Hertford College Annual Report and Financial Statements Year ended 31st July 2024
Hertford College Annual Report and Flnanclal SL*ernents for the yoar ended 31st July 2024 CONTENTS )veming Body, offir$ and Advisers Report of the Goveming Bcrfly Auditor's Report Stslement ofAccounting Poliaes Consolidated Statement of Financial Activities 13 16 21 Cons(Aidated and College Balan Sh&ts Consdidaled Ststement of Cash Flows 23 Notes to thè Financial Statements 25
Hertrd College Goveming Body. Offlcers and Advisers Year ended 31st July 2024 MEMBERS OF THE GOVERNING BODY The Membets ofthe Goveming Body are the COll'S charity trustees undercharity law. The members of the Governing Body who served during year or subsequenty are detailed below. Governing Body Fellow College ofiice {some overlaps) (1) (2) (3) Professor E Baldwn Professor C D Brewer Irefir8d 30.9.23} Profèssor E Chalzis Mr J K Clark Professor Z F Cui Professor F Duarte Tutrfor Equality & tliversity Har8ssmerrtAdvisor Dr D Dwan Mr T Fletter (Resigned 17.11.24) Professor B M Frgllesvig Dr D Gaffney DrA Galanis PrInpaI TLrtr for Graduates Dr K Greasley Professor D Greaves Professor D M Hopkin Dr J lfj.aer Dean of Degrees SCR Steward Professor D Kielak ProfessorA G Lauder Senior Tutor Professor P LOXYgakLs Dr J Lorimer stJen1 CduCt Officer Dr K Lunn-RcKkltffe l>revent Lead Professor l McBrid8 Professor M Maidg Dr L Malafouris ProfessorA me$ TU fc Equality & Div5[ Professor P J R Millican Dr E Mortimer DrA Nair DrSJNew SenKY Fellow Dr O J Noble Wcod Can arKI SCR Steward Professor S PararrEswaran Fellw for Research
H8rtFord College Governlng Body. Officor5 and Advlsers Year ended 31st July 2024 Governlng Body Follow (1> (2) {3) (4) Professor P F Rhe {retired 30.9.231 Dr F Romi IrNestrn&nt Bursar L Slater Lk C Sloan Porter Felkhv. Se(xetary lo GB Fellow Litrxarmn. Pro Prirripal Professor E Smith Dr L Speighl Professor G Stemberg Professor D Thom8s (unti 01.09.24) Professor C vlanC SenM)r Tutor Dr M Vincenzi (appoint8d 15.T.241 Dr M V8n der Wilk Dr C Veliz Irth[ndent Prevent Monitor Dr Vyazovskny Of0r T wils (retired 30.9.23} SenK)r Fellow Professor M Wc*)Idridge ProfessorA C S Wrxjllard Ms F Wh8ar8 (left 31.5.24) Professcf R G Zubek threGt(Y of DeVe1(VTt During the year the activibes of the VernIng Bcxty were (xrried (xjt thruugh various committees and Officers. Membership of the main committees is shown atM)ve for 8ach Felkhv. (11 Academic Cornmittee {21 Treasury Committee {3) Devebpment Committee {4) General Purposes Committee COLLEGE SENIOR STAFF The senKx stsff of the College to whom swfic astE(ts of day lo day manarnet were delegabj durfng the (y)urse of the year, aThJ who are regarded as Key Management Personnel, was as follows. College Accountant Mts Judi Banks Domestic Bursar MrJ8mes Hill Registrar and Director of AdssIOnS Ms M8gan R(¥)er
Hertford College Govornlng Body, Officers and Advisers Year ended 31st July 2024 COLLEGE ADVISERS Investment managgrs Rathbones InvestrTWt Management Ltd 8 Finstrmjry Circus London EC2M 7AZ Oxford University Endowment Management 27 Park End Street Oxford OX11HU Auditor Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW Bankers 8ardays Bank PLC Oxford City Branch PO Box 333 Oxford OX13HS Soll¢ltors Knights 1759 Midland House West Way Bouey Oxford OX2 OPH Property Valuers Allcott Associates The Fosse Fosse Way Redford Semele Warwickshire CV31 1XN Taxation Advlsers Davies Mayer Tax Adviser5 LLP 8 Gainsborough House Campden Business Park ChippiryJ Campden GISterShIre GL55 6JX Collage address H8rtFord College. Catie stre8L Oxford OXI 3BW Websits www.hertford.ox.ac.uk
HERTFORD COLLEGE Report of the Governing Body Y8ar endod 31 July 2024 REPORT OF THE GOVERNING BODY The Members ol the Governing Body present theirAnnual ReFMXt for the year erKJed 31st July 2024 rer the Charities Act 2011. together with the audited finan1 statements for Éhe year. REFERENCE AND ADMINISTRATIVE INFORMATION The Prinupal Fellows and Scholars of Herttord College in the University of Oxford. which is known as Hertlord College {°the Cdlege"). is an deemosynary thartered charitable corForation aggregate. The College was founded by an Act of Parliament in 1874 that incorFMnled Magdalen Hall as Hertford College. An Act of Parliament of 1816 had grdnted Magdalen Hall the site and residual possessions of an earlier, by then deftjnct, Hertrd Clege. This had re1Ved a Royal Charter in 1740, being the SUsS0r to Hart Hall which daimed its orvJins in a hall of residen established by Elias de Hertford c. 1282. The College registered with the Chartties Commission on 17th August 2010 Iregislered number 1137527). The names of all Member5 of the &)veming Bcwjy at the date of this repK)rt and of those in office during the year. together wth detai15 of advisers of the College, are given on pages 2 to 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is govemed by its Slalute$ made under the provision of the Oxford and Cambridge act 1923 and approved by Order in Counol 12th October 2011. Govamlng Body The Goveming Body is constituted and regulated in accordanc8 With the COle Ststutes, the temis of which ar8 enfOrlIe ultimately by the Visitor. vtho is the CharKlIOr ofThe uneIty of Oxford. New members of the &)verning Boty are elected by Ihe votes of not than thirds of the total number of Fdlows and with the consent of the Princapal. The Governing Body detemiines the on-going strategic direclM)n of the College and regulates its administration and the management of its finan5 and assets.11 meets regularly under the chairmanship of the Principal and 15 wjmsed by o)mmittees. Recruitmènt and tralnlng of Members of the Governing Body New Members of the Goveming B¢Kly a inducted into wcth'ngs of the Cdlege. irKluding Goveming Body policy and FOcedUres. by the Prinrypal and Bursar. Members of the Goveming Body can attend trustee infonn2tion briefings to keep them inforn of their duties as tnjstees and about regulalcry reqUIreEnts. Remuneration of Members of the Governlng Body and Senior COle Staff Mernber5 of the Goveming Body receive no remuneration or benefts from their tnjsteeship of the College. Those merfiers that are also empbyees ofthe College re1ve remuneration for their work as employees of the College. which is set in accordance with the advice of the College's Remurwation Committee. Where possible and relevanL remurEratw)n is set in line with that awarded to the University's academic staff. AJI stsff are all remunerated at a level bthich equa or exd$ the Oxford Living Wage, which is set at a level atK)ve the National Lrving Wage. The remuneration of Fellows is set by Treasury Commtttee in line with guidelines set by the Remuneration Ccmnmittee by referen to Ihe annual (anonymised) survey of College Officers and Fellows. Benefits conducted by the Unrversity and Conference of Cc4leges. Organisational managemenl The members of the Goveming Body meet at teast srx tiErs a year. The main work of developing their policies and monitoring their implementati)n is carried out by various committees:
HERTFORD COLLEGE Report of the Governing Body Year ended 31 Jul 2024 Academic Committee: advises arKI repmxts to Goveming Bchty on all matters relating to aClemiC policy aNI has oversight of the academic reputatton of the College in all its aspects. Treasury Committee: has oversight of the College's ffinan and investments at)d reFXYts to Governing B(xJy on the eff8th"veness and propriety of the Cdlege's finanoal management. Development Committee.. leads on the development ofthe strategy for the College's development activities. identifies funding priorities thin the framework of the College's strategic plan and liaises with the Treasury Committee to oversee the perfrjrmance and financial management of the Development offi. General Purposes Committee.. recewes reF#)rt5 frum arKI provides support to the Prin(ipal on College business in his rde as its representstive within the Untver5ity and the wider wodd. The Committee receives nominations for College orrices and the membership of o)mmittees. Remuneration Committee: consists of four persons t in r1p1 of remuneration from the College of which three are not members of Goveming Body. wlth the Principal aThJ Ihe Bursar in attendan. The Comrrmttee makes reCommendan$ to the (kneming Body Dn Fellows. allowances and College OfFiceTS' stipends. The day-to4lay running of the College is delegated to the Bursar. The Bursar atterKls all meetings of the Governing Body's Committees. except Academic Committee. Group structure and relationshlps The COle administers a number of special tNsts, as detailed in Notes 17 arKJ 18 to the financial statements. The College has Iwo Whol-owned non<harttable subsKtiaries. Hertf(xd College Programmes started trading on 1stAugust 2010. and its activities primarily comprise conferenc8s and English Language praMrnes which use the Cdlege's facilities when not in use by the College. Annual profits are donated to the College under the GiftAid Stheme. Hertford College Design and Build started trading on 13 March 2020, and its aclmties comprise designing. (mmIssIon[ng and constnjcling new estates falitIeS for the College. Annual profits a donated to the College under Ihe GtftAd Scheme. The College is part of the collegiate University of Oxford. Material interdependencies been Ihe University and the College arise as a consequence of this relationship. 0ECTIVEs AND ACTMTIES Charitabla Objects and Aims The College's obits are to advance publ leamitvJ by the provision of a colkge in the University of Oxford. The Goveming Body has considered the Charity commison'S guidance on public benefit and. in keeping with its objects, the College's aims for the public benefrt are to.. Promote exllenCe in undergraduate edu(3ton. including pastoral arml acemiC suppoit Make that 8xcellenc£ accessible to all who can Inefit from it reg8rdle&s of their sotial or e(x)nomi¢ background. Provide pastoral and aemIC SUPFQrt to graduate sludents, and Promote eIlence in research on the part of its FellS and StiperKJiary L8cturers. The aims of Ihe College's subsldiaries are to help to fvnd. or otherwise WPFQrt. the achievement ofthe College's aims as above. The College remains committed to the aim of providing wblic benefft in ac£onlance with its founding prfnciple$. The College's Public Benefft StateEnt is pubtished on the College website.
HERTFORD COLLEGE Report of the Govgrning Body Yearended 31 July 2024 The College advances public leamiro by providing higher educ8tior) to ut)der4dlte and p)StgdU?te students within Oxford Universty 2nd by supporbng the wrsuit of pU1¢1Y disseminated researth. During the year, the College had appr0matelY 418 undergrdduales. 287 PoStgruate8, arvj 36 fellows who have c4)n1raCtu obligations to teach as well as reseanth. The Cdlege provides public benefit by offeriTrJ higher education to its uThJergraduates. much of it via the ttrtorial system which provides the oppKwtunity to meet wlth a bjtor on a weekjy basis during term time. In addition. the College PfDvides classes. seminar5 and olhei fonns of teaching as approptiate. in conjunction wiÈh the Universtty's departments. To suptx)rt stLKlent leatning. the College also PfDvMJes the use of the College's library and accommodation and actively prO[te$ the wKJer culturdl and soal edution of its students through the provision of computer, sports, careers advi and other facilities. Graduates at the College form an imFortsnt part of the academic community. While they are taught at their University Facuty, every gra(Juate Stent is assIgr1 a Qlege Graduats Athser who prowdes pastoral suppo The College also advances research in a raroe of disciplines by emplowrMJ academics who have 8 contractual obligation to undertake published resear(, and proMdirvJ them with a supp1Ve academic atmosphere. induding the promsion of research grdnts, library and computer facilrties, office accommodalion and meals. R8search is disseminated Ihrough txJblish8d papers, books. websites and lectures. The College supports the researth of academiGS who, at the beginning of their careers, have already shown outstanding promise in thr chosen field of research by prowding a fully fuThJed Junior Research or Career Development Fellowship for a Feriod of up to three years to enable the holders to concentrate on their topic of research. The College offers undergraduate places on the basis of academic merit. The College aims to attract the students who are most able to benefil from an Oxford edLication regardless of sex. gerKier. income. ethnic origin. religion, preViS educatIor opEnIty. or disability. and athety works to recruit stsjdents from non-traditional backgrounds by encouraging applications from under-represented groups. Financial support is available to undergraduates from the UK land the EU in somo circUmstans) to assist them with the costs of tuition fees and living costs whilst at the College. In addition to the student loans provided by the Student Loans Company that are available to underyraduates from the UK. other financial support froTn the UnIvety and the College is availab to undergraduates who are from households where income is below a certain level. Arange of financial supF¥)rt is also available to GTrduate students. In 202312024 a total of £676k was spent on student support. Hertlord College undergraduate students benefit from Bursarle$ [Vided direcuy by the College and also from Ir$arieS joinly lunded with the University. A tolal of 123 students benefited al a total cost of £212k Graduate fvndlng is also provide(1 in the fomi of $charShipS and grants. The Cole awarded a total of £394k in 2023124 for this purpose. The College also offers Student Support in the forn of grants to tN)th underaduate and graduats students who experienc8 unexpected finanual hardship. for academic related travel. or as rent subsidies. In 2023124 the Cdlege distributed £70k to SUPFQrt sbjdents in Ihis way.
HERTFORD COLLEGE Report of the Governing Body Year @nded 31 July 2024 ACADEMIC REVIEW Hertford Welcom three new tutortal felk)ws for the 2023-24 academ year.. Dr Dylan Gaffney {Tutori31 Fellow in Archaeology), Dr Mark Van der Wilk (Tut(al Fellcyw in Computer Science). and Dr Thomas Morstyn ffLrtorial Fellow in Engineering). In July. Dr Maria Wi1 (Tutorial Fellow in Physics} joined the College in preparation for commencing her teathing duties in the 202<F25 academic year. During the 2023-24 academic yearfcyJrteen new stipeIlary Fedurersioin8(l us. and we appointed a fur- ther five nonthstipendiary lecturers. The Fellow for Research X)rdinated a series of events for FeowS and lecturers t) present and discuss their research. fostering int8rdisaplinary academic discussions within the (x)mmunity. Graduate students were erKouraged to participate in these events as well, offering them an oppctunity to engage with aCadern staff frDm diverse fidds of sttmly. The Felknv for Reseah, with the SUPPDrt ofAcademic Committee, also designed a new scheme to offer college ass(Kiation for early career researclEr5. which is due to be piloted in the 202425 xdemic year. It is hoped that these efforts will help lo fijrther enrich the arxiemic life of the Cdlege. Following the UCAS Confirmation cycle in August 2023. we welcomed 8 smaller undergraduate fresher cohort of 107 (plus one returning student sUming first-year study in Hilary term) in Oclober 2023. This was significanuy smaller than recent cohorts, as A4evet marking had returned to pre£oMd st8fKlards, bringing the number of applicants who failed to meet their conditions back into line with pre-covid aver- ages. A slIghY smaller proFH)rtion ofthe cohort- 85'A vs 2023's 92 /0 - were UK sdents. of which 80Yo were from state schcKAs. which is significantly higher than the University's average. The College welcomed 115 new Fx)slgraduate stLents for 202&24. ofwhich 63 were taught master's students and 52 were research students. We SUPF(Wted 24 graduate students with fvll or partial funding for wrse fees andlor Iwing stipends. and are continuing to rEview our graduate scholarship pn)Vksion for the comirhg years in line with various funding optKKtunities and our strategic ci)je¢tives. Our treach work continues to centre around our link regk)ns of Camden. Essex. SoulheThJ-on-Sea, Thurrock. Medway. and Peterborough. wth a particular fu$ on engaging sthools who have never or rarely been engaged with Hertford or Oxford more generally. In addibon to this. the outreach team also farr1 out some events for local school-age residenls in the Barton neIgh[hfy)d in Oxford as well as events on behalf of the University. such as representing Oxt(d at selected UCAS regional fairs. Approxi- mately half of the events run on behalf of Hertrord were inbound visits. and the remaining events were split between outbound visits arKJ online priNJrammes. We have ¢ontinued to offer a monthly Teachers, Bulletin lo teachers in our link regions duriry te-tiMe, atKJ are deveh)ping a dedirated programme of events design&l to support teachers from our link regK)ns. We are proud that we met our in(Teased tsnJel of seven Optxyiunity Oxfoftj offers in the 2023 under- graduate admissior6 round. engjring our enhanced supm for students ¢omiThJ from significantjy disad- vantsged bad(grounds. ourAc$S Strategy. which was (yJnfirmed by Goveming BcJy in Michaelmas 2023, sets wt a plan for further enhancements lo (xjr access and ¢yJtreach prDViSiOn, as well as for su porting students who are on-COUTse and whD come from disadvantaged backgrounds. and as part of this we designed a mentoring scheme where our undergraduate sbjdents can sign up to be mentored by our graduate students. The scheme is due to be pibted in Ihe 2024-25 aixdemic year. In September 2023. we welcomed r first fuIkkn. sdent Welfare Lead. Jane Corrigan. The role was Cated following the departure of our prewous ChatAain, Ihe Revd. Mia Smith, who had preViouY acted as the College's welfare lead in adition to h8r duties as Chaplain. In view of the increasing demand on welfare provision. the new sdent Welfare Lead is a senior rcAe in college which proviths first-line sup- port and signposting to various welfare Servi for all Herttc*d students, crxjrtlinales welfare provision and initiatives in the College. and works dosety with the Dean and Registrar strategic matters relating to college welfare supFort.
HERTFORD COLLEGE Report of the Governing Body Year ended 31 July 2024 FINANCtAL REVIEW The Financial Statements for 2023r24 frAlow the rpquirements of FRS102. Irbcome from trading {conference arKI events bL&sirs) (x)ntinued to return to pre-COVID levels, more than doubling year on year to £3.2m. This, logetherwith a significant increase in fijndraising lup £2.7m). drove an increase of around 35% in total revenues. Property and financial investment gains made a posttive (x)ntribubon of £8.7m (loss of £243k previous year), as the College's portfolio benefitted from market recoveries. The improved investrnent context also saw benefiLs kn Ihe PensKJn reserve, as the underfwrwj stheme positions went in to surFAus. As a resulL Ihe Pension Reserve at £2.1 Sm has redu(d to zero, rettjrnlng the value to General fvnds. The net resull of the above has been a balance sheet grthvth of £14.69m to £106.6m. While these results are welc. they mask an underIng trend that remains challenging. Increases in the operating costs aSslated wth core academic actiwties conts.nue to exed the income from those sources. placing an increasing relian on trading aTrJ fvndraising effcts. Reserves policy The College's reserves policy is to maintain a min1rn of thrBe months, free reserves to enable it to meet its short-term financial olligations in the event of an unexpecled revenue sh(thll, to allow the Colleg8 to be managed efficienuy and to provide a Lxtffer that would ensure unlntemJp seryic8s. The College's free reserves at the yearrKJ amounled to £10.04m, representing retained unrestricted ITMe reserves. exduding an amount of £14.97m for the book value of fixed assets. The goveming body have reviewed the free re5erve5 and are satisfied that the level of free reserves. the CUent cash flow projections. and the availability of extemal financing facilitses w0d provide an adgluale safety net in the event of adverse operating ndItiOnS. Total fvnds of the College and its subsidiaTies at the yearnd amwnted to £106.632m (2023.. £91.9m). This indudes endowment capiial of £75.25m. designated furKls of £0.85m arKI unspent reslricted income funds totalling £6.38m. The Fellows have assessed the College's Jilty to contir¢ue as a going concem. The Fellows have consider8d several factors when forming their 1x)ndlDn as to whether the use of the going tx)nce basis is appropriate when preparing these financial statements, induding a revb8w of updated forecasts, and a consideration of key risks. The CcAlege has a large endowment. and financial perfomiance continues to be monitored regularfy. The Felkms have scrutinised the key assumpb'ons within the financial budget and forecast. and are satisfied that Ihe ¢urrent level of free reseryes, available inv&sknnent and cash balances are adequate to meet the College's obligations as they fall du8. Having regards to the above. the Fellows are satisfied that there are no material UnrtaInli&S around the decisK)ll to adopt the going rnrn basis of aczounting in preparing these financial ststerrents. Risk management The College has on-goiro prcttsses which 0rated throhOUl the financial year for identsfying, evaluating and managing the principal risks and unwtainties fa by the College armj ILS subsidiary in undertaking their activities. The College identifies aThY reguLqty review5 Ihe ti5ks it faces, the potential impact of each risk. the likelihood of recurren. the severity of impact, and the steps taken to mitigate each particular risk. Principal risks are assessed by the Treasury Commiiiee. and more detailed iisks by other committees le.g. Health and Safety Committee). College Officets and Heads of Departrnent. Training courses and other fomis of career development are made availatAe to Trustees and members of staff to enhanc* their skills in risk-related areas. The Goverrting Body, who have ullimate resF()nsibility for managing any risks faced by the College. have reviewed the processes in place for managiThJ risk and the principal identrfEd risks to which the College and its subsidiary ar8 exposed and have wnduded that robust systems are in plaGe to manage thes8
HERTFORD COLLEGE Report of the Govemlng Body YÈarended 31 Juty 2024 risks. The principal risks and uncertainties faced by the CcAe and its subsidiaries include: Governa[ risks- e.g. inappropriate organisational structure. diffiuJltS recruiting trustees with r818vant skills, conflict of interest Operdtional risks- e.g. Serv[ quality and devekJpmen( contract pricing. employment issues; health and safety issues: fraud and misappropriab'on" Financtal risks- e.g. acJ and timeliness of financial Infoan. adequacy crf reserves anfl cash flow, diversity of ino)me sources, investment maemen( External risks- e.g. wtAic pep.Dn and adverse wblirjty. demogrdpht¢ thanges. government licy. and Compliance with law and regulation - e.g. breach of trust law. employtnent law. and regulative requirements of patticular activities FJJch as fijnd-raising and inf(Jrmation security. Strategies for managirKJ the risks idents'fied by the Cotlege as described above indude: Operating structured and fom11 prorwses for the identificatw)n. assessmenL and management ofthe response to risk. Establishing the appropriate committees to ensure oversight of all key actrvities, with responsibility for flating recx)mmendations to Goveming B(#ty. PrDviding appropriate training to all member5 of staff, and at the induction of new Fellows", Ensuriro accntabIlIty of Cole offi(rS to the approprhqte committee. and for the committees in tum to be acc4)untable to the Goveming Body: Developing and implementing key FM)licies the main areas of acttwty of the Co118g8, indudiry, for example, admissions Fdicy, health & safety policy, and infomiation security EX)Iicy; EnsurirvJ the appropriate insurance wAi¢ies are in place. and reviewd regulaty. Fundraising In the 2023-24 financial year. phlanthrDPfC in(x}rr increased teyond the modest 21Y22-Z3 post Covid recovery. wth £3.9m raised in donab'ons {including legacies). Encourdgingly. our donor numbers rose to over 1000, comprising recU1n9 and new supporter5. tk)nab'ons o)ntinu8 to support a range of different projects, with a strong focus this year on the library. Our usual event programme of gaLwJies. subject reunK)ns and netsyotking events ntinued. We continued to see reasonable alumni levels of engagement on s181 media. and re1Ve good feedback on our two publications. the Donor Report and College Magazine. Hertfd College is commilled to following bost practi in relalion to all fvndraisiro activities. The Deveknpmenl Director sits on &)verning Body and convenes the temty Development Committee, which provides over&ght of all furKlraising and alumni rdations athvity in college. Hertfortj is rEgistered with the Fundraising Regulator and has proto(x)Is and procedures in plao to ensure that Jndrai5ing is open. hones( and respethl. adhering to legal and induSty-slfic guidelirEs. Hertford does rK)t engage any professional third parties tr) carry oui fundrdising activities on its behaff. Hertrord is currently recruiting a new DevelOpEnt Director. following the departure of the previous incumbent to a new extemal role. We have restructured the team to separate fundraising from alumni engagement and mmunIcatiOns. We have also apwinted a Fdl(yw for Developmenc to support high 10
HERTFORD COLLEGE Report of the Governing Body Yaar erKled 31 July 2024 level alurnni and nonvalumni fundraising. Investment policy, objectives and perfoTman¢e The College's Statement of Investment Principles sets (Krt Ihe followiro aims: Generate income to support the College's charitable educational aims. Improve the educational experience of current and future generations of sttjdents and to pursue exceller)ce in stholarship by means of teaching and research and the provision of the cultural 8r)d srrial c{text which supports this. and Primluce the optimal sustainable rebjrn given the Ix)Ilege's low risk tderanix and to preserve the value of investments against the threat of inflation over the long tBrm. The investment strategy and perfance is montlored by the Investrnenl Advisory Committee which in turn reports to the College's Treasury Commtttee. At the y8ar end. the value of the College's inveslmerrts (financial and propgty) was £125m12023 £120m). of which £82m represents ondowed restricted funds. The lotsl irweslment int))me was c. 3.3% gross (average value). The College's investmwt objectives are to balance current and futu nefiCIary needs by.. maintaining lat least) tho value of the inveslments in real teryrE- producing a nSIstenI and sustainable anKwnt to suptwNt expenditure. ar delivering these objectives wilhin accepLgble levels of risk. To me8t these objectives the College's investrnents of its permarent endowed fvnds are managed on a total return basis, maintaining diversrfication across a range of asset dasses in order lo produce an appropriate balance teen risk and reium. In line with this approach, the College slatules allow the College to invest permanent endowments to maximtse the related total retum and to make available for expenditure each year an appropriate protion of the unapplied total retum. The Val date for 88tablishing the initial values of the Investnnt Fund and the Unapplied Total Rettjm was 31st July 2009. The invesiment strategy. policy and perf(fflnCe is monttored by the Investment Committee. At the year end. the College's long temi investments (endowm1 only), combining securities aThJ property investrnents, totslled £75.2m. Direct inco eamed on these investments amounted to £2.6m. and net value gains were £7.01m. Under the total relurn accounting bas. it is the Goveming Bodys policy to extract as in¢ome 4.25Vtr of the value of the relevant iThvestrnts. H¢)wever, to smooth and moderats. the amounts withdrawn are calculated on the average of the year end values in each of the last five yea. Due to Ilucthting investment values over the previous five years. Ihe effective amounts withdrawn may vary from the nominal rate. For the year ending Juty 315t 2024. an amount of £2.9m was withdrawn as income. The Goveming Body will keep the level of irKome withdrawn under review to balartrce th6 needs and interests of cuThent ar fijture bentharies of the lege'S ivities. The Governing body is satisfied that the overall FrfomianL of investment acbvities for the year has met the objectwes set. 11
HERTFORD COLLEGE Report of the Goveming Body Year gnd8d 31 Juty 2024 FUTURE PLANS The College has agreed a 10 year plan to devebp its buiklings and facilities ("the Estates strateg). This wll encompass signffii2nt refurbishment works (e.g. upgrading student accommodation), the expansion of existing facilities le.g. a new Library and improved stLKly space), and provision of new facilities (e.g. additional graduate accommodation). The anticipated capital expendiiure is up io £75m, to I found from a MbinatIon of reseNes. fundraising, bond capital, and olher finance arrangements. STATEMEpif OF ACCOUNTING AND REPORTING RESPONSIBILrriES The Governing &)dy is resportsible for preparing the Rep)rt of the GovernirrtJ BcJy and the finanaal ststements in accordance with applicable law and regutiOns. Charity law requires the Goveming Body to prepare financial statements for each financial year. urer that the Goveming Body have prepared the financial statements in a(xordantE with United Kingdom GeneraSlyAccepled Accounting Practice (Unitsd Kingdom Accounting Standards and applicable lawl, including Financi81 RewTting Stsndard 102.. The Financol Reporting Stsndard Applicable in the UK and Republic of Ireland (FRS 1021. Under charity law the Governing Body must not ap[0Ve the finanryal statements unles5 they are satisfied that they give a true and fair view of the stste of affairs of the College and of its net income or expetKliture for that period. In preparing these financial stalements. th8 Govgming Body is required to.. select the most suitable lUnting tdiues and then 8ppty them consistenuy" make jUdgnnts and accwnting estirrotes that are reasonable arn1 prudent stale whether aPe accounting standards. indudiThJ FRS 102, have been followed, subject to any maIal departures disdosed and ewained in the financkql statements. stale whether a Statement of Recommended Practice (SORP) applies and has been follc>wed, subject to any material departures wtth are explained in the financk91 statements: prepare the financia statements on the goiThJ o)ncern basts UTrs it is inappropriate to presume that the Qlege Ix)ntinue to operdte. The Governing 8rxty is responsible for keeping prDper atxx)unting records that are sufficient to show and explain the Collego's transions and disdose WTth reasonable ac(xJrary at any time thg financial position of the College and enable them lo ensure that the financial ststements comply the Charities Act 2011. They are also responsib for safeguardirKJ the assets of the College and ensurirvJ their proper apFAication charity law and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. ApprDved by the GoveTning Body on the 2P of N0vemE[ 2024 and sHJned on tts behalf by.. rJKClark Professor P ROCF Bursar Principal 12
HERTFORD COLLEGE Rèport of tho Auditors Year ended 31 July 2024 Indepgndent Auditorfs Report to the Trustees of Hertford College Opinion We have audited the financial statements of Hertford CollgJe for Ihe year ended 31 Juty 2024 which m- prise the Conthidated SlatemenÉ of Finanaal Activtbes. Consolidated and College Balan Sheets. Con- solidated Statement of Cash Flows and notes to the financial statements, including signthcanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United lQngdom Accounting Standards. including Financial Reporting staard 102 The Financial Report- ing Standard appIltle in the UK and Republic of Irdand (Unitgj lQngdom GenerallyAccepted AcLounling Practice). In our opinion the financial staternents: give a true and fair view ofthe state of the gMJp's and the parent charitys affairs a$ at 31 July 2024 and of the group's inGorn2 awKI reLEipts of endowm8nts and expenditure. for the year Ihe ended; have been properly prepared in ac£ordan( with United ngdoM GenerallYAccepj Actx>unllng Practice" and have been prepared in rdance wlth Ihe requirements of the chareS Act 2011. Basls for oplnlon We conducted our audit in aeijmdarfe with International Standards Auditsng (UK) (ISAS (UK)) and appliczble law. Our responsiLwlities urvjer those standards are further described in the Auditor's responsi- bilities f( Ihe audit of the financial staternents seth.on of our reporL We are irKlependenl of the group in accordance with ts ethi1 requirements that are rekvant to our audit of the financgal statements in the UK, including the FRC'S Ethical Starvjard. arKI we have lfilled other ethical responsibilities in aCcCd- atTce with thes8 requirements. We believe that the audit eviden we have obtained is sufficient and ap- propriate to provide a basis for our opinion. Conclusions rBlatlng to gotrw concern In auditing the financial stat8ments, we have nduded that Ihe INstee's use of the going ca)nM basis of ac(x)unting in the preparation of the finanaal slatements is appropriate. Based on the work we have Perfoned. we have not identified any material un(rtsinties lating lo events or conditions that, individually or collectNely, may cast significant doubt on the charity or the group's ability to continue as a goiro concem for a lI[j of at least twelve months from when the financial statements are authorised for issue. Our responsibilites and the responsibilities of the trustees wilh respect to g¢itvJ Cncern are described in relevant sections of thi5 reFK)rL other informatKJn The trustees are responsible for the other infomation contained within the annual report. The other infor- mation comprise5 the inftwmation included in the annual pOr( other than the finantxal staternents and our auditor's report thereon. Our opinion on Ihe finanaal statements does not wver the other infomiation and, exceptto the 8Xt8nt otherwise explioty ststed in Ir report we do rK)t expr8ss any form of assurance condusion ther80n. Our resFK)nsibility is lo read the olher infomwkn and. in doing so. (x)nsider whether the other infomation is materially inconsislent wth the financial statements or our knowledge obtained in the audit otherwise appears to be materially misstated. If we identify such rnaterial intrnsistencies or apparent material mis- statements, we are required lo delemine ether this grves rise to a material misslatement in the financial stslements themselves. If. based on the vnrk we have Fwr0rrd. we condude that there is a material misstatement of this other infomiation. we are required to retxxl that fact. We have nothing to report in this regard. 13
HERTFORD COLLEGE Report of the Auditors Year ended 31 Juty 2024 Matters on which we are Tequired to report by exception We have mlhing to report in respect of the fdknving matters in relation lo which the Charities {Accounts and Reports) Regulations 2CQ8 requires us to rep to ycw if. in our opinion: the information given in Ihe finawal statements is inconsistent in any material respect with the trustees, report; or sufficient and proFer accounting recy)rds have been kept by the parent charfty. or the financial statements are not in agreement wtth Ihe atxxyjnting re(x)rds aEMJ returns; or we have not reIved all the inf0matn and explanations we require for our audit Responsibilitigs of tTustses As explained more fulty in the trustees. resFrt)nsibilities ststemen( Ihe trusiees responsible for the preparation of the financial statements and for Ing satisfied that they give a tnje and fair view, and for such intemol (x)ntrol as the trustees deterMIr is rSSary to enable the preparation of finanaal state- ments that are free from material misstatemen( whether due to fraud or error. In preparing the finawal staterr*nts, the trust are responsible for assessing the group and the parent ChariWs ability to continue as a going concem, disdong, as applicable. matters related to going concem and using the going o)ncern basis of accountirvJ unless the Injstees eilher intend lo IN]uidate the charity or to cease operatK)ns. or h8ve no realisbc aernat[ve tr4Jt to do so. Audltovs responsibilltles for the audit of tho finoncial slatsmgnts We have been appointed as auditor under section ofthe Ch2ritiesAct2011, and report in accordan with the Acts arld relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable aSSurae atM)Ut whether the ffin8ncial statements as a whole are free from Materi misststemenl. whether due to fra1 (error. and to issue an auditor's report that indu(ks our opinion. Reasonable assuran is a high level of assuran, tM]t is rK)t a guarantee that an audit con- ducted in accordan with ISAS {UK) will always detect a material misststement when it exists. Misstate- ments can arise from fraud or error and are cCSJered material if. individually or in the aggregate, they uld reasonably be expected to Influen the e¢onomi¢ decisions of L55ers taken on the basis of Ihese financial statements. Details of the exienl to which the alt was ndered capable of detecting irregulariles. including frdud and non-compliance laws and regulations are set out below. Afurther description of our responsibilities for the audit of the financial stateEnts is I0j on the Finan- Cial Reporting Council's website atr. ww.frc. .ukJauditorsres nsibilitEs. This description forms part of our auditor's rewrt. Extent to whl¢h the audlt was consldered capable of dete¢ting Irregularities, including fraud Irregularities. incjuding fraud. are InStanS of non-CX)mpllan¢ with laws and regutK)n$. We identified and assessed the risks of material Mitatement of the finanaal statements from irregularities, whether due lo fraud or error. and discuss&J these between our audit team. We then designed and perfomied audit procedures responsive lo those risks. induding cbtsining audit ewdence sufficient and apprOate to pr vide a basis for our opinion. We obtained an understaTrJing of the legal and regulat frameworks vathin which the parent charity and group operates. focusiro on those laws aThJ regulations that have a direct effect on the deletmination of material amunts and disdosures in the financial slatements. The laws and gulati(S we rA)nsidpred in this context were taxation legislation, the Charities Act 2011 together with the Charities SORP IFRS 102). We assessed the required coM[lare wtlh these laws aThY regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulatKJns that do not have a direct affect on the 14
HERTFORD COLLEGE Report of the Auditors Year ended 31 July 2024 financial statements but COmlan wrth whith might t fvjndaWntaI to the parent Charis and the group's ability to operate or lo avoid a material penalty. We also (nSidered the opportunities and Irn- lives that may exist within the parent charity and the group for fraud. The other laws and regulations we )nsidered in this Context for the group were General Dats Protection Regulations and Health and Safety regulations. Auditing standards limit the required audit prOlureS to identify non-compliance with these laws and reg- ulations to enquiry of the TteeS other managernent arKJ InSp)n of regulatory and legal coff sponden. rf any. We identified the greatest risk of material impact on the financial statements from irregularities. induding fraud. to be within the recognition of income. arKI the override of controls by managemenL Our audit pr cedures to respond lo risk of income reCOgniOn included selecting a sample of income during the year. agreeing back to the relevant doujmenlation and ensuring tt has been recognised correctly. Our audit procedures to respond tr) the risk of managetnent override inCld enquiries of management aboul their own identification and assessment of the risks of irregularities, sample testing on the posting of joumals. reviewing accounb.ng ests"mates for biases. reviewing regulatory correspKNidence wth the Charity Gommis- sion and reading minutes of meetings of those charged with governan. Iving to the inherent lirnrtatv)ns of an aLKltL there is an unavoKlable risk that we may Mt have delecb some material rnisstatemerts in the financial statements. even IUgh we have protHly planned aThJ per- formed our audit in accordance with auditing starKlards. For exarnp. the further rerrKJved non-compliawe with laws and regulations (irregularities) is from thè events and transactions reflected in the financial stste- ments, the less likely the inherently limited prdUleS r4uired by auditing standards would identify IL In addition. as with any audtL there remained a higher risk of non-detection of iTregularits, as these may inv(Ave coilusion, forgery. intentional omissior6, misrepresentstions. or the override of internal controls. We are nol resFK)nsiiAe for prevenling non-cOmlance arKI cannot be expecW to detect non-compliancE with all laws and regUlan$. Usg ofour report This report Is made solely to the chanty's trustees. as a body, in accordance with Part 4 of the Charities laco)unts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might state to the charity's trustees those matters we are required lo stste to them in an auditor's report and for no other purpose. To the fullest extent perrnitted by law. we do not accept or assume sPOnsIbl11ty to anyone other than the challty and the chantys trustees as a t(MJy. for our audit WQTK for this reporl orfor the opinions we have formed. iL.K. L&e Crowe U.K. LLP Statutory Auditor London Date: 28 November 2024 Crowe U.K. LLP is eligible forappointment as auditor of the chanty by of its eligibility forappointment as auditor of a rnpanY under sedion 1212 of the c(panIeS AL* 2006. 15
HERTFORD COLLEGE statement of Accounting Pollcies YEarended 31 July 2024 Statement of Accounting Policies 1. Scopè of the financial stalemer The financial statements present the Consolidatj Statement of Financial Aclivlknes (SOFA). the Consolidated and College Bdance Sheets and the Consolidaled Cash Fknv Statement of Cash Flows for the College and its wholty ry4vned subsKliaries Hertford Programmes Limited and Hertford College Design and Build Limited. The subsKJiaries have en consolidated from the date of their fomiation, being the date from which ihe Cdlege has eXerlsed ntrol through voting rights in the subsidiaries. No separate SOFA has en presented for the College alone as cUendY Fermitted by the Charity Cotnmission on a cOnSsiOnary basis for the filing of consolidated financi statements. Basis of accounting The College s individual and consolTrdated finantial statements have been prepared in accordance with United Kingdom Ac(yJunting Standards, in partIclar.FRs 102: The Financial Reporting standard applicable in Ihe UK and Republic of Irela1. (FRS 102)- The College is a public benefit entity tor the purposes of FRS 102 and a Tegistsred charity. The Cdlege has therefore also prepared its indiwdual and consdKlated financial Statets in accortlance with The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102. (The Chanties SORP (FRS 1021). Having reviewed the funding facilities awailab]e to the College togeth8r wth the expected ongoing demand for pla5 and the College's future proie¢ted sh flows. the Governing Body have a reasonable expectation that the College has adequate rvrCeS to continue its actmties for the foreseeable fuknre and tx)nsider that there were no material unrtaIntieS over the College's finanal viability. Accordingly. they also (x)ntinue to athpt the going concern basis in preparing the finawal statements as outlined in the Statement of Ac(xyJnting and Reporting Responsibilities on page 12 and to adopt the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value wth movemerts in value reported within the Ststement of Finanryal Activities (SOFA). Th8 principal ac(xyJnting pcAioes adopted are set out below and have ten applied consistenly throughout the year. The accounts (financial statements) hav8 been prepared to give a Irue and fair, view and fvave departed from the Charitses (Accounts and Rep(rts) Regulations 2W8 only lo the extent required to provide a 'true and fair vievf. This departure has invotv&J foHowing the Statement of Recommended Practice appli(zble to charities preparing their aCCnts in accordan with the Financial Reporting Standard applicable in the UK and Repubtic of IrelaTKI {FRS 1021 issued on 16 July 2014 ratIr than the prewous Statement of Rerximmended Practice: Accounts"ro and Repo"ng by Charities which was effective from 1 April 2005 which has sin(x been wilhdrwwn. 2. Accounting judgements and estimali¢Th uncertainty In preparing financial statements it is rwessary to make Certain judgements. estimates and assumptions that affect the amounts recoJnised in the financial statements. The following jLKkJements and estimates are (XsIdered by the Goveming Body to have nt significant eifect on amounts recognised in the fInarla1 slaternents. The Goveming Body, in applying the accyjunting Frt)liaes. have induded an estimate for the Collage's share of the USS and OSPS pension scheme lialitieS, and an estimate of the useful eOrnie lrfe of its buildings. Otherwise no judgements were rLyuIj that have a significant effect on the amounts recognised in the financial statements. The College ¢aluJlales its liability for USS peTKsion defrit based on the current agreed schedu18 of deficit contributions wth reference to the latest sthrrt valuation. 3. Income recognition All income is reo)gnised once the College has enttdement to the inc£Jme. the economic benefrt is probable, and the amount can be reliabty measured. 16
HERTFORD COLLEGE Statement of A¢¢ountiThJ Policies Year ended 31 July 2024 Incoma from fees. Office for Students support and other charges for sebvlces Fees receivable. less any scholarships. bursaries or other alloWare5 granted from the College unreSted funds. Office for Students supwrt and Charges for se[vi$ and use of the premises are recogni5ed in the perKMI in which the related Serv is provid1. Incomo from donations, grants and legacies Donations and grants that do not impose swafic fijture perfOrma-relaled or other specrfic conditicS are recognised on the date on which the tharity has enlttiement to the resource. the arUnt can be reliably measured and the eCorN)m benefft to the College of the donation or grdnt is probable. Donations and grants subject to perfomiance-related condtbons are recognised as and when those conditions are met. Donat"ons and grants subject to other specrfic condttions are recognised as those conditions are met or their fvlfilment is wholly within Ihe (xjntrol of the College and it is probable that the specified corKlitK)ns will be met Legacies are rec(>Jnised followiw grdnt of rthte and once the College has received SLrfficient infomiation from the execulorfsl of the deceased's estate to be satisfied that the gift Ixn be reliably asured and that the er£Jnomic benefit to the COle is kyobabk. Donations, grants and legaues ac£ruirwJ for the general puws of the CO1 are (xedited to unrestricted funds. Donations, grants and legacAes vthich are sutiect to Conditions as to their use imposed by the donor or sel by the terms of an appea are Cr1 to the reievant restricted fund or, where the donation, grant or legacy is required to be held as caFXtal, to the endowment funds. Where donations are red in kind (as distinct from cash or other Th)netary assets), they are measured at the fair value of Lhose assets at the date of the grf Investment income Interest on bank balances is accounted for on an ar31 basis wth interest recognised in the period lo which the interest relates. Income from fixed interest debt se(JJrities is reJn1Sed using the effeth've interpst rate methcKI. DividetKI inir)me and similar distritNJtK)ns are recognised on the date the share interest becomes ex- dmdend or when the right to the dividend be established. Income from investment properties is re(xMJnised in Ihe pericJ to whith the rental income relates. Total Retum accounting prinGitAes have been adopled in relatK)n to investments Fwd as part of the pemianent endowment. The caryng value of the trust for invest1 (the preserved penanent capital) has been taken as the market value of the rdevant investments as at 31 July 2009, together with the original gift value ofall subsequent endowments receiv and transfers from the unappiied total retum approved by the Goveming Body to incTease the vdue of the ITUSt for invesknenL The balanGe ofthe investment unapplied tota] returns is accumulated as a comFX)nent of the relevant endowrnent fvnds with amounts from this being released to income eath year at the discretion ofthe Goveming Bcdy. Expenditure Expenditure is anted for on an acuuals basis. A liability and related extEnditsJre is recognised when a legal or construcb've (lIgation comrnits the College lo experwjiture that will probably require settlement, the amount ofwhich can be retiably measured or estimated. Grants awarded that are not perfornian-reIated are charged as an expense as soon as a legal or constructive (ligatiOn for their payment arises. Grants subject to p8rfomiancHelated CL)nditions are expensed as the specified conditsons ofthe grant are met All expenditure induding supwrt costs and governan costs are allocated or aprboned to the applicable expenditure t2tegories in the Statement of Financial Aclivities (the SOFA). 17
HERTFORD COLLEGE Statomont of Accounting Policies Year ended 31 July 2024 Support costs which indudes govemance costs (costs of complying constitutional statutory requirernentsl and other indirect $ts are apportioHI to expenditure categories in the SOFA based on the estimated amount attrityJtable to that adity in the year. either by reference to staff time or the use made of the underfying assets, as appropriate. Irrecoverable VAT is included with the itern of expenditure to which il relates. Intra-group sales and charges betww the Colly and its subsidiaries are excluded trling income and expendire in the Consolidat financial statements. 5. Leases Leases of assets that trdnsfer substantialty all the risks and rewards of ownership are Classifi as finance leases. The costs of the assets held urKler ffiar leases arp induded within fixed assets and depreciation is charged over the shorter of the lease term arKI the assets, usefvl Ilves. Assets are assessed impairment at each repytsng date. The corresponding capital obligations under these leases are shown as liabilities and reoJJnised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apty)rtioned beeen capital repayrnent and finan charges in e SOFA 50 as Éo achEve a LX)nstant rate of intere5É on the remaining of Éhe liability. Leases that do not transfer all the risks and rewards of ownership are dassified as operdting leases. Rentals payable under operaling leases are charged in the SOFA on a straight line basis over the relevant lease tenns. Any lease incentives are recognised over the lease terni on a straight line basis. 6. Tangible fixed assets Land is stated at cost. Buildings and equipment are stated at LX)St accumulat&l depreciation and any acujmulated impairment losses. Expenditure on the acqUItion or enhancement of land and C the ao]uisit)n. o)nstswtion and enhancement of buildings which is directty attrtiMJtable to bringing the asset to its working condition for its intended use and amounting to rrK)re Ihan £25.OtKI togeth8f With expenditure on equipment sting more than £25.0(KJ is capitalised. Where a part of a buitding or equipment is repLgced and Ihe c4)sts capitalised. the orrying value of those parts rePlad is derecognised and expnsed the SOFA. Other expenditurè on equipment incurred in the rnmal day-ttsday running of the College and its subsidiaries is chargad to the SOFA as incurr8d. 7. Heritage Assets The COllt has chosen to ]d heritage assets at cosL The college has a number of assets, including items of art and historic texts that meet the definilion of heritage assets under the SORP. The depreciated historic o)sl of the majority of these items is nil. Items purchased are recognised al cost and items donated to the Cdlege are recognised at fair value. The c[e has taken advantage of the exemption within FRS 102 not to disdose transacn5 before 1 January 2015 as obtaining fair values for these assets would be impracticable and the c£)st of obtainir4J such valuations would OUe1gh the benefits to the users of these financial statements & Depreciation Depreciation is pn)vided to write off the cost of all rdevant tangitAe fixed assets. less their estimated residual value. in equal annval instalrrEnts over their expected useful economic lives as follows.. Freehold properties 30 -50 years EquipTTEnt 5 years Freehold land is not depreciated. The cost of freehdd land assouated with the main historic site is not included in the balare sheet but is not material. The cost of Maintenan is charged in the Statement of Finanal Activitbes in the pericKI in which it is incurred. 18
HERTFORD COLLEGE Statement of Accounting Poli¢ies Year ended 31 July 2024 The costs of major renovation projeds which iwease the service wtential of buildings are capitalised and depreciated over applicable perKKIs. 9. Invèslments Investment properties are initialy recognised al their ¢)Jst and subsequ8ntty [reaSUr at their tsir value (market value) at each date. Puwthases arml sales of investment properties are recognised on exchange of contracts. Listed investments are inits'ally measured at their cost and subsequenuy measured al their fair value at each reporting dale. Fair value is based on Ir quoted price at the bala sheet date without dedtKtion of the estimated future selling (x)sts Investments such as hedge funds and wiwats equity fvnds which have no readily identifiable market value are initially measured at their costs and subsequenty measured at their fair value al each reporting date without deduction of the estimateAI firtU sellirKJ costs. Fair value is based on the most rent valuati(Ins available from their respective fijnd managers. Changes in fair value and gains and losses arising on the disposal of Investments are credited or charged lo the income or expenditure section of the SOFA as 'gaiAs or losses on investments, and are allocated to the fund holding or diswsing of the relevant investrnent. 10. Olher financial instruments Cash and ¢a5h equivalents Cash and cash equivalents indude cash at banks and in hand and short temi deposits with a maturity date ofthree rrthS or less. Debtors and crodilors Debtors and u&Jitors re(*ivable or paythe wtthin one year of the rerting dat8 are carried at their at transaction pri. Debtors and creditors that are receNable or payable in mre than one year and rK)t subject lo a market rate of interest are measured at the present value of the expected future r&ipts or payment diswjnled at a market rate of inter8St. 11. Stocks stocks are valued at the lower of cost and nel realisable value. cost being the purchase on a first in. first out basis. 12. Foreign currencies The functional and presentation ojrrency of the College and its subsidiaries is Ihe pound sterfing. Transactions denominated in foreign currencies during the year are translated into pounds slerfing using the spot exchange rates at the dates of the traraCtiOnS. Monetary assets and liabililtes denominated in forgn ojrrencies a translated into wunds Sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the setllernt of transactions and from the translation of monetary assets and liabilities denominated in foreign curren¢ies at the exchange rdtes at the reporting date are reo)gnised in the in(x)me and expenditu section of the SOFA. 13. Fund accounting The total frjnds of the College and its subsidiaries are alILKX to unrestiicted. restricted or endowment fijnds based on the origins of the fijnds and the terms set by the donors. Endowment funds are further sub-divided into FErmanenl and expendable. Unrestrictsd ftjnds Can be used in frjrtherance of the objects of the Colkge at the discrebon of the Goveming Body. The GovemirKJ Body may decide that part of the unrestricted funds shall bg used in fubjre for a SFeafic purwise and this be accounted for by transfer5 to appropriate designated furNJs. 19
HERTFORD COLLEGE Statemant of Accounting PoliGie$ Yoar end8d 31 Juty 2024 Restrlcted funds comprlse gifts, lègaoes and grants where the donors have eamiarked funds for speufic purF)oses. They )nsISt of either gifts where the donor has specrfied that both the capital and any income arising must be used for the purposes given the income on gifts where the donor has required that the capital be maintained a1 the In used for specific purposes. Pemanent erwjowment funds arise where donors speryfy that the funds should b8 retained as capital for the permanent benefit of the College. Any income arising from the pital wli I be accounted for as unrestricted fijnds unless the dorK)r has restn"ctions on the use of that irMe. in which case il will be accounted for as a restricted fvnd. Expendable ermlowment funds ar8 Similar to pemnent eThJowment in thal they have been given, or the College has determi[1 based on the cirUJmstan that they have been given, for the long term benefit of the College. However. the Governing Body may al their discretion determine to spend all or part of the capital. 14. Pension costs The College partiupates in the UniveNlies Superdnnuation Scheme arKI the University of Oxford Staff Pension Scheme. These schemes are hr1d pension schemes. providing definwj benefits based on salaries as well as benefits based on contritutions. The assets of the schemes are each hekl in a separate truslee-administered fund. BeUse of the mulual nature of the schemes. the assets applIble to Ihe defined benefit membership are not attributed to individual College$ 2nd herre-wie conlribution rates are set. The College is therefore exposed to actuarial risks associated with otheT Universities, and Colleges. employees and is unable to identify its share of the underlying assets aThJ liabilities of the deffined benefrt sch8me on a consistent and reasonable basis. As required by Section 28 of FRS 102 'Empk)yee tlle5". the College accounts for the schemes as if they were wholly defIT corrtribution schemes and contTilyJtions to these sche$ are recognised as a liability and an expense in the perKMI in whith the sa]anes to which the contributior)s relate are payable. Where deficit recovery plans have been in in past years, the Cdlege has renISed its share of the deficf( plan5 plac on both sithrn&8.
H&rtEort1 Coll8ge Cansolidated Statement Of Finants81 Acbvit For the yev¢ ended 31 July 2024 20Z3 Total FLW Fu5 Totsi fOOO 4COMEAND ElID0VArS PRO&I.. ChavttablB aclt¥llles'. TEathing. resfjarth and r8sthnigl Oth•rTr•dlng Incomo Doftaiitsr and ltya¢t88 Invostsnonts InVeSt incorne Totsl relum JCatsj to ¢)ttrlnEorr Total Incoms 273 7.141 7.121 1.484 1252 3.W26 146 2291 12.9201 3.>7S 3.719 17 2.&57 13561 18,217 13,577 EXPENDITLWiE ON.. chatr1tsb 8¢Vvltl•s'. Teathing. reseor¢h and res11 Generatlng lunds: FundHsing Tradir¥J eywrUre InvestrDent manag0Mt¢05ts Total Expendre 1.7 9,086 11276 470 470 IA99 1241 12296 812 1.166 13.820 239 10A52 1.705 Not In¢omffjpOilyl¥l bwforo w¥1 (kJ¥8•¥1 338 15951 243 NBtgains10(Bse51 on inve5trnents 1,471 8,726 18231 Net InComd(EXrI1urQl 5.719 1588 6.410 14.717 I1.6) 17 112 1641 1481 Olhtr reGogni8ed Ha1105$•$ Gainllowsl rnvaluat1tsi0fT assèts gal($$8$) on bonafit Not rnovornent In kndsforthe year &831 1524 6.352 14.717 11,0661 Futtd balanus brouylrt forward 17 19.175 91915 92.1 Prfor ar lund altnt Fundscaffl¢d forward 31 Juty 6.380 75246 106.63Z 91,915 21
Herttord Colleg• Consolidated Slement of Financial Activits For the ygar ended 31 July 2023 Ful5 Fyn rooo Totgl £() COMEAND EFLIOWIAElff5 FROM: Teathing. rt%rth and r8sid8rthl OtherTMllng Inrne Donatlons lryaGkns Irbvestments Invf8nent Inrme Total rettjm allocated ID Other incorne Total income EXPENDITURE ON.. Q9)1 7,121 f.484 1.252 B17 1.(L$2 1475 147 352 1520 12.V2n 3.T19 12248 1.316 18n 11577 Charttabl• athhles: TeachiTrJ, researth al TEsklenti Gèn•ring fIdS.. FuYKltaisi Trdding expenthtu Inve5tmeTrt manaJBTnentcr£ts Totsl BYndre lo.1 975 11278 812 8f2 1.166 13,820 226 226 12.612 Net IncorndlFxpendliur•l beforngains 313 243 NelgaIn(k>sSesI on Invssknents 11.8081 47 JB 16231 Net IrwmwllExpBTrdllurel 152) NEt rnovgrrwnt In ld5fOr* y•ar Fuj lat browhtforwar p,01 21228 513 68,311 11,06SI 92,981 PibxywDJnd 8dluth&it Funds carrlgd fonvwd at 31 Juty 19.178 91.915
Hertrord College Consolidated and College Balance Sheets As at 31 July 2024 2023 2024 Colkng• 2023 Collese eooo Grnup ooty FIXED AS5Ers Tangib as8Sts 10 11 12 14970 13.1n 111219 13.9t15 10.063 109,664 14970 13,1n 112219 13,5 10,W3 109. Total FIX A888ts 140,362 133.2 140,3fj2 133,632 URRENT AssErs Stttks 18 16 43TI 18 2,466 449 14 5.384 5742 Cash alr& aTrJ ID hwd Total CurrFnt 9.161 3,934 UABILITIES Cre(lit(Jrs". Annts fejling 15 I2,) {3.136} 112101 CURRENT ASSErs 6270 723 TOTAL ASss LESS CURRENT LL[[S 146.632 134.070 1442t 134.355 CREt)ORs. falliw du•aft8r more than X 16 {40.[} 140.OLKJ) I40.0) 140,0001 mASSETs BEFOREPENSION Assrr OR Li4BILrrY 106.632 94.070 105.208 Définod bonefft p8nslon sdrn• liabdity 21 12.1&51 (2,1S51 TOTAL ASSErs lfi32 91.915 IOS208 92.2(K) FUNDS OF THE COLLEGE Endowmentfunds 75246 75,246 4380 3,850 Unrestricted funds Designated lunds 14819 9.167 14,7S9 &577 1&395 1187 15.044 6.STi Revu8.0n reserve P51 rarvt I2.1) 12.1551 l(*m2 91,915 105208 Trustee.. TDJSt. 23
Hertford College Consolidated Statement of Cash Flows For the year ended 31 July 2024 2024 rooo 2023 rooo NBt cagh provlded by (used In}opwin9 adfvltlès 1,696 Cash th¢)ws from investlng activleS Dmdends. int&r8sI and rents fr(xn inveslm PTLwds from the s of prlywty. Fdantand equi[rt Purcha88 of tty. t4antd eqwmBnt Proc8ts from le ofinvestrm Purtha5e of investMts Net cash provided by lus¢d inl No51kn9 xll¥lllè& &978 3,722 12,4161 11.679 11.5711 6.220 15,9401 2.431 &398 Co$h ftows from nating aGtMtles CwrNJn on Private PL9c8nt Paid Cash infi(M5 frDrn Ript0fendoWrÉnt Net cash prOded by (used in) flb)anckvJ activit 1966) 19661 19661 Chanye in G45h and cash ol¥alènts kn the rep)9 S1 &172 12311 Cash and ¢ash oqutvakTht5 at the begknnlThJ oFthe r8pwik¥J 510 801 Chang8 tn and equNalents th¢ rBportY4 pwIDd 3.172 (2311 Cash and ¢a5h equfvalwts atthe end af the reptyunq 24 1742 24
Hortlrd Cdkge Nowto th•ffln3nc131 statemen18 ForthF yw Ortd 31 Juty >J24 ofvr AEFCE SLWWt Z11 152 21. E33WI. lknandalpr6ibon, knrWL4SWthntswth(Nerdeaskn 5tsLEknithd the oaw¥kn)tyU(w Dn9mE. wAkJè are ol IMfo8Syed &nodntto£53 (20ll £26kl TISe we r[dab 817 k*13 1.193 217 1037 rHEREI£OME
Hortford Colk Motssto th firn¢la1 gtat•thyoMs Forthp year ended 31 Juty 2tr44 AVLYOFEAPENThTURE 4.133 4107 P711 1.670 1e4 1241 1.1 Tethrffj Ttl Rl Total HumhrUrcs I12 125 125 312 344
rtford ColJegD Mofos tothe firArthl Forthe ygarendgd 31 Juty 2024 Z41 Totsi rtBtrr¢ie0 Total arS S15 Supp 2J23 1• 18 FLEths 12 £a),Wi470,(W E70.W1.LIJJ.(rfM ,Wi49),OX E$D.111.1¥)l 11J4Jl
Hertford Coll Not•8 tots financlal stalprnents Forth• >arendpd 31 July2D24 Its T#BLExEDW35ETs 24751 516 151ei P1 teJ0fYUr 14Jl 1J51 917 1475) ie) fy 1i675 AtgtwEat5 13x6 0[r 516 151 1É1 4ts 147 S17 r%0)1 (s) ple1fYI¥r 13W5 10.ts> FF4 674
Hertttrd Coll•9 Notss tolhèflnardal stateme Ftsrthe yearended 31 J2024 195, (6,22DI 77 1'..4971 ll.664 HJ Tria .118 571 TJ15 7315 41.7È7 1Q 41,727 1D633 10310 xrJJ )
HBrtfDrd College Nots5 tDthB flnanclal statékm Forthè Jwèrtded 31 Juty2D24 £WD 311 176 (4811 18 18 4910 15 cREDS.. th**dnanRy 1124 1137} 121 134
Htford Colege Nt)t•s to thR fiarlJI 5tknments Forth• yo3r•nded 31 JY 2024 P431 OrE&BsI Ikge F 64.7 693 1Q t21 164 12 161 (31 1158 r21 Fw 15 v) IM) 19) 1Tf (In L M.VaL¥knTnl# 217 10 15 9) rFuth Gemta (Iwj) 9.187 14370 [gn Z1 12 11WI 12 {10,35J)
&)t•s tDth• flnanclal statofflw Forlh• ywerwJBd 31 2024 A31JY ,Q21 lJ)1S 14 E. kl.Vshan.WlkmsTw RwrVa)Ntortkn Ettr FLTr Hthry IZ4 (81 124 5kndeffjSwr. l¢w4 pi If40 2,158 stytynFund 10 115J 16 176 e. 11J 215 274 124 ed Lkkny p) 351 9.311 U2J3B) 1471 T.124 R15SI -.1613 1471 11JLB 1417 1161 1*176 Tatsl F
Hertford Colkg• Fortt 31 Juty 2024 Endowment Funds Icontinuedl tome andpins knvfthnt inwmè rntainS11lOj Total inLomeaTrJ8akn5 1513 Z513 9TJ 9.4 ApPIatoI10tal Feo5andtrarthr5 ve5ThntmaMetIeeB RPladjeTht TotslfEesand IrKftrs 123n P3n Pan 16.010 Endowment funds Icortinuedl ED Fur rrimBrMay DrydPWS 155 1441 139 155 1271 Banry FutKI Rogervan EcOrS Fw IWrArd HiStOryFdtIp Fe11th1P Fu tchEd StAentSLVWrt Lawrs S¢)119 Fund lege End(*nMILFur 81 612 14 13 {271 81 216 522 218 1.79) 321 13 10 (341 P9) (2.55T} 91 T32 JaOT 14.8 17 FUnd5t
Hertford Clege Notes tothe finaMil tabnwnls Fortho yearendod 31 Jllty2024 PUNDSOFTHECOLLEI%DErxs ThrAW¥>Fu HÉwFeknh M?kkndULTary In3knÈnt nT.Um to B5 (xknbted/s425X Dro relevant in eath Oft last SSe5 (orw 5wrs b)e tBv8teen ¥rthn sr& WBStlonl. The tv1 IllDl Ofthe In¥esitrJ enthinérrt w¢strfs ts¢w vaiwdatdate oi&n. infi*ed ¥U1Y1n .
Notests the fInalI1 Forthe year ended 51 July2O24 Ig X4LYSkS OF NÉf•tssETS 8Efl•EENFiir FLY Fur% Totsl 1497D 1437V 14175 11U9 1&17S et071 TDlal I16 1&9 11064 10gAE4 14D,(
Herttoyd c Notes to thefflnanclal statsm•r Forthtr)wenthd 31 2024 £T,Wt4s.r 7.951 417 £13.w1&14. 13A 13. £16.W1&17. S.QY)l4.l £X.CQ:.È21. ZJ?79 24T45 £26.LV,.t27.CQO É27.Cd1.É2&,( E28,MI..C È29.ml.w,or fJ1,W1.t4 ,W1-£J3,IL¥J .740 27,02B 31.221 t34,IVi4J6,ftsJ t38,Wi £UOOO £4u,OJ1.E41, E47,Wi48,( 58.132 .74B £54,th1455,ry 151 .75P 187,329 £.(l.70.(0 74479 07.IWY.EtrtsDo È111.1tr..V.20, 22.IKh.f,IK 107.935 11*731 1a271 14T.I
otss to Ihe flnancial stat•m•rts Fortho andèd 31 Jty 2024 PEN8IC*IXTrBMES nLvDFO%I 2x4 2F2 27A
rth• bYJar èttd•d 31 Juty 2024 £47ffj Tthea knaes 0liY012QJ 312025 $knn 52Z Y/1 UnlvW&tyotO%fo T*XATr)N
H•rtfcrd CollBge Natesto the statr Forth Ond 31 Jyly2024 n7 112531 1,970 111551 hBr 4712 l•rtrthiorswr 17 1$1 AN
Hwtford C011ggo Mot•9 to thofin•n¢lal slaten Forthe yaareTrded 31 July 2024