Hertford College Annual Report and Financial Statements Year ended 31st July 2025
Hertford College Annual Report and Financkl Statements for the year ended 31st Jury 2025 copirENTS Goveming Body, offiCE and Advisers Report of the Gov8ming Body AUdIS ReFX)rt Statement OfACuntin9 PC1185 c$Ided Ststement of Financial Activities 13 16 21 Consd1dat and Col*e Balance Sheets ConscAidal&1 Statement of Cash Rows 23 24 Notes to the Finanaal Statements
Hertford College Governing Bodyi office and Advlser5 Yearended 31stJuty 2025 MEMBERS OF THE GOVERNING BODY The Memters ofthe Goveming Body are the College's charity trustees under charity law. The members ofthe Goveming Body who serval during year or subsequenliy are detailed lOw. Governing Bcrfty Felky Colkge Office {8ome overlap5) {1) {21 {31 {41 Professor E Baldwin Professor E ChatZi5 Mr J K Clark Bursar Professor Z F Cui Professor F Duarte Tutorfor Equalty & tliver5ty Dr D Dwan Mr T Fletcher IResJned 17.11.24) Professor B M Frell@svig Dr D Gaffney DrA Galanis Principal Tutor for Graduates Dr K GasleY Professor D Greaves Professor D M Hopkin Dr J lQaer rkan of Degrees SCR Sith¥ard Professor D Kielak ProfessorA G Lauder Tutor Professor P Ligoxygakis Dr J Lorim Dr K Lunn-Ro(lrffe Professor l McBride Professor M Maiden Dr L Malafouris Profe5sorA Ml(es Professor P J R Millican Dr T Morstyn Dr E Mortim DrA Nair DrSJNew Sen¥x FellLy Dr O J No¢ Wcy)d Professor S Parameswaran Fell(M for Research Professor P F Rh8 (Inierwn Prinup81 from 18.11.24}
Herttord College Governing Body. Officern and Advisevs Yearended 31st Ju 2025 Governing Body Fellow College Ofllce (some overfaps) 1) (21 13) 14) Dr F Romei Dr L Slater (until 30.4.25) Dr C Sloan Porter Felow. Secretary to GB FeDry4V Librarian, Pro Prin¢ip* Professor E Smith Dr L Speighl Professor G Slemberg Professor D Thomas (Unt 01.09.24} Professor C VallarKe SeniorTutrx Dr M Van der Wi Dr M vinnzI Drcvel Independent Prevent Monrtor Dr Vyazovsk Professor M we0rIdge ProfessorA C S Wcollard D&veknpm&it Fellcr Professor R G Zubek During the year the actiwties of the GovemirKJ Body were carried ct through various committees and Officers. Membership of the main commiltees sh(p•m aLKJve for each Fellow. 11) Academic Committee 12) Treasury Committee 13) Development Comrnittee 14) General Purw)ses Commillee COLLEGE SENIOR STAFF The senior staff of the College to whom Sp1¢ asFects of day to day management delegated during the course of the year. and %tho are regard&J as Key manMent Personnel. was as follows. College Accountsnt Judff Banks Domestic Bursar Mr James H1 Registrar and Director of Admissio Ms Megan RLwer
Hertford College Goveming Bodyy OffiGer¥ and Advise Year ended 31st July 2025 COLLEGE ADVISERS Investment managers Rathbones Group PLC 30 Gresham Street London EC2V 7QN Oxford University Endovment ManagerMt 27 Part End Slreet Oxford OX11 HU Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers Bardays Bank PLC Oxford City Bran PO Box 333 Oxford OX13HS Solicitors Knights 1759 Midland House West Way Bodey Oxford OX2 OPH Property Valuers AllcottAssociates The Fosse Fosse Vvay Redford Semele Warwckshire CV31 1XN Taxation Advisers Davies Mayer TaxAdwsers LLP 8 Gainsborough House Campden Business Park Chipping Campden GIOusterShlre GL55 6JX College address Hertford College, Catte street. Oxford OX13BW Websi vw.h8rtford.ox.ac.uk
HERTFORD COLLEGE Report of the Governing Body Year ended 31 July 2025 REPORT OF THE GOVERNING BODY The Members of the Goveming Body present theirAnnual Report for the year ended 31st July 2025 under the CharitesAct 2011. together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Principal Fellows and Scholars of Hertford clege in the UnNersrty of Oxford, which is known as Hertford College I'the College"), is an eleemosynary chartered charitable corporation agjregate. The College was fOded by an Act of Parliament in 1874 that incorporated Magdalen Hall as Herttord College. An Act of Partiament of 1816 had granted Magdalen Hall the stte and residual possessions of an earlier, by then defunct, Hertford College. ThLs had recewed a Royal Charter in 1740, being the successor to Hart Hall which daimed its origins in a hall of reS•Jen e5tabli5hed by Elias de Hertford c. 1282. The College registered vath the Charitses Commission on 17th August 2010 (regislered number 11375271. The names of all Members of the Governing Bc#Jy at the dale of this report and of those in office durirvj the year, together wlh details of advisers of Ihe College. are given on pages 2 10 4. STRUCTURE. GOVERNANCE AND MANAGEMEMr Govemlng documents The College 15 govemed by its StatLrtes made under the prowsion of the Oxford and Cambridge act 1923 and approved by Order in Counal 12th Ortober 2011. Governing Body The Governing Body is constituted and regulated in accordan with the College Statutes, the terms of which are enforceable ultimately ty the Visitor, 0 is the Chancellor of The University of Oxford. New members of Ihp Governing Body are elected by the votes of not less than thirds of the total number of Fellows and with the consent of the Principal. The Goveming Bcmjy detemines the orkgoirvJ strategic direcb"¢Jn of the College and regulates Its ayministrdtion and the management of its finances and assets. 11 rrEets regularly under the chairrnan5hip of the Principal and is adwsed by commtitees. Recruitment and tralnlng of Membern of Governlng Body New Members of the GovemirKJ Bt)Jy are inducted into the Vrkj"ng9 of the College, including Goveming Body policy and procedures. by the Prinapal and Bursar. Members of the Goveming Body can attend trustee inforMan briefings to keep them InfOrn of their duties as trustees and aboLrt regulatory requirements. Remuneratlon of Members of the Governing Body and Senior College Staff Members of the Goveming Body receive no remuneration or beneffts from their trusteeship of the College. Thce members that are also employees ofthe College receive remuneration for their wot as employees of the College, which is set in accordance with the advi of the College's Remurrati0n Committee. Where possible and rvanL remuneratr)n is set in line Vth that awarded to the Universitls academic staff. All staff are all remunerated at a level which equals or exd5 the OxforKI Living Wage, hich is set at a level atrx)ve the National Ltving Wage. The remunefation of Fellows is set ty the &)vemirMJ tthy in line with guidelines set by the Goveman Review Committee by reference to the annual {anonymi*YI survey of College offir8 and Fellows, Benefits condled by the Conference of Colleges. Organisational management The members of the Goveming B(xly meet at least six b.mes a year. The main work of developing their policies and monitoring their ImplenIal0n is carried out by arioUs committees..
HERTFORD COLLEGE Report of the Goveming Body Yearended 31 July 2025 Academic Committee.. athses and retorts to Governing Bcxyy on al matters relating to academic licy and has over3ight of the academic repLrtabon of the College in all its aspects. Treasury Committee.. has oversight of the College's finances and investwts and reFKJrts to Goveming Body on the effectiveness and proprw of the College's financial management. Development Committee: leads on the sitatY for the cole'S development activities, identifies funding prioritEs wlhin the framework of the CCAW'S strategic plan and liaises wth the Tffasury Committee to oversee the perf0rrnan ar)d financial Marment of the Development Offi. General Purposes Committee.. reiVeS K)rtS from and provtdes support to the Principal on College business in his role as its representative the Universty and the wder wodd. The Cornmitt ives nominations for College Offices and the membership of committees. The daY-tdaY running of the College is tslegated to ihe Bursar. The Bursar attends all rneetings ofthe (vemIng BY'S main Committees, exceptAcademic Committ. Group structure and relalionships The College administers a number of special trusts. as detailed in Noles 17 and 18 to the financial statements. The College has fv40 wholty-owrEd non<harrtable sub5hYk3ries. Hthrd College Prcgtzmmes started trading on 1st August 2010. aTKI its activities primarity comprise ConfenceS and English Language programmes which use the College's facilities when not in use by the colge. Annual profits are donate to the College uThJer the GfftAid ScheN. Hertbrd Cc4W Design and Build started trading on 13th March 2020, and its activities compris@ designing. commissioniro and constructin9 new estates facilities for the College. Annual profrts are donatsd to the College under the Gfft Aid ScherrE. The College is part of the collegiate UnNeisfy of Oxford. Maten"al interdependencies betsveen the Untversity and the College anse as a oJnw]uence of this relationship. OWECTIVES AND ACTlVtTIES Charitsble Objects and Alms The College's Objects are to advance public aMIng by Ihe promsion of a college in the University of Oxford. The Goveming Body has n¢ered the Charity Commission's guidan on publ tenefit and. In keeping wth its objects. the College's ainL8 for public benefft are tr): Promote excellen in undergraduate edllon, IludIng pastoral and academic suppo¢ Make that excellence accessible to all who tEnefit from it regardkss of t"r social or ecorN)mic backgrOur. Provide pastoral and academic supwrt to graduate students, and Promote excellence in re*arch on the part of its Fd1¢Ye and Stipendiary Lecturers. The aims of the College's sUbdianeS are to help to furMI. or otheThMse Sup the achievement ofthe College's aims as aLK)ve. The College remains committed to the aim of prowding wblic LEnefit in accordan wth its foumling principles. The co]e'S PutlC Benefft Statement is pUished on the College website. The College advances public learning by providing higher edu(3tion to underyr8duate and postgraduate sderrtS within Oxford Univèrsity and by supporting Ihe putsuit of publidy disseminated research. Duri the year, the College had appr0MatelY 425 undergraduates, 297 postgrdduales, and 36 fellows wfK) have contractual obligabons to teach as wdl as research. The COle provides public Ineffit by offering higher education to its undergraduates, much of tt wa the tutorial system whith provides the opportunity to meet a tutor on a weekty baS during term bme. In addition, the Cdlege provtdes classes,
HERTFORD COLLEGE Report of the Governing Body Year end8d 31 Juty 2025 seminars and other foThs of teaching as appropriate, in nIUtiOn with the University's departments. To supwrt student leaming, the College also provides the use of the cole'S library and acGoTnmodalion and actNely promotes the wider cultural and swal education of its students through the provision of computer, sports, careers advice and other facilib'es. Graduates at the College form an IM[ant part of the academ mMunIty. lIe they are taught al eir University Faculty, every graduate studenl is asSned a College Graduate Adviserwho provides pastoral support. The College also advances research in a range of disuplines by employing academics who have a contractual obligation to undertake wblished research. and prowding them wth a SUPFQrtive academic atrnospre. induding Ihe provision of research grants. library arKI computer facilities, office commodation and meals. Research is disseminated through published papers. tooks, websites and lectures. The College supports the research of acmics who. at the teginning of their careers, have already shown outstanding promise in their chosen field of research by prowding a fully fvjnded Junior Research or Career DeVelopEnt Fellowship for a perKJ of up to three years to enable the holders to concentrate on thw'r topic of research. Th& College offers undergraduate pla$ on the ba%s of deMiC merit. The College aims to attrt the sbjdents who are most able to benefit from an Oxford edu¢ation regardless of sex. gender. income. ethnic origin. religion, previous educational Cy)]nTty. or disability, and actively works to recruit students from norFtraditional backgrounds by encourajing applicatons from under-represented groups. Financial support is available to undergraduates from the UK land the EU in some circumstawes) to assist them with the costs of tuition fees and INing costs whilst at the Cotlege. In addition to the student loang prowded by the Sludenl Loans Company that are available to undergraduates from the UK. other financial support from the University and the College is wailable to undergraduates who are from hoLJseholds where income is below a certain levd. A range of financial support is also available to Gr&Juate students. In 2024r25 a total of £530k vras Snt on stt&Jent suppo Hertford College undergradLJate students benefit from Bursaries provKled directly by the College and also trom bursaries joindy fijnded wtth the Universty. A total of 100 students benefited at a total cost of £199k Graduate funding is also provtded in the form of Sch0[ah1ps arKI grants. The awardgj a total of £264k in 2024r25 for this purp)se. The COlle also offers Student Support in the fomi of grants to toth undergraduate and graduate students v4ho experien unexpected finanual hardship. for academic related travel, or as rent subsidies. In 2024125 the Cdlege distribLrted £67k to supwjrt students in this way.
HERTFORD COLLEGE Report of the Goveming Body Year ended 31 July 2025 ACADEMIC REVIEW During the 2024-25 acajemic year new stipendiary ItrIrerS joined us, and we appointed a fur- ther fve non-stipendiary lecturers, though one of these. Dr Oliver Chandler. tecome our permanent Stl- pendiary Lecturer and Subj'ect Lead in Music folbwing the mid-year departure of Dr Benjamin Skipp, who had Iwd those roles for many years prior to taking up a career development opportunity elsewhere. We also thanked Prof. Cl¥ire Vall for the exlIent work she accomplished during her three-year ten- ure as Senior Tutor. Prof. Alan Lauder, Fellow arKI Tutor in Mathematics, took up the reins in September. Dr Maria Vincena started th]ng her first coh(xt of stLKlents ag our new Fellow & Tutor in Physics. I being awarded the UKRI FUre Leader5 Fdbwship. she j(xned several other Fellows in gaining highly compeb'tive accolades in the 2024-25 ac&Jemic year. These included Prof. Elizabeth Baldwin being awarded the Teaching Exceltence Award from the Social Soences Dimsion.. Prof. Anette Mikes being awarded an horvNary doctorate from Uppsaia Untversity.. and Prof. Jamie Lortmer wnning a Leverhulme Fellowship to SUFVOrt his ongoing research on tFE developrwtt of FAant-based diets. Folltjwing the UCAS Confinnation cyde in Ajt 21f24. we an undergraduate fresher cohort of 113 (plus One returning student resumiro first-year study in Hilary terrnl in October 2024. This was larger than the prewous year's cohort but sb"Il smalkn than pancJemicra cohorts, as the majority of r sult5 were unaffected by pandemic-relaled disrupb.cms or adjustments. The prowrtion ofthe cohort who were UK students continued to decline slighlly from 85% to 82(fit . The undergraduate admissions round which took pl&e in 2024-25 saw the rTh)st substanb.al dedine in several years in the prOporan of offers made lo UK state schcd students. fralling from 830A to 72% of all UK4omiciled offerholders. We are proud that t)ur incornirrfJ cohort for October 2024 induded etght OpFXJrtunity Oxford participants. fvr- ther increasing the rexh of our enhanced support for stLJdents coming from significantly disadvantaged backgrounds. The College welcomed 119 new FX)Stgraduate slLNJents for 2024-25, ofwhich 74 were taught master's students and 45 were research students. We supported 24 graduate students Trmth full or partial funding for course fees an(Yor living Sts.ndS, arKI are continuing to review our graduate scholarship provision for the coming yeats in line with various fvnding opwrtrJnths a1 our strategic objectives. Our outreach work continues to ¢entre around link regions of Canmyen, Essex, Southend-on-sea, Thurrock, Medway, arKI Peterborough, a paitular S on building relationships with schools vkno have never or rarely been engaged with Hertrord or Oxfwd rnore generally. In addition to this, the Admis- slons & Outreac team carried out three su¢ce55ful Open Days, and represented Oxford at selected UCAS regional fairs. Due to the library construction, the majorty of our OUth events this year were outbound or online events. We have continued to offer a Monthly Twhers, Bulletin lo teachers in our link regions during temi-tinE. and a new vbinar series for teachers from our link regions to help Ihem feel more prepared to support high-achieving students who may consider apptying to Oxford.
HERTFORD COLLEGE Report of the Goveming Body Year ended 31 July 2025 FINANCIAL REVIEW The Finala1 Statements for 2024r25 folluw the requirements of FRS102 Trading income (conference and events business) ¢tinu to gnjw, wtth the net conth"bution increasing to almost£1.9m. The decrease in Investment incorrE is Lqrgety atlrilyJlable to the F4anned divestment of assets lo furKI the Library renovation project The increase in reported EndIture on charitabk activilies refith a retum to a normal level, without the exceptional movement in pension reserves included for the prior year. A net IrMe of £1.178m. wth a fijrther £6.254m of inveStrnt gains. increased net College ftjnds by 7 /0 to a total of £114.QWI1£11X,6Y2rn. 2024). Of ihis. £78.14m is held as Endowffnt funds1£75.249m 20241. Reserv85 policy The Ccllege's reserves Fdicy is to mainlain a minirNm of the months. free reserves to enable It to meet its short-term fin¢la1 cbligabons in the event of an unexpected revenue shortfall, to all¢M the College tt) be managed efficiently and to provide a buffer ihat woukl ensure uninterrupted Serw. The College's free reserves at the yearnd amounted to £21.977m, representing retained unrestricted income reserves, exclLJding an anv)unt of£10.286m for the btrjk vaue of fixed assets. The goveming tJdy have reviewed the free reSeS and are sahsfied that the level of free reserves, the current cash flow projections. and the availabilty of extema finarIng faalib'es would provide an adequate safety net in the event of adverse oatr.ng conditions. Total fvnds of the College and its sub5idAries at the yearrMJ induded end¢)wment capital of £78.14m and unspent restricted income fijnds totslling £3.661 m The Fellows have aSsed the College's ability to Continue as a going conwn. The Fellows have considered several factors when forrning their L¥)nclusion as io whether the use of the going concem basis is appropriate when prepanng Ihe5e finanraal stratements, induding a rewew of updated forecasts. and a consideration of key risks. The College has a latye endowment, and financial perfompnce continues to be rrrf)nitored regularfy. The Fellcv45 have scrutinised the key assumptions vAthin the financial budget and forecas( and are satisfied that the current level of free reserves, available investment and cash baLanS are adequate to mt the College's obligatK)ns as they fall due. Hamng regards to the atxjve, the FelhThs are satisfied that there are no material uncertainties around the deasion to adopt the goirwJ coneem basis ofaccounbng in pparing these financbal statements. Risk management The College has on-going processes whith operated throughout the financial year for idenbfying, evaluating and managing the prtncipal risks and unctrtaintt.es fj by ihe College and tts subsidiary in underta.ng their actiwlies. The College idenb.fies and regularty reviews the risks il fa5, the polenb'al impxt of each nsk, the likelihood of recurrence. the severity of impac( and the steps taken to mitigate each particular risk. Principal risks are assessed by the Treasury Committee, and rTh)re detailed risks by other committees {e.g. Health and Safety Committee). College Offir$ and Heads of Depathient. Training courses and other forms of rarEer development are made available to Trustees and MemrS of staff to enhance their skills in risk-retated areas. The Governing Body. w? have ultimate reswnsibilty for managing any nsks fa by the College. have reviewed the w0sseS in pla for managirKJ risk and the principal Klentified risks to which the College and its subsidiary are extM)sed and have concludgj that robust systems are in pla to manage these risks. The principal risks and uncertainb'es faced by the Ccrflege and rts subsidiaries include: GovÈrn2neA risks- e.g. Inappropr offJanisational structure, drfficultEs recuiting truslees with
HERTFORD COLLEGE Report of the Governing Body Year ended 31 July 2025 relevant skills, confiict of interest, Operational risks- e.g. service quality and devek)pmenL contract priang. employment issu&8,' health and safety issues., fraud and misappropriation: Financial risks- e.g. Ar3¢Y and timeliness of ffiana infomatson. adequacy of reserves and cash flow: diversity of income sources, investrnent management Extemal risks- e.g. putlic peption and adverse wblw, demcyJraphic charbges, goverr)ment policy" aNJ Complia8 wlh law and regulation - e.g. breach of trust law. employment L3w. and regulab.ve requirements of particular acb'vibes such as fijnd-ryaising and infomiation security. Strategies for managing Ihe risks identsfied by the Cdlege as describgj above indude: Operating structured and forrnalised pr(Kesses for the Identifition. assessment, and management of the response to ris Establishing the appropriate cornmittees to enwre I)versht of all key activities. wilh responsibility for fornulating tecommendatTrons to Goveming BLyJy.' Prowding appropriate trainirg to all membws of staff, and at the inducbon of new Fellows" Ensuring accountability of College offirS to the appropn'ate committee. and for the ¢ommittees in trjrn to be acc4)unlable to the Governing Body., Developing and implementing key w)lioes rosS the main areas of actiwty ofthe College. inclLhJing, for exarnple. missIOnS policy. health & safety policy, and InfoatiOn security policy., Ensuring Ihe appropriate insurarKe wlicies are in fft, and reviewed wularfy. Fundraising We remain gralefvl lo all our SUPFrfMets. Together. over 765 donors gave £2.CfAm in the 2024-25 financial year. Donations were maje to a variety of different proj&ts including student financial aid, academic posts, and buildings. The new library continued to be 2 strong focus for SUPFK)rt Donations were received from alumni and other frierKts of the Cdlege. The College appointed a new and experienced inten.tn Development Diredor this year to ov8rsee fundraising and alumni actiwties. The College a150 committed to fvrther investment in the development team to ensure they are suffiaenrfy resourced to mt their fundraising goa&. Hertford College is Mmitted to following pract( in rdatr.on to all fundraising activities. The Devebprnent Director sits on Governing Body and cOnve$ the termly Development Committee, which provides over&ght of all fvndraising and alumni renS a¢trvity in college. Heriford is registered with the Fundraising Regulator and has prOt0S and predu in ace to ensure thal fvndraising is open, honest, and respectful, adhering to legal and ir)dusty-speafic guidelines. Hertford rw)t engage any rrfofessional third parties to cary out frJndr8ising actiwtses its behaff. Investment policy. objectives and perfonnance The College's Statement of Investment pris sets out the fdlowing aims: Generate income to SUPFOrt the College's charilable educational aims. Improve the educational experien of Cent and future generations of students and to pursue excellen in scholarship by rrEans of tething and research and the provision of the cultural and S(1* context which yjpports this, and Produce the optimal sustainable retum given the college's risk tolerance and to preserve the
HERTFORD COLLEGE Report of the Governing Body Year ended 31 July 2025 value of investments against the thTe* of in11an over the long terni. The investment strategy and performance is monitored by the InvestmentAdwsory C¢ynmittee which in tum reports to the College's Treasury C¢Jmmittee. Al the year end, the value ofthe College's investr)ents (financial and property) was £131 m (2024 £125ml. of which £82m represents endowed or restricted nds. The total investrnent income Yrds c. 2.90/0 gross (average value). The College's investment obieth.ves are to ban current and fuiure nefiCrdry needs by: maintaining {at least) the value of the investments in real temis., producing a consistent and sustainable amount to support expenditure,. and delivering tfEse objectives wthin acceptable levels ot risk. To meet Ihese objectNes the C(Alege's investrnents of rts permanent endowed funds are managed on a total retsrn basis, maintaining diversifica11c across a range of asset classes in order to produ an appropriate balance LEen risk and retum. In line with this approach, the College statLrtes allow the College to invest pemnent endowments to max]mise the related total retum and to rna available for expenditure each year an appropriate propOrn of the unapp111 total retum. The value date for establishing the initial values of the Investment Fund and the Unapplied Total Retum was 315t July 2009. The investment strategy. poly and perf0m is rtN)nitored by the Investment CommTttee. At the year end, the College's long term investments lendowmenl only). combining securities and propety investments. totalled £78.14m. Direct income eaM on these investments amounted to £2.3m, and net value gains were £3.9m. Under the total retum attounttng basis. it is the Goveming Bc#ty's pdicy to extract as income 4.25% of the value of the levant investments. However. to snth and moderate, the amounts withdrawn are calculated on the average of the year end YueS in of the last ffive years. Due lo fluctuating investrnent values over the previous fve years, the effectNe amounts wthdrawn may vary from the nominal rate. For the year ending July 31st 2025, an amount of £3 07m was withdravm as income. The Goveming Body wll keep the level of irthme witMlrawn under review to balan the needs and interests of current and fvture beneficiaries of the Cdl¥'s &tivtlies. The Goveming body is satisfied that the overal performance of investment activiknes for Ihe year has met the objecbves set. 11
HERTFORD COLLEGE Report of the Governing Body Year ended 31 July 2025 FUTURE PLANS The College is follollJ a 10 year plan lo develop its buildings and facilitS fthe Estates Strategf). This will encompas5 significant refurbishment works (e.g. upgrading student accommodation), the expansion of existing facilities (e.g. a new Library and improved study space- urKlerway), and provision of new facilities {e.g. addrttonal graduate accommodation, SPLYts grounds, etc). The required capital exFenditure is teing funded from a combination of reserves, fundratsing. and two private bond issues. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Goveming Body 15 responsible for prepanng the Rewrt of the Goveming Bc¥Jy and the financial statements in accordan with appluble law and regulations. Charity law requi$ the Governing Body to prepare financial stslements for each financial year. Under that law the Goveming Body have prepared the financh31 statements in acc(tsnce wth United Kingdom Generally Accepted Accounting pract. (Unrted Kingdom Accounting Standards and applicable law}, inclLKling Financial Reporting Standard 102". The Financial Reporbng StandardApplicable in the UK and Republic of Ireland {FRS 102). Under charity the Goveming BcKly musl not approve the finanual statements unless they are satisfied that they gNe a true and fair view of the stale of affairs of the College and of its nel income or expenditure for thal period. In preparing these finanoal statements, the Goveming B(Kly is required to.. sdect the most suitsble xcounb'ng FoIKies and fhen apply them ¢¢$1$tentIy'. make judgmerrts accnting estinBtes that are reawat4e and prudent,. state whether apFlicAe coUnting standards, indudirvj FRS 102. have been followed, Subject to any material deparlures disclosed and eXplaid in the finawal statements" state whether a Statement of Recommended Pracb"ce (SORPI apyies and has been followed, subject to any material departures whh are explained in the financial statements; prepare the financial statements on Ihe going C¢ywn basis unless it is inappmpriate to presume that the College wll ajntinue to OFer*. The Governing Body is resp(sible for keeping proper accounting records that are sufficient lo show and explxin the College's tsansactions and dI10$e with reasonable aGGuracy at any time the fin?no4al sition of the CcAlege and enable them to ensuff that the financial statements comply the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hen for taking Teascab1e Steps for the prevention and detection of fraud and other irregularities. Approved by the (>)veming Bcdy on the Jd of DecemiEr 2025 and signed on its tehalf by.. Clark Professor P Roche Bursar Principal 12
HERTFORD COLLEGE Report of the Auditors Year ended 31 July 2025 IndependentAuditor's Report to the Ttee8 of Hertlord Collego Opinion have audited the financial Statem of Hertford College for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Ath"vib"es. ConsolKlated and College Balance Sheets, consolal Statement of Cash Flows and notes to the financial statements. including significant ac- counting polie$. The financial reForting ftamewot1( that has been applied in their preparats.on is applica- ble law and Unrted lQngdom AccoLJntir@ StaThJards, including Financial Reporting StaThYard 102 The Fl- nanual Reporting Slandard applicable in the UK and Republtc of Ireland {United lQngth)m Generally Ac- ¢epted Accounting Practi). In our opinion the financial statements: gNe a true and frdir view ofthe state of the group's and the parent charity's affairs as al 31 July 2025 and ofthe group's irKome receipts of erKlowments and expenditu, for the year then end1., have been properly preFwed in accordan with UniteAI lfjngdom GenerallyAccepted Accounting Prath"ce', and have been wepar&J in accordance Vth the requirements of the Charths Act 2011. Basis for opinion We conducted audit in aCCordce with Internatp81 StarKlards on Auditing (UK) {ISAs {UKII and a plicable law. Our responsibilitEs urmler those standards are fvrther described in the Auditorfs responsibili- ties for the audit of the financial statements seth.on of our reporL We are independent of the group in ac- cordance with the ethical requirements that are relevant to our audrt of Ihe financial statements In the UK, includir)g the FRC'S Ethical StaThlard, and we have fijlfilled our other ethical responsibilities in a¢- cordance wilh these r4uirements. We believe Ihat the audit evkdence we have obtained is sufficient and appropriate to prowde a basis for our cpinion. Concluglon8 relating to going concem In auditing the financial statements, we have conduded that the trustee's use of the going concem basis of accounting in the preparabon of the finanaal statements is appropriate. Based on the work we have perforrned, we have not identified any material uncertainb'es relating to events or conditions that, indivkyually or oYlectively, may cast significant doubt on the charity or the group's ability to continue as a going concern for a perKxJ of at least ts¥ee m¢)nths from when the finan- cial statements authorised for wue. Our responsibilities and the responsibilities of the trust véith resFect to going nCeM are described in the relevant sections of this reFM)rt. other information The tNstees are reSpOble for the other informalion contaned wthin the annual rewrt The other infor- mation comprises the infomiation induded in the annual reFK)rt. other than the financial statements and our auditor'5 rewrt thereon. Our opinion on the financial stslements does not cover the other information and. expt to the extent othewse explicity stated in our reFoTt we do not express any fomi of assur- ance conclusion thereon. Our r8sponsibilty is to read the other informaknon and, in doing so. consider whether the other infor- mation is materially inconsistent wth the financial stalemerts or our knowledge obtained in the audrt cr otheNse appear5 to be materially misststed. Irv identify such material irlconsistencies or apparent nEterial rnis8lalements, we are required to determine whether this gives rise to a material misststement in the finanoal statemerrts themsefves. If. based on the work we have perfomied, we condude that there is a matenal misstatement of this other information, we are r6¥]uired to report that facL 13
HERTFORD COLLEGE Report of the Auditors Year ended 31 July 2025 We have nothing to reF)Drt in this regard. Matter5 on which are required to report by exception We have nothing to report in respect of the follcfyving matters in relation to vthich the Charities IAcLounts and Reports) Rewlalions 2c8 requires us to report to you if, in our opinion.. the infomiation gNen in the financial statements rs inconsistent in any materia respect with the tru5tees' report.. or sufficient and proper aCuntillg records have not been kept by the parent charity,. or the financial statements are not in agreement wth the accounting records and retum8', or we have not recewed all the irrforrnation atKI explanalions we require for our audit Responslbllities of trustees As explained more fully in the truste85' responsibileS stateMl the trustees are responsible for the eparation of the financial staternents and for being satisfi&J that they gwe a true and frair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial state- ments that are free frDm material misstatement whether due to fraud or error. In preparing the financial statements, the trLL8tees are reSnSIte for &8sessing the group and the parent Charity's ability to conb'nue as a going ¢oncem, disdosing. as applicable. matters related to going con- cem and using the going concem basis of accounting unless the trustees either intend to liquidate the chanty or to cease OFerations, or have no realistic akemattve but to do so. Audrtor% responsibllltles for the audit of the financial statements We have been ap[Inted as auditor under seCn of ihe Charitses Act 2011, and reFQrt in accordan with the Acts and relevant regulab.ons made or havirvj effect UHeunder. Our objectives are lo obtain reasOrb1e assurance about bthether the financtal stslements as a whole are free from material misstmen( whether due to fraLKI or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is nol a guarantee that an audit condLJCted in accordance with ISAS (UK) will ayS deleLt a malenal misstatement when il exists. Misstatements can arise from fraud or error and are consKlered material if, individually or in the aggre- gate, they could reasonably ts expected to in)luen(x the enOMiC deaSn$ of users taken on the basis of these financial statements. Details of the extent to which the audit was conSered capat>be of detectiro irregularities, including fraud and non-comFAlae with laws ar regulatior6 are set out LEIry. A further description of our respon&bililies forthe audrt of the ffnancial statements is located on the Fi- nancial Repotting Council's website al: Wh.frc.org.uklavditO[sreSponSlb1lIts'es. ThTrs description fOS part of our auditorfs reporL Extent to which tha audlt was considered Capable of detecting irrogulariiies, including fraud Irregularfties, including fraud, sre instances of non<0mplian with laS and regulations. We identified and assessed the risks of rnaterial misstment of the financral slaternents from irregularitses, whether due to fraud or error. and dIUS$ed these betsn our audit team. We then designed and perfoed au- dit procedurès responsive to those risks, including obtaining audrt evidence sufficient and appropriate to provide 2 basis our ownion. obtsined an understdIr ofthe legal and regulatory frameworks wilhin which the parent thaTty and group operates, frKusing on Ihose laws armj regulations that have a dIrt effect on the determina- tior) of material amounts and disclosures in the finanal StateMts. The laws and regulab.ons we con- sidered in this context were taxation legislalion. the Ch2rities Act 2011 togethervthh the Charities SORP 14
HERTFORD COLLEGE Report of the Audltors Yoar endod 31 July 202S (FRS 1021. We assessed the required Complian wtth these Iws aThJ regulations as part of our audit procedures on the related financial statement items. In addition, we wnsidered provisions of other lavs and regulthns Ihal do Tt have a direct on the financial statements but Complian wilh which might te ftjndamental to the parent chanty's and the group's ability to operate or to avoid a material penalty. We also c(SIdered the opportunib.es and incen- tives that may est wrthin Ihe parent charity and the group for fraud. The other laws and regulations we considered in this context for the group yre General Data PrOttiOn Regulatsons and Health and Safety regulations. Auditing stsndards lirnil the required audrt procedur&s to Idtify non4mplIance wtth these laws and regulations to enquiry of the Trustees and other managenEnt and inspethn of regulatory and lega] cor- respondence, if any. We idenb.fied the greatest risk of material impact on the finanraal statements from irregularrties. induding fraud, to be within investrnents, accounts'ng for pension ILatM"llt and the overrirje of controls by manage- ment Our audit prOdUreS to respond to risk of income recogntlion included selecting a sample of In- ccffie during the year, agreeing bad( to the relevant d0mentaOn and ensuring it has been recognised c(reCtly. Our audit procedu$ to respond to the risk of management override included enquiNes of man- agement about their own identification and assessmit of the risks of irregularits'es, sample testing on the posting ofjoumals. reviewng a¢¢ounting estimates for ase$, reMeiMr@ regulatory correspondence the Charity Commission and reading minutes of meetings of Ihose charged with govemance. ¢ing to the Inhent limitstions of an aud[( there is an unavoidable risk that we may not have detected some material misstatements in the fina181 statements. even though we have properfy planr)ed aThJ performed our audit in accordan with auditing stsndards. For examFle, the fvrther removed non-Q)m- pliance wlh laws and regulats'ons lirregularibesl is from events and transactions reflected in the finan- cial statements, the less likely the inherendy limited prccedures required by auditing standards would idèntify it. In addib'on, as with any audit, there rernaln a higher risk of non-detection of irregulariti. a8 these may involve collusion. forgery, intenb.onal omissions, misrepresentsbons. or the override of inlemal controls. We are not reswnsible for preventing non-cOMlar and cannot be expected to detect non- comrAiarKe with all12ws and regulations. Use of our report This report is made sdely to Ihe charity's trustees, as a tthy. in accordan vth Part 4 of the Charities (accounts and Reports) Regulations 2008. Our a11 work has teen undertaken so that we might state to the ¢harity's trustees those matters we are required to state to them in an audrtor's rEFXKt and for no other purpose. To the fvllest extent pemiitted by I. we do not accept or assume responsibility to any- one other than the charity and the chari5 trustees as a tKxly, for our audit work. for this report or for the opinions we have fomied. Crowe U.K. LLP statutory Auditor London Date.. I l December 2025 Crowe U.K LLP is eligible for appointsnent as auditor of the chartty by Virt of its eligibilty for apFoint- ment as auditor of a company under section 1212 of the CompaniesAct 2006. 15
HERTFORD COLLEGE Statement of Accounting Policies Year ended 31 July 2025 statement of Accounting Policies 1. Scope of the financial statements The financial s12tements present the Consolidated Slatement of Financial Activities (SOFA). the Consolidated and College Balan Sheets and Consolidated Cash Flow Statement of Cash Flows for the Colle arKt its wholly sub8Klianes Hertford Programmes Limited arml Herttord College Design and Build Limited. The subsidiaries have been consolidated from the date of their formation, being the date from which the C(e hag exercised control thrCgh voting rights in the $ubsidiaries. No separate SOFA has LEen presented for the Colw ah)ne as currently permitt&J by the Chanty Commission on a COnSSIOnary basE for the filing of consolidated finan(xal statements. Basis of a¢counting The College's individual and consolidat&l financia staterrEnts have been prepared in accordance with United Kingdom AtxcMJnting Standards, in parbcular'FRS 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland. {FRS 102>. The College is a public benefft entty for the purtoses of FRS 102 and a registered charity. The College has therefo also prepared its individual and consolidated firCial statements in accordan wth 'The Statement of Recommended PractKe applicable to charities preparing their financial statements in acs)rdance wth FRS 102, (The Charities SORP IFRS 102)). Hawng reviewed the funding facilities available to the Cole toyetherwth the exwled ongoing demand for places and the College's ftjture proiecl&J &h flows. the Goveming B(>Jy have a reasonable expectat.on that the College has ad84uate reSoUS to continue rts activities for the foreseeable future and consider that there were no material unrtaIntieS over th& College's financial viability. Accordingly, they also conb'nue to a(knpt the going conwn basis in preparing the financial statements as oulin8Y in the Statement ofAc¢ounting a1 Rewrting ReSponsi.11eS on page 12 and to adopt the his1Car wst basis. except for the measurement of investments and certain financial assets and liabilits'es at fair Value with movemenis in walLJe reported wrthin the StaterYEnt of Finanal Actimties (SOFA). The princ?pal accounb'ng wlicies adopteAJ are set out bebw and have been applied consi8tenlly Ihr¢uglv)ut the year. The acTr)unts (financial slatements} have been prepared to give a 'true and fair, vw and have departed from the Charities IA¢wJnts and Repor151 Regulab.S 2008 only lo the extent required to provide a 'true and frdir vi. Thi5 departure has irM)Ived following the statennt of Recommended Practice appli(able to charikn.es preparing their amjnts in accordance wth the Financial Repoirring Stsndard appkncable in the UK and Republic of IrelaThJ IFRS 1021 issued on 16 July 2014 rather than the previous Statement of Recommended Pti. Acuunting aThJ ReFX)rting by Charities which was effective from 1 April 2005 but which has since wthdrawn. 2. Accounting judgements and estimation uncertainty In preparing financial statements it is neSary to make tsrtain judgements, estimates and assumptions that affect the amounts recognised in tr*e financial statents. The followng judgements and estimates are considered by the Goveming Body to have rThJst significant effect on amounts recognised in the financial slatements. The Goveming B(xly, in applying the a¢¢ountiTU Folicies. have included an estimate for the College's Sha of the USS and OSPS penon stheme liabilibes. and an estimate or the usefvl economic life of its buildings. Otherwse no judgements were required that have a signffitsnt effect on the amounts recognised in the financial statements. The College ca¢ulates its liability for USS peon deficit based on the current agreed schedule of deficit contributions bmth referen to the latest scheme valuation. 3. Income recognition All income is recognised once the CcAlege has entiuement io the income. the economic benefii is probable, and the amount can be rdiably measured. 18
HERTFORD COLLEGE Statemert of Accounting Policies Year ended 31 July 2025 Income from fees, Offlce for Students support and other Gharges for services Fees reIale, less any scholarships, bursaries or other allowance5 granted from the College unrestricted fvnds, Office for Students SUPFK)rt and charges for semces and use of the premises aré re¢>)gnised in the FeriThl in the rated Se 1$ provided. Income from donatlons. grants and legacies Donations and grants that do not impose specific future perfOrMan-re1ated or other specific ccdItiS are recognised on the date on vthich the charty has entitlement to the resource, the amount can be reliably measured and the ecorKJmt benefit to the College of the donation or grnnt is probable. Donations and grants sut4.ect to [ErfOmn-relaled condib.ons are recognised as aTKJ when those conditions are met Donath)ns and grants subject to other specific condib"rS are recognised as those condrbons are met or thr fijlfilment is vthcAly within the contro5 of the College and it is Obable that the specified condibons will met Legacies are rec(yJnised followng grant of probate and once the C(Alege has receNed sufficient infDrmalion from the executor(s1 of the dewsed's estste to be satisfied that the gift can be reliably measured and that the ecnnornic berfit to the College is probable. Donations, grants and le9aaes accruing for the generdl purpose5 of the Co11Je are credited to unwtricted fvnds. Donations, grants and Iwies which are sutr4.ect to conditions as tD their use irnp(ed by Ihe donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as caF4tal, to the endov4Tnent funds. Where donations are reiVed in kind (as distincl from cash or other monetary assets). they are measurEd at the fair value ofthose assets at the date of the grf Investmefrt in¢(xne Interest on bank balances is accounted for on an cal basis interest recognised in the period to which the interest relates. Income from ffix interest debt securities is rwnised using the effective interest rate method. Dividend Inco and simiLar distribulions are renised on the date the share interest becomes ex- dividend or when the right to trje dividend can be estsblished. Income from investrnent properties is rec£4JniwJ in Ihe rIOd to the rental income relates. Totsl Retum aCUnting princieS have been ptsj in relati to investrnents held as part of the pemanent endowment The carrying value of the trust for investsnent (Ihe preseed pemnent C2Pitall has b*n tsken as the market value of the relevant investments as at 31" July 21X)9, togetherwith the original gift value of all subsequent endowments receiv and transfe from the unapplied totsl return approved by the Goveming BlY to inuease the value of the trust for investr)enL The balan ofthe investment unapplied total returns is accumulated as a mFKjnent of the relevant endowment ndS wth arrb)unts from this being released to income each year at the discretion ofthe Goveming Body. 4. Expendilure Expenditure is accounted for on an accruas basis. A liats.lty and related expenditure is recognised when a legal or constTUCtive cl)ligatson commrts the College to expenditure that will probably require settlement, the amount of which G8n be relb]Y measured or estimated. Grants awarded that are not performance4eLateAJ ate Chaed as an expense as soon a5 a legal or nstrLJCtive obligat.on for their payment arises. Grants subject to perfomiance-related conditions are expensed as the speciffed condibons of the grant are met All expendIre including support costs and g0veMa costs are allocated or app)rb¢Jned to the applicable expenditure categories in the Statement of FinarKial AGtivTtie? (tlle SOFA). 17
HERTFORD COLLEGE Ststement of Accountlng Policies Year onded 31 July 2025 Support costs whh indudes g0veMan costs {costs of rx)mplying with constiLrtional and statLrtory requirements) and othei indirect costs aTe apportioned to expenditure categories in the SOFA based on the estimated amount attn"butable to that actr"ty in the year. either by referen to staff time or the use made of the underlying assets. as appropriate. Irrecoverable VAT is included the item of expenditure to which it relates. Intra-group sales and charges beiween the College and rts subsidtaries are excluded frDm trading irKome and expendibjre in the consolidated financial statements. 5. Leases Leases of assets that transfer substantially all the risks and rv•Rrds of ownership are classified as finance leases. The (x)sts of the assets held under finan leases are induded within fixed assets and depreciab.on is charged over the shorter ofthe lease tem arKJ the assets. useful lives. Assets are assessed for impairment al each reporling date. The corresporMJing opital obligation5 under these leases are shown as liabilib.es and recLYJnised at the lower of the fair value of the leased assets and the present value of the minimum lease payThnts. Lease payments are appYJt"oned betsveen capital repaymellt and finance charges in the SOFA so as to achieve a (yjnslant rate of interest on the rernaining balance of the liability. Leases that do not transfer all the risks and rewards of ownership are dassified as operating leases. Rentals payable under opErat"ng leases are charged in the SOFA on a straight line basis over the levant lease lems. Any lease incents.ves are recognised over the lease term on a straight line basis. 6. Tanglble fixed assets Land is stated at cost. Buildir¥Js and equiprrent are sta1 at cost less accumulated depreciation and any accumulated lmpa1nrt losses. Expenditure on the acquisibon or enhancement of land and on the acquisition, constructTron and enhancement of buildings which is direcNy attn"Iwtable lo bringing the asset lo its wothng condib'on for its intended use and amounting to more than £25.000 together with expenditure on equipment costing more than £25.OC(J is (zpitalised. Where a part of a building or equiFxnent is repkced and Ihe costs caFitalised, the rrying value of those parts replaced is dere(xKJnised eX[se in the SOF other expenditure on equipment incurred in the norn1 daY-tdaY running of the College aThl its subsidiaries is diarged to the SOFA as I[red. 7. Heritage Assets The College has chDsen to hold heri1¥ assets at cx)st The eolkge has a number of assets, including items of art and historic tets that meet the definition of heritage assets under the SORP. The depreated historic cost of the majority of these rtems is nil. Items purchased are recognised at cost and items donated to the College are recyyJnised at fair value. [ege has taken advantage ofthe exemption wthin FRS 102 not to disclose tranSaCn$ before 1 January 2015 as obtaining fair values for these assets vKJuld be impracticable and the cx)st of obtaining such valuab'cms would ou1gh the beneffts to the users of these financial statements 8. Depreclation Depreciation is prowded to lte off the cost of all relevant tangible assets, less their esb"mated residual value, in equal annual instalments over expectgj usefijl economic lives a5 follows" Freehold properties 30-50 years Equi[rfrnt 5 years Freehold land is mt deplat. The cost of freehokj land asscxiated Yh the main historic site is not included in the balan sheet but is not material. The cost of MaInterran is Charged in the Statement of Financial Activities in Ihe penod in whith it incurred. 18
HERTFORD COLLEGE statement of Accounting Poljcies Year ended 31 July 2025 The costs of major renovation projeds which irKTea5e the serwce tial of buildings are capitalil and deprlated over applicable pericJs. 9. Investments Investment properties are inibally rjnISed at their cost and sutrEequenly measured at their fair value (market value) at each repothng date. Purchases and sale5 of investmenl properties are rgnised on exchange of contracts. Listed investments are initially Measur at their st and subsequenty nwsured al their frair value at each reporbng date. Fair value is based on their quoted pri al the balance sheet date without d8Juction of the eslirnated future selling costs Investments such as hedge funds and private equity whith have no re&fjily Klentifiable market value are inibally measured at Ihwr costs and subs8]uendy measured at their fair valLie at each repong dale without deducb.on of the estimateA future selling costs. Fair val(Je is ba1 on the rnost recent vaiuations available from their respective fvnd TTpnagers. Changes in fair value and gains and losses arisirvJ on the diswsal of investments are crlIted oi charged to the income or expenditure section of the SOFA a5 'gains or10&8es on investments, and are allocated lo the fvnd holding or diSFIn9 ofthe revant investment 10. Other financial instruments Cash and cash equivalents Cash and cash equenIS include cash at banks and in hand and short term deposits with a maturity date of three months or less. Debtors and creditors Debtors and cJitOrS r1Vable or payable vthhin one year of the reporting date a Carried at their at transaction pn. Debtors and creditors that are r1vable or payable in more Ihan one year and not subject to a market rate of interest are measured al the preseDt value of the exFected fLrture reIpts or payment discounted at a market rate of interest 11. Stocks Stocks are valued at the bwer of cost and net reaisabte value, cnst being the purchase price on a first in. first out basis. 12. Foreign currencies The functional and presentation cvrrerw of the College and rts subsidiaries is the p)und stetling. Transactions denominat in frJretyJn currenoes dur5ng the year are translated into wunds sterting using the spot exchange rate$ at the dates of Ihe trdnsact"ons. Monetary assets and liabilities denominated in fogn currencies are translated into pourwjs sterling at the rates aFwlying at the reporting date. Foreign exchange gains and losses resulting from the of transactions and from the translation of monetary assets and liabilities denominated in foreign ¢urrencies at the exchange rates at the rewrb.ng dale are recognised in the irtcome and expendittjre section of the SOFA. 13. Fund accounting The total funds of the College and Its subsidiaries are allated to unresthcted. reskn.ctsd or endowment fijnds based on the origins ofthe funds and the lerrrts set by the donors. Endowrnent funds are further sutrpdivKled into pempnent and expendaL4e. Unrestricted fijnds can be in furtherance of the ot4.ects of the Cdlege at the discretion of the Goveming Body. The Governing Body may decide that part of the unrestricted fijnds shall used in ftjture for a specific pur[8 and this will xcounted for by transfets to appropriate designated funds. 19
HERTFORD COLLEGE Statement of Accounting Policies Year ended 31 July 2025 Restricted funds comprise gifts, legaoes and grants where the doThJrs have eannarked fvnds for specific purF*)ses. They consist of either gtfts where the donor has specified that both the capital and any income arising must be used fur the purty)ses gNen or the irtome on gifts where the donor has required that the capital be maintained aNJ the income used for speciftc purposes. Pemianent endov4ment fvnds arise where donors specify that the fvnds should retaiwj as Capital for the permanent benefft of the College. Any irnx)me arising from the capital will be accounted for as unrestrieled ftjnds unless the donor has restridions on the use of that incrne. in which case it 11 be a¢¢ounted for as a restricted fund. Expendable endowment funds are similar to peanent en¢kMment in that they have been given, or the College has detemiined based on the Circumstances that they have been given, for the long temi benefit of the College. Hever, the GoverniThJ Body may at their dLscretion detemiine to spend all or part of the caprtal. 14. Penslon costs The C(Alege participates in the Universit$ Super3nnuation Scheme and the University of Oxford staff Penstr)n Scheme. These schemes are hybrid pension schemes, providing defi benefits based on salaries as well as beneffts based on contributions. The assets ofthe schemes are each held in a separate truststradministered fijnd. Because of the mutual nature of the schemes, the assets aplble to the defined benefit nEmbership are not attributed to individual Colleges and s¢heme-wide (x)ntrbution rates are seL The College is therefore exposed to actuarial risks associal¥J wth other UnwersrtEs' and Colle5, employees and is unable lo identify ils share of the undedying assets arKI liabil"e5 of the defined benefft scherrE on a consistent and rea¥able basis. As requiraj by Section 28 of FRS 102"Employee beneffts.. the College accounts for the Schemes as rF they were wholly defined contn"bution schenEs arKJ conbibutions to these schemes are recognised as a lia'l1ty and an expense in the pericmj in which the salaries to whTrch the contributions relate are payable. Wher? defi¢it recovery plans have been in plats in past years, Ihe College has recoJnised its Share of the defficit anS pled on trfjth schem&s.
Hertlord Colkge Consolidated Statement of Financlal Activits For the year gnded 31 July 2025 Endow Funds ro( 2025 2024 Toral £Y(x) FurbJ5 INCOMEAND ENDOIYMEpifs FROM: Charllable aclivities: TeaGhiw. resrth Oth•rTTadlng IrK DorL3tionsand le9ades 7227 435 7,662 3,564 2,064 7.141 3,242 3.¥26 1,572 Investment Total rstum alknrAtsd to other10e rotsl Incomo 1.886 I3,(6} 3.113 3.975 17 16921 16.607 18287 EXPENDITiIRE ON.. Charitaljl? aruvttles: Teaching, rerth orn1 derTbal Generatlog funds.. FurKlralsir Trading eynd Investrnent rnan4emenl (x)3ts Total Expendmure 6.493 &S36 133 9.086 470 1.499 1.241 12,296 1m7 1.136 792 1,697 1.304 15.429 138 271 S,366 Nvt Ir•{ExPEndU[Ql beforè9a1nsllh)8) 196 4055 1.178 5,991 Metgoitooe5I0Tr Invostrfienls 3.895 6,254 8,726 Not Incom(EXPendilM) 725B r} 2.932 .75 Tr•nsf•rn between frJn(ts 17 Other recognlsod GBIn(bJS$98I olffxad assets Att81 galnslVos5esl sthrnes Nfji m<bv•mont Infunds lorthe yqar 117191 2.B94 7.432 14,71 Fund balance5 Ixovght fvrrfrf4rd 17 7&246 106.632 91.915 Prioryoarfund adlustmenl Fund5 carrfed forwwd at 31 1661 78.flo 114.064 1C6,632 21
Hertyord College Con$olldat¢d Ststement of Finala1 Activ Forthe year ended 31 July 2024 2024 Total FLmts Fwwjs £1) INCOMEAND ENDOWMENTS FROIA: CharWil• a¢Mte3.' Teaching, research 8KI rethwièi 0thorTradlng Income OorAtkns and legaclg¥ 273 7.141 3.242 &926 Irwestrnent lThxm• Totol retym 8lbcated trj hKXn• Other Totsl Incom¢ E¥PEPIDrrLIRE ON: 146 2,1 (2.9201 &975 2.557 14.0 4.043 13561 18287 Ch•ritsble aGtlvltks.' Teathing, re5earth and restraI G•n&rntin9 fuTrJs: Fundraising Trddifig expendire Investrngnt man8gernii tr)sts Total EApgThdlbJre 1.7 9.086 470 470 1,499 1241 12.296 10.352 1.705 239 Nét InÈomvllExpondlture) b¢lore gn¥ 4248 IX58 IS951 5.991 gaInlIO5) Dn inveGtmeThts 1.471 B.726 Not IncomrfExpendkwel Tr8n8forn botween fvnds 112 1641 1481 Not movefflent In funds forthe Jar Fund bal¥tts brought tra 5031 19.175 1524 &856 68.884 91.915 PrfY•8r(L*Vj adju¥1[ Funds carrfÈd tr)[1 31 J 380 75246 106.632
H6rtford College Consolldatad and Colkge Balance Sheets As at 31 July2025 2024 GroL 2025 Coll8g8 ro 2024 Colleg c0 Group TangibaSsets Prorty inv8sbnents lnvestsnts 10 11 12 14,97 13.173 112,219 14,970 13,173 111219 15IM)8 11&1J38 1SOD8 116,038 T¢)tal Fixed Assets 151849 140.3S2 151,449 140.362 CURRE14T A8SErs 14 5,384 4742 2,156 5.3n 2.589 Cash at i%nk in ha1 3N10 Totsl Current Atssets Lk4BILmES CreditL¥5: Amwnts faling i*Je y 15 1701 12.8911 11.B551 13.1361 NET CURRENT ASS5 1615 270 1.114 4.848 TOTAL A5SEfs LESS CURREKf LiIBILmES 146,632 152.563 145,8 cREDoR$. due afro than y 16 I40,0)> (40,DOOI 140.(ts)I ASSEfs BEFORE PENSION ASSEfoR UIBIUTY 114J)64 106,632 112.5fj3 I,3)8 Wlngd bonofft penslon srheme liablrty 21 TOTAL NET ASSETS 1144 106,632 11563 105.208 FUND8 OF THE COLLEGE Endtswmentfund8 78.140 75,249 7&140 75.249 Rostrtcted funds 6,3 661 Designaled fund5 Genaral fvnts 10286 15.816 9.187 4785 21,977 14,392 9.187 21 114,064 106,632 111563 105,208 The fin8nC state18 apprwjzryj tri55w tythe l>Jvwrw¥J jY¢ Herffryd Cclege cffj 3rd DeneT 2025 Truste& Tntstee.. rrÈYÉ
H•rtford College Consolidated Slatement of Cash Flows For Ihe year endgd 31 July 2025 2025 TO 2024 £o(M) Nel cash provlded by Iu88d Inl OFing adi¥it 11,2eo ash from Snyosting activities Dmdends, inleresÉand rents from in¥esbrw Prct8ed8 from the sae of prcwty. of tpty. PnKeed5 from sak ofinv8stm Purchas8 of inve$trnts Net cash prDvided by Iu5ed kn) bNE51in9 actr¥tss 1313 &978 IBA641 P,4161 11,679 (1,843 5,398 127,92 116231 a¥h Ilow$ from financin9 8CtNits CouFK)n Private Piyewl PJ Cash infflcAV5 from new b)o7n9 Rerxiptof erXkyent Net eash Txovlded by (used inl financlng athitie5 (9661 19661 Change In #rtd ¢a5h oqulvalonts InthÈ lertIng wi¢KI (3321 3.172 Cash and cash ¢qulv•nts ailhe be9inning of the reportivd nod 1742 570 Chang8 In caBh arKI ca8h tiltrS in the T•WtibVJ pÈrknd 3.172 CaBh and aqulvhts ai the end oftho repMiThJ pvknd 410 &742 24
N•rtford ¢ollB9D Notss tolhts fihaydtial Forth• #rende 31 Juty 20ZS ¢IhEPtÉsu[Wl 152 273 4..gj.Xk To$UwK¥IthFrykpfvItytDl r3ardessclts thare 0ftthf88svdv arnots b£94k (3)24£53k1TÈ• at@ lnthefi>eWthJakn. LYJNLmONSN LEOXE5 14)* 13 IN¥ESTWTIMCOIIE Equityth4itsMJ 473 178 1.1 315 OThEA II¢OIKE
Notos W th¢llnon¢l•l 8w•m8N¥ Forthe >Yar•ndBd 31 Juty 2025 is3 11r2 pni EXdr•in J]3 3J2 105 Funthry 1.241 Fur 911 1,1LTI Tonthr Total 1437 1ryS 16 (&15n 253 251
Hort Colloge Not0 th•finanrAal statfjmwts Forthe year en1 31 lY 2025 lantgiu¥wJ¥¥Ju." 127 Tow grdntsand aw5 Ifj Trtsi 18 12 £.l470.000 Eg).UJ1-È1W.l
Hertrord col8ge Notes tOlh&flnanclal 5tatèThxrts For1h• yOaTonikd 31 Juty 2025 ID TBLE1EllsSEs Glty41 Totsl £Tro 413 15J42 1435D qffldotyHr 55 N•tbLvJkv41 05 4m8 10ts75 14.97Q dar bj1¥ To AtsÈrtrli Èdkh 4.018 26217 15342 1.051 oeforth8yav AtÈmIPY 4)J18 loT5 Toknl 1&175 141PJ Trar6is Il175 1A175
Notos to Ilnn¢lal 8teThrrts Far the yearended 31 July 202S SECUFrnMDOTMERIIVmlEKf5 **1219 I6$ 47 7.947 11521 ts.391 {1 ¥YUK EU £iV)D 7% 24Y t1281 22281 S71 1Q31 13 PfvAlENT SUBSOXIRYUP4LYTPes Col £wo 3207 11A 2ffj85 11.3831 T(trJ ILI[
rd College Notes to thefinoncial sim•rls Fortho yearondEd 31 Juty 202S 14 311 4.91 4J1U (31 1•5 156 141 ).0
H¢rtford Culleg Notes to theffinarthl Fortheyearerwjed 31 July2Q25 17 PIVIY%5Cf il¢mENTSOM FUIIJS Tr JY 67.188 ps) iTprMHy (41 rji 1.1eD Ir6 140 Fa (191 7EZ 276 D) 7&14) 11ts31 143 (yi 4f 16 2.Cfj2 77 14M41 io IC62 ,2 Totsl Fw
HgwIa Coll NotBS tpthfj ¥t•m¥rAs Fortho yvr•Ddwl 31 2025 Tr At31J PAay [41 pi rÈ4 Fu 10 r21 1.7 16 134} 12 donlsup I[WFune 158 734 611 u) 10 (91 15 411 c¥15FwSh 121 143 E. Unwllr(yyneol ¢thwFwth•by i) ID7 3,543 T0lalRrf¢md Furth.Coli (1.KSI 251 r4.1) IS5T 9,187 14,970 13SkS IZ.15J 19.176 io) 25,DUB 1178 lo) a471 25.OC¢
Hertford Colleye NotOSto thflnntial Forihe 3f Juty2025 Endowment Funds Icontinuedl BalanarIAU$t2D2I 573Y Qpital [ypt 1332 3.766 6.151 In¥&bmerf.gains I{&5) 4O•plkaUpnoltI r•Mwn FQes?ndtrs Inve5trnen".rn[EnlfEs RPI adiithettt TatsAfee5andtrnr6fer5 18.714 Endowment fvnds Icontinttodl Funds May 1461 (281 282 166 179 1.180 709 717 109 718 51 140 1S5 È M. vwhawIllTWst MtrAel Travd Fui4 Rogervan Er[8 F tkndergrnduate (Erthd) E14arrd Hist(ryFdlvwAhip Fu ent gJpwrt 612 [291 p) 612 121 216 1981 (35) )) 610 751 751 Fu C<AiegeEndUllWMt Fund OtherSch[ShiP 71 &112 16 ¢7.189 124 124 16 Fundstotal
rtd ¢olbg• Not¢s toth• financlal Forthe yeav ended 31 Jutry2025 FiWIDS 0FIHECaLLEDEfLs Frj stytynF HSwFdknP kn Olltthrl)11 FrlS ritrAr TrTwstees pff.Yrom 1 AU0.2019. ThE Yestsn1tLYTr be£rWi&l as as425%ofthea%wdY¢1t¥ratSCI rekngnl ts In tIth9 tyst5 d8ofdowbM. halt 5 bBLrflend0[the3ri wÈstwi. Thts
Not•s to th•flnanclal slatrments Fortho yearendod 31 jy2025 FLd& 14008 11&038 a1%5 ID 61ts2 1615 Tolal TeryiL4eRwJa5gd3 1{gTO 11175 112,219 627th ioc• 13.175 e8ehFeL3.
H•rtFard Cdl•g• For ihB pnded 31 Juty 2025 £3,- 355T £1,.7r £g,rth.Eto,( ElQ.(NJ1£11.Q £1&th1-È14Ot £14.fA11&1&000 EI&iVJ1-E17,01 9.417 fji 14431 IE,129 14.479 4,W1 51.131 stei6 2S.745 402.757 £26.l27x T,(V1.5240 £28.(129. 15 29,&7 31.448 1.(1 £Y2,Wf-U3.COC 34MIO t25,1 7.Wl.£3&.OCQ s7. £40,W1441.(K £47.1444. .474 £4?.ll48.o £Y),l-51,to ,74 5151 113211 ,W1-£$4.N £1.£66,[0) £F,l.£1U.o1 *,1.£71,(l £[B,l.£T,( 2119.fX11->20.tt £120AV1-£121.r 2147.thx-ef4 m4 147.1&5 1.46W5 1.¥T2.D16
Hwiford CollBgtr Forthe yearej 31 2025 r1.4NI(nandadr9&)Q11f%. a7 2T2
Hertlord eollo9• Ilotes tothe finan11 stotomonts Forthe yeav £nded 31 Juty2Q25 tÈ&ValuaiJ Valued1 ValuÉdA%sÈPÈ 914rn t1 +225% TthL 01111v 426 $22 ni T*XATr)
Noles to tho financlal statemerts For thp year pndpd 31 Juty 2025 PECONCILL4rnNOFNETINcCNCF£styJKEsTO F4ETCA%HFLOWFPIWOPEPAT 14T17 IrNaÉtrMfflILomo i¥) 1211 117) 037) 9F ALYSISOFHD5M EQUALs 3,742 o4prrpicowittAIErirJ RÈLATÈtsPARrfTRM$ 2024 144
Notss to flnanclal stst¢mArtg For the yearended 31 July2025