Hertford College
Annual Report and Financial Statements
Year ended 31st July 2022

Hertford College
Annual Report and Financial Slatements for the ended 31st July 2022
CONTENTS
Governing Body. Officers aThJ Advisers
Report of the Governing PAXJY
Audib)r s RetK
Statement of Aco)unting Polic4es
Consolidated Ststsment ol Financk?l Actiwties
Consolidated and colle￿ Balance Sheets
Ccrftsolidated Statement of Cash Fkjws
Notes to the Financial Statements
14
17
23
27

Hertford College
Governlng Body, Officers and Advlsers
Year ended 31st July 2022
MEMBERS OFTHE GOVERNING BODY
The Members of the Goveming B(xly are the Col￿'S chaiity twstees under charity law. The members
of the Governing Body served in office as trustees during the year are detsiled below.
Governing Body Fellow
Colleg& Iyllce
{1)
121
{31
(4)
15)
Professor E B81dwin
Professor H Bayley
Professor R N E Barton
Professor C D Brewer
Pn)fessor E Chalzis
Mr J K Clark
Bursar
Prof8ssor Z F Cui
Professor F Duarte
Tutor for Equality & Diversity
Dr D Dwan
Mr T Fletcher
Principal
TutOT for G￿lUate$
Professor B M Fr&lleswg
A Galanis
Dr K Gr8asley
Professor D Greaves
Professor D M Hopknn
Dr J Kaer
Dean of D￿ree5
Professor D TrQelak
Professor A G Lauder
Professor P LKJoxygakl$
LkJ L￿rner
Dr K Lunn-R(K*lrffe
Prevent Lead
Professor l McBride
Professor M Maiden
Dr L Malafouris
ProfessorA Mikes
Professor P J R Millican
DrA Nair
DrSJNew
Dr O J Noble W¢J)Y
Dean and SCR Stevrard
Professor S Parameswaran
Professor P F Roche
Invesbnent Bursar

Hertford Collego
Goveming Body, Officers and Advlsers
Y•ar ended 31stJuly 2022
Governlng Body Fellow
Colkge Office
11)
(21
{3)
141
(5)
Dr F Romei
Dr L Slater
Ctrc Sloan
Porter Felb
Professor E Smrth
Fell(M Litnrian
Dr L Sp8ight
Professor G Stsmberg
Professor D Thomas
Professor C VallarK
Seni(x Tutor
Dr C Veliz
Inderendent p￿vent ￿n[lor
Dr Vyazovskry
Professor T Wilson
Dean of Degrees
SenK)r Felknw
Professor M Wooldridge
Profe5sorA C S Woollard
Ms F Wheare
Director of I)evelopr￿1
Professor R G Zubek
During the year the activities of the Goveming were ￿rried out through various committees and
offi{￿rS. Membership of the main committees is shown above for each Fellow.
111 Academic Committee
{2) Treasury Committee
(3) Development Committee
{4) General Purposes Committee
(5) Domus Committee
COLLEGE SENIOR STAFF
The senior staff of the College lo whom swific asperts of day to day management were delegated
during the course of the year, and who are regarded as Key Man4ement Personnel. was as follows.
College A￿Untrnt
Judi Banks
Domestic Bursar
Mr jall￿s Hill
Registrar aml Director of Admi&sions
Ms Lynn Feathetstone

Hertlord College
Govemlng Body, Officer5 and Advlser5
Year ended 31st July 2022
COLLEGEADVISERS
Imiestment managers
Rathbones Investment ManageTt*nt Ltd
8 Finsbury Circus
London
EC2M 7AZ
Oxford University Endowment Man8gem8nl
27 Park End Street
Oxford
OX1 1HU
Audltor
Crowe U.K. LLP
55 Ludgale Hill
London
EC4M 7JW
Bankers
Bardays Bank PLC
Oxford City Brdnch
PO Box 333
Oxford OX13HS
Solicltors
Knights 1759
Midland H(xJ5e
West Way
Botley
Oxford
OX2 OPH
United Kingdom
Coll8ge address
Herttord College. Catte streec Oxfonl OX13BW
WebsTrie
www.hertford.ox.ac.uk

HERTFORD COLLEGE
Report of the Governing Body
Year ended 31 Ju
2022
REPORT OF THE GOVERNING BODY
The Members of the Goveming B(*ly present theirAnnual Report for the year eThJed 31st July 2022
under the Charities Act 2011, together wilh the audited financial 5taternents for the year.
REFERENCE AND ADMINISTRATIVE INFORMATION
The Principal Fellows and Scholars of Hertford Cc4lege in the University of Oxfor(l. which is known as
HertforKI College I'the College"}, is an eleefflos￿ary chartered charitable corporation aggregate. The
College was founded by an Act of Parliament in 1874 that InC￿)0rated Magdalen Hall as Hertford
College. An Act of Parfiament of 1816 had gran￿ Magdalen Hall the site and residual wssessions of an
eartier. by tren defunct, Hertford College. This had reckived a Royal Charter in 1740. bèing the
successor to Hart Hall which daimed IFS origins in a hall of residen￿ establrshed by Elias de Hertford c.
1282. The College registered the Charities Commisyon on 17th August 2010 (registered number
11375271.
The names of all Members of the Goveming Body * the date of this report arwj of those in offiGe durfng
th& year, together wth details of advisers of tt)e CrAkge. are gtven on pages 2 to 4.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Govemlng documents
The College is gov8rned by its Statutes made under the provision of the Oxford and Cambridge act 1923
and aFproved by Order in Council on 12th October 2011.
Goveming Body
The Goveming Body is constituted and reguLa￿l in accordantrE wth the College Statutes. the terms of
which are enfor￿ble ulbmately by the Visitor, who is the Chancellor of The University of OxFord. New
members of the Governing Bcmty are elected by the votes of not les8 than tsvo thirds of the total number
of Fellows and with the consent ofthe Prinupat.
The Governing BLMly determines the (￿-9}Ir￿J Strateg￿ direction of the College aThl regulates its
administration and the management of its finan￿ and assets. 11 meets regularfy under the chaimianship
of the Prinapal and is adwsed by committees.
Recruitment and training of Members of the Governing Body
Naw Members of the GovemiTrJ Bcmty are inducted into the wthings of Ihe College, incjuding Governing
BcKly policy and prcte(lures, by the Principa a￿1 Bursar.
Members of the Governing Body can atteThl t￿stee infcThatK)n Rxiefing$ to keep them informed of their
duties as trustees and about regulatory requiren*nts.
Remuneration of Members of the Governing Body and Sonior College Staff
Members of the Goveming Bojy receive refftunerat￿n or benefits from their trusteeship of the
College. Those members Ihat are also employees of the College receNe remuwation for their work as
employees of the College. which is ￿1 in aourdarK* With the a(fvice of the College's Remuneration
Committee. Where t*)ssible and relevant. reMune￿￿on set in line with that awarded to the University's
academic staff. All staff are all remunerated at a level which ￿uaL% or exceeds the National LNing
Wage.
Tre reffluneration of senior college staff is set by the Treasury Committee in line with guidelines sel by
the Remuneration Committee by referer￿ lo the annual {anonymised) survey of Cdlege OfficErs and
Fellows, Benefits condu¢led by the Unwersity and Conference of Colleges.
Oryanisational management
The members of the Governing B¢yJy meet at knt six ti￿￿s a year. The main wort( of developing their
policies and monitoring ￿1r implementalion is (3rried out by vari(ius ￿MMIttee5.

HERTFORD COLLEGE
Rgport of the Governing Body
Year onded 31 Juty 2022
Acad@mic Committee.. adwses and re[K￿ to Goveming Boty on all matters relating to academic
policy and has oversight of the academic reputstion of the College in all its aspects.
Treasury Committee: has oversight of Ihe Cdlege's finances and investments and rnports to
Goveming Body the 8ffe(*veness and prcprtety ofthe Cdlege's ffinanoal manwJement.
Development Committee: leads on the developrnent of the strategy for the College's development
aetivilies, id8nttfies funding priorities within the framework of the College's strategic plan and liaises
with the Treasury Commitkee to oversee the performance and financial rnanagement of the
Development Offi(x.
General Purposes Commitiee: receives reports from and prowdes suptmyt to the Principal on College
business in his role as its ￿presentatiVe within the University and the wider world. The Committee
re￿iVeS r￿minatiOnS for College Offices and the TTEmbetship of committees.
Domus Committee.. has overs￿ht ofthe domestic Ma[we￿nt of the College.
Remuneration Committee: (x)nsists of four persons not in receipt of remuneration from the Cdlege of
which three are not members of Goveming Bcrfly. with Ihe Principal and the Bursar in attendani?.
The Committee rnakes recommendations lo the Goveming Bcty on Fellows. allowances and College
Officers, stipends.
The day-to-day running of the College is delegated to the Bursar. sup[￿ed by the Domestic Bursar. The
Bursar attends all meetings of the Goveming Body's Committ88s, eX￿p1 Academic Committee.
Group structure and relalionship5
The College administers a number of special tnJst& as detailgj in Notes 17 arKI 18 to Ihe financial
statements.
The College has two wh{Aly￿vrned non-d)arila￿e subsidrarEs. Hertford Col*e Programmes started
trading on 1s1 August 2010. and tts activities primarity comprise (y)nferences and English Language
programrrw use the College's facilities when not in use by the Cdlege. Annual profits are donated
Éo the College under the GIftA￿ Scheme. Herttord College Design arKJ Bund started tr￿ling on 13th
March 2020. and its activities comprise designing, (¥Jmmissioning and constructing new estates facilities
for the College. Annual profits are donaled to the College under the GiftAd Scheme.
The College is part of the ￿llegIate Univetsity of Oxford. Material interdependencies between the
Univergty and th8 College arise as a consequence of Ihis relatK)nship.
OBJECTIVES AND AcnvmES
Charftable Objects and Alms
The College's Ck)jects are to advance wljic leaming by the provision of 8 cOl￿e in the University of
Oxford.
The Governing Body has considered the Charity Commission's guKJaft￿ on wblic benefft and, in
keeping wtlh its obJ"ects. the College's airrts foT the public benefit are to..
Promote ex￿llenCe in urMleTgraduale education. induding pastoTrl and academic sUpp￿t.
Make that ex(*llence accessible to all who (2n benefit from it ￿gardleSS of their social or
economic background.
Provide pastoral and ￿ademiC SUPFth to graduate sbjdents, and
Promote excdlènce in researth on the part of its Fellows arKI Siipendiary LecbJrers.
The aims of the College's subsidiaries are to hdp to fvnd, otheThYi5e supporL the achievement of the
College's aims as a￿0Ve.

HERTFORD COLLEGE
Report of the Governing Body
Year end8d 31 July 2022
The College remains committed to the aim of providing public benefit in 8CCY)fKlanc£ wrth its knjnding
principles. The College's Public Benefit State[r￿t is published on the College website.
The College advances publi¢ leamirrfJ by providing higher education to undergraduate and postgraduate
students within Oxford Universrty and by SUPFrf)itng the pursuit of publidy disseminated rEsearch. Chjring
the year, the College had apFKoximatdy 452 umlergraduates, 347 postgraduates, and 38 fellows who
hav6 contractual obligations to teach as well as research. The College provides publ￿ benefit by offering
higher education to ils undergraduates. much of it via the tutorial system which provides the opportunity
tri meet with a tutor on a weekjy basis during term time. In addition, the College prowdes classes,
seminars and other forms of teaching as appropriate. in conjun(*on with the Universi￿S departments.
To SUPFK)rt student learning. the College also provides the use of the College's library and
accommodation and actwely prorwtes the wider (Jjltural aThJ soaal educats.c￿ of its students through the
provision of t))mputer. sports. careers advi￿ and olher knlities.
Graduates at the College fomi an imFortanl part of the academ￿ community. While they are taught at
their University F&ulty. every graduate student is assigned a Couege Graduate Ad￿Ser who provides
pastoral supporL
The College also adv8ft￿s research in a range of dis(xplin8s by employing academics who have a
contractual obligation lo undertake pu1￿lSh￿l research, and promding them a supportive academic
atmosphere, inciuding the Prow￿On of research grants. library and computer facilities, office
accommodation and meals. Research is disseminated through published papers, books. websites and
lectures. The College SUPFxKts the research of academics who, at the beginning ol their careers. have
already sfrKAvn outstanding promise in their thos8n field of research by providing a fully fvnded Junior
Research or Career Development Fellowship a Fwiod of up to three year5 to enable ￿ holders to
on￿￿trate on their topic of researth.
The College offers undergraduate pla￿3 on Ihe bass of academ￿ meriL The College alms lo attract th8
students who are most atde lo benefft from an Oxford educatson regardless of sex. gender. income.
ethnic origin, religion, pwous gJucatf(N)al optthinty, or disability. and athely works lo recruit
students from non-traditional backgrounds by encouragiThJ applicatrons from under-repre5enled group8.
Finanaal support is awail*le to urKiergraduates from the UK (and the EU in some cir¢umstatwI to
assist them wilh the costs of luitson fees and living costs whilst at the College. In addib'on to the student
loans provided by the Student Loans Company that are available to undergraduates from within the EU.
oth8r firtancial support from the UnIV￿￿1ty and the CcAlege is available to undergraduates who are from
households where ino)me is tdow a ￿rtain level. A range of financial support is a￿0 available to
Graduate students. In 2021122 a totsl of £815k was alkn(2ted to student support. an increase of 200/D on
the preVK￿Js year.
Oxford Bursartes are available to UK u￿ler9￿aduates fmm househotds assessed as having a
sufficiently low income. Ill the 2021122 year. 80 of the College's un(krgraduales received 8n Oxford
Bursary funded joinly by Ihe University and the Coiiege. with a total value of £336k.
In 2011112 the College intrcrfJu(Ed a means-tesled Hertford Undergraduate Bursary of £1.000. for
UK undergraduatss. This bursary was extended to EU students in 2012113. In 2021r22. 132 Hert￿rd
students were awarded the Hertford Undergr￿lu81e Bursary.
Graduate fundlng is aso provtded in the form of scholarships armj grants. Tr Cailege awarded a
total of £259k in 2021122 for this purp)se.
The College also offers Student Support in the forni of grants to both undergraduate and graduate
Students who experience unexpected finarrial hardship. ￿ academ￿ related travel, or as rent
subsidies. In 2021122 the Coliege distributed £183k to supwrt students in this way.

HERTFORD COLLEGE
Report of thè Governing Body
Year ended 31 Juty 2022
ACADEMIC REVIEW
Whilst no new tutorial fellows joined Ihe college in 2021-22. we wethrned a Depathiental Lecknrer, who
is providing c(Alege teaching and pastoral cover as replaceff*nl for one of our hjtorial fellows, who was
gtxnted a prestigious research grant spanning a four-year perTrod.
As highlighted in previous reviews. a signffj(3nt amount of teaching within the College is supplied by skn-
pendiary lecturers. who do not hold a felh)wship or a joint appointment wrth the University. We welcomed
eighteen r￿W lecturers arKJ teaehing assistanis to the college in 2021-22. We continued our efforts to in-
tegrat8 and suptyNt this cohort of new members of teaching staff.. we ran our comprehensive induction
prograrnme for new fellows and lectrjrers over two days in September and October. and the lertnly tutors,
meetings covered a broad range of topics indudirg in-pwsor) teaching aTrangements as we moved out
of pandetniG arrangements. preparation f(K Onli￿ undergrdduate admissKJns interwews. cx)Ilege welfare
prowsion and suppoit and the college's academic ac(x)unlalxlty process.
Following the UCAS Confirmation cycSe in August 2021. we welcomed a slighty smaller (in comparison
to the largest ever cohort in 2020) undeTgrdduate fresher cohort of 123, in October 2021. 92Yo of the
group are UK students, 0fwh￿h 790h are from state sch(￿S and 51 % from disadvantaged backgrounds
(as d8temiined by soatRconomic ar)dlor educalional infornalion>.
ITh the 2021-22 a(xdefflic year. we saw a reintr(xJuction of pre-pandemic teaching a￿angern8nts. with
most teaching taking pl￿￿ in person. but some hytxid (K Onli￿ arrangements remaining. or being put, i
pla￿ where required. We cfjntinued to offer measures that were implerwiled duriftg the pandemK, in-
cluding the provision of tablets to undergraduate freshers required. The College's Porter Fellow in ac-
ademic skills. Dr Catherine Sloan. resumed face to face provision of the well4slablished prcgramm8 of
workshops and one-to-one meetings, whilst continuing to p￿)V￿le online res(wrces and materials. The
College's librar￿n Ajice Roques also continued to offer a wealth of support to the und¥graduate stu-
dents. including assisting in locating online resources. and provKling click and o)IlecL andlor postal ser-
Exams and assessments were undertaken in a combination of online and in•person formats. Whilst the
Norringlon Table, which cK>mpares undergrdduate Finals results by (x)llege. has not yet been published,
within college, 56 students retained their a(*emic schcAarship and 51 sbjdents were promoted to a
schdarship over the course of the year fOll(w￿TrJ first class Ferbrmance in unrversity examinations or
college collections. Prizes were awarded to 41 students deliveriry outstanding perfornian￿ in final ex-
ams. Seven students won prizes frum the University's faujlties and departments against stn7 competition
from oth8r colleges.
We have ￿nb"nUed to njn an extensive OLtrath prDJramme. engaging primarily wlth s(*ools and stu-
dents in our link regions of Canvjen. E55ex {indudirNJ Southend-on-sea and Thurrockl. Medway and Pe-
terl)orough. Outreach 8ctivities have largely retumed to In￿r￿￿￿ fomiats this year. with onllr)e activities
complementing the in-F￿rs0n provision.
Now in its fourth yaar. our Unsung HercEs of Soence Mdeo competilion continL*S to attract great inter-
est. This year we retEived a record 74 entries and shorlisted 22, which were watched on YouTube morE
than 12.000 times. The cy)mpetition prizes were again provkyed by the Royal Institution. wh￿h we hope
to work with on the competition again in the fvture.
Once again, we ran our Swrftstream programme ￿XIb.formerS fr(yn Me(hYay. The programme
sisted of a series of webinars and interactive online workshops. and this year culminated in a residenli81
programme. For the second year running. we delivered the Next Steps Essex pr(KJramme. a series of
information. advi￿, and gu￿￿an￿ webinars organised iointy with Etnmanuel College, Cambridge. Our
STEM Outreach Officer also instigated C(Kle Club. a pilot programrne of weekly workshops aimed at
giving students from some of Oxford's most disadvantaged areas the skills they need to enter digital ￿-
reers. We continued our p8rtiopabon in Teacher Forums organised wtth our Oxtord for East England
consortium partners, and also in Springix)ard. another consortium activity which engaged graduate stu-
dents to create an online repository of stretching super-eurricul8r videos.
The University open days reverted to tsking FAace in person in the 2021-22 ￿deMiC year. With the sup-
port of our 23 undergraduate ambassadors. the (allege welcomed over 1.5(Kl visilor5 across the tsvo

HERTFORD COLLEGE
Report of the Governing Body
Year ended 31 July 2022
days in JunelJuly. The online material and content devebped in 2020 and 2021 also remained available
on our website. for those unable to conE to Oxford. Four Tanner Prizes were awanjed to the most active
undergraduate student ambassadors in recognilion of their hard work and d￿jICation thrK)ughout the
year.
The NK)St powerful demonstrat￿Tr of our access w(xk is admissi)ns. The College received 965 applitx-
lions, of which 876 were direct apKli(xtions to Hertford in 0[￿ober 2021. While this is a 2.7% decrease
on 2020. Hertford remained in the top 10 most FK)pular ￿llegeS for apF4i(2nts.
We once again parbopaled in the University's 'Op[￿UnIty Oxfollj, scheme for sludenL8 from disadvan-
tAged backgrounds. making four offers under the scherne. We continued to provide offer-holder supporL
including enhanc£d communications. dectronic reading lists, and ￿llege tours at key rrK)ments during
the peric*J between offer-making in January 2022 and the students, arrtval in Oclobei 2022. Unfortu-
nalely. the planned Fresher Wel(xKne Day had to be can￿led due to the unantiapated rail strikes.
FINANCIAL REVIEW
The Financial Ststements for 2021122 folknw the requirements of FRS102.
Income during the year was improved thrcwh the retum of res￿len￿"al In0)￿ to pre-pandemic levels {+
56°kl, and higher investrnent income {+ 68%). Th8re was a retum of some trading ir￿me, allhough at
only £385k this represents onty around 13% of Pre-pandeM￿ highs. ExcludiThJ the wopty revaluation
benefit from 20121. tot￿ income wa$ som 37% h￿dher.
Broader ecx)nomic factors started to drive substantial increases in non-staff operating expenses.
particularfy in some categories. Utility costs for example. were more 1han tsvice the level in the pro￿ding
year. a rise of some £300k. The single largest factor is the non-cash transat*on representing
movements in perKsion liabilities. and record￿ in the PerEh)n Reserve. At an increase of provisions cir(x
£1.036m, this wds an adverse swiry of£1.67m year on year. and ac(L)unts for approximately 213 of the
expenditure increase for charitsbie activities. Traling expenditure increased. with the retum of operations
in that area, arKI investment managefflent costs reflect the full year costs of servicing the new bond
tsken OLrt during the previous finanrial year. Exduding the Fen5￿￿ related adjustment. core operating
expendibjre increased by ar￿rKI 11 %.
Excluding the mvemnt in provisions. and adjustiThJ for the Total Return income FX)licy applicable to
Endowment funds, the operatng deficit for the year was £791k, reflected the continued absence of the
College's usual Conferen￿ income. Pre-pandemi¢. the latter generated a net surplus of around £1.5m
annually. Net operating cash llow was approximately neutral {£12k surplus).
The College's investment holdings Saw a dedine in value of around £3.2m, ￿rnpared to the gain of
£13.2m in the pw year. Values have been recx)vering Sin￿ the year end.
Rèserves policy
The CcAlege's reserves policy is to maintain a minimum of three ftN)nths' free reserves to enable il to
meet its short-term ff nancial oblMJations in the event of an unexpected revenue 5h(xttall. to allow the
College to be managed efficienuy and to provide a l￿ffer that would ensure uninterrupted seNices.
The College s free reserves at the year-eTrJ amounted to £10.460m. representing retained Un￿St￿Cted
income reserves. exduding an amount of £13.599m for bwk value ot frAed assets the reserve
against tuture Penwon Deficits required by the implementatron of FRS102 {£2.837m}. The governiThJ
boty have reviewed the tree reserves and ate satisfied that the level of free reseNes. the current cash
llow projections. and the availability of extem81 fina￿l￿g facalibes would provide an adequate safety net
in the event of adverse operating coThYitions.
Total funds of the College and its Su￿￿lary at the year-ond amounted lo £92.978m12021.. £97.6ml. This
includes endowment capital of £68.3m. desunated funds of£1.124m and unspent restricted income
funds totslling £3.439m.
The Fellows have asse&%ed the College's abilwiy to continue as a sY)ing concern. The Feltows have

HERTFORD COLLEGE
Report of the Govèrnlng Body
Yearended 31 Juty 2022
nsidered several factors when foming their wndusion as to whether the use of the going con￿rn
basis is appropriate when preparing these financial stateTrEnts, induding a review of updated forecasts.
ar)d a ¢XTrnsiderab'on of key risks, indLyJing any continuirvJ impacts of COVKJ 19. The latter are now mosuy
felt in relation lo depres￿1 trading income. whth has been sk)w to ￿¢Over. The College has a large
endowment. and financial performance COntin￿S to be r￿nitored regulady. The Fellows have
scrutinised the key assumptions ￿thin the finano?al budget and forecast. and are satisfied that the
current level of free reserves, available investrnent and cash balan￿ are adequate to meet the
College's obligations as they fall due. Having regards to the above, the Fellows are satisfied that there
are no material un￿rtaIntieS around the decision to adopt the g)ing concem basis of ac￿￿ntIng in
preparing these financial statements.
Risk managémont
The Cdlege has on-wing processes which OFerated throughout the finan￿81 year for identifying,
evaluating arKI managirvJ the principal risks and uncertainties faced by the College and its subsidiary in
undertaking their activities. The College idenlifies and regulaTly ￿vIewS the risks il faces, the wtential
impact of each risk, the likelihtXKJ of recurrencE. Ihe severity of impacL arKJ the steps taken to mitigate
each particular risk.
Principal risks are assessed by the Treasury Committee. and more detaned risks by other ￿MMittee$
{e.g. Health and Safety Committee), Cdlege OffK*rs and Heads of DepartmenL Training courses and
other forms of career devdopment are mwle available to Trustees and Mernt￿S of staff to enhance their
skills in risk-related areas.
The Goveming Body. w￿1 have ulb'mate responsiblify for managing any risks faced by the College, have
reviewed the processes in FAace for managing risk and the principal identifEd risks to which the College
and its subsidiary are exposed and have c￿r￿luded that robust systems are in place to manage these
risks. The principal risks and Un￿rtaIntieS faced by the College and its subsidiaries include:
Govemance risks- e.g. inappropriate organk%ah'oDal stnjcture. drfficulties recruitirwJ tsustees with
relevant skills, conflict of interest
Operational risks- e.g. servits quality and developmenL wntract priurwJ. empSoyment issues.
health and safety issues" fraud and rnisappropriation.
Financia risks- e.g. accuracy and timelirw of financial InfOr￿￿tion. adequacy of reserves and
Ixsh flow. diversity of income sources. investment management;
External risks- e.g. per(wtion and adverse wblrity. demographic changes. governm8nt
policy., and
Cornplian￿ wth law arKI regulation - e.g. breth of trust law. employment law. and regulative
requirements of particular activities such as fvnd-ratsing and inforrnation setxjrity.
Strategies for managir& the risks identified by the College as described above indLMIe".
Operating structured and fornalised prc¢etsts for lJ)e identification, assessmenL and
manag8ment of the reSFonse to risk.
Establishing the appropriate (x)mmtttees lo ensure over5wJht of all key actmties. with
responsibility for fomiulating recomTnendations to Governing Body:
Prowding appropriale training to all members of staff. and at the induction of new Fellows.,
Ensuring accountability of College Officers to the appropriate committee. arKI for the commtttees
in tum to be accountable to the (knirMJ B(Mty.
DevelO￿ng and implemenlyng key Folicies across the main areas of activity ofthe College.
10

HERTFORD COLLEGE
Report of the Governing Body
Year ended 31 Jujy 2022
induding, for example, admissions wlicy. heatth & safety policy. and infr)rmation security poltcy"
Ensuring the appropriate inSurar￿e policies are in place. and revtew&J regularfy.
Fundralslng
2021-22 saw a decrease in Herttord's philant1￿1￿c income. £797.186 in received donab'ons.
Looknng ahead. we have c.£25.222.CKJO in p￿ged support trom major grfts, mainly c£)mprising a ￿rngle
pledge of £25m. to be fulfilled over the r￿xt three to five years. Addl￿nally. we expect to rec8ive c.£250k
per annurn in lower-level regular gifts over a similar timescale. Over 1,000 dormys (1,012} male a gift to
Hertftird this year for the first tsme. This increase is largely due to holding tx)th a telethon and a GiviNJ
Day in a single year, both of which targeted fi￿t time donors.
This year saw our Iow8St *acy income forfive years. v￿th just under £75,OIXI received in legacies from
four alumni. Donations conb'nued lo be directed to a range of pr(iects, with the Library redevelopment.
student support and the unrestricted fund attractirvJ the most th>nations.
For the most part, we were able to relum tr) a full prcgramme of invperson events. Hundreds of alumni
reknmed lo Hertford for gaudies and other evenls. and our donor Stewardship events were also well
attended. The Director of Devdopmenl travell8d to Ihe East and West Coasts of the US. ac(L)mpanied
by the Fellow Librarian and Pro Principal. This was an opportunity to reostablish Iwtscl with alumni in
the region after a perwjd of limited or no intemational travel.
Our tundraising ￿rnpaign for the extetKled and ref￿￿15hed library, which has a minimum target of £8m,
was publicly announced at the annual John Donne Lecture and Dinner in April 2022. ￿Su[ting in several
donations. This cafflpaign will be the main focu5 of our fundraBiTrJ in the rA)ming months and years,
alttrKwgh not at the expense of existing actsmty.
We held our first Giwng Day in June this year. 36 hours of Con￿ntrated fvndraising activity. primarily
through digital means. Seven targeted emails were sent to alumni during the period. er￿￿ragIng
donations to student suptK)rt. college life and the library campaign. At the same lime. we held sever
community events in wllege aimed al students, staff. and Fellows.
Social media engagement remained strong. and our existiro publications (the MagaarE and Donor
Retx)rt) were supplemenl8d by the Hertford BwksE￿ff [￿St, vthich featured interviews belween
Professor Emma Smith and stx alumni aut￿. The Bndge BkyJ proved to be a popular way for
alumni to share their news and achievements.
HertfMI College is committed to best pracb.ce in relatK)n to all fundraisiw activltles. The in-house
Development team CCK)rdinate fundraising actrvities and are subie¢t to the scrutiny of the Development
Committee and college (￿vernIng Body. on which the Development Director sits. Hertford is registered
with the Fundraising regulator and has protcths and procedLwes in pla1￿ to ensure that fvndraising is
open. honest and respectftjl, and adheres to ￿al and industy-spe(ific guidelines. Hertrord does not
engage any profession81 third parties to carry out fijndraising acl]vities on its behalf.
Investment policy, objèctives and perf0m￿nCe
The College's Statement of Investment Principles sets out the followrvJ aims:
Generate income lo support the &￿ege.$ charitable edu(2tional aims.
Improve the educxtional experien￿ of cYj￿ent and firture generations of students and to pursue
ex(Eller￿ in scholarship by means of teaching and ￿search and the promsion of Ihe (xjltural
and sc￿181 context whith sUp[w￿ this. and
Produce the optimJ sustainable retum given the LX)Ilege's Icfyv risk tole￿n￿ and to preserve the
value of investments against the threat of inflati)n over the k)ng term.
The investment strategy and perfOnn￿ is monitored by the InvestrnentAthisory Committee which in
tum rewrts to the College's Treasury Committee. At the year end. the value of the College's investments
was £111.4m (2021 £115.7m). of whth £62.465m represents endowed or restncted )lJnds. Tr lot81
11

HERTFORD COLLEGE
Report of the Governing Body
Yearended 31 July2022
invesknent income was c. 3.7Q/ty gross (average value).
The College's investment objectives are to balance current and fiJtuTe beneficiary r}e￿I5 by..
maintaining (at least) the value of the investments in real terrrts-
producing a consistent and sustainable arr￿Int to suptth expenditure: and
delivering these objectives within acceptatAe levels of risk.
To meet these objectives the Cdlege's investrwts of its pe￿nanent enth)wed funds a￿ managed Dn a
total rEtum basis. maintaining diversification across a range of asset dasses in order to produce a
apP￿p[late balance between risk and rettjm. In line with this approach. the College statutes allow the
College to invest pernianent endthvments to maximise the ￿lated totsl return and to make available for
expenditure eath year an appropnate pro[￿M)n of the unapplied total retum. The value date for
establishing the initial values of the Investment Fund and the Unapplied Total Return was 31st July 2009.
The investment strategy. ￿lGY and Performan￿ is monit￿￿ by the Investment Committee. At the year
end. the College's long temi investments {perrrwnent en(knvment onty), (Yjmbining securities and
propety investments. totalled £68.3m. Direct ino)nE eamed on investments amounted to £2.39m,
and net value losses were £1.￿rn.
Under the total retum ac(x)unting basis, it is the Goveming B(Mtys policy lo extract as income 4.25¥0 of
the value of the relevant inveslrnents. However, to smooth aThJ mc*lerale. the amounts withdrawn aro
¢al¢ulaled on the average of the year end values in each of the last five years. Due to fluctuab.ng
Invest￿er1t values over the previous five years, the eff￿tIVe amounts withdrawn are (￿TrendY may vary
from the nominal rdte. For the year ending July 31S1 2022, an amcFunt of £2.8m was withdrawn as
income. The College also operates a pcAicy of apFAyiw an arTKXJllt of the UTR to the Investment Fund to
preserve its real value. This is set based on the fTK)5t recent RPI al the balance sheet date. For the year
ending Juty 31st 2022, £6.3rn was transferred. represenkn.ng 12.3% of the Investrnent Fund value. The
Governing Body will keep the level of inco￿￿ wtthdrawn under review io balance Ihe needs and interests
of current and future benefi(aaries of the Cdw's a*viks.
The Goveming Ix)dy is satisfied that Ihe overall terbrmance of investment activities for the year has mel
the objectives sel.
12

HERTFORD COLLEGE
Report of the Govemlng Body
Year ended 31 July 2022
FUTURE PLANS
The College has agreed a 10 year plan to devek)p its buildings and facilities {°the Estates
Slrategy.). This wll enc4)mpa&8 signiff(ant refurbishment works {e.g. upgrading stLJdent
accommodation), the expansion of e￿sting facililies (e.g. a new Library and improved study space).
and provision of new facilities (e.g. addilional graduate aoxjmmodat￿n).
The anticipated eXpe￿Ilture over that horizon is around £75m, to be found from a combination of
reserves, fundraising. bond capital. and cther finan￿ affdngernents.
A number of the projects under this strategy have LEen completed. and more are undenvay. The
Library project has secured planning approval, and is due to start build woF* in the summer of 2023.
An application in resFeCt of new graduate ac(x)mrFKxlation is due to be submitted in the Autumn of
2022.
With the expedation of major capital expenditure in Ihe next 5 years. during a period of challenging
economic pressures. it ￿11 be more important than ever to ensure that operational expenditure is
optimised. The college op8rations bLKlget all0¢a￿nS will be revIev￿A to ensure that costs are under
ntrol and that the projects are affordable.
STATEMENT OF AccouMllNG AND REPORTING RESPONSIBILMES
The Governing BCMYY ts responsib￿ for weparing fhe ReF*Jt of the Goveming Body and the financial
stalements in accordan￿ with 2pplifxble ￿ arKI regulations.
Charity law requires the Goveming Body to prepare financ4al statemeNts for each financ4al year. Under
that law the Governing Bcdy have prepared the firwIc[￿ statements in accordance United Kingdom
GenerallyAccepled Ac￿unting Practice (United KirKJdom Accounting Standawds and applicable law),
induding Financial Reporting Standard 102: The Financial RerMxb"r¥J Standard Applicable in the UK and
Republic of Ireland (FRS 102).
Under charity law the Governing Body must not approve the finarrial State￿nts unless they are
satisfied Ihat they give a true and fair Vie•V of the state of affairs of the Colege and of its net income or
oxpendilure for that perK)d. In preparing these financial statements. the Governing Body is required to:
select th8 most Suitab￿ aCC￿nting ￿1cleS and then apply them consistenUy',
make Judgn￿nts and aLxxJunkn"ng 8stsmates that are wsOna￿e and prudent.,
state whether applicatAe accounting stsndards. indudirg FRS 102, have been followed, subject
to any matenal departsJres disclosed and explained in the financial statements.
state whether a Statement of Recommended Prac￿￿ (SORP} apFlies and has been followed,
5ubj.ect to any material depa￿reS which are explained in the financ￿1 statements"
prepare the financial statements on the ￿Ing o)tKxn basis unless it is inappropriate to presume
that the College YAII cofttinue to OFErate.
The (>)verning Body is responSi￿e for keeping proper aCc￿nting r￿rdS that a￿ sufficient to show and
explain the College's transactions aTrJ disclose viith reasonable accuracy al any titne the finanryal
position of the College and enable them to ensure that the financial statements compfy with the Charities
Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper
application under charity law aml hen￿ fortsknng reasonable steps for the prevention and detection of
fraud and other irregularities.
Approved by the Governir#J Boty on the 2W of November 2022 aThJ signed on its behalf by.
Clark
Bursar
13

HERTFORD COLLEGE
Report of thg Auditors
Year gndod 31 July 2022
Independent AudltoVs Report to the Tntstees of Hertford College
Opinion
We have al￿lted the financial statements of Hertford College the year ended 31 July 2022 which com-
prise the Consolidated Statement of Financial Activities. Consolidated and College Balan￿ Sheets, CoTh-
solidated Statement of Cash Flows and notes to the financial statements. induding significant accounting
policie5. The financial reportiro frawn8WCrt that has been applied in t￿1r preparation 15 applicable law and
United lfjngdom Accounting Standards. induding Financial Rewrting Standard 102 The Financial Report-
ing Standard applicable in the UK and Republicof Ireland (unit￿ lQngdom GenerallyAccepted A(xounting
Practice).
In our opinion the ffinancial statements:
give a and fair Mew of the state of ￿ group's and the parent chartty's affairs as at 31 July
2022 and Df the grwJ'$ income arKI r￿￿pts of endowments and experKliture. for the year then
ended-,
have twn prLiperfy prepared in a￿ance with United King(k)m Generalty Accepted Accwnting
Practice; and
have teen p￿par￿j in acConjan￿ with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in acTrydan* with Interr￿tiOnal Standards on Audibng (UK) IISAS (UK)) and
applicable law. Our responsibilit.es under those standards are ftJrther described in the Auditor's resFX)nsi-
bilities for the audit of the ffinancial statements section of our report. We are independent of the group in
accor(lance with the ethical requirements that are relevant to our audtt of Ihe financi81 statew)ts in the
UK, induding the FRC'S Ethic21 Standard, and we have fulfilled our other ethical rest￿sibIlitieS in accoryl-
an￿ with these requirements. We believe that the aL￿￿7t eviden￿ we have rtjtained is sufficient and ap-
propriate to provide a basis for our opinK)n.
Concluslons Tolating to going concern
In auditing the financial statements. we have Cond￿jed that Ihe tThJstee's use of the going conc*m basis
of accounting in the preparation of the finanoal statements is appropriate.
Based on the work we have perlomied. we have not 1dentrf￿d any material un￿rtaIntieS relating iu events
or conditions that, individualty or collectivety. may cast signrficanl doubt on the charity or the group's ability
to continue as a going cr￿Cern for a p￿1(￿j of at least iwelve r(￿nthS from when the financial statemnts
are authorised for issue.
Our responsibil￿eS and the responsibilities of the truslees Y￿th respect to going cOr￿M are described in
the relevant sections of this reporL
Oth8r information
The trustees are responsible the other inf0m￿tion Wntain￿l wilhin the annual report. The other infor-
mation comprises the infomation induded in the annual reFKKt. other than the finar)cial statements and
our auditor's report thereon. Our opinion the finana81 statements does Th)t cover the other infomiation
and. except to the extent otheTwse explioty stated in our report we do not express any forni of assurance
cOr￿Usion thereon.
Our responsibility is to read the other infomiatK)n aTKI. in doing 50. consider whelher the other irrfcffmation
is materially ino)nsistent with the financial staternerts or our knovAedge (A)18ined in the audit or othemise
appears to be materially misstated. If we idfjnbfy such material inconsistenc*s or apparent material mis-
statements, we are required tr) determine whether1his gwes rise to a material misstatement in the finawial
5talemenls themsefves. If, based on the work we have perfoTrrEd. we c4)nciude that Ihere is a material
misstatement of this other information, we are required lo report thatfacL
We have nolhiro to report in this regard.
14

HERTFORD COLLEGE
Report of the Auditors
Year ended 31 Juty 2022
Matters on whlch we are required to report by exception
We have rK)thing to report in respect of follo￿ng matters in relation to which the Charities (Afxtjunts
and Reports) Regulations 2008 r&]uires us to report to you if. in our opinion..
the information given in the finartcial slatements is inconsistent in any material respect the lThstees'
report., or
sufficient and proper aLrountsrKJ r￿ordS have not treen kept by the parent charity,. or
the financia statements are not in agreement with the accounbThJ records and retums.. or
we have not received all the info￿nab.on and eWan*"ons we require for our audit
Responslbilitte3 of trustses
As explained more fully in the trjstees, ￿SpOnsibl]itieS ststemen( the trusloes are responsible for the
preparation of the financiai statements and for being satisfied that they grve a true and fair view, and for
such internal c#Jnlrol as the trustees determine is n￿ssary to enable the preparation of financial state-
ments that are free from material rnisstalernenl %thether due to fraud or errDr.
In preparing the financial statements. the trustees are res￿nsIble for assessing the gr(￿p and the parent
Charity's ability to wntinue as a going ￿nCem, disdosing, a5 aFWicable, matters related lo going concem
and using the going cOn￿M basis of aixx)unting unless the tnjstees eI￿r intend to liquidate the charity
or lo cease operations, or have no realistic altematwe EwJt to do so.
Auditorfs responsibilitles for the audit of the financial Statements
We have been appointed as auditor under section ofthe chant￿sAct 2011. and report in accordance with
the Acts and relevant reg￿ationS made or haviro effect thereunder.
Our obJ"ectives are to (4)tain reasonable assur8rte abcmjt whthr the financial statements as a whole are
free from material misstatement. whether due tofraLKI orerror. a￿1 to issue an auditor's report that indudes
our opinion. Reasonable asSura[￿e is a h￿￿h level of assurance, Lmrt is not a guarantee that an audit con-
ducted In accordance with ISAS (UK) will aNvays detect a material misstatement when it exists. Misstate-
ments can arise from fraud or and are conshyered material it, indTvidu8lly ￿ in the aggwale, they
rA)uld reasonably be expected to in1luen￿ the ecorx)mic decisions of u*rs taken on the basis of these
financial statements.
Delails of the extent lo which the audit was cDnsidered capable of detecting irrEgularities. inctuding fraud
and non-complian￿ with laws and regulations are set out t￿lOw.
Afijrther description of our responsknilities for the audit of the fjnanoal statements is located on the Finan-
al Reporting Council's website at: vhwN.frc.
.uklauditorsres
our auditor's report.
nsibililies. This description forms part of
Extent to which the audit was consldered capable of detecling Irregularftl¢s, includlng fraud
Irregularities, induding fraud. are instances of rKjn-CDFn￿￿lan￿ laws and regulations. We identified
and assessed the risks of material misstatement of the finawal statements from irregularities, whether
due lo fraud or em)r. and discussed Ihese betsI￿n our audit team. We then designed and perfomed audtt
procedures responswe to those risks. in(*Jding obtaining a￿lIt evi¢knce sufficient and appropriate to pro-
de a basis for our opinion.
We obtained an understanding of the legal and regulat(Ky framewor￿ wrthin which the parent charity and
group o￿TateS. focusing on those laws and regulations that have a direct effect on the detemiination of
material amounts arvj disclosures in the firtanaal ststements. The laws and regulations we considered in
this context were taxation legislation, the Charttips Act 2011 together with the Chartbes SORP (FRS 102).
We assessed the required compliance %Mth these laws arml regulatrons as part of our audit Pro￿dureS o
the related financial statement ttems.
In addition. we considered provisions of other laws and regulations that th) not have a direct effect on the
financial statements I￿t Complian￿ witt) which might be fundamental to the parent charity's and the
group's ability to oF￿ate or to avoid a material penalty. We also ￿nsidered the oP￿nIb"e$ and In￿n-
tives that may exist within the parent charity a￿1 the group for fraud. The other laws and regulations we
15

HERTFORD COLLEGE
Report of the Audliors
Year ended 31 July 2022
considered in this o)rrtext for the group were ￿neral Data Protecbon Regulatiorts arKI Health and Safety
regulats'ons.
Audibng standards limit the required audit w(Kedures to identify tK$n-compliar￿ with these laws and reg-
ulations to enquiry of Ihe Trustees and other managBTnent aTKI inspection of regulatory and legal corre-
spondence, if any.
We identified the greatest risk of material impact on the financial statements from iffegularities. induding
fraud, to be within the recognition of income. and the ovenide of controls by management. Our audit prc
cedures to respond to risk of income recognition induded selectiTig a sample of income duriThJ the year.
agreeing back to the relevant documentation and ensuring it has Ixen recognised coffecuy. Our audit
procedures to respond to the risk of management override included enquiries of manageThnt about their
own ￿entifiCAtion and assessment of the risks of iTregularities, sarnple testing on the posting of journals.
reviewing a(￿unting estimates for biases. reviewiThJ regulatory (x)rreswndence with the Charity Commis-
sion and reading minutes of meeb.ngs of those tharged with governance.
(Ming to the inherent limitations of an audiL there is an unavoidable risk that we may not have detected
some material misstatements in thg financial ststem8nts, even though we have propety planned and per-
fonned our audit in accordance with audibng stsndards. Forexample. the fumher rernved non-complian
with laws and regulations lirregularitie5) is from the events and transactions rellBcted in the financ4al state-
ments, the less likely the inherenlty limited pro￿ureS required by audibng standards would identfy it. In
addition, as with any audiL there remain￿1 a higher risk of non-detection of iThegu1arit￿8, as these may
involve collusion, forgery. intentional omissK)ns. misrepresentath)ns. or the override of internal (x)ntrols.
We are not responsible for preventing non-complkgrKe and cannot be eX[￿ted to detect nOn-￿MplIan
with all laws and regL￿ationS.
Use of our report
This report is made solely to the charity's trustees. as a body, in a(XxWdan￿ with Part 4 of the Charfties
(a￿)Unts and Reports) Regulations 2008. Our audit wor1( has bean undertaken so that we might stste to
the charity's tnjstees Ihose matters we are required to state to them in an audilcir's rep￿t and for no other
purpose. To the fvllest extent pennilted by law. we (b rKJI a￿pt or assume responsibility lo anyone other
than the charity and the char[￿S trustees as a trx)ty. for our audit work, for this rep￿ or for the opinions
we have fomied.
LL
Crowe U.K. LLP
Statutory Auditor
London
Date.. 30th N0vern￿r 2022
Crowe U.K. LLP is digible for app)intrnent as auditorof the chanty by virbje of lis eligibiffity for aFpointment
as auditor of a company under section 1212 of the Companies Act 20Cfj.
16

HERTFORD COLLEGE
Statement of Accounting Policles
Year ended 31 July 2022
statement of Accounting Policles
1. Scope of the financial statements
The financi￿ statements present the Consc4idated Statement of Finanual Activtti8s (SOFA). the
Consdidated and College Balan¢e Sheets and the co￿￿[dated Cash Flow Statement of Cash
Flows for the College and its wholly oW[￿d subsidiaries Hertford Prwammes Limited and Hertford
College Design and Bull d Limited. The subsidiaries have been consolidated from the date of their
formation, being the date from which the College has exe￿Sed control through votiro rights in the
subsidiaries. No separate SOFA has been presented for the College alone a5 CUrren￿Y permitted by
the Charty Commission on a (XJnI￿Onary basis for th8 filing of consolidated financial statsments.
Basls of accountlng
The Cdlege's individual and consolidated finanaal ststements have been prepared in accordan
with United Kngdom Ac(thntsng Standards, in particular'FRS 102: The Financial Reptsrting
StsrKlard appIl￿ble in the UK and Republic of IrelaThJ' {FRS 102).
The College is a public benefit entity the purFose5 of FRS 102 and a registered charity. The
CcAlege has therefore also prepared its indNiduat arml (rjnsotidaled financial statement5 in
accordan￿ wth 'The Statement of Reuimmendwj Prdctice applicable to charibes prepariThJ thelr
financial ststements in accordan￿ wth FRS 102. (rhe charib.es SORP (FRS 102)).
Having reviewed the frjnding facililies available to the Cdlege together with the expected ongoing
demand lor pla￿S and the Cdlege's future proprted cash flows, the Gov8ming Body have a
reasonable ex￿¢tal￿)n that the College has adequate resrxjrces to continue its adiwties for the
foreseeable future and c¥xsi(kr that there were no malerial un￿rtaIn￿e5 over the Q)Ilege's financial
viability. Accordingly. they also continue to ath)pt Ihe going wncern basis in preparing the financial
statements as oulined in the Statement ofA(toJnting arKI ReportiThJ Resporksibilities on page 12
and to adopt the historical ￿$t basis, eX￿pt for ts measurement of investments and certain
financial assets and liabilibes at lair value with movements in value reported within the Statement of
Finanaal ActNities (SOFA). The prinupal accounting policies adopted are set out bek)w and have
been applied consistentiy throughout the year.
The accounts {fin8n¢ial ststernents) have been prepared to grve a 'true and fair, vrew and have
departed from the Chariti65 (A(xJwnts arKI Reports) Regulations 2LK18 only to the extent required lo
provide a 'true and fair Mew.. This departure has involved following the Statement of Recommended
Practice applI(*b￿ to Chariti￿ preparing their a(xounts in a(Lordance wth the Finana81 Retjxting
Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014 ralher than
the previous Statement of Recommend￿1 Practice.. ACC￿￿ting and Reporting by Charities which
was effeth.ve from 1 Aw'l 2005 lyjt wh￿h has since been wilhdrawn.
2. Accounting judgements and estimation uncertainty
In preparing )Inancial statements it is nec8ssary to make ￿rtain judgements. eskn'males and
assumptions that affect the amounts reiwnised in the ffinancLal statements. The following
j￿￿geMentS and estimates are considered by the Governing Body to h8ve most signtfjcant effect on
amounts recognised in the finarrial statements.
The GovemirvJ Body. in applying the accounting wAicies. have ir￿lUded an estimate f(x the Colleg8'S
share of the USS and OSPS ￿nS￿n ￿erne Ikgbilrties. and an estimate of the useful economic life
of its buildings. Otherwise rK) judgements were required that have a signffiLznt effect c*n the amwnts
recognised in the financt81 statements.
The College cal{￿lateS its liability for USS pension defi¢tt based on the Current agr*d schedule of
deficrt contiibutions wth reference io the latest sctsme valuation.
3. Inc(Hne re¢ognitlon
All income is recognised C￿1￿ the College has enttllement to the inixjme. the economic benefft is
prot)*Ae, and the amount can b8 relkgbly measur8d.
17

HERTFORD COLLEGE
Statement of Accounting Policies
Ygar ended 31 July 2022
Income from fees. Office for Students support and other charges for servlcos
Fees receivable. less any scholarships. bursaries or other a11thvan￿S granted from the College
unrestiicted funds, Office for Students 5UPPOrt and d)anJes for SeNi￿S and use of the premises are
re(xignised in the period in which the related Serv1￿ is provid8d.
Income from donations, grarrts and legacbes
Donations and granLs that do not impose Swif￿ tjture perfo￿an￿related ￿ other specific
conditions are recL)gnised on the date on wh￿h ihe tha￿ty has entiuement to the resource. the
amount be rdiably measured and the ecof￿m￿ benefft to the College of the donation or grant is
probable. Donations and grants subject to tErfom)ance-related conditions are re(xNJnised as and
when those CL)nditions are met DonatNJns and grants subject to other specific conditions are
recognised as Ihose conditions are met or their fulfilmenl is wholly within the control of the College
and it is tKDbable that the speufled conditv)ns wll ￿ met.
Legacies are ￿0)gnised followiThJ grant of probate and once the College has received suffiLyent
inforrnatK)n fYDm the exeuJtor(sl of the deceased's estate to be satisfied that the gift can be ￿liablY
measured and that the economic benefft to the College is probable.
Donations, grants and legacies accruiw for Ihe general purposes of the College ar8 cxediled to
unrestricted fvjnds.
Donations. grants and legacies whid) are sUtr4￿t tg LX)nditions as to their use imposed by the donor
or set by the temis (rf an appeal are (xedited to the relevant restricted furKI or, where the donation,
grdnt or legacy is required to be held as cafftl, to Ihe endowment funds. Where (k)nations are
received in kiThd (as distinct from cash rx other Mo￿tary assets). they are measured at the fair value
of those assets at Ihe date of the grf
Investment income
I￿terest on bank balances is a(xounted for on an arxwal basis with interest recognised in the period
to which the Inte￿St relates.
Income f￿M fixed interest debt sewTilies is recognised using the effective interest rate method.
DivKlend In￿Me and ￿milar dislriiyJbons are recogniwj on the date the shave interest becornes ex-
dividend or when the right to the d￿lde￿ on be established.
In(x)me from investment properties is recognised in the perwxl lo which the rental incxtrmè relates.
Total Retum accounting princaples have been adopted in relation to investments held as part of the
permanent endowment.
The G8rryiro valu6 of the trust fcy invesknent (the prese￿ed permanent ¢apitsl) has been faken as
the market value of the relevant investments as at 31st JU￿ 2009. together with the original gifi value
of all subsequent endowments re￿Ved and transfe￿ from the unapplth tolal telurn approved by
Ihe Goveming Body to increase the value of the t￿st investment in line the RPI index. The
balance of the investrnent unapplied totsl returns is a￿uMulated as a o)mponent of the r81evant
endowment funds with amounts from this rel8ased to income each year 81 the discretion ofthe
(knerning Body.
4. Expenditure
Expenditure is accounted for on an ac(xuals basis. A liability and rdated expenditure is recognised
when a legal or constructive obligation Iximmits the Cdlege lo expenditure that will probably require
settlemenL the amounl of wh￿h can be T￿lablY measured or estimated.
Grants awarded Ihat are r￿t perfOmwr￿Iated are charged as an expense as soon as a legal or
constructive otAigation for their payment arises. Grdrrts subject to pHfomiance-related q)rwJitions are
expensed a5 the specified conditions of the grant are met.
l exwnditure iTKluding support costs ar￿ governance ￿)sts are allocated or apportioned to the
applicable experKliture ￿te￿rIeS in the Statement ol FinancHI A£tivilEs (the SOFA).
18

HERTFORD COLLEGE
Statemont of Accounting Policles
Year gnded 31 Ju
2022
Support costs which indudes governan￿ ojsts {(x)sls of comptying with constitutv)nal and statutory
r4uirementsl and other indirect costs are apportioned to expendtture categories in the SOFA based
on the estimated amount attributable to that actsvtty in the year. either by referen￿ to stsff time or the
use made of the underfying assets. as appropnate. Irr8c))verable VAT is I￿ude￿ wilh the it8m of
expenditure lo which it relates.
Intra-group sdes and charges belAYeen the College aTrY IL% subsid1￿leS are excluded from trading
income and expenditure in the consofidated financial statements.
5. Leases
Leases of assels that transfer substanliaHy all the risks and revrards of ownership are dassified as
finance leases. The costs of the assets hetd urKler finan￿ leas8s are induded within fixed asseL8
and depreaation is charged over the shorter of the kase term and the assets, useful INes. Assets are
assessed for impaimienl at each rewrting date. The corresponding capital obligalh)ns under these
leases are shwn as liabilities and recognised at the lower of the fair value of the ￿aSed assets and
the present value of the minimum lease payments. Lease payments are appmxtioned be￿eeN Gapttal
repayment and finan￿ charges in the SOFA so as to achieve a c£Jnstant rate of interest on the
remaining balance of the liabilty-
Leases that do not transfer all the risks and rewards ol ownership are dassified as operating leases.
Rentals payable under 0￿rating leases are charged in the SOFA on a straight line basis over the
relevant lease lerffls. Any lease in(*ntives are recognised over the lease term on a straigm line
basis.
6. Tangible Ilxed assets
Land is Stated al cost. Buildings and wuipment are stated at cost less acujmulated depreciation arKJ
any accumulaled impaimient losses.
Expenditure on the acquisib'on or enhancement of land and on the acquisitM)n, consknction and
enhancetnent of buildings whith is d1lpc￿Y attritxJlat4e to bringing the asset to tts working condition
ft)r ils intended use and amounts.ng to than £25,OW tcgether wth expenditure on equipment
costing rrK)re than £25,000 is capitalised.
Where a part of a building Dr equipment is replaced and the costs rApitaknsed, the ￿U￿7rKJ value of
those parts replaced is derecTrJnised and expensed in the SOFA.
Other expenditure on equipment incU￿ed in the r￿1 day-t&day njnning of the Cdlege and its
subsidiaries is charged to the SOFA as incurred.
7. Heritage Assets
The College has ckK)sen to h(4d heritage assets at cx)st. The ￿llege has a number ofassets.
irKJLJding items of art and historic texts that meet the definition of heritage assets under the SORP.
The depreaated historic o)st ofthe maj(ty ofthese items is nil. Items purchased are wognised at
)sl and items donated to the CclIe￿ are recognised at fair value. The college has taken advantage
of the exemption within FRS 102 rK)t to disdose transactions before 1 January 2015 as obtaining fair
values for these assets would be irnpracticatrAe awKI the c*)st of obtaining such valuats.ons Y￿uld
<￿tiVe1gh the benefits tD the users of tFw fina[￿181 st*ments
8. Depreciation
Depreaation is provided to write off the txist of all relevant taThJible fixed assets. 18ss their estirnaled
residual value. in equal annual instalments over their expected useful ecorK)mic lives as follows..
Freehold propertie$
30 -50 years
Equipment
5 years
Freehold land is not depreciated. The Ixist of freehcld land asscKiated th8 main histollc site 15
not induded in the balance sheet twjt is not material. The cost of Maintenan￿ is charged in the
statement of Financial Activits"es in the pwiod in which it is incurred.
19

HERTFORD COLLEGE
Statwnent of Accountlng Pollcles
Year ended 31 July 2022
The costs of maTr)r renovation prc4ects which in(xease Ihe service Fotsntial of buildings are
capitalised and depreciated over applicable FHK)ds.
9. Investments
Investment prKJperbes are initially recognised al their o)St and subsequenly measured at their falr
value (market value) al 8ach reporling date. Purchases and sales of invesbT]ent properties are
recognised on exchange of contracts.
sted investments are initialty measur8J at their cost and subsequently measured at their falr value
at each reporttng date. Fair value is based on their quoted price at the balance sheet date wf(hout
deduction of the esb'mated fLrture selling costs
Investments such as hedge funds and private equty fvnds which have rKJ readity ider)ttfiable market
value are initially measured at their costs arKI subsequenuy measured al their fair value at each
reporting date without deduction of the estimated fulure selling cosLs. Fair value is based on the most
re￿nt valuations available from their respective fund managers.
Changes in fair value and gains and losses arising on the disposal of investments are credited or
charged to the income or expenditure section of the SOFA as 'gains or losses on investments, and
are allocated to the fund hokling or disFosing of the rdevant investrnenL
10. Other fil￿ncIal Instruments
Cash and cash equivalents
Cash and (zsh 6Nuivalents indude cash at banks and in hand and short term d8pcksits with a
maturity date of three months or less.
Debtors and credltors
Oebtots and Ixeditors re￿1vable or payable within one year of Ihe reporting date are canied at their
at transaction prTrce. DeblcKs and creditors that are receivable or payable in rrK)re than one year arKI
not subject to a market rate of interest arB measured at the present value of the expected future
re￿Ip￿ or payrrÉnt discounted at a rnarket rate of interesL
11. Stocks
Stock5 are valued at the Iow8r of ojst and net reali5able value. cost b￿r￿j the purchase price on a
first in, first out basis.
12. Foreign currencles
The ￿nCtIOnal and pr8sentation currency ol the College a￿1 its subsidk4ries is the pound sterling.
TranSaC￿nS denominated in f￿eIgn currencies during the year are translated into pounds steding
using the spot exchatvJe rates at the dates of the transath"ons. Monetary assets and liabilities
denominated in foreign ￿rrenCIeS a￿ translated into pounds sterfing at the rate5 apFAying at the
rep¢yb'ng dale.
Foreign excharye gains and losses resulting from the setdement of transacions arKI from the
translation of monetary assets and liabilities denofflinated in foreign currencies at the exchange rdtes
at the reporting date a￿ recognised in the I[￿orne aNI eynditure section of the SOFA.
13. Fund accounting
The total fvnds of the and its subshdiaries are al￿ated to unrestricted. restricted or
endowment funds based on the origins of the fvnds the tems set by the donors. Endowmnt
rMJ5 are further suEydivided into permanent and expendable.
Unrestricted funds can be uwj in fUlthetsn￿ of the Obl￿tS of the Cdlege al the discretion ofthe
Governing Body. The GovemiThJ Bcty may deude Ihat part of the unrestricted fijnds shall be used in
future for a Speci￿ pvrpk)se and this will be a￿￿￿1 ts by transfers to appropriale d8signaled
fvnds.
20

HERTFORD COLLEGE
Statemenl of Accounting Policlas
Year ended 31 July 2022
Restricted funds ￿mprise grfts. legacies and grants where the donors have earmarked frjnds for
specific purFK)ses. They consist of either gifts where the th)nor has sFwified thal Ixjth the capital and
any income aTising musl be used for the pup)ses given or the inC￿Me on gifts where the donor has
required that the capitsl be maintained and the Ir￿￿Me used for specific purposes.
Permanent endowmerrt funds arise where donors specify that the bJNJs S￿￿Id be retained as capital
for the pemianent benefft of the College. Any In￿Me arising from thé capital w￿1 be accounted for as
unrestricted funds unless the donor has FAaced restrictions on the use of that ir￿OMe. in which case it
will be ac(x)unted for as a restricted fund.
Expendable 8ndNment funds are similar lo pern￿nent 8rKYowment in that Ihey have been gwen, or
the College has determined baS￿j on the circumstances that they have been given. for the long term
benefit of the Co118ge. However. the &)veming Body May at their di￿￿etiOn determine to spend all or
part of the capital.
14 Ponsion ￿sts
The College parbcipates in the Universities su￿rannUation Scheme a￿1 the University of Oxford
staff Pension Scheme. These Schemes are hybrid pensk)n schemes. provmling defined b￿effits
based on salaries as well as benefits based on (xintrtbutions.
The assets of the schemes are each held in a separate trustee-admirlistered fund. Because of the
mutual nature of the schemes, the assets applicable to the defined benefit membership are not
attributed to individual CoUeg8s and s¢her￿-￿de (x)ntributK)n rates are set. The College is therefore
exposed tr) actuarial risks asscciabj with other UniversitEs' and Colleges, employees and is unable
to identify 119 share of the undertying assets and liabiltb'es of the defined benefft scheme on a
consistent and reasonable basis.
As requlred by Section 28 of FRS 102 "Em￿OYee beneffts", the College acc￿nts ft)r the ￿herneS as
if they were wholly defined contiibulion schemes a￿1 o)ntributions to these schemes are recognised
as a liability and an expense in the period in whth the salaries to which the contributions relate are
payable.
The College has entered into agteerTErts for both schemes (the ReLxJvery Plans) that detemiine
how each employerwithin the schernes will fund the overall scheme defiuts. A liabillty is reccyJnised
at each balance sheet date for the disoy)unted value of the expected fvture contribubon payments
under these p&st Se￿1￿ deficit fundirKJ agreements, with changes to these liabilities being
recognised as an expense in the peri(yJs in whth the Ghang8S OWJf.
21

HERTFORD COLLEGE
statemént of Accounting Policios
Year end8d 31 July 2022
This page is left intenlionally blank

Hertlord College
Consolldated Statement of Flnancial Aclivi
For the y•ar ended 31 July 2022
2032
Total
£'o
2021
Total
rDOO
F￿dS
F￿d5
Funds
00
INCIXIE AND ENDOWMEpifs FROII..
Charllabl• •clivitles."
YEathing. research and res￿￿￿tial
at￿rTradIng IncoTr
Donationsand ltyacjgs
Investmq¥
1nveslrn￿t Inwme
Totsl ralum albJcBtsd
crth9rln￿M6
Toial InGorne
527
T24
6.751
4,995
241
1.385
1.610
2A35
149
361
2.*7
12.7*1
4156
2.461
7.604
16.445
11344
11751
12.138
EXpEND￿uRE ON..
Char*Able aCllvkl•s'.
Teachiry. re¥earth arvj MS￿entia[
Generatrng funds=
FutKlraisuig
Tradyu e>￿&￿d￿re
Iwestrnenl m8w8rnertto¥>sts
Totsl Exp8thdiiure
11.710
12.099
.470
457
457
795
1.090
14444
fQO
342
821
11.253
12
351
1￿2
191
N8t kncomffjpondllurel bDforogaknsl (knosesl
718
13661 ￿306)
5.192
t g8in51llosse61 on in¥ethents
12
11.0481
11,9401
13.0951
13.298
Net Inc•m•fflExpendttur41
(3.7(￿)
15
Translorn bekn¥tsn fvrmls
17
11.0711
1471
Olh8rrnco9ni%d ¥aln¥1105505
Insllbs9¢$1 on revaluatk)n of fr*d as*
al gains1j0swl￿ def￿￿1 benefit 8chemg5
Nai movemomtin lunds lorthe year
5821 I4￿}
(2,3531
15.4011
18.49)
Futhd baarKes browjht l+Jnvard
PriQryearlu￿ adlu¥tment
17
5M53
98179
7g,IB3
19411
Funds cllrri8¢ forward at31 JL*y
2122B
92.978
97.673

Hertford Coll•g8
Consolidated Siaternent ol FinarKial Acliv5ts
Forthe year •ndod 31 Jufy 2021
RethLtsd Endo
Furmts
Funds
co
2021
Total
£wo
Fu
INCOAIE Ptt4D ENDOWUENTS FROM..
Charitable aclhrtl•s:
Teth￿9. reseaK* and reddentsl
OtherTradlno Intomè
4.976
1fj
4.995
1,3B5
Invpstrnenl i￿￿￿E
Tctal re￿rn alloL* to TrA￿e
Oth8r irKX)tne
T¢)tsl inEornp
EXPENDITLIRE ON:
123
412
1.731
132051
2.451
17.th)2
11.4651
16.445
Te8thing, resèarth arny
Gener*kng fund5:
Fundrats1￿1
Trading expendlknre
InveBtmefit marwThnl cests
Toi•l Exk*ndthro
9.3fO
160
,470
620
342
819
342
133
133
10.Y9
169
kncornellEwdituTrl beforegal
6.053
739
11.598
5.194
Net g8in51Oos5EsI ty) investrn*its
730
11.741
13.298
N•t Incorn•l(Exwdi¢vwFI
Transfers b￿WO8n ftTrl$
31
131}
Not mo¥•rnent In funthforthe year
Fund balan￿S b￿UghtforW8rd
6.783
14 J75
1W7
4256
10.112
18,492
79.183
Funds ¢•tfvd fly*￿T￿ at31 ￿tY
21.158
5.853
97.675
24

HertFord College
Consolidated and College Balan￿ Sheèts
As at31 July2022
2021
Group
£))
2022
College
e¢KJo
2021
College
£000
Group
Tangth assets
prop￿ Investr￿lS
IrwestrneTrls
10
11
12
13
14.347
7,952
115.7
11599
9.389
111.441
14.347
7.952
115.705
111841
Totsl Fixed As¥ets
13&004
1¥429
138,CX14
CURRENT ASSETS
St(
Deblers
Cash 8t bank in harnl
21
1.4PA
1 J64
21
1,971
1,213
14
T¢bl41 CunBrt A55ets
913
Z869
1533
3,20S
uA￿lL￿lEs
15
I1.3￿)
11.2011
11,388}
CURRENTNSSETS
1.473
1.817
TOTAL ASSETS LESS CURRE1￿ LIABILITIES
135J15
139.477
13Q761
139.P￿1
CREDITORS: f811ing due after one ye
16
140.DOOI
140.OLX)I
{40.WO)
140.0001
95.815
99.477
96.761
99,821
Defined beneflt penslon lfiablKy
83n
11.8011
12.83n
11.8011
TOTAL ASSErs
978
97.676
93.W24
98,020
FUNDS OF THE COLLEGE
Endowmentfunds
68J11
70,664
311
s,￿3
Unrestrfcted funds
D&signaled fund5
Ge¥Jeral funds
R&valuaon reserve
Pension r8S8Nt
14723
14.846
8,114
14EIO
15.1
8,114
(1.8011
11,8011
97.676
93,924
98.020
Tha financ1￿ stargm&)ts WE￿wa¥•j aTrJ *th￿l ttyi55LE GwwnirvJ ColbJe C￿ 23rd NowetrttEI2022
Tru5tg8.'
Trusts

Hertford Coll
onsolidated Statement of Cash Floy
For the year ended 31 July 2022
2022
£'ooo
rooo
Net prowd¢d by (Ltlod kn) opw*vwJ athll
Cash flows from investing actl¥ltles
Di￿andS. IntereSt￿d rents from in%*skn%nts
Pr(￿eedS frorn sale of txo￿ty. 8nd eqU1w￿
Purchas8 of property, pl￿tar￿1 equiprrEnt
4155
200
116041
1171
2.4
217
12,9211
11.169
34.010
23,0
Purchase of Investm￿
Nel cash provlded by (used inl invo8llng a¢tlvMi
Cash ffow8 finan¢lng athities
Coupon on Private P￿Ce￿nt PdKI
15041
20,000
RB(Eipl of*n(bwrnenl
Nat cash provided by luwl inl Ilnanchry acb¥iti
19661
19,496
hang• In fA8h an¢J cash equiv•*rts in thè rnporkng pe￿d
15631
11461
Cash a￿1 cash eqwla1￿ * the beglnnlThJ ofthe rewtw
nod
1.508
Change kn and ta&h tquw*i*s In the reFwtlry perlod
15631
11441
Cash and cash equivalents atthe end of tho Trpryllng puvjd
24
26

H¢nford Collep
Not•s th tl* flnanclal statsfflwts
Fortho wrendpd 31 Juty 2022
ro)0
24S
125
erHEFCE
io
NC¥ 13
17
11Z4
L61
OThERWIC¢JIIE

Hertfard Colege
Not*$ b) tho flnanclal statsm¢ffl8
Fortho yfjarended 31 j￿y2022
4.727
4857
1674
9A70
134
937
4￿v¥s OFSUPPORT AP4D(4)¥ÈAWCEC05rs
2J19
47)
1275
192
212
Yotsl
371
1.14¢
fwjwy
1.1
IS21
179

Hwttord Colkw
Not•sto th• fin4n¢iai
rthe 3f Juty2022
TOtsI rEslr*tEd

HèrtlDrd Colleg
Forthg 9￿ded 31 ju￿ 2022
£￿.rI11.£TO.mo
.rx1l.E￿.C￿l
.￿l-El￿D)I
£1fAI,fth411Q.IWJ1
P￿¥
2T.1JS
1374
￿￿ofY?¥
14%13
14J47
A31YtJu￿¥Y1 £12kndtr

Forth• yoar¢ndèd 31 2022
rAIII
rt&y¢
21,111
Jof
27.617
1.178
11018
•r4￿N•
sKwkofy
14233
Tolal
£uo
929
r(oo
7.￿1
EGUThPI4DOTHERWVESTIIBIIS
11QWD
514
20.ODJ
IDveskiJ
1.740
7.052
I1￿}
1157
11*5

Èrtfortl Colhp
Not•¥ tothe firAnclBI 2tatsn*nts
FoTtho year onded 31 Juty2022
Hédln
UK
11729
11729
14
4&31S
19JXI
4&31S
64n
Tol•l
13 PWMTPIID$UBWI•IIYLvif£RTAqIGS
EKpwOur4
12481
1XJ
11331
l*lfvrthBltsorrflof
Tradpdthr
151
13
1.88S

Forth&ywended 31 Juty 2022
V7)
140
13•
40.oro
DFII¢JValEIIISQN
714
.7T4
Pl¢tsnerMty
E PA
MK** Fw¥J
Fdb7KhpFu
1214
Cwrwo2FeIk￿zh
187
1414J
141ZJ
IF￿
1753
874
3)
114
14.346
I1￿￿)
14
I1,￿}
Tov4Alfw
97th

Nots¥ to ￿ ffinanclal 5tatemBnts
For tk y•orerKIB4131 July 2022
17 AIIXYStsC*IIQ¥EllÉ￿otI
Totra
•k31J
&J.774
11r
P.4351
ii.pthi
,7fy)
624
E.
k*tttA F
(31
118>
61
123
s￿￿1 Swrt
FE1k1￿￿Tr?FUr
tV4p¢IsSttrd*s￿F
1331
2214
161
f611
2,140
10
l*s￿rtSUI￿11P￿￿"B￿.lFLy*y
68.311
Undry4duaIeÈU￿ff¥l
16
10T
144
E M VWWllknÉTnot
12
274
11.1241
J1
f126
14
V3
11,lJl81
9J41
1.124
1.124
{1
a81
Tc*alFIYA

Hertford CollegD
Notss toth? flr•¢o1 siat•mwts
ForthB yearended 31 JL* 2022
Pl31
7931
10,101
.7T4
rMrkTay
1491
151
16
¢41
11tr11
1214
vi
f1¥
41
Z49
p)
10
11.740
31
E. K4. V•410￿WIknTry￿
15
140
31
319
1113)
4U
139
1753
874
110
&114
14
43DI
I1￿1}
14375
VO549)
21.159
143T5
14209
110.94S
21.182

Collfjg
Not88 tpthe flnancial st3tarnent¥
FTrrlho yqarended 31 Juty2022
Endowment Funds IconJnuedl
BaLin(e èt IAwwt*)21
I7￿5
6934Y
IntOMe4nd
8sMèn'.if*x￿e
IWeS￿ne￿.￿lnS l Orts8esl
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