2022-06-30-accounts

GB 4.2.3 2nd DeLYambar 2022 Charity Registration Number 1137497 HOMERTON COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Reports Pagè Reforence and admiTrislralive inf￿Mation Trustees, report {incorporaling the operating and financFal rewewl Corporate govemance statement 19 Slalement of internal conlrol 20 Slalemenl of Council'5 responsibilities 21 Independent audiloT'S report 22 Financial stalements Consolidated Slalemenl of Comprehensive Income and Expenditure 25 Consolxiated slatemenl of changes in reseryes 26 Balance sheets 27 Consolidated slalemenl of c8sh f￿w$ 28 Principal accounting policies Notes lo the financial slalements 36 Homerton College 1

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2022 Registered address Hills Road Cambridge CB2 8PH Charity registration number- 1137497 Members of Council ITYustees) Ex officio Members Principal Prof Geoffreyward (relired 30 September 20211 Lord Woolley of WcKJdford Irom 1 October 2021 Dr Louise Joy Dr Penelope Barto Ms Deborah Griffin Vice Principal Senior Tutor Bursar Elected Fellows (for 3-year terms to 30 September) Mr Matthew Moss12021) Dr Fran￿sca Moore120211 Dr Juliana Cavalcanli {2022} Ms Liz Osman (resigned June 2022) Dr David Clifford120221 Dr Julia Kenyon120231 Dr Timos Kipouros12023-second lemi) Dr Paul w8n￿1CkI2o23 - second tem) Dr Paul Ellioll12024- seC(￿d lerml Dr Miles Slopher {2024) Dr Simon Wadsley {2024) Co-opted Fellows {annual) Dr Georgie Horrell Student Members (not Tw5tees) JCR President MCR President Phoebe Hardingham Harry Convey Senlor Officers Head of House Prof Geoffreyward Irelired 30 September 20211 Lord Woolley of Woodford from 1 October 2021. Dr Louise Joy Dr Penelope Barton Ms Deborah Griffin Dr Paul Elliott Dr Georgie Horrell Graduate Tutor Dr Melanie Keene Secretary to the Goveming Body and Council Dr Simon Wadsley Vice Princtpal Senior Tutor Bursar Admissions Tutors Homerton College 2

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2022 Auditors Pri¢e Bailey LLP Tennyson H￿se Cambridge Business Park Cambridge CB4 OWZ Bankers Lloyds Bank plc Endeavour House Chiversway Histon Cambridge CB24 9ZR Solicltors Ta￿or Vinlers LLP Merlin Place Milton Road Cambridge CB4 ODP Property advisers Carter Jonas 6-8 Hills Road Cambridge CB2 1NH Bidwells Bidwell House Trumpinglon Road Cambridge CB2 9LD Investment managers Rothschild & Co New Court Sl Swilhin's Lane London EC4N 8AL Homerton College 3

Trustees, report (incorporating the operating and financlal revlewl Year lo 30 June 2022 SCOPE OF THE FINANCIAL STATEMENTS The Iruslees of Homerton College {'Ihe College'l present their report incorporating the operating and finarbcial remew. togelher with the audited financial slalemenls for the year ended 30 June 2022. These cover the consolidated operations of Homerton College and ils subsidiaries_ The financial slalements have been prepared in accordance with the accounting policies sel oul on pages 29 10 35 and wnply wilh applicable laws. the requiremenls of the Recommended Cambridge College Accoun15 {RCCAI. the Slalemenl of Recommended Practice.. Accounling for Further and Higher Education120191. and FRS 102 'The FinatK#al Reporting Standard appI￿able in Ihe UK and Republic of Ireland,. GOVERNANCE AND ORGANISATIONAL STRUCTURE Homerton College 15 an Independent College of the University of Cambridge. The College is governed by ils Royal Charter and ils Statutes and Ordinances, which may be found on the College website. The Fellows of the College comprise the Governing Body which has the 'ullimale aulhorily in the government of Ihe College as a place of education. religion. leamirbg and research and ils powers are set in Ihe Charter and Stalules. The College Council is eslablished by the Governing Body lo exercise orb its behaff such powers 85 ale sel out in the Slalules 8nd Ordinances, other than those reserved for exerryse by the Governing Body ilsetrf. The members of the Counal are deemed lo be the trustees of Ihe College for the purpose of c*arily law, and ils composilion is sel oul on page 2. A number of commillees Iiave been established lo advise the Council in cartying out lis duties. and Ihese are sel out in the Corporate Governan￿ Statement on page5 19 and 20. A numbor of subsidiaries and olher Signif￿ant investments have been established to undertake trading operations for the benefit ol the College (see also note 121.. * Colophon Limiled undertakes commercial COrrferer￿eS and also operates the College bar. Cok)kate LLP was incorporated during 2013-14 in order lo facilitste the development of the residerblial elemenl of Homerton Gardens which is adjacenl lo the main College sile. This development was now completed in 2016 a nd the partnership continues to hold the leaseholds. Ward Griffin LLP is a partnership between Homerton College and Sl Marls School, Cambridge, established in April 2020 for the development and management of the sports fields owned by St Marfs School ar￿ leased lo the partneTship for 66 years. AIMS AND OBJECTIVES OF THE COLLEGE The objects of the College. as sel out in ils Royal Charter. are: a. for the publ￿ benefit lo advance edl￿tIOn, religion, learning and research within the University of Cambridge- b. for the public benefil to provide for persons. who shall be members of the University, a College wherein Ihey may work for degrees of the University of Cambridge. Homerton College 4

Ti'ustoes, report (incorporating the operating and financlal réview) Year lo 30 June 2022 PUBLIC BENEFIT In selling the objeclwes and planning Ihe activities of the College. the Council has given. cAreful consideration lo Ihe Charily Comwnissron's general gtjidance on public benefit. College Plan The College is enlering the final year, of fwe years. of ils College Plan, which was approved by the Governing B(Mly in November 2018. The Plan is underpinned by the aims of the College lo.. + ExrEI by the standards of Collegiate Cambridge.. • Ulilise our position as the newest college so as to be seen lo serve and reftht society's Guirenl and future needs., View and use our appeal to students from a variety of backgrounds as a distinctive strength; • Support the PGCE, and training for Ihe professK)ns. Lord Simon Woolley, Principal. wll be putting fcKward a new College Plan in Michaelmas 2022. From October 2020, with Ihe introduction of Architecture, the College offers all the Triposes for undergraduates. There is a need lo expand the Fellowship particularly through the engagement of University Teaching OffKers "UTOS" in all major subject areas. The Fellowship comprising the Governing Body now numbers 66 of whom 46 have been appoinled since 2013. The College has also CTealed an Associate Fellowship, for distinguished individuals whose continuing association with the College has demonslrable benefit and wekomes those of post-doctoral status as Research Associates to Participate in the community as members of the College. Since ils launch in 2019 Hc¥nerton Changemakers offers an extra-curricular support programme lo Homerton students throughoul their degrees. In Seplember 2021 the College launched a new website. This involved revisiting and re*valuating our vision and values of the College. Education Sludenl membership of the Cdlege was as folk)ws: Academic year ended 30 June 2020 2021 2022 UrKlergraduales 586 615 610 Postgraduate Certificale in Education IPCCE) 165 181 161 Higher Degree sludenls Full time Part time 188 249 183 213 168 282 Total 1.188 1,192 1.221 Homerton College 5

Trustees. report (incorporating the operatlng and financial review) Year lo 30 June 2022 PUBLIC BENEFIT {conlinuedl Achlevefflents The multiplè achievements of the College members are lisled extensively in the College's Annual Review. which 15 available al: hll ..Illssuu.comlhomertonldocslhomerton annual review 2021 A¢ademi¢ally, our sludenls are having lo overcome three years of disruption to their education th prioi lo entering College and whilst here, with periods ol home study in variable circumstances and exams. if laken al all. taking place online and moslly in their bedrooms. 11 is not surprtsing therefore th81 Ihe College experienced a higher number of sludenls than usual inlermilting from their (x)urses primarily for heallh reasons. The numbers are still less than 50k of undergraduates. The results of finalists in 2022 showed a similar percenlage of firsl and 2..1s as in previous years bul wlh a higher than usual (4°kl thirds and fails. 11 w8s also pleasing lo see our first co-hort of medical students graduate alier 6 years. Student support The College commits lo offering places to applicants from a broad range of backgrounds who may have received very variable preparation at school. The College provides an extended induction for i[￿mIng first years and a number of students are offered pre- sessionals in malhemalics for non-malhs courses. To erbsure all sludenls can fully participate in all the University and College has to offer the College paTlicipates in and has insligaled a number of schemes. Through a scheffle operated in common wilh the Universily and other Cambridge wlleges, the College provides bursary support to undergraduate studenis of limited financial means. The Cambridge Bursary Scheme is approved by the Office of Fair Access {OFFAI aTKJ provides benefits al substantially higher ￿Ve1 Ihan the minimum OFFA requirement. During the year, 170 {2021= 1501 Homerton sludenls benefited from the stheme. lo the value of £517.906 (2021: £484,283). Although this was Ihe fiTSt year of the enhanced Bursary scheme applying to first years. College conlinued to offer sludenls, other than Ihe first years, participation in the Pilot ToTrUp Bursary Qocheme which benefiled 131 Homerton students in 2022 to the value of £53,01512021= 161 students to the value of £108,9101- Thls was in part funded by Trinty College. The College also operates ils own Hardship Fund and awards a number of other grants. as well as prizes for academic achievement. The total cost of such financial support was £242,04712021.. £185.247). The College's Finance Tutor seeks lo support students in need not only from College resources bul also a range of University and other Funds. Research Grants. for postgraduates, were used to fund an expanded. criteria of expenses, recognising (hal fees and travel for conferences was limited by the pandemic. Eligible PhD students were supported in applyng for UKRI CovKI-10 exlension funding and the Univeisily's own postgraduate CAS scheme for self-funded students. Homerton College 6

Trustees, raport {incorporatlng the operating and flnanclal review) Year lo 30 June 2022 Student support (conlinued) All undergraduales have a Direclor of Siudies who meet with and monitor slijdenls, Academi¢ development. One-tO-(￿e supKK)rt is available for any sludeiil who requires assistance with wriling skills. maths support or lime management and personal organisalion. Subject dinners resumed during the year. These bling together undergraduates, poslgraduales. Fellows and staff. and in some cases alumni, for further discussion of Ihe respective subjects. I sludenls have a Tutor fcw pasloral support. For Ihe Academic Year 21-22 Ihere was an increased number of undergraduale TuloTS and a restructuring ol poslgraduale support with more tijlors covering all students whereas previously a PGCE Tutor and Iwo Graduate Tlslors for part-lime gradLTrale students had supported the Graduate Tutor. There was also an increased drversity of tul(Ks which was an aim of the restruduring. The College runs a Personal Develowienl Programme open lo all undergraduate and graduate sludenls. Homerton Changemakers was launched during 2019. The costs amounted lo £153.289 12021.. £83.2701. This is a three year, inlegraled, co-curricular programme, designed lo help Homerton students thrive tx)Ih during and after graduation. It is based on the pill8rs of responsibility, efficacy. action and leadership. Charkgemakers continued to deliver an innovative progiamme throughout the year. The College also employs a Nurse and Courtselkn lo provide onsite care for students as well as contracting other Counsellors and referring 51udenis lo Ihe Universily Counselling Service. The outcomes of the University Strategic Review of Mental Healh Provision are supported by lh8 College and a Sluderkt Wdlbeing Advisor i% employed fr(Mm November 2022. Outreach and access The College is concerned lo ensure that the benefits of the education provided by the College 8re, and are understood to be. open to ialenled applicants from every bad(ground, raise educational aspiration. and altra¢l outslandirig applicants who mighl nol have olhemise considered applying to Cambridge and Homerton College. In line with new priorilies for access and participation sel by the Office for Students in 2022. the College is also looking to explore ways of partnering with schools and local organi5alions to raise the allainment of young people, as well as improving the qualily and volume Gf evaluation of our access and participation a¢livity- The College employs a full-lime Schools Liaison Off￿er. The Schools Liaison Officer, in consultation with the AdmIss￿nS M8n8ger and Admissions Tut()rs, operates an extensive outreach programme of visits to schools. visits by schools lo the College, virtual engagement and open days. sill￿ pandemic reslrictions in the UK eased in January 2022, the Admissions Team have focused on retaining the advantages of virtual engagement, alongside recommencing in-person outreach acliwties. Diiring Ihe year, the team delivered 73 unique activities lo 3810 unique sludenls. 63 of the activities We￿ delwered online with 10 in-person aclivilies. The proportion of students who look part in al least one activity who are classified as disadvantaged in al leasl one Indicat￿ (POLAR4. IMD, EST and IDACII is 420/0. Through these a¢livilies students at 389 different schools. colleges or further education inslilulions engaged with Homerton College. Homerton College 7

Tyustees, report lincoTporating the operating and financial review) Year lo 30 Junp 2022 In addilion lo these acliwlies. 631 unique individuals visited Homerton College as parl ol the bookable College Tours delivered by students throughout the Swing and Summer months. In agreement with other Colleges. Homerton focuses ils in-person outreach on four 9eographicèl areas- Richmond and Hounslow. Doncaster and Rolherham, Buckinghamshire and Scotland. Howev8r. Ihe possibilily of engagin9 wilh large numbers of sludenls lor minimal cost through virtual outreach means that a number ofour activilies. such as our popular Higher Education Access Course, are open lo sludents from all areas. New inilialives started this year include our 'FulureReadW.' programme for Year 10 and Year 11 sludenls, which focuses on building study skills and university readiness. and oui'Ess8y and Design Programme. for Year 12 students. which aims to develop essay-wriling and project-planning skills. The College also supported 40 sludents through Ihe inaugural year of the Slemsmart Programme. Admissions The College used third-party software to allow prospective students lo talk lo current students usually in their subject area wa chal. Homerton College continued its 'Summer Support Programme. for confirmed students. This year, the programme involved a seiies of four webinars ￿ere in(x)ming sludenls gol lo meet key members of College lo help aid their ITansilion lo Homerton. The number of applicants continued lo grow to 87512020.. 7671 however the offer ratio was reduced following the high numbef from the wevious year due to Ihe absence of exams for sixth fom students. Undergraduate admissiorbs for the 2021-22 Academic year were 176 12020'.2001 ￿th 4 reluming lollowing intemiissK)n. This included 2 students in Architecture offered for the first lime. Applications for 2022 again increased although a high proportion of the increase was from overseas and in particular China often for subjecls for which Home applicants are sparse. Nolwilhstanding that the College made 227 offers {including 5 Foundation Year offer-holders) of which 74.4Yo {FY21 75.14) are home sludenis 1169). Of these 79.4°k are slate school applicants. Our admissions pr(￿esS wll conlinue lo be diclaled by discijssions between interviewers. Direct(￿$ of Studies and Admissions Tutors on the quality of each applicant with an appropriate consideration of individual applicants. contextual infoTmalion. Nevertheless, we are proud that we continue lo exceed melri(s sel for POLAR. OAC and IMD pariiupalion in the agreemenl wlh the Office for Students for 2024. Extra-currlcular activities Homerton sludenls are en￿￿raged to participate in a wide range of actsvilies both College- based and in the wder Universily. A total of 73 {2020 - 341 representation awards of £200 rewgnised Ihe contribution of our slu¢Jents across activities in sport. MLJSIC, dance, drama and societies in the wder University. The College also made donalior)s, tolaling £2.9k 12021.. £8.5k). lo I￿1 charities and student s￿E,11eS usually with a Homerton slud8nl or staff involvement. The College provides support lo a range of music81 aclivilies. in parlicular through the Charter Choir. The College employs a Director of Music, and each year awards a number of Choral and Organ scholarships. Two new large and airy music practice rooms were completed in summei 2020. Homerton College

Trustoes, report (incorporating the operating and financial review) Year lo 30 June 2022 Research Fellows of the College are supported ith Iheii reseaich activities wtlh generous compuler and resea¥ch allowances. There were 6 Junior Research Fellows during the year and a number moved onlo prestigious lectureships around the wodd. The Colle9e also supported ils community of 24 Research Associates who provide a valuable resource for teaching and serninars. Masters and PhD sludenls also receive research alk)wan￿S for allendance al Conferen￿ or workshops atKI lieldwork expenses. Research Suppers reluTned in person throughout Ihe academic year with talks from membeTS of the College on Iheir work wilh the customary research supper afterwards. The annual joint research evenl with our sisler COl￿e in Oxford, Harrts Manchester was F￿anned, bul had lo be cancelled due lo Covid-19. The Direclor of Research has helped to coordinate Ihe College's data for the upcoming REF submission arKI the Research Commiltee has continued lo look al how fellows Can apply for external funding granls and the crileTia for claiming research allowan￿$ and graduale grants and awards. PUBLIC BENEFIT {conlinuedl Responding to Covid-19 The College was unable to 8￿p1 any event or summer school business during the summer of 2021, however there was hope that the 8cademic year would ￿ a new beginning. In the Michaelmas term. the Universityand Colleges continued with weekly asymptomatic lesling and students continued to be organized into households of between 5 and 12 {average 91 around their kitchen or.gyp room." All events were risk assessed. numbers reduced for Fomal H811 and Malri¢ulalion dinllers arbd olher events held in limiled numbers and outside. College continued to support students during isolation, acaderrbically and pastorally, and the food c*der and delivery system ensured our students wellbeing. Testing conlinued in part into the Lent term as did sludenl support for those isojating. Most sludenls were able lo be resident for the entire academic year and a College was able lo hcld events lo"calch up" on those missed during 2020 and 2021. The pandemic continued lo have a signfficant financial impact on the College. Princlpally In FY21-22 from the loss ol confere[￿, events and Homerton International programme revenues. Homerton College 9

Trustees, report (incorporating the operating and financial review) Year to 30 June 2022 FINANCIAL REVIEW Revigw of the results for the year Oveniiew The College Income and Expenditure Account for the year ended 30 June 2022 reflects the impa¢1 of Cowd-19 with Ihe absence of any conference and events income from the summer of 2021 in particular. There was a loss before other gains and losses of £2,629k 12021.. loss before other gains and losses of £1,775k). This was after a conlribulion of £42k (2021: £38k) lothe Colleges. Fund under University of Cambridge Stalule G. 11. The deficil was impacted by an increase in current pension 5etvice costs for LGPS £1,971k12021 £977kl. Wiihoul this non-cash item the deficil would be £658k12021.. delKil £803k). EducatiTon Account The per capila rale applicable lo Ihe undergraduate college fee for Home and EU students was £4,625 (Years 1- 51 and £4.500 (Year 61. The graduate and PGCE fee lo the Colleoes was increased by 10% 10 £4,475 12021.. £4.069)- or the total graduale fee income, this included a sum of £60.182 {2021: £61,178) which was directly taken lo the Vice Chancellor's Graduate Fund. Total income fr(xn college fees. grants el¢ amounled lo £5.8m 12021.. £5.4ml- Education expenditure was £7.44m (2021= £6.29m) an increase of £1.15k leaving a deficit of £1.65m12021: £0.8kn). Residence and calering accounts The College is very mindful of student finances and sir¢ves to keep increases in accommodation rents and calering prt¢es as low as possible whilst endeavoring lo cover costs and maintaining a high standard of Imoslly en-suite) accommodation through regular refurbishment. For FY22 there were no i￿reases in room rents for undergraduales12021'. 13.OOA) o* for poslgraduales {2021'. 4.6%)- Hall food Prices had been reduced by an average of 40¥0 for 2021 12020.. 0%) and Ihe College conlinued lo sel prices so that the cost of PTovisions is maintained. The absen￿ of conference income lo offset charges and reduced room income due lo Ihe pandemic meant Ihal the Irue cost ol promding accommodation and catering lo students was di￿￿ulL to ascertain. The college is pleased Ihal our sludenl room rents continue lo be amongst the lowest in Cambr￿ge. The residence account income was £3.48m12021.. £2.37ml. Costs for the year were £3.62m 12021.. £3.33ml resulting in a loss of £140k (2021.'1oss of £954kl- Higher conference revenues would have reduced this deficit further. Te￿-time students. staff and C￿lege function catering produced a turrbover of £861 k {202f.' £353k}. During the year although many College functions returned. numbers were reduced due to Covid risk. The new dining hall and buttery opened in April 2022 and proved immedialely popular as a pla￿ to eat, study ar)d socialize. After allowng for pay expendilijre of £1,020k 12021.. £958kl and non-pay and overheads 01 £940k {2021.. £566kl. the account was in deficit by £1.1m12021-. defi.cti 1.17ml. In¢￿ased conference catering revenues would have reduced this deficil further. Homertoii College 10

TitJst&es' report (incorporating the operating and financial review) Year lo 30 June 2022 FINANCIAL REVIEW Iconlinuedl Revlew of the results for the year (conlinuedl Conference and Events business Income from corrferences forms a Mlal parl of the College's funding and the loss of business especially during the prime summer season (20211 is ieflected in the deficit in Ihe accounts. College continues lo rebuild Ihis business post Covid-19. Two meeting rooms. Bamford and Skillicorn, were completely refurbished and technology inslallecl to hosl hybiid meelings. Planning is taking pla￿ to refurbish ￿lSOn Shrubsole and Paslon B￿wn meetin9 rooms in 2023 include suslainabilily measures lo redu￿ energy consumplion. The North Wing auditorium and guesl bedrooms completed in summer 2020 are also proving popular. With opening of the new Dining Hall and Buttery. the Calering and Conferetkce staff are working lo opiimize use ol all the Cdleges large r(K)ms. Conference and Events income from the provision of catering and a￿0mM0daIi0n setwi￿$ lo residential and day conferences (including Colophon Limiledl was £403k12021.. £2kl. Direct conference expenditure amounted to£275k12021.' £11k). giving a contribution of£128k {2021.. loss of £9k). Maintenance of buildings and capital expenditure The College aims to preserve the qualily of ils building, residen￿. public spaces and infrastruclure to prowde studenls wth a quality experience now and for fulure generations. The Swrls Pavillion and sports pilches were officially opened on 26 October 2021 by Jeff Blackett, President of the RFU. NegotialiorTrs wth iwo possible partners lo manager the facility for commercial use have falien through and Ward Griffin LLP, the partnership wlh Sl Mary's School which developed the facility continues lo explore opportunities. Until then our students use the facilities by booking through HUS. The new Dining Hall ￿th servery. kitchens and Buttery was completed in Apr¢1 2022 and was opened for the final lerm of Ihe year. Bamford and SkillicA)m meeting rooms were refurbished during the year and new hybrid AV equipment installed. In addition, fire improvement works h8ve been carried out throughout the Ibberson building and a new fire escape serving Paslon Brown and the new Dining hall has been installed. Planning permission has been received lo improve environmental sustainability and install ASHPS. During the summer of 2021. the second flwr of ABC residences127 ro￿lS and gyp rooms) undeThvenl a complete refurbishment Homerton College 11

Trustees, report {in¢orporating thè operating and financial review) Year to 30 June 2022 FINANCIAL REVIEW l(x)nlinuedl Review of the results for the year (continued) Investment policy and performance Investmentportfolio The College maintains a long-temi approach lo investment. retaining a diversified portfolio, of high quality assets. lo prolecl the real value of the Capital base and provide prole¢lion againsl inflation risk. The College's primary inve51menl objectives are- • lo seek lo maintain the value of the portfolio in real terms i.e. 1 Vo above inflalion; and • lo maintsin a predicled annual slandaTd deviation of returns on the Fund less than 12. The actual 10181 relum target is RPI +4Vo per annum, nel of all inveslmenl fees and costs, over 5-7 years in order lo sustain a spending rale of 3°A over a trailing 3 year average. Rothschild & Co are retsined lo manage the investment portfolio. UBS retained a small portfolio ol private equity assets which have been invested in since 2008. These latter investments were realized in September 2022 which reSU￿ed in a loss against value al 30 Jurie 2021 of £770k. Overall. the College's Investment p￿01￿ decreased in value from £91.6m lo £73.8m al the year end {nole 131 after £5m was wlhdrawn lo fund capital projects (Dining Hall and gports pavilion) and £1.8m realized Irom Ihe UBS portfol￿ was withdrawn. This represents a decline of 13.4¥0 In v81ue12021.'29.8% increase), although not realised. against an RPI inflation for the same period of 11.8Y•. The return since the appointment of Rothschild & Co (October 20151 lo June 2022 is a cumulative 57.4%12021= 810hl against cufflulalive RPI inflation of 67.4%12021.. 44.5%). There has been some recovery in Ihe portfolio since the year end but the portfolio, along wilh wodd equity indices are extremely volatile. The Investment Committee adwses the Trustees the ethical policy wilh regard to ils investrnenls and follows an¢J discusses Ihe debale on issues of 2n environmenial, social and governar￿e nature. Through ils investsnenl managers. the College is seeking lo invest long- term in assets which deM￿Strate a sustainable invesEmenl perfomiance, and therefore. il is natural Ihal considerations of an ESG nature will be taken. when acquiring, managing and trading in holdings. The College approved a new Responsible Investment Policy covering inveslmenls, banking and property investments in January 2022. This is on the College website. The Investment Commiltee also monitors. through lis investment managers, its holdings of so called "sin stocks" and investments in industries exiracling fossil fuels. The College does not hold any direct sharehddings in fossil fuel companies {and has not for al least 5 years) and ils h￿dingS through futKls are wnsidered de minim￿. Homerton Gardens The commercial development was c¢)mpleled in Spring 2016 al a cost of £18m. The main tenant is Alpha Plus Group operating Abbey College. a sixlh fonn school. Rent, on the 25- year lease. Commen￿ in Seplember 2016. The commercial buildings were valued as al 30 Jtjne 2022 al £45.5m {30 June 2021.. £45.5ml. The fwe-year rent remew look place and resulted in an increased rer)tal for the year and a new lenanl in the Rallee & Kell building was signed al an increased rental. The value of the residenlial development is slated as olher investments al £0.575m 130 Jun(., 2020.. £0.5ml and reflects the value of the leaseholds. Homerton College 12

Trustees, rèport {incorporating the operating and financial rèvièw) Year lo 30 June 2022 FINANCIAL REVIEW Iconlitbuedl Investment policy and performance (continued) Investment Land Bidwell's performed a valuation of the investment land, as at 30 June 2022. The land has been valued al £6.6m (30 June 2021.. £6.6m} Leases The Northern Site Is the subject of a 99 year lease. from 9 January 2005, to the University of Cambridge. for which a premium has been received and accounted for as deferred rental income. This is released in equal annual instalments over the lease term. The Mary Allan Building is subject lo a 60 year lease. lo th8 University of Cambridge, ol its offices and shared leathing arKI auditorium space from 2001. The lease of ihe S¢(er￿e Education Cenlre to the Universily of Cambrtdge is for 25 years from August 2001 and has been extended for a further 15 years. Energy use and Environmental evaluatlon The College commissioned a feasibility sludyfrom Skelly & Couch on the evaluation of the sile lincluding Homerton Gardens) Icmthing at opportunities lo degasifylhe es18te and install electric Charging. Cavendish, Mary Allen, Ibberson and Queens Wing are. rbot surprisingly, the are8S which would benefit mosl Irom improvemenls as Ihe5e are the oldest buildin9s. This w¢ll be taken further during 2023 to develop a fflasterplan lo undertake this work. College Land and Buildings The College reviewed its accounting policies in the light of the new accounting standard FRS102 in the year ended 30 June 2016 and decided Ihal Ihe College's operational assets should no longer be revalued. and Ihal any new o￿lational assets should be added al cost. The College's land and buildings are therefore slated al their value al 31 July 2013. as updated by the Goveming Body to 1 July 2014 to £79.7m. Transactions since 1 July 2014 have been Tellected in Ihe balance of £115.1m al 30 June 2022. Assets under conslruclion at 30 June 2022 represented fees incurred on a new Entrance Building and Porters Lodge for the College and Ibbeison refurbishmenl. Expenditure of a capital nature over the past 5 years has been funded through College operational cash flow and tho proceeds of the bond issue in August 2015 {Nole 181. Cash flow forecasts are regularly presented lo the Investment Committee and College Council showing the requirement lo use funds invesled lo ¢omplele the Estates Strategy 2014-2024 over the period 202110 2024. The k)ss of cash flow from operations over the past two firTrancial years has increasal the need lo fund ongoing ￿0jeCts from the investment wrtfolio. Homerton College 13

Trustees, report (incorporating the operating and financial review) Year lo 30 June 2022 FINANCIAL REVIEW Iconlinued) Fundraising Fundraising is undertaken through the College staff employed in the Development office, and is f￿USed on the Alumni of the College and others. FLJndr8ising is largely Ihough the annual telephone cafflpaign. emails and requesls, lo Aumni, and Ihe College participates in the Cambridge in AMer￿a scheme. Ml donations raised in this way are used to 5LlPPOrt our students. The amount raised to 30 June 2022 was £102k {2021.' £1,402kl. We did nol use the services of any professional or commercial fundraisers. We are registered with the Fundraising Regulalor and abHle by ils voluntary scheme for regulatino fundraising. We did not receive any complaints about our aclivilies lor Ihe purposes of fundraising. BeloTe commencing the annual lelephone campaign. all identified participanls (who are all Alumni) are contacted by wnail and given the opportunity lo not be cont£cled. All our callers, who are current students, are trained and monitored lo avoid unreasonable intfusion on a person's wivacy. Staff costs and pensions Total payroll costs, including employer's pension and national insurance contributions. were £8.8m {2021. £7.5m) {see Th)le 101. Each year. s12ff are appraised and an application can be made to the Stsff or Fellows Remuneration committees for cons¢deralion of 3 regrade for that position. Salaries are benchmarked againsl other Colleges and. where appropriate. local companies. Salaries aTe increased each year in line wth the UCEA negolialed pay increase. Homerton College is one of the few Colleges still offering a benefil pension as opposed lo a contribution pensions scheme lo all permanent staff and Iherefore average supporl staff costs are amongsl the highest in Cambridge Colleges. All staff re￿1ve a meal whilst on Isuty. College policy is lo pay the Living Wage to all permanent and temporary employees. The funded pension scheme operated for non-leaching staff is the Cambridgeshire Counly Council Local Governmenl Pension Scheme ILGPSI- The College also supports membership of the Universilies Supetannuation Scheme {USSI, mainly for its Academic staff. LGPS The LGPS share, calculated lo meet the requiremenls of FRS 102, attributable lo existing and former staff was in surplus £6.05m {2021.' def￿11 of £3.5ml. Homerton shall rewgnise a plan surplus. as a defined benefit plan asset, only lo the extent Ihat il is able lo recover the surplus, either Ihrough reduced contributions in the fulufe or through refunds from the plan. As we are not able lo recover any of Ihe surplus, and any recoveryfrom contribution rale changes is unknowi. we have recognised a £nil value in these accounts. The Employer's ¢onlributioi rale Changed in Awil 2022 to 17.9Yo {April 2021= 18.0%). uss Due lo Ihe nature of this scheme. the College is unable lo identify ils share of the undeTlying assets and liabililies of the scheme on a consislenl and reasonable basis, and therefore accounts for Ihe scheme as if il were a defined contribution scheme. As reported in Note 21 Ihe Iruslee eslimales Ihat the funding ratio as al 31 March 2022 had increased lo 94% {from 84% as al 31 March 20211 reducing Ihe deficil 10 £5.6bn 12020-. £15.2bnl. Homerton College 14

Trustees. report {In¢orporating the operating and financial review) Year lo 30 June 2022 FINANCIAL REVIEW {¢onlinued) staff costs and pènsions {Conlinuedl USS (continued) The College has entered into a Recovery Plan with the Universities. Superannualion Scheme lo fund the deficil wilhin Ihe Scheme. Consequently, Ihe College has recognised a liability for the conlribulions payable that arise Irom the agreement lo the exlenl Ihal they relate lo the defial ar￿ the resulting expense in the slalemenl of comprehensive income and expenditure. Al 30 June 2022. this liabilily wa5 £1.3m 12021.. £0.57ml. The recoveiy plan increased Employer contributions futlher in April 2022 10 21.6% IoclobeT 202121.4'/ol. Reserves policy The College's investment portfolio. rts tx)nference business and rental income from leases have Ihe function of susiaining the acEiwlies of the College. Expenditure is guided by an assessment of forecast perfomiance and liabilities wth the objective of identifying sustainable affordable expendilure and achieving inler-generalional equity. This is discussed in more delail above in respect of the inveslmenl poI￿y. The lolal unreslricled funds of Ihe group lolalled £216.5m al 30 June 2022 130 June 2021.. £226.6ml. Of this. the general reserve. excluding the pension reserve, amounted io £118.8m (30 June 2021: £119.9m). The Iree reserves of the College are largely represented by the College Investment portfolio, under management with Rothschild & Co. and cash hekl, lotalling £73.8m al 30 June 20212 130 June 2021= £91.6ml. Each year. the Inveslmenl committee considers the cash flow projections for the College for the next 5 yeais and Ihe appropriateness of the level of investments and advises Trustees. The Investmenl Committee consider. • The Gapilal expenditure planned under the Estale5 Strategy to 2024- • The re-payTnenl of the bonds issued in 2013 and 2015 due from 2040., • The age and condition of the existing buikjings used for leaching, catering, offices and accommodation: • The operating income and cash flows. Until 2021. the College had had no reason to wtlHJraw funds from the investment portfolio managed by Rothschild since 2015. Cowd-19 has increased the need lo access funds from the investment porttdD frc4m 2021 onwards. as a result of the loss of incorne and cash flow from student and conference residential income and catering and events. However, the portfolio achieved exceptional retums lo June 30 2021 which allowed the withdrawal ol £14m of funds to repay the RCF of £10m in May 2021. and contribute lo funding capital oiecls. A further £5m wa5 drawn down in September 2021. Homerion College 15

Trustees. report (incorporating the operating and financial review) Year to 30 June 2022 FINANCIAL REVIEW Iconlinuedl Reserves policy Ici)ntinueil) The Investment Committee is comfortable Ihal the level of investments which represents the free reserves of Ihe College is appropriate lo Ihe needs and size of the College and will be available lo fund the remaining projects of the Estates Slralegy and the shortfalls in operating cash flow as a result of Ihe Covid-19 pandern￿ over the next 3 10 5 years. PLANS FOR FUTURE PERIODS AND POST BALANCE SHEET EVENTS Short-lemi future plans and activities Estates Planning pem)ission was granted for Ihe New Enlrance Building in May 2022 to include a new Porters Lodge, additional study spacEs and exhibition space. The next stage is lo lender for construction. The cosl of the building has incJeased as a result of supply issues across Ihe construction industry and College is taking some lime lo assess the project in the terms of the need for addib'onal financing. During the summer of 2022. the third and final tranche of the bedrO(￿S and en-suite shower rocyns of Ihe 81 bedrooms in ABC. were compfelely refurt)ished. A sludenl services support hub was created over the summer lo co-locate Tulofial, Sludenl Welrare, Changemakers, Admissions and Finance in C3vendish. This also allowed more academic offices lo be created. HUS have been provided with a dedicated office and shop in in Ihe JCR Wh￿h, wth the Buttery vacated, is now a dedicated student space. Listed planning permission has been granted in July 2022 to undertake a refurbishment of the Alison Shrubsole. Pa51on Btown and CombinalK>n Room rooms in the Ibberson building, lo improve the suslainability and energy consumption. lighting. interior design and audio equipment. Planning is underway as lo how lo seqUer￿e this work. Envlronment Hawng established existing Scope 18nd Scope 2 carbon emissions forthe sile which can then be Iracked each year, we wmmissioned Skelly & Couch lo repori on.. Energy evalualion by building and options for improving energy use A feasibility lor the elimination of gas as an energy source Generation from exisling pholovollai¢s {PVsl Electric Vehicle Charging provision During 2023, a costed master plan will be developed for the eslale lo eliminate gas from the campus within 20 years. Homerlon College 16

Trustees, report (incorporating the operating and financial review} Year lo 30 June 2022 PRINCIPAL RISKS AND UNCERTAINTIES The College's Governing Body and Ihe direclors of Ihe College's subsidiaries continued with their policy of formal risk assessmenl. All College Commillees review and update the risk assessment appropriate lo their purpose al least annually. These are consolidated and rewewed by the Audtt Committee. College c￿￿1 and Governing Body. The impacl of the pandemrc still is a major conceTn as il is a consolidation of m a n y o f Identified risks. financially. acadeM￿allY and for personnel. Aligned lo this is a risk that the recovery lo a financially susiainable posilk)n is nol achieved either because the conference business fails to recover lo prewous levels and beyond or Ihal fund-raising nol significantly improved. There are conlinued con￿M$ regarding the deterror8tK)n on the mental health and academic achievemenl of ¢'lu4enls a5 a tesull (Itheir experierbce over the past 2 years as first years and sixth form students. The College is woviding addilional support lo our sludenls. and have increased academic and support programmes. through Changemakers. and re-slruclured the pastoral supp(￿t, through the Tutor system, for all students. A new Sludenl Welfare Advisor has been appointed to start in November 2022. The conlinualion of the PGCE (x)urse in Cambridge University and the loss of fee inwme for the College and the impact on its lenanl Ihe Facully of Education remains a risk allhough the likelihood of such an event is difficult lo gauge. There is still concern Ihal the failure lo recnjil more University Teaching OffKers will impact the quality of educational provision al Homerton. Homerton College 17

Trustees, report {incorporating the operating and financial review) Year to 30 Jut)e 2022 AUDITOR In so far as Ihe Iruslees are aware.. • there is no relevant audil infomialion of which Ihe College and group's auditor is unaware" and the trustees have taken all steps Ihat they ought lo have taken lo make themselves aware of any relevant audil infomialK)n and to establish that the audilor is aware of Ihal information. £1 ISI70L Iri/VC ?0 Bursar and Fellow Homerton College 18

Corporate governance statemènt 30 June 2022 Governance The following stalemenl is prowded by Ihe Council lo enable readers of the linanc(al slalemenls lo obtain a betler underslandirkg of the ariangemenls in the College for the management of ils resources and for audit. The College is 8 registered charily {regislered number 11374971 and subject lo regulation by the Charity Commission for England and Wales. The members of the Council are the charity Iruslees and are responsible for ensuring compliance wlh charity law. The Governing Body and Council are advised in cawng out their duties by a number of Commillees a5 explained below. Goveming Body Audit C¢)mmittee EgualiLyard DNeryty Commitree Council Health at)d Safety CoNmiitee StacutÈ5 and Ordir&Ance Adv￿orycorr¥nllree to the Dean Estste5 ComrniLtee Researth Cc¥nmitt Developmthr Cotnmittse IThveSt￿n¢ Conyni Educauonal PolKy Ci)mmittee EM￿rOnr￿entCOMrnll¢ee Fellowsh¥J Committee Stsjdent Hardsh CThmmittee Berbefits Committee Donatyons Commirree IT Committee Lirary Comrnittee Carering and Bar Commi¢¢ee FeMow5 Remuneration Staff Remuneration Co¥nrnittee Corntnittee Art Ccmmite External ReL)r￿n5 Corrmittee On occasion working gr(NJps are set up lo provide time limtted direction SLTch as the Music Strategy working group. The prir￿1pal officers of the College are: • The Principal The Senior Tutor • The Vice-Prinapal The Admissions Tutors • The Bursar * The PoSI￿radUate Tuloi Homerton College 19

Coyporate governance statement 30 June 2022 Governance {conlinued) 11 is the duly of the Audil Committee io keep under ieview the effeclivene5s of the College's internal systems of financial and other conliob. lo advise the Governing Body on the app(Nntment of external auditors., to consider reports submilled by the auditor,. lo monitor the implemenlalion of reccwmendalions made by the audiloT', to make an annual report lo the Council and Governing Body. Membership of the Audit Cotnmittee includes two independent Chartered a￿ountanIS and two fellows who are not members of the Council. Declarations of Inleresls are COm￿et￿d by all Members of the Council and the senior adminislralive officers. Declaralions of interest are made syslemalically al meetings. The College's Members of the Councll during the year erbded 30 June 2022 are sel out on page 2. Statement of Intemal Control The Governing Body is responsible for mainlaining a sound syslem of inlernal control that supports the achievement of w)licy. aims and objeclNes while safeguarding the public and other funds and assets for which Ihe Governing 8ody is responsible, in ac¢ordan¢e with the College's Slalules. The system of inlemal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and obie¢tives- it therefore provKles reasonable bul nol absolule assurance of effectiveness. The system of internal control is designed lo identify the principal risks to the aehievemenl of policies. aims and objectives. lo evaluate the nature and exlenl of those risks and lo manage them efficienlly. effectively and economically. This process was in place for the year ended 30 June 2022 and up to the date of approval of the financial statements. The Governing Body is responsible f¢y reviewing the effectiveness of the system of internal control. The following processe5 have been established.. The Audit Committee reviews a risk assessment reFM)rt which il submits lo the Goveming Body in the Easter Term.. • The Audit Committee presents an annual report, including the adequacy of the internal controls and the preparati(￿ of the finan￿aL statements in the Michaelmas Term. The Governing Bodys review of the effectiveness of (he syslem of internal Control is informed by the wolk of the variou) Commiltees. (he Bursar. and College officers, who have responsibility for the development and maintenance of the internal conlrol framework. and by comments made by the exiemal auditor in their management letter and other reF￿s. Homerton College 20

Statement of the College Council's responsibilities 30 June 2022 Statement of Council Responsibilities The Council is respotisible lor preparing the annual rewrt and financial statements in accordance ￿th applicaNe law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pIed Accounting Practi￿} and presenting il lo the Governing Body for approval. The College's Slalules and the Stalules and Ordinances ol Ihe University of Cambridge require the Council to prepare linancial stalements for each financial year which give a true and fair view ol the stale of affairs of the Group and Ihe College and of the surplus or deficit of the Group lor thal year. In preparing Ihese financial stalemenls, the Council is required lo.. selecl suitable aceA)unling tK)licies and then apply them consislenlly.. make judgemenls and estimates that are reasonable and prudenl: stale whelher applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial slatemenls.. and • prepare the financial slatemenls on the going concem basis unless il is inappTopriale lo presume that the Group and the College will contsnue in operation. The Council is responsib￿ for keeping proper accounting records which disclose with reasonable a¢¢ura¢y at any lime the financial posttion of the Group and the College and enable them lo ensure that the financial slalements comply with the Slalules ot the University of Cambridge. They are also responsible lor safeguarding the 88sels of the Group and the College and hence for taking reasonable steps for the prevention and deleclion of fraud and olhw irfegularblies. The Council is responsible for the maintenance and integrity of the corporale and financial information included on the COl￿ge,$ website. Legislalion in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Homerton College 21

Indepondent auditor's report 30 June 2022 IndependentAuditor s Report to the College Councilond Governing Body of Homerton College Opinion We have audited the linaTrci81 slalemenls OF Hometlon College {Ihe 'College'l and ils subsidiaries (the 'group'l for the year ended 30 June 2022 which con)prise the Consolidated Statement of Comprehensive Income and Expenditure, Ihe Consolidated Statement of Changes in Reseryes, the Consolidated Balance Sheet, the Consolidated Cash Flow Slalement and notes lo the financial slatemenls, including significant accounting policies. The financ￿1 reporting Iramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Slandard 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (Uniled Kingdom Generally Accepled Accounting PTaclicel. In our opinion the financial slalemenls.. give a true and fair view of Ihe slate of the group's and College's affairs as at 30 June 2022, and ol the group's incoming resoufces and application of resources. including ils income and expenditure, for the year then ended. have been propedy prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice: have been prepa￿d in accordance wilh Ihe requirements of the Charities Act 2011 and the Slalulos of the University of Cambridge.. and the contribution due from the College lo Ihe University has been correctly computed as advised in the provisional assessment by the Universily of Cambridge and in accordance with the provisions of Slalute G.11. of the University ol Cambridge. Basls for opinion We conducted our audit in a￿ordanCe wilh Intemational Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those slandaTds are further éescribed in the Auditor's responsibilities for the audit of Ihe financial slalemenls section of OLFT rewrt. We are independent of the group and College in accordance with the elhical requirements that are re￿vant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropriate lo provide a basi% for our opinion. Conclusions rglating to going Concern In auditing the financial slalements. we have ¢on¢luded that the College Council and Governing Body use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions Ihat, individually OT collectively. may casl significanl doubt on the group's or College's ability lo continue as a going concern for a period of al leasl Iwelve months from when the financial statements are aulhorised lor issue. Our responsibilities and the re5ponsilxlilies of the College Counal and Governing Body wllh respecl lo going concern are described in the relevant sections of this report- Other Informatlon The other infomalion comprises the information included in the report of the College Council and Governing Body, other than the financial slalemenls and our audilorfs report Ihereon. The College Council and Goveining Body are responsible for the other information con18ined within the annual report. Our opinion on the financial slalemenls does not cover the other infomiation and. excepl to the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the olher informalion is materially inconsistent with the finaniial slalemenls or our knowtedge obtained in the course of the audit or othe¥wise appears lo be materially misstated. If we identify such material inconsistencies or ap[iarent material misslatemenls, we are required to determine whether this gives rise lo a material misstalemenl in the financial slalemenls themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required lo report Ihal fact. We have nothing lo report in Ihis regard. Homerton College 22

Independent audltor's report 30 June 2022 Mallers on which we are required to report by exception We have nothing lo report in respecl of the following malleis in relalion lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if. in our opinion.. the information given in the financial stalemenls is inconsistent in any material respect with the report of the College Council and Governing Body-. or suffi¢ienl accounting iecords have nol been kepl- ( the financial slalemenls are nol in agreement with Ihe acc4)unting records and returns,. or we have not received all the infoTmalion and exp&nalions we require for our aucjit. Responslbilities of the College Council and Governing Body A5 explained more fully in Ihe College Council and Governing BcKly responsibilities slalemenl sel out on pages 20-21. the College Council and Governing B(xly are responsible for Ihe preparation of the financial slalemenls and for being satisfied Ihal they give a ITue and fair view, and for such internal control £s the College Council and Governing Body determine is necessary lo enable the preparation of financi81 statements Ihal ale free from material misslalemenl, whether due lo Iraud or error. In preparing the financial stalemenls. the College Council and Goveming Body are responsible for assessing the group's and College's abilily lo continue as a going concern. disclosing, as applicable, mallers related to going concern and using the going concem basis ol accounting unless the College Council and Governing Body eilher intend lo liquidale Ihe group or the College or to cease operations. or have no re81isliG allernalive bul lo do so. Auditor's responsibilities for the audil of the tinancial statements We have been appointed as auditor under secbon 151 of the Charities Act 2011 and report in accordance wilh regulations made under section 154 01 Ihal Act. Our objectives are lo obtain reasonable assurance aboul whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditOT'S report that includes our opinion. Reasonable assurance is 8 high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material miss¢alemenl when il exists. Misslalemenls can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected lo influence Ihe economic decisions of users tsken on the basis of these financial slalemenls. Irregularities, including fraud. are instances of non-compliance wlh laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities. including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is delaileé below.. We gained an understanding of the legal and regulalory framework applicable lo the College and how il operates and considereé Ihe risk of the College not complying with the applicable laws and regulations including fraud in particular those that could have a malerial impact on the finar)cial slatemenls. This included those regulations directly related lo the financial slatemenis. The risks were discussed with the audit team and we remained alert to any indicalion5 of fK)n-complian¢e throughout the audit. We carried out specific procedures to address the risks identified. These induded the following.. We reviewed systems and procedures lo identify potential areas of managemenl override risk. In particular, we Ca￿led out testing of journal entries and other adjustmenls for appropriateness. We reviewed key authorisalion proce¢Jures and deusK)n making processes for any unusual or one-off transaclions. We reviewed minutes of Finance. College Council and Governing Body meetings and agreed the financial statement disclosures to underlying supporting d(Kumenlalion. We have made enquiries of management and officers of the College regarding laws and regulaltons applicable lo the organisation. We remewed the risk management pro￿$Se$ and procedures in place including a review of tha risk register and reporting to the College Council. Because of the inherent limi181ions of an audit. there is a risk that we will not delect all irregularities, including Ihose leading lo a material misslalemenl in the financial slalemenls or non-compliance wilh regulation. This risk increases the more that compliance wlh a law or regulation is removed from the events and transactions reflecled in the financial slalements. as we wll be less likely to become aware of instan￿$ of non-compliance. The risk is also grealpr regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery. colluston, omission or misrepresentation. Homerton College 23

Independent auditorfs report 30 June 2022 A further descriplmin ol oui responsibililies is available on the Financial Reporting Council's website. al.. hll s.Ilwww.frc.orc .uklOur-WoTklAudillAudil-and-assurancelSlandards-and- uidaiicelslandards-anil- uldance-for-auditor￿Audl1or5-res onsibilities-lor-auiSillDescri lion-of-audilors-res nsibililies-for-audil.as This descriptK)n forms part of our auditor's rewrt. Use of our report This report is made sdely lo the College Council and Governing Body, in accordance wilh College's slalules. the Slalules of the University of Cambridge and part 4 of the Charits'es {Accounls and Reports) Regulations 2008. Our audil work has been undertaken $0 Ihal we might slate to the College Council and Governing Body those mallers we are required lo slate lo them in an audiior's repori arKI for no other purpose. To the fullest exlenl permilled by law, we do not accept OT assume responsibility lo anyone other than th& College Council and Governing Body as a body. for our audil work, lor this reFX)rt. or for the opinions we have formed. Prlce Balley LLP Chartered Ac¢ountants and Statutory Auditors Tennyson House Cambridge Business PaTk Cambridge CB4 OWZ Dale.. 09 March 2023 Homerton College 24

Consolldated statement of comprehensive income and expenditure Year lo 30 June 2022 2022 £'ooo 2021 £'ooo Note Income Academic fees arml tharges Residences. catering aThJ ¢￿ferenCeS Investment intotne Other income Total Income before donations 5.790 4,828 4.239 1,409 16,266 5,401 2,745 3.288 1,286 12,720 Donations Total Income 102 f,402 14,122 16,368 Expendlture Education Residences, catering and cOnlere￿S Investment rnanagemenl costs Other expenditure Conlribulion under St8tttle G. 11 Total 8xpenditure 17.4371 16.2871 15,9371 14.8951 13971 14291 {5,1841 14,2481 1421 1381 11B,9971 115,8971 IDefl¢ltl before other galns and losses 12.6291 17.7751 College's share ol loss on ioint venture Realised1105sygains on investments Unrealised Oossygains on invèsbnents 13 13 13 1241 11.7051 110,7271 151 8.156 18,169 (Loss) I Surplus for the year 115,0851 24,545 other comprehensive Income Actuarial gainlllossl in respecl of pensh)n schemes Changes in assufflpt￿nS arising (x) teacher5. penson (*AKJali0rn8 21 19 4,752 289 1,379 1781 Total comprehenslve Income for thè y8ar 110,0441 25,846 All items dealt wlh in arriving at the surplus fcK the aly)ve two accounting years relate lo continuing operations. Homerton College 25

Consolidated statement of changes in rese￿eS Year lo 30 June 2022 In￿me arKI 8xpendilure Revalualion reserve QwalK)nal Fix8d Èssel property investtnenl £'O(K) iestricled Resln"cled Total £,￿0 Balance at 1 July 2021 SUr[￿usI(defI1)1I from income and expenditure other compreh8nsive income l expenditure Tian51ers ￿tween evalualKJn and inc(Mne and expendiluie reserve Balance at 30 June 2022 115.840 56.033 54,715 226,588 12,6531 112,4321 115,0851 5.041 5,041 17231 117,505 19841 55.049 1.707 43,9 216,544 ènd expenditure reseThe Revalu8tK>n reserve operat￿nal Fixedass81 prope investm8nl £y(KJ £'ooo Un- reslrict8d Restricled Tolal £'ooo 8èknce al l Juty 2020 SuqJlus/{delicitJ from inwm8 ènd expenditu Othercomprehensive 6xpendilure Tpnsf8rs between r8valualm￿ andin¢0￿￿ 8nd 8XP8nditure ￿selve Balance al 30 June 2021 107,181 5T.016 36,545 200,742 (1.780) 26,325 24,545 1.301 1,301 9,138 115,840 (983) 56,033 (8, 155) 54. T15 226,588 The transfer between the operational property revalualioii reserve and the income and expenditure ieserve is made lo compensate the income and expendtiure reserve for the addilional deprecialion charged on the College's operational property as a result of ils previous revaluations. The Iransfer between the fixed asset investment revalu81ion reseNe and the income and expenditure reserve represents the realised investment gains during the year on a hlslorical cost basis. The notes on page 36 to 55 fomi part of these financial statements. Homerton College 26

Balance sheets Year lo 30 June 2022 Co[￿lidate£l c(Al￿è 2022 £'ooo 2021 £'ooo 2022 £'ooo 2021 £'ooo Notes Fixed assets Inlangible assets Tangible assets Inve51tnents 444 117,373 131.845 249,662 442 111,3fj9 748,490 260,301 444 117.368 131,885 249,697 442 111,357 148,530 260.329 12 13 Curr8nt assets St[￿ks Tiade and other receivab Cash at bank and in hand 14 15 16 25 1.788 2,882 4.695 14 21 2.147 4,276 6,444 1.846 4.363 6.239 2,146 2,652 4.812 Current liabllities Creditors.. amounts lallxu within one year 17 (3.9401 12.9321 13,8561 12.9011 Net current assets 755 3.307 956 3.543 Total assets less current 250,417 263,608 2SO,653 263.872 Creditors.. amounts 18lling due after more than one year 18 (32,4181 {32,4441 132,418) 132,4441 Provisions for liabilities and charges Pens￿￿ scheme Oiabilityl 19 21 {158} 11,2971 14981 14.0781 11581 11.2971 14981 14,0781 Total net assets 216.544 226,588 216,780 226,852 The funds of Ihe grouplcollege= Unre$trlctfrd reserves General res8tves exc￿1￿ pensKxr reserve 118.802 (1,29n 119.918 14.0781 119,008 11.2971 120,152 14,0781 Pension r85erve Operational property revahJali(x reserve 55.049 56.033 55,049 56,033 Fixed asset investment revaluati S8rv8 43.990 54,715 44,020 54.745 Total funds 216,544 226.588 216.780 226,852 The financial s18temenls were approved by the Governing Body on 2112122 signed on their behalf by. and M'ere Bursar Principal Homerton College 27

Consolidated statement of cash flows Year to 30 June 2022 2022 £'ooo 2021 £'ooo Not88 Net cash pyovided byoperatlng acttmties 23 11631 12601 Cash flows frown Invèsting actlvltles 24 11.6511 8,149 Cash flows from financing actlvltles 2S 11.1271 15.1271 Increase I IDecreasèl In cash and cash equlvalents in thè ￿ar 12,9411 2.762 Cash and ￿sh equivalents at 1 July 2021 6,919 4,157 Cash and cash equivalents at 30 June 2022 26 3,978 6,919 Homerton College 28

Principal accounting pollcles 30 June 2022 The principal accounting policies adopted. judgements and key sources of eslimation uncertainly in the preparalK>n of ihe financial slalements are laid out below. Basis of preparation The financial slalements have been prepared on a going concem basis under the historical cosl convenlion. modthed in respect ol the treatment of inveslmenls and land and buildings which are included 8t valuation. The financial statements have been prepared in accordance wlh the provisions of the Slalule5 of the College and of the University of Cambridge and applicable Uniled Kingdcxm accounting standards. In addition. Ihe financial statements comply wlh the Slal8menl of Recommended Practice- Accounling f(￿ Further and Higher Education Ilhe SORP). The Statemenl of C(Knprehensive Income and Expenditure includes actimly arbalysis in order lo demonstrate that all lee income is spent for educalional purposes. The analysis required by the SORP is sel out in note 9. The College conslilules a public benefil enlily as defined by FRS 102. The financial slalemenls are presented in sleding and are rounded lo the nea￿st thousand FK)unds. Going concern The Group has nel current assets of £755.000 {2021.' nel curienl assets £3.307,0001. The College aims to break even al operational level which meatTrs Ihal the cash flow is Usually positive by a similar level lo the amount of depreciation charged to the accounls. This has historically funded ongoing capital projects. To fund larger projects such as new graduate accommodation and the new Dining hall, Ihe College has participated in a piivale placement or made use of an RCF. Cash flow plans shared wth the Investment Committee and College Council forecast a need lo draw down from the investment portfolio during the 2021 to 2024 period as projects under the Eslales Strategy are compl&led. The Covid-19 pandemic will impact the cash flow from operations over two financial years or more. This will increase the need lo draw down from the Inveslmenl portfolio. The hAembers of Council ITrusleesl have assessed whether the use of the going concern assumption is appropriale in p￿pari[bg these finan￿al stalemenls. The Trustees have made this assessment in respect of a pericKJ of one year fTom the dale of approval of these rinancial slalemenls. The Trustees of the charity have concluded that there are no maletial uncertainties related lo events or conditions Ihal may cast significant doubl on the ability of the charity to continue as a going concem. Furthermore. the Truslees are of the opinion that the College is able to meet ils liabilities 8s they fall due and that there are sUffiC￿nI free reserves held Homerton College 29

Principal accounting policies 30 June 2022 in readily accessible funds to both meet liabilities and allow the complets'on of ongoing Capital woiecls Crlti¢al accounting estlmates and areas of judgemènt Preparation of Ihe financial slalements requires the Membws of Council to make significanl judgeTnents and estimates. The ilewns in the financial slalemenis where these judgements and eslimales have been made include.. valuation of investrnenl land and buildings; eslimaling the useful ec￿omIC lrfe of tangible and inlangible fixed assets,. and • pension scheme valuations. induding deficit reduction payments due under the Universities Superannuation Scheme. In addilion lo the above. the full impact following the recent emergence of the global coronavirus pandemic is still urbknown. 11 is therefore cuffenlly possible lo evaluale all the potential implications for the group and ehafilrfs aclivilies, beneficiaries ar￿ the wider economy. Eslimales used in the finanaal slalemenls. partKularly with respect lo investment property valuations {see N)le 13). and the value of listed irkveslmenls are SLJbject lo a greater degree of uncertainly and volatility- Basss of consolidation The consolidaled financial slatemenls consolidate the College and its subsidiaries (see note 13) for the year ended 30 June 2022. Inlra-group balances are eliminated on consolidation. Joint venture The College's invesimenl in CokJkate LLP was accounted for as a joint venture under the equity method of accounling until January 2018 when Colok2te LLP bLcame a wholly owned subsidiary of the College. The College's investment in Ward Griffin LLP was accounted for as a joint venture under the equity method of accounting. Recognition of Income Academic fees Academic fees are ￿COgnISed in the year lo which they relate and include all fees chargeable lo students 01 Iheir sponsors. Grant income Grants received fr(Mn non-governmenl sources (including research grants from non- government sources) are recognised within the ConsolKJated Slalement of Comprehensive Income and Expenditure when the College is entitled lo the inci)me and performance related condilions have been mel. Homerton College 30

Principal accounting policies 30 June 2022 Income Teceived in a(1Van￿ of perf0mlan￿ relaled conditions is deferred on the balance sheel 2nd released lo the Consolidated Slalemenl of Comprehensive Income and Expendilure in line with suth conditions being met. Donations and benefactions Non- exchange Iransa¢tiOnS Wtlhoul perfcwmance related condilions a￿ donations and benefactions. t)onalions and elldowmenls with reslriclions are classified as restricted resetvas wllh additional disclosure provided within the noles to the accounts. Reslricled donations are recogrbised when the donor has spectfied Ihal the donation musl be used for a particular objective. Donalions with no reslriclions are recorded wlhin the consolidated slalemenl of comprehensive income and expendilure when the College is enlttled to the income. Other income Income is received from a range of acliwties incfuding residences, catering, conferences and other services rerKlered. Investment income Invesimenl income and change in value of investmenl assels is recorded in income in the year in which il arises and as either reslricled oi unreslricteil income according lo the terms or other restrictions applied to the individual fund. Foreign currency translation Transactions denominated in forevjn Cu￿en¢1es are recorded al the rale of exchange ruling al the dale of (he Iransactws. Monetary assets and liabilities denominated in foreign currencies are translaled into sterling al year end rates or. where there are forward foreign exchange contracts, al conlraci rates. The resulting exchange differences are dealt ilh in the determination of the ccmmprehensive income and expenditure for the financial year. Pension schemes uss The College participates in the uniVe￿IlleS superarinuab.on Scheme IUSSI. a defined benefit scheme which is c(M)Iracled out of the Slate Si!cond Pension {S2P). The assets of the scheme are held in a separate Iruslee-administered lund. Because of the mutual nature of the scheme. the scheme's assets are not hypolhec8led lo individual inslilulions and a scheme-wide contritKJtion rate is sel. The College is therefore exposed lo 2cluari81 risks associaleis with other inslilutions. employees arKI is unable to Klenlify its share of the underlying assets and liabilities of the scheme on a consislenl and reasonable basis and therefore. as required by Section 28 of FRS 102 "Employee Benefits" accounls for the scheme as if il were a defined conlribulron scheme. As a result, the amount charged lo the inc(Yne and expenditure accounl represents the contributions p8y8ble lo the scheme in respect of the accounting pericmj. Homerton College 31

Principal accounting polictos 30 June 2022 LGPS The College also participales in Ihe Cambridge County Council Pension Fund ICCCPFI which is a Lcul Govemment Pension Scheme {LGPS)- The 8ssels of the scheme are held and managed separately from Ihose of the College. As the College is able to identify ils share of the underly7ng assets and liabilities of the scheme on a consislenl and reasonable basis. in Accordance wlh the requirements of Se¢lion 28 of FRS 102 'Employee Benefits.. the pension scheme asset or liabilily is ieccunised in full on the balance sheet. The 8ssets of Ihe LGPS are measured using closing market values. LGPS liabilities are measured using the projecled unil method and discounled al the CLsrrenl rate of return on 8 high quality COTporale bond of equivalenl term and cU￿nCY lo the li8bilily. The increase in the presenl value of the liabilities of Ihe scheme expected lo arise from employee service in the period is ch8rged lo the operaling surplus. The expected return on the scheme's assets and Ihe increase during the perKKI in the present value ol the scheme's liabilities. arising ftoTn Ihe passage of time. are inclijded in pension and finance costs. Actuarial gains and losses are re￿gniSed in 'olher comprehensive income. in the slalemenl ol comprehensive incoffle and expenditure. Employment benefits Short lem) employment benefits suth a5 salaries and compensated absences are recognised as an expense in the year in which the employees render seNice to the College. Any material unused benefits are accrued and measured as the additional amount Iho College expects to pay as a result of the unused entillemenl. Intangible fixed a$s￿S Intangible assets comprise IT sollware and a purchased licence to ￿¢￿pY premises capitalised al cost arbd amortised through the statement of financial activities over their expected useful life as fdlows.. Li￿nCe to occupy IT soflware Over the length ￿ the license Over a period of 7 years Tangible fixed assets Lnnd and buildlngs Fixed assets are ststed al cost less accumulaled depreciation and accumulated impaimienl losses. Homerton College 32

Principal accounting poll¢lés 30 June 2022 New freehold buildings are depreciated on a slr8ighl-line basis over Iheir expected useful economic life of SO years. Freehold buildings held al 1 July 2014 were previously held al a valuation. As pefmilled by FRS 102, wlh effect Irom 1 July 2014 the College elected lo deem the valuation of these prO￿rtieS as cost. The value was been calculated by a pievious valuation being updated to 1 July 2014 by the GoveTning Body. The remaining seful econcvnic lives of these buildings Irom the dale the values were deemed lo b8 cost is 40 year5. Consequenlly. Ihese buildings are now depreciated over a 40 year period. Freehokl land is nol depreciated as il is consKJered lo have an indefinite useful life. A review for impairment is carried out if events or ch8nges in circumstances indicate that the carrying value of the fixed asset may not be recA)verable. Buildings under conslruclvjn are valued al cosl, based on the value of architects, certifi'cates and other direct costs Iricurred to 30 June. They are not depreaaled until they are brought into use. Furniture. flttings and equipment Furniture, fi'ttings and equipment costing more Ihan £5.000 per individual item or if the aggreg8le value of related items exceed £100,(IXJ are capilalised 2nd depreciated over their expected useful life as follows.. Furniture and filtings Computers and general equipment 10% per annum 200A per allnum Investments Fixed asset investments are inciuded in the balance sheet al fair value, except for investments in subsidiary undertakings which are slated in the College's balance sheet al hisloiical cost less any provision for impaimienl. Increases in value arising the revaluation of fixed asset investments are taken lo a fixed asset inveslment revaluation reserve via the stalemenl of comprehensive income and expendilure. Surplus or losses on sale of investments are taken lo the statement of comprehensive income and expenditure. Formal valuations Icw investrnent properties are usually carried out by a professional valuer and a formal valuation was last cairied out by Bidwell's lo provide a valuation f(x 30 June 2022. Valuation gains and losses are crediled lor debiledl lo the slalemenl of financial activities wllh the balance sheel reflecling the revalued amounts. No depreciation is charged on investment properties. Homerlon College 33

Prinolpal accounting policles 30 June 2022 Stocks Stocks aTe valued at the lower of cost and nel realisable value. after any necessary provision for slow-moving and obsolete items. Creditors and provislons Creditors and provisions are recognized. when there is an obligation al the balance sheet dale as a resull ol a pas1 event. il is probable that a ITansfer of economic benefil will be required in settlement, and the amount of the selllemenl can be eslimaled reliably. Credilors and provisions are recognised al the amount the College an1￿1PaleS il wll pay to sellle the debt. DebeTktUTes and bank k)ans are a fom of financial instrument and are included in the balance sheet 81 cost. A rna￿et rale of inleresl is charged on these liabilities. which is 18ken lo Ihe stalemenl of comprehensive income and expenditure. Deferred renial income is released to Ihe statement of comprehensive income and expenditure evenly over the lease period. It is not discounled lo the present value of the income because il is not a financial inslrument as defined by sections 11 and 12 of FRS 102. Contingenl liabilities A conlingenl liability arises fr(m a past event that gives the College a possible obligation whose existence wll only be confirmed by the occurrence or otherwise of uncertain future events, not wholly within Ihe conlml of the Cofiege. Conlirbgenl liabililies also arise in circumstances where a provision would otherwise be made bul either il is not probable that an outflow of resources will be required or Ihe amount of the obligation cannot be measured reliably. Contingent liabilities are nol recognized in the balance sheel but are disclosed in the noles. Provisions Provisions are recognised when the College has a present legal or constructive obligation as a result of a past evenl. it is probable that a transfer of economic benefit will be required lo settle the obligation and a reliable eslimale car) be made of the amount of the obligation. Homerton College 34

Principal accounting policies 30 June 2022 Taxation The College is a registered chaiily (number 1137497) and is a charity within the meaning of Section 50611) of the Taxes Act 1988. Accordingly. the College is exempl from laxalion in respect of income ￿ capital gains received within the categories covered by Se¢lion 505 of the Taxes Act 1988 ot Section 256 of the Taxation of Chargeable Gains Act 1992 10 tho exlenl Ihal such income or gains are applied lo exdusively charitable purposes. The College receives no similar exemption in respecl of Value Added Tax. Contribution under Statute G. 11 The College is liable lo be assessed for a Contribution under Ihe provisions ol Slalule G, 11 of the Universily of Cambridge. This conlribulion is used lo fund grants to Colleges from the Colleges, Fund. The College may from lime to lime be eligible for such grants. The liability for the period is as advised lo the College by the Universily based on an assessable amount derived from the value of the College's assets as al the end of the previous financial year and an e51imale ol ils conference income for the currenl year. Reserves Reserves are allocated between reslricled and unrestricted rese¥ves. Endowment reserves include balances which, in respect of endowment lo the College, are held as permanent funds. which the College must hold in perpeluily. Reslricled reserves include ba￿nCeS in respecl of which the donor has designated d specAfic purpose and therefore the College is resliicted in the us& of these funds. The College currently only has unrestricted reserves. Homerton College 35

Notes to the financial statements Year lo 30 June 2022 Academic fees and Charges incomg 2022 £'ooo 2021 £'OOO College fees Fee income paSd on beham of Urmlergraduates al Ihe Publicjy furwjed Undergraduate rate Per caplla fee. £4.6251202(k21= £4,6251£4.5(M)} 2.213 2.291 Privatety-funded Undergraduate fee income Per Capita lee". £97S81£9,3￿IE9.O251E8.205IE7.375 {202 21..£9.3901£9,0251£8.2051£7,375. £6.9901 Fee income received al the GratK5ate lee rate lir*JudiNJ PGCES) Per capila le8.. £4,47512020-21.. £4.069) In(x)me from Carnbridge Bursary Scheme 1,125 1.021 2,111 1.789 341 300 5,790 5,401 Resldences, catering and conferences Income 2022 £'ooo 2021 £'ooo College members cOnferen￿S Catering College members Conferences Cdophon conferen￿$ AC￿Mmoda￿( Cateri International Pro9ramn College baT 3,479 182 2,374 861 so 353 89 82 85 16 2,745 4,828 Investments 2022 f'ooo 2021 £'ooo Analysis of Income 2,437 1.980 Land and buildings Quoted s8curibes Cash depowls 1,801 1.308 4.239 3,288 2022 £'ooo 2021 £'ooo Analysls of expenditur• Fees 397 429 Homerton College 36

Notes to the flnancial statsments Year to 30 June 2022 Donations 2022 £'ooo 2021 £'(K)O Unrestr￿ted ck)nations 102 355 Unrestricted legaaes 1,047 1.402 102 Other income 2022 £'ooo 2021 £'ooo Servicing and recharges lo th8 University ol carnt￿￿ge Mlscellaneovs ineomè Fudough ￿antS Other trading income Icthkale LLP, CdoF*)onl Other finance inc(yne-. InleTesl on pension stheme assets lrnte 21) $42 237 479 147 320 152 12 478 328 Education expenditure 2022 £'ooo 2021 £'ooo Teaching Tu(orial Admissions Research Scholarships and bursar￿ awaids Other 8ducats.onal facilities 3,230 1,378 993 2.843 1.141 348 787 327 816 611 7,437 6.287 Rosidence5, catering and eonferences expendtture 2022 £'ooo 2021 E'OOO A¢conimodalion College members Conlerenc8S Catering Colleg8 members Conferences Colophon COnferen￿S Acc(KnmcKl81ion Catering Intemalional Programme College bar 3,619 126 3.326 1.960 26 1,524 81 42 83 5,937 34 4,895 Homerton College 37

Notes to the financial statemènts Yeai lo 30 June 2022 Other expendlture 2022 £'ooo 2021 £'O(M) College adminSstration Pay experKlilure'. Diiecltxate Adrninistralve staff 17 2,246 2.263 17 1,462 1.479 Non-pay expendTlure'. Building repairs and maintenance Fuel and light Rale5 Depreciati¢￿.. buiklirvJs Depr8cialion.' fumiture 8r¥l equipmenl Debenture interest payable other tradsng costs 1Cc￿kate LLP. Cokjpknl Other 8xp8n5es other pe￿10￿ 5dme finan￿ cosis INAe 21) 130 108 19 124 100 25 528 54 1,127 15 403 393 1,127 120 250 553 5.184 4,248 Analysis of expenditure by activtty staff cosls ItKTrte 101 Olher Operating expenses £'ooo De[￿e￿allon And 8mortisalion £'o(x) Total £'ooo 2022 Education Inote 6) ResKJences, ￿terirng and conference5 (note 7) Inveslment management (x)sts Other (note 81 ConlributK)n under slalu18 Gll 4.186 2,870 381 7,437 2,337 1.957 397 1,643 5,937 397 2,263 2.308 42 7.574 613 5,184 42 8.786 2.637 18,997 Slaff cosls (nole 10) Olher Opefr3ling expenses DepreC￿tIOn And 8mothsèEN)n Total 2021 £'ooo Educalion (not8 6) R&sidences, cal8rFng a conferences (nole 7) Inveslm8nt managemenl (x)sts Olher (note 8) Contribulion understatule Gll 3. 199 2. 123 365 6,287 4,895 2.175 1.182 1.538 429 429 1,479 2. 187 562 4,24 38 38 7,453 5,959 2,485 15,897 Homerton College 38

Notes to the flnan¢ial statements Year lo 30 June 2022 Analysis of expenditure by a¢tlvity {continuÈd) 2022 É'OOD 2021 £'ooo Auditor's remuneratlon Other opÈraliry expenses ir￿Ude.. Audit fees payable lo the College's external audilor Other lees payable lo Ihe Cobjege's exlernal arAilor 26 25 29 27 io Staff costs College Fellows & other academics Non- academics Total 2022 £,￿0 £'ooo £'ooo Emoluments SO￿?1 seujrity costs Other pension rA)sts 3,514 305 2,491 5,480 492 187 323 2,814 2022 Total funds 2,476 6,310 8,786 Cdkge Fellows & olher Nc¥p- 86emics ac8demiGs Total 2021 £000 Emolum8nts Swial security costs Other pension costs 1.828 167 331 3,377 279 1,471 5,205 446 1.802 2021 Tolèl funds 2,326 5, 127 7,453 Al the Balance Sheet date there were 66 members of the Governing Body. DurSng the year the average number re￿Iving remuneration was the 49 shown below. 2022 staff number 2021 staff T)umber Number of Full.tlme fellows equivalent Number ol fellows Full-time equivalents Academic 48 Non4cadetnic 116 116 117 117 49 48 Homerton College 39

Notes to the linAnclal statements YeaT to 30 June 2022 Staff costs Iconlinued) The number ol offi￿r$ and 8mployees ol Ihe College. incJudin9 Head of House. who re￿Ived remuneration in the followng raThJes vas.. 2022 £'ODO 2021 £'ooo t100,001- £110,000 £110.001- £120,000 £120,001- £130,000 £130,(K)1- £140,000 Remunerab'on includes saLqry. employer's national insurance ￿t￿t￿lt¥J￿s, emtdoyer's pensi<¥) contrfbulions plus any taxabk benefits eilher paKI, payable or provi¢Jed. gross of any salary Sa¢rth￿ arrangements. Key managementpeisonn81 Key management personnel are those persons having authority and responsibility for planning. directing, and controlling the aclivilies of the College and are deemed to comprise Ihe senior officers listed on page 2. Aggregated emoluments (consisting of salary and taxable benefits. bul excluding any employer's pension conlribulion) were as folbws.. 2022 £'ooo 2021 £'ooo Key manay8mènl personnel 680 680 601 601 11 Intanglble fixed assets Boathouse I￿enSe £'ooo Cornpuler sofiwarè £'o(x) Total £'ooo Consolidated an(1 College Cost I valuation Al beginning ol year Additions at cosl 330 197 38 235 527 38 Al end ol year 330 565 Amortisation At tEginning of y8ar Charge lor the year Al end of year 78 33 85 36 121 10 111 Carrying amount At ￿) June 2022 At 30 June 2021 320 323 124 119 444 442 Homerton College 40

Notes to the financial statements Year to 30 June 2022 12 Tangible fixed assets cd Assets buildings undei and &te c￿nStruC110n Fumilure, rillngs and equipmenl Total £'ooo Consolidated £'ooo Cost Al beginning of year Addilions al cosl Transfers Disposals Al end of year 113,3&1 7.545 9.193 9.889 3.742 1.060 126,991 8.605 19.1931 1531 4.749 1531 135,543 130.098 Depreciatlon Al beginning ol year Charge for the year DisrKJsals Al end ol year 12.798 2,206 2.824 395 1531 3,166 15,622 2,601 {531 18,170 15,004 Net book value At 30 June 20Z2 115,094 696 1,583 117,373 Al 1 July 2021 1￿.562 9,889 918 111.369 C(A Assets buildings under and site construction £'ooo £'ooo Furnilure, rrtlitvJs and equipment £'ooo Total £'ooo College Cost At beginning of year Additions at cost Transfers Disposal At end ol year 113,360 7,545 9.193 9.889 3.634 1.￿0 126.883 8,60S 19.193) 1531 4.641 1531 135,435 130.098 696 Depre¢lation At beginning of year Charg9 for the year Disposals Al of y88r 12,798 2.206 2,728 388 {531 3.063 15,526 2,594 1531 18.067 15,004 Net book value At 30 June 2022 115.094 1.578 117,368 Al 1 Jul 2021 11K>.562 9.889 906 111,357 Additions include the costs for ABC second floor refurbishment to FurnitLJre, Fixlures and Eqiiipmenl. Additions on buildings are for the New Dining Hall. Additions of assets under construction represent fees and costs on the New entrance building and Ibberson works. Homerton College 41

Notes to the financlal statements Year lo 30 June 2022 12 Tanglble fixed assets (continued) Land and buildings As permilled under FRS 102, Ihe tharily has elecled to deem a valuation of land and buildings prior to the transition dale as deemed cos1. Land and buildings owned al 1 July 2014 are included in the financial slalemenls al a valualion made at 31 July 2013, which was updated by the Governing Body to aTrive al a valuatiork a5 al 1 July 2014. With effect from 1 July 2014 the values assigned to these properties are now deemed Iheir cost. Land was valued at 1 July 2014 at £14.9m and buildings were valued al £64.8m, giving an overall value of £79.7m. The buildings are being depreciated Trom 1 July 2014 over 40 years. The original professional valuation was prepared adopling Ihe followng bases.. College houses- generally used for studenl and slaff acc4)mmodalion, were valued at open markel value for existing use. College sile- due lo the specialised nature of the College's activities, the principal method of valuation of land and buildings was open market capitsl value for exi51ing use on a deprecialed ieplacemenl cosl basi%. Land and buildings purchased on or after 1 July 2014 are included in the financial statements al cost, less a￿UmUlated depreualion oveT 50 years. Other tangible fixed assets are slated at cost. Included within College buildings and sile is freehold land as at 30 June 2022 of £22.9m 12021.. £22.9fnl. The insured value of freehold buildings as al 30 June 2022 was £122.6m {2021: £96.2ml including limited Cover for irrecoverable VAT and the costs of related profession81 fees. The insurers are going lo revalue the whde sile for insur8r￿8 purposes within the next two years. 13 Investments Other invest- ments £'OOD InNwlment Business C￿tre Tolal 2022 £'ooo securit￿$ Consolldated Al beginning of year Addi1￿￿$ Disposals G3irtsllLossl Change in cash balarKes ￿ dewts al fund managers At end ofyÈar 45.5(￿1 91.648 8.575 112,5611 112.4321 4.742 1.233 14B.49D 9.808 112.5611 112,4321 {1.4601 73.770 11,4601 131,845 45.5 5,975 Homert 8uswss Centre £0 Other invest- men18 £oi)o Quoled securili&s Total 21J22 £'ooo nd College £'wo At bÉynniThJ of year 45.5(M) 91,648 8,575 112.5611 112,4321 4,782 1,233 148,530 9.808 112,5611 112,4321 DisposaLs Gains Changa In cash balances and*#)sits hekj alfund managws Al Ènd ofye8r 11,4601 73.770 11.4601 131,885 45,50L> 6.015 Homerton College 42

Notes to thÈ financial stat@mènts Year lo 30 June 2022 13 Investments {continuedl The markel value of inveslments was represenled by. Consolidated College 2022 £'ooo 2021 £'ooo 2022 £,(￿0 2021 £'ooo Inveslmenl land H(merton Gardens Quoled sewrities- equities FIx8d interesl securities Cash held for reinvestment Other investments 6,600 45,500 78.833 10,259 2,556 4.742 148.4 6,600 45,5 66,704 5,977 1.096 6,015 131.886 6.600 45,500 78.833 10.259 2,556 4,782 148,530 45,5(X) 66.704 5.971 5,975 131.846 The College's quoted securities period end market valuations are provided by the College's inveslmenl managers. Rothschild Wealth Management and UBS AG. The investment land was revalued by Bidwell al £6.6m on 30 June 2022 {2021.' £6.6ml- The valuation is undertaken on the basis of open market value taking account of the College's estates strategy for the future use of this land. The value of Homerton Gardens al £45.Sm (2020.. £45.5ml reflects the revaluation by Bidwell al 30 June 2022. This has been valued based on the rental yteld to be achieved under the Scheme. Other investments comprise: Investments subsmliary undertakings £'ooo Invesimenl in joirTrt venture Other inveslmenls Total £'ooo £'ooo At beginnitYJ ol year Investment in Ward Griifin LLP At end of year 4.192 1.233 5,425 io 4,782 1,233 6,015 580 10 Investments in subsidiary and joint venture undertakings comptFSe'. Na Counlry Class of shares Activity Colophon Limited England and Wales Ordinary 100 Commercial conferencing and other trading Colokate LLP England and w￿e5 See below See below Property management Ward Griffin LLP England and Wales See below See below Property management Homerton College 43

Notes to the financial statements Year lo 30 June 2022 13 Investments Icontinuedl Colokale LLP is a limiled liability parinership and hence has no share capital. Until 25 March. 2019, the members of the LLP comprised HBC1 Limited and Colophon Limited. Each member appointed a representalive lo the Management Board. From 25 March 2019. the members of Cold(8te LLP comprise Hovnerton College and Colophon Limited. The income and expendilure for Colokale LLP for the year ended 30 June 2022 included in the consolidated financial statements is as follows.. 2022 £'ooo 2021 £'ooo Turnover Costs l Administrative expenses 24 12 141 Ward Griffin LLP is a limiled liability partnership and hence has no share capital. The members comprise Homerton College and Sl. Marfs School. Each member appoints two appointed Tepresenlaltves to the Management Board. Certain key decisions require the consenl of both partners. so the LLP has been accounted foT as a joint venture. The College's share of Ward Grtffin LLP included in these financial ststemenls is as follows.. 2022 £'ooo TuTnDver Costs l Administratwe expenses 1241 1241 2022 £'ooo Assets under collstruct¥)n LIabl￿tieS due witliin one year Homerton Colleoe's share of nel assets 14 Stocks Consoltdated College 2022 £'ooo 2022 £'ooo 2021 £'cKJo 2021 £'ooo Goods for resale 25 14 21 25 14 21 Homerton College 44

Notes to the financi21 statements Year to 30 June 2022 15 Trade and other receivables Consolldated College 2022 £'ooo 2021 2022 £'ooo 2021 £'ooo Trade deblors 453 704 37S 654 Arnounls due Iiom subsKliary undertakings PTepaymenls and acuued i￿X 440 344 1,335 1,788 1.142 f.846 1.331 2,146 1,149 2,147 16 Cash Consolidated Co118ge 2022 £'ooo 2022 £'ooo 2021 £'ocx) 2021 £'ooo Cash at bank 2,880 4,361 2,650 4,275 Cash in hand 2,882 4,363 2.652 4.276 17 Credltors-. amounts falllng due withln one year Consolldated College 2022 £'fY)O 2022 £'ooo 2021 2021 £'ooo Trade creditors 874 855 680 Other taxation and soual securily cC￿trIbutIon to Colleges. Fund Islètute G.11} Other creditors and accruals Deferred rental income (note 181 Other deferred income 1.012 42 1.905 32 75 3.940 737 38 1,4(K) 32 43 1,012 42 1,880 32 737 1,380 32 34 2,901 35 2,932 3,856 Homerton College 45

Notes to the flnancial statements Year to 30 June 2022 18 Creditors.- amounts falling due after one year 2022 £'OOD 2021 £'O(K) Consolidated and College Debenlures 29.86B 29,862 Defwred rental income 2,550 32.41B 2,582 32,444 During 2013-14 the College participated in a LK)nd issue jointly with a number of other Cambridge colleges which raised £10m {before deduction of fees) of long term unsecured funding. In August 2015 the College participated in its own bond issue which raised £20m of long-temi unsecured funding. The debentures are wholly repayable al Ihe end of their respeclive terms and are slruclured as follows- Interest Tale Ifixedl 2022 Amount £'O(K) Debentures Term Tranche 1a- CCF Ioctober 20131 Tianche 1b- CCF Ioctober 20131 Tranch8 2- CCF (January 20141 Privale Pla￿Tr￿n1- HemiiUPrudenlial {Augusl 20151 Feès deducled 30 years 40 years 30 years 25 Years 4.40% 4.40% 4.45% 3.38% 3,211 2,569 4,220 20.000 1132) 29.868 Deferred rental income represents the deferral of monies received from the Universily of Cambridge Education Facully for Ihe grant of a 99 year lease in 2005 over their new building that has been constructed on the College site. The receipt is being released to the slalement of comprehensive income and expendilure in equal annual inslalmenls over the Fease temi. 19 Provisions for Ilablllties and charges 2022 £'ooo 2021 £'ooo Con5dldated and College Al beginning ol year Benefils paid Charge to inc￿￿ and 8xp6nditure accwnl Changes in actuarial assumpbo At end of year 498 1371 1141 12891 158 460 1351 {51 78 498 The provision ￿lateS to Ihe College's liability lo enhance the penslons of teaching staff who have retired early. Homerton College 46

Notes to the tinanclal statements Yeai to 30 June 2022 20 Contingent liabilities There are £nil conlingenl liabililies as al 30 June 202212021.. £nill. 21 College penslon schemes 2022 £'ooo 2021 £'ooo Consolidated and College Surplu5 1 Ioefioll ijnder Cambridgeshire Cwnly PensK)n FurKI Liability for deficit redudon payrnenl under uniV￿s1t1eS Superannuation Scheme Deficit at end ol year 6.057 13,5041 11.2971 4,760 {5741 14,0781 The College participates in two pension schemes. the Universities Superannualion Scheme (USSI and Cambridgeshire County Council Pension Fund ICCCPF). The CCCPF is part of the Local Governmenl Pension Stheme (LGPS). Bolh schemes are defined benefil schemes that are externally funded and conlracled out of the Slate Second Pension. The assets of the schemes are held in separale Iruslee-adrninislered funds. The College is unable lo identify ils share of the underlying assets and liabilities in respecl ol Ihe USS scheme on a consislenl and reasonable basis and the￿fOre, as requiTed by FRS 102. accounts for the scheme as if il were a defined contribution scheme. As a result, the amount charged lo the income and expenditure account represents the conlribulions payable lo the scheme in respecl of the accounting period. CCCPF has been able to apporlion a per￿ntage of ils funds. assets and liabilities relating lo the Coltege and therefore the scheme has been treated as a defined benefit scheme in the financial slalemenls. The disclosure requirements of FRS 102 in relatKJn lo these schemes 8re shown below. The College is required lo ¢ontribule a specified percentage of payroll costs lo the pension schemes to fund the benefils payable to the companls employees. In 2022, the percentage was USS= 21 .6Yo 12021.. 21.1 Y41 and CCCPF= 17.911/• April 2022 (April 2021= 18.0%). The totsl pension mst for the College and ils subsidiaries for the year lo 30 June 2022 was.. 2022 £'ooo 2021 £'ooo Service cost of USS Currenl seNce cost of CCCPF ILGPSI Totsl pell$￿￿ ￿st 1,044 1,770 2,814 295 1,507 1,802 The lalesl v8lualions of the schemes assets and liabilities for which resulis are available.. uss CCCPF ILGPSI Date of valuats4Jn Market valuation of assets Past service liabilities Deficit of assets 31 March 2020 £66.500m £80.600m £114.100)m 31 March 2019 £3,193m £3.204m £111lt Homerton College 47

Notes to the financial statémènts Year to 30 June 2022 21 Collegè pension scheTnes (tontinuedl uss The appointment of direclors lo Ihe board of the Iruslee is delermined by the trustee company's Articles ol AsSo￿all0￿. Foul of Ihe directols are appcwnted by UniveTsilies UK- three are appoinled by the University and College Union, of whom al least one musl be a USS pensioner member.. and minimum of two and a maximum of four are co-opted direclors apP￿nted by the board. Under the scheme Irusl deed and rules, Ihe empk)yer conlribulion rale 15 deleimined by the Iruslee. acling on actuarial advice. As al the 30 June 2022, Ihe latest available complete actuarial valualion of the Retirement Income Builder was at 31 March 2020 {Ihe valuation dale), which was cairied out using the projected unil method. sin￿ the inslilulion cannot ideT71ify ils share of USS Reliremenl Income Builder assets and liabilities. the followng disclosures Teflect Ihose relevant for those assets and liabilities as a whole. The 2020 valuation was Ihe sixth valuation for Ihe scheme under Ihe scheme-specilic funding regime introduced by the Pensions Acl 2004, which requires schemes lo adopl a slalulory funding objective, which is to have sufficient and appropriate assels lo cover their technical provisions. Al the valuation dale. the value of the assets of the scheme was £66.5 billion and the value of the scheme's technical prowsions was £80.6 billion indi¢aling a shortfall of £14.1 billion and a funding ratio of83%. Under FRS 102. a liability has been recognised to reflect the cosl of the Recovery Plan of the Scheme lo the College. At 30 June 2022. this stO(Ml al £1.297.00012020.. £574.0￿)- FRS 102 liability numbers have beerb pr(MYuced fc￿ the scheme using the following assumptions.. 2022 2021 Discount ia18 Pension8b18 salary grovrth Payroll base d)arNJe 3.31° 170.1. 0% 0.87¥. 2.50% The m8in demographic assumplK)n used relates to the mortality assumptions. These assumptions have been updated for the 31 March 2021 accounting position. based on updated analysis of the Scheme's experien￿ carTied oul as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows- The current life expectancies on retirement at age 65 are- 2022 2021 M81es cutrently aged 65 {ye8rsl Fernales currenlly aged 65 (year51 Males currenlly aged 45 (yea￿) Females currently aged 45 {yearsl 23.9 25.5 25.9 24.6 26.1 26.6 27.3 27.9 Homerton College 48

Notes Éo the financial statements Year lo 30 June 2022 21 College pension schemes (continued} USS (continued) 2022 2027 Existing benefits Scheme assets FRS 102 liabilities FRS 102 deficit £80.6bn £80.fjbn £95.8bn £15.2bn £86.2bn £5.6bn 94% FRS 102 funding levd Cambrldgeshire County Council Pension Fund (CCCPF (LGPS)) The CCCPF is a delined benelit scheme based on final pensionable salary. Liabilities are valued on an actuarial basis using the projected unil method which assesses the future liabilities discounted lo their present value. The movement in the net surplusl{defI￿¢} in the scheme was as follows= 2022 £'ooo 2021 £'ooo Consolrdated and Colleye (Deficill sur￿uS at beginn￿9 of year CuJrenl senrice cost Interest on assets Contributions by employer Other finance cost Actuarial Ilossl (Deficitysurplus at end of year 13.5041 11,7701 478 597 15531 10.809 6,057 {3,8941 11.5071 328 583 13931 1.379 13,5041 With the valuation prcyJucirrfJ a Su￿￿us, and us not being ab￿ to be refunded from the scheme, we are disclosing a £nil value in the Balance Sheet. There is a prospect for reduced conlribulions bul this is an unknown al the lime of these accounis. The main assumptions used for the purposes ol FRS 102 are as follows= 2022 2021 Diswunl rale Rate tsf incièase of salaries Rale ol increase of pengon in payment 7.85°A 3.30 2.8% 3.15Y. Assets are valued at fair value. principally market value for investments, and comprise.. 2022 £'ooo 2021 £'ooo Equibes Bonds Property Olh8r 18.003 3.343 4,11S 257 18,003 3,858 3,600 257 25,718 25,718 Homerton College 49

Notes to the financial statements Year to 30 June 2022 21 College pènsion schemes Icontinuedl Cambrldgeshire Counly Council P8nsion Fund (CCCPF (LGPS)) (continuedj The current mortality assumptions include suffKienl allowan￿ for fulufe improvements in mortality rales. The assumed life eyclalions in years on retirement age 65 are: 30 June 2022 30 June 2021 Current pensK)ners Males Females Future pensioners Males Fernales 22.0 24.2 22.2 24.4 22.9 26.0 23.2 26.2 30 June 30 June 2022 2021 £'ooo 30 June 2020 30 June 30 June 2019 2018 £'ooo £'ooo 30 Jun& 2017 £'ooo Presènt value of funded oblwJations {19.6611 129,2221 125.645) (21,6251 118.7521 118,6111 21,297 20,199 18,413 13281 1,447 11981 Fairvalue ol F4an assets 25.718 6.057 25.718 21,751 13.5041 13,8941 Present value of unfunded oNigations Nel Iliabilitiesl assets re(xwded in Ihe balar>ce sheet 6,057 {3.5041 13,894) 1328) 1,447 11981 Experience Ilossl gain on assels 1727) 3.383 1175 337 1.092 1,137 Experience1055 Igainl on liabAitEs 111,536) 1,621 11.1611 11901 Amounts charged to Sncome and exp8ndlture a¢¢ount 2022 £'ooo 2021 £ Ix)o Current S8NCe Cost Interest on obfKJalion Inleiesl on assets 1,770 478 15531 1,695 1,507 393 13281 1,572 llnalysis of amounts r6cognlsed in other c(#nprehensive incom• 2021 £'otK) £'ooo Return ￿ assets excluding aTrN)unts in net interest Changes in financial assumption Total actuarial gain rerA)gnized 17271 11,536 10,809 3,383 12,0041 1,379 Homerton College 50

Notes to the financlal statements Year lo 30 June 2022 21 College pension schemes lcontinuedl Cambridgeshire County Councll Pension Fund (CCCPF (LGPS)) (continued) Changes in thè present value of the defined benefit obllgatton= 2022 £'ooo 2021 E'OOO Opening defined benefil obligat Curfenl seTrice cosl Interesl cosl Conlribulions by mernbers Changes in financial assumpl)n Benefits paid Closing dèfin8d benefil obligal 29,222 1.770 553 211 111,536) 15591 19,661 25.645 1,507 393 206 2.004 15331 29.222 Changes In the falr value of plan assets: 2022 £'ooo 2021 £'ooo Opening fair value of plan assets Nel interest Contributions by memb8r5 and olher bcmjies Conlributions by employ Return on assets excluding amounts Ind￿je in nel interest BenefJ15 paid Closing lair value of assets 25,718 478 211 597 17271 15591 25,718 21.751 328 206 583 3,383 15331 25.718 The College expects lo contllbule £617.000 lo its defined benefil pension scheme in the year ending 30 June 2023 (2022.. £577,000). The management bases required by FRS 102 are likely to give rtse lo significant fluctuations in the reported amounts of the defined benefit pension scheme assets and liabilities from year lo year, and do not necessarily give rise lo a change in the contributions payable into the scheme, which are recommended by independenl actuaries based on the expected long term rale of return on the scheme assets. 22 Related party transactions Owng lo the nature of the College's operations and the crmnposition of the Governing Body, il is inevitable that transactions will take place with org8nisations, in which a Governing Body member may have an interest. All transactions involving organisalions, in which a member of the Goveming Body may have an interest, are conducled al ami's length, and in accordan￿ with the College's normal pr(￿edUreS. The College mainlains a register of interests for all Colleg: Council membets arKI where any member of the College Coun(xl has a malerial interest in 8 College maller they are required to declare Ihal fact. During the year no fees or expenses were paid to Fellows in Tespecl of their duties as Trustees. Fellows are remunerated for leaching. rese.arch and other duties wlhirb the col￿ge. Fellows are billed for any private catering. The Trustees iemuneralK)n is overseen by the Fellows Remuneration Committee. Homerton College 51

Notes to the financlal statèments Year lo 30 June 2022 22 Related party transactlons I￿ntinUe￿I The salaries paid lo Trustees in Ihe year are summatised in the lable below= Salary 2022 Number 2021 Number £1- £10.0(M) £10.(X)1 - £20,(MK) £20,(X)1- £30,￿) £30.(K)1 - £40,(MK) £40,001- £50.￿0 £50,(X)1 - £60,(K)O £60,001- £70.CH)o £70,001- £80,1XJO £80,001 - £90,(KJO £90.001 - £100.000 £100,001 - £110.000 Tolal 17 16 The lolal Trustee salaries were £855.879 for the year12021- £678.0241- The trustees were also paid other taxable benefils li￿lUdIng associaled employer Nalional Insurancè contributions and employer contributions lo pensions) total £280,958 for the year 12021.. £218,604)- The College has a number of trading and dormant subsidiary undertakings which are consolidated into these accounts. All subsidiary undertakings are 100°A owned by the College and are registered and operating in England and Wales. The Collegè has tsken advantage of the exernplH)n within seclion 33 of FRS 102 not to disclose IransactK>ns wilh wholly owned group companies that are related parties. There are 31 Colleges. each ofvthich 15 an independent corporali)n with ils own propertyand income. Ea(* College publishes ils own financial statements in a form specified by the University of Cambridge. The College pays levies to support the activity of the Office of Intercollegiate Services {OISl. The OIS is responsible primarily for arranging support services lo the 31 colleges of the Collegiate Universily(Cambridge). The College acts as an agent for the collection of fees for the University ol Cambridge,. for the year ended 30 June 2022 these fees total £14.043k {2021: £12,900kl. During the year the University paid College from these fees sums lolalling £4.324k {2021'. £4,080kl under the terms of agreements between Ihe University and Ihe Colleges lo share fee income with the Colleges in a ivay that recognises the relative contributions of the University and the Colleges. During the year College made a conlribulion undei Statute Gll of £42k12021.' £38kl into the Colleges Fund_ The Colleges Fund is administered by the University of Cambridge on behalf of the Colleges, who make all contributions lo and receive all allocations from the Fvnd. College administers a Cambridge Bursary Scheffle lo support undergraduates financially- the University of Cambridge contributed £283k lo this scheme12021.' £263kl- In the course of ils charitable aclimlies, College also pays the University of Cambridge lor printing, nelwi)rk and olher services. In addition. Homerton College periodically provides conference-related services including accommodation, catering and other services lo the organisalions and departments belonging lo the Unwersily of Cambridge on standard third party leTmS. Homerton College 52

Notes to the financial statements Yeai lo 30 June 2022 23 Reconciliation of consolidated operating surplus to net cash loutflowl inflow from operatlng actlvities 2022 £'ooo 2021 £'ooo (Deficit) surplus wntinuing operations Depreciation ol larvJible fixed assets (￿te 12) Armrhsalion of lntaThJ1b￿ fixed assets Inte￿$1 payable Inveslm8nl incorv Pension costs less conlribvtK)ns p8y8Ne 12.629) 2,601 36 1,127 {4.2391 2,291 11.7751 2,453 32 1,127 13,2881 E 11 Decrease lincreasel in slod(s De¢rease Ilncreasel in debtols IDecreè5el increase in creditors dve within one year Decrease in creditors due in mole than year Decrease in provisK)ns Operaling loss on joM)I venture Nel cash loufflowl inflow from operating aclivilies 131 505 12211 1251 {401 151 {2601 1.OOB 1261 13711 1241 11631 24 Cash flows from investing activltles 2022 £'ooo 2021 £'ooo Investrnent income received Bank interest received Purchase of tangible fixed assets Purthase of intangible fixed assets Purthase ol investments Proceed5 01 disposal of investments Total ea5h flows from invesling activities 4,238 3,288 {8.6051 1381 19,8081 12,561 11,6511 16,5401 129,0821 40,504 8.149 25 Cash flows from financing activities 2022 £'ooo 2021 £000 Interest paid N81 Loan Borrowing I (Repa￿ntI Total cash flow5 from finanang aclmties 11,1271 11,1271 14.0(X)I 15,1271 11,1271 Homerton College 53

Notés to the financial statements Year to 30 June 2022 26 Consolidated reconciliation and analysis of net debt other non-cash cl)anges Al 1 July 2021 Cash At30 June 2022 £'ooo Consolidated £'(x)o £'ooo Cash and cash Èquivalents Cash al bank and in hand Cash held with fu￿ managers IrK)te 13) 4,363 2.556 6.919 11.4811 11.4601 {2.9411 2,882 1,096 3.978 BoiYowlngs- amounts falling due after rnore than one year Debentures Inole 181 Lloyds revolving cre(fil faalily (note 181 129,8621 {61 129,B681 129.8621 {6} 129.8681 122,9471 12,9411 161 125.8941 27 Financlal Instruments 2022 £'ooo 2021 £'ooo Financial assets Financial assels 81 fair value Ihmugh Stalement 0fcomwe1w￿￿ im)me Listed equity investments Fixed interest securities Finèneial assels Ihal a￿ eqw.ly ins1run￿￿fS ￿aSu￿d?l cost less Impalm￿nI 66,704 5.971 78.833 10,259 - Other equtly investments Financial assels thal are debl inStruTh￿lS mea5uredat amortisedcosl . Cash and cash equwalenls Tra(Se debtors 5.975 4,742 2,882 453 4.363 704 Flnanclal liabilities Financial liabilNlies rneasu￿d at amortised cosl Debentures Revolving credit faulity - Trade creditOTS (29,11681 129.8621 18741 16821 28 Capital commitments Land and buildings 2022 £'ooo Land and buildings 2021 £'ooo Authorised and conlracied for Aulhorised but not yet contraded for 1.207 B,611 6,857 10.221 Homerton College 54

Notes to the financlal statements Year lo 30 June 2022 29 Post Balance Sheet Event Homerton College 55