# Christ’s College Annual Report and Accounts 2024–25
## Annual Report of the Trustees and Accounts for the year ended 30 June 2025
Prepared under the Recommended Cambridge College Accounts (RCCA) format
## Contents
|Contents||
|---|---|
|Reference and Administrative Details|2|
|Operating and Financial Review |Context|3|
|Structure, Governance and Management|4|
|Aims, Objectives and Public Beneft|5|
|Funding|6|
|Statement of Internal Control|7|
|Responsibilities of the Trustees|8|
|Operating and Financial Review |Year in Review|9|
|Achievements and Performance|10|
|Plans For The Future|20|
|Operating and Financial Review |Finance|21|
|Financial Review|22|
|Principal Risks and Uncertainties|29|
|Approval|30|
|Auditor’s Report|31|
|Independent Auditors’ Report to the Trustees of Christ’s College|32|
|Financial Statements|35|
|Statement of Principal Accounting Policies|36|
|Consolidated Statement of Comprehensive Income and Expenditure|43|
|Statement of Changes in Reserves|44|
|Consolidated and College Balance Sheets|45|
|Consolidated Cash Flow Statement|46|
|Notes to the Accounts|47|
1
Christ’s College Annual Report and Accounts 2024–25
## 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 (to 30.09.24) Dr Henry Bradford (from 1.10.24) Dr Mary Franklin-Brown Professor Nick Gay Dr Mike Housden Professor Frank Kelly (to 30.09.24) Dr Harriet Lyon (to 30.09.24) Professor Richard Mortier Rev’d Dr Helen Orchard (from 1.10.24) Professor Chris Pickard (from 1.10.24) Dr Anna Protasio (from 1.10.24) Dr Sophie Read Dr Emily Tomlinson (to 30.09.24) Professor Carrie Vout
## **Senior Officers**
Head of House Lord McDonald of Salford
Senior Tutor Professor Tom Monie
Bursar
Michael Parsons
Director of Admissions Dr Emily Tomlinson
## **Principal Advisers**
Auditors
## PEM Audit Limited
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
Development Director Alexandra Rowlands
2
Christ’s College Annual Report and Accounts 2024–25
## Operating and Financial Review | Context
Christ’s College Annual Report and Accounts 2024–25
Operating and Financial Review Context
## Structure, Governance and 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 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.
The principal Officers of the College are the 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, the Senior Tutor, and the JCR and MCR Presidents _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 only. A register of Council members’ interests is maintained and summarised on the College website.
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 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 2025, including pension contributions, was £0.6m (2024: £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, at 15, is slightly above the recommended Board size of 5–12 members).
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Christ’s College Annual Report and Accounts 2024–25
Operating and Financial Review Context
## Aims, Objectives and Public Benefit
## The College’s charitable 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.
The College commits significant resources to various 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, under-represented backgrounds and regions.
Financial aid is also provided to students. The College typically provides access bursaries, awarded on the assessment of financial need, for about 25% of UK/EU undergraduates paying the regulated fee and around 150 scholarships and prizes, awarded on performance in University examinations. The College provides a range of additional financial support including studentships and grants towards travel and research expenses for academic and non-academic 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 extra-curricular 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 Key Performance Indicator (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 much of the year.
The benefits afforded by collegiate life in the 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.
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 2024–25.
5
Christ’s College Annual Report and Accounts 2024–25
Operating and Financial Review Context
## Funding
The College’s main sources of funding were income generated from its charitable activities and its investments, as set out below. Income from Accommodation, Catering and Conferences was significantly impacted during the pandemic, with a major reduction in external income in 2020–21 and 2021–22.
The College also received donations (including capital grants) and new endowments of £23.8m (2023–24: £5.1m; 2022–23: £5.4m; 2021–22: £18.2m; 2020–21: £3.8m).
As can be seen in the table below, the College continues to rely heavily on investment income and on bequests and donations, to undertake its charitable activities and to continue to provide the quality of teaching and collegiate experience to which we remain committed.
The College benefits from charitable donations and legacies, which are mostly from members of the College, their families, and friends. Together with donations and legacies for general purposes – which are of considerable importance – the College continues to seek funding for:
- z[major capital developments (such as ] the new Library) and improvement of other College facilities
- z[additional support for undergraduate ] and postgraduate students
- z[access and outreach activities]
- z[provision of teaching Fellowships]
- z[additional accommodation for ] postgraduate students
- z[sustainability and carbon reduction initiatives]
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.
## The Development & Alumni Relations Office
produces a range of communications material to update College members on recent activities in College and describe 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 or Giving Day, 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 last took place in 2022–23 and, after careful review, alternative forms of communication are being tested, including emails and letters.
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.
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 Alumni & Development Committee also meets regularly to receive reports on fundraising and to approve planned activity. No annual financial targets are set because the incidence of donations and bequests is unpredictable, but assumptions are made for budgeting purposes and the College monitors the effectiveness of activity closely.
|**2024–25**
£’000|**2023–24**
£’000|**2022–23**
£’000|**2021–22**
£’000|**2020–21**
£’000|
|---|---|---|---|---|
|Academic Fees & Charges
4,058
3,987
3,618
3,414
3,190|||||
|Accommodation, Catering & Conferences
5,645
5,235
4,761
3,679
2,330|||||
|Investment income
5,841
4,558
3,847
3,156
2,809|||||
|Other income
38
201
—
204
279|||||
|15,582
13,981
12,226
10,452
8,608|||||
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Christ’s College Annual Report and Accounts 2024–25
Operating and Financial Review Context
## 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 2025 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.
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Christ’s College Annual Report and Accounts 2024–25
Operating and Financial Review Context
## 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:
- z[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.
- z[make judgments and estimates that are ] reasonable and prudent;
- z[state whether applicable accounting standards ] have been followed, subject to any material departures disclosed and explained in the financial statements;
- z[prepare the financial statements on the ]
- going concern basis unless it is inappropriate to presume that the College will continue in operation.
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Christ’s College Annual Report and Accounts 2024–25
## Operating and Financial Review | Year in Review
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
## Achievements and Performance
2024–25 again saw excellent results for our students and recognition for the high-quality research activity of our Fellows and students.
Following the adoption by Governing Body of a comprehensive masterplan for the domus site in October 2023 and agreement on the priority schemes from that masterplan – a new Library and improvements to Upper Hall, Kitchens and Bath Court – Grafton Architects are now progressing the detailed design. A planning application has been submitted and, subject to approval, construction is planned to begin in summer 2026.
## **Fellows, Honorary Fellows and Fellow Commoners**
During 2024–25, the College welcomed the following new Fellows:
Dr Thomas Cressy (JRF) Dr William Freeman (JRF) Professor Jenny Gibson (UTO) Dr Ella Grunberger-Kirsh (JRF) Dr Miles Kempton (JRF) Dr Lewis Graham (CTO) Dr Christoph Schran (UTO) Dr Benjamin Tan (JRF) Dr Esmae Woods (JRF). The College also said goodbye to: Dr Lewis Graham (CTO) Dr Ori Mautner (JRF) Professor Sarah Ratcliffe (UTO) Alex Savu (CTO) Dr Arianne Urus (UTO).
Dr Matt Ward (JRF) become a Class IV Fellow and Professor Martin Johnson, Professor Jane Stapleton, and Dr Alan Winter became Emeritus Fellows.
The University has announced this year the promotion of Dr (Professor) Camilla Nord.
Professor David Sedley (Emeritus Fellow) was appointed as an Honorary Fellow, and Professor Sarah Franklin and Professor Sarah Ratcliffe (both former Fellows) were appointed a Fellow Commoners.
Graham Ballard (Fellow Commoner and former Bursar) died in January 2025.
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.
## **Staff**
We welcomed many new staff members during 2024–25, including Adam Coleby as Pastry Chef, Mark Foster-Johnson as Sous Chef, Gemma Barron as a College Gardener, and Rene Russell and James Rushworth in the Development Office, acting as the Stewardship and Legacies Officer, and the Events and Communications Coordinator respectively.
Several long-serving staff members retired or left the College’s employment during 2024–25, including Amanda Burton-Palmer who was the Assistant to the Director of College Services and the Head of HR and, until the last couple of years of her employment, was also the Fellows’ Secretary. Amanda worked at the College for 22 years. Dave Scott left Christ’s after 21 years of service as the IT and Information Manager whilst Stuart Philpott, Bryan Cooke and Camilla Benstead all left the Catering Department after over 15 years of service each.
|No. of Fellows
**30/6/2025**|No. of Fellows
**30/6/2024**|No. of Fellows
**30/6/2023**|
|---|---|---|
|Class I – Research Fellows
12
11
11|||
|Class II – Staff Fellows
43
41
36|||
|Class III – Professorial Fellows
10
12
12|||
|Class IV – Supernumerary Fellows
3
1
3|||
|Class V – Life Fellows
8
13
15|||
|**Fellows on Governing Body**
76
78
77|||
|Emeritus Fellows
13
9
7|||
|**Total Fellows**
89
87
84|||
10
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
There were some notable cases of personal development and career progression during 2024–25.
Robert Day, Deputy Head Gardener, left the College in April 2025, having been appointed as the Head Gardener at St Catharine’s College. Kelly Flack, a gardener at the College, was internally promoted into the Deputy role.
Several staff members secured permanent or fixed-term roles with the College having worked as casual staff members for Christ’s, in some cases for a couple of years prior to their promotion. These included Jamie Fleming, Alaric Go and Vasilena Dimitrova who became permanent Food and Beverage Assistants; Sharna Peters-Lewis, Wilaiya Coles and Asmaul Ilma who became permanent or fixed-term Housekeepers; Pavneet Singh who progressed from a Relief Porter to a Night Porter; and Amandeep Chandla who became a permanent Kitchen Porter. Gowtham Vinjamuri, having worked for two years as a casual Buttery and Bar Assistant, became a fixed-term IT Support Analyst.
Gemma Gill completed the WRAGS Trainee Gardener programme in September 2024. Becky Burgess-Wilson joined the College as the new WRAGS Trainee gardener in the same month and is nearing the end of her programme.
Jessie Caines completed her year in post as the Graduate Trainee Librarian in July 2025 and is going on to study her Masters in Librarianship at UCL from September 2025. Philippa Salmon has recently joined the College as the new Trainee Librarian.
Alfred Lytollis and Elliot Scoffings joined the College in September and November 2023 respectively as Apprentice Chefs. Both went on to pass their apprenticeships with distinctions during 2024–25. Katie Jeff and Kirsty Cunliffe joined in February and March 2025 respectively as the College’s new Apprentice Chefs, becoming our second cohort of apprentices in the Kitchen Department.
Thorunn Byrne, Head of HR, was awarded an Advanced Diploma in Strategic People Management by the CIPD (the professional body for HR) in March 2025, the highest level of professional qualification for her occupation.
All Heads of Department completed their line management training programme in December 2024, a 12-month course with facilitator Jacqui Kemp from Your People Potential Ltd, covering topics such as coaching, problem solving, and delegation. Managment training and development continued throughout 2024–25 as a number of Deputy Heads of Department were enrolled onto the programme.
Tim Wilson (Front of House) and Joyce Nightingale (Housekeeping) both achieved 30 years’ service this year.
The College conducted a staff engagement survey throughout October 2024. The survey aimed to provide all staff members (permanent, fixed term and casuals) with a chance to have a say on what it is like to work at Christ’s College and to make suggestions on how the College can improve the working environment, with the aim of improving retention and engagement. Thereafter, staff focus groups were held to collect more focused, in-depth, qualitative data, to better understand the survey results and obtain further details about engagement factors. Following these initiatives, several changes have been made. These include providing all permanent and fixedterm staff members with a work email address; improving training budgets; and reviewing the existing staff appraisal and personal development plan processes. An action plan has been drafted and continues to be an area of focus.
The staff ‘Thank you’ scheme has continued and £50 ‘Love Cambridge’ vouchers to be spent in local shops were awarded to 72 staff during 2024–25 (2023–24: 49) following nominations from students, Fellows, line managers and staff colleagues.
11
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
## **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.
The College continues to provide high quality supervision and Directors of Studies have maintained active engagement in the educational development and support of students.
In 2024–25, Christ’s was top of all Colleges for the proportion of its students gaining ‘Good Honours’ (90.9%). 42% of final year and 37.3% of all students achieved first class results, which was third across all Colleges.
At the postgraduate level, about 80 students received support to attend conferences related to their research and ten undergraduate students received research studentships to support eight weeks of research during the Long Vacation.
The numbers of undergraduate and postgraduate students in residence and registered with the University were:
|**2024–25**|**2023–24**|**2022–23**|**2021–22**|**2020–21**|
|---|---|---|---|---|
|**Undergraduates**
433
448
447
441
442|||||
|**Postgraduates**
255
256
257
272
262|||||
## **Admissions**
Applications to Christ’s for undergraduate entry in 2024 dropped slightly to 789, with 159 students receiving an offer and 117 students eventually admitted to the College.
The 2024 cohort contained more balanced numbers of men and women than the previous two cohorts, with 50% of entrants self-declaring as women. Of our UK entrants, 72% are state-school educated and 19% 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.
The College increased in popularity with applicants in 2024–25, receiving 871 applications in total. We made 167 offers and are currently on track to admit 125 students; we anticipate that just under half of these students will be women, and close to 75% of those educated in the UK will be from state schools.
At postgraduate level, we received 393 applications for entry in Michaelmas 2024 (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 249.
|**Undergraduates**
**2024–25**|**2023–24**|**2022–23**|**2021–22**|**2020–21**|
|---|---|---|---|---|
|Applications
871
789
814
968
1,020|||||
|Offers
167
159
157
155
152|||||
|Admitted
125
117
120
126
126|||||
12
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
## **Research Activities**
The College provided a variety of financial support to 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.
## **Public Lectures**
A ‘Two Cultures’ Milton vs Darwin Debate to commemorate the 350th anniversary of the death of alumnus John Milton took place in November 2024.
Dr Mary Franklin-Brown gave a public lecture ‘Golden Wreaths for Hippocrates’ in December 2024. This lecture supported the loan of the Foundress’ Cup to a major exhibition at the British Library.
Professor Sir James Smith gave a Lady Margaret Lecture ‘How lessons from frogs can mend a broken heart’ in February 2025.
The Christ’s Kennel Climate and Sustainability Seminar took place in February 2025 with a panel discussion on ‘Nature and rights – what legal frameworks and practices do we need to protect all life on Earth?’.
Professor Tanya Luhrmann gave the 2025 C P Snow Lecture ‘“Revisioning the two cultures?”: An anthropologist reflects on CP Snow’s famous talk’ in May 2025.
## **Awards and Prizes**
Dr Henry Spelman, Fellow was awarded a 2024 Philip Leverhulme Prize for his work on early Greek literature.
## **A selection of the books and journal articles published by Fellows**
Allen, E. ed., _Modern Fiction, Disability, and the Hearing Sciences_ (Routledge, 2024)
Bayly, S., _Asian Lives in Anthropological Perspective: Essays on Morality, Achievement and Modernity_ (Berghan, 2024)
Fedeli, G. and Spelman, H. eds., _Writing Literary History in the Greek and Roman World_ (Cambridge University Press, 2024)
Field, D., _et al_ , ‘Cretaceous bird from Brazil informs the evolution of the avian skull and brain’, _Nature_ , vol. 635, pp. 76–381 (2024)
Franklin, S. and Inhorn, M.C., 2025. _The New Reproductive Order_ (NYU Press, 2025)
Graham, L., _Judicial Individuality on the UK Supreme Court_ (Hart Publishing, 2025)
Pickard, C. _et al_ , ‘Feasible Route to High-Temperature Ambient-Pressure Hydride Superconductivity’, _Physical Review Letters_ , April 2024 [Selected for PRL’s Collection of the Year 2024]
Read, S., (ed.), _The Bible and Western Christian Literature: Renaissance and Reformation_ (Bloomsbury, 2024)
And, in honour of former Master, Professor Jane Stapleton: Burns, K., Gardner, J., Morgan, J. and Steel, S. eds., _Torts on Three Continents: Honouring Jane Stapleton_ (Oxford University Press, 2024).
Professor Sir David Klenerman, Fellow was awarded the Canada Gairdner International Award 2024 for research leading to Next Generation DNA sequencing.
Dr Luca Sapienza, Fellow was appointed to the UK Hub for Quantum Enabled Position, Navigation and Timing (QEPNT).
Professor Mark Girolami, Fellow received an honorary of Doctor of Science from the University of Glasgow.
Professor Philip Kitcher, Honorary Fellow was awarded the BBVA Foundation Frontiers of Knowledge Award.
13
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
## **Sport and Cultural Activities**
This academic year has seen a wide range of College societies flourish at Christ’s. It has been a successful year for sport with the College well-represented in University rowing by three Christ’s rowers taking part in the Oxford-Cambridge Boat Race. Katy Hempson rowed in the Women’s Blue Boat, Eugenie Dodds in the Lightweight Crew, and Alex Tocher in the Men’s Granta pair. The three have also gone on to represent the University in other national and international rowing events.
The men’s 1st Association Football team held their position in Division 2 and came very close to winning the Plate Final, while the women’s CCC team (Christ’s-Churchill-Cavendish) had a similarly successful year, with Christ’s player Alisa Kinaret representing the College in the University team as goalkeeper in this year’s Blues match against Oxford, where Cambridge won 3–2. The Christ’s Mixed Lacrosse Team achieved a meteoric rise from Division 3 to Division 1 between Michaelmas and Lent, holding their own in Division 1 and working on different techniques to keep improving throughout the year.
The Christ’s-Pembroke joint Hockey Club had a strong turnout in Michaelmas with excellent performances from newcomers, helping the team to secure several impressive wins in Division 1 of the League. Combining with the St Catherine’s team in Lent term improved their performance even more, with a hard-won victory against the St John’s 1s. The Trinity-Christ’s joint Rugby team amalgamated with Trinity Hall this year, bringing in five new strong players. The team also had its first tour in ten years with a week-long trip to Bordeaux for some warm-weather training. In the Easter term, the team achieved an exhilarating 31–29 victory against the Queens-Magdalene team, winning their first trophy in five years.
This year has been particularly special for the Choir, which celebrated the fortieth anniversary of David Rowland’s time as Director of Music through several events, including a concert in his honour where the Choir was joined by more than 100 alumni musicians in Great St Mary’s Church. The Christmas period was busy as usual, with concerts performed at St Lawrence Jewry in London and Audley End House, and the launch of the Choir’s latest CD, a selection of traditional English carols. The Choir commemorated the 350th anniversary of John Milton’s death by recording an innovative album of Milton’s words set to music in March 2025, and went on tour to Belgium in September 2025 as part of the centenary of the ecumenical Malines Conversations, giving concerts in Brussels and Mechelen.
The Christ’s College Art Collective has relaunched this year, offering alternative and collaborative projects which engage with local practitioners and experiment with different media. As well as art workshops, the society hosted a talk entitled ‘On Photography, Queer Ecologies & Decolonising Sexuality’ by Christ’s Fellow Professor Carrie Vout and Art Historian Dr Edwin Coomasaru. In a similar creative vein, the Christ’s College Sewing Society was newly established this year, providing a supportive space for those interested in sewing and encouraging sustainable attitudes to clothing through second-hand materials and upcycling.
The Christ’s College Darwin Society has hosted a range of exciting and varied events this year, celebrating Darwin’s birthday with a seminar entitled ‘The Evolution of Kindness’ by Christ’s Bye-Fellow Paul Fannon and Professor Andrew Catherall-Ostler. The society also organised its annual Darwin Dinner, an Alumni Careers Event, and visits to the Sedgwick Earth Sciences Museum, the Department of Astronomy, and the Herbarium. The James Meade Society, newly founded last academic year, has continued to grow and continue James Meade’s legacy of innovative economic education, for instance, by using poker games to teach microeconomic principles like risk assessment and strategic decision making.
14
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
This year the Christ’s College Medical Society has continued to support and inspire the medical community at Christ’s through a range of events including a welcome event for new students and a research evening where students were able to share advice and experiences of summer lab internships. The society also hosted a range of enriching talks over the course of the year, including Dr Larry Amure’s talk on racism and the NHS. The annual MedSoc Dinner brought together supervisors and students from all years for a formal dinner following a talk by guest speaker Rahul Roychoudhuri on immunology and oncology.
Last but not least, the Christ’s College Quiz Society, founded in 2023 to organise the College’s participation in University Challenge, has proved remarkably successful. The work of the society has culminated in this year’s team, composed of Oscar Despard, Anniko Firman, Brendan Bethlehem, Linus Luu, and reserves Ari Vladimir and Adam Sandhu, securing victory for Christ’s for the first time in the College’s history.
## **Student Wellbeing**
The College continued to prioritise the mental health of our students. In addition, to a mental health qualified full-time College Nurse and Wellbeing Advisor the College also employs a physical health nurse two mornings each week during Term. The nurses provide appointments, through an online booking system, accessible to all students for physical health, mental health and general wellbeing. We have continued to increase our use of the updated and improved University counselling and welfare services, thereby almost removing 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.
Following our successful bid to the University Colleges Wellbeing Stimulus Fund we installed and opened a sensory integration, or CALM, room. This was made available to around 20 students during the examination period. Feedback was excellent. We will continue to develop enhanced wellbeing support for our students with a specific focus on the needs of neurodivergent students.
We continued 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 continued to work on diversifying chapel culture by developing termly themes which appeal to a broad range of students, staff and fellows, regardless of their faith affiliation. The themes of ‘Sense of Taste’, ‘Comedy’ and ‘Play’ were explored via addresses from speakers from a variety of religious and cultural backgrounds, with a view to balanced representation on the basis of race, age, gender, sexuality and neurodiversity.
The College Governing Body has agreed to receive an annual report on EDI issues, the second such report was presented in July 2025 and will be expanded further to include additional information in future years.
Governing Body Fellows are 59% male; 35% female; and 6% prefer not to say. 88% do not declare a disability; 8% do; and 4% prefer not to say. 8% identify as neurodiverse. 66% are British nationality; 8% American; and 26% other nationalities. 73% are White ethnicity; 21% other ethnicities; and 6% prefer not to say. 39% are aged under 40; 45% aged between 40 and 60; and 16% over 60. 49% declare no religion; 23% Christian; 19% other religions; and 9% prefer not to say. 77% define as heterosexual; 15% as LGBTQ+; and 8% prefer not to say.
The gender balance of the senior members on Council was 5 women (38%) and 8 men throughout this period.
15
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
The College has 127 permanent and fixed-term members of staff, of whom 57 (45%) are women and 70 (55%) men*. 96% do not declare a disability; 4% do. 10% identify as neurodiverse. 81% are British nationality; and 19% other nationalities. 87% are White ethnicity; 10% other ethnicities; and 3% prefer not to say. 34% are aged under 40; 52% aged between 40 and 60; and 14% over 60. 41% are Christian; 43% declare no religion; 8% other religions; and 8% prefer not to say. 81% define as heterosexual; 5% as LGBTQ+; and 14% prefer not to say.
_* Staff gender data taken from payroll; all other Staff and Fellow EDI data from report to GB_
2024 is the first year that Christ’s College has
reported on its gender pay gap. A gender pay gap statement and commentary has been uploaded onto the College’s website. The figures provided in the statement are based on hourly rates of pay as at 5 April 2024 and bonuses paid in the twelve months to 5 April 2024.
The data for 2024 is set out below:
|Mean Gender Pay Gap||12.07%||
|---|---|---|---|
|for Hourly Pay||||
|Median Gender Pay Gap||19.53%||
|for Hourly Pay||||
|Mean Gender Pay Gap||15.26%||
|for Bonus Pay||||
|Median Gender Pay Gap||23.29%||
|for Bonus Pay||||
|Bonus Proportions|Male||Female|
||33.3%||23.98%|
|**Quartile Pay Bands**||||
|Lower Hourly Pay Quarter|Male||Female|
||32.4%||67.6%|
|Lower Middle Hourly Pay Quarter|Male||Female|
||65.4%||34.6%|
|Upper Middle Hourly Pay Quarter|Male||Female|
||56.2%||43.8%|
|Upper Hourly Pay Quarter|Male||Female|
||60.6%||39.4%|
A notable reason for the College’s mean and median gender pay gap is the large number of women working in part-time roles at lower pay rates, particularly in the Housekeeping Department. This explains the high proportion of females in the lower hourly pay quarter. Another reason for the overall gender pay gap is the greater proportion of men in the upper hourly pay quarter.
The mean and median gender pay percentages for bonus pay are greater than the mean and median gender pay figures for hourly pay. In general, men received higher bonus payments due to a greater prevalence of full-time working and, in some cases, received the additional Catering Gratuity Bonus due to their job role and responsibilities.
Undergraduates from the UK admitted in 2024 included 72% from UK state schools and 19% from areas in the lowest three deciles of the Index of Multiple Deprivation.
## **Environment**
The College is committed to reducing its energy use and carbon footprint. In light of the climate emergency and the University’s position, Council adopted the following Responsible Investment statement in October 2020:
_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:_
- z _[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._
- z _[The College will continue to seek opportunities ] in sustainable businesses, including renewable energy. It already has significant investments of this type._
- z _[The College expects to have no material direct ] or indirect exposure to investments in fossil fuel producers and suppliers by 2030._
16
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
**Gas kWh per available rooms and total number of available rooms**
Gas kWh per available room Rooms available
**----- Start of picture text -----**
10,000 630
9,000
620
8,000
610
7,000
6,000
600
5,000
590
4,000
3,000 580
2,000
570
1,000
0 560
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25
COVID
**----- End of picture text -----**
- z _[The College has the ambition to achieve ] net zero greenhouse gas emissions from its investment portfolio by 2038. For the directly held property investment portfolio, a study has been undertaken on the existing carbon footprint to inform a roadmap to net zero – this may be later than 2038._
- z _[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 emissions inventory; this policy is therefore an important element of our overall approach to reducing the College’s greenhouse gas emissions.
A Sustainability Strategy was approved by Governing Body in November 2022 and reviewed in 2025. Using a 2018 baseline, our Science-Based Target (SBT) is to reduce emissions by 31% (to ~632 tCO2e) by 2030. Given re-sequencing of projects – principally prioritising the new Library – the current plan estimates a ~30% reduction by 2030, with the longer-term path to net zero dependent on significant additional funding. The Darwin-Hamied Centre at Christ’s, launched in July 2025, will undertake research on biodiversity.
## Energy use and decarbonisation of the estate
Energy use varies with weather and changes in the operational estate (e.g. acquisitions, refurbishments). To track progress, we monitor gas kWh per available room. Since 2018, average gas consumption per available room has fallen from 8,721 kWh to 6,284 kWh (a 28% reduction), reflecting hostel refurbishments (ASHP conversions), smart TRV roll-out, and addition of highly insulated, ASHP-heated rooms on the domus site.
Electricity is procured on a green tariff, but the principal carbon-reduction priority remains a substantial cut in gas consumption over the next decade. Following the Library project re-prioritisation, the buildings now planned for ‘de-gasification’ by 2030 are: 1 & 17 Emmanuel Road, 5 Willis Road, 64–72 Jesus Lane, the Library, the Kitchen, and First Court. The First Court refurbishment is adding insulation and future-proofed pipework to enable ASHP/GSHP installation after Christ’s Library+ project completes.
17
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
Recent and ongoing actions include:
- z[Hostel conversions from gas to Air-Source ] Heat Pumps (ASHPs) on a rolling programme to October 2026 covers twelve hostels.
- z[Yusuf Hamied Court (YHC) heated by ASHPs ] and substantially exceeding building-regulation thermal performance; no gas connections to its commercial units.
- z[Solar PV installed on the roof of YHC and ] on New Court (completed summer 2025).
- z[Smart TRVs installed and being expanded ] (Four Staircase in summer 2025).
- z[UV lamp being installed in the pool ] filtration system to reduce chemicals.
EV charge points installed (summer 2022) and phased transition of College vehicles to hybrid/ electric by 2030; most petrol garden machinery replaced with battery-powered models.
## Biodiversity, behaviour and procurement
The College continues to reduce harm to biodiversity and enhance ecosystems (e.g., expanded long-grass areas, bird/bat boxes—including at YHC, peat-free composting and mulching, organic pest control, and on-site produce growing). A biodiversity baseline audit and action plan will be undertaken with results expected by 2027. Student accommodation must align with the Government’s Simpler Recycling initiative from March 2025.
Catering priorities aligned with Cambridge Zero include increasing plant-based meals, reducing ruminant meats, purchasing sustainable seafood, and cutting food waste. The College also promotes reusable containers and cycling, and is strengthening fair, ethical and sustainable procurement practices.
## **Engagement, governance and recognition**
All students are inducted on relevant environmental issues, led by active JCR/MCR Green Officers.
The College participates in the University’s Environmental Accreditation Scheme and secured a Green Impact Platinum award in 2024.
Oversight is through the Estate Strategy & Environmental Policy Committee (ESEPC), which monitors energy use and reports regularly to Governing Body; progress is also reflected in the Annual Report and Accounts and on our website.
## **Estate and Gardens**
In addition to the completion of phase 2 of First Court refurbishment project (Staircases H to K), which is occupied by students and Fellows and provides two additional supervision rooms, the following works have also been undertaken:
z[Lasdun Roofs and Solar Panels Phase 2]
- z[67 & 68 Jesus Lane Hostels]
- z[5 Willis Road Hostel]
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. Further consideration of how we can make our gardens sustainable will be needed in future.
## **Development and Alumni Relations**
In 2024–25, we recognised more than £23.8m in donations (£15.8m cash receipts, together with net accruals) from just over 1,100 individuals and organisations. More than half of just over 8,000 donations received during the year 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 gifts totalling £20m from the Yusuf and Farida Hamied Foundation. This figure includes restricted gifts for the Library+ Project, the newly founded Darwin-Hamied Centre, and donations to enable the College to purchase further postgraduate hostels, thereby increasing the amount of affordable and good quality accommodation we can offer to our graduate students.
18
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
3% of alumni have notified us that they have made a 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 bequests from the estates of alumni Brian Ward, John Weatherall, Peter Yarrow and Richard Taylor, as well as friends of the College Margaret Steen and Megan Wilson.
We were delighted to welcome alumni to a full programme of events, including annual yeargroup gatherings in the College, the return of the _Christmas with Christ’s_ carol event in London, a wonderful evening at the Francis Crick Institute led by Professor Camilla Nord, a musical celebration bringing together 150 alumni to sing and play together at Great St Mary 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 Asia, meeting alumni in Hong Kong, Singapore and Malaysia.
We remain grateful to our engaged and committed Alumni & Development Committee, consisting of alumni and Fellows with a wide range of experience and expertise.
## **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 USA, 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. Revenues for 2025/26 are likely to be challenging with lower numbers than usual for some regular summer schools, and the cost-of-living impact means that it is anticipated that bed and breakfast bookings will be lower than in previous years.
## **Charitable Donations**
College Council approved £1,775 of donations to charitable causes supported by students, staff and Fellows during the year.
|Cambridge Pride|£500|
|---|---|
|Cambridge University Charity Fashion Show|£75|
|Cambridge University Islamic Society|£200|
|Mastana 2025|£200|
|Student Community Action|£500|
|The Mays (33rd Anthology)|£100|
|Watersprite Film Festival|£200|
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.
19
Operating and Financial Review Year in Review
Christ’s College Annual Report and Accounts 2024–25
## Plans For The Future
The College has reviewed its plans for the future and a refreshed College Strategy was approved by Council and Governing Body in March 2025. Although no major changes to the scale or nature of the College’s education and research activities are anticipated in the foreseeable future, a number of priorities for the next 5 years have been agreed.
Outreach activity will continue to support the University’s Access and Participation commitments.
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.
The major project to replace the First Court roofs with new Collyweston tiles, improve insulation, renew mechanical and electrical installations, and prepare for low temperature heating systems to accommodate future heat pump plans, is nearing completion. The Porters are looking forward to returning to their traditional location in a modernised and expanded Lodge.
Following a comprehensive space planning exercise and confirmation of the priority for a significant expansion of flexible study space, Grafton Architects were appointed to design a new library, on the site of the current library in Bath Court. A planning application has now been submitted, whilst detailed design work continues. The project includes an accessible connection to the Bodley Library (and through it to a new exhibitions space and the Special Collections Reading 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 for the domus site.
The 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 the final three Jesus Lane hostels. The programme will then be paused to focus on the Library+ project.
The demand from students for pastoral care continues to grow and the College continues to prioritise the provision of strong tutorial support, enhanced well-being provision, and specialist counselling and mental health services.
Current tuition fees fall well short of the cost of educating our undergraduates and the shortfall increases each year. As a consequence, our reliance on commercial income and philanthropic support continues to increase. 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, Me Don ada
## The Lord McDonald of Salford
Master Christ’s College Cambridge
20
Christ’s College Annual Report and Accounts 2024–25
## Operating and Financial Review | Finance
> Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
## Financial Review
The College has prepared its consolidated accounts in accordance with the Recommended Cambridge College Accounts or ‘RCCA’ format. Treatment of investment income is now fully aligned with RCCA – this has resulted in restatement of the presentation of certain prior year figures.
## **Statement of Comprehensive Income & Expenditure**
There was again a deficit on continuing operations (excluding donations and pension provision movements), albeit a smaller deficit this year of £1.82m (2023–24: £3.04m deficit). The bar chart shows the position in the last 5 years. The College is fortunate that is has received donations from alumni that have turned the deficits into surpluses in recent years.
## **Surplus / deficit on continuing operations**
**----- Start of picture text -----**
0
2021 2022 2023 2024 2025
(500,000)
(1,000,000)
(1,500,000)
(2,000,000)
(2,500,000)
(3,000,000)
(3,500,000)
**----- End of picture text -----**
## **Income from all sources 2024–25 £39.4m**
**----- Start of picture text -----**
Academic fees
and charges
Residences, catering
and conferences
Investment income
Donations
**----- End of picture text -----**
Income (excluding donations) was £15.6m (2023–24: £14.0m).
Donations income was £23.8m (2023–24: £5.1m). Total income (including donations) was therefore £39.4m (2023–24: £19.0m) and is illustrated in the pie chart.
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 commercial activity undertaken during the vacations to generate additional revenue.
Commercial income increased to £1.5m (2023–24: £1.4m) with conference activity returning to pre-pandemic levels.
Investment income was £5.8m (2023–24: £4.6m). However, the College has a spending rule that sets the distribution from the endowment 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 budget of fluctuations in investment income. 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 £116.7m on 30 June 2025 (2024: £117.9m). The distribution from the College’s investments in 2024–25 was £6.3m, 3.75% of the average year-end value of the endowment in 2022, 2023 and 2024 (2023–24: £6.1m) – this is shown on the SOCIE as ‘Endowment Income Transferred’.
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Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
## **Preservation of endowment purchasing power**
**----- Start of picture text -----**
Endowment
CPI + 1%
CPI
**----- End of picture text -----**
**----- Start of picture text -----**
220
200
180
160
140
120
100
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
**----- End of picture text -----**
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%).
Expenditure of £17.4m was incurred (2024: £17.0m, excluding the one-off revision of the USS pension provision of £0.9m. £16.1m including this item). The breakdown of expenditure is illustrated in the pie chart.
## **Expenditure 2024–25 £17.4m**
**----- Start of picture text -----**
Residences, catering
and conferences
Teaching
Other educational
facilities
Scholarships
and awards
Tutorial
Research
Admissions
Other expenditure
**----- End of picture text -----**
## **Pensions deficit provision £’000**
**----- Start of picture text -----**
0
2020–21 2021–22 2022–23 2023–24 2024–25
(1,000)
(2,000)
(3,000)
(4,000)
(5,000) CCFPS
(6,000) USS
CEFPS
(7,000)
**----- End of picture text -----**
|**2020–21**|**2021–22**|**2022–23**|**2023–24**|**2024–25**|
|---|---|---|---|---|
|CCFPS
(6,189)|(3,408)|(3,296)|(3,004)|(2,470)|
|USS
(359)|(846)|(891)|—|—|
|CEFPS
(4)|(2)|—|—|—|
|**Total**
(6,552)
(4,256)
(4,187)
(3,004)
(2,470)|||||
There was a significant reduction in the College’s overall pension deficit provision down to £2.5m (2023–24 £3.0m) as shown in the charts. This decrease was due to a £0.5m reduction in the CCFPS provision.
23
Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
## **Balance Sheet**
The consolidated balance sheet remained strong, with total reserves increasing by £22.5m to £282m (2024: £259m).
## **Reserves £’000**
300,000
Restricted
Unrestricted Endowment
|250,000
13,456
32,487|250,000
13,456
32,487|250,000
13,456
32,487|250,000
13,456
32,487|250,000
13,456
32,487|
|---|---|---|---|---|
|200,000
19,919
34,000
108,453
12,869
114,820
116,815|||||
|150,000
80,031
85,973|||||
|100,000
116,687
119,146
122,249
130,705
132,235|||||
|50,000|||||
|0|||||
|**2021**
**2022**
**2023**
**2024**
**2025**
**2021**
**2022**
**2023**
**2024**
**2025**
Endowment
116,687
119,146
122,249
130,705
132,235
Unrestricted
**_of which:_**
_Fixed assets_
_Free reserves_
80,031
82,198
(2,167)
85,973
89,181
(3,208)
108,453
95,094
13,359
114,820
102,211
12,609
116,815
111,563
5,252
Restricted
19,919
34,000
12,869
13,456
32,487|||||
|**2021**|**2022**|**2023**|**2024**|**2025**|
|Endowment
116,687|119,146|122,249|130,705|132,235|
|Unrestricted
**_of which:_**
_Fixed assets_
_Free reserves_
80,031
82,198
(2,167)|85,973
89,181
(3,208)|108,453
95,094
13,359|114,820
102,211
12,609|116,815
111,563
5,252|
|Restricted
19,919|34,000|12,869|13,456|32,487|
**Endowment and restricted reserves £165m**
**----- Start of picture text -----**
3.6
18.0
35.4 17.0
9.1
4.7
0.9
0.2
80.6
**----- End of picture text -----**
**----- Start of picture text -----**
General endowments
Other funds
Bursary funds
Fellowship funds
Scholarship funds
Travel & research grant funds
Hardship funds
Prize funds
**----- End of picture text -----**
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Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
## **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 2024–25.
## **Reserves Policy**
Operational fixed assets and ‘free reserves’ together make up unrestricted reserves. Unrestricted reserves totalled £116.8m (2024: £114.8m). After taking account of £111.6m (2024: £102.2m) of operational fixed assets (including the domus site), this implies ‘free reserves’ of £5.2m (2024: £12.6m) which is approximately 3 months (2024: 9 months) of College operational expenditure. The reduction is due to the sizeable capital expenditure incurred on First Court and hostel refurbishment projects.
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 College’s activities, £52m of restricted Endowment assets, and £32m of restricted reserves for specified purposes.
The Trustees have set a long-term target for ‘free reserves’ to be equivalent to at least 6 months of operational expenditure. However, they have acknowledged that the very significant planned spending on the Library+ project will inevitably lead to a sustained period of negative free reserves. Consequently, fundraising for this project (and more generally to support existing expenditure) is a priority focus for the Trustees.
## **Going Concern**
Forecasts have been prepared for the period to 2025–2029 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:
- z[Asset allocation to achieve through diversification ] an appropriate balance between expected risks and returns – the main classes of investment currently held are equities, directly owned UK property and various non-equity ‘alternative investments’ including credit and hedge funds.
- z[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.
- z[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.
- z[Oversight on behalf of the Trustees by an ] Investments Committee comprised of Fellows and members of the College with relevant professional experience.
Total returns of about 2.3% (2024: 10.6%) were made on securities and about 7.7% (2024: 4.6%) on commercial and agricultural property holdings. The property portfolio includes the College’s interest in the Darwin Green development (north Cambridge). There was an overall return of 2.9% (2024: 9.7%). For the first time since 2019–20 total returns from the College’s investments of £5.2m (2024: £15.8m) was less than the amount appropriated to fund current spending of £6.3m (2024: £6.1m).
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Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
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%.
|||**(annualised)**|**(annualised)**|**(annualised)**|
|---|---|---|---|---|
||**1 year**|**3 year**|**5 year**|**10 year**|
|Consolidated fund|2.9%|5.4%|6.9%|7.5%|
|MSCI ACWI net (GBP)|7.2%|12.7%|11.3%|11.5%|
|CPI+4.25%|7.9%|8.7%|9.3%|7.6%|
The current allocation of the Consolidated Fund across asset classes is shown below.
|**Asset Class**|**Asset**
**Allocation**|**Target**
**Allocation**|
|---|---|---|
|Equity inc Hedged Long & Short|40.2%|40—45%|
|Private Equity (inc. Infrastructure)|25.1%|20—25%|
|Real Assets / Property|21.8%|20—25%|
|Other diversifers
(Absolute Return, Private Debt,
Liquid Credit, Fixed Income)|9.7%|10—15%|
|Cash / Near Cash|3.2%|0—5%|
The portfolio is currently slightly underweight other diversifiers and slightly overweight private equity compared to the target strategic asset allocation.
|**Manager**|**Valuation £m**|
|---|---|
|Cambridge University Endowment Fund|43.0|
|Amundi ESG Global Low Carbon Fund|24.2|
|Navera|22.8|
|Bidwells|21.5|
|Lombard Odier|13.0|
|Commonfund|10.0|
|UBS|9.6|
|IFM Net Zero Infrastructure Fund|9.4|
|Partners Capital|9.0|
|Pantheon Senior Debt Secondaries III|5.6|
|Others|11.9|
The chart below compares the compound performance of Christ’s total portfolio over the previous 8 years (2016–17 to 2023–24) against the median performance of all colleges, and also of Christ’s securities portfolio (i.e. excluding the Bidwells property portfolio) against CUEF’s performance (CUEF’s portfolio does not include the historic property holdings found in most college portfolios). Christ’s performance in 2021 was significantly negatively impacted by large uninvested cash holdings.
## **Compound performance**
**----- Start of picture text -----**
Median CUEF
Christ’s (ex-Bidwells) Christs
**----- End of picture text -----**
100.0%
## 80.0%
## 60.0%
40.0% 20.0% 0.0% **2016–17 2017–18 2018–19 2019–20 2020–21 2021–22 2022–23 2023–24**
26
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Christ’s College Annual Report and Accounts 2024–25
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.
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**
Cash generated by all activities resulted in an increase of £3.4m in cash balances, with cash of £7.5m held on 30 June 2025. The £7.5m consisted of £0.0m (2024: £0.0m) in fixed term bank deposits and £7.5m (2024: £4.1m) in current accounts. In 2024–25 the College opened a high interest current account with the Co-op, one of four institutions which successfully responded to requests for proposals from a growing syndicate of institutions, for cash deposits which would not be used for financing further fossil fuel expansion. This new current account has replaced previous use of fixed term deposits due to the high interest rate coupled with the greater flexibility afforded by instant access. The College holds sufficient liquid funds to meet all normal contingencies.
Cash generation from operating activities amounted to £15.8m, a significant increase from the £1.5m last year. This year’s figure includes £1.3m of cash received for a legacy donation accrued in 2023–24 and significant capital support for future building projects, as well as donations to the endowment to support studentships and teaching fellowships. Investing activities contributed a reduction of £12.4m of cash; this included capital expenditure of £11.4m.
**----- Start of picture text -----**
Cashflow 2024–25 Increase
£’000
Decrease
Total
20,000
15,762 –12,380
15,000
10,000
7,499
5,000
4,117
0
Cash at Operating Investing Cash at end
beginning activities activities of the year
of the year
**----- End of picture text -----**
## **Treasury Management**
The Trustees have adopted a treasury management policy with criteria for investing cash surplus to operational requirements.
|operational requirements.||
|---|---|
|**Criteria**|**Rationale**|
|**Term: **3, 6, 9 or 12-month|Longer term deposits
attract higher interest;
but reduce fexibility
to meet unexpected
expenditure.|
|**Currency:**GBP|Eliminate currency risk in
relation to cash deposits.|
|**Counterparty Limits:**
‘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|To limit overall
risk exposure to
institutional failure.|
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Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
## **Financial Key Performance Indicators (KPIs)**
The Trustees have set 7 financial KPIs which are reported quarterly.
|**Financial Key Performance Indicators (KPIs)**
The Trustees have set 7 fnancial KPIs which are
reported quarterly.||
|---|---|
|**KPI**
**Rationale**|**Results**|
|**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
Only necessary working
balances should be maintained
in the current account; excess
cash should be invested in
accordance with the treasury
management policy.|1 Achieved
2 Achieved|
|**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 9 months out 12. There was a period
of approximately 3 months, due to a new staff member
in a key position, being trained up, when this was not met.|
|**Debtors**
**4**Overdue 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 0 of 4 quarters. This KPI proved hardest to
both easily measure and achieve. Additionally in many
cases student debt includes fees to be collected by College
on behalf of the University and therefore are balanced by
an equal creditor in the accounts.
The Finance Department intends to make this more
of a focus in 2025–26.|
|**Accommodation**
**5**Voids (u/g, p/g, Fellows’ fats)
less than fve 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 at the end of September 2024 and
a smaller than normal cohort of undergraduates resulted
in a number of voids which, once the academic year begun,
were diffcult to fll.|
|**Unrestricted surplus**
**6**The College should budget
for – and deliver – a surplus
on unrestricted resources,
including depreciation and
unrestricted donations.
Any structural / sustained
defcit on unrestricted
resources would threaten
the College’s fnancial
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
measure of protection against
unexpected / exceptional
fnancial events.|Not achieved. The College’s ambitious capital programme
has reduced levels of free reserves below the target to
c. 3 months as at 30 June 2025. Over time a combination
of depreciation and the transfer of restricted capital grants
on completion of projects is expected to improve the free
reserves position.|
## **Auditors**
Our auditor Peters Elworthy and Moore transferred their audit registration and therefore that part of their business to a newly incorporated limited company, PEM Audit Limited, on 1 September 2025. Accordingly, Peters Elworthy and Moore ceased to be the College’s auditor with PEM Audit Limited being appointed to fill the vacancy arising.
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Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
## Principal Risks and Uncertainties
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:
- z[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.
- z[Education:][ including inability to obtain enough ] high-quality teaching resources at an acceptable cost; inadequate admissions and outreach processes, including failure to recruit enough qualified and diverse students; impact of Library+ project on application numbers and withdrawal rates; student wellbeing and pastoral care incident; major discipline incident or inappropriate behaviour; diminished educational experience – resulting in poor educational and or wellbeing outcomes, reputational damage, impacts on morale, and potential litigation.
- z[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 and resilience of IT infrastructure and systems; online harm – resulting in health, educational and financial impacts, operational disruption, destruction of heritage buildings or other assets, employment disputes, and reputational damage.
- z[Finance:][ including risks to fee income; ] 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.
- z[Regulation:][ including data protection; ] safeguarding; PREVENT; freedom of speech; environmental damage / pollution; licensing; equal pay; right to work; sexual harassment – resulting in fines, remediation costs, and reputational damage.
- z[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.
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Operating and Financial Review Finance
Christ’s College Annual Report and Accounts 2024–25
## Approval
The 2024–25 Annual Report and Accounts were approved by the Trustees at a meeting of the College Council on 30 September 2025 and presented to the Governing Body on 14 October 2025.
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
30
Christ’s College Annual Report and Accounts 2024–25
## Auditor’s Report
Christ’s College Annual Report and Accounts 2024–25
Auditor’s Report
## Independent Auditors’ Report to the Trustees of Christ’s College
## **Opinion**
We have audited the financial statements of Christ’s College (the ‘College’) and its subsidiaries (the ‘Group’) for the year ended 30 June 2025, which comprise of 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 the related notes, 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).
In our opinion the financial statements:
- z[give a true and fair view of the state of the ] Group’s and College’s affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended;
- z[have been properly prepared in accordance ] with United Kingdom Generally Accepted Accounting Practice; and
- z[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 Auditor’s 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**
In auditing the financial statements, we have 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 or College’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Trustees 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 Auditor’s Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other 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 this gives rise to 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:
- z[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.
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Christ’s College Annual Report and Accounts 2024–25
Auditor’s Report
## **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:
- z[sufficient accounting records have not been kept; ] or
- z[the financial statements are not in agreement ] with the accounting records; or
- z[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 8, 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.
In preparing the financial statements, the Trustees 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.
## **Auditor’s responsibilities for the audit of the financial statements**
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 Auditor’s 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 the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance 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:
- z[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;
- z[we identified the laws and regulations ] applicable to the College through discussions with management, and from our commercial knowledge and experience of the education sector;
- z[we focused on specific laws and regulations ] which we considered may have a direct material effect on the financial statements or the operations of the College, including the Charites Act 2011, the Statutes of the University of Cambridge and taxation legislation;
- z[in addition, we considered provisions of other ] laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the Group’s and College’s ability to operate or to avoid material penalties;
- z[we obtained an understanding of the College’s ] policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
- z[we made enquiries of management as to ] where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud
- z[we considered the internal controls in place ] to mitigate risks of fraud and non-compliance with laws and regulations;
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Christ’s College Annual Report and Accounts 2024–25
Auditor’s Report
- z[we assessed the susceptibility of the College’s ] financial statements to material misstatement, including how fraud might occur;
- z[laws and regulations identified were ] communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
As a result of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition to be most prevalent in the completeness and cut off of donation and legacy income and the cut off of conference income. In response to these identified risks, we designed procedures which included, but were not limited to:
- z[performed analytical procedures to identify ] any unusual or unexpected relationships;
- z[performed audit work over the risk of ]
- management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business;
- z[assessed whether judgements and assumptions ] made in determining the accounting estimates set out on pages 41–42 were indicative of potential bias;
- z[we used Audit Data Analytics to review the client ] data for unusual anomalies;
- z[we performed substantive testing for a sample ] of donations from Raiser’s Edge to supporting documentation to ensure that all income was appropriately recognised in the general ledger in the correct period and any restrictions appropriately recognised;
- z[we also tested a sample of donations around ] the year end and discussed ongoing legacies with the Development Office to ensure cut off had been correctly applied;
- z[we performed substantive testing for ] a sample of conferences from the booking system to invoice to ensure that all income was appropriately recognised in the general ledger in the correct period.
In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included, but were not limited to:
- z[we agreed the financial statement disclosures ] to underlying supporting documentation;
- z[we assessed the extent of compliance with the ] laws and regulations identified above through making enquiries of management and inspecting legal correspondence;
- z[we read the minutes of meetings of those ] charged with governance;
- z[we discussed with management actual and ] potential litigation and claims.
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 non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees 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/auditorsresponsibilities. This description forms part of our Auditor’s Report.
## **Use of our report**
This report is made solely to the Trustees, as a body, in accordance with the Statutes of the University of Cambridge and the Charities Act 2011. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an Auditor’s 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 College and the Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Signed by PEM Audit Limited PEM Audit Limited on: Registered Auditors 2 October 2025 Salisbury House Station Road Cambridge CB1 2LA
34
Christ’s College Annual Report and Accounts 2024–25
## Financial Statements
Christ’s College Annual Report and Accounts 2024–25 Financial Statements
## Statement of Principal Accounting Policies
## **Basis of preparation**
The financial statements have been prepared in 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.
From 2024–25, the College’s treatment of investment income is fully aligned with RCCA and this has resulted in restatement of the presentation of certain prior year figures. These changes did not alter the total comprehensive income for the year or the net assets at 30 June 2024.
The Statement of Comprehensive Income
and Expenditure includes activity analysis in order to demonstrate that all fee income is spent for educational purposes. The analysis required by the SORP is set out in Note 7.
The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards.
## **Going concern**
The Trustees have prepared forecasts for the period to 2026 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.
## **Basis of accounting**
The financial statements have been prepared under the historical cost convention, modified in respect of the treatment of investments, which are included at valuation.
## **Basis of consolidation**
The consolidated financial statements include the 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 consolidated financial statements do not include 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**
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.
## **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.
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Financial Statements
Christ’s College Annual Report and Accounts 2024–25
There are four main types of donations and endowments with restrictions:
- 1 Restricted donations – the donor has specified 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:
||**2025**
£’000|**2024**
£’000|
|---|---|---|
|Income (see Note 1)
Expenditure|74
(211)|61
(208)|
|Net payment|137|147|
## **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.
Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets.
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.
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Christ’s College Annual Report and Accounts 2024–25
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:
|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.
## **Furniture, fittings and equipment**
Furniture, fittings and equipment costing less than £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:
|expected useful life as follows:||
|---|---|
|IT fbre|20 years|
|Furniture and fttings|10 years|
|Motor vehicles and general equipment|10 years|
|Computer equipment and fre alarms|5 years|
## **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.
## **Stocks**
Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items.
## **Heritage assets**
## **Provisions**
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.
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.
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Christ’s College Annual Report and Accounts 2024–25
## **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.
A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
## **Financial assets**
Basic financial assets include trade and other 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.
For financial assets carried at amortised cost the 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.
Other financial assets, including investments in equity instruments, which are not subsidiaries or joint ventures, are initially measured at fair value which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the Statement of Comprehensive Income. Where the investment in equity instruments is not publicly traded and where the fair value cannot be reliably measured, the assets are measured at cost less 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.
39
Financial Statements
Christ’s College Annual Report and Accounts 2024–25
## **Financial Liabilities**
Basic financial liabilities include trade and other 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.
## **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**
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.
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**
The College participates in two funded defined 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 finance costs.
Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires.
40
Financial Statements
Christ’s College Annual Report and Accounts 2024–25
## **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.
## **Cambridge Colleges Group Pension Plan (administered by Aviva) and the NOW: Pensions Trust**
The Aviva and NOW: Pensions schemes are defined contribution schemes, hence the cost charged to the Income and Expenditure Account represents the employer contributions due in the financial year.
## **Employment benefits**
Short term employment benefits such as salaries and 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.
41
Financial Statements
Christ’s College Annual Report and Accounts 2024–25
## **Income recognition**
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.
## **Useful lives of property, plant and equipment**
Property, plant and equipment represent a significant 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.
## **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.
## **Retirement benefit obligations**
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.
Management are satisfied that Universities 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.
42
Financial Statements
Christ’s College Annual Report and Accounts 2024–25
## Consolidated Statement of Comprehensive Income and Expenditure **Year ended 30 June 2025**
|**Income**
**Note**|**Income**
**Note**|**2025**|**2024**
**RESTATED**|
|
|---|---|---|---|---|
|||**Unrestricted**
£’000
**Restricted**
£’000
**Endowment**
£’000
**Total**
£’000|**Unrestricted**
£’000
**Restricted**
£’000
**Endowment**
£’000
**Total**
£’000||
|Academic fees
and charges
Accommodation,
catering and
conferences
Investment Income
Endowment return
transferred
Other income|1
2
3
3|4,058
5,645
144
4,135
38
—
—
—
2,212
—
—
—
5,697
(6,347)
—
4,058
5,645
5,841
—
38
3,987
5,235
367
3,961
201
—
—
—
2,096
—
—
—
4,191
(6,057)
—
3,987
5,235
4,558
—
201|||
|**Total income**
**before donations**
**and endowments**
Donations
New endowments
Capital grants
for assets||14,020
2,212
(650) 15,582
13,751
2,096
(1,866) 13,981
1,292
—
—
2,445
—
18,015
—
2,072
—
3,737
2,072
18,015
1,993
—
—
536
—
995
—
1,539
—
2,529
1,539
995|||
|**Total income**||15,312
22,672
1,422
39,406
15,744
3,627
(327) 19,044|||
|**Expenditure**|||||
|Education
Accommodation,
catering and
conferences
Other expenditure
Change in USS
pension defcit
recovery provision
contributions
Contribution
under Statute G,II
(Colleges Fund)|4
5
6
8, 16|4,000
8,198
862
—
48
3,531
—
—
—
29
—
—
731
—
—
7,531
8,198
1,593
—
77
4,313
7,798
1,117
(872)
48
3,015
64
—
—
29
—
—
633
—
—
7,328
7,862
1,750
(872)
77|||
|**Total expenditure**|7|13,108
3,560
731
17,399
12,404
3,108
633
16,145|||
||||||
|**Surplus/(defcit) before**
**other gains and losses**
Gain/(loss) on disposal
of fxed assets
Gain/(loss) on
investments|
9
3|2,204
19,112
691
22,007
3,340
519
(960)
2,899
—
(228)
—
(86)
—
550
—
236
—
1,951
—
741
—
9,578
—
12,270|||
|**Surplus/(defcit)**
**for the year**||1,976
19,026
1,241
22,243
5,291
1,260
8,618
15,169|||
|**Other comprehensive**
**income**
Actuarial gain/(loss)
on pension schemes|16|313
—
—
313
241
—
—
241|||
|**Total comprehensive**
**income for the year**||2,289
19,026
1,241
22,556
5,532
1,260
8,618
15,410|||
43
Christ’s College Annual Report and Accounts 2024–25 Financial Statements
## Statement of Changes in Reserves
## **Year ended 30 June 2025**
|**Note**|**Note**|**Income and expenditure reserve**|
|---|---|---|
|||**Unrestricted**
£’000
**Restricted**
£’000
**Endowment**
£’000
**Total**
£’000|
|**Balance at 1 July 2024**
Surplus/(Defcit) from income and expenditure statement
Other comprehensive income
Release of restricted capital funds spent during the year
Transfers between funds||114,820
1,976
313
875
(1,169)
13,456
19,026
—
(875)
880
130,705
1,241
—
—
289
258,981
22,243
313
—
—|
|**Balance at 30 June 2025**||116,815
32,487
132,235
281,537|
|**Note**|**Note**|**Income and expenditure reserve**|
|---|---|---|
|||**Unrestricted**
£’000
**Restricted**
£’000
**Endowment**
£’000
**Total**
£’000|
|**Balance at 1 July 2023**
Surplus/(Defcit) from income and expenditure statement
Other comprehensive income
Release of restricted capital funds spent during the year
Transfers between funds||108,453
5,291
241
975
(140)
12,869
1,260
—
(975)
302
122,249
8,618
—
—
(162)
243,571
15,169
241
—
—|
|**Balance at 30 June 2024**||114,820
13,456
130,705
258,981|
The notes on pages 47 to 64 form part of these accounts
44
Financial Statements
Christ’s College Annual Report and Accounts 2024–25
## Consolidated and College Balance Sheets
## **As at 30 June 2025**
|**As at 30 June 2025**||
|---|---|
|**As at 30 June 2025**|**Note**
**2025**
**Consolidated**
£’000
**2025**
**College**
£’000
**2024**
**Consolidated**
£’000
**2024**
**College**
£’000|
|**Non-current Assets**
Fixed assets
Investments|9
10
111,563
180,028
111,563
180,028
102,211
178,842
102,211
178,842|
|Total non-current assets|291,591
291,591
281,053
281,053|
|**Current assets**
Stocks
Trade and other receivables
Cash and cash equivalents|11
12
13
69
11,914
7,499
69
12,333
7,006
75
3,690
4,117
75
3,705
4,083|
|Total current assets|19,482
19,408
7,882
7,863|
|**Creditors: amounts falling due within one year**|14
(2,066)
(2,036)
(1,950)
(1,937)|
|**Net current assets**|17,416
17,372
5,932
5,926|
|||
|**Total Assets less current liabilities**
**Creditors: amounts falling due after more than one year**
**Provisions**
Pension provisions|309,007
308,963
286,985
286,979
15
(25,000)
(25,000)
(25,000)
(25,000)
16
(2,470)
(2,470)
(3,004)
(3,004)|
|**Total net assets**|281,537
281,493
258,981
258,975|
|**Restricted reserves**
Income and expenditure reserve – endowment reserve
Income and expenditure reserve – restricted reserve
**Unrestricted Reserves**
Income and expenditure reserve – unrestricted|17
18
132,235
32,487
132,235
32,487
130,705
13,456
130,705
13,456
116,815
116,771
114,820
114,814|
|**Total Reserves**|281,537
281,493
258,981
258,975|
The financial statements were approved by the College Council on 30 September 2025 and signed on its behalf by:
## Michael Parsons
## Michael Parsons
Bursar Christ’s College Cambridge
The notes on pages 47 to 64 form part of these accounts
45
Financial Statements
Christ’s College Annual Report and Accounts 2024–25
## Consolidated Cash Flow Statement
**For the year ended 30 June 2025**
|Net cash infow from operating activities
Cash fows from investing activities
Cash fows from fnancing activities|**Note**
**2025**
£’000
**2024**
£’000
20
21
22
15,762
(12,380)
—
1,474
(7,387)
—|
|---|---|
|**Increase/(decrease) in cash and cash equivalents in the year**|3,382
(5,913)|
|Cash and cash equivalents at beginning of the year|4,117
10,030|
|**Cash and cash equivalents at end of the year**|23
7,499
4,117|
The notes on pages 47 to 64 form part of these accounts
46
Financial Statements
Christ’s College Annual Report and Accounts 2024–25
## Notes to the Accounts
## **For the year ended 30 June 2025**
**1 Academic fees and charges**
|**1**|**Academic fees and charges**|
|---|---|
||**2025**
£’000
**2024**
£’000
Colleges fees:
Fee income received at the Regulated Undergraduate rate
Fee income received at the Unregulated Undergraduate rate
Fee income received at the Postgraduate rate
Cambridge Bursary Scheme reimbursement
1,293
1,591
1,100
74
1,416
1,415
1,095
61|
||Total
4,058
3,987|
**2 Income from accommodation, catering and conferences**
|**2**|**Income from accommodation, catering and conferences**|
|---|---|
||**2025**
£’000
**2024**
£’000
Accommodation
College members
Conferences
Catering
College members
Conferences
3,430
881
688
646
3,167
769
688
611|
||Total
5,645
5,235|
47
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **3 Endowment return and investment income**
|**3a**
**3b**
**3c**|**Analysis**
Total investment return applied (see Note 3b)
Other interest receivable|**2025**
£’000
**2024**
£’000
6,347
144
6,057
367|
|---|---|---|
||Total|6,491
6,424|
||**Summary of total return**
Income from:
Land and buildings
Quoted and other securities and cash
Gains/(losses) on investments (see Note 10):
Land and buildings
Quoted and other securities and cash
Investment management costs (see Note 3c)
**Total return for year**
Total investment return applied (see Note 3a)
**Unapplied total return for year included within Statement**
**of Comprehensive Income and Expenditure (see Note 19)**
**Investment management costs**
Land and buildings
Securities|981
4,716
1,011
3,180|
|||5,697
4,191|
|||702
(466)
155
12,115|
|||236
12,270
(732)
(633)|
|||5,200
15,828
(6,347)
(6,057)|
|||(1,147)
9,771|
|||(108)
(624)
(158)
(475)|
||Total|(732)
(633)|
||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.||
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.
48
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **4 Education expenditure**
|**4**|**Education expenditure**|
|---|---|
||**2025**
£’000
**2024**
£’000
Teaching
Tutorial
Admissions
Research
Scholarships and awards
Other educational facilities
2,041
954
452
925
1,495
1,664
2,016
973
446
941
1,293
1,659|
||Total
7,531
7,328|
## **5 Accommodation, catering and conferences expenditure**
|**5**|**Accommodation, catering and conferences expenditure**|
|---|---|
||**2025**
£’000
**2024**
£’000
Accommodation
College members
Conferences
Catering
College members
Conferences
5,600
876
1,048
674
5,270
850
1,074
668|
||Total
8,198
7,862|
## **6 Other expenditure**
|**6**|**Other expenditure**|
|---|---|
||**2025**
£’000
**2024**
**Restated**
£’000
Loan interest
FRS 102 USS pension interest charge
Other general and administrative
Investment management costs
781
—
80
732
797
20
300
633|
||Total
1,593
1,750|
49
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
|**7a**|**Analysis of 2024/2025 expenditure by activity**||||
|---|---|---|---|---|
||**Staff costs**
**(Note 8)**
£’000
**Other operating**
**expenses**
£’000
**Depreciation**
**(Note 9)**
£’000
**Total**
£’000
Education
Accommodation, catering and conferences
Other
Change in USS pension defcit recovery provision contributions
Contribution under Statute G, II
2,959
4,231
—
—
—
4,572
1,888
1,593
—
77
—
2,079
—
—
—
7,531
8,198
1,593
—
77||||
||Totals
7,190
8,130
2,079
17,399||||
## Expenditure includes fundraising costs of £0.5m.
This expenditure includes the costs of alumni relations.
|**7b**|**Analysis of 2023/2024 expenditure by activity (RESTATED)**||||
|---|---|---|---|---|
||**Staff costs**
**(Note 8)**
£’000
**Other operating**
**expenses**
£’000
**Depreciation**
**(Note 9)**
£’000
**Total**
£’000
Education
Accommodation, catering and conferences
Other
Change in USS pension defcit recovery provision contributions
Contribution under Statute G, II
2,751
4,037
—
(872)
—
4,031
2,488
1,750
—
77
546
1,337
—
—
—
7,328
7,862
1,750
(872)
77||||
||Totals
5,916
8,346
1,883
16,145||||
||Expenditure includes fundraising costs of £0.4m.
This expenditure includes the costs of alumni relations.||||
## Expenditure includes fundraising costs of £0.4m.
This expenditure includes the costs of alumni relations.
## **7c Auditors’ remuneration**
|**7c**
**Auditors’ remuneration**|**7c**
**Auditors’ remuneration**|
|---|---|
||**2025**
£’000
**2024**
£’000
Other operating expenses include:
Audit fees payable to the College’s external auditors
Other fees payable to the College’s external auditors
48
2
38
1|
50
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
|**8a**|**Staff costs**||
|---|---|---|
||**Consolidated**
**Academic**
£’000
**Non-academic**
£’000
**2025**
**Total**
£’000
**2024**
**Total**
£’000
**Staff costs:**
Salaries
National Insurance
Pension contributions
Net change in USS defcit recovery provision (see Note 16)
1,518
179
193
—
4,326
426
548
—
5,844
605
741
—
5,538
516
774
(912)||
||**Subtotal of pension costs (see Note 8b.)**
193
548
741
(138)||
||Total
1,890
5,300
7,190
5,916||
||Based on the 2023 valuation of the Universities Superannuation Scheme (USS), the
impact of the net change in the USS defcit recovery provision is Nil (2024: credit £912K).
This comprises a non-cash credit resulting from the change in assumptions, including
the discount rate, of Nil (2024: credit £872K) and cash contributions made to reduce the
defcit in the year of Nil (2024: £40K).||
Based on the 2023 valuation of the Universities Superannuation Scheme (USS), the impact of the net change in the USS deficit recovery provision is Nil (2024: credit £912K).
This comprises a non-cash credit resulting from the change in assumptions, including the discount rate, of Nil (2024: credit £872K) and cash contributions made to reduce the deficit in the year of Nil (2024: £40K).
|**Average staff numbers:**
Academic (numbers of stipendiary fellows )
Non-academic|**2025**
**Number of Fellows**
£’000
**Staff (FTE)**
£’000
53
5
1
114|**2024**|
|---|---|---|
|||**Number of Fellows**
£’000
**Staff (FTE)**
£’000
55
4
1
117|
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 77 senior members of the Governing Body (Master and 76 Fellows). During the year, the average number of senior members receiving remuneration was the 58 shown above.
The number of Officers and employees of the College, including the Head of House, who received remuneration in the following ranges was:
|||**2025**|**2024**|
|---|---|---|---|
|||**Total**|**Total**|
|£100,001|— £110,000|—|1|
|£110,001|— £120,000|2|2|
|£120,001|— £130,000|2|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.
||**2025**|**2024**|
|---|---|---|
||£’000|£’000|
|Aggregated remuneration|600|640|
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
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **8b Pension costs**
|**8b**
**Pension costs**|**8b**
**Pension costs**||||||
|---|---|---|---|---|---|---|
||The total pension cost included in staff costs for the year (see Note 8a) was:
**Employer**
**contributions**
**2025**
£’000
**Provisions**
**(Note 16)**
**2025**
£’000
**Total**
**2025**
£’000
**Employer**
**contributions**
**2024**
£’000
**Provisions**
**(Note 16)**
**2024**
£’000
**Total**
**2024**
£’000
USS
CCFPS
CEFPS
CCGPPS
Now
196
449
7
310
—
(221)
—
—
196
228
7
310
220
324
8
181
92
(912)
(51)
—
—
—
(692)
273
8
181
92||||||
||Total
962
(221)
741
825
(963)
(138)||||||
|**9**|**Fixed assets**||||||
|---|---|---|---|---|---|---|
||**Consolidated and College**
**Land**
£’000
**Buildings**
£’000
**Assets in**
**construction**
£’000
**Equipment**
£’000
**2025**
**Total**
£’000
**2024**
**Total**
£’000
At beginning of year
Additions
Transfers
Disposals
10,021
500
—
—
102,049
9,336
—
—
114
1,386
—
—
3,605
209
—
—
115,789
11,431
—
—
107,127
9,000
—
(338)||||||
||At end of year
10,521
111,385
1,500
3,814
127,220
115,789||||||
||**Depreciation**
At beginning of year
Charge for the year
Eliminated on disposals
—
—
—
11,880
1,755
—
—
—
—
1,698
324
—
13,578
2,079
—
12,033
1,883
(338)||||||
||At end of year
—
13,635
—
2,022
15,657
13,578||||||
||**Net book value**
At beginning of year
At end of year
10,021
10,521
90,169
97,750
114
1,500
1,907
1,792
102,211
111,563
95,094
102,211||||||
||The insured value of freehold land and buildings as at 30 June 2025
was £227.6m (2024: £233.6m).||||||
The insured value of freehold land and buildings as at 30 June 2025 was £227.6m (2024: £233.6m).
52
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **10 Investments**
|**10**|**Investments**|
|---|---|
||**Consolidated**
**2025**
£’000
**College**
**2025**
£’000
**Consolidated**
**2024**
£’000
**College**
**2024**
£’000
Balance at beginning of year
Additions
Disposals
Transfers
Gain/(loss)
Increase/(decrease) in cash balances held at investment managers
178,842
29,259
(18,593)
—
234
(9,714)
178,842
29,259
(18,593)
—
234
(9,714)
168,186
16,045
(28,501)
—
12,269
10,843
168,186
16,045
(28,501)
—
12,269
10,843|
||Balance at end of year
180,028
180,028
178,842
178,842|
|||
||Represented by:
Property
Securities
Investments in subsidiary undertakings
Cash at investment managers
Cambridge Colleges Funding PLC
23,441
153,413
—
3,164
10
23,441
153,413
—
3,164
10
23,711
142,243
—
12,878
10
23,711
142,243
—
12,878
10|
||180,028
180,028
178,842
178,842|
||Property includes certain land holdings valued by management, after
discussion with the College’s professional advisers, at £1.9m (2024: £2.0m).|
Property includes certain land holdings valued by management, after discussion with the College’s professional advisers, at £1.9m (2024: £2.0m).
## **11 Stocks and work in progress**
||Goods for resale|**Consolidated**
**2025**
£’000
**College**
**2025**
£’000
**Consolidated**
**2024**
£’000
**College**
**2024**
£’000
69
69
75
75|
|---|---|---|
|||69
69
75
75|
**12 Trade and other receivables**
|**12**|**Trade and other receivables**||
|---|---|---|
||Members of the College
Amounts due from subsidiary undertakings
Other receivables
Prepayments and accrued income*|**Consolidated**
**2025**
£’000
**College**
**2025**
£’000
**Consolidated**
**2024**
£’000
**College**
**2024**
£’000
177
—
499
11,238
177
515
403
11,238
68
—
497
3,125
68
—
512
3,125|
|||11,914
12,333
3,690
3,705|
_* The figure for accrued income includes agreed donation amounts of £139K due in over 1 year_
53
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **13 Cash and cash equivalents**
|**13**|**Cash and cash equivalents**||
|---|---|---|
||Bank deposits
Current accounts
Cash in hand|**Consolidated**
**2025**
£’000
**College**
**2025**
£’000
**Consolidated**
**2024**
£’000
**College**
**2024**
£’000
—
7,499
—
—
7,006
—
—
4,117
—
—
4,083
—|
|||7,499
7,006
4,117
4,083|
**14 Creditors: amounts falling due after more than one year**
|**14**|**Creditors: amounts falling due after more than one year**||
|---|---|---|
||Trade creditors
Members of the College
Amounts due to subsidiary undertaking
University fees
Contribution to Colleges Fund
Other creditors
Accruals and deferred income|**Consolidated**
**2025**
£’000
**College**
**2025**
£’000
**Consolidated**
**2024**
£’000
**College**
**2024**
£’000
640
140
—
280
77
90
839
640
140
35
280
77
32
832
466
105
—
250
77
175
877
466
105
67
250
77
145
827|
|||2,066
2,036
1,950
1,937|
|**15**
**Creditors: amounts falling due within one year**|||
||Other loan|**Consolidated**
**2025**
£’000
**College**
**2025**
£’000
**Consolidated**
**2024**
£’000
**College**
**2024**
£’000
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 fxed interest rates of approximately 4.4%.
The College has agreed a fnancial covenant of the ratio of Borrowings to Net Assets,
and has been in compliance with the covenant at all times since incurring the debt.
During 2019–20, the College borrowed a further £15m through a private placement with
a fxed annual coupon of 2.26%. The loan matures on 12 December 2063.||
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.
During 2019–20, the College borrowed a further £15m through a private placement with a fixed annual coupon of 2.26%. The loan matures on 12 December 2063.
54
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **16 Pension provisions – Consolidated and College**
|**16**
**Pension provisions – Consolidated and College**|**16**
**Pension provisions – Consolidated and College**|
|---|---|
||**CCFPS**
£’000
**USS**
£’000
**2025**
£’000
**2024**
£’000
Balance at beginning of year
(3,004)
—
(3,004)
(4,188)
Movement in year:
Current service cost including life assurance (CCFPS)
Contributions
Other fnance income/(cost)
Actuarial (loss)/gain recognised in Statement of
Comprehensive Income and Expenditure (CCFPS)
Net change in underlying assumptions (see Note 8) –
– Change in recovery plan, discount rate or contribution
assumptions (USS & CEFPS)
– USS defcit contributions payable
(135)
510
(154)
313
—
—
—
—
—
—
—
—
(135)
510
(154)
313
—
—
(149)
383
(193)
241
862
40|
||Balance at end of year
(2,470)
—
(2,470)
(3,004)|
## **17 Endowment funds**
Restricted net assets relating to endowments are as follows:
|**17**
**Endowment funds**|**17**
**Endowment funds**|**17**
**Endowment funds**|
|---|---|---|
||Restricted net assets relating to endowments are as follows:||
||**Consolidated and College**
**Balance at beginning of year**
Capital
New donations and endowments
Transfers
Increase/(decrease) in market value of investments
**Balance at end of year**
**Analysis by type of purpose**
Fellowship funds
Scholarship funds
Prize funds
Hardship funds
Bursary funds
Travel and research grant funds
Other funds
General endowments
**Analysis by asset**
Property
Securities
Cash at investment managers
Cash in hand
Debtors|**Unrestricted**
**permanent**
**endowments**
£’000
**Restricted**
**permanent**
**endowments**
£’000
**2025**
**Total**
£’000
**2024**
**Total**
£’000
81,059
49,646
130,705
122,249
27
—
(518)
2,045
289
(313)
2,072
289
(831)
1,539
(162)
7,079|
|||80,568
51,667
132,235
130,705|
|||—
—
—
—
—
—
—
80,568
12,546
7,529
122
631
15,772
2,730
12,337
—
12,546
7,529
122
631
15,772
2,730
12,337
80,568
12,695
6,770
177
629
15,477
2,703
11,195
81,059|
|||80,568
51,667
132,235
130,705|
|||10,464
68,486
1,412
206
—
6,673
43,675
901
—
418
17,137
112,161
2,313
206
418
17,200
103,187
9,342
206
770|
|||80,568
51,667
132,235
130,705|
55
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **18 Restricted Reserves**
## Reserves with restrictions are as follows:
|**18**
**Restricted Reserves**|**18**
**Restricted Reserves**|**18**
**Restricted Reserves**|
|---|---|---|
||Reserves with restrictions are as follows:||
||**Consolidated and College**
**Balance at beginning of year**
Capital
Accumulated income
New grants
New donations
Endowment return transferred
Total investment return retained
Expenditure
Capital grants utilised
Transfers
**Balance at end of year**
Capital
Accumulated income
**Analysis by type of purpose**
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Travel Grant Funds
Other Funds
**Analysis by asset**
Property
Securities
Cash at investment managers
Cash in hand
Debtors|**Capital**
**Grants**
**unspent**
£’000
**Permanent**
**unspent and other**
**restricted income**
£’000
**Restricted**
**expendable**
**endowments**
£’000
**2025**
**Total**
£’000
**2024**
**Total**
£’000
1,336
140
—
4,812
6,199
969
7,535
5,921
6,950
5,919
18,015
—
—
—
—
2,445
18,015
2,445
996
536
52
(9)
1,906
(32)
254
(45)
2,212
(86)
2,095
741
—
(2,359)
(1,201)
(3,560)
(3,108)
(875)
624
—
(89)
—
345
(875)
880
(975)
302|
|||19,283
4,238
8,966
32,487
13,456|
|||1,949
17,334
—
4,238
6,038
2,928
7,987
24,500
7,535
5,921|
|||19,283
4,238
8,966
32,487
13,456|
|||—
—
—
—
—
—
19,283
1,182
299
31
263
1,151
458
854
3,265
1,321
—
—
1,087
389
2,904
4,447
1,620
31
263
2,238
847
23,041
5,001
1,579
36
262
2,454
823
3,301|
|||19,283
4,238
8,966
32,487
13,456|
|||281
1,839
38
10,000
7,125
552
3,611
74
1
—
907
5,936
123
—
2,000
1,740
11,386
235
10,001
9,125
1,784
10,701
970
1
—|
|||19,283
4,238
8,966
32,487
13,456|
56
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
|**19**
**Memorandum of Unapplied Total Return**|**19**
**Memorandum of Unapplied Total Return**||
|---|---|---|
||Included within reserves the following amounts
represent the Unapplied Total Return of the College:
Unapplied Total Return at beginning of year
Unapplied Total Return for year (see Note 3b)
Unapplied Total Return at end of year|**2025**
£’000
**2024**
£’000
117,810
(1,147)
108,039
9,771|
|||116,663
117,810|
|**20**
**Reconciliation of [consolidated] surplus for the year to net cash infow from operating activities**|**20**
**Reconciliation of [consolidated] surplus for the year to net cash infow from operating activities**|**20**
**Reconciliation of [consolidated] surplus for the year to net cash infow from operating activities**|
|---|---|---|
||Surplus/(defcit) for the year
**Adjustment for non-cash items**
Depreciation
Loss/(gain) on endowments, donations and investment property
Decrease/(increase) in stocks
Decrease/(increase) in trade and other receivables
Increase/(decrease) in creditors
Pension costs less contributions payable|**2025**
£’000
**2024**
£’000
22,242
15,169
2,078
(235)
6
(8,224)
116
(221)
1,883
(12,270)
—
(1,389)
(977)
(942)|
|||15,762
1,474|
|**21**|**Cash fows from investing activities**|
|---|---|
||**2025**
£’000
**2024**
£’000
Non-current investment disposal
Investment additions
Fixed asset additions
Change in cash held at investment managers
18,593
(29,259)
(11,428)
9,714
28,501
(16,045)
(9,000)
(10,843)|
||**Total cash fows from investing activities**
(12,380)
(7,387)|
|||
|**22**|**Cash fows from fnancing activities**|
||**2025**
£’000
**2024**
£’000
New unsecured loans
—
—|
||**Total cash fows from fnancing activities**
—
—|
57
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **23 Consolidated reconciliation and analysis of net debt**
|**23**
**Consolidated reconciliation and analysis of net debt**|**23**
**Consolidated reconciliation and analysis of net debt**|
|---|---|
||**2025**
£’000
**2024**
£’000
**Cash fows from:**
Operating activities
Investing activities
Financing activities
15,762
(12,380)
—
1,474
(7,387)
—|
||Total cash fows
3,382
(5,913)|
|||
||**At 30 June**
**2024**
£’000
**Cash**
**Flows**
£’000
**At 30 June**
**2025**
£’000
**Cash and cash equivalents**
**Borrowings: Amounts falling due after more than one year**
Unsecured loans
4,117
(25,000)
3,382
—
7,499
(25,000)|
||**Net total**
(20,883)
3,382
(17,501)|
## **24 Financial Instruments**
|**24**
**Financial Instruments**|**24**
**Financial Instruments**|**24**
**Financial Instruments**|
|---|---|---|
||**Financial assets**
Listed equity investments
Other equity investments
Loan notes|**2025**
£’000
**2024**
£’000
58,633
94,119
660
51,837
89,746
660|
||Subtotal
Cash and cash equivalents
Other debtors
**Financial liabilities**
Loans
Trade creditors
Other creditors
Accruals, prepayments, deferred income and the accrued contribution to Colleges
Fund are excluded from the debtor and creditor fgures taken from notes 12 and 14.
The cash and cash equivalents fgure includes the £3.2m of cash at investment managers
(including £2.1m of money market funds) in Note 10 and the £7.5m of cash in Note 13.|153,412
142,243
10,665
675
16,996
565|
|||164,752
159,804|
|||25,000
640
517
25,000
466
530|
|||26,157
25,996|
||||
**25 Capital commitments**
|**25**
**Capital commitments**|**25**
**Capital commitments**|
|---|---|
||**2025**
£’000
**2024**
£’000
Capital commitments at 30 June are as follows:
Authorised and contracted
8,238
6,015|
58
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
|**26**|**Pension schemes**|
|---|---|
||The College participates in two defned benefts schemes, the Cambridge Colleges
Federated Pensions Scheme (CCFPS) and the Church of England Funded Pension Scheme
(CEFPS), one hybrid scheme, the Universities Superannuation Scheme (USS), and two
defned 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 2025 is detailed in Note 8.
**Universities Superannuation Scheme**
The total (credit) / cost (released)/charged to the Income and Expenditure account is Nil
(2024: credit £0.9m).
Defcit recovery contributions due within one year for the college are Nil (2024: Nil).
A defcit recovery plan was put in place as part of the 2020 valuation. It required
payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which
point the rate would increase to 6.3%. No defcit 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 defcit recovery contributions from
1 January 2024 and accordingly released the outstanding provision to the statement
of income and expenses in the prior year.
The latest available complete actuarial valuation of the Retirement Income Builder,
the defned beneft part of the scheme, 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 the Retirement Income Builder
(defned beneft) assets and liabilities, the following disclosures refect those relevant
for those assets and liabilities as a whole.
The 2023 valuation was the seventh valuation for the scheme under the scheme-specifc
funding regime introduced by the Pensions Act 2004, which requires schemes to have
suffcient 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%.
The key fnancial assumptions used in the 2023 valuation are described below.
More detail is set out in the Statement of Funding Principles
(uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles).|
||Price Infation – Consumer Prices Index (CPI)
3.0% p.a. (based on a long-term average expected level of CPI,
broadly consistent with long-term market expectations)|
||RPI/CPI gap
1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030|
||Discount rate (forward rates)
Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% p.a.
Post retirement: 0.90% p.a.|
||Pension increases (subject to a foor of 0%)
Benefts with no cap: CPI assumption plus 3bps
Benefts subject to a ‘soft cap’ of 5% (providing infationary
increases up to 5%, and half of any excess infation over 5% up
to a maximum of 10%): CPI assumption minus 3 bps|
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|
59
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## 26 Pension schemes (continued)
|26
Pension schemes (continued)|26
Pension schemes (continued)|
|---|---|
||The current life expectancies on retirement at age 65 are:
**2025**
**2024**
Males currently aged 65 (years)
Females currently aged 65 (years)
Males currently aged 45 (years)
Females currently aged 45 (years)
23.8
25.5
25.7
27.2
23.7
25.4
25.6
27.2|
## **Cambridge Colleges Federated Pension Scheme**
The College operates a defined benefits plan for the College’s employees of the Cambridge Colleges’ Federated Pension Scheme.
The liabilities of the plan have been calculated, at 30 June 2025, 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 liabilities of the plan have been calculated, at 30 June 2025, 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 beneft structure and membership since that date.|||
|---|---|---|
|The principal actuarial assumptions at the balance sheet date were as follows:|**2025**|**2024**|
||**% p.a.**|**% p.a.**|
|Discount rate|5.50|5.10|
|Increase in salaries: To 2030|2.40|2.85|
|From 2031|3.30|3.85|
|Retail Prices Index (RPI) assumption|2.90|3.35|
|Consumer Prices Index (CPI) assumption: To 2030|1.90|2.35|
|From 2031|2.80|3.35|
|Pension increases in payment (RPI max 5% p.a.)|2.85|3.15|
|Pension increases in payment (CPI max 2.5%)|1.85|2.00|
The underlying mortality assumption is based upon the standard table known as S3PxA 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 (2024: same). This results in the following life expectancies:
- z Male age 65 now has a life expectancy of 21.4 years (previously 21.4 years).
- z Female age 65 now has a life expectancy of 24.0 years (previously 23.9 years).
- z Male age 45 now, retiring at age 65, has a life expectancy from 65 of 22.7 years (previously 22.6 years); and
- z Female age 45 now, retiring at age 65, has a life expectancy from 65 of 25.4 years (previously 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 Benefts|64|64|
||Deferred Members – Option 1 Benefts|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 2025|**30 June**|**30 June**|
||(with comparative fgures as at 30 June 2024) are as follows:|**2025**
£’000|**2024**
£’000|
||Market value of plan assets|9,544|10,027|
||Present value of plan liabilities|(12,014)|(13,031)|
||Net defned beneft asset/(liability)|(2,470)|(3,004)|
60
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
|26|Pension schemes (continued)|
|---|---|
||The amounts to be recognised in Proft and Loss for the year ending 30 June 2025
(with comparative fgures for the year ending 30 June 2024) are as follows:
**30 June**
**2025**
£’000
**30 June**
**2024**
£’000
Current service cost
Administrative expenses
Interest on net defned beneft (asset)/liability
(Gain)/loss on plan changes
Curtailment (gain)/loss
101
34
154
—
—
124
26
172
10
—|
||Total charge
289
332|
|||
||Changes in the present value of the plan liabilities for the year ending 30 June 2025
(with comparative fgures for the year ending 30 June 2024) are as follows:
**30 June**
**2025**
£’000
**30 June**
**2024**
£’000
Present value of plan liabilities at beginning of period
Current service cost
Employee contributions
Benefts paid
Interest on plan liabilities
Actuarial losses/(gains)
(Gain)/loss on plan changes
Curtailment (gain)/loss
13,031
101
17
(745)
648
(1,038)
—
—
13,132
124
12
(788)
665
(124)
10
—|
||Present value of Scheme liabilities at end of period
12,014
13,031|
|||
||Changes in the fair value of the plan assets for the year ending 30 June 2025
(with comparative fgures for the year ending 30 June 2024) are as follows:
**30 June**
**2025**
£’000
**30 June**
**2024**
£’000
Market value of plan assets at beginning of period
Contributions paid by the College
Employee contributions
Benefts paid
Administrative expenses
Interest on plan assets
Return on assets, less interest included in I&E
10,027
510
17
(745)
(38)
494
(721)
9,835
383
12
(788)
(32)
493
124|
||Market value of Scheme assets at end of period
9,544
10,027|
||Actual return on plan assets
(227)
618
The major categories of plan assets for the year ending 30 June 2025
(with comparative fgures for the year ending 30 June 2024) are as follows:
**30 June**
**2025**
**30 June**
**2024**
Equities
Bonds & Cash
Property
50%
37%
13%
46%
42%
12%|
||Total
100%
100%|
The plan has no investments in property occupied by assets used by or financial instruments issued by the college.
61
Christ’s College Annual Report and Accounts 2024–25 Financial Statements Notes to the Accounts
|26|Pension schemes (continued)|
|---|---|
||Analysis of the remeasurement of the net defned beneft liability recognised
in Other Comprehensive Income (‘OCI’) for the year ending 30 June 2025
(with comparative fgures for the year ending 30 June 2024) are as follows:
**30 June**
**2025**
£’000
**30 June**
**2024**
£’000
Return on assets, less interest included in I&E
Expected less actual plan expenses
Experience gains and losses arising on plan liabilities
Changes in assumptions underlying the present value of plan liabilities
(721)
(4)
(81)
1,119
124
(7)
80
44|
||Remeasurement of net defned beneft liability recognised in OCI
313
241|
|||
||Movements in the net defned beneft asset/(liability) during the year ending 30 June 2025
(with comparative fgures for the year ending 30 June 2024) are as follows:
**30 June**
**2025**
£’000
**30 June**
**2024**
£’000
Net defned beneft asset/(liability) at beginning of year
Recognised in Proft and Loss
Contributions paid by the College
Remeasurement of net defned beneft liability recognised in OCI
(3,004)
(289)
510
313
(3,296)
(332)
383
241|
||Net defned beneft asset/(liability) at end of year
(2,470)
(3,004)|
## **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.
The last such actuarial valuation was as at 31 March 2023. This showed that the plan’s assets were insufficient to 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:
z 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, which were £6.5K in 2025 (2024: £8.3k), 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 2024, following the valuation results being agreed, the deficit contributions paid were £0 (2024: £0).
62
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
|26|Pension schemes (continued)|
|---|---|
||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:
z An average discount rate of 2.7% p.a.;
z RPI infation of 3.6% p.a. (and pension increases consistent with this);
z CPIH infation in line with RPI less 0.8% pa pre 2030 moving to RPI with no adjustment
from 2030 onwards;
z Increase in pensionable stipends in line with CPIH;
z 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%).
Following fnalisation of the 31 December 2021 valuation, defcit contributions ceased
with effect from 1 January 2023, since the Scheme was fully funded.
The defcit recovery contributions under the recovery plan in force at each 31 December
were as follows:|
||% of pensionable stipends
**January 2021 to**
**December 2022**
**January 2023 to**
**December 2024**|
||Defcit repair contributions
7.1%
0.0%|
||An interim reduction to defcit contributions to 3.2% of pensionable stipends
was made with effect from April 2022, and remained in place until December 2022.
For senior offce holders, pensionable stipends are adjusted in the calculations
by a multiple, as set out in the Scheme’s rules.
Section 28.11A of FRS 102 requires agreed defcit recovery payments to be recognised
as a liability. However, as there were no defcit recovery payments from 1 January 2023
onwards, the balance sheet liability as at 31 December 2023 and 31 December 2024
is nil. The movement in the balance sheet liability over 2023 and over 2024 is set out
in the table below.|
|||
||**2025**
**£**
**2024**
**£**|
||Balance sheet liability at 1 January
Defcit contribution paid
Interest cost (recognised in SOCIE)
Remaining change to the balance sheet liability* (recognised in the SOCIE)
Balance sheet liability at 31 December
—
—
—
—
—
—
—
—
—
—|
|Section 28.11A of FRS 102 requires agreed defcit recovery payments to be recognised
as a liability. However, as there were no defcit recovery payments from 1 January 2023
onwards, the balance sheet liability as at 31 December 2023 and 31 December 2024
is nil. The movement in the balance sheet liability over 2023 and over 2024 is set out
in the table below.|
||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Balance sheet liability at 1 January|—|—|
|Defcit contribution paid|—|—|
|Interest cost (recognised in SOCIE)|—|—|
|Remaining change to the balance sheet liability* (recognised in the SOCIE)|—|—|
|Balance sheet liability at 31 December|—|—|
_* Comprises change in agreed deficit recovery plan and change in discount rate and assumptions between year-ends._
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 failed Responsible Body’s pension liabilities.
63
Financial Statements Notes to the Accounts
Christ’s College Annual Report and Accounts 2024–25
## **27 Principal subsidiary and associated undertakings and other significant investments**
||**Name of subsidiary**
**under**t**aking**
Christ’s College Enterprises Ltd
Christ’s College Trading Ltd
**Country of registration**
**and operation**
England
England
**Class**
**of share**
Ordinary
Ordinary
**Proportion**
**held**
100%
100%
**Nature**
**of business**
Property Development
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 (2024: nil).
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:
|||**2025**|**2024**|
|---|---|---|---|
|||**Number**|**Number**|
|From|To|||
|£0|£10,000|5|3|
|£10,001|£20,000|7|4|
|£20,001|£30,000|1|2|
|£30,001|£40,000|1|—|
|£40,001|£50,000|—|1|
|£50,001|£60,000|—|—|
|£60,001|£70,000|—|1|
|£70,001|£80,000|—|—|
|£80,001|£90,000|—|1|
|£90,001|£100,000|1|—|
|£100,001|£110,000|1|2|
|£110,001|£120,000|1|—|
|**Total**||17|14|
The total Trustee salaries were £497,096 for the year (2024: £522,518)
The Trustees were also paid other taxable benefits (including associated employer National Insurance contributions and employer contributions to pensions) which totalled £101,763 for the year (2024: £117,227)
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.
64
Milton’s Mulberry Tree in the Fellows’ Garden
**Christ’s College** St Andrew’s Street Cambridge CB2 3BU Charity registration number 1137540
**Photography** Stephen Bond Graham Cope Koga Daniel Oliver Paul Everest **Design** John F McGill **Print** Langham Press
CBP020439