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 AUdI￿S ReFX)rt Statement OfAC￿untin9 PC11￿85 c￿$￿Id￿ed 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 IRes*Jned 17.11.24) Professor B M Frell@svig Dr D Gaffney DrA Galanis Principal Tutor for Graduates Dr K G￿asleY 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 R￿h8 (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 vin￿nzI Drcvel Independent Prevent Monrtor Dr Vyazovsk Professor M we0￿rIdge ProfessorA C S Wcollard D&veknpm&it Fellcr Professor R G Zubek During the year the actiwties of the GovemirKJ Body were carried c￿t 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 Sp￿1￿¢ asFects of day to day management delegated during the course of the year. and %tho are regard&J as Key man￿Ment Personnel. was as follows. College Accountsnt Judff Banks Domestic Bursar Mr James H￿1 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 GIOu￿sterShlre 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 c￿lege in the UnNersrty of Oxford, which is known as Hertford College I'the College"), is an eleemosynary chartered charitable corporation agjregate. The College was fO￿ded 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 V￿rkj"ng9 of the College, including Goveming Body policy and procedures. by the Prinapal and Bursar. Members of the Goveming Body can attend trustee inforMa￿n 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. Thc￿e 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 Remur￿rati0n Committee. Where possible and r*vanL remuneratr)n is set in line V￿th that awarded to the Universitls academic staff. All staff are all remunerated at a level which equals or ex￿d5 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 offi￿r8 and Fellows, Benefits condl￿ed 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 Imple￿￿nIal0n 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 sitat￿Y for the col￿e'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 Mar￿ment of the Development Offi￿. General Purposes Committee.. re￿iVeS ￿￿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-t￿daY running of the College is tslegated to ihe Bursar. The Bursar attends all rneetings ofthe (￿vemIng B￿Y'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)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 T￿￿tee8 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, consol￿al￿ Statement of Cash Flows and notes to the financial statements. including significant ac- counting poli￿e$. 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 end￿1., have been properly preFwed in accordan￿ with UniteAI lfjngdom GenerallyAccepted Accounting Prath"ce', and have been wepar&J in accordance V￿th the requirements of the Charths Act 2011. Basis for opinion We conducted audit in aCCord￿ce with Internatp￿81 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¥e￿e 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 reSpO￿ble 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. ex￿pt 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 2c￿8 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 aC￿untillg 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' responsibil￿eS stateM￿l 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 reS￿nSIt￿e 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 seC￿n 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 reasOr￿b1e assurance about bthether the financtal stslements as a whole are free from material misst*men( 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 a￿yS 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 e￿nOMiC deaS￿n$ of users taken on the basis of these financial statements. Details of the extent to which the audit was conS￿ered capat>be of detectiro irregularities, including fraud and non-comFAla￿e 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 fO￿S 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 la￿S and regulations. We identified and assessed the risks of rnaterial misst*ment of the financral slaternents from irregularitses, whether due to fraud or error. and dI￿US$ed these bets￿n our audit team. We then designed and perfo￿ed au- dit procedurès responsive to those risks, including obtaining audrt evidence sufficient and appropriate to provide 2 basis our ownion. obtsined an underst￿dIr￿ ofthe legal and regulatory frameworks wilhin which the parent thaTty and group operates, frKusing on Ihose laws armj regulations that have a dIr￿t effect on the determina- tior) of material amounts and disclosures in the finan￿al StateM￿ts. 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 T￿t 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 e￿st wrthin Ihe parent charity and the group for fraud. The other laws and regulations we considered in this context for the group y￿re General Data PrOt￿tiOn Regulatsons and Health and Safety regulations. Auditing stsndards lirnil the required audrt procedur&s to Id￿tify non4￿mplIance 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 prO￿dUreS to respond to risk of income recogntlion included selecting a sample of In- ccffie during the year, agreeing bad( to the relevant d0￿menta￿On 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 Inhe￿nt limitstions of an aud[( there is an unavoidable risk that we may not have detected some material misstatements in the fina￿181 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-cOM￿lar￿ 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￿ v￿th Part 4 of the Charities (accounts and Reports) Regulations 2008. Our a￿11 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 chari￿5 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 Coll￿e 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 thrC￿gh 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 COn￿SSIOnary 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 fir￿Cial 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 Col*e 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 reSoU￿S to continue rts activities for the foreseeable future and consider that there were no material un￿rtaIntieS 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 a￿1 Rewrting ReSponsi￿.11￿eS on page 12 and to adopt the his1￿Car 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 Finan￿al 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 staten￿nt 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 P￿ti￿. 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 ne￿Sary to make tsrtain judgements, estimates and assumptions that affect the amounts recognised in tr*e financial state￿nts. 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 pen￿on 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 pe￿on 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 re￿I￿a￿le, 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 r￿ated Se￿￿ 1$ provided. Income from donatlons. grants and legacies Donations and grants that do not impose specific future perfOrMan￿-re1ated or other specific cc￿dIti￿S 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 [ErfOm￿n￿-relaled condib.ons are recognised as aTKJ when those conditions are met Donath)ns and grants subject to other specific condib"r￿S are recognised as those condrbons are met or th￿r 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 ber￿fit to the College is probable. Donations, grants and le9aaes accruing for the generdl purpose5 of the Co11￿Je 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 re￿iVed 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 ￿c￿al 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 re￿nised 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 aC￿Unting princi￿eS have been ￿ptsj in relati￿ to investrnents held as part of the pemanent endowment The carrying value of the trust for investsnent (Ihe prese￿ed pem￿nent 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 B￿lY 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 rel￿b]Y measured or estimated. Grants awarded that are not performance4eLateAJ ate Cha￿ed 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 expendI￿re 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 wh￿h 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 payTh￿nts. 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 sta￿1 at cost less accumulated depreciation and any accumulated lmpa1nr￿t 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 norn￿1 daY-t￿daY 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 depre￿ated 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 tranSaC￿n$ before 1 January 2015 as obtaining fair values for these assets vKJuld be impracticable and the cx)st of obtaining such valuab'cms would ou￿1gh 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[rfr￿nt 5 years Freehold land is mt dep￿lat￿. The cost of freehokj land asscxiated Y￿h 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 capitali*l and depr￿lated over applicable peric*Js. 9. Investments Investment properties are inibally r￿jnISed at their cost and sutrEequenly measured at their fair value (market value) at each repothng date. Purchases and sale5 of investmenl properties are r￿gnised 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 repo￿ng dale without deducb.on of the estimateA future selling costs. Fair val(Je is ba￿1 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 cr￿lIted 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 diSFI￿n9 ofthe re￿vant investment 10. Other financial instruments Cash and cash equivalents Cash and cash equ￿￿enIS 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 c￿JitOrS r￿1Vable or payable vthhin one year of the reporting date a￿ Carried at their at transaction pn￿. Debtors and creditors that are r￿1vable 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 re￿Ipts 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 fo￿gn 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 all￿ated 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 inc￿rne. in which case it 11 be a¢¢ounted for as a restricted fund. Expendable endowment funds are similar to pe￿anent 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. H￿￿ever, 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 ap￿l￿ble 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 Coll￿e5, 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 pl￿ed 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. res￿rth 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 other1￿0￿e rotsl Incomo 1.886 I3,(￿6} 3.113 3.975 17 16921 16.607 18287 EXPENDITiIRE ON.. Charitaljl? aruvttles: Teaching, re￿rth 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￿•￿{ExPEnd￿U[Ql beforè9a1nsllh)8￿) 196 4055 1.178 5,991 Metgoit￿oo￿e5I0Tr 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$98I olffxad assets Att￿￿81 galnslVos5esl sthrnes Nfji m (40,DOOI 140.(ts)I ASSEfs BEFORE PENSION ASSEfoR UIBIUTY 114J)64 106,632 112.5fj3 I￿,3)8 Wlngd bonofft penslon srheme liablrty 21 TOTAL NET ASSETS 114￿4 106,632 11563 105.208 FUND8 OF THE COLLEGE Endtswmentfund8 78.140 75,249 7&140 75.249 Rostrtcted funds 6,3 661 Designaled fund5 Genaral fvnts 10286 15.816 9.187 4785 21,977 14,392 9.187 21 114,064 106,632 111563 105,208 The fin8nC￿ state￿￿18 apprwjzryj tri55w tythe l>Jvwrw¥J ￿jY¢￿ Herffryd Cclege cffj 3rd De￿n￿eT 2025 Truste& Tntstee.. rrÈYÉ H•rtford College Consolidated Slatement of Cash Flows For Ihe year endgd 31 July 2025 2025 TO 2024 £o(M) Nel cash provlded by Iu88d Inl OF**ing adi¥it 11,2eo ash from Snyosting activities Dmdends, inleresÉand rents from in¥esbrw Prct8ed8 from the sae of prcwty. of t￿p￿ty. PnKeed5 from sak ofinv8stm* Purchas8 of inve$trn￿ts 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 8CtNit*s CouFK)n ￿ Private Piyewl P*J Cash infflcAV5 from new b)￿o￿7n9 Rerxiptof erXky￿ent Net eash Txovlded by (used inl financlng athitie5 (9661 19661 Change In #rtd ¢a5h oqulvalonts InthÈ le￿rtIng wi¢KI (3321 3.172 Cash and cash ¢qulv•￿nts ailhe be9inning of the reportivd nod 1742 570 Chang8 In caBh arKI ca8h ￿til￿tr￿S in the T•WtibVJ pÈrknd 3.172 CaBh and aqulv*hts ai the end oftho repMiThJ pvknd 410 &742 24 N•rtford ¢ollB9D Notss tolhts fihaydtial Forth• ￿#rende￿ 31 Juty 20ZS ¢Ih￿￿EPtÉsu[Wl 152 273 4..gj.X￿k To$UwK¥IthF*rykpfv￿ItytDl￿￿ r*3ardessclts thare 0ftthf88svdv￿ arno￿ts￿ b£94k (3)24£53k1T￿È￿• at@ lnthef*i￿>￿eWthJakn￿. LYJN*LmONSN￿ LEOXE5 14)* 13 IN¥ESTWTIMCOIIE Equityth4itsMJ 473 178 1.1 315 OThEA II¢OIKE Notos W th¢llnon¢l•l 8w•m8N¥ Forthe >Yar•ndBd 31 Juty 2025 is3 11r2 pni EX￿d￿r•*in J]3 3J2 105 Funth*ry 1.241 Fur 911 1,1LTI Tonthr Total 1437 1ryS 16 (&15n 253 251 Hort￿ Colloge No￿t0 th•finanrAal statfjmwts Forthe year en￿1 31 ￿lY 2025 l*antgiu¥wJ¥¥Ju*." 127 Tow grdntsand aw￿5 Ifj Trtsi 18 12 £￿.￿l470.000 Eg).UJ1-È1W.￿l Hertrord col8ge Notes tOlh&flnanclal 5tatèThxrts For1h• yOaTonikd 31 Juty 2025 ID T￿￿BLE1￿￿Ell￿sSE￿s Glty41 Totsl £Tro 4￿13 15J42 1435D qffldotyHr 55 N•tbLvJkv41 05 4m8 10ts75 14.97Q dar bj1￿¥ To AtsÈrtrli Èdkh 4.018 26217 15342 1.051 oeforth8yav AtÈmI￿PY* 4)J18 lo￿T5 Toknl 1&175 141PJ Trar6*is Il175 1A175 Notos to Iln*n¢lal 8t*eThrrts Far the yearended 31 July 202S SECUFrnMDOTMERIIVmlEKf5 **1219 I￿6￿$ 47 7.947 11521 ts.391 {1 ¥YUK EU £iV)D 7% 24Y t1281 22281 S71 1Q31 13 PfvAlENT￿ SUBSOXIRYUP4LY￿TP￿￿es Col £wo 3207 11A 2ffj85 11.3831 T(trJ I￿LI[ rd College Notes to thefinoncial si*m•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 J￿Y 67.188 ps) iTprMHy (41 rji 1.1eD Ir6 140 F￿a (191 7EZ 276 D) 7&14) 11ts31 143 (yi 4f 16 2.Cfj2 77 14M41 io IC62 ,2 Totsl Fw HgwI￿a 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[W￿Fune 158 734 611 u) 10 (91 15 411 c*￿¥15F￿￿wSh 121 143 E. Unwllr(yyneol ¢thwFwth•by i) ID7 3,543 T0lalR￿rf¢md Furth.Col*i (1.KSI 251 r4.1￿) IS5T 9,187 14,970 13SkS IZ.15J 19.176 io) 25,DUB 1*178 lo￿) a471 25.OC¢ Hertford Colleye NotOSto th*fln*ntial Forihe 3f Juty2025 Endowment Funds Icontinuedl Balan￿arIA￿U$t2D2I 573Y Qpital ￿[￿ypt 1332 3.766 6.151 In¥&bmerf.gains I{￿￿&5) 4O•plkaUpnolt￿I r•Mwn FQes?ndtr￿￿s Inve5trnen".rn￿￿[￿EnlfE￿s 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. vwha￿wIll￿￿￿￿TWst MtrAel Travd Fui4 Rogervan Er￿￿[￿￿8 F￿￿ tkndergrnduate (Erth￿d) E1￿4ar￿rd Hist(ryFdlvwAhip Fu ent gJpwrt 612 [291 p) 612 121 216 1981 (35) )) 610 751 751 Fu C20.tt £120AV1-£121.r 2147.thx-ef4 m4 147.1&5 1.46W5 1.¥T2.D16 Hwiford CollBgtr Forthe yearej￿￿ 31 2025 r1.4NI(nanda￿dr9￿&)Q￿11f%. a7 2T2 Hertlord eollo9• Ilotes tothe finan￿11 stotomonts Forthe yeav £nded 31 Juty2Q25 tÈ&ValuaiJ Valued￿1 ValuÉdA%sÈPÈ 914rn t1￿ +225% TthL 01111v￿ 426 $22 ni T*XATr) Noles to tho financlal statemerts For thp year pndpd 31 Juty 2025 PECONCILL4rnNOFNETINcC￿NCF£styJKEsTO F4ETCA%HFLOWFPIWOPEPAT 14T17 IrNaÉtrMfflI*Lomo i¥*) 1211 117) 037) 9F ALYSISOF￿H￿D￿5M EQU￿AL￿s 3,742 o4prrpicowittAIErirJ RÈLATÈtsPARrfTR￿M$ 2024 144 Notss to flnanclal stst¢mArtg For the yearended 31 July2025