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2023-06-30-accounts

ST EDMUND’S COLLEGE

ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023

St Edmund’s College

Index

Page No

St Edmund’s College

College Details

Year ended 30 June 2023

The College’s full legal name is The Master, Fellows and Scholars of St Edmund’s College in the University of Cambridge, a body incorporated under Royal Charter. It is a registered charity (registration number 1137454), with its registered office at Mount Pleasant, Cambridge CB3 0BN.

The names of the members of the Council during the year were as follows:

Master Ms Catherine Arnold Vice-Master Dr Diana Wood (to 30.9.22) Dr Gemma Burgess (from 1.10.22) Senior Tutor Dr Judith Collis (Bunbury) (to 30.9.23)

Bursar Mr Graham Watson Secretary of the Governing Body Dr Kate Brett Dean Fr Ed Hone

Dr Rafia Al-Lamki (to 30.9.23) Dr Tina Barsby Dr Sandra Brunnegger (to 30.9.22) Dr Kristen MacAskill (from 18.10.23) Dr Vittorio Montemaggi (from 1.10.22) Professor Eugene Murphy Dr Matthew Psycharis (from 1.10.23) Mrs Kate Wilson (from 1.4.23) Dr Gitajanli Yadav (to 30.9.23)

Page: 1

St Edmund’s College

College Details

Year ended 30 June 2023

Principal advisers:

Auditors: Peters Elworthy & Moore Station Road Cambridge CB1 2LA Investment Managers: Cambridge University Investment Office (managing the Endowment Fund) 30 Station Road Cambridge CB1 2RE Legal Advisers: Mischon De Reya Merlin Place Milton Road Cambridge CB4 0DP Bankers: Barclays 9-11 St Andrew’s Street Cambridge CB2 3AA

Page: 2

St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

St Edmund’s College was founded in 1896 and was granted its Royal Charter in 1998. Today St Edmund’s is an autonomous, self-governing community of scholars, and one of the 31 colleges within the University of Cambridge.

The origins of the College lie in the creation of a dedicated House for Roman Catholics, after the repeal of the final Test Acts in the 1870s (which had excluded Roman Catholics, Jews and Non-Conformists from various aspects of public life, including full participation in the University of Cambridge). St Edmund’s is the only full College in Cambridge or Oxford with a Roman Catholic Dean and Chapel.

This drive for inclusion, and a commitment to provide a space where postgraduates, mature undergraduates, and affiliated students from any and all backgrounds can feel welcomed within collegiate Cambridge, remains central to the College’s ethos and mission today. In 1969 the College accepted its first female student, becoming the first of the 31 Colleges in Cambridge today to accept both men and women as students. Today, the College is one of the most international within Cambridge, with over 70 nationalities represented within the student body.

Diversity of intellectual pursuit, and belief in the benefits of fostering cross-disciplinary discussion and debate are central to the College’s purpose. The College is one of only 12 Colleges in collegiate Cambridge, and the only mature college to offer undergraduate degrees in all subjects offered for Tripos examination, as well as accepting postgraduate students on all courses provided by the University.

The Governing Body, comprised of 65 Fellows, is deliberately drawn from across a wide range of disciplines and includes non-academic members, reflecting the equal importance for the College of our students and members who are focussed primarily on research and those who remain in Cambridge for a period before returning to non-academic positions around the world. To support the mission of the College has 172 non-Governing Body senior members. These are composed of Honorary, Life, Emeritus and Bye Fellows, as well as Senior Research Associates, Research Associates, Post-Doctoral Research Associates, Fellow Commoners, Senior Members and Visitors to the Senior Combination Room. Bringing outstanding individuals from a range of academic and professional backgrounds into the intellectual and communal life of the College is of benefit to the College community and supports delivery of our charitable objects.

St Edmund’s is proud to provide a welcoming space, in a spirit of active and mutual respect, for people of all faiths and none. This remains a defining feature of the College and responds, in a contemporary setting, to our founders’ focus on ensuring a space within the University of Cambridge for a previously excluded religious minority. The Von Hügel Institute, an international research hub inspired by Catholic thought and culture and focussed on interdisciplinary dialogue on contemporary global realities, is a formal part of the College. The Woolf and Faraday Institutes, both focussed on interdisciplinary encounters with a focus on religion(s), are affiliated to the College. The College also offers a number of scholarships to foster this diversity, including Randeree scholarship for British Muslims.

The College has seen a period of significant growth this century. In this financial year the student body stood at 628 (representing 564 full-time equivalents), up from 290 in 2000. Over the last twenty years the College’s estate has significantly expanded: following the opening of Mount Pleasant Halls in September 2019, the College now has 491 accommodation units of mixed size – of which some are sublet to other Cambridge Colleges - on a leafy 9-acre site.

An important feature of collegiate life at St Edmund’s is the lack of divisions between students and senior members, whether when dining or in the use of the College’s recreational facilities. Senior members and students are encouraged to form joint societies, and to find opportunities for shared intellectual and recreational endeavour. In recognition of the College’s mature status, families are welcomed in College.

Page: 3

St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

Scope of the financial statements

Objectives

The College’s charitable objectives are:

Public Benefit

In conjunction with the University of Cambridge, the College provides an education for mature undergraduate (those aged 21 and above) and postgraduate students, which is recognised internationally as being of the highest standard.

This education develops students academically and advances their leadership qualities and interpersonal skills, and so prepares them to play full and effective roles in society.

To further its objectives the College provides the following:

Education & learning

Research

Religion

Maintains its historical connection with the Roman Catholic Church, including through the work of the Von Hügel Institute, an international and interdisciplinary research hub inspired by Catholic thought and culture, focussed on contemporary global realities, and dedicated to encounter, dialogue, and transformation.

Welcomes members of all faiths and none and supports interdisciplinary encounters from the perspective of religion(s) through the affiliation of the Woolf and Faraday Institutes.

The College admits as students those who have the highest potential for benefiting from the education provided by the College and the University, regardless of their financial, social, religious, or ethnic background.

To fulfil its charitable purposes, the College has a number of student-focussed academic and community roles. In 2022/23 these included: tutors (18); directors of studies (40); supervisors (~60); and college teaching officers (1). Seventeen members of our Governing Body are University Teaching Officers.

The College also appoints tutors to a number of specific roles each year. In 2022/23 these were: Senior Tutor; Admissions Tutor; Deputy Admissions Tutor; Careers Tutor; Families Tutor; Rooms Tutor; Finance Tutor; Disabilities Tutor.

Page: 4

St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

The College maintains a modern library and other study and IT facilities, providing a valuable academic resource for all members of the College. External facilities, including wooden gazebos (to improve outdoor social and study space) and an outdoor gym were added to reduce Covid-19 risk.

To raise educational aspiration and attract outstanding applicants who might not otherwise have considered applying to St Edmund’s, or to the University of Cambridge, the College holds open days, and also provides guidance and information for prospective applicants through its website and Admissions staff.

Examination results

The Marking and Assessment Boycott has severely impacted the timely release of results.

Scholarships

Scholarships and awards of £568k (£666k 21/22) were awarded during the year.

Prizes & Other Funds

At time of writing the Marking and Assessment Boycott has affected the issuing of prizes.

Awards have been given to students in the year of:

Fund Description Total £
2022/23		 Total £
2021/22
Financial Support for students
in residence, including the
Santander Universities award
for hardship		 Assistance including for unforeseen hardship
and disability support e.g., dyslexia testing or
computer software		 66,125 (141 awards) 63,300 (123 awards)
Academic Travel For research, academic conferences etc. 16,900 (51 awards) 1,100 (2 awards)
Language & Amenities Activities and equipment etc. not connected
directly to academic work, including language
courses.		 9,082 (36 awards) 2,500 (11 awards)
10th Term Funding For PhD students who overrun their nine
term funding and require support while
submitting their thesis		 5,200 (7 awards) 5,500 (3 awards)
Bell, Abbott and Barnes Assistance for unforeseen hardship and
disability support		 6,400 (10 awards)

Bursaries

To assist non-ELQ undergraduates of limited financial means, the College provides bursary support through the Cambridge Bursary Scheme, a scheme operated in common with the University and other colleges. For the academic year 2022/23, awards totalling £300k were made (£270k in 2021/22). The net cost to the College for participation in this scheme was £47k, after contributions of £300k made by the University and other colleges. The scheme is widely advertised on the University website, on the College website, and via our admissions materials.

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St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

Operating and Financial Review

1. Student Numbers

The College admits full-time and part-time postgraduate students studying for PhDs and Master’s courses, and full-time mature undergraduate students aged 21 and over. Total student numbers in 2022/23 of 691 (including part-time postgraduates, and postgraduates writing up or under examination) represented an increase of 2% on the previous year (676). This is the largest number of students the College has had. The following chart shows the figures for full-time students over the past eleven years as of 1 January each year:

The College has a commitment to managed growth, in line with the University of Cambridge’s ambitions. There is significant benefit to the College community to ensure sufficient mature first-degree undergraduate and PhD students attend, as these students typically complete a minimum of three-years and provide academic and community continuity within the student body and the College community.

2. Accommodation & Conferencing

Overall, the College had 491 units of accommodation, mainly for single occupation, but with 81 units available for multiple occupancy including 6 family flats. The College had two accommodation sub-contracts, one with Howard Osborne and the other with Darwin College representing 116 units within Mount Pleasant Halls. The contracts commenced in 2019, with Howard Osborne for 20 years and Darwin College for a maximum of 5 years.

Conferencing income increased after the lifting of Covid-19 restrictions, with £223k income (£40k 21/22).

3. Income and Expenditure

The Statement of Income and Expenditure (SOCIE) shows total comprehensive surplus of £723k for the year.

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St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

Academic income, at £3,692k, was £403k higher than the previous year (£3,289k). Of this total, £3,063k is made up of fees paid by or on behalf of students, as set out in detail in note 1. Within academic income are included the contributions from the University and other colleges for Cambridge Bursaries. £300k appears as income from this source, with a corresponding figure in expenditure of £347k creating a net cost to the College of £47k.

Residential and catering income, at £4,658k, was £122k higher than the previous year (£4,178k).

There was a further increase in endowment and investment income, which includes bank interest received. Interest income increased from £28k to £234k and an unrealised gain on investments of £72k is shown.

Donations are classified as: unrestricted or restricted donations for spending in the current year; new permanent endowments for spending over the longer term; or donations to support building or refurbishment projects. Total donation, endowment and grant income as shown in the SOCIE was £329k, compared with the previous year’s figure of £283k.

The College is very grateful for the contribution to its income from the Colleges Fund Grant of £1,147k disbursed to the College in FY 2022/23 to mitigate against losses caused by the Covid-19 pandemic. This donation has been given without restriction (£1,203k unrestricted donation in 2021/22).

Total expenditure within the SOCIE was £9,839k, including depreciation of £1,046k (which represents 11% of expenditure). Mount Pleasant Halls has added significantly to the depreciation expenditure. Pension costs exclude a decrease in the CCFPS which total £34k, as this is shown as an actuarial gain below the Surplus for the Year.

Investments

Since March 2018 the College’s endowment has been invested in Cambridge University Endowment Fund (CUEF).

CUEF’s long-term investment objective of CPI+5%, net of fees, to fund distributions to investors of around 4% of the net asset value per year. For the year to 30th June 2023 CUEF delivered a net return of +4.1%, compared to a passive composite benchmark return of +4.5%.

The College’s investments in CUEF were as follows:

30 June 2023 30 June 2022
UnitValue £67.51 £66.98
Total number of units 135,760 135,760
Value of units (unrestricted) 7,191,974 7,135,512
Value of units (restricted) 1,973,183 1,957,693
Total value ofunits 9,165,157 9,093,205

The College received distributions totalling £350k, giving a distribution yield of 3.8% on the average capital value.

The asset allocation of CUEF was as follows:

30 June 2023 30 June 2022
Public equity 40.1% 42%
Private equity 23.3% 24%
Absolute return and credit 22.6% 20%
Real assets 7.1% 11%
Fixed interest/cash 6.9% 3%

4. Reserves

The College does not hold free reserves but instead relies on the continued success and reputation of the University of Cambridge to attract students, therefore providing it with income in the form of tuition fees and other maintenance charges. The long-term aim is to provide unrestricted reserves to the value of three months of usual operating expenditure. To this end, it continues to seek funding from a wider pool of potential donors.

Page: 7

St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

5. Fundraising and Alumni Relations

Fundraising is a major part of the role of the Development & Alumni Relations Office, which was established in 2011. The College is registered with the Fundraising Regulator.

Fundraising is primarily focussed on projects supporting the student experience, such as student bursaries, scholarships, and awards, or on capital grants to support building or refurbishment projects. In addition, there is an aspiration to seek transformational gifts into the endowment, for spending over the longer term.

The College has a limited pool of meaningful philanthropic relationships with both alumni and non-alumni, of a scale that can make a difference to the College’s finances due to the College being very small until recently. The priority of the development team therefore remains to grow the College’s major gift programme with support from alumni and non-alumni donors, cementing a regular giving programme, enhancing donor stewardship, working on improving organisational systems and processes, and seeking engagement with donor prospects interested in the mission and purpose of the College, its future, and its heritage.

Fundraising received in the year focused on funding for scholarships and bursaries, hardship and travel grants, improvements to the College estate, and improving the student experience provision.

The Development Office has continued to build relationships with the wider membership of St Edmund’s and maintains contact details for over 5,200 alumni, of whom more than 50% live outside the UK in over 129 countries. An e-newsletter is emailed to these members three times per year, and a Donor Report/Alumni magazine is distributed annually to over 400 donors and friends. A reunion weekend for alumni is held in College every September, with further events held in London and across the world throughout the year.

An appeal to the College’s Fellows and Senior members in January 2023 successfully raised funds to renovate an existing building and transform it into a Fellowship Centre. The College also ran a telephone campaign in March 2023 with a focus on recruiting new donors and increasing regular giving from alumni. It was a success, drawing on student-callers who welcomed the opportunity to tell alumni about their positive experience of St Edmund’s.

In addition to seeking financial and other support for the College, the Development Office is also responsible for broader alumni relations, events and both internal and external communications, social media, and the College website. There have been no formal complaints made about fundraising (0 in 2021/22).

6. Remuneration

No Trustee receives any remuneration, or any other benefit, for acting as a trustee of the College. Trustees only receive out-of-pocket expenses incurred in the course of carrying out their duties as trustees. Outside their role as a Trustee of College, the Master and any Fellow of College may receive such remuneration and any other benefits in respect of any employment, or College Office or College Post, or other post or appointment, as the College’s Statutes and Ordinances authorise.

The College has a Remuneration & People Committee comprised of four members of the Governing Body and one nonCollege member. Among other duties, the Remuneration & People Committee is charged with the scrutiny and management of College policies on remuneration and benefits payable to the Master and Fellows of the College. These can include remuneration and benefits, salary and stipends, honoraria including bonuses, terms & conditions of employment, and any scheme of allowances or benefits, including pensions.

Details of remuneration for key management personnel are outlined on page 29. Details of related party transactions with Trustees are outlined on page 39.

7. Principal Risks and Uncertainties

The College Council is ultimately responsible for identifying and managing the major risks facing the College. The management of risk is delegated in the first instance to certain named personnel including the Bursar, the Domestic Bursar, the Head of Facilities, and the Governance, Risk and Compliance Manager, and more broadly through specific risk management processes (including risk assessment) and awareness to all key College stakeholders.

The College seeks to consider risk management in all aspects of its functions, aiming to achieve the appropriate balance between taking the necessary steps to mitigate risk insofar as is possible, whilst maintaining the required focus on the delivery of the College’s objectives, a failure to comply with those charitable objectives being in and of itself, a risk concern.

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St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

The Council maintains a risk register, together with relevant risk assessment documentation for specific individual purposes. Following detailed work on the identification and assessment of the College’s most significant risk areas, in the 2021/22 financial year the risk register was subject to a full review and refresh. In the last financial year, significant further steps have been taken to seek to embed an improved cultural understanding of the impact and management of risk at all levels in the College. Committees within the College’s governance structure will now be allocated ownership of the risks identified in the risk register, and shall have within their stated remit the requirement to consider regularly the impacts of day to day operations and high-level decisions on those risks. This approach seeks to ensure not only that the risk register will remain reflective of the present position at all times, but that the College is considering risk in all that it does.

The principal risks – and those with the highest current risk ratings as reflected in the Risk Register – are around the need consistently to ensure that policies and processes are fit for purpose, financial sustainability, and the ongoing suitability of the College’s governance arrangements including its governing documents, particularly in the light of recent high-profile events at other Oxbridge Colleges. Of particular concern in the financial area is the impact of student numbers – which are informed by University policy and thus over which the College does not have control.

Beyond the above, the principal risks and uncertainties facing the College are:

Leadership Change: Within the next 12 months, the College will recruit to two senior leadership positions, including the Head of House. Changes in high-level leadership carry the potential risk of short-term instability for any structured organisation. However, this risk is extremely well mitigated by the strength of the existing senior leadership team, the staff cohort, and significant steps taken over recent years to improve structures, processes and procedures.

External political and economic threats : It is anticipated that three particular current external factors may continue to provide uncertainty and risk to the College’s position. The first of these is that the decision to leave the European Union may continue to have an ongoing adverse effect. The second and third of these are, respectively, the war in Ukraine and the current status of the conflict in Gaza. These factors may both impact upon the College because of uncertainty in international student recruitment; employment of EU workers; increases in costs e.g. food and fuel/energy due to the effect on supply lines (in particular given the situation in Ukraine). Given that the College is highly international, there is a continuing risk that international student numbers could fall as a consequence of the UK’s global standing post-Brexit or in response to the UK’s foreign and domestic policy toward specific nations (including, potentially, its general of support for the Ukraine). Although the College has concentrations of students from specific countries, with the UK representing around a third of our student population, no other country represents more than 13% of our intake. The student body is drawn form a wide range of different countries and subject area. The College is also part of a globally renowned centre of academic excellence.

Economic factors which might affect the College’s source of income : flowing from the principal risk around student admissions numbers is a risk of reduction in student fee and room rent income. Together these represent the greatest source of income to the College. Accordingly, achieving our student number targets and maximising our room rental income are both critical to our financial model. There are a number of external factors that could impact upon the College’s income as has been recently seen by the Covid-19 pandemic. The demand for accommodation routinely outstrips supply. This is becoming a wider problem throughout Cambridge, as recent trends suggest that there are increasingly fewer affordable non-College accommodation options available to students in the city. The College is not able to guarantee accommodation on-site for all of its postgraduate students, so external housing pressures are likely to impact upon student numbers. Fee income is more sensitive to shifts in student numbers and any downward changes in fee structures would have an impact.

General economic trends and cost of living: The precarious wider economic position, high rate of inflation and general cost of living increases are likely to impact the College’s financial position. In addition to the effect of inflationary increases on general College running costs – and in particular energy prices, the significantly higher cost to students of a Cambridge degree over non-collegiate universities is likely again to affect student numbers.

Staff pension costs : shifts in pension liabilities can have a significant impact on the College’s accounts in a particular year and the College has a number of staff in two defined benefit schemes, USS and CCFPS, both of which are in deficit (see Note 18). At 30 June 2023 there were 10 staff members in USS (whose salaries represented 12% of the June 2023 payroll) and 1 member of CCFPS. The College is making deficit reduction contributions to both schemes. The employer contributions to CCFPS increased in 2021 to 28.44% of salary and the employer contributions to USS increased in 2022 to 21.6%. Consultation is underway with organisations that are members of the USS to agree the way in which the deficit of the fund is recovered. There is a significant risk that contributions to this fund will increase and that there will be a change to benefits.

The CCFPS has been closed to new entrants since the introduction of a defined contribution scheme for non-academic staff in 2014, which helps to manage the risk of the College’s liabilities increasing.

The risk of ongoing industrial action by academics against the broader University and/or colleges, as a result of suggested changes to pension benefits, could create unrest in the student body.

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St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

Cost of providing support services, buildings and facilities which are of a suitable level to meet the needs of students, staff and members: the cost of providing mental health, welfare and student experience provision is increasing each year across Collegiate Cambridge and St Edmund’s needs to ensure it maintains acceptable levels of support to students in comparison with other Colleges. Mount Pleasant Halls has provided extremely attractive, modern accommodation for students, but future refurbishment to an equivalent standard and upgrading of facilities across the remainder of the site (including additional shared space) will require new fundraising or other income generation

Reputational risk: The College’s income is intrinsically related to its overall reputation as a centre of academic excellence – both in its own right and through its status as a constituent college of the University of Cambridge. In addition, the College is reliant upon its reputation in a broader sense as a friendly, welcoming, properly-run, safe and enjoyable institution to be a part of. Should the College’s reputation suffer in any respect – whether as the result of a discrete event or issue, or as part of any wider concern in relation to the experience it offers or to its academic prowess – this is highly likely to affect future student application numbers and, accordingly, income.

8. Going concern

The College has undertaken financial modelling work to demonstrate that it is a going concern. This work considered various scenarios in which the main drivers for income have been assessed based on different outcomes for tuition fees, rents, conference and external events and donations, alongside inflation. This has been extended for 10 year financial plan including cashflow modelling.

9. Progress made during the year and future plans

Review of the year

As the chart on page 6 shows, the number of students was the largest in the College’s history. It was also the first full year when the College resumed normal operations following the Covid-19 pandemic, which made for a vibrant community where students and fellows were once again able to participate fully in College life.

During the year planning permission was approved for a new Porters’ Lodge, and for refurbishment of the ground floor of the Norfolk building to increase the capacity for student and senior membership gatherings. The College is looking forward to making a start on this project in order to secure permission in perpetuity.

Other improvements to the estates included the completion of a project to convert three units of accommodation into offices for the Tutorial department, to include a dedicated Student Support reception which offers a drop-in service for students, counselling rooms, and office space for the new Director of Welfare and Wellbeing and the Wellbeing Officer. Within the same building a further three units were extended for the creation of a Senior Combination Room and meeting rooms available to Fellows, senior members and Tutors.

Refurbishment began on Benet House to adapt it to form a separate Master’s Flat over two levels. Completion of the remaining part of the building is expected during 23/24, which will provide much needed additional guest and reception rooms. This repurposed space will allow the space to cultivate partners to help deliver the College’s mission.

In the current environment of near full employment in Cambridge the recruitment and retention of staff has become a significant focus for the College. The recruitment of an HR Manager has led to a more proactive approach to the human resource function, thus improving our ability to attract and retain staff.

The College is pleased that a new Director of Welfare and Wellbeing is in post from September 2023, providing support to students and tutors. To further strengthen the Tutorial team, an external audit was commissioned in the year to review the department’s operations; the report was received following the year end. The recommendations from the report will be part of the Tutorial department’s objectives for the coming year.

During the year the College reviewed its committee structure resulting in a streamlined approach: a new committee was formed to oversee the College’s Education and Learning activities, and a revised remit was created for the Finance, Audit and Resources committee. All committees have standardised terms of reference and business cycles.

During the year the Senior Tutor, Dr Judith Bunbury decided she would be stepping down from her post. Dr Bunbury made a significant contribution to College while in her post of Senior Tutor for which the College is very grateful.

Future plans

In the year ahead the College is planning to develop its activities to deliver the mission below.

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St Edmund’s College

Financial Report of the Trustees

Year ended 30 June 2023

Empowering global talent to shape the future.

We form global thinkers and leaders who bridge disciplines and cultures to solve humanity’s challenges.

St Edmund’s builds a better future by developing, supporting and connecting a community of global talent, within the University of Cambridge, inspired to learn from difference and united in a commitment to improve the future for individuals, societies and the world.

To begin to fulfil this vision the following actions will guide the College’s activity:

A community framework (also known as THRIVE) has been developed to guide the College as its strategies and plans are delivered.

T rust: we welcome all members as equals and in turn expect members to contribute to the community and take responsibility for their actions. Our members build trust through openness, integrity, and consideration for others.

H igher purpose: we recognise the importance of cultivating mind, body and spirit. Our members are encouraged in a desire to serve beyond the self and to grow in understanding and wisdom.

R esilience: we encourage responsibility towards the self and others and provide support that acknowledges the individual and reflects the needs of a diverse, global community. Our members are helped to develop their mindsets and skillsets to thrive in a rapidly changing world.

I magination: we are open to new ways of thinking and explore the world both as it is and as it ought to be. Our members are encouraged to move beyond academic specialism or personal identities to imagine new possibilities and innovate for the future.

V oice: we foster productive, vigorous and inclusive discourse, learning to engage and influence across cultures and disciplines. Our members exchange ideas and views, developing the skills and confidence to listen and communicate with impact and respect, including through challenging conversations.

E njoyment: we want our members to enjoy their time with us; there is space at St Edmund’s for enthusiasm and exploration as well as excellence.

A THRIVE fund has been created to enable College members to request funding to create events that promote the development of its mission. A Communications Manager has been appointed to help with promoting the work of the College.

The College will be seeking a new Master during the coming year, following the decision of the current Master, Catherine Arnold, not to seek a second term of office. It is hoped that the new Master will be in post on 1 October 2024, following election by the Governing Body in the Lent term of 2024.

The College also plans to elect its new Senior Tutor in the Michaelmas term of 2023.

Against the backdrop of increased student numbers and under-supply of student accommodation within Cambridge, the College has secured use of 46 ensuite student rooms in a nearby complex for the academic year 2023/24 and has reduced the number of rooms sub-let to Darwin College. During the summer of 2023 the College also took advantage of an offer to purchase back the sub-lease with Howard Osborne. The College anticipates that all rooms within the Mount Pleasant Halls buildings will be released back to the College ready for the Michaelmas Term 2024.

The College will continue its risk-based approach to strengthening its policy and procedure framework. The review of the Tutorial department’s operations will require a comprehensive review of its policy and procedures, in particular its training of Tutors, Directors of Studies and staff members. This will build a solid foundation from which the College can continue to grow its student population and activities in support of its mission.

A review of the Master building plan will be undertaken to enable the College to explore funding options for the building of East Court.

Page: 11

St Edmund’s College

Corporate Governance

Year ended 30 June 2023

  1. The following statement is provided by the Trustees, to enable readers of the financial statements to obtain a better understanding of the arrangements in the College, for the management of its resources and for audit.

  2. The College is a registered charity (registered number 1137454) and subject to regulation by the Charity Commission for England and Wales. The members of the Council are the charity Trustees and are responsible for ensuring compliance with charity law.

  3. The Trustees are advised in carrying out their duties by a number of Committees, being:

  4. Finance, Audit & Resources Committee, and its sub-committees:

  5. Estates

  6. Stewards’

  7. Health & Safety

  8. Remuneration & People

  9. Education & Learning Committee, and its sub-committees:

  10. Wellbeing

  11. Library

  12. Dean's Committee

  13. Von Hugel Institute Committee

  14. Statutes & Ordinances Committee

From time to time, ad-hoc working / advisory groups are convened to provide advice on specific issues, including development and alumni relations and works of art.

  1. The principal College Officers are the Master, Vice-Master, Bursar, Senior Tutor, Dean, and Development Director.

  2. It is the duty of the Finance, Audit and Resources Committee to keep under review the effectiveness of the College’s internal systems of financial and other controls; to advise the Trustees on the appointment of the external Auditor; to consider reports submitted by the Auditor; to monitor the implementation of recommendations made by the Auditor; to monitor risk management and control arrangements; and to make regular reports to the Trustees by way of minutes of its meetings. Membership of the Finance Committee includes all the principal College Officers, the Second Bursar, other appropriate members of the Governing Body, and two officers of the Combination Room.

  3. There is a Register of Interests of Trustees and Governing Body members. Declarations of interest are made routinely at all Governing Body, Council and committee meetings.

  4. The College’s Trustees during the year ended 30 June 2023 are set out on page 1.

Page: 12

St Edmund’s College

Statement of Internal Control

Year ended 30 June 2023

  1. The Trustees are responsible for maintaining a sound system of internal control that supports the achievement of policy, aims and objectives while safeguarding the public and other funds and assets for which the Council and Governing Body are responsible, in accordance with the College’s Statutes.

  2. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; it therefore provides reasonable but not absolute assurance of effectiveness.

  3. The systems of internal control are designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. This process was in place for the year ended 30 June 2023 and up to the date of approval of the financial statements.

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

Mr Graham Watson Bursar 13 December 2023

Page: 13

St Edmund’s College

Statement of Responsibilities of the College’s Charity Trustees

Year Ended 30 June 2023

The Council in conjunction with the Governing Body is responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards.

The College’s Statutes and the Statutes and Ordinances of the University of Cambridge require the Governing 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 period. In preparing those financial statements the Council in conjunction with the Governing Body is required to:

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

Mr Graham Watson Bursar

13 December 2023

Page: 14

St Edmund’s College

Independent Auditors’ Report to the Council and Governing Body of St Edmunds College

Year Ended 30 June 2023

Opinion

We have audited the financial statements of St Edmund’s College (the ‘College’) for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income and Expenditure, the Statement of Changes in Reserves, the College Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the College in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page: 15

St Edmund’s College

Independent Auditors’ Report to the Council and Governing Body of St Edmunds College

Year Ended 30 June 2023

Opinion on other matters prescribed by the Statutes of the University of Cambridge

In our opinion based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the College and its environment obtained in the course of the audit, we have not identified material misstatements in the Financial Report to the Council and Governing Body.

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

Responsibilities of the Council

As explained more fully in the responsibilities of the Statement of the Responsibilities of the College’s Charity Trustees set out on page 14, the Council are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Council are responsible for assessing the College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the College or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page: 16

St Edmund’s College

Independent Auditors’ Report to the Council and Governing Body of St Edmunds College

Year Ended 30 June 2023

We assessed the susceptibility of the College’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the College’s Council as a body, in accordance with College’s statutes, the Statutes of the University of Cambridge and the Charities Act 2011. Our work has been undertaken so that we might state to the Council those matters we are required to state to them in an Auditors’ Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College’s Council as a body, for our audit work, for this report, or for the opinions we have formed.

PETERS ELWORTHY & MOORE

Chartered Accountants and Statutory Auditors

Salisbury House Station Road Cambridge CB1 2LA Date: 18 December 2023

Peters Elworthy & Moore is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page: 17

St Edmund’s College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

Basis of preparation

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

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

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

Basis of accounting

The financial statements have been prepared under the historical cost convention, modified in respect of the treatment of investments which are included at valuation.

Going Concern

The financial statements have been prepared on a going concern basis. The College has prepared forecasts beyond the 30 June 2023 year-end up to financial year end 2025. The College has also set a detailed budget plan for the financial year 2023/24. In addition, a 10-year scenario forecasting model and cash flow plan has been prepared. These financial plans demonstrate that the College has sufficient resources to meet liabilities as they fall due. The Trustees considers preparation of these financial statements using a going concern basis to be appropriate.

Recognition of income

a) Academic fees

Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsors.

b) Donations and endowments

Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised with the Statement of Income and Expenditure when the College is entitled to the income. Income is retained within restricted reserves until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer.

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

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

  1. Restricted donations – the donor has specified that the donation must be used for a particular objective.

  2. Unrestricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the College.

  3. Restricted expendable endowments – the donor has specified a particular objective and the College can convert the donated sum into income.

  4. Restricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

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

c) Investment income and change in value of investment assets

Investment income and change 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 terms or other restrictions applied to the individual endowment fund.

d) Research Grant income

Income from research grants, contracts and other services rendered is included to the extent of the completion of the contract or service concerned.

Page: 18

St Edmund’s College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

e) Other income

Income is received from a range of activities including accommodation, catering conferences and other services rendered.

f) Cambridge Bursary Scheme

In 2019/20, payment of the Cambridge Bursaries to eligible students was made directly by the Student Loans Company (SLC). As a consequence the College reimbursed the SLC for the full amount paid to their eligible students and the College subsequently received a contribution from the University of Cambridge towards this payment.

The net payment of £47,908 is shown within the Statement of Comprehensive Income and Expenditure as follows: Income (see note 1) £300,381 Expenditure £348,289

Foreign currency translation

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

Tangible fixed assets

a) Land and Buildings

Buildings are stated at deemed replacement cost less accumulated depreciation and are depreciated over the remaining useful life.

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

Costs incurred in relation to land and buildings after initial purchase or construction, and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the College.

Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight line basis over their expected useful lives as follows:

Leasehold land is depreciated over the remaining life of the lease (91 years at 30.6.14).

Leasehold land is depreciated over the remaining life of the lease (91 years at 30.6.14). Leasehold land is depreciated over the remaining life of the lease (91 years at 30.6.14).
Additions to buildings are depreciated on a straight line basis over their expected useful lives as follows:
Structure 100 years
Internal finishes 35 years
Mechanical and electrical 35 years
Extensions to property 20 years

The cost of additions to operational property shown in the balance sheet includes the cost of land. Furniture, fittings and equipment costing less than £1,000 per individual item or group of related items is written off in the year of acquisition. All other assets are capitalised and depreciated over their expected useful life as follows:

Furniture and fittings 10% per annum Motor vehicles and general equipment 10% per annum Works of Art 10% per annum Computer equipment 33% per annum.

Leased assets

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

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

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

Page: 19

St Edmund’s College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

b) Maintenance of premises

The cost of major refurbishment and maintenance over £1,000 which restores value is capitalised and depreciated over the expected useful economic life of the asset concerned.

d) Heritage assets

The College does not hold any assets that should be classed as heritage assets.

e) Works of Art

Works of art are included at fair value.

Investments

Investments are included in the balance sheet at their fair value.

Stocks

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

Provisions

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

Financial instruments

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

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

Financial assets

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

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

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

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

Page: 20

St Edmund’s College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

Financial Liabilities

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

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

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

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

Taxation

The College is a registered charity (number 1137454) and also a charity within the meaning of Section 467 of the Corporation Act 2010. Accordingly, the College is exempt from taxation in respect of income or capital gains received within the categories covered by Section 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

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

Contribution under Statute G,II

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

Pension Costs

Employer pension contributions into a defined contribution scheme with Aviva are recognised as an expense in the year salary has been paid.

The College participates in two defined pension scheme the University Superannuation Scheme (USS) and the Cambridge Colleges Federated Pension Scheme (CCFPS). The USS is a multi-employer scheme and given the mutual natures of the scheme, the College is unable to identify individual employers’ shares of assets and liabilities. The College therefore accounts for cost as a defined benefit scheme. However because the scheme is in deficit and a funding plan has been agreed the College recognises a liability for the contributions payable that arise from the agreement to fund the scheme and the resulting expenses in the Statement of Comprehensive Income and Expenditure. The College uses a deficit modeller produced by USS to calculate this amount.

For the CCFPS, the College accounts for the increase in liabilities as an actuarial loss in the Statement of Comprehensive Income and Expenditure. The College uses a valuation provided by Cartwright Ltd, prepared for the CCFPS management committee using assumptions stated in note 25.

Employment benefits

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

Reserves

Reserves are allocated between restricted and unrestricted reserves. Endowment reserves include balances which, in respect of endowment to the College, are held as permanent funds, which the College must hold to perpetuity.

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

Page: 21

St Edmund’s College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

Critical Accounting Estimates and Judgements

The preparation of the College’s accounts requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

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

Judgement is applied in determining the value and timing of certain income items to be recognised in the accounts. This includes determining when performance related conditions have been met and determining the appropriate recognition timing for donations, bequests and legacies.

Property, plant and equipment represent a significant proportion of the College’s total assets. Therefore the estimated useful lives can have a significant impact on the depreciation charged and the College’s reported performance. Useful lives are determined at the 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. Details of the carrying values of property, plant and equipment are shown in note 10.

The finance lease liability and corresponding assets held under the 47-year lease for Mount Pleasant Halls are included in these accounts at the present value of the minimum lease payments. The future lease payments are subject to an inflationary increase. Under UK accounting standards, the RPI increase is deemed to be a conditional rental payment and conditional rental payments do not form part of the minimum lease payments. Therefore, future RPI increases have not been included in the finance lease liability recognised in the financial statements. Management have assumed that inflation will be 1.5% on average throughout the life of the lease.

The provision for doubtful debts is based on the College’s estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historically, coupled with current economic knowledge. The provision is based on the current situation of the customer, the age profile of the debt and the nature of the amount due.

The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in note 25.

Management are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the accounts.

As the College is contractually bound to make deficit recovery payments to USS, this is recognised as a liability on the balance sheet. The provision is currently based on the USS deficit recovery plan agreed after the 2020 actuarial valuation, which defines the deficit payment required as a percentage of future salaries until 2038. These contributions will be reassessed within each triennial valuation of the scheme. The provision is based on management’s estimate of expected future salary inflation, changes in staff numbers and the prevailing rate of discount. Further details are set out in note 25.

Page: 22

St Edmund’s College

Statement of Comprehensive Income and Expenditure

Year Ended 30 June 2023

note
Income
Academic fees and charges
1
Accommodation, Catering and
conferences
2
Other investment income
3
Other Income
4
Total income before donations and
endowments
Donations
5
Colleges fund grant
New endowments
Total Income
Expenditure
Education
6
Accommodation, catering and
conferences
7
Other expenditure
Total Expenditure
8
Surplus before other gains and
losses
Gains/(loss) on investments
Surplus/(deficit) for the year
Other comprehensive income
Actuarial gain/(loss) in respect of
pension schemes
Total comprehensive income for
the year		 2022/23
Unrestricted
Restricted
Endowment
Total
£000
£000
£000
£000
3,692
3,692
4,658
4,658
510
75
585
24
21
45
8,884
96
8,980
52
277
329
1,147
1,147
10,083
373
10,456
3,420
167
3,587
6,096
6,096
156
156
9,672
167
9,839
411
206
617
72
72
411
206
72
689
34
34
445
206
72
723		 2021/22
Unrestricted
Restricted
Endowment
Total
£000
£000
£000
£000
3,289
3,289
4,178
4,178
276
68
344
26
20
46
7,769
88
7,857
103
180
283
1,203
1,203
9,075
268
9,343
3,127
227
3,354
5,638
5,638
142
11
153
8,907
238
9,145
168
30
198
(94)
(94)
168
30
(94)
104
270
270
438
30
(94)
374

Page: 23

St Edmund’s College

Statement of Changes in Reserves

Year Ended 30 June 2023

Balance at 1 July 2022
Surplus/(deficit) from income and
expenditure account
Other comprehensive income
Transfers
Balance at 30 June 2023
Balance at 1 July 2021
Surplus/(deficit) from income and
expenditure account
Other comprehensive income
Transfers
Balance at 30 June 2022		 Endowment
Restricted
Unrestricted
Total
£000
£000
£000
£000
19,291
915
22,674
42,880
72
207
374
653
70
70
19,363
1,121
23,118
43,602
19,385
762
22,360
42,507
(94)
30
274
210
164
164
123
(123)
19,291
915
22,674
42,880

Page: 24

St Edmund’s College

Balance Sheet

As at 30 June 2023

Note
Non-current assets
Tangible assets
10
Investments
11
Total non-current assets
Current assets
Stocks
12
Debtors
13
Cash
14
Total current assets
Creditors: amounts falling due within
one year
15
Net current assets/(liabilities)
Total assets less current liabilities
excluding pension liability
Creditors: amounts falling due in
more than one year
16
Pension liability
18
Total net assets
Represented by:
Restricted reserves
Endowment
19
Restricted expendable endowment
20
Unrestricted reserves
General reserves
Total Funds		 2023
£000
79,733
9,165
88,898
24
753
5,147
5,924
(3,346)
2,578
91,476
(47,513)
(361)
43,602
2023
Total
£000
19,363
1,121
23,118
43,602		 2022
£000
79,863
9,093
88,956
22
374
4,836
5,232
(2,981)
2,251
91,207
(47,882)
(445)
42,880
2022
Total
£000
19,291
915
22,674
42,880

The financial statements were approved by the Council and Governing Body 12 December 2023 and are signed on their behalf by:

Mr Graham Watson Bursar

Page: 25

St Edmund’s College

Cash Flow Statement

For the Year Ended 30 June 2023

Note
Net cash inflow from operating activities
21
Cash flows from investing activities
22
Cash flows from financing activities
23
Cash inflow before management of liquid resources
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year		 2023
£000
3,461
(566)
(2,584)
311
4,836
5,147		 2022
£000
3,875
152
(2,529)
1,498
3,338
4,836

The notes on pages 27 to 40 form part of these accounts

Page: 26

St Edmund’s College

Notes to the Accounts

For the Year Ended 30 June 2023

1.
Academic Fees and Charges
College Fees:
Fee Income paid on behalf of Undergraduates at the Publicly-funded
Undergraduate rate (per capita rate £4,625)
Privately-funded Undergraduate Fee Income (per capita fee £7,350 to £10,449)
Postgraduates as an agreed share of University fees (per capita rate £4,761)
Cambridge Bursary
Vice-Chancellors award
Other income
Total
2.
Income from Accommodation, Catering and Conferences
Accommodation
College members
External Rents
Conferences
Catering
College members
Conferences
Total
3.
Endowment and Investment Income
Analysis
Quoted securities
Fixed interest securities
Other interest receivable
Total
4.
Other Income
Research grants received
Other
Furlough claims
Total
5.
Donations
Unrestricted donations
Restricted donations
Total		 2023
£000
554
865
1,635
3,054
300
49
290
3,692
2023
£000
2,885
1,080
45
425
223
4,658
2023
£000
350
235
585
2023
£000
21
24
45
2023
£000
52
277
329		 2022
£000
574
658
1,736
2,968
270
51
3,289
2022
£000
2,829
939
22
370
18
4,178
2022
£000
316
28
344
2022
£000
20
25
1
46
2022
£000
103
180
283

Page: 27

St Edmund’s College

Notes to the Accounts

For the Year Ended 30 June 2023

6.
Education Expenditure
Teaching
Tutorial
Admissions
Research
Scholarships and awards
Other educational facilities
Total		 2023
£000
1,203
712
245
181
568
678
3,587		 2022
£000
895
660
234
206
666
693
3,354

Included within Scholarships and Awards are payments under the Cambridge Bursary Scheme amounting to £300,381 (2022: £269,910).

7.
Accommodation, Catering and Conferences Expenditure
Accommodation
College members
Conferences
Catering
College members
Conferences
Total		 2023
£000
4,907
16
948
225
6,096		 2022
£000
4,605
3
923
107
5,638

8a. Analysis of 2022/23 Expenditure by Activity

Analysis of 2022/23 Expenditure by Activity
Education
Accommodation, catering and conferences
Other
Total		 Staff costs
(note 9)
£000
1,516
1,085
77
2,678		 Other
operating
expenses
£000
1,820
4,225
70
6,115		 Dep’n
£000
251
786
9
1,046		 Total
£000
3,587
6,096
156
9,839

Expenditure includes fundraising costs of £106,214 (2022: £102,991). This expenditure does not include the costs of alumni relations.

8b. Analysis of 2021/22 Expenditure by Activity

Staff costs
(note 9)
£000
Education
1,321
Accommodation, catering and conferences
948
Other
64
Total
2,333
8c.
Auditors' remuneration
Other operating expense include:
Audit fees payable to the College's external auditors
Other fees payable to the College's external auditors		 Other
operating
expenses
£000
1,769
3,863
81
5,713		 Dep’n
£000
264
827
8
1,099
2023
£000
26
1		 Total
£000
3,354
5,638
153
9,145
2022
£000
25

Page: 28

St Edmund’s College

Notes to the Accounts

For the Year Ended 30 June 2023

9.
Staff
Staff costs:
Emoluments
Social security costs
Other pension costs (note
25)
Average staff numbers
Academic
Non-academic		 College
Fellows
£000
636
55
60
751		 Other
Academic
£000
227
17
13
257
Number of
Fellows
61
4
65		 Non
Academic
£000
1,494
35
141
1,670
Full-time
equivalents
2023
14
59
73		 Total
2023
£000
2,357
107
214
2,678
Number
of
Fellows
61
4
65		 Total
2022
£000
1,883
170
280
2,333
Full-time
equivalents
2022
14
53
67

The Council comprises the Master and 12 Fellows, of whom 9 are stipendiary. The trustees receive no emoluments in their role as trustees of the Charity.

The number of officers and employees of the College who received remuneration in the following range £100,001 - £110,000: 2 (2022:0)

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College. A subset of Council members fulfil these functions for The College. Aggregated emoluments paid to key management personnel:

2023 2022
£000 £000
Key management personnel 324 253

Page: 29

St Edmund’s College Notes to the Accounts

For the Year Ended 30 June 2023

10. Tangible Assets

Group and College
Cost
At beginning of year
Additions at cost
Disposals
At end of year
Depreciation
At beginning of year
Charge for the year
Eliminated on
disposal
At end of year
Net book value
At end of year
At beginning of year		 Freehold
Land
£000
12,070
__
12,070
-
12,070
12,070		 Leasehold
Land
£000
3,580
__
3,580
380
39
419
3,161
3,199		 MPH Land
£000
10,690
10,690
-
10,690
10,690		 Buildings
£000
26,877
848
27,725
4,691
642
5,333
22,392
22,186		 MPH
Buildings
£000
32,498
32,498
964
323
1,287
31,211
31,534		 Works
of Art
Equipment
£000
£000
33
1,305
68
33
1,373
1,155
3
39
3
1,194
30
179
33
150		 2023
Total
£000
87,053
916
87,969
7,190
1,046
8,236
79,733
79,863		 2022
Total
£000
86,861
192
87,053
6,092
1,099
7,190
79,863
80,769

Page: 30

St Edmund’s College

Notes to the Accounts

For the Year Ended 30 June 2023

The insured value of Freehold Land and Buildings as at 30 June 2023 was £45,504,541 (2022: £41,670,825). The net book value of fixed assets includes an amount of £41,901,000 (2022: £42,224,000) in respect of assets held under finance leases. The depreciation charge on these assets for the year was £322,755, (2022: £321,161).

11.
Fixed Asset Investments
Balance at beginning of year
Additions
Disposal
Net gains/(losses)
Increase in cash balances held at fund managers
Balance at end of year
Represented by:
Quoted Securities
12.
Stocks
Other stocks
13.
Debtors
Members of the College
Other debtors
Prepayments and accrued income
14.
Cash
Bank deposits
Current accounts
15.
Creditors: Amounts Falling Due within
one year
Bank Loan
Trade Creditors
Members of the College
Other creditors
Accruals & deferred income		 2023
£000
9,093
72
9,165
9,165
9,165
2023
£000
24
2023
£000
306
447
753
2023
£000
5,147
5,147
2023
£000
529
595
747
584
891
3,346		 2022
£000
9,188
(95)
9,093
9,093
9,093
2022
£000
22
2022
£000
219
155
374
2022
£000
4,836
4,836
2022
£000
529
393
732
776
551
2,981

Page: 31

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

16.
Creditors: Amounts Falling Due after
more than one year
Bank loans
Lease liability MPH
Lease Premium		 2023
£000
3,318
43,143
1,052
47,513		 2022
£000
3,846
42,959
1,077
47,882

The bank loan is being repaid in quarterly instalments; the final repayment is due in 2031. The loan is secured over Benet House and other College property. Interest is payable at an average of 6.01%.

The lease liability is for Mount Pleasant Halls, being a 47-year lease calculated using an incremental borrower’s rate of 4.5%. The initial lease liability has been calculated using the present value of future minimum lease payments assuming an annual RPI increase of 1.5%. The lease is subject to an annual review of RPI and lease payments will increase by changes to RPI. The RPI element of the lease charge is a conditional rental payment and therefore does not form part of the minimum lease payments. Increases in the RPI element in excess of 1.5% are therefore not included in the lease liability recognised on the balance sheet.

The lease liability has been calculated on a base lease charge of £1,673,300 per annum assuming an RPI increase of 1.5%. On this basis, the assumed lease charge for financial year 2022/23 is £1,935,167. The actual lease charge for the year is £2,014,055. The additional charge not recognised on the balance sheet of £78,888 will be incurred for the remainder of the lease and will be subject to future RPI increase. The value of this in real terms is £1,079,528.

17. Financial Instruments

Financial assets
Financial assets that are equity instruments measured at cost less
impairment
Other equity investments:
Financial liabilities
Financial liabilities measured at amortised cost
Finance Lease
18.
Pension Liability
Group and College
CCFPS
Balance at beginning of year
Movement in year:
Current service cost
Contributions
Finance Cost
Actuarial loss/(gain)
Balance at end of year
USS
Balance at beginning of year
Movement in year:
Contributions
Change in the expected contribution
Finance Cost
Balance at end of year
Pension liabilities at beginning of year
Pension liabilities at end of year		 2023
£000
9,165
43,143
2023
£000
183
9
(21)
7
(34)
144
262
(18)
(36)
9
217
445
361		 2022
£000
9,093
42,959
2022
£000
450
13
(18)
8
(270)
183
159
(5)
107
1
262
609
445

Page: 32

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

19.
Endowments
College
Unrestricted
Permanent

£000
Balance at beginning of year:
17,297
New endowments received
Net transfers
Increase in market value of investments
56
Balance at end of year
17,353
Representing
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Other Funds
General endowments
Group Total
20.
Restricted Reserves
Permanent
Reserves with restrictions
unspent
and other
restricted
income
£000
Balance at beginning of year
Capital

Accumulated income
450
New grants VHI
New grants other
21
New donations VHI

New donations other
1
Investment income VHI
8
Investment income other
65
Other income
95
Expenditure VHI
Expenditure other
(33)
(33)
Transfers
Balance at end of year
Capital
-
Accumulated income
512		 19.
Endowments
College
Unrestricted
Permanent

£000
Balance at beginning of year:
17,297
New endowments received
Net transfers
Increase in market value of investments
56
Balance at end of year
17,353
Representing
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Other Funds
General endowments
Group Total
20.
Restricted Reserves
Permanent
Reserves with restrictions
unspent
and other
restricted
income
£000
Balance at beginning of year
Capital

Accumulated income
450
New grants VHI
New grants other
21
New donations VHI

New donations other
1
Investment income VHI
8
Investment income other
65
Other income
95
Expenditure VHI
Expenditure other
(33)
(33)
Transfers
Balance at end of year
Capital
-
Accumulated income
512		 19.
Endowments
College
Unrestricted
Permanent

£000
Balance at beginning of year:
17,297
New endowments received
Net transfers
Increase in market value of investments
56
Balance at end of year
17,353
Representing
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Other Funds
General endowments
Group Total
20.
Restricted Reserves
Permanent
Reserves with restrictions
unspent
and other
restricted
income
£000
Balance at beginning of year
Capital

Accumulated income
450
New grants VHI
New grants other
21
New donations VHI

New donations other
1
Investment income VHI
8
Investment income other
65
Other income
95
Expenditure VHI
Expenditure other
(33)
(33)
Transfers
Balance at end of year
Capital
-
Accumulated income
512		 19.
Endowments
College
Unrestricted
Permanent

£000
Balance at beginning of year:
17,297
New endowments received
Net transfers
Increase in market value of investments
56
Balance at end of year
17,353
Representing
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Other Funds
General endowments
Group Total
20.
Restricted Reserves
Permanent
Reserves with restrictions
unspent
and other
restricted
income
£000
Balance at beginning of year
Capital

Accumulated income
450
New grants VHI
New grants other
21
New donations VHI

New donations other
1
Investment income VHI
8
Investment income other
65
Other income
95
Expenditure VHI
Expenditure other
(33)
(33)
Transfers
Balance at end of year
Capital
-
Accumulated income
512		 Restricted
Permanent
£000
1,994
16
2,010
Restricted
expendable
endowment
£000
465

20
256

2
278
(65)
(69)
(134)
1
609		 2023
Total
£000
19,291
72
19,363
1,246
123
40
264
42
290
17,358
19,363
2023
Total
£000
465
450
21
20
257
8
68		 2022
Total
£000
19,385
(94)
19,291

1,242
123
39
263
42
289
17,293
19,291
2022
Total
£000

361

401
13

19

3

141

7

61
27
95
(33)		 374
(65)
(102)
271

(62)

(178)
(33) (167)
1
-
(240)
122

-
-
512		 609
512
465

450

Page: 33

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

Representing
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Other Funds
Group Total		 312
101
22
130
1
555
1,121		 276
59
17
120
1
442
915
21.
Reconciliation of operating surplus to net cash inflow from operating
activities
Surplus/(deficit) on continuing operation
Adjustment for non-cash items
Depreciation of tangible fixed assets
Investment Asset (appreciation)/loss
Decrease/(increase) in Stocks
Decrease/(increase) in Debtors
Increase/(decrease) in Creditors
Pension costs less contributions payable
Adjustment for investing or financing activities
Investment Income
Interest payable
Net cash inflow from operating activities
22.
Cash flows from investing activities
Returns on investments and servicing of finance
Investment income
Payments made to acquire non-current assets
23.
Capital expenditure and financial investment
Interest Paid
Interest element of finance lease rental payments
Repayment of amounts borrowed
Capital element of finance lease rental payments
Total cash flows from financing activities		 2023
£000
723
1,046
(72)
(2)
(380)
341
(84)
(350)
2,239
3,461
2023
£000
350
(916)
(566)
2023
£000
(249)
(1,990)
(529)
184
(2,584)		 2022
£000
373
1,099
95
2
(51)
663
(165)
(344)
2,203
3,875
2022
£000
344
(192)
152
2022
£000
(276)
(1,926)
(529)
202
(2,529)

Page: 34

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2022

24. Reconciliation and analysis of net debt

Cash and cash equivalents
Borrowings:
Amounts falling due within one
year
Secured loans
Obligations under finance leases
Borrowings:
Amounts falling due after more
than one year
Secured loans
Obligations under finance lease
Total		 At 1 July
2022
Cash flows
Other non-
cash
changes
At 30 June
2023
£000
£000
£000
£000
4,836
1,498
6,334
(529)
528
(528)
(529)
4,307
2,026
(528)
5,805
(3,846)
529
(3,317)
(42,557)
2,127
(1,926)
(42,356)
(46,403)
2,127
(1,397)
(45,673)
(42,096)
4,153
(1,925)
(39,868)

25. Pension Schemes

The College’s employees belong to two principal pension schemes, the Universities Superannuation Scheme (USS) and the Cambridge Colleges Federation Pension Scheme (CCFPS). The total pension cost for the period was £177,388 (2022: £279,658).

University Superannuation Scheme

The College participates in the Universities Superannuation Scheme (the scheme). The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the scheme’s assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The College is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period. Since the College has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit), the College recognises a liability for the contributions payable that arise from the agreement to the extent that they relate to the deficit and therefore an expense is recognised.

Critical accounting judgements

FRS102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as that provided by USS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense is recognised in the income and expenditure account in accordance with section 28 FRS102. The Trustees are satisfied that the scheme provided by USS meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements.

Page: 35

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

25. Pension Schemes cont’d

Pension Costs

At the financial year end the latest available complete actuarial valuation of the Retirement Income Builder section of the Scheme was at 31 March 2020 (the valuation date).

Since the College cannot identify its share of scheme assets and liabilities, the following disclosures reflect those relevant for the scheme as a whole.

The 2020 valuation was the sixth valuation for USS under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a fund ratio of 83%.

The key financial assumptions used in the 2020 valuation are described below. More details are set out in the Statement of Funding Principles.

Pension increases (CPI) Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% pa to 2030, reducing linearly by 0.1% pa to a long-term difference of 0.1% pa from 2040.

Pension increases (subject to a floor of 0%: CPI assumption plus 0.05%. Discount rate(forward rates) Fixed interest gilt yield curve plus:

Pre-retirement, 2.75% pa and post-retirement 1.00% pa.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2020 actuarial valuation.

The mortality assumptions used in these figures are as follows:

2020 valuation
Mortality base table 101% of S2PMA ‘light’ for males and 95% of S3PFA for females
Future improvements to CMI_2019 with a smoothing parameter of 7.5, an initial addition of 0.5%
mortality pa and a long term improvement rate of 1.8%.pa for males and 1.6% for
females.

The current life expectancies on retirement at age 65 are:

2023 2022
Males currently aged 65 (years) 24.0 23.9
Females currently aged 65 (years) 25.6 25.5
Males currently aged 45 (years) 26.0 25.9
Females currently aged 45 (years) 27.4 27.3

A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 to 31 March 2024 at which point the rate will increase to 6.3%. The 2022 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

2023 2022
Discount rate 5.52% 3.31%
Pensionable salary growth 0% 0%

Page: 36

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

25. Pension Schemes cont’d

Cambridge Colleges Federated Pension Scheme

The College operates a defined benefit pension plan for the College’s employees of the Cambridge Colleges’ Federated Pension Scheme (CCPFS).

The liabilities of the plan have been calculated for the purposes of FRS102 using a valuation system designed for the Management Committee acting as Trustee of the CCPFS, at 30 June 2023 but allowing for the different assumptions required under FRS102 and taking fully into consideration changes in the plan benefit structure and membership since that date.

The principal actuarial assumptions at the balance sheet date (expressed as weighted averages) were as follows:

June 2023 June 2022
% p.a. % p.a.
Discount rate 5.20 3.80
Increase in salaries 3.30 3.25
RPI assumption 3.40 3.45
CPI assumption 2.80 2.75
Pension increased in payment (RPI Max 5% p.a.) 3.30 3.30
Pension increases in payment (CPI Max 2.5% p.a.) 2.05 2.05

The underlying mortality assumption is based upon the standard table known as S3PA of a year of birth usage with CMI_2021 future improvements factors and a long-term rate of future improvement of 1.25% p.a. a standard smoothing factor (7.0) and no allowance for additional improvements (2022: S3PA with CMU_2021 with future improvement factors and a long-term future improvement rate 1.25% p.a, a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expectancies:

Employee Benefit Obligations

The amounts recognised in the balance sheet as at 30 June 2023 (with comparative figures as at 30 June 2022) are as follows:

Present value of Scheme liabilities
Market value of Scheme assets
Deficit in the Scheme		 2023
2022
£000
£000
(793)
(952)
649
769
(144)
(183)

The amounts to be recognised in the profit and loss for the year to 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Current service cost
Interest on Scheme liabilities
Past service cost
Curtailment gain
Total		 2023
2022
9
14
7
8
-
-
-
-
16
22

Page: 37

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

25. Pension Schemes cont’d

Changes in the present value of the plan liabilities for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Present value of plan liabilities at beginning of period
Current service cost including Employee contributions
Benefits paid
Interest on plan liabilities
Actuarial losses/(gains)
(Gain)/loss on plan changes
Curtailment (gain)/loss
Present value of Scheme liabilities at end of period		 2023
2022
952
1,350
4
9
(44)
(21)
36
24
(155)
(410)
0
0
0
0
793
952

Changes in the fair value of the plan assets for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Market value of Scheme assets at beginning of period
Contributions paid by the College
Employee contributions
Benefits paid
Interest on plan assets
Return on assets, less interest included in Profit & Loss
Market value of Scheme assets at end of period
Actual return on plan assets		 2023
2022
769
900
21
18
1
1
(50)
(27)
28
16
(120)
(139)
649
769
(192)
(123)

The major categories of plan assets as a percentage of total plan assets for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Equities
Bonds & Cash
Property
Market value of Scheme assets at end of period		 2023
2022
49%
52%
38%
34%
13%
14%
100%
100%

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

Analysis of the re-measurement of the net defined benefit liability recognised in Other Comprehensive Income (OCI) for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Actual return less expected return on plan assets
Experience gains and losses arising on Scheme liabilities
Changes in assumptions underlying the present value of plan
liabilities
Actuarial (loss)/gain recognized in OCI		 2023
2022
£000
£000
(121)
(139)
(59)
(50)
214
459
34
270

Movement in surplus/(deficit) during the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Surplus/(deficit) in plan at beginning of year
Recognised in Profit and Loss
Contributions paid by the College
Actuarial gain/(loss) recognised in OCI
Deficit in plan at the end of the year		 2023
2022
£000
£000
(183)
(450)
(16)
(21)
21
18
34
270
(144)
(183)

Page: 38

St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

25. Pension Schemes cont’d

Funding Policy

Funding valuations are carried out every three years on behalf of the Management Committee, acting as the Trustee of the Scheme, by a qualified independent actuary. The actuarial assumptions underlying the funding valuation are different to those adopted under FRS102.

The last such valuation was as at 31 March 2020. This showed that the plan’s assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall.

These deficit reduction contributions are incorporated into the plan’s Schedule of Contributions dated 21 May 2021 and are as follows:

These payments are subject to review following the next funding valuation, due as at 31 March 2023.

26. Related Party Transactions

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

The College maintains a register of interests for all College Council members and where any member of Council has a material interest in a College matter they are required to declare that fact.

During the year no fees or expenses were paid to Fellows in respect of their duties as Trustees, one payment of £150 was made to the daughter of a member of Council for photography services.

Fellows are remunerated for teaching, research and other duties within the College. Fellows are billed for any private catering. The Trustees remuneration is overseen by the Remuneration Committee.

The salaries paid to Trustees in the year are summarised in the table below:

From To 2023 2022
number number
£0 £10,000 4 8
£10,001 £20,000
£20,001 £30,000
£30,001 £40,000 2 1
£40,001 £50,000 1
£50,001 £60,000
£60,001 £70,000 1
£70,001 £80,000 1
£80,001 £90,000 1
£90,001 £100,000 1
£100,000 £110,000 1

The total Council salaries were £300,682 for the year (2022: £242,247). The trustees were also paid other taxable benefits (including associated employer National Insurance contributions and employer contributions to pension) which totalled £134,678 (2022: £58,319).

27. Future Capital Commitment

No capital commitments existed at the year end.

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St Edmund’s College

Notes to the Accounts

Year Ended 30 June 2023

28. Contingent liability

A contingent liability exists in relation to the pension valuation recovery plan, since The College is an employer of members within the scheme. The contingent liability relates to the amount generated by past service of current members and the associated proportion of the deficit. Given that the scheme is a multi-employer scheme and the College is unable to identify its share of the underlying assets and liabilities, the contingent liability is not recognised as a provision on the balance sheet. The associated receivable from the scheme in respect of the reimbursement of the company’s expenditure is similarly not recognised.

29. Subsidiary

The College owns the whole of the ordinary share capital of ED Developments Limited, a company which is registered in England and Wales. Its principal historic activity was that of general construction. The College has taken advantage of the exemption within section 33 of FRS 102 not to disclose transactions with wholly owned group companies that are related parties. The College has one other dormant subsidiary undertaking, St Edmund’s College Cambridge, which is 100% owned by the College and is registered in England and Wales.

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