GIRTON COLLEGE CAMBRIDGE Annual Report and Accounts For the year ended 30 June 2023 Registered Charity No. 1137541 Contents I. CORPORATE GOVERNANCE......................................................... 11. WHAT WE DO.............................................................................. 111. OUR ACHIEVEMENTS AND PERFORMANCE IN 2022123........................... .13 IV. FINANCIAL REVIEW........................................................................................ .26 Independent Auditors. ReFQrt to the A￿￿ented Council of GIr￿n College............ Statement of PrinaFal Accounting Poliaes................................................................. .. .... .38 .43 I PORT OF THE COIJNCIL I. CORPORATE GOVERNANCE The members of the Augmented Councll during the year 2022123 were as follows: Ellsabeth Clara Kendall MA DPHIL PHD Andrew Irvlne BSC PHD Harriet Dorothy Allen MA PHD MSC MorngAnn Hunter BA PHD Matthew James ￿len MAy￿m￿ PHD Uliana Janik MPHIL PHD Carolina Cristina Alve$ BSC MSC PHD Henrik Latter BA PHD lame5 Spencer Anderson MA Arik Kershenbaum MA PHD SCD Davld Arvldkon-shukur BSC MPHYS PHD Cliye Lawson MA PHD CharlesJohn McKinnon Bell MA PHD MB Ross lan Lawther MA PHD BSCHIKe Alexander Liu MA MESC PHIL lenny K Blackhurst MA Sants-Phani Gopal Madabhushi PHD Edward John Briscoe BA MPHIL PHD Slrnone Maghenzani BA MA PHD Collln Mervin Constantine BCS MSC PHD Hllary Frances Marlow BA MA PHD Fiona lustine Cooke MA BM BCH MSC PHD Matthew Richard James Neal MA PHD FRCP Strphanie Palmer SJD LLM Nik Cunniffe MA MSC MPHIL PHD s￿lY Louise Ricketts BSC PHD jacob Maren Rutledge Currie BA MPHIL PHD Roland James EdY*ard Riley BA MA PHD Stuart Dav15 MA BA MPHIL PHD Angela Chadotte Roberts PHD Mlehael Jason Deganl BA MA PHD Jochen Runde MPHIL PHD Amy Rosamund Donovan BA MPHIL MSCI Luclo Sarno MA BECON MSC PHD PHD Stuart Ashley Scott MA PHD judith Ann Drlnkwatsr MA Sophia Marie Irmgard Shellard-von Weikerthal BSC Debornh Ea51ick BA PHD Martln William Ennis MA PHD Hugh Rlchard Shercliff MA PHD Slmon Nicholas Falrclough MA Shona Wi150n Stark LLB LLM PHD Seb2$tian Leonard Dundas BA PHD PGCE Stéphanie Marianne Syrdrbreck BCS MCS PHD Shaun Dayld Fltzgerald MA PHD FRENG OBE John Alphonse Tadross BSC PHD MBBS FRCPATH Chris¢opherJohn Bristow Ford MA PHD Scelios Tofaris MA PHD Abigail Lesley Fowden MA PHD Helen Anne Van Noorden BA MPHIL PHD Alexandra Mary Fulton BSC PHD Jame5 Wade BA MA PHD Diana Fu5co BPHYS MPHYS PHD Emma Jane Louise Weisblatt BA PHD Marta Gentilucci MMUS MA MA PUK PHD Claire Emma White BA PHD 8enFam1n john Griffin MA PHD Gail Antoinette Williams BA PHD Maureen Jane Hackett BA MA Samantha Katherine William5 BA MSC PHD Thomas Charles Hawker-Daw50n MA MPHIL Aaron Hornkohl BA MA PHD Professional Advisors Auditors Investment Managers Petsrs Elworthy & Moore Salisbury House Station Road Cambridge CBI 2LA Amundi Asset Management 77 Coleman Street London EC2R 5BJ Parthers Capital LLP 5 Young Street London W8 5EH Banke Barclays Bank plc 9 - 1 I Saint Andrevrt Street Cambrldge CB2 3AA Savills Investrnent Management (UK) 33 Margaret Street London WIG OJD Lloyd5 Bank plc 3 Sidney Street Cambrldge CB2 3HQ Sollcltors Mishcon de Fieya Merlin Place Milton Road Cambridge CB4 ODP Governing documents and charltable status The Cdlege Is a'knty Polltk and Corwate" e$￿￿[shed by a Rordl Charter datrd 1924 and a Supplements] CEMrter and dated 1954.The f￿tIon bears the name and swe of"The Mistress F￿1¢￿ and Sthoth of Girton Cdlege" and is also knovm by the short name and s￿e of "Girton College" The College i5 gover￿ ty Its Statytes 2nd Orrfirwices.vthTrth positlon It as a setf%oveming community of scholars. The College ts a registered charity (regiSte￿d number1137541) and subiett co regulation by the Charity Commission for England and￿5]e& Its ￿naPa1 office is at Glrton Coll%e, Huntingdon tloa4 Cambridge CB3 OJG.The members of the College cou￿1 are the charity tr￿teeS and are respc*isible for ensurfryd Comp1[an￿ with dHrity I￿. Constltution and how tnistees are recruited The chartty trustEes of the College are the m￿MberS of College CoLnciI. comprisin& In accordance with the Cdlege statu￿ f￿r memEws tho serve ex officio, nine Fellows who are elected in accordance ￿ the Stattrtes ty the Governing of the Coll• and five sts￿nts v4ho serye ex offlclo In accordance the Ststtrtes and Ordinance5 d the Cc41eg Names of trustees and prlncipal offjcers during the financial year The members of the Councll during the financial year 2022123 were: Dr E C Kendall (Mlstress from l.10.22) Mr S N Fairclough (from l.10.22) Professor S J Smith (Mistress to DrBJ Grrffin (from l.10,22) 30.9.22) Dr E Weisblatt (from l.10.22) Dr H F Marlow (Vice Mistress) Ms J Bla¢khur5t (from l.10.22) Mr J Anderson {Bursar) Dr H D Allen (from l.1.23) Professor G A Williarns (Senlor Tutor Mr J Pxe UCR President) to 15.3.23 from l.10.23) Ms l Hill (ICR President) from 16.3.23 Dr A M Fulton {Senlor Tutor to Mr H Goolnik IICR Vice-Presldent) to 30.11.22 30,9.22) Mr H Lone (ICR Vice-President) from 1.12.22 Professor C Durkan (to 1.9.22) Mr R Misra IICR Treasurer) to 30.11.22 Dr F Cooke (to 30.9.22) Mr J Seabrook-wafer UCR Treasurer) from 1.1122 Dr J Wade (to 30.9.22) Ms E Richardson (MCR President) Dr C C Alves (to 30.9.22) Mr U-U-R Zia (MCR Vice-President) Dr S Fitzgerald Dr S Shellard von Welker5thal Professor A Fowden Dr S Maghenzani The prlncipal officers are the Mistress, the Vice Mlstress. the Bursar and the Senlor Tutor. An induction 2nd training session is held anrxffil￿ for afi new and continuing rneMbe￿ of the Council. This inckKles in particular the policy of the College c*) the nw)agement of C¢xllicts of intsresL There is a Registsr of Interests of membws of CourKiL Dedarniions of irterest are made systematically at meetings. Organisation and governance structure The Cdlege Council is both the Board orrrustees the Ex￿1￿1¥e Body of the College. It meets12 times ann￿ty, and tt Is augmented by other members CA the Fellowship for the purFoses of certln business, as provided for In the College StarU￿s. Girtons Gowning W a&0 has certwn powers as set ouc n the Ch2rter and the SottJtÈs. The Council is SUFPOrted by a fftssIon￿ Secretary to Council and a Commit￿ strwcture covering all College actiwtyes and involving Fello￿ swdents and staffatall levds. The main Committees a¢fvi5ing the COl￿al in its duties and meetiiE in 202Y23 wet Investments Committee Flnancial Planning Committee Buildings and Estates Strategy Committee Human R&sources Committee Academic Policy Committee Education Board Health and Safety Consultative Committee Development Strategy Committee Audit and Scrutiny Committee Itls ckty ofthe Audit and scrU￿nY G￿lMty ￿ld) Ims a maiorlty of exeemal member5, to keep under review the effectiveness of the College's Intern￿ systems offironcial and other control& to advise the C￿nCil on the app(xntrnert of extern￿ auditAYS" to consider rePc￿ts sikntttsd by the audthrs; to monlcor the Implemg)tation of rec¢jm￿￿fions nllde by the auditors; and to make an annual report to the CoUr￿lL During 2022n3, the tern￿ of refer￿ce of the CommitLee were under review and its membetshlp fdc3nL as a result no meellrw took plac& In the current financial year the new Committee has been Conv￿ has met and has prepared a report for Counal. The Council oversees a devofved budgeting sys*m und¥ whkh indfvi¢knl budget holders are responsible for man2ging income and eXP￿dItiJ￿ wrthin their own areas of operntion, and fi)r bring'ng fowdrd budget proposals through an arn￿ Lwdgeting Frncess.StsJdents, Fellows members of staff a￿ enC￿J[?ged to wticF)ate in the through their men*ersh¥) of the Colleges various committees.The Col* Cc¥Jncil C￿lderS the bjdget proposal in detail before It is approved,to ensure that tt Is con51sttht vrfld) the Cdlege¥ sts7teglc alms and oblths. The proper use of finances and reSoU￿es, in a manr)er vthich rK>t On￿ sattsfies ￿ wuiremenrs of Internal control ex￿cted of a college, but also fuffiLs any legal or fimKlal oblEations as laid down by the Stattrtes and Ordinances, HMRQthe ofCan*JricÈ4 the C￿￿1ty Commission and other authoritEs, is ensured by the College& Financnt Regulatlons.The ￿lege Council and approves these ann￿1￿ on the athKe cl the The College alm5 to opwate as a n￿dd ofgwd govmnce measured ag￿n$t benchmadfs within the charrcdble and hlgher e(k￿at1￿ sectorsand to be to best prnctice In other sectr*rs, Including the corporate sector, as approprlak. To that eT¥I Ls an annual r￿eW of goveman led by the Secretary to C¢xmal,follLWlUE whith key ￿0mm￿liOrl8 are implemeJrted. Statement of Internal Control The Council is resp)nsible for [￿n￿nIng a sound Sys￿ cl internal contsd that SUPForts the achievement of policy. aims arKI obiecihe5 while Safe￿rdIrE the public and other funds and assets for whbch the Counol is responsitk in acconIan￿ wlth the ColSege's str￿te5. The system of internal contrd ts deslgrled to identify,0￿￿ and manage rather than elh)Inate the risk offailure to achleve pollcies aims and oty'thyes: it therdore pruvides ￿asOnable but not absolute assurance of effectiveT￿.ThiS pr￿￿ was In place for the >Ear ended 30 June 2023 and up to the dath of approval of the firpncol statements. The Council is responslble for reAe1￿ng the effectivrn of the s￿tern of IntErrAI control. The followng processes have been ￿tabliShed. The Council an reFrfXt from theA￿rt and Scrutiny Commltte TheAugmented ￿n￿l the anN￿lAudI¢ Mattws document from the extern3J audit￿ and refer3 any niatters of crxKem to CoLmdl; The Councll undert3kes an annLMI review clthe College's RrAncial Regulation5. The Counal's revi￿ dthe kn ofthe systwn of Intern￿ contrd ￿ infcrnied by the of the various Committees, bjrsar, arKI College officer&tho ha%E responsibility for the devebpment and malntenwce of the Int￿nal control framthand by cc¥nments made by the extern￿ audito in their ManageM￿t letter and other rwo Responsibillties of the Augmented Councll TheAugmented Council Is responslble fOr,aM￿ 0￿r thins pwing theAnnU￿ Report and financial 5tstsments In accordance with applicable and Unw KingdomAccounring Standards (United Kingdom GeneraEtyAcceptedAccounting Prattice). The College's Ststtrtes and the Ststtts and ordinan￿ of the unp￿sity of Cambridge require the Augmenced Council to Prepa￿ firmnaal statements for each firAnaal year whlch give a true and fair vlew of the state of affai￿ of the College and of the surplus or defictt ofthe College for thit pericxj. In preparing these financd Statem￿￿theA￿￿￿ted C(yJncil are rquI￿1 to: Solert suitable accountlng policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standard5 have been followed, sublect to any material departures disclosed and explalned in the financial statements. and Prepare the financial ststements on the going concem basis unless it is inapproprlate to presume that the College will continue in operntion. The Augmented Council is responsible for k￿PIng accounting records thich disclose with reasonable accuracy at ary iirrE the ftroncpl position ofthe ColSege and enable them to ensure that the financial staterw)ts comply with the Stsllrtes of the University of Cambridge. ￿ Is ais0 responsible for 5afyuarding the assets of the COll￿e and he￿￿ taking reasonable steps for the prew)uon and deteLton offraud arKI other irre8Utar71itt. TheAL￿M￿d G)uncil is responsible forthe malnten2nce arKI inteJity of ￿ ￿rPO￿￿ and financi￿ 1nfonrnl￿ tncluded ¢)n the CCAWS websi*. L￿]SIation in the United Kingdorn goyeming the preparation 2nd di&8enNnaric￿ of finanaal 5tstements m¥ differ frcth legi%latK)n in other jurisdictions. Remuneration policy and process The College is guided by the rerwnÉrn1ion policies and pay sdes of the collegote Unmity of Canknidge and the HE sectors 8en￿￿.C￿ncJ1 approves the application of the sector rAy award to College Fay scales.An internal committee is in place to deal with Matt￿ not systeniatKalty covered by the established sc31es. IndI￿dU￿ members of thi8 committee would be expected to dedare an interest and withdraw fr(Th the ￿￿eting durll￿ ary discussion rekting to their ¢M pay. In addition, the College an indeFendert ReMUne￿i0nS Committee with extenHI membcn,with a to provide an impartial wew ofthe ￿uneratiOn of cerrin truste4 in the M Fellows and OffI￿rs.and to demIMStra￿ dlltdects￿ are t2ken ts?nspa￿ntty and in the best interests of the College¥ duritable purposes. Impact of mernbership of wider network Although it is a legalty and finanoalty separdte inStityti￿ goNEmed by Its own c¢￿1tu￿n, the College is wt cl the colle8Rte Unive￿ty of Cambridge and is Su￿ect to the S¢atutes of the University, The UnwEity and the Cdleges m3ke corn￿en￿ PrOv￿10n for the edUCatiC￿ of matriculated s￿￿ents,whO are admmtsd by thelr Colleges arKI wnted try them for examination by the Unive￿Ity, In the Interests of enhancing qualty aryl ￿ue for the Colleges contribute diredy to the cost of shared seNces provided on bdTrlf of the Col* Cdlecti￿,and also to joint Ventu￿ with the Unive￿ity. 11. WHAT WE DO Our purpose The objects of the College are the adyoncement rf ed¢Kaooo relgion, leaming and ￿earch ond in urticular the PrWroth)n ofpetsons fvrtokng examin(th t7ThJprc(eedwg to the degree5 ofthe University of cambr￿￿￿ The College Council's four maln Strategic priorities are.. Outstanding Education" A World-class Fellowship; Green Girton" and Enrichment and Opportynity Supporting these are a further five strate&c enablers: Developing our estate Achieving financlal sustainability; Enhancing Infornution and communlcations; Relnforcing our governance. and Supportlng our people Our activities The College ha5 ￿0 major streams of opernting activlty: Education The College Pr￿id￿ a research-infiJsed learning en￿￿nrnent for under8fdduao and post 8Trthate students, eaty career ￿se￿cherS and established academics, supwrting teachin& research, pastcral care, Ilbrnry and Informati￿ s￿￿ceS, SOCI￿ ac0vit1￿,spOr￿ nxtsic and the art8 and all personai devdopment Residence5, Catering dnd Confvrences The College p￿￿deS INing accommodation and cateTtng seNces for College m￿nber$ from sltss in Cambrfdge,the man Collcge site on H￿t[ngdon Floa4 close to Girton village. and Swlrfes on Pheasant Drwe In the new urban dLstrkt of E¢￿InSt0n.The College aLso carrie5 on,a5 anclllary aCrI￿tIeS a conference and events bu5ines4 and a comm￿1 bu51ness Girton Summer Programrne5, providing summer schools for Internthal of Unive￿￿ age. The College is also ￿SponSible as tntstee for the rr￿na￿t of the permanent endowment ￿PItal of the 128 (2022.131 } atti¥e restricted arvj unre5thcted fiJnds.which comprise itsAnBI￿mated Trust Funds (ATF) scheme. These funds haye been accumu12ted the lrfe of the College from the gifts of g￿￿rcxJS dor￿￿ and benefacth and thw enable the College to p￿￿de fir￿da1 sUPPOrt for indivlduaLs and a range of ots wrpose5,vthich would not Otherwi￿ be possible. The College 3ttNety soliats further don3ti0rts to the* AJnd5 tt) enhance the scope clthis supp)rL Our funding The College& charitable athities fLThled in p2rt by the fees 2nd charges pald by College rnembers and other user& and In part by donation& beq￿ts and the restritted and unrestricted income genernted by the investsnentof end0￿m￿ and ￿e￿al reswves. The College's d)d¢)wment assets and inveStsM￿ are pn)fessionalty managed by external investment managers under the guidance of the IrNestsn￿ Committee. Funds are invested in a diverse Mge of assets on a cotal retum basis wsth a viLw to securirE a ccnsi5tent fundirE stream to SUFPOrt the College's activities in PU￿Ult of ￿ d)arTtsIAe obiecllv Fees und thoryes su￿nts pay for wition 3$ follow% Undergraduates.. Unde￿rad￿te$ entitled to Stydent Support (typic21￿ HomeEU students) are charged at exC￿nal￿ regulat&l ratts and are funded ty such grant or loan funding arrangements as are frcrn time to time approved by the GovernmenL Tuition fee income paid by these students is shared with the Universty; (￿er$eaS undergrnduaces any HomelEU undergraduatrs not enutled to Student Support are Cha￿ed at a rate detrmilned by the Cdle8& University fees are charged In addldon; Postgroduates." the College reThves a share of the owall fee Income by grnduate students In the Universlty. Students 2re tharged for their acco￿￿￿￿￿On and meak at rntes intended to cover the cost of PmV15ion. ixrt n(x to make ary surplu5 for tr￿ College. The College maintyThs an active and ￿uMn1 relations and de￿0￿ office a view to securing a growing number and Yalue of phi&nthropic yfts to the College for Its own charitable purpos4and to support individual rnernb￿ of the College in their pursuit of leaming and research. The pemtsr*rt opEtxl of the r&trltted fiK)ds inATF is set wt in Notr 15 of the ￿count43na￿WI by 12tegory of pUrF￿e. 10 ATF ￿ndS enalAe the Col* to., Fund oucreath attivity in schods; Participate In the Cambridge PAtrsary 5th￿e (which has recently been enhanced) for Home und¥grnduate burvrie4 Award Scholarships and Prize5 to academir31ty sUC￿$ful swdents" Gfve other bursaries and swdent SUPFQrt grants to students in financial need. Provide trnyel grants and sports awards to enc¢)urage extrn-currtcular activity,. Awdrd Music, Organ and chor￿ Scholarships and EXhIb￿onS to ￿ented stsjden Appoint ful￿ ￿nded Research Fell0y￿ and Poswaduate S￿dentships inArts and Sciences. Host VlsStirÉ Fellows In Arts and sc1￿Ces and a W￿￿ng Fellow Commoner in the arts or professions; Employ te2chlng fellows. indudlng a core of srx Collepbased career teaching officer posts. Employ a Chaplain and a Director of Muslo Public benefit The Coundl have complied wth thelr duty Wirg public brt ha￿ng W to the Chartty Commisslon's guida￿e. Foun&d in 1869 by Emity Davle5 and others, in parocular, Barbw2 BorI1c￿n, GIrtC￿ is distinctive as Brltsin's first residential 5r￿1￿Jti0n for the hlgh¥ education of women and has Slbsequ￿Y aspired to set the pace rrAtters of eqLRIity arKI inclusion, Girton was the first of the VK)m￿S colleges In QKbridge to admlt men and is now q)en to aryone with a p￿[(￿ for leamirg and the abilty and IndIna￿On to pursue IL The College follows a riProL￿ and obith recvuthert procw, as wt of the UniYer5ty of Cambrid&for selectirg the best ￿ndidateS for admiss1￿). A5 a not-for-profit organisati￿, the College sets its dnrges for membets onty as high as 15 necessary to cover costs. &jr5￿ and other firranciai support offered to Individu￿5, wherever possible, in an effort to ￿SUre tIMt no one is dissuaded from ap￿n& tslang up a ￿a¢e or ctjmpleting thelr 5tsJdies beouse of financial difficulty. Safeguarding The Safeguarding leads in College the S&)br Tutor and the HR Managcr, vthq t(Igether with the Athiissiorts Tutors, Senior Officers and Heads ￿ Dgxftrnent& oversee the implemenfation of policy thKJughout the organlsadon. Chlldren and vulnernble adults are Frewt in College from time to time as proSP￿e swdents, employe￿ Casu￿ worker& stUd￿ty extemal ti7inees on WO￿ placements, event delegates, school visitors and when attending sociai events Y￿th membeT5 and alumni. In addition, the College has an acth schools liaison programme irwofving staff wc**ing off si* In schools. The College arns to adopt the highest possible stan¢knls and tske all reasormble Skps In reLition to protecting the safety and welfare of ary thildren and vulnerable adults come ￿t0 College premises or into contattwth College staff (thether wothing in a paid or unpaid capacity). The College implements a numbtr d ￿1cleS and ￿￿oCeSSeS designed to keep chIld￿n and wulnernble adults safe fron hann, Primari￿ the Child &Vulner7bleAdult Protection Policy Oast updatrd May 2018) ich outlines processes for risk assessmen( recruitn￿nt and Sel￿tIOn, supervision, training arKi supporL confidentiality resPondr￿ tn tC￿cerns.The Policy describes likely levels of staff conts¢ and required theck& In addition. the College, as the ovmer d [￿enSed F*emises has a duty of rare to risk assess all ev￿rtS with rewd to avovjing harm to child￿1 and vdnerabie adults. As part of its duty, the College trains all staff to recognlse Indkatots of vulnerablSty to radicall￿0¢￿} in colleagues and $ll￿nt m￿nb￿S. The Colleges Dismity a¢ Work policy protscrs chlldren and wIr￿ra￿e adults at work and there atE prescribel specrfic heakh and safety risk assessments for the employment of children 2nd vulnerable aduks. 12 111. OUR ACHIEVEMENTS AND PERFORMANCE IN 2022123 The year 2022123 5zw College Irfe fijlty Eock to norn)al after the pandeml fulfil Its purpx its puthing power must be at least preserved and, if possible. enhanced.This implies that the investment assets rrwst wet a time-weightrd total return ofan e51imated 6.5% Ba. after ￿1 costs, comprislng the 35% annual spending rats plus a longHrun aIlowance for 3Yo annual lnladc￿, Clearty the current emordinary of Inflado coutled with low ￿￿lable Investm￿rt rewm& rep￿nt a signfficant challenge to assec preservation in real terms. 20 The College tskes a long-term view on 1rNestM￿ strategy, and the StrateOcAssetAllocation SAA,) is designed to reflect the optimal long-terni asset ailocaoon for the College gNen the risWrebJm object￿￿ outlined hereirn The StrategicA55etAlocation wa5 altered signnlcantly ￿ a result of the 2021 portfdio review, and is set out on page 29 bdow. It is fomnlly reviewed on an annual basis by the Investments Commtttee and nny be modified as needed In light of experience and changing arcumstances. based on tEsearch and discussion involvlng In￿Stments Committee members and Outside experts. SLKh dixu$51on focuses on the College's liquidity need5 and perce￿ed risk tolernnce, u VRII as the proiected behaviour of asset cknses and strategies deemed wortFy of cornsideratlon for the College& pc)tentlal use. Re-balancing will norinally be undertaken at least on an annual basls to re-alEn asset alk>catlons with the Stra￿¢ AssetAlocation, funds are requlred for opet7tloTbal purposes or difference5 in perfornBnce between asset classes are *. re-batancing may be implern￿ed on a more fwuent basls.At the year end the porrfolio vffts sllghty undernveight In its alkxatl¢)n to Real Estste through the Charities Property Fund whith has addressed subsequenty by alloc3tion from equitle&and at the dme of writlng the prfollo15 fully in cc¥npliarKe, Responsible Investment Pollcy During the year the College remained in full compliance wlth the pollcy set out In Its Statement of Responslble Investment revised in 2022. In thi5 we commit to upholdlng our responsibillties ￿ stewards of charitable funds whllst acdng as Unlyersal Owners, Invesclng according to prfnclples which advance our ethlcal priorltle5, including tackling the chillenges of cllmate change. Our securities portfollo now includes no known exposure to any bu5in&sses related to f055iS fuels. We a150 monitor Close￿ the votin8 records and financing activlties of our portfolS0 managers and bankers, and wlll only do buslnes5 with institutions which demonstrably share our ethical and climate commitments. To this end, the College during the year moved Its Invesunent cash out of Barclays Bank and may In future take further action with regard to operatlonal cash if Barclays does not make material further progress in reducing its exposure to the fossll fuels industy. Wlth regard to Its equity investments, the College's policy Is to Invest in publicly listed equitles via an Index trdcker fvnd repllcatlng the perforniance of the MSCI ACWI inde whllst excluding several settors, notably fossil ￿els. Wlth regard to investment grnde deb4 the College'5 policy15 to invest In investment grade corporate debt index tracker funds which replicate the Bloomberg Barclays MSCI SRI Indices, and whlch adhere to policies conslstsnt with Glrton's ethical commitments. The College may also have exposure to fund5 Invested in UK government securitie5. 21 Investment fees and costs It should be notsd that the movement of the portfolio to a low-cost model based on index tracker funds hu resulted in a considernble saving of toplevel manager fees, underlying Manager performance fees. and transaction costs, wrth a reduttion of £795k between the financial year 2021122 and 2022123. Investment retums June 30 2023 Global Equiti£% Pri￿tr EqU￿Y A￿1 Estat0 % ol portwlo Stra4ic Allocatic 60ts5% Perknw)ce b￿ChMark Dlffwce 9A% 11.3% .i.s% 4>.7% -1.9% .13.2% 2ts% -19.4% 77.3 20.4 15.18% 4.8% -16.8% .1.6% -17.0% 10.3 lox 3.6% 4.1% Inyestsment Grndo Crwjlt 74% Infladon Unked Bonds 2-3% -2.4% Cash 1-2% TOTAL 119.8 100.0% 4.8% 4% 0.4% The overall portfollo returned 4.8Yo over the financial year, outperforming the blended strategic benchmark by 0.4%. The portfolio closed the year largely in compllance wtth the Strategic A55et Allocation, albeit with a slight underweighting to real estate. This has since been addressed by a modest rebalancing post the period end. Over the long tenn the portfolio has outperformed relative to its targe¢ looking purely at investment returns (i,e. strlpping out new donations and endowments, new borrowings, properry sales etc): On a five-year bas15 the compound annual growth in Investments been 8.9% On a ten-year basis the compound annual growth in investments has been 9.6% The major contrlbutor to posittve performance in 2022123 wa5 Global Equities (the Amundl ESG Global Tracker Fund) which delivered a return of 9.8%, albeit that thls underperformed its benchmark (the MSCI ACWI Index) by 1.5%. This underperformance can be attributed to the excluslon of a number of stocks in the energy and basic resources sectors which added to the overnll non-ESG benchmxrk index perfornwice. Private equity proved a drng on performance thls year, wth Some mark downs in certain of the Partners CapltAI funds which were not fully compensated by value-creatlon events elsewhere, Our private equity por60llo underperfomied Its benchmark by I.￿. The high and febrile Interest rate environment led to significant mark-downs in the UK real estate sector, down 16.8% overy411, but with the Chariues Property Fund (our sole exposure to this) outperforming by 3.6%. Our small allocauon to inflation-llnked bonds reflerted the turmoil in bond markets (see below) and underperformed government bonds in general by 2.4%. The year 2022123 presented market condltlons which were In some ways more benign than 2021122 (Sn which the portfolio returned -1.5%) wlth hlgh Inflation to some extent "priced In". The war In Ukraine represented 2n ongolng concern globally. albelt that in financlal terms mar4er 60Y. of the £4.5m penslon provision (2021. £4.9m) relates to the College's sectyon of the Cambrldge Colleges Federnted Pensions Stheme (CCFPS) for non-academic staff. The Glrton section of thls scheme, in ccrtnmon wlth that of a wmber of other Colleges, has been closed to new members for some Yea￿ but exisdng members still in College employment are able tt) accrue benefits from fuwre service.The decrease in provisicffl is due tt> updated assumptions as set ouc in Notr 23 ofthe accoun The College continues to enrc4 a12demic of staff in the Universities Superdnnuation Scheme (USS). The accounts this year ￿fiect the deficit reco%Ery plan following the completion of the 2020 actuarlal valuation. New members of non-academlc staff are ￿rOlled in a Defined Contribu(ion scheme NOW: Pensions. Restricted ond unrertricted pem10nent endowTnent copital After completing the Colleges most recent fimdrrising campalgn. the College continues to grow the endoYmien¢ prlmarily through legacies, ￿lt[S moving towards a campaign wth a grEater emphas15 on annual givlng whlch can be put dirpcdy to Co fund the College's purposes as part of its unrestricted spending.This will crEate a more baknced overall fijndrnising profile when combined a Si￿lfI￿ant number d legaq pledges which are largety focused on the College¥ endowment The restrlcted permanent C4)ital funds of the College are invested as anArna￿latsd Trust Funds scheme (ATry in the Colleges Inves0￿ pothlla As at 30 June 2023, the Yalue of restricted and endMien¢ fijnds vns C77.1 m. a 3.8% increase from £74.3m the prevlou5 year.The growth due to a combination of new capTtsI added a5 a result of dOna￿On$ and benefacoons and an IncrEase in the value of the College& investments. TheATF at 30 June 2023 comprise5 12812021.131) actfve fvnd5. for a Wdriety of purposes. as summarfsed in Note 15 of the account*The capital Ydlue fell In the year to 30June 2023 with the unlt value going down from £18.12 to £18.01 Thls come5 on the back of a number of years of sustained growth wrth the unic having inoEasd from £11.47 per untt to £19.￿ per unit betsyeen 2C#)9 and 2020. Donations and benefactions are iccepted for a ￿de range of purposes. and the College Is ever mindful of the generosity of its supporter5 In allowing tc to continue in its misslon. Although we are increaslng our focus on anwal givi￿ the College continues to accept gifts for the unrestrictsd permanent endowment (UPEC), beczuse of the flexibllity it offers to meec future needs as they arfse.The total ￿alue of UPEC at the end of June 2023 {£22.1 m) was broadty the same as at the end of the previous year with new donadon5 matched by the fall in inyesljnent Yalues. The value had more than quadrupled during the decade from 201 I to 2021 (up from £4.6m to £22.Om). 27 2. Financial effect of significant events in 202￿3 Copital lten￿ in the Stotement Of Comprehensiye IKome rsoa") The net CoMprehen￿ve deficfc for the yEar of £ l.om has dec￿ed the College's net assets by 0.6% from £173.8 to £1718m. Benefactions ond donations in soa The College was again grnteful to receive very subsrantHI donation income during the year. A total of £3.6m was accrued for the pemanent endowmth( reflecting the continuing strengthening of thls bedr￿k of the College's financial secuiity primariW through legaaes. Unrestricted donations were £8k In addttion £0.3m was r￿￿ed intD the rescri￿d reserbES. Thu5 a totJ of £3.9m was accrued for the yÈar. This is another outstanding result and we owe a very great debt ofgratithde to our supporters. Investment gains ond losses Net investment g￿Th$ of £3.2m (2022.105ses a4m) in 2022123 represent a retyrn to g￿nS aft the strllar year in 2020-21, and the perfOrnun￿ was sdid despitr contyrwed maAot ttjrmil and pressures felt in Secto￿ including rd estate and prn*e equiry. Gains and losses on disposal of r￿ed ossets There were no di5POsals of £xed assets in 202Y23. Revoluation of fixed a&sets There have been no operntJ0n￿ flxed a55et revaluations (￿ring the year. Actuarial gains ond losses The actuarial galn of £0.3m Q021'8ain d £3.2m) rdatss to the College's sharE of the Cambridge Colleges Federated Pensions Stheme (ccF￿ for non-academic staff. The Girton section of this scheme, in common with that of a number of other College4 has been dosed to new members for some years, but ￿$￿n£ membws still in Colkge emplo/M￿t are able to accrue beneftts from futhre service. 3. Principal sources of funding 2022123 A. Endowment and Investment income As grant-giving and operational charities, Cambvidge Cclleges typically re￿ on a combination of restrictrd and unrestritted income from their ￿doWrnents and investrnents to offset their acdmty defictt (on which see bek)w). The College's pollcy of smoothing capitsl Ydlues over tFThe years reduw the volatillty of fijnds aV￿lable for expenditure. During EastsrTemi 2023, the College decided to Increase its spending rule to a 3.8% drnwdown of a 3->tar weEhted average endowment Ydlue overdll (based on 30j￿e values).This pdlcy wtll be relehEd annLdty,with a vie+Y to reducing IMd( down to 3.5% In the next 3 years. The amual transfer toAccumulatedTrust Funds rernaIr￿ at 35% of the fund Yalue each In 2022123,the amount of total rettjm from inveStr￿ts transfenEd to unrestricted and restricted funds In the SOCI under the Collegel spending rule was £4.Om (2021. £3.9m) The totsl reojrn rEco8nlsoJ in the SOCI (see Note 3 to the acC￿nts) includes a decrease In Investment management costs of £148k to £24k (2022: £1 ll<).Thls reflects the move to a new, lower-cost confi8uratlon. B. Activity (Kcounts The income and eXpendi￿re in the SOCI Is dassffied by ref￿￿ce to the Colleges major actfvidas, (l) Eduotion and (2>AccommodatiO￿ Catering 2nd Conferences. Incom4 direct and Indlrect costs,and overtieads are allocated beN*Een these V*VO attivlties by a consistent proces5 approved by the audktors.The overall net acti￿￿ result is a deficlLwhich rdects the extent to whlch unrestricted income is needed to enhance the scope and qU￿lty of academic provision to College members, Particular￿ swdents. In recent year3, the College¥ actNiry net deflclt h5 been onty Parti￿ty offset by endowment and Investment incom& leadlng to an overall un￿tricted net deficSt bdore Inyestment gainsllosse Last year Saw a considerable imprO￿t from posldorn recording a net unrestricted deficit of £455k (£3,022k excludirE deprecHflcn £1,607k arrfj also exduding an excepti(￿al non-cash provision of £960k relating to the USS P￿$10￿ scheme}.Thus on an undertying b2sls the deficlt grew by c.£1.3m. This year saw a 51i8ht improNEment from that FM)sition. recordlng a net un￿strICted 5urplw of £2k (£3,648k excludlng depreclatlon £3,T70k and U&S upward adjustment £120k). Thus on an undedylng basls the deficit narr￿ by c. £0.45 The differentr berAeen the Recommended Cambridge CollegeAccounts (FICCA) net unrestricted surplus (as adjustEd aLM)ve) and the marmgement accounts su￿uS is.. Management accounts surplus £494k Less.. USS adjustment £12Crf( Add: Ann￿1 fund gtft tTinsfers £223k (see statement of changes in reserYe5) Less,. Movements In unrestrlrted trust funds £595k RCCA net unrestrltted surplus £2k To asslst In improving the financlal transparency of the College's financial actlvitles, considerable work has been undertaken to make improvements from budget management to underscandlng College finances more widely, Includlng reviewing and rationalising its funds. This will enable improvements In allocating resources and in decision-maklng. C Educa(ion octi¥ity (notes l and 4) Student fee income was £438k hlgher than in the pr￿louS y. A rlse In P05tgt7duate fees the main driver here (up £270k), as the College continued with its long-standing su7tegy ofgrowlng r 29 posty2du2te wpulitic4). Fees for home swdents were up £54K wth fees for internatlonal sthdents rising by £114k The rate of recovery of Ed￿atiOn expendIW￿ tuition fees and ￿U0110nal income rose from the 65% level in 2022 to 66% In 2023. Despite the fee cap continuing to erode the v￿ue of fees in real ternis, thert was an increase in rA)stgrnduate and overseas undergradLll￿ fee income in the year which more than offset the iKrease in expenditure. Education exwditure was up by 8.& at £7.3m P022: £6.7m). UndethirE this ntsior dr￿e￿ were sd)olanhips and aNwds (up by £0.3m) and educational facility costs up by £0. I m. D. Accommodation, catering ond conftrence (notes 2 and 5) The above notes show d￿1$ of the activlty which indLbJes Internatiorhal Summer Programmes: Accommodation for College membe￿ net cost £3.4m (2022: £2.7m) alth¢)ugh income increased by £O.&n, expenditure increased by £1.3m vthich includes maintenance, domeso¢Jcleaning charges, generdl njnnlng costs and also tEnt of Swides Court from the Unfversity.These costs Increased significanty too in respect of inflationary aspects sKh as increased energy charges. Catering for College memb￿%. net cost £ l. Im (2022: £ I m) has seen a steady increase in costs due to the effett clfood Inflati[￿ but also in staff costs. Conference athity: net cost £0. I m (2022: £0.2m) after attribution of COl￿e overheads, the actyvity appears not to 8enerdte a sur￿uS but befo￿ indirect costs, the net surplus is £0.2m Girton Summer Programmes net surplus £0.3m (2022: £0.2m) gen&2tes a net Surp1￿ after overhead attribution, due to the added value nature of the activity. It should be noted that the rusult in 2022r23 acovity which lacked the regular in-person Summer programmes.These returned in fijll durirg 5unTrr 2023 and thus will benefit the result in the financial year 2023124.The activity in 202V23 was on4ine programmes which provided a useful source d income vthlLst inyrson programrnes ￿re waused during the pandemic. Buildings-rdated overhead and depreciation eXp￿iDjre is allocated to Educail*J), where It relates to spaces with 2cademic use.The expendi￿tE ball￿e is allocated tr>Accommodation, Cawing and Conferen¢¢g. Not￿thStanding the aFparart1055 on CCffiferen￿ actsvity in these accounts, the depamnend management accounts show a F*JSiti¥e C￿tribution from conference activity to fixed costs, The recovery rntr in Accommodarion (totsl uicome in note 2 divided by total c<>sts in notr 5),was 60%12021. 63%).This has historldty been at or ar0￿d the 70% mark 50 i% currenty lower, rnain due to the higher inflaoon borne by the College not Eerng mar£hed by inc(xne,This is also affected by the attribution of costs, thich i% periodicalty. Catering saw a recovery rnte of 52% (21J21.47%) thlch vrns a grndual Improvement over the previous year.The College continues to aim to increase use of the catering provision by Girton srudents. nNximising use whilst keeping prices at affordable levels. New senlor staff in the Caterlng and ConfeTrnce area have been appointed and wll aim to condnue this improvement into 2023124. 30 E Spendoble donorion irKome Unrestrltted donation IncM)e In the SOCI 15 £8k F. Other costs Other costs in the year relats to a one-off prlor year dep￿cl￿On charge of £1,822k (2021. NIL) and USS net contributions over Servlce costs of £(12(*) P02Z' net cosrs £96Cl<).The depreciation charge wa5 made to bring the College into line with its accounting policy. in that assets should be depreciated for the first time in the financial year they are first brought into Use and over their usefvl IlYes.Thls is a on&year atch up exe￿ISe and will not be repeated. 4. Review of reserves Reserves Pdicy ( l } The College is a pennanent Institution and holds substantial charitable funds on trust for a variety of purposes. The Council monltors the College's "free reserves" calculated as total unrestritted funds le&$ fixed assets. since it does not regard the operdtional estate as available for such a purpose. Nevertheless. there are funrtional assets withln the operational property porrfolio which might at some stage be sold or otherwise removed from the operational estate. (2) The College requires free reserrfes: { l ) to underwrite the continuity of irs operdtions. (2) to maintain equity betrween generations of members; (3) to fund capital expendlture" {4) ¢0 be able to respond to any urgent need for unplanned expenditure,, {5) to fund any future increases In penslon reseryes; and (6> to provide for wlndlng up costs in the event of a cessatlon of business. (3) The Councll regards accumulated free reserves whlch ar05e from., { l ) unrestricted spendable donatlons Sn the qulet perlod of A Grecrt Campaign and certaln subsequent major donacions (£3.5m); and (2) the proceed5 of sales of property (£23.4m) as quasi-unrestricted permanent endowmen( invested alongslde other permanent funds to provide an income for the College. Such free reserves designated as quasl- unrestricted permanent endowment {quasl-UPEC) will be used only Sparingly and If absolutely necessary to maintain continuity of operations and equity be￿een gener4tions. but they are regarded as avallable for capital purposes such as further Investment In the College's operatlonal estat (4) The Council aims to fund the College's capltal expenditure requirements over the next five years (currently budgeted at £8.1 m) from a comblnatlon of free reserves 31 (Including quasi-UPEC), donations and long term loan5. Of these sources, loan capital will be used to fund capital expenditure capable of generating a return 2bove that which may be delivered from the College's investment portfolio. (5) The Council aims to retain a minimurn of one yearfs unrestritted expenditure before depreciation and gross of any sources of known Income as free reserves (£16.Om). (6) The Council monitors.. (l) the relationship between free reserves and the unrestricted fijnds net deficit before Investrnent gains and losses in the Statement of Comprehenslve Income. (2) the ratio of free reserves to the net deficit before depreciatlon and donatlons, which It regards 35 a prudent measure of cash absorbed by operations. Amount of reser As at 30 June 2023 the College's free reserves were £28. Im (2022.. £30.1 m) and during the year 2022r23 annual unrestritted expend1oj￿ before depreciation was £16.(hn12022.. £14.5m).The ratio of fite reserves tn unrestricted funds net deficit before investrnent gains and105ses was 7.2 (2021.10.4). C Comparison with reserves policy The College's free reserves remain compliant vitth the Council& ￿serveS policy,whTrch was most recently reviewed in July 2023. D. Longer tenn tren.On a cash bas15 (l.e. before depreciatlon and unrestricted fund transactlons) the surplus was £0Sm,which ￿ declared as the management accounts resulL Et Is the goal of the College to remain at or around breakeyen in cash terms and on an unrertricted basis.This me2ns thatwe are not relying on a diminishing pool of osh roserves to subsldise our day-to-day operations, instead doployln8 our capital strateg￿al￿ on inyesljnents thich will over tlme be accretlve to the Yalue of the College and Improve the experience of its communlty. The CU￿ent economlc en￿ronment remains challewng wlth condnulng hlgh levels of Inllation and risks to investment retums, 2nd the College rem￿n$ viglant in marHging its operations in this light. We are makj'ng progress Y￿th regard to some malor str￿tur31 areas which have contyibuted to prior deficits: 33 Occupancy levels at Swrles Court are impromns Fwticuwy in the summer months whith in previous years have had slgnifit2nt numbers of voids.we continue to negotiate with the unNersty as to liabillty attribution for the several major and costly dèficits whid) we have addressed (and continue to address) rElated to the bulkli Commercial operations are n(w badc up to full strength, though are ti￿ng some imp)rtant steps in the strntegic planning and rrArogement of tho%e, supportÈd by the recruitment of experienced professi￿alS within the Conferencing and Catering and the Girtcn Sumrner Progrdmmes departsnent& In p3rticu&r we will be reviewing the structsjre of event delNery In order to ensure this is constttent and prows-drNer4 and wtth a ￿eW to freeing up resOU￿e in other dep3rtrnents is CU￿endY ovety occupied wtth eNtnt managemenLWe will also be revIe￿Ing cost allootion b&￿en different types of commeKial activty in order better to plan for mthmising the bottom-line contrlbudon to college finanw; We are impromng the ts2nsparency of people planning as part of the annual budget cycle In order to ensure that recruitment of at*Jrrional heads and promotlons. are fully aligned to thé Colleges Strdtwc priorioe% includw)g the erkblirE priority of financral sustainthlity; Our adjustsnent of our develownent foc￿$ should have the effert of Increasing the level of contribution to annual spendin&whi15t ￿]11 striknng a balan￿ bthe￿ this and continuing to strengthen the endowment Cosh Flow Statement We mix)itor cash flows regularly thmughout the year in order to ensure the College has sufficient liquid funds at all times in onler to meet its need At 30 Njne 2023 the College's cash stood at £1,7m, lower than the £3.1 m recorded at the end of the 2021122 financlal year. C. Any fvnd or 5ubsNdiory in deficit None of the (¢￿￿j¢￿ ￿ndS oftheATF were in defiat at the w end. 6. Plans for future periods A Counul'5 future tyans The Cdlege is a permanent instiwoon and an importsnt con51itMent of the tollegiaTr UnNersity ¢f Cambridge.The Councll's pkns for the fve years includ Continulng to implement tts new strategic pkn. vthich vfas fOrn￿d as a result of a ￿d￿ra￿ng consultation intemal and eXt￿t￿ stakeholth. Talang ￿rther steps towards the g031 of"inclusivE excellence" by a renewed focus on dryerslty across a rnnge of metrics; and prowding srudents with the support and tools to achiele the best possible educational outcom4 measured in tern￿ of acadanlc success and personal Jilding the financkal support cfftred to studen¢ Indudlng. (i) continuing to raise fijnds to offer I￿rsary supwrt to Under8rndLM￿ and portgndLMW (11) focused fundrnislng for PhD students so as to be able to incrnse the pwortion of our postgraduates who are PhDs' (ill) as far as possible WFthin the over￿1 kndget minimising the burden on stsjdents from rosId￿Ce charges and other costs whlle delivering excellent f2ciIiti4 Improvlng the offer to Fellows (Eoth cfos and Lrros) In order to atttart and retain world- class scholars at Girtori pay,1v￿ing condidons and benefits.. 34 Jrther fofftrlng the wellbwng of all members of the College as an essentlaf basis for achieving their full potential,wlthln the rE5identtal hither educatlon setdng that is a hallma￿ of the Ilegrdts Universiv, Improving the built environment thr￿h both large and $m￿l-scale ren¢)Yatlons and redecoration& and d￿elOPIng and implementirE a decarbonisatlon plan that enables the College to achleve Net Zero; Taknng slgnificant further steps in estates Planni￿ including adyancing plans to bulld a potential new Court on the College's main Site, containing a MtXW￿ of swdent room5, Fellow5. offices and accomrnodation, and public are4 induding poontially an audr(orium. At the same ￿me revIe￿nE alternative models for Swrtes Court in the fijthre accommodatlon provislon of the Colleg Wor4ong ¢0 achleve improvements to the opernong performance of the College, includlng maMng more effective use of InforniationTechnology in order to increase efficiency and, over tlme, deliver pern)anent improvements to the cost b Jrther maximising the Cdlege's commercial reveNe by taking a f(L￿Sed and Coryordinated approath to g￿￿n8 Girton Summer PrDgTrmrnes ar￿ the conferencing buslnos¥ Continuous ImproVem￿ts to govemarKe avraymenty induding a revlew and ref¢Thiation of the Siatutes: B. Five year mlling budget The Council has adopted a five year rolling budget for 202V23 to 2027r28. The revenue budget includes operatyng Income and eXpendi￿r& the proportion of tota5 retum dl¢)wed by the College's lon*trrm spendlng rule, depreciation. Interest 2nd donation5. It does not indude Investment 83lnsllosses retalned as Unapp1￿ tofal re￿rn (see Note 17 to the Accounts}, 8ainsllosses on disposal of frxed assefy gaI￿O55e5 on rev￿uatiOn of fixed assets, nor acwarSal gainsllosses In respect of pension schem C Capitol expendIW￿ Programme 2023124 Clolster Court renoyatlon Ineludlng 0 terrace outside the Social Hub, laying a thway from Mare's Run to the Lodge and improved I￿tIng Completion of redecordtjon of Old Han Proposed new Ilghting scheme In Chapel Rene￿￿ble ene enerntion rBview teration5 within the KStchen and Servery Redecorndon of Tower Wlng {though unlikely tA) be full refurbishmcnt) PotentSal Im rovements to Stanl Ubrn Tower Plant Room strlp and refit Decarbonisation works Further wlng refut*ishmeTrt (to be confflrmed) Decarbonisation works Decarbonisatlon works 2024125 2025126 2026127 2027128 It should be noted that th&se budgeted works for the ouQr years are provislonal at thls point and 11 require further internal review and stgn-off - including wth reference to pr￿ling financbal condrtlons- before proceeding. 35 The Capex plan does not yet include any costs associated with the design and constructi¢Jn of a new Court. On the basis that the College proceed5 with thi5 ￿ further informaljon will be included In the next Annual Report and ACC￿nts D. In*att on free reserves Both the net {deficit)Isurplus bdore deprecktion and exceptional income and any Otal expenditure will ultimatdy be fvnded by a coMbin￿jOn of free reserves and long-temi loans available for CaF4tal expendI￿re. The impart over fve year3 of the 2023 revenue and CapEx budgets is as set out below. OOO'S 2023124 2024fL5 2025126 2026127 2027128 S year total 2023 final CapEx budget 2023 flnal I&E budget (2,159) (264) 11.885) {1.155) 1144} (1,96S) 55 (9551 83 (8,-119) (244) Impact on free {I423) .11029) (1.129) (1.910) _ (872) (8.363) 7. Risk management Acknowledgement of tn￿tee responsibility Members of the College Council as trustees haye ultlmate responsibility for ensuring that risk is rnanaged satisfactorily within the College. Overview of risk identification. ossessment and monitoring prrKess Risks are identifled in the College Risk R￿ster which is a detailed document produced some years ago. During 2017118, the College Council agreed to take a different approach to Identifying rlsk. It was agreed that a new Corporate Risk Regster would be devised, focusslng on risks to delivering the College's Strat￿C Academic Plan. while the major committees of the College would be responsible for compiling and maintaining operational rfsk reglsters, feeding upwards to Council and the Corporate lknsk Regtster as required. Capltal projects undertaken withln College are sublert to detalled local risk registers by Individual project managers. C. Review ond assessment of moior iisks ond confirmation ofcontrols Council considered the major risks to whKh the College is exposed in 2022123 and satisfied itself then that systems were in ￿ace in order to rnanage those risks.The main categories of operational sk for the College are: a) Admissions b) Compliance c) Employment d) Flnancial and accountlng e) Fire Fundlng and higher education policy 36 g) Governance h) Health & Safety Investment Properry maintenance and management k) Reputation Student experience As set out above, a Corporate Risk Register is under developmen( which will link risk to the College's Strategic Academic Plan. D. Identified risks and uncertointies outside the College's control The persistent high level of inflation remains a risk to cost budgeting across salaries. procuremenL utilities etc. though ic is to be hoped that the recent reducing trend may continue. The College's ability to pass on higher costs to students by way of increased pricing for accommodation and catering is highly constrained, and there is no prospect of an increase in fee income. Indeed. the risk to fees appears to be firn)ly on the downside. The College depends for the maintaining the value of its portfolio in real terms on a reasonable performince from global financial markets. These currently represent a further risk given the significant geopolitical uncertainues and in particular the risk of a widening of the conflict which has started between Israel and Hama5. added to the ongoing war between Russia and Ukraine (amongst other issues). It also remains to be seen whether efforts to manage inflation through high interest rates will lead to a 'soft landinl. or will cause a recession across developed economie5. Whilst the College's commercial activiry ha5 bounded back strongly, it remains highly exposed to Girton Summer Progrnmme business generated from visltor5 from a single country. Should any those participanrs be prevented from attending, for example due ¢0 political or health developments preventing travel, then the negative impact on the current business mix would be very significanL Efforts are currently being undertaken to diversÉfy the range and nature of busines5 within the College5 commercial acllviues. Trustees. review Council reviewed the arrangements for managing risk in 2023124 during consideration of its annual governance report. On behalf of the Council Dr Elisabeth Kendall The Mistress 30 November 2023 37 Independent Audltors, Report to the Augmented Council of Girton College Year Ended 30 June 2023 Opinion We have iudlted the financlal statements of Girton College (the 'College) for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income and Expendlture, the Statement of Changes in Reserves. the Balance SheeE the Cash Flow Statement and notes to the fininclal 5tatemenc5, including a summary of signrficant accounting policies, The financial reporting framework that has been applied Sn their preparation 15 applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financlal Reportlng Standard appllcable in the UK and Republic of Ireland (Unitsd Kingdom Generally Accepted Accouncing Practyce). In our opinlon, the financial statrments: give a true and fair view of the state of the College's affalrs as at 30 June 2023 and of its Incoming resources and application of resources for the year then ended; have been properly prepared in accordance United Kingdom Genernlly Accepted Accounting Practice; and have been prepared in accordance wlth the requlrements of the Charit]e5 Act 201 l and the Statutes of the Universlty of Cambridge. Basis for opinion We conducted our audit in accordance with InTrrnaoonal Standards on Audltin8 {UK) (ISAS (UK)) and appllcable law, Our responslbllities under those Stsndards are further described in the Auditors. responslbilities for the audlt of the financial statements section of our reporL We are independent of the College in accordance with the ethical requirements that are releyant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fuffilled our other ethlcal responsibiSitles in accordance with these requlrements. We believe that the audit evidence we have obttlned is sufficient and appropriate to provide a basis for our opinion. Conclus•ons relatlng to going concern In auditing the financial statements, we have concluded that the Trustee5' use of the golng concern basis Qf accounting in the preparation of the financial statements is approprlate. Based on the work we have performed. we have not identrfied any material uncertainties relating to events or conditions tha4 individually or collective￿, may cast significant doubt on the College'5 ability to continue as a golng concem for a period of at least ￿e1Ve months from when the financial Statements are authorfsed for Issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant secdons of this reporL 38 Other information The Augmented Councll are responsible for the other inforniatlon. The other informavon comprises the Informatlon included In the Annual Report other than the financial statements and our audl¢ors' report thereon. Our opinion on the financlal statements d(xs not cover the other Information and, except to the extent otherwise explicitly stsced In our reporL we do not express any forni of a55urnnce concluslon thereon. In connettlon with our audit of the financlal statements, our responsibillty is to read the other InformatJon and. in doing so, conslderwhether the other information is materlally Inconslstent wlth the financial statements or our knowledge obtsined In the course of the audiL or otherwlse appears to be materially misstated. If we Identify such materlal inconsirtencies or apparent materlal mis5tstements, we are required to detsrmine whether there is a rnacerlal misstatement in the financial statements or a materlal mlsstatement of the other Information. If, based on the work we have perfornied, we conclude that there is a materlal mlsstatement of thls other infonnarlon, we are requlred to report that fa We have nothing to report in thls regard. Opinion on other matters prescribed by the Statutes of the University of Cambridge In our opinlon based on the work undertaken in the course of the audit: The contribution due from the College to the University has been computed as advised in the provisional assessment by the Unryersity of Cambridge and in accordance with the proYlslon5 of Statute G.11. of the University of Cambridge. Matters on which we are required to report by exception In the light of the knowledge and understanding of the College and Its environment obtalned In the course of the audiL we have not identlfied material misstatements in the Report of the Council. We haye nothing to report in respect of the following matters In relation to which the Charities (Accounts and Reports) Regulalions 2008 require us to report to you If, In our opinion: sufficlent accounting records have not been kepL or the financial statements are not in agreement with the accounting records: or we have not received all the information and explanations we require for our audlt. Responslbilities of the Augmented Councll As explalned more fully in the responslbilides of the Augmented Councll statement set out on page 7, the Augmentsd Council and are responsible for the preparatlon of the financial statements and for belng satisfied that they give a true and falr view. and for such Internal 39 control as the Augmented Council determine is necessary to enable the prepiration of financial statements that are free from material mlsstatemenE whether due to fraud or error. In preparing the financial statements, the Augmented Council are responsible for assessing the College's abili(y to continue as a going concern. disclosing, a5 applicable, matters related to going concern and using the going concern basis of accounting unless the Truscees eithcr intend to liquldate the College or to cease operations, or have no re￿istiC alternative bLrt to do so. Auditors, responsibilities for the audit of the financial statements Our objectiyes are to obtsin reasonable assurance about whether the financial statements as 3 whole are free from material misstatemen¢ whether due co fraud or error, and to issue an Auditors, report that Includes our opinion. Reasonable assurance is a high level of assurnnce. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Missotements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to Inffluence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outiined abov@ to detect material misstatements In respect of irregularities, includlng fraud. The extent to which our procedurÈs are capable of deterting irregularities, including fraud is detailed belovr. Our approach to Identifying and assessing the risks of material misstatement in respecc of irregularities, Includlng fraud and non-compliance with laws and regulations, as follows: the engagement partner ensured that the engagement team collecuvely had the appropriate competence, capabili¢ies and skills to identify or recognise non-compliance with applicable laws and regulations; we Identifled the laws and regulatlons applicable to the College through discussions with Trustees and other managemen¢ and from our knowledge and experience of the educatlon sector; we obtained an understanding of the legal and regulatory framework applicable to the College and how the College15 complying wlth that framework., 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; we idendfled whith lavts and regulatlons were slgnlficant In the context of the College, The Laws and regulations we considered in this context were Charities Act 201 I, the Statutes of the Universiry of Cambridge and taxaoon legislation. We ￿seSSed the required compliance with these laws and rwilations as part of our audit procedures on the related financlal statement items; in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which mlght be fundamental to the College's and the Group's ability to opernte or to avoid materlal penatty; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audiL We assessed the 5usceptlblllty of the College's financial ststements to materlal mlsstatemen( Including obtaining an understanding of how fraud might occur, by: maklng enquiries of management as to where they considered there was susceptlbllity to fraud. their knowledge of actual, suspetted and alleged fraud; and consldering the internal controls in place to midgate risks of fraud and non-compllance wlth laws and regulation5. To address the rlsk of frdud through management bias and override of controls. we: testrd journal entries to Identify unusual transattton5' assessed whether judgements and assumptions made In deterniining the accounting esomates set out In the accounting policy were indicative of potential bias. and Investigated the rationale behind significant or unusual trnnsactions. In response to the r15k of irregularitles and nonJJuNe 144 ArnouTrtslortheCurrtntundwVfjusfviyeotswÈwtrsfvkn.. A(qulsltionspurthasEdvAtI 5PELif¥cdonationi Arquisitlons wrtha5edwthC&lege funds Totsl ¢ostofawulltlon$ Vaue of acqL15itionsbydonatlc Totsl 60 Glrcon Qillege- Year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 9. Investments 23 2022 Balance at the beginnlng of the year Addltlons Dlsposals Appreclatlon/lDepre¢latlonl on revaluatlon IDeerèa5elllnuea5e In cash balance held by Fund Managers 114,328 14.466 19.8971 3,231 12.3691 117,988 105,584 Ill4.￿7) 1,669 Balance at the end of the year U9.759 114.328 Represented by Quoted Securltles- Equltles other 5hare5 Alternatlve Investments Cash held for relnvestment 43 14 118,787 915 14 110,988 3,284 Balance atthe end ofthÈ year 119.759 114,328 The College Is also the lolnt beneficiary wlth another organi5ation of a trust which owns a number of propertie5 in Ealin8, West London. Rèntal income less expenses is divided equally between the beneflciarles. When tenants vacate the propertles, they are 501d. and the proceeds of the 5ale5 Iless expenses) are divided equally between the benefiaaries. At 30June 2023, the Colle8e'5 share i n the remalnlng propÈrty Is estimated to be about £3￿ {gros5): this amount Ss not Included wlthln Investrnent assets. 10. Trade and other recelvables 2023 Members ofthe College Other debtors Accrued Donatlons Prepayment &Accrued Income 161 360 2.543 392 113 114 5,162 Total 3,456 6,171 11. Cash and cash equlvalent 2022 Bank Deposlts Current Account Cash in hand 543 811 T￿al 700 61 Girron College- Year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 12. Creditors: amounts falling due within one year Long term Loans Student prepayments Othe r Creditors 149 i(x) 4.101 143 i(KJ 2,994 Totsl 1237 13. Credltor5: arnounl$ falllng due after more than one year oiher loans Baftk Lo3n Studentprepayments 973 L175 122 L062 Total 17,141 17J94 One oftho bank I￿siS dueftsrrepaTrThrtln 2(m9ataA¥edITrre￿traIQ of&54kTheQtr*rbarJkl￿S3rE rep￿able O%trap2￿od oflllo 12yearsat f1xedlnterestrd￿s0f ￿tWee￿&z￿￿¢j5.40 Durlng201>14, the Cdle8e barMWed£lcthf￿rn Institutlonal lThvestDrslTraprfvate r4¥¢mentdonel￿IethVeI¥￿lt￿. othercolle6e5. athoughthe Colley's loan i55ep3rwefrc¥n those ofthe other*The lo￿ are unseoJredar.drepay*edunn8the *rfTh1l￿3-Il538thyare atfix2dlnie,"est rdlesar approx1matsly4.￿. The table belcwlvesfurtherdetsllson hwthe loansc¢ntra#edtythÈC¢lleÈéwerÈarc4Junled for. InterutsZOI&I¥{lne￿j [￿E5￿￿ent Portfoll B&lanre as￿>> (fy22 In￿r￿tr￿e % kp•inEntdate Oparatlons 2Q)J Loan Otherbarik loans Bond $4% 1265 XA¥ Totsl 14. Penslon Provlslon USS ovementsh yfor Currentsorylcet05ts1ndudlNgUfelnsuran Confrlbut￿Ofi$ OtherflnHnce costs Aciuarial1055llgainl 1755 18711 179 123 12ni B•lon¢Y •téndofy•w 62 Girton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 15. Endowment Funds Restricted net assets relating to endowments are as follows: Restrirted Unrestricted Pemianent Peffl)anent Endowment Endowment Totsl 2023 Total 2022 Ballln￿ atbeglnnlng oAyear Capital Unspent Income 47,531 Uts6 69,727 66,741 47,531 U196 69,727 66,741 New donations and endowments Transfer beiween reserves Increase/lDecreasel in marketvalue of investment 141 3,&J7 5,953 1279) 12101 14891 12,99)) Balano atend of year 793 4127 72,910 69,727 Represented by: Fellowship Funds Scholarship Funds Prize Funds Hardshlp Funds Bu￿arY Funds Travel Grdnt Fund5 Other Funds General Endowments ,405 8,847 2,545 103 27,950 8,950 1,291 I,￿7 10,718 27,985 8,771 1,297 L459 10,E 424 112 22 3,3LX) 15,498 7,931 447 6,271 15,915 6,354 Total 793 21127 72,920 69,727 Anatysis by asset Investments 5),793 22,127 72,920 69,727 63 Glrton Collège- Year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 16. Restricted reserves R@sèNes wlth restrictions are as follows.. PemMnent spertand other Re5trfcted re5trtcted expend*le Ca￿1 Grants In¢ome endowmert unspent Total 2023 Tota12022 Bahm￿atbe￿I￿￿l￿9Ott yeor Cipital Accumulated income 2,249 L875 4115 2,240 2,313 4,S53 422 422 16 16 3,971 New grants New donatlons Otherincome Cambridge BJrsary Stherne Foundatlon Bursarles inco Endowment retum trdnsferred IncreasellDecrea5el in m3rketvalue of Investment 2n 271 16 206 142 177 L782 ILCQI Expendlture Capitsl grants ufjlised 12,f4JU 12191 12,8361 I1,2￿) Translerbetween reseNes 145 1231 Balan￿ atend of ye Capitsl Accumulated Income Totsl 3,￿5 2,240 2,313 4,553 4,174 Represented by.. Fellowshlp Funds SchOla￿hIp Funds PriEe Funds ardship Funds 8ursary Fund$ Travel Grant Funds otherFuNd5 General Endowments L615 621 201 1,816 621 183 327 717 327 n7 258 TJ7 61 24 24 21 Total 4174 4,SSI AnJlys1s bya$5et Investments 4,174 4,553 Glrton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 17. Mernorandum of Unapplied Total Return ZOZ3 2022 Unapplied total return at be8innlng of year Unapplled total return in the yearlnote 3bl 34,898 17561 40.858 15.9601 Unapplled totsl retum at end of year 34142 34.898 18. Reconci1Satlon of consolidated deficit for the year to net cashflowfrom operatlng artivlties 2023 2022 OpemtlngArtlvltles Operatln8 IDeficitllSurplus A(lJustment to prloryear Depreaatlon Provlsions Pension costs le55 contrfbutions payable In￿eaSe)1Decrea5e In Stocks DecTeaselllncre85el in Debtors Increasè/lDeuea5el in Credltors 14,5351 14Y 3,770 1237 11681 1161 2,738 l220 1,607 161 11,7621 692 Adjustmentlorlnvestlng orFlnundnqPthltl¢f Investment Income Investment Costs Interest Payable 14471 24 392 18841 172 382 Net Cash Inflowlloutllowl fmm OpefttlngAcllvltles 1951 19. Cash Flow from Investlng Artivities and CapStal Transactions 2023 202Z other Investment Income Investment ¢har8e5 Interest pald 13927 1410 Net Cash <￿tfloW111nflOwfrorn InYe5tlnB Actlvttles 1392) 14101 Cosh Flowlrom Cupltul Transacdons Payment to acquire TanBlble Flxed Assets Paymentto acqulre Heritage Assets Paymentto a¢quire Inve5tmentA55ets i(noi 1141 IL777T 12,4091 2.021 Net Cash (￿tIl0w111nf1QwfrOMc￿Itrl Tr4nsadli¥n5 {3,8011 65 Girton College-year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 20. Cash flow from financing activities 2022 Long Term Loans repaid 11431 11381 Net Cash (Outflowllinflow from Financing activities 1143) (￿8 21. Capital commitments 2022 Commitments contrarted for at 30 June 470 326 22. Lease obligations 2022 Commitments contmrtedforat30June Expiring wlthln one year Expiring between two and five years Expirfng in over f ive years 1,922 7,764 52,221 7,687 54,135 66 Girton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 23 Pension schemes The coll￿e parricipates In three defined benefit 5themes and one defined contribudon scheme. The defined benefit schemes are the Universiry Supernnnuation Stheme (USS), the Cambrldge Colleges Federnted Pension Scheme and the Church of EngIand Funded Penslon Stheme (CEFPS>. The defiried C¢)ntribution scheme is NOW: Pensions. The costs recognlsed in the Income & Expenditure account for the year were: Scheme 2023 2022 £000 371 516 145 USS CCFPS Now Penslons 405 373 176 Total 954 1,032 Universlty Superannuation Scheme De1￿1t recovery babilty The totsl cost charged to the Statement of Comprehensrye Income account is £405k (2022: £371 k). Deficlt recovery conthbutions due within one year for the instltution are £126k (2022.. £1 l Ok). The latest avallable complete ac¢uarial valuation of the Retlrement Income Bullder is as at 31 March 2020 (the valuation date). and was car.ried out using the projetted unit method. Since the Instltutlon cannot Identkfy its share of USS Retirement Income Builder (defined benefit) assets and liabilltles, the followlng disclosures reflect those relevant for those assets and liabililles as a whol The 2020 valuation was the slxth valuation for the scheme under the scheme-specific funding regime Introduced by the Penslons Att 2004, which requires schemes to have sufficlent and approprlate assets to cover their technical proyisions, Atthe Yaluation da￿, the Ydlue ofthe assets ofthe scheme was £66.5 billion and the value of the scheme'5 technical provislons was £80.6 billion indicaong a shortfall of £14,1 billion and a funding ratio of 83%. The key flnancial assumpdons used in the 2020 Yaluatlon are described below. More derall is set out in the Statement of Funding Principles (uss.co.uklabout-uslvaluation-and-fundingJststement-of-funding-prlnclples). CPI ossumption Term dependent 17tes in line with the d￿erence between the Flxed Interest and Index Linked yield curves le5S: l. l % p.& to 2030, reduclng linearly by O. l % p.a. to a long-term dlfference of 0.1% p.& from 2040 Pensvon increases CPI a55umption plus 0.05% (subjert to o floor of 0%) 67 Girton College- Year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 Discount rate (forword rntes) Fixed interest gilt yield curve plus: Pre-retiremenL 2.75% p Post retirement 1.00% p.& The maln demographic assumptions used relate to the mortality assumptlons. These assumptions are based on analysis of the scheme's experience carried out as part of the 2020 actyjarial valuation. The mortality assumptions used in these figures are as follows: 2020 valuation Mortality base tsble 101% of S2PMA"light" for males and 95% of S3PFA for females Future improvements to mortallty CMI 2019 with a smoothing parnmeter of 7.5. an initial addition of 0.5% p,a. and a long-terni improvement rate of 1.8% pa for males and 1.6% pa for females The current life expectancies on retirement at age 65 are: 2023 24.0 2022 23.9 25.5 25.9 27.3 Males currently aged 65 (years) Females currendy aged 65 (years) Males currently aged 45 (years) Females currently aged 45 (years) 27.4 A new deficit recovery plan was put in place as tyart of the 2020 valuation, vthlch requires payment of 6.2% of salarles over the period l April 2022 until 31 March 2024, at Ythich point the rate will incre2se to 6.3%. The 2022 deficit recovery liability refiects this plan. The liability figures have been produced using the following assumptions: 2023 2022 5.52% 3.31% 3.00% 3.1))% Dlscount rate Penslonable salary growth Cambridge Colleges, Federated Penslon Scheme The College operates a defined benefits plan for the College's employees of the Cambridge Colleges, Federated Pension Schem& The liabilities of the plan have been olculated, at 30 June 2023. for the purposes of FRS102 using a valuatlon system designed for the MinLgement Committee, acting as Tru5tre of the Cambridge Colleges, 68 Girton Colle8e-Yeir Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 Federated Pension Scheme, but allowlng for the different assumptions required under FRS102 and takirvd fully Into consideratlon changes In the plan benefit structure and membership since that date. The prlncip21 actuarial as5umptlorns at the bajance sheet date were as follows: Discount rate 3.80 Increase in salaries 3,25 RPI assum tlon 3.4¢J 3.45* CPI assumptlon 2.8 2.75* Penslon Sncreases in ayment RPI Max 5% p.a.) 3.3ts* 3.31>* Pen51on Increases in ent CPI Max 2.5% 2.05* 2.05* ¥¢For l year only, we have assumed that RPI will be I l % and CPI wlll be 7% {2022: 11 % and 9% respectively). The caps under the Rules are applled to assumed pension Increases. 5.20 The underlying mortality a55umprion Is based upon the standard table l(nown as S3PA on a year of birth usage with CMI_2022 futsjre Improvement factors and a long-term rate of future improvement of1.25Yo per annum, a standard smoothing factor (7.0) and no allowance for additlonal Improvements (2022.. S3PA with CMI 2021 ￿tUre Improvement factors and a long-term future improvement rdte of 1.25% per annum, a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expecrancies: Male age 65 now has a Ilfe expectancy of 21.4 year5 (previously 21.9 years). Female age 65 now a life expectancy of 23.9 years (previously 24.3 years). Male age 45 now and retiring In 20 years has a lrfe expectancy of 22.6 years (prevlously 23.2 years). Fem21e age 45 now and retiring In 20 years ha5 a life expectancy of 25.3 years (previously 25.7 years). Members are assumed to retlre at their norn)al retirement age (65) apart from In the following Indicated cases: Active Members- Option l Benefits Deferred Members- O tion l Benefits 64 63 62 Allowance ha5 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 calculation5. The amounts recognisod In the Balance Sheet as at 30 June 2023 {with comparntive flgurtss as at 30 June 2022) are as follows., Present value of lan liabilltles Market value of plan assets Net defined beneflt assetl(liabllity} 14,516,108 11,698,718 (2,817,390) {16,856,938 13,664,732 13,192,206) 69 Girton College - Year Ended 30 lune 2023 Notes to the Accounts For the year ended 30 June 2023 The amounts to be recognised in Profit and Loss for the year ending 30 June 2023 (with comparatlve figures for the year ending 3Q June 2022) are as follows: Current servlee cost Administrative expenses Interest on net defined benefit {Isset)IliabiliCY 209,516 30,369 121455 393.451 30,369 115,004 Curtailment Total ain loss 361340 538,824 Changes in the present value of the plan liabiliues for the year ending 30 June 2023 {with comparative figures for the year ending 30June 2022) are as follows". Present value of lan liabilities at beginning of Current service cost Employee contributlcns Benefits paid Interest on plan liabilities Actuarial ins Ilosses -(Gain>lloss on plan than Curtallment 1105S Present Yalue of lan liabillties at end of period riod 16,856,938 209,516 68,273 660,695 633,136 1591,060 22,691,866 393,451 82,311 918,050 404,476 5,797.116 14,516.108 16,856,938 Changes in the fair value of the plan assets for the year endlng 30 June 2022 (with comparative figures for the year endlng 30June 2021) are as foll0v￿.. --i.o•liJsj Marl