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2024-07-31-accounts

THE MASTER, FELLOWS AND SCHOLARS OF EMMANUEL COLLEGE IN THE UNIVERSITY OF CAMBRIDGE

(Known as Emmanuel College)

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

Registered Charity Number 1137456

EMMANUEL COLLEGE Index to the accounts for the Year Ended 31 July 2024

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25-42		 Contents
Administrative Details
The Master & Fellows
Annual Report
Responsibilities of the Governing Body
Report of the Auditors
Statement of Principal Accounting Policies
Consolidated Income and Expenditure Account
Consolidated Statement of Changes in Reserves
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Notes to the Accounts

EMMANUEL COLLEGE Administrative details

Name The Master, Fellows and Scholars Of Emmanuel College In The University Of Cambridge (known as Emmanuel College) Address St Andrew's Street Cambridge CB2 3AP Charity Registration number 1137456 Charity Trustees - College Council Elected Dr R Wilson Professor L Bentley Dr R Broadbent Professor P Howell Dr D Curtis Professor S Oakley Professor N Peake Professor A Jeffrey Ex-Officio Master Mr Doug Chalmers Vice Master Professor S Rankin Senior Tutor Professor R Henderson (Dec 2023) Senior Tutor Dr C Russell (Appointed April 2024) Bursar Ms Catherine Webb Principal advisers: Auditors Chater Allan LLP 7, Quy Court, Colliers Lane Stow-cum-Quy, CB25 9AU Bankers Barclays Bank PLC Corporate Banking Services Abacus House, Castle Park, Castle Hill Cambridge, CB3 0AN Property Managers Bidwells Bidwell House Trumpington Road Cambridge CB2 9LD Legal Advisers Mills & Reeve LLP Botantic House 100 Hills Road Cambridge, CB2 1PH Investment Managers Sarasin & Partners LLP Juxon House,100 St Paul's Churchyard London EC4M 8BU RCM (UK) Ltd 155 Bishopsgate London EC2M 3AD BlackRock 33 King William Street London EC4R 9AS BlackRock Advisors(UK) Ltd Murray House, 1 Royal Mint Court London EC3N 4HH

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Docusign Envelope ID.. D352E4c￿7sEC436&AD44-742BF8Ce62SB EMMANUEL COLLEGE The Master and Fellows Master CHALMERS Douglas McKenzie CB DSO OBE MAMPHIL- Fallows as of 1st Octobgr 2023 RANKIN Susan Kathleen MA PHD MMUS ILONDI FBA Vice Master." WILSON OF DINTON Lord GCB MA LLM LIFE FELLOW REYNOLDS Dame Fiona DBE MA MPHIL LIFE FELLOW STONE Anthony John MA PHD CCHEM LIFE FELLOW CUPITT The Revd Don MA HON DLITT IBRIST) LIFE FELLOW SLEATH John FrancisAdams MA PHD LIFE FELLOW BAKER Aan Reginald Harold MA PHD ILONDI FBA DLIT {LOND) LIFE FELLOW HARVEY John Robert MA LirrD LIFE FELLOW WATSON Stephen Roger MA PHD LIFE FELLOW EBBER Bryan Ronald MA IOXON & CANTABI PHD ICALIFI FRS LIFE FELLOW O'OONALD Peter MASCD LIFE FELLOW LIVESEY David Anthony MA PHD 8SCIENGI ILONOI ACGI LIFE FELLOW BARNES Richard James MA PHD MB 8CHIR PRINGLE James Edward MA PHD INDEATT Barry Alexander MA LITTD BURKE Ulick Peter MA IOXON & CANTABI HON PHD ILUNDI FBA FRHISTS LIFE FELLOW LEEPER Finian James MA PHD. BOLDY Steven Ro¥Mand MA PHD RICHARDS Keth Sheldon MA PHD YOUNG Stephen John MA PHO BURGOYNE Christopher John MA PHD (LOND} MICE FISTRUCTE SPIVEY Nigel Jonathan MA PHD GRANT John Wlliam MA MD IABERDEENI CHB IABERDEENI FRCPATH GROSS Michael John MA PHD. PEAKE Nigel MA PHD" HENDERSON Robert Michael MA BSC ILONDI PHD ILONDI OAKLEY Stephen Phelps MA PHD FBA" BENDALLAlison Sarah PHD MA IOXON & SHEFFI FSA MCLIP. CADDICK The Revd Jeremy Lloyd MA ICANTAB OXON & LONDI . GALES Mark John Francis MA PHD. PICKSTOCK Catherine Jane Crozier MA PHD. VAN HOUTS Elisabeth Maria Cornelia MA LITTD PHD IGRONINGENI FRHISTS ALDRED Jonathan Simon MA PHD. UDREA Florin PHD MSC IWARWICKI. HIBBERD Julian Michael BSC (WALES) PHD (WALES) ' HOWELL Philip Mark Rust MA PHD." THOMSON Mark Andrew BA IOXONI DPHIL (OXONI HITE Nicholas James MA PHD" RUSSELL Corinna MA PHD" MACFARLANE Robert MA PHD MPHIL IOXONI" RAE Catherine BA IOXONI DPHIL IOXONI" BENTLY Lionel Alexander Fiennes BA"

Docusign Envelope ID.. D352E4c￿7sEC436&AD44-742BF8Ce62SB EMMANUEL COLLEGE The Master and Fellows BROADHURST Richard William MAIOXONI DPHIL IOXON)" MACLENNAN John MA PHD. JIGGINS Franci5 Michael MA PHD" ODUDU Okeoghene MA ICANTAB & KEELEI DPHIL IOXONI" BARRIE Patrick John MA PHD" CURTIS Devon Elizabeth Anne 8A IMCGILLI MA IMCGILLI PHD ILONDI ' HITTON Christopher Lyall MA PHD FRCO. KABLAAlexandre Joseph PHD MA (ENS LYON)" SIMONS Jonathan Sam PHD BSC IABERDEENI. BARRAU Julie Syfvie Marie Pierre MA (PARIS SORBONNE) BA (PARIS SORBONNE) . AGARWAL Anurag BTECH18OM8AYI PHD IPENN STATE) ' MAXWELL David BA IMANCHESTERI DPHIL IOXONI. SOUSI Perla BSC IPATRASI. JEFFREY Alexander Sam MA (DURHAM & EDINI PHD IDURHAMI. MORETTI Laura IVENICEI PHD IVENICEI ' ZARAKOLAyse MA IWISCONSINI PHD IWSCONSINI" MITOV Alexander MSC (Sofia) MA IROCHESTERI PHD IROCHESTERI" HUNTER ChristopherAlexander MA PHD HON DSC IULSTERI FRS FRSC. ARCHIBALD Alexander Thomas 8SC IBRISTI PHD IBRISTI ' WILSON Ro$s BA MA IUCLI PHD." SPENCE Katherine Emma MA PHD. LAUGA Dominique Olie BS IECOLE PoL￿EcHNIQUE) MA IECOLE NATIONALE DES PONTS ET CHAUSSEESI MA IPARISI PHD IMITI. WALSHAM Alexandra PHD BA IMELBOURNEI MA IMELBOURNEI CBE FBA" SAUEF¢WALD Thomas PHD IPADERBORNI. VARWG Bettina Gisela ILONDI PHD IHARVARDI" MACKINNON Emma Stone BAIHARVARDI MAICHICAGOI. JACK Robert Logan MA PHD IIMPERIALI" ATAKPA Peace PHD BSC ILIVERPOOLI ' IVARSEN Ingrid 8A (Oslo) MLITT ISI Andrews) PHD (St An(Jrewsl ' WILKINSON PAUL Oliver MA MB BCHIR MD MRCPYSCH. GLOVER Timothy Luke BA DPHIL MST IOXON) ' LA HAUSSE DE LALOUVIERE Joseph Philippe Toussaint BA MA IHARVARDI PHD IHARVARDI ' SEAH Khuan Teck Matthew MSC IEDINI MBCHIB IEDINI BMEDSCI IEDINI MFSTED MRCSED" MELA-FYFE loanna PHD MENG IATHENSI MSC INOThINGHAM}' AMERY Fiona BA IEXETERI" DALE Harvey MSCI IBRISTOLI PHD IEDINI . LINARES MATAS Gonzalo Jose BA IOXON) MST {OXONI ' LU Saile PHD BSC IULSTERI MPHIL{OXONI" NEEDHAM Elise Johanna 8SC (SYDNE￿ PHD (SYDNEY)" ROBERTS Syamal8 Ann MA MPHIL. TAYLOR Jessica 8SC ISALFORDI PHD (MANCHESTER) ' PETTIT Clare Jane MA DPHIL IOXONI . WEBB Catherine Sarah CB BA- LARDY Camille Michele Helene MA PHD ' USHER-SMITH Juliet Mexandra MA MB PHD"

Docusign Envelope ID.. D352E4c￿7sEC436&AD44-742BF8Ce62SB EMMANUEL COLLEGE The Master and Fellows MYERSON Eleanor BA MST IOXONI PHD ILONDI" KARAYIANNIDES Efthimios PHD BA WTWATERSRANDI ' SUSHENTSEV Nikits PHD MD (MOSCOW). STOLKER Florentine Charlotte DPHIL MAST IOXONI LLM INETHERLANDSI DLS IOXONI LLM LLB INETHERLANDSI Member of the Governing Body Member of the Governing Body and Member of the Coltege Council

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2024

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Bursar's Review & Introduction

Scope of the Financial Statements

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2024

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Aims and Objectives of the College

Corporate Governance

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2024

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Statement of Internal Control

Achievements & Performance

In October 2023, 471 undergraduate students (including 3 exchange students) and 309 postgraduate students were registered at the College. The largest undergraduate subjects at the College were Natural Sciences (102); Engineering (61); Pre-clinical Medicine and Veterinary Medicine (60); Mathematics (44); English (21); Geography (20); History (19); Human, Social & Political Sciences (19); Modern and Medieval Languages (18); Law (18) and Economics (17);

In the applications round 2022-23 (for entry 2023) Emmanuel College received 878 undergraduate applications in total and made offers to 168 in total, of whom 138 matriculated in October 2023. Biological Sciences and

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2024

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Engineering application numbers remained high and non-assessment social sciences continued to see an increase in numbers. The interviews took place on-line. Admission to the College remains extremely competitive and the assessment process is rigorous.

In the Tripos examinations taken in May and June 2024 undergraduates at the College performed strongly. Amongst the Tripos results in summer 2024 were many exceptional individual performances.

Financial Review

Maintenance of Buildings

Capital Expenditure

College Funding

College's Fundraising Activities

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2024

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Staffing costs and pension schemes

Going Concern

Forecasts have been prepared to enable the Governing Body to review the potential financial position of the College going forward. The Governing Body are satisfied that the College has the resources required to continue its normal operations for the foreseeable future

Financial Review

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2024

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Review of income £'000
14000
12000
10000
8000
6000
4000
2000
0
Academic Fees and Accommodation, Investment Income Other Income
Charges Catering and
Conferences
2024 2023 2022
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EMMANUEL COLLEGE Responsibilities of the Governing Body for the Year Ended 31 July 2024

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Basis for opinion

Conclusions relating to going concern

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

Matters on which we are required to report by exception

Responsibilities of the College Council

Use of our report

CHATER ALLAN LLP Registered Auditors 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU

EMMANUEL COLLEGE ACCOUNTING POLICIES

General information

advancement for the public benefit of education, religion, learning and research, primarily by the maintenance and development of a College in the University and City of Cambridge.

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 8a.

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

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment assets

The consolidated financial statements consolidate the financial statements of the College and its subsidiary undertaking (Blue Lion Limited) for the year ended 31st July 2024. The results of the subsidiary undertakings acquired or disposed of during the period are included in the consolidated income and expenditure account from the date of the acquisition or up to the date of disposal.

Results of affiliated clubs and societies are not consolidated as the College does not govern the financial and operating policies of these undertakings with a view to gaining economic benefits from their activities. Grants made to clubs and societies are charged in the Statement of Financial Activities as expenditure for charitable purposes.

Income received from a range of activities including residences, catering conferences and other services rendered is credited to the consolidated income and expenditure account.

In 2023/24, payment of the Cambridge Bursaries to eligible students were 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 £106,926 is shown within the Consolidated Statement of Comprehensive Income and Expenditure as follows:

Income £ 236,597 Expenditure £ 343,523

EMMANUEL COLLEGE ACCOUNTING POLICIES

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

Funds the College receives and disburses as paying agent on behalf of a funding body are excluded from the consolidated income and expenditure account of the College.

Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms other restriction applied to the individual endowment fund.

Government capital grants are recognised in income over the expected useful life of an asset. Other capital grants are recognised in income when the College is entitled to the funds subject to any performance related conditions are met.

Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised in income when the College is entitled to the funds. Income is retained within the restricted reserve until such time that it is utilised in line with such restrictions.

Donations with no restrictions are recognised in the income when the College is entitled to the funds.

There are four main types of donations and endowments identified within reserves:

  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 streams for the general benefit of the College.

  3. Restricted Expendable Endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets and the College has the power to use the capital.

  4. Restricted Permanent Endowments - the donor has specified that the fund is permanently invested to generate an income stream to a applied to a particular objective.

Income from the General Investment Fund, which forms part of the Endowment, is taken to the consolidated income and expenditure account on a total return basis. This is calculated at a 4% rate of a smoothed valuation of investment assets.

EMMANUEL COLLEGE ACCOUNTING POLICIES

The College operates three defined benefit schemes the Universities Superannuation Scheme (USS), the Cambridge College Federated Pension Scheme (CCFPS) and the Emmanuel College Service Staff Pension Scheme (1968).

The institution participates in the Universities Superannuation Scheme (the scheme). Throughout the current and proceeding periods, the scheme was a defined benefit only pension scheme until 31 March 2016 which was contracted out of the State Second Pension (S2P). These assets of the scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the scheme, the scheme's assets are not hypothecated to individual institutions and a scheme-wide contribution rate is set. The institution 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 and therefore, as required by Section 28 of FRS 102 "Employee benefits", accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the income and expenditure accounts represents the contributions payable to the scheme in respect of the accounting period. Since the institution has entered into an agreement (the Recovery Plan that determines how each employer within the scheme will fund the overall deficit), the institution recognises a liability for the contributions payable that arise from the agreement to the extent that they relate to the deficit and the resulting expense in the income and expenditure account.

The Cambridge Colleges Federated Pension Scheme (CCFPS) and the Emmanuel College Service Staff Pension Scheme (1968) are defined benefit plans. All of these are defined benefit schemes which are externally funded and contracted out of the State Second Pension (S2P). The funds are valued every three years by a professionally qualified independent actuary using the projected unit method, the rates of contribution payable being determined by the trustees on the advice of the actuary. In intervening years, the actuary reviews the progress of the scheme. Pension costs are assessed in accordance with the advice of the actuary, based on the latest actuarial valuation of the scheme, and are accounted for on the basis of charging the cost of providing pensions over the period during which

Land and buildings are stated at replacement cost. Freehold buildings are depreciated on a straight line basis over their expected useful economic life of 50 years. Freehold land is not depreciated. The central site, defined as the land and buildings owned by the College and enclosed by St Andrews Street, Park Terrace, Parker Street and Emmanuel Street, along with North Court, has not been included as in the College's opinion the cost of obtaining a valuation, if indeed a reliable valuation could be obtained, outweighs the benefit to the users of the accounts. The insured value of the central site not included is shown in Note 10.

Subsequent additions and improvements to the College buildings are accounted for at cost. Where land and buildings are acquired with the aid of specific bequest or donations they are capitalised and depreciated as above. Finance costs which are directly attributable to the construction of buildings are not capitalised as part of those assets.

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

Buildings under construction are valued at cost, based on the value of architects certificates and other direct costs incurred to 31st July. They are not depreciated until they are brought into use.

The College has a rolling maintenance plan which is reviewed on an annual basis. The cost of routine maintenance is charged to the Consolidated Income and Expenditure Account as it is incurred or capitalised and depreciated over the useful economic life of the asset concerned. The College also sets aside sums on a regular basis to meet major maintenance costs which occur on an irregular basis.

EMMANUEL COLLEGE ACCOUNTING POLICIES

Operational furniture, fittings and equipment costing less than £2,500 is written off in the year of acquisition. All other assets are capitalised and depreciated on a straight line basis over their expected useful life as follows:

Operational furniture and fittings 10% per annum Motor vehicles 20% per annum Plant and equipment 10% - 20 % per annum Computer equipment 33% per annum

Where equipment is acquired with the aid of specific bequests or donations it is capitalised and depreciated as above.

In accordance with FRS 102 (Heritage Assets),works of art, books and other valuable artefacts acquired by the College since 1 August 2007 and valued at over £20k are capitalised and recognised in the balance sheet at the cost or value of the acquisition, where such a cost or valuation is reasonably obtainable. In accordance with FRS102, Heritage Assets acquired before 1 August 2007 have not been capitalised since reliable estimates of cost or value are not available on a cost-benefit basis. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.

Fixed assets held under finance leases and the related lease obligations are recorded in the Balance Sheet at the fair value of the leased assets at the inception of the lease. The excesses of lease payments over recorded lease obligations are treated as finance charges which are amortised over each lease term to give a constant rate of change on the remaining balance of the obligations. Rental costs under operating leases are charged to expenditure in equal amounts over the period of the leases.

Investments are included in the balance sheet at fair value, except for investments in subsidiary undertakings which Properties are valued annually by the Trustees based on estimated market values on a continuing use basis after taking advice from third party valuers. The SOFA includes realised gains and losses on investment sold in the year and unrealised gains and losses on revaluation of investments.

Fixed asset investments are subject to review for impairment when there is an indication of a reduction in their carrying value. Any impairment is recognised in the year in which it occurs in the SOFA.

Stocks are valued at the lower of cost and net realisable value.

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

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 arrangement entered into.

A financial asset and a financial liability are offset 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 and settle the liability simultaneously.

EMMANUEL COLLEGE ACCOUNTING POLICIES

Basic financial assets include trade and other receivables, 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 receipt discounted at the 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 and an impairment loss is recognised in the Statement of Comprehensive Income.

Other financial assets, including investments in equity instruments which are not subsidiaries are initially measured at fair value which is typically the transaction price. 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 subsequently all of the risks and rewards of ownership are transferred to another party.

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.

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 at transaction price.

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

Contingent liabilities and assets

A contingent liability arises from a past event that gives the College a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events, not wholly within the control of the College. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.

A contingent asset arises where an event has taken place that gives the College a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the College.

Contingent assets and liabilities are not recognized in the balance sheet but are disclosed in the notes.

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

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

EMMANUEL COLLEGE ACCOUNTING POLICIES

The College is a registered charity (number 1137456) and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the College is exempt from taxation in respect of income or capital gains received within 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.

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.

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.

The preparation of the College's accounts requires management of 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.

Income recognition - 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.

Useful lives of property, plant and equipment - 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 assets 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.

Recoverability of debtors - The provision for doubtful debts is based on the College's estimate of the expected recoverability of those debts. Assumptions are made based upon 5% of total debts outstanding at the reporting date.

Investment Property - Properties are revalued to their fair value at the reporting date by Bidwells. The valuation is based on the assumptions and judgements which are impacted by a variety of factors including market and other economic conditions.

Retirement Benefit Obligations - 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.

EMMANUEL COLLEGE ACCOUNTING POLICIES

Management are satisfied that Universities Superannuation Scheme meets the definition of a muti-employer scheme and has therefore recognised the discounted fair value of the contractual contribution under the funding plan 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 upon the USS deficit recovery plan agreed after the 2018 actuarial valuation, which defines the deficit payment required as a percentage of future salaries until 2028. These contributions expected future salary inflation, changes in staff numbers and the prevailing rate of discount. Further details are set out in note 25.

The trustees have a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. In the opinion of the trustees there will be no material adverse effect on the College's ability to trade. The trustees believe the College is well placed to manage its business risks successfully despite the current uncertain economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

The Group discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the Trustees, separate disclosure is necessary to understand the effect of the transactions on the Group financial statements.

EMMANUEL COLLEGE Consolidated Income and Expenditure Account for the Year Ended 31st July 2024

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Note 2024 2024 2024 2024 2023
Unrestricted Restricted Endowment Total Total
£ £ £ £ £
INCOME
Academic Fees and Charges 1 3,413,539 - - 3,413,539 3,393,837
Accommodation, Catering and Conferences 2 5,659,330 - - 5,659,330 4,996,798
Investment Income 3 4,747,962 1,991,331 891,082 7,630,375 7,641,330
Endowment return transfer 3 2,459,338 1,002,482 379,489 3,841,309 4,305,784
Other Income 4 335,986 - - 335,986 161,545
Total income before donations and 16,616,155 2,993,813 1,270,571 20,880,539 20,499,294
endowments
Donations 5 1,550,618 3,812,781 1,467,677 6,831,076 5,186,074
Total Income 18,166,773 6,806,594 2,738,248 27,711,615 25,685,368
EXPENDITURE
Education 6 5,579,686 1,094,594 461,045 7,135,325 7,393,622
Accommodation, Catering and Conferences 7 8,174,287 13,875 831,047 9,019,209 8,195,339
Other expenditure 8c 3,058,522 1,004,014 309,386 4,371,922 4,240,599
Contribution Under Statute G,II 136,660 36,164 28,176 201,000 200,000
Total Expenditure 16,949,155 2,148,647 1,629,654 20,727,456 20,029,560
Surplus before other gains and losses 1,217,618 4,657,947 1,108,594 6,984,159 5,655,808
Transfers 676,738 (941,199) 264,461 - -
- - - - -
Gain/(loss) on disposal of fixed assets
Gains on investments 6,488,682 14,466,136 9,039,092 29,993,910 (5,068,316)
Surplus for the year 8,383,038 18,182,884 10,412,147 36,978,069 587,492
Other comprehensive income
- -
Actuarial gain/(loss) in respect of pension (121,313) (121,313) 2,511,622
schemes
Total comprehensive income for the year 8,261,725 18,182,884 10,412,147 36,856,756 3,099,114
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22

EMMANUEL COLLEGE Statement of Changes in Reserves for the Year Ended 31st July 2024

Balance at 1 August 2023
Balance at 31 July 2024
Balance at 1 August 2022
Prior year adjustment
Balance at 31 July 2023
Transfers between revaluation and income and
expenditure reserve
Surplus/(Deficit) from income and expenditure
statement
Surplus/(Deficit) from income and expenditure
statement
Transfers between revaluation and income and
expenditure reserve		 Revaluation
Unrestricted
Restricted
Endowment
reserve
Total
£
£
£
£
£
43,641,707
126,531,408
143,610,065
37,767,688
351,550,868
1,773,043
18,182,884
10,412,147
6,488,682
36,856,756
-
-
-
Income and expenditure reserve
45,414,750
144,714,292
154,022,212
44,256,370
388,407,624
46,765,598
120,177,870
137,031,542
44,476,744
348,451,754
(3,123,891)
6,353,538
6,578,523
(6,709,056)
3,099,114
-
-
-
43,641,707
126,531,408
143,610,065
37,767,688
351,550,868

23

EMMANUEL COLLEGE Consolidated and College Balance Sheet As at 31st July 2024

----- Start of picture text -----
2024 2024 2023 2023
Consolidated College Consolidated College
Note £ £ £ £
Non-current Assets
Tangible Assets 10 70,464,003 70,464,003 70,827,230 70,827,230
Investments 11 346,269,633 346,269,635 310,520,521 310,520,523
Total Non-Current Assets 416,733,636 416,733,638 381,347,751 381,347,753
Current Assets
Stock and work in progress 582,823 582,823 564,313 564,313
Trade and other receivables 12 2,890,687 2,885,104 2,860,384 2,908,448
Cash and cash equivalents 13 3,600,212 3,597,853 3,389,954 3,333,695
Total Current Assets 7,073,722 7,065,780 6,814,651 6,806,456
Creditors: Amounts Falling Due Within One Year 14 (4,415,265) (4,407,325) (4,247,953) (4,239,760)
Net Current Assets 2,658,457 2,658,455 2,566,698 2,566,696
Total Assets less current liabilities 419,392,093 419,392,093 383,914,449 383,914,449
Creditors: Amounts Falling Due After More Than 15 (30,000,000) (30,000,000) (31,027,507) (31,027,507)
One Year
Provisions
Net defined benefit pension scheme asset /(liability) 16 (984,469) (984,469) (1,336,074) (1,336,074)
Total net assets 388,407,624 388,407,624 351,550,868 351,550,868
Restricted reserves
Income and expenditure reserve - endowment reserve 17 39,380,463 39,380,463 33,949,905 33,949,905
Income and expenditure reserve - restricted reserve 18 144,714,292 144,714,292 126,531,408 126,531,408
Unrestricted reserves
Income and expenditure reserve - endowment reserve 17 114,641,749 114,641,749 109,660,160 109,660,160
Income and expenditure reserve - unrestricted reserve 19 45,414,750 45,414,750 43,641,707 43,641,707
Revaluation reserve 44,256,370 44,256,370 37,767,688 37,767,688
Total reserves 388,407,624 388,407,624 351,550,868 351,550,868
----- End of picture text -----

The financial statements were approved by the Governing body on 2nd December 2024 and signed on its behalf by:

Catherine Webb Doug Chalmers CB DSO OBE Bursar Master

The notes on pages 26 to 43 form part of these accounts

24

EMMANUEL COLLEGE Consolidated Cash Flow Statement for the Year Ended 31st July 2024

Note
Net cash outflow from operating activities
21
Cash flows from investing activities
22
Cash flows from financing activities
22
Increase/(decrease) in cash and cash equivalents in the year
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
23		 2024
£
(3,072,404)
6,669,076
(3,386,414)
210,258
3,389,954
3,600,212		 2023
£
(4,981,176)
6,678,733
(7,086,276)
(5,388,719)
8,778,673
3,389,954

The notes on pages 26 to 43 form part of these accounts

25

EMMANUEL COLLEGE

NOTES TO THE ACCOUNTS

1. ACADEMIC FEES AND CHARGES
College fees:
Fee income received at the Publicly-funded Undergraduate rate
Fee income received at the Privately-funded Undergraduate rate
Fee income received at the Graduate fee rate
Other income
Total
2. INCOME FROM ACCOMMODATION, CATERING & CONFERENCES
Accommodation
College Members
Conferences
Catering
College Members
Conferences
Total
3. ENDOWMENT AND INVESTMENT INCOME
3a Analysis of Endowment Income
Income from:
Freehold Land and Buildings
Quoted & other Securities
Cash
3b Summary of Total Return
Income from:
Land & Buildings
Quoted and other securities and cash
Gains/(losses) on Endowment Assets:
Land & Buildings
Quoted and other securities and cash
Investment management costs re quoted securities - equities
Total Return for year
Total Return recognised in Income & Expenditure Account
4. OTHER INCOME
Other income
Unapplied Total Return recognised in Statement of Comprehensive Income and
Expenditure		 2024
£
1,482,827
648,000
1,282,712
-
3,413,539
2024
£
3,247,971
386,291
1,631,253
393,815
5,659,330
2024
£
3,488,962
7,694,811
287,911
11,471,684
2024
£
3,488,962
4,141,413
(3,322,321)
37,157,541
(327,170)
41,138,425
(11,471,684)
29,666,741
2024
£
335,986
335,986		 2023
£
1,392,297
609,406
1,392,134
-
3,393,837
2023
£
2,902,947
250,699
1,518,847
324,305
4,996,798
2023
£
3,563,736
8,170,778
212,600
11,947,114
2023
£
3,563,736
4,077,594
(7,197,071)
6,434,539
(324,571)
6,554,227
(11,947,114)
(5,392,887)
2023
£
161,545
161,545

26

EMMANUEL COLLEGE

5. DONATIONS
Unrestricted donations
Restricted donations
6. EDUCATION EXPENDITURE
Teaching
Tutorial
Admissions
Research
Scholarships and Awards
Other Educational Facilities
Total
7. ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE
Accommodation
College Members
Conferences
Catering
College Members
Conferences
Total		 2024
£
1,550,617
5,280,458
6,831,075
2024
£
1,310,398
1,916,523
989,726
1,002,935
1,199,275
716,468
7,135,325
2024
£
5,176,253
615,628
2,599,710
627,618
9,019,209		 2023
£
753,247
4,432,827
5,186,074
2023
£
2,272,433
1,711,790
804,522
973,956
1,014,977
615,944
7,393,622
2023
£
4,761,177
411,175
2,491,088
531,899
8,195,339

8a. ANALYSIS OF 2023/24 EXPENDITURE BY ACTIVITY

ANALYSIS OF 2023/24 EXPENDITURE BY ACTIVITY
Education (Note 6)
Accommodation, Catering and Conferences (Note 7)
Other (Note 8c)		 Staff
Costs
(Note 9)
Depreciation
£
£
2,185,032
552,879
3,195,957
1,279,220
995,452
3,651
6,376,441
1,835,750		 Other
Operating
Expenses
£
4,397,414
4,544,032
3,372,819
12,314,265		 Total
£
7,135,325
9,019,209
4,371,922
20,526,456

Other expenditure includes fundraising costs £714,724 (2023 £637,033). This expenditure includes the cost of alumni relations.

8b. ANALYSIS OF 2022/23 EXPENDITURE BY ACTIVITY

Education (Note 6)
Accommodation, Catering and Conferences (Note 7)
Other		 Staff
Costs
(Note 9)
Depreciation
£
£
3,264,831
511,590
3,005,789
1,257,470
983,795
3,582
7,254,415
1,772,642		 Other
Operating
Expenses
£
3,617,201
3,932,080
3,253,222
10,802,503		 Total
£
7,393,622
8,195,339
4,240,599
19,829,560

27

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

8c. ANALYSIS OF OTHER EXPENSES
Herchel Smith Scholarships to Harvard
Herchel Smith Scholarship in Intellectual Property
Interest on loans
Donations
Other expenditure
8d. AUDITORS' REMUNERATION
Other operating expenses include:
Audit fees paid to the College's external auditors
Other fees payable to the College's external auditors
The above amounts include related irrecoverable VAT
9. STAFF
Staff Costs
Salaries
National Insurance
Pension Costs
Pension deficit provision movement (note 15)
Academic
Non-Academic		 Academic
Non-
Fellows
academic
2024
2024
£
£
1,372,152
4,413,805
113,588
417,993
214,467
1,014,452
(1,170,016)
-
530,191
5,846,250
Average Staff Number
No. of
Fellows
FTE
69
139
69
139
2024		 2024
2023
£
£
363,838
277,886
293,300
222,332
961,298
958,701
31,039
5,546
2,722,447
2,776,134
4,371,922
4,240,599
23,280
19,200
9,810
9,360
33,090
28,560
Total
Total
2024
2023
£
£
5,785,957
5,630,187
531,581
479,179
1,228,919
973,934
(1,170,016)
171,116
6,376,441
7,254,416
Average Staff Number
No. of
Fellows
FTE
68
130
68
130
2023		 2023
£
277,886
222,332
958,701
5,546
2,776,134
4,240,599
19,200
9,360
28,560
Total
2023
£
5,630,187
479,179
973,934
171,116
130
130

The Governing Body comprises 91 Fellows, of which the 69 disclosed above are stipendiary. Two officer received emoluments at over £110,000.

Total Total
2024 2023
£110,000 to £119,999 1 -
£140,000 to £149,999 1 1

Key Management Personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College. This includes aggregated emoluments paid to key management personnel.

personnel.
Total Total
2024 2023
£'000 £'000
Key Management Personnel 320 328

The key management personnel are the Master, Bursar and the Senior Tutor. The Trustees received no emoluments in their capacity as Trustees of the Charity.

28

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

10.TANGIBLE FIXED ASSETS (CONSOLIDATED & COLLEGE)

COST/VALUATION
At 1st August 2023
Additions
Reclassification
Cost/Valuation as at 31st July 2024
DEPRECIATION
At 1st August 2023
Provided for the year
Depreciation at 31st July 2024
At 31st July 2024
At 31st July 2023		 Land
£
10,080,000
-
-
10,080,000
-
-
-
10,080,000
10,080,000		 Buildings
£
69,149,796
669,059
-
69,818,855
10,568,172
1,356,423
11,924,595
57,894,260
58,581,624		 Furniture &
Equipment
£
5,868,737
803,463
-
6,672,200
3,968,831
479,326
4,448,157
2,224,043
1,899,906		 Heritage
assets
£
265,700
-
-
265,700
-
-
-
265,700
265,700		 Total
£
85,364,233
1,472,522
-
86,836,755
14,537,003
1,835,749
16,372,752
70,464,003
70,827,230

The Insured Value of Freehold Land and Buildings as at 31st July 2024 was £234,388,864.This figure includes an Insured Value of £209,388,864 in respect of central site Land & Buildings not included above.

Heritage assets

The college holds and conserves certain collections, artefacts and other assets of historical, artistic or scientific importance.

As stated in the statement of principal accounting policies, heritage assets acquired since 2007 have been capitalised. However, the majority of assets held in the College's collections were acquired prior to this date. As reliable estimates of cost are not available for these on a cost-benefit basis, they have not been capitalised. As a result the total included in the Balance Sheet is partial.

Amounts for the current and previous four years were as follows:

Acquisitions purchased with
specific donations
College Funds
Total cost of acquisitions purchased
Value of acquisitions by donation
Total acquisitions capitalised		 2024
£
-
-
-
-
-		 2023
£
-
-
-
-
-		 2014
£
-
-
-
-
-		 2013
£
-
-
-
-
-		 2012
£
-
-
-
-
-

29

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

11. INVESTMENTS
Balance at beginning of year
Additions
Disposals
Transfer to Tangible Assets
Appreciation/(Depreciation)
Balance at end of year
Represented by:
Property
Equities
Investment in Subsidiary Undertaking
Other investments
12. TRADE AND OTHER RECEIVABLES
Due within one year:
Members of the College
Amounts due from subsidiary undertakings
Other Debtors
Prepayments and accrued income
Due after more than one year
Other Debtors
13. CASH AND CASH EQUIVALENTS
Current and Deposit Accounts
Cash in Hand		 Group
2024
£
310,520,521
2,528,025
(614,133)
-
33,835,220
346,269,633
61,422,750
192,261,577
-
92,585,306
346,269,633
Group
2024
£
916,820
-
589,250
1,384,617
2,890,687
-
2,890,687
Group
2024
£
3,598,847
1,365
3,600,212		 College
2024
£
310,520,523
2,528,025
(614,133)
-
33,835,220
346,269,635
61,422,750
192,261,577
2
92,585,306
346,269,635
College
2024
£
916,820
341,882
309,905
1,316,497
2,885,104
-
2,885,104
College
2024
£
3,596,488
1,365
3,597,853		 Group
2023
£
312,781,650
3,072,223
(3,880,820)
(690,000)
(762,532)
310,520,521
64,372,750
169,496,874
-
76,650,897
310,520,521
Group
2023
£
1,129,880
-
592,421
1,138,083
2,860,384
-
2,860,384
Group
2023
£
3,389,326
628
3,389,954		 College
2023
£
312,781,652
3,072,223
(3,880,820)
(690,000)
(762,532)
310,520,523
64,372,750
169,496,874
2
76,650,897
310,520,523
College
2023
£
1,129,880
420,365
220,120
1,138,083
2,908,448
-
2,908,448
College
2023
£
3,333,067
628
3,333,695

30

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

Group College Group College
14. CREDITORS: AMOUNTS FALLING DUE 2024 2024 2023 2023
WITHIN ONE YEAR £ £ £ £
Trade creditors 912,703 908,263 989,548 984,855
Members of the College 1,085,602 1,085,602 1,035,098 1,035,098
Contribution to Colleges Fund 201,000 201,000 200,000 200,000
Other creditors 541,257 541,257 383,056 383,056
Accruals and deferred income 1,674,703 1,671,203 1,497,742 1,494,242
Pension deficit provision - - 142,509 142,509
4,415,265 4,407,325 4,247,953 4,239,760
15. CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Pension deficit provision - - 1,027,507 1,027,507
Loan Finance 30,000,000 30,000,000 30,000,000 30,000,000
30,000,000 30,000,000 31,027,507 31,027,507
£10,000,000 Loan Facility repayable 40 years from August 2008. The rate of interest is fixed at 4.59% plus minor
variable adjustments.
£20,000,000 Senior Notes were authorised and issued for sale in September 2017 with an interest rate of 2.43%,
repayable in 40 years.
Pension deficit provision
Provision at the beginning of the year 1,170,016 1,170,016 998,900 998,900
Deficit contributions paid (29,852) (29,852) (126,337) (126,337)
Change in expected contributions (1,172,410) (1,172,410) 245,937 245,937
Interest payable 32,246 32,246 51,516 51,516
Provision at the end of the year - - 1,170,016 1,170,016
Payable within 1 year - - 142,509 142,509
Payable after 1 year - - 1,027,507 1,027,507
- - 1,170,016 1,170,016
16. NET PENSION PROVISIONS
Balance at beginning of year 1,336,074 1,336,074 3,900,091 3,900,091
Current service costs including life assurance 646,961 646,961 744,211 744,211
Contributions (1,216,256) (1,216,256) (955,776) (955,776)
Other finance(income)/cost 96,377 96,377 159,170 159,170
Actuarial loss/(gain) recognised in statement of total
realised gains and losses 121,313 121,313 (2,511,622) (2,511,622)
Balance at end of year 984,469 984,469 1,336,074 1,336,074
The Cambridge Colleges Federated Pension Scheme 2,090,469 2,090,469 2,527,074 2,527,074
The Emmanuel College Service Staff Pension Scheme (1,106,000) (1,106,000) (1,191,000) (1,191,000)
984,469 984,469 1,336,074 1,336,074

31

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

17. ENDOWMENT FUNDS (CONSOLIDATED & COLLEGE)

Restricted net assets relating to endowments are as follows:

Balance at beginning of year:
Capital
Unspent income
New endowments received
nvestment income
Other income
Expenditure
Transfers
Balance at end of year
Comprising:
Capital
Unspent income
Balance at end of year
Representing:
Fellowship Funds
Scholarship Funds
Prizes Funds
Hardship Funds
Other Funds
General endowments
Total
ncrease/(decrease) in market
value of investments		 Unrestricted
Restricted
Permanent
Permanent
2024
Endowments Endowments
Total
£
£
£
83,711,731
30,490,725
114,202,456
25,948,429
3,459,180
29,407,609
-
1,467,677
1,467,677
206,635
1,063,936
1,270,571
-
-
-
(1,277,175)
(352,479)
(1,629,654)
767,299
(502,838)
264,461
-
5,284,830
3,754,262
9,039,092		 2023
Total
£
113,916,021
23,115,521
20,456
1,339,674
-
(1,621,288)
6,573,702
265,979
114,641,749
39,380,463
154,022,212
88,996,561
35,712,664
124,709,225
25,645,188
3,667,799
29,312,987		 143,610,065
114,202,456
29,407,609
114,641,749
39,380,463
154,022,212
-
8,357,040
8,357,040
81,684
12,751,519
12,833,203
-
522,186
522,186
-
5,572,116
5,572,116
374,536
12,177,604
12,552,140
114,185,530
-
114,185,530		 143,610,065
5,969,978
11,225,428
455,990
5,150,469
11,545,649
109,262,554
114,641,750
39,380,465
154,022,215		 143,610,068

32

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

18. RESTRICTED RESERVES
Other
Restricted
2024
Funds
Total
£
£
Balance at beginning of year
126,531,408
126,531,408
Investment income
2,993,813
2,993,813
Restricted donations
3,812,781
3,812,781
Expenditure
(2,148,647)
(2,148,647)
Transfers
(941,199)
(941,199)
Increase/(decrease) in market value of investments
14,466,136
14,466,136
Balance at end of year
144,714,292
144,714,292
Representing:
Fellowship Funds
12,472,527
12,472,527
Scholarship Funds
90,812,136
90,812,136
Prizes Funds
603,743
603,743
Hardship Funds
3,127,023
3,127,023
Travel Grant Funds
384,043
384,043
Other Funds
37,314,822
37,314,822
Total
144,714,294
144,714,294
 Included in Restricted Scholarship Funds are the following Non-Collegiate Funds:
2024
£
* Herchel Smith Scholarships to Harvard
45,335,113
*** Herchel Smith Scholarship in Intellectual Property
7,087,100
Brewer Hall Poetry
63,065
Sandcroft Educational
299,410
AE Tomlinson
130,533
52,915,221		 Other
Restricted
2024
Funds
Total
£
£
126,531,408
126,531,408
2,993,813
2,993,813
3,812,781
3,812,781
(2,148,647)
(2,148,647)
(941,199)
(941,199)
14,466,136
14,466,136		 Other
Restricted
2024
Funds
Total
£
£
126,531,408
126,531,408
2,993,813
2,993,813
3,812,781
3,812,781
(2,148,647)
(2,148,647)
(941,199)
(941,199)
14,466,136
14,466,136		 2023
Total
£
120,177,870
3,141,832
4,412,371
(1,864,225)
(711,201)
1,374,761
144,714,292
12,472,527
90,812,136
603,743
3,127,023
384,043
37,314,822		 144,714,292
12,472,527
90,812,136
603,743
3,127,023
384,043
37,314,822		 126,531,408
10,935,574
77,659,138
522,632
2,646,295
332,117
34,435,652
144,714,294
2024
£
45,335,113
7,087,100
63,065
299,410
130,533		 126,531,408
2023
£
36,899,676
5,987,806
54,673
256,965
114,556
52,915,221 43,313,676

* The funds originated from various donations from Dr Herchel Smith and were set up to provide scholarships to students attending institutions outside of Emmanuel College

19. RESERVES
Group & College
Balance at the beginning of year
Surplus retained for the year
Transfers
Actuarial gain/(loss)
Balance at the end of year
Increase/(decrease) in market value of
investments
Transfers between revaluation and income
and expenditure reserve		 Fixed asset
investment
General
revaluation
2024
reserves
reserve
Total
£
£
£
43,641,707
37,767,688
81,409,395
1,217,618
-
1,217,618
676,738
-
676,738
(121,313)
-
(121,313)
-
6,488,682
6,488,682
-
-
-		 2023
Total
£
91,242,342
226,988
(5,862,501)
2,511,622
(6,709,056)
-
45,414,750
44,256,370
89,671,120		 81,409,395

33

EMMANUEL COLLEGE

NOTES TO THE ACCOUNTS

20. Memorandum of Unapplied Total Return

Included within reserves the following amounts represent the Unapplied Total Return of the College:

Unapplied Total Return at 1st August 2024
Unapplied Total Return for year (see note 3b)
Unapplied Total Return at 31st July 2024		 2024
£
151,809,054
29,666,741
181,475,795		 2023
£
157,201,941
(5,392,887)
151,809,054

21. Reconciliation of consolidated operating surplus to net cash inflow from operating activities

Suplus/(deficit) from continuing operations before donations of Heritage assets
Depreciation of Tangible Fixed Assets
(Profit)/loss on disposal of Tangible Fixed Assets
Investment income
Interest payable
Pension costs less contributions payable
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash inflow from operating activities
22. Cash flows
Returns on investments and servicing of finance
Endowment and investment income received
Interest paid
Net cash inflow from returns on income and servicing of finance
Capital expenditure and financial investment
Purchase of tangible Fixed Assets
Proceeds of disposal of Tangible Fixed Assets
Net sale/(purchase) of long-term investments
Net cash outflow from capital expenditure and financial investment
23. Analysis of cash and bank balances
£
Cash at bank and in hand
3,389,954
Net Funds
3,389,954
24. Reconciliation & Analysis of Net Debt
Cash & Cash Equivalents as at 1st August 2023
Borrowing Greater Than 1 Year
Cash & Cash Equivalents as at 31st July 2024
At beginning of
year		 2024
£
6,984,159
1,835,749
-
(11,471,684)
961,299
(472,918)
(18,510)
(30,303)
(860,196)
(3,072,404)
2024
£
7,630,375
(961,299)
6,669,076
(1,472,522)
-
(1,913,892)
(3,386,414)
Cash flows
£
210,258
210,258
2024
£
3,389,954
(30,000,000)
(26,610,046)		 2023
£
5,655,808
1,772,640
4,078
(11,947,114)
962,597
(52,395)
(45,126)
77,094
(1,408,758)
(4,981,176)
2023
£
7,641,330
(962,597)
6,678,733
(7,895,173)
300
808,597
(7,086,276)
At end of
year
£
3,600,212
3,600,212
2023
£
8,778,673
(30,000,000)
(21,221,327)

34

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

25. PENSION SCHEMES

The College operates three defined benefit pension schemes, the Universities Superannuation Scheme (USS), the Cambridge Colleges Federated Pension Scheme (CCFPS) and the Emmanuel College Service Staff Pension Scheme (1968). The total pension cost for the period was £1,228,920 (2023: £1,145,050)

Universities Superannuation Scheme Limited

Pension Costs

The total cost charged to the profit and loss account is £338,318 (2023: £440,139).

Deficit recovery contribution due within one year for the institution are £0 (2023: £30,352)

A deficit recovery plan was put in place as part of the 2020 valuation , which required payment of 6.2%of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. As set out in Note 9, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to make deficit recovery contribution from 1 January 2024 and accordingly released the oustanding provision to the Consolidated Income & Expenditure Account.

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

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

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

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

Pension Increase (CPI) Term dependent rate in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.0% p.a. reducing linearly by 0.1%p.a. from 2030.

Pension increases (subject to floor of 0%) Benefits with no cap: CPI assumption plus 3bps. Benefit subject to a 'soft cap' of 5% (providing inflationary increases up to 5% and half of of any excess inflation over 5% up to a maximum of 10%) CPI assumption minus 3bps Discount Rate (forward rate) Fixed interest gilt yield curve plus: Pre-retirement 2.5% p.a Post -retirement 0.9% p.a

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

2020 Valuation

Mortality base table 101% of S2PMA "light" for males and 95% of S3PFA fro females

35

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

25. PENSION SCHEMES (Continued)

Future CMI_2021 with a smoothing parameter of 7.5, an initial improvements to addition of 0.4%., 10% w2020 and w2021 parameters mortality and a long term improvement rate of 1.8% pa for males and 1.6% pa for females.

The current life expectancies on retirement at age 65 are :

2024 2023
Valuation Valuation
Males currently aged 65 (years) 23.7 24.0
Females currently aged 65 (years) 25.6 25.6
Males currently aged 45 (years) 25.4 26.0
Females currently aged 45 (years) 27.2 27.4
2024 2023
Discount Rate 0.00% 5.52%
Pensionable Salary Growth n/a n/a
Pension Increase (CPI) 0.00% 3.00%

The Cambridge Colleges Federated Pension Scheme

About the Scheme

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

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

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

June 2024 June 2023
pa pa
Discount rate 5.10% 5.20%
Increase in salaries 2.85% 3.30%
Retail Prices Index (RPI) assumption 3.35% 3.40%
Consumer Prices Index (CPI) assumption 2.35% 2.80%
Pension increases In Payments (RPI Max 5% p.a) 3.15% 3.30%
Pension increases in Payments (CPI Max 2.5% p.a) 2.00% 2.05%

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

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

36

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

25. PENSION SCHEMES (Continued)

The Cambridge Colleges Federated Pension Scheme (continued)

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

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

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

The amounts recognised in the balance sheet are as follows
Present value of Scheme liabilities
Market value of Scheme assets
Surplus/(Deficit) in Scheme as at 30 June
Related deferred tax asset
Net pension asset/ (liability) as at 30 June
Increase in Scheme assets as a result of lump sum paid by College in June 2009
Net pension asset/ (liability) as shown in College Balance Sheet at 31 July
The amounts recognised in profit or loss are as follows:
Current service cost
Interest Cost

(Gain)/Loss on Plan Changes
Total

Award of discretionary pension increase
Changes in the present value of the Scheme liablities are as follows:
Present value of Scheme liabilities at beginning of period
Service cost (including employee's contributions)
Benefits paid
Interest cost
(Gain)/Loss on Plan Changes
Actuarial losses(gains)
Present value of Scheme liabilities at end of period
Changes in the fair value of the Scheme assets are as follows:
Market value of Scheme assets at beginning of period
Interest on Plan Assets
Return on assets, less interest included in I&E
Contributions by College
Employee contributions
Benefits paid
Market value of Scheme assets at end of period
Actual Return on Plan Assets		 June 2024
£
(14,693,319)
12,602,850
(2,090,469)
-
(2,090,469)
-
(2,090,469)
June 2024
£
477,961
133,339
23,038
634,338
June 2024
£
14,047,650
527,083
(578,162)
730,393
23,038
(56,683)
14,693,319
June 2024
£
11,520,576
597,054
130,411
870,256
49,122
(564,569)
12,602,850
727,465		 June 2023
£
(14,047,650)
11,520,576
(2,527,074)
-
(2,527,074)
-
(2,527,074)
June 2023
£
562,211
100,122
26,048
688,381
June 2023
£
15,624,831
604,041
(578,522)
594,884
26,048
(2,223,632)
14,047,650
June 2023
£
13,029,740
494,762
(2,200,461)
729,776
41,830
(575,071)
11,520,576
(1,705,699)

37

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

25. PENSION SCHEMES (Continued)

The Cambridge Colleges Federated Pension Scheme (continued)

The major categories of plan assets as a percentage of total plan assets for the year ending 30th June 2024 are as follows:

Equities and Hedge Funds
Bonds & Cash
Property
Total		 Percentage
Percentage
of total
of total
Scheme
Scheme
Assets
Assets
June 2024
June 2023
46%
49%
42%
38%
12%
13%
100%
100%

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

Analysis of the remeasurement of the net defined benefit liability recognised in other comprehensive income (OCI) for the year ending 30 June 2024

Actual Return less Expected Return on Plan Assets
Experience gains and Losses Arising on Plan Liabilities
Change in Assumptions Underlying the Present Value of Plan Liabilities
Actuarial gain/(loss) Recognised in OCI
Movement in surplus/(deficit) during the year ending 30th June 2024
Surplus/(Deficit) in Plan at Beginning of Year
Recognised in Profit & Loss
Contributions Paid by College
Actuarial gain/(loss) Recognised in OCI
Actuarial Gain/(Loss) in Plan at the End of the Year		 June 2024
June 2023
£
£
130,411
(2,200,461)
35,594
(1,780,252)
34,682
4,007,335
200,687
26,622
June 2024
June 2023
£
£
(2,527,074)
(2,595,091)
(634,338)
(688,381)
870,256
729,776
200,687
26,622
(2,090,469)
(2,527,074)

Funding Policy

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

The last such valuation was as at 31st March 2023. This showed that the plan's assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall.

These deficit reduction contributions are incorporated into the plan's Schedule of Contributions dated 5th June 2024 and are as follows:

Annual contributions of not less than £140,955 p.a. payable for the period 30th November 2033

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

38

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

25. PENSION SCHEMES (Continued)

The Emmanuel College Service Staff Pension Scheme (1968)

The College operates a final salary defined benefit pension scheme in the UK, The Emmanuel College Service Staff Pension Scheme (1968). A comprehensive actuarial valuation of the Scheme was carried out as at 31 March 2021, which has been updated to 31 March 2024 by a qualified independent actuary.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

Financial assumptions
Discount rate
Expected return on plan assets
Future salary increases
Pension revaluation in deferment (CPI, maximum 2.5%)
Pension increase in payment (RPI, maximum 5%)
Proportion of employees opting for early retirement
Inflation assumption
Demographic assumptions
Assumed life expectancy in years, on retirement at 65
Retiring today
Males
Females
Retiring in 20 years
Males
Females
Employee benefit obligations-amounts recognised in the balance sheet
Present value of funded obligations
Fair value of plan assets
Surplus/(Deficit) in the scheme
Related deferred tax asset/(liability)
Net pension asset/(liability)
The amounts recognised in profit or loss are as follows:
Current service cost
Interest expense
Interest Income *
Admin expenses
Gains and losses on settlements or curtailments
Total cost
Actual return(loss) on plan assets		 As at
As at
31 March
2024
31 March
2023
4.90%
4.7%
n/a
n/a
3.00%
2.0%
3.00%
2.8%
3.40%
3.3%
0.0%
0.0%
3.50%
3.4%
21.3
21.6
23.8
24.1
22.6
22.9
25.2
25.6
As at
As at
31 March
2024
31 March
2023
5,116,000
4,544,000
6,222,000
5,735,000
1,106,000
1,191,000
-
-
1,106,000
1,191,000
For year to
For year to
31 March
2024
31 March
2023
£
£
169,000
182,000
216,000
179,000
(276,000)
(146,000)
-
-
109,000
215,000
216,000
11,000

39

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

25. PENSION SCHEMES (Continued)

The Emmanuel College Service Staff Pension Scheme (1968) (continued)

Changes in the present value of the defined benefit obligation are as follows

Opening defined benefit obligation
Current service costs
Past service cost
Member contributions
Interest cost
Actuarial losses (gains)
Benefits paid
Closing defined benefit obligation		 For year to
For year to
31 March
2024
31 March
2023
£
£
4,544,000
6,780,000
169,000
182,000
-
-
78,000
72,000
216,000
179,000
262,000
(2,620,000)
(153,000)
(49,000)
5,116,000
4,544,000

The projected unit valuation method has been used to arrive at the above service cost. The use of this method is prescribed in FRS 102. To produce a stable future contribution rate this valuation method assumes that the average age of the Scheme membership will remain broadly constant in future due to a flow of new entrants to the Scheme. If a scheme is closed to new members this will not be the case and the costs of benefits accruing, as a percentage of pensionable salaries, will be expected to increase over time.

Changes in the fair value of plan assets are as follows

Opening fair value of plan assets
Return on assets, less interest included in I&E
Interest income, net of administration fee
Contributions paid by the employer
Member contributions
Benefits paid
Closing fair value of plan assets		 For year to
For year to
31 March
2024
31 March
2023
£
£
5,735,000
5,475,000
(60,000)
(135,000)
276,000
146,000
346,000
226,000
78,000
72,000
(153,000)
(49,000)
6,222,000
5,735,000

The College expects to contribute 28.3% of Total Pensionable Salaries to The Emmanuel College Service Staff 1968 pension Scheme in the next accounting year.

The Emmanuel College Service Staff Pension Scheme (1968) (continued)

The major categories of plan assets as a percentage of total plan asset, and expected The major categories of plan assets as a percentage of total plan asset, and expected The major categories of plan assets as a percentage of total plan asset, and expected return, are as follows: return, are as follows:
As at 2024 As at 2023
% total plan Expected
% total plan		 Expected
assets return assets return
Unitised with profits policy 98.5% n/a 98.5% n/a
Cash 1.5% n/a 1.5% n/a

40

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

25. PENSION SCHEMES (Continued)

GMP Equalisation

Following the High Court ruling on 26 October 2018, regarding the equalisation of Guaranteed Minimum Pension (GMP) benefit within the Lloyds pension scheme, the Scheme is required to adjust benefits to remove the inequalities between the GMP benefits awarded to males and females.

On 20 November 2020 the High Court issued a supplementary ruling in the Lloyds ban GMP equalisation case with respect to members that have transferred out of their scheme prior to the ruling. The ruling obliged Trustees to make top-up payments in respect of historic transfers that were not paid on an equalised basis.

No allowance for GMP equalisation was made by the College in last year's disclosures.

26. CONTINGENT LIABILITY

The College is a participating employer in the Cambridge Colleges Federated Pension Scheme (CCFPS) and completed a triennial valuation of the Schemes and it has agreed that as part of its legal commitment to pay contributions to the Schemes in accordance with the Pensions Act 2004, the College provide security over property in favour of the Trustees. The College has assigned 19 and 20 Warkworth Street for this purpose with a value of £2.1m at 31sty July 2020.

27. SUBSIDARY COMPANY

statements:

Country of
registration
and		 Class of
share		 Proportion
held		 Nature of business
operation
Blue Lion Limited England Ordinary 100% Property development

The subsidiary company has a 31 July year end

The Trustees believe that the carrying value of the investments is supported by their underlying net assets.

28. RELATED PARTY TRANSACTIONS

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

In addition the College has provided housing loans totalling £160,000 (2022: £222,000) to its Fellows for personal use. This amount has been included in debtors.

41

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

29. Financial Instruments

. Financial Instruments
2024 2023
£ £
Financial Assets
Financial assets at fair value through Statement of Comprehensive Income
Listed Equity Investment 192,261,577 169,496,874
Financial assets that are equity instruments measured at cost less impairment
Other Equity Investments 92,585,306 76,650,897
Financial assets that are debt instruments measured at amortised cost
Cash & Cash equivalents 3,600,212 3,389,954
Other Debtors 589,250 592,421
Financial Liabilities
Financial liabilities measured at amortised cost
Loans 30,000,000 30,000,000
Trade Creditors 912,703 989,548

42

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS

30. PRIOR YEAR INCOME AND EXPENDITURE ACCOUNT

Note
INCOME
Academic Fees and Charges
1
Residences, Catering and Conferences
2
Investment Income
3
Endowment return transfer
3
Other Income
4
Total income before donations and endowments
Donations
5
Total Income
EXPENDITURE
Education
6
Residences, Catering and Conferences
7
Other expenditure
8c
Contribution Under Statute G,II
Total Expenditure
Surplus/(deficit) before other gains and losses
Transfers
Gain/(loss) on investments
Surplus/(deficit) for the year
Other comprehensive income
Actuarial (loss) in respect of pension schemes
Total comprehensive income for the year		 2023
2023
2023
2023
Unrestricted Restricted
Endowment
Total
£
£
£
£
3,393,837
-
-
3,393,837
4,996,798
-
-
4,996,798
4,910,856
2,009,504
720,970
7,641,330
2,554,752
1,132,328
618,704
4,305,784
161,545
-
-
161,545
16,017,788
3,141,832
1,339,674
20,499,294
753,247
4,412,371
20,456
5,186,074
16,771,035
7,554,203
1,360,130
25,685,368
6,014,957
899,695
478,970
7,393,622
7,350,846
37,731
806,762
8,195,339
3,039,498
892,307
308,794
4,240,599
138,746
34,492
26,762
200,000
16,544,047
1,864,225
1,621,288
20,029,560
226,988
5,689,978
(261,158)
5,655,808
(5,862,501)
(711,201)
6,573,702
-
(6,709,056)
1,374,761
265,979
(5,068,316)
(12,344,569)
6,353,538
6,578,523
587,492
2,511,622
-
-
2,511,622
(9,832,947)
6,353,538
6,578,523
3,099,114

43