JESUS COLLEGE CAMBRIDGE ANNUAL REPORT AND ACCOUNTS for the year ended 30 June 2024 JESUS COLLEGE, CAMBRIDGE ANNUAL REPORT AND ACCOUNTS for the year ended 30 June 2024 Contents Page Number Fellows, Emeritus Fellows, Honorary Fellows, St Radegund Fello and Fellow Commoners Corporate Govemance Officers, Council and Principal Professional Advisers Financial and Operating Rewew Statement of Internal Contfol 15 Responsibilities of the College Councll 15 Independent Auditors. Report 16 Statement of Principal Accounting Policies 20 Consolidated Statement of Comprehensive Income and Expenditure 26 Consolidated and College Balance Sheet 27 Statement of Changes in Reserves 28 Consolidated Cash Flow Statement 29 Notes to the Accounts 30 JESUS COLLEGE CAMBRIDGE CB5 8BL Vi51tor: The Bishop of Ely Master: Ms S. Alleyne, o.B.E.. F.R.A., F.R.S.A. President: Dr C.M. Burlinson (until 30 September 20231, Professor D. l. Wilson Ifrom 1 October 20231 The Fellows of the College {in order of election>: Professor P.H. Nolan, c.B.E. Professor G.T. Parks Professor R. Cipolla, FRS, F.R.Eng. Professor S. Fennell Professor D. l. Wilson, c.Erg., Sc.D. Dr J.W. Ajioka Professor J.P.T. Clack50n Professor M.R. Laven Professor T.S. Aidt Professor T.D. Wilkinson Dr V.M. Mottier Dr F.M. Green Professor l.H. White F.R.Eng. C.B.E, Professor J.A. Dowdeswell, Sc.D. (until 30 September 20231 Professor N.G. Berloff Professor S.M. Clarke Professor W. Federle Professor B. Walton Professor O.A. Scherman Professor C.E. Chambers Professor J.J. Baumberg. F.R.S. Professor G. N. Wells Professor D.J. Kelly Dr C.M. Burlinson Professor B.M.B. Post Professor A.H. Brand, F.R.S. Dr M.J. Edwards Professor K.S. Lilley Professor C. Mascolo Professor C-B. Schoenlieb Dr R. Reich Profe550r F.G.F. Stark Profe550r S. Schnall Professor M.T. Condé Professor D.A. Cooper Dr T. Savin Professor S.J. Colvin Dr S.V. Stinchcombe Professor V.M.P.M.D. Carvalho Professor K.A. Steerners Professor Y. Peleg Dr M. Harper Professor U. Schneider Professor C. Fenton-Glynn (until 31 July 20231 Professor D. Nally Dr S. R.L. Stacpoole Professor H.M. Williams Professor P.J. William50n Professor S.E. Dutton Professor J. Green Professor M.L. Elliott Dr J.L. Huppert Dr R.F. Anthony Dr A.J. Grant Dr J.L. Berenbeim Ms E.A. Williams Dr J. Bellingham Profe550r J. Danesh Professor R.C. Evans Mrs M. de Vincent-Humphreys Rev'd J.R.W. Crockford Dr R.A. Barr Professor N.S.M. Guyatt Dr C. Cole (until 31 July 20231 Dr H. Mccarthy luntil 30 September 20231 Ms A.C. Goymour Dr M. Wilkinson Dr A.R Bowden Mr S. Websdale Dr M. Arbuthnot Dr D.P.J. Moulin Dr N. Buitron Dr G. Wilkes Dr J. Tenney Dr E.J. Marek Dr S.J. Diener Dr M. Long Dr A. Chen Dr P. Dominiak Profe55or C. Marquis Professor M.A. Brazelton Professor S.M. Zahl Dr A. Koronaki Dr B. Sheil Mr B.R. Sheen Dr A.W. Cowan (from 1 October 20231 Dr P.M. Keller Ifrotn 1 Qctober 20231 Dr T. Dixit Ifrom 1 October 20231 Dr R. N. Fasel Ifroffl 1 October 20231 Professor S. Gilmore Ifrtsn 1 October 20231 Dr F. M05COs0 del Prado Martin Ifrem I October 20231 Professor J. Arday Ifrorn 1 October Z0231 Emeritus Fellows: Dr J.A. Hudson Dr J.E. Roseblade Dr W.C. Sa51aw Mr P.R. Glazebrook, M.A. Professor J.T. Killen, F.B.A. Professor S.C. Heath, Litt.D. Professor P.D.A. Garnsey, F.B.A. Dr S.B. Hladky Dr D.E. Hanke Dr M.R. Minden Professor N.J. Ray, M.A. A.R.l.B.A. Professor J.B.Thomp50n Professor J.R. Howlett Professor W.J. Stronge Professor l. Paterson F.R.S. Dr R.D. Bowers Professor Lord Renfrew of Kaimsthorn, Dr M.P.C. Oldham Professor J.M. Soskice Professor R. Mengham Professor D.A.S. Comp5ton, c.B.E.. F.R.C.P.. F.R.S. Professor M.M Arnot, F.R.S.A., F.Ac.S.S. Revd Dr T.D. Jenkins Professor Sir Bruce Ponder, F.R.C.P., F.R.S. Dr A.J. Bowen Professor J.C.W. Mitchell. F.B.A. Professor S.A.T. Redfern Professor J.M. Bacon, Hon.O.Univ Mr S.J. Barton, M.A. Professor Lord Mair, c.B.E., F.R.Eng. F.R.S. Professor J.A. Dowdeswell, k.D. Ifrom 1 October 20231 Professor H. le B. Skaer Mr R.J.P. Dennis, M.A. Mfs A. Kunzl-snodgrass Professor M.L.S Sorensen F.B.A. Honorary Fellows: Hon. A. R. Gubbay> M.A., LL.M., Hon.LL.D. STr David Wootton, M.A. Lord Renwick of Clifton, M.A., Hon.LL.D., Sir Richard Long, c.B.E., R.A. HoD.D.Lilt., F.R.S.A. Professor R.J.W. Evans, Hon.Litt.D.. F.B.A., Lord Rees of Ludlow, o.M., M.A., Hm.Sc.D.. F.L.S.W. F.R.S. Sir Jonathan Ive, c.B.E., Hon.Sc.D. Professor R. F. Tuck, M.A. F.8.A. The Rt Hon Sir Stephen Irwin, p.c. M.A. Professor Dame Sandra Dawson, D.B.E., M.A., Hon.D.Sc., F.l.P.H., F.C.G.l. C.l.M. Sir Alan Fersht, Ph.D., F.R.S. Sir David Hare, M.A.. Hon.Litt.D., F.R.S.L. Professor Lord Mair, C.B.E.. F.R.Eng.. F.R.S. Mr A.M.D. Gormley, o.B.E., M.A., Hon.Litt.D. Dr 8.J. Wilkes, F.R.A.S. Reverend Professor Sir Bernard Silverman, Ms A. Wilding, R.A. M.A.. Sc.D., F.R.S. Professor R.L. Gilchrist, M.C.If.A, F.S.A.. Lord Watson of Richmond, c.8.E., Al.A., F.8.A. F.R.T.S. Professor M.M. Mccabe, F.B.A. Professor Lord Renfrew of Kaimsthorn, Professor A. Bashford, F.A.H.A., F.B.A. Sc.D., Hon.D.Lit., F.B.A. Mr D. Murray Mr M. Perahia, F.R.C.M. Professor V. Shepherd Professor K. E. Wrightson, M.A., F.R.Hi5t.S., Ms F. Morris, M.A. F.B.A. Professor S. Rutherford Professor E.S. Maskin, H￿.sC.D.. F.B.A. Ms V. Ryan, O.B.E. The Rt Hon Sir Rupert Jackson, P.C.. M.A.. Professor R. Howat LL.B. lix H. Macdonald Professor T.F. Eagleton, M.A., F.B.A. Ms A. Thurnauer Mr J.A. O'Donnell, M.A.. K.C.S.G. F.R.C.O., F.R.S.C.M., F.G.C.M., F.R.C.M. Professor Y. Lari, R.l.B.A. The Rt Hon Sir Colman Treacy, p.c. Al.A. St Radegund Fellows: Mr J.W. Hudleston Mr R. P-L. Kwok. M.A. Mr P.J.S. Yates, M.A. Mrs S.J. Yates, M.A. Mr B.N. Buckleyj M.A. Ms J.M. Sainsbury, M.A. Professor P.J.A. Frankopan, M.A. Dr L. Rausing Professor P. Baldwin Mr G.F Hart Mr R.F. Davies, M.A. Mr. J.L. Marshall, M.A. Fellow Commoners: Rev'd Dr J. Leach (until 30 September 20231 Dr S.S. Saxena luntil 30 September 20231 Emeritus Fellow Commoners: Mr J. Cornwell, M.A. Professor B.A.K. Rider, o.B.E., Hon.LLD. Corporate Governance 1. The following statement is provided by the Trustees (Council) to enable reader5 of the financial statements to obtain a belter understanding of the arrangement5 in the College for the management of its resources and for audit. 2. The College is a registered charity (registered number 11374621 and subject to regulation by the Charity Commission for England and Wales. The members of Council are the charity trustees and are resFK)nsible for ensuring compliance with charity law. 3. The Trustees are the Council which is advised in carrying out its duties by a number of Committee5. These include the Bursarial Committee, Investment Committees (Financial and Property), Education Board, Development Committee, Buildings Commlttee and Staff Committee. 4. It is the duty of the Bur5arial Committee to keep under review the effectiveness of the College's internal systems of financial and other controls,. to advise the Tru5tee5 (Council) on the appointment of external audltors,. to consider reports submitted by the auditors, both external and internal,. to monitor the implementation of recommendations made by the auditors. to make an annual report to the Trustees (Councill. 5. There is a Register of Interests of Trustees Imembers of the Council). Declarations of interest are made systematically at meetings. 6. The College's Trustees Imembers of the Council) during the year ended 30 June 2024 are set out on page 7. Officers, Councll and Prlncipal Professional Advisers Master: Ms S Alleyne OBE FRA FRSA President: Dr C.M. Burlin50n (until 30 September 20231, Professor D. l. Wilson (from 1 October 20Z31 Senlor Tutor: Dr P. Dominiak Bursar: Dr R.F. Anthony Domestic Bursar: Mr S. Websdale Council Ms S. Alleyne, Master Dr C.M. Burlinson, President (until 30 September 20231 Professor D.1. Wilson, c.Eng-, Sc.D., President (from 1 October 20231 Dr P. Dominiak, Senior Tutor Dr R.F. Anthony, Bursar Dr J. L. Huppert Dr J.Tenney Professor D. l. Wilson, c.Eng. 5c.D. Professor K.A. Steemer5 Professor D.J. Kelly Dr J.R. Howlett Dr J. Bellingham Rev'd J. Crockford Professor C.E. Chambers Dr A.J. Grant Profe55or M.R. Laven Professor N. Guyatt Dr J.L. Berenbeim Professor J.P.T. Clackson Ms. E.A. Williaffls Dr M. Long luntil 30 September 20231 luntil 30 September 20231 luntTI 30 September Z0231 (until 30 September 20231 (from 1 October 2023 (from 1 October 20231 (from 1 October 20231 Ifrom 1 October 2023 to 22 January 20241 Ifrom 13 February 20241 luntTI 30 November 20231 (until 17 July 20231 (until 16 June 20231 (until 23 November 20231 (from 1 December 20231 (from 1 October 2023 to 4 June 2024 (from 5 June 20241 (from 17 AL¢gust 2023 to 13 June 20241 from 14 June 20241 from 24 November 20231 Dr F. Moscoso del Prado Martin Ms N. Lee, J.C.S.U President Ms l. Kaufman, J.C.S. U. Mr M. Turner, MCR President Mr T. Schmidt, MCR Mr A. Mi5hra, J.C.S.U. President MrJ. Brown, J.C.S.U. Mr J. Jessop, J.C.S. U. Ms A. Gilmartin, M.C.R. President Mr T. Pritchard, M.C.R. President Mr M. Turner, M.C.R. Auditors: Peters Elworthy & M(x)re Salisbury House Station Road, Cambridge CB12LI Bankers: Lloyds Bank PLC 25 Gresham Street London EC2V 7HN Flnanclal Advlsers: Cazenove Capital l London Wall Place London ECZY SAU Financial Advisers: University of Cambridge Investment Management Ltd 41h Floor, Northdown House Northdown Road London N1 98N Penslon Scheme Actuaries: Mercer la wholly owned subsidiary of Marsh & McLennan Companies) (for Phoenix Life Ltdl 1 St Floor, Rosemoor Court Pynes Hill Exeter EX2 STU Insurance Brokers: Aon UK Ltd The Aon Centre The Leadenhall Building 122 Leadenhall Street London EC3V 4At4 Property Managers (Agricultural & Commercial): Bidwells LLP Trumpington Road Cambridge CB2 2LD Financial and Operating Revlew Introduction Jesu5 College was founded in 1496 when it was granted its Royal Charter. The College is an autonomoL¢S, self-governing community of scholars, one of the 31 colleges Wlthin the University of Cambridge. Jesus College admit5 Students to study for all degrees at the University. In 2023-24 there were 513 undergraduate and 394 postgraduate students at the College. For the purposes of the Oxford and Cambridge Act 1923 the governing body is the Society, con515ting of the Master and 88 Fellows, who are mostly academics holding teaching and research posts at the University and the College. The College Council has control and management of the affairs of the College and its members are the Charity Trustees. Aims and objectives of the College The College's charitable objectives are to establish a college within the University of Cambridge for the advancement of education, learning, research and religion. Publlc Beneflt The College provides, in conjunction with the University of Cambridge, an education for undergraduate and postgraduate students, which is recognised internationally as being of the highest standard. This education develops students academically and advances their leadership qualities and interpersonal skills, and so prepares them to play full and effective roles in society. The College maintain5 teaching, library and study facilities in support of these activities. The College admits as students those who have the highest potential for benefiting from the education provided by the College and the Univer51ty and recruits as Fellows and academic staff those who are able to contribute most to the academic excellence of the College, regardless of their financial, social, religious, or ethnic background. The College provides financial support to its students through scholarships, awards, and prizes to fund fees, maintenance, research, and travel costs. It contributes, together with the University and the other Cambridge Colleges, to the Cambridge Bursary scheme, which is the primary mechanism of financial support for undergraduates to study at Cambridge, and to the Vice Chancellor's Awards and the Cambridge Masters Studentships to support postgraduate5. The College also funds several undergraduate and postgraduate scholarshlps, details of which can be found on the College's website. In terms of broader educational opportunities, the College, with the asslstance of the JCSU and MCR and with the support of the Jesus College Boat Club Trust, funds and provldes for a wide range of activities, including sports, music, theatre, and other cultural and creative activitie5. The College runs a programme of careers events and activities, including Jesus Connect, a career and mentoring online platform. An increasing focus is on the pastoral support offered to students: students have access to a Tutor, who is a College Fellow or Bye-Fellow, and the College employs a College Nurse and a Mental Health Nurse, all of whom are able to signpost students to more specialist coun5elling and support services provided by the University. which are partly funded by the College. The College advances research through: Providing stipendiary Research Fellowshlps In the humanities and science5 to outstanding acadetnics at the early stages of their careers, which enable them to develop and focus on their research. Supporting research work pursued by its Fellows financlally and through promoting interaction across dTsciplines. Encouraging visits from outstanding academlcs from across the world in all disciplines. The work of the Intellectual Forum 15 aimed at bringing together academic research with experts from industry, governments, and not-for-profit organisations to address key contemporary issues. The Global Issues Dialogue Centre IGIDCI, the China Forum and the Cambridge Central Asia Forum are interdisciplinary centres which examine i55ue5 that impact on overseas national and regional areas, particularly in relation to China, and Central Asla and the Caucasus, organi5ing a range of events and initiatives, and in the case of the GIDC, undertaking research. The College provides support to a range of musical activities, in particular through the College and Chapel Choirs. The College employs a full-time Director of Music, and each year awards a number of Choral and Organ scholarships. In addition, it offers places in the Chapel Choir for younger choristers from the Cambridge area. The College advances religion primarily through its Chapel, which has been in continuous tjse since before the College's foundation. Regular services are held, which are open to the public. The College employs the Dean of Chapel, who is an Anglican priest, and who provides for wder spiritual and pastoral care for the students, Staff and Fellows. During the year the College opened a Multi-Faith Space, which is an area of the College that provides for worshlp, celebration or meditation acr055 all faith traditions and for those who do not identify with any religion. The College provides accommodation and catering services to many of its members, which it regards as an essential part of developing and maintaining a collegiate community. Fundlng The College levies fees and charges for the following.. To undergraduates at externally regulated rates for those home students who are eligible for public support, and to other undergraduates to contribute towards the cost of their education. To postgraduate student5 to contribute towards the cost of their education. For accommodation and meals at subsidised rates. The fee5 and charges made to students are significantly below the full economic cost of providing the education, accomrnodation, meals and other seNices. These subsidie5 are funded through.. The provision of the College's accommodation, catering and other facilities for external conferencing activities, which are charged at commercial rates. The return from the College's endowment assets. Donations from the College's alumni and supporters. Achievements The most slgnificant achievement has been the College's continuing ability to support its academics and student5 in a challenging financial environment, one in which Home undergraduate fees are fixed, and higher education institution5 are still suffering from the impact of high rates of inf lation in 2022 and 2023 and a resulting increase in c05t5, particularly utilities. Despite these challenges. the College provided increased support for its students and remained steadfastly focused on helping the brightest students fully achieve their potential. The College's conferencing business, which is centred on its West Court facilitie5 and the recently- refurbished Forum buildings, continued to go from strength-to-strength, with income exceeding pre- pandemic levels and expected to grow in future years, offsetting the growlng losse5 in the College's core educational activitie5, and supporting the accommodation and catering service5 provided to Its Fellow5, Staff and students. In the investment property portfolio, part of the College's endowment that is essential in subisidising the College's charitable activities, there was the completion of a project to redevelop a row of old and redundant garages on Elm Street into nine residential units. These will be retained as part of the College's core strategic landholding around New Square and let to provide additional rental income to the College. The year also saw the completion of a major redevelopment of property on 59 Hills Road11 Station Road into a restaurant and three flats, all of which have been let. In addition, there was the completion of a new property at 10 Station Road, which was the last of the buildings on the southern side of Station Road to be redeveloped, enhancing the value of the College's freehold and helping the CB1 area to grow a5 the Cambridge's 'Central Business District,. 10 Considerable progress was made with regard to the College's ambitious Responsible Investment Policy and Sustainability Strategy. This Included several projects and initiatives to improve the environmental performance of its a55ets, such as the installation of PV panels on the Forum and Gym buildings, and ongoing engagement with Fellows, Staff and students. Through working with others, the College continues to take a lead in collegiate Cambridge on sustainability issue5, demonstrated by its role in a collaborative project to bring foNard sustainable cash deposit and money market funds, and its support for a research project to develop a 1. 5"C-aligned corporate bond index. The College remains a highly popular college for applicant5, especially undergraduates. The College continues to have a large number of undergraduate applicants, offers and entrants from state. educated and disadvantaged backgrounds. The multiple achievements of the College members are listed extensively in the College's Annual Report, which is available at hit s: Ilwww. esus.cam.ac.uklalumni/colle ublications. Flnanclal Revlew Inconje and Ex endNture Operating income from the College'5 unrestricted actlvltles Increased by 7%, while expenditure increased by 6%. The operating shortfall remained significant at £7. 1 m. Endowment and donatlons income was 20% higher. As a consequence, there was a surplus of £1,363,000: Unrestrlcted Income & Expenditure 2023-24 2022-23 £'ooo É'ooo Total Operating Income Total Expenditure Operating shortfall Endowment income and donations Surplus/lDeficltl 13,843 12,888 17,0541 16,7751 1,363 251 However, the surplus benefited from two fixedlheritaqe assets donations IEO.8ml and a £1.2m pension credit compared to a £0.2m credit in the previous year. eroti Income The College's operating income consists primarily of its academic fee5, Student rents and catering and conferencing receipts. The increase was caused primarily by a rise in conferencing income: Fee income increased by 2%, as a result of increased fees for postgraduates and oversea5 undergraduates, which was offset by a reduction in undergraduate and postgraduate numbers. Student catering income fell, due to the impact of the removal of the Kitchen Fixed Charge for new undergraduates. Student rent income increased by 4%, due to an inflationary increase in rents,. Conferencing income continued its post-pandemic recovery reaching £3.9m I2022-23.' Other income increased to CO.5m12022-23: £0.2ml. erotln enditure ex Operatlng expenditure increased by 6%. Whi15t some of this was due to the Increased level of activitie5 in conferencing, the College was significantly impacted by inflation, with increaslng costs affecting all areas, notably utility costs and grants & bursaries. Staff costs would have 3150 increased had it not been for the large pension credit (see the Staff and Pen510nS section for further detail). Educotion The College ran a deficit of £5.8m on its educational account a5 fee income T5 significantly below the costs of admitting, teaching and supporting students. This also includes the cost of supporting research, which accounts for £1.4m of costs. The deficit is only sustainable throLtgh funding from donations and endowment income. Accommodatlon, Conferenclns ond Catering Income increased from £8.5m to £9.1 m, with the growth primarily dve to conferencing. Costs also rose from £10.8m to £12.Om. The deficit on these activities increased to £Z.8m 12022-23.. £2.3ml. Poy Related C05t5 Payroll costs, which are the largest element of the College's expenditure, decreased from 39% to 36% of total expenditure. However, this was entirely due to a large pension credit, and excluding this element the percentage remained stable at around 39% erotin Short Gll The Operating Shortfall measures the excess of College costs over Operating Income. The financial pressure on the College in terms of its core educational, accommodation and catering activities means that the College is reliant on the support of donations, its conferencing business and its endowment income to enable it to generate a surplus. The income from endowment ensures that the College Is able to keep pace with the growng demands placed upon it. Investment Per The College's investment portfolio produced a total return of 7. 1% (2022-23.. 5. 1%) during the year. The capital value increased from E224m to £237m, comprising the College's financial a5sets1£121 ml and property 1£116ml. The overall performance was in line wTth long-run target return of CPl+5% 17.1%). The financial portfolio achieved a return of 8.8%, reflecting movernents in the global equity markets, especially in the first half of 2023. The College's financial investments are primarily managed by the Cambridge University Endowment Fund and Cazenove Capital. In the property portfolio, which is heavily concentrated in the Greater Cambridge area, the College saw rises in the value of its commercial properties, notably on Station Road, which more than offset a small reduction in residential values. A5 a result, the capital value of the investment properties increased by 2.1%. which, wth an income return of 3.4%, resulted in an overall return of 5.5%. ormance The College is advised on its investments by two committee5, the Financial Investment Committee and the Propeity Investment Committee, with the majority of the membership consisting of external experts. Investment Costs The costs of managing the College'5 endowment are charged directly to the endowment and do not form part of the Operating Income and Expenditure calculations. Investment Costs for the financial portfolio were £0.2m 12022-23.- £0.2ml. Investment C05t5 for the property portfolio Iland and buildings) are a mixture of agency fees, buildings repair costs, and additions/disp05als Costs. The total was £0.9m 12022-23.. £0. 9m). Costs associated with property development activitie5 were £0. 1 m 12022-23.. £0.8ml, reflecting work across a range of projects. itol Ex nditure The total capital expenditure on fixed assets was £1.6m 12022-23.. £6.8ml. The significant reduction was due to the completion of the Kitchen project in the prior year and a VAT rebate on this project, which was received during the year. 12 8alance Sheet and Reserves Net College assets increased slightly to £385m12022-23.' £375ml, with the growth in investment assets and fixed 355et5 partially offset by a reduction in cash balances. Long-term creditors represent unsecured bank loan5 and bond5. In October 2018 the College undertook a private placement transaction consisting of two tranches of bonds, E20m each, repayable in 2058 and 2068 and with fixed interest rates of 2.63% and 2.65% respectively, with the drawdown of the 2068 tranche occurring in October 2020. The College a150 ha5 a C20m bank loan repayable in 2039 with an interest rate fixed, for the most part, at 4.6%. Restricted reserves increased by £9m to £247m, whilst Unrestricted reserves increased by £1 m to E138m. The Restricted reserves are predominantly wnade up of the College's permanent unrestricted endowment and are therefore significantly affected by any movement in the investment values. The Unrestricted reserves were uplifted by the large surplus on the unrestricted income and expenditure account, which wa5 entirely due to a large penslon credit and two fixedlheritage asset donations. The College is committed to a steady long-term increase in its finanthal resources to ensure that it can continue to meet the needs of its members in the future, and it has adopted a policy of maintaining the value of its re5erve5 in real terms over the long term. This is consistent with a charity th the history and position of the College that has met the needs of its members over many centuries. Sta Gnd Pensions Non-academic staff number5 ifkcrea5ed by 12% partly due to the increase in the conferencing business. Staff costs fell slightly, but there was an underlwng increase masked by a positive movement in pension provision5. In relation to pensions, for USS, which is for its Fellows and academic staff, the provision was completely reversed, resulting in a E1.2m credit. A separate small loss was included In Other Comprehensive Income solely in relation to the Jesus College Cambridge Pension Scheme IJCCPSI, which is for non-academic staff and is c105ed to new members. All of these movements are non-cash adjustments. The positive net asset position of the JCCPS of EO.7m arises from a long-term with-profit contract with a life assurance company and explain5 why the scheme has remained consistently in surplus. With regard to USS, a provision is not calculated on an actuarial basi5, but it represents the discounted cost of future deficit recovery payments. As a result of the 2023 valuation, deficit recovery payments were no longer required, and the prior year provislon was therefore completely reversed. This calculation bears no relation to the overall liabilities of USS, where the College has an unspecified contingent liability, due to the multi-employer, 'last-man standing, nature of the scheme. Fundr0i5in The donor participation rate is 15% 11,5041 of the College's alumni for who it has contact details. Donations Increased to £4.1m 12022-23.. £2.6ml. Fundraising costs during the year amounted to £0.4m. The College's fundraising is focused on Its alumni and supporters, who have established connections with the College. The College does not use external fundraisers. Fundraising and alumni relations are the responsibility of the College's Director of Development & Alumni Relations, who is a Fellow and who reports to the Development Committee and the College Council. The College 15 registered ￿th the Fundraising Regulator and complies with the Code of Fundraising Practice. Prlncipal risks and uncertainties The major risks to which the College is exposed are assessed by the responsible College departments and Committees reporting to the Council, and are documented in the College Risk Register, which 15 reviewed each Lent Term. The most significant short to medium-term risk facing the College relates to volatility and reduced returns from its endowment and inflation. The College is particularly under pressure in terms of staff and utility costs and the rising cost of supporting its Students. As a result, the College faces the 13 possibility of reduced growth in endowment income at the same time as inflationary pressure on its Costs. The financial pressure bears most on its educational actiwties, where the failure to see any rise in UK undergraduate fees at a time of higher inf lation, together with increasing financial and workload pressures on its Fellows (many of whom work principally at the Univer51tyl and education support staff, is of particular concern. Although the College's investments have performed reasonably well and met the target return, concern5 over the global economy and longer-term growth continue to overshadow the financial markets. The diversified nature of the College's endowment helps to mitigate risks associated ￿th the return from its investments, which are managed on a long-term total return basi5. The College's property portfolio is heavily focused on the Cambridge region, which has substantial development potential and has been of financial benefit given the sustained long-term growth of the Cambridge economy. The College's debt exposure is wnanaged through long-term loans and bonds at fixed interest rates. The long-term performance of the College is very closely linked to that of the University and the other Cambridge colleges. The Future The College continues to cope well in the face of adverse financial headwnds. Its conferencing business has recovered well post-pandemic and has potential for further growth. However, the impact of rising costs with relatively fixed income in a number of areas is a challenge for the College, if it shes to maintain and grow the support that it offers to its beneficiaries lits academics and studentsl. The College has responded to the challenge of climate change in both its investment and operational activities and will continue to play a lead in the collegiate Universlty. The position of USS ha5 improved significantly with the scheme now in surplus followng the 2023 valuation. But future valuation volatility to which the College is exposed to wth its small membership, but relatively large asset base, is of ongoing concern, although there are positive moves towards a medium-term reform of the scheme. With a rising deficit on its core educational activities, and a deficit on its accommodation, catering and conferencing account. it is important that the College maintains its financial position to meet these challenges. This can be achieved by increasing donations, growing its conferencing business, and protecting and growing its endowment. The College remains in robust financial health, and It is important that careful financial management Is continued in order to maTntain this pos?tion. On behalf of the College Council.. pk- Sonita Alleyne Master Dr Richard Anthony Bursar 4 November 2024 14 Statement of Internal Control 1. The Council is responsible for maintalning a sound system of internal control that supports the achievement of policy, aims, and objective5 while safeguarding the public and other funds and assets for which the Governing Body is responsible, in accordance wth the College's Statutes. 2. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims, and objectives- it therefore provides reasonable but not absolute assurance of effectiveness. 3. The system of internal control is designed to identify the principal risks to the achievement of policies, airns and objectives. to evaluate the nature and extent of those rlsks and to manage them efficiently, effectively, and economically. This process was in place for the year ended 30 June 2024 and up to the date of approval of the financial statements. 4. The Council is responsible for reviewng the effectiveness of the system of internal control. The following processe5 have been established= 5. The Council's review of the effectiveness of the system of internal control is informed by the work of the various Committees, Bursar, and College offlcers, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other reports. Re5ponsibllities of the College Council The Council is reswnsible for preparing the Annual Report and financial statements in accordance th applicable law and United Kingdom Accounting Standards (United Kingdoffl Generally Accepted Accounting Practice). The College's Statutes and the Statute5 and Ordinances of the University of Cambridge require the Governing Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that period. In preparing these financial statements, the Council is required to: select Suitable accounting policie5 and then apply them consistently., make judgement5 and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue in operation. The Council is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Statutes of the University of Cambridge. They are also responsible for safeguarding the asset5 of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Council is responsible for the maintenance and integrity of the corporate and financial information included on the College's website. Independent audltors. report to the Governing Body of Jesus College. Cambrldge Opinion We have audited the financial statements of Jesus College (the 'Collegel and its subsidiaries Ithe 'Group'i for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reserves, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdorn Generally Accepted Accounting Practice). In our opinion, the financial statement5'. give a true and fair view of the state of the Group's and College's affairs as at 30 June 2024 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requTrement5 of the Charities Act 2011 and the Statutes of the Unlversity of Cambridge. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our restJ)nsibilit7e5 under those standards are further described in the Auditor5, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the aLsdit evidence we have obtained is sufficient and appropriate to provide a basis for our OPTnion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basFS of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or conditions that, individually or collectively, may cast significant doubt on the Group's or College's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our respon5ibilitles and the responsibilities of the Trustee5 With respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other infomiation. The other ?nformation comprises the information included in the Annual Report other than the financial statements and our auditors, report thereon. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise explicitly stated in Our report, we do not express any form of ssurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial Statements, or our knowledge obtained in the course of the atjdit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material isstatements, we are required to determine whether there 15 a fflaterial misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Statutes of the Univer51ty of Cambridge In our opinion based on the work undertaken in the course of the audit: The contrlbution due from the College to the Vniversity has been computed as advised in the provisional assessment by the University of Cambridge and in accordance wth the provisions of Statute G,11, of the University of Cambridge. Matter5 on whlch we are requlred to report by exception In the light of the knowledge and understanding of the Group and College and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the followng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you If, in our opinion: sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records. or we have not received all the information and explanations we require for OL¢r audit. Re5ponsibllltles of the College Council As explained more fully in the responsibilitie5 of the College Council statement set out on page 15, the College Council are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view, and for such internal control as the College Council determine is necessary to enable the preparation of financial statements that are free from material mlsstatement, whether due to fraud or error. In preparing the financial Statements, the College Council are responsible for assessing the Group's and College's ability to continue as a golng concern, di5closing> as applicable, matters related to going concern and using the going concern basis of accounting unles5 the Trustee5 either intend to liquidate the Group or the College or to cease operatlons, or have no realistic alternative but to do 50. Auditor5, responsibilities for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to f raud or error, and to issue an Auditors. report that include5 our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audit conducted in accordance ￿th ISAS IUKI will always detect a material mlsstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basTS of these financial statements. Irregularlties, including fraud, are instances of non-compliance with laws and regulations. We design procedures In line with our responsibilities, outlined above, to detect material mi5Statements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 17 Our approach to identifyTng and a55essing the risk5 of material rnisstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectTvely had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the Group through discussions with Trustees and other management, and frorn our knowledge and experience of the education sector., we obtained an understanding of the legal and regulatory framework applicable to the Group and how the Group is complying wth that framework. we obtained an understanding of the Group's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance,. we identified which laws and regulations were significant in the context of the Group. The Laws and regulations we considered in this context were Charities Act 2011, the Statutes of the Universlty of Cambridge and taxation legislation. We assessed the required compliance with these laws and regulation5 as part of Olsr audit procedures on the related financial statement items. in addit70n, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance wth which might be fundarnental to the Group's ability to operate or to avoid material penalty,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We asse55ed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud fflight occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we,. tested journal entrie5 to identify unusual transactions. assessed whether judgements and assumptions made in detemiining the accounting estimates set out in the accounting policy were indicative of potential bias., and investigated the rationale behind significant or unusual tran5action5. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to= agreeing financial statement disclosures to underlying supporting documentation; reviewing mTnutes of meetings of those charged with governance,. enquiring of management as to actual and w)tential litigation and clalms,. and reviewing correspondence with relevant regulators and the College's legal advisors. There are inhererbt limitations in our audTt procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compliallce. Auditing standards also limit the audit procedures required to identify non- compliance wth laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material mi5Statements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 18 A further descrlptlon of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org. uk/auditorsresponsibilties. This description forms part of our auditor5, report. Use of our report This report is made solely to the College's Council as a body, in accordance with College's statutes, the Statutes of the Universlty of Cambridge and the Charities Act 2011. Our work has been undertaken so that we might state to the College Council those matters we are required to State to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College's Council a5 a body, for our audit work, for this report, or for the opinions we have formed. P￿ER$ ELWORTHY & MOORE Chartered Accountants and Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA Date: 12 November 2024 Peters Elworthy & Moore is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006. 19 Statement of Prlnclpal Accounting Policies Basis of preparation The financial statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Carnbridge, using the Recommended Cambridge College Accounts IRCCAI format. and applicable United Kingdom Accounting Standards including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Practice ISORPI: Accounting for Further and Higher Education issued in 2019. The Statement of Comprehenslve Income and Expenditure includes activity analysi5 in order to demonstrate that all fee income is Spent for educatlonal purposes. The analysis required by the SORP is set out in note 7. The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK law5 and accounting standards. Basis of accounting The financial statements have been prepared under the historical cost convention, modified in respect of the treatment of investments which is included at valuation. Basls of consolidation The consolidated financial statements include the College and its subsidiary undertakings. Details of the subsidiary undertakings included are set out in note 27. Intra-group balances are eliminated on consolidation. Recognition of Income Academic fees Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their Sponsors Grant Income Grants received from non-government sources (including research grants from non-government sources) are recognised within the Consolidated Statement of Comprehensive Income and Expendlture when the College is entitled to the income and performance related conditions have been met. Income received in advance of perfomiance related conditions is deferred on the balance sheet and released to the Consolidated Statement of Comprehensive Income and Expenditure in line with such conditions being met. Donations ond endowments Non exchange transactions vlthout performance related conditions are donations and endowments. Donations and endowments with donor imposed restrictions are recognised within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entTtled to the income. Income is retained within restricted reserves until such time that it is utili5ed in line ￿th such restrictlons at which point the incoffle is released to general reserves through a reserve transfer. Donations and endowment5 Wlth restrictions are classified as restricted reserves with additional dlsclostjre provided within the notes to the accounts. There are four main types of donations and endowments with restriCiTons: 20 Restricted donations - the donor ha5 specified that the donation must be used for a particular objective. 2. Unrestricted permanent endowments- the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the College. 3. Restricted expendable endowments the donor has specified a particular objective and the College can convert the donated sum into income. 4. Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective. DonatlOnS Wlth no restrictions are recorded within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income. Investment income ond change in value of investment a55etS Investment income and change in value of investment assets is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terrns or other restrictions applied to the individual endowment fund. Total return The College inve5t5 Its endowment investment portfolio and allocates a proportion of the related earnings and capital appreciation to the statement of comprehensive income and expenditure in accordance wlth the total return concept. The allocation to income is determined by a spending rule which is designed to stabilise annual spending levels and to preserve the real value of the endowment portfolio over time. The income transferred to the income and expenditure account on this total return basis is calculated at 4% of the weighted average value of the College's investment portfolio over a five-year perlod up to the commencement of the current accounting year. Other income Income 15 received from a range of activities including accommodation, catering conference5 and other services rendered. Cambrldse Bur5Gry Scheme In 2023-24, payment of the Cambridge Bursaries has been made directly by the Student Loans Company ISLCI. As a consequence, the College reimbursed the SLC for the full amount paid to their eligible students and the College subsequently received a contribution from the University of Cambridge towards this payment. The net payment of £225,358 1£224,4481 is shown ￿thfjn the Consolidated Statement of Comprehensive Income and Expenditure as follows: 2023-24 1270,235 £495,593 2022-23 £216,865 £441,313 Income Expenditure Forelgn currency translation Transactions denominated in foreign currencles are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates or, where there are forward foreign exchange contract, at contract rates. The resulting exchange differences are dealt with in the determination of the comprehensive income and expenditure for the financial year. Fixed assets Lond ond building5 Fixed assets are stated at deemed cost less accurnulated depreciation and accumulated impairment losses. Certain item5 of fixed assets that had been revalued to fair value on or prior to the date of transltion to SORP, are measured on the ba515 of deemed cost, being the revalued atnount at the date of that revaluation. 21 Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets. Costs incurred in relation to land and buildings after initial purchase or construction, and Pfior to valuation, are capitalised to the extent that they increase the expected future benefits to the College. Freehold land is not depreciated as it is considered to have an indefinite usefLJI life. Since 2021-22, freehold buildings lon the college maln site) are depreciated on a straight-line ba515 over their expected useful lives as follows: External Structures Internal Structures 100 years 50 years In firbancial years prior to 2021-22 external structures have been depreclated over 200 years. Since 20Z1-Z2, student house5 (off the main college sitel are depreciated on the same ba515 as the external and internal structures above. Those freehold buildings that are college houses off the college main site Inon-5tudent relatedl are not depreciated and are subject to an annual impairment review. Transfers of propertie5 from investment property to fixed assets are recorded at their current market value. Leasehold land is depreciated over the life of the lease up to a maximum of 50 years. BuildTngs under constructlon are valued at cost, based on the value of architects, certlflcates and other direct cost5 incurred. They are not depreciated until they are brought into use. Land held specifically for development. investment and subsequent sale is included in current assets at the lower of cost and net realisable value. The cost of additions to operational property shown in the balance sheet includes the cost of land. Furniture, fittings and equlpment costing less than £10,000 per individual item or group of related items is written off in the year of acquisition. All other assets are capitalised and depreciated over their expected useful life as follows= Computer equipment Furniture and fittings General equipment 3 year5 10 years 5-20 years Leased G55ets Leases in which the College assumes substantlally all the risks and rewards of ownership of the leased a55et are classified as finance leases. Leased assets acquired by way of finance leases are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted for as described below. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term. Heritose assets The College holds and conserves a number of collections. exhibits, artefacts and other assets of historical, artistic or scientific importance. Herltage assets acquired before 1999 have not been capitali5ed since reliable estimates of cost or value are not available on a cost-benefit basis. Acquisitions since 1999 have been capitalised at cost or, in the case of donated a55ets, at expert 22 valuation on receipt. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material. Investments Fixed asset investments are Included in the balance sheet at fair value. This year the College updated its valuation methodology. The College now uses a mixed methodology of external and internal valuations. The rural portfolio and residential properties were valued Internally by a professionally qualified individual with reference to the appropriate market data and indices. Commercial properties were partially valued internally in a similar way but where the propertie5 were more complex, or formed a substantial proportion of the portfolio, or had undergone rent reviews or new lettings then they were valued by an external property consultant. Investments in subsidiary undertakings are eliminated on consolidation. Financial investments that are not listed on a recognlsed stock exchange are carried at historical cost less any provision for impairment in their valuelmarket value. Investments in subsidiary undertakings are eliminated on consolidation. Investments that are not listed on a recognised stock exchange are carried at historical cost less any provlslon for Impairment in their valuelmarket value. Stocks Stocks are stated at the lower ol cost and net realisable value after making provision for slow moving and obsolete items. ProvisTons Provisions are recognised when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economlc beneflts will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contingent liabilitie5 and a5setS A contingent liability arises from a past event that gTves the College a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events, not wholly within the control of ihe College. Contingent liabilities also arise in circumstances where a provision would otherwse be made but either it is not probable that an outflow of resource5 will be required, or the amount of the obligation cannot be measured reliably. A contingent asset arises where an event ha5 taken place that gives the College a possible asset whose existence wll only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the College. Contingent assets and liabilities are not recognised in the balance sheet but are disclosed in the notes. Financial instruments The College has elected to adopt Sections 11 and 12 of FR5 102 in respect of the recognition, measurement and disclosure of financial instnjments. Financial assets and liabilities are recognised when the College becomes party to the contractual provision of the instrument, and they are classified according to the substance of the contractual arrangements entered into. A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to reali5e the asset and settle the liability simultaneously. Financial assets Basic financial assets include trade and other receivables, cash and cash equlvalents and investments in commercial paper li.e., deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are 23 a55essed for Indicators of impairment at each reporting date. If there 15 objective evidence of impairment, an impairment lo55 15 recognlsed in the Statement of Comprehensive Income. For financial assets carried at amortised cost the impairment loss Is the difference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted at the asset's original effective interest rate. Other financial assets, including investments in equity instruments, which are not subsidTaries or joint ventures, are initially measured at fair value which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the Statement of Comprehensive Income. Where the investment in equity instruments is not publicly traded and where the fair value cannot be reliably measured, the assets are measured at cost less impairment. Investments in property or other physical assets do not constitute a financial instrument and are not included. Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of ownership are transferred to another party. Financial Llabllltles 8asic financial liabilities include trade and other payable5, bank loans and intergroup loans. These liabilities are initially recogni5ed at transaction price unless the arrangement constitutes a financing transactlon, where the debt instrument ls measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amort15ed cost using the effective interest rate method. Fees pald on the establishment of loan facilities are recognised as transactlon costs of the loan to the extent that it TS probable that some or all of the facility will be drawn down. Trade payables are obligation5 to pay for goods or seNlces that have been acqulred in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment Is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost Using the effective interest rate method. Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recogni5ed at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income in finance costs or finance income as appropriate, unless they are included in a hedging arrangement. To the extent that the College enters into forward foreign exchange contract5 which remain unsettled at the reporting dale the fair value of the contracts is reviewed at that date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The College does not apply any hedge accounting in respect of forward foreign exchange contiacts held to manage cash flow exposures of forecast transactions denominated in foreign csjrrencies. Financial liabilities are de-recognised when the liability is discharged, cancelled, or expire5. Taxatlon The College Is a registered charity (number 11374621 and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the College is exempt from taxation in respect of Tncome or capital gain5 received within the categorie5 covered by Sections 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such incoffle or gains are applied to exclusively charitable purposes. The College receives no similar exemption in respect of Value Added Tax. Contrlbutlon under Statute G. 11 24 The College is lTrable to be assessed for Contribution under the provisions of Statute G,11 of the University of Cambridge. Contribution is Used to fund grants to colleges from the Colleges Fund. The liability for the year is as advised to the College by the Univer51ty based on an assessable amount derived from the value of the College's assets as at the end of the previous financial year. Pension costs Pension5 are detailed In note 30 to the accounts. Employment beneflts Short tem employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render setvice to the College. Any unused benefits are accrued and measured as the additional arnount the College expects to pay as a result of the unused entitlement. Reserves Reserves are allocated between restricted and unrestricted reserves. Endowment reseThes include balances which, in respect of endowment to the College, are held as permanent funds, which the College must hold to perpetuity. Restricted reserves include balances in respect of which the donor ha5 designated a specific purwse and therefore the College is restricted in the use of these funds. Critlcal Accounting Estimates and Judgements The preparation of the College's accounts requires management to make judgements. estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimate5 and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates WTII, by definition, seldom equal the related actual results. Management consider the areas set out below to be those where crTtical accounting judgement5 have been applied and the resulting estimates and a55umptions may lead to adjustments to the future carrying amounts of assets and liabilities. Income recognition - Judgement is applied in determining the value and timing of certain income items to be recognised in the accounts. This includes deterfftining when performance related conditlOn5 have been met and determining the appropriate recognition timing for donations, bequests and legacies. In general, the later are recognised when at the probate stage. Useful live5 of property, plant and equipment - Property, plant and equipment represent a significant proportion of the College's total asset5. Therefore, the estimated useful lives can have a slgnificant impact on the depreciation charged and the College's reported performance. Useful lives are determined at the time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with similar assets, professional advice and anticipation of future events. Details of the carrying values of property, plant and equipment are shown in note 8. Recoverability of debtors - The provision for doubtful debts is based on the College's estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historically, coupled with current economic knowledge. The provision 15 based on the current situation of the customer. the age profile of the debt and the nature of the amount due. Investment property - Propertles were revalued to their fair value at the reportir)g date by Bidwells. The valuation is based on the assumptions and judgements which are impacted by a variety of factors including market and other economic conditions. Retirement benefit obligations - The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involve5 rnaking assumptions about discount rates, future salary increase5, mortality rates and future pension increases. Due to the cofflplexity of the 25 valuation, the underlying assumptions and the long-term nature of these plan5, such estimates are subject to significant uncertainty. Further details are given in note 30. Management are 5at15fied that Universities Superannuation Scheme meet5 the definitlon of a multl- employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approwng the accounts. Further details ale given in note 30. 26 io ¢T* ro o P4 J•$u$ Coll•y• Bèlanctr Shoot Year Endod 30 Jun8 2024 Consolldatod 2024 Colloge 2024 onsolfoated 2023 College 2023 Non-current assets Tangible asse15 Heniage asse Investments Total non-curront a880ts 202.899.499 786.135 237.344,468 441.030.102 202,892,000 786.135 237,344,574 441,022.709 205,229,495 526.135 223,619,846 429.375.476 205.221,996 526.135 223.619.846 429.367.977 10 Current ¥$$èts Slor*s Tra¢e anij other re*ivatytes Cash and cash equivalents Total Curreni assets 1.561.788 2,122,255 4,368.677 8.052.720 237.876 3.855,375 3.808.464 7.901.715 1.473.086 2.927.512 7.111.494 11.512.092 235,769 3.828,716 6.S72,015 10,836,500 Cr￿[lOr&.. amount8 falllng du8 wlthln on8 y8ar 14,378.7361 14.071.167) 15.737.546) 14.854,4551 Ngt ¢urrgnt assèts 3.673.985 3,830,548 5.774.548 5,782.045 Totsl agsots less current liabilitiès 444.704,087 444.853.257 435,150,022 435.150.022 Crèdltors.. amounts falllng due after more than one year 15 160.000.0(M)I 160,000,(N)01 160,000,QOOI 160.000.0001 Prgvlsloths Pension pro¥ksions 16 734.000 734.000 1413.4581 1413.4581 Total net assets 3BS,438,087 385,S87,2S7 374,736,564 374.736,564 Rèsirieted r898rv8S Incotne and expenditure reserve - Endowment reserve Income and expenditure reseFvÈ - Reskncied reseNe 17 244.857.139 244.857.139 235.740.460 235.740.460 18 2,618.598 2.618.598 2.337.072 2.337.072 Totsl resthcted r686rves 247.475.737 247.475.737 238.077.532 238,OTT.532 Unros¢rlGtgd resèMs Income and expenditure re5etve - Vr￿SIn￿d 137,962,350 138,111,520 136.659.032 136.859.032 Totsi ynr•$tri¢l￿ re￿ry•S 137,962,350 138.111.520 136.659.032 136.659.032 Total reseive8 385,438,087 385,587,257 374,736,$64 374.736,564 financk81 Statemenls were approved by Counul on 4 Novernber 2024 8nd signed on Ils behalf by.. Ms Soni18 Alleyne Master Dr Richard Anthony Bur53r The notes on pages 3010 47 fotm part ofthese aceounis 27 Josus Collggo Consolidated Cash Flow Statement Year Ended 30 June 2024 2024 2023 Note Net cash inflow from operating activities 20 12,445,594) 12,002,770} Cash flows from investing activities 21 732,483 228,790 Cash flows from financing activitiè8 22 12,029,9361 12,009,671> Increaselldecreasel in cash and cash equlvalents In the year 13,743,047) 13,783,651 Cash and cash equivalents 8t beginning of the year 12,188.141 15,971.792 Cash and cash equivalents at end of the year 23 8,445,094 12,188.141 29 Jesus Colleg Notss to th• Accout yoar Endgd 30 Jyn• 2024 f ACAOEIIIC FEES AND CHARGE5 2424 2023 Coiieye f¢e$". Ftre Incorne fe¢ti¥ed atthe régulate¢ undergr8d￿tt rats Fee Income received atthe unregulated ￿n&￿gravate rale Fee Income retsived aiihe gradtsate Tale Cambndge bursanes Oiher Income 1.è43.656 462.343 1.$16.271 270.235 13.062 2.002.825 428.580 1,440,828 16,865 29.400 Totsi 4.2fj5.567 4.116.098 2 IP4COME FROM ACCOMMOOAMON. CAfERING AND CONFERENCES 2024 2023 Accomrnodabon. College members Conlerences Colkgè memtErs ¢(thr¢n¢ss 4,639.137 I,B60.6D4 573.834 1,957.698 4.462,902 1,722,370 fj85,819 1,656,913 C3t£ring' Totsi 5 131273 Ja ENDOWMENT REfuRN AND INVESnlENT RETURN 2024 2Q23 Totsi rdum contri￿Ort (note 3bl Other intere$1 receNa￿e 7,877,936 497.797 7.482.210 2.486 Total 8 375 733 Theiotsl retum (￿￿ri￿tiOn Is caku181ed as sei out aLwuniino wtyon rectyJniti2 Total rebJTn transfe￿e￿ lo Income and expenditure aCC￿ni{nole 3a) 17,877 93fj1 [1.482,2101 Un8ppliod totsl rttyrTr forth¥yearlnote 191 30 Jesus ¢011ege NotestotheAc¢ounts YearEnded 30 June Z024 3c INVESThlENTMANAGEMENT COSTS 2024 2023 Land and buildin95 Financial Investments Projects Other inv?skn￿ts 905.578 189.3BS 133.664 913.270 183.8( 759.252 158.366 Tot•1 1.339,B46 2,014.694 4 EDUCATION EXPENDITURE 2024 2023 Teachi TutOri81 Admis5K)nS R6$earth scholarships3￿ awards OthEredUc*￿￿81 Iwhbes 3.0>.4 2,587,039 715.858 1.419.764 2.677.284 2,288.514 849 088 1,170.789 984.826 1,OSU.839 1 160.991 Tot•1 10,016.535 8,838,140 $ ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE 2024 2023 A¢¢ommod*v)n College mernbers Confe¢n¢es College tnefflbers ConFeren￿S 4.424.510 1,$32.724 2,600,111 2,287.329 1.680.012 2.833,54 2.825.193 Catering Total 11,955 865 10 844.674 6 OTHER EXPENDITURE 2024 2Q23 Loan interest Other general and adTniDisiratsve Deveh)prnenl alumni & relationsexpendiluie fyuisardepartmeni expenditure Fellowship wsls Non-collegialelrusl fwd expenditure Pensh)n scheme cos HR rdaieo expenditur¥ USS ifiteiesl charge 744.728 382,s94 232,045 15?,￿0 144.237 740.877 342.739 190.952 149,119 79,517 50.990 26.785 44,127 46.986 Total 1,940,935 1.848,158 31 Jesug Collfyge Notes to the Accour Y*ar Endèd 30 Jun8 2024 ANALYSIS OF EXPENDITVRE BY ACTIVITY 7a ANALYSIS OF 2023124 EXPENDITLIRE BY ACnVITY Staff Costs Inoto 81 Other QPOfaUng expenses Dgprg¢l¥tloTh Total Education Accomadalion. catering and conferences Change In USS pension defiol recovery prOVi￿On Olher Contribution under Slalule G11 4.610.450 4.013.039 11,168.0651 334.132 4.228.323 5.463,553 1.177.762 2.479.2n 10.016.535 11,955.865 11.168,0651 1,940.935 94.￿0 1.357,342 94,000 249.461 Total 7 789,556 11,f43,218 2.906,496 22.839,270 'OtI￿r expenditure In￿￿e& £355k12023." £271kl as the costs of fundral&ng. This expendiiure does not ifidude the costs of alumni felalion$. 7b ANALYSIS OF 2022123 EXPEFIDITURE BY ACTIWTY gtaff CLots (notè 81 other opernting Expenses D•pr•ciation Totsl Edut*lion Accommodation. calerinu and confrrenres Change in USS pension deficit recovery prowsion Other Contribution under Ststute G 11 4,165.514 3,586.683 3,548.166 4,862.726 1.134,480 2.395.265 8.838,140 10.844,674 285.434 1,322.859 90.000 239,865 1.848,158 90.000 Total 7,853,515 9,823,751 3,769,590 21,446,8S6 7c AUDITORS REMUNEILATION 2024 2023 Other opèrating èxpenses irKlude". Audit fees payable lo the Colleye's e￿e￿al auditors Other fees payable lo the College's extemal auditors 51.395 7.036 46.080 3,972 Total SB,431 32 Jesus College Notès toth¢ knwurrts YearEnded 30 June 2024 8a sfAF* COSTS College Felloy A¢gdem Co118g• Fgllows Non- Academlc 2024 ¢ons0lidated Non. Totsl Totsl 2024 2Q24 2024 2023 Stsff ¢o¥ts EM￿uMents Swal se(¥Jnty C051s ￿nSion cgsts Netchange In USS dèficlt rttovery p￿s1On lÈèè Note 161 Pension c05ts16ee Nvte 6bl 1,184,547 97.914 197.697 444.413 48.584 80.157 6,127 352 497.621 330.514 7.756 312 642.119 608.3S8 7,W3.993 S49.3C 576.263 1318.9541 127e.0471 300.216 1588.9621 218.884 le08.87SI 7 789 S$6 785381S 8asod w the 2024 V¥luabon of thg UnivgT&itse¥ Superannuatson Srhem9 IUSSI, lh8 Impaclof Ibe netchange In the USS deficit remvwy provVSi¢n IS ¥ uedit 01£1.217,24312023". Ci8¢ilotQ76,0471. Thi¥ compri$e& a npn4a&h Nadil resu￿￿4 fiom th8change In gssumpbws, IndudifQ tr* diaeourtt rat$, ote1,168.06S12023." £174.1161 and Cash c¢nthbubtsTh$ ffladgto re¢ucelhe detril In Ib8yearof £49,17812D23-. £101.9311 Average staft numlxr8 {fvll equlvakntsl Acgdgrnl Non￿e￿arnIe 88 88 92 182 Total 199 292 Z74 Th& G￿VeM￿9 Body¢tyMprise$th8 Ma¥lwaDd 88 35 ErnBn￿$ F*ikrw3 of whotn th9 93 ￿￿19￿80 al￿ve a¥ Sbpendiaty Th8 nutnbpr of officets arf Df th9 Coiisgg. In¢iuding of wou¥e. wh¢ r¢¢oiv•¢ ￿M￿r*r¥￿t￿ In UlOfoHwng 2024 2023 £100,001 £110.000 £110,001 £120,000 £120,OD1 £130,000 £130,000- £140.001 £140.000- £15Q,001 £150.000- £180.001 £160.000- £170.001 RetThJnErobon indude$ $aK4ry. emplwerf¥ InsUtsn￿. empltyer's pern*￿ ￿nth￿tionS pluS8ny kx8ble tenefiiserfher paid. pèyable tsr provided, gross ofeny s&￿ty s&uffte8rrawements Membeis ol Counol rxwved remunerakn lorlheir acadern￿ and administrabvedubes bu1V￿re nol frylhe rok4s Trustees of the ch￿ty K•y Manageme￿1 Personnel Key M2nagementpersonnel are ihose P￿sonS haviw autttontyand respo[￿ibil￿1 forP￿nni￿, ￿re¢￿￿9 wrfroiiiny th8 a￿NItI￿s ol the &￿IeYe Th￿ Indu¢95 maS￿r 8ur6aT. sen￿rTutorSnd thè Trusteèg T<)tsl 1024 T0ts4 2023 Key management wsoMeS- efflduments 926.8e 991,865 8b PENSION COST3 Thetotsl cost in￿￿ded In stètf eosts ftKtheye8rlsee note 8a) was. Employer contdbutkjns 2024 ProvisKin8 (Note 161 2024 Total Employer contribLrtions 23 Provi8ion$ (Note 161 2023 Total 2024 2023 uss J¢cps Awv 305.907 55.13e 265.325 1911 3361 37.136 265.325 I￿6.047) 11,000 79.067 $4.000 157.149 53.0 157149 Totsi 626.368 1.235.243 608.875 565.263 265.047 33 suscomty NDtsstoI￿AC￿o￿rtti Ye4rEnded 30Junn 2024 • FI¥EOAsseTS Lind4nd buldlnq ill24 Auets coMIDJc%IoTr 2024 EqubTrnl rot TL*al 2Q24 2QZJ beqinniryo1￿1 A￿11￿5 Translars 2S7.12t 744 $0S.459 6.5￿.271 2￿.$57.01￿ 1,57S.50Q 237W7 92$ 6.&15 2￿.42$.203 7.JQJ.312 bÈtInnl￿￿l yèar CharoeforiheyeHr ELynri1e¢W¢15p￿l5 Wntten ￿￿On rew*u1￿￿ 34.340.463 3292.862 38.4￿.￿19 613.831 3769.590 AièrtdofyèÈ 42341 $19 38.435019 206 2218 302.7e1.2$1 2440715 2Q5.2Z1.EYJ8 20J.1424* ¢Dn¥o4dilEd L4nd4nd A8Mlsln on4tru¢don 2Q24 Tffj Tc441 2424 2424 ¥J Atbe0￿nInp￿f¥v¥ 237 129243 ))3.459 6.$￿.271 1.273.Qll 243.F￿.S14 1.576.5 7.8151> A$iS.090 i*¢.(￿) Tw¥let5 237.432.702 7808.312 245.241.014 243.e6I.511 Depre¢lwtkn .940.4È3 384￿.￿19 3.9%.4* 34.e8s.429 3.Th9.59D ¢haroelorthe ymr È*MInaM￿ 613.634 AtVnOofy￿T 4.708 19D 42.341.515 4ts019 Nitboo* Y41 Al&idrfy¢4r 202.798.F 2440715 2Q5.T29.495 2(ll.149.8¥ 7hpinJured v4ue oftroertld14nd Mlklnos J8*SOJum2QZ4wasE￿Iff1IKi￿l2D2& E32F 7h•Col•9•iSunablIiogp￿iL1nd￿h1bUi￿Illw 202$ ¥J22 2011 2• 52£.1 526.135 .i)s s￿,6 Acquis￿On$ by At4ui*tons by Iin¢••llh•*idolth•s J95U5 Coll•gg Not8S to the Accounts Y¢ar Ended 30 Ju** 2024 10 INVESThIENTS Consolidatsd 2024 Collegfy 2024 Consolidated 2023 College 2023 Balsnce al beginniw of year Transferfrom (lol operatiwal assels Addition5 Disposals Gainlllossl on disw5als 223,819.846 223,619,846 215.451.795 966.000 32.192.435 134,298,8421 1.697.539 2,815,614 4.795,305 215.451,795 966.0(K) 36.092.435 134,298.8421 1,697.539 2,815.614 895.305 5,247.119 1591.$451 5,247,119 IS91.6451 12,9811 10.072.465 11,000,230) 10.072.359 11,000,230) Increaselldecreasel in ¢¥sh balan￿$ held al fijnd managers Balancè at Ihè end of the year 237.344,468 237.344,574 223,619.846 223,619,846 Repre5etTrled by". ProtEty Quoted 5etUrilies- equities Investments In subsh1i8ry undertakings Cash In hand and al investment managers Cambridgè University Endowrnenl Fund Other investments 116,127,519 60,412,861 101,152,519 60,412,861 14,975,106 4.076.41S 49.261.818 7.465.854 112.905.160 42.137.609 99.813.160 42.137.609 13,092,000 5,076,647 47,019,162 16,481,268 4,076.416 49.261.818 7.465.854 5.076.647 47.019,162 16.481.268 Totsl 237 344 468 237 344 $74 223,619,846 223.619,848 11 STOCKS Con801idat8d 2024 Colleg8 2024 conso1￿3ted 2023 College 2023 Land foi resale Go(xl$ 1,323.912 237.876 1.237.317 235.769 237.876 235.769 Total 1,561.788 237,876 1,473,086 235,769 12 DEBTORS Consolidated 2024 Collpgg 2024 Consolidatsd 2023 College 2023 Trade debtors Mptllber5 of the College Amounts due from subsk1iary undertakings Univer*ty fees 360.790 59.079 147.231 S9.079 2.040.113 10.432 735,130 863,390 257.395 139.487 107.390 139,467 1.481,049 10,432 735,130 956,824 813,739 1.716,911 805,744 1,295.(￿6 Prepwrnents and #ccnjed in¢ome Totsl 2122255 3 855 375 2,927,S12 3,828,716 13 CASH AND CASH EQUIVALENTS Con801idated 2024 College 2024 Con501idated 2023 Colla99 2023 Current accounts Cash in hand Short-term money market Investments 4,367,752 925 3,807,539 925 2.610.389 1.105 4,500.000 2,070,910 1.105 4,500.000 Totrl 4,368,677 3.808,464 7,111,494 6 572.015 Jesus College Notes to the Accovnts Year Ended 30 June 2024 14 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Consolidatsd 2024 College 2024 Con501idatsd 2023 College 2023 Trade t￿￿1t¢r$ Member8 of the College Arnounts due 10 SUbs￿L8ry Jndertakin9S University fees Contribution to Colleges Fund Other creditors le g VATI Accruals and deferred Incorne 843.150 736.320 843,150 736.320 960.519 838.￿2 870.736 836.833 82.893 94.000 589.921 2,052.451 82.893 94.000 549.413 1,765.391 101.406 90.CKX) 700.688 3.048.102 101.406 J.000 541.362 2,414.118 Total 4,378,735 4,071,167 5,737.546 4,854,455 15 CREDITORS.. AMOUNTS FALLING OUE AFTER MORE THAN ONE YEAR onsolidat•tl 2024 Coll890 2024 onsolidai•d 2023 Coll•90 2023 Loans 60,000.000 60,000.000 eO.000.OCK) 60,000.WO Totsl 60,000,000 60,000,000 60,000.000 60,000,000 In O¢lober 2018 the College entered into an agreement lo borrow £40rn through hvo private pLgcement bo￿3. Eath bond was for £20m. 'A'_ drawdown In O¢tober 2018 and ￿p8Yable in 2058 'B'_ drawdown in October 2020 and repayable in 2068. The College also has an unsecur8d fixed rate bank loan of repayabl8 in 2039. 16 PENSION PROVISIONS uss 2024 Jccps 2024 uss 2023 Jccps 2023 Balance at the beginnirKJ of the year 11.190.458) 777.000 11.419.5191 1.030.orNJ Movement in the year". Current service cnst induding life assurance Contributions Other finan￿ lincomellcosl Change In exp8CteO conthbutK)ns Actuari81 gain reccqnised in Statement of Cornprehensive Income and ExpenLliture Nel change In underlying assumptions Ise& Note 81- Change in undertying assurnp1￿nS USS defi¢rt ¢ontributions payable 178,0001 55,000 41,000 1105.0001 53.000 41.000 126.7851 146,9861 161.0001 1242.OWI 1,168.065 49.178 174,118 101,931 Balon¢e at the end of the year 734,MO 1,190,458 777,000 The lolal Is comprised of the follo%*ing'. Universities Superannuation Scheme Jesu$ College Cambndge Pension Scheme 2024 2023 11.190.458) 777.000 413,458 734,000 734,000 J4¥u¥Cole4E NotistotheAccourt Ye4rEn6•d JOJune2024 1T ENIKMMENT FUND5 nélas*s relabnoiogn4tyAffWlSaT• asw0￿. Re¥lrSrled Unrevldcted trJt41 ToLI1 2024 2024 2024 2423 367F8.297 1*.952.2 2￿?40410 234748901 Transl8r8 240S 394 4 gC6.562 7 318.256 Bilwnre4ttheend offvye 203 197$86 214 740 Ry•Mnttng'. Fellxv5hy SI￿￿lSu[￿l Bu lAtto￿ts1cQiW¢ 7.329443 6.785.378 e.o52 e48 $.37F 68¢ 502674 341 319 10S T72 8.052868 377fj8 7.235359 $.682 639 433.057 31Bg T￿ &L￿￿r0 c￿￿￿F￿r¢S Gorwal TQlai 105 173 206609498 244857.Y39 303 197 986 ZQ3 19r.986 **2.253 2J574D4EQ 41.S$9,1 ftalyÉKby A$6¢t 12.120.614 223619,84S Invpstsiwrts Cash 41 $59 1$3 1*.689.315 237344468 41 659 153 203 197gB6 244467 139 235 7404 18 RESTR￿ED RESERVES ReJe￿￿¥￿th restiicbun5 are cOn￿lIda%￿l C<y• C4pftil unwnt Otherr•strhrt•d lund donadon R•sthded tAp•ndat endowmeTht Total lot41 2024 1014 24 202$ Ca Un5PEnliIr((￿￿ 2.0￿.5￿7 J.É$3 585.727 1.624.830 553 56D 1.624830 $33.127 Inccffiolrom Other￿uMe Expè￿14￿￿ 11.8I6.2S#1 116.3>51 11.W2.6Sq 13933 I3.￿) n¢e4tlheend ofthtyeir un$m￿cl￿o 2.61S59 2 337.072 Represenung.. FÈHow*fuP SI￿8￿1 SuLWrt Bu￿Bry Ir￿￿￿1￿COme TWFI &LF￿r C¥MIFur4s GOnFr￿ EnaryhTnwnts 70141 1.687 231.384 1.587Q 231.384 62097 0.140 T216￿$ 226 281 2YJ.140 ?331￿8 511 yJ7 2 33T.OT2 Infn￿¢aII¢W29l￿II thèMailL￿mÈ￿n?lF￿￿A$A&fa￿&ned as*3DJLTh2tn4vd&£554.32SlkD23 £57F.rikni Th• FUn￿S InE0min2021￿2￿5 È18065 37 Jesu5 College Notes to the Accounts Year Ended 30 June 2024 19 MEMORANDUM OF LINAPPLIED TOTAL RETURN Induded within reserves the following amounts reprèsent lh8 Unapplied Total Fle￿M of the College. 2024 2023 Unapplied Total Return 21 beginning of year Unapplied Total Return for year (see note 3bl 116.220,148 7.318,256 116.528.910 1308,7641 Unapplied Total Return at end of year 123.538,402 116,220.146 20 RECONCILIAllON OF CONSOLIDATED OPERATING SURPLUS TO NET CASH INFLOW FROM OPERATING ACTIVTIES 2024 2023 surplusl1der￿ltI lor the year 10,762,523 1.554,937 Adjustment for non-cash Items.. Depreciation Lossllg2inl on endowments. donations ané invesiment property Decreasellincreasel in stocks Decreasellincreasel in trade and other receivables IDe¢reasel1in¢￿8$e in creclilors excluding bank loans Inereaselldecreasel In provisions Pension costs less contributions payable 3.906,496 19.460.614) 188.7021 805,257 11.358.8111 11.1W.4581 118.0001 3.769,590 12.775,2231 1148.5881 11.078.1911 1.558,498 1229.0611 11.000 A(Ilustment lor Inve$tin9 or financing activitie5 Investment Income Intere$t payable Lossllprofitl on the S8￿ of non-current a￿ts IDecreasellincrease In short terrn loans 17,833.2211 2.029.936 16,675.4031 2.009.671 Net cash loutnowyirfflow from operating activtties 2,445,594 2,002.770 21 CASH FLOWS FROM INVESTING ACTIVIMES 2024 2023 NOn4￿r￿ nt investment disposal Investment income Payments made to acquire non-currsnt assets 1277,1191 7,833.221 16.823,6191 32.560,912 6.675,403 139.W7,5251 Total cash flowed from Investln9 a¢tiviti•s 732,483 228,790 22 CASH FLOWS FROM FINANCING ACTIVITIES 2024 2023 Inte￿$t paid 12.029,9361 12.009.671) Total cash flowed from flnanclng attiviti•s 2,029,936 2,009,671 Je¥us College Not•s to thè A¢¢ounts Year Endo0 JQ June 2024 23 ¢014SOLIDATED RECONCILIATIOM AND ANALYSIS OF NET DEBT A¢quisiliort At l July 2023 Cash flow8 and dlspo$al of 8ubsldtarl•s Ngw financo leases At 30 June 2024 Cash and Cash equivalents 12,188.141 13,743.0471 8,445.094 Borrowlng8'. amounts falling due viithin one year SeGured loans Unsecured k)ans Bank overdrart ObliO81ions U￿tr finart& leases Borrowings.. Amounts lalllng due after mor& than one ytrar Secured loans Unsecured loans Obliy81ions U￿er finar￿ leases I60.OC￿,0o0l {60,000.￿o} 160,000,000) 160.000,000 Total 147,811.8591 13,743.0471 151.554.9061 24 FINANCIAL INSTRUMENTS 2024 2023 FI￿anCIal a86ets FInanc￿lasSe1S alfairvath Èhrough Sl&tenyentof Compiehensivemcome LIS￿ equity iftvexhhents (note Yoi Okner Investments Inol8 101 Flnancthlass&ts th8ra￿ o&bt instrument$ me&sU￿rI&l &mortLseéeDSt Cash and ￿5￿ 8qui¥algnls InDt8s 1D, 131 Otherdebtor5 Inc* 121 109,674,679 7.465.854 89.156.771 16.481.268 8.445.093 794.209 12.188.141 953.206 FinancialfyabilrtRs meèsuredatamDthsedcosl Bank oy8idraft Loans (note 151 Trade ¢￿dItofs (note 141 Other cteditors InDfr 141 60,OCM).000 843.150 1,483.134 60.(M)O.000 0.519 1.728,925 26 CAPITAL COMMITMENTS 2024 2023 Caplal comrnitmenl$ at 30 June 2024 were as foll¢)ws'. Aulhorised and contracted 1.590.(M)O 7,341,096 Auihorised but not yel contracted for 5,932.WO 2,420.000 26 LEASE OBLIGATIONS 2024 2023 At 30 June ihe College had commiimenis under nonwr 2023 NUrn￿r From 1£) To {£) 10.000 20.000 30.000 40.000 50,000 60,000 70,000 0.000 90.0 1CH).000 10.001 20.001 30.001 40.001 50 001 6Q.001 70 001 80.001 90,OD1 100.001 120.000 Total 17 16 total Tlustee sgbrieywere £716.423 forlhe ye4r12023 £682.220} T￿trusteeSY￿rea1sO p31d othErlaxable beTrefits linc￿oi￿g assotiatèd empltsyer Na%ional1nsuiancecwknbutiOnS and M￿o¥erCon￿tth0ng LO pensH￿s> which toialledV10,443 fortheyear12023 £309,645) Approved loan5 kn Trust8èsdunng the yeartotall&J £012023 £7,583) The ha$ a number of trading and dDM￿niguts5l4idry undertaklDgswh￿h are¢onsolidated Into these axounb. All sub3￿1￿ry unoèrfakings are 100% owned by thè ¢olWe and are M15tered and opergbng in Enoland and Wales The Collgp ha8 taken advaniage oflhe exemption vAthin 33 of FRS 102 nol lo di¥disse trènsactiOTr$Vilth Vthdtyowned group paTri&S thèt are Yekted partLes 40 Jesus College Notes to the Accounts Year Ended 30 June 2024 30 Pension Schemes Universities Superannuation Scheme The College participates in Universities Superannu8tion Scheme. The assets ofthe scheme are held in a separate Iruslee-adminislered fund. Because of the mutual nature of the scheme, the assets are not attributed lo individual Inslilulions and a scheme-wide contribution rale is sel. The College is therefore exposed lo actuarial risks associated with other institutions, employees and is unable to idenlify ils share of the underlying assets and liabilities of the scheme on a consislenl and reasonable basis. As required by Section 28 of FRS 102 'Employee benefits., the College therefo￿ accounts for the scheme as if il were a defined contribution scheme. As a result, the amount charged to the profil and loss account represents the contributions payable lo the scheme and the deficit recovery contributions payable under the scheme's Recovery P18n. Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis las was the case following the 2020 valualionl, the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The College recognises a liability for the contributions payable that arise from such an agreement Ilo the extent that they relate lo a deficill with related expenses being recognised through the incorne statement. Further disclosures relating lo the deficit recovery liability can be found in note 16 FRS 102 makes the distinction be￿een a group plan and a multi-employer scheme. A group plan consists of collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is scheme for enlilies not under common control and represents ltypicallyl an induslry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit, results in the recognition of a liability for the Contributions payable that arise from the agreement (to the exlenl that they relate lo the deficill with the resulting expense charged through the profit or loss account in accordance with section 28 of FRS 102. The Trustees are satisfied that Universities Superannuation Scheme meets the definition of a mulli- employer scheme and has therefore reeognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements. Pension Costs The total cost charged to the profil and loss account is £305,90712023'. £355,114) as shown in note 8b. Deficit recovery contributions due within one year for the College are £49,17812023'. £101,931). A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2 % of salaries over the period 1 April 2022 until 31 March 2024. at which point the rale would increase lo 6.30/0. As set out in Note 16, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required lo make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision lo the profit and loss account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 Ithe valuation dale). which was carried out using the projected unit method. Since the institution cannot identify its share of USS Retirement Income Builder (defined benefill assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes lo have sufficient and appropriate assets to cover their technical provisions (the slatulory funding objectivel. Al the valuation dale, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111 Yo. 41 Jesus College Notes to the Accounts Year Ended 30 June 2024 The key fsnancial assumptions used in the 2023 valuation are describeL% below. More detail is set out in the Statement of Funding Principles. Pension increases {CPII Temi dependent rates in line with the difference be￿een the Fixed Interest 2nd Index Linked yield curves, less 1.00/0 p.a. to 2030, reducing linearty by 0 10/0 p.a. from 2030. Pension increases Isubjecl to a floor of OO/ol." Benefits with no cap, CPI assumption plus 3bps', Benefits subject lo a 'soft cap. of 50/0 (providing inflationary increases up to 5 /0, and half of any excess inflation over 5'k up to a maximum of 10 /01, CPI assumption minus 3bps. Discount rate (forward ratesl Fixed interest gilt yield curve plus.. Pre-retirement 2.50/0 p.a. Post retirement.. 0.90/ts p.a The main demographic assumption used relates lo the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2023 actuarial valuation The mortality assumptions used in these figures are as follows.. Mortality base table 101 Oh of S2PMA light" for males and 950/0 of S3PFA for females". Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4010 p.2., 100/0 w2020 and w2021 parameters, and a long-term improvement rale of 1.80A p.a. for males and 1.6Q/o p.a. for females. The current life expectancies on retirement at age 65 are.. 2024 23.7 25.6 25.4 27.2 2023 24.0 Males currently aged 65 lyearsl Females currently aged 65 lyearsl Males currently aged 45 lyearsl Females currently aged 45 lyearsl 26.0 27.4 42 Jesus College Notes to the Accounts Year Ended 30 June 2024 The Jesus College Cambridge Pension Scheme The College operates a defined benefit scheme in the UK. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out as at 30 June 2021 and updated to 30 June 2024 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below. The rmsl recent actuarial valuation showed a surplus of £962,000. The college ha5 agreed that it will pay 9.3010 of pensionable earnings in respect of the cost of accruing benefits and will meet Pension Protection Fund levies, insuranTr premiums towards death in service benefits and management and administration expenses (excluding those covered by the Phoenix Life Limited conlracll as and when they are due. Member contributions are payable in addition al the rale of 6Yo of pensionable salaries. Prosent values of scheme liabilities, fair value of assets and surplus Ideficitl 30 June 2024 30 June 2023 Fair value of scheme assets 7,652,000 5,855,000 1.797.000 11,063,000) 734,000 7,577,000 5,981,000 1.596,000 1819,0001 777.000 Defined benefit oblig81ion Surplus {deficitl in scheme Effect of asset ceiling Net defined benefit asset (liability} Re¢on¢iliation of o enin and closin balances of the deflned benefit obli ation Year Ending 30 June 2024 Year Ending 30 June 2023 Defined benefit obligation al start of period Current Servi￿ cost 5,981,000 78,000 293,000 36,000 1304,0001 1229,0001 7,371,000 105,000 280,000 34,000 11.809,0001 Interest cost Contributions by scheme participants Acluariallosses Igainsl Benefit payments from plan assets Scheme liabilities at end of period 5.855,000 5,981.000 43 Jesu5 College Notes to the Accounts Year Ended 30 June 2024 Recontiliation of opening and closing balances of the fair value of scheme assets Year Ending 30 June 2024 Year Ending 30 June 2023 Fair value of scheme assets at start of period Interest income 7,577,000 375,000 1162,0001 55,000 36,000 1229,0001 7.652,000 8,936,000 341,000 11,787.0001 53.000 34,000 Actuarial gains Ilossesl Contributions by the college Contributions by scheme participants Benefit payments from plan assets Fair value of scheme assets at end of year 7.577.000 The actuarial return on the scheme assets over the period ending 30 June 2024 was £213,000 12023.. 1£1,446,00011 Defined Benefit costs reeogni$¢d in profit or loss Ygar Ending 30June 2024 Year Ending 30 June 2023 Current service cost 78,000 141,0001 105.000 141,0001 Nel interest cost Total expense recognised in profit and loss account 37.000 64,000 44 Jesu5 College Notes to the Accounts Year Ended 30 June 2024 Defined Benefit Costs Recognised in Other Comprehensive Income Year Ending 30 June 2024 Year Ending 30 June 2023 Difference bekneen expected and actual relum on scheme assets - gain Ilossl Effects of changes In the demographic and financial assumptions undedying the present value of the assets- gain Ilossl Experience gains and losses arising on the scheme liabilities - gainlloss) Effects of changes in the demographic and financial assumptions underlying the present value of the scheme liabilities - gain Ilossl Effects of change in the amount of surplus that 15 not recoverable (excluding amounts included In net interest costl - gain Ilossl 161,0001 1242,0001 1304,0001 30,000 11,809,000) {160,0001 274,000 1,969,000 Total amount reeognised in Consolidated Statement of Cornprehensive Income and Expenditure 161.000) (242.0001 Assets 30 June 2024 30 Jung 2023 Falr value of scheme assets at end of year 7,652.000 7,577,000 Total A$set$ 7.652.000 7,577,000 None of the faif values of the assets shown above Include any direct investments in the College's own financial instruments or any property occupied by, or other assets used by the College. 45 Jesus College Note5 to the Accounts Year Ended 30 June 2024 Assumptions 30 June 2024 30 June 2023 .￿ per annum OA per annurn Discount rale 5.20 5.00 Inflation IRPII Inflation ICPII Salary Growth Allowance for revaluation of deferred pensions of CPI or 5'kn p.a. if less Allowance for revaluation of deferred pensions of CPI or 2.50/0 p.a. if less Allowance for pension in payment increases of RPI or 50/0 p.a. rf less Allowance for pension in payment increases of CPI or 30/0 p.a rf less Allowance for pension in payment increases of RPI OT 2.5¢/0 p.a. if less Allowance for commutslion of pension for cash at retirement 320 2.65 3.30 2.70 4.70 4.80 2.65 2.70 2.50 2.50 3.00 3.00 1.90 1.90 2.00 2.00 None None The mortalty assumptions adopted 8130 June 2024 imply the following future life expectancies at age 65.. Male retiring in 2024 Female retiring in 2024 Male retiring in 2044 Fema￿ retiring in 2044 21.4 years 23.4 year5 22.7 years 24.8 years The best estimate of contributions to be paid by the college lo the scheme for the period commencing 1 July 2024 is £56,000. 46 Jesus College Notes to the Accounts Year Ended 30 June 2024 Jesus College Defined Contribution Schgme The College operates a defined contribution pension scheme for certain of its employees The assets of the scheme are held separately from those of the College. The annual contributions payable are charged to the Income and Expenditure Account. The pension cost charge represents contributions payable by the College and amounted lo £265,325 12023. £157,149). 31 Post Balance Sheet Event On 3 September 2024, the College received notice from Wesley House that it would be terminating the Leage it holds from the College with effect from 15 August 2025. The Lease was originally granted on 1 September 2014 for a period of 120 years, and the College is required to make a compensation payment to the tenant on its termination. 47