2023-06-30-accounts

Clare College, Cambridge Financial statements for the year ended 30 June 2023

Contact Information and Advisors
Governing Body
Aims and Objectives ofthe College
Operating and Financial Review				6-11
Reserves Policy
Principal Risks and Uncertainties
Public Benefit as a Charity				10
Statement ofCorporate Governance				12
Statement of Internal Control				12
Statement of Responsibilities ofthe		Trustees ofthe College		13
Independent Auditors' Report to the		Trustees ofthe College		14-16
Statement ofPrincipal Accounting	Policies			17-22
Consolidated Statement ofComprehensive			Income and Expenditure	23
Consolidated Statement ofChange		m Reserves		24
Consolidated and College Balance		Sheets		26
Consolidated Cash Flow Statement				26
Notes to the Financial Statements				27 - 41

Dr M Arenas (GBFellow from 2023)	1 October	Professor Professor	R D Hedley D A Hodell				Professor 0 C H Shorttle * (Trustee	Professor 0 C H Shorttle * (Trustee	Professor 0 C H Shorttle * (Trustee	until	30
Professor N H Andrews		Professor	N BHoldstock				September 2023)
Professor A P Bslmford (GBFellow until 30		Professor	D R Howarth				The Rev'd Dr M S Smith'
September 2023)		Professor	KE Hughes				Professor M Sprlk (GB Fellow until			30
Professor A A Barman		Professor	GSJacobs				September 2023)
Dr J I Block*(GB Fellow from	1 October	Professor	H FJahn				Professor R Sterckx
2022, Trustee from 1 October 2023) Professor I Budvytis (GBFellow until 30		Professor Professor	P H Jones M Kenzie * (GB Fellow from			26	Dr A M Stillman Professor S D Stranks
September 2023)		April 2023,Trustee from 1 October 2023)					Dr M Tatulea-Codrean
Dr I R Burrows		Dr L R Klee (GBFellow until		30September			Dr K Tilson (GBFellow from 1 October
ProfessorW J Byrne		2023)					2023)
Professor A Cabrera Serrenho		Professor	J Krupic				Professor A G Thomason
Professor R G Cacho Professor J Carroll * (Trustee	until 30	Professor Professor	M BM Lahr H Leman '				Professor H EThompson Professor F M0Toxvaerd
September 2023) Dr A P Carler Professor A D Chambers Dr H Charman (GB Fellow from I October		Professor Professor Professor Professor	R Lawson S M Lazar* P FLeadlay I0 Lestas				Professor EC Turner Dr LA van Holstein Professor H W van Veen * Professor J EVinuales
2023) Professor TG Cheaters Professor CJClarke		Professor Professor Professor	T M Lewens Dame H M0Leyser SJ Lockwood *				Professor R IWatson Professor M Weeks Professor C GWeiss
Professor N SClayton Professor R Collepardo-Guevara Professor M Dunajski * (Trustee until 30		Professor L Manlscalco DrT Moore Professor G I Ogilvie					Dr TA H Wilkinson * Professor JWolf * (GB Fellow and until 6December 2022)		Trustee
September 2023) Professor P C Fletcher Dr T Follini (GB Fellow until 30September		Dr R Pandya Professor GF Parker * Professor A Parmar * (GB Fellow from				1	Professor J M Wyburd MsJ T Bath (MCR President) 2023)	(until		30June
2023)		January 2023,Trustee from		1	October	2023)	Mr T R Else (MCR Vice-President)		(until		30
Dr EA Foyster		Professor	LC Paulson				June 2023)
Professor SC Franklin		Professor	RT Phillips				Mr BBergh (MCR President)	(from		1 July
Professor A D Friend (GBFellow until 30		Professor	A Phrlpott				2023)
September 2023)		DrJ Plant(GB Fellowfrom1		October		2023)	Ms A Crabb (MCR Vice-President)		(from		I
Professor M Frolova-Walker		Dr D Pollard					July 2023)
ProfessorJ SGibson		Professor	J C Prabhu				Mr V Kuganathan (UCS President)			(until	30
Professor R C Glen (GBFellow until 30		Professor	A M Preston				June 2023)
September 2023) Professor J M Goodman * Professor N C Greenham '		DrJ Rempel (GBFellow from 1 October 2023) Dr K FRiley (GB Fellow until 30September					Ms H SWeber (UCS Vice-President) 30June 2023) Ms SEdser (UCS President) (from			(until 1 July
Professor H Griffiths		2023)					2023)
Dr JAGuy		Mr G A C	Ross				Ms ECaroe (UCS Vice-President)		(from		1
Dr R M Hards		Professor	D H Rowitch				July 2023)
Professor SA Hartnoll		Professor	H LSanson

										2023					2022
			Notes	Unrestricte	Restncted	Endowment	Inflation	Swap		Total	Unrestricted	Restricted	Endowment	Infiation Swap	Total
				6900	6'000	6'000		F:000		6'000	F:000	F:000	x'000	E000	6'000
Academic fees and charges			1	3,436						3,436	3,462				3,462
Accommodation, catering and		conferences	2	6,963						6,963	4,164				4,164
Investment income			3a			3,218				3,218			3,354		3,354
lnfiation swap income			3c						(35)	(35)				46	48
Endowment reWm transferred		to l&Eaccount	3a	1,705	- 2,763	(4,468)					i 1,565	2,573	(4,138)
Otherincome				700						700	91				91
Total income before donations and endowments				12,804	2,763	(1,250)			(35)	1&282	9,282	2,573	(784)	48	11,119
Donations			20	858	739					1,597	1,015	246			1,261
New endowments			19							309			1,737		1,737
Other capital grants for	assets		20		2,802					2,802		2,322			2,322
Total income				13662					5	18,990	10297	5,141		48	16439
Expenditure
Education				4,831	1,662					6,493	4,418	1,766			6,184
Accommodation, catering and		conferences		8,763						8,763	6.890				6,800
Other expenditure				987	565	213		1,821		3,586	1,314	358	238	1.936	3,846
Contribufion under Statute G,		6		99						99	87				87
Total expenditure				14,680	2,227	213		1	821	18941	12 709	2 124	238	1936	17007
Surplus/(deficit) before other gains and losses				1,018	4,077	(1,154)		(1,856)		49	,412	3,017	715	(1,888)	(568)
Gain/(loss) on disposal	offixed assets			119						119	(16)				V6)
Gain/(loss) on financial	insbumsnts		16					4,670		4,670				5,650	5,650
Gain/(loss) on Infiation	Swap	Investments	3c					2,524		2,524				(1,622)	(1,622)
Gain/(loss) on investments			3	1,608	I 158	2,953				5,720	593	622	1,237		2452
Surplus/(deficit) forthe year					5+35			5,338		13,082	(1.835)	3,639	1,952	2,140	5,896
Other comprehensive	Income
Total comprehensive	income forthe year			709	5 35			5		13082	35	3639	1 952	2140	5896

Consolidated St	atement ofCha	nges	in Reserves
					Income and expenditure		reserve		Inflation	Swap	Total
				Notes	Unrestricted P000	Restricted Endowment 6'000, 6'000				6'000	6'000
Balance at 1July 2022					208,376	43,037		63,396		8,153	322,962
Surplus/(deficit) from	income and expenditure		statement		709	5,235		1,800		5,338	13,082
Other comprehensive	income
Release ofrestricted	capital funds spent	in year
Transfers between reserves
Balance at 30June	2023				209,085	48,272		65,196		13,491	336,044
					Income and expenditure		reserve		Inflation	Swap	Total
				Notes	Unrestricted	Restricted	Endowment
					8'000	6'000		Z'000		6'000	6'000
Balance at 1July 2021					204,953	44,656				6,013	317,066
Surplus/(deficit) from	income and expenditure		statement		(1,835)	3,639		1,952		2,140	5,896
Other comprehensive	income
Release ofrestricted	capital funds spent	in year			5,258	(5,258)
Transfers between reserves
Balance at 30June	2022				208,376	43,037		63,396		8,153	322,962

Salance Sheet
			Notes	Group	College	Group	College
				2023	2023	2022	2022
				2'000	(0000	C000	2'000
Nonmurrent Assets
Fixed assets			8	153,214	153,319	146,680	146,782
Heriitage assets			sa	342	342	342	342
Investments			9a	166,806	168,806	161,018	161,018
Inflation swap investments			sb	42,670	42,670	40,181	40,181
				363,032	363,138	348,221	348,323
Current assets
Stock			10	184	184	189	189
Trade and other receivables			11	2,400	4,099	2,412	2,306
Short term investments			12	13,090	13,090	19,645	19,645
Cash and cash equivalents			13	4,426	1,729	7,555	7,175
				20,100	19,102	29,801	29,315
Creditors: amounts falling due within one year			14	(4,066)	(3,096)	(3,965)	(3,506)
Net current assets				16,034	16,006	25,836	25,809
Total assets lees current gabgitles				379,066	379,143	374,057	374,132
Creditors: amounts faglng due after more than one
year			15	(38,858)	(38,858)	(42,297)	(42,297)
Inflafion swap financial	instruments		16	(3,513)	(3,513)	(8,183)	(8,183)
Pension provisions			17	(651)	(651)	(615)	(615)
TOTAL NET ASSETS
Restricted reserves
Income and expenditure	reserve - endowment	reserve	19	65,196	65,196	63,396	63,396
Income and expenditure	reserve - restricted reserve		20	48,272	48,272	43,037	43,037
Income and expenditure	reserve - inflation swap		15	13,491	13,491	6,153	8,153
				126,959	126,959	114,586	114,586
Unrestricted reserves
Income and expenditure	reserve - unrestricted	reserve		209,085	209,1st	208,376	208,451
TOTAL RESERVES							323 037

			Notes	2023	2022
				6'000	E'000
Net cash inflow	from operating	activities	22	3,484	3,317
Cash flows from	investing activities		23	(6,347)	(3,040)
Cash flows from	financing activities		24	(266)	(1,068)
(Decrease)/increase in cash In		the year		(3,129)	(791)
Cash at beginning	ofthe year			7,555	8,346
Cash at end ofthe year			13	4,426	7,555

1 Academic fees and char	ges
								2023	2022
								5'000	f0000
Fee income received at the	Regulated				Undergraduate		rate	1,957	2,009
Fee income received at the	Unregulated				Undergraduate		rate	502	502
Fee income received at the	Graduate			rate				862	857
Cambridge Bursary Scheme								116	94
								3,436
2 Income from accommodation,		catering and				conferences		2023	2022
								2'000	5'000
Accommodation College	members							3,232	3,035
Conferences								1,528	107
Catering College members								630	826
Conferences								1,573	196
3 Endowment return and Investment					income			2023	2022
								f5000	f0000
3a Analysis
Actual income from:
Land and buildings								1,961	1,838
Quoted equity securities								409	709
Fixed interest securities								756	795
Other interest receivable								92	12
								3,218	3,354
(Losses)/Gains on endowment assets:
Land and buildings								(3,920)	5,609
Quoted and other securities	and cash							9,640	(3,157)
Investment management costs (note			3b)						(238)
Total return on investments
Total return transferred to income		and		expenditure		reserve		4,468	4,138
Unapplied total return for the	year	included
within Statement ofComprehensive			income and
Expenditure (note 21)
Total return on investments								8,725	5,568

3b Investment management	costs
Land and buildings		213	233
Quoted securities			5
Other investments
Total		213

	2023	2022
	6'000	8'000
3cTotal return on inflation swap contracts
Actual income from:
Quoted securities	(35)	48
Other interest receivable
	(35)	48
(Loss)/Gain on inflation swap asset:	2,524	(1,622)
Inflation-linked amount due to HSBC (note 15)	(1,561)	(1,459)
Interest and fees (note 3d)	(260)	(477)
Total return on inflation swap contracts (note 21)	688	p,

3d Interest and	3d Interest and	fees on inflation	swap investments
Interest	paid to	HSBC		(260)	(243)
Interest	paid to	Santander
				(926)	(909)
Interest	received from HSBC			666	666
Fees on	inflation	swap investments		(260)	(243)

			2023	2022
			K'000	f000
4Education	expenditure
Teaching			2,858	2,649
Tutorial			1,368	1,222
Admissions			1,154	1,176
Research			567	548
Scholarships	and	awards	122	238
Other educational		facilities	424	351
			6,493	6,184
5Accommodation,		catering and conferences expenditure
Accommodation		College members	5,116	5,022
		Conferences	991	177
Catedng		College members	1,735	1,367
		Conferences	921	324
			8,763	6,890

6a Analysis	of	2023 expenditure by activity
			Staff costs	Other
			(note 7)	expenses	Depreciation	2023
			f000	R'000	r'000	5'000
Education			3,077	2,320	1,096	6,493
Accommodation,		catering and conferences	4,260	2,799	1,704	8,763
Other			590	2,928	68	3,586
Contribution	under statute G, II			99
			7,927	8,146	2,868	18,941

eb Analysis	of	2022 expenditure by activity
			Staff costs	Other
			(note 7)	expenses	Depreciation	2022
			f000	8'000	6'000	8'000
Education			2,724	2,316	1,144	6,184
Accommodation,		catering and conferences	3,219	1,893	1,778	6,890
Other			729	3,045	72	3,846
Contribution	under statute G, II			87		87
			6,672	7,341	2,994	17,007

6cAuditors'	remuneration	remuneration
									2023		2022
									0000		ff000
Other operating		expenses	include:
Audit fees payable to the College's external auditors				(indusive ofVAT)					39		32
Other fees payable to the			College's external auditors	(infusive ofVAT)
7Staff costs
						Other			Non-
Stafcosts:				College Fellows R'000		academic F'000		academic ff000		2023 k'000			2022 E'000
Salariies National insurance				1,219 149			554 8		4,918 435	6,692 591			5,337 464
Pension costs		(see note 28)			124		0		520		644		871
				1,492		562			5,873	7,927			6,672
Average numbers:
						Average	staff numbem		2023	Average	staff	numbers	2022
						Number		Fug-time		Number		Full.	time
								equivalents				equivalents
Academic							74		66		67		54
Non-academic						232			168		234		131
At the Balance		Sheet date	there were 97members ofthe Governing		Body.	During the	year the average number			receiving	remunerason		was
the 74 shown	above

8Tangible Fixed Assets
		Land &	Assets in
Group		euildlngs	construction	Equipment	2023	2022
		8'000	E'000	0000	5'000	8'000
Cost
At start ofyssr'		153,147	13,167	3,680	169,994	166,029
AddiTions and improvements Dlsposals st cost	at cost	38	9,283	246	9,568 ~20D	6,698 ~2733
Atend ofyear		152,985	22,450	3,926	179,362	169,994
Oepreclseon
Atstarlofyear Charge for the year Eliminated on disposals		2D,140 2,775		3,176 93	23,316 2,868 ~37	20,513 2,995 ~192
At end ofyear		22,878		3,269	26,147	23,316
Net book value At end ofyear		130,107	22,450	657	~153214	146,678
At start ofyear				504	146,678	145,516
		Land &	Assets In
College		buildings	construction	Equipment	2023	2022
		E'000	r.'000	r.'000	E'DDD	5'000
Cost
At start ofyear AddiTions and improvements Olspossls et cost	at cost	153,121 38	13,297 9,283	3,680 246	17D,098 9,568 ~00	166,133 6,698 ~2733
At end ofyear		152,959	22,580	3,926	179,485	170,098
Depreciation
At start ofyear Charge forthe year Eliminated on disposais		2D,140 2,775		3,175 93	23,315 2,868 ~37	20,513 2,995 ~192
At end ofyear		22,878		3,288	26,146	23,316
Net book value At end ofyear				658	153,319	~146782
At start ofyear				505	~146782	145620

Amounts for the current	Amounts for the current	and previous	and previous	years were ss follows:
						2023	2022
						E'000	8'000
Value ofacquisitions	capitalised		at start ofyear			342	342
Acquistions purchased with specific donations
Acquisitions purchased		with College		funds
Total cost ofacquisitions		purchased
Value ofacquistions	by	donation
Total acquisitions capita/ised						342	342
9a Investments
					SecuriTies and cash	Property	2023	2022
					E'000	E'000	5'000	8'000
Market value at start	of	year			119,791	41,227	161,018	156,842
Additions Oisposal proceeds Gain/(loss)					2,855 9,640	(3,920)	2,855 5,720	27,737 (24,547) 2,452
Increase/(decrease)	in cash balances			held at fund managers
Market value at end	ofyear				129,499	37,307	166,806	161,018
Represented by:
Property investment							37,3D8	41,227
Quoted securities - equities							107,130	97,D38
Quoted securities —fixed		mterest					335	370
Unquoted securities	- equities						19,457	17,02D
Alternative assets
Cash held for reinvestment
Total

			Securities	Cash	2023	2022
			E'000	E'000	E'000	E'000
Market value at stari ofyear			39,367	814	40,181	41,755
Additions
Disposal
Gain/(loss)			2,524		2,524	(1,622)
Increase in cash	balances	held at fund managers				48
Market value at end ofyear			41,891	779	42,670	40,181
Represented by:
Quoted securities	—equities				41,891	39,367
Cash held for reinvestment					779	814
Market value at end ofyear

Country of
Incorporation	Cost	Class of	Proportion of
and Operation	E	shares	shares held
United Kingdom	20,001	Ordinary	100'/o
United Kingdom	1	Ordinary	100%

10Stocks	2023	2022
Group and college	E'000	E'000
Goods for resale	182	187
Other stocks	2	2
Total

11Trade	and other receivables	and other receivables	and other receivables	and other receivables	and other receivables	Group	College	Group	College
						2023	2023	2022	2022
						5'000	8'000	6'000	6'000
Members	ofthe College					110	110	133	134
University	fees
Other receivables						796	718	1,061	727
Amounts	due from subsidiary				undertakings		1,777		227
Prepayments and accrued				income				1,218	1,218
12Short	term investments					Group	College	Group	College
						2023	2023	2022	2022
						6'000	6'000	k'000	6'000
Bank deposits						13,090	13,090	19,645	19,645
Properties	held for sale
13Cash	at bank and	in	hand			Group	College	Group	College
						2023	2023	2022	2022
						2'000	8'000	8'000	2'000
Current accounts						4,426	1,729	7,554	7,174
Cash in hand								1	1
							9
14Creditors: amounts			falling due within one year			Group	College	Group	College
						2023	2023	2022	2022
						8'000	6'000	6'000	6'000
Trade creditors						746	746	665	890
Members	ofthe College					87	87	100	100
University	fees					268	268	890	890
College student societies						145	145	145	145
Contribution to Colleges'			fund			99	99	87	87
Other creditors						9	9	85	85
Amounts	due to subsidiary			undertakings					3
Accruals	and deferred	income					1,742	1,993	1,306
						4,066	3,096	3,965	3,506

15Creditors:	amounts	falling due after more than one year	2023	2022
Group and college			E'000	0000
Loan repayable	in 2048 to Santander		15,000	15,000
lnfiation-linked	amount	due to HSBC	8,858	7,297
Otherloans				20,000
			38,858	42,297

16inflation swap financial	16inflation swap financial	16inflation swap financial	instruments	instruments
Group and college								2023	2022
								6'000	E'000
Balance at beginning of	year							8,183	13,833
Charge to comprehensive		income						(4,670)	(5,650)
Balance at end ofyear
Denvatives mark to market see note 15		valuation		on inflation	Imked swap	For further explanation	regarding	ihe Inflation	swap rinanaal instruments
17Pension provisions	-USS
								2023	2022
Group and college								E'000	E'000
Balance at beginning ofyear								615	281
Movement in year.
Contributions Change in expected contributions								(26) 62	(12) 344
Other finsnce cost									2
Balance at end ofyear								651	615
18Capital and other commitments
								2023	2022
Group and College								E'000	r.'000
Authorised and contracted								3,748	8,956
Authorised and but not yet		contracted		for				12,326	1,275

							2023	2022
							5'000	6'000
Surplus for the year							13,082	5,896
Adjustment for non-cash		items
Depreciation							2,868	2,993
(Gain)/Loss on disposal	of	non-current			assets		(119)	16
(Gain)/loss on endowments,		donations			and investment	property	(8,244)	(803)
(Increase)/Decrease in	stocks						5	9
Decrease/(Increase) in	debtors						12	(1,397)
(Decrease)/Increase in	creditors						1,663	3,147
Pension costs less contributions				payable			36	334
Movement in provisions							(4,670)	(5,650)
Adjustment for investing		or financing			activities
Investment income							(3,218)	(3,354)
Inflation swap income							35	(48)
Interest payable							2,487	2,368
interest receivable							(666)	(666)
Management fees							213	472
Net cash inflow from operating				activities				3,317
23Cash flows from investing			activities
							2023	2022
							6'000	6'000
Proceeds on disposal of investments								24,547
Proceeds on disposal of inflation				swap	investments
Investment income							3,183	3,401
Investment costs							(213)	(472)
Endowment funds invested							(68)	(26,286)
Inflation swap invested							35	(56)
Proceeds on disposals on non-current assets Payments made to acquire non-current assets Total cash flows from investing activities							284 6347	2,524 ~8,698 3,040
24 Cash flows from financing			activities
							2023	2022
							6'000	U000
Interest paid							(2,487)	(2,368)
Interest received							666	666
Loans repaid							(5,000)
Cash held on short term deposit							6,555	634
Total cash flows from	financing			activities				1 068

25Conso	lidated reconcl	gatlo	n		and		analysis of ne	t debt
										At 1July 2022	Cash Flows	At30June
										2000	8000	8000
Cash and	Cash Equivalents									7 555	3129	4426
										At 1July	Changes in	At30June
Borrowings:										2022	Slarket value	2023
amounts	falling due after more				than		one year
Secured	Loan (repayable in		2048 to				Santander)			15,000		15,000
Unsecured loans										20,000	(5,000)	15,000
Derivatives (Inflation-linked			amount				due to HSBC)			7,297	1,561	8,858
Total										42,297	(3,439)	38,858
26 Financial Instruments											2023	2022
											2000	2000
Financial	assets
Financial	assets at fair value through					Statement ofCompn:hensive			income
Quoted	equity and fixed	interest			investments						107,465	97,408
Financial	assets that are	equity		insiruments measured				at cost less impairment
Unquoted equity investments											19,457	17,020
Alternative assets
											126,922	114,428
Financial	liabilities
Financial	liabilities at fair	value		through			Steiement of	Comprehensive	Income
In8atlon-linked amount		due	to HSBC								8,858	7,297
Inflation	swap financial	instruments									3,513	8,183
											12,371	15,480
Net Total											114,551	98,948

The current life	expectancies on retirement	at age 65 are:
		2023	2022	2021	2020
Males currently	aged 65 (years)	24,0	23.9	24.6	24.4
Females currently aged 65 (years)		25.6	25.5	26.1	25.9
Males currently	aged 45 (years)	26.0	25.9	26.6	26.3
Females currently aged 45 (years)		27.4	27.3	279	27.7

(c)Summary	of pe	nsion c	osts
				2023	2022
				F000	8'000
Universities	Superannuation		Scheme	124	434
Clare Contributory		Pension Scheme		520	437
NEST
Total pension	costs	(note 7)			871