2023-06-30-accounts

Charity Registration Number 1137497 HOMERTON COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 l Homerton College

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REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30JUNE 2023 Registered address Hills Road Cambridge CB2 8PH Charity reglstration number: 1137497 Members of Council ITrusteesl Ex officig Member5 Principal Vice Principal Loid Woolley of Woodford Dr Francesca Moore Ilrom 01 October 20221 Louise Joy Iiesi8ned 30 Seplember 20221 Dr Penelope Barton Dr Simorh Brockington (from 01 October 20221 Deborah Griffin (resigned 30 September 20221 Senior Tutor Bursar Elected Fellows {for 3-year terms to 30 September) Mathew Moss (resigned 30 September 20231 Juliana Cavalcanti120231 Paul Warwick120231 Tim05 Kipouros120231 Miles Stopher (Resigned 30 September 20231 Fernanda Gallo120241 Will Fawcett120241 Alison Wood120251 David Belin120251 Katherine Boyle120261 Josie O'Donoughue120261 Olivier Tonneau120261 Co-opted Fellows Georgie Horrell120231 Melanie Keene120231 Joel Challen120241 Student Members Inot Trustees) JCR Piesident MCR President Robin Webber Mollik Shamimuzzaman l Lucy Cole Senior Offrters Head of House Vice Principal Senior Tutor Bursar AdmSssions Tulors Lord Woolley of Woodford Dr Francesca Moore Dr Penelope Barton Dr Simon Brockington Dr Paul Elliott Dr Georgie Horrell Dr Melanie Keene Dr Simon Wadsley Postgraduate Tutor Secyetary to the Governing Body and Council 3 Homerton College

REFERENCE AND ADMINISTRATIVE DETAILS FOR THI YEAR ENDED 30 JUNE 2023 Auditors Price Bailey LLP Tennyson House Cambridge B115iness Park Cambridge CB4 OWZ Bankers Iloyds Bank plc Endeavoui House Chivers Way Histon Cambridge CB24 9ZR Solicitors Taylor Vinters LLP Merlin Placf.. Milton Road Cambridge CB4 OOP Property advisers Carter Jonas 6-8 Hills Road Cambridge CB2 INH Bidwells Bidwell House Trumpington Road Carnbridge C82 9LD Investment maniigers Rothschild & Co New Court St Swithin'.% Lane London EC4N 8AL 4 Homerton College

Repovt of the College Council for year ending 30 June 2023 SCOPE OF THE FINANCIAL STATEMENTS The ti-ustees of Homerton College ('the College.) present their- report incoi-pot-ating the operacing and rinancial review, together with the audited financial statements for the year ended 30 June 2023. These cover the consolid3ted operarions of Homerton College and its subsidi31-ies. The financial siateinents have been prepared in accordance with the 2ccounting policies set out on pages 27 10 32 and comply wilh applicable Ixws, I'he requirements of the Recommended Cambridge College Accounts (RCCA). the Scaiement of Recommended Practice: Accounting f(H- Further and Highet- Education (20151. and FRS 102 'The Financial Reporting Standard applic3ble in the UK and Republic of Ireland,. Status Homerton College was founded in 1768 and gained its Royal Charter and membei-5hip of the University of Cambridge in 201 O. With over 1.400 students covering 211 undergraduate and most postgraduate courses. we re 01)e of che largest, youngesi diverse. and most dynamic colleges in the University. We pride ourselves on our Wdlues led 3ppro3th 2nd especially on the importance of f3irness, openne55, and excellence. We believe thar education is more than just a qualificaiion and that the skills to use and apply learning are just as important a5 the degree itselF. The College is constituted through its Royal Charter, and it is also a registered charity. This report and the accon)panying accounts consolidate the operations of H(Mnerion College and its subsidiaries which are.. Colophon Limited under(akes commercial c￿ferenCeS and also operates the College bar and May Colokate LLP. which was incorporated during 2013114 ro facilifdte the residential development5 which are part of Homerton Garden5 adjacent 10 the main college sito The development works are complete. and par(nersiiiP now exists to hold the freehold Ward Griffin LLP is a partnership between Homerton College and St Mary s School. It developed and now manages the 5POrts r￿Id$ ovmed by St Mary's School, which were leased to the par(nership in 2020 for 66 years. Purpose, Charitable Objectives an,Y Public Benefit The PLtrpose of the College is to rtrurture a talented, diverse, open-minded. and principled scholarly eommunity, and thereby to further the Universitls mission of conrrtbuting to sociecy through thts pursuit of education and research at the highest levels. The College's culture and values emphasise indusiviw. both in reaching out to po￿￿tial students from the widest range of backgrounds, and in ensuring that students from every backE.round feel a sense of belonging t Homerton 2nd that they are welcome and supported. The College believes that equality. diversicy. and equity lead to excellence. and works to remove any barriers to full participation in Cambridge life that scudents may experience. Homerton's culture is one of frierTrdliness and lack of hierdrchy. The objects of the College. as set OLrt in its Royal Charter. a l. For the public benefit to athaJKe education. religion. learning research within the Unwerslty of Cambridge. 2. For the public benefit to provide for person& who shall be member5 of the Unlversity, a College wherein they rnay work for degrees of the University of Cambridge. The College Council has complied with its duty to have due regard to the Charity Commission's public benefit guidan¢e. 5 Homerton College

Vision and Values During the year, the College has refined irs Values, Visron and Mission and is now worl<ing ork 3 comprehensive strategy update. We expeci to publish these documents in the 2023124 academic year. Equality, Diversity and Inclusio The College has an active, energetic and dynamic approach to EDI which informs all aspects of college life including 3dmission& outi-each and our commitment to improving and enhancing student experience for all students. This year, we are especially pleased to have appointed several research fellow5 whose research interests will further Homerton's ambitions in EDI. have also held two higF profile College events. one elebrating BL3ck History Morkth 2nd the other EO welcome Reverend Al Sharpton to the College. Black History Month dinner Lord Simon Woolley hosted an exceptional ga13 dinner at Ihe College. on 26th October 2022. inviting students of Afi-o-caribbean descent from across Cambridge to join him 2nd distinguished guests to celebrate Black History Monih. StLJdents described the evening as one of 'Bl3ck joy'_ a landmark inspirational 0¢￿S1On. Reverend Al Sharpton visit Homerton was honoured to recelve a visit from Reverend Al Sharpton, US Civil Rights leailer on 6 February 2023. who delivered 3 powerful inspirational address to a full Great Hall. Students were encouraged 10 lind meaning. purpose and Service in their lives. Educational achievements Admi55ions and Outreach The Admissions Team have offered a dynamic programme of events and services. In 202212023. our Schoo15 Liaisc)n Officer, working close collaboration with our Admission's Manager, organised and delivered wide- ranging 10712022.. 73) outreach eveni& EK*th online a￿j in-persork. Of the 591 (2022.. 3891 schools and 9,151 {2022.. 38101 participants who attended these events. signif4trdVlt numbers came from areas where few progress to higher education. Admissions Tutors participated in various a(.'tivities. For exampl< our Science Admi$5ions Tutor developed a poruble educational "escape" game with fuiiding from the Newton Tnjst. The escape room test5 the an21ytical and synthetic (htnking skills that we look for in our applicants. making ic a novel way to inspire students to apply to top universities and to prepare them for interviews and the univer511y transition. It involves 80 scientrfic thinking skills puzzle5 and has been delivered to over 400 potential applicanis to date, with plans for a country-wide expan51&)n over the coming year. We also collaborated wirh Trinity College to deliver an intensive 4-day Biological Sciences Summer school for 70 A-level siudenc& Other events included Open Days, Outreach buses (bringing groups of students frorn across our 'link areas into College. for busy. aspiration-raising days). a visit to Schools in Scocland, online acce55 courses and guided tours of the College. We also hosted 3212022.. 401 students on ￿Sidential elemeni of the university STEM-SMART scierbtific preparatron programme, making us one of irs biggest supporters. Our flagship admissions event is our Sustainability Student Conference in late AugusL The Conference is the culminaiion of an essay wriring and design competition (with online session5 for inspiration and guidance) and is a 3-day residential for l 00 state school students. The central day of the Conference is an Open Day for up to 300 attendees with variou5 activities, discussions and talks With prioriiy given to student5 who have participated in the College's programmes. 6 Homerton College

Admissions and Outreach (cont'd) The Conference 21so engages Olir ciirrent students Iposrgr3du3tes and undergraduaies) in creative ways and 1$ 3 clear example of the College developing the practrce of 'Siudents as Partners. tt .'Ilwww.ccil.cam.2c.uwfileslsiudents-as- ai-tners- uidance. One among m3ny positive reviews staced. 'Ii [elt an70zing to congregoie in o sptice filled widi so mony kind ond inlellEeRt Sixth [oimers who ojl cored so much oboui our environment... Homerton Stoffwere oll so welcoming ond iruty encouroged the voices ofyoung People to be heard in such Pertineni discussions.. Our AdmiS￿On$ strategy is fundamentslly irbfornied by our core values of EDI and widening partlClP3tion. A small but effective team {3 part time PJlTnissions Tutors. ably supported by our Admissions Adminiscrator and Manager). working with Directors of Study and the Admissions Advisory Group by the Senior Tlttor. considered inother impressively strong set of applKaiion5. ThÉ5 year iot31 applications to Homerton numbered 1,019 {2022.. 8751- We conducted 1.29412022.. 10761 admissions interviews. made offers 10 214 (2022.. 2271 student5 and confirmed 182 (2022.. 1801 students for Macriculaiion in October 2023. We al'e rightly pleased with our widening participation statI5r￿S (see T3ble I l. which generally exceed university averages and the 2024125 ¢argec5 Outlined in the Univer5iry Access and Participation Plan. We celebrate another radically diverse intske of 5tudenrs. Universi Tar et access Acce tances 147 Atce tances 81% 75% 3% 18% 26% 24% 14% for 2024125 Home State POLAR I POLAR 1+2 OAC 69% 27 38 35 20 17% 21% FSM Table One. Undergraduate admissions acceptan￿$ for Homerton College in 2022. Note thaE all Widening Participation metric5 {see below) are calculated as a percentage of Home studpthts. POLAR. tt meosute tyoduced by HEFCE whtch rthryks Ne05 bG5ed on Ihe roie fti wh￿h young peo￿ h￿l0[￿tel piogressed to higher educolion. These r4Jnks ore tfjen used to &pwde we05 y)10 oJinxle5 Students fr(vx POLAR 1 ¢7rEos lye th05e hove o home posicode tho it)to (he 1x￿orn 20% 0[oreos ranked ty thi5 meo5we, whde POW 1+2 fol inM the bDltorn 40%. OAC. Output Areo aossificatsm. o ottyeos the OffKe ￿Nots￿￿1 dat(r fm the 2011 censu& Since 2014. Ihe CombrJdgeAdffli55N)ns OffKe hos colldJ(ted Fe5ttY(h into h(w these dossrftcatiom u?tetatt with unde[represen￿$10n ot Combridge ond other iithcotoff. Orsoc￿e{O￿1c ond ￿St￿￿1￿8e XKlJdwy househdd￿0y)lt poren(d 0c(uPolll￿. Ths re4eorth oJ7oivs us tts Pag opph'cont" th05e home POSlCDdes vxkate thry Lye rtstht ￿ ¢veas witlj Ip55 sootrecontyw djorccteristi. andlor low rOgresS￿ io ihe Ijniv￿s1ty Orc￿. IMD.. Intces of M&ltiNe Den￿(￿>. Me05￿ J￿￿￿e￿I￿ reEp￿￿E￿￿￿ts UK th(rt Id￿t￿Y relrtrrt deprwthll￿. Areos wKIKn eoch Tegtim ore ossessed accor&pnE to o Ser￿ o(indKowrs- Suth os income, (rilne, heolthcore- ojyd then ronked ogoinsl euch other ond phcedinto deitle5. S¢udeiTrts OTe o Ihg if theiT home Postcode uJthos IheyliE in on treo thoi ts It7fjked tn the botyA>m 40% of the reEth by tliese measures. FSM.. Student hos been PFOV￿￿1th Free khooj Meats WJ Foundation Year Homerton College is one of l O Cambridge Colleges to embr3te the University'5 Foundation Year initiative with enthusi35m and energy. The first cohort began their course in late September 2022 and all five Homerton Foundation Year students will be proceeding to TriFK*S in 2023. Feedback from our students has been dearly positNe- iK)th for the Course but also for the College, referencing the exceptional level of support received from their Turor and their Direttor of Studie5, as well as other Support and services offered by the College. We are particularly ple3sed by the way the College community has welcomed students from this new course arKI enabled a sense of belonging. We will welcome a further five foundation year students in &ie September 2023 and l(K)k forward to developing Olfrr collaboration with this excellent initiative. 7 Homerton College

Student numbers 202212023 Tot31 scudent numbers h2ve inci'eased gradually oyer the last tl)ree years, rising from 1.389 in 2020.21 to 1.485 in 2022-23. Undergr3dLia¢e numbers have remained stable over the period while posigl'aduate numbei-s hAve increased. despite a small reduction in PGCE numbei-s. 2020121 2021122 2022123 631 618 628 190 Under raduate Post Graduate Certificate of Education Post raduate 165 176 568 674 681 Master of Education 1asrer of Studies Other Post raduate Grand Total 87 135 346 13119 68 143 463 67 163 451 1485 1457 Table Two. Homerton student numbers 2020n I to 2022123 Undergraduate achievements Homerton LttKlergraduates have participated in another year of vibrant and ￿dr1ed activities. both currtcular (mainly supervisions. which 2re org3nised and facilitated by Directoi-s of Siudyl and co-curricular. We offer the full range of subjects taught by the Ur)iversity- from Anglo Saxon, Norse and Celtic to Veterinary Medicine. Eath subject has a Director of Studies appointed to advise, support Students and, in some subjects. co appoint superwsory. Some of these are Homerton Fellows and College Teaching Officers and others are 'external' Directors of Studie5. This year many of our student& like ochers across the UniveT5ity and universities across the IIK, were affected by the Marking Assessment Boycott. Despite industrial action. our student5 engased productively with examinarions. However. patchy results across many subjects have created difficulty for many. particularly those who need to apppi for visas for Postgraduate degrees or indeed for those with potential employment which requires the publiation of their results. The College has provided active support in a variety of iN2yS buc looks forward to these matters being resolved. At the time of writing, we are still wartFng for final exam results for many subjects. but already know that we have an impressivv six first class results in fourth year PhysKs and Ascrophy5ics. aThJ a further six in Engineering. A lur:her 9 finalists have already been awarded First& 2nd we expett more as the results are confirmed, incltjding at least six in the Education Tripos. The 3chievements of our finali515 this year are Particularly impressive against the backdrop of studies disrup14:d in so many ways by (he PBndemic.' we know that they are a resilient group and wish well as they go to make a great impact in the world beyond univer51ty. Homerton Union for Students Homerton funds a full time President of Homerton's Union of Students. who is a new graduate. elected in their final iem). The HUS plans and oversees a range of events and aciivities beginning each year with the Freshers Week (snclu4Jing professionally led Consent Workshops. EDI Workshops and some orientation games and eniertainments), and njnning Welfare activities throughout the ye2r. 8 Homerton College

Postgvadijate Support The 2022-23 academic year proved to be another busy and rewarding ume for Homerton's postgi-aduaie rommuniiy, We added one more member to our Tutor team, furthei- expanding and dtversifying the available suppoi-t for Homerton postgraduate students. Tutors assisted students with a r3nge of issues including in(ermi5SIQ115 and extensions- (amily and personal matters.. examinatloll 311owdnces and appeal& problems with supervisors and departments.. finances 3nd funding., and physical 3nd menEal health. Students conrinue 10 deal with the impaci. of the cost-of-living crisis. ongoing consequences of the COVID-19 pandemic, global conflict 3nd war. and indu5tri31 action including (he UCU m2rking and assessmer)t boyco Expanding the Wellbeing and counselling provision ha.... been well-received by postgraduate students. and we wlll continue to review and enhance the support avail¢ible on an ongoang basis. Our MCR Presidents organised well-received Freshers. weeks in Sepiember and October. as well as actively representing postgraduate student v()ices to the College throughout the year. Postgraduate achievements Postgraduate student5 continue to contribute across a wide range of College aciivities, notably with the Ch3ngemakers programme. as well as with admissions and outreach initiatives, an¢J wich 5tudenc societies in sports 3nd arross the perforwning arts arKI music. Dedicated postgraduate events SLKh 3$ the Friday Postgraduaie Fonnal Halls have once again been popular and lively events. including some themed nights (Casino and Enchanted Forest) organised by the MCR., we also specifically organised a Formal Hall for the Mst Residentials. Matriculat'ons and graduations provided opportunities co celebrate our p05tgraduate student cohorts- and invicalions to subject dinners gave a chance for Masters, and PhD students to meet undergraduates and Fellows in their disciplines. The Research Suppers continLted in a hybrid format to offer maximum flexibility for participants and this year all presentations were of an exceptionally high quality. We were delightsd to return to Oxford for our annual Research Day in late May. Topics students presented on ovw the year (which give an insight inio current research) included= Teacher wellbeing in the contexr of supporting studen". mental health needs Empathy on the peace ITne5'. aut15m and belonging in a socialty divided city Recognition as resilience= how unrecognized Indigenous nations employ global visibility a5 a pathway towards restorative justi Small non-coding RNA dysregulation in gemi cell tumours Are there inequaliues in bth2viournI interventions for obesity. Behavioural aspects of technology transfer.. evidence from smallholder farmers and the a￿1-food settor Postgraduate Oveysight and Strategy The Postgraduate Tutor oversaw the College s work with our postgradwale students, working closely with colleagues and wich che MCR Presidents. In che UnNersity. she continued as a member of the Postgraduate Committee for a second term (and will co-chair from Lent 2024),. and was the Postgraduate Tutors, Comm*ttee representative on the Childcare C(￿mIttee and O'oining in 2022-23) MSI Commitree. Work is well underway on the 2023-2027 Postgrdduate Student Strategy (which will lead on from the previous 2017-2022 document). and which wtll be devised in line with the College's V21ues. Vision. and Mission. and wider strategic planning. The key focu5 will be postgraduate widening participation Ihroughout the student journey. with an emphasis therefo￿ on inclusion and integration. as well as fundraising and iargeted and holisric 5upprL 9 Homerton College

Changemakers Cliangeinakers is Homei-ion's pioneering co-cuiyicular progrkmme developing students, 3W2reness of sell., cheir gritty re31-world ski115 to be effective in society. and their practical ability foi- making 3 posiiive impact in the world, Established in 2019 it's part ol Homerton'5 long term commitment 10 irbielligenc education combined with vision and practical hai-d graft.. the conditions for crealing a more jus( sustainabl< inclusive world. Changem3kers is available to all Homerlon students free of charge, and offers i-esidentials, workshops, 3 mentoring scheme. programmes with partner organisations. a catalyst fund, online resoui-ces, and access to leading changemakers. Student5 ian engage as little. or a5 much. as chey wish. concomitant with their interests. time(3bles and e%isting skills. Over the last four years Changemaker has taught 19.300 student hours in 3,050 student Èncounters,. built a network of 200 champions Nho have gilled more than 4000 hours of their time leaching and supporting students,. hosted 110 event5., supporied 50 student ambassadors., helped enable 14 s¢art-ups,' and genernred over £500K in in-kind and fjnancial 5UPPOrt. In 2022-2023 there were 942 {2022= 5351 student ettcounters and 7,300 (2022.. 23291 student hours.. 6 start- LIPS 5uppoI-ied and 280 12021. 156) event hour& 95% Q022.. 95%) of swdents rnted their expei-ience 'outstanding. Anecdotal eviderKe indicates the de5ir3bility and effectrveness of Changemakers.. for prospective students list￿ng Homerton as a college of choice.. (or current siijdenis, both personally and In their academic woil<,' for colleagues who contribute- and for the reputation of Homerton as a progre55we, action-orientated and values- led organitsiion. Student Support Academlc Support l undergraduate5 have a Director of Studie5 who meets with and m(ynitors students. academic development. One to one support is available for any stijdent who requires assistance with writing skills. m2th5 5UPPOrt or time managemeni and personal organisation. Subject dinner5 continued throughout the year, and these bring together undergraduat4 postgraduates, fellows and Staff. and in some cases alumni. for further discussion of re5peceive subj&t& Financial Support Through a scheme operated in common with the University 2nd oiher Camlsridge colleges, (he College provide5 bursary support to undergraduale srudents of limited financial mearis. The Cambridge Bui-sary Scheme is approved by the Office of Fair Access IOFFAI and provides berbefits at a substantially higher level (han the minimum OFFA requirement. During the year, 18712022.. 1701 Hoinerton studenis beneficed from che scheme to the value of £611.585 {2022.. 1517,906). Although this was (he second year of the enhanced Bursary scheme. College continued to offer students. in years Ihree ar.d four, participation in the Fl'lot Top- Up Bursary Scheme which benefited 79 {2022.. 131 l Homerton studenry to the Yalue of £37.774 (2021.. £53.015). This was in part funded by Trinity College. The College also operates its own Hardship Fund. and awdrds several other grants. as well as prizes for acaderrtic achievement. The total cost of such financial support was £258,98212022.. £242.047). The College's Finance Tutor seeks to support Stsjdents in need. not only from College resources, but also a range of University and other Funds. 10 Homerton College

Wellbeing and Welfare Support In the academic year 202212023. recognising the ongoing crisis in Mental Health and Wellbetng foi- young people. Homerton enhanced and srrengthened oui- wellbeing provision. We 3ppointed a Wellbeing Coordinator {November 2022). Wellbeing Assistant {Augusi 2023) and Deputy Senior Tutoi- (Wellbeing) (to stait Oct 20231- together with tl)e College Health Advisor. thu5 establishing a t-obu5t and experienced team. We h3ve offered a range ol wellbeing activities for staff arKI siudent5 (for example. breathing work5hop5, drop ins and ma$5age opportunities). Our Poet in Residence has offered wricing woi-lcshops, readings and Poe￿ walks. We have done substantial work on 3 review of Safeguarding procedures. In ack￿WIedgement of the perslstent cri515 in sexual violence and harassment experienced by sciidenrs across the UK, we hève refreshed our Gender Based Violence Working Group and started plan5 for 3 conference, collaborating with students and other Colleges and other. local universities. We are one of a small number of Colleges working with Ihe University Harassment 2nd Sexlfdl Violence Advisors to develop collaborative 'Con5ent workshops,. The College will run a series of Power and Culture Dlks and seminars in 202312024. Fellowship and Research The Homerton Fellowship continues ro grow and at the year-end numbered 73 {2022: 66) Governing Body Fellows. Several disciplines have grown across thè academic ye3r with the addition of new Fellows in subjects including Geography, Medicine, and Entjineering. The College has also appoinied Honorary Fellows this year. These are ol¢en people of public interest. and they are public champions of the iyork the college does as an educational charity. The College's newest Honorary Fellow is Baroness Louise Casey. Throughout the year the College ha5 added severnl Bye-Fellows to the community as well. Bye-Fellows serve a three-year term and provide highly walued teaching for tlie college. In many cases, Bye-Fellows also take on additional roles such a5 Direttor of Studies and Tutor. 14omerton is lucky to have a13rge community of Bye Fellows and is very grateful for their 5UPPOrt for our students. This last academic year ha5 been a particulady exciting year for the college as it develops irs expertise and strength in Biomedicine. We have added several new medical Fellows incI￿1ng in the specialties of Neurosurgery, and Ear. Nose and Throat this year. They joirb an already thriving group of highly qualified medical arKI scientific profe5sion2ls. The college is exploring opportunsties to work more c105ely with cademic5 and b￿technolOgY firms on the biomedical campus. In Summer 2023, Homerton apwTrinted its first ever Research in Prattice Junior Research Fellow5. This Is groundbre2king new form of res£arch fellowship and may be the first of its kind in Cambridge. Our new Fellows have been recruited (o a four-year Fellowship to produce research that brings direct social benefit 10 communitie5 and the wider PL blic. Crucially. some of Ihat research will also be co-produced with research partIc￿pant$ and community orgdnisations irKluding advocacy groups and museums. Thi5 new work ensures that Homerton's values. vision. and mission are embedded in the research that we fund. Our first Research in Practice scholèrs are worlung on Black African history and the history of prevention science in drug regulation and mentrdl healch. They begin their work in Ottober 2023. Homerton 15 very proud to have hosted a vibrant schedule of Research SupF.ers where Fellow5 and members of our research community. including postgraduats students. come together to hear the very latest reS￿rCh work going in the college. The events take place in hybrid format using the college's scate-of-the-art North Wing auditorium. This ye2r featured a very wide range of topics including talk5 on autism and belonging in the city, an un501ved mystery in protein research. and the public memory of World W2r11. 11 Homerton College

Estates Homerton's èrcliiteciurnlty significant New Dining Hall opened in April ?022 to sti-ong Commendation. In November 2022. the Hall was the gt)Id award winner for the UK'S best new timbei- bUi￿l￿g in the annual Wood Awards. In March 2023. the Hall a150 won the prize for 'besi new building in the Cambridge Design and Construction aw3rds. The judges remat-ked 'This siunning oddrtion to G)mbiidge's now loigegt college rovides a benchmork for whot con be done Through on ombitious Muh-din￿￿s1oll01 biTef 0 5YtnPoihelic ond vi&onory orchits(L o deepty engoged client ond a highty skrlled constru￿10n orpd delivery teom,. With work on the New Dining Hall completed. a(¢entyon turned to refurbishment to Alison Shr¢Jb501e and Paston Brown rooms Fn the Ibberson Building. The renovations address the requirements to increase suscainabili¢y and so reduce eneriy consumption by adding internal13yer5 of insulation. They have also improved lighting, enhanced the lib terior design. improved che audio-visual iechnology. and intrcduced alr conditioning. TFke renovated rooms are hugely popular with conferer)ce guests and have contribLJted to che reLovery in our conference business. Maintaining the focus on energy efficiency, in early Autumn 2022 we installed around 400 Wi-Fi contbeeced Ecosync radiator valves into the Cavendish buildirhg. The valves monitor room temperature in each room and automatically adjust the flow of heat while stmulraneously reporting energy usage across the entire building. Resulcs are outstanding.. in the initial three-monih perh)d from I September to 3 Deceinber 2022 the College saved 20% on heating related enei-gy usage. This is the equivalent of savrrkg. just under 19 Mwh of tsnergy. or the release of 3.5 ionnes of carbon to the atmosphere. During the summer of 2023 the College renovated all 40 bedrooms in E35t House. coiitirFuing the commitment io refresh all campus bedrooms on a roll.ng. ien-year cycle. The Easi House rooms are all ￿- suite, and the renovations included re•decoration. new carpets and refitted bathroom& Future estatÈ5 projects will Éknmine opwrtuniires to reconstruct the K-block area of the Cavendish building to provide an entrance foyer to the original Gre31 Hall. We will also examine opporwnities to expand graduate and postgraduate student accommodation on campus. Financial Review In the year to June 2023, Homerton s Trnc<)me comprised.. academic fees and charges 34%12022.. 36%}- residences, catering and conferences 35%12022: 30%): investment income from properry and quoted securities 20% {2022.. 26%).. and oth£r income comprising recharges to University of Cambridge and incere5t on pension scheme assets I l % (202L.' 8%}. This income amounts to £17.6m (2022.. £16.3m), with the rncrease due mainly to post covid recovery of residen￿. catering and conference, income. Within this oYer211 total. academic fee income vrd5 £6.Om {2022-. £5.8ml, refleciing a small rise in total studènt numbers and 2 minor increase in the postgraduate tuiiion lee. Conference irKome recovered to around 60% of pre-pandemic levels. af Ll.Om12022.. LO.4m) and we expect to see further recovery in year ending June 2024. Homerton's operational expenditure was 119.9m (2022-. £19.Om). This total comprised staff cost5 44% 12022.. 46%), operaiing expenses 41 % (2022= 40%) and depreciation 15% {2022- 14%). Staff costs of £8.Om were down on previous year12022.. £8.3m) due to reduced current Service COS￿ in the pension scheme. but operating expenses of 18.9m {2022.. 7.6m) showed a large increise as the College continued to recover from the effects of the pandemic. An increase in the deprecFation charge of £329k compared to previous year recognises Ihe ¢osts of the new dining hall which cdme into use in April 2022. The result for the year was a deficir before other gain5 and losses of 12.om {2022.. l2.6m)- The deficit from the education account li.e. the (Jifference between income from academic fees, less expenditure on educacion) was £2.Sm {2022.. £ l.&n)- The increase is because of rising c05t5 of teaching. tutorial and admissions, and the college relies orl other forms of income, including from its property 3nd quoted securities investments. as well as from its conference business to fill Ihe deficit. This year, the College withdrew £2m of cash from fixed assei invesrments in quored securities to Support its cash flow position. 12 Homerton College

Investments Homerton s investment porrfolio totalled ai £131. I m 30 lune 2023 {£131.8m on 30 Jutke 2022). This figure compi'ise5 commercial proper-ly assets at Homerton Gardens 2nd investment land on Ihe College's own campus. It also irhcludes equity and bond investrnents managed on the College's behalf by Rothschild anil Co. The commercial property 3¢ Homerton Business Centre (part of Homerton Garden5) was valued at £40.1 m on 30 lune 2023, being a reduction of £5.4m on the 21122 ￿lUatIOn of.. I45.5m. The decrease is due to the step-change in inieresc r31es and borrowing costs over the pasc year. which have not been kind to the commercial property seccor. By virtije of their location. sector. and p3r¢tally indexed-linked rents, the College's pJ-opei'Lies have fared better than many others. The tnain buildings are purpose built 51Xth form teaching and accomfflodation blocks which were let during the yeai- 10 Alpha Plus C. roup trading as Abbey College. The 25 year lease, to Abbey College. commenced in Septembei- 2016. Homerton Gardens also includes the Rattee & Ker( building which was lei during the year to the Cambridge Cookery School Ltd and to Accelerator Advisory Lto. Investmeiit land on the wesfem side of the College's campus near to the bwndary with the iailway line was valued at 15.9m (2022.. £6.6m). The land has planning permisston. approved on appeal in 2009 25 part of an earlier set of developmen￿ for 24 houses in five blc The College's equity and bond investments, plus cash held investmenL were valued at £79.(kn on 30 June 202312022.. £73.8m). Thi5 15 a gain of £6.Sm and refiects a recovery in stock market values durirbg the year following the correction experienced in 202 Ir12. The valuation also includes a transfer of £2rri from investment assets to cash at bank to support cath fl(yN requirements during the year. The inyestment funds fuifil the role of ihe College endowment. The funds were built up over marby years through the development of land and building5. the lease of13nd and building5 19 the University. the operation of Homerton's conference business. a decade of NHS contracts for iiurse eduvation and training. and the subsequent sale of (hat busine5& and the return from investmen Rothschild and Co. have managed the investment portfolio on Homerton's behalf since 2015. The overnll investment objective is to maintain or slighily grow the real value of invested funds. The to￿1 retum tsrget 15 RPI +4% per annum after fees and cosrs. The College has set a moderate risk tolerance with the average annual $12ndard deviation of rerurns capped at 12%. The College also thkes a long-term investment horizon with performance measured over 5-7 years. Given these targets the College believe5 that li ts susr2inable to use this portfolio to fund a deficit on 115 charitrdble activtties of 3% of the tordl value of rhe porrfolio ealcu13ted as a three-year trailing av￿age. The annu2lised retLtrn for Homercon's inveStM*￿C pcrfolio since 2015 has been +7.6%. compared to inflation over the same period of +4.8%. This n)ean5 that porrfolio perforn)ance of 7.6%1$ slighily below the tsrget. Environment21. Social and Govemance issues are of grear importance to the Co51ege. Homerton's renewed its Responsible Investment Policy in January 2022 and it 15 available on the College's websiie. L<)ok through analysis of the College'5 Portfolio shows 41 total exposure to alcohol. armaments, fossil fuels, gamblin& pornography and tobacco of O. 1% for direcily held equities. 0.7% for equity funds {with 0.4% of this figure attributable to alcohol). aThJ 0.0% for r￿ed income securiues. Donations and fundraising Fundraising income for the year to 30 June 2023 was £345.(KK)12022.. £102,(KIOI. Fundrdising is focussed on Homercon alumni. supporter5 and grant gNing bodies. We are grateful for all donations received and they are used to support our students and th￿"r education. We are aware of many individLMl$ and groups who wish to support the College and its mission. In the past year we have reviewed our fundraising and development department and recruited 3 rtew Director of Fundraising who took up post in September 2023. We antiapate thac chis will increase the College'5 3biliEy to generare funds from philanthropic sources. 13 Homerton Colle8e

Corbtribution to the College's fund This ye31-, HOMert￿ contributed 127k12022-. £42k) to the College's fund undei- University of Cambridge statiite G 11. The amount is determined by the College's Fund Commictee and is calculated accoi-ding to the value of a college's endowmeni and ics number ol siudent& Funds donaced al-e I'eceived by less wealihy colleges. Staff costs and nunibers Total payroll cosis, including employer's pension and national insurance contributions. was £8.Om {2022.. 8.8ml. A breakdown of costs is provided at no'.'e 10. All salai-ies are ol'erseen by etther ihe Sraff or Fellows Remuneracion Committees. Each salary is benchtnarked against other colleges and. where applicable. Ioc31 businesses. They are increased each year in 1Sne wilh the pay increase negotiated 31 3 naiional level by the Unkversities and Colleges Employers Association IUCEA). All permanent and temporary employees receNe at least the real living wage. adjusted each year according to (he level set by the Resolution Foundation. Casual employees receive the National Minimum Wage for age 23 and over. regardless of therr actual age. In additron. all staff receive a meal while oil duty. Pensions The College participates in Iwo pension schemes. being the USS and LGPS $Ch￿￿eS. The USS (Universltles Superannuation Scheme) is for the College's academic staff and che LGPS (Cambridgeshire County Council Local GovernmeF)t Pension Scheme) is for non-teaching staff. Details of these sthemes and their funding positions are given at Note 21 of the finan(.'ial st2temerbtS. Re$erves Policy The unresiricted group funds tocalled £223.8m on 30 June 2023 (£220.9m on 30 June 20221. The College's free reserves are lai%ely represented by tlie College'5 investment porrfolio which is under man3gement by Roihschild & Co, and cash held. totallA)Li £79.(kn at 30 June 2023 (30 June 2022.. £73.8m)- Each year. the Investment Commiiiee considers the College'5 cash flow projettions for the next five years. includin& Th,. capital expenditure planned under the Estates Strategy.. Re-payment of bonds issues in 2013 and 2015 due from 2040 onwards.. ThÉ'. 3ge and condition of the ex4Stin8 buildings used for teachin& caierin& offices and accommodafi0n- The operating income and cash flows. The college intends to pursue its acriviues into perpetuity. Those activities require income support from Home'ion'5 conference busines5 and renral from the C.ollege's properry investment pordolio. Recently, however, inflationary increases to the College's cosr b?se coupled with reguhted fixed income for acaclemic fees means that the College has moyed into a deficit position. Consequently. the trustees anticipate staring to use the investment portfolio to provide annual income SUP￿ from July 2024 onwards. As well as sustaining the College's oF)erati￿& the free reserve5 21so provide support in the event of unforeseen events or downturn in the College s operation5. The reserves will also be required to permit the repayment of bonds originalfy i55ued in 2013 and 2015. when they start to become due from 2040 onwards. 14 Homerton College

Plans for Future Perlods and Post Balance Sheet Events The Principal 3nd College Officers iniend to publish an updated version of Homerton s strtstegy. The new strategy will recognise Homerton's sri-engihs in widening pai-cicip31iorb and expre%s the importance ot nuriui-ing charactei- amongst ihe College., stud￿¢$. slaff. 2nd fellowship. li will also pi-ioritise wellbeing 3nd set out a visii)n fcir the size and shape of the College given the growing interest from overseas and p05f- graduate SLudents. A key part of the revised strategy will be to bring the College back iiiro a position where rhere is a balance between income and expenditure, as opposed to the deficit which has existed since the S￿r¢ of the Covid pÉ%riod. Council 3nticipates undertaking a complete review of the College s fundraislng 3pproach during 2J124. supporced by the appointment ol a new Director of Fundraisirbg. Council will al"-)o exaryine options for using a sustainable income from rhe College's investment pertfolio to help defray soine of the annual running costs. Principal Ri51cs and Uncertainties The College'5 Council and the director5 of the College's subsidiaries continued with their policy of formal risk assessmeni. All College Con)mittees review and update fhe risk assessmen( appropriate to their purpose at least annualty. These are con501Ktated and reviewed by the Audit and Risk Commiitee. the Council and Governing Body. The principal risks for year ending June 2023 were as follows.. The effects of the Covid pandemic were a mijor concern for the College in receni years. This year operations have13rgely returned to normal. arKI the College s routine academic operations are fully recovered. Conference income remains depressed for the ye2r endingjune 2023 because July 2022 W3S an important month in the Conferen￿ calendar. where aciivity Wa5 not recovered from the effects of Covid. The College was de[￿lted to experience a full recovery in conference revenue to pre-covid levels for July 2023. vthich will be reported in r)exi year's financial statemenis. The college remains deeply aware of the need to supixrt student welfare ar￿ mental healch. In Ihe year ending June 2023. we have created 2 new post of Wellbeing Co-ordinator and established Deputy Senior Tutor role which will have an incumbent in post from l October 2023. consistent with rhe start of the Michaelmas Term. The Council have strengthened their oversight of the College's Safeguarding procedures vA)ich include measures to supwrt welfare. 2nd a new Safeguard ng Committee wa5 established in lune 2023. The Council have taken several me35ure5 to reduce tl)e continuing deficit on the income and expenditure 2CCOUllL These include increasing the Ccdlege's ability to fundraise by recruiting 2 new Director of Fundralsing who will commence in post ir. September 2023. The Council are also examining ways to use the College'5 investment funds to support operational expenditure e3ch year. Council anticipates that these two initiatives. in combination with a tight control or) expenditure. will return the intome and expenditure account to a balanced position for the 24125 financial year. Nonetheles5. Council remains concerned about the risk of infiaiion continuing to drive up costs while regulated academic income streams remain fixed. 15 Homerton College

Audltor In so far as the trustses are a)va There is no relevant aLvJit Informati￿ of vthith the Coilege and group's audiw is unaware.. and The Trustees have raken all steps that they ought to have uken to make rhemsefves a￿are of any relevant audit information and to establish that the auditor 15 aware of that ir¢formation. Approved by order of the Governing Body on (.. and signed on its behalf by.. Dr Simon Brockir¢gton Bursar and Fellow 16 Homerton College

College Governance Homercon College is a self-goyeming, auconomous College of the UnNersity of Cambridge. The College is incorpor3ted under its Roy31 Charter and governed through irs Sf3CUte5 and Ordinances. 311 of which are available on the College's website. The College is a registered charity {regIsEratI￿ nLmberl137497) and subject co regulation by the Chariiy Commission for England and Wales. The members of the College Council are the charity Li-ustees and are i-espoy)sible for ensuring compliance with charity law. The Council's membership is set out on p2ge two. The College CoJncil is advised in carrying out its duties by the following prinapal committees.. Committees Wlth financial responsibilitie The Audit and Risk Committee Investment Committee Staff and FelloY4s Remurberation Committees Estates Committee Development Committee Other principal commitiees= Safeguarding Committee Statute5 and OrdinarKes Committ Sustainability C(>mmittee Healih and Safety Committee Educational Poliry Committee Fellowship Committee Arts CoFnmitiee The Audit and Risk Committee matntains a rewew of th¢* effectiveness of the College's internal systems of financial control, advise5 Governing Body on rhe aPp¢￿ntment of external auditors. monitor5 recommendations made by the exter4al auditor and makes an annual report to Council and Governing Body. The Investment Committee maii)tains oversight of the College s equity and properry investment porrfolio and monitor's the College's cask. flow requirements. Declarations of iftierest are completed by all Member5 of Council and the administrative officers. These are made sy5tematiolly at meeungs. The College oificers Group {COG) meets every weeks to suppon and direct the routine management of the College. The C(Alege Officers are= the Principal. the Vice-Principal. the Senior Tutor, the Bursar. the Admissions Tutors. the Post Graduate Tucor. Ihe Secretary to Council and the Dean. 17 Homerton College

Statement of Internal Control The Council is responsible for mainiaining a sound sys(wn of interiial control thar Supports Il)e xchievemeftt of policy, hims and objective5 while safeguarding the public tifMI other funds and assets foi- which it ts responsible, in accordance with the College 5 scacutes and ordinances. The system of internal control is designed to rdentrfy the prinapal risks (o the achievement of pollcie5, aims and objectives, to evaluate the n3ture and exieni of those risks and to manage (hem efficiently. effectively, and economically. This proce55 was in place for the year ended 30 June 2023 and continues to provide reasonable but not absoluce assurance of effecriYet)ess. The Council is responsible for reviewing the effe(twe￿5$ of the sys1￿￿ of intsrn31 control. The following processes 3re in place.. The Audit and Risk Committee reVleY￿ an annual risk assessment reporc in the Easter Term,. and The Audit and Risk Committee presents its annual reFK*r¢ which includes a statement on the adequacy of the internal contro15 and the preparation of the financial statemertts in the Michaelmas Term. Statement of Council ResponsFbilities The Council is responsible for preparing the annual rewt and financial statements in accordance with applicable law and United Kingdom Actounting Standards (Uniied Kingdom Generally Accepted Accoutkting Practice) and i)resenting it to Governing Body for approval. The College's StatLtte& a5 well as the Statutes and Ordinances of the Univer5iry of Cambridge ￿qUIre the Council to prepare financial statements for each year which give a true 3tKt fair view of the 51tuation of the Group and the College and of the surplus or deficit of the Group for thac year. In preparing these statements, the C￿1￿£11 is required to-. Select suirable accounting t)olicies and apply consistently. Make judgements and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been folbwed. subject to any material departures di5dosed and expLiired in the fjnanoal statemen￿. Prepare the financial $[a￿MentS on the going concern basis unless it 15 inappropriate to presume that (he Group and the College will Lontinue in operation. The Council is responsible for keeping proper a(C￿ntiftg records which disclose with reasonable accuracy It any time the financlal powtion of the Group and the College and enable them to ensure that the financial statements comply with the statute5 of the University of Cambridge. They are also responsible for safeguarding the assets of the Group and the College and hence for taking reasonable steps for the prevention and detection of fraud and other IrreguLarities. Thè Council is resporbsible for the maintenance and integrtsty of the corpordte and financial informatlon included on the College's web51te. Legislation in the Unired Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdÉctions. 18 Homerton College

Independent auditorfs veport 30 June 2023 Independent Auditors report to the Governing Body of Homerton College Opinion We have audited the financial statements of Homerton College (che 'College') and its subsidiaries (the 'group I for the year ended 30 lune 2023 which comprise the Consolidated Statsmenc of Comprehensive Income and Expenditure. (he Consolidated Statemenc of Char￿5 in Re5erve5. the Consolmlated Ilalance Sheet. the Consolidaced Cash Flow Stacement 2nd notes to Ihe financial statements. including significant accounting poltCFes. The fin3ni'.ial reporting (ramework that has been applied in their preparation is applic3ble law and Uniied Klngdom Accounting Standards. including Financial Reporting Sundard 102 The Financi31 Reporting Standard applicable in tie UK and Republic of IreLind (Uniied Kingdom Generally Accepted Accounting Pra¢tice) and the Scaiement of Recommended Practice= Accounting for Further and Higher Educii tion. In our opinion the financial ststemen give a true and fair view of the state of the group's and College'5 affairs as at 30 June 2023, and of the group's incoming resources and applic3tion of resources, including its income and expenditure, foi the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. have been prepared in accordance with the requirements of the Charities Act 2011 and the Statutes of the Unwersity of Cambrid8e,' and the contribution due from the College to the University has been correctly computed as dvised in the provisional assessmenl by the University of Cambridge and in accordance with the provisions of Statute G,11. of the UnNersity of Cambridge. Bosisforopinion We conducted Ouf audit in accordance wtth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial stateFnents section of our report. We are independent of the group and College in accordan￿ with the ethical rei]uirements that are relevant to our audit of the financial Statements in the UK, including the FRUS Ethical Stèndard. and we have fulfilled our other ethical resporhsibilities in accorijance with these requi-ements. We believe that the audit evidence we have obtained Is sufficient and appropriate to proviile a basi5 for our opinion. Con¢lu.'Dions reluting tij going concern In audiling the financial slatements. we have concluded that the trustees, use of the going concern basis of accountinE in the preparation of the financial statements is appropriate. E,ased on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast 518nificant doubt on the group'5 or College's ability to continue a5 a going concern for a period of at least twefve months from when the financial statements are authorised for isstje. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 19 Homerton College

Independent Auditors report to the Governing Body of Homerton College (conrinued) Other Informotio The other ii)form3tion comprises thÈ info￿natIon intluiled in the report of. the Governing Body, othpr than the financial statements and our auditor's report thereon. Tlie trustees are responsible foi th(: other information contained within the annual rew)it. Oui opinion on the financial statements does not cover the other information and, except to the extevjt otherwise explicitly staled in our report, we do nol express any form of assiirance conclusion Ihereon. Our responsibility is to read the other iiiformalion and, in doing so, consider wheiher the other information is materially inionsistent with the financial statements or our knowledge obtained Fn the course of the audil or otheiwise appears to be maleiially misstated. 11 we identify such material inconsistencies OT apparent material misstatements. we are reqijired io determine whether this gives rise to a material misstatement the financial statements themselves. If. based ?n the woi'k we have PL.rformed, we conclL¢de that there ￿ a material misstatement of this othei infoimati)n. we are required to report that fact. We have nothing to report in this regard. Mutters on whl¢h we ore requiredto report byexception We have nothing to report in respect of the followin@ matters in relation to which the Charities (Accounts and Report51 Re@ulation5 ?008 requbre us to report to you if, in our opinion.. the infoTniation gNen in Ihe financial statements is inconsistent in any material iespect with the report of the Goveining Body- or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibllitie5 of trustees As explained more fulty in the trustees, responsibilities statement set out on page 18, the trustee5 are responsible for the preparation of ihe financFal statements ènd for bein8 sattsfied that they give a true and fair view, and for such inte¥nal control Bs the Irustees determine is ne￿$sary to enable the preparation of financial staternents that are free from material misstatement, whether due to fraud or error. In preparing the financial stalements, the trustees are responsible for assessing the group's and College's ability to c,)ntinue a5 a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the College or to cease operatlons, or have no reali51ic alternatNe but to do so. 20 Homerton College

Independent Auditors report to the Goveming Body of Homerton College Icontinuedl Auditoi's responsibilttiesfor the (Judit of theAinunciol statements We have been appoiiited as aLEditor undLr seclion 151 of the Charities Act 2011 and report in accordance with regulations made Uvbder section 154 of tl)at Act. Our objectives are to obtJin reasonable assurance about whether the financial statement5 as a whole are free from material misstateinent, whether due to fraud or error. and to issue ai) auditQ¥'5 report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit condiicted tn accordance with ISAS IUKI will dlways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the econcimic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our iesponsibilitie5, Outlined above, to detect material misStatement5 in respecl of irregularities. including fraud. The extent to which oui piocedures are capable of detecting iiregularities, including fiaud is detailed below.. We gained an under51anding of the legal 3nd regulalory framework applicable to the College and how it operates and COi15idered the risk of the College not complying with the applicable laws and regulalii)ns including fraud in particulai. those that could have a material impact on the financial staternents. This included those regulations directly related to the financial statements. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific pr(Kedures to address the risks identified. These included the following.. We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed minutes of Finance, College Council and Governing Body meetings and agreed the financial statement disclosure¢ to underlying supporting documentation. We have made enquiries of management and officers of the College regarding laws and regulations applicable to the org3nizètion. We reviewed the risk management proce55e5 and procedure5 in place including reporting of risk management to the College Council. We also assessed management bias iri relation to the accounting policies adopted and in determining significant accounting estimates, including the valualion of investments Because of the inherent lTrmitation5 of an audil. there is a rtsk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wilh a law or regulatM)n is removed from the events and transartions reflected in the financial statements, a5 we will be less likely to become aware of instances of non-compliance. The risk is also greater regardin8 irregularrties occurring due to fraud rather than error, as fraLtd involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reportin8 Council's website at.. https'.//www.frc.oig.uVOur-WorklAudit/ALtdit-and-assurancelStandards-and-guidance/Standards-and- guidance-for-auditors/Auditors-responsibililies-for-audit/Description-of-auditor5-responsibilities-for- audit.aspx. This description form5 Part of our auditoi's report. 21 Homerton College

Independent Auditors report to the Governing Body of Hvmerton College Icontinuedl Use of ourreport This report is made solely to the Governing Body. in accordance with College's 5tatules. the Statutes of the University of Cambridge and part 4 of tlie Charities (Accounls and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might state to the College trustees those matter5 we are required lo state to them in an auditorfs report and for no oiher purpose. To Ehe fullest extent permitted by law, we do not accei)t or assuwne respoy)sibility to anyone other than the Governing Body as a body, for our audit work, for this ri:port, or for the opinions we have formed. Price Bailey LLP Chartered Accountants and St¢ltutory Auditors Ter)nyson House Cambridge Business Park Cambriilge CB4 OWZ Dale.. 20 December 2023 22 Homerton College

ConsolÈdated statement of comprehpnsive income and expenditure Year to 30 June 2023 a5 restated 2022 £'O(K) Note 2023 £'ooo Income Atademic lees and tharges Residencies, Catering and conference5 Investment income 5.974 6.078 3,522 5,790 4,828 4.239 1.409 16,266 Other income Total Income before donations 17,580 Donations Total income 345 102 17.925 16,368 Expenditure Education Re5idencie5, Catering and conferences Investment management costs Other expenditure Contribution under Statue G. 11 'rotal expenditure 18.492) {7,6591 13821 13.3381 1271 1190981 17.4371 15,9371 13971 15,1841 1421 118,9971 (Delicitl before other gains and losses 11,9TJ) 12.6291 Colle8e's share of loss on joint venture Realised1105sllgains on investment5 Unrealised loss on investments 13 13 13 147} 1.229 17581 1241 11,7051 110,7271 ILossllSLrrplus for the year 11549) 115,0851 Other comprehensive income Actuarial gèinlllossl in respect of pension sthemes Changes in assumptions arisin8 on teachers. pension obligatlOn5 21 {1.3051 6,487 19 {16) 289 Total Comprehensive income for the year 12A701 18,3091 All items dealt with in arriving at the105s for the above two accounting years relate to continuing operations. 2022 Other comprehensive income has been re5teted for Actuarial gain. due to a minimum funding requirement being identified within LGPS, and a pension asset ceiling calculation being incorporated. This amounted to an increase in actuarial gain o* £1,735. This also created a restatement on Consolidated Statement of change in reserves Ipage 241. and Balance sheet Ipage 251. 23 Homerton College

Consolidated statement of <hanges in reserves Year to 30 June 2023 Income and expenditure resetve Revaluation reserve Un-reslricled Restricted Operational properlv Fixed asser investment Total £'ooo Balance at l July 2022 Surpluslldelicitl from income and expenditure Olher comprehensive incomelexpenditure Transfers between revaluation and income and expenditure reserve 119.240 12.0201 55.049 43.990 471 218,279 11,5491 11,3211 11,3211 2,219 19841 11,2351 Balan¢e at 30 June 2023 118.118 54,065 43.226 Z15,409 as restaÈed Income und expenditure reserve Revuluotion reserve Un-restricted Restricted 0￿ratIOnal property £'ooo 56.033 Fixed a55et investment Total £'(x)o £'ooo 54,715 112.4321 Bolonce cyt l July 2021 Surplus/ldeficit)Irom income nd expenditure Other comprehensive expenditure Transfer5 between revoluotio ond income und expenditure reserve 115.840 12.6531 226.588 115,0851 6.776 6,776 17231 19841 1,707 Boltsnce at 30June 2022 119.240 55,049 43,990 218..279 The time between the operatiorbal property revaluation reserve and the income and expenditure resenje is made to compensate ihe income and expendittsre reserve for the ad(lition31 depreciation charged on the College's operational property a5 a result of its previous regulations. The transfer between the fixed.)sset investment revaluation reserve arkd the income and expenditure reserve represents the realised inve5tmer)t gains during the year on a historical cost basis. The notes on page 33 to 54 forr.) part of these financial statement5. 24 Homerton College

Balance sheets Year to 30 June 2023 Consolidated College a5 re5tsted 2022 Iloles 2023 2022 2023 Flxed assets Intangible assets Tangible assets Inve5tment5 li 420 116ffi12 I￿96 248.128 444 117,373 131.845 249.662 420 116.609 131.136 248.165 444 117,368 131.885 249,697 C.Jrrent assets Slocks Trade and other feceivables Cash at bank and in hand 14 31 1,912 3JJ56 4.999 25 L443 2￿2 4,350 14 1.801 2,652 4.467 2.256 2,267 4.545 16 Current liabilitles CreditOT5'. amounts falling due within one year 17 {4.5071 13.5951 13,936) 13,5111 Net ¢urrent assets 492 755 Total assets less current liabilitles 248,620 250.417 248.774 250.653 Creditors.. amounts fallin8 due after more than one year 18 132.3941 132.4181 132.394) 132,4181 Provisions for liabilities and tharge5 Pension scheme asset 11291 11581 438 1129} 1688) 11581 438 21 Total net lissets 215J09 218.279 215.563 218,515 The funds of the group/colle8e: unre'.Dtricted reserves Geneial reserves excluding pension resetve Pension reserve Operational property ¥evaluaEion resetve Fixed asset investment revaluatb(*n reserve 118,802 118.925 119.ClJ8 438 S5,(￿9 1688) 54.065 438 55,049 54.065 43P6 43.99) 43,261 44.020 Total funds 215,409 218.279 215,563 218.515 The financial statements were approved by the Govemlng Body on [..........-... ere signed on behalf by- gton Simon Woolley Principal Bursar 25 Homerton College

Consolidated statements of cash flows Year to 30 lune 2023 Notes 2023 £'ooo 112801 2022 Net ¢ash piovirled by operating actlvlties 23 Cash flows from investlng acfivities 24 2.798 11.6511 Cash flows from linanclng activities 25 11.1271 11,1271 Inciease I (Decrease) In cash and cash equivalents in the year 391 12.9411 Cash and cash eQU￿alents at l Juty2022 3,978 6.919 Cash and cash eqvlvalents at 30 June 2023 26 4.369 3.978 26 Homerton College

Principal accounting policies 30 June 2023 The pi"incipal accounting policies adopted. judgements and key sources of estimation uncertaiiity in ihe i)reparatioD of the financial statements ale laid out below. Basis of preparation The linancial statements have been prepared on a going concern basis under the historical cost convention, modified in respecE of the treatment of investments and land and buildings wliich are included at valuation. The financial statements have been prepared in accordance with the provisions of the Statues of the College and i)f the University of Cambridge and appliance United Kingdom accounting standards. In addition, the financial statements comply with the Statement of Recommended Practice.. Accounting for Further and Higher Education (the SORPI. The Statement of Comprehensive Income and Expendilure include5 activity analysis in order to demonstrate that all fee income is spent for educational purposes. The an3￿51S required by the SORP is sel out in Note 9. The College consists as a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest thousand pounds. Going concern The Group has net current assets of £492.0(M)12022- nel current assets £755,000). The College aims to break even at operational level which means that ihe cash flow is usually positTve by a similar level to the amount of depreciation charged to the accounts. This has historically funded ongoing capital projects. To fund larger projecls such as a new graduate accommodation and the new DIT)ing Hall, the College lias participated in a private placement or made use of an RCF. Cash flow plans shared wilh the Investment Committee and College Council forecast a need to draw down from the investment portfolio during the 2023 to 2025 period as projects urtsder the Estates Strategy are continued. The members of the Couricil ITrusteesl have 3ccessed whether the use of the going Concern assumption Is appropriate in preparing these financi31 statements. The Tru5tee5 have made this assessment in respect of a period of one year from the date of approval of these financial statements. The Trustees ol the tharity have concluded that there are r)0 ma-.erial uncertainties related to events or conditions that may ca51 significant doubt on the ability of the cF.arity to Continue as a going conce¥n. Furthermore, the Trustees are of the opinion that the College is."Ible to meet it5 liabilities as they fall due and that there are significant free reserves held in readily access ble funds to both meet liabilities and allow the completion of ongoing capital projects. 27 Homerton College

Principal accounling policie$ 30 June 2023 Critical accounting estimates and areas of judgement Preparation of the fiFbaniFal statements requires Members of the Council to make significant jiidgements and estimates. The items in the financial stalemenls Whe￿ these judgement5 and estimates have been made in£lude- valuation of investment land and buildings- estimating the useful economic life of tangible and intangible fixed asset5; pension scheme valuatiorTr5,' including deficit reduclion payments due under the Universities Superannuatioii Scheme. the present value of the Local Govemmenl Pension Siheme defined benefit asset which has been restricted to the pension asset celling bèsed on a minimum funding requirernent being in existence ol the pension scheme. Any changes in these assurnptions. which are disclosed in note 21, will impact the iatrying amount of the pension assevliability. In addition to the above. the full impact following the recent emergence of the global coronavFrus pandemic is still unknown. It is therefore not currently p055ible to evaluate all the potential implications for the group and charities activities, beneficiaries and the wider economy. Estimates used in the financial statements, particularly with respect to investment property valuations (see note 131, and the value of listed investments are Subject to a greater degree of uncertainty and volatility. Basis of consolidatlon The consolidated financial statements consolidate the College ar)d its subsidiarieslsee note 131 for the year ended 30 June 2023. Intra-group balance5 are eliminated on consolidation. Joint venture The College's investment in Ward Griffin LLP was accounted for as 3 joint venture under ihe equity method of accoui)ting. Recognitlon of income Acodemicfees Academic fees are recognised In the year to which they relate and ir.clu(le all fees chargeable to Students or their sponsors. Gront income Grants received from non-gcvernment sources lincluding research grants from non-government sovrce51 are recognised wiihin the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the inconie Ènd performance related conditions have been mel. Income received in advance of performance related tonditions is deferred on the balance sheet and related to the Consolidated Statement of Comprehensive Income and Expenditure in line with such conditions being met. Dontstions and benefo¢tlofts Non-exchange transactions without performance related conditK>ns are donations and benefactions. Donations and endowment5 With restrirtions are classified as restricted reserves with additional disclosure provided within the notes to the accounts. Restricted donations are recogni5ed when the donor has specilied that the donation must be used for a particular objective. Donations with no restrictions are recorded within the Consolidated Statement of COmp￿hens￿e Income and Expenditure when the College is entitled to income. 28 Homerton College

Principal accounting policies 30 lune 2023 Other income Income is received from a r3n8e of actNilies including residencies, catering. conferences and other services rendered. Investment income Investment income and change in value of investment assets is recorded in income in the year in which it arises and a5 either restricted or unrestricted income according to the term5 or other restrictions applied to the individual fund. Foreign currency translation Transactions denominated in f¢reign currencies are recorded at the rate of exchange ruling at the date of transaction5. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at vear end rates or, where there are forward foretgn exchange contacts. at contract rates. The resulting exchange differences are dealt wtth the denomination of comprehensive income and expenditure for the financial year. Pension Schemes uss The College participates in the Univer51ties Superannuation 5chewne INSSI. a defined benefit scheme whlch is contracted out of the State Second Pension1SSPI- The assets of the scheme are held in a separate trustee- administrative fund. Because of the mutual nature of the scheme, the scheme's assE.ts are not hywthecated to individual institutions and a scheme-wide contribution rate is set. The College is the￿fOre exposed to actuarial risks associated with other institutions, employees and is unable to identify it5 Share of the underlying assets and liabilities of the scheme on 3 tonsistent and reasonable basis and therefore. as required by Seciion 28 of FRS 102 -EmpFoyee Benefits" accounts for the scheme as if it were a defined cot)tributiorh scheme. As a result. the amount charged to the income and expenditure account represent5 the contributions payable to the scheme in respect of the accounting period. LGPS The College also participates in the Cambridge County Council Pension Fund ICCCPFI which is a Local Government Pension Scheme ILGP)l. The assets of the scheme are held and managed separately from those of the College. As the College is able lo identify it$ share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. in accordance wrth the requiremi)nts of Section 28 of FRS 102 'Employee Benefits" the pension scheme a55et or liability is recognised in full on the balance sheet. The assets of the LGPS are measured using closing market values. LGPS liabiliti>s are measured using the project unit method and discounted at ihe current rate of return on a high-quality corpDr3te bond of equivalent term and cijrrency to the liability. The increase in the present value of the liabilities of the scheme expected to arise from employee seNice in the period 15 charged to the operating surplus. The expected return on the scheme's assets and the in¢￿ase durin8 the period in the present value of the scheme's liabililies. arising from the passa@e of time, are included in pension and finance cost5. Actuarial gains and1055es are recognised in'oth¢Jr tomprehensive income, in the Statement of comprehensive income and expenditure. The present value of the Local Governmerkt Pension Scheme defined benefit asset/ liability depends on a number of factors thot are determined on an actuarial basis using a variety of assumptions. The assumptions used in iJeterminin@ the net cost lincomel for pensions include the discount rate. Furthermore, 8 roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valurng the pensions asset at £430k 30 lune 202312022.. a55et £1,735kl. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would Impact on the carrying amount of the pension asset. 29 Homerton College

PKinctpal accounting policies 30 June 2023 Employment benelits Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the College. Any material unused benefits are accrued and measured as the additional amount the College expects to pay as a result of the unused entitlement. Int3ngible fixed assets Intangible assets comprise IT software and a purchased litence to ()ccupy premises capitalised at cost and amortised through the statement of financial actwities over their experted use-ul life as follows.. License to occupy IT software Overthe length of the license Over a period of 7 years Tangible flxed assets Land undbuildings Fixed assets are stated at cost less accumu13ted depreciation and accumulated impairment losse5. New Freehold buildings are depreciated on a straight-line basis over their expected useful economic life uf 50 vear5. Freehold buildings held at l July 2014 wei'e previously held at a valuation. As permitted by FRS 102, with eFfect from l July 2014 the College elected to deem the valuation of these properties as cost. The value has been calculaled by a previous valuation being updated to l July 2014 by the Governing Body. The remaining useful economic lives of these buildings from the date the values were deemed to be cost is 40 vears. Consequently. these buildings are now depreciated over a 40 year period. Freehold land is not depreciated as it is consHJered to liave an indefinite useful life. A review for impairmer.t is c.arried out if events or changes in circum5tance5 indicate ihat the carrying value of the fixed a55el may not be recoverable. Buililing5 under construction are valued at cost. based on the value of architects, certifi(=ates and other direct costs incurred to 30 June 2023. They are not depreciated until they are broughi into use. Furniture,fitting5 ondequipment Furniture, fittings and equipment costing niore than £5.000 per individual item or if the aggregate value of related items exceed £IOO,000 are capitali4ed and depreciated over their expected useful life as Follows.. Furniture and fitting5 Computers and general equipment IO% per annum 20% per annum 30 Homerton Colle@e

Principal accounting polÉcies 20 lune 2023 Inv¢stments Fixed asset investments are included in the balan￿ sheet at fair value, expect for investments in subsidiary undertakings which aTe stated in the College'5 ba13nce sheet at historical cost less any provision for impairment. Increases in value 3ri5ing on the revaluation of fixed asset investments are taken to a fixed asset investment revaluation reserve via the Statement of comprehensive income and expendituie. Surplus or losses on sale of investments are taken to the 51atemenl of comprehensive income and expenditure. Formal valuations for inveslmerTrt properties ara usually carried out by a professional valuer and a formal valuation was last carried out by Bidwell's to piovide a valuation for 30 June 2020. Valuation gains and losses are credited lor debitedl to the statement of financial activities with the balance sheet reflecting the revalued Omounls. No depr￿latIOn És charged on inveslwnent properties. Stocks Stocks are valued at the lower cost and net realisable value. after any necessary provisH)n for slow-moving and obsolete items. Creditors and provisions Creditors and Pfi)visions are recognized, when there is an obligation at the balance sheet date as a result of Past event, it is probable that a transfer of economic benefit will be requireil in settlement, and the amount of the 5ettlemenl can be eslimated reliably. Creditors and provision5 are recognised at the amount the College anticipates it will pay to settle the debt. Debentures and bank103ns are a form of linancial instrument and are included in the balance sheet at cost. A market rate of interest is chaiged on these liabilitTres, which is taken to the statement of comprehenslve income and eKpenditure. Deferred rental income is released to the statement of comprehensive income and expenditure evenly over the lease period. It is not discounled by the present value of the income because it is not the financial instrument a defined by section5 11 and 12 of FRS 102. Contingent. liabilities A contingent liability arises from a past ever)t that gives the College a tx)ssible obligation whosa existence will only bETr confirmed by the occurrence or otherwise of uncertain future event5, not wholly within the control of1 he College. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an ouiflow of resources will be required or ihe amount of the obligation cannot be measured reliably. Contingent liabilities are not iecognised in the balance Sheet but are disckjsed in the notes. Provisions Provisions are recognised when the College has a present legal or constructNe obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to Settle the obligation and a reliable estimate can be made of the amount of the obligation. 31 Homerton Colleg2

Principal accounting policies 30 Jline 2023 Taxation The College is a registered charrty Inumber 11374971 and is a charily within t17e meaning of Sectloll J0611I of the Taxes ACS" 1988. Accordingly. the College is exempt from taxatron in respect of income or ca[iital Eains received within the categories covered by Seclion 505 01 the Taxes Act 1988 or Seclion 256 of the Taxètion of Chargeable Gain5 Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College recelves no similar exemption in respect of Value Added Tax. Contribution under Statue G, 11 The College is liable to be accessed for a Contribution under the provisions of Statue G,11 of the University of Cambridge. This contribution is used to fund grar)ts to College! from the Colleges. Fund. The College mav from time to time be eligible for such grants. The liabilrty for the period is as advised to the College by the University based on an assessable amount deprived from the value of the College's assets as at the end of the previous financial year aiid an e51imate of its conference income for the current year. Reserves Reserves are allocated between reslricted and unresiTiCted res.?tves. Endowment reserves include balance5 which. in respect of endowment to the College. a￿ held as perimanent funds, which the College must hold i perpetuity. Restricted re5erve5 include balantes in respect of which the donor has designated a specifi¢ purpose and thefefore the College is restricted in the use of these funds. 32 Homerton College

Notes to the fiiianctal statements Year to 30 June 2023 Academic fees and charges income 2023 E'O(10 2022 £'(K)O College fees Fee income paid on behalf of Undergiaduates at the Publicly Funded Undergraduat- rate Per capita fee.. É4.62512020-2" £4,6251£4.scKJI 2.188 2.213 Privately-funded Under8radu6le fee income Per capita lee.. E9,3901£9,0251£8,2051£7.375 I202￿21.. £.9.3901£9.0251£8,2051£7.375, E6,9901 Fee income received at the Gradvate fee raie lincluding PGCE51 Per capita fee.. £4.47512020-21.. £4.0691 Income from Cambfid8e Bursary Stheme 1,235 1,125 2.165 2.111 341 5,790 5,974 Residences. catering and conferences income 2023 2022 £'ooo Accornmodation College member5 Conferences Catering College tnembers Conferences Colophon conferences Accomtnodatlon Catering International programme Cdlege bar 3,782 294 3.479 182 1.175 861 50 347 89 82 94 6,078 85 4.828 InvestmÉints 2023 £'ooo 2022 Analysis of income Land and buildin8S Quoted securitie5 Cash deposits 2,567 913 42 2,437 1,801 3,522 4,239 2023 £'ooo 2022 £'ooo Analysls of expenditure Fees 382 382 397 397 33 Homerton College

Notes to the financial statements Year lo 30 June 2023 Donètions 2023 £'ooo 345 2022 Unresliicted donation5 Uniestricted legacies 102 345 102 Other Income 2023 £'ooo 607 2022 £'ooo Servicing and recharges to Ihe University olCami)ridge Miscellaneous income Furtough 8rant5 Other trading income Icolokate LLP, Colophon) Other finance income". Inte￿$t on pension scherne awts Inote 211 234 237 170 152 995 478 1,409 2,006 Education Expenditure 2023 £'ooo 2022 E'(KJO Teaching Tutorial Admission5 Research Scholarships and bur5arie5 awards Other educational faolities 3,643 1,589 1.220 355 3,230 1.378 993 409 816 611 7.437 777 Residèncès. caterin8 and conferences expenditure 2023 £'ooo 2022 £'ooo A¢¢ommodaUon College members Conferences Catering College members Corjferences Colophon <onference5 Accornrnodation Catering International progTamme College bar 4.180 248 3,619 126 2.S17 1,960 26 408 146 81 42 iio 7.659 83 5,937 34 Homerton College

Notes to tlie finantial statements Year to 30 June 2023 other Expenditure 2023 £'ooo 2022 £'ooo College admini5tratlon Pay eKpÈnditure= Directorate Adm*nistrative staff 18 17 345 2.246 2.263 363 Non-pay expenditure= Building repairs and maintenan Fuel and light Rates Depreuation= buildiw Oeprecation.. furniture and equiprnent Debenture Inte￿$t payable Other trading cost5 IColok3te LLP, Colophon) oiher expenses other pension scheme finance costs INote 211 46 94 28 414 25 1.127 141 333 767 3,33B 130 19 549 65 1,127 120 250 553 5,184 Analysis of empermliture by activity Staff cost5 Other Depreciation Inote 101 operat ng and £'L¥JO expenses amortisation £'ooo 506 2.021 Total £'ooo 2023 Edui=ation (note 61 Residencie5. catering and conferences (note 71 Investment management costs Other (note 81 Ctsntributyon under Statue G. 11 4,462 3.188 3.524 2,450 8,492 7.659 382 2,536 27 8.919 382 3.338 27 2,966 19,898 363 439 8,013 Stuff costs Orher Depreciution (note IOJ oper(Jfing ond £.(￿ expenses (rrnortisotion Totol 2022 Educotion (note 6) Residencies, c(Jtering and conference5 Inote 7) Investment m(rnogement costs Other (note 83 Contribution understotue G. 11 4.186 2.337 2.870 L957 381 1,643 7,437 5.937 397 2.308 42 7,574 397 5.184 42 2,637 18,997 2,263 613 8.786 35 Hi)merton College

Note5 to the tinancial statements Year lo 30 June 2023 Analysis of expenditure by activity Icontinued) 2023 £'ooo 2022 £'ooo Auditor's remuneration Other operaling expenses indude.. Audil fees payèble to the College's external auditor Other fees payable to the CollÈge's exlertjal audilor 30 26 33 29 io Staff costs College Fellows & other academics Non- acadÈmics £'o(KJ Total 2023 £'ooo Emoluments 2,133 4,286 357 688 6.419 561 Social security Costs Orher pension costs 2023 Total lund5 345 1,033 8.013 2.682 5,33J College Fellows & tsiheroc(bJemKs Non- ocudefflics Total 2022 Emoluments Sooal security costs Other pension costs 2022 Totolfuftd5 1.966 187 323 2,476 3.514 305 2.491 6.310 5,480 492 2.814 8,786 At the balance Sheet date there Nere 73 member5 01 the Governin8 Body. During the year the average number receiving remuneration 4Va5 the 49 shown below. 2023 stsff number 2022 staff nurnber Numberof fellows Full-tlme equivalent Number of fellows l-.ull-time equivalents Academic Non-academic 49 109 109 116 49 49 116 36 Homerton College

Notes to the financial statements Year to 30 June 2023 io Staff Costs Icontinuedl Th& number ol officers and employee5 of the College. including Head of House. who received renumerètion in the Idlowing ranges was.. 2023 2022 É'ooo £'ooo £iIK).OOi - £iiO,000 EIIO.001- £120.000 120,001- £130,(M)O £130,001- £140,(KK) £140.001- £150.(K)O Renumeration includes salary+ employerfs nation31 insurance contributions. employers pension contributions plus any taxable benefits either paid. payèble or provided, gross of any salary sacrifice arrangements. Key management personnel Key management personnel are those persons having authority and responsibility for planning. directin@ and controlling the aclivities of the College and are deemed to comprise the senior officers listed on page 2. Aggiegated emoluments (consisting of salary and taxable benefit5, but excluding anv employerfs pensh)n conlributionl were as follows.. 2023 £'ooo 723 2022 £'ooo 680 Key management personnel 723 680 li Intangible fixed asset5 Boathouse litense Computer software Total É'ooo ConsolidatÈd and College VOLK) '0(￿) Cost I valuation At be8inning of year Additions at cost At end ol year 330 235 16 251 565 16 581 330 Amortlzatlon At beginning of year Char8e for the year At end ol year io iii 37 121 13 148 161 Carrylng amovnt At 30 June 2023 317 103 420 At 30 June 2022 320 124 444 37 Homerton Colleye

Notes to the financial statements Year to 30 liine 2023 12 Tangible fixed assets College Assets under Fvmiture, buildin85 and Cl)n5trucl¢on littings and £,1￿ equipmÈnt £'ooo Total £'ooo Consolidated Cost At beginnin8 of year Additions at cost Ttsnsfers Disposals At end of year 130,098 891 71 696 144 1711 4,749 1,134 135,S43 2.169 1241 1241 131.L 769 Depreciation At beginning ol year Charge IOT the year Di5P05a15 At end of year 15.IKM 2,466 3.166 464 1241 3.606 18.170 2,930 1241 21,076 Net book value At 30 June 2023 113,590 769 2.253 116.612 At I july 2022 696 117 373 College A55ets under Fumiture, buildings and construttion fittings and site £'O(M) equipment £'ooo £'ooo T¢)tsl £'ooo College Cost At beginning of year Additions at cost Tran5fer5 Disposals At end ol year 130,098 891 71 696 144 1711 4.641 1.134 135,435 2,169 131.OfA) 769 5.775 137 604 Dep'eciation At bi%inning of year Charge for theyear Disposals At end of year 15.004 2.466 3.063 462 18,067 2,928 17,470 3,525 20.t95 Net book value At 30 June 2023 113.5S¥) 769 2,250 116.609 At l July 2022 696 117 368 Additions include the costs for ABC second floor refurbishment to fuiniture, fixtures and equipment. Additions on buildings are for the New Dining Hall. Additions of assets under construction represent fees and cost5 On the new entrance building and IbbersDn works. 38 Homerton College

Notes to the linancial statements Year to 30 June 2023 12 Tangible fixed assets Icontinuedl Lund and buildings As pennilted under FRS 102. the charity has elected to deem a valuation of land and building5 prior to the transition date as deemed cost. Land and buildings owned at l July 2014 are included in the financial statements at a valualion made at 31 July 2013. whicli was updated by the GoverninÈ Body lo arrive at a valuation as at l July 2014. With effect from l July 2014 the value5 assigned to these properties are now deemed their cost. Land m.as valued at l July 2014 at E14.9m and buildings were valued at £64.8m, giving an oierall value of £79.7m. The buildin85 are being depreciated from l July 2014 over40 years. The original professional valuation wa5 prepared adoptinB the following bases= ColleEe houses- generally used for student and staff accommodation. were valued at open market value for existin8 use. College site- due to the specialized nature of the College's activities. the principal method of valuation of land and building% was open market capilal value for existing use on a depreciated replacement cost basi5. Land and buildin85 purchased on or after l July 2014 are included in the financial statements at cost, less acci.'mulated depreciation over 50 years. Other tangible fixed assets are stated at C05t. Included within College buildings and site is freehold land as at 30 June 2023 of £22.9m 12022.. £22.9ml. The ir)sured value of freehold building5 a5 at 30 June 2023 wa5 £153.Om 12022-. £122.6ml including limited coverfor irrecoverable VAT and the costs of related professional fees. The insurers are Eoing to revalue the whole site for insurance puip05es within the next two years. 13 Inve5tmÈnts Homerton Business Centrt.. Other inve5t- ments Investment land Consolidated Quoted securitie5 Total 2023 £'Ot)O £'ooo E'ooo At beginning of year 6.600 45,500 73.770 5,975 131,845 Additions Disposals Gain51 (Lossl Change in cash balances and deposits held at fund managers At end ol year 21,847 123,3231 6,521 39 21.886 123,3231 471 17001 15.3501 217 217 5.9CQ 40,150 79.032 6,014 131,096 39 Homerton College

Notes to the linancial statements Year to 30June 2023 13 Investments Icontrnuedl Homèrtory Business Centre Other invest- ment5 Inveslment land Quoted seturitie5 Total 2023 £'ooo College £'ooo At beginni1)8 ol year Addition5 Disposals Gains / ILossl Change in cash balan￿5 and deposits held at fund 45,500 73.770 21.847 123.3231 6.521 6.015 39 131.885 21,886 123.3231 471 15,3501 217 217 At end of year 40.150 79.032 6,054 131.136 The market value of investments was represented by- Consolidated College 2023 £'ooo 2022 2023 £'ooo 2022 E'CKJO Investment land Homerton Gardens Quoted securities- equities Fixed interest securities Cash held for reinvestment oiher *nvestments S.9(Kl 40,150 72.051 5,668 1.313 6.014 131,096 5,900 40,150 72.051 5,668 1,313 6.054 131,136 6,600 45,500 66,704 5.971 1,096 6,015 131,886 45.500 66.704 5.971 1,096 5,975 131,846 The College's quoted securities period end market valuations are provided by the College's investment managers, Rothschild Wealth Management arid UBS AG. The investment laiid was revalued by Bidwell at £5.95m on 30 June 202312022.. £6.6ml. The valuation is under'aken on the basi5 of open market value taking account of the College's estates strategy f¢r the future use of this land. The value of Homerton Gardens al £40.15m12022'. £45.5ml reflects the revaluation by Bidwell at 30 lune 2J23. Thi5 has been valued based on the rental yield to be achieved under the Scheme. 40 Homerton College

Notes to the finèntial statements Year to 30 June 2023 13 Investments Icontinuedl Other investmevbts cowni)rise= Investments in subsidiary undertakin8S £'O(K) Investtnent in joint ventu Other Investments Total £'ooo At beginning of year Investrment in Ward Grillin LLP At end ofyear 580 5.425 39 io 6,015 39 5.464 io 6,054 Investments in Subsidiaries and joint venture undertakings comprise.. Colokate LLP is a limited liability partnership and hence has no share capital. Name Country Class of shares Ordinary Artivit Colophon limiied England and Wales England and i Wales England and Wales i(KJ Commertial conferencing and other trading Property management Colokate LLP See below See below Ward Griffin U.P See below See below Property manègement The income and expenditure for Colophon Ltd for the year ended 30 June 2023 included in Ihe consolidated financial 5tatertLants is as follows.. 2023 £'ooo 2022 £'oc Turnover Other interest receivable and similar income 879 Costs /Administrètive expenses 18151 68 13431 41 From 25 March 2019. the members of Colokate LLP comprise Homerton College and Colophon Limited. The income and expenditure for Colokate LLP tor the year ended 30 June 2023 included in the consolidated finantial statements is as follows- 2023 £'ooo 2022 £'ooo Turnover Costs l Administrative exp*)ses 20 1451 25 24 li 41 Homerton College

Notes to the fii)ancial staternents Year to 30June 2n23 13 Investments Icontinuedl Ward Griffin LLP is J limited liability partnership and hence has no share capital. Tlie member5 tomprise Homerton College and St. Marfs School. Each MeM￿r appoints two appointed representatives to the ManaEement Board. Certain key decFsTrons require the consent of both partner5, $0 the LLP has been accounted for as joint vellture. The College's share of Ward Griffin LLP intluded in these financial statements is as follows= 2023 £'ooo Turnover Costs IAdministrative expenses 1471 1471 14 Stocks Con501idaled College 2023 £'ooo 2022 2023 £'ooo 2022 E'OI)O Goods for resale 31 25 22 14 31 25 14 15 Trade arKI other T￿l¥ableS Consolidated Restated CollegÈ Restated 2023 £'ooo 2022 E'ooo 2023 É'ooo 2022 Trade debtors 699 453 428 375 Amounts due from 5ubsidiaryunderlakings 637 440 Prepayments and accrued inD)me 1,213 1,912 990 1.191 2.256 986 1.443 1.801 2022 Prepayments and accrued income, have been restated by minus £345k., this is due to COn515tency ol treatmenl of the Universrty of Cambridge Fees creditor, with a correspondlng restatement of minus £345k in Creditors. the overall net effect being nil. 42 14omerton College

Notes to the flnan<..lal statements Year to 30June 2023 16 Cash Consolidated College 2023 2022 É'(KJO 2023 £'ooo 2022 £'ooo Cash at bank 3.055 2.880 2,266 2,650 Cash in hand 3.056 2,882 2.267 2.652 17 Creditors. amounts falling due within gne year Consolidated Restated College Restated 2023 2022 £'ooo £'ooo 2023 £'o( 2022 £'O(K> Trade credilors 979 874 946 855 Other taxalion and social security 288 1.012 288 1.012 Contribulion to Colle8es' Fund (Statute G. 27 42 27 42 Other creditors and accnjals Deferreis rentsl income Inote 181 Other deferred income 2,817 32 1.560 32 2,588 32 1,539 32 75 55 35 4.507 3,595 3,936 3,511 2022 Other creilitors and accruaL5. have been restated by minus £345k. this is due to consistency of treatment of the UnNersity of Cambridge Fees creditor, with a corresponding restatement of minus £345k in Trade and other reieivables. the overall net effect being nil. 18 Creditors: amounts falling due after oiie year 2023 £'ooo 2022 Consolidated and ColleÈe Debentures 29*75 29,868 Deferred renkl income 2￿19 32,394 2,550 32.418 During 2013-2014 the College participated bn a bond issue jointly with a number of other Cambridge colleges which raised £IOm Ibefore deduction of fees) of long-term unsecured fundinE. In August 2015 the College participated in its own bond issue which raised £20m of long-term unsecured funding. The debenlures are wholly repayable at the end of their respective lerm5 and are slructured as folk)ws: 43 Homerton College

Creditors.. amounts falling due after one year Icontinuedl Interest rate Ilixedl Amount E'OOO Debentiires Term Tranche la- CCF Iottobei 20131 Tranche Ib- CCF (October 20131 Tranche 2- CCF (January 20141 PrNate Placement- HermiVl¥udential IAugus120151 Fees deducte 30 years 40 years 30 years 25 Yea[5 4.40% 4.40% 4.45% 3.38% 3,211 2.569 4,220 20,0 11251 29,875 Deferred rental income represents the deferral of mi)nies received from the University of Cambridge Education Faculty for the grant of a 99-year lease in 2(K15 over their new building that has been constructed on the College sile. The re￿Ipt is beinE released to the statement of comprehensive income and expenditure in equal annual in5talmenls over the lease term. 19 Provisions for liabalities and charges 2023 £'ooo 2022 £'ooo Consolidated and College At beginning of year Benefits paid Charge to income and expenditure acc￿nI ChangES in actuarial assumptions At end of year IS8 498 138 171 J.6 1371 1141 12891 158 129 The provision related to thL* College's liability to enhanced the pensions of teaching staff who retired iiarlv. 20 Contingent liabilities There are £nil contingent liabilities a5 at 30 June 202312022.. £nill. 44 Homerton College

Notes to the financial statements Year to 30 June 2023 21 College pension schemes 2023 £,￿0 2022 £'O(K) Consolidated and College Surplu5 under Cambiidgeshire County Pension Fund Liability lor deficit reovction payment under UnNersities Superannuation Scheme Surplus at end of year 430 1.735 11,1181 11,2971 16881 438 The College participates in Iwo pension scheme the Universities Superannuation Scheme IUSSI and Cambridgeshire County Council Pensioi) Fund ICCCPFI. The CCCPF is part of the Local Government Pension Scheme ILGPSI. Both 5cheme5 ale defined benefit schemes that are externally funde(J and contracted out of the State Second Pension. The assets of the schemes are held in separate tiustee-administered funds. The College is unable to identify its share of the underlying assets and liabilities in respect of the USS stheme on a consistent and reasonable basis arhd therefore, as required by FRS 102. accounts for the scheme as if it were a defined contribution scheme. As a result, the amount ¢har8ed to the income and expenditure accourht represents the contributtons payable to the scheme in respect of the accounting period. CCCPF has been able to apportion a percentage of its funds. a5set5 and liabilitie5 Telating to the College and therefore the scheme ha5 been treated as a delined henelit scheme in the financial statewnents. The disclosure requirements of FRS 102 in relation to these schemes are shown below. The College is required to contribute a specified per￿ntage of payroll costs to the pension schemes to fund the benefits payable to the companl5 employees. In 2023, the percentage was USS.. 21.6%12022- 21.6%) and CCCPF.. 17.9% April 2023 (April 2022: 17.9%). The CCPf ILGPSI scheme has a surplus and a minimum funding requirements exists, therefore a pension asset ceiling has been calculated by the actuarie5 as follows.. 2023 £'ooo 2022 Consolld3ted and College Surplus under Cambridgeshire County Pension Fund Restrirtion to Ppnsion Asset Ceiling 9231 6,057 18,8011 14,3221 Surplus at end ot year after asset ceiling 430 1,735 45 Homerton College

Notes to the flnanclal statements Year to 30June 2023 21 College pension schemes Icontinuedl The total pen51011 C05t lor the College and tts subsidiaries for ihe year to 30 lune 2023 was.. 2023 2022 £'OOO E'OOO Si'.rwce cost of USS Current seNice cost of CCCPF ILGPSI Total pension ¢()st 171 1,044 912 1,770 1.083 2,814 The latesl valuations of the schemes assets and liabilities for which results are avBilable.- U5S CCCPF ILGPSI Date of valuation 31 Marth 2020 31 March 2022 Market valuation of assets Past servits liabilities Deficit of assets £66,500in £80,600rn £{14.1￿1) Iri £4,305m £3,446m £ 860m uss The appoiwjtment of directors to the ￿a[d of the trustee is determined by the trustee company's Articles of Association. Four of the directors are appointed by Universities UK; three arf appointed by the University and College Union. of whom at least one must be a USS pensioner member- and a minimum of two and a maximurn of four are co-opted directors appointed by the boaid. Undei. the scheme tlU5t deed and njles, the employer contribution rate is deterniined by the trustee, acting on actu31ial advice. As at the 30 June 2027 the latest available complete actuarial valuation of the Retirement Income Builder was at 31 March 2020 Ithe valuation dale). which w35 carried out using the projected unit mixthod. Since the institution cannot identify it5 share of USS Retirement Income Builder assets and liabilities, the following disc105ure5 reflect those relevarbt for f.hose assets and liabilities as a whole. The 2020 valuation was the Sixth valuation for the schpme under the scheme-specific funding regime introduced by the Perhsions Act 2004. which requires scheme5 to adopt a ststutory funding objective, which is to have sufficient and appropriate assets to ¢oveY their technical provision5. At the valuation date. the value of the assets of the Scheme was £66.5 billion and ihe valué.. of the scheme's technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%. Under FR5 102, 3 liability has been recognrsed to reflecl the cost of the Recovery Plan of the Scheme to the Colle8e. At 30 June 2023, this stood at £1.118,0(K>12022-. £1.297,(K)01- 46 Homerton College

Notes to tho financial statements Year to 30 June 2023 21 College pension schemes Icontinuedl USS fconttinuedj FRS 102 liability numbers have t)een produced for the scheme using the following assumptions= 2023 2022 Oi5count rate Pensionable $alarygro￿h Payroll base change 5.52% 2.70% 3.31% 2.70% The main demographic assumption used relate5 to the mortality assumptions. These a55umptiorhs have been updated for the 31 March 2023 accounting position, based on updated analysis of ihe Scheme's experience carried out as part of the 2020 artuarial valuation. The mortality assumptions used in these figures are as follows.. The current life expectdncies on retirement at age 65 are- 2022 MBles currently aged 65 Iyearsl Females currently aged 65 (years) Male5 currently aged 45 Iyearsl Fem81es currently aged 45 lyearsl 24.0 23.9 25.6 25.5 26.0 25.9 27.3 27.4 2023 2022 Existing beneflts Scheme assets FRS 102 liabilities FRS 102 surpluslldeficitl FRS 102 funding level £73.Ibn £65.7bn £7.4bn iii% £80.6bn £86.2bn 1£5.6bnl 94% Cambridgeshire County CoLincil Pension Fund ICCCPF ILGPS}I The CCPF is a defined benefit scheme based on final pensionable salary. liabilities are valued on an actuarial basis using the projected untt method which accesses the futijre liabilities db￿Ounted to their present value. 47 Homerton College

Notes to thp financial statements Year to 30 June 2023 College pension schemes Icontinuedl Cambridgeshire County Council Pension Fund ICCCPF ILGPSII (continuedj The movement in the net surplusllde*icitl in the scheme was as follows.. 2023 £,(￿0 2022 £'(x)o Consolld3ied and CollegÈ (Delicitl surplus ¢t beginning of year Current service cost Interest on assets Contributions by employer Other finance cost Restriction to pension asset ceiling Actuarial Ilossl Deficit sur lus at end ol 1,735 19121 995 656 17671 14,4791 3,202 430 13,5041 11,7701 478 597 15531 14,3221 10.809 1.735 ear The main assumptions used for the purposes of FRS 102 are as follows- 2023 2022 Discount rate 5.10% 3.85% Rate of increase of salaries Rate of increase of pension in payment 3.50% 3.00% 3.15% 2.65% Assets are valued at a f..>ir price, principalfy mayket value for investments, and compri5e.' 2023 £'ooo 2022 £'ooo Equitie5 Bonds Property Other 19,393 3,993 4,278 855 18.003 3,343 4,115 257 25.718 The current mortality assumptions include suff icient allowance for future iniprovements in mortality rates. The assumed life expectations in years orb retirement age 6:Tr are: 30June 2023 30 June 2022 Current pensloners Males Fernale5 Future penyone Males Females 22.0 24.3 22.0 24.2 22.9 26.0 26.0 48 Homerton College

Notes to the linancial statements Year to 30 June 2023 21 College pÈnsion s¢hemes Icontinuedl Cambridgeshire County Council Pension Fund ICCCPF ILGPS}I Icontrnuedl 30 June 2023 30June 2022 £'(N)o 30 June 2021 E'OOO 30 June 2020 £'ooo Present value of funded obligations Restriction to pension ceiling asset Fair value of plan assets 119.2881 119.6611 129.2221 125.6451 18AOII 14.3221 25.718 1.735 25.718 13.5041 21,751 13.8941 430 Present value ol unlunded obli8alion5 Net Iliabilitiesl assets recorded in the balance sheet 430 1.735 13.5041 13,8941 Experience Ilossl gain on a55et5 21 727 175 Experience105516ainl on liabilities 13.2231 111.5361 Amounts charged to incomeand expenditure account 2023 £'o 2022 Current service cost Interest on obligation Interest on assets 912 1.770 478 15531 1.695 17671 Analysis of amounts reto8nlzed In other comprehensive income 2023 £'ooo £'(K)O Retum on assets excluding amounts induded in net Inte￿$t 1211 17271 Changes in fin3ncial assumption Total actuèrièl gain recogniied 3,223 3,202 11,536 10.809 Changes in the present value of the defined bvnefit obllgatlon: 2023 £'ooo 2022 E'OOO Opening defined benefit obligation Current service cost Interest cost Contributions by members Changes in finandal assumption Benefits paid Closing defined benefit obligation 19.661 912 767 235 11.7061 15811 19,288 29,222 1,770 111,5361 15591 19,661 49 Homerton College

Notes to the financial statements Year 10 30 June 202) 21 College pension schemes Iconfinuedl Cambridgeshire County Council Penslon Fun(1 {CCCPF ILGPSII Icontinuedl Changes in the lair value of plan asset5- 2023 £.￿0 2022 £'(K)O Opening fair value ol plan a55et5 Net interest Contributions by members and o'her bodies ContribLJtions by employer Return on assets excluding amounts include in iet inlerest Benefits Paid Other experif.nce 25,718 995 235 656 1211 15811 1.517 25,718 478 211 597 17271 IS591 Closin fairvèlue of lan assets 28.519 25.718 The College expects to contribute £701,¢M)O to its defined benefit pension scheme in the year endinE 30 June 202412023.. E617.0(X)I. The mar)agement bases requiied by FRS 102 are likely lo give rise to significant fluctuations in the reported amounts of the defined benefit pension scheme assets and liabilities from year lo year,. and dc nol necessarily Eive rise to a change in the contributions payable into the scheme. which are recommended by independent actuaries based on the expected long-ter rate of return on the schemes assets. 22 Related party transactions Owing to the nature, of the College's uperations. and the composition of the Governing Body, it IS inevitable that transactions will take place with organisation5, in which a Governing Body member may have an interest. All transactions involving orBanrsations, in which a member of the Governing Body may have an interest. are conducted al aml's length, and in accordance with the College's normal procedures. The College maintains a register of interests for all College Council members and where anv member of the College Council has a mateiial interesl in a Colle8e matteF, they are required to declare thai f3cI. During the year no fees or expenses were paid to Fellows in respect of their duties as Trus-ees. Fellows are remuneraied for teaching, research, and oiher duties within the College. Fellows are hilled for any private catering. The Trustees renumeration is overseen by the fellowr I'enumeration Commitlee. 50 Homerton ColleÉe

Notes to the financial statements Year to 30 JLtne 2023 22 Related party transactions Icontinuedl The salaries paid to Tnjstees in the year are summarised in the table below.. Salarv 2023 Number 2022 Numbei i- £io.000 ElO,(K)1- £20.000 £20,(X)1- £30.000 £30,(K)I - £10,000 £40,(K)I- E50,000 £50,(X)1- £60,000 £60.(K)1- £70.000 £70,(K)I - £BO,000 £80.(X)I - E90,000 £90,CK)I- £IQK).o(KJ £IOO,(X)I- £IID.L Total 17 17 The total Trustee salaries were £790,588 for the year12022.. £8 jl 5,8791. The Trustees were also paid other taxable benefits lincludin@ associated employer National I￿￿rance contributions and employer Contributions to pensionsl total £260,942 for the year 12022.. £280,9581. The College h3$ two trading and subsidiary undertakings. which are consolidated into these accounts. All subsidiary undertakings rire 100% owned by the College and are registered and operating in England and wa￿5. The College has taken advantage of the exemption within section 33 of FRS 102 not to disclose Irancaciion5 Wlth wholfry owned Broup companies that are related parties. There are 31 Colle8es, each of which is an independent corporation with its own property and income. Each College publi5he5 its own financial statemenis in a form specified by the Univer5ily of CambridBe. The College pay5 levies to support the actwity of the Office of Inteicollegiate Services IOISI. The OIS is responsible primal ily for arranging support services to the 31 colle8es of the Collegiate UnNersity Icambridgel. The College acts as an agent for the collection of fee) for the University of Cambridge,. for the year ended 30 June 2023 Ihese fees total £14.182k12022- £14,043kl. During the year the University paid College, from these fee5. sums totalling £4.362k12022- £4,324kl under the term5 of agreements between the University and the Colleges to share fee income with the Colleges in a way that recognises the relative contributions of the University and the Colleges. During the year College contributed under Statule Gll of E27k12022: £42kl into the Colleges Fund. 51 Homerton College

NoLe5 to the finantial statements Year to 30Juiie 2023 22 Related party transactions Icontinuedl The Colleges Fund is administered by the University of Cambridge on behalf of the Colleges, who make all contribulions to and receive all allocations from the Fund. College administers a Cambridge Bursary Scheme to support undergraduates financially,. the Univer51ty of Cambridge contributed £382k to this scheme12022.. £283kl. Durin@ the couise of its charitable activities, College also pays the University of Cambridge for printin& network ènd other services. In addition, Homerton Collegp. periodically provide5 conferente-relaled 5ewice5 including accommodation. caterrng ¢ind other services to the organisations and departmen15 belonging to the Unwersity of Cambridge or standard third-party terms. 23 Reconciliation of consolid.ated operatinB surplus to net cash flow loutllow) inflow from operating activities Restated 2022 £'ooo 12.6291 2,601 36 1.127 14.2391 2.291 2023 £'ODO 11.973 2.906 IDeficitl surplus on continuing operations Depreaètion of tangible fixed as5et5 Inote 121 Amorti2ation ol intangible fixed as5et5 Interest pay3blè Investment income Pension costs less contrtbuttons payable Decre85e lincreasel in stock5 Decrease Ilncrea5el in debtors (Decrease) increase in creditors due within one year OecTea5e in creditors due in rnore than one year Decrease in provi510ns Operating loss on joint venture Net cash loutnowl inflow fvom operating actiwties 1,127 13,5221 12191 11241 567 1241 403 663 13711 1241 11631 1471 11.2801 24 Cash flows from investing activlties 2023 2022 E'OOO Investment income received Bank interÈst received Purchase of tangible f￿￿ed a55ets Purchase of intangible Irrted assets Purchase ol investmen".$ Proceeds oTdtsposal ol Investments Total cash flow5 from investing actNitie5 3A80 42 12.1451 1161 121,8861 23,323 2,798 4.238 18,6051 1381 19,8081 12,561 11,6511 52 Homerton College

Notes to the linancial statements Year to 30 June 2023 25 Cash flows from linancing activities 2023 £'ooo 2022 E'ooo Interest paid Net Loan Borrowing I IRepaymentl Total cash flows from financing acliviiies 11,1271 11.1271 11.1271 11,1271 26 Consolidatecl reconsolidation and analysis of net debt Other non-cash changes At l Julv 2022 Cash flows At 30 June 2023 £'ooo Cons01idaied E'OOO Cash and cash equivalents Cash at bank and in hand Cash held with fund managers (note 131 2,882 1.096 3,978 174 217 3,056 1,313 4,369 391 Boriowings- amounts falling due after more than ofte year Debenture5 (note 18 Lloyds revO￿lnE credit facility Inole 181 129,8681 129,8751 129,8681 129,8751 125.8901 391 125.5061 27 Financial statements 2023 £'ooo 2022 £'ooo Flnancial assets Fint7p>cioI (7s5ets o.'loirvolue through Stotement of Comprehensive incoffle . bsted equity investments Fixed interest 5ecuiitie5 Finonciol 055etS thot ure equity InSt￿mentS meu5ured utCOSt le55 impoirment . Other equty investmènts FItr￿nClul Ossets thot ore debt Ill5truments meowredot umortizedcost Cash and cash equivalents - Trade debtor5 72,051 5.668 66.704 5,971 6￿14 5.975 3,056 699 2.882 453 Financ4al liabilities Finonciol liobilities me(ysured ot amortizedcosl Debentures Revolving credit facility . Trade creditor5 {29A75) 129.8681 1979) 18741 53 Homerton College

Note% to the financtal statement5 Year to 30 lune 2023 28 Capital commitments Land and buildings 2023 'ooo Land and buildin85 2022 £'ooo AuihoTized and contracted lor Authorized but not yet conliacted lor 421 7,607 1.207 8,611 2<1 Prior year adjustments Prior year adju5tment5 have been made to both Trade and other receivable5 and Creditors. The College assessed the treatment of the un￿er51tY of Cambridge Fees aiid the resulting adjustment was to reduce both Prepaymer)ts and accrued income ènd Other creditors and a¢crua15 by E345k. The net result to these adjustments 15 nil. A prior year adjustment has been made to Other comprehensive income and ha5 been re51ated for Actuarial gains. due to a minimum funding requiremeni being identified within LGPS. and a pension asset ceiling calculation being incorporated. Thi5 amounted to an increase in actuarial gain of £1,735k. The result of this adjustment is to redute the deficit on Total comprehensive income for the year by £1,735k and increase Balance sheet reserves by £1.735k. 54 Homerton College