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 frnmv*vork 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 V*E 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