GIRTON
COLLEGE
UNIVERSITY OF CAMBRIDGE
Annual Report and Accounts
For the year ended
30 June 2024
Registered Charity No. 1137541

Girton College - Year Ended 30 June 2024
Contents
I. CORPORATE GOVERNANCE........
11. WHAT WE DO.......
111. OUR ACHIEVEMENTS AND PERFORMANCE IN 2023124.
IV. FINANCIAL REVIEW............................. .
.13
.27
Starement of Principal Accounting Policies...........
Financial Statements - Recommended Cambridge College Accounts.............
.48
..58

Girton College - Year Ended 30 June 2024
REPORT OFTHE COUNCIL
I. CORPORATE GOVERNANCE
The members of the Augmented Councll during the year 2023/24 were as follows..
Elisabeth Clara Kendall MA DPH5L PHD
Harriet Dorothy Allen MA PHD MSC
Matthew James Allen MA VETMB PHD
James Spencer Anderson MA
Davld Arvidsson-shukur BSC MPHYS PHD
Maria Reyes Baztan BA MA PHD
Charlesjohn McKinnon Bell MA PHD MB
BSCHIRe
Jenny Kaye Blackhurst MA
Collin Mervin Constantine BCS MSC PHD
Fiona Justine Cooke MA BM BCH MSC PHD
FRCP
Nik Cunniffe MA MSC MPHIL PHD
Jacob Maren Rutledge Currle BA MPHIL PHD
Stuart Davis MA BA MPHIL PHD
Michael Jason Degani BA MA PHD
Amy Rosamund Donovan BA MPHIL MSCI PHD
Judith Ann Drinkwater MA
Martln William Ennis MA PHD
Simon Nicholas Fairclough MA
Sebastian Leonard Dundas Falk BA PHD PGCE
Shaun Davld Fitzgerald MA PHD FRENG OBE
Chrlstopher John Bristow Ford MA PHD
Abigail Lesley Fowden MA PHD
Alexandra Mary Fulton BSC PHD
Diana Fusco BPHYS MPHYS PHD
Marta Gentilucci MMUS MA MA PUK PHD
Benjarnln John Grlffin MA PHD
Maureen Jane Hackett BA MA
Thomas Charles Hawker-Dawson MA MPHIL
PHD
Lena Sophie Holzer BA MA PHD
Aaron Hornkohl BA MA PHD
Morag Ann Hunter BA PHD
Andrew Irvine BSC PHD
Liliana Janlk MPHIL PHD
Tor KreverAB MPHILJD LLM PGCE PHD
Henril( Latter BA PHD
Arik Kershenbaum MA PHD SCD
Cllve Lawson MA PHD
Ross lan Lawther MA PHD
Marla-Dorothea Roca Lizarazu BA MA PHD
Alexander Liu MA MEARTHSC DPHIL
Santa-Phani Gopal Madabhushi PHD
Simone Maghenzanl BA MA PHD
Hllary Frances Marlow BA MA PHD
Matthew Richard James Neal MA PHD
stephanSe Palmer SJD LLM
Brynmor Caradog Pickering MA MENG MRES PHD
Sally Louise Ricketts BSC PHD
Roland James Edward Riley BA MA PHD
Angela Charlotte Roberts PHD
Jochen Runde MPHIL PHD
Lucio Sarno MA BECON MSC PHD
Stuart Ashley Scott MA PHD
Sophia Marie Irmgard Shellard-von Weikersthal BSC
PHD
Hugh Rlchard Shercliff MA PHD
Shona Wilson Stark LLB LLM PHD
Stéphanie Marianne Swarbreck BCS MCS PHD
John Alphonse Tadross BSC PHD MBBS FRCPATH
Stelios Tofaris MA PHD
Helen Anne Van Noorden BA MPHIL PHD
James Wade BA MA PHD
Emma Jane Louise Weisblatt BA MB BCH PHD
MRCP MRCPSYCH
Claire Emma White BA PHD
Gail Antoinette Williams BA PHD
Samantha Katherlne Williams BA MSC PHD

Girton College- Year Ended 30 June 2024
Professional Advisors
Auditors
Investment Managers
Peters Elworthy & Moore
Salisbury House
Station Road
Cambridge
CBI 2LA
Amundi Asset Management
77 Coleman Street
London
EC2R 5BJ
Partners Capltal LLP
5 Young Street
London
W8 5EH
Bankeys
Barclays Bank plc
9- 11 Salnt Andrews Street
Cambrldge CB2 3AA
Savllls Investment Management (UK)
33 Margaret Street
London
WIG OJD
Lloyd5 Bank plc
3 Sidney Street
Cambridge
CB2 3HQ
Soliators
Mishcon de Reya
Merlin Place
Milton Road
Cambrldge
CB4 ODP

Girton College - Year Ended 30 June 2024
Governing documents and charitable status
The College Is a "Body Politic and Corporate" established by a Royal Charterdated 1924 and
Supplementsl Charter and Statutes dated 1954. The foundation bearsthe name and style of "The
M15tress Fellows and Scholars of Girton College" and is also known bythe short name and style of
"Girton College"
The College is governed by its Statutes and Ordinances, which position it as a self-governlng
communlty of scholars.
The College is a registered charity Ireglstered number 1137541) and subject to regulation bythe
Charlty Commission for England and Wales, Its prlncipal Offi￿ is at Girton College, Huntingdon Road,
Cambridge CB3 OJG. The members of the College Council are the charity twstees and are responsible
for ensuring compliance with charity law.
Constltution and how trustees are recrulted
The charitytrustee5 ofthe College arethe members of College Counal, compri5in& in acCOrdan￿WIth
the College Statutes, four members who serve ex offlcio, nine Fellows who are elected in accordance
with the Statutes by the Governing Body of the College, and five students who serve ex officio In
accordan￿ with the Statutes and Ordlnances of the College.
Names of trustees and prlnclpal officers during the flnancial year
The members of the Council during the financial year 2023124 were:
Dr E C Kendall (Mistress)
Dr E Weisblatt (to 30.9.23)
Dr H F Marlow (Vice Mistress)
Mr l Hill (JCR Presldent) (to 3.4.24)
Mr J Anderson (Bursar)
Professor G A Williams (Senior Tutor}
Ms Tabita Bobs (JCR Presldent) (from 4.4.24)
Professor H D Allen
Mr H Lone IJCR Vice-President) (to 30.11.23}
Revd Dr C J M Bell (from l.10.23)
Ms Luisa Armitage (JCR Vice-Presldent) (from 4.4,24)
Mr J Seabrook-wafer IJCR Treasurer)
Mrs J K Blackhurst
Mr J Walsh {MCR President)
Ms J Drinkwater (from l.10.23)
Mr S N Fairclough
Ms Antonia Vogt {MCR Vice-President}
Dr S Fitzgerald (to 30.9.23)
Professor A Fowden
Dr B Griffin
Dr S Maghenzani
Dr S Shellard von Weikersthal (to 30.9.23)
Dr H Van Noorden (from l.10.23)
The princlpal officers are the Mlstres5, the Vice Mistress, the Bursar and the Senlor Tutor.
An induction and training session is held for all new members. This includes in particular the pollcy of
the College on the management of conflicts of interest. There is a Register of Interests of members of
Council. Declarations of interest are made systematically at meetings.

Girton College- Year Ended 30 June 2024
Organisatlon and governan￿ structure
The College Council is both the Board of Trustees and the Executive Body of the College. It meets 12
times annually, and It is augmented byother members of the Fellowship forthe purposes of certain
business, as provided for in the College Ststutes. Girton's Governing Body also has ￿rtain powers as
set out in the Charter and the Statutes.
The Council is supported by a professional Secretaryto Council and a committee structure coveringall
College activities and involving Fellows, students and staff at all levels. The Enain Commtitees advising
the Council in its duties and meeting in 2023/24 were..
Investments Cornmittee
Financial Planning Committee
Buildings and Estates Strategy Committee
Human Resources Commlttee
Academic Pollcy Committee
Education Board
Health and Safety Consultative Committee
Developrnent Strategy Committee
Comrnercial Strate8y Committee
Audit and Scrutiny Committee
It is the duty of the Audit and Scrutiny Committee, which has a majority of external members, to
keep under review the effectiveness of the College's financial, governance and risk
management structures and provide assurance to the College and its various stakeholders
that appropriate arrangements are In place to ensure the efficiency and effectiveness of the
College in achieving its objectlves. The Committee meets once a year with the auditors to
discuss the annual report and accounts and report on these to Augmented Councll, and to
take soundlngs from key officers of the College as to relevant matters of operation5 and
governance. In November 2023 the Committee met for the first tlme under it5 new terms of
reference and made elght recommendations which it will review in the autumn of 2024.
The Council oversees a devolved budgeting system under which individual budget holders are
responsible for managing income and expenditure within their own areas of operation, and for
bringing forward budget proposals through an annual bud8eting process. Students, Fellows and
members of staff are encouraged to participate in the process through their membership of the
College's various committees. The College Council considers the budget proposal In detail before it 15
approved, to ensure that it is consiskent with the College's strategic aims and objectives.
In the year 2023124 a People Planning exercise was introduced as a distinct part of the budgeting
process. This was done in orderto enable more dlrect scrutiny of staffing decisions, and to ensure
that the College's resources are being deployed where they are most effective, given the proportion
of College expenditure accounted for by salaries and related costs. It is intended that the People
Planning exerclse will be continued, and further enhanced, in the current financial year and beyond.

Girton College- Year Ended 30 June 2024
The proper use of finances and resources, in a manner which not only sat151ies the requirements of
intemal control expected of a college, but also fulfils any legal or financial obligations as laid down by
the Statutes and Ordinances, HMRC, the University of Cambrld8e, the Charity Commission and other
authoritles, is ensured bythe College'5 Financial Regulations. The College Council reviews and
approvesthese annually on the advice of the Bursar. An exercise was initiated In the year 2023124 to
bring in external scrutinyof the financial regulatlons, in orderto ensure thatthey are clear and In
accordance with best practice,
The College aims to operate as a model of good governance when measured agalnst benchmar*s
wlth5n the charitsble and higher education sectors, and to be open to best practice in other sectors,
includingthe corporate sector, as appropriate, To that end, there is an annual review of governance,
led by the Secretaryto Council, following which key recommendations are Implemented.
Statement of Internal Control
The Council is responsible for maintainlng a sound System of intsrnal control that supports the
achievement of policy, alms and objectives while safeguardingthe public and otherfunds and assets
for whlch the Councll is responsible, In accordance with the College's Ststutes,
The 5yStem of internal control Is designed to identify, evaluate and manage ratherthan elimlnate the
ris1< of failure to achieve policies, alms and objettives; it therefore provides reasonable but not
absolute assurance of effectiveness. This process was in Pla￿ forthe year ended 30June 2024 and
up to the date of approval of the financial ststements.
The Council is responslble for reviewing the effettiveness of the system of Intemal control, The
following processes have been established..
The Councll receives an annual report from the Audit and S(TUtiny Commlttee.
The Augmented Council re￿iVeS the annual Audit Matters documentfrom the external
auditors and refe￿ any matters of concem to Council;
The Council undertakes an annual review of the College's Financial Regulations.
The Councll's review of the effectiveness of the system of internal control is informed by the worf< of
the various Committees, Bursar, and College officers, who have responsibiltyforthe development
and maintenance of the internal control f￿mewOrK and by comments made bythe external auditors
in their management letter and other reports.
Responsibilitles of the Augmented Council
The Augmented Council is responsible for, among otherthings, preparingthe Annual Report and
financial statements in accordance with applicable law and Unlted Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).
The College's Statutes and the Ststutes and Ordinances of the University of Cambridge require the
Augmented Council to prepare financlal statements for each financial year which give a true and fair

Girton College- Year Ended 30 June 2024
view of the state of affairs of the College and of the surplus or deficit of the College forthat period. In
p￿ paring these financial statements, the Augmented Council are required to:
Select suitable accounting policies and then apply them consistently;
Makejudgernents and estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and
Prepare the flnancial statements on the going concern basis unless it is inappropriate to
presume that the College will continue in operation.
The Augmented Counal is responsible for keeplng accounting records which disclose with reasonable
accuracy at any tirnethe financial position of the College and enable them to ensure that the
financial staterments comply with the Statutes of the University of Cambridge. It is also responsible for
safe8uardingthe assets of the College and hence for taking reasonable steps forthe prevention and
detection of fraud and other irregularities.
The Augmented Council is responsible for the maintenance and Integrity of the corporate and
financial Information included on the College's website. Leglslation in the United Klngdom governlng
the preparation and dissemination of financial statements may differfrom legislation in other
jurisdictions,
Remuneration pollcy and process
The College is guided bythe remuneration policies and pay scales of the collegiate University of
Cambridge and the HE sectors generdlly. Councll normally approves the application of the sector pay
award to College pay scales. An Internal committee is in pla￿ to deal with matter5 not system*ically
covered bythe established scales. Individual members of this committee would be expected to
declare an interest and withdrawfrom the meeting during any dscussion relating to their own pay.
In additlon, the College has an independent Remunerations Committee with external membets, wlth
a remitto provide an impartial view of the remuneration of certain trustees, In partiajlarthe Mistress,
Fellows and Officers, and to demonstrate that deasions are tsken transparently and in the best
Interests of the College's charitsble purposes.

Girton College- Year Ended 30 June 2024
Impact of membership of wider network
Although It is a legally and financially separnte Institution governed by its own constltutlon, the
College is part of the collegiate Universty of Cambridge and 15 subject to the StstLrtes of the
University.
The University and the Colleges make complementsry provision for the education of matriculated
students, who are admitted bytheir Colleges and presented by them for examlnation bythe
University.
In the interests of enhancing quality and value for money, the Colleges contrlbLrte directly to the cost
of shared services provided on behalf of the Colleges collectlvely, and also to Joint ventures with the
University.
11. WHAT WE DO
Our purpose
The objects of the College are the advan￿ment of educatlon, religion, learning and research and in
particult7r the prepc7ration of personsfvr taking examinations and proceeding to the degree5 of the
Unlversity of Cambridge.
The College Councll's four main strategic priorities are:
Outstanding Education;
A World-class Fellowship.
Green Glrton; and
Enrlchment and Opportunity
Supporting these are a further five strategic enablers:
Developing our estate,.
Achieving financlal susta inability;
Enhancing information and communications,,
Relnforclng our governance. and
Supporting our people
Our activltles
The College has two major streams of operating activitv:
Education
The College provides a research-infused learnlng envlronment for undergraduate and post graduate
students earlycareer researchers and established academics, supportingteaching, research, pastoral
care, library and information services, social activities, sports, music and the arts, and all-round
personal development.

Girton College- Year Ended 30 June 2024
Resldences, Catering and Conferences
The College provldes living accommodation and catering services for College members from two sites
in Cambridge, the main College site on Huntingdon Road, close to Girton village, and Swides Court on
Pheasant Drive in the new urban district of Eddington. The College also carries on, as ancillary
actNities, a conference and events business, and a cotmrnercial business Girton Global Programmes,
provlding summer schools for international students of University age.
The College is also responsible as trustee forthe management of the permanent endowment capltal
of the 135 {2023: 128) active restricted and unrestricted trust funds, whlch comprise itsAmalgamated
Trust Funds (ATFI scheme. These funds have been accumulated over the life of the College from the
glfts of generous donors and benefactots and they enable the College to provlde financial support for
individuals and a rznge of other purposes, whith would not otherwise be possible.
The College actively solidtsfurther donatlons to thesefundsto enhance the scope of this support.
Our fundlng
The College's charitable actNities arefunded in part bythe fees and charges paid by College
members and other users, and In part by donations, bequests and the restricted and unrestricted
income generated bythe investment of permanent endowment capital and general reserves.
The College'5 endowment assets and investments are professlonally managed by external investment
managers under the guidance of the Investments Committee. Funds are invested in a diverse range
of assets on a total return basis with a view to securing a consistent funding stream to support the
College's activities in PU￿ult of its charitsble objectives.
Fees and charges
students payfortuition asfollows:
Undergraduates.,
Undergraduates entitled to Student Support {typically Home/EU students) are charged at
e￿ernallY regulated rate5 and are funded by such grant or loan funding arrangements as are
from time to time approved by the Government. Tuition fee income paid by these students is
shared with the University;
Overseas undergraduates and any Home/EU undergraduates not entitled to Student Support
are charged at a rate determined bythe College. University fees are charged in addition;
Postgraduates.,
the College receives a share of the overall fee income paid by graduate students in the
Unlversity.
Students are charged for their accommodation and meals at rates intended to cover the cost of
provision, but notto make any surplus for the College.
10

Girton College- Year Ended 30 June 2024
The College malntains an active and well-resourced alumnl relattons and development office with a
view to securing a growing number and value of philanthropic glfts to the College for Its own
charitable pu￿Ose5, and to support indlvldual members of the College in their pursuit of learnlng and
research.
Grants from the endowment
The permanent capital of the restricted funds in ATF {Amalgamated Trust Funds) is set out in Note 15
of the accounts, analysed by category of pury)ose.
ATF funds enable the College to:
Fund outreach activity In schools.
Partiapate in the Cambridge Bursary Scheme (which has recently been enhanced) for Home
undergraduate bursaries,
Award Scholarships and PriTrs to academically successful students.
Give other bursaries and student support grants to students in financial need;
Provide travel grants and sports awards to encourage extra-curricular activlty;
Award Music, Or83n and Choral Scholarships and Exhibitions to talented students;
Appoint fullyfunded Research Fellows and Postgraduate Studentships in Arts and Sciences;
Host Visiting Fellows in Art5 and Sciences and a Visiting Fellow Commoner in the arts or
professions;
Employteachingfellows, Including a core of six College-based careerteaching officer posts.
Employ a Chaplain and a Director of Music.
Publlc benefit
The Councll have complied with thelr duty regardlng public benefrt having regard to the Charity
Commission's guidan￿.
Founded In 1869 by Emily Davies and others, in particular, Barbara Bodichon, Girton is distinctive as
Britain's first residential institution for the hi8her education of women and has subsequently aspired
to set the pace on matters of equality and inclusion. Girton was the first of the women's colleges in
Oxbridge to admit men and is now open to anyone with a passion for learning and the ability and
incllnation to pursue it.
The College follows a rigorous and objective recrultment process, as part of the University of
Cambridge, for selecting the best candidates for admlssion.
A5 a not-for-profrtorganisation, the College sets its char8esfor members only as high as is necessaryto
cover costs, Bursaryand other financial support Is offered to Indivlduals, wherever possible, in an effort
to ensure that no one isdissuadedfrom applying, taking up a place or(x)mpletingtheirstudies beouse
of financial difficultv,

Girton College- Year Ended 30 June 2024
Safeguarding
The Safeguarding leads in College are the Senior Tutor and the HR Manager, vtho, together with the
Admissions Tutors, Senior Officers and Heads of Departments, oversee the implementstion of policy
throughout the organisation.
Children and vulnerable adults are present in Q)Ilege from time to time as prospective students,
employees, casual workers, students, external trainees on work placements, event delegates, sthool
visitors and when attending social events wlth members and alurnni. In addition, the College has an
attive schools liaison programme Involving staff worl<ing off site in schools.
The College alms to adopt the highest possible standard5 and tske all reasonable steps in relation to
protecting the safety and welfare of any children and vulnerable adults who come onto College
premises or into contact with College staff {whether working in a paid or unpaid capacity).
The College implements a number of policies and processes designed to Iieep children and vulnerable
adults safe from hami, primarily the Child & Vulnerable Adult Protection Policy (last updated May
20181 whith outlines proCe￿S for risk assessment, reuuitment and selection, supervision, training
and support, corrfldentiality and responding to concems. The Policy describes likely levels of staff
contact, and required checks.
In addition, the College, as the owner of licensed premises, has a duty of care to risk assess all events
with regard to avoiding harm to children and vulnerable adults.
As part of its Prevent duty, the College trains all staff to recognise indicators of vulnerabllity to
radicalisation in colleagues and student members.
The College's Dignity at Work poliLy protects children and vulnerable adults at work and there are
prescribed, specific health and safety risk assessmentsforthe employment of children and vulnerable
adults.

Girton College- Year Ended 30 June 2024
111. OUR ACHIEVEMENTS AND PERFORMANCE IN 2023/24
The year 2023/24 was outstanding for the College in every respect, as it delivered across
every area of its strategic plan whilst further strengthening its financlal position.
Our work on student recruitment and Wldenlng Participation ha5 made strong progress with
the recruitment of a new schools liaison officer and broadening the range of events we offer
including, for example, masterclass days in certain subjects. We also continued to develop
our pathways programme targeting school pupils from year seven onwards. We were pleased
to see our second cohort of Foundation Year students complete the programme in 2023-24, and
five new Foundation Year students {one more than in previous years) will joln the College in
October 2024.
We have taken significant stepsto furtherthe practical and financial support given to students,
Includingthe development of the Girton Skills programme whlch covers a wide range of areas,
from academic performance to wellbeingto the career skillsthat will enable Girton students to
make the greatest impact in the outside world. Alongside thi5 we have tsken steps, Including a rent
freeze, to further address the financial pressures our students face in studying here during a
prolonged cost of living crlsis.
The range of enrichment activities in which Girton students are able to participate continues to
multiply, offering a broad spectrum of possibilities for personal growth and achievement. These
include both traditional and more informal sporting events- from rowingto lacrosse to table
tennis-all the wayto attivities centred on wellbein& such as yoga and pllates. The extraordinary
musical tradition forwhich Girton isJustly famous has continued to expand: the Chapel Choir
continued its programme of touring (in Portugal In 20241 and addingto its landmark recordings of
Ingegnerl's choral repertoire. There have also been numerous high-quality perfomiances by the
Girton College Music Society, induding a spectacular in-the-round perfomance of Bath's St John
Passion in the Great Hall. Additionallyi a new programme, "Girton Jazg, has been developed in
conjunctlon with the College chaplain, a professional Jazz musician, whlch will provide students
with the chance to particlpate In worl(shops and masterclasses with world-leading jazz performers.
We have strengthened our Communlcations function so as to ensure that Girton's pioneering
tradition, achievements and world-changing research obtain a greater profile across traditional
and new medla. We have professionalised and improved all aspects of our publications, induding
significantly richer video content on social media-these not only profile actlvFties taking pla￿ in
the College but also provide an enhanced platform for our Fellows to multiplythe Impact of their
research, both within the academic world and more broadly.
Our more visible public profile has helped us continue to attract world-class scholars to
Glrton. We were delighted to welcome Luclo Sarno as our new Professorial Fellow in
Management Studies and to admit new Official Fellows in Law, Modern and Medieval
Languages and Engineerin& as well as an outstandlng group of Research Fellows and Bye-
Fellows. We were also delighted to admit an inspirational group of Honorary Fellows

Girton College- Year Ended 30 June 2024
including Ms Julia Gillard AC, Professor Dame Lesley Regan, Sir Stephen Hough and Ms
Errollyn Wallen CBE.
The College estate continued to improve, most visibly in Cloister Court, where the car park
has given way to gravel pathways, an enlarged lawn, a large and popular terrace outside the
Social Hub, and the first phase of a new planting scheme which 15 replacing the former dense
shrubbery with vibrant, colourful borders. Elsewhere the wildflower meadow was expanded
and bees introduced, deliverlng our first harvest of Girton Honey. The College was pleased to
receive a Platinum Green Impact award in acknowledgement of the numerous initiatives
carried out under our"Green Girton" banner.
Financially, the year set new records on virtually every metric. We achieved a record
unrestricted cash surplus of £1.2m and raised over £4rn in development income thanks to
the generosityof alumni and other supporters. This, in combination with the commercial
business now operating profitably at full strength, and a strongly positive return from the
Investment portfolio, led to an increase in the College's net assets of c. £15m to £188m, an
all-time high. The College's free reserves also ended the year at a record high of £34m, or
£28m of realisable free reserve5, excluding heritage assets. It should be noted that on a
reasonable definition of underlylng perforrnance, i.e. {a) assuming our long-run steady state
3.5'A investments transfer; (b} stripping out the £1.4m legacies recelved this year, the cash
result would have shown a deficit of £0.3m, This indicates that operating expenses are
reasonably well-controlled versus regular income, though further work remains to drive
efficiencies, including making better use of technolobry. In addition, it hlghlights the
continuing Im portance of unrestricted legacies to the College.
From this position of academlc and cultural achievement, with a vibrant and growing
Fellowship, and wlth a flnanclal position which is the strongest it has ever been, the College
is now firmly focused on the future.
We are deterrm ined to advance further Girton's founding mission of Inclusive excellence,
with a global view: thls means attracting more first-choice appllc3nts from the widest range
of bacl<grounds. We are also looking at how we mlght reach out to international scholars
including women currently working in conflict zones or under conditions of oppression, for
whom Girton can become an academic homejust as it did for ourfounding ploneers.
We are proud of our large, beautiful campus, rlch in biodiversity, and c105e to the growing
academic centres of West Cambridge. Glrton offers an environment and communlty which is
unique in the Universityi and we are developing bold and ambitious building plans which will
further enhancethe experlence of living and learning here for all members of that
community. Our large site also gives us an opportunity, at a scale unmatched in collegiate
Cambridge, to become leaders in environmental sustainability, including potential self-
sufficiency in energy generation and heating. We expect to be able to report considerable
further progress on these plans in the next annual report,

Girton College- Year Ended 30 June 2024
Slze and Shape
As at 1st October 2023 the College had 53 Official Fellows, I Senior Research Fellow, 7 Research
Fellows, 8 Professorial Fellows, 6 Supernumerary Fellows, 4 Non-stlpendiary Fellows, 37 Life
Fellows, 20 Bye-Fellows, l Enterprise Fellow, 30 Honorary Fellows and 9 Barbara Bodichon
Fellows. additionally 536 undergraduate and 362 postgraduates and research students.
Of these, 8 Official Fellows, 4 Research Fellows, l Bye-Fellow, 2 staff members, 456
undergraduates, and 184 postgraduate and research students were living in College-owned
accommodation and 2 Vislting Fellows in College rented accommodation at Turing Locke.
For each undergraduate, the College provlded a Director of Studies and small-group teaching
(known as supervision) to complement the teaching provided by the University. The College
employed 49 College Lecturers in all the main subjects offered bythe University to underEraduates,
of whom 29 were also employed by or affiliated to the unive￿Ity or other institutions and 11 were
employed as College Teaching Offi￿r5 solely by the College or under a share arrangement with
another College.
Outstanding educatlon
Widening participutlon
Outreach work continues to be coordinated by Student Services, planned and delivered by the
Schools Liaison Officer and Admissions Tutors. This year we continued to utlllse a blend of in-
person and virtual events, maximi5ing opportunitles for schools and pupils to visit Girton. We
offered 15 in-person events and 6 online events for prospective appllcants in line with the
Widenlng Partlcipation aims of the College and Univer51ty. Our capacitywas limited bythe fact
that the post of Schools Llaison Officer was vacant forthe second hawof the year,. accordingly, we
prioritised those events that we judged would have the greatest impact on students.
With a new Schools Liaison Officer in post since the end of July, we are pursuing an ambitious
strategy for growth, targeting hlgh-achieving students from our LinkAreas in the first instance and
offering opportunities for focused engagement at Girton, such as Masterclass days involving our
world-class Fellowshlp. Other events are specifically focused on subject areas where there is an
identified shortage of high-quality applicants to the College. they aim not onlyto increase
appllcant numbers, but to gulde School pupils, A-level subject choices and help them shape their
universlty aspirations. Events are focused in particular weeks of intense activity, and we are using a
relaunched schools, newsletterto publicise these. We are also in the process of relaunching our
website content and soclal media. These wlll include opportunities for all members of the College
community to tske part in promoting Girton and raising the aspirations of potential students.
We continued to promote the relaunched Pathways Initiative (supported bythe Isaac Newton
Trust), as a long-term outreach programme for students from Year 7 until they leave secondary
school. This programme of sustained engagement allows us to collaborate with schools In our
West Midlands and Cambrldge Link Areas to raise academlc aspiration5, inform and guide students
about the impact of their choices at keytransition periods and to support students at the point of

Girton College- Year Ended 30 June 2024
applying to HE. The Girton College Pathways to HE scheme is in line with government priorities as
there is a growing body of evidence that emphasises the importance of a long-term strategyfor
widening participation to HE, particularlyto the most selective institutions.
The three4ay residential visit forthe STEM SMART programme saw nineteen students visiting
Glrton, embarking on a busy intercollegiate programme and a collegiate dlnner too.
Our second cohort of Foundation Year student5 completed the programme in 2023-24, and five
new Foundation Year students (one more than in previous years) will join the College in October
2024. As suc￿Ssful Foundation Year students make their way through the Tripos, this is building a
supportive community of students who have accessed the University via this important route.
The Cambridge Bursary Scheme underpinned by permanent endowment and other restricted
fijnds from the College, supported 150 undergraduate students in 2023/24 Enhanced awards for
care leavers continue to be available, includingthose accessing the Educational Premium (an extrd
£lk per year for those eligible for free school meals from their local authority}, Thanks to generou5
donor fundlngthe College has now made pennanent its Residence Bursary scheme which offers
additional support of £760 per year towards residence fees automatically for all students who
qualify for the Cambridge Bursary Scheme. The College also voted to freeze its residence charges
at the 2023 level forthe 2024 cohort, a further important step in ensuring Girton students are able
to afford to benefit from the full Girton and Cambridge experience.
Increaslng the value added to students
The 2023-24 academic year has focused on enhancing the student experience. The roles
appointed in the previous academic year (Deputy Senior Tutor for Teaching and Learnin&
Head of Welfare and Wellbeing, Fellow for Postgraduate Affairs, and a Student Programmes
Administrator) worked with existing college colleagues in establishing our Girton Slcills
Programme. As this team solidified throughout the year, they engaged with the prior work
and recommendations of working groups almed at ensuring that all students can reach their
full potential in a supportive and enriching academic environment.
Recognising the growing Importance of addressing the transition from school or college to
university, all new undergraduate students IFreshersJ in 2023 were invited to arrive at Girton
three days earller than In previous years. This earller arrival allowed them to participate in a
carefully designed programme of talks and events aimed at easlng their transition Into
university life. The JCR complemented this academic schedule with a variety of social
activities. Student Services and the Skills Programme team continue to offer a serles of pre-
arrival webinars for both under8raduate and postgraduate students, covering a range of
essential topics and introducing key members of the College community.
As well as supporting academic skills development and supporting transitional moments as
st'udents progress through their degrees, welfare and wellbeing support at Girton continues
to evolve and improve. The Skills Programme has built In several welfare focused events that
include group sessions and one to one support.
16

Girton College- Year Ended 30 June 2024
Maintaining a world class Fellowship
As at l October 2023, the College had a notional teachlng establishment of 46 against a quota of 44
12022.. 43 against 45), covering nearly all of the subjects offered bythe University.
The Fellowship as a whole byjune 2024 numbered 140 (2023: 131) including Llfe Fellows. Together
with 34 Honorary and 9 Barbara Bodichon Fellows, the total community was 182 (2023: 173).
During 2023/24, the College admitted:
Honorary Fellows Ms Julla Gillard AC, Professor Dame Lesley Regan, Sir Stephen
Hough and Ms Errollyn Wallen CBE.
Professorial Fellow Lucio Sarno (Management Studies)
Official Fellows Dr Tor Krever {Lawl, Dr Lena Holzer {Law), Dr Maria Reyes Baztan
(Modern and Medieval Languages- Spanish), Dr Maria Roca Lizarazu Imodern and
Medleval LanBuages- German) and Dr Bryn Picl(ering (Engineering)
Non-stipendiary Fellow Alastair Flett (Deputy University Librarlan)
Research Fellows Dr Jasmine Cooper (French), Dr Hannah Banks {Physicsl, Dr Antonis
Ragl(ousi5 (Economics), and Dr Stephanie Lahey {University Library).
Bye-Fellows Dr Matt Bothwell (Universlty Public Astronomer) and Dr Judith Farman
{Engineering).
Professor Stephan De Bièvre as Brenda Ryman Vlsltlng Fellow in Science, and
Ssempijja Robert as Cavendish Arts-sclence Visiting Fellow Commoner.
Enrichment and opportunlty
The Girton Skills Programme is designed not only to offer added value to educational
development, through academic skills development and welfare and wellbeing support, but
also to support students in thelr broader aspirations during their time at the College and
afterwards.
Through close collaboration with the Universlty Careers Service, Girton student5 received
Information talks and drop-in sessions: measured engagement with the Careers Service
onllne platform increased several times over. Following a generous donation from a donor,
we were able to offer 6 STEM academic internships to undergraduate students, each
working with a different Fellow of the College. The donation supported a full 8 week salary
for the Intern, as well as related costs for materials and admlnistratlve support.
Students who demonstrated sustained engagement with the Girton Skills Programme were
eligible to apply for a £300 Personal Development Grant. Twenty four students did so, with
the grants supporting a wide range of activities including: travel, conference attendance,
language courses and equipment for skilled hobbles such as perfume making and 3-D
printlng.
17

Girton College - Year Ended 30 June 2024
Green Glrton and the College Estate
The College was fully compliant with its recently revised Responsible Investment Policy, committing
it to an entirely fossil fuel-free investment strategy, and holding managers and its bankers to
account for their progress on sustainability.
The College continues to advance planning on larger-scale decarbonlsation, and has commissioned
a team of structural engineers, architects and cost consultants to produce a report forming the
basis of a detailed programme- includin& as far as possible, retroftting and alternative energy
sources- which will enable the College to achieve its net zero target. As the College plans a
substantial potential new build on the main site, we are ambltious to accelerate our overall
sustainability and, if possible, accelerate the reduction In our carbon footprint.
Following an engagement launch event for Heads of Departments In November 2023 the
College Green impact team, comprising students, Fellows and staff members from all
departments, received a Platinum Green Impact award in respect of positive sustalnability
actions to mitigate the Icey impacts of energy consumption, waste management, biodiversity
and water use at College. More than one hundred actions were recorded ranging from the
Green society's hugely successful competitive Bridgemas food bank drive, upcycllng glass
jars and developlng more plant based and seasonal menus in the kitchens, composting green
waste in the newly constructed compost enclosure, and installing more efficient low energy
external lights at Swlrles Court. Girton also won a Community Action award for working with
the Girton village community to transform an out-of-use telephone box at Girton corner into
a community library. Alumnus Harry Goolnik was nominated for a natlonal Student
Leadership awa rd for his indefatigable campalgn whist JCR Vice President to finally get the
electric UBUS up to Girton, benefitting both the College and the village.
In the gardens, the team eagerly began planting up the new garden spaces in Clolster Court
Including the long border which was spectacular even in its first season. Having developed a
new cut-flower garden in May in the nursery, Girton gardeners now provide all the floral
decorations for College functlons. Since July 2023 all green waste is composted on site
including kitchen vegetable peelings. After tearn construction of a new beekeeping shed, the
honey bees arrived {by post) in Spring 2024, settled comfortably Into their hives in the
handsome hazel hurdle enclosure woven on site by local craftsman Mick Thwaites, and
rewarded us with an impressive honey harvest this summer. The Head Gardener conducted
a number of Open Cambridge tours in September 2023, as well as our annual spring and
autumn garden walks and a Medicinal garden walk in April 2024, with Honorary Fellow Dr
Suzy Lishman as part of the Annual Medical Veterinary Symposium.
18

Girton College- Year Ended 30 June 2024
Thls year the Garden team hosted and partlcipated in intercollegiate budding/ graftlng
courses to help generally with on-site propagation, especially valuable in stewardship of the
Orchard, and have also undertaken training in wood chipplngj chainsaw and mobile elevated
platform work. Wherever possible, and including Woodlands Court as an experiment this
year, the team fosters areas of wild grass and flowers intersected by mown paths to
encourage increased biodiverslty, The Sensory garden continues to delight and the wild
flower meadow wa5 extended this year. Members of the maintenance team completed the
Pergola, and constructed a bench seat near the camomile lawn, crafted from recycled
Wolfson Court roof tlles. They then added upcycled old iron gates and a water pump found
languishing in the undergrowth at Girton Gate.
Stewardship of Glrton's woodland and perimeter tree belt Is an increasingly important and
sensitive operation in the face of sometimes catastrophic pressure on trees, related to
climate change. Replacement planting with more resllient species and preservation of
original plantings for as long as possible absorbs a very large percentage of annual garden
resource.
This is only a small snapshot of Garden actlvities, which are now documented by the Deputy
Head Gardener on the team's Instagram feed which now has over l(X)O followers.
Enhancing Communlcations
In 2023-24, communications activity has increased significantly. We have maintained the
previous focus of creating and sharing content focused on achievements and news from our
community, historic features and anniversaries, marking Important days such as
International Women's Dayj and covering College events. Content has featured on our
website, soclal media, and in alumni newsletters, and in new internal communications
projects. The team has continued to look at the data on social media platforms and Google
Analytics to identify the top hltting pieces of content and shape their strategy accordingly.
In addition, in January 2024, the team took on a Communications Consultant to asslst with
strategic communicatlons. Since then, the College has taken a more active role in promoting
Fellows, research. The team has produced a number of additional Fellows, Research videos
on YouTube and promoted new articles and chapters and full research publlcations through
videos, articles on the Girton website, and on social medla.
The team Is now also supporting the Development Office asthey update and rethink several
of their flagship publlcations, such as The Girtonian and the Impact Report, as well as
providing copy and deslgn support for a range of materials for appeals, such as the Telethon
Campalgn and Giving Day. Addltionally, for a fundraising and alumni relatlons trip in April
2024, the team worked with colleagues on the Development Strategy Committee to write,
design and print 10 different cases for support for various fundraising priorities.
19

Girton College- Year Ended 30 June 2024
Working wlth Student Services and the Deputy Senior Tutor, the team has made progress
and further plans to support both student recrultment and on-cour5e student engagement.
The team has supported the planning and implementation of new schemes to provide
volunteering, mentoring and internship opportunities through the Girton Skills Programme.
They have also supported with capturing video and photographic content at graduations,
promoting Open Days, and supporting Fellows, to optimise their course pages on the Girton
website.
Communlcations strategy overvlew
In June 2024, a new Communications Strategy was approved by the College's Councll, which
will help to shape the work of College communications going forward.
Golng forward, the communlcations team at Girton will continue to report to the Mistress
and work closely with the Development Office and College Office to promote and celebrate
Glrton College as a place of exceptlonal educatlon and research that make5 an Impact
globally.
With this overarchin8 message in mind, the team will focus on engaging our current
audiences and raisi ng Girton's profile with new audiences, guided by 4 key objectives,.
Elevate Girton College's global reputation, drawing on the expertise and activities of
our community of Fellows, students and alumni.
Develop carnpaign materials, regular publications and impact stories in support of
fundraising priorities and donor stewardship.
Showcase what makes Girton College a unique place to live and learn In support of
student recruitment goals,
Foster an informed and engaged Girton community. Ensure that Important news,
policies, key messages and opportunities are communicated regularly and effectively
to allwho are Ilving, learning and working In the College.
Through a range of Strategic initiatlves executed across channels Including social media,
internal and external newsletters, video, web, traditional media, development publications,
campaign materials, and a new podcast, the communications team will strive to bulld the
College's brand and reputation externally and engage our internal communlty.
Tradltlonal medla
In the past year, Girton has featured extensively in international media. In early 2024, the
Mistress provided expert commentary in over 40 interviews on the evolving conflict in the
Middle East to global medla organisations including the BBC, CNN, France24, N BC, The Wall
Street Journal, CBS Canada, DW News Germany, and media in India, Turkey and the Middle
East.
20

Girton College- Year Ended 30 June 2024
Fellows, books, includlng Why Animals Talk by Arik Kershenbaum and Well Beings by James
Rlley were covered in outlets such as the Telegraph and BBC Culture, and a number of
Fellows were invited on radio broadcasts and podcasts. Other research, includlng Shaun
Fitzgerald's work on engineering and climate change, has been covered extensively in the
media.
Video Research
Slnce the launch of our'Girton Fellows, video series in July 2023, we have produced six
videos on a range of topics includlng: Perslan & Arabic literary communities, crop science,
climate repair, using movement to redefine how we see ourselves, our community, and our
world, cultural production in the contemporary German language context, and how the law
constructs the gender binary as well as how sports federations define who can compete as a
woman or a man.
Our Fellows are undertaking ground-breaking research and through this series we hope to
contlnue to Inspire students, bulld our global reputation, and attract support.
Investment performance
Investment pollcy & objectives
The College'5 investment portfolio comprises both endowment and general Investment
assets. The purpose of the Colle8e's endowment is to support the long-term operating needs
of the College in perpetuity. The investment assets represent accumulated expendable
capital, surpluses and reserves, which may be employed to support the operating and capital
needs of the College, as required. To this end, the overall Investment portfolio is managed to
maxlmlze the long-term total return of the portfolio, subject to maintalning a reasonable
level of risk of loss. The portfolio supports the operating and capital needs of Girton College
through an annual spending rule, which is reviewed as necessary to ensure that it Is
Sustainable over the long term.
The College recently amended its long-term spendlng rule, to permit the transfer for each
financial year of 3.8% of the average value of the investment assets as of 1st January of the
current fiscal year and two preceding fiscal year5. This will be tapering back down to its prior
level of 3,5% over the next two years, and will be held at that level at least in the medlum
term.
If the Investment portfolio is to fulfil its purpose, its purchasing power must be at least
preserved and, if possible, enhanced, This implies thatthe investment assets must target a
time-welghted total return of an estimated 6.50A p.a, after all costs, comprlsing the 3.5%
annual spending rate plus a long-run allowance for 3Yo annual inflation. The recent perlod of
high inflation, coupled wlth low available investment returns, represented a significant
challenge to asset preservation in real terms, although this year saw a very meaningful
21

Girton College- Year Ended 30 June 2024
improvement, with inflation falling to more normal levels and a strong market performance
as Investors began to price in reductions in central bank interest rates.
The College takes a long-term view on investment strategy, and the Strategic Asset
Allocatlon ("SAA"l is designed to reflect the optimal long-term asset allocation for the
College given the risk/return objectives outlined herein. The Strategic Asset Allocation was
altered significantly as a result of the 2021 portfollo review, and is set out on page 29. It is
formally reviewed on an annual basis by the Investments Committee and may be modified
as needed in light of experience and changing circumstances, based on research and
discussion involving Investments Committee members and outside experts. Such discussion
focuse5 on the College's liquidity needs and perceived risk tolerance, as well as the projected
behaviour of asset classes and strategies deemed worthy of consideration for the College's
potential use.
Re-balancing will normally be undertaken at least on an annual ba51s to re-align asset
allocations with the Strategic Asset Allocation. Where funds are required for operational
purposes or differences in performance between asset classes are large, re-balancing may be
implemented on a more frequent basis. At the year end the portfolio was fully compliant
with the Strategic Asset Allocation.
Responsible Investment policy
During the year the College remained in full compliance with the policy set out in it5
Statement of Responsible Investment revised in 2022. In this we commlt to upholding our
responsibllities as stewards of charitable funds whllst acting as Universal Owners, Investing
according to principles which advance our ethical priorities, including tacklin8 the challenges
of climate change.
Our securities portfolio now includes no known exposure to any businesses related to fossil
f'uels. We also nonitor closely the voting records and financing activities of our portfolio
managers and bankers, and will only do business with institutions which demonstrably share
our ethical and clirnate commitments. The College remains in active dialogue with Barclays
Bank regarding its progress on reducing its exposure to fossll fuel industries and keeps that
relationship under review.
Wlth regard to its equity investments, the College's policy is to invest in publicly listed
equities via an index tracker fund replicating the performance of the MSCI ACWI index,
whilst excludlng several sectors, notably fossil fuels,
With regard to i nvestment grade debt, the College's policy Is to invest in investment grade
corporate debt via index tracker funds whlch replicate the Bloomberg Barclays MSCI SRI
Indices, and which adhere to policies conslstent with Girton's ethical commltments.
The College may also have exposure to funds Invested in UK government securlties.
22

Girton College- Year Ended 30 June 2024
Investment fees and costs
A key element of our approach is to keep to a minimum the fees paid out to external fund
managers, on the basis that the compounded effect of such fee leakage is very significant
over the necessarily very long-term investment horizon of a College endowment. This year
the total fees paid to fund managers amounted to £125k, or 0.09'A of the year-end value of
the portfolio.
Investment returns
Over the long term Girton's investment portfolio has outperformed relative to its target
annual return of 6.5'A. It has delivered a compound annual growth lon a total returns basis
and stripping out net additions to the portfolio) of 7.3/0 overthe last five years and 7.5%
over the last ten years. Thus, £100 invested in the Girton portfolio at the start of the
financial year 2013/14 would currently be worth £224- comfortably ahead of inflation, with
CPI up 260h over the period.
Jutt• Jo 2¢24
Glo￿1 Equrties
Prrte Equlty
Fund(i}
AM￿lJi G￿￿41 ESG Tracktr
Legxy Partntrs c•pl￿ F*Jnds
V31u•
% •f p•rtS)li•
6Y%
55%
8e*bthm*rk Differ*rt*
6WX
15-IW
20.0%
).2%
7.1%
41.2%
-5.1%
-0.1%
1%
20.4
13.0
105
0.4%
53%
05%
4%
Ye%m￿GrndeCr¢th IDdexUS at)d Eur CtypSAI
lftffawi Unw Bonds Vawafd UK lYdl•witsrthd
5.1%
nla
TOTAL
133
13.0%
14.1%
The portfolio returned 130A overthe financial year, slightly underperforming the blended
custom benchmark by I,IOA. The portfolio closed the year fully in compliance with the
Strategic Asset Allocation: this was a function of two strategic rebalances over the course of
the year in which the equity weighting came close to exceeding its target range and was
reallocated to real estate and to investment grade credit.
The major contributor to positive performance in 2023/24 was Global Equities (the Amundi
ESG Global Tracker Fund) which delivered a return of 20.0%, albeit that this underperformed
its benchmark {the MSCI ACWI Index) by 0.2%. Over the longterm it is to be expected that
the various exclusions of sectors and stocks due to the ESG compliance of the fund will
marginally depress performance relative to the overall market.
Private equity proved a drag on performance for a second year in succession,
underperforming its benchmark by over 5%. The prolonged higher interest rate environment
continues to limit deal activity, including exits from investee companies. It is also the case
that certain of the private equity vehicles Within our portfolio are relatively mature. The
investments committee is actively reviewing the case for recommitting to private equity, on
the basis that the potential for the supernormal returns generated by the industry over
previous decades may be more limited in the future.
After the significant asset markdowns of the previous year, the real estate sector remained
in the doldrums over the course of the financial year, pending greater visibility on central
bank interest rate cuts, The College's investment exposure to the sector is exclusively by
means of the Charitie5 Property Fund which is ungeared land therefore lower risk) and
23

Girton College- Year Ended 30 June 2024
which does not have material holdings in the premium office sector. The rebalancing
transactions undertaken this previous year have increased our exposure from c. £IOm to c.
£13m and thus we should be well-placed for a recovery in the sector as and when this
occurs.
Inflation-linked bonds as an asset class underperformed Ul< government bonds this year,
with our holding in the Vanguard ILB fund trading down 0.8% overthe period.
The value of Sterling fluctuated against the US Dollar over the year, though with in a broad
range of usSI.26-1.31. The portfolio is sensitive to this exchange rate prlmarily due to
exposure to the US in our public and private equity holdings. The investments committee
regularly reviews the potential for hedging products but for the time being remains content
that the cost of entering into such a product, and the difficulty of achieving a sufficlently
exact hedge, limits their usefulness to us.
Overall, our flnancial year 2023124 saw a generally very positive performance from markets,
with equity rnarket investors pricing in a "soft landing" scenario for developed economies -
that is, a scenario of expected falls in interest rates coupled with growth. US markets in
particular benefited from this, with both the Dow and the S&P500 reaching all-time highs
towards the end of the period. Investors have remained bullish notwithstanding the ongoing
conflict5 in Ukralne and the Middle East, though it remains to be seen whether a material
escalation In the latter conflict will lead to a severe reduction in risk appetite.
At the time of preparation (November 20241 the value of the portfolio Is very slightly up on
the year-end position, at just over £133m. Public equities have resumed their upward
trajectory after a period of conslderable volatility over the summer. Against this, we have
seen a c £2m decrease in the residual private equity portfolio - a combination of a dlscount
to sell two tail-end positions and some market value reductions on others. Data on growth,
jobs and inflation continues to present a tmixed picture on the environment for interest
rates, with both the UK budget and the re-election of Donald Trump to the US Presidency
sending government bond yields higher.
Fundraising Report
Fundraising during the Financial Year 2023124 saw a shlft in focus (compared to 2022123)
towards supporting student activities, includlng academlc internships and boosting the
Girton Skills Programme, via the unrestricted Annual Fund. In 2023124, funds raised
(including pledges) totalled £3.48m, with income received through the same period totalling
£3.25m.
Significant donations were received during the year to support Internships, our Fellowshlp
and the refurbishment of Cloister Court. Income from our mass-fundraising appeals and our
regular donors was slightly up on the previous year (thanks to a successful Giving Day in
October 2023 and to our annual Telethonl. Cash recelved from legacles (totalling £1.4m of
the income received durlng the financial year) was lower than in 2022123. Over the course of
24

Girton College- Year Ended 30 June 2024
the year, 1,589 alumnl and supporter5 donated to the College. We remain very grateful to all
those who support the College philanthropically.
More than 62% of funds raised from donations (as opposed to legacies) have been directed
towards our student SUPPOrt inltiatives, wlth almost a thlrd of this directed to the
unrestricted Annual Fund. The remaining two thlrds have supported a new internship
programme, undergraduate financlal support lin the form of bursaries and other financial
awards) and our postgraduate scholarships. More than £380k was raised to support our
buildings and collections, the vast majority of which supported the refurbishment of Clolster
Court. Donations have a150 made a significant contribution to creating new Fellowship funds.
At 30 June 2024 future legacy pledges stood at £20.4m where amounts are known. We
continue to be grateful to the 409 members of the 1869 Society who have Informed us that
they will be leavlng a gift to Girton in their will. The legacies we received in 2023124 have
been transformational, endowing undergraduate bursaries, resldence bursaries, and
postgraduate scholarships, and providing a significant boost to both the Unrestricted
Permanent Capital and the unrestricted Annual Fund and supporting the Jane Martin Poetry
Prize.
Thirty-seven events took place over the course of year, with more than 1,500 alumnl,
supporters and guests attending. These events included our alumnl year and subjee(
reunions, the Roll of Alumni weekend, the MA dlnner, the London-based Law and Finance
reception, the Jane Martin Poetry Prize and the Foundation Dlnner and Commemoration of
Benefactors.
More than 91 one-to-one meetings took place with alumni, potential legators and
supporters lincludlng a trip by the Mistress and the Development Mana8er to the USA).
It has been wonderful to meet so many alumni, supporters, and their guests at these events.
The College remains grateful to all the alumni who have helped us in hosting or speaking at
events, and, of course, to all our very generous donors.
Approach to fundraising
The College Is registered with the Fundraislng Regulator and is compliant with the
requirements of the Code of Fundraising Practice, the Data Protection Act 2019 and EU
General Data Protection Regulation (GDPR), the Privacy and Electronic Communications (EC
Directive) Regulations 2￿3 and the ICO Direct Marketlng guidelines 2016 in the collection,
retention and use of alumni data.
Some members of the Development Office team are also personal members of the Instltute
of Fundraising, The team attends training courses on Fundralslng Regulation from the
University of Cambridge, Institute of Fundralslng, CASE and other recognised providers. An
appropriate Alumnl and Supporters Data Protection statement is on all digital and hard copy
correspondence and on the College's websites.
25

Girton College - Year Ended 30 June 2024
Commercial participators or fundraisers
Girton has employed Commercial Partlcipators or Fundraisers as callers in our telephone
carnpaigns, although these are our current students who are calling former students to
update them and ask for donations, Full training was provided by the organisation in
collaboration with the College. We include an appropriate disclosure statement in the
telephone scripts whlch are read out by the callers.
Monitoring
The College monitors fundraising complaints and completes the Annual Complaints Return.
With regard to data cleaning, the College provides 'Update your Details, forms or links in its
three main publications, The Year, the Development Newsletter and the e-newsletter. As
well as regular requests for data cleansing by alumni, the College occasionally commissions
professlonal data cleansing. Any returned post Is logged and addresses as well as requests to
change preferences are all changed promptlyi Wlthin a week of receipt.
No f'undraising complaints were received in 2023/24.
Protectlon of the public
The College removes those deemed vulnerable from its malllng lists as soon as the College
knows about their condition (but keeps their data unless specifically requested as this helps
ensure they are not accidentally re-addedl except where certain arrangements have been
requested e.g. farnily members ask to l(eep receiving the Annual Report.
The College removes alumni and supporters from Its mailing lists if they request it in
compliance with its Data Protectlon Statement.
In Its telephone campaigns, the College sends pre-call letters to all alumni enablingthem to
opt-out in advance of telephone communications. The College does not call anyone aged
between 75 to 85 after 8.30pm and does not call anyone over the age of 85 years. In the last
five years, the College has only had one complaint about the timing of the call. The College
rnay include those aged 85 and older in direct malllngs, event invitations, newsletters etc. if
appropriate e.g. they are a regular donor or they request to be included.
The College asks alumni and supporters about the type of contact they wish to have with the
College and record their contact preferences on its database. This is done vla the regular
alumni and supporters questionnaires and during the annual telethons.
26

Girton College- Year Ended 30 June 2024
IV. FINANCIAL REVIEW
Review of financlal position at year end
Balance sheet
Over the year 2023/24 the balance sheet continued to strengthen, due to a combination of
strong investment returns, another excellent year of development fundraising, and a full
recovery In our commercial business. At year end the balance sheet stood at record levels on
virtually all metrics.
Total net assets
The College's total net assets as at 30June 2024 were £187.6m, £14.8m or 8.6% hlgher than
that recorded in the prevlous year. Thls represents a new high, and over the last decade the
College's net assets have Increased by 58'A,
Investments
The Investments portfolio stood at £132.8m as at 30 June 2024, a 10.90A Increase over the
prevlous year (net of additions and drawings), a record high, achleved through a
combination of strong investment growth and new investment from donations and legacy
cash recelved.
Operational fixed assets
Operational fixed assets as at 30 June 2024 were £67.Im, lower than the previou5 year
(£67.6m). This reflects capital expenditure of £1.4m compared with a depreclation charge
forthe year of £1,9m.
The main areas of capital expenditure in 2023/24 were: the refurb15hment of the Top Boots
rooms and associated facilities (£0.4m}' the first phase of Cloister Court renovations {£0.3m)'
smaller maintenance projects (£0.2m); and investments in IT infrastructure and equipment
I£O.Im).
Cash, borrowlng and gearlng
Cash on the balance sheet decreased from £1.7m to £0.7m. This represents the operational
cash balance, with a further £2,5m held within the investment portfolio and invested on
tranched basis so as to maximise the interest generated,
The balance of outstanding loan capital stands at £16.Om. As set out in Note 13, the
majority of this borrowing is very long term and was intended to provide the liquidity
needed for the College to maintain continuity of improvement and enhance the
sustainability of Its operational estate over a number of years.
Penslon provlsions
The pension provisions are substantially reduced, from £4.5m to £2.4m due prlnclpally to
the elimination of the USS provislon l£1.7m) following a change in underlying assumptions
27

Girton College- Year Ended 30 June 2024
{see notes 14 and 23 to the accountsl. Thus the residual provision of £2.4m relates almost
entirely to the College's section of the Cambridge Colleges Federated Pensions Scheme
{CCFPS) for non-academic staff. The Girton section of this scheme, in common with that of a
number of other Colleges, has been closed to new members for some years, but existing
member5 Still in College employment are able to accrue benefits from future service,
The College continues to enrol academlc members of staff in the Universities Superannuatlon
Scheme (USS).
New mernbers of non-academic staff are enrolled in a Defined Contribution scheme with
NOW: Pensions.
Restricted and unrestrlcted permanent endowment capital
After completing the College's most recent fundraising campaign, the College continues to
grow the endowment, primarily through legacies, but is moving towards a campaign with
greater emphasis on annual giving which can be put directly to use to fund the College's
purposes as part of its unrestricted spending. This will create a more balanced overall
fundraising profile when combined with a significant number of legacy pledges whlch are
largely focused on the College's endowment.
The restricted permanent Capital funds of the College are invested as an ATF in the College's
investment portfolio.
As at 30 June 2024, the value of restricted and endowment funds was £86.3m, a 120
Increase from £77.Im the previous year and a new record. The growth was due to a
combination of new capital added as a result of donatlons and benefactions and an increase
in the value of the College's investments.
The ATF at 30 June 2024 comprises 13512023: 128) active funds, for a variety of purposes, as
summarised in Note 15 of the accounts. The capital value increased in the year to 30 June
2024 with the unit value going up from £18.02 to £19.61. Over the last ten years since 30
June 2014 the unit value has increased by 39% from £14.14 per unit to £19,61 per unit.
Donations and benefactions are gratefully accepted for a wide range of purposes, and the
College Is ever mindful of the generoslty of Its supporters In allowing it to continue in its
mission. Although we are increaslng our focus on annual givln& the Colle8e continues to
solicit and accept gifts for the unrestricted permanent endowment capital (UPEC), because
of the flexibility It offers to meet future needs as they arise. The total value of UPEC at the
end of June 2024 (£24.2m) was up by 9.50/0 on the previous year {£22.Im) due largely to the
Increase in investment values. The value has more than tripled overthe last decade since
June 2014 lup from £8.Om to £24.2m}.
28

Girton College- Year Ended 30 June 2024
Financlal effect of significant events In 2023124
Capital items In the Statement Of Comprehenslve Income I'SOCI")
The net comprehensive income for the year of £14.7m has Increased the College's net assets
by 8.5¥0 from £172.8m to £187.6m.
Benefartions and donations In SOCI
The College wa5 again grateful to receive substantial donation Income during the year. A
total of £1.6m was accrued for the permanent endowment, reflecting the continulng
strengthening of this bedrock of the College'5 financial security, primarlly through legacies.
Unrestricted donations were £1,7m, in part reflecting our more balanced approach to raising
income through the Annual Fund which can be spent on our ongoing projects, in addition to
growing the endowment. In addition £0.5m was received into the restricted reserves and
donations totalling £0.4m towards the refurbishment of Clolster Court. Thus a total of
£4.2m was accrued for the year. This represents a further outstanding year of donations and
legacies and we owe a very great debt of gratitude to our supporters.
Investment gains and losses
Net investment gains of £14.4m (2023: £3.2m) in 2023/24 represent an excellent
performance, with the maln driver being a sustained rally in listed equities, which represent
c. 63% of the College's investments portfolio.
Galns and losses on dlsposal of fixed assets
There were no significant dlsposals of fixed asset5 in 2023124.
Revaluation of fixed assets
There have been no operational fixed asset revaluatlons during the year.
Actuarial gains and losses
The actuarial gain of £0.3m (2023.. gain of £0.3m) relates to the College's share of the
Cambridge Colleges Federated Pensions Scheme (CCFPS) for non-academic staff, The Girton
section of this scheme, in common with that of a number of other Colleges, has been closed
to new members for some years, but exlsting members stlll in College employment are able
to accrue benefits from future service.
Prlnclpal sources of funding 2023124
A. Endowment and investment income
As grant-giving and operational charities, Cambridge Colleges typically rely on a combination
of restricted and unrestrlcted income from their endowments and investments to offset
their activity deficlt lon which see below).
The College's policy of smoothlng capital values over three years reduces the volatility of
funds available for expenditure. During Easter Term 2023, the College declded to increase its
29

Girton College - Year Ended 30 June 2024
spending rule to a 3.80Ay drawdown of 3 3-year weighted average endowment value overall
(based on 30 June values). This will reduce back down to 3.5% over the next two years. The
annual transfer to Accumulated Trust Funds remains at 3.50A of the fund value each year.
In 2023/24, the amount of total return from investments transferred to unrestricted and
restricted funds in the SOCI under the College's spending rule was £4,5m {2022: £4.Oml
The total retu rn recognised in the SOCI {5ee Note 3 to the accounts) includes Investment
management costs of £161< (2023: £24kl. The low level of these costs reflects the deliberate
policy of the College to invest so as to minimise fee leakage from the portfolio.
B. Activity accounts
The income and expenditure in the SOCI is classified by reference to the College's two major
activities,11) Education and (2) Accommodation, Catering and Conferences. Income, direct
and indirect costs, and overheads are allocated between these two activities by a consistent
process approved by the auditors. The overall net activity result is a deficit, which reflects
the extent to whlch unrestricted Income is needed from investment transfer under the
spending rule, and donations, to enhance the scope and quality of academic provision to
College member5, particularly students.
In the management accounts the College recorded an unrestricted cash surplus for 2023124
of £1.2m. This is the best financial result the College has ever achieved, and the second
successive year in whlch the College has recorded an unrestricted cash surplus. Indeed, a
surplus has been achieved in three of the last four years. This yearfs result represents an
increase of £746k on the cash surplus in 2022123 of £494k.
Under the Recommended Cambridge College Accounts {"RCCA") standard, the College
recorded an unrestricted surplus before Investment galns of £l.Im versus a £3.6m deflcit In
2022/23. Those numbers are calculated differently from the management accounts, and a
reconclliatlon is set out in the table below. It should be noted in particular that there have
been some very material adjustments in the USS pension deficlt, and also that last year the
College caught up with an additional year's depreclation.
30

Girton College - Year Ended 30 June 2024
2023124 2022123
£ooo' £000
1,240
494
(1,917) (1,948)
(1 ,822)
(677) (3,276)
1,674
Management accounts unrestrlcted cash surplus
Less: depreciation
Less: additional depreciation
Management accounts unrestricted surplusl(deficit) inc depreciation
USS adjustment
Annual fund gift transfers (see statement of changes in reserves)
Grft of heritage asset {paintin8)
Movem￿t5 in unrestricted trust funds
RCCA recorded unrestricted surplus
223
40
20
(600)
1,057 (3,648)
To assist In improving the financial transparency of the College's flnanclal actlvitles, work has
continued over the course of the financial year in simplifying and clarifying budget setting
and management, providing accurate monthly management data to budget holders,
ensurlng restricted funds are both well-understood and publiclzed, and in applying
additlonal rigour to People Planning.
C. Education activity (notes l and 4)
Student fee income of £4.2m was £49k lower than in the previous year12022123: £4.3m).
Postgraduate fees, though up £84k on the prior year, were below expectations, with a
number of potential students withdrawing at a late stage. A rise in intermissions was a
further factor, with regulated undergraduate fee income down £891< and unregulated
undergraduate fee income down £44k on the prior year.
The rate of recovery of Education expenditure through tuition fees and educational income
fell from the 65% level In 2023 to 56% in 2024. However, this is in part due to a reallocation
of fixed costs from Accommodation to Educatlon so as to be more In line wlth the
intercolleglate average. On a lil(e-for-like basis the recovery rate would have been 61°h. The
decline is due to some additional expenditure, plus the ongoing impact of frozen tuition
fees.
Education expenditure was up by 19.2Yo at £8.7m (2022123.. £7.3ml. Of this, £0.8m Is the
result of reallocating fixed costs from Accommodation. On an underlying basls the major
drivers of Increased expenditure from £7.3m to £7.9m were: direct academic salaries £0.3m,
dlrect educational expenditure £0,3m and little change in indirect overheads.
D, Accommodation, caterlng ond conference octivity (notes 2 ond 5)
Notes 2 and 5 show details of the activity whlch Includes Girton Global Programmes:
Accommodation for College Members: net cost £2.8m12022123: £3.4m). Income
increased by £O.Im, less than budgeted on the basls of lower postgraduate numbers
and higher intermlssions. Expenditure decreased by £0.5m, of which £0.8m relates to

Girton College- Year Ended 30 June 2024
the reallocation of fixed costs from Accommodation to Education. These costs include
maintenance, domestic/cleaning charges, general running costs and also rent of Swirles
Court from the University. Following a year of significant increase in utilities costs due
to the delayed impact of price rises as a result of intercollegiate forward purchasln81
these started to reduce in 2023/24, down £134k on the prior year.
Catering for College Members: net cost £1.2m (2022123: £1.Im) saw a 5.5Yo increase in
Income but an 8.5'h increase in expenditure, with food cost inflation a feature of the
year. The College is implementing new procedures and controls to improve buying and
minirnise waste, not only as a means of controlling costs but as part of the College's
green objerttves.
Conference activity: breakeven (2022123: net cost £O.Im) after attrlbution of College
overheads, the actlvity appears not to generate a surplus but, before indirect costs, the
net surplus is £0.2m
Girton Global Prograrnmes net surplus £0.9m12022123: £0.3m). This positive result
reflects the fact that the business is now back to full strength, following three years
impacted by the pandemlc and where attivity was primarily online. A full complement
of in-person activities also took place in the summer of 2024, whlch will be reflected in
the 2024125 year-end result.
Buildings-related overhead and depreciation expenditure Is allocated to Education where it
relates to spaces with academic use. The expenditure balance is allocated to
Accomrnodation, Caterlng and Conferences. Notwithstanding the apparent breakeven on
Conference activity in these accounts, the departrnental management accounts show
positive contribution from conference activity to fixed costs.
Taking into account the totality of income from college members, conferencing and Girton
Global Programrnes, the recovery rate on the College's expenditure on Accommodation,
Catering and Conferences was 73¥0 in 2023124 (2022123: 62°A). This is the highest recovery
rate ever achieved, due largely to Girton Global Programmes delivering on the promise of its
business plan. The recently convened Commercial Strategy Committee is focused on further
refinements to improve the profitability achieved by both the conferencing and the Global
Programmes businesses, as well as exploring further future commercial business
opportunities.
The recovery rate in Accommodation (total Income in note 2 divided by total costs in note 5},
was 650A (2023: 600A). This has historically been at or around the 70% mark so Is currently
lower, mainly due to the higher inflation borne by the College not being matched by income.
This is also affected by the attributlon of costs, which is reviewed periodically. The increase
in 2023124 was partly as a result of the reallocation of expenditure from accommodatlon to
education.
Catering saw a recovery rate of 53% {2023: 52%) whlch was a gradual improvement over the
previous year. The College continues to aim to increase use of the catering provlsion by
Girton students, maximising use whilst keeping prices at affordable levels. New senior staff
32

Girton College- Year Ended 30 June 2024
in the Catering and Conference area have been appointed and will aim to continue this
improvement into 2024/25.
E. SpendL7ble donotion income
Unrestricted donation income in the Statement of Comprehenslve Income (SOCI) is £1.7m
(2022/23.. £8k). The significant increase was driven by the comblnatlon of two large legacies
totalling £l,Im and growth In unrestricted income ralsed through the annual fund, with
record performances achieved in both the Giving Day and the Telethon.
Review of reserves
A. Reserves policy
(11 The College is a permanent institution and holds substantial charitable funds on
trust for a variety of purposes. The Councll monitors the College's "free reserves"
calculated as total unrestricted funds less fixed assets, since It does not regard the
operational estate as available for such a purpose. Nevertheless, there are
functional assets within the operatlonal property portfolio whlch might at some
stage be sold or otherwise removed from the operational estate.
(2) The College requires free reserves:
to underwrite the continuity of Its operations;
to maintain equity between generation5 of members;
to fund capital expenditure;
to be able to respond to any urgent need for unplanned expenditure;
to fund any future Increases in pension reserves. and
to provide for winding up costs In the event of a cessatlon of business.
(3) The Council aims to fund the College's capltal expenditure requirements over the
next five years (currently budgeted at £8.3m) from a combination of free reserves,
donations and long term loans. Of these sources, loan capital will be used to fund
capital expenditure capable of generating a return above that which may be
delivered from the College's investment portfolio.
(4) The Council has adopted a reserves policy for the College whereby sufficient is held
to:
underwrite the continuity of its operation5 in the event of a major and
unexpected shortfall In revenue;
fund exceptional remedial capital expenditure.
15) The policy takes into account the risk profile of the College's income streams, the
fixed nature of many of the College's costs, the contribution of restricted funds to
committed annual expenditure and the amount of development fundraising
expected to be delivered each year. Based on this analysis, the College's target for
mlnimum free reserves is as follows:
Reserve
Target
Rationale
Revenue contlngen
£5.5m
Contingency to cover extreme/unexpected
shortfall in revenue, assuming worst case
pandemic scenario affecting student rents,
33

Girton College- Year Ended 30 June 2024
catering,
conferencing
commerclal activities
and
other
Remedial capex contingency
£2.5rn
Contlngency to cover unplanned remedial
capex {i.e. a major estate repair),
equivalent to c. 5Yo of buildings value
Total
£8.Om
(6) These contingencies are reviewed annually by Council, including adjustment for
Inflation.
(7) The Council further monitors:
the relationship between free reserves and the unrestricted funds net deficit
before investment gains and losses In the Staternent of Comprehensive Income.
the ratlo of free reserves to the net deficit before depreciation and donations,
whlch it regards as a prudent measure of cash absorbed by operatlons.
B. Amount of reserves
As at 30 June 2024 the College's free reserves {defined as unrestricted reserves less fixed
assets) were £34.2m12022123: £28.Im}. As a matter of prudence the College deducts
herstage assets from thi5 in order to obtain a rneasure of immediately realisable free
reserves. In 2023/24 herltage assets were £6.2m12022123: £6.Im). Thus the College's
measure of realisable free reserves is £28.Om (2022/23: £21.9m). This represents a record
level of free reserves at year-end.
Durlng the year 2023/24 annual unrestricted expenditure before depreciation was £16.3m
(2022123: £16.Om}. Therefore the ratio of realisable free reserves to unrestricted
expenditure was 1.7 (2022123: 1.4). Given that the College ran a cash surplus, the ratio of
realisable free reserves to deficit 15 not meaningful this year.
C. Comparison with reserves policy
The College's free reserves remain compliant with the Councll's reserves policy, which was
most recently reviewed in July 2024.
D. Longer term trends (5 years)
The five-year budgeting exercise undertaken this year mapped out an expectation of the
College at least breaking even in cash terms. The yearly eroslon of fee income in real terms,
along wlth a continuing tight labour market, requires us to remain vigilant in respect of our
cost base if we are to continue to provide the variety of facilities and events which underpin
our world-class residential education. With staff costs accounting for around half of our
expenditure, our People Planning approach is a key element to ensuring our resources are
allocated appropriately,
34

Girton College- Year Ended 30 June 2024
Our plan nonetheless shows that the College should be capable of achlevlng a cumulative
surplus over the next flve years, albelt with some variation from year to year, including with
2024/25 budgeted for a c. £500k deficit. Sustainable financing of thls nature is a key enabler
for our agreed strategic plan and provides an important reassurance of sound financial
stewardship for current and potential supporters of the College through donations and
legacies.
Student numbers for 2024125 are slightly ahead of the previous year, with a small increase in
our number of postgraduate students, Our objective for the short to medium term is to hold
postgraduate numbers at the current level, with a strategic focus on increasing the
proportion of PhDs and thus creating a more coherent MCR with an improved experlence of
community.
Room occupancy, always slightly vulnerable to student intermissions, is c. 100% and we are
making Significantly better use of Swlrles Court, including during the summer months when
it is used by students on Girton Global Programmes. There Is a shortage of postgraduate
accommodatlon throughout the University and consequently, given its improving flnancial
performance, it may be prudent to maintaln the lease on Swirles Court notwithstanding our
plans to build more student rooms on the main slte. Thls decision will be finallsed over the
course of the next year.
We contlnue to see pleasing growth in the contributlon made by the College's investment
portfollo under the spending rule, albeit that growth from financial markets remalns subject
to considerable uncertainties resulting from geopolitics. The performance in the current year
will be affected by the degree to which the US demonstrates an economlc "soft landing"
with posltive economlc growth and falling inflation and interest rates. The outcome of the
November presidential election is also likely to be an important determinant as to the
perceived risk outlook.
The Council has budgeted for capltal expenditure totalling £8.3m over the next five years,
including the completion of the Clolster Court restoration and associated projects {includin8
a pathway from Mare's Run to the Porters, Lodge}; the completlon of the restoration of
Tower Wing. and the determlnatlon of a plan for decarbonisation, with the potential
commencement of associated works,
5. Golng con￿rn
A. Explanation of operating deficit/surplus
The College's overall financial sustainability has been transformed over recent years by the
growth in the permanent endowment and some estate restructuring, helped as well by a
decade of strong investment returns. The latest financlal year saw a continuation of that
trend, and the College is consequently in its strongest ever flnancial position In terms of net
assets, endowment and free reserves.
35

Girton College- Year Ended 30 June 2024
For the 2023124 financial year the deficlt stood at £0.7m after depreclation. On a cash basis
{i.e. before depreciation) the surplus was £1,2m, which is declared as the management
accounts result.
It is the goal of the College to remain at or around breal(even in cash terms and on an
unrestricted basis. Thls means that we are not relying on a diminishing pool of czsh reserves
to subsidi5e our day-to-day operations, instead deploying our capital strategically on
investments which will over time be accretive to the value of the College and improve the
experience of its community.
Whilst we have seen inflation reducing Substantially from the hlgh levels seen In the prior
year, it remains a feature of certain areas of our operations (including food ingredients). We
should also expect a degree of wage inflation, with the University of Cambridge, whose
salary splne the College now tracl<s, in the midst of a review of pay and benefits. The rising
cost of student welfare, notably around mental health provision, is a further issue affecting
the University of Cambridge and will continue to be a feature over the coming years.
Thus we will need to continue to exercise considerable vigilance in managing our operation
so as to control our cost base, especially around staffin& where costs have increased over
recent years due both to wage inflation and also our need to strengthen certain
departments.
We have achieved some success in making certain improvements fundamental to our abllity
to deliver a sustainable operating cash surplus:
We have irnproved the performance of Swirles Court through a combination of
incentives for Postgraduate students to take up longer tenancies, and use of the building
to house GGP students in the summer. Further, we are now closeto finalising an
agreement with the University of Cambrldge {who own the freehold) around
compensation for prior defects addressed by the College, and responsibility for further
defects as and when they arise;
Commercial operations are now deliverlng their highest ever contributlon and we are
adopting a more analytical approach in orderto improve profitablllty under the scrutiny
of the new Commercial Strategy Committee, Including metrics such as Net Contribution
Per Avallable Room Night;
Early results have been promising in our strategy of achieving a better balance of
Development income between in-year spendable donations and those targel'ed for the
endowment.
However, there is conslderable further work to be done;
36

Girton College- Year Ended 30 June 2024
The College needs to make further steps to professionalising its operations, including
making best use of technology in order to reduce staff tlme spent on tasks which should
be automated.
A change currently underway In the provision of events and conferences should free up
valuable resource in several departments (College Office, Development, Student
Services etc), However this needs to be backed up by a more effective use of technology
in implementing routine tasks and improving co-ordlnatlon;
The People Planning element in our budgeting will be further developed in the comlng
years as we ensure that our resources are best deployed, This includes oversight on
departmental staffing andp Potentlally, further refinements to the Personal
Development Review process to ensure that goals and targets are belng met.
We are focused on taking steps to further reduce waste In our Catering operatlon, which
Should have a positive impact on the College's environmental sustainability as well as on
the bottom line.
B. Cash Flow Stutement
We monitor cash flows regularly throughout the year in order to ensure the College has
sufficient liquid funds at all times in order to meet its needs. At 30 June 2024 the College's
cash balance stood at £0.7m, around £lm below the £1.7m recorded at the end of the
2022123 financial year. At the time of writing (November 2024) the cash balance exceeds
£0.7m.
C. Anyfund or subsidiary in deficit
None of the constltuent funds of the ATF were in deficit at the year end.
6. Plans for future periods
A. Council's future plans
The College Is a permanent institution and an important constituent of the collegiate
University of Cambridge. The Council's plans for the next five years include:
Continulng to implement its Strategic Plan, which was formed as a result of a wide-
ranging consultation with internal and external stakeholders, and whlch is based around
four key pillars:
Outstanding Education
World Class Fellowship
Green Girton
Enrlchment and Opportunity
Taking further steps towards the goal of "inclusive excellence" by a renewed focus on
diversity across a range of metrics; and providing students with the support and tools to
achieve the best possible educational outcomes, measured in terms of academlc success
37

Girton College- Year Ended 30 June 2024
and personal growth. This includes strengthening our admissions team and taking
concrete steps to address the awarding gap between students of different backgrounds;
Building the financlal support offered to students, including:11) continuing to ralse funds
to offer bursary support to undergraduates and postEraduates; (li) focused fundraising
for PhD students so as to be able to increase the proportion of our postgraduates who
are PhDs; {iii) as far as possible within the overall budget minimising the bLArden on
students from residence charges and other costs while deliverlng excellent facilities;
Improving the offer to Fellows (both CT05 and UTOs} in order to attract and retain
world-class scholar5 at Girton: pay, working condition5 and benefits,.
Further fostering the wellbeing of all members of the College as an essentlal basis for
achieving their full potential, within the resldential higher education setting that 15 a
hallmark of the collegiate Universityj
Equipping students with the slcills they need not only to fufil their potential at Girton but
to enter the world of work with confidence;
Improving the built environment through both large and small-scale renovations and
redecorations, and developing and implementing a decarbonisation plan that enables
the College to achieve Net Zero. (See Decarbonisation, below);
Taking significant further steps in estates planningi including advancing plans to build
potential new courts on the College's main site which will enable the more rapid
advancement of several aspects of the Strategic Plan. (See "new courts project. below);
Working to achleve improvements to the operatin8 performance of the College,
including making more effective use of Informatlon Technology in order to Increase
efficiency and, over time, deliver permanent improvements to the cost base;
Further rnaximising the College's commercial revenue by taking a profit-focused and co-
ordinated approach to growing Girton Global Programmes and the conferencing
business.
Continuous improvements to governance arrangements, including a review and
reformation of the Statutes.
Decarbonisatlon
The College intends to undertal<e thoroughgoing heat decarbonisation work5 over the
coming years in order to meet its objectives to achleve Net Zero. These will be determined
on the basis of a plan which has been commissioned by the College and which Is being
prepared by a sustainability engineer, an architect and a cost consultant. Once Council has
evaluated and approved the adoption of the recommendations from thls report, due to be
completed in spring 2025, the capex plan will be updated. At present the plan includes
placeholder sums for inltial decarbonisatlon works and wing refurbishments (which are
related given the likely retrofitting requiredl amounting to £2.2m over the forecast period
from 2025126-2028/29. The final total, which will be signiflcantly higher, will be determined
once the decarbonlsation plan is completed in 2025. The College intends to incorporate the
decarbonisatlon plan into its fundraising programme over the coming years, as well as
applyingfor available government grants,
38

Girton College- Year Ended 30 June 2024
The new courts project
The College has appointed archltects and related professional advisers in respect of a major
planned project to build two new courts, to be undertaken over the next five years, with the
proposed move-in date by the initial cohort of residents scheduled on a prellmlnary basis to
be, at the latest, October 2030,
The project would be transformational in the College's ability to dellver on its strategic plan,
and to develop further its mlssion of incluslve excellence in education on a global level. The
proposed development would provide:
(11 160 student rooms for Undergraduate and Postgraduate students with kltchens
and related study spaces;
12) New offices and accommodation for Fellows;
13) A suite of new public rooms arranged around an iconic auditorium,.
14) A new MCR space to form a focus for our Postgraduate student community;
{5) A new state-of-the-art Fitness Centre.
It is currently envlsaged that the project will cost approximately £70m, to be funded as
follows:
(1} £30m to be raised from a new Development campaign, including major anchor
donations;
{2} £25m of new long-term borrowings.
{3} £8m through appllcation of existing unapplied long-term borrowlngs;
(4} £7m from the College's free reserves.
Fundraising is currently underway in order to secure a signlficant proportion of the
philanthroplc support required. On the basis that this is successful then the project wlll be
green-lit, with the costs (includlng financing) and expected performance of New Court to be
incorporated into projections.
B. Five year rolllng budget
The Councll has adopted a five year rolling budget for 2023124 to 2028129. The revenue
budget includes operating income and expenditure, the proportion of total return allowed
by the ColleEe's long-term spending rule, depreclation, interest and targeted donations, with
a prudent estimate of legacies, It does not include investment gains/losses retained as
unapplied total return (see Note 17 to the Accounts), gains/losses on disposal of fixed assets,
gains/losses on revaluation of fixed assets, nor actuarial gains/losses in respect of pension
schemes.
C. Capital expenditure programme - major projects
2024125
Refurblshment of half of Tower Wing
Completion of Cloister Court restoratlon
39

Girton College- Year Ended 30 June 2024
Decarbonisation plan commissioned
Library air handling unit
Re￿rbIshment of other half of Tower Wing (largely Fellows, rooms)
Decarbonisatlon works commence
Inltlal kltchen alteration5
Further l<itchen alteratlons
Decarbonlsatlon works ¢ontlnue
Potentlal further wlng refurbishment
Decarbonisatlon works continue
Decarbonisatlon works continue
2025126
2Ci26127
2027128
2028129
It should be noted that these budgeted works for the outer years are provisional at this point
and will require further internal review and sign-off - includin8 With reference to prevailing
financial conditions- before proceeding. The capex budget currently includes placeholder
surns for decarbonisation and, as yet, does not incorporate plans forthe new courts project.
Both of these major projects are discussed above.
D. Impoct onfree reserves
Both the net {deficit}/surplus before depreciation and exceptional income and any capltal
expenditure will ultimately be funded by a combination of free reserves and long-term loans
available for capital expenditure. The impact over five years of the 2024 revenue and CapEx
budgets is as set out below.
£OWs
2023124
Actual
20241
Budget
202V26e
2026J27e
7128e
2028129e
TOTAL5y
plan
L455
14326
1fi8n
2024 I&E Bud et
2024 Ca
ex Bud et
att on free reserve5
IDI
545
905
I1,￿0
6711
{1117)
1.875
1.3
341
It should be noted that the above numbers reflect only the absorption of reserves and make
no allowance for the targeted growth in the College's investment portfolio over time.
Rlsk management
A. Acknowledgement of trustee responsibility
Members of the College Council as trustees have ultlmate responsibillty for ensuring that rlsk
Is managed satisfactorily wlthin the College.
B. Overview of risk identlficotion, assessment and monitoring process
Risks are Identified in the Corporate Risk Register, focussing on risks to delivering the College's
Strategic Academic Plan, while the major committees of the College are responslble for
complllng and malntaining operational risk registers, feeding upwards to Councll and the
Corporate Risk Register as required.
Capital projects undertaken within College are subject to detalled local risk registers by
individual project managers.
40

Girton College- Year Ended 30 June 2024
C. Review and ossessment of mt7jor risks and confjrmation of controls
Council consldered the major risks to which the College is exposed in 2023124 and satisfied
itself then that systems were In place in order to manage those risks. The main categorles of
operational risk for the College are:
Admisslons
b) Compliance
Employment
d) Flnancial and accounting
Fire
Funding and higher education pollcy
Governance
h) Health & Safety
Investment
Property maintenance and management
Reputatlon
Student experience
f)
k)
A major project has commenced this year In order to bring external scrutiny to the College's
risk register, with a vlew to refining it such that it benchmarks appropriately with best in class
practice. The results of thls project wlll be incorporated into next year's Annual Report.
D. Identlfied risks and uncertainties outside the College's control
The College's ability to pass on higher costs to students by way of increased pricing for
accommodation and catering is highly constrained, despite the recently announced Increase
in regulated fees. The increase only partially contributes to the announced increase in
Employers National Insurance.
The College depends forthe malntaining the value of its investment portfollo In real terms
on a reasonable performance from global flnanclal markets, These currently represent a
further risk glven the signiflcant geopolitical and economic uncertalntles. At the time of
writing, US equity markets are experiencing a period of volatllity amid mixed signals as to the
prospects for growth as the US economy emerges from a period of sustained high inflation.
A further potentlal determining factorfor the market pricing of risk will be the outcome of
the US presidential election in November.
Girton Global Programmes, which was the main source of profitable commercial business In
2023/24, generates the majority of its revenue from visitors from a single country. Should
any of those participants be prevented from attendin& for example due to political or health
developments preventing travel, then the negative Impact on the current business mix

Girton College- Year Ended 30 June 2024
would be very significant. Efforts are currently being undertaken to diversify the range and
nature of business within the College's commercial activities.
Trustees, review
Council reviewed the arrangements for managing risk in 2024125 during consideration of its
annual governance report.
On behalf of the Council
Dr Elisabeth Kendall
The Mistress
3 December 2024
42

Girton College - Year Ended 30 June 2024
Independent Audltors. Report to the Augmented Council of Glrton College
Year Ended 30 June 2024
Oplnlon
We have audited the financial statements of Girton College Ithe College) for the year ended
30 June 2024 which comprise the Statement of Comprehensive Income and Expenditure, the
Statement of Changes in Reserves, the Balance Sheet, the Cash Flow Statement and notes to
the financial statements, including a summary of significant accounting policles. The financial
reporting framework that has been applied in their preparation Is applicable law and United
Kingdom Accountlng Standards, includlng Financlal Reporting Standard 102 The Financial
Reporting Standard appllcable in the UK and Republic of Ireland Iunited l<ingdom Generally
Accepted Accounting Practice).
In our opinlon, the financial statements:
glve a true and fair view of the state of the College's affairs as at 30 June 2024 and of it5
Incoming resources and application of resource5 for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice. and
have been prepared in accordance with the requirements of the Charitie5 Act 2011 and
the Statutes of the Universlty of Cambridge.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS
(UK)) and applicable law. Our responsibllities under those standards are further described in
the Auditors, responsibilltles for the aLAdlt of the financial statements section of our report.
We are independent of the College in accordance with the ethical requirements that are
relevantto our audit of the financial statements in the United Kingdom, includingthe Financial
Reporting Council's Ethical Standard, and we have fulfllled our other ethlcal responsibilities in
accordance with these requirements. We believe that the audlt evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to golng concern
In auditing the flnancial statements, we have concluded that the Trustees, use of the going
concern basis of accountin8 in the preparatlon of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertalnties
relatlng to events or conditions that, Individually or collectively, may cast significant doubt on
the College's ability to continue as a going concern for a period of at least twelve months from
when the financlal 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 thls report.
43

Girton College- Year Ended 30 June 2024
Other Information
The Augmented Council are responsible for the other information. The other information
comprises the information included in the Annual Report other than the financial statements
and our auditors, report thereon. Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly stated in our report, we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
Information and, in dolng so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material
Inconsistencies or apparent material misstatements, we are required to determine whether
there is a material misstatement in the financial statements or a material mlsstatement 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 requlred to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Statutes of the Unlversity of Cambridge
In our opinion based on the work undertal<en in the course of the audit:
The contrlbution due from the College to the Unlversity has been computed as advised
in the provisional assessment by the University of Cambridge and in accordance with
the provisions of Statute G,11, of the University of Cambridge.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the College and its environment obtained
in the course of the audit, we have not identified materlal misstatements in the Report of the
Council.
We have nothing to report in respect of the following matters in relation to which the Charities
(Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion:
sufficient accounting records have not been kept; or
the financial statements are not In agreement with the accounting record5,' or
we have not received all the informatlon and explanations we require for our audit.
Responsibilltles of the Augmented Councll
As explained more fully in the responsibllities of the Augmented Council statement set out on
page 7, the Augmented Council is responsible for the preparatlon of the financial statements
and for being satisfied that they give a true and fair view, and for such internal control as the
Augmented Councll determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.

Girton College - Year Ended 30 June 2024
In preparing the financial statements, the Augmented Councll is responsible for assessing the
College's ability to continue as a going concern, dlsclosing, as appllcable, matters related to
golng concern and using the going concern basis of accounting unless the Trustees either
intend to liquidate the College or to cease operatlons, or have no realistic alternative but to
do so.
Audltors, responslbllltles for the audit of the financial statements
Our objectlves are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, Individually or in the aggregate, they could reasonably be expected to
Influence the economic decisions of users taken on 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 assesslng the risks of material misstatement in respect of
irregularities, including fraud and non-compllance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the
appropriate competence, capabilities and skills to identify or recognise non-
compliance wlth applicable laws and regulations.
we identified the laws and regulations applicable to the College through discussions
with Trustees and other management, and from our knowledge and experience of the
education sector;
we obtained an understanding of the legal and regulatory framework applicable to the
College and how the College is complying with that framework;
we obtained an understandingof the College's policies and procedures on compliance
with laws and regulations, includlng documentation of any instances of non-
compliance,.
we Identified which laws and regulations were significant Sn the context of the College.
The laws and regulations we considered in this context were Charities Act 2011, the
Statutes of the University of Cambrldge and taxation legislation, We assessed the
required compliance with these laws and regulations as part of our audit procedures
on the related financial statement items;
in addition, we consldered provislons of other laws and regulations that do not have a
direct effect on the financial statements but compliance with which might be
fundamental to the College's ability to operate or to avoid material penalty; and
identified laws and regulations were communlcated within the audit team regularly
and the team remalned alert to instances of non-compliance throughout the audit.
45

Gircon College - Year Ended 30 June 2024
We assessed the susceptlbillty of the College's financial statements to material misstatement,
including obtaining an understanding of how fraud might occur, by:
making enquirles O'F management as to where they considered there was susceptiblllty
to fraud, their knowledge of actual, suspected and alleged fraud; and
consideringthe internal controls in placeto mitigate risks of fraud and non-compliance
with laws and regulations.
To address the risk of fraud through management blas and override of controls, we.
tested journal entries to identify unusual transactions.
assessed whether judgements and assumptlons made in determlning the accounting
estimates set out in the accounting pollcy were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of Irregularities and non-compliance with laws and regulations, we
designed procedures which included, but were not limited to:
agreeing financial statement dlsclosures to underlylng supporting documentation;
reviewing minutes of meetings of those charged with governance.
enquiring of management as to actual and potential litigatlon and claims. and
reviewing correspondence with relevant regulators and the College's legal advisors.
There are Inherent limitations in our audit procedures descrlbed above. l-he more removed
that laws and regulations are from financial transactlons, the less likely It is that we would
become aware of non-compliance. Auditing standards also limlt the audit procedures required
to Identlfy non-compliance wlth laws and regulations to enquiry of the directors and other
management and the Inspection of regulatory and legal correspondence, if any.
Material misstatemellts 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 responsibllltles for the audit of the financial statements is located
on the Financial Reporting Council's website at: www.frc.org.uVauditorsresponsibilties, This
description forms part of our auditors, report.
46

Girton College- Year Ended 30 June 2024
Use of our report
This report is made solely to the College's Augmented Councll as a body, in accordance with
College's statutes, the Statutes of the University of Cambridge and the Charities Act 2011. Our
work has been undertaken so that we might state to the Augmented Council those matters
we are required to state to them in an Auditors, Report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the College and the College's Augmented Councll as a body, for our audit work, for this
report, or for the opinions we have formed.
PETERS ELWORTHY & MOORE
Chartered Accountants and Statutory Auditors
Salisbury House
Statlon Road
Cambridge
CBI 2LA
Date: 5 December 2024
Peters Elworthy & Moore is eligible to act as an audltor in terms of section 1212 of the
Companie5 Act 2006.
47

Girton College- Year Ended 30 June 2024
statement of Principal Accounting Pollcles
Basis of preparatlon
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
Financlal Repartlng Standard 102 {FRS 102) and the Statement of Recommended Practice
(SORP): Accounting for Further and Higher Education issued in 2019.
The Staternent 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 6.
The College is a public benefit entity and therefore has applied the relevant public benefit
requirement of the applicable UK laws and accounting standards.
Basis of accounting
The financial staternents have been prepared under the historical cost convention, modified
in respect of the treatment of investments, which are included at valuatlon.
Going concern
The Trustees have prepared forecasts for the period to 2029 which have been stress tested
based on a worst case" outcome in several respects and have considered the impact upon
the College and its cash resources and unrestrlcted reserves. The new Reserves Policyi
agreed by Council, sets minlmum reserves levels at £8m, to allow for emergencies. The
College manages its cost base prudently, including a measured approach to maintenance,
capex and reserves, in order to combat the reductlon in revenues and to extend financial
headroom. The College also has significant investments which could be realised if requlred.
Based upon their revlew the Trustees believe that the College will have sufficient resources
to meet Its liabilities as they fall due for a period of at least twelve months from the date of
approval of these accounts and therefore have continued to adopt the going concern basis
in preparing the financial statements.
48

Girton College- Year Ended 30 June 2024
Recognition of income
Academicfees
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.
GrL7nt income
Grdnts re￿IVed fiDm non-government sources (including ￿searCh grants from non-govemment
sourres) are recognised within the Statement of Comprehensive Income and Expenditure when the
College is entitled to the income and perfomiance related conditions have been met.
Income received in advan￿ of perforniance relatsd conditions is defer￿d on the balan￿ sheet and
released to the Statement of Comprehenslve Income and Expenditure in line with suth condltlons
being met.
Donations and endowments
Non exchangetransactions without pethrmance related conditions are donations and endowments.
Donatlons and endowments with donor-imposed restrictions are recognlsed within the Ststement of
Comprehensive Income and Expenditure then the College is entitled to the income. Income is
retalned within restricted reserves until such time that it is utilised In line with such restrictions at
which polntthe income Is released to general reservesthrouth a reserve transfer.
Donations and endowments with restrictlons are cla&sified as restricted reserves with additional
disclosure pro￿lded within the notes tothe accounts.
There are four main types of donations and endowments with restrictions:
l. 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 endowment5 - the donor has specified a particular objective
and the College can convert the donated sum into income.
4. Restricted permanent endowments - the donor has speclfied 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 Statement of Comprehensive Income and
Expendlture when the College is entitled to the income.
Investment income and change in value of investment assets
Investment income and change in value of investment assets is recorded In income in the
year in which it arises and as either restrlcted or unrestricted income according to the terms
or other restrictions applied to the individual endowment fund.
49

Girton College- Year Ended 30 June 2024
Total return
The College invests its endowment portfolio and allo(ated the related earnings for expenditure in
accordan￿ with the total return concept. The spendlng policy is specifically designed to stabillse
annual spending levels and to preserve the real value of the endowment portfolio overtime. The
College spending rule permits the transfer for the academic year of no more than 3.8°A of the >
year rolling weighted average of the balance of the fund as at 30 June {to decrease to 3.5¥0 over a
period starting in 2025/26). The College operates a unitised Amalgamated Trust Fund {ATFI
scheme for the collective investment of endowment funds, under whlch the transfer permitted by
the spending rule is converted into a prtrrats distribution of the fijnds,
Other income
Income is received from a range of activities including Accommodation, Caterlng Conferences
{including Sumrner Programmes} and other services rendered,
Cambridge Bursary Scheme
In 2023/24, payment of the Cambridge Bursaries to eligible Students was made directly by the
student Loans Company {SLC). As a consequence, the College reimbursed the SLC for the full
amount paid to their eliglble students and the College subsequently received a contribution from
the University of Cambridge towards this payment.
The net payment of £234k Is shown within the SOCI as follows:
2023124
£'o(x)
281
515
2022123
Income {see note i)
Expenditure
206
421
Forelgn ajrrency translation
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling
at the date of the transactions. Monetary assets and liabilities denominated in foreign
currencies are translated into sterling at year end rates or, where there Is a forward foreign
exchange contract, 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
Fixed asset5 are stated at cost less accumulated depreciation and accurnulated impairment
losses, Operational property assets that had been revalued to falr value on 30 June 2014, the
date of transition to SORP, are measured on the basis of deemed cost, being the revalued
amount at the date of that revaluation.
Where parts of a fixed asset have different Useful lives, they are accounted for as separato
items of fixed assets.
50

Girton College- Year Ended 30 June 2024
Costs Incurred in relation to land and buildings after Inltlal purchase or construction, and
prior to valuation, are capitalised to the extent that they increase the expected future
benefits to the College.
Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold
buildings are depreciated on a straight-line basis over their expected useful lives as follows:
Buildings
Sports Facilities
Outbuildings/workshops
63-99 years
67-99 years
10-46 year5
Fit-outs
M&E services
5-34 years
10-40 years
Leasehold land is depreciated over the Ilfe of the lease up to a maxlmum of 50 years.
Buildings under constructlon are valued at cost, based on the value of architects, certificates
and other direct costs incurred, They are not depreclated until they are brought into use.
The cost of additions to operational property shown in the balance sheet includes the c05t of
land. Furnlture, fittings and equipment costlng less than £5k per indlvidual 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 Ilfe as follows:
Furnlture and fittings
Equlpment
20% per annum
200/0 per annum
Leased ussets
Leases in which the College assumes substantially all the risks and rewards Of ownership of
the leased asset are classified as flnance leases. Leased assets acquired by way of finance
leases are stated at an amount equal to the lower of thelr fairvalue and the present value of
the mlnlmum lease payments at inception of the lease, less accumulated depreciation and
less accumulated impalrment losses. Lease payments are accounted for as described below.
Mlnimum lease payments are apportioned between the finance charge and the reduction of
the outstanding liability. The finance charge 15 allocated to each period during the lease term
so as to produce a constant periodic rate of Interest on the remaining balance of the liability.
Costs in respert of operatlng leases are charged on a straight-line basis over the lease term.
Any lease premiums or incentlves are spread over the mlnimum lease term.
Heritage assets
Rare books, silver, works of art and other assets not related to education are valued at the
insured value. Assets deemed to be inalienable are not included In the balance sheet, Items
of antique furniture and silver have been valued by external valuers.

Girton College - Year Ended 30 June 2024
Investrnents
Fixed asset investments are induded in the balan￿ sheet at fair value, except for investments in
subsidiary undertakings which are stated in the College's balance sheet at cost and eliminated on
consolidation. Investments that are not listed on a recognised stock exchange are ￿rrIed at
historical cost less any provision for impairment in their value/market value.
stocks
Stocks are stated at the lower of cost and net realisable value after makin8 provision for
slow moving and obsolete items,
Provisions
Provisions are recognised when the College has a present legal or constructive obllgation as a
result of a past event, it is probable that a transfer of economic benefit5 wi51 be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation.
Contlngent liabilitles 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
circtjmstances where a provision would otherwise be made but either it Is not probable that
an outflow of resou rces 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 bythe occurrence or otherwise of uncertain future events
not wholly withln the control of the College.
Contingent assets and Ilablllties are not recognlsed in the balance Sheet but are dlsclosed 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 financlal instruments. Financial assets and liabilitles are
recognised when the College becomes party to the contractual provislon of the instrument,
and they are classified accordlng to the substance of the contractual arrangements entered
Into.
A financial asset and a financial liabillty 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 financia l asset5 include trade and other receivables, cash and cash equivalents and
Investments in commerclal paper {i.e. deposits and bonds). These assets are initially
52

Girton College- Year Ended 30 June 2024
recogni5ed at transaction price unless the arrangement constitutes a financing transaction,
where the transaction is measured at the present value of the future recelpts discounted at
a market rate of interest, Such asset5 are subsequently carried at amortised cost using the
effective interest rate method. Flnancial assets are assessed for indicators of impairment at
each reporting date. If there is objective evidence of impairment, an impairment loss Is
recognlsed 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 estlmated future cash flows,
discounted at the asset's original effectlve interest rate.
Other financlal assets, includlng investments in equity Instruments, which are not
subsidiaries orjoint ventures, are initially measured at fair value which Is typlcally 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 flnancial instrument and are not
Included.
Financial assets are de-recognised when the contractual rlghts to the cash flows from the
asset expire or are settled or substantlally all of the risk5 and rewards of ownership are
transferred to another party.
Financial Llabllltles
Basic financial liabilities include trade and ather payables, bank loans and intergroup loans.
These Ilabilltle5 are initially recognised at transaction price unless the arrangement
constltutes 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 establlshment of loan facilities are recognlsed as transactlon costs of the
loan to the extent that it is probable that some or all of the facility will be drawn down.
Trade payables are obligations to pay for goods or Services that have been acquired In the
ordlnary course of business from suppliers. Accounts payable are classified as current
liabillties 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 effectlve interest rate method.
Derivatives, including forward foreign exchange contracts, are not basic financlal
instruments. Derlvatives are Inltlally recognised at fair value on the date the derivative
contract is entered into and are subsequently re-measured at thelr fair value at the
reportlng date. Changes in the fair value of derivatives are recognlsed in the Statement of
53

Girton College- Year Ended 30 June 2024
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 15 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.
Fi nancial liabil ities are de-recogn ised when the l iabll ity is d ischarged, cancelled, or expi res.
Taxation
The College is a.registered tharity (number 11375411 and also a charity within the meaning of
Section 467 of the Coryx)ratlon Tax Act 2010. Accordingly, the College is exempt from taxation in
respect of income or capital &ains 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.
Contrlbution under Statute G.11
The College is liable to be assessed for Contribution under the provisions of Statute G.11 of
the University of Cambrldge. Contribution is used to fund grants to colleges from the
Colleges Fund. The Ilability for the year is as advised to the College by the Universlty based
on an assessable amount derived from the value of the College's assets as at the end of the
previous financial year.
Penslon costs
The College participates in Universities Superannuatlon Scheme. With effect from l October
2016, the scheme changed from a deflned benefit only pension scheme to a hybrld pension
scherne, providing defined benefits (for all members}, as well as defined contribution
benefits. 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 Instltution is therefore exposed
to actuarlal risks associated with other institutions, employees and is unable to identify its
share of the underlying assets and liabilitles of the scherne on a consistent and reasonable
basls. As required by Sectlon 28 of FRS 102 "Employee benefits" the institution therefore
accounts for the scheme as If it were a wholly defined contribution scheme. As a result, the
amount charged to the profit and loss account represents the contributions payable to the
scheme. Since the Institution has entered into an agreement (the Recovery Plan) that
determines how each employer withln the scheme will fund the overall deficlt, the
Institution recognises a liability for the contributions payable that arlse from the agreement
54

Girton College - Year Ended 30 June 2024
(to the extent that they relate to the deficit) and therefore an expense Is recognised.
The College also participates in the Cambridge Colleges Federated Pension Scheme {CCFPS),
a defined benefit scheme which is externally funded and contracted out of the State Second
Pension152P). The asset5 of the Scheme are held in a separate trustee administered fund.
The funds are valued every three years by a professionally qualified independent actuary
using the projected unit method, the rates of contribution payable being determined by the
trustees on the advlce of the actuary. In the intervening years, the actuary reviews the
progress of the schemes. Pension costs are assessed in accordance wlth the advice of the
actuary, based on the latest actuarial valuation of the Scheme, and are accounted for on the
basis of charging the cost of providing pensions over the period during whlch the institution
beneflts from the employees, services.
The College also offers membership of NOW: Pensions, a defined contribution pension scheme, for
non-academic staff and the pension charge represents the amounts payable by the College to the
scheme in respect of the employee￿ service during the year.
Ernployment benefits
Short term employment benefits such as salaries and compensated absences are recognised
as an expense In the year In which the employee5 render service to the College. Any unused
benefits are accrued and measured as the addltlonal 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 whlch, In respect of endowment to the College, are held as permanent
funds, which the College must hold to perpetuity.
Restrlcted reserves include balance5 in respect of which the donor has designated a specific
purpose and therefore the College Is restricted in the use of these funds.
The full free reserves policy Is described in the Report to Council. Free reserves are
calculated as total unrestricted funds less fixed assets. A minimum level of free reserves is
set as follows:
Reser4e
Target
Rationale
Revenue contingency
£5.5m
Contingency to cover extreme/unexpected
shortfall In revenue, assuming worst case
pandemic scenarlo affecting student rents,
caterlng,
conferencing
and
other
commercial activities
55

Girton College- Year Ended 30 June 2024
Remedial capex contingency
£2.5m
Contingency to cover unplanned remedial
capex (i.e.
major estate repair),
equivalent to c. 5% of buildings value
Tota I
£8.Om
Critical Accounting Estimates and Judgements
The preparation of the College's accounts requires management to make judgements,
estlmates 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
jud8ements have been applied and the resulting estimates and assumptions may lead to
adjustments to the future carrying amounts of assets and liabllities.
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 determlning the approprlate recognition timing for
donations, bequests and legacies. In general, the latter are recognised when at the probate
stage.
Useful lives of property, plant and equlpment- 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 approprlateness. The lives are based on historical experiences with similar
assets, professional advice and antlcipation of future events. Details of the carrying values of
property, plant and equipment are shown in note 8.
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 economlc
knowledge. The provision Is based on the current 5ituatlon of the customer, the age profile
of the debt and the nature of the amount due.
Retlrement benefit obligations- The cost of defined beneflt pension plans, and other post-
employment benefits are determined using actuarial valuations. The actuarial valuation
involves tnal(ing assumptions about discount rates, future salary increases, mortality rates
and future pension increases. Due to the complexity of the valuation, the underlying
assumptlons and the long-term nature of these plans, such estlmates are subject to
significant uncertainty. Further detai15 are given in note 23.
56

Girton College - Year Ended 30 June 2024
Management are satisfled that Universities Superannuation Scheme meets the definition of
a multi-employer scheme and has therefore recognised the discounted fair value of the
contractual contrlbutlons under the funding plan in existence at the date of approving the
accounts.
As the College is contractually bound to make deflclt recovery payments to US5, thls Is
recognised as a liablllty on the balance sheet. With the completlon of the 2023 valuation the
scheme was found to be in surplus and deficit recovery payments were reduced to nil with
effect from January 2024. The accountlng consequence of thi5 15 that the whole of the
provision from the prlor year was released. Further details are set out in note 23.
57

ozo
L4J
-￿
(Th
bj
W O

Girton College- Year Ended 30 June 2024
Statement of Changes in Reserves
Year Ended 30th June 2024
2024
Unrestrirted
Funds
2024
Restricted
Funds
2024
Endowment
Funds
2024
Total
Funds
Reconciliation of funds:
Balance at Istjuly 2023
Surplus from Income & Expenditure statement
Release of restricted capital funds
Transfer between reserves
Adjustment to prioryear net assets
95,722
5,097
375
72
34
4,174
1,449
1375}
128}
72,920
8,189
172,816
14,735
(441
Total funds carried forward
101,300
5,220
81,065
187.584
Statement of Changes in Reserves
Year Ended 30th June 2023
2023
Unrestrirted
Funds
2023
Restricted
Funds
2023
Endowment
Funds
2023
Total
Funds
Reconciliation of funds:
Balance at Istjuly 2022
IDeficitllSurplus from Income & Expenditure statement
Re lease of restricted capital funds
Transfer between reseNes
Adjustment to prior year net assets
99,546
13,5971
4,553
15271
69,727
3,118
173,826
11,0061
(2231
141
148
75
14)
Total funds carried forward
95,722
4,174
72.920
171816
The notes on Pages 62 to 81 form Part ofthese occounts
59

Girron College- Year Ended 30 June 2024
Balance sheet
Year Ended 30th June 2024
Note
2024
2023
Non Current Assets
Fixed assets
Heritage A55ets
Investments
8a
8b
67.112
6,220
132,805
67,643
6, 144
119,759
Total Non Current A55ets
206,137
193,546
C￿r￿nt Assets:
stocks
Trade & Other receivables
Cash & Cash equival ent
88
5,117
709
63
3,456
1,7(L7
io
li
Totalcurrentossets
5.914
5,219
Llabllltles:
Credltors: amounts falli ng due within one year
12
15,1341
14.350)
Net current ossets
869
Totol Assets le55 Current l￿bIlItIeS
206,917
194,415
Creditor5'. amounts f all i ng due after more than one year- Loan5
CredKtors: amount5 f alli ng due after more than one year- Others
13
13
115.8181
11,1091
115.973)
11. 1751
Totol Long Term Liabilitites
116,9271
117. 1481
Ivet ussets excludiTng penslon Ilablllty
189.990
177.267
Provisions
Pension Provisions
14
(2,4051
{4,4511
Totol net ossets
187,585
172.816
The fundsofthÈ charlty:
RestrlrtedReserves
Income & Expenditure ReservÈs - Endowment
Income & Expenditure Reserves - Restricted
15
81,065
5,220
72.920
4.174
16
Total Re5trittedfunds
86.285
77.094
Unrestricted Reserve5
I ncome & Expenditure Reserves - Unrestricted
101,3
95.722
Totol Unrestrictedfunds
101,3CK)
95,722
Total Reserves
187,585
172.816
'fjrLI c¥:￿H￿er aoaL¥
The fi nancial statement5 were approved by the Augmented Council on
and signed on its behalf by:
Dr El isabeth Kendall - Mistress, Gi rton Col lege
James Anderson - Bursar, Girton Col lege
The notes on Pages 62 to 81 form Part of these occounts
60

Girton College - Year Ended 30 June 2024
Cash flow statement
Year Ended 30th June 2024
2024
2023
Note
Net Cash {Outflowl/lnflow from Operating Activities
Cash Fl ows f rom I nvesting activities
Cash Flows from Capital Transactions
Cash Flows from Financing Activities
18
11,646)
809
(51
{149}
2,951
31
14,224}
(143)
19
19
20
(Decreose) in cash and cash equivalent in the year
(991)
(1,385)
Cash and cash equivalent at the beginning of the year
1,700
3,085
Cash and cash equivalent atthe end of the year
li
709
1,700
Reconciliation of net cash flow to movement in net liquid assets
(Decrease) in Cash in the Year
Movement in Long Term Loans
Netchange in Cash
19911
149
1842}
(1, 3851
143
11,242}
Net Cash/Borrowing broughtforward
(14,422)
(13 180)
Net cash/borrowing carried fonmard
24
{15,2651
114.4221
The notes on Pages 62 to 81 form Part of these accounts
61

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
l. Academic Fees and Charges
2024
£'ooo
2023
£'o(K)
College Fees
Fee Income re￿iVed at the regulated undergraduate rate
Fee Income re￿iVed at the unregulated undergraduate rate
Fee Income re￿iVed at the postgraduate rate
2,C60
611
2,149
655
Total Fees
4,235
Cambridge Bursaries income
Foundation Bursarles and similar income
Otheracademic incorne
74
253
54
246
Totsl
4842
4790
2. Accommodation, Catering & Conference Income
2024
£000
2023
Accommodation
College members
cOnferen￿S
4,894
314
5,208
4,755
270
5,025
Caterin8
College members
Conferences
1,022
355
968
306
1,274
International Summer Programmes
1,012
Total
8,527
7,311
62

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
3. Endowment and Investment Income
2024
2023
£'ooo
3.a Analysis
Total return recognised in Income & Expenditure account (3bl
3,956
3.b Summary of Total Return
Incomefrom..
Quoted securities and cash
Totallncomefrom Investments
1, 122
1, 122
385
385
Gains/(lossesJ from endowment assets
Quotes securities & cash
Loan interest payable
Investment management costs (see note 3c)
14,428
(3881
{16)
3,231
13921
{24)
Total return for the year
15,146
3,200
Total return transferred to Income & Expenditure account (see note 3a)
14,4601
13,9561
Unapplied total return forthe year included within Income & expenditure
10,686
1756}
3.c Investment management costs
Quoted securities & cash
16
24
Totsl Investment management costs
16
24
4. Education Expenditure
2024
2023
Teaching
Tutorial
Admission5
Research
Scholarships & Awards
Othereducational Facilities
3,690
1,218
893
1,087
1,256
516
3,037
1,034
759
1,017
515
Total
8,660
7,267
63

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
5. Accommodation. Catering & Conferences Expenditure
2024
2023
Accornmodatlon
College members
Conferences
7,653
322
8.126
317
7.975
8.443
Caterlng
College members
Conf erences
2.268
346
2.091
377
2,614
2.468
International Summer Programmes
1,083
743
Total
11.672
11.654
6. Analys15 of Expenditure by Actlvlty
Anèlysis of 21Y24 E>tpendlture
other
OperJtlnE
Expenses Depreclatlon
staH Costs
{Note 7)
Total
Education (Note 41
Accomrntsdatlon CaterTrng & Co¥nferen¢es INotÈ 5)
InwÈstrnÈnt management t05t5
Net change USS deficSt re¢oVÈry provlslon INote 14}
P•nslon annual valuatlon (USSI
Oth*r c05tS
Contrfbutlon under Statute G. 11
4,238
3,797
3,980
442
1.475
8.660
11,672
404
<L6741
IL6741
Total
6.361
1.91Y
&b Analysls ot 2023 Éxpendlture
Other
Operètine
Expenses Depreclatlon
Staff Cost
INDte 7)
Total
Educatloft IP40te 4)
Accommodatjan CatÈrlnE & Conforence5 (Note 5>
Inve5trnertt Fnanagem*nt C05tS
Net chèrtEe In USS defSclt rocovery provislan INotÈ 141
Penslon annual Valuatlon (U5S)
AddltlDnal deprtsclatlon for prjoryears
Other costs
Contributlon under StatLrte G. 11
3.691
3.7SI
3.245
6,286
416
331
1.617
7.267
iJ.ÉS4
416
13)
12171
L822
(341
27
1.822
1341
27
Totsl
>770
ExperTrdlture funtlralsln8 tosts of £357k 12023 E49Sk). Thls ￿xpendIture excludes the cost af Alurnnl ralatlons
&c Audltors Yemun•ratlon Induded Irb Other Oper•tln¥ Expen#è*
2024
AL¢dlt fees payable to tho C<>lleEe's External Audltors- Current year
Other Fèes payabl8 to thE College'5 External Audltors
32
35
6.d Oth*rexpendlture
P￿￿rYear depretlatlDn
USS pertsltsn I￿t￿rest charge
Othèr ¥EnÈral and admlnlstrDtlve
1.822
(iiyi
Total
1.67
64

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
7. lal Staff costs
College College Non
A£ademit
A£ademlc
2024
2024
Totsl 2024
TDtal 2023
Salèrfes
National Insuran
157
5,898
435
618
OtherPen51Dn C05t5 (Note 231
Net(hange USS defiotrecovery provision (Noto 141
5ub-tOl61 uf pension iosts (Note 7. Icll
316
Y17
11,67AI
175
954
IL6741
11,oni
316
951
Tot
1656
3.705
361
7,439
Based on the 2020valuaiion of the Unl¥er51ties Superannuatlon Scheme IUSSI, the impatt of the net thange In the US5 defidt recovery provision is a treditlcharge of £1,674k
12023.. £4kl. This comprises a non-cash credit resultingfrom the change In assumptions, indudingthe discountrate, of £45k12023.. £56kl and cash contrIbu￿On$ rnède to reduce the
defiiit in the year of £66k12023.. £116kl.
7. Ibl Staff Numbers
AveroEe Number2024
Numberof
Fellows
Average Number20ZI
Number of
Fellows
FTE
StoNNumber
Acadetnic
Non Academl¢lFTEI
76
69
124
113
Total
124
72
113
The nurnbeiol tsffi£er5 and employees of the college, indudin8 Head of House, who received etnoluments in the followlng range was..
24
(K>,(K)i. £iiorxx)
iO,(K)i. £llCkL
£120,(01- £130,CK
£130,(L)1. £140,CYII
40,Cf)i. £￿c0]
E￿,￿)1-E￿O.C1
60,(X)i. U70.[
Totsl 2024
Total 2023
Duringthe year. remuneration pa1d to Trusiees In thelrcap40ty ￿ College Offlcer5 were..
670
Key managernent personnel are those persons havingauthority and responsibility fur pl?nnin& dIre￿nE3nd controlling the attivitie5 of the College.
These are dÈemed to be Resenfed Counul members. The note above indude5 aggregated remuneratlon paid to key rnanè%ement per50nnel.
At the balance Sheet date, there were 66mÈmbers oltheAuEmented Councll. Durlngthe year, the aveiagE numberreceivlng a remuneratlon wa5 6
Icl Pension costs
The total pension costincluded in stsff costs fortheye3r1see note 7a1 was..
Employer
contrlbutlons
2024
Provlslor*s
(nots 141
2024
Employer
Totsl ¢ontribution$
2024
202a
Prov15ions
Inote 141
2023
Total
2023
uss
CCFPS
Other
Salary exchange for pen5ion5
420
490
IL6741
11,2541
329
232
477
176
lll)41'
3n
176
1641
Totsl
1,078
1,835
757
1,058
951
65

Girton College - Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
8a. Fixed Assets
Longleasehold
Lwd&
Bulldlng
£'OLKJ
Furnltu
FlttlnBs &
Equlpment
AssEtsln
ConstNction Freehold Land
Freehold
Ildlng
SO1￿￿￿ Totsl 2024 Totrl 2023
0rt9lnolCosts
As at Iluly 20
Additions
Tran51èrs
Dlsposals
57,ts0
536
I,C68
201
58
81274
81,343
2,010
19
12481
13191
1791
As at301une 2024
031
536
188
84,341
83,274
Accum￿l&tedL￿edQ1lO
Asat lJuly 1023
Charge forthè yezr
5P¢5al in year
146
1731
84
li
761
146
1248)
L47
IL94Q
3,77Q
1791
1,917
13191
Ini
As at 301une 2024
IVFA)
95
659
17,229
,631
PdetBookVdlue
As at301une 2024
As at301une 2023
24,400
24,40D
4￿n
41421
441
452
67,112
67,643
6F,645
69,403
19
307
Freehold land and Buildin85 were ￿valued by Gerald Eve A550ciatesa5 01 ￿lune2014. The propertles are valuedatdepreclatèd iepl8cementcost.
The insured value of the freehold buildings at30June ￿24￿a5£I26.6rn12￿23E123.[￿1.
8b. Herit4e Assets
2024
2023
Balan￿ as atlluly
AddiJons
Appredallonon revaluation
6,144
14
27
36
Balance as ataojune
AmoUntsfvrtheC￿rre￿tc￿￿pleV￿u51O￿rYetsrs wereasfollows,.
23.
2021.
2L)'
£'o
£'(oo
AcquisltlDnspurchased with 5pedftc doThatlons,
Acquisitionspurchased with College furnds
14
Totsl w5tolKqu151tion5
14
Value of acqulsltlons by donation5
80
Tol81
66

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
9. Investment5
2024
2023
Balance at the beginninE of the year
Additions
Disposals
Appreciation on revaluation
Increase/(Decreasel in cash balance held by Fund Managers
119,759
821
{5.2811
14.428
3,078
114,328
14.466
19,8971
3,231
{2,3691
Balance at the end of the year
132,805
119,759
Represented by
Quoted Securities- Equities
Othershares
Alternative investments
Cash held for reinvestment
43
14
128.813
3,978
14
118,787
915
Balance at the end of the year
132,805
119,759
The College Is also the joint beneficiary with anotherorganisatlon of a trustwhich owns a numberof
properties in Ealing. West London. Rental income le55 expenses Is divided equally between the
beneficiaries. When tenants vacate the properties, they are sold. and the proceeds of the sales
(less expenses) are divided equally between the beneficiaries. At 30June 2024, the College's share
in the remaining property Is estimated to be about £350k Igrossl- this amount is not included withln
Investment assets.
10. Trade and other receivables
2024
2023
Members of the College
Other debtor5
Accrued Donations
Prepayment & Accrued Income
146
161
360
2.543
392
961
3.495
515
Total
5.117
3,456
Prepayments include £40k in respect of costs Incurred in respett of the New Court project. These costs will
be directed through Girton College Developments ￿mIted. the wholly owned subsidiary of Girton College.
once the company commences trading.
11. Cash and cash equlvalent
2024
2023
Bank Deposlts
CurrentAccount
Cash in hand
887
27
811
Totsl
709
1.700
67

Girton College - Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
12. Creditors: amounts falling due within one year
2024
2023
Longterm Loans
Student prepayments
Othercreditors
155
ILK)
4,879
149
4, 101
Total
5,134
4,350
13. Credltors: amounts falling due after more than one year
Other loan5
8ank LDans
Student p￿payMentS
io,tXA)
5,818
L109
io,(
5,973
1,175
Total
16.927
17,149
One of the bank103ns is due for repayment in 20493t a fixed interest rate of S.54%. The other b3nk loans are repayable over a pertod of 11 to 12years at
fixed interest rares of between 5.20% and s.4￿.
During 2013-14, the College borrowed £IOm Irorn Instltutional investors in a private placement done collettively with othercclle8es, although the
College's loan is 5epafate from those of the others. The loans are unsecured and repayable during rhe period 2043-2(￿3 and are atfixed interest rntes of
apprDxirn3tely 4.4c￿.
The table below ￿veSfurtherdetal45 on how the loans contraLted bythe College We￿ accounted for=
Interests 2￿24(In fLixJJ
Investment
Portfollo
Palan¢e as at ￿ Balance a5 at
06-24
0&23
Inte￿$1 rate % Repayment datè
OperatiOll5
2￿9 Loan
Other bank loans
Bond
5.54%
5.XfA.5.40%
4.40%.4.45%
2049
20292030
204>2053
278
973
io,cD)
1,122
io,rm
32
356
88
Total
15,9n
16,IZ2
14. Pension Provislon
CCFPS
uss
CEFPS
Totsl 2024
Total 2023
Balance ai beglnnlngof year
1817
L630
4,451
Movements in yeor
Current servlce costs Includlng Life insuran
Contributions
Other Ilnanc2 Costs
ActU3rial Ios511gainl recognised in the SOCIE
Net change in underlying assumption515ee note n..
change in underlying assumptions
USS deficit contribution5 payable
165
14731
395
17031
193
11561
$28
18711
179
12711
12301
11,fQJl
1661
11,6D91
1661
Balance * end ol year
1401
2805
4451
68

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
15. Endowment Funds
Restritted net assets relating to e ndowments are as follows:
Restricied
Permanent
Endowment
£'ocK)
Unrestricted
Permanent
Endowment
£,￿0
Total 2024
Total 2023
£'ooo
Balance at beginning of year
Capital
Unspent Income
50,793
22,127
72,920
69,727
50,793
22,127
72,920
69,727
New donations and endowments
Transfer between reserves
I ncrease/l Decrease) i n market val ue of investment
1,501
191
4,594
140
1351
1,954
1,641
1441
6,548
3,607
75
14891
Balan￿ at end of year
56,879
24,186
81,065
72,920
Represented by:
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Travel Grant Funds
Other Funds
General Endowments
26,012
10,587
1,120
2,769
112
28,781
10,699
1,554
1,809
12,388
27,950
8,950
1,291
1,607
10,718
434
161
12,266
122
24
4,655
127
3,590
16,974
8,245
17,101
6,354
15,604
Total
56,879
81,065
71920
Analysis by asset
Investments
56,879
24,186
81,065
72,920
69

Girron College - Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
16. Restricted reserves
Reserves with restrictions are as follows:
Pe￿anent
unspent and
other
restrfcted
income
Restricted
expendable Capital Grants
endowment
unspent
Total 2024
Total 2023
Blilance atbeginning of yeor
Capital
Accumulated income
3,505
669
4,174
2,240
2,313
4,553
3,691
New grants
New donations
Other income
Cambridge Bursaryscheme
Foundation Bursaries income
Endowment return transferred
IncreasellDecreasel in market value of investment
376
861
iio
280
74
271
16
206
54
102
74
1,906
343
1,906
390
1,782
1201
47
Expenditure
Capital grants utilised
12,1271
1461
12,1731
13751
12,8361
13751
Transfer between reseNes
1141
1141
1281
Balance at end of year
Capital
Accumulated income
Total
4,242
14
4,242
978
5,220
3,505
669
963
%3
4,256
4,174
Represented by:
Fellowship Fund5
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Travel Grant Funds
Other Funds
General Endowments
1,811
665
152
410
857
2,155
778
172
410
857
1,816
621
20
183
327
717
73
747
28
2fAJ
28
486
420
24
Total
4,256
963
5,220
4,174
Analysis by asset
Investments
4,256
963
5,220
4.174
70

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
17. Memorandum of Unapplied Total Return
2024
2023
£'ooo
Unapplied total return at begi nning of year
Unappliod total return in the year I note 3bl
34,142
10,686
34,898
17561
Unapplied total retum at end of year
44,828
34,142
18. Reconciliation of operating surplus for the year to net cashflow from operating activities
2024
2023
Operating Activities
OperatinB Surplus/lDef icitl
Adjustment to prior year
Depreciation
Donations i n ki nd
Provisions
Pension costs less contributions payable
I I ncreasel in Stocks
I I ncreasel/Decrease in Debtors
Increase i n Creditors
15
14,S351
141
3,TlO
1,917
1401
1231
11681
1171
2.738
1,220
11,7911
1251
11,6681
712
Adju5tmentforlnvesting orFinancing Artivities
Investment Income
Investment Costs
Interest Payable
(1,2141
16
388
{4471
24
392
Net Cash {Outflowl/lnflow from Operating Actlvlties
11,646)
1951
19. Cash Flow from Investing Activities and Capital Transactions
2024
2023
Other Investment Income
Investment charges
Interest paid
1,214
1161
13891
447
1241
13921
Net Cash Inflow from Investing Activities
31
Cash Flowfrom Capltal Transartions
Payment to acquire Tangible Fixed Assets
Payrnent to acquire Heritage Assets
Payment to acquire InvestmentAssets
{1,3861
12,0101
1141
12,2CX)I
1,381
Net Cash (Outflow) from Capital Transactions
{4,224)
71

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
20. Cash flow from financing activities
2024
2023
Long Term Loan5 repaid
{1491
{1431
Net Cash {Outflow) from Financing activities
1149)
(143)
21. Capital commitments
2024
2023
Commitments contracted for at 30June
£507
470
22. Lease obligations
2024
2023
Commitments contrartedfor at 30June
Expiring within one year
Expiring between two and five years
Expiring in overfive years
1,846
7,928
69,265
1,922
7,764
52,221
72

Notes to the Accounts
For the year ended 30 June 2024
Glrton College- Year Ended 30 June 2024
23 Pension schemes
The college participates in three defined benefit schemes and one defined contribution scheme. The defined benefit
schemes are the Universlty Superannuation Scheme (USS), the Cambridge Colleges Federated Pension Scheme and
the Church of ErEland Funded Pension Stheme {CEFPS). The defined contribution scheme is NOW: PerL8iOnS.
The costs recognised in the Income & Expenditure account for the year were:
Scheme
2024 2023
£000 £000
420
405
(1,674)
(3)
329
373
232
176
uss
Net change in USS deficit recovery provislon
CCFPS
Now Pensions
Total
1693)
951
University Superannuation Scheme
Defiat Recovery Liability
The total cost charged to the Statement of Comprehenslve Income account 15 £420k (2023: £405k).
Deficit recovery contributions due within one year for the institution are £NIL (2023: £1261c).
The net change in USS deficit recovery provision reported was (£1,674k) (2023: (3k)).
A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2Y• of
salaries over the period l April 2022 until 31 March 2024, at which point the rate would increase to 6.31..
As set out in Note 14, no deficit recovery plan was required under the 2023 valuation because the scheme
was in surplus on a technical provisions basis. The institution was no longer required to mal<e deficit recovery
contributions from l January 2024 and accordingy released the outstanding provision to the Statement of
Comprehensive Income.
The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023
(the valuation date), which was carried out using the projected unit method. Since the institution cannot
identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following
disclosures reflect those relevant for those assets and liabilities as a whole.
The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime
introduced by the Pensions Att 2004, which requires schemes to have sufficient and appropriate assets to
cover their technical provisions (the statutory funding objective). At the valuation date, the value of the
assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion
indicating a surplus of £7.4 billion and a funding ratio of I I l°A.
73

Girton College- Year Ended 30
Notes to the Accounts
For the year ended 30 June 2024
The l<ey financial assumptions used in the 2023 valuation are described below. More detail is set out in the
Ststement of Funding Principles (uss.co.uklabout-uslvaluation-and-fundinglstatement-of-funding-principles).
CPI assumption
Term dependent rates in line with the difference between the Fixed Interest
and Index Linked yield curves less:
I ,OYo p.a, to 2030, reducing linearly by O. l Yo p.a. from 2030
Pension increoses (subject to a floor of O/)
Benefits with no cap:
CPI assumption plus 0.03Y.
Benefits subject to a "soft cap" of SY (providing inflationary increases up to SY, 2nd half of any excess
inflation over 5% up to a maximum of l OY):
CPI assumption minus 0.03/
Discount rate (forward rates) Fixed interest gilt yield curve plus:
Pre-retiremenL 2.5% p.2.
Post retirement: 0.9% p.a.
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 2Ctuarial valuation. The mortality
assumptions used in these figures are as follows:
2023 valuation
Mortality base tsble
I O Iyo of S2PMA "light" for males 2nd 95% of S3PFA for females
Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4Y
p.a. and a long-term improvement rate of 1.8% pa for males and 1 .6Y.
pa for females
The current life expectancies on retirement at age 65 are.,
2024
2023
Males currently aged 65 (years)
Females currently aged 65 (years)
Males currently aged 45 (years)
Females currently aged 45 (years)
23,7
25.6
25.4
27.2
24.0
25.6
26.0
27.4
74

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
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 liabilicies of the plan have been calculated, at 30 June 2024, for the purposes of FRS102 using a valuation
System designed for the Management Committee, acting as Trustee of the Cambridge Colleges,
Federated Pension Scheme, but allowing for the different assumptions required under FRS102 and taking
fully into consideration changes in the plan benefit structure and membership since that date.
The principal actuarial assumptions at the balance sheet date were as follows:
Discount rate
5.10
5.20
Increase in salaries.. To 2030
2.85
3.30
From 2031
3.75
3.30
RPI assumption
3.35
3.40*
CPI assumption: To 2030
2.35
2.80*
From 2031
3.25
2.80
Pension increases in payment (RPI Max 5Yo p.a.)
3.15
3.30*
Pension Increases in payment {CPI Max 2.5Y. .a.)
2.00
2.05*
*For l year only, we have assumed that RPI will be 9Yo and CPI will be 7/ (2023: 11 /0 and 9Yo respectively).
The caps under the Rules are applied to assumed pension increases.
The underlying mortality assumption is based upon the standard table known as S3PA on a year of birth
usage with CMI 2023 future improvement factors and a long-term rate of future improvement of 1.25/0 per
annum, a standard smoothing factor (7.0) and no allowance for additional improvements (2023: S3PA with
CMI_2022 future improvement factors and a long-term future improvement rate of 1.25/. per annum, a
standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following
life expectancies:
Male age 65 now has a life expectancy of 21.4 years (previously 21.4 years).
Female age 65 now has a life expectancy of 23.9 years (previously 23.9 years).
Male age 45 now and retiring in 20 years has a life expectancy of 22.6 years (previously 22.6 years).
Female age 45 now and retiring in 20 year5 has a life expectancy of 25.3 years (previously 25.3 years).
75

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
Members are assumed to retire at their normal retirement age (65) apart from in the following indicated
cases:
Active Members - OpEion l Benefits
Deferred Members - Option l Benefits
64
63
64
62
Allowance has been made at retirement for non-retired members to commute part of their pension for a
lump sum on the basis of the current commutation factors in these calculations.
The amounts recognised in the Balance Sheet as at 30 June 2024 (with comparative figures as at
30 June 2023) are as follows:
Present value of plan liabilities
Market value of plan assets
Net defined benefit assetl(liability)
(14,636,667)
12,235.617
(2,401,050)
(14,516,108)
11,698,718
(2,817,390)
The amounts to be recognised in Profit and Loss for the year ending 30 June 2024 (With comparative figures
for the year ending 30 June 2023) are as follows:
Current service cost
Administrative expenses
Interest on net defined benefit {asset>lliability
(Gain
Iloss on plan changes
Curtailment {gain)Iloss
Totsl
134,659
30.369
147,863
209,516
30,369
122,455
312,891
362,340
Changes in the present value of the plan liabilities for the year ending 30 June 2024 (with comparative figures
for the year ending 30 June 2023) are as follows:
76

GirEon College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
Present value of plan liabilities at beginning of period
Current service cosi
Employee contributions
Benefits paid
Interest on plan liabilities
Actuarial (gains)Ilosses
(Gain)Iloss on plan changes
Curtailment (gain)Iloss
Present value of plan liabilities at end of period
14,516,108
134,659
69,076
(727,545)
741,446
(97,077)
16,856,938
209,516
68,273
660,695)
633,136
2.591,060)
14,636,667
14,516,108
Changes in the fair value of the plan assets for the year ending 30 June 2024 (with comparative figures for
the year ending 30 June 2023) are as follows:
Market value of plan assets at beginning of period
Contributions paid by the College
Employee contributions
Benefics paid
Administrative expenses
Interest on plan assets
Return on asset5, less interest included in Profit & Loss
Market value of plan assets at end of
eriod
11,698,718
473.472
69,076
(727,545)
(38,636)
593.583
166,949
12,235,617
13,664,732
466.619
68,273
(660,695
(43,392)
510,681
(2,307,500)
11,698,718
Actual return on plan assets
760,532
(1,796,819)
The major categories of plan assets for the year ending 30 June 2024 (with comparative figures for the year
ending 30 June 2023) are as follows:
77

Girton College- Year Ended 30 June 2024
. Notes to the Accounts
For the year ended 30 June 2024
Equities
Bonds & Cash
Properry
Total
46Y.
491.
38%
13%
loo/
12%
i ooy.
The plan has no investrnents in property occupied by, assets used by or financial instruments issued by the
College.
Analysis of the rerneasurement of the net defined benefit liability recognised in Other Comprehensive
Income {OCI) for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023)
are as follows:
Return on assets, less interest included in Profit & Loss
ected less actual lan ex
ense5
Experience gains and losses arising on
lan liabilities
Changes in assumptions underlying the present value of p13n
liabilities
Remeasurement of net defined benefit liability recognised in
166,949
(8.267
76,020
21,057
2.307,500)
(13,023)
(1,193,333)
3,784,393
255.759
270,537
oci
Movement in net defined benefit assetl(liability) during the year ending 30 June 2024 (with comparative
figures for che year ending 30 June 2023) are as follows:
Net defined benefit assetl(liability) at beginning of year
Recognised in Profit and Loss
Contributions paid by the College
Remeasurement of net defined benefit liability recognised in
oci
Net defined benefit assetl(liability) at end of year
(2,817,390) (3,192,206)
(312,891)
(362,340)
473,472
466.619
255,759
270,537
(2,401,050)
(2,817,390)
78

Glrton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
Funding Policy
Actuarial valuations are carried out every three years on behalf of the Management Committee, acting as the
Trustee of the Scheme, by a qualified independent attuary. The actuarial assumptions underlying the actuarial
valuation are drfferent to those adopted under FRS 102.
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 contrlbutior15 to fund the shortfall. These deficit reduction contributions are
Incorporated into the plan's Schedule of Contributions dated 25 June 2024 and are as follows:
Annual contributions of not less than £244,458 per annum payable for the period from l July 2024
to 31 March 2030.
These payments are subjett to review following the next funding valuation, due as at 31 March 2026.
Defined Contribution Pension Scheme: NOW: Pensions
The College operates a defined contribution pension scheme in respect of certain employees. The scheme
and its assets are held by independent managers. The pension charge represents contribLrtions due from the
College amounting to £2321< (2023: £176k), of which £27k (2023 £22k) was outstanding at the year end.
79

Girton College - Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
24. Reconciliation and analysis of net debt
As at l July
2023
Non Cash As at 30June
changes
2024
Cash Flow
Cash and cash equivalents
1,7
19911
7Q3
Borrowings..
Amounts falling due within one year
Unsecured loans
11491
149
11551
11551
Amounts falling due after more than one year
Unsecured loans
115,9731
155
115,8181
Total
{14,422)
1842}
{15,2641
25. Financial Instruments
2024
2023
Financial assets
Finonciol asset5 atfair value through Statement of
Otherinvestments
128,827
118,844
Financiol t75sets that ore debt instruments measured ut
amort15ed CDSt
Cash and cash equivalents
Otherdebtors
4,687
1, 107
2,615
521
Financlal liabilities
Finonciol liabilities measured at amortised cost
Loans
Trade creditors
Other creditors
115,9731
15421
14,3471
116.1221
1517
13,7291
80

Girton College- Year Ended 30 June 2024
Notes to the Accounts
For the year ended 30 June 2024
26. Related Parties
Owi ng to the nature of the College's operations and the comp05iti on of the College Counci l. it is
I nevitable that transactlons will take place wlth orsani sations in wh ich a ColleÈe Councll membe r may
have an I ntèrest. Al I transactions involvlng organlsatlons I n whlch a me m ber of the Col lege Council may
have an Interest are conducted at arm's1ength and in accordance wlth the College's normal procedures.
The College malntains a reglster of Interest5 for all College Councll members and where any member
of the College Council has a materlal Interest In a College matterthey are requlred to declare that fact.
Durlngthe yearno feesorexpenses were paidto Fellow5 In respect of theirduties asTrustees.
The Head of Girton Global Programmes Is a Dlrector of Cambrldge Llfelong Learnlng Ltd 108436916) which
is one of the Girton College summer programmes, where the Head of Glrton Global Programme5 recelves
a 50% profit share. The overall sum paid by the College to the company i n the yearwas £481c.
Fellows are remune rated f or teachi ng. research and other duties withi n the Col lege. Fel lows are bl I l ed
for any private catering. The Trustees remuneration is overseen by the Remuneratlon Commlttee.
The salarles pald to Trustees Inthe yearare summarlsed In thetable below:
From
To
2024Number
2023 Number
£io,o
£20,0
£30,0
£40,0(X)
£50,CKX)
EE￿.￿
£70.IXK)
£￿.{K￿)
£￿).1XX)
£ioo,()00
£iio,000
£120.000
£￿0,000
12
£io.(xJi
£20.WI
£30,CM)i
£40.CXJi
£50.001
£60,001
£70,001
£80,001
£90,001
£iCM),CK)i
£iio,coi
£120,QK)I
Total
21
IB
The total Trustee salarles were £532k forthe year12023 £512kl
The a88regate amount of other beneflt5, employer natlonal Insurance and employer penslon
contributions paid or payable during the year was £165k (2023: £158kl, Thls Include5 4Trustees
in recei pt of an accommodation benef it i n Iclnd.
27. Contingent LFabilities
Wlth effect from 16 March 2007, the Unlverslty Superannuation Scheme IUSSI p051tionèd itsèlf as
"last man standlng" scheme, so that in the event of an Insolvency of any of the partlclpatlng employers
In USS, the amount of any pension fundlng shortfall {whlch cannot othe￿￿[Se be recovered) In respect
of that employer wlll be spread across the remalnlng partlclpatlng employers.
28. Principal subsldiary undertakings
The College has a new but dormant subsldlary undertaklng whlch Is not yet consolldated Into these
accounts (Glrton College Developments Llmlted}. The subsldlary undertaklng15 IQX)% owned by the
College and Isregistered and operatlng In England and Wales.
81