Dc￿￿9￿ Envelope ID.. F977AF8C-29e￿s9B-878b-06D038l4E6cB 4￿BRIQ THE MASTER, FELLOWS AND SCHOLARS OF EMMANUEL COLLEGE IN THE UNIVERSITY OF CAMBRIDGE (Known as Emmanuel College) AcCour￿S FOR THE YEAR ENDED 31 JULY 2025 Registered Charity Number 1137456 Dca*lgn Envelopè ID.. F977AF8C-3966459B-B788-D6003914E6CB EMMANUEL COLLEGE Index to the accounts for the Year Ended 31 July 2025 Pa Contents Adminislralive Detsils 24 The Master & Fellows 5-12 Annual Report 13 ResponsibililEs of the Governing Body 14-16 Report of the Auditors 17-22 Statement of Principal Accounting Policies 23 Consolidated Income and Expenditure Acc¢xJnt 24 Consolidatad Ststement of Changes in Reserves 25 Consolidated Balance Sheet 26 Consolidated Cash Flow Statemant 2744 Notes to the Accounts ODCu￿9n En￿lOpe ID.. F977AF8C49664598.B78&D6D03914E6C8 EMMANUEL COLLEGE Administrative details Name The Master, Fellows and Scholars Of Emmanuel College In The University Of Cambridge (known as Erllmanuel College) Address St Andrew's Street Cambridge CB2 3AP Charity Registration number 1137456 Charity Trustees - College Council Elected Dr R Wllson Dr R Broadbent Dr D Curtis Profgssor Peak Professor L Berbtley Professor Howell Professor Oakl8y Professor A Jeffrey Ex-officio Master Vice Master Senior Tutor Bursar Mr Doug Chalmers Dr N Spiv8y Dr C Russell Ms Catherine Webb Principal advisers.. Auditors Chaler Allan LLP 7, Quy Court. Colliers Lane Slow-cum-Quy. CB25 9AU Bankers Barclays Bank PLC Corporate Banking Setvices Abacus House. Castle Park, Castle Hill Cambridge, CB3 OAN Property Managers Bidwells Bidwell House Trumpinglon Road Cambridge CB2 9LD Legal Advisers Mills & Reeve Francis House 112 Hills Road Cambridge, CB2 1PH Investment Managers Sarasin & Partners LLP Juxon House.100 St Paul's Churchyard London EC4M 88U RCM IUKI Ltd 155 Bishopsgate London EC2M 3AD BlackRo¢k 33 King William Street London EC4R 9AS Bla¢kRock AdvisorslUKI Ltd Murray House, 1 Royal Mint Court London EC3N 4HH D[￿u￿9￿ Envelope ID.. F977AF8C-396e459B-B78B-D6D03914E6C8 EMMANUEL COLLEGE The Master and Fellows Mastor CHALMERS Douglas McKenzSe CB DSO OBE MA MPHIL- Fellows as of 1st O¢tob8r 2024 RANKIN Susan Kathleen MAPHD MMUS {LONDI FBA" WILSON OF DINTON Lord GCB MALLM LIFE FELLOW REYNOLDS Dame Fiona DBE MA MPHIL LIFE FELLOW STONEAnlhony John MA PHD CCHEM LIFE FELLOW CUPlTh The Revd Don MA HON DLITT18RISTI LIFE FELLOW SLEATH John Francls Adams MA PHD LIFE FELLOW BAKER Alan Reginald Harold MAPHD ILONDI FBA DLIT(LONDI LIFE FELLOW HARVEY John Robert MA LIThQ LIFE FELLOW WATSON Stephen Roger MA PHD LIFE FELLOW WEBBER Bryan Ronald MA{OXON & CANTABI PHD ICALIFI FRS LIFE FELLOW O'DONALD Peter MASGD LIFE FELLOW LIVESEY David Anthony MA PHD BSCIENGI ILONDI ACGI LIFE FELLOW BARNES Richard James MA PHD MB BCHIR PRINGLE James Edward MAPHD WINDEATT Barry Alexander MA LITTD BURKE Ulick Peter MA{OXON & CANTABI HON PHD ILUND} FBA FRHISTS LIFE FELLOIN LEEPER Finian James MA PHD. BOLDY Steven Rowland MA PHD RICHARDS Keith Sheléon MA PHD YOUNG Stephen John MA PHD BURGOYNE ChristopherJohn MA PHD ILONDI MICE FISTRUCTE SPIVEY Nigel Jonathan MA PHD Vice Master" GRANT John William MAMD IABERDEEN} CHB IABERDEENI FRCPATH GROSS Michael John MA PHD. PEAKE Nigel MA PHD '" OAKLEY Stephen Phelps MA PHD FBA". BENDALLAlison Saroh PHD MA IOXON & SHEFFI FSA MCLIP ' CADDICK Th8 Revd Jeremy Lloyd MA ICANTAB OXON & LONDI ' GALES Mark John Francis MA PHD. PICKSTOCK Catherine Jane Crozier MA PHD ' VAN HOUTS Elisabelh Maria Comelia MA LITTD PHD (GRONINGEN) FRHISTS ALDRED Jonathan Simon MA PHD ' UDREAFlorin PHD MSC IWARWICKI. H18BERD Julian Michael BSC (WALES} PHD (WALESI. HOWELL Philip Mark Rust MA PHD"" THOMSON MarkAndrew BA IOXONI DPHIL IOXONI WHITE Nicholas James MA PHD. RUSSELL Corinna MA PHD" MACFARLANE Robert MA PHD MPHIL IOXONI. DoEu5¥n En¥8lopè ID.. F977AF8C-3966459U78&D6D03914E6CB EMMANUEL COLLEGE The Master and Fellows RAE Catherine BA IOXONI DPHIL IOXONI. BENTLY Lionel Alexander Fiennes BA. BROADHURST Richard William MAIOXONI DPHIL {OXONI' MACLENNAN John MA PHD. JIGGINS Francis Michael MA PHD ' ODUDU Okeoghene MA ICANTAB & KEELEI DPHIL (OXONI. BARRIE Patrick John MAPHD" CURTIS Devon Elizabeth Anne BA IMCGILLI MA{MCGILL} PHD {LONDI" WHITTON Christopher Lyall MA PHD FRCO ' KABLAAlexandre Joseph PHD MA (ENS LYON) . SIMONS Jonathan Sam PHD BSC IABERDEENI, BARRAU Julie Sylvie Mari8 Pierre MA IPARIS SORBONNE) BA IPARIS SORBONNE)" AGARWAL Anurag BTECH (BOMBAY} PHD IPENN STATE) ' MAXWELL David BA {MANCHESTERI DPHIL IOXONI. SOUSI Perla BSC IPATRASI ' JEFFREY Alexander Sam MA (DURHAM & EDINI PHD {DURHAMI' MORETTI Laura IVENICEI PHD IVENICEI, ZARAKOLAyse MA IWISCONSINI PHD IWISCONSINI" MITOV Alexander MSC Isofial MAIROCHESTERI PHD {ROCHESTER)" HUNTER Christopher Alexander MA PHD HON DSC IULSTERI FRS FRSC ' ARCHIBALD AlexanderThomas BSC IBRISTI PHD (BRISTI. WILSON Ross 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 (MELBOURNE) CBE FBA. SAUERWALD Thomas PHD IPADERBORN}" VARWIG Bettlna Gisela ILONDI PHD IHARVARDI . MACKINNON Emma Stone BA IHARVARDI MA (CHICAGOI. JACK Robert Logan MA PHD IIMPERIALI. WILKINSON PAUL Oliver MA MB BCHIR MD MRCPYSCH ' MELA-FYFE loanna PHD MENG IATHENSI MSC INOTTINGHAMI. DALE Harvey MSCI (BRISTOL) PHD {EDIN}' LINARES MATAS Gonzalo Jose BAIOXONI MST IOXONI. LU Saile PHD BSC IULSTER} MPHIL IOXONI, NEEDHAM Elise Johanna BSC (SYDNEY} PHD {SYDNEYI' ROBERTS SyamalaAnn MA MPHIL" TAYLOR Jessica BSC ISALFORDI PHD IMANCHESTERI ' PErriT Clare Jane MA DPHIL IOXONI. WEBB Catherine Sarah CB BA." LARDY Camille Michele Helene MA PHD. USHER-SMITH JulietAlexando MA MB PHD. MYERSON Eleanor BA MST IOXONI PHD ILONDI" KARAYIANNIDES Efthimios PHD BA{WITWATERSRANDI' SUSHENTSEV Nikila PHD MD {MOSCOWI ' STOLKER Florenline Charlotte DPHIL MAST IOXONI LLM INETHERLANDSI DLS IOXONI LLM LLB INETHERLANDSI Do¢￿ban Envelepe ID.. F977AF8C-39664598.B7B&D6D03914E6C8 EMMANUEL COLLEGE The Master and Fellows COLLINS David PHD MENG IIMPERIALI PGCHE IBIRMINGHAMI GUILLEN FABREGAS Albert PHD ILAUSANNEI GORDON Sebastian PHD BSC ILONDI PADILLA IGLESIAS Cecilia MPHIL BSC ILONDI PHD IZURICHI KUDLINSKA MonikaAgnieszka MSC IBRISTI DPHIL IOXONI FORMBY Olivia Clare BAIQUEENSLANDI MPHIL {QUEENSLANDI DOUGLAS David Mark BA IhACGILLI MA IVICTORIAI * Memberofthe Governing Body ** Member of the Governing Body and Member of the College Council Do￿￿9n Envelop8 ID.. F977AF8C.3966459B-B78BQ6D03914E6CB EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 S¢ope of the F5nanclal Statements These financial slalemonts have been prepared in accordance with the Statement ol Recommended Practice ISORPI- Accounting for Further and Higher Education 2019 and In accordance with Financial Reporting Standards FRS102. The financial statements are prepared in accordance with the hlslorical cost convention. The College Statutes require that financial slalements for each financial year be prepared which give a true and fair view of the stale of affairs of the College and of the surplus or deficit of the College for that period. In preparing those financial statements the College Council is required to.. Select suitable accounting policies and apply them consistently. Make judgements and eslimales that are reasonable and prudenL state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls.. and Prepare the financial stslements on the going concern basis unless il Is inappropriate lo presume that the College will continue in operation. The College Council is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the College and lo enable them to ensure that the financial statements comply with the Slalules of the University of Cambridge. They are also re5FX)nsible for safeguarding the assets of the College and hence for tsking reasonable steps for the prevention and detection of fraud And other irregularities. The College Council is responslble for the maintenance and integrity of the corporate and financial information included on the College's website. Legislation in the Unrfted Kingdom governing the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. Alms and Objectives of the College Emmanuel College is one of the 31 autonomous, self-governing Colleges within the University of Cambrfdge. The College was founded in 1584. The College's Charter eslabSished Emmanuel as a perpetual College of Sacred Theology, Science. Philosophy and good arts in the University of Cambrldge. While the College has changed greatly over the intervening period this remains a slalement of ils purpose. The College encourages study and research into all subjects laught in the University. The College provides, in conluncllon with the University of Cambridge, an education for some 750 undergraduate and graduate 8ludenls which is recognised intemationally as being of the highest standard. This education develops sILKlents academically and advances their leadership gualilies and interpersonal skills, so prepares them Ir) play full and effective roles in society. The College provides leaching facilities and individual or small-group supervision. as well as pastoral. administrative and academic support through ils tutorial and graduate mentorfng systems. It also provides social, cultural. musical, recreational and sporting f¥¢ililies lo enable each of its students lo realise as much as possible of their academic and personal potential whilst studying at the College. In accordance with Charities Act 2011 the College Council has considered the guidance published by the Charity Commission with respect to Public Benefit. The Collegè aims lo maintain the excellence of its edLJcalion81 provision in perpetuity. The College advances academic research particularly through the provision of Research Fellowships to oulslandlng academics al the early stages of their careeis. enabling Ihgm lo develop and focus on their research in this formative period before they undertake the full teaching and administrative duties of an academic post. 11 also supports the research work pursued by its other Fellows, encouraging interaction across disciplines and providing facilities and grants for national and international conferences, research trips and research materials. The College seeks to admit students with the greatest academic potential. It seeks lo attract the best applicants from a wide range of schools and colleges. To this end the College is active in oulrgach and access inilialNes cornmitting DocushJn Envebpe ID.. F977AF8C-396&459B-B788.D6003914E6C8 EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 slgnrficant resources lo raising awareness of the College. Cambridge UnlversSty and higher educatSon more generally amongst groups who otherwise might not hav& considered these opportunities. The College hosts open days and school visits and Fellows and Junior Members visit schools and attend access and admissions COnferen￿S and events. Through the College website, the Admissions Prospectus and the Alternatlve Admissions Prospectus the College Seeks lo promote as widely as possible the opportunities that it can offer. Corporate Governanc8 Al 1st October 2024 the Fellowship consisted of the Master and 89 Fellows. Of these 44 held their primary pos￿10n$ wtth the University, 12 hèld full.time leaching and research appointments at the College, and 14 were Research Fellows al the College. In addition lo leaching duties al Emmanuel many of the Fellows held additional College offices. for example as Tutors or Direclors of Studies. The College Charter dates from 1584. The College Statutes, made in 1925 and variously amended from tlme lo lime. set out the arrangements for the governance of the College. Since 2006 8 College Council has be8n in operallon. By Statute th8 Governing Body has the power to establish a College Councll and to del&gate the majorfty of Its slatulory powers and duties lo the Council. However, the Goveming Body retains the power lo appoint the Master and Fellows and oversight of the College's Eslimales and AcGounts. The Governing Body also has the power lo lerrninale the Council. Whilst a Council is in operat￿n all day-lo-day mallers to do with the govemance and managemont of the College fall lo the Council. The Council meèts three limes a lem) with a further rneeling in the long vacation. The Charty Trustees of the College are the 12 membeTS of Ihe College Council as listed on page 1. The Master. as chairman, the Vice-masler. the Senior Tutor and the Bursar are ex-officits members of the Counal. A furth&r 8 Fellows are elected to the Council by the members of the Governing Body. The Charity Trustees are provided with copies of the College Statutes and their attention is drawn lo the policy for the management of conflicts of interest and the provisions of the Charity Commission leaflel'The Essential Trustee.. an introduction" Thè Goveming Body, consisting of Fellows who are under the age of 70 who have held their Fellowship for more than 12 months. continues to meet at least once a term. There are various subHcommittees of the Governing Body which consider particular areas of the College's buslness and report with recommendations to the College Council. Extgrnal members sit on the Investment Advisory Forum, the Development Advisory Forum and the Work and Stipends Committee. All Fellows are required to act with inlegrily, act in the College's interests wilhoul regard lo their own private interests. and to manage the affairs of the College prudently. The College has a Conflict of Interest Policy which applies to all Fellows and a Register of Interests. Tha College was registered with the Charity Commission on 12th August 2010 (Registered Charity Number 11374561. The Cambridge Colleges are classed as a speci81 case for purposes of accounting and are required to publish ac¢ounls in accordance with the form of accounts stipulated by Slalule Glll 211) of Cambridge University. The Recommended Cambridge College Accounts IRCCAI is based upon the Financial Reporting Standard FRS 102 and is compliant with the slalement of Recommended Practice.. Accounting for Further and Highar Education 2015. The Inlercollegiale Colleges Accounts Comm5ttee advises on interprelalion. The College Council is responsible for ensuring that there is an effectlve system of internal control and that accounting records are proper￿ maintsined in order that audited financial slalements as detailed above may be presented. The College is an autDnomous bDdy but it exists a5 a constituent part of Cambridge University. Matters of concem to all colleges and lo the Univefsity are discussed and acted on through University wide committees. Representatives from the College sit on many of these committees and, whilst decisions taken there cannot be binding upon the College. consensus is often buSlt and the basis for cooperative action established. Docusign Envelow ID.. F977AF8C49664598-878B-D6003914E6CB EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 Statement of Internal Control The Governing Body is responsible for maintaining a sound system of Inlemal control that 5UPPOrts the achievement of policy. aims and objectives while safeguarding the public and other funds and assets for which the Governing Body is responsible, in accordan￿ with the College's Slatules. The system of internal control is designd to manage rather Ih8n eliminate the risk of failure lo achleve pollcies, aims and objectives., il therefore provides reasonable but not absolute assurance of effectiveness. The system of intemal control is designed lo identify the principal risks lo the achievement of policies, aims and objectives. lo èvaluate the natuie and exlenl of those rlsks and to manage them efficiently, effectively and economically. The process was in place for the year ended 31st July 2025 and up to the dale of approv81 of the financial slalemenls. The Governing Body review of effectiveness of the systems of internal control is infomied by the work of the various College committees. Bursar and College officers, who have responsibility for the d8vglopm8nt and maintenance of the Intemal control framework. and by comments made by the external 8udiloTS in their management Seller. Achievements & Performane In October 2024, 459 undergraduate students (including 2 exchange stuclenlsl and 309 poslgraduale students were registered al the College. The largest undergraduate subjects al the Colleg8 were Natural Scien¢es1961', Engineering1611- Pre-clinical Medicine and Veterinary Medicine1591', Malhemalics140}: English {221,' Geography 1171,. History1191', Human. Social & Political Sciences1181.' Modern and Medieval Languages {171.' Law1161 and Economics {171', In the applications round 2023-24 Ifor entry 20241 Emmanuol College received 859 undergraduate applications in lolal and made offers to 163 in lolal, of whom 137 matriculated in October 2024. Biological Sciences and Engineering application numbers ￿rna1ned high and non-assessment soclal sciences conllnued to see an increase in numbers. The interviews look 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 2025 undergraduates at the College performed strongly. Amongst the Tripos results in surnmer 2025 were many exceptional individual performances. The College carries forward the tradition, continuous since its foundation, of being a place of spiritual and ethical reflection on the Christian faith and ils implications for the individual and society. In particular, the College maintain5 and sUPPOrts the Chapel as a place of religious worship and holds a variety of religious services on weekdays and al weekends during term. which are open lo thè general public and visitors. Through the Dean the College supports the gmolional. mental and spiritual well-being of all members of the College ¢ommunily whatever thelr faith Iradilion, or none. The College also maintains ils historic connection with the work of Ihe Church of England, particularly through its involvement with a number of parishes. Financial Revlèw Maintenance of Buildings The Collego has a rolling maintenance plan which is revlewed annually. The cost of routine maintenance is charged lo the consolidated income and expenditure account. The College sets aside sums on a regular basis lo meet major malntenance costs which occur on an irregular basis. Capltal Expendlture Capital expenditure incurred by the College on an annual basls Is capitslised and depreciated over the economic lrfe of the asset. Dottusiw Envelope ID.. F977AF8C-3*6459M789-D6D03914E6CB EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 College Funding The College receives fee incom8 in respecl of the undergraduate and graduate students thal11 admits. The most signrficanl el8rnent of fee incom8 is payable on behalf of undergraduate students by the University- this fee is intended to provide the teaching and educational facllilies for publicly funded students along with the tutorial support and social and recrealional facilities that they require. This fee income is however inadttquale tc> meet the full cost of this provision and a subsidy out of the College's endowment income is requtred. The College also receives income from rents and Charges paid by resident College members., charges paid by conferences and other extemal hlrers; donations-, and the ir)come generated by the College's endowment inveslrnents. The College's endowment is invested primarily in commerclal property. agricuttural land and equities. An agent is retained lo manage the investment property portfolio and the equity invèslmenls are divided between a number of managers with both active and passlve management strategies being employed. The College seeks to manage ils endowment investments prudently so as to proserve real capital value in the longer tem and ensure a stable level of income which will rise over time. The College seeks to maintain its reserves al an appropriate level so as lo protect the College from variations in fee income, conference income, and investment income, and lo guard against unanli¢ipated expenditure. The level of reserves is routinely raviewed by the Finance and Investments Commlttee and the College Council particularly at the lime of the annual audit. The College Council and various sub-cornrnittees of the Goveining Body routinely consider the malor risks lo which the College is exposed and the systems and procedures thal are in place in order to manage those risks. The College maintain5 a Risk register which will be periodically reviewed by the College Council. Emmanuel College Ss a contributor to the Colleges Fund- a system of intercollegiate support providing annu81 grants lo the colleges with smaller endowments. College'5 Fundraising A¢tlvSt5es The College benefits from charitable donations and legacles. which are mostly from members of the College, their farnilies and friends. The Development Office produces a range of malerial lo update College members on recent activities and describing current initiatives. Fundraising actlvity is mana9ed by the College's Development Office staff, who are salaried and do not receive any compensation linked lo donations. We also receive some support from aritable foundations. We may maka approaches lo such foundations and olher'¢orporale' donors. Sollcitation methods indude face-to-face rneelings, telephon& calls, emails and letters from Development Office staff.. an annual giving day,. and telephone campaigns during which selected College member5 are contacted by current students at the College and appropriately supervised. Members are glv8n an opportunity to opt out from receiving calls before they are mad8. The College engages consultants to work with the Developmgnt Office to deliver tho telephone campaign and giving d8y. The fundraising strategy and activity are agreed and monitored in seveTal ways. Regular reports are made to the Development Committee, and by il lo the College Council and Governing Body, and the College monitors the effeth'veness of actNity. The College's fundraising acb'vity conforms lo recognised stsndards of practice. Th& College is registered with the Fundraising Regulator and adheres lo ils code of fundraising pfactice, subject lo the terms and conditions agreed by the colleges of the University of Cambridge and the Regulator. as set out in the letter from the Chief Executive of the Fundraising Regulator, Stephen Dunmore. dated 20 July 2017. The College's practices Protect College members and the gener81 public, including vulnerable people, from frequent or pressured requests lo make donations. Individuals, preferences in relation lo all College communications are recorded and respected. No complaints about fundraising matters were received during the year. DoCu￿gn Envglope ID.. F977AF8&3986459B-BTB&D6D03914E6C8 EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 The College is a member of the Cambridge Colleges. CRC Consortium through which the Colleges work logelhei lo meet their obligations under the Governmenfs CRC Energy Efficiency scheme. Staffing costs and pension Schemes The College makes pension-fund contributions on behalf of its employees to three defined-benefll funds, tt)e Cambridge Colleges Federatèd Pension Scheme, the Emmanuel College Service Staff Pension Scheme and the Universities Superannuation Scheme. Summary of financial outcome During the year. the College's total assets increased in value by £14.9m {see page 231 reflecting an increase in investment assets. Endowment assets increased by £3.08m. The income and expendlture account reports a nel surplus of £14.Om. Depreciation tolalled £1.94m Education costs were £8.6m Calh8rine Webb Bursar DocufAgn Envelopa ID.. F977AF8C-3966459B-B788-D6D03914E6C8 EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 Bursarfs Revlew and Introduction How much do&s the college cost lo run? The college's finances have beon largely stable in 2024-25. The college's operating expenditure was £22.39m, compared to £20.73m in 2023-24 lor £21.9m without the large one-c)ff pensions adjuslmenl}. Expendilure across all categorSes ha5 remained broadly consistent with 2023-24. except for teaching and leaming which has increased very significantiy from £2.92m to £4.41m due lo the fact that spend in 2023-24 was reduced by the pensions aéiustment. A breakdown of expenditure by activity in 202¥25 is shown below.. 2024-25 expenditure £4.?07.802 £444.005 Studeilt Support. £3,986,Jthl Teachirtg•nd £4.414.758 Atcommodaiion. Crryteii and conferencÈ* linteriiall, £7,nl.335 cconiixodatioti. catering and confeienieslextèril.Ill, £1.445.$14 The costs ol leaching and leaming, and student support can be further brokèn down as follows.. Breakdown of our costs of teachingand learning. and student support2024-25 Iotliei.. viaid= El,167.005 ' £2.475.792 £1,095,8d4 £2,141.770 £1.077.464 What is the Yunding gap.per undergraduate? Over the past decade, the cost of teaching and leaming, and student support has increased by aroLJnd 71°A % from £7.800 per undergraduate lo £13,300 in 2024-25. The increase in costs can be attributed lo two factors. On the teaching side. we have created several new Teaching and Research Fellowships lo cover hlgh intensity Tripos areas 10 Docusign Enve￿pe ID.. F977AF8C-39664598-B788-D6Th13914E6CB EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 for which central university supervisions are not always available. In addition, in student welfare, costs have multiplied lo reflect the need for specialist mental health or disability interventions that are not available through university seNices, and where NHS wailing lists can sometimes be longer than the duration of the average Cambridge degr8e. These costs have increased along similar lines across the collegiate university, although a recent survey of spend on mental health and well-being Services suggeslgd that Emmanuel's oulgoings were al the lower end of the range. In Cambridge each "home" student pays £9.250 in fees, which is split 50'.50 with the university. Once the cost of the Cambridge Bursary scheme is deducted, the college receives £4,000 per undergradualfj. In addition to fee income. in 2024-25 each student paid the college around £4,120 per annum for food and accommodation. If the cost of subsidised rents Is factored in, Ihis leads lo a funding gap in 2024-25 of £8.200 per horne undergraduate or £3.46m in lolal. This represents around 29% of the endowment and investment income the college received in 2024-25. Where does tl?e college s income ¢om& from? In 2024-25 the college's income was £27.04rn, a slight reduction from £27.71 m last year. A breakdown of income by category is shown below: 2024-25income Don411101I5. E5.OM397 Academlefèt4 4ndch%?rgcs. E3,819.015 Otherincomp, E2XI.740 Accoirmodaiion, cateFlng i)d confereiice5 Iinternall. £5.2t&059 Acconimodatioii, calerfngand conlerenceJleKternall. Invesiinent Income, £7.904.1 É833.833 CndoNryTnent Rcluri) Transfer, Ed,179,891 Levels of donations in 2023-24 were ￿latiVelY high, as some mulli-year large pledges lo the Emma Enables campaign were completed. and there were several big legacies. This impressive baseline meanl that unsurprisingly donallons income in 2024-25 was lower {£5.03m, compared to £6.83m in 2023-241. The college benefits from investment income le.g. dividends. rental income) and an endowment return transfer. A maxirnum value for the endowment return transfer Is sel by thè college's lolal return policy, whlch stipulates that it cannot exceed four per cent of a back4ated and smoothed valuation of the college's assets. The college believes that four per cent is the maximum arnounl that we can withdiaw, while remaining Confident that we are maintaining the real value of our inveslmenls. In 2024-25 the college needed to lake th& maximum drawdown from its investments to meet its operating expenses. Over lime, rising cos& combined with fee incorne which has remained largely slalic have meant that the college has become increasingly reliant on philanthropy and endowment and investment income. which represented nearly two thirds of the college's income in 2024-25. This income now funds a broad range of college activitiès, including.. Teaching {£2.5ml. For example, we employ 14 Fellows as College Teaching Officers and Teaching Research Fellows lo provide college supervisions in key undergraduate subjects. Docusign Envdope ID.. F977AF8C-3966459B-878B-D6003914E6C EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2025 Tutorial support1£2.Oml. For example, we provide financial support when students incur additional costs associated with their studies or need help with travel costs, reSea￿h for dissertations. medical or other spècial needs. We also employ 8 college Counsellor. Scholarships and awards1£1.2ml. Admissions and oulre8ch1£1.5ml. For example, we employ two ￿e￿berS of staff a5 Outreach Coordinator and Schools Liaison Officer and undertake a wide range of outreach work with schools. Research {£1.1ml. For example, we elect three slipendi8ry Resear¢h Fellows each year and also periodically elect other slipendiary and non-slipendiary Research Fellows. We also award some full and part scholarships lo graduate students and meel a range of research expenses in¢urred by Fellows. Buildings1£1.2m}. Expenditure on maintaining and improving college buildings each year is significant. Many are listed and require particular care and attèntion. Routine refurbishments are expensive. for example, the work to refurbish the original South Court is costing around £0.7m per staircase, and the costs of reducing the carbon footprint of our historic buildings will be very significant indeed. Over the course of the year, the newly separate Finance Committee and Investments Cornmillee have continued to bed in, and the College has continued lo benefit greatly from the supportive challenge provided by a number of our alumni who generously give their time and expertise to support the work of the Iwo committees. Futu￿ t￿ndS The Finance Committee oversee the process of selling annual departmentsl budgets (known as the estimates.). Tg ensure budgets are managed as carefully as possible. which is particularly important in an environment of rising costs, we are overhauling our processes, including procuring a new finance system that will mean we have much rnore information available over the course of the year to manage in-year spending. The Investments Committeè dècides how the college's investmènts are managed, with ratification by the Governing Body. The committee rnel all ol the college's investment advisers in July 2025 to assess their performance. Over Ihe course ol the year, il will be preparing recornmendalions IDr the Governing Body, which will include looking at the balance of investments across different asset classes. This work is particularly important since the college's finances are likely to be further squeezed in the future given there is little prospect of a further risg in luilion fees lor'home" undergraduates, yel the costs of maintaining Current levels of Student support and other aclivilie5 are continuing to rise. For example.. Mental health s8rvices provided by the university were heavily subsidised by a gift that has now been spent. We therefore expect lo be asked lo make a higher contribution lo the costs of centrally provided services such as the Universily counselling service. For similar reasons. w8 expect we will be asked lo make a higher contribution lo thè in-housg ngurodiversily screening service that has provided mLJch-needed support lo many of our sludents. The college is starting lo research the adaptatlDns needed lo reduce the carbon footprint of our historical buildings. Cambridge is an expensive place for our staff lo live. The college aims lo pay staff al least the Real Living Wage. which is a voluntary rate of pay for employers that is independently calculated to meet what workers, and their families need lo megt ¢osts of living. This means that the college is dependent on philanthmpy to fund any inV(iatives and to ensure that the college is well posf(ioned to maintain curr8nl levels of sludenl support and other 8ctivitias in an environment ol rising costs. The Annual Report and the accounts were approved by the Goveming Bodyon 1 December 2025. WLL* Catherine Wgbb Bursar 12 Docusiw Envebpe ID.. F977AF8C-3966459B.878B-D6D03914E6CB EMMANUEL COLLEGE Responsibilities of the Governing Body for the Year Ended 31 July 2025 The Goveming Body is responsible for the admlnlstration and management of the College's affairs. The Goveming Body presents audited financial slalements for each financial year. These are prepared in accordance with the provisions of the Slalules of the College and of the University of Cambridge and apt4icabl8 United Kingdom Accounting Standards. including the Slalement of Recommendad Practice Accounting for Further and Higher Education Inslitulions,, as interprèted by the Universty of Cambridg8 In their Recommended Cambridge College Accounts. With reference to the above provisions. the Governlng Body is responsible for en$u￿n9 that there is an effective system of internal control and that accounting records are property kept. It is required to present audited financial slalemenls for each financial year, prepared in accordance with the Ststues of the University. In preparing these financial statements, the Goveming Body is required lo.. select suitable accounting policigs and then apply them consistently., make judgements and eslimales that are reasonable and prudent., stale whether applicable ac¢ounling standards have been followed, subject lo any material departures disdosed and explained in the financial slatemenls.. and prepare the financial slalernenls on the going concern basis unless it is inappropNale lo presume that the College will continue in operation. The Governing Body is satisfied that the College has adequate resources to continue in oper8tion for the foreseeable future. The financial statemen15 are accordingly prepared on a going concem basis. The Governing Body has tsken reasonable slep8 to ensure that there are appropriate financial and management controls in plaee lo safeguard the assets of the College and prevent and detect fraud. Any system of internal linancial control. however. can only provide reasonable. not absolute, assurance against material misstatement or loss. The Governing Body Ss responsible ftir the maintgnance and Integrity of the corporate and financial inforrnalion included on the College's website. Legislation in the United Kingdom goveming the preparation and dissernination of financial statements may differ from legislation in other jurisdictions. On behalf of the Governing Body Catherine Webb Bursar Date.. 09 Decemb8r 2025 13 DoGUS￿3n Envelope ID.. F977AF8C-39664598-B78B-D6D03914E6CB EMMANUEL COLLEGE Independent Auditors. Report to the College Council of Emmanuel College for the Year Ended 31st July 2025 Oplnion We have audlted the financial statements of Emmanuel College and Its subsidiary for the year ended 31 July 2025 which comprise the consolidated income and expenditure account, the consolidated statement of total recognised gains and losses, the consolidated balance sheet. the con501idated cash fiow statement and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounb'ng Practi￿1. In our opinion the finanaal slalemenls.. Give a true and fair view of the stale of the College and the Group's affairs as al 31 Juty 2025 and of the surplus of the College and the Group for the year then ended,. and Have been properly prepared in accordance with the requirements of the Charities Act 2011, College's ststutes and the Stslutes of the University of Cambridge The contribution due from the College lo the Unwersity has been correclty computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Slatule G, 11 of the University of Cambridge. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUK} {ISAs IUK}l and applicable law. Our rèsponslbilities under those stsndards are further described in the Auditor's responsibilities for the audit of the flnancial statements section of our report. We are independent of the group in accordance with the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other @th￿al responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropr>ale lo provide a basis for our opinion. Conclusions relating to 9olng concem In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounllng In the preparation of tha financial ststemenls is appropTiale. Based on the work we have performed, we have not identified any malerfal uncertalnlies relating to events or conditions that, individually or collectively, may cast sSgnificanl doubl on the College's abi15ly lo continue as a going concern for a perlod of al least ￿e1ve 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 5e¢lions of this report. Other infomiation The College Council is responsible for the other information. The other infomialion comprises the information included in the annual report, other than the ffinan¢ial statements and our auditor's report ther&on. Our opinion on the financial slalements does not cover the other information and, except lo the extent othe￿ise explicitly slated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the fln8ncial slalemenls. our responsibillly is lo read the other infomialK)n and, in doing so, consider whether the other irTrformalion is materially inconsislenl with the financial statemen15 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such rnalerial inconsistencies or apparent material missialements. we are required to detemiine whether Ihere is a material misstalemenl in the financial slalemenls or a material misstalemenl of the other information. If, based on the work we have performèd, we condude that there Is a material misslatemenl of this other information. we are required lo report that fact. We have nolhlng lo report in Ihls regard. 14 Docusign En￿lOpe ID= F977AF8C-39664598.B78B.D6D03914E6CB EMMANUEL COLLEGE Independent Auditors. Report to the College Council of Emmanuel College for the Year Ended 31 st July 2025 Oplnlon on other matters pr•$¢ribed by the Statutes of the Univorsity of Cambrldge In our opinion based on the work undertaken in the course of the audit: The contdbulion due from the College lo the Unlvershy has been computed as advised in the provisional assessment by the Unlversily of Cambridge and in accordance ￿th the provisions of Statute G, 11, of the University of Cambridge. Matters on whlch we are required to raport by exception In the light of our knowledge and understanding of the College and Group and its environment obtained in the course of the audit, we have not identified material misstatements in the annual report. We have nothing to report in respect of the following matters in relation lo which the Charilles (Accounts and Reports) Regulations 2008 require us lo report to you rf. in our opinion.. The information given in the College Councll's Annual Report is inconsislenl Sn any materi81 respect with the financial statéments.- or Sufficient ac¢ounling records have not been kept., or The financlal statements are not in agreement with the accounting records and retums,. or We have not received all the information and explanations we require for our audit. Responsibilities of the Collgge Councll As explained more fully in il's Annual Report, the College Council is responsible for the preparation of the rinancial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the College Council detemiine is necessary to enable the preparation of financial slalemenls that are free from material misststemenl. whether due lo fraud or error. In preparing the financial slalemenls, the College Council is responsible for assessing the College and the Group'5 ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern ba515 of accounting unless the College Council either intends to liquidate the College or the Group or lo cease operations. 01 have no realistic alterna￿ve but lo do so. Auditor's responslbllltiès for the audlt of the financlal Statements We have been appointed as auditors under section 151 of the Charities AGt 2011 and report in accordance with the Acts and relevant regulatKJns made or having effect Ihereunder. Our obje¢lives are lo obtain reasonable assurance about whether the financial ststements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but 5s not a guarantee that an audit conducted In accordance wilh ISAS (UK) will always deted a material misslalement when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregato, 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 ￿gUlations. We identified and assessed the risks of material misslatem8nl of the financial slalements from irregularities, whether due lo fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 15 Dovjsign Envdope ID.. F977AF8C-396PA598-878B-D6D03914E6CB EMMANUEL COLLEGE Independent Auditors. Report to the College Council of Emmanuel College for the Year Ended 31st July 2025 We obtainod an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the delermlnalion of material amounts and disclosures in the financial staternents. The laws and regulations we considered in this context were the Charities Act together with the Slalement of Recommended Practice for Further and Higher Educallon {SORPI 2019, Recommended Cambridge College Accounts IRCCAI dlsclosures, laxalion legislation and general data prolecllon legislation. Wg assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slal&ment items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental lo the charity's and group's ability to operate or lo avoid a material penalty. We also considered Ihe opportunities and incerbtives that may exist within the charity and the group for fraud. Auditing standard5 limrt the required audit Pro￿dureS to identify non•compliance wllh these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence. if any. We identified the greatest risk of malerSal Smpacl on the financial statements frorn irregularities, including fraud, lo be within the liming suffounding recognition of income and the override of controls by management. Our audit proctrdurès to respond lo these risks in¢ludÈd énqLJiries of management and the Audit Committee about their own identification and assessment of the risk5 of irregul8ri1ies, sample testing on the posting of joumals, reviewing accounting estimates for biases and reading minutes of meetings of those Charged with governance. Owing lo the inherent limilalion8 of an 8udlt, there is an unavoidable risk that we may not have detected some material misstatements in the financial slalements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with law5 and regulations lirrggulariliesl is from the events and transactions reflected in the financial statements, the less likely thg inherently limited procedures required by auditing standards would identify Ét. In addition, as with any audit, there remained a higher risk of non-detedion of irregularities, as these may involve collusion, forgery, inlenllonal omissions, misrepresentations, or the override of internal controls. We are not responslble for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for th8 audit of the financial 51atemenls is located on the Financial Reporting Council's website al.. https.'Ilwww.fr¢.org.uklOur-WorklAudiVAudil-and-assurancelStandards-and- guidancelSlandards-8nd%uidance•for-auditorslAudilors-responsibilities-for-auditlDescriplion-of-audilors- responsibililies-for-audil.aspx. This description forms part of our auditor's report. Use of our report This report is made solely lo the College's Governing Body as a body, in accordance with College's slatLJles, the ststules of the University of Cambridge and the Charities Act 2011. Our work has been undertaken 50 that we might slate lo the Governing Body those matters we are required to slate lo them in an Auditors, Report and for no othèr 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 GDveming Body as a body, for our audit work, for this report, or for the opinions we have formed. Ckn llL1￿ Llf CHATER ALLAN LLP Registered Auditors 7 Quy Court Colliers Lane Slow-curn-Quy CB25 9AU 18 December 2025 16 Docusiw Env8lop& ID.. F977AF8G3966459B-B78B-D6D03914E6CB EMMANUEL COLLEGE ACCOUNTING POLICIES General informatlon Emmanuel Coll&ge. Cambridge Ilhe College'l and its subsidiary Itogether'lhe Group'l whose ob￿e¢l Is th8 advancement for the public benefit of education, religion, learning and research. primarily by the maintenance and development of a College in the Universlly and City of Cambridge. Basis of prèparation The financial 51alemenls 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 IRCCAI Format.. and applicable United Kingdom Accounting Standards, Including Financial Reporting Standard 102 IFRS 102} and the Slatsmenl of Recommended Practice ISORPI.. Accounting for Further and Higher Education issued in 2019. The Ststemenl of Comprehensiv8 Income and Expenditure include adivity analysls In order to dèmonstrate that all fee income is spent for 8du¢alional purposes. The analysis required by thg SORP is s&t out in note 8a. The College is a publlc benefit enlily and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards. Basis of ac¢ountlng The financial 51alernents have b$en prepared under the hlslorical cost convent￿In. as modified by the revaluation of investment assets Basls of Consolidation The consolidated financial ststemants consolSd8te the financial statements of the College and ils subsidiary undertaking (Blue Lion Limlled) for the year ended 31st July 2025. 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 lo the date of disposal. Results of affiliated clubs and societ￿S 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. Gran15 made to clubs and socielies are charged in the Statement of Financial Activities as expenditure for charitable purposes. Income Recognitlon other Income In¢ome received from a range of activities includlng residences. catering conferences and oth81 services rendered is credited to the consolidated Income and expenditure account. Cambridg$ Bursary Scheme In 2024125, payment of the Cambridge Bursaries to eligible Students were made direclly by the Student Loans Company ISLCI. As a consequence. the College reimbursed the SLC for the full arnounl paid to their eligible students and the College subsequenlly received a contribution from the University of Cambridge towards this payment. The nel payment of £82,568 is shown within the Consolidated Ststemenl of Comprehènsive Income and Expendilu as follows.. Income Expendrture £ 224,724 £ 307.292 A¢adernic fees Academic fees are recognised in the period lo which they relate and includes all fees chargèable to students or their sponsors. Funds the College receives and disburses as paying agent on behaw of a funding body are excluded from the consolidated income and expendlture account of the College. 17 Dowsl9n Envdope ID.. F977AF8C-39864598-B78B-D6D03914E6CB EMMANUEL COLLEGE ACCOUNTING POLICIES Investm*nt Income Investment income and apprecSallon of endowments Is recorded in Incorne in the year in which il arises and as either restricted or unrestricted income according lo the t8rms other reslriclion applied lo the individual endowmgnl fund. Capital Grants 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 enllded lo the funds subjecl to any performance related conditions are mel. Donatlons & Endowments Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed reslriclions are recognised in income when the College is entitled to the funds. Income is retained within the restrrcled reserve untll such tfme that It is ulilised in line with such restricllons. Donations with no restrictions are recognised in the income when the College is enlilled to the funds. Donations & Endowments (Continued) There are four fflain types of donations and endowments identified within reseNes: 1. Restricted Donations- the donor has specified that the donation must be used for o porticular obleclive. 2. Unrestricted Permanent Endowmgnts - the donor has specified that the fund Ss to be pem)anently inveslgd to generate an income strèam for the general bengfit of the College. 3. Reslricled 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 lo use the capital. 4. Restrfcled Permanent Endowments - the donor has specified that the fund is permanent￿ invested to generate an income stream lo an applied lo a particular objective. Total Return Income from the General Investment Fund, which fomis part of the Endowment. is taken lo the ¢onsolidaled incorne and expenditu￿ aceount on a lolal retum basis. Thls is calculated at a 4¥0 rate of a Smoothed valuation of investment assets. Pension sch8mgs The College operates three defined benefit schemes the Universities Superannuallon Scheme IUSSI, the Cambrfdge College Federated Pension Scheme ICCFPSI and the Emmanuel College Service Stsff Pension Scheme119681. The instilutlon participates in the Unlverslties Supgrannuation Scheme (the scheme). Throughout the currenl and proc&eding periods, the scheme was a defined benefit only pension scheme until 31 March 2016 which was contracted out of the Slate Second Pension {S2PI. These assets of th& scheme are held in a separate trustee- a¢Yminislered fund. Because of the mutu81 nature of the scheme. the scheme's assets are not hypothecated lo individual inslilLrtions and a scheme-wide contribution rate is sel. The institution is therefore exposed lo actuarial risks associated with other inslilutions. employees and is unable lo identify ils share of the underfying assets and liabilities of the scheme on a consistent and reasonable basis and the￿fOre, as ￿qUired by Section 28 of FRS 102 Employee benefits. accounts for the scheme as if it were a defined contribution sch&me. As a Tesull, the amount charged to the income and expenditure accounts represents the contributions payable lo the s¢h&me in respect of the accounting perio(J. 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 péyable that arise from the agreement lo the extent that they relate to the deficit and the resulting expense in the Income and expenditure account. The Cambridge Colleges Federated Pension Scheme ICCFPSI and the E￿manUel College Service Staff Pension Scheme119681 are defined benefit plan5. All of thesè are defined benefit schemes which are externally ftjnded and contracted out of the Slate Second Pension IS2P). 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 Iruslees on the advice of the actuary. In intervening years, the actuary reviews the progress of the scheme. 18 DO¢￿9n Envelope ID., F977AF8C-3968459B-878&06D03914E6CB EMMANUEL COLLEGE ACCOUNTING POLICIES Pension costs are assessed in accordance wlh the advice of the actuary, based on the latest acluarlal valuallon of the scheme, and are accounted for on the basis of charging the cost of providing pensions over the period during which the instltulion benefits from the employees. services. Tangiblg flxed assets Land and buildings Land and bLJildings are staled al replacement cost. Freehold buildings are depreciated on a slraighl-line basis over their expected useful economic life of 50 years. Freehold land is not deprecialtrd. The central sile, defined as the land and buildings owned by the College and enclosed by Sl Andrews Street, Park Terrace, Parker Street 8nd Emmanuel Street, along wilh 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 lo the users of the accounts. The insured value of the central sile not included is shown in Note 10. Subsequent additions and improvements lo the College buildings are accounted for al cost. Where land and buildings are acquired with tho aid of specific bequest or donations they are capilalised and depreGialed as above. Finance costs which are directly attributable lo 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 th& carrying amount of the fixed asset may not be recoverable. Buildings under construction are valued al cost, based on the value of architect's certificates and other direct costs incurred lo 31 sl July. They are not deprgclaled until they are brought into use. Maintenance of premises The College has a rolling maintenance plan which is reviewed on an annual basi8. The cost of routine mah)tenance18 charged lo 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 sots aside sums on a regular basis lo meet major maintenance costs which occur on an irregular basis. Operational furnlture. fittings and equlpmgnt Operational fumilure, fittings and equipment costing less than £2.500 is written off in the year of acquisition. All other assets are capitalised and dgprecialed on a slraighl-line basis over their gxpecled usefijl life as follows.. Operatlonal furniture and fittings 10% per annum Motor vehicles 200/0 per annum Plant and equipment 10%_ 20 Ok per annum Computer equipment 330/0 Per annum Where equipment is acquired with the aid of specific bequests or donations it is capilalised and depiecialed as above. Hèrltage assets In accordance with FRS 102 {Herilage Assets). works of art, books and other valuable artefacls acquired by the College since 1 August 2007 and valued at over £20k are capitalised and recognised in the balance sheet al the cost or value of the acquisition, where such a cost 01 valuation is reasonably obtainable. In accordance with FRS102, Herltage Assets acquired before 1 August 2007 have not been Capitalised since reliable eslimales of cost or value are not available on a cosl-benefit basis. Heritage assets are not depreciated since Iheir long economic life and high residual value mean that any depreciation would not be material. Leased assets Fixed assets held under finance leases and the related lease obligallons are recorded in the Balance Sheet at the fair value of the leased assets al the inception of the lease. The excesses of lease payments over recorded lease obligations are Irealed as finance charges which are amortised over each lease term lo give a constant rate of change on the remaining balance of the oblig81ions. Rental costs under operating leases are charged to expenditure in equal amounts over the period of the leases. Investments Investments are included in the balance sheet at fair value, except for Investments in subsldiary undertakings which are stated in the College's balance sheet al cost less accumulated Impairment and eliminated on consolidation. Properties are valued annually by the Trustees based on eslimaled market values on a continuing use basis after tsking advice from third party valuers. The SOFA includes realised gains and losses on inveslment sold in the year 19 DocusvJn Envdope ID.. F977AF8C-3966459B-878B-D6003914E6CB EMMANUEL COLLEGE ACCOUNTING POLICIES and unrealised galns and losses on revaluation of investments. Fixed asset investments are subject to review for impairment when there Is an Indication of a reduction In thelr carying valuè. Any impairment is recognlsed In the year in which il occurs in the SOF Stocks Stocks are valued at the lower of cost and net realisable value. Provisions Provisions are recognised when the College has a present legal or conslTuclive obligation as a result of a past event, il is probable that a transfer of economic benefit will be required lo settle the obligation and a reliable estimate can be made of the amount of the obligation. Flnanclal Instrument$ The Coll&ge has elected to adopt S8ctions 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 paty lo thè contractual provision of the instrument, and they are cbassified according lo the Substan￿ of the contractual arrangement entered. A financial asset and a financial liabilily arg offset when there is 8 legally gnforceable right to sel off the recognised amounts and an intention either to settle on a net basis. or lo realise and settle the liability simultaneously. Flnancial Assèts Basic financial assets include trade and other receivables. cash and cash equivalents. These assets are initially recognised at transaction pri￿ unless the arrangement conslilutes a financing transaction, where the transaction is measU￿d al the present value of Ihe future receipt discounted at the market rate of interest. Such assèts are subsequently carried al amortised cost using the effective interest rate method. Financia5 assets are assessed for indicators of imp8irmenl and an impairment loss is recognised in the Slalement of Comprehensive Income. Other financial assets, including investments in equity instruments which are not subsidiaries are initially measurèd al fair value which is typically the transaction price. Investm&nls In Property or Dlher physical assets do not constilule a financial instrument and ar8 not included. Financial assets are de-￿COgnised when the contractual rights to the cash flows from the asset expire or are settled or subsequenuy all of th? risks and rewards of ownership are transferred to another party. Financial Llabilities Basic financial liabilities include trade and other payables and bank loans. These liabilities are initially recognised at transaction pric& unless the arrangement constilules a financing transaction. where the debt instrument is measured al the present value of the future paymen15 discounted al a market rate of interest Debt instruments are subsequently carried al amortised cost using the effective interest rate method. Trade payables are obligations lo pay for goods or services that have been acqui￿d in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities rf payrnenl is due within one y8ar or less. If not, they are pres8nted as non-¢urrent liabilitie5. Trade payables are recognised al transaction price. Financial liabilities are de-recognised when the liability is discharged, Can￿lled or expires. Forelgn currencies Tran5a¢lions denominated in foreign cu￿nCIeS aTe recorded at the rate of exchange ruling al the dales of the transactions. Monetary assets and liabilities denominated in foreSgn currencies are Iran51aled into sterling at year end rates or. where there are re181ed forward foreign exchange conlracls, al Contract rates. The resulting exchange dtfferences are dealt with in the delerminalion of income and expenditure for the financial year. Employment benefits Short term employment benefits such as salarfes and compensated absences are recognised as an expense Sn the year in which employees render service to the College. Any unused benefits arg accTUgd and measured as the additional amount of th8 College expects to pay as a re5uII of the unused entitlement 20 Docust9n Envelope ID.. F977AF8C-3966459&B78B-D6D03914E6CB EMMANUEL COLLEGE ACCOUNTING POLICIES Taxatlon The College is a rggi$1gred charity {number 11374561 and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the Collgge is exempt from taxation in respect ol income or capital gains received within the categories covered by Section 478 10 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the exlenl that such income or gains are applied to exclusively charitable purposes. The College receives no similar exempllon In respect of Value Added Tax. Contribution undÈr Statute G,11 The College is liable lo be assessed for Contribution under the provisions of Statute G,11 of the University ol Cambridge. Contribution is used to fund grants lo Colleges from the Colleges Fund. The College may from lime lo time be eligible for such grants. The liability for the year is as advised lo the College by the University based on an assessable amount derived frorn the value of the College's assets as at the end of the prevlous financial year. Reservès Reserves are allocated bebKeen r&slri¢led and unreslricled reserves. Endowment reserves include balances which, in respect of endowment to the College. are held as permanent fund5, which the College must hold lo perpetuity. Restricted reseryes include balances in respect of wh¢ch the donor has designated a specific purpose and therefore the College is restricted in the use of these funds. Critical Accountlng Estlmates and Judgement$ The preparation of the College's accounts requires management of rnake judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and Ilabililies, income and eKpenses. 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 eslimales will. by definition. seldom equal the related actual results. anagement considers the areas sel out below to be those where critical accounting judgements have been applied and the resulting estimate5 and assumptions may lead to adjuslrnents to the future carying amounts of a55ets and Income recognrf(ion - Judgement Is applied In determining the value and timing of certain income items to be recognised in the accounts. This includes determining when performance Telaled conditions have been met and determining the appropriate recognition liming for donations. bequests and legacies. Critical Accounting E$timate5 and Judgements Icontlnu•dl Useful lives of property, plant and equipment- Property, plant and equipment represent a significant proptsrtion of the College's total assets. Therefore. the estimated useful lives can have a significant impact on the depreciation charged and the College's reported perform8nce. Useful lives are delemiined al the lime the assets is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with sirnilar assets, professional advice and anticipation of future events. Details ol the carrying values of property, plant and equipment are shown in note 10. Recoverability of deblor5- The provision for doubtful debts is based on the College's estimate of the expected recoverability of those debts. Assumptions are made based upon 5 10 of total debts oulslanding al the reporting date. Investment Propety - Propertiès are Tevalued to their fair value at the reporting dale by Bidwells. The valuation is based on the assumptions and judgements which are impacted by 8 variety of factors including market and other economic conditions. Retirement Benefit Obligations- The ¢osl of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and fLJturg pgn8ion increases. Due lo the complexity of the valuation, the underlying assumptions 8nd the long term nature of these plans, such estimates are sublect to 8igniflcant uncertainty. Further delails are glven In note 25. Management is satisfied that Universities Superannuation Scheme meets the definition of a muti-employer s¢heme and has therefore recognised the discounted fair value of the conlraclual contribution under the funding plan existence at the date of approving the accounts. 21 Docwgn Envebpe ID.. F977AF8C-3966459B-B78B-D6D03914E6CB EPJIMANUEL COLLEGE ACCOUNTING POLICIES Going concem The Iruslees have a ￿8$Onable expectslion that the College has adequate resources to continufy In operational existence for the foreseeable future. In th8 oplnion of the trustees there will be no material advers& eff&cl on the College's ability lo tradè. The trustees beli8v& the College is well placed lo manago its business risks successfully despite the current uncertain economic Outlook. Accordingly. they continue lo adopt the going concern basis in preparing the annual report and accounts. Related party transactions The Group discloses transactions with related parties which are not wholly owned wlthin the sarne Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the Trustees, separate disclosure is necessary lo understand the effect Of Ihe transactions on the Group financial stalemenls. 22 D￿u￿9n Envelope ID.. F977AF8C-39664598-678B-D6D03914EeCB EMMANUEL COLLEGE Consolidated Income and Expenditure Account for the Year Ended 31st July 2025 Note 2025 2025 202S Unrestrloted Rèstrleted Endowment 2025 Total 2024 Total INCOME Academic Fees and Charges Accommodation, Catering and Conferences Investment Income Endowment return transfer Other Income 3.619.015 6,049.892 4,956,674 2,459,880 250,740 3.619,015 6.049,892 7.904,188 4,179,891 250.740 3,413.539 5,659.330 7.630,375 3.841,309 335.986 2,116,434 1.119.212 831,080 600,799 Total income before donations and endowments 17.336,201 3,235,646 1.431.879 22,003,726 20.880,539 Donations 999.076 3.758,532 284.083 5,041,691 6,831.076 Total Income 18.335.277 6,994,178 1.715.962 27.045,417 27.711.615 EXPENDITURE Education A¢¢ommodalion, Catering and Conferences Oth¢r expenditure Contrtbulion Under Statute G.11 6,663,571 7,087,776 3,088,010 153.568 1.193.379 341.003 1,101,757 41,736 742.221 1.608.069 335.173 33.696 8,599,171 9,036,848 4,524,940 229,000 7,135,325 9,019,209 4,371,922 201,000 Total Expendlture 16.992.925 2.677,875 2,719,159 22.389.959 20.727,456 Surplus before other gains and losses 1,342.352 4.316.303 11,003,197) 4.655.458 6.984.159 Transfers 48,549 1894,685) 846,136 Gainlllossl on disposal of flxed assets Galns on investments 3.971.406 2.133.484 3,241,328 9,346,218 29,993,910 Surplus lor the year 5,362,307 5.555.102 3,084,267 14.001.676 36.978.069 Other comprghen5ive income Actuarial gainllloss} in respect of pension schemes 899,520 899,520 (121,3131 Totsl comprehensive income lor the year 6.261,827 5.55S.102 3,084.267 14.901.196 36,856,756 23 OocusvJn Envplope ID.. F977AF8C-39664598-B788-D6003914E6CB EMMANUEL COLLEGE Statement of Changes in Reserves for the Year Ended 31st July 2025 Income and expenditure reserve Unrestricted R¢strictÈd Endowmènt Revaluatlon rèsèrve Total Balanc8 at 1 August 2024 45,414.750 144.714.292 154.022.212 44.256,370 388,407,624 SurplusllDeficit} from income and expendlture slalemenl 2,290,421 5,555,102 3,084.267 3.971.406 14,901,196 Transfers bet￿n revaluation and income and expendllure reserve Balance at 31 July 2025 47,705,171 150,269.394 157.106.479 48.227.776 403,308.820 B81ance at 1 August 2023 43,641,707 126,531,408 143.610,065 37.767,688 351,550,868 Prior year adjustment SLJrplusl{Deficitl from income and expenditur8 siaternenl 1,773.043 18,182,884 10,412.147 6,488.682 36,856,756 Transfers belween revaluation and income and expenditure reserve Balan￿ 8t 31 July 2024 45,414,750 144,714.292 154,022,212 44,256.370 388,407.624 24 Docusign Enve￿￿ ID., F977AFec-39664598-B78B-D6D03914E6CB EMMANUEL COLLEGE Consolidated and College Balance Sheet As at 31st July 2025 2025 Consolidat•d 2025 College 2024 2024 Consolidated Colleg8 Note Non-current Assets Tangible Assets Investments Total Non-current Assets 10 11 70,083.869 70,083,869 70.464.003 70.464.003 361,898.336 361,698,338 346,269,633 346.269.635 431.782.205 431,782,207 416.733.636 416,733.638 Current Ass8ts Stock and work in progress Trade and other receivables Cash and cash eqLJivalenls Total Current Assets 606,378 2.363,770 2,643.213 5.613,361 606.378 2,709,600 2,293,881 5,609,859 582,823 2.890,687 3.600,212 7.073.722 582,823 2,885.104 3.597,853 7.065,780 12 13 Credltors: Amounts Falllng Due Wlthln One Year 14 {4,317.085) 14,313,585} {4.415.2651 (4.407.325) Net Current Assets 1,296.276 1,296.274 2,658,457 2,658,455 Total A55ets less ¢urr•nt Ilabilities 433.078.481 433,078,481 419.392.093 419.392.093 Creditors: Amounts Falling Due After More Than One Year 15 l30,000.C￿o) {30.000,0001 130,000.0001 130,000.0001 Provisions Nel defined benefit pension scheme assel Illiabilily) 16 230,339 230,339 (984.4691 {984,4691 Total net assets 403,308.820 403.308.820 388,407,624 388,407.624 Restricted reserves Income and expenditure res8Ne- endowment reserve 17 Income and expenditure reserve- restricted reserve 18 41.292,809 41.292,809 39,380.463 39.380.463 150,269,394 150.269,394 144,714,292 144,714.292 Unrestricted reserves Income and expenditure reserve - endowment r8s8Ne 17 Income and expènditure reserve - unreslricled reserve 19 Revaluation reserve 115,813,670 115,813,670 114,641,749 114.641,749 47.705,171 47,705.171 45,414,750 45,414,750 48.227,776 48,227,776 44,256,370 44,256,370 Total r•serves 403,308,82 403.308.820 388,407. 88,40 .624 The financial statements were approved by Ihg Goveming body on 1 December 2025 and signed on ils behalf by.. (Ijth Catherine Webb Bursar Doug Chalmers CB DSO OBE Master The notes on pages 26 to 43 fomi part of these accounts 25 DoGus¥n Envelope ID.. F977AF8C-3966459B-B78&D6003914E6CB EMMANUEL COLLEGE Consolidated Cash Flow Statement for the Year Ended 31st July 2025 2025 2024 Note Nel cash ouffiow from operating activities 21 14.498,129} {3,L172,4041 Cash flows from investing aclivi1195 6.944,187 6,e69,076 Cash flows from financing activities 13,403,057} {3,386,4141 Increasel{decreasel in cash and cash equlvalents In the year 956,999 210.258 Cash an¢J cash equivalents al beginning of year 3.600,212 3,389,954 Cash and cash equivalents al end of year 23 2,643,213 3,600,212 The notes on pages 26 to 43 fomi part of these accounts 26 Docusiw Envelo￿ ID.. F977AF8&39664SSB.B78B-D6D03914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 1. ACADEMIC FEES AND CHARGES 2025 2024 College fees: Fee income received al the Publicly-funded Undergraduate rale Fee income received al the Private1￿fUnded Undergraduate rate Fee income received al the Graduate fee rate Other income 1,420.035 715.034 1.483.948 1,482,827 648,000 1,282,712 Total 3.619.015 3.413.539 2. INCOME FROM ACCOMMODATION, CATERING & CONFERENCES 2025 2024 Accommodation College MembeTS Conferences College Members confe￿nCeS 3.419.200 427,574 1.796.859 406,259 3,247.971 386.291 1.631,253 393.815 Catering Total 6.049,892 5,659.330 3. ENDOWMENT AND INVESTMENT INCOME 2025 2024 3a Analysis of Endowment Income Income from.. Freehold Land and Buildings Quoted & other Securities Cash 3,713,445 7,978,427 392,206 3,488.962 7,694.811 287,911 12.084,078 11,471,684 3b Summary ofTotal R•tum 2025 2024 Income from.. Land & Buildings Quoted and other securities and cash Gainslllossesl on Endowment Assets.. Land & Buildings Quoted and other securities and cash Investment management costs re quoted sewrities- equilias 3,713,445 4.19D,742 3.488.962 4,141,413 113.101 13,413.008 1364.4461 13,322,321) 37,157,541 1327,170} Total Relum for year Total Return recognised in Income & Expenditure Account 21.065.850 41,138,425 112,084.0781 111.471,6641 Unapplied Total Return recognised in Statement of Comprehenslve Income and Expenditure 4. OTHER INCOME 2025 2024 Other income 250.740 335,986 250.740 335.986 27 DoGUSvJn Envelope ID.. F977AF8C-3966459B-B78&D6003914EfjCB EMMANUEL COLLEGE 5. DONATIONS 2025 2024 Unrestricted donatlons Restricted donations 999,076 4.042.615 1,550,617 5,280,459 ,041. 1 6.831,076 6. EDUCATION EXPENDITURE 2025 2024 Teaching Tutorial Admissions Research Scholarships and Awards Other Educational Facilities 2,475.795 2,042.837 1.077,463 1,095,8M 1,167.605 739.627 1.310,398 1.916,523 989,726 1,002,935 1.199,275 716.468 Total 8,599,171 7,135,325 7. ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE 2025 2024 Accommodation College Members Conferences College Members Conferences 5.107,330 638.675 2,684.005 606.838 5,176,253 615,628 2.599,710 627,618 Catering Total 9,036,848 9,019,209 8a. ANALYSIS OF 2024125 EXPENDITURE BY ACTIVITY Staff Costs (Note 91 Other Operating Expenses Dèpreciation Total Education INot8 61 Accomrnodalion. Caterlng and Conferences {Nole 7) Other {Note 8cl 3,658,835 3,560,190 1.007.119 624,404 1,309.461 3.730 4,315,932 4,167,197 3,514,091 8,599,171 9.036,848 4.524,940 8,226.144 1,937.595 11,997,220 22.160,959 Other expenditure includes fundraising c051s £668,705 {2024 £714.724}. This expenditure includes the cost of alumni relations. Bb. ANALYSIS OF 2023124 EXPENDITURE BY ACTIVITY staff Other Costs Operatlng Note 91 Depreclatlon Expenses Total Education (Note 61 Accommodation, Catering and Conferences {Note 71 Other 2.185,032 3,195,957 995,452 552,879 1.279,220 3.651 4.397,414 4.544,032 3,372,819 7.135.325 9,019,209 4,371,922 28 Docusl9n Envelope ID.. F977AF8C-2966459B-U78B-D6D03914E6C8 EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 8¢. ANALYSIS OF OTHER EXPENSES 2025 2024 Herchel Smith Scholarships lo Harvard Herchel Smith Scholarship in Intellectual Property Interest on loans Donations Other expenditure 316,236 279,400 960,ODO 9.314 2,958,169 363,838 293,300 961,298 31.039 2,722,447 4,523,119 4,371,922 8d. AUDITORS. REMUNERATION Other operating expenses include.. Audit fees paid lo the College's external auditors Other fees payable lo the College's external auditors 25.200 10,200 23,280 9,810 35,400 33,090 The above amounts include related irrecoverable VAT 9. STAFF Academic F6llow$ 2025 Non- academic 2025 Total 2025 Total 2024 staff Costs Salaries National Insurance Pension Costs Pension deficit provision movement {note 15) 1,536,783 4.985.675 147.215 521,321 193.375 806,493 6,522,458 668,536 999,868 5.785,957 531.581 1.228.919 (1,170,016) 1.877,373 6,313,489 8,190.862 6,376,441 Average Staff Number 2025 Average Staff Number 2024 No. of F•llow$ 70 No. of Fellows 69 FTE FTE Academic Non-Academic 140 140 139 139 70 69 The Governing Body comprises 90 Fellows. of which the 70 disclosed above are slipendiary. Three officer received emoluments at over £105,000. Total 2025 Total 2024 £105,000 10 £119,999 £120,000 10 £139,999 £140,000 to £155,999 Key Management Personnel Key management personnel are those persons having authority and responsibility for planning. directing and controlling the activities of the College. This inclijdes aggregated emoluments paid lo key management personnel. Total 2025 £'ooo 379 Total 2024 £'ooo 320 Key Management Personnel The key rnanagement personnel are the Master. Bursar and the Senior Tutor. The Trustees received no &moluments in their capacity as Trustees of the Charity. 29 Dowslgn Envdope ID.. F977AF8C49664598.878B.D6D03914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 10.TANGIBLE FIXED ASSETS (CONSOLIDATED & COLLEGE) Land Bulldlngs Furnlture & Equipment Herltage assets Total COSTNALUATION Al 1 sl August 2024 Additions Reclassification 10,080,000 69,818,855 1,216,623 6,672,200 340,839 265,700 86,836,755 1,557.462 CostNaluation as at 31 sl July 2025 10.080,000 71.035,478 7.013,039 265.700 88,394.217 DEPRECIATION Al 1st August 2024 Provided for the year 11.924,595 1.374,227 4,448,157 563,369 16,372.752 1,937,596 Depreciation at 31st July 2025 13,298,822 5,011,526 18,310.348 At 31st July 2025 10,080,000 57.736.656 2,001,513 265.700 70,083,869 Al 31st July 2024 10,080.000 57.894,260 2,224,043 265.700 70,464,003 The Insured Value of Freehold Land and Buildings as at 31st July 2025 was £240,613,404.This figurè includes an Insured Value of £216,620,101 in respect of c*nlral sile Land & Buildings not included above. Heritage assots The college holds and conserves certain collections, artefacts and other assets of historical, artistic or scientific Importance. As slated in the slalement of principal occounling policies, heritage assets a¢qUi￿d since 2007 have been capitalised. However. the majority of assets held in the College's collections were acquired prior lo this date. As reliable eslimales of cost are not available for these ot) a cost-benefit basis. they have not bgen capitalised. As a result the total included in the Balan￿ Sheet is partial. Amounts for the current and previous four years were as follows.. 202S 2024 2023 2022 2021 Acquisitions purchased with specific donations Collggè Funds Total cost of acquisitions purchased Value of acquisillons by donation Total acquisitions capilalised 30 DOcu￿9n Envalopè ID.. F977AF8C-3966459B-878&D6fx)3914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 11. INVESTMENTS Group 2025 Collegè 2025 Group 2024 College 2024 Balance al beginning of year 346,269,633 346,269,635 310.520,521 310,520,523 Additions Disposals Transfer to Tangible Assets AppreciationllDepreciationl 2,782,436 1879,841) 2,782,436 {879.8411 2.528.025 {614,1331 2.528.025 {614,1331 13.526.108 13.526,108 33,835,220 33.835,220 Balance al end of year 361,698,336 361.698.338 346.269,633 346.269,635 Represented by.. Property Equities Investment in Subsidiary Undertaking Other investments 61.742,750 264,971.543 61.742,750 264,971.543 61.422,750 61,422,750 253.883,837 253,883,837 34.984.043 34,984,043 30,963,046 30.963.046 361,698,336 361,698.338 346.269.633 346,269.635 12. TRADE AND OTHER RECEtVABLES Group 2025 College 2025 Group 2024 College 2024 Due within one year.. Members of the College Amounts due from subsidiary undertakings Other Debtors Prepayments and accrued income 933.024 933.024 349.176 257,689 1,169,711 2,709,800 916.820 916.820 341,882 309,905 1.316,497 2,885,104 261,035 1,169,711 2,363,770 589.250 1.384.617 2,890,687 Due after more than one year Other Debtofs 2,363,770 2,709.600 2,890,687 2,885,104 13. CASH AND CASH EQUIVALENTS Group 2025 College 2025 Group 2024 Coll•g8 2024 Current and Deposit Accounts Cash in Hand 2,641,645 1,568 2.292,313 1,568 3,598,847 1,365 3.596,488 1,365 2,643,213 2,293,881 3.600,212 3,597.853 31 Docus¥Jn Eriv&lopè ID.. F977AF8C-396&459B.B78B.De003914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS Group 2025 College 2025 Group 2024 College 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Members Df the College Conlribulion lo Colleges Fund Other creditors Accruals and deferred income PensiDn deficit provision 448.086 1,055,982 229,000 700.568 1,883.449 448,086 1,055,982 229,000 700,568 1,879,949 912,703 1,085,602 201,000 541,257 1,674,703 908,263 1,085,602 201.000 541,257 1,671,203 4.317.085 4,313,585 4.415,265 4.407,325 15. CREDITORS.. AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Pension deficit provision Loan Finance 30,000,000 30,000,000 30,000.000 30.000,000 30,000,000 30,000.000 30,000,000 30,000,000 £10.000.000 Loan Facility repayable 40 years from August 2008. The rale of interest is fixed at 4.59 /0 plus minor variable adjuslmenis. £20.000,000 Senior Notes wgro aulhorised and issued lor sale tn September 2017 with an Inte￿$1 rale of 2.43%, repayable in 40 years. Penslon dèficit provlslon Provision al the beginning ol the year Deficit contributions paid Change In expected contribut￿n$ Interest payable 1.170,016 1.170,016 129.8521 129,8521 11,172.4101 {1.172,4101 32,246 32,246 Provision al the end of the year Paydble withln 1 year Payable after 1 year 16. NET PENSION PROVISIONS Balance al bèginnlng of year Current service costs including life assurance Contributions Other financelincomeycosl Actuarial lossllgainl recognised in statement of lolal re81ised galns and losses 984.489 984,469 1.336,074 1,336,074 754,180 754,180 646,961 646,961 11,121.0751 11,121,075) 11.216,2561 11.216.256) 51.607 51,607 96,377 96,377 (899,5201 (899,5201 121,313 121,313 Balan￿ at end of year 230.339 230,339 984,469 984.469 The Cambridge Colleges Federated Pension Scheme 1,639,661 1,639,661 2,090.469 2.090,469 The Emmanuel College Service Staff Pension Scheme {1.870,0001 (1,870.0001 11,106,000) 11,106,(K)01 230.339 230,339 984,469 984,469 32 DrKusign Etsvelupe ID.. F9TTAF8C-3966459B.B788-D6D03914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 17. ENDOWMENT FUNDS (CONSOLIDATED & COLLEGE) Reslricled net assets relating lo endowments are as follows: Unrestrf¢ted Restricted Pemianent Pèrmanent Endowments Endowmènts 2025 Total 2024 Total Balance at beginning ¢f year.. Capital Unspent income 88,996,561 25.645.188 35.712.664 124,709.225 114.202,456 3.667,799 29.312,987 29,407.609 New endowments received 284,083 284,083 1,467,677 Investment income other income Expenditure Transfers 279,226 1,152,653 1.431,879 1,270.571 (2,316,4191 1.314.027 14ts2.740} {2,719,1591 11,629,654) 1467.8911 846.136 264,461 Inueaselldecreasel in markfyt value of investments 1.895,087 1,346,241 3,241.328 9,039,092 Balanc& at end of year 115,813.670 41.292,809 157,106,479 154,022,212 Comprislng: Capital Unspent income 90.891,648 24,922,022 37,342,988 128.234,636 124.709.225 3,949,821 28,871,843 29.312,987 Balance at end of y•ar 115,813,670 41.292.809 157,106,479 154,022.212 Represènting: Fellowship Funds Scholarship Funds Prizes Funds Hardship Funds Other Funds General endowments 9,015,033 9,015.033 8.357.040 13,384,277 13,470,411 12,833,203 549,636 549,636 522,186 5,780,110 5.780.110 5,572,116 12.563.754 12.961.716 12,552,140 115,329,575 114,185,527 86,134 397.962 115,329.575 Totsj 115,813.671 41,292,810 157,106,481 154,022,212 33 DoCu￿gn Envelop8 ID.. F977AF8C-396￿s9B-B7BB-DsDO3g14E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 18. RESTRICTED RESERVES Other Restricted Fund5 2025 Total 2024 Total Balance al baglnning of year 144.714,292 144,714,292 126,531,408 Investment income Restricted donations Expenditure Transfers 3,235,646 3,235,646 2.993,813 3,758,532 3,758,532 3,812,781 {2,677,8751 12,677,875) 12,148,647) {894,6851 1894,6851 1941,1991 Increaselldecrease} In market value of investments 2,133,484 2,133,484 14,466,136 Balance at end of year 150,269,394 150,269,394 144,714,292 Representlng: Fellowship Funds Scholarship Funds- Prizes Funds Hardship Funds Travel Grant Funds other Funds 13,057,237 13,057,237 92.985,426 92,985,426 638,462 638,462 3,340,714 3.340,714 409,503 409,503 39,838,053 39,838,053 12,472,527 90,812,136 603,743 3.127,023 384,043 37,314.820 Total 1 SO,269,395 150,269,395 144,714.292 ** Included in Restricted Scholarship Funds a￿ the follow¢ng Non-collegiate Funds: 2025 2024 Herchel Smith Scholarships lo Harvard Herchel Smith Scholarship in Intellectual Property Brewer Hall Poetry Sandcroft Educational AE Tomlinson 47,104,400 7,508,792 67,290 320,778 138,577 55,139,837 45,335,113 7,087,100 63.065 299,410 130,533 52,915,221 The ftjnds originated from various donations from Dr Herchel Smfih and were sel up lo provide scholarships to students attending institutions outside of Emmanuel College 19. RESERVES Flxèd asset Investment revaluation re5eNe Group & College General reserves 2025 Total 2024 Total Balance at the boginning of year 45,414,750 44,256,370 89,671.120 81.409.395 Surplus retained for the year Transfers Actuarial gainlllossl Increastrlldecreasel in market value of invesbmenls Transfers ba￿een revaluation and income and expenditure reseNè Balance at the and of year 1,342,352 48,549 899.520 1,342,352 48,549 899,520 3,971,406 1.217,618 676,738 {121,3131 6,488,682 3,971.406 47,705,171 48,227,776 95,932,947 89,671.120 34 CIocu5ign Envelope ID.. F977AF8C-3966459B-B78B.D6D03914E6CB 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.. 2025 2024 Unapplied Totsl Return at 1st August 2024 Unapplied Total Retum for year (see note 3bl 181,475,795 8,981,772 151,809,054 29,666.741 Unapplied Total Return al 31st July 2025 190,457,567 181,475,795 21. Reconclliation of consolldated operatlng surplus tr• nel cash inflow from operating activities 2025 2024 Supluslldeficit) from continuing op&rations before donations of Heritage assets Dep￿cIatIon of Tangible Fixed Assets IProfilllloss on disposal of Tangible Fixed A55ets Inveslrnent income Interest payable Pension costs less contributions payable Ilncraaselldecrease in stocks {In¢reaSelldec￿a$e in debtors Increaselldecreasel in creditors 4,655,458 1,937,596 157.0001 (12.084,0781 111,471,684} 960,000 961.299 1315,2881 1472.9181 123,5551 118,5101 526.917 {30,303} 198,1791 1860,1961 6,984,159 1.835,749 Net cash Inflow from operating a¢tlvltles 4,498.129 3,072,404 22. Ca$h flows 2025 2024 Returns on Investments and servicing of flnance Endowment and investment income recelved Inteiesl paid 7,904,187 1960,0001 7.630,375 1961,2991 Net cash inflow from relums on ineorne and servicing of finance 6,944,187 6,669,076 Capltal oxpenditure and flnanclal Investment Purchase of tangible Fixed Assets Proceeds of disposal of Tangible Flxed Assets Nel salellpurchase) of long-temi investments 11.557,4621 11,472,522) 57,000 11,902,595) {1,913.892) Net cash ouffiow from capital expendf(ure and financial investment 3,403,057 3,386,414 23. Analysls of cash and bank balances At b8glnnlng of year At end of yèar Cash flows Cash al bank and in hand 3,600,212 (956,9991 2,643,213 Nel Funds 3,600.212 956,999 2.643,213 24. Ro¢on¢lliatlon & Analysls of Net Debt 2025 2024 Cash & Cash Equivalents as at 1st August 2024 Borrowing Greater Than 1 Year 3,600,212 3,389.954 (30,000,000} 130,000,000) Cash & Cash Equivalents as al 31st July 2025 26.399,788 26,610,046 35 DocuspJn EnvelDpÈ ID.. F977AF8C-396&4598-B78&06D03914E6C8 EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES The College operates three defined benefit pension schemes. the Universities Superannuation Scheme IUSSI, the Cambridge Colleges Federated Pension Scheme ICCFPSI and the Emmanuel College Service Staff Pension Scheme 119681. The total pension Cost for the pgriDd was £999,86812024.. £1,228,920) Unlversltles Supgrannuatlon Scheme Llmlted P¢nsion Costs The total cost charged lo the profll and loss account is £303.822 (2024= £338.318). A deficll recovery plan was pul in place as part of the 2020 valuation. It required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024. al which point the rate would increase to 6.3 /0. No deficit recovery plan was required under the 2023 valuation because the schme was In surplus on a technical provisions basis. The institution was no longtsr required to make deficit recovery contribution from 1 January 2024 and accordingly released the oustanding provision lo the slalement of income and expenses in the prior year. The lalesl avallable complete actuarial valuation of the Retirement Income Builder. Ihe defined benefrt part of the scheme. is as at 31 March 2023 {Ihe valuation dale). which was carried out uslng the projected unlt molhod. Since the institution cannot identify Ils share of USS Retirement Income Builder (defined benefit} asesls and liabilities. the following disclosures reflect those relevant for those assets and liabilllies as a whole. The 2023 valuation was the seventh valuation for the scheme under the schem&specific funding regime introduced by the Pension Act 2004. which requires schemes lo have sufficient and appropriate assets lo cover their technical provisions Ilhe statory funding objectivel. Al th8 valuation dale. the value ol the assets of the scheme was £73.1bn and the value of the scheme's technical provisions was £65.7bn indicating a surplus of £7.4bn and a funding ratio of 1110fi. The key assumplions used in the 2023 valuation are described below. More detail is sel out in the Statement of Funding Principles.luss.co.uklaboul-usfvalualion-and-fundinglslatemenl-of-funding-principlesl Pension Increase (CPI) 3.0 /D p.a Ibased on a long-term average expected level of CPI. broadly consislenl wlh long-term market exp8Ctationsl Pension increases Isubjecl lo floor of o.kl Benefits wlh no cap: CPI assumption plus 3bps. Benefit subje¢t to a 'soft cap. of 50/. Iprovidlng inflationary Increases up lo 50A and half of of any excess infflation over 5°h up to a maximum of 10QknI CPI assumption rNinus 3bps Discount Rate (forward falel Flxed Interest gilt yield curve plus: Pre_retirement 2.5¥0 p.a Pos1-reli￿Me￿t 0.9% p.a The main demographic agsumption used relates lo the mortality assumptlons. Th8se 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 tsble 101 % of S2PMA'lighl' for males and 95% of S3PFA fro females 36 Docusl9n Envel￿8 ID.. F977AF8C4986459B478&D6003914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES Icontlnued) Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.40/... 10.10 w2020 and w2021 parameters and a long term improvement rate of 1.8¢A p8 for males and 1.6 10 pa for females. The current life expectancies on retirement al age 65 are . 2025 Valuation 23.8 25.5 25.7 27.2 2024 Valuatlon 23.7 25.6 25.4 27.2 Males currently aged 65 lyearsl Females currently aged 65 lyearsl Male5 currently aged 45 lyearsl Females currently aged 45 {years) The Cambridge Colleges Federated Pen$lon Scheme About the S¢heme The College operates a defined benefit pension plan for the College's employees of th8 Cambridge Colleges, Federated Pension Scheme. The liabililies of the plan have been Calculated. at 30 June 2025. for the purposes of FRS 102 uslng a valuallon system designed for the Manag&menl Committee, a¢ling as Trustee of the Cambrldge Colleges. Federated Penslon Scheme, but allowing for the diffeienl assumptions required under FRS 102 and taking fully into consideration changes in the plan benofil slruelure and membership since that dale. The ala uarial assum lions at the balance sheet date were as follows.. June 2025 pa 5.50% 2.40% 2.90° 1.900h 2.85° 1.850A June 2024 pa 5.10Yo 2.85Y. 3.35% 2.35/ 3.15Y. 2.OOYo Discount rate Increase in salaries Retail Prices Index IRPI) assumptlon Consumer Prices Index ICPII assumption Pension increases In Payments IRPI Max 5Yo p.al Pension increases in Payrnents ICPI Max 2.50A p.al The undertying mortality assumption is based upon th8 Standard tablg known as S3PxA on a year of birth usage wth CMI 2023 future improvement factors and a long4erm rate of future improvement of 1.25Yo P.8 {2024'. same). This results in the following life expectancies.. Male age 65 now has a life expectancy of 21.4 years (previous￿ 21.4 years} Female age 65 now has a life expe¢t8ncy of 24.0 years {previously 23.9 years) Male age 45 now, retiring al age 65, has life expectancy from 65 of 22.7 years (previously 22.6 years) Female age 45 now. retiring at age 65,has a life expectancy from 65 0125.4 years (previously 25.3 years) 37 Do¢u$wJn Envelcpe ID.. F977AF8C-3966459B-878B-D6DD3914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES Icontlnuèd} Th• Cambrldgo Colleges Fod¢rat•d P•nslon Sehom8 {contSnued) Mernbers are assumed lo retire al Ihelr normal retirement ag&165} apart from in the following indicated ca5e5.' Mal Female 64 63 Active Members- Option 1 Benefits Deferred Members- Opllon 1 Benefits 62 Allowance has been made at retirement for non-retired members lo commute part of their pension for a lump sum on the basls of the current commutation factors in these calculations. The amounts reco nised In the balan sheet are as follows June 2025 June 2024 Present value of Scheme liabilities Market value of Scheme assets SurplusllDeficill in Scheme as at 30 June Related deferred tax asset Nel pension assetl Iliabililyl as al 30 June Increase in Scheme assets as a result of lump sum paid by College in June 2009 Net ponsion a$seU Illabilityl a5 shown In Collègo Balance Sheet at 31 July 114,025.5081 114,693,319) 12.385.847 12,602,850 11,639,661) 12,090,469) 11,639,661) 12.090,4691 11,639.661} 12.090,469 The amounts re nlsed in rofi r loss are ag follows.. Jung 2025 June 2024 Current service cost Inte￿$1 Cost IGainyLoss on Plan Changes Total 544, 180 108,607 477,961 133,339 23,038 634,338 652.787 Award of dlscreb'onary pension increase Chan es in the resent value of the Scheme li blities are as follow June 2025 June 2024 Present value of Scheme liabilitie5 at beginning of period servi￿ cost Ilncluding employee's conlribulions} Benefits paid Interest ¢osl IGainllLoss on Plan Changes Actuarial losseslgainsl Prèsent value of Schema liabilitias at end of perlod 14,693,319 596,945 1766.4951 745,388 14,047,650 527,083 1578,1621 730.393 23,038 56,683 14,693.319 1.243,649 14,025,508 Chan in the fair value of the Sch8me assets are a5 follows.. Jun8 2025 June 2024 Market value of Scheme assets at beginning of peri¢)d Interest on Plan Assets Return on as5els, less interest included in I&E Contributions by College Employee contributions Benefits paid Market value of Scheme a$sot$ at end of period 12,602,850 636,781 1913.8691 766.075 52,765 758,755 12,385 847 11,520,576 597,054 130,411 870.256 49,122 564,569 12,602 850 Actual Return on Plan Assets 1277,0881 727,485 38 Docusign EnVek1￿ ID.. F977AF8c-3￿￿S9B-B78B-D$D03914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEME5 (Continued) The Cambrldge Colleges F¢derated Pension Scheme {continuod) The ma for the r cale ories of lan ass ercenta ear endin 30th June 2025 are as follows.. eofl I lan assets Pér¢•ntage of total Schemg Assets June 2025 Percentage of total S¢heme Assets June 2024 Equities and Hedge Funds Bonds & Cash Propgrty Total 50% 37° 130 1000 46Y 42/0 12° 100Y. The plan has no investments in property occupied by, asset$ used by or financial instruments issued by the College. Analysis of the remeasuremenl of the nel d9fined benefit liability recognised in other comprehensSve income {OCII for the year ending 30 June 2025 June 2025 June 2024 Actual Relurn18ss Expected Return on Plan Assets Experience gains and Losses Arising on Plan Liabilities Change in AssuTnplions Underlwng the Present Value of Plan Liabilities Actuarial galnlllos$l Reeognised in OCI {913,869} (252.1661 1,503,555 337,520 130,411 35.594 34,682 200.687 Movement in su lusl d8fi¢it durin the ar in 30th June 2025 June 2025 June 2024 SurplusllDeficil} in Plan al Beginning of Year Recognised In Profil & Loss Contributions Paid by College Actuarial gainlllossl Recognised in OCI Actuarial GainllLoss} In Plan at the End of the Year 12.090,4691 12,527.074} 1652.787) (634,3381 766,075 870,256 337.520 200,687 1.639,661 2,090.469 Funding Pollcy Actuarial valuations are carrfed out every three years on behalf of the Management Commlttee, acting as the Trustee of the Scheme. by a qualified independent actuary. The actuarial assumptions underfying the actuarial valuation are d￿fe￿nt lo those adopted under FRS 102. The last such valuation was as al 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 lo paying contributions lo 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 £140,95S p.a. payable for the peri¢Jd 30th November 2033 These payments are subject lo review following the next funding valuation, due al at 31st March 2026. 39 Envek)pe ID.. F977AF8C-3g6N59B-B788-D6D03914E6C8 EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES (Continued) The Emmanual College S•r•lcg Staff Penslon Schemo {1968) The College operates a final salary defined benefit pension scheme in the UK, The Emmanuel College Service Staff Pension Scheme119681. A comprehensive actuarial valualSon of the Scheme was carried out as al 31 March 2021, which has been updated lo 31 March 2025 by a qualified independent actuary. rinci 818cluarial assum tions al the ba18n¢e sheet date ex ressed as wei hted avera Asat 31 March 2025 5.80Yo nla 2.90Yo 2.90Yo 3.30Y. o.oy. 3.40% Asat 31 March 2024 4.9¥ nla 3.0¥0 3.0Y. 3.40 O.OYo 3.5% Fin•nclal assumptlons Discount rale Expected return on plan assets Future salary increases Pension revaluation in deferment ICPI. maximum 2.5Vhl Pension Increase in paymgnt IRPI. maximum 5.hl Proportion of employees opting for early ￿tirement Inflation assumption Demographl¢ assumptlons Assumed life expectancy in years, on r81irement al 65 Retiring lod8y Males Females Males Females 21.6 23.9 22.9 25.3 21.3 23.8 22.6 25.2 RetlrSng in 20 years ee benefit obli ations- amounts reco ni ed in the balance sh A$at 31 March 2025 4,657,000 6,527,000 1,870,000 Asat 31 March 2024 5.116,000 6,222,000 1,106,000 Present value of funded obligations Fair value of plan assets SurplusllDeficill in the scheme Relaled deferred lax asseV{liabilrtyl Nel penslon assevlliabilityl 1,870,000 1,106,000 The amounts r nised in rofil or loss are as follows.. For year to 31 March 2025 For year to 31 March 2024 Current servi¢e cost. Interest expense Interest Income ' Admin expenses Gains and losses on settlements or curtaSlments Total cost 210,000 256.000 1313,0001 169,000 216,000 1276,000} 153,000 109,000 Actual relum{lossl on plan assets 1354,(K)01 160,0001 40 Docu$vJn Envdope ID.. F977AF8c-396&4s98-B788￿6D03914E6¢B EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES (Continuèd) The Emmanuel Collaga Sarvlce Staff Pension Schgma (1968) Icontlnued} Chan the resent value of the defined b fil obli alion are as follows For year to 31 March 2025 For year to 31 March 2024 Opening defined benefit obligation Current service costs Past service cost ember contributions Interest cost Actuarial losses Igainsl Benefits paid Closing defined benefit obligation 5,116,000 210.000 4.544.000 169,000 99,000 256,ClOO 1916.000} 108,000 4,657,000 78,000 216,000 262,000 153,000 5,116,000 The projected unit valuation rnethod has been used lo arrive at the above service cost. The use of this method is prescribed in FRS 102. To produce a stable future contribution rate this valuats'on malhod assumes that the average age of the Scherne membership wll remain broadly constant in future due to a flow of new entrants lo th8 Scheme. If a scheme is closed lo 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. Chan es in the fair value of lan assets are as follows For year to 31 March 2025 For year to 31 Mar¢h 2024 Opening fair value of plan assets Return on assets, less interest included in I&E Interest income, net of adminislralion fee Contributions paid by the employer Member contributions Benefits paid Closing fair value of plan assets 6,222,000 1354,0001 313.000 355,000 99.000 108,000 6,527.000 5.735,000 160,0001 276.000 346,000 78,000 153,000 6.222.000 The College expects to contribute 20Q/o of Total Penslonable Salaries to The Emmanuel College Servlce Staff 1968 pension Scheme in the next accounting year. The Emmanuel College Service Staff Pension Schomo (19681 {¢ontinuedl The ma or cale orie5 of lan a as ercenla e of total lan asset and ex s follows.. As at 2025 As at 2024 % total plan Expectsd Yo total plan Expected assets return assets return Unilised with profits policy Cash Equities Bonds 0.0% 0.4 10 53.70 45.9Vo nla nla nla n18 98.5¥. 1.5Y. nla la nla nla 41 D￿U￿9n Envèlopè ID.. F977AF8C-396U598-B788-D6003914E6C8 EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES IContlnued} GMPE uali5atlon Follo￿7ng the High Court rulir)g on 26 October 2018, regarding the equalisation of Guaranteed Minimurn Pension {GMP} benefit wlhin the Lloyds pension schema, th8 Scheme is required to adjust benefits to remove the inequalities between the GMP benefi15 awarded to males and females. On 20 Novernber 2020 tho High Court issued a supplementary ruling in the Lloyds ban GMP equalisation case with respect to m8mbers that have transferred out of Ihelr s¢heme prior lo the ruling. The ruling obliged Trustees to make top-up payments in respect of historic Iransfers that were not paid on an equallsed basis. No allowance for GMP equalisation was made by the College in last ye8Is ¢Jisclosures. 26. CONTINGENT LIABIUTY The College is a particlpaling employer in the Cambridge Colleges Federated Pension Scherne ICCFPSI and Emmanuel College Service Staff Pension Scheme119681 Ilhe "Schemes'l The Trustees of the Schemes have recently completed a triennial valuation of the Schemes and il has agreed that as part of ils legal commitment to pay contributions lo the Schemes in accordance with the Pensions Act 2004, the College provide security over property in favour of the Trustèas. The College has assigned 19 and 20 Warkworth Street for this purpose with a value of £2.1m at 31 sly July 2020. 27. SUBSIDARY COMPANY The College's investments include the fdlowing subsidiary, which have been included in the consolidated financial slalements= Country of registration and operation Class of share Proportion held Nature of business Blue Lion Limited England Ordinary 100% Property development The subsldlary company has a 31 July year end The Trustees believe that the carryng value of the investments is supported by their underfying nel assets. 28. RELATED PARTY TRANSACTIONS Owing lo the nature of the College's operations and the composition of ils Governing Body it is inevitable that transactions will lake place with org8nisallons in which a member of the Goveming body may have an interest. Al transactions involving organisalions 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 Cdlege has provided housing loans totalling £80.00012024'. £160.000) to ils Fellows for personal use. This amount has been inctuded In debtors. 42 Docusign Envebpe ID.. F977AF8C.396FA59B-B76B-D6D03914E6¢B EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 29. Financlal Instruments 2025 2024 Financlal Assets Financial assets al faSr value through Slalement of Comprehensive Income Listed Equity Inve81ment 264.971.543 192,261,577 Financlal assets that are equity instruments measured at cost less impairment Other Equity Investmonts 34,984,043 92.585.3tk% Financial assets that are debt inslrurnents measured al amortised cost Cash & Cash equivalents Other Debtors 2.643.213 261.035 3,600,212 589,250 Flnanclal Llabllitles Financial liabilitie5 measured at aM0￿$0d cost Loans Trade Creditors 30,000.000 448,086 30.000,000 912.703 43 Docusiw Envelope ID.. F977AF8G39664598478B-D6D03914E6CB EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 30. PRIOR YEAR INCOME AND EXPENDITURE ACCOUNT Note 2024 2024 2024 Unrestrl¢ted Rostrlcted Endowment 2024 Total INCOME Academic Fees and Charges Residences. Catering and Conferènces Investment Income Endowment return Iransfgr Other Income 3,413.539 S,659.330 4,747,962 1,991,331 2,459,338 1.002.482 335.986 3,413,539 5,659,330 7.630.375 3,841,309 335,986 891,L)82 379,489 Total incomè before donations and endowments 16,616.155 2.993.813 1,270,571 20,880,539 Donations 1,550,618 3,812,781 1,467,677 6,831,076 Total Income 18,166,773 6.806,594 2,738,248 27,711,615 EXPENDrruRE Education Residen¢e5, Catering and Conferences other expendiluro Conlribullon Under Ststuts G,11 5.579.686 1.094,594 8,174,287 13,875 3.058,522 1.004,014 136,680 36,164 461,045 831,047 309,386 28,176 7,135,325 9,019,209 4,371,922 201,000 8¢ Total Expenditure 16,949,155 2,148,647 1,629,654 20,727,456 Surpluslldeficill before other gains and losses 1.217.618 4.657,947 1,108,594 6,984,159 Transfers 676,738 1941.199} 264,461 Gainlllossl on invesknents 6,488,682 14,466.136 9.039,092 29.993,910 Surplusl{defi¢itl for the year 8.383,038 18,182,884 10,412,147 36,978,069 Other comprehenslve Income Actuarial Ilossl in respect of pension schemes {121.3131 1121.313) Total comprehensive Income for the year 8.261,725 18,182,884 10.412,147 36,856,756