2025-06-30-accounts - The Principal And Fellows Of Newnham College

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NEWNHAM COLLEGE CAMBRIDGE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Registered Charity No. 1137512

Royal Charter Company No. RC000384

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Contents	page
PART 1: ANNUAL REPORT
Introduction and Summary Financial Results	3
Professional Advisers	4
Charity Trustees	5
Objects and Public Benefit	6
Operating and Financial Review	8
Corporate Governance and Statement of Internal Control	20
Responsibilities of the College Council and the Governing Body	21
Independent Auditor’s Report	22
PART 2: FINANCIAL STATEMENTS
Statement of Principal Accounting Policies	25
Consolidated Statement of Comprehensive Income and Expenditure	33
College Statement of Comprehensive Income and Expenditure	34
Consolidated and College Statement of Changes in Reserves	35
Consolidated Balance Sheet	36
College Balance Sheet	37
Consolidated Cash Flow Statement	38
College Cash Flow Statement	39
Notes to the Accounts	40

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

INTRODUCTION

Newnham College is one of the 31 colleges in the University of Cambridge. It was founded in 1871, and received its Royal Charter in 1917. According to the College’s Charter, Statutes and Ordinances, only women can be admitted as junior members (students) or elected as senior members (Fellows).

The College admits full-time undergraduates studying for the University’s Tripos degree courses; and postgraduates (predominantly full-time, but some part-time) studying for Masters, PhD and other postgraduate degrees, diplomas and certificates. The total number of full-time students as at 1 December 2024 was 611 (2023: 651), comprising 4 foundation year students, 414 undergraduates and 193 postgraduates (2023: 5, 426, 220). There were also 20 part-time postgraduates (2023: 17) and 85 postgraduates writing up or under examination (2023: 79). The College’s Governing Body had 62 Fellows as at 1 October 2025 (2024: 61), most of whom who are active in teaching and research within the University.

The College occupies a 17-acre site close to the centre of Cambridge, consisting of buildings built between 1875 and 2019, offering residential accommodation to more than 500 students, set in landscaped gardens. The buildings also house a library, teaching rooms, offices, shared eating spaces (dining hall, buttery, café), meeting rooms, common rooms and a gym.

The College is a Registered Charity, regulated by the Charity Commission; and is registered with the Fundraising Regulator.

These accounts are presented in the format of the Recommended Cambridge College Accounts (RCCA), which complies with the Further and Higher Education SORP (Statement of Recommended Practice: Accounting for Further and Higher Education).

SUMMARY FINANCIAL RESULTS

The financial statements consolidate the activities of the College and the College’s two subsidiaries: Newnham College Ltd (used for commercial conferencing activities) and Newnham College Management Ltd (currently inactive).

Total operational income for the year was £12.23m (2023-24: £11.84m), which included £3.84m (2023-24: £3.93m) in academic fees; and £5.88m (2023-24: £5.32m) from accommodation, catering and conferences. In addition, £2.69m (2023-24: £4.16m) in donations and legacies was received; and £4.20m (2023-24: £3.98m) of endowment return was transferred following the College’s total return rule. The gain on investments was £4.16m (2023-24: £11.95m).

Total operational expenditure for the year before pension provisions and loan interest payments was £16.08m (2023-24: £16.02m) including depreciation, or £14.28m (2023-24: £14.23m) excluding depreciation of £1.80m (2023-24: £1.79m). Of this £14.28m, 50% (£7.20m) was on staff costs (202324: 49%; £6.93m). The Statement of Comprehensive Income and Expenditure (SOCIE) shows total Expenditure of £17.06m (2023-24: £13.64m), including £0.97m (2023-24: £0.98m) in loan interest payments and after a positive movement to pension provisions of £0.03m (2023-24: £3.39mm).

The College’s investment portfolio was valued at £138.63m as at 30 June 2025 (30 June 2024: £135.87m); and the balance sheet and the cash flow statement show £1.74m of cash as at the same date (30 June 2024: £0.78m).

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

PROFESSIONAL ADVISERS

Auditors

Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Bankers

NatWest Group plc Petty Cury Branch 21 Petty Cury Cambridge CB2 3NE

Investment Advisers

Stanhope Consulting (part of Stanhope Capital) 35 Portman Square London W1H 6LR

Property Managers

Carter Jonas LLP One Station Square Cambridge CB1 2GA

Newnham College Sidgwick Avenue Cambridge CB3 9DF 01223 335700 www.newn.cam.ac.uk

Charity registration no. 1137512

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

CHARITY TRUSTEES

The members of the College Council act as the Trustees of the charity. The College Council meets at least nine times in a year (three times per term). In the financial year 2024-25 the following were members of the College Council:

Four College Officers ex officio

Miss Alison Rose Principal; Chair of the Council Dr Barbara Blacklaws Vice-Principal Dr Sheila Watts Senior Tutor Mr Christopher Lawrence Bursar; Secretary of the Council

Eight Fellows elected by the Governing Body

As at 1 July 2024: Dr Sinéad Agnew Dr Carol Atack Mrs Alice Benton Dr Kate Fleet Dr Caroline Lanskey Dr Cath Lindon Dr Delphine Mordey Professor Yael Navaro

As at 30 June 2025: Dr Carol Atack Mrs Alice Benton Dr Kate Fleet Dr Caroline Lanskey Dr Letizia Mortara Professor Yael Navaro Professor Helen Taylor and one vacancy

Junior Members elected by the MCR and JCR

As at 1 July 2024: Pauline Eller (MCR) Chloe Hambleton (JCR) April Wells (JCR)

As at 30 June 2025: Pauline Eller (MCR) Cara Pearson (JCR) Madeleine Russell (JCR) Leah Schmidt (MCR)

Governing Body

The Governing Body, comprising all Fellows of the College in Categories A to E, is required by the College Statutes to be responsible for the approval of the annual audited accounts. The Governing Body, which meets at least five times in a year, is chaired by the Principal and a Fellow is the Secretary. There were 62 Governing Body Fellows as at 1 October 2025.

A full list of the Governing Body Fellows can be found on the College website at: https://newn.cam.ac.uk/about/people/principal-governing-body-fellows

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OBJECTS

The College’s objects as they appear in the Royal Charter were revised in 2019 and read:

(a) To further public benefit by providing a liberal education and promoting learning and research through the provision of a college for women within the University of Cambridge.
(b) To do all such other things as are incidental or conducive to advancing education and learning among women in Cambridge and elsewhere.
(c) For the purposes above to receive and apply donations from persons desiring to promote the objects of the College.
(d) To invest the moneys of the College not immediately required in any securities or investments which may from time to time be authorised for the purpose by the Council.

PUBLIC BENEFIT

The Trustees on appointment are provided with a link to the Charity Commission document ‘Charities and Public Benefit: Summary Guidance for Charity Trustees’, and are reminded at least annually of its recommendations and requirements. The College provided in 2024-25 an education for 611 (2023-24: 641) full-time students (foundation year students, undergraduates and postgraduates), in conjunction with the University of Cambridge, 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:

teaching facilities and individual or small-group academic supervision for undergraduates;
pastoral, administrative and academic support for all students through its tutorial and mentor systems; and
social, cultural, musical, recreational and sporting facilities to enable each of its students to realise as much as possible of their academic and personal potential whilst studying at the College.

The College advances research mainly by:

providing Research Fellowships to outstanding academics at the early stages of their careers, which enables them to develop and focus on their research in this formative period before they undertake the full teaching and administrative duties of a permanent academic post;
supporting research work pursued by its other Fellows through promoting interaction across disciplines, providing facilities and providing grants for national and international conferences, research trips and research materials;
encouraging visits from outstanding academics both from other UK institutions and from abroad; and
encouraging the dissemination of research undertaken by members of the College through the publication of papers in academic journals or other suitable means.

The College maintains an extensive Library (including special collections), thus providing a valuable resource for students and senior members of the College, members of other Colleges and the University of Cambridge more widely, and external scholars and researchers.

The Trustees are satisfied that the College remains compliant with its duty in regard to public benefit. The primary beneficiaries are the resident members of the College, both students and

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

PUBLIC BENEFIT (continued)

academic staff, all of whom are directly engaged in education, learning or research. Other beneficiaries 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 visiting schoolchildren and alumnae of the College who have an opportunity to attend educational events at the College or use its academic facilities. Members of the general public are also able to attend various educational activities in the College (such as public lectures).

As a College in the University of Cambridge the primary beneficiaries are academics and students of the University, all of whom need to meet high academic standards to be appointed or admitted and that requirement stands at the core of its nature. The College admits as students those who have the highest potential for benefiting from the education provided by the College and the University and recruits as academic staff those who are able to contribute most to the academic excellence of the College, regardless of their financial, social, religious or ethnic background.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW

Contents	page
1. Student numbers	9
2. SOCIE: Income	10
3. SOCIE: Operating expenditure	12
4. SOCIE: Other expenditure	14
5. SOCIE: Gain/(loss) on investments	15
6. Capital expenditure	16
7. Balance sheet and Reserves	16
8. Cash flow	17
9. Reserves policy	17
10. Principal risks and uncertainties	17
11. Future plans	18

References in the text below to ‘Notes’ are to the ‘Notes to the Accounts’ on pages 40 to 66.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW

1. STUDENT NUMBERS

The biggest potential variable from one year to the next which affects operational income and expenditure is the size of the student body. The College admits foundation year, undergraduate and postgraduate students, and since 2024 has had a target of 640 full-time fee-paying students, made up of 420 undergraduates (including foundation year students) and 220 postgraduates. The total number of full-time fee-paying students as at 1 December 2024 was 611, somewhat below the target of 640 and which represented a decrease from the previous year (651 in 2023). This total comprised 3 foundation year students (4 in 2023); 414 undergraduates (426 in 2023), of whom 115 were new entrants (116 in 2023); and 193 full-time postgraduates (220 in 2023). The 193 postgraduates comprised 120 Doctoral students (132 in 2023), of whom 41 were new entrants (40 in 2023); and 73 non-Doctoral (predominantly Masters) students (88 in 2023). In addition there were 85 postgraduate students writing up/under examination (79 in 2023); and 20 part-time postgraduates (17 in 2023).

----- Start of picture text -----
700 679
649 651
630
96 611
600 94 94
95
82
500 153 126 126 Continuing
113 111 postgraduates
New postgraduates
400
Continuing
300 undergraduates
307 307 301 311 300
New
undergraduates
200
(incl. FY)
100
123 122 121 120 118
0
2020 2021 2022 2023 2024
Full-time students
----- End of picture text -----

All figures as at 1 December of each year. The undergraduate figures include foundation year (FY) students. The breakdown by fee status for 2023 and 2024 was as follows:

	2023	2024
Undergraduate - Home – New(incl. FY)	98(23%)	93(22%)
Undergraduate - Home - Continuing	257(60%)	243(58%)
Undergraduate - International - New	22(5%)	25(6%)
Undergraduate - International - Continuing	54(13%)	57(14%)
Total	431	418
Postgraduate - Home - New	48(22%)	42(22%)
Postgraduate - Home - Continuing	45(20%)	34(18%)
Postgraduate - International - New	78(35%)	69(36%)
Postgraduate - International - Continuing	49(22%)	48(25%)
Total	220	193

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW (continued)

Until 2020-21, EU students had the same fee status as UK students, known as ‘Home’. Since the 2021-22 academic year new EU students have been charged the (higher) International rate. The effect of this change in fee status for EU students can most clearly be seen in the continuing reduction in New Postgraduates paying the Home fee (42), a decrease from a recent peak of 81 in 2020.

STATEMENT OF COMPREHENSIVE INCOME AND EXPEDITURE (SOCIE)

2. SOCIE: INCOME

The first of the four financial statements is the Statement of Comprehensive Income and Expenditure (SOCIE). All income appears in this statement. Total income before donations and endowments was £12.23m (2023-24: £11.84m), and total income including donations and endowments was £14.92m (2023-24: £15.99m). The treatment of investment income and endowment return should be noted as explained in 2.3 below.

2.1 Academic fees and charges

Of the total of £3.84m (2023-24: £3.93m) under this heading, £3.48m (2023-24: £3.51m) was derived from student fees. These are set out in Note 1 to the accounts.

UK (and previously EU) undergraduates who are eligible for fee loans from the government-owned Student Loans Company (SLC) pay a regulated fee, which since 2017-18 has been £9,250 per annum. 50% of these fees are transferred to the University, and the College retains the other 50% (£4,625 per student). The total income to the College from this source was £1.52m (2023-24: £1.59m), the reduction being due to fewer students. The static nature of regulated undergraduate fee income (£9,000 per annum since 2012 and £9,250 since 2017) against a background of significantly increasing costs has previously been highlighted as a ‘principal risk and uncertainty’ in this review. In 2025-26 the regulated fee of £9,250 increases by 3.1% to £9,535, so the College share increases by £142.50 – this increase does not address the several years of no increase.

Non-UK undergraduates – and UK (and previously EU) undergraduates who are not eligible for SLC loans (generally as a result of having a first degree already) – pay an unregulated College fee, set by the College, in addition to their University fee (which varies by course). For first-year undergraduates in 2024-25, this College fee was £11,525 per annum, which remains unchanged for the duration of their course. The equivalent fees for undergraduates starting in prior years are: £10,975 (for 2023-24 starters), £10,475 (for 2022-23 starters), £9,975 (2021-22 starters), and £9,500 (2020-21 starters). The total income to the College from such students was £918k (2023-24: £778k).

Postgraduate students pay a variety of University fees, depending on fee status and on course choice; but there is no separate College fee in addition. The 31 colleges collectively receive a share of the total postgraduate fees to the University (25%, up to a cap), which is redistributed on a per capita basis. This resulted in a fee of £5,416 per postgraduate student in 2023-24 (2023-24: £5,123), amounting to a total to the College of £1.04m (2023-24: £1.15m), the reduction being due to fewer postgraduate students.

As well as student fees as set out above, the College received £98k (2023-24: £108k) from other colleges in return for Newnham academics supervising undergraduates from those colleges and from the University for a shared academic appointment. £204k (2023-24: £240k) was received as the external contribution to total awards of £342k (2023-24: £415k) paid through the Cambridge Bursary Scheme. £60k was received from the Foundation Year bursary scheme (2023-24: £68k).

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW (continued)

2.2 Accommodation, catering and conferences

The total of this source of income was £5.88m (2023-24: £5.32m), as set out in Note 2 to the accounts. The line in Note 2 ‘Accommodation – College members’ shows income of £3.69m from student rents (2023-24: £3.50m). Undergraduate rents were £187.30 per week (2023-24: £175.00) and postgraduate rents ranged from £160.42 to £192.66 per week (2023-24: £151.00-182.00).

The take-up of the College’s catering offer (Buttery, Café, Formal Halls) by our students is set out in the line in Note 2 ‘Catering – College members’, which shows income of £645k, compared with £808k in 2022-23. The main reason for the drop in income was the abolition of the Kitchen Fixed Charge, a charge that was traditionally made to all those students living in College accommodation.

The Conference business (summer schools, weddings and private events as well as conferences) continued to grow successfully, with income of £1.54m (2023-24: £1.01m). This is an increasingly important part of the College’s income mix.

2.3 Investment income and Endowment return transferred

The SOCIE has two lines for these sources of income, ‘Investment income’ and ‘Endowment return transferred’. Notes 3a and 3b set out further detail. This is an area of the accounts which requires some explanation.

The first line ‘Investment income’ shows income of £2.41m (2023-24: £2.44m). Note 3a shows that £1.84m (2023-24: £1.80m) came from distributions received as income on a quarterly basis from the Cambridge University Endowment Fund (CUEF). Distributions of £318k (2023-24: £407k) from the College’s holding in the Charities Property Fund are also shown, although in reality such distributions are reinvested in the Fund rather than taken as income. The remaining £244k (2023-24: £225k) is from investment properties and bank interest.

The second line ‘Endowment return transferred’ requires explanation:

The total ‘Gain/(loss) on investments’ in the year is shown lower down the SOCIE and shows a gain in value of £4.16m (compared with a gain in 2023-24 of £11.95m). The College operates a total return policy which smooths the distribution across a five-year period to acknowledge that there will be peaks and troughs of investment performance, as illustrated in recent years.

The College’s total return policy makes available for spending an amount based on the average value of the units in the investment portfolio (excluding directly held investment properties) over the preceding five years, which allows for a smoothed approach to drawing down income. The average value of the units over the five years preceding 1 July 2024 was £20.35, so when the drawdown rate of 3.5% as stipulated in the policy was applied to this average unit value (£20.35) multiplied by the number of units held as at 1 July 2024 (6,059,970), the result was a return of £4.32m, which becomes £4.20m after the retention of £116k of the dividend in the endowment. This is set out in Note 3b.

This figure of £4.20m is shown in the Income line in the SOCIE as ‘Endowment return transferred’, split between £1.56m Unrestricted and £2.64m Restricted. These amounts are transferred from the Endowment (this transfer is shown as a negative £4.20m in the Endowment column) to the Unrestricted and Restricted reserves, and are used to fund expenditure in the year. The restricted reserves are used solely to fund education expenditure, whereas the unrestricted reserves are used to fund all areas of expenditure.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW (continued)

2.4 Other income

Other income of £103k (2023-24: £150k) is set out in detail in Note 4.

2.5 Donations and new endowments

Total donations and new endowments of £2.69m were received (2023-24: £4.16m), as set out in Note 5. The following chart analyses donations in a different way, showing the split between donations given in the donor’s lifetime and legacies received from a donor’s estate. (This excludes an annual release from deferred capital grants of £51k):

----- Start of picture text -----
10,000
Legacies
8,251
Donations
8,000
2,965
6,000
4,532
4,106
4,000
1,969
2,180 2,642
2,288 5,286
764
2,000 690
2,563
1,926 1,878
1,598
0
2020-21 2021-22 2022-23 2023-24 2024-25
£000
----- End of picture text -----

This chart shows the unpredictability of donation and legacy income while also highlighting the importance of this source of income. The College has been very fortunate to benefit in this way from the generosity of alumnae, and remains very grateful for this support. Such philanthropic income underpins the College’s continued ability to fulfil its mission: the advancement of education, learning and research.

3. SOCIE: OPERATING EXPENDITURE

The SOCIE shows operational expenditure, but excludes capital expenditure (see section 6 below). The categories of expenditure are prescribed by the RCCA format. Each line of expenditure includes a mix of Staff costs (direct and indirect) and Non-staff costs (direct and indirect). A series of breakdowns within Notes 6 to 19 sets out much of the detail.

Total operating expenditure for the year was £16.08m (2023-24: £16.02m), or £14.28m (2023-24: £14.23m) excluding depreciation of £1.80m (2023-24: £1.79m). The total of £16.08m breaks down as £7.71m on Education (2023-24: £7.56m); £7.61m on Accommodation, catering and conferences (2023-24: £7.82m); and £753k on Other (2023-24: £644k). Notes 6a and 6b set out the detail.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW (continued)

3.1 Education

Notes 7 to 9 give detailed breakdowns of the £7.71m of expenditure on education. Of this total, £3.24m (2023-24: £2.47m) counts as restricted expenditure, which is funded in part by the restricted endowment return of £2.64m (2023-24: £2.34m).

A significant part of the College’s education costs relate to the teaching of undergraduates, in particular undergraduate supervisions, the small-group teaching that is a feature of Cambridge (whereas the costs of providing lectures fall to the University), and Note 7a shows a total cost for Teaching of £2.55m (2023-24: £2.49m). This includes £137k towards the salary costs of shared University Teaching Officer (UTO) posts in Classics, English, Law and Maths (2023-24: £182k).

The next biggest element of education expenditure was on Scholarships and awards (for both undergraduates and postgraduates), which came to £2.35m (2023-24: £2.25m). The College is fortunate to be in a financial position to make such awards, which are largely funded by philanthropy. Note 9 gives a useful breakdown of such awards.

All students, both undergraduate and postgraduate, have a personal Tutor who is responsible for providing non-academic support. The cost of such Tutors is included within the line ‘Tutorial’ and the total cost of the Tutorial and Admissions activities as shown in Note 7a came to £1.80m (2023-24: £1.80m). Research costs come under the heading of Education, and such costs came to £706k (202324: £712k), which includes the employment costs of stipendiary Junior Research Fellows.

3.2 Accommodation, catering and conferences

Note 6a shows how the total costs of £7.61m (2023-24: £7.82m) are split between staff costs and non-staff costs, and between direct costs and indirect costs. Direct staff costs are split between Catering and Conferences in Note 10, and direct non-staff costs are split between Catering and Conferences in Note 11. Accommodation-related costs such as Housekeeping staff are included within the indirect staff costs, because these costs are split across more than one activity.

3.3 Other expenditure

Note 6a shows how total costs of £753k (2023-24: £644k) are split between staff costs and non-staff costs, and between direct costs and indirect costs. Note 12 gives a breakdown of the direct staff costs, which relate to the Margaret Anstee Centre, the Skilliter Centre and the Laidlaw Scholars programme. Note 13 shows the direct non-staff costs.

3.4 Staff costs

Staff costs include salaries, National Insurance, and pension costs.

The three expenditure areas (i) Education, (ii) Accommodation, catering and conferences, and (iii) Other expenditure, all include both direct staff costs and indirect staff costs. Staff costs are analysed in various ways in the Notes. Notes 6a and 17a show how total staff costs of £7.20m (2023-24: £6.93m) are allocated across the three expenditure areas, and some detail is given in Notes 7a and 8 (Education), Note 10 (Accommodation, catering and conferences) and Note 12 (Other) on the direct staff costs in each of those expenditure areas. It is to Note 18 that the reader must turn to understand all the other elements of staff costs which are allocated across the three expenditure areas. Note 18 shows the cost of departments such as Housekeeping, Maintenance, Porters’ Lodge, Gardens, Bursary, Development and Communications.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW (continued)

Further analysis is given in Note 20, which shows pensions costs of £778k (2023-24: £838k) and National Insurance costs of £505k (2023-24: £443k), on top of salary costs of £5.55m (2023-24: £5.35m). Headcount figures (both FTE and non-FTE) are shown. These include casual staff as well as permanent staff.

3.5 Non-staff costs

The three lines (i) Education, (ii) Accommodation, catering and conferences, and (iii) Other expenditure, all include both direct non-staff costs and indirect non-staff costs. Non-staff costs are analysed in various ways in the Notes. Note 6a shows how total non-staff costs of £8.88m (including depreciation of £1.80m) (2023-24: £9.09m, including depreciation of £1.79m) are allocated across the three expenditure areas, and some detail is given in Notes 7a and 9 (Education), Note 11 (Accommodation, catering and conferences) and Note 13 (Other) on the direct non-staff costs in each of those expenditure areas. Note 19 sets out the totals for the indirect non-staff costs.

Among the indirect non-staff costs of £2.97m (2023-24: £3.45m), the largest area of expenditure was utilities (electricity, gas, water) at £767k (2023-24: £1.03m). The increase in utility costs (notably electricity costs) has been of particular concern to the College, but the last year has at least seen a decrease towards the 2022-23 level following a peak in 2023-24, as shown here:

2020-21: £ 369k 2021-22: £ 517k 2022-23: £ 723k 2023-24: £1,033k 2024-25: £ 767k

Maintenance expenditure of £627k (2023-24: £1.04m) excludes capital expenditure, which does not appear in the SOCIE but is shown in Note 24 to the Balance Sheet.

4. SOCIE: OTHER EXPENDITURE

As well as £16.08m (2023-24: £16.02m) of operating expenditure, there are other movements on the SOCIE that contribute to the Total expenditure figure as described below.

4.1 Movement to pension provisions

The College participates in two defined benefit pension schemes, the Cambridge Colleges Federated Pension Scheme (CCFPS), and the Universities Superannuation Scheme (USS). As at 30 June 2024 there were 3 active members in CCFPS and 148 active members in USS (30 June 2024: 3 in CCFPS, 156 in USS). The funding position of these two schemes are set out in detail in notes 42a (CCFPS) and 42b (USS). Pensions represent a significant cost to the College: employer contributions of £1.10m were made in the year (see Note 20) (2023-24: £838k).

The total figure for the movement to pension provisions included under Expenditure in the SOCIE is a positive movement of £32k (2023-24: £3.39m).

The combined CCFPS and USS pension provision as shown on the balance sheet and in Notes 21 & 31 was £886k as at 30 June 2025 (£968k as at 30 June 2024).

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

OPERATING AND FINANCIAL REVIEW (continued)

4.2 Loan interest payable

The College needs to repay loan interest in the order of £1m every year for a number of years (see Notes 22 and 30). The figure of £969k for 2024-25 (2023-24: £980k) comprises £143k for the Buttery/Kitchen bank loan (2023-24: £155k) and £826k for the two private placement bonds (202324: £825k) as described below.

The College took out a 25-year bank loan in 2007 to fund the Buttery/Kitchen project, repayable in 2032. In addition to the interest costs as above, capital repayments of £289k were made (2023-24: £277k). The remaining balance on the loan at the end of the year was £2.50m (30 June 2024: £2.79m).

The College issued two private placement bonds, one for £11.58m in 2013 and one for £7.00m in 2014, with three repayment dates in 2043, 2044 and 2053, and the combined coupon (interest) payments come to £825k per year. These are set out in Note 30.

The proceeds of these private placements were used to part-fund the new Dorothy Garrod Building and its associated fixtures and fittings, which cost a combined total of £34.87m. The coupon payments on these two private placements will therefore remain £825k per year until 2043 (when the first £6.43m of capital has to be repaid). Reduced coupon payments will then continue until 2053 (when the final £5.15m of capital has to be repaid).

4.3 Contribution to the Colleges Fund

The Colleges Fund is a scheme whereby the wealth of all 31 colleges is assessed each year. The better-endowed colleges pay into a central fund, which is then disbursed to the less-well-endowed colleges. Note 23 shows that Newnham College’s contribution to this fund was £38k (2023-24: £25k).

5. SOCIE: GAIN/(LOSS) ON INVESTMENTS

The line ‘Gain on investments’ in the year shows a gain in value of £4.16m (2023-24: £11.95m). This is in addition to the £2.41m (2023-24: £2.44m) of investment income shown earlier in the SOCIE under Income (see 2.3 above and Note 3a), which includes much of the gains in the CU Endowment Fund and the Charities Property Fund in the form of distributions (received as cash in the case of the CUEF and reinvested in the case of the CPF).

Note 3b shows that the total return for the year was £6.56m (2023-24: £14.38m) and shows the interaction between the three lines ‘Investment income’, ‘Endowment return transferred’, and ‘Gain on investments’.

The College’s total return policy smooths the transfer from the endowment across a five-year period to acknowledge that there will be peaks and troughs of investment performance. The College is a perpetual investor, taking a very long-term view of its investment portfolio, and such shorter-term increases and decreases in value are to be expected.

One-year shifts in the gain/loss on investments can obscure the true financial picture. If one compares the line ‘Total income before donations and endowments’ showing £12.23m (2023-24: £11.84m) with the line ‘Total operating expenditure’ showing £16.08m (2023-24: £16.02m), this shows a deficit of £3.85m (2023-24: £4.19m) and one starts to understand clearly that there is a fundamental mismatch between operating income and operating expenditure. The College’s economic model relies on investment gains and philanthropy to bridge that gap. The total return

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OPERATING AND FINANCIAL REVIEW (continued)

policy that calculates the annual drawdown from the College’s investments is set out in 2.3 above (£4.20m in this year), and it is this regular, annual drawdown that allows the College to carry an operational deficit each year. Hence the bottom line of the SOCIE – ‘Total comprehensive income for the year’ – needs to be interrogated closely for a true understanding of the College’s finances. The latter figure could easily be misinterpreted. Investments are considered in more detail in 7.2 below.

6. CAPITAL EXPENDITURE

The Statement of Comprehensive Income and Expenditure (SOCIE) is not in fact comprehensive in terms of expenditure, since capital expenditure is excluded. It is to the first line of the Balance Sheet, and its related Note 24 (Fixed Assets), that one turns to see the capital expenditure in the year. This shows Additions of £833k (2023-24: £1.60m) including £370k on the Library (electrical rewiring), £166k on 27 Grange Road, £132k on the new temporary boathouse, and £77k on IT servers.

7. BALANCE SHEET AND RESERVES

After the SOCIE, the next two statements in the accounts are the Statement of Changes in Reserves and the Balance Sheet. Starting with the Balance Sheet:

7.1 Fixed assets

Note 24 sets out the movements in this asset class. The capital expenditure in the Additions line has been explained in section 6 above.

7.2 Investments

Note 25 shows investments of £138.63m (2023-24: £135.87m). The unit value in the investment portfolio (see 2.3 above) at 30 June 2025 was £22.30, an increase of 1.5% on the opening unit value of £21.96, which is net of distributions during the year.

The total investment portfolio (including directly-owned property) was made up as follows:

	30 June 2025	30 June 2024
Equities	69.6%	70.6%
Private equity	9.1%	9.5%
Bonds	1.9%	2.0%
Property	11.0%	10.7%
Other alternatives	8.5%	7.2%
Total	100%	100%

As at 30 June 2025, 35% (2024: 33%) of the portfolio was passively managed (by State Street Global Advisors), and 65% (2023: 67%) was actively managed (by a variety of funds as shown in this table, which excludes directly-owned property):

£m	30 June 2025	30 June 2024
State Street Global Advisors World Screened Index Equity Fund	47.97	44.91
Baillie Gifford Sustainable Growth Fund	28.02	31.99
Cambridge University Endowment Fund	51.06	46.38
Charities Property Fund	7.03	6.55
Other	0.25	2.17
Total	£134.33m	£132.00m

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OPERATING AND FINANCIAL REVIEW (continued)

7.3 Statement of Changes in Reserves

The Balance Sheet and the Statement of Changes in Reserves show total reserves increasing from £273.43m (at 30 June 2024) to £275.45m (at 30 June 2025). This increase is mainly attributed to the surplus from the income and expenditure statement (SOCIE).

8. CASH FLOW

The fourth and final statement in the accounts is the Cash Flow Statement. This shows an increase of in cash over the year from £774k to £1.74m. The cash flow is explained in detail in Notes 34 to 36.

9. RESERVES POLICY

Newnham’s unrestricted reserves at the year end amounted to £172.74m (2024: £173.37m) and are represented in the balance sheet by the College’s operational buildings – which are used for academic and residential purposes – and by part of the investment portfolio. Restricted reserves at the year end amounted to £102.72m (2024: £100.06m) and are represented in the balance sheet by endowment funds for a number of educational purposes, as set out in Notes 32 and 33. The College Council believes that reserves on this scale are necessary for the College to meet its charitable objectives and that they provide the stability for the institution to operate in perpetuity. The College Council is mindful to maintain an equitable balance between the interests of current members of the College and future generations (‘intergenerational equity’).

10. PRINCIPAL RISKS AND UNCERTAINTIES

There has been no industrial action by University academic staff in the last year, although there remains such a threat in the future. The College depends on recruitment by the University of Cambridge for the pool of academics from which it attracts its Fellows and academic staff, so it is vital to the College that the University continues to be an attractive place for the best academic staff from around the world.

Uncertainty relating to the USS pension scheme has died down following a set of improvements introduced in 2024, and the financial year 2024-25 was the first full year of the reduced contribution rates for employees (6.1%, down from 9.8%) and employers (14.5%, down from 21.6%). Newnham is one of only three Cambridge colleges to offer USS membership to all of its staff, both academic and non-academic.

In April 2025 employer National Insurance rates increased from 13.8% to 15%, and the threshold was reduced from £9,100 to £5,000. This has a material impact on the College, the full effect of which will be felt in the 2025-26 financial year: it is estimated this will add at least £150k in costs.

Inflation remains above the Government’s 2% target, with CPI at 3.8% to August 2025 (and food inflation even higher at 5.1%). Inflation affects most areas of the College’s expenditure either directly or indirectly, including putting pressure on wage levels leading to wage inflation. Energy costs remain historically high (£470k on electricity and £218k on gas), although below the peak level of the previous year (£593k on electricity and £378k on gas).

The College has spent over £2m on student support for the second year running (£2.35m, following £2.25m in 2023-24), and although this is to be celebrated, there is a question as to whether this can be sustained at this level. This is particularly the case with studentships, which are predominantly for postgraduates: £1.30m, following 1.19m in 2023-24. Although many of the postgraduate studentship

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OPERATING AND FINANCIAL REVIEW (continued)

funds are permanent, several are expendable and are being spent down. Also, previously unspent income from some permanent funds has been used to increase the spend on postgraduate studentships, and such income is not renewable. Without further additions to these funds, it is likely that the amount of funding available to support such studentships will fall to nearer £1m. With other sources of postgraduate funding also contracting, this would affect the number of PhD students we are able to fund (and therefore recruit). The College also continues to invest in mental health and wellbeing, as part of the overall University strategy to enable students to thrive, and the College is fundraising to endow its work in this area.

Student numbers have fallen in the past year, from 651 to 611 full-time students (as at 1 December in each year), as against a target of 640. Undergraduates (including Foundation Year students) were close to the target of 420, at 418; but Postgraduates were somewhat below the target of 220, at 193. International instability and changing immigration/visa rules can have an impact on international student recruitment, and 60% of Newnham’s postgraduates are from outside the UK. While the College remains unable to accommodate all those postgraduates who would wish to live in College accommodation, such a shortfall is limited to impacting fee income, but each postgraduate below target represents a loss of nearly £5.5k in fee income.

The regulated fee paid by most of our undergraduates (of which the College receives 50%) has remained at £9,250 per year since 2017, having been £9,000 since 2012. This means that the value has eroded in real terms each year, against a background of rising costs for the university sector. The small increase to £9,535 for the 2025-26 academic year (with the College share remaining at 50%) will make only a small difference (c.£50k), and is immediately wiped out by the increase in employer’s NI as set out above. From the perspective of students, the maintenance loans available have not kept up with inflation, and do not come close to covering the annual living costs of being a student at any university. Over 40% of Newnham’s UK undergraduates are in receipt of a Cambridge Bursary, which supports those from middle- and low-income families. Newnham contributed £138k to the Cambridge Bursary Scheme (CBS) in the last year and leveraged a further £204k from the University. All such CBS students received an automatic Newnham Rent Bursary as part of the further £304k the College spent on bursary and hardship support beyond the Cambridge Bursary scheme.

Cyber security continues to be a major risk, as for all organisations, and the College has taken several steps to improve its risk profile, including the use of multi-factor authentication (MFA), a new firewall, regular training for staff, and annual penetration testing.

Commercial conferencing income is growing (£1.54m) and this is an increasingly important source of income to help service the College’s loan debt – annual interest payments in the region of £1m to service total debt of £21m (which incidentally acts as a constraint against new borrowing, e.g. to build a new postgraduate residential block). However, there is a limit to quite how much growth is possible in such commercial activity, and the College continues to depend on philanthropy – past, present, future – to fund the fundamental gap between operational income and expenditure.

11. FUTURE PLANS

The College has started to address the challenge of making the main College site more energyefficient. The late-Victorian/Edwardian Champneys buildings pose particular challenges with regard to insulation and glazing, and the Kennedy building has been selected as the first of these buildings to assess what is possible within the heritage confines of a Grade 2*-listed building. Reducing the reliance on gas is key, although whether complete degasification is realistic remains to be investigated in detail. Recent sub-metering of the College’s main electrical supply has helped to identify usage at a more granular level and should help to control costs increasing yet further.

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OPERATING AND FINANCIAL REVIEW (continued)

The high costs of housing in wider Cambridge continue to increase and this puts pressure on those of our postgraduate students whom we are unable to accommodate in College. We are planning to return the Rosalind Franklin Building to postgraduate-only use, but this will take three to four years. We continue to talk to other colleges and the University about better overall provision of accommodation for postgraduates.

The College’s primary objects of education, learning and research for women remain at the forefront, and all income generation (e.g. in commercial conference activities) and cost-saving (e.g. in energy usage) only support those objects. June 2026 will mark the end of a seven-year fundraising campaign ‘Shaping Newnham’s Future’ which has already exceeded its £25m target. The funds raised from this campaign are already supporting the College’s ambitions in a number of areas including undergraduate teaching and greening the College estate.

The College continues to consider, along with the wider University, the implications of the increasing capabilities of Artificial Intelligence (AI). This affects how students apply to the University in the first instance, how they learn on a weekly basis once they are here, and then how they undertake examinations and other assessments; and it also affects the job opportunities available to them when they graduate.

Christopher Lawrence Bursar

20 November 2025

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Annual Report & Financial Statements 2024-25

CORPORATE GOVERNANCE

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.

The College is a registered charity (registered number 1137512) 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.

The Trustees are advised in carrying out their duties by a number of Committees, including: Academic Planning, Buildings Estate, Development, Environmental & Sustainability, Finance, IT, Library & Archives, Safety, Stipends & Benefits and Student Finance.

The principal College officers are the Principal, Vice-Principal, Senior Tutor and Bursar.

It is the duty of the Finance Committee to keep under review the effectiveness of the College’s internal systems of financial and other controls; to advise the Trustees on the appointment of the external Auditor; to consider reports submitted by the Auditor; to monitor the implementation of recommendations made by the Auditor; to monitor risk management and control arrangements; and to make regular reports to the Trustees by way of minutes of its meetings. Membership of the Finance Committee includes all the principal College officers, the Domestic Bursar, and other members of the Governing Body.

There is a Register of Interests of Trustees. Declarations of interest are made systematically at all Governing Body, Council and Committee meetings. The College’s Trustees during the year ended 30 June 2025 are set out on page 5.

STATEMENT OF INTERNAL CONTROL

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 Governing Body is responsible, in accordance with the College’s Statutes.

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 against material misstatement or loss.

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 2025 and up to the date of approval of the financial statements.

The Trustees are responsible for reviewing the effectiveness of the system of internal control.

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

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Annual Report & Financial Statements 2024-25

RESPONSIBILITIES OF THE COLLEGE COUNCIL AND THE GOVERNING BODY

The College Council is responsible for preparing the financial statements each year in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including the Statement of Recommended Practice ‘Accounting for Further and Higher Education Institutions’, as interpreted by Recommended Cambridge College Accounts. The College’s Statutes and the Statutes and Ordinances of the University of Cambridge require the Council to prepare 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 accordance with the College's Statutes , the College Council is responsible for the administration and management of the College's affairs. It is responsible for ensuring that there is an effective system of internal control and that accounting records are properly kept which disclose with reasonable accuracy at any time the financial position of the College.

Statute XIX (‘Accounts and Audit’) in the College’s Statutes sets out the Governing Body’s responsibilities in relation to the accounts, including the appointment of the auditors. Clause 5 of Statute XIX states: “A meeting of the Governing Body shall be called to pass the accounts as soon as may be convenient in the Michaelmas Term.”

In causing the financial statements to be prepared, the College Council has ensured that:

suitable accounting policies are selected and applied consistently;
judgements and estimates are made that are reasonable and prudent;
applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

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

The College Council has taken reasonable steps to ensure that there are appropriate financial and management controls in place to safeguard the assets of the College and prevent and detect fraud and other irregularities. Any system of internal financial control, however, can only provide reasonable, not absolute, assurance against material misstatement or loss.

The College Council is responsible for the maintenance and integrity of the corporate and financial information included on the College’s web site. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Annual Report & Financial Statements 2024-25

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL AND GOVERNING BODY

For the Year Ended 30 June 2025

Opinion

We have audited the financial statements of Newnham College (the ‘College’) and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reserves, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including 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:

give a true and fair view of the state of the group's and College’s affairs as at 30 June 2025, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011 and the Statutes of the University of Cambridge; and
the contribution due from the College to the University has been correctly computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,II, of the University of Cambridge.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and College 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 College Council and Governing Body’s 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 College Council and Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the report of the College Council and Governing Body, other than the financial statements and our auditor’s report thereon. The College Council and Governing Body is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to

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INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL AND GOVERNING BODY (continued)

the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

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:

the information given in the financial statements is inconsistent in any material respect with the report of the College Council and Governing Body; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of the College Council and Governing Body

As explained more fully in the College Council and Governing Body’s responsibilities statement set out on page 21, the College Council and 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 College Council and 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 College Council and 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 College Council and Governing Body either intend to liquidate the group or the College or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

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

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Annual Report & Financial Statements 2024-25

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL AND GOVERNING BODY (continued)

We gained an understanding of the legal and regulatory framework applicable to the College and how it operates and considered the risk of the College not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements.

The risks were discussed with the audit team and we remained alert to any indications of noncompliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness.
We reviewed minutes of Finance, College Council and College Council and Governing Body meetings and agreed the financial statement disclosures to underlying supporting documentation.
We have made enquiries of management and officers of the College regarding laws and regulations applicable to the organisation.
We reviewed the risk management processes and procedures in place including reporting of risk management to the College Council.
We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including the valuation of investments.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditorsresponsibilities-for-the-audit. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the College Council and Governing Body, in accordance with College’s statutes, the Statutes of the University of Cambridge and part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the College College Council and Governing Body those matters we are required to state to them in an auditor’s 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 Council and Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP, Chartered Accountants and Statutory Auditors Tennyson House, Cambridge Business Park, Cambridge CB4 0WZ

Date: 19 December 2025

Price Bailey LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES

Basis of preparation

These 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 (FRS102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education issued in 2019.

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

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

Basis of accounting

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

Basis of consolidation

The consolidated financial statements include the College and its subsidiary undertakings. Details of the subsidiary undertakings are set out in Note 38. Intra-group balances are eliminated on consolidation. The activities of student societies have not been consolidated.

A separate balance sheet and related notes for the College are not included in the accounts because the subsidiary companies donate their profits to the College each year. The balance sheet for the College alone would not be materially different from the one included in the accounts.

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.

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.

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Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued)

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

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

Restricted donations – the donor has specified that the donation must be used for a particular objective.
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.
Restricted expendable endowments – the donor has specified a particular objective and the College can convert the donated sum into income.
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.

Legacy Income

For legacies, entitlement is taken on a case by case basis as the earlier of the date on which the College is aware that probate has been granted and either: the estate has been finalised, final estate accounts have been received and notification has been made by the executors to the College that a distribution will be made; or when a notification has been made by the executors to the College of an intention to make a distribution prior to the end of the financial year and subsequently that distribution is received from the estate after the year end. Where legacies have been notified to the College, or the College is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

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

A total return policy is applied to the College’s investment in securities. A unitised approach is taken with the investment portfolio, and the units are revalued each quarter taking account of investment performance. Under this total return policy, the average of the unit values at the end of each quarter for the preceding five years is calculated. 3.5% of this average unit value is applied to the number of units held at 1 July, and this is the amount of endowment return transferred shown as income in the Statement of Comprehensive Income and Expenditure. The whole total return is shown in the same statement as the gain/(loss) on investments.

Other income

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

Cambridge Bursary Scheme

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

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Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued)

The net payment by the College of £138k (2023-24: £175k) is shown within the Consolidated Statement of Comprehensive Income and Expenditure as follows:

Income (Note 1) £204k (2023-24: £240k) Expenditure (Note 9) £342k (2023-24: £415k)

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 contract, at contract rates. The resulting exchange differences are dealt with in the determination of the comprehensive income and expenditure for the financial year.

Tangible fixed assets

Land and buildings

The buildings on the College’s main site have been treated as tangible fixed assets and valued on the basis of their depreciated replacement cost. A valuation on 30 June 2023 was carried out by Gerald Eve LLP. Freehold buildings are depreciated on a straight line basis over their expected useful economic life of 65 years (previously this was 100 years). On revaluation, the expected life of a building is re-set to 65 years. Freehold land is not depreciated and the value of the land comprising the College’s main site is included in the balance sheet.

Where land and buildings are acquired with the aid of specific bequests or donations they are capitalised and depreciated as above. The related benefactions are credited to a deferred capital account and are released to the Income and Expenditure Account over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Finance costs which are directly attributable to the construction of buildings are capitalised as part of the cost of those assets.

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

Buildings under construction are valued at cost, based on the value of architects’ certificates and other direct costs incurred to the balance sheet date. They are not depreciated until they are brought into use.

Maintenance of properties

The cost of routine maintenance is charged to the Consolidated Statement of Comprehensive Income and Expenditure as it is incurred.

Furniture and equipment

Furniture and equipment costing less than £10,000 per individual item or group of related items is written off in the year of acquisition. All other assets are capitalised and depreciated over their expected useful life as follows:

Books, equipment, furniture and fittings 5%, 10% and 25% per annum Catering heating and ventilation equipment 5% per annum Major computer software 10% per annum Computer equipment 25% per annum

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued)

Heritage Assets

The College holds and conserves a number of collections, artefacts and other assets of historical, artistic or scientific interest. Heritage assets acquired before 1 July 1999 have not been capitalised since reliable estimates of cost or value are not available on a cost-benefit basis. Acquisitions since 1 July 1999 have been capitalised at cost or, in the case of donated assets, at expert valuation on receipt, to the extent to which they are material. Heritage assets have not been depreciated since their long economic life and high residual value mean that any depreciation would not be material.

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.

Stocks

Stocks are stated at the lower of cost and net realisable value after making provision for slowmoving 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 benefit 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.

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

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued)

assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Consolidated 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 Consolidated Statement of Comprehensive Income and Expenditure 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.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued)

Taxation

The College is a registered charity (number 1135712) and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the College is exempt from taxation in respect of income or capital gains received within the categories covered by Sections 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

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

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 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 schemes

The College participates in the Universities Superannuation Scheme (USS) and the Cambridge Colleges Federated Pension Scheme (CCFPS). The schemes are both defined benefit schemes which are externally funded and contracted out of the State Second Pension (S2P). Each fund is valued every three years by professionally qualified independent actuaries.

The assets and liabilities of the CCFPS are held separately. Pension costs are assessed in accordance with the advice of the actuary, based on the latest actuarial valuation of the scheme, and are accounted for on the basis of charging the cost of providing pensions over the period during which the institution benefits from the employees' services.

The assets of the USS 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 institution 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.

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.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued)

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.

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.

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 9.

Retirement benefit obligations – The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in Notes 42a and 42b.

Management are satisfied that the 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 (if required) is currently based on the USS deficit recovery plan agreed after the 2023 actuarial valuation. The provision (if required) 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 42b.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as the Universities Superannuation Scheme. The accounting for a multi-employer scheme, where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit, results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The directors are satisfied that the 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 recovery plan in existence at the date of approving these financial statements.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (continued)

Going concern

The College’s Finance Committee and Council have reviewed the budget for 2025-26 and also a fiveyear projection through to 2030-31. At the start of the 2025-26 academic year, student numbers are largely on target, and therefore both fee income and accommodation income are on target. Conference business is growing year on year.

As a result of its assessment of the College’s overall financial situation, the College Council has confirmed the College’s ability to continue in operation and on that basis it has adopted the going concern assumption within these financial statements. The College Council confirms the College's ability to continue as a going concern.

Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,991 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,356 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,301 32 - - 32 5,596 2,036 6,702 14,333 2023-24
Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,574 264 - 3,838 5,884 - - 5,884 1,036 334 1,036 2,406 1,564 2,636 (4,200) - 103 - - 103 2024-25	12,162 3,234 (3,164) 12,231 1,037 1,114 - 2,152 - - 542 542	1,037 1,114 542 2,693	13,199 4,348 (2,623) 14,924	4,473 3,241 - 7,714 7,614 - - 7,614 753 - - 753	12,840 3,241 - 16,081 (32) - - (32) 969 - - 969 38 - - 38	13,815 3,241 - 17,056	(616) 1,107 (2,623) (2,132) (17) (7) 4,179 4,155	(633) 1,100 1,556 2,023	50 - - 50	(583) 1,100 1,556 2,073
ar Ended 30 June 2025 Income Note Academic fees and charges 1 Accommodation, catering and conferences 2 Investment income 3a Endowment return transferred 3b Other income 4 Total income before donations and endowments Donations 5 New endowments 5 Total donations and endowments Total income Expenditure Education 6,7,8,9 Accommodation, catering and conferences 6,10,11,14 Other expenditure 6,12,13 Total operating expenditure Movement to pension provisions 21,31 Loan interest payable 22 Contribution to Colleges Fund under Statute G,II 23 Total expenditure Surplus before other gains and losses Gain on investments 3b Surplus before tax Other comprehensive income Actuarial gain/(loss) in respect of pension schemes 21,31 Total comprehensive income for the year

College Statement of Comprehensive Income and Expenditure	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,618 308 - 3,925 5,324 - - 5,324 2,436 - - 2,436 1,632 2,344 (3,976) - 150 - - 150 - - - - 13,160 2,652 (3,976) 11,835 1,716 360 - 2,076 - - 2,081 2,081 1,716 360 2,081 4,157 14,876 3,012 (1,895) 15,992 5,088 2,471 - 7,559 7,819 - - 7,819 644 - - 644 13,551 2,471 - 16,022 (3,391) - - (3,391) 980 - - 980 25 - - 25 11,164 2,471 - 13,635 3,712 541 (1,895) 2,357 1,853 1,495 8,598 11,945 5,564 2,036 6,702 14,302 32 - - 32 5,596 2,036 6,702 14,334 2023-24
	Unrestricted Restricted Endowment Total £000 £000 £000 £000 3,574 264 - 3,838 5,191 - - 5,191 1,036 334 1,036 2,406 1,564 2,636 (4,200) - 533 - - 533 263 - - 263 2024-25	12,162 3,234 (3,164) 12,231 1,037 1,114 - 2,152 - - 542 542	1,037 1,114 542 2,693	13,199 4,348 (2,623) 14,924	4,473 3,241 - 7,714 7,614 - - 7,614 753 - - 753	12,840 3,241 - 16,081 (32) - - (32) 969 - - 969 38 - - 38	13,815 3,241 - 17,056	(616) 1,107 (2,623) (2,132) (17) (7) 4,179 4,155	(633) 1,100 1,556 2,023	50 - - 50	(583) 1,100 1,556 2,073
	Year Ended 30 June 2025 Income Note Academic fees and charges 1 Accommodation, catering and conferences 2 Investment income 3a Endowment return transferred 3b Other income 4 Gift Aid from subsidiaries Total income before donations and endowments Donations 5 New endowments 5 Total donations and endowments Total income Expenditure Education 6,7,8,9 Accommodation, catering and conferences 6,10,11,14 Other expenditure 6,12,13 Total operating expenditure Movement to pension provisions 21,31 Loan interest payable 22 Contribution to Colleges Fund under Statute G,II 23 Total expenditure Surplus before other gains and losses Gain on investments 3b Surplus before tax Other comprehensive income Actuarial gain/(loss) in respect of pension schemes 21,31 Total comprehensive income for the year

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Statement of Changes in Reserves

Year Ended 30 June 2025

Consolidated At 1 July 2024 Surplus from income and expenditure statement Other comprehensive expenditure Release of deferred capital grants Depreciation on buildings charged to revaluation reserve At 30 June 2025 At 1 July 2023 Surplus from income and expenditure statement Other comprehensive income Release of deferred capital grants Depreciation on buildings charged to revaluation reserve At 30 June 2024 College At 1 July 2024 Surplus from income and expenditure statement Other comprehensive income/(expenditure) Release of deferred capital grants Depreciation on buildings At 30 June 2025 At 1 July 2023 Surplus from income and expenditure statement Other comprehensive income/(expenditure) Revaluation of fixed assets Release of deferred capital grants Depreciation on buildings At 30 June 2024	Revaluation Total Unrestricted Restricted Endowment reserve Restated Restated £000 £000 £000 £000 £000 74,442 20,626 79,433 98,931 273,432 (633) 1,100 1,556 - 2,023 50 - - - 50 (51) - - - (51) 999 - - (999) - Income and expenditure reserve
	74,806 21,727 80,989 97,932 275,454
	67,960 18,588 72,730 99,869 259,149 5,565 2,037 6,702 - 14,302 32 - - - 32 (51) - - - (51) 937 - - (938) -
	74,442 20,626 79,432 98,931 273,432
	Revaluation Total Unrestricted Restricted Endowment reserve £000 £000 £000 £000 £000 74,442 20,626 79,433 98,931 273,432 (633) 1,100 1,556 - 2,023 50 - - - 50 (51) - - - (51) 999 - - (999) - Income and expenditure reserve
	74,806 21,726 80,989 97,931 275,454
	67,960 18,588 72,731 99,869 259,150 5,565 2,037 6,702 - 14,302 32 - - - 32 - - - - - (51) - - - (51) 937 (938) -
	74,442 20,626 79,433 98,931 273,432

The notes on pages 40 to 66 form part of these accounts.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Consolidated Balance Sheet

At 30 June 2025

Note 24 25 26 27 28 29 30 31 32 33 Non-current assets Fixed assets Investments Total non-current assets Current assets Stocks Trade and other receivables Cash and cash equivalents Total current assets Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due in more than one year Provisions Pension provisions Total net assets Restricted reserves Income and expenditure reserve - ��dowment reserve Income and expenditure reserve - �estricted reserve Unrestricted reserves Income and expenditure reserve - unrestricted�� Revaluation reserve Total reserves	2025 £000 157,539 138,626 296,165 75 1,049 1,741 2,865 (1,914) 951 297,116 (20,776) (886) 275,454 80,989 21,726 102,715 74,807 97,932 172,739 275,454	2024 £000 158,506 135,868
		294,374 69 2,373 774
		3,216 (2,106)
		1,110
		295,484 (21,084) (968)
		273,432
		79,433 20,626
		100,059
		74,442 98,931
		173,373

		273,432

These financial statements were approved by Newnham College Governing Body on 2� November 2025�and signed on its behalf by:

Miss Alison Rose (Principal)

Mr Christopher Lawrence (Bursar)

The notes on pages 40 to 66 form part of these accounts.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

College Balance Sheet

At 30 June 2025

Note 24 25 26 27 28 29 30 31 32 33 Non-current assets Fixed assets Investments Total non-current assets Current assets Stocks Trade and other receivables Intergroup debtors Cash and cash equivalents Total current assets Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due in more than one year Provisions Pension provisions Total net assets Restricted reserves Income and expenditure reserve - �ndowment reserve Income and expenditure reserve - ��tricted reserve Unrestricted reserves Income and expenditure reserve - unrestricted�� Revaluation reserve Total reserves	2025 £000 157,539 138,626 296,165 75 1,033 210 1,367 2,685 (1,734) 951 297,116 (20,776) (886) 275,454 80,989 21,726 102,715 74,807 97,932 172,739 275,454	2024 £000 158,506 135,868
		294,374 69 2,373 0 774
		3,216 (2,106)
		1,110
		295,484 (21,084) (968)
		273,432
		79,433 20,626
		100,059
		74,442 98,931
		173,373

		273,432

These financial statements were approved by Newnham College Governing Body on 2� November 2025� and signed on its behalf by:

Miss Alison Rose (Principal)

Mr Christopher Lawrence (Bursar)

The notes on pages 40 to 66 form part of these accounts.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Consolidated Cash Flow Statement

Year Ended 30 June 2025

Note Net cash flow from operating activities 34 Cash flows from investing activities 35 Cash flows from financing activities 36 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	2024-25 2023-24 £000 £000 (744) (1,958) 2,989 1,353 (1,278) (1,258)
	967 (1,863)
	774 2,637 1,741 774

The notes on pages 40 to 66 form part of these accounts.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

College Cash Flow Statement

Year Ended 30 June 2025

Note Net cash flow from operating activities 34 Cash flows from investing activities 35 Cash flows from financing activities 36 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	2024-25 2023-24 £000 £000 (1,118) (1,958) 2,989 1,353 (1,278) (1,258)
	593 (1,863)
	774 2,637 1,367 774

The notes on pages 40 to 66 form part of these accounts.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

College fees: Fee income received at the Regulated Undergraduate rate (a) Fee income received at the Unregulated Undergraduate rate (b) Fee income received at the Postgraduate rate (c) Recoveries from other Colleges - teaching Recoveries - shared appointments Contribution towards Cambridge Bursary Scheme Contribution towards Foundation Year Scheme (a) fee per student: £4,625 for undergraduates starting since 2017-18 (b) fee per student: £11,525 for undergraduates starting in 2024-25 (2023-24: £10,975; 2022-23: £10,475) (c) fee per student: £5,416 (2023-24: £5,123; 2022-23: £4,761) Accommodation College members Conferences Catering College members Conferences Accommodation College members Conferences Catering College members Conferences 3a. Analysis CUEF distributions CPF distributions Freehold land and buildings Interest Gain on disposal of investment properties 2a. INCOME FROM ACCOMMODATION, CATERING AND CONFERENCES Consolidated 1. ACADEMIC FEES AND CHARGES Consolidated and College 2b. INCOME FROM ACCOMMODATION, CATERING AND CONFERENCES College 3. INVESTMENT RETURN AND INVESTMENT INCOME Consolidated and College	2024-25 £000 2024-25 £000 2024-25 £000 2024-25 £000 60 35 204 1,517 918 1,041 3,476 505 5,884 3,693 621 645 232 5,191 3,838 3,693 1,041 30 2,406 318 171 1,844 43 645 63	2023-24 £000 1,586 778 1,145
		56 68 52 240 3,509
		3,925
		2023-24 £000 808 418 3,501 597
		5,324
		2023-24 £000 3,501 597 808 418
		5,324
		2023-24 £000 - 407 177 1,804 48
		2,436

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

2024-25 £000 3b. Summary of total return Total return transferred to income and expenditure reserve Made up as follows Total College dividend Less College dividend on endowment funds retained within endowment College dividend is calculated by taking 3.5% of the average unit value over 5 previous years (£20.35), multitplied by the number of units at the start of the year (6,059,970 units) = £4.316k. Income from: Freehold land and buildings Quoted and other securities and cash Gains on investment assets: Quoted and other securities College dividend on endowment funds retained within endowment Gain on disposal of investment properties Revaluation of USD bank account Investment management costs - quoted securities (see note 3c) Total return for the year Total return transferred to income and expenditure reserve Total return for year included within Statement of Comprehensive Income and Expenditure 3c. Investment management costs Quoted securities Freehold land and buildings 2024-25 £000 Roll & Development events Contribution towards salary costs VAT recoverable Research grant from DfID/FCDO Other 2024-25 £000 Roll & Development events Contribution towards salary costs VAT recoverable Research grant from DfID/FCDO Newnham College charge to Newnham College Limited Other 2,205 2,406 4,200 4,316 (116) 4,200 (4,200) 2,361 4,290 (46) 4,155 46 (3) 30 (116) 18 - 19 41 43 3. INVESTMENT RETURN AND INVESTMENT INCOME Consolidated and College (continued) 4a. OTHER INCOME Consolidated 6,561 201 18 103 1 1 4b. OTHER INCOME College 41 - 43 533 430	2023-24 £000 3,976 4,088 (112)
	3,976
	177 2,259
	2,436
	12,097 (43) 2 - (112)
	11,944
	14,381
	(3,976)
	10,405
	2023-24 £000 43 1 9 21 51 72 17
	150
	2023-24 £000 17 51 9 72 1 -
	150

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

5. DONATIONS, LEGACIES AND NEW ENDOWMENTS Consolidated and College


5. DONATIONS, LEGACIES AND NEW ENDOWMENTS Consolidate Unrestricted donations Release from deferred capital grants Restricted donations New endowments Legacies Donations Release from deferred capital grants 2024-25 Staff - direct Staff - indirect (see note 18) Total staff Non-staff - direct Non-staff - indirect (see note 19) Depreciation Total non-staff Total 2023-24 Staff - direct Staff - indirect (see note 18) Total staff Non-staff - direct Non-staff - indirect (see note 19) Depreciation Total non-staff Total 6a. OPERATING EXPENDITURE Consolidated and College 6b. OPERATING EXPENDITURE Consolidated and College	d and College £000 £000 2,195 1,423 (see not Accomm, Catering and conferences (see notes 10,11 & 14) 1,274 Education (see note 7a) 1,917	2024-25 £000 £000 51 2,693 159 764 1,878 Other es 12 & 13) 234 2,693 986 51 1,114 542	2023-24 £000 Restated 1,665 51 360 2,081
			4,157
			51 2,180 1,926
			4,157
			£000 3,777 Total 3,425
	1,017 450 3,468 987 3,340 2,907 1,853 1,306	393 220 95 45	7,202 4,114 2,965 1,801
	4,374 4,146	360	8,879
	7,714 7,614	753	16,081
	£000 £000 1,382 2,071 Education (see note 7b) Accomm, Catering and conferences (see notes 10,11 & 14) (see not 1,863 1,248	£000 155 212 Other es 12 & 13)	£000 3,608 3,323 Total
	3,245 3,319 2,793 922 1,072 2,278 449 1,301	367 136 96 45	6,931 3,850 3,446 1,794
	4,314 4,500	277	9,091
	7,819 7,559	644	16,022

Annual Report & Financial Statements 2024-25

NEWNHAM COLLEGE, CAMBRIDGE

Notes to the Accounts

£000 £000 £000 £000 146 - - 2,354 - 10 128 45 108 196 117 452 Non-staff indirect Non-staff direct (see note 9) Staff indirect Staff direct (see note 8) 369 130 121 68 194 569 1,105 216 400 76 243 217	£000 54 - 18 Dep'n 225 18 135	£000 729 706 2,354 310 Total 2,545 1,070
1,917 1,423 2,907 1,017	450	7,714
£000 £000 £000 £000 387 127 111 69 - - 2,246 - 10 127 44 110 Non-staff indirect 1,002 552 234 481 207 383 82 259 257 194 76 153 Staff direct (see note 8) Staff indirect Non-staff direct (see note 9)	£000 18 - 18 Dep'n 224 135 54	£000 712 2,246 309 Total 2,493 1,066 733
1,863 1,383 2,793 1,072	449	7,559
	2024-25 £000 131 359 317 109 745 242 14 1,917	2023-24 £000 131 377 325 102 637 235 56
		1,863

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

Notes to the Accounts
Awards Cambridge Bursary Scheme (funded by the College) Cambridge Bursary Scheme (funded by the Collegiate University) Foundation Year Bursary Scheme Laidlaw Scholars Programme Bursaries (mainly for undergraduates) Studentships (mainly for postgraduates) Travel, Book and other grants Prizes Total awards Other Admissions Tutorial Research Library Contribution towards UTOs Counselling Grants to clubs and societies Miscellaneous Total Catering Conferences Total Catering Conferences Total The Skilliter Centre for Ottoman Studies The Margaret Anstee Centre for Global Studies Laidlaw Scholars Programme Total 9. EDUCATION EXPENDITURE - NON-STAFF-DIRECT Consolidated and College 11. ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE - NON-STAFF-DIRECT Consolidated and College 12. OTHER EXPENDITURE - STAFF-DIRECT Consolidated and College 10. ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE - STAFF-DIRECT Consolidated and College	2024-25 £000 2024-25 £000 2024-25 £000 2024-25 £000 234 46 154 184 117 76 121 30 137 31 34 141 60 66 987 921 2,907 553 1,090 1,274 41 - 2,354 177 138 204 304 1,297 33	2023-24 £000 95 68 222 175 240 240 1,193 13
		76 39 111 29 182 43 40 27 2,246
		547
		2,793
		2023-24 £000 172 1,076
		1,248
		2023-24 £000 75 847
		922
		2023-24 £000 46 145 21
		212

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

£000 £000 3,340 3,924 3,468 2,840 393 315 - (32) - 969 - 38 Staff costs Other operating expenses	2024-25 £000 2024-25 £000 £000 23 5,025 305 40 55 57 221 1,903 381 7,614 - 46 450 1,306 45 - - - Dep'n	2023-24 £000 21 43 20 35 20 (3)
		136
		2023-24 £000 5,160 313 1,955 391
		7,819
		£000 Total 38 7,714 7,614 753 (32) 969
7,201 8,054	1,801	17,056
£000 £000 Staff costs Other operating expenses - (3,391) - 980 - 25 3,245 3,865 3,319 3,199 367 232	£000 Dep'n - - - 449 1,301 45	£000 Total (3,391) 980 25 7,559 7,819 644
6,931 4,910	1,795	13,636

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

£000 1,917 1,274 234 Staff direct	2024-25 £000 £000 1,423 2,195 21 406 19 46 159 Staff indirect	2023-24 £000 £000 Total 3,340 3,469 25 381 19 43 393
3,425	3,777	7,202
£000 1,248 212 Staff direct 1,863	£000 2,071 155 Staff indirect 1,382	£000 3,245 3,319 367 Total
3,323	3,608	6,931
	2024-25 £000 1,004 221 483 9 473 385 472 (7) 3,777 189 480 68	2023-24 £000 895 217 477 9 435 377 457 (12) 210 480 63
		3,608

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

Notes to the Accounts
Housekeeping Gardens Maintenance Porters' Lodge Electricity Gas Water Rates Insurance Administration, Regulatory Expenditure Office of Intercollegiate Services Levies IT Development, Communications Archive, Collections Other Total 19. ANALYSIS OF NON-STAFF INDIRECT EXPENDITURE Consolidated and College	2024-25 £000 88 627 58 470 218 79 368 303 7 12 167 2,965 50 133 30 354	2023-24 £000 323 63 1,042 51 593 378 62 324 10 7 46 128 11 230 177
		3,445

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

2024-25 Staff Costs Salaries National Insurance Pension costs External teaching costs 2023-24 Staff Costs Salaries National Insurance Pension costs External teaching costs Average staff numbers (non-FTE) - 2024-25 Average staff numbers (non-FTE) - 2023-24 The figures above show the average number of people paid through the College payroll, Average non-academic staff numbers (FTE) - 2024-25 Average non-academic staff numbers (FTE) - 2023-24 The figures above show the average number of FTE persons paid through the payroll. Average number of Fellows - 2024-25 Average number of Fellows - 2023-24 Number of Fellows as at 1 October 2025 Number of Fellows as at 1 October 2024 Number of Fellows as at 1 October 2023 20. STAFF COSTS Consolidated and College	505 373 - 373 £000 £000 £000 1,114 4,432 5,546 Academic Non- Academic Total 61 717 778 99 406
	1,647 5,555 7,202
	443 180 658 838 302 - 302 1,102 4,246 5,348 91 352
	1,675 5,256 6,931
	Academic irrespective of the hours worked. 3 58 59 3 62 62 58 61 59 3 3 Non- Academic 58 Total 50 45 198 185 235 243 n/a 130 130 n/a 128 128 61 3 61

Non-academic staff who are Fellows (i.e. Domestic Bursar, Development Director, Librarian) are included in the Fellows' figures. The Principal is not included in the Fellows' figures.

During the financial year 2024-25, 51 Fellows received remuneration (2023-24: 46).

The number of officers or employees of the College, including the Principal, who received remuneration in the following ranges was:

		2024-25	2023-24
£130,000	- £140,000	1	1
£140,000	- £150,000	1	1

Remuneration includes salary, employer's national insurance contributions, employer's pension contributions plus any taxable benefits whether paid, payable or provided, gross of any salary sacrifice arrangements.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

20. STAFF COSTS (continued) Consolidated and College

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College. The key management personnel of the College are the Principal, Vice-Principal, Senior Tutor and Bursar. The aggregated remuneration paid to key management personnel consists of salary, employer's national insurance contributions, employer's pension contributions, plus any taxable benefits paid, payable or provided, gross of any salary sacrifice arrangements.

	2024-25	2023-24
	£000	£000
Aggregated remuneration	384	385
The total remuneration for persons who served as Trustees (members of the College Council) in 2024-25 was £538k
(2023-24: £563k).

2024-25 Brought Forward Contributions Charge to Income and Expenditure Net charge to Income and Expenditure Charge to Other comprehensive income Carried Forward 2023-24 Brought Forward Contributions Charge to Income and Expenditure Net charge to Income and Expenditure Charge to Other comprehensive income Carried Forward 21. PENSION COSTS OF CCFPS & USS Consolidated and College	CCFPS USS Total £000 £000 968 91 677 768 (123) (677) (800) £000 968 -
	(50) - (50) (32) - (32)
	886 - 886
	970 3,421 4,391 88 (2,615) (2,527) (58) (806) (864)
	(3,421) (3,391) (32) - 30 (32)
	- 968 968

Based on the 2023 valuation of the Universities Superannuation Scheme (USS), the impact of the net change in the USS deficit recovery provision is a credit/charge of £0k (2023-24: £3,421k). This comprises a non-cash credit resulting from the change in assumptions, including the discount rate, of £0k (2023-24: £2,615k) and cash contributions made to reduce the deficit in the year of £0k (2023-24: £806k).

Bank loan Private placement 1 Private placement 2 Total 22. LOAN INTEREST PAYABLE Consolidated and College	2024-25 £000 969 143 513 313	2023-24 £000 155 512 313
		980

Further information on the bank loan and private placements can be found in note 30.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

23. CONTRIBUTION TO COLLEGES FUND UNDER STATUTE G,II Consolidated and College

Contribution

2024-25	2023-24
£000	£000
38	25

Every College in the University is assessed to make an annual contribution based on the value of its assessable assets.

Cost or valuation At 1 July 2024 Additions Disposals Revaluation during the year Depreciation At 1 July 2024 Charge for the year Eliminated on disposals Written back on revaluation Net Book value At 30 June 2025 At 1 July 2024 24. FIXED ASSETS Consolidated and College	Land Buildings Equipment Total College College Furniture & 2024-25 £000 £000 £000 £000 58,041 100,760 3,464 162,265 - - - - - 736 97 - (3) (3) - - (3) (3) - 1,561 2,198 3,759 58,041 101,496 3,558 163,095 - - - - - 3,122 2,434 5,556 - 1,561 240 1,801 - 58,041 98,374 1,124 157,539 58,041 99,199 1,266 158,506 833	Total 2023-24 £000 160,663 - 1,604 (3)
		162,265
		(3) 1,967 - 1,795
		3,759
		158,506
		158,696

A valuation of College properties was carried out by Gerald Eve, Chartered Surveyors, at 30 June 2023 on the basis of market value for existing use, plus current gross replacement costs of improvements, less allowance for physical deterioration and obsolesence.

The freehold College buildings at 30 June 2025 were insured at reinstatement costs of £120.6m.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

Notes to the Accounts
At 1 July 2024 Additions Disposals CUEF dIstribution CPF dIstribution Gain on disposal of investment properties Gain/(loss) At 30 June 2025 Represented by: Properties (held directly) Properties (held indirectly via funds) Quoted securities - equities (held indirectly via funds) Unquoted (held indirectly via funds) Cash held for reinvestment 25. INVESTMENTS Consolidated and College	2024-25 £000 7,029 3,506 127,991 138,626 135,868 2,362 318 1,844 30 5,100 (6,896) 100 - 138,626	2023-24 £000 407 124,404 400 (1,440) 1,804 - 10,293
		135,868
		6,988 4,236 123,150 100 1,394
		135,868

At 30 June 2023, a valuation of the investment properties was carried out by on an open market value for existing use basis by Gerald Eve, Chartered Surveyors and Carter Jonas, Chartered Surveyors. The Trustees have in place a policy to revalue professionally periodically, but consider each year whether the market value of the properties has materially changed. Any material change in market value will be reflected in a revaluation movement in the year in question.

Food and drink Wine Cleaning materials and other Taxes due from government departments Other receivables Prepayments and accrued income Taxes due from government departments Due from subsidiary undertakings Other receivables Prepayments and accrued income 27b. TRADE AND OTHER RECEIVABLES College 26. STOCKS AND WORK IN PROGRESS Consolidated and College 27a. TRADE AND OTHER RECEIVABLES Consolidated	2024-25 £000 2024-25 £000 2024-25 £000 178 840 1,049 31 24 25 75 31 210 161 841 1,243 26	2023-24 £000 25 17 27
		69
		2023-24 £000 282 2,065 26
		2,373
		2023-24 £000 26 - 282 2,065
		2,373

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

Current accounts Cash in hand Current accounts Cash in hand Trade creditors Loan repayments Taxes and social security costs Student deposits and accounts Accruals and deferred income Trade creditors Loan repayments Taxes and social security costs Student deposits and accounts Accruals and deferred income 28a. CASH AND CASH EQUIVALENTS Consolidated 28b. CASH AND CASH EQUIVALENTS College 29a. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR Consolidated 29b. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR College	2024-25 £000 2024-25 £000 2024-25 £000 2024-25 £000 877 96 356 306 99 356 306 99 96 1,057 1,734 1,740 1 1,741 1,366 1 1,367 1,914	2023-24 £000 773 1
		774
		2023-24 £000 1 773
		774
		2023-24 £000 508 287 69 130 1,112
		2,106
		2023-24 £000 130 1,112 508 287 69
		2,106

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

Notes to the Accounts
Bank loan Private placement 1 liability Private placement 2 liability 30. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Consolidated and College	2024-25 £000 2,196 11,580 7,000 20,776	2023-24 £000 2,504 11,580 7,000
		21,084

The bank loan is secured on certain College freehold properties and is subject to interest fixed under a swap agreement at 5.24% for 25 years from 2007. Repayments commenced in 2007 and will be made over the 25 years to June 2032.

The first private placement bond of £11,580,000 is repayable in two tranches, of £6,433,333 on 30 October 2043 and £5,146,667 on 30 October 2053 and is subject to a fixed rate of interest of 4.40%.

The second private placement bond of £7,000,000 is repayable on 31 January 2044 and is subject to a fixed rate of interest of 4.45%.

At 1 July 2024 Movement in year: Current service cost including life assurance Contributions Actuarial loss/(gain) recognised in Statement of Comprehensive Income and Expenditure At 30 June 2025 31. PENSION PROVISIONS Consolidated and College	2024-25 £000 (50) 886 968 767 (799)	2023-24 £000 (32) 4,391 (2,527) (863)
		968

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

32. ENDOWMENT FUNDS

Consolidated and College

Restricted net assets relating to endowments are as follows:

2024-25 At 1 July 2024 New endowments Increase in market value of investments At 30 June 2025 Analysis by type of purpose: Fellowship Funds Scholarship Funds Prize Funds Hardship Funds Research Funds Book Funds Other Funds General Endowments 2023-24 At 1 July 2023 New endowments Decrease in market value of investments At 30 June 2024 Analysis by type of purpose: Fellowship Funds Scholarship Funds Prize Funds Hardship Funds Research Funds Book Funds Other Funds General Endowments	Restricted Unrestricted 59,279 20,154 79,433 542 - 542 957 57 1,014 permanent permanent Total endowments endowments 2024-25 £000 £000 £000
	60,779 20,210 80,989
	23,771 - 23,771 7,625 - 7,625 1,150 455 - 455 9,164 - 9,164 17,557 - 17,557 - 1,150 1,057 - 1,057 - 20,210 20,210
	60,779 20,210 80,989
	Restricted Unrestricted permanent permanent Total £000 £000 52,855 endowments endowments 2023-24 £000 19,876 72,731 2,081 - 2,081 4,343 278 4,621
	59,279 20,154 79,433
	- 20,154 20,154 448 6,663 - 6,663 16,980 - - 448 1,119 23,239 - 23,238 3,379 - 3,380 7,451 - 7,451 16,980 1,119 -
	59,279 20,154 79,433

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

32. ENDOWMENT FUNDS (continued) Consolidated and College

At 1 July 2024 Gift of Endowment funds Gains on investments Net movement before application of income Unapplied total return allocated to income in the year Net movement in the year At 30 June 2025 At 1 July 2023 Gift of Endowment funds Investment returns: dividends and interest Gains on investments Net movement before application of income Unapplied total return allocated to income in the year Net movement in the year At 30 June 2024	- 27,601 1,014 79,433 542 51,832 1,014 542 - Total Unapplied total return Endowment £000 £000 £000
	542 1,014 1,556 - - - 542 1,014 1,556
	52,374 28,615 80,989
	49,751 22,979 72,730 2,081 - 2,081 - - - 4,622 4,622
	- - 2,081 4,622 6,703 - 2,081 4,622 6,703
	79,433 51,832 27,601

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

33. RESTRICTED RESERVES

Consolidated and College

Reserves with restrictions are as follows: 2024-25 At 30 June 2024 New grants and donations Academic fees and charges Investment income Expenditure Transfer between funds Increase in market value of investments At 30 June 2025 Analysis by type of purpose: Fellowship Funds Scholarship Funds Prize Funds Hardship Funds Research Funds Book Funds Other Funds 2023-24 At 30 June 2023 New grants and donations Academic fees and charges Investment income Expenditure Transfer between funds Increase in market value of investments At 30 June 2024 Analysis by type of purpose: Fellowship Funds Scholarship Funds Prize Funds Hardship Funds Research Funds Book Funds Other Funds	(2,006) 5,007 15,618 20,625 £000 £000 - - - 264 - 264 (1,235) (3,241) endowment 2024-25 1,115 Permanent expendable £000 2,636 unspent - 80 247 507 1,115 Restricted 327 2,129
	5,210 16,516 21,726
	2,184 5,845 8,029 797 2,528 3,325 150 1,374 4,799 5,373 1,224 2,262 145 153 170 323 575 132 2,130 895 1,040
	5,210 16,516 21,726
	(318) £000 £000 360 308 308 - 18,590 - 360 unspent endowment 2023-24 £000 337 1,157 1,494 (1,511) (642) Restated Restated 2,344 - (318) Restricted Permanent (2,153) 14,288 expendable 4,302 1,879 465
	5,007 15,618 20,625
	139 164 303 370 3,702 4,072 479 1,589 2,068 922 2,425 3,347 1,992 5,574 7,566 994 143 1,137 112 2,020 2,132
	5,007 15,618 20,625

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

33. RESTRICTED RESERVES (continued) Consolidated and College

At 1 July 2024 Gift of Endowment funds Investment returns: dividends and interest Transfer between funds Net movement before application of income Unapplied total return allocated to income in the year Net movement in the year At 30 June 2025 At 1 July 2023 Gift of Endowment funds Investment returns: dividends and interest Transfer between funds Net movement before application of income Unapplied total return allocated to income in the year Net movement in the year At 30 June 2024	1,114 - 1,114 - - - £000 12,470 8,155 20,625 - 2,636 2,636 £000 Endowment Total £000 Unapplied total return
	1,114 2,636 3,750 - (2,�� (2,��) 1,114 (��) 1,��
	13,584 8,�� 21,��
	- 360 - 360 - 2,344 18,590 - - 2,344 12,110 6,480
	360 2,344 2,704 - (669) 1,675 2,035 (669) 360
	12,470 8,155 20,625

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

34a. RECONCILIATION OF SURPLUS FOR THE YEAR TO NET CASH INFLOW/(OUTFLOW) Surplus for the year Adjustment for non-cash items: Depreciation and movements to Revaluation Reserve (Gain) on endowments, donations and investment property Decrease/(increase) in stocks (Increase)/decrease in trade and other receivables (Decrease)/increase in creditors (Decrease)/increase in provisions Pension costs less contributions payable Release of deferred capital grants Adjustment for investing or financing activities: Investment income receivable Interest payable Net cash (outflow) from operating activities 34b. RECONCILIATION OF SURPLUS FOR THE YEAR TO NET CASH INFLOW/(OUTFLOW) Surplus for the year Adjustment for non-cash items: Depreciation and movements to Revaluation Reserve (Gain) on endowments, donations and investment property Decrease/(increase) in stocks (Increase)/decrease in trade and other receivables (Decrease)/increase in creditors (Decrease)/increase in provisions Pension costs less contributions payable Release of deferred capital grants Adjustment for investing or financing activities: Investment income receivable Interest payable Net cash (outflow) from operating activities FROM OPERATING ACTIVITIES College FROM OPERATING ACTIVITIES Consolidated	2024-25 £000 2024-25 £000 1,324 (1,118) 50 (191) 2,023 1,800 (4,174) (7) (2,406) (82) (2,406) 1,800 (4,174) (7) 1,130 (371) (82) 50 (51) (744) 969 2,023 969 (51)	2023-24 £000 (1,517) 326 14,302 1,794 (11,986) 20 (3,423) 32 (51) (2,436) 980
		(1,958)
		2023-24 £000 980 32 (2,436) 326 1,794 (11,986) 20 (1,517) (3,423) 14,302 (51)
		(1,958)

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

Notes to the Accounts
Non-current investment disposal Investment income received Endowment funds invested Payments made to acquire non-current assets Total cash flows from investing activities Non-current investment disposal Investment income received Endowment funds invested Payments made to acquire non-current assets Total cash flows from investing activities Interest paid Repayments of amounts borrowed Total cash flows from financing activities Interest paid Repayments of amounts borrowed Total cash flows from financing activities Cash and cash equivalents Borrowings: amounts falling due within one year Secured loans Borrowings: amounts falling due after more than one year Secured loans Cash and cash equivalents Borrowings: amounts falling due within one year Secured loans Borrowings: amounts falling due after more than one year Secured loans 37b. RECONCILIATION AND ANALYSIS OF NET DEBT College 37a. RECONCILIATION AND ANALYSIS OF NET DEBT Consolidated 36a. CASH FLOWS FROM FINANCING ACTIVITIES Consolidated 35b. CASH FLOWS FROM INVESTING ACTIVITIES College 36b. CASH FLOWS FROM FINANCING ACTIVITIES College 35a. CASH FLOWS FROM INVESTING ACTIVITIES Consolidated 59	(287) (21,084) 774 At 1 July £000 2024	2024-25 £000 2024-25 £000 2024-25 £000 2024-25 £000 2,989 (21) 967 6,896 2,027 (5,100) (307) (969) (307) (1,278) 6,896 £000 308 2,027 (1,278) (834) 2,989 Cash Flows (969) (5,100) (834)	2023-24 £000 1,439 1,917 (400) (1,604)
			1,353
			2023-24 £000 (1,604) 1,439 1,917 (400)
			1,353
			2023-24 £000 (980) (278)
			(1,257)
			2023-24 £000 (980) (278)
			(1,257)
			(308) 1,741 £000 (20,776) At 30 June 2025
	(20,597)	1,254	(19,343)
	At 1 July 2024 £000 774 (287) (21,084)	Cash £000 593 (21) 308 Flows	At 30 June £000 1,367 (308) (20,776) 2025
	(20,597)	880	(19,717)

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

38. RELATED PARTY TRANSACTIONS

Consolidated and College

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 member of the College Council or Governing Body 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 arms 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 or Governing Body 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, reasearch and other duties within the College. Fellows are billed for any private catering. The Trustees remuneration is overseen by the College Council.

The salaries paid to Trustees (after salary exchange) in the year are summarised in the table below.

From To £0 £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 £100,001 £110,000 Total	2024-25 1 13 Number 6 3 - - - - 2 - 1 -	2023-24 6 3 1 - - 1 1 - 1 1 - Number
		14

The total Trustee salaries (after salary exchange) were £410k for the year (2023-24: £411k).

The trustees were also paid other benefits (including associated employer National Insurance contributions and employer contributions to pensions) and other taxable benefits which totalled £120k (2023-24: £118k).

There are 31 Colleges, each of which is an independent corporation with its own property and income. Each College publishes its own financial statements in a form specified by the University of Cambridge. The College pays levies to support the activity of the Office of Intercollegiate Services (OIS). The OIS is responsible primarily for arranging support services to the 31 colleges of the Collegiate University of Cambridge.

The College acts as an agent for the collection of fees for the University of Cambridge; for the year ended 30 June 2025 these fees total £10,144k (2023-24: £10,240k). During the year the College paid the University from these fees sums totalling £7,596k (2023-24: £7,6351k) and kept £2,548k (2023-24: £2,605k) under the terms of agreements between the University and the Colleges to share fee income with the Colleges in a way that recognises the relative contributions of the University and the Colleges. During the year Newnham College made a contribution under Statute G, II of £38k (2023-24 £25k) into the Colleges Fund. The Colleges Fund is administered by the University of Cambridge on behalf of the Colleges, who make all contributions to and receive all allocations from the Fund. Newnham College administers a Cambridge Bursary Scheme to support undergraduates financially; the University of Cambridge contributed £264k to this scheme (2023-24: £308k). In the course of its charitable activities, Newnham College also pays the University of Cambridge for printing, network and other services. In addition, Newnham College periodically provides conference-related services including accommodation, catering and other services to the organisations and departments belonging to the University of Cambridge on standard third party terms.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

39. SUBSIDIARY UNDERTAKINGS Consolidated and College

The subsidiary companies (all of which are registered in England & Wales), wholly-owned by the College, are as follows:

Company	Company Number	Principal Activity
Newnham College Management Ltd	02867403	Dormant
Newnham College Ltd	02788626	Providing facilities for conferences

All subsidiary companies are incorporated in the United Kingdom.

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.

Newnham College Limited had no profit or loss in either 2024-25 or 2023-24 and its balance sheet is £2 (2023-24: £2). Newnham College Management Limited had no profit or loss in either 2024-25 or 2023-24 and its balance sheet is £2 (2023-24: £2)

40. FINANCIAL COMMITMENTS

Consolidated and College

At 30 June 2025 and 30 June 2024 the College had no annual commitments under non-cancellable operating leases. The College has capital commitments as at June 2025 as follows.

	2024-25	2023-24
	£000	£000
Capital commitments at 30 June 2025 are as follows:
Authorised and contracted for	293	360

��he College has made ��totalling

£1,920k��

£1,200k��;�£540k ��and £180k��).

41. CONTINGENT ASSETS

Consolidated and College

Where legacies have been notified to the College, or the College is aware of the granting of probate, and the criteria for income recognition have not been met at the year end, then the legacy is treated as a contingent asset. At the balance sheet date contingent legacy assets are estimated to be: £340k (2023-24: £0).

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

42. PENSION SCHEMES Consolidated and College

(a) Cambridge Colleges Federated Pension Scheme

The College participates in a multi-employer defined benefit plan, the Cambridge Colleges' Federated Pension Scheme. At 30 June 2025 Newnham College had 3 active members participating in the plan.

The liabilities of the plan have been calculated, as at 30 June 2025, for the purposes of FRS102 using a valuation system designed for the Management Committee, acting as Trustee of the Cambridge Colleges' Federated Pension Scheme, but allowing for the different assumptions 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:

principal actuarial assumptions at the balance sheet date were as follows:
	2024-25	2023-24
	% p.a.	% p.a.
Discount rate	5.50	5.10
	To 2030:	To 2030:
	2.40	2.85
Increase in salaries	From 2031:	From 2031:
	3.30	3.75
RPI assumption	2.90	3.35
	To 2030:	To 2030:
	1.90	2.35
CPI assumption	From 2031:	From 2031:
	2.80	3.25
Pension increases in payment (RPI Max 5% p.a.)	2.85	3.15
Pension increases in payment (CPI Max 2.5% p.a.)	1.85	2.00

The underlying mortality assumption is based upon the standard table known as S3PA on a year of birth usage with CMI_2023 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 (2023: S3PA with CMI_2022 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:

Male aged 65 now has life expectancy of 21.4 years (previously 21.4 years)
Female aged 65 now has life expectancy of 24.0 years (previously 23.9 years)
Male aged 45 now and retiring in 20 years has a life expectancy at 65 of 22.7 years (previously 22.6 years)
Female aged 45 now and retiring in 20 years has a life expectancy at 65 of 25.4 years (previously 25.3 years)

Employee Benefit Obligations

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

Present value of plan liabilities Market value of plan assets Net defined benefit asset/(liability)	2024-25 £000 3,567 (886) (4,453)	2023-24 £000 3,842 (4,810)
		(968)

The amounts to be recognised in the Income and Expenditure for the year ending 30 June 2025 (with comparative figures for the year ending 30 June 2024) are as follows:

Current service cost Administrative expenses Interest on net defined benefit (asset)/liability Total	2024-25 £000 50 91 25 15	2023-24 £000 25 12 51
		88

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

42. PENSION SCHEMES Consolidated and College

(a) Cambridge Colleges Federated Pension Scheme (continued)

Changes in the present value of the plan liabilities for the year ending 30 June 2025 (with comparative figures for the year ending 30 June 2024) are as follows:

Present value of plan liabilities at the beginning of the year Current service cost Benefits paid Interest on plan liabilities Actuarial (gains)/losses Present value of plan liabilities at the end of the year	2024-25 £000 239 (327) 4,453 4,810 25 (293)	2023-24 £000 243 25 4,791 25 (274)
		4,810

Changes in the fair value of the plan assets for the year ending 30 June 2025 (with comparative figures for the year ending 30 June 2024) are as follows:

Market value of plan assets at the beginning of the year Contributions paid by the College (employer contribution) Contributions paid by the College (employee contribution - salary exchange) Benefits paid Administrative expenses Interest on plan assets Return on assets, less interest included in Income and Expenditure Market value of plan assets at the end of the year Actual return on plan assets	2024-25 £000 12 3,842 189 (276) (293) (16) 3,567 (88) 111	2023-24 £000 59 12 46 192 3,822 (274) (14)
		3,842
		251

The major categories of plan assets as a percentage of total plan assets for the year ending 30 June 2025 (with comparative figures for the year ending 30 June 2024) are as follows:

Equities Bonds and cash Property Total	2024-25 13% 50% 37% 100%	2023-24 12% 46% 42%
		100%

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

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

Return on assets, less interest included in the 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	2024-25 £000 (1) (41) 368 50 (276)	2023-24 £000 (2) (37) 12 59
		32

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

42. PENSION SCHEMES Consolidated and College

(a) Cambridge Colleges Federated Pension Scheme (continued)

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

une 2024) are as follows:
Net defined benefit asset/(liability) at beginning of year Recognised in Income and Expenditure Contributions paid by the College Remeasurement of net defined benefit liability recognised in OCI Net defined benefit asset/(liability) at end of year	2024-25 £000 50 (886) (968) (91) 123	2023-24 £000 (969) (88) 58 32
		(968)

Funding Policy

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

The last such valuation was as at 31 March 2023. This showed that the plan's assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall.

These deficit reduction contributions are incorporated into the plan's Schedule of Contributions dated 3 June 2024 and are as follows:

Annual contributions of not less that £78,664 per annum payable for the period from 1 July 2024 to 31 March 2030.

These payments are subject to review following the next funding valuation, due as at 31 March 2026.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

42. PENSION SCHEMES Consolidated and College

(b) Universities Superannuation Scheme

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 FRS102 "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.

Deficit recovery liability

The total (credit)/cost (released)/ charged to the income and expenditure account for the College and subsidiaries in 2024-25 is (£-k) (2023-24: £3,422k).

Deficit recovery contributions due within one year for the College are £-k (2023-24: £111k).

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

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

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

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

The key financial assumptions used in the 2023 valuation are described below.

CPI assumption

RPI/CPI gap

3.0% p.a. (based on a long-term average expected leve of CPI, broadly consistent with long -term market expectations) 1.0% p.a. to 2030, reducing to 0.1% p.a.from 2030

Pension increases (subject to a floor of 0%)

Benefits with no cap

CPI assumption plus 3bps

Benefits subject to a "soft cap" of 5% (providing inflationary increases up to 5%, and half af any excess inflation over 5% up to a maximum of 10%)

CPI assumption minus 3bps

Discount rate

Fixed interest gilt yield curve plus:

Pre-retirement: 2.5% p.a.

Post-retirement: 0.9% p.a.

NEWNHAM COLLEGE, CAMBRIDGE

Annual Report & Financial Statements 2024-25

Notes to the Accounts

42. PENSION SCHEMES Consolidated and College

(b) Universities Superannuation Scheme (continued)

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 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

ows:
	2023 valuation
Mortality base table	101% of S2PMA "light" for males and 95% of S3FPA for females
Future improvements to mortality	CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.40% p.a10% w2020 and w2021 parameters, and a long-term improvement rate of 1.80% p.a. for males and 1.60% p.a. for females

The current life expectancies on retirement at age 65 are:

current life expectancies on retirement at age 65 are:
	2024-25	2023-24
Males currently aged 65 (years)	23.8	23.7
Females currently aged 65 (years)	25.5	25.4
Males currently aged 45 (years)	25.7	25.6
Females currently aged 45 (years)	27.2	27.2