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← Homerton College Cambridge

2025-06-30-accounts

Charity Registration Number 1137497

HOMERTON COLLEGE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

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1 Homerton College

Contents

Contents
Page
Reports
Reference and administrative information 3
Trustees’ report 5
College governance statement 17
Statement of internal control 18
Statement ofCouncil’s responsibilities 18
Independent auditor’s report 19
Financial statements
Consolidated Statement ofComprehensive Income and Expenditure 22
Consolidated Statement ofchanges in reserves 23
Balance sheets 24
Consolidated Statement of cash flows 25
Principal accounting policies 26
Notetothefinancialstatements 32

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REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2025

Registered address Hills Road Cambridge CB2 8PH

Charity registration number: 1137497

Members of Council (Trustees)

Ex officio Members
Principal Lord WoolleyofWoodford
Vice Principal Dr Francesca Moore
SeniorTutor DrGeorgina Horrell
Bursar DrSimon Brockington (resigned 31 August 2024)
DrSimon Wadsley (interim Bursarfrom 02 September2024 to 18August2025)
MrsSamantha Skeaping (Bursarfrom 19August 2025)
Elected Fellows For 3-yearterms to 30September
Simon Wadsley 2024
Will Fawcett 2024
Melanie Keene 2025
Katherine Boyle 2026
Josie O’Donoughue 2026
Olivier Tonneau 2026
Fernanda Gallo 2027 (resigned September2025)
Gavin Davies 2027
Matt Norton 2027
Alison Wood 2028
David Belin 2028
Juliana Cavalcanti 2028
Junius Olivier 2028
Co-opted Fellows
Junius Olivier From 18 April 2024 to September 2025
Joel Chalfen For 3-yearterms to 30September 2024
Student Members (notTrustees) Trustees)
JCR President Elizabeth Banner
MCR President Ahmed Tayee and Nadia Chu
Senior Officers
Head of House Lord Woolley ofWoodford
Vice Principal Dr Francesca Moore
SeniorTutor DrGeorgina Horrell
Bursar DrSimon Brockington (resigned 31 August 2024)
DrSimonWadsley (interim Bursarfrom 02 September2024 to 18August 2025)
Samantha Skeaping (Bursarfrom 19 August 2025)
Admissions Tutors Dr Paul Elliott and Dr Alexander Mill
PostgraduateTutor Dr Melanie Keene
Secretary to the DrSimon Wadsley
Governing Body and
Council

3 Homerton College

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2024

Auditors

Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 OWZ

Bankers Lloyds Bank plc Endeavour House Chivers Way Histon Cambridge CB24 9ZR

Solicitors Mishcon De Reya LLP 4 Station Square Cambridge CB1 2GE

Property advisers Carter Jonas 6-8 Hills Road Cambridge CB2 1NH

Bidwells Bidwell House Trumpington Road Cambridge CB2 9LD

Investment managers Rothschild & Co New Court St Swithin’s Lane London EC4N 8AL

4 Homerton College

Report of the College Council for year ending 30 June 2025

SCOPE OF THE FINANCIAL STATEMENTS

The trustees 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 2025. These cover the consolidated operations of Homerton College and its subsidiaries. The financial statements 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 Statement 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

Founded in 1768, Homerton College gained its Royal Charter and membership of the University of Cambridge in 2010. With over 1,400 students covering all undergraduate and most postgraduate courses, we are one of the largest, youngest, diverse, and most dynamic colleges in the University.

We pride ourselves on our values-led approach and especially on the importance 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 just as important as the degree itself.

The College is constituted through its Royal Charter, and it is also a registered charity. This report and the accompanying accounts consolidate the operations of Homerton College and its subsidiaries which are:

Purpose, Charitable Objectives and Public Benefit

The purpose of the College is to nurture a talented, diverse, 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 are rooted in inclusivity: both in reaching out to students from the widest possible range of backgrounds, ensuring that everyone who joins Homerton feels a genuine sense of belonging, welcome and support. The College believes that equality, diversity, and equity lead to excellence and strives to eliminate any barriers that limit students’ full participation in Cambridge life. Homerton’s culture is one of friendliness and lack of hierarchy.

The objects of the College, as set out in its Royal Charter, are:

The College Council has complied with its duty to have due regard to the Charity Commission’s public benefit guidance.

5 Homerton College

Strategy

Homerton College’s strategic vision is to be a global beacon for inclusive excellence in education, research, and community life within the University of Cambridge. To realise this vision, the College has developed a series of interconnected programmes and initiatives. The Griffin Programme supports student transition and belonging; Changemakers and the Big Conversations series inspire leadership, innovation, and social engagement; and wellbeing initiatives establish a professional, inclusive network of support. Research excellence is advanced through funding for early-career scholars, interdisciplinary partnerships, and a commitment to co-creating knowledge with the wider community.

Looking ahead, the College is building new collaborations in biomedicine, sustainability, and social impact, strengthening its financial base while opening pathways for students into emerging fields. Together, these efforts ensure that Homerton continues to be a dynamic, forward-thinking College that combines intellectual ambition with social purpose.

Equality, Diversity and Inclusion

The College takes an active, energetic and dynamic approach to equality, diversity and inclusion, embedding these principles across every aspect of College life — from admissions and outreach to the continual enhancement of the student experience. The leadership team is fully committed to ensuring that Homerton is a community where every member feels respected, included, and valued for their contribution. We believe that diversity and inclusion make us stronger and enable us to deliver the best outcomes for our students and society. This commitment is reflected in a vibrant programme of events, including debates and themed formal dinners, designed to ensure that students from diverse and under-represented backgrounds feel a deep sense of belonging and are empowered to thrive. These experiences not only enrich academic life but also help students develop confidence, character, and the ambition to contribute meaningfully to a more equitable and compassionate world.

Educational achievements

Admissions and Outreach

Over the year to October 2025, our Admissions Team spearheaded 154 outreach events - a dynamic blend of online and in-person activities - connecting with schools nationwide and inspiring young people from all backgrounds to see the University of Cambridge and Homerton College as places where they belong. Of the 564 schools and 9,725 participants who attended these events, significant numbers came from areas where few progress to higher education.

During the year, the College hosted nine Outreach Bus visits welcoming 553 students and teachers from 33 schools across our link areas, alongside individual school visits for 305 students from || schools, several tours for prospective students and parents, and three Open Days attended by over 450 visitors.

Each of these visits offered an engaging, aspiration-raising experience designed to give participants a genuine insight into Cambridge life and the opportunities available at Homerton College. These events are a key part of our widening participation strategy, enabling students from diverse and under-represented backgrounds to see themselves reflected in our community, to raise their educational ambitions, and to feel that the College is a place where they will thrive.

We also led four Schools Tours in Scotland, West London, Buckinghamshire and South Yorkshire: delivering in-school talks to 2,644 students from 83 different schools (35 different schools in Scotland, 20 in West London, 9 in Buckinghamshire and 19 in South Yorkshire). In addition, we visited a further 6 individual schools at other times of the year, engaging with 791 students.

The College ran an attainment raising programme for select Year 10 students from across the country from target groups, culminating in an in-person Celebration Event at the college after producing their own essay. The College’s online access course reached 1,252 Year 12 state school students with 4,435 views of our webinar recordings on our YouTube channel.

6 Homerton College

The College was proud to host 33 students for the residential element of the University’s STEMSMART scientific preparation programme, making the College one of the scheme’s leading supporters and a key contributor to widening participation in STEM education.

A highlight of the year was our Sustainability Student Conference in August, a one-day event that brought 173 state school students from 101 schools to Homerton as the culmination of an essay-writing and design competition (with online sessions for inspiration and guidance). Students took part in a range of activities, discussions and talks including sessions from external contributors and from current students.

The College secured £41,000 of funding from the Newton Trust to support innovative admissions and outreach development. As part of this initiative, our Science Admissions Tutor created a portable educational “escape game”—a unique, interactive tool designed to test and develop the analytical and problem-solving skills we look for in applicants. Incorporating more than 150 scientific thinking puzzles, the game has already been delivered to over 4,500 students, providing a novel and engaging way to inspire applications to top universities, prepare students for interviews, and support their transition to university.

The 2024/25 academic year also saw the continuation of our “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 with us inviting over 200 participants to Cambridge in August 2025 for an awards-giving ceremony, escape game and lecture.

We also continued with our “Homerton for Homerton” project, where the college has “returned to its origins” in Homerton, Hackney. We have delivered educational projects for over 1,100 secondary students of all ages in 8 Hackney schools and supported local charities in the area by sending our undergraduate students back to support Easter events, accompanied with financial support. This year, we again supported the Outrunners charity, Hackney Quest, The Yard Theatre, Immediate Theatre and the Wickers Charity.

Guided by our core values of Excellence, Openness, and Fairness, Homerton’s Admissions strategy places equality, diversity, and inclusion at its core, ensuring that widening participation remains a defining feature of our mission.

Guided by a small but exceptionally effective team of three part-time Admissions Tutors, supported by the Admissions Manager, Admissions Administrator, Schools Liaison Officer and the Admissions Advisory Group under the leadership of the Senior Tutor, Homerton once again attracted a strong field of applicants. For 2025 entry, we received 961 applications, interviewed 623, made 232 offers, and confirmed 186 students for matriculation in October 2025.

In 2025, we celebrated another radically diverse intake of students. We are pleased with our widening participation statistics (see Table |), which are some of the highest in the university for both State, IMD and FSM students, and above most targets set for 2024/25 in the University Access and Participation Plan.

We fell short of the 2024/25 targets for Polar 1+2 (as did the rest of the University), but this is a metric that has reduced in importance and has been eliminated from the new 2025-2029 Access Plan. The new 2029 Access and Participation Plan place more focus on IMD and FSM students, students for which we already have the highest intake in the University.

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Undergraduate admissions acceptances for Homerton College in 2024/25
University access
|Home i399,Acceptancesfoe% Acceptances Target (for 2025/26
05H
[State [NA
IMD 33 24.4%
FSM 712.2% N/A (2029: approx. 10%
POLARI+2 [18 [13.3%]
Note that all Widening Participation metrics are calculated as a percentage of Home students.
Indices of Measures produced by regional governments within the UK that identify relative
Multiple deprivation. Areas within each region are assessed according to a series of indicators —
Deprivation | such as income, crime, and healthcare — and then ranked against each other and placed
(“IMD”) into deciles. Students are flagged if their home postcode indicates they live in an area that
is ranked in the bottom 40% of their region by these measures.
Free School | Students who have been provided with Free School Meals in their prior education.
Meals
“ESM”
POLAR |+2 | A measure produced by HEFCE which ranks areas based on the rate at which young
people have historically progressed to higher education. These ranks are then used to
divide areas into quintiles. Students from POLAR| areas are those that have a home
postcode that falls into the bottom 20% of areas ranked by this measure, while POLAR
1+2 fall into the bottom 40%.
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Foundation Year

Homerton College continues to play an active role in the Cambridge Foundation Year in the Arts, Humanities and Social Sciences, welcoming its fourth cohort of 5 students as part of the initial five-year trial of the course. We have been delighted by the academic success and progression of our earlier Foundation Year students and the way the Homerton community has fully embraced them as valued and integral members of the College.

Student numbers 2024/2025

Total student numbers have fluctuated slightly over the last three years, falling to 1,439 in 2024/25 (1,451 in 2023/24) mainly due to a reduction in PGCE numbers.

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Homerton College student numbers 2022/23 2023/24 2024/25
[Undergraduate||Post | IT
Graduate Certificate of Education a
/Postgraduate | Bt|| OTS
Master of Education
Master of Studies
Other Postgraduate
Grand Total | aes | ast | 1,439 |
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Undergraduate achievements

Homerton undergraduates have once again taken part in a vibrant and varied array of activities both curricular and co-curricular. They have engaged across the full range of subjects offered by the University of Cambridge - from Anglo-Saxon, Norse & Celtic to Veterinary Medicine - each supported by a dedicated Director of Studies and a Tutor who advise and guide them to achieve their full potential.

The ethos is one of inclusive excellence and it is gratifying to note that a significant number of our students for 2024/25 were ranked in the top five of their subject cohort in end-of-year examinations. Standout highlights were our finalists topping their Tripos year and achieving a large number of First-class honours in History & Politics and Education — excellent outcomes that reflect both academic strength and the resilience, perseverance and commitment of our students.

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We have launched a collaborative review that enables us to walk alongside our students, learning from their diverse experiences and outcomes so that we can better support each of them to thrive and reach their full potential at Cambridge.

In 2024/25 Homerton welcomed one of its most diverse undergraduate cohorts to date, further strengthening our inclusive community. Our strengthened Wellbeing Team provided an enhanced level of support and our pioneering Homerton Changemakers programme once again enabled students to initiate and lead social-impact projects right across Cambridge and beyond.

Homerton Union for Students (“HUS”)

Homerton funds a full time President of Homerton’s Union of Students, who is a new graduate, elected in their final term. The HUS plans and oversees a range of events and activities beginning each year with the Freshers Week (including professionally led Consent Workshops, EDI Workshops and some orientation games and entertainments) and running Welfare activities throughout the year.

Postgraduate Students

The 2024-25 academic year saw the significant restructuring of postgraduate student oversight at Homerton, with the recruitment of a Postgraduate Admissions Tutor and the retitling of the Postgraduate Tutor post to Senior Postgraduate Tutor. This expansion of our capacity has enabled a reinvigoration of how we are approaching the support of postgraduate students; and to reaffirm our commitment to postgraduate widening participation, and to integrating our postgraduate student community (whether full- or part-time) fully within the College.

Postgraduate students this year have achieved outstanding academic successes (including winning conference paper prizes and international fellowships).

This year has seen some particularly complex pastoral cases, in which Tutors have worked closely and effectively with the expanded Wellbeing Team, drawing on their training and shared expertise. The College community has responded with compassion and professionalism, collaborating to support individuals through challenging circumstances while continuing to foster opportunities for interdisciplinary dialogue, collaboration, and personal development across the College.

The middle common room (MCR) provided excellent peer support, enjoyable events (from board game nights to ice cream study breaks), and wider representation for the postgraduate student body within our governance structure.

We strengthened our offer-holder engagement this year, hosting our first-ever in-person Postgraduate Offer Holder Day in April and collaborating with St Edmund’s College on two summer webinars for international students. Homerton remains an active participant in university-wide Open Days, College Visit Days, and online initiatives such as Discover Cambridge, working in partnership with the Postgraduate Widening Participation Team to create a welcoming and accessible pathway into postgraduate study.

In 2024-25, the College held a series of Postgraduate Community Workshops for incoming postgraduate students covering goal setting, consent and mutual respect, cross-cultural awareness and anti-racism. Students were asked for their ideas of community-building activities, and for words to describe the College. Postgraduate students continue to be very active in a range of College events and activities, including Homerton Changemakers and the Holding Space: Taking Action symposium; as well as student societies and social opportunities.

A comprehensive archive of past Research Supper talks is now available on the College website, creating a lasting record of the wide range of topics and ideas shared over the years. The College also hosted a series of informal networking events for Early Career Researchers, alongside targeted support for PhD and Master’s students. This included skills sessions for new doctoral researchers, a Supervisors’ Supper, and a workshop on securing research funding—all designed to strengthen the research community, encourage collaboration, and foster academic development across disciplines.

9 Homerton College

Wherever it can do so, the College supports individual researchers. For example, a Doctor of Education student's art exhibition as part of their thesis project on ‘The Joyful Academic’ was hosted in the College’s Great Hall.

The College continues to experience strong demand for postgraduate accommodation, reflecting both the high cost and limited availability of suitable private housing in Cambridge. The College was proud to provide housing for several Brazilian postgraduate students participating in the innovative “Anti-Racist Education in a Transnational Perspective” exchange programme, established by the Faculty of Education, further strengthening our commitment to international collaboration and inclusive scholarship.

Homerton continues to invest in its postgraduate community through dedicated Research & Training Grants and the Research Events Fund, providing targeted financial support that enables students to advance their research and professional development. A new webpage now highlights these initiatives, featuring testimonials that illustrate their transformative impact. To expand future opportunities, we have produced a comprehensive fundraising case for postgraduate studentships and are collaborating with the Development Team and CUDAR to shape the next phase of our fundraising strategy. In parallel, a consultation with postgraduate students in June and July is helping to shape the next Postgraduate Student Strategy, ensuring it reflects the real needs and ambitions of our community.

The Tutorial Office team has provided outstanding support to the Postgraduate Tutors and student community, ensuring efficient operations and effective communication. Regular coordination with academic leads and active engagement in University-wide and intercollegiate networks continue to strengthen Homerton’s alignment with best practice and its commitment to an excellent student experience.

Changemakers

Established in 2018, the Changemakers programme continues to connect academic excellence with purposeful leadership, equipping students with the insight, confidence, and practical skills to address complex social, environmental, and economic challenges.

The 2024/25 academic year has been a period of significant growth and consolidation for Homerton Changemakers, further embedding the programme as a defining element of the College’s educational mission.

More than 1,500 students have now participated in over 37,000 hours of structured learning, supported by a network of more than 200 mentors, academics, civic leaders, and industry professionals. The programme has become an important part of Homerton’s contribution to the University and the wider community, cultivating a culture of ethical leadership, innovation, and collaboration.

Key highlights from the year included the Annual Residential 2024, which focused on self-awareness, creativity, and the role of entrepreneurship in social good; the Catalyst Fund and Gamechangers Regenerative Leadership Programme, which continue to nurture student-led innovation and systemic thinking; and the Changemakers Mentorship Scheme, through which over 50 students were paired with experienced mentors from across sectors. Catalyst Fund awardees developed projects spanning biotechnology, education, and sustainability, while partnerships with organisations such as Cambridge Wireless, the Eden Project, and Planetari provided exceptional experiential learning opportunities and strengthened Homerton’s external engagement.

The significant and valuable participation of alumni, fellows, and staff has helped to expand the programme’s reach globally. Changemakers now stands at the heart of Homerton’s vision for a modern Cambridge education - one that unites academic achievement with values-driven action.

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Student Support

Academic 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 organisation.

Education Coordinators provide informed additional support as well as training for supervisors and Directors of Studies.

Throughout the year, subject dinners bring together undergraduates, postgraduates, fellows and alumni, for further academic discussion.

Financial Support

Through a scheme operated in common with the University and other Cambridge colleges, the College provides bursary support to undergraduate students of limited financial means. The Cambridge Bursary Scheme is approved by the Office of Fair Access (OFFA) and provides benefits at a substantially higher level than the minimum OFFA requirement. During the year, 170 (2024: 191) Homerton students benefited from the scheme to the value of £642,947 (2024: £657,087).

The College also operates its own Hardship Fund, and awards several other grants, as well as prizes for academic achievement. The total cost of such financial support was £262,884 (2024: £211,059). The College’s Finance Tutor seeks to support students in need, not only from College resources, but also a range of University and other Funds.

Wellbeing and Welfare Support

In the academic year 2024/2025, Homerton continued to enhance and strengthen our wellbeing provision in a planned response to the ongoing increase in demand for Mental Health and Wellbeing support within the higher education sector. The Wellbeing Team was restructured with a new Wellbeing Lead being appointed in January 2025 and a new College Community Health Advisor in March 2025. The Wellbeing Team offer a range of wellbeing activities for staff and students including but not limited to: yoga, pilates, and massage treatments. More students are making use of the College’s Drop-in services and response times have shortened.

In acknowledgement of the persistent crisis in sexual violence and harassment experienced by students across the UK, the Gender Based Violence Working Group (formed in 2024-25) ran its second successful symposium, entitled "Addressing Harassment and Creating Safe Spaces in Higher Education" (funded by the Wellbeing Stimulus Fund). Homerton successfully ran ‘Consent workshops’, developed collaboratively with the University Harassment and Sexual Violence Advisors.

Fellowship and Research

As at 30 June 2025, the Homerton Fellowship numbered 78 Fellows (2024: 76), including two new Junior Research Fellows working on the neuroscience of smell and the history of political thought.

Recent appointments to the Fellowship have included subject experts in Astrophysics, Land Economy, and Architecture.

The Bye Fellowship has also been strengthened with new joiners. This impressive group continue to contribute vital teaching and pastoral support. Many also serve as Directors of Studies or Tutors, and their continued commitment enriches the academic and community life of the College.

Homerton College has deepened its scholar activist research culture, promoting inclusive and communityengaged scholarship. The Research in Practice Junior Research Fellowships are now established as part of this ethos, with projects ongoing on the regulation of recreational drugs and on women and Atlantic slavery. Events such as “Breaking the Silence: Uterine Fibroids” demonstrated the impact of collaborative, socially engaged research and the convening power of the college.

The College’s Research Suppers continue to bring Fellows and postgraduates together to share new work on creative practice, biomedical innovation, and global education. Homerton’s partnership with the Clinical Academic Training Office has also entered its second year, widening participation in clinical research and strengthening links between academia, public health, and patient care.

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Estates

The Dining Hall continues to attract acclaim, winning RIBA East, RIBA National, Greater Cambridge Design Forum, and Civic Trust Awards since it opened in 2022. The judges have praised its openness, warmth, and contribution to community life. In Spring 2025, the judges for the Civic Trust Awards praised the new dining hall as ‘a masterful blend of bold architectural design and a fitting symbol of the college’s progressive values. Its impact reaches beyond the physical space to foster a more inclusive, diverse, and welcoming environment for all.’ The Hall has become a central space for gatherings, events, and intellectual exchange.

Driving forward its sustainability ambitions, the College installed new boilers and expanded its smart heating system across key buildings - achieving impressive energy savings and enhancing overall efficiency.

Major refurbishment works in the year included flat roof repairs to several buildings within the College’s estate and the renovation of the two floors of West House to enhance comfort and sustainability. Two accessible bedrooms were added to Morley House.

Fire alarm systems have been upgraded across the College’s estate improving the speed and effectiveness of the College’s emergency response capability.

The college has held a number of art exhibitions over the past year masterminded by the new Art Curator. A series of Michael Craig Martin prints have been installed in the Buttery and placed in an intergenerational conversation with the work of Kabe Wilson in an exhibition called ‘How to See’. The college has also created a ‘Spirit of Homerton’ photographic exhibition in one of the main thoroughfares. This important installation showcases the diversity of our community and is an important statement of inclusivity.

Communications

Homerton College’s Communications team has focused this year on enhancing the College’s visibility, engagement, and digital presence. A key development has been the commissioning of an Al search optimisation audit to ensure the College’s website remains competitive and discoverable in an evolving online landscape. This work is improving site performance, accessibility, and authority, while laying the foundations for future digital strategy. New content production guidelines are also being introduced to align with Al-driven search technologies, supporting Homerton’s continued reputation for quality, relevance, and innovation in its communications.

Across digital and internal channels, engagement has continued to rise. Social media following has grown steadily, led by a strong increase on Instagram and TikTok, with content celebrating College life, events, and achievements reaching wide audiences with over 40,000 views for the most popular items. The team has also delivered a range of impactful video and event projects, including outreach and admissions materials, and support for key community and alumni events. Together, these efforts reflect a proactive, creative, and inclusive approach to storytelling that strengthens Homerton’s connection with its students, staff, alumni, and the wider public.

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Financial Review

In the year to June 2025, Homerton College’s total income increased to £21.1m (2024: £19.3m) mainly due to a gain on the College’s pension assets. Income is comprised of: academic fees and charges 32% (2024: 33%); residences, catering and conferences 34% (2024: 37%); investment income from property and quoted securities 18% (2024: 20%); and other income comprising recharges to University of Cambridge and interest on pension scheme assets 16% (2024: 10%).

Academic fee income increased to £6.7m (2024: £6.3m), due to higher postgraduate college fee income. Conference income fell to £1.5m (2024: £1.8m) due to travel disruption.

Homerton’s operational expenditure increased to £23.9m (2024: £20.4m), comprising of: staff costs 37% (2024: 37%), operating expenses 50% (2024: 49%) and depreciation 13% (2024: 14%).

Staff costs increased to £8.85m (2024: £6.9m) mainly because the prior year number included the removal of the debt liability in the USS pension scheme.

Operating expenses increased to £1 1.9m (2024: £10.6m) due to the write-off of a capital project and higher legal costs.

The result for the year was a deficit before other gains and losses of £2.8m (2024: £1.1m). The deficit from the education account (being income from academic fees less expenditure on education) was £2.5m (2024: £2.6m).

Investments

Homerton’s investment portfolio totalled at £139.0m on 30 June 2025 (2024: £136.5m). 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 by Rothschild and Co on the College's behalf.

The commercial property at Homerton Business Centre (part of Homerton Gardens) was valued at £33.3m (2024: £38.7m). The year-on-year decrease in value was driven by higher interest rates. By virtue of their location, sector, and partially indexed-linked rents, the College’s properties have fared better than the commercial property market in general.

The main buildings on the College’s Estate are purpose-built sixth form teaching and accommodation blocks, let on a twenty-five-year lease to Alpha Plus Group trading as Abbey College.

Homerton Gardens also includes the Rattee & Kett building which is let to the Cambridge Cookery School Ltd and to Accelerator Advisory Ltd.

Investment land on the western side of the College’s campus near to the boundary with the railway line was valued at £6.4m (2024: £6.4m). The land has planning permission, 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 Direction in support of the East West Rail project, affecting part 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 investment, were valued at £93.4m on 30 June 2025 (2024: £85.5m). This is a gain of £7.9m and reflects 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 Homerton’s conference business, a decade of NHS contracts for nurse education and training, and the subsequent sale of that business, and the return from investments.

Rothschild and Co. have managed the investment portfolio on Homerton’s behalf since 2015. The overall investment objective is to maintain or slightly grow the real value of invested funds. The total return target is RPI +4% per annum after fees and costs. The measure of RPI was changed to CPI from January 2025.

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The College has set a moderate risk tolerance 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 total value of the portfolio calculated as a three-year trailing average. The annualised return for Homerton’s investment portfolio since 2015 has been +8.4%, compared to inflation over the same period of +4.6%. This means that portfolio performance of 8.4% is slightly below the target.

Environmental, Social and Governance issues are of great importance to the College. Homerton renewed its Responsible Investment Policy in January 2022 and it is available on the College’s website. Analysis of the College’s portfolio shows a total exposure to alcohol, armaments, fossil fuels, gambling, pornography and tobacco of |.46% for directly held equities (with 0.99% of this attributable to gambling) and 0.6% for equity funds (with the substantial majority of this figure attributable in approximately equal parts to alcohol and fossil fuels).

Donations and fundraising

Fundraising income for the year to 30 June 2025 was £197,000 (2024: £211,000). The reduction in income . reflects a period during which the Development office was unstaffed. The team is being rebuilt, with a new Director of Development appointed in August 2025. The team has the strategic objective to sustainably grow the College’s fundraised income with a view to supporting both capital and revenue needs in the coming years.

The new Director of Development and team will keep abreast of, and comply with, fundraising legislation and best practice. They will ensure that College officers and other colleagues are aware of their responsibilities in relation to fundraising activity.

Fundraising is focussed on Homerton alumni and other individuals with personal associations with the College. The College also receives support from corporate organisations and grant-giving bodies. Donations are utilised in support of the College’s charitable mission and in line with supporter wishes. During 2024/25, the College did not receive any complaints relating to its fundraising practices.

The College is grateful to all its supporters.

Contribution to the College’s fund

This year, Homerton contributed £28,000 (2024: £26,000) to the College’s fund under University of Cambridge statute G Il. The amount is determined by the College’s Fund Committee and is calculated according to the value of a college’s endowment 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 £8.9m (2024: £6.9m). A breakdown of costs is provided at note 10.

All salaries are overseen by either the Staff or Fellows Remuneration Committees. 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 permanent, temporary and casual employees receive 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.

Pensions

The College participates in two pension 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. Details of these schemes and their funding positions are given at Note 21 of the financial statements.

14 Homerton College

Reserves Policy

The College intends to pursue its activities into perpetuity. Those activities require income support from Homerton’s conference business, rental from the College’s investment property portfolio and a regular drawdown from the College’s managed investment portfolio.

As well as sustaining the College’s operations, the free reserves 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 Strategy

In September 2025, The Homerton Way was published, setting out the College’s strategic direction. The document builds on Homerton’s established strengths in widening participation and prioritising wellbeing, while articulating a clear vision for the future size, shape, and purpose of the College.

Operational and Financial Plan

Departments across the College are collaborating on a comprehensive operational and financial plan to deliver this strategy. The plan aims to restore financial balance by aligning income and expenditure, in order to address the current deficit position. In the interim, it is anticipated that the College will continue to draw on income from its investment portfolio to partially offset its annual operating costs.

Funding

In July 2025, £2 million was drawn from the College’s investment portfolio to support operational expenditure.

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 reviewed by the Audit and Risk Committee, the Council and Governing Body.

The principal risks for year ending June 2025 were as follows:

15 Homerton College

Auditor

In so far as the trustees are aware:

Approved by order of the Governing Body on (5 PEecembe,i » ACS")KYS and signed on its behalf by: oP SSeS, Samantha Skeaping Bursar and Fellow

16 Homerton College

College Governance

Homerton College is a self-governing, autonomous College of the University of Cambridge. The College is incorporated under its Royal Charter and governed through its Statutes and Ordinances, all of which are available on the College’s website.

The College is a registered charity (registration number| 137497) and subject to regulation by the Charity Commission for England and Wales. The members of the College Council are the charity trustees 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 responsibilities:

Other principal committees:

The Audit and Risk Committee 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 Council and Governing Body.

The Investment Committee maintains oversight of the College’s equity and property 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 administrative officers. Relevant declarations are expected to be made systematically at meetings.

The College Officers Group (COG) meets 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 Tutors, the Post Graduate Tutor, the Secretary to Council and the Dean.

17 Homerton College

Statement 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 responsible, in accordance with the College’s statutes and ordinances.

The system of internal control is designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. This process was in place for the year ended 30 June 2025 and continues to provide reasonable but not absolute assurance of effectiveness.

The Council is responsible for reviewing the effectiveness of the system of internal control. The following processes are in place:

Statement of Council Responsibilities

The Council is responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and presenting it to Governing Body for approval.

The College's Statutes, as well as the Statutes and Ordinances of the University of Cambridge require the Council to prepare financial statements for each year which give 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 statements, the Council is required to:

The Council is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and the College and enable them to ensure that the financial statements comply with the statutes of the University of Cambridge. They are also responsible for safeguarding the assets of the Group and the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Council is responsible for the maintenance and integrity of the corporate and financial information included on the College's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

18 Homerton College

Independent auditor’s report 30 June 2025

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 2025 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reserves, the Consolidated and College Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

¢ the contribution due from the College to the University has been correctly computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,ll, of the University of Cambridge.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and College in accordance with the ethical requirements 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 evidence we have obtained is sufficient and appropriate 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 that, individually or collectively, may cast significant doubt on the group’s or College’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the report of the Governing Body and College Council, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 information is materially inconsistent 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 gives rise to a material misstatement in the financial statements themselves.

19 Homerton College

Independent Auditor’s Report to the Governing Body of Homerton College (continued)

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 Reports) Regulations 2008

require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the College or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the College and how it operates and considered the risk of the College not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

20 Homerton College

Independent Auditor’s Report to the Governing Body of Homerton College (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Governing Body and College Council, in accordance 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 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Governing Body and College Council as a body, for our audit work, for this report, or for the opinions we have formed.

Cree Barun

Price Bailey LLP

Chartered Accountants and Statutory Auditors

Tennyson House Cambridge Business Park Cambridge CB4 0WZ Date: 23 December 2025

Price Bailey LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

21 Homerton College

Consolidated statement of comprehensive income and expenditure Year to 30 June 2025

Note 2025 2024
£’000 £’000
Income
Academic fees and charges } 1 6,728 6,317
Residencies, cateringand conferences 2 7,210
Investment income 3 3,822
Other income 5 3,198 1,820
Total income before donations 20,958 19,101
Donations (4 197 211
Total income 21,155 19,312
Expenditure
Education
Residencies, cateringandconferences
Investment management costs
6
7
3
Other expenditure 8 (5,955) (3,581)
Contribution under Statute G, II (28) (26)
Change in USSpension deficit recovery
provision contributions		 -
Total expenditure 9 (23,966) (20,446)
(Deficit) before othergainsand losses (2,811) (1,134)
College’s share of loss on joint venture 13 (64) (34)
Realised gains on investments 13 6,330
Unrealised gain / (loss) on investments 13 (2,300)
Surplus/ (Deficit) fortheyear 1,155
Othercomprehensive income
Actuarial gain/(loss) in respect ofpension
schemes
21
Changes in assumptions arising on teachers’ 19 (35)
pension obligations
TotalComprehensive incomeforthe year
All items dealt with in arriving at the surplus in 2025 and 2024 forthe above two accounting years relate to
continuingoperations.

22 Homerton College

Consolidated statement of changes in reserves Year to 30 June 2025

Income and expenditure reserve Revaluation reserve

Income and expenditure reserve Revaluation reserve Income and expenditure reserve Revaluation reserve
Un-restricted
£’000
Restricted
£’000
Operational
property
£’000
Fixed asset
investment
£’000
Total
£’000
Balance at 1 July 2024
Surplus/(deficit) from income
and expenditure
Other comprehensive
income/expenditure
Transfers between
revaluation and income and
expenditure reserve
Balance at 30 June 2025		 118,884
-
53,082
46,945
218,911
(2,875)
-
-
4,030
1,155
(637)
-
-
-
(637)
7,313
-
(984)
(6,329)
-
122,685
-
52,098
44,646
219,429

Income and expenditure reserve Revaluation reserve

Income and expenditure reserve Revaluation reserve Income and expenditure reserve Revaluation reserve
Un-restricted
£’000
Restricted
£’000
Operational
property
£’000
Fixed asset
investment
£’000
Total
£’000
Balance at 1 July 2023
Surplus/(deficit) from income
and expenditure
Other comprehensive
expenditure
Transfers between revaluation
and income and expenditure
reserve
Balance at 30 June 2024		 118,118-
54,065
43,226
215,409
(1,168)
-
-
5,132
3,964
(462)
-
-
-
(462)
2,396
-
(983)
(1,413)
-
118,884
-
53,082
46,945
218,911

The transfer between the operational property revaluation reserve and the income and expenditure reserve is made to compensate the income and expenditure reserve for the additional depreciation charged on the College’s operational property as a result of its previous regulations.

The transfer between the fixed asset investment revaluation reserve and the income and expenditure reserve represents the realised investment gains during the year on a historical cost basis.

The notes on page 32 to 53 form part of these financial statements.

23 Homerton College

College

Balance sheets Year to 30 June 2025

Consolidated

==> picture [444 x 556] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Notes|2025|2024|2025|2024| |£’000|£’000|£’000|£’000| |Fixed assets||| |Intangible assets|||11|516|382|516|382| |Tangible|assets|||12|112,832|114,445|112,811|114,428| |Investments|13|139,079|136,486|139,119|136,526| |252,427|251,313|252,446|251,336| |Current|assets| |Stocks|||14|28|37|20|28| |Trade and|other|receivables|||3,125|2,827|3,663|3,358| |Cash|at|bank|and|in|hand|16|1,264|919|714|375| |||4,417|3,783|4,397|3,761| |Current liabilities||| |Creditors:|amounts|falling|due|within|||17|(4,982)|(3,709)|(4,807)|(3,534)| |one|year||| |Net current assets|||(565)|74|(410)|227| |Total|assets|less|current|liabilities|251,862|251,387|252,036|251,563| |Creditors:|amounts|falling|due|after|||18|(32,343)|(32,368)|(32,343)|(32,368)| |more|than|one|year| |Provisions|for|liabilities|and|charges|19|(90)|(108)|(90)|(108)| |Pension|scheme|asset/|(liability)|21|-|-| |Total|net|assets|219,429|218,911|219,603|219,087| ||| |The|funds|of the|group/college:||| |unrestricted|reserves| |General|reserves|excluding|pension|||122,685|118,884|122,859|119,060| |reserve||| |Pension|reserve|||-|-|-|-| |Operationalreserve|property|revaluation|||52,098|53,082|52,098|53,082| |Fixed|asset|investment|revaluation|44,646|46,945|44,646|46,945| |reserve||| |Total funds|||219,429|218,911|219,603|219,807|

----- End of picture text -----

The financial statements were approved by the Governing Body on’[.! 1eJee and were signed on behalf by: SSile = — SamanthaaSkeaping — aa Simdnx WoolPs / Bursar Principal

24 Homerton College

Consolidated statements of cash flows Year to 30 June 2025

==> picture [393 x 225] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Restated| |Notes|2025|2024| |£’000|£’000| |Net cash generated/(used)|by operating|230|(1,331)|(2,438)| |activities| |Cash|flows from|investing|activities|24|689|2,885| |Cash|flows from|financing|activities|25|(1,127)|(1,127)| |(Decrease)|/|Increase|in|cash and|cash|(1,769)|(680)| |equivalents|in|the year| |Cash|and|cash|equivalents|at|1|July|2024|3,689|4,369| ||| |Cash and cash equivalents at 30 June 2025|||26|1,920|3,689|

----- End of picture text -----

2024 restated due to movement between operating and investing activities. No change to overall figure.

25 Homerton College

Principal accounting policies 30 June 2025

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified in respect of the treatment of investments and land and buildings which are included at valuation.

The financial statements have been prepared in accordance with the provisions of the Statues of the College and of the University of Cambridge and appliance United Kingdom accounting standards. In addition, the financial statements comply with the Statement of Recommended Practice: Accounting for Further and Higher Education (the SORP).

The Statement of Comprehensive Income and Expenditure includes activity analysis in order to demonstrate that all fee income is spent for educational purposes. The analysis required by the SORP is set out in Note 9.

The College consists as a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest thousand pounds.

Going concern

The Group has net current liability of £565,000 (2024: net current assets £74,000).

The College aims to break even at operational level which means that the cash flow is usually positive by a similar level to the amount of depreciation charged to the accounts. This has historically funded ongoing capital projects. To fund larger projects such as a new graduate accommodation and the new Dining Hall, the College has participated in a private placement or made use of an RCF. Cash flow plans shared with the Investment Committee and College Council forecast a need to draw down from the investment portfolio during the 2023 to 2025 period as projects under the Estates Strategy are continued.

The members of the Council (Trustees) have accessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements.

The Trustees of the College have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the College to continue as a going concern. Furthermore, 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.

26 Homerton College

Principal accounting policies 30 June 2025

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires Members of the Council to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

In addition to the above, estimates used in the financial statements, particularly with respect to investment property valuations (see note 13), and the value of listed investments are subject to a greater degree of uncertainty and volatility.

Basis of consolidation

The consolidated financial statements consolidate the College and its subsidiaries (see note 13) for the year ended 30 June 2025. Intra-group balances are eliminated on consolidation.

Joint venture

The College’s investment in Ward Griffin LLP was accounted for as a joint venture under the equity method of accounting.

Recognition of income

Academic fees

Academic fees are recognised in the year to which they relate and include all fees chargeable to students or their sponsors.

Grant income

Grants received from non-government sources (including research grants from non-government sources) are recognised within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income and performance related conditions 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 in line with such conditions being met.

Donations and benefactions

Non-exchange transactions that do not have performance-related conditions are recognised as donations and benefactions.

Donations and endowments that are subject to specific restrictions are classified as restricted reserves, with further disclosure provided in the notes to the accounts. Restricted donations are recognised when the donor specifies that the funds must be applied to a particular purpose. Donations and endowments with no such restrictions are recognised in the Consolidated Statement of Comprehensive Income and Expenditure when the College becomes entitled to the income.

27 Homerton College

Principal accounting policies 30 June 2025

Other income

Income is received from a range of activities including residencies, catering, conferences and other services rendered.

Investment income

Investment income and change in value of investment assets is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms or other restrictions applied to the individual fund.

Foreign currency translation

Transactions denominated 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 differences are dealt with the denomination of comprehensive income and expenditure for the financial year.

Pension Schemes

USS

The College participates in the Universities Superannuation Scheme (USS), a defined benefit scheme which is contracted out of the State Second Pension (SSP). The assets of the scheme are held in a separate trusteeadministrative 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 is set.

The College is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by Section 28 of FRS 102 “Employee Benefits”, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period.

LGSS

The College also participates in the Cambridge County Council Pension Fund (CCCPF) which is a Local Government Superannuation Scheme (LGSS). The assets of the scheme are held and managed separately from those of the College. As the College is able to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis, in accordance with the requirements of Section 28 of FRS 102 “Employee Benefits”, the pension scheme asset or liability is recognised in full on the balance sheet.

The assets of the LGSS are measured using closing market values. LGSS liabilities are measured using the project unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. The increase in the present value of the liabilities of the scheme expected to arise from employee service in the period is charged to the operating surplus. The expected return on the scheme’s assets and the increase during the period in the present value of the scheme’s liabilities, arising from the passage of time, are included in pension and finance costs. Actuarial gains and losses are recognised in ‘other comprehensive income’ in the statement of comprehensive income and expenditure.

The present value of the Local Government Superannuation Scheme defined benefit asset/ liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Furthermore, 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 valuing the pensions asset at £nil 30 June 2025 (2024: asset £nil). Any differences between the figures derived from the roll forward approach anda full actuarial valuation would impact on the carrying amount of the pension asset.

28 Homerton College

Principal accounting policies 30 June 2025

Employment benefits

Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the College. Any material unused benefits are accrued and measured as the additional amount the College expects to pay as a result of the unused entitlement.

Intangible fixed assets

Intangible assets comprise IT software and a purchased licence to occupy premises capitalised at cost and amortised through the statement of financial activities over their expected useful life as follows:

License to occupy Over the length of the license IT software Over a period of 7 years

Tangible fixed assets

Land and buildings

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

New freehold buildings are depreciated on a straight-line basis over their expected useful economic life of 50 years. Freehold buildings held at 1 July 2014 were previously held at a valuation. As permitted by FRS 102, with effect from 1 July 2014 the College elected to deem the valuation of these properties as cost. The value has been calculated by a previous valuation being updated to 1 July 2014 by the Governing Body. The remaining useful economic lives of these buildings from the date the values were deemed to be cost is 40 years. Consequently, these buildings are now depreciated over a 40 year period.

Freehold land is not depreciated as it is considered to have an indefinite useful life. A review for impairment is carried out if events or changes in circumstances indicate that the carrying value of the fixed asset may not be recoverable.

Buildings under construction are valued at cost, based on the value of architects’ certificates and other direct costs incurred to 30 June 2025. They are not depreciated until they are brought into use.

Furniture, fittings and equipment

Furniture, fittings and equipment costing more than £5,000 per individual item or if the aggregate value of related items exceed £100,000 are capitalised and depreciated over their expected useful life as follows:

Furniture and fittings Computers and general equipment Guaranteed Products 25 Years

10% per annum 20% per annum 4% per annum

29 Homerton College

Principal accounting policies 30 June 2025

Investments

Fixed asset investments are included in the balance sheet at fair value, except for investments in subsidiary undertakings, which are stated in the College’s balance sheet at historical cost less any provision for impairment.

Increases in value arising on the revaluation of fixed asset investments are taken to a fixed asset investment revaluation reserve via the statement of comprehensive income and expenditure. Surplus or losses on sale of investments are taken to the statement of comprehensive income and expenditure.

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 realisable value, after any necessary provision for slow-moving and obsolete items.

Creditors and provisions

Creditors and provisions are recognized, when there is an obligation at the balance sheet date as a result ofa past event, it is probable that a transfer of economic benefit will 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 taken to the statement of comprehensive income and expenditure.

Deferred rental income is released to the statement of comprehensive income and expenditure 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.

Contingent liabilities

A contingent liability arises from a past event that gives the College a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events, not wholly within the control of the College. Contingent liabilities 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 reliably.

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 constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

30 Homerton College

Principal accounting policies 30 June 2025

Taxation

The College is a registered charity (number 1137497) and is a charity within the meaning of Section 506(1) of the Taxes Act 1988. Accordingly, the College is exempt from taxation in respect of income or capital gains received within the categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

The College receives no similar exemption in respect of Value Added Tax.

Contribution under Statue G, II

The College is liable to be accessed for a Contribution under the provisions of Statue G, II 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 liability for the period is as advised to the College by the University based on an assessable amount deprived from the value of the College’s assets as at the end of the previous financial year and an estimate of its conference income for the current year.

Reserves

Reserves are allocated between restricted and unrestricted reserves. Endowment reserves include balances which, in respect of endowment to the College, are held as permanent funds, which the College must hold in perpetuity.

Restricted reserves include balances in respect of which the donor has designated a specific purpose and therefore the College is restricted in the use of these funds.

31 Homerton College

Notes to the financial statements Year to 30 June 2025

1 Academic fees and charges income

2025 2024
£’000 £’000
College fees
Fee income paid on behalf of Undergraduates at the 2,188 2,136
Publicly Funded Undergraduate rate
Per capita fee: £4,625 (2023-24: £4,625)
Privately-funded Undergraduate fee income 1,362 1,395
Per capita fee:£11,300 (2023-24: £10,775)
Fee
income
received		 at the Graduate fee rate 2,745
(including PGCEs)
Per capita fee: £5,416 (2023-24: £5,123)
Income from Cambridge Bursary Scheme
433
448
——s
2 Residences, catering and conferences income
2025 2024
£’000 £’000
Accommodation
Collegemembers
Conferences
Catering
College members
Conferences
Colophon conferences
Accommodation
Catering
International programme		 342
285
203
College bar 83
7,210 7,191
3 Investments
2025 2024
£’000 £’000
Analysis ofincome
Landandbuildings
Quoted securities
Cash deposits
3,822
2025 2024
£’000 £’000
Analysis ofexpenditure
Fees 468 635
468

32 Homerton College

Notes to the financial statements Year to 30 June 2025

4 Donations

2025 2024
£’000 £’000
Unrestricted
Unrestricted		 donations
legacies
197 211

5

Other Income

2025 2024
£’000 £’000
Servicing and recharges to the University ofCambridge 672 612
Other income: .
Homerton International Programme 469 343
May Ball 149 158
Miscellaneous 212 187
Other trading income (Colokate LLP, Colophon Ltd) 35 178
Other finance income:
Change in USS pension deficit recovery provision - (1,118)
Interest on pension scheme assets (note 21) 1,661 1,460
3,198 1,820

6

7

Education Expenditure
2025 2024
£’000 £’000
Teaching 4,157 3,776
Tutorial 1,778 1,733
Admissions 1,249 1,232
Research 392 420
Scholarships and bursaries awards 912 872
Other educational facilities 788 848
9,276
Residences, catering and conferences expenditure
2025 2024
£’000 £’000
Accommodation
Collegemembers 4,416
Conferences 223 264
Catering
Collegemembers
Conferences		 2,623
148
Colophon conferences
Accommodation 440 891
Catering 147 205
International programme 140 137
College bar 102 98
8,239

33 Homerton College

Notes to the financial statements Year to 30 June 2025

8 Other Expenditure

2025 2024
£’000 £’000
College administration
Pay expenditure:
Directorate 17 18
Administrative staff 339 320
Change in USS pension deficit recovery provision -
356 (780)
Non-pay expenditure:
Building repairs and maintenance 51 57
Utility Costs 98 149
Rates 40 29
Depreciation: buildings 380 332
Deprecation: furniture and equipment 90 41
Debenture interest payable 1,127 1,127
Other trading costs (Colokate LLP, Colophon Ltd) 154 152
Other expenses:
Homerton international Programme 385 358
Legal costs 1,103 266
Estates Costs 88 130
Disposal — Capital Project 769 -
Miscellaneous expenses 267 208
Other pension scheme finance costs (Note 21) 1,047 394
5,955 2,463

9

Analysis of expenditure by activity

Staff costs Other Depreciation Total
(note 10) operating and £’000
£’000 expenses amortisation
2025 £’000 £’000
Education (note 6)
Residencies, catering and
5,142 3,662
conferences (note 7)
Investmentmanagementcosts
3,354
=		 2,680
468
Other (note 8) 356 5,129 470
Contribution under Statue G, II - 28 - 28
8,852 11,967 3,147
Staffcosts Other Depreciation Total
(note 10) operating and £’000
£000 expenses amortisation
2024 £’000 £’000
Education(note6)
Residencies, catering and		 4,456 3,978 447
conferences (note 7) 3,215 3,074 2,152
Investmentmanagementcosts
Other(note 8)		 -
(780)		 635
2,870		 -
373
Contribution underStatue G, II - 26 -
6,891 10,583 2,972

34 Homerton College

Notes to the financial statements Year to 30 June 2025

9 Analysis of expenditure by activity (continued)

==> picture [342 x 73] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |Auditor’s|remuneration|£’000|£’000| |Other|operating|expenses|include:| |Audit|fees|payable|to|the|College’s|external|auditor|37|36| |Other|fees|payable|to|the|College’s|external|auditor|5|4| |42|40|

----- End of picture text -----

10

Staff costs

==> picture [348 x 240] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |College|Fellows|&|other|Non-|Total| |academics|academics|2025| |£’000|£000|£’000| |Salaries|3,028|4,156|7,184| |National|Insurance|276|401|677| |Pensions|326|665|991| |2025|Total|Costs|3,630|5,222|8,852| |College|Fellows &|Non-|Total| |other academics|academics|2024| |£’000|£’000|£’000| |Salaries|2,521|3,960|6,481| |National|Insurance|236|344|580| |Pension|costs|(767)|597|(170)| |2024|Total costs|1,990|4,901|6,891|

----- End of picture text -----

Based on the 2024 valuation of the Universities Superannuation Scheme (USS), the impact of the net change in the USS deficit recovery provision removed the liability which was credited in 2024 accounts (2024: Credit £1,118k).

At the balance Sheet date there were 78 (2024: 73) members of the Governing Body. During the year, the average number receiving remuneration was the 51 (2024: 46) shown below.

==> picture [363 x 87] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|staff number|2024|staff|number| |Number|of|Full-time|© Number|of|Full-time| |fellows|equivalent|fellows|equivalents| |Academic|51|-|46|s| |Non-academic|-|107|-|105| |51|107|46|105|

----- End of picture text -----

35 Homerton College

11

Notes to the financial statements Year to 30 June 2025

10 Staff Costs (continued)

The number of officers and employees of the College, including Head of House, who received remuneration in the following ranges was:

2025 2024
£’000_ =£’000 £’000
£100,001 -£110,000 £110,000 1
£110,001 - £120,000 = 7
£120,001 -£130,000 £130,000 -
£130,001 -£140,000 £140,000 -
£140,001 - £150,000
1
2

Remuneration includes salary, employer's national insurance contributions, employers pension contributions plus any taxable benefits either paid, payable or provided, gross of any salary sacrifice arrangements.

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College and are deemed to comprise the senior officers listed on page 2.

Aggregated emoluments (consisting of salary and taxable benefits, but excluding any employer’s pension contribution) were as follows:

2025 2024
£’000__£’000
Key Management Personnel 766 697
766 697
Intangible fixed assets
Boathouse Computer
license software Total
Consolidated and College £’000 £000 _—£000
Cost /valuation
At beginning ofyear 330 251 581
Additions at cost - 220 220
Disposals at cost - (212) (212)
At end ofyear 330 259 589
Amortization
At beginning ofyear 16 183 199
Charge for the year 4 67 71
Disposals inyear - (197) (197)
At end ofyear 20 53 73
Carrying amount
At 30 June 2025 310 206 516
At 30June 2024
314
68
382
a
PE

36 Homerton College

Notes to the financial statements Year to 30 June 2025

12

Tangible fixed assets

12

College Assets under — Furniture,
buildings and construction _ fittings and
site £’000 equipment Total
Consolidated £’000 £’000 £’000
Cost
At beginning ofyear 131,060 769 6,628 138,457
Additions at cost - - 2,236 2,236
Transfers 6 P : .
Disposals . (769) (16) (785)
At end ofyear 131,060 - 8,848 139,908
Depreciation
At beginning ofyear		 19,947 - 4,065 24,012
Charge fortheyear 2,477 - 603 3,080
Disposals 2 (16) (16)
At end ofyear 22,424 - 4,652 27,076
Net book value
At 30June 2025 108,636 - 4,196 112,832
At 1 July 2024 111,113 769 2,563 114,445
Tangible fixed assets
College Assets under — Furniture,
buildings and construction fittings and
site £'000 equipment Total
College £000 £000 £000
Cost
At beginning ofyear 131,060 769 6,526 138,355
Additions at cost - - 2,230 2,230
Transfers - - - -
Disposals = (769) (769)
At end ofyear 131,060 - 8,756 139,816
Depreciation
At beginning ofyear 19,947 - 3,980 23,927
Charge forthe year 2,477 601 3,078
Disposals F - -
At end ofyear 22,424 - 4,581 27,005
Net book value
At30June 2025 108,636 - 4,175 112,811
At1July2024 111,113 769 2,546 114,428

Additions include the costs for West House fourth floor refurbishment to furniture, fixtures and equipment, roofing replacements and other capital costs. The main disposal is for the New Entrance building, for which planning expired in May 2025 and the decision was taken not to proceed.

37 Homerton College

13

Notes to the financial statements Year to 30 June 2025

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 1 July 2014 are 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 1 July 2014. With effect from 1 July 2014 the values assigned to these properties are now deemed their cost.

Land was valued at 1 July 2014 at £14.9m and buildings were valued at £64.8m, giving an overall value of £79.7m. The buildings are being depreciated from 1 July 2014 over 40 years. The original professional valuation was prepared adopting the following bases:

Land and buildings purchased on or after 1 July 2014 are included in the financial statements at cost, less accumulated depreciation over 50 years. Other tangible fixed assets are stated at cost.

Included within College buildings and site is freehold land as at 30 June 2025 of £22.9m (2024: £22.9m). The insured value of freehold buildings as at 30 June 2025 was £175.2m (2024: £170.0m) including limited cover for irrecoverable VAT and the costs of related professional fees. The insurers are going to revalue the whole site for insurance purposes within the next year.

Investments
Consolidated invastiyjentt
a)0
£°00		 Homerton
Business
Centre
£’000		 Quoted
securities
£’000		 Other
invest-
ments
£’000		 Total
2025
£’000
eee
At beginning ofyear 6,400 38,675 85,465 5,946 136,486
Additions
Disposals		 —
_		 =
_		 21,692
(21,048)		 33
—		 21,725
(21,048)
Gains/(Loss) (5,400) 9,430 oo 4,030
Change in cash balances and
deposits held atfund _ - (2,114) _ (2,114)
managers
Atend ofyear 6,400 33,275 93,425 5,979 139,079
eee”

38 Homerton College

Notes to the financial statements Year to 30 June 2025

13 Investments (continued)

Investments (continued)
College mess
e’
000		 Homerton
Business
Centre
£’000		 Quoted
securities
£'000		 Other
invest-
ments
£’000		 Total
2025
£'000
At beginning ofyear 6,400 38,675 85,465 5,986 136,526
Additions _ _ 21,692 33 21,725
Disposals _ - (21,048) — (21,048)
Gains/ (Loss) — (5,400) 9,430 _ 4,030
Change in cash balances and
deposits held atfund - - (2,114) — (2,114)
Atend ofyear 6,400 33,275 93,425 6,019 139,119
The market value ofinvestmentswas represented by:
Consolidated College
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Investment land 6,400 6,400 6,400 6,400
Homerton Gardens 33,275 38,675 33,275 38,675
Quoted securities— equities 81,197 77,373 81,197 77,373
Fixed interest securities 11/572 5,322 11,572 5,322
Cash held for reinvestment 656 2,770 656 2,770
Other investments 5,979 5,946 6,019 5,986
139,079 136,486 139,119 136,526

The College’s quoted securities period end market valuations are provided by the College’s investment managers, Rothschild Wealth Management and UBS AG.

The investment land was revalued by Bidwell at £6.4m on 30 June 2025 (2024: £6.4m). The valuation is undertaken on the basis of open market value taking account of the College’s estates strategy for the future use of this land.

The value of Homerton Gardens at £33.27m (2024: £38.67m) reflects the revaluation by Bidwell at 30 June 2025. This has been valued based on the rental yield to be achieved under the Scheme.

39 Homerton College

Notes to the financial statements Year to 30 June 2025

13 Investments (continued)

Other investments comprise:

Investments in
Investment
Other
Total
subsidiary
injoint
investments
undertakings
venture
,
£’000
£'000
£’000
£’000
eee
At beginningofyear
Investment in Ward Griffin LLP
At end ofyear		 580
5,396
10
5,986
=
33
:
33
a
.
580
5,429
10
6,019
—

Investments in subsidiaries and joint venture undertakings comprise:

Name Country Class of % Activity
shares
Colophon limited Englandand
Wales		 Ordinary 100
Colokate LLP England and See below Seebelow Property management
Wales
Ward Griffin LLP England and See below Seebelow Property management
Wales

Colokate LLP is a limited liability partnership and hence has no share capital.

The income and expenditure for Colophon Ltd for the year ended 30 June 2025 included in the consolidated financial statements is as follows:

2025 2024
£’000 £’000
CCS
Turnover 860 1,320
Other interest receivableand similar income 9 19
Costs/Administrativeexpenses (881) (1,337)
(12)
2
Se
CteA
ae
From 25 March 2019, the members ofColokate 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:

2025 2024
£’000
£000
dd
i
ae
Turnover 21 24
Costs /Administrative expenses (22) (61)
(1) (37)

40 Homerton College

Notes to the financial statements Year to 30 June 2025

14

13 Investments (continued)

Ward Griffin LLP is a limited liability partnership and hence has no share capital. The members comprise Homerton College and St. Mary’s School.

Each member appoints two appointed representatives to the Management Board. Certain key decisions require the consent of both partners, so the LLP has been accounted for as a joint venture. The College’s share of Ward Griffin LLP included in these financial statements is as follows:

is as follows:
2025
£’000
Turnover 14
Costs /Administrative expenses (78)
(64)

Stocks

Consolidated College
2025 2024 2025 2024
£’000 £’000 £’000 £’000
Goods for resale 28 37 20 28
28 37 20 28

15

Trade and other receivables

Consolidated College
2025 2024 2025 2025
£’000 £’000 £’000 £’000
Trade debtors 1,118 956 1,031 833
Amounts due from subsidiary undertakings - - 766 846
Prepayments and accrued income 2.007 1,871 1,866 1,679
3,125 2,827 3,663 3,358

41 Homerton College

Notes to the financial statements Year to 30 June 2025

16 Cash

rae rae ee ee ee
Consolidated College
2025 2024 2025 2024
£’000 £’000 £’000 £’000
et
Cash at bank 1,263 918 713 374
Cash in hand 1 1 1 1
a 1,264 919
a		 714 375
Creditors: amounts fallingdue within one year
eee
Consolidated College
2025 2024 2025 2024
£’000 £’000 £’000 £’000
$e
Trade creditors 876 860 827 802
Other taxation and social security 197 219 197 219
—_—toColleges’ Fund(Statute G, 54 26 54 26
Other creditorsand accruals 3,534 2,262 3,497 2,222
Deferred rental income (note 18) 32 32 32 32
Other deferred income 289 310 200 233
4,982
3.709
4,807
3,534
ete

==> picture [276 x 13] intentionally omitted <==

----- Start of picture text -----
17 Creditors: amounts falling due within one year
----- End of picture text -----

18

Creditors: amounts falling due after one year

Creditors: amounts falling duedue after oneone year
2025 2024
Consolidated and College £’000 £’000
eee
Debentures 29,888 29,881
Deferred rental income 2,455 2,487
32,343 32,368

During 2013-2014 the College participated in a bond issue jointly with a number of other Cambridge colleges which raised £10m (before deduction of fees) of long-term unsecured funding. In August 2015 the College participated in its own bond issue which raised £20m of long-term unsecured funding. The debentures are wholly repayable at the end of their respective terms and are structured as follows:

42 Homerton College

Notes to the financial statements Year to 30 June 2025

19

Creditors: amounts falling due after one year (continued)

Debentures
Term
Interest
rate (fixed)		 Amount
£’000
Tranche 1a – CCF (October 2013)
30 years
4.40%
Tranche 1b – CCF (October 2013)
40 years
4.40%
Tranche 2 – CCF (January 2014)
30 years
4.45%
Private Placement – Hermit/Prudential
(August 2015)
25 Years
3.38%
Fees deducted		 3,211
2,569
4,220
20,000
(112)
29,888

Deferred rental income represents the deferral of monies received from the University of Cambridge Education Faculty for the grant of a 99-year lease in 2005 over their new building that has been constructed on the College site. The receipt is being released to the statement of comprehensive income and expenditure in equal annual instalments over the lease term.

Provisions for liabilities and charges

Provisions for liabilities and charges
Consolidated and College 2025
£’000
2024
£’000
At beginning of year
Benefits paid
Charge to income and expenditure account
Changes in actuarial assumptions
At end of year		 108
129
(40)
(38)
(13)
(15)
35
32
90
108

The provision related to the College’s liability to enhance the pensions of teaching staff who retired early.

20 Contingent liabilities

There are £nil contingent liabilities as at 30 June 2025 (2024: £nil).

43 Homerton College

Notes to the financial statements Year to 30 June 2025

21

College pension schemes

College pension schemes
2025 2024
Consolidated and College
£’000
£’000
a
Surplus under Cambridgeshire Local Government Superannuation
Scheme (LGSS) . :
Liability for deficit reduction payment under USS b/fwd (1,118)
USSChange in assumptions, including discount rate - 1,071
USS Cash contributions to reduce the deficit in year - 47
Deficit atend ofyear
_—
-——
ee

The College participates in two pension schemes, the Universities Superannuation Scheme (USS) and Cambridgeshire Local Government Superannuation Scheme (LGSS). Both schemes are defined benefit schemes that are externally funded. The assets of the schemes are held in separate trustee-administered funds. The College is unable to identify its share of the underlying assets and liabilities in respect of the USS scheme on a consistent and reasonable basis and therefore, as required by FRS 102, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period.

LGSS has been able to apportion a percentage of its funds, assets and liabilities relating to the College and therefore the scheme has been treated as a defined benefit scheme in the financial statements. The disclosure requirements of FRS 102 in relation to these schemes are shown below.

The College is required to contribute a specified percentage of payroll costs to the pension schemes to fund the benefits payable to the company’s employees. In 2025, the percentage was USS: 14.5% (2024: 14.5%) and LGSS: 17.9% April 2025 (April 2024: 17.9%).

The LGSS scheme has a surplus and a minimum funding requirements exists, therefore a pension asset ceiling has been calculated by the actuaries as follows:

2025
2024
Consolidated and College
£000
£’000
8
Surplus underCambridgeshire County Pension Fund
14,964
12,124
Restriction to Pension Asset Ceiling
(14,964)
(12,124)
Surplus at end ofyear after asset ceiling
-
-
$$ eee

44 Homerton College

Notes to the financial statements Year to 30 June 2025

21 College pension schemes (continued)

The total pension cost for the College and its subsidiaries for the year included in staff costs for the year (see note 10) was:

==> picture [388 x 123] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Employer|Employer| |Contributions|Provisions|Total|Contributions|Provisions|Total| |2025|2025|2025|2024|2024|2024| |£000|£000|£000|£000|£000|£000| |USS|229|-|229|279|(1,240)|(961)| |LGSS|743|19|762|709|82|791| |972|19|991|988|(1,158)|(170)|

----- End of picture text -----

The latest valuations of the scheme’s assets and liabilities for which results are available:

==> picture [398 x 78] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |USS|LGSS| |Date|of valuation|31|March|2023|31|March|2022| |Market|valuation|of assets|£73,100m|£4,305m| |Past|service|liabilities|£65,700m|£3,446m| |Surplus|of assets|£|7,400m|£|860m|

----- End of picture text -----

USS

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account.

As at the 30 June 2025, the latest available complete actuarial valuation of the Retirement Income Builder was at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopta 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 £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

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-andfunding/statement-of-funding-principles.

45 Homerton College

Notes to the financial statements Year to 30 June 2025

21 College pension schemes (continued)

USS (continued)

Price Inflation—Consumer Prices
Index (CPI)		 Price Inflation—Consumer Prices
Index (CPI)		 3.0% p.a. (basedon a long-term averageexpected
levelofCPI, broadlyconsistent with long-term
market expectations)
RPI/CPIgap 1.0% p.a. to2030, reducing to0.1% p.a.from 2030
Pension increases (subjectto a floor Benefitswith no cap:
of0%) CPI assumption plus3bps
Benefits subject to a “soft cap” of5% (providing
inflationary increases up to 5%, and halfofany
excess inflation over5% up to
a maximum of10%)		 :
CPI assumption minus 3bps
Discount rate (forward rates) Fixed interest gilt yield curve plus:
Pre-retirement
: 2.5% p.a.
Post-retirement: 0.9% p.a.
Themain demographicassumption used relatesto the mortalityassumptions. These
assumptions have been updated forthe 31 March 2024 accounting position, basedon updated
analysisoftheScheme’s experience carried out as part of the 2023 actuarial valuation. The		 updated
mortality assumptions used in these figures are as follows:
Mortality basetable 101% ofS2PMA “light” for malesand95%ofS3PFA forfemales
Future improvements to
mortality		 CMI 2021 with a smoothing parameter of7.5, an additional of
0.4% p.a., 10% w2020andw2021 parameters, and a longterm
improvement rate of 1.8% pa for males and 1.6% pa forfemales
The current life expectancieson retirement atage 65 are:
=
ENT Seepmpeneererror
Males currently aged 65 (years)		 2025
2024
23.8
23.7
Females currentlyaged 65 (years) 25.5
25.6
Males currentlyaged 45 (years) 25.7
25.4
Females currently aged45 (years) 27.2
27.2
ee
ee
ae
2025
2024
AS20024
Existing benefits
Scheme assets £73.0bn
£74.8bn
FRS 102 liabilities £62.9bn
£65.6bn
FRS 102 surplus/(deficit) £10.1bn
£9.2bn
FRS 102 funding level 116%
114%
a

The main demographic assumption used relates to the mortality assumptions. These assumptions have been updated for the 31 March 2024 accounting position, 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:

Cambridgeshire Local Government Superannuation Scheme (LGSS) The LGSS is a defined benefit scheme based since 2014 on career average revalued earnings (CARE), there is ongoing liability to the original final salary scheme.

Liabilities are valued on an actuarial basis using the projected unit method which accesses the future liabilities discounted to their present value.

46 Homerton College

Notes to the financial statements Year to 30 June 2025

21 College pension schemes (continued)

Cambridgeshire Local Government Superannuation Scheme (LGSS) (continued)

The movement in the net surplus/(deficit) in the scheme was as follows:

==> picture [403 x 138] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |Consolidated and|College|£’000|£’000| |(Deficit)|surplus|at|beginning|of year|-|430| |Current|service|cost|(758)|(791)| |Interest|on|assets|1,661|1,460| |Contributions|by|employer|752|709| |Other|finance|cost|(1,665)|(1,441)| |Restriction|to|pension|asset|ceiling|(2,141)|(2,874)| |Actuarial|Gains|2.151|2,507| |(Deficit)/surplus|at|end|of year|-|-|

----- End of picture text -----

The main assumptions used for the purposes of FRS 102 are as follows:

==> picture [400 x 58] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Discount|rate|5.70%|5.15%| |Rate|of|increase|of salaries|3.25%|3.25%| |Rate|of|increase|of|pension|in|payment|2.75%|2.75%|

----- End of picture text -----

Assets are valued at a fair price, principally market value for investments, and comprise:

==> picture [396 x 93] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£’000|£’000| |Equities|19,695|19,585| |Bonds|8,149|7,063| |Property|5,433|4,816| |Other|679|642| |33,956|32,106|

----- End of picture text -----

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations in years on retirement age 65 are:

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----- Start of picture text -----
|||||| |---|---|---|---|---| |30|June|30|June|2024| |2025| |Current|pensioners| |Males|21.8|21.8| |Females|24.1|24.1| |Future|pensioners| |Males|22.2|22.3| |Females|25.7|25.8|

----- End of picture text -----

47 Homerton College

Notes to the financial statements Year to 30 June 2025

21 College pension schemes (continued)

Cambridgeshire Local Government Superannuation Scheme (LGSS) (continued)

30 June 30 June 30 June 30 June
2025 2024 2023 2022
£’000 £’000 £’000
£’000
Present value of funded obligations (18,992) (19,982) (19,288)
(19,661)
Restriction to pension ceiling asset (14,964) (12,124) (8,801) (4,322)
Fair value of plan assets 33,956 32,106 28,519 25,718
- - 430 1,735
Present value of unfunded obligations _ _ _ _
Net (liabilities) assets recorded in the
balance sheet - - 430 1,735
Experience (loss) gain on assets (149) 1,888 (21) (727)
Experience loss (gain) on liabilities 2,306 (619) (3,223) (11,536)
Amounts charged to income and expenditure account 2025
£’000		 2024
£’000
Current service cost 758 791
Interest on obligation 1,665 1,460
Interest on assets (1,661) (1,441)
762 810
Analysis of amounts recognized in other comprehensive income 2025 2024
£’000 £’000
Return on assets excluding amounts included in net interest (149) 1,888
Changes in financial assumption 2,306 619
Total actuarial gain recognized 2,157 2,507
Changes in the present value of the defined benefit obligation: 2025 2024
£’000 £’000
Opening defined benefit obligation 19,982 19,288
Current service cost 758 791
Interest cost 1,037 992
Contributions by members 268 243
Changes in financial assumption (2,306) (619)
Benefits paid (682) (713)
Closingdefined benefit obligation 19,057 19,982

48 Homerton College

Notes to the financial statements Year to 30 June 2025

22

21 College pension schemes (continued)

Cambridgeshire Local Government Superannuation Scheme (LGSS) (continued)

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----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Changes|in the|fair value|of plan|assets:|2025|2024| |£’000|£000| |Opening|fair|value|of|plan|assets|32,106|28,519| |Net|interest|1,661|1,460| |Contributions|by|members|and|other|bodies|268|243| |Contributions|by|employer|743|700| |Return|on|assets|excluding|amounts|included|in|net|interest|(149)|1,888| |Benefits|Paid|(673)|(704)| |Closing|fair value|of plan|assets|33,956|32,106|

----- End of picture text -----

The College expects to contribute £795,000 to its defined benefit pension scheme in the year ending 30 June 2026 (2025: £728,000).

The management bases required by FRS 102 are likely to give rise to significant fluctuations in the reported amounts of the defined benefit pension scheme assets and liabilities from year to year; and do not necessarily give rise to a change in the contributions payable into the scheme, which are recommended by independent actuaries based on the expected long-term rate of return on the schemes assets.

Related party transactions

Owing to the nature of the College’s operations, and the composition of the Governing Body, it is inevitable that transactions will take place with organisations, in which a Governing Body member may have an interest. All transactions involving organisations, in which a member of the Governing Body may have an interest, are conducted at arm’s length, and in accordance with the College’s normal procedures.

The College maintains a register of interests for all College Council members and where any member of the College Council has a material interest in a College matter, they are required to declare that fact.

During the year, no fees or expenses were paid to Fellows in respect of their duties as Trustees.

Fellows are remunerated for teaching, research, and other duties within the College. Fellows are billed for any private catering. The Trustees remuneration is overseen by the Fellows Remuneration Committee.

49 Homerton College

Notes to the financial statements Year to 30 June 2025

22 Related party transactions (continued)

The salaries paid to Trustees in the year are summarised in the table below:

Salary 2025 2024
Number
Number
i
ET
£nil 1 1
£1- £10,000 4 4
£10,001 - £20,000 1 1
£20,001 - £30,000 0 1
£30,001 - £40,000 0 0
£40,001 - £50,000 2 3
£50,001 - £60,000 3 2
£60,001 - £70,000 1 1
£70,001 - £80,000 3 2
£80,001 - £90,000 1 1
£90,001 - £100,000 0 1
£100,001 - £110,000 1 0
£110,001 -£120,000
0
1
FN
hd
Total
17
18
a

The total Trustee salaries were £776,522 for the year (2024: £805,241).

The Trustees were also paid other taxable benefits (including associated employer National Insurance contributions and employer contributions to pensions) total £201,072 for the year (2024: £230,574).

The College has two trading and subsidiary undertakings, which are consolidated into these accounts. All subsidiary undertakings are 100% owned by the College and are registered and operating in England and Wales.

The College has taken advantage of the exemption within section 33 of FRS 102 not to disclose transactions with wholly owned group companies that are related parties.

There are 31 Colleges, each of which 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 for arranging support services 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 2025 these fees total £15.3m (2024: £14.6m). During the year, the University paid the College, from these fees, sums totalling £4.7m (2024: £4.3m) 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. During the year, the College contributed under Statute Gll of £28,000 (2024: £26,000) into the Colleges Fund.

50 Homerton College

Notes to the financial statements Year to 30 June 2025

23

24

22 Related party transactions (continued)

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 a Cambridge Bursary Scheme to support undergraduates financially; the University of Cambridge contributed £359,000 to this scheme (2024: £362,000). During the course of its charitable activities, College also pays the University of Cambridge for printing, network and other services. In addition, Homerton College periodically provides conference-related services including accommodation, catering and other services to the organisations and departments belonging to the University of Cambridge on standard third-party terms.

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----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Reconciliation|of consolidated|operating|surplus to|net|cash|flow|(outflow)|inflow from| |operating|activities|Restated| |2025|2024| |£’000|£’000| |(Deficit)|surplus|on|continuing|operations|(2,811)|(1,134)| |Depreciation|of tangible|fixed|assets|(note|12)|3,080|2,936| |Amortization|of|intangible|fixed|assets|67|38| |Interest|payable|1,127|1,127| |Investment|income|(3,822)|(3,773)| |Pension|costs|less|contributions|payable|151|168| |Decrease|(increase)|in|stocks|9|(6)| |Decrease|(Increase)|in|debtors|(298)|(915)| |(Decrease)|increase|in|creditors|due|within|one|year|1,273|(798)| |Decrease|in|creditors|due|in|more|than|one year|(25)|(26)| |Decrease|in|provisions|(18)|(21)| |Operating|loss|on|joint|venture|(64)|(34)| |Net cash|(outflow)|inflow from|operating|activities|(1,331)|(2,438)|

----- End of picture text -----

operating activities

Cash flows from investing activities

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Cash|flows|from|investing|activities|Restated| |2025|2024| |£’000|£’000| |Investment|income|received|3,707|3,648| |Bank|interest|received|115|125| |Purchase|of tangible|fixed|assets|(2,236)|(769)| |Purchase|of intangible|fixed|assets|(220)|-| |Purchase|of investments|(21,726)|(10,242)| |Proceeds|of disposal|of investments|14,719|8,737| |Profit/(loss)|on|disposal|of Investments|6,330|1,386| |Total|cash|flows|from|investing|activities|689|2,885|

----- End of picture text -----

The cashflows have been restated for 2024 due to movement of profit/(loss) on disposals being now shown in investing activities.

51 Homerton College

Notes to the financial statements Year to 30 June 2025

25 Cash flows from financing activities

25 Cash flows fromfrom financing activities
2025 2024
£’000
£’000
nn
Interest paid (1,127) (1,127)
Net Loan Borrowing/ (Repayment) - -
Total cash flows from financing activities
(1,127)
(1,127)
NE
26 Consolidated reconsolidation and analysis of netdebt
Other
At 1 July Cash non-cash At 30June
Consolidated
I		 bse flows
£’000		 changes
£’000		 2025
£’000
Cash and cash equivalents
Cash at bank and in hand 919 345 - 1,264
Cash held with fund managers (note 13) 2,770 (2,114) - 656
3,689 (1,769) - 1,920
Borrowings—amounts falling due after
more than one year
Debentures (note 18) (29,881) - (7) (29,888)
Lloyds revolving credit facility (note 18) - - - -
(29,881) - (7) (29,888)
(26,192)
(1,769)
(7)
(27,968)
I
td RercieetA
A LdSn 7A
C207-41)
27 Financial statements
2025 2024
£’000 £’000
nn
Financial assets
Financialassets atfairvalue throughStatement ofComprehensive
income
. Listed equity investments 81,197 77,373
. Fixed interest securities 11,572 5,332
Financialassets that are equity instruments measuredat costless less
impairment
. Other equity investments 5,979 5,946
Financialassets thatare debtinstruments measuredatamortizedcost
. Cash and cash equivalents 1,264 919
. Trade debtors 1,118 956
Financial liabilities
Financial liabilitiesmeasured atamortized cost
. Debentures (29,888) (29,881)
. Revolving credit facility
. Trade creditors (876) (860)
es

52 Homerton College

Notes to the financial statements Year to 30 June 2025

28 Capital commitments

Land and buildings
Land and buildings
2025
2024
£’000
£’000
i
CE
Authorized and contracted for
1,106
1,640
Authorized but notyet contracted for
476
804
eee

53 Homerton College