St Hugh's College Annual Report and Financial Statements Year ended 31 July 2023
ST HUGH'S COLLEGE Annual Report and Financial Statements Contents Governing Body, Officers and Advisers Page 1 Report of the Governing Body Page 6 Auditor's Report Page 17 statement of Accounting Policies Page 21 Consolidated Statement of Financial Activities Page 26 Consolidated and College Balan Sheets Page 27 Consolidated Statement of Cash Flows Page 28 Notes to the Financial Statemenls Page 29
ST HUGH'S COLLEGE Governing Bodyi Officers and Advisgrs Year ended 31 July 2023 MEMBERS OF THE GOVERNING BODY The members of the Governing Body are the College's charity trustees under charity law. The members of the Governing Body who served in office as Governors during Ihe year or subs8quently are detailed below. Lady Elish Angiolini LT DBE PC QC (Principal) Professor A W Moore Professor G S Garnett Dr T M Kuhn (retired 30 September 20231 Professor M B Giles Professor J S Getzler Professor L L Wong Professor P J Mitchell Professor P D McDonald Mrs S J Vainker Professor S R Duncan Professor R G Grainger Professor C J Stevens Professor M R Macnair Professor C Wilson Professor T C B Rood Professor A Harnden (retired 30 September 20231
ST HUGH'S COLLEGE Governing Body. Officers and Advisers Year ended 31 July 2023 Professor N E R Perkins Professor T C Powell Professor J Martin Professor D P Marshall Professor R Perera Mr P R C Marshall Professor E E Leach Professor G Loutzenhiser Professor S J Conway {left 30 September 20231 Professor R Baker Professor E Mann Dr T Sanders Professor J Parkin Professor E M Husband Professor C Ballentine Professor D Biro (left 30 September 20231 Professor D Doyle Professor Eidenm(iller Professor Jérusalem Professor H Oberhauser Professor E Saupe
ST HUGH'S COLLEGE Goverlling Body. Officers and Advisers Year ended 31 July 2023 Professor E Morisi Professor T D Cousins Professor R Cont Dr D F Taylor Professor B Kornmann Professor A Abate Professor B Kocsis Professor S Clifford Professor R Vilai Dr D Jenkins Mr G Prior Professor A Majid Professor E Bond DrJ AWGrower Professor R L Tanner During the year the activities of Ihe Governing Body were carried out through five sub-commitleeg. The current membership of these committees is shown above for each Fellow.
ST HUGH'S COLLEGE Governlng Body, Officers and Advisers Year ended 31 July 2023 External Committee Members MrT P Roberts Appointed 29 April 2015., Last renewed 18 June 2021 Appointed 29 April 2015.. Last ienewed 15 June 2022 Appointed 13 June 2018., renewed 16 June 2021 Appointed 1 April 2018- Renewed 16 June 2021 Appointed 1 April 2018., Renewed 16 June 2021 Appointed 1 March 2020., Renewed 15 June 2022 Mr J Digges Dr R Emerson Dame Frances Caimcross Dr T Power Mr K Knott COLLEGE SENIOR STAFF The senior staff of the College lo whom day lo day management is delegated are as follows. Lady Elish Angiolini LT DBE PC QC Principal Professor J S Gelzler Vice-Principal MrG Prior Bursar Professor R Vilain Senior Tutor Mr Jeremy Weeks College Accountant Mr Bruce Lawrence Director of Development Mrs Rahele Mirnateghi Domestic Bursar Mr Richard Noonan He8d of Estates Mrs Eva Mahar Head of Human Resources
ST HUGH'S COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2023 COLLEGE ADVISERS Investment Managers Oxford University Endowment Management Limited King Charles House Park End Street Oxford OX1 1JD Sarasin & Partners LLP CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V4ET Juxon House 100 Sl Paul's Churchyard London EC4M 8BU Bankers Barclays Bank PLC POBox299 Birmingham B13PF Auditors Crilchleys Audit LLP Beaver House 23-38 Hythe Brid9e Street Oxford OX1 2EP Colle e Address Sl Margaret's Road Oxford OX2 6LE Website www.sl-hu hs.ox.ac.uk
ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2023 The members of the Governing Body present their Annual Report for the year ended 31 July 2023 under the Charities Aol 2011 together with the audited financial slalemenls for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Sl Hugh's College in the Univorsily of Oxford, which is known as Sl Hugh's. I'the College.) is an eleemosynary chartered charitable corporation aggregate. The College was opened in 1886 by Miss Elizabeth Wordsworth under the lille of Sl Hugh's Hall as a society for women students lo study for Oxford examinations. The College registered with the Charities Commission on 6th January 2011 {regislered number 11397171. The names of all members of the Governing Body al the dale of this report and of those in office during the year, together with details of the senior staff and adviseis of the College, are given on pages I to 5. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documents The College is governed by ils Charter, Slalules and Bylaws dated 28 June 1926 and last amended in February 2018. Governing Body The Governing Body is constr(uted and regulated in accordan with the College Slalules. the terms of which are enforceable ultimately by the Visitor, who was The Rt Hon Lord Brown of Ealon-under-Heywood, PC during the year 2022123 until his death in duly 2023. The College is in the process of recruiting a new Visiloi. The Governing Body is self-appoinling, and has such powers as are conferred on il by the College's Charter and subject Iherelo and to the Slalutes, has the entire direction and management of the affairs of th& College. The Goveming Body determines the ongoing strategic direction of the College and regulates ils adminislralion and the management of ils finances and assels.11 meets regularly under the chairmanship of the Principal and is advised by five main committees. Recrultment and training of members of thè Governing Body New members of the Governing Body are normally recruited through a joint appointment process with the University of Oxford in the case ol academics, which includes open advertisement of the posts and a professional selection and appointment process. In the case of posts funded solely by the College, recruilmenl is also through open advertisement of the post followed by a professional sel&¢lion and appointment process. includillg external represenlalives as appropriate. Recommendations of appointment panels in both Cases are confirmed by formal vole at Governing Body. New members of the Governing Body are inducted inlo the workings of the College, including Governing Body policy and procedures, through meetings with the Principal, the Senior Tutor and the Bursar and the provision of a comprehensive sel of reference documents. Trustee training is also provided by the University for new members of the Governing BCKIY. Remuneration of members of the Governing Body and Senior Collegè Staff Members of the Governing Body are primarily Fellows and are leaching and research employees ol the College or University alld they receive no remuneration or benefits from their Irusleeship of the College. Those trustees that are also employees of the College including the Principal and Bursar receive remuneration for their work as employees of the College, whh is based on the advice of the College's Remuneration Committee. The members of the College's Remuneration Committee are Fellows not in receipt of remuneration from the College and external advisors. The Chair of the Remuneration Committee is external lo the College. Where possible, remuneration is sel in line with that awarded through the national salary settlement for Higher Educ81ion.
ST HUGH'S COLLEGE Report of the Govèrning Body Year ended 31 July 2023 The remuneration of senioi College staff. with the exception of the Principal, Bursar, and Senior Tutor is sel in accordance with the salary scale adopted lor that purpose The remuneration of the Principal, BursaT, and Senior Tutor is set by the College's Remuneration Commillee. Organisational management The members of the Govorning Body meet nine limes a year. The work of developing their policies and monitoring the implementation of these is carried out by five main Commillees.. The Finan Committee Responsibility for advising the Governing Body on all mallers of financial policy and practice, and in particular on the financial implications of any proposals under consideration., presenting annual statements of accounts for the preceding year,. approval of budgets and review of monthly management accoLJnts,' annual review of all charges made by the College., review of policy relating lo ConferenS,. review of salaries for all College employees and others paid by the College. The Investment Committee Responsibility for review and provision of advice lo the Governing Body, through Finance Committee. on the investments of the College and the appropriate level of income drawdown. The Academic Committee Responsibility for general planning in 8¢ademic mallers., the appropriateness of the existing eslablishmenl of Tutors and Lecturers to the cuirent academi¢ needs of the College., recommending the use of funds available for the purpose of research,. presentation to the Governing Body of annual reports from Junior R$sear¢h Fellows and Career Development Fellows-, general responsibility for the supervision of studies. The Risk Committee Responsibility for the review. monitoring and reporting of major risks lo the College, and recommendation lo the Governing Body of acliDns lo mitigate those risks. The Remuneration Committee Responsibility for the review and Tecommendalion lo the Goveming Body through Finance Committee, of remuneration and conditions of employment of members of the Governing Body and advice lo Finance Committee on the framework of pay and conditions of senior non-academic staff whose detaid pay and conditions are delemined by the Principal and Bursai. The day-lo-day running of the College is delegated lo the Principal, supported by the Bursar and the Senior Tutor. Group structure and relationships The College administers many speci81 Irusls. as detailed in Notes 18 to 19 to the financial statements. The College also has two wholly owned non-charilable subsidiaries.. Sl Hugh's Conferen$ Limited, whose annual profils are donated lo the College under the Gift Aid Scheme, and Sl Hugh's Eslales Limited, which undertakes some of the College's building works. The trading activities of Sl Hugh's Conferences Limited primarily comprise revenue from the letting of the College facilities when not in use by the Co15ege. The subsidiaries, aims, objectives and achievements are covered in the relevant sections of this report.
ST HUGH'S COLLEGE Report ofthe Governing Body Year ended 31 July 2023 Ttto College is part of the Collegiate University of Oxford. Material interdependencies belween the University and the College arise as a Consequence of this relaliollship. OBJECTIVES AND ACTIVITIES Charitable Ob}ects and Aims The College's Objects are.. To provide for members of the University of Oxford the protection and training of an Academic House, conducted according lo the principles of the Church of England. but with full provision for the liberty of those who are not members. To do all such other things as are incidental or conducive lo advancing education, learning and research in Oxford or elsewhere The Governing Body has considered the Charty Commission's guidance on public benefit. In keeping with its objects. the College admits as students those who have the highest potential lo benefit from the education provided by the College and the University and recruits as academic staff those who are able lo contribute most lo the academic excellence ol the College and University. In the case of both students and academic staff, recruitment is regardless ol finan¢i81, social, religious or ethnic background. The College's aims for the public benefit are.. To advance education, learning and research, in particular by providing, in ¢onjunclion with the University of Oxford, an education for 438 undergraduate and 528 graduate students. This education is recognised internationally as being of the very highest standard and develops students academically, personally and socially, preparing them lo play a full and effective role in society. In particular, the College provides.. teaching facilities and individual or small-group leaching. together with academic, pastoral and adminislralive support., IT and other administrative support., welfare services. including the availability of the Chaplain lo assist every member of the College,. and resident181, social, cultural, musical, recreational and sporting facilities to enable students lo realise as much as possible of their academic and personal potential whilst studying al the College. To advance research by providing.. Official Fellowships, Career Development Fellowships. and Junior and Senior Research Fellowships lo oulslanding academics. lo enable them lo develop their research work and disseminate their research in the public domain., and facilities and grants to assist with the pursuit of research, including grants for allendance al national and international academic conferences and assistance with the costs of research trips and research materials. There are no geographical reslriclions to those who may benefit from the College's aims and objects. Students and academic staff of the College are drawn from acioss the UK and inlemalionally.,
ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2023 There are no age restrictions in the College's objects but students of the College are predominantly between 18 and 24 years old". and There are no religious restrictions in the College's objects and members of the College have a wide variety of faith Iiadilions or none. In order to raise educational aspiration and altracl oulslanding applicants who might not otherwise have considered applying lo the College, the College operates an exlensive oulrea¢h programme as part of Universily-wide initiatives to widen acsS. This pmgramme is the responsibility of the Senior Tutor and includes an extensive programme of visits by schools and other groups lo the College, open days, events for teachers, as well as visits lo schools and guidance and information on the College website for prospective applicants. Sl. Hugh's College is ¢ommilled to anli-racisl values and affirms this commitment in a spirit of humility, fully acknc)wledging that the College has lo do far more lo support and protect Black and 811 BAME students and staff. The College aims to address and eradicate racial discrimination and racial inequality in ils many forms wherever il occurs within the College community. During the year 2022123 the Governing Body completed work on a new five-year strategic plan from the academic years 2023124-2028129, details of which are given below under Future Plans. The aims set for the College's subsidiaries are lo help fi'nance the a¢hievemenl of the College's aims as above. Activities and Oblectlves of the College The College's activities are focused on furthering ils stated objects and aims for the publi¢ benefit. The focus of the College is strongly academic and students need lo satisfy high academic entry requiTemenls. In order lo assist undergraduates enlilled lo financial support, the College provides, through a scheme operated in common with the University and other Colleges, bursary support for those of limited financial means. For the academic year 2022123, the number of awards made was 83 including 37 Crankslart {formerly'Moritz-Heyman'l awards. The average value of the awards was £3.200. The scheme is approved by the offi of Fair Access and provides benefits al a subslanlially higher level than the minimum OFFA requirement. To support the Costs of graduate and undergraduate students, the College provides some financial support. This includes a number of scholarships lo fund fees and living costs and 'top-up' funding lo fill shortfalls in students, funding packages, and a grant scheme to assist with the purchase of books and equipment. allendance al conferences and trave1 grants. The lolal amount expended by the College in 2022123 for this purpose was £233k. The College also makes awards for academ development and has various awards and prizes available lo reward academic excellence. During the year the College awarded £10.5k to ils students. In addition lo ils other programmes, the College operates a scheme for all students in financial hardship and provides access to hardship schemes operated by the University. For the academic year 2022123 the College awarded £24k of hardship grants and provided £103k of free vacation residence. A programme lo encourage legacies lo be made lo the College is in place and annual fundraising campaigns focus on the provision of 8UPPOrt for students suffering financial hardship.
ST HUGH'S COLLEGE Report ofthe Governing Body Year ended 31 July 2023 Value for Money The Governing Body of Sl Hugh's College has ¢onsidered the processes in place during the financial period ending 31 July 2023 and is satisfied that, with iegard to public and publically a¢¢ounlable funds, the processes for achieving economy, efficiency and effectiveness were appropriate. In making this confirmation, members of the Governing Body are cognisant of their obligations as Charity trustees to ensure that funds are correctly applied, in line with the objects of the College. ACHIEVEMENTS AND PERFORMANCE De rees 2022-23 131 students completed undergraduate degrees,. 137 gTaduale students completed laughl degrees and 43 completed research degrees. Sludenl Recruilmenl and Wdenin Partici alion The College continues to work with schools and colleges lo encourage able slud&nls to consider Oxford and St Hugh's. Tutors and student ambassadors work together wf(h the College's Outreach and Partnerships Manager lo encourage engagement. It is fi've years since the appointment of the College's first full-lime outreach officer, and our work has advanced considerably in that lime- both numerically and qualitatively. In particular, we have been able lo build lasting relationships with teachers., thereby informing our practice, and increasing the impact of our work over lime. The se¢ond donor-funded Teachèr Summer School, and the Teacher Network which il has generated. are good examples of Sl Hugh's new and targeted approach., as was the Kent Coast Run al the start of the summer.. covering 100 miles, visiting 25 schools (many of which had not engaged before), we spoke to 1.083 pupils about higher Education, and Oxford. The College also continues lo work with Teach Fiisl,. offering bursaries lo Sl Hugh's students and alumni who join the programme and en¢ouraging them to return lo Sl Hugh's with their pupils. Ear -career Develo me The College continues its drive lo recruit early-career academics. During 2022-23, the College had Ihreo early- career fellows.. Dr Wang, Dr Smylh, and Dr Vandi. The Development Office continues to raise funds to 8UPPOrt further posts of this kind. Research Environment The College continues lo provide funding and assislan¢e lo ils Fellows lo enable them lo continue lo produce world-class research, iallging from allendance al conference events lo providing research assistance. periods of sabbatical leave for specifi'c projects, and the opportunity lo hold academic networking events in College. A seed-donalion has enabled the College lo extend the range Df these grants. St Hugh's hosted four Visiting Fellows undei the Belcher Visiting Fellowship programme. Libra The Library remains a ¢enlral point of academic enterprise for undergraduate and graduate students during the course of their studies. The Library Continues lo purchase relevant textbooks and key works in physical and electronic formal for leaching 2nd studying purposes, and to welcome donations lo the collection. A full valuation of all the heritage collections has been completed and includes the library and archive colledions, as well as college art, silver and furniture. 10
ST HUGH'S COLLEGE Report of the Governlng Body Year ended 31 July 2023 In 2022-23, good progress was made on the Stack Prolecl with the review and cataloguing of slack items previously not available on the catalogue, impromng access lo the collection for all college members. wellbeing programme was promoted in the library with new books on study skills and wellbeing as well as a range of break activities and updated study aids made available lo all. The Library team continues lo curate virtU81 and physical displays throughout the year, celebrating Black History Month, Disability History Month, LGBT+ History Month, and Women's History Month. Termly exhibitions are opportunities to showcase material from the archive and special collection. Michaelmas and Hilary, exhibitions featured the early history ofthe College and a selection of recent publications from the Colge Alumni community. In Trinity Term, the library hosted an exhibition on the Nobel Prize Laureate Annie Ernaux. This was part of a series of events on Annie Ernaux organised by Professor Eve Morisi for the College. in honour of both Ernaux's recent Nobel Prize and of the PTomised bequest from our alumna Lyn Thomas. The exhibition was extremely well received by the college community and the general public. with a subslanlial amount of positive feedback. Cha The Chapel continues lo provide for religioLJS worship, and offers an opportunity for students and staff lo join ils vibrant Choir. The Choir contains approximately twenly-five undergraduate, graduate, and staff singers each year, presenting a popular extracurricular a¢livily. and a support lo the Chapel's main setvi¢es and events. A smaller Chapel Chamber Choir also performs regularly. providing a well-trained sub-group of singers for special occasions. A Chapel Music Tutor gives overall musical guidance, especially lo the Organ Scholars and Choral Award holders. A professional voice teacher is in regular engagement with the singers. The main Chapel services are Choral Evensongs, with guest speakers on Sunday evenings during FLJII Tem at 6.15pm, followed by drinks and a meal in the Dining Hall. A wide variety of speakers visit from the University, religious sectors, and the national media, drawing strong crowds. Occasional services including Eucharists, Baptisms. and Marriages occur regularly. The largest single event of each academic year continues lo be the annual Advent Carol Service, which requires a move to Maplelhorpe Hall for a capacity crowd. An additional service of moming prayer was introduced in 2021122 and is now regularly said four days per week. as well as being liveslreamed on the Chapel's social media pages. While the Chapel is historically a Church of England foundation, we support a College communilywhich includes members of many other faiths alld none. Services with tho University Catholic Chaplaincy, and inlerfailh events with speakers from noll-chrislian religions take place each term. Inlerfailh services with Muslim, Jewish, and other religious communities have proven to be particularly popular, with subslanlial crowds in attendance who dine in College afterwards. The College's Mulli-farth Prayer and Quiet Room, refurbished in the summer of 2022 exists lo complement the Chapel, offering a spaca for those of any religious viewpoint or none an alternative room for prayer, contemplation. or healthy quiet lime. Develo ment The College's development work, alumnl engagement aclivilies and events programme successfully began a return lo pre-pandemic levels and we will be approaching the 2023-24 year with a full team for the first lime in several years. The Development Team has continued to engage and fundraise from alumni and friends of the College both nationally and inlernalionally with trips lo the United Slates and Hong Kong. We were able lo successfully
ST HUGH'S COLLEGE Report ofthe Governing Body Year ended 31 July 2023 repurpose £1.5m in donations from the Futures Project to support priority building refurbishment proj&¢ls and unlock matching funds. In addition, £100k was received lo fund a suslainabilily report that will b& used lo guide the College's Strateg vision towards a decarbonised eslale and future capital campaign efforts. As always, alumni have been kept informed about College news and online events through regular emails throughout the year and posts on the College's social media accounts. Alumni events, including reunions. lèctures and the ever-popular Garden Party, along with donor stewardship events continued as normal. As we prepare for the launch of a major capital campaign, we will be increasing our activity around majoi donor stewardship, in particular our extremely important legacy programme. After a successful reorganisalion of how the Development & Alumni Office is resource£S, we have added two new full-lime posts pulling a larger emphasis on building long-lerm relationships with our alumni and donors. Near the end of the year. we welcomed a new database officer lo the team and key members of staff returned from maternity leave pulling the office in good shape for the year ahead. Conferences and Bed & Breakfast The recovery in ¢ommercial income that began in 2021122 following the significant disruption of the Covid lockdowns, continued in 2022123, including Summer School bookings as well as a good number of other returning clients. Commercial income for the year was £2,078,00012021122.. £1,037,000). RecrLJitmenl continued lo be a challenge in the operational departments, especially those affected by ongoing seclor-wide issues in UK hospilalily. However, the departments were able lo support the increased conference aclivily, supplemented by agency and temporary staff during busy periods. Caterin The Catering department ¢ontinued lo focus on providing high qualbty meals in a safe environment. Staffing and recruitment remained a challenge, reflecting issues in the wider UK hospilalily sector. The Wordsworth Tea Room was closed for food service during the year because ol staff shortages. Formal Halls and other College events were very popular and were welcomed by the community, with Summer Schools and Conferen activities keeping the team busy during the summer period. The College's food procurement agenw is working hard lo miligale ollgoing food cost increases. However, due lo various external circumstances, this has been and will Continue lo be a challenge lo manage alongside ongoing recruitment issues. Staff and en emenl The College cogniseS that staff engagement is essential to all of ils activrties and lo the delivery of ils charitable objects. During the year, the College implemented a number of measures in response lo the previous year's staff wellbeing and engagement survey, and preliminary results from the 2023 follow-up suNey show a number of improvements on what was already a very positive base tM)silion. The College's new Head of Human Resourc&s, Eva Mahar, joined in January 2023 and is overseeing a review of slaff-facing Policies and procedures, along with a programme of training and development for managers. Eslales and maintenance The College continued lo invest in the maintenance and upkeep of the eslale. A generous grant from the University's College Contributions scheme, mal¢h-funded by a generous donor, has enabled work lo begin on refurbishment of the en suite bathrooms in the Rachel Tri¢kell Building. The ageing perimeter fence has also been replaced, improving both security and 8eslhelics around the perimeter. Recognising the importance of additional investment in maintenance, the Governing Body voted in June 2023 to approve a substantial increase in the underlying maintenance budget for 2023124. 12
ST HUGH'S COLLEGE Report ofthe Govèrning Body Year ended 31 July 2023 FINANCIAL REVIEW Total income excluding donations increased by £1.9m (building on a previous £2.4m increase in 20221, which is mainly due to increased commercial activity and a continuing focus on managing costs. Total expenditure has decreased by £1.Om 12022.. £3.3m increase, large diiven by pension provision and exceptional maintenance}. Total bank borrowings tolalled £288k. The College has one remaining from Barclays which is repayable by instalmenls of currently £50k per annum, with a final repayment date of March 2028. Resetves policy The College's reserves policy is to maintain sufficient free reserves lo enable il lo meet its short-lerm financial obligations in the event ol an unexpected revenue shortfall, to allow the College lo be managed efficiently and to provide a buffer that would ensure uninlerrupled services. The Governing Body aims lo maintain free reserves equivalent lo between three and six months of operating cosls1£3.5M - £7.OMI, although il acknowledges that there may be periods when il is necessary lo fall below this level lo miligale the impact of adverse macroeconomic OT wider external conditions. Total funds of the College and its subsidiaries al the year-end amounted to £72.Sm 12022.. £75.4ml. This includes endowment capital of £39.2m 12022.. £40.Oml and unspent restricted income funds lolalling £6.2m 12022.. £5.9ml. Free reserves al the year-end amounted lo £4.5m 12022.. £4.1ml, representing retained unreslricled income reserves excluding an amount of £20.6m 12022.. £21.4ml for the book value of tangible fixed assets less associated funding arrangements. Designated reserves at the year-end comprised £4.6m {2022". £6.8m}, with the reduction driven by invesmlnel losses of £1.1 m alongside the Governing Body's decision lo remove a £1.1 m designation following a decision to make funds available for general purposes. The College has investment funds sel aside lo ultimately repay the private plament loan in 2061 and 2066. 11 has therefore cre8ted a designated fund lo sel aside the respective investment gains which are lo contribute towards this purpose. Rlsk management The College has on-going processes, which operate throughout the financial year for Klenlifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertakin9 their activities. When it is not able lo address risk issues using internal resources, the College lakes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee. Financial risks are assessed by the Finance Committee and investment risks are monitored by the Investment Committee. In addition, the Head of Eslales and relevant staff meet regularly lo review health and safely issues. Training ¢ourses and other forms of career development are available, when requested. lo members of staff lo enhance their skills in risk-relaled areas. The Governing Body. which has ultimate responsibility for managing any risks faced by the College, has reviewed the prosSeS in place for managing risk and identified the principal risks lo which the College and ils subsidiaries are exposed and have concluded that adequate, robust systems are in place to manage these risks. The College's new Risk Management Policy IcKik effect in 2022123, and the Governing Body has identified risks under six major headings (Financial. Slralegic, Operational, Welfare and Sludenl Relations, Governance, and RepulaliDnall. Each risk is overseen by a nominated senior officer of the College, and is scrulinised by a designated committee. The slalus of agreed miligalions is scrulinised regularfy, and each risk is assessed lo 13
ST HUGH'S COLLEGE Report ofthe Governing Body Year ended 31 July 2023 determine whether or not il is within agreed levels of risk tolerance. Across the six categories. 26 risks were identified and monitored during the year In 5 cases, additional work is needed lo bring the risks back within loltsrance over the coming 12-18 months, and the relevant commillees will priorilise this during 2023124. Investment policy, objectives and performance 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 consislenl and sustainable funding to support expenditure,. and delivering these objectives within acceptable levels of risk. To meet Iheso obja¢twes the College's investments as a whole are managed on a total return basis, maintaining diversification across a range of asset classes in order to produce an appropriate bal8nce between risk and return. In line with this approach. the College Slalules allow the College lo invest peimanenl endowments lo maximise the related lolal return and lo make available foi expenditure each year an appropriate proportion of the unapplied total return. The investment policy and strategy are sel by the Governing Body as advised by the Investment Committee and performance is regularly monitored by the Investment Committee. Al the year end, the College's long term inveslmenls. combining the securities and property invèslmenls, lolalled £97.9m 12022.. £101.6ml, reflecting signifi¢anl movements in the markets in response lo geopolitical and macroeconomic shocks. The overall lola investment return was 0.20h12022:_1.30/0l over the year. The carrying value of the preserved permanent PItal and the amoLJnt of any unapplied lolal return available for expenditure was taken as the open market values of these funds as al 31 July 2023 logelherwilh the original gift value of all subsequgnl endowment received. On the lolal return basis of ac¢ounling, il is the Goveming Body's policy lo extract as income 3.77QA (plus Costs) of the value of the relevant investments. However, lo smooth and moderate the amounts wlhdrawn this 3.770 is calculated on the average of the year end values in each of the last five years. The equivalent of 3.77¥o of the opening value of the securities and property inveslmenls, plus Costs, was extracted as income on the lolal return basis in the year. The Governing Body keeps the level of income withdrawn under review to balance the needs and intere818 of current and future beneficiaries of the College's aclivilies. Within the Colle9e's holdings of securities and inveslmenls. this income extraction policy is not applied lo one holding of shares in Oxford University's Endowment Management's Oxford Endowment Fund nor to the joint equity properties whi¢h are listed in Note 28 of the financial statements. Any income dislribulions issued by these investments are Irealed as income as they are received. FUTURE PLANS During the year 2022123 the Governing Body completed work on a new five-year strategic plan from the academic years 2023124-202e129. Alongisde the core strategic priority of pulling academic excellence at the heart of everything we do, the plan identified a number of strategic priorit$ under three principal headings.. The Futu of th& Colleg&'. to continue lo delwei charitable benefit, the college needs lo survive, thrive, and adapt lo a changing world. This requires dedicated work lo ensure financial stability in a lime of rising inflation.. a major fundraising campaign ahead of the College's 150th anniversary in 2036,. further work in Equalily, 14
ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2023 Diversity and Inclusion, to ensure that we admit. recruit. and help people thrive based soleW on excellence and polenlial,. additional inveslmenl in sludenl support.. and a comrnilmenl lo becoming the best employer in the collegiate University. The Futur8 of Scljolarship.. Sl Hugh's supports academics throughout their careers. and promotes active dialogue between scholars al different stages of Iheirjourneys. We have identified opportunities for support and additional investment across the academic career arc.. lo engage with our graduate community to idèntify how we best support scholars al the beginning of their academic journeys,. lo introduce a range of measures to support eady career researchers and reduce the impact academic precarily,. and lo reduce and offset the administrative load on Felk)ws in order lo proled essential research time. The Future of our World." in Jun& 2023 the Governing Body made a commitment lo achieve net zero Carbon emissions by 2035 al the latest. This will be informed by the results of a baseline carbon audit and feasibility study that is due to report by December 2023, but the Governing Body already acknowledges that this will require subslanlial reductions in energy consumption alongside the generation of our own energy on the sile. This work will be overseen by a new Suslainabilily Committee, chaired by the Principal. and with governance oversight of all of our estates, infraslruclure, and operational planning. During 2022123, the Governing Body and the Slalules and Bylaws Committee began a review of the College's goveman¢e, beginning with a targeted review and updating of key sections of the bylaws lin¢ludings policies and procedures governing student misconduct, student complaints. and safeguarding). During 2023124 this review will expand ils scope lo encompass a review of the College's overall govemance slruclure., ils procedures for dealing wilh internal disputes and conflicts of inleresl., and the safeguards surrounding the delegation ol decisions to commillees and officers. The Governing Body sees il as an essential aspect of good governan that these mallers be reviewed periodically lo allow improvements lo be identified and implemented. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in aGcordan¢e with applicable law and regulations. Charfly law requires the Governing Body lo prepare financial slalements for each financial yèar. Undorthat law the Governing Body have prepared Ihtr financial slalemenls in accordance Unileol Kingdom General Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Sl8nd8rd 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). Under charity law the Governing Body musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the College and of its nel income or expenditure for that period. In preparin9 these financial slalemenls, the Governing Body is required lo.. select the most suitable accounting policies and then apply them consislenlly., make judgments and accounting estimates that are reasonable and prudent. state whether applicable accounting standards, includin FRS 102, have been followed, subject lo any material departures disclosed and explained in the financial slalements., prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the College will continue lo operate. 15
ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2023 The Governing Body is responsible for keeping properaccounling records that are sufficient lo show and explain the College's Iransaclions and disclose with r&asonable accuracy al any lime the financial position of the College and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevelllion and detection of fraud and other irregularities. Approved by the Governing Body on 01 November 2023 and signed on ils behalf by.. Prlncipal Lady Elish Angiolini LT DBE PC QC (Principal) 16
ST HUGH'S COLLEGE Report of the Auditors Year ended 31 July 2022 Oplnlon We have audited the financial slalemenls of St Hugh's College Ilhe'charity'l for the year ended 31 July 2021 which comprise the Slalemenl of A¢¢ounling Policies, the Consolidated Statement of Financial Aclivilies. the Consolidalod and College Balancè Sheets, the Consolidated Cash Flow Slalement and notes lo the financial slatemenls. The financial reporting framework that has b&en applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102.. The Financial Reportin9 Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial slalemenls.. give a true and fair view of the stale of the group and charity's affairs as al 31 ju 2021 and of the group's income and expenditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordan with the requirements of the Charities Act 2011. Basi5 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibiSilies for the audit of the financial slalements section ol our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls 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 lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalemenls, we have concluded that the Members of the Governing Body's use of the going concein basis of accounting in the preparation of the financial slalem¢nls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least 12 months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Members of the Governing BY with respect lo going concern are described in the relevant sections of this report. Other information The Members of the Governing Body ar¢ responsible for the other information. The other information comprises the iriformalion included in the annual report other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and. except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In Connection with our audit of the financial slalemenls. our responsibility is to lead the other information and. in doing so, consider whether the other information is malerialw inconsislenl with the financial slalemenls or our knowledge obtained in the audit or oth&rwise appears lo be materially misslaled. 11 we identify such material iriconsislencies or apparent material misslalemenls, we are required lo determine whether there is material misslalemenl in the financial statements or a malttrial misslalemenl of the olher information. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. 17
ST HUGH'S COLLEGE Report of the Audltors Year &nded 31 July 2022 Matters on which we are requlred to report by exception We have nothing lo report in respect of the following mallers in relation lo which the Charities Act 2011 requires us lo report lo you if, in our opinion.. sufficient accounting records have not been kept., the financial slalemenls are not in agreement with the accounting records and returns,. or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilitles of the Members of the Governing Body As explained more fully in the Slalemenl of Accounting and Reporting Responsibilities Isel out on page 161. the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation of financial Stslemenls that are free from material misslalemenl. whether due to fraud or error. In preparing the financial slalemenls, the Members of the Governing Body are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going Concern and using the going concern basis ol a¢¢ounting unless the Members of the Governing Body either intend lo liquidate the Charity or lo cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial staternents We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an audilorfs report that includes our opinioll. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when rt exists. Misslalements can arise from fraud or error and are ¢onsidered material if, individually or iri the aggregate. they could reasonably be expected to influence the economic decisions of users taken Dn the basis of these financial slatemenls. IrregLJlarilies. includillg fraud, are instances of non-complian with laws and regulations We design procedures in line with our responsibilities, outlined above, lo dele¢l material misstatements in respect of irregularities. including fraud. The exlenl to which our procedu$ ale capabSe Df dele¢ling irregularities, including fraud is detailed below.. Our approach lo identifying and assessing the risks of malerial misslalemenl in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate Competence, capabilities and skills to identify or recognise non-eompliance with applicable laws and regulations., we idenlrfied the laws and regulations applicable lo the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client's sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity. including Charities Act 2011, Office for Students and Oxford University requirements, laxalion legislation, data protection, employment and pensions, planning and health and safety legislation., we assessed the exlenl of compliance with the laws and regulations identifi'ed above through making enquiries of management and, where relevant. inspecting legal correspondence., and 18
ST HUGH'S COLLEGE Report of the Auditors Year ended 31 July 2022 idenlilied laws and regulations were communicated within the audit team regularly and the team remained alert ID instances of non-compliance throughout the audit. We assessed the Su$pIlbiI1lY of the charity's financial slalemenls lo material misslatemenl. including obtaining an understsnding ol how fraud might occur, by.. making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility lo fraud, Iheir knowledge of a¢lual, suspected and alleged fraud.. and considering the internal conliols in pla¢e to miligale risks of fraud and non-compliance with laws and regulations., To address the risk of fraud through managernenl bias and override of controls, we.. performed ana11¢81 procedures lo identify any unusual or unexpected relationships., lesled journal entries lo identify unusual Iransaclions., assessed whether judgements and assumptions made in detemining the 8¢counting eslimales were indicative of potential bias., and investigated the rationale behind significant or unusual Iransaclions., In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo.. agreeing financial slalemenl disclosures to underlying supporting do¢umenlalion', reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential liligalion and claims.. f Considered necessary, reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limitations in our audit prttedures described above. The more removed that laws and regulations are from financial Iransaclions, the less like5y il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry ol the Members of Governing Body and other manag¢menl and the inspection of regulatory and legal corresponden¢e, if any. Material misslalemenls that arise due lo fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.lrc.or .uklaudilorsres This description forms part of our audilorfs report. Use of our report This report is made Solely lo the College's Governing Body. as a body. in a¢cordan¢e with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. OUT audit work has been undertaken so that we might slate lo the Members of the Governing Body those mallers we are required lo slate lo Ihom in an auditor's report and for no other purpose. To Ihe fullest exienl permilled by law, we do not accept or assume responsibility lo anyone other than the College's Governing Body as a body, for our audit work, for this report. or for the opinions we have formed. 19
ST HUGH'S COLLEGE Report of the Auditors Year ended 31 July 2022 Critchle Audit LLP Slalulory Auditor Oxford Dale:7111123 Crilchleys Audit LLP is eligible lo act as an auditor in lerms of section 1212 of the Companies Act 2006. 20
ST HUGH'S COLLEGE Statement of Accounting Policie5 Year ended 31 July 2022 Scope of the flnancial statements The financial statements present the Consolidated Slalement of Financial Activities ISOFA}, the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and ils wholly owned subsidiaries, Sl Hugh's Conferences Limited and Sl Hugh's Eslales Limilod. No separate SOFA has been presented for the College alone, as currently permitted by the Charity Commission on a conces8ionary basis. A summary of the results and finan¢ial position of the charity and each of ils material 8ubsKliaries for the reporting year are in note 11. 2. Basis of accounting The College's individual and consolidated financial slalements have been prepared in accordance with United Kingdom Accounting Standards, in particular'FRS 102.. The Financial Reporting Standard appli¢able in the UK and Republic of Ireland, IFRS 1021. The College Is a public benelil enlily for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated finanual slalemenls in accordan wi(h 'The Stslem$nl of Recommended Practice applicable lo charities preparing their financial slalemenls in accordance with FRS 102, IThe Charities SORP {FRS 10211. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities al fair value with movements in value reported within the Slalement of Financial Activities (SOFAI. The principal accounting policies adopted are sel out below and have been applied Consislenlly throughout the year. 3. Accountlng judgements and estimatlon uncertainty In the view of the Governing Body. in applying the accounting policies adopted no judgements were required that have a si9nilicanl effect on the amounts recognised in the financial slalemenls. 4. Income recognition All income is recognised once the College has entillemenl lo the income, the economic benefbt is probable and the amount can be reliably measured. Income from fees. HEFCE support and olhercharges fors&nieS Fees receivable, less any scholarships, bursaries or other allowances granted from the College unreslricled funds, HEFCE support and charges for services and use of the premises are recognised in the period in which the related service is provided. Income from donations. grants and legacies Donations and grants that do not impose future performance-related or other specific conditions are recognised on the date on which the charity has enlillemenl lo the resource, the amount can be reliably measured and the economic benefit lo the College of the donation or grant is probable. Donations and grants subject to performaN-[ela1ed conditions are recognised as and when those conditions are mel. Donations and grants subject to other specific conditions are recognised as those conditions are mel or their fulfilmenl is wholly within the control of the College and il is probable that the specified conditions will be mel. Legacies are recognised following giant of probate and On the College has received sufficient information from the execulorlsl of the deceased's eslale lo be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable. 21
ST HUGH'S COLLEGE Statement of Accounting Policies Year end&d 31 July 2022 Donations, grants and legacies accruing for the general purposes of the College are credited lo unrestricted funds. Donations, grants and legacies which are subject lo conditions as to their use imposed by the donor or sel by the terms of an appeal are credited lo the relevant reslri¢led fund or, where the donalioll. grant or legacy is required to be held as capital, lo the endowment funds. Where donations are received in kind las dislincl from cash or other monetary assets), they are measured al the fair value of those assets al the date of the gift. Investment income Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rale melhtsd. Dividend income and similar dislribulions are recognised on the dale the share interest becomes ex- dividend or when the right lo the dividend can be established. Income from investment properties is recognised in the period to which the rental income relates. 5. Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or conslruclive obligation commits the College lo expenditure that will probably require selllement. 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 nslruclive oblKJalion for their payment arises. Grants subject lo performance-relaled conditions are expensed as the specified conditions of the grant are mel. All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Slalemenl of Financial Aclivi(ies Ilhe SOFA). Support costs. which include governance costs (costs of complying with conslilulional and slalulory requiremenlsl and other indirect ¢osls, are apportioned lo expenditure categories in the SOFA based on the eslimaled amount attribulable lo that activity in the year, either by reference lo staff lime or the use made of the underlying assets. as appropriate. Irrecoverable VAT is included with the item of expenditure lo which il relates. Inlra-group sales and charges between the College and ils subsidiaries are excluded from trading income and expenditure in the consolidated financial slalemenls. 6. Leases Leases of assets that transfer subslanlially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included wrthin fixed assets and depreciation is charged over the shorter of the lease term and the assets. useful lives. Assets are assessed for impairment al each reporting dale. The ¢orresponding capital obligations under these leases are shown as Ikgbililies and recognised al the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as lo achieve a constant rale of interest on the remaining balance of the liability. Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are ¢harged in the SOFA on a slraighl line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a slr8ighl line basis. 7. Tangible fixed assets Land is slated at cost. Buildings and equipment are slated al cost less accumulated depre¢ialion and any accumulated impairment losses. 22
ST HUGH'S COLLEGE statement of Accounting Policies Year ended 31 July 2022 Expenditure on the acqLJisilion or enhancement of land and on the acquisition, construction and enhan¢emenl of buildings which is directly allribulable lo bringing the asset to ils working condition for ils intended use and amounting lo more than £10,DOO together with expenditure on equipment Costing more than £10,000 is capilalised. Where a part ol a building or equipment is replaced and the costs capilalised, the cairying value of those parts replaced is derecognised and expensed in the SOFA. Other expenditure on equipment incurred in the normal day-to-day running of the College and ils subsidiaries is charged lo the SOFA as incurred. 8. DepCIatIOn Depreciation is provided lo write off the cost of all relevant tangible fixed assets, less their estimated residu81 value, in equal annual inslalmenls over their expected useful economic lives as follows.. Freehold properties, including major extensions 50 years Building improvements 15 years Equipment 3-10 years Freehold land is not depreciated. The cost of maintenance is ¢harged in the SOFA in the period in which il is incurred. Al the end of each reporting peTiod, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in cir¢umslances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. 9. Investmenis Investment properties are initially recognised at their cost and subsequently measured al their fair valL5e Imarkel value) al each reporting date. Purchases and sales of investment properties are recognised on exchange of conlracls. Listed investments are inilialty measured al their cost and subsequently me8sured al their fair value al each reporting date. Fair value is based on their quoted price al the balance sheet dale without deduction of the estimated future selling costs. Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured al their costs and subsequently measured al their fair value al each reporting dale without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respe¢live fund managers. Changes in fair value and gains and losses arising on the disposal of investments are credited or Charged to the income or expenditure section of the SOFA as 'gains or tosses on investments, and are allocated to the fund holding or disposing of the revant investment. 10. Other flnanclal Instruments Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity dale of three months or less. Deblors and CdIE0S Debtors and creditors receivable or payable within one year of the reporting dale are carried at their transaction price. Debtors and creditors that are receivable or payable in mDre than one year and 23
ST HUGH'S COLLEGE Statement of Accountlng Policies Year ended 31 July 2022 not subject lo a market rate of interest are measured al the present value of the expected future receipts or payment discounted al a market rale of interest. 11. stocks Stocks are valued al the lower of cost and nel realisable value, cost being the purchase price on a first in, first out basis. 12. Foreign currencies The functional and presentation currency of the College and ils subsidiaries is the pound sleding. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates al the dales of the Iransaclions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling al the rates applying al the reporting dale. Foreign exchange gains and losses resulting from the selllemenl of transactions and from the Iranslalion of monetary assets and liabilities denominated in foreign currencies al the exchange rates al the reporting dale are recognised in the income and expenditure section of the SOFA. 13. Total Return Investment accountlng The College slalules aulhorise the College lo adopt a 'lotal return, basis for the investment of ils permanent endowment. The College Can invest ils permanent endowments wilhoul regard lo the capilallincome distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income lor spending each year. Until this power is exercised. the lolal return is accumulated as a component of the endowment known as the unapplied lolal return that can be either be retained for investment or released lo income al the discretion of the Governing Body. 14. Fund accounting The lolal funds of the College and ils subsidiaries are allocated lo unrestricted, reslricled or endowmont funds based on the terms sel by the donors or sel by the terms of an appeal. Eridowmenl funds are further sub-divided into pennanenl and expendable. Unreslri¢ted funds can be used in furtheran¢e of the objects of the College al the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted lor by transfers lo appropriate designated funds. Restricted funds comprise gifts, lega¢ies and grants where the 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 specified that both the capital and any income arising musl be used for the purposes given orlhe income on gifts where the donor has required or permilled the capital lo be maintained and with the intention that the income will be used for specific purposes within the Collage's objects. Permanent endowment funds arise where donors specify that the funds a lo be retained as capital for the permanent benefit ol the College. Any part of the lolal return arising from the capital that is allocated lo income will be accounted for as unreslricled funds unless the donor has placed reslriclions on the use of that income, in which case il will be accounted for as a restricted fund. Expendable endowment funds are similar lo peirnanenl endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long term benefit of the College. However, the Goverriing Body may al their discretion determine lo spend all or part of the capital. 24
ST HUGH'S COLLEGE Statement of Accounting Policies Year ended 31 July 2022 15. Ponsions The College parti¢ipales in Universities Superannuation Scheme and the University of Oxfoid Staff Pension Scheme. These schemes are hybrid pension schemes, providing defi'ned benefrts (for members). as well as defined contribution benefits. The assets of the schemes are each held in a separate Iruslee- administered fund. Because of the mutual nature of the schemes. the assets are not allribuled to individual Colleges and scheme-wide contribution rates are sel. The College is therefore exposed lo actuarial risks associated with other Universities and Colleges employees and is unable lo identify ils share of the underlying assets and liabilities of the scheme on a consislenl and reasonable basis. As required by Section 28 of FRS 102"Employee benefits" the College therefore accounts for the schemos as if they were wholly defined contribution schemes. As a result, the amount charged lo the income and expenditure a¢¢ounl represents the contributions payable lo each scheme. Since the College has entered into agreements Ilhe Recovery Plans) that determine how each employer within the schemes will fund the over811 deficit, the College recognises a liability for the contributions payable that arise from the agreements (to the extent th81 they relate lo the deficill with related expenses recognised through the income and expenditure account. 25
st Hugh's College Consolidated Statement of Financial Activities For the year ended 31 July 2023 Unrestrtcled FurKJs £'ooo Reslrlcttd Fund5 Endi)wed Fund5 £'ooo 2023 2022 Tol £Y)00 Total £'ooo Nota8 £000 INCOME AND ENDOWMENTS FROM.. Charitable activlties.. Teaching. research and residential Othpr Trading InGome Donations and legaGies Investments Inveslmenl income Total return Bllocaled lo Inco Other income Total Incomtr 8.956 1,420 417 8.956 1,420 1,355 7.948 679 1.264 468 470 2.179 1,307 35 1,613 11,3071 3,827 3.582 14.282 503 776 15,561 13,557 EXPENDITURE ON: Charltablè 8CtivitiBs= Teaching. research and residenlial 12,400 631 13.031 14.081 Goneratlng fLtnds'. Fundraisi Tfadin9 eypendilure Inveslfflenl rnanagemenl cosls Totsl Expènditure 697 617 176 13,B90 697 617 566 640 282 15,569 83 83 259 14,61M 631 Net InGom8llExp8ndlturo1 beloro galn8 392 11281 693 957 12,0121 Nel gainslllossesl oti invesltnenls 12,4191 11.3791 13,8281 15,0741 Net IncDmellExpendf(urel 12,0271 11581 16861 12,8711 (7,0661 Transfers bgtW99n funds 12921 469 Nat movement In funds for th8 yoar 12,3191 311 18631 12.8711 (7,0861 Fund balances iKoughl forward 29.498 5,852 40,048 75.398 82,484 Funds Garrtgd forward at 31 July 27,179 6.163 39,185 72.527 75,398 26
St Hugh's Collège Con501idated and College Balance Sheets As at 31 July 2023 2023 Group £'ooo 2022 Group 2023 College £'ooo 2022 College £'ooo Notes £'ooo FIXED ASSETS Tangible assels Oiher Inveslrnents 20,897 97,873 21.912 101.639 20,897 97.873 21,912 101,639 Total Flxod As8Ots 118.770 123,551 118,YYO 123.551 CURRENT ASSETS stocks Deblors Cash 31 bank and In hand 127 2,396 7,044 153 2,046 5,245 127 2.19B 7.044 153 2,014 5.238 14 Total Current A8s0ts 9,567 7,444 9,369 7,405 LIABILITIES Creditors.. Amounls faling due wlhin one yedr 15 3,027 2,515 2.B08 2,453 NET CURRENT ASSETSIILIABILIMESI 6.540 4.929 6,661 4.952 TOTAL ASSETS LESS CURRENT LIABILITIES 125,310 128.480 125.331 128,503 CREDITORS.. falllng duo after moro than one year 16 50,238 50,288 $0,238 50.288 Provislons for Ilabllltl&s and ¢harg8S NET ASSETSIILIABILITIESI BEFORE PENSION ASSET OR LIABILITY 75,OY2 78,192 75,093 78,215 Deflnèd b8noflt penslon scheme liablllty 17 2,646 2,794 2,545 2,794 TOTAL NET ASSETSIILIABILITIESI 72,527 75.398 72,S48 75,421 FUNDS OF THE COLLEGE 18 Endowment funds 39,185 40.048 39,1BS 40.048 Restrlctsd funds 6,163 5.852 6,163 5,852 Unr&strlctÉd funds Designated funds Fixed asset dÈsignaled furK1 General fun(5s Pension reserve 4,615 20,609 4.499 12,5441 6,763 21,413 4,116 12,7941 4.615 20.609 4,520 12.5441 6,763 21,413 4,139 12,7941 Y2,527 75.398 72.548 75,421 The finantxal slalemenls were approved and aulhorised for issue by IhÈ Governlng Body of St Hugh's CoS1898 on the I hjovefviber Truslee.. Trustee.. iolinL 27
St Hugh's College Consolidated Statement of Cash Flows For thè year ended 31 July 2023 2023 £'ooo 2022 £'ooo Not Net ¢a8h provided by lused opèrating activities 24 2,260 3,491 Cash flows from Investing a¢tivitl8S Dividends. inler&sl and nIS ffQTll inve8lmenl8 ProTreds from the sale of pr(yerty. plant and equipment Purthase of properly, plant and eqviprnenl Proceeds frorn sale of investmènts Purchase of investments Not cash provldgd by lusod Inl Invostlng activitles S.B27 3,582 39 192 1254 3,804 1331 241 1463 3.327 Cash flows from flnancirig activltle8 Repaymenls of borrOwg Reipl oferKlowmenl N8t tash provided by lusod Inl flnanclng actlvltl8S 12151 470 255 1266) 171 195 Change in Cash and cash aqulvalents In tho reportlng pèrlod 1.799 12591 Cash and cash equival8nts at tho bpginnlng of the reportlng pèrlod 5,245 5,604 Chang& In cash and cash èqulvalBnts In the roportlng pèri¢)d 1.799 12591 Cash and cash equivalonts at the ènd of the reporting porled 25 7,044 5,245 28
Noto8 totho fInan141sttprnplltts Forthoyoaronded31 July2023 IN¢OMEFRoMCHARtraBLEAT 1>45 3.740 Dr¢lATNSANuLEAc¥ È'ooo cOhEFRthmQThERIRAMGACNTIRa ¥J rooo fjF9 IA24 679 INVESTmENyIN 7.D7ll YHERV4COIIE 0thir1th 29
StHugh'èeollE4p Not•sto th* financiBlstalMnt& For IhÈ ?nded J1 July 2022 ANALYSK4(F EXPEMDITUAÉ iryzj 5P73 4.2r4 LYhrrd1rBttS41¢tI11Q. 194 2J4 ios 30
5tHuyhs Colleg NDiesto Iho flnanclbl s14tom•ni8 AWALY31soFBUPPORT AMDODVÈRNANeECOg1 FUN 211 205 3S1 Fu R•TvBn QR•JITSAMDAWAFD8 Èoo DLthglhtyy•ilMcoMg¢furtrtII•htrIKd$ R4Ètrtct4dfftdts Total tsÈtrt¢t4d FT 31
tes lo Ihe finanCls141M¢th$ STAFFT5 2oiJ 42JJ 1.369 To111 CLFLe¢lulvr 102) 190,001.£10QD 32
StHugh's C10 lès io thèllnanclal siatgm•nts Forthèyèarèndod 31 July2023 YANÈ1èLÉFED$Srs IJp05 A11ndo1T 51srtaly&¥ 2QJ27 AIMd¢[y¢•l Ai•Trdafy Aisl&Nulyq* 21.sab sw È'otrfj poSB Altndofye 42,1•0 rt¢ly¢W 21.520 33
$tHUgh Colleg Noies tolhè st&lem•nt Fortliè 31 July2022 OTHERINVEUTIIENT8 1JS 41) IOIJts2 1012 ToLl UK UK È'DDD .165 17 43,00? etraihuuBqCanportlumL4hill* PARENT ANDsUBJAkyuHDER7AKWS 1012 Incom ExpBnd JJ 12311 AeslIrI)w 2 (2.2911 155.51¥ 1FJ (2J) 77è7B21 l 1ThryIve14I£l11th 34
SIHuuh's Collgg& Forlhg gnd8d S1 July 2023 STATEMENTC*INVESTMÈNTTO7ALRETL17N 4Wdb51n[x&151aEd5IT?% 11022 I77%1(plU5cW5)olthiawTAgIlkn1Y0r.Dnd Uillppl T 1&5è5 UppIldtht41{ 12078 TotdEndQyInl6 2L471 470 470 470 753 11.Jrn 2$7 $1 Nilffl&¥tmènl&lTrTrportlngpBrlad 15,959 DEBTORS cal £'•OD OthirthlKDr 35
FOT theyearondgdts% July z023 CREDIT1.¢1wVIWo¥*1r 22 1,2 4SD Colle rooD Éll 12 551 220 ernE11¢ve1r S3J 220 2Dr2 GFDUP CrAIts E'lo rDD L¢•n 1."£2Jek12012."È2Uk) 141¥1018 PROVISIONSFORPENsKJtiUthuTr 1022 2Dty Al5tqrtofJ 4F Airyndalsr 2.F44 Z.794 36
5t Hugh'¥ Collggo NDto5 tothvfl[ncIaI $t&tsM•nt Forthpy•4r•nded 31 July202J ANALYSIBOFMOVEMENTSON FUNDS 140 2J7 J2 2J2 lie s¢$ 2) IWJ 311 pi br OlrQ¢S•S Èrknd&rahlp5 9BO 124) 1l•lWrtPE>¥p¢pwDfflrn o) VL5> L¢dIrt*¢e5 1J2 17Q 1.248 4lJJ Br 122 D) TotdR0siPud1.Cdg T0R[lEdFur+j.fjL 6.7t3 PtrAlots¢ese 2J .4k 1t.è7S 114.IDI> 13,82 n¢4iJ2 37
stHugh's ¢¢lleoE Fortlieygarended 31 July202J Fuf4DgQFIHE¢OLLE6EDEYAIL5 ThitDTow&¥ r4FshIP5ndL(<1UM5hLDj, LIKTiry.CnW,Hlsloty.E¢htslmhlp5 SWN15UP •D¢5,F¢lthP34dL£[Iml [elw¥nUr¢1hs(hU1Br6Nps. PNryP5EsofIhDCo JIAL40FrT AS8EI¥BETWEENPVNDa 2Q2J F £ry FuNts 52.525 Fur TW Yooo 38
5t Hugh's to1byè Nut05 tvthèf1nanttlalstatOts ForlhpypArpndod 31 July7D2 THUSTEE5'REIlUNERATN Rq5&wchFq 4ndptrts10 £4,M044.99 13 È15.000413.g99 £14,WD.L}4.9 £21.MO.£21.Ig9 14.737 1,IkP 46,eu6 46N52 £11.4.9B £31.lXK}-É31,9 4S.(ryWFÈ45.91 E5WJLYb£5O.8ll È51.¢CIF£S1,99 ai.2Q2 $1 199AJ3 ÈeO.OWUD,99 E61.0£s1.lI EII,IMyJ£62,99 É85.£8594 1314J7 É&7.(th>£$7.g99 779 £I5..lS.9 11 s11%¢r?IR¢I¥dP4I17{nscllQS 39
St Hugh'sedl•tyè tes lo Iho Ilnan¢ii1stqtpments Forthe yoar•nded31 July 202J PEN910NBcHEMEY Tr&1•Sumn4ll&0t o¥p8 Jtvow202t 14m £06.Sb 141bNI' FIW&It¢i 27S% rl* R¥VId 2SSJYs 24.4yrJ 25.ly 23QJYa 27a¥ ios% SlfA 2IAN(M S Qd21 1&5%forDB MBblIrn SI1023
1n3rL45 b. Pl•.B P•iiWK¢+4S•É(CPIJIDrtrLougsw•lLkn1w .•.1p4hw18nndKIBMfftt4tslD.1% p..201 ¢•¢hl•ithwtsJosnd 10%p.op0sI.0 40
Nr&tès lo thèfimncial Forth•rnded 31 July2023 uss Clwryga ImpNrlonUSS I1¢bl& DBUDBseby£1 ¢•bt•by£l.I 05P5 PAttl¢nOSPS l•thnkdprthtsknr d¢wsebyD2YA DE1CkCoP FlTrI5hDVLVD¢lR•¢ryPI 0% 3% 01 FJX01ffj 41
St Huyh'sColl99 Nutps lo Iho flnantlai stat¢monts Forthe year8ffld¢d 31 JUty2023 TAMTIOM Ar(Dr0knpnDprtsV151n RÉCOlL1ATHQFErlNCIx1laREcE$7O NET¢ASH FLOWFkQMopTN? 17 15.$ iJwi 12491 IJB1 MALYSI$QFCASHMIDeA$HEIXIvALEP+TS 5.245 524 ANALY8&FCMAIGEsjNNETFlw8 I Wutt2022 CAÈhAibknk 5245 Aso¥ F,C44 ISO.2ts NANCWIL¢OMMITMEMYB 2Q22 Qvetfprtyrllrs c#iirALcoMMttMElll RELATEDPAftfiTRAN5ACnON$ Pmf4s%01GQ 278 275 Pr£Se PTh>foS5D0ll PMTssorE PMte¥¥wNP&W AsBi31JUlyj2j1h1ltrrnO0sw[MM. OTr+TINGENTL1ABTrEts 42
st Huuhs Collgg NDtèi to Iho 15nanclal SW¢menL* Forlh•yoar•Ad•d JI July2023 USOÈpARTMENTOFEDUCAllONFINANCIALRESPONWBLITYSUPPLEMENTALSCHEOULE zJ2z .£ll1 rnaTr1oTFUWPtyilW-R¢lil¢dW 21.879 FS¢4cl¢ p¥rih&s F$Nr4¢Wffj¢ IblF1rt¢LP0sI1w-NDlPwYllb io CoTh5bucUonknpN5 eMofFlts¢wPsllu-IIOlPIyb Llrn21NutqLqB5q5 Fws 2J,473 p1rp 43
Ntsi¢$ t¢ thelln4n¢l41 statsm•nts For1hpyrpndd 31 July2023 USiIEPARTMETrITOFEOU¢ArnNFWEIcPALAEApoNsBIuT¥SUPPMENTAL%CNEDE(r0rfd 20tJ Tot4lExp&ntÈ4ndLtst (rplllfrprnSlrnIu1ACtlvhlU5Wkn1 11(lUr1pWprfaIrdf0Tsp&nlIw1. hcroth51b551-(frAlllknm8lff h¢tlhthwrfvdlFpw31ry 214 45.Q45 &knnerlnI&lllMl.ReE¢dp4rt1 ModWA¥s415 st4meN1cl11PM71¢Tr-TlAS% Tdi1Assil& 128ts6 IW9B5 U5llI55I1bl1Kypr&IErnW (S.7 Ji.p¥.$0 44
AODihoNALPRIOR YEARCOMPMIATNES STATEMENTOF TOTALRÉTURtI ID21j22¢•mp• Tikn- Tthl 12S1 11590 1616 539 14 In J4 Tr1 137 47fj 05) 12.5DS) 1SAIS UndI1rrr lim 45
St Hugh's ¢v11ege Fwtheye4rendBd 31 July 2023 AQDITfoNAL PRyEAR¢0PARATlVE6I1Ildl JIALYsaFk>vÉME1IT%QEFU1pS Tr5 778 (47fj) oj GaTrBiileduralM•lP¥IPW5 &) ¢HhirpuTrD5n PdL¢S 242 w) o) ,464 LlhBry 552 J) BSsnSuuWSumfflqrSthhy o) 9) 200 i) chhWS1llsbWlkn 401 17Q FUrBSF Id7 2.3b1 5.452 un1[1dFUnd A554 11.120) 111,740) 2,170 .wo 10,9eo 4 IdMllS 46