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2023-06-30-accounts

Trustees'
Annual
Report and		 Trustees'
Annual
Report and		 Accounts 2022/23
Reference and Administrative
Details.
Report ofthe College Council ...
Independent auditors'
report to the Council ofGonville &Caius College, Cambridge		 .. .14
Statement of Principal Accounting
Policies for the Year Ended 30June 2023..		 .18
Consolidated Statement
ofComprehensive
Income and Expenditure		 for the Year Ended 30June 2023... ...25
Consolidated Statement ofChanges
in Reserves .....		 .26
Consolidated Balance Sheet as at 30June 2023.. .27
Consolidated Cash Flow Statement
as at 30June 2023.		 .28
Notes to the Accounts 2022/23.. 29

educational
provision
and the ne
21/22 to E6.3m in 2022/23:		 t cost to the College of providing education
has		 increased
2022/23 2021/22 Change
6000 6000 EOOO
Income 4,088 4,072 16
Expenditure (10,373) (9,144) (1,229)
Net Cost (6,285) (5,072) (1,213)

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2023 2022
6000 6000
Note
Non-current
assets
Fixed assets 9 145,163 136,527
Heritage assets 9 120 120
Investment
assets		 10 270,698 264,455
Total nonwurrent
assets		 415,981 401,102
Current assets
Stock 11 624 580
Trade and other receivables 12 2,653 3,633
Cash and cash equivalents 13 855 3,512
Total current assets 4,132 7,725
Creditors: amounts falling due
within one year 14 (15,482) (4,309)
Net Current assets (11,350) 3,416
Total Assets less current liabilities 404,631 404,518
Creditors:
amounts		 falling due
after more than one year 15 (14,865) (15,224)
Net assets excluding pension liability 389,766 389,294
Net pension
liability		 (6,541) (6,964)
Net assets 383,225 382,330
Restricted reserves
Income and expenditure reserve —endowment reserve 17 90,442 89,364
Income and expenditure reserve —restricted reserve 18 8,855 8,490
Unrestricted
reserves
Income and expenditure reserve —unrestricted 283,928 284,476
Total Reserves 383,225 382,330

Note 2023 2022
f000 f000
Net cash (outflow) /inflow from operating activities 20 9,732 (453)
Cash flows from investing activities 21 (11,052) 1,580
Cash flows from financing activities 22 (1,337) (1,004)
Increase/(decrease)
in cash and cash equivalents		 in the year 23 (2,657) 123
Cash and cash equivalents at beginning of the year 3,512 3,389
Cash and cash equivalents at end ofthe year 855 3,512

1 Academic fees Academic fees and charges and charges
2023 2022
f000 f000
College fees:
Fee income received at the
Regulated Undergraduate rate 2,518 2,475
Fee income received at the
Unregulated Undergraduate rate 595 590
Fee income received at the graduate
rate 749 777
3,862 3,842
Income for Cambridge
Bursaries		 209 140
Other income 17 90
Total 4,088 4,072
2 Income from
accommodation, catering
and conferences 2023 2022
f000 f000
Accommodation College members 4,497 4,384
Conferences 623 264
Catering College members 1,070 911
Conferences 451 288
Total 6,641 5,847
3 Endowment
and		 Investment Investment Investment Investment income
3a Analysis
2023 2022
f000 f000
Total return
contribution		 (see note 3b) 4,223 3,891
3b Summary ofTotal Return
2023 2022
Income from: f000 f000
Land and buildings 3,827 3,314
Quoted and other securities and cash 1,723 4,009
Gains on endowment
assets:
Land and buildings 286 5,153
Quoted and other securities and cash 5,464 219
Investment
Management		 costs (see note 3c) (5,114) (5,850)
Total Return for year 6,186 6,845
Total Return transferred to Income and Expenditure Account (4,223) (3,891)
Total return expendable amount (4,223) (3,891)
Unapplied
Total		 Return for Year included within Statement of
Comprehensive Income and Expenditure (see note 19) 1,963 2,954
3c Investment
management		 costs 2023
f000		 2022
f000
Land and buildings 2,482 1,598
Other investments 2,632 4,252
Total 5,114 5,850
4 Education
Expenditure		 2023 2022
f000 6000
Teaching 4,160 3,792
Tutorial 1,760 1,555
Admissions 566 357
Research 1,223 1,166
Scholarships
and		 awards 1,795 1,433
Other educational facilities 841 799
Other educational expenses 28 42
Total 10373 9144
5 Accommodation, Catering and Conferences Expenditure 2023 2022
f000 f000
Accommodation: College members 5,976 5,435
Conferences 116 106
Catering: College members 1,962 1,671
Conferences 315 268
Total 8,369 7,480
6 Other Expenditure 2023 2022
E000 f000
Investment
management		 and administration 4,350 5,408
Interest 978 644
Pension scheme losses (gains) and other non-cash pension charges (409) 2,441
Other general
and administrative		 1,031 974
Total 5,950 9,467
Analysis of 2022 /2023 Expenditure
by Act		 ivity
Other
Staff costs Operating Depreciation
(Note 8)
6000		 Expenses
f000		 (Note 9)
6000		 Total
6000
Education (note 4) 4,980 4,882 511 10,373
Accommodation, catering and conferences (note 5) 4,286 2,432 1,651 8,369
Other (note 6) 526 5,423 1 5950
Contribution under Statute G, ll 211 211
Total 9,792 12,948 2,163 24903

Analysis of 2021 /2022 Expenditure
by Activity
Other
Staff costs Operating Depreciation
(Note 8) Expenses (Note 9) Total
f000 f000 f000 f000
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,il 197 197
Total 8,488 15,680 2,120 26,288
Total 8,488 8,488 8,488 15,680 2,120
26,2		 2,120
26,2		 2,120
26,2		 88
Expenditure includes Development Office costs off294,000.This expenditure excludes the cost ofalumni
relations.
2023 2022
7c
Auditors'		 remuneration
f000 f000
Other operating expenses include:
Audit fees payable to the College's external
auditors 39 32
Other fees payable to the College's external
auditors
Total 41 34
8 Staff costs
Non- Total Total
Academic academic 2023 2022
f000 f000 f000 f000
Salaries 2,500 5,356 7,856 6,761
National insurance 233 471 704 613
Other pension costs 403 829 1.232 1,114
Total 3,136 6,656 9,792 8,488
Average staff numbers 2023 Average staff numbers 2022
Number of Number
of		 Number of Number of
Fellows Non-Fellows Fellows Non-Fellows
Academic (number receiving a stipend) 79 8 76 9
Non-Academic (full-time equivalents) 3 158 4 148
Total 82 166 80 157

College Assets in Furniture
&		 Total Total
land Buildings construction Equipment 2023 2022
f000 f000 f000 f000 f000 f000
Cost/Valuation
At beginning
ofyear		 62,220 88,650 545 388 151,803 150,928
Additions 858 258 172 1,288 942
Disposals at
cost/valuation (79) (79) (68)
Transfers 9,511 9,511
At end ofyear 62,220 99,019 803 481 162,523 151,803
Depreciation
At beginning
ofyear		 15,088 188 15,276 13,224
Charge for the year 2,053 110 2,163 2,120
Eliminated
on
disposal (79) (79) (68)
At end ofyear 17,141 219 17,360 15,276
Net book value
At end ofyear 62,220 81,878 803 262 145,163 136,527
At beginning
ofyear		 62220 73,562 545 200 136,527 137,704

2023 2022 2021 2020 2019
8000 6000 f000 f000 6000
Balance brought forward 120 120 113 101 97
Acquisitions
purchased
with		 College
funds 12
Total 120 120 120 113 101
10 Fixed Asset investments 2023 2022
6000 8000
Balance at beginning of year 264,455 259,830
Additions 49,242 121,207
Transfers to operational assets (9,511)
Disposals (36,394) (118,847)
Appreaation 1,723 1,238
Increase/(decrease) in cash balances held
by fund managers 1,183 1,027
Balance at end ofyear 270,698 264,455
2023 2022
Represented
by:		 BOOB 6000
Property 98,334 95,663
55,801 60,258
Quoted securities —equities
Fixed interest securities 17,631 12,570
Cash in hand and at investment managers 4,793 3,610
Other investments 94 139 92,354
Total 270,698 264,455
11Stocks and work in 11Stocks and work in 11Stocks and work in progress 2023 2022
6000 6000
Wine stocks 591 565
Bar, kitchen and other stocks 33 15
Tota I 624 580
12Trade and other receivables
2023 2022
6000 6000
Members of the College 416 433
Commercial rents 708 257
Donations 1,158 2,645
Other debtors 197 168
Prepayments and accrued income 174 130
Total 2,653 3,633
13 Cash and cash equivalents
2023 2022
6000 6000
Current accounts 855 3,512
Total 855 3,512
14 Creditors: amounts falling due within one
year
2023 2022
6000 6000
Trade creditors 3,630 2,672
Bank loan due for repayment within a year 10,360 360
Members ofthe College 595 376
University fees 15 172
Commercial rent deferred income 528 440
Contribution
to Colleges Fund		 211 197
Other creditors 143 92
Total 15,482 4,309
Creditors: amounts
falling due
after one year
2023 2022
6000 6000
Oankloans 4,865 5,224
Otherloans 10,000 10,000
Total 14,865 15,224

Year to 30June 2023 Year to 30June 2023
CCFPS USS Other Total
f000 f000 f000 f000
Balance at beginning ofyear 2,616 4,128 220 6,964
Movement
in year:
Current service cost including life
assurance 161 161
Contributions (314) (311) (31) (656)
Change
in expected		 contributions (181) (181)
Other finance cost 100 137 245
Actuarial
(gain)/loss		 recognised in
Statement ofComprehensive
Income and Expenditure 34 (26) 8
Balance at end ofyear 2,597 3,773 171 6,541
Year to 30June 2022
CCFPS USS Other Total
f000 f000 f000 f000
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
Other finance cost 91 15 111
Actuarial
(gain)/loss		 recognised in
Statement ofComprehensive
Income and Expenditure (2,411) (33) (2,444)
Balance at end ofyear 2,616 4,128 220 6,964
Restricted Unrestricted Total Total
17 Endowment
funds		 Permanent Permanent 2023 2022
6000 6000 6000 f000
Balance at beginning
ofyear:
Capital 89,364 89,364 84,628
New donations
and endowments		 1,029 1,029 4,090
Increase / (Decrease) in market
value ofinvestments 49 49 646
Transfer to restricted funds
Balance at end ofyear 90,442 90,442 89,364
Analysis
by type of purpose
Fellowship,
Research, Scholarship
and Studentship
Funds		 69,053 69,053 67,468
Prizes Funds 686 686 685
Bursaries,
Hardship
and Travel
Funds 10,839 10,839 11,384
General and Other Trust Funds 9,864 9,864 9,827
Balance at end ofyear 90,442 90,442 89,364
Analysis
by asset
Property 32,854 32,854 33,479
Investments 55,987 55,987 54,690
Cash 1,601 1,601 1,195
Balance at end ofyear 90,442 90,442 89,364
Permanent Permanent
Capital Unspent and Restricted
Grants other restricted expendable
18 Restricted
Reserves		 unspent income endowment Total 2023 Total 2022
f000 f000 f000 f000 f000
Balance at beginning of
year:
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
New grants 193 209 402 163
New donations 151 159 310 391
Endowment return
transferred 2,274 52 2,326 1,857
Increase in market value 4 1 5 51
Expenditure (2,027) (383) (2,410) (1,795)
Capital grants utilised (268) (268) (23)
Transfer from
endowment funds
Total 175 6,901 1,779 8,855 8,490
Balance at end ofyear
Capital 175 1,779 1,954 2,200
Accumulated income 6,901 6,901 6,290
Total 175 6,901 1,779 8,855 8,490
Analysis ofrestricted
funds by type ofpurpose
Fellowship, Research,
Scholarship and
Studentship Funds 5,688 721 6,409 6,164
Prizes Funds 321 321 300
Bursaries, Hardship and
Travel Funds 769 1,047 1,816 1,678
General and Other Trust
Funds 175 123 309 348
Total 175 6,901 1,779 8,855 8,490
19 Memorandum
of Unapplied
Total Return		 Memorandum
of Unapplied
Total Return
Included
within
reserves, the following
amounts		 represent the
Unapplied
Total Return ofthe College:		 Note 2023 2022
f000 f000
Unapplied
Total Return at beginning
ofyear		 151,785 148,831
Unapplied
Total Return for the year		 3b 1,963 2,954
Unapplied
Total Return at end of		 year 153,748 151,785
Reconciliation ofconsolidated
surplus for		 the year to net cash
20 (outflow)/inflow)
from operating
activities		 2023 2022
f000 f000
Surplus for the year 895 4,726
Adjustment
for non-cash items
Depreciation 2,163 2,120
Gain on endowments,
donations		 and investment property (5,750) (5,372)
Decrease (increase) in stocks (43) 14
Decrease/(increase)
in trade and		 other receivables 980 (597)
Increase/(decrease)
in creditors		 11,173 (176)
Pension costs less contributions payable (423) (38)
Adjustment
for investing or financing activities
Investment
income		 (5,550) (7,323)
Investment
expenditure		 4,350 5,407
Interest payable 978 644
Profit on the sale of non-current assets 959 142
Net cash (outflow)/inflow
from		 operating activities 9,732 (453)
21 Cash flows from investing
activities		 2023 2022
f000 f000
Non-current
investment
disposal		 8,914 346
Investment
income		 4,016 3,509
Investment
expenditure		 (1,772) (1,333)
Payments to acquire non-current assets (22,210) (942)
(11,052) 1,580
22 Cash flows from financing
activities		 2023 2022
f000 f000
Interest paid (978) (644)
Repayments
ofamounts
borrowed		 (359) (360)
Totalcash flows from financing activities (1,337) (1,004)

At
beginning Cash At end of
ofyear Flows year
6000 6000 6000
Cash and cash equivalents 3,512 (2,657) 855
Borrowings:
Amounts falling due within one year: unsecured loans (360) (10,000) (10,360)
Borrowings:
Amounts falling due after more than one year: unsecured loans (15,224) 359 (14,865)
(12,072) (12,298) (24,370)
24 Financial Instruments 2023 2022
6000 6000
Financial assets
Financial assets at fair value through Statement ofComprehensive income:
Listed equity investments 106,342 106,461
Other investments 46,966 44,192
Financial assets that are debt instruments measured at amortised cost:
Cash and cash equivalents 13,460 13,778
Other debtors 613 601
Financial liabilities
Financial liabilities measured at amortised cost
Loans 25,225 15,584
Trade creditors 796 478
Other creditors 927 816
2S Capital commitments 2023 2022
F000 6000
Capital commitments
at 30June are as follows:
Authorised and contracted 171 130
Authorised but not yet contracted for 985 1,061
2023 2022
E000 6000
USS 1,079 962
CCFPS 139 137
Church of England 7 10
Non-contributory scheme 7 S
Total 1,232 1,114

2020 valuation
Mortality base table 101%of52PMA "light" for males and 95%of53PFA for
females
Future improvements to CMI 2019with a smoothing
parameter		 of7.5, an initial
mortality addition of0.5%p.a.and a long-term improvement rate of
1.8% a for males and 1.6%for females
2023 2022
Males currently
aged 65 (years)		 24.0 23.9
Females currently
aged 65 (years)		 25.6 25.5
Males currently
aged 45 (years)		 26.0 25.9
Females currently
aged 45 (years)		 27.4 27.3
2023 2022
Discount rate 5.52%o 3.31%
Pensionable salary growth 5%in year 1, 6% in year
1.5%othereafter 1,1.5%
thereafter

2023 2022
%p.a. %p.a.
Discount rate 5.20 3.80
Increase in salaries 3.30 3.25
RPI assumption 3.40* 3.45o
CPI assumption 2.80* 2.75o
Pension increases in payment (RPI Max 5%op.a.) 3.30* 3.30*
Pension increases in payment (CPI Max 2.5%p.a.) 2.05o 2.05o

2023 2022
6000 6000
Market value of plan assets at beginning ofperiod 13,216 15,666
Contributions paid by the College 313 314
Employee contributions 39 38
Benefits paid (697) (533)
Administrative expenses paid (43) (41)
Interest on plan assets 491 279
Return on assets, less interest included in Profit & Loss (2,196) (2,507)
Market value of plan assets at end ofperiod 11,123 13,216
Actual return on plan assets (1,705) (2,228)
The major categories of plan assets as a percentage oftotal Scheme assets for the year ending 30June
2023 (with comparative figures for the year ended 30June 2022) are as follows:
2023 2022
Equities 497o 52Yo
Bonds & Cash 38Yo 34Yo
Property 139o 149o
Total 10096 100yo
2023 2022
6000 6000
Return
on assets		 less interest
included		 in statement of income (2,196) (2,507)
and expenditure
Expected less actual plan expenses (9) P)
Experience gains and losses arising on plan liabilities (1,079) (955)
Changes
in assumptions		 underlying the present value of plan 3,250 5,880
liabilities
Remeasurement of net defined
benefit		 liability recognised in (34) 2,411
OCI
2023 2022
6000 6000
Net defined benefit asset/(liability) at beginning ofyear (2,616) (5,011)
Recognised in statement
ofincome		 and expenditure (261) (330)
Contributions paid by the College 314 314
Remeasurement
of net defined		 benefit liability recognised in (34) 2,411
OCI
Net defined benefit asset/(liability) at end ofyear ~i2.597 ~i2, 616

2023 2022
Sa p.a. 9op.a.
Discount rate 5.20 3.80
Pension increases in payment 0.00 0.00
June 20 22) are as follows:
2023 2022
f000 f000
Present value of plan liabilities (171) (219)
Net defined benefit (liability) ~171 ~219
The amounts
to be recognised
in the statement		 of income and expenditure
for the		 year ended 30
June 2023 (with comparative figures for the year ended 30June 2022) are as follows:
2023 2022
f000 f000
Interest on net defined benefit liability (8) (5)
Total (8) (5)
Changes in the present value ofthe plan liabilities for the year ending 30June 2023(with comparative
figures for the year ending 30 June 2022) are as follows:
2023 2022
f000 f000
Present value of plan liabilities at beginning ofperiod 219 287
Current service cost
Interest on plan liabilities 8 5
Actuarial losses (gains) (26) (33)
Benefits paid (30) (40)
Present value ofplan liabilities at the end ofthe period 171 219
2023 2022
f000 f000
Experience gains and losses arising on plan liabilities
Changes in assumptions underlying the present value of plan
liabilities 25
Remeasurement of net defined benefit liability recognised in OCI 26 33

%ofpensionable stipends January 2018 January 2021
to December to December
2020 2022
Deficit repair contributions 11.9 7.1
2022 2021
6000 8000
Balance sheet liability at 1January
Deficit contribution
paid		 (2)
Interest cost (recognised in SoFA)
Remaining
change to balance
sheet		 liability* (recognised in
statement
ofincome and		 expenditure)
Balance sheet liability at 31December
December December December
2022 2021 2020
Discount rate n/a 0.0% 0.2% p.a.
Price inflation n/a n/a 3.1%p.a.
Increase to total pensionable payroll n/a -15% 1.6%p.a.

Country of
Incorporation
and Operation		 Cost
f		 Class of
Shares		 Proportion of
shares held		 Principal
activity
Caius Property
Services Limited		 United
Kingdom		 Ordinary 10016 Dormant
Budworth United
Development Kingdom Ordinary 1009o Dormant
Limited
Caius Conferences United Provision of
Limited Kingdom Ordinary 100N conference
services

From To 2023 Number 2022 Number
f0 E10,000 8 8
E10,001 E20,000 6 3
E20,001 f30,000
E30,001 f40,000
E40,001 f50,000
E50,001 E60,000
E60,001 f70,000
E70,001 E80,000
E80,001 E90,000
f90,001 E100,000
f100,001 E110,000
Total 20 17