St Hilda's College Annual Report and Financial Statements Year ended 31 July 2025 st Hllda's College Annual Report and Flnan¢lal Statsments Contents Report of the Governing Body page 2-10 Slalement of Accounting and Reporting Responsibilities page 11 Governing Body, Officers and Advisers page 12-14 Auditorfs Report page 1&18 Statement of Accounting Policies page 19-24 Consolidated Statement of Financial Aclivrties page 25 Consolidated and College Balance Sheets page 26 Consolidaled Cashflow Statement page 27 Notes lo the Financial Slalemenls page 2845 St Hilda's College Report ofthe Governing Body Year ended 31 July 202S The Governlng Body presents Its Annual Report for the year ended 31 July 2025 under the Charities Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Sl Hilda's College is a chartered charitable body. The College was founded by Dorothea Beale in 1893 as a Hall for Women Students and received ils first Royal Charter in 1926, when il was incorporated under the tille "Principal and Council of Sl Hilda's College, Oxford In 1960, it became 8 College of the University. The College's most recent Supplemental Charter, granted in 2007, changed the name of the College lo St Hilda's College in the University of Oxford. and permitted the admission of male students. The College is registered with the Charity Commission, with reglstration number 1137537. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College Is governed In accordance w51h Ils Royal Charter dated 25 July 2007 and ils Stalule$. Tho Cdlege By-laws have been updated to Teffect the changes made to committee arrangements and the responsibilitie5 of two College Officers, as well as a revised Conflict of Interest policy. Govemlng Body The Governing Body of the College is constituted and regulated in accordance with the Collegg Stslules, the terms of which are enforceable ultimately by the Visitor, The Rl Hon Baroness Buller-sloss PC GBE. The College Slalutes are as made from lime lo time by order of Her Majesty in Council in accordan¢e w(Ih the Royal Charter of 2007, and the Universities of Oxford and Cambridge Act 1923. The Governing Body determines the on-going strategic direction of the College and regulates f(5 administration and the management of its finances and assets. The Governing Body 15 chaired by the College's Principal, meets regularly throughout the year, and is advised by a range of sU￿0MmIttee$. The names of all Members of the Goveming Body together wlh details of the senior staff and advisors of the College are given on pages 12-14. R&¢ruitmont and training of members of the Gov•rnlng Body New members of the Governing Body are elected by the Goveming Body either on the basis of their knowledge of, and conlribulitsn lo, education, learning and research wllhin the College and the University of Oxford, or on the basis of their possession of professional and adminislralive qualifications and 5ki115 that enable them lo contribute towards the governance of the College. New members of the Governlng Body are St Hilda's College Rèport of the Goveming Body Year ènded 31 July 2025 inducted into the workings of the College and their role as Iru$lees by the Principal, the College off￿erS, and other Fellows and employees of the College. Further training is arranged as appropriate. Organisational Managernent The Governing Body normally meet5 al least six times a year. The work of developing policies for the approval of the Governing Body and monitoring the implementation of these policies was Carried out durlng the year by several Standing Committees being principally: The General Purpose3 Committee, which oversee5 the implemenlalion of the College's slrnlegic, academic. and financial plans and policies on behalf of the Governing Body and approves deviation$ from those plans in defined. limited, circumstances under delegated authority- The Investment Commitiee. which monitors the perforrnance of investment managers and holds them lo account. The Development Advisory Commiltee, which provides a forum in which representatives ef Fellows, Senior and Junior members and alumnae ￿VIeW progress in fund raising and discuss strategy. The Tutorial Gommittee, which deals wlh educaliDnal matters, and matters of lulorial ¢onlrol for undergraduates. and academic a(fvice and progression for graduateg. All of these committees, except the Tutorial Committee, are chaired by the Principal and consist of trustees of the College supplemented, in the case of the Investment Committee, by Ms C Burton, an alumna of the College, and, in the case of the Development Advisory Committee, by Ms J Monaghan and Ms F Woodcock. The Tutorial Committee is chaired by the Senior Tutor. Subject to the oversight of the Standing Committees, the day-lo-day wnning of the College is enlrusled to ils principal officers.. the Principal, the Bursar, the Senior Tutor, and the Development Director. The Governing Body is also advised by a Remuneration Committee on the level of remuneration and benefits payable lo the Principal and Fellows of the College The Remuneration Committee comprises four alumnae and two Emeritus, or Supernumerary, Fellows not in receipt of remuneration or benefits from the College. The embers are M5 J Almond, Professor Amanda Cooper-sarkar, Ms J Kelly, Ms M Croghan. In 2023, Goveming Body initiated a review of the committee structure used to oversee the work of the College., the new structure was finalised this year, and the revised arrangements will come into force in the 2025-26 academic year. Preparatory Work this year has al80 included the recruilmenl ol external Chair and members for the new Audit and Risk Committee, to strengthen the College's competences and raise the ability to scwtinise the College's performance across the finance, audit, risk and govemance areas. One of these exlemal members will also sil on the Renumerallon Commlttee. External members have also been sought and appointed to the Investment Committee and the Development Advisory Committee. st Hllda's College Report ofthg Governing Body Ygar endod 31 July 2025 Group stru¢ture and relatlonships Tho College has two wholly-owned. non-ch¥rilable. subsidiaries: Sl Hilda's College Developments Ltd and St ilda's College (Trading) Ltd. The annual profits of these companies are donated to the College under the Gift Aid Scheme. The a¢tivllies of St Hilda's College (Trading) Ltd comprise the letting of College facilities when not in use by the College. The subsidiaries. aims, objectives. and achievements are covered in the relevant sections of this report. Sl Hilda's College Dev&lopmenls Ltd provides construction services to the College. The College is part of the collegiate University of Oxford. Malerigl interdependencies be￿en the University and the College arise as a consequence of this relationship. The College also administers many special Irusls, as detailed in Note 17 to these financial slalemenls. OBJECTIVES AND ACTIVITIES Charitabl8 ObJ&¢ts and Alm$ The College's chartlable objectives as staled in its Royal Charter are.. To provide education and residential accommodation for wom&n and men who are members of the College and the University of Oxford. To maintain, continue and develop the College ethos and tradition of provlding encouragement and support in academ￿ research and edu¢alion undertaken by women and men. To do all other such things as are incidental or conducive lo these objects. The Goveming Body has ¢on5idered the Charity Commission's guldance on public beneflt and. in keeping with its objectives, the College's aims fc•r the public benefit are.. To provide educatK)n, in conjunction wilh the University of Oxford, to around 600 undergraduates and graduates. This develops the students academically and prepares them to play a full and effective role in society., To encoura9e applications from excellent students who might benefit from an Oxford education bul who might not Othe￿Ise consider applying lo the College.. To participate with the Unlversity of Oxfrjrd and others in a bursary scheme to provide financial assistance to eligible undergraduate students of modest means. The College also provides scholarships lo graduates and financial support available to all students for books, travel grants, and in cases of unexpected financial hardship.. To advance research through the sUPPOrt given lo College fellows by means of sabbatical and ￿searCh leave and by appointing research fellows.. and To support a cc)mmunity programme of education81 concerts. St Hilda's College Rgport of thg Governing Body Year ended 31 July 2025 ACHIEVEMENTS AND PERFORMANCE SENIOR TUTOR'S REPORT During 2024-25. the College was dellghled lo welcome the followng academics.. Dr Panlelis Michelakis, the Associate Professor of Classical Reception at the Faculty of Classics and Director of the Archive of Performances of Greek and Roman Drama, who has filled the role previously held by Professor Fiona Mackinlosh,. Dr Thomas Nelson. a Career Development Fellow in Ancient Greek which is a new role supported by the Julia Mann Fund.. and Dr Linnea Grans-samuelsson, a Junior Research Fellow and Leverhulme-Peierfs Fellow al the Rudolf Pelerls Centre for Theoret￿al Phy8Ics. University of Oxford. The appointment of Dr Grans-samuelsson complements the College's recently appointed Fellows in Quantum Computing, Dr Mally Hoban and Prof, Aleks Kissinger. The College recogni5ed and celebrated academic success wlhin the members of our Fellowship. Durlng the year. Profe550r Naomi Wray was elected as a Fellow of the Academy of Medical Sciences, while shortly after the year-end, in September 2025, Aleks Ki55inger, Velda Elliott. and Sarah Snelling were all recognised for their acadernic achlevemenls by the Recognition of Distinction exercise and awarded the Illles of Professor of Quantum Computing, Professor in English and Education, and Professor of Musculoskeletal Science, rèspectively. Th& Sludenl Body In October 2024. the number of enrolled students al the College lotalled 783 across the full range of disciplines. Of these students, 422 were following 3- or 4-year undergraduate degree courses al the University of Oxford, 361 were carying out research for Doctorates, studying Clinical Mediclne. or following 1- or 2-year graduate courses, including part-time Mst and DPhil programmes. Following the launch of the St Hilda's Visiting Student Programme in 2023, ten new high achieving sluderlts fr¢)m inlemalional universlties came to study a course at the undergraduate level for the ftjll academic year. The Visiting Sludenl Programme is carefvlly managed by the permanent Director of Visiting Students, Dr Ruth Pe￿Y who has plans lo expand and develop the Programme in future years. St Hilda's College Report of the Governing Body Year endgd 31 July 2025 The profile of the geographical origin of the College's sludenl body, whlch is shown below, differed lo that in recent years, with more UK and overseas students 8nd slightly fevwer EU students, al both the undergraduate and graduate level. Gaographic origln UK Undergraduates 337 Postgraduates 128 Other EUIEEA Overseas 81 227 Total 422 361 However, the cornposition of the undergraduate student body was almost identical lo last year in lem)$ of their school origin and gender. Of the College'5 undergraduates 50YD applied from UK maintained schools lup from 44°A in 20201211, 30QA from UK independent schools, and 20% from non-UK schools. In tetrn5 of UK undergraduates 62% were from the stale sector and, of the total student body, approximately 52Qk were female and 48% were male. Access and Outreach Sl Hilda's, outreach provision continued to target schools and colleges primarily in 115 link regions, currently Surrey and Hampshire, in line wth Oxford University's Regional Outreach slruclure. The College also increased its work with a broader geographical remit of schools through the Oxford for South East consortiurn collaboration, covering Key Stage 3 (Years 7, 8 and 91, Key Stage 4 (Years 10 and 111 and Key Stage 5 Iyears 12 and 131. These activities were support&d by 31 trained undergraduate sludenl Ambassadors wlh both outward and inbound visits, and a structijred programme of workshops, roadshows, and subject specifi¢ events. The College's collaboratnie Access work partnered with Into University. Target Oxbridge. and UNIQ. Undergraduate Degrge Achitrvements At the start of the year, the College recognis&d academic achievement by awarding s¢holar5hips and exhibitions lo students who had achieved excellent grades in their examinations the prewous summer or had shown remarkable progress in their study. This year the College awarded 25 scholarships. 11 exhibitions. and 9 Prvzes. Al the end ol the year, the University also recognised our students by the awdrd of Gibbs and other prizes.. sixteen undergraduates were awarded University prizes for their performarice in prelim, end-of-year, and finals papers. In terms of end-of-year res￿￿$, 14 percent of students gained firsts or dislinctlons in their prelims or mods. For those students who look second or third year FHS examinations {e.g. Malhemati¢s, Engineering and Physics} an addfcional 11 students gained either firsts or disllnctions. This year's Finalists performed well with 34 students achieving first class degrees. and 73 finalists gaining an upper second-class degreo. st Hilda's College Report of th• Goveming Body Year endgd 31 July 2025 student finan¢ial support During the year. the College provided £434,687 in financial support to both undergraduate and poslgraduale students as shown in the table below. 2025 2024 Oxford Opportunity Bursaries lundergradualesl Book grants Sports & extra-curricular grants Research & travel grants Scholarships & prizes Bursaries & hardship funds Total £120,144 £71.045 £695 £1,292 £2.623 £49.105 £4,915 £62,050 £220.853 £112,123 £20.190 £41.267 £434,687 £271,616 Community music event5 The College's Jacqueline du Pré Music Building I'JdP'I 1$ 8 very prestigiou5 and popular venue for the perforrning arts. for College social, and domestic events and for conferences. The JdP hosts numerous events of an educational nature aimed at children and their families. and other events aimed al the public in general. During lemi. the College has held regular Cushion CO￿ert$ on Sundays for young chlldren and their famllies. The Cushion Concerts introduce chiidren lo a wide variety of different inslrumenls. Becca Marriott {a renovmed opera sin9er) has acted as Cushion Concert Presenter since the 2022-23 season and the College is delighted that Ms Marrioll will return in 2025-26. With the help of generous donors, the College plans to hold a Children's Opera later in the Season lo bring an even greater local audience into the JdP to experience live MUS￿ performances. The College was delighted to welcome back Turue Key Arts during the year and lo host Turue Song, in Hilary Term 2025. TLtrrtle Song brings music, song, writing, movement and singing lo people living with dernenlia and their companions and carers. The participants rehearsed for over ￿ months before giving a public performance in March 2025 to great acclaim. Turtle Song will be retuming lo the College in Michaelmas Term 2025. In 2024. the College provided a venue for the Tlny Idea5 Festival for the first lime. This arts festival is intended for under-7-year-olds and provides a variety of events across Oxford to celebrate the creativity of young children. Later in 2025, the College will once again collaborate with Wild Boor Ideas to host an event as part of the next Tiny Ideas Festival. St Hllda's College Report of the Governing Body Yèar •nd#d 31 July 2025 FINANCIAL REVIEW Income and expendlture for the yèar The financial slalemenls present the ac¢ounl$ of College and its subsidiaries including all operating income and expenditure. donations anrl Investment income, assets and liabilities. The major sources of recurring income for the College a￿ tuition fees. accommodation and calerlng charges, investment income. conferences. and don81ion8, together with Income from miscellaneous sources. Income for the year from all sources lota15ed £15.954k, an increase of 27.2VA from 2023124. This increase in income was the result of recent property acquisitions leading to higher accomrnodalion and catering revenue. The College's receipts from donations and legacies were £3,021 k, up from £1,093k the previtrus year. The major items of expenditure for the College are staff costs, particularly for academic leaching and for staff providing residential and support service5. The College's total costs increased, in aggregate. by 18.4% from the Previous year to £15,266. This increase was a direct consequence of general levels of inflation, and the impact of nationally agreed pay settlements. As a result of these factors. the College recorded a small surplus before gains on investmen15 from ils Combined operations, and its subsidiaries. for the year of £688k12023124.' a deficit of £349kl- Nel gains for the year on the College's investments lolalled £2.3 million and, in aggregate, the nel assets of the College increased by £3,02 million 10 £129.7 million, of which £71.6 million is held In investments. During the year, the College completed the purchase of a freehold propety a139 Sl Margaret's Road, Oxford for consideration of £3.5 million. The College funded the purchase. which will be treated as an investment asset. through the liquidation of part of its invested endowment portfolio. The propety was subsequently renovated and now provides accommodation for up lo thirteen students. The College has also conllnued lo renovate the fabric gf ils existing e51ale and started in the year lo deliver ils 10-y6ar management plan for Radley Large Wood which has be@n agreed in 2023124 with the Forestry Commission. The Governing Body continues lo exeTClSe firm control over costs and lo seek additional income via existing and new income generating aclivilies, ranging from conferences and events to alumnae giving. It Is evident that the College is hlghly dependent upon these supplementary income streams as well as the incorne from the invested endowrnent. St Hilda's College Report of the Govèrning Body Year ended 31 July 2025 Reserves The College's reserves policy is lo maintain sufficient free reserves to enable it lo meet ils short-term financial obligations In the event of an unexpected revenue shortfall. to allow the College lo be managed efficiently, and provide a buffer that would ensure uninlerrupled services. The College's free reserves at the year-end amounted lo £-223k 12024.. £391 kl. Reslricled reserves at the year-end were £5,034k12024'. £2.872kl. These Comprise of funds for scholarships, bursaries. and teaching supporL Investment policy, objectlv&s and porforniance The College Statutes allow the Co51ege lo invest pemianenl endowment funds lo maximise the related total return, and to make available for expenditure each year an appropriate proportion of the unapplied lolal return. The College's investment objectives are lo balance current and future beneficiary needs by.. Maintaining lal least) the value of the investments in real terms. Producing a consistent and sustainable amount to support expenditure.. and Delivering these objectives within acceptable levels of risk. The College's long-term financial Investments are managed by Sarasin & Partners on a lot81 return basis, maintaining diversification across a wide range of asset classes lo produce an appropriate balance be￿een risk and return. The investments are held in the Climate Active Endowment fund. The College's investment strategy, policy and performance is mnilored by ils Invesknent Cornmittee. Al the 31 July 2025, the College's lotsl investsnenls were valued at £71.6 million12024'. £67.5 million) of which £31.6 million12024'. £32.1 mi1Sionl related lo financial inveslmenls. During the year, £3.5 million ol the College'5 financial investments were used lo purchase an investment property. A market valuation of investment propertles held by the College was undertaken during the year, which led lo an uplift in value of £1.1 mlllion. The total return for the year of all the College's inveslmenls, nel of costs, was St Hilda's College Report of the Gov8rning Body Year ended 31 July 2025 Risk management The College followed varlou$ procgsses and procedures throughout the financial year, which allowed it to identify, evaluate, and rnanage. the principal risks and uneertainties faced by the College, and its subsidiaries. When it is not able to addre55 risks using inlemal resources. the College lakes advice from experts external lo the College wlh specialist knowledge. PolKies and procedures wthin the College are reviewed by the relevant College Committee. chaired by the Principal or Bursar. Financial risks are assessed by the General Purposes Committee and investment risks are monitored by the Investment Committee. In addition. the Bursar and heads of department meet regularly lo review health and safety issues. Training courses are made available lo members of staff lo enhance their skills in risk.relaled areas. The principal risks faced by the College are largely financial in nature and relate lo ils ability to fund in¢reasing levels of operating expenditure and maintain ils estate. The prL)portion of College assets invested in financial markets, which has reduced subslanlially over the previous two years as funds have been diverted into investment propertigs, remains a principal risk to income generation. The Governing Body, which has ultimate responsibility for managing the risks faced by the College. has considered the major risks to which the College and its subsidiaries are exposed and has concluded that adequate systems are in place to m8nage these risks. It is recognised that systems can provide only reasonable bul not absolute assurance that major risks have been managed. In order lo strengthen governance in this area, the College will establish an audit and risk committee. mprising an external chalr and some external members. durin9 2025126. 10 St Hllda's College Report of the Governing Body Yèarended 31 Juty 2025 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Goveming Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance wlh applicable law and regulations. Charity law requires the Governing Body lo prepare financial stslemenls for each financlal year in accordance th United Kingdom Generally Accepted Accounting Practice (United Kingdom A¢counling Standards) and applicable law. Under charity law, the Goveming Body musl not approve the financial stalernenls unless Ihey are satisfied that they give a twe and fair view of the slate of affairs of the College and of its nel incoming or outgoing resources for that period. In preparing these financial slalemenls. the Governing Body Is required lo.. Select the most suitable accounting policies and then apply them consislenlly.. Make judgments and accounting eslim*es that are reasonable and prudent.. Stale whether applicable accounting standards have been followed, Subject to any material departures disclosed and explained in the financial 5talemenls', Slate whether a Stslemttnt ol Recowmended Practice ISORPI applies and has been followed, subject to any material departures that a￿ explained in the accounts., and Prepare the financial statements on the going concern basis unless il is Inappropriate to presume that the College wll continue to operate. The Goveming Body is responsible for keeping proper accounting recwds that are sufficlent lo show and explain the College's transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them lo ensure that the financial statements comply with the Charitres Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charty law and hence for ta￿'n9 reasonable steps for the prevention and detection of fraud and other irregularities. St Hilda's College Report of the Governing Body Year ended 31 July 2025 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charity law. The names of members of the Governing Body who served in office as Iruslees during the year are shown In the table below. During the year, the activities of the Governing Body were carried out through a number of committee3. The membership of these committees is shown in the table below for each Fellow. 111 General Purposes Committee {21 Investment Committee 131 Development Advisory Committee 141 Tutorial Committee 121 13) 141 Professor Dame S Springman Professor K J Clarke Professor P Schleiter Dr M Kean Professor L J Smith Dr R M Armstrong Professor H Swift Dr H Smith Dr G Paul Professor D Filalov Professor E Payne Dr K Hoge Profe550r R Condry Professor S Todd Dr S McHug Professor A Noble Professor D Howey Professor D Wakelin Professor A Katzourakis Dr P Hulley Professor D Gangjee Professor C Swales Vice-Principal Retired 301912025 Dr L Wild Dr D Bulte Professor J Barlow Dr S Norman Professor A KDck Professor C Schenk 12 St Hilda's College Raport of the Governing Body Year ended 31 July 2025 121 131 14} Professor C Gwenlan Professor D Richards Dr B Havelkova Dr M Parroll Dr A Mondino DrDTew Dr L Han50n Mr C Wood Dr M M¢lnlosh Professor N Wray Dr M Hoban Dr R Thomp50n MrA Thomas Professor C Slagg Dr B Carfyle Left 281212025 Appointed 111012025 College Officers The College Officers lo whom day-l&day management of the College is charged are as foll¢)ws. Piofessor Dame Sarah Springman Dr Hannah Smith Principal V￿e Pnncipal Bursar Mr Chris Wood Dr Sarah Norrnan Senior Tutor MrAndrewThomas Development Director 13 St Hllda's College Reportofthe Governing Body Year ènded 31 July 2025 Inv&stmant managèrs Sarasin & Partners LLP Bankers Juxon House LSoyds Plc. 1-5 High Street OxfL)rd 100 Sl Paul's Churchyard London EC4M 8BU OX14AA Auditor Solicltors Crowe U.K. LLP Penningtons Manche5 LLP R+ Building 2 Blagrave Street Reading RG1 1AZ 9400 Garsinglon Road Oxford Business Park Oxford OX4 2HW College address Cowley Place OX4 10Y Website www.sl-hildas.ox.ac.uk Approved by the Goveming BLYly on 3 December 2025 and signed on ils behalf by.. Principal 14 St Hilda's College Indgpèndent Auditorfs Report to the Trustees of St. Hllda's Colleg• Year endgd 31 July 2025 Opinion We have audited the financHI statements of Sl Hilda's College I the Charity.) for the year ended 31 July 2025 which comprise the Consolidated Slalement of Financial Activities, the Consolidated and College 8alance Sheets, the Consolidated Slatomenl of Cash Flows and notes lo the financial statements, including significant accounting policies. The financi81 reporting framework that has been applied in their preparation is appliCa￿e law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounllng Practice). In our opinion the financial statements.. give a true and fair view of the slate of the group and the charity's affalrs as at 31 July 2025 and of the group's incoming resources and application of resources for the year then ended. have been properfy prepared in accordance wlh United Kingdom Generally A¢¢epled Accounting Practice,. and have been prepared in accordance wf(h the Tequiremenls of the Charities Act 207 1. Basi8 for opinion We conducted our audit in accordance wlh Inlemational Standard5 on Au(6iling {UKI IISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial 5talemenls section of our report. We are independent of the charity in accordance with the elhlcal requirements that are relevant lo our audit of the financial stalernents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provKle a basis ftsr our opinion. Con¢lu$lons relating to going ¢oncern In auditing the financial statements, we have concluded that the trustees, use of the golng concem ba818 of accounting in the preparation of the financial slaternenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo the events or conditions that, individually or ¢olloctively, may cast significant doubt on the charty's ability lo continue as 8 going concern for a period of at least twelve months from when the financlal statements are aulhorised for issue. Our responsibilits'es and the responsibilfties of the trustees with respect to going concern are described in the relevant sections of this report. St Hilda's College Independent Auditor's Report to the Trust¢es of St. Hilda's College Y8ar 8nded 31 July 2025 Other information The trustees are responsible for the other information ¢onlained within the annual report. The other information comprises thg information included in the annual report, other than the financial slalements and our auditor's report thereon. Our opinion on the financial slalements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identfy such material in¢onsislencie5 or apparent material misstatements, we are required to detemiine whether this gives rise lo a material rnisslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this information, we are required lo Teport that fact. We have nothing lo report in this regard. Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to whlch the Charities (Accounts and Reports) Regulation3 2008 require ug to report to you rf. in our opinion.. the infomialion given in the financial statements is inconslstenl Sn any material respect with the Iru$lees' report,. or sufficient ac¢ounling records have not been kept.. or the financial slalement5 are not in agreement with the accounting records and returns., or we have not received all the infomialion and explanations wg require for our audit Responsibilitie5 of the Members of the Governing Body As explained more fulty in the trustees, respc>n5ibililies slalemenl sel out in page 11, the tru51ees are responsible for the preparallon of the financial statements and for belng sallsfled that they give a true and fair ew, and for such internal control as the trustees determine is necessary lo enable the preparation of financlal stslemenl tli8t are free from material statement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charity's ablllty lo continue as a going concem. disclosing. as applicable. matters related lo going concem and using the going concern basis of accounting unless the Iruslees either intend to Ilquidale the charity or lo cease operations, oi have no realistic alternative but lo do so. 16 St Hilda's College Independent Auditor'y Report to the Trustees of SL Hllda's College Ygar endgd 31 July 2025 Audltovs r•$pon$lbllltlo9 for the audit of the financial statements We have been appointed 85 8udilor 3eclv)n 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our obje¢lives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5slatemenl, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will a￿ayS detect a material misslaternenl when it exists. Mislatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these finan¢i81 stslements. Details of the extent to which the audit wa5 considered capable ol delecling irregularilie5, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is lO￿ted on the Financial Reporting Council's website al www.frc.or .ukJaudilors￿s onsibililies. This description forms part of our auditor's report. Extent to which thg audit was conslderod Capable of dgtscting Irregularilies, Including fraud Irregularities, including fraud. are in5tance3 of non-compliance wlh laws and regulations. Vve identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due lo fraud or error, and discussed these be￿een our audit team rnembers. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory framework wlhin which the charity and group operate, focusing on those laws and regulations that have a direct effect on the deteimination of material amounts and disclosures in the financial statements. including financial reporting legislation and the Charity SORP {FRS 102), and lax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedure on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statemen15 but compliance Tmlh which might be necessary lo the group's ability lo operate or to avoid a material penalty. Auditing standards limit the required audit procedures to idenlty non-compliance with these law5 and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. 17 **St Hilda's College Independent Auditor's Report to the Trustees of St. Hilda's College Year ended 31 July 2025** We also considered the opportunities and incentives that may exist within the group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income within the subsidiary and management override of controls. Our audit procedures to respond to these risks included sample testing of income to supporting documents within the subsidiary, enquiries of management, and the Governing Body about their own identification and assessment of the risks or irregularities, sample testing on the posting of journals, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in the auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **Crowe UK LLP** Statutory Auditor ## **Reading** Date: 5 December 2025 Crowe UK LLP is eligible for appointment of auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 18 St Hllda'5 College Statement of Accountlng Pollcles Y•ar ended 31 July 2025 1. Scopo of the financial statements The financial statements present the Consolidated Slalement of Financial A¢tivities ISOFAI, the Con501idated and College Balance Sheets and the Consolidated Slalement ol Cash Flows for the College and ils wholly owned SLJbsidiaries. The subsidiaries have been con501idaled from the dale of formation being the date from which the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial slalemenls. A summary of the results and flnancial posltlon of the charity and each of its material subsidiaries for the reporting year are in note 12. 2. Basis of accounting The College's individual and ¢onsolidated financial statements have been prepared in accordance wf(h United Kingdom Accounllng Standards. In particular 'FRS 102.. The Financial Reportin9 Standard applicable in the UK and Republic of Ireland, IFRS 1021. The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared ils individu818nd consolidated financial statements in accordance with 'The Slalemenl of Recommended Practice applicable lo charities preparing their financial slalemenls in accordance with FRS 102, IThe Charitie5 SORP IFRS 10211. The financial statements have been prepared on a going ¢on¢em basis and on the historical cost basis. except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported wilhln the Statement of Financial Activities {SOFAI. The principal accounting policies 8dtspted are Sel below and have been applied consislentiy throughout the year. 3. A¢¢ounting judgements and estimation uncertainty In preparing financial statements it is necessary lo make certain judgemen15, estimate3 and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body lo have m051 significant effect on amounts recognised in the financial statements. The College carries investment property al fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Before legacies are recognised in the financial statements, the Goveming Body has to exercise judgement as lo what conslilutes sufficient evidence of enlillemenl lo the bequest. Sufficient enlillemenl exists once notification of payment has been received from the executDrlsl of the estate OT eslale accounts are available which Indicate there are sufficient funds in the e51ate after meeting liabilities for the bequest to be paid. 19 St Hilda's College statement of Accounting Poll¢le$ Yèar ended 31 July 2025 In the view of the Goveming Body, no assumptions concerning the future or estimallon uncertainly affecting assets and liabilities at the balance sheet dale are likely to Tesult in a material adjustment to their carrying amounts In the next financial year. 4. Income recognition All income is recognised once the College has enlillement to the income. the economic benefit is probable, and the amount can be reliably measured. Income from fees, HEFCE support and other charges for sorvlces Fees receivable, less any scholarships. bursaries or other allowances granted from the College unrestricled funds,. HEFCE support and charges for services and use of the premises are recognised in the period in which the ￿lated service is provided. Incomè from donations, grants and l&gacie$ Donations and grants that do not impose specific fijlure performance-related or other specific Conditions are recognised on the dale on which the charity has enlillement to the resource. the amount Can be reliabty measured and the economic benefrt lo the College of the donatlon or grant Is probable. Donatlons and grants subject lo performance•relaled condillons are recognised as and when those conditions are mel. Donations and grants subject lo other specific conditions are recogni5ed as those condf(ions are mel or their fulfilmenl is wholly within the control of the College. and il is prob8ble that the specified conditions 11 be met. Legacies are recognised followng grant of probate and once the College has received sufficient inforrnation from the executorlsl of the deceased's estate to be satisfied that the gift can be reliably measured and that the economic benefit lo the College is probable. Donation5, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Oonalions, grants and legacies wh￿h are subject Its conditions as to their use imposed by the donor or Set by the terms of an appeal a￿ credited to the relevant reslricled fund or, where the donation. grant or legacy is required lo be held as capitsl, lo the endowment funds. Where donations are received in kind las distinct from cash or other monetary asselsl, they are measured al the fair value of these assets at the date of the gi Investment in¢om Interest on bank balances is accounted for on an accrual basis Wth intorest recognised in the period to which the interest relates. Income from flxed interest debt securf(ies is recognised using the effective interest rate method. 20 St Hilda's College Stat8m&nt of Accounting Policles Year ondgd 31 July 2025 Dividend income and similar dislribLrtions arg recognised on the dale the share interest becomes ex- dlvldend or when the right to the dividend can be established. Income from investment properties is recognised in the period lo which the rental income relalos. S. Expénditure Expenditure is accounted fr)r on an accruals basis. A liability. and its related expenditure, is rectsgnised when a legal or cgnslructlve obllgalion commits the College lo expenditure that ￿11 probabty require 3ettlement. the amount of which can be reliably measured or eslimaled. Grants awarded that are not performance-relaled are charged as an expense as soon as a legal or constructive obligation for their payrnenl arises. Grants subject to performance-relaled conditions are expensed as the specified conditions of the grant are mel. l expenditure includlng support costs and 9overnance costs are allocated or apportioned lo the applicable expenditure categories in the Slalemenl of Financial Activitie5 (the SOFA).Support w$ts which Includes governance costs {cosls of complySng with conslilutional and statutory requiremenlsl and other indirect costs are apportioned lo expenditure categories In the SOFA based on the estimated amount attributable lo that activity in the year, either by reference lo staff time Qr the use made. 6. Tangible fixed assets Land is stsled al ctsst. Buildings and equipment are slated at cost less accumulated depreciation and any accurnulaled impairment losses. Under FRS 102, the College elected lo use the fair value of certain freehold and leasehold properties as a 'deemed cost.: an appropriate valLJalion wa5 undertaken by Carter Jonas as al 1 August 2014. The buildings will be sublecl lo annual depreciation. and no ftjrther revaluations will be nece55ary. Expenditure on the acquisition or enh8ncemenl of land and on the acquisf(ion, construction and enhancement of buildings. which is directly attributable to bringing the asset lo its working condition for its intended use and amounting to more than £10,000 together with expenditure on equipment costing morg than £5,000 is capilalised. Vlhere a part of a building or equipment is replaced and the Costs capilalised. the carrylng value of those parts repla¢&d is adjusted and expensed in the SOFA. Other expenditure on equipment incuffed in the normal day-to-day running of the college and k8 subsidiarles is charged to the SOFA as incurred. 21 St Hilda'9 College statement of Accounting Poll¢le$ Year endad 31 July 2025 7. Depreciation Depreciation is provided te write off the c051 of all relevant tangible fixed assets, less their esiimated residual value, in equal annLJal inslalmenls over their expected u5efvl economic lives as follows.. Freehold propertles, Sncluding major extension5 50 years Equipment 3- 10years Freehold land is not depreciated. The ¢osl of maintenance is Charged in the SOFA in the period in whkh (( is incuTred. Al the end of each reporting period. the residual values and useftjl lives of assets are reviewed and adjusted if necessary. In addrtion. if events or changes in circumstances indicate that the carrylng value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. 8. Investments Investment properties are initially recogni5ed al their cost and subsequently measured at their market value at each reporting date. Purchases and sales of investment properties are recognised on exchange of conlracls. Listed investments are initially rneasured al their cost and subsequently measured al their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet dale without deduction of the estimated future selling costs. Inveslmenls. such as hedge funds and prNate equity funds, whlch have no readily identlfiable market value are initially measured at their costs and 5ub5equenlly measured al their fair value al each reporting dale wilhoul deduction of the esllmaled future selling costs. Fair value is based on the most recent valuations available from their respective fund managers. Changes in fair value and gain5 and losses arising on the disposal of investments are credited or charged lo the income or expendf(ure section of the SOFA as 'gains or losses on investrments, and are allocated to the fund holding or disposing of the relevant Investment 9. Stocks Stocks are valued at the lower of Gosl and nel realisable value, cost being the purchase price on a first In. first out basis. 10. Foreign currnnci8S The functional and presentation currency of the College and ils subsidiaries is the pound sterling. 22 st Hilda's College statement of Accounting Policies Year endgd 31 July 2025 Transactions denominated in foreign currencies during the year are translated into poun¢Js sterfing using the spot exchange rate3 at the dales of the Iran$a¢lions. Monetary assets and liabilities denorninaled in foreign C￿r￿n¢leS are translated into pouThJs sterling at the rates applying al the reporting dale- Foreign ox¢hange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencie5 al the exchange rates al the repo￿ng dale are recognised in the income and expenditure section of the SOFA. 11. Total Rgtum Invastmant accounting The College slalules authorise the College lo adopt a lolal return, basis for the investment of ils permanent endowment. The College can invest its permanent endowments without regard to the capilalllncome distsnclions of standard trust Jaw and with discretion lo apply any part of the accumulated total relum on the investment as income for spending each year. Until this power is exercised. the lolal return is accumulated as a component of the endowment known as the unapplied total return that can be either retained for investment or released to income al the discretion of the Governing Body Fund accounting The lotsl funds of the College and rts subsidiaries are allocated lo unreslricled, reslri¢ted or endowment fvnds based on the terms sel by the donors or sel by the temis of an appeal. Endowment funds are further SU￿dIvided into permanent and expendable. Unreslricled funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted fijnds shall be used in fvlure for a specific purpose and this will be accounted for by transfers lo appropriate designated funds. Reslricled ILJnds comprise grfts. legacies and grants where th& donors have specified that the funds are lo be used for particular purposes of the College. They consist of either gifts where the donor has spe¢ified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will b& used for specific purposes within the College's objects. Permanent endowment funds arise where donor5 specfy that the funds are to be retained as capit81 for the pemanenl benefrt of the College. Any part of the lolal return arising from the caprtal that is allocated lo income will be accounted for as unrestricted funds unless the donor has placed restrictions- on the use of that income. in which case il will be a¢counled for as a restricted fund. Expendable endowment funds are similar lo permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been gSven. for the long-lerrn benef of the College. However. the Governing Body may, determine, by discretion. lo spend all or part of the capital. 23 St Hilda's College ststement of Accountlng Poll¢lg$ Yaar ènded 31 July 2025 12. Pensions The College partieipates in Universities Superanrtuation Scheme and the University of Oxford Staff Penslon Scheme. These schemes are hybrid pension schemes, providing defined benefits (for members), as well as defined Contribution benefits. The 8ssels of the schemes are each held in a separate Iruslee- admlnlstered fund. Because of the mutual natu￿ of the schemes, the assets are not attributed to indNidual Colleges and scheme-wide contribution rates are sel. The College is therefore exposed lo actuarial risks associated with other UnNersilies and Colleges empltsyees and is unable to identify ils share of the underlying assets and liabilities of the scheme on a conslslent and reasonable basis. AS required by Section 28 of FRS 102 "Employee benefits. the College therefore accounts for the s¢hemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profil and10sS account represents Ihe contributions payable lo each s¢heme. Since the College has entered into agreements Ilhe Recovery Plansl that determine how each employer wlhin the Schemes will fund the overall deficit, the college re¢ogni9es a liability for the contributions payable that arise from the agreements Ilo the exlenl that they relate lo the deficill and therefore an expense is re¢ognised. FRS 102 makes the distinction between a group plan and a mulli-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A muf(i-employer scheme Is a scheme for enlilies not under common control and represents an industry-wde scherne such a5 Universities Superannuation Scheme or one for employers in the same locality such as the University of Oxford Staff Pension Scheme. The accounting for a multi-employer scheme, where the employer hag entered into an agreement with the scheme that determines how the employer wll fund a deficit. results in the re¢ognilion of a liability for the eonlributions payable that arise from the agreement Ilo the extent that they relate to the deficit} and the resulting expense in profil or loss in accordance with section 28 of FRS 102. The trustees are satisfied that Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme both meet the definition of a mukn-employer scheme and has therefore recognised the discounted fair value of the conlraclual contributions under the recovery plans In exlslence at the dale of approving the financial slatements. 24 St Hllda's College onsolldated Stat8m•nt of Flnartclal Activili98 For th• yèar ènd•d 31 July 2025 Urwtri¢t80 Funds roDO R8Stri¢ied FUMÉ E'WO 2028 TDtsI toou 2024 T￿*1 £'ODO Funds £Yoo Not•s INCOME AND ENDOWMENTS FROM.. Char6table actlvltles.. Teaching, research End reS￿en￿31 Other Tradlng Income Don8tlon¥ and IBgacl•8 In¥¢$tmen¢S Inveslrneni inwn Tolal reiuin al￿aled ID Income Total Incorno g.49S 870 495 9,455 870 3,021 8,549 735 1.093 2.518 504 691 12,045 19 1.229 3,766 2,045 1.910 143 2,568 2.1ee 15,954 12,544 EXPENDITURE ON.. Charitable actfvlties= Teathing. ie8ear¢h and re￿￿e￿Ik￿l 12,399 1.e23 14.022 11.775 Generatlng funds= Fundrais￿g Trading expendilure Inve51menl rnanagEment Costs Totsl Expendlture 679 4¥J 679 423 142 1S,266 562 409 14Q 12.89J 140 140 13,5D1 4,625 Nel IncomellExpendltur•l b•forfy galns 348 Neig8inslQoss&sl on inyestsnents 2,316 2.337 4.318 I￿OM?11£XpV￿dIturn1 2,319 3.025 3,gB9 Net nh)vernent In funds forth• year 3.025 3,*9 Fvnd b4an¢e$ b￿ught foTward 68.839 2.872 64.951 126,6F2 122.693 Funds rarrSBdfDnYard at31 July 57.383 6.03J fj7.270 129,687 125.662 Page 25 st Hilda's College Con501idated and College Balance Sheets As at 31 July 2025 2U25 Group £￿0￿ 2024 Group ro 202S CollEgv E'OUQ 2024 College rooo Not FIXED ASSETS YangiN¢ a$set5 Propety Inve51mènl$ Other InveS￿entS 75275 39,915 31,621 76.206 35,350 32.134 75,2rs 39,985 31,623 76,206 35.350 32.138 Totsl Flxed A95ets 143.690 146 8B3 143.692 CURRENT ASSETS Slrtk Debto 70 1291 5.7d9 1,95B 62 70 1,741 5.749 1,049 e2 1.750 2.590 2.647 14 2,590 3.326 Cash at bank In ha￿j Totsl CurrentA$8ets 9.07d 7.433 8.609 7.049 LIABILITrES Crndlio￿." Arnuntsfalling due￿Ithin oneyear 6A24 4.622 6.357 4.567 NET CURRENT ASSETSIILIABILITIESI 2,650 2.811 2,212 2.46Z TOTAL ASSETS LESS CURRENT LIABILITIES 149,S31 146,501 t49,09S 146,151 CREDITORS.. falllng aft¥rm0￿ therj onèyear 16 Is￿44 19.839 19,844 19,839 NET ASSETSIILIABILMESI BEFORE PENSION ASSET OR LIABIUTY 129,687 IZO.062 129,251 128,315 Denned bEnefit P￿$10n ¥¢*•me Ilabl￿ty 21 TOTAL NEfASSETSIIUABILITIESI 129,687 128.662 129,251 FUNDS OF THE COLLEGE Endowmentfunds 17 67,270 64.951 67,270 64.951 Restrict￿ furtlts 17 IB72 S,Q34 2,872 Unr05trfcted lund8 Get￿[¥lf￿nds funds Ptnyon ￿seNe 213 57,170 738 58,101 17 17 57,170 129.607 126,8fj2 129,2S1 126.315 The financlal 5Lilernents￿veappr(wed a uihorised f¢r issue tylhe Goveininy Body￿ 3 D￿ernber 2025 pro1￿E0rD8me Sar8 piSngm8n Mr Chri3 W￿d Page 26 St Hllda's College Consolidated statement of ¢ash Flow8 For the year ended 31 July 2025 202$ £'ooo 2024 £'ooo Nots5 N￿e*Sh provlded ty l¥sed Inl operatlng acUvlU•s 1.05 Cash flows fmm Inv*gUng atuvltles Oi¥idend$. interest and renis from in¥8stments Proceeds From the ¥ale of pioperty. plant and equipment PLYthasEof propBrly, planl and equipment PILKeedsfiom sale ol Inv8slments PLTtha* ofinvesmfnL8 Not¢o$h proylded by (used Inl InY•stlng acIl￿tIO$ 2,568 2,166 179 1.785 721 Cash floym from financing acti¥btlo9 Repayments DI Cash inflows frDm newèoiwrtg RecÉipiolendo%¥menl Net cash provlded by Iusqd lTrlfflMn¢ltyg a¢Uvlfj•$ Chany• In ¢88h and ¢88h equlval•n¢s In thé roporttng pertod 1,791 ￿24) Cash an¢J cash equlvalwts atth• b8glnnlng olth• reporung perfod 5,516 8.240 Change In cash and cash equlvalenis dutrto ox¢hany• rats movements Cash and cash equlvalpnts atthe end of thè r*portlng PBrl 25 7,707 5.91J P899 27 3tHllda'¥ Colley• P4ote8 totheflnancl•l stat•rnenls Forthe yearende# 31 July 202$ IICOME FROM CHARTrA8LEACTMnES 2025 rooo 2024 Rw¢ar¢h and Réshl•nl•1 UnreslnEledfMds T￿l￿OnfO￿9- uK￿￿j EU Iludonls Tuilivnfpe>- ¥iuden 1.¥1 2.402 24Z 214 107 4070 IAherHEFCE ¥upp Rtydertlial 4,651 ToialT¢a¢hln9. Roloarchand R•sldwntlil 8,549 TrAal SncoM• Irorn charf14blo ryctwHie5 96 8.549 bDWeanaty3131K*de3£4ZlSk￿￿￿0d from ORf0rrfUnNer*￿lr¢M pth[Y￿pWnW1vf￿1ds￿dgrthEcFF9￿MBI2024..£9e8gkK DoPlA￿oN$Al4O LEGACIES 2025 e'ooo 2024 E'O Donithjns Ind LegiclES 495 2A14 523 559 Restrictedf￿d5 lund 1.D93 Asaith8baLy¢g¥h¢el dale. College had recefved naffftati￿thlllrt1Se bp￿￿￿¥￿ty￿*anUthr¢(I¢94d•& *AlllsnQipoi8lbktoquBnStylhèg08C¢L¥A￿￿0i ert91DwnAn￿YVAI1bÉ t•cofr48d. Ih8y hav¥ nDlbqqn thdudwd In thp4rcou￿S. INCOPIE FROM OTHER TRADINGACllVm&8 2025 rooo 2024 subald￿Cr￿P1rylrad1NIn￿e hwiiadiw sn INvESTmENT￿¢0ME 102S rooo 2024 cth1￿¢1¢￿ren1 nk Interest 433 E4Litydiirydwh$8 End)¥%erflund% Olhorprwtyirth Eq￿tyd1￿dEnd InLy)m¢fvomfixadlThtwe)tJio 831 722 670 Toi41 InvastmqntknGom• P49¢ 28 st Hllda'g Coll•g* toth8 nnan¢lal •￿t￿ents Forth•￿r￿de{l 31 Jvty3026 WIILYSSOF EXPENDITURE 2025 2024 £￿00 Charttabl• 4xpAndlturè Dired S￿Nc0s15￿1DC&Qd io.. TèaEhin9.rgsè3ra and i98￿•￿￿ 5.957 *77D rev￿g￿l￿ 4.749 5.095 support￿1 00¥￿an¢•￿)¥￿8lI(Ut¥dtO.' Tea¢h￿9, re$èarth&￿jfQsldollI&1 3M16 910 TOta1¢harAaN•￿p?Th￿ItuTr ExpBndllur• OD rlknlna SIÈV¢051$ alD¢*dto". 450 Tt2ding Bxpfjndlluie 152 Oknprdi￿￿￿S1￿ &lkn¥lqd Fuffldw8in TfÈdlnBgXpe￿rtura In¥•*￿?￿1 Trwaoemenlcows 150 224 148 Supportandw￿mart4 Lwi$8lloe4tedto'. FU￿ra￿l￿￿ T￿ID0 •xp¢rdiiure JJ Total•xp•ndlturèon r41&lng 1.244 T0Li1oipèndlt￿r¥ 2024 r8¥OU￿•$Ix￿l&do1£12.O9JkrtPtysq[knd É10.6*kl￿￿ UMESlrfthd lunds, £2.054kftomre4dGtedkndsw* £144kftrfflendawedfund¥. Thll colaoèi510tygto￿aSseS$¢dItyCOn1nbUknts￿ wdertheptovislonsofanew replacpmpniforSlaluteXVofth8UnlvetsltyofoAtord The &themÈha&bsèn Pmpd bythpcounclofth? Urriver3ity. Conuregartlonand HIS KI8￿$& In Counril.7h• papers agT¢¢I bycounril clè8rtVa¢iQulthdtthe chawduEloi8 pEy4ble ￿ Ihalyear8othqrfaTO nD IlabUltyknr8speclot2024-2Sexists.NOPmtsion ha$ b?èThm8d¢ilth¢S*a¢COunts. The con￿bLI￿onF￿rtts￿ usedtom*+ grwAsaffld ￿510¢Ollege$￿nthéba1ls￿nthJ. st Hllda's Colllgo Notes tOth8financlal statement6 Forth• yMrended 31 Juty 202G 6 ANALY$IS OF3UPPORT AND GOVERNANCECO$TS Tè* ar Geng￿tire Fund 2024 t'ooo £￿0 lal admknlskal*n DDrnp8llcadrnini&tra￿n 671 •z 65 aQ2 1.EQQ 659 $3 142 es 294 Depredauon Inbrg$tP8yÈb aDvemsn¢¢¢os1$ 659 33 142 Teathlnll Fundy Research 467 56 Oom¥11¢4dffl￿¥l 86 50 254 247 Inl8reÉtpay&w* 01t￿rT1nar￿ tharges G0Veman￿cos15 IThy8sbTrni 659 659 12.148) 29 148 Finan￿￿.￿ornE$b¢8d￿1rt?tr￿I1¢￿, human resourcey cosls Ihp Pslthaied staff Umg sp•Dion¢ath ac4￿ty. Deprt¢ialth wofilorknsrAidispo4 o[r￿ed assets ure4Mrfbuled8ccotdlngtsihÈu$e m*èof ￿pu￿dE￿n9 1s¥wls. I￿E[e￿Il￿de￿￿lloanCe¢ha￿*9a￿e4ItrbUled accw￿n￿tOthQ Pu￿08*01￿? r￿￿ted￿nI￿n￿. 202$ Yooo 2024 È'QQD Gov•rnantO CQSts CLYrtPrf8•'. NO8mtsurth15 b••n Indud8d In yownonrgco¥tsfDith•dhcl•MpfohYMni¢osts ￿r￿mbUr5ed eXp￿seY olth• cwfege FeVOwsth￿È IhatlhpsepaymDnL relal8tDthe F•llo¥4S inV¢￿emen11￿ Ihp C*￿￿￿h1Oacty￿￿￿¥y. Deiai$ Of ￿￿t￿m￿[au0￿0fkno Fgltyws￿ th¢irf•imb￿￿ expDnyeywo Irduded s*p¥raten¢i¢wi￿i￿￿eJefIn8nCI￿l$1￿12￿an1s. GRANTSAPQDAWARDS 2025 roo 2024 £fDD ￿￿ye￿rIhe CDl*ge(w¢￿r8S•ar¢h￿￿4￿Y￿d bursart8st0s￿dèrtsl10M ils fèsiricild and vNeytrded lundas loNows.' UnTvJ*rithdfunds Giantsio Indiv￿￿ats-. Stho*nhips. pn2esandgianlJ Yolal unr0¥trictod 70 GrAntsttsindrdvJuals'. sth18rthPs.￿a￿d9r￿llts gD Tu￿r•st￿CtId Tow aw4rd8 Thèw9 9htr*ThaLw&kncludg the?￿*)1￿C￿￿9g Qthrd xheme. Siudentsolthis ￿l*￿en￿1¥￿£324kl2024..£272k1. 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