Gonville £¢Caius Trustees, Annual Report and Accounts 2023124 For the year ended 30 June 2024
Gonville &Caius Trustees. Annual Report and Accounts 2023124 Reference and Admlnlstrative Details........................ Report of the College Council...................................... Independent audltors, report to the Councll of Gonville & Calus College, Cambridge.. Statement of Principal Accountin8 Pollcles for the Year Ended 30 June 2024..... Consolidated Statement of Comprehensive Income and Expenditure for the Year Ended 30June 2024. Consolidated Statement of Changes in Resep4es.......................-.. Consolidated Balance Sheet as at 30 June 2024............................ .14 .18 .266 .27 .288 Consolldated Cash Flow Statement as at 30June 2024......... .. 299 Notes to the Accounts 2023124....................................... .30
GONVILLE & CAILIS COLLEGE ANNUAL REPORT AND ACCOUNTS 2023/24 Reference and Administrative Details Gonvllle & Caius College in the University of Cambrldge Founded in Honour of the Annunciation of the Blessed Mary the Virgin comprises the Master, the Fellows and the Scholars. Its registered address is Trinity Street, Cambridge CB2 ITA. The College is a registered charity (Charty Registration Number: 11375361 and is subject to regulation by the Charity Commisslon for England and Wales. The charity Trustees of the College arethe members of the College Council. Councll Members l Jul 2023- 30 June 2024 Ex Officio Master Professor P J Rogerson Ex Officio Senior Bursar Mr R Gardlner Ex Officio Senior Tutor Dr A Spencer Elected members Professor P Robinson Revd Dr C Hammond (from October 2023} Professor A Zeitler Dr A Bunyan Dr M Amatt Dr C Scott (from October 2022) Dr J Latimer (from October 20221 Professor G Vinnicombe (from October 2022) Dr R Scurr Ifrom May 2023) Professor P Mandler (to April 2024) Professor A Routh {to October 2023} Mr M Martin {to January 2024) Dr K Mlles {from April 2024) Mr F Basso (from January 2024) Audltofs Peters Elworthy & Moore Salisbury House Station Road Cambridge CBI 2LA Legal Advlsers Mills & Reeve LLP Botanic House 98-100 Hills Road Cambridge CB2 IPH Bankers Barclays Bank plc Mortlock House Histon Cambrldge CB24 9DE Investment Mana8ers Partners Capital 5 Young Street London W8 5EH CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Lloyds Bank PLC 3 Sldney Street Cambrldge CB2 38U Property Manager5 Bidwells Trumpington Road Cambridge CB2 2LD
GONVJLLE & CAIIIS COLLEGE ANNUAL REPORT ANDAccouNTS 2023/24 Report of the College Council StstU5 Gonville & Calus is one of the oldest and largest Colleges in the University of Cambridge, originally founded in 1348 by Edmund Gonville and subsequently augmented and rtrfounded by John Caius In 1557. It Is a self- governing community of scholars, home to almost 1,000 undergraduates, graduates and academics supported by over 150 full-tlme equivalent staff. The Colle8e Is constituted under the provislons of the Universitles of Oxford and Cambridge Act 1923 and is a registered charity. These accounts consolidate the operations of the Colle8e with its 5ubsldlaries Calus Property Servlces Limited, Budworth Development Limited and Caius Conferences Limited. They are prepared in accordance with the Recommended Cambridge College Accounts IRCCA) format. Aims and Objectives The College 15 an instltution of Hlgher Education. Its primary charitable purpose is the pursuit of education, rellgion, learning and research and its overall objective is to rank amongst the highest achieving academlc institutions in the world. Public Benefit The College provldes, in conjunction wlth the Universlty of Carnbrldge, an education for almost 1,000 undergraduate and graduate students that is recognised Internationally as bein8 of the hl8hest standard. This education develops students academically and advances thelr leadership qualitles and interpersonal skills, and $0 prepares them to play full and effective roles in soclety. In particular, the College provldes: teaching facilities and indlvldual or small-8roup supervlslon, as well as pastoral, adminlstrative and academic support through its tutorial systems; soclal, cultural, muslcal, recreational and sporting facllities to enable each of Its students to realise as much as posslble of their academic and personal potential while studying at the College; and speciallst choral musical education for Its choral students who make up the College's renowned choir. The College advances learnlng and research through: providing an intellectual and socSal base for around 200 postgraduate students, as well as offering studentship5, bursarles, financial support and grants for travel and other support relating to their research; providlng Research Fellowships to outstanding academics at the early stages of their careers, which enables them to develop and focus on their research in thls formative period before they undertake the full teachlng and administratlve duties of an academi¢ post; supportlng research work pursued by its Fellows through promoting interactlon acro55 disclpllnes, providing facilltles and provldlng grants for natlonal and internatlonal conferences, research trips and material5; providing membership for 12 post-doctoral research assoclate to support early-career academics encouraging visits from outstandlng academics from abroad; and encouraging the dissemlnation of research undertaken by members ofthe College through the publication of papers in academic journals or other suitable means. The College rnaintalns an extensive library and archlves (including important special collectlonsl, provldin8 a valuable resource for students and Fellows of the College, members of other College5 and the University of Cambridge more widelyi external scholars and researchers, as well as offering a venue for oc¢aslDnal lectures and exhlbitions open to the general publlc.
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDACLOUNTS 2023/24 The College admits as students those who have the highest potentlal for benefiting from the education provided by the College and the University and recruits as academic staff those who are able to contribute most to the academic excellence of the College, regardless of thelr financial, social, reli8ious or ethnic background: there are no geographical restriction5 in the Colle8e's objects and students and academlc staff of the College are drawn from across the UK and internationally; there are no age restrlctions in the College's objects but students of the College are predomlnantly between 18 and 26 years old; and there are no religious restrlctions in the College's objects and members of the College have a wide variety of faith traditions or none. The focus of the College is strongly academic, and students need to satlsfy high academic entry requirements. The College works to reduce financlal considerations from being a bar attendlng the College. It provldes assistance to many of its students: to a55iSt undergraduates who have limited financial means. The College particlpates in the Cambridge Bursary Scheme. The scheme operates in conjunctlon with the Unlversity of Cambridge and is approved by the Office for Students {OfS) providing benefits at a substantially hlgher level than the minimum Ots requlrement. to support the costs of graduate students, the College provides substantial financial support. This includes s¢holarshlps to fund fees and Ilvlng costs and 'top-up' funding to fill fundlng shortfalls in students, funding packages; the College also SUPPOrts students through a grant scheme to asslst with the purchase of books and equlpment, attendance at conferences, childcare support and travel grants, as appropriate; and in addition to its other programme5, the College has some funds to assist students in flnancial hardship. To raise educatlonal aspiration and encourage more talented applicants from under-represented backgrounds to apply to the College, It operates an extensive outreach programme which includes large sustained programmes of supervision and guidance, visits to schools, visits by schools to the College, resldential events. guidance for teachersi partnerships with external organisatlons and a lively presence across a range of social media. The College carries forward the requirement, continuous since its foundation. of being a place of spiritual and ethical reflection on the Christian falth and its implitatlons for the individual and society. In particular, the College: maintains and supports the Chapel as a place of religious worship where visitors are welcome durlng the day; where a varlety of religious services take place on weekdays and at weekends during term, details of which are advertlsed; and where all regular seNices in the College Chapel are open to the public and are attended by students and staff from elsewhere in the University as well as local residents and visitors to Cambridge; maintains Its outstanding choral tradltlon, which is integral to the provision of Dlvine Service in its Chapel, through the College's choir. formed from the students of the College; supports, through the College Dean, the emotional, mental and spiritual well-being of all members of the College communitywhatever theirfaith tradition, or none; maintalns its historic connection with the work of the Church of England, particularly through its Involvement as Patron of 22 parishes {and, in the absence of a Rector of Stockport, as Patron of a further 6 parishes) and Lay Rector of 4 parishes; and supports the instltutlon of Caius House Battersea through the appointment of its Trustees lin the glft of the Master) and the involvement of the Dean as a Trustee.
GoNVII.LE & CAIUS COLLEGI ANNUAL REPORT ANDAccouNTS 2023/24 Achievements and Performance Educational activities The College's undergraduates study all the subjects offered In the Universlty and our postgraduates play a key role In the research activities of the wider University. Our Fellows have Internationally renowned research expertise ranging from Archaeology to Zoology and are all recognised as leaders in their fields. The number of undergraduate and graduate students re8i5tered with the University at 3rd December 2023 was: 2023/24 600 257 857 2022123 620 256 876 % Change 13.0%) 0.4% (Z.2%) Undergraduate Postgraduate Total Research activities Four new Research Fellows started their Fellowships durlngthe year: Dr Sanne Van Neerven (Molecular Oncology), Dr Christian Larroulet Phillip IPhilosophyl,Dr Fran[oi5.e Charmaille IEnglish Modern & Medieval Language51, Dr Andrew Docker (Natural Sciences) . In addition, the College appointed Professor Dr Thomas Biginagwa as the Global South Bye-Fellow for one year (Archaeolo8yI. Funding The prlncipal sources of Income of the College are as follows: Fees charged for the provision of education to students. Students and Fellows through charges for goods, servlces and facilities provlded. Investment income. Members and friend5 of the College through donations and bequests. Conference customers for goods, servlces and facilities provlded. Financial Review The College's flnancial objectlve is to ensure that the College's primary educational, religlous, learning and research functions are managed cost-effectlvely and supported by robust and well-mana8ed financlal resources, whlch will sustaln the enterprise in perpetuity. Academic Fees and Expenditure Academic fee income has increased by 4.7% principally due to the increase in postgraduate income from the University and an increase in the number of postgraduates at the College. Total fee income does not cover the full cost of educatlonal provislon and the net cost to the College of providln8 education has Increased from £6.3m in 2022/23 to £7.7m in 2023124: 2023124 £000 2022123 £000 4,088 {10.3731 (6,285) Change £000 193 {1,652) (1fv59) Income Expendlture Net C05t 4,281 112,025) (7,744) The average funding provided for each student was £9,036 (prior year: £7,175).
GONVILLE & C.41us COLLEGE ANNUAL REPORT AND AccouNTs2023/24 The education cost5 are made up a5 follows: 2023124 2022123 £000 4,160 1,760 566 1,223 1.795 Change Teachlng Tutorial and student welfare Admissions Research Scholarships and awards Other educational facilities Other educational expenses Totals 4,538 1,789 378 29 234 159 617 234 1,382 2,412 1,075 29 12.025 28 10373 1.652 The increases reflect cost of living salary increase5 for both academic and support staff, scholarships and awards cost5 increased to recognise additional multi-year commitments for a range of studentships granted out of accumulated income of restricted funds, the cost of recommencing in-person admissions interviews, revisions upwards of allocations of overheads to educational activities particularly maintenance. energy and insurance. IT improvements, and increase5 in Cambridge bursary costs and other support for students in financial difficulty. Accommodation, Catering and Conferences Income from accommodation, caterlng and conferences amounted to £7.8m whlch was £1.2m {17%) hlgher than the previous year due principally to further recovery of conference activity to 80% of its Inflation-adjusted pre-pandemic level. Expenditure increased by IO%. Half of the increase arose as a result of increased energy costs and the remalnder as a result of Inflation in general costs and payroll, although the latter was ameliorated by better utllisatlon of staff• particularly in the catering operation. Investment Income The College depends on investment income to fully fund its activities. The endowment is managed for total return, with a spending rule whlch seeks to preserve the purchasing power of the endowment and is derived using a 'Yale Rule, being 70% of the prevlous yearfs total adjusted for college inflation and 30% based on a withdrawal rate of 2.75% from the value of investments at 31 March 2023. However, the withdrawal from the property portfolio is limited to the lower of the Yale Rule or property income and small capital receipts net of costs and an allowance for repairs. The property limit operated in the year as a result of a Shortfall of retail rents leading to a constraint on the overall value of the expendable amount. The withdrawal for unrestricted purposes is reduced by unrestricted donation5, Other than the Annual Fund which is immediately applied to student purposes. The key figures are 5ummarised below. 2023124 £000 6,515 12,6011 2022/23 £000 Change £000 467 (776) Drawdown permitted under 5pendin8 rule Reduction due to unrestricted donations Endowment transfer In the Ststement of Comprehensive Income and Expenditure {1,825) 3.914 4,223 1309 Donations and Fundraising The College 15 dependent on the philanthropic donations from Caians, parents of Caians and friends of the College to build its endowment and to fund sorne of its annual activities. The current fundraising and alumni
GONVILLF & CAIUS COLLEGE ANNUAL REPORT AND ACCOUNTS 2023/24 relation strategy strongly focuses on Increasing funding for widening particlpation programmes, undergraduate and graduate student support, and college teaching. The College Is re8iStered with the Fundraising Regulator and adheres to its Code of Fundraislng Prartlce, subject to the terms and conditions agreed by the Colleges of the University of Cambridge and the Fundraisin Regulator, as set out in the letter from the Chief Executive of the Fundralslng Regulator, dated 20th July 2017. The key staff responsible for fundrai5in8 arethe Dirertor of Development, Deputy Director of Development and the Development Officer, supported by a team of six, The Development and Alumnl Relations Office actively seeks lifetlmegifts and legacie5 forteachin& research, student support and the maintenance and improvement of the College's building5 and heritage assets as well as general support of the College activitles. Solicitation methods include face-to-face meetin85, telephone calls, emails and letters from Development and Alumni Relations Office staff. The Offlce also conducts two annual fund appeals: a dlgital Giving Day campaign and a traditional telephone campaign. Both campal8ns are managed by our staff with technical support from expert consultants. No complaints were received about the College's fundraising activities durin8 the year, Any requests to be withdrawn from fundraising approaches were implemented immediately. To protect vulnerable people and others, any potentlal supporters included in a telephone fundraising campaign are sent a pre<all letter, making clear the purpose ofthe call and offering the opportunlty to be wlthdrawn from the Campaign. Duringthe telephone fundralslng campaign, the Ilst of those wlshing to be excluded 15 updated on a daily basis. The College has signed up forAmazonSmile {now In wind-downl and the Paypal Glving Fund but otherwise does not use third-party professional fundraisers or Commercial particlpators. Fundraising income Is a crucial Source of revenue and comes in the form of regular or one-off glfts and bequests left In wills. Calus is deeply grateful to its historic and current benefactors, which It recognises through mernbership of various groups and the entitlement to attend exclusive events. Donations accrued for accountlng purposes amounted to £4.2m. After adjusting for the tlming of the receipt of legacies which are often received after they are notified and accrued. donations recelved in the year were: New endowrnents of £973,000 for exlstin8 and some new permanent funds Unrestricted donations of £1,226,0 immediately available for general purposes Donatlons of £499,000 for immediate use for restricted purposes, Expenditure Approximately 48% of regular recurrlng operational expenditure is staffing costs, allocated to various categories. The overall numbers of Fell0V and permanent Staff in the Colle8e at 30June were as follows: 30 June 2024 114 165 30 June 2023 118 151 Change Nurnber of Fellows Number of Staff IFTES) +14
GoNifILLE & CAIUS Coi,LEGE ANNUAL REPORT ANDAccouNTS 2023/24 University Contribution The sum levied is redistributed by the Colleges, Fund to less wealthy colleges. Colleges, contributions are determined principally by reference to the value of their endowments and the number of thelr students. Capital and Reserves Total capitsl and reserves stood at £403m at 30 June 2024 {30 June 2023: £383.2rn). The College's unrestricted funds amount to £296.5m130 June 2023: £283.9m) and are represented in the balance sheet in part bythe College'5 operational buildings and heritage assets valued at £144.Im. The free reserves are therefore £152.4m of the investment portfolio. The restricted endowments amount to £96.6m. represented by part of the investment portfolio. There 15 also a restricted reserve of £9.5m built up from restricted but expendable donations and unspent income relating to the funds in the endowment reserve. The College intends to continue to pursue its objects in perpetuity. Its activities require income support from its investments comprising its free reserves. The College Council is aware of the need for financial prudence and has been taking steps to increase its free reserves by managing carefully the expendable amount. developlng the conference business and growing the endowment through prudent Investment5, development opportunities withln the property portfolio and donations. The level of reserves is reviewed routinely by the Finance Committee and in response to any relevant, specific interim request for expenditure but a5 a general matter the Income arising from free reserves is considered integral to the College's operations and required to dellver its charitable objectives. Although the College's other income Streams are reasonably stable In the short term, the free reserves also provlde support in the event of an unforeseen downturn in the College's operating or investmeTbt income arising from wlder economic uncertainty. In addltion, the reserves are required to permit the repayment of debt drawn for operatlonal purposes. Investments The Investments of the College increased from £271m to £287m at 30 June 2024. The investment assets increased as a result of robust investment returns over and above the amount withdrawn under the total return spending rule. Property assets include £IOm financed by a loan from the 2013114 Cambridge Colleges Private Placement and £5.6m of amounts drawn under a Revolving Credit Facility. Decisions on investment policy are taken by the College Council on the advice of the Investments Committee. The Investments Committee, appointed by the College Council, comprises the Master, the Senior Bursar, three other Fellows of the College and four experienced external members. The Investments Property Sub- Cornmittee reports to the Investments Comrnittee and focuses on the College's extensive directly held property Portfolio. Financial investments are managed under a discretionary mandate by Partners Capital LLP and the CCLA Investment Management Limited. Directly held property Investments are managed with the assistsnce of its agents Bidwells LLP who are responsible for the collectlon of rent. The College has interests in three shared equlty house purchase arrangements with Fellows of the College.
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDAccouNTS 2023/24 The investment a55et allocatlon comprises: June 24 £m +8.3% June 23 £m +2.3% June 22 £000 +2.7% June 21 June 20 Totsl Return 17.3% 1.8% Cash Flxed Income Credit Hed8e funds- absolute return Hed e funds- hedged equitie5 Public equity Private equlty Private debt Core property Property funds Infrastructure and operating assets Contractual and other income Inflation Ilnked bond5 and inflation hed Total Investments Private Placement Revolving Credit Facility Net Investments 10.9 10.2 10.6 11.8 12.7 86.8 31.5 11.2 93.3 24.4 12.4 77.6 18.7 87.8 38.4 84.2 31.9 93.7 98.3 95.7 91.6 84.3 es 286.7 {io.o} 15.6} 271.1 270.7 {io.01 {io.01 250.7 264,5 {io.01 259.7 iio.01 226.6 iio.01 254.5 249.7 216.6 The College aims to grow the endowment to £330m. This is because the College has grown Significantly In the past fifty years and a prudent view Is taken of long-term annual investment returns required to meet the College's annual needs. Statement of Investment Responsibility The primary fiduclary responsibility of the College Councll In Investing and manaBln8 the Endowment Is to maximise the financial return on those resources, taking into account the amount of risk permitted within the College's investment policy. There are clrcumstances, however, described In Charity Commisslon guidance and founded in judicial decisions, when the College may balance against its primary responsibility considerations of the ethical nature of investments. Therefore, as an eleemosynary institutlon established to exlst in perpetulty and a long-term investor, the College will take due care to ensure that its investment management reflects the interests and value5 of the College. This Includes matters of sustalnability and environmental, social, and Bovernance Issues (together referred to as'ESG issues, or'responsible InvestmenYI among the many fartor5 that Inform its investment decision-makln8 and manager selertlon. Financial Assets The College believes that by engaging in a broad set of extra-financlal consideratlons, the long-term flnancial performance of the portfollo of financial assets can be improved. The College judge5 the extent to whlch responsible Investing 15 successfully Integrated within the Investment portfolio with the help of our investment managers and throu8h scrutiny of the investment managers. artlons and success in managlng those Issues in the Investments they make on the College'5 behalf. How our investment manager5 conslder ESG issues in thelr investment decisions, analysis, and monitoring on the College's behalf varies by asset-class and Investment strategy. Where our investment manager5 invest on our behalf through independent thlrd-party a55et managers, they seek to Integrate and manage ESG issues through an operational due dlli8ence framework to asse55 such thlrd- party asset managers. Thi5 framework Includes an ESG due diligence section to ensure that ESG-related questions are assessed and considered during the due diligence process, After making an investment they continue to monitor identifled ESG risks and malntain a dialogue with the third-party assets managers to
GONVILLE & CAMUS COLLEI-E ANNIJAL REPORT AND AccouNTS 2023/24 ensure effective oversight and application of responslble investment best prartices. The College scrutinises its Investment managers in relation to the effectiveness of their appllcatlon of those processes and ESG engagement with the relevant third-party asset managers. Where our investment managers invest on our behalf in their own managed funds, we consider carefully the ethical and responsible investment policy of those funds in the process of selecting those fund managers. The College scrutinises those marbagers In relation to the effectiveness of their application of criteria in the selection of a55ets for acqulsition or disposal and engagements with investee companies. In this context fund informatlon published by CCLA Investment Managers for the COIF Charitles Ethical Investment Fund and COIF Global Equity Income Fund are relevant. As a general matter. the College insists that its investment managers demonstrate a very high standard of integrity towards their clients, their staff and the relevant regulatory authorities. Where any breaches of integrity are detected, the assets under management may be moved to another fund manager. The Colle8e holds minimal holdlngs in 'fossil fuel, Stocks whlch are limited to historlc private equity posltlons which are in run-off. DiTectly-held Property Assets The College holds substantial property assets whlch it manages directly. These Include residentlal, commercial, retall and agricultural properties. The policy for ensuring sustainable management of these assets is under continued revlew as national law and policy develops. Operational Assets Fixed assets are prlnclpally the operational buildlngs of the College. Of the total expenditure on operational asset additlons of £1,158,000, £180,000 was further work on preparation for the next major refurbishment project in St Michael's Court and £585,000 on decarbonisation projects for the Old Courts and a Victorian villa houslng graduates. The remainder was for less substantial repairs, fire safety Systems, IT equipment and a new carpet for the library. The College also spent £1,376,OIXJ, which Included the salaries of the In-house malntenance team, on continuing maintenance and repalr of its building5. The College malntains a seven year forward programme of work5. The current major project Is the refurblshment ofthe Aston Webb buildin8 IA to F stalrcases St Michael's Courtl which commenced in July 2024 and plans forthe decarbonisation of the Old Courts. Trusts and Funds of the College The majority of the donations to the College are unrestricted and allow the College Council to determlne their use. Other donations are for specific purposes, e.g. bursarles, lectureships and studentships. Each of these restricted donatlons must be accounted for in a separate fund. The underlying assets are invested on an amalgamated basis with a record of the share of the assets and income attributable to each fund to ensure donors, wishes are observed. Principal Risks and Uncertainties College Councll considers matters of risk on a regular basis through Its committees and sub<ommittees. A risk register is maintained addressing the corporate level risks of failures.. to dellver highest quality educatlon, to respond to regulatory developments, to maintain reputation, to maintain good governance, maintain adequate finances, failure of the estate or operating provision. Detalled risk registers are also maintained at departmental level. The College maintains and tests a business continuity plan which has been overhauled during the year. The College has a dedlcated Health, Safety and Security Committee to address these specific Issues for the College as a whole. io-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Financial risks are addressed by the Finance Committee and the Investments Committee. The College is dependent on Its endowment and reviews Its Investment policies on an annual basis in order that it balances the need to achieve high returns and manage risk. The Finance Commlttee is responslble for reviewlng the level of expenditure that can be supported by Income and together with the Investment Committee establishes an appropriate level of withdrawal from the endowment to ensure the long-term future of the College while providin8 a fair and appropriate level of funding for the current cohort of students and thus ensurin8 that inter-generatlonal equity is maintalned. At the tlme of approval of these accounts, the prlncipal, specific risks facing the College and which it has limited control over arise from: the continuing impact of inflation on the cost of base of the College. now principally wage inflation, and the lack of increase in one of its principal sources of income which is the regulated undergraduate fee which has been increased by only 3% in a decade; the effect of economic and geopolitical turbulence on the value of the endowment: the difficulty of recruiting both academic and support staff in an environment of the cost of living which prevails in Cambridge,. the robustness of the supervision system and the importance of a forward-thinking outcome from the University's announced review of teaching; malicious breaches of cybersecurity intrusions; and the impact of climate change on the operational estate of the College including the costs of decarbonisation of the estate. Future Developments Although relatively well-endowed the College supports one of the largest Cambrldge collegiate communities of students and Fellows. It has the benefit of a strongfundraising team, and a committed Investments Comrnlttee. The higher education sector contlnue5 to be subject to uncertalnties including the level and form of government support for tuitlon and research, visa requirement extending to citizens of more countries as a barrier to accessln8 UK education and research positions, the preparedness offoreign governments to 5UPPOrt and encourage their citizens to come to the UK for higher educatlon, international competition for students and academic staff and continulng discontent over the erosion of academic pay and reward and industrial action arising therefrom. Considering these, the College sees the immediate key challenges and priorities as: dealing wlth the continued effects of Brexit, in particular the long-term effect on recrultment of the most talented Fellows and students; the avallability of staff for certain core services; maintaining the high level of teachin& elther one to one or in small groups, that is core to the educational experience offered by Cambridge University; attracting suitably qualified students from the widest possible range of backgrounds: providin8 Students with adequate support through bursary schemes to enable them to study without the distraction of financial concern5; re5pondin8 to the requirements of Acces5 and Participation Plans agreed with the Office for Students; strengthenin8 the College's support for graduate 5tu(ty and for research; attracting and retaining an active Fellowship that is committed to excellence in research and teachin& in a global marketplace for academic talent- addressing the risks arising from climate change and raising money to allow the implementation of the decarbonisation plan which is outlined as a 17 year endeavour with a current C05t of approximately £25m,' maintainin8 the beautiful historlc and modern buildlngs and upgrading them to meet the requirements and aspirations of our Students, current health and safety standards and modern IT requirements: determining the options available for the redevelopment of the recently acquired land at Rose Crescent, Radcliffe Court and Market Hill {projert'Agora'l; and growing the College's investments in order to fund the above. In order to guide the response to these Issues the College has documented strategles for educatlon, finance, investment policy, fund-ralsln8 and its estate planning. A research strategy is being drafted. -li-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccoiJNTS 2023/24 Corporate Governance The following statement is provlded by the College Council to enable readers of the financial statements to obtain a better understanding of the arrangements in the College for the management of Its resources and for audit. The College is a registered charlty (registered number 11375361 and subject to regulation by the Charlty Comrni55ion for England and Wales. The members of the College Council are the charity trustees and are responsible for ensuring compliance with charity law. The College Council is advised in carrying out its duties by the following prlnapal committees: Comrnittees with financial authority and oversight: Domestic and Catering Committee Finance Committee Education and Research Committee Works and Accommodation Committee Other principal committees: Investments Committee, supported by the Investments Property Sub-committee Communications Committee Development and Alurnni Relations Commlttee Personnel Committee There are Regi5ter5 of Interests of members of College Council and of senior administrative officers. Declaratlons of interest are made systematically at all the main Commlttee meetings. The principal officers of the College are the Master, the President, the Senior Tutor, the Senior Bursar, the Domestic Bursar and the Re8iStrary. The Finance Committee's principal duties are to consider long-term flnancial strategyi to oversee the financial management of the College, to recommend annual bud8ets to the College Council to keep under review the effertiveness of the College's internal systems of financial and other controls- to advise the College Council on the appointment of external auditors; to consider reports submitted by the auditors; to monitor the implementatlon of recommendatlons made by the auditors; and to make an annual report to the College Council. Membership of the Finance Committee Includes the Master, the Senior Bursar, the Domestic Bursar, the Development Director and four fellows with appropriate skills and experience, Includin8 at least one tutor and one teaching fellow and an external mernber with appropriate skills and experience. The composition of the College Council during the year ended 30 June 2024 is set out on page 2. Statement of Internal Control The College Council is responsible for maintaining a sound system of internal control that supports the achievement of policy, aims and objectives while Safeguarding the funds and a55ets for which is responsible, in accordance with the College's Statutes. The system of internal control is designed to identify the principal risks to the achievement of policies, aims and objettives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. This process was in place for the year ended 30 June 2024 and continues to provide reasonable but not absolute assurance of effectiveness. The College Council is responsible for revlewlng the effectiveness of the system of internal control. This review of the effectiveness of the system of internal control is informed by the work of the various Commlttees, the Senior Bursar and the College offlcers, who have re5ponsibillty for the development and maintenance of the internal control framework. and by comments made by the external audltors In their management letter and other report5. -12-
GoNviLLI & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Responsibilities of the College Council The College Council is responsible for preparing the Annual Report and financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practice). The College Statutes and the Statutes and Ordinances of the University of Cambridge require the College Council to prepare financial statements for each financlal year which give a true and fair vlew of the state of affalrs of the College and of the surplu5 or deficlt of the College for that period. In preparing these financial 5tatement5, the College Council is required to: select Sultable accountlng policies and then apply them consistentlyi make jud8ements and estlmates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any materlal departures dlsclosed and explained in the flnancial statements; and prepare the financial staternents on the "going concern" basis, unle55 It is Inappropriate to presume that the College will continue in operation. The College Councll Is responsible for keepin8 accountin8 records that dlsclose, with reasonable accuracy at any time, the financial position of the College and ensure that the flnancial statements comply with the Statutes of the Unlversity of Cambridge. The College Councll is also responslble for safeguardlng the assets of the Colle8e and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. The College Council is responslble for the Maintenance and Integrity of the corporate and financial information included on the College's website. Legislation in the United Kingdom governlng the preparation and dlssemlnation of financial statements may differ from legislation in other jurisdictions. On behalf of the College Council Professor Philippa Rogerson . Dated 13th November 2024 13-
GONVILLE & CAlU% COLLEGE ANNUAL REPORT AND Acr:OUNTS 2023/24 Independent auditors, report to the Council of Gonville & Caius College, Cambridge Opinion We have audlted the financial statements of Gonville & Calus College {the College) and Its subsidiaries (the Group) for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reserves, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applled in their preparation is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Standard 102The Financlal Reporting Standard appllcable in the UK and Republic of Ireland {United Kingdom General Accepted Accounting Practlcel. In our opinion. the financial statements: give a true and fair view of the state of the Group and the College's affairs as at 30June 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordan with the requirements of the Charities Act 2011 and the Statutes ofthe University of Cambridge. Basis for opinion We condutted our audit in accordance with International Standards on Auditin8 (UK) (ISAS {UKII and applicable law. Our responslbllities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financlal Reporting Council's Ethlcal Standard, and we have fulfilled our other ethical responsiblllties in accordance with these requirements. We believe that the audit evldence we have obtained is sufficient and appropriate to provide a basls for our opinion. Conclusions relating to going concern In auditin8 the financial statements, we have concluded that the Trustees, use of the going concern basls of accounting in the preparation of the financial statements is approprlate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Group's or College's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee5 With respect to going concern are described in the relevant sections of this report. Other information The Council are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditors, 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 informatlon and. in doing so, consider whether the other information is materlally inconsistent wlth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to 14-
GONVILLC &CAlUS CoJ.LEGE ANNUAL REPORT ANDACLOUNTS 2023/24 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 perforrned. we conclude that there is a material misstatement of thls other information, we are required to report that fact. We have nothlng to report in this regard, Opinion on other matters prescribed by the Statutes of the University of Cambridge In our opinlon based on the work undertaken In the course of the audlt: The contribution due from the College to the Universlty has been computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,11, of the University of Cambridge. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Group and the College and its environment obtained in the course of the audit, we have not identified materlal misstatements in the Report of the Council. We have nothing to report in respect of the followlng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requlre us to report toyou if, in our opinion: sufficient accounting records have not been kept; or the financial statements are not In agreement with the accounting records,. or we have not received all the information and explanations we requlre for our audit. Responsibilities of the Council As explained more fully in the responsibilities of the Council statement set out on page 13, the Council are responsible for the preparation of the financial statements and for being satisfled that they glve a true and falr view, and for such internal control as the Councll 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 flnancial statements, the Councll are responsible for assessing the Group's and College's abllity to continue as a going concern, dlsclosin8, as appllcable, matters related to 80ing concern and using the going concern basis of accounting unless the Trustees either intend to1Squidate the Group or the College or to cease operations, or have no realistic alternat•ve but to do so. Auditors, responsibilities for the audit of the financial statements Our objectives are to obtaln reasonable assurance about whetherthe financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to issue an Auditors, report that includes our oplnlon. Reasonable assurance 15 a hi8h level of assurance, but is not a Euarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exlsts. 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 declslons of users taken on the basis of these financial statements. Irregularities, including fraud, are Instances of non-compllance with laws and regulations. We design procedures in line with our responsibilitles, outlined above, to detect material mi5Statements in respect of Irregularlties, Including fraud. The extent to which our procedures are capable of detetting Irregularities, Including fraud is detalled below. -15-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND ACCOUNTS 2023124 Our approach to identifying and assessing the risks of material misstatement in respect of Irre8ularities, Including fraud and non-compliance with laws and regulatlons, was as follows: the engagement partner ensured that the engagement team collectively had the approprlate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the Group through discussions with Trustees and other management, and from our knowledge and experience of the education settor; we obtained an understanding of the legal and regulatoryframework applicable to the Group and how the College is complying with that framework: we obtained an understanding of the Group's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance: we identified which lavds and regulations were significant in the context of the Group. The Laws and regulations we considered in this context were Charitie5 Act 2011, the Statutes of the University of Cambridge and taxation legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items; in addition, we considered provisions of other laws and regulations that do not have a dired effect on the financial Statements but compllance with which might be fundamental to the College's and the Group's ability to operate or to avoid material penalty: and identified laws and regulations were communicated wlthin the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group's financial statements to material misstatement, includlng obtaining an understanding of how fraud might occur, by: makln8 enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of artual, suspected and alleged fraud; and considerin8 the internal controls in place to mitlgate rlsks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and overrlde of controls, we: tested journal entries to identify unusual transactions. assessed whether judgements and assumption5 made in determining the accounting estimates set out in the accounting poliry were indicative of potential bias; and investiBated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to: agreeing financial statement disclosure5 to underlying supporting documentation; reviewing minutes of meetings of those charged with governance. enquiring of management as to actual and potential litigation and claims: and reviewing correspondence with relevant regulators and the College's legal advisors. There are inherent limitations In our audit procedures described above. The more removed that laws and regulations are from financial transactions, the le55 likely it SS that we would become aware of non-compliance. Auditin8 Standards also limlt the audit procedures required to identify non-compliance with laws and regulation5 to enqulry of the dirertors and other management and the inspection of regulatory and legal correspondence, if any. Material mi5Statements that arise due to fraud can be harder to detect than those that arise from error a5 they may involve deliberate concealment or collusion. 16-
GONVILLE & CAIUS CoLI.EtsE ANNUAL REPORT ANDAccouNTS 2023/24 A further description of our responsibilities for the audit of the financlal statements Is located on the Flnancial Reportin8 Council's website at: www.frc.or8.uVaudltorsresponsibilties. Thls description forms part of our auditors, report. Use of our report This report is made solely to the College's Council as a body, In accordance with College's statutes, the Statutes of the University of Cambrldge and the Charities Act 2011. Our work has been undertaken so that we might state to the Councll those matters we are required to state to them in an Audltors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to anyone other than the College and the College's Council as a body, for our audit work, for thls report, or for the opinions we have formed. PETERS ELWORTHY & MOORE Chartered Accountants and Statutory Audltors Salisbury House Statlon Road Cambrld8e CBI 2LA Date: 22 November 2024 Peters Elworthy & Moore Is ellglble to act as an audltor In terms of sectlon 1212 of the Companies Act 2006. -17-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Statement of Principal Accounting Policies for the Year Ended 30 June 2024 Basis of Preparation The financial statements have been prepared in accordan with the provislons of the Statutes of the College and of the Unlversity of Cambridge, using the Recommended Cambridge College Accounts (RCCAI format; and appllcable United Kingdom Accounting Standards, including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Practlce ISORPI: Accounting for Further and Higher Education issued In 2019. The Statement of Comprehensive Income and Expenditure Includes activity analysis in order to demonstrate that all fee Income is spent for educational purposes. The analysis required by the SORP is set out in Note 7. The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards. Basis of Accounting The financial statements have been prepared under the historical cost convention, modified in respect of the treatment of investments which are included at valuation. Going concern The College prepares forecasts based on a number of assumptions and has considered their impact upon its cash resource5 and unrestricted reserve5 Based upon their review the Trustees believe that the College will have sufficient resources to meet its liabilities as they fall due for the foreseeable future and therefore have continued to adopt the going concern basls In preparing the financial statements. Basis of Consolidation The consolidated financial statements include the College and its subsidiary undertakings, Calus Conferences Ltd and Caius Property Services Ltd. Intra-group transactions are eliminated on consolldation, A Separate balance sheet and related notes for the College only are not included because the balance sheet of the College would not be materlally different to the one included in the accounts. The other subsidlary undertakings, th Budworth Development Ltd and Caius Property Services Ltd, had no financlal transactions In the year to 30 June 2024. Details of the subsidiarles are set out In Note 27. The Consolidated Financial Statements do not include the activities of student societles as these are separate bodies in which the College has no financial interest and over whose policy decisions it has no dirett control. Recognition of Income Acodemic Fees Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsor5. Restricted gmnt income Grants for restricted purposes are recognised as income to the extent that relevant expenditure has been incurred. Incomefmm research gr(Jnts Income from research grants is included to the extent of the completion of the contrart or service concerned. Oonotions and benefortions Non*xchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised within the Consolidated statement of Comprehensive Income and Expenditure when the College Is entitled to the income. Income is retained withln restricted reserves untll such time that it is utillsed in line with such restrictions at which polnt the income is released to general reserves through a reserve transfer. -18-
GoNVII.LE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Donations and endowments wlth restrictions are classified as restricted reserves wlth additional disclosure provtded within the notes to the accounts. There are four maln types of donations and endowments with restrlctions: Restricted donations-the donor has specified that the donation must be used for a particular objective. Restricted expendable endowments - the donor ha5 specified a partlcular objective and the College can convert the donated sum into income. Restricted permanent endowments the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective. Unrestricted permanent endowments - the donor has specified that the fund is to be permanent invested to generate an income stream for the general benefit of the College. Donations with no restrictions are recorded within the Con501idated Statement of Comprehensive Income and Expenditure when the College 15 entitled to the income. Investment income and change in value of investment 055ets Investment income and change in value of investment assets is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terrns or other restrictions applied to the Individual endowment fund. Other income Income is received from a ran8e of activities Including accomrnodation, caterlng, conferences and other services rendered. Total retum bosls of accountlng The college manages its investment portfolio and allocates the related earnin85 for expendlture in accordance with the "total return" concept. The endowment spendinB policy is deslgned to preserve the real value of the portfolio over time. The spendin8 pollcy attempts to achieve this objective by using a long-term targeted spendin8 rate input into a 'Yale Rule, wlth this rate being annually reviewed. For the year to 30 June 2024 the rate is was maintained at 2.75% of the value of Investments at 31 March 2023. Cambridge Bursary Scheme During the year, payment of the Cambridge Bursaries to eligible students was made dlrettly by the Student Loans Company {SLCI and Cambridge University has relmbursed the Colle8e for their portion. As a consequente, the College relmbursed the SLC for the full amount paid to their eli8ible students and the College subsequently received a contribution from the University of Cambridge toward5 this payment. The net payment of £297,000 is shown within the Consolidated Statement of Comprehensive Income and Expenditure as follow5: Income (see note 11 Expenditure £273,000 £570,000 Foreign currencies Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of transactions. Monetary assets and liabilitie5 denominated in foreign currencies are translated into sterling at year end rates. The resulting exchange difference5 are dealt with in the determination of income and expenditure for the financial year. Tangible Fixed Assets Buildings Buildings are stated at deemed cost following a comprehensive revaluation exerclse that was carrled out in 2016 with the valuatlon effective from l July 2014. Freehold buildings are now depreciated on a stralght line basis over thelr expected useful economic1Sves as independently assessed wlth building elements ranging from IS to 112 years. Freehold land is not depreciated. -19-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDAccouNTS 2023/24 Where land and buildings are acquired with the aid of specific bequests or donations they are capitalised and depreciated as above. A review for impalrment of a fixed asset Is carried out if events or changes in circumstances indicate that the carrylng amount of the fixed asset may not be recoverable. Buildlngs under construction are valued at cost, based on the value of ar¢hltects' certificates and other direct costs incurred. They are not depreciated until they are brought into use. Maintenance of premises The Colle8e has an estate strategy and a five-year rolling maintenance plan which are reviewed on an annual basis. The c05t of routine maintenance is charged to the income and expenditure account as it is incurred. The cost of refurbishment is capitalised and depreciated over the expetted useful economic life with a £lO.000 limit applied for capitalisation. Equipment Furniture. fittings and equipment costing less than £10,000 per individual item, or group of related and interconnected items, is written off in the year of acquisition. All other assets are capitalised and depreciated over the expetted useful lives of the assets, which are as follows: Major equipment and software 5 years Furniture and fittings 10 years Computer equipment 3 years Motor vehicles and general equipment 5 years These assets are assumed to be scrapped once they reach the end of their estimated useful live5. Therefore. they are eliminated from the financial statements at this point. Leased assets Fixed assets held under finance leases and the related lease obligations are recorded in the balance sheet at the fair value of the leased asset5 at the Inception of the lease. The excesses of lease payments over recorded lease obllgations are treated as finance charges whlch are amortised over each lease term to glve a constant rate of charge on the remaining balance of the obligations. Rental costs under operatlng leases are charged to expenditure in equal amounts over the periods of the leases. Heritage a55ets The Colle8e holds and conserves a number of collections, exhlbits, artefacts and other assets of historlcal. artistic or scientific importance. Heritage assets acquired before l July 1999 have not been capitalised Since reliable estimates of cost or value are not available on a cost-benefit basis. Acquisitions since l July 1999 have been capitalised at cost or, in the case of donated assets. at expert valuation on receipt. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material. Investments Securitie5 Securities are shown at their market value. For listed investments thi5 IS the middle market quotation ruling at the close of business on 30 June. Overseas investrnents are translated into sterling at the rates of exchange rulinE at that date. Investment income is included as and when dividends and interest become payable. Interest on bank deposits is included as earned. Interest purchased or sold as part of the price for investments is treated as capital rather than being brought Into the income and expendlture account. Pmperties Investment propertie5 are revalued annually and the aggregate surplus or deficit is transferred to the investment revaluation reserve, where properties are held by the college, or credited to restricted fund5, where a restricted fund holds property. -20-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Stocks Stocks are stated at the lower of cost or net realisable value. Provisions Provisions are recognlsed if, when the College has a present legal or constructive obligatlon a5 a result of a past event, It is probable that a transfer of economlc benefit will be required to settle the obligation and a reliable estimate Can be made of the amount of the obligation. Contingent liabilities A contingent liability arises from a past event that glves the College a possible obligation whose exislence will only be confirmed by the occurrence or otherwise of uncertain future events. not wholly within the control of the College. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an oufflow of resources will be required or the amount of the obligation cannot be measured reliably. A contingent asset arises where an event has taken place that gives the College a p055ible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the College. Contingent assets and liabilities are not recognised in the balance sheet but are disclosed in the notes. Financial Instruments The College has elected to adopt Sections 11 and 12 of FR5 102 in respect of the recognltion, measurement and disclosure of financial instruments. Financial assets and liabilities are recognlsed when the College becomes party to the contractual provision of the instrument and they are classified according to the substsnce ofthe 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 elther to settle on a net basis. or to reallse the asset and settle the liablllty simultaneously. Financial assets Basic financial assets Include trade and other receivables, cash and cash equivalents and Investment5 in commerclal paper li.e. deposits and bonds). These assets are initially recognlsed at transaction price unless the arrangement constitutes a financin8 transactlon. 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 objettive eviden of impairment, an impairment1055 is reco8nised in the Statement of Comprehensive Income. For financial asset5 carried at amortised cost the impairment lo55 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 impairrnent. Investments in property or other physical assets do not constitute a financial instrument and are not included. Flnancial 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. -21-
G()NVII.LL & CAIUS CI)LLEGC ANNUAI. REPORT AND ACLOUNTS 2023/24 Financial Liabilities Basic financial liabilities include trade and other payables, bank loans and intergroup loans. These liabilities are initially recognlsed at transaction price unless the arfangement constitutes a financlng transartlon, where the debt instrurnent is measured at the present value of the future payments discounted at a market rate of interest. Debt Instruments are subsequently carried at amortlsed cost Using the effectlve interest rate method. Fees paid on the establishment of loan facilities are recogni5ed as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. Derivative5, including forward foreign exchange contratts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re- measured at their fair value at the reporting date. Changes in the fair value of derivatives are recogni5ed in the Statement of Comprehensive Income in finance costs or finance income as appropriate, unless they are included in a hedgin8 arrangement. To the extent that the College enters Into forward foreign exchange contracts which remaln unsettled at the reporting date the fair value of the contracts is revlewed at that date. The initial fair value Is measured as the transartion price on the date of Inception of the contrarts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contratts at the reporting date. The College does not apply any hedge accountin8 In respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies. Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires. Endowment Funds Endowment funds are classified under two headln8S: where the donor has specified that that the fund is to be permanently invested to generate an income stream for the general purposes of the College. the fund is classified as an unrestricted permanent endowment," and where the donor has specified that the fund is to be permanently invested to generate an income stream to be applied for a restricted purpose, the fund is classified as a restricted permanent endowment. Taxation The College is a registered charlty (number 11375361 and also a charity withln 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 withln the cate8ories 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 galns are applied to exclusively charitable purpose5. The College receives no similar exemption In respect of Value Added Tax. -22-
GONVILLE & CAIUS CoLLF,GE ANNUAL REPORT AND AccouNTS 2023/24 Contribution under Statute G,11 The College is liable to be assessed for contribution under the provisions of Statute G,11 of the University of Cambridge. Contribution is used to fund grants to colleges from the Colleges Fund. The ColleBe may from tlme to tlme be eliglble for such grants. The liability for the year is advlsed to the College by the Universitv. based on an assessable amount derived from the value of the College's a55ets at the end of the previous financlal year. Pension Schemes The College pays contrlbutions to three pension schemes which provide benefits to it5 members based on final pensionable salary. The assets of these schemes are held separately from those of the College. In addition, the Colleges administers a closed non-contributory scheme, which is recorded separately in the College balance sheet. Universities Superannuation Scheme The College participates in Universities Superannuation Scheme (the scheme). With effect from l October 2016, the scherne changed from a defined benefit only to a hybrld pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. Because of the mutual nature of the scheme, the scheme's assets are not attrlbuted to Individual institutions and a scherne-wide contribution rate is set. The College is therefore exposed to actuarial risks assoclated with other institutions, employees and is unable to identify Its share of the underlying assets and liabilities of the scheme on a conslstent and reasonable basls. As required by Section 28 of FRS 102 'Employee benefits" the College therefore accounts for the scheme as If it were a wholly defined contribvtlon scheme. As a result, the amount charged to the Statement of Comprehensive Income and Expenditure represents the contributions payable to the scheme. sIn the Colle8e has entered Into an agreement (the Recovery Plan) that determlnes how each employer within the scheme will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficltl and therefore an expense is reco8nised. Cambridge Colleges Federated Pension Scheme The College also contributes to the Cambridge Colleges Federated Pension Scheme ICCFPSI. which is a similar defined benefit pension scheme. Unlike the USS, this scheme has surpluses and deficits dlrectly attributable to individual colleges. Current service costs, assessed by the scheme actuary, are included as part of staff costs. The expected return on asset5 less the interest costs is shown as a net amount a5 part of Interest Income or costs. Actuarial gains and losses are recognised immediately in the statement of total recognlsed gains and losses. Actuarial valuations are obtained at least trlennially and are updated at each balance sheet date for accountlng purposes. The IlabS1ities of the plan have been calculated for the purposes of FRS102 uslng a valuallon system designed for the Management Commlttee acting as Trustee of the Cambridge Colleges, Federated Penslon Scheme at 31 March 2023 but allowing for the different assumptions required under FRS102 and takingfully into consideratlon changes in the plan benefit structure and membership Since that date. Church of England Funded Pensions Scheme The College also particlpates in the Church of England Funded Pensions Scheme for stipendiary clergy. This scheme 15 admlnlstered by the Church of England Pensions Boards, which holds the asset5 of the schemes separately from those of the Employer and the other participating employers. Each participatlng employer in the scheme pays contributlons at a common contribution rate applied to penslonable stipends. The scheme is Considered to be a multl-employer scherne as described in Section 28 of FRS102, Thi5 means It is not Possible to attribute the Scheme's assets and liabilities to specific employers and that contrlbutions are accounted for as if the Scheme were a defined contrlbution scheme. The pension5 Costs charged to the statement of income and expenditure in the year are contributions payable towards beneflts and expenses accrued in that year, plus any Impact of deficit contributions. -23-
GoNVII.LE & CAllJS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 stsff Pension Fund The College runs a defined benefit scheme, funded by the College, which is closed to new members. Benefit payments are accounted for when payments are made. Employment benefits Short term employment benefits such as salaries and compensated absences are recognlsed 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 restrirted and unrestrlcted reserves. Endowment reserves include balances whlch, In respect of endowment to the College, are held as permanentfunds, which the College must hold in perpetuity. Restrlcted resee5 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 judgements The preparation of the College's a¢¢ounts 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 assoclated assumptions are based on historical experience and other factors, including expectatlons of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates wlll, by definition. seldom equal the related actual results. Management consider the areas Set out below to be those where critical accounting Judgements have been applied and the resulting estimates and assumptions may lead to adjustments to the future carrying amounts of assets and liabilities. Income recognition-judgement is applled in determlnlngthe value and timing of certain income items to be recognlsed in the a¢counts. This includes determining when performance related conditions have been met and determinlng the appropriate recognltion timing for donations, bequests and legacies. In general, the latter are recognised when at the probate stage. Useful lives of property, plant and equipment- Property, plant and equipment represent a significant proportion of the ColleBe's total assets. Therefore, the estimated useful lives can have a si8nlficant impact on the depreclatlon charged and the College's reported performance. Useful Ilves are determined at the time the asset Is acquired and reviewed re8ularly for appropriateness. The Ilves are based on historlcal experiences wlth similar assets, professional advice and anticipation of future events. Details of the carrying values of propertV• plant and equipment are shown in note 9. Recoverability of debtors- The provislon for doubtful debts Is based on the College's estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historical, coupled with Current economic knowledge. The provision is based on the current sltuation of the customer. the age profile of the debt and the nature of the amount due. Investment property- Properties are revalued to thelr fair value at the reportlng date by Peck Property Consultants. The valuatlon is based on the assumptions and judgernents which are impacted by a variety of factors including market and other economic condltions. Retirement benefit obligations- The cost of defined benefit pension plans and other post-employment benefits are determined using actuarial valuations, The actuarlal valuation involves making assumptions about discount rates, future salary Increases, mortallty rates and future penslon increases, Due to the complexity of the valuatlon, the underlying assumptions and the long-term nature of these plans, such estimates are subject to Significant uncertainty. Further detalls are given in note 26. Management are satlsfied that Universlties Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan In existence at the date of approvingthe accounts. As the College Is contractually bound to make -24-
GONVILLE & CAIUS COI..F.EGE ANNUAL REPORT ANDAccouNTS 2023/24 deficit recovery payments to USS where required, thls is retognised as a liability on the balance sheet. The provision is currently based on the USS deficit recovery plan agreed after the 2023 actuarial valuation (prior year 2020 artuarial valuation). The position in 2024 is that no the deficit recovery payments are required lin the prior year deficit recovery payments under the 2020 valuatlon were required a5 a percentage of future Salaries until 20281. The requirement for any contributions will be reassessed withln each triennial valuation of the scheme. Where required, the provision is based on management's estimate of expected future Salary inflation, changes In staff number5 and the prevailing rate of discount. Further details are set out in note 26. 25-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Consolidated Statement of Comprehensive Income and Expenditure for the Year Ended 30 June 2024 2024 Total £o(xJ 4,281 7.761 7.006 2023 Total Alote Unre$trlcted Restrlrted Endowment Unre5trlcted Restrirted Endowment Income Academic fees and charges Accommodation, catering and conferences Investment income Endowment return transferred Other income 4,008 7,761 273 3,879 6.641 209 4,088 6,641 5,550 7,006 13,9151 5,550 14,2231 1,434 191 13,394 2,481 1,897 174 12,591 2,326 191 19.239 174 16,453 2.754 3,091 2,535 1,327 Totsl income before donations and endowments Donatlons New endowments Other capltal grants for assets Totsl income 2,781 245 216 3,026 1.189 2,071 151 159 193 3,038 2,222 1,188 193 20,056 973 1,029 16,175 3,224 4,064 23.463 14,662 2,356 Expendlture Education Accommodation, caterlng and conferences Other expenditure Change in USS penslon deflclt recovery provlsion contributions Contribtrtion under Statute G.11 9.025 9,170 1.213 13,7051 12,025 9,172 6,936 13.7051 8,384 8,369 597 1181 1,989 10,373 8.369 6,131 I1) 43 5,680 421 5,113 16 209 209 211 211 Total expendlture 15.912 3.045 5,680 24.637 17.380 2.410 5.113 24,903 Surpluslldeficit) before other galn5 and losses Gain on investments 263 179 11.6161 (1,1741 12.7181 628 12,7571 14,8471 11.834 507 7,764 20,105 1,910 3,835 5,750 Surplusl(deficit) for the year Other comprehensivè in¢omel {expenditure) Actuarlal galn/llossl In respett of pension schemes 12,097 6,148 18,931 18081 633 1,078 903 16 441 441 181 181 Total comprehensive Income for the year 12,538 686 6.148 19,372 18161 633 1,078 895 The notes on pages 30 to 52 form part of these account5. 26-
GONVILLE & CAIUS COLLEGE Consolidated Statement of Changes in Reserves Year ended 30 June 2024 Income and expendTture reserve Unrestricted Restrirted Endowment Total Balano at l July 2023 Surplus from income and expendlture statement Other comprehensive incomellexpenditurel Transfer between restricted and endowment funds Release of restrirted capitsl funds spent in the year Balance at 30Jurte 2024 283,928 12.097 441 8,855 686 90,442 6.148 383.225 18.931 441 191 9,532 296,475 96,590 402,597 Balance at l July 2022 Surplusl{Deflcltl from Income and expenditure ststement Other comprehensive Incomellexpenditurel Transter between restritted and endowment funds Release of restricted capital funds spent in the year Balance at 30 June 2023 284. 476 (8081 181 8,490 633 89,364 1,078 382.330 903 {81 268 283.928 12681 8,855 90,442 383,225 The notes on pages 30 to 52 form part of these accounts. -27-
GONVILLE & CAllJS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Consolidated Balance Sheet as at 30 June 2024 2024 £000 2023 £000 Note Nonacurrent assets Fixed assets Herltage assets Investment assets 143,982 120 145,163 120 270,698 io 286,758 Total non-current assets 430.860 415,981 Current assets Stock Trade and other receivables Cash and cash equivalents Total current assets li 12 13 623 4.904 624 2,653 855 5.528 4,132 Credltor5." amounts falllng due within one year 14 118,630) {15,482) Net Current assets 113.102) (11,350) Total Assets less current Ilabllltles 417,758 404,631 Credftors.. amounts falling due after more than one year Net assets excluding pension liabllity Net pension liability Net assets 15 112,907) 404.851 {2,254) 402,597 (14.865) 389,766 16,5411 383,225 16 Restricted reserves Income and expenditure reserve- endowment reserve Income and expenditure reserve- restricted reserve 17 18 96.590 9,532 90.442 8,855 Unrestricted reserves Income and expenditure reserve- unrestritted 296,475 283,928 Total Reserves 402,597 383,225 Approved by the College Councll on 13th November 2024 and signed on their behalf by Mr Robert Gardiner, Senior Bursar The notes on pages 30 to 52 form part of these accounts. 28-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Consolidated Cash Flow Statement as at 30 June 2024 Note 2024 2023 £000 9.732 Net cash loufflow) linflow from operating activities 20 15,895) Cash flows from investing activities 21 5,995 111.052) Cash flows from flnancing activities 22 {3,3441 {1,337} Increaselldecreasel in cash and cash equivalents In the year 23 {3,244) 12,6571 Cash and cash equivalents at beginning of the year 855 3,512 Cash and cash equivalents at end of the year 12,389) 855 The note5 on pages 30 to 52 form part of these accounts. -29-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDAccouNTS 2023/24 Notes to the Accounts 2023/24 Academ1¢ fees and charges 2024 £0 2023 £000 College fees- Fee income received at the Regulated Undergraduate rate 2,443 2,518 Fee Income received at the Unregulated Undergraduate rate 601 595 Fee income received at the graduate rate 880 3,924 749 3,862 Income for Cambridge Bursaries Other income 273 84 209 17 Total 4,281 4,088 Income from accommodatlon, caterln8 and conferences 2024 £000 5,054 973 1,166 568 7,761 2023 £000 4.497 623 1,070 451 6,641 Accommodatlon College members Conferences College members Conferences Catering Total -30-
GONVELLE & CAIUS COLLEGE ANNUAL REPORT ANDAc.LOUNTS 2023/24 Endowment and Investment income 3a Analy515 2024 £000 3,915 2023 £000 4,223 Total return contrlbution (see note 3bl 3b Summary of Total Return 2024 £000 4,272 2023 £000 3,827 Income from: Land and bulldlngs Quoted and other securities and cash Losses/gains on endowment assets: Land and buildings Quoted and other securltles and cash Investment Management costs {see note 3cl Total Return for year Total Return transferred to Income and Expenditure Account 2,734 1,723 12351 20,340 15,6801 21,431 13,9151 286 5,464 15.1141 6,186 14,2231 Total return expendable arnount 13,9151 14,2231 Unapplled Total Return for Year induded wlthln Statement of Comprehenslve Income and Expenditure (see note 19) 17,516 1,963 3c Investment management Costs 2024 £000 2023 £000 Land and buildings Other investments 2,568 3,112 2,482 2,632 Total 5,680 5,114 4 Education Expendlture 2024 £000 4,538 1,789 800 1,382 2,412 1,075 29 2023 £000 4,160 1,760 566 1,223 1,795 841 28 Teaching Tutorlal Admisslons Research Scholarships and awards Other educational facllltles other educatlonal expenses Total 12,025 10,373 Accommodatlon, Caterin8 and Conferences Expendtture 2Q24 £000 2023 £000 Accommodatlon: College members Conferences College members Conferences 6,868 133 5.976 116 Caterin8: 1,871 300 1,962 315 8,369 Total 9,172 -31-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 6 Other Expendlture 2024 2023 £000 4,350 978 136 152) 719 6,131 Investment rnanagement and administration Interest USS pension interest charge FRS 102 pension scheme interest charges Other general and administrative Total 4,785 1,020 104 {531 1,080 6,936 7a Analysls of 202312024 Expendlture by Artlvlty Other Staff costs Operatlng Depreciation (Note 81 Éxpenses (Note 9} £000 £000 £000 5,131 6,280 614 4,493 2,956 1,723 360 6,574 Total £000 12,025 9,172 6,936 Educatlon Inote 4) Accommodation, catering and conferences Inote 5) other (note 6) Change in USS pension deflcit recovery pension contributions Contrlbutlon under Statute G,11 13,7051 (3,705) 209 209 Total 6,279 16,019 2,339 24,637 Expenditure includes Development Office costs of £377,000. Thls expenditure excludes the cost of alumnl relations. 7b Analysis of 202212023 Expenditure by Actlvlty Other Staff costs Operating Depreclatlon {Note 8) Expenses (Note 9) £000 4,882 2.432 5,915 Total £000 10,373 8,369 6.131 (181) 211 Education (note 41 Accommodation, catering and conferences (note 51 Other (note 61 Change in USS pension deflclt recovery pension Contribution under Statute G,11 4,980 4,286 215 (1811 511 1,651 211 Total 9,300 13.439 2,164 24,903 Expenditure includes Development Offlce costs of £346,01)O. Thls expenditure excludes the cost of alumni relations. 2024 2023 7c Audltors, remuneratlon £000 £000 Other operating expenses include: Audit fees payable to the College's external auditors other fees payable to the College's external auditors 39 39 Total 41 41 -32-
GONVILLE & CAIUS Coi,LEGE ANNUAL REPORT ANDAccouNTs2023124 8a Staff costs Non- academ1¢ £000 5,827 526 Total 2024 £000 8,201 765 Totsl 2023 £0 7.855 704 Academi¢ £000 2,374 239 Salaries National insurance Pension costs Net change in USS deficit recovery provision (see note 161 Sub-total of pension costs (see note 8b) Total 345 {1,2781 844 {2,5981 1.189 13,876} 1,233 14921 {9331 {1,7541 12,687} 741 1,680 4,599 6,279 9,3Crf) Based on the 2023 valuation of the Universities Superannuation Scheme IUSSI, the impart of the net change in the USS deficit recovery provision is a credlt of £3,876,000 {2023: £492,000). This comprises a non-cash credit resulting from the change in assumptions, including the discount rate, of £3,705,000,12023.' £181,000) and cash contribution5 made to reduce the deficit in the year of £172,000.12023: £311,000). Average staff numbers 20VI Average staff numbers 2023 Number of Fellow5 78 Number of Non-Fellows Number of Number of Fellows Non-Fellows 79 Acadernic (number receivin8 a stipend) Non-Academlc {full-time equivalents) Total 165 173 158 166 82 82 th At 30 June 2024, there were 114 members of the Governlng Body. During the year the average number recelving remuneration was the 82 shown above. The number of officers and employees of the College, in¢ludlng Head of House. who received remuneratlon In the following ranges wa5: 2024 2023 £100,000 - £109,999 £110,000 - £119.999 Remuneration Includes salary, employer's national insurance contributions, employerfs pension contributions plu5 any taxable benefits either paid, payable or providedi gro55 of any salary sacrifice arrangements. Key management personnel are those persons having authority and responsibility for plannin& directlng and controlllng the activities of the College. The aggregated remuneration pald to key mana8ement personnel conslsts of salary, employer's national Insurance contributions, employerfs penslon contributions, plus any taxable benefits either paid, payable or provtded, gross of any salary sacrifice arrangements. For the College these are the Master, the Senior Bursar and the Senior Tutor. During the year remuneration pald to key management personnel was £315,000 (2023: £306,000). The Trustees received no remuneration in their capacity as Trustees ofthe Charity. -33-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDACLOUNTS 2023/24 8b Pension costs The total pension cost included in staff costs for the year (see note 8a) was: Employer contrfbutions 2024 £000 Provlslons (Note 161 2024 £000 Total 2024 Employer Provlslons contributlons (Note 16) 2024 2024 £000 £0 Total 2024 £000 £000 uss CCFPS Other 1,026 148 15 {3.8761 12,850) 148 15 1,083 141 {492} 591 141 Total 1,189 (3,8761 12,6871 1,233 {4921 741 9 fixed Assets College Bulldlngs £000 Assets In constructlon Furnlture & Equipment Total 2024 Total 20Z3 £000 Land £000 £000 Costlvaluatlon At beginning of year Additions Disposals at cost/valuation Transfer5 At end of year 62,220 99,019 596 803 347 162,523 1,158 151,803 1,288 215 {93) {931 1791 9,511 162,523 62,220 99,615 1,150 603 163,588 Depreciation At beginning of year Charge for the year Eliminated on disposal 17,141 2,209 219 130 193) 17,360 2,339 (93) 15,276 2,163 1791 At end of year 19,350 256 19,606 17,360 Net book value At end of year 62,220 80,265 1,150 347 143,982 145,163 At be8inning of year 62,220 81,878 803 262 145,163 136,527 The Insured value for rebullding of freehold operational buildings lexcludln8 investments assets) at 30 June 2024 15 £275m, compared with the 2023 total of £262m.
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDAccouNTS 2023/24 Heritsge assets The College holds and conserves certain collections, artefacts and other assets of historlcal, artistic or scientlfic importance. As stated In the principal a¢counling policies, heritage assets acqulred since 1999 have been capitali5ed. However, the majorlty of assets held In the College's collectlons were acqulred prior to this date. As reliable estimates of cost or valuation are not available for these on a cost-benefit basi5 they have not been capitalised. As a result, the total included in the balance sheet is partlal. Amounts for the current and previous four years were as follows: 2024 £000 2023 £000 2022 £000 2021 £000 2020 £000 Balance brought forward Acquisitions purchased with College funds 120 120 120 113 ioi 12 Total 120 120 120 120 113 10 Flxed Asset Investments 2024 £000 270,698 31,077 2023 Balance at beginning of year Additions Transfers to operational assets Disposals Appreciation Increase in cash balances held by fund managers Balance at end of year 264,455 49,242 (9,511} (36,394} 1,723 136,3941 16,783 4,594 286.758 1,183 270.698 2024 £000 93,665 33,926 19,193 9,386 130,588 286,758 2023 Represented by. Property Quoted securities- equitles Fixed interest securities Cash in hand and at investment managers Other investments Total 98,334 55,801 17,631 4,793 94,139 270,698 -35-
GONIIILLE & C,41us COLLECIE ANNUAL REPORT AND AccouNTS 2023/24 11 Stocks and work in progress 2024 2023 £000 591 33 Wlne stocks Bar, kitchen and other stocks 592 31 Total 623 624 12 Trade and other recelvable5 2024 2023 £000 416 Members of the College Commercial rents Donations Other debtors Prepayments and accrued income Total 521 896 2,705 266 516 4,904 1.158 197 174 2,653 13 Cash and cash equivalents 2024 £000 2023 £000 855 Current accounts Total 855 14 Creditors; amounts falllng due wlthin one year 2024 £000 4,368 10,199 633 2023 £000 3,630 10,360 595 15 528 211 143 Trade creditors Bank loan due for repayment within a year Members of the College Universlty fees Commercial rent deferred income Contribution to Colleges Fund Other creditors Bank overdraft Total 586 209 238 2,390 18,630 15,482 th On 27 June 2023. the College entered into a revolving credit facility arrangement with a UK bank at a total value of £15,000,000. Loan interest accrues based on a fluctuating SONIA rate plus 5-day la& and 0.5% rnargin. Ih th As at 30 June 2024, £10,000,000 of this facility was drawn down, repayable on 25 September 2024. A further £2,000,000 was drawn down on 21 Au8USt 2024. The full £12,000,000 has been rolled over on 25 th th September 2024 and Is repayable on 25 Ortober 2024. Interest accrues on the non-utilised part of the 'commltment at a rate of 0.25%. -36-
GONVILLE & CAIUS CoLLfGE ANNUAL REPORT AND AccouNTS 2023/24 IS Creditors: amounts falllnK due after one year 2024 £000 2,907 10,000 12,907 2023 £000 4,865 10,000 14,865 Bank loans Other loans Total During 2014 the College borrowed from Institutional investors, collertively with other Colleges, the College'5 share being £10 million. The loans were made In two stages, are unsecured and repayable during the period 2042-2053, and are at fixed interest rates of 4.4% for the first part and 4.45% for the second. Although issued through a funding vehicle, the College has no responsibility for the obllgations of any of the other issuin8 Colleges. In addition, the College has unsecured bank loans: repayable over a period of 21 years, at a fixed rate of 4.59%. repayable over a perlod of 10 year5, at a fixed rates of 2.25%. 2.30% and 2.14%. In December 2023, the College repaid a bank loan wlth Santander plc at a value of£l.9m. -37-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDAccouNTS 2023/24 16 Penslon Ilabllftles Year to 30 June 2024 CCFPS £000 uss £000 other £000 171 Total £000 6,541 Balance at beginning of year Movement in year: Current service cost including life assurance Contributions Other finance cost Actuarial Igain)Iloss recoenised in statement of Comprehensive Income and Expenditure Net change in underfyinq assumptions.. Change in underlying contributlons USS deficit contributions Balance at end of year 2,597 3,773 131 {3191 136 131 1349) 249 1301 104 (449) (441) {3,7051 (1721 (3,705) 1172) 2,254 2,096 158 Year to 30 June 2023 CCFPS uss £000 4,128 Other Total £ODO 6,964 £000 Balance at beginning of year 2,616 220 Movement in year: Current seprfice c05t including life assurance Contributions Other finance cost Actuarial {gain)/loss recognised in Statement of Comprehensive Income and Expenditure Net change in underlylng ossumptlon5.' Change in underlying contributions USS deficit contributlons 161 161 {345) 245 (314) loo {31} 137 34 (261 {1811 {311) {181) 1311) Balano at end of year 2,597 3,773 171 6,541 -38-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Restricted Permanent Unrestrlcted Permanent Total 2024 Total 2023 17 Endowment funds £000 £000 £000 Balance at be8innln8 of year: Capital 90,442 90,442 89.364 New donations and endowments 973 973 1,029 Increase I (Decrease) in market value of investments Transfer to restricted funds Balance at end of year 5,175 5.175 49 96,590 96,590 ,442 Analysls by type of purpose Fellowship, Research, Scholarshlp and Studentshlp Funds Prlzes Funds Bursaries, Hardshlp and Travel Funds General and OtherTrust Fund5 Balance at end of year 73,403 744 73,403 744 69,053 686 11,893 10.550 96,590 11.893 10,550 96.590 10,839 9.864 90,442 Anaty515 by asset Property Investments Cash Balance at end of year 32,173 63.099 1,318 96,590 32,173 63,099 1,318 96,590 32,854 55,987 1,601 90,442 -39-
GONVILLF. & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 Permanent Capital Unspent and Grant5 Other restrlcted unspent Income £000 £000 Restrlcted expendable endowment £000 18 Restricted Reserves Total 2024 £000 Tr)tal 2023 Balance at be8lnning of year: Capital Accumulated income Total 175 1,779 1,954 6,901 8,855 2,200 6,290 8,490 6,901 6,901 175 1,779 New Brants New donations 273 245 282 461 402 310 216 Endowment return transferred Increase in market value 2,433 395 2,481 507 2,326 io 102 Expendlture Capital grants utillsed Transfer from endowment funds Total 12,863} 11821 13,0451 191 12,4101 12681 19) 189 7,384 1,959 9,532 8,855 Balance at end of year Capltal Accumulated income Total 189 1,959 2,148 7,384 9,532 1,954 6,901 8,855 7,384 7,384 189 1,959 Analysis of restrlcted funds by type of purpose Fellowship, Research, Scholarship and Studentshlp Funds Prizes Funds Bursaries, Hardship and Travel Funds General and Other Trust Funds Total 6,063 356 756 6,819 356 6,409 321 835 1,097 1,932 1,816 189 189 130 7,384 106 1,959 425 9,532 309 8,855
GONVILLE & CAIUS COLLEGI ANNUAL REPORT ANDAccouNTS 2023/24 19 Memorandum of Unapplled Total Return Included within reserves, the following amounts represent the Unapplied Total Return of the College: Note 2024 £000 153,748 17,516 2023 Unapplied Total Return at beginning of year Unapplied Total Return for the year 151,785 1,963 3b Unapplied Total Return at end of year 171,264 153,748 Reconciliation of consolldated surplus for the year to net cash ouffiow 20 from operatlng activltles 2024 £000 19,372 2023 £OOD 895 Surplus for the year Adjustment for non-cash Items Depreciation Gain on endowments, donations and Investment property {In¢reasel in stocks {Increasel/decrease In trade and other receivables Increase In creditors Penslon costs less contrlbutlons payable 2,339 120,105) 2.163 15,750} {43) 980 11,173 (423) 12,252) 761 15,468) Adjustment for Investlng or flnancing actlvltles Investment income Investment expenditure Interest payable Profit on the sale of non<urrent assets 17,006) 4,785 1,225 453 (5,550) 4,350 978 959 Net ¢ash {oufflowllinflow from operatln8 actlvltles 15,895) 9,732 21 Cash flows from investin8 artlvltles 2024 £000 4,452 4,505 11,8041 11,1581 2023 £000 8,914 4,016 11,7721 {22,2101 Non-current investment disposal Investment income Investment expenditure Payments to acquire non-current assets 5,995 111,0521 22 Cash flows from financlng actlvities 2024 £000 11,2251 12,1191 2022 £000 19781 13591 Interest pald Repayments of amounts borrowed Total cash flows from financing actlvltles 13,3441 11,3371 -41-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT ANDACC.OUNTS 2023/24 23 Consolidated reconclllatlon and analysls of net debt At beBlnnlng of year £000 Cash Flows £000 At end of year £000 Cash and cash equivalents 855 (3.2441 {2,3891 Borrowln8S: Amounts falling due within one year: unsecured loan5 110,360) 161 110,1991 Borrowin8S: Amounts falling due after more than one year: unsecured loans (14,865) 1,958 112,9071 (24.3701 (1,1251 {25,4951 24 Flnandal Instruments 2024 £000 2023 £000 Financial a5setS Flnancial assets at fair value through Statement of Comprehensive income: Listed equity investments Other investments 111,816 54,150 106,342 46,966 Financlal assets that are debt Instruments measured at amortised cost: Cash and cash equivalents Other debtors 11,460 13,460 613 Financlal liabilities Financial liabilities measured at amortised cost Loans Trade creditors Other creditors 23,106 976 1.086 25,225 796 927 25 Capltal comrnitments 2024 £000 2022 Capital comrnitments at 30 June are a5 follows: Authorised and contracted 10,368 171 Authorised but not yet contracted for 424 985 26 Penslons The College participates in four defined benefit schemes: The Universities Superannuation Scheme lUSS}; the Cambridge Colleges Federated Pensions Scheme (CCFPSI- the Old Non Contributory Scheme: and the Church of England funded Pensions Scheme. The assets of the schemes are held in separate trustee -42-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT IIND AccouNTS 2023/24 administered funds, with the exceptlon of the closed Old Non Contributory Scheme which 15 recorded separately in the College balance sheet. 26a Unlversfttes Superannuatlon Scheme A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period l Aprll 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution w35 no longer required to make deficit recovery contributions from l January 2024 and accordingly released the outstanding provision to the profit and loss account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation datel. which was carried out using the projected unit method. Since the institution 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 fundlng regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions Ithe statutory funding objectivel. At the valuation date, the value of the assets of the scheme wa5 £73.1 billion and the value of the scheme's technical provision5 wa5 £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of Ill%. The key financial assumptlon used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Prlnclples. CPI assumption Term dependent rates In line with the difference between the Flxed Interest and Index Linked yield Cue5 less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030 Pension Increases Isubject to a floor of 0%) Benefits with no cap: CPI assumption plu5 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 maxlmurn of lo%} 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 assumption5 are based on analysis of the scheme's experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows: 2023 valuatlon 101% of S2PMA"li8ht" for male5 and 95% of S3PFA for females CMI 2021 with a smoothing parameter of 7,5, an initial addition of 0.4% p.a., IO% w2020 and w2021 parameters, and a long-term improvement rate of 1,8% pa for males and 1,6% for females Mortality base table Future improvements to mortalltv -43-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTS 2023/24 The current life expectancies on retirement at age 65 are: 2024 2023 Males currently aged 65 (years) Females currently aged 65 lyearsl Males currently aged 45 (years) Females currently aged 45 lyearsl 23.7 25.6 25.4 27.2 24.0 25.6 26.0 27.4 26b Cambridge Colleges Federated Penslon Scheme The College operates a defined benefit penslon plan for the College's employees of the Cambridge Colleges, Federated Pension Scheme ICCFPS). The liabilities of the plan have been ¢al¢ulated, at 30 June 2024, for the purposes of FRS102 usln8 a valuation system designed for the Management Committee, artlng as Trustee of the Cambridge Colleges, Federated Penslon Scheme, but allowing for the different assumptions required under FRS102 and taklng fully into consideratlon changes in the plan benefit structure and membership since that date. The principal actuarial assumptions at the balance sheet date were as follows: 2024 % p.a. 5.10 2023 % p.a. 5.20 Discount rate Increase in salaries: To 2030 From 2031 RPI assumptlon CPI assumption: To 2030 From 2031 Pension increases in payment IRPI Max 5% p.a.) Pension increases in payment (CPI Max 2.5% p.a.) 2.85 3.75 3.35 3.30 3.30 3.40. 2.35 3.25 3.15 2.00 2.80. 2.80 3.30* 2.05. For l year only, it ha5 been assumed that RPI will be 9% and CPI 7% {2023: 9% and 7% respectively), The caps under the rules are applied to assumed pension increases. The underlying mortality assumptlon is based upon the standard table known as $3PA on a year of birth usage with CMI 2023 future improvement fartors and a long-term rate of future improvement of 1.25% per annum, a standard smoothingfactor17,0) and no allowancefor additional improvements12023." S3PA on a year of blrth usage with CMI_2022 future improvement factors and a long-term future Improvement rate of 1.25% per annum, a standard smoothing factor {7.0) and no allowance for additional improvements). Thi5 results in the following life expertancles: Male aged 65 now has a life expectancy of 21.4 years (previously 21.4 years). Female aged 65 now has a Ilfe expectancy of 23.9 years (previously 23.9 years). Male aged 45 now and retiring in 20 years has a life expectancy of 22.6 years (previously 22.6 years). Female aged 45 now and retirin8 in 20 years has a life expectancy of 25.3 years (previously 25.3 years).
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTs2023/24 Members are assumed to retire at their normal retirement age {651 apart from the followlng indicated cases: Male Female Active Members- Option l Benefits Deferred Members- Option l Benefits 64 62 63 Allowance has been made at retirement for non-retired members to commute part of their pension for lump sum on the basis of the current commutation factors in these calculation5. Employee Benefft Obligations The amounts recognised in the balance Sheet as at 30 June 2024 (with comparatlve figure5 as at 30 June 2023) are a5 follows: 2024 £000 {13,4501 11,354 2023 Present value of plan liabilities Market value of plan assets (13,720) 11,123 Net deflned benefit (Ilablllty) 12,0961 (2,5971 The amounts to be recognised In the proflt and loss for the year ended 30 June 2024 (with comparative fi8ures for the year ended 30 June 20231 are as follows: 2024 £000 97 34 136 2023 £000 127 33 loo Current service c05t Administrative expense5 Interest on net defined benefit liability IGain)110ss on plan changes Total 267 260 Changes in the present value of the plan liabilities for the year ending 30 June 2024 Iwith comparative figures for the year ending 30 June 20231 are as follows: 2024 £000 13,720 97 40 17941 697 13101 2023 £000 15,832 127 39 16971 592 (2,1731 Present value of plan liabllltie5 at beginning of period Current service cost lincludlng employee contrlbutionsl Employee contributlons Benefits paid Interest on plan Ilabilities Actuarial losses/l8ains) {GaIn)osS on plan changes Present value of plan liabilitles at end of period 13,450 13,720 Changes in the fair value of the plan assets forthe yearending 30June 2024 (with comparativefigures for the year ending 30 June 20231 are a5 follows: 2024 £000 11,123 319 40 17931 1401 2023 £000 13, 216 313 39 16971 1431 Market value of plan assets at beginning of period Contributions paid by the College Employee contributions Benefits paid Administrative expenses paid -45-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND AccouNTs2023/24 Interest on plan assets Return on assets, less interest included in Profit & L055 560 145 491 12.196) Market value of plan at$ at end of perlod 11,3544 11,123 Actual return on plan assets 705 11,7051 The major categories of plan assets as a percentage of total Scheme assets for the year ending 30 June 2024 {with comparative figures for the year ended 30 June 20231 are as follows: 2024 2023 Equities Bonds & Cash Property 49% 38% 13% 42% 12% Total loo% The plan has no investments in property occupied by assets used by or flnancial instruments Issued by the College. Analysls of the remeasurement of the net defined benefit liability recognised in Other Comprehensive Income (OCII for the year ending 30 June 2024 {wlth comparative figures for the year ending 30June 2023) are as follows: 2024 £000 2023 £000 Return on assets less interest included in statement of income and expenditure Expected less actual plan expenses Experience 8ains and losses arising on plan liabilitie5 Changes In assumption5 underlying the present value of plan liabilities 146 (2,1961 {6) 283 26 (1,0791 3,250 Remeasurement of net defined benefft Ilablllty reco8nised In oci H9 1341 -46-
GONVILLE & CAIUS CoLLF.GE ANNUAL REPORT AND AccouNTS 2023/24 Movement in net defined beneflt assetllliablllty) during the year ending 30 June 2024 (with comparative figures for the year ending 30 June 20231 are as follows: 2024 £000 2023 £000 Net defined benefit assetllliabiiityl at beginning of year RecoEnised In statement of Income and expenditure Contributions paid by the College Remeasurement of net defined benefit liability recognised in oci 12,5971 12671 319 449 {2,6161 12611 314 {341 Net defined benefit asset/{Ilability) at end of year 12,0961 {2,5971 Funding Pollry Artuarlal valuations are carried out everythree years on behalf of the Management Committee, acting as the Trustee of the Scheme, by a quallfied independent actuary. The actuarial assumptlons underlying the funding valuation are dlfferent to those adopted under FRSIO2, The last such valuation was as at 31 March 2023. Thls showed that the plan's a55ets were Insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to payin8 contributions to fund the shortfall. These deficit reduction contributions are incorporated inlo the plan's Schedule of Contributions dated 4 June 2023 and are as follows: Annual contributions of not les5 than £196.810 payable for the period to 31 March 2030 These payments are subject to review following the next funding valuation, due as at 31 March 2026. 26c Old Non Contributory Scheme The scheme Is an unfunded defined benefit final salary scheme not operated under Trust. The scheme is not registered with the HM Revenue and Customs under the terms of the Finance Act 2004. The College's employees covered by the Scheme were not contracted out of the State Second Pension IS2P). The prlnciple actuarlal assumptions at the balance sheet date were as follows: 2024 % p.a. 2023 % p.a. Discount rate Pension increases in payrnent 5.10 0.00 5.20 The underlying mortality assumption is based upon the standard table known a5 S3PA on a year of birth usage with CMI 2023 future improvement factors and a long-term rate of future improvement of 1.25% per annum, a standard smoothing factor17.0) and no allowance for additional improvements12023: S3PA on a year of birth usage with CMI 2022 future improvement factor5 and a long-term future irnprovement rate of 1.25% per annum. a standard srnoothing factor {7.01 and no allowance for additional improvements). This results in the following life expectancie5: Male aged 65 now has a life expectancy of 21.4 years (previously 21.4 years) Female aged 65 now has a life expectancy of 23.9 years (previously 23.9 years) Male aged 45 now and retiring in 20 years has a Ilfe expectancy of 22.6 years (previously 22.6 years). Female aged 45 now and retirin8 in 20 years has a life expectancy of 25.3 years (previously 25.3 years). -47-
GONVILLE & CAIUS COLLEGE ANNUAL REIJORT AND AccouNTS 2023/24 Employee Benefit Obllgation5 The amounts recognised in the balance sheet as at 30 June 2024 {with comparatlve figures a5 at 30 June 2023} are as follows: 2024 £000 {1581 2023 Present value of plan liabilities {1711 Net defined benefit (Ilablllty) (158) {1711 The amounts to be recognised in the statement of Income and expenditure for the year ended 30 June 2024 (with comparative figures for the year ended 30 June 2023> are as follows: 2024 £000 {9) 2023 Interest on net defined benefit liabiltty {8) Total {9) (8) Changes in the present value of the plan liabilities for the year ending 30June 2024 {with comparative figures fortheyear ending 30 June 20231 are as follows: 2024 £000 171 2023 £000 219 Present value of plan liabilities at beginnin8 of period Current service cost Interest on plan liabilities Actuarial losses {galns) Beneflts paid (261 (30) 1301 Present value of plan liabllftles at the end of the perlod 158 171 The plan has no assets. Analysis of the remeasurement of the net defined benefit liability recognised in the Other Comprehensive Income {OCI} for the year ending 30 June 2024 {with comparative figures for the year ending 30June 20231 are as follows- 2024 £000 2023 Experience gains and losses arising on plan liabilities Changes in assumptions underlying the present value of plan liabilitie5 {71 {ii 18 Remeasurement of net defined benefft Ilablllty recognised in OCI {81 26 -48-
GONVILLE & CAIUS COLLEGE ANNUAL REPORT AND ACCOUNTS 2023/24 Movement in net defined benefit assetl(liability} during the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows: 2024 £000 2023 £000 Net defined {Ilabllltyl at beginning of year Contributlons paid by the College Recognised in Proflt and Loss Remeasurement of net defined benefit liablllty recognised in oci 11711 29 191 1219) 30 {8) 26 Net defined benefit Iliablllty) at the end of the year 11581 1171) Fundlng Policy The scheme is an unfunded arrangement. The College pays pension out of their own funds as they fall due. 26d Church of England Funded Penslons Scheme The ColleBe also participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Boards, which holds the assets of the scheme5 separately from those of the Responsible Bodies. Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme Is considered to be a multi-employer scheme as described In Section 28 of FRS102. This means it is not possible to attribute the Scheme's assets and Ilabilities to each specific Responsible Body, and thls mean5 contributlons are accounted for as if the Scheme were a defined contrlbution scheme. The pensions costs charged to the statement of income and expenditure In the year are contributions payable towards benefits and expenses accrued in that year {2024- £6,000, 2023: £8,000), plus the figures highlighted in the table below as being recognised In the Other Comprehensive Income IOCI)I giving total credit of £nll for 2023 {2022 a credit of £l,OIXI). The valuation of the Scheme is carried out everythree years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a deficit of £560m, based on assets of £2.720m and a funding target of £2,160m, assessed using the following assumptions- An average discount rate of 2.7% p.a.. RPI inflation of 3.6% p.a. land pension increases consistent with thi51; CPIH inflation I line with RPI le55 0.8% pre 2030 movin8 to RPI with no adjustment from 2030 onwards.. Increase in pensionable stipends in Ilne with CPIH: Mortality In accordance with Th of the $3NA VL tables, with allowance for improvements in mortality rate5 in line with the CM12020 extended model with a long-term annual rate of improvement of 1.5%, a smoothlng parameter of 7 and an initial additlon to mortality Improvements of 0.5% p.a. and an allowance for 2020 data of 0% li.e, w2020= 0%). Following the 31 December 2021 valuation, deficit contrlbutlons ceased with effert from l January 2023, since the Scheme was fully funded. -49-
GONVILLE & CAIUS CoLLF.GE ANNUAL REPORT ANDAccouNTS 2023/24 % of pensionable stipends December 2021 December 2022 onwards Deficit recovery contributions An interim reduction to deficit Contrlbutions to 3.2% of pensionable stipends was made wlth effect from April 2022, and remained In place until December 2022. For senlor office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out In the Scheme's rules. Section 28.IIA of FRS102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from l January 2023 onwards. the balance Sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below: 2023 £i)00 2022 Balance sheet liablllty at l January Deficit contrlbution paid Interest cost {re¢ognlsed in SOFA) Remaining change to balance sheet Ilability. Irecognised in statement of income and expenditure) (i} (i} Balance sheet liabillty at 31 December Comprises change in agreed deficit recovery plan and change In discount rate and assumptions between yearnd5. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going foard. No pri inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known. December 2023 December 2022 December 2021 Discount rate Price inllation Increase to total pensionable payroll n/a nla nla n/a nla nla 0.0% n/a -1.5% The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paylng a share of that employer's pension liabilities. -50-
GONIIILLE & CAIUS COLLEGE ANNUAL REPOIIT AND AccouNTS 2023/24 27 Princlpal Subsldiary Undertakln8S Country of Incorporation and Operation United Kingdom United Kingdom Cost aass of Shares Proportlon of shares held Prin¢ipal activity Calus Property Services Llmited Budworth Development Limited Caius Conferences Limited Ordinary loo% Dormant Ordinary loo% Dormant United Kingdom Provision of conference 5ervi¢es Ordinary loo% 28 Contingent Llabllltles With effect from 16 March 2007, the Universitles Superannuation Scheme IUSSI posltioned itself as 'last man standin¢ scheme so that In event of an in501vency of any of the participating employers in USS, the amount of any penslon shortfall (which cannot otherwlse be recoveredl in respect of that employer will be spread acr055 the remaining participant employers. 29 Related Party Transactions Owln8 to the nature of the College's operations and the composition of its College Councll It Is possible that transactions will take place with organisations In which a member of the College Council may have an interest. All transactions Involving organisations In which a member of the College Council may have an Interest are conducted at arm'5 length and In accordance with the College's normal procedures. The College maintalns a register of interests for all College Council members and where any member of the Colle8e Council has a material interest in a Colle8e matter they are required to declare that fact. Durin8 the year no fees or expense5 were pald to Fellows in respect of their duties as Trustees. Fellows are remunerated for teaching, research and other duties within the College. Fell0V are billed for any prlvate catering. The Trustees remuneration is overseen by the College's Remuneration Committee. The salarles paid to members of the GoverninB Body who are also Trustees in the year are 5ummarised in the table below: From £0 £io,ooi £20,001 £30,001 £40,001 £50,001 £60,001 £70,001 £80,001 £90,001 £ioo,ooi To £10,000 £20,000 £30,000 £40,000 £50,000 £60,000 £70,000 £80,000 £90,000 £ioo,000 £iio,000 Total 2024 Number 2023 Number 16 20 The total of salaries paid to members of the Governing Body who are Trustees was £633,000 for the year12023: £532,000) -51-
GoNlflLLE & CAIUS CoLL,EGE ANNUAL REI)()RT AND AccouNTS 2023/24 The Trustees were a150 paid other taxable benefits {includlng associated employer National Insurance contrlbution5 and employer contributions to pensions) which totalled £168,000 for the year12023: £164,000). The College has a number of trading and dormant subsidiary undertakings whlch are consolidated Into these accounts. All subsldlary undertakings are 100% owned by the College and are registered and operatin8 in England and Wales. The College has taken advantage of the exemption wlthln section 33 of FRS 102 not to disclose transactions with wholly owned group companies that are related parties. 30 Perse Trust The College provides trustees for the Per5e Trust, a registered non-collegiate charity. In addltlon, the College oversees Investment management of the Perse Trust endowment which at 30June 2024 amounted to £741,000. These a55ets have been excluded from the College balance sheet as have the liabilitles of the Trust with the exception of £59,000 which was owed to the College. -52-