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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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 rese￿e5 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
I￿1)
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 Cu￿e5
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 a￿t$ 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.
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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
year*nd5.
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 fo￿ard. 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.
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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)
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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.
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