DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 ROBINSON COLLEGE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• Index Page No ColK8ge Details 2-5 OperatiTrJ and Financial Report to the and Governing Body Corporate Governan ststement of Internal Contro Statement of the Responsibllrt￿S of th8 Co118ge's Charity TnKs18es 9-11 Independent Auditor5. Report to th8 Couwl GoVern￿g Body of Robinson College 12-17 statement of Principal ACCOUn￿"r￿j P￿￿•$ 18 Consolidated Statement olCempr•hensiv• Inc¢me and Expendrture 19 Consolidated Statement of Changes in Re$¢r¥es 20 Consolidated and Colleg¢ 891once Shget 21 Consolidated Cash Fl¢w Ststtmènt 22-36 Notes to thè Aeeounts DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• College Details Addre88 Robinson College Grange Road Cambridge CB3 9AN Règistsred Charlty Numb•r 1137494 Charity Trustees IMemb&r8 of Councill Sir R N Heaton Prof R C Love (appointed 1 October 20241 Dr S Annett F Brockbank (resigned 13 Juty 20251 R G Reason lappointed 14 Juty 20251 Dr S Cheung nee Archer Dr A Corovic (appointed 23 October 20241 Dr R Fell I￿s￿Jned 30 September 20241 Dr E A O Freer lappointed 1 October 20251 Prof G A C jOr￿S Prof G S Kaminski Schierle Dr l Kavedzija Dr J P Lar550n18ppoint¢d 1 October 2024, oswJn•d 30 September 20251 Dr P Murray Dr P J Newton (appointed 1 October 20241 Prol P N Scholiekl Dr B D Sloan Ir8svJned 30 September 20251 Profess(Y The Baroness J E Smith of Newnharn (appointed 1 October 20251 Dr J R Thurfow Dr C Warner S￿denl represeniatsves." A Fischer (appointed 13 November 2023, resigned 24 November 20241 A Myal118pp￿Thlsd 7 November 2023, resigned 10 N0vern￿r 20241 M Un9￿85 (resigned 1 July 20241 S Ahrned lappoinled 11 Nov8rnber 20241 J Stachyra iappoinied 25 No￿rnber 20241 W M¢Laughlin (appointed 14 November 2024. resigned 5 July 20251 sgnior Offi¢?r• Warden.. Sir R N HealoTr Senior Tutor.. Dr S Annett Finance Butsar.. Mrs F Brockb8nk 10 13 Juty 2025 Mr R G Reason frorn 14 Juty 2025 Prln¢Spal Advl8or•'. A¢¢uarl•• CarNvrighl Group Ltd Suite 7, 2nd Floor. The Hub IQ Farnborough Farnborough Hamp5hiro GU14 7JP Auditorn PEM Audit Limited Salisbury House Station Road Cambridge CB1 2LA Bankers Bardays Bank plc 9111 st And￿w$ Street Catnbiidge C82 Soll¢ltors Taylor Vinlers LLP Merlin Place Mliton Road Csmbridge, CB4 ODP ills & Reeve LLP Botan￿ House 100 Hills Road Cambndge, CB2 1PH DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• Operating and Financial Report to the Council and Governing Body Yèar ondod 30 June 2025 Aim5 and objectiV8s of the College Founiled in 1977 as a place of religK)n. e£lu(•tion. kamiNJ an¢J ￿searCh aNJ named in memtsry tsf the benets¢tor, DavKI Robinson. the College i8 a self-goveming ¢ommunrty of Fellows a￿1 s¢lKJlars and one of the 31 Col￿ge$ of the University of Cambridge. The College funds its chartsble objectives from a￿deMiC fees. Student residen￿ and c8terirg charges. Incorr* from conferences arKI Invesbnents. arKI frun d￿ationS and legacAe> A Colkge of Robinson's svle requires a svzeable investment portfdio to support its charrtable objects. maintain the estate and absorb the rernoval of increases in the reguL4ted fee for a nurnber of Yea￿ without reduung the quality of t education il offers or Ils support of research. Being a young College, it dces not yet have this syze of portfolio las 8130th June investment a5set5 arnounted lo £87ml. To add￿sS this the coll￿ has a dear strategy that inter-locks the three rnain drivers of investment growth being the retum on rts inve51rnents, fundra15ing and its operating re5utt. The Ion9-term aim is lo produce an operating result of zero befo￿ donations for the general use of College but after fully providitvj for the re￿a￿ment of buildings in Operati￿al use and to be ush fiow posibve before Investment activity The pandemic $i9nificantly disruptsd progress towar(l$ this aim. Public 88nofit Statsment In accordance with its Stalules. the College s charitable Pu￿$s￿ is to 8¢fvanc8 education, K88mir¥J, research and r81igion through the provision of a College in the University ol Cambridge. The Co118ge provide5, in conjunction wrth the Unwersrty of Cambndge. an education which is recogni58d intemational as being of the highest standard. Th15 education develops students academically and advances their leadership qualities and Interpersonal slills, and so prepares them 10 play lull and elfectsve roles in soc*ty. In parbcular, the Colleg• provides.. teachin9 facilities and individual or Smal￿roUp supervoion. as well as pastoral. admiThi$trative and academic support throu9h rt$ lutoriol and 9radugte mentoriThJ sy$tem$'. social, cultural, musical. recreational and sportir¥J facil.1￿$ lo enable each of its students to realije a$ much 89 possible of their academic and personal potential whilst studying al the Cc4kge. The College at#vances researth through". provldlng Research Fellowships to OLtslaThJing aCadern￿ at the eaty stages of their careers. which enabl8s th&m to develop and focus on their ￿Search in Ihis lomialwe peri¢xl beth tt￿y undertake the full teaching and adminislralive dutEs of an acadern￿ post.. Supporting ￿search work pursued by its olher Felows Ihrowh promoting interath'cffj aw$$ di$¢ipline8. providir facilities and providing grants for national and intemaiK)nal confe￿£￿8. research Irips and research materials.. encouraging visit5 frcrn OLrtstsnding acad￿￿$ from abroad,. and encouraging the dissemination of ￿search uThtsrtaken by of ts￿ Col*e through the publication of papers in academic joumals or other surtable me?￿. The col￿ge maintsins a Library, so provK1ing a valuable ￿￿￿r¢e for students and Fellows of the College. members of other College$ and the University of Cambn¢JJe more widely. extemal scholars and researchers. The m8rnbers of the Colkg8, both students and academic Staff. are the primary tenefiuaries and are directty engaged in education. learning or re588rch. Hi)wever, benefioaries also Indude st￿lent$ and academic staff other Colleges In carnb￿ge and the Universty of Cambridge MO￿ WKlely. vi$rting academr$ from other higher edu¢atKJn insbtuts.ons and alumni of tt)e College who have an opportunty to attend e(lucational events at the Col* OT use its a¢adetni¢ fatslityes. In order to assist undergraduates ents"Iled to student support the College provides. through a scheme operated in o)mmon with the University and other Colkges, bursary support for those of liniled financial means. To 5UPPOrt the costs of postgraduate5, the Col*ge PTovides 5ubstsntial finanoal SUPFK>rt. This includes scholarships to fund fees and Iwing cost5 and'top-up funding to fill lundiry shortfa115 ITI students. funding packages. In a￿dit￿n to its other programnw. the Colkge operates a scheme for students in r*ed of finanual supwrt. DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• Operating and Financial Report to the Council and Governing Body Yèar ondod 30 June 2025 To raise educational aspiratson and attraLI ￿Jtstsnding aFS)licants who rnyht not otherwise have considered applying to Robinson College. the College operates an outreath prLyr3tnme. prLKJrarnrne InCIL￿e5 a 5ene5 of vi51ts to schod5, visits by schools to the College, open days. adrnissions symp)sia ftsr teachets as well as 9uidants and information on the Cdlege website for prospective applicants. The Coll4e maintains and $uprJ)rts the Chapel as a rAace of ￿1￿1￿$ worship and hokl$ religious Servi￿ both during the week and on Sundays during tem). whith are open to the general public and visitors. It al$0 maintains an outstanding choral tradition through the College's Choir which indudes students of the ColK8ge, stL&Sents from other college5 and Senior Membe￿. All m8mber5 of Colleg8, of any farth or none, are wekome to use th8 Chapel for quiet rnedrtat￿n or pr8yer. Flnan¢lal porfomian¢• The adjusted operating deficit of the c￿￿9e. excludiThJ gains on in¥estn*nts. decreased in the year by £0.6m. 2025 £￿00 2024 £'ooo Net r8POrted Unrestricted donations Operating Ideficill Pension ¢o$l adju$trngnls Privats placement Inlewst Adjusted operating Ideficall 832 1.181 13491 13981 618 1.365 417 3211 166 614 769 The adjusted d¢fieil has improved ytsar On year. however th• main financial ChaI￿n￿ the Collegè shares with other slmilar Inslitulion$ is the lack ol Increase In the reguLaied home undergradua* tuilion fee. which has been frozen at th• same level for a number of years latthousth a sligttt increase is Set for 20251261. In a hKJh Infiabon environm8nl this ro particularly challen9ing. Totsl incom? de¢wo$gd by 6% and incorre before donalions endownwnts In￿¥$￿d by 2%. In¢om¢ from f increased by 3% due to unregulated fee increases and inccme frcrfn conferences rernained consistent at £1.6m. Academic fee income received arnounted lo £3.301.CN)O. The full costs of education were £5,484,000. The shortfall of £2.183,000 was found frorn the College's other income and unreslrKted reserves. Salary wage costs of College Officers. College Teaching oificers and supporl staff amounted to £5,905.000 which 15 an increa88 of 15Qk. This 15 mainly due to the USS credit1£547kl In 202Y24, and b8iNJ fulty Stalled In 2024125 c<¥npared to 2023124 when th8r8 were difficutties fulfilling roles. Ca•h and Ca•h Flow Cash in¢rea$ed by £0.1m during the year. from £4.9m to £S.Om. **nd on capital projects remained $ignfficant durin9 the year due lo ongoing work related lo the water i￿Jre$S projecL This multi-year. multi-rnillion POU￿ prqecl is lo rnainlain the rnain College buildirrfj but it presents a svJThificanl financial challenge as the cash flow fundiThJ required far exceeds the cash available from 0￿ratiOnal acti¥itNes. The College plan5 to undertak8 th8 next phase of woth5 next surnrner. induding Ihose to Front Court and the ￿'nIng Hall roof. While the project Is not tied to a fixed bffte1ab￿, Ihis SKJntFrant investrnent will enhan￿ and pre5eTve the building for the long temi The College continues to plan for the works to be funded partty through invesbnent portfolio as Qui￿d, while also Seeking donabon in¢(Mne to the call on investrnent fvnds. A totsl of £1.8M12023124. £1.5ml was withdrwn from the invesbnent portfokn durirg the year to fund these works. Investments The year-end value of the inveslmenl portfolio was £87M, an increase of £3.8M. The return on invest￿￿nt for the year wss 8.9%. The College's investments a￿ oveFseen by aft Investment Committee of 8. indvding 3 extemal members Between meetings an Executive Ctyrmittee which indudes the Warden and the Inveslment Offior a￿ empowe￿ to lake de¢ision$. The COl￿ge,$ investments a￿ divwsified across marftets and asset dasses. The College invests part of tr portfolio in illiquKI assets.. however, rt ahvays keeps sthfIc￿n( cash to meet any foreseeable inYnedu9te needs. DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• Operating and Financial Report to the Council and Governing Body Yèar ondod 30 June 2025 Support Receivod This year the College received £1.2m in donatK)ns and new end¢y•mients to aiLI its teachiry and ￿$earth actwities. The COll￿e 1$ very grateful to all tyonors who have he¥wl rt to ftjthl rts charitable objects. Fundralslng The College seeks donations from alurnni and other IndividuaLs, as well as from foundations and corporations. All fundraising activity is adrninistered by the Cowe's D8V81went Office or under the College s supervisDn. ¢apltsl and Re8erw•s Capitsl and reserves increased by £5.7m thring the year to £130.7m. AI 30 June 202S the col￿ge had £86.8m in unwtiicte(I reser¥e$ 12024.. £84.2ml, the majority of which are inve$ted in fixed assets of £71.Sm12024 £70.&nl. Expenditure on rnaintenance and improvements amounted to £2.7m 12024.. £2.7ml, inthding £2.1m 12024.. £2ml of capital expenditure. Prlnclpal rhka and uncortalntlos The principal risks arKI uncetsinties of Ihe Colbg6 are." 111 Fee income. The ￿gUlated h(me undergraduale fee income 1$ £9.250 (c￿￿ge Share £4.6251 and ha$ remaingd at that level for a nurn￿r of years. The Colkge's principal co$t$ are $alary related and therefore subject lo salary inflation. Other operating cosls are also currently subject to significant inflationary rise5 (including. for exampk, utility costs). In summary. the Col*e has the chalbngg of an in¢reasing ¢osl b88e lo maintain whilst the regulated hcrne undergraduate fe8 level remains fixed. 121 Poslgrsduato l•• inttffjo. Postgfdduat•s ar• largoty ov•rsoas stud•nts arwj hav• a th0￿* of not on University bul country. 131 The conference busine$$ provides a key source of Inc0ft￿ aThJ was severdy disrup￿ by the pandemic. Si9nrfiunt progress ha$ been made over Ihe past four years in ￿￿VIkIlng conferencing income. but uncertainty remains over how quickty, and lo WW exlent. we rebuik1 our ￿nferen¢ing Income stream to pre•andemic levels in a hKJhly compelibve market. 141 The Co118ge's rnain buildirrfJ 15 in rn8d ol m4or and diSrup￿.¥e m8in*narK8 wo￿, wrth work scheduled to be ternpleted over a number ol years. Atthough this Is an expen51ve project to fund and ther8 15 the risk that In thè course ol doing this work more i5sue5 are h4entrfked. and the cost5 could further incr88se. Inflation is a150 8xpected to 5vJnific8ntty irnpact on th8 OV8r811 cost of Ihè MU￿Year prqèct 151 Although the College has a long.lerm ¢>prtal expendilure pbn locusse(l on buikjing renewal and Improvement, the nature of the buildiNJ$ L8 such that Ihere is Ihe wtenbal for U￿XpeCted issues to arise that may require significant expen￿rtu￿. 161 The Colege parbcpates in Ihe Universrtie8 Superannuation Scheme IUSSI for relevant employees. which 18 'lasl man standing. defined benefit pension scheme. The College has a relatively small number of stherr rnernbers but there is a signrficant arnount ol uncertainty around eK8ments of the scheme. induding future contributs'on rat8S. 171 There are a number ol key individuals who arv cnlical to the owr3tion of the College and as it is a relativety small organisation there 15 a r￿￿ that tlEre is not sufficient cover for those key roles Should the indwiduals be unavailable for any ￿8$on. Resourtsry has been s￿ng￿ened in s¢me key aws but In common wrth other smaller organisations we bear more risk in this area than those wrfh larger headcounts. DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8ga Operating and Financial Report to the Council and Governing Body Yèar onded 30 Jun8 2025 Outlook The College starts 2025r26 In a eonfi(lent posrtion. eLIucati￿oI a￿1 ￿leM1¢ mission remains our main dri￿n9 for￿. The Pegasus Scholarship progranmne is In its fourth year. and is proviry to be a pradical and Valuab￿ groundin9 for its partiopants as they prepa￿ for tl*ir university ￿￿r$. Meanwhile. we have ¢onlinued to Improve the range of seNi¢es, opportunrties and ¢onversabons that albw all of our st￿ents to thrive here at Cambridge and after their graduation. And we have welcx)med a number of new Fellows who have joined us over the past 12 months - adding to our teaching strength, our research excellence, and ￿Jr Interdisciplinanty. All of these Initiatsves and developmènts hava been made possible by the gen8rosty of our alumni and frEnds. ar8. as ever, profoundly grateful to all our donors and benefactors. We aL50 Started the year by warmly welcorning back a new FinaKe Bursar. Mr R05s Reason, In his second tenure in that role. Ross preceded and now succeeds Fiona Brod(bank. who seryed for seven yeats and to whom we are grateful. Our programme of works and prqects for the years ahead Is necessarily ambibOUS. We a￿ buikling. renewing and repairing for the present., bui we are also planning aThJ investing for Col*ge's futu￿ n￿$. Robinson College offers an inspiring student experi8rv, in a wam and magnificent setting. It is a ttjllege that ble￿$ excelbnt leaching. a lively. inlerdi$aplinary and inclugve ¢uhure, and an enthuso$trc embrace of sport al all level$, and of th8 perfoThning and w5U81 arts. W8 approach our half-C8ntury with prth and ￿bitIon. Rlehard H•aton Warden 0410 04 December 2025 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• Corporate Govemance Yèar ondod 30 June 2025 The following statern￿nt provKled by the Trustee5 to enabk reader5 of the finanaal statements to obtain a better understanding of the arrangernents in the Col￿ge forthe management of its resour￿5 at¥J for audit. The College Is a registere£l charrty (Wiste￿ number 11374941 and subJ"e¢t to regulab.on by the Chanty Commission for England ar￿1 IAlales. The members of the Countjl a￿ the tharity trustees and a￿ respon$ible for ensuring Com￿lance wrth thanty bw. The Trustees are advised in carying out ts dUt￿S by Ihe folk)wng Committee5.' academic expenses, widenir access and adrni5sions, archives & records. audit. bursanes. chaFel. devebpment. education. fellowship. financ8, gardens, health and safety. Inveslment, IT, joint liaison. library, rnernbership, remuneration, financial assistanc8, disciplinary, visual art5 & desvJn, SCR, USS, suslainabilty. w8bsile, and wi￿. The prinopal officers ofthe COl￿e are the Warden. the F￿aTh￿ Butsar and the SenK)rTulor. It Is the duly of the Audrt Committee lo advise the Trustees on Ihe appointsnent of extemal auditors.. to review the annual accounts and Consider reports sut*nitted by the auditr>rs. lo make an annual repDrt to the Trustee$ and Goveming B￿y. There are Registers of Interests ol trust885 and dedarations of interest are mad8 Systematically at Council and committee meetings. The COl￿ge,5 Trustee5 durirrfJ the year end•J 30 Jun8 2025 are set out on page 1. DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• Statement of Intemal Contro15 Yèar ondod 30 June 2025 The Trustees are responsible for maintaining a sound System of intemal that 5UFPOrt5 the achievement of policy. airns and objectives while safeguarding the and other fvnd5 atvj assets for whth the Couwl and Goveming ￿Y are responsible. in accordan￿ wth the CollBge's Statrjtes. The system of intemal (ontrol is desvJned to manage rather than eliminate the risk of failure to achieve poli¢ies. aims and obje¢tives', It the￿f(￿e provides ￿8$On8t￿e but Th)t absolute assuran￿ of effe¢b"vene$$. The systern of inlemal contrd is designed to Identfy th8 principal rsks to the achievement of poliues, airns and objectives, to evaluate the nature and extent of those nsks and to manage them efficientty, effectively and economically. This process was in place for the year ended 30 jur￿ 2025 and up to the date of approval of the financial statements. The Trustees are responsib￿ for reviewiNJ the eltecb.vew tsf system of internal control. The followiNJ processes have been established al A system of commth$ incluJin9 an Audil Commrttee that monrtor the Cdle9e's perfomiance against lesal requirement$ and good pradre. bl Systems are in place to ensure the finanaal is of a high quality and to ansure Ihe Trustees coM￿Y with charity law and other regulations. cl Where possible th8r8 1$ 8 segregation of duli85 Irom athoris8tion to cornpkfr'on and review. Th• Truste•s' r•v*w ol tho *ffOdiveness ol tr• systthn of irtt•mal control is Infomi•d by tho wort ol thè various Committees. Bursar and Col￿ge offI￿r$, who have responsibility for the developnent and maintenance of the internal contrd Iramework. and by comments made by the extem￿ aLxJilors In their management letter and other reports. DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Coll8g• Statement of Responsibilities of the College's Council and Goveming Body Yèar ondod 30 June 2025 The Council in conjunL*on with the Goveming BLYJY 15 responsible for preparing the Annual Report and financial staterDents In accordance with apwIicab￿ law and Unrted KingdLKn Accounbng Standar¢J5 (United Kingdotn General A¢¢epled A¢¢ounbng Pffjcti￿l. The College's Statute$ and the Stslutes and (kdinan￿s of Ihe Llniversrty of CwnbrKlo* requi￿ that the Counfil in coniun¢tion with the Governing ￿Y prepare Ihe fina￿la1 stateTh￿nts for each financial year which give a true and fair view of the state of affairs of the College and of the surpkns or de￿it of the co1￿9& for that period. In prepanng these financial statements Ihe cour￿11 in conjunction wth lh8 Governing Body is required to.. Select suitable accounting FO1￿leS and apFty them CO￿lStenly,. Make Judgements and estimates that a￿ ￿&sonab￿ and pr￿lent". stste whether applicabb attounbng Sts￿ardS hav6 been followed. Subject to any material departures disclosed and explained in the finanrjal slatements.. and Prepare the financial slalements on Ihe going conc8m Iwis unkns il B inappropnate lo presume that th? College will continue in cp8ration. The Council in conjunction with the GovefflirrfJ body is responsib￿ lor keeping proper accountr'rvj records which disd05e with reasonable accuracy at any lirne the financial posilion of the College and lo ena￿e them to ensure that the financial stalernent5 comply with the Statutes of the Universty of Cambridge. They a￿ aLso responsib￿ for Safeguarding the 8s5els of thè College and hènce for iaking r•asonabl# st•ps for thè preVent￿n and deiectstsn Df fraud and other irregularities. **Independent Auditors’ Report to the Council and Governing Body of Robinson College** **Independent Auditors’ Report to the Council and Governing Body of Robinson College** **Independent Auditors’ Report to the Council and Governing Body of Robinson College** DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Statement of Principal Accounting Policies Year ended 30 Jun8 2025 Basis of proparation The finanual statements have been prepa￿ in a¢¢orfan￿ wth the prtsvi$w)ns of the Ststutes of the Col￿ge and of the University of Cambridge. USI￿ the Recommended camb￿ge College A¢counts IRCCAI fomiat." and applicable Unite Kingdom A￿OUnting Standards. in¢ludiNJ Finan¢•l Repo￿￿￿ Standard 102 IFRS 1021 and the Statement of Recommended PraCtr.￿ ISORPI." A¢cwnting for Further aThJ Higher Education issued In 2019. The Stalernent of Comprehensive Inco￿￿ and Expenditure Includes activty analysis in order to d8rnon5trate th8t all fee income is spent for educational purpos85. The anaty*s required by the SORP is set out in note 7. The College is a public benefit enbty and the￿fore has aP￿￿d Ihe re￿vant publK b8nefft requi￿rnent of the applicable UK laws and accounting standards. Golng ¢on¢ern The Tru$lee$ have prepared forecasts for ￿ per￿￿ ¢0 2027 which have been stress testsd based on a number of 8¢9nario$ and hov¢ ¢¢n$hle￿d th9 impact upon Colle9e arKI tts ￿$h resour￿ and unre$trKt9d resgrves. Based upon their review the Trustee5 ￿lIeVe thal th8 Group will have suffiuent resources to meet it5 li8bilities as they fall due for the fore58eab18 lulure and therelore have continued to adopt the gThng concem basi5 in preparing the financial ststèrnents B481¥ of aceountlng The finanoal statements have been prepared under the histori￿1 cost con¥enbon. modrfied in respect of the treatment of Investments which are Induded at valualon. 8a•i• of con$olldation The consolidated financial State￿￿nts incbjde Ihe Colkge and it5 sUbs￿l8ry undertaking5. Detai￿ of the subsidiary undertaking5 included 8re sel out in note 28. Inlra-group balances are eliminated on consdidation. Th• consolidatecj finanaal stat•ments do not indud• th• actiwt*$ of Sludant sociai*s as t￿$• ar• s8P8rat• bodiès in which the Colb9e has no financial Interest arn1 over whose pdiey ¢Joo"sK)ns It has no control. R•cognltlon of In¢om• Ac8demic fees Academic fees are recognised in period to which they relole and indude all fee$ thargeable to $tudents gr their sponsors. The cost8 of any fees waived or written oll by the College we included as expenditure. Grant incom6 Grgnt5 rec8ivèd Irom non4Jov•mm•nt strjrtss lirtbjing r•s•8reh gvants frcffj nowJv•mmènt soureèsl arè r•eognisèd within the Consolidated Statelnent of CuHpreheDsiv& IncMi& and Expendilurts when the Collogts ts antitlod to the incom• and perfoman¢e ffjlated Cond￿On$ have been met. Income ￿￿1Ve￿ in alIvan￿ of perfomance relared condrbons ts defer￿￿ on balance sheet and released lo the Consolidated Statement of Comprehensive Income and E￿ndrtUre in line vAlh such rxjnditions being met. Don8lions 8nd erthwm8nts Non exchange transactions without PerfOman￿ related conditions are donations and endowrr*nls. Donations and endowrents wrth donor-irnposed restrictions are reccgnised within ¢he Consdk4ated Siatemenl of Comprehensive Income and Expenditure when the College Is entided lo the incorne. InCc￿￿ 15 retsined within restricted reserves until such lime that it Is utilised in line wilh such ￿trictIOnS at which wint the inc(me Is T*ased to general ￿ServeS through a reserve Iransler. tk)nations and endowments wrth re$tri¢tion$ are dassrf*d as restricted reserves wrth add￿"0nal disclosure provideé witt)In the notes to the accxiunts. 12 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Statement of Principal Accounting Policies Year ended 30 Jun8 2025 Recognition of incoffle Icontinuedl The￿ are four main types ofdonations and &￿￿￿y￿niS restri¢bon$: Restricted donati￿s- the donv has speofied that donats.on must be wd for a pa￿"cUlar obie¢tive. Unrestr¢ted permanent endowments - the donor has specifed that ts￿ fuThJ 1$ ts) be pem)anendy invested to generate an Income stream for the general benefit of Ihe College. Restricted expendab￿ endowTnents- Ihe donor has SP8crf￿ a particular obJ"ective and th8 Colkge can convert the donated surn into Incorne. Restricted peThanent endo%4Tn8nts - the dO￿r has specified that the fvnd is to b8 p8miarftntty invested to 98nerate an inccAre stream to be applBd to a particuL8r 04ecti¥e. Donations with no ￿$triCt10n$ a￿ re￿rded wthin thtr Consdtyyated Statement of Comprehensive Ineome and Expenditur• when the College 1$ entl￿e￿ lo Ihe income. Inveslment tnGom8 end Chan￿ in value of inveslment 8&$0ts Investment income and change in value of investrnent 8ssets 1$ refxjrded ITh ino)me in the y88r in which il aris&s and 88 either restricted or unrestnded Income according lo the lemis or other ￿$tricI.0n$ applied lo the individual endowment fund. Toial retuffn The Colleg8 invests its investment portfolio and alkncat&s the related &amiThJs for exFenditure in ac￿rdanC￿ with the lot81 rtturn concept. The Income cr8drting polry 15 70% of the prior year loial r81urn ineomo ladjusièd for CPII plus 30% of th• avera9e optrning Invtsiment balancts lor the pasi 3 years at a spending rate of 3.5%. Olherincom8 Income 1$ received from a rar9e of actIv￿"e8 includirg o￿nM￿jaIW. utering conferen￿$ and other 6ervi¢e$ rendered. Cambridge Burs8ry Scheme In 2024-25, payment of the Cambndge Bursar￿5 to elvJTbk students was rn&8e directy by the Stuthnl Loans Company ISLCI. As a consequence. th8 Cdlege reirnbur58d the SLC for the full amount paid lo their eligible 51udent5 and the College 5ub58quently received 8 contnbuI￿Th Irom the Unl¥•￿Ity of C*nbridge toward5 th15 P3yrn•nt. The net payment of £143,1Th1 is Shown wrthin the consol￿ated Statement of C(mprehensNe Incom8 and Expenditure as follows.. In¢ome18ee nots 11 Expenditure £98.L £241,0 Forelgn currency tran81allon Transactions denominated In foreign ¢sJrr¢ntios am re¢tsrded at the rate of exthangè ruling at the éaitr of the transactions. Monetary assets and liabilities denominated in fOre￿n cU￿en￿O$ are translat8d into sterfing at y8ar 8nd rates or, wherè there are fotward foreign exchange contract5, at contracl rates. The resulting exthangtr difforonctys ara degm with In th8 determination of the wmprehensive In￿Me and eXWndibJ￿ for the finanual year. Fixod a$••ts L8nd and buildings Fixed assets are stated at deemed cost ￿s5 accumulated deprecIatic￿ and accJJrnulated impaimient105se5. Certain items of f￿ed assets that had been revalued to lair value on or prior to the date of tranSl￿.0n to FRS 102, are measured on the basis of deerned cost, being the revalued arnount at the date of that revaluaticfi. Whert parts of a fixed asset have ￿tffe￿nt useftjl INes. Ihey a￿ accounted for as separate rtems of fixed assets. Costs incurred In relation to land and bU1￿1n9$ after inth.al purchase or ¢￿StruCtion, and wor to valuation. are capitslised to the extent Ihat they Inttease the exr*ded futu￿ benefrts to the Col*e. Freehold land is not depreuated as it is consk1ered to have an Indefinite useful life. Freeho￿ buildings are depreciated on slraight-line basis over their expected usefijl lives of 70 years. They are valued on the basis of Iheir depreciated replacement cost A review for impairment of a fixed asset Is caThEd out rf events or change5 in afcum5tances indicate that the carrying amount of a fixed ass8t rnay not b8 r8coverable. 13 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Statement of Principal Accounting Policies Year ended 30 Jun8 2025 Buildings under Con5tWct￿n are valued at cost. based on value of architects. ￿rtfficate5 and other direct costs incurred. They are not depreciated unb"I they aTe brwghl ifjto Use. Land held specifically for develoKmert InvestN*nt aThJ subseq￿nI is included in Current assets at the lower of cost and nel ￿811$able value. The cost of addrtions to operational property shcmn in Ihe balan￿ $heet i￿￿leS the ujst of land. All other a$set$ are capitalised and depreoatad over thwr expected useful lrfe as fdlow5'. Library bocd(s Fumiture and equipment Catenng equipment Information Technology 10 years 15 years 10 years 4 years L68sed 8ssels Leases in which the College a8surnes s￿)$￿￿ti81￿ all the risks and reward6 of ownernhip of the based asset are clas$ified as finance leases. Leased assets acquired by way of finan(x ￿aSeS are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at In¢epb"on of the lease. less ac¢umulated depre¢ialion and less 8coJrnulated impairment bsses. Lea58 payments are accounted for as de5crib8d below. Minimuffl lea58 payrnen15 are apportioned belween the financ• charge and the reduction of th8 outstanding liability. Th• finance charge is allocated to each penod dunThJ Ihe ￿se term 50 35 lo produce a constant periodic rate of Interest on the r•m8ining balsneè of th• liabilty. Costs In respect of operatin9 leases are char9ed on 8 6traight41￿ basis the lease teTh. Any lease premiums or Incentives are spread over the minimum ￿8$e temi. erit899 8$8ets The College dogs not hold ony ag*ts that $houkJ bg do$8od ￿ hent•39 as¥gts. Inveetments Fixed asset investments aro includ•d in tho balan¢* s￿1 ai lair valu•. trxcw for invostrnants in subsidiary undertakings which affj slated In the Cdlege's balance sheel at cosl aThJ eliminated on consolidation. Investrrenls that are not Iisled on a recognised slod( exchan9e are camed ai lair valuo whtsre a reliabl& ostsmate can b8 mada otharwise. they ara carnod at histori￿1 cost less any provi$vn for impairnenl in their Wal￿. Slo¢k• Stoeks are stated al th• knwèr ol cost ènsy Mt rèaltsablè valu• aft•r m&%ing provisi¢)n for $I>*4 moving And Obsolete itoms. Provision8 Provisions are recogniseLI when the COl￿e has a present kgal or construujve oblKJabon ès a resutt of a past event, it Is probable that a transfer of econ(*nic benefrts will be requi￿ lo setlle the oblwjation and a ￿lIab￿ e$tmale Can be made of the amount of the obligation. Contingent liabiliti88 and a88ets A contingent liability arise5 from a past event that gives the Cc4* a possible 0￿￿Ja￿on wh058 existence will only confirmed by the ocuJrrenc8 or Other￿Se of uncertain fijture events, wholty within the control of the College. Conlin9ent Iiabililie5 a150 arise in orcurnstances where a pro¥Asion would otheTw15e be rnade but eithei il is not probab that an outtlow of ￿SoUrceS will be requi￿ or amount of the oNigab"on Cannot be Measu￿ reliabty. A ¢ontingent asset arises W￿re an event has taken pla￿ that gNe$ Cdlege a possible asset whose existence will only be confi'rrred by the occurrence or olherwse of ￿n¢￿ts1n future events not whcAly wrthin the Control of the College. Contingent assets and liabilib'es are not recoJnis*J in the balaTr￿ sheet bul are disdosed in the notes. Financial instruments The College has e￿cted to adopt SeL*ons 11 a￿1 12 of FRS 102 in respect of the recognition. Measu￿rnent and d15d05ure of financial instrurnents. Finan￿al assets and liabilthes are recognised when the College become5 party lo the ¢ontradual provision of the in$twment and tw a￿ dassrfed a¢o)rdin9 to the substsn¢e of the COntra￿u81 arrangements entered into. 14 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Statement of Principal Accounting Policies Year ended 30 Jun8 2025 A financial asset and a finanaal Iiabilty are offset onty when therE ￿ a legally enfor￿able rym to Set off the recognised arnounts and an intenbon ertherto settle on a Det bask%. ￿ to rpalise the asset and selle the liatx.lity 5irnuttaneousty. Flnan¢lal assets Bas￿ financial assets Indude tra¢Je and other receivables, cash and ¢a$h equlva￿nts and Investments In ¢ommer¢ial paper li.e. deposits and bonds). These assets are initialNf recognised at transaction pric£ unless the arrangement constitutes a finanung transacthJn, where the transxlion Is measured at the present value of the future receipts discounted at a market rate of Interest. Such as581s are subsequently carried at arnortised c05t Using the effective interest rate method. Finanaal assets sre assessed for Indicators of Impaimient at each reporting dale. If there is objective 8vidence of impainrenl, an irnpairn18nt loss is recogn￿￿ in th8 Statem8nt of Comprehensive Incom8. For financial assets Carried at amortised ¢ost the impairment loss is the difference beiween the carying amount of th asset and the present value olthe esbmated future cash flows. di$￿unte(l at Ihe asser$ Original effective interest rate. Other financial a¥￿ts, indUd￿9 invesbnenls in equity instruments. which are nol $ub8idiarie$ orjoint ventur8$, a￿ initially measured at fair valu8 which is ty￿Ca1ty the transactKJn price. These assets 8re subsequ8nlly carried 8t fair value and changes in fair value at the reporting date are re¢ognised in the Statement of CoMp￿hen$1ve Inwme. IAn)ere the investrnent in equity instruments is not publKty traded and where the fair value cannot be reliably measured, the assets are rnea5ured al cost les5 Irnpairnent. Investrnents In property or other physical assets do not constitute a financial instrument and are not indudèd. Fingncial a55ets are d•-r•¢cgnised when tha contractual its thè cash flows from th• a$s•t èxpio or ar• sotl•d or sub$lantialty all of the risks and rewards ol ownetship arts transftsmed to another party. Fln8n£l¥l Ll•bllltl•• 8a$ic financial liabilit￿¥ in¢lude tr•4e 8nd gther pay8bles. bank loan$ and inlergrovp 108n$. These li8bilities are init181ty recognised al transaction price un￿sS the arrangement constitutes a financing transaction. where the debt instrument 18 measured at the present value ol the future PaY￿￿Trts discounted at a Ma￿et rale of intere51. Debt instrument8 are sub5equendy carried al arnortised cc6t usirrfJ Ihe effectNe interest rale rnethod. F88s paid on th• •stablishm8nt ol loan facili￿$ ar• r•tognis•d as transacbon costs of t￿ loan to 8xt•nt Ihgt it is probable that some Of all of the lac41rty w41 be drawn down. Trade payables are oNi9ation$ to pay for So￿$ fx Servi￿9 that have been acqui￿ In the or4inary course of busine$$ frorn $uppliers. A¢¢¢unt$ payable are classrfied as Cur￿nt liabiliks If payment ￿ (lue within gne year or less. If not. they are presented as non-current liabilit￿s. Trade payables are recognised in￿'alY at trangaction price and $ubsequenUy measured al amorh$ed ¢o$t using the effethve interest rate metht>J. C*rivative5, including forward foreign exchange contracts. are nol b8sie financial instDJments. D8riV8tiV8s are initially r8COgn15ed al fair value on the date lh8 deri¥atTh18 conlract Is ent8r8d Inlo aryj are sub5w4uently r8-measur8d 8t their fair vglue at the reporting date. Changes in the fair value ol derivatives ar0 Tvcogni%d in the Statsrnent of Cofflprehensiv8 Income In finance costs or finanee Inc(me as appropnate, unl&ss tTr￿y a￿ induded in a hedging arrangement. To the extent that the College enters into f(Thard fo￿fjn exchan9e ￿ntraCtS which remain unsettled al the reporting date the fair value of the contracts is revwed at that date. The inibal fair value is rneasured as Ihe Iransacts'on price on the date of inception of the contracts. Subsequent valuats'on5 are considered on the basis of the forward rates for those unsettled contracts al the reporting date. The Cdkge dces not appty any hedge accounting in re$￿GI of forward foreign exchange contracts heky to manage cash flow exposures of lorecasl transactions thnominated in foreign currencies. Financial liabil￿eS are d8-recognised when the liabilty 15 discha￿, carK81K8d, or expires. Taxation The College is a registered charty Inurnber 11374941 and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingty, the College is exempt frcm taxafr'on in respect of incorne or capital gains received within the categOr￿S covered by Section 478 to 488 of ihe Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent thal such incL¥n8 or gains are aPpl￿d lo exdusNely charitable purposes. The col￿ge receives no similar exempb.on in resred of Va￿e A(kled Tax. 15 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Statement of Principal Accounting Policies Year ended 30 Jun8 2025 Contribution under Statute G, 11 The College is liabk to be assessed for ContribUt￿n ur¥Jer the pr￿lor$ of Statute G.11 of the Univetsity of Cambridge. Contribution is used to fund granls to ¢olleges from the col￿e$ Fund. The Iiabilty for the year is as advised to the COll￿e by the University based on an assessable amount denved from the value of the College's assets as at the end of the previous financial year. Pension c08ts The College participates In the UniveTSrties Superannuation Scheme It1￿ sthemel. as$ets of the scheme a￿ held in a separate Irustetradministered fund Because of the mutual natu￿ of Ihe scheme. the assets a￿ not attributed to individual instrtulions and a scherntrwide ￿ntribu￿On Tate is sei The College is therefore exposed to actuarial risks associated with other Insbtutions. employees and 6 unable to Klenb"fy its Sha￿ ofthe undedying assets and Iiabilrties of the s¢heme on a con$i$tenl and ￿aSOnable basis. As requi￿ by Section 28 of FRS 102 'Employee ￿nefitS.. the College therefore accounts for Ihe s¢heme a$ rf It We￿ a defined contribu*on scheme. As a ￿￿1t, the amount charged to the income and expenditure account represents the cnnlributioThs payab￿ to Ihe stheme. Since the College has entered into an agreèment Ith8 Recovery Plan) that delemiines how each employer within the scherne will fijnd the overall defi￿t, the College recognise5 a liability for the contribulions payable that arise from the agreernent Ilo the extent that they relate to the d8ficill with related exp8nse5 being r8cognis8d through Ihe inccffje and expenditure ar￿unt. The Colkg8 partKipates In the Cambndge co1￿5 Federated Pension Scheme ICCFPSI. a defined benefit scherne which 1$ extemally lunéed and until 31 March 2016 was ¢ontra¢ted out of Ihe Stats Second Pension IS2PI. As CCFPS is a federated scheme and the Colle9e is able to Kjentfy 11$ sha￿ of the underlying assets and Iiabilibe$, the College values the fund as require(I by Secbon 28 Empk)yee Benefits of FRS102 'Rel1￿ment 8enefits'. As a resutt. the amount charged lo the Statement of coMp￿hen$￿e Income and Expen￿rt￿￿ repwents the amount calculated under FRS102 guidelines. The College also OFerales defined cOntrib￿lon pension schemes and the pension charge represents the amounts p8yable by the College lo the fiJnd$ in wpg¢t of ygar. Employment benefits Short tern ernploymenl benefits such 35 salarie5 and comp8nsaled absences are recogni58d a5 8n exFense in the year in which the employees renller service to Ihe Col*e. Any unused are acuued and meaSU￿d as the additional amount the College expects to pay as a resuh of the unused enbtsment. R••orv•• Re$erve$ are allocated be￿eeTh wlri¢ted and unreslrthd reser￿. Endowment reserve$ include balance$ whith. in respect of endowrnenl to the Co118ge, are held as pemanent bjnds, whKh Ihe College must hold to P8rpetuity. Re5tric18d reserve5 includ8 balanc85 ITh resFeCt of which the donor has d8svJnated a 5Feafic purpose and therefor8 thè College is reslrict8d In thè use of these funds. Criti¢al Accounting Eslim•t￿ Ind Jud9•m•nts The preparatson of the College's acwunts requi￿ management to make jud9ements. estimates and assumptions that affect the appliGqlion of accounting policies and reported amounts of assets and Ikqbililies. income and expenses. These judgements, eslirnates and associated assumptsons are based on histonr21 ex[erien￿ and other factors. including expectations of fijture events that are beI￿Ved lo be reasonable under Ihe urcurnstan￿. Tf* resulting awounting 8Stirnate5 will, by definition, Seld￿ equal the relaled actual results. Managernent considets tha artas set oul bdow to those where cwitKal accounting iudgemBnts have been applied and the resulting estirnate5 assumptions may to èjjuslments to the future carrying wnount5 of assets and liabilit￿5. Income recognrtion- Judgement is appl*d in (*termining value and timing of certain income rtems to be ￿¢￿nised In the accounts. Thi8 includes detemining w￿n ￿rf0ml8nee related rxjndits.ons have been met and detemining the appropriate recognition b.ming for donats"ons. bequests and legaries. In general. Ihe later a￿ ￿cOgnised when at the probate stage. Useful lives of propety, plant and equipment - Property. plant and equiF￿nI represent a significant proportion of the COll￿e s total assets. Therefore, the estirnated useful lives can have a significant impact on the depreuation charyed and the College's reported perforrnan￿. Useful live5 are detetrnined at the tirne the asset 15 acquired and reviewed iegularfy for appropriatenes5 The Iwes are bas￿ on historical experiences with 5irnilar 35set5, professional advi￿ and antiopation of future events. Details of Carrying values tsf property. pL8nt aThJ equiwieni are shown in note 9. 16 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Statement of Principal Accounting Policies Year ended 30 Jun8 2025 Recoverability of debtors The prowsion for doubl[￿ debts 15 based on COl￿ge,5 estirnate of the expected recoverability of those debts. ASsUrnpt￿￿S are tnade based on the ￿Ve1 of debtors which have defautted historically, coupled with Current e¢onomic knowknlge. The provi$￿Th i% based on the Current situation tsf the ¢ustomer. the age profile of the debt arKI the natu￿ of the amount Investment property- Properbes are ￿ValU&j to their fair value at the reporting ¢Jate by BidwelL8. The valuation 1$ base on the assumptions and Judgements which are mpacted by a varety of factors including marf¢et and other e¢onomi¢ conditions. Retirernenl benefit obligation5 Th8 cost of defined benefit pension plans and other post-employment tÉnefits are determined using actuarial valuations. The actuarial valuabon inVo￿e5 rnaking assurnptions about discount rate5, future salary 1￿c￿aSe5, mortality rate5 and futu￿ pension increases. Due to the complexty of the valuation, the undedying assurnptions and the knng-te￿V nature of these plans. s￿h e$tima*s arE subject to signfficant Un￿rtaInlY. Further details a￿ given in note 27 Management are satisfied that Univer$rt￿9 superannuab.on Stheme meets the definibon of a murti*mployer $¢heme and has therefore rectynised the discounted fair valug of ts contrxtual ContrbUt￿n$ urKler th¢ funding plan in ¢xi$ten¢e at the dale of approwng the a¢¢ounts. The latest USS triennial valuation no knnger require5 a d8fiat recovery plan therefor8 th8 liability that wa5 previously rèeognisèd on thè balanet sh•8t was r•vèrstd in 2024. Furthèr detai￿ a￿ sèt out in not• 27. 17 )r￿￿ ¢ry OGJ* - UJ rrt7J VTr-r4 J (Y - fy (ry WO ￿ ozo DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Balance Sheet As at 30 Juno 202S 2025 ￿)￿OI1da1ed £000 202S College 2024 frjnsolidated £000 2024 College £000 Note Nonrfurrent a$$ets Fixed assets Investments Total non-current assots 71.457 86.756 158.213 71.457 89,016 160.473 70.571 82.969 153,540 70,571 84,823 155,394 10 urrent a$$ets Stocks Tracle and other rec*ivabb8 Cash and cash equivalents Totsl current 8880ts 207 207 1.693 2,674 215 1.590 4.884 6.689 215 1.410 3,057 12 13 4.962 7.029 Ctedltors.. amounts lalllng du• wlthln on• yoar 14 2.108 2.201 1,9 Net curront a880t8 4.921 4.488 Total a8••ts eurr•nt Ilabllltl•8 163.134 163.139 158.028 158,086 Crodltor8'. amounts lalllng du• •ftor mor• th•n on¢ y¢¥r 1S 129.917) 129.9171 129.9131 129,9131 Provl•lon• Pension provisions 16 12.5411 12,5411 13,1411 Totsl net ai#et• 130.676 130.681 124.974 125 032 Rostrfcted r88er¥o• Income and gxpendilure reserve- endowrnenl reserwe Incorne and expenditure re58rve- restricted reserve 17 34.310 34.310 32,388 32,388 18 9.555 43.865 9555 43.865 8.410 40.708 40,798 Unre8trictsd ro•¢VV Incryne an¢ expendituw reserve- unrestricted 86,811 86,816 84,176 84,234 Totsl reservo8 130.676 130.681 124,974 125,032 The financial 51atemenls were approved by the Counc*l and Goveming and Strjr￿d on 118 behalf by.. dwl Richard Heaion Warden Date.. 04 De￿rnber 2025 The notes on page5 22 to 36 form part ofthese accounts DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Consolidated Cash Flow Statement Year ended 30 Jun8 2025 2025 £000 2024 £000 N•t ¢a$h Inllow Irom operdllng a¢tlviliè$ 11.1661 11.0391 Cash flows from Investing activits.es 21 2.452 2.085 Cash flows frorn financing activities 11,2081 11,2051 Increas8lldecrea581 in cash and cash equlvalvnts In the year 78 159 ash and cash equivalents at beginning of the year Cash and ¢¥$h equlvalents #i end of the ye•r 4.884 4.962 5.043 4.884 13 The notes on page5 22 to 36 forni part ofth8se accounts 21 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 Academic fees and chargos 2025 £000 2024 £000 Colleges fees". Fee Income received at the wulated undergraduate rate Fee Income re￿iVed at the unregulated undergraduate rate Fee Income received at the postgraduate rate 1.389 1.402 799 902 929 3.203 3,103 Cambridge Bursaries Incom8 98 102 Total 3.301 3.205 Income from accornrnodation, catering and confvrenc8S 2025 £000 2024 £000 Accommodation memt•rs Conferen￿$ Colle9e memters Confewces 3.351 690 601 939 3.115 722 Catering 918 Total 5.581 5.397 Endowmont rotum and InvMkn•Dt Incomo 2025 £000 2024 £000 An4ly•l• Total return contribut￿n Isee rnt8 3bl Other interest receNab 2.783 261 2.751 243 Total 3.064 2.994 3b Summary oftotsl r•lum 2026 £000 2024 £000 Income from". Land and bU1￿1n9$ auoted and other securities and cash Gainslllossesl on investment assels.. auoted and other $e¢urth and ￿$h 7.641 9.153 Inve5trnent management Costs Iste Th)t8 3el 13131 12901 Loan interest 17361 17361 Totsl return for year 7.400 9.075 Total return transferred to inccme and expenditure reseNe 12.7831 12.7511 Unappliod total retum for y•ar included within Statement of Comprohensivo Incorne and Expendilure Iseo note 191 4.617 6.324 Inv881ment management costs 2025 £000 2024 £000 Quoted securibes a￿1 other invesbnents 313 290 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 Education oxpendituro 2025 £000 2024 £000 Teaching Tulonal Admissions Research Scholarships and awards Other educational facilit'es 2.852 1.008 475 288 614 247 2,837 927 473 212 559 232 Total 5.484 5,240 A¢¢ommodotlon. ¢atsTrlng and ¢onl•r•nu$ •xpondltyr• 2025 £000 2024 £000 AcccfflmodAtion Cdlege rnert>èrs Conference5 Catering College rnembe Conlerenc•s 2.607 552 1.845 751 578 2.154 734 Total 5.7SS othor Expondltur• 2026 £000 2024 £000 Academic Administration College Olficers Domestic Services FRS102 pension schemes interest cha Inve51rnent management fees and admlnK5tra￿C Loan Interest Other general and administrat￿n Private placement f£es USS pansion interest char 16 278 108 125 166 313 1.208 59 16 140 110 134 290 1,205 55 15 Total Analys18 of 2024126 expendliure by acllvlty stsft Other oporating expen80• Inoto 81 £000 Deprnci•tion £000 Total £000 Education Ac¢(mmodation. caterin9 and conferences Other Change in USS pension def￿1 recovery proviS￿n contributions 2.$19 2.370 $95 5.484 3.1))3 383 5.755 2.277 58 Totals 5.9J5 6.212 Expenditure includes fundraising costs of £334,973. Thi5 expendituTB includ85 the CLX8t5 of alumni relations. DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 7b Analysis of 2023124 exponditure by activity Staff costs Inote 81 Éooo Other operntsng expenses £000 Dep￿ClOt￿on Èooo Totsl £000 Education Accommcéation, catering aTrJ conferences Other Change in USS pension deficit recovery prov15ion contributions 2.310 2.252 574 714 5,240 5,970 1.919 2,313 15471 15471 Totals 5.153 6.481 1.342 12.978 Expendrture indud&s fundraising costs of £3￿.308. Thk% expendrture indudes the eosts of alumni relations. Auditors, remun•ration 2026 £000 2024 £000 Other operating expenses include.. Audit fees payab18 to the Col*e's ex18m81 auditor¥ Other fees payable to the Colkg8's external audrtors 51 47 staff costs Non- #cademie 2026 Total £000 2024 Total £000 Con#olldat•d Atadeffllc £000 Stsff ¢o•t•'. Salaries National Insurance 1.208 114 3.897 379 5.105 493 440 Pension ¢gsls INole 161 Net change in USS deficit recovery provision Isee Note 161 Total Ptrnsion Cost 120 187 307 321 15721 120 187 307 12511 Based on the 2025 valuation ol the Unwersrt￿s Superannuaiion Schem8 IUSSI. th8 Impact ol the net change In the USS deficrt recovery provTsion is a credit of £Nil12024.. £572,574). Thi$ comprises a non- cash Crail resulting from the ¢haryJe In assumptions. including di$¢ount rate. of £NIl 12024.. £547.2161 and ¢a$h ￿ninbu￿or* made lo the deficit In the year of £NIl12024 £25.3581. Average Jlaff n￿beTr 2026 Nurnb8r of Full time Fellow Equr¥alent Average stsff number% 2024 Number of Full tirne F•llo equivalont Academic Non-acadwnic 52 122 117 Total 122 52 117 At the balance sheet date lhe￿ We￿ 81 rn￿berS of &)veming 8(ty. During the year the average number receiving r￿)uneratIOn was the 50 shown 8bove. The number of offi￿r$ arKI emrAoyees rjf the Colkge. in¢hKling Head of House. who ￿￿Died remuneration in the following ranges was.. 2025 Totsl 2024 Totsl £100,001- £110,00) £110,001- £120,000 £120.001 - £130,000 £130.001 - £140.OCM) 24 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 Staff costs Icontinuodl Key management petsonnel Key management personnel are tIKJ$e persons having authorrty responsibility for planning, d1￿c￿n9 and controlling the actwities of Colkge. The￿f0￿. the Tfustee$ who Indude the Warden, Senior Tutor arKI the Finan￿ Bursar are the key management person￿1. The a99regatsd ￿M￿neratIon pai to key management personnel consists of salary. employe¢$ national Insurance ¢ontnbutions. employer's pension contributions, plus any taxabk b8neffts either paid. payable or provided, gross of any salary Sacrifi￿ arrangernents. 2026 £000 2024 £000 Aggregated Emoluft*nts 643 The Trustees r•cwved no remunerati¢)n in th?ir ¢apatsty as Trustees of the Charrty. 8b P•nslon colts Th• total Per￿lI)n Cost indud•d in Staff costs for th• y•ar Is•• rtot• 881 was". Employer ¢ontributlon8 2025 Provlsloni (Not• 161 2025 Total 2025 Employer ¢ontribution8 2024 Provliion• Total 2024 INot• 181 2024 £000 £000 £000 £000 £000 £000 uss CCFPS Other Total 120 71 120 71 118 307 149 70 102 321 15721 14231 70 102 12511 307 15721 Tanglble Flxed A8a•ts Conoolldatsd and Colleg Furniture fittln98 and •qulpm•nt A88ets under Fr•ehold Lan Freehold bulldin91 Llbrary Book• Totsl £000 £000 £000 £000 £000 £000 Co•t As at 1 July 2024 Additions at cost Transfers Disposals As at 30 June 2025 4.885 76,369 1.911 283 283 167 12831 2.946 212 262 84,545 2.290 207 2.951 207 86,628 4.685 78,563 167 262 D¢pre¢l¥tlon As at 1 July 2024 Charge for the year Written back on revaluation Disposals As at 30 June 2025 12.233 1.122 1.s57 251 184 26 13,974 1,399 202 1.606 202 15.171 13.355 210 N•t l>ook v¥lu• As at 30 June 2025 As at 30 June 2024 4.fj85 4,685 65,208 64,136 167 283 1.345 1.389 52 78 71,457 70,571 The insured value of freehokl land and builaings as at 30 June 2025 was £l08,￿9,36012o24..£99,786.485l DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 io Investments Consolidated and Coll8go on501idat8d 2025 College 2025 £000 onsolidated 2024 £000 College 2024 £000 As at 1 July Additsons Disposals GainsllL05sI Increase in cash balanc8s hekj at fvnd managers 82,969 4.901 110,7981 7.642 2,042 84.823 4.g)1 110.4191 7.669 2,042 TT.063 6.322 111,4891 9,152 1,921 78,767 6.322 111,4891 9,302 1,921 As at 30 June 8fj.756 89.016 82.969 84,823 Represented by". Quoted securitieslunrt Irustsihedge lunds Cash with a9enls Works of art Other inve$lment$ Investment in Subskliary und¢rtakiThg$ 3fj.752 36.752 39.427 3.051 263 40.228 39,427 3.051 263 39,763 2,319 263 44.647 263 44.S88 2,319 86.7 89.016 82.969 84 823 11 8to¢k• Consolidatsd 2026 Collego 2025 £000 Consolidated 2024 £000 Co1￿98 2024 £000 Goods lor resale 207 207 215 215 12 Trade and other rnc•lvablo• Consolidated 2026 College 2025 £000 Consolidated 2024 £000 College 2024 £000 Members of the College Amounts owed by Subs￿18ry ompany Other receivable5 Prep8yrnent8 63 104 104 322 1,475 155 1,475 376 1,110 1,110 1.693 1,590 1,410 Included in prepayrnent5 and accru8d incorne above is £573k12024". £64C*I due in more than onè. 13 Ca¥h *nd ¢a¥h •quivalents Con$olid•t*d 2025 Colle9e 3025 tooo Con$olid¥t¢d 2024 tooo CO1￿9¢ 2024 £000 Bank deposit5 Current accounts Cash in hand 2.672 4,882 3,055 2.674 4.884 3,057 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 14 Croditors.. arnounts falling due ¥￿thin one year ¢on$olidated 2025 ¢011¢9e 2025 Èooo ¢on$olid•ted 2024 £000 ¢tslleye 2024 £000 Trade creditors Members of th8 College Arnounts to sub5hliary company Universty fees Other c￿dItorS Accruals and deferred income 376 376 90 79 340 159 340 159 137 32 820 850 32 472 850 692 413 950 2.108 1.￿8 2,201 1.990 15 Credltoro.. ¥mounts t¥lllng du• aftor mor• th•n ono y••r Con•olidatsd 2025 £000 Collog• 2025 £000 Con•olidatsd 2024 £000 Collego 2024 £000 Long term bank IoBn Other loans 4.OC4) 25.917 4,0 25,917 4.000 25.913 4,(K)O 25.913 29.917 29,917 29.913 29.913 Tha long-tsm bank loan is lor rnpaymont in 2047 at a fix•d ini•r•st rattr of 5%. During 2014 the Colle9e borrowed £6m from i￿titu110n8l Invest￿ in a private placement done collectivety with other College$, allhoygh the College's loan is separate Irom those of the other$. The loan$ unsecured an repayable during the period 2043-2053 and a￿ al fixed Intewt rates of approximately 4.4%. The Colle9e h8S agreed a financial covenant of the r81io ol borrwngs to a$8els. and ha$ been in complian¢¢ with the covgnant at 011 times since incurring Ihe debt. During 2016 the College bO￿Owed a lurfher £20rn from inslitutiofial inve5tor5 in a Priva* placernent schemè. The loan Is unsecurtd and repayable in 2046 and 1$ at a fixed interest rate of 3.68%. 16 P•n•lon pro¥l8lon• ¢on8olld•t•d and Coll•g• CCFPS £000 uss £000 2025 £000 2024 £ODO Balance at Èeginning of year 3.141 3.141 3,971 Movement in year". Current service cost Contributions Change In expected ¢onlnbutions Other finance wst A¢tuanal Igainllloss Net change in underfying assumptions (see Note 81- Change in underlying assumptions USS defiot contributions payable 121 15131 121 15131 123 13961 161 13691 161 13691 11791 15471 1251 Balance at end of year 2.541 2.541 3.141 27 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 17 Endowment funds Restricted net assets ￿￿ting to enLltMments a￿ as f(AlM". Re8tri¢tsd pernlonent endowments Unrestri¢tsd pemian¢nt endowments 2025 Totsl £000 2024 Total £000 Con8olldated and Colleg• £000 £000 Balance at beginning of year Capital 5,355 27,033 32,388 29,678 New donations and endowrnents 51 51 179 Increaselldecreasel In market value of Investments 367 1.871 2.531 Transfer Balance at end of year 5.773 28.537 32.388 Analys18 by type of purpos•: Scholarship Funds Prize Funds Hardship Funds 8ur$ary Funds Other Funds General endownents 2.419 2.419 344 283 309 2.418 28,537 2.262 323 268 292 2.210 27.033 283 309 2.418 28.537 5.773 28.537 32.388 Analy•l• by 4••ot Property Inve$lm?nts Cash 5.434 339 26.862 1.675 32.296 2.014 31.197 1,191 5.773 28.537 32.388 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 ie R8Strictsd R8sewv8s Reserves with ￿$t￿ctiOnS a￿ as folk)*%". PÈmian¢nt un$pent and other re8trictod incomo Capltal grants unspent Re8trlcted oxpendable endowTr8nt 2026 Totsl £000 2024 Total £000 Consolidated and Collog• £000 £000 £000 Balance at beginning of year Capital A¢cumulate(l inu)me 278 1.243 4.166 2.723 3.875 3.765 3,966 1.521 6.889 8,410 7,640 New grants 501 New donation$ 98 740 836 360 Endowment retum Ir8nsferraJ 231 232 463 442 Increase in market value of investments 15 383 398 531 Expendrtu 12341 14931 17271 IS191 Capital grants uti118ed 15011 Transfer 174 173 1441 Bal4nce at end of y•ar 1.805 7.750 ComprisiThJ Capital Aeeurnulated incomt 323 1.482 4.549 3.201 4,872 4,683 4,444 3,966 1.805 7.750 Anaty•l$ ol olh•r r••tii¢tsd fvnd•ldonatloM by typ• of ww• Fellowship Funds Scholarship Funds Prize Funds H8rdship Funds Bursary Funds Other Funds 2.299 2.895 136 2,299 3,918 231 1,816 3,880 179 15 125 2,615 1,023 95 39 135 2.285 174 2,929 1.805 7.750 0,555 8.410 19 Memornndum of Unapplied Totsl R¢tum 2025 £000 2024 £000 Unapplied total retum at beginning of year Unapplied total retum for the year 43,290 4.617 36.966 6.324 Unapplied total retum at end of year 47.907 43.290 DoGusign Envelope ID." 07AF1CDO-F352425E4700SCA939EEC3B7 Robinson Collage Notes to the Accounts Year ended 30 Jun8 2025 20 Reconciliation of consolidated surplu5 forth? yoar to not cash inflow from oporating activibes 2025 £000 2024 £000 Surplus for the year 5,338 8.117 Adjustment for non-cash item8 Depreciation Inveslrnent management costs GainllLossl on endowents. donations and investrnent proFerty GainllL05sI on non-current fixed assets Increaselldecreasel In stoths In¢￿8$e￿Idecre3sel In trade and ot￿r recwvables In¢￿aSe1