St Catharine's College Cambridge ST CATHARINE'S CC)LLEGE, CAMBRIDGE REPORT OF THE TRUSFEES AND FINANLL4L STATEMENTS FOR THE YEAR ENIIED )OJUNE 2025 Charlty Registration No: 1137463 Introduction St Catharine's College is one of 31 Colleges within the Unlverslty of Cambridge, each of whSch is an independent, self-govemin8 wlth fts own property and income. The College was founded in 1473 by Robert Woodlark and received its Royal Charter In 1475. Affectionately known as 'Catz'. the College Is a welcomin& ihrwin8 and vibrant academic community of approximatety I,C(Q students, Fellows and staff locate(I In the heart of Cambridge. The College Is dedlcated to academicexcellence and to reuuitin8the most able students. whatever their backgrounds, tojoin our teaching and research community. The College admits both undergraduate and postgraduate students. The College has a large Fellowshlp, whlch is attive in research, teachlng, pastoral sUPWrt and ihe continued development of both the College and the wlder University. The College bs a reglstered charlty subject to regulatlon by the Charlty Commi55ion for England and Wales and Is registered with the FurKlraising Regulator. The formal title of the College is The Master and Fellows of the College or Hall of St Catharlne ihe Virgin in the University of Cambridge. The Short title is St Catharine's College. Professlonal Advlsors Auditors PEM Audit Limited Salisbury House Statlon Road Cambridge CBI 2LA Solicitor5 Ashton KCJ Chequer5 House 77-81 NeWrna￿et Road Cambridge CB5 8EU Chartered Surveyors Bldwells Bldwell House TTumpington Road Cambridge CB2 9LD Bankers Barclays Bank PIC Cambridge Business Centre Cambrldge CB2 3PZ Investment Fund M•nagers l. Legal & General Investment 2. CCLA Investment Management Management l Angel Lane One Coleman Street London London EC4R 3AB EC2R SAA Auditors Our auditor Peters Elworthy and Moore transferred their audit reglstratlon and therefo￿ that part of thelr buslness to a newly Incorporated limited company* PEM Audrt Limited, on I September 2025. Accordinglyi Peters Elworthy and Moore ceased to be the College's audltorwiih PEM Audit Limited bein8 appointed to fill the vacancy arisin8. Trumpin8ton Street Cambridge CB2 IRL Charity Registration No.. 1137463 Charity Trustees The members of the College's Governing Body act as the Trustees of the charity. In the financial year endlng 30June 2025, the Governlng Body met ten times and comprised the following members: Slr John Benger Professor Katharine Dell Professor Eills Ferran (to 30.09.241 Professor Han5 Van de Ven Professor lan Willis Professor Sir Christopher Clark Professor Geoffrey Kantaris Mr Michael Kitson Professor Michael Sutcliffe Dr Caroline Gonda Professor Nora Berend Professor David Aldridge Profe550r Richard Harrison Professor Jeff Dalley Dr Ivan Scales Professor Simon Taylor Professor Stuart Althorpe Professor Stefan Marciniak Professor Hazem Kandll Professor Jessi¢a Gwynne DrJennS Glbbons (to 04.09.24) Dr Rrvèr Chen Professor Michael Nlcholson Professor Julian Aifwood Dr Holty Canuto Dr Andrzej Szewczak-Harris Drjoe Ellls Ito 30.09.24) Or Liana Chua Dr Noriko Amano-Patiho Mr Tristan Cummings DrHend Hanafy Dr Mikhail Safronov Dr Nisha Nixon Professor Colm Durkan Ms Caiherine Twilley Professor Adrian Liston ItE Professor Peter Wothers Professor Richard Dance Professor Mark Elliott Ms Irena Borzym Professor Abigail Brundin Professor Sriya lyer Professor Mattew Mason Professor David Bainbridge Professor Harald Wydra Dr Hester Lees-jeffries Dr Edward Wid(ham Professor Gllly Carr Dr Valentina Caldari Dr Colin Higgins Dr sura Qadiri Professor Chiara Ciccarelli Dr Niamh Gallagher Mrs Helen Hayward Rev'd Ally Barrett (to 30.09.241 Dr Varun Warrier Mrs Nicola Robert Profe550r Pierre Raphael Dr Peter Can(ly Professor Rahul Roychoudhuri Dr Doriane Zerka Dr Pablo Olmos Professor Matthew Gaunt Professor Dennis Grube Dr Simon Richardson Ifrom 01.10.241 Dr Martin Parker Dixon (from 25.10.241 Rev'd Nell Whisttlmbe Ifrom 01.01.251 Dr Hannah Pinnock (from 21.01.25) Flnance Commlttee Slr John Benger Dr Holty Canuto Dr RSver Chen Ito 30.09.241 Professor Katharlne Dell Helen Hayward Professor Sriya Iyer Ms Marie Pak Ifrom 08.02.25 to 07.04.251 Ms Ro Price (from 08.04.251 Mrs Nicola Robert Dr Mikhail Safronov (from 01.10.24) Professor Simon Taylor Ms Catherine Twilley Mrs Karen Wall (to 07.02.251 Dr Edward Wickham Professor Peter Wothers Investments Committee Sir John Benger Ms Irena Borzym Dr Rfver Chen Ito 30.09.241 Mr Andrew Connell Ms Menal Devani Professor Sriya lyer Mr Mlchael Kltson Mr Neil Ostrer Mrs Nlcola Robert Dr Mikhail Safronov Professor Slmon Taylor Professor Michael Sutcllffe (from 21.01.251 Mrs Karen Wall (to 07.02.25} Senlor College Oflkers Master- Sir John BenEer President- Professor Katharlne Dell Senior Tutor- Dr Holty Canuto Bursar- Mrs Nicola Robert Development Dlrector- Ms Catherine Twilley Operatlons Director- Mrs Helen Hayward sr CATHARINE'S COLLEGE. CAM8RIOGE FOR THEYEAR ENDED 30JUNE2025 Contents PART I: Report of the Trurtee5 Aims and Obje¢tfves............-... Public Benefrt..................... Colle8e Fundlng........ Freedom ofspeech......................... Equalty. Dlversty and Inclusion.................-............ Achievements and Performance......... Financial Review....-. .16 Prlnclpal Rlsks and Uncertalnties....................-.... Plans forthe Future..-. .. .24 .24 Statement of Corporate Govemance........................ Statement of Internal Controls.. .26 .27 Responsibilities of the Governing Body..-.... .28 PART 2: Finandal Statements Independent Auditors, Rewrt to the Governlng Bo(ty of St Catharlne's College, Cambrldge....................... 29 Statement of Princlpal Actountlng Policies.. .33 Consolidated Statement of Comprehensrve Income and Expendltijre. Consolld*ed Statement of Changes in ReseNes. Consolidated and College Balance Sheets..................-.... Consolldated Cash Flow Statement........................ .41 .42 ..43 .44 Notes to ihe Accounts.......................... .45 Alms ind Obieclives The mlssion of the Universlty of Cambridge is to 'contribute to soclety ihrough the pursuit of education. learnlng and research at the highest international levels of ex￿llence, and, as part of the Colle8late UnNersty, St Catharine's share5 in this goal. The charitable objectives of the College are to advan￿ education, religion. learning and research in the arts. S(￿la1 Sciences and sciences. It is our misslon to strengthen and sustain St Catharine's for generations to come. Charitable aclrvities in 2024-25 were guided by the following strategic aim5: to attract the most talented applicants regardless of thelr personal circumstances and provlde a world- class education for our students, in a supportlve environment where academlc aspiration, dlverslty and wellbeing are promoted,. to nurture outstanding research by our students and Fellowship for the benefit of widersociety- to tèrry out a selertivei planned renewal of buildings that 5UPPOrt College operations. ensurinE member5 enSoy a high standard of Ilving and access to state-of- thfrart facilities while also increasing opportunitie5 for income generation; to develop and support our staff who serve our College community; and to expand the College's revenue base, buildlng up our endowment and managing our Investments prndently. in order to maximise support for our students and attract outstahdingacademics. Further Informatlon about these aims has been set oul in the College's strategic plan sinte 2019- 'Our Colle Our Future,. The Trustees intend to develop a new strategic plan for 2026 onwards. to be agreed late 2025. Public Benefft The College has due ￿gard to Charity Commission guidance on public benefit. The College provldes. In conjunction with the Universlty of Combridge, an education for over 800 undergraduate and postgraduate studen15, which is recognised internationally as bein8 of the hlghest standard. Thls educatlon develops students academically and advan￿$ their leadership qualities and interpersonal skllls, and so prepares them to play full and effective roles in society. In particular, the College provldes.. support for school students and their teachers to raise asplrations and help these students reach thelr full academlc potentlal, with the ultimate aim of encouraging applications from students with academlc potential of all backgrounds: teaching facilities, academlc gUIdan￿ and individual or small-group under8raduate supeNisions, as well as pastoral, administrative and academic support through it5 tutorial system for all students: and pastoral, social. cultural. musical, recreational and sportlng facllities and support to enable students to realise as much as possible of their academic and personal potential whilst studying at thecollege. The College admits students who have the hlghest potential for benefitlng from the education provlded by the College and the Unrverstty, regardless of their genderor theirfinanclal, social, religious or ethnic background: there are no geo8raphical reslrirtions in the Collège's charrtable objertives, and students and academlc staff of the Colle8e are drawn from communities across the UK and internationally- Ihere are no age restrirtions in the College's objertrves, although the vast majority of undergraduates are 18- 21 years old when they start their course; and there are no religious restrictions in the College'5 objective5 and a wide range of faith traditions are represented in the College membership. The College advances research through- provlding Junlor Research Fellowships to outstanding academics at the early stages of their tareer5, which enables them to develop ènd focus on their research in thls fom)ative perlod as they prepare to undertake the full teaching and administrative duties of an academic post,. supporting research by students and the Fellowship by promoting interaction across dlsciplines. and providing fatilrtles and grants for participatlon In conferences. research trlps and for research material5,' hosting visits from outstandlng students and atademlcs from the UK and abroad- and encouraging the di5seminatlon of research undert3ken by members of the College to lay and academic audiences by supporting public relations, research Seminars, the publication of bogk5 and papers In academic journals, orother suitable means. The College maintains an extensNe libraryi wlth a catalogue Integrated into that of the Unlvershy, which is a valuable in-person and di8ltal resource for students and Fellows of the College, members of othercolleges and the University of Cambridge more wklely, external scholars and researcher5. and the public through occasional exhibitions. The College carries fonvard the tradition. continuous since it5 foundatlon, of beinB a place of spiritual and ethical reftection on rellgious faith and its implicatlons for the indivldual and society. In particular, the College.. maintains and supports the Chapel and a Multrfaith Prayer Rt)om as places of religious worship for rnembers ofthe College communlty: holds a variety of religious ServI￿S Sn Chapel that are open to the general publlc; SUPPOrts, through chaplaincy. the emotional, mental and spiritual wellbein8 of all members of the College communlty: and maintains both a student thoir. and a choir fomied of glrls from local schools. entry to which Is by competitive singing test. The calendar of events held at St Catharine's Includes artivitles for external audiences, allgned with the College's charitable purpose, from musical performances. to discussions of research by Fellows and students. These strengthen ￿latIonShIpS and theColle8e's standing with othercommunlties, particularty in the local area. College Funding St Catharine's fynds Sts activltlesfrom a¢odemic fees, thargesfor student residences and caterln& Incomefrom Its conference business and investments, and donatlons and bequests. Academlcfees from undergraduate and postgraduate students account forapproxlmètety one quarterof total annual Income before donatSons. For home undergraduate students, tuition fees are paid eitherdirertty by the students themsefves or on behalf of the students through the Student Loan Company. The College collects these fees and passes ha￿ of their value to the Universlty. Internatlonal undergraduates pay separate fees to the College and the Unlversity that are not shared. The College admlts, wnatriculates and accommodates under8raduates, provides supe￿i$l0n5 for them, oversees their academic progress, tskes responsiblllty for their pastoral care, and presents them for degree>. The Unwersity provides lecture5 and laboratories, and examines and classifies students. The portion of the tuition fee going to the ColleBe does notcoverthe fijll costs of offering the world- class. small-groupteaching provlded by the College. St Catharine's relieson othersources of funding to help meet the shortfall. The fee received from pjstgraduates Is a proportion of a single fee charged by the Unlversity. The fee 15 calculated according to a formula that a55igns welghtings to different categories of postgraduate student. Studènts living in College rooms pay accommodatlon charges and all students can buy meals and drinks Irom the Dining Hall or Coffee BarlBar at a subsidised cost. Throu8h it5 subsidiary. St Catharlne's College Events Limited, the College operdtes a commercial business, whlch hosts conferences and corporate functions. Revenues from accommodation. catering and conferentes currently provide 43% of the College's income fore donations, with a furthef 29% coming from the endowment. Flnally, the College recelvesgenerous donations and legacies from alumni and friends of thecollege. Thts flgure naturally fluctuates si8nificantly from yearto year so has not been Included in the above proportions. Frefjdom ol Speech St Catharlne's is fulty committed to the prlnclple. and to the promotion. of freedom of speech within the law. Following the enactment of the Higher Education (Freedom of Speechl Act in May 2023, the College's p￿vent & Freedom of Speech Committeetook care to addressthe new statulorydutles introduced bythe Act alongside duties associated with existlng legislation. On the Committee's advice. the Trustees introduced a new External Events & Speakers Policy in March 2024 and approved a new Code of Praclice on Freedom of Speech in June 2024 Isince updated in June 20251. which are both available at caths.cam.ac.uk The College hosts a busy calendar of events each year that give students, staff. Fellows and visiling speakers the freedom to recelve and impart Ideas. oplnlons or Infomiation, and to question and test received wisdom. A diverse range of visiting speakers are invited to speak to the St CathaTine's community each year and the College is gratèful to them for agreelng to share their Inslghts and expert15e. Equallty, Dlverslty and Incluslon St Catharine's is committed to being an inclusive communlty, upholding eX￿llence, diversity and equalfty of opportunity forall members. Through honest self-reflertion, 5t Catharine's seeksto learn from its 15th-21, all admissions interviews were conducted online. The College welcomed 135 first-year under8raduates In October 2025. Of the UK undergraduates admitted to St Caiharine'5 in October 2025, 74.5% are from state schools12024- 74.3%) and there continues to be parity across applicants from UK state and independent schools a5 success rotes for appllcations from both cohorts rernain slmilar. Widening porticipation In 2024-25. the College supported 50 different acttvities deslgned to encourage students wlth the greatest potential from a wide range of backgrounds to appty to St Catharine's and widen partlclpatlon in hi8her education in general. These activities engaged 4,000 Indlvidual particlpants and included visits by St Catharine's representatives to schools, vistt5 by schoo15 to St Catharine's, webinars. residential events and planning for subject-specific taster days- all delivered with the support of around 200 5t CatharSne'5 Students who signed up to serve as ambassadors so thal pro5pectNe students could find out more about College lrfe from our students themselves. The offi￿ for students has approved the Unfverslty of Cambr5dge's Access & Participation Plan for 2025-29, which sets out how the Unlversity will address barriers to equality of opportunity across the undergraduate student lifecycle, encompasslng admissions, on-course experiences and progression to further study or employment. In support, St Catharine's will continue develop and deliver a blend of In-person and online activities Teochlng The College d1￿CtlY employs 12 teachlng offitrrs13 of whom are shared with another College), each of whom took a major teaching role and a leading responsibility for the academic development of undergraduates in their subject. The College abo appolnted 16 Bye- Fellows In Ortober 2024 to enhance the wodd-tlass teachlng and academlc opportunlties available to students at St Catharlne's. These new roles were created for )stdortoral researchers or experienced supervlsors who are able to offer at least 40 hours170 hours In the Medical Sciences Tripos) of undergraduate supervislon annually* thereby boosting the teaching alreadv provided by the Fellows of St Catharlne's. A further six Bye-Fellows were appointed ahead of the start of the 2025-26 academic year. Ex0minat￿n results End of year summer assessments continued to be conducted In a range of fomiats.. in-person and remotely Iwith or without online proctoring). Among ihe final-year undergraduates who graduated from St Catharine's In July 2025. 92.9% were awarded Upper Second-class results or higher12024- 90.6%), which placed this cohort in joint thlrd place across all Cambridge Colleges. Included in these results are the 39.7% of finalists who were awarded FirSt￿lasS resutt$12024.. 42.%). Across the entire student l)ody, 86.1% were awarded Upper Secon Class results or higher12024- 85.3%1- placing St Catharine's in the top seven across all Cambridge Colle8es- includlng 32.2% who were awarded Fir5t-Class resulis12024- 31.8%). Post raduates Stotisticsfor the ocodEmic year 2024-25.. ree ori PhD 157 Female 188 Home 168 Masters 189 Male 198 International 223 Clinical Vet5/Medics 43 Other D¢xtor of Medlclne Totsl postgraduate St￿nt body: 391 This headcount includes students writing up or in the process of submltting theirthesls Admissions St Catharine's is proud of the varied Interests, high academic quality and sense of community among our P05t8raduate students. In 2024-25, St Catharine's received applications from 275 candidates. Of the 218 candidates offered places. approxlmatefy 135 are sel to meet the condltions of entry and be admltted In Ortober 2025- against an annual tar8et of 145 Iplus approximately 20 Executive MBA and Global Executive MBA students). The College celebrated the first group of Global Executive MBA students completlng the flnal residentlal portion of the new pro8ramme developed by the Carnbridge Judge Business School. St Catharlne'5 admitted 30 out of the 46 students who loined the programme in january 2024. Wldening portlclpotlon The College is committed to working wlth the University to promote widening partlclpatlon at postgraduate level and to explore activities whi¢h actNèly encourage underrepresented groups to apply. Exchan St Catharine's sUPPOrted 15 students participating in international exchan8es in 2024-25, includin8 schemes run by the Unlversity and oihers run diredély with other instltutlons, such as the California Institute of Technology and Heldelberg Universr¢y. The Col*e welcomed ten students visiting from partner institutions. Bursarles and other finan¢l•l su rt foT Students St Catharine's is commilted to enabling students to enjoy all the benefit5 of a Cambridge educatlon. re8ardle5S of their personal financial circumstances. This is typified by the Har(ling Dlstinguished Postgraduate Scholarship Programme, established In 2019 thanks to an extraordinarily generous donation from the David an(1 Claudia HardinB Foundation. These scholarship5 provide outstanding students from all parts of the UK and the world with lrfe-changin8 Opportunities to research and study at Cambrid8e by covering PhD fees, livlng costs and personal research expense5. In total, 39 5t Catharine's students have benefited from the Programme since its inception, and the College has ￿lebrated the earllest cohorts being awarded PhDs. Undergraduates are ellglble for the Cambridge Bursary Scheme ICBSI In addltion to a wlde range of support fwom the College. Bursaries of up to £3,500 per year were given to students with a household income below £62,215. Students benefltlng from the CBS who had beer) eligible for free school meals Ifunded by their local authority) also received the Edutatlon Premium, which was an additional non-repayable bursary of £l,WO per year. St Catharlne's students re￿iVed £244,905 fn)m the scheme in 2024-25. Thanks to the generosrty of donors, the College was fortunate to be in the position to award its own scholarships and financial support to postgraduate students, on top of the funds available from the Universftv and other bodies. For example, this year marked over 20 years since the first Tunku Scholar was admitted to St Catharine's thanks to funding established by the Government of Malaysla In memory of alumnus Tunku AIKlul Rahman Putra Al-Haj. the first Prime Minister of Mala￿la. Postgraduate student5 coritinue to benefit from Tunku Scholarships and the supportive resèarth community created by this programme. Further support was provided to both undergraduates and postgraduates for costs associated with financial assistance, travel, SPOTL accommodation. computer equipment andmusic. Health and wellbein St Catharine's has earned a reputation for its health and wellbelng provlsion in Cambridge and was pleased to continue to offer a broad rdnge of support- at both a community level and an individual level- in large part due to the ongoin8 philanthmpy of Christina ènd Peter Dawson. There has been significant engagement from all parts of the College community thls year an(i both levels of support have been well used. St Catharine'5 students took up the 1nd￿ld￿￿1-leVel support on offer through approxlmatety 5(Kl appointments and unscheduled interactions with the core Health and Wellbein8 Team. At lune 2025. the wlderteam Invofved in deliverlngthis support conslsted of nine Undergraduate Tutors, elght Postgraduate Tutors. the Senior Tutor, the Deputy Senior Tutor. the Wellbeing Lead, the Community Hea￿h Practitioner, the Chaplain and a Neuro(Ilversiiy Adviser appointed by the Unfversitvs Accessibillty and Disability Resource Centre IADRCI. Research The Fellows and students of St Catharlne's are engaged in world-class research across a wlde range of dlsclplines. Postgraduate students, Fellows and staff are ableto learn about, and engage In, the research being Conducted by others In the 5t Catharine's communlty through a programme of seminars. The College's multi- disclplinary environment also provldes many infomial opportunities for dialogue and exchange of ideas that help advance research activities. The high qualty of research published by St Catharlne's Fellows is illustrated by their activities In 2024- 25, whlch included the following outputs- The Britlsh Academy published a new report called 'L@ssons from the History of Regbonal Development Polity in the UK, in response to widening reglonal economic inequalities in the UK despite almost a century of regional policy experimentation. compiled and edited by Professor Ron Martln and Including a timeline of UK ￿￿Onal policy since 1928 by Professor Peter Tyler. Professor David Aldrid8e led a new report called 'European Freshwater Bivalves: moving from assessment to conseNatlon plannind, publlshed in collaboratlon with researchers from across 29 countries to better understand the biodiverslty and conseNation status of thls Imperilled group. Professor Nora Berend publlshed two new books that explore the emer8ence of two historical leaders In Ihe Ilth century whose histories have evofved overtime into legends that remaln relevant and meaningful in modem-day Spain and Hun8ary- 'Stephen I, the First Chrlstian Kin8 of Hungarf {OxFord Universlty Press, 20241 and 'EI Cld, (Sceptre, 20241- Professor Daniella Tilbury co-wrote 'Educatitin and Learning for Sustainable Futures: 50 Years of Learning for Envlronment and Change, (Routledge, 20251 to help crlticalty Irelassess the potential of educatlon in creating a world that is more sustalnable than current scientific predictions estimate. Dr Peter Candy published 'Ancient Maritime Loan Contracts, Iuniverslty of Mlchi8an Press, 20251 covering the first millennium of the standard fomi contrarts at the heart of anclent long￿lStaft¢e trade, and exploring how these contracts r￿eal the link btheen commerce and law in marwtlme s¢xielies. Professor John Plckard CBE wa5 part of a major international study published in the New Englondjournol of Medicine that found around one in four patients wrth severe brain injury who cannot move or speak- because they are in a prolonged coma. ve8etatlve or Minimal￿ conSc￿u$ state- can still perform complex mental tasks. Professor Rahul Roychoudhuri led research published in thejournal Nature that uncovered the mechanism behind how asplrin could reduce the spread of some cancers in the ￿d¥ la process known as metastasis) by stimulatin8 the immune system. Dr Simon Rlchardson co-led research also published In Noture that found the commonest cancer in childhood IB-cell acute ￿mphobIaStiC leukaemla} could be treated with a combination of two drugs, improvlng outcomes and reducing the need for toxic chemotherapy for young patients. Professor Stefan Marclniak led separate studies looking at diseases at a genetic level. one of which found that the risk of a punctured lunB from a faulty gene (known as FLCNI is far hiBherthat) prevlousty estimated, and a second that acqulred DNA mutatlon5 found in another gene ISERPINAII can protect Ilver ce115 from damage In patient5 with alpha-l antitrypsin def￿lenCy. Academic achievements are often of such a calibre that they attract recognltlon and support from external bodies and research funders. The following awards were announced in 2024-25: Professor Gllly Carr was appointed an Officer of the Order of the Brltish Empire for her services to Holocaust research and education in the Kin8'5 New Year Honours list. A month later she was announced as a runner up in the Cambridge Awards for Research Impact and Engagement. Professor David Pyle was elected a Fellow of the Royal Society for his contrlbutions to the understandlne of proosses, timinEs and impacts of volcanic eruptions, for creatlve use of archival materials to understand past volcanic crises, and engagement wlth wider publics. Dr Sophie Koudmani concluded her Junior Research Fellowship at St Catharlne's by securing a Unfversity Research Fellowship awarded by the Royal Society. which will allow her to start her own research group. Professor Srlya lyer wa5 appointed a founding Fellow by the Royal Economlc Socbety one of just 58 economists appointed in recognition of their si8nrficant contribution5 to economics Professor Colm Durkan, who is a150 Profe550r of Nanoen8ineering Science and Head of the Departmeni of Engineerin8 at the University of Cambridge, was eletted a Fellow of the Royal Academy of Engineering. Professor Adrian Llston was awarded a prestigious European Research Councll Advanted Grant to lead research overturning lon8-held assumptions about how the immune system works and decoding how the body responds lo inflammation, In addition to a Wellcome Discovery Award worth over £3 million to investigate the rules by which immune tells from our blood are able to enter the braln and drive repair processes during multiple sclerosi5. Jlll Ashcroft Camplon was awarded a one-year studentship by the Leverhulme Trust to bulld on her PhD research by studying comparatlve constitutional and legal infrastrurture planning and governance frameworks in England and France, with a focus on the cancelled Notre-Dames-Des-Lande5 alrport and the third runway at Heathrow A6rport. The St Catharine's community continues to be Involved in public engagement initiatwes, to share thelr knowledEe and encourage public dialogue around Issues of r)ational and interr)ational importance. In parallel wilh regular appearances in the media, researchers leant their vol￿5 and expertise to the followin8 activitles.. Dame Ma88ie Aderin-Pocock was announced as the Royal Institutlon'5 choice to present the 2025 Christmas Lectures. She also published Webb'5 Universe, Imichael Iymara Books. 20241 about the James Webb Space Telescope, which changed the way we See and understand the origlns of our existence. Sir Christopher Clark reflected on Austria's history and the challenges it faces today in hls keynote speech In Vienna marking Austria's 80th annwersary on 27 April 2025. Dr Joanne Harris OBE, as chair of the Entente Littéraire Prize Award jury, plned Her Majesty The Queen and Madame Brigitte Macron at an award ceremony recognising boo￿ for teenagers and young adult5. Mèlik Al Nasir was interviewed for TV documentary'caethwasiaeth a Fi/Slavery and Me, about the famlly history of former intematlonal rugby union player Nathan Brew, and contributed to'Beyond the Bassline: 500 Years of Black British Music. (Britlsh Library, 20241. which won Best Publication at the Association for Cultural Enterprises Annual Conference in 2025. Professor Bill Sutherland CBE launched a YouTube channel dedicated to explaining etologlcal concepts and their importance for Conse￿ation, which has grown to a library of more than 100 videos. Seetha Tan was one of the creative directors of 'Black Town & Gown,, a new documentary premiered in 2025 that features alumna L'myah Sherae disojssing the Ilfe and legacy of alumnus Dr Cecil Belfleld aarke. Anna Cochrane was selected by the University as it5 sole student representative at the 2024 Stockholm International Youth Science Seminar, where she presented her research and spoke on a panel with a Nobel Laureate in front of an audience of Swedish high School students. actlvltles The Colle8e continued to maintèln a wi(le range of sWrtingfacilitles, Includlngextensive sports fields, a popular all- weather hotkey pltch, Squash and badminton courts, boathouse and a newly refurbished gym. Typlcally. these are well used and appreclated by all members of the College and, through arrangement, by other teams outside the Universlty. All facilities are available to members of the College for no additional charge. The 5PQrts pitches are also used by Christ's College, Darwln College and Downin8 ColleBe. There were many highlights from this yearfs sporting actrvlties. such as.. The women's badminton team dominating thelr competition to wln the thlrd consecutive Cuppers final. The men's football club wlnnlng the Shield final for the second year in a row, battlln8 Flttwilliam College into extra time. The combined St Catharine's and Homerton men's rugby union team reaching theSr second consecutive Cuppers final. The mixed basketball team securin8 promot￿n In their league to DIvi51on 2 and On￿ narrowly mlssing Out on a promotion to Division l. The combined 5t Catharine'5, Gonvllle & Caius and Hughes Hall women's football team Saw their consistency rewarded wlth promotion to Dlvision l. The St Catharine's College Boat Club celebrated vlctorles in the men's University IVS, Fairbalm Cup Vlll ra (for the first time since 19671 and Fairbairn Cup IV race- with Ml jumping to ninth position in Lent Bumps and seventh In May Bumps. Nol to be outdone, the women's rowlng achievements included Wl movlng up 109 places ènd finishing the fastest Oxbrldge college at the 2025 Women's Eights Head of the River Race. St Catharine's students Matt Ed8e and Jessica van de Grint rowed Sn Cambridge's clean sweep of the 2025 Boat Races- Malt Stroked the Men's ReseNe boat (Goldiel and Jessica was In the 4 seat In the Women's Llghtweight Boat. Matt became the first man to ever wln against Oxford in the Blue boat12023 and 20241. Goldie120251 and Men's LSghtweights120221 and can now personally claim four con5ecutfve win5 in the Boat Races. MO￿ than 20 St Catharine's sludents were awarded Blues or HaW Blues for representlng the Unwierstys sports clubs. St Catharine's made 151 awards totallinE over £16,￿0, to enable students to partiupate In a wide range of sport, including archery, athletics. badminton, basketball, climbing* cricket, dance, dancesporl. equestrian. fencin& football. golF, handb311, hockey, ite hockey, karate, kendo, netball, padel, rowin& rugby* runnin& 5katin& swimmin& taekwondo. tennis. triathbn and volleyball. The College make5 available to external institutions Fts cricket, football and all-weather hockey pitches, and also some of the facllitles at the boathouse for local clubs, includingthe hire of boats forspecrfic events outside of term. Income from hiring faclllties contributes to thelr upkeep by an experienced team of staff. Musl¢ St Catharine's is recognised for stron8 musical tradition, and in particularforthe range and inclusivene$5 of its activitles under the dliéttion of Fellow Or tdward Wickham as Director of Music. To enable students to pursue music at the highest leve15 alongside their academic studles. the College offers awards to or8anist5, instNmentali5ts and slngers: 15 students benefited from these awards durin8 the year ending 30 June 2025. The Colle8e continues to support two choits: one for ￿$t@raduate and undergraduate students, the otherfor girls aged 8-15, whSch both perfomi regularly in College throughout the yearand at speclal toncerts elsewhere. The Girls, Choir 15 particularly noteworthy as rl 15 one of the few ensembles of its kind in the countryi and is open to girls from all schools in the area. Particlpants benefit from a musical training of the highest qualitV* and m05t will continue their muslc-making into hlgher education and beyond. The hlghli8ht of the Gir15' Choirfs year was a ten-day tour to the Bay Area of California in April 2025, the culmination of a lonE-5tandlng relationship with the Piedmont East Bay Children's Choir. The tour intluded seNices and concerts in Stanford, Berkeley, Los AIt05, Grace Cathedral in downtown San Francisco and Gualala, made possible thanks to generous donations and our parent chaperones. The College Cholrfs concerts included singing a traditional repertolre at London'5Temple Church in March 2025 and a tour to Hungary in July 2024. For the 25th anniversary celebratlons of the Cambridge Music Conference, an enterprise established by Elizabeth Carmack, Elizabeth commlssioned six work5- by Diana Burrell. Richard Causton, Christopher Fox, Nigel Osborne MBE, Howard Skempton and Errollyn Wallen CBE whlch were premiered in a series of concerts in the College Chapel durlng Lent Term. The Kellaway Concert 5erie5, which began over 20 years ago In memory of the late Donald Kellawayi continues to provide an important platform to showcase musicians from St Catharine's and further afield. The serles now enjoys regular collaborations with the Jazz Festival and Cambridge Early Music, bringing out5tandin8 professional performers to central Cambridge. Buildin s and s ces St Catharine's aspires to offer a high standard of student accommodation and access lo state-of-the-art facilities for students, staff and Fellows, while also Increaslng opportunltles to make our estate more energy efficient and to generate revenue. Staff have continued to work hard to keep pace with maintenance, restoratlon and refurbishment actNities, a5$￿ted by drone surveys that inspected the condition of roofs across all College-owned properties. Th15 data IdentbfEd area5 of Ereatest heat loss and will enable the College to bulld in insulation Iwhere needed and possible) as part of futu￿ improvements. The College also completed the latest phase of refurbishment of the Russell Street and SouthGreen Lodge in time for the start of Michaelmas Term 2024. A major building project on the horizon is the renovation of the Hobson's building due to concerns that undergraduates living in thls buildin8 experience a lower standard of accommodation than their peers in other parts of our estate. This gap recentlygrew wider after improvements to otherareas.. the Central Spa￿s project I202￿221, Sherfock Court renovations12021-231, the construction of Silver House and 8elfield Hou5e12022- 231 and the more recent South G￿en Lodge and Russell Street refurbishments. The ColleBe has made good progress with our architects and has agreed plans ft)r the new layouts for each floor of the Hobson's Iwilding. Assuming the College can ralse the remaining £2 million needed to commence work in September 2026, this project will deliver signifitant improvements that will benefit students and staff allke, while preserving the character of the buildlng and the variation in room sizes land rentsl valued by our students. Addltional sanitary and kitchen facilities are planned so a lower number of students will need to share each facility. Vastly iTnproved laundry faclllties lincludin8 a drying room) will benefft Hobson's occupants and their neighbours across the College's main 50te. Sustalnablll St Catharine's net zero roadmap I c.uk roadma was published in September 2023 and students. staff and Fellows have been Involved ever slnce in reduclng the College's carbon ernissions through the College's Green WorkinB Group. The Group was able to repeat the online survey of students, staff and Fellows first rolled out in 2024- recall of our ambition of net zero emlssions by 2040 is up1S1% versus 42% in 20241 but behind ourtarget of 85%. In response, the Group is plannin8 to establish a 'Net Zero Weev to engage all parts of our communlty in the roadmap and wlll publish a new dashboard to help us track progress against the roadmap's commitments. All purchased electritty has been from non*mrtting enew sources slnce 2021, thanks to the College'5 participation In the Cambridge Colleges Consortlum. The College has also benefttted from the installatlon of airsource heat pumps saving 9,5W kg of carbon dioxide between October 2024 and March 2025, and re￿iVed planning permission in Ortober 2024 for over 200 new roof-mounted 501ar panels that are expected to save 14,OCQ kg of tarbon dioxide every year. In addition. Eyesense unlts have been rolled out to bedrooms in G, H, I, J, K and M staircases and the Sifver Street flats, saving more than 16,000 kg of carbon dloxide during the year ending 30 June 2025 by keepingtemperatures constsnt during periods of occupation and avolding College heating emmy rooms over vacations. Governin8 Body has now tonsidered and approved a detsiled plan for phasin8 Out farmed ruminant meat by 2027. In parallel, the College will increase provision of plant-based food options by 2027 and contlnue to support and traln our chef5 as menus change over time, Another a￿8 of focus for our communlty this year was implementing changes in response to a new legal dutv to separate our food waste, our recyclable waste and our landfill waste from 31 March 2025.. 153 food caddies were introduced to kitchens and offices, and 11 communal food waste bins were installed acr￿5 our properties. The College has also continued to gather data to understand waste streams, establish baselines and Inform the development of a waste reduction plan. This was paused due to the recent change5 to waste collection and the reduction plan is now due to be delivered by December 2025. A commitment to ethical and other issues of social responsibility, including climate change, remains a vital component of the College's investment policy. The two principal investment managers have ambbtious shareholder engagement goals, combining divestment and engagement lo good effect: CCLA Ipart of Jupiter Investment Banking Limited) and Legal & General Investment Management. The Bursar has been appoinled to CCLA'S Eihical Fund Advisory Committee and she will be workln8 alongslde representatives from other investor5 (churches and charities) to review updates on the engagement prOg￿$S being made by our fund managers. St Catharine's 15 among the UK universltles that have been collaborating since February 2024 to seek out financial instltutions and products that do not contribute to the financing of fossil fuel expansion. Several financial institutions met the collaboration's oblectfves for cash deposit accounts and a pro(luct equivalent to Money ma￿et Fund is under development. The collaboration has engaged with full-seNice banks but, glven the tomplexity of the College's full-service banking needs. our community'5 immediate focus has been on: 11 flnding alternative products for the treasury holdlngs of the College and 21 workin8 With the JCR Committee on thelr banking arrangements, which resufted in the JCR openin8 a new current account with Unlty on 13 May 2025. The College remains committed to worklng wf(h other Cambridge Colleges and the University to engage with Barclay5 who provide our banklng servi￿5 on our ethical investment policy and net zero ambltlorb. rtln and develo n ourstaff St Catharine's strwe5to attract, retain andsupport ourstaff. and i5rKwdthatstaff engagement across all training and personal development opportunities remains hvdh. The College invested in the region of £41,000 towards professional trainlng and development over the past year and continued to maximise the ApprentI￿shiP Levy to fund apprenticeships. In total across the 2024-25 academic year. staff were enrolled on four apprenticeship qualifitatSons, attended 24 in-person courses and completed more than 670 online courses. In October 2024, a new preventative duty came into force under the Worker Protect*)n {Amendment of Equality Act 20101 Art 2023. This legislation requlres all employers lo take reasonable steps to prevent the sexual harassment of workers during their employment. All Heads of Department have been briefed on the new duty by an external law firm and the College ha5 introduced mandatory trainingfor all employees as well as a r)ew risk assessment with mitlgaling measures. Since the launch of a pilot in Morch 2023. the College's staff fonjm has tontinued to provide a space where staff representatNes can raise Ideas or issues that can improve the experience of colleagues, including points that informed a staff survey in the summer of 2024. Thanks to the 43% of stsff who took the tlme to re5Fond to the suryey, the College leamt that over 80% of respondents wanted to extend the more flexible approach to bank holi(lays in May and August Ifirst introduced on a trial basls in 20241 so staff could enloy more distretlon around when they take time away from work. In response, we have made the trial arrangements permanent. The survey also found that nearty half of respondent5 were happy to volunteer their time to help organise social events for their colleagues; a newly formed Social team has since taken over the organisation of exlsting events an(1 introduced new social activities. Among the other activltSes organised for the benefit of staff was a pro8ramme for Mental Health Awareness Week112-18 May 2025): a pottery session in the Bar, massa8es in the 0Sd Comblnation Room and a well- deserved break with colleagues over bacon sandwiches in Hall. This programme was on top of the events or8anlsed by the Health & Wellbeing team for all parts of the College tommunlty durlng Mental Health Awareness Week, including ite creams In Main Court, crafting, smt)othies and Tea@3 (tea, coffee and cake 5eNed at 3pm on Wednesdays several times throughout the year and weekly during the exam period). St Catharine's remains committed to ensuring all staff receive at least the real Ilvlng wage. All staff on permanent, fixed-term and casual Iwherethey perfom) the samework as ourcontracted employees) contrncts are paid at least the Real Lfving Wgge1£12.60 per hour at 30 June 20251. The College schedules regular reviews to keep pace with the national threshold recommended by the Livin8 WaBe Foundation. Fundralsln and alumnl relatlons 5t Catharine's has a professional Alumni and Development Office IADOI, established in 1993. which Is responsible forall of the College's fundraising activr¢ies and an extensive alumnl relations pro8ramme. Lead by the Development Director, the ADO is the main point of contack for around 10,Ct4) alumniworldwide. There has been enthusiastlc support for the College and its alumni engagement activities this year, Sncluding a busy calendar of reunions and other events. St Catharlne's Is grateful to everyone who has facilitated and hosted events, including In College ftself, London, Edinburgh, Glasgow, Manchester, Hen￿, Madrid. WashirEton DQ New York and the Bay Area. The ADO continues to work closely with the St Catharine's Alumni Society and supports communl¢ations wlth members about its various events and activities throughout the year. In the year ending 30 June 2025, St Cathèrine's received donations 01 £3.7 million-thanks to the generosity of more than I,OCx) alumni, Associate Members ar)d friends. The St Catharlne'5 Glving Day in November 2024 encouraged more than 380 people to make a donation, raising over £231,000. Morethan 250 people have also let the College know that they have included a legacy gift to St Catharine's In their Will- many of whom have chosen to Soln the woodla￿ Society $0 that the College can thank them during thelr Ilfetime. The College does not employ extemal professional fundraisers. The ADO conforms to all recognised applicable fundraising standards and its activrties are monitored by the Governing Body throu8h a combination of regular committee review and rewjrts. A new Development Committee to oversee fundraislng actlvily was created in the year and had its first meeting in May 2025. The College Is registered with the Fundrai5in8 Regulator and received no complalnts about its fundraising activitles durir)8the financial year endlng 30June 2025. The College's practlces protect vulnerable people from unreasonably intrusive, pressured or persistent fundraisin8 approaches and the College has slgned up to receivlng suppressions under the Fundralslng Preference se￿Ice. Financlal Revi Scope of the finan¢lal statements The College's consolidatèd result5, which are discussed in th15 section of the Report. are the net effect of the College's own business and that of its subsidiary companies, which are described In Note 27 to the Accounts. Summary The College monitors the strength of rt5 financlal performance by looking al its operating surplus/deficit, operating cashflow and level of free reserves and all three metrlcs made good progres5 towards our five-year plan targets in 2024-25. The best indicator of the operating surplusldefiut is the unrestritted surplusldeficit before other gains and losses in the Statement of Comprehensfve Income & Expenditure. In 2024-25 the unrestritted operating surplus was £0.5 million12024: surplus £1.2 million). The 2024 posltlon was boosted by ? one-off write-back of £l.O million related to Unlversity Superannuation Scheme IUSSI pension deficit recovery provlsion contributlons and un￿strIrted donations of £l.O milllon. There was a net operating cash Inflow of £0.4 million12024." £4.0 mill*)n) and our cash posltw)n was Siron8 enough to enable capRal investment of approximately £l.I milllon along with the deslgnation of £1.8 mlllion In unrestricted donations toward the Hobson's refurblshment bringing the total amount pledged to £3.2 milllon. A key objeclive forthe coming year Is to raise the remalnlng £2 milllon required to start thls project In September 2026. Free reserves- an inditatorof liquidity- have detreased to £12.1 mlllion12024.' £12.6 mlllionl partly as è resutt of new des18natK¢ns of unrestrlcted funds towards the Hobson's project. Comprehenslve Income and expendllure Total income before donations and endowments increased by 6% to £16.2 mlllion12024.. £15.3 mill*)n). Accommodation. catering and conference income increased by 12% {£0.8 million) to £7.0 milllon with £0.7 milllon of this Improvement represented by external conference income. We aim to cha￿e our students a *air price for their accommodation and meals and to provlde a wide range of cholce in both areas. Rents were Increased by 4.35% reflertin8 the conllnued inflatlonary pressure on associated costs and demand for College room5 remained high. Our students contlnued to enjoy the nutritio￿ and affordable meals offered by the Colle8e whether in the bar. cafeteria or fomial hall and the number of student transactions inC￿aSed from 74,671 to 76,225. We also welcomed members of the UniversSty to Use our catering facilriies and this has proved especlally popular at lunchtlme. The confeience team continued to grow its business and to evolve new higher margin models of summer school delivery. Conference income now stands at £2.3 million compared to the pre-pandemic level of £1.9 million. We will continue to focus on maximislng the potential of this income stream because it makes an essential contribution to the overhead costs of provlding the Colleee infrastructure and enable5 US to subsidise our education activities. Investment Income was stable Ot £4.6 million12024: £4.6 million) and Is now conslstently the second la￿eSt source of income. Income from academic fees and charges increased by 4% to £4.3 mllllon 12024- £4.1 million). The College remains committed to maintaining Its pos￿￿on among the wodd's leading inslhution5 of hlgher educatlon. In the year ending 30 June 2025, the College invested on average £12,542 per undergraduate student12024: £12,177), reflecting the intensive academic 5UPPOrt for Èach student. provided ihroijgh Directors of Studles, College Teaching OffI￿rS, supervisors, and tutors. Postgraduate students also received significant support, with the College spending on average £8,579 per student12024.' £10,567) to enhance and in some case5 fund theireducatlonal experlence. The postgraduate spend per student naturally flurtuates year on year due to the range of individual needs wlthin each cohort. In total, the College spent £8.3 milllon in the year12024: £8,4 million) to educate 439 undereraduates12024: 4591 and support 391 postEraduates12024: 3921. For each UK undergraduate, the College rece￿e$ a contribution of £4,625 perannum (the £9.250 tultion fee Is shared with the Unlversityl. This leaves a funding gap of £7,917 per home undergraduate student12024'. £7,716), amounting to 63%12024- 63%) of the total cost. The total fundin8 gap across all education activities Is £4 mlllion. This gap is significantly bridged by the continued generosity of the College's benefactors. We are extremely grateful lo all our alumni and friends for the £3.7 million received this year12024: £6.1 million), includlng donations and legactes totalling £1.9 million and new endowments of £1.6 million. Overall, the College's princlpal sources of income in 2024-25 were as follows: 2% Acc¢Jnmodats"on, catering 8nd conferences x Invèstment income 35% * Academlc fees and charges 2fA Donaknons Other inLunie. inc. capital grants Figure.. Prlnclpol source5 of income 2024-25 Total expendlture was £17.0 million12024- £15.7 million). The 2024 figure wa5 reduced by a write-batk of £l.O million related to USS penslon deficit recovery provision contributlons. Excluding the Impatt of thls write-back expendlture has increased by 2% or £0.3 milllon driven by increased payroll and food costs (some of which relate to growth in conference activity). Expenditure includes staff costs of £7.2 mlllion12024: £6.8 milllonl. whlch have Increased by 7% and continue to represent almost half of the College's total cash expendlture. Depreciation has slightly Sncreased to £2.1 million 12024: £2.0 mllllonl due to recent estate improvement project5. The key expenditure ehanges compared to 2023-24 were: Item No USS write-back Increase in payroll costs Increased food costs Decreased utilitie5 Cost Other changes Total Increase in costs mllllon 1.00 0.47 0.12 10.221 10.ioi 1.27 • Accommodatlon A3/ 3Y, Catering 28/0 • Teaching Tutorlal Admission5 Scholarshlp and awards Research 20% Other expenditure 20% Other educattonal facilit￿$ Flgure.. Principol expenditure cotegories 2024-25 As a result of these income and expenditure figures, the College achSeved a surplus before other gains and losses of £2.8 mlllion compared to a Surplus of £5.6 million last year. Below the line, there was an unrealised investmentloss of £1.7 million12024: £10.7 mllllon galnl and there was a small £0.2 million gain12024'. £0.1 million 8ainl on pension schemes, reflecting a reduced liablllty as assessed by actuarial calculations taklng Into account discount rates, Inflation and life expectancy. After these items, the bottom Ilne of Total Comprehensive Income wa5 a surplus of £1.4 million compared toa surplus of £16.4 million in 2024. Fluctuating unrealised investment and pension gainsllosses can lead to slgnSflcant variations in this figure. Unrestrirted Income and Expenditure The balance between restricted and unrestricted reserves has been a concern in recent years. The unrestrltted reseryes recorded a gain before othergalns and10sses of £0.5 mlllion in the year.This posltlon was bolstered by unrestricted donations of £1.4 million meaning that the underlyln8 unrestricted deficlt was £0.9 million. This structural deficit could Ilmit the ColleBe's abillty to generate sufficient cash for estate maintenance and cause free reseNes to fall below policy level. In November2024 GoveTning Body approved the recommendatlons of ihe Financial Resilience Working Group. chaired bythe Master in his fi￿1 year. Our goal Isto eliminatethe structural deficit by 2030whilst also investing in the malntenance and improvement of ourestate. The College has a clear pathway to achieve this goal having identified lever5 to increase intome and reduce expenditure alongside clear protocols for funding capttal investment and major estate refurbishments. For the second year running the underlylng unrestricted def￿1t in the statutory actounts was sl8niflcantly l¢)wer than in previous years. Balanee sheet Total net assets have increased by £1.4 million to £192.7 million12024: £191.3 million). The princlpal assets are the operational building5 Ithe main Island slte and outlylng accommodation) recorded in fixed assets. and the investment portfolio. Wfthin flxed assets, the College made addltk)ns of £0.9 mllllon and transferred £0.6 million from a55ets under construction to buildings. plant, fixtures and frttings as projects completed. The value of the College investment portfolio increased mafginally from £139.7 mlllion to £139,9 million after a challenging yearfor world markets. Total long-term borrowing 15 unthanged at £31.0 mSlllon, which remain5 manageable when compared with both the College's resources and its repayment plans. Total net assets are represented by re5tTicted reseryes of £97.1 million12024: É95.8 milllonl and unrestrKted reserves of £95.5 mS11Son {2024'. £95.5 mlllw)nl. Reservés ￿lIc¥ The College's reserves policy aims to provide sufFicient financial resour￿$ to contlnue operations when exposed to exceptional or adverse financial circumstances, balancing the nèed5 of turrent and future generations of students. Maintalnlng adequate reseNes provides a rneasu￿ of the College's financlal strength In terms of its pensknn obll8atlons as well as for its external funders. The College's reserves comprise: ReseThes 30 June 2025 £mllllon 30 June 2024 £mllllon Purpose Restrlcted reseNes: Income and expendtture reserye: endowment reserve 85.0 84.3 Donors have spetified that the funds be permanently invested to generate an income. Most of these endowments have a specrfic dlrectlon as to use Donors have speCif￿d that the donation must be used for a particular objective Income and expenditure rese￿e. restricted reserve 12.1 11.5 97.1 95.8 Unrestritted reserves: Income and expendlture reserve.. unrestrlcted 95.5 Funds can be used for general charitable purposes. Most of these reserves are represente(I by the College's fixed and heritage assets so they are not liquid Unrestricted reseNes set aside by Governing Body for a specrflc future purpose- in thls case the Hobson's refurbishment. Designated reserves Totsl reserves 192.7 191.3 The value of the College's free reserves is calculated by deductlng restricted reserves and fixed and herita8e assets from total reseNes. The fixed asset amount is adjusted for fixed assets lin particular assets under construrtiDn}. funded by restricted donations where the building or projert has not yet been completed. Once completed, the restriction place(J upon the donation 15 fuffilled and the restrlcted reseNe is removed to unrestricted reseNes. 30 June 2025 £mlllion 192.7 197.1 11.21 181.61 30 June 2024 £mllllon 191.3 195.81 Total resekves Less.. restricted reserves Less: designated reserves Less: fixed and herita8e assets Add back: fixed asset5 funded by restricted donationslgrants Free reserves 182.91 12.8 12.6 The College has a policy of holding sufficient free re5eryes to: undenvrite the continuity of its operations in the event of a revenue shortfall: fund exceptional capital expendlture- and respond to any urgent need for unplanned expendlture. The pollcy takes into account the risk profile of the College's income streams, the fixed naiure of many of the College's costs, the contribution of restricted funds to committed annual expendlture and the amount of fundraising income expected io be delivered each year. Based on thls anaty5iS, the College's target for free reserves is as follow5.. Reserve Target £mllllon Ratlonale Income conlingencv ContlngenLy to cover extremelunexpected shortfall in most 'vulnerable' income streams equivalent to 18 months, external conference Income and 12 months. unrestricted donatlons Income Approximatety, two years of capital expenditure excluding major projects that are separatelyfunded through fundraislngor loans. This provi(les cover for the additional investmenl required to implement a planned preventative maintenance rogramme Contlngency to cover addltlonal ext￿me/UneXpeCted expenditure such as a major estate repair or increase in thecost of utilities Capbt31 ex￿nditUre Expenditure contingenc TOTAL At 30 June 2025 the College's free reserves were £12.8 million 12024: £12.6 million). The College aims to maintain and enhance rÉs free reserves by focusing on income generation from donations and conferences. sound cost control, effective use of restricted income from endowment and other restricted funds. and investment perfomiance. The significant factors that will affert future reserves are the annual operatlng deficrt, investment gains and losses, and changes in the actuarlal valuation of pension liabilitie5. Holding free rese￿e5 sli8htly above the target level will enable the col￿ge to manage the unrestrlcted reserye flucluatlons related to these factor5. The Governing Body will keep the reserves pollcy under review and consider ihe need for further specific reserves as circumstances change. Investments At 30 June 2025 the Investment portfollo valuation was £139.9 million 12024.. £139.7 millionl- The small increase in value o*£0.2 million includes net addltions of £1.5 mllllon and unrealised losses of É1.3 million. The investment portfolio ha5 grown significantly since 2018 thdnks to new endowments including £25 million from the David & Claudla Harding Foundation the Income from whlch Is restricted for postgraduate bursaries and undergraduate support. In 2018-19 the College borrowed £20 milllon throu8h a Private Placement and invested £12 milllon of thls loan to cover the interest costs and future repayment. 160 140 120 Ico 60 20 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 •Longtertn erwJownÈtht toan repayment fund Iwi(lityladthr Figure.- Totol investments To ensure that investments are managed approprlotely for both long- and short-term financial requirements. there are three distlnct sub-portfoli05 Wlth different investment strategies: the lon8-term endowment, the loan repayment fund and the liquidity ladder. The long-term endowment has increased by £52.8 million slnce 2018. The spending drawdown from the long-term endowment was ￿duced from 3.75% to 3.6% for 2024-25 and wlll be further detrea5ed to 3.45% in 2025-26 to reflect experted future real retums. 30June 2025 Émillion 121.2 30 June 2024 £ mllllon 121.0 Purpose Long-temi endowment Investments held for the long term which contribute to annual operating expendSture through the drawdown from the endowment Investment5 held to generate sufficient income to pay the annual interest and to grow the capital in order to repay the £20 million private placement loan in 2063 Investments held in cash or near cash for 5hort- term capital projetts. Value will fluctuaie. Loan repayment fund 15.0 15.6 Llquldity ladder including Investment cash 139.9 139.7 Wlthln the long-term endowment. Investments are diversffied across asset classes to reduce risk and optlmlse return with the following allocation.. 1.33% 2.12% 4.18% 93% Cash & near cash '.) Prlvate ewity ITrfra%twcture & operating Assets . UK equtiies Fixed Interest 52.52% 10.46% CoTrttactUAI & other income Property Mults-855etfund • 1kn5 equltles Flgure.. Long-term endowment {by assetcl055J The Colle8e's Investment Policy seeks to generate a real return ovèrthe long-term (after inflation measured by CPI) that exceeds the spending rate in order to preserve and enhance the feal linflation-adjustedl purthasin8 power of the portfolio, and to provide a stream of relatively predictable, stsble and constant earnings In support of annual budgetary needs. Based on the spending rate in effect at the time the current investment managers were appolnted 13.75%1, this corresponds to a target annual nomlnal return of 6.25%. In 2024-25 the long-term endowment made a total return gain of 2.3%12024.' 11.4% gain). The dlverslfled nature of the portfollo, Includlng the Il% allocation to pmperty, meanl that it under-performed its 70130 Equity/Bond portfolio market comparator16.7%1 and the Morgan Stsnley Capitsl International IMSCII World Index for Equities {9.1%1. On a cumulative basis SIn￿ 2013 the return remains in excess of the College's inflation-plus target of 6.25%, but this position is belng carefully monitored to assessthe impact of the cUr￿nt ni8h inflation, low 8rowth environment. Figure.. Historicol portfolio perfom70nce (volue in £) The endowment has Steadily increased the amount of its contribution to Col*e income in Ilne with its growth and Is now a vital component to our long-tem) flnanclal sustainabllily a5 shown by the following chart summarising the amount of endowment total return transferred to annual income and expenditure in recent years. 2.5LK) 1s(M) SIYJ 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *Uhrestricted • Restrirted Figu￿.. Endowment income Pen51on5 The College's share of the deficits in its penslon schemes amounts to £l.I mlllion12024- £1.3 million). Thi5 consSsted entirely of the defitit in the Cambridge Colleges, Federated Penslon Scheme ICCFPS) after the deficit In the defined benefrt USS for academlc staff decreased to £nll In 2023-24. The CCFPS scheme underwent a triennial revèluatlon on 31 March 2023, resulting in decreased deficits and lower employer and employee contribution rates from l July 2024. The College has an agreed deficit redurtlon programmethat alms to eliminate the past service deficit by 31 March 2030. The deficit may also be mitigated by future investment retums. During the year contributions Into this scheme amounted to 28.3% of which 17.6% was paid by the College as employer. The scheme is no longer open to new members,. instead, the col￿ge offers a high-qual￿¥ defined contribution pension scheme to all non-academic staff. The USS scheme also undeNent a triennial revaluatlon on 31 March 2023, resulting in decreased contributbons from January 2024 of 20.6%, of which 14.5% is paid by the College asemployer. The methodologies which the College Is required to use to taltulate its share of these two pension schemes differ significantty, because of the nature of the schemes. Managingfuture pension costs includingthe volatility of these costs 15 a key financial consideratlon for the College. PrSncipal Rlsks and Uncertalnties The Governing Body as charlty trustees ha5 a responsibility to monftor, disclose and where feasible manage the major risk5 an(1 uncertaintles facing the College. In November 2022 Governing Body approved an updated rlsk management process which increased the level of committee scrutiny of the Risk Register and introduced the risk scoring approach ￿cOmMended by the Charity Commlssion In r(5 guidan￿ paper. C26 Charities and risk management. The Risk Reglsler actively monitors risk5 across the following areas: Academic and pastoral- Operatlonal; Flnanclal; Compliance,. Governance: and Exlernal including prolectin8 our reputation. Each committee routine￿ considers the risks Inherent in its a￿a of responsibility and a(fvise5 the Audit Committee and Governing Body on the probability of occurrence and likely Impart, together wlth the steps taken in miti8ation. Aciions have been taken throughout the year to address and reduce the potential impact of each risk. Durlng the year the Audit Comtnittee has Increased its scrutlny of the Risk Register and created a summary of the top eight High Level Rlsks forscorlng an(1 monitorln8 overtlme. The Audit Committee will complete a deep dive into each of these risk areas over the next three years. Plans for the Future The College has broadly achleved the alms set out in 'Our Colle8e, Our Future, and is currently developing its nexl strategic plan. In the comin8 year, the key prioritles areto: publish a strategyfor 2026-31 with a focus on four areas that underpin the future Success of St Catharine's: our academic priorities, our community* our physlcal space5 and environment and ourflnances- continue to support our students to achieve their very best and io aim high In their academicstudies. admlt students from a broad range of backgrounds in line wlth the new unwersity Access and Participation Plan identifying those interventions that have greatest impact,- relaunch the annual Junior Research Fellowship IJRFI competition to ensure postdoctoral researchers at a precarious early stage in their academic careers have access to the fundin& communlty and academic freedom necessary to flourish,. appoint two research leads from the Fellowship to mentor early career researcher5 and support research generally: contlnue to be a pioneer in student wellbeing including completlng a revlew of the College's welfare provision; proattNe malntenance of our hlstoric estate includlng final preparations for a major project to refurbish 24 student rooms and vltal operational areas in the Hobson's bullding (laundry. linen store, staff rest areasl: continue strengthening the College's finances in orderto eliminate the defIC￿ by 2030; contlnue to grow our conference buslness, wlth particular focus on summer schools where College provides teaching and hirlng of our spaces to corporate entities progre5S the artion required to achieve net zero carbon emissions by 2040, including targeted estate projects and community initiatives le.g. on food wastel: complete work to improve digltal collaboration among staff and Fellows wmh accessible, well-stfurtured, and consistent data whilst meetlng the highest standards in GDPR compliance and system security,. strengihen govemance in line with best prattice in the charlty sector by conducting a governance revlew. The Trustees thank St Catharine's students, Fellows, staff, alumnl and friends forthelr contlnued support, hard work and outstanding sense of community throughout the past year. Nlcola Robert Bursar On behalf of the Trustees 14 November 2025 l. The followire statement is provided bythe Trustees to enable reader5 of thefinancial statementstoobtain better understanding of the arrangements in the College for the management of its resour￿5 and for audit. 2. The College is a corporate body consistlng of the Master. the Fellows and the Scholars. It Is a registered charity (number 11374631 and subject to regulatlon bythe Chartty Commlsslon for England and Wales. The Governing Body are the charity's Trustees and are responsible for ensuring compliance with charlty law. 3. The Governing Body consists of the Master and Professorlal and Offlclal Fellows, and exercises control over all matters concerning the College. 4. The Governing Body is advised in carrylng out Its dutles by a numberof Commltiees. comprlsed mostly or entirely of Fellows appointed by the Governing Body. These include: a. The Finance Committee. consistlng of the Master. Presldent, Bursar. Operations Director, Senior Tutor, Development Dlrector, Post8raduate Tutor (Financiall, a further five Fellows and the Head of Finance. It meets at least once each term and monitors Income and expenditure against the Budget and reports to the Governin8 Body. b. The Audit Commtttee, comprising the Master, at least ten Fellows and an exiernal observer, which acts as the internal auditors to the accounts, as requlred by the Statutes of the College. The Audit Committee reports lo the Goveming Body annuèlly on the financial statements, and also advises the Governing Body on the appointment of external audltors. c. The Investments Committee, consistin8 of the Master, Bursar and at least slx other Fellow5. There are also three alumni of the College who have offered thelr setvices as advisors to the Committee and attend rt5 meetings, which are held once each temi. The Investments Committee oversees the management of the College's financial and property investment5 and reports to the Governing Body. d. The General Estates Committee, consisting of the President, the Operations Dlrector and several other Fellows and departmental heads. The Committee monitors the condltion of the College's operational estate and recommends maintenance and improvement projects. It also reports to the Governing Body on health and safety* and environmental matters. and on aspects of the domestlc seNices, whlch the College provldes to students and others. e. The Fellowships Committee, consisting of the Master, the President, Ihe SeniorTutor and at least eight other Fellows, makes recommendations for the recruitment of additional Fellows accordlng to the teaching and other needs of the College. f. The Nominations Commhttee, cons￿lIng of the Master, Governin8 Body Secretary and six eli8ible Fellows identifies and recommends candidates to serve on standing committees and worklng group5. g. The Etlucatlon Committee, con51Sting of the Master, the Senior Tutor, tWe￿e other Fellows and the College Librarian, reports to the Governing Body on many aspects of the educatlonal work of the Colle8e and its sludents. h. The Strateglc Planning Committee, conslstlnB of the Master, President, Bursar. Operations Dlrector, Senlor TLFtor, Development Director. Postgraduate Tutor (Financiall ènd at least five other Fellows prepares and monitors progress against the strategic plan. The Remuneration Committee, consistlng of two external members wlth demonstrable knowled8e of the UnNersity, Colleges and HR. Ihe President and four otheT Fellows, provides independent oversight of remunèration matters. j. A number of additional Cornmittees support the work of the Governlng Body in oiher areas. 5. Registers of Interests are malntalned of all Trustees, the Finance Committee and the Audit Commrttee. Declarations of interest are made at all meetin85 of Committees and of the Governing Body. 6. The College's Trustees are listed on page 3. Statement of Intemal Controls l. The Governing Body is responslble for malntaining a sound system of internal control that supports the achievement of policy, aims and objectives while safeguarding the publlc and other funds and assets for whlch the Governing Body is responslble, In accordance with the College's Statutes. 2. The 5Y5tem of internal control 55 designed to manage rather than eliminate the risk of failure to athiève pollcles, aims and oblectlves- it therefore provides reasonable but not absolute assuranceof effettiveness. 3. The system of internal control is designed to Identify the principal risks tothe achievementof policies, alms and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectivety and economically. This process was in place forthe year ended 30June 2025 and upto the date of approval of the financial statements. 4. The Governing Body Is responsible for reviewin8 the effectlveness of the system of internal control. The following pro￿$SeS have been established: A comprehenslve system of independent committees monltor and evaluate the College's perfomiance against legal requirements and general good practlce. A rigorous set of internal financlal controls are used to protett the College's assets. to identfy and manage the risk of conflicts of Interest,10ss, waste, bribery, fraud, etc. Systems are In place to ensure that financial reporting 15 robust and of a high quallty and to ensure that trustees comply with charlty law and other re8ulatlOn5. Where p055ible therels a segregation of dutles so that no single individual has sole resp)nsibillty for any single transaction from authorisatlon to completion and review. 5. The Governing BodV5 review of the effectiveness of the system of internal control Is informed bythe work of the various Commf(tees, Bursar, and College officers, who have re5ponsibllity 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. Responsibilities of the Govemlng Body The Governin8 Body is responsible for preparln8 the Annual Report and flnancial statement5 in accordan with applicable law and United Kingdom Attountlng Standards {United Klngdom Generally Accepted Accounting Practitel. The College's Statutes and the Statues and Ordinances of the Unlversity of Cambridge require the Governing Body to prepare financial statements for each financial year whlch glve a true and falr view of the state of ffairs of the Colle8e and of the surplus or deficbt of the College for that period. In preparing these flnanclal statements, the Governing Body is required to: select suitable accounting wllcles and then apply them consistently* make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements,. and prepare the financial Statements on the going concern basis unle55 It 15 inappropriate to presume that the College will continue in operatlon. The Governlng Body is responsible for keeping accountlng record5 whlch disclose with reasonable accuracy at any time the financlal posltlon of the College and enable them to ensure that the financlal ststements comply with the Statutès of the Unlver51ty of Cambridge. They are akn responslble for safeguardirbg the assets of the College and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularltles. The Governing Body is re5ponslble forthe malntenance and Integrtyof the corporate and financial information included on the College'5 webslte. Legislation in the United Kingdom governlng the preparation arbd dlsseminatlon of financial statements may differ from le8islation in otherjurisdictions. Independent Auditors, Report to the Governing Body of St Catharine's College, Cambrldge We have audited the financlèl ￿ateMentS of St Catharine's College Ithe 'College'l and it5 subsidiaries (the 'Group'l for the year ended 30 June 2025, which tomprlse of the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reseryes, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and the related notes, including a summèry of slgnificarit accountlng policies. The financial reportlng framework that has been applied in their preparation is applicable law and United KSn8dom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practicel- In our opinion the financial statements: give a true and faif view of the State of the Group's and Colle8e's affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended; have been proper￿ prepared in accordance with United Klngdom Generally A(￿pted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011 and the Statutes of the Unlverslty of caM￿l￿ge. Basis to¢ o Inlon We conducted our audlt In accordance with Intemational Standard5 on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further destribed In the Au(litor's responsibilities for the audrrt of the financial statements sertiDn of our repx)rt. We are independent of the Group in accordance wrlh the ethical requirements that are relevant to our audit of the financlal statements in the United Kingdom. including the Financlal Reporting Council'5 Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprlate to provide a basls for our oplnlon. Condusions relatln to oin concern In auditing the financial statements, we have concluded that the Trustees. use of the going Concern basis of accounting in the preparation of the finandal statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectivety, may tast significant doubt on the Group's or College's ability to continue as a going concern for a period of at least twefve month5 from when the financial statements are authorised for issue. Our responsibilities and the resp)nsibilities of the Trustees wfth re5pert to going concern are described In the relevant sections of this report. Other Information The Trustee5 are responsible for the other informatlon. The other Information comprlses the infom)atlon included In the Report of the Trustees other than the financial statements and our Auditor's Report thereon. Our opinion on the flnancial statements doe5 not cover the other information and, except to the extent otheThvlse expllcitly stated in our ￿port, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, conslder whether the other informatlon is materialfy inconsistent wlth the financlal statements or our knowledge obtained in the course of the audit, or othernvise appear5 to be materially misstated. If we identify such material incon515tencles or apparent material misstatements, we are required to detemilne whetherthis gives rise to a material mi5Statement In the financial statements or a M￿erIal mlsstatement of the other infomiation. If, based on theworkwe have performed, we conclude that there is a materlal misstatement of thi5 Other Infomiation, we are required to report that fact. We have nothin8 to reFX)rt in this regard. ifftion on other matters rescrlbed b the Statute5 Otthe Unlversl ol Cambiid In our opinlon, based on the work undertaken in the course of the audit: the contribution due from the College to the Universty has been computed as advised ir) the provislonal assessmenl by the University of Cambridge and in accordance with the provisions of Statute G,11, of the University of Cambridge. Matters on which we are ulred to re ort b exce lon In the light of the knowledge and undetstandin8 of the Group and College and its environment obtained in the course of the audtt, we have not identified materlal mi55tatements in the Operating and Financial Revlew. We have nothlng to report In respect of the followinB matters in relalion to which the Charitles (accounts and Reports) Regulations 2008 require us to report to you If, In our oplnion: sufflclent accounting records have rM)t been kept; or the flnanclal statement5 are not in agreement with the accounting records: or we have not recefved all the infom)ation and explanatlons we require for our audit. Res nsibilities of the Goyernln Bod As explained more fully in the responsibilities of the Governin8 Body statement, set out on page 28. the Governlng Body are responsible forthe preparation of the financlal statements and for bein8 satisfied that they glve a true and fair view, and for such internal control as the Governing Body deterffline Is necessary to enable the preparation of financial statementsthat are free from material misstatemenL whetherdue to fraud orerror. In preparin8 the flnancial statements, the Governing Body are reS￿nSIble for assessing the Group's and College's ability to contlnue as a going concern. disc105in& as applicable. matters related to golng concern and using the goin8 con￿rn basls of accounting unless the Governin8 Body either intend to liquidate the Group or the College or to cease opèrations. or have no realistic alternatlve I￿t to do so. Audltors, res nsibilities for the •udlt of the financial ststements Our objectfves are to obtain reasonable assurance about whether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to Issue an Auditor's Report that includes our oplnlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audtt conducted In accordance with ISAS IUKI will always detect a material mi55tatement when il exists. Misstatements can arise from fraud or error and are considered material rf, individually or In the aggregate, they could reasonab￿ be expected to Influen￿ the economic decisions of users taken on the basis of these financial Statements. Irre8ulartties. Includingfraud, are in5tsnces of non-compliance with laws and regulatlons. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities includlng fraud. The extent to which our procedures are capable of detecting irregularities, including fraud Is detailed below. Our approach to identrfying and assessing the rlsks of material mi55tatement in respert of irregularities. including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectlvely had the appropriate competence, capabllltles and skills to identlfy or recognise non-compliance with appllcable laws and regulatlons; we idèntified the laws and regulations appllcable to the Collegethrough discussions wlth mana8ement, and from our commercial knowledge and experience of the education sector: we focused on spectfic laws and regulation5 which we considered may have a direct material effect on the financial statements or the operations of the College, Includin8 the Charites Act 2011, the Statutes of the Universlty of Cambridge and taxation legislation; in addition, we conside￿d provlslons of other laws and regulations which do not have a dlrett effect on the financial statements but compliance with whlch mlght be fundamerrtal to the Group's and College's ability to operate or to avold material penalties; we obtained an understanding of the College's policies and procedures on compllance wlth laws and re8ulation5. including documentation of any instances of non-compliance. we made enquiries of management as to where they considered there was susceptlbility to fraud. thelr knowledge of attual, suspecled and alleged fraud; we considered the internal controls in place to mitigate risks of fraud and non-complian¢e whh laws and regulations: we a55essed the susceptibillty of the College's financial statementsto material misstatement, includin8 how fraud mlght occur; laws and regulatlons Identlfled were communicated within the audit team regularly and the team remained alert to InStan￿S of non-compliance throughout the audit. As a resuft of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arisin8 from irreBularities and fraud to be within the potentlal for management to override controls togetherwith the risk of fraudulent revenue recognition. We conSide￿d the risk of fraudulent revenue recognit￿n to be most prevalent in the completeness and cut off of donation and legacy income and the cut off of conference income. In response to these Identrfied risk5. we deslgned procedures whlch included, but were not limwted to.. performed anatytical procedures to identify any unusual or unexpected relationships: perfomed audit work overthe risk of management overrlde of controls. includingtesting of joumal entries and other adjustments for appropriateness, evaluatlng the business rationale of si8nificant transactions outside the normal course of business,. assessed whether judgements and assumption5 made in (letenmining the accounting estimates Set out on page 39 were indicative of potential bias; we used Audit Data Analytics to review the client data for unusual anomalies,- we performed substantive testing for a Sample of donatlons from Raiser'5 Edge to supporting documentation to ensure that all Income was appropriately recognised in the general ledger in the correct perlod and any restrictions appropriatety recognised,. we also tested a sample of donation5 around the year end and discussed ongoin8 le8acles with the Alumni & Development Office to ensure cut off had been torrectly applied: we perfomied substantivetestinEfor a sample of conferences from the booking system to invoice to ensure that all income was approprlately recognised in the general ledger in the corrert period. In response to the rlsk of Irregularlties and non-compliance with laws and regulations, we designed procedures which included, but were not Ilmlted to.. we a8reed the financial statement disclosures to underlylng supporting documentation- we asse55ed the extent of compliance wilh the laws and regulations identified above through making enquiries of management and in5pectlng legal correspondence; we read the minutes of meetings of those charged with governance- we discussed with management actual and potential litigation and clalms. There are inherent limitations in our audlt procedures described above. The more removed that laws and regulations are from financial transactions. the less likely ft Is that we would become aware of non-compliance. Auditing Standards also Ilmit the audit procedure5 required to Identlfy non-compliance with laws and re8ulations to enqviry of the Trustee5 and other managemenl and the inspection of regulatory and legal correspondence, If any. Material mi5Statements that arise due to fraud can be harderto detect than those th￿ arise from error as they may involve dellberate concealment or collusion. A further description of our responsibllities for the audlt of the financlal statements is located on the Financial Reporting Councll's website at- www.frc.or au orsres onsibilities. Thls descriptlon fomis part of our Audltorfs Report. Use of ow re This report is made solely to the Trustees. as a body, In attordance with the Statutes of the Universty of Cambridge and the Charities Act 2011. Our audit work has been undertaken so that we might state to the Trustees those Matte￿ we are required to state to them in an Auditor's Report and lor no other purpose. To the fullest extent permitted by law, we do not aC￿p1 or assume responsibility to anyone other than the College and the Twstees, as a body, for our audit work. for this report, or for the opinlons we have formed. PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CBI 2LA Date: 18 November 2025 PEM Audlt Llmited 15 eliglbSe to act as an auditor in terms of section 1212 of the Companies Act 2006. Statement of Prlnclpal A¢countin8 Policies Basls of re ration The financial statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge. using the Recommended Cambridge College Accounts IRCCAI format,. and applicable United Kingdom Accountin8 Standards, including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recomrnended Practice ISORPI: Accounting for Furtherand Higher EduCat￿n issued in 2019. The Ststement of Comprehensive Income and Expendlture includes activity analysi5 in order to demonstrate that all fee income 15 spent for educational purposes. The analysi5 required by the SORP is set out in note 6. The College is a public benefrt entity and therefore has applied the relevant public benefrt requirement of the applicable UK laws and accountin8 standards. Basis of accountln The financial Statements have been prepared under the historical cost convention. modifled in respect of the treatment of investments and certain flxed assets whlch are Sncluded at valuation. Goin Concern The financial statements have been prepared on a going con￿rn basis. The College has set a detalled budget plan for the financial year 2025-26 and an outllne fivfryear plan from 2026 to 2030 flnanclal years. This finantlal plannlng work has Included an analysis Of the College's unrestrfcted Ilquld resources, 3nd together these financlal plan5 demonstrate that the College has sufficient resources to meet liabilities as they fall due. The Governln8 Body, as the trustee ljody of the College, conslders preparation of these flnancSal statement5 using a goin8 concern basi5 to ￿ approprlate. Bisis of consolidation The consolldated financial Statements include the College and its subsldlary undertakings. Detalls of the Subsidiary undertakings included are set out in note 27. Intra-group balances are eliminated on consolidation. Reco nltlon of income A￿demIcAteS Academic fees are recognised in the period to whlch they relate and include all fees chargeable to students or their sponsors. Gmnt income Grdllt5 received from non.governmenl sources lincluding research Brants from non-govemment sources) and capital 8overnment grants are recognised within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income and to the extent that pèrforniahce related conditions have beeh met. Intome recelved in advance of performance related condltlons is deferred on the balance Sheet and released to the Consolidated Statement of Comprehensive Income and Expenditure In line with such conilitions being rnet. Donotlons and endowments Non-exchange transactions without perfom)ance related conditions are donations and endowments. Donations and endowments with donor-imposed restrirtlons are reco8ni5ed within the Con501idated Statement of Comprehensive Income and Expenditure when the College is entr(led to the income. Income is retained within restrirted reserves untll such time that it is utilised in line wlth such restrKtion5 at which point the Income is released to general reserves through a reseNe transfer. Donations and endowments with restricliohs are classlfied as ￿stricted reserves with additional dlsclosure provkled wiihln the notes to the accounts (note$ 16 & 171. Thewe are four maln types of donations and endowments with restrictions- l. Restricted donations- the donor has speclfied that the donation must be used for a particularobjective. 2. Unrestricted pemianent endowment5 - the donor has 5peclfled 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 partlcular oblect￿e and the College can convert the donated sum into Income. 4. Restricted pemianent endowments-the donor has spetrfied that the fund Is lo be permanently invested to generate an Income stream to be applied to a particular objective. Donations wlth no restrittlons are recorded withln the Consolidated Statement of Comprehenslve Income and Expenditure when the College 15 entttled to the income. Investment income ond change in volue of investment055ets Investment income and chan8e in value of Investment assets is recorded in income in the year In whlch It arises and as either restricted or unrestrided Income according to the tenns or other restrlrtions applied to the Indivklual endowment fund. Tronsfers between Unrestrlcted and Restricted Income Income from pemianent endowmenls that is not expended in the year in which it is recewable is, at the year- end, transferred from unrestricted income to restricted income. When there Is subsequent expenditur@ of accumulated incomefrom a permanent endowmenl, income Is credited batk to unrestricled incomefrom that fund to match the eX￿ndIt￿re. Total Return St Caiharine's College operates a Total Return investment accountin8 policy. The College allocates a proportion of the investment earning5, net of expenses, and capital appreclation. to the Income and expenditure account each year. The allocatlon of Income is determined by a spending rule, which the College set at 3.60%12024'. 3.75%) of the average annual value of the College's Investment portfollo over the three-year period up to the commen￿Ment of the relevant financial year. The purpose of the polky Ls to stabilise annual spending leve15 from the endowrnent Investment portfolio, and the target long run outcome is to maintain the real value of the endowment. Other Inrome Income bs received from a range of actlvltles including accommodation, catering conference5 and other services rendered. Combridge Bursoryscheme In 2024-25, payment of the Cambridge Bursaries to eli8ible students was made dirertty 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 £92.326 is shown wiihin the Consolidated Statement of Comprehenslve Income and Expenditure as follow5- Income (included in note l as part of other income) Expenditure £244,90512024.' £240.LK)01 £337,231. {2024: £431,wDI Forei n currenc translation Transactions denomlnated in foreign currencies are recorded at the rate of eKhange ruling at the date of the transaclions. Monetary assets and liabilities denominated in foreign turrenties are translated into sterllng at yearend rates or, where there are forward forelgn exchange contract. at contract rate5. The resulting exchange differences are dea￿ with in the determination of the comprehenslve Income and expenditure forthe flnanclal year. FSxed assets Land und buildings The maln College buildings are stated at depreciated replacement cost, as determined by professional valuer5. The valuation for accovnts purposes was carried out by Gerald Eve, SuNeyors as at 30 September 2003. An amount has been deducted from the replacement cost to reflert their accumulated obsolescence in use dependlng on the age of the propertytogfve a sum forthelrdepreciated replacement cost. All College IMJildin8S on the main sites are depreciated on a stralght-line basis over 50 yea￿. Freehold land Is capitalised at its estimated market value and is not depreclated. Finance costs that are dlrectly attributable to the constructlon of bulldings are capitalised as part of the c05t of those assets. A review for impalmient of a fixed asset is carried out if events or changes in clrcumstances indicate that the carryin8 amount of the flxed asset may not be recoverable. Buildings under constructlon are valued at cost, based on the value of archltects, certificates and other dlrect costs incurred to 30 June. They are not depreciated until they are brought into Use. Land held specrfically for development, investment and subsequent sale is included in current assels al the lower of cost and net realisable value. Mointenance of buildings The cost of any routine maintenance costin8 less than £20.000 is charged to the Income and Ex￿ndItUre Accovnl as it is incurred. The cost of major refurbishment and maintenance costing more than £20,000 is capltallsed and depreciated over the useful economic Ilfe of the asset concerned. The College may also set aside sums to meet future maintenance Costs, these beinE disclosed within general reseThes. Costs incurred in relatlon to land and buildings after initial purchase or construction. and prior to valuation. are capitalised to the extent that they increase the expected future bènefits to the College. Plan¢ Furniture and equlpment The cost of plant, furniture and equipment costlng less than £20,000 per individual item or group of related item5 is written off in the year of acquisititsn. This Includes books In the College's working library whlch are not capltallsed as th@y are deemed to be immaterlal. All other assets are capitalised and depreciated over their expected useful life of between 5-20 years. LeLrsed assets Leases In which the College assumes substantialty all the risks and rewards of ownership of the leased asset are classrfied as finance leases. Leased assets acquired by way of flnance leases are stated at an amount equal tothe lower of theirfair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciatlon and less accumulated Impaimient105ses. Lease payments are accounted for as described below. Nlnlmum lease payments a￿ apportioned between the finance charge and the reduction of the OLrtstandin8 Ilabllity. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of Interest on the remainin8 balante of the Ilabllity. Costs in respect of operating leases are charged on a stralght-llne bas15 cwer the lease term. Any lease premlums or IncentNes are spread over the minimum lease term. Herltoge assets The College holds and conserves a number of collections, exhibits, artefacts and other assets of historlcal, artistic or scientific importance. HeritaBe assets were brought into the accounts on flrst adoption of the RCCA format in 2￿5, at insurance value. Acqulsltlons slnce l July 2011 have been caprialised at cost or, in the case of donated assets, at expertvaluation on receipt. Heritage assets are not depreciated 51nce their long economlc lrfe and hlgh residual value mean that any depreciatlon would not be materlal. Investments Fixed asset investments are included In the balance sheet at falr value, ex￿pt for Investments In subsidiary undertakinBs whlch are stated in the College's balance sheet al cost and eliminated on consolidatlon. Investments that are not listed on a recogn15ed stock exchange are carried at hbtorlcal cost less any provision for impalmient In thelT value. Investment Pro rties The College used external advlsors to carry out a market and sector valuation of the College's investment properties. A full external Red Book valuation will be carried periodically. Stocks Stocks are stated at the k)wer of cost and net reallsable value after making provision for slow moving and obsolete items. Provislons Provislons are recognised when the College has a present legal or construrtive obligation as a result of a past event. it is probable that a transfer of economic beneffts will be required to settle the obligation and a reliable estirnate can be made of the amount of the obligation. Contingent li¢7bIlit￿$ and ossets A contingent Ilability arlses from a past event that gives the College a possible obllgation whose existente will only be confirmed by the occurrence or othe￿iSe of uncertain future events. not wholly withln the control of the College. Contingent Ilabilities also arise in circumstance5 where a provision would otherwlse be made but either It Is not probable that an oufflow of resources will be requlred or the amount of the obligation cannot be measured reliably. A contingent asset arises where an event has taken place that glves the College a p055ible asset wh¢)se existente wlll only be confirnied by the occurrence or othenvlse of uncertain future events not wholty withNI the control of the College. Cor)tingent assets and liabilitles are not recognised In the balance Sheet but are dlsc105ed In the notes rf applicable. nanclal Instruments The College has elected to adopt Sections 11 and 12 of FRS 102 In respect of the recognition, measurement and dlsclosure of financial instruments. Financial assets and Ilabilities are recognised when the College becomes partytothecontractual provlsion of the instrument and are classified accordlngto the substance of the contractual arrangements entered into. A financial asset and a financial liability are offset onty when there is i legally enforceable right to Set off the recognised amounts and an intentSon elthertosettle on a net basis. orto realisethe asset and settle the liabilty slmuitaneously. Fin(Jnciolossets Basic financial assets Include trade and other receivables, cash and cash equlvalents and investments In commerclal paper11.e. deposits and bonds). These assets are initially recogni5ed at transaction prlce unless the arrangement constltutes a flnancing transaction, where the transaction is measured at the present value o* the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortlsed cost uslng the effective interest rate method. Financial assets are assessed for indicators of impairment al each reporting date. If there is objectNe evidence of impairment, an impairment loss Is recognlsed in the Statement of Comprehensive Income. For flnancial assets Corried at amortised cost the Impairment loss is ihe difference between the carryin8 amount of the asset and the presentvalue of the estSmated future cash flows. discounted at the asset's original effective Interest rate. Otherfinancial a55ets, including investments in equity instruments, which are not subsidiaries orjoint ventures, re initlally measured at fair value whlch s typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reportin8 date are recognised in the Statement of Comprehenslve Income. Where the investment In equity instruments15 not publicly traded and where the fair value cannot be reliably measured, the assets are measured at C05t less Impalrment. Investments In property orother physical assets do not constitute a financlal Instrument and are not Sncluded. Finunciol Liablllties Basic financial liabilities include trade and other payables, bank loan5 and Intergroup loans. These liabllitles are iniiially recognlsed at transaction price unless the arrangement constltutes a financing transaction, where the debt instnjment is measured at the present value of the future payments discounted at a market rate of interest. Debt Snstruments are subsequentlycarried atamortised cost usin8theeffective interest late method. Fees pald on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the faolity will be drawn down. Trade payables are obllgations to pay for goods or seNices that have been acqulred in ihe ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment Is Ilue within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially attransaction price and subsequentty measured at amortised cost using the èffettive interest rate method. Derivatwes, includin8 forward foreign exchange contrarts, are not basic flhanclal Instruments. Derlvatfves are inrtially recognised at fair value on the date the derivative contract Is ente￿d into and are Subsequently re- measured at their fairvalue at the reporting d￿e. Changes In the falrvalue of derfvatlves are recognlsed In the Statement of Comprehenslve Intome in flnance costs or finance income as appropriate, unless they are included in a hedging arrangement. To the extent that the College enters into fomard foreign exchan8e contracts which remain unsettled at the reportlng date the fair value of the contracts 15 reviewed at that date. The initial fair value is MeaSu￿d as the transaction price on the date of inception of the contracls. Subsequent valuatlons are considered on the basis of the forward rates for those unsettled contracts at thè r8portin8 date. The College (loes not apply any hed8e accounting in respert of fO￿ard foreign exchan8e contracts held to manage cash flow exposures of fotECaSt transactlons denominated in foreign currencies. Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires. Taxallon The College is a reglstered charity (number 011374631 and also a charity within the meaning of Section 467 of the Corporation Tax Acl 2010. Accordingly, the College 15 exempt from taxatlon in respect of Income or capltal gains received withln the categorles covered by Sertions 478 to 488 of ihe Corporation Tax Art 2010 orseclion 256 of the Taxation of Chargeable Galns Art 1992 to the extent that such Income or 8ain5 awe applied to exclusively charitable purpose5. The College receives no similar exemption in respect of Value Added Tax. Contrlbutlon under Statute G 11 The College Ss Ilable to be assessed for Contributlon under the provisions of Statute G,11 of the Universty of Cambrldge. Contribution is used to fund grants to colleges from the College5 Fund. The liability for the year is as advised to the College by the University based on an assessable amount derived from the value of the College's assets as at the end of the previous financlal year. Penslon costs The College particlpates in the USS. The a55ets of the scheme are held in a separatetrustee-administerÈdfund. Because of the mutual nature of the scheme, the assets are not attributed to Individual inslitulions and a scheme-wide contribution rate 15 set. The College is therefore exposed to actuarial risks associated wlth other institutlons. employees and Is unable to Identify its share of the underlying assets and liabilities of the scheme on a tonsistent and reasonable basls. As required by Section 28 of FRS 102 "Employee benefits" the College therefore actounts for the scheme as if it were a defined contribution scheme. A5 a result, the amount char8ed to the income and expendf(ure account represents the contvibutlons payable to the scheme and the deficit recovery wntrlbutlons payable underthe scheme's Recovery Plan. Where a scheme valuation determines that the scheme is in deficit on a technital provlsions basis las was the casefollowin8the2020valuatlonl,thetrnstee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deflcit. The College recognises a liability for the contrlbution5 payatle that arÉse from such an agreement Ito the extent that they relate to a deficitl wlth related expenses being recognised through the income statement. Further disck)sures relatin8 10 the deficlt recovery liabllity can be found in note 26. The College also operates a defined benefit plan for the College's employees of the CambridBe Colleges Federated Pension Scheme ICCFPSI. Unlike the USS, this scheme has surpluses and deficit5 directly attributable to individual Colleges. Pension cost5 are accounted for overthe period during which the College benefrts from the employees, services. There is a third defined benefit plan, the Church of England Funded Pension Scheme ICEFPSI for stlpendlary tler8y. This scheme is administered by the Church of England Pensions Board. which holds the assets of the scheme Separate￿ from those of the Responsible Bodies. Each participatlng Responsible Body In the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends. However, because of the mulual nature of CEFPS, the College is unable to identify its share of the underlying assets and liabilities of each scheme on a eonslstent and reasonable basis and therefore accounts for the scheme as if it were a defined contributlon scheme. As a result. the amount charged to the Income and Expenditure Account repre5ent5 the contributions payablè to the schemes In respect of the accountlng period and expenses accrued in that year, plus any impact of deficit contribution5. The 2021 valuatlon showed the Scheme to be fully funded and as such in 2023. following the valuation results being agreed, the deficit contributions paid were £nil. The College also operates defined contribution pension schemes, and the pension charge ￿presents the amounts payable by the College to the fund in respect of the year. Em ent benefits Short term employment benefits such as salaries and compensated absences are recognised as an exFense in the year in which the employee5 render service to the College. Any unused beneflts are accrued and measured as the additional arnount the College experts to pay as a result of the unused entitlement. Reserves Reserve5 are allocated between restricted and unrestrirted resetves. Endowment reserves include balances which, in respect of endowment to the College. are held as perrnanent funds. whKh the College must hold to perpetuity. Restricted reserves include balances in respect of which the donor has designated a specrpic purpose and therefore the College 15 restrlcted in the use of these funds. The College's reserves are Invested in propeity, both direct property holdings and in property unit trusts. and in cash, equlties and alternative instruments, according to an Investment Policy whlch is reviewed by the Investments Commlttee and the Governing Body from time to time. Cash balances ore maintained at a level to fund recurrlng expenditure. Critital accountln 'ud ments The preparation of the College's accounts requires rnanagement to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These jud8ements, estimates and associated assumptions are based on historical experiente and other factors, Includlng expectations of future events that are believed to be reasonable under the circumstances. The yesu￿1n8 accounting estimates wlll, by definition, seldom equal the related actual results. Management consider the areas set out below to be those where crltlcal accounting Judgements have been applied and the resutting estimates and assumptlons may lead to adjustments to the future carryin8 amounts of assets and liabilities. Income reco8nltlon~ Judgement Is applied in determining the value and tlming of certain income items to be recognised in th? accounts. This inclu(les determining when performance related conditions have been met and determinin8 the appropriate recognition timing for donations, bequests and legacies. In general, the lalter are recognised when at the probate stage. Useful Ilves of property. plant and equipment - Property* plant and equlpment represent a slgnificant proportion of the College's total assets. Therefore, the estlmated useful lives can have a signlficant impact on the depreciation charged and the College's reported performance. Useful lives are determined at the time the asset is acqulred and reviewed regularly forappropriateness. The lives are based on historlcal experiences with similar assets, professional advlce and anticipation of future events. Details of the carrying volues of property, plant and equipment are shown in note 8. Recoverablllty of debtors-The provision for doubtful debts is based on the College's estimate of the expected recoverabiltty of those debts. Assumptions are made based on the level of debtors which have defaulted hlstorlcally, coupled with current economic knowledge. The provision is based on the cvrrent situation of ihe customer, the age profile of the debt and the nature of the amount due. Invèstment property - Properties are revalued to their fair value at the reporting date by the College. The valuation is based on the assumptions and judgements which are impacted by a variety of factors including market and other economic conditions. Note 9 detalls the current valuations. Retlrement benefit obligatlons- The cost of defined benefit pension plans are determlned using actuarfal valuations. The actuarial valuation involves makin8 assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long-term nature of these plans, such estlmates are subjert to 518niflcant uncertainty. Further details are given in note 26 Penslon schemes. FRS 102 makes the distinction between a 8roup plan and a multl-employerscheme. A group plan consists of a tollectlon of entlties under common control typically with a sponsorln8 employer. A multi-employer scheme is a scheme for entltles not under common control and represents Itypicallyl an industry-wide scheme such as USS. The accounting for a multl-employer scheme where the employer has entered Into an aBreement with the scheme that determines how the employer wlll fund a deficit resufts in the recognitlon of a liabllity forthe contrlbutions payable that arise from the agreement (to the extent that they relate tothe deficitl and the resulting expense in income and expenditure inaccordance withsection 28 of FRS 102. TheTrustees are satlsfied that USS meets the definitlon of a multi-employer scheme and has therefore reco8nlsed the discounted fairvalue of the contractual contrlbutions under the fundlng plan in existence at the date of approvln8 the financial statements. At 30 June 2025, the College's balance sheet included a liablllty of £nil forfuture contributions payable under the deflcit retovery agreement which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit. No deficrt recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contritrrtjt￿n rates were implemented from l January 2024 and from that date the Institution was no longer required to make deflclt recovery contributions. 1111 11 111 1111 Illl Iilliiiiiiiiiii IIMI 111 lllllll Consolldated and College Balance Sheets 2025 Consolldated £000 2025 Colle £000 2024 Cw¥ofidat•d £000 2024 Collg £000 Non4LYMntAs8•ts Fixèd Assets Herits assgts Inwsknanls Total ntsn4urr•nt 0$8•ts 78,299 3,300 139,936 221 36 78,451 3,300 139,936 221.687 79,557 3,297 139.722 222￿76 79.708 3.297 139,722 222,727 Currentass•ts Slod(s Trade and other rec4ivab185 Cash and eash e uivalents Totsl ¢urrtnt assets 10 129 3,085 3,305 128 2,162 3,067 8.357 129 2.113 1.851 129 2,174 1,582 3,885 12 Cr•dltorn: amourjts falllng dug wlthln 13 13,3141 (3,1621 (3,0711 .871) Ngt currerrt a$$ets 05 11122 Tot¥l l•ss current Ilablllde8 124,740 224182 223 741 Creditors.. amounts falling aftèrmore than one 14 131,000) 131,0001 131,0001 131,0001 PrNry8vJn¥ Pension roM$ions 15 1,071 1,071 1,325 1,3251 T¢Aal rwtassèts 192.669 192 11 191,273 191A16 Re8trkted reserv48 Incamè and 8>penditure resene- èndowment reseTre Income and e>pendiknrtr ￿$¥￿- rèstricted reseTre 16 84,993 84.993 84.293 84,293 17 12,149 12,149 11,499 11,499 97,142 Ufftt•trkt¢d RgBeTrP8 In¢ome and e>pendilure re¥eThe- unreskn.eted 95,527 95,669 95,481 95,624 Tol01 ￿¥*r 192,669 192811 191273 The financial statements were approved by the Governing Body on 14 November 2025 and signed on its behalf bv.. Slr l Ben8er Master M Robert Bursar Consolidated Cash Flow Ststement 2025 £000 2024 £000 t tash infhyw fr(*n o ra 19 360 3,969 C#8h flow• fr+)m Imigsdn a¢tl¥lOos 20 2,221 11,3451 Cash Ilows from flnan¢i 21 11,1271 lrtr•*se d￿l*aS• In Ca•ha￿l cash uivaknnt¥ inlh• ar 1,464 1.532 Cash and ¢ash e Cash andcashe uivalents at b? innin uivalents atend ofthe ofthe ar ar 1.851 3,305 319 1.851 12 Notss to the Accounts adOM￿ fo•¥ and char 2025 £000 2024 £000 Coll8 es fees.. Fee income rèc&i*d at th8 Fle ulatsd Under raduate rate F8e incom8 recei*d at the Unre ulatsd Under raduats wts Fee in¢Dme reeei*d at the Graduate rate Sub-total 37 833 630 00 770 12 Othèr in¢L)m• 303 336 Total 03 kncomo from re8Mlen¢88 Caterln nd eorffemn¢o8 2025 £000 2024 £000 ¢ommodalion: Colle members confe￿nCeS Sub-total Caterin Colle rnemb8r5 Confer8nce5 Sub-tot81 32 92 995 80 932 1006 38 682 71 Totsl 30 61 Endrywment rotum ond inv*glm¢Thl Incom• 2025 £000 2024 Ana SIB of Inv•$im•nt Incorno Total relum Contribution Other Invest￿Thl IncoTr Net Incowt* tran$fgrred to irncon* and e 888 not• 3¢ enditure r•se Total 450 867 3b Anal 815 of In¥e*tm•ni Gains 2026 £000 2024 £000 Gain51 losses on eTrJowrT*nt •ssets'. Land 4nd bU1￿1n Quow and oth&r $e¢urttl89 and cash 32 1,043 1642 9.993 9251 Gainw kjsses on oth8r 8ss•ts'. Quoled and othèr secUn￿# cash Total Summa ofToial Rgturn 2025 £No 2024 £000 Incorre from." Land and buildln $ Quoted securths Unit Trusts IncryTE from shut-tern investn￿nIS 230 3,318 250 390 98 267 4.119 G8ins on endtrfftnt assets 888 note 3b 1,011 9,351 Inve8trnentm•n• ment costs and loan Int•r•$l 8e8 not+ 3d 72 Total r•tumftsf ear 3,100 1J.033 Total relurn tran$f•rn8d to inconE and è n￿rt￿￿ rese se• note 3 3.960 3,995 Unapplled total rètum for y•ar Includpd wlthin Statement ol C•Mpr•lw￿l¥• Incom• and Ex n¢Mturn see note 18 860 9,038 Irwestment mana ernent costs and lo•n int•rn8t 2025 £000 2024 £000 Lèhd and buisjin Quot•d securilN?s- 57 15 72 ukn'es Other Loan interest and costs Total 666 Educatlon ex ndltur• 2026 £000 2024 £000 T8a¢h Tulorial #Jnlss*)ns Research Scholarshi and awards Other educational fa¢illtss 3,147 1,449 2.291 771 230 474 1,417 1,385 705 958 Total 8.281 8A62 Accommodation. ¢aterfn and corrf•Tonce8 ex ndltu 2025 £000 2024 AcconYMdation'. Collo e Conferences Sut*totsl 2.743 2.055 3,481 Cater Cclle e ￿rters CoThferenc•5 Su&totsl 1,051 3.355 3,150 Total 8,153 Ana sis of 2024125 ex gnditur• •¢tlv staff ¢08ts (nots 7a) Oth•r Dgprgcialion Total ox n885 £000 Education Ac¢onvmdation calerin Other Statute G 588 8.281 276 26 TotaL• EyThJiture irKludes fiJndraB*ig cosls of £369,407. This e￿enditU￿ ¢xt4udo$tha Costs of alurmi relationB. Ob Ana 61s of 2023124 ex ndlture acllv Si•ff ¢08t• (not• 71 £000 Oth•r operntin9 enses Dopro¢l•tltsn Total £000 £000 £000 Education ￿￿Tr￿ation, cat8rin 3.310 3.177 292 4,485 567 1.459 fxsnferenc8S 279 24 571 24 Statute G Tot81s Eypenditure indude8 fun¢*atsiNJ costs of £360,e67. Thi5 appenditu￿ exdudes th? ￿t5 of alumni relathons. AudrlOlS' rÈmuner•WoD 2025 2024 £000 (Jhw o nse6 indudo.. dit lees payable to the CO1￿ e's exlemal 8￿itorS Other fees a ab￿ to the Colbp e's t￿8Ma4 auditors 39 37 40 Stsff costs Consolidated A¢ad•ml¢ £000 Non•academic £000 2025 Totsi £000 2Q24 Totsl £000 Staff ¢o$ts: Sslaries NalK*nal Insuran Pension wsts 1.743 168 5.875 634 583 7.246 624 Nèl change in USS deficit re¢overy provision Isee Note 151 Subtotal of pe￿￿)n costs Isee Not* 7b Tolal 11,0171 583 13931 2.110 5.136 7,246 S.762 Averng• #tsff numbern 2025 Nuntsr of FUl￿titt Fells)WS •qUNalents Avtrnge otsff numbtrn 2024 Nurrt)er ol Full-tinyo Fellow5 equivalents emic (Trwibers of 9￿pendi#ry staff) Non-acgdprrwc lfi¥ll t1￿ eouiv.) 128 123 Athe 8alanc4 Sheèt date th•ro wet8 6S12D24.. 641 ￿rnberS of Ihe Go¥èming Body. the year th• av•rag8 number re￿wI￿j renwner8thJn wa5 Ihè 85 shown 8b¢)ve. The number of officers and gnploy8e8 of thè Colbgfr. Induding Head of Hous9, who receis*d r8nvJn8ration in thg lomowirbg ranges wa5.. 2025 Total 2024 Totsl £100.001- £110.000 £110.001- £120.000 £120,001- £130,000 RerNneralion include$ salary. eryloyerfs naipjnal insurane8 cnntributs"ons, enT)Wrf$ pengon rA)ntrknutions plus any layab￿ ￿nefts either pall. payabk or Prov￿e￿, gr08s of any salary saC￿fice arrangen*nts. K• mana ment rsonntl Key management personnel are those Ferson5 having 8itthority 8nd responsibility for planning, dir¢¢bng and eontrolling the actiYitva$ of Co118gp. These are the Master. SenK*r Tutor, Bur58r, Op8ration5 Dire(tor. Developrront Director artd Chaplain. The aggregaied wrnunèration paid to key nwnagement personn81 consists of salary, employer's nabonal insurants eontrbutiens, enwloyefs pension contributions, plus any ￿ngr1￿ 8ilh8r paid, ￿yab￿ or prowded. gwss ofany $alary sauific8 ari8ngtrmnts. 2026 Totsl £000 2024 Total £000 ment r•onng1 584 555 The Truslees receNed no emoluments in their capatity as Trustees of the Charity. 7b Pon•loTr The total rision cosi iTKILpJed kn $t*f for the oar See nole 7a CoMolld#ted Employer ¢Olltylbirtlons 2025 £000 Prtsvl$lon• Ino 18 2025 £OOO$ Employer contribirt￿bI6 2024 £OOOs Provi•ion• (notè 15 2024 EONJ$ Totsl 2025 Totsl 2024 £0008 eOOD& uss CCFPS Olher 187 129 267 187 129 267 223 143 258 1.017 14J 58J 17 393 F￿¢￿ M$•ts Cole bulkJiry5 •NI Stt• £000 Pkrt IWr•$ and Amets Und•r ¢orffjtru¢th)n and hc*tels £000 2025 T¢lal 2024 Total fooo £000 £000 £000 Cost or ¥alyètlon Ibe innin dibons Transfers Dis 581$ 73,180 22,213 4.741 245 863 609 100.379 863 95,059 5,320 551 24 58 121 At er¥JrA 73,707 22.213 4,787 499 101,206 100 J79 De reclathn Pl be innin of ar Cha eforthe Elirninated on dis 16,395 1,356 3,817 400 610 347 20,822 2,103 18 18,796 2.026 sal$ AteThJol 17,746 4317 944 22&07 20*22 took val AeThdof 55.961 56,785 17,996 18,398 3A43 4,131 499 245 78,299 79,557 79,557 76.263 Cc*t+y Wdluat ptbe d¢Jibons Transfers Di8 osals ar 73,180 22257 4,741 352 100.530 95.165 S.365 551 24 58 12 609 36 Atond of oar 22357 101 100.$30 of Cha e l¢rth8 Eliminated on di$ Wrftten back on rovaluation ar 16.395 1?56 3.817 400 610 347 20,822 2.103 118 18.796 2.026 8r 08als Atendol ear 17 944 20*22 l*tlx¢k value Aendef 18,040 18.440 3.843 607 352 78.451 79 708 ar 56.785 The insured Wdlue offreehold land and building$ as at 30 June 2025w3$ £216.355,56512024.. £210,892.0711. The Cost to the gfQUP offreehold building$ and assets undorwnstruction consists efthè tknsts Incurred byth8 College less the sU￿lUS recorded in the accounts of St Gathannes College E*nts Llmitsd, • subshliary ￿nd￿taking. 8nd elimin8kd on consolld8ti01). Included within College Buildings and Houses is freehold land valued ￿ £8 million. which is Tr)t depreciated. FLY•d contlnuod H•rhago assgts Iconsolldpted & Coll•g•l hc4Ys and o)n5eNe5 cdlethons, artef￿ 8rK1 other assets ￿ Pist¢rie41. arttstt orsdenlfic ltywtsn￿. AB ststed In the Slater￿￿of prinopal aec¥x4ttlThJ pjlides. hwitsge assets ac￿￿ed sincè 1 2011 have teen CaF￿l￿ed. However. the mBjority ofa55ets hetd In the College's collections ￿re aL4ulred prfor iothl$ da￿ and as r￿lab￿ 8sWnptes (4 Cost L¥ ¥a￿ati￿ are nol available fDr these 8 Cost-bwefit b8$i$. lfv wtre broughl Into aell￿ntS at I￿uraThr* valL* on first *Joplon of trE RCCAfomiai. a ￿$l￿t ts totsl kndud8d kn Ihe baL￿r￿ sheet 1$ portsl. m)urts foitt* and Pre¥k￿ years￿8 as fLIb)￿. 2025 2024 £th)o rchttèd wlth 8 clfic thJnatlon8 dha$ed Mih fiJThJs 12 ulsilio Total eost olac ul¥kions r¢h•e•d V81ue of ￿n5 b dorwllon 12 Total Ac lb18￿0￿8 ca 11¥8d Ihvesknents cor￿alId￿￿ 2025 Colbp 2025 £ODQ 139.722 12.494 11.748 Con8011dated 2024 £000 128.412 16,331 7,483 Colle 2024 £000 128,412 16,331 .483 88bnr* 01 be Imln of ditb)ns 139,722 12,494 11.748 Transferto O Ga5n (Derxeasel kn c85h blan(xs hehl atfLTrJ m)nJ rknal BLlk1i 10,53 794 8.071 8.077 41 ¢nd ol ear 139 722 Pro Quoted Se￿rthe$- FI￿d Interest secu[it￿$ knvestrrEThls in 5ub5itha uThJerta￿"n Cash and cash equw31ents 81 In¥&sth*nl mana oit*r in￿b￿nIS Total 4.489 5.647 3,978 131,489 3.184 130.891 3.184 130,891 130 722 131.469 Anal F6￿ Assel IrwestrrÈnts Cu￿ent A8sd bwesin*nis 139.93S 139.93 139 722 10 Stock• ond work kn ro Con801idatsd 2025 £000 Colt• 2025 £000 CoMoll(katsd 2024 £000 Col 2024 £000 Goods for resale Vlbrk in Other stocks Total 129 128 129 129 129 128 129 129 11 Trade and other rè¢elv41)1•s Consolldatèd 2025 £000 Consolldat•d 2024 £oty) Colle 2024 £000 2025 £000 mbers ofthe Coll ounts due Irorn subsidiary undertakin Ott)&r re￿1¥able8 200 200 305 305 202 535 211 254 363 Prepawngnts and accruèd in¢omè Total 2.239 2,225 3.162 1,445 2,113 1,404 2,174 12 Cashand ca•h e Con60lidHted 2025 £000 Col 2026 £000 Consolldated 2024 £000 Col 2024 £000 Currenta¢xoJnts 4nt•rèst•aming 3.305 3,067 1,851 1,582 Cash in hand Total 3,305 3.067 1051 I￿82 13 Cred￿r$. amounts f¥lling du• wlthln one JEar Consolldated 2025 £000 cd 2026 £000 Con8olld8ted 2024 £000 cd 2024 £000 Bank o￿ldraft Tradè creditors mbèrs oflhè Colle ounts ¢Ju& to subsidiary undertÈkin s Uni￿r$I feès Cofttribubon to Co110 s Fund Other crÈditOfS .VA cwals Ènd deferr•d income Total 352 262 146 333 129 333 262 282 24 574 1,712 3,071 282 24 548 1,555 2171 26 690 1,738 3,162 687 1.879 14 14 Cr*ditors: am4)untss falllThJ a￿1 moro than 4)ne y•ar c￿￿(￿ld#tOd 202S £000 6,000 25,000 31 MOO ConBolldated 2024 £000 6.000 25.000 31.000 Coll? 2024 £000 6.000 25.000 31 ￿00 2025 £000 6,000 25,000 31,000 Bank loans Oth8r Loans Total In 2018-19. the College borrowed £20 million from Penslon Insurance Corporation. The loan Is unseojred and is repayable in full in 2063 and has a fixed interest rate of 2.97%. In 2013-14, thecollege borrowed from instilutional investors, collectivelywith other colleges,thÈ College's share being £5 million. The loans are unsetured and repayable during the period 2043-53, and are at fixed interest rates of approximately 4.4%. Although issued through a fijnding vehicle, the ColleBe has no responsibl1￿¥ for the obligations of any other of the1ssuln8 College5. In addition, the College has ex15ting other unsecured I￿rroWIngS of £6 million from a bank, repayable in 2048, at a fixed interest rate of 4.93%. Is n11￿ rov181on8 Total 2024 £OOOB 2.510 CoD•OlId￿ & Collo u$s CCFPS ¢EFPS 2025 B￿al¢? al b 1,Y25 1.325 Current Ser¥￿e COBI intlLbJln C￿￿b￿￿OnS Other fin8nte (wl uarial Igalnl in Stotffl*nt of Ilure Nel thange in undthty assw0￿*(See Nc4e e aS￿rance 77 201 1ty) 187 167 10 -Cha einund assu - USS defi¢* contrkn￿ons 1.017 8Ne Balan¢• at•nd of •or 16 Ewthwmenilunds Resirided net a$sgts r¢latin to tr￿￿vrrents are as foNrth%.' 2025 2024 Regtrl¢ted pomianert endtswm•rts Unrestri¢ted pemian• endawm•nts CorwlidBtod & College £000 £000 Balan￿ at be Innl ol ear 81.598 84,293 73.593 donations and 8rrfkn¥tr￿ts 1.581 1,607 Increaselld8c¥e8sel In rnthet walue ol In¥e$trwts 573 6234 Transfer btheen FurKJs 25 BalarKè at •nd of •ar 2.073 84.293 Anal $15 Fell¢M$hip Fund5 32,464 31.431 1,220 376 6,201 33.$13 4.fj39 2.(￿2 1.586 257 82,320 163 Travel ￿ward H¢)nE Bursar￿& Gr&iuote Bursar Ov&rs•as Bursar Grants Other G8n8ral Endowff¢nt Grou 6.201 4,639 1.5 1.48S 84993 1673 M293 Anal Pro h)vestrEnts Cash Grou sis 2,641 71.339 2,340 320 2.727 78.9e8 76 2.416 Totsl 84.293 17 R991r￿ted R•s•r¥•s Re5eT%es wth restrictsons aT8 as follows.. Permarnnt ungwntand Other r•$tri¢t•d incomo Capital grants urmspont R￿tr￿tsd oxppnd¥Wo endrpAfmert Consolldat•d & Coifo 2026 Totsl 2024 TotRI £000 £000 £000 £000 £000 B•lan¢••tbe Innkn of 240 4,906 22 5,146 6,353 5,796 5,808 P££umulated incom8 6,331 Nèw rants New donations 247 303 62 sso 435 198 749 373 Endowmentreturn transf8npd Otherin*strnent incorne Increaso in market %8lu8 of in*51m6nls 2,962 126 3,088 3,025 144} 1261 {70 774 ndrture rants utillsed 3,151 21 3.472 166 3,693 1,140 Ca 166 Transfer be￿en FuThJs 370 18 285 17 Bal•n¢g at ond of ar 691 4.982 31 5,673 6A76 5,146 6,363 Aeewnulated I￿orne of other r•$tr*t•d lund81(knn•llons Fellowshl Funds 2,979 921 3,900 312 214 2,655 777 3,883 309 250 2.751 541 1.363 1,672 691 39 Tra%Èl Awards Home Bursanes Graduate Bursaries rsèas Butsari•s Grants Cxher neral En¢owrn¢nt Total 214 599 675 1,329 232 72 39 2.056 102 691 1.324 2,247 676 39 691 5.013 11 18 Mèmorandum of U li•d Total Rètum lThduded within ￿serveS the fO1￿1n amounts Te res•nl Un Total Rebjm ol tha Coll 2025 2024 £￿ts 32,939 0,038 Unapplled Total R8tLwn al Unapplied Total Retum for inning of ear ar Isee note 3cl 41,977 18601 Unappllad Total R&twn at of 41,117 41,977 19 R?cgnCll￿0n of consolldatsd s us forthe ear to n•t cash Inflw from operatl 2025 actlvlues 2024 £000 18,322 Surplus forthe 1,193 A￿'￿tMantI¢r noTrcash ttoms DepreaalK> Investh*Nt InccAne L05sII ain on eDth)wn*nts, donatstins and InvgslmBnt proF• ClecreaselCinc*easel In $todt5 DecreasellinC￿88eI in trade and other receivall&s Incfeaselld8creasel credit¢ In¢reasel decteasel in prwslons P8nslon ¢knsts bss ¢ontribukns 2,103 2,026 1,326 110,681 452 814 13801 19851 1521 11,080 AdJ￿trn•rt1or Investl knve5tr￿nt incL) knlere51 abkg LossllProfftl on lh8 Sa￿ of non-CUff•nt assets 0rfina￿lng athrEI•8 14.608 1.126 14,6161 1.112 Net cash Ityw$ from operatin actlvliles 360 3,989 20 Cash I1￿9 from Investi 2025 £000 2024 Pfoc8eds from sales ol norKurront fixed assets Non-current inveslment dwosal )vestmnt In￿ EndowffEnt funds In￿Bted Withdrawal of deposits Pa Thnts made to a 17 17,838 4,608 119.3781 13.610 4.618 14.2411 uire nonn and aml $16 of notd•bt At 30th Jun• 2024 £QOO• AI 30th Juno 2025 £OOOs ¢￿h Flow• £0008 C•¥h •nd c88h o 1,851 1.454 3,305 ornwlng% fallSTr UnsecL¥ed loans du• aft*r than onty •ar 131,0001 131.0001 Netfot•l 129.1491 1h54 127.6951 Flty•¢lal Instruments 202$ £0005 2024 £OOOs Flnanclal Finan¢i818ssets 8tf8t'r value Li$ied e investments Other inve5trTEn15 Financial a5spts Ih8tore oqultytn5tnm8ntsntessuxtd8tcostless imp8inMnr Other Fin￿￿01 assets ttsatar8 dgbEinstrUm￿ts MeaS￿d￿l amort[￿d ¢osl Cash and cash e alent5 here inveslftxnls Loan notas debtOf$ Slatwngnt OIC￿￿51Vfj I1￿m0 131,431 130,859 38 31 5035 1.256 Flnanclal Ilabllltl•$ AnwKialliabilib"es8ttsirvelLE thmuoh St•tementof For￿rd forei n wrren ntra¢¢s Finarti811i&)illties m8a5urnd•tamortlsedcost Bank overdraft Loans Service concesskins Finance ￿aSe$ Trade ¢￿￿Or9 other cre(Itor5 hen￿￿@ In 379 24 CJ it•1 ¢ommlbnÈnts 2025 £000 2024 £000 Ca itsl commibnents a130 June 2025 arè as follows.. Authorbed and eontr•ctsd: Buildin works Collecl%e in¥estrneTht with Cambridge unI￿r$ity & olh•r Cambridge Colle &s Collects"* in%tstm¢nl schern•s throu 1,413 582 74 202 1.689 80 219 881 h in*stmént mana ers Authorhed but not t con¢rntted for 1.674 689 Comrnilments under finan¢e loases entered into but not stt pro%ided for in the financ¢al 8tstem&nts 26 L•asg obl 30 June 2025 the Colle e had commilments under nonwcan￿llablè o r*"n lease$ 0$ lollows.. 2026 £000 2024 £000 Land and buildin s.. E irin within one gr E inn betsweenhvo8ndfi* ars in okpr ars 18 23 18 23 (ther irin wilhin on• ar E irin bèfrAeen kn and fi¥e E inn In0￿r￿ 8r8 16 24 ars 60 40 26 P•n$lon 8chwngS In addition to the defined contributlon schemes for as5iStant stsff, the College participates in three defined benef r( schemes, the Universities Superannuatlon Scheme IUSSI, the Cambridge Colleges Federatlon Pension Scheme ICCFPSI, and the Church of England Funded Penslon Scheme ICEFPSI. The total pension cost for the year ended 30June 2025, splrt between staff costs and other Costs, was as follows: 2025 £000 187 129 267 583 2024 £000 223 143 258 624 US5: Char8ed to Income and expenditure CCFPS: Charged to income and expenditure Other ￿nSIOn schemes: Contrlbutlons Universlty Superannuatlon Scheme Adeficlt recovery plan was put in place as part of the 2020valuatlon. It requlred payment of 6.2% of salaries overthe period l April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuatlon because the scheme wos in surplus on a technlcal provlsions basis. The institution was no longer required to make deficit recovery contributions from I January 2024 and accordingly released the outstandln8 provislon to the statement of income and expenses In the prior year. The latest available complete actuarial valuation of the Retirement Income Builder is at 31 MaTch 2023 (the valuation datel, which was carried out uslng the projected unlt method. Since the College cannot Identlfy its share of USS Retlrement Income Builder Ideflned benefftl assets and liabllttles, the following disclosures ￿flert those relevant for those assets and liabilities as a whole. The 2023 valuation was the sevens valuation for the scheme under the scheme-specific funding regime introduced by the Penslons Act 2CIM, which requires schemes to have sufficient and approprSate assets to tover their technical provisions Ithe statutory funding objectfvel. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme'5 technical provisions was £65.7 billion indicating a surplus of £7.4 billion and funding ratio of iii%. The key finantiaS assumptions used in 2023 valuation are described below. More detail is set out in the Statement of Funding Principles luskco.uklabout-usl¥aluation-and-fundin81statement•f-fundlng- princlplesl. Pritt inflatton- Cortsumer Prlces Index ICPI} RPIICPI 8ap Dtscount rate 0% pa. Ibased on a long-temj aNEra8eexp*ted level of CPI. broadty co￿lS￿ent wlth lon -tem? market ex 8tbns} 1.0% p.a. to 2030, reducingt 0.1% p.a. from 2030 Fr¥ed interest 8llt yleld curve pl Pre-retirement 2.5% p. Post-retlremeni.. 0.9% p.a. Penslon In￿eaSe5 lall subject to 8 fkKJrof IPA) Beneftts wth Th) cap: CPI assumption plus 3bps Benefits subject to a'soft cap. of S% IprovSdI￿ lnfl81￿arylnCreaSeS up to 5%, and half of any ex￿$5 Inflation over 5% up to a maximum of ICA6)= CPI assumptlon mlnus 3bps The main demographic assumptlon used relates to the mortality a55umptions. These a55umptions are based on analysls of the Scheme's experience carried out as part of the 2023 actuarlal valuatlon. The mortallty assumptlons used In these figures are as follows: 2023 Valuallon 101% of S2PMA"li8ht" for males and 95% of S3PFA for females CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.40% and a long term Improvement rate of 1.80% p.a. for male5 and 1.60% p.a. for females Mortality base table Future improvements to mortalfty The current life expectancles on retirement at age 65 are: 2025 23.8 25.5 25.7 27.2 2024 23.7 25.4 25.6 27.2 Males currently aged 65 Iyearsl Females currently aged 65 lyearsl Males currentfy aged 45 Iyearsl Females currently aged 45 lyearsl Cambrldge Colle8es Federation Pension kheme The College is also a member of a multl-employer defined benefits plan, the Cambridge Colleges. Federated Pension Scheme ICCFPSI- The liabilities of the plan have been calculated. at 30 June 2025, for the purposes of FRS102 using a valuatlon 5V5tem designed ft)r the Management Committee, actin8 as Trustee of the Cambridge Colleges, Federated Pension Scheme, Lwt allowlng forthe (Ilfferent assumption5 required under FRS102 and taklng fully into con51deratK>n changes in the plan benefit Structure and membershlp since that date. The prlncipal actuarial assumptions at the balance sheet date were as follows.. 2025 % p.•. 2024 % p.a. Discount rate Increase in salaries 5.50 To 2030: 2.40 From 2031.. 3.30 5.10 To 2030.. 2.85 From 2031: 3.75 3.35 To 2030:2.35 From 2031.3.25 3.15 Retail Price Index IRPII assumption Consumer Price Index ICPII assumptSon To 2030: 1.90 From 2031: 2.80 2.85 1.85 Penslon Increase5 In payment RPI max S% p.a.) PensK)n Increases in payment (CPI max 2.5%) The underlylng mortallty assumption is based upon the standard table known as $3PxA on a year of birth usage with CMI_2023 future impmvement'factors and a long-term rate of future improvement of 1.25% per annum12024'. 5arnel. This results in the following lrfe expectancies: Male aged 65 now has a IKe expectsncy of 21.4 years Ipreviou5ty 21.4 years) Female age 65 now has a lrfe expectancy of 24 years Ipreviously 23.9 years) Male age 45 now, retiylng at age 65 has a life expectsnry from 65 of 22.7 yeaTS Ipreviousty 22.6 years). Female age 45 now, retiring at age 65, has a lrfe expectancy from 65 of 25.4 years Iprevlously 25.3 years). Members are assumed to retire at their normal retirement age1651 apèrt from in the followin8 indicated cases: Male Female Active Members- Option l 8enefit5 Deferred Members- Option l Benefjts 64 63 62 Allowan￿ has been made at retlrement for non-retired members to commute part of their pension fof a lump Sum on the basis of the current commutation factors in these calcLElations. The amounts recognlsed In the balance sheet as at 30 June 2025 Iwith comparative figures as at 30 June 20241 are a5 follows: 2025 EW05 18,6321 7,561 1,071 2024 £0005 19,3241 7.999 1,325 Present value of plan liabilities Market value of plan assets Net defined benefit assevlliabilityl The amounts to be recognised in Income and EX￿nditUre for the year ending 30 June 2025 (with comparatwe figures for the year ending 30 June 20241 are as follows- 2024 £OOOs 2024 Current 5eNice cost Administrative expenses Interest on net defined benefit la55etllliability (Gainllloss on plan changes Total charge 36 25 68 46 19 78 129 143 Changes In ihe present value of the plan Ilabllltles for the year ending 30 June 2025 Iwith comparatfve figures for the year ending 30 June 20241 are as follows- 2025 £WOs 9,324 36 li 14351 466 17701 2024 Present value of plan liabilities at beginning of perlod Current seryice cost Employee contributions Benefits pald Interest on plan Ilabilities Artuarial losse51lgainsl IGainl/b)ss on plan changes Curtailmènt Igainllloss Present value of Scheme liabilities at end of period 9,330 46 17 15461 472 8,632 9.324 Changes in the fair value of plan assets for the year ending 30 June 2025 (with comparative figures for the year en(Iln8 30 June 20241 are as follows: 2025 £OOO$ 7.999 187 li 1435 1281 397 15701 7,561 2024 £00 Market value of plan assets at beginnin Contributions paid by the College Em loyee contributlons Benefits aid Administrative expenses pald Interest on plan assets Return on assets, less interest included In Irbcome and Expendhture Market value of Scheme assets at end of riod 7.854 201 17 15461 251 394 105 Actual return on plan assets 11731 499 The major categorie5 of plan assets as a percentage of total Scheme assets at 30 June 2025 Iwith comparative figures at 30 June 20241 are as folk)ws: 2025 2024 Equities Bonds & Cash Properties Total 46% 42% 12% loo% 37% 13% The plan has no investments In property occup*d by assels used by or financial instruments issued by the College. Analysls of the remeasurement of the net defined benefit liability recognised in Other Comprehensive Income IOCII for the year endin8 30 June 2025 (with tomparative figures forthe yearendlng 30 June 20241 are as follows: 2025 £(K105 15701 41 34 736 196 2024 Return on assets, less Interest included in Income & Expenditure Expected less actual plan expenses Ex rience gains and losses arising on plan Ilabllilies Changes in assumptions underbying the present value of lan liabllltles Remeasurement of net defined benefit liability recognised in OCI 105 171 159} 54 93 Movement in the net defined benefit asset/lliabllilyl during the year ending 30 June 2025 Iwith cornparative fi8ures forthe year ending 30 June 20241 are as follows: 2025 2024 £(X)05 11,4761 11431 201 93 11,3251 Net deflned benefit assetllliabilityl at beginning of year Recognised In Income and Expenditure Contributions paid by the College Remeasurement of net defined benefit liabillty recognised in OCI Sur luslldeficitl in plan at the end of the ear 11,3251 11291 187 196 11,0711 Fundlng Poll¢y Artuarial vèluatlons are carried out Èvery three years on behalf of the Management Commlitee, acting as the Trustee of the Scheme. by a qualified independent actuary. The actuarlal assumptlons underlying the actuarial valuatlon are dlfferent to those adopted under FRSIO2. The last such actuarlal valuatlon was a5 at 31 March 2023. This showed that the plan's assets were Insufficient to cover the Ilabllities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall. These deficit reductlon contributions are incorporated Into the plan's Schedule of Contributlons dated 18 June 2024 and are as follows.. Annual contributions of not less than £127.949 per annum payable for the period from l July 2024 to 31 March 2030. These payments are subjert to review followin8 the next fundlng valuatlon, due a5 at 31 March 2026. church of England Funded Pensions Scheme The college participate5 in the Church of England Funded Pensions Scheme for stipendiary clerby, a defined benefrt pension scheme. This scheme is admlnlstered by the Church of England Pensbons Board. whlch holds the asset5 of the scheme5 separately from those of the Responsible Bodies. Each participating Responsible Body in the scheme pays contributions at a common tontrlbution rate applied to pensionable stipends. The scheme is considered to be a multi-employer5cheme as described in Section 28 of FRS 102. This means it Is nol p055ible to attrfbute the Scheme's assets and liabilities to specifK Responslble Body and thls means contributlons are accounted for as rfthe Scheme were a defined contribution scheme. The pensSons costs charged to the SOCIE In the year. are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions Isee below). A valuation of the Scheme Is carrled out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m. based on ass@ts of £2,720m and a funding tar8et of £2,160rn, assessed using the followin8 a55umption An average discount rate of 2.7% pa RPI inflation of 3.6% pa land pension Increases consistent with thisl; CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustmentfrom 2030 onwards- Increase in pensionable stipends in line with CPHI; and Mortality in accordance wlth 90% of the 53NA tables. wlth allowance for improvements In mortality rates in line with the CM12020 extended model, with a long-term annual rate of Improvement of 1.5%, smoothing parameter of 7 and an initlal addition to mortality improvements of 0.5% pal ènd an allowance for 2020 data of 0% li.e. w2020= 0%1- Followi￿& the finalisatlon of the 31 December 2021 valuation, deflclt contrlbutions ceased with effert frorn l January 2023, slnce the scheme was fully lunded. The deficSt recovery contributions under the recovery plan In force at each 31 December were as follows: % of penslonable stipends 7.1% able from Janua 31 December 2021 31 December 2022 31 December 2023 31 December 2024 2021 to December 2022 An interim reduction to defitit contribljtions to 3.2% of pensionable stipends was made with effect from Aprll 2022, and remained In Pla￿ until De￿mber 2022. For senior offKe holders, pensionable stlpends are adlusted In the calculations by a multiple, as set out in the Scheme's rules. Sectlon 28.IIA of FRS 102 ieoulres agreed deficit recovery payments to be recognised as a Ilablllty. However, as there are no agreed defitlt recovery payments from l January 2023 onwards, the balance Sheet Ilabillty as at 31 DÈtember 2024 is nil. The movement in the balance sheet liabilty over 2023 and over 2024 is set out in the table below. 2024 2023 Balance Sheet liabllity at l January Deficit contribution paid Interest cost Irecognised in SOCIE) Remaining change to the balance Sheet Ilabllrf¢y' Ire nised in the SOCIEI Balance sheet liability at 31 December Comprises change in agreed deficit recovery plan and change In discount rate and a55umptions between yearends. The legal structure of the Scheme is such that if another Responsible Body fails, St Catharine's College (Cambridgel could become responsible for paylng a share of that Responsible Body's pension liabilities. 27 Prfncl al •ubsidla •nd a880¢19t￿ und•rtakln and other 81 nifi¢8nt invMtm•nts The College holds more than 20% of the share Capital of the followin8 companles: Subsidiary und?rtaking¥ County of reg15tratlon or In¢oTrorntlgn Sharn8 h•ld Class St Catharine's College Developm&nt Ltd Sl Catharfng'$ cdlogg Events Ltd UK Orilinary Ordinary UK The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows.. Prfn¢lpal a¢fjvlty Copitsl and r080r4•S R￿￿11 for tho y•ar 2026 202S £000 £OOO$ Sl Catharine's Colleg& Development Lté DevelDpment CA)ntractor Functions and events, ond contractor Sl Calharine'8 coll￿ Events Ltd 28 Relat•d PartyTr•nsactiDM (￿lIng to the natLrre ofthe College's operations and the compos￿￿on ofth8 College Go%Eming Body. it is ine¥Ntsble thattransactions will pla¢* with Ofganisations in which a College Go*rning Body member rnayhaw an interegt. Al transactigns invDINing organisations in which a member of the College Go*ming Bodymay ha* an Interesiafe tt*ndud8d at ann's length and In accordan￿ with Ihe College's nom)al proc¢duffjs. The College maintsins a registerof Interests for all ¢gll¥g• ¢>J¥emlng Bodymernbow5 and where any member olthe Colleg¢ G0￿MIng Body has a matsrial Inte￿$t in a College matt8rlh*yare required to dedare thattr￿. DuriThJ the par no ore>pen$es were paid 10 Follows respectoflheirdube$ a$ Tru$*es. Fellows are remungratsd forkaehing, rese8r¢h 8nd otherdvies within Ihe Coll*g¢. Fellows are billed lor anyPri￿te catering. The Trnstees fèmungr8ti0Tr is oNerseen bythe R¢mungraOon Comrnltteo. 88lari6s paid b) Tru$*•$ in the star are sumrnarisad in the table below: Fyom To 2025 H￿nber 2024 ￿Mb￿r £0 £10,000 £20,000 £30.000 £40,000 £50,000 £60,000 £70.000 £80,000 £90,000 £1LN).000 £110.000 Total 31 42 £10.001 £20.001 £30,001 £40,001 £50,001 £60,001 £70,001 £80,001 £90,001 £100,001 12 The totsl Tru$t¢¢ ¥alaries We￿ £1,813.103 for the parl2024: £1,462,074) The trustees w¢fè also paid other laxAble beneffits lindudin9 a¥50aated emplo>Er Nabonal Insuran contribution$l and emp105er￿n1n'butiOnS to p•nsions which totslled £348,659 br the par12024.. £383,0791 The College has tr40 ltrading and dornantl subsidiary und¢rtaking8 which are ￿nSo11d8￿d into theso a¢￿￿Thts. Al subsidiaryundertakings are 100% owned by College and are registered and operating in England and Wales. The College has taken adwdnlage ofthe e>emptson wlthin secb'on 33 01 FRS 102 not to dlsdose tran5a¢tions with wholly owned group companies Ihat are related parties. Llke some other colleges, the Colle8e offers a shared equity housing a5SlStance scheme to Fellows. in order to attract them to work in Cambridge, whlch is a high c05t residential area. As at June 30th 2025 112024: 11 Fellow benefrted from assistants and the College's contrlbution was £115,50012024: £115,5cKJI.