2024-06-30-accounts

Charity Reglstratlon Number 1137497 HOMERTON COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2024 l Homerton College

Reports Reference and adminlstratlve Informatlon Trustees, report College governance statement Statement of internal control Statement of Council's responsibilities Independent auditorfs report Page 16 17 17 18 Flnancial statements Consolidated Statement of Comprehensive Income and Expenditure Consolldated Statement of changes in reserves Balance sheets Consolidated Statement of cash flows Principal accountlng pollcles Note to the flnancial statements 21 22 23 24 25 31 2 Homerton College

REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 30 JUNE 2024 Registered address Hills Road Cambridge CB2 8PH Charlty reglstratlon number: 1137497 Members of Counal (Trustees) Ex officio Members Principal Vice Princlpal Senior Tutor Lord Woolley of Woodford Dr Francesca Moore Dr Penelope Barton (resigned 31 December 2023) Dr Georglna Horrell {from 01 January 2024) Dr Slmon Brocklngton (resigned 31 August 2024) Dr Simon Wadsley (interim Bursar from 02 September 2024) Bursar Elected Fellows (for 3-year terms to 30 September) Juliana Cavalcanti (20231 Paul Warwick (2023) Tlmos Klpouros (20231 Fernanda Gallo {2024) Slmon Wadsley (2024) Wlll Fawcett (2024) Alison Wood {2025) Davld Belin (2025- Resigned September 2024) Melanie Keene (2025) Katherine Boyle {2026) Josie O'Donoughue (2026) Olivier Tonneau {2026) Gavln Davles (2027) Matt Norton {2027) Co-opted Fellows Junius Olivier (from 18 April 2024 to September 2026) Joel Chalfen {2024) Student Members (not Trustee5) JCR Presldent MCR President Ben Ward Ko8ulan Vlpulan / Reyhannisa Hajl SenFor Officers Head of House Vice Prlnclpal Senior Tutor Bursar Lord Woolley of Woodford Dr Francesca Moore Dr Georgina Horrell Dr Simon Brockington (resigned 31 August 2024) Dr Simon Wadsley (interim Bursar from 02 September 2024) Dr Paul Elliott Dr Alexander Mill Dr Melanie Keene Dr Simon Wadsley Admissions Tutors Postgraduate Tutor Secretary to the Governing Body and Council 3 Homerton College

REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 30JUNE 2024 Auditors Price Bailey LLP Tennyson House Cambridge Buslness Park Cambridge CB4 OWZ Bankers Lloyds Bank plc Endeavour House Chivers Way Hlston Cambrldge C824 9ZR Solicltors Taylor Vinters LLP Merlin Place Milton Road Cambrldge CB4 ODP Property advlsers Carterjonas 6-8 Hllls Road Cambridge CB2 INH Bidwells Bidwell House Trumpington Road Cambridge CB2 9LD Investment managers Rothschlld & Co New Court St Swithln's Lane London EC4N 8AL 4 Homerton College

Report of the College Councll for year ending 30 June 2024 SCOPE OF THE FINANCIAL STATEMENTS The trus￿eS of Homerton College ('the College.) present their report incorporating the operating and financial review. together with the audited financial statements for the year ended 30 June 2024. These cover the consolidated operations of Homerton College and its subsidiaries. The financial ststements have been prepared in accordance with the accounting policies set out on pages 27 to 32 and comply with applicable laws. the requirements of the Recommended Cambridge College Accounts (RCCA). the Ststement of Recommended Practice: Accounting for Further and Higher Education (2019). and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Status Homerton College was founded in 1768 and gained its Royal Charter and membership of the University of Cambridge in 201 O. With over 1,400 students covering all undergraduate and most postgraduate courses, we are one of the largesL youngesL diverse. and most dynamic colleges in the University. We pride ourselves on our values led approach and especially on the Importan￿ of fairness, openness, and excellence. We believe that education is more than just a qualification and that the skills to use and apply learning are jusc as important as the degree itself. The College is constituted through its Royal Charter, and it is also a registsred charity. This report and the accompanying accounts consolidate the operations of Homerton College and its subsidiaries which are: Colophon Limited undertakes commercial conferences and also operates the College bar and May Colokats LLP, which was incorporated during 2013114 to facilitate the residential developments which are part of Homerton Gardens adjacent to the main college site. The development works are complete, and partnership now exists to hold the freeholds. Ward Griffin LLP is a partnership between Hornerton College and St Mary's School. It developed and now manages the sports fields owned by St Mary's School, which were leased to the partnership in 2020 for 66 years. Purpose, Charitable Objectives and Public Benefit The purpose of the College is to nurture a talented, divers< open-minded, and principled scholarly community, and thereby to further the University's mission of contributing to society through the pursuit of education and research at the highest levels. The College's culture and values emphasise inclusivity: both in reaching out to potential students from the widest range of backgrounds, and in ensuring that students from every background feel a sense of belonging at Homerton and that they are welcome and supported. The College bdieves that equality, diversity, and equicy lead to excellence. and works to remove any barriers to full participation in Cambridge life that students may experience. Homerton's culture is one of friendliness and lack of hierarchy. The objects of the College, as set out in Its Royal Charter. are: l. For the public benefit to advan￿ education. religion. learning and research within the University of Cambridge. 2. For the public benefit to provide for person& who shall be members of the University, a College wherein they may 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 guidance. 5 Homerton College

Strategy The Governing Body approved a new overarching Aims and Strategy document in October 2024 to sit alongside the Values, Vision and Mission approved in March 2023. This new document presents the College's Vision and Aims for Inclusive Excellence in Education; for Innovation and Inspiration in Research,. for Diversiry and Inclusion in All We Do; for Nurturing and Development of Unique Characters: for Enhancement and Support of Wellbeing,. and for an Inclusive and Prosperous Future. It is intended to use these two documents as a foundation for more detailed strategy documents developed by each area of the College. Equality, Diversity and Inclusion The College has an active, energetic and dynamic approach to EDI which informs all aspects of college life including admissions, outreach and our commitment to improving and enhancing swdent experience for all student& We have held a number of debates and themed formal dinners with the aim of ensuring that swdents from diverse and under-representrd backgrounds feel that they belong and are able to thrive at the College, which has an educational benefit as well as building their charathr and equipping them with the knowledge and ambition to contribute to a better world. Educational achievements Admisslons and Outreach The Admissions Team have offered a dynamic programme of events and services. From October 2023 to October 2024, our Schools Liaison Officer and Outreach Manager organised and delivered wide-ranging 126 outreach events (2023: 107), both online and in-person. Of the 879 (2023: 591) schools and 14,995 (2023: 9151) participants who attended these events, significant numbers came from areas where few progress to hi8her education. In tsrms of events held at Homerton, we hosted 9 Outreach buses (bringing groups of students from across our 'link areas, into College, for buSy• aspiration-raising days) for 583 students and tsachers from 33 different schools. In addition, we hosted individual school visits to Homerton for 208 students from 8 different schools, a number of tours of the college for prospective students and their parent4 and three Open Days for over 300 people. In temis of visits out to school& we hosted four Schools Tours in all our Link Areas of Scotland, West London, Buckinghamshire and South Yorkshir< involving delivering tslks in schools for 2,639 students from 67 differenr schools (31 different schools in Scotland, 16 in West London, 12 in Buckinghamshire and 8 in South Yorkshire), as well as talks for individual schools at other times of the year for 719 students from S different schools. In terms of wider reach. we also rdn an attainment rdising programme for a selett 35x Year l O students from across the country from target groups, culminating in an in-person Celebration Event to the college after producing their own essay. We also ran an online access course for 3054 Year 12 stats school students. In addition, we hosted 38 <2023: 32) students on the residential element of the university STEMSMART scientific preparation pro8ramme. making us one of its biggest supporters, One of our largest events last year was our Sustainability Student Conference in late AugusL The Conference vrfas the culmination of an essay writing and desi￿ competition (with online sessions for inspirntion and guidance) and is a 3-day residential for l 00 state school students from 61 different schools. The central day of the Conference was also attended by an additional 150 students from 69 different schools. The students took part in a range of attivities, discussions and talks including sessions from efftrnal contributors and from current students. Admissions Tutors also participated in Ydrious attivities. For example, our Science Admissions Tutor developed a portable educational "escape game" with £41,000 of funding from the Nevrton Trust. The escape room trsts the analytical and synthetic thinking skills that we look for in our applicants, making it a novel VRY to inspire students to apply to top universities and to prepare them for interviews and the 6 Homerton College

university transition. It involves over l 00 scientific thinking skills puzzles and has been delivered to over 2,500 students to date, with delivery for another 1,500 students planned by the end of the academic year. 2023124 also saw the launth of our new "Cambridge Biology Challenge". where over 2.500 students from around the country answer bi-monthly questions about biology using posters, videos podcasts and essays. The competition culminated V•Yth us inviting over 300 participants to Cambridge for an aNrdrds%iving ceremony escape game and lecture. The last acadernlc year also saw the launch of our new"Homerton for Homerton" projeffj where the college has "returned to its or1&￿n$. in Homercon, Hackney. We have deIr￿red educational projects for over 800 secondary sojdents of all ages in 7 Hackney schools and supported local charities in the area by sending our undergraduats Students back to support easter evens accompanied with financial support. This year. we supported the Outrunners charity, HackneyQues¢, The Yard Theatre, Immediate Theatre and the Wickers Charity. In the naxt academic year. we hope to support many more charities with the support of Hackney Counc(l. In November 2024. Y￿ will be hosting the official launch of the proffect with the Mayor of Hackney and Lord Woolley in attendance. Our Admissions strntegy is fundamentally informed by our core values of EDI and widening participation. A small but effective team (3 part time Admissions Tutors. expertly supported by our Admissions Administrative Assisrant and Admissions Manager), working with Directors of Study and the Admissions Advisory Group led by the Senior Tutor, considered another impressively Strong set of applications. This year total applications to Homerton numbered 962 (2023: 1.019>. We condurted 1,224 (2023: 1,294) admissions interviews, made offers to 246 (2023: 214) students and confirmed 182 (2023; 182) students for Matriculatlon in October 2024. We are rightly pleased with our widening participation statistics (see Table l ), which generally exceed university averages and the 2024125 targets outlined In the University Access and Participation Plan. We celebraTr another radically diverse intake of students. nivers for State 69Y. Is 32 34 43 26 1+2 22% 24% 21% 15% Table One. Undergraduate admissions acceptances for Homerton College in 2023. Note that all Wldening Participation merrics (see below) are calculated as a percentage of Home styjdents. POLAR. a rneasure produced by HEFCE which mnks areas based on the rote at which young People h(Ne historically rogressed to higher educotion. These mnks are then used to dwide areas into quintiles. Students from POLAR I areas are those thot have a IK>me postcode th(rt fvlts into the bouom 20% of areas ranked ty thi5 measure. while POLAR 1 +2 fall irrto the bottom 40%. OAC. Ou¥)ut Areo aossrfKotioo o d￿[[￿¢?￿ ofore05 Pro¢1￿d by the OffKe of Notitinol Statistics uslng dota from the 2011 censu& Sin 2014. the Combndge Admissbr6 Office h05 cond(Kted research into how these dasslficobons Interart with undeffwntotion ot CambrldEe and other In¢kntors rfSoCK￿e￿￿xc and educatitinol dlsodvontOEe incluethi househdd income ond >t7￿tal ocalw1￿ This reseorth allows us to Ilog Wlconts whose home Postcodes they are resident in (Ke05 with less odvantaged soa0vK￿iC dKYac1e￿fr￿ ondlor I ogression to the University rfcffljbr IMD.. Inditts of Multiple Deprivatron. measures Produced by regionol governments Iwthin the UK thot identify relative depAvotion Areas within eoth region are assessed according to a series of indicators - suth as income. crime. ond healthcare - and then ranked against each other ond pla￿d into decile& Students are given a Ihg rftheir home P05tcode indicotes they live in an area that is ranked in the bottom 40% of their region by these meosure& FSM.. Student has been provided ¥￿th Free Sthool Meak in their prior educatio 7 Homerton College

Foundatlon Year Homern?n College continues to take an active role in the Cambridge Foundation Year in the kn Humanities and Soaal Sciences, reaffirming our commitment to this vital initiative. We have welcomed a new Foundation Year team this year. with Sandy Mill taking over as Director of Studies in Jan 2024. and Dr Jane Monson joining this academic year as Tutor. While this year has seen our first instance of students not progressing onto Tripos, feedback has been positive overall, and we have been pleased with how the students that have progressed on to Tripos have perfornRd academically. We continue to be delighted by how the College community has welcomed students taking this pathvRy as full members of the College, and have just welcomed our third cohort as part of the initial five year trial of the course. Student numbers 202312024 Totsl student numbers have Iluctuated slightly over the last three years, rising from 1,457 in 2021-22 to 1,485 in 2022-23, then falling to 1.451 in 2023124. Undergraduate numbers have remained stable over the period whlle postgraduate numbers have also remained stablq despite a reduccion in PGCE numbers. 2021n2 618 16S 674 2022123 628 176 681 67 163 451 1485 2023124 612 158 Under uate Post Graduate Certificate of Education Post raduate Master of Educatlon Ma￿r of Studies Other Pos raduate Grand Total 53 223 405 463 1457 Table Two. Homerton student numbers 202 Ir22 to 2023124 Undergraduate achievements Homerron undergrdduates have participated in another year of vibrant and varied attivities. both currlcular (mainly supervlsions, whlch are organised and facilitated by Directors of Study) and co-curricular. We offer the full range of subjects taught by the Unfversity - from Anglo Saxon, Norse and Celtic to Veterinary Medicine. Each sublect has a Direccor of Studies appointed to advlse, support students and. In some subjeccs, to appoint superylsors. Some of these are Homerton Fellows and College Tvdching Officers and others are 'external' Directors of Studie& Our students perfornRd exceptSonally well across a wide rdnge of subjects (with a signfficant number of Students in the top 5 in their subject). Some weak results are also in play and we have embarked on an ambitiou4 collaborative project to look more closely and more broadly at our students. ararn perforniance and to consider, by various means, why some have F￿rfOrmed so well and others are continuing to struggfe. We are cognisant of the role of the pandemic in continuing to disrupt students, academic rhythms - and we are also cognisant of the impressive resilience and brillian￿ of our students in the face of many challenges. Homerton Unlon for Students Homerton funds a full time President of Homerton's Union of Studens who is a new graduate, elected in their final term. The HUS plans and oversees a rdnge of events and activities beginning each year with the Freshers Week (including professionalty led Consent Workshops, EDI Workshops and some orientation 8ames and entertainments), and running Welfare activities throughout the year. 8 Homerton College

Postgraduate support 2023-24 was a year of transition. of consolidation, and of looking ahead. We bade farewell to the former Senior Tutor and to two longstanding members of the Tutorial Offitt, and are grateful for all of their many years of dedication to postgraduate student support in the College. We hope to once again have fostered 2 supportive and inclusive postgraduats community in the College, and to have provided help with both necessary bureaucratic tasks as well as enriching opportunities, via personalised supporL Postgraduates continue to contribute across a wide rdnge of College activities, including Changemakers, exam invigilation. Admission5 initiatives, and with student societies in sports and across the performing arts and music. The dedicated MCR Presidents provided a wealth of peer suppor¢ and a full programme of social and welfare events. It has again been a challenging year for many of our postgraduao students, particularly those directly affected by global conflict and vrar, or for those dealing wich distressing personal or family circumstances: or struggling with social isolation and loneliness. Although we did not see the same effects on students, postgraduate work and dxamination as from recent industrial action, extsrnal factors such as a cyber incident did cause significant disruption to some research., and doctoral students in particular continue to see the impact of the COVID-19 pandemic on their ability to complete research projects to the intended timeframe. Postgraduate achlevements Postgradua￿ students continue to contribute across a wide rnnge of College activities, notably with the Changemakers programme, as well as with admissions and outreach initiatives, and with student societies in sports and across the performing arts and music. Dedicated postgraduate events such a5 the Friday Postgraduate Formal Halls have once again been popular and lively events, including some themed nights organised by the MCR; selected College events were also timed to coincide with the Fridays of Postgradua￿ Formal Hall to aid with hospitality. The MCR organised an alcohol-free Formal in May, to increase the provision of 'non-drinkinl social events. Matriculations and graduations provided opportunities co Celebra￿ our postgraduate student cohorts: and invitations to subject dinners pve a chance for Mastsrs, and PhD students to meet undergraduatss and Fellows in their discipline5. This year the standard of presentations in the ongoing Research Supper series continued to be exceptionalty high, with some particularly apposite pairings of talks. We hosted Harris ManChes￿r, Oxford, for our annual joint Research Day in June. Topics students presented on over the year (which give an insight into current research) included: 'A mathematical journey through the theory of numbers and representations, 'PhD: The Musical - the drama behind undertaking performance. 'High risk, low reward: changing the balance for antibiotic drug discovery, 'Studying factors behind regional inequality in student achievemenL' preliminary results of a study in Kazakhstan, 'Physical activity, fitness, and metabolic disease in different ethnic population5' 'Personalising can￿r radiotherapy through artificial intelligence, 'The historiography of DaThYinism and the theory of evolution in Islamic contexts, 'Nuclear power for space-craft propulsion - studies on the nuclear salt water rocket Con￿Pt, 'Cell-ebrity gossip: how the communication between cell types drives pancreatic cancer, Postgraduate Oversight and Strategy The Postgraduatr Tutor took up the role of co-chair of the Postgraduatr Committee from January 2024, which also involved work with the Postgraduate Admi55ions Committee (including in relation to widening participation). She continued as the P05tgraduate Tutors, Committee representative on the Childcare Committeq and one of two College represenr2tives on the Mst Committee. On behalf of the College, she contributed to the Otsted Inspection for both the PGCE (with a written account) and Mst Architrccure ApprentTceship (with an intsrview and written matrrials) courses. We are in the process of implementing an agreed restructuring of the Postgraduats Tutor tsam (including the recruitment of a Postgradua 9 Homerton College

' Admissions Tutor, and the nomination of a Senior Postgraduate Tutor), and finalising the next Postgraduate Student Strategy. Key priorities will include: In-depth quantitattve and qualitative analysis of postgraduate student demographics and experien￿. A focus on doctornl research student community-building (within and beyond the student body): A focus on part-time student provision. particularly communirdtions and information-sharing.. A review of accommodation needs and Options for expansion,. Fundraising for studentships and,support. Changemakers Established in 2019, Changemakers is Homerton's academic-led, pioneering co-curricular programme helping students weave their academic studies with deep self-aworeness; gritty real-world skills for getting things done in society. and knowledge of ge￿PolitiCal realities and levers for change. The Changemakers mission is to 'educats for a thriving world,, and it is part of College's strntegic commitment to a powerful 'education plus,. Changemakers is available to all Homerton students, free of charge, and offers residentials, workshops, a mentoring scheme* progrnmmes with partner organisations, a catalyst fund. a first-year bridging programme for undergraduate& and access to leading changemakers. Students can engage as littl< or as much, as they wish, concomitant with their interests, timecables and existing skills. Over the last five years Changemaker has taught 26.000 student hours in 3.500 student encounters. built a network of 200 champions who have gifted more than 4500 hours of their time teaching and supporting students; hosted 240 events., supported 60 student ambassadors; helped enable 18 start-ups., and generated over £1.2million in in-kind and financial supporL In 2023-2024 there were 1432 student encountsrs (2023: 942) and 8549 student hours (2023: 7,300),. 6 start- ups supported (2023: 6) and 240 event hours (2023: 280). 95% {2023.. 95%) of students rated their experience 'outstanding'. Anecdotal evidence indlcates the desirability and effectiveness of Changemakern for prospettive students listing Homerton as a college of choice; for current student& both personally and in their academic worK. for colleagues who contribute; and for the reputation of Homerton as a progressive, action•orientated organisation. Student Support Academlc Support All undergraduates have a Director of Studies who meets with and monitors students, academic development. One to one support is available for any student who requires assistance with writing skills. maths support or time management and personal organisacion. Education Coordinators also provide informed additional support as well as training for supervisors and Doses. Subjert dinners continued throughout the year, and these bring together undergraduates, postgradUa￿s, fellows and staff, and in some cases alumni, for further discussion of respettive sut4'ects. Financial Support Through a scheme operated in common with the University and other Cambridge colleges, the College provide5 bursary support to undergraduate students of limited financial means. The Cambridge Bursary Scheme is approved by the Office of Fair Access (OFFA) and provides benef￿ at a substantially higher level than the minimum OFFA requirement. During the year, 191 (2023: 187) Homerton student5 benefited from the scheme to the value of £657.087 (2023: £611,585). Although this vrfas the second year of the enhanced Bursary scheme. College continued to offer students, in year four, participation in the Fllot Topup Bursary Scheme which benefited 8 (2023: 79) Homerton students to the value of £4.276 (2023: £37,774). This was in part funded by Trinity College. The College also operatss its own Hardship F.und, and alvards several other grans as well as prizes for academic achievement. The total cost of such financial support VAS £211,059 (2023.. £258,982). The College's Finance Tutor seeks to support students in need. not only from College resources. but also a rnnge of University and other Funds. 10 Homerton College

Wellbeing and Welfare Support In the academic year 202312024, recognising the ongoing crisis in Menttl Health and Wellbeing for young peopl4 Homerton enhanced and strengthened our wellbeing provision. We appointed a Deputy Senior Tutor (Wellbeing) (February 2024) as V￿11 as a College Health Advisor Uanuary 2024), thus establishing a robust and experienced team. We have offered a range of wellbeing attivities for staff and students (for example. breathing workshops, drop ins and massage opportunities). In addition, have purchased a software system for providing safe, tiered access to students. wellbeing notrs. We have done substantial work on a review of Safeguarding procedures. In acknowledgement of the persistent crisis in sexual violence and harassment experienced by students across the UK, we have refreshed our Gender Based Violence Working Group, run a successful symposium on Gender, Power and Culture and started plans for a second syrnposium {20ih.22nd March 2025 - both symposia funded by the Wellbeing Stimulus Fund), collaborating with students and other Colleges and other, local universities. We are one of a small number of Colleges ontt again working with the University Harassment and Sexual Violence Advisors to develop collaborntive 'Consent workshops,. Fellowshlp and Research The Homerton FelI0v￿h1P continues to grow and at the year-end numbered 76 (2023: 73) Fellows on Governing Body, including three new Junior Research Fellows working on Black African history. the history of prevention science in drug regulation and mental health, and ancient history. The College has also appointed the pianist Lang Lang as an Honorary Fellow this year. Throughout the year the College has added several Bye-Fellows to the communicy as well. Bye-Fellov senie a three-year tsrm and provide highly valued teaching for the college. In many cases, Bye-Fellows also take on additional roles such as Director of Studies and Tutor. Homerton is lucky to have a large community of Bye Fell0V￿ and is very graTrful for their support for our students. Homerton is very proud to have hosted a vibrant schedule of Research Suppers where Fell0V￿ and members of our research community, Including postgraduate students, come together to hear the very latest research work going in the college. The events take place in hybrid formaL This year topics included talks on creative and critical practices, new directions in biomedical research and exploring education and everyday life across the globe. Estates The College was delighted that its new Dining Hall won a RIBA East Award and later a RIBA National Award in 2024 with the citation concluding that "Overall, the visual Vfdrmth crea￿d by the timber, and the sense of openness, lighL and access to the landscapep are emblematic of the college's charactsr and its focus on the wellbeing of all its members. This is a space that has clearly been transformativ< bringing the community together and h05ting the events, conversations, and exchange of ideas which underpin its intsllectual life. It illustrates the power of architeccure to support and enable the communities it serves." A new boiler SyS￿M has been installed in the Dining Hall to compensate for the disappointing performan of the ground source heat pump. as VRII as a 5ervery. Work is also close to completion restoring the old Great Hall kitchens to use. Over the last year the College has continued its projett of installing EC0S￿C radiator valve5 to improve energy efficiency, adding the system to Queen's Wing and the Mary Allan Building in addition to the Cavendish Building. The savings from the first phase of the project have been very substantial. Work Mos done throughout the year refurbishing parts of the College Estate. Notably during the summer of 2024 the College repaired or repla￿ flat rooves on the Mary Allan Building and Queen's Wing. It also renovated the top fioor of West House including 51 bedrooms 6 kitthens and hall, stairs and landings continuing the commitment to refresh all campus bedrooms on a rolling, ten-year cycle. Additionally. 250 windows were replaced in West House bedrooms. The College has launched an exercise to renew its Eststes Masterplan to supporc planning for a new tsn-year Estates Strntr8Y. 11 Homerton College

Communications The College has expanded its communications and marketing funttion to increase the promotion of stories and successes, both to its. stakeholders and to a wider audien￿, including future students deciding which university to attend through spreading the message about our outreach activitses. The new Communications Departmen¢ formed out of the Development Office. has three staff members including a Head of departmenL and was allocated a £149.000 budget in 2023-24. The College has focussed on increasing the reach of social media content through stOry￿ll1ng and videos to promoo College life, including those of students and researchers. After conducting a communications survey of students, there has been a parttcular focus on Instagram, which has the ninth-highest following out of 31 Cambridge colleges, and a TikTok account Wds launched to reach Years l O to 12 school pupils. The College publishes an Annual Report and an annual Alumni magazine, The Homertonian, and circulates regular internal newsletters to students, staff and alumni. The College benefits from the profile of our Principal, Lord Simon Woolley, whose public presence helps to underline the commitment to wellbeing, belonging and diversity. Finanaal Review In the year to June 2024, Homerton's income comprised.. academic fees and charges 33% (2023: 34%); residences, catering and Conferen￿ 37% (2023.. 34%): investment income from propercy and quoted securities 20% (2023: 20%),. and other income comprising recharges to University of Cambridge and intsrest on pension scheme assets l 0% (2023: 12%). This income amounts to £20.2m (2023: £17.6m). with the increase due mainly to recovery of conference Income and pension assets incom& Within this overall total. academic fee income vrds £6.3m (2023: £6.Om), reflecting a small rise in total student numbers and an increase in the postgraduate college fee. Conference income recovered to around 90% of pre-pandemic levels, at £1.8m (2023: £ l.Om). Homerton's operational expenditure was £20.4m (2023: £19.7m). This total comprlsed staff costs 37% (2023: 44%). operating expenses 49% (2023: 41 %) and depreciation 14Y (2023: 15%). Staff costs of £6.9m were reduced to previous year (2023: £7.8) due to removal of debt liability in the USS pension scheme, but operating expenses of £10.6m (2023: 8.9m) showed a large increase as the College was exposed to the high inllation for most of the year. and large increase Sn utilities COSL The result for the year vras a deficit before other gain5 and10sses of £ l. I m (2023: £2.Om). The deficit frorn the education account (i.e. the difference between income from academic fees, less expenditure on educatlon) was £2.6m (2023: £2.5m). The increase is because of rising costs of ￿aChing, tutorial and admissions, and the college relles on other forms of incom< including from its property and quoted securities investments. as well as from its conference business tt) fill the deficiL Investments Homerton's investment porrfolio totalled at £136.5m on 30 June 2024 (£131. I m on 30 June 2023). This figure comprises commercial property assets at Homerton Gardens and investment land on the College's own campus. It also includes equity and bond investments managed on the College's behalf by Rothschild and Co. The commercial property at Homerton Business Centre (part of Homerton Gardens) was valued at £38.7m on 30 June 2024, being a reduction of £1.4m on the 2023 valuation of: £40.1 m. The decrease is due to the strp-change in interest rates and borrowing costs over the past year. which have not been kind to the commercial properry sector. By virtue of their location, sector. and partially indexed-linked rent& the College's properties have fared better than many others. The main buildings are purpose built sixth form teaching and accommodation blocks which were let during the year to Alpha Plus Group trading as Abbey Colleg< vtho then tfdnsferred ro Abbey College DLD (Sept 23). The 2S year lease, to Abbey College. commenced in September 2016. 12 Homerton College

Homercon Gardens also includes the Rattee & Kett building which was let during the year to the Cambridge Cookery School Ltd and to Accelerntor Advisory Ltd. Investment land on the western side of the College's campus near to the boundary with the rdilway line vtas valued at £6.4m (2023: £5.9m). The land has planning pennission, approved on appeal in 2009 as part of an earlier set of developments, for 24 houses in five blocks. In November 2024 the Secretary of State for Transport made a Safeguarding direccion in support of the East West Rail project affetting parc of this land. There is an ongoing non-statutory consultation, but it could prevent the College developing the land. The College's equity and bond investments, plus cash held for investmen¢ were valued at £85.5m on 30 June 2024 (2023: £79.Om). Thls is a ￿1n of £6.5m and refiects a recovery in stock market values during the year. The investment funds fulfil the role of the College endowment. The funds were built up over many years through the development of land and buildings, the lease of land and buildings to the University, the operation of Homercon's conference business, a decade of NHS contracts for nurse education and trainin& and the subsequent sale of that business, and the return from investments. Rothschild and Co. have managed the investment portfolio on HOMer￿n'S behalf since 2015. The overall investment objettive is to maintain or slightly grow the real value of invested funds. The total return target is +4% per annurn after fees and costs. The College has set a moderate risk colerance with the average annual standard deviation of returns capped at 12%. The College also takes a long-term investment horizon with performance measured over 5-7 years. Given these targets the College believes that it is sustainable to use this portfolio to fund a deficit on its charitable activities of 3% of the totsl value of the portfolio calculated as a three-year trailing ayerag The annualised return for Homerton's investment portfolio since 2015 has been +7.6Y., compared to inflation over the same period of +4.8%. This means that portfolio performance of 7.6Yo is slightly below the tsrget. Environmental, Social and Governance issues are of great importance to the College. Homerton's renewed its Responsible Investment Policy in January 2022 and it is available on the College's websits. Look through analysis of the College's portfolio Shov￿ a total exposure to alcohol, arniaments, fossil fuels. gambling* pornography and tobacco of O. l % for direcdy held equities and 0.7% for equity funds (with the substantial majority of this figure attributable in approximately equal parts to alcohol and fossil fuels). Donations and fundralsing Fundraising income for the year to 30 June 2024 vrfas £211,000 (2023: £345,000). Fundraising is focussed on Homerton alumni, supporters and grant giving bodies. The College is grateful for all donations received and they are used to support our students and their education. The College's fundraising tsam needs rebuilding and planning is undenKay to enable that in 202425. Contribution to the College's fund This year, Homerton contributed £26k (2023: £27k) to the College's fund under University of Cambridge stAtute G11. The amount is determined by the College's Fund Committee and is calculated according to the Yalue of a college's endovrnent and its number of students. Funds donated are received by less wealthy colleges. Staff costs and numbers Total payroll costs, including employer's pension and national insurance contributions, was £6.9m (2023: £7.8m). A breakdown of costs is provided at note l O. All salaries are overseen by either the Stsff or Fellovts Remuneration commit￿$. Each salary is benchmarked against other colleges and, where applicable, local businesses. They are increased each year in line with the pay increase negotiated at a national level by the Universities and Colleges Employers Association (UCEA). All permanenL temporary and casual employees retrive at least the real living wage, adjusted each year according to the level set by the Resolution Foundation In addition. all staff receive a meal while on duty. 13 Homerton College

Pensions The College parcicipates in two penslon schemes, being the USS and LGPS schemes. The USS (Universities Superannuation Scheme) is for the College's academic staff and the LGPS (Cambridgeshire County Council Local Government Pension Scheme) is for non-teaching staff. Derails of these schemes and their funding positions are given at Nots 21 of the financial statements. Reserves Policy The unrestricted group funds totalled £218.9m on 30 jU￿e 2024 (£215.4m on 30 June 2023). The College's free reserves are largely represented by the College's investment porcfolio which is under management by Rothschild & Co. and cash held, totalling £85.7m at 30 June 2024 (30 June 2023: £79.Om). Each year, the Investment Committee considers the College's Guh flow projections for the next five years. includins The capital expenditure planned under the Estates Sts7tew, Re¥payment of bonds issues in 2013 and 2015 due from 2042 onwards,. The age and condition of the existing buildings used for teaching, caterin& offices and accommodation; The operating income and cash flows. The College intsnds to pursue its activities into perpetuity. Those activities requi￿ income support from Homerton's conference business, rental from the College's investment property portfolio and a regular drdwdovffl from the College's managed investment portfolio. As well as sustaining the College's operations, the free reseryes also provide support In the event of unforeseen events or downturn in the College's operations. The reserves will also be required to permit the repayment of bonds, originally issued in 2013 and 2015. when they start to become due from 2040 onwards. Plans for Future Periods and Post Balance Sheet Events The Principal and College Officers intend to publish an updated version of Homerton's stratsgy. The new stratsgy will recognise Homerton's strengchs in widening participation and express the importance of numiring character amongst the College,, students, stsff, and fel10v￿h1p. It will also prioritise wellbeing and set ouc a vision for the Size and shape of the College given the growing interest from overseas and post- graduate students. A key part of the revised strategy will be to bring the College back into a position where there is a balance between income and expenditure, as opposed to the deficit which has existed since the start of the Covid period. Council will also examine options for using a Sustsinable income from the College's investment portfolio to help defray some of the annual running costs. Principal Risks and Uncertainties The College's Council and the directors of the College's subsidiaries continued with their policy of formal risk assessment. All College Committees review and update the risk assessment appropriate to their purpose at least annually. These are consolidated and rerfiewed by the Audlt and Risk Committee, the Council and Governing Body. Among the principal risks for year endingjune 2024 V￿re as follows.. The College remains deeply avRre of the need to supporc student vrfelfare and mental health. Its attempts to mitigats this can be found earlier in this reporc. The College remains concerned about the risk of inflation continuing to drive up costs while regUla￿d academic income streams remain fixed. A long-tsrm financial strategy will be developed to consider how other income streams might be increased or new income streams dvrfeloped. Cyber attacks are increasingly common in the sector with the Government reporting that 97Yo of UK Higher education institutions identified a breach or attack in the past year. This included severe disruption at the University's Clinical School. This is mitigated by regular staff trainin& penetration testing and r¢rfo faccor authentication on the College's systsms. 14 Homerton College

Auditor In so far as the trustees are aware: There is no relewdnt audit inforniation of which the College and group'5 auditor is unaware," and The Trustees have taken all steps that they ought to have taken to make themselves avlare of any relevant audit information and to establish .¢hat the auditor is aware of that information. Approved by order of the Governing Body on (.. Zo... Dr Simon Wadsley Interim Bursar and Fellow 15 Homerton College

College Governance Homerton College is a self%overnin& autonomous College of the University of Cambridge. The College is incorporated under its Royal Charter and governed through its Statutes and Ordinances, all of whlch are available on the College's website. The College is a registered charity (registration number I13749T) and subject to regulation by the Charity Commission for England and Wales. The members of the College Council are the charity trustses and are responsible for ensuring compliance with charity law. The Council's membership is set out on page two. The College Council is advised in carrying out its duties by the following principal committees: Committees with financial responsibilicie5: The Audit and Risk Committee Investment Committee Staff and Fellows Remunerdtion Committees Estates CoMmit￿e Development Committee Other principal committee& Safeguarding CommitQe Statutss and Ordinances Commit Sustainability CoMmit￿e Health and Safety Committee Educational Policy Committee Fellowship Cornmittse Arts Committee The Audit and Risk Commitcee maintains a review of the effectiveness of the College's internal systems of financial control, advises Governing Body on the appointment of external auditors monitors recommendations made by the external auditor and makes an annual report to Councll and Governing Body. The Investment Committee maintsins oversight of the College's equity and propercy Investment portfolio and monitor's the College's cash flow requirements. Declarations of interest are expected to be completed by all Members of Council and the senior adminiscrative officers. Relevant declarations are expethd to be made systematically at meetings. The College Officers Group (COG) meers every two weeks to support and direct the routine management of the College. The College Officers are: the Principal, the Vice-Principal, the Senior Tutor, the Bursar. the Admissions Tutor4 the Post Grdduats Tutor, the Secretary co Council and the Dean. 16 Homerton College

Statsment of Internal Control The Council is responsible for maintaining a sound system of internal¢control that supports the achievement of policy. aims and objectives while safeguarding the public and other funds and assets for which it is responsibl& in accordance with the College's statutes and ordinan￿. The system of internal control is designed to Identify the principal risks to the achievement of poliaes. aims and objectives, to evaluats the nature and ex￿nt of those risks and to manage them efficiently. effectively, and economically. This process was in place for the year erKled 30 June 2024 and continues to provide reasonable but not absoluts assurance of effeccivenes& The Councll Is ￿SponSible for reviewing the effectiveness of the systsm of internal control. The following proce55es are in plac The Audit and Risk Committee reviews an annual risk assessment report in the Easter Term: and The Audit and Risk Commlttee presents its annual repoo which Includes a statement on the adequacy of the Internal controls and the preparation of the financial statsments in the Michaelmas Tem. Statement of Council Responslblliti6S The Councills re5ponslble for preparlng the annual report and financial statsments In accordance with appllcable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice) and presenting it to Governlng Body for approval. The College's Statutes, as VRII as the Statutes and Ordinances of the uni￿r$ity of Cambridge require the Council to prepare financial statements for each year which &'ve a true and fair view of the situation of the Group and the College and of the surplus or deficit of the Group for that year. In preparing these staternens the Council is required to: Selecc suitable accounttng policles and apply them consistently. Make judgements and estlmates that are reasonable and prudenL State whether applicable UK Accounting Standards have been followed, subjecc to any materlal depamires disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless It Is inappropriate to presume that the Group and the College will continue in operation. The Council Is responslble for keeping proper accounting records which disclose wlth reasonable accuracy at any time the financial position of the Group and the College and enable them to ensure that the financial statements comply wlth the statutes of the Unlversity of Carnbridge. They are also responsible for safeguarding the assets of the Group and the College and hence for taklng reasonable steps for the prevention and deteccion of fraud and other irregularities. The Council is responsible for the rnaintsnance and in￿rity of the corporats and financial infornlltion included on the College's website. Legislation in the United Kingdom governing the preparation and dissemlnation of financial statsments may differ from legislation in other jurisdictions. 17 Homerton College

Independent auditorfs report 30 June 2024 Independent Auditor's Report to the Governing Body of Homerton College Opinion We have audited the financial statements of Homerton College (the 'College') and its subsidiaries (the 'group) for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reserv4 the Consolidated Balance SheeE the Consolidated Cash Flow Statement and notes to the financial statsments, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reportlng Standard 102 The Finoncial Reporting Stondard applicable in the UK ond Republic of Irelond (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statement& give a true and falr view of the state of the group's and College's affairs as at 30 June 2024. and of the group's incomlng resources and application of resource& IncludSng its Income and expenditure, for the year then ended; have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Praccice; have been prepared in accordance with the requirements of the Charities Act 201 l and the Statutes of the University of Cambridge; and the contribution due from the College to the University has been correcdy computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Ststuts G,11, of the University of Cambridge. asl$ for opinlon We conducted our audlt In accordance with International Standards on Audltlng (UK) {ISAs (UK)) and applicable law. Our responsibllities under those standard5 are further descrlbed Sn the Audltor's responsibilities for the audic of the financlal statemenrs sertion of our report. We are independent of the group and College in accordance with the ethical requlrements that are relevant to our audit of the financial statements In the UK. Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriao to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions tha¢ indlvidually or collettlvely* may cast Slgnificant doubt on the group's or College's ability to continue as a going conttrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitles and the responsibllities of the trusrees wSth respect to golng concern are described in the relevant settions of this report. Other information The other inft)nnation comprises the informatlon included in the report of the Governing Body. other than the financial statements and our auditor's report thereon. The trustees are ￿pOnSible for the other information contained within the annual reporL Our opinion on the financial statements does not cover the other information and. extrpt to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other infOrn￿tIOn 15 materially inconsistsni with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this giyes rise to a material mlsstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstacement of thls other information, we are required to report that facL We have nothing ¢0 report in thls regard. 18 Homerton College

Independent Auditorfs Report to the Governing Body of Homerton College (continued) Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Report5) Regulations 2008 require us to report to you rf. in our opinion: the inforniation given in the financial statements is inconsistent in any material respect with the report of the Governing Body; or sufficient accounting records have not been kep¢ or the financial St2￿MentS are not in agreement wich the accounting records and returns: or we have not received all the information and explanations we require for our audiL Responsibilities of trustees As explained more fully in the trUs￿es, responsibilities Sta￿ment sec out on page 18, the trustees are responsible for the preparation of the financial statements and for being satisfied that they gNe a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparntion of financial statements that are free from maorial misstatement, whether due to fraud or error. In preparing the financial statements, the trustses are responsible for assessing the group's and College's ability to conunue as a going concern. disclosin& as applicabl< matters related to going concern and using the golng concern basis of accounting unless the trustees either In￿nd to liquida￿ the group or the College or to cease operdtion& or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financlal statements We have been appointed as auditor under settion 151 of the Charities Art 201 l and report in accordance with regulations made under section 154 of that Act. Our objectNes are to obtain reasonable assurance about whether the financial sratements as a whole are free from matsrial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatsment when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregao, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compllance with lavrfs and regulations. We design procedures in line with our responsibilities, outlined above, to detert material misstatements in respect of irregularities. including fraud. The extent to which our Pro￿dureS are capable of detecting irregularities, including fraud is detailed belovr. We gained an understanding of the legal and regulatory frnmvvork applicable to the College and how it operates and considered the risk of che College not complying with the applicable lav￿ and regulations including fraud in particular those that could have a material impacc on the financial statements. This included those regulations dirertly relatsd to the financial statements. The risks were discussed with the audit team and VE remained alert to any indications of non•compliance throughout the audiL We carried out specific procedures to address the risks identified. These included the followin¥. We reviewed sy5￿M5 and procedures to identify potential areas of managernent override risk, In particular, we carried out Trsting of journal entrles and other adjustments for apProPria￿ness. We reviewed minutes of Finance. College Council and Governing Body meetings and agreed the financial sratrment disclosures to underlying supporting docurnentation. We have made enquiries of management and offi￿rS of the College regarding laws and regulations applicable to the organisation. We reviewed the risk management processes and procedures in place including reporting of risk management to the College Council. We also assessed management bias in relation to the accounting policies adoptrd and in determining significant accounting eStima￿S, including the valuation of investments 19 Homerton College

Independent Auditorfs Report to the Governing Body of Homerton College (continued) Because of the inherent limitations of an audi¢ there is a risk that we will not detett all irregularities. including those leading to a matsrial misstatement in the financial statements or non•compliance with regulation. This risk increases the more that compliance with a law or regulation Is removed from the events and trdnsactions refierted in the financial statementy as we will be less likely to become aware of instances of non<ompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intsntional concealmenL forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's Websi￿ aL' as . This descrlption forms part of our auditor's report. Use ofour report This report is made solely to the Governing Body. in accordan￿ with College's statutes, the Statutes of the University of Cambridge and part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the College trustees those matters we are required to state to them in an auditor's ￿POrt and for no other purpose. To the fullest extent permlt¢ed by law. we do not accept or assume responsibility to anyone other than the Governing Body as a body. for our audit ￿￿rk, for this repor¢ or for the opinions we have fornied. Price Balley LLP Chartered Accountants and Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ Datr: 28 March 2025 Prlce Bailey LLP is eliglble for appolntment as auditor of the charlty by virtue of its eliglbllity for appointment as auditor of a company under section 1212 of the Companies Act 2006. 20 Homerton College

Consolldated ststement of comprehensive income and expenditure Year to 30 June 2024 Restated 2023 £'ooo Note 2024 rooo Income Academlc fees and charges Residencies. catering and conferences Investment income Other Income Total Income before donatlons 6317 7.191 3,773 1,820 19,101 5.974 6,078 3,522 17,401 Donations Total Income 211 19,312 345 17,746 Expendlture Education Residencles, caterln8 and conferences Investment management costs Other expenditure Contrlbutlon under Statue G,11 ChanBe In USS penslon deflclt recovery provlsion contributlons Total expendlture (8,881) 18,441) (635) 13,581) (26) 1.1 18,492) {7,659) (382) {3,338) {271 179 (20,446) {19,7191 (Deficft) before other Balns and losses {1.134) 11,973) College's share of loss on joint venture Reallsed galns on Investments Unreallsed galn /1105sI on Investments 13 13 13 147) 1,229 (7581 1,386 3,746 Surplus l (Deficit) for the year 3,964 (1,5491 Other comprehensive Income Artuarlal Ealnllloss) In respect of penslon schemes Changes In a55umptlons arlslng on teachers, penslon obllgatlons 21 (430) 11,305) 19 132) (16) Total Comprehensive income for the year 3,502 12,870) All items dealt with in arriving at the surplus (2024) and deficit {2023} for the above two accounting years relate to continuin8 operations. 2023 restated due to change to presentation of USS penslon deficit recovery. 21 Homerton College

Consolldated statement of changes in reserves Year to 30 June 2024 Income and expenditure reserve Revaluatlon reserve Un-restricted £'ooo Restricted £'ocrf) Operational property £'OCM) 54.065 Fixed asset investment £'ooo 43,226 5.132 Total £'o Balance at l July 2023 Surplus/ldeficltl from Income and expenditure Other comprehenslve Income/expendlture Transfers between revaluation and income and expendSture reserve Balance at 30 June 2024 118,118 (1,168) 215.409 3,964 (462) (462) 2,396 {983) (1,4131 118,884 53,082 46,945 218,911 as restated Income ond expenditure reserve Revaluatlon reserve Un-restricted Restrlcted Operatlonal £'ooo £'ooo property £'ooo 55,049 Flxed asset investment £'ooo 43,990 471 Total £'ooo Balance at l July 2022 Surplus/(deflclt)fmm Income ond expendlture Other comprehensive expenditure Tronsfrrs between revoluotion and income and expendlture reserve Balance ot 30June 2023 119,240 12,020) 218,279 11,549) {1,321} (lJ21) 2,219 (9841 {1,2351 118,118 54,065 43,226 215,409 The transfer between the operatlonal property revaluation reserve and the Income and expendlture reserve is made to compensate the income and expendlture reserve for the additional depreclatlon charged on the College's operational property as a result of its previous regulations. The transfer between the flxed asset Investment revaluatlon reserve and the Income and expendlture reserve represents the rea115ed Investment galns during the year on a hlstorlcal cost basls. The notes on page 33 to 54 form part of these financlal statement5. 22 Homerton College

Balance sheets Year to 30June 2024 Consolldated College Notes 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 Flxed assets Intangible assets Tangible assets Investments li 12 382 114A45 136A86 251313 420 382 116,612 114,428 131,096 136,526 248,128 251,336 420 116,609 131,136 248,165 Current assets Stocks Trade and other recelvables Cash at bank and In hand 14 15 16 37 2,827 919 3,783 31 1,912 3,056 4,999 22 2.256 2,267 4,545 3,358 375 3,761 Current Ilabllltles Credltors: amounts falling due within one year 17 (3.7091 {4,507) 13,534) (3,936) Net current assets 74 492 227 609 Total assets less current Ilabilitles 251,387 248,620 251,563 248,774 Credltors: amount5 falllng due after more than one year 18 132.3681 {32,3941 132.368) 132,3941 Provlslons for Ilabllltles and charges Penslon scheme asset / Illabllltyl 19 21 (1081 11291 16881 (108) {129) {688) Totsl net assets 218,911 215,409 219,087 215,563 The funds of the grouplcollege: unrestrlcted reserves General reseprfes excludln8 pen51on reserve Penslon reserve Operational property revaluatlon reserve Flxed asset Investment revaluatlon reserve 118A84 118,806 119.060 118,925 {688) 54,065 {688) 54,065 53.082 53,082 46.945 43.226 46,945 43,261 T¢ital funds 218,911 215,409 219,087 215.563 The financial statements were approved by the Governing Body on F.714.¥zt] and were signed on behalf by: Slmon Wadsley Bursar Slrnon Woollev Principal erton College

Consolidated statements of cash flows Year to 30 June 2024 Notes 2024 £'o( 2023 £'ooo Net cash used by operatln8 actlvltles 23 (3,824) (1,280) Cash flows from Investlng actlvlties 24 4.271 2.798 Cash flows from finanan8 artlvltles 25 (1,127) (1,127) IDecrease) I Increase In cash and cash equlvalents In the year (680) 391 Cash and cash equlvalents at l July 2023 4.369 3,978 Cash and cash equlvalents at 30 June 2024 26 3,689 4,369 24 Homerton College

Prlnclpal accountlng pollcles 30 June 2024 The principal accounting policies adopted, judgements and key,sources of estimatlon uncertalnty in the preparation of the financial statements are laid out below. Basis of preparation The financial statements have been prepared on a goin8 concern basls under the historical cost convention, modified in respect of the treatment of investments and land and bulldlngs which are included at valuation. The financial statements have been prepared in accordance with the provlslons of the Statues of the College and of the Unlversity of Cambridge and appliance United Kingdorn accounting standard5. In addition, the financlal statements comply with the Statement of Recommended Practlce: Accountln8 for Further and Higher Education {the SORPI. The Statement of Comprehenslve Income and Expenditure includes activity analysls in order to demonstrate that all fee income is spent for educational purposes. The analysis requlred by the SORP is set out in Note 9. The College consists as a public benefit entity as defined by FRS 102. The flnancial statements are presented In sterlin8 and are rounded to the nearest thousand pounds. Golng concern The Group has net current assets of £74,000 12023: net current assets £492,000). The College aims to break even at operatlonal level which means that the cash flow is usually positive by similar level to the amount of depreclation charged to the accounts. Thls has historically funded ongoing capital projects. To fund larger projects such as a new graduate accommodation and the new Dining Hall, the Colle8e has particlpated in a prtvate placement or made use of an RCF. Cash flow plan5 shared wlth the Investment CommSttee and College Council forecast a need to draw down from the investment portfolio durlng the 2023 to 2025 period as projects under the Estates Strate8y are contlnued. The members of the Councll (Trustees) have accessed whether the use of the golng concern assumptlon Is appropriate In preparlng these financlal statements. The Trustees have made thls assessment In respect of a period of one year from the date of approval of these flnanclal statements. The Trustees of the College have concluded that there are no materlal uncertalnties related to events or conditions that may cast slgnlflcant doubt on the ability of the College to contlnue as a going concern. Furthemiore. the Trustees are of the opinion that the College Is able to meet its liabilities as they fall due and that there are significant free reserves held in readily accessible funds to both meet liabilities and allow the completion of ongoing capital projects. 25 Homerton College

Prlncipal accountlng policles 30 June 2024 Critlcal accountlng estlmates and areas of judgement Preparation of the financlal statements requires Members of the Councll to make significant Judgements and estimates. The items in the financial statements Whe￿ these judgements and estimates have been made Include: valuation of investment land and buildings. estimatlng the useful economic life of tangible and intangible fixed assets; pension scheme valuations. Including deficit reduction payments due under the Universlties Superannuatlon Scheme. the present value of the Local Government Pension Scheme defined benefit asset which has been restricted to the pension a55et celling based on a minimum funding requirement being in existence of the pension scheme. Any changes in these assumptions, which are disclosed in note 21, will impact the carrying amount of the pension assevliability. In addltion to the above, estlmates used In the financial statements, partlcularly with respect to investment property valuations (see note 13), and the value of listed investment5 are subject to a greater de8ree of uncertalnty and volatlllty. Bas15 of consolldatlon The consolidated financial statements consolidate the College and Its subsidiaries (see note 13) for the year ended 30 June 2024. Intra%roup balances are elimlnated on consolldatlon. Jolnt venture The College's Investment In Ward Grlffln LLP was accounted for as a Jolnt venture under the equlty method of accountlng. Recognltion of Income Acodemlcftes Academic fees are recognised in the year to which they relate and Include all fees chargeable to students or their sponsors. Grant Income Grants received from non-8overnment sources (Includin8 research grants from non-government sources) are recognlsed wlthin the Consolldated Statement of Comprehensive Income and Expendlture when the College Is entltled to the Income and performance related condltlons have been met. Income received In advance of performance related conditions Is deferred on the balance sheet and related to the Consolidated Statement of Comprehensive Income and Expenditure in1Sne with such conditions being met. Donations and benefvrtions Non-exchange transactions without perFormance related conditions are donations and benefattlons. Donations and endowments with restrictions are classified a5 restricted resenies with additional disc105ure provided within the notes to the accounts. Restricted donatlons are recognised when the donor has specified that the donatlon must be used for a particular objective. Donatlons wlth no restrictions are recorded within the Consolldated Statement of Comprehenslve Income and Expenditure when the College Is entltled to income. 26 Homerton College

Principal accounting policies 30 June 2024 Other Income Income is received from a range of activities includlng resldencies, cateringi conferences and other servlces rendered. Investment Income Investment income and change in value of Investment assets Is recorded in Income In the year In which it arises and as either restricted or unrestricted income according to the terms or other restrictions applied to the individual fund. Foreign currency translatlon Transattlons denomlnated in foreign currencies are recorded at the rate of exchange ruling at the date of transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates or, where there are forward foreign exchange contacts, at contract rates. The resulting exchange dlfference5 are dealt wlth the denomlnatlon of comprehensive Income and expendlture for the flnancial year. Penslon Schemes uss The College partlclpates In the UniversSties Superannuation Scheme IUSS), a defined benefit scheme whlch Is contracted out of the State Second Pension (SSPI. The assets of the scheme are held In a separate trustee- administratlve fund. Because of the mutual nature of the scheme, the scheme's assets are not hypothecated to individual institutions and a scheme-wide contribution rate Ss set. The Collegels therefore exposed to actuarlal rlsks associated wlth other Instltutlons, employees and15 unable to Identlfy Its share of the underlylng assets and liabllltles of the scheme on a conslstent and reasonable basls and therefore, as requlred by Sectlon 28 of FRS 102 "Employee Beneflts", accounts for the scheme as If It were.a deflned contrlbutlon scheme. As a result, the amount charged to the Income and expendlture account represents the contrlbutSons payable to the scheme In respect of the accountlng perlod. LGSS The College also participates in the Cambridge County Council Pension Fund (CCCPF) which is a Local Government Superannuation Scheme (LGSSI. The assets of the scheme are held and managed separatelv from those of the College. As the College Is able to Identlfy Its share of the underlylng assets and liabilitles of the scheme on a consistent and reasonable basis, in accordance wlth the requirements of Section 28 of FRS 102 "Employee Beneflts", the penslon scheme asset or Ilability is recognised In full on the balance sheet. The assets of the LGSS are measured uslng closlng market values. LGSS Ilabllltles are measured uslng the project unit method and dlscounted at the current rate of return on a high-quallty corporate bond of equlvalent term and currency to the liability. The increase in the present value of the liabilities of the Scheme expected to arlse from employee service in the period is char8ed to the operatln8 surplus. The expected return on the scheme'5 assets and the increase durlng the perlod In the present value of the scheme's liabilities, arising from the passage of time. are included in pension and finance costs. Actuarial gains and105ses are recognised in 'other comprehensive income, in the statement of comprehensive income and expenditure. The present value of the Local Government Superannuation Scheme defined beneflt asset/ liability depend5 on a number of factors that are determined on an actuarial basis using a variety of 355umptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Furthemore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary In valuin8 the pensions asset at £nll 30 June 2024 (2023: asset £430k), Any dlfferences between the flgures derlved from the roll forward approach and a full actuarSal valuation would impact on the carrying amount of the pension asset. 27 Homerton College

Prlncipal accountlng pollcies 30 June 2024 Employment benefits Short term ernployment benefits such as Salaries and compensated absences are recognlsed as an expense in the year in which the employees render servlce to the College. Any material unused benefits are accrued and measured as the additlonal amount the College expects to pay as a result of the unused entitlement. Intangible flxed assets Intanglble assets comprise IT software and a purchased licence to occupy premlses capltalised at cost and amortised through the statement of financial activities over their expected useful life as follows: Llcense to occupy IT software Over the length of the Ilcense Over a perlod of 7 years Tan8ible fixed assets Lond and buildlngs Fixed assets are stated at cost less accumulated depreciation and accumulated Impairment losses. New freehold bulldin85 are depreclated on a straight-llne basls over thelr expected useful economic life of 50 years. Freehold bulldlngs held at l July 2014 were previously held at a valuatlon. 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 ha5 been calculated by a previous valuatlon being updated to l July 2014 by the GovernSng Body. The remalnin8 useful economSc lives of these bulldlngs from the date the values were deemed to be cost is 40 years. Consequently, these bulldin8s are now depreciated over a 40 year perlod. Freehold land Is not depreclated as It Is con51dered to have an Indeflnlte usefvl Ilfe. A revlew for Impairment is carrled out if events or changes in clrcum5tances indicate that the carylng value of the flxed asset may not be recoverable. Buildlngs under constructlon are valued at cost, based on the value of architects, certlficates and other direct costs incurred to 30 June 2024. They are not depreciated until they are brought into use. Furnlture, fittlngs and equlpment Furniture, flttings and equipment costln8 more than £5,000 per indivldual Item or If the aggregate value of related Items exceed £IOO,000 are capltali5ed and depreclated over thelr expected useful Ilfe as follows; Furnlture and fittings Computers and 8eneral equlpment IO% per annum 20% per annum 28 Homerton College

Principal accounting policies 30 June 2024 Investments Flxed asset Investments are Included In the balance sheet at falrvalue, except for investments In subsldlary undertakings, which are stated in the College's balance sheet at hlstorical cost less any provislon for impairment. Increases In value arlslng on the revaluatlon of flxed asset Investments are taken to a fixed asset Investment revaluation reserve via the statement of comprehensive income and expenditure. Surplus or1055e5 on sale of investments are taken to the Statement of comprehenslve Income and expendlture. Formal valuations for investment properties are usually carried out by a professional valuer and a formal valuation was last carried out by Bidwell's to provide a valuation for 30 June 2024. Valuation gains and losses are credited (or debited) to the statement of financial activities with the balance sheet reflecting the revalued amounts. No depreciation is charged on investment properties. Stocks Stocks are valued at the lower cost and net reallsable value, after any necessary provlslon for slow-movln8 and obsolete Items. Credltors and provlslons Credltors and provisions are recognlzed, when there is an obligatlon at the balance sheet date as a result of a past event, It Is probable that a transfer of economlc beneflt w511 be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the College anticipates it will pay to settle the debt. Debentures and bank loans are a form of financial instrument and are included in the balance sheet at cost. A market rate of interest is charged on these liabilities, which is tsken to the staternent of comprehensive Income and expenditure. Deferred rental income Ss released to the statement of comprehenslve Income and expendlture evenly over the lease period. It is not discounted by the present value of the income because it is not the financial Instrument a defined by sections 11 and 12 of FRS 102. Contlngent Ilabllitles A contlngent liability arlses frorn a past event that glves the College a posslble obllgatlon whose exlstence wlll only be confinned by the occurrence or otherwise of uncertaln future events, not wholly withln the control of the College. Contingent liabilitie5 also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured ￿lIablY. Contingent liabilities are not recognised in the balance sheet but are disclosed in the notes. Provisions Provisions are recognised when the College has a present legal or constructlve obllgatlon as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obllgation and a reliable estimate can be made of the amount of the obligation. 29 Homerton College

Princlpal accountlng policies 30 June 2024 Taxatlon The College is a registered charlty (number 1137497) and 15 a charity withln the meaning of Section 506(11 of the Taxes Act 1988. Accordingly, the College Is exempt from taxatlon In respect of income or capital 8alns recelved wlthin the categorles covered by Section 505 of the Taxes Act 1988 or Sectlon 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to excluslvely charltsble purposes. The College re￿iVeS no similar exemption in respect of Value Added Tax. Contributlon under Statue G.11 The College is liable to be acces*d for a Contribution under the provisions of Statue G.11 of the University of Cambridge. This contribution is used to fund grants to Colleges from the Colleges, Fund. The College may from time to time be eligible for such grants. The Ilability for the period is as advised to the College by the Universlty based on an assessable amount deprived from the value of the College's assets as at the end of the previous financial year and an estlmate of Its Conferen￿ income for the current year. Reserves Reserves are allocated between restrlcted and unrestrlcted reserves. Endowment reseNes Include balances whlch, in respect of endowment to the College, a￿ held as permanent funds, which the College must hold In perpetuity. Restricted reserves include balances In respect of whlch the donor has deslgnated a speclfic purpose and therefore the College Is restricted in the use of these funds. 30 Homerton College

Notes to the financlal statements Year to 30 June 2024 Academlc fees and charges Income 2024 2023 Colle8e fees Fee income paid on behalf of Undergraduates at the Publicly Funded Under8radiJate rate Per capita fee: £4,625 {2022-23: £4,625) Prlvately-funded Undergraduate fee Income Per capita fee:£10,77512022-23: £10,000) Fee income re￿iVed at the Graduate fee rate (Includlng PGCES) Per capita fee: £5,12312022-23: £4,761) Income from Cambridge Bursary Scheme 1.39S 1.235 2.338 2,165 386 5,974 6,317 Resldences, caterlng and conferences Income 2024 2023 £'ooo Accommodatlon College members Conferences Caterlng Colle8e members Conferences Colophon conferences Accommodatlon Catering Internatlonal programme College bar 4,067 347 3,782 294 1,188 216 1,175 98 665 401 347 288 7,191 6,078 Investment5 20VI £'ooo 2023 Analysis of Income Land and bulldin85 Quoted securities Cash dep05it5 2.608 2,567 913 42 3.522 125 3.773 2024 2023 £'o Analysls of expendlture Fees 635 635 382 382 31 Homerton College

Notes to the flnanclal ststements Year to 30 June 2024 Donatlons 2024 rooo 211 2023 £'ooo 345 Unrestrirted donatlons Unrestricted legacles 211 345 Other Income Reststed 2024 2023 £'cM)o Servldng and recharges to the University of Ca, mbrldge Other Income: Homerton Internatlonal Programme May Ball Mlscellaneous Other tradlng income (Colokate LLP, Colophon) Other flnance Income: Change In USS pension deflclt recovery provislon Interest on penslon scheme assets (note 21) 612 607 15 149 70 170 158 178 li.1￿) (1791 995 1,820 1,827 Educatlon Expenditure 2024 2023 £'ooo Teaching Tutorlal Admlsslons Research Scholarshlps and bursarles awards Other educatlonal fadlltles 3.776 1.733 1,232 420 872 3.643 1,589 1,220 355 777 8A81 8,492 Resldences. caterln8 and conferences expendlture 20Z4 2023 £'ooo Accommodatlon College members Conferences 4.180 248 264 Caterlng College members Conferences Colophon conferences Accommodation Caterlng International programme College bar 1493 iii 2,517 50 891 408 146 205 137 iio 7,659 8A41 32 Homerton College

Notes to the financial statements Year to 30 June 2024 Other Expenditure Reststed 2023 £'ooo 2024 eooo Colle8e admlnlstratlon Pay expendlture: Directorate Admin15trative staff Change in USS pension deflclt recovery provlslon 18 320 (1,118) 1780) 345 1179 184 Non-pay expendlture: Bulldlng repalrs and maintenance Fuel and light Rates Depreclatlon: bulldln85 Deprecatlon: furniture and equlpment Debenture interest payable Other tradlng costs Icolokate LLP, Colophon) Other expenses: Homerton internatlonal Programme Legal costs- employment Estates Costs Mlscellaneous expenses Other pension scheme ftnance costs (Note 21) 57 149 29 332 41 1,127 152 46 94 28 414 1,127 141 358 266 130 208 394 2,463 12 52 269 767 3,159 Analysls of expendlture by artlvlty Staff costs Other Depreclatlon (note 10) operatln8 and £'OOO expenses amortlsatlon £'ooo vooo 3,978 447 Total £'ooo 2024 Educatlon (note 6) Resldencle5, caterlng and conferences (note 7) Investment management C05t5 Other (note 8} Contrlbutlon under Statue G,11 4,456 8WI 3,215 3,074 635 2,870 26 10,583 2,152 8A41 635 2,463 26 2,972 20A46 17801 373 Restated staff costs Other Depreclotion (note IOJ operating and eOOO expenses omortlsatlon Total 2023 Education (note 6) ReSiden￿e5, Catering and conferences (note 7) Investment management costs Other (note 8) Contribution understatue G, 11 4.462 3,188 3,524 2.450 506 2,021 7.659 382 2,536 27 8.919 382 3,159 27 2,966 19,719 439 7,834 33 Homerton College

Notes to the financlal ststements Year to 30 June 2024 Analysis of expendlture by attivity (continued) 2024 eooo 2023 £'ooo Audltorfs remuneration Other operating expenses include: Audit fees payable to the College's external auditor Other fees payable to the Colle8e's external auditor 36 30 33 io Staff costs College Fellows & other acadeniics £'ooo Non- Total 2024 academlcs £'ooo £'ooo Salarles Natlonal Insurance Penslons 2024 Totsl funds 2,521 236 (7671 1,990 3,960 344 597 6081 580 (170) 6,891 4,901 Restated College Fellows & otheracodemlcs Non- acodemics Total 2023 Salarles Natlonal Insurance Pension costs 2023 Totalfvnds 2,1'33 204 166 2,503 4,286 357 6,419 561 854 7,834 688 5,331 Based on the 2024 valuatlon of the Unlversltles Superannuation Scheme {USSI, the impact of the net change in the USS deficit recovery provlsion is a credit of £1,11812023: £179k). Thls comprlses a non-cash credit resultlng from the chan8e in assumptlons, includlng the dlscount rate, of £1.071k {2023: £91k) and cash contrlbutlons made to redu￿ the deficlt in the year of £47k12023: £88kl. At the balance Sheet date there were 73 (2023: 741 members of the Governln8 Body. Durln8 the year the average number recelvlng remuneratlon wa5 the 46 Shown below. 2024 staff number I 2023 staff number Number of fellows Full-time Number of equlvalent fellows Full-tlme equTvalents Academic Non-academlc 49 105 109 109 105 49 34 Homerton College

Notes to the financial statements Year to 30 June 2024 10 Staff Costs (continued) The number of officers and employees of the College, including Head of House. who re￿IVed renumeration in the following ranges was: 2024 2023 rooo £'ooo £ioo,001- £iio,000 £110.001- £120,000 £120,001- £130,000 £130,001- £140,000 £140,001- £150,000 Renumeratlon Includes salary, employerfs natlonal Insuran￿ contrlbutions, employers pension contributlons plus any taxable benefits elther paid, payable or provided, gross of any salary sacrlfice arrangements. Key management personnel Key management personnel are those persons havlng authority and responsibility for planning, directing and controlllng the actlvltles of the College and are deemed to comprise the senior officers listed on page 2. Aggregated emoluments (consisting of salary and taxable beneflts, but excludlng any employerfs penslon contrlbutlon) were as follows: 2024 £'ooo 697 2023 £'ooo 723 Key management personnel 697 723 11 Intanglble flxed assets Boathouse Ilcen5e £'ooo Computer software £'ooo Total £'ooo Consolldated and College Cost I valuation At beginning of year Addltlons at cost At end of year 330 251 581 330 251 581 Amortlzatlon At beginning of year Charge for the year At end of year 13 148 35 161 16 183 199 Carrying amount At 30June 2024 At 30June 2023 314 317 68 103 382 420 35 Homerton College

Notes to the financial statements Year to 30 June 2024 12 Tanglble r￿ed assets College Assets under Furniture, buildings and construction fittings and slte £'OOO equipment £'ooo £,￿0 Total eooo Consolidated Cost At be8lnning of year AddltSons at cost Transfers Disposals At end of year 131,060 769 5,859 769 137,688 769 131060 769 138 457 Depreclatlon At beginning of year Charge for theyear Dlsposals At end of year 17,470 2,477 3,606 459 21,076 2,936 19,947 24,012 Net book value At 30June 2024 111,113 769 2,563 114,445 At l July 2023 113 590 769 116 612 12 Tangible fixed assets College Assets under Furnlture, bulldlngs and constructlon flttlngs and slte £'OOO equipment £'ooo £'ooo College Total £'ooo Cost At beglnnlng of year Additlons at cost Transfers Dlsposa15 At end of year 131,060 769 5,775 751 137,604 751 769 Depreclatlon At beginnin8 of year Charge for the year DIsp05als At end of year 17,470 2,477 3,525 455 20.995 2,932 3,980 Net book value At 30June 2024 111,113 769 2,546 114A28 At l July 2023 113 590 769 Additions include the costs for ABC first floor refurbishment to furniture, fixtures and equipment. Additions of assets under construction ￿present fees and costs on the new entrance building. 36 Homerton College

Notes to the financial ststements Year to 30 June 2024 Land and buildings As permitted under FRS 102, the charity has elected to deem a valuation of land and buildings prior to the transition date as deemed cost. Land and buildings owned at l July 2014 a included in the financial statements at a valuation made at 31 July 2013, which was updated by the Governing Body to arrive at a valuation as at l July 2014. With effect from l July 2014 the values assigned to these properties are now deemed their cost. Land wasvalued at l July 2014 at £14.9m and buildings were valued at£64.8m. giving an overall value of £79.7m.The buildings are beingdepreciated from ljuly 2014 over40years. The original professional valuation was prepared adopting the following bases: College houses- generally used for student and staff accommodation, were valued at open market value for exlstlng use. College site - due to the speciali2ed nature of the College's activities, the principal method of valuatlon of land and buildlngs was open market capltal value for exlsting use on a depreclated replacement cost basls. Land and bulldings purchased on or after l July 2014 are Included in the financial statements at cost, less accumulated depreciation over 50 years. Other tsnglble fixed assets are stated at Cost. Included within College bulldlngs and slte is freehold land as at 30June 2024 of £22.9m (2023: £22.9m). The insured value of freehold bulldln8s as at 30 June 2024 was £170.Om (2023.. £153.Om) Includlng Ilmlted coverfor irrecoverable VAT and the costs of related professional fees. The insurers are golng to revalue the whole site for Insurance purposes within the next year. 13 Investments Homerton Buslness Centre £'ooo Other Invest- ments £'ooo Investment land £'ooo Quoted securltSes £'ooo Total Z024 £'ooo Consolidated At beglnnSng of year 5,900 40,150 79,032 6,014 131,096 Additions Dlsposals Gains / ILossl Change In cash balances and deposlts held at fund manaEers At end of year 10,310 {11,5091 6,175 10,310 (11,5091 5,132 500 (1,4751 (68) 1,457 1,457 6.400 38,675 85,465 5,946 136,486 37 Homerton College

Notes to the financial statements Year to 30 June 2024 13 Investments (continued) Homerton Business Centre £'ooo Investment land eooo Other Invest- ments £'ooo Quoted Securities £'(JJo Total 2024 £'ooo College At beglnning of year Additions Di5POsals Gains / (Lossl Change in cash balances and deposits held atfund 5,900 40,150 79,032 10,310 111.509) 6,175 6,054 131.136 10.310 111,5091 5,132 500 11,475) (681 1,457 1,457 At end of year 6,400 38,675 85,465 5,986 136,526 The market value of Investments was represented by: Consolldated College 2024 £'ooo 2024 £'ooo 2023 £'ooo 2023 £'ooo Investment land Homerton Gardens Quoted securltles- equltles Fixed Interest securltles Cash held for relnvestment Other Investments 6,400 38,675 77,373 5,322 2,770 5,946 136,486 5,900 40,150 72,051 5,668 1,313 6,014 131,096 6,400 38,675 77,373 5,322 2,770 5,986 136,526 5,900 40,150 72,051 5,668 1,313 6,054 131,136 The College's quoted securities perlod end market valuations are provlded by the College's Investment managers, Rothschlld Wealth Management and UBS AG. The investment land was revalued by Bldwell at £6.4m on 30 June 2024 (2023: £5.95m). The valuation is undertaken on the basis of open market value taklng account of the College's estates strategy for the future use of this land. The value of Homerton Garden5 at £38.67m (2023: £40.15m) reflects the revaluatlon by Bldwell at 30 June 2024. This has been valued based on the rental yleld to be achieved under the Scheme. 38 Homerton College

Notes to the financlal statements Year to 30 June 2024 13 Investments (contlnued) Other investments comprise: Investments in subsidiary undertakings £'ooo Investment Other in joint Investments venture £'ooo Totsl £'ooo £'ooo At beglnnlng of year Investment in Ward Griffin LLP At end of year 580 5,464 {681 5,396 io 6,054 168) 5,986 580 io Investments in subsidiaries and joint venture undertaklngs comprlse: Name Country Class of shares Ordlnary Actlvlty Colophon Ilmlted England and Wales England and Wales England and Wales loo Commerclal conferenclng and other trading See below See below Property management Colokate LLP Ward Grlffin LLP See below See below Property management Colokate LLP Is a Ilmlted Ilablllty partnershlp and hence has no share capital. The income and expendlture for Colophon Ltd for the year ended 30 June 2024 Included In the consolidated financial statements is as follows: 2024 £'ooo 2023 £'ooo Turnover Other Interest recelvable and 51mllar Income IA20 19 879 Costs / AdmlnSstratlve expenses (1,337) 18151 68 From 25 March 2019. the members of Colokate LLP comprise Homerton College and Colophon Limited. The income and expenditure for Colokate LLP for the year ended 30 June 2024 included in the consolidated financial statements is as follows: 2024 £'OfM) 2023 £'ooo Turnover Costs / Admlnlstratlve expenses 24 {61) 37 20 145 25 39 Homerton College

Notes to the financlal statsments Year to 30 June 2024 13 Investments (contlnued) Ward Griffin LLP is a limited liability partnership and hence has no share capital. The members comprise Hornerton College and St. Mary's School. Each member appolnts two appolnted representatives to the Management Board. Certain key decislons require the consent of both partners. so the LLP has been accounted for as a joint venture. The College's share of Ward Grlffin LLP included In these financial statements Is as follows: 2024 £'ooo Turnover Costs / Adminlstrative expenses 14 142) 134) 14 Stocks Consolldated College 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Goods for resale 37 31 22 37 31 22 15 Trade and other recelvables Consolldated Colle8e 2024 000 2024 rooo 2023 £'ooo 2023 £'ooo Trade debtors 956 699 833 428 Amounts due from subsldiary undertakings Prepayments and accrued income 846 637 1,871 2,827 1.213 1,912 1,679 3,358 1,191 2,256 40 Homerton College

Notes to the flnanclal statements Year to 30 June 2024 16 Cash Consolldated College 2024 rooo 2023 £'ooo 2024 eooo 2023 £'ooo Cash at bank 918 3,055 374 2,266 Cash In hand 919 3,056 375 2,267 17 Credltors: amounts falllng due wlthln one year Consolldated Restated College Restated 2024 £'ooo 2023 £'ooo 2023 £'ooo 2022 £'ooo Trade credltors 860 979 802 946 Other taxatlon and soclal security Contrlbutlon to Colleges, Fund {Statute G, 219 288 219 288 26 27 26 27 Other credltors and accruals Deferred rental Income (note 181 Other deferred income 2,262 32 2,817 32 2,222 32 233 2,588 32 55 310 364 3,709 4,507 3.534 3,936 18 Credltors: amounts falling due after one year 2024 £'ooo 2023 £'ooo Consolldated and College Debenture5 29A81 29,875 Deferred rental Income 2.487 32368 2,519 32,394 During 2013-2014 the College participated in a bond issue jointly wlth a number of other Cambrldge colleges whlch raSsed £IOm (before deduction of fees) of long-term unsecured fundlng. In August 2015 the College participated in its own bond issue which raised £20m of long-term unsecured funding. The debentures are wholly repayable at the end of their respective terms and are structured as follows: 41 Homerton College

Notes to the financlal statements Yearto 30 June 2024 Creditors: amounts falling due after one year {continued) Interest rate (fixed) Debentures Amount £'ooo Term Tranche la - CCF (Ottober 2013) Tranche Ib- CCF (October 2013) Tranche 2- CCF (January 2014) Prlvate Placement- HermltlPrudential (August 2015) Fees deducted 30 years 40 years 30 years 25 Year5 4.40% 4.40% 4.45% 3.38% 3,211 2,569 4,220 20,000 1119) 29,881 Deferred rental Income represents the deferral of monles received from the Unlverslty of Cambrldge Educatlon Faculty for the grant of a 99-year lease In 2005 over their new buildln8 that has been constructed on the College site. The receipt is being released to the statement of comprehensive 5ncome and expendlture In equal annual instalments over the lease term. 19 Provlslon5 for Ilablllties and charges 2024 £'ooo Consolldated and College 2023 £'ooo At beglnnln8 of year Benefits pald Charge to Income and expendlture account Changes In actuarlal assumptions At end of year 129 158 (38) (7} 16 129 {38) (151 32 108 The provlslon related to the College's Ilablllty to enhanced the pensions of teachlng staff who retired early. 20 Contln8ent Ilabilltles There are £nil contlngent Ilabilitles as at 30 June 2024 {2023: £nlll. 42 Homerton College

Notes to the financial statements Year to 30 June 2024 21 College pension schemes 2024 £'ooo 2023 £'ooo Consolidated and College Surplus under Cambridgeshire Local Government Superannuation Scheme ILGSSI Llab511ty for deflclt reductlon payment under USS b/fwd USS Change in assumptions, including dlscount rate USS Cash contributlons to reduce the deflclt In year Deficit at end of year 430 (1,118) 11,2971 1,071 91 47 88 (688) The College participates In two pension schemes. the Universltles Superannuation Scheme (USSI and Cambridgeshire Local Government Superannuation Scheme (LGSSI. Both schemes are defined beneflt schemes that are externally funded. The assets of the schemes are held in separate trustee-admlnlstered fvnds. The College is unable to Identlfy Its share of the underlylng assets and Ilabllltles In respect of the USS scheme on a conslstent and reasonable basls and therefore, as requlred by FRS 102, accounts for the scheme as if it were a defined contrlbution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accountlng period. LGSS has been able to apportion a percenta8e of Its funds, assets and Ilabllltles relatlng to the College and therefore the scheme has been treated as a defined benefit scheme in the financlal statements. The dlsclosure requirements of FRS 102 In relation to these Schemes are shown below. The College is requlred to contribute a specified percentage of payroll costs to the penslon schemes to fund the benefits payable to the company's employees. In 2024, the percentage was USS: 14.5% (January 2024), (2023: 21.6%) and LGSS: 17.9% April 2024 (Aprll 2023: 17.9%). The LGSS scheme has a surplus and a minimum fundlng requirements exlsts, therefore a pension asset ceiling has been calculated by the actuaries as follows: 2024 £'ooo 2023 £'ooo Consolidated and College Surplus under Cambridgeshire County Pension Fund Re5trlctlon to Pension Asset Celllng 12,124 9,231 112,124) 18,801) Surplus at end of year after asset celling 430 43 Homerton College

Note5 to the financlal statsments Year to 30 June 2024 21 College penslon schemes (continued) The total pension cost for the College and rts subsidiaries for the year included in stsff costs for the year {see note 10) was: Employer Contrlbutlons Provlslons 2024 2024 Employer Total Contributlons Pmvislons 2024 2023 2023 £000 £000 £000 Total 2023 £000 £000 £000 uss 279 709 (1,240) 82 {961) 791 {170) 305 656 961 {3631 256 (58) 912 LGSS (1,158) {1071 854 The latest valuatlons of the scheme's assets and liabllities forwhlch ￿sUlts are available.. uss LGSS Date of valuatlon Market valuatlon of assets Past servlce liablllties Surplus of assets 31 March 2023 £73,100m £65,700m £ 7,400m 31 March 2022 £4,305m £3,446m £ 860m uss A deficlt recovery plan was put in place as part of the 2020 valuation, whlch required payment of 6.2% of salaries over the period l April 2022 until 31 March 2024, at which polnt the rate would increase to 6.3%. No deficit recovery plan was requlred under the 2023 valuatlon because the scheme was In surplus on a technical provisions basis. The College was no longer requlred to make deficit recovery contributions from l January 2024 and accordingly released the outstandln8 provlslon to the profit and loss account. As at the 30 June 2024, the latest avallable complete actuarlal valuation of the Retirement Income Bullder was at 31 March 2023 (the valuatlon date), whlch was carried out uslng the projected unit method. Since the Institution cannot Identify Its share of Retirement Income Builder assets and liabilitie5, the following dlsclosures reflect those relevant for those assets and liabilities as whole. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific fundlng regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective. which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was E65.7 billion indicating a surplus of £7.4 billion and a funding ratio of Ill%. The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles www.uss.co.uk/about-us/valuation-and- funding/statement-of-funding-principles. 44 Homerton College

Notss to the financial statements Year to 30 June 2024 21 College pensFon schemes (continued) USS (continued) Price Inflatlon- Consumer Prlces Index (CPI) 3.0% p.a. {based on a long-term average expected level of CPI, broadly consistent with long-term market expectations) 1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030 Benefits with no cap: CPI assumption plus 3bps RPI/CPI gap Pension increases (subject to a floor of 0%) Benefits subject to a "soft cap" of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of lO%I '. CPI assumption mlnus 3bps Fixed interest gilt yield curve plus: Pre-retlrement: 2.5% p.a. Post-retirement: 0.9% Dlscount rate (forward rates) The main demo8raphlc assumptlon used relates to the mortality assumptions. These assumptions have been updated for the 31 March 2024 accounting positlon, based on updated analysis of the Scheme's experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows: 2023 Valuatlon 101% ofS2PMA"liEhV for males and 95% of S3PFA for females CMI 2021 wlth a smoothing parameter of 7.5, an addltlonal of 0.4% p.a., IO% w2020 and w2021 parameters, and a lon8 term Improvement rate of 1.8% pa for males and 1.6% pa for females Mortallt base table Future Improvements to mortallty The current Ilfe expectancies on retirement at age 65 are: 2024 2023 Males currently aged 65 (years} Females currently aged 65 (years) Males currently aged 45 (years) Female5 currently aged 45 lyearsl 23.7 24.0 25.6 25.6 26.0 27.4 25.4 27.2 2024 2023 Exlstlng benefits Scheme assets FRS 102 liabilities FRS 102 surplus/ldeficlt) FRS 102 funding level £74.8bn £65.6bn £9.2bn £73.Ibn £65.7bn £7.4bn iii% Cambridgeshire Local Government Superannuation Scheme {LGSS) The LGSS is a defined benefit scheme based since 2014 on career average revalued earnings (CARE), the￿ is ongoing liability to the original final salary scheme. Liabilities are valued on an actuarial basls using the projected unit method which accesses the future liabilities discounted to thelr present value. 45 Homerton College

Note5 to the financlal statements Year to 30 June 2024 21 College pensFon schemes {contlnued) Cambridgeshire Local Government Superannuation Scheme (LGSS) (contlnuedj The movement in the net surplus/(deficlt) in the scheme was as follows: 2024 eooo 2023 £'ooo Consolldated and College (Deflcitl surplus at beglnning of year Current servlce cost Interest on assets Contributions by employer Other finance cost Restrlction to pension asset ￿lI1n6 Actuarlal Gains Deflclt lus at end of 430 (791) IA60 709 (Iwi) (2￿74) 2,507 1,735 {912) 656 (7671 (4,479) 3.202 430 sur ear The maln assumptions used for the purposes of FRS 102 are as follows: 2024 2023 Discount rate 5.15% 5.10% Rate of increase of salarles Rate of Increase of enslon In 3.25% 2.75% 3.50% 3.00% ayment Assets are valued at a falr price, prlncipally market value for investments, and comprise: 2024 £'oDo 2023 £'ooo Equltles Bonds Property Other 19,585 7￿63 4,816 642 19,393 3,993 4,278 855 The current mortallty assumptions Include sufficlent allowance for future Improvements In mortallty rates. The assumed life expectations in years on retirement age 65 are: 30June 2024 30June 2023 Current pensloners Males Females Future pensloners Males Females 21.8 22.0 24.3 22.3 22.5 26.0 46 Homerton College

Notes to the financial ststements Year to 30 June 2024 21 College pension schemes (continued) Cambridgeshire Local Government Superannuation Scheme (LGSS) {continuedJ 30June 2024 £'ooo 30June 2023 £'ooo 30June 2022 £'ooo 30 June 2021 £'ooo Present value of funded obligations Restriction to pension celllng asset Fair value of plan assets 119,982) (19,288) 119,6611 129,2221 {12,124) {8,801) 14,3221 25,718 1,735 25,718 13,504) 430 Present value of unfunded obllgatlons Net Illabllltlesl assets recorded In the balance sheet 430 1,735 13,5041 Experlence110ssI 8aln on assets 21 727 Experlence loss18aln) on Ilabllltles 16191 (3,2231 111,5361 2,004 Amounts charged to income and expendlture account 2024 £'ooo 2023 Current servlce cost Interest on obllgatlon Interest on assets 791 1.460 (1,441) 810 912 995 17671 Analysls of amounts re¢o8nl2ed In other comprehenslve Income 2024 £'ooo 2023 £'Ot)O Return on assets excludln8 amounts Induded In net Interest 1,888 (211 Changes In financlal assumptlon Total actuarlal galn recognlzed 619 3,223 3,202 2,507 Changes In the present value of the defined benefit obllgatlon: 2024 £'ooo 2023 £'ooo Opening defined benefit obligation Current servlce cost Interest cost Contributions by members Changes in financial assumptlon Benefits pald C105ing defined benefit obligation 19,288 791 992 243 (619) (713) 19,982 19,661 912 767 235 11,7061 15811 19,288 47 Homerton College

Notes to the financlal ststements Year to 30June 2024 21 College penslon schemes (continued) Carnbridgeshire Local Government Superannuation Scheme (LGSS) fcontinuedj Changes In the falr value of plan assets: 2024 eooo 2023 £'(N)o Openlng falr value of plan a55ets Net Interest Contributions by members and other bodles Contrlbutions by employer Return on assets excluding amounts Indude In net Interest Benefits Paid Other experience 28,519 1,460 243 700 1,888 (704) 25,718 995 235 656 121) 15811 1.517 Closin falr value of lan assets 32,106 28,519 The College expects to contribute £728,000 to Its defined benefit pension scheme in the year ending 30 June 2025 (2024: £701,000). The management bases requlred by FRS 102 are Ilkely to glve rlse to slgnlficant fluctuations In the reported amounts of the defined beneflt penslon scheme a55ets and liabillties from year to year. and do not necessarfly give rlse to a change In the contributions payable into the scheme, which are recommended by Independent actuaries based on the expected long-temi rate of return on the schemes assets. Related party transactions Owing to the nature of the College's operatlons, and the composltion of the Governln8 Body, it is Inevitable that transactions will take place with organlsations, In whlch a Governlng Body member may have an interest. All transactions involving organlsatlons, in whlch a member of the Governing Body may have an Interest, are conducted at arm's length, and In accordance wlth the College's normal procedures. The College maintalns a register of interests for all College Councll members and where any member of the College Council has a materlal Interest In a College matter, they are requlred to declare that fact. Durin8 the year no fees or expenses were paid to Fellows in respect of thelr duties as Trustees. Fellows are remunerated for teaching, research, and other dutles withln the College. Fellows are bllled for any prlvate catering. The Trustees remuneratlon Is overseen by the Fellows Remuneration Committee. 48 Homerton College

Notss to the flnanclal statements Year to 30June 2024 22 Related party transactlons (continued) The salaries paid to Trustees in the year are summarised in the table below: Salary 2024 Number 2023 Number £nil £i- £10,000 £10,001- £20,000 £20,001- £30,000 £30,001- £40,000 £40,001- £50,000 £50,001- £60,000 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi - £iio,000 £110,001- £120 000 Total 18 17 The total Trustee salarles were £805,241 forthe year {2023: £790,588). The Trustees were also paid other taxable benefits (including assoclated employer National Insurance contributions and employer contributions to penslonsl total £230,574 for the year {2023: £260,942). The College has two trading and subsidiary undertakings, which are consolidated Into these accounts. All subsidiary undertakin8s are 100% owned by the College and are registered and operatln8 in En8land and Wales. The College has taken advantage of the exemptlon wlthln sectlon 33 of FRS 102 not to dlsclose transactions wlth wholly owned group companies that are related parties. There are 31 Colleges, each of whlch Is an Independent corporation with its own property and Income. Each College publishes its own financial statements in a form specified by the University of Cambridge, The College pays levies to support the activity of the Office of Intercollegiate Services (OIS). The OIS is responsible primarily ft)r arranglng support servlces to the 31 colleges of the Collegiate University (Cambridge). The College acts as an agent for the collection of fees for the University of Cambridge; for the year ended 30 June 2024 these fees total £14,638k (2023: £14,182k). Durlng the year the University paid the College, from these fees, sums totalling £4,301k (2023: £4,362k) under the terms 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. Durlng the year the College contributed under Statute Gll of £26k12023: £27kl into the Colleges Fund. 49 Homerton College

Notes to the financial statements Year to 30June 2024 22 Related party transactlons (contlnued) The Colleges Fund is administered by the University of Cambridge on behalf of the Colleges, who make all contributions to and receive all allocations from the Fund. College administers Cambridge Bursary Scheme to support undergraduates financially,. the University of Cambridge contributed £362k to this scheme (2023: £382k). During the course of its charitable actlvities, College also pay5 the Universlty of Cambridge for printin& network and other services. In addition, Homerton College periodically provides conference-related seNlces Including accommodation, catering and other services to the organisations and department5 belonging to the Universlty of Cambridge on standard third-party terms. 23 Reconclliatlon of consolldated operatlng surplus to net cash flow (outflow) Inflow from operatlng actlvltles 2024 £'ooo (1,1341 2.936 2023 £'ooo {1,973) 2,906 40 1,127 {1,2291 13,522) I,oio 16) {124) 567 124) 15) (47) 11,280) IDeflcSt) surplus on contlnulng operations Depreciatlon of tanglble fixed assets (note 121 Amortlzatlon of intan8lble fixed assets Interest payable IProfitl/loss on disposable of Investments Investment income Pension costs less contrlbutions payable Decrease lincrease) In stocks Decrease Ilncreasel in debtors (Decrease) Increase In credltors due wlthin one year Decrease in credltors due in more than one year Decrease In provlslons Operatln8 loss on Joint venture Net cash (outflow Inflow from o 1.127 (1.386) 13,773) 168 (915) 1798) (26) (21) (34) 3,824 eratin activltles 24 Cash flows from Investln8 actlvltles 2024 £'ooo 2023 £'ooo Investment Income received Bank interest received Purchase of tanglble fixed assets Purchase of Intanglble fixed assets Purchase of investments Proceeds of disposal of Investments Total cash flows from Investin activltles 3.648 125 (769) 3,480 42 12,145) {161 121,886) 23,323 2,798 110.242) 11.509 4,271 50 Homerton College

Notes to the flnancial sL*ements Year to 30 June 2024 25 Cash flows from flnancing activities 2024 £'ooo 2023 £'ooo Interest paid Net Loan Borrowing / (Repayment) Total cash flow5 from financlng artlvltles (1,127) (1.1271 (1,127) (1,1271 26 Consolidated reconsolidation and analysls of net debt Other Cash non<ash flows changes £'ooo £'ooo At l July 2023 £'ooo At 30 June 2024 £'ooo Consolldated Cash and cash equlvalents Cash at bank and In hand Cash held wlth fund managers (note 131 3,056 12,137) 1,313 1,457 4.369 (680) 919 2,770 3,689 Borrowlngs- amounts falllng due after more than one year Debentures (note 181 Lloyds revolvlng credlt faclllty (note 181 129,875) {6) 129,881) 129,875) {6) (29,881) 125,506) 1680) {6 (26,1921 27 Flnanclal statements 2024 £'ooo 2023 £'ooo Flnandal assets Financial ossets otfvlr value thmugh Statement of Cornprehenslve Income . Listed equity Investments Fixed Interest securltles Finonciol assets thot ore equlty Instruments measured at cost less Impalmient . Other equlty Investments Finonciol ossets thot are debt Instmments measured at amortized cost . Cash and cash equtvalents . Trade debtors 77,373 5332 72.051 5.668 5.946 6,014 919 956 3,056 699 Flnanclal liablllties Financiol liobilities meosured ot omortlzed cost . Debentures Revolving credit facllity . Trade creditors (29,881) 129,8751 (860) (9791 51 Homerton College

Notes to the financial statsments Year to 30 June 2024 28 Capital commltments Land and buildln85 2024 £'ooo Land and buildings 2023 £'ooo Authorlzed and contrarted for Authorized but not yet contracted for 1,640 804 421 7,607 52 Homerton College