Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College Cambridge RECOMMENDED CAMBRIDGE COLLEGE ACCOUNTS (RCCA) For the financial year ended 30 June 2025
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chr15tl College, Cambrld6e Index Page Na Referen and Admlnistratl¥e tletalls Trustees and Advisors Operatlng and Flnandal Revlew Aims and Objective5 Rewew of Activity- Finanaal Review. Plans for the Future and Results Statement of Public Benefrt Corporate Governance Responsibilities of the Governln8 Body and Intemal Control 6-11 12-13 14 15 16-19 Independent Audltorf Rewt 20-27 staternent of Prindpal Accourtlry Policles 28 Consolldated Ststement of Cornwehensive Income and EKpendlture 29 Staternent of Changes In Reserves 30 Consolldated and College Balance Sheets 31 Consolldated Cash Fltr4Ststement 32-52 Notes to the Flnandal Statements
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College, Cambrldge Reference and Administratlve Detalls Corpus Christi College. Trumpin8ton Street. Cambridge C82 IRH Charity Registration Number 1137453. Charity Exemption Number X6457. VAT Number GB 213 291049 vnvw.corpus.cam.ac.uk The College of Corpu5 Christi and the Blessed Virgin Mary in the University of Cambridge is a corporate body comprising the Master. the Fellows and the Scholars wh05e re8lStered office is atTrumpin8ton Street. Cambridge, CB2 IRH. The College is a registered charity and is subject to regulation by the Charity Commission for En8land and Wales. The charity trustees ofthe Colle8e are the members ofihe Goveming Body, being its Fellows in classes A. B and C. elerted by the Governing Body in accordance with the Statutes of the College. MEMBERS OF THE GOVERNING BODY AND TRUSTEES OF THE CHARITY as at June 2025 Professor Christopher Kelly BA (Hon51 ISydney}, PhD. FSA Professorcj Howe MA PhD SCD FLS Professor PC Hewett MA PhD IEdinburghl130.09.241 President. ProfÈssorof pknt and Mi¢robiul8io¢hemis¢ry Food and Wine Stewar4 Professorof Obsern7twol Cosmology ondAstrophy5KS Univer5ityA$5QCiOte ProAessor in Computerscience Professorof 5t0tisticolsnol Processing Tutor. College Harassmeni Officer. Proft550r of Frenth Litsroture ond the walArts Pmfe559rin NeuroScnce Professorof Economics, Judge Busine55 School Caroline Humphrey Profrssorof the Anthmpology of Inner Asia, rÈrt0rof the Mongolia and InnerAsffo Studies Unlt Building5 Adviser (Minor Worksl, Profrssorof En9ineering Mechonics ProfrssoroAAncientPhilosophy Cdle8e TÈ3th1 Offi1 in En81i5h, SeniwTre¥surer of the Fletther Players/Fellow responsible for the Corpus Playroomlmember of ADC Executlve Committee Proftssorof 8iologicolPhys ProfrssorolEostAsian Htory Senior Tutor. Affilted Lecturerin the Ftytulty of Philosophy ondfwrtmentof History ond Philosophy of Science Profrssorolinthon Hi5toryond61obol Politi¢ol Thought DI Greaves MA Pho MIETCEng Professor Sl Godsill MA phD FIET FIEEE Professor EF wils MA Pho FBA Professor HPC Robinson MAPhO Professor PA Katturnan BA MA Icalicutl PhD Profe550r DA Sneath Bsc (Ulster} PhD Professor KA Seffen MA PhD MAIAA MIMA Profe550r JI Warren MA Mphil PhD ST Cain MA MPhll Profewr P Ckuta Laurea (Milan) PhD Profèssor B Kushner BA PhD (Princeionl M Fra5ca-Spada Laurea (Rome) Pho Professor S Kapila BAIPanjabl MA (Ne* Dehlil PhD (London) OBE PWP Bearcroft MA MB 8Chir FRCP FRCR ProfessorJP Carr Bsc ILlverpooll MA PhD ILi¥erpod} S¢D ASsocte Lerturerin the SdThil of Clin} Medicine Tutor, Post8radu•te Admlssions Adviser Isaencesl, Pmfrssorof Plont Wimlogy Tutor. Prolessorin the Htory0f Mt)dem Europeon Knowkdge Sustainability Ad¥w, Pmftssorof 8k•loginlChemistry, Dirertorof the IARCMltodnd170I6JIts9v Unit Professorin English L¢7W Dewty Senior Tutor. Tutor. Custodian of the Corpus Chrrypha8e Cbxk. LGBTQ+ Chanwithi Pmfvsorof Professor EC Spary MA PhD Professor J Hirst MA OPhll (Oxford) FRS Fmedsci Professor JE Mor8an MA Ioxtordl PhD Professor E St. John Smith MPharrnacol (Baihl PhD prOfSOr AG Milne MA PhD Profe550r Revd AP Davison MA DPhil {<hfordl MA PhD 130.09.241 A Joannldes MA PhD MB 8Chir FRCSISNI Judith E Wilson PmfrLy01 Poetrcs Dean OfCha Storbridge Professorof Theology & Natural SeniorReseorch A$soote t7nd Honoftjry Con5ult¢7nt Page 1
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College, Cambrid8e Professor JD Rhode5 BA Iuniv. of the5outhl MA (Columbial PhD {NYU) Professor F lida BEng MEng (Tokyol Dr Sc Nat Izurichl Professor 10 Abraham5 ACGI 8kl£n81 DIC PhD (London) FIMA FRSE AG Sanger MA LLM ILSEI PhD ward ofLeckharytNL Professorof Film Studles and Vkualculturt Profusorof Rotr$ PmfessorofApplffed mothtntkS Dean of College. Uni¥*rsityAssocit7te Profe550rin InternatnalLW Professorof Infrastnthre Geotechnks Prole550r G Vi88iani Laurea (Naplesl PhD Iijty Unb¥er London} Professor JS Blggins Msci MA Pho Professor CS Lane BSC (Wales) MSC liondonl DPhil IOxFordl Professor PM Hoskin MA DPhil (Oxford) DAA FRHlstS FSA Pmftssorof Soft.Motter Engineering (Engineering) Professorof Geogmphy {1993J Gaylord and i)orothy Donneley Fetlow Librarian, vI- President, Finan Tutor, Tutor, AffIlted Professorln the Foculty of DNlnity KÈepÈr of thè Lewls Collection, TutLY, Pmftssorof Et7rly MediewlEnglish History Pmfessorof StGtiStiC5 Stipendiary Earty<areeT Research Fell¢)w In Politics and International Studies Chaplain. Equality, Dl¥ersSty and Induslon Lead Profeswr RGR Naisnth MA MPhH PhD Professor Q Zhao, BSC IUSTQ China). PhD (Stanford) AS Sohal BA ILondonl Mst Dphil (Oxford) (30fy.241 Revd MJ 8ullimore BA MPhil {Manchesterl Pho 131.05.25} Professor (A Bassett BA (Londonl MA PhD Isussexl Postgraduate Admi55i¢)ns Advw1ArtHuMan1ties). Professorof thgitalHunwnitie5 Directorof Combridoe Dwittil Humonities DirÈctar of Dèvelopment and Alumni Relatlons Gfvd and Dorothy Donnelley Early-career Research Fellow Stipendiary Early&reer Research Fellow UnNersityAssociote ProAessor of Philosophy Tutor. Hor6 Kong Link Early-career Research Fellow and College Lecturer in Law. Fellow oAthe LOUterycht Centre fvlnternutionalLaw Stipendiary Early-career Research Fellow Tutor. Non-stlpendlary Early-career Researth Fellow. Ratè and Equality Champion, Wellcome Twst Uinic¢71 Reseorth CaerDe¥e10Pmet Fellow. HononJry Con5uftantHoemotologis¢ O Stupak BA MA IHonsl (Kyiv) Msc {Sortx)nnel l)Phil William Cook Early-career Research Fellow and College {Oxfordl Lecturer in Economics Professor AMP Fearon U Pho {Londonl DCffinPsy (Bafwl Pmftssorof Fomity Research ond Dfflrectorof the Centre forFomltyReseorch Univer5ityAs5i5tsnt Pmftssorin the Polltlcs of Chino RC Lawson MA (Oxfordl SW Lèsman BA (Yale) PhD IChkagol130.09.24} EH Haughton-Shaw BA (Oxford) MLitt IGlas8owI PhD SJ Flne MA MPhll DPhll IOxloTdl ME Gillis BA LLB IHonsl IANUI LLM PhD JS Tarnowskl BA (Oxford) Mphil PhD Icolurnbial N Desai Bsc MBBS (London) MPhil Pho CP Sorao BA (Trinity College. Cn MA {Chica80I Pho (rexasl SAM Loos BSC MSC PhD {Teth Berlin Non-stipendiary E•rly<aretr Researth Fellow. ptdOctOrnIReseorCher Siipendiary Early-career Research Fellow C Martlni Laurèalucence18olognalD•joTrbourgo8nel Laurea Ma6istrale IBolo8nal BPhil DPhll (Oxford) lfrom 04.10.231 DR Hewltt Mmath MA PhD UnivetsityAssociate Profe550rin Fluid DynomKs ond Su5t¢7inobility UniversityAssistant PrOftSrIn EU Low E Leinarte LL8 {Mykolas Romeris Unrv.. Wrfniusl iLM {Texa51 LLM Pho J Clark BA MPhil PhD (from 01.10.241 EHE Ramsey BA {Warwickl Mst Ioxfordl PhD IChica80} {from 01.10.241 Stipenditiry EoAy-CareerReseor¢h Fellow Gaylordond Dorotty Donnèlley Etsrly-CoreerReseorch Fell)w Page 2
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College. Cambrld8e C Bonfio 8Sc (en0} Msc IPadova} PhD {TTenlol (from 01.10.241 RL Webster Msts Istrathclydel PhD (Bristol) (from 01.10.241 CO Goone54n8he Bsc IHonsl (Colombol PhD (Britysh Columbial (from 01.10.241 RC Leather BA (Macquarie) lfrom 03.OZ251 The above lists Fellows of the College lin order of seniority and to Fellowship) who are member5 of the GovemiTra Body Isttsectlon'college Govemance'l. UniversffltyA550CiOte ProJessorin the Lobomtoryof Supmmoleculor 8iochemi5try UnwersityA5515tsnt Profrssorof Syntheti¢ Chemistry Non-stipendiory Efjrfy-cureer Reseorch Fellow, Herchel Smith PostdortoralFellow Bursor Page 3
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Cambrfd8e Contact Infomatlon. Prlndpal Advls Artuaries Cartwright Group Ltd Suite 7, Second Floor The Hub. IQ Farnborough Hants GU14 7JP Investmert Adv150rs/Manazers Amundi Asset Management . boulevard Pasteur. CS 21564, 75730 Paris Cedex 15, FRANCE Camtiridge Investment Management Limiled Greenwich House. Madingley Rise Madingley Road, Cambridge CB3 OTX Audltors Peters Elworthy & Moore Salisbury House. Station Road Cambridge CBI 2LA Charles Stanley & Co. Limited S5 Bishopsgate, LoThJon. EC2N 3AS Sollcltors Ashtons Legal Chequers House 77-81 Newmarket Road Cambridge CB5 8EU Orbimed Advisors LLC601 Lexiwon Avenue, 54, Floor. New York Ny122 Mills & Reeve LLP Francis House 112 Hills Road Cambridge C82 IPH Securis Investment Partners LLP 12th Floor. 110 Bishop$8ate, London EC2N 4AY Bankers Lbyds Bank plc (Commercial Banking) Endeavour House. Chivers Way Histon, Cambridge, CB24 9ZR Property ManageKs and Valuews Bidwe115 LLP Trumpin8ton Street Cambrid8e C82 2LD Senlor and Prlndpal Officers Head of Houselmaster". Professor C Kelty BA (Horsl (Sydneyl, Pho. F&4 Senlor Tutor: Dr M Frasta-spada Laurea (Romel PhD Bursar.. Mr RC Leather BA {Macquariel Pagg 4
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College, Cambridge Operatlng and Financial Revlew Status The College of Corpus Christi and the Blessed Virgin Mary in the University of Cambridge was founded in 1352 and is the sixth oldest of the thIrtyne constituent colleges of the University of Cambridge and the College Is registered charity11137453) arKI is subject to regulation by ihe Charity Commission for En8land and Wales. The College is an autonomous. self-8overninE community of Fellows and scholars comprisin8. 527 junior members.ofwhom 330 are undergraduates-166 men, 156women and 8 otherl2024: 312 split 170 men: 138 women: 4otherl-and 197 are post8raduates-114 men and 83 women12024: 189split 104 men: 85 women). Postgraduate students include those en8a8ed in both full and part-time 5tuty- It employs 111 full-time equivalent members of staff who support the College in achievin8 and upholding Its aims and objectives. Aims and objectlves of the College The College is an institution of hi8her education. It continues to promote its statutory charitable objecttves.to maintain and support a College within the UnNersity of Cambridge for the advancement of education. research. learning and religion" The College remains an independent foundation while at the same time forming part of an internationally reTh)wned collegiate university. The College endorses the Universitys mission and core value5 and views the partnership beeen University and Colleges as central to Cambridge's future development. The College plays an active role in University bodies in formulating University policy. The College has the following long temi aims and obpttives: To deliver the highest statKlards and quality in leaching and research at under8raduate and postgraduate levels within a stimulating and supportrve envifonment. To promote equality of opportunity. encouraging an indusNe culture and valuing diversity. To promote and foster excellence in academ fesearth of the highest quality across a wide range of disciplines. To support a community of Fellows. students and staff allowing the benefits of a large, intemationallv renowned unNersity to be realised within 3 small-scale and close-knit community. To encoura8e and nurture a community of actNe alumni contributing to the life and future of the College. To manage. enhance and devek>p its endowments and benefactions. historic buildings and grounds for the benefit of current and future generations. In pursuit of its objectives, the College admits las junior mernbersl undergraduates and postgraduate students matriculated in the University of Cambridge. It provides financial and other SUPF)Ort to those members that meritlqualrfy for it and supports teachin8 and research in the University. To support the funding of its activities. the Colle8e maintains and manages an endowment whith comprises a range of property and financial assets. The College has regard to the Charity Commission's guidance on public benefft as set out in ihe statement on public benefit on page 12. Pag8 5
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Cambrfdg• Revlew of Artlvlty Corpus Christi College remains in a sound financial position with strong pmspects for its future. The College has made si8nificant progre55 in enhancin8 and refurbishing its operating estate and has established a programme of targeted capital investment. During the year tt completed the refurbishment of the Grade11 listed Mogford Lodge Iformerly Ashton House). Over the medium temi it will seek to invest in the implementation of the core recommendation5 of its Estates Master Plan. This will ensure the College's accomrnodation and teachire faolities are fft for purpose into the future. A key component of futu investment plans is the incorporation of sustainability initiatives which improve energy efficiery. reduce carbon emissions and enhance biodiver%ty across its operating and inve5tmeni estste. As part of the futu growth. the College has purthased early in the next financlal year a further property on Selwyn Gardens. This secures a key parcel of land for longertem) use by the College and proiects an important boundary and access point to our Leckhampton Site. student Matters During the 2024125 financial year, the College continued to implement a full slate of acce55 and outreach programmes to augment the day.tO-day activities of the Admissions Office A focus of resource5 towards students from under-represented and disa(Ivaniaged backgrounds is central to College'5 Strategy of 'sustained engagement,. This approach resulted in another strong year for uftdergraduate applicath)ns with 562 application5 received which represented a small increase on the previous year. Outreach programmes continue to have a posltive impact on Access and Participation Plan targets this cademic year 74.6% of incoming UK students were from state sector schools. while many came from stcodes that were the least likety to send students to hi8her education (Il% from POLAR QI and 14.1% from POL4R QI + Q21. Additionally. 21.1% had an IMD fia& iThlicatin8 they came from neighb)urhoods with high levels of social deprivation, and 12.Th have been eligible for Free School MeaLs Within the last 6 years. These statistics compare very favourably wlth avera8es acr055 the University. and continue to place Corpus near tl top of league tables for Widening Participation in hi8her education. In 2025. 30312024= 2881 undergraduates sat dassed University exarninations. In 2025 81% obtained grades in the First Class or upper division of the Second Class lor in the undivided Second Classl- 11 UnderadUate$ were awarded UnlveNty prizes. 57 {2024: 531 postgraduate students successfullycompleted an MPhil or other one- year graduate course, 612024: 7} completed clinical 5tudie5 and 3212024- 331 satisfied the reqU1MentS for a PhD. 8412024: 841 undergraduates receNed means te51ed awards totalling £254k12024: £267kl under the centrally administered Cambridge Bursary ScMe {CBSI whose goal is to ensure that no UK or EU student with settled or pre-settled status shoukl be deterred from applying to Cambridge due to financlal considerations. A further £26k12024: £72kl was disbursed by Col*e Tutors in hardshlp funds. Scholarships and prizes for academic excellence and achievement will be avmrded by the Goveming Body in October 2025: total value of awards made In 2024 was £45k12023: £36K}. E69k in grnnts were awafded for travel, vacation study. books and equipment. The Tutors made 8rants to }StgradUate5 totslling £521k12024: £218kl for fees, research and maintenance. In Juty the College wefcomed more thaTr 120 students who had completed the Pelican Programme, whlch is a 6 month lon8 pro8rarnme of regular online academic d¢sCUs5ion groups for year 12 students in Archilerture, Clas%cs. En81ish, History. Law. Modern Languages, Philosophy, arml Physical leD$. Page 6
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Cambrldge The College also CODlinued ils SUPPOrt of the Uni¥ersiWs STEM SMART aThJ School of Biological SCiens Experiencin8 Postgraduate Life Sciences programmes. h also IM)sted the Medieval Worlds residential programme in collaboration with the Parker Library. In addition to these activities. a residential programme for Yll students from seven different schools in the North-East was held. Durin8 October 2024, the College welcomed the fourth cohort of Bridging Course students. This flagship programme which takes place over three weeks. supports students from non-traditional and under- represented backgrounds through a series of pre-Tem) engagements and introduction to College and academic life. The programme has been warmly receNed by participants who make a strong contribution to both to the academic and social fabric of the College throughout their studies. Flnanclal Revlew- therview of the Year The Colle8e continues to perform well despite ongoing economK headwinds. At the unrestrirted level. the College recorded a deficit of £90k before other gains and losses compared to a surplus of E499k in the year to June 2024. The prior year surplus included a USS pension provision removal of £1.168k, without this the colge would have recorded an unrestricted deficit of £669k. Including restricted and endowment items, the College recorded a surplus before other gains and k)sses of £156k in the year to June 2025 compared to a surplus of £2.601k in the prior year. Expenditure from restricted funds was £2.136k12024: £2.473k) in the year. Muth of this expenditure rektes directly to supportin8 Students and a150 albws the College to empk>y a number Earty Career Research Fellows. The principal areas of income and expenditure arml their respectlve proportions can be illustrated: Income, 2025 £000 Expenditure, 2025 £000 . Academ* fees and tharges Education 636 _ 45 708 • ktomftKjdat. caterime and confetence5 Accommodation. catering and ionferences 405 Investrnent IOn Investment management cost5 ,98 • Other IrKome Contribution under Staiute G.11 Donaiions. endowmenis and catal 8rènts Interest payable on loans College Fundlng Corpu5 is funded from several sources includinB fees. accommodation and catering revenues from the student body, as well as donations. investment returns. and income from conferencing artivities. Pe7
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpu5 Chrlstl Colle8e, Cambrld The College also had borrowlngs of £25m againsi net assets of E256.9m as at 30 June 202512024: £250.6ml. The College's operating income {S.e. income from academic fee5 arKI charges. stent rent. conferen5 and cateringl did not cover the College's expenditure. The College was therefore reliant on income from donations. its endowment, and on conference and events to support operations. Academlc Fees and Charges Acadernic fees consist of the College fee and 8rants to SUPPOrt teaching and research. The sources of funding are tuition fees payable by or on behalf of undergraduates and wstgraduates. Fee intome from these sources remained static in the year under review at £2.7m12024= £2.6ml. The College charges the following fees: College fees at externally regulated rates to undergraduates entitled to Student Support and to postgraduate students {with those undergraduate fees being paid by grant funding through arrangements approved by the Government). and a fee deterniined annually by the College to overseas undergraduates and any Home/EU undergrdduates not entitled to Student support, College provhjed accommodation Irental), and dining hall meal char8es are al rates determined by the Goveming Body. Conferences and Caterlng The College's confenCe and caterlng business has contintl its rec(Nery from the impact of the pandemic. generatin8 revenue of £1.616k in the current year compared to £1.313k in 2024. Donatlon4 Legades and Benefa¢tlons The College relEs extensivety on donations. legacies. capital grants, and benefactions to delwer Its educational activitles (student sUprt. accesslwidening participation programmes and Fellowships), to fund capltal projerts, and to grow the capital value of its endowment. The Alumni Relatlons and Development Office responsibilities include (Ordinatin& managin& and monitoring the College's fundralsin8 activities. The College carries out all fundraising activities ilself without the use of a third-party fundrniser. Philanthropic support for the Colle8e's aim5 is important and appreciated. In 2024125, the Colle8e received £2.025k in a88re8ate donations and legacies versus £2.48(* in the pr year. The College Is profound5y grateful to all its donors for their support. All donations {including the recovery of Gift Aid where applicable) are reported in the Consolidated Statement of Comprehensive Income and Expenditure. The Alumni Relations and Development OffKe conforms to all recognised applicable fundraising standards and its aclivities a monitored by the Governi Body through a combination of review meetings and reports. The College is registered with the Fundraisin8 Re8ulator. The College seeks to ensu that vulnerable people a protected from unreasonable intrusive. pressured. or persistent fundraising approaches. The College has In place procedures that woukl be followed in the event of a complaint being received, with the initial response bein8 the responsibility of the Bursar. Any contlnuing issues would then be Ssed to the Govemin8 Body to determine what fijrther action might be required. The College also invests Significant time preparin8 its alumni and fundraising activities forcompliance with the General Data Protection Re8ulations {GOPRI. Endowment and Investment Perfonnance The capitsl value of the College's Investments stood at £153.7m on 30June 202512024: £147.8ml. The overall gain on total Snvestments in the year was £6.3m versus the Bain on totsl irNestments of £8.8m In the prior year. This includes the College property Portfolio whKth has been externalty valued in the period. Ptye8
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chr15ti Colle8e, Cambrid There was a continued steady recovery in the value of the College property portfolio which is now valued at £48.6m12024: £46.Iml. The College has a minimum target of maintaining the real value of the Endowment while drawing down a sufficient amount to support its activity. The College annual drawdown rate is 3.25% based on the average endowment value for the preceding 20 quarters for restricted funds. An additional 0.5% has been agreed to be withdrawn from unrestricted funds for fve year$12024 to 2029) to aid capital expenditure. Capital Expendlture and Bulldlng Works Durlng the past year, the College has made signifLint progress in enhancing its estate through targeted capital investment. Notablyi the comprehensive replacement and major upgrade of the boiler room, boilers and building mana8ement 5yStems that serve Old Court was completed. This proiert resulted in improved energy efficiency and more consistent heating across the Old Court, delNerin8 operational benefits and a more comfortable environment for students, staff. and Felbws. In addition. the refurbishment of the grade 11 listed Mogford Lod8e Ifomerly Ashton House) reached completion. The complex and evolving project transformed the premises and restored the building to its ori8inal 8randeur. while providing a rejuvenated. high-quality finish that Inour$ the buildinls historic character and meets modern standards. Looking ahead, Corpus is embarking on a major programme of methodical and prOgSSI¥e fUrbI$hrnenf acr055 its operational and accommodation estate. AlkKating significant funding to the initiative, our aim is to make substantial improvements to the quality and condition of our accommodation and tsallties. ensuring they meet the needs of a modern academic community. Throughout this process. we remain committed to respecting and respondin8 to the rich legacy and history of Corpus Chrisii. ensuring that all enhancements are sympathetic to our unique heritage. Staff Costs, Employment Policy. Penslthts and Equal Opportunltles Total employment costs for the year were £6.2m12024: £6.2m) and are the College's lar8est single overhead category of overhead. The College Remuneration and Benefits Committee is tasked with ensuring good governance and Complian with Charity Commission guidelines in respect of remuneration paid to Fellows who are also trustees of the Charity. The Staff HR Commitlee has oversight of and reviews staff employment matters includin8 setting pay rates. The Col*e has committed to paying all its staff a minimum rate equal to the Real Living Wa8e advised by the Living Wage Foundation. The Colle8e makes pension fund contributions on behalf of its employees to four schemes: three defined benefit schemes: the Cambridge Colleges Federated Pension Scheme ICCFPS). the Church of England Funded Pension Scheme ICEFPSI and the Universities Superannuation Scheme IUSSI. and one defined contribution scheme: Royal London. The Colle8e'5 share of the CCFPS valuation increased from an £88k surplus as at 30 June 2024 to a £117k surplus at 30 June 2025. The Colle8e's share of the CEFPS surplus at 30June 2024 and 30 June 2025 wa5 £nil. The College also now presents its theoretical share of the USS deficit in the balance sheet as a liability. At 30 June 2025, this was £nil vs £nil in the prior year: although thi5 number fai15 to account for the "last man stsnding" nature of that scherne. The challenges surroundin8 the continued future funding of USS remain a major concern foi the sector. A full explanation of pen5MJn related matters is contained in Notes 15 and 27. Page 9
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Cmsti Colley. Cambrldge Reserves Pollcy The Colle8e's unrestTiCted funds and reserves amount to £205.7m12024: £2OJ.8m) and are represented in the balance sheet bythe College's operational bulldings. vthich are used forteachirvd and resideniial purposes. and part of the College'5 investment assets. The $trIcted fvnds amount to £51.3m12024 . £49.8ml, presented by part of the investment )rtfolIO and can only be spent on purposes set down by the donor. As the College is a long-temi Institutk)n. reserves are held with a long-term view and the College intends to contlnue to pursue its objectives in perpetuity. It ha5 reserrfes al an adequate level which ensures that the core actNity could be continued during a period of extreme financial difficulty. The College does not need to Increase its unrestricted reseNes or set a particular target of unrestricted funds to ensure that it can contlnue to operate through a particularly dIff1t financial period. However. the College does need to ensure that sufficient re5erve5 can be converted to cash to finarKe its way through a period of extreme financlal adversity, based on a risk based evaluation, cash reserves covering core functions for at least 6 months is appropriate. Envlronmental Polky The College VIOn is that sustalnability will be embedded in every aspect of life and work at Corpus. and that all members of the College community will be engaged educated in this vision. We are committed to minimising the carbon footprints and environmental impacts of our estate, operations. everyday worklng and study practices, and the food and resources that we consume. We recognise that we must respond to the urgent challenge of climate change. to play our part in the transition to a zero-cart)on economy, and to conserve the resources. biodiversity and condition of our planet for future generations. To consider all matters relati to sustainability in College, the College has established the Sustainability Committee, which reports to the College'5 Executive Body and is a cross-Colk8e committee. comprislng relevant College officers. members of staff. and student representstries. The objectives of the Sustainability Committee are: To set datalinfomatlon-based targets. and to monitor and reporton prOg$StOwardS them, including for the reduction of greenhouse 8as emission5. Water consumption. and waste sent to landfill. To drlve improvements in the sustainability of the College estate and operations, includlng throu8h building projects, building fenovations. innovations and modifKations, and on-site energy generation schemes: To develop sustainability policies and prdctices for procuremenL consumptlon, waste disposal, and cyclirvd and travel: To drNe improvement in biodiversity across the College estate and the use of College grounds and land to support 5UStainabllity objectives. for example for water collection and on-site electricity generatlon: and To consult. inform, and educate all members of the College about sustainability. and to hnprove sustainability in College through best practice and behavioural change. P8g8 10
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi Cdle8e. Cambrldle Rlsk Management and AssessThnt College committees regularly review the major risks io which the Colle8e is exposed and these are reported to the Governing Body. Systems are in place and reviewed on a regular basis to mitigate all identified risks. Relevant committees and individuals in College are char8ed with responsibility for evaluating risks within their areas of responsibility and advisin8 the Governing Body on the probability of occurrence, nature. and likely severity of impact. togeiher with the steps taken in mitigation. The College is faced with numerous risks (including from owning and operating historic operational buihJin8s. IT. legatIon and regulation. compliance. academic and pastoral care. investment performance. and financial management), not all of which can be rniti8ated through insurance. The College has a Risk Re8iSter which is reviewed annually by the Audit Committee. Executive and Governin8 Bodies. Flnancial (hrfook and Plans forthe Future The College's immediate fInarla1 outknk is influenced by ihe remainin8 impact of the pandemic and the current.cost of living" crisis. We are formulatin8 financial forecasts based on a range of Scenarios drawn from current global issues. The College entered this dwllenging environment with a solid financial position and we will continue to work hard to utilise resources in the most effective way to deliver our academic and charitable mission. Audltors Our auditor Peters Elworthy and Moore transferred their audit re8iStration and thefore that part of thelr bu5ine55 to a newly incorporated limited company. PEM Audit Limited, on I September 2025. Accordinglv. Peter5 Elworthy and Moore ceased to be the College's auditor PEM Audit Limited has been appointed to fill the vacancy arising. Pag8 11
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Cambrfdge Publlc Benefit Statement In the founding charter and the College Statules and OrdInanS and as re(onfirmed in a Governing Body resolution in 2010, the College's charitable purposes are dearty articulated. These are the advancement of educarion, research, learning and religion forthe public benefit by the provision, support, and maintenance of the College in the University of Cambridge. The Govemin8 Body is satisfied that the aCtItieS as described In these Reports and Accounts meet the public benefit requirementsofa registered charity. Tr full publlc benefit siatement has been lodged with the Charities Commission but can be summarised as follows: Educotion The provision Iwlth other Colleges of Cambrid8e and the Unr4ersty of Cambridgel of an education for undergraduate and graduate students that is recognised internationally as beire of the very highest standard. Education and teaching Is provided in small groups which allows for strong pastoral, administrative. and academic support through the tstorial and postgraduate mentoring Systems. The College provides a residential community with social. cultural, musbcal. recatIonal and sportin8 facilities available to all students. These fadlltles allow them the opportunity to realise thelr full academic and personal potential whilst studyiro at the Colle8e. Accommodation and catering is provided at reasonable rate5. The College provides bursaries and studentship5 when needed to both undergraduate and postgraduate members of limited means. The general public are also able to attend various educational actrvities in the College. Re5eorch The College supports research in a number of ways. It provides Research Fellowships to outstanding academics at an earty 5taÉe of their careers which enables them to develop and focus on their research in this formatlve period before undertaking a full academic post: It supports research work pursued by its Fellows through promotin8 interaction across disciplines, providing faolities and 8rants for national and international conferences, research trips, and research materials. It encourages the publication of research by member5 of the College through papers. journals or other sultable means. Visiti Professorships are available to encourage Imostlyl overseas academlcs to tske a period of research leave from their institutions and work in Carn18e. In 2019. the College established a new Wisiting fellowships scheme, offering free accommodation to early-career scholars. nomially In post in a UK university, who had no priow connertitin with Oxford or Carnbridge. Leorning The College maintains the Taylor Library. an extensrrfe upto-date library {including special collections) for all members where publications and joumals can be accessed with a catalogue integrated into that of the University. It provides a valuable SOurCe for sttsdents and Fellows of the College. alumni, members of other Colleges and the University of Cambridge. external scholars, and researchers. The Parker Library, an important manuscript librnry of internatK)nal Significance. is open to scholars and researcher5 from Cambridge and globalfy. The Fit2william Museum exhibits the College's Lewis Collection which Is on long temi loan. Revd. Samuel Savage Lewis11836-18911 left to the College a large collection of classical coins and other objerts. Religion The College Chapel is regularly open to ViSitor5 of all faiths or none; there is no geographical. age or religious restriction for those attending the Chapel in ihe College. The Chapel is maintained and supported by the College as a pl of religious worship. The Dean of Chapel and Chaplain hold regular Pagè 12
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. C•mbrid8e setvices in which the College choir participaies: these ser115 a open to the publ•c and visitors. In 2020. the College established a dedicated prayer room for Muslim students. The College supports, through the Dean of Chapel. Chaplain, and others, the emotional, mental and spiritual well-bein8 of all members of the College Community- The College offers choral and organ scholarships and instrumental awards. The Colle8e maintsins its historic connections and links with other churches and parishes through its involvemeni as Patron of several parishes. The College has e5tabli5hed links with local cultural foundations and seeks to develop them further. The College Within the Communlty The College makes a particular point of sharirvd and extending the use of its facilities with the local community and local or8anisation5. The College sports ground al boathouse are used by rounders, cricket. football, a1 rowire clubs and schools in the aty. The main College site in the heart of the tity is open to the public for most of the year. The College hosts local events and functions throughout the year and support5 the Corpu5 Playroom la small theatre space) whose daily operatK)ns are run by the ADC Theatre. Frequent guided tours, public viewings and exhibitions are held in conjunrtion with the sub.librarian. Pag8 13
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrfstl College• Cambridge Corpmte Governance The followin8 Statement is provided by the Governing Body to enable readers of the financial statements to obtain a better understsndir8 of the arrangements in the Colle8e for the management of Sts resources and for audit. The Colle8e is a registered charity {registered number 11374531 and subiect to regulation by the Charty Commlssion for En8land and Wales. The members of the Governi Body are the charity trustees and are responsible for ensuring compliance with tharity law. The Master and Fellow5 constitute the Governing Body of the College, to whose meeting5 are invited Junior Member lundergraduale and postgraduate) representatives (for openlunreserved business). The Fellows of the Governing Body are the Trustees of the charity and responsible for ensurin8 compliance with charity law. The G0ming Body is constituted and regulated in aCcOrdae with the College Statutes and Ordinances vthith together also 8ovem the activitie5 of the College. The Governing Body is responsible forthe strategic direttion of the College. for its on-8oing administration, and for the management of its finan5 and assets. Meetings are hekl six times a year under the chairmanship of the Master. The Governin8 Body acknowledges its responsIlity to act with pruden nd care to ensure the College complies with levant laws and regulations. The Governin8 Body elect5 all Fellows of the College. There is a Re8i5ter of Interest for all Trustees. which is updated annually. Declarations of interest are made at the start of each meeting. The Executlve Body supports the GoverniThd Body. The Executive Body consists of eight elected members a1 no more than fourex-officio members. It Is responsible for the control and mana8ement of the College's affairs a5 delegated by the Governing Body. There are a150 a range of committees IndlIng Audit. Finan. Buildings, Education, FelwshIp, Health and Safety, InvestmenL Music, Remunerations and Benefits. and Staff HR. Master as Head of House has ststutory powers of governance and is also Chaiman of the Governing Body and the Executive Body. The Bursar is accountable to the Governing Bo(Fy and has overall resy)nsibility for the finance5. operations, and general adminlstration of the College. The Senior Tutor. also accountable to the Governin8 Body* has overall responsibility for admissh)ns, educauon, and welfare of undergraduate and graduate students It Is the duty of the Audlt Committee to keep under review the effertNeness of the College's intemal systems of financiol and other controls: to advise the Govemin8 Body on the appolntment of extemal auditors; to consider reports submitted by the auditors; to monFtor the implementation of recommendations made by auditors and to make an annual report to the Goveming Body. 4. The Members of the Govemin8 Body are set out on pages 1-3. Page 14
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College, Carnbridge Responslbllltles of the Goveming The Governing Body is responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). The College's Statutes and the Statutes and Ordinance5 of the UnNersity of Cambritlge require the Governin8 Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that Per. In preparing these financial statements. Ihe Governing 8ody a required to: select Suitable accounting policies and then app1 them consiSteTrt- make judgements and estimates ihat are reasonable and prudent: state whetherapplicable accounting standards have been folk)wed. subject to any material departures disclosed and explained in the financial Statements. prepare the financial ststements on the going concern basis (refer to the goinE concern accounting policy) and be satisfied the College has adequate resour$ to continue in operation for the foreseeable future. The Governing Body is responsible for keepiDg accouDting records which discbse with reasonable accuracy at any time the financial position of the College and enable them to ensure that ihe financial statements comply with the Statutes of the University of Cambridge. It is also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and deteaion of fraud and other irregularities. The Goveming Body is responsible forthe mainlenance and integrity of the corporate and financial infomiation included on the College's website Iwww.corpus.cam.ac.ukl. Le8islation in the United Kingdom governing the preparation and dissemination of financial atements may dlffer from legislation in other jurisdictions. Statement of Internal Contml The Goveming Body is respM)nsible for maintsinin8 a sound system of iniernal control ihat suprKfyrts the achievement of policy. aims and obieclives while safeguarding the public and other funds and $5ets for which the Governing Body is responsible. in accordan with the College's Statutes. 2. The system of internal control isdesigrd to manage ratherthan eliminate the risk of failure to achieve policies, aims, and obieclNes; It iherefore provides reasonable but not absolute assurance of effectiveness. 3. The systems of internal control are desIgd to identify the principal risks to the achievement of policies. aims and objecti¥es. to evaluate the nature and extent of those risks and to manage them efficientfy, effectively and economicalty. These processes were in pla for the full flnancial year and up to the date of approval of these financial statements. 4. The Governing Body is responsible for reviewing the effectiveness of the syslem of intemal control. 5. The Governing Bodvs review of effertiveness of the 5VStem of internal Control is informed by ihe work of the various Committees. the Bursar. and College officers. who have responsibility for the develOpnnt and Maintenan of the internal control fr3mework. and by comments made by Ihe external auditors in their management letterand other reports. Approved by the Governlni Body and sned on Its behalf by Mr R Leather. Bursar, Dated 1° December 2025 Page15
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrfst5 Colle8e, Cambrkl8e Ind•p•ndent audltors. rert to the to the Governlry Body of Corpus Chrfstl Colle8e OPINION We have audited the financial statements of Corpus Christi College {the 'College'l and its subsidiary (the 'Group'l for the year ended 30 June 2025, which (ompri5e of the Consolidated Statement of Comprehensive Income and Expenditure. the Consolidated Statement of Changes In Reserves. the Con501idated and College Balance Sheets, the Consolidated Cash Flow Statement and the related notes, including a summary of signiflcant accountirE policies. The finanaal reporting framewo that has been applied in their preparation is applicable law and United Kingdom Attountin8 Standards. induding Financial Rewrting Standard 102 The Financial Reportin8 Stsndard applicable in the UK and Republicof Iweland. Iunited rEdoM GeneraltyAtcepted Accounting Practice). In our opinion the financial statemenls: give a true and fair wew of the state of the Group's and College's affairs as at 30 June 2025 and of its incoming resources and applicath)n of resour$ for the year then ended: have been property prepared in accordan with United fingdom Genernlly Accepted Accounti Practice: and have been prePad in accordance with the requirements ofthe Charities Att 2011 and the Statutes of the Universlty of Cambridge. BA515 FOR OPINION We condurted our audit in accordance wlth InternatTraI StaThJards on AudItia {UKI (ISAS IUK}l and applicable law. Our responbilities under those Standards are further described in the Audltor's responsibilrties for the audit of the financial 5tatefflents section of our report. We are independent of the Group in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the United KinBdom, Including the Financial Reporting Council's Ethical StaDdard and we have fulfilled our other ethica responsibililies in aCCordare with these requirements. We believe that the audil evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditin8 the financial sLitements, we have concIled that the Trustees. use of the goin8 concern basi5 of accountin8 in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or conditions that. individually or collectively, may cast significant doubt on the Group'5 or College's ability to continue as a going concem for a period of least twelve morths from when the financial statements are authorised for issue. Our responsibilltles and the responsibllities of the Tnrtees With respert to 80iTrx concem are described in the relevant sections of this report. OTHER INFORMATION The Trustees are responsible for the other inforniation. The other infonnatJn comprises the information included In the Operating and Financial Review other than the financial statements and our Auditor's Report thereon. Our opinlon on the financial statements does not cover other infomiation and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereon. In connertbon WFth our audit of the financial statements. our SPonSIbl11ty is to read the other infomation and, in doing so, consider whether the other infomiation is materially inconsistent wlth the financial Page 16
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College• Carnbrfd8e statements or our knowledge obtained in the course of the audit. or OtnlSe appears to be material misstated. If we identify such material Inconsistenc or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements or a material mi5Statement of the other information. If. based on the work we have performed. we condude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER mAER5 PRESCRIBED BYTHE STATUTES OF THE UNIVERSITY OF CAMBRIDGE In our opinion. based on the work undertaken in the course of the audit: the contribution due from the College to the University ha5 been computed a5 advised in the provisional aSse55ment by the University of Cambridge and in accordance with the provisions of statute G.11. of the University of Carnbrldge. MATfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge aThJ understanding of the Group and College and its environment obtained in the course of the audit. we have not identified material misstatements in the Operating and Financial Review. We have nothing to report in respert of following matters in relation to which the Charitie5 (account5 and Reports) Regulations 2008 require us to report to you if. in our opinion: sufficient accountin8 records have not been kept: or the financial Statements are not in agreement with the accounting records: or we have t received all the infomiation and explanations we require for our audit. RESPONSIBIUTIES OF THE TRUSTEES As explained more fully in the responsibilitS of the Trustees statement, set out on page 16. the Trustees are responsible for the preparation of 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 preparatM)n of finantial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and College's ability to continue as a goin8 concem, disclosin8. as applicable. matters related to going concern and using the going concern basis of accountin8 unless the Trustees either intend to liquidate the Group or the College orto cease operations, or have no realistK altemative but to Ilo so. AUDITOR'S RESPONSIOILITIES FOR THE AUDIT OF THE FINANaAL sfATEMEPITS Our objertives are to obtsin reasonable assurance about whether the financial staternents as a whole are free from material misststement, whether due to fraud or error. and to Issue an Audiior's Rep)rt that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee ihat an audit conducted in accordance wth ISAS IUKI will always detett a material misstaternent when it exists. Misstatements can arise from fraud or error and are considered material rf, iThlividually or in the aggregaie, they could reasonably be expected to influence the economic deasions of users taken on the basis of these financial statement5. Irregularities, incliKlin8 fraud. are in5tsnce5 of non-complian with laws and regulation5. We design procedu$ in line with our responsibilities. olined aky)ve, to detecl material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting i1CularIties, includin8 fraud is detailed below. 17
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College, Carnbrid8e Our approach to identifymig and assessi8 the risks of material misslatement in $pert of Irregularlties. including fraud and non-compliance with laws and re8utstions. was as follows: the engagement partnerensured that the engagementteam collectNely had the appropriate competence. capabilitie5 and skills to identify or reco8nise non-compliance with applicable laws and regulations; we identif1 the laws and re8ulations appIKable to the College through discussions with management, and from our commercial knowledge and experierKe of ihe education sector. we focused on specific laws and regulat5 which we considered may have a direct material effect on the financial statements or the operations of the Colle8e. Includi the Charites Art 2011, the Ststute5 of the University of Cambridge and taxation legIatIon. in addltion, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements It compliance with which mlght be furKlamental to the Group's and College's ability to operate or lo avoid material penalt5' we obtained an understanding of the College's p)licies and procedures on compliance with laws arKI regulations, including documentation of any instances of non<ompliance. we made enquiries of management as to where they consided there was susceptibility to fra, their knowledge of artual, suspected and alleged fraud; we consrdered the intemal controls in place lo miti8ate risks of fraud and non-compllance with laws and regulations: we assessed the susceptibility of the Colle8e's finala1 statements to material misstatement. Induding how fraud might occur,. laws and regulation5 identified were communicated within the audit team regularly and the team remained alert to instances of non-complian throughout the audiL As a result of the aly)ve risk assessment wocedures we identifd the greatest risk of material mlsstatement on the financial statements arising from irregularities and fraud to be within the potential for mana8ement to override controls together with ihe risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition to be most prevalent in the completeneu and cut off of donation and legacy income and the cut off of conference income. In respo1 to these identified risks, we desi8ned procedures which included. but were not limited to: performed analytical procedures to identify any unusual or uiiexpected relatitinships; performed audit work over the risk of management override of controls, includin8 testing of journal entries and other adjustments for appropriateness. evaluating the business rat¥)nale of signikant transadions outside the normal course of buslness: assessed whetherjudgements and assumptions rnade in detem)inin8 the accounting estimates set out on pages 27 and 28 were indicatwe of potential bias- we used Audit Data Analytics to review the d•ent data for unusual anomalies; Page 18
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College, Cambrldge we perfomied substantl¥e testing for a sample of donations from Raiserfs Edge lo supporting documentation to ensure that all income was appropriately recogni5ed in the general ledger in the correct period and any restrictions approprialety recognised,. we also tested a sample of donations around the year end and discussed ongoing legacies with the Development Office to ensure cut off had been correctly appl*d; we performed substantive testirvd for a sample of conferences from the booking system to invoice to ensure that all income was appropriatety reco8nised in the general ledger in the correct period- In response to the risk of irregularities and non-compliarKe with lawsand ulations, we designed procedures which included. but were not limited to: we a8reed the financial statement dlsclosures to underlying supportirE documentation: we èssessed the extent of compliance with the laws and regulations identified above throu8h makin8 enquiries of management and inspecting legal correspondence; we read the minule5 of meeiings of those charged with 80verTran: we discussed with management actual and potential litigation and claims: There are inherent limitations in our audit procedure5 described above. The more removed that laws and regulations are from financial transactions. the less likety it is that we would become aware of non-compliance. Auditing standards also limit ihe audit ProdureS required to Klentify non-complian wrth laws and regulations to enqulry of ihe Tntee5 and other management and the inspection of regulatory and le8al correspondence. if any. Material missiatements that arise due to fraud can be harderto detect than those that arise from erroras they may involve deliberate concealment or Collus. A further description of our responsibilities for the audil of the financial statements is located on the Financial Reporting Council's website at: www.frcorg.uk/auditorsresponsibilities. This description fom)s part of our Auditor's Report. USE OF OUR REPORT This report is made solely to the Trustees, as a body, in accordance with the Statute5 of the University of Cambridge and the Charities Act 2011. Our audit work has been undertaken so that we m4ght state to the Trustees those matters we are required to state lo them in an AlItor'S Report and for no other purpose. To the fullest extent permitted by law, we do not acceptorassume responsibility to anyone otherthan the College and the Trustees, as a body, for our audit worL foi this report. or for the opinions we have formed. PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CBI 2LA Dale.. 03 December 2025 Page 19
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. CaMId&e Statement of Prlncl l Basls of Preparatl The financlal statements have been ppared in accordance with the provisions of the Statutes of the College and of the University of Cambridge and applicable United Kingdom Accounling Standards, using the Recommended Cambridge College Accounts {RCCAI fomiat; and applicable Uniled Kingdom Accountin8 Standards. including Financial Reportin8 Standard 102 IFRS1021 and the Statement of Recommended Prarti ISORPI: Accountin8 for Further and Higher Education Institution5 issued in 2020. The Statement of Comprehen5Ne Income and ExpeTrditu incIleS artivity analysi5 in order to demonstrate that the College is satisfyin8 its obligations that all fee iome is spent for educational purposes. The analysis required by the SORP is set out in notes to the accounts. The College is a public benefit entity and therefore has applied the relevant public benefit qU1rernent of the applicable UK laws and accounting standards. Basls of A¢¢ountln8 The financlal statements have been prepared under the historical cost conventlon, modified in respect of the treatment of Investments and certain operational properties which is induded at valuation. Golng CtyKem Accounting Pollcy The Governire Bo(ty has prepared a fwe-yearforecastforthe perK)d to 2028129 and will be reviewing forecasts against budget at regular intervals. The budget for 2025/26 was a holistic bet to provide the Governlng Body with a complete College budget. The College continues to take measures to tontrol Its cost base and port on unbudgeted increases and changes in order to combat the reduction in revenues and to extend financial headroom. Based upon their review. the Govemin8 Body bellw that the College will have sufficient sOUrceS to meet its liabilities as they fall due for the foreseeable and therefore have continued to adopt the golng concern basis in preparln8 the financial statemen Basls of Consolldatlon The consolidated financlal statements include the Colle8e and its wholly OWDed subsidiary undertakirvd Corpu5 Conferences Ltd. Details of the subsidiary undertaki5 included are set out in the notes to the accounts. Intra-group balances are eliminated on con501idation. 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 over whose p)licy decisw)ns it has no control. Racqnhlon of Income Acodemic Fees Academic fees are COgnised in the period to which ttw relate and indude all fee5 Chargeab to students or their sponsors. The costs of any fees waived or written off lry the College are induded as expenditure. Research ond Gront Income Grants ceiVed from non-govemrnent sources liTrcludirE research grants from non*overnment sources} a recognised wlthin the Consolidated Slatement of Comprehensive Income and Expenditure when the Colbe8e is entitled to the income and perfomlance related conditions have been met. Page 20
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi Colle8e, Carnbrldge Income received in advance of performance related conditn5 is deferred on the balan sheet and released to the Consolidated Statement of coMprensIve Income and Expenditu in line with such conditions being met. Donariofts, 8enefoctions ond Endowments Non excharvde transactions without perfomiance related conditions are donations and endowment5. Donations and endowments with donor IMF#ed restrictions are recognised within the Consolidated Statement of Comprehensive Income and Expenditure when the College is in receipt of or entitled to the income. Income is retained within restricted reseNes until such time that it is utilised in line with such restrlctions at which point the income is released to general re5er¥e5 through a SerVe transfer. Donations and endowment5 With re5trirtions are classified as restricted reseNes with additional disclosure provided within the notes to the accounts. There are four main types of donations and endowments with re5trictK)nS: l. Restricted donations - the donor has specified that the donation must be used for a particular objertive. 2. Unrestricted permanent endowmeDts- the donor ha5 specifie(I that the fund is to be pem)anently invested to generate an income stream for the general benefit of the College. 3. Restricted expendable eThJowments- the donor has specified a partKular objedi¥e and the College can convert the donated sum into income. 4. Restricted permanent endowments - the dOr has specified that the fund is to be pem)anently Invested to generate an income stream to be applied io a particular objectr¥e. Donations with no restrictions are recorded in the Consolidated 5tstement of Comprehensive Income and Expenditure when the College is entitled to the income. Investment Income ond Chonge in Volue of InvestmentA55ets Investment income and the thange in value of investment assets is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the ternis or other restrictions applied to the individual endowment fund. Total return The College invests its endowment investsneTht portfolK• and allocates a propOrtn of the related earnings and capital appretiation to the income and expenditure account in accordance with the Totsl Return investment concept. The allocation to income is determined by a spending rule, currently 3.25% for $trItted fvnds and 3.75% for unrestricted funds, which is designed to 5tsbilise annual spending levels from the endowment. The income transferred to the intome and expenditure account on this total retum basis is calculated using a formula that uses the weighted average quarterly value of the College's investment portfolio over a five-year period up to the commencement of the current accounting year. The exception to thbs is the investments sourced from the long term loan where the total return will be at a level to reimburse the interest cost connected to the loan. Total Return was adopted as a methodology and first reported in the financial statements ended June 2011. Other Income Income is received from a range of actNities including accommodation. caterin& conferences. and other services rendered. Income Is recognised in the Feriod in which the related goods or services are delivered. Gifts in Klnd Properties. investments, and other fixed assets donated without restrictions to the College are included as donation income at market value at the time of feceipt. If restricted they are recorded as restricted income and the relevant restrictN)n applied. P4¢ 21
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College• Cambridge Cambridge Bursaryscheme In order lo assist ulergradate5 entitled to student support the College provides. through the Cambridge Bursary Scheme ICBSI operated in common with the University and other Colleges. bursary support for those of Ilmited financial means. The scheme vlas approved bythe Office of FairAccess IOFFAI and provide5 benefits at a substantially higher level than the minimum OFFA requirement. For thls year payment of the Cambrid8e Bursaries to efigible students wa5 made directly by the Student Loans Company (SLCI. As a consequence the College reimbursed ihe 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. Forelsn Currency Translatlon Transactions denominated in foreign currencies are recorded at the rate of exchange prevailing at the date of the transactions. Monetary assets and liabilitres denominated in fOIgn currencies are translated Into sterling at year end rates or. where there are forward foreign exchange contracts at contract rates. The resulting exchan8e differences are dealt with in the delermination of the comprehensive income and expendlture for the financial year. Mxed Assets Operational Freehold LGrndond building5 Land and Buildings held for OFerational purposes a stated at depreciated rep1arnent cost as at 30 June 2CI)3 wlth subsequent addition5 at cost. The valuation in June 2CK13 was carried out by Bidwells LLP. Chartered SuNeyors. Where parts ofa fed asset have dlfferent useful lives, tjw are accounted for asseparate item5 offixed assets. Costs incurred in relation to Land and Buildings after initial purchase or construction and prior to valuatlon are capitalised to the extent that they increase the expected future benefits to the Co15ege. Buildings under construrtion are valued at Cost. based on the value of architect< certificates and other direct costs incurred to 30 June. They are rt depreciated until tlw are brought into use. Flnance costs. which are directly attributable to the construc of IlIdIng$ are not capitalised as part of the cost of those assets. A review for impalrmeni of a fixed asset is carried if events or chan8es in circumstsnces indicate that the carrying amount of the fixed asset may not be recoverable. Freehold land is not depreciated as it is consKlered to have an indefinite useful Ilfe. Freehold buildings (including the cost of major renewals) are depreciated on a straeht line basis over their expeded useful economic life of 100 years. CofPUS has historic grade l and 11 listed buikling5. Old Court beir8 c670 years old and New Court c200 years old; hen the l(Kl year depreciation policy. Land held specificalty for development, investmen¢ and subsequent sale Is included in curnt assets at the lower of cost and net realisable value Mointenonce and Renewol of Premises The College has a maintenance plan which is reviewed on an annual basi& The cost of any routine malntenance costing less than £IO.C(K) is char8ed to the Income and Expenditure account as it is incurred. The cost of major P*Ja 22
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College, Cambrldge refurbishment and maintenance linc1lIng tIK>se carried out internally for c 20weeks of the yearl costing more than £IO,CMJ) is capitalised and depreciated over the qtseful economic life of the asset concerned. The college may also set aside sums to meet firture maintenance costs. these being disclosed within general reserves Furniture, Fittings. Computer ond Generol Equipment Furniture, fittin85. computer. and 8eneral equipment Cosling less than £IO.LYKI per individual item or group of related items is written off in the year of acquisition. All other assets I capitslised and depreciated over their expected useful lrfe as follows: Furniture and fittings Motor vehicles and general equipment Computerequipment Ioyears 110% per annuml 5 years120% per annuml 3 years133% per annuml LeosedAssets Leases in which the College assumes substantialty all the risk5 and rewards of ownership of the leased asset re classified as finance leases. Leased aSSS acquired by ¥Ay of finance leases are stated at an amount equal to the lower of their fairvalue and the present value of the minimum lease payments at inception of the lease. less accumulated depreciation and less accumulated impairment k)sses. Lease payments are accounted for as described below. Minimum lease payments are apportioned between the finance tharge and the reduction of the outstènding liability. The finance charge is allocated to each period durin8 the lease term to produce a constant periodic rate of interest on the remaining balan of the llability. Costs in respect of operating leases are charged on a Straht-lIne basis over the lease temi. Any lease premiums or incentives are spread over the minimum lease temi. Heritoge Assets The College holds ar conserves a number of collections, exhibits, artefarts and other assets of historical. artistic or scientific importance. Heritage assets acquired before l July 1999 have not been capitalised sin reliable estimates of cost or value are not available on a cost-benefit basis. Acquisitions since l July 1999 have been capitalised at cost or. in the case of donated assets, at expert valuation on receipt. Herita8e assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material. Investments Fixed asset investments are included in ihe balano tht at fair value. except for investments in subsidiary undertakings which are stated in the College's baknce sheet at C05t and eliminated on consolidation. Investments that are not listed on a recognised stock exchange are carried at historical cost less any provision for impairment in their value or market value. PwJ8 YJ
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus ChrSstl College. Cambrfdge Stocks Stocks are stated at ihe lower of cost and net realisable Val after making provis¥)n for slow moving and obsolete items. Provlslons Provisions are recogni5ed when the College has a psent legal or constructive obligation as a result of a past event, it is prObae 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 obligatlon. Contlwdent Llabllltles and Assets A contin8ent liability ari5e5 from a past event that gives the College a p)ssible obligation whose existence will only be confirmed by the OCCUTrence or otherwise of uncertain future events not wholly within the ntrol of the College. Contingent liabilities also arise in circumstances where a provisKJn would otherwise be made but elther it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably. A contin8ent a55et arises where an event ha5 taken place that 8i¥es the College a posslble asset whose existence will only be confirnied by the ocCUrree or othervrise of uncertain future events not wholly within the control of the College. Contingent assets and liabilities are not recognised in the balance sheet but are disc105ed in the notes. FlnaDcial Instruments The College ha5 elected to adopt Sertions 11 and 12 of FRS 102 in respect of reco8nition. measurement, and disclosure of financial instruments. Financial assets and liabilities are recognised when the Colle8e becomes party to the contractual provision of the instrumentand theyare classified accordin8 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 ri8ht to set off the recogni5ed amounts and an intention either to settle on a net basisorto realise the asset and settle the liability simultaneousty- Flnandal Assets Basic finantial assets include trade and other receivables. osh and cash equivalents. and Investments in commercial paper li.e. deposits and bond51. These assets are initialty ¢08n1$ed at transaction prite unless the arrangement constitutes a financing transaction. where the transaction 15 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 reportlng date. Ifihere is objertive evidence of impairnlent, an impaiment loss Is recognised in the Statement of Comprehensive Income. For financial aet5 carried al amorti5ed cost the impairment loss Is the difference belween the carrying amount of the assetand the present value of the eslimated futurecash fbws, dlscounted at the asseys ori8inal effertive interest rate. Page 24
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi Colle8e, Cambrld8e Other financial assets, including investments in equity inslruments. which are not subsidiaries orjoint ventures are initially measured at fair value vlhich is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the repM)rting dale are reco8nised in the Statement of Comprehensive Income. Where the investment in equity instruments is nol publicly traded where the fair value cannot be reliably measured, the assets a measured at cost less impèimient. Investments in property or other physical assets do not constitute a financial instwment and are not induded. Financial assets are de-recognised when the contractual rvahts to the cash flows from the asset expire or are Settled or substantially all of the risks and rewards of ownership are transferred to arther party. Winancral Llablllties Basic financial liabilities include trade and oiher payables. bank loans. and intergroup loans. These liabilitie5 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 instrumentsare subsequently carried atamortised cost usingthe effective interest rate method. Fees paid on the establishment of loan facilities are rLYo8nise(l as transattion costs of the loan to the extent that il is probable that some orall of the facility will be drawn down. Trade payables are obligatlons to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are dassIfd as current liabilities if payment is due within one year or less. If not, they are presented as rK1n<urnt liabilit*s. 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 conlracts. are noi basic financial instruments. Derivatives are initially recognised at fair value on the date the dertvatNe contract is entered into and are 5ub5equently re- measured at theirfairvalue at the rewrting date. Char8es in the fair value of derNatNes are recognised in the Statement of Comprehensive Income in finance costs or finance income as approprbate, unless they are induded In a hedging arrangement. To the extent that the College enters into forward forei8n exchange conlracts which rna1n unsettled at the reportin8 date, the fair value of the contrarts is reviewed ai that date. The initial fair value is measured a5 the transaction price on the date of inception of ihe contracts. Subsequent valuations are considered on the basis ofthe forward rates for those unsettled contratts at the reporting date. Tr College does not apply any hedge accounting in respect of forward foreign exchange contracts held to mana8e cash flow exposures of forecast transactions denominated in forei8n currencies. Financial liabilities are de-reco8nised when the liability is discharged. cancelled. or expires. Taxation The Colle8e is a registered charity (number 1137453) and also a charity within the meaning of Section 467 of the CorF)oration Tax Act 2010. Accordingly. the College is exempi from taxation in respect of income or capital gains received within the categories covered by Sections478 to 488 of the Corporation Tax Act 2010 orsection 256 of the Taxation of Chargeable Gains Act 1992 to the extent ihat such income or 8ains are applied to exclusively charitable purposes. The College receives no similar exemption in respect of Value Added Tax for which it operates ès a VAT group with the wholty owned College subsidiaries. The College is a partially exempt organi5ation for VAT purposes. With the approval of H M Revenue and Customs. il has adopted a methodolo8y that enables it to recover part of the VAT on its expenses. Though recovered VAT exceeds the VAT previously 0Verats1e under the former CVCP guidelines. input lax on purchases is nevertheless largety irrecoverable. Page 25
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrfstl CoH¢8e. Cambrld8e ContTIIKrtlon under Statute G.11 The College is Ilable to be assessed for a Contributw)n urKler the provisions of Statute G.11 of the Universlty of Cambridge. Thi5 contribution is used to fund 8rants to college5 from the Colleges Fund. The liability for the year is as advlsed to the College by the University based on an assessable amount derived from the value of the College's investment assets as at the end of the previous financial year. The College contributes to a number of defined benefft schemes. The College pèrticipates In the UnNersities Superannuation Scheme (USS Ltd). The College also contributes to the Church Of England Funded PenSiOD Scheme ICEFPSI and Cambrid8e Collegeg Federated Penslon Scheme {CCFPS). The a$5ets of the schemes are measured at fair value, and the liabilities are measured on an attuarial basis usin8the projected unit method and dlscounted at an appropriate rate of return. The College's share of the surplus or deficit of the scheme is recognised as an asset or liability on the balan sheet. The current service costs, beir8 the actuarially detemiined present value of the pension benefits earned by employees in the current period. are inded within staff costs. Investment Incon Includes the net of the expected return on assets. being the actuarial forecast of total return on the assets of the scheme, and the inteiest Cost being the notK>nal interest CO arising from unwinding the discount on the scheme liabilitles. Full notes are given for these schemes. The College contributes to USS and Royal London12024: USS. Royal LoThj, Aviva and NESTI defined contribution schemes in orderto meet its regulatory requlrement under Automattc Enroknent. The sts8g date notified by the Pen5v)ns Regulator for Corpus was April 2014. with r&enroknent in Awil 2024. Employment Beneffts Short-tefm employment benefits such as salaries and compensated absences are recogni5ed as an expense in the year in which the employees render service to the College. Any unused benefits are accrued and measured as the addliional amount the College expects lo pay as a result of the unused entitlement. ReseThes Polky The College's reserves are allocated between restricted and unrestricted reserve& Endowment reSenS include balances which, in reSpt of endowment to the College. a hekl as pemianent funds whith the Colle8e must hold to perpetulty. Restrirted 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. Crlilcal Accountln8 Estlmates and Judgements The preparation of the College's accounts requires management to make jud8emenls. estimates, and Ssumptions that affert the application of accounling policies and reported amounts of assets and liabilities. income and expenses. These judgements. estimales and associated assumptions are based on hlstorical experience and other factors, includire expertations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimate5 will by definition seldom equal the related actual results. Page 26
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College. Cambrldle Management consider the areas set out below to be those where critical accounting judgements have been applied and the resulting estsmates and assumptions may lead to adjustments to the future carrying amounts of assets and liabilities. Income Recognition Judgement 15 applied in determini the value and timirE of certain income item5 to be recognised in the accounts. This includes determining when performance related conditM)ns have been met and determining the appropriate recognition timin8 for donations. bequest5 and legacie5. In general, the later are recognised when at the probate stage. Useful Live5 of Property. Plont ondEouipment Property, plant and equipment represent a signifKant prowrtK*n of the Colle8e's total assets. Therefore, the estimated useful INe5 can have a significant impact on the depreciation charged and the College's ported performance. Useful lives are deterrnl at ihe time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with similar assets, professional advice and anticipation of future events. Oetails of the carrying values of property. plant and equipment are shown in the note5. Recoverobility of Debtors The provision for doubtful debts is based on ihe College's estimate of the expected coVerablI1ty of those debts. Assumptions are made based on the level of debtors which have defaulted historically. coupled with current economic knowledge. The provi5i0n is IM5ed on the current situation of the customer. the age profile of the debt and the nature of the amount due. Investment Property Properties are revalued to their fair value al the reporting date by Peck Property Consultants. The valuation Is based on the assumptions and judgements which are impacted by a variely of factors including market and other economic chan8es and conditions. Retirement Benefit Obligotions The cost of defined benefrt pension plans are detemiined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates. future salary increoses. mortality rates and future pension increases. Due to the complexity of the valuaiion, the underlyin8 assumptions and the lon8 temi nature of these plans. such estimates are subject to significant uncertainty. Further details are given in the notes Management are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore reco8nised the discounted fair value of the contractual contribution5 under the funding plan in existerfe at the date of approvire the account> As the College is contractually bound to make deficit recovery payments to USS. this is recogni5ed as a liability on the balance sheet. The provision is based on managemenys estimate of expected future salary inflation, chan8es in staff numbers, and the prevailin8 rale of discount. Further details are set out in the noies. Page 27
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 ¢¥ V41P• (OX • 00 i eo¢J In¢yir< 1151 1 1 OZO
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpu$ Christl College• Cambridge Consolldated Statem•nt of ch88 in R•serv Yèar ond¢d 30 June 2025 In¢om• •xpondlture reserve Unrn•trf¢t•d R•8trl¢t•d Endowm•nt £000 £000 £ODO 138.118 7,141 105,381 877 5.413 11811 Totol Balanu * 30 June 2024 SurplusllDefficAiI Irom income aTrJ expwMJiiure Oiher e4mpoh8nsiv8 in(x)m$ Release of restricte(l (akmtal lunds spent in the year Transfe befvthn revaknatKJn and inojme and $Ve Transfer behleen luThJs 250,640 6,446 1141 {510} 12 Balance at 30 Jun• 2025 139.533 6,787 Inole 17) 110,025 (nots 161 hKom• and •xpondSturo reBorve Unr•strlct•d Restrictsd Endowment £OC#) £000 131.853 99,739 6.759 Total £000 239.002 11,587 51 Balance at 30 JUM 2023 SurplusllDtrfiat) from irKome and expendth slatem t)ther comprehénwo H)(xJm8 Release of restricted caimtal funds st Ihe year Transfers bets¥een reVaalKIn ¥ThJ rCand ex[ TeseTht Transfer between INts 7,410 51 13 (1.2201 (213) (904) 2.124 Balane• at 30 Jun• 2024 138.118 7.141 {not8 17) 105.381 {notg 161 250,640 The notss on the fcAkm¥ pages fcrfm part oftrMe &xounts. Page 29
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlsil College• Cambrldge Consolldalod and College Balanc• Sh••ts as at 30 n• 2025 2025 2025 2024 Consolldat¢d College CoMolldat•d Éooo eooo 2024 College £000 Non•Gurr•nt A•••ts Fixed assets Heritage assets 124. 124.9)9 123.818 123.818 153.648 278.15T 153.648 278.157 147.808 271.020 147.808 271,628 Total nonryGurr•nt u¥•ts Currnnt as8et• St¢xks Trade and other l¥aN$S Cash and cash eentS Total cuTh•nt ats 10 217 1.9)2 5,449 217 2.016 5.258 191 2.494 5.499 8,184 191 2.484 5,182 8,081 12 Cr•thtor8: afflounts tslllng (kni wllhln •Jn• year 13 11529) {3.4 (3.802 13.4551 Net current 48••ts 4.039 4039 4.382 Total A••ots Itss currnnt Ilabllltl•¥ 281196 282.196 276.008 276.008 Credltorn: amounts talllng du• th m(w• than yoar 14 (25.368) (25.368) 125,4571 125,4571 Pro¥l8lons P8nsion PTow8h)n8 15 117 117 89 Total n•t ass•i• 2¥945 256.M5 250.640 In¢cxne and eXpen¢Tr re8we- 16 110.ff25 110.625 105,381 105.381 17 6.787 6.787 7.141 7.141 reservè Income and gxp8n¢JlLrrg resm- 139.533 139J33 138.118 138,118 Total R•Mr4 2SO.945 256A45 250.640 250.840 The fin1¥1 statemerts We apprcwed by Ihe GO¥¥ on 111 202S aThJ SKY1 Its behalf by: P¥30
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Cambrldze Consolklated Cash Flow Statemont For th• y•ar endad 30 June 2025 2025 £000 2024 £OOD N•t ush Inflow 0ra1 •thlil•s 12.4351 12,6141 Ca$h IlcM from Inwstln9 actmt 3.623 4,095 Cash ffl¢)w• flnan¢lng actS¥11169 21 (7081 15971 Incr{<1¢¢r¢#•ol In ¢a8h and cash •wl¥al•nts In th• Cash and cath eqw4nts al bggiryry Of1 ypar Cash and cath equNnts al e1 ofthe 9,933 10.413 9.049 9,933 12&9 Pag8 31
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891
Ctypus Chrlstl College. Cambrldge
NotOS to tho Accounts
For the yoar ended 30 2025
2D25
2024
£000
Coll8ge$ 18È8:
Fe8 in(x)m8 at Rlated Urkjryaduate rate
1.057
705
787
1.230
463
758
Fee inc(rn re¢•vl at Grnduale rdte
her IrKJ)
15
140
29
142
Totsl
1704
1622
2025
£000
3.015
1.026
351
2024
£000
3,007
725
453
mM0C
4.982
4773
EndOWmw r•turn and In¥wtrrwnt In¢on
2025
£000
2024
£000
3•
An#ty81$
Iota Tetwn o)nlritMJlTh is thated as set fft lh& OIGY
recc&nlkn of incorne JKJ endw)nt retum
4802
3b Summary of l
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College, Cambrfdge Notes to the Accounts For tho year ended 30 Jun• 2025 Inv•slm•nt manag•m•nt co818 202S £000 2024 £000 Land 8nd buldings 579 358 57 Tot•1 358 Eth¢atlon •xp•ndlturn 2025 2024 £000 T8achrvJ Tutorial Admissions Research SChoT$hiPsand awards Other edu81 faclits 1.534 1.276 958 566 1,102 541 785 1.019 978 6,010 fj,313 2025 £000 2024 4.313 4.498 1.084 678 co1$renc Colleg& Thmiws Conferen Catering 502 7.127 7.140 6a Anatysls of 202412025 exponthlurn by a¢ll¥lty costs op•ratlng Inot• 7) •xp•rMty D•pr•clatlon Total £000 Education Inole 4) Olher gerwyl aiid administrative Olher- USS penSn interest ¢hargo Investment rnanagerrnt costs Contribution under Swte G.11 Inteiesl payzknle on loans USS penson provi( 2.731 2.872 73 419 6,010 7,127 439 2.891 57 579 45 708 636 45 6.174 7,008 1,783 14,965 Exkw(kn fi*KkaknJ costsof£212.658 arbj aknini rdalwjns cfjsts of£181,153. Pe 33
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College• Cambrldge Notes to the Accounts For the ytrar end 30 June 2025 Ob Anal of 2023r2024 •xndIr• by xtlvlty {n¢t• 71 •xp•ns•8 Ihpr•clallon £000 Total Education In¢Ae 41 Othgrgeneral aiid &Jministrative 0r. USS S1)n intertst d)81ge Investment Managnent cnsts Contdbutwjn under Stslute G.11 lrter8st paya>le on kna USS FKnsion pslon 3.033 3.101 6.313 7.140 547 26 2.875 1,164 358 43 597 (1.1661 597 11.1681 6.161 6,083 1.522 11788 Expendiiure iJn¢8kng rx)sts 01£231.875 aThJ rpl8tN)M fX)8ts of £187.079. Audltors. r•munor 2025 £000 Olher operdting 8Kpenw Audit fees payable lo the Colle'S extemal w( Olher fees payaJ¥ to the CoM8ge'$ sxtema auths 41 Total Coll•g• Fell¢xs acad•mlc 2025 Total £000 2024 Consolldatod £000 Salaries National InsLvan¢x 1277 3,827 371 5.104 525 5.328 478 355 6,161 {1,1681 163 6.174 Net ch8r¥Jg in VSS dthil rKovory provision (see Mote 151 174 4,993 B8sod on the 2023 vthM)n oflhg UrMrthS 5thgme IUSSI. Ihe Impad of net eh81 in the USS deficit fry rrnion is £nil12024'. uethtof£1.1fj8kl. Thks cony15es a ncm-cash credit resulbrg from Ihe char4Je in assurytions. Ihethscw rdtè, of£nil12024: £1.121kl ar¥J (3sh c(ffltrkntionsmade to rnduca the dthil in Ihe (2024: £47k A¥•T•g• st41 numb•r• 2024 frMb•r of Numb•r of F•llws Number of Academi¢ 104 At the BalarKe Sheetdote th8rnwe 53 ofthe GcNemI B(Kty. Durfsydthe year the average number P8 34
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl Colle8e• Cambridge NfAes to tho A¢¢ounts For tho yoar ondod 30 Juno 2025 The number of(ffter$ 8nd pYea$fthe Ccaege. Il ofHouse. ¥&fv) reNed rerThJnerèiion in Ihe folJowJ rwg8S Was: 2025 Total 2024 T(1 £1).001- £110,OCKI £110.001- £120,( £120.001- £130.IX £130.001- £140,( £210,001- £220.CIJ) Remuneration in&$ saary. emph)yerfs that•yW ¢111$. emFtyrfs pen3x)n contrib($ plus any taxatme tneffitselther p. payable KIed. ofary sry Srtfice arranMents. Key managom•nt pprsonn Key management person1 are those perscm rnSbIty tAannwy. dirediThJ, and contromry the liVItieS ofthe College. This iThlud8s wegated 91ments paKI lo key man&>ment personn81. AgJregatad emolLMnenls cl$1$1$ of saary aThl laxAe beneffts w7Nkny8rfs penSn national insumcè contribjtions.. 2025 £000 1.178 2024 £000 1.480 The Trustees 1¥8(1 no renwneratrffi n thew Caty as Tfusttss (•arty. 7b P•n•lon ¢ts The totsl pension ujst Indud8d in staff costs for the year Iseo rnte 7a1 contrlbukn 1M¢¥te 15) 2025 2025 2025 ¢ontrlbutlon8 2024 £000 203 10 (Note 151 2024 £000 (1.1691 {501 2024 £or £000 19661 1401 uss CCFPS CEFPS tjher (23) (191 355 142 122 (23) 522 355 186) Page 35
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrf5tl Colle8e. Cambrldge Notes to the ACcots For the year ended 30 Jun• 2025 ConsolSd¢d ¥nd C¢l•g• Land and trwlldlngB C4xNtru¢ii¢)n 2025 Total 2024 Totsl £000 £000 Co•t or valuatlon At teginr¥Tr3 of ye Additions Tr8n Rev8lu8Uon rykjrto transfer Transfers tofftthn In¥e8bnen (note 91 Dlsposals 150.406 4.215 239 156,157 1.7S2 152.594 1.510 (2m5 178 1.517 Al end of ywr 153.030 &441 158,632 158,157 Deprnclollon Al b8ginnir¥J of year Charge fortho year Elimni818d M dlsposals Written W on rgv4uati 28.715 1.527 1624 257 32,339 1,784 30.817 1.522 At end Yar 1881 ¥123 32.339 Not book valu• Al •nd olyur At beginthj ofyear 124,509 123.818 123.818 121,777 121.1 The Insured vau8 offre&¥Jld land as a¢ 30 June 2025was £245.594.91312024: £248.547.265). The n8t book value offixod asset8 arKwnt of£Thl12024:£I reSpt hehj finarTh leases. Tho depc4ati0n on 8SSOt yearwas £nATI2024: £ The College IK)Ids ar¥J cmprts certain 8rtefr&ts a] olh8r assets of historical, arli5tic or sdenttf4c importae. Most of $0 a Se Ihe main Cwè and archive knry, Ihose items nol general dlsplay can ac£wed by th8 wJ8r pui by Jrr4nysftwL Ckn ctcas•?n. obieLs may be loan8d to oth8r insfituikm frjr rrtknllc thy. The obS6cts wlhin CWe cwe are prestNed. c(MMNed aThJ M8d in ()1{1r vAth C(gnISed national St8$. The ColbJe wuires hwit8ge assets kytrwipaty throL donal. Deptsrntr on restri(ons and subi6ca to the 8pproval ofthe Trustees, Ihe Ccllege may dis1 of (Jects hehl As stated kn th8 statem8nlofwncipal nIeaS5 wu11 8iic 1W3 ba8n PitalISed. However. Ihe majority of assets held in the Comegg's iyJkcllonsETe wired priorto Ihis date. As folble estimates of co81 or ¥ualic are not available lor on a o)sithrnfit bas& they have rwA bBgn caphal*J. As a resuli the total indud8d in balarKe sheet is parlial. Page 36
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Cambrldge NotOS to th• A¢¢ounts For the year ondod 30 June 2025 Inv•stm•nts Collty• 2024 2025 2025 £ODO 147.8D8 49 {448} 6.289 {693) 643 2024 £000 138,972 206 1171) 8,808 11,3401 Sal¢• * b•glnnlng ofyow 147.808 49 (448) 6289 (6931 138,972 206 11711 8.808 {1.3401 1.333 E4sposals Gainlllossl Transf¢rs Irwjte 81 Inwsel(decrea561 in cash at ftmd managws Balanc• at •nd of 151648 153.648 147.808 147.808 Represented ty. Propeity 48.617 48.617 46,144 97.230 46,144 97,230 Investrnents in asscmiated enlities Investments In subskjlay underti Cash in hand at knv8slm•nt managth3 10 10 5.077 5.077 4,434 TOL 153.648 153.648 147.808 147,808 10 Stocks Twork In progr•ss College Coftsolldat•d 2025 2024 £000 20 197 Colle 2024 2025 Goods for resa.. catwkng Wints Cellar Olher 8t( 25 25 166 197 Total 217 217 Trada and oth•r r•¢•lv4)1•8 Coll•g• c$011datsd 2025 2024 £000 £000 199 192 139 Coll•g• 2024 £OOD 191 244 2025 Mwbers of Ihe Colege Amounts due unrtert8ngs Othw r8c8ivables Prepaym¢rts and accru i b8pJary 491 1211 472 303 277 Tot•1 1016 1494 2,708 Pagw 37
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpu5 Clwlstl College, Cambridge Notes lo the A¢Unts For the year ended 30 Jun• 2025 12 C•Bh and •qulvalonts Coll• 2024 £000 2,989 2,193 2025 2025 2024 Current xcounts Cash In hand 458 2.510 Total 5358 5.182 13 Cr•dltorn: amouTrts tslllng dy• TIn on• y• Colle 2024 £000 2025 2025 £ooD 2024 Bk overthaft Trade CredkS Membefs of Iho Cdlege AmJnts due to subsidiary Unlverslty fees contrib1 to Cdleges FWKI 1.120 153 1,120 153 132 132 214 214 108 43 810 43 Bank loans Ac£ruals and deferrtd licme 1,471 1.465 Total 4451 1802 14 Crndltors". amounts falllng duè aller mor• than on• y•ar Con•olldai•d 2025 Coll•ge 2024 £000 25.C 311 2025 2024 (Xher IS Membtrs of the Cdlg98 25.(XK) 25.( 25.fnl 311 Totsl 2%368 4457 25A57 l>Jring 201&14. thg Cdb3¢ IM)rr(d frcrfn inbth. with olher colleges. the College's share being £5m. Ttto loans are rep8yth 1)d 20453 arn1 a at Ilx8d knterest rat88 01 rA.4%. OLrring 2016-17 tho cole borrowed inysknrs, 8herA1. thg College's share b8iTh3 £5m. Thg Is unseuxed and 2052 ¥J is a a ffiXJ r olr2.93%. The College ha$ed a mnant ofwat) ofBtyrryAffyto N8iAssets. ha8 been in CnPl(> wlth th8 covenant at al tirms since iKurrirwJ Ihese debts. £15m. The loan is $ed and repayable in is at a fix•J wrterest r*e of2.26%. Paae 38
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlsti Colle8e, Cambrfdge Not•B to the Accounts For th• year ended 30 Juno 2025 158 P•MI(m proYl$lon•- Camlxldp Collow F•derat•d pOn Sch•me ICCFPSI Consolldai•d Coll¢ge Con¥olldat¢d 2025 2025 2024 £000 College 2024 £000 Bal• at b•L4nnlng of y•w Movemgnt in ygar. Cuffent seThii cosl induthu lifè asswance ConiribLrtion$ Other finanrE linc(MY¢0$1 Actuarial l)$51lgainl rewlsed Statement of Comprehenspffj IoMe and Expenditure (251 {25} 1161 1161 25 25 25 25 23 23 Balan at •nd of year 89 89 1Sb P•n$lon provl8lon8- Unlv¢rnlUM SuperannuatSon S¢h¢ff IUSSI Congolldat•d Coll•p C¢n$olldal•d 2025 2025 2024 £000 £000 (1.1421 Colleg? 2024 £000 11.142) Balanc• at b•glnnlng of y• Mo¥ement in year as9Jrar er fin {IrL¢omeVcost Actuaiial lossllgainl rwusgd ststem8nt of C(¥np¥¥honsive and Expenditure Nel charrfJe n UnY¥j {see Ncde 81- Change in undwfylrKJ assunwkns USS defrit F 128) {20) 1,121 47 1,121 47 Balance at end of ya¥ 15¢ P•nslon provl•lon•- Churc IJI EnL4•d Fr•d P•nslon Sctwmv ICEFPS) Consol6d*•d College Conld1t•d 202S 2025 2024 £000 Colleg• 2024 £000 Balanc• at beglnnlng of y•¥ Movament in year. Current servu 8t Kfè assurdnc6 ContrilxAior Olher linaThx (inc(¥neyIxJ81 Actuarial 1981} re¢owiÉ8d In Statement ol Comwehensive and Expenditijre Balanu at end of year Page 39
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Carnbrldge Notes to the A¢¢ounis For th• yoar onded 30 Juno 2025 2025 Total £000 Con•olldat¢d and Coll•g• BJlanr• 01 b•glnnlng of y•af 50 61723 105.381 99,739 738 738 239 InvlMent IncCa.. Tolal r rewnised kn the I&E Expendllure: Man4ementcosts 1.277 {3581 Ir•>easel(decrease) in mket value of inveslmenls Tr8nsf8r batsn fvnds 1.047 3.447 5.388 113) 12 {4,9041 Balanc at •nd olye 06.157 110.625 105.381 Analysls ty typ• ol purpo FelIthhlp FWKIS Sth)larslip Funds Prlze Funds Hardship Funds Bursary Fur*Js Travel Grant FwMI8 Olher FuThJ8 Gera7 er¥kn•Tnerts 21266 9.523 21386 9.523 1.552 1305 20.749 9.040 1,538 3.249 5.181 5.639 66.157 157 4087 62.723 2.813 3.087 Totsl 68.157 110,025 105,381 Ana1• by ••••t Property Imiestmerts cash T¢)tsl 48.617 17.540 06.1SI 4&017 62,008 110,625 46,144 59.237 105,381 Page 40
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl Colle8e. Cambrldge Note8 to th• A¢¢ounts For the year ended 30 Jun• 2025 P•rnMMnt Caplla unspent and Other ants r•strkt•d r•slrlct•d unsp•nt donation$ £000 £000 2D25 Total £000 2024 Ct)nsolldated and Collo £000 alanc• at b•glnnlng Qf Capitsl Acojmuloted IrMe 2,591 2.591 4.550 2.372 5,038 1.347 219 New d81lonS ErKJovm)6nt rètum transfeThed Other inveslment incune In(xeaSel(dwSe) In mtht va of inveslments Transfor he48•n fuTrJs Expermjiture Capital utas 691 1.310 1.867 1.229 71 207 {3111 {261 (1.1951 (173) 1735) {5101 {1.9301 <1.2201 2,365 Balan at of y•ar 1.095 5712 {2D) n7 7.141 Capital Acojmulated income 3.429 3.358 787 2,591 4.550 7.141 {20) 120} Analys1• of other r•¥trl¢tod ndIatIOnS by type of pu Fellowstrmp Funds slah$P Furbd5 Prfza Funds Hardthip FuThls Bursary F Travd Grant Funds Other Funds 876 1219 173 876 519 179 2.001 956 1,116 128 1.895 515 {700} 149 2.520 6.787 2523 7,141 5.712 (20) Page 41
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Cmstl College, Cambrldge Notes lo the A¢¢ounts For tho yoar ended 30 Junè 2025 18 M•momdum ¢1 Unoppll•d T(1 Relwn 2025 £000 93,008 5.726 2024 £000 Unwlied Tclal Relwn at bowYtbYJ rfy Unwlied Tcrtay Relwn tr yw (see nrkn 10.118 Totsl R•tsm at •nd ofy• 98.734 93.008 19 R•conclllallon of con•oIlddd surplus for Ih• yo¥ to Mt ¢••h Irffl(w frrKn op•railng actMII¢8 2025 £000 6.446 2024 swp1uld$ffj(?tI k)r thg y 11.586 AdJustsn•ntfor nonwcash It•ms Depr¢¢iatKJn ILossygBMI on 8ndInIs. donati¢Th arn1 rnVestMu (Lossygain on operational property kyior io trans18f DeueaselIlrseI n stc 1.522 18.808} {178} 10 11,326} 1,308 126} 479 (440) 78 15) {164) Increaselldecrease) in CIP5 Increasel(decrease) in kThlSK Pension o)sts le$5 ctribullS poy ForeNJn Exthange movemènt 11,150) Adlu8tm•nt f¢x Invg•tlng acll¥lU Investment irwm Interest pay&le Profft on the sale of assets 15.(X)5) 16,176} 597 N•t ca¥h infttyrfouffiow) from Oper9 •¢llv (2,435) Ca¥h flo from In¥••ikng acllvlt 202S £000 2024 £000 Non-cxJrr8nt investment dtsposal Investrn8nt income EowMert fijnds inve5te(J Wthdrawal of depjsits 171 6,176 {206) 5,C(15 {491 {1,7811 12,046) 4.095 21 Ch fliw flrwKlng actlTAII•• 2025 £000 1708) 2024 Inlerèsi paid Inler881 $lemenl 0fIknare leaso pa)1 (597) Repaymonts of amounts t(rfV(M*d Capitsl elemtt offlnance le rent4 pa111 1708 1397) Page 42
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlsti College, Carnbrldge Not lo tho A¢¢¢wnts For the year endod 30 June 2025 Analy818 of cash ond ¢uh •qul¥al•nt8 At b•glnnlng of •r £000 At end of yaar £000 Cash flows £000 Bank overyjrafts Cash at bank in 9,933 10,413 N8t Funds 9,933 IOA14 Ct)n8olldated reconthllallon and anaysls 01 net d•bt Other non-cash ¢hang•s £000 At3Q Jun• 2025 £000 JUM 2024 ffin•ne• lease £OOD £000 C•8h and cash •9valents (nrAo 12 & 9) 10,413 Borrowlngs: amounts falllng du• wlthln y••r sed loans UnsecLre(I loans Bank overdraft (sublolal) kn¢unts falllng duo aftor mrmthan on• y SecLw&J loans {N¢)ts 141 {25.OCrf)} 125.OM) 125.000} (25,0001 Not tot41 dobt (15.0671 (14.$87) Page 43
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. CambrldKe Notes to the Accounts For the year ended 30 June 2025 Flnandal In•trum•nts 2025 2024 £000 Flnandal a88ets Listed equty investmonts 91 93.530 97.230 Cash cash e1valents (note 12 &9) Other equty investments Other dobtots lThJte 11) 10,413 9.933 1,920 2.494 Flnanelal Ilabllltl•s Finanoal liabiliti al Iw vath Forw8rd foreign curr8ry cCtr Fina1411$al¥l1ti$ twstKedaff anK¥frsedcost Bank overdraft Loans {note 14) Trndè u8d4tors (te 131 Othor wditors lTh)te 13 & 14 less atknEI 25.( 25,0 1,120 3.139 3.293 25 Capltsl ¢omn4tm•nts 2025 2024 £000 capi (>xnNMtments a130 2025 Orn 8$ frkn&' 28 1.062 $talw¢rts 20 L•ue obllgatk>ns 2025 £000 2024 £000 LK1 and brdij8.' ExpiriTrJ V+ithin Ce y ExpiriTr3 beeen and fve yws Crther Expir¥vJ V•ith (Th ye Expiring betrn and five years over five y8 PwJ8 44
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi Colle8e. Cambrid8e NotOS to the AGcounts For the year end•d 30 June 2025 27 The College parbcipates in Ihree defin1 schemes.. ihe UnNergty SUranrjaIIJn S(em8 Ltrl IUSSI and the CambritYJe CollwJg$' Federated S(#wne ICCFPSI the of Erw Fwthj Pension ICEFPSI. nl atlon uss The instiiub(m partii?patos univtsOs superarThtI)n Sme. The assels ofthe herne are held in a s¶te truSlee.adnnlst0r0d lund. 8U9 of Ihe muiu natt¥e of sdwn8. the as6ets are nc athibuto(I to indlvldual Instllulons and a scheThede contribution rale is sot. Thè institubon is therek)re exposed lo &tuarial risks aslated wrth other institutions. employees aTrJ is lo its share ofthe urtdetying asseis and liabilitie of th& cffl a corwstent and (snable basis. A5 f8ryi by Section 28 of FRS 102 "EmFAoya& benefits.. tho instilution Iherefore unts the $dme as i were a dèfined c(lributiOn theme. As a resull, amcHJnl ¢tha8d to the incorne expenthlure aCcrt re• c4JnlitJukns payable to the scheme. Since the insutution has enleTed intoan 84wmentlthe Reo)¥ery Pl8n}that (tsnrIrS hcrw emptyervAthin th8 schem8 il fvrKI the overall defiuL the InStiton rncognises a Ikgimlity tr the w1[Ul10r ptyaNo th81 arise from the FRS 102 ffkes the betwn a griw and a h88. A grrx41 plan consists of a coll8clKsn of entitss uNlef ccrnon contrcd Wicalty wth a S[S0nrQ emtkjyer. A MLAlkftp1OY0r sthéme is me for enllies nol undw ¢ommon corth and typ rekwesents an iThJstry4wide sch8ma such as th Universiues SuperaruaIi0n Sckne. The ac£tAj fora rnultwiployerscheTh vthere the employerhas ented into an agreement wth the 8(eme Ihat deteThines employw wil fund a dekil resums in th8 rwnluon of a Ilabillty forthe Cntrilt)ns payable that se trom the went (to fv extenl that they relats to the dellcitl wth the re8ullw gxpense charged thI)U Ihe wjfft of loss account 8(XX)rfae with section 28 of FRS 102. Th8 deLl{¥S are satisfied that the UnNersiliès sJpnuation ScthTh meets Ihe defrdtw)n ofa M-emplOYer eme aml has Ih¢r6fore TnISed the I$ryntOd t¥ value of the CLtr under the rB¢xJvery plan In exi8t8ncA at th• date of approving t1¢ fincid stments. Pen¥l¢)n Costs The total cost I lin(xrfme) tharpj to tha nt is {2024'. of£1.121,53211. Defiul rwv8ry conlribulwjns duewithin LTh ywfrthe are £rnl {2024: £47.019I. A deficit tecovery an was in Flace as part of IJ 2020 valuakn. It rwiyed Pent of6.vh of S8ne$ 0r the Feriod 1 hpril 2022 unlll 31 224, at¥thi poirt the rale would irma$8 10 6.3%. No dt recL)very plan was requirgj uThJer the 2023 valuation beCSe the was in sutplus on a tnl provisions basi$. The InstuUon was rn hyKJer requY8d to rr44ke recovwy Ix)ntribulions from 1 January 2024 and acc(din¥Y re188s8d th8 proyiwn to lh8 s1wilf wu¥ne aThJ expens8s In th8 prior year. The latest av8i18ble (xjnwlote a(auari vahJon of Ir(ne Bulder, ¢h8 defird befft p¥t of the $dMe, is as at 31 20231the valuathon d}. Vrds out USI the proiecled unit swi the insti1ubc cannot idantify its shar6 of the ReI1Terrw InrA%ne Buikler (defined b8nefftl assets and atililies. the fcAlowng di5cloxes refl# those relwant tr Ilb)se assets lbilibès as B %tho18. The 2023 valuation w8s thè Venth valuthon for the scheme wNJer the schewific fwKJin9 r9u¥mg ¥)Iroduced by the Pen8ion8 Ad 2004. which rewires 8dneS to have SAJlknt appropriate assets lo coverthwr lecthnleAI pnjwsions {ihe stslulory ftJr¥J"ng (ierANel. Atthe valuabon dale. thè vAhJe ofthe assets oflhe stheme was £73.1 bn thg value crfthe xhen's tthIKal was £65.7bn in¢kntiry a surplus of £7.4bn and a f1rj ratio of 111%. The key finanaal a8*JrytiM$ usèd in 2023 TAlOn are desuib80 behxT. Pkn delail is set cwjt in the Stslernnt ol Funtthng prinpIeS .uss.co.uklaboLJt-U Jallon-UndI
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl ColleN Cambrldge Notes to th• A¢¢ounts For the year ondod 30 Jun• 202S Pdce inllalon- Congjmer Prfces Index cpi RPVCPI Di8(xJunt rydle 3.0% p.a. Ibasedfma hyytemi 8vor8 expeded I&v81 ofCPI. bro&Jty consistsnt wilh lo -lem mknt ex ons 1.0'h .a. to 2030. red toO.1% .a. IFOM 2030 Fixe(l inlerp5t grlt ¢LThe $.. P[{[rn9nt.' 2.5% p.a. Post-retirement.. O. wilh tK> O).. CPI awmptth v$ 3bp8 8eneffts Subj to 8 '50ft w, of 5% (providing infiaticfflary inCseS up lo 5%. and hfofany exc4ss inflin o¥er 5% up to a maxirrNJm of 10%): CH assu Penspjn weases (all subiect to a floor of 0%) The main denwaphiG a$SkS used 1 kn the mortaty assumptKrt These •SSLVryltions are basgd ¢)n atysls oflhe xheme's expwienc canied outas pwt of lh8 2023 actsrFal vknfN)n. Thp mortality 8swmOons ud In th8se fwr8s are as follos'. 2023 valuatlon 101% ofS2Pk14 1. kn males 95% of S3PFA (c< fem3188 Mortality base thle Futu Hnprovements to m(MtsNty CMI 2021 w#h a smoothirwJ paryr of 7.5. an inrfial ddOn of 0.4% p. 10% £020 WKI w2021 p8rametWs. and ¥ Wlemi im[vement rale of 1.8•A ts ms 1.6% for lem818s The crrent exp85 1)n •Je 65 2025 23.8 2024 Males rentty aged 65 lyes} Females rrentty aged 65 (yèars) Mal8s currondy apj 45 (Y3) Fema183 currenuy 4ed 45 (years) 23.7 25.4 25.5 25.7 25.6 27.2 27.2 Cambrld The Colle99 okw¢¢s a defingj be SJrth& ofthe CJthd98 Flerated P8nsicffi Sctheme. Th8 Ilatilllies ofth8 plan have bew cahxlated. at 30 5. [eS of FRS102 u5iThJ a valuati¢)n 8ysl8m 8gned for th8 ManeMent Committee. #STr ofthg Carnbrfd Federated Pension Sdme, but allowing for ihe differert as8[On$ wjimrtyd wyler FRS102 taking fvlty into consideration thaTrJe8 in the P¥46
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpu$ Christi College. Cambrklge Notes to the A¢¢ounts For the year endod 30 Juno 2025 The prfndpal ¥tuarfal aSsLrycffj at the b48 shèal datethwe as kkn&" 2025 %p. 5.70 2.40 1024 % p.a. 5.10 DIScnI rntt In¢xease In salartes.. To 2030 Frcth 2031 3.75 3.35 2.35 3.25 3.15 2.00 RPIO CPI aSC. To 2030 From 203) PensJn increases in 2.90 1.90 RPI Max 5% CPI Max 2.5% p.a.) The underfy¥)g mortalty asS1p10n is bas&J upon the stwhJd tsbltr kn(ym as S3PxA cffl a year of birth uwe wllh CMI_2023 fvlufe imwovemgnt factors and a IW r of ftJbJre rnert of 1.25% wr nmI2024.. The undertying mortsllty assumpb.on is based UF4Jn Ihe standard table kn¢Avn 8s S3PxA on a yw of bkth usage wlth CMI_2022 frJlure improvwnent fxiors and a Icry-temi rate of future iryrovemont of 125% pèr annwnl. This re5uIis in the folgwing &fe eXpeCS.. Male 8g8 65 has a life expeclarKy of21.4 yews (weviw 21.4 Ye1. Female ¥ 65 now has 8 lite exF•rKy of 24.0 years Iprevwjusly 23.9 yeatsl. Male 8go 45 now. retiring at e 65. has a Ife expeckny of22.7 years (Nèviousty 22.6 ye8rsk Fern818 45 Th)w, retirfThJ at J& 65. has a lifè exFedarry of 25.4 years Iprevwjusly 25.3 yews). Members are as lo retsp at thwr Trym rellreftwl y (65lapart fwom in thé iThJlcated ca88S'. Female Adive meMr8- Oplhjn 1 b8nefits Delerred mtsmbe- Ok)IKin 1 B8nefas 63 62 Alowance has been m8d8 * retirement r4etired munbers to (ule part oftheir pension for 8 SLTh on The amounts fecognised in Bal Sheet as at 30 June 2025 {7Ailh c¥yroarnlive tyres as at June 20241 are as fdiows.. 2025 2024 Presènt valuè of plan liabthbas M9t val Ofpl assets N•t ¢fin hnefft a8srfllabllSty) (5.788.448) s.5.841 117,393 16.299.248) 6.347.230 740 The am019 to b8 reC£ty3n in lThxm8 EXFThre fvxthe yew JLn& 2025 {vAlh compara¥9 figwes forlh8 yr &ndiThJ 30 ju 20241 are as folry•& 2025 2024 Cuffenl seDA¢8 e£¥st Administr8tNè 8XP8n Interest on net d¥f)sd Lw¢ft lassetWIty (GainyS on pl che Curtailment IgainyIoss Total 3.527 20,212 14,506) 15.172 {1.5051 19.233 17,047 Page 47
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus airlstl Collegei Carnbrfdee Notss to the Accounts For Ihe year ended 30 June 21ll5 ChaThJes In the pres1¥81ue ofthe rkn frx 2025 {wilh (x)mparailve flglwos for th8 y89r 8ndSng Jjno 20241 as fDPo8: 2025 2024 psent vaue ofan Ilablllb8s at ol p Current sece cost Emplo contsitths Benefils Interest on Ftsn liabllwes A(uarial {galnsMosses (Gainyloss on plan (Ang8S Curtaiknènl {galnyk)ss Pr•s•nt valuo of plan li•bllltlM at •nd of pwlod 62•9,248 3.527 7,478 {355.4151 312.587 (478.9771 0,31fj,818 3.3BO 7.095 (365.2261 319.359 18.022 4781448 0.299,248 ChaThw In the fatr value ofthe p as8ets trthe 30 kne 225 (h oJThywative fwr88 year and4j 30 June 20241 a as knllovrn.. 2025 2024 ma81 va8 of pkn assets at b8¥Y (rfpertwj Conlributions pa•1 by the G)lege Enyloyee contFibUnS Benefits paid Administrative expènses pard Interest on plan assets Retwn assets. less Miterest kn(JJed kn Proft& Loss Market v•lu• ¢f plan ass•ts at •nd of pwlod 6.387,988 24.687 7.478 (355.4151 120.0231 317,093 (455,9671 S.904841 6.347230 24.736 7,095 (365,226) 117.455) 320,864 70.744 6.387,988 Adu81 tylLm pl assets (138.8741 391.608 The major forles of plan assels as a pe d tfA81 rA8n assetsfiythe 30 2025 {vAth comwdtiV8 fiwresfor Ihe yew ending 30 June 20241 are as fcknS'. 2025 2024 Eouibgs Bond8 & Cash PropBrty 46% 42% 12% 100% 37% 13% 100% Th8 an has no in¥trnert8 in pfDPBrty rx¢d by assets used ty orfwwial knthm)artS IssL by the College. Anatyd$ofthe rrement of h n8td8fmd Tew¥BwJ n thrCompr¢1nsl¥e Ir•))mo (OCI)frJr th year endkn3 Jum 2025 Iwlih fywes forthe 30 2024) are as 2025 2024 {455.7) 70.744 {2.283) (29.5661 EXp8¢t less actiA pkn expen8es Expèrience gn5 arKI losses arislrtg on pn lthli88 ChaThJes a&sPIln$ uThJertyiThJ the present Val of plan Ilabllldes R•m•a•ur•Thnt of net dofin•d b•n•fft Ilablllty r•cylMd In OCI 'After the Costs of maw the assets (26.676) 23.199 50H39 Page 48
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi College, Cambrid Movemenl in ngl (19fird ben asset11Slty) the year 30 2025 Iwlh CoMp1ve f¥ure8 for the year ending YJ June 2024) arè as fckno.. 2025 2024 Surplu8lldefi(yt) in plan at blng of yew Recognised in Incune and Expern1Iure onlributions paid by the ColwJe Remeasuremenl of net defined benefit liaL¥Sty re(yyJnlwJ in IXI Not dofin¢d n*fil osMV<llabllbtyl at end of ye¥ 88.740 119.2331 24.687 23.199 117.393 30.612 117,047) 24,736 50.439 88.740 Fundlng Pdky Actuarial valuatiorts are ¢arri8d out gvwy lthe behatf ofth8 IAanagemert Cornmittee. 8ctin9 as thg Tnjstee of Iha Sch8m&. by a qualified ir¥Jpptrn(knl acauary. The Y1rj the fvndiThJ Valuati( are different lo those adoFthJ under FRS102. The last such valuation was as 8t 31 Math 2023. Thi5 SPd that rlan's assets We suffirAert tr) ver the Ik?biliti8S on the ndIng basis. Page 49
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus ChrlstS Colle8e• Cambrfd8e Notes to tho AOunts For the year onded 30 Jun• 2025 on Sch•m• cpUsC8 Colege paJtiripates in Ihe Chwd)of&¥laThJ Fufthd Pengons Scamèforstvendl dwgy. 8 dafined benefit perB10 scheme. This 1$ athministered by th8 CtrCh of ErjTrJ Pensions Bo8r(l. which Ild$ the Eath partKyating Rewnstble Bryjy m the of Fwbjed Pengwjns pays ntbLn$ al a common contritjulion rdte applied k) pontsi(Thble The stheme Is ojnsdered lo be a mulli4mploy8r sth8me as drI1 in Sed5 28 ofFRS 102. It 1$ not possth to attritrJte the Scheme's assets and liililies lo $pedfic Responsib BcJy. KI thi4 means WtionS are acD)unted lor as if the Scheme Te a def¥W c(Mtht)n scheme. The pe¢ts thargad to th8 SOFA in the year afe ContribU(S payatde tcr•rnrds benems •KI expènses aCcrd in that Sr. whith £nil in 202412024.. Nlll, plus any ffigures arising from catrknulis in rw d thè Sth8m8's defKil Isee belcw}. The 2021 Valuon showed the Scheme to be and a5 2024. ¥alOn Tesutt5 beivJ agreed. lh8 d8fidl ccffitsitrJtics paid wwe £nl {2024: £nill. A VaalIc of Ihe Scheme is Tried out ¢0 Itr y8. Th8 nwjst recent Sc8me ¥ation ¢>)mplet811 vras cathed out at as 310rnbar 2021. 2021 valuakn rwmaled a swplus of £580ffl, based on 8S8d8 of £2.720m and a tsrget of£2.160m. 888e55pd assu An average thwunt rnte of2.VA p.: RPI inllation of 3.6% p.8. {and pen&on Increas8s Cons11 tt¥sl.' CPIH inllatwjn in ITh Yh RPI less 0. we mvwvJ to RPI with &lu8bNnt from 2030 crfwmrds,. Increase in penffi8bb st¥iend8 Mi lkn• bbilh CPIH: 2013 in line wlh thè CM12020 ext8nded nd a kJrvJ le rnt8 of Improvemenl of 1.5%. a smcKJlhing parameter 017. an ltIal ad(Jibon to mc#tshty Imwoven1iS of 0.5% pa and an 8llowancÈ for 2W20 data of OYO {i.e. 2020 s 0%). FolwrKJ finakalon ofth8 310ecember2021 vakMIKm, dthit ¢XtrArts wsed Thh effecl frcffi 1 J*uary 2023. Sirte thè Sthme was ftdly ftmdod. nsioFwble 7.1% paYae fram January 2021 kn Dthr 2022 310¢mber 2021 3106cember 2022 31 Owmb8r 2023 An Intewkn rethjdon to doffiat lbulS to 3.2% ofpS mad8 effert from Aprfl 2022. and remalned in pl8 until Decembw 222. FOr8erOffice hdets. $ble slpw#tsare a¢luthl in the byo niltw. as SetIn Schem8'8 rules. PwJe S)
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl Colle8e, Cambrfdge Notes to the A¢¢ounts For the yw wKl•d 30 Jun• 2025 SeC1k 28.11A of FRS 102 requires ayeed (lefKit to be rwiised as a h'abilty. How8ver. as Ih8r• are no eed defKit reery payments from 1 January 2023 onvrnrd5, the bthce sheet liabilty as at 31 Decembgr 2022 is nil. Tr movement n the b31arKx sIt over 2023 over 2022 Is set out in the lalAe 2023 2022 Balance sheet liablty at 1 J8nu¥y 2.000 Defi¢ ¢MtrJutKJn paid Interest c051 Irgcognised in SOFA) RemairwThJ (#wge lo Ihe balance STr1 Irwri1 in SOFA) 11.OtM)) 11.OCQ) Bn sheet li111ty at 31 De&8mber ' Conwrise5 thang8 i) awd d8f•it re(Thery pli. axl in rnte 8rn1 inllalon assuThvtnS befvthn year•nds. ThSs liability repre8ers th8 [•88 of drt agr&d 88 at Ihè date and has been valLd using the folkntsing 8SSumn$. No assurnpIMy)S needeAI for Dember?022 as th8r6 are no agreed deficit rgcovery payrwlts giyrwJ fcthard. No pe inllaiiort asl0n was needed ts DeCLr 2021 since perrionable stipends for the remamder oflhe r0very kjTh. Decembpr 2021 0.0% pa rhla -1.5% ciscoL1 Price inllation Inc¥ease lo totsl nslonabl& nla nla Ala la The bJal struthire ofthe schemè is such that rfanother Responst Boty f. Corws Chiisi Cc4bJe oxyjd bg¢or responsilAe pawng a share of thal Iwled Respcmst4e Bcty's p8nsion Sabilibes. coU$ Conf8M(s Ltd UThted Cws CnceS Ltd IRWJISte nwrtr (Pa437) TKd5 on 13 Febwary 2015. The )mpany Commeed lrndiThJ on 1 JY 2015. The wiTripal of Ihe company is èxtem81 non educational conference busTh88 Ipmmarty ts provisM of (xfew¢6 knlities. accommodation calerfng as as aSclated SeThi5). Contlngpnt Llabllltl The Cdl898 partsupates the Unwetsiiw suaNalK)n Scm# IUSS}. ¥th 9ffecl from 16 March 21yJ7 USS pOSb¢ed itself as a last man stMng' Sch so Ihat in ihe event of 8n ins0en of any of Ihe partKyatwvJ enwloyeis kn USS. the Smo1 of a)y Ps1On funding shortl*l IwhKth ¢anrKJt otheThvise be recoVedI in respect ol Ihat te swgad am$ Ihe remaining patpant empk)y•rs. P4e 51
Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl CamlNldge Notes to the Accounts For the year ended 30 June 2025 R•lat•d Pwty Tran8•cilo Owing to Ihe nature ofthe College's •xl Ih? of th8 Colege Govoming 80ty. it is IvIta Ihat transac11cS il takè wilh 0$0n8 Mi a Collage Goveming eody member may have an inlefysl. Al Iransxekn thvrA¥ing organisth¢M in vthtth a of the Cdkge Goveming B( rnay have irterest are The Collep maintains a rvJister of intertsts fw all Collegè Cthmlng Bc1 m8mb8rs and vhwe any rnem1 of th College GovemY Body has a material interust in 8 Coll898 matter Ihry are qlre to d&Jare that fa¢L During the year Th) fees experS pre pwd to Feyws in res ofthgkthrtles as TnJstee& Fellows are reMrdled for teaching. re8earrl) aThJ olher 1n th8 Colege. Fellows we bSlled for privatè caterfng. The Truslee5 remuneraiffi is ovor8een by thè RemunarnU and 88n8ffits Cc¥nmitse. 2025 Number 2024 Numbor 33 From To £10.W) £10.rJ)1 £20,fKJ1 £30,001 £40,IK)1 £50.(K11 £60,IJ)1 £70,1 £80.1 12 16 £40.( £50. £70.( É80.C £l.(KK> £110.(KJO £120.000 £140.001 £1W.(K)O £100.001 £110,001 £130,001 £180.001 81 Tho tclal Tru8tee salaiies weTe £120 fr)r the yeor {2W24: £1.184kl cortrSbJtions and to pwthil th18d £221k for the year{2W24'. £250kl. The Coll&Je has a number01ing arKI ¥AJsklary undertthngs vknich are ctrto11at•d into th8 acownts. Al 1)sliary are o*ld by lh8 come aTrJ 8Te registsTed arKI op9rabNJ In EnglaThJ and Wales. Page 52