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2023-06-30-accounts

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

ROBINSON COLLEGE

ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Index

Page No

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Robinson College

College Details

Address

Robinson College Grange Road Cambridge CB3 9AN

Registered Charity Number

1137494

Charity Trustees (Members of Council)

Sir R N Heaton F Brockbank Dr D A Woodman (resigned 30 September 2023) Dr S Annett S E Westwood Dr E K Price Dr B D Sloan Dr A M Sharkey (resigned 13 February 2023) Dr J R Thurlow Prof G S Kaminski Schierle Dr M W H Simpson (resigned 30 September 2023) Prof A Dawar Dr P T Griffiths (resigned 30 September 2022) Prof A L Young (appointed 1 October 2022) Dr C Warner (appointed 1 January 2022) Dr N G Krishnan (resigned 30 September 2022) Baroness Smith of Newnham (resigned 30 September 2022)

Prof P Schofield (appointed 1 October 2022) S E Nassé (appointed 1 October 2022) Prof G A C Jones (appointed 13 March 2023) Dr S A Archer (appointed 1 October 2023) Dr I Kavedžija (appointed 1 October 2023)

Student representatives: A Lindsay (resigned 30 September 2022) C Kienast-Von Einem (resigned 7 November 2022) T Sandhu (resigned 7 November 2022) K Beckwith (appointed 8 November 2022, resigned 12 November 2023) K Rawdanowicz (appointed 8 November 2022, resigned 6 November 2023) M Ungless (appointed 8 November 2022) A Myall (appointed 7 November 2023) A Fischer (appointed 13 November 2023)

Senior Officers

Warden: Sir R N Heaton Senior Tutor: Dr D A Woodman to 30 September 2022 Dr S Annett from 1 October 2023 Finance Bursar: Mrs F Brockbank

Principal Advisors:

Actuaries

Cartwright Group Ltd Suite 7, 2[nd] Floor, The Hub IQ Farnborough Farnborough Hampshire GU14 7JP

Auditors

Peters Elworthy & Moore Salisbury House Station Road Cambridge CB1 2LA

Bankers

Barclays Bank plc 9/11 St Andrews Street Cambridge CB2 3AA

Solicitors

Taylor Vinters LLP Merlin Place Mliton Road Cambridge, CB4 0DP

Mills & Reeve LLP Botanic House 100 Hills Road

Cambridge, CB2 1PH

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Operating and Financial Report to the Council and Governing Body

Year ended 30 June 2023

Aims and objectives of the College

Founded in 1977 as a place of religion, education, learning and research and named in memory of the benefactor, David Robinson, the College is a self-governing community of Fellows and scholars and one of the 31 Colleges of the University of Cambridge. The College funds its charitable objectives from academic fees, student residence and catering charges, income from conferences and investments, and from donations and legacies.

A College of Robinson’s size requires a sizeable investment portfolio to support its charitable objects, maintain the estate and absorb the removal of increases in the regulated fee for a number of years without reducing the quality of the education it offers or its support of research. Being a young College, it does not yet have this size of portfolio (as at 30[th] June investment assets amounted to £77m). To address this the College has a clear strategy that inter-locks the three main drivers of investment growth being the return on its investments, fundraising and its operating result. The long term aim is to produce an operating result of zero before donations for the general use of the College but after fully providing for the replacement of buildings in operational use and to be cash flow positive before investment activity. The pandemic significantly disrupted progress towards this aim.

Public Benefit Statement

In accordance with its Statutes, the College’s charitable purpose is to advance education, learning, research and religion through the provision of a College in the University of Cambridge.

The College provides, in conjunction with the University of Cambridge, an education which is recognised internationally as being of the highest standard. This education develops students academically and advances their leadership qualities and interpersonal skills, and so prepares them to play full and effective roles in society. In particular, the College provides:

The College advances research through:

The College maintains a Library, so providing a valuable resource for students and Fellows of the College, members of other Colleges and the University of Cambridge more widely, external scholars and researchers.

The members of the College, both students and academic staff, are the primary beneficiaries and are directly engaged in education, learning or research.

However, beneficiaries also include students and academic staff from other Colleges in Cambridge and the University of Cambridge more widely, visiting academics from other higher education institutions and alumni of the College who have an opportunity to attend educational events at the College or use its academic facilities.

In order to assist undergraduates entitled to student support the College provides, through a scheme operated in common with the University and other Colleges, bursary support for those of limited financial means.

To support the costs of postgraduates, the College provides substantial financial support. This includes scholarships to fund fees and living costs and ‘top-up’ funding to fill funding shortfalls in students’ funding packages.

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Operating and Financial Report to the Council and Governing Body

Year ended 30 June 2023

In addition to its other programmes, the College operates a scheme for students in need of financial support.

To raise educational aspiration and attract outstanding applicants who might not otherwise have considered applying to Robinson College, the College operates an outreach programme. This programme includes a series of visits to schools, visits by schools to the College, open days, admissions symposia for teachers as well as guidance and information on the College website for prospective applicants.

The College maintains and supports the Chapel as a place of religious worship and holds religious services both during the week and on Sundays during term, which are open to the general public and visitors. It also maintains an outstanding choral tradition through the College’s Choir which includes students of the College, students from other colleges and Senior Members.

All members of College, of any faith or none, are welcome to use the Chapel for quiet meditation or prayer.

Financial performance

The adjusted operating deficit of the College, excluding gains on investments, decreased in the year by £0.2m.

Net reported (deficit)
Unrestricted donations
Operating (deficit)
Pension cost adjustments
Private placement interest
Adjusted operating (deficit)		 2023
£’000
(64)
(401)
(465)
(7)
(621)
(1,093)		 2022
£’000
(795)
(438)
(1,233)
550
(631)
(1,314)

The adjusted deficit has improved year on year despite continued inflationary pressures on the cost base. Conferencing income has still not returned to pre-pandemic levels, but significant progress has been made in this area with income of £1.2m in 2022/23 compared to £0.6m in the prior year. The main financial challenge the College shares with other similar institutions is the lack of increase in the regulated home undergraduate tuition fee, which has been frozen at the same level for a number of years. In a high inflation environment this is particularly challenging. Increased income from both conferencing and the investment portfolio help to partially offset the significant loss made on education, but this still leaves an adjusted deficit of over £1m.

Total income increased by 9.3% and income before donations and endowments increased by 17%. Income from fees was up 4.2% and income from conferences increased from £0.6m to £1.2m. Academic fee income received amounted to £3,193,000. The full costs of education were £4,838,000. The shortfall of £1,645,000 was found from the College’s other income and unrestricted reserves. Salary and wage costs of College Officers, College Teaching Officers and support staff amounted to £5,147,000, a decrease of 2.3%.

Cash and Cash Flow

Cash decreased by £1.9m during the year, from £6.9m to £5.0m. Spend on capital projects was particularly high during the year as a result of the water ingress works. This multi-year, multi-million pound project is essential to maintain the main College building but presents a significant financial challenge as the cash flow funding required far exceeds the cash available from operational activities. The original project timeframe of 15 years has been reduced to an estimated 8 years by working on the least disruptive parts of the works during term time (excluding exam period). This reduction in project period is desirable because it reduces the impact of inflation on the overall project cost and it is also considered important to address the water ingress issue promptly before the current state of the building is further degraded. However truncating the project term further increases the pressure on cash flows for the College and it has been agreed that the investment portfolio will be used to fund the works as necessary. Work is ongoing to source donation income to support the project as it is important to minimise the impact on the investment portfolio. Post year end a major gift of £0.5m towards the project cost has been gratefully received.

In the financial year 2021/22, £1.9m was withdrawn from the investment portfolio in anticipation of a potential property transaction. This transaction has not progressed during the 2022/23 financial year as a result of delays on the part of the vendor and so the £1.9m was redesignated to funding of the water ingress works.

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Operating and Financial Report to the Council and Governing Body

Year ended 30 June 2023

Investments

The year end value of the investment portfolio was £77.1m, an increase of £2.6m. The return on investment for the year was 8.9%.

The College’s investments were overseen by an Investment Committee of 8, including 2 external members. Recruitment of 2 additional external members is currently in progress. Between meetings an Executive Committee which includes the Warden and the Investment Officer are empowered to take decisions. The College’s investments are diversified across markets and asset classes. The College invests part of the portfolio in illiquid assets: however, it always keeps sufficient cash to meet any foreseeable immediate needs.

Support Received

This year the College received £0.9m in donations and new endowments to aid its teaching and research activities. The College is very grateful to all donors who have helped it to fulfil its charitable objects.

Fundraising

The College seeks donations from alumni and other individuals, as well as from foundations and corporations. All fundraising activity is administered by the College’s Development Office or is under the College’s supervision.

Capital and Reserves

Capital and reserves increased by £2.2m during the year to £116.7m.

At 30 June 2023 the College had £79.4m in unrestricted reserves (2022: £78.5m), the majority of which are invested in fixed assets of £69.7m (2022: £68.3m).

Expenditure on maintenance and improvements amounted to £3.4m, including £2.7m of capital expenditure.

Principal risks and uncertainties

The principal risks and uncertainties of the College are:

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Operating and Financial Report to the Council and Governing Body

Year ended 30 June 2023

Outlook

During the year, the main college building at Robinson was listed by the Secretary of State at Grade II*, in recognition of its architectural merit. It’s an accolade that gives us great pleasure and satisfaction, and it has brought to public attention this extraordinary modern masterpiece. But it also brings new stewardship responsibilities. Already, repairs to the main building are our biggest item of capital expenditure. In particular, we have embarked on a major multi-year programme to renew the building’s defence against water penetration and to put in place effective drainage. We are determined that the building that emerges from those works will be more comfortable, more sustainable and more resilient, and that the improvements we make will support and honour its listed status.

I noted in the report last year that inflation was putting pressure on our cost base, with many of our income streams having limited potential for growth. That pressure has continued, as has the fact that the regulated home undergraduate fee remains at the same level for another year. Our conferencing income has historically helped us to fund the shortfall in education income against expenditure. So we pay a great deal of attention to rebuilding this income stream. These accounts show continued progress towards income recovery, but there is much still to do. And of course we hope to secure, in the medium term, a significant increase in donation income. Experience across the University is that alumnus donations largely come from donors in their fifties or over, and we are still relatively under-represented in that age profile.

During the year the College appointed our first Head of Welfare and Wellbeing. Our students can suffer from feelings of isolation and uncertainty, and there is an increasing demand for support and wellbeing services. We wanted to respond, and the generosity of donors allowed us to do so. With the College nurse and the Chaplain, the new post-holder forms a coherent and integrated welfare team, complementing the support provided by College Tutors. We also launched in Michaelmas 2022 a pilot of our Pegasus Scholarship programme, designed to provide a pre-matriculation introduction to Cambridge for a dozen freshers from a range of backgrounds. It was a success, and in Michaelmas 2023 we were proud to be able to roll out the first full year of the programme. Again, we have been able to do this through the generosity of donors.

Our students, both undergraduates and postgraduates, make Robinson College a creative, enterprising and stimulating place. It is also a lively community of researchers, teachers and scholars, representing almost every discipline in the University. Supporting them all are a wonderful staff team, to whom the College is, as ever, profoundly grateful.

Richard Heaton Warden

13 December 2023 Date

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Robinson College

Corporate Governance

Year Ended 30 June 2023

  1. The following statement is provided by the Trustees to enable readers of the financial statements to obtain a better understanding of the arrangements in the College for the management of its resources and for audit.

  2. The College is a registered charity (registered number 1137494) and subject to regulation by the Charity Commission for England and Wales. The members of the Council are the charity trustees and are responsible for ensuring compliance with charity law.

  3. The Trustees are advised in carrying out its duties by the following Committees: academic expenses, widening access and admissions, archives & records, audit, bursaries, chapel, development, education, fellowship, finance, gardens, health and safety, investment, IT, joint liaison, library, membership, remuneration, financial assistance, disciplinary, visual arts & design, SCR, USS, sustainability, website, and wine.

  4. The principal officers of the College are the Warden, the Finance Bursar and the Senior Tutor.

  5. It is the duty of the Audit Committee to advise the Trustees on the appointment of external auditors; to review the annual accounts and consider reports submitted by the auditors; to make an annual report to the Trustees and Governing Body.

  6. There are Registers of Interests of trustees and declarations of interest are made systematically at Council and committee meetings.

  7. The College’s Trustees during the year ended 30 June 2023 are set out on page 1.

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Robinson College

Statement of Internal Controls

Year Ended 30 June 2023

  1. The Trustees are responsible for maintaining a sound system of internal control that supports the achievement of policy, aims and objectives while safeguarding the public and other funds and assets for which the Council and Governing Body are responsible, in accordance with the College’s Statutes.

  2. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; it therefore provides reasonable but not absolute assurance of effectiveness.

  3. The system of internal control is designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. This process was in place for the year ended 30 June 2023 and up to the date of approval of the financial statements.

  4. The Trustees are responsible for reviewing the effectiveness of the system of internal control. The following processes have been established:

  5. a) A system of committees including an Audit Committee that monitor the College’s performance against legal requirements and good practice.

  6. b) Systems are in place to ensure the financial reporting is of a high quality and to ensure the Trustees comply with charity law and other regulations.

  7. c) Where possible there is a segregation of duties from authorisation to completion and review.

  8. The Trustees’ review of the effectiveness of the system of internal control is informed by the work of the various Committees, Bursar and College officers, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other reports.

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Statement of Responsibilities of the College’s Council and Governing Body

Year Ended 30 June 2023

The Council in conjunction with the Governing Body is responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The College’s Statutes and the Statutes and Ordinances of the University of Cambridge require that the Council in conjunction with the Governing Body prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that period. In preparing these financial statements the Council in conjunction with the Governing Body is required to:

The Council in conjunction with the Governing body is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the College and to enable them to ensure that the financial statements comply with the Statutes of the University of Cambridge. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Independent Auditors’ Report to the Council and Governing Body of Robinson College

Year Ended 30 June 2023

We have audited the financial statements of Robinson College (the College) and its subsidiaries (the Group) for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reserves, the Consolidated and College Balance Sheets, the Consolidated Cash Flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that 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:

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 Auditors’ 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 UK, including the FRC’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.

Conclusions 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 Council in conjunction with the Governing Body are responsible for the other information. The other information comprises the information included in the Annual Report of the Trustees other than the financial statements and our auditors’ 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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:

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Independent Auditors’ Report to the Council and Governing Body of Robinson College

Year Ended 30 June 2023

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.

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:

Responsibilities of the Council and Governing Body

As explained more fully in the responsibilities of the Council and Governing Body statement set out on page 8, the Council in conjunction with the Governing Body 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 Council in conjunction with the Governing Body 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 Council in conjunction with the Governing Body 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 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 Auditors’ 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:

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Independent Auditors’ Report to the Council and Governing Body of Robinson College

Year Ended 30 June 2023

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

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

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/auditorsresponsibilties. This description forms part of our auditors’ report.

Use of our report

This report is made solely to the College’s Council and Governing Body as bodies, in accordance with College’s statutes, the Statutes of the University of Cambridge and the Charities Act 2011. Our work has been undertaken so that we might state to the Council and Governing Body those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College’s Council and Governing Body as bodies, for our audit work, for this report, or for the opinions we have formed.

PETERS ELWORTHY & MOORE

Chartered Accountants and Statutory Auditors

Salisbury House Station Road Cambridge CB1 2LA Date: 13 December 2023

Peters Elworthy & Moore is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Robinson College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

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 8.

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 Trustees have prepared forecasts for the period to 2025 which have been stress tested based on a number of scenarios and have considered the impact upon the College and its cash resources and unrestricted reserves.

Based upon their review the Trustees believe that the Group 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

Basis of accounting

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

Basis of consolidation

The consolidated financial statements include the College and its subsidiary undertakings. Details of the subsidiary undertakings included are set out in note 29. Intra-group balances are eliminated on consolidation.

The consolidated financial statements do not include the activities of student societies as these are separate bodies in which the College has no financial interest and over whose policy decisions it has no control.

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. The costs of any fees waived or written off by the College are included as expenditure.

Grant income

Grants received from non-government sources (including research grants from non-government sources) are recognised within the Consolidated Statement of Comprehensive Income and 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 Consolidated Statement of Comprehensive Income and Expenditure in line with such conditions being met.

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 Consolidated 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.

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Robinson College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

Recognition of income (continued)

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.

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

  3. 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 Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income.

Investment income and change in value of investment 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 investment portfolio and allocates the related earnings for expenditure in accordance with the total return concept. The income crediting policy is 70% of the prior year total return income (adjusted for CPI) plus 30% of the average opening investment balance for the past 3 years at a spending rate of 3.5%.

Other income

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

Cambridge Bursary Scheme

In 2022-23, 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 £148,000 is shown within the Consolidated Statement of Comprehensive Income and Expenditure as follows:

Income (see note 1) £94,000 Expenditure £242,000

Foreign currency translation

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.

Fixed assets

Land and buildings

Fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to the date of transition to FRS 102, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

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

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

Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight line basis over their expected useful lives of 70 years. They are valued on the basis of their depreciated replacement cost.

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

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DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

Fixed assets (continued)

Buildings 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.

Land held specifically for development, investment and subsequent sale is included in current assets at the lower of cost and net realisable value.

The cost of additions to operational property shown in the balance sheet includes the cost of land. All other assets are capitalised and depreciated over their expected useful life as follows:

Library books 10 years
Furniture and equipment 15 years
Catering equipment 10 years
Information Technology 4 years

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.

Heritage assets

The College does not hold any assets that should be classed as heritage assets.

Investments

Fixed asset investments are included in the balance sheet at fair value, except for investments in subsidiary undertakings which are stated in the College’s balance sheet at cost and eliminated on consolidation. Investments that are not listed on a recognised stock exchange are carried at fair value where a reliable estimate can be made otherwise they are carried at historical cost less any provision for impairment in their value.

Stocks

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

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 benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

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.

14

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

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.

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 of the estimated future cash flows, discounted at the asset’s original effective interest rate.

Other financial assets, including investments in equity instruments, which are not 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.

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.

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.

15

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

Taxation

The College is a registered charity (number 1137494) 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 Section 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.

Contribution under Statute G, II

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

Pension costs

The College participates in the Universities Superannuation Scheme (the 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 income and expenditure account 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 income and expenditure account.

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 values the fund as required by Section 28 Employee Benefits of FRS102 ‘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 also operates defined contribution pension schemes and the pension charge represents the amounts payable by the College to the funds in respect of the year.

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.

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.

Critical Accounting Estimates and Judgements

The preparation of the College’s accounts requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, 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.

16

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Statement of Principal Accounting Policies

Year Ended 30 June 2023

Critical Accounting Estimates and Judgements (continued)

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 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 10.

Recoverability of debtors – The provision for doubtful debts is based on the College’s estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historically, coupled with current economic knowledge. The provision is based on the current situation of the customer, the age profile of the debt and the nature of the amount due.

Investment property – Properties are revalued to their fair value at the reporting date by Bidwells. The valuation is based on the assumptions and judgements which are impacted by a variety of factors including market and other economic conditions.

Retirement benefit obligations – The cost of defined benefit pension plans and other post-employment benefits 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 28.

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.

As the College is contractually bound to make deficit recovery payments to USS, this is recognised as a liability on the balance sheet. The provision is currently based on the USS deficit recovery plan agreed after the 2018 actuarial valuation, which defines the deficit payment required as a percentage of future salaries until 2028. These contributions will be reassessed within each triennial valuation of the scheme. The provision is based on management’s estimate of expected future salary inflation, changes in staff numbers and the prevailing rate of discount. Further details are set out in note 28.

17

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Consolidated Statement of Comprehensive Income and Expenditure

Year Ended 30 June 2023

Note
Income
Academic fees and charges
1
Accommodation, catering and conferences
2
Investment income
3
Endowment return transferred
3
Other income
4
Total income before donations and endowments
Donations
New endowments
Capital grant from Colleges Fund
Other capital grants for assets
Total income
Expenditure
Education
5
Accommodation, catering and conferences
6
Other expenditure
7
Total expenditure
8
(Deficit)/surplus before other gains and losses
Gain/(loss) on investments
3
Surplus/(deficit) for the year
Other comprehensive income
Actuarial gain/(loss) in respect of pension schemes
17
Total comprehensive income for the year		 2023
Unrestricted
Restricted
Endowment
Total
£000
£000
£000
£000
3,099
94
-
3,193
4,825
-
-
4,825
131
-
950
1,081
2,186
403
(2,589)
-
30
-
-
30
10,271
497
(1,639)
9,129
401
450
-
851
-
-
37
37
-
-
-
-
-
25
-
25
10,672
972
(1,602)
10,042
4,363
475
-
4,838
5,325
-
-
5,325
1,048
-
947
1,995
10,736
475
947
12,158
(64)
497
(2,549)
(2,116)
917
137
3,305
4,359
853
634
756
2,243
(18)
-
-
(18)
835
634
756
2,225		 2022 2022
Unrestricted
£000
2,991
3,975
8
2,061
104		 Restricted
Endowment
Total
£000
£000
£000
74
-
3,065
-
-
3,975
-
652
660
344
(2,405)
-
-
-
104
9,139
438
-
-
-		 418
(1,753)
7,804
673
-
1,111
-
96
96
-
-
-
177
-
177
9,577 1,268
(1,657)
9,188
4,148
4,647
1,577		 355
-
4,503
-
-
4,647
-
825
2,402
10,372 355
825
11,552
(795) 913
(2,482)
(2,364)
(730)
(94)
2,031
1,207
(1,525)
819
(451)
(1,157)
2,279
-
-
2,279
754
819
(451)
1,122

The notes on pages 22 to 37 form part of these accounts

18

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Statement of Changes in Reserves

Year Ended 30 June 2023

Balance at 1 July 2022
Surplus from income and expenditure statement
Other comprehensive income
Release of restricted capital funds spent in the year
Transfers between reserves
Balance at 30 June 2023		 Income and expenditure reserve
Unrestricted
Restricted
Endowment
£000
£000
£000
78,500
7,031
28,922
853
634
756
(18)
-
-
25
(25)
-
-
-
-
79,360
7,640
29,678		 Total
£000
114,453
2,243
(18)
-
-
116,678
Balance at 1 July 2021
Surplus from income and expenditure statement
Other comprehensive income
Release of restricted capital funds spent in the year
Transfers between reserves
Balance at 30 June 2022		 Income and expenditure
Unrestricted
Restricted
£000
£000
77,569
6,398
(1,525)
819
2,279
-
177
(177)
-
(9)
78,500
7,031		 reserve
Endowment
£000
29,364
(451)
-
-
9
28,922		 Total
£000
113,331
(1,157)
2,279
-
-
114,453

The notes on pages 22 to 37 form part of these accounts

19

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Balance Sheet

As at 30 June 2023

Note
Non-current assets
Fixed assets
10
Investments
11
Total non-current assets
Current assets
Stocks
12
Trade and other receivables
13
Cash and cash equivalents
14
Total current assets
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Provisions
Pension provisions
17
Total net assets
Restricted reserves
Income and expenditure reserve -
endowment reserve
18
Income and expenditure reserve -
restricted reserve
19
Unrestricted reserves
Income and expenditure reserve -
unrestricted
Total reserves		 2023
Consolidated
£000
69,737
77,063
146,800
216
844
5,043
6,103
(2,345)
3,758
150,558
(29,909)
(3,971)
116,678
29,678
7,640
37,318
79,360
116,678		 2023
College
£000
69,737
78,767
148,504
216
1,587
2,145
3,948
(1,925)
2,023
150,527
(29,909)
(3,971)
116,647
29,678
7,640
37,318
79,329
116,647		 2022
Consolidated
£000
68,315
74,499
142,814
236
767
6,880
7,883
(2,125)
5,758
148,572
(29,905)
(4,214)
114,453
28,922
7,031
35,953
78,500
114,453		 2022
College
£000
68,315
75,726
144,041
236
1,156
5,143
6,535
(1,989)
4,546
148,587
(29,905)
(4,214)
114,468
28,922
7,031
35,953
78,515
114,468

The financial statements were approved by the Council and Governing Body and signed on its behalf by:

Richard Heaton Warden

Date: 13 December 2023

The notes on pages 22 to 37 form part of these accounts

20

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Consolidated Cash Flow Statement

Year Ended 30 June 2023

Note
Net cash inflow from operating activities
21
Cash flows from investing activities
22
Cash flows from financing activities
23
Increase/(decrease) in cash and cash equivalents in the year
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
14		 2023
£000
(650)
19
(1,206)
(1,837)
6,880
5,043		 2022
£000
(148)
2,125
(1,206)
771
6,109
6,880

The notes on pages 22 to 37 form part of these accounts

21

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

1
Academic fees and charges
Colleges fees:
Fee income received at the regulated undergraduate rate
Fee income received at the unregulated undergraduate rate
Fee income received at the postgraduate rate
Cambridge Bursaries Income
Total
2
Income from accommodation, catering and conferences
Accommodation
College members
Conferences
Catering
College members
Conferences
Total
3
Endowment return and investment income
3a
Analysis
Total return contribution (see note 3b)
Other interest receivable
Total
3b
Summary of total return
Income from:
Land and buildings
Quoted and other securities and cash
Gains/(losses) on investment assets:
Quoted and other securities and cash
Investment management costs (see note 3c)
Loan interest
Total return for year
Total return transferred to income and expenditure reserve
Unapplied total return for year included within Statement of
Comprehensive Income and Expenditure (see note 20)
3c
Investment management costs
Quoted securities and other investments		 2023
£000
1,414
709
976
3,099
94
3,193
2023
£000
2,987
530
609
699
4,825
2023
£000
2,589
131
2,720
2023
£000
-
950
4,359
(211)
(736)
4,362
(2,589)
1,773
2023
£000
211		 2022
£000
1,439
645
907
2,991
74
3,065
2022
£000
2,793
199
569
414
3,975
2022
£000
2,405
8
2,413
2022
£000
-
652
1,207
(89)
(736)
1,034
(2,405)
(1,371)
2022
£000
89

22

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

4
Other Income
Miscellaneous income
Total
5
Education expenditure
Teaching
Tutorial
Admissions
Research
Scholarships and awards
Other educational facilities
Total
6
Accommodation, catering and conferences expenditure
Accommodation
College members
Conferences
Catering
College members
Conferences
Total
7
Other Expenditure
Academic
Administration
College Officers
Domestic Services
Loan Interest
Private placement fees
Other
Net finance charge in respect of defined benefit pension scheme
Unwinding of discount factor on pension scheme
Investment management costs
Total
8a
Analysis of 2022/23 expenditure by activity
Staff
costs
(note 9)
Other
operating
expenses
£000
£000
Education
2,235
2,041
Accommodation, catering and
conferences
2,712
1,911
Other
200
1,741
Totals
5,147
5,693		 2023
£000
30
30
2023
£000
2,683
802
406
165
578
204
4,838
2023
£000
2,341
424
2,000
560
5,325
2023
£000
15
324
135
53
1,206
4
54
(30)
23
211
1,995
Depreciation
£000
562
702
54
1,318		 2022
£000
104
104
2022
£000
2,613
716
382
173
469
150
4,503
2022
£000
2,300
159
1,856
332
4,647
2022
£000
14
249
127
99
1,206
4
64
548
2
89
2,402
Total
£000
4,838
5,325
1,995
12,158

Expenditure includes fundraising costs of £368,000. This expenditure includes the costs of alumni relations.

23

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

8b Analysis of 2021/22 expenditure by activity

Education
Accommodation, catering and
conferences
Other
Totals		 Staff
costs
(note 9)
£000
2,046
2,443
782
5,271		 Other
operating
expenses
£000
1,915
1,531
1,569
5,015		 Depreciation
£000
542
673
51
1,266		 Total
£000
4,503
4,647
2,402
11,552

Expenditure includes fundraising costs of £330,000. This expenditure includes the costs of alumni relations.

8c Auditors’ remuneration 2023 2022
£000 £000
Other operating expenses include:
Audit fees payable to the College’s external auditors 34 25
Other fees payable to the College’s external auditors 10 15
9
Staff costs
Consolidated
Staff costs:
Salaries
National Insurance
Pension costs
Academic
Non-academic
Total		 Academic
Non-
academic
£000
£000
1,128
3,415
100
310
4
190
1,232
3,915
Average staff numbers 2023
Number of
Fellows
Full time
Equivalent
47
-
-
118
47
118		 2023
Total
2022
Total
£000
£000
4,543
4,125
410
365
194
781
5,147
5,271
Average staff numbers 2022
Number of
Fellows
Full time
equivalent
47
-
-
115
47
115		 2022
Total
£000
4,125
365
781
5,271
115

At the balance sheet date there were 102 members of the Governing Body. During the year the average number receiving remuneration was the 47 shown above.

The number of officers and employees of the College, including Head of House, who received remuneration in the following ranges was:

£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000		 2023
Total
2022
Total
1
2
2
-
1
1

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.

24

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

9 Staff costs (continued)

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College. Therefore the Trustees who include the Warden, Senior Tutor and the Finance Bursar are the key management personnel. The aggregated remuneration paid to key management personnel consists of 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.

Aggregated remuneration 2023
£000
2022
£000
918
833

The Trustees received no remuneration in their capacity as Trustees of the Charity.

10 Tangible Fixed Assets Consolidated and College

Cost
As at 1 July 2022
Additions at cost
Transfers
Disposals
As at 30 June 2023
Depreciation
As at 1 July 2022
Charge for the year
Disposals
As at 30 June 2023
Net book value
As at 30 June 2023
As at 1 July 2022		 Freehold
Land
£000
4,685
-
-
-
4,685
-
-
-
-
4,685
4,685		 Freehold
buildings
£000
72,167
2,445
-
-
74,612
10,076
1,066
-
11,142
63,470
62,091		 Furniture
fittings
and
equipment
£000
2,585
294
-
(47)
2,832
1,168
226
(47)
1,347
1,485
1,416		 Library
Books
£000
255
-
-
-
255
132
26
-
158
97
123		 Total
£000
79,692
2,739
-
(47)
82,384
11,376
1,318
(47)
12,647
69,737
68,315

The insured value of freehold land and buildings as at 30 June 2023 was £93,617,000 (2022: £85,656,000)

25

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

11 Investments Consolidated and College

As at 1 July
Additions
Disposals
Gains
(Decrease)/Increase in cash balances
held at fund managers
As at 30 June
Represented by:
Quoted securities/unit trusts/hedge
funds
Cash with agents
Wine and works of art
Other investments
Investment in Subsidiary undertakings		 Consolidated
2023
£000
74,499
10,598
(11,540)
4,359
(853)
77,063
40,501
1,130
235
35,197
-
77,063		 College
2023
£000
75,726
10,598
(10,902)
4,198
(853)
78,767
40,501
1,130
235
34,582
2,319
78,767		 Consolidated
2022
£000
76,546
9,253
(13,288)
1,207
781
74,499
43,528
1,983
235
28,753
-
74,499		 College
2022
£000
77,785
9,253
(13,288)
195
781
75,726
43,528
1,983
235
27,661
2,319
75,726

12 Stocks

Goods for resale
13
Trade and other receivables
Members of the College
Amounts owed by subsidiary
company
Other receivables
Prepayments
14
Cash and cash equivalents
Bank deposits
Current accounts
Cash in hand		 Consolidated
2023
£000
216
Consolidated
2023
£000
91
-
265
488
844
Consolidated
2023
£000
60
4,981
2
5,043		 College
2023
£000
216
College
2023
£000
91
902
106
488
1,587
College
2023
£000
60
2,083
2
2,145		 Consolidated
2022
£000
236
Consolidated
2022
£000
126
-
291
350
767
Consolidated
2022
£000
59
6,818
3
6,880		 College
2022
£000
236
College
2022
£000
126
496
184
350
1,156
College
2022
£000
59
5,081
3
5,143

26

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

15 Creditors: amounts falling due within one year

Trade creditors
Members of the College
Amounts due to subsidiary
company
University fees
Other creditors
Accruals and deferred income		 Consolidated
2023
£000
393
100
-
14
1,065
773
2,345		 College
2023
£000
393
100
1
14
644
773
1,925		 Consolidated
2022
£000
401
80
-
79
933
632
2,125		 College
2022
£000
401
80
35
79
762
632
1,989

16 Creditors: amounts falling due after more than one year

Long term bank loan
Other loans		 Consolidated
2023
£000
4,000
25,909
29,909		 College
2023
£000
4,000
25,909
29,909		 Consolidated
2022
£000
4,000
25,905
29,905		 College
2022
£000
4,000
25,905
29,905

The long term bank loan is due for repayment in 2047 at a fixed interest rate of 5%.

During 2014 the College borrowed £6m from institutional investors in a private placement done collectively with other Colleges, although the College’s loan is separate from those of the others. The loans are unsecured and repayable during the period 2043-2053 and are at fixed interest rates of approximately 4.4%. 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.

During 2016 the College borrowed a further £20m from institutional investors in a private placement scheme. The loan is unsecured and repayable in 2046 and is at a fixed interest rate of 3.68%.

17 Pension provisions Consolidated and College

Balance at beginning of year
Movement in year:
Current service cost
Contributions
Change in expected contributions
Other finance cost
Actuarial (gain)/loss
Balance at end of year		 CCFPS
£000
3,518
151
(408)
-
135
18
3,414		 USS
£000
696
-
(49)
(113)
23
-
557		 2023
£000
4,214
151
(457)
(113)
158
18
3,971		 2022
£00
6,197
197
(444)
435
108
(2,279)
4,214

27

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

18 Endowment funds

Restricted net assets relating to endowments are as follows:

Consolidated and College
Balance at beginning of year
Capital
New donations and endowments
Increase/(decrease) in market value
of investments
Transfer
Balance at end of year
Analysis by type of purpose:
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Other Funds
General endowments
Analysis by asset
Property
Investments
Cash		 Restricted
permanent
endowments
£000
4,520
37
138
-
4,695
2,050
293
248
131
1,973
-
4,695
-
4,628
67
4,695		 Unrestricted
permanent
endowments
£000
24,402
-
581
-
24,983
-
-
-
-
-
24,983
24,983
-
24,625
358
24,983		 2023
Total
£000
28,922
37
719
-
29,678
2,050
293
248
131
1,973
24,983		 2022
Total
£000
29,364
96
(547)
9
28,922
1,982
282
242
127
1,887
24,402
29,678 28,922
-
29,253
425
29,678		 -
28,152
770
28,922

28

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

19 Restricted Reserves

Reserves with restrictions are as follows:

Consolidated and College
Capital
grants
unspent
£000
Balance at beginning of year
Capital
-
Accumulated income
-
-
New grants
25
New donations
-
Endowment return transferred
-
Increase in market value of
investments
-
Expenditure
-
Capital grants utilised
(25)
Transfer
-
Balance at end of year
-
Comprising Capital
-
Accumulated income
-
-
Analysis of other restricted funds/donations
Fellowship Funds
-
Scholarship Funds
-
Prize Funds
-
Hardship Funds
-
Bursary Funds
-
Other Funds
-
-
Memorandum of Unapplied Total Return
Unapplied total return at beginning of year
Unapplied total return for the year
Unapplied total return at end of year		 Permanent
unspent
and other
restricted
income
Restricted
expendable
endowment
£000
£000
-
3,516
1,283
2,232
1,283
5,748
-
-
94
450
202
201
-
137
(196)
(279)
-
-
-
-
1,383
6,257
222
3,653
1,161
2,604
1,383
6,257
by type of purpose
-
1,745
692
2,652
73
87
13
-
12
157
593
1,616
1,383
6,257		 2023
Total
£000
3,516
3,515
7,031
25
544
403
137
(475)
(25)
-
7,640
3,875
3,765
7,640
1,745
3,344
160
13
169
2,209
7,640
2023
£000
35,194
1,772
36,966		 2022
Total
£000
3,610
2,788
6,398
177
747
344
(94)
(355)
(177)
(9)
7,031
3,516
3,515
7,031
1,706
3,108
148
19
189
1,860
7,031
2022
£000
36,565
(1,371)
35,194

20 Memorandum of Unapplied Total Return

29

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

21 Reconciliation of consolidated surplus for the year to net cash inflow from operating activities

Surplus for the year
Adjustment for non-cash items
Depreciation
Investment management costs
(Gain) on investments
(Increase)/decrease in stocks
(Increase)/decrease in trade and other receivables
Increase/(decrease) in creditors
Pension costs less contributions payable
Adjustment for investing or financing activities
Investment income
Interest payable
Loan fees paid
Net cash inflow from operating activities
22
Cash flows from investing activities
Non-current investment disposal
Investment income
Endowment funds invested
Payments made to acquire non-current assets
Total cash flows from investing activities
23
Cash flows from financing activities
Interest paid
Total cash flows from financing activities
24
Consolidated reconciliation and analysis of net debt
At 1 July
2022
£000
Cash and cash equivalents
6,880
Borrowings: Amounts falling due
after more than one year
Unsecured loans
(29,905)
(23,025)		 Cash
Flows
£000
(1,837)
-		 2023
2022
£000
£000
2,243
(1,157)
1,318
1,266
118
89
(4,359)
(1,207)
20
(5)
(78)
(311)
220
330
(261)
296
(1,081)
(659)
1,206
1,206
4
4
(650)
(148)
2023
2022
£000
£000
8,026
7,400
232
109
(5,500)
(3,660)
(2,739)
(1,724)
19
2,125
2023
2022
£000
£000
(1,206)
(1,206)
(1,206)
(1,206)
Other non-
cash
changes
At 30 June
2023
£000
£000
-
5,043
(4)
(29,909)
(4)
(24,866)		 2023
2022
£000
£000
2,243
(1,157)
1,318
1,266
118
89
(4,359)
(1,207)
20
(5)
(78)
(311)
220
330
(261)
296
(1,081)
(659)
1,206
1,206
4
4
(650)
(148)
2023
2022
£000
£000
8,026
7,400
232
109
(5,500)
(3,660)
(2,739)
(1,724)
19
2,125
2023
2022
£000
£000
(1,206)
(1,206)
(1,206)
(1,206)
Other non-
cash
changes
At 30 June
2023
£000
£000
-
5,043
(4)
(29,909)
(4)
(24,866)
(1,837) (24,866)

30

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

25 Financial Instruments

Financial Instruments
2023 2022
£000 £000
Financial assets
Financial assets at fair value through Statements of Comprehensive
income
Listed equity investments 40,494 43,527
Other investments 35,778 27,028
Financial assets that are equity instruments measured at cost less
impairment
Other equity investments 1,725 1,725
Financial assets that are debt instruments measured at amortised cost
Cash and cash equivalents 6,179 8,863
Debtors 305 417
Financial liabilities
Financial liabilities measured at amortised cost
Loans 29,909 29,905
Trade creditors 393 401
Other creditors 1,128 1,092

26 Capital commitments

At 30 June 2023 future capital expenditure authorised and committed amounted to £2,219,000 (2022: £1,451,000)

27 Lease obligations

At 30 June 2023 the College had annual commitments under non-cancellable operating leases as follows:

Land and buildings
Expiring within one year
Expiring between two and five years
Expiring in over five years		 2023
£000
30
120
145
295		 2022
£000
30
120
175
325

31

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

28 Pension Scheme

In addition to the defined contribution scheme for assistant staff the College participates in two defined benefit schemes, the Universities Superannuation Scheme (USS), and the Cambridge Colleges Federation Pension Scheme (CCFPS). The total pension cost for the year ended 30 June was as follows:

USS: Contributions
CCFPS: Charged to income and expenditure account
Other pension schemes: Contributions		 2023
£000
7
94
93
194		 2022
£000
557
140
84
781

University Superannuation Scheme

At 30 June 2023, the latest available complete actuarial valuation of the Retirement Income Builder was at 31 March 2020 (the valuation date, which was carried out using the projected unit method.

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

The 2020 valuation was the sixth valuation for 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. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ration of 83%.

The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles).

CPI assumption Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from 2040 Pension increases (subject to CPI assumption plus 0.05% a floor of 0%) Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.75% p.a. Post retirement: 1.00% p.a.

1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from 2040

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the Scheme’s experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

2020 valuation

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality CMI 2019 with a smoothing parameter of 7.5, an initial addition of 0.5% p.a. and a long term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females.

The current life expectancies on retirement at age 65 are:

2023 2022
Valuation Valuation
Males currently aged 65 (years) 24.0 23.9
Females currently aged 65 (years) 25.6 25.5
Males currently aged 45 (years) 26.0 25.9
Females currently aged 45 (years) 27.4 27.3

32

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

28 Pension Scheme (continued)

A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate will increase to 6.3%. The 2023 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

2023 2022
Discount rate 5.52% 3.31%
Pensionable salary growth 2.00% 2.00%

Cambridge Colleges Federation Pension Scheme

The College operates a defined benefits plan for the College’s employees of the Cambridge Colleges Federated Pension Scheme (CCFPS).

The liabilities of the plan have been calculated at 30 June 2023, 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.

The principal actuarial assumptions at the balance sheet date were as follows:

2023 2022
% p.a. % p.a.
Discount rate 5.20 3.80
Increase in salaries 3.30 3.25
Retail Price Index (RPI) assumption 3.40* 3.45*
Consumer Price Index (CPI) assumption 2.80* 2.75*
Pension increases in payment (RPI max 5% p.a.) 3.30* 3.30*
Pension increases in payment (CPI max 2.5%) 2.05* 2.05*

*For 1 year only, we have assumed that RPI will be 9% and CPI will be 7% (2022: 11% and 9% respectively). The caps under the rules are applied to assumed pension increases.

The underlying mortality assumption is based upon the standard table known as S3PA on a year of birth usage with CMI_2022 future improvement factors and a long-term rate of future improvement of 1.25% per annum, a standard smoothing factor (7.0) and no allowance for additional improvements (2022: S3PA with CMI_2021 future improvement factors and a long term future improvement rate of 1.25% per annum, a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expectancies:

Members are assumed to retire at their normal retirement age (65) apart from in the following 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 commutation factors in these calculations.

33

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

28 Pension Scheme (continued)

The amounts recognised in the balance sheet as at 30 June 2023 (with comparative figures as at 30 June 2022) are as follows:

Market value of plan assets
Present value of plan liabilities
Net defined benefit (liability)		 2023
£’000
9,455
(12,869)
(3,414)		 2022
£’000
11,114
(14,632)
(3,518)

The amounts recognised in the income and expenditure account for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Current service cost
Administrative expenses
Interest on net defined benefit liability
(Gain)/loss on plan changes
Total charge		 2023
£’000
129
22
134
-
285		 2022
£’000
175
22
106
-
303

Changes in the present value of the plan liabilities for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Present value of plan liabilities at beginning of period
Current service cost
Employee contributions
Benefits paid
Interest on plan liabilities
Actuarial losses
(Gain)/loss on plan changes
Present value of Scheme liabilities at end of period		 2023
£’000
14,632
129
15
(590)
548
(1,865)
-
12,869		 2022
£’000
19,016
175
15
(521)
339
(4,392)
-
14,632

Changes in the fair value of plan assets for the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Market value of plan assets at beginning of period
Contributions paid by the College
Employee contributions
Benefits paid
Administration expenses paid
Interest on plan assets
Return on assets, less interest included in profit and loss
Market value of Scheme assets at end of period
Actual return on plan assets		 2023
£’000
11,114
408
15
(590)
(31)
413
(1,874)
9,455
(1,460)		 2022
£’000
13,117
405
15
(521)
(29)
233
(2,106)
11,114
(1,873)

34

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

28 Pension Scheme (continued)

The major categories of plan assets for the year ending 30 June 2023 (with comparative figures at 30 June 2022) are as follows:

Equities
Bonds & Cash
Properties
Total		 2023
49%
38%
13%
100%		 2022
52%
34%
14%
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 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

Return on assets, less interest included in income and expenditure
Expected less actual plan expenses
Experience gains and losses arising on plan liabilities
Changes in assumptions underlying the present value of plan liabilities
Remeasurement of net defined benefit liability recognised in OCI		 2023
£’000
(1,874)
(9)
(1,116)
2,981
(18)		 2022
£’000
(2,106)
(7)
(832)
5,224
2,279

Movements in net defined benefit asset/(liability) during the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows:

(Deficit) in Scheme at beginning of year
Recognised in Profit and Loss
Contributions paid by the College
Remeasurement of net defined benefit liability recognised in OCI
Surplus/(deficit) in plan at the end of the year		 2023
£’000
(3,518)
(286)
408
(18)
(3,414)		 2022
£’000
(5,899)
(303)
405
2,279
(3,518)

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 2020. 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 21 May 2021 and are as follows:

These payments are subject to review following the next funding valuation, due as at 31 March 2023.

Defined Contribution Pension Schemes

The College operates a defined contribution pension 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 £93,000 (2022: £84,000) of which £Nil (2021: £Nil) was outstanding at the year end.

35

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

29 Principal subsidiary and associated undertakings and other significant investments

Subsidiary Company

At 30 June 2023 Robinson College held an investment in the following companies:

Subsidiary Undertaking Holding Proportion of Country of Nature of
voting rights Incorporation Business
Robinson College Enterprises Ltd Ordinary 100% United Provision of
Kingdom conference
facilities
Robinson College Developments Ltd Ordinary 100% United Provision of
Kingdom development
facilities
Robinson College Investments 1 Ltd Ordinary 100% United Investment
Kingdom activities

30 Contingent Liabilities

With effect from 16 March 2007, the Universities Superannuation Scheme (USS) positioned itself as a “last man standing” scheme so that in the event of an insolvency of any of the participating employers in USS, the amount of any pension funding shortfall (which cannot otherwise be recovered) in respect of that employer will be spread across the remaining participant employers.

31 Related Party Transactions

Owing to the nature of the College’s operations and the composition of the College Council and Governing Body, it is inevitable that transactions will take place with organisations in which a College Council or Governing Body member may have an interest. All transactions involving organisations in which a member of the College Council or Governing Body 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 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. Fellows are billed for any private catering. The Trustees remuneration is overseen by the Finance Committee or Remuneration Committee as appropriate.

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

From
To
£1
£10,000
£10,001
£20,000
£20,001
£30,000
£30,001
£40,000
£40,001
£50,000
£50,001
£60,000
£60,001
£70,000
£70,001
£80,000
£80,001
£90,000
£90,001
£100,000
Total		 2023
Number
7
-
1
1
2
2
-
1
1
2
17		 2022
Number
4
2
2
1
-
1
2
-
1
1
14

The total Trustee salaries were £635,000 for the year (2022: £580,000)

The trustees were also paid other taxable benefits (including associated employer National Insurance contributions and employer contributions to pensions) which totalled £178,000 for the year (2022: £152,000)

In addition the College has provided loans to its fellows for personal use that amounted to £Nil (2022: £Nil) at the year end, and are included in debtors.

36

DocuSign Envelope ID: E9222A5E-00AF-47AB-A547-B86BE1D82496

Robinson College

Notes to the Accounts

Year Ended 30 June 2023

31 Related Party Transactions (continued)

The College has a number of trading and dormant subsidiary undertakings which are consolidated into these accounts. All subsidiary undertakings are 100% owned by the College and are registered and operating in England and Wales.

The College has taken advantage of the exemption within section 33 of FRS 102 not to disclose transactions with wholly owned group companies that are related parties.

37