2024-07-31-accounts

St Hugh's College Annual Report and Financial Statements Year ended 31 July 2024

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 Balance Sheets Page 27 Consolidated Statement of Cash Flows Page 28 Notes to the Financial Statements Page 29

ST HUGH'S COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024 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 the year or subsequently are detailed below. Lady Elish Angiolini LT DBE PC QC (Principal) Professor A W Moore Professor G S Garnett Professor M B Giles (left 30 September 2024) 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 C Wilson Professor T C B Rood

ST HUGH'S COLLEGE Governing Body, Officers and Advlsers Year ended 31 July 2024 u] 11 Professor N E R Perkins Professor J Martin Professor D P Marshall Professor R Perera Professor E E Leach Professor G Loutzenhiser Professor R Baker Professor E Anann Dr T Sanders Professor J Parkin Professor E M Husband Professor C Ballentine Professor D Doyle Professor Eidenmijller Professor Jérusalem Professor H Oberhauser Professor E Saupe Professor E Morisi Professor T D Cousins Professor R Cont Dr D F Taylor Professor B Kornmann

ST HUGH'S COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024 Professor A Abate Professor B Kocsis Professor S Clifford Professor R Vilain Dr D Jenkins Mr G Prior Professor A Majid Professor E Bond Dr J A W Grower Professor R L Tanner Dr T Poschel Professor E Zhao Professor A Mietke Professor M Booth During the year the activities of the Governing Body were carried out through five sub-committees. The current membership of these committees is shown above for each Fellow.

ST HUGH'S COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024 External Committee Members Mr T P Roberts Appointed 29 April 2015. Last renewed 12 June 2024 Appointed 29 April 2015- Last renewed 15 June 2022 Appointed 13 June 2018. renewed 12 June 2024 Appointed 1 April 2018., Renewed 12 June 2024 Appointed 1 April 2018., Renewed 12 June 2024 Appointed 1 March 2020., Renewed 15 June 2022 Mr J Digges Dr R Emerson Dame Frances Cairncross Dr T Power Mr K Knott COLLEGE SENIOR STAFF The senior staff of the College lo whom day to day management is delegated are as follows. Lady Elish Angiolini LT DBE PC QC Principal Professor P J Mitchell Vice-Principal Mr G 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 Head of Estates Mrs Eva Mahar Head of Human Resources

ST HUGH'S COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024 COLLEGE ADVISERS Investment Managers Oxford University Endowment Management Limited King Charles House Park End Street Oxford OX11JD Sarasin & Partners LLP CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET Juxon House 100 St Paul's Churchyard London EC4M 8BU Bankers Barclays Bank PLC POBox299 Birmingham B13PF Auditors Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Colle e Address st Margaret's Road Oxford OX2 6LE Website www.st-hu hs.ox.ac.uk

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 The members of the Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION st Hugh's College in the University of Oxford, which is known as St Hugh's, {"the College") is an eleemosynary chartered charitable corporation aggregate. The College was opened in 1886 by Miss Elizabeth Wordsworth under the title of Sl Hugh's Hall as a society for women students to study for Oxford examinations. The College registered with the Charities Commission on 6th January 2011 (registered number 1139717). The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 1 to 5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed by its Charter, Statutes and Bylaws dated 28 June 1926 and last amended in February 2018. Governlng Body The Governing Body is consliluted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who since January 2024 has been Ingrid, Lady Simler, DBC, PC. The Governing Body is self-appointing, and has such powers as are conferred on it by the College's Charter and subject thereto and to the Stalules, has the entire direction and management of the affairs of the College. The Governing Body determines the ongoing strategic direction of the College and regulates ils administration and the management of its finances and assets. It meets regularly under the chairmanship of the Principal and is advised by five main commillees. In February 2024 the Principal, Lady Elish Angiolini, announced that she would be retiring in September 2025. The recruilmenl of a new Principal is Unde￿aY as detailed below under Future Plans. Recruitment and training of members of the Governing Body New members of the Governing Body are normally recruited through a joint appointment process with the University of Oxford in the case of 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 selection and appointment process, including external representatives as appropriate. Recommendations of appointment panels in both cases are confirmed by formal vote at Governing Body. New members of the Governing Body are inducted into 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 set of reference documents. Trustee training is also provided by the University for new members of the Governing Body. Remuneration of members of the Governing Body and Senior College Staff Members ofthe Governing Body are primarily Fellows and are teaching and research employees of the College or University and they receive no remuneration or benefits from their trusteeship 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, which is based on the advice of the College's Remuneration Committee. The members ofthe College's Remuneration Committee are Fellows not in receipt of remuneration from the College

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 and external advisors. The Chair of the Remuneration Committee is external to the College. Where possible, remuneration is set in line with that awarded through the national salary settlement for Higher Education. The remuneration of senior College staff, with the exception of the Principal, Bursar. and Senior Tutor is set in accordance with the salary scale adopted for that purpose. The remuneration of the Principal, Bursar, and Senior Tutor is set by the College's Remuneration Committee. Organisational management The members of the Governing Body meet nine times a year. The work of developing their policies and monitoring the implementation of these is carried out by five main Committees.. The Finance Committee Responsibility for advising the Governing Body on all matters 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 accounts,. annual review of all charges made by the College,. review of policy relating to conferences,. review of salaries for all College employees and others paid by the College. The Investment Committee Responsibility for review and provision of advice to 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 academic matters,. the appropriateness of the existing establishment of Tutors and Lecturers to the current academic 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 Research 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 to the College, and recommendation to the Governing Body of actions to mitigate those risks. The Remuneration Committee Responsibility for the review and recommendation to the Governing Body through Finance Committee, of remuneration and conditions of employment of members of the Governing Body and advice to Finance Committee on the framework of pay and conditions of senior non-academic staff whose detailed pay and conditions are determined by the Principal and Bursar. The day-to-day running of the College is delegated to the Principal, supported by the Bursar and the Senior Tutor. Group structure and relationships The College administers many special trusts, as detailed in Notes 18 to 19 to the financial statements. The College also has two wholly owned non-charitable subsidiaries.. St Hugh's Conferences Limited, whose annual profits are donated to the College under the Gift Aid Scheme, and St Hugh's Estates Limited, which

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 undertakes some of the College's building works. The trading activities of St Hugh's Conferences Limited primarily comprise revenue from the letting of the College facilities when not in use by the College. The subsidiaries, aims, objectives and achievements are covered in the relevant sections of this report. The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. OBJECTIVES AND ACTIVITIES Charitable Objects 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 to 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 to advancing education, learning and research in Oxford or elsewhere The Governing Body has considered the Charity Commission's guidance on public benefit. In keeping with ils objects, the College admits as students those who have the highest potential to benefit from the education provided by the College and the Un iversity and recruits as academic staff those who are able lo contribute most to the academic excellence of the College and University. In the case of both students and academic staff, recruitment is regardless of financial, 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 conjunction with the University of Oxford, an education for 424 undergraduate and 464 graduate students. This education is recognised internationally as being of the very highest standard and develops students academically, personally and socially, preparing them to play a full and effective role in society. In particular, the College provides.. teaching facilities and individual or small-group teaching, together with academic, pastoral and administrative support-, IT and other administrative support,. welfare seNices, including the availability of the Chaplain to assist every member of the College,. and residential, social, Cultural, musical, recreational and sporting facilities lo enable students to realise as much as possible of their academic and personal potential whilst studying at the College. To advance research by providing.. Official Fellowships, Career Development Fellowships, and Junior and Senior Research Fellowships to outstanding academics, to enable them to develop their research work and disseminate their research in the public domain., and

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 facilities and grants to assist with the pursuit of research, including grants for attendance at national and international academic conferences and assistance with the costs of research trips and research materials. There are no geographical restrictions to those who may benefit from the College's aims and objects. Students and academic staff of the College are drawn from across the UK and internationally., There are no age reslrictions in the College's objects but students oflhe College are predominantly between 18 and 24 years old,. and There are no religious reslriclions in the College's objects and members of the College have a wide variety of faith traditions or none. In order to raise educational aspiration and attract outstanding applicants who might not othemise have considered applying to the College, the College operates an extensive outreach programme as part of University-wide initiatives to widen access. This programme is the responsibility of the Senior Tutor and includes an extensive programme of visits by schools and other groups to the College, open days, events for teachers, as well as visits to schools and guidance and information on the College website for prospective applicants. st. Hugh's College is committed to anti-racist values and affirms this commitment in a spirit of humility, fully acknowledging that the College has to do far more to support and protect Black and all BAME students and staff. The College aims to address and eradicate racial discrimination and racial inequality in its many forms wherever it occurs within the College community. The aims set for the College's subsidiaries are to help finance the achievement of the College's aims as above. Activities and Objectives of the College The College's activities are focused on furthering its stated objects and aims for the public benefit. The focus of the College is strongly academic and students need lo satisfy high academic entry requirements. In order to assist undergraduates entitled to 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 2023124, the number of awards made was 78 including 43 Crankstart (formerly'Morilz-Heyman') awards. The average value of the awards was £4,092. The scheme is approved by the Office of Fair Access and provides benefits at a substantially higher level than the minimum OFFA requirement. To support the costs of graduate and undergraduale students, the College provides some financial support. This includes a number of scholarships to fund fees and living costs and 'top-up' funding to fill shortfalls in students, funding packages, and a grant scheme to assist with the purchase of books and equipment, allendance at conferences and travel grants. The total amount expended by the College in 2023124 for this purpose was £249k. The College also makes awards for academic development and has various awards and prizes available to reward academic excellence. During the year the College awarded £12.7k to its students. In addition lo its 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 2023124 the College awarded £15k of hardship grants and provided £30k of free vacation residence. A programme to encourage legacies to be made to the College is in place and annual fundraising campaigns focus on the provision of support for sludents suffering financial hardship.

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 Value for Money The Governing Body of St Hugh's College has considered the processes in place during the financial period ending 31 July 2024 and is satisfied that, with regard to public and publicly accountable 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 Ihe College. ACHIEVEMENTS AND PERFORMANCE rees 2023-24 118 students completed undergraduate degrees,. 139 graduate students completed taught degrees and 49 completed research degrees. Student Recruitment and Widenin Partici ation The College continues to work with schools and colleges to encourage able students to consider Oxford and St Hugh's. Tutors and student ambassadors work together with the College's Head of Access and Participation lo encourage engagement. Our work continues to increase. both numerically and qualitatively. We have continued to develop lasting relationships with teachers, thereby informing our practice and increasing the impact of our work over time. The donor-funded Teacher Summer School continued for a third successful year, with numbers doubling compared with the previous year and attracting teachers not just from our link region of Kent but from other parts of the UK. The Teacher Network which the Summer School has generated provides a valuable opportunity to Gonnect with teachers on an ongoing basis in support of our outreach activities. This year's Kent Coast Run at the start of the summer covered 100 miles, visiting 25 schools, and we spoke to over a thousand pupils about higher Education, and Oxford. Our online engagement programme, Connect, continued to give sixth formers Ihe opportunity to meet student ambassadors in a controlled virtual environment, expanding our outreach activities beyond in-person school visits. The College also continues to work with 'Teach First,, offering bursaries to St Hugh's students and alumni who join the programme and encouraging them to return to Sl Hugh's with their pupils. During the year we were able to expand the team with the recruitment of a new Outreach Officer to increase our overall outreach activities. Earl -career Develo ment The College continues its drive to recruit early-career academics. During 2023-24, the College had three early- career fellows.. Dr Travers, Drvertovec, and Dr Laing. The Development Office continues to raise funds to support further posts of this kind. Research Environment The College Gontinues to provide funding and assistance to its Fellows to enable them to continue to produce world-class research, ranging from attendance at conference events to providing research assistance, periods of sabbatical leave for specific projects, and the opportunity to hold academic networking events in College. A seed-donation has enabled the College to extend the range of these grants. St Hugh's hosted three Visiting Fellows under the Belcher Visiting Fellowship programme. 10

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 Librar The Library remains a central point of academic enterprise for undergraduate and graduate students during the course of their studies. The Library continues to purchase relevant textbooks and key works in physical and electronic format for teaching and studying purposes, and to welcome donations to the collection. The Library is now mid-way through the Slack Project, which reviews and records stack items previously not available on the catalogue, improving access lo the collection for all college members. The Library team continues to curate virtual and physical displays throughout the year, celebrating Black History Month, Disability History Month, LGBT+ History Month, and Women's History Month. In 2023-24, the new Universily-wide Library syslem managemenl, ALMA, was introduced, and while most ofthe changes were barely noticeable lo students, the upgraded system was a real improvement behind the scenes in providing better access and slandardisation in books circulation and cataloguing. In Trinity, the Library took part of'oxford reads Kafka,, a cultural programme organised by the University. Copies of the special edition of Kafka's Metamorphosis were distributed in sludents, pigeonholes and the Library helped organised a reading event in College where German students read their translation of the Melamorphosis. Termly exhibitions are opportunities to showcase material from the archive and special collection. Michaelmas term, due to the tremendously positive response to the Annie Ernaux exhibition from the general public and the University community, the exhibition was extended for an additional term. Over 100 external visitors came to see it. and many positive comments were received on the content and format. In Hilary 2024, the Library exhibition featured a collection of highlights from the College archive covering all eras of St Hugh's history, showing how documents in the archive reveal the stories of Ihe College. In Trinity 2024, the exhibition focused on the Military Hospital for Head Injuries, which was established at St Hugh's throughout the Second World War. The exhibition included sample files from the archive, reminiscences from students who were al St Hugh's while the hospital was in operation and details on how the archive is being used for research today. Cha The Chapel continues to provide for religious worship and offers an opportunity for students and staff to join its vibrant Choir. The Choir contains approximately twenty-five undergraduate, graduate, and staff singers each year, presenting a popular extracurricular activity, and a support to the Chapel's main services and evenls. 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 Full Term at 6.15pm. followed by drinks and a meal in the Dining Hall. We host a wide variety of visiting speakers from within the University and further afield.. Occasional services including Eucharists, Baptisms, and Marriages occur regularly. The largest single event of each academic year Gonlinues to be the annual Advent Carol Service, which requires a move to Maplethorpe Hall for a capacity crowd. While the Chapel is historically a Church of England foundation, we support a College Gommunity which includes members of many other faiths and none. Services with the University Catholic Chaplaincy, and interfaith events with speakers from non-christian religions take place each term. Interfaith services with Muslim, Jewish, and other religious communities have proven to be particularly popular, with subslantial crowds in attendance who dine in College afterwards. The College's Multi-failh Prayer and Quiet Room exists to complement the Chapel, 11

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 offering a space for those of any religious viewpoint or none an alternative room for prayer, contemplation, or healthy quiet time. Develo ment The Development Team has conlinued to engage and fundraise from alumni and friends of the College both nationally and internationally with trips lo the United States and Hong Kong. In 2023124 we received a generous pledge to endow a Tutorial Fellowship in economics, Ihe fulfilment of which will represent Ihe largest single gift from a living alumna in the College's history. We also received significant gifts to support teaching in Maths., over £650k in legacies,. and a strategically-important donation to support our participation in the central University's Mental Health Advisory SeNice pilot, alongside a range of recurrent and new gifts from our extraordinarily generous supporters. Alumni continue to be 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, lectures, and the Garden Party continued to prove popular, with the latter seeing record attendance this year. As we prepare for the launch of a major capital campaign, we will be increasing our activity around major donor stewardship, in particular our slralegically-important legacy programme. Conferences and Bed & Breakfast Commercial income reached a new high of £2,397,000 (2022123.. £2,078,000), surpassing pre-pandemic levels, with strong Summer School bookings and consistent B&B business driving both revenue and margin. Caterin The Catering department continued lo focus on providing high quality meals to students at affordable prI￿s. The Wordsworth Tea Room reopened during the year serving a selection of drinks, salads and sandwiches. Formal Halls and other College events remained very POPLflar and were welcomed by the community, with Summer Schools and Conference activities keeping the team busy during the summer period. The College's food procurement agency is working hard to mitigate ongoing food cost increases. However, due to various external Gircumstances, this has been and will continue to be a challenge. Staff and en ement During 2023124 Ihe College continued ils investment in initiatives to drive staff engagement as an essential requirement for all of its activities and the delivery of its charitable objects, building on a strong and improving position from recent staff wellbeing and engagement suNeys. With a particular focus on pay, the College conducted a consultation to transfer all non-academic staff onto the University's grading structure, which in turn is based on nationally-recognised HERA grading. This benefits staff by giving a greater granu larily of grading and opportunity for pay progression, and also makes it easier for the College to recruit and retain staff. The College continues to pay the Oxford Living Wage or higher to all staff, and towards the end of the academic year the Governing Body took a decision to follow the central University in introducing an Oxford Weighting for all staff up to and including University Grade 10. Estates and maintenance The College continued to invest in the maintenance and upkeep of the estate. The refurbishment of the en suite bathrooms in the Rachel Trickelt Building, funded by a generous donation and a grant from the University's College Contributions scheme, was largely completed during the financial year. The College undertook ils first comprehensive carbon audit during the year, and the newly-consliluted Sustainability Committee received 12

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 preliminary results from a study on options for decarbonising the College site, funded by a generous donation, the options from which will be considered over the course of the coming academic year. FINANCIAL REVIEW Total income excluding donations increased by £0.5m {building on a previous £1 .9m increase in 2023), which is mainly due to increased leaching, research and residential income combined with increased commercial activity. Total expenditure has decreased by £1.Om (2023: £1.Om decrease), driven by the release of the provision for pension liabilities partially offset by additional underlying expenditure, including externally-funded expenditure on the College estate. Total bank borrowings totalled £238k. The College has one remaining loan from Barclays which is repayable by instalments of currently £50k per annum, with a final repayment date of March 2028. During the year, the College sought permission from the Charity Commission to return a donation of £1 m thal had been given towards a project that did not proceed for lack of funds, and which the donor had requested therefore be returned lo them. This donation was treated as Restricted Funds as at 31 July 2024 and a contingent liability has been disclosed in the notes to the accounts. The sum was repaid in October 2024. Reserves policy The College's reseNes policy is to maintain sufficient free reserves to enable it to meet ils short-term financial obligations in the event of an unexpected revenue shortfall, to allow the College to be managed efficiently and to provide a buffer that would ensure uninterrupted services. The Governing Body aims to maintain free reserves equivalent to between three and six monlhs of operating costs (£3.5M £7.OMI, although it acknowledges that there may be periods when it is necessary to fall below this level to mitigate the impact of adverse macroeconomic or wider external conditions. Total funds of the College and its subsidiaries at the year-end amounted to £83.6m (2023.. £72.5m). This includes endowment capital of £44.Om (2023.. £39.2m) and unspent restricted income funds totalling £5.7m {2023.' £6.2m). Free reserves at the year-end amounted to £6.1m 12023.. £4.5ml, representing retained unrestricted income reserves excluding an amount of £19.8m (2023.. £20.6m) for the book value of tangible fixed assets less associated funding arrangements. Designated reserves at the year-end comprised £8.Om (2023- £4.6m).. The College has investment funds set aside to ultimately repay the private placement loan in 2061 and 2066. It has therefore created a designated fund to set aside the respective investment gains which are to contribute towards this purpose. Risk management The College has on-going processes, which operate throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking their activities. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialisl 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 Estates and relevant staff meet regularly to review health and safety issues. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas. 13

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 The Governing Body, which has ultimate responsibility for managing any risks faced by the College, has reviewed the processes in place for managing risk and identified the principal risks to which the College and ils subsidiaries are exposed and have concluded that adequate, robust systems are in place to manage these risks. The year 2023124 represented the first full year of the College's new Risk Management Policy which took effect in 2022123. Risks continued to be monitored under six major headings {FinanGial, Strategic, Operational, Welfare and Student Relations, Governance, and Reputational). Each risk is overseen by a nominated senior officer of the College, and is scrutinised by a designated committee. The slalus of agreed mitigations is scrulinised regularly, and each risk is assessed to determine whether or not it is within agreed levels of risk tolerance. Across the six Categories, 26 risks have been identified and monitored. In 5 cases, work is ongoing to bring the risks back within tolerance over the coming academic year. Towards the end of the financial year. the Governing Body also introduced specific mitigations to deal with the intrinsic risks relating lo the retirement of the current Principal, the recruilmenl of a new Principal, and the associated transition. For academic year 2024125 the Vice Principal will become more involved in the day-to- day running of College lo ensure continuity from one Principal to the next, and the Principal will devote additional time to transition planning alongside ongoing major fundraising activity. Investment policy* objectives and performance The College's investment objectives are lo balance current and future beneficiary needs by.. maintaining (at least) the value of the investments in real terms., producing a consistent and sustainable funding to support expenditure., and delivering these objectives within acceptable levels of risk. To meet these objectives Ihe 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 balance between risk and return. In line with this approach, the College Statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return. The investment policy and strategy are set by the Governing Body as advised by the Investmenl Committee and performance is regularly monitored by the Investment Committee. At the year end, the College's long-lerm investments, combining the securities and property investments, totalled £105.8m {2023.' £97.9m), reflecting significant movements in the markets in response to geopolitical and macroeconomic shocks. The overall total investment return was 12.0 % (2023.. 0.2 % ) over the year. The carrying value of the preserved permanent Gapilal and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 31 July 2024 together with the original gift value of all subsequent endowment received. On the total return basis of accounting, it is the Governing Body's policy lo extract as income 3.77 % (plus costs) of the value of the relevant investments. However, to smooth and moderate the amounts withdrawn this 3.770/0 is calculated on the average of the year end values in each of the last five years. The equivalent of 3.77 % of the opening value of the securities and property investments, plus costs, was extracted as income on the total return basis in the year. The Governing Body keeps the level of income 14

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 withdrawn under review to balance the needs and interests of current and future beneficiaries of the College's activities. Within the College's holdings of securities and investments, this income extraction policy is not applied to one holding of shares in Oxford University's Endowment Management's Oxford Endowment Fund nor to the joint equity properties whiGh are listed in Note 28 of the financial statements. Any income distributions issued by these investments are Ireated as income as they are received. FUTURE PLANS During the year2023124 the Governing Body began work underthe newfive-yearstrategic plan forthe academic years 2023124-2028129, as adopted in the previous academic year. under three principal headings: The Future of the College.. 2023124 saw significant preparatory work on the College's cost base and operating model to enable planned and sustainable savings over the coming years without disrupting the College's core activities or ethos. The changes made to staff grading structures as detailed above will lead to additional payroll costs over the coming years, but the Governing Body sees this as an essential investment in staff and staff engagement, in line with our ambition to become the best employer in Ihe collegiate University as measured by staff feedback. 2024125 will see continued investment in management training and HR projects to support this, alongside work to strenglhen our governance around Equality, Diversity and Inclusion. The Future of Scholarship.. academic year 2023124 saw the inlroduction of a range of measures to support early career researchers who leach at the College, including a commitment only to use non-permanent contracts where a teaching need is genuinely short-term, and additional paid research time for colleagues who teach 0.4 FTE or more with the College. For 2024125 we plan further engagement with our graduate community who represent the next generation of scholars- ongoing engagement with early career colleagues to determine how best to support them and reduce the impact of academic precarity,. and continued investment in and fundraising for early career research positions. The Future of our World.. following the Governing Body's 2023 commitment to achieve net zero carbon emissions by 2035 at the latest, the College undertook its first baseline carbon audit and feasibility study during the financial year. The newly-constituted Sustainability Committee met throughout 2023124 and has established a working group to review options and make recommendations for both immediate and longer-term steps for the decarbonisation of the College site lo begin during 2024125. During 2023124, the Governing Body expanded the scope of its periodic Governance Review to encompass a review of the College's overall governance structure., its procedures for dealing with internal disputes and conflicts of interest,. and the safeguards surrounding the delegation of decisions to committees and officers. Recommendations from this Review will be considered in the first term of academic year 2024125 with a view to implementing changes over the balance of the academic year. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial stalements in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial year. Under Ihat law the Goveming Body have prepared Ihe financial statements in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting standard 102.. The Financial Reporting Slandard Applicable in the UK and Republic of Ireland (FRS 102). 15

ST HUGH'S COLLEGE Report of the Governing Body Year ended 31 July 2024 Under charity law the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its nel income or expenditure for that period. In preparing these financial statements, the Governing Body is required to.. select the most suitable accounting policies and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent., state whether applicable accounting standards. includin FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the College will continue to operate. The Governing Body is responsible for keeping properaGcounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy at any lime the financial position of the College and enable them lo ensure that the financial statements 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 prevention and detection of fraud and other irregularities. Approved by the Governing Body on IINovember 2024 and signed on its behalf by.. Principal Lady Elish Angiolini LT DBE PC KC {Principal} 16

ST HUGH'S COLLEGE Independent Auditor's Report to the Members of the Governing Body of St Hugh's College Year ended 31 July 2024 Opinion We have audited the financial statements of Sl Hugh's College (the "Charity") for the year ended 31 July 2024 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial slalemenls. The financial reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements.. give a true and fair view of the state of the group and charity's affairs as at 31 July 2024 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 PracliGe', have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Members of the Governing Body's use of the going concern basis of accounting in the preparation of the financial stalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect lo going concern are described in the relevant sections of this report. Other information The Members of the Governing Body are responsible for Ihe other information. The other information comprises the information included in the annual report other than the financial statements and our audilorfs report thereon. Our opinion on the financia1 statements does not cover Ihe other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read Ihe other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 17

ST HUGH'S COLLEGE Independent Auditor's Report to the Members of the Governing Body of St Hugh's College Year ended 31 July 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following mallers in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. sufficient accounting records have not been kept., the financial statements 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. Responsibilities of the Members of the Governing Body As explained more fully in the Statement 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 to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements 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 statements as a whole are free from material misstatement, whether due to fraud or error, and to iSSLJe an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement 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 appropriale competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions with Members of Ihe 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 Gharily, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence.. and 18

ST HUGH'S COLLEGE Independent Auditor's Report to the Members of the Governing Body of St Hugh's College Year ended 31 July 2024 identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal conlrols in place to miligale risks of fraud and non-compliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions., assessed whetherjudgements and assumptions made in determining the accounting estimates were indicative of potential bias., and investigated the rationale behind significant or unusual Iransactions., In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures lo underlying supporting documentation- reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims., if considered necessary, reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it 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 of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those thal 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 at.. www.frc.or . uklauditorsres onsibililies. This description forms part of our auditor's report. Use of our report This repori is made solely to the College's Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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 Independent Auditor's Report to the Members of the Governing Body of St Hugh's College Year ended 31 July 2024 Critchleys Audit LLP Statutory Auditor Oxford Dale.. 15111124 Crilchleys Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 20

ST HUGH'S COLLEGE Statement of Accounting Policies Year ended 31 July 2024 1. Scope of the financial statements The financial statements present the Consolidated Statement of Financial Activities (SOFA}, the Consolidated and College Balance Sheets and the Consolidated Slatemenl of Cash Flows for the College and ils wholly owned subsidiaries, St Hugh's Conferences Limited and St Hugh's Estates Limited. No separate SOFA has been presented for the College alone. as currently permitted by the Charity Commission on a concessionary basis. A summary of Ihe results and financial position of the charity and each of its material subsidiaries for the reporting year are in note 11 . Basis of accounting The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular'FRS 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland, (FRS 102). The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared ils individual and consolidated financial statements in accordance with 'The Statemenl of Recommended Practice applicable to Gharities preparing their financial statements in accordance with FRS 102, (The Charities SORP {FRS 102)}. 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 Slatemenl of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year. 3. Accounting judgements and estimation uncertainty In the view of the Governing Body, in applying the accounting policies adopted no judgements were required that have a significant effect on the amounts recognised in the financial statements. 4. Income recognition All income is recognised once the College has entitlement to the income, the economic benefit is probable and Ihe amount can be reliably measured. Income from fees, Office for Students (Ofs) support and other Gharges for services Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds, Ofs 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, granls and legacies Donations and grants that do not impose future performance-related or other specific conditions are recognised on the dale on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related Gondilions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those Conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met. Legacies are recognised following grant of probate and once the College has received sufficient information from the execulor(s) 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 ended 31 July 2024 Donations, grants and legacies accruing for the general purposes of the College are credited lo unrestricted funds. Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required lo be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the dale of the gift. Investment iiicome 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 rate method. Dividend income and similar dislribulions are recognised on the date 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 constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated. Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met. All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA}. Support costs, which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs, are apportioned to expenditure categories in the SOFA based on the estimated amount attributable lo that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates. Inlra-group sales and charges between the College and ils subsidiaries are excluded from trading income and expenditure in the consolidated financial statements. 6. Leases Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets, useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and recognised at 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 to achieve a constant rate 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 charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight line basis. 7. Tangible fixed assets Land is stated at cost. Buildings and equipment are slated at cost less accumulated depreciation and any accumulated impairment losses. 22

ST HUGH'S COLLEGE Statement of Accounting Policies Year ended 31 July 2024 Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £10,000 together with expenditure on equipment costing more than £10,000 is capitalised. Where a part of a building or equipment is replaced and the costs capilalised, the Garrying 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 to the SOFA as incurred. 8. Depreciation Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments 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 charged in the SOFA in the period in which it is incurred. At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in Gircumstances indicate that the carrying value may not be recoverable Ihen the carrying values of tangible fixed assets are reviewed for impairment. 9. Investments Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of conlracts. Listed investments are initially measured at their cost and subsequently measured al their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet dale without deduction of Ihe estimated future selling costs. Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at Iheir costs and subsequently measured al their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective 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 losses on investments, and are allocated lo the fund holding or disposing of the relevant investment. 10. Other financial instruments Cash and cash equivalenls Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. Deblors and creditors 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 more than one year and 23

ST HUGH'S COLLEGE Statement of Accounting Policies Year ended 31 July 2024 not subject lo a market rale of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. 11. Stocks Stocks are valued at the lower of cost and net 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 sterling. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling al Ihe rates applying at the reporting dale. Foreign exchange gains and losses resulting from the selllement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rales at the reporting date are recognised in the income and expenditure section of the SOFA. 13. Total Return Investment accounting The College statutes authorise the College to adopt a 'lotal return, basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capitallincome distinctions of standard trust law and with discretion lo apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can be either be retained for investment or released to income at the discretion of the Governing Body. 14. Fund accounting The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms sel by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable. Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that parl of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers lo appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of eithergifts where the donor has specified Ihat both the capital and any income arising musl be used for the purposes given orlhe income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes wilhin the College's objects. Permanent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has plaGed restrictions on the use of that income, in which case it will be accounted for as a restricted fund. Expendable endowment funds are similar to permanent 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 Governing Body may at their discretion determine to spend all or part of the capital. 24

ST HUGH'S COLLEGE Statement of Accounting Policies Year ended 31 July 2024 15. Pensions The College participates in Universities Superannualion Scheme and Ihe University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits (for members), as well as defined contribution benefits. The assets of the schemes are each held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities and Colleges employees and is unable to identify its share of the underlying assets and liabilities of the Scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits" the College therefore accounts for the Schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the income and expenditure account represents the conlributions payable to each scheme and any deficit recovery contributions payable under a scaheme recovery plan. Where a scaheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 USS valuation), the trustee of the scheme musl agree a recovery plan that determines how each employer within the scheme willf und an overall deficit. The College recognises a liability for the contribulions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. Further disclosures relating to the deficit recovery liability can be found in note 22. 25

St Hugh's College Consolidated Statement of Financial Activities For the year ended 31 July 2024 Unresliicled Funds £'ooo Reslricled Funds £'ooo Endowed Funds £'ooo 2024 Total £'ooo 2023 Total £'ooo Notes INCOME AND ENDOWMENTS FROM.. Charitab19 actlvltles- Teaching, research and residential Other Trading Income Donations and legacies Investments Investment income Total return allocated Its income Other income Total income 9,420 1,536 912 9,420 1,536 1,975 8,956 1,420 1,355 508 555 2,088 1,281 20 15,257 31 1,593 {1,281) 3,712 3.827 13 20 16,663 539 867 15,561 EXPENDITURE ON: Charitable activitigs.. Teaching, research and residential 10,796 1,Q70 11,866 13,031 Generating funds: Fundraising Trading expenditure Investment management ¢osls Total Expendlture 749 698 180 12,423 749 698 266 13,579 697 617 259 14.604 86 86 1,070 Net IncomellExpenditurel before gains 2.834 15311 781 3,084 957 Nel gainslllossesl on investments 3.830 79 4,065 7,974 (3,8281 Net IncomellExpenditurel 6,664 (4521 4,846 11,058 12.871) Transfers betweerl funds 18 Net movement In funds for the year 6,664 {4521 4.846 11,058 12,8711 Fund balances brought fO￿￿8rd 18 27.179 6,163 39,18S 72,527 75,398 Funds carried forward at 31 July 33,843 5,711 44,031 83,585 72,527 26

St Hugh's College Consolidated and College Balance Sheets As at 31 July 2024 2024 Group £'ooo 2023 Group £'ooo 2024 College £'ooo 2023 College £'ooo Notes FIXED ASSETS Tangible assels Other Investments 10 20,020 105,774 20,897 97,873 20.020 105.774 20,897 97,873 Total Flxed Assets 125,794 118,770 125,794 118.770 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 131 3.114 6,956 127 2,396 7.044 131 3,101 6,956 127 2,198 7,044 14 Total Current A$sgts 10,201 9.567 10,188 9,369 LIABILITIES Creditors.. Amounts falling due within one year 15 2,222 3,027 2.180 2,808 NET CURRENT ASSETSIILIABILITIESI 7,979 6,540 8.008 6,561 TOTAL ASSETS LESS CURRENT LIABILITIES 133,773 125,310 133,802 125,331 CREDITORS.. falling due after more than one year 16 50,188 50,238 50,188 50,238 Provlslons for Ilablllllgs and charges NET ASSETSIILIABILITIES) BEFORE PENSION ASSET OR LIABILITY 83,585 75,072 83,614 75,093 Deflned beneflt penslon schème Ilablllty 17 2,545 2,545 TOTAL NET ASSETSIILIABILITIESI 83,585 72.527 83.614 72,548 FUNDS OF THE COLLEGE 18 Endowment fund8 44,031 39,185 44.031 39,185 R&strlct8d funds 5,711 6,163 5,711 6.163 Unrostrlcted funds Designated funds Fixed asset designated fund General funds Pension reserve 7.960 19.782 6.101 4,615 20,609 4,499 (2,5441 7,960 19,782 6,130 4.615 20,609 4.520 12.5441 83,585 72,527 83,614 72.548 The financial slalemenls were approved and aulhorised for issue by the Governing Body of Sl Hugh's College on the 7 •L>74 Ttuslee.. Trustee.. 27

St Hugh's College Consolidated Statement of Cash Flows For the year ended 31 July 2024 2024 £'ooo 2023 £'ooo Notes Nel cash provided by lusgd Inl operating actlvllles 24 14,327 12.2601 Cash flows from Investlng aclivltl8s Dividends, interest and ren15 from investments Proceeds from the sale of property, plant and equlpmenl Purchase of property, plant and equiprnenl Proceeds from sale ol inveslmenls Purchase of inveslmenls N&t cash provldad by lused in) investlng activities 3,712 3,827 1511 335 39 192 12541 3,804 1262) 3,734 Cash flows from flnanclny a¢tlvitie5 Repayments of borrowing Receipt ofendowmenl Net cash providèd by lused inl financlng activities Iso) 555 505 1215} 470 255 Change in cash and cash equivalonts In the reporting parlod 1881 1,799 Cash and cash equivalents at the beginnlng of the rèporting period 7,044 5,245 Change In Cash and cash equlvalents In the reportlng poriod 1881 1,799 Cash and cash equivalents at the end of the roportlng period 25 6,956 7,044 28

Sl Hugli's Colleg$ Notes to the financlal statements FOT the year endgd J1 July 2024 INCWIE FROhl CHARITABLEACTIVITIES 2024 2023 rooo loÈs-théis&AS siudÈnL% 2.783 ?,J45 OlhÈiQFS 5upptsd 45 4.efjF 9.420 8.95fj Tolallncoml frorn GhirttibhictfrAIl•s 9,410 .958 Thb•bovo4nalys1s Incl￿0& £4.70Bk12023.. E4.485kl 1•c•1v￿ Iioffloxloid u￿¥￿1￿￿ Iiompubklyacc¢uNab10 lunds und#1 thoCFF Sclio Tty$wpDHth¢$irHl¢g1¢ pdotitylty lun¢ &ndtoènBNptsth$ia￿lry slydpn15 ￿￿k?￿p1￿￿1p￿Ge5 ￿9￿Ids4 o1lhElr￿nW￿10lpOSlI1oD.fO191o￿￿lts $I￿a￿t$￿Al￿¢Véts&a5 l&ÉÉlaius fundÉd lhi0￿￿1h5cIarr￿¢n0l￿KA $¢h¢&i$hlpfuthiw IP¢¥Wiri¢d¥￿Vnted Iv ¢23k12023.- DONATIONSANDLEGACIES 20Z4 t'ooo 2023 Don4llon5 and Ley4c 468 Endtswedfund& sss INCQME FROM QTHER TRAOINQAQMVITIES 2Q23 £'D £'oDD 1,$3È INvesiMeNriNc¢ue 2024 ZQ23 OlhBiwoperty Incomp 2,078 2.17• OlhoilThvFstrnonllncomo 3$ 35 0tho1 Invistffl•nllncllffl• 1.593 Tvtpllnve5trn?nl Inromq 3.527 OTHERINCOME 2021 202J Olhorlntto 20 20 29

Sl Hugh's College Notes to Ihty financial statements FOT the year frnded 31 July 2024 ANALYSISOF EXPENDIYURÉ 2024 00 2023 6.707 6.eJD holdlréd￿sl4gll￿ttètEdt0-. I,e$5 3.762 sypwrtwndgovgifian￿co5ts alla¢Èlédto'. Tvlplch4rk4blb•xp*ndliur4 44D 154 261 InVe51mpnlman￿￿￿￿nIC￿s Suppurtandgoveillanc•Crrttsallrpt￿ld IQ.. 246 Invisbll4nlinanAg&nwni¢oS 25 e 2D24 ￿5￿u[C&S ￿pend￿d￿r£12.S￿k120?J.. £14,105k) iepitsTrntedE12.42JkP022..É13091k) (IiKnunTpstnGted lunrfs, £1.070k 12021.. £tsJlkl r8strldÉd furrtfsArtd£4Sk (2DZ3."£83kl ftomendowod funds Th?leBr￿n￿4fid 1•soèithetssts lh¢￿dFcD1￿VPCV￿IribUb0￿ pay0￿001£0 (2023-£0>- 30

St Huoh'$ Coll890 Nots to Ihfy fSnanclal slalements For the year ended 31 July 2024 AWILYSIS OFSUPPORfANDGO¥ÉFNIWCÈ COSTS Gén•iaUnu and 2014 Tolal É￿0D Èooo £woD Flnarrtla1 Jttrnlfilstia￿o 3$ 42 74J 9?B Olhei GovvmanGe¢05t3 12.5441 625 T￿ChI and Genoiati £'ooo t￿00 261 26 295 DFwe¢iBfiDn Olhèi flnanctrchatg 29 2024 £Tho 2023 £OD GO￿r￿an(4 coslÉ comprls•'. 33 ha& bÉén Intludedlngov•manceGoJls lorlhB di￿￿ten¥￿¥￿￿￿l ctysis ￿r￿l￿b￿1￿éd8xp0￿sIs0ft￿e Cdlegll Felkns ontheb9515 Ih$tlhÈ&è pèymènls rélèlo lotho F&1￿￿,J&s￿V￿l¥É￿nl In IhèCel1•￿'sCh￿rftaL￿e llcbvthES. Dgla1150I1hÈ¥¢￿Th￿I0￿tsn of1￿ FéMtsMgndth•lri•ln&UisedeKpensFsai9S￿I￿￿ $ É*PAtAIA n¢1• GRANTSANDAWAR05 2024 2023 t￿00 BurJaiiBsandhatdshlpaYffi(dy Tolbl unr05tri¢ted 475 R8£lriGl4d funds BurJaiiE34fid h?￿S￿1p￿Tri￿5 Totkl reSlriGied Tol&l grant5 And Èwards J65 475 Thg ngui•lncludodabovoIowosDni% ￿5¢￿￿tt01hP Gvllgp?olth¢Oxftsid Buis•ry &chom. Sludontsoflhl¥G￿l99O{o￿9IVOd EF9k1202J.. É97k). lh¢ 9b¢wé Ind￿9d￿l￿n tho£h&rfiab10 ExpwdiluiponTpo¢hlng gnd R¥s•aich. 31

Sl Hugh's Coll$g¢ Notes to the flnanclal $tal8mvnts For th• yFar ended 31 July 2D24 STAFF ¢OST8 2023 Th?Rggi4gats slallcosls lorthg bs T￿lOW￿. 4,683 421 S54 n7 roThl￿bUb0n schom&s MDv&IMnlln pFn5ion piow51DnS Thea¥i(ago num￿l01Èm(4w?E5 oflhg Collogo.•Xtrudl￿ Trusièss. 1024 2023 OnAndtBs?￿r(h 27 27 85 The CoNe9vfiu51pFs durtnytheyqaivrd& as ltsll¢vffj. Lociui¥i8 CUFL8¢luiÈ OlhÉrlÈArhiry andieselich Olhei Yotsl Rdlindon￿P3yThnlS oré IDI Inthe pBriud lllYNchthoéMpltsyè&wa51DToimodollh•doclilrrn Whet?Tgdund?Thsycosts•ré Ihg figu￿1￿th• oiinls Iwesents a bosl#sllmaiè. The5e¢ostsMilltorn4ltiDMunréslnrtedfvnd5. The numbFiof Dmploy•o& (1x¢l￿￿￿￿1hPc￿le9￿T￿9t4Os}dUrtftjlh0Y¥#r¥thTr¥P4Ms5 psyandbon•frtÉ Iv¢ludlryFmFIDyoiNI 4nttponslonconthbulonslfFllvAthlnth bpnd5WA3". 2024 £60.001-E70.000 £70.0014BQ.QQD go.￿1.£100.0 Thè Ihv fibovo èryloydssYplhTptiiemEntben8fits•cuulngwas E'OOQ t￿00 68 32

Sl Hugh's College Notes lo Iho flnanclal slalgmpnts For the year ended 31 July 2024 TANQ18LE FIXEDASSETS fjroup landand Totsl E'OOO £'o £'oM Co51 AtslartoTy•ai Addilion3 38.J99 3.501 42AOO 42 O•pr4¢11lion I8.￿0 767 3.243 11,503 fr28 Al*nd ofyt4 Al•nd ofyNr 2Q.6F9 20.B97 £'ODO È'ooo Cos1 3&.J99 42MQO AdthliDns thsptssals 42A51 Dèpréclatlon and Imp41r￿￿t 18JO 767 3,243 11,643 928 Iwlimbnl 3.444 2D.679 20.B97 33

Sl Hugh's Coll•go Notes to the flnan¢lal stslementS Far the year ended 31 July 2024 OTHER INVESTMENTS 2024 £000 Newmuneyinvoslèd $T.BJ8 ApiDv¢51edincofflo V$2) 257 265 7.974 Sroup 5nvosthièhts ai4nd Dlyeir 97,839 In¥es1M￿nlI￿3SSQd#tV$ Grèup In¥e¥tmvnls comprls•.' ￿&￿0￿￿1d9 IhE UK H•klln 2014 Tot41 £'DllQ H￿￿1￿ tho UK £'QDD 2023 Totsl t￿0D the UK £￿00 62.274 7.262 4.$3$ Ptoporty 53,e85 ei.204 4.598 17.$4ts 9,590 4.898 All?M81￿￿ and olhorlnvÈstynon 8,41 5.652 9.59D 4.JOI 43.469 97.$39 orth Oxltsrd ShaT4dCDlligi S•rvk•$LFM51Èd TliotollF99 25% ollhol&suÈdshHIF OJloid8hai¢dcdieg?SeNlc•i LhTdlgd. prov￿￿￿ ITsérwlc&st¢ Collogg. Thoconynyi.tdS IfjGo￿ra1Bd 20Ju1y 2017 In EngLind &Wo1oa. The Colle0• ovnsJJ.3£5 oflhF i55ved sharècarA1al¢fBtsÈlhuu5eConsDrtlvmUrrtlÉd Thè¢Èmp?Thyovms• boèthtsuse lh9tlsul1113￿ by IhèCollEgv The roiryanywas IntotPtsiHI￿28 Feb￿ary 198>th Enolahd &W45. Thlyln¥gsknnllz nO1￿ns¢￿10do￿ bas18offflatéilalily. PARENT ANDSVBSIDIARYUNDERTAKINSS subsidlarytQhWaNe5 wie1n￿Plll1Ied1Tht0lhtrÈltrUp finonci5131al•monls ofstHUgh5CollEge.aolhsuWtharytdwg￿e% bieiEthsleiÈdkn Efttslènd pr￿wales, StHuDh* Thoros￿lI& and the 065015 liaL4hUlsollhopAiéni4fid¥ub¥￿￿arf01 atthO￿al ¢￿￿Vre B5 ￿lI￿v￿. P4iéni ¢piftyp 2Q24 202J £'oDo 2D34 £￿00 202J 2024 202J rollQ 4T4 1478) TotBI asseL% 152.J$81 155.61 Ji 2.527 Rag5&1gi¢d¢pmp4nynumbir T197621 Avthori5ed. Allott￿ und Fultywold 1 01£1 •ach 34

St Hugli's College Notes to thp financlal slalgm•n For th8 year •ndfjd 31 July 2D24 STAYEMÈNTOF INIIE8TMENTTOTALRETURN pièSety¢d 1lrtsxpnivèl￿&ofIh>hnvèstÉd carAliIrè￿￿sontIlIs opon maikelY?Ive Et31 Jiily 2QQ2togtherYilho11 sUbsEgYpnte￿Q￿È￿tsvkI￿Éd Èldalèor Eippndabl End0%￿ne￿l To￿1 Endowments Tutsl R￿1 'otw) È'mo £orM) anonl ondovmiBnl 15,9$9 Toial Efidowmonti 3fr.1¥5 $$5 555 Inv•stmDntielvin tatalinyestmenlincojne IDve5tmEntipluM.- r¢ÈfisÉd Ènd uThiÉali&èdoalNsAnd ltssÉos Less. Fos1 I￿n￿l$ 794 799 1.19$ 4.085 S55 J.66Y 6.127 UnappliEdtot81 Iflvifi W1￿￿1ed*0 lfj Ih&tepdWfi9 E￿￿thd￿b￿ èndovm￿nlstranS[È1Iédio Incon 19J21 1932) 21 49 (3191 19J21 •trnoveMents In reportiny ppiiod 056 4.846 Iliè xpbndablo ondowmnt Total Endowminls A￿Mpa￿￿¥&nol￿lo12O￿23fivU[ql not•32 DÈtsTORS 2ty24 2023 Group 2023 Colege Group EQQD soo 420 AIMouThtsowd byGioup unttart8kj￿s 3T4 ljherdebto Amount¥ 1011iny pftèrmtsrè thAn onÈyÈar'. LoaNs 46 46 30 2,J96 35

St Hugh's College Not0$ lo IhF financlal sla¢omonl8 For the year ended 31 July 2024 2023 Qioup 2023 Grtsu £'ouo 'OOD 50 7fj5 50 753 753 765 29J Qlhpi ri4diioi 263 578 3$4 th5n AcuuA 2024 202J Group 2123 oIIp9V t'ootr £'ooo tlgfo1l￿ thcom 5J3 74 220 SY3 T4 MOvom￿ntÈ1￿thVyPal". 533 219 74 210 Dol&itÉd w131 Juty2024 CREDJTORS.. falllng dvpqHpitnDT•thinonèyiAr 2024 Group Eryjoo 2023 Qtoup 2024 2023 £wo 238 sD,000 aond 60,OQO so.ollo 50.DDQ Loan 1 £188k 12O23.- £ZJ8kl IPpaya￿&Q￿a1iértyl1O9R 40.27S¥#. datè 14n12D28 ÈpdF¥ASpniw Un%ocuiod Ète f¢r£25￿ ￿lI0¥￿dI￿9 l•imold5y¥is ￿t2.￿o% i•payabl•on 191h OGiobpi 2Q61 B Sinlor Uh$pruied NolFs4ig for£25ihboitOyiedfoi4 t￿M0150¥&￿(sIl2s?1 iop¥yobleon 1￿ Ociobèi 20FS FROVISIONS FIYR PENSIOWLIABILlllES 2023 202J ¢olEgg r￿0 Group E'NQ Colh £'ouo 2.544 12.5441 2.7D5 oso) 2,S44 12,5441 2,795 rds01 Sèttléd InthèyÈ8t 2.545 Th••b￿a wo¥l$i¢niplatP3toan 851n￿t01th4%b￿1pO1ll3￿ll1I05 815slng fiornth¢ ￿ndrfur￿l￿0rd0￿ffl8dè9ft￿l11pÉ￿5lDn 6GhemBs. 36

St Huoh's CollFge Notfys to Ihg finantlal ¥iat8mfrnt$ For the year frndfyd 31 July 2024 ANALYSISOFMOVEMENTS ONFUNDS Al l Augu¥t 2023 RgsoyiGp5 2024 £Tho £'DUQ £'No OD £wo EndowM4nt Funds-P&rmanènl 663 17,Y17 Foll0￿MpS and 76J 1629) 255 4$5 3.262 2J7 3.912 2D 6a (2DI 11.956) 0￿erpUrpoSeS 24 47J 266 StthBi$hl 3J2 47 eutsodo 278 29 306 lJ23 8,182 ¥$ Follow&hlpsandliciuiaiNsvs 8.048 SD $$ e82 J27 P41) 834 LlbRry OthÉr wrposés $0 28 99 TÈ7 TotalEDdovmwlli Fund$.CDIItyè 4,065 T¢lAI Endowihént Furtds-Group 4.065 Suu Kyisunwnei SGho Buiina Excha￿9 PitsgtAmir IlaliBn Pavia Exchanyp Ptogiam 322 3$ F) IJ3n 2) 302 C&tHlalwoloct3 Iwd 239 2$ 202 China Sluthe3 COll￿p112&s Fol1w￿￿p5 121 33$ J7 37 846 RFfii1biyh￿?nIanddOYeIQPMPnlvf￿￿I￿45 28 2$ Siudentsuppllrt 1.277 2.675 86 97 2.6TB Tot41 R•strkt•dFunds-Cdl•g• 1.070 79 Total R•strl¢t•d Funds-oroup 6.16J 3.2 20.609 13.920 P,5441 2.544 3.820 33.843 Tot41 Vnr•strf¢t•d Fundi-croup 3.830 3J.e43 Tot41 Funds 72,527 7,974 8&58S A¢Qmppra￿g Ivi 20221ZJfyuios 1¥Bh￿￿1￿ nolv32 b 37

Sl Hugh s College Notes to the financ101 siatsments For Ihe year ended 31 July 2024 FUMDS OF THE COLLEGE DETAILS Thg Qrtglns 3nd￿1p0￿&S tsféhollhpFufids gyr5BriP5. Fplknwhip& and Le¢luiÈihlps. ACvns￿1da￿QnO1gIfts￿r￿d￿n￿1¢ft￿vknéte In¢0[￿.￿rta01¢￿￿tsl.¢lln ￿US9￿ Ubmry, Prizes. SChDIa￿hS Usedfoi Ih&wdymnl¢fbut&ailÉs, IhF ¢051 Dlle1lMhipsandlec￿1•sh1￿S.th DlgiftsanddoThalonsthÈrèln¢oN. n¢IGppl￿l.(￿ll bo Funds- Expllldab￿.. Llbiary. Cha￿1.￿1$tOry.sC￿la￿Nps Gantr￿ EdueÈdrrn#IP￿￿stI an bB used loi IhègÉngial ÈdutatsÈnÈl W￿se5 oflhe ch?nty Arpns￿ld8lO￿0fgI￿aTrttd0￿3￿dh&YthgrY wlhpi Incomp, DilnGonw and Gapllal. taThbè ILEèd ltti¥ VpriptyolBduG4koniIpuip￿Bs such a&tiaVèluiaMs.ptiz￿¥￿d Sludenlsupport Rèllit￿$h￿¢￿l pnddeVg￿pMDn10￿b￿rdlllo Cillalptollldsf￿d to fifianco. hlnaEiudles Dlgifts4nddonoUonsvhÉrèbtslhlnctym b usqd forcaiéeidÉ¥èltsprn?nl Tp]￿¥￿h1PS. Aglftlo bè ¥ypnes olleGluies ov•ia IDy4ai ￿tI( Bu15ariI5. ScholatshlpS.Féllts￿￿Ps Aully Suu Ksry 8unNnorSchool ColkgoPrtzo1 AGon301hlaODThololftst0fur￿ In Chen￿51ry F￿re5 Pmlllct A wolttlto ials•furs lotlhÉ t￿d￿¢10pMentQf1he3lt8 ttioundlh•W4if&on OiÉ1gnaiédF￿nd5 gutsariF5.FE1lowAh￿ Bnd Lectul•shl￿. ￿n￿SInGle￿ Funds alloBathdby FON0%￿ olbuts?rfei Gèn•Talodu¢alkn31 put￿$96 UThiÈslrttlÉd F￿ndS bythe Fel￿￿? foTfuluiéynoiAI 0￿?1 puTpTryF¥ Fiiads illocalad byih•FÈiftsY6 ltyi pvoliptyoll￿utg colts ThoGEneralUnr•Jlrftlod Fund& r¢pi¢s$ni ¢¢cU￿￿￿tEd 1nGomFl￿Mtho Collégè¥adivI￿￿S￿nO¢lhp15￿U1CP5thal bro forthé gonÈrvJ PurptsSÈSOtlh&Col*ge ANALYSIS QF NET ASSETSBETWEEN FUNOS VnTeslriciod Ristrlcl•d Fundy 00 End￿￿nI Fundi 2024 Total £'ODD £woD TftngiNF Sxedaisels 20.OZQ 56.022 Y,979 Y,979 De￿ne¢ bFller1lpen￿Offl scha￿ labllly 3J,443 r1 lJ.585 RFSlri¢tsd Fund& È'wo EndLvnnBnt 202J Fur￿3 £￿0D E'OOO 20,897 9T.J73 6.S40 Other In¥￿t￿P￿t5 52.525 6.540 ($0.2J81 29.185 DefinodbonofrtpoThslonsehém&i#&lty 38

Sl Hugh's College Notes to the flnanclal slatomqntts Foi tho ytrar ond8d 31 July 2024 TRUSTEES. REklUNERATION The FFlloN%¥ RIQ Ihg Tiusly￿ tylthvC¢lÈ9v I￿th¥ putwsés ¢[tha￿ty ￿￿1￿¢￿1￿• nD 14mun•iiYaffl loi •clng i¥ tru%10es butaiepE￿bY pilhoToibvth olv Offldal Follow R8i•aich F8Now bplOY￿$.Th￿8Bs81jrf458le pEidon pxtsin01aG¥d?￿1¢￿fid￿¢￿dryXt-t￿l￿tèd &¢È1ÈsAnd¢fton aiélo4ThlAi1ang4m￿1sYIIhth&u￿V¢[sltyo1oKI0￿. AIIOffidalTUtorialFFIIo￿7 Efpghyiblg lorpHOu$i￿￿lo￿0n¢I.V￿I¢h1￿d¢l0￿￿wl￿nth8Sll1ly ThgG¢iiEgphO$ a RgmUn414￿QnCo￿￿llo0V￿1chMak•5loc0￿￿o￿dabDTh5tOCOv￿I￿lng BudyDn piyand benpfits￿￿h ￿1￿0￿￿￿￿¢1+¥i￿DaIseo1￿.ThI ¢¢th￿￿tIOn soloulln pago5 2401th0￿c￿o￿. Govemlng Body. OtrKFts andAdvisFrJ. RÈmunÈrall¢n pald toTrusth•& 2D24 2022 ¢itsSS l¢mhetAllon.taxab bitur TILlrtt?¥FEifw7 Rawo £3.ODO-£3.999 £4.NQ.£4.999 £8.000.£8.999 £17.MO-t17,$1# £19.000-£19.999 É2l.MO-t21.$99 £22.000-£22.999 £23,OQO-12J.g99 £24.QOO-£24.999 É25.QQO-È25.$99 £26.QOO.£26,999 É27.QOO-È27.$9> 4.6QE 21.2•7 48.soe 21.Jg8 24.628 I￿.37$ 27,289 25,02S É29.QOO-£2>.999 $9.4¢2 ÉS0.QOO.È50.999 50.650 É62,000-E62.999 £63,QOD.£63,999 É64,000-Ee4.99 311,245 64,82 85.790 £66.000-£6e.999 £87,QQD-E61,999 É76.QOD-E7e.991 £IOI,000-ElQ4.9 £105.000-£105.999 £120,QN-E12D.gDg É121.000-È12I.99 £145.QUQ-E145.9&fr £162.000-E163.99> 67,013 104,oe5 105,098 193,431 Trusi•as aio 01th8 Collogo bnddDnDtIFCWo iemunpiwtlDTr. Al TwsleTr8 mJyealatcoMmDnt&ble. fisranqllothei PMp￿Yp￿￿thO NDTiuJt80 cl&lmod oxponsF¥fo(¥nyiYoikperfoiMFd ès èTIU$Ig•. S••sl&onolo2a ROlatvdPI￿Ti8n$1c￿O￿s K•ymanag•m•nt Mmun•r4tlon Tho￿al iofflunpra￿0n p4ld tokfyjg￿Q1 414ft. P¥9¢ 4,yth& É783k12023. £768k). 39

Sl Hiigh's Colltroe Note$ lo the fSnan¢lal Statements For the yoar ended 31 July 2024 PEWSION SCHEMES Ppnslon SEhÈme$ Th￿C￿le￿epaM￿￿￿l￿I In pnnclpsl pansltsn Sthempsforlls Sioff-lhpunlve￿I1￿ssup￿[B￿nU￿ll￿ngth￿M&￿ss) and Ih&Unisv￿1lYofoA1Q(d SlaKPenslon Schéirt$lOSPSl Th8sssÈisofpHchschllffleaIèhe￿In3spafa1èltu5lee.Sdffll￿1stst￿tt￿￿s. USS OSPS Rre Con￿￿￿4￿￿￿11ed benefil 5chernéSli.E. Ihey Tho college h4salsDm¥g4va1RNetheNa￿Qj1SlEM￿0Vm￿nlfja￿17pS T￿5lforQfftp￿y¢ÈsWh04￿eeIllI0IgunaÈraui0ffl￿IC￿￿ffjIme￿lregu￿ll0￿5IQp￿slUnbe￿￿ffi5 ForUSS.. 2023 valuailonwo5 Ihe5ewBnlhvalQOtiun lorlhe scttein•ufideilhBschoffl&sppdfiGTundlnur￿lM￿ITQdUcedbythèP¢n$￿￿5A￿ 2001.￿h￿iequkn￿schern8S keYf￿3￿CIal￿S$￿m￿￿n￿uSed Inth¢ ZD23 v4lualknn ar¢desriedbeJow. TeftndepEndeThlr￿¢9ln IinewNhthethir¢r¢nrÈbeh¥eell IhiFLY£d Int￿e￿I￿nd InO¢xLinked y1e1dc￿rb¢sr¢$$.. 1.0% pB to 203Q. redudng Iln¢8iiy byQ.1% p4 fi¢m 2030. Bènefi15￿111 a35UrnPIIopiplii$ 3bpSBeThtrfi￿$uoJe￿tQo'5ollCap-oTs% {pro¥ldlng InlANoftÈrylnU￿seJUPlfj 5%, 4nd h4KDfgny¢xee55thnalntyAr5% Vplo a ma￿thUM￿lI0¥.).- CPlassuthP1itsn ￿nU52bps Pi£-rellrefflenl. 2.5%p Thpmalndemo¢ivphlG435umpbons used reLile tOlhgmort4rrtyasSunlp￿QN9.Thtr$P￿sS￿￿r￿￿ns Orè b4sedon an91￿1$¢[thE5Che￿*4)erie￿ce(4￿tsd•vlIs part oflhp2D20 O¢lu4Trk1v4lu4￿D￿. Th&m¢￿allIya3ill￿￿nsUSed1￿the￿ofIUies8it4￿f￿loWS'. Future In￿o￿EntS1O fflortalily CMI 2021 %Yilh4 5muolhlno pa¢amÈierot7.5. anlnili4l¢dditlDn DIO.4%p.a.£nd a IDnu.lefftlM￿ovÈMe￿1[￿l8 011.e% Pèhimales ano 1.5% p4foitemalA6 Assumdlifg ￿P￿¢tsnC￿s￿n IFtifmFnlitag&65.. 23.T 25.E 4.0 25.6 ed15 27.2 ZT.4 FDr05PS.. coniTrThullonended on Jolh SeplEfflbei2023.A provd5tonoftll6lkv¢4S fflade al 31 July2DZ3 loaccounl lorderiril recoveryp3Jmen15UPlo 301h StrpiembEr2023. The T￿Slee and Ihe Unlve15ily have auieel A Sthedulevthkhlook¢fl¢dlrom l 0￿0b￿r2D23 Endlakes a¢¢rJu￿O[lhe￿ffl0rlllOV￿￿P￿lSand 40

St Hugh's College Notes to Ihp flnan¢lal $t0tfymfynl$ For Iho year ended 31 July 2024 22 PENS10N SCHEMES Iconllfiuidl 311wr2022 £914m Valu¢ ol$ss¥s-. Egei Fund￿￿ SUI￿￿51(deffi￿)-. £47 Tho prfnrlp41 u¥gumptl¢n6 U59dbytho 4cluary￿r8 Rata ofinlere51 IperiDd5uploieiirempn Glls'42.25% Glls'+O.5% RPI Br¢ak.¢vénRP1￿I¥ttIQI5D.5% p4 pre-2030and 1.0% PB post-2030 cpi pi 1nnaiionossvmm￿Tr￿5S 1% pa we.2030andO.1% pkpo51-203D penS￿￿ab1eS￿l￿￿in¢W&S¢s io e2% n-PenslDnB(5-. 1O5%vf5lortda￿gjPyA madluffltablas lorbDlh malpsandfefflale5 PenS￿men$. ID5%¢fsianoa¢dE2PxA medluffllables ILYbDlhfflakSand f¢ma1¢S wtsn-pÈnsltsnÈ¢s.- 10s￿oIS1￿ndardsJpXI mEdiurntsble5 Iwbulh m91É50rt0 l¢iMo1É1 PpD5￿mP￿. ID$￿￿￿4￿￿￿￿S)pX￿￿ed1UMt9bt£3lOrbulh mElg5gnd itrm81¢s 16.5% DB toimemb¢rslroffl0111012023 10%112%114% 0¢ ielaUonio4% 16%I6%coStplBn-f￿MQlilQ12o23 ENBthlvedEie olTrgxivaluall¢nw05 3110JI2025 P•nhn chirgvlorlheyeir Tho ￿ns￿nchar￿a iecoidedbylhp CLqleBèdurfn9 Ihe #tttoun￿￿ll ￿￿0￿￿&￿trU￿r￿pt￿￿on finanGeGD51¥1 w05tyuo1 ltylh&tonlrtthlon& pay4blo ￿￿&r￿￿￿nGel￿th9 dÉfitSliÈ¢tsYèiy planas lollN¥. Sche 2024 £fjQD'5 2D23 $78 404 Un￿ois1￿010x(0[d Sl&KP¥nsloll 22 992 0￿•￿￿￿ditotS oT£O (2023".EOI. TAXATION comp￿nIeS hRvoindisplEd ￿41 Iniènd i¢ INk8 donabons wa¢hy?lliiothp Collpgg thpSAxablé rAoThls 01thocoryany under IhpGiRNidyrhO￿.AF¢0l￿lDaIy 24 REeONCILL4TIONOFNET INCOMINQ RE¥OURCÈSTO NETCASH FLOW FROM OPERATIOWS 2014 Orovp E'QOO 2023 Gmup lfjain5Mv$se5 Endovdnenldona￿on5 3.824 14TOI 978 928 cieasfrlQncieEselindebto (3$0) 67T IDeci4aselnThcie?seinplo￿V￿¥ Nit cash prO￿d•d by lusid hl oporollng p¢lMII&& 14.3271 41

St Hugh's Colleg$ No¢oS lo IliE flnanclal statements For Iha yoar ended 31 July 2024 25 AWALYS15 OFCASHAND CASH EQVWALENTS 2023 £'ooo 'ooo 8.956 7.044 26 ANALYSISOF CH4NGE8IN NETFUNDS 1 August202) Cè5h albank andin hand 80rro￿n95 extluding oy¢r4iafts 8.956 (50,23 0.25Jl FINANCIALCONMITMÈwr 2024 2023 rooo Ov£ifi¥•y&Ar& T￿811￿8￿8 Pa￿&￿1￿{eC0ynss9da& An •¥ppn50 [￿th•Y￿At￿nd￿d 31 J￿¥ 2024£6kP023.. £IOk). CAPITALCOIIMITlhÈNTS 28 Th?Collega hadt¢rtliÉ¢lEd Gon￿lI￿ntÈ ¢tJ1 Juty2024 1dilulUieca￿1Iryoj￿c1￿tthII1￿Y£Ok (2023..LQk). RELATED PARTYIftANSACTIONS TheCrAlegÈ Is partoflhe ¢olltsglal&Un1ve￿IWOfthlold.1AatPiIpl inleidopandÉn¢l&sbefvanth4 Unl¥P￿lty?nd 1￿C￿lI￿o?￿n$eal olthls tolAl¢n5hl Mern￿lS tsllhè Body.vthooietheTruil4És tlthPCollegtrA￿I￿la￿ P￿￿e31$donntrd by FRS 102. 1ooèlv•tpmunei4lon lÈ#h￿es Bs eTh¢loyè&sollhe Cd18￿ Délèifsoflheso paymonts OXWSgs ?s Trust￿￿ ar¢ dlsGlosedsJpaiotétylThihB5efiMntlAlstAlÈmFnl%. 7h Coll￿• ha5wopetbesm1￿th&Iollu￿I￿4 nwlbo0kvÈlvFyoYmedl￿nOy￿￿￿l￿5lpP¥untr4r￿rf&￿￿iw0¥rnipjhlp￿Yt￿￿￿Pn1s IhtrTiirJko and Ih&C¢ii¢gF. 2024 202J E'OOO £ou¢ Tolal CoN9ypb share Dlcuirénl n¢1 ￿QkY•lU￿ofpityPBth4YQVmttd1￿Trt￿y￿lbTMs1e Prof￿501 63 248 273 272 Piof&ssotC StsYpn¥ 7TJ 2S8 PIDf8s&oiM Husbgnd Pr01p$3￿ N Per￿nS 182 174 AlljimDteq￿￿pIO￿thg￿ viesubiBCtlosÈl&¢nlhEdepartur&¢fthpTpJsI￿ fv¢mth颢NF90. T41ald￿lI10nI mado 1vthv¢ollFuotyTrus￿&￿￿urfn9 Ihsy•èitot4llgd£6.611 12022.. ¢4,3$11 As p131 JU￿2034 Ih&iwpidpbi¥ outstAnthry byTm%loist¢ Ih&cpiftyFof£8.448 IW23.-£2B6). Inr•Jadon lohlgh labltrlunth ￿d(IN0[g￿lItm￿￿1rh1[9I￿. As al 31 July2024thor•vi•l$fivoulslondlllgamtsunts12023.' ThDoutsLan¢inH ￿￿￿jun￿l CONTINfjENf LIABILITIE$ Jo Th￿&V￿S a£lm ronti￿￿nE IIAIAhty4¥al 31 Ju￿2024. ItielEtes to &d￿￿lIOnthElwas0￿èn lot$ SPErifiG woi8dlho1iS longèrcolni tyhe￿. ThoGovomlng 8&lyhO¥ IIoMih&charityCoMnls4tsn to ￿lumth8￿￿3￿O￿a￿rjInth￿pI0c￿s5ofC￿￿pl•￿n0th1Ir￿nSaCtstin. 42

Sl Hugh's College Notes to the financlal siat¥m•nts For the ended 31 July 2024 U8 DEPARTklENTOF EDUCATION FIWANCIALRESPONSIBILITYSUPPLÈMÉNTAL SCHEDULE In SI￿$[a¢￿0￿0(ILS￿br￿aII0nS lof4cilits1oyll￿9￿ts ￿(￿￿5$ Iv us fEd¢lalfiMnclalald.thèC￿w01l I￿￿18￿, by US DgpartmpntQlEd￿9tiO￿. itypiisénl.t Th&sthÉdulè& hdvd boèn.. ppBied us1￿U￿11￿ Klngthno4noialWaccopicdaccounliny pilldKe.in FlnÈhtl3lRéwdngSiaThl4id 102 ￿R8 102) IhF gtatfmpnt PiaGnce.AccounbnpfoiFurfhei$rtd Hiah&i EdutalloThi201>édlllon)'. E'ooo 24 30 NÉipsséis vAth doThDI 49.73Q 49,045 8otui•d•ffld Ullsqcuiod ielakd pErty[￿e￿ab1tr UnsÉ¢urÈdrÈlatéd partwrttttwable SlalimontolFinanEielPo3thon- Pipppty. PIHnt and &q￿pm￿￿I. nel Dlthe Fillanclal SlalEmgnb-SlplvwpDi¢I Flnancial Pqs1￿￿n. Piopety. pqvlpmWI- Ptopèrty. planldndéqvlpMoTht. ntrtfjnBfudBs 20.897 P$Note 9A Pi¢pèrty. planland•qUlpmgnt-￿¥-1￿I￿￿Wfila￿U￿ 19.569 20.938 FSNtyt¢ 8B li FlnaThclal Slalements. St￿1?￿￿￿1￿1 FSNtsté BD Ptopèty. p1antondéqulpmoTht-pos1- (3 F8N￿ BC Nolgvllhy Plnartdal SlalomoThts-8ts10￿￿t0( Fin￿￿¢1￿1 Po5iVoh-¢on&trLrc￿￿ In piooitss L•31Orfyht￿1.u50 B?sel.npt Exclutrqd Une9 fthio Loas 9Nrth P051.emFlpymOnl pert&￿n 2.$4$ ÈthotythèThtartdpèMlon liatAlIll• 14,20.22 LqfiV.te￿￿ebt-fOI1OwtÈ1m￿￿I￿ts￿s 50.28 ?Dd Lln& DICrÈdil ftsi ￿n￿-léIin Ib M24.20.22. Not•D4btA Long-tsiffl d•￿-t￿lIo￿tel￿pUrPTrYf$pt*- I￿18￿1n1a￿on 50.286 Llne ofciedil IDI ￿n￿4¢rth (￿h 24.20.22. NtstèDsbt8 SlbtimentolFinancialFo5nSon- NbiÈ PoyÉbl and Llfie olciedil IDI ￿1h Long-t4imdobt-hrlowteimpuipDse¥pD31- I￿1￿1￿￿l8￿On Construction In wore55 Slat&mentolFlnancI4lF￿￿9￿- Nvlf PèyAblg and Llno olciedilloi ￿n￿.tel￿ puw5p& curionland kngtfjim)afid Lin?ofGIFditloi Construcfjon In tKOCOSS A24.20,22. NtstèDotic UnoolCi•dlllOiConibuc￿￿ffl lfi piDrF35 ExclydEd Ung21 Nol Llfiè21 L¢As#$ 25 AnDvibeS dtsnorrÈstrt¢Uons ÈldlÉm&ThtefFlnaTht141PosMon-Tenn èhdtsvffl￿￿IS 27 Ulg Ir¢tsm Iunds￿thd0nO[[el￿¢￿on 29 sialiMoThtolFknanEl4IPosl￿U￿- PFIpFiu￿1 JQ,949 27,Éeg 43

Sl Hugh'$ College Notes to tho flnancial statements For Ihe year ended 31 July 2024 US DEPARTMÉNTOF EDIICATION FINANCIAL RESPONSIBILITY$VPPLEhlENTAL5fjHEDVLE Iconllnuédl Llnps 43 ooj L'OO Total tnd Losses Sl?temFnl orActivi￿￿S-ToLllop&ia￿ng diiltyfmmSlotéinènltsfknty¥ihes sla1ernentolAt￿V1￿V$-wUn.opoia￿n nyè51￿￿￿1[elUifi appitspA31Ed lorspend1r￿l. Non-opirl￿ny1nd Nel Invg5tThnlikns$l lll.73ei Ri) 0th4icompMoTr1s pEnodiG pfrnsion ￿$15. pen51on. ¢hongÈsolhÉrlhpDnelpprilldK ￿￿$10￿, Ngtinvesbn•ntknsts$ 47 thFilhanp•ilodcpoTh4pn 24 SlalèryLenlofFillandalPoÉI￿0tt-H￿l 4110￿d0￿￿1 iostddkns 41 p550t3MilhovtdDMrtèSlnGbvn¥ 33.88J 30 No138s¢LSvlthdunDI to%likYon& 49.7JO 45,015 10 asJots Unlocui￿t¢lÉlÈdPyrty vab1oAhdReiBted paitynotè dlSt1tsg￿ig slalem8nlolF1Aa￿jWlP￿S1Uon-T01alA5$0l ExclUd￿unè1 Notp Leasès 128.359 Liasètityhil.us0 E¥setpté4mplÈmgnlFtiu lfflplémÉnlabD Ull•21 Pit4Mplmnlalonright￿f￿•l•￿so1 Spcuiedand UnsOCuryd l?Iptsd partyi•célvablv Nètlncomq Ratlo $5 e,701 3S. 1251. SlalémpnlofAcbvlV&s- (Néi 9$8Sts(olea94d T(441R￿E￿ueantsGah1 12.929 OlhÈiAddilion34ndEale tsfFlxédAss¢t5.gBins 44

Sl Hugh's College Notes to Ihg financlal 51aletnenls For the year endtrd 31 July 2024 32 ADDITIONAL PRIOR YEAR COMPARATIVES STATEKIENTOF TOTALRETURN 2021123 p￿r￿bEÈ Elld0Vffl￿￿l UnappSed Ttstsl Rotum É'o End¢Y￿{￿lS TnFSIt Total rooo GIftcornpDDentoTthg ￿{￿nB￿l￿d￿￿￿npnI 15.595 15.5 Ex[￿ndableendgw￿nent 15,59S 40,048 In réport5Th9 pÈr50d.. 470 470 470 75J 19801 753 (96D) Léss. InvésknèntmanAoémÉnl ttD&ls Total 384 257 UThappll8dtoLIlMluin alktalad Inth8 1•po￿ng p&Aod ElPe￿#bE￿ pndmn15tyBn51fiiÈdièlnr¢ 11.25n NitrnDvoM•nt& In rnportkn#pirltsd 1£.9$9 1S.9$9 Èpèndablè8nd￿.￿n¢nt TvlilEndowmqntS 45

Sl Huuh's College Nol8¥ to the financlal sla¢8m•nt$ For Ihe year ended 31 July 2024 32 AODITIONAL PRIOR YEAR COMPARATIVESItOhtsn￿dl ANALYSIS OF AIOVEMEVtSON FUNDS 203W23comparallY• 2032 £ToD eKpendod £WOD Trans1ty5 £WQD E'OOD Funds-Pèirn￿nwnl e77 fj63 17J7} pii(PQ9q¥ 11201 SOY 3.272 242 20 70 10 232 415 (81 (160) SChD￿[ShIp& J,942 EndowmontFunds.Expvnd?blv 14$ 218 266 $5 14D 8.454 52 SEQ e92 bièry Other puipoiés 12) (21 50 950 682 P41 Tola1Endo￿ThanIf￿￿￿5-Col[e9v 4D,048 2.082 Totsl Endovffli•nl Fulld&-Group Rpstrfrted Funds Aung San SuuKw6u￿￿pISch0￿J euiwa Exchaw8 Piooiami 14 412 29 28 25 CatAlal piolètts l￿d CaioÉidv¥£lupnFnl Ipllowshlps Chlna Sil￿10$ ￿l￿1n 61 P51 2Jg 2J9 FFllow&Nps 35 37 (Ji 30J 338 Ji 655 45 <621 Lega￿￿￿éOnI￿uPWrt Futures Pfoleci 200 551 T¢t41 R&5tilFtFdFunds-Colhg• 5.852 6.163 Tol0lR￿ir￿t9d Funds-Group 5.8S2 6.76J 57 (976) 4,499 250 29.498 2,420 U￿dIal￿¥ Totsl Unmsirtcièd Fund¥-Sroup 29.49B 13.8 Q,420 Tot41 Fund 75,J 15,561 14,804 46