2025-06-30-accounts

—) PEMBROKE COLLEGE y CAMBRIDGE CB2 IRF

Annual Report & Financial Statements Year Ended 30 June 2025

PEMBROKE COLLEGE

Trumpington Street Cambridge

CB2 IRF

Registered Charity No. 1137492

Pembroke College — Year Ended 30 June 2023

INDEX

Contact information	1
Trustees ofthe charity	2
Operating and Financial Review	3-12
Corporate Governance and Public Benefit	13-14
Responsibilities ofthe Governing Body	15
Auditors' Report	16-19
Statement ofAccounting Policies	20 - 26
Statement ofComprehensive Income and Expenditure	27
Statement ofChange in Reserves	28
Balance Sheet	29
Cash Flow Statement	30
NotestotheAccounts	31-43

Pembroke College — Year Ended 30 June 2025

Pembroke College

Address Pembroke College Trumpington Street Cambridge CB2 1RF

Registered charity number 1137492

Key Officers for the year ended 30 June 2025 Master — Rt. Hon. Lord Smith of Finsbury Treasurer & Bursar — Dt A Cates Senior Tutor — Professor R Mayhew

VAT number 214 2442 08

Professional advisors:

Actuaries Cartwright Group Limited Suite 7, 2"4 Floor The Hub 1Q Farnborough Farnborough Hants, GU14 7JP

Bankers Barclays Bank Plc 9-11 St Andrew’s Street Cambridge CB2 3AA

Principal property managers Bidwells Trumpington Road Cambridge CB2 2LD

Auditors PEM Audit Limited Salisbury House Station Road Cambridge CB1 2LA

Principal solicitors HCR Hewitsons Shakespeare House 42 Market Road Cambridge CB5 8EP

Cheffins Clifton House 1-2 Clifton Road Cambridge CB1 7EA

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Pembroke College — Year Ended 30 June 2025

Pembroke College

Trustees of the charity for the year ended 30 June 2025

Rt Hon Lord Smith of Finsbury Professor NA Fleck Professor MC Payne (left 30 September 2024) Professor JP Parry (left 30 September 2024) Dr MR Wormald Professor D Robertson Professor T Meissner Professor CJ Young (left 30 September 2024) Mr NJ McBride Professor N Cooper Professor V Deshpande Dr DN Tambakis Professor N Datta Professor AC Ferrari Professor RP Blakesley Professor AW Tucker Dr S Learmount Professor S Barrett Professor A Shadrin Revd Dr J Gardom Dr K Ettenhuber Mr M Mellor Professor Sir S O’Rahilly Professor G Csanyi Professor M Clatworthy Professor A Houen Professor R Gagne Dr M Gorji Dr C Burt Professor R Johnson (left 30 September 2024) Dame Professor C Grey Professor M Abreu Professor S John Dr A Cates Dr P Cavill ProfessorJ Durrell Dr MJ Sternberg Dr HGM Diemberger Professor S Cottaar Professor TT Weil Professor TG Micklem (paused 2024-25)

Dr IRM Hussin Professor P Warde Professor M Wyatt Professor A Madhavapeddy Dr G Hennequin Dr D Passolt Dr R Laemmle Professor N Jones Dr M Arbabzadah Professor M Hulme DrJ Kromdijk Dr AAshraf Professor A Prorok Dr C Tonooka (left 30 September 2024) ProfessorA Cardona Professor H Bronstein Dr AAsseraf Professor R Kilner Dr R Mayhew Professor R Morieux Dr S Ward Dr C Kamal (left 31 August 2024) Dr S Mohamed (left 30 September 2024) Dr N Crisafi Dr C Bloomfield-Gadelha (left 31 August 2024) Dr T Chaffey (left 31 December 2024) Dr Z Toprakcioglu Professor LDi Michele Dr F Mancini Dr D Ezerova ProfessorT Lindenthal ProfessorC H Ek Dr N Lalafaryan Dr K Ghilani Dr AJ D Shaikeea Professor E McKinney Dr L Weinert Dr J Antoran (from 11 June 2024) Dr A Raw (from 1 October 2024) Professor C. Yannelis (from 1 October 2024) Dr M Mahmoudi (from 3 December 2024)

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025

Status

Marie de St. Pol founded the College or Hall of Valence-Mary in the University of Cambridge, more commonly known as Pembroke College, in 1347. The College is an autonomous, self-governing community of scholars, and one of the thirty-one Colleges within the University of Cambridge. The College is a registered charity, and its registered charity number is 1137492.

Aims and objectives

The College is an institution of higher education. Its purposes are the promotion of education, religion, learning, research and scholarship, and the personal and intellectual development of its members. The College admits (as junior members) undergraduate and postgraduate students matriculated in the University of Cambridge. It provides financial and other support to those of its members who require it in order to achieve its purposes, and it supports teaching and research in the University. In furtherance of its objectives, the College maintains and manages an investment portfolio, including properties. Besides financial and tutorial support, it provides accommodation, catering, and other services to its members and to others. Governance arrangements for the College are set out on page 13.

Overview of the Year

2024-25 has been a landmark year in the history of Pembroke College. In October 2024, Dolby Court, in the Mill Lane Development opened to students providing 74 new ensuite rooms, including 5 fully accessible rooms and 16 rooms which are leased to Darwin College. It has been sustainably designed with 134 photovoltaic panels producing 25% of the energy needed and runs on air source heat pumps. The Dagmar and Ray Dolby Court was officially opened on 10 May by Dagmar Dolby and her family.

October 2024 also marked the 40" anniversary of Admissions of women at Pembroke College which was celebrated throughout the year with a special weekend of events in March to celebrate International Women’s day. The College also commissioned award-winning photographer, Jooney Woodward, to take portraits of women from across the Pembroke community, due to be exhibited in October 2025.

On page 27, the College Statement of Comprehensive Income and Expenditure (SOCIE) shows an overall shortfall of £11m. The shortfall is due to a revaluation of Dolby Court, which is valued less once built than the construction cost, resulting in a revaluation loss of £13m. Excluding this exceptional item, the surplus for the year would have been £1.8m (2023-24 surplus £10.6m which included a £9m gain on investments). The SOCIE is a statement of all movements of the net assets of the College between one year and the next. Therefore, it reports all operating income and expenditure, investment gains and losses and other adjustments, e.g. total return and pension adjustments. Investment gains were £1.7m (2023-24 £9m), Mill Lane restricted gifts were £2.6m (2023-24 £2.2m) and the Cambridge Colleges Federated Pension Scheme (CCFPS) actuarial deficit decreased by £176k (2023-24: increase of £30k). The boxed section on page 27 is, in effect, the operating result as reported for the year. Therefore, the College reported a shortfall of £2.2m for 2024-25 compared to a small surplus of £373k for 2023-24. If the USS provision in 2024 of £2.3m is excluded (as it was an exceptional loss), then there is a comparable shortfall of £2.0m.

The Balance Sheet shows net assets of £324.1m (2023-2024 £335.1m) including investments of £118.7.m (2023-24 £117.9m) which comprises of £103.2m of General Investment and £15.5m of Private Placements held to cover loans and cash divestment (see note 9).

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025

Students

The College admits as students those who have the greatest potential to benefit from the education provided by the College and the University, and recruits as academic staff those who are able to contribute most to the academic excellence of the College, regardless of background.

The year 2024-25 was a year in which application numbers for undergraduate places at Pembroke rose above 1,000 for 126 places (1% increase in applications). The admissions cycle therefore remained high, with competition for places being intense. The College continued to prefer in person interviewing over online for all UK-based applicants, with non-UK applicants being offered the choice of in person or online.

Undergraduate student applications are shown below, showing the level of diversity of students attending Pembroke.

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Undergraduates 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
Applications 903 891 946 1043 990 1006
Offers 174 154 160 158 164 165
Admitted 138 153 135 135 128 126
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Applicants

e Number of applicants 1006 (2023-2024 990) ° Arts 469 or 46.7% (2023-2024 46.1%); Science 537 or 53.3% (2023-2024 53.9%) ° Male 490 or 49% (2023-2024 47%), female 497 or 49% (2023-2024 50.7%), other or undeclared 19 or 2% (2023-2024 2.3%) ° Home (including refugees) 751 or 74.2% (2023-2024 77.2%); Overseas 255 or 25.3% (2023-2024 22.8%) ° Home state school applicants - maintained sector 563 or 75% (2023-2024 547 or 71.6%); independent sector 188 or 25% (2023-2024 201 or 26.3%), other 24 or 3.2% (included in maintained) (2023-2024 16 or 2.1%).

Offers

° Number of offers made for 2025 entry 165, including five brought forwards, and five offers through the winter pool (c.16.4% of applicants) (2023-2024 164 or 16.6%) ° State educated 74.1%, independent educated 25.9% (of home offers) (2022-23 69.5% and 30.5%) ° Male 46%, female 54%, other/undeclared 0% (2022-2023 40.9% and 56.7%; other/undeclared 2.4%)

The College charges the following fees:

• ° College fees at externally regulated rates to undergraduates entitled to Student Support and to graduate students (with those undergraduate fees being paid by grant funding through arrangements approved by the Government), and a fee determined by the College annually to overseas undergraduates and any Home/EU undergraduates not entitled to Student Support. Accommodation and meal charges at reasonable rates.

Widening Participation

The College’s widening participation work is based around the University’s Access and Participation Plan, agreed with the Office for Students. It aims to increase the diversity of the Pembroke student body, so that the College increases its proportion of students from under-represented groups — in particular, students who have been eligible for free school meals, students who are in the first or second Indices of Multiple Deprivation quintiles, and students from Black-British, British-Bangladeshi, or British-Pakistani backgrounds.

The events that we deliver are in accordance with the academic stage; for example, sixth formers benefit from sessions on the application process and super curricular exploration, whilst key stage 4 students receive support on A level selection and early preparation. In addition, we work with teachers to help them more fully understand whatwe are looking for in applicants, and how our application process works, enabling them to better advise the students with whom they are working. Our programme includes both events that work with school groups, and those with a focus on individual applicants.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025

The 2024-2025 academic year saw a Continuation of a hybrid offering, with some events taking place in person — either in College, or regionally — and others being delivered online. The format was decided according to selection criteria: the more intensive in person events were more specifically targeted at those with widening participation characteristics, with the exception of participation in the university-wide open days.

Of the offers made in the 2024-25 application cycle, 16% were made to students who had engaged in Pembroke’s outreach and recruitment events. 25% of the College’s free school meals offers, 26% of the College’s IMD (Index of Multiple Depravation) offers, and 32% of the POLAR4 quintile 1 and 2 offers were made to students who had previously participated in our programmes.

Our event programme is frequently reviewed and updated as appropriate; in the coming year it will include masterclasses, personal statement workshops, visit days, open days, remote interview sessions, residential events, virtual tasters, and participation in a collaborative STEM SMART project — amongst other activities. Within total admissions and access costs of £1.2m shown in note 4, £0.6m was spent on Access and Widening Participation activity in the year.

Student Support

In order to assist undergraduates entitled to Student Support, the College provides, through the Cambridge Bursary Scheme operated in common with the University and other Colleges, bursary support for those of limited financial means. That scheme was approved by the Office of Fair Access (OFFA) and provides benefits at a substantially higher level than the minimum OFFA requirement. In total £1m has been provided to students through this and other College provision over the last three years as detailed in the table. The majority of bursary support is provided through the Cambridge Bursary Scheme. In addition, undergraduate studentships have been supported over the same period with £87k of funding.

The College also provides substantial financial support to its postgraduate students. This has amounted to £1.3m over the past three years and includes scholarships to fund fees and living costs, as well as ‘top-up’ funding to fill shortfalls in students’ funding packages.

The College supports all students through a grant scheme to assist with the purchase of books and equipment, attendance at conferences, childcare support, vacation study, counselling and travel grants. Additional external counselling support has stabilised as the College has put internal measures in place to support students more effectively (2 FT nurses during term time) in addition to the other support offered to students such as via the University/College counselling services. The College has recruited a Head of Wellbeing starting in September 2025 which will enhance further the support to our students.

The following table shows the awards made to students over the three years to June 2025:

Support (£'000)		2022-23	2023-24	2024-25	peal Total
Postgraduate studentships		432	347	576	13355
Undergraduate studentships		30	30	27	87
Cambridge Bursaries & other support	r	329	343	329	1,001
Prizes and scholarships Maintenance/rent rebates	FE:	97 107	64 128	72 107	233 342
Book grants		13	17	19	49
Research expenses		67"	22	67	156
Counselling support		69	41	28	138
Vacation study		41	44	47	132
Otherawards		66	137.	60	263
Totalawards		4,253	1,173	1,332	3,756

The College’s aims in the area of student funding are to support academic excellence irrespective of financial background, in a diverse and interdisciplinary community. We wish to attract the most able students and enable them to reach their academic potential. This area is managed by the Student Finance Committee reflecting the growing complexity and budget of student funding. In order to achieve the greatest possible accountability, the committee

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025

shall: 1) support strategic and budgetary planning; 2) allow for adaptability in light of changes to University and national/external funding policy landscape; and 3) respond to the needs of other sections of the College including, for example, the Admissions, Postgraduate, and Development Offices. What is covered by the student funding policy falls into three broad areas: 1) Means tested undergraduate student support, in partnership and in addition to the Cambridge Bursary scheme; 2) non-means tested postgraduate studentships awarded at entry in partnership with the University complemented by a Pembroke MPhil Scheme; 3) General support available to all students. General support for undergraduates includes vacation study grants and academic enrichment, hardship funds, counselling and medical fee support, general travel awards as well as subject specific expenses. Postgraduates have the opportunity to apply for research specific travel and conference support, as well as support-in-kind for Pembroke student led symposia/conferences in Cambridge, academic enrichment and hardship funds; counselling and medical fee support

Academic performance

It is worth noting that some finalists graduate with an Overall Paar = ot Degree Classification (ODC) that can be a compound of two — years’ worth of marks rather than final year performance St of the degree and year 3 as 70% (law, uniquely, has a 50:50 “ only. In a wide range of subjects, year 2 now counts as 30% tiiincion RN | split). Details of the subjects in question can be found here: Fa nn& https://www.camdata.admin.cam.ac.uk/degree-classes. This Se also means that a candidate can attain a different class in their third-year finals exams than their resultant ODC (although this only applies to two individuals this year as last year). This is a very strong performance by our Finalists. It closely mirrors last year’s strong results which certainly put 21 the College in the top five on most metrics with a very slight oy uplift in the percentage attaining a First. The results for finalists are shown on the right: Exam resultsfor finalists 2024-2025

Our people

In order to fulfil its charitable purposes, the College employs as Fellows: College Lecturers, Supervisors, Director of Studies, Tutors, Clergy and senior administrative officers, all of whom, along with the Master, serve as charity trustees through being members of the College’s Governing Body. The employment of the Master and Fellows is undertaken with the intention of furthering the College’s objectives and their employment directly contributes to the fulfilment of those aims (although paying Fellows who are trustees is allowed by the Charity Commission). The benefit accruing to the Master and Fellows through salaries, stipends and employment related benefits is objectively reasonable, measured against academic stipends generally; furthermore, annual pay increases normally follow national settlements applying to the university sector. Without the employment of Fellows, the College could not fulfil its charitable aims as a College in the University of Cambridge. The total number of Fellows in the year remained the same at 78 (2023-24 78) excluding Life Fellows. The College also employs 175 other FTE members of staff (2024-25 176) to provide the professional, academic and service support necessary to run the College. The College has undertaken many welfare and wellbeing activities over the last few years to support staff and fellows and works to ensure that the package offered is competitive and attractive.

Equal opportunities

Many matters relating to recruitment and employment matters are covered in the Staff Handbook. The College is committed to the principle and practice of equal opportunities and aims to be an equal opportunities employer. The College’s employment policy seeks to ensure that no job applicant or employee receives less favourable treatment on any grounds that are unjustified in terms of equality of opportunities for all.

Environmental and sustainability

In achieving excellence in teaching and research, Pembroke College manages its activities, buildings and estates to promote environmental sustainability, conserves and enhances natural resources and prevents environmental pollution to bring about a continual improvement in its environmental performance.

The College has an environmental policy statement which is reviewed regularly, endorsed by the Governing Body and is displayed in the College. The College has a Consultative Committee for Sustainability and the Environment which

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025

meets regularly to discuss related issues which it will then raise to the Governing Body to address. The College is committed to the decarbonisation agenda and has a strong record in its actions to protect the environment.

Investments:

The College owas the first College to adopt an_ ethical investment policy (see https://www.pem.cam.ac.uk/college/aboutpembroke/legal-information/investment-statement). The Fellowship and Senior Management are working with all the College investment managers to increasingly reduce investments in tobacco, armament and fossil fuels. All College investment holdings are declared at regular intervals on its website here: https://www.pem.cam.ac.uk/college/about-pembroke/legal-information/investment-statement

Buildings, gardens and lands:

The College is actively decarbonising its estate an has so far achieved approximately 33%. After being awarded major SALIX grants in the past few years for the Foundress Court building and a hostel, the College replaces gas boilers with air source heat pumps when appropriate.

The College completed the significant Mill Lane development this year and in October 2024 students occupied accommodation in Dolby Court. The rooms are all ensuite, entirely decarbonised and all hot water and heating is supplied through Solar Panels and air source heat pumps. The effect on gas and electricity consumption will be fully realised in the years ahead but the College is already benefitting from a reduction.

The college also owns 170 acres of woodland in Cambridgeshire as well as some allotments offered to Cambridge residents which contribute to the general wellbeing of its members and the general public. To promote biodiversity, its sportsgrounds on the edge of Cambridge have hedgerows of wildflowers; together with dedicated areas of the college set aside to wildflowers to promote insects and bees’ population.

Operations

The College continues to seek sustainable opportunities in the day to day operations. The Catering department continue to encourage the use of re-useable containers and offer a regular plant- based menu. Waste is segregated across the estate and recycling actively managed.

The College is also mindful of the environmental impact of international travel (over 10% of Pembroke Alumni live in North America). Marketing activities are moving towards electronic only, with the alumni Magazine being issued electronically and Christmas cards sent via email.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025

Beneficiaries

The Master and Fellows of the College receive a number of benefits as beneficiaries. These include accommodation, loans, research grants, conference grants and book grants. These benefits are provided with the intention of furthering the College’s aims and primarily that of advancing research. The amounts of the benefits provided are objectively reasonable, measured against the academic benefits made available to others in the sector.

Funding of the College

Pembroke College is funded froma series of sources. Including philanthropic gifts and International Programmes, the principal elements of income are as follows:

	2020		2021	2022	2023	2024	2025
	£'000		£'000	£'000	£'000	£'000	£'000
Student fees	3,159		3,231	3,319	3,295	3,442	3,448
Members accommodation	1,889		2,108	2,957	3,605	3,607	3,981
Members catering	746		355	625	563	473	585
Conferences	260		12	191	473	624	695
International Programmes	4,435	(	1)	1,741	35735	5,460	5,389
Bequests & Donations	4148		14,986	10,409	16,257	4,580	5,296
Investment	2,291		1,683	1,747	271.4.	2,659	2,933
Other income & academic fees	661		823	403	378	680	882
TotalIncome(SOCIE)	17,589		23,196	21,391	31,016	21,524	23,209

Financial performance

The College manages its finances through a set of management accounts. The College had forecast a small operational surplus in its management accounts and exceeded the target by £50k. There are many interconnected factors for this, including in-year savings on vacant posts, gradual recovery in catering and conferencing from the Covid Pandemic, strong performance from International Programmes despite some adverse inflationary pressure with the increase of NI, insurance and utilities costs.

Statement of Comprehensive Income and Expenditure (SOCIE)

The College’s income and expenditure is shown in the Statement of Comprehensive Income and Expenditure (SOCIE).

Income

The College’s total operational income was £23.2 m in 2024-25 (2023-24: £21.5m) with the main increases being in donations and new endowments. The opening of Dolby Court, bringing an addition of 90 student rooms, increased rental income by approximately £400k (note 2). Other income included a £162k surplus from the May Ball which the College treated as an integral part of its activities and the benefit will be transferred to the Student Hardship fund.

The Development Office has been very busy this year with the successful completion of the Time and Place campaign and farewell tours from the Master of the US and South East Asia with the Master.

The total income from donations received was £5.3m (2023-24 £4.6m). This includes income detailed on page 27 (donations, endowment gifts and capital donations). The breakdown is as follows:

in £'000	2024-25
Annual Giving & Unrestricted Legacies	682
Capital Gifts - Mill Lane	2,641
Endowment gifts	1,011
Restricted Gifts	962
Total	5,296

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025

Expenditure

The operational expenditure was £23.1m in 2024-25 (2023-24 £19.9m). Expenditure in 2023-24 benefitted from an exceptional £2.34m write back from USS Pension, which if it was excluded, would have been a comparable £22.2m. The remaining increase of circa £0.9m for 2024-2025 is mainly due to college members accommodation and catering costs plus FRS 102 pension scheme interest charges.

The College makes pension fund contributions on behalf of its employees to two defined-benefit schemes: the Cambridge Colleges Federated Pension Scheme (CCFPS) on behalf of some non-academic staff, and the Universities Superannuation Scheme (USS) on behalf of academic and academic-related roles. Notes in respect of pension schemes are shown in note 20 of the accounts. New non-academic staff are auto-enrolled into the NOW:Pension Scheme (a defined contribution scheme) when they become eligible.

Payroll costs (academic and non-academic) in note 6 stands at £10.3m (2023-24: £10.1m excluding USS pension provision adjustment of £2.4m); the college also pays the Real Living Wage as a minimum to all staff, including casuals.

Gains and losses

In accordance with RCCA accounting treatment, before other gains and losses there is a small operational surplus of £103k (2023-24 £1.6m). It should be noted that the SOCIE does not take into capital expenditure which is shown on the balance sheet and detailed in note 8a, identifying expenditure of £7.1m (2023-2024 £19.6m)

The gain on investments was much less at £1.7m (2023-24 £9.0m)

Total comprehensive income

Considering the total income before donations and endowments of £17.9m and operational expenditure of £23.1m, it is clear that the College operates at a net loss of £5.2m. However, this can’t be taken in isolation as the College funding model is to support this with investment and philanthropic support which includes the 3.5% drawdown from investments which in 2024-2025 was £3.7m.

Consideringjust the Unrestricted values, which represents the unrestricted operational activity, the college reports a net operational shortfall (Deficit before other gains and losses) of £2.2mm (2023-24 shortfall £2.0m excluding USS provision write back).

The total comprehensive income for the year is shown as a deficit of £11.0m (2023-2024 surplus of £32.6m). This is the cumulative total of income including donations and endowment, less expenditure, plus gains on investments and other comprehensive income. The key driver for the deficit is due to the revaluation of Dolby Court which had a recorded build cost of circa £36m, was revalued at £23m once complete, resulting in a £13m loss as a fixed asset.

The charts below give a breakdown by activities for income and expenditure

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----- Start of picture text -----
7 bi Property rents
ne = % Education & Student
3% 4) ” support Stipends
SEnerarare e oe
Programmes Lee Pea
International | Utilities & insurance 7 oe
xNe‘ Sas? 4 Other College operating External supervision2%
ane 54 7 expenses
baer eee} 9%
Bove see Sports Facilities
International
Student catering Programmes College staff costs &
3% 3% support
39%
Maintenance
10%
Cellar wine Catering & Bar
0% 5%
Income 2024-2025 | Expenditure 2024-2025 |
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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025 College Balance Sheet

The College Balance sheet remained strong in 2025-26

Fixed Assets:

Note 8a sets out the movements in the Fixed Assets which includes £7.1m in capital projects. A description of the key projects is provided below.

2024-25 saw the completion and opening of the student accommodation in Dolby Court with 97 student ensuite rooms. The total project cost was c.£35m covered by funds donated by the Dolby foundation and the College’s generous alumni community. The overall Mill Lane development project (including the auditorium, Millstein house) cost c.£83.5m.

The College spent £1.4m refurbishing hostels on 59-61 Lensfield Road and 52 Trumpington Street (including an air source heat pump), W staircase, and the heating system in I&J staircase in College 11 Little Saint Mary’s Lane was also refurbished to be used as a students’ hostels.

Investments:

The College holds a diversified portfolio covering most asset classes. The value of the investments has grown slightly to £118.7m (2023-24 117.9m). The breakdown of assets in the investments portfolio at 30 June 2025 and 30 June 2024 is as follows:

	2023-24		2024-25
Investment vehicle	£'000	%	£'000	%
Managed cash (other than operating balance)	5,788	5.7%	1st	0.1%
Equities	48,922	47.8%	52,751	51.1%
Alternative investments (hedgefunds, derivatives)	--	0.0%	--	0.0%
Property funds	10,483	10.2%	12,436	12.0%
College property —shops, land and commercially held properties	35,809 "	34.9%	36,766 "	35.5%
Private equity, venture capital	940	0.9%	761	0.7%
Other investments	353	0.3%	349	0.3%
Total investments	102,294	100.0%	103,214	100.0%
Other Investments (note 9)
Managed cash	50	0.3%	305	2.0%
Equities	15,543	99.7%	15,220	98.0%
Total other investments	15,593	100.0%	157525	100.0%
Totalinvestmentportfolio(note9)	117,887		118,739

The College general investments are reviewed regularly using internal and external expertise plus fund management advisors. The College has a challenging long-term target to achieve total return of CPI plus 4%, i.e. to support investment drawdown plus educational inflation. During 2024-25, the investments increased slightly to £103.2m from £102.3m. In addition, the College owns £15.5m of private placements and cash. The College has a target of ensuring the investment portfolio has at least 5% invested in liquid funds (realisable in 0-10 days) and 9% in semi-liquid (realisable in 11 days to 6 weeks). The level of drawdown in 2024-25 was 3.5% of the 4-year weighted average investment level (or 3.6% of the actual investments at 30 June 2024). To cover loan liabilities, the College disposed of £9.5m of its holding in Vanguard and reinvested £6.6m into Gilts which will mature between 2055 and 2057. The loan repayment terms are described in note 14b (total loans £12.9m).

A number of Churches sit on land within the investment portfolio and within this, the College is liable for the repairs of 2/3 of the Chancel of the church in Soham. The Chancel roof needs extensive repairs and the church has started the formal process to arrange the repairs. It is expected that the college’s liability will be c.£500k. This is likely to happen in 2025-26 or early 2026-27. This cost has not yet been included in the accounts as the Church in Soham still has to approve the works.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Operating and Financial review for the year ended 30 June 2025 Statement of Changes in Reserves

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----- Start of picture text -----
Following several years of steady growth, the Balance ,
:
Sheet and Statement of Changes in Reserves now shows... Reserves (£'m}
total reserves decreasing slightly from £335.1m to — 3s0
£324.1m. The key driver for this is the reduction in the 20 = a ee bat « cenaral tesans
unrestricted revaluation reserve of circa £13m, which “ NS i a a eee Oe
Endowment Reserves
100.9 ae —Restricted Reserves
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These reserves are important to the College and
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Reserves policy
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£35m that it would prefer to remain above, Prize Funds * Bursary/HardshipFunds * Travel Grant Funds
notwithstanding short-term stock market fluctuations. a icide itll
Restricted reserves total £105.3m which remains the same level as the previous year. The restricted reserves can only
be spent on purposes set down by the donor.
----- End of picture text -----

The College decided that it has enough cash reserves to absorb the deficit accumulated over COVID as it has since managed small operational surpluses. The College is considered by the Trustees as a going concern. However, it will be important to ensure sufficient unrestricted, i.e. non-Mill Lane and endowment cash, exists to avoid the need for external borrowing. There appears to be no immediate need to change reserves policy and the drawdown policy remains the same.

Cash Flow

The cash and cash equivalent position at the end of the year is a deficit of £4.3m (2023-24 £5.2m), a decrease over the year of £9.5m. There are a number of reasons for this significant difference, with the College having finished the Mill Lane project, but some donations are still receivable (c.£5m), the capitalisation and purchase of properties (c.1.5m) and the settlement of creditors from 2023-24 to 2024-25 (differential of c.£2m).

Other financial matters of note from the RCCA are:

• e Fees in note 1 include College fees from IP Semester students £2.8m, similar to 2023-24. e Total income from accommodation, catering, and conferences (note 2) was £7.8m, an increase of £0.4m from the previous year. Income from College Members increased by £0.4m following the opening of new student accommodation in Dolby Court. Overall Catering income increased by £100k as footfall from students recovers gradually and more formal halls are being held.

• e Note 3a: Investment drawdown was largely unchanged at £3.7m, slightly down from £3.9m. Drawdown is calculated on a 4-year weighted average investment portfolio at 3.5% (2023-24 3.6%).

• e Note 4: Education costs increased slightly from £10.3m to £10.5m

• e The total costs of accommodation, catering and International Programmes (note 5) increased to £9.7m (2023-24 £9.3m).

• e The contribution to the Colleges’ Fund was £13k on page 27 (2023-24 £30k).

Future potential risks & Challenges

l1|Page

Pembroke College — Year Ended 30 June 2025

Pembroke College

Operating and Financial review for the year ended 30 June 2025

• Poor academic performance — investment in educational resources and people to deliver high quality education; recruitment of high-quality students regardless of background.

• • Future of home/EU tuition fees — continue to work with the University and other organisations to achieve the fairest allocation of resources.
• • Attracting the best, most able students— ensuring Widening Participation and Admissions processes are well resourced and thorough.
• • The degree of reliance on International Programmes income — ensuring the College diversifies IP and other College activities; forward planning to protect this valuable source of income.
• • Recruitment and retention of staff and Fellows — investment in staff wellbeing and welfare which are competitive in our market; investment in training for career development and support whilst in post.
• • Pension provision for staff and Fellows — ensuring the long-term viability of pension provision across all three schemes.
• • Salary pressures — the College is committed to paying at least the Real Living Wage. - Availability of accommodation — Pembroke has a good stock of housing now, with the ability to house all undergraduates on site and a proportion of postgraduates too. Maintaining and investing in buildings to ensure they are of suitable quality and house all Pembroke students who wish to be housed needs to be actively managed.
• • Building projects being completed on time — ensure all major building projects have robust plans and budgets which are monitored over the project life.
• • Success of fundraising and alumni relations — investment in the Development Office to enable a comprehensive programme of activities and fundraising to take place.
• • Fundraising pledges — ensuring that the pledges turn into real donations over time. - Investment Performance — subject to market volatility - Undergraduate tuition fees although to rise for 2025-26 (and by inflation in subsequent years) are still not sufficient to cover education costs.

Opportunities ahead

The College completed its flagship Mill Lane development project in 2025 and is now moving to the operational phase, with the intention of maximising the use of the assets in line with the College’s mission. 2025-26 will see a new Master and a new Bursar taking office which gives an opportunity to refresh the College vision and operational strategies.

The Time & Place fundraising campaign came to a close in June 2025, and the College will start to form the vision of the next campaign.

The College has recruited a Head of Wellbeing who will be enhancing support to the Pembroke community in line with the University Access and Participation Plan. A Head of Communications will also be recruited to work closely with the new Master and the College on internal and external communication.

As part of the Mill Lane development, 12-13 Mill Lane will be converted into 13 student rooms for occupation by Darwin in Michaelmas 2026, adding to the investment portfolio.

The College’s mission to advance education, religion, learning and research for the public benefit, remains at the forefront of operations and all income generation and cost savings measures support those objectives.

Approved by: ALLE. on. Ms S. Nash (Treasurer and Bursar)

Date of approval: 11 November 2025

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Pembroke College — Year Ended 30 June 2025

Pembroke College Corporate Governance and Public Benefit

Governance

The Master and Fellows constitute the Governing Bodyofthe College. Junior Member representatives are also invited to the College Meeting for unrestricted business. The Governing Body is constituted and regulated in accordance with the College Statutes. The body is responsible for the strategic direction of the College, for its on-going administration, and for the management of its finances and assets. Meetings are held ten times a year chaired by the Master. Supporting the Governing Body is a range of committees including: Finance & Scrutiny, Development & Engagement, Planning, Fellowship, Investment, Education, and Infrastructure & Services. Responsibilities of the Governing Body are more fully described on page 15.

The Governing Body members are the Trustees of the charity and are listed on page 2. The key officers are listed on page 1. There are Registers of Interests of Trustees and declarations of interest are made systematically at meetings.

Risk Management

Finance & Scrutiny Committee periodically reviews the major risks the College may be exposed to and keeps a Risk Register. Systems are in place, or are in the process of being established, to mitigate identified risks. The College Health & Safety Policy Statement is reviewed regularly, endorsed by the Governing Body and is displayed throughout the College. As part of this policy, the process for reporting accidents at work is described. The College is in the process of reviewing its general risk register with consideration of the necessary controls to mitigate those risks. The College also carries insurance against key business and financial risks. College departments have carried out their own risk analysis, which includes a review of critical systems and allowable recovery times.

The major risks currently identified relate to:

• e Education: this includes the failure to maintain high performance quality teaching resulting in underperforming students

• e Operations: this includes the failure to recruit and maintain the right workforce, the safety of the College’s buildings and facilities

• e IT provision: the failure to maintain resilient systems, strong data protection and cyber security

• e Finance: this includes the failure to maintain adequate financial controls and/or records keeping opening the risk of fraud or non-compliance with financial/tax regulations

• e Investments: this includes monitoring the performance of the investment portfolio to avoid poor performance and exposure to unmitigated risks

• e Compliance and Regulation: this includes health and safety, insurance covers, data protection, Government regulations.

Public benefit statement

In accordance with its Founding Charter and Statutes, the College’s charitable purpose is to advance education, religion, learning and research for the public benefit by the provision, support and maintenance of a College in the University of Cambridge. A full statement of the public benefit it provides has been lodged with the Charity Commission and is summarised as follows:

Education:

• e The provision, in conjunction with the University of Cambridge, of an education for at least 760 undergraduate and postgraduate students, which is recognised internationally, as being of the highest standard. This education develops students academically and advances their leadership qualities and interpersonal skills, preparing them to take full and effective roles in Society.

• e The provision of teaching facilities and individual or small group supervisions, as well as pastoral, administrative and academic support through its tutorial systems.

• e Social, cultural, musical, recreational and sporting facilities to enable each of its students to realise as much as possible of their academic and personal potential whilst studying at the College.

Research:

• e The provision of Research Fellowships to outstanding academics at an early stage of their careers, enabling them to focus on their research in this formative period before they undertake the full teaching and administrative duties of an academic post.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Corporate Governance and Public Benefit

• e Supporting the research work of its other Fellows by promoting interaction across disciplines, providing facilities and grants for conferences, research trips, and materials.

• e Encouraging visits from outstanding academics from abroad.

• e Encouraging the dissemination of research undertaken by members of the College through the publication of papers in academic journals or other suitable means.

The College also carries forward the tradition, continuous since its foundation, of being a place of spiritual and ethical reflection on the Christian faith and its implications for the individual and society. In particular, it maintains and supports a Chapel and holds services which are open to the general public and visitors. Through the College Dean of Chapel, it supports the emotional, mental and spiritual well-being of all members of the College whatever their faith tradition or none. It is also the Patron of 14 parishes and maintains its historic link with Pembroke House, in Walworth, South London, a Charity whose aims overlap with those of Pembroke College, working in an area of high deprivation.

The College maintains an extensive library and archive, so providing a valuable resource for members of Pembroke, other Colleges, and the University of Cambridge more widely as well as external scholars and researchers and the public through regular exhibitions and the digitization of special collections materials.

The resident members of the College, both students and academic staff, are the primary beneficiaries and are directly engaged in education, learning or research. However, beneficiaries include students and academic staff from other Colleges in Cambridge and from Cambridge University more widely, visiting academic staff from other higher education institutions and visiting school children who have an opportunityto attend educational events at the College or use its academic facilities. The general public are also able to attend educational activities in the College such as exhibitions.

Development

The College has a Development and Corporate Partnership team who provide support for all fundraising, alumni relations and corporate partnership activities of the College. A Development & Engagement Committee consisting of Fellows, oversees Development activities and meets twice a term. There is also a Development Board which includes up to 20, mainly external, members and meets once per term. The College uses an external organisation to assist with the annual telephone fundraising campaign. On a less formal basis, the College also has a number of Alumni Chapters around the world which helps to support and promote the College. During the year, there were no complaints. Pembroke College subscribes to the Fundraising Regulator’s Code of Fundraising Practice.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Responsibilities of the Governing Body

The Governing Body is responsible for the administration and management of the College’s affairs.

The Governing Body presents audited financial statements for each financial year. These are prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge and applicable United Kingdom Accounting Standards, including the Statement of Recommended Practice ‘Accounting for Further and Higher Education Institutions’, as interpreted by the University of Cambridge in their Recommended Cambridge College Accounts.

With reference to the above provisions, the Governing Body is responsible for ensuring that there is an effective system of internal control and that accounting records are properly kept. It is required to present audited financial statements for each financial year, prepared in accordance with the Statutes of the University.

In causing the financial statements to be prepared, the Governing Body has sought to ensure that:

• e Suitable accounting policies are selected and applied consistently. e Judgements and estimates are made that are reasonable and prudent. e Applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The Governing Body is satisfied that the College has adequate resources to continue in operation for the foreseeable future. The financial statements are accordingly prepared on a going concern basis.

The Governing Body has taken reasonable steps to ensure that there are appropriate financial and management controls in place to safeguard the assets of the College and prevent and detect fraud.

Any system of internal financial control, however, can only provide reasonable, not absolute, assurance against material misstatement or loss. The Governing Body is responsible for the maintenance and integrity of the corporate and financial information included on the College’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Auditors’ Report

Opinion

We have audited the financial statements of Pembroke College (the 'College') for the year ended 30 June 2025, which comprise of the Statement of Comprehensive Income and Expenditure, the Statement of Changes in Reserves, the Balance Sheet, the Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

• e give a true and fair view of the state of the College’s affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Charities Act 2011 and the Statutes of the University of Cambridge.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to Going 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 financial 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 collectively, may cast significant doubt on the Group’s or College’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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

In our opinion, based on the work undertaken in the course of the audit:

• e the contribution due from the College to the University has been computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,ll, of the University of Cambridge.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and College and its environment obtained in the course of the audit, we have not identified material misstatements in the Operating and Financial Review.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Auditors’ Report

We have nothing to report in respect of the following matters in relation to which the Charities (accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• e — sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records; or e we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the responsibilities of the Trustees statement, set out on page 15, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and College's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the College or to cease operations, or have no realistic alternative but to do so.

Auditors responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• e the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• e weidentified the laws and regulations applicable to the College through discussions with management, and from our commercial knowledge and experience of the education sector;

• e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the College, including the Charites Act 2011, the Statutes of the University of Cambridge and taxation legislation;

• e in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the Group’s and College’s ability to operate or to avoid material penalties;

• e we obtained an understanding of the College’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.

• e we made enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• ¢ we considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

• e weassessed the susceptibility of the College’s financial statements to material misstatement, including how fraud might occur;

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Pembroke College — Year Ended 30 June 2025

Pembroke College Auditors’ Report

• e laws and regulations identified were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

As a result of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition 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 identified risks, we designed procedures which included, but were not limited to:

• e performed analytical procedures to identify any unusual or unexpected relationships;

• e performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business;

• e assessed whether judgements and assumptions made in determining the accounting estimates set out on page 25 were indicative of potential bias;

• e weused Audit Data Analytics to review the client data for unusual anomalies;

• e weperformed substantive testing for a sample of donations from Raiser’s Edge to supporting documentation to ensure that all income was appropriately recognised in the general ledger in the correct period and any restrictions appropriately recognised;

• e we also tested a sample of donations around the year end and discussed ongoing legacies with the Development Office to ensure cut off had been correctly applied;

• e we performed substantive testing for a sample of conferences from the booking system to invoice to ensure that all income was appropriately recognised in the general ledger in the correct period;

• In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• e weagreed the financial statement disclosures to underlying supporting documentation;

• e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

• e weread the minutes of meetings of those charged with governance;

• e wediscussed with management actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

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18 November 2025

Pembroke College — Year Ended 30 June 2025

Pembroke College Statement of Accounting Policies

1. Basis of preparation

The financial statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge, using the Recommended Cambridge College Accounts (RCCA) format; and applicable United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education issued in 2019.

The Statement of Comprehensive Income and Expenditure includes activity analysis in order to demonstrate that all fee income is spent for educational purposes. The analysis required by the SORP is set out in note 7.

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

Going concern

The College’s accounts have been prepared on a going concern basis. The College has also prepared a 5-year plan for the period to 2028-29 and will review the budget for 2025-26 on a regular basis with all budget holders. The 5-year rolling plan has been based on high level assumptions regarding inflation and investment performance.

The College reviews its cost base on a regular basis as revenues (especially from student fees) do not increase as quickly as costs and to extend financial headroom. The College also has significant investments which could be realised if required.

Based upon their review the Trustees believe that the College will have sufficient resources to meet its liabilities as they fall due for the foreseeable future and therefore have continued to adopt the going concern basis in preparing the financial statements.

2. Basis of accounting

The financial statements have been prepared under the historical cost convention, modified in respect of the treatment of investments and operational property which are included at valuation.

3. Basis of consolidation

The activities of student societies have not been consolidated on the basis that the College does not have control over the operation of the societies.

4. Recognition of income

Academic fees

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

Donations and endowments

Non-exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor imposed restrictions are recognised within the Statement of Comprehensive Income and Expenditure when the College is entitled to the income. Income is retained within restricted reserves until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer.

Donations and endowments with restrictions are classified as restricted reserves with additional disclosure provided within the notes to the accounts.

There are four main types of donations and endowments with restrictions:

1. Restricted donations — the donor has specified that the donation must be used for a particular objective.

2. Unrestricted permanent endowments — the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the College.

3. Restricted expendable endowments — the donor has specified a particular objective and the College can convert the donated sum into income.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Statement of Accounting Policies

1. Restricted permanent endowments — the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

Donations with no restrictions are recorded within the Statement of Comprehensive Income and Expenditure when the College is entitled to the income.

Grant income

Grants received from non-government sources (including research grants from non-government sources) are recognised within the Statement of Comprehensive Income and Expenditure when the College is entitled to the income and performance related conditions have been met.

Income received in advance of performance related conditions is deferred on the balance sheet and released to the Statement of Comprehensive Income and Expenditure in line with such conditions being met.

Investment income and change in value ofinvestment assets

Investment income and change in value of investment assets is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms or other restrictions applied to the individual endowment fund.

Total return

The College invests its endowment investment portfolio and allocates a proportion of the related earnings and capital appreciation to the Statement of Comprehensive Income and Expenditure in accordance with the Total Return concept. The allocation to income is determined by a spending rule which is designed to stabilise annual spending levels and to preserve the real value of the endowment portfolio over time. The income transferred to the income and expenditure account on this total return basis is calculated at 3.50% of the weighed average value ofthe College’s investment portfolio over a 4 year period up to the end of the previous accounting year.

Other income

Income is received from a range of activities including accommodation, catering conferences and other services rendered.

Cambridge Bursary Scheme

In 2024-25, payment of the Cambridge Bursaries to eligible students was made directly by the Student Loans Company (SLC). As a consequence, the College reimbursed the SLC for the full amount paid to their eligible students and the College subsequently received a contribution from the University of Cambridge towards this payment.

The net payment of £189k is shown within the Statement of Comprehensive Income and Expenditure as follows: Income (see note 1) £113k Expenditure £302k

5. Foreign currencies

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

6. Fixed assets

a) Land and buildings

The valuation of Fixed Asset is reviewed annually with a full valuation at least every five years. Freehold buildings are depreciated ona straight-line basis over their expected useful economic lives with a range for the different buildings averaging between 15 and 175 years (the latter being the Auditorium, based in the former United Reformed Church). M&E and fit-out are depreciated on a straight line basis between 5 and 50 years. Freehold land is shown separately and is not depreciated. Assets under construction are valued at cost, based on the value of architects’ certificates and other direct costs incurred. They are not depreciated until they are brought into use.

Exceptionally, Dolby Court (student accommodation) was revalued as of 31 December 2024 as practical completion happened early July, close enough to the 5-yearly valuation of college assets. The valuation was done on the

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Pembroke College — Year Ended 30 June 2025

Pembroke College Statement of Accounting Policies

Depreciated Replacement Cost method of valuation, which is a cost-based approach that has regards to recent construction costs of similar buildings. Valuation resulted in an impairment of £13m, a level expected for projects of this type (highly sophisticated building on an operational existing site with surrounding buildings).

Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets.

When land and buildings are acquired with the aid of restricted bequests, donations or grants, the policy for accounting for that income is described in accounting policy 4 above.

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

Costs incurred in relation to land and buildings after initial purchase or construction, and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the College.

b) Maintenance of buildings

The College has a maintenance plan, reviewed on a yearly basis by Finance & Scrutiny. The cost of major refurbishment may be capitalised. Otherwise the cost of routine maintenance is charged to the Statement of Comprehensive Income and Expenditure as it is incurred.

c) Furniture and equipment

Furniture and equipment is not capitalised if an individual item costs less than £5k. Such expenditure is written off in the year of acquisition. All other assets are capitalised and depreciated over their expected useful life as follows:

==> picture [277 x 54] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Computer|equipment/photocopiers|33%|p.a.|(3|years)| |Boats|7%|p.a.|(15|years)| |Heating|systems|5%|p.a.|(20|years)| |Steinway|piano|2%|p.a.|(50|years)| |Other furniture|and|equipment|10%|p.a.|(10|years)|

----- End of picture text -----

When furniture and equipment is acquired with the aid of specific bequests or donations, the policy for accounting for that income is described in accounting policy 4 above.

d) Leased assets

Leases in which the College assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance leases are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted for as described below.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

e) Heritage assets

The College holds and conserves a number of collections, exhibits, artefacts and other assets of historical, artistic or scientific importance. Heritage assets acquired before 1% July 2003 or with a cost below £5k have not been capitalised since reliable estimates of cost or value are not available on a cost-benefit basis. Acquisitions since 1%t July 2003 have been capitalised at cost or, in the case of donated assets, at expert valuation on receipt. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.

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Pembroke College — Year Ended 30 June 2025

Pembroke College Statement of Accounting Policies

7. Investments

Non-current investment assets are included in the balance sheet at market value. Investments that are not listed on a recognised stock exchange (except estate properties) are carried at net asset value.

While College hostels and other properties treated as operational assets are re-valued as stated in 6a) above, other properties and agricultural land held for their investment value are treated and valued as investment assets. Such investment assets are currently valued annually, at least by desktop valuation, by a professional valuer and revalued on the balance sheet accordingly. Every five years, a full valuation is carried out.

8. Stocks

Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items.

9. Provisions

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

10. Taxation

The College is a registered charity (number 1137492) and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the College is exempt from taxation in respect of income or capital gains received within the categories covered by Sections 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

The College receives no similar exemption in respect of Value Added Tax.

11. Contribution under Statute G, II

The College is liable to be assessed for Contribution under the provisions of Statute G,|I of the University of Cambridge. Contribution is used to fund grants to colleges from the Colleges Fund. The College may from time to time be eligible for such grants. The liability for the year is as advised to the College by the University based on an assessable amount derived from the value of the College’s assets as at the end of the previous financial year.

12. Pension schemes

The College participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The College is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the

Statement of Comprehensive Income and Expenditure represents the contributions payable to the scheme. Since the College has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the Statement of Comprehensive Income and Expenditure. However, the latest valuation for the scheme showed that no provision was necessary and therefore no liability has been recognised since June 2024.

The College participates in the Cambridge Colleges Federated Pension Scheme (CCFPS), a defined benefit scheme which is externally funded and until 31 March 2016 was contracted out of the State Second Pension (S2P). As CCFPS is a federated scheme and the College is able to identify its share of the underlying assets and liabilities, the College

23|Page

Pembroke College — Year Ended 30 June 2025

Pembroke College Statement of Accounting Policies

values the fund as required by Section 28 Employee Benefits of FRS 102 ‘Retirement Benefits’. As a result, the amount charged to the Statement of Comprehensive Income and Expenditure represents the amount calculated under FRS102 guidelines.

The College operates a defined contribution pension scheme and the pension charge represents the amounts payable by the College to the fund in respect of the year.

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

13. Financial instruments

The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into.

A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

14. Financial assets

Basic financial assets include trade and other receivables, cash and cash equivalents and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets carried at amortised cost the impairment loss is the difference between the carrying amount of the asset and the present value ofthe[estimated][future][cash][ flows,][discounted][at][ the][asset’s][original][effective][interest] rate.

Other financial assets, including investments in equity instruments, which are not subsidiaries or joint ventures, are initially measured at fair value which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the Statement of Comprehensive Income. Where the investment in equity instruments is not publicly traded and where the fair value cannot be reliably measured, the assets are measured at cost less impairment. Investments in property or other physical assets do not constitute a financial instrument and are not included.

Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of ownership are transferred to another party.

15. Financial liabilities

Basic financial liabilities include trade and other payables, bank loans and intergroup loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Fees paid 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 facility will be drawn down.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

24|Page

Pembroke College — Year Ended 30 June 2025

Pembroke College Statement of Accounting Policies

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

To the extent that the College enters into forward foreign exchange contracts which remain unsettled at the reporting date the fair value of the contracts is reviewed at that date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The College does not apply any hedge accounting in respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies.

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

16. Contingent liabilities and assets

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

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

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

17. Employment benefits

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

18. Reserves

Reserves are allocated between restricted and unrestricted reserves. Endowment reserves include balances which, in respect of endowment to the College, are held as permanent funds, which the College must hold to perpetuity.

Restricted reserves include balances in respect of which the donor has designated a specific purpose and therefore the College is restricted in the use of these funds.

19. Critical accounting judgements

The preparation of the College’s accounts requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Management consider the areas set out below to be those where critical accounting judgements have been applied and the resulting estimates and assumptions may lead to adjustments to the future carrying amounts of assets and liabilities.

Income recognition — Judgement is applied in determining the value and timing of certain income items to be recognised in the accounts. This includes determining when performance related conditions have been met and

25|Page

Pembroke College — Year Ended 30 June 2025

Pembroke College Statement of Accounting Policies

determining the appropriate recognition timing for donations, bequests and legacies. In general, the later are recognised when at the probate stage.

Useful lives of property, plant and equipment — Property, plant and equipment represent a significant proportion of the College’s total assets. Therefore, the estimated useful lives can have a significant impact on the depreciation charged and the College’s reported performance. Useful lives are determined at the time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with similar assets, professional advice and anticipation of future events. Details of the carrying values of property, plant and equipment are shown in note 8.

Investment property — Properties are revalued to their fair value at the reporting date by the Cheffins and Peck Property Consultants. The valuation is based on the assumptions and judgements which are impacted by a variety of factors including market and other economic conditions. Only those residential properties deemed to be out- with the core housing stock of the College are included in investment property. This status is regularly reviewed.

Recoverability of debtors — The provision for doubtful debts is based on the College’s estimate of the expected recoverability of those debts. The provision is based on the current situation of the customer, the age profile of the debt and the nature of the amount due

Retirement benefit obligations — The costs of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of[the][ valuation,][the][underlying][ assumptions][ and][the][long-term][nature] of these plans, such estimates are subject to significant uncertainty. Further details are given in note 20.

Management are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the accounts.

All other accounting judgements and estimates are detailed under the appropriate accounting policy.

26|Page

Pembroke College Statement of Comprehensive Income and Expenditure Year ended 30th June 2025

							2025								2024
Income Academic fees and charges	Note 1	Unrestricted £000 6,492	Restricted £000 322		Endowment £000	-	Total £000 6,814	Unrestricted £000 6,492		Restricted £000 307		Endowment £000 Ls			Total £000 6,799
Accommodation, catering and conferences	2	7,826		-		-	7,826	7,413			-			-	7,413
Investment income Endowment return transferred	3a 3a	267 1,552	17 2,113		2,660 (3,675)		2,944 (10)	702 1,689		0 2,144		1,967 (3,843)			2,669 (10)
Other income	3c	309	30			=	339	17		57				-	74
Total income before donations andendowments		16,446	2,482		(1,015)		17,913	16,313		2,508		(1,876)			16,945
Donations Newendowments		682 +]	962	:	1,011	-	1,644 1,011	741	-	780	-		136	:	1,521 136
Other capital donations for Mill Lane project		+]	2,641			-	2,641		-	2,922				-	2,922
Total income		17,128	6,085		(4)		23,209	17,054		6,210		(1,740)			21,524
Expenditure
Education	4	7,578	2,942			-	10,520	7,747		2,528				=	10,275
Accommodation, catering and conferences	5	9,702		-		-	9,702	9,383			=			-	9,383
Other expenditure	7d	1,987		-	8384		2,871	1,867			-		683		2,551
USS Provision	15				-		-	a	(2,340)			:		Ss
Contribution under Statute G,!I		13	(0)			-	13	23		tg				-	30
Total expenditure (Deficit)/surplus before othergainsandlosses		19,280 saree	2,942 3,143		884 (888)		23,106 103i	16,681 i		2,535 3,675		683 (2,423)			19,899 1,625
Gain/(loss) on investments	3a	(693)	40		2,349		1,696	6,005		35			2,961		9,001
Gain/(loss) on disposal offixed assets		-		-		-	-		-		-			-	-
(Deficit)/surplus fortheyear		(2,845)	3,183		1,461		1,799	6,378		3,710			538		10,626
Othercomprehensive income
Actuarial profit/(loss) in respect of pension schemes	15	176		-		-	176	30			-			-	30
Unrealised suprius on revaluation offixed assets		(12,980)					(12,980)	22,000							22,000
Total comprehensiveincomefortheyear		(15,649)	3,183		1,461		(11,005)	28,408		3,710			538		32,656
Thenotesonpages31to43formpartoftheseaccounts.

27

Pembroke College Statement of Changes in Reserves Year ended 30th June 2025

	Income and expenditure reserve	Income and expenditure reserve
	Unrestricted	Revaluation	Restricted	Endowment	Total
	£000	£000	£000	£000	£000
Balance at 1 July2024	131,624	98,084	11,075	94,342	335,125
(Deficit)/surplus from income and expenditure statement	(2,845)	-	3,183	1,461	1,799
Other comprehensive income	176	-	-	-	176
Release ofrestricted capital fundsspent in the year	4,789	-	(4,789)	-	-
Transfer between reserves	-	-	-	-	-
Revaluation of assets in year	.	(12,980)	-	-	(12,980)
Balance at30June2025	133,744	85,104	9,469	95,803	324,120
			(note 17)	(note 16)
	Income and expenditure reserve
Balance at1July2023	Unrestricted £000 107,246	Revaluation £000 76,084	Restricted £000 25,335	Endowment £000 93,804	Total £000 302,469
(Deficit)/surplus from income and expenditure statement	6,378	-	3,710	538	10,626
Other comprehensive income	30	-	-	-	30
Release ofrestricted capital funds spent in the year	17,970	-	(17,970)	-	-
Transfer between reserves	-	-	-	-	-
Revaluation of assets in year	-	22,000	-	-	22,000
Balance at30June2024	131,624	98,084	11,075	94,342	335,125
			(note 17)	(note 16)
	£000	£000	£000	£000	£000
Balance at 1 July2022	90,731	76,084	30,387	90,396	287,598
(Deficit)/surplus from income and expenditure statement	716	-	13,299	948	14,963
Other comprehensive income	(92)	-	-	.	(92)
Release ofrestricted capital funds spent in the year	15,801	-	(15,801)	-	-
Transfer between reserves	90	-	(2,549)	2,459	-
Balance at 30June 2023	107,246	76,084	25,335	93,803	302,469
			(note17)	(note16)

The notes on pages 31 to 43 form part of these accounts.

28

Pembroke College Balance Sheet Year ended 30th June 2025

		2025	2024
	Note	£000	£000
Non-current assets
Fixed assets	8a	222,844	231,639
Heritage assets	8b	729	673
Investments	9	118,739	117,887
Total non-current assets		342,312	350,199
Current assets
Stock	10	680	640
Trade and other receivables	11	8,130	4,894
Cash and cash equivalents	12	0	5,289
Short-term investments	13	-	-
Total current assets		8,810	10,823
Creditors: amounts falling due within
oneyear	14a	(11,302)	(9,641)
Net current assets		(2,492)	1,182
Total assets less current liabilities		339,820	351,381
Creditors: amounts falling due after
morethan one year	14b	(13,939)	(14,118)
		325,881	337,263
Provisions
Pension provisions	15	(1,761)	(2,138)
Total net assets		324,120	335,125
Restricted reserves
Income and expenditure reserve - endowment reserve	16	95,803	94,342
Income and expenditure reserve - restricted reserve	17	9,469	11,075
		105,272	105,417
Unrestricted reserves
Income and expenditure reserve - unrestricted reserve		133,744	131,624
Revaluation reserve		85,104	98,084
		218,848	229,708
Totalreserves		324,120	335,125

The financial statements were approved by the Governing Body on 11th November 2025 and signed on its behalf by:

Approved by:

rofessor R.P. Blakesley (Master)

s S.Nash (Treasurer and Bursar)

The notes on pages 31 to 43 form part of these accounts.

29

Pembroke College Cash Flow Statement Year ended 30th June 2025

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----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£000|£000| |Cash|flows from|operating|activities|21|(5,805)|19,170| |Cash|flows from|investing|activities|22|(3,249)|(11,984)| |Cash|flows from|financing|activities|23|(579)|(604)| |(Decrease)|in|cash|and|cash|equivalents|in the year|~~ (9,633)|6,582| |Cash|and|cash|equivalents|at|beginning|of|the|year|5,289|(1,293)| |Cash|and|cash|equivalents|at end|of the|year|24|~~ (4,344)|5,289|

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The notes on pages 31 to 43 form part of these accounts.

30

Pembroke College Notes to the accounts Year ended 30th June 2025

1. Academic feesand charges		2025	2024
		£000	£000
College fees
Fee income received at the Regulated Undergraduate rate		1,841	1,896
Fee income received at the Unregulated Undergraduate rate		564	588
Fee income received at the Postgraduate rate		1,043	959
Fee income received at the International Programme rate		2,823	2751:
		6,271	6,194
Other income		430	457
Cambridge BursaryScheme		113	148
Total		6,814	6,799
2. Income fromaccommodation, cateringand conferences income		2025	2024
		£000	£000
International Programmes		2,565	2,709
Accommodation	College members	3,981	3,607
	Conferences	402	376
Catering	College members	585	473
	Conferences	293	248
Total		7,826	7,413
3a. Endowment and investment income		2025	2024
		£000	£000
Income from investments and donations:
Income drawdown from endowment		3,665	3,833
Freehold land and buildings		1	1
Other interest receivable		266	548
Private placement investment income		-	153
Mill Lane investment income		-	fe)
		3,932	4,535
Summary oftotal return:
Income from:
Land and buildings		774	533
Quoted and other securities	and cash	1,886	1,434
Gains on endowment assets:
Land and buildings		241	974
Quoted and other securities	and cash	2,119	5,460
Investment management costs in	respect of:
Land and buildings		(383)	(567)
Quotedandother securitiesand	and cash	(501)	(116)
Total return forthe year		4,136	7,718
Total return transferred to income and expenditure reserve (see above)		(3,675)	(3,843)
Unapplied total return foryear included within StatementofComprehensive Income
and Expenditure		461	3,875
Gains on other assets:
Quoted and other securities and cash		(664)	2,567
3b. Investment management costs		2025	2024
		£000	£000
Quoted securities - equities		371	6
Other investments		130	110
		501	116
3c. Other income		2025	2024
		£000	£000
Income from sports facilities and	equipment	14	17
Other income		325	57
		339	74

31

Pembroke College Notes to the accounts Year ended 30th June 2025

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----- Start of picture text -----
4, Education expenditure 2025 2024
£000 £000
Teaching 2,557 2,425
Tutorial 1,859 1,755
Admissions and Access 1,174 1,149
Scholarships and awards 749 811
Other educational facilities 2,142 1,984
Academic community 918 850
9,399 8,974
Research 1,121 1,301
Total 10,520 10,275
Total expenditure on student support during the year included above was £1.3m (2024 £1.2m).
5. Accommodation, catering and conferences expenditure 2025 2024
£000 £000
International Programmes 1,958 2,029
Accommodation College Members 5,161 4,870
Catering CollegeConferencesMembers 2,220105 2,13299
Conferences 261 253
Total 9,702 9,383
6. Staff costs
Academic Non-academic Total Total
2024-25 2024-25 2024-25 2023-24
£000 £000 £000 £000
Staff costs
Salaries 1,538 7,143 8,681 8,393
National insurance 137 665 802 708
Other pension costs (see note 20) 170 627 797 997
Net change in USS deficit recovery provision (see Note 15) = = : (2,435)
Sub-total Pensions 170 627 797 (1,438)
1,845 8,435 10,280 7,663
Average staff no.s (full time equivalent) 2024-25 2024-25 2023-24 2023-24
Full-time Number of Full-time
Number of Fellows equivalents Fellows equivalents
Academic 74 2 74 2
Non-academic 4 173 4 174
78 175 78 176
The number of officers and employees of the College, including the Head of House, who received remuneration in the following ranges was:
2025 2024
£100,000 - £109,999 2 0
£110,000- £119,999 ie} 0
£120,000 - £129,999 af 1
£130,000- £139,999 ay 1
£140,000 - £149,999 2 Ef
£150,000 - £159,999 1 0
Remuneration includes salary, employer's national insurance contributions, employer’s pension contributions plus any taxable benefits either paid, payable or
provided, gross of any salary sacrifice arrangements.
Of the 78 (2023-24- 78) College Fellows and Trustees declared above who are members of the Governing Body, 78 (2023-24- 75) receive remuneration.
The Trustees receive no emoluments in their role as trustees of the charity.
Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College. This includes
aggregated remuneration paid to key management personnel.
During the year, remuneration paid to Trustees in their capacity as Key Management Personnel were:
2025 2024
£000 £000
Aggregate remuneration 2,369 2,315
Pension Costs
The total pension costs included in staff costs for the year (see table above) was:
2025 2025 2025 2024 2024 2024
£000 £000 £000 £000 £000 £000
Employers Employers Provision (Note
Contributions Provision (Note 20d) Total 2023-24 Contributions 20d) Total 2023-24
uss 445 - 445 642 (2,435) (1,793)
CFPS 53 > 53 74 FS 74
Now Pensions 299 - 299 281 * 281
797 - 797 997 (2,435) (1,438)
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32

Pembroke College Notes to the accounts Year ended 30th June 2025

7a. Analysis of expenditure by activity 2024-25

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----- Start of picture text -----
|||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Staff|&|Fellows|Other| |payroll|costs|operating|Total| |(note 6)|expenses|Depreciation|2025| |£000|£000|£000|£000| |Education|(Note|4)|§,318|4,487|71s|10,520| |Accommodation,|catering,|and|conferences|(Note|5)|3,893|3,927|1,882|9,702| |Other expenditure|(Note|7d)|1,069|739|179|1,987| |Investment|costs|(Note|7d)|-|884|-|884| |FRS|102|pension|schemes|interest|charge|-|-|-|:| |Contribution|under|Statute|G,II|:|13|%|13| |10,280|10,050|2,776|23,106| |Loan|interest|payable|for the|year|to|30th|June|2025|was|£427k|(2023-24:|£472k)| |Other expenditure|includes governance,|investment|management|fees,|fundraising|and|alumni|relations|expenditure.| |Fundraising|costs were|£555k.| |7b.|Analysis|of expenditure expenditure|by|activity|2023-24| |Staff &|Fellows|Other| |payroll|costs|operating|Total| |(note|6)|expenses|Depreciation|2024| |£000|£000|£000|£000| |Education|(Note|4)|5,227|4,357|691|10,275| |Accommodation,|catering,|and|conferences|(Note|5)|3,751|3,815|1,817|9,383| |Other|expenditure|(Note 7d)|1,025|670|173|1,868| |Investment|costs|(Note|7d)|-|683|-|683| |FRS|102|pension|schemes|interest|charge|(2,340)|-|;|(2,340)| |Contribution|under|Statute|G,II|-|30|-|30| |7,663|9,555|2,681|19,899| |Loan|interest|payable|for|the|year|to|30th|June|2024 was|£472k.| |Other|expenditure|includes governance,|investment|management|fees,|fundraising|and|alumni|relations|expenditure.| |Fundraising|costs were|£504k.| |7c.|Auditors’|remuneration| |2025|2024| |£000|£000| |Audit|fees|payable|to|the|College's|external|auditors|37|36| |Other|fees|payable|to|the|College's|external|auditors|1|1| |7d.|Other|expenditure| |2025|2024| |£000|£000| |Interest|charges|58|460| |Investment|management|fees|$15|683| |Loan|interests|369|390| |USS|pension|interest|charge|=|55| |FRS|102|pension|schemes|interest|charge|-|.| |Other|expenditure|1,929|963| |2,871|2,551| |8a.|Fixed|assets| |Land|College|site|Assets|in|College|site|Houses|for|Sportsground/|Furniture &|Total|Total| |Buildings|Course of|Foundress|College|Boathouse|Equipment|2025|2024| |Construction|Court|Members| |£000|£000|£000|£000|£000|£000|£000|£000|£000| |Cost/valuation| |At|LJuly|2024|94,342|66,836|32,556|15,152|20,321|994|4,302|234,503|205,268| |Additions|=]|334|6,349|9|287|=|159|7,138|19,632| |Disposals|-|-|(314)|-|-|-|-|(314)|-| |Transfer|to|Fixed|Assets|;|36,737|(37,300)|-|151|-|412|ie)|-| |Transfer|to investments|=||a|zs|137|2|#|137|0| |Revaluation|-|(12,980)|-|&|=|-||(12,980)|9,603| |Cost/valuation|as|at|30|June|2025|94,342|90,927|1,291|15,161|20,896|994|4,873|228,484|234,503| |Depreciation| |At|1|July|2024|J|{0)|-|(0)|0|0|2,864|2,864|12,580| |Provided|for|the|year|-|1,728|-|343|458|39|208|2,776|2,681| |Disposals|*|>|>|«|=|-|-|-|-| |Transfer|-|:|:|-|.|-|-|-| |Revaluation|=|=|:|.|=|°|-|(12,397)| |Depreciation|at|30|June|2025|:|1,728|:|343|458|39|3,072|5,640|2,864| |Net|book|value| |At|30 June|2025|94,342|89,199|1,291|14,818|20,4338|955|1,801|222,844|231,639| |At|30|June|2024|94,342|66,836|32,556|15,152|20,321|994|1,438|231,639|192,688| |The|insured|value|of|freehold|land|and|buildings|as|at|30 June|2025|was £305m|(2023-24|£249m).|All|of|the|above|assets|are|used|for|Collegiate|purposes.|

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7b. Analysis of expenditure expenditure by activity 2023-24

33

Pembroke College Notes to the accounts Year ended 30th June 2025

8b. Heritage assets

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

As stated in the statement of principal accounting policies, heritage assets acquired since 1 July 2003 have been capitalised. However, the majority of assets held in the College's collections were acquired prior to this date. As reliable estimates of cost or valuation are not available for those on a cost-benefit basis, they have not been capitalised. As a result, the total cost included in the balance sheet is partial.

Amounts forthe current and previous four years were as follows:	Amounts forthe current and previous four years were as follows:
	2024		2024			2023			2022	2021
	£000		£000			£000			£000	£000
Total value 1stJuly	673			673			644		574	481
Acquisitions purchased with specific donations		-			-			=	-	-
Acquisitions purchased with College funds		-			-			-	70	13
Total cost of acquisitions purchased		-			-			-	70	13
Valueof acquisitions by donation	56				-		29			80
Total acquisitionscapitalised in year	56				-		29		70	93
Totalvalue 30thJune	729			673			673		644	574
9. Investments									2025	2024
									£000	£000
				69
Balance at 1 July									117,887	114,444
Additions									8,196	4,159
Disposals									(9,914)	(11,100)
Transferto/from Fixed Asset									(137)	-
Gain									1,552	8,905
(Decrease)/Increase in cash held by investment managers									1,167	1,491
Less: change in amount owed to Pembroke House									(12)	(12)
Balance at 30 June									118,739	117,887
General investments									103,214	102,294
Other Investments									15,525	15,593
Balance at 30 June									118,739	117,887
									2025	2024
									£000	£000
Long-term investments:
Commercial shops									3,149	2,505
Agricultural land									11,272	10,939
Residential property									22,345	22,365
Total investment properties									36,766	35,809
Equities									52,794	60,482
Other investments									21979	15,221
Cash in hand and at investment managers									7,152	6,312
Loans to Fellows									349	353
Less: amount owed toPembroke House									(301)	(290)
									118,739	117,887
10. Stock									2025	2024
									£000	£000
Kitchen									26	34
Cellarwine									637	583
Merchandising& Others									17	23
									680	640

34

Pembroke College Notes to the accounts Year ended 30th June 2025

11. Trade and other receivables	2025		2024
	£000		£000
Trade debtors	192		169
Members of the College	456		449
Debtors and prepayments - Other	4,418		2,603
Debtors due over 1 year	3,064		1,673
Trade and other receivables due within one year	8,130		4,894
12. Cash and cash equivalents	2025		2024
	£000		£000
Current accounts		:		-
Bank deposits		-	5,289
Cash	0		0
Less: amount owed to Pembroke House		-		-
	0		5,289
13. Short-term investments	2025		2024
	£000		£000
Mill Lane deposits		=		-
14a. Creditors: amountsfalling due withinoneyear	2025		2024
	£000		£000
Bank overdrafts (see note below)	4,344			-
Bank loan	163		153
Trade creditors	586		2,223
Members of the College	950		1,078
Accruals and deferred income	4,769		5,633
University fees	5		2
Contribution to College Fund	13		30
Taxes and social security		-	58
Holiday& Bonus accrual	283		240
Other creditors	189		224
	11,302		9,641

14b. Creditors: amounts falling due after more than oneyear	2025	2024
	£000	£000
Bank loan	708	871
Members of the College	331	347
Other loans	12,900	12,900
	13,939	14,118

The original unsecured bank loan was for £2.3 million repayable over 20 years, at a floating rate of interest for the two years until 30 January 2012 and a fixed rate of 6.21% p.a. thereafter.

During 2013-14, the College borrowed from institutional investors, collectively with other Colleges, with the College's share amounting to £2.9 million. The loans are unsecured and repayable during the period 2043-2053, and are at fixed interest rates of approximately 4.4%. The College has agreeda financial covenant of the ratio of Borrowings to Net Assets, and has been in compliance with the covenant at all times since incurring the debt.

During 2017-18, the College borrowed from institutional investors, collectively with other Colleges, with the College's share amounting to £10 million. The loans are unsecured and repayable during 2058, and are at a fixed interest rate of 2.62%. The College has agreed a financial covenant of the ratio of Borrowings to Net Assets, and has been in compliance with the covenant at all times since incurring the debt.

35

Notes to the accounts Year ended 30th June 2025

15. Pension provisions

Pension provisions
	CCFPS	USS	2025	2024
	£000	£000	£000	£000
(Deficit) inschemes in beginning oftheyear	(2,138)	(0)	(2,138)	(4,582)
Movement in year:
Current service cost	(87)	-	(87)	(102)
Contributions paid by College	398	.	398	251
Other finane income	(110)	-	(110)	(170)
Actuarial Gain/(Loss)	176	-	176	30
Net change in underlying assumptions (see note 6)	-	-	-	-
Change in underling assumptions	-	-	-	2,340
USS deficit contributions payable	-	-	-	95
(Deficit) inschemes atend ofthe year	(1,761)	0	(1,761)	(2,138)
	note 20b	note 20a
Endowment funds
	Restricted	Unrestricted	2025	2024
	Permanent	Permanent	Total	Total
	£000	£000	£000	£000
Balance at beginning of year:
Capital	49,646	44,696	94,342	93,803
	49,646	44,696	94,342	93,803
New donations and endowments	92	919	1,011	136
Transfers	1,336	(1,336)	-	-
Increase in market value of investments	243	207	450	403
Balance atend ofyear	51,317	44,486	95,803	94,342
Representing:
Fellowship Funds	14,075	-	14,075	14,008
Scholarship Funds	6,879	-	6,879	6,796
Prize Funds	1,065	-	1,065	1,045
Bursary/Hardship Funds	73392	-	7,392	7,348
Travel Grant Funds	1,807	-	1,807	1,798
Graduate Funds	8,934	-	8,934	8,877
Other Funds	11,165	-	11,165	11,108
General endowments	-	44,486	44,486	43,360
Total	51,317	44,486	95,803	94,342
Analysis by asset:
Property	15,890	13,774	29,664	28,657
Investments	32,336	28,033	60,369	60,634
Cash	3,091	2,679	5,770	5,051
	51,317	44,486	95,803	94,342

16. Endowment funds

36

Pembroke College Notes to the accounts Year ended 30th June 2025

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |17.|Restricted|reserves| |Capital|grants|Unspent|Restricted|2025|2024| |unspent|Permanent|Expendable|Total|Total| |£000|£000|£000|£000|£000| |Balance|at|beginning of year:| |Capital|-|3,392|4,711|8,103|7,423| |Accumulated|income|2,148|456|368|2,972|17,912| |2,148|3,848|5,079|11,075|25,335| |Transfers|between|funds|in year|-|-|-|at|rs| |Increase|in|market|value|of|investments|-|18|22|40|35| |Capital|grants|2,641|-|-|2,641|2,922| |Donations|-|-|1,314|1,314|1,144| |Endowment|return|transferred|-|1,946|167|2,113|2,144| |Other|investment|income|*|-|17|17|fe)| |Expenditure|(o}|(1,645)|(1,297)|(2,942)|(2,535)| |Capital|grants|utilised|(4,789)|-|-|(4,789)|(17,970)| |Movement|in|the|year|(2,148)|319|223|(1,606)|(14,260)| |Balance|at end|of year|(0)|4,167|5,302|9,469|11,075| |Balance|at end|of year:| |Capital|=|3,698|4,720|8,418|8,103| |Accumulated|income|(0)|469|582|1,051|2,972| |(0)|4,167|5,302|9,469|11,075| |Representing:| |Fellowship|Funds|-|666|1,328|1,994|2,272| |Scholarship|Funds|-|1,078|217|1,295|1,348| |Prize|Funds|:|112|2|114|128| |Bursary/Hardship|Funds|-|1,035|623|1,658|1,363| |Travel|Grant|Funds|:|239|84|323|356| |Graduate|Funds|-|779|888|1,667|1,558| |Other Funds|(0)|258|2,160|2,418|4,050| |Total|(0)|4,167|5,302|9,469|11,075| |18.|Memorandum|of unapplied|total|return|2025|2024| |£000|£000| |Included|within|reserves|the|following|amounts|represent|the|unapplied|total|return|of|the|College:| |Unapplied|total|return|at|the|beginning|of the|year|54,028|49,468| |Unapplied|total|return|for|the|year|(see|note|3a)|461|3,875| |Unapplied|total|return|at end|of year|54,489|53,343| |19.|Capital|commitments| |2025|2024| |£000|£000| |Capital|commitments|contracted|for|at|30th June|731|7,161|

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19. Capital commitments

Other commitments

The College has committed to invest in various private equity/venture capital funds over the next few years. Commitments, excluding distributions which may be made total $290k (c £220k).

B77

Pembroke College Notes to the accounts Year ended 30th June 2025

1. Pension schemes

(a) Universities Superannuation Scheme

PENSION SCHEME FUNDING POSITION

A deficit recovery plan was put in place as part of the 2020 valuation. It required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus ona technical provisions basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the statement of income and expenses in the prior year.

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

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

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

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/aboutus/valuation-and-funding/statement-of-funding- principles).

Price inflation -Consumer Prices Index (CP!)	3.0% p.a. (based on a long-term average expected level of
	CPI, broadly consistent with long-term market expectations)
RPI/CPI gap	1.0% p.a. to 2030, reducingto 0.1% p.a. from 2030
Discount rate	Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a.
	Post-retirement: 0.9% p.a.
Pension increases	Benefits with no cap:
(all subject to a floor of0%)	CPI assumption plus 3bps
	Benefits subject to a ‘soft cap’ of5% (providing inflationary
	increases up to 5%, and halfofany excess inflation over5%
	up to a maximum of 10%):
	CPIassumptionminus3bps

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

2023 valuation . 101% of S2PMA ‘light’ for males and 95% of S3PFA for Mortality base table females CMI_2021 with a smoothing parameter of 7.5, an initial Future improvements to mortality addition of 0.40% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.80% p.a. for males and 1.60% p.a. for females The current life expectancies on retirement at age 65 are: 2025 2024 Males currently aged 65 (years) 23.8 23.7 Females currently aged 65 (years) 25.5 25.4 Males currently aged 45 (years) 25.7 25.6 Females currently aged 45 (years) 2ii2 27.2

38

| |

Pembroke College Notes to the accounts Year ended 30th June 2025

20. Pension schemes

(b) Cambridge Colleges Federated Pension Scheme

The liabilities of the plan have been calculated, at 30 June 2025, for the purposes of FRS102 using a valuation system designed for the Management Committee, acting as Trustee of the Cambridge Colleges’ Federated Pension Scheme, but allowing for the different assumptions required under FRS102 and taking fully into consideration changes in the plan benefit structure and membership since that date.

==> picture [391 x 172] intentionally omitted <==

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The principal actuarial assumptions at the balance sheet date were as follows:
2025 2024
% p.a. % p.a.
aDISCOUNE Fat... sn tsSS a tc cancsoaaasntea RE aacncentae
\ A lari pre 2030 2.4 2.85
ncrease in salaries post 2031 33 3.75
Bild LL dl emenmemeer eeeneeme remem reteemteerttreee ernment renner eben ay
CPI ti ‘ pre 2030 1.9 2.35
Pension increases in payment (RPI Max 5% p.a.) 2.85 3.15
Pension Increases in payment (CPI Max 2.526 2.2.)ammmunaninnnnniniunnanensenntansnhDunant od,
The underlying mortality assumption is based upon the standard tables known as S3PxA ona year of birth usage with CMI_2023 future improvement factors and a
long-term rate of future improvement of 1.25% per annum (2024: same). This results in the following life expectancies:
= Male age 65 now hasa life expectancy of 21.4 years (previously 21.4 years);
= Female age 65 now hasa life expectancy of 24.0 years (previously 23.9 years);
" Male age 45 now, retiring at age 65, has a life expectancy from 65 of 22.7 years (previously 22.6 years); and
= Female age 45 now, retiring at age 65, hasa life expectancy from 65 of 25.4 years (previously 25.3 years),
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||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Members|are|assumed|to|retire|at|their|normal|retirement|age|(65)|apart from|in|the|following|indicated|cases:| |Male|Female| |Active|members|-|Option|1|benefits|64|64| |Deferred|members|-|Option|1|benefits|63|62| |Allowance|has|been|made|at|retirement|for|non-retired|members|to|commute|part|of|their|pension|for|a|lump|sum|on| |the|basis|of the|current|(December|2024)|commutation|factors|in|these|calculations.|

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Employee Benefit Obligations

The amounts recognised in the Balance Sheet as at 30 June 2025 (with comparative figures as at 30 June 2024) are as follows:

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|||||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£'000|£'000| |Present|value|of|plan|liabilities|(9,099)|(9,721)| |Market|value|of|plan|assets|ee|| |Net defined|benefit|asset/(liability)|(1,761)|(2,138)| |The|amounts|to|be|recognised|in|Profit|and|Loss|for the year|ending|30 June|2025|(with|comparative|figures|for the|year|ending|30 June|2024)|are|as|follow:.| |2025|2024| |£'000|£'000| |Current|service|cost|67|76| |Administrative|expenses|21|16| |Interest|on|net defined|benefit|(asset)/liability|110|115| |(Gain)/loss|on|plan|changes|-|10| |Total|197|218| |Changes|in|the|present|value|of|the|plan|liabilities|for the|year|ending|30|June|2025|(with|comparative|figures|for|the|year ending|30|June|2024)|are|as|follows:| |2025|2024| |£'000|£'000| |Present|value|of|plan|liabilities|at|beginning|of|period|9,721|9,525| |Current|service|cost|67|76| |Employee|contributions|8|6| |Benefits|paid|(454)|(441)| |Interest|on|plan|liabilities|486|486| |Actuarial|(gains)/losses|(730)|58| |(Gain)/loss|on|plan|changes|-|10| |Present|value|of|plan|liabilities|at|end|of period|9,099|9,721|

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39

Pembroke College Notes to the accounts Year ended 30th June 2025

20. Pension schemes

(b) Cambridge Colleges Federated Pension Scheme (continued) Changes in the fair value of the plan assets for the year ending 30 June 2025 (with comparative figures for the year ending 30 June 2024) are as follows:

		2025	2024
		£'000	£'000
	Market value of plan assets at beginning of
	period	7,583	7,323
	Contributions paid by the College	398	251
	Employee contributions	8	6
	Benefits paid	(454)	(441)
	Administrative expenses	(23)	(25)
	Interest on plan assets	376	371
	Return on assets, less interest included in Profit
	& Loss	(551	98
	Market value ofplan assets at end ofperiod	7,337	7,583
	Actual return on plan assets	(175)	469
The	majorcategories ofplan assets for the year ending 30 June 2025 (with		comparative figures forthe yearending30June 2024)
are	as follows:
		2025	2024
		%	%
	Equities	50%	46%
	Bonds & Cash	37%	42%
	Property Total	13% 100%	12% 100%

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

Analysis of the remeasurement of the net defined benefit liability recognised in Other Comprehensive Income (OCI) for the year ending 30 June 2025 (with comparative figures for the year ending 30 June 2024) are as follows:

	2025	2024
	£'000	£'000
Return on assets, less interest included in Profit
& Loss	(551)	98
Expected less actual plan expenses	(2)	(9)
Experience gains and losses arising on plan
liabilities	(63)	(100)
Changes in assumptions underlying the present
value of plan liabilities	793	41
Remeasurement ofnetdefined benefit liability
recognised in OCI	176	30
Movement in net defined benefit asset/(liability) during the year ending 30June 2025
ending 30 June 2024) are as follows
	2025	2024
	£'000	£'000
Netdefined benefit asset/(liability) at beginning
ofyear	(2,138)	(2,202)
Recognised in Profit and Loss	(197)	(218)
Contributions paid by theCollege	398	251
Remeasurement ofnet defined benefit liability
recognised in OCI	176	30
Net defined benefit asset/(liability) at end of
year	(1,761)	(2,138)

Movement in net defined benefit asset/(liability) during the year ending 30 June 2025 (with comparative figures for the year ending 30 June 2024) are as follows

Funding Policy

Actuarial valuations are carried out every three years on behalf of the Management Committee, acting as the Trustee of the Scheme, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuation are different to those adopted under FRS102.

The last such actuarial valuation was as at 31 March 2023. This showed that the plan’s assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall. These deficit reduction contributions are incorporated into the plan’s Schedule of Contributions dated 4 June 2024 and are as follows:

= Annual contributions of not less than £304,284 per annum payable for the period from 1 July 2024 to 31 March 2030. These payments are subject to review following the next funding valuation, due as at 31 March 2026.

40

Pembroke College Notes to the accounts Year ended 30th June 2025

20. Pension schemes

(c) NOW:Pensions scheme

The College operates a defined contribution scheme in respect of certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the College amounting to £299k (2024 £281k) of which £40k (2024 £38k) was outstanding at the year end. Contributions are collected by Now Pensions by Direct debit a month in arrears.

21. Reconciliation of surplus for the year to cash flows from operating activities

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£000|£000| |Surplus|for|the|year|1,799|10,626| |Adjustment|for|non-cash|items:| |Depreciation|(note|8)|2,776|2,681| |(Gain)|on|endowments,|donations|and|investment|property|(1,696)|(9,001)| |Donations|in|kind|(56)|-| |(Increase)|in|stocks|(40)|38| |(Increase)|in|trade|and|other|receivables|(3,236)|4,996| |(Increase)/decrease|in|short-term|investments|-|11,783| |Increase/(decrease)|in|creditors|(2,708)|2,089| |Pension|costs|less|contributions|payable|-|(2,380)| |Adjustment|for|investing|or financing activities| |Investment|income|(2,944)|(2,669)| |Investment|management|costs|884|683| |Interest|payable|427|460| |Endowment|funds|invested|(1,011)|(136)| |Total|cash|flows|from|operating|activities|(5,805)|19,170| |22.|Cash|flows from|investing|activities| |2025|2024| |£000|£000| |Non-current|investment|disposal|3,675|3,843| |Investment|income|1,858|702| |Endowment|funds|invested|1,011|136| |Payments|made|to|acquire|non-current|assets|(9,793)|(16,665)| |Disposal|of|non-current|assets|2|2| |Total|cash flows from|investing|activities|(3,249)|(11,984)| |23.|Cash|flows|from|financing|activities| |2025|2024| |£000|£000| |Interest|paid|(427)|(460)| |Repayments|of amounts|borrowed|(152)|(144)| |Total|cash|flows from financing|activities|(579)|(604)|

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41

Pembroke College Notes to the accounts Year ended 30th June 2025

24, Analysis of cash and cash equivalents

			At beginning of
			year	Cashflows	At end ofyear
			£000	£000	£000
Bank overdrafts			z	(4,344)	(4,344)
Cash at bank and in hand			5,289	(5,289)	0
Net Funds (page 30)			5,289	(9,633)	(4,344)
Lease obligations
At 30June 2025 the College had commitments under non-cancellable operating leases as follows:
				2025	2024
				£000	£000
Land and buildings:
Expiring within one year				19	159
Expiring between two and five years				-	28
Expiring in over five years				-	-
Reconciliationand analysis of net debt
			Newfinance	Othernon-cash
	At 1July	Cashflows	leases	changes	At 30June
	2024				2025
	£000	£000	£000	£000	£000
Cash and cash equivalents	5,289	5,289	-	-	0
Borrowings:
Amounts fallingduewithin one year:
Bankoverdraft	-	(4,344)		S	(4,344)
Unsecured loans	(153)	(10)	-	-	(163)
	153	(4,354	-	:	‘4,507
Borrowings:
Amounts fallingdue aftermore than one year:
Unsecured loans	(13,771)	163	-	-	(13,608)
	(13,771)	163	:	:	(13,608)
Total net debt	(8,635)	(9,480)	-	-	(18,115)
Financial instruments
				2025	2024
				£000	£000
Financial assets
Financial assets atfairvalue throughStatement ofComprehensive income
Listed equity investments (note 9)				52,794	60,482
Other investments (note 9)				21,979	15,221
Financial assets that are debt instruments measured at amortised cost
Other investments (note 9)				349	353
Cash and cash equivalents (note 9, 12, 13)				7,152	6,312
Other debtors (note 11)				3,368	875
Financial liabilities
Financial liabilities measured atamortised cost
Bank overdraft (note 14a)				4,344	-
Loans (notes 14a, 14b)				13,771	13,924
Trade creditors (note 14a)				586	2,223
Othercreditors(notes14a,14b)				1,490	1,739

25. Lease obligations

At 30 June 2025 the College had commitments under non-cancellable operating leases as follows:

Land and buildings:

26. Reconciliation and analysis of net debt

1. Financial instruments

42

Pembroke College Notes to the accounts Year ended 30th June 2025

28. Related party transactions

Owing to the nature of the College’s operations and the composition of the College Council (or equivalent), it is inevitable that transactions will take place with organisations in which a College Council member may have an interest. All transactions involving organisations in which a member of the College Council may have an interest are conducted at arm’s length and in accordance with the College’s normal procedures.

The College maintains a register of interests for all College Council members and where any member of the College Council has a material interest in a College matter they are required to declare that fact.

During the current and preceding year no fees or expenses were paid to Fellows in respect of their duties as Trustees.

Fellows are remunerated for teaching, research and other duties within the College as permitted by the Statutes. Fellows are billed for any private catering. The Trustees remuneration is overseen by the Stipends Committee

In addition, the College has provided loans to its Fellows for personal use, and also as part of equity share arrangements. The following amounts are included in Investments in note 9:

			2025	2024
			£000	£000
			349	353
summarised in thetable below:
From	To		2025 Number	2024 Number
£0	£10,000		29	31
£10,001	£20,000		30	21
£20,001	£30,000		2	6
£30,001	£40,000		6	5
£40,001	£50,000		0	BY
£50,001	£60,000		0	1
£60,001	£70,000		2	2
£70,001	£80,000		3	3
£80,001	£90,000		1	0
£90,001	£100,000		1	1
£100,001	£110,000		1	1
£110,001	£120,000		2	2
£120,001	£130,000		0	1
£130,001	£140,000		a	0
		Total	78	75

Loans to Fellows

The salaries paid to Trustees in the year are summarised in the table below:

The total Trustee salaries were £1,867kfor the year (2024 £1,815k).

The trustees were also paid other taxable benefits (including associated employer National Insurance contributions and employer contributions to pensions) which totalled £501k for the year (2024 £500k).

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