Hertford College
Annual Report and Financial Statements
Year ended 31st July 2023

Hortford College
Annual Report and Flnanclal Ststemgnts forthe year ended 31st July 2023
CONTENTS
Governing BCKJY. Officers and Advisers
ReKth of the Goveming B￿JY
Auditor's Report
Statement OfA&)￿nting Policies
Consdidated Statement of Financxal Athil*s
13
16
21
Consolidated and College Balance Sl*ets
Consolidated Ststement of Cash Flows
23
24
Notes to the Finan(xal Statements
25

Hertford College
Govemlng Bodyi Officers and Advlsers
Year ended 31st Juty 2023
MEMBERS OF THE GOVERNING BODY
The Members ofthe Goveming BIMty ar8 the College's charity trustees under charity law. The members
of the Goveming Body who served in Offi￿ as trustees duritvJ the year are detailed below.
Gov8rnlng Body Fellow
College Ofllce
{11
(2)
13)
14)
151
Professor E Baldwn
Profass￿ H Bayley
Professor C D Brewer
Ftrofe5sor E Chatzis
Mr J K Clark
Bursar
Professor Z F Cui
Professor F Duart8
Dr D Dwan
HarassmentAdvig)r
MrT Fletcher
Prirvipal
Tulor for Gr*luates
Professor B M Frellesvig
Dr A Galanis
Dr K Greasley
F*ofe5sor D Greaves
Professor D M Hopkin
Dr J Kiaer
Dean of Degree5
Professor D lQelak
Profe8sorA G Lauder
Professor P Liwxygakns
Dr J Lorimer
StLhlent Cor¥Jud Offi￿r
Dr K Lunn-Rockliffe
Prevent Lead
Professor l McBride
Professor M Maiden
Dr L Malafowis
ProfessorA Mikes
Tutorfor Equalty & Diver>ty
Professor P J R Millic*n
Dr E Mortrner
DrA Nair
H8TrassmentAdvisor
DrSJNew
Dr O J Noble Wood
Dean awvj SCR Steward
Professor S Pararneswaran
Fellow fr￿ Researth
Professor P F Roche
Investrnent Bursar

Hertford Coll•ge
Govemlng Body• Officgr5 and Advlse
Year ended 31st July 2023
Goveming Body Fellow
College Ollke
{1)
(2)
13)
(41
(5)
F Rornei
L Slater
t￿c Sloan
Porter Fellow. s￿retary to GB
Fellow Librarian. Pro Prinrapal
Professor E Smith
Ctr L Sp8ight
Professor G Stemberg
Professor D Thomas
Professor C Vallance
Senicy Tutor
Dr C V91iz
Inderendent Prèvent Monilor
Dean of Degrees
Senior Fellow
Dr Vyazovskry
Professor T WILson
Professor M Wooldrmlge
Professor A C S wO￿lard
M5 F Whear8
Professor R G Zub8k
During the year the activities of the Goveming BrKly were carried out through various committees and
Officers. Membership of the main commttiees is s￿n aLM)ve for Fellow.
{1) Academic Committee
(2) Treasury Committ8e
(3) Development Committee
(4) General PurFM)ses Committeo
(5) College Commttte8
COLLEGE SENIOR STAFF
The senior staff of the Cdlege to w￿rn swtfic aspects of day to day management were delegated
during the course of the year. and who are regarded as Key Management Personnel. was as follows.
College A(xountant
Mrs Judi Banks
Domestic Bursar
MrJames Hdl
Registrar and Director of Admis￿OnS
Ms Lynn Ffjathe￿ne (unbl 31.8.22) Ms Meg8n Roper (from
8. 11.22)

Hertford College
Governlng Body? Officer5 and Advlse
Year ended 31st July 2023
COLLEGE ADVISERS
Invostm8nt managers
Rathbones Investrnent Man￿eMent Ltd
8 Finsbury Circus
London
EC2M 7AZ
OxfcKd Universty Endowment Management
27 Park End Street
Oxford
OX1 1HU
Audltor
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M TJW
Bankers
Bardays Bank PLC
Oxford City Branch
PO Box 333
Oxford OX1 3HS
S0￿cItOrs
Knights 1759
Midland House
West Way
Bodey
Oxford
OX2 OPH
Unitad Kingdom
College address
Hertford C(Alege, Catte slreeL Oxford OX13BW
Website
www.hertford.ox.aG.uk

HERTFORD COLLEGE
Report of the Goveming Body
Year ended 31 July 2023
REPORT OF THE GOVERNING BODY
The Members of the Governing Bc*Jy present their Annual RepcKt for the year erKied 31st Juty 2023
under the Charities Act 2011. t(yJether wth the audtted fina￿la1 statements for the year.
REFERENCE AND ADMINISTRATIVE INFORMATION
The Principal Fellows and Scholars of HertfoTd CCA￿ge in the UnNersity of Oxford. which is known as
Hertford College ("the Cdlege'}, is an eleenK)synary charter8J charitable corporation aggregate. The
College was founded by an Act of ParlBment in 18T4 that I￿orporated Magdalen Hall as Hertford
College. An Act of Partiament of 1816 had grant￿ Magdalen Hall the stle and fEsidual possessions of an
earfier, by then defunct. Hertfow(I College. This had received a Royal Charter in 1740, being the
successor to Hart Hall which claimed its origins in a hall of residen￿ established by Elias de Hertford c.
1282. The College registered with the Charities Commission on 17th Augusl 2010 (registered number
11375271.
The names of dl Members of the Goveming Body at the dale of this report and ol tr￿ in office durirvJ
the year, together with detsils of athsets ot the College, are given on pages 2 to 4.
STrUCTURE, GOVERNANCE AND MANAGEMENT
Governing documents
The College is govemed by its Statutes M￿le under the provision of the Oxf(￿d and Cambridge act 1923
and approved by Order in Council on 12th Octcthr 2011.
Govemlng Body
The Governing Body is constituted and regulated in accordan￿ wilh the College Ststutes, the terms of
which are enforceable ulbmately by the Visitor. who is the Chancellor of The unive￿Ity of Oxford. New
member5 of the Goveming Bc#Jy are elected by the votes of not less than ￿ thirds of the lotal number
of Fellows with the [￿sent of the PrwKipal.
The Governing Body determines the on-goirvJ strategiG direclK)n of the College and regulates its
administration and the managemerrt of its finances and assets.11 meets regularly under the chairmanship
of th8 Prinupal and is adwsed by committees.
Recruitment and training of Members of the Governlng Body
New Mernbers ofthe Goveming Body are ind￿ted into Ihe worknrys of the coll￿e. including Governing
Body policy and procedures. by the Principal and Bu￿ar.
Mern￿rs of the Goveming 8(xly can attend trust￿ infomhgtion ￿"efir￿J$ to ke&p them Infomod of th&lr
duties as trustees and about regulatrxy requirements.
Remuneratlon of Members of the Governing Body and Senior College Staff
meMt￿[S of Ihe Goveming Body receive m remuneration or benefits frrjn their trusteeship of the
Cofiege. Those members that are also empk)yees of the Gdlege receive remuneration ft)r their work as
employees of the College, which is set in a(wrdance wth the advi￿ of the College's Remuneratictrn
Committee. Whefe possible and re￿van¢ remuneralion i% set in line with that awa￿jed to the University's
8&3demiG Staff. AJI slaff are all remunerated al a level whK* equals or exceed5 the Oxford Living Wage.
which is set at a level &Jove the National Limng Wè3e.
The r8muneration of Fellows is set by the Treasury Committee in ling Wlth guidelines sel by the
Remuneration Commrttee by reference to the annual (anonymised) survey of Colleg8 offi￿rS and
Fellows. Benefils conducted by the UnIve￿ty and conferen￿ of Cdleges.
Organisational managemont
The members of the Goveming B(Mty m*t at least six times a year. The main WO￿ of developlng th￿'r
policies and monitoriro their imKAementaltl￿ is cArried out by various committees..

HERTFORD COLLEGE
Report of the Goveming Body
Year ended 31 Juty 2023
Academic Committee: adN4ses and reF￿rt￿ to Governing B(xly on all matters relating to academi
policy and has oversight of the a(2demic repuL2tion of the College in all its aspects.
Treasury c￿nMittee. has oversight of the College's ffinan￿5 and investments and reports to
Goveming Body on the effectiveness and propriety of the Cdlege's financial management.
Development Committee: leads on the devetopment of the strategy for the College's development
activities, identifies funding priorities within the framework of the Cotlege's 5ts3tegic plan and liaises
with the Treasury Committee to oversee the p8rfom)8nce and financial Tnanagement of the
Development Office.
General Purposes Committee.. receives reFths frum and provrdes support to the Principal on College
business in his role as its representative within the Unwersity and the WKler worfd. The Committee
re￿NeS rx)minations for Cc41ege Offices and thp membeTship of ¢ommrttees.
College Committee: has overshJht of vari¢yJs memtr*rs' mattw5. induding the thmeslic management
of the College.
Remuneration Committee: consists offour persons not in r￿lpt of remuneratlon from the College of
which three are not members of Governing Bcty. with the Principal and the Bursar in attendan￿.
The Committee makes recxjmrne￿atiOnS to the Goveming Bcty on Fdk)ws' allowances and College
Officers, stiFends.
The daY-t￿daY njnning of the College is delegated to ￿ Bursar. supported by the Dow*stic Bursar. Th8
Bursar attends all meetings of the (￿veM1￿j Bc*J*5 Committees. ex￿PtAcadBmiC Commiitee.
Group structure and relationshlps
The College administers a number of special trusts, as detailed in Notes 17 and 18 to the financlal
statements.
The College has tsvo wholy-0wr￿j rKJnthritable yjbsidigries. Hert[c￿d Cc4*e Programmes started
trading on 1stAugust 2010, and tts activities primarily cornprise conferen￿5 and English Language
prcorammes which use the Cdlege's tacilities when not in use by Ihe College. Annual profits are donated
to the College under the Gfft Aid ScheTh*. Hertft)rd c￿lege DesNJn armj Build started trading on 13
MarGh 2020. and its aclimties comprise designing, ￿MmIss￿jni￿g and constTUCting new estates facilities
for the College. Annual profits are donated to the College under the Gift Aid Scheme.
The Collrye is part of the collegiate UnIve￿ty of Oxford. Material irtsrdependencies belween the
University and the College arise as a consequence of this relatijnship.
OBJECTIVES AND ACTMTIES
Charitabl• Objects and Airns
The College's obl￿ts are to advan￿ Put4￿ leamirvJ by the provisi)n of a cdlege in the University of
Oxford.
The Goveming Body has considered tt)8 Charity Ccfftmission's guidance on pU￿1C benefft and, in
keeping with its objects, the College's aims ￿ the public iEnefit are to:
Promote excellence in undergraduate education, induding pastoral and academic support.
Make that excellence ￿￿sible to all who from it regardless of theT social or
economic background.
Provide pastor21 arKi academic SUPFth to graduate students. and
Promote ex￿llenCe in research on the part of its Fellows arKI Stip8ndiary Lecbjrers.
The aims of the College's subsidiaries are to help to lurKI, or otherwise svppyL the achievement of the
College s aims as above.

HERTFORD COLLEGE
Report of the Governlng Body
Year ended 31 July 2023
The College remains committed to the aim c( provklirvJ puNic b8nefft in a￿danc8 with its founding
principles. The Coilege's Public Benefit stateff￿nI is published on the Cdlege websit8.
The College advances puilic leaming by provKIl￿ hpJher educa1ion to undergraduate and FQStgraduate
students within Oxford University and by SUPForbng the pursuit of publidy diss8minated r8search. During
the year. the College had approximately 420 UrNJe￿aduates. 262 poslgraduates, and 35 fellows who
have contractual Ok￿l9atiOnS to teach as well as research. The Cdlege provides putlic benefit by Dffering
higher eduCat￿n lo its undergraduates, much of it via the tutorial system which provides Ihe opportunity
to meet with a tutor on a weekly basis during temi b'me. In additson. the College prOv￿eS dasses.
seminars and other form5 of teaching as appropriate. in coniutKtion with the UniVersi￿S departhenls.
To support St￿lent leaTning, the College also prOV￿e$ the use of the College's litnry a￿1
accommodation and actyvety prorrKltes the wits cultural and s(Kial edu(xtK)n of its students thruugh the
provis￿ of comwter, SFMNts, careers adwce arKI ottrw facililEs.
Graduates at the C￿lege forni an imFMYtant part of the a(xlemic tx)mmunity. While they are taught al
their University Faculty, every graduate student is a￿]gned a Cdlege Graduate Adviserwho provides
pastoral support.
The Cdlege also advan(xs research in a raNJe ol disciplines by employiNJ academics who have a
contractual obligation to undertake published research. and promding them a supporttve academic
aknosphere. including the provision of research granls, lil)rary and computer facilities, office
accommodation and meals. Research is disseminated Ihrough published papers. books, websites and
lectures. The College supports the research of academics wh). at the beginning of their careers. have
already shown outstanding promise in their chosen field of rvtsearch by providing 8 fulty funded Junior
Research or Career Devdopmenl Felk)wship fty a ￿ricKl of up lo three years to enable the holders to
cOn￿￿trate on their topic of research.
The College offers undergraduate placEs on the basis of academic meriL The College aims to attracl the
students who are most able to benefit from an Oxford educaticn regardless of sex, gender. income,
ethnic origin, r81igion, previous ￿uCational opporbJntLy. or disability. and a(*vely works to recruit
S￿dents from non-tr￿ltioTra1 backgrourKls by en(xyJrdgirKJ applicatK)lls from under-represented groups.
Financial support 15 available to und￿gradUateS frDm the UK (and the EU in some Cl￿￿￿5￿nceS) to
assist them with the ￿sts of tuition fees and living Ix)sts whilst at the College. In addition to the student
loans p￿Vided by the Student Loans Company that are available to undergraduates from the UK, other
financial support from the University arKI the Colleg& is available to undergraduates who arg from
hcHJseholds where income is below a certain lev81. A range of financial Supp￿ is also available to
Graduate students. In 202212023 a total of £780k was spent on student SUPFM
Oxford Bursaries are available to UK undergradu8tes from househdds a55essed as having a
sufficiently low irNxJme. In the 2022123 year. 110 of Ihe College's undergraduate5 r￿e1ved an Oxford
Bursary ftjnded joinuy by the University and the C(Alege, with a total value of £414k.
In 2011112 the College introduced a means-tested Hertford Undergraduate Bursary of £1.OCN), for
UK undergraduates. This bursary was extended to EU students in 2012113. IN 2022r23. 130 Hertford
students were awarded the Hertknd UndewgTrduate BuTSary.
Graduate furKllng is also provided in the fomi of sthdarships and grdnts. Tr College awarded a
lotsl of £395k in 2022123 for this pup)se.
The College aso offÈrs Studènt Support In the forn of grants to trKJth undergraduate and graduate
students who experience unexpected financial hardship. for academic reLited travel. or as rent
subsidie$. In 2022r23 the Collw distributed £157k to support students in this way.

HERTFORD COLLEGE
Report of the Governing Body
Y8ar 8nd8d 31 July 2023
ACADEMIC REVIEW
Hertford welcomed one new tutorial fellow in 2022-23.. Dr Beth ￿rtImer. Tutorial Fellow in Animal Bicl-
ogy. In addiknon to her eX￿lIent research history and teaching expe￿.en￿, Dr Mortimer brings with her a
signifi(3nt background in a￿ss, widenirKJ partiopation. and ￿jtreaCh, which will ￿)mplemeNt the STEM
portion of our outreach programme. Cc41ege also particjpated in recruitsnent exercises for a further
three tutorial fellows who will j(in the CcAlege in SUbseq￿t years.
During the 2022-23 academic year sixteen new Sti￿ndiary lecturers joined us. and we appointed a fur-
ther six non-stiwdiary lecturers. A working group FBS &)nvened at the request of Governing B(xJy
to review the ever-increasing demands on ac￿le￿l¢s, and how the College can best support the careers
of ILS academic staff with respect lo research. and to teaching. The workn.ng group is stil undertaking its
data collectior) and il is anticipated that a repxt wll be finalised the next academic year.
FolloMng the UCAS Confirmation cyde in August 2022, we welcomed a srndler undergraduats fresher
(xjhort. of 117 (plus two retuming students resuming fir5t-year study in Michaelmas temil. in October
2022. This continued the downward trend establisP*d in the previous year fDllowing the exceptionally
large Ix)hort the College wdcomed in 2020. whith was a result of covid-related disruption and changes
to assessment and marking methods. As vath 2021's ￿h(rt 92% of Ihe 2022*ntry cohort were UK stu-
dents. of which 77Dkn were from state schods (9% hNJtrEr than the Un(versity average} and 45% from dis-
advantaged ba¢kgrounds (as dete￿ined by SLKiOveconomic andlor educational information).
The 2022-23 academic year was the first since the pandemic where Ihere were no pandem1c-￿1ate￿
teaching arrangements wuired. The intrrKluction of tyFed closed-book exams was new for this year,
and necessitated an even greater amount of SUPF¢rt than usual from the College's IT team for those stu-
dents who sit th8ir exams in college. separate from Iheir cthort.
The University and College were affected by a markiro and assessments tM)y￿jtt I'MAB'I, which stsrted
in Aplll 2023 and continued until the end of Septernber 2023. Some exam Ix)ards were unaffected while
others were signrficAnty impacted. though the University Intr0dL￿ed wnitigatK)n measures to minimise the
number of students whose degrees C4)uld not be completed on tirne. The vast rnajority of Hertrord stu-
dents were able to graduate on time. bul three re¢eived temp)rary declared awards. It is anticipated that
these will be converted lo traditional dassified awards in due course. On￿ the outstanding work has
been marked. This also means that the Norrington RetK)rt fur 2022-23 will be significantly delayed; in-
deed, al the time of writing. the Norrington ReFM)rt for 2021-22 is still awaiting final confimiation and dis-
semination.
Our outreach ft)cus continues lo be on link regI￿S of Camden, Ess8x. Soulhend-otbsea. Thurrock.
Medway, and Peterborough. There was a fairly even srAit of the number of students engaged through
outbound, iT￿oUnd. and online activities, aThJ we have o)ntinued to offer a monthly Teachers, Bulletin to
teachers in our link regions during Ierm-kn"￿￿. The sustained experien￿ inttiatives, where students en-
gage with the i)utreach team and college at multiF4e ocCa￿onS over a pericmj of time, have proven espe-
ally usefiJl for parbcipants, ￿ we are planning to exparMI this more Fossible.
We are proud to have met our target number of six Opportunity Oxford offers in 2022 undergraduate
admissions r￿lld. ensuring our enhanced support for students coming from significandy disadvantaged
background5. 0￿ Access Strategy. developed duriThJ the 2022-23 academic year, sets out a plan for ￿r-
ther enhancements to our access and outreach provision, as well as for suptK)rting students who are orb-
course and who cx)me from disadvantaged backgrounds, in recognition of the fact that they will eA)ntinue
lo require academK, pastoxal, and f nanaal suppK)rt during their s￿dIeS.
The College Welcon￿￿ 105 new FK>Stgraluate St￿le￿I5 for 2022-23: of ￿lch 67 We￿ taught master's
students and 38 were research Sts￿ents. We SUPF¥)rted 31 graduate sludents with fvll or paiti81 fuNJing
course fees andlor Iwiw Sti￿ndS. arKI are revEwing our graduate scholarship provision for the com-
ing years in line %wth vari(yJs funding opporbjnities and our strdtegic oil'ectives.

HERTFORD COLLEGE
Report ofthe Goveming Body
Year ended 31 Juty 2023
FINANCIAL REVtEW
The Financial Statements for 2022123 foll(yw the requIre￿￿nts of FRSI02.
A strong retum for our Intemalional Programmes activit￿ acc￿nted for the m8joiity a circa 12% uplift In
operating income. Increased Development income also made 8 significant u)ntribution.
Reported expenditure for the yearwas th)wn by 4%. In facL the cUr￿nt economic dimate o)ntinues to
put p￿SSUre on costs. but the apparent reduct￿n in teaching. research and residential costs masks this,
as it includes the tx)sitive swing in pensi¢Ms reseThes {wh￿. in combinab.on with the negative swing the
year before serves to exaggerate the movement}. The urKJertying operatir¥J thsts in this category have in
fact increased by around 6%. despite sorne significant costs reductions through estates wst savirkgs.
The net impact ofthese movements resulted in a tK)sitive mvement for net operating profrt. although
this still remains negats"ve. wilh trading income st"Il having sorrE way lo go lo retum lo pre-pandemic
levels. Projections for the coming year show a healthy further increase. On a cash basis. 2022123 saw a
retum to a postbve tM)sition on core operatons.
The College's investmont l￿dir￿￿5 saw a dedine in walu8 of around £0.8m, apin refiecting ecoTh)mic
condth'ons, but represents a ￿0w￿Jown frDm Last year's cifLa £3m r&luction.
RoseNes policy
The College's reserves policy is lo maintain a minimum of Ihree months, free reserves to enable it lo
meet ils short-term financial obligations in the event of an unexpected revenue shorttall, lo allow th&
Cdlege to be managed efficiently arKJ to provide a buffer that would ensure uninterrupted services.
The College's free reserves at Ihe year*rKI aThKfyunted lo £7.4m. representing retained unrestricted
income reserves, excluding an aTh￿in1 of £13.￿5M for Ihe bwk value offixed assets and the res8rve
against future Pension Deficits required by the implementats'on of FRS102 {£2.155m). The governing
body have reviewed the free reserves and are satisfied that the level of free reserves, the IXJ￿ent rash
flow projections, and the availability of externa] ffinanung faalities would [￿0VIde an adequate safety nel
in the event of adverse operating conditions.
Totsl funds of the College and its subsmjiary at the year-end an)￿nted to £91.889m (2022: £92.978ml.
This includes endowment capital of £68.9m. d￿gnaled funds of£O.85m and unspent reslrictsd inco
f￿r￿S lotalling £3.85m.
The Fellows have assessed the Cdleg8's abilty to continue as a ￿Ing COn￿M. The FelloNs have
considered several factors when fcffiiing their cL)nclusion as to whether the use of the going concem
basis is appropriate when preparing these financial slatements. induding a review of updated forecasts,
and a conSidera￿n of key risks. The Cdlege has a large en¢S)wmenL and financial tkrforman
COntinL￿ to be mnilored regularly. The Fellcms have scyutinised key assumpb.ons wthin the
ffinancial budget and forecast. and are satisfied that the current level of free reserves. available
investhent and cash balances are adequats to meet the College's obligations as they fall due. HaviThJ
regards to the above. the Fellows are satisfied that there are no material uncertainties around the
decision to adopt the going concem basis of acojuntirg in preparing these financiaE statements.
Risk management
Tre College has on-going pr¢¢esses which ￿erat￿ throUgh￿t the finanoal year for idenbfying,
evaluating and managing the principal risks and Un￿rtaIn￿'eS fac&Y by the College and its subsidiary in
undertaking their activities. The Cdlege identifies and regularly reviews the risks tt fa￿5. the potential
impact of each risk. the likelihood of recUrrer￿. the severity of imp8cL and th6 st8PS taken to mibgale
each partiujlar risk.
P￿￿1paI risks are assessed by the Treasury Committee. and mcxe detailed risks by other committees
le.g. Health and Safety Committee). College Officers and Heads of Department. Training cc4Jrses and
other forms of career develownent are m￿je availab￿ to TTUStees and members of staff lo enhance their
skills in risk-related areas.
The Goveming Body. who have ultimate resF)onsilylty for managing any risks faced by the College, have

HERTFORD COLLEGE
Report of the Goveming Body
Year onded 31 July 2023
rewewed the pro￿sseS in pla￿ for managiro rtsk and the Principal i(jentifi￿1 risks to which ihe COl￿e
and ils subsidiary are exposed and have (X)nd￿￿ed that rO￿st systems are in place to manage these
risks. The principal risks and uncertainties faced by Ihe Cdlege and its subsidiaries include..
l>Jvemance risks- e.g. inapprcyriate organisational slNcture. diificulties rECnJIti￿ trustees with
relevant skills, conllirt of interes¢
Operational risks- e.g. Serv￿ qualty and develOp￿￿n[ c¥)ntract wang. eEnployment issue5'.
heath and safety issues: fraud and misappropriatton..
Financlal risks- e.g. accuracy and timeliness of finanaal illft)rmati(￿, adequacy of reserves and
sh flow. diversty of income sources. investment tnanagernent.,
Ext8mal risks- e.g. wblic perception and adverse publioty, demojraphic changes, govemment
policy., and
CotnplianLE With law and regulab.on - 8.g. t￿aCh of trust law. emF4oyThent ￿w, and regulative
requirements of part"(>Jlar activib.es such as fund-raising and infomiation security.
strategies for managing the risks identfi8d by the Cdle9e as described above indude..
Operating structured and fom)alised processe5 for the i(lentFfication, assessment, and
management of the reswnse to risk.
Establishiro the appropriate committees to e¥L8ure oversight of all key activibe& with
responsibility for fcmulating ￿￿)MMendat￿)n$ to GovemiTrJ Bc#ty"
Providing appropriate training lo all mmters of staff. and at Ihe inductKJn of new Fellows.
Ensuring accountability of College Officers to the appropriate cx)mffMttee. and for the committees
in turn lo be accountable to the Governing Body.
Developing and irrplementing key Fdiues across the main areas of actlvity of the College.
induding, for example, a(Im￿S1onS ￿licY, health & safety policy, and informatDn security wlicy.,
Ensuring the appropriate ir￿Uran￿ tKAi(ies are in place, and rwewed regularty.
Fundraislng
In the 2022-23 financial year, philanthropic in(x)me retUTlled to previou5 levels, with £1.25m raised in
donations (Induding legacies) and a ftrther £766k in new ￿edges. to be frJlfillpAI over the next 3-5 years.
Additionally, based on current dats, we can expectto receive c£350k in lower-level regular or owff
gtfts per annum across the same period. Our donor numbers dipped slightly to 940, comprising recuning
and new donors. Donations continue to support a range of different prcyects, wlth a parbcular focus this
year on the library. We also saw an increase in donalion5 trywards graduate scfKplarships. as well as the
usual high levels of SUPF)Ort for unrestricted funding.
Our usual event programme of gaudies. subject reunions and net4vc**ing events Yras Supplemented this
year by the Hertford Festival, a ￿0-daY ￿ Programme of talks and famity activities. The programme
attracted a different audience. helping us to brDaden (Mjr reach to a wid8r group of alumni. We continued
to see high levels of engagement on social fTEdia. and received excdlent feedback on our
publications, the Donor Rewrt and ￿￿lege MaJazine.
Hertford College is ￿MmItted to following ￿51 practi(x in relation to al fundraising activities. The
Development Director sits on Governing Body and convenes Ihe termty Development Committee, which
provides oveNght of all fiJndra1s￿g ar￿ alumrv relat.ons acts￿ in college. Hertford is registered with the
Fundraising Regulator and has protO￿￿S and t￿(xEdureS in place to ensure that fijndraising is q)en.
hon6sl. and respectlul. adhering to legal arml irklusty-speufic guidelines. Herttord does not engage any
10

HERTFORD COLLEGE
Report of the Goveming Body
Year ended 31 Juty 2023
professional ihird parbes to cary oul frJndt8ising aclivities on Tts ￿haff.
Investment policy, objectlves and perforniance
The College's Statement ol Investmenl Princi￿eS sets ¢xrt Ihe folk)wng aims..
Generate income to support the College's charitable educational aitn5.
Improve the educational experien￿ of (xjrrent and fvlure generati￿$ of sludents and to pursue
excellen￿ in sCh￿arship by means of teaching and research and the provision of the ￿lI￿ra1
and social rA)nlext which suptx)rts thts. and
Produce the optimal sustainat4e relum given the cdlege's low risk trAerance and to preserve the
value of investments against Ihe threat of inflat¥)n over the kjng temi.
The investment strategy and perfornance is monitored by the Inv&stment Adv￿Ory Committee which i
turn reports to the CcAlege's Treasury Committee. At the year end. the value of the Ccllege's investments
(financial and property) was £120m12022 E121m}. of which £73m represents endowèd or rèstricted
funds. The trjtal investment inttjme was c. 3.1 % gross (average value).
The Co11￿Je.$ investment obleclves are to balance current and fuiure beneficiary needs by..
maintaining lat least) the value of the inveslr(*nts in real terms"
producing a consistent and sustairbable amount to sUp￿t expenditure.. and
ddivering th8Sg obiectNes within acceptat4e levels of r￿k.
To meet these objectives the College's lnvestty￿nts of its pernianent endow&J funds are managed on a
total re￿rn basis. maintaining diverSffiCat￿n aC￿)sS a range of asset dasses in order to produce an
appropriate balance be￿een risk and relurn. In line swth this approach, the College *atutes allcw the
College to invest pemianent endowments to mwmise the relaled total retum and tr) make available for
expenditur8 each year an appropriate proptithn of Ihe unapplied totsl return. The value date for
establishing the initial values of the Investrnent Fund and the Unapplied Tota Retum was 3151 July 2009.
The investment strategy. policy and perfomiance IS monitored by the Investsmenl Comrnittee. At the year
end, the College's long tenn investments {￿rmanent erKlowment only). ￿)￿billing securities and
property investrnents, totalled £68.9m. Direca income eamed on these investrnents amounted to £2.74m.
and net value gains were £0.94m.
Under the total re￿rn a￿)untIng basis. it is the Governing BThYy's policy to extract as income 4.25% of
the value of the relevant investrnenls. However. to smtxrth and rnoderaie. the amounts witr)drawn are
calculated on the average of the year erKI values in each of the last five years. Due to fluctuating
investrment values over the previo￿5 ffive years, th8 effective am￿nts withdrawn may vary from the
nominal rate. For the year ending July 3151 2023, an amount of £2.8m was withdrawn as income. The
Governing Bt)dy will keep the level of ir￿orne withyrawn under review to balance the r￿edS aThY interests
of current and future benefi￿aries of the ￿lege'S activibes.
The Goveming body is sab"sfied tt￿t the overall [wf0m￿n￿ of investment a(atvib"es for the year has met
the obifjctives set.
11

HERTFORD COLLEGE
Report of the Governing Body
Year ended 31 July 2023
FUTURE PLANS
The College has agreed a 10 year plan to deveknp its buildings and faciltties (Yhe Estates
Slrategf ). This wll encompass sign[f￿an1 refijrbishment works (e.g. upgrading student
accommodation). the expansion of existing facilities {e.g. a new knbrary arKI improved study space),
and provisiDn of new facilities (e.g. additional graduate accommodation).
The anticipated expenditure over that horizon is around £75m. to be found from a oinbination of
reserves, furmjraising. ￿nd capital, and cther finance aTrangements.
with the expectation of major capttal expenditure in the next 5 years. during a period of challenging
economic pressures. it wll be mre imp)rtant than ever to ensure that operational expenditure is
optimised.
STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILMES
The Governiro Bc*Jy is responsi1￿e for preparirvJ th8 Repoyt of the Governing Body and the finanual
statements in accordan￿ applicable ￿ and regulalw)ns.
Charity law requires the Governing BO￿ to prepare financial statements for each financial year. Under
that law the Goveming BThYy have prepared the financial statements in a￿)rdance with United Kingdom
GenerallyAccepled Accounting Practi￿ (United KiNJdom Accounting Standards and applicable law),
indudirvJ FinancHI ReFthing Stsndard 102: The Financaal Reporting Standard Applicable in the UK and
Republ￿ of Ireland IFRS 102).
Under charity law the GovemirwJ Bcxty must not apwove the fina￿al Stste￿￿nts unless they are
satisfied that they give a tn￿ and fair view of the state of affairs of the Cdlege and of its net income or
expenditure for that peri(xl. In weparing these finanryal statements. the &)veming Body is required to:
select the ￿st SUita￿e a(xxJunting ￿1cleS aThJ then apply them c£nsistenlly,'
make judgments and accyjunliw eslima18s that are reasonable aN1 prudent
state whether apFAi(xble accounlirrfJ slandards. induding FRS 102. have been followed. subject
to any material depathres disclosed arKJ explained in the finanrial statements.
state whether a Statement of RecommeThJed Practi￿ {SORP) applies and has been followed.
subject to any material departures which are explained in the finanaal statements,.
prepare the financial statements on the gcirwJ aJrKEm I￿S￿8 unless it is inappTDPTiate to presume
that the College will conb.nue to operate.
The Governing Body is responsible for keepirvJ proFW accountiThJ recJNds that are sufficient to show and
explain the College's transactions and disdose reasonable ac¥￿raCY at any time the financial
rx)sition of the College and enable them to ensure that the ffinancial statements ￿mplY with the Charities
Act 2011. They are also responsible safegu8rding the assets of the COll￿e and ensuring Iheir proper
application under charity law arKI he￿￿ for laking reasonable steps fLY prevention and detection of
fraud and other irregularities.
Approved by the Goveming Body on the 22￿ of November 2023 a￿￿ signed on tts behalf by:
Mr T Fletcher
K Clark
Pr]nclpal
Bursar
12

HERTFORD COLLEGE
R•port of thè Auditors
Year ended 31 Juty 2023
Independent Auditorf5 Report to tho Trustees of Hertlord College
Opinlon
We have audited Ihe financial statem8nts of Hertford College for Ihe year ended 31 July 2023 which com
prise the Consolidated Statement of Finanual Activities. co[￿￿KIated and College Balance Sheets, Con-
solidated Staterwnt of Cash Fknws and notes to the finaT￿ra1 staternents, including signifficant a(Lounting
policies. The financial reporbng frdmework that has been apFAied in their prepardtion is applicable law and
United KiNJdom Accounliw Standards, induding Financk41 ReFQrting Standard 102 The Finanryal ReFfJrt-
ing Standard applbcable in the UK a￿1 Rewblic ot Ireland (uni￿ Kingdom Gener￿lyA(￿ptedACcoUnting
Pracbce).
In our opinion the financial statements..
give a In￿ and fair Vie•¥ of the state of Ihe group's and the parent charitys affairs as at 31 July
2023 and ofthe group's Ir￿Me and receipts of endowments and 8xpenditure, for the year then
ended..
have been prcperfy prep￿￿ in aC¢ffilar￿ with United Kingdom Generally A¢¢epted A¢￿￿nting
Practice" and
have been prepared in accordance with the requirements ofthe Charities A(A 2011.
Basis for oplnlon
We ct)nducted our audit in aC￿rdarKe International Standards on Auditing (UK) (1&4s IUKII and
applicable law. Our responsibilities under those standards are furlher described in the Audit(￿'S resportsi-
bilities for the audit of the financial statements seclion of our reporL We are iNJependent of the grwp in
accordance wlh the ethical requirements that are relevant to our audit of the financial statements in the
UK, ir￿lUding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accord-
ance with these requirements. We bdieve that the audit evidence we have obtained is sufficient and a
propriate to provvje a basis for our opinion.
Conclusions relating to golng concern
In auditing the financial statements. we have conduded that the trustee's use of the goiTrJ contsm basis
of accounting in Ihe preparation ol the finanaal statements is appropriate.
Based on the work we have perf¢ymthY. we have not Klentifia any matetial uncertainties relaUng to events
or conditions that. individualty or ¢dleth"vety. may east signifi(anl doubt on the charity or the group's 8bility
to continue as a goiro corKem for a of at least twefve rTh)nths from when the financial statements
are aut￿Sed for issue.
Our responsibilities arml the responsibilttses of Ihe trustee5 ¥￿th to going (x)ncem are de￿l￿d in
the relevant sections of this rep
other inforn*tlon
The trustees are responsible for Ihe other infomiation contsined within the annual report. The other infor-
mation comprises the infomiation included in trtre annual reFrt*(. other than the financial statements and
our auditor's report thereon. Our opinion on Ihe ffinanci81 statempJ)ts does not cover the other info￿natIon
and, ex￿p1 lo the extent othemse explidty stated in wr rpr*yL we do not express any fom of8ssuranc8
condusion thereon.
Our responsibility is to read the other infomiatKJn and. in th)ing so. cons¥Jer whether the other infomiation
is materially inconsistent W[￿ the financial statements or c￿r knowledge obtained in the audit or otherwise
appears to be materially misstated. If we ¢d￿tify such material inconsistencies or apparent material mis-
statements. we are required to detern)iie whether this gives rise to a material mi5Statement in Ihe financial
statements themsefves. If. based on the work we have performed. we condude that there is a malerial
misstatement of this other inforniation. we are requiwl to report that facL
We have nothing to report in Ihis regard.
13

HERTFORD COLLEGE
Report of the Auditors
Yearended 31 July 2023
Matters on whlch we are requir8d to report by exception
We have nothing to report in reSp￿t of the following matters in relatk)n to which the Charities (Accounts
and Reports) Reguiatiorts 2008 requi￿ us to report to if. in our Opin￿￿.
the InfO￿all(￿ given in the financial statements is ino)nsistenl in any material respect with the
trustees. report" or
suff￿lent and proper act￿unting recJ)rd5 have not been kept by the parent charity. or
the financia stslements ate not in agreement Wtth the accountirMJ records and retums. or
we have not rEceived 811 the informalion explanations we require for (xjr audit
Responslbllttie5 of trusts•s
As explained rYK)re fijlly in the tnJst8es' responsibHities ststemenc the trustees are respor)sible for the
preparation of the financial statements and for beiThJ satisfied that they give a tnje and fair wew, and for
such intemal control as the trustees determiTE is necessary to enoble the preparation ot financial state-
ments that are free from material misstatemenL W￿ther due to fraud or error.
In preparing the finanaal statements, the trustees are responsible for assessing the griyjp and th8 parent
Charity's ability to continue as a going ￿nI￿n. disdosng. as applicable, matters related to going ca)ncem
and using the going cOr￿M ba￿S of accounting unless the trustees either intend to liquidate the charity
or to C8as8 opera￿nS. or have no realith alternative but to do so.
Audltorfs responsibilities for Ihe audit of thg financial statements
We have been appointed as aUd[fr￿ under section ofthe Charitie5Act 2011. and reFLYt in accordan￿ wilh
the Acts and relevant regulations made or having effect thereunder.
Our objectives are to obtain reaSona￿e assurance about whelher the financial statements as a whole a
free from material misslatemenL whether due lo fra￿ orer￿￿, and to issue an auditor's report that indLths
our opinion. Reasonable assurance is a high levd of assuran￿, bul is not a guarantee that an audil c(￿-
ducted in accordar￿e with ISAS (UK) will aKvays det8ct a material misstatement when it exists. Misstat
ments can arise from fraud or err￿ and are C(￿s￿ler&￿ material if. indivhyualty or in the aggregate. they
uld reasonabty be expected to irffluen(x Ihe ecx)rw)mic decisions of users taken on the basis of these
financial statements.
Details of the extent to which the audit syas Cor￿Id￿j capable of detecting irregularities. including fraud
and non-compliance with laws and regulations are set out below.
Afurther description of our responsbi ilities for the audit of the finanryal slalemits is lorated on the Finan-
ci21 Report"ng Council's website at." Mvw.frc.
.uklauditorsre
onsibilikn'es. This description ftirms part of
our auditor's repcrt
Extent to which the audlt was Considered Capab￿ of (ktecting irregularttles. includlng fraud
I￿egUlaritIeS, includirKJ fraud, are instances of Th)n-compliance with laws and regulations. We identified
and assessed the risks of material misstalement of the financial statements f￿rn irregulariles, whether
due to fraud or error. and discussed these belween our audit team. We then designed and perform8d audit
prwedures responsive to those risks, indudirKJ ob12ining audit evidence sufficient arKI appropriate to pro-
vide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks wtlhin which the parent chaiity and
group operates. fo￿SIng Ihose laws and regulations that have a direct effecl C￿ the determination of
material amounts and disdosures in the financial statements. Tr ￿wS and regulations we Considered i
this context were tsxation legisLglion. the Charities Act 2011 together with the Charities SORP IFRS 1021.
We assessed the required txitnpliance with Ihese184ts and regulations as part of our audit procedures on
the related financial statement items.
In addit"on, we consithred provisions of other laws and regulatK)ns that do r￿l have a direct effect on the
14

HERTFORD COLLEGE
Report of the Auditors
Y8ar ended 31 Juty 2023
financ4al stslements Iwt compliance with rnight be fundaffiental to the parent charity's and the
group's ability to operate or to avoid a material penalty. We also considered the opp(wbJnitses and in(En-
tives that may exist within the parent charity and the grLWJP for fraud. The other laws and regulations w&
considered in this context for the group were General Dats Protection Regulations arHJ Health and Safety
regulab'ons.
Auditing standards limit the required audit Pr(￿edureS to identify non-com1￿1at￿e with these laws and reg-
ulations lo enquiry of the Trustees and other man&pment and inspection of regulatory and legal corre-
spondence. if any.
We Identif￿ the greatest risk of material impad on the financial statements from iwularities, induding
fraud. to be within the reo)grutson of income. and the overrKle of Controls by management. Our audil pro-
cedures to respond to risk of recognition induded selecting a sample of In￿Me during the year.
agreeing back to the rdevant documentation and ensuring it has been recognised C0Th￿￿Y. Our audit
procedures to respond to the risk of management override induded enquiries of management about their
own identification and a￿&sment of the risks of ir￿Ul2￿ties. sample testing on the posting of joumals.
reviewng accounting esb'mates for biases. rewewiThJ regulatory correspondence with the Charity Commis
sion and reading minut85 of meetings of those charged with govemance.
Owing to the inherent limitations of an audiL theTP is an unavoidable risk that we rnay fK)t have delec
some matellal misstatements in the ffinan￿al statements. even tr￿ugh we have properly planned and per-
formed our audit in ac(x)rdance wtlh auditing standards. Forexample, the further removed rK)n-complian(
with laws and regulab.ons (irregularities) is from the events and transactions reflected in the finana81 stsle-
ments, the less likety the inherenty limited pr[￿l￿re5 r￿Uired by auditing standards woukl identify it In
addition. as with any audit, there remained a higher risk of non41etectton of irregularities. as these may
inV￿Ve collusion, forgery, intenti(Inal omis￿(}nS. misrewesentab'ons. or the oveTride of intemal controls.
We a￿ not resFM)nsible for preventing non-(xJmplIan￿ and canrK>t be expected to detect non-compliance
with all laws and regulations.
Use of our report
Tris report is made solely to the charity's truslees, as a bcKly, in accordarKe with Part 4 of the Ctraritses
laGGounts and ReFx)rts) Regulations 2008. Our audft work has been undertaken so that we might slate to
the charity'5 trustees Ihose matter5 we are required to state lo them in an auditor's report and for no other
purpose. To the fullest extent pennitted by law, we do not accept or assume responsibiltty to anyone other
than the charity and the charity's trustees as a LKWJY. for our audit work. for Ihis reporL orfor the opinions
we have formed.
Crowe U.K. LLP
Statutory Auditor
London
Date.. 29 November 2023
cr(￿fy U.K. LLP is eligible for appointmentas aUdit￿of the charity by virtue of its eltgibility tsappointrnent
a5 auditor of a company under section 1212 of the CoMpan￿S Act 2006.
15

HERTFORD COLLEGE
Statement of Accounting Policies
Year ended 31 July 2023
Statement of Accounting Policles
1. Scope of the financial sLthmonts
The financial statements present the Consolidated Ststement of Financial Actiwties (SOFA}, the
Cor￿alidated and College Balan￿ Sheets and the COng￿l￿ated Cash Flow Statement of Cash
Flows for the College and its wholty owned subsidiaries HetUord Prcgramm&s Limited and Herttord
College Design and Build Limited. The subsNJiaries have been consolidated from the dale of their
fiirmation, being the dale.from which the College has eX￿￿sed control through voting rights in the
subsidiaries. No separate SOFA has been presented for the College alone as cU￿enIY permitted by
the Charity Commission on a cor￿&S1Onary basis for the filing of wnsoiidated finawial statements.
Basls of accounting
The College's individual and consiAidaled finan(ial statements have been wepared in accordar
with United Kirodom Acc(HJnting Standards, in parbcular'FRS 102.. The Financial Reporting
Stsndard applicable in the UK and Republic of Ireland, (FRS 102>.
The College is a public benefft entrty ft)r the purposes of FRS 102 and a registered charity. The
College has therefore also p￿Pared its indNidual and consolidat￿j financial statements i
accordan￿ wlh 'The Statement of Recommended PractKe applicable to charits'es preparing their
financial ststements in a(ZOrdan￿ with FRS 1 OZ ffhe Chanties SORP IFRS 1021}.
Having review￿ the fijnding faciltties avaiLable to Ihe Cc4kge together with the expected ongoing
demand for pla￿ and ts COl￿ge'S future projected cash flows. the Goveming Btxjy have a
asonable eXpectst'C￿ that the College has adequate resources to continue its activities for the
foreseeable future and ¢C￿Sider that tk*re We￿ no material uncertainties over the College's finanual
viability. Accordingly. they also continue to adopt the goiry con￿￿ basis in weparing the financial
statements as outiined in the Statement of Acc(MJnting and Reportiry Responsibilities on page 12
and to adopt the hislori(>l (x)st basis. ex￿p1 for the Measu￿￿ent of ir)vestments and certain
finanGial assets and liabilities at fair value with n￿VeMentS in value reported within the Statement of
Financial Activities ISOFAI. The principal ac£ounbng pol￿teS adopted ar8 set out below and have
been applied consistently thrwghout Ihe year.
The atxounts (financial statements) have been prepared to give a'true and fair, vie4Y and have
departed from the Charities (Accounts and Re[￿s) Regulab'ons 2C(J8 only to the extent required to
provide a 'true and fair we￿. This departure has involved fr)Ilowing the StaterrEnl of Recommended
Practi￿ appli(able to chaTities preparing their 3￿nts in a￿Ordan￿ wth Ihe Financial Re￿rting
Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 Juty 2014 rather than
the previous Statement of ReoL)mmended Practice: Ac£oJnkn"ng and ReportirwJ by Charities whith
was effective from 1 Aprl 2005 bul which has sirKe been wtUKJrawn.
2. Accounting Judgements and estimatlon uncertainty
In preparir)g financial statements it is n￿SSary to make certain judgements, estimates and
assumptions that affect the amounts recognised in the financial stateThnts. The following
judgements and estimates are considered by the (*wemiThJ Body to have most significant effect on
amounts recognised in the financial stalemenls.
The Goveming Body, in applying the acixxjnting p)licies, have induded an estiTnate for the Cdlege's
Sha￿ of the USS and OSPS pen￿On sche￿￿ liabilities. and an estimate of the useful e￿nOmiC life
of its buildings. Otherwise no judgements weTe required that have a sKJnlfi￿nt effe(* on the amwnts
recognised in the financia statements.
The College ￿lculate5 its liability for USS pension defiot based on the current agreed schedule of
deficit Contritr￿tiDns with reference to the latest sc￿rne valuation.
3. Income rncognilion
All income is reLL)gnised On￿ the College has entillement to the income, the ewnomic benefit L8
pthable, and the amwnt can be reliably measured.
16

HERTFORD COLLEGE
Statement of A¢￿U￿ting Polictes
Year ended 31 July 2023
Income from fees. Offlce for Students support and other charges for services
Fees re￿1Vable. less any scholarships. bursaries or other alk)wanee5 granted from the College
unrestricted funds, offi￿ for Students supFx)rt and charges for seN￿S and of the premises are
recognised in Ihe perioxj in whith the rdated serv1￿ is prowded.
Income from donatlons, grants and legacies
Donations and grants that do not imrA)se specific future perf￿man￿-related or other spectfic
C4)nditions are rec(onised on the date on which the tharity has entitlemenl to the rescMJ￿e. the
anw)unt can ￿ rdiab]y measured and the econom￿ benefit to the College ofthe dOnat￿n or grant is
probable. Donations and grants subject to FerfcffMan￿-reialed conditions are rewJniwJ as arKI
when those conditions are met Donations and grants subject to other speufic conditions are
recognised as those conditions are met ￿ their fulfilment is wholly wthin the control of the College
and it is pr(k)able that the SFocified condilw)ns wll be met.
Leg￿leS are recognised following grant of probate and ortt the Collage has receN8d suffiaent
information from the executorfs) of the deceased's estate to be satisfied that the gift can be reliably
MeaSu￿d and that the economic benefit to the is FthEAe.
Donati(￿$. grants 2nd legacies accruiry for the general purrKJses of the c￿1￿Je are credited lo
unresiricled fvnds.
Dorwtions. grants and legacies are suty'ect to conditions as to their use imposed by the donor
or set by the terms of an appeal are credited io the relevant restricted fund or, where the donation,
grant or legacy is required to be held as capital. to the endowment funds. Where donations are
received in kind (as disti￿1 from cash or other monetary assets). they are measured at the fair value
ofthose aysels at the date of the gifg
Investment income
Interest on bank balan￿$ is aGGount8d kn on an acyJual basis wtth interest rerA)gnised in the perir#
lo which the interest relates.
Income from fixed interest debt se￿￿ties is r8coJni%ed using the dfectNe interest rate method.
Divid8nd ino)me and sinylar distr1￿bOrts are reo)gnised on the date the share interest becomes ex-
dividend or when the right lo the dmdend be established.
Income from irwestment proiHt'es is rec¢*3nised in Ihe t￿nc￿ to which the rental income relates.
Total Retum accounting principles have been adopted in relation to investments held as part of the
permanent endowment.
The caryiThJ value of the trust for investsnent (the preserved t￿nanent capital) has b￿n taken as
the market value of the relevant investrnents as at 3161 Juty 2(XJ9. together with the original gfft value
of all subs4uent endowments re￿iVed and transfers from the unapplied total retum approved by
the Goveming Body to increase the value of the trust investment. The balance of the investrment
unapplied lotsl returns is acojmulated as a (x)rnFK)￿nt of the relevanl eThJowrnent funds with
awnounts from this being released to income each year at the diseretion of the Goveming Body.
4. Expondiiure
Expenditur8 is acc(MJnied for on an aCcn￿lS basis. A liability and rdated expermlrture is re¢c￿nised
when al￿al or constructive obligation Commits the Cclkge to expenditure that will probably require
setuement, the amount of which can be reliabty measured ￿ estimated.
Grants awarded that are r￿t performance-related are charged as an exp8nse as soon as a legal or
constructive obligation for their Payff￿nt all￿. Grdnts subject to perfomiance-related conditions are
expensed as Ihe specified o)nditions of the grant are met
l expenditure induding gJPPOrt (X)sts and govemance costs are allcTrled or apPor￿ned to the
applicable expeTrJilure categories in the Statement of Financkql Actswties (the SOFA).
17

HERTFORD COLLEGE
Statement ol Accounting Policies
Year ended 31 July 2023
Support which indudes govemance ￿$ts {costs of ￿mpl￿'n9 vrith consts'tutional and statutory
requirementsl and other indirert (x)sts are apporboned to experKltture categones in the SOFA based
on the estimated amount attributable lo that activtly in the year, either by reference lo staff lime or the
use made ofthe undertwng assets: as appropriate. I￿￿Verable VAT is included with the item of
expenditure to which it relates.
Intra-group sales and charges be￿een the College and its subsidiaries are excluded from tr&Jing
Ir￿Me and expenditure in the corwlKJated financial statements.
5. L•asès
Leas@s of assets that transfer substantialty all risks and rewards of ownership are classified as
finance leases. The costs of the assets hdd under finan(x leases are ir￿lUded within fix￿ a&sets
and depreaation is charged over the shorter of the lease tem and Ihe assets, useful Iwes. Assets are
assessed for impairment at each reporbng date. The corresponding capital obligations under these
leases are shown as liabilities and rectKJnised at the lower of the fair value of the leased assets and
the present value of the minimum lease paynEnts. Lease payments are apporboned ￿tween capital
rep8yn*nt and finance charges in the SOFA so as to achieve a ￿nstr￿1 rale of interest on the
remaining balance of the liability.
Leases that th) not trarbsfer all the risks arn1 rewards of ownership are dassified as operating leases.
Rentals payable ￿der operating leases are charged in the SOFAon a straight line basis over the
relevant lease lenns. Any lease incentives are recognised over the ￿ase tenn on a straight line
basis.
6. Tangible fixed assets
L8nd is slated al cost. Buildings and equipment are stated at cost less xcumulated depreciat1￿ and
any accumulated imp&mEnt losses.
Expenditure on the acquisition or enhancement of land and on the acquisition, constructlon and
anhancement of buildings which is dir8Ctty attributable to bringing the asset to its working condition
for ils intern1ed use and amounting io Twre than £25.000 together with expendittjre on equipment
cosliw more than £25.0(K) is rapitalised.
Where a part of a building or equipment is replaced and the cosls Capitalis￿]. the (xrrying value of
those parts replaced is derecognised expensed in the SOF
Olher expendityre on equipment irwrred in the norn￿1 day-to4ay running ofthe College and its
subsidiaries is charged lo the SOFA as iwKurred.
7. Heritage Assets
The College has chosen to hold heritage assets at cost. The has a number of assels,
induding items of art and historic texts that meet the definition of heritsge assets under the SORP.
The depretxaled historic cost of the majority of these items is nil. Items purchased are recognised at
cost and items donated lo the Colw are recogni%ed at fairvalue. The college has taken advantage
of the exemption within FRS 102 not to disdose transactions befcffe 1 January 2015 as (knlaining fair
values for these assets W￿ld be imprac*cable and the Lxlst of obtaining suth valuations would
OLrtweigh the benefits to the users ofthese fina￿la1 statements
8. Depreciatlon
Depreciation is provided to write off the (￿t of all re￿vant tangible fix￿1 assets, 18SS their estimated
residual value. in equal annual insta1ft￿ over their expected useful economic lives as follows:
Freehold proFerties
30 .￿ years
Equipment
5 years
Freehold land is not depreciatgj. The cost of freehold larKI assockqted with Ihe main historfc slte Is
not induded in the balan￿ sheet bul is not material. The ¢xtst of maintenance is charged In Ihe
statement of Financial Activities in the peFiCMJ in whith it ks ir￿rred.
18

HERTFORD COLLEGE
ststement of Accountlng Policies
Yèar ènded 31 July 2023
The costs of major renovation prc4ects which incxease the service wtential of buikliros are
capitalsed and depreuated over applirable FRfKNJs.
9. Inveslments
Investrnent properties are intbally reccgnised at their cost and subsequently measured al their fair
value (market value) at each reporbng date. F4Jrchases and sales of investment pruperbes are
recognised on exchange of contracts.
Listed investments are inibalty measured at Iheir (x)st and subsequently rneasured at their fair value
at each reporting dale. Fair value is based on their quot8d pric8 at th8 balance sheet date without
deduction of the estimat￿ future selling costs
Investments such as hedge funds and private equity fvjnds whith have no readily identifiable market
value a￿ initially measured at their costs and subsequenty measured at their fair value at each
rewrting date with(AJt deduction of the estima￿ selling costs. Fair value is based on the most
r￿ftt valuations avai18ble from theÈr r8spective managers.
ChaThJes in fair value and gains and losses ari￿n9 on the diswsal of investments are ￿edited or
charged lo the income or experKliture section of the SOFA as'gains ￿ losses on inveslments. and
are allocated lo t￿ fvjnd hokying or diswwng of the relevant inve51ment.
10. Other financial instruments
Cash and cash equtvalgnts
Cash and cash equivalenls indud8 cash at banks a￿1 in hand and short teryn deposrts with a
maturity date of three monlhs or less.
Debtors and crodllors
Debtors and creditors retsivable or payable within one year of the repor￿ng date are Ca￿led at their
at transaction Debtors and creditors that are receivatAe ￿ payable in rrK)re than one year and
not subject lo a market rate of interest are measured at the present value of the expected future
receipts or payment (lis(x)unt￿ at a market rate of interest
11. Stocks
Stocks are valued at the lower of cost and net realkYble value, u)st being the purchase price on a
first in, first out basis.
12. Foreign currencies
The fvnctional and presentation cJJThency of the and rls subsKli4rtes is th8 pound sterfing.
Transactions denominal&Y in thgn ￿rrenCieS durirMJ the year are trdnslated into p(xJnds sterting
using the spot exchange rates at the dates of the transaclions. Monetary assets and liabiliti&s
denominated in foreign currencies are translaled into poun(Ls sterfing at the rates apptying at the
reporbng date.
FO￿ign exchange gains and losses resulbro from setuement oftransactions and from the
translatDn of monetary a￿ets and liabil￿85 denominated in foreign currencies at the exchange rates
at the re￿rtIng date are recognised in the i[￿Ome Ènd expenditure section of the SOFA.
13. Fund accounting
The total funds of the Colkge and its subsidiaries are allc¢ated to Un￿trIcted. restric*ed or
endowrrEnt furKls based on the origiAS of the frjnds and Ihe tenns set by the donors. Endowment
funds are further sub4ivided into permanent and eypendatAe.
Unrestricted fijnds can be used in furtherance ofthe objects of ￿ CcAlege at the discretion ofthe
verning Body. The Governing Body may decide that part of the unrestricted fijnds shall be used in
future for a speufic and this will be acoyjnted for by transfers to appropriate designated
hjnds.
19

HERTFORD COLLEGE
statemonl of Accounting Policies
Year ended 31 July 2023
Restricted fiJnds o)mprise gtfts, legacies and grants wlEre the donors have eannarked fvnds
specrfic purposes. They consist of either gifts where the donor has specified that both the capitsl and
any income arising rnust be used for Ihe purFxJses given or the income on gifts where the donor has
rwuired that the capital be maintsined and the In￿Me used for SFeCtfic purposes.
Permanent endowment funds arise where I￿norS spectfy that the funds should be retained as capital
for the permanent benefit of the College. Any income arising from the capttal will be accounted for as
unrestricted funds unless the dOr￿r has placed reslJicbons cfft the use of that inwme. in which case il
11 be aca)unted for as a restricted fijnd.
Expendable endowment fijnds are similar to pennanent erKlowment in that they have been gNen. (
th8 College has determined based on the Ci￿lms￿r￿£S that they have been given. for the long term
benefft of the College. However. Ihe Cy)verniThJ Bcwjy tnay at their discretion detemiine to spend all or
part of the capital.
14. Pension costs
The CDllege parbcipates in the Universities Superannuation Scheme and the Univetsity of Oxford
Staff Pension Scheme. These schemes are hybrid F%nsion schemes. providing defined benefits
based on salaries as well as benefits based on ￿ntTibUtio￿s.
The assets ofthe schemes are each in a separate trustee-administered fund. Because of the
mutual nature of the schemes. the assets appIl￿ble to the defined berEfit membership are not
attributed lo irKlividual Colleges and scheme-wde ￿)[￿rit)u￿.0n rates are set. The College is Iherefore
exposed lo actuarial risks assr)aated with other Univer5ib"es' and Cdleges, employees and is unable
to identify its share of the underlyirKJ &￿ts arml liabilib"8s of the defined benefft scheme on a
consistent and reasonable basis.
As required by Section 28 of FRS 102 "Employee tenefits". the College accounts for the schemes as
if they were wholly d8fined contribution schemes and (x)ntributions to these sthemes are recognised
as a liabilty and an expense in the peric*l in whith Ihe saLgries lo which the ￿nt￿L￿ltion$ relate are
payable.
The College has entered into agreements for both sthemes (the Recovery Plans) that det8rn7ine
how each employer within the schemes wll fund the overall scheme deffi(¥15. A liabilty is recognised
at each balar￿ sheet dale for the discc4Jnted wdlLE of the expected fubjre LLMtn"butK)n payments
under these past S8Tvice defiat fvndiro agreements, wth changes to these liabilities being
recognised as an expense in the perw)ds in which eharwes occur.
20

Hertford College
Consolldatgd Statement Ctf Flnanclal Acllvit
For the year ended 31 July 2023
2022
Total
roc
FLm(
F￿￿&
rooo
INCOME ANO EFLIOWMENTS FROAI..
Teaching. rese2rth and reshJent*l
c*her7radi￿ tn¢ome
Donattons and l•gAd•s
6.Y)1
220
7,121
6.751
385
800
817
Investment incnme
Total rthm aloLatpd to Ir￿¥)￿B
Otherinw
T¢lal
147
352
1520
12.8271
1719
4.156
17
1475
46
12,138
12J4B
1.316
18TI
11577
TeachirKJ, researchand resK*ntK91
Genera￿n9 fund6.'
FundraLsing
Tradiry expendlknB
Itwestrnent ln¥Lage￿ent¢O*
Tolal Ewdlturs
10301
975
11?76
12,099
457
798
1.0gQ
14,444
812
933
1161Z
812
1.166
1182D
226
226
Nwt kn¢oThel(ExpBnthlur•l befrjre IbsHs1
2,306
Net gain91Owesl on
12
11.8081
47
938
(823
18,0951
Net knMrnel(Ex￿￿jlUreI
P,07
381
11066
Transfer8 he￿*￿ lumds
17
1521
Other reCry￿1S8d galnEAossos
G￿n￿lI0￿$} on revaluai&)) olfixed assets
Not m¢)¥9n￿Trt ih y*r
411
573
11.0661
15.4011
Fund balarxes brought fo￿ar
17
68.311
98,379
Prlory•4r*und adju5tmHit
¢arrt8d thard at31 ￿lY
19,178
91 J15
92.978
21

Hertford Colje
Consolidated Statement of Flnanelal klibryt
For the year ended 31 July 2022
2022
Tot
£Y)oo
Fthjs
Funds
£))00
ro
¢OIIEAND ENDOWMENTS FROII..
¢hwllabl* a¢Uvlte8:
Tththlng. resaar¢h and r8SidE￿￿3l
Other Tr8dlng In¢om&
Donatkins ar￿189a¢￿e8
Irwstrnents
Invesknenl Irume
Total r￿rn alk)¢8tyJ tolrKyyne
Other inwe
Total incor
6.527
6.751
385
241
559
1.610
149
1397
(2,7*1
4,156
11244
1.(￿9
11751
12,138
expENDITURE IXI:
Charitable actlvltlÈ8.'
Teach1r￿. regear￿ aThl re￿&)￿81
Gener*ing fur￿3..
Fundraising
¢xperwJiiure
Investment Mat￿[￿￿CO¥ts
Total ExwdltiJr•
11.710
12.099
457
798
1.090
14,444
937
12
351
141
191
13.
Not InwrrrfExpend*urpl belore gan$
.$58
(2.3061
met901n￿(lOsS¢sI on
11.0481
11D7)
11.9401
,D551
Net IncorntllExpgnd#ur•
113c61 753OTr
TM8lers l*ts¥eon frJnd5
1,124
11A1771
Net movBment Inf￿d510TIhe yBgr
Fund baances br￿h1 fO￿￿d
5821
21.a62
(4661
5.853
113531
YQ,664
15.4011
9B,379
Prioryeerlund aty*m8nt
119481
Funds carrted formard at 31
2t228
3.439
68.311
92.978

Hertford Coljege
Consolidated and College Balance Sheets
As at31 July2023
2023
122
Gt(W
2023
College
rooo
2022
CDI]Égè
FIXED ASSETS
Tangibb assets
Prorerty investrnents
Other lnVestrn￿ts
10
11
12
13.905
10.063
1tWJ.664
13,599
9.389
111.441
1&905
10.063
109.664
13.$99
9,389
111,441
Total Flxed A55ets
133.632
134.429
133.632
134,429
CURRENT ASSEYS
14
3.302
211
Cash at bank 8rKI in hatKI
570
449
Totsl Current A88
3P34
1913
3.$33
LIABIL￿lEs
CreditcK5'. An￿Thts %vithin ￿ar
15
13.4
{1￿27)
(2,2101
11.2011
NET CURRENT A8SErs
2,￿2
TOTAL ASs￿s LESS CURRE1￿ LIABILITIES
134.070
1￿.815
14355
136.761
cRED￿ORS. falllng due after more than ono
16
140.MO)
140,fml
140.0001
140.omi
NET ASSEfs BEFORE PENSON AW OR LL4BiurY
95.815
,761
Defined benefit penwon Sche￿ lia>ilty
111551
12,83n
1551
I2,￿7)
TOTAL NET ASSETS
91 115
FUNDS OF THE COLLEGE
End0wTn￿tfun￿s
68.311
68.311
R¢striei¢d funds
3.439
Unrestricted fvnds
Dttignated fthds
Generd fund5
Rwa1Uati￿ resw¥8
Pensbjn reserve
14,751
577
14,724
9341
15.040
577
15,670
9.341
I2.1￿)
11837)
91315
91978
¥J.Y24
TrJsle8:
T￿￿ee.
23

Hartf￿d College
Con$olidated Statement of Cash Flows
For the year ended 31 July 2023
2023
rmo
rooo
Gash pro￿ded by (used inl +JpÈf41kng aGtfvitkns
(3.6871
Cash flows from InveStW￿ act
Divid&rKls. interest arK1 rents investr￿
Proceeds the sa]È of prttp¥ty. ttsnt and￿1￿￿1
Purc*a8e of WO￿￿, pL9nt and ewi)m￿t
Proceeds from sale ofi0¥8th*nts
Puro*ase of inveslm8nts
Net cash P￿￿d•￿ by ILK%d th) IrI￿stIng actfvitles
&n2
4,155
200
P.6041
11.571)
IS940
2A31
18321
4.ogo
Cash flows from f*wi¢in9 adrvitie5
Cowon cfi Private A*Ernent Pa
Cash inlbws from new
Receyl of end0wm￿t
cash provided by (used kn) finwckvJ actr
19661
19661
Chango tn cash 8nd ¢0sh oqulv41ents in the reporUMJ wiod
12311
15631
Cash aTrJ cash e4ur47lerts atthetsegini•ng of the
od
Change kn cash 8quWenis irt th¢ rFportlrwJ peri(*l
(2311
15631
Cash arKI Gash equ￿LIents at end L*th& pwh
5T0
24

Hertrord Collo
Forthe yeareTrded 31 JLdy 2023
1.120
712
ÈWD
•IT
)ty13
EqwtydNikr
132
2,IZ4
273
oTTr*RVIC￿1E

Hprtlvrd CollBg
Notes totho finaneial stat*nAnts
Forth• yvarenthd 31 July 2023
I•IPLY5150FEKPEIIDifLIIE
IOF
3,874
11276
1S0
14
Othr
T(rt•l
1341
1,912
125
125
781
314
YÈgtrir¥
1319
LO￿[￿) Jn ass
1.057
12
221

FkntsStO f￿an¢la1 8t*i•wt48
Ftsrt￿ yw*rtdÈd 31 J￿ty2023
GTanls
414
Tolal rBsfrfctqd
414Y
Ji
18
12
Td*
£IU,iK14W,
£IQD.W1411g.(

Hertrord Colegè
Not•¥ to tho fi￿ar￿al Ilafements
Forth• wr•nd•d 31 J*2023
T￿BLE FNEDASSErs
Totsl
27.135
2Y.•17
1Ute
1212
ndofy•
517
•ndofy
Attstol
13
27.1%%
?7￿17
At¥tstL*ye
1212
11766
517
11599
6T4
674
B•)
Ta
14

HArtkrfd eollBge
Forthe year endBd 31 July2D23
JI rVe$b￿l￿ wEh*Jthf¥ryelL
11t43B
116,5LiI
{4,ori>i
1,740
11681
,6311
(l￿n
1(4
111,441
IiN65¢
tr¢UK
*14
11729
12
iOftXS
&4n
ÉN73
13 PAIIEKfM4DSUBsiwEYufaJEFtrMpi&
rd
C￿lE4
2)
1341
15611

Notes to thefinanclal 5tat¢mwrt¥
Forthoyearended 31 J￿¥ 2023
14
DEBTORS
176
121
1•
15
CREDrroRS.. tdllnH
Colknyb
3n
(in
(in
134
1*4
Cdlty

HErtlord Collegp
Nvts¥ to th*ff￿nE1£l stsism•nts
FrJrlh• ywendpd 31 J*2023
Total
Atji Jdy
251
1.015
1431
637
1571
(61
124
io
Fw
1158
Skrun Futh1
10
16
V51
122
176
14
10
2r4
124
103
12
Fw*ls.¢ol
Z471
13W5
1.124
15
12I13
*B7T
12m3
19.176
Fth
31

trtford Coll•g•
Notes to thfr fina￿10181¥0￿OTh
Forthe year endEd 31 Juty2023
131J
.774
59.7
16)
E. m.vaL¥h*￿wIl1￿fits Trts
Tr￿ P￿j
1￿15
FkngerVBn
(8)
145}
FdlrMthPFthJ
2Z.4
(61}
1140
11)
10
51
101
187
13)
ikEPertInts￿¢cf &v4V
274
1A79
11.1241
1105
V39Jn
Ifw)
13>99
1.131
1.125
1435
1JJl81
13
1.125
14&8
227
T¢￿F￿

Notss to ￿t￿ntIal sta$￿￿entS
Farthè y•ar•nded 31 Juty 2023
Endowment Funds Icontinuedl
91B
18
IUZ31
InveSbmenlm¥￿(￿men1I?eS
RPlidlu51tnent
Totalfeesandmnsfers
13
13
N4tmowAm•rt In
alarttat3tstiuhT2023
TS2
6738$
Endowmentthjnds Iwntinuedl
£OCN)
Fyn*Js
Nknrtkner
Ctrap8rs Fu
E. M.vaugh2rFwii￿8 TIL
Bonng Travd Fund
R(¥Érv3n ECOr￿￿8 FL
lTrB*r¢rd
F￿1[￿VEhIp Fu
s￿ent￿jP￿v.
Orapers 8thkr5h* Fur
College Enotrywnerf.F￿
hD]￿ship￿[gll[r￿ FUTKI
147
51
31
{431
155
L3S
14
16
15
612
1671
1.e4)1
1157
755
321
13
{281
f2.4ni
s)J
59.25T
122
8,9
Fund$t￿l

Hertfortl Colkngts
Forthe >￿aren￿ 31 Juty 2023
FUND81>TTrIE¢￿LEGE DEIUS
mÈrMty
Dxban•dFw
tyFRS 1C
t rttJm to be ap￿Ieda5 is cdthwed 894I5% ￿wdrn Tryesbn￿ts In e￿Th dthe
t 5y&aTS 6*7ce **•re ¢k￿￿ti51￿ t￿IKe￿W￿ll￿ 5 oftre c4the ￿Et￿l.

Forths •nd8d 31 thJly2D23
t9 PkULYSK8OF NEW ASSEWS 8EfYEEN FUIDS
To*[
lor
10,DSI
101664
lablth&
IKLINJI
l*.L
Totrl
1(M
Tnthxoftrecol*tyYtal

Hortft*d Coiiw
Ntst•ts toth•financlal statom•nts
Forthe year @nthd 31 2023
£1.W.kZ(IJD
aW.E3￿j
(Q1.t4J
£7.001.R8.OJO
£1ZiKI-£13.0
12457
13
£19.￿1￿.
379
£X,W1422,iX
y*
£22,{￿1￿,(
£23,￿l424.{￿
£24,￿1 4￿,￿00
£16.Wi427.(
F,￿l.￿28.[￿o
).lffj1￿l.(
95A
JY7.779
.74D
JIZI
￿￿,￿l-£?3.Qt
IY2
E4D.(D1-E41,0
E￿￿1￿4.0
1.￿1￿0
51,&95
E57.i¥j14￿.
£S3.QD1￿.L
£LIJ.tsJ1.£61.L
%1.(jJ1￿.L
LU75T
T87.3
[￿.￿)1.£86.￿O
OY.￿1.É10q.(th
t107.￿l-£10￿,O
1￿178
lo7￿13
I122m1.£1￿.C￿
117.076
121211

P&Jtos to the firrdrKlal
Forthe yowenthtl 31 Jufy 20
PENSK*4XTrWIES
£*eJJ
255*¥
JA&
15
knICf1215
11•Y

H¢rtt(*d Colag
Wotes tr> lh• fin•rt¢l•l sialernents
For the yearèndAd 31 Juty2D23
A￿￿dIStUu￿trats￿￿￿rPer
EfFxtofOSA r*
EftÉttori%¢rMn
ai
E2Ji
334

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