year the￿ We￿ 512024.. Sl members ol the key Mar￿ernent learn v41K) ¥e Ihe Presldènt, Bursw, Serw)r Tutor, Deveknpment Diwlor and Impad D4reLtr. Th? 899wated remuneratth paKI ¥￿h conststs of sa*, employers natronal insur eonifibutions. enwoyerfs pensions contribubons. trxable benefils ettwr paKI, payable or prov#Jed. grossof any sacrifte atyaffjemts. 2024 Aggregat•d ronIwwa￿ 621.7( 565.168 9b Ponslon Co81s The total pwtsion ¢o$i iK4udwJ m staff costs trythe yw{$￿ 801 Empl¢)y•r Contribthlons 2025 Provtsion5 Tot•1 2025 2025 (No¢• 17) Employ•r Provlslons Contrfbthons 2024 2024 (Notè 171 Totsl 2024 P•nslon Costs: 118.(B2 118.CQ2 112.226) 247.755 95.821 CCFPS Siakehokder Scherne Aegon 1348,2321 110,6281 {252.411) {10,628) 233.878 (122261 247.755 233￿76 Tolal 365.847 112.226) 353.621 329.699 1358.8601 (29.161} HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 10 Tonglblo Flx•d Ass¢ts Conaolldat•d FumMur• fftllno8 and Fré•hold land FrBehokl Au•ts Lmd•r bulldlngs Cw$tnKtlon Vehlcl• T¢)tal Cost As at 1 A￿j$t 2024 1ditic￿ at cost Dlsposals 19.S34.741 51,599 706.536 183,954 1143.9671 45.725,565 1.328,19J 1143.9671 1.144236 As al 31 Jjly 2025 19.534.741 25.432.689 1.144.236 746.5fJ 46 9)9 788 Dwyeelatlon As at 1 August 2024 Charge for thg year DisFx)sal As at 31 Juty 2025 5.877,448 375.070 296.589 134.109 127 103 303,595 6.194,677 519,499 127,103 6.587,073 10.320 6.252 518 Net Iwok v*lu• As at 31 July 2025 19.534.741 19.180.171 1.144.236 20.639 442,928 40.322.715 As at 31 JU￿ 2024 19 534.741 19.555 241 409,947 39.530 888 Tanolbl• Flx•d A¥￿ts Coll•ge Fun￿Ur• Motor fftllng$ and ¥ehi¢ •qulpmgnt Fr••hold Freehold Ass•ts under Cosl As at 1 August 2024 Addthons at cc Distosal 19,534.741 25.876,918 51%99 693.465 46.156.753 183.954 1.362,516 1130.8951 1130,895) 1,178.562 As at 31 2025 19 534.741 1.178.562 51.&J9 47 388 374 0gpre¢lation As * 1 August 2024 Charge for thB yéar tlsF¥)sal 5.877.450 375.070 20.640 10.320 292.938 134.109 1123.4551 6,191.028 519.499 1123,4551 As * 31 Jdy 2025 303.592 6,567 072 Net book ¥alu• As at 31 July 2025 19.534.741 19.624.428 20.639 442.932 40.801302 As at 31 July2024 19.534.741 39 96S 725 The insured walue of free￿1￿ land and as at 31 Jtjy 2025 wa5 £47.724.363 {2024.. £45.6692461. less the Su￿u5 recorded in th8 attounts Hal Lirrmted. a sub*thary ￿derfthng, and eliminatsd on cons0hy*K￿. HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 11 Inv•stm•nts ConsO￿al•d and Col Restated 2024 2025 As at 1 August 2024 Athjibons DisF¥)sals woceeds Gains De¢￿se In cash balances hekj at fwxl rnartragers I7.0￿.290 3287.313 {1.687,0441 1264.134 I￿.070) 30.160.690 39,908.245 143,203.0501 871.422 110,647.0181 A5 at 31 July 202S 19.487.623 17.OWJ.289 Represented by.. PrO￿rty Quoted secuiitses- eqiibes Quoted securiti95- bowwjs Quoled securitie5- Mthwselluryj Quoted securitses. Altemalwes & Cash in hand 667.716 667.716 11.487 8.672,873 6,601,689 948.029 188.495 9.674.627 8.061.539 701,071 382.670 19.487.623 17.0￿.289 12 Stocks College 2025 Group 2024 College 2024 2025 GO￿￿$ fc* res* Ol￿r Stttks 21.755 4,643 26.398 21.755 4.643 26,398 15,596 4.501 20,097 15.596 4,501 20,097 13 Trnd• and ath•r r•ul¥abl Group 2025 Colleg 2025 Group 2024 College 2024 Membws c4 the Colege Other recelvables Prepayments arKI a¢GTued irKa)rn? Arnounts owed by 8Ut6idkqry ￿￿anY Cmher laxes and social ￿Unty Univusty Fe6s 268.472 73. 268.472 3.168 429.320 344.455 65.844 1.489.643 344.455 2.676 405,876 1.018.398 14,7 11,427 15,591 $4,137 11.427 S4.137 797.713 712.387 1.￿9.670 1.825,542 14 Short terni In¥esknwrt8 R•stst•d Group 2024 Rèstatsd Collage 2024 Group 2025 Colle 2025 Fixwkterm deposits 21.¢X11JM3 21.fA11.043 6.424.561 6.424.561 College Iw5 Fknd g ¥ewi85 d Shyt-twm fixed deFrf)yts *ith C8zer￿e ￿lt￿l and Lkjyds Iniemalional, each vthh sta93e￿ malurty dales. These investments are slrudured to ensure h'wdty and are inte￿Ied to the caimtal wei*t. *ith ￿tsIn￿ schedulèd to comme￿& ts) Q3 2026. HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 15 Cash and cash equlvalents Re¥tated Gro¥p 2024 Restated College Cdhg• 3.￿,055 3.586.OSS l9.1￿7.62fi 19.067.626 Investments CUr￿nt ￿unts 1.529.71XI 1.484.073 865.￿5 Totsl 5 115.755 5 070,128 19.933,531 In li9hlofadjuslDwls lo Ihe site develowrth schethle, a p￿iL￿01the Colege's h'qvKI fund&was trartsf•rr•d from cash and cash eq￿￿ents to 5hLVt-t8nn irNe5tments. This than￿ enabled the CrAl￿ to 3d)igva impr(wJ ￿bJms by Investr9 for pvrrrtts Ittyw than Ihr•a nbjrkn. *thil• mairtanlThJ apprynate li(p*thty. 1fj Cr•diiors'. amounts lalllng du• wlthln •)n• year Gmup 2025 CoTl80• 2025 Group Colhg• 2024 k klan Trade credit Membws ofthe Cclege Amounts due to *Jb%d￿ry undertakirg8 Other taxes aNI swia security A¢cru81s and d•f8rred income 1*.155 254.151 196.155 164.927 ]￿,642 267,828 620.763 I￿.642 253.224 620.763 115.341 173.393 1,231212 I48.￿ 1.135J98 231.030 1.239.606 204.249 1.093.121 2611m3 17 Credltors: amounts falllng due aftermorn than on•y•ar Colle00 2024 2025 2025 2024 LoThJ term ts￿k loan 2237￿53 2.237.853 I7.￿￿.000 2.434.C( 17.9)O.(oJ 2,434,008 17,500.000 19 737 853 19 737 8&3 19.934.IK)8 19.934.(#)8 Private Flacement nYJw 01 £4.34 vras ￿rr(l￿ed at a wrteTesl rnle of 4.4% afkl £3.16 millti)n was bJrrowed at a ffixed interest rale of4.45%. Bwd ky £4.34 milion. £2.41 mdffion rs thJe for repayment in 30 Cktcèer 2043 8TrJ £1.93 mdlKJn is repaYrn￿ on NJ Octobgr 2053. Thè athJitw)nal Bond for £3.16 Th￿Ik)n at 4.45% Is repayable ￿ fibl on 31 JaNary 2044. Bonds a￿ unse¢ur8Y. The Cc418ge ￿Ul*j alurth8rkwi 01£10 ola fiThJ inte￿$1 r*of3.05% Th¢ thjè h)r rePa￿ent kn lull ¢M 2 Febnryy 2059. 41 HUGHES HALL NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 JULY2025 18 Penslon provlslons Consolhlated Col 2025 2024 Bala￿e at beghYwrvJ ol year Movement in year.. Currenl seryw cost Contribubons Change in ¢￿￿ed o)ntrbutions Other finan￿ cost Actuarfal loss 205.017 205.017 537.930 4.030 124.342 1334.5191 18.117 3,801 {12.226) 112.2261 10.457 {8.￿) 10.457 18,0%) BalarKe * end of ye 199.6 199.660 205.017 19 Endowrnent funds Rosiri¢t8<1 n¢t •SS*ts r*bng we as frAIw4.' R•strTCt•d Unmstrict8d 2025 Totsl 2024 Total Group and CoJleg• Balan¢* at btglnnlng of y•ar 3.517556 1.978.687 5.496.243 8222.252 Now donatsons and endcA•Thents 174m 675,158 849.430 741.610 Expefthure 14.154) {4.1541 112.303 64.736 177,039 148,5571 of investments Transfer botween lunds 110.CO)I (3.419.C621 Balance at end of year 3,789.97T 2.718.581 6.508.558 5 496 243 Analyslj by type otpuq)08•: Fellowship FwKI Student Support Fund Schdarshlp Other FuThJs 215,768 J4.1C6 2.SJ5.103 215.768 894.1C 1595.103 160.313 751.156 2,521.087 85,000 1,978,687 2.718.581 2.718.581 3.789.977 2.718581 6.508.558 5.496,243 Analysls ty •ss•t Investhwrts Cash 3.672.305 117.672 2.718.581 6.WJ).886 117.672 5.387.030 109.213 3.789.977 2.718,581 42 HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 20 R••ldct•d R•••ry•• Uthsp•nt and (hh•r Bridg• C•ntr•• (Note 41 2025 2024 Tolal Group Balanu •1 b•glnnlng of y•ar 467.741 2.604.187 3.071.928 3.058.566 New thnations 314282 3.401.119 3.715.401 4.020,547 Inve8trnent inxt Loans Trade Creth￿r$ Other C￿l￿r$ 19.934.008 254.151 1.023.789 20.124.650 267,828 851,793 27 P•nslon Sch•m• In ?ddition to Ihv dgfined contsibutw ¥thrne thg particpaies in tw L%neffit Schemes. the Univefsfftes Superannuabon Scheme IUSSI. ar¥J the C￿brty Colleges Federalw Pension S¢hemtr IC¢FPS}. Thè lotsl pe￿Ion cost knr Ihe year endgj 31 Juty T*AS a5 foknts.. 2025 2024 USS.. EM￿0YerC0ntrl￿#jtlc Stakehoklei Sd￿￿.. Empbjyer Contr 118,092 247.755 95.821 233,878 365,847 329.699 Please note Ihe 30 June ￿)35 t1ate in ￿ 27a. Unbv• SuwanrMJalw)n Schem• {USSI aThJ Note 27b, C8tnbrKlge CLthges Federa￿￿ Pensvjn Sthme ICCFPS) is based w the rewl sentfor disdosLWO by thè Schemes. HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 27 P+n￿On Scheme (c*)nIkn￿d) a. Unlv•rslty Supèrannu￿I0ffi Seh8m• (USSI The tota cost t*arpJ to k6S is ￿￿{2024. £13.713). Oefityyt T￿0very ￿ntriE￿￿tK￿5￿ue willmn year lor the knstlulkn we £nl12024: £&34.5191. A defictt ￿¢0Very plw was put in Flace as part of th8 ￿20 ¥duabon. tt rèquiréd F*rf￿tOf6.2￿ of salaries over the pemd l April 2022 unb"131 March 2024. al w)wii the Tat8 woukl irtrèase to 6.3%. No d8fic¥t r•co¥•ry ￿an was rèquir•d un¢Yw thè 2023 valuation b&Ca￿ the scheme was in on a technica provis￿)nS b￿5. The In$￿'tu￿ClI was no kjnyr rÈquired to makè defi￿ (Xmtrthtic￿ from 1 January 2024 and ￿)rthTrgty rgJ8ased the 0￿Slanding p¥0¥1￿0￿ lo the sIateff￿ntQI ex[w￿S in the pri￿ year. Tha lat8stav85l8b￿ conWet• actua￿ valuath.on clthe RetiffjnRrt truNne&Mklgri5as at31 Mardb2023 I￿vaILA1￿)n datel. wa5 ¢￿rrIed Lxrt Using the ￿lt meh)d. sI￿e the ITh$￿I￿tim ¢annot Identfy its Sha￿ ofUSS Rgtrwnent kwn8 bJikJ* (defined t￿￿(rt) assets IHblllJes. Ihe dk8¢tsures refiect trw)se re*vart kn those assets Ikqbiliti8S &8 a wholè. The 2023 valuatth was the s8¥8nth vaknalK)n tor thè sth8m• LnJerth• sch8mo&spet)k fiJnLlThJ wime Int￿￿d by Ihe PensM)ns kt 2￿. ￿1th require5 sthrres *) hab* approprial• assets ¢0 o)ver their tethnical prowsK*)s (the statutc¥y fundiro co1￿ti.¥eI. Al the Val￿tk)n d*e. ts v*u8 of the assets of $c￿me was £73.1 bill*Jn and tha ¥aluè of lh8 sch•m•'s £65.7 bikn in(licatry a svrplu& of £7.4 billon aThl a nding ratio 01111%. The key flnanc￿l aSSUrr￿ used In ￿ 20rJ ¥¢ doxrtbed b8ltrw. Mcrfe dfrtsil Is set OLrt In the Stalement ol Funding Prirtiple htt ..lfvhw.uss.co.￿at￿￿ aluabon4rwMuThYin tement￿.Iunth rirt¢ les PricB infiabon - CrM¢Arnr 3.0% p.o. Ibas•S on a h￿J-16rnI avry exFected level ol CPI. txo*ty wi$istent Prices Index ICPII RPVCPI 9aP 1.￿ p.a. to 2030. toO.1% p.a. 20YJ DISC￿￿1 rn FLxed irterest glt wehj ￿ffj.. Pre-retirnmort.. 2.5% p.a. P8nskJn Sncwses eenefts no cap: lall 5uL4'ect b) a fl￿r010%} CPI plu5 3bp5 B8neft5 subjed to a'soft w of 5% fvid•)g inlatK)nary In¢¥ea￿ up to 5%. and haw of any excess infiatitiTh ov¥ 5% to a maxlmum of 10%>.. analysis ofthe scheme'sexperiencecafiwj (Artas wlofll* 2tr23 v•l*tioft. Th8 mortality a56￿np￿rts in these figures are as frAkhvs.' 2023 valuallon 101% ofS2PMA tor malps 95% 01 S3PFA knrfw)al•s K￿rtalIty base lab F￿Ure inv0v￿nts lo C•AI 2021 p*8m8ter of 7.5. an nlal additi￿ of 0.4% p.0.. 10% mortality 2020 paw*netets. a knwJ4•mi kn¥Jrovemnl rale of 1.8% pa &)r males 1.6% pa temales Th8 ujrrwit life exfftrKw re¢Yewt *a9e 65 •ro.' 2025 23.8 2024 23.7 25.6 25.4 27.2 Klale5 currenlly aged 65 {ye￿s) Females currenly W 65 (years) Males ¢wrrenlty aged 45 {yea￿) F￿al￿ cU￿1￿Y aged 45 (years) 27.2 47 HUGHES HALL NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 27 Penslon S¢hgme (¢onllnuedl b. Cambridg• Colegès Fèdoration P•nslon S¢h•m• (CCFPS The College operates 8 defY*d twefils plan CdW'8 of the Cwnbrid99 Cdlgges. Federated Pension Scherne ICCFPSI. The liamkn'es of Ihe plan have been cah)JlabJ. at 30 2025. by WWF#)s¢s ol FRS102 using a val￿tiOn system ￿e$￿)ned lorthe Management Committee. actiro as Tnjslee ol Carnbridg8 C(AIys' Fèdtrated Pénsitin Scham•, but glknving for the (*ffer•nt ossump4wJns req￿d un¢kr FRS102 arKI lakirKJ fvlly inlo consideration than9es in plan benefit stwcture and ￿￿ter$I￿p thaldatè. Th• prints￿1 ¥¢tuaiial 8$sWnpth￿ * Ihe baarKe sl*et date as IcdkyK: 2025 2024 V• p.a. 5.10 Discount rat8 5.50 R•t8il Prfeé I￿leX IRPl}asswn￿b Consumer ￿le¢ Indèx ICPII aSSLrykn: Pre 2030 Post 2030 2.90 1.90 2.80 2.35 3.25 The uThJerfyirg m¢y1a￿ty assWn[rtk￿ bawJ LWI tho l*l¢ kA￿￿n as S3PA on a yoar of blrth usage *tth CMI 2023 fubjre imt¥ovement faclors a hJvJ*m rate cl fvttjre impro¥emeniof 1.25% w annLm.12024'. samè) This r¢suts in thg lollowin9 lrfe exF￿tanCIes". Ilale age 65 has a lik expe¢tsr¢y of 21.4 yews Ipwiw 21.4 ￿81$). Fèmale age 65 now has a ￿fe ex[￿¢tanry of 24.0 years Ipwwsty 23.9 years). Mal• w 45 now and MtiriThJ ot *Jè 65. has a Ile exF*Ctwy Irom 65 ￿ ￿.1 years Ipwousty 22.6 years): Femak ag6 4S. rethriwJ at age 6S. has a lik ext*daw frryn 65 of 25.4 y•¥s Ipr•vityJsly 25.3 y*3rsl anKKJnts recogiiseLI in the Balance SW as at 30 >)251*Trth eompArtll￿ *9urèsas at 30 June 20241 are as f01b)￿. 2025 2024 Present value of plan liabilthes Market value ol plan assets 1577,2951 377,635 1631.585) 426.567 N8t defined b8neffit Ilithlityl 199.660 205.018 The amounts to t* rwrwsed in the Thicome aTrJ xc4Xmt year ernliw 30 June 2025 (*ith rryar&ve figures for Ihe year enthro Xl 202418rè as h)IbM". X125 2024 Qjrrent sernce cost AdrrMTh5trdtwe exp9n Inlerest cm net defined bwfft liat*lty 4.&)8 10.4S6 4.030 10,288 Total Charge 14.964 HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 27 Penslon Schprne leonthmthd) ChaThJes kn the pres** Yalue ol the thythtr yo¥e￿￿ ￿JUn# 2025 Iwrth ¢omporativo fyures f¢xthe yearendirvJ 20241 a￿ as folch¥&" 2025 2024 Pr•s8nt v¥uè of plan liabilit•s at t*J•Thkngof cY￿ent Servi￿ Ix)St 8enefit8 pwd Intwest on liabil￿e$ Actuarial ktsses 631.585 637.470 146.6161 31.037 138.7111 {44,7601 31,999 6.876 F*e¥eni ofSthTh ￿8t￿l￿O¢S gt 9￿1 of ￿EyNxI 631.585 Ch*ys in Ihe f•r plan ass¢ts fty th8 J*ar kn• 202511th fou￿$ ts the year diry 30 JLM 2024)are as fi)McMA'. 2025 2024 Market value d pkn assets at be9.￿l￿a cl PWK Contrtbul￿s paKJ byts Ccdlege Benefits pai¢J Adrninistration Interest ￿ pl8n assets Retum on assets. kn intwe51 k*s 426.￿7 12.226 146,6161 (4.5091 20.581 130.6141 439.943 10,628 144.7601 14.7071 21,711 3.752 Market value d Srtheme assets at eThJ ofwK 377.6&5 426.567 Adual rntffii on F4an assds 110.033) 25,463 Th8 (alegories of pl•) assels as a percenlage rA b)lal assets at 30 J￿e 2025 I￿71￿ comparative ures at 30 Junt 20241 *¢ as fcAIows: 2025 2024 E4uit18$ 8ond$ & Cash 37% 13% 42% 12% 100% The plan has wweslments by assets tYJf or frnKi81 isyJÉd ty th• Col*e. knlysis otthg rernèaswèm8rt ofthe deknd b8n8fft %*ilty rec£¥Jrwsed ￿ ¢Jh•r Ccmwoh8￿We Iiw))me (OCII ror ts year 30 2025 Iwlh y•ar*wthiwJ 3J 20241 are as folkw8'. 2025 2024 1,6141 3,752 16771 15,4301 11.4461 Expected less actual plan exr￿ses EXperie￿e ga#￿ and losses arisiro ￿ pkn ha1*￿tIeS chanys in assumpt4￿$ uThJertwng ￿ wes&it vah* ol Flan fiat¥"lths (4.3991 43.110 RemeaswThni b￿fil C¢1 3,B01 49 HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 27 Penslon sc￿M• Icontinu•dl lknement In nel defined bewfl assevlliabthtyl Ihe year •ThJiYJ ￿ Jth8 2025 {with ccfflparatfve figures for Ihe year 3] ju￿ 20241 are a5 fLlk)wE'. 2025 2024 Net d$fA*d benef4 aBseVl*b*tyi at t*9￿n￿￿ ol yew Rec￿niSed ￿ Profit and L￿4S Contributions paid by the Cc4 {205.0181 114,9641 12.226 8.096 1197.5271 114.3181 10,628 {3.8011 199,660 205.018 Fundlng Pollcy Acluarol ¥a￿alionS are out e¥ery three years (m behayollhe m￿agernent Commitlee, actirg as the Truslee of lh• Sch8me. by a qualw iThJependent actuary Th& actu*ial asslwnpbons undety.ng Ihe actuarial valuallon *• (lifferent to Ihose adopted FRS102. The last s￿h actuar*al vduaticffi was a5 at 31 2023. Thi8 shywed that the Flan's assets ￿re insuffrienl lo cover lia￿li￿"e$ on the furmthig basis. A Recovery Plan ha5 been agr￿1 the College. wh￿h commits the Collegg to paywig cont1￿ul￿)n5 to lund the 5hortlal. dgficit r*Jucti￿ wntributiws 4r9 irKorFwated irrto Ihe pl￿.$ Schedule of Contribukns daied 3 June 2024 and a￿ as 10lb￿.. . Annual conlributtyts of not less th￿ E7.718 payale k*the to 31 March 2033. These paymenls are sutie¢t b re¥￿ fiYk)w I1￿ wt fUThy¥￿ Val￿. as * 31 Marth 2026. c. Stak•holdèr Seh8m• The College also operaies a defined c<*rtritArt￿ sctr￿e uTrlef ￿ sl*ehohJer rukn lor emFtyees. The pen&on charg8 f¢y th• yearwas £247.75S12024'. £233.878). HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 Stsbsldlary CoMp￿Y At 31 July 2025 Hughes Hal h•ld Ix¥npariw.' Ubxl•rlakSng coM￿Y Acl1¥1ty Numb•rs eorporatk•n Hugh￿ Hall Limiteil 03238129 and residential UThled Iungdm) 100% Hughos Hall IHoThJ KiJvJ) Limit8d 100% of Itr*TNng *dLK4th)n at Hughes l. Urwersity of Cambrid Uiwled Ifjngd￿ 100% Company LiThMkd 29 Contlngènt Uabllllles Wrfh effect from 16 •Aarch 2(￿17, th8 Un•￿$1￿8$ Sw)•rarmabon Schem• IUSS} positKffied itself as a 'last man standing" Sche￿ so that *) the event ol an ins(*eyofwry ofthe pawing emF4oyers USS. thè amounl of any pension funding sh)rtfal IwhtL* ￿￿)t(4￿eTr￿$e t* recov¥￿1) n reSF¢(X rfthal 8mploysr spra¥J across thg rema￿1￿￿ pal￿er￿aTht •M￿0Y&rs. 30 R•lat•d Party Tran8actk4MI (hAng lo the nature of the Colege's and ts com[￿11c￿ of Ihe Goveming Brrtly. il is in0vitab￿ th•t tronsaction5 will take wrth orgaThsat¥)ns *) thh a Governir￿ Wy ffl￿ber may hav• an intèrÈsi. Ai tranwtic4￿ or5￿150110rO in whith 8 rwr*¢rofth8 Go¥wwMng ha¥e an irknrest aFecorvJucbJ at ami's l*h and in a(￿rdan￿ wih the Colege's woc8dures. TM c￿￿ MaInta￿ a of *rte(ests fr)r al the Go¥errYwJ Bc¥ty and 4¥twe 8ny trwber ￿ the Govemwvj Boty h8$ a rnaterial intefest ￿ 8 c￿ mal* Ihèy am rni•ared to d•clar• that la￿. Durlng th• year no fees orexpenses were p* to Felbws in resrKd ofttw d￿leS as Truste￿. Falkn￿8 are rnry￿nerated tr leathng. resea￿* dher dths the Cc4leg9. •ro blknd ly •ny prfvats c8teriThJ. Thg Truste￿ remLThratW hs by thg Fin*)ce Coftmnittee. The salwles pald lo Tnjslees SWra￿ swnnwrwj in ts tai>lo boI*'. 2024 Frnm £1 £10.001 £20.(M)1 £30.CQ1 £40.1X)1 £50,INJ1 £fjo.rK11 £70.rx)1 £80.(K11 £90.C￿l £100.fy)1 £110.(K11 £10.¢X(I 13 14 £40.¢X(I t70,C( £1CM).C#XI É110.C £120.IX(I 27 ThetotalTntsteesalarieshwe£797.OS7 forts>w2025 (2024.. £646.8611. Thè Tntst8èsweM 8180 paNI oth0rtaxa￿é b8neffts (I￿￿j1ng asswated employer Nat￿￿ Insuran￿ pBnsKrfwl whith iotsll&1 £192.743 tr Ihe year 202512024.. £154.78). 51 HUGHES HALL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 30 Relaled Party Transactions leothtirnthll During th8 y8ar23 Tn￿tee$ recavedgrantsfrrKn Ihe Conegetowards th￿￿r¢h lota*ng £21,140.1202312024.. £15.7491 d•r a new inltalwe to $l￿F*￿t Felknws. rès*th. In the 2024125 financaal year. c￿e Hug￿$ Hal InJstee SI￿lfi(￿t c(ffitrol of ￿ orgar15aticffi. the Carn￿1dge Twst. The value in 202412025 was £982.12412023r2024". £1.183.4891. The Colloge has a number ol tradirg undertak¥wJs thh are ccmsOl￿ into these acojunts. All subs*Jt undertakirs6 are 100% Own￿ by the Cdlege aNI are detai￿d ￿7 nole 28. The Cc41eg? tsken aoknlage ol ts exem[￿￿1 secticrf) 33 of FRS 102 nL* to thsdose tra)sactlons with whol owned grwp ccYnpar•es that are r*ted paitw. 31 US D•partm•nt of Ethcatlon Flnan¢lal Re4￿￿￿1[ty Suppkn*ntsl Sche￿Ie To satisfy its rAJkJalKJns to facthat• stud•￿. xtess lo US fedwal ffir*Kial rf ihe Collag• is rnquiré(l. by the US Depathent of Eduealon. to pre￿t lh& fcknr¥J SWrMItsl Schethbè wi a prèsabad form8L The amounts pres8nt8d vmthin the sthedu1es have teen.. ' wepared under Ihe his1ort￿ eost CL¥Nerikn, S￿lect Ihe fE¥alvation ofL*rt* r￿ed assets. . weparod using United Krythyn genwaly xcw*¥vJ pwbce. Financ￿ Rewbng Standald 102 IFRS 1021 and the Slaten￿l ol ReComn￿n￿j Prthe.. ACC￿ntiNJ Furtherawj Higher Education12019 edition). ' w•$enl¢d In *¢rfiNJ. The schedu*s set out how e&h anount thsdosgd has extra￿ed frc*i) fina￿1 statèm8nts. As s￿ out atQV$, ihg aecountlng WI￿8$ u￿d in dèitrmining the 8rr#yJnts dlsckts￿j ar# Tr)t Witand￿ and th) ntst rAhmrAywith the r8quThnents of ￿cOunting wnoptas g8n8ralty ao*ed in Ihe United &ates otAJnerTh. 31a p￿Mary R•s•N• Ratlo Page Prlrnary ststgrnrf note and Ilno It•rn 2024 BalaThx Sheet- Vnrestrthd ￿assets ￿11￿￿￿￿11￿) re5erv8S restri¢tirrf Balanc8 SW- Re5itbY 56.033,078 S3.814.606 8.075,351 8.508.171 tricti Balance Sh88t- R•str (8.075.351) 18.568.171> Fweiuity Pmpèty pl*1 •wipm8nt 32 Balance Sheet- Fixed assets Balanea She•t- Pens provisions Balance Sheet- Creditors faN*wJ due after year )19 17- Privale Plxerr*nl {40.322.7151 199.660 139.530,8881 205.017 LL￿9 tem) debt for ￿ ten 19,737.853 19,Y34,008 term debl Th)t for I17,5￿).0(￿li 117.51)0.0001 18,147,874 16,922,743 Total Wk8es and Lo&%8S statement of CcrfnwehensNe Total (perairy expertses Income aNI Eynditure Unre5trKknI total em￿n¢￿ture 9.W).179 8.8￿],959 9.￿).179 8.800.959 HUGHES HALL NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 JUL Y 2025 31b Equlty Rallo PJg* Prlmary statom￿v nOt•￿d Iln• It•m 2024 R￿tsted led NetAss 8nre - erves ance Sheel- Restrthd .033.076 53.814.606 32 8.075.351 8.568,171 64.108 427 62.382 777 Mothfi Bakne ￿et- kn