2024-06-30-accounts

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ST JOHN’S COLLEGE CAMBRIDGE

Annual Report and

Financial Statements

for the year ended 30 June 2024

Registered Charity number 1137428

	Page
Trustees’ Report	1
Reference and administrative information	1
Governance	3
Objects and aims	4
Activities, performance and future plans	5
Financial review	6
Principal risks and uncertainties	11
Responsibilities of the College Council	12
Statement of internal control	13
Outlook	14
Independent Auditor’s Report to the Governing Body of St John’s College	15
Statement of Principal Accounting Policies	18
Consolidated Statement of Comprehensive Income and Expenditure	29
Summary Consolidated Statement of Comprehensive Income and Expenditure	30
Consolidated and College Statement of Changes in Reserves	31
Consolidated Balance Sheet	32
College Balance Sheet	33
Consolidated Cash Flow Statement	34
Notes to the Financial Statements	35

Trustees’ Report

REFERENCE AND ADMINISTRATIVE INFORMATION

Status

St John’s College, Cambridge was founded in 1511 by Lady Margaret Beaufort, the mother of Henry VII, and is one of the largest of the 31 colleges within the University of Cambridge, each of which is an independent, selfgoverning, body with its own property and income. Formerly an exempt charity, the College became a registered charity on 1 August 2010 with registration number 1137428 and is subject to regulation by the Charity Commission for England and Wales. The formal title of the College is the ‘College of St John the Evangelist in the University of Cambridge’. The short title is ‘St John’s College, Cambridge’.

Address and website

St John’s Street Cambridge CB2 1TP www.joh.cam.ac.uk

Charity trustees

The charity trustees of the College, who are the members of the College Council, during the year were:

The Master, Mrs Heather Hancock (Chair) Professor Ben Simons Professor Christine Gray Professor John Rink Professor Steve Edgley Dr Paul Wood (resigned 30 September 2023) Professor Chris Jiggins (resigned 30 September 2023) Dr Mark Oakley (resigned 30 November 2023) Dr Victoria Harvey Professor Máire Ní Mhaonaigh (resigned 31 December 2023) Dr Sylvana Tomaselli Professor Usha Goswami Dr Jack Smith Professor Edward Tipper (appointed 1 October 2023) Professor Albertina Albors-Llorens (appointed 1 October 2023) Professor Eric Miska (appointed 1 December 2023) Professor Nathan MacDonald (appointed 1 January 2024)

Senior Officers

Master (or Head of House) President Senior Tutor Senior Bursar

Mrs Heather Hancock Professor Steve Edgley Mr Richard Partington Mr Chris Ewbank

Trustees’ Report (continued)

Membership of the Governing Body

The members of the Governing Body of the College as at 1 October 2024 are set out below: Master: Mrs Heather Hancock President: Professor Steve Edgley Other Fellows (in order of election) Dr Ben Garling Professor Neil Arnold Dr George Reid Dr Stefano Castelvecchi Dr Ruth Abbott Professor Patrick Boyde Professor Ann Louise Kinmonth Dr John Leake Professor Janet Lees Dr Alan Macfarlane Professor Stefan Reif Professor David McMullen Professor David Stuart Dr Keith Matthews Dr Mark Nicholls Mr Ray Jobling Dr Matthias Dörrzapf Dr Andrew Macintosh Professor Andy Woods Professor John Iliffe Commodore John Harris Professor Malcolm Schofield Professor Serena Best Professor Tim Bayliss-Smith Dr Petra Geraats Professor Steve Gull Dr Paul Wood Professor Howard Hughes Professor Emily Gowers Dr Peter Goddard Professor Usha Goswami Professor Peter T. Johnstone Professor Richard Samworth Professor Ian Hutchings Professor Graeme Barker Professor Richard Beadle Dr David Williams Dr Derek Wight Dr Sylvana Tomaselli Professor Sir Richard Friend Mr Chris Ewbank Mr Chris Gray Dr Robin Glasscock Dr Frank Salmon Professor Robert Tombs Professor Chris Warnes Mrs Alison Cox Dr Dick McConnel Professor Chris Jiggins Dr Sofia Singler Professor David Midgley Mr Stephen Teal Dr Jef Laga Dr Martin Richards Dr Tomas Larsson Dr Amy Orben Professor John Kerrigan Professor Robert Mullins Professor Graham Burton Professor Tuomas Knowles Professor Geoff Horrocks Professor Jason Robinson Dr Rakesh Arul Professor Sir Partha Dasgupta Dr Georgina Evans Professor Hugh Matthews Professor Mete Atatüre Professor Jane Heal Professor Zoubin Ghahramani Professor Tom Hynes Professor John Rink Dr John Colley Professor Nick McCave Professor Erwin Reisner Dr Andrew C. (Ricky) Metaxas Professor Ole Paulsen Professor Simon Conway Morris Professor Austen Lamacraft Ms Tanya Kirk Professor Ernest Laue Professor Uta Paszkowski Professor Robert Evans Professor Nathan MacDonald Dr Sue Colwell Professor John Taylor Dr Helen Watson Professor Andrew Arsan Dr Elena Giusti Professor Christel Lane Professor Meredith Crowley Dr Christopher Robinson Professor Michael De Volder Professor Yuri Suhov Professor Hannah Joyce Dr Yan Wang Professor Simon Szreter Professor Orietta Da Rold Professor Deborah Howard Professor Albertina Albors-Llorens Professor Manucha Lisboa Professor Edward Tipper Dr Holly Smith Professor Ulinka Rublack Mr Tim Watts Professor Ben Simons Professor Adam Chau Professor Maire Ní Mhaonaigh Professor Graham Ladds Professor Duncan McFarlane Professor Richard Gilbertson Professor Christine Gray Dr Fleur Kilburn-Toppin Dr Ian Winter Professor Andy Wheeler Professor Nick Manton Dr Gabriella Santangelo

Professor Laura Torrente Murciano Dr Ruth Abbott Professor Eric Miska Professor Jean Abraham Professor Helen McCarthy Professor Dhruv Ranganathan Dr Becky Shercliff Dr Morag Morrison-Helme Professor Amanda Sferruzzi-Perri Professor Alexander Bird Dr Nick Friedman Dr Virgil Andrei Mr Richard Partington Dr Darshil Shah Professor Laura Diaz Anadon Dr Ella Sbaraini Professor Nic Lane Dr Matteo Seita Dr Jessie Munton Mr Chris Gray Dr Ritwick Sawarkar Mrs Alison Cox Dr Sofia Singler Dr Jef Laga Dr Amy Orben Professor Sarah Hall Dr Brigid Ehrmantraut Dr Rakesh Arul Professor Po-Ling Loh Dr Michael Boemo Dr Leah Downey Dr John Colley Dr Andrea Luppi Dr Vicky Johnson Ms Tanya Kirk Dr Emily Gordon Dr Marta Grześkiewicz Dr Catherine Bradley Dr Elena Giusti Dr Rachel Bryan Dr Faidon Varesis Dr Yan Wang Dr Helena Gellersen Ms Eve Houghton Dr Holly Smith Dr Joshua Jackson Dr Irene Dedoussi Dr Dorian Gangloff

Trustees’ Report (continued)

Principal Advisers

Actuaries	Cartwright Group Ltd, 250 Fowler Avenue, Farnborough Business Park, Farnborough,
	Hants, GU14 7JP
Auditor	Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW
Bankers	Barclays Bank PLC, Abacus House, Castle Park, Castle Hill, Cambridge, CB3 OAN
Investment Consultant	Lane Clark & Peacock LLP, 95 Wigmore Street, London, W1U 1DQ
Property Advisers	Savills (L&P) Ltd, Unex House, 132-134 Hills Road, Cambridge, CB2 2PA
	Savills (L&P) Ltd, Wytham Court, 11 West Way, Oxford, OX2 0QL
	Carter Jonas LLP, One Station Square, Cambridge, CB2 1GA
Solicitors	Mills & Reeve LLP, Botanic House, 100 Hills Road, Cambridge, CB2 1PH

GOVERNANCE

The Governing documents of the College are its letters patent of 7 August 1509, its deed of foundation of 9 April 1511 and its Statutes of 1926 as variously amended from time to time (the Statutes). The Statutes describe, among other things, the membership and responsibilities of the Governing Body and Council; the election and duties of the Master and President; the election, admission, tenure and removal of Fellows; and the appointment and duties of College officers. The Statutes are supplemented by orders for the regulation of the College’s affairs, made by the Council in accordance with the Statutes.

The members of the College Council, which is responsible for the day-to-day administration of the affairs of the College, are the charity trustees and are responsible for ensuring compliance with charity law. The members of the Council are the Master and twelve Fellows elected by the College’s Governing Body for rotating four year terms. The members of the Council during the year ended 30 June 2024 are set out in ‘Reference and administrative information’ on page 1.

The Governing Body of the College consists of the Master and all Fellows, and is the ultimate authority in the government of the College. It meets termly or more frequently as necessary.

All members of the Council are given, on appointment, an induction pack containing key Charity Commission guidance on public benefit and the good governance of charities, and the policy of the College for the management of conflicts of interest. Members of the Council are also required to complete a Register of Interests and declarations of interest are made systematically at meetings.

Elected representatives of the junior members of the College attend College Council meetings for the discussion of matters directly affecting the interests of undergraduates and post-graduates.

The Master of the College is elected to office by the Fellows for a fixed term or until earlier resignation. They are responsible for general oversight of the affairs of the College. The Master chairs the Governing Body and the Council. In the event of incapacity of the Master or a vacancy in the Mastership, a Vice Master is appointed to act in the Master’s place.

The other College officers most involved in the governance of the College are as follows: the President, who is elected by the Fellows for a period of up to four years and, among other duties, acts as the Master’s deputy in their absence; the Senior Tutor, who has overall responsibility for the admission, education and welfare of students; the Deans, who

Trustees’ Report (continued)

are responsible for overseeing the Chapel and the conduct of junior members of the College; the Senior Bursar, who is responsible for managing the College’s finances; and the Domestic Bursar, who manages the domestic affairs of the College.

It is the duty of the Council to keep under review the effectiveness of the College’s internal systems of financial and other controls. The Council appoints the Audit and Risk Assurance Committee whose duty it is to advise the Council on the appointment of external auditors; to consider reports submitted by the auditors; to monitor the implementation of recommendations made by the auditors; and to monitor risk management and control arrangements. The Audit and Risk Assurance Committee makes an annual report to the Council. Membership of the Audit and Risk Assurance Committee comprises three members of the Council who are not College Officers, one other Fellow and two external members. The Council also appoints a separate Board of Scrutiny which acts as a Board of Scrutiny and reports to the Governing Body.

The Visitor of the College is the Bishop of Ely.

OBJECTS AND AIMS

Objects

The charitable objects of the College are, for the public benefit, to advance education, religion, learning and research, particularly but not exclusively through the provision of a College within the University of Cambridge and through the provision of facilities for, and the conduct of, divine service within the College.

Aims

The College has developed a series of aims that summarise its approach to achieving its charitable objects, which are:

To admit students on the basis of academic ability and potential alone irrespective of financial circumstances and social, religious or ethnic background, to preserve the College’s ability to select the best students and to provide financial support to students;
To maintain a balanced mix of undergraduate, taught post-graduate and research post-graduate students, and to preserve a broad range of academic activity whilst remaining small enough to retain a sense of community and individuality;
To deliver an outstanding education for undergraduates and post-graduate students, and to sustain the supervision and tutorial welfare systems that are pivotal to the University’s tradition of excellence;
To encourage and support research of international importance by Fellows and post-graduate students, and to introduce undergraduates to the nature and excitement of original research;
To carry forward the tradition, maintained continuously since its foundation, of being a place of reflection on matters of religious faith;
To provide outstanding social, cultural, musical and sporting opportunities that are a key part of the experience offered by the College and which contribute to the personal development of its members;
To conserve and enhance the College’s historic buildings and grounds, an important part of the world’s architectural heritage, whilst at the same time providing first-class facilities and infrastructure for the activities that take place within them;
To preserve the College’s independence and self-determination, which with that of other Colleges is a fundamental ingredient in the diversity and success of the collegiate University;
To take a lead in sustaining and enhancing the ability of the University to continue as one of the world's very top academic institutions, in the face of increasing international competition;
To recognise and value all our alumni as life-long members of the College community, appreciated for their continuing involvement in, and support of, the College; and
To operate on a sustainable basis, deploying our resources in a way that preserves intergenerational equity, and living within our means.

Trustees’ Report (continued)

ACTIVITIES, PERFORMANCE AND FUTURE PLANS

Introduction

In setting objectives and planning activities, the College Council has given careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing education, advancing religion and on fee-charging.

The principal objectives of the College for the year were: to continue to strengthen the College’s access and outreach programme; to strengthen the teaching capabilities of the College; to continue to improve academic performance in Tripos exams; to continue to contribute to the research capabilities of the University through the College’s Research Fellowship and other schemes; to continue to provide opportunities for University post-doctoral researchers to become associated with the College; and to continue the College’s successful fundraising programme, with a specific focus on raising Endowment funds to provide secure future funding for the Free Places scheme.

Activities and Performance

St John’s received an increased number of Undergraduate admissions applications in 2023-24 compared with the previous cycle, with 1,440 applications received and 824 candidates interviewed (2022-23 1,118 and 784 respectively). Interviews were conducted remotely, as has been the case since the 2020-21 admissions cycle. A sizeable programme of outreach and recruitment activities has been undertaken. This included open days, school visits, subject taster sessions and admissions clinics. There has been continued engagement with Link Areas and other targeted schools through in-person visits and online outreach sessions alongside collaborative outreach programmes targeting particular cohorts of prospective applicants.

St John’s carried on contributing to the University-wide Cambridge Bursary scheme. In total, 190 means-tested bursaries were provided in the year, of which 95 were at the maximum bursary level (£3,500 for the full academic year; £5,600 for independent students or clinical MVST students). 41 students who had been on Free School Meals received the Education Premium, an additional grant of £1,000.

At a College level, we awarded 75 St John’s College Studentships to undergraduates from a low-income background (family income up to £25,000) totalling to more than £450k. We also awarded 14 Studentships to students from middle-income background (family income between £25,000 and £42,620) totalling to £68.5k. We have also awarded three pilot Free Places to students from low-income background who had been on Free Schools Meals. 47 students received College funding for their summer projects and activities in Long Vacation 2023, whereas 162 students have been awarded Travel Grants. The total amount awarded in 2023-24 to fund research projects, summer activities and travel has been £94k.

Five Pre-Admissions prizes were awarded to Home students from state schools who started their undergraduate studies at St John’s in October 2023. There have also been 2 full undergraduate scholarships; 25 partial undergraduate scholarships; and 5 top-up funding bursaries for international and EU undergraduates. Between July 2023 and June 2024, 483 students have received Learning & Research Fund support totalling £190K. During the same period, £24.5k of financial shortfall assistance has been provided to undergraduate and postgraduate students.

Two Title E Fellows and five Title B Fellows were elected. Five new Research Fellows were elected in: Mathematics; Human, Social and Political Sciences; Anglo-Saxon, Norse & Celtic; Physics & Astrophysics; and English. Five new College Research Associates were appointed offering College affiliation to post-doctoral researchers in the University.

Future Plans

The College Council has approved a series of clear priorities for taking the College forward over the next few years. These break down into four areas: students; the Fellowship; stewardship; and cross cutting and enabling themes.

With respect to students, a series of actions have been identified to create a distinctive collegiate experience for the College’s students, focused on areas that can make the greatest difference to their academic progress as well as investing in their intellectual, cultural and social capital and supporting their wellbeing.

Trustees’ Report (continued)

Priorities concerning the Fellowship revolve around reviewing the size, shape and experience of the Fellowship so that it continues to be structured and operate in ways that support scholarship and research excellence, provide excellent teaching and learning for our students and foster collegiality, intellectual exchange, academic freedom and support the stewardship obligations of the College.

With respect to stewardship, the College aims to exercise stewardship in the interests of future generations of the College, for the wider public good and for the wellbeing of the planet. This work straddles operating in a financially sustainable way, enhancing the Chapel’s impact on our purpose as a place of religion, the wider life of the College and the public good, taking forward our climate change action plan and maintaining and caring for our buildings and grounds.

The key cross cutting and enabling themes include: further developing and implementing the College’s estate masterplan and landscape strategy; exploring how our libraries, archives and records can add further value to educational and research life and public outreach; improving the resilience in critical College infrastructure and processes; increasing awareness of the College through a strategic and integrated approach to communications; and creating a collaborative, supportive and continuous improvement workplace culture to attract and retain high performing and dedicated staff who enjoy their jobs.

FINANCIAL REVIEW

Scope of the Financial Statements

The consolidated financial statements include the College and the College’s wholly-owned subsidiaries which are:

St John’s Enterprises Limited, which undertakes principally conference and tourism activities;
Aquila Investments Limited, which undertakes principally property development and farming;
St John’s Innovation Centre Limited, which manages St John’s Innovation Centre on behalf of the College, and provides advice and guidance to early-stage knowledge-based businesses in the Cambridge sub-region;
Lomas Developments Limited, which undertakes principally property development; and
St John’s College School, Cambridge and its subsidiary SJCS International Limited, which licences intellectual property in relation to St John’s College School.

The accounts of dormant companies are also consolidated.

The financial statements are produced by the College having regard to the Recommended Cambridge College Account (RCCA) format introduced through revisions to Statute G,III of the University which replaced the previous format introduced in 1926 by the University of Cambridge Commissioners.

Trustees’ Report (continued)

Results overview

Income before donations and endowments

Overall, income before donations and endowments increased from £47.1m in 2023 to £53.5m in 2024. The most significant factors were an increase in investment income, particularly income from securities, an increase in commercial catering and conferencing business, and income from filming in the College grounds.

Income before donations and endowments represented 87.3% of income in 2024, an increase from 83.2% in 2023, reflecting the significant increase in investment income and a small reduction in new endowments and capital grants in 2024.

Development and Fundraising

College fundraising is focused on the support of a number of activities across the College: teaching and research; student support, including bursaries and scholarships and outreach and access; the maintenance and development of the fabric of the estate; co-curricular activities including sport, music and the arts; general purposes, and an annual fund.

Income from donations and new endowments represented 12.7% of total income (16.8% in the previous year).

Trustees’ Report (continued)

Total donations decreased from £9.5m in 2023 to £7.8m in 2024, due to a particularly high total of Endowment donations in 2023, but fundraising remained strong, particularly for the Christopher Dobson Free Places scheme. Current Use donations increased by 30.6% on the prior year, while grants for capital assets fell significantly.

St John’s College is committed to best practice in relation to all fundraising activities, which are carried out by an inhouse Development team who are subject to the scrutiny of the Development Committee and College Council. During this financial year, the College did not engage with any other third parties to carry out fundraising activities on its behalf and in-house fundraisers employed directly by St John’s College have carried out all fundraising. During the year, the College has carried out face-to-face fundraising meetings and a variety of digital and postal direct marketing appeals.

The College is registered with the Fundraising Regulator and has set up internal protocols and procedures to adhere to the Code of Fundraising Practice as a set of guiding principles to ensure fundraising is legal, open, honest and respectful. This national code of practice includes rules governing consent, data sharing, data protection and privacy relating to all electronic and print communications. Within this framework the College is fully compliant with data protection regulations. Face to face meetings with donors and potential donors are conducted only with the prior consent of the individual. A series of guidelines, in line with the recommendations set out in the Fundraising Regulator’s Code of Fundraising Practice, has been adopted to protect vulnerable people and to guard against intrusion on a person’s privacy. Unreasonably persistent behaviour by fundraisers or undue pressure on a person to give money or other property is neither tolerated nor encouraged. We will not knowingly accept a donation if we know, or have good reason to believe, that a person lacks capacity to make a decision to donate or is in vulnerable circumstances which mean they may not be able to make an informed decision. Our policies are continually reviewed and kept in line with the guidance set out by the fundraising regulator. All fundraising staff are reminded of their obligations annually, and training is provided. Our complaints procedure is available to view on our website. The College received no formal complaints in the financial year 1 July 2023 to 30 June 2024.

Expenditure

The main areas of expenditure for the College and a description of key changes are set out below:

Trustees’ Report (continued)

Residences, catering and conferences costs rose by £2.2m due to a combination of increased activity and significant rises in energy costs, food and agency staff costs compared to the previous year. Within Investment costs, there was an increase in property management costs, and an increase in the costs associated with the securities portfolio. Other expenditure had included a one-off charge of £0.5m for loss on disposal of fixed assets in 2023.

The Contribution under Statute G,II is an intercollegiate taxation charge which is contributed to the Colleges Fund, which makes grants to colleges with inadequate endowments.

The expenditure for each of the activities described above is made up of staff costs, other operating expenses, depreciation, and interest and other finance costs, as follows:

The increase in Other Operating Expenses was driven by high inflation, particularly in utilities and food costs, and an increase in expenditure on maintenance of the College estate. Staff Costs and Depreciation both showed a small increase on the prior year, and interest increased as a result of a higher drawn balance and a higher rate of interest on the College’s floating-rate borrowing.

Results on the distribution basis

The College manages all its long-term investments on a total return basis and determines, through a spending rule, a prudent distribution each year. However, whilst accounting standards permit permanent endowment funds to be accounted for on a total return basis, they do not allow expendable funds to be accounted for on that basis. Since the College invests its funds classified as expendable endowments and reserves, as well as its permanent endowment funds, on a total return basis, the Consolidated Statement of Comprehensive Income and Expenditure of the College does not therefore reflect all of the distribution determined under the College’s spending rule, from expendable endowments and general reserves.

The College has therefore adopted the approach of providing additional information following the Consolidated Statement of Comprehensive Income and Expenditure to show what the income and deficit of the Group would have been had income in the Consolidated Statement of Comprehensive Income & Expenditure instead been based on this “distribution basis” i.e. reflecting the full distribution from expendable endowments and general reserves. The summary results set out below are on the distribution basis, as the College considers that this more appropriately reflects its financial performance.

Trustees’ Report (continued)

The College’s Consolidated Statement of Comprehensive Income and Expenditure on the distribution basis for the years ended 30 June 2024 and 2023 are summarised below:

2024 2023 £’000 £’000 54,823 49,107 7,770 9,492	Change £’000 5,716 (1,722)	% change 11.6% (18.1%)
62,593 58,599 50,287 45,745	3,994 4,542	6.8% 9.9%
12,306 12,854 6,500 6,358	(548) 142	(4.3%) 2.2%
5,806 6,496 (914) (2,192)	(690) 1,278	(10.6%) (58.3%)

A reconciliation of total income on the distribution basis to total income recorded in the Consolidated Statement of Comprehensive Income and Expenditure is included at note 3g.

Capital Expenditure

The Group incurred capital expenditure on tangible fixed assets during the year amounting to £10.1m, compared to a prior year figure of £9.9m. Expenditure in 2023-24 included £1.9m to complete the conversion of buildings on the West side of the College site into a new Porters’ Lodge and administration building, £3.3m on major refurbishments of existing student accommodation, £2m on planning and design for a new post-graduate accommodation campus to be constructed close to the College ready for occupation in 2027, and further investment in IT infrastructure.

Balance sheet

Consolidated net assets stood at £1,016.4m at 30 June 2024, up £30.2m (3.1%) on the prior year. The increase was caused by the £27.5m surplus for the year and a £2.7m actuarial reduction in pension deficit liabilities.

Reserves

At 30 June 2024, the unrestricted income and expenditure reserve stood at £265.6m, up £7.5m (2.9%) on the prior year. There were no movements in the year other than the surplus for the year, and actuarial gain on the College’s defined benefit pension schemes shown within Other Comprehensive Income. The revaluation reserve decreased by £0.04m to £8.8m following the revaluation of an operational property which was transferred to investments during the year.

Restricted and endowment reserves increased by £22.8m (3.2%) compared to the prior year; within restricted reserves the balance of funds held for current use increased by £0.6m to £2.1m, donations for capital grants reduced by £1m to £0.3m, and expendable restricted endowments increased from £43.7m to £47.9m. The endowment reserve increased by £19.1m (2.8%) to £691.8m, of which £167.7m (2023: £145.9m) is held in permanent endowment funds with restricted purposes, and £524.1m (2023: £526.8m) in permanent unrestricted endowment funds. The reduction in the balance of permanent unrestricted endowment funds is due to the fall in property valuations during the year.

Total funds as at 30 June 2024 were £1,016.4m, up £30.2m (3.1%) on the prior year.

Trustees’ Report (continued)

Endowment and Investment Performance

The College has a pool of capital invested for the long-term to support the charitable activities of the College by providing a reliable source of funding for the College’s operations in perpetuity. This is known as the College’s ‘Endowment’ though it includes assets other than the investments as set out in note 9, and does not include those investments held principally for operational purposes.

The investment objective of the Endowment is to produce the highest total return consistent with the preservation of long-term capital value in real terms (such that the College itself can fulfil its charitable objectives in perpetuity and be even handed between the interests of present and future beneficiaries), an acceptable degree of risk and the maintenance of appropriate liquidity.

The total value of the Endowment was £798.1m at 30 June 2024, up £29.8m (3.9%) from its value at 30 June 2023. The increase was due to endowment donations received and gains on investments in securities, offset by a drop in valuation of investment properties.

The assets and liabilities of the Endowment fall under a number of headings in the accounts, with the following breakdown:

Investments Tangible fixed assets Stock Trade and other receivables Cash and cash equivalents Sub-total assets Creditors falling due within one year Creditors falling due after more than one year Total	2024 2023 £’000 £’000 741,757 691,505 28 36 143 185 9,729 9,309 67,509 74,929	Change £’000 50,252 (8) (42) 420 (7,420)	% change 7.3% (22.2%) (22.7%) 4.5% (9.9%)
	819,166 775,964 43,202 (21,108) (7,694) (13,414) - - -		5.6% 174.3% -
	798,058 768,270 29,788		3.9%

The College is exposed to foreign exchange risk on the investments it holds in foreign currencies. The College’s policy is not normally to enter into forward foreign exchange contracts to offset exposure to foreign exchange movements in respect of these investments, and none was outstanding at June 2024 or June 2023.

The College operates a policy concerning Environmental, Social and Governance factors relating to Endowment Investments. Under the terms of that policy and having regard to the requirements of charity law to maximise returns, the College seeks to ensure that investments are not made in companies whose practices are in conflict with the charitable purposes of the College or are likely to alienate the members or benefactors of the College. The College also monitors and engages with investment managers on their ESG policies and practices.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks the College must address are the long-term ability to maintain and develop its educational and research activities, to attract the best staff and students, and to maintain and renew its physical facilities.

The key financial uncertainties and risks, and the measures taken to manage them, are:

The long-term impact of the student financing and fee model on College fee income: The College monitors the real value of fees for each type of student, and the diversification of the student body between different types of students reduces the possible impact of a significant adverse change in one area of fees or funding;

Trustees’ Report (continued)

The costs of future student financial support: The College has developed a long-term funding strategy for student financial support, and is actively fundraising to support this, including through the establishment of permanent endowment funds to guarantee the availability of funding in the future;
The impact of high inflation, particularly in light of the fact that regulated fees for home undergraduate students are currently fixed in nominal terms: The College monitors its expenditure and adjusts its activities where possible to mitigate the effects of high inflation. The College has taken steps to strengthen its Procurement process, with a Procurement Policy approved during the year and a new web-based procurement system for purchasing ordering and invoice approval going live in June 2024;
The impact of higher interest rates: the College borrows through a combination of long-term fixed-rate debt, the cost of which is unaffected by rising interest rates, and a floating rate revolving credit facility, the interest rate on which increases with rising market rates. The interest cost of floating rate debt is mitigated by efficient treasury management to ensure the revolving credit facility is only drawn when needed;
Movements in investment markets reducing the real value of the Endowment: The College’s Investments Committee, with advice from an Investment Consultant, regularly reviews actual and projected returns and monitors the asset allocation within the Endowment to ensure adequate diversification of investments. The target spending rate is set at a prudent level to preserve the purchasing power of the Endowment in real terms, and the spending rule is designed to protect the College from a sudden fall in income should there be a material fall in the markets by the application of a cap and floor on the annual distribution;
Unexpected building maintenance expenditure: The condition of the estate is monitored through condition surveys, the incidence of complaints or accidents, and the level of interest in booking facilities, and a maintenance and refurbishment programme is in place with the appropriate resources to maintain the College’s estate;
The climate crisis: The College has announced its target to reduce greenhouse gas emissions to net zero before 2050 and to achieve a steep reduction by 2030, and is developing an ambitious programme of work to achieve this across both operational and investment properties, and has committed to divest from all meaningful indirect investments in fossil fuel companies by 2030. These developments will have significant financial implications for the College; and
The long-term cost of defined benefit pension provision: The College participates in several defined benefit pension schemes, and estimates future cost of contributions through review of the scheme actuarial valuations and Pension Trustee communications. The College has taken steps to reduce exposure to rising employer contributions in the largest scheme, through closing the scheme to new entrants and adjusting contributions to ensure a more equitable split between employer and employee contributions, and is making deficit reduction payments into each of the schemes as required by the scheme valuations.

The College monitors and manages risks more widely through the internal control processes outlined in the Statement of Internal Control below.

RESPONSIBILITIES OF THE COLLEGE COUNCIL

In accordance with the College’s Statutes, the Council is responsible for the administration of the Group’s and College’s affairs.

The Council is responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Statement of Recommended Practice: Accounting for Further and Higher Education.

The College’s Statutes and the Statutes and Ordinances of the University of Cambridge require the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the College and of the surplus or deficit of the Group for that period. In preparing these financial statements the Council is required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

Trustees’ Report (continued)

prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Group and College will continue in operation.

The College has prepared a detailed budget covering the period to 30 June 2027. The Trustees have concluded that the Endowment distribution under the spending rule (explained on page 21), together with the revolving credit facility which is in place to May 2028 and the College’s ability to increase borrowing to fund its programme of capital expenditure, provide sufficient assurance that the College will be able to continue to meet its commitments. Accordingly, the trustees believe the College’s financial resources are sufficient to ensure there are no material uncertainties around its ability to continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements, and have therefore prepared the financial statements on the going concern basis.

The Council is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Group and the College and enable them to ensure that the financial statements comply with the Statutes of the University of Cambridge. They are also responsible for safeguarding the assets of the Group and the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Council is responsible for the maintenance and integrity of the corporate and financial information included on the College’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT OF INTERNAL CONTROL

The Council is responsible for maintaining a sound system of internal control that supports the achievement of policy, aims and objectives while safeguarding the public and other funds and assets for which the Council is responsible, in accordance with the College’s Statutes. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; it therefore provides reasonable but not absolute assurance of effectiveness.

The system of internal control is designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. This process was in place for the year ended 30 June 2024 and up to the date of approval of the financial statements.

The Council is responsible for reviewing the effectiveness of the system of internal control. The following processes have been established:

The Council has eighteen regular meetings each year and gives consideration to the major risks to which the College and its subsidiary undertakings are exposed and satisfies itself that systems or procedures are established in order to manage those risks.

Key controls used by the College include:

Formal agendas for all Committee and Council activity;
Clear terms of reference for all committees;
Strategic planning, budgeting, management accounting and cash flow forecasting;
Established organisational structure and lines of reporting;
Formal written policies in key areas such as health and safety and child protection; and
Authorisation and approval levels.

The College conducts a formal risk-management process through maintenance and review of a risk register. The relevant individuals in the College are charged with responsibility for evaluating the risks within their areas of responsibility and advising on the nature of the risk, the probability of occurrence and severity of impact, as well as steps taken to mitigate the risk. Through the risk register, the College seeks to identify and manage risks. However, the nature of the College’s activities is such that the College is faced with a large number of risks, not all of which can be mitigated.

Trustees’ Report (continued)

The Council’s review of the effectiveness of the system of internal control is informed by the work of the various Committees, the Bursars and College Officers who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other reports.

OUTLOOK

Whilst the College is fortunate in being a relatively well-endowed college, its commitments and role in the University are commensurately significant and the College has experienced, and will continue to face, a number of significant financial challenges many of which are common to the University and other Cambridge colleges. The College continues to focus on our core priorities, which include the need to raise endowment funds to underpin student support, to manage the cost of maintaining and refurbishing the College buildings, to steward the Endowment through potentially difficult financial markets, and to take meaningful action to address the climate crisis.

The College seeks to respond to these financial challenges by focusing on efficient financial management and endeavoring to manage its resources to best effect. However, if it is to be able to sustain and develop the activities that are critical to its mission and achieve its full potential, it is clear that the College will need to continue to raise additional funds over the coming years.

On behalf of the College Council

Heather Hancock Master

Chris Ewbank Senior Bursar

21 November 2024

INDEPENDENT AUDITORS’ REPORT TO THE GOVERNING BODY OF ST JOHN’S COLLEGE

We have audited the financial statements of the St John’s College (‘the charity’) and its subsidiaries (‘the group’) for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Statement of Changes in Reserves, the Consolidated and College balance sheets, the Consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that 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’s and the charity’s affairs as at 30 June 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011; and
the contribution due from the College to the University in relation to the provisions of Statue GII has been recognised as advised in the provisional assessment by the University of Cambridge.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 group 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 going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
sufficient and proper accounting records have not been kept by the parent charity; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent 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 trustees 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 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act together with the Statement of Recommended Practice for Further and Higher Education (SORP) 2019, Recommended Cambridge College Accounts (RCCA) disclosures, taxation legislation and general data protection legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing surrounding recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state 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 charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of Crowe U.K. LLP Statutory Auditor London

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Statement of Principal Accounting Policies

BASIS OF PREPARATION

The Financial Statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge, with regard to the Recommended Cambridge College Accounts (RCCA) format; and applicable United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education issued in 2019.

The Statement of Comprehensive Income and Expenditure includes activity analysis in order to demonstrate that all fee income is spent for educational purposes. The analysis required by the SORP is set out in note 6.

The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards.

The College’s activities and financial position, together with the factors likely to affect its future development, performance and position, are set out in the Trustees’ Report which forms part of this Annual Report. The College has prepared a detailed budget covering the period to 30 June 2027. The Trustees have concluded that the Endowment distribution under the spending rule (explained on page 21), together with the revolving credit facility which is in place to May 2028 and the College’s ability to increase borrowing to fund its programme of capital expenditure, provide sufficient assurance that the College will be able to continue to meet its commitments. Accordingly, the trustees believe the College’s financial resources are sufficient to ensure there are no material uncertainties around its ability to continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements, and have therefore prepared the financial statements on the going concern basis.

BASIS OF ACCOUNTING

The Financial Statements have been prepared under the historical cost convention, modified in respect of the treatment of investments and certain operational properties which are included at valuation.

BASIS OF CONSOLIDATION

The consolidated Financial Statements include the College and its subsidiary undertakings. Details of the subsidiary undertakings included are set out in note 28. Intra-group balances are eliminated on consolidation. The consolidated Financial Statements do not include the activities of student societies as these are separate bodies in which the College has no financial interest and because these are viewed as autonomous activities.

Associated companies and joint ventures are accounted for using the equity method.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. These judgements, estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Management consider the areas set out below to be those where critical accounting judgements have been applied and the resulting estimates and assumptions may lead to adjustments to the future carrying amounts of assets and liabilities.

Pension Benefits

FRS 102 makes the distinction between a Group Plan and a multi-employer scheme. The College has reviewed all the pension schemes in which it participates, and is satisfied that only the schemes provided by Universities

Statement of Principal Accounting Policies

Superannuation Scheme and Church of England meet the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plans in existence at the date of approving the accounts.

Classification of property

The College determines whether a property is classified as investment property.

Investment property comprises land and buildings that are not occupied substantially for use by or in the operations of the College, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation. These buildings are substantially rented to tenants.

ESTIMATES AND ASSUMPTIONS

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

The College based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the College. Such changes are reflected in the assumptions when they occur.

Revaluation of Investment Properties

The College carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The College engaged independent valuation specialists to determine fair value at 30 June 2024. The valuers determined the open market value using the desktop valuation method. The determined fair value of the investment property is most sensitive to the estimated yield as well as the long term vacancy rate.

Valuation of non-quoted investments

The College carries its non-quoted investments at fair value based on the most recent valuations provided by independent fund managers, with changes in fair value being recognised in profit or loss.

Pension liabilities

The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in note 26.

As the College is contractually bound to make deficit recovery payments to USS when the scheme is in a deficit, the future value of deficit contributions is recognised as a liability on the balance sheet. As the 2023 valuation found that the scheme was in surplus, the level of deficit contributions is currently 0% and there is therefore no provision at 30 June 2024. These contributions will be reassessed within each triennial valuation of the scheme. The provision is based on management’s estimate of expected future salary inflation, changes in staff numbers and the prevailing rate of discount. Further details are set out in note 26.

Statement of Principal Accounting Policies

RECOGNITION OF INCOME

Academic Fees

Academic fees for the College and the School are recognised in the period to which they relate and include all fees chargeable to students or their sponsors. The cost of any fees waived or written off by the College and the School is included as expenditure.

Cambridge Bursary Scheme

In 2023-24, payment of the Cambridge Bursaries to eligible students was made directly by the Student Loans Company (SLC). As a consequence, the College reimbursed the SLC for the full amount paid to their eligible students and the College subsequently received a contribution from the University of Cambridge towards this payment.

The net payment of £306k is shown within the Consolidated Statement of Comprehensive Income and Expenditure as follows:

Other Academic Income £307k Expenditure £613k

Rental Income

Rental income is recognised on an accruals basis according to the terms of the lease.

Donations and Benefactions

Charitable donations are recognised on receipt or when the College is entitled to the income and the value can be measured reliably. The accounting treatment of a donation depends on the nature and extent of restrictions specified by the donor. In the absence of specific instructions from the donor the Council considers the donor’s correspondence and association with the College together with the size of the sum involved when determining the accounting treatment. Donations are recognised as income in the Consolidated Statement of Comprehensive Income and Expenditure. Donations which are to be retained for the future benefit of the College, and other donations with substantially restricted purposes, are retained within endowments or restricted reserves until such time that they are utilised in line with such restrictions.

Legacies are recognised when the College is entitled to the funds, when receipt is probable and when amounts can be measured reliably which is the earlier of probate being granted or final estate accounts being received when it becomes probable that a distribution will be made to the College. Where entitlement is demonstrated, the College only recognises income to the extent that future distributions can be measured reliably. For residual legacies this means that the value of future distributions is estimated based on available evidence in the year. These estimates are regularly reviewed and updated as required.

Donations and endowments with restrictions are classified as restricted reserves with additional disclosure within the notes to the accounts.

There are four main types of donations and endowments with restrictions:

Restricted donations – the donor has specified that the donation must be used for a particular objective, and it is not to be invested for the longer term;
Restricted expendable endowments – the donor has specified a particular objective and the College can convert the donated sum into income;
Restricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective; and
Unrestricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the College.

Statement of Principal Accounting Policies

Donations with no restrictions are recorded within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income.

Endowment and Investment Income

All investment income and change in value of investment assets is recorded in the Consolidated Statement of Comprehensive Income and Expenditure in the period in which it arises and as either restricted or unrestricted income according to the terms of the individual endowment fund.

For endowment income from permanent endowments, the College applies either a total return or a standard method of accounting for fund investment returns, depending on the nature of the fund, as set out below:

For permanent funds where the level of distributable reserves has not yet reached at least 20% of original capital, the standard method accounting policy is applied and the investment income shown in the Consolidated Statement of Comprehensive Income and Expenditure is the actual income earned in the year. Any excess of income over qualifying expenditure is retained within the endowment reserve until such time that they are utilised in line with any applicable restrictions, at which point the income is released through the transfer of endowment return shown within income in the Consolidated Statement of Comprehensive Income and Expenditure.

For permanent funds where the level of distributable reserves has reached at least 20% of original capital, a total return accounting policy is applied. A proportion of the related earnings and capital appreciation is shown as a transfer within the Consolidated Statement of Comprehensive Income and Expenditure in accordance with the total return concept, with any excess remaining in the endowment fund. For permanent endowment funds with restricted purposes, the sum transferred in the Statement of Comprehensive Income and Expenditure is limited to the qualifying expenditure incurred in the year. The surplus or deficiency of total return, after deducting the annual Endowment transfer, is carried forward as unapplied total return.

Under the total return method, the Endowment transfer is determined by a spending rule which is designed to provide stable annual spending levels and to preserve the real value of the endowment portfolio over time. The spending rule adopted by the College is a ‘Constant Growth with Cap and Floor’ rule under which the transfer from the Endowment for a particular year is the previous year’s transfer increased by CPI + 1.0% subject to a minimum payout of 2.5% and a maximum payout of 3.5% of a trailing 3 year average Endowment value. The target spending rate is 3.0%, which reflects long-run expected real returns given the College’s asset allocation and long-run expected College inflation. However, the actual spending rate in any year will depend on the results of the spending rule and will therefore vary from the 3.0% target rate. The spending rule provides for the transfer to be adjusted to reflect additions to the Endowment through donations. The College first adopted the Total Return approach to accounting for permanent funds in the year ended 30 June 2008. The breakdown of endowment funds between original capital and unapplied total return is shown in note 16.

Accommodation, catering and conferences income

Income received in relation to the supply of accommodation and catering and conferences income is recognised in the period in which the related goods or services are delivered.

Other Income

Income is received from a range of activities including choir engagements and alumni events and other services rendered. Income is recognised in the period in which the related goods or services are delivered.

Grant income

Grant income is recognised within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income and performance related conditions have been met.

Statement of Principal Accounting Policies

INVESTMENT COSTS

Investment costs, associated predominantly with the management of the College’s property and securities portfolios and its investment subsidiaries, are included in the Consolidated Statement of Comprehensive Income and Expenditure in the year to which they relate.

FOREIGN CURRENCY TRANSLATION

Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year-end rates or, where there are related forward foreign-exchange contracts, at contract rates. The resulting exchange differences are dealt with in the determination of comprehensive income and expenditure for the financial year.

TANGIBLE FIXED ASSETS

Land and Buildings

Land and buildings are stated at valuation on the basis of depreciated replacement cost. The valuation as at 30 June 2004 was carried out by Carter Jonas LLP, Chartered Surveyors. This valuation will not be updated and will be carried forward as the gross value to be depreciated over its expected useful economic life. It is not possible to quantify the difference between depreciation based on historic cost and depreciation based on this valuation because records of the historic cost of land and buildings were not required to be kept under the accounting regime applicable to Colleges within the University of Cambridge prior to 2004.

Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets.

Costs incurred in relation to land and buildings after initial purchase or construction, and prior to valuations, are capitalised to the extent that they increase the expected future benefits to the College, and depreciated over the period of such expected future benefits.

Freehold land is not shown separately. Freehold buildings are depreciated on a straight-line basis over their expected useful economic lives of 50 years. Freehold land is not depreciated as it is considered to have an indefinite useful life.

Buildings under construction are valued at cost, based on the value of architects’ certificates and other direct costs incurred. They are not depreciated until they are brought into use.

Land held specifically for development, investment and subsequent sale is included in investment assets at fair value.

Finance costs which are directly attributable to the construction of buildings are not capitalised as part of the cost of those assets.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable.

The cost of additions to operational property shown in the balance sheet includes the cost of land, where applicable.

Maintenance of Premises

The College has a five-year rolling maintenance plan which is reviewed on an annual basis. The cost of routine maintenance is charged to expense within the Consolidated Statement of Comprehensive Income and Expenditure as it is incurred. The cost of major refurbishment and maintenance which restores value is capitalised when the project valuation is above the capitalisation threshold of £20,000. Expenditure capitalised is depreciated on a straight-line basis over the expected useful economic life.

Statement of Principal Accounting Policies

Equipment

Furniture, fittings and equipment costing less than £20,000 per individual item or group of related items are written off in the year of acquisition. All other assets are capitalised at cost and depreciated on a straight-line basis over their expected useful life as follows:

Furniture and equipment:	Plant and machinery	(long life)	10-20 years
	Plant and machinery	(short life)	5 years
	Motor vehicles		5 years
	Furniture and soft furnishings		5 years
Computer equipment:	Computer network and	equipment	5 years

Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Balance Sheet.

Leased Assets

Leases in which the College assumes substantially all the risks and rewards of ownership of the leased assets are classified as finance leases. Leased assets acquired by way of finance leases are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and less impairment losses. Lease payments are accounted for as described below.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

Heritage Assets

The College holds and conserves a number of collections, exhibits, artefacts and other assets of historical, artistic or scientific importance. Heritage assets acquired before 1 July 2007 have not been capitalised since reliable estimates of cost or value are not available on a cost benefit basis, and the volume of items and valuation issues (e.g. age, origin, veracity) mean that it is neither practical nor beneficial to identify and value them. Acquisitions since 1 July 2007 and valued at over £20k are capitalised and recognised in the Balance Sheet at cost or, in the case of donated assets, at valuation on receipt where such a cost or valuation is reasonably obtainable. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.

Operational assets are those that the College uses in the course of meeting its charitable purposes of education, religion, learning, and research. Once an asset has been classified as an operational asset it is not reclassified as a heritage asset.

INVESTMENTS

Investments are included in the Consolidated Balance Sheet at fair value, except for investments in subsidiary undertakings which are stated in the College’s Balance Sheet at cost and eliminated on consolidation. Investments for which no fair value is readily obtainable are carried at historical cost less any provision for impairment in their value.

Investments in joint ventures are measured using the equity method of accounting in the consolidated financial statements. The College’s share of the net assets are included in the consolidated balance sheet and the net share of any profit or loss is shown in the Statement of Consolidated income and expenditure. In the College Balance Sheet joint venture investments are carried at historical cost less any provision for impairment in their value.

Realised and unrealised capital gains and losses are recognised as increases or decreases of fair value of investment assets as appropriate within the Consolidated Statement of Income and Expenditure.

Statement of Principal Accounting Policies

INVESTMENT PROPERTY

Investment property is land and buildings held for rental income or capital appreciation rather than for use in delivering services.

The investment property portfolio is measured initially at cost and subsequently at fair value with movements recognised in the Surplus or Deficit. Investment properties are not depreciated but are revalued or reviewed annually at open market value (using the desktop valuation method) by the College's principal property advisers, Savills (L&P) Limited, with the exception of certain residential long leasehold properties which are valued by Carter Jonas LLP.

Due to the length of ownership of many of the investment properties, realised capital gains cannot be recognised with reference to historic cost.

STOCKS

Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items.

PROVISIONS

Provisions are recognised when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

FINANCIAL INSTRUMENTS

The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into.

A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Basic financial assets include trade and other receivables, cash and cash equivalents and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets carried at amortised cost the impairment loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted at the asset’s original effective interest rate.

Other financial assets, including investments in equity instruments, which are not subsidiaries or joint ventures, are initially measured at fair value which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the Statement of Comprehensive Income. Where the investment in equity instruments is not publicly traded and where the fair value cannot be reliably measured, the assets are measured at cost less impairment. Investments in property or other physical assets do not constitute a financial instrument and are not included.

Statement of Principal Accounting Policies

Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of ownership are transferred to another party.

Financial Liabilities

Basic financial liabilities include trade and other payables, bank loans and intergroup loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

To the extent that the College enters into forward foreign exchange contracts which remain unsettled at the reporting date the fair value of the contracts is reviewed at that date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The College does not apply any hedge accounting in respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies.

Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires.

TAXATION

The College is a registered charity (number 1137428). It is therefore a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the College is exempt from taxation in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The College receives no similar exemption in respect of Value Added Tax.

The College’s subsidiaries are liable to Corporation Tax in the same way as any other commercial organisation. Due to the structure of the group, all taxable profits made by its subsidiaries are donated to the College on an annual basis under the terms of members’ resolutions.

CONTRIBUTION UNDER STATUTE G,II

The College is liable to be assessed for Contribution under the provisions of Statute G,II of the University of Cambridge. The Contribution is used to fund grants to Colleges from the Colleges Fund. The liability for the year is as advised to the College by the University based on an assessable amount derived from the value of the College’s assets as at the end of the previous financial year.

Statement of Principal Accounting Policies

PENSION COSTS

The College and its subsidiary undertakings participate in a number of pension schemes of both defined-benefit and defined-contribution types.

Cambridge Colleges Federated Pension Scheme

The College contributes to the Cambridge Colleges Federated Pension Scheme (“CCFPS”), which is a defined-benefit pension scheme. Unlike the other defined-benefit schemes (as noted below), the scheme is a federated scheme, and the College is able to identify its share of the underlying assets and liabilities.

Amounts charged to operating expenditure are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past-service costs are recognised immediately in the Consolidated Statement of Comprehensive Income and Expenditure if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits to interest. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts in net interest on the net defined benefit liability) are recognised immediately within Other Comprehensive Income in the Consolidated Statement of Comprehensive Income and Expenditure.

The scheme is funded, with the assets of the scheme held separately from those of the College, in separate trustee administered unitised funds. The scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined-benefit liability forms part of the net pension liability presented after other net assets on the face of the Balance Sheet.

Universities Superannuation Scheme

The College participates in Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The College is therefore exposed to actuarial risks associated with other institutions’ 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 scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account. As the 2023 valuation concluded that the scheme is in a surplus, there are currently no deficit contributions payable by employers and therefore no liability is recognised.

Church of England Funded Pension Scheme

The College participates in the Church of England Funded Pensions Scheme for stipendiary clergy. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

Each participating employer in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the Consolidated Statement of Comprehensive Income and Expenditure in the year are contributions payable towards benefits and expenses accrued

Statement of Principal Accounting Policies

in that year, plus any impact of deficit contributions. The College recognises a liability for the present value of agreed deficit contributions payable.

Defined-Contribution Pension Schemes

The College and its subsidiaries also contribute to a number of defined-contribution pension schemes. For definedcontribution schemes the amount charged to the Consolidated Statement of Comprehensive Income and Expenditure in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the Consolidated Balance Sheet.

EMPLOYMENT BENEFITS

Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the College. Any unused benefits are accrued and measured as the additional amount the College expects to pay as a result of the unused entitlement.

FUNDS AND RESERVES

The RCCA format requires the College to distinguish between Endowments, Restricted Reserves and Unrestricted Reserves.

Endowments

Where the College receives donations that are to be held in perpetuity, these are credited to endowment funds. Endowment funds are subdivided into:

Restricted endowments: where the College can spend the income from the fund on expenditure that meets the fund's objectives.

Unrestricted endowments: where the College can spend the income from the fund on any activity of the College.

Restricted Reserves

Restricted reserves include balances in respect of which the donor has designated a specific purpose and therefore the College is restricted in the use of these funds.

Unrestricted Reserves

Funds that are neither Endowments nor Restricted Reserves are classed as unrestricted reserves. The College's unrestricted reserves are identified under the following two headings:

Revaluation Reserve, relating to the unrealised gains on the revaluation of tangible fixed assets; and

Unrestricted Income and Expenditure Reserve, relating to all other reserves not included above.

Corporate Capital

The College’s unrestricted funds include the College’s Corporate Capital, which has certain features of a permanent unrestricted endowment (in that the majority is invested in perpetuity to provide an income to support the College’s charitable activities) and certain features of a permanent reserve (in that it is established practice that Cambridge Colleges can borrow against their Corporate Capital to invest in operational property). Corporate Capital is predominantly invested in the College’s Endowment, but a portion is invested in operational assets. The exact split between these two components varies over time. The portion of the College’s Corporate Capital that is invested in the

Statement of Principal Accounting Policies

Endowment is included in permanent unrestricted endowments, while the portion that is invested in operational assets is included in the unrestricted income and expenditure reserve, and any movement during the year is represented by a reserves transfer.

Consolidated Statement of Comprehensive Income and Expenditure

Unrestricted £000 5,012 8,516 8,761 918 15,421 651	Restricted £000 - - - 733 3,025 -	Unrestricted £000 5,103 7,375 8,367 383 14,419 123	Restricted £000 - - - 286 2,656 -	2023 Endowment Total £000 £000 - 5,103 - 7,375 - 8,367 25,480 26,149 (17,075) - - 123
39,279	3,758	35,770	2,942	8,405 47,117
169 - -	881 21 14	189 - -	615 1,004 809	- 804 6,875 7,879 - 809
169	916	189	2,428	6,875 9,492
39,448	4,674	35,959	5,370	15,280 56,609
11,567 17,898 8,380 2,054 300 939	4,323 105 212 188 252 235	11,102 15,657 8,153 2,616 209 859	4,453 99 57 155 174 214	- 15,555 - 15,756 - 8,210 - 2,771 8,355 8,738 - 1,073
41,138	5,315	38,596	5,152	8,355 52,103
(1,690) (1,690) 5,839	(641) (676) 4,958	(2,637) (2,637) 2,219	218 (1,595) 1,798	6,925 4,506 50 (4,182) 1,720 5,737
4,149 (40) 2,752	4,317 - -	(418) 137 2,110	2,016 - -	8,645 10,243 - 137 - 2,110
6,861	4,317	1,829	2,016	8,645 12,490

Summary Consolidated Statement of Comprehensive Income and Expenditure

Year ended 30 June Note Income Academic fees and charges 1 Residences, catering and conferences 2 School Income Investment income 3d Other income Total income before donations and endowments Donations New endowments Other capital grants for assets Total income from donations and new endowments Total income Expenditure Education 4 Residences, catering and conferences 5 School expenditure Other expenditure Investment costs 3c Contribution under Statute G,II Total expenditure 6a/b Surplus before other gains and losses Deficit before other gains and losses excluding new endowments & capital grants Gain on investments 3e Surplus for the year Other comprehensive income Unrealised surplus on revaluation of fixed assets Actuarial gain in in respect of pension schemes 15 Total comprehensive income for the year	2024 Total £000 5,012 8,516 8,761 30,563 651 53,503 1,050 6,706 14 7,770 61,273 15,890 18,003 8,592 2,242 10,886 1,174 56,787 4,486 (2,234) 23,076 27,562 (40) 2,752 30,274	2023 Total £000 5,103 7,375 8,367 26,149 123
		47,117
		804 7,879 809
		9,492
		56,609
		15,555 15,756 8,210 2,771 8,738 1,073
		52,103
		4,506 (4,182) 5,737
		10,243 137 2,110
		12,490

Additional information:

Total income and deficit before other gains and losses excluding new endowments & capital grants as stated above do not include the element of endowment fund distributions funded out of long-term capital growth for funds that are classified as expendable endowments or general reserves. The corresponding figures including this element are:

		2024	2023
		£000	£000
Total income on a distribution basis (as defined on Page 9 of the Trustees’ Report)	3g	62,593	58,599
Deficit before other gains and losses excluding new endowments & capital grants on a distribution basis		(914)	(2,192)

Statement of Changes in Reserves

Consolidated

Note

Income and Unrestricted £000 258,089 4,149 2,752 616	Income and	expenditure	reserve Endowment £000 672,686 19,096 -	Revaluation reserve Total £000 £000 8,861 986,153 - 27,562 (40) 2,712 - -	Revaluation reserve Total £000 £000 8,861 986,153 - 27,562 (40) 2,712 - -
		Restricted £000 46,517 4,317 (616)

	265,606	50,218	691,782		8,821 1,016,427
Income and Unrestricted £000 256,207 (418) 2,110 190	Income and	expenditure	reserve Endowment £000 664,041 8,645 -	Revaluation reserve Total £000 £000 8,724 973,663 - 10,243 137 2,247 - -
		Restricted £000 44,691 2,016 (190)

	258,089	46,517	672,686		8,861 986,153
Income and Unrestricted £000 252,393 3,760 2,752 616	Income and	expenditure	reserve Endowment £000 671,944 18,974 - -	Revaluation reserve Total £000 £000 8,861 979,293 - 27,211 (40) 2,712 - -
		Restricted £000 46,095 4,477 - (616)

	259,521	49,956	690,918		8,821 1,009,216
Income and Unrestricted £000 250,736 (643) 2,110 190	Income and	expenditure	reserve Endowment £000 663,318 8,626 - -	Revaluation reserve Total £000 £000 8,724 967,011 - 10,035 137 2,247 - -
		Restricted £000 44,233 2,052 - (190)
252,393		46,095	671,944		8,861 979,293

Consolidated Balance Sheet

As at 30 June		2024	2024	2023	2023
	Note	£’000	£’000	£’000	£’000
Non-current Assets
Tangible fixed assets	8		255,126		247,400
Heritage assets			559		559
Investments before investment in joint venture		730,908		696,207
Investment in joint venture: Share of gross assets		15,323		-
Share of gross liabilities		(41)		-
Investments including investment in joint venture	9		746,190		696,207
Current Assets
Stock	10		689		718
Trade and other receivables	11		11,307		9,593
Cash and cash equivalents	12		74,690		70,146
Total current assets			86,686		80,457
Current Liabilities
Creditors: amounts falling due within one year	13		(17,930)		(13,706)
Net current assets			68,756		66,751
Total assets less current liabilities			1,070,631		1,010,917
Creditors: amounts falling due after more than one year	14		(46,943)		(14,329)
Net assets excluding pension liability			1,023,688		996,588
Net pension liability	15		(7,261)		(10,435)

Net assets including pension liability			1,016,427		986,153
Restricted reserves
Income and expenditure reserve – endowment reserve	16		691,782		672,686
Income and expenditure reserve – restricted reserve	17		50,218		46,517
			742,000		719,203
Unrestricted Reserves
Income and expenditure reserve – unrestricted			265,606		258,089
Revaluation reserve			8,821		8,861
			274,427		266,950
Total Reserves			1,016,427		986,153

These Financial Statements were approved by the College Council and authorised for issue on 21st November 2024 and signed on their behalf by:

The notes numbers 1 to 28 form part of these Financial Statements

College Balance Sheet

As at 30 June	Note	2024 £’000	2023 £’000
Non-current Assets
Tangible fixed assets	8	248,206	240,209
Heritage assets		559	559
Investments	9	736,119	701,419
Investments in joint ventures	9	15,282	-
Total non-current assets		1,000,166	942,187
Current Assets
Stock	10	546	533
Trade and other receivables	11	9,561	9,322
Cash and cash equivalents	12	71,407	66,762
Total current assets		81,514	76,617
Current Liabilities
Creditors: amounts falling due within one year	13	(18,260)	(14,747)
Net current assets		63,254	61,870
Total assets less current liabilities		1,063,420	1,004,057
Creditors: amounts falling due after more than one year	14	(46,943)	(14,329)
Net assets excluding pension liability		1,016,477	989,728
Net pension liability	15	(7,261)	(10,435)
Net assets including pension liability		1,009,216	979,293
Restricted reserves
Income and expenditure reserve – endowment reserve	16	690,918	671,944
Income and expenditure reserve – restricted reserve	17	49,956	46,095
		740,874	718,039
Unrestricted Reserves
Income and expenditure reserve – unrestricted		259,521	252,393
Revaluation reserve		8,821	8,861
		268,342	261,254
Total Reserves		1,009,216	979,293

The College recorded a surplus for the financial year of £27,212k (2023: £10,034k) and other comprehensive gains of £2,712k (2023: £2,247k).

These Financial Statements were approved by the College Council and authorised for issue on 21[st] November 2024 and signed on their behalf by:

The notes numbers 1 to 28 form part of these Financial Statements

Consolidated Cash Flow Statement

Year to 30 June Note Net cash outflow from operating activities 19 Cash flows from investing activities 20 Cash flows from financing activities 21 Increase in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year 12	2024 £’000 (6,545) (20,054) 31,143 4,544 70,146 74,690	2023 £’000 (4,865) 19,529 (6,810)
		7,854 62,292
		70,146

The notes numbered 1 to 28 form part of these Financial Statements

Notes to the financial statements

Notes to the Financial Statements

	2024 £’000 2,367 971 1,206	2023 £’000 2,534 763 1,326
	4,544 468	4,623 480
	5,012	5,103
	2024 £’000 5,942 513 1,336 725	2023 £’000 5,664 202 1,071 438
	8,516	7,375
2024 £’000 2023 £’000 15,708 15,915 6,540 2,485 117 50 1,957 1,772 590 564 27 23
24,939 20,809
23,097 20,049 191 91 1,651 669
24,939 20,809
2024 £’000 2023 £’000 (15,358) (4,989) 42,664 18,447 (460) -
26,846 13,458 1,854 (2,381)
28,700 11,077

Notes to the financial statements

2024 £’000 16,838 1,065 10,797	2024 £’000 16,838 1,065 10,797	2023 £’000 6,771 289 4,017
28,700 11,077
	2024 £’000 6,038 2,177 198 27 28 2,246 172	2023 £’000 4,887 1,803 144 23 181 1,541 159
10,886		8,738
10,280 54 552		8,318 37 383
10,886		8,738
2024 £’000 2023 £’000 23,097 20,049 (10,280) (8,318)
12,817 11,731
18,441 17,071 (12,817) (11,731)
5,624 5,340 24,939 20,809
30,563 26,149
2024 £’000 2023 £’000 28,700 11,077 (5,624) (5,340)
23,076 5,737

Notes to the financial statements

2024 £’000 2023 £’000 23,097 20,049 16,838 6,771 (10,280) (8,318)	2024 £’000 2023 £’000 23,097 20,049 16,838 6,771 (10,280) (8,318)	2024 £’000 2023 £’000 23,097 20,049 16,838 6,771 (10,280) (8,318)
29,655 18,502 (18,441) (17,071)
11,214		1,431
2024 £’000 2023 £’000 61,273 56,609 1,320 1,990
62,593 58,599
	2024 £’000 6,032 2,470 1,052 1,943 3,764 629	2023 £’000 5,655 2,427 909 1,956 4,057 551
15,890 15,555
2024 £’000 2023 £’000 12,962 11,513 233 119 4,394 3,804 414 320
18,003 15,756

Notes to the financial statements

6. ANALYSIS OF EXPENDITURE BY ACTIVITY

Staff Costs (note 7) £’000 6,689 6,329 5,306 989 1,625 -	Other Operating Expenses £’000 7,469 5,447 2,738 1,253 8,862 1,174	Depreciation (note 8) £’000 1,330 4,781 381 - 8 -	Interest and other finance costs £’000 2024 Total £’000 402 15,890 1,446 18,003 167 8,592 - 2,242 391 10,886 - 1,174



20,938	26,943	6,500	2,406 56,787

6a 2024 Expenditure

Expenditure includes fundraising costs of £717k.

Staff Costs (note 7) £’000 6,745 5,734 5,227 1,048 1,339 -	Other Operating Expenses £’000 7,238 4,370 2,404 1,723 7,344 1,073	Depreciation (note 8) £’000 1,296 4,658 396 - 8 -	Interest and other finance costs £’000 2023 Total £’000 276 15,555 994 15,756 183 8,210 - 2,771 47 8,738 - 1,073



20,093	24,152	6,358	1,500 52,103

6b 2023 Expenditure

Expenditure includes fundraising costs of £631k.

6c Auditors’ remuneration Other operating expenses include: Audit fees payable to the College’s external auditor For the audit of the College For the audit of subsidiary companies Other advisory fees payable to the College’s external auditor Total fees payable to the College’s external auditor		2024 £’000 74 51 21	2023 £’000 69 48 14
		146	131

Amounts stated above include unrecoverable VAT

Notes to the financial statements

7. STAFF COSTS

STAFF COSTS
Staff Costs Salaries National insurance Pension costs Total	College Fellows £’000 2,568 275 321		Other Academic £’000 388 24 24		Non- Academic £’000 2024 Total £’000 2023 Total £’000 14,175 17,131 16,163 1,358 1,657 1,622 1,805 2,150 2,308

		3,164		436	17,338 20,938 20,093

In addition to the costs shown above, the College paid £400k (2023: £299k) in the year for staff medical cover.

Staff Numbers Stipendiary Fellows Average staff numbers (full-time equivalents) Total The Governing Body of the College, comprising all		College Fellows 105	Other Academic 13	Non- Academic 362	2024 Total 105 375	2023 Total 105 375
		105	13	362	480	480
	Fellow	s, at 30 June was			2024 Number 154	2023 Number 152

The Governing Body of the College, comprising all Fellows, at 30 June was

Average staff numbers (full-time equivalents) include 115 (2023: 121) School staff and 26 (2023: 22) staff employed by the St John’s Innovation Centre.

The number of employees of the College and its subsidiary undertakings who received remuneration in excess of £100,000 were as follows:

Between £100,000 and £110,000 Between £110,001 and £120,000 Between £120,001 and £130,000 Between £130,001 and £140,000 Between £140,001 and £150,000 Between £150,001 and £160,000 Between £160,001 and £170,000 Between £170,001 and £180,000 Between £180,001 and £190,000 Between £190,001 and £200,000 Between £200,001 and £210,000	2024 number 2 - 2 2 1 3 - - - - 1	2023 number
		1 - 2 1 2 3 - - - - 1

Remuneration includes salary and employer’s pension contributions for current service, plus any taxable benefits either paid, payable or provided, gross of any salary sacrifice arrangements. Remuneration does not include employer’s pension deficit reduction contributions, which are paid to reduce the deficit in a pension scheme as a whole and do not relate to individual employees, or employer’s National Insurance contributions.

This is a departure from the RCCA, which includes employer’s National Insurance contributions in remuneration. The Trustees believe that the disclosure above more accurately represents the remuneration employees receive in exchange for their services than the disclosure required by the RCCA, which reflects the cost of employment but not remuneration.

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College and comprise the College Council. The Trustees of the College are its key management personnel. The remuneration of Trustees is disclosed in note 27.

Notes to the financial statements

8. TANGIBLE FIXED ASSETS

Freehold land and buildings £’000 331,357 9,195 (308) - 4,145	Furniture and equipment £’000 3,880 208 - (15) -	Computer equipment £’000 2024 Total £’000 2023 Total £’000 3,181 338,418 331,251 718 10,121 9,946 - (308) 80 (125) (140) (859) - 4,145 (2,000)

344,389	4,073	3,774 352,236 338,418
85,236 5,826 (268) -	3,504 129 - (15)	2,278 91,018 85,093 545 6,500 6,358 - (268) (57) (125) (140) (376)
90,794	3,618	2,698 97,110 91,018
253,595	455	1,076 255,126 247,400
246,121	376	903 247,400 246,158

Included in the cost of freehold land and buildings, are assets under the course of construction to the value of £11,637k (2023: £5,401k).

Freehold land and buildings £’000 322,238 8,547 308 - 4,145	Furniture and equipment £’000 3,250 141 - (15) -	Computer equipment £’000 2024 Total £’000 2023 Total £’000 2,523 328,011 320,916 707 9,395 9,874 - 308 80 (125) (140) (859) - 4,145 (2,000)

335,238	3,376	3,105 341,719 328,011
82,927 5,623 (268) -	3,040 79 - (15)	1,835 87,802 82,271 417 6,119 5,964 - (268) (57) (125) (140) (376)
88,282	3,104	2,127 93,513 87,802
246,956	272	978 248,206 240,209
239,311	210	688 240,209 238,645

Freehold land and buildings comprise the operational buildings and site of the College. Included in the cost of freehold land and buildings, are assets under the course of construction to the value of £11,637k (2023: £5,401k).

The insured value of freehold buildings as at 30 June 2024 was £418,351k (2023: £380,247k).

Notes to the financial statements

The cost to the College of freehold buildings includes the surplus of £400k on past sales of buildings to the College recorded in the accounts of Aquila Investments Limited, a subsidiary undertaking, which is eliminated from the cost to the group on consolidation.

Heritage Assets

The College holds and conserves certain collections, artefacts and other assets of historical, artistic or scientific importance. As stated in the statement of principal accounting policies, heritage assets acquired since 1 July 2007 have been capitalised. However, the majority of assets held in the College’s collections were acquired prior to this date. As reliable estimates of cost or valuation are not available for these on a cost-benefit basis, they have not been capitalised. As a result, the total included in the balance sheet is partial.

Heritage assets are books gifted to or purchased by the College. The value of heritage assets acquired by donation during the year was £nil (2023: £nil). During the year, the College purchased Heritage Assets at a cost of £nil (2023: £nil).

9. INVESTMENTS

Balance at beginning of year Additions Disposals Gain Transfers to College Operations Balance at end of year Represented by: Property Securities Investments in joint ventures Investments in subsidiary undertakings	Group College 2024 £’000 2023 £’000 2024 £’000 2023 £’000 696,207 699,549 701,419 704,761 131,491 48,385 131,030 48,385 (104,209) (67,185) (103,771) (67,185) 26,846 13,458 26,868 13,458 (4,145) 2,000 (4,145) 2,000
	746,190 696,207 751,401 701,419
	361,979 363,520 361,973 363,515 368,929 332,687 368,929 332,687 15,282 - 15,282 - - - 5,217 5,217
	746,190 696,207 751,401 701,419

9a. INVESTMENTS IN JOINT VENTURE

Parlington LLP is a joint venture between St John’s College, Cambridge and Christ Church, Oxford. The principal activity of the partnership is property investment and development.

The Partnership was established in April 2023, and in December 2023 the Partnership purchased the Parlington Estate. St John’s College introduced capital to finance the purchase of the property estate amounting to £15.742m.

The College’s interest in the joint venture is measured using the equity method of accounting in the consolidated financial statements.

The College’s share of the net assets of Parlington LLP is included in the consolidated balance sheet and the net share of profit/(loss) is showing in the consolidated statement of comprehensive income and expenditure, and is calculated as follows:

Members’ Interest

Members capital classified as equity Loss for the period Members’ interests at 30 June 2024 St John’s College Share 50%	30 June 2024 Parlington LLP £’000 31,484 (920)
	30,564
	15,282

Notes to the financial statements

9a. INVESTMENTS IN JOINT VENTURE (continued)

Profit and loss account for the period ended 30 June 2024 Income Expenditure Market Value loss on investments Loss for the period St John’s College Share 50% Balance sheet as at 30 June 2024 Investments Current assets Current liabilities Net assets attributable to members	£’000 230 (250) (900)
	(920)
	(460) £’000 30,248 399 (83)
	30,564

10. STOCKS Goods for resale Other stocks Total stocks		Group 2024 £’000 679 10	2023 £’000 711 7	College 2024 £’000 546 -	2023 £’000 533 -
		689	718	546	533

The Council considers that there is no material difference between the book value of stocks and their replacement cost.

11. TRADE AND OTHER RECEIVABLES

Amounts due after one year: Loans to Waterbeach Development Company LLP Other trade debtors Amounts due within one year: Net sums due from members of the College Amounts due from subsidiary undertakings Other trade debtors Other taxes Prepayments Accrued income		Group 2024 £’000 3,532 1,072 200 - 1,509 18 2,090 2,886	2023 £’000 3,195 1,154 236 - 1,141 103 836 2,928	College 2024 £’000 - 1,072 200 3,686 753 8 1,279 2,563	2023 £’000 - 1,154 236 4,089 856 75 378 2,534
	11,307		9,593	9,561	9,322

12. CASH AND CASH EQUIVALENTS

Short-term money market deposits Current accounts Total	Group College 2024 £’000 2023 £’000 2024 £’000 2023 £’000 1,569 5,466 1,569 5,466 73,121 64,680 69,838 61,296
	74,690 70,146 71,407 66,762

Notes to the financial statements

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Members of the College Amounts due to subsidiary undertakings Contribution under Statute G,II Bank loans due within one year Other creditors Other taxation and social security Accruals and deferred income Total		Group 2024 £’000 3,735 74 - 1,174 886 4,226 1,068 6,767	2023 £’000 1,866 83 - 1,073 842 3,922 793 5,127	College 2024 £’000 3,562 74 2,280 1,174 886 4,176 845 5,263	2023 £’000 1,673 83 2,334 1,073 842 3,959 537 4,246
	17,930 13,706 18,260 14,747

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans Bank loans repayable Between two and five years After five years Total borrowings	Group and College 2024 £’000 2023 £’000 46,943 14,329
	Group and College 2024 £’000 2023 £’000 37,539 3,837 9,404 10,492
	46,943 14,329

In 2006, the College entered into an unsecured bank loan for £20 million, repayments on this started in the 2016-17 year and the loan has an interest rate fixed at 5.16% until June 2036. In 2023 the College a entered into a new unsecured revolving credit facility for up to £50 million, of which £33.5m was drawn at 30 June 2024 (£nil 2023). This facility has a five year term and a floating interest rate.

15. PENSION LIABILITIES (NOTE 26)

Balance at beginning of year Movement in year: Current service cost including life assurance Changes in plan assumptions Contributions Other finance cost Actuarial gain recognised in the Statement of Consolidated Income and Expenditure Balance at end of year Balance attributable to: Cambridge Colleges’ Federated Pension Scheme Universities Superannuation Scheme Church of England Funded Pensions Scheme Balance at end of year	Group and College 2024 £’000 2023 £’000 10,435 12,843 977 1,261 - - (1,898) (2,037) 499 478 (2,752) (2,110)
	7,261 10,435
	7,261 8,450 - 1,985 - -
	7,261 10,435

Notes to the financial statements

16. ENDOWMENTS

Group Balance at beginning of year: Capital Unapplied Total Return New endowments received Investment Income Expenditure Increase in market value of investments Balance at end of year Comprising: Capital Unapplied Total Return Analysed by Primary Purpose: Chapel/Choir Education Field Sports Library LMBC Research Scholarship/Awards School Other General Endowments Total		Unrestricted Permanent £’000 165,418 361,384	Unrestricted Permanent £’000 165,418 361,384	Restricted Permanent £’000 2024 Total £’000 2023 Total £’000 63,316 228,734 221,520 82,568 443,952 442,521

			526,802 101 20,775 (24,909) 1,313	145,884 672,686 664,041 6,584 6,685 6,875 2,513 23,288 20,140 (3,871) (28,780) (25,430) - 16,590 17,903 7,060
			524,082	167,700 691,782 672,686
			165,495 358,587	70,067 235,562 228,734 97,633 456,220 443,952
			524,082	167,700 691,782 672,686
			- - - - - - - - - 524,082	2,119 2,119 1,920 12,952 12,952 11,782 16,579 16,579 12,728 2,572 2,572 2,268 1,827 1,827 1,662 23,826 23,826 21,557 96,009 96,009 83,274 1,114 1,114 992 10,702 10,702 9,701 - 524,082 526,802
			524,082	167,700 691,782 672,686

Notes to the financial statements

16. ENDOWMENTS (continued)

College Balance at beginning of year: Capital Unapplied Total Return New endowments received Investment Income Expenditure Increase in market value of investments Balance at end of year Comprising: Capital Unapplied Total Return Analysed by Primary Purpose: Chapel/Choir Education Field Sports Library LMBC Research Scholarship/Awards Other General Endowments Total		Unrestricted Permanent £’000 165,418 361,633	Unrestricted Permanent £’000 165,418 361,633	Restricted Permanent £’000 2024 Total £’000 2023 Total £’000 62,907 228,325 221,111 81,986 443,619 442,207

			527,051 101 18,201 (22,334) 1,313	144,893 671,944 663,318 6,584 6,685 6,876 2,496 20,697 17,825 (3,865) (26,199) (23,092) 16,478 17,791 7,017
			524,332	166,586 690,918 671,944
			165,495 358,837	69,658 235,153 228,325 96,928 455,765 443,619
			524,332	166,586 690,918 671,944
			- - - - - - - - 524,332	2,119 2,119 1,920 12,952 12,952 11,782 16,579 16,579 12,728 2,572 2,572 2,268 1,827 1,827 1,662 23,826 23,826 21,557 96,009 96,009 83,275 10,702 10,702 9,701 - 524,332 527,051
			524,332	166,586 690,918 671,944

Notes to the financial statements

17. RESTRICTED RESERVES

Group Balance at beginning of year New grants New donations New endowments Investment income Capital grants utilised Expenditure funded from restricted funds Gains on investments Reclassification of funds Transfer of Unspent Income to Endowment Balance at end of year Analysed by Primary Purpose: Chapel/Choir Education Library Maintenance Research Scholarship/Awards School Capital expenditure Other Total		Capital Grants £’000 1,322 14 - - - (616) - - (444) -	Capital Grants £’000 1,322 14 - - - (616) - - (444) -	Other Restricted Funds £’000 2024 Total £’000 2023 Total £’000 45,195 46,517 44,691 - 14 809 881 881 615 21 21 1,004 3,758 3,758 2,942 - (616) (190) (5,315) (5,315) (5,152) 4,958 4,958 1,798 444 - - - -

			276	49,942 50,218 46,517
			- - - - - - - 276 -	4,860 4,860 4,336 4,269 4,269 3,884 1,899 1,899 1,730 1,354 1,354 1,233 281 281 253 35,975 35,975 32,439 262 262 422 - 276 1,322 1,042 1,042 898
			276	49,942 50,218 46,517

Notes to the financial statements

17. RESTRICTED RESERVES (continued)

College Balance at beginning of year New grants New donations New endowments Investment income Capital grants utilised Expenditure funded from restricted funds Gains on investments Reclassification of funds Transfer of Unspent Income to Endowment Balance at end of year Analysed by Primary Purpose: Chapel/Choir Education Library Maintenance Research Scholarship/Awards Capital expenditure Other Total		Capital Grants £’000 1,322 14 - - - (616) - - (444) -	Capital Grants £’000 1,322 14 - - - (616) - - (444) -	Other Restricted Funds £’000 2024 Total £’000 2023 Total £’000 44,773 46,095 44,233 - 14 809 881 881 615 21 21 1,004 3,751 3,751 2,939 - (616) (190) (5,100) (5,100) (5,093) 4,910 4,910 1,778 444 - - - - -

			276	49,680 49,956 46,095
			- - - - - - 276 -	4,860 4,860 4,336 4,269 4,269 3,884 1,899 1,899 1,730 1,354 1,354 1,233 281 281 253 35,975 35,975 32,439 - 276 1,322 1,042 1,042 898
			276	49,680 49,956 46,095

18. MEMORANDUM OF UNAPPLIED TOTAL RETURN

Included within endowments, the following amounts represent the Unapplied Total Return of the College’s Permanent funds managed on a total return basis:

Group Note Unapplied Total Return at beginning of year 16 Unapplied total return on reclassification of funds Opening Unapplied Total Return of funds adopting total return for the first time in the year Unapplied Total Return for the year 3f Unapplied Total Return at end of year 16 College Note Unapplied Total Return at beginning of year 16 Opening Unapplied Total Return of funds adopting total return for the first time in the year Unapplied Total Return for the year Unapplied Total Return at end of year 16	2024 £’000 2023 £’000 443,952 442,521 - - 1,054 - 11,214 1,431
	456,220 443,952
	2024 £’000 2023 £’000 443,619 442,207 1,054 - 11,092 1,412
	455,765 443,619

Notes to the financial statements

19. RECONCILIATION OF CONSOLIDATED SURPLUS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

Surplus for the year Adjustment for non-cash items Depreciation Endowment drawdown from unapplied total return Gain on investments Decrease in operational stocks Increase in operational trade and other receivables Increase/(decrease) in operational creditors Pension costs less contributions payable Adjustment for investing or financing activities Net investment income Interest and other finance costs payable Loss on disposal of non-current assets Net cash outflow from operating activities 20. CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales of non-current fixed assets Net investment income Endowment funds disinvested /(invested) Increase in investment working capital Gains/(losses) on cash and cash equivalents Payments made to acquire non-current assets Total cash flows from investing activities 21. CASH FLOWS FROM FINANCING ACTIVITIES Interest paid New unsecured loans Repayments of amounts borrowed Total cash flows from financing activities	2024 £’000 2023 £’000 27,562 10,243 6,500 6,358 (5,624) (5,340) (23,076) (5,737) (13) 2 (1,343) 527 2,408 (36) (921) (777) (14,053) (12,071) 2,015 1,483 - 483
	(6,545) (4,865)
	2024 £’000 2023 £’000 (4,145) 2,000 14,053 12,071 (22,058) 16,800 363 986 1,854 (2,382) (10,121) (9,946) (20,054) 19,529 2024 £’000 2022 £’000 (1,515) (1,010) 33,500 - (842) (5,800) 31,143 (6,810)

Surplus for the year
Adjustment for non-cash items
Depreciation
Endowment drawdown from unapplied total return
Gain on investments
Decrease in operational stocks
Increase in operational trade and other receivables
Increase/(decrease) in operational creditors
Pension costs less contributions payable
Adjustment for investing or financing activities
Net investment income
Interest and other finance costs payable
Loss on disposal of non-current assets
Net cash outflow from operating activities
20.
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of non-current fixed assets
Net investment income
Endowment funds disinvested /(invested)
Increase in investment working capital
Gains/(losses) on cash and cash equivalents
Payments made to acquire non-current assets
Total cash flows from investing activities
21.
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid
New unsecured loans
Repayments of amounts borrowed
Total cash flows from financing activities

2024
£’000
2023
£’000
27,562
10,243
6,500
6,358
(5,624)
(5,340)
(23,076)
(5,737)
(13)
2
(1,343)
527
2,408
(36)
(921)
(777)
(14,053)
(12,071)
2,015
1,483
-
483

(6,545)
(4,865)

2024
£’000
2023
£’000
(4,145)
2,000
14,053
12,071
(22,058)
16,800
363
986
1,854
(2,382)
(10,121)
(9,946)
(20,054)
19,529
2024
£’000
2022
£’000
(1,515)
(1,010)
33,500
-
(842)
(5,800)
31,143
(6,810)

Notes to the financial statements

22. CONSOLIDATED RECONCILIATION AND ANALYSIS OF NET DEBT

At 1 July 2023 £000 Cash flows £000 70,146 2,690 (842) - (14,329) 842 - (33,500)	Other non- cash movements £’000 - (44) 44 -	Changes in market value and exchange rates £000 At 30 June 2024 £’000 1,854 74,690 - (886) - (13,443) - (33,500)

(14,329) (32,658)	44	- (46,943)
54,975 (29,968)	-	1,854 26,861

23. FINANCIAL INSTRUMENTS

24.

FINANCIAL INSTRUMENTS
Financial assets Financial assets at fair value through Statement of Comprehensive income Equity investments Financial assets that are debt instruments measured at amortised cost Cash and cash equivalents Other debtors Investments in subsidiary undertakings Financial liabilities Financial liabilities measured at amortised cost Loans Trade creditors Other creditors CAPITAL COMMITMENTS Capital commitments at 30 June were as follows: Authorised and contracted	Group 2024 £’000 2023 £’000 368,929 332,687 74,690 70,146 9,199 8,654 - -	College 2024 £’000 2023 £’000 368,929 332,687 71,407 66,762 8,274 8,869 5,217 5,217
	83,889 78,800 (47,829) (15,171) (3,735) (1,866) (8,563) (7,766)	84,898 80,848 (47,829) (15,171) (3,562) (1,673) (9,600) (9,674)
	(60,127) (24,803) (60,991) (26,518) 2024 £’000 2023 £’000 10,622 25,804

Notes to the financial statements

25. LEASE COMMITMENTS

Operating Lease Commitments

Total future minimum lease payments under non-cancellable operating leases at 30 June were as follows: Expiring within one year Expiring between two and five years Expiring after five years		Group 2024 £’000 - 3 7	2023 £’000 - 6 -	College 2024 £’000 - - -	2023 £’000 - - -
		10	6	-	-

26. PENSION SCHEMES

The College and its subsidiary undertakings participate in four defined benefit schemes, as well as a number of defined contribution schemes.

Cambridge Colleges’ Federated Pension Scheme

The College operates a defined benefit pension plan for the College's employees who are members of the Cambridge Colleges' Federated Pension Scheme.

The liabilities of the plan have been calculated, at 30 June 2024, for the purposes of FRS 102 using a valuation system designed for the Management Committee, acting as Trustee of the Cambridge Colleges' Federated Pension Scheme, but allowing for the different assumptions required under FRS 102 and taking fully into consideration changes in the plan benefit structure and membership since that date.

The principal actuarial assumptions at the balance sheet date were as follows:

Discount rate Increase in salaries to 2030 Increase in salaries from 2031 RPI assumption CPI assumption to 2030 CPI assumption from 2031 Pension increases in payment (RPI Max 5% p.a.) Pension increases in payment (CPI Max 2.5% p.a.)	2024 % p.a. 5.10 2.85 3.75 3.35 2.35 3.25 3.15 2.00	2023 % p.a. 5.20 3.30 3.30 3.40 2.80 2.80 3.30 2.05

*For 1 year only, we assumed that RPI would be 9% and CPI will be 7%. The caps under the Rules are applied to assumed pension increases.

The underlying mortality assumption is based upon the standard table known as S3PA on a year of birth usage with CMI_2022 future improvement factors and a long-term rate of future improvement of 1.25% p.a., a standard smoothing factor (7.0) and no allowance for additional improvements (2023: S3PA with CMI_2022 future improvement factors and a long-term future improvement rate of 1.25% p.a., a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expectancies:

Male age 65 now has a life expectancy of 21.4 years (previously 21.4 years).
Female age 65 now has a life expectancy of 23.9 years (previously 23.9 years).
Male age 45 now and retiring in 20 years has a life expectancy of 22.6 years (previously 22.6 years).
Female age 45 now and retiring in 20 years has a life expectancy of 25.3 years (previously 25.3 years).

Members are assumed to retire at their normal retirement age (65) apart from in the following indicated cases:

	Male	Female
Active Members – Option 1 Benefits	64	64
Deferred Members – Option 1 Benefits	63	62

Allowance has been made at retirement for non-retired members to commute part of their pension for a lump sum on the basis of the current commutation factors in these calculations.

Notes to the financial statements

26. PENSION SCHEMES (continued)

Employee Benefit Obligations

The amounts recognised in the Balance Sheet as at 30 June are as follows:

2024 £’000 2023 £’000 (40,635) (40,147) 33,374 31,697	2024 £’000 2023 £’000 (40,635) (40,147) 33,374 31,697	2024 £’000 2023 £’000 (40,635) (40,147) 33,374 31,697
(7,261) (8,450)
	2024 £’000 533 67 444 -	2023 £’000 791 67 390 -
	1,044	1,248
2024 £’000 2023 £’000 40,146 46,739 533 791 253 275 (1,946) (1,714) 2,057 1,763 (409) (7,708) - -
40,634 40,146
2024 £’000 2023 £’000 31,697 36,574 1,439 1,475 253 275 (1,946) (1,714) (108) (130) 1,613 1,373 426 (6,156)
33,374 31,697

2,039 (4,783)
2024 2023 46% 49% 42% 38% 12% 13%
100% 100%

The plan has no investments in property occupied by, assets used by or financial instruments issued by the College.

Notes to the financial statements

26. PENSIONS SCHEMES (continued)

Analysis of the re-measurement of the net defined benefit liability recognised in Other Comprehensive Income (OCI) for the year ended 30 June are as follows:

the year ended 30 June are as follows:
Return on assets, less interest included in Profit and Loss Expected less actual plan expenses Experience gains and losses arising on plan liabilities Changes in assumptions underlying the present value of plan liabilities Remeasurement of net defined benefit liability recognised in Other Comprehensive Income		2024 £’000 2023 £’000 426 (6,156) (41) (63) 279 (3,537) 130 11,244
		794 1,488

Movements in net defined benefit liability during the year ended 30 June are as follows:

Movements in net defined benefit liability during the year ended 30 June are as follows:
Net defined benefit liability at beginning of the year Recognised in Statement of Comprehensive Income Contributions paid by the College Actuarial loss recognised in other comprehensive income Net defined benefit liability at the end of the year	2024 £’000 2023 £’000 (8,450) (10,165) (1,044) (1,248) 1,439 1,475 794 1,488
	(7,261) (8,450)

Funding Policy

Actuarial valuations are carried out every three years on behalf of the Management Committee, acting as the Trustee of the Scheme, by a qualified independent actuary. The actuarial assumptions underlying the funding valuation are different to those adopted under FRS 102.

The last such valuation was as at 31 March 2023. This showed that the plan's assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall. These deficit reduction contributions are incorporated into the plan’s Schedule of Contributions dated 31 May 2024 and are as follows:

Annual contributions of not less than £1,020,090 p.a. payable for the period from 1 July 2024 to 31 March 2030

These payments are subject to review following the next funding valuation, due as at 31 March 2026.

Universities Superannuation Scheme

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. As set out in Note 15, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account.

The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

Notes to the financial statements

26. PENSIONS SCHEMES (continued)

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles.

CPI assumption Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030 Pension increases (subject to a Benefits with no cap: floor of 0%) CPI assumption plus 3bps

Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%):

CPI assumption minus 3bps

Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post-retirement: 0.9% p.a.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

2023 Valuation Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

and 1.6% pa for females The current life expectancies on retirement at age 65 are:
Males currently aged 65 Females currently aged 65 Males currently aged 45 Females currently aged 45	2024 years 23.7 25.6 25.4 27.2	2023 years
		24.0 25.6 26.0 27.4

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below.

provision is set out in the table below.
Balance sheet liability at 1 July Deficit contributions paid Interest cost Remaining change to the balance sheet liability Balance sheet liability at 30 June*	2024 £’000 1,985 (81) 54 (1,958)	2023 £’000 2,676 (159) 89 (621)
	-	1,985

Comprises change in agreed deficit recovery plan and change in discount rate between year ends.

The total credit (2023: credit) to the profit and loss account is £1,702k (2023: £136k). Deficit recovery contributions due within one year for the College are £nil (2023: £170k).

Notes to the financial statements

26. PENSIONS SCHEMES (continued)

Church of England Funded Pensions Scheme (CEFPS)

The College participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the Statement of Comprehensive Income in the year are contributions payable towards benefits and expenses accrued in that year, which were £6k in 2024 (2023: £8k), plus any figures arising from contributions in respect of the Scheme’s deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2023, following the valuation results being agreed, the deficit contributions paid were £0 (2023: £nil).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out as at 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

An average discount rate of 2.7% p.a.;
RPI inflation of 3.6% p.a. (and pension increases consistent with this);
CPIH inflation in line with RPI les 0.8% pre 2030 moving to RPU with no adjustment from 2030 onwards;
Increase in pensionable stipends in line with CPIH.;
Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% p.a. and an allowance for 2020 date of 0% (i.e. w2020 = 0%)

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.

The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:

			% of pensionable stipends
31	December	2021	7.1% payable from January 2021 to December 2022
31	December	2022	Nil
31	December	2023	Nil

An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below.

Balance sheet liability at 1 July Deficit contribution paid nterest cost Remaining change to the balance sheet liability Balance sheet liability at 30 June*		2024 £’000 - - - -	2023 £’000 2 - (1) (1)
		-	-

Comprises change in agreed deficit recovery plan and change in discount rate between year ends.

Notes to the financial statements

26. PENSIONS SCHEMES (continued)

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.

Discount rate Price inflation Increase to total pensionable payroll	December 2023 n/a n/a n/a	December 2022 n/a n/a n/a	December
			2021 0.0% pa n/a -1.5% pa

The legal structure of the scheme is such that if another Responsible Body fails, the College could become responsible for paying a share of that Responsible Body’s pension liabilities.

27. RELATED PARTY TRANSACTIONS

Owing to the nature of the College’s operations and the composition of its College Council, it is inevitable that transactions will take place with organisations in which a College Council member may have an interest. All transactions involving organisations in which a member of the College Council may have an interest are conducted at arm’s length and in accordance with the College’s normal procedures.

The College maintains a register of interests for all College Council members, and where any member of the College Council has a material interest in a matter of business before the Council they are obliged under the standing orders of the College to declare that fact.

Fellows are remunerated for teaching, research and other duties within the College, Fellows are billed for any private catering. The College also offers Fellows and staff assistance with housing costs on a shared equity basis and has a housing allowance scheme to assist Fellows in the first four years after joining the Fellowship. The remuneration of Fellows is overseen by the Remuneration Committee.

The School provides a discount on school fees to its staff as part of its terms of appointment; where children of Fellows and other staff attend the School, they pay fees on the normal terms.

During the year no fees, salaries or expenses were paid to Fellows in respect of their duties as trustees.

Notes to the financial statements

27. RELATED PARTY TRANSACTIONS (continued)

The salaries paid to Trustees in the year, including any salary supplements paid in lieu of employer pension contributions where applicable, are summarised in the table below:

From To £0 £10,000 £10,001 £20,000 £20,001 £30,000 £30,001 £40,000 £40,001 £50,000 £50,001 £60,000 £60,001 £70,000 £70,001 £80,000 £80,001 £90,000 £90,001 £100,000 £100,001 £110,000 £110,001 £120,000 £120,001 £130,000 £130,001 £140,000 £140,001 £150,000 £150,001 £160,000 £160,001 £170,000 £170,001 £180,000 Total		2024 Number 6 4 - 1 1 - - 1 1 - - - - - - - 1 1	2023 Number 4 3 1 1 1 - - 1 1 - - 1 - 1 - - - -
		16	14

The total Trustee salaries in the year were £537,335 (2023: £576,370).

The aggregate amounts of other benefits, employer national insurance contributions and employer current service pension contributions paid or payable during the year are as follows:

Salaries Other taxable benefits Employer pension contributions for current service Employer National Insurance Aggregated key management personnel compensation		2024 Total £’000 537 12 64 61	2023 Total £’000 576 12 72 67
		674	727

The College has a number of trading and dormant subsidiary undertakings which are consolidated into these accounts. All subsidiary undertakings are 100% owned by the College and are registered and operating in England and Wales.

The College is taking advantage of the exemption within Section 33 of FRS 102 not to disclose transactions with wholly owned group companies that are related parties.

At 30 June 2024, Aquila Investments Ltd had outstanding unsecured loans of £3,532k (2023: £3,195k) due from Waterbeach Development Company LLP, a joint venture in which it holds a 17.5% share. These comprise a £3,147k (2023: £2,810k) interest-bearing loan which is repayable in 2029, or earlier if certain conditions are met, and may be converted into an increased partnership share, and a £385k (2023: £385k) interest-free loan which is part of funding provided by the members in proportion to their partnership shares, and is repayable in 2029 or earlier. The interest-free loan must be repaid before any repayments of convertible loans or any discretionary distributions to members are made.

In the year the College invested £15.742m in Parlington LLP, a joint venture in which the College holds a 50% share.

Notes to the financial statements

28. SUBSIDIARY UNDERTAKINGS AND JOINT VENTURES

Subsidiaries

The College’s principal direct and indirect subsidiary and dormant subsidiary undertakings at 30 June 2024 and 30 June 2023 are set out below.

Subsidiary	Activity	Holding	%
St John’s Enterprises	The provision of conference facilities and	2 ordinary shares of £1	100%
Limited	tourism administration at St John’s	each
	College, Cambridge.
Aquila Investments	Property development and farming.	74,805,020 ordinary shares	100%
Limited		of 1p each
St John’s Innovation	The management of St John’s Innovation	113,429 ordinary shares of	100%
Centre Limited	Centre on behalf of the College, and the	£1 each
	provision of advice and guidance to early-
	stage knowledge-based businesses in the
	Cambridge sub-region.
Lomas Developments	Property development.	5,000,004 ordinary shares	100%
Limited		of 10p each
St John’s College	Dormant	820,004 ordinary shares of	100%
Development Limited		50p each
Aquivar Management		100 ordinary shares of £1	100%
Services Limited	Dormant	each
SJCS International Limited	Leasing of intellectual property	1 ordinary share of £1 each	100%
St John’s College School,	Primary Education	Sole member of company	100%
Cambridge		limited by guarantee

Joint Ventures

The College’s principal direct and indirect trading joint venture undertakings at 30 June 2024 and 30 June 2023 are set out below.

Joint venture	Activity	Country of Incorporation	% Holding
Waterbeach Development	Property development	United Kingdom	17.5%
Company LLP
Parlington LLP	Investment Property Management	United Kingdom	50%
(incorporated 24 April 2023)

ST JOHN’S COLLEGE CAMBRIDGE

Annual Report and

Financial Statements

Contents

Trustees’ Report

REFERENCE AND ADMINISTRATIVE INFORMATION

Status

Address and website

Charity trustees

Senior Officers

Membership of the Governing Body

Principal Advisers

GOVERNANCE

OBJECTS AND AIMS

Objects

Aims

ACTIVITIES, PERFORMANCE AND FUTURE PLANS

Introduction

Activities and Performance

Future Plans

FINANCIAL REVIEW

Scope of the Financial Statements

Results overview

Income before donations and endowments

Development and Fundraising

Expenditure

Results on the distribution basis

Capital Expenditure

Balance sheet

Reserves

Endowment and Investment Performance

PRINCIPAL RISKS AND UNCERTAINTIES

RESPONSIBILITIES OF THE COLLEGE COUNCIL

STATEMENT OF INTERNAL CONTROL

OUTLOOK

INDEPENDENT AUDITORS’ REPORT TO THE GOVERNING BODY OF ST JOHN’S COLLEGE

Basis for opinion

Conclusions relating to going concern

Other information

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Extent to which the audit was considered capable of detecting irregularities, including fraud

Use of our report

Statement of Principal Accounting Policies

BASIS OF PREPARATION

BASIS OF ACCOUNTING

BASIS OF CONSOLIDATION

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Pension Benefits

Classification of property

ESTIMATES AND ASSUMPTIONS

Revaluation of Investment Properties

Valuation of non-quoted investments

Pension liabilities

RECOGNITION OF INCOME

Academic Fees

Cambridge Bursary Scheme

Rental Income

Donations and Benefactions

Endowment and Investment Income

Accommodation, catering and conferences income

Other Income

Grant income

INVESTMENT COSTS

FOREIGN CURRENCY TRANSLATION

TANGIBLE FIXED ASSETS

Land and Buildings

Maintenance of Premises

Equipment

Leased Assets

Heritage Assets

INVESTMENTS

INVESTMENT PROPERTY

STOCKS

PROVISIONS

FINANCIAL INSTRUMENTS

Financial assets

Financial Liabilities