2023-06-30-accounts - Clare Hall In The University Of Cambridge

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he asset allocatio	n of	the CUEF is shown	below.
Asset Clsss			Allocstiou June 2029	Aiiocstiou June 2022
			(uus udited) %	(sudited) %
Public equities			43	42
Real assets (including		property)		10
Absolute return	and	Credit strategies	19	20
Fixed interest/	cash
Private equity			24	23

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			Income and expenditure reserve	Income and expenditure reserve
			Unrestricted	Restricted	Endowment	Total
			6	6	6	F
Balance at 1 July 2022			11,218,768	6,428,356	21,394,055	39,041,179
Surplus/(deficit) from	income and expenditure		(176,144)	(21,886)	(208,862)	(406,892)
statement
Other Comprehensive	income		(7,335)			(7,335)
Release of restricted	capital funds spent	in the	34,635	(34,635)
year
Reserve transfer
Balance at 30June	2023		11069924	6371835	21185193	38626952
			Income and expenditure reserve
			Unrestricted	Restricted	Endowment	Total
			6	F	6	6
Balance at 1 July 2021			11,394,719	5,985,360	21,850,528	39,230,607
Surplus/(deficit) from	income and expenditure		(533,458)	472,130	(478,049)	(539,377)
statement
Other comprehensive	income		349,949			349,949
Release of restricted	capital funds spent	in the	7,558	(7,558)
year
Reserve transfer				(21,576)	21,576
Balance at 30June	2022		11,218,768	6,428 356	21,394055	39041 179

Balance Shee	t	a	s at 30June 2	023
				Note
NON-CURRENT ASSETS
Fixed assets				8
Heritage assets				9
Investments				10
CURRENT ASSETS
Stocks
Trade and other receivables				11
Cash and cash equivalents				12
Creditors: amounts falling		due within one year		13
Net current assets
Total assets less current			liabilities
Creditors: amounts falling		due after more than one
year				14
Net assets excluding	pension deficits
Pension deficit (CCFPS)				15
Pension deficit (USS)				16
Net assets including	pension deficits
CAPITAL AND RESERVES
Restricted reserves
Income and expenditure		reserve —endowment		17
Income and expenditure		reserve —restricted		18
Unrestricted reserves
Income and expenditure		reserve —unrestricted

2023	2022
E	E
8,358.363	8,655,206
150,000	150,000
32,250,276	32,568,893
40,758,639	41,374,099
32,346	28,631
672,060	603,178
139,280	1,451,071
843,686	2,082,880
924,376	2 399,910
80,690	317,030
40,677,949	41,057,069
1,500,000	1,500,000
39,177,949	39,557,069
(393,465)	(373,515)
157,532	142,375
38,626,952	39,041,179
2023	2022
F	6
21,185,193	21.394,055
6371,835	6,428,356
27,557,028	27,822,411
11,069,924	11,218,768
38,626,952	39,041,179

ear ended 30June 20	23
					Note	2023	2022
CASH FLOWS FROM OPERATING ACTIVITIES						6	f
Surplus/(deficit) for the year						(406,892)	(539,377)
Adjustment for non-cash items
Depreciation						387,461	375,015
(Gain)/loss on investments						318,617	763,572
(Increase)/decrease in stocks						(3,715)	(4,141)
(Increase)/decrease in debtors						(68,882)	(240,140)
Increase/(decrease) in creditors						(1,475,534)	(91,434)
CCFPS pension costs less contributions		payable				12,615	29,952
USS pension provision						15,157	39,793
Adjustment for investing or financing		activities
Investment income						(1,240,309)	(1,128,231)
Interest payable						110,141	100,552
Net cash outflow from operating activities						2,351,341	694,439
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income						1,240,309	1,128,231
Payments to acquire tangible fixed	assets					(90,618)	(71,012)
Total cash flows from investing activities						1 149,691	1,057,219
CASH FLOW FROM FINANCING	ACTIVITIES
Interest paid						(110,141)	(100,552)
Total cash flows financing activities						110,141	100,552
Increase/(Decrease) in cash and	cash	equivalents		in the year		(1,311,791)	262,228
Cash and cash equivalents at the	beginning		ofthe year			1,451,071	1,188,843
Cash and cash equivalents at the	end of	the	year		12	139,280	1,451,071
The notes on pages 28 to39form	part ofthese accounts

o	tes to the Accounts for the year e	tes to the Accounts for the year e	tes to the Accounts for the year e	tes to the Accounts for the year e	tes to the Accounts for the year e	nded 30June 2023	:
1	ACADEMIC FEESAND CHARGES					2023	2022
	COLLEGE FEES					f	f
	Graduate fee income					886,034	833,272
	Total					886,034	833,272
2	INCOME FROM	ACCOMMODATION
	AND CATERING					2023	2022
							f
	Accommodation					2,005,699	1,560,067
	Catering					285,843	220,132
	Total					2.291,542	1,780.199
3	INVESTMENT AND OTHER INCOME					2023	2022
	Income from:						f
	Cambridge University			Endowment	Fund	1,155.182	1,048,132
	Charity Property	Fund				85,127	80,099
	Total investment	and		other income		1240.309	1.128,231
4	EDUCATION EXPENDITURE					2023 f	2022 f
	Teaching					51,304	47,095
	Tutorial					289,946	251,855
	Admissions					94,905	92,776
	Research					668,469	590,352
	Scholarships and		awards			258,728	12,490
	Other educational		facilities			350,133	343,568
	Total					1,713,485	1,338,136
5	ACCOMMODATION,			CATERING	AND
	CONFERENCES		EXPENDITURE			2023	2022
	Accommodation					2,352,546	2,108,370
	Catering					805,625	634,832
	Conferences
	Total					3,158,171	2,743,202

6 OTHER EXPENDITURE	6 OTHER EXPENDITURE				2023	2022	2022
					6	6
Fellows Commons						20,208
Student meals subsidy					59,373	57,734
Debt provision &write offs					8,761	14,463
Alumni Office salaries					54,880	60,390
Alumni account					56,706	32,461
Art Committee					5,803		4,331
Music					34,424	31,440
CCFPS - Net finance cost (note 20)					14,548		12,634
USS - Pension provision		(note 16)			15,157		39,793
Miscellaneous expenses		(net)					140
Total					249,652	273,594
Ta ANALYSIS OF 2022/23			Staff	Other
EXPENDITURE	BYACTIVITY		costs	operating	Depreciation	Interest	Total
			(note 19)	expenses
			6	K
Education (note 4)			589,101	1,081,918	42,466		1,713,485
Accommodation (note 5)	and catering		992,928	1,710,107	344,995	110,141	3,158,171
Other (note 6)			77,392	172,260			249,652
			1,659,421	2,964,285	387,461	110,141	5,121,308
7b ANALYSIS OF	2021/22		Staff costs	Other
EXPENDITURE	BYACTIVITY		(note 19)	operating	Depreciation	Interest	Total
				expenses
			6	f
Education (note 4)			614,542	682,492	41,102		1,338,136
Accommodation (note 5)	and catering		872,120	1,436,617	333,913	100,552	2,743,202
Other (note 6)			100,183	173,411			273,594
			1,586,845	2,292,520	375,015	100,552	4,354,932

REMUNER	TION		2023	2022
			6	K
Other operating expenses	include:
Audit fees payable to the	College's external	auditors	18,903	15,115
Other fees payable to the	College's external	auditors	5,055	4,205
			23,958	19,320

		Freehold	Infrastructure
		land and	and	Total
TANGIBLE FIXEDASSETS		buildings	equipment	2023
		6	E
COST
Asat1 July2022		12,664,486	2,612,659	15,277,145
Additions atcost			90,618	90,618
Disposals at cost			(61,612)	(61,612)
As at 30June 2023		12,664,486	2,641,665	15,306,151
DEPRECIATION
As at 1 July 2022		5,017,238	1,604,701	6,621.939
Charge for the year		195,290	192,171	387,461
Eliminated on disposals			(61,612)	(61,612)
Provision for depreciation	as at 30June 2023	5,212,528	1,735,260	6,947,788
Net book value as at 30	June 2023	7,451.958	906,405	8,358,363
Net book value as at 30	June 2022	7,647,248	1,007,958	8,655,206

10	There have been no additio ASSETS	ns to	heritage assets during th	e last ten years.
	INVESTMENT			2023	2022
				8	8
	Balance at 1 July 2022			32,568,893	33,332,465
	(Depreciation)/appreciation	on revaluation		(318,617)	(763,572)
	Balance at 30June 2023			32,250,276	32,568,893
	Represented by:
	Charities Properly Fund			1,930,550	2,311,032
	Cambridge University Endowment		Fund	30,319,726	30.257.861
	Total			32,250,276	32,568.893
11	TRADE AND OTHER RECEIVABLES			2023	2922
				8	8
	Members ofCollege			119,356	156,876
	Sundry debtors			552,704	446,302
				672,060	603,178

No	tes to t	he	Acco	u	nts for the year ended 30	June 2023:
12	CASH
						2023	2022
						f	8
	Bank current accounts					138,675	1,450,386
	Cash in hand					605	685
						139,280	1,451,071
13	CREDITORS: AMOUNTS				FALLING DUE WITHIN ONE YEAR	2023	2022
							6
	Members	ofCollege				225,166	170,458
	Trade creditors					310,432	240,206
	Tax and pension		funds			39,101	29,002
	University	composition		fees		49,677	60,244
	Bankloans					300,000	1,900,000
						924,376	2,399,910

15	PENSION DEFICIT	(CCFPS)				2023	2022
						Total	Total
	Balance at beginning	ofyear				373,515	693,512
	Movement in year:
	Current service cost	including	life assurance			86,426	116,178
	Contnbutions					(88,359)	(98,860)
	Other financ cost					14,548	12,634
	Actuarial (gain)/toss recognised Income and Expenditure			in Statement	ofComprehensive	7,335	(349,949)
						393,465	373,515
16	PENSION DEFICIT	(USS)				2023	2022
	Balance at beginning	ofyear				142,375	102,582
	(Credit)/Charge to comprehensive			income		15,157	39,793
						157,532	142,375

ENDOWMENT FUN	DS
		Restricted	Unrestricted	Total	Total
		Permanent	Permanent	2023	2022
Balance at beginning ofyear:
Capital		10,099,835	11.294,220	21,394,055	21,850,528
New donations and endowments					22,500
Reserve transfer					21,576
(Decrease)/increase investments	in market value of	(98,373)	(110,489)	(208,862)	(500,549)
Balance at end ofyear		10,001,462	11,183,731	21,185,193	21,394,055
Analysis by type of	purpose:
Fellowship Funds		7,346,456		7,346,456	7,419,035
Scholarship Funds		2,386,373		2,386,373	2,409,949
Bursary Funds		72,856	423,886	496,742	501,436
Other Funds		195,777		195,777	197,488
General Endowments			10,759,845	10,759,845	10,866,147
Total		10,001,462	11,183.731	21,185,193	21,394,055
Analysis by asset:
Investments		9,957,386	11,078,744	21,036,130	21,244,992
Cash		44,076	104,987	149,063	149,063
Total		10,001,462	11,183,731	21,185,193	21,394,055

RESTRICTED RESERVES	RESTRICTED RESERVES	RESTRICTED RESERVES	RESTRICTED RESERVES			Permanent
					Capital grants unspent	nd th restricted	expendable	Total 2023	Total 2022
						income
						K
Balance at	beginning		ofyear
Capital					22,135			22,135
Accumulated	income					1,115,698	5,290,523	6,406,221	5,965,360
					22,135	1,115,698	5,290,523	6,428,356	5,985,360
New donations					12,500		238,633	251,133	469,606
Reserve transfer									(21,576)
Investment	Income					388,973	162,751	551,724	501,869
Capital grants utilised					(34,635)			(34,635)	(7,558)
Expenditure						(282,284)	(499,102)	(781,386)	(395,446)
(Decrease)gncresse		in	market	value ofinvestments		(1,547)	(41,810)	(43,357)	(103,899)
						1,220,840	5,150,995	6,371,835	6,428,356
Balance at	end ofyear
Capital									22,135
Accumulated	Income					1,220,840	5,150,995	6,371,835	6,406,221
						1,220.840	5,150.995	6.371,835	6,428.356
Analysis ofother restricted				funds/donations
Bytype of	purpose:
Fellowship	Funds					983,858	2,249,849	3,233,707	3,236,836
Scholarship	Funds					219,432	2,785,652	3,005,084	3,023,599
Bursary Funds						10,041	21,337	31,378	28,390
Other Funds						7,509	94,157	101,666	139,531
						1,220,840	5,150,995	6,371,835	6,428,356

Cambrfdge Colleges	Federated Pension Scheme con	Federated Pension Scheme con	Federated Pension Scheme con	t'd
The amounts recognised	in the Statement ofComprehensive			Income and Expenditure	for the	year
ending 30June 2023 (with comparative		figures for	year ending 30June 2022) are as		follows:
				30Jun-23	30Jun-22
				6		6
Current service cost				75.576		105,328
Administratwe expenses				10.850		10,850
Interest on net define benefit liability				14.548		12634
Total				100,974		128,812
Changes in the present	value ofths plan liabilities		for the	year ending 30June 2023 (with comparative
figures for the year ending 30June 2022) ars as follows:
				30Jun-23	30Jun-22
				6		6
Present value ofplan liabilities at beginning ofperiod				2,548,800	3,216,735
Current Service cost				75,576		105,328
Employee contributions*				2,498		2,553
Benefits paid				(93.578)		(71,970)
Interest on plan liabilities				96676		58,188
Actuarial (gains)				~350987,	~762034
Present value ofScheme liabilities at		end ofperiod		2269985	2,548,000

			30Jun-23	30Jun-22
			6
Market value	ofplan assets at beginning	of period	2,175,285	2,523,223
Contributions	paid by College		88,359	98,860
Employee contributions			2,498	2,553
Benefits paid			(93,578)	(71,970)
Administrative	expenses		(13,153)	(11,889)
Interest on plan assets			82,128	45,554
Return on assets, less interest included		in SOCIE	~365019	~477,046
Market value	of plan assets at end of	period	1,876,520	2,175,285
Actuarial return on plan assets			282,891	365,492

e major categories of plan assets as a p ures at 30June 2022) are as follows:	ercentage of total plan assets	at 30June
	30Jun-23	30Jun-22
Equities and Hedge Funds	49%	52%
Bonds 8 Cash	38%	34%
Property	13%	14%
Total	1000A3	100%

(OCI) for the year ending 30 June 202 follows. '	3 (with comparative figures	for the year ending 30 Jun	e 2022) ars as
		304un-23	304un-22
		5	5
Return on assets. less interest included	in SOCIE	(365,019)	(411,046)
Expected less actual plan expenses		(2,303)	(1,039)
Expedience gains and losses arising on	plan liabfiities	(165,088)	(186,979)
Changes in assumptions underlying ths	present value of
plan fiabllities		525,075	949,013
Actuarial gain recognised in OCI			349,949
Movement in nst defined benefit liability	during the year ending 30June 2023 (with comparative		figures for the
year ending 30June 2022) ars as follows:
		304un-23	304un-22
		5	5
Net defined benefit liability at beginning	ofyear	(373,515)	(693,512)
Recognised in (deficit)/surplus for the year		(100,974)	(128,812)
Contributions paid by the College		88,359	98,860
Re-measuremsnt of net defined benefit	liability recognised
in OCI			349,949
Deffcit in Scheme at the end ofthe year		393,465	373,515

															2023		2022
From f0									Tof20,000						Number 12	Number 11
E20,001									E30,000						2		2
E30,001 f40,001									E40,000 f50,000
E50,001 f60,001									E60,000 f70,000
									Total						16		15
The total Trustee salaries were					f259689for			the year (2022 E217998).The trustees						were also	paid other taxable
benefits (including			associated			employer		Nationat		Insurance	contributions		and	employer	contributions	to
pensions)	which totalled E59,752 for the year (2022:E54,550).
22 CONSOLIDATED				RECONCILIATION			AND ANALYSIS OF NET DEBT
													At 1July			At	30June
													2022		Cash		2023
													f000		Flows		f000
Cash and cash equivalents													1,451		(1,312)		139
Borrowings:
Unsecured loans
Amounts fatling		due within			one year								1,900		(1,600)		300
Amounts falling		due after mors than one						year					1	500			1500
													~4,949		988	~4.664
23 FINANCIAL INSTRUMENTS
															2023		2022
															f000		f000
Financial	assets
Financial	assets that			are equity instruments				measured stcost less impairment
Other equity investments															32,250		32,569
Financial	assets that			are debt	instruments			measured		at amortised cost
Cash and cash		equivalents													139		1,451
Other debtors															672		603
															33,061		34,623
Financial	liabilities
Financial	liabildies		measured		at amorrised			cost
Loans															1,800		3,400
Trade creditors															310		240
Other creditors															314		260
															2,424		3,900
24 Lease	Obligations
At 30June 2023the				College	had commitments				under non-cancefiable			operating		leases as follows:
															2023		2022
															f000		f000
I and and	buildings:
Expiring	within one		year												100
Expiring	between	one and five				years									17		114
															117		114