# 




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|Reference and Administrative Details|2|
|---|---|
|Report ofthe College Council|3|
|Independent auditors’ reportto the Council ofGonville & Caius College, Cambridge|14|
|Statement of Principal Accounting Policies for the Year Ended 30 June 2022|18|
|Consolidated Statement ofComprehensive Income and Expenditure for the Year Ended 30 June 2022|25|
|Consolidated Statement ofChanges in Reserves|26|
|Consolidated BalanceSheet as at 30June 2022|27|
|Consolidated Cash Flow Statement as at 30 June 2022|28|
|Notes to the Accounts 2021/22|29|





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||2021/22|2020/21|%Change|
|---|---|---|---|
|undergraduate|617|618|(0.2%)|
|Postgraduate|264|252|4.8%|
|Total|881|870|1.3%|



## 



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||2021/22|2020/21|Change|
|---|---|---|---|
||£000|£000|£000|
|Income|4,072|3,980|92|
|Expenditure|(9,144)|(8,882)|(262)|
|Net Cost|(5,072)|(4,902)|(170)|



|ation costs are made up as follows:||||
|---|---|---|---|
||2021/22|2020/21|Change|
|||£000|£000|
|Teaching|3,792|3,516|276|
|Tutorial and student welfare|1,555|1,341|214|
|Admissions|357|290|67|
|Research|1,166|1,026|140|
|Scholarships and awards|1,433|1,991|(558)|
|Other educational facilities|799|690|109|
|Other educational expenses|42|28|14|
|Totals|9,144|8,882|262|



## 



## 

||2021/22|2020/21|Change|
|---|---|---|---|
||£000|£000|£000|
|Drawdown permitted under spending rule|5,108|5,305|(197)|
|Reduction due to unrestricted donations|(1,217)|(3,413)|2,196|
|Endowment transfer in the Statement of Comprehensive||||
|Income and Expenditure|3,891|1,892|1,999|



## 



## 

||||30 June 2022|30 June 2021|Change|
|---|---|---|---|---|---|
|Number|of|Fellows|111|108|+3|
|Number|of|Staff (FTE5)|148|145|+3|



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## 

||June22|June21|June20|June19|June18|
|---|---|---|---|---|---|
||£m|£000|£000|£000|£000|
|Total Return|+2.7%|17.3%|1.8%|3.9%|7.7%|
|Cash|3.6|8.5|8.3|12.4|8,.4|
|Fixed income|-|-|0.3|-|-|
|Credit|5.0|5.4|5.3|6.2|2.9|
|Hedge funds<br>— absolute return|11.8|7.3|3.9|12.2|12|
|Hedgefunds<br>— hedged equities|12.7|11.2|12.4|10.6|13.6|
|Public equity|86.8|93.3|77.6|62.2|60.9|
|Private equity|31.5|24.4|18.7|21.9|17.6|
|Private debt|4.7|4.8|4.4|4.7|5.4|
|Core property|95.7|91.6|84.3|88.7|91.2|
|Property funds|3.0|2.5|2.4|4.6|5.5|
|Infrastructure and operating assets|4.9|5.2|4.7|-|-|
|Contractual and other income|2.0|1.6|1.8|-|-|
|Inflation linked bonds and inflation hedges|2.8|3.9|2.5|3.8|3.5|
|Total Investments|264.5|259.7|226.6|227.3|221|
|Private Placement|(10.0)|(10.0)|(10.0)|(10.0)|(10.0)|
|Net Investments|254.5|249.7|216.6|217.3|211|



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|2021|Total|£000|3,980|3,667|4,895||259||12,801||3,805|1,091|148||17,845||8,882|6,330|7,117|206|22,535|(4,690)||38,588|33,898||1,780||35,678||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Endowment|£000|||4,895|(1,892)|||3,003||-|1,026|-||4,029||-|-|6,008|-|6,008|(1,979)||13,968|11,989||-||11,989||
||Restricted|£000|175|||1,892|||2,067||100|65|148||2,380||1,856|-|112|-|1,968|412||699|1,111||-||1,111||
||Unrestricted|£000|3,805|3,667|||259||7,731||3,705|-|-||11,436||7,026|6,330|997|206|14,559|(3,123)||23,921|20,798||1,780||22,578||
|2022|Total|£000|4,072|5,847|7,323||43|17,285|||1,549|4,090|273|23,197|||9,144|7,480|9,467|197|26,288|(3,091)||5,372|2,281||2,444||4,725||
||Endowment|£000|||7,323|(3,891)||3,432|||-|4,090|-|7,522|||-|-|5,851|-|5,851|1,671||3,065|4,736||-||4,736||
||Restricted|£000|140|||1,857||1,997|||141|-|273|2,411|||1,484|-|312|-|1,796|615||51|666||-||666||
||Unrestricted<br>Note|Income<br>£000|Academic fees and charges<br>3,932<br>1|Accommodation, catering and conferences<br>5,847<br>2|Investment income<br>3|Endowment returntransferred<br>2,034<br>3|Other income<br>43|11,856|Total<br>income<br>before<br>donations<br>and|endowments|Donations<br>1,408|New endowments<br>-|Othercapital grants for assets<br>-|13,264|Total income|Expenditure|Education<br>4<br>7,660|Accommodation, cateringand conferences<br>5<br>7,480|Other expenditure<br>6<br>3,304|Contribution underStatute G,ll<br>197|Total expenditure<br>18,641|Surplus/(deficit)<br>before<br>other<br>gains<br>and<br>(5,377)|losses|Gain/(loss) on investments<br>3<br>2,256|Surplus/(deficit)forthe year<br>(3,121)|Other comprehensive income/(expenditure)|Actuarial gain/(loss)<br>in respect of pension<br>16<br>2,444|schemes|Total comprehensive incomeforthe year<br>(677)|The notes on pages 29 to 51 form part ofthese accounts.|





|||||Total|£000|377,604|2,281|2,444||-|382,330|341,927|33,898|1,780|-|-|377,604||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|ConsolidatedStatementofChanges inReserves|Year ended 30June 2022||Income and expenditure reserve|Unrestricted<br>Restricted<br>Endowment|£000<br>£000<br>£000|Balance at 1 July 2021<br>285,130<br>7,846<br>84,628|Surplus/(Deficit) from income and expenditurestatement<br>(3,121)<br>666<br>4,736|Othercomprehensive income/(expenditure)<br>2,444<br>-<br>-|Transfer between restricted and endowmentfunds|Release ofrestricted capital funds spent in the year<br>23<br>(23)<br>-|Balance at 30June 2022<br>284,476<br>8,490<br>89,364|Balance at 1July 2020<br>262,405<br>4,614<br>74,908|Surplus/(Deficit)from income and expenditure statement<br>20,798<br>1,111<br>11,989|Othercomprehensive income/(expenditure)<br>1,780<br>-<br>-|Transfer between restricted and endowmentfunds<br>2,269<br>(2,269)|Release of restricted capital funds spent in the year<br>148<br>(148)<br>-|Balance at 30June 2021<br>285,130<br>7,846<br>84,628|The notes on pages 29 to 51 form part ofthese accounts.|





## 

|ConsolidatedBalance|Sheetasat 30 J|une 2022|||
|---|---|---|---|---|
||||2022|2021|
||||£000|£000|
|||Note|||
|Non-current assets|||||
|Fixed assets||9|136,527|137,705|
|Heritage assets||9|120|120|
|Investment assets||10|264,455|259,830|
|Total non-current assets|||401,102|397,655|
|Current assets|||||
|Stock||11|580|594|
|Trade and other receivables||12|3,633|3,036|
|Cash and cash equivalents||13|3,512|3,389|
|Total current assets|||7,725|7,019|
|Creditors: amounts fallingdue|||||
|within one year||14|(4,309)|(4,484)|
|Net Current assets|||3,416|2,535|
|Total Assets less current liabilities|||404,518|400,190|
|Creditors: amounts fallingdue|||||
|after more than one year||15|(15,224)|(15,584)|
|Net assets excluding pension liability|||389,294|384,606|
|Net pension liability||16|(6,964)|(7,002)|
|Net assets|||382,330|377,604|
|Restricted reserves|||||
|Income and expenditure reserve|—endowment reserve|17|89,364|84,628|
|Income and expenditure reserve|— restricted reserve|18|8,490|7,846|
|Unrestricted reserves|||||
|Income and expenditure reserve|— unrestricted||284,476|285,130|
|Total Reserves|||382,330|377,604|






## 

||Note|2022|2021|
|---|---|---|---|
|||£000|£000|
|Net cash (outflow) /inflow from operating activities|20|(453)|47|
|Cash flows from investing activities|21|1,580|970|
|Cash flows from financing activities|22|(1,004)|(999)|
|lncrease/(decrease) in cash and cash equivalents in the year|23|123|18|
|Cash and cash equivalents at beginning ofthe year||3,389|3,371|
|Cash and cash equivalents at end oftheyear||3,512|3,389|





## 

||Academicfees and charges||||
|---|---|---|---|---|
||||2022|2021|
||||£000|£000|
||College fees:||||
||Fee income received at the Regulated||||
||Undergraduate rate||2,475|2,520|
||Fee income received at the||||
||Unregulated Undergraduate rate||590|536|
||Fee income received at the graduate||||
||rate||777|708|
||||3,842|3,764|
||Income for Cambridge Bursaries||140|175|
||Other income||90|41|
||Total||4,072|3,980|
|2|Income from||||
||accommodation, catering||||
||and conferences||2022|2021|
||||£000|£000|
||Accommodation|College members|4,384|3,073|
|||Conferences|264|69|
||Catering|College members|911|470|
|||Conferences|288|55|
||Total||5,847|3,667|





## 

|3a|Analysis|||
|---|---|---|---|
|||2022|2021|
|||£000|£000|
||Total return contribution (see note 3b)|3,891|1,892|
|3b|SummaryofTotal Return|||
|||2022|2021|
||Income from:|£000|£000|
||Land and buildings|3,314|3,075|
||Quoted and other securities and cash|4,009|1,820|
||Gains on endowment assets:|||
||Land and buildings|5,153|7,435|
||Quoted and other securities and cash|219|31,152|
||Investment Management costs (see note 3c)|(5,850)|(6,008)|
||Total Return for year|6,845|37,474|
||Total Return transferred to Income and Expenditure|||
||Account|(3,891)|(1,892)|
||Total return expendable amount|(3,891)|(1,892)|
||Unapplied Total Return for Year included within|||
||Statement ofComprehensive Income and Expenditure|||
||(see note 19)|2,954|35,582|
|3c|Investment management costs|2022|2021|
|||£000|£000|
||Land and buildings|1,598|1,582|
||Other investments|4,252|4,426|
||Total|5,850|6,008|





|Education Expenditure|2022|2021|
|---|---|---|
||£000|£000|
|Teaching|3,792|3,516|
|Tutorial|1,555|1,341|
|Admissions|357|290|
|Research|1,166|1,026|
|Scholarships and awards|1,433|1,991|
|Other educational facilities|799|690|
|Othereducational expenses|42|28|
|Total|9,144|8,882|



|5|Accommodation, Catering and Conferences Expenditure|Accommodation, Catering and Conferences Expenditure|2022|2021|
|---|---|---|---|---|
||||£000|£000|
||Accommodation:|College members|5,435|4,836|
|||Conferences|106|43|
||Catering:|College members|1,671|1,312|
|||Conferences|268|139|
||Total||7,480|6,330|
|6|Other Expenditure||2000|2021|
||||£000|£000|
||Investment management and administration||5,408|5,557|
||Interest||644|667|
||Pension scheme losses (gains) and other non-cash pension charges||2,441|151|
||Othergeneral and administrative||974|742|
||Total||9,467|7,117|



## 

|||Other|||
|---|---|---|---|---|
||Staffcosts|Operating|Depreciation||
||(Note 8)|Expenses|(Note 9)|Total|
||£000|£000|£000|£000|
|Education (note 4)|4,346|4,307|491|9,144|
|Accommodation, catering and conferences (note 5)|3,664|2,189|1,627|7,480|
|Other (note 6)|478|8,987|2|9,467|
|Contribution under Statute G,lI||197||197|
|Total|8,488|15,680|2,120|26,288|





## 

|Analysis of2020/2021 Expenditure byActivity|||||
|---|---|---|---|---|
|||Other|||
||Staffcosts|Operating|Depreciation||
||(Note 8)|Expenses|(Note 9)|Total|
||£000|£000|£000|£000|
|Education (note 4)|4,081|4,319|482|8,882|
|Accommodation, catering and conferences (note 5)|3,141|1,580|1,609|6,330|
|Other (note 6)|466|6,647|4|7,117|
|Contribution under Statute G,II|-|206|-|206|
|Total|7,688|12,752|2,095|22,535|



|s.|||
|---|---|---|
||2022|2021|
|Auditors’ remuneration|||
||£000|£000|
|Other operating expenses include:|||
|Audit fees payable to the College’s external|||
|auditors|32|29|
|Other fees payable to the College’s external|||
|auditors|2|3|
|Total|34|32|



## 

## 

|Staffcosts|||||
|---|---|---|---|---|
|||Non-|Total|Total|
||Academic|academic|2022|2021|
||£000|£000|£000|£000|
|Salaries|2,092|4,669|6,761|6,114|
|National insurance|214|399|613|567|
|Other pension costs|377|737|1,114|1,007|
|Total|2,683|5,805|8,488|7,688|



||Average staff|numbers 2022|Average staffnumbers 2021|Average staffnumbers 2021|
|---|---|---|---|---|
||Number of|Number of|Number of|Number of|
||Fellows|Non-Fellows|Fellows|Non-Fellows|
|Academic (number receiving a stipend)|76|9|77|10|
|Non-Academic (full-time equivalents)|4|148|2|145|
|Total|80|157|79|155|





## 

|||College|Assets in|Furniture &|Total|Total|
|---|---|---|---|---|---|---|
||Land|Buildings|construction|Equipment|2022|2021|
||£000|£000|£000|£000|£000|£000|
|Cost/Valuation|||||||
|At beginning ofyear|62,220|88,096|246|367|150,929|147,575|
|Additions|-|554|299|89|942|3,433|
|Disposals at|||||||
|cost/valuation|-|-|-|(68)|(68)|(79)|
|Transfers|||||||
|At end ofyear|62,220|88,650|545|388|151,803|150,929|
|Depreciation|||||||
|At beginning ofyear|-|13,053|-|171|13,224|11,208|
|Charge forthe year|-|2,035|-|85|2,120|2,095|
|Eliminated on disposal|-|-|-|(68)|(68)|(79)|
|At end ofyear||15,088|-|188|15,276|13,224|
|Net bookvalue|||||||
|At end ofyear|62,220|73,562|545|200|136,527|137,705|
|At beginning ofyear|62,220|75,043|246|196|137,705|136,367|





## 

|||2022|2021|2020|2019|2018|
|---|---|---|---|---|---|---|
|||£000|£000|£000|£000|£000|
|Balance brought forward||120|113|101|97|90|
|Acquisitions purchased with College|||||||
|funds|||7|12|4|7|
|Total||120|120|113|101|97|
|10 Fixed Asset Investments|||||2022|2021|
||||||£000|£000|
|Balance at beginning ofyear|||||259,830|226,340|
|Additions|||||121,207|36,717|
|Disposals|||||(118,847)|(30,957)|
|Appreciation|||||1,238|33,875|
|lncrease/(decrease) in cash balances held|||||||
|by fund managers|||||1,027|(6,145)|
|Balance at end of|year||||264,455|259,830|
||||||2022|2021|
|Represented by:|||||£000|£000|
|Property|||||95,663|91,607|
|Quoted securities|—equities||||60,258|62,759|
|Fixed interest securities|||||12,570|14,196|
|Cash in hand and|at investment managers||||3,610|8,497|
|Other investments|||||92,354|82,771|
|Total|||||264,455|259,830|






|11|Stocks and work in progress|2022|2021|
|---|---|---|---|
|||£000|£000|
||Wine stocks|565|579|
||Bar, kitchen and other stocks|15|15|
||Total|580|594|
|12|Trade and other receivables|||
|||2022|2021|
|||£000|£000|
||Members ofthe College|433|287|
||Commercial rents|257|453|
||Donations|2,645|2,083|
||Other debtors|168|127|
||Prepayments and accrued income|130|86|
||Total|3,633|3,036|
|13|Cash and cash equivalents|||
|||2022|2021|
|||£000|£000|
||Current accounts|3,512|3,389|
||Total|3,512|3,389|
|14|Creditors: amountsfalling due within one|||
||year|||
|||2022|2021|
|||£000|£000|
||Trade creditors|2,672|2,682|
||Bank loan due for repayment within a year|360|360|
||Members ofthe College|376|616|
||Universityfees|172|65|
||Commercial rent deferred income|440|486|
||Contribution to Colleges Fund|197|206|
||Other creditors|92|69|
||Total|4,309|4,484|





|||2022|2021|
|---|---|---|---|
|||£000|£000|
|Bank|loans|5,224|5,584|
|Other|loans|10,000|10,000|
|Total||15,224|15,584|





## 

|Yearto 30 June 2022|||||
|---|---|---|---|---|
||CCFPS|USS|Other|Total|
||£000|£000|£000|£000|
|Balance at beginning ofyear|5,011|1,700|291|7,002|
|Movement in year:|||||
|Current service cost including life|||||
|assurance|239|-|(3)|236|
|Contributions|(314)|(92)|(40)|(446)|
|Change in expected contributions|-|2,505||2,505|
|Otherfinancecost|91|15|5|111|
|Actuarial (gain)/loss recognised in|||||
|Statement of Comprehensive|||||
|Income and Expenditure|(2,411)|-|(33)|(2,444)|
|Balanceat end ofyear|2,616|4,128|220|6,964|
|Yearto 30June 2021|||||
||CCFPS|USS|Other|Total|
||£000|£000|£000|£000|
|Balance at beginning ofyear|5,753|1,594|323|8,670|
|Movement in year:|||||
|Current service cost including life|||||
|assurance|251||(3)|248|
|Contributions|(302)|(82)|(44)|(428)|
|Change in expected contributions|-|176|-|176|
|Other finance cost|99|12|4||
|Actuarial (gain)/loss recognised in|||||
|Statement of Comprehensive|||||
|Income and Expenditure|(1,790)|-|11|(1,779)|
|Balance at end ofyear|5,011|1,700|291|7,002|





|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|17|Endowment funds|Permanent|Permanent|2022|2021|
|||£000|£000|£000|£000|
||Balance at beginningofyear:|||||
||Capital|84,628|-|84,628|74,908|
||New donations and endowments|4,090|-|4,090|1,026|
||Increase/ (Decrease) in market|||||
||value of investments|646|-|646|10,963|
||Transferto restricted funds|-||-|(2,269)|
||Balance at end ofyear|89,364||89,364|84,628|
||Analysis bytype ofpurpose|||||
||Fellowship, Research, Scholarship|||||
||and Studentship Funds|67,468|-|67,468|64,976|
||Prizes Funds|685||685|782|
||Bursaries, Hardship and Travel|||||
||Funds|11,384|-|11,384|9,109|
||General and Other Trust Funds|9,827|-|9,827|9,761|
||Balance at end ofyear|89,364|-|89,364|84,628|
||Analysis byasset|||||
||Property|33,479|-|33,479|32,361|
||Investments|54,690|-|54,690|49,558|
||Cash|1,195||1,195|2,709|
||Balance at end ofyear|89,364|-|89,364|84,628|





||||Permanent||||
|---|---|---|---|---|---|---|
|||Capital|Unspent and|Restricted|||
|||Grants|other restricted|expendable|||
|18|Restricted Reserves|unspent|income|endowment|Total 2022|Total 2021|
|||£000|£000|£000|£000|£000|
||Balance at beginning of||||||
||year:||||||
||Capital||-|1,924|1,924|774|
||Accumulated income|-|5,922|-|5,922|3,840|
||Total|-|5,922|1,924|7,846|4,614|
||New grants|23|140|-|163|323|
||New donations|250|141|-|391|166|
||Endowment return||||||
||transferred||1,817|40|1,857|1,891|
||Increase in market value||39|12|51|699|
||Expenditure||(1,769)|(26)|(1,795)|(1,968)|
||Capital grants utilised|(23)|-|-|(23)|(148)|
||Transfer from||||||
||endowment funds|-|-|-|-|2,269|
||Total|250|6,290|1,950|8,490|7,846|
||Balance at end ofyear||||||
||Capital|250|-|1,950|2,200|1,924|
||Accumulated income|-|6,290|-|6,290|5,922|
||Total|250|6,290|1,950|8,490|7,846|
||Analysis of restricted||||||
||funds bytype of purpose||||||
||Fellowship, Research,||||||
||Scholarship and||||||
||Studentship Funds|-|5,206|958|6,164|5,768|
||Prizes Funds|-|300|-|300|300|
||Bursaries, Hardship and||||||
||Travel Funds|-|686|992|1,678|1,656|
||General and Other Trust||||||
||Funds|250|98|-|348|122|
||Total|250|6,290|1,950|8,490|7,846|





|19|Memorandum of Unapplied Total Return||||
|---|---|---|---|---|
||Included within reserves, the following amounts represent the||||
||Unapplied Total Return ofthe College:|Note|2022|2021|
||||£000|£000|
||Unapplied Total Return at beginning of year||148,831|113,248|
||Unapplied Total Return for the year|3b|2,954|35,582|
||Unapplied Total Return at end ofyear||151,785|148,830|
||Reconciliation ofconsolidated surplus fortheyearto net cash||||
|20|(outflow)/inflow) from operatingactivities||2022|2021|
||||£000|£000|
||Surplus for the year||4,726|35,678|
||Adjustment for non-cash items||||
||Depreciation||2,120|2,094|
||Gain on endowments, donations and investment property||(5,372)|(38,588)|
||Decrease (increase) in stocks||14|35|
||Decrease/(increase) in trade and other receivables||(597)|1,092|
||Increase/(decrease) in creditors||(176)|76|
||Pension costs less contributions payable||(38)|(1,669)|
||Adjustmentfor investingorfinancing activities||||
||Investment income||(7,323)|(4,895)|
||Investment expenditure||5,407|5,557|
||Interest payable||644|667|
||Profit on the sale of non-current assets||142|-|
||Net cash (outflow)/inflowfrom operatingactivities||(453)|47|
|21|Cash flows from investing activities||2022|2021|
||||£000|£000|
||Non-current investment disposal||346|2,393|
||Investment income||3,509|3,086|
||Investment expenditure||(1,333)|(977)|
||Payments to acquire non-current assets||(942)|(3,532)|
||||1,580|970|
|22|Cash flows from financingactivities||2022|2021|
||||£000|£000|
||Interest paid||(644)|(640)|
||Repayments ofamounts borrowed||(360)|(359)|
||Total cash flows from financing activities||(1,004)|(999)|





## 

|||At|||
|---|---|---|---|---|
|||beginning|Cash|At end of|
|||ofyear|Flows|year|
|||£000|£000|£000|
||Cash and cash equivalents|3,389|123|3,512|
||Borrowings:||||
||Amounts falling due within one year: unsecured loans|(360)|-|(360)|
||Borrowings:||||
||Amounts falling due after more than one year: unsecured loans|(15,584)|360|(15,224)|
|||(12,555)|483|(12,072)|
|24|Financial Instruments||2022|2021|
||||£000|£000|
||Financial assets||||
||Financial assets at fair value through Statement of Comprehensive|income:|||
||Listed equity investments||106,461|116,441|
||Other investments||44,192|43,286|
||Financial assets that are debt instruments measured at amortised|cost:|||
||Cash and cash equivalents||13,778|11,886|
||Other debtors||601|414|
||Financial liabilities||||
||Financial liabilities measured at amortised cost||||
||Loans||15,584|15,944|
||Trade creditors||478|355|
||Other creditors||816|900|
|25|Capital commitments||2022|2021|
||||£000|£000|
||Capital commitments at 30June are as follows:||||
||Authorised and contracted||130|220|
||Authorised but not yet contracted for||1,061|556|



## 



||2022|2021|
|---|---|---|
||£000|£000|
|USS|962|862|
|CCFPS|137|131|
|Church of England|10|10|
|Non-contributory scheme|5|4|
|Total|1,114|1,007|




|CPI assumption|Term dependent rates in line with the difference|
|---|---|
||between the Fixed Interest and Index Linked yield|
||curves less:|
||1.1% pa. to 2030, reducing linearly by 0.1% p.a. to a|
||long-term difference of0.1% p.a. from 2040|
|Pension Increases (subject to a|CPI assumption pIus 0.05%|
|floor of 0%)||
|Discount rate (forward rates)|Fixed interest gilt yield curve plus:|
||Pre-retirement: 2.75% p.a.|
||Post retirement: 1.00% p.a.|





||2020 valuation|
|---|---|
|Mortality base table|101% ofS2PMA “light” for males and 95% of S3PFA for|
||females|
|Future improvements to|CMI 2019 with a smoothing parameter of 7.5, an initial|
|mortality|addition of0.5% p.a. and a long-term improvement rate of|
||1.8% pa for males and 1.6% for females|



||2022|2021|
|---|---|---|
|Males currently aged 65 (years)|23.9|24.7|
|Females currently aged 65 (years)|25.5|26.1|
|Males currently aged 45 (years)|25.9|26.7|
|Females currently aged 45 (years)|27.3|27.9|



|||2021|
|---|---|---|
||2022||
|Discount rate|3.31%|0.87%|
|Pensionable salary growth|6% in year|1.5%|
||1, 1.5%||
||thereafter||



## 

||2022|2021|
|---|---|---|
||% p.a.|% p.a.|
|Discount rate|3.80|1.80|
|Increase in salaries|3.25|3.10|
|RPI assumption|3.45|3.40|
|CPI assumption|2.75|2.60|
|Pension increases in payment (RPI Max 5% pa.)|3.30|3.30|
|Pension increases in payment (CPI Max 2.5% pa.)|2.05|1.95|





|Members are ass<br>ases:|umed to retire at their normal retirem|ent age (65) apart from the f|ollowing indica|
|---|---|---|---|
|||Male|Female|
|Active Members|— Option 1 Benefits|64|64|
|Deferred Members—Option 1 Benefits||63|62|



## 

|The amounts recognised in the balance sheet as a<br>June 2021) are as follows:|t 30 June 2022 (with comparative|figures as at 30|
|---|---|---|
||2022|2021|
||£000|£000|
|Present value of plan liabilities|(15,832)|(20,677)|
|Market value of plan assets|13,216|15,666|
|Net defined benefit (liability)|(2,616)|(5,011)|



|figures for theyear ended 30June 2021) are as follows:|||
|---|---|---|
||2022|2021|
||£000|£000|
|Current service cost|206|222|
|Administrative expenses|33|29|
|Interest on net defined benefit liability|91|99|
|(Gain)/loss on plan changes|-||
|Total|330|350|




||2022|2021|
|---|---|---|
||£000|£000|
|Present value of plan liabilities at beginning ofperiod|20,677|21,412|
|Current service cost (including employee contributions)|206|222|
|Employee contributions|38|44|
|Benefits paid|(533)|(435)|
|Interest on plan liabilities|370|309|
|Actuarial losses/(gains)|(4,926)|(875)|
|(Gain)/loss on plan changes|||
|Present value ofplan liabilities at end of period|15,832|20,677|





||2022|2021|
|---|---|---|
||£000|£000|
|Market value of plan assets at beginning of period|15,666|14,659|
|Contributions paid by the College|314|302|
|Employee contributions|38|44|
|Benefits paid|(533)|(435)|
|Administrative expenses paid|(41)|(45)|
|Interest on plan assets|279|210|
|Return on assets, less interest included in Profit & Loss|(2,507)|931|
|Market value of plan assets at end of period|13,216|15,666|
|Actual return on plan assets|(2,228)|1,142|



||2022|2021|
|---|---|---|
|Equities|52%|48%|
|Bonds & Cash|34%|42%|
|Property|14%|10%|
|Total|100%|100%|




||2022|2021|
|---|---|---|
||£000|£000|
|Return on assets less interest included in statement of income|(2,507)|931|
|and expenditure|||
|Expected less actual plan expenses|(7)|(16)|
|Experience gains and losses arising on plan liabilities|(955)|623|
|Changes in assumptions underlying the present value of plan|5,880||
|liabilities||252|
|Remeasurement of net defined benefit liability recognised in|2,411|1,790|
|OCl|||





||2022|2021|
|---|---|---|
||£000|£000|
|Net defined benefit asset/(liability) at beginning ofyear|(5,011)|(6,753)|
|Recognised in statement of income and expenditure|(330)|(350)|
|Contributions paid by the College|314|302|
|Remeasurement of net defined benefit liability recognised in|2,411||
|CCI||1,790|
|Net defined benefit asset/(liability) at end ofyear|(2,616)|(5,011)|



## 

## 

## 

||2022|2021|
|---|---|---|
||%p.a.|%p.a.|
|Discount rate|3.80|1.85|
|Pension increases in payment|0.00|0.0|





## 

||2022|2021|
|---|---|---|
||£000|£000|
|Present value of plan liabilities|(219)|(287)|
|Net defined benefit (liability)|(219)|(287)|



|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||£000|£000|
|Interest|on|net|defined|benefit|liability|(5)|(4)|
|Total||||||(5)|(4)|



||2022|2021|
|---|---|---|
||£000|£000|
|Present value of plan liabilities at beginning of period|287|317|
|Currentservice cost||-|
|Interest on plan liabilities|5|4|
|Actuarial losses (gains)|(33)|10|
|Benefits paid|(40)|(44)|
|Presentvalue of plan liabilities at the end ofthe period|219|287|



## 

||2022|2021|
|---|---|---|
||£000|£000|
|Experience gains and losses arising on plan liabilities|8|(16)|
|Changes in assumptions underlying the present value of plan|||
|liabilities|25|6|
|Remeasurement of net defined benefit liability recognised in OCI|33|(10)|





||2022|2021|
|---|---|---|
||£000|£000|
|Net defined (liability) at beginning ofyear|(287)|(317)|
|Contributions paid by the College|40|43|
|Recognised in Profit and Loss|(5)|(4)|
|Remeasurement of net defined benefit liability recognised in|33||
|CCI||(10)|
|Net defined benefit (liability) atthe end oftheyear|(219)|(287)|



## 

## 



|% ofpensionable stipends|January 2018|January 2021|
|---|---|---|
||to December|to December|
||2020|2022|
||%|%|
|Deficit repair contributions|11.9|7.1|



||2021|2020|
|---|---|---|
||£000|£000|
|Balancesheet liability at 1January|4|6|
|Deficit contribution paid|(2)|(3)|
|Interest cost (recognised in SOFA)|-|-|
|Remaining change to balance sheet liability* (recognised in|-|1|
|statement of income and expenditure)|||
|Balance sheet liability at 31 December|2|4|



||December|December|December|
|---|---|---|---|
||2021|2020|2019|
|Discount rate|0.0%|0.2% pa.|1.1% p.a.|
|Price inflation|n/a|3.1% pa.|2.8% pa.|
|Increase to total pensionable payroll|-1.5%|1.6% pa.|1.3% p.a.|





## 

||Country of|||||
|---|---|---|---|---|---|
||Incorporation|Cost|Class of|Proportion of|Principal|
||and Operation|£|Shares|shares held|activity|
|Caius Property<br>.<br>Services Limited|United<br>Kingdom|1|Ordinary|100%|Dormant|
|Budworth|United|||||
|Development|Kingdom|1|Ordinary|100%|Dormant|
|Limited||||||
|Caius Conferences|United||||Provision of|
|Limited|Kingdom|1|Ordinary|100%|conference|
||||||services|



## 

## 

|From|To|2022|Number|2021|Number|
|---|---|---|---|---|---|
|£0|£10,000||8||11|
|£10,001|£20,000||3||3|
|£20,001|£30,000||||-|
|£30,001|£40,000||||1|
|£40,001|£50,000||1||-|
|£50,001|£60,000||3||2|
|£60,001|£70,000||1||1|
|£70,001|£80,000|||||
|£80,001|£90,000|||||
|£90,001|£100,000||1||1|
||Total||17||19|





##