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, offi￿r$ 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 Hert￿rd 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 Flett*er (Resigned 17.11.24) Professor B M Frgllesvig Dr D Gaffney DrA Galanis PrIn￿paI 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 L￿OXYgakLs Dr J Lorimer st￿Jen1 C￿duCt Officer Dr K Lunn-RcKkltffe l>revent Lead Professor l McBrid8 Professor M Maidg Dr L Malafouris ProfessorA m￿e$ TU￿ fc* Equality & Div￿5[￿ Professor P J R Millican Dr E Mortimer DrA Nair DrSJNew SenKY Fellow Dr O J Noble Wcod C*an 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 R￿he {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 v￿lanC SenM)r Tutor Dr M Vincenzi (appoint8d 15.T.241 Dr M V8n der Wilk Dr C Veliz Irth[￿ndent Prevent Monitor Dr Vyazovskny Of￿0r 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(VT￿t 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 mana￿rne￿t 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 Ad￿￿ssIOnS 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 GI￿￿SterShIre 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 r￿er the Charities Act 2011. together with the audited finan￿1 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, Hertr￿d C￿lege. This had r￿e1Ved a Royal Charter in 1740, being the SU￿sS0r 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 COl￿e Ststutes, the temis of which ar8 enfOr￿lIe ultimately by the Visitor. vtho is the CharK￿lIOr ofThe un￿e￿Ity 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 finan￿5 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 F￿OcedUres. 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 reqUIre￿Ents. Remuneration of Members of the Governlng Body and Senior COl￿e Staff Mernber5 of the Goveming Body receive no remuneration or benefts from their tnjsteeship of the College. Those merfi￿ers that are also empbyees ofthe College re￿1ve 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 ex￿d$ 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 tiEr￿s 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 aC￿lemiC 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 r￿1p1 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 reCommenda￿n$ 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 COl￿e administers a number of special tNsts, as detailed in Notes 17 arKJ 18 to the financial statements. The College has Iwo Whol￿-owned nonwed, subject to any material departures wtt￿h are explained in the financk91 statements: prepare the financia statements on the goiThJ o)ncern basts UTr￿s it is inappropriate to presume that the Q￿lege 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 trans*ions 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 sta￿ard 102 The Financial Report- ing Standard appIl￿tle 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 g￿MJp'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 GenerallYAccep￿j Actx>unllng Practice" and have been prepared in ￿rdance wlth Ihe requirements of the char￿eS 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 ethi￿1 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 aCcC￿d- 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)n￿M basis of ac(x)unting in the preparation of the finanaal slatements is appropriate. Based on the work we have Perfo￿ned. 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 C￿ncern 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 I￿r 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 Fwr0rr￿d. 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 re￿Ived all the inf0mat￿n 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 r￿SSary 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, disdo￿ng, 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 a￿ernat[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 aSSura￿e atM)Ut whether the ffin8ncial statements as a whole are free from Materi￿ misststemenl. whether due to fra￿1 (￿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 cC￿S￿Jered 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 a￿lt was ￿n￿dered 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 state￿Ents is I0￿￿j 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 InStan￿S of non-CX)mpllan¢￿ with laws and regu￿tK)n$. We identified and assessed the risks of material Mi￿tatement 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 apprO￿ate 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[￿lar￿e 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 COm￿lan￿ wrth whith might t* fvjndaW￿ntaI to the parent Chari￿s and the group's ability to operate or lo avoid a material penalty. We also (￿nSidered the opportunities and Ir￿n- 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 prO￿lureS to identify non-compliance with these laws and reg- ulations to enquiry of the T￿￿teeS 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 reCOgni￿On 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 inCl￿d 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￿. I￿ving 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 I￿Ugh 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 pr￿dUleS r4uired by auditing standards would identify IL In addition. as with any audtL there remained a higher risk of non-detection of iTregularit*s, as these may inv(Ave coilusion, forgery. intentional omissior6, misrepresentstions. or the override of internal controls. We are nol resFK)nsiiAe for prevenling non-cOm￿lance arKI cannot be expecW to detect non-compliancE with all laws and regUla￿n$. 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 Consolidat￿j 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 eXer￿lsed ￿ntrol through voting rights in the subsidiaries. No separate SOFA has ￿en presented for the College alone as cU￿endY Fermitted by the Charity Cotnmission on a cOn￿SsiOnary 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 partIc￿lar.FRs 102: The Financial Reporting standard applicable in Ihe UK and Republic of Irela￿1. (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 State￿￿￿ts 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 pla￿5 and the College's future proie¢ted ￿sh flows. the Governing Body have a reasonable expectation that the College has adequate rv￿rCeS to continue its actmties for the foreseeable fuknre and tx)nsider that there were no material un￿rtaIntieS over the College's finan￿al 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 t￿en 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 aCC￿nts in accordan￿ with the Financial Reporting Standard applicable in the UK and Repubtic of IrelaTKI {FRS 1021 issued on 16 July 2014 ratI￿r 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 (X￿sIdered by the Goveming Body to have n￿t significant eifect on amounts recognised in the fInar￿la1 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 lia￿litieS, and an estimate of the useful e￿￿Ornie lrfe of its buildings. Otherwise no judgements were rLyuI￿j 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 alloWar￿e5 granted from the College unreSt￿ed 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 provid￿1. Incomo from donations, grants and legacies Donations and grants that do not impose swafic fijture perfOrma￿-relaled or other specrfic conditic￿S are recognised on the date on which the tharity has enlttiement to the resource. the ar￿Unt 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 COl￿e 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 Cr￿1￿ 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 r￿￿ed 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 ar￿￿31 basis wth interest recognised in the period lo which the interest relates. Income from fixed interest debt se(JJrities is re￿Jn1Sed 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 peric*J 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 invest￿1 (the preserved pe￿nanent 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 a￿nted 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 ap￿rboned 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 tr￿ling income and expendi￿re 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 ffi￿ar￿ 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 be￿een 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 acqUI￿tion 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 rePla￿d is derecognised and exp*nsed 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 COll￿t 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 transac￿n5 before 1 January 2015 as obtaining fair values for these assets would be impracticable and the c£)st of obtainir4J such valuations would OU￿e1gh 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 balar￿e sheet but is not material. The cost of Maintenan￿ is charged in the Statement of Finan￿al 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 I￿r 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 re￿nt 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 rr￿thS or less. Debtors and crodilors Debtors and u&Jitors re(*ivable or paythe wtthin one year of the re￿rting 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 trar￿aCtiOnS. Monetary assets and liabililtes denominated in for￿gn ojrrencies a￿ translated into wunds Sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the setllern￿t 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 a￿1 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 ir￿￿Me. in which case il will be accounted for as a restricted fvnd. Expendable ermlowment funds ar8 Similar to pem￿nent 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 h￿r1d 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. Be￿Use of the mulual nature of the schemes. the assets applI￿ble to Ihe defined benefit membership are not attributed to individual College$ 2nd ￿herre-wi￿e 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 t￿lle￿5". 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 re￿nISed 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 Fu￿5 Totsi fOOO 4COMEAND ElID0VA￿rS PRO&I.. ChavttablB aclt¥llles'. TEathing. resfjarth and r8sthnigl Oth•rTr•dlng Incomo Doftaiitsr* and ltya¢t88 Invostsnonts InVeS￿￿t incorne Totsl relum ￿￿JCatsj to ¢)tt*rlnEorr* 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 res￿￿1￿1 Generatlng lunds: FundHsing Tradir¥J eywr￿￿Ure InvestrDent manag0M￿t¢05ts Total Expend￿re 1.￿7 9,086 11276 470 470 IA99 1241 12296 812 1.166 13.820 239 10A52 1.705 Not In¢omffjpO￿ilyl¥l bwforo w¥1 (kJ¥8•¥1 338 15951 243 NBtgains10(Bse51 on inve5trnents 1,471 8,726 18231 Net InComd(EX￿r￿I1urQl 5.719 1588 6.410 14.717 I1.￿6) 17 112 1641 1481 Olhtr reGogni8ed Ha￿￿1105$•$ Gain*llowsl ￿ 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 a￿l￿t￿nt Fundscaffl¢d forward *31 Juty 6.380 75246 106.63Z 91,915 21 Herttord Colleg• Consolidated Sl*ement of Financial Activits For the ygar ended 31 July 2023 Ful￿5 Fyn rooo Totgl £￿(￿) COMEAND EFLIOWIAElff5 FROM: Teathing. rt%*rth and r8sid8rthl OtherTMllng In￿rne Donatlons lryaGkns Irbvestments Invf8*nent Inr￿me 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•r*ing fI￿dS.. FuYKltaisi Trdding expenthtu Inve5tmeTrt manaJBTnentcr£ts Totsl BYnd￿re 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 l￿d5fOr￿* y•ar Fu￿j ￿lat￿￿ browhtforwar p,0￿1 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 al￿r& aTrJ ID hwd Total CurrFnt 9.161 3,934 UABILITIES Cre(lit(Jrs". An￿nts fejling 15 I2,￿) {3.136} 112101 CURRENT ASSErs 6270 723 TOTAL ASs￿s LESS CURRENT L￿L[[￿S 146.632 134.070 1442t 134.355 CREt)￿ORs. falliw du•aft8r more than *X* 16 {40.[￿} 140.OLKJ) I40.0￿) 140,0001 m￿ASSETs BEFOREPENSION Assrr OR Li4BILrrY 106.632 94.070 105.208 Définod bonefft p8nslon sd*rn• liabdity 21 12.1&51 (2,1S51 TOTAL ASSErs l￿fi32 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 Rev￿u8￿.0n reserve P￿51￿ ra*rvt 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}opw*in9 adfvltlès 1,696 Cash th¢)ws from investlng activ￿leS Dmdends. int&r8sI and rents fr(xn inveslm PTLwds from the s* of prlywty. Fdantand equi[￿￿rt Purcha88 of t￿￿ty. t4ant*d eqwmBnt Proc8*ts from ￿le ofinvestrm Purtha5e of investM￿ts 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 ￿na￿ting aGtMtles CwrNJn on Private PL9c8￿nt Paid Cash infi(M5 frDrn R￿ipt0fendoWrÉnt Net cash prO￿ded by (used in) flb)anckvJ activit 1966) 19661 19661 Chanye in G45h and cash o￿l¥alènts kn the rep)￿￿9 S￿￿￿1 &172 12311 Cash and ¢ash oqutvakTht5 at the begknnlThJ oFthe r8pwik¥J 510 801 Chang8 tn and equNalents ￿ th¢ rBport*Y4 pwIDd 3.172 (2311 Cash and ¢a5h equfvalwts atthe end af the reptyunq 24 1742 24 Hortlr*d Cdkge Nowto th•ffln3nc131 statemen18 ForthF yw Ortd￿ 31 Juty >J24 ofvr AEFCE SLWWt Z11 152 21. E33WI. lknandalpr6ibon, knrWL4*SWthntswth(Nerdeaskn 5tsLEknithd the oaw¥kn)tyU(w D￿n9￿mE￿. wAk*Jè are ol IMfo8S￿yed &nodntto£53* (20ll £26kl TI￿Se we r￿[￿dab￿ 817 k*13 1.193 217 1037 rHEREI£OME Hortford Colk Motssto th* fir￿n¢la1 gtat•thyoMs Forthp year ended 31 Juty 2tr44 AVLY*OFEAPENThTURE 4.133 4107 P711 1.670 1e4 1241 1.1 Tethrffj Ttl Rl Total Humhr￿Urc￿s I￿12 125 125 312 344 rtford ColJegD Mofos tothe firArthl Forthe ygarendgd 31 Juty 2024 Z41 Totsi rtBtrr¢ie0 Total a￿r￿S S￿15 Supp* 2J23 1• 18 FLEths 12 £a),Wi470,(W E70.W1.LIJJ.(rfM ,Wi49),OX E$D.1*1￿1￿.1¥)l 11J4Jl Hertford Coll Not•8 tots financlal stalprnents Forth• >*arendpd 31 July2D24 Its T￿￿#BLE￿xEDW35ETs 24751 516 151ei P1 ￿te￿J0fYUr 14Jl 1J51 917 1475) ie) fy 1i675 AtgtwEat5 13x6 0[￿r 516 151 1É1 4ts 147 S17 r￿%￿￿0)1 (s*) ple￿1￿fYI¥r 13W5 10.ts> FF4 674 Hertttrd Coll•9 Notss tolhèflnardal stateme Ftsrthe yearended 31 J*2024 195, (6,22DI 7*7 1'..4971 ll￿.664 H*J 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 cRED￿S.. th**dnanRy 1124 1137} 121 134 H*tford Colege Nt)t•s to thR fi￿ar￿lJI 5tknments Forth• yo3r•nded 31 J￿Y 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 A31J￿Y ,Q21 lJ)1S 14 E. kl.V*shan.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 r￿nt￿ainS11lO￿j Total inLomeaTrJ8akn5 1513 Z513 9TJ 9.4 ApPI￿at￿oI10tal Feo5andtrarthr5 ve5Th￿ntma￿Me￿tIeeB RPladj￿eTht TotslfEesand Ir*Kftrs 123n P3n Pan 16.010 Endowment funds Icortinuedl ED Fur rrimBrMay DrydPWS 155 1441 139 155 1271 Banry FutKI Rogervan EcOr￿*S Fw IWrArd HiStOryFdt￿I￿p Fe11th*￿1P Fu tchEd StAentSLVWrt L*awrs S¢￿)1￿￿19 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 C￿lege Notes tothe finaMi*l *tabnwnls Fortho yearendod 31 Jllty2024 PUNDSOFTHECOLLEI%DErxs ThrAW¥>Fu HÉwFeknh M?kkndULTary In*3knÈnt nT.Um to B5 (xknbted/s425X Dro￿ relevant in eath Oft￿ last SSe￿5 (orw￿￿ 5wrs b)e tBv8teen ¥rthn s￿r& WBStlonl. The tv￿1 IllD￿l ￿￿Ofthe In¥esitrJ enth*inérrt w¢strfs ts¢w vaiwdatdate oi&n. infi*ed ¥￿U￿1Y1n ￿￿. Notests the fIna￿lI1 Forthe year ended 51 July2O24 Ig X4*LYSkS OF NÉf•tssETS 8Efl•EENFi*ir FLY Fur% Totsl 1497D 1437V 14175 11U9 1&17S et071 TDlal I1￿6 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 J￿ty 2024 PEN8IC*IXTrBMES nLvDFO%I 2x4 2F2 27A rth• bYJar èttd•d 31 Juty 2024 £47ffj Tthea knaes 0liY012QJ 31￿2025 $knn 52Z Y/1 UnlvW&tyotO%fo￿ T*XATr)N H•rtfcrd CollBge Natesto the sta￿tr￿ Forth*￿ Ond￿ 31 Jyly2024 n7 112531 1,970 111551 hBr* 4712 l•rtrthior*swr 17 1$1 AN* Hwtford C011ggo Mot•9 to thofin•n¢lal slaten Forthe yaareTrded 31 July 2024