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 5t0tisticols￿nol Processing Tutor. College Harassmeni Officer. Proft550r of Frenth Litsroture ond the w￿￿alArts Pmfe559rin NeuroSc￿nce 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￿ Offi￿1 in En81i5h, SeniwTre¥surer of the Fletther Players/Fellow responsible for the Corpus Playroomlmember of ADC Executlve Committee Proftssorof 8iologicolPhys ProfrssorolEostAsian H￿tory Senior Tutor. Affil￿ted 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 ASsoc￿te Lerturerin the SdThil of Clin￿} Medicine Tutor, Post8radu•te Admlssions Adviser Isaencesl, Pmfrssorof Plont Wimlogy Tutor. Prolessorin the H￿tory0f Mt)dem Europeon Knowkdge Sustainability Ad¥w, Pmftssorof 8k•loginlChemistry, Dirertorof the IARCMltod￿nd170I6J￿Its9v Unit Professorin English L¢7W Dewty Senior Tutor. Tutor. Custodian of the Corpus Chrry￿pha8e 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 prOf￿SOr AG Milne MA PhD Profe550r Revd AP Davison MA DPhil {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 Unde￿radUate$ 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 reqU1￿MentS for a PhD. 8412024: 841 undergraduates receNed means te51ed awards totalling £254k12024: £267kl under the centrally administered Cambridge Bursary Sc￿Me {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 SCien￿s 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 col￿ge 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 I￿On Investment management cost5 ,98 • Other IrKome Contribution under Staiute G.11 Donaiions. endowmenis and ca￿tal 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. P￿e7 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. st￿ent rent. conferen￿5 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 confe￿nCe and caterlng business has contint￿l 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 sUp￿rt. 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 p￿r 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$12024 to 2029) to aid capital expenditure. Capital Expendlture and Bulldlng Works Durlng the past year, the College has made signifLint progress in enhancing its estate through targeted capital investment. Notablyi the comprehensive replacement and major upgrade of the boiler room, boilers and building mana8ement 5yStems that serve Old Court was completed. This proiert resulted in improved energy efficiency and more consistent heating across the Old Court, delNerin8 operational benefits and a more comfortable environment for students, staff. and Felbws. In addition. the refurbishment of the grade 11 listed Mogford Lod8e Ifomerly Ashton House) reached completion. The complex and evolving project transformed the premises and restored the building to its ori8inal 8randeur. while providing a rejuvenated. high-quality finish that I￿nour$ the buildinls historic character and meets modern standards. Looking ahead, Corpus is embarking on a major programme of methodical and prOg￿SSI¥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 dIff￿￿1t 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 VI￿On 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. leg￿atIon 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 fInar￿la1 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 the￿fore 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 OrdInan￿S 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 aCtI￿tieS 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. rec￿atIonal 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 Carn￿￿18e. 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 ser11￿5 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, a￿1 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 G0￿ming Body is constituted and regulated in aCcOrda￿e 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 finan￿5 and assets. Meetings are hekl six times a year under the chairmanship of the Master. The Governin8 Body acknowledges its responsI￿lity 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 a￿1 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 Ind￿lIng Audit. Finan￿. Buildings, Education, Fel￿wshIp, 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 app￿1 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 isdesigr*d 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 desIg￿d 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 develOpn￿nt 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 s*ned 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. re￿rt 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 prePa￿d 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 Internat￿TraI StaThJards on AudIti￿a {UKI (ISAS IUK}l and applicable law. Our respon*bilities 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 aCCordar￿e 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 concI￿led 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 infonnat*Jn 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 Ot￿n￿lSe 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 mA￿ER5 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 responsibilit￿S 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. o￿lined aky)ve, to detecl material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting i1￿CularIties, includin8 fraud is detailed below. 17 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College, Carnbrid8e Our approach to identifymig and assessi￿8 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 identif￿1 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 regulat￿￿5 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 legI￿atIon. in addltion, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements I￿t compliance with which mlght be furKlamental to the Group's and College's ability to operate or lo avoid material penalt*5' we obtained an understanding of the College's p)licies and procedures on compliance with laws arKI regulations, including documentation of any instances of nonse 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 aSS￿S 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 Stra￿ht-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 p￿sent legal or constructive obligation as a result of a past event, it is prOba￿e 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 ocCUrre￿e 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 a￿et5 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 ar￿ther 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 dassIf￿d as current liabilities if payment is due within one year or less. If not, they are presented as rK1nnal 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 sts8￿g 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 reSen￿S include balances which, in reSp￿t 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• (O*X* • 00 i eo¢*J In¢yir*< 1151 1 1 OZO Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpu$ Christl College• Cambridge Consolldated Statem•nt of ch￿88 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 ￿$￿Ve Transfer behleen luThJs 250,640 6,446 1141 {510} 12 Balance at 30 Jun• 2025 139.533 6,787 Inole 17) 110,025 (nots 161 hKom• and •xpondSturo reBorve Unr•strlct•d Restrictsd Endowment £OC#) £000 131.853 99,739 6.759 Total £000 239.002 11,587 51 Balance at 30 JUM 2023 SurplusllDtrfiat) from irKome and expendth slatem t)ther comprehénwo H)(xJm8 Release of restricted caimtal funds s￿t ￿ Ihe year Transfers bets¥een reVa￿alKIn ¥ThJ r￿C￿and ex[￿ TeseTht Transfer between I￿Nts 7,410 51 13 (1.2201 (213) (904) 2.124 Balane• at 30 Jun• 2024 138.118 7.141 {not8 17) 105.381 {notg 161 250,640 The notss on the fcAkm¥￿ pages fcrfm part oftrMe &xounts. Page 29 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlsil College• Cambrldge Consolldalod and College Balanc• Sh••ts as at 30 ￿n• 2025 2025 2025 2024 Consolldat¢d College CoMolldat•d Éooo eooo 2024 College £000 Non•Gurr•nt A•••ts Fixed assets Heritage assets 124. 124.9)9 123.818 123.818 153.648 278.15T 153.648 278.157 147.808 271.020 147.808 271,628 Total nonryGurr•nt u¥•ts Currnnt as8et• St¢xks Trade and other ￿l¥aN$S Cash and cash e￿￿￿entS Total cuTh•nt a￿ts 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 fin￿1¥1 statemerts We￿ apprcwed by Ihe GO¥￿¥￿ on 111 202S aThJ SKY￿1 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 0￿ra1*￿ •thlil•s 12.4351 12,6141 Ca$h Ilc*M from Inwstln9 actmt 3.623 4,095 Cash ffl¢)w• flnan¢lng actS¥11169 21 (7081 15971 Incr￿￿{<1¢¢r¢#•ol In ¢a8h and cash •wl¥al•nts In th• Cash and cath eqw4*nts al bggiryry Of1￿ ypar Cash and cath equN*nts al e￿1 ofthe 9,933 10.413 9.049 9,933 12&9 Pag8 31 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Ctypus Chrlstl College. Cambrldge NotOS to tho Accounts For the yoar ended 30 2025 2D25 2024 £000 Coll8ge$ 18È8: Fe8 in(x)m8 at ￿ R￿lated Urkjryaduate rate 1.057 705 787 1.230 463 758 Fee inc(rn re¢•v*l 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 mM0￿C 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 14.6861 Unapplhd total retum for Includ•d St*rnent of Compr•h•n8fve In¢omo and Exp•ndltur• (Me n¢1• 18) 4726 10.118 Pag8 32 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 SCho￿T$hiPsand awards Other edu￿￿81 faclit*s 1.534 1.276 958 566 1,102 541 785 1.019 978 6,010 fj,313 2025 £000 2024 4.313 4.498 1.084 678 co1￿$renc Colleg& Th*miws 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 penS￿n interest ¢hargo Investment rnanagerr￿nt 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. P￿e 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 •x￿ndI￿r• by xtlvlty {n¢t• 71 •xp•ns•8 Ihpr•clallon £000 Total Education In¢Ae 41 Othgrgeneral aiid &Jministrative 0￿r. USS ￿S1)n intertst d)81ge Investment Manag￿nent cnsts Contdbutwjn under Stslute G.11 lrter8st paya>le on kna USS FKnsion p￿slon 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 vth*M)n oflhg Ur*MrthS 5thgme IUSSI. Ihe Impad of net eh81 in the USS deficit f￿ry 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 fr￿Mb•r of Numb•r of F•llws Number of Academi¢ 104 At the BalarKe Sheetdote th8rn*we 53 ofthe GcNemI￿ B(Kty. Durfsydthe year the average number P￿8 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 *￿p￿Yea$￿fthe Ccaege. Il* ofHouse. ¥&fv) re￿Ned rerThJnerèiion in Ihe folJowJ rwg8S Was: 2025 Total 2024 T(￿1 £1￿).001- £110,OCKI £110.001- £120,( £120.001- £130.IX £130.001- £140,( £210,001- £220.CIJ) Remuneration in￿￿&$ saary. emph)yerfs that•yW ¢1￿1￿￿1￿￿$. emFtyrfs pen3x)n contrib￿(￿$ plus any taxatme t*neffitselther p￿￿. payable ￿￿KIed. ofary s*ry S￿rtfice arran￿Ments. Key managom•nt pprsonn Key management person￿1 are those perscm rnS￿bIty tAannwy. dirediThJ, and contromry the ￿liVItieS ofthe College. This iThlud8s wegated 91￿￿ments paKI lo key man&>ment personn81. AgJregatad emolLMnenls cl￿$1$1$ of saary aThl lax*Ae beneffts w7Nkny8rfs penS￿n national insumcè contribjtions.. 2025 £000 1.178 2024 £000 1.480 The Trustees ￿1¥8(1 no renwneratrffi n thew Ca￿￿ty 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 ACco￿ts 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 ￿Y￿ar 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 reSp￿t hehj finarTh leases. Tho dep￿c4ati0n on 8SSOt yearwas £nATI2024: £ The College IK)Ids ar¥J cmprts certain 8rtefr&ts a￿] olh8r assets of historical, arli5tic or sdenttf4c importa￿e. Most of ￿￿$0 a￿ ￿Se￿ Ihe main Cwè and archive knry, Ihose items nol ￿ general dlsplay can ac£wed by th8 w*J8r pui* by Jrr4nysftwL Ckn ctcas•?n. obieL*s may be loan8d to oth8r insfituikm frjr rrtknllc th*y. The obS6cts wlhin CWe cwe are prestNed. c(MMNed aThJ M*￿8d in ￿(￿)1{1￿r￿ vAth ￿C(gnISed national St￿￿8￿￿$. 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 ￿nI￿eaS5* wu1￿1 8iic* 1W3 ba8n ￿PitalISed. However. Ihe majority of assets held in the Comegg's iyJkcllons*ETe wired priorto Ihis date. As fol￿ble 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 undert*i 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￿$011datsd 2025 2024 £000 £000 199 192 139 Coll•g• 2024 £OOD 191 244 2025 Mwbers of Ihe Colege Amounts due unrtert8￿ngs Othw r8c8ivables Prepaym¢rts and accru￿ i b8pJary 491 1211 472 303 277 Tot•1 1016 1494 2,708 Pagw 37 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpu5 Clwlstl College, Cambridge Notes lo the A¢￿Unts For the year ended 30 Jun• 2025 12 C•Bh and •qulvalonts Coll• 2024 £000 2,989 2,193 2025 2025 2024 Current xcounts Cash In hand 458 2.510 Total 5358 5.182 13 Cr•dltorn: amouTrts tslllng dy• T￿In on• y• Colle 2024 £000 2025 2025 £ooD 2024 B￿k overthaft Trade Credk￿S Membefs of Iho Cdlege Am￿Jnts due to subsidiary Unlverslty fees contrib￿1￿ to Cdleges FWKI 1.120 153 1,120 153 132 132 214 214 108 43 810 43 Bank loans Ac£ruals and deferrtd lic￿me 1,471 1.465 Total 4451 1802 14 Crndltors". amounts falllng duè aller mor• than on• y•ar Con•olldai•d 2025 Coll•ge 2024 £000 25.C 311 2025 2024 (Xher I￿S Membtrs of the Cdlg98 25.(XK) 25.( 25.fnl 311 Totsl 2%368 4457 25A57 l>Jring 201&14. thg Cdb3¢ IM)rr(￿d frcrfn inb*th. with olher colleges. the College's share being £5m. Ttto loans are rep8yth ￿1)d 204￿53 arn1 a￿ at Ilx8d knterest rat88 01 rA.4%. OLrring 2016-17 tho cole￿ borrowed inysknrs, 8￿￿her￿A1￿. thg College's share b8iTh3 £5m. Thg ￿ Is unseuxed and 2052 *¥J is a a ffiX￿J r* olr2.93%. The College ha$￿ed a mnant ofwat*) ofBtyrryAffyto N8iAssets. ha8 been in C￿nPl￿(> 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 p￿￿On 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(M￿Y¢0$1 Actuarial l)$51lgainl rewlsed Statement of Comprehenspffj I￿oMe and Expenditure (251 {25} 1161 1161 25 25 25 25 23 23 Balan￿ at •nd of year 89 89 1Sb P•n$lon provl8lon8- Unlv¢rnlUM SuperannuatSon S¢h¢ff* IUSSI Congolldat•d Coll•p C¢n$olldal•d 2025 2025 2024 £000 £000 (1.1421 Colleg? 2024 £000 11.142) Balanc• at b•glnnlng of y• Mo¥ement in year as9Jrar er fin￿ {IrL¢omeVcost Actuaiial lossllgainl rwusgd ststem8nt of C(¥np¥¥honsive and Expenditure Nel charrfJe n Un￿Y*¥j {see Ncde 81- Change in undwfylrKJ assunwkns USS defrit F 128) {20) 1,121 47 1,121 47 Balance at end of ya¥ 15¢ P•nslon provl•lon•- Churc* IJI EnL4•d F￿r￿•d P•nslon Sctwmv ICEFPS) Consol6d*•d College Con￿ld1t•d 202S 2025 2024 £000 Colleg• 2024 £000 Balanc• at beglnnlng of y•¥ Movament in year. Current servu ￿8t Kfè assurdnc6 ContrilxAior Olher linaThx (inc(¥neyIxJ81 Actuarial ￿1￿981￿} re¢owiÉ8d In Statement ol Comwehensive and Expenditijre Balanu at end of year Page 39 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. Carnbrldge Notes to the A¢¢ounis For th• yoar onded 30 Juno 2025 2025 Total £000 Con•olldat¢d and Coll•g• BJlanr• 01 b•glnnlng of y•af 50 61723 105.381 99,739 738 738 239 Inv￿lMent IncCa￿.. Tolal r rewnised kn the I&E Expendllure: Man4ementcosts 1.277 {3581 Ir•>easel(decrease) in m*ket value of inveslmenls Tr8nsf8r bats￿n fvnds 1.047 3.447 5.388 113) 12 {4,9041 Balanc* at •nd olye 06.157 110.625 105.381 Analysls ty typ• ol purpo FelIth￿hlp FWKIS Sth)larslip Funds Prlze Funds Hardship Funds Bursary Fur*Js Travel Grant FwMI8 Olher FuThJ8 Ge￿ra7 er¥kn•Tnerts 21266 9.523 21386 9.523 1.552 1305 20.749 9.040 1,538 3.249 5.181 5.639 66.157 157 4087 62.723 2.813 3.087 Totsl 68.157 110,025 105,381 Ana￿1• by ••••t Property Imiestmerts cash T¢)tsl 48.617 17.540 06.1SI 4&017 62,008 110,625 46,144 59.237 105,381 Page 40 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl Colle8e. Cambrldge Note8 to th• A¢¢ounts For the year ended 30 Jun• 2025 P•rnMMnt Caplla unspent and Other ants r•strkt•d r•slrlct•d unsp•nt donation$ £000 £000 2D25 Total £000 2024 Ct)nsolldated and Collo £000 alanc• at b•glnnlng Qf Capitsl Acojmuloted Ir￿Me 2,591 2.591 4.550 2.372 5,038 1.347 219 New d￿81lonS ErKJovm)6nt rètum transfeThed Other inveslment incune In(xeaSel(dw￿Se) In mtht va of inveslments Transfor he￿48•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 ￿n￿dI￿atIOnS by type of pu Fellowstrmp Funds s￿la￿h$P Furbd5 Prfza Funds Hardthip FuThls Bursary F Travd Grant Funds Other Funds 876 1219 173 876 519 179 2.001 956 1,116 128 1.895 515 {700} 149 2.520 6.787 2523 7,141 5.712 (20) Page 41 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Cmstl College, Cambrldge Notes lo the A¢¢ounts For tho yoar ended 30 Junè 2025 18 M•momdum ¢1 Unoppll•d T(￿1 Relwn 2025 £000 93,008 5.726 2024 £000 Unwlied Tclal Relwn at bowYtbYJ rfy Unwlied Tcrtay Relwn tr yw (see nrkn 10.118 Totsl R•tsm at •nd ofy• 98.734 93.008 19 R•conclllallon of con•oIld￿dd surplus for Ih• yo¥ to Mt ¢••h Irffl(w frrKn op•railng actMII¢8 2025 £000 6.446 2024 swp1u￿ld$ffj(?tI k)r thg y 11.586 AdJustsn•ntfor nonwcash It•ms Depr¢¢iatKJn ILossygBMI on 8ndI￿nIs. donati¢Th arn1 rnVestMu￿ (Lossygain on operational property kyior io trans18f DeueaselIlr￿seI n stc 1.522 18.808} {178} 10 11,326} 1,308 126} 479 (440) 78 15) {164) Increaselldecrease) in CIP￿￿5 Increasel(decrease) in kThlSK Pension o)sts le$5 c￿tribull￿S 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 Oper￿￿9 •¢llv (2,435) Ca¥h flo￿ from In¥••ikng acllvlt 202S £000 2024 £000 Non-cxJrr8nt investment dtsposal Investrn8nt income E￿owMert fijnds inve5te(J Wthdrawal of depjsits 171 6,176 {206) 5,C(15 {491 {1,7811 12,046) 4.095 21 C￿h fliw flrwKlng actlTAII•• 2025 £000 1708) 2024 Inlerèsi paid Inler881 $lemenl 0fIknar￿e leaso pa￿)￿1 (597) Repaymonts of amounts t(rfV(M*d Capitsl elemtt￿ offlnance le￿ rent4 pa￿11￿1￿ 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 •9￿valents (nrAo 12 & 9) 10,413 Borrowlngs: amounts falllng du• wlthln y••r se￿￿d 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.$87) Page 43 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl College. CambrldKe Notes to the Accounts For the year ended 30 June 2025 Flnandal In•trum•nts 2025 2024 £000 Flnandal a88ets Listed equty investmonts 91 93.530 97.230 Cash cash e￿1valents (note 12 &9) Other equty investments Other dobtots lThJte 11) 10,413 9.933 1,920 2.494 Flnanelal Ilabllltl•s Finanoal liabiliti￿ al Iw vath Forw8rd foreign curr8ry cC￿tr Fina￿1411$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 $talw¢rts 20 L•ue obllgatk>ns 2025 £000 2024 £000 L￿K1 and b￿rdi￿j8.' ExpiriTrJ V+ithin C￿e y ExpiriTr3 be￿een and fve yws Crther Expir¥vJ V•ith￿ (Th ye Expiring betr￿n ￿ and five years over five y￿8 PwJ8 44 Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Christi Colle8e. Cambrid8e NotOS to the AGcounts For the year end•d 30 June 2025 27 The College parbcipates in Ihree defin￿1 schemes.. ihe UnNergty SU￿ranr￿jaIIJn S(*em8 Ltrl IUSSI and the CambritYJe CollwJg$' Federated S(#wne ICCFPSI the of Erw Fwthj Pension ICEFPSI. nl atlon uss The instiiub(m partii?patos univ*ts￿Os superarTh￿tI)n S￿￿me. The assels ofthe ￿herne are held in a s¶te truSlee.adn￿nlst0r0d lund. 8￿U￿9 of Ihe muiu* natt¥e of sdwn8. the as6ets are nc* athibuto(I to indlvldual Instllulons and a scheThe￿de contribution rale is sot. Thè institubon is therek)re exposed lo &tuarial risks as￿lated wrth other institutions. employees aTrJ is lo its share ofthe urtdetying asseis and liabilitie of th& cffl a corwstent and (￿s￿nable basis. A5 f8ryi￿￿ by Section 28 of FRS 102 "EmFAoya& benefits.. tho instilution Iherefore ￿unts ￿ the $d￿me as i *were a dèfined c(￿lributiOn theme. As a resull, amcHJnl ¢tha￿8d to the incorne expenthlure aCc￿rt re• c4JnlitJukns payable to the scheme. Since the insutution has enleTed intoan 84wmentlthe Reo)¥ery Pl8n}that (*tsnrIr￿S hcrw emptyervAthin th8 schem8 il fvrKI the overall defiuL the InStit￿on rncognises a Ikgimlity tr the w1[￿Ul10r￿ ptyaNo th81 arise from the FRS 102 ff*kes the bet*wn a griw and a ￿h8￿8. A grrx41 plan consists of a coll8clKsn of entitss uNlef ccrnon contrcd Wicalty wth a S[￿S0nrQ emtkjyer. A MLAlk￿ftp1OY0r sthéme is me for enllies nol undw ¢ommon corth and typ￿ rekwesents an iTh*Jstry4wide sch8ma such as th Universiues Superar￿uaIi0n Sckne. The ac£￿tA￿j fora rnultwiployerscheTh vthere the employerhas ente￿d into an agreement wth the 8(*eme Ihat deteThines employw wil fund a dekil resums in th8 rwnluon of a Ilabillty forthe C￿ntril￿t￿)ns payable that ￿se trom the went (to fv extenl that they relats to the dellcitl wth the re8ullw gxpense charged thI)U￿ Ihe wjfft of loss account ￿ 8(XX)rfa￿e with section 28 of FRS 102. Th8 d￿eLl{¥S are satisfied that the UnNersiliès sJp￿nuation ScthTh meets Ihe defrdtw)n ofa M￿￿-emplOYer ￿￿eme aml has Ih¢r6fore T￿nISed the I*$ry￿ntOd t¥ value of the CL￿tr￿ under the rB¢xJvery plan In exi8t8ncA at th• date of approving t1￿¢ fin￿cid st*ments. 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 ywfr*the are £rnl {2024: £47.019I. A deficit tecovery ￿an was in Flace as part of IJ* 2020 valuakn. It rwiyed P￿ent of6.vh of S8￿ne$ 0￿r the Feriod 1 hpril 2022 unlll 31 2￿24, at¥thi* poirt the rale would irma$8 10 6.3%. No d￿￿￿t recL)very plan was requirgj uThJer the 2023 valuation beC￿Se the was in sutplus on a t￿n￿l provisions basi$. The Inst*uUon was rn hyKJer requY8d to rr44ke recovwy Ix)ntribulions from 1 January 2024 and acc(￿din¥Y re188s8d th8 proyiwn to lh8 s1*wi￿l￿f wu¥ne aThJ expens8s In th8 prior year. The latest av8i18ble (xjnwlote a(auari￿ vahJ*on of Ir￿(￿ne Bulder, ¢h8 defir￿d be￿fft p¥t of the $d￿Me, is as at 31 20231the valuathon d*}. Vrds out USI￿ the proiecled unit swi￿ the insti1ubc￿ cannot idantify its shar6 of the ReI1Terrw￿ InrA%ne Buikler (defined b8nefftl assets and atililies. the fcAlowng di5clo*xes refl￿# those relwant tr Ilb)se assets l*bilibès as B %tho18. The 2023 valuation w8s thè ￿Venth valuthon for the scheme wNJer the schewific fwKJin9 r9u¥mg ¥)Iroduced by the Pen8ion8 Ad 2004. which rewires 8d￿neS to have SAJlk*nt appropriate assets lo coverthwr lecthnleAI pnjwsions {ihe stslulory ftJr¥J"ng (*ierANel. Atthe valuabon dale. thè vAhJe ofthe assets oflhe stheme was £73.1 bn thg value crfthe xhen*'s tthIKal was £65.7bn in¢kntiry a surplus of £7.4bn and a f￿￿1r￿j ratio of 111%. The key finanaal a8*JrytiM$ usèd in ￿ 2023 TA￿lOn are desuib80 behxT. Pkn delail is set cwjt in the Stslernnt ol Funtthng prin￿pIeS .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 m*knt ex ons 1.0'h .a. to 2030. red toO.1% .a. IFOM 2030 Fixe(l inlerp5t grlt ¢LThe ￿￿$.. P[￿{[r￿n9nt.' 2.5% p.a. Post-retirement.. O. wilh tK> O).. CPI awmptth ￿v$ 3bp8 8eneffts Subj￿ to 8 '50ft w, of 5% (providing infiaticfflary inC￿seS up lo 5%. and h*fofany exc4ss infl*in o¥er 5% up to a maxirrNJm of 10%): CH assu Penspjn weases (all subiect to a floor of 0%) The main denwaphiG a$S￿￿￿k￿S used ￿1* kn the mortaty assumptKrt These •SSLVryltions are basgd ¢)n atysls oflhe xheme's expwienc* canied outas pwt of lh8 2023 actsrFal vknfN)n. Thp mortality 8swmOons u￿d In th8se fwr8s are as follo*s'. 2023 valuatlon 101% ofS2Pk14 ￿1. kn males 95% of S3PFA (c< fem3188 Mortality base thle Futu￿ Hnprovements to m(MtsNty CMI 2021 w#h a smoothirwJ pary￿r of 7.5. an inrfial ￿dd￿On of 0.4% p. 10% ￿£020 WKI w2021 p8rametWs. and ¥ Wlemi im[￿vement rale of 1.8•A ts m*s 1.6% for lem818s The c￿rrent exp￿￿￿85 1)n •Je 65 2025 23.8 2024 Males ￿￿rentty aged 65 lye*s} Females ￿rrentty aged 65 (yèars) Mal8s currondy apj 45 (Y￿3) Fema183 currenuy 4ed 45 (years) 23.7 25.4 25.5 25.7 25.6 27.2 27.2 Cambrld The Colle99 okw¢¢s a defingj be￿ SJrth& ofthe CJthd98 F*lerated P8nsicffi Sctheme. Th8 Ilatilllies ofth8 plan have bew cahxlated. at 30 ￿5. [￿￿eS of FRS102 u5iThJ a valuati¢)n 8ysl8m ￿8￿gned for th8 Man￿eMent Committee. #STr￿ ofthg Carnbrfd￿ Federated Pension Sd*me, but allowing for ihe differert as8￿[￿On$ 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 aSsLry￿cffj at the b4￿8 shèal datethwe as kkn&" 2025 %p. 5.70 2.40 1024 % p.a. 5.10 DISc￿nI rntt In¢xease In salartes.. To 2030 Frcth 2031 3.75 3.35 2.35 3.25 3.15 2.00 RPIO CPI aS￿￿C￿. To 2030 From 203) Pens*Jn increases in 2.90 1.90 RPI Max 5% CPI Max 2.5% p.a.) The underfy¥)g mortalty asS￿1p10n is bas&J upon the stwhJ*d tsbltr kn(y*m 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 ￿n￿mI2024.. 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 eXpeC￿￿S.. Male 8g8 65 has a life expeclarKy of21.4 yews (weviw* 21.4 Ye￿1. 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 meM￿r8- Oplhjn 1 b8nefits Delerred mtsmbe￿- Ok)IKin 1 B8nefas 63 62 Alowance has been m8d8 * retirement r￿4etired 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 M*9t val￿ Ofpl￿ assets N•t ¢*fin￿ hnefft a8srfllabllSty) (5.788.448) s.￿5.841 117,393 16.299.248) 6.347.230 740 The am0￿19 to b8 reC£ty3n￿￿ in lThxm8 ￿ EXF*Th￿re fvxthe yew JLn& 2025 {vAlh compara￿¥9 figwes forlh8 y￿r &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 (Gainy￿S on pl￿ ch￿e 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 pres￿1¥81ue ofthe rkn frx 2025 {wilh (x)mparailve flglwos for th8 y89r 8ndSng ￿ Jjno 20241 as fDPo*8: 2025 2024 p￿sent vaue of￿an Ilablllb8s at ol p Current se￿ce 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 2￿25 (**h oJThywative fwr88 year and4￿j 30 June 20241 a￿ as knllovrn.. 2025 2024 ma￿81 va￿8 of pkn assets at b8￿¥Y￿ (rfpertwj Conlributions pa•1 by the G)lege Enyloyee contFibU￿nS 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 f*orles of plan assels as a pe￿ d tfA81 rA8n assetsfiythe 30 2025 {vAth comwdtiV8 fiwresfor Ihe yew ending 30 June 20241 are as fckn*S'. 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$ofthe r￿￿rement of h n8td8fmd Tew¥BwJ n thrCompr¢1￿nsl¥e Ir•))mo (OCI)frJr th* year endkn3 ￿ Jum 2025 Iwlih fywes forthe 30 2024) are as 2025 2024 {455.￿7) 70.744 {2.283) (29.5661 EXp8¢t￿ less actiA pkn expen8es Expèrience g￿n5 arKI losses arislrtg on p￿n lthli88 ChaThJes ￿ a&s￿PIl￿n$ 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 (19fir*d ben￿ asset11S*￿lty) the year 30 2025 Iwlh CoMp￿￿1ve f¥ure8 for the year ending YJ June 2024) arè as fckno.. 2025 2024 Surplu8lldefi(yt) in plan at b￿l￿ng 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)mplet811 vras cathed out at as 310￿rnbar 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 Cons￿11 tt¥sl.' CPIH inllatwjn in ITh Y￿h RPI less 0.￿ we mvwvJ to RPI with ￿ &lu8bNnt from 2030 crfwmrds,. Increase in pen*ffi8bb st¥iend8 Mi lkn• bbilh CPIH: 2013 in line wlh thè CM12020 ext8nded n￿d￿ a kJrvJ le￿ rnt8 of Improvemenl of 1.5%. a smcKJlhing parameter 017. an ￿ltIal ad(Jibon to mc#tshty Imwoven￿1iS of 0.5% pa and an 8llowancÈ for 2W20 data of OYO {i.e. 2020 s 0%). FolwrKJ finakalon ofth8 310ecember2021 vakMIKm, dthit ¢X￿tr￿Art￿s wsed Th*h effecl frcffi 1 J*uary 2023. Sirte thè Sthme was ftdly ftmdod. nsioFwble 7.1% paYa￿e fram January 2021 kn D￿thr 2022 310¢￿mber 2021 3106cember 2022 31 Owmb8r 2023 An Intewkn rethjdon to doffiat ￿lbul￿S to 3.2% ofp￿S￿￿ mad8 effert from Aprfl 2022. and remalned in pl￿8 until Decembw 2￿22. FOr8e￿rOffice h￿dets. ￿$￿￿ble slpw#tsare a¢luthl in the byo niltw. as Set￿In Schem8'8 rules. PwJe S) Docusign Envelope ID." CE44116A-207C4487-96DC4B54BDC1A891 Corpus Chrlstl Colle8e, Cambrfdge Notes to the A¢¢ounts For the yw wKl•d 30 Jun• 2025 SeC1k￿ 28.11A of FRS 102 requires ayeed (lefKit to be rwiised as a h'abilty. How8ver. as Ih8r• are no ￿eed defKit re￿ery payments from 1 January 2023 onvrnrd5, the bthce sheet liabilty as at 31 Decembgr 2022 is nil. Tr￿ movement n the b31arKx sI￿t over 2023 over 2022 Is set out in the lalAe 2023 2022 Balance sheet liablty at 1 J8nu¥y 2.000 Defi¢* ¢Mtr*JutKJn paid Interest c051 Irgcognised in SOFA) RemairwThJ (#wge lo Ihe balance STr￿1 Irwri￿1 in SOFA) 11.OtM)) 11.OCQ) B￿n￿ sheet li￿111ty at 31 De&8mber ' Conwrise5 thang8 i) awd d8f•it re(Thery pl*i. axl in rnte 8rn1 inllalon assuThvt￿nS befvthn year•nds. ThSs liability repre8er*s th8 [￿•88￿ of d*rt agr&d 88 at Ihè date and has been valL*d using the folkntsing 8SSum￿n$. No assurnpIMy)S￿ needeAI for D￿ember?022 as th8r6 are no agreed deficit rgcovery payrwlts giyrwJ fcthard. No p￿e inllaiiort as￿l0n was needed ts DeC￿L￿r 2021 since perrionable stipends for the remamder oflhe r￿0very kjTh￿. Decembpr 2021 0.0% pa rhla -1.5% ciscoL￿1 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 Bc*ty's p8nsion Sabilibes. co￿U$ Conf8M(*s Ltd UThted Cws C￿nceS Ltd IRWJISte￿ nwrt*r (Pa437￿) TKd5 on 13 Febwary 2015. The )mpany Comme￿ed lrndiThJ on 1 J￿Y 2015. The wiTripal of Ihe company is èxtem81 non educational conference busTh88 Ipmmarty ts provis*M of (x￿few¢6 knlities. accommodation calerfng as as aS￿clated SeThi￿5). Contlngpnt Llabllltl The Cdl898 partsupates ￿ the Unwetsiiw su￿aN￿alK)n Sc￿m# IUSS}. ¥￿th 9ffecl from 16 March 21yJ7 USS pOSb¢￿ed itself as a last man st*M*ng' Sch￿ so Ihat in ihe event of 8n ins0￿en￿ of any of Ihe partKyatwvJ enwloyeis kn USS. the Smo￿1 of a)y P￿s1On funding shortl*l IwhKth ¢anrKJt otheThvise be recoVe￿dI in respect ol Ihat te swgad am$ Ihe remaining pat￿￿pant 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 I￿vIta Ihat transac11c￿S *il takè wilh 0￿￿￿$￿0n8 Mi a Collage Goveming eody member may have an inlefysl. Al Iransx*ekn 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 Bc￿1 m8mb8rs and vhwe any rnem1￿ of th College GovemY￿ Body has a material interust in 8 Coll898 matter Ihry are ￿ql￿re￿ to d&Jare that fa¢L During the year Th) fees ￿exper￿S *pre pwd to Fe*yws in res￿ ofthgkthrtles as TnJstee& Fellows are reM￿rdled 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 number01￿ing arKI ¥AJsklary undertthngs vknich are ctrto1￿1at•d into th￿8 acownts. Al ￿1)s￿liary are o*l￿d by lh8 come￿ aTrJ 8Te registsTed arKI op9rabNJ In EnglaThJ and Wales. Page 52