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2024-06-30-accounts

Murray Edwards College

Annual Report and Financial Statements 2023-24

Administrative Details

Address

Murray Edwards College, New Hall, Huntingdon Road, Cambridge, Cambridgeshire, CB3 0DF

Charity registration number 1137530

Senior officers

President

Ms Dorothy Byrne Dr Rachel Polonsky (resigned 6 November 2023)

Vice-President

Professor Stephen Morris (from 9 November 2023, resigned 2 September 2024) Mr Robert Hopwood

Bursar Senior Tutor

Dr Andrew Rudd (resigned 14 June 2024)

Dr Michele Gemelos (from 14 June 2024, resigned 16 September 2024)

Dr Victoria Harvey (from 16 September 2024)

Principal advisors

Auditors (external)

Bankers

Investment Managers

Legal Advisers

Critchleys Audit LLP Beaver House, 23-28 Hythe Bridge Street, Oxford OX1 2EP

Barclays Bank PLC Abacus House, Castle Park, Castle Hill, Cambridge CB3 0AN

CCLA Investment Management Limited, Senator House, 85 Queen Victoria Street, London EC4V 4ET

Cambridge University Endowment Fund 30 Station Road, Cambridge CB1 2RE

Mills & Reeve LLP Botanic House, 100 Hills Road, Cambridge CB2 1PH Taylor Vinters LLP Merlin Place, Milton Road, Cambridge CB4 0DP

Contents

Trustees of the charity – Council members

President

Ms Dorothy Byrne

Vice-President

Vacancy

Bursar

Mr Robert Hopwood

Senior Tutor Dr Victoria Harvey (appointed 16 September 2024)

Dr T Alexopoulou (appointed 1st October 2022)

Dr M Griffin (appointed 1st October 2023)

Dr L Hamlett (appointed 1st October 2022)

Professor M Herzog (appointed 1st October 2022)

Dr R Leow (appointed 1st October 2021)

Professor S Morris (appointed 1st October 2022)

Dr M Moussa (appointed 1st October 2022)

Dr A Patnaik (appointed 1st October 2023) Dr K Peters (appointed 1st October 2023)

Dr J Turner (appointed 1st October 2022)

Other Trustees during the financial year were:

Dr P Filippucci (retired 30th September 2023)

Dr Michele Gemelos (appointed 14 June 2024, retired 16 September 2024)

Dr A Rudd (retired 14th June 2024)

Ms S Summers (retired 1st May 2024)

Dr S Turenne (retired 31st December 2023)

As at 30 June 2024, the College comprised the President, 74 Governing Body Fellows, 33 Bye-Fellows, 374 undergraduate students and 39 clinical medical and veterinary students in respect of whom undergraduate fees were received, 124 registered postgraduate students and 93 full time equivalent permanent professional services staff.

Year in Review

Financial Review

Financial Statements

Year in Review 11

Year in Review

Year in Review

President’s Introduction

In 2024, we celebrated the 70th anniversary of the foundation of our College. How far we have come since 16 students were welcomed to a borrowed house on Silver Street in 1954! Now we are housed in splendid Grade II*-listed buildings, home to the largest collection of art by women in Europe and famed for our wonderful gardens. We have 349 undergraduates and 279 postgraduates who gain excellent results, and our alumnae have gone out across the world to excel in every field. We continue to exist proudly as a college for ambitious women who aim to rise high in all spheres.

The year in which we celebrated our past has also been that in which we have laid major plans for our future. We have carried out the first major review of our whole estate with three main aims: gaining in-depth insight into its condition; considering how we can make it more environmentally sustainable and use our spaces better; and planning for the longterm future. Our 1960s buildings will need upgrading over time to bring them to modern standards. We have identified opportunities to create an enlarged study space for 60 students on the lower ground floor of the library and a new social and informal study space on the main walkway and adjacent Vivienne Stewart Room.

We welcomed back many of those past students for a series of events with such distinguished alumnae: composer and pianist Joanna MacGregor, Ambassador Jacqueline Perkins, writer and comedian Sue Perkins, actor Nicola Walker, writer Maggie O’Farrell, screenwriter Sarah Phelps, and our alumna – and now Fellow – Professor Hiranya Peiris, the first woman to become Cambridge University Professor of Astrophysics 1909

We have drawn up exciting outline plans for new accommodation for postgraduates. Currently we have designated accommodation for only 40 postgraduates but we have space on our own estate to create accommodation for a further 120. This would bring our postgraduates into the heart of our community, enhance the estate and increase income. The proposed accommodation would be to Passivhaus energy efficiency standard and build the concept of wellbeing into its design. Our new Wellbeing Service launched last year, and we aim to be an international beacon for excellence in wellbeing in higher education.

This year we have seen a 70% increase in undergraduate applications to the College at a time when the University as a whole saw only a 1% increase, as a result of our innovative drive on outreach to schools, an excellent new website, new social media strategy and higher media profile.

We will use this new Estates Strategy to form the basis of our Case for Support. We don’t yet have the funds to fulfill these plans, but we have the vision.

We were very pleased to see an increase in donations and also a significant upturn in income from conferences, summer schools and other commercial activities. This was particularly important in a year in which all higher education institutions were affected by higher utility and catering costs. We also need to plan for major repair work on the library roof in 2025.

This has been a year of celebration, success and the creation of a vision for our future. Thank you to all our students, Fellows, alumnae and supporters.

Dorothy Byrne

President, Murray Edwards College

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Year in Review

Year in Review

From the Bursar

In this, the year of our 70th anniversary, we saw the delivery of a range of exciting initiatives strengthening what the College offers in the fulfilment of its overriding mission: providing the benefits of a firstclass Cambridge University – and College – education to brilliant young women, wherever they come from.

Two initiatives were particularly timely – first, a major strategic review of our Estate, and second, a complete overhaul of our website.

Our review of the Estate took three themes as its focus. First, sustainability and addressing the welter of challenges that 1960s buildings bring, including our Library roof which will require significant repair in the year ahead. Second, our maintenance plans, which needed much more professional input and a view that leaned more towards preventative rather than reactive maintenance. And third, a major consideration of the shape of our current estate and potential new build – with an assessment of the entrance of the College, possible new accommodation for our postgraduate community who are under-served at present, and a proper division between administrative and student accommodation. The review takes a 20-30 year forward look as its timeframe and will require considerable resources to fund. Now we have the plans, our College Council and Governing Body will decide next steps.

A second significant achievement during the year was the complete overhaul of our website, which had become entirely unfit for purpose. The renewal was completed in record time. It has already raised external awareness of the College, as well as drawn positive reactions and significantly increased interest in the College from the greater number of visitors to it. It is clear the vibrant new site resonates much more closely with the communities we serve, especially those of our brilliant students, including prospective students of the future. Moreover, we have at the same time put in place a new internal website, which helps everyone in College conduct business more openly and collaboratively than before. This also helped in building better communication for staff, an

area to which our staff survey, with improved satisfaction results overall, indicated we should return in the coming year.

Turning to our finances, the essential drive on income generation, be it from philanthropic or other external sources continued. Both increased their contribution to College funds, with conferences and catering delivering £1.7m and fundraising £1.45m. However, pressure came on our income and expenditure given higher expenditure on staffing, utilities, estates plans and other initiatives to raise the profile of the college. Some unexpected repairs also arose, and plant and boiler repairs were brought forward from the following year. The outturn was a deficit for the year, but we expect less pressure on the following year’s operational finances.

The College’s capital resources improved with sound investment performance over the year. The Colleges ‘free’ reserves, including those in place for any significant adverse event, also rose. The College is no longer substantially levered in debt terms and its financial position remains sound.

This report therefore serves once again as a tribute to our brilliant students, past and present, to our professional services teams, to our distinguished Fellows, and to all those friends who give so generously to this unique and special College.

Rob Hopwood Bursar

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Year in Review

Year in Review

Access and Student Recruitment

The year 2023-2024 has been transformative Nationally, our She Talks Science programme for outreach at Murray Edwards, with a new saw its highest ever engagement numbers Access and Student Recruitment Strategy, a this year, with conferences for students new team of permanent staff, and an updated interested in STEM subjects in high demand programme of new activities and events – at the College – where participants met reaching three and a half times the number of current students, alumnae and academics in schools nationally, compared with last year. their fields.

Data has been at the heart of this year’s outreach work – for improved targeting and selection of participants for engagement, as well as evaluation and long-term impact assessment. The new strategy focuses heavily on increasing the number of direct applications to the College, as well as supporting broader access and social mobility across the University.

Bridging both STEM and the Arts, Humanities and Social Sciences, the College’s extended programme of webinars delivered wellattended online sessions by Fellows and current students that offered insight into first year Cambridge study, as well as showcasing the subject expertise that is on offer at Murray Edwards.

Social media and digital outreach have also seen their biggest year so far, increasing reach from around 2,000 unique individuals per month to around 17,000. The month of July saw not only well attended Open Days, where hundreds of students, parents and teachers were able to explore the College and its communities in person, but also the launch of our inspiring new College website, and a peak of nearly 23,000 individuals reached by our social media channels.

Delivery highlights this year have included new Student Access Conferences in Manchester and the London Borough of Haringey, the expansion of the College’s English Reading Project to Manchester and London, two She Talks Science conferences in Cambridge, 10 new academic webinars, three residential summer schools in College, and three busy Open Days for prospective applicants, their families and teachers.

Supported by the Isaac Newton Trust, our new Access Conferences represent a significant increase in commitment to highly able young people in our Link Areas around the country. Delivering a day of talks, Q&A sessions and interaction with visiting College Fellows, staff and students at a host school in each region, we saw a significant increase in interest in the University of Cambridge, and even more so toward the College itself. Combined with the supra-curricular opportunities offered by the expansion of the English Reading Project, She Talks Science programme and College webinar series, sixth formers in our Link Areas will continue to have more access and information about Cambridge than ever before.

The overall theme of the past year of outreach can be summarised simply as ‘growth’ in all areas of engagement. As the new academic cycle gets under way the College looks forward to an even busier year of events, activities and engagement with an ever-increasing number and diversity of potential applicants to Murray Edwards College, as well as the wider University of Cambridge.

Matt Diston

Head of Access and Student Recruitment

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Year in Review

Year in Review

Wellbeing

The Wellbeing Service at Murray Edwards has now been running for a full academic year. The Service was established following a gift to the college by the philanthropists Christina and Peter Dawson, which allowed the College to expand wellbeing provision to include a new, full-time Head of Wellbeing post. The service aims to provide responsive, one-toone support to all students with any aspect of their wellbeing and mental health, and also to promote student wellbeing in college through expanding the provision of wellbeing activities and opportunities. The Head of Wellbeing, Dr Susan Imrie, works closely with the college nurse, counsellor, Directors of Studies and Tutors, as well as with the University’s Student Support Services and NHS providers to provide joined-up and holistic support for students.

Students from across all levels of study and a wide range of disciplines used the wellbeing service over the last year, with the Head of Wellbeing seeing over 130 undergraduates and postgraduates. Some accessed the service as a one-off appointment to discuss a particular issue, while others had a number of appointments over a short period during a challenging time, and some had more regular ongoing support. Students have sought support with a range of mental health and wellbeing concerns, including depression, anxiety, the transition to university, worklife balance, bereavement and relationship difficulties. The wellbeing team has also advised students about disability-related support, and provided signposting and referrals to other services as appropriate.

The Wellbeing Service are happy to have recently had a new member join the team. Our new college nurse, Erika Spooner, joined Murray Edwards in April 2024 on a temporary basis and has been employed as a permanent member of staff since October 2024. Erika was previously the College Nurse at Corpus Christi College and has a background in women’s health, making her a wonderful fit for the college and the team. She is working more hours than previous nurses, so we’re now able to offer nurse appointments to students for three full days a week.

We also welcomed a new college counsellor, Claudia Marota, at the start of the academic year. Claudia is an integrative counsellor who has 20 years’ experience working with adults and young adults within education, social work and counselling settings. Across the year she saw undergraduate and postgraduate students for short-term counselling on a range of issues.

This academic year saw the wellbeing team offer a diverse programme of wellbeing activities that complemented the wonderful range already provided in college by other departments. Activities have been evidencebased as far as possible, and have responded to a need that the team has identified in the student body, or to a request from students. We were able to offer mindfulness workshops, hand and arm massages during exam time, and several Pets as Therapy dog visits, all of which were popular with students. We commissioned a series of workshops by a specialist ADHD coach to offer skills-based coaching to our students with ADHD. The Head of Wellbeing also codelivered several wellbeing talks with the Director of Student Development as part of the Gateway programme.

Part of the summer has been spent planning the wellbeing component of the college’s new Welcome Week, which provided an extended freshers week for our incoming freshers in October 2024. We introduced the team to the new cohort on their second day at college so that they know who we are and are aware of how we can support them. The Head of Wellbeing and Nurse will also meet individually with all of the new undergraduates over the first few weeks of term. This will help build relationships and ensure that we continue to be as knowledgeable as possible about the needs of our students.

Dr Susan Imrie

Head of Wellbeing

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Year in Review

Year in Review

Women’s Art Collection

It has been a brilliant year for the Collection. The Goddess, the Deity and the Cyborg Together with the support of the Paul Mellon followed and has been our best attended Centre, we organised the first academic exhibition to date. It was generously conference dedicated to the history of The supported by the Wimhurst Muller Trust Women’s Art Collection in its 32-year history. enabling a publication and international Twelve papers presented new research by symposium to accompany the exhibition. academics, researchers, artists, curators and Drawing from the works in The Women’s Art writers that deepened our understandings of Collection as well as loans from public and the artists, artworks and themes represented private collections, the exhibition explored in the Collection. This sold-out event was an the enduring appeal of the goddess and outcome of a two-year research project funded traced how artists have adapted and even by the Isaac Newton Trust, the Bateman Family transformed the goddess into an ambiguous Charitable Trust and Mike Standing. As part figure undefined by gender or even bodily of this project, we secured additional funding form. With the support of the Centre for from The Arts Council for a new website to American Art we organised a symposium engage local community groups. that brought the American academic Jenny Klein over from the US to deliver the keynote. Another first for the Collection was an A new partnership was also made with the exhibition with the Ingram Collection that Fitzwilliam Museum on a series of events opened at the Lightbox in Woking and that brought this show in dialogue with their has since travelled to Compton Verney in exhibition on William Blake. We were thrilled Warwickshire. A Spirit Inside opened to that the show was recommended twice by critical acclaim and celebrates over 100 The Guardian!

Another first for the Collection was an exhibition with the Ingram Collection that opened at the Lightbox in Woking and has since travelled to Compton Verney in Warwickshire. A Spirit Inside opened to critical acclaim and celebrates over 100 years of creative expression by women and non-binary artists including Paula Rego, Cindy Sherman, Elisabeth Frink and many more. It marks the first time the Collection has partnered with a museum to present works from the Collection providing a wider opportunity for audiences to see some of the most important 20th and 21st century works by women. We were thrilled that it has received glowing press coverage including a four-star review in The Observer.

Our curator Harriet Loffler was interviewed for Cambridge University’s online feature This Cambridge Life that was also shared on across the University’s social media platforms.

Harriet was also a regional judge for the ARTiculation Prize, a national competition open to sixth formers who are invited to speak about an artwork of their choosing.

We have been the beneficiaries of a number of donations and new acquisitions including Sadie Lee’s portrait of Diana Souhami, who has created a significant and original body of literary work including biographies of lesbian women such as Gertrude Stein. The work was commissioned especially for the Collection by Annie Bartlett and Sandra Evans. Annie Bartlett studied at the College as an undergraduate and a PhD student.

Back at Murray Edwards we started the new term with the Women and Water exhibition that examined how water has been used by artists both as subject matter and artistic medium to reflect the multiplicity of women’s experiences. It was accompanied by a busy programme of tours, an online talk and was highlighted by the Guardian as a ‘must see exhibition’.

In December we hosted the phenomenal performance ‘NATIVITY’ by Rosa JohanUddoh. The short, epic tale focuses on the Black character of Baltazar, one of the three Kings who visited baby Jesus at his birth and who became a vital part of one of the most popular motifs in Western art history. The performance was a collaboration with Performance Exchange and has been acquired for the Collection with the generous support of the Art Fund. This marks the first time a performance has entered the Collection.

Community Engagement

The Collection has developed well-established community partnerships and forged new ones over the past year. We have a long standing relationship with the mental health charity Arts and Minds that began in 2021 with tours and facilitated sessions around the Collection. This year we are a key partner in their Art on Prescription programme that takes the Collection as the source material for extended sessions over a six-month period..

This year we are partnering with the team at University of Cambridge Museums on their region-wide Age Well programme. This framework brings together programmes with and for older people, specifically those living in or supported by social or residential care who have complex health conditions including dementia and physical disability. At the other end of the age spectrum, we collaborated with Cambridge Curiosity and Imagination, an arts and wellbeing charity helping children and young people, to work with pupils from Mayfield Primary School on their Artscapers project.

Clockwise from top left: A Spirit Inside installation view The Lightbox, Woking, 2023

As part of the recent WAC research project, we received Arts Council funding to engage three community partners on generating interpretation of the Collection. Our work with Cambridge Black Creatives, Women’s Resource Centre and North Cambridge Academy has created strong bonds we hope will lead to further partnerships.

The Goddess, the Deity and the Cyborg installation view Murray Edwards College, 2024

Sadie Lee ‘She Wears Her Heart on Her Sleeve: Portrait of Diana Souhami’ 2023

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Financial Review

Financial Review

Financial Review

The College: Foundation, Charter and Statutes

The College was founded on 11 March 1954 as an unincorporated association to promote a foundation for women in the University of Cambridge. It was incorporated as New Hall, Cambridge, a company limited by guarantee, on 20 April 1954. On 3 November 1965, the University granted recognition to New Hall as an approved foundation within the University. A Royal charter of incorporation in the name of “The President and Fellows of New Hall in the University of Cambridge” was granted on 28 June 1972. College Statutes provide for the constitution and government of the College including the membership and responsibilities of the Governing Body and the College Council.

In June 2008, the College announced a donation of £30m from Ros Smith (New Hall 1981) and Steve Edwards. The donation was made with the purpose of permanently endowing the College to enable it to pursue its objects of learning, education and research as an independent institution within the University of Cambridge. The income from this transformational endowment also enhanced specific areas including widening access and participation, supporting early career stage academics, improving conditions for College teaching officers, employing a full-time schools’ liaison officer and initiating the Gateway Programme of study skills and professional development for students.

On 14 June 2011, a Supplemental Charter was granted by HM the Queen, changing of the name to “The President and Fellows of Murray Edwards College, founded as New Hall, in the University of Cambridge”. The name honours in perpetuity both the first President, Dame Rosemary Murray, and the Edwards family.

The College’s Statutes were amended to reflect more modern business practices and to allow more flexibility in conducting College business. The amended Statutes were approved by Her Majesty the Queen Elizabeth II in Council at Windsor Castle on 16 February 2022.

Public benefit

The Trustees have regard to the Charity Commission’s guidance on public benefit when exercising powers and duties to which the guidance is relevant. The Trustees are assisted in this duty by receiving specific briefings and training on the relevant guidance.

The College aims to provide excellence in the education of outstanding women from all backgrounds. It provides opportunities for these young women to develop the skills and confidence to lead the way in the world, to be independent-minded, and to take on the challenges they will meet in life and achieve their ambitions. This is done through core teaching and also through the Gateway

Programme for personal development, which is available to both postgraduate and undergraduate students. The College aims to provide both a vibrant intellectual environment for Fellows, students and staff. It also aims to be an open and friendly community, maintaining many of the traditions of a Cambridge College while being at the forefront of innovation. The focus is on meeting the needs of women from all backgrounds within the wider co-educational environment of Cambridge University.

Review of learning, education and research

In December 2023, the University’s General Board and the Colleges’ Committee commissioned a Review of Teaching focused on two primary areas: student workload and its impact on mental health and wellbeing, and the supervision system (in particular the available resources for supervision, both personnel and financial, and how these relate to the quality of educational provision). This Group is led by the Pro-Vice-Chancellor (Education) and has representation from Schools, Colleges, the Cambridge Students’ Union, and Education Services.

One of the Review’s recommendations was to revitalise, promote, and reinforce the role of Committees of Directors of Studies (DoS). Appointed by Colleges, DoS are responsible for organising supervision teaching at the college level and for monitoring student academic progression. Intercollegiate discussions have emphasised the important role a DoS holds in delivering teaching as well. At Murray Edwards, DoS are drawn from the Fellowship and from other colleges. In addition, the University’s Framework for Assessment continues to inform a transition period (to 30 September 2025) regarding modes and methods of assessment. Thus, the support of our Directors of Studies and supervisors remains a College priority: the College has worked to ensure that our Directors of Studies (and supervisors by extension) continue to engage with their Faculties and Departments to provide adequate preparation for any new modes and methods of assessment introduced. The same applies to our Tutorial administrative staff in terms of engaging with Student Registry and related offices.

An additional recommendation of the Review was to endorse and embed an amended payment methodology for supervisions. A new methodology for intercollegiate recharge rates for undergraduate supervisions was approved by the intercollegiate Bursars’ Committee, fixed for at least four years, with the possibility of a review should there be any substantive changes to the Colleges’ expenditure on supervisions. From Michaelmas Term 2024 the question on contracts for undergraduate supervisors will begin to be addressed across the Colleges.

From October 2022 to May 2023, the University undertook a review of its approach to Mitigation facilitated by SUMS Consulting. The final report was presented to the General Board’s Education Committee in November 2023 with a series of recommendations. Those recommendations were considered throughout 2023-24; included among them was the consideration of a high-level approach to re-sits, specifically whether the University should introduce re-sits. This also follows from a requirement from the Office of the Independent Adjudicator to review current provision.

Owing to a marking and assessment boycott organised by the University and College Union (UCU) between April and September 2023, the full set of classed results for undergraduate and integrated Masters students in the academic year 2022-23 was not available at the date of publication of the last Annual Report. The exam results for 2022-23 showed that 79.9% of undergraduate students and integrated Masters students at Murray Edwards obtained Good Honours (2.1 or 1st Class results).

Easter Term 2023 saw the first award of an Overall Degree Class to students. Departments determined the formula for calculation, which in some cases included the weighting of a second year. The full set of classed results for undergraduate and integrated masters students (numbering 304) in the academic year 2023-24 showed that 81.9% of students at Murray Edwards obtained Good Honours (2.1 or 1st class results) in 2023-24, with 89% of those in the third year of their course obtaining Good Honours and 100% in their fourth year obtaining Good Honours. A total of 28.3% of students in their third year at the College obtained 1st class results.

The Senior Tutor will continue to work with Directors of Studies and other teaching staff to collect and analyse context-specific data to help understand student progression and performance, as well as quality of teaching and the effectiveness of academic and pastoral provision. The Gateway Programme will continue to support our students with their academic, career and personal development.

Philanthropic support

The College Development Office aims to raise donations from benefactors, including alumnae, trusts and foundations. Philanthropic support for the College helps underpin the delivery of many of the College’s objectives and priorities. The College is profoundly grateful to all its donors for their support.

The College fundraises to support projects identified as priorities by the Council. Fundraising techniques include direct mail, telephone fundraising (using live calls by students at the College), the promotion of legacy giving, and face-toface fundraising (by private meeting with potential major donors). The College does not use external professional fundraisers or commercial participators.

All donations (including the recovery of Gift Aid where applicable) are reported in the Consolidated Statement of Comprehensive Income and Expenditure. The College conforms to all recognised applicable fundraising standards, and it is registered with the Fundraising Regulator (reg no. ID-001043). The College has received no complaints about fundraising in the year reported.

The College undertook a significant and wide-ranging review of its fundraising strategy, operations and performance during the year and is currently implementing the recommendations from it.

Financial Review

Summary

Pressure once again came on the College’s income and expenditure which indicated an overall deficit largely due to utilities costs, reactive emergency repairs and compliance needs. The College also conducted a thorough strategic review of its Estate focussing on sustainability, possible new build, and preventative maintenance plans, which should serve the College well for the next 20 or so years. The College incurred an operating deficit of £655k (22-23: £725k deficit). Aside from the Estates review, another major initiative, the complete overhaul of our website, concluded within a tight timeframe and on budget.

Opportunities for summer conference business improved, and

performance exceeded a testing target, as did investment income.

Increased investment income and capital returns meant total return exceeded the objective of CPI+5% over the year and over long term. Overall total return came in at 11.3%. A significant capital gain of £6m meant the College’s net worth increased over the year. The College’s overall net worth now stands at £124.8m up from £118.1m at the end of the year, with £85.3m invested.

The College’s borrowings total £10.5m. £1.5m of this comes off its fixed rate in 2026. The College is setting aside funds in readiness for the repayment of this sum and has a robust plan for repaying the remaining £9m in 2048, if not before. Loans as a percentage of total net assets are now considerably reduced at just above 8% and the College is not substantially levered in debt terms. Added to this, USS deficit contributions are no longer required and £1.5m provided for last year is no longer necessary.

In sum, the College’s financial position remains stable. The College projects cash flows, five-year budgets and balance sheets, together with scenario stress tests, to help prepare for uncertainties. Our free reserves provide a good buffer against adversity and remain in good stead.

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Financial Review

Financial Review

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its Investment Sub-Committee. The College instructs fund managers to manage financial investments. Its principal fund managers during the year were CCLA Investment Management Limited and the Cambridge University Endowment Fund (CUEF). Cambridge Associates manages venture capital and private equity investments. The College directly manages a number of small, maturing private equity investments and a literary estate.

Income and expenditure

The College’s income derives principally from academic fees and charges, charges to students for accommodation and catering, charges for conferences and events and donations, all supported by investment returns from its endowments, as follows:

Of the University regulated undergraduate tuition fee, half is retained by Colleges. The regulated fee increased from £9,000 to £9,250 for undergraduate students matriculating in 2017 and has remained at this level.

The objectives under the College investment policy are for long-term funds:

Accommodation and catering charges to members increased by just over 7%%. In order to meet the full costs of accommodation, the College draws upon its endowment and other income. This helps the College set rents at a level that makes them more affordable for students and rents for student accommodation represent good value within the wider market.

and for short-term funds, to preserve capital value with minimum risk.

Assets are invested widely, generally by discretionary investment managers in pursuit of these objectives. Investment managers’ ethical and responsible investment policies are reviewed and the College excludes direct investments which materially conflict with its purposes. The College’s principal investment manager, CCLA, has achieved an assessment of A or A+ in nearly all categories under UNEP’s Principles for Responsible Investment.

The College uses its facilities for commercial events and conferences when not required for its academic needs, precedence being given to College events. This activity normally makes an important contribution to the College’s income and free cash flow.

The endowment performance is commented upon separately in the section “Endowment and investment performance” below.

The investments are set out in the notes to the accounts. They represent the College’s endowment assets, part of its corporate capital and general reserves.

Staffing costs represent the biggest the accounts. They represent the College’s operating cost of the college. Core staffing endowment assets, part of its corporate costs increased due to additional staffing. capital and general reserves. Staff costs increased from £5.1m to £5.9m, an increase of 15.7%. Average numbers of staff The College’s investments comprise three employed during the year increased by 11 to principal categories: the Segregated Fund 167. and Amalgamated Funds invested principally in units in a common investment fund, limited Property and premises spend continued to partnership interests in two venture capital be constrained, despite significant reactive and private equity funds of funds; and the repairs. The College now has a full, integrated, literary estate of Roma Gill, a former Fellow, strategy and preventative maintenance plan. bequeathed to the College.

Property and premises spend continued to be constrained, despite significant reactive repairs. The College now has a full, integrated, strategy and preventative maintenance plan. This will ensure timely refurbishment of key elements of plant to control operational risk, the maintenance of buildings to a standard which is intended to prevent more costly remedial works and refurbishment to the extent that the budget can support it.

The Segregated Fund is managed on a total return basis and was subject to an annual spending rule of 3.5% (prior to 2014-15: 4%). The quoted investments section, managed by CCLA, returned 11.4% (2022-23 6.1%), net of fees. An endowment within the Segregated Fund managed by CUEF returned 9.0% (202223: 4.0%) net of fees.

Endowment and investment performance

Figure 1: Income (in £000s)

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£000s
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3,000 150
120
2,500
90
2,000
60
1,500
30
1,000
0
-30
500
-60
College fee Charges to Charges for Investment Donations and
members for events and income and endowments
accommodation conferences endowment
and catering return
transferred
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The College’s Finance Committee formulates general investment policy on the advice of

2023-24 2022-23 Year on year change

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Financial Review

Financial Review

The Amalgamated Fund, managed principally by CCLA, is managed on an income and capital basis and returned a total of 11.8% (2022-23: 5.9%), net of fees.

Free reserves are those reserves which are freely available to spend on any of the College’s objects and as such exclude unexpendable reserves, reserves applied to intangible and tangible fixed assets and reserves designated for or restricted to a certain purpose or purposes. (See table below).

The literary estate of Roma Gill yielded royalty receipts in the year of £109k (2022-23: £98k) principally from her editions of the plays of Shakespeare, published by OUP.

The College considers a suitable minimum level of free reserve to be an amount broadly equivalent to six months’ essential operational spend, currently £6m. Such reserves will provide support should the College face an unforeseen downturn or significant event which has an adverse financial impact.

Assets in the endowment returned a weighted average of approximately 11.3% during the year (2022-23: 5.8%). By comparison, a broad-based benchmark portfolio of global equities (75%), UK property (5%), UK gilts (15%) and cash (5%) might have returned 16.5% before fees (2022-23: 6.4%).

The College intends to increase its contribution to public life and benefit and intends to grow its reserves as it seeks opportunities to do so. The College has not therefore determined a maximum level of free reserves.

Total capital expenditure, excluding heritage assets, during the year was £0.4m (2022-23: £0.4m), primarily upgrades and refurbishments of boiler systems and water heaters and the overhaul of the website.

Balance sheet

The policy and compliance with this policy is reviewed annually and particularly in the event of material change, upwards or downwards, in the level of free reserves. The College has complied with the policy in all material respects during the financial year 2023-24.

Consolidated net assets stood at £124.8m at 30 June 2024, up from £118.1m at 1 July 2023. £63.5m of total reserves are unrestricted. Investment assets now stand at £85.3m, with tangible fixed assets at £49.1m.

A statement of Reserves and net asset funds as at 30 June 2024 is shown below:

The USS deficit contribution provision of £1.5m is no longer 2024 is shown below: required. Debt as a proportion of the College’s net assets fell to 8.4%. If free reserves are taken to be total unrestricted net assets less unrestricted intangible and tangible assets, free reserves Reserves come to £13.7m.

Reserves

Cash flow

The College intends to continue to pursue its objects in perpetuity. Its activities require financial support from funds, which include the College’s corporate capital, its endowments, and its restricted and unrestricted reserves. These funds are necessary to continue to underpin the significant public benefit provided by the College in pursuance of its objects in the areas of learning, education and research.

Cash outflow from operating, investing and financing activities came to £303k (2022-23: outflow of £1,761k). The College has ringfenced excess liquidity (£375k) to provide against future repayment of the bank loans.

Reserves & Net Asset Funds 2023–24

Tangible
Intangible
assets		 assets (inc
Heritage		 Investments Net current
assets		 Long term
liabilities		 Pension
liabilities		 Total
assets)
£k £k £k £k £k £k £k
Endowment 897 57,363 58,260
Restricted 3,102 3,102
Unrestricted 770 49,309 24,828 206 (10,500) (863) 63,480
Total 770 49,936 85,293 206 (10,500) (863) 124,842

estates planning exercise was completed during the year. Three main strands were included in the exercise, focussing on new build, sustainability and preventative maintenance. It is clear that the plans will require significant resource to implement over a long time horizon. There is also a considerable tension between conservation aspects of our listed buildings and the ability to reduce our carbon footprint, but innovative ways of addressing this issue have been set out.

Operations Review People, learning and development

With 74 Fellows and some 120 full time staff, the College continues to prioritise sound people leadership, management and engagement.

The annual staff survey was carried out and actions identified to increase staff engagement and communications. Staff satisfaction again increased overall. Training on equality, diversity and inclusion is ongoing. Various on-line training suites were offered to staff. This was aimed at enhancing a range of skills including technological skills, given the increase in online, remote working and also to assist with the mobility and hybrid working strategy.

The original College buildings date from the 1960s and have required substantial refurbishment and renovation, particularly the Dome, Library and Orchard Court. In addition, Buckingham House was rebuilt to provide a conference and residential facility, now supplemented by Paula Browne House. Canning & Eliza Fok House was built to provide 40 rooms for graduate accommodation. The works were funded partly from £13.5m bank loans drawn from 1999 to 2008. The College buildings also include Victorian and Edwardian buildings in addition to the main buildings on the New Hall site from 1965, the substantial additions of Pearl House (1994), Buckingham House (2001) and Canning & Eliza Fok House (2008).

New staffing where the College reviewed and re-ordered its capacity and capabilities last year, bedded in this year. The focus here primarily involved income generation, such as conferencing and events and fundraising alongside well-being programmes and access and student recruitment drives.

Technology innovation

Once again, technological change has been a significant feature of the year. Investment Principal risks and was made in a new website, an upgraded accounting system and new security systems. Mobility, service delivery, business uncertainties continuity, and data security as always provide a focus for the team and the College more widely. Mobile (and accessible) working The College reviews risks at a corporate level projects were again carried out across the and an operational level. Principal corporate College and underpin the College’s ability risks include: to work in a new, agile, more efficient and genuinely collaborative way. IT operations ● Academic risks including the calibre proved resilient during the year.

The College reviews risks at a corporate level and an operational level. Principal corporate risks include:

Communications

As previously noted, the College completed a project to overhaul its website this year. In tandem, it improved its internal digital communications with a new intranet. This has reduced time and effort in communications and also made information more readily accessible. This will yield greater benefit as the College ramps up its digital capabilities.

Estate and facilities

With significant professional support, a major

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an excellent academic and student experience

Operational risks are assessed and reviewed at a departmental level and appropriate procedures put in place to monitor and control them. The College maintains a critical incident plan and tests it with simulated incidents.

Plans for the future and conclusion

The College has concluded wide consultation redefining certain short- and long-term objectives in key areas. These include a significant push on income generation to support delivery of its purpose and mission as described earlier. The College continues to review Academic performance, Student Well-being, Widening participation, Student Access and Recruitment and the significant benefit the College provides to the public. Building a stimulating environment and culture in which all thrive, including building the resources to do so, remains a priority and a thorough Estates review has informed future possibilities and priorities.

In financial terms, while the College continues to be undercapitalised in an uncertain political and economic environment, it continues to make good progress on this front. Like many in the Higher Education sector, the College continues to face significant challenges but will endeavour to continue to improve its financial position through scrutiny of costs and the pursuit of new sources of income, consistent with its charitable objects. Specifically, it will continue careful stewardship of its endowment. The College will continue to raise benefactions to increase its endowments generally to ensure the College can exist in perpetuity, with the income from its endowments supporting the cost of educating students, currently not fully covered by the College’s other sources of academic income.

Corporate Governance Statement of Corporate Governance

The following statement is provided by the Council as the College Trustees to enable readers of the financial statements to gain 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 1137530) 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 Governing Body has the ultimate authority in the governance of the College, which it exercises in accordance with and subject to the College Statutes. The Governing Body comprises the President and all Fellows other than Emeritus, Honorary and Bye Fellows, and meets at least once in each Term. Statutes specify that one meeting of the Governing Body in each academic year shall be the Audit Meeting.

Subject to ultimate authority being vested by statute in the Governing Body, the College Council is the principal executive body of the College, responsible for administering the affairs of the College and managing its property and income. Under the Statutes of the College, the College Council consists of the President, Vice-President, Bursar and Senior Tutor (all ex officio), nine members of the Governing Body (elected by the Governing Body) and the Presidents of the undergraduate and postgraduate student unions. These Council members are the College Trustees for the purposes of charity law. An observer drawn from the membership of the relevant student union may attend in the absence of the President of that union. Two staff observers are also in attendance at Council meetings.

The President chairs Governing Body and Council; the Senior Tutor has overall responsibility for admissions, education, and welfare of postgraduate and undergraduate students; the Bursar has overall responsibility for the finances, human resources, buildings, operations and administration of the College. The President and Vice-President are elected by the Governing Body. Officers, other than the President and Vice-President, are

appointed, and may be removed, by Council. Council fulfils its responsibilities through a number of principal committees to which some powers are delegated and through which advice is sought. They include:

The Fundraising Committee was disbanded and its business would, for the time being, be transferred into that of the Finance Committee. A new Development Committee will be established in due course.

The principal officers of the College are listed on page 1.

An Audit Committee, appointed by Council, reports to the Governing Body. It is in the terms of the Audit Committee to keep under review the effectiveness of the College’s internal systems of financial and other controls; to advise the Governing Body, in conjunction with the Finance Committee, on the appointment of external and internal auditors; to consider reports submitted by the auditors, both external and internal; to monitor the implementation of recommendations made by the auditors; and to report to the Governing Body. Membership of the Audit Committee consists of three Fellows other than the Bursar, one to be appointed by Council annually each for a term of three years, together with one external adviser. Serving members of the Finance Committee shall not be eligible for appointment.

The Audit Committee may examine the accounts, consult with the auditor, and is required to report to Council and to Governing Body at the Audit Meeting on matters of general policy in relation to the accounts as it sees fit.

The College’s remuneration committee continues to be an independent committee composed entirely of external members and attended by the President and the Bursar. Its remit covers remuneration arrangements for all Governing Body Fellows.

There are registers of interests of Trustees and of the senior administrative officers. Declarations of interest are made systematically at meetings.

The College’s Trustees during the year ended 30 June 2023 are set out on page 2.

Scope of the financial statements

The consolidated financial statements cover the activities of the College and its two subsidiary companies: Murray Edwards Conferences Ltd (Registered number 3777385) and Murray Edwards Developments Ltd (Registered number 03721386). These undertake activities which, for legal or commercial reasons, are more appropriately carried out by limited companies.

Statement of internal controls

The Trustees are responsible for maintaining a sound system of internal control that supports the achievement of policy, aims and objectives whilst 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 of effectiveness.

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 full financial year 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 Finance and Audit Committees, Bursar and College officers, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other reports.

Transactions between College and members of the Governing Body

Most Fellows hold office or employment with the College and receive remuneration for the services they provide. This ranges from full time employment to occasional teaching. Stipends, salaries and fees for these services are set by Council. The role of the Remuneration Committee, whose members are all independent, is to act as a body to review the level of remuneration and other direct and indirect benefits for the members of the Governing Body, including members of the Council of the College.

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Financial management and control

The College operates a devolved budgeting system under The Trustees are responsible for keeping accounting which individual budget holders are responsible for managing records that are sufficient to show and explain the College’s income and expenditure within their own areas of operation, transactions and disclose with reasonable accuracy at and for bringing forward budget proposals through an annual any time the financial position of the College and enable budgeting process. Fellows, members of staff and students them to ensure that the financial statements comply with are encouraged to participate in the process through their the Statutes of the University of Cambridge, the Charities membership of the College’s Committees. The Finance Act 2011 and regulations made thereunder. They are also Committee is responsible for turning the proposals into a responsible for safeguarding the assets of the College and coherent and transparent budget proposal which is part of a hence for taking reasonable steps for the prevention and sustainable financial plan. The budget is considered in detail detection of fraud and other irregularities. to ensure that it is consistent with the College’s strategic aims and objectives and then recommended to Council for The Trustees are responsible for the maintenance and approval. integrity of the corporate and financial information included on the College’s website (www.murrayedwards.cam.ac.uk). Statement of Trustees’ responsibilities Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other College Council, as Charitable Trustees are responsible information included in annual reports may differ from for preparing the Trustees’ annual report and the financial legislation in other jurisdictions.

The Trustees are responsible for keeping accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Statutes of the University of Cambridge, the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

College Council, as Charitable Trustees are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Approved by College Council on 11th November 2024

The College’s Statutes and the Statutes and Ordinances of the University of Cambridge require the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the group and parent college and of the incoming resources and application of resources of the group for the year. In preparing those financial statements the Trustees are required to:

Dorothy Byrne President

Robert Hopwood Bursar

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Independent Auditor’s Report to the Members of the Council of Murray Edwards College

Opinion

We have audited the financial statements of Murray Edwards College (formerly New Hall College (the “Charity”)) for the year ended 30 June 2024 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. 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 and charity’s affairs as at 30 June 2024 and of the group’s income and expenditure for the year then ended;

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

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 Charity 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 Members of the 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 charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the Members of the Governing Body

As explained more fully in the section on Corporate Governance, the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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 Members of the Governing Body are responsible for assessing the Charity’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 Members of the Governing Body either intend to liquidate the Charity 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 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

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

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

There are inherent limitations in our audit procedures

described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the

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Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any.

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

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

This description forms part of our auditor’s report.

Critchleys Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Use of our report

This report is made solely to the College’s Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the 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’s Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.

Critchleys Audit LLP Statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

Date: 18th November 2024

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Statement of Principal Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge and applicable United Kingdom Accounting Standards 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 Institutions issued in 2020.

The Statement of Comprehensive Income and Expenditure includes activity analysis in order to demonstrate that the College is satisfying its obligations that all fee income is spent for educational purposes. The analysis required by the SORP is set out in notes to the accounts.

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 that are included at valuation.

Basis of consolidation

The consolidated financial statements include the College and its wholly owned subsidiary undertakings. Details of the subsidiary companies are included in the notes to the accounts. Intra-group balances are eliminated on consolidation.

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

Recognition of income

Academic fees

Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsors. The costs of any fees waived or written off by the College are included as expenditure.

Research and 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 in receipt of or entitled to the income. Income is retained within restricted reserves until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer.

Donations and endowments with restrictions are classified as

restricted reserves with additional disclosure provided within the notes to the accounts.

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

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

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

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

  4. 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.

Endowment and investment income

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

Total return

The College also holds certain restricted and unrestricted permanent capital, derived from specific donations, in a Segregated Fund, the terms of which require that 3.5% per year of the three-year average capital value, as at the end of January each year, is recognised as income in the Consolidated Statement of Comprehensive Income and Expenditure.

Other Income

Income is received from a range of activities including accommodation, catering, conferences and other services rendered. Income is recognised in the period in which the related goods or services are delivered.

Gifts in kind

Properties, investments, and other fixed assets donated without restrictions to the College are included as donation income at market value at the time of receipt, if restricted they are recorded as restricted income and the relevant restriction applied.

Foreign currency translation

Transactions denominated in foreign currencies are recorded at the rate of exchange prevailing 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 income and expenditure for the financial year.

Fixed Assets

Operational Freehold Land and buildings

Operational land and buildings are stated at valuation. Buildings on the main College site, being specialised properties, were valued on the basis of their depreciated replacement cost as at 30 June 2015 by AECOM, property consultants. Certain off-campus land and buildings are valued on the basis of their existing use. The most recent valuation was carried out by Carter Jonas LLP, property consultants, as at 30 June 2015.

Land purchased prior to 1 July 2002 is not capitalised unless it is held for investment purposes. Land purchased since 1 July 2002 is capitalised in the balance sheet. Freehold land is not depreciated as it is considered to have an indefinite useful life.

Operational buildings are depreciated on a straight-line basis over their expected useful economic lives at the rate of 1.5% per year.

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 the architects’ certificates and other direct costs incurred to the balance sheet date and are depreciated at the rate of 1.5% per year when they are brought into use.

Maintenance and Renewal of premises

The cost of routine maintenance is charged to the Income and Expenditure account as it is incurred. The cost of major refurbishment and maintenance that restores value is capitalised and depreciated at the rate of 1.5% per year.

Furniture, fittings, computer and general equipment

Furniture, fittings, computer and general equipment costing less than £10,000 per individual item or group of related items is written off in the year of acquisition, those with a cost of more than £10,000 are capitalised and depreciated at the rate of 10% per year. Project specific IT equipment costs over £10,000 are capitalised and depreciated at a rate of 20% per year.

Operating leases

Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of comprehensive income and expenditure in the year in which they fall due.

Heritage assets

Works of art, books and other valuable artefacts are capitalised and recognised in the balance sheet at the cost or value of the acquisition where such a cost or valuation is reasonably obtainable. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.

The College has a large art collection, most of which has been donated to the College. The valuation of the collection is reviewed by the College’s art curator who, with the assistance of the Art Advisory Committee, informs the Bursar of any valuation changes on an annual basis. The College includes all assets over £10,000 as valued and includes additions acquired between valuations at a fair value.

All heritage assets are maintained and conserved by College staff with access available by permission of the College. The assets held are properly insured if appropriate, with records kept by those responsible for care of the assets.

Investments

Fixed asset investments are included in the balance sheet at fair value, except for investments in subsidiary undertakings which are stated in the College’s balance sheet at cost and eliminated on consolidation.

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Stocks

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

Provisions

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

Financial instruments

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

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

Financial assets

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

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

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

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

Financial liabilities

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

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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

Taxation

The College is a registered charity (number 1137530) 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 (VAT Registration number GB 732 1332 75) for which it operates as a VAT group with the wholly owned College subsidiaries. The College is a partially exempt organisation for VAT purposes. With the approval of H M Revenue and Customs, it has adopted a methodology that enables it to recover part of the VAT on its expenses.

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. This contribution is used to fund grants to Colleges from the Colleges Fund. The College may from time to time be eligible for such grants. The liability for the year is as advised to the College by the University based on an assessable amount derived from the value of the College’s assets as at the end of the previous financial year.

Pension Schemes

The College participates in the following pension schemes:

Employment benefits

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

Reserves

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

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

Critical Accounting Estimates and Judgements

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

Management considers 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. In general, the later are recognised when at probate stage.

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

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

Retirement benefit obligations – The cost of defined benefit pension plans (and other post-employment benefits) are determined using actuarial valuations. Any 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 the notes.

36

37

Financial Review

Financial Review

Prior to June 2024 management is satisfied that Universities Superannuation Scheme meets the definition of a multiemployer 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.

The College prior to June 2024 was contractually bound to make deficit recovery payments to USS, this is recognised as a liability on the balance sheet. The provision is based on management’s estimate of expected future salary inflation, changes in staff numbers and prevailing rate of discount. Further details are in the notes to the financial statements.

From June 2024 disclosure of the USS pension scheme movements and provision have changed. This is intended to achieve consistency across the Cambridge Colleges and also with further education establishments generally. There is no longer a liability recorded in the accounts of institutions and the unwinding of the provision was completed as per the USS/ BUFDG modeller.

38

39

Financial Statements

Financial Statements

Financial Statements

Consolidated Statement of Comprehensive Income and Expenditure

Consolidated Statement of Comprehensive Income and Expenditure

2024
Note
Unrestricted
Restricted
Endowment
Total
£000
£000
£000
£000
INCOME
Academic fees and charges
1
2,822
–
–
2,822
Accomodation, catering
and conferences
2
3,855
–
–
3,855
Investment income
3
961
77
1,927
2,965
Endowment return transferred
(Total Return)
3
1,720
38
(1,758)
–
Other income
49
–
–
49
Total income before donations
and endowments
9,407
115
169
9,691
Donations
148
797
231
1,176
New endowments
–
–
125
125
Other receipts
–
–
–
–
Heritage assets
–
–
–
–
Total income
9,555
912
525
10,992
EXPENDITURE
Education
4
4,680
560
285
5,525
Acommodation, catering
and conferences
5
5,724
–
–
5,724
Investment managements costs
3b
69
7
144
220
Other expenditure
6
238
–
–
238
Change in USS pension deficit
recovery provision contributions
6,7,15
(1,448)
–
–
(1,448)
Total expenditure
6
9,263
567
429
10,259
Surplus/(deficit) before
other gains and losses
292
345
96
733
Gain/(loss) on investments
9
1,904
190
3,870
5,964
Surplus/(deficit) for theyear
2,196
535
3,966
6,697
Other comprehensive income
–
–
–
–
Actuarial gain/(loss) in respect
ofpension schemes
15
65
–
–
65
Total comprehensive income
for theyear
2,261
535
3,966
6,762		 2023
Note
Unrestricted
Restricted
Endowment
Total
£000
£000
£000
£000
INCOME
Academic fees and charges
1
2,760
–
–
2,760
Accomodation, catering
and conferences
2
3,197
–
–
3,197
Investment income
3
859
71
1,775
2,705
Endowment return transferred
(Total Return)
3
1,648
33
(1,681)
–
Other income
28
–
–
28
Total income before donations
and endowments
8,492
104
94
8,690
Donations
187
262
134
583
New endowments
–
–
3
3
Other receipts
–
–
–
–
Heritage assets
–
–
–
–
Total income
8,679
366
231
9,276
EXPENDITURE
Education
4
4,209
439
409
5,057
Acommodation, catering
and conferences
5
4,725
–
–
4,725
Investment managements costs
3b
69
4
141
214
Other expenditure
6
160
–
–
160
Change in USS pension deficit
recovery provision contributions
6,7,15
(136)
–
–
(136)
Total expenditure
6
9,027
443
550
10,020
Surplus/(deficit) before
other gains and losses
(348)
(77)
(319)
(744)
Gain/(loss) on investments
9
701
69
1,269
2,039
Surplus/(deficit) for theyear
353
(8)
950
1,295
Other comprehensive income
–
–
–
–
Actuarial gain/(loss) in respect
ofpension schemes
15
37
–
–
37
Total comprehensive income
for theyear
390
(8)
950
1,332

42

43

Financial Statements

Financial Statements

Statement of Changes in Reserves

Income and expenditure reserve Income and expenditure reserve Income and expenditure reserve
Unrestricted Restricted Endowment Revaluation
Reserve		 Total
£000 £000 £000 £000 £000
Balance at 1 July 2023 47,351 2,567 54,294 13,868 118,080
Surplus/(Deficit) from income
and expenditure statement		 2,196 535 3,966 6,697
Actuarial gain/(loss) in respect
of pension schemes		 65 – – – 65
Transfers between funds – – – – –
Balance at 30 June 2024 49,612 3,102 58,260 13,868 124,842
Balance at 1st July 2022
Surplus/(Deficit) from income
and expenditure statement
Actuarial gain/(loss) in respect
of pension schemes		 Income and expenditure reserve
Unrestricted
Restricted
Endowment
£000
£000
£000
46,961
2,575
53,344
353
(8)
950
37
–
–		 Income and expenditure reserve
Unrestricted
Restricted
Endowment
£000
£000
£000
46,961
2,575
53,344
353
(8)
950
37
–
–		 Income and expenditure reserve
Unrestricted
Restricted
Endowment
£000
£000
£000
46,961
2,575
53,344
353
(8)
950
37
–
–		 Revaluation
Reserve
£000
13,868
–
–		 Total
£000
116,748
1,295
37
Transfers between funds – – – – –
Balance at 30 June 2023 47,351 2,567 54,294 13,868 118,080

Consolidated Balance Sheet

Consolidated Balance Sheet
Note 2024
2023
£000
£000
Non-current assets
Intangible Assets
8
Fixed assets
8
Heritage assets
8
Investments
9		 770
770
49,039
49,564
897
897
85,293
80,730
Current assets
Stocks
10
Trade and other receivables
11
Cash and cash equivalents
12
Creditors: amounts fallingdue within oneyear
13		 64
42
797
698
2,940
1,346
3,801
2,086
(3,595)
(3,072)
Net current assets 206
(986)
Total assets less current liabilities
Creditors: amounts fallingdue after more than oneyear
14		 136,205
130,975
(10,500)
(10,500)
Provisions
Pensionprovisions
15		 (863)
(2,395)
Total net assets 124,842
118,080
Restricted reserves
Income and expenditure reserve – endowment reserve
16
Income and expenditure reserve – restricted reserve
17		 58,260
54,294
3,102
2,567
61,362
56,861
Unrestricted reserves
Income and expenditure reserve – unrestricted
Revaluation reserve		 49,612
47,351
13,868
13,868
63,480
61,219
Total reserves 124,842
118,080

Unrestricted reserves includes an amount of £30,674,368 (2023 £28,781,038) previously described as corporate capital.

These accounts were approved by the College Council on 11th November 2024 and are signed on their behalf by:

Dorothy Byrne President

Rob Hopwood Bursar

44

45

Financial Statements

Financial Statements

Consolidated Cash Flow Statement

Consolidated Cash Flow Statement
Note 2024
2023
£000
£000
Net cash inflow/(outflow) from operating activities
19
Cash flows from investing activities
20
Cash flows from investingactivities
21		 (1,829)
(2,136)
2,651
1,811
(519)
(1,436)
Increase/(decrease) in cash and cash equivalents in the year 303
(1,761)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of theyear
12		 5,148
6,909
5,451
5,148
Cash flows 303
(1,761)

The notes on pages 36 to 56 form part of these accounts.

46

47

Financial Statements

Financial Statements

Consolidated Balance Sheet

1 Academic fees and charges

1
Academic fees and charges
2024
2023
£000
£000
College fees
Fee income paid on behalf of undergraduates at the publicly-funded rate:
Undergraduate fee income
Privately-funded undergraduate fee income
Erasmus students
Graduate fee income		 1,399
1,522
665
513
9
19
612
517
Sub-total college fees 2,685
2,571
Other income 137
189
Total 2,822
2,760

Income in respect of the Cambridge Bursary Scheme is included in other income.

2 Income from Accommodation, catering and conferences
2024
2023
£000
£000
Accommodation
College members
Conferences		 2672
2,209
499
243
Catering
College members
Conferences		 192
461
492
284
Total 3,855
3,197

3 Endowment return and investment income

3a
Analysis
2024
2023
£000
£000
Total return contribution (see note 3b)
Income from:
Quoted securities
Fixed interest securities
Common investment fund
Royalties
Return on Segregated Fund
Other interest receivable		 209
206
129
62
659
652
109
98
1,769
1,623
90
64
Total 2,965
2,705

3b Summary of total return

3b
Summaryof total return
2024
2023
£000
£000
Income from:
Quoted and other securities and cash
Royalties		 2,856
2,607
109
98
Gains/(losses) on endowment assets:
Quoted and other securities and cash
Investment management costs (see note 3c)		 5,964
2,039
(220)
(214)
Total return foryear 8,709
4,530
Total return transferred to income and expenditure reserve (see note 3a) (2,965)
(2,705)
Unapplied total return for year included within Statement of
Comprehensive Income and Expenditure (see note 18)		 5,744
1,825

3c Investment management costs

3c
Investment management costs
2024
2023
£000
£000
Securities 220
214
Total 220
214

48

49

Financial Statements

Financial Statements

4 Education expenditure
2024
2023
£000
£000
Teaching
Tutorial
Admissions
Research
Scholarships and awards
Other educational facilities		 2,981
2,690
1,133
959
748
744
87
88
308
316
268
260
Total 5,525
5,057

6b Analysis of 2022/23 expenditure by activity

Staff costs
(note 7)
Other
operating
expenses
Depreciation
Total
£000
£000
£000
£000
Education
Accommodation, catering and conferences
Investment management costs
Other
USS Pension Interest charge		 2,901
1,858
162
4,921
2,114
1,851
760
4,725
–
214
–
214
91
15
–
106
–
54
–
54
Totals 5,106
3,992
922
10,020

5 Accommodation, catering and conferences expenditure

6c Auditor’s remuneration

2024
2023
£000
£000
4,060
3,553
451
187
1,025
872
188
113
5,724
4,725		 6c
Auditor’s remuneration
2024
2023
Accommodation £000
£000
College members
Conferences
Other operatingexpenses include:
Audit fees payable to the College’s external auditors
Other fees payable to the College’s external auditors
Internal auditor's fees		 27
26
–
–
–
–
Catering
College members
Conferences
Total 27
26
Total

7 Staff costs

6

6a Analysis of 2023/24 expenditure by activity

Staff costs
(note 7)
Other
operating
expenses
Depreciation
Total
£000
£000
£000
£000
Education
Accommodation, catering and conferences
Investment management costs
Other
USS Pension Interest charge		 3,266
2,093
166
5,525
2,415
2,526
783
5,724
–
220
–
220
184
20
–
204
–
34
–
34
Totals 5,865
4,893
949
11,707
College
Fellows
Staff
2024
2023
£000
£000
£000
£000
Emoluments
Social security costs
Other pension costs
Other staff costs
Net change in USS deficit recovery provision
(see Note 15)		 1,593
3,314
4,907
4,175
169
266
435
397
1,255
543
1,798
457
35
138
173
213
(1,086)
(362)
(1,448)
(136)
Totals 1,966
3,899
5,865
5,106

For USS Pension details refer to note 7b, 15, 26 and the Critical accounting judgements.

50

51

Financial Statements

Financial Statements

Average staff numbers (full-time equivalents):
Academic
Staff
Total		 74
93
167		 67
89
156

At 30th June 2024, the Governing Body comprised the President and 74 Fellows, all of whom are declared stipendiary.

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

£60,001-£70,000 0 1
£70,001-£80,000 1 0
£80,001-£90,000 1 0
£90,001-£100,000
Trustees aggregate emoluments		 2
451		 2
608

The Trustees received no emoluments in their capacity as Trustees of the charity.

7a Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College. The aggregate remuneration paid to key managment personnel consists of salary, employer’s national insurance contributions, employer’s pension contributions, plus any taxable benefits either paid, payable or provided, gross of any salary sacrifice arrangements.

2024
2023
£000
£000
Aggregate cost of key managementpersonnel 496
449

Key management personnel consists of President, Vice President, Bursar, Senior Tutor and Director of Development.

7b Pension Costs

The total pension cost included in staff costs for the year (see note 8b) was:

Employer
Contributions
Provisions
Note 15
Total
Employer
Contributions
Provision
Note 15
Total
2024
2024
2024
2023
2023
2023
£000
£000
£000
£000
£000
£000
USS
CCFPS
Other (Aviva)		 241
0
241
290
1,455
1,745
80
863
943
79
940
1,019
118
0
118
95
0
95
Totals 439
863
1,302
464
2,395
2,859

8 Fixed assets

Intangible
Assets
Land
Buildings
Furniture,
fittings and
equipment
Heritage
Assets
2023
2023
£000
£000
£000
£000
£000
£000
£000
Cost or valuation
At beginning of year
Additions
Reclassification
Heritage assets
capitalised
Disposals		 770
–
55,167
2,370
897
59,204
58,850
0
–
57
367
-
424
354
–
–
–
–
–
–
–
0
–
–
–
–
–
–
0
–
–
–
–
–
–
At end ofyear 770
–
55,224
2,737
897
59,628
59,204
Depreciation
At beginning of year
Charge for theyear		 0
–
6,334
1,639
–
7,973
7,051
0
–
827
122
–
949
922
At end ofyear –
–
7,161
1,761
–
8,922
7,973
Net book value
At beginningofyear 770
–
48,833
731
897
51,231
51,799
At end ofyear 770
–
48,063
976
897
50,706
51,231

The Art Collection is preserved, conserved and managed in accordance with recognised national standards and the collection on display is open to the public for viewing. Those items not on general display can be accessed by the wider public by prior arrangement. The works are normally donated on a permanent basis so will be included as endowment assets. The Collection was last professionally valued in 2012 by Bonhams. As stated in the Statement of Accounting Policies all works of art valued over £10,000 are included in the accounts. Heritage Assets capitalised in the year were nil (2022 £nil).

Intangible assets represent a literary copyright.

The insured value of freehold land and buildings as at 30 June 2024 was £125,898,148 (2023: £115,841,200).

The College’s land and buildings were revalued at 30 June 2015.

Heritage assets

The College holds and conserves the New Hall Art Collection which has been built up over a number of years and which consists of mainly donated works.

2024
2023
2022
2021
2020
£000
£000
£000
£000
£000
Value of acquisitions bydonation –
–
–
30
19
Total acquisitions capitalised –
–
–
30
19

52

53

Financial Statements

Financial Statements

9 Investments

12 Cash and equivalents

9
Investments
2024
2023
£000
£000
Balance at beginningofyear 80,730
78,609
Additions
Disposals
Gain/(loss) on investments
Increase/(decrease) in cash balances held at fund managers		 292
1,164
(402)
(624)
5,964
2,039
(1,291)
(458)
Balance at end ofyear 85,293
80,730
Represented by:
Property
Quoted securities – equities
Fixed interest securities
Common investment funds
Alternative investments
Cash in hand and at investment managers
Other investments		 100
100
–
–
–
–
80,660
74,606
2,022
2,222
2,511
3,802
–
–
Balance at end ofyear 85,293
80,730

10 Stock
2024
2023
£000
£000
Goods for resale 64
42

11 Trade and other receivables

11
Trade and other receivables
2024
2023
£000
£000
Members of the College
Trade debtors
Taxation
Other debtors
Prepayments and accrued income		 –
–
75
205
18
15
224
225
480
253
Balance at end ofyear 797
698
12
Cash and equivalents
2024
2023
£000
£000
Bank deposits
Current accounts
Cash in hand
Cash held aspart of Investments		 –
–
2,940
1,346
–
–
2,940
1,346
2,511
3,802
Balance at end ofyear 5,451
5,148
13
Creditors: amounts falling due within oneyear
2024
2023
£000
£000
Trade creditors
Members of the College
Taxation and social security
Accruals and deferred income		 2,751
2,327
132
120
202
215
510
410
Balance at end ofyear 3,595
3,072

14 Creditors: amounts falling due after more than one year

14
Creditors: amounts falling due after more than oneyear
2024
2023
£000
£000
Bank loans 10,500
10,500
Balance at end ofyear 10,500
10,500

The bank loans of £10.5m are repayable as follows: £1.5 million by March 2029 and £9 million by March 2048.

The loans are subject to the following fixed interest rate contracts:

Loan amount Rate Maturity
£1.5m 4.56% 2026
£9m 5.00% 2048

54

55

Financial Statements

Financial Statements

15 Pension provisions

15
Pension provisions
2024
2023
£000
£000
Balance at beginningofyear 2,395
2,620
Movement in year:
Current service cost including life assurance
Contributions
Other finance (income)/cost
Other allocation to staff costs
USS provision for deficit recovery
Actuarial loss/(gain) recognised in Statement of Comprehensive Income
and Expenditure		 20
21
(80)
(82)
82
92
(1,489)
(219)
–
–
(65)
(37)
Balance at end ofyear 863
2,395
Cambridge Colleges' Federated Pension Scheme
Universities Superannuation Scheme		 863
940
–
1,455
Balance at end ofyear 863
2,395
The major assumptions used to calculate the obligation are:
Discount rate
Salary growth		 2024
2023
0.00%
5.25%
0.00%
5.00%

16 Endowment funds
Restricted
permanent
endowments
Unrestricted
permanent
endowments
2024
2023
£000
£000
£000
£000
Restricted net assets relating to
endowments are as follows:
Balance at beginning of year: 8,311
45,983
54,294
53,344
New donations and endowments
Other receipts
Heritage assets capitalised
Return on Segregated Fund: dividends
Drawdown
Income
Expenditure
Investment management costs
Increase/(decrease) in market value of
investments
Transfers between funds		 125
–
125
3
–
–
–
9
–
–
–
–
85
1,684
1,769
1,623
(85)
(1,673)
(1,758)
(1,681)
490
123
613
351
(285)
-
(285)
(409)
(21)
(123)
(144)
(141)
464
3,182
3,646
1,195
–
–
–
–
Balance at end ofyear 9,084
49,176
58,260
54,294
Analysis by type of purpose:
Fellowship funds
Award funds
Hardship funds
Other student support
Travel Grant Funds
Graduate studentship funds
Research funds
Other funds
General endowments		 5,160
1,356
6,516
5,943
327
–
327
307
665
–
665
561
–
–
–
–
–
–
–
–-
5
354
359
339
2,030
–
2,030
1,859
897
–
897
901
–
47,466
47,466
44,384
9,084
49,176
58,260
54,294
Analysis by asset:
Property
Investments
Cash		 15
85
100
100
9,037
48,919
57,956
54,066
32
172
204
128
9,084
49,176
58,260
54,294

56

57

Financial Statements

Financial Statements

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

17 Restricted Reserves

Other
restricted
funds
2024
2023
£000
£000
£000
2,567
2,567
2,575
–
–
–
–
–
–
912
912
366
(560)
(560)
(439)
(7)
(7)
(4)
190
190
69
–
–
–
3,102
3,102
2,567
485
485
438
475
475
412
233
233
206
57
57
51
5
5
(1)
1847
1,847
1461
3,102
3,102
2,567
2024
2023
£000
£000
Surplus/(deficit) for theyear 6,697
1,295
Reserves with restrictions are as follows:
Adjustment for non-cash items:
Balance at beginning of year:
Depreciation
Profit/(loss) on the sale of non-current assets
Loss/(gain) on endowments, donations and investment property
Investment management fees reinvested
Decrease/(increase) in stocks
Decrease/(increase) in trade and other receivables
Increase/(decrease) in creditors
Heritage assets capitalised
USS pension deficit
CCFPS additional actuarial gain
Pension costs less contributions payable
Segregated dividend income debtor
Decrease/(increase) in endowment drawdown retained in investments
Adjustment for investing or financing activities
Investment income
Interestpayable		 949
922
–
–
(5,981)
(2,057)
90
87
(22)
(12)
(99)
(216)
523
271
–
–
(1,455)
(166)
1
–
–
2
3
64
11
(58)
(100)
(99)
(2,965)
(2,705)
519
536
Endowment return transferred
Other receipts
Income
Expenditure
Investment Management costs
Increase/(decrease) in market value of investments
Transfers
Balance at end ofyear
Analysis of other restricted funds/donations by type of
purpose:
Fellowship funds
Award funds
Other Student Support
Travel Grant funds
Graduate Studentship Funds
Other funds
Net cash inflow from operating activities (1,829)
(2,136)

20 Cash flows from investing or financing activities

18 Memorandum of Unapplied Total Return

18
Memorandum of Unapplied Total Return
2024
2023
£000
£000
Included within reserves the following amounts represent the unapplied
total return of the College:
Unapplied total return at beginning of year
Unapplied total return for year (see note 3b)
Segregated income in excess of drawdown		 31,867
30,100
5,744
1,825
11
(58)
Unapplied total return at end ofyear 37,622
31,867
20
Cash flows from investing or financing activities
2024
2023
£000
£000
Non-current investment (acquisition)/disposal
Investment income
Payments made to acquire non-current assets		 110
(540)
2,965
2,705
(424)
(354)
Total cash flows from investing activities 2,651
1,811

58

59

Financial Statements

Financial Statements

21 Cash flows from financing activities

25 Financial Instruments

21
Cash flows from financing activities
2024
2023
£000
£000
Interest paid
Profit on the sale of non-current assets
Repayments of amounts borrowed		 (519)
(536)
–
–
–
(900)
Total cash flows from financing activities (519)
(1,436)

22 Capital commitments

22
Capital commitments
2024
2023
£000
£000
Capital commitments at 30 June 2024 are as follows:
Authorised and contracted
Authorised but notyet contracted for		 –
–
–
–
23
Lease obligations
23
Lease obligations
2024
2023
£000
£000
At 30 June 2024 the College had commitments under non-cancellable
operatingleases withpayment due as follows:
Land and buildings:
Due within one year
Due between two and fiveyears		 23
32
–
23
Other
Due within one year
Due between two and fiveyears		 –
–
–
–
24
Consolidated reconciliation and analysis of net debt		 24
Consolidated reconciliation and analysis of net debt
Cash and cash equivalents At 1 July
2023
Cash
Flows
At 30 June
2024
£000
£000
£000
Borrowings:
Amounts falling due after more than one year
Bank Loans		 –
–
–
10,500
–
10,500
25
Financial Instruments
2024
2023
£000
£000
Financial assets
Listed equity investments
Other equity investments
Cash and cash equivalents
Other debtors		 80,660
74,606
2,022
2,222
5,451
5,148
317
445
Total 88,450
82,421
Financial liabilities
Loans
Trade creditors
Other creditors		 10,500
10,500
2,751
2,327
334
335
Total 13,585
13,162

26 Pensions

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

Committee, acting as Trustee of the Cambridge Colleges’ Federated Pension Scheme, but allowing for the different assumptions required under FRS102 and taking fully into consideration changes in the plan benefit structure and membership since that date.

The liabilities of the plan have been calculated, at 30 June 2024, for the purposes of FRS102 using a valuation system designed for the Management

Discount rate
Increase in salaries
RPI assumption
CPI assumption
Pension increases in payment (RPI Max 5% p.a.)
Pension Increases inpayment (CPI Max 2.5%p.a.)		 2024
2023
% p.a.
% p.a.
5.10
5.20
To 2030: 2.85
From 2031: 3.75
3.30
3.35
3.40
To 2030: 2.35
From 2031: 3.25
2.80
3.15
3.30 *
2.00
2.05 *

* For 1 year only we have assumed that RPI will be 9% and CPI will be 7%. The caps under the Rules are applied to assumed pension increases.

60

61

Financial Statements

Financial Statements

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% p.a. a standard smoothing factor (7.0) and no allowance for additional improvements (2023: S3PA on a year of birth usage with CMI_2022 future improvement factors and a long-term future improvement rate of 1.25% p.a. a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expectancies:

Male Female
Members are assumed to retire at their normal retirement age (65) apart
from in the followingindicated cases:
Active members – option 1 benefits
Deferred members – option 1 benefits		 64
63		 64
62

Allowance has been made at retirement for non-retired members to commute part of their

pension for a lump sum on the basis of the current commutation factors in these calculations.

Employee Benefit Obligations

Employee Benefit Obligations
2024
2023
£000
£000
The amounts recognised in the Balance Sheet as at 30 June 2024 (with
comparative figures as at 30 June 2023) are as follows:
Present value of plan liabilities
Market value ofplan assets		 (4,402)
(4,460)
3,539
3,520
Net defined benefit/(liability) (863)
(940)
The amounts to be recognised in Profit and Loss for the year ending 30
June 2024 (with comparative figures for the year ending 30 June 2023)
are as follows:
Current service cost
Administrative expenses
Interest on net defined benefit (asset)/liability
(Gain)/loss on plan changes
Curtailment (gain)/loss		 5
5
13
13
49
38
–
–
–
–
Total 67
57
2024
2023
£000
£000
Changes in the present value of the plan liabilities for the year ending 30
June 2024 (with comparative figures for the year ending 30 June 2023)
are as follows:
Present value of plan liabilities at beginning of period
Current service cost
Employee contributions
Benefits paid
Interest on plan liabilities
Actuarial (gains)/losses
(Gain)/loss on plan changes
Curtailment (gain)/loss		 4,460
5,224
5
5
3
2
(270)
(220)
225
194
(21)
(747)
–
–
–
–
Present value ofplan liabilities at end ofperiod 4,402
4,460

Changes in the fair value of the plan assets for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows:

Market value of plan assets at beginning of period
Contributions paid by the College
Employee contributions
Benefits paid		 3,520
80
3
(270)		 4,225
80
2
(220)
Administrative expenses (15) (16)
Interest on plan assets 176 156
Return on assets, less interest included in Income and Expenditure 46 (707)
Market value ofplan assets at end ofperiod 3,539 3,520
Actual return onplan assets 222 (550)
The major categories of plan assets for the year ending 30 June
2024 (with comparative figures for the year ending 30 June 2023)
are as follows:
Equities 46% 49%
Bonds & cash 42% 38%
Property
Total		 12%
100%		 143%
100%

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

62

63

Financial Statements

Financial Statements

2024
2023
£000
£000
Analysis of the remeasurement of the net defined benefit liability recognised
in Other Comprehensive Income (OCI) for the year ending 30 June 2024 (with
comparative figures for theyear ending30 June 2023) are as follows:
Return on assets, less interest included in Income and
Expenditure account
Expected less actual plan expenses
Experience gains and losses arising on plan liabilities
Changes in assumptions underlyingthepresent value ofplan liabilities		 46
(707)
(2)
(3)
(7)
(141)
28
887
Remeasurement of net defined benefit liability recognised in OCI 65
37
Movement in net defined benefit asset/(liability) during the year ending
30 June 2024 (with comparative figures for the year ending 30 June
2023) 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 liabilityrecognised in OCI
Net defined benefit asset/(liability) at the end of theyear		 (940)
(68)
80
65
(863)		 (999)
(57)
80
37
(940)

University Superannuation Scheme

Funding Policy

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

The institution participates in Universities Superannuation Scheme (USS) which is the main scheme covering most academic and academicrelated staff. 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 institution 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 institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the Consolidated Statement of Comprehensive Income represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme’s Recovery Plan.

The last such actuarial valuation was as at 31 March 2023. This showed that the plan’s assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall. These deficit reduction contributions are incorporated into the plan’s Schedule of Contributions dated 10 July 2024 and are as follows:

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

Where a scheme valuation determines that the scheme is in a deficit on a technical provisions basis (as was the case following the 2020 valuation), the trustees of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The institution recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the Statement of Comprehensive Income and Expenditure. Further disclosures relating to the deficit recovery liability can be found in the notes to the account.

The latest available complete actuarial valuation of the Retirement Income Builder section of the Scheme is as 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 appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 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 of111%.

Pension costs

Pension costs funding regime introduced by the Pensions Act
2004, which requires schemes to have sufficient
A deficit recovery plan was put in place as part and appropriate assets to cover their technical
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%. As set out in the notes to the
accounts no deficit recovery plan was required
under the 2023 valuation because the scheme
was in surplus on a technical provisions basis.
College was no longer required to make deficit
recovery contributions from 1 January 2024 and
accordingly released the outstanding provision
to the Statement of Comprehensive Income and
Expenditure.
CPI assumption		 provisions (the statutory funding objective). 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 of111%.
The key financial assumptions used in the 2023
valuation are described below. More detail is set
out in the Statement of Funding Principles (uss.
co.uk/about-us/valuation-and-funding/statement-
of-funding-principles).
Term dependent rates in line with the difference
between the Fixed Interest and Index Linked yield
curves less:
1.0% p.a. to 2030, reducing linearly by 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 of any
excess inflation over 5% up to a maximum of 10%):
CPI assumption minus 3bps
Discount rate (forward rates): Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% p.a.
Post retirement: 0.9%p.a.
The main demographic assumption used relates
to the mortality assumptions. These assumptions		 The mortality assumptions used in these figures
are as follows:

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.

64

65

Financial Statements

Financial Statements

The mortality assumptions used in these figures are as follows:

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.

2023 valuation Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

Males currently aged 65 (years)
Females currently aged 65 (years)
Males currently aged 45 (years)
Females currentlyaged 45 (years)		 2024
23.7
25.6
25.4
27.2		 2023
24.0
25.6
26.0
27.4

27 Principal subsidiary and associated undertakings

The College owns 100% of the share capital of the following companies:

followingcompanies:
Company Principal Activities
Murray Edwards Conferences Limited Conferencing and Catering
Murray Edwards Developments Limited Dormant

Murray Edwards Conferences Ltd (Registered number 3777385) was incorporated on 26 May 1999. The company commenced trading on 1 July 1999. The principal activity of the company is external non educational conference business (primarily the provision of conference facilities, accommodation and catering as well as associated services).

Murray Edwards Developments Ltd (Registered number 03721386 was incorporated on 25 February 1999. The company commenced trading on 26 May 1999. The principal activity of the company is the development of grounds and building of Murray Edwards College.

Both subsidiaries operate and are incorporated in the United Kingdom having a share capital of £8.

28 Related party transactions

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

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.

During the year total donations of £8,631 (2023, £nil) were received from Trustees.

Fellows are remunerated for teaching, research and other duties within the College. Fellows are billed for any private catering. Trustees’ remuneration is overseen by the Remuneration Committee.

The College maintains a register of interests for all College Council members and where any member of the College Council has a material

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

From
£0
£10,001
£20,001
£30,001
£40,001
£50,001
£60,001		 To
£10,000
£20,000
£30,000
£40,000
£50,000
£60,000
£70,000		 2024
10
2
0
1
1
1
0		 2023
14
2
1
1
2
1
1
£70,001 £80,000 1 0
£80,001 £90,000 0 0
£90,001 £100,000 2 2
Total 18 24

The total Trustee salaries were £459,737 for the year (2023: £525,764) These amounts are amounts receivable in the year irrespective of whether they were received.

into these accounts. All subsidiary undertakings are 100% owned by the College and are registered and operating in England and Wales.

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

The trustees were also paid other taxable benefits (including associated employer National Insurance contributions and employer contributions to pensions) which totalled £107,974 for the year (2023: £142,595).

The Communications office commissioned design and branding consultancy work for a College event from the wife of Jay Longworth, the Director of Development. The cost of the work was £1,700.

The College has a number of trading and dormant subsidiary undertakings which are consolidated

66

67

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Murray Edwards College University of Cambridge