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2023-06-30-accounts

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onsolidated
and		 Col lege Balance Shee ts as at 30June 2023
2023 2023 2022 2022
Consolidated College Consolidated College
Note 6000 Fooo 5000 5000
Non-current
Assets
Fixed assets 121,777 121,777 122,364 122,364
Heritage assets
Investments 138,972 138,972 137,012 137,012
Total non-current assets 2eo,749 260,749 259,376 259,376
Current assets
Stocks 10 201 201 184 184
Trade and other receivables 11 1,194 1,427 964 963
Cash and cash equivalents 12 5,948 5.505 5,583 5,429
Total current assets 7,343 7,133 6,731 6,576
Creditors: amounts falling due within one 13 (2,583) (2,460) (2,035) (1,905)
year
Net current assets 4,760 4,673 4,696 4,671
Total A88ets le88 current liabilities 2es,soo 265,422 264,072 264,047
Creditors: amounts falling due aRer more 14 (25,368) (25,368) (25,314) (25,314)
than one year
Provisions
Pension provisions 16 (1,112) (1,112) (975) (975)
Other provisions 15 (27) (22) (50) (50)
Total net assets 239,002 238,920 237,733 237,708
Restricted reserves
Income and expenditure reserve— 17 99,739 99,739 98,890 98,890
endowment
reserve
Income and expenditure reserve —restricted 18 7,410 7,410 6,641 6,641
reserve
Unrestricted
Reserves
Income and expenditure reserve— 131,853 131,771 132,202 132,177
unrestricted
Total Reserves 239,002 238,920 237,733 237,708

orthe year ended 30Ju ne 2023
2023 2022
Note f000 6000
Net cash inflow from operating
activities		 20 (2,563) (1,469)
Cash flows from investing activities 21 1,784 (3,643)
Cash flows from financing activities 22 (597) (597)
Increase/(decrease)
in cash and cash		 equivalents in the year (1,376) (5,709)
Cash and cash equivalents
Cash and cash equivalents		 at beginning
at end ofthe		 ofthe year
year		 1289 10,425
9,049		 16,134
10,425

ort he year ended 30Ju ne 2023 ne 2023 ne 2023
1 Academic fees and charges 2023 2022
f000 8000
Colleges fees:
Fee income received at the Regulated Undergraduate rate 1,223 1,272
Fee income received at the Unregulated Undergraduate rate 463 404
Fee income received at the Graduate rate 697 671
Other income 18 24
Cambridge
Bursary Scheme		 (restricted) 150 131
Total 2,551 2,502
2 Income from accommodation, catering and conferences 2023 2022
8000 8000
Accommodation College members 2,775 2,650
Conference 480 165
Catering College members 528 541
Conference 322 73
Total 4,105 3,429
3 Endowment
return		 and investment income 2023 2022
8000 8000
3a Analysis
The total return
contribution		 is calculated as set out in the accounting policy on 4,189 4,095
recognition ofincome and endowment return
3b Summary
oftotal return
Income from:
Land and buildings 2,000 1,945
Quoted securities 2,715 2,145
Income from short-term investments 65
Gains/(losses)
on endowment		 assets:
Land and buildings (905) 1,395
Securities and cash 2,548 (3,203)
Investment
management		 costs (see nots 3c) (318) (384)
Total return for year 8,105 1,898
Total return
transferred		 to income and expenditure reserve (see note 3a) (4,189) (4,095)
Unapplied
total		 return for year included within Statement of 1,916 (2,197)
Comprehensive
income and		 Expenditure (see note 19)
or t he year end e d 30June d 30June 2 023
3c Investment management costs 2023 2022
EOOO EOOO
l.and and buildings
Securitie 318 337
Other investments 47
Cash
Total 318 384
4 Education expenditure 2023 2022
EOOO EOOO
Teaching 1,528 1,677
Tutorial 1,422 1,002
Admissions 1,062 734
Research 555 363
Scholarships and awards 858 349
Other educational facilities 936 924
Total 6,361 5,049
5 Accommodation, catering and conferences expenditure 2023 2022
EOOO f000
Accommodation College members 4,307 4,143
Conferences 745 258
Catering College members 820 846
Conferences 500 114
Total 8,372 5,361
Ba Analysis of 2022I2023 expenditure by activity
Staff Other
costs
(note 7)		 operating
expenses		 Depreciation Total
EOOO EOOO f000 EOOO
Education (note 4) 2,769 3,234 358 6,361
Accommodation,
catering		 and conferences 2,570 2,635 1,167 6,372
Other 357 106 463
Investment management costs 318 318
Contribution under Statute G,ll 40 40
Interest payable on loans 597 597
USS pension provision -231 -231
Totals 5,898 6,699 1,525 13,920

Notes to the Accounts to the Accounts
Forthe year ended 30June 2023
sb Analysis of2021/2022 expenditure by activity
Staff Other
costs operating
(note 7) expenses Depreciation Total
f000 f000 f000 f000
Education (note 4) 2,623 2,071 355 5,049
Accommodation, catering and conferences 2,309 1,896 1,156 5,361
Other 143 23 166
Investment
management		 costs 384 384
Conhibution
under Statute G,ll		 42 42
Interest payable on loans 597 597
USS pension
provision		 837 837
Totals 5,075 5,850 1,511 12,436

Auditors'
remuneration		 2023
f000		 2022
f000
Other operating expenses include:
Audit fees payable to the College's external auditors 33 28
Other fees payable to the College's external auditors 1 2
Total 34 30
Staffcosts College Non- 2023 2022
Fellows academic Total Total
Consolidated f000 f000 f000 f000
Staffcosts:
Salaries 1,510 3,380 4,890 4,338
National
Insurance		 104 315 419 358
Pension costs 196 190 386 379
1,810 3,885 S,OOS 5,075
Average staff numbers 2023 Average staff numbers 2022
Number of Number of Number of Number of
Fellows Staff Fellows Staff
Academic 56 56
Non-academic 3 97 4 92

ort he year ende d 30 Ju ne 2 02 3
Investments
Consolidated College Consolidated College
2023 2023 2022 2022
6000 6000 5000 f000
Balance at beginning of year 137,012 137,012 134,574 134,574
Additions 2,058 2,058 64,893 64,893
Disposals (59,802) (59,802)
Gain/(loss) 1,643 1,643 (1,808) (1,808)
Transfers (nots 8)
Increase/(decrease) in cash balances (1,741) (1,741) (845) (845)
held at fund managers
Balance at end ofyear 138,972 138,972 137,012 137,012
Represented by:
Property 46,883 46,883 46,278 46.278
Securities 68,587 68,587 66,132 66,132
Private placement investments 20,401 20,401 19,760 19,760
Investments in subsidiary undertakings
Cash in hand and at investment 3,101 3,101 4,842 4,842
managers
Totals 138,972 138,972 137,012 137,012
10 Stocks and work in progress
Consolidated College Consolidated College
2023 2023 2022 2022
6000 5000 5000 6000
Goods for resale: catering 30 30 28 28
Wine Cellar 171 171 156 156
Other stocks
Total 201 201 184 184
Trade and other receivables
Consolidated College Consolidated College
2023 2023 2022 2022
5000 5000 5000 6000
Members ofthe College 208 207 213 204
Amounts dus from subsidiary 288 71
undertakings
Other receivables 466 412 367 304
Prepaymsnts and accrued income 520 520 384 384
Total 1,194 1,427
12 Cash and cash equivalents
Consolidated College Consolidated College
2023 2023 2022 2022
5000 8000 5000 5000
Short-term money market investments 3,120 3,120
Current accounts 2,828 2,385 5,583 5,429
Cash in hand
Total 5,948 5,505 5,583 5,429

ort he year end ed 30Ju ne 2023 ne 2023
13 Creditors: amounts falling due within one year
Consolidated College Consolidated College
2023 2023 2022 2022
f000 f000 f000 f000
Bank overdrafi
Trade creditors 389 386 374 374
Members ofthe College 211 211 198 192
Amounts due to subsidiary undertakings 28
University fees 45 45 170 170
Contribution to Cofieges Fund
Other creditors 967 850 389 237
Bank loans
Accruals and deferred income 971 968 904 904
Total 2,583 2,460 2,035 1,905
14 Creditors: amounts falling due after more than one year
Consolidated College Consolidated College
2023 2023 2022 2022
f000 f000 f000 f000
25,000 25,000 25,000 25,000
222 222 167 167
146 146 147 147
Total 25,368 25,368 25,314 25,314
15 Provisions Provisions
Consolidated College Consolidated College
2023 2023 2022 2022
f000 f000 f000 f000
Balance at beginning of year 50 50 160 160
Charge to comprehensive income
Utilised in year (23) (28) (110) (110)
Balance at end ofyear 27 22 50 50

orth e year ended 30June 2023 e year ended 30June 2023 e year ended 30June 2023 e year ended 30June 2023
16a Pension provisions —Cambridge Colleges Federated Pension Scheme(CCFPS)
Consolidated College Consolidated College
2023 2023 2022 2022
6000 6000 6000 6000
Balance at beginning ofyear 443 443 214 214
Movement
in year:
Current
service
cost		 including life (27) (27)
assurance
Contributions 24 24 24 24
Other finance (income)/cost
Actuarial
loss/(gain)		 recognised in (432) (432) 232 232
Statement
of Comprehensive		 Income
and Expenditure
Balance at end ofyear 30 30
16b Pension provisions —Universities Superannuation Scheme (USS)
Consolidated College Consolidated College
2023 2023 2022 2022
OOOO 6000 6000 6000
Balance at beginning ofyear (1,420) (1,420) (809) (809)
Movement
in year:
Current
service
cost		 including life
assurance
Contributions 94 94 32 32
Other finance (income)/cost 184 184 (843) (843)
Actuarial
loss/(gain)		 recognised in
Statement
of Comprehensive		 Income
and Expenditure
Balance at end ofyear (1,142) (1,142) (1,420) (1,420)
16c Pension provisions —Church of England Funded Pension Scheme (CEFPS)
Consolidated College Consolidated College
2023 2023 2022 2022
6000 6000 6000 6000
Balance at beginning ofyear 2 2 4 4
Movement
in year:
Current
service
cost		 including life (1) (1) (2) (2)
assurance
Contributions
Other finance (income)/cost
Actuarial
loss/(gain)		 recognised in
Statement
of Comprehensive		 Income
and Expenditure
Balance at end ofyear

ort he year ended 30Ju ne 20 23
17 Endowment
funds
Restrictsd net assets relating to endowments are as follows:
Restricted Unrestricted
permanent permanent 2023 2022
Consolidated
and College		 endowments endowments Total Total
8000 EOOO EOOO 6000
Balance at beginning ofyear
Capital 38,579 60,311 98,890 98,899
New donations
and endowments		 45 45 443
Investment
Income:		 Total return 93 498 591 (3)
recognised
in the l&E
Expenditure: Investment (6) (312) (318) (278)
Management
costs
Increase/(decrease) in market 1,058 (485) 573 (386)
value ofinvestments
Transfer between
funds		 (42) (42) 215
Balance at end ofyear 39,727 60,012 99,739 98,890
Analysis
by type ofpurpose
Fellowship
Funds		 18,990 18,990 18,451
Scholarship
Funds		 8,264 8,264 7,968
Prize Funds 1,408 1,408 1,368
Hardship
Funds		 2,973 2,973 2,868
Bursary Funds 5,450 5,450 5,359
Travel Grant Funds 77 77 71
Other Funds 60,012 60,012 2,494
General endowments 2,565 2,565 60,311
Total 39,727 60,012 99,739 98,890
Analysis
by asset
Property 900 45,983 46,883 46,277
Investments
and cash		 38,827 14,029 52,856 52,613
Total 39,727 60,012 99,739 98,890

Permanent Permanent Other
Capital unspent and restricted
grants restricted donations 2023 2022
Consolidated
and		 College unspent income Total Total Total
8000 8000 5000 5000 8000
Balance at beginning ofyear
Capital 2,305 2,305 2,394
Accumulated
income		 3,933 403 4,336 3,939
New donations 1,035 586 1,621 297
Endowment
return		 transfened 1,199 1,199 255
Other investment income (6)
Increase/(decrease) in market value 65 65 (84)
ofinvestments
Transfer between funds 3 3
Expenditure (1,460) (659) (2,119) (154)
Capital grants utilised
Balance at end of year 1,035 6,045 330 7,410 6,641
Capital 2,372 2,372 2,305
Accumulated
income		 1,035 3,673 330 5,038 4,336
1,035 6,045 330 7,410 6,641
Analysis ofother restricted funds/donations by type ofpurpose
Fellowship
Funds		 1,277 1,277 1,606
Scholarship
Funds		 1,181 1,181 982
Prize Funds ~ 163 163 186
Hardship
Funds		 1,924 1,924 1,928
Bursary Funds 548 548 643
Travel Grant Funds 13 13 15
Other Funds 1,035 330 1,365 1,281
General 939 939
1,035 6,045 330 7,410 6,641

Included
within reserves the follo		 in g
a		 m oun ts
represen		 t the Unappl ied
Total Return ofthe		 College:
2023 2022
f000 f000
Unapplied
Total Return at beginning		 ofyear 80,974 83,171
Unapplied
Total Return for year (see note		 3b) 1,916 (2,197)
Unapplied
Total Return at end		 of year 82,890 80,974
20 Reconciliation
ofconsolidated		 surplus for the year to net cash inflow from operating activities
2023 2022
f000 f000
Surplus/(deficit)
for the year		 1,711 (2,833)
Adjustment
for noncash
items
Depreciation 1,525 1,511
Investment
income		 (4,780) (4,090)
(Loss)/gain
on endowments,
donations		 and investment property (1,643) 1,808
Decrease/(increase)
in stocks		 (17) (3)
Decrease/(increase)
in trade and		 other receivables (231) 418
Increase/(decrease)
in creditors		 603 226
Increase/(decrease)
in provisions		 (23) (110)
Pension costs less contributions payable (296) 816
Foreign Exchange movement (9) 191
Adjustment
for investing
orfinancing		 activities
Investment
income
Interest payable 597 597
Profit on the sale of non-current assets
Net cash inflow/(outfiow)
from		 operating activities (2,563) (1,469)
21 Cash flows from investing
activities
2023 2022
f000 f000
Proceeds from sales of non-current fixed assets
Non-current
investment
disposal		 59,802
Investment
income		 4,780 4,090
Endowment
funds invested		 (2,058) (64,893)
Withdrawal
ofdeposits
Payments
made to acquire non-current		 assets (938) (2,642)
Total cash flows from investing activities 1,784 (3,643)
22 Cash flows from financing
activities
2023 2022
f000 f000
Interest paid (597) (597)
Interest element offinance lease rental payment
New unsecured
loans
Repayments
ofamounts
borrowed
Capital element offinance lease rental payments
Total cash flows from financing activities (597) (597)

23 Analysis ofca sh and cash equivalents
At
beginning Cash At end of
ofyear flows year
6000 6000 6000
Bank overdraRs
Cash at bank and in hand 10,425 (1,376) 9,049
Net Funds 10,425 (1,376) 9,049
24 Consolidated reconciliation and analysis of
net debt
At 30 New Other At 30
June Cash finance non-cash June
2022 Flows leases changes 2023
6000 6000 6000 6000 9000
Cash and cash equivalents (note 1289) 10,425 (1,376) 9,049
Borrowlngs:
amounts falling due within one year
Secured loans
Unsecured loans
Bank overdraR
(subtotal)
Borrowlngs:
Amounts falling due after more than one year
Secured loans (Note 14) (25,000) (25,000)
(25,000) (25,000)
Net total debt (14,575) (1,376) (15,951)

25 Financial instruments
2023 2022
6000 6000
Financial assets
Financial assets al fair value through Siaiemeni ofComprehensive income
Listed equity investments
(note		 9) 88,988 85,892
Other investments
Financial assets that are debt instruments measured at amoriised cost
Cash and cash equivalents (note 12 69) 9,049 10,425
Other equity investments
Other debtors (note 11) 1,194 964
Financial liabilities
Financial liabilities at fair value through Statement ofComprehensive Income
Forward foreign currency contracts
Financial liabilities measured at amoitised cost
Bank overdrafi
Loans (note 14) 25,000 25,000
Trade creditors (note 13) 389 374
Other creditors (note 13& 14less above) 2,562 1,975
26 Capital commitments
2023 2022
6000 6000
Capital commitments
at 30June		 2023 are as follows:
Authorised
and contracted		 1,200
Authorised
but not yet contracted		 for

2023 2022
6000 6000
I and and buildings:
Expiring within one year
Expiring between
two and five years
Expiring in over five years
Other
Expiring within one year
Expiring between
two and five years
Expiring in over five years

The current
life expectancies
on retirement		 at age 65are:
2023 2022
Males currently
aged 65(years)		 24.0 23.9
Females currently
aged 65(years)		 25.6 25.5
Males currently aged 45(years) 26.0 25.9
Females currently
aged 45 (years)		 27.4 27.3
A new deficit recovery plan was put in place as part ofthe 2020 valuation, which requires payment of6.2%ofsalaries
over the period
1 April 2022 until 31 March 2024, at which		 point the rate will increase to 6.3%.The 2022 deficit
recovery
liability reflects this plan. Ths liability figures have been produced		 using the following assumptions:
2023 2022
Discount rate 552% 3.31%
Pensionable
salary growth		 500% 2.00%
Cambrid
e Colts es' Federated
Pension		 Scheme
uarial as sumptions at the bala nce sheet date were as follows:
2023 2022
%p.a. %p.a.
Discount rate 5.20 3.80
Increase in salaries 3.30 3.25
RPI assumption
CPI assumption		 3.40
2.80		 3.45
2.75
Pension
Pension		 increases
Increases		 in payment
in payment		 (RPI Max 5%p.a.)
(CPI Max 2.5%p.a.)		 3.30*
2.05'		 3.30
2.05

anges
in the
ing 30June		 fair value ofthe plan assets
2022) are as follows:		 for the year ending 30Jun e 2023 (with comparative
fi		 gures for the year
2023f 2022
Market value ofplan assets at beginning of period 7,659,841 9,241,974
Contributions paid by the College 24,287 23,820
Employee
contributions		 6,762 6,419
Benefits paid (328,077) (315,907)
Administrative expenses
paid		 (16,992) (16,046)
Interest on plan assets 285,088 163,706
Return on assets, less interest included in Profit &Loss (1,283,679) (1,444,125)
Market value ofplan assets at end of period 6,347,230 7,659,841
Actual return on plan assets (998,591) (1,280,419)
2023 2022
Return
on assets,		 less interest included in Income and Expenditure (1,283,679) (1,444,125)
Expected less actual plan expenses (1,820) (874)
Experience gains and losses arising on plan liabilities (458,061) (673,307)
Changes
in assumptions
underlying
the present value of plan liabilities 1,311,910 2,349,924
Remeasurement ofnet defined benefit liability recognised in OCI (431,650) 231,618
year ending 3 0June 2022) ars as follows:
2023 2022
6 6
Surplus/(deficit) in plan at beginning ofyear 443,155 214,353
Recognised in Income and Expenditure (5,180) (26,636)
Contributions paid by ths Cofiegs 24,287 23,820
Remeasurement ofnet defined benefit liability recognised in OCI (431,650) 231,618
Net defined benefit asset/(liability) at end ofyear 30,612 443,155

December 2022 December 2021 December 2020
Discount rate n/a 0.0%pa 0.2%pa
Price inflation
Increase to total pensionable		 payroll n/a
n/a		 n/a
-1.5%pa		 3.1%pa
1.6%pa

The salaries paid to Trustee s
in the year are summarised
in the table belo		 w:
2023 2022
From To Number Number
EO E10,000 40 33
E10,001 E20,000 9 6
E20,001 f30,000 6 7
E30,001 E40,000 4 2
E40,001 f50,000 4 2
E50,001 E60,000 1 4
E60,001
E70,001
E80,001
f90,001		 E70,000
f80,000
f90,000
f.100,000		 0
0
1
3		 0
1
1
2
E100,001 E110,000
f110,001 E120,000 1
Total 68 59