## Christ’s College Annual Report and Accounts 2023–24
## Christ’s College Annual Report and Accounts 2023–24
**Annual Report of the Trustees and Accounts for the year ended 30 June 2024**
Prepared under the Recommended Cambridge College Accounts (RCCA) format
Christ’s College St Andrew’s Street Cambridge CB2 3BU Charity Registration Number: 1137540
## **Contents**
Reference and Administrative Details 4 Operating & Financial Review Structure, Governance and Management 6 Aims, Objectives and Public Benefit 7 Funding 8 Statement of Internal Control 9 Responsibilities of the Trustees 10 Achievements and Performance 12 Plans for the Future 20 Financial Review 22 Principal Risks and Uncertainties 29 Auditors’ Report 30 Principal Accounting Policies 36 Statement of Comprehensive Income & Expenditure 43 Statement of Changes in Reserves 44 Consolidated Balance Sheet 45 Consolidated Cash Flow Statement 46 Notes to the Accounts 47
– 3 –
## **Reference and Administrative Details**
Christ’s College St Andrew’s Street Cambridge CB2 3BU
## **Charity registration number:** 1137540
## **Charity Trustees (and members of the College Council):**
_(ex officio)_ Lord McDonald of Salford (Master), Michael Parsons (Bursar), Professor Tom Monie (Senior Tutor) _(elected)_ Dr Farbod Akhlaghi, Prof Daniel Field (to 30.09.23), Dr Mary Franklin-Brown, Professor Nick Gay, Dr Mike Housden, Prof Frank Kelly, Dr Harriet Lyon, Professor Richard Mortier, Dr Sophie Read, Dr Emily Tomlinson, Professor Carrie Vout (from 01.10.23) **Senior officers:** Head of House: Lord McDonald of Salford Senior Tutor: Professor Tom Monie Bursar: Michael Parsons Director of Admissions: Dr Emily Tomlinson Development Director: Alexandra Rowlands (from 01.09.23) **Principal advisers:** Auditors PEM Salisbury House Station Road Cambridge, CB1 2LA Bankers Lloyds Black Horse House Castle Park Cambridge, CB3 0AR Property Managers Bidwells Bidwells House Trumpington Road Cambridge, CB2 9LD Investment Managers Various Legal Advisers Ashtons Legal Chequers House 77-81 Newmarket Road Cambridge, CB5 8EU
– 4 –
Operating and Financial Review
Context
## **1 Structure, Governance & Management**
Christ’s College is a self-governing corporate body, established by royal charter. The College is a registered charity (registered number 1137540) and subject to regulation by the Charity Commission for England and Wales. The **Statutes & Ordinances** , which are published on the College website, govern the activities of the College.
The **Governing Body** is comprised of the Fellows of the College: a list of Fellows is published on the College website. Undergraduate and postgraduate student representatives are also co-opted members of the Governing Body.
The members of the **College Council** are the charity trustees and are responsible for ensuring compliance with charity law. The College Council is responsible for oversight of the management of the assets, income, expenditure, and educational business of the College, in accordance with the directions and subject to the limitations laid down in the College statutes.
**Master** , who is responsible overall for the work of the College, the **Bursar** who is its chief administrative and financial officer, the **Senior Tutor** who is responsible for the oversight of its educational work, the **Director of Admissions** who is responsible for the admission of undergraduates and postgraduates, and the **Development Director** who is responsible for fundraising and alumni relations.
The College Council consists of the Master, the Bursar, and the Senior Tutor, ex officio, and ten members elected from the membership of the Governing Body. Each elected member is elected to serve for a period of two years and may be re-elected for two further terms of two years each. The JCR and MCR Presidents attend Council for unreserved business in a non-voting capacity.
fees for these services are determined (as for all Fellows) on the advice of a **Remuneration Committee** of independent members. (The College more generally seeks to match the local market for comparable appointments, to attract and retain talented staff.) The total amount paid to serving members of the Council in the year ended 30 June 2024, including pension contributions, was £0.6m (2023: £0.6m). Declarations of interest are made systematically at meetings.
The Council is advised in carrying out its duties by several committees. The **Financial Control, Audit & Risk Assurance Committee** advises the Council on the annual budget, monitors income and expenditure during the year, reviews and monitors the risk register, and reviews the annual report and accounts before presentation to Council and Governing Body. The accounts of the College and its subsidiaries ( **Christ’s College Enterprises Ltd** and **Christ’s College Trading Ltd** ) are externally audited. The **Investments Committee** , which includes College members with relevant professional expertise, receives reports from investment managers and professional advisers and advises the Council on estates and securities investments. The **Trust Funds Committee** advises the Council on the management of restricted and endowed funds.
We have considered the Charity Commission’s Governance code and consider the College’s existing arrangements comply with it (although the number of Trustees, 13, is slightly above the recommended Board size of 5-12 members).
No fees are paid to Fellows in respect of their duties as members of the College Council, although members of the Council hold office or employment with the College and receive remuneration in respect of the services they provide. Stipends, salaries, and
– 6 –
## **2**
The College’s objective is the advancement of education, religion, learning and research through the provision of a college within the University of Cambridge. The primary aim of the College, as an independent foundation within a collegiate university, is the provision of education leading to degrees awarded by the University of Cambridge. It also supports research by Fellows and students. The College creates public benefit in these ways, for both individual students and more broadly for society.
outreach activities designed to encourage undergraduate applications by able candidates from all backgrounds and schools. This supports the University’s Access and Participation plan, which has been agreed with the Office for Students. We measure inter alia the proportion of UK undergraduates admitted from maintained schools and from under-represented backgrounds.
Financial aid is also provided to students. The College typically provides access bursaries, awarded on the assessment of financial need, for about 30% of UK/EU undergraduates paying the regulated fee and around 200 scholarships and prizes, awarded on performance in University examinations. The College also offers studentships and grants towards travel and research expenses for academic and nonacademic purposes.
Within the collegiate university, the College’s educational role (in common with the other Colleges) is to select and admit its own undergraduates and postgraduates, to provide advice about programmes of study and arrange small-group teaching for undergraduates, to provide pastoral care and to monitor each individual student’s progress. Ancillary to this role, the College provides a library, residential accommodation, catering and recreational facilities and a chapel. The College also makes provision for student activities in sport, music, drama, and the visual arts. It seeks to enable its students to achieve their full potential, through both academic success and participation in the broad range of extracurricular activities which the College and the
University provide. We strive to help all our students to fulfil their potential, and have an excellent record in Tripos examinations, but we do not consider that any general KPI (for example relating to examination performance) would capture our performance adequately, and indeed such a KPI might create inappropriate expectations or incentives.
The 500-year-old College site contains much that is uniquely important in the nation’s architectural heritage. The College maintains these buildings and gardens and allows public access to the gardens for most of the year.
Cambridge system are the interactions that are fostered within a relatively small but diverse community, both academically across disciplines and socially, between students and Fellows (who are often leading scholars or researchers in their field). A high proportion of students live in or close by the College, take meals in College and participate in College clubs, societies, and sporting activities; some Fellows are resident in College, and many are present in College during the day in term time, to teach, to participate in College business or because it is their base to carry out research. The drop-out rate among the College’s undergraduates is extremely low, compared to the national average. This is attributed to the care taken in the selection of undergraduates for admission, the provision of pastoral care, the attention paid to teaching in small groups, the steps taken to monitor each individual student’s progress, and the financial support available through bursaries in cases of hardship. The academic progress of postgraduate students reading for higher degrees is primarily the responsibility of the faculty or department of the University in which they work. The College however provides considerable support for these students also, through pastoral care, residential accommodation for many postgraduate students in College rooms, flats or houses, the opportunity to participate in social and sporting activities and to interact with the Fellowship, access to research and travel grants, and financial assistance.
– 7 –
The Trustees have had due regard throughout the year to the Charity Commission’s guidance on public benefit and consider that the College again delivered its planned public benefits in 2023-24.
## **3 Funding**
The College’s main sources of funding were income generated from its charitable activities and its investments, as set out below.
2023-24 2022-23 2021-22 2020-21 2019-20 £’000 £’000 £’000 £’000 £’000 Academic Fees & Charges 3,987 3,618 3,414 3,190 3,139 Accommodation, Catering & Conferences 5,235 4,761 3,679 2,330 3,345 Investment Total Return Applied 6,424 5,678 5,145 3,720 3,275 **15,646 14,057 12,238 9,240 9,759**
The College also received donations (including capital grants) and new endowments of £5.1m (202223: £5.4m; 2021-22: £18.2m; 2020-21: £3.8m; 2019-20: £6.4m).
As can be seen above, the College continues to rely heavily on investment income and on bequests and donations, to undertake its charitable activities. It continues to seek funding for:
- additional support for undergraduate and postgraduate students
- provision of teaching Fellowships
- additional accommodation for postgraduate students
- improvement of other College facilities
Together with donations and legacies for general purposes – which are of equal importance – these initiatives will help the College to continue to provide the quality of teaching and collegiate experience to which we remain committed.
The College is required to report each year on the approach taken to fundraising. The Trustees are satisfied that the College’s fundraising activity conforms to recognised standards of practice. The College is registered with the Fundraising Regulator.
legacies, which are mostly from members of the College, their families, and friends. The **Development & Alumni Relations Office** produces a range of communications material to update College members on recent activities in College and describing current initiatives. Fundraising activity is managed by the College’s development staff, who are salaried and do not receive any compensation linked to donations. We also receive some support from charitable foundations. We may make proactive approaches to such foundations and other ‘corporate’ donors.
In previous years there has been a telephone campaign, proactively contacting a number of College members – who were given the opportunity to opt-out – with campaign calls made by current students, appropriately supervised. Such a campaign did not take place in 2023-24 and the approach is currently being reviewed.
The College’s practices protect College members and the public, including vulnerable people, from frequent or pressured requests to make donations. Individuals’ preferences in relation to all College communications are recorded and respected. No complaints about fundraising matters were received during the year.
– 8 –
Fundraising activity is monitored in several ways. All donations are reported to the College’s Governing Body (which includes the Trustees) at its regular meetings. The College’s **Development Committee** also meets regularly to receive reports on fundraising
targets are set because the incidence of donations and bequests is unpredictable, but the College monitors the effectiveness of activity closely.
## **4 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 assets for which the Governing Body is responsible, in accordance with the College’s statutes.
The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; it therefore provides reasonable but not absolute assurance of effectiveness.
The system of internal control is designed to identify the principal risks to the achievement of policies,
aims and objectives, 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 up to the date of approval of the financial statements.
The College Council is responsible for reviewing the effectiveness of the system of internal control. The Council’s review is informed by the work of the various committees, the Bursar and other College officers, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other reports.
– 9 –
## **5 Responsibilities of the Trustees**
The trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The College’s statutes and the statutes and ordinances of the University of Cambridge require the College Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
The trustees are responsible for ensuring that there is an effective system of internal control and that accounting records are properly kept.
The trustees are responsible for taking reasonable steps to ensure that there are appropriate financial and management controls in place to safeguard the assets of the College and to prevent and detect fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- concern basis unless it is inappropriate to presume that the College will continue in operation.
– 10 –
Operating and Financial Review
Year in Review
**1 Achievements and Performance**
2023-24 again saw excellent results for our students and recognition for the high-quality research activity of our Fellows and students.
Governing Body adopted a comprehensive masterplan for the domus site in October 2023 and the priority schemes from that masterplan - a new Library and improvements to Upper Hall, Kitchens and Bath Court – are now being designed, following an architectural competition won by Grafton Architects.
## **Fellows, Honorary Fellows and Fellow Commoners**
During 2023-24, the College welcomed the following new Fellows: Dr Joanna Bellis (CTO), Dr Rob Doubleday (Class IV), Dr Katie Mennis (JRF), Dr Marcella Montagnese (JRF), Prof Deborah Prentice (Class IV), Alexandra Rowlands (Development Director), Dr Lucas Sa (JRF), Dr Luca Sapienza (UTO/CL), Martin Spooner (Director of College Services), Dr Richard Tse (JRF), Dr Arianne Urus (UTO/CL), Dr Damon Wischik (UTO/CL).
The College also said goodbye to: Farbod Akhlaghi (JRF), Miguel Beneitez (JRF), Katie Dunkley (JRF), Prof Sarah Franklin (UTO), Dr Purba Hossain (JRF), Dr Alex Loktionov (JRF), Dr Matt Tyler (JRF), Dr Chuck Witt (JRF).
Prof Ian Leslie and Dr David Sedley became Emeritus Fellows.
The following Fellows are being promoted by the University this year: Dr (Prof) Chiara Giorio, Prof Gareth Rees, Dr (Prof) Jenny Gibson (Bye-Fellow).
Prof Chris Frith FRS FMedSci FBA (m. 1960) was appointed as an Honorary Fellow, Prof Ash Amin (former Fellow) as a Fellow Commoner, and Sukanya Rajaratnam (m. 1993) as a Lady Margaret Beaufort Fellow.
Dr Mike Lynch OBE FRS FREng (m. 1983 and Lady Margaret Beaufort Fellow) died tragically when his yacht sank in August, claiming 7 lives, including his younger daughter.
Information on the number of Fellows in the different Classes at 30 June is shown in the table below. The Master, Honorary Fellows, Fellow Commoners, and Lady Margaret Beaufort Fellows are not included in the figures.
Number Number of Fellows of Fellows 30/6/2024 30/6/2023 Class I – Research Fellows 11 11 Class II – Staff Fellows 41 36 Class III – Professorial Fellows 12 12 Class IV – Supernumerary Fellows 1 3 Class V – Life Fellows 13 15 **Fellows on Governing Body 78 77** Emeritus Fellows 9 7 **Total Fellows 87 84**
## **Staff**
We welcomed many new staff members during 202324, including Dale Davies as the Head Butler (Front of House Manager) Sharon Knight as the Master’s Assistant, Jonty Carr as the Deputy Development Director, Holly Dowse as the Assistant Librarian, and Monika Schmidt as the Management and Investment Accountant.
A number of long-serving staff members have retired or left the College’s employment during 2023-24, including Helen Willows who acted as the College Accountant for 20 years. Celia Vartholomeou, Senior Library Assistant, left the College in summer 2023, having been appointed as the Librarian at Fitzwilliam College whilst Amy Leahy, Assistant Librarian, left in December 2023 having being appointed as College Librarian at Emmanuel College.
There have been many internal promotions during 2023-24. Peter Pride, the College’s Investment and Management Accountant, was promoted into the position of Head of Finance, following Helen Willows
– 12 –
departure. Kiril Vitanov, the College’s Buttery and Bar Manager, was promoted as the College’s new Deputy Head Butler following Tim Wilson’s decision to step down from the role. Lisa Barnes was promoted to Deputy Head Porter - prior to her promotion, Lisa worked as the Senior Night Shift Supervisor in the Porters and started her career at Christ’s College in 2010 in the Housekeeping team as a Bedmaker. Gordon Glenton was promoted from Night Porter to Night Porter Supervisor as a result of Lisa’s promotion. Darren Heneghan was promoted to Deputy Maintenance Manager in February 2024 – previously Darren was the Buildings Supervisor and joined the College in 2012. Matt Clark was promoted to Housekeeping Supervisor in October 2023, after 6 years of service in the Housekeeping team, working as both a Bedmaker and House Porter during that time. Having joined the College in May 2022 as a Food and Beverage Assistant, Ross Hilton was promoted to a Food and Beverage Supervisor in April 2024. Janos Krajnik was similarly promoted to the Buttery and Bar Supervisor role in April 2024, having previously worked as a Buttery and Bar Assistant. Karen Spencer was promoted to the role of Payroll and Pensions Manager in April 2024, having worked as an Accounts Assistant since April 2020.
Wendy Giles and Marilyn San Miguel (Bedmakers in the Housekeeping Department) have both received a long service award for reaching 25 years’ service this year.
Following an engagement survey held in 2023, which provided staff the opportunity to have a say on what it is like to work at Christ’s College, a number of changes have been introduced to staff terms and conditions. These changes include introducing a Medical Cash Plan, which allows staff members to claim for the cost of routine medical appointments and improves staff access to wellbeing services and mental health support; adopting the Aviva pension scheme as the College’s auto-enrolment scheme; and becoming an Accredited Living Wage Employer. Following survey feedback, work has been
undertaken to improve staff communications; staff have been afforded the opportunity to attend Formal Halls; and investment has been made in staff training and development, including a management development programme and individual one-to-one IT training sessions. A similar engagement survey will be held during 2024/25.
The staff ‘Thank you’ scheme has continued and £50 ‘Love Cambridge’ vouchers to be spent in local shops were awarded to 72 staff during 2023-24 (2022-23: 53) as a result of nominations from students, Fellows, line managers and staff colleagues.
## **Educational Activities**
The College operates within policies and strategies determined by the University and the Colleges collectively, for example on admissions targets and the provision of teaching. It maintains a position of ensuring excellence in teaching provision and tailors this to the specific needs of students. The College continued to teach students in all subjects except Veterinary Medicine.
During the summer of 2023-24 the College provided a range of Christ’s College Summer Research Studentships to support 15 students in completing research projects during the Long Vacation.
The national Marking and Assessment Boycott during the previous year meant that a full set of examination results for 2022-23 only became available in late November 2023. Christ's was top of all Colleges for the proportion of its students gaining first class results (41.7%) and for those achieving "Good Honours" (88.7%). Results continued to be excellent in 2023-24 with 38.8% of students achieving first class results and 87.3% gaining "Good Honours", ranking our students second and third across all Colleges respectively.
The numbers of undergraduate and postgraduate students in residence and registered with the University were:
2023-24 2022-23 2021-22 2020-21 2019-20 Undergraduates 448 447 441 442 433 Postgraduates 256 257 272 262 256
– 13 –
## **Admissions**
Applications to Christ’s for undergraduate entry in 2023 dropped slightly to 814, with 157 students receiving an offer and 120 students eventually admitted to the College.
The 2023 cohort, sadly, contained less balanced numbers of men and women than the previous two cohorts, with 42% of entrants self-declaring as women. Of our UK entrants, 72% are state-school educated and 16% from areas in the lowest three deciles of the Index of Multiple Deprivation; these figures attest to the significant efforts that the College has made in outreach and offer-holder support in recent years.
and are currently on track to admit 117 students; we anticipate that just half of these students will be women, and 70-75% of those educated in the UK will be from state schools.
At postgraduate level, we received 339 applications for entry in Michaelmas 2023 (noting that this figure was artificially depressed by our decision to close early in the cycle to applicants for one-year courses, and focus on PhD applicants, who are less numerous). Having reached our long-standing target of 240 postgraduate students in residence for the first time in Michaelmas 2020, we exceeded it slightly this year, with a total of 241.
Both the College and University were relatively under-subscribed in 2023-24, with Christ’s receiving only 789 applications in total. We made 159 offers
Undergraduates 2023-24 2022-23 2021-22 2020-21 2019-20 Applications 789 814 968 1,020 814 Offers 159 157 155 152 168 Admitted 117 120 126 126 130
– 14 –
## **Research Activities**
Fellows and students for research, with a number receiving recognition of their achievements during the year. The College also provides Fellowships for early career academics, both as Junior Research Fellows and as College Teaching Officers.
Professor Susan Bayly was honoured with the publication of a collection of essays – _An Anthropology of Intellectual Exchange_ , recognising her scholarly work in both Vietnam and India.
Professor Sarah Franklin gave the Wilkins-BernalMedawar Medal Lecture on 9 May 2024 at the Royal Society
Paul Fannon received an OBE in the King's Honours in June 2024 for services to Education.
Alumni Professors Paul Elliott and Brian Cantor were elected Fellows of the Royal Society.
Former President of the JCR and postgraduate, Sam Carling was elected as MP for North West Cambridgeshire in the 2024 General Election.
Alumni Andrew Wang and Mihai Ilas are co-authors of 'Near Real-Time Social Distance Estimation in London’ awarded the 2024 Wilkes Award for best paper in _The Computer Journal_
Professor Sir David Klenerman, together with Prof Sir Shankar Balasubramanian, was awarded the Novo Nordisk Prize 2024.
The following list is a selection of the books and journal articles published by the Master and Fellows:
McDonald, S., _Beyond Britannia: Reshaping UK Foreign Policy_ (Haus Publishing: London, 2023)
Gallagher, J. and Hossain, P., _Languages of History, Histories of Language, Past & Present_ , 261(1), e32– e60 (2023)
Goyal, S., Networks: _An Economics Approach_ , (MIT Press: Cambridge MA, 2023)
Loktionov, A. (ed), _Compulsion and Control in Ancient Egypt_ , (Archaeopress Archaeology, 2023)
Mantilla, G., ‘ _From treaty to custom: Shifting paths in the recent development of international humanitarian law’_ (Cambridge University Press, 2024)
Reynolds, D., _Mirrors of Greatness: Churchill and the Leaders who Shaped Him_ , (London: Harper Collins, 2023)
## **Lectures**
Professor Lyndal Roper gave a Lady Margaret Lecture – ‘Brotherhood: Masculinity and the German Peasants’ War 1524-26’ – on 24 October 2023.
Sir Patrick Vallance gave 2024 Climate Change Lecture – ‘On nature, biodiversity and climate’ – on 18 January 2024 .
The Evelyn Downs Lecture 2024 took place on 30 January 2024 on the theme ‘Hearing the Music’ with presentations from Professor David Trippett, Dr Helen Orchard and Georgia Denham.
Professor Oliver Johnson gave a Lady Margaret Lecture – ‘Logging the Pandemic’ – on 12 February 2024.
Professor Ulrike Malmendier gave the James Meade Lecture – ‘The Longterm Effects of Crisis Experiences – Evidence on CEO Stress, Aging, & Death’ – on 21 February 2024.
Akhlaghi, F., _‘The Problems of Creeping Minimalism’_ , Philosophy, 98 (3): 327-43 (2023)
Bayly, S., _Asian Lives in Anthropological Perspective: Essays on Morality, Achievement and Modernity,_ (Berghahn: London and Oxford, 2024)
Franklin, S. and Jackson, E., _The 14 Day Rule and Human Embryo Research: A Sociology of Biological Translation_ , (Abingdon, Oxon ; New York, NY : Routledge, 2024)
– 15 –
## **Sport and Cultural Activities**
2023-24 has been a rich and fruitful year for student societies and sports clubs. The JCR has hosted numerous highly popular events, including a pub quiz and weekly ‘Pizza and Games’ nights. Their president has expressed great satisfaction with the new cover to the Malcolm Bowie Bathing Pool, the installation of which the JCR were partly responsible. The MCR has organised a full year of dinners, bops, and welfare coffee mornings, and continues to champion international and intercollegiate causes, hosting causal ‘mixer’ events and arranging visits to other colleges including Wadham College, Oxford.
In sport, the men’s Association Football team were promoted from Division 3, while the women’s Christ’sChurchill-Cavendish team had a very successful year, ending with them becoming Plate champions. Their sporting and social cohesion was reflected by them being shortlisted for the University’s ‘College Team of the Year’ award.
The Squash Club entered two teams into the intercollegiate leagues, with the First team finishing top of Division 1 and winning the league in Lent. The Lawn Tennis Club celebrated another two promotions this year, moving up to Division 1 (of seven). The Mixed Lacrosse team held its place in Division 2 but did not progress beyond the group stages in Cuppers.
and seen a particularly strong response to their Friday Recitals series, where performers are free to play any genre of music. Their composition competition was likewise popular, with the winning composition being performed in their May Week concert.
year. The History Society chaired a talk with Professor Lyndal Roper in conversation with Dr Helen Pfeifer. The Politics Society hosted a series of debates in the Yusuf Hamied Centre and a talk from Jeevun Sandher MP. The Classics Society welcomed speakers from other Cambridge colleges and from Leiden University.
The Darwin Society has arranged lectures on topics including plant science in the Sainsbury Laboratory, and satellite penguin tracking in Antarctica. The newly-founded James Meade Society has established itself as a welcoming community for those interested in economics. The Medical Society held a variety of study and career events, focused on preparing for advanced study and entering clinical research. The Maths Society has been notably extroverted in arranging Formal Hall swaps with the Maths societies of Homerton and Queens’, to great success.
The Christ’s-Pembroke Hockey team won the First Division in Michaelmas and came second in Lent term. They have celebrated by instituting a “Chrembroke” Christmas formal, which they hope to make an annual tradition. Over two seasons, the Mixed Netball team maintained their place in Division 1 while the Ladies’ Netball team were undefeated and enjoyed two consecutive promotions into Division 2.
The Boat Club saw the W2 crew winning Blades in the Lent Bumps. Other crews saw mixed results. Although failing to qualify, Christ’s M1 covered the Henley Royal Regatta course in 6:55.8, making them the fastest Cambridge College crew to enter this year.
In Michaelmas, the Choir welcomed a particularly large cohort of new starters. In March, they recorded a suite of traditional English carols, and in July they performed seventeen concerts in New Zealand as part of their annual international tour. The Music Society has organised a plethora of performances
– 16 –
## **Student Wellbeing**
The College continued to prioritise the mental health of our students. The College now has a full-time College Nurse and Wellbeing Advisor who is professionally qualified mental health nurse. The nurse provides appointments accessible to all students for physical health, mental health and general wellbeing. Along with support from the College Nurse we increased our use of the updated and improved University counselling and welfare services, thereby reducing demand on private specialist counselling support. Access to other mental health services was facilitated where needed. Our student communities took an active role in promoting wellbeing throughout the academic year and helping maintain Christ’s as a community in which supporting others is a central part of the culture.
Aware of the critical importance of supporting students from a pastoral, mental health, and wellbeing perspective we submitted a successful bid to the University Colleges Wellbeing Stimulus Fund. This will allow us to enhance the support available for our students with a particular focus on executive functioning and the needs of neurodivergent students.
We continued in our practice of allocating every student, undergraduate and postgraduate, a pastoral Tutor to provide guidance and support where needed. The tutorial system continued to provide effective assistance to students in a wide range of circumstances including financial challenges, academic concerns, ill-health, mental health, and emotional support.
## **Equality, Diversity, and Inclusion**
The College community is committed to the respect and care of all its members. We understand this commitment to extend to all aspects of College life, and in particular to the provision of support and protection to those most in need. We review our commitment regularly and strive to create a caring and supportive community for all.
The Chaplain has led a concerted effort this year to make the College Chapel a place where the entire community can feel welcome and participate. Speakers from a range of religious beliefs, gender,
race, disability and sexual orientation were invited to give addresses at Evensong with the aim of diversifying the chapel culture. In addition, many students took up the invitation to read a lesson in a language of their choice resulting in over twenty languages being spoken in Chapel during the Lent term.
The College Governing Body has agreed to receive an annual report on EDI issues, the first report was presented in July 2024 and will be expanded to include additional information – including gender pay gap data – in future years.
Governing Body Fellows are 60% male; 35% female; and 5% prefer not to say. 87% do not declare a disability; 9% do; and 4% prefer not to say. 7% identify as neurodiverse. 66% are British nationality; 10% American; and 24% other nationalities. 74% are White ethnicity; 21% other ethnicities; and 5% prefer not to say. 41% are aged under 40; 40% aged between 40 and 60; and 19% over 60. 60% declare no religion; 29% Christian; 6% other religions; and 5% prefer not to say. 75% define as heterosexual; 16% as LGBTQ+; and 9% prefer not to say.
The gender balance of the Council was 4 women (31%) and 9 men to September 2023, and 5 women (38%) and 8 men from October 2023.
members of staff, of whom 56 (44%) are women and 72 (56%) men*. 97% do not declare a disability; 3% do. 10% identify as neurodiverse. 77% are British nationality; and 23% other nationalities. 84% are White ethnicity; 13% other ethnicities; and 3% prefer not to say. 36% are aged under 40; 49% aged between 40 and 60; and 15% over 60.
47% are Christian; 36% declare no religion; 7% other religions; and 10% prefer not to say. 81% define as heterosexual; 6% as LGBTQ+; and 13% prefer not to say.
*Staff gender data taken from payroll; all other Staff and Fellow EDI data from report to GB
Undergraduates from the UK admitted in 2023 included 72% from UK state schools and 16% from areas in the lowest three deciles of the Index of Multiple Deprivation.
– 17 –
## **Environment**
The College is committed to reducing its energy usage and carbon footprint. In the light of the climate emergency and the University’s statement in October 2020, the College adopted the following Statement.
_“The College Council believes that decarbonisation of the economy represents a social imperative (in the face of global warming caused by greenhouse gases). It has therefore agreed:_
- _The College will not hold direct investments in the shares or bonds of fossil fuel producers and their suppliers (defined in each case as companies deriving 10% or more of their revenues from fossil fuel production). It does not currently hold any such investments._
- _The College will continue to seek opportunities in sustainable businesses, including renewable energy. It already has significant investments of this type._
- _The College expects to have no material direct or indirect exposure to investments in fossil fuel producers and suppliers by 2030._
- _The College has an ambition to achieve net zero greenhouse gas emissions from its investment portfolio by 2038._
- _The College’s work to reduce the carbon footprint of its own operations will also remain a high priority.”_
Under the Greenhouse Gas Protocol, investments contribute to an institution’s inventory of emissions, so this is a significant development, but this policy is just one part of our overall strategy aimed at reducing the College’s greenhouse gas emissions.
A Sustainability Strategy was approved by Governing Body in November 2022 which sets out the College’s
ambitions. We are committed to the use of ScienceBased Targets for the College. The College’s current target is to reduce carbon emissions by 30% by 2030.
Energy use varies with the weather and will also be impacted by changes in the operational estate (e.g. acquisition of a new hostel, opening of a new building). The charts show the trend in total energy usage across the College’s main site and its hostels and flats (owned and rented) – the impact of the COVID pandemic is evident. The College’s electricity contracts are 100% renewable energy. The priority in terms of carbon emissions is a significant reduction in the consumption of gas over the next decade.
Opportunities to improve insulation are taken as part of major maintenance projects. Installation of solar panels on New Court has commenced and doors have been installed in the staircases of the Stevenson Building. Conversations with the City Council’s Conservation Officer continue on options to improve energy efficiency (and enhance security) on First Court staircases. The new Yusuf Hamied Court is powered by an air source heat pump. A feasibility study on installing ground source heat pumps in the Fellows’ and Master’s gardens and First, Second and Third Courts has been undertaken and will be considered as part of the long-term estates plan.
A guide on simple actions to enhance day-to-day sustainability is available to all students.
The whole College community - Fellows, Students and Staff – enthusiastically cooperated to secure a Green Impact Platinum Award during 2023 (and renewed in 2024) recognising the work done to reduce the carbon footprint of the College across all its activities and services.
## **Energy usage MWh**
**----- Start of picture text -----**
6000
5000
4000
3000
2000
1000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
/12 /13 /14 /15 /16 /17 /18 /19 /20 /21 /22 /23 /24
**----- End of picture text -----**
Gas consumption MWh Electricity consumption MWh
– 18 –
## **Estate and Gardens**
In addition to the completion of phase 2 of First Court refurbishment project, which is occupied by students and Fellows and provides two additional supervision rooms, these additional works have also been undertaken:
- Phase 2 of Solar Pannels on the New Court Building
- 4 Staircase, west gate lead roof repairs completed
- working
- Electrical testing done to Chapel, Upper Hall, Gardens and various Hostels
- 1 Staircase refurbishments completed
- Chapel Audio system upgraded
- Plumb Auditorium south windows repaired and painted
- External painting works to Devonshire Rd and St Barnabas Rd hostels
- Swimming Pool changing rooms painted and minor repairs completed
This year again, the gardening team planted out Second Court with an interesting and decorative selection of vegetables. The environmental conditions for the year have proved challenging with a wet summer. Further consideration of how we can make our gardens sustainable will be needed in future.
## **Development and Alumni Relations**
In 2023-24, we recognised more than £5.1m in donations (£3.3m cash receipts, together with accruals) from just over 1,100 individuals and organisations. Of more than 8,000 donations received during the year, 60% were made towards our student support activities, including newly endowed international awards, studentships and bursaries. Donations for prizes, sustainability, teaching and our buildings were also received, including a gift of £975,000 from the Yusuf and Farida Hamied Foundation to enable the College to purchase another postgraduate hostel, thereby increasing the amount of affordable and good quality accommodation we can offer to our graduate students.
gift to College in their wills, and during the year we were fortunate to receive significant legacy donations from Old Members who have sadly passed away. Among the legacy donations that we have received this year, or for which probate proceedings have begun, are the £1.5m bequest from the estate of David Sharp, £163,000 from the estate of Professor Sir Laurence Martin, and £120,000 from the estate of Gordon Solway.
We were delighted to welcome alumni to a full programme of events, including annual year-group gatherings in the College, a new Christmas with Christ’s carol event in London, a wonderful evening with Bye-Fellow Sandi Toksvig at Tate Britain, and two full weekends of summer events in June, including the ever-popular Family Day. As always, alumni of all generations appreciated the opportunity to return to Christ’s and renew old acquaintances, and we were delighted to welcome them back to College, and to our events in London. The Master and Development Director made a first trip to the US to meet with alumni in eight cities, including successful events in Boston, New York, Princeton and Chicago.
We remain grateful to our engaged and committed **Development Board** , consisting of alumni with a wide range of experience and expertise.
We continue to communicate with alumni through our active social media presence, regular e-Newsletters, the bi-annual _Christ’s Pieces_ and an annual College Magazine.
## **Commercial Activity**
The College’s commercial income has again grown year on year, through an effective revenue management and sales and marketing strategy. The conference office has successfully secured a new summer school business for 2024/25 after a sales visit to the US, with other future bookings likely for 2026/27. Commercial activity operates for a limited period in the summer, Easter and Christmas vacations, and does add some strain onto the operational team. To support the operations this year, we closed out to new arrivals on large turn around days, sold room only Bed and Breakfast during the busiest conference period, and only took advance payments for Bed and Breakfast rooms. This has worked well and eased the operational pressures, even with the increase of revenue.
– 19 –
## **2 Plans for the Future**
The College is currently reviewing its plans for the future and a refreshed strategy will be considered by Council and Governing Body during 2024/25. However, no major changes to the scale or nature of its education and research activities are anticipated in the foreseeable future. Activity will continue to support the University’s Access and Participation commitments. The demand from students for pastoral care continues to grow and the College will continue to prioritise the provision of strong tutorial support, enhanced well-being provision, and specialist counselling and mental health services. It is increasingly difficult for those of our postgraduates who cannot be accommodated in College-owned properties to find decent and affordable rooms in Cambridge’s over-heated private rental market; we continue to look for opportunities to purchase additional properties near to the main College site suitable for postgraduate accommodation.
Current tuition fees fall well short of the cost of educating our undergraduates and the shortfall increases with each year that the home fee is frozen by Government. As a consequence, our reliance on commercial income and philanthropic support continues to increase.
The major project to replace the First Court roofs with new Collyweston tiles, improve insulation, and renew mechanical and electrical installations, is now moving into its final phase (between the Great Gate and the Chapel). This work will continue for the next 2 years and includes preparing for low temperature heating systems to accommodate future heat pump plans for the domus site. During this time the Porters’ Lodge will be relocated temporarily to the old Law Library. A rolling programme of refurbishment work in the College’s hostels, including improving insulation and replacing gas boilers with air-source heat pumps, continues with work underway on 3 further hostels in Jesus Lane and Willis Road. These projects across our built estate will contribute to reducing our energy usage and carbon emissions – a vital contribution to the College’s approach to sustainability.
A comprehensive space planning exercise for the domus site was undertaken last year, with recommendations presented to Governing Body in autumn 2023. The masterplan confirmed the need for a significant expansion of flexible study space and the Governing Body re-affirmed its commitment to replacing the existing working library. The Governing Body considered two options for the location of a replacement library and decided it should be built on the site of the current working library. A design competition was held in early 2024 and Grafton Architects have been appointed to design the new library. The Project will also include connection to the Bodley Library (and through it to the Archives and Muniments Room), a revitalised Bath Court, an expanded and improved Upper Hall, and refurbished and electrified Kitchens. Other opportunities emerging from the space planning activity will inform future development priorities.
Fundraising to support College operations, enhance student welfare, and deliver our development priorities will be a focus over the coming years. I am grateful to our generous alumni donors for their ongoing support.
## Simon McDonald
**Simon McDonald, The Lord McDonald of Salford Master**
Christ’s College Cambridge
– 20 –
Operating and Financial Review
Finance
## **1 Financial Review**
The College has prepared its consolidated accounts in accordance with the Recommended Cambridge College Accounts or ‘RCCA’ format.
## **Statement of Comprehensive Income & Expenditure**
(excluding donations and pension provision movements), albeit a slightly smaller deficit this year of £0.54m (2022-23: £0.65m deficit). The bar chart shows the position in the last 5 years. The 2021-22 year was affected by the pandemic. The College is fortunate that is has received donations from alumni that have turned the deficits into surpluses in recent years.
##
**----- Start of picture text -----**
6,000
4,000
2,000
0
2020 2021 2022 2023 2024
-2,000
-4,000
-6,000
-8,000
-10,000
-12,000
**----- End of picture text -----**
Income (excluding donations) was £15.8m (2022-23: £14.1m).
_Donations_ income was £5.1m (2022-23: £5.4m). Total income (including donations) was therefore £20.9m (2022-23: £19.5m) and is illustrated in the pie chart.
**Income from all Sources 2024 – £20.9m** Academic fees and charges Residences, catering and conferences Investment return applied Other income Donations
_Fee income_ from UK and EU undergraduates is regulated and is significantly below the costs of education incurred by the College and the University. This is only partially offset by the extensive ancillary activity normally undertaken during the vacations to generate additional revenue.
_Commercial income_ increased to £1.4m (2022-23: £1.2m) with conference activity returning to prepandemic levels.
_Investment income_ recognised in the Consolidated Statement of Comprehensive Income and Expenditure was £6.1m (2022-23: £5.6m). The College has a spending rule that sets the maximum distribution at 3.75% of the average year-end value of the endowment for the preceding three years. The College’s spending rule is designed to reduce the effect on income of fluctuations in investment total return. In formulating this rule, the College had regard to the long term expected returns from funds invested in accordance with the College’s strategic asset allocation and to the unapplied total return on invested funds. The unapplied total return stands at £117.9m on 30 June 2024 (2023: £108.0m). The distribution from the College’s investments in 202324 was 3.75% of the average year-end value of the endowment in 2021, 2022 and 2023.
– 22 –
Since the adoption of the total return spending rule from July 2012, the purchasing power of the College’s Endowment has more than been maintained against inflation (estimated as CPI to CPI+1%).
## **Preservation of Endowment Purchasing Power**
**----- Start of picture text -----**
250
200
150
100
2012 2013 2014 2015 2016 2016 2018 2019 2020 2021 2022 2023 2024
Endowment CPI CPI+1%
**----- End of picture text -----**
_Expenditure_ of £16.4m (2023: £14.8m) was incurred, however this was offset by £0.9m from the one-off revision of the USS pension provision, resulting in adjusted expenditure of £15.5m. The breakdown of expenditure is illustrated in the pie chart.
## **Expenditure 2024 - £15.5m**
**----- Start of picture text -----**
Residences, catering
and conferences
Teaching
Other educational facilities
Scholarships and awards
Tutorial
Research
Admissions
Other expenditure
**----- End of picture text -----**
overall pension deficit provision down to £3.0m (2022-23 £4.2m) as shown in the charts. This decrease was primarily driven by the unwinding of the USS provision following the 2023 USS valuation exercise. There was also a £0.3m reduction in the CCFPS provision.
##
**----- Start of picture text -----**
0
-1000 2019–20 2020–21 2021–22 2022–23 2023–24
-2000
-3000
-4000
-5000
-6000
-7000
-8000
CCFPS USS CEFPS
**----- End of picture text -----**
2019-20 2020-21 2021-22 2022-23 2023-24 CCFPS (7,400) (6,189) (3,408) (3,296) (3,004) USS (571) (359) (846) (891) - CEFPS (13) (4) (2) - - **Total (7,984) (6,552) (4,256) (4,187) (3,004)**
## **Balance Sheet**
The consolidated balance sheet remained strong, with total reserves increasing by £15m to £259m (2023: £244m).
## **Reserves £’000**
**----- Start of picture text -----**
300,000
250,000 13,456
12,869
34,000
19,919
200,000 17,229
108,453 114,820
85,973
150,000 76,817 80,031
100,000
50,000 105,925 116,687 119,146 122,249 130,705
0
2020 2021 2022 2023 2024
Endowment Unrestricted Restricted
**----- End of picture text -----**
– 23 –
2020 2021 2022 2023 2024 Endowment 105,955 116,687 119,146 122,249 130,705 Unrestricted 76,817 80,031 85,973 108,453 114,820 Restricted 17,229 19,919 34,000 12,869 13,456
## **Endowment & Restricted Reserves £144m**
**----- Start of picture text -----**
Fellowship funds
Bursary funds
Other funds
Scholarship funds
Travel and research grant funds
Hardship funds
Prize funds
General endowments
**----- End of picture text -----**
## **Borrowing**
The College borrowed £10m from institutional investors in 2013-14 at a rate of approx. 4.4% repayable during the period 2043-2053, and a further £15m in 2019-20 through a private placement repayable in 2063 at 2.26%. There was no new borrowing in 2023-24.
College's activities, £50m of restricted Endowment assets, and £13m of restricted reserves for specified purposes.
The Trustees have set a target for free reserves to be equivalent to at least 6 months of operational expenditure.
## **Going Concern**
## **Reserves Policy**
Unrestricted reserves totalled £114.8m (2023: £108.5m). After taking account of £102.2m (2023: £95.1m) of operational fixed assets (including the domus site), this implies “free reserves” of £12.6m (2023: £13.4m) which is approximately 9 months (2023: 11 months) of College operational expenditure.
Free reserves provide a level of working capital to protect the College’s core operations, funding for unexpected opportunities, and cover for risks such as unforeseen expenditure or unanticipated loss. The ready marketability of some of the fixed assets and the reasonably predictable nature of the College's main classes of unrestricted income and expenditure are relevant in considering the appropriate level of free reserves. Furthermore, any future increases in pension provisions for past service will be funded over several years. There are also unrestricted Endowment assets of £81m which support the
Forecasts have been prepared for the period to 20242029 to stress test several scenarios on the College’s cash resources and unrestricted reserves. The Trustees are satisfied that the College has the resources required to continue its normal operations for the foreseeable future.
## **Investments**
The College makes long term investments to generate income to support its charitable activity, while also seeking to preserve the real value of its capital (after inflation) to maintain inter-generational equity between current and future beneficiaries. The main elements of the College’s **Investment Policy** are:
- an appropriate balance between expected risks and returns – the main classes of investment
– 24 –
The current allocation of the Consolidated Fund across asset classes is shown below.
currently held are equities, directly owned UK property and various non-equity ‘alternative investments’ including credit and hedge funds.
Asset Class Asset Target Allocation Allocation Equity inc Hedged Long & Short 38.7% 40-45% Private Equity (inc. Infrastructure) 21.9% 20-25% Real Assets / Property 18.5% 20-25% Other diversifiers (Absolute Return, Private Debt, Liquid Credit, Fixed Income) 12.1% 10-15% Cash / Near Cash 8.8% 0-5%
- Investment through, or on the advice of, carefully selected professional managers. The College’s external managers take ESG factors into account in their investment processes.
- A **Responsible Investment Policy** that commits to not holding direct investments in fossil fuel producers and their suppliers (from 2020) and to having no material indirect exposure to these firms (by 2030). The College seeks specific investment opportunities in sustainable businesses to help achieve the ambition of an investment portfolio with net zero greenhouse gas emissions.
- Oversight on behalf of the Trustees by an **Investments Committee** comprised of Fellows and members of the College with relevant professional experience.
The portfolio is currently slightly underweight equities and overweight cash compared to the target strategic asset allocation. The higher level of cash is due to funds being held in money market funds with Lombard Odier awaiting draw down by IFM for their Net Zero Global Infrastructure Fund.
performed well in 2023-24, whilst the retail and agricultural properties contributed only modest gains there were significant gains on securities. The property portfolio includes the College’s interest in the Darwin Green development (north Cambridge).
Manager Valuation £m Cambridge University Endowment Fund 37.8 Meridiem 22.3 Bidwells 21.7 Lombard Odier 21.3 Amundi ESG Global Low Carbon Fund 18.7 Willis Towers Watson Partners Fund 13.1 Partners Capital 9.9 Commonfund 9.9 UBS 9.3 Marylebone Lane Fund 6.1 Others 8.7
Total returns of about 10.6% (2023: 3.2%) were made on securities and about 4.6% (2023: 0.7%) on commercial and agricultural property holdings. There was an overall return of 9.7% (2023: 3.8%). Similarly to 2022-23, total returns from the College’s investments of £15.8m (2023: £6.1m) exceeded the amount appropriated to fund current spending of £6.1m (2023: £5.6m).
The investment return of the Consolidated Fund (inc Property) over the last 10 years is shown below, alongside the target portfolio return of CPI+4.25% and the MSCI All World public equity index. The MSCI index is shown for comparison purposes only; it is not the benchmark for the portfolio, given the portfolio’s allocation to public equities is less than 50%.
1 year 3 year 5 year 10 year (annualised) (annualised) (annualised) Consolidated fund 9.7% 6.1% 6.6% 8.3% MSCI ACWI net (GBP) 20.1% 8.6% 10.9% 11.8% CPI+4.25% 6.25% 10.6% 8.7% 7.2%
– 25 –
The chart below shows the College’s comparative investment performance against other Cambridge colleges over the previous 7 years (2016-17 to 202223). In interpreting the chart, it is important to understand that colleges have very different portfolio asset allocations (ranging from little property to upwards of 50% of the portfolio held in property; ranging from equities held entirely in public equities to substantial private equity holdings; etc.) and that there has been significant variation in returns from different asset classes in recent years.
**----- Start of picture text -----**
25
20
Bottom
15
10 Lower quartile
5
Median
0
-5 Upper quartile
-10 Top
-15 Financial year
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Christs
% return on investment
**----- End of picture text -----**
The chart also highlights the volatility of investment returns over time and therefore the importance of the College’s adoption of the ‘total return’ investment concept and the operation of the spending rule in providing relative stability in the amount applied to the annual income and expenditure account.
## **Cash Flow and Treasury Management**
Cash generated by all activities resulted in a decrease of £5.9m in cash balances, with cash of £4.1m held on 30 June 2024. The £4.1m consisted of £0.0m (2023: £6.0m) in fixed term bank deposits and £4.1m (2023: £4.0m) in current accounts. The College holds sufficient liquid funds to meet all normal contingencies.
Cash generation from operating activities amounted to £1.5m, a significant decrease from the £11.3m last year (last year’s figure included £9.5m of cash received for a donation accrued in 2021-22). Investing activities contributed a reduction of £7.4m of cash; this included capital expenditure of £9.0m.
**----- Start of picture text -----**
12000
10000
1,474
8000 -7,387
10,030
6000
4,117
4000
2000
0
Cash at Operating Investing Cash at
beginning activities activities end
of year of year
**----- End of picture text -----**
– 26 –
## **Treasury Management Policy**
The Trustees have set criteria for investing cash surplus to operational requirements.
**CRITERIA RATIONALE Term:** 3, 6, 9 or 12-month Longer term deposits attract higher interest; but reduce flexibility to meet unexpected expenditure. **Currency:** GBP Eliminate currency risk in relation to cash deposits. **Counterparty Limits:** To limit overall risk exposure to institutional failure. ‘Ringfenced’ UK Clearing Banks – £10m individual limit Other ‘Ringfenced’ UK Banks and Building Societies – £5m individual limit ‘Unringfenced’ Banks and Money Market Investments – £5m aggregate limit
## **Financial Key Performance Indicators (KPIs)**
|**KPI**
**Cash**
**1)**Average month-end current
account balance not to exceed
£5m over the fnancial year
**2)**Daily current account balance
not to exceed £10m for more
than 5 working days at a time|**RATIONALE**|1) Achieved 9 of 12 months.
2) Achieved
1The rebalancing of the investment
portfolio and timings of associated cash
fows meant that this target was missed
in both January and February. It was
narrowly missed in July 2023.
**RESULTS**|
|---|---|---|
||||
||Only necessary working
balances should be
maintained in the current
account; excess cash should
be invested in accordance with
the treasury management
policy.||
|**Prompt payment**
**3)**Purchase invoices paid on-
time >90%|The College should pay
invoices within agreed terms
(unless the invoice is queried).
|Estimated as achieved.|
|**Debtors**
**4)**Outstanding debt at end of
each Term <£50k (excluding
sponsorship debts and US loans
that are not credited termly)|Student, Fellowship and
commercial debt should be
collected promptly, reducing
the cost of recovery action and
risk of write-offs.
|Achieved 1 of 4 quarters. This KPI
proved hardest to achieve often due to
the timing of invoices. While the debts
were higher than the £50K target often
the debt wasn’t overdue for settlement
at the date of measurement.
Additionally in many cases student
debt includes fees to be collected by
College on behalf of the University and
therefore balanced by an equal creditor
in the accounts.|
||||
– 27 –
## **KPI RATIONALE RESULTS**
## **Accommodation**
**5)** Voids (u/g, p/g, Fellows’ flats) less than five at the start of each Term
A small number of voids are necessary to allow relocation in exceptional circumstances; but this needs to be minimised – an empty room costs c. £10,000 p.a.
Not achieved in all 4 quarters due to several factors. The purchase of a new hostel thereby providing additional capacity at the end of September 2023 and a smaller than normal cohort of 4th years resulted in a number of voids which, once the academic year begins,
## **Unrestricted surplus**
**6)** The College should budget for – and deliver – a surplus on unrestricted resources, including depreciation and unrestricted donations.
Any structural / sustained deficit on unrestricted resources would threaten the College’s financial sustainability.
Achieved
## **Free reserves**
**7)** The level of Free Reserves should be equivalent to at least 6 months of operational expenditure.
Free Reserves provides a Achieved measure of protection against unexpected / exceptional
– 28 –
## **2 Princi al Risks and Uncertainties p**
The Council has established policies and procedures to manage the major risks to which the College is exposed. There are six main types of risk, relating to:
- **Cultural:** including failing to be an inclusive and diverse community; failing to ensure all our Fellows and staff feel valued – resulting in difficulty in attracting students and attracting and retaining Fellows and staff, impact on well-being and mental health, poor outcomes, and reputational damage.
- **Education:** including inability to obtain enough high-quality teaching resources at an acceptable cost; inadequate admissions processes, including failure to recruit sufficient numbers of qualified and diverse students; major pastoral incident; major discipline incident – resulting in poor educational and or wellbeing outcomes, reputational damage, impacts on morale, and potential litigation.
- **Operations:** including pandemic/epidemic; failure to set and achieve appropriate environmental sustainability targets; major health and safety incident; major fire or flood; utility failures; key person risks; grievances; cyber security; online harm – resulting in health, educational and financial impacts, operational disruption, destruction of heritage buildings or other assets, employment disputes, and reputational damage.
- **Finance:** including Government control of UK Fees; risk of drop in international fees; inability to recover cost inflation; pension schemes funding; inadequate insurances; insufficient capital expenditure on maintenance of operational buildings; overambitious building programme; inappropriate strategic investment asset allocation; poor investment manager performance; reputational risk from donations – resulting in ongoing deficits that would force significant reductions in operations, higher pension contributions and disputes over pension benefits, unplanned losses, deterioration of assets, project delays and failures, poor investment returns, and reputational damage.
- **Regulation:** including data protection; safeguarding; PREVENT; freedom of speech; environmental damage / pollution – resulting in fines, remediation costs, and reputational damage.
- **Research:** including publication by a Fellow or student of controversial views and/or plagiarism; research uncovers issues with historic legacies, portraits, etc. linked to slavery or other exploitative practices – resulting in potential reputational damage.
There are, as always, uncertainties also regarding the future external environment within which the College will operate, most notably regarding higher education policy and funding. The Council considers however that the College will be able to respond effectively to changes in that environment.
## **Approval**
The 2023-24 Annual Report and Accounts were approved by the Trustees at a meeting of the College Council on 1st October 2024 and presented to the Governing Body on 15th October 2024.
I would like to thank all the College’s staff for their work during this year, including the Finance Team for the production of these accounts.
## Michael Parsons
## **Michael Parsons Bursar**
Christ’s College Cambridge
– 29 –
Auditors, Report
## **Independent auditors’ report to the Trustees of Christ’s College**
## **Opinion**
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 and College Balance Sheets, 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 applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
- give a true and fair view of the state of the Group’s and College’s affairs as at 30 June 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 accordance with the requirements of the Charities Act 2011 and the Statutes of the University of Cambridge.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities 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 Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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 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 Trustees with respect to going concern are described in the relevant sections of this report.
– 31 –
## **Other information**
The College Council are responsible for the other information. The other information comprises the information included in the Operating and Financial Review 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.
statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with 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 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Statutes of the University of Cambridge**
In our opinion based on the work undertaken in the course of the audit:
- The contribution due from the College to the University has been computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,II, 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 College and its environment obtained in the course of the audit, we have not identified material misstatements in the Operating and Financial Review.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- or
- the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the Trustees**
As explained more fully in the Responsibilities of the Trustees statement set out on page 6, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
are responsible for assessing the Group’s and College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the College or to cease operations, or have no realistic alternative but to do so.
– 32 –
## **Auditor’s responsibilities for the audit of**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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 decisions of users taken on
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- to the Group through discussions with Trustees and other management, and from our knowledge and experience of the education sector;
- we obtained an understanding of the legal and regulatory framework applicable to the Group and how the Group is complying with that framework;
- significant in the context of the Group. The Laws and regulations we considered in this context were Charities 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 direct effect on the financial statements but compliance with which might be fundamental to the Group’s ability to operate or to avoid material penalty; and
- communicated within the audit team regularly and the team remained alert to instances of noncompliance throughout the audit.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policy were indicative of potential bias; and
- unusual transactions.
- 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;
– 33 –
In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included, but were not limited 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 Group’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 less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilties. This 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 Cambridge and the Charities Act 2011. Our work has been undertaken so that we might state to the College Council those matters we are required to state to them in an Auditors’ Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the College’s Council as a body, for our audit work, for this report, or for the opinions we have formed.
## Peters Elworthy & Moore
## **PETERS ELWORTHY & MOORE**
## **Chartered Accountants and Statutory Auditors**
Salisbury House Station Road Cambridge CB1 2LA Date:
_Peters Elworthy & Moore is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006._
– 34 –
Financial Statements
11
11 Illiil
**Statement of Princi al Accountin Policies p g**
## **Basis of preparation**
accordance with the provisions of the statutes of the college and of the University of Cambridge, using the Recommended Cambridge College Accounts (RCCA) format; and applicable United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education issued in 2019.
The RCCA format was amended for 2023-24 in respect of pension provisions and as a result some 2022-23 expenditure figures have been restated. These changes did not alter the total comprehensive income for the year or the net assets at 30 June 2023.
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.
has applied the relevant public benefit requirement of the applicable UK laws and accounting standards.
## **Basis of accounting**
the historical cost convention, modified in respect of the treatment of investments, which are included at valuation.
## **Basis of consolidation**
College, its May Ball and its subsidiary undertakings. Details of the subsidiary undertakings included are set out in note 27. Intra-group balances are eliminated on consolidation.
the activities of student societies other than the May Ball and the Boat Club, since these are not material.
## **Recognition of income**
## _**Academic fees**_
Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsors. The costs of any fees waived or written off by the College are included as expenditure.
## _**Grant income**_
## **Going concern**
The Trustees have prepared forecasts for the period to 2025 based on a number of scenarios and have considered the impact upon the College and its cash resources and unrestricted reserves. The College also has significant investments which could be realised if required.
Based upon their review, the Trustees believe that the Group 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 basis in preparing the financial statements.
Grants received from non-government sources (including research grants from non-government sources) are recognised within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income and performance related conditions have been met.
Income received in advance of performance related conditions is deferred on the balance sheet and released to the Consolidated Statement of Comprehensive Income and Expenditure in line with such conditions being met.
– 36 –
## _**Donations and endowments**_
Non exchange 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 within restricted reserves until such time that it is utilised in line with such restrictions.
Donations and endowments with restrictions are classified as restricted reserves with additional disclosure provided within the notes to the accounts.
There are four main types of donations and endowments with restrictions:
1. that the donation must be used for a particular objective.
2. Unrestricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the College.
3. Restricted expendable endowments – the donor has specified a particular objective and the College can convert the donated sum into income.
4. 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.
Donations with no restrictions are recorded within the Consolidated Statement of Comprehensive Income and Expenditure when the College is entitled to the income.
## _**Investment income and change in value of investment assets**_
## _**Total return**_
With effect from 1 July 2012, the College has invested its endowment investment portfolio and allocated a proportion of the related earnings and capital appreciation to the income and expenditure account in accordance with the total return investment concept. The allocation to income is determined by a spending rule, which is designed to maintain an appropriate balance between annual levels of distribution from the endowment and the maintenance over time of the real value of the endowment.
Prior to 1 July 2012, all investment income was credited to the income and expenditure account in the period in which it was received.
## _**Other income**_
Income is received from a range of activities including accommodation, catering, conferences and other services rendered.
## _**Cambridge Bursary Scheme**_
Since 2019-20, payment of Cambridge Bursaries to eligible students has been made directly by the Student Loans Company (SLC). The College reimburses the SLC for the full amount paid to its eligible students and the College subsequently receives a contribution from the University of Cambridge towards this payment.
The net payment has been shown within the Consolidated Statement of Comprehensive Income and Expenditure as follows:
2024 2023 £’000 £’000 Income (see note 1) 61 93 Expenditure (208) (249) **Net payment 147 156**
– 37 –
## **Foreign currency translation**
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates or, where there are forward foreign exchange contracts, at contract rates. The resulting exchange differences are dealt with in the determination of the comprehensive income and expenditure for the financial year.
## **Fixed assets**
## _**Land and buildings**_
The buildings on the main College site have been valued at depreciated replacement cost. The value of the land on the main College site has not been capitalised.
lives, they are accounted for as separate items of
Costs incurred in relation to land and buildings after initial purchase or construction, and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the College.
Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight line basis over their expected useful lives as follows:
**Specialised buildings constructed pre-1950 75 years**
**Specialised buildings constructed post-1950, Flats & hostels 50 years**
Leasehold land is depreciated over the life of the lease up to a maximum of 50 years.
Buildings under construction are valued at cost, based on the value of architects’ certificates and other direct costs incurred. They are not depreciated until they are brought into use.
The cost of additions to operational property shown in the balance sheet includes the cost of land.
##
£20k per individual item or group of related items is written off in the year of acquisition. All other assets are capitalised and depreciated over their expected useful life as follows:
**Furniture and fittings 10 years Motor vehicles and general equipment 10 years Computer equipment and fire alarms 5 years**
## _**Heritage assets**_
The College holds and conserves a number of collections, exhibits, artefacts and other assets of historical, artistic or scientific importance. Heritage assets acquired before 1 July 1999 have not been capitalised since reliable estimates of cost or value are not available on a cost-benefit basis. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.
## **Investments**
Fixed asset investments are included in the balance sheet at market value. Listed securities are included at published prices. Unlisted securities are included at managers’ valuations, which are prepared in accordance with accepted accounting standards. Overseas investments are translated into sterling at the rates ruling at the balance sheet date.
The College’s investment in its development subsidiary is valued on the expected future cash flows of the company, discounted at an appropriate rate. Development land is valued by the Bursar, after discussion with professional advisers, using expected future cash flows, discounted at an appropriate rate.
Investment properties are valued by management with professional advice on an annual basis, and by professional valuers, following RICS guidelines, every five years. The last professional valuation was at 30 June 2023.
Investment income from securities is included as and when dividends and interest become payable. Interest on bank deposits is included on an accrual basis. Income from investment properties is recognised in the period in which the rental relates.
– 38 –
## **Stocks**
Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items.
## **Provisions**
Provisions are recognised when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
## **Financial assets**
receivables, cash and cash equivalents and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, 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 objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income.
## **Contingent liabilities and assets**
A contingent liability arises from a past event that gives the College a possible obligation whose existence 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 outflow 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 possible 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 FRS 102 in respect of the recognition, measurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into.
impairment loss 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.
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 impairment. Investments in property or other physical assets do not constitute a financial instrument and are not included.
Financial 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.
only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
– 39 –
## **Financial Liabilities**
payables, bank loans and intergroup loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised 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.
Derivatives, including forward foreign exchange contracts, 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 recognised in the Statement of Comprehensive Income in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.
To the extent that the College enters into forward foreign exchange contracts which remain unsettled at the reporting date the fair value of the contracts is reviewed at that date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The College does not apply any hedge accounting in respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies.
## **Taxation**
The College is a registered charity (number 1137540) and also a charity within 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 within the categories 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 gains are applied to exclusively charitable purposes.
The College receives no similar exemption in respect of Value Added Tax.
## **Contribution under Statute G, II**
The College is liable to be assessed for Contribution under the provisions of Statute G,II of the University of Cambridge. Contribution is used to fund grants to colleges from the Colleges Fund. The liability for the year is as advised to the College by the University based on an assessable amount derived from the value of the College’s assets as at the end of the previous financial year.
## **Pension costs**
benefit pension schemes, Cambridge Colleges Federated Pension Scheme (CCFPS) and the Church of England Funded Pension Scheme (CEFPS), a hybrid scheme, Universities Superannuation Scheme (USS), and two defined contribution pension schemes, Cambridge Colleges Group Pension Plan, which is administered by Aviva, and NOW: Pensions Trust. The assets of the schemes are held in separate trustee administered funds.
Pension costs are accounted for on the basis of charging the cost of providing pensions over the period during which the College benefits from the Fellows’ or employees’ services.
## _**Cambridge Colleges Federated Pension Scheme (CCFPS)**_
In the case of the CCFPS, costs comprise service and
Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires.
– 40 –
## _**Universities Superannuation Scheme (USS)**_
The College participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme’s Recovery Plan. Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The institution recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. Further disclosures relating to the deficit recovery liability can be found in note 26.
_**Church of England Funded Pension Scheme (CEFPS)**_
As for the USS, because of the mutual nature of the CEFPS scheme, the College is unable to identify its share of the underlying assets and liabilities of each scheme on a consistent and reasonable basis and therefore accounts for the scheme as if it were a defined contribution scheme. The amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period and in addition there is also a deficit recovery plan in place for the CEFPS and a liability has been recognised for the contributions payable by the College under the plan.
##
compensated absences are recognised 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 restricted and unrestricted reserves. Endowment reserves include balances which, in respect of endowment to the College, are held as permanent funds, which the College must hold to perpetuity.
Restricted reserves 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 Estimates and Judgements**
The preparation of the College’s accounts 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 associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, 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**_
## _**Cambridge Colleges Group Pension Plan**_
_**(administered by Aviva) and the NOW: Pensions Trust**_
contribution schemes, hence the cost charged to the Income and Expenditure Account represents the employer contributions due in the financial year.
Judgement is applied in determining the value and timing of certain income items to be recognised in the accounts. This includes determining when performance related conditions have been met and determining the appropriate recognition timing for donations, bequests and legacies. In general, the latter are recognised when at the probate stage.
– 41 –
## _**Useful lives of property, plant and equipment**_
proportion of the College’s total assets. Therefore the estimated useful lives can have a significant impact on the depreciation charged and the College’s reported performance. Useful lives are determined at the time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with similar assets, professional advice and anticipation of future events. Details of the carrying values of property, plant and equipment are shown in note 9.
## _**Recoverability of debtors**_
The provision 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 historically, coupled with current economic knowledge. The provision is based on the current situation of the customer, the age profile of the debt and the nature of the amount due.
##
The cost of defined benefit pension plans [and other post-employment benefits] are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in note 26.
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 approving the accounts.
The latest USS triennial valuation no longer requires a deficit recovery plan and liability previously recognised on the balance sheet has been reversed. Further details are set out in note 26.
## _**Investment property**_
Commercial and agricultural properties are revalued to their fair value at the reporting date by professional valuers. The valuation is based on assumptions and judgements which are impacted by a variety of factors including market and other economic conditions.
– 42 –
## **Consolidated Statement of Comprehensive Income and Expenditure**
_**Year ended 30 June 2024**_
|2024
2023 RESTATED|Total
£000|3,618|4,761|116|5,562|-|**14,057**|2,414|2,984|1|**19,456**||6,635|7,039|960|86|75|**14,795**|**4,661**|(846)|598|**4,413**||39|**4,452**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Endowment
£000|-|-|-|-|-|**-**|-|2,984|-|**2,984**||-|-|-|-|-|**-**|**2,984**|-|443|**3,427**||-|**3,427**|
||Restricted
£000|-|-|-|1,910|-|**1,910**|858|-|1|**2,769**||2,680|17|84|-|26|**2,807**|**(38)**|-|46|**8**||-|**8**|
||Unrestricted
£000|3,618|4,761|116|3,652|-|**12,147**|1,556|-|-|**13,703**||3,955|7,022|876|86|49|**11,988**|**1,715**|(846)|109|**978**||39|**1,017**|
||Total
£000|3,987|5,235|367|6,057|201|**15,847**|2,529|1,539|995|**20,910**||7,328|7,862|1,117|(872)|77|**15,512**|**5,398**|-|9,771|**15,169**||241|**15,410**|
||Endowment
£000|-|-|-|-|-|**-**|-|1,539|-|**1,539**||-|-|-|-|-|**-**|**1,539**|-|7,079|**8,618**||-|**8,618**|
||Restricted
£000|-|-|-|2,096|-|**2,096**|536|-|995|**3,627**||3,015|64|-|-|29|**3,108**|**519**|-|741|**1,260**||-|**1,260**|
||Unrestricted
£000|3,987|5,235|367|3,961|201|**13,751**|1,993|-|-|**15,744**||4,313|7,798|1,117|(872)|48|**12,404**|**3,340**|-|1,951|**5,291**||241|**5,532**|
||Note
Income|Academic fees and charges 1|Accommodation, catering and conferences 2|Interest receivable 3|Total investment return applied 3|Other income|**Total income before donations and endowments**|Donations|New endowments|Capital grants for assets|**Total income**|**Expenditure**|Education 4|Accommodation, catering and conferences 5|Other expenditure 6|Change in USS pension defcit recovery
provision contributions 8, 16|Contribution under Statute G,II (Colleges Fund)|**Total expenditure 7**|**Surplus/(defcit) before other gains and losses**|Gain/(loss) on disposal of fxed assets 9|Total investment return retained 3|**Surplus/(defcit) for the year**|**Other comprehensive income**|Actuarial gain/(loss) on pension schemes 16|**Total comprehensive income for the year**|
– 43 –
## **Statement of Changes in Reserves**
## _**Year ended 30 June 2024**_
Income and expenditure reserve Note Unrestricted Restricted Endowment Total £000 £000 £000 £000 Balance at 1 July 2023 108,453 12,869 122,249 243,571 Surplus/(Deficit) from income and expenditure statement 5,291 1,260 8,618 15,169 Other comprehensive income 241 - - 241 Release of restricted capital funds spent during the year 975 (975) - - Transfers between funds (140) 302 (162) - **Balance at 30 June 2024 114,820 13,456 130,705 258,981**
Income and expenditure reserve Note Unrestricted Restricted Endowment Total £000 £000 £000 £000 Balance at 1 July 2022 85,973 34,000 119,146 239,119 Surplus/(Deficit) from income and expenditure statement 978 8 3,427 4,413 Other comprehensive income 39 - - 39 Release of restricted capital funds spent during the year 21,645 (21,645) - - Transfers between funds (182) 506 (324) - **Balance at 30 June 2023 108,453 12,869 122,249 243,571**
The notes on pages 47 to 68 form part of these accounts
– 44 –
## **Consolidated and College Balance Sheets as at 30 June 2024**
2024 2024 2023 2023 Consolidated College Consolidated College Note £000 £000 £000 £000 **Non-current Assets** Fixed assets 9 102,211 102,211 95,094 95,094 Investments 10 178,842 178,842 168,186 168,186 **Total non-current assets 281,053 281,053 263,280 263,280 Current assets** Stocks 11 75 75 75 75 Trade and other receivables 12 3,690 3,705 2,301 2,317 Cash and cash equivalents 13 4,117 4,083 10,030 9,990 **Total current assets 7,882 7,863 12,406 12,382 Creditors: amounts falling due within one year** 14 (1,950) (1,937) (2,927) (2,939) **Net current assets 5,932 5,926 9,479 9,443 Total Assets less current liabilities 286,985 286,979 272,759 272,723 Creditors: amounts falling due after more than one year** 15 (25,000) (25,000) (25,000) (25,000) **Provisions** Pension provisions 16 (3,004) (3,004) (4,188) (4,188) **Total net assets 258,981 258,975 243,571 243,535 Restricted reserves** Income and expenditure reserve – endowment reserve 17 130,705 130,705 122,249 122,249 Income and expenditure reserve – restricted reserve 18 13,456 13,456 12,869 12,869 **Unrestricted Reserves** Income and expenditure reserve – unrestricted 114,820 114,814 108,453 108,417 **Total Reserves 258,981 258,975 243,571 243,535**
## Michael Parsons
## **Michael Parsons**
Bursar, Christ’s College, Cambridge
The notes on pages 47 to 68 form part of these accounts
– 45 –
## **Consolidated Cash Flow Statement**
## _**For the year ended 30 June 2024**_
2024 2023 Note £000 £000 Net cash inflow from operating activities 20 1,474 11,259 Cash flows from investing activities 21 (7,387) (11,707) Cash flows from financing activities 22 - - **Increase/(decrease) in cash and cash equivalents in the year** (5,913) (448) Cash and cash equivalents at beginning of the year 10,030 10,478 **Cash and cash equivalents at end of the year** 23 4,117 10,030 The notes on pages 47 to 68 form part of these accounts
– 46 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
**1 Academic fees and charges** 2024 2023 £000 £000 Colleges fees: Fee income received at the Regulated Undergraduate rate 1,416 1,588 Fee income received at the Unregulated Undergraduate rate 1,415 1,026 Fee income received at the Postgraduate rate 1,095 911 Cambridge Bursary Scheme reimbursement 61 93 **Total 3,987 3,618 2 Income from accommodation, catering and conferences** 2024 2023 £000 £000 Accommodation College members 3,167 2,895 Conferences 769 722 Catering College members 688 639 Conferences 611 505 **Total 5,235 4,761 3 Endowment return and investment income** 2024 2023 £000 £000 **3a** Analysis Total investment return applied (see note 3b) 6,057 5,562 Other interest receivable 367 116 **Total 6,424 5,678**
– 47 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
**3 Endowment return and investment income** 2024 2023 £000 £000 **3b** Summary of total return Income from: Land and buildings 1,011 1,066 Quoted and other securities and cash 3,180 2,665 **4,191 3,731** Gains/(losses) on investments (see note 10): Land and buildings 155 771 Quoted and other securities and cash 12,115 2,147 **12,270 2,918** Investment management costs (see note 3c) (633) (489) **Total return for year 15,828 6,160** Total investment return applied (see note 3a) (6,057) (5,562) **Total investment return retained (see note 19) 9,771 598 3c** Investment management costs Land and buildings (158) (142) Securities (475) (347) **Total (633) (489)**
The costs shown for Securities include all investment fees invoiced to the College. It should be noted that other investment costs are also incurred within investment funds. Investments are valued net of all such costs and the total return shown in Note 3b is also net of all such costs.
**4 Education expenditure** 2024 Restated 2023 £000 £000 Teaching 2,016 1,762 Tutorial 973 935 Admissions 446 417 Research 941 916 Scholarships and awards 1,293 1,072 Other educational facilities 1,659 1,533 **Total 7,328 6,635**
– 48 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
**5 Accommodation, catering and conferences expenditure** 2024 2023 £000 £000 Accommodation College members 5,270 4,852 Conferences 850 718 Catering College members 1,074 915 Conferences 668 554 **Total 7,862 7,039**
**6 Other expenditure** 2024 2023 Restated £000 £000 Loan interest 797 766 FRS 102 USS pension interest charge 20 32 Donations – funded - 84 Other general and administrative 300 78 **Total 1,117 960**
**7a Analysis of 2023/2024 expenditure by activity** Staff Other Depreciation Total costs operating (note 9) (note 8) expenses £000 £000 £000 £000 Education 2,751 4,031 546 7,328 Accommodation, catering and conferences 4,037 2,488 1,337 7,862 Other - 1,117 - 1,117 Change in USS pension deficit recovery provision contributions (872) - - (872) Contribution under Statute G, II - 77 - 77 **Totals 5,916 7,713 1,883 15,512**
Expenditure includes fundraising costs of £0.4m. This expenditure includes the costs of alumni relations.
– 49 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
**7b Analysis of 2022/2023 expenditure by activity (RESTATED)** Staff Other Depreciation Total costs operating (note 9) (note 8) expenses £000 £000 £000 £000 Education 2,706 3,670 259 6,635 Accommodation, catering and conferences 3,729 2,204 1,106 7,039 Other - 960 - 960 Change in USS pension deficit recovery provision contributions 86 - - 86 Contribution under Statute G, II - 75 - 75 **Totals 6,521 6,909 1,365 14,795**
Expenditure includes fundraising costs of £0.5m. This expenditure includes the costs of alumni relations.
**7c Auditors’ remuneration** 2024 2023 £000 £000 Other operating expenses include: Audit fees payable to the College’s external auditors 38 45 Other fees payable to the College’s external auditors 1 1
**8a Staff costs** Consolidated Academic Non- 2024 2023 academic Total Total Staff costs: £000 £000 £000 £000 Salaries 1,380 4,158 5,538 5,257 National Insurance 153 363 516 485 Pension contributions 210 564 774 766 Net change in USS deficit recovery provision (see Note 16) (912) - (912) 13 **Subtotal of pension costs (see Note 8b.) (702) 564 (138) 779 Total 831 5,085 5,916 6,521**
Based on the 2023 valuation of the Universities Superannuation Scheme (USS), the impact of the net change in the USS deficit recovery provision is a credit of £912K (2023: debit £13K). This comprises a non-cash credit resulting from the change in assumptions, including the discount rate, of £872K (2023: debit £86K) and cash contributions made to reduce the deficit in the year of £40K (2023: £73K).
– 50 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
Average staff numbers: 2024 2023 Number of Staff (FTE) Number of Staff (FTE) Fellows Fellows Academic (numbers of stipendiary fellows ) 55 1 57 5 Non-academic 4 117 2 108
The Subject Advisors are the academic staff members; and the Master, Bursar, Development Director (from September 2023), Chaplain, and Director of College Services (from February 2024) are the non-academic Fellows.
At the Balance Sheet date, there were 79 members of the Governing Body. During the year, the average number receiving remuneration was the 59 shown above.
the following ranges was:
2024 2023 Total Total Total £100,001 - £110,000 1 1 £110,001 - £120,000 2 - £120,001 - £130,000 1 1
Remuneration includes salary, employer’s national insurance contributions, employer’s pension contributions plus any taxable benefits either paid, payable or provided, gross of any salary sacrifice arrangements.
## **Key management personnel**
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College. The aggregated remuneration paid to key management personnel consists of salary, employer’s national insurance contributions, employer’s pension contributions, plus any taxable benefits either paid, payable or provided, gross of any salary sacrifice arrangements.
2024 2023 £000 £000 Aggregated remuneration 640 616
The trustees of the college, i.e. the College Council, are also the key management personnel.
The members of College Council received no emoluments in their capacity as trustees of the charity, however they received the remuneration shown above in their capacity as college officers.
– 51 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
**8b Pension costs** The total pension cost included in staff costs for the year (see note 8a) was: Employer Provisions Employer Provisions contributions (Note 16) Total contributions (Note 16) Total 2024 2024 2024 2023 2023 2023 £000 £000 £000 £000 £000 £000 USS 220 (912) (692) 255 13 268 CCFPS 324 (51) 273 349 (72) 277 CEFPS 8 - 8 4 (2) 2 CCGPPS 181 - 181 161 - 161 Now 92 - 92 71 - 71 **Total 825 (963) (138) 840 (61) 779**
## **9 Fixed assets**
Consolidated and College Land Buildings Assets in Equipment 2024 2023 construction Total Total £000 £000 £000 £000 £000 £000 **Cost or valuation** At beginning of year 10,021 93,823 - 3,283 107,127 99,892 Additions - 8,226 114 660 9,000 9,358 Transfers - - - - - (1,234) Disposals - - - (338) (338) (889) At end of year 10,021 102,049 114 3,605 115,789 107,127 **Depreciation** At beginning of year - 10,272 - 1,761 12,033 10,711 Charge for the year - 1,608 - 275 1,883 1,365 Eliminated on disposals - - - (338) (338) (43) At end of year - 11,880 - 1,698 13,578 12,033 **Net book value** At beginning of year 10,021 83,551 - 1,522 95,094 89,181 At end of year 10,021 90,169 114 1,907 102,211 95,094
The insured value of freehold land and buildings as at 30 June 2024 was £233.6m (2023: £164.5m).
– 52 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
**10 Investments** Consolidated College Consolidated College 2024 2024 2023 2023 £000 £000 £000 £000 Balance at beginning of year 168,186 168,186 160,839 160,839 Additions 16,045 16,045 7,388 7,388 Disposals (28,501) (28,501) (3,227) (3,227) Transfers - - 1,234 1,234 Gain/(loss) 12,269 12,269 2,918 2,918 Increase/(decrease) in cash balances held at investment managers 10,843 10,843 (966) (966) Balance at end of year 178,842 178,842 168,186 168,186 Represented by: Property 23,711 23,711 24,889 24,889 Securities 142,243 142,243 141,252 141,252 Investments in subsidiary undertakings - - - - Cash at investment managers 12,878 12,878 2,035 2,035 Cambridge Colleges Funding PLC 10 10 10 10 178,842 178,842 168,186 168,186
Property includes certain land holdings valued by management, after discussion with the College’s professional advisers, at £2.0m (2023: £2.0m).
**11 Stocks and work in progress** Consolidated College Consolidated College 2024 2024 2023 2023 £000 £000 £000 £000 Goods for resale 75 75 75 75 75 75 75 75
– 53 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
## **12 Trade and other receivables**
Consolidated College Consolidated College 2024 2024 2023 2023 £000 £000 £000 £000 Members of the College 68 68 89 89 Amounts due from subsidiary undertakings - - - - Other receivables 497 512 683 699 Prepayments and accrued income* 3,125 3,125 1,529 1,529 3,690 3,705 2,301 2,317
## **13 Cash and cash equivalents**
Consolidated College Consolidated College 2024 2024 2023 2023 £000 £000 £000 £000 Bank deposits - - 6,000 6,000 Current accounts 4,117 4,083 4,029 3,989 Cash in hand - - 1 1 4,117 4,083 10,030 9,990
## **14 Creditors: amounts falling due within one year**
Consolidated College Consolidated College 2024 2024 2023 2023 £000 £000 £000 £000 Trade creditors 466 466 812 812 Members of the College 105 105 96 96 Amounts due to subsidiary undertaking - 67 - 12 University fees 250 250 655 655 Contribution to Colleges Fund 77 77 75 75 Other creditors 175 145 288 288 Accruals and deferred income 877 827 1,001 1,001 1,950 1,937 2,927 2,939
– 54 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
**15 Creditors: amounts falling due after more than one year** Consolidated College Consolidated College 2024 2024 2023 2023 £000 £000 £000 £000 Other loan 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
During 2013-14, the College borrowed from institutional investors, collectively with other Colleges, the College's share being £10 million. The loans are unsecured and repayable during the period 2043-2053, and are at fixed interest rates of approximately 4.4%. The College has agreed a financial covenant of the ratio of Borrowings to Net Assets, and has been in compliance with the covenant at all times since incurring the debt.
2.26%. The loan matures on 12 December 2063.
## **16 Pension provisions – Consolidated and College**
CCFPS USS 2024 2023 Restated £000 £000 £000 £000 Balance at beginning of year (3,296) (892) (4,188) (4,255) Movement in year: Current service cost including life assurance (CCFPS) (149) - (149) (201) Contributions 383 - 383 405 Other finance income/(cost) (173) (20) (193) (163) Actuarial (loss)/gain recognised in Statement of Comprehensive Income and Expenditure (CCFPS) 241 - 241 39 Net change in underlying assumptions (see Note 8) – – Change in recovery plan, discount rate or contribution assumptions (USS & CEFPS) (10) 872 862 (86) – USS deficit contributions payable - 40 40 73 Balance at end of year (3,004) - (3,004) (4,188)
– 55 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
**17 Endowment funds** Restricted net assets relating to endowments are as follows: Consolidated and College Unrestricted Restricted permanent permanent 2024 2023 endowments endowments Total Total £000 £000 £000 £000 **Balance at beginning of year** Capital 76,579 45,670 122,249 119,146 New donations and endowments 40 1,499 1,539 2,984 Transfers - (162) (162) (324) Total investment return retained 4,440 2,639 7,079 443 **Balance at end of year 81,059 49,646 130,705 122,249 Analysis by type of purpose** Fellowship funds - 12,695 12,695 11,969 Scholarship funds - 6,770 6,770 5,414 Prize funds - 177 177 167 Hardship funds - 629 629 589 Bursary funds - 15,477 15,477 14,789 Travel and research grant funds - 2,703 2,703 2,183 Other funds - 11,195 11,195 10,559 General endowments 81,059 - 81,059 76,579 **81,059 49,646 130,705 122,249 Analysis by asset** Property 10,720 6,480 17,200 18,029 Securities 64,311 38,876 103,187 102,319 Cash at investment managers 5,822 3,520 9,342 1,475 Cash in hand 206 - 206 166 Debtors - 770 770 260 **81,059 49,646 130,705 122,249**
– 56 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
**18 Restricted Reserves** Reserves with restrictions are as follows: Consolidated and College Capital Permanent Restricted 2024 2023 Grants unspent expendable Total Total unspent and other endowment restricted income £000 £000 £000 £000 £000 **Balance at beginning of year** Capital 1,244 - 5,706 6,950 27,659 Accumulated income 87 4,695 1,137 5,919 6,341 New grants 996 - - 996 1 New donations - - 536 536 858 Total investment return applied 48 1,804 243 2,095 1,910 Total investment return retained 77 272 392 741 46 Expenditure (1) (1,992) (1,115) (3,108) (2,807) Capital grants utilised (975) - - (975) - Transfers - 33 269 302 (21,139) **Balance at end of year 1,476 4,812 7,168 13,456 12,869** Capital 1,336 - 6,199 7,535 6,950 Accumulated income 140 4,812 969 5,921 5,919 **1,476 4,812 7,168 13,456 12,869 Analysis by type of purpose** Fellowship Funds - 1,449 3,552 5,001 5,011 Scholarship Funds - 271 1,308 1,579 893 Prize Funds - 36 - 36 29 Hardship Funds - 262 - 262 247 Bursary Funds - 1,055 1,399 2,454 2,111 Travel Grant Funds - 432 391 823 775 Other Funds 1,476 1,307 518 3,301 3,803 **1,476 4,812 7,168 13,456 12,869 Analysis by asset** Property 196 638 950 1,784 1,890 Securities 1,174 3,826 5,701 10,701 10,723 Cash at investment managers 106 347 517 970 155 Cash in hand - 1 - 1 1 Debtors - - - - 100 **1,476 4,812 7,168 13,456 12,869** – 57 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
## **19 Memorandum of Unapplied Total Return**
Included within reserves the following amounts represent the Unapplied Total Return of the College: 2024 2023 £000 £000 Unapplied Total Return at beginning of year 108,039 107,441 Unapplied Total Return for year (see note 3b) 9,771 598 Unapplied Total Return at end of year 117,810 108,039
**20 Reconciliation of [consolidated] surplus for the year to net cash inflow from operating activities** 2024 2023 £000 £000 Surplus/(deficit) for the year 15,169 4,413 Adjustment for non-cash items Depreciation 1,883 1,365 Loss/(gain) on endowments, donations and investment property (12,270) (2,917) Decrease/(increase) in stocks - (11) Decrease/(increase) in trade and other receivables (1,389) 8,602 Increase/(decrease) in creditors (977) (164) Pension costs less contributions payable (942) (29) **Net cash inflow from operating activities** 1,474 11,259
##
2024 2023 £000 £000 Non-current investment disposal 28,501 4,072 Investment additions (16,045) (7,387) Fixed asset additions (9,000) (9,358) Change in cash held at investment managers (10,843) 966 **Total cash flows from investing activities** (7,387) (11,707)
– 58 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
New unsecured loans - - **Total cash flows from financing activities** - -
**Cash flows from:** Operating activities 1,474 11,259 Investing activities (7,387) (11,707) Financing activities - - **Total cash flows** (5,913) (448)
**Cash and cash equivalents** 10,030 (5,913) 4,117 **Borrowings: Amounts falling due after more than one year** Unsecured loans (25,000) - (25,000) **Net total** (14,970) (5,913) (20,883)
– 59 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
**24 Financial Instruments** 2024 2023 £000 £000 **Financial assets** Listed equity investments 51,837 55,050 Other equity investments 89,746 85,241 Loan notes 660 744 **Subtotal 142,243 141,035** Cash and cash equivalents 16,996 12,066 Other debtors 565 2,516 **159,804 155,617** Financial liabilities Loans 25,000 25,000 Trade creditors 466 812 Other creditors 530 2,115 **25,996 27,927**
Accruals, prepayments, deferred income and the accrued contribution to Colleges Fund are excluded from the debtor and creditor figures taken from notes 12 and 14. The cash and cash equivalents figure includes the £12.9m of cash at investment managers (including £11.3m of money market funds) in Note 10 and the £4.1m of cash in Note 13.
**25 Capital commitments** 2024 2023 £000 £000 Capital commitments at 30 June are as follows: Authorised and contracted £6.0m £13.3m
– 60 –
## **Notes to the Accounts**
_**For the year ended 30 June 2024**_
## **26 Pension schemes**
(CCFPS) and the Church of England Funded Pension Scheme (CEFPS), one hybrid scheme, the Universities Superannuation Scheme (USS), and two defined contribution schemes, Cambridge Colleges Group Personal Pension Scheme and Now: Pensions scheme.
The total pension cost, after personal health insurance contributions, for the year to 30 June 2024 is detailed in note 8.
## **Universities Superannuation Scheme**
The total (credit) / cost (released)/charged to the Income and Expenditure account is credit (£0.9m) (2023: £0.3m).
Deficit recovery contributions due within one year for the college are Nil (2023: £70k).
over the period 1 April 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 was no longer required to make deficit recovery contributions from 1 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 date), and 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.
introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.
Statement of Funding Principles (uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles).
Pension increases (CPI) Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030
Pension increases (subject to a floor of 0%) Benefits with no cap: CPI assumption plus 3bps Benfits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3 bps Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2. 5% p.a. Post retirement: 0.90% p.a.
– 61 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
The main demographic assumptions used relate to the mortality assumptions. These assumptions 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 valuation**
Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females
Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females
The current life expectancies on retirement at age 65 are:
2024 2023 Males currently aged 65 (years) 23.7 24.0 Females currently aged 65 (years) 25.6 25.6 Males currently aged 45 (years) 25.4 26.0 Females currently aged 45 (years) 27.2 27.4
## **Cambridge Colleges Federated Pension Scheme**
Pension Scheme.
The liabilities of the plan have been calculated, at 30 June 2024, for the purposes of FRS102 using a valuation system designed for the Management Committee, acting as Trustee of the Cambridge Colleges’ Federated Pension Scheme, but allowing for the different assumptions required under FRS102 and taking fully into consideration changes in the plan benefit structure and membership since that date.
The principal actuarial assumptions at the balance sheet date were as follows:
2024 2023 % p.a. % p.a. Discount rate 5.10 5.20* Increase in salaries: To 2030 2.85 3.30* From 2031 3.85 3.30* Retail Prices Index (RPI) assumption 3.35 3.40* Consumer Prices Index (CPI) assumption: To 2030 2.35 2.80* From 2031 3.35 2.80* Pension increases in payment (RPI max 5% p.a.) 3.15 3.30* Pension increases in payment (CPI max 2.5%) 2.00 2.05*
*For 1 year only, we assumed that RPI will be 9% and CPI will be 7% (2022: 11% and 9% respectively). The caps under the rules are applied to assumed pension increases.
– 62 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
The underlying mortality assumption is based upon the standard table known as 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 factor (7.0) and no allowance for additional improvements (2023: S3PA on a year of birth usage with CMI_2022 future improvement factors and a long-term rate of future improvement of 1.25% per annum, a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expectancies:
- Male age 65 now has a life expectancy of 21.4 years (previously 21.4 years).
- Female age 65 now has a life expectancy of 23.9 years (previously 23.9 years).
- Male age 45 now and retiring in 20 years has a life expectancy of 22.6 years (previously 22.6 years).
- Female age 45 now and retiring in 20 years has a life expectancy of 25.3 years (previously 25.3 years).
Members are assumed to retire at their normal retirement age (65) apart from in the following indicated cases:
Male Female Active Members – Option 1 Benefits 64 64 Deferred Members – Option 1 Benefits 63 62
Allowance has been made at retirement for non-retired members to commute part of their pension for a lump sum on the basis of the current commutation factors in these calculations.
The amounts recognised in the balance sheet as at 30 June 2024 (with comparative figures as at 30 June 2023) are as follows:
30 June 2024 30 June 2023 £’000 £’000 Market value of plan assets 10,027 9,835 Present value of plan liabilities (13,031) (13,132) Net defined benefit asset/(liability) (3,004) (3,296)
The amounts recognised in the income and expenditure account for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows:
30 June 2024 30 June 2023 £’000 £’000 Current service cost 124 175 Administrative expenses 26 26 Interest on net defined benefit (asset)/liability 172 130 (Gain)/loss on plan changes 10 - Curtailment (gain)/loss - - Total charge 332 331
– 63 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
Changes in the present value of the plan liabilities for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows:
30 June 2024 30 June 2023 £’000 £’000 Present value of plan liabilities at beginning of period 13,132 15,211 Current service cost 124 175 Employee contributions 12 12 Benefits paid (788) (825) Interest on plan liabilities 665 566 Actuarial losses/(gains) (124) (2,007) (Gain)/loss on plan changes 10 - Curtailment (gain)/loss - - Present value of Scheme liabilities at end of period 13,031 13,132
Changes in the fair value of plan assets for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows:
30 June 2024 30 June 2023 £’000 £’000 Market value of plan assets at beginning of period 9,835 11,803 Contributions paid by the College 383 404 Employee contributions 12 12 Benefits paid (788) (825) Administrative expenses (32) (37) Interest on plan assets 493 435 Return on assets, less interest included in I&E 124 (1,957) Market value of Scheme assets at end of period 10,027 9,835 Actual return on plan assets 618 (1,521)
– 64 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
The major categories of plan assets as a percentage of total Scheme assets at 30 June 2024 (with comparative figures at 30 June 2023) are as follows:
30 June 2023 30 June 2023 Equities 46% 49% Bonds & Cash 42% 38% Property 12% 13% Total 100% 100%
college.
(OCI) for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) is as follows:
30 June 2024 30 June 2023 £’000 £’000 Return on assets, less interest included in I&E 124 (1,957) Expected less actual plan expenses (7) (11) Experience gains and losses arising on plan liabilities 80 (1,319) Changes in assumptions underlying the present value of plan liabilities 44 3,326 Remeasurement of net defined benefit liability recognised in OCI 241 39
Movements in the net defined benefit asset/(liability) during the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows:
30 June 2024 30 June 2023 £’000 £’000 Net defined benefit asset/(liability) at beginning of year (3,296) (3,408) Recognised in I&E (332) (331) Contributions paid by the College 383 404 Re-measurement of net defined benefit liability recognised in the OCI 241 39 Net defined benefit asset/(liability) at end of year (3,004) (3,296)
– 65 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
## _**Funding Policy**_
Actuarial valuations are carried out every three years on behalf of the Management Committee, acting as the Trustee of the Scheme, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuation are different to those adopted under FRS102.
cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall. These deficit reduction contributions are incorporated into the plan's Schedule of Contributions dated 4 June 2024 and are as follows:
- Annual contributions of not less than £379,494 p.a. payable for the period from 1 July 2024 to 31 March 2030.
These payments are subject to review following the next funding valuation, due as at 31 March 2026.
## **Church of England Funded Pensions Scheme**
Christ's College Cambridge 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 Board, which holds the assets of the scheme separately from those of the Responsible Bodies.
Each participating Responsible Body in the Church of England Funded Pensions 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 FRS 102. It is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOCIE in the year are contributions payable towards benefits and expenses accrued in that year, which were £8.3K in 2024 (2023: £3.8k), plus any figures arising from contributions in respect of the Scheme’s deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2023, following the valuation results being agreed, the deficit contributions paid were £0 (2023: (£2K)).
A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus 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. (and pension increases consistent with this);
-
- Increase in pensionable stipends in line with CPIH;
- Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates from 2013 in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).
2023, since the Scheme was fully funded.
% of pensionable stipends January 2021 to January 2023 to December 2022 December 2023 Deficit repair contributions 7.1% 0.0%
– 66 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
2022, and remained in place until December 2022.
Scheme’s rules.
there are no agreed deficit recovery payments from 1 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.
2024 2023 £ £ Balance sheet liability at 1 January - 2,000 Deficit contribution paid - (1,000) Interest cost (recognised in SOCIE) - - Remaining change to the balance sheet liability* (recognised in the SOCIE) - (1,000) Balance sheet liability at 31 December - -
been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.
December December December 2023 2022 2021 Discount rate n/a n/a 0.0% pa Price inflation n/a n/a n/a Increase to total pensionable payroll n/a n/a -1.5% pa
The legal structure of the scheme is such that if another Responsible Body fails, Christ’s College could become responsible for paying a share of that Responsible Body’s pension liabilities.
##
_Name of subsidiary Country of registration_
_undertaking and operation Class of share Proportion held Nature of business_ Christ’s College Enterprises Ltd England Ordinary 100% Property Development Christ’s College Trading Ltd England Ordinary 100% Hospitality
## **28 Related Party Transactions**
During the year no fees or expenses were paid to Fellows in respect of their duties as Trustees (or members of the College Council) or Governing Body (2023: nil).
– 67 –
## **Notes to the Accounts**
## _**For the year ended 30 June 2024**_
Owing to the nature of the College’s operations and the composition of the Governing Body it is inevitable that transactions will take place with organisations in which a member of the Governing Body has an interest. All transactions involving organisations in which a member of the Governing Body may have an interest are conducted at arm’s length and in accordance with the College’s normal procedures.
The College maintains a register of interests for all College Council members and where any member of the College Council has a material interest in a College matter they are required to declare that fact
Fellows are remunerated for teaching, research and other duties within the College. The remuneration of Fellows is overseen by a Remuneration Committee with external members.
The salaries paid to Trustees in the year are summarised in the table below:
2024 2023 From To Number Number £0 £10,000 3 7 £10,001 £20,000 4 5 £20,001 £30,000 2 1 £30,001 £40,000 - 1 £40,001 £50,000 1 2 £50,001 £60,000 - 1 £60,001 £70,000 1 - £70,001 £80,000 - - £80,001 £90,000 1 1 £90,001 £100,000 - - £100,001 £110,000 2 1 £110,001 £120,000 - - **Total 19 19**
## The total Trustee salaries were £522,518 for the year (2023: £496,488)
The Trustees were also paid other taxable benefits (including associated employer National Insurance contributions and employer contributions to pensions) which totalled £117,227 for the year (2023: £119,920)
The College has a number of trading and dormant subsidiary undertakings which are consolidated into these accounts. All subsidiary undertakings are 100% owned by the College and are registered and operating in England and Wales.
The College has taken advantage of the exemption within section 33 of FRS 102 not to disclose transactions with wholly owned group companies that are related parties.
## **29 Contingent Liabilities**
With effect from 16 March 2007, the Universities Superannuation Scheme (USS) positioned itself as a “last man standing” scheme so that in the event of an insolvency of any of the participating employers in USS, the amount of any pension funding shortfall (which cannot otherwise be recovered) in respect of that employer will be spread across the remaining participant employers.
– 68 –
**Photography:** Paul Everest, Graham CopeKoga and Robert Hicks
Christ’s College St Andrew’s Street Cambridge CB2 3BU
Charity Registration Number: 1137540