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, wh￿h 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 Conferen￿S,. 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$sear¢h Fellows and Career Development Fellows-, general responsibility for the supervision of studies.
The Risk Committee
Responsibility for the review. monitoring and reporting of major risks lo the College, and recommendation
lo the Governing Body of acliDns lo mitigate those risks.
The Remuneration Committee
Responsibility for the review and Tecommendalion lo the Goveming Body through Finance Committee, of
remuneration and conditions of employment of members of the Governing Body and advice lo Finance
Committee on the framework of pay and conditions of senior non-academic staff whose detai￿d pay and
conditions are delemined by the Principal and Bursai.
The day-lo-day running of the College is delegated lo the Principal, supported by the Bursar and the Senior
Tutor.
Group structure and relationships
The College administers many speci81 Irusls. as detailed in Notes 18 to 19 to the financial statements.
The College also has two wholly owned non-charilable subsidiaries.. Sl Hugh's Conferen￿$ 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 ac￿sS. 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 Col￿ge 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 pla￿ment 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 pro￿sSeS 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 B￿Y 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 ana￿11¢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&ni￿eS
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. Dep￿CIatIOn
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 re￿vant 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 C￿dIE0￿S
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 borrOw￿g
Re￿ipl 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 fInan￿141st￿tprnplltts
Forthoyoaronded31 July2023
IN¢OMEFRoMCHARtraBLEA￿￿T￿
1>45
3.740
Dr¢lAT￿NSANuLE￿Ac￿¥
È'ooo
cOhEFRthmQThERIRA￿MGACNTIRa
¥J
rooo
fjF9
IA24
679
INVESTmENyIN￿
7.D7ll
YHERV4COIIE
0thir1￿th
29

StHugh'èeollE4p
Not•sto th* financiBlstalM￿nt&
For IhÈ ?nded J1 July 2022
ANALYSK4(F EXPEMDITUAÉ
iryzj
5P73
4.2r4
LYhrrd1rBtt￿S41¢￿tI11Q.
194
2J4
ios
30

5tHuyhs Colleg
NDiesto Iho flnanclbl s14tom•ni8
AWALY31soFBUPPORT AMDODVÈRNANeECOg1
FUN
211
205
3S1
Fu
R•TvBn
QR•JITSAMDAWAFD8
È*oo
DLthglhtyy*•ilMcoMg¢furt￿rtII•￿htrIKd$
R4Ètrtct4df￿ftdts
Total tsÈtrt¢t4d
FT
31

tes lo Ihe finanC￿ls141￿M¢th$
STAFF￿￿T5
2oiJ
42JJ
1.369
To111
CLFLe¢lulvr
102)
190,001.£1￿0QD
32

StHugh's C￿1￿￿0
lès io thèllnanclal siatgm•nts
Forthèyèarèndod 31 July2023
YANÈ1èLÉF￿ED￿$Srs
IJp05
A11ndo1￿￿T
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
ToL*l
UK
UK
È'DDD
.165
17
43,00?
etraihuuBqCanportlumL4hill*
PARENT ANDsUBJ￿￿AkyuHDER7AKWS
1012
Incom
ExpBnd
JJ
12311
Aes￿lI￿rI￿)￿w
2 (2.2911
155.51¥
1FJ
(2J)
77è7B21
l ￿￿1Th￿ryI￿ve14I£l11th
34

SIHuuh's Collgg&
Forlhg gnd8d S1 July 2023
STATEMENTC*INVESTMÈNTTO7ALRETL17N
4Wdb51n[x￿&151a￿￿￿Ed￿5IT?% 11022 I77%1(plU5cW5)olthiawTAgI￿lkn1Y0￿r.Dnd
Uillppl
T￿
1&5è5
U￿￿ppIl￿dtht41{￿￿
12078
TotdEndQy￿Inl6
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￿.¢￿￿1￿￿￿wV￿IW￿o￿¥*1r
22
1,2
4SD
Colle
rooD
É￿ll
12
551
220
ernE￿￿1￿1￿¢ve1r
S3J
220
2Dr2
GFDUP
CrAIts
E'lo
rDD
L¢•n 1."£2Jek12012."È2Uk) 141¥1018
PROVISIONSFORPENsKJtiUthuTr
1022
2Dty
Al5tqrtofJ
4F
Airyndals￿r
2.F44
Z.794
36

5t Hugh'¥ Collggo
NDto5 tothvfl[￿ncIaI $t&tsM•nt
Forthpy•4r•nded 31 July202J
ANALYSIBOFMOVEMENTSON FUNDS
140
2J7
J*2
2J2
lie
s*￿¢$
2)
IWJ
311
pi
br
O￿l￿rQ¢S•S
Èrknd&rahlp5
9BO
124)
1l•lWrtP￿￿E>¥￿p¢pwDfflrn
o)
VL5>
L¢dIrt*¢￿e5
1J2
17Q
1.248
4lJJ
Br
122
D)
TotdR0si￿￿￿Pu￿d1.Cd￿g
T0￿R￿[lE￿dFur+j￿.fj￿L
6.7t3
PtrAlots¢ese
2J
.4k
1t.è7S
114.IDI>
13,82
n¢4iJ2
37

stHugh's ¢¢lleoE
Fortlieygarended 31 July202J
Fuf4DgQFIHE¢OLLE6EDEYAIL5
ThitDTow&¥
*r*4F￿￿￿shIP5￿ndL(<1UM5hLDj,
LIKTiry.CnW,Hlsloty.E¢htslmhlp5
SW*N15UP
•D¢5,F¢lth￿P34￿dL£[Im￿￿l
[elw¥n*￿￿￿Ur¢1h￿￿￿s(hU1Br6Nps.
PNryP5EsofIhDCo￿
JIAL￿￿40Fr￿T AS8EI¥BETWEENPVNDa
2Q2J
F￿￿
£ry
FuNts
52.525
Fur
TW
Yooo
38

5t Hugh's to1byè
Nut05 tvthèf1nanttlalstat￿O￿ts
ForlhpypArpndod 31 July7D2
THUSTEE5'REIlUNERAT￿N
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￿.￿4.9￿B
£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.￿£85￿94
1314J7
É&7.(th>£$7.g99
779
£I5.￿.￿lS.9￿
11
s￿11%¢r￿￿?IR¢I¥￿dP4I17{￿ns￿cllQ￿S
39

St Hugh'sedl•tyè
tes lo Iho Ilnan¢ii1stqtpments
Forthe yoar•nded31 July 202J
PEN910NBcHEMEY
Tr&1•Sumn4l￿l&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
MB￿b￿lI￿rn
SI￿1￿023
>1n3rL4￿5
b.
Pl•.￿￿￿B￿
P•iiWK¢+4S•É(CPIJIDrtrLougsw•l￿Lkn1w￿
.•.1p4hw18nndKIBMfftt4tslD.1% p.￿.￿201
¢•¢hl•ithwtsJosnd 10%p.op0sI.￿￿0
40

Nr&tès lo thèfimncial
Forth•￿￿r*nded 31 July2023
uss
Clwryga
ImpNrlonUSS I1¢bl￿&
DBUDBseby£1
¢•bt•by£l.I
05P5
PAttl¢nOSPS l•thnkdprthtsknr
d¢w*sebyD2YA
DE1Ck￿Co￿￿P￿
FlTrI5hD￿V￿LVD¢￿lR•￿￿¢ryPI
0%
3%
01
FJX01ffj
41

St Huyh'sColl99
Nutps lo Iho flnantlai stat¢monts
Forthe year8ffld¢d 31 JUty2023
TAMTIOM
Ar(Dr0knp￿nDprtsV151￿n
RÉCO￿lL1AT￿HQF￿ErlNCIx1l￿aRE￿￿cE$7O
NET¢ASH FLOWFkQMop￿T￿N?
17
15.$
iJwi
12491
IJB1
MALYSI$QFCASHMIDeA$HEIXIvALEP+TS
5.245
524
ANALY8￿&FCMAI￿GEsjNNETFlw8
I Wutt2022
CAÈhAibknk
5245
Aso¥
F,C44
ISO.2ts
NANCWIL¢OMMITMEMYB
2Q22
Qvetfprtyrllrs
c#iirALcoMMttMElll
RELATEDPAftfiTRAN5ACnON$
Pmf4s%01GQ*
278
275
P￿r£S￿￿e
PTh>foS5￿D0ll￿
PMT*ssorE
PMte¥¥wNP&W
AsBi31JUly￿j2j1h1ltr￿r￿nO0￿s￿w[M￿￿M￿.
OTr+TINGENTL1AB￿￿TrEts
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￿¢L￿P0sI1w-NDl￿PwYllb
io
CoTh5bucUonknpN￿5
eMofFlts￿¢wP￿sllu￿-IIOl￿PIy￿b
Llrn21NutqLqB5q5
Fws
2J,473
p1rp￿
43

Ntsi¢$ t¢ thelln4n¢l41 statsm•nts
For1hpy￿rpnd￿d 31 July2023
USiIEPARTMETrITOFEOU¢ArnNFWEIcPALAEApoNsBIuT¥SUPP￿MENTAL%CNED￿E(r0￿rf￿￿d
20tJ
Tot4lExp&n*tÈ4ndLts*t
(rplllfrprnSl￿r￿￿nIu1ACtlvhlU5Wkn1
￿￿￿￿￿1￿￿1(￿lUr￿1pW￿prfaIrdf0Tsp&nlIw1.
hcroth51b551-(frAlllknm8￿lff￿
h¢tlhthwrfvdlFpw31ry
*214
45.Q45
&knnerl￿￿nI￿&lll￿Ml￿￿.Re￿E¢dp4rt1
ModWA¥s415
st4￿meN￿￿￿1￿cl11PM71¢Tr-T￿lAS%*
Tdi1Assil&
128ts6
IW9B5
U5llI55￿I1￿bl1Kypr&I￿Ern￿￿W
(S.7
Ji.p¥.$0
44

AODihoNALPRIOR YEARCOMPMIATNES
STATEMENTOF TOTALRÉTURtI
ID21j22¢•mp•￿
T￿ikn-
Tthl
1*2S1
11590
1*616
539
14
In
J4
Tr￿1
137
47fj
05)
12.5DS)
1SAIS
Un￿dI￿￿1rr￿r
lim
45

St Hugh's ¢v11ege
Fwtheye4rendBd 31 July 2023
AQDITfoNAL PR￿￿yEAR¢0￿PARATlVE6I￿1￿Ildl
JIALYs￿aFk￿>vÉME1IT%QE￿FU*1pS
Tr5
778
(47fj)
oj
GaTrBiiledural*M•lP¥IPW5
&)
¢HhirpuTrD5n
PdL¢S
242
w)
o)
,464
LlhBry
552
J)
BSsnSuuWSumfflqrSthhy
o)
9)
200
i)
chhWS1￿llsbWlkn
401
17Q
F￿UrBSF
Id￿￿7
2.3b1
5.452
un￿1[1￿￿*dFUnd
A554
11.120)
111,740)
2,170
.wo
10,9eo
4*
IdMllS
46