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2022-06-30-accounts

TRINrrY COLLEG4 CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2022

TIUNITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 June 2022 cONfE￿s Page Trustso• aDd Princip￿ Advl8erg Truste¢B' Report for the year ended 30 June 2022 Stlltement of Trust¢¢s' r¢￿0￿81b1UtleS for the year ended 30 JvDe 2022 Independent Auditors, Report I￿12 Collsolldated Statement of Flll8nci￿ Aedvltl¢s for the yeAr ended 30 Jwie 2022 13 Conlidated Baianee Sheet 4t 30 Jllne 2022 14 CoU¢g¢ Bal8nee Sheet Is It 30 June 2022 Is Con8olldated Cash Flojv St2tement for the year ended 30 June 2022 16 F4otes to the Flnall¢Aal Ststements for th¢ year ended 30 Jwie 2022 17-35 Collsolld¢ed Ststement of Fln#D¢iAI ActI￿lIeS for the year ended 30 Junt 2021

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YLIR EIYDED 30 JUNE 2022 TRUSTEES AND PRt¥CIPAL ADVISERS Truste¢& Member• of College Coundi .Prof¢ssor Dame Sally Davies, Mast Prnfe&sor Grne WoTher, Vicethmaster (until 5 February 2022) Professor Louis¢ Vice-master {from 5 Febrnary 2022) Profes80rCathaineBarnar& SeniorTutor (until 30 Septemb 2021 and from l October2022) PnIf￿0T Sachiko Kusukaw4 Senior Tutor (from l 0¢tOb￿ 2021 utttil 30 September 2022) Mr ￿"Chard Turnill, S￿l￿r Bursar PTrfessor Sir Timothy Gowers (unbl 5 F¢bmary 2022) PrnfeS￿r Telua Wtbbcr (unlil 5 F¢bruary 2022) Pmf¢ssor Philip Hardie {until 5 F¢bwary 2022) Professor Alan Windle Pmfes8or Malte Grosche PTofe&sor Samits Sen Dr Ben Spagnolo Profu80r Cate Pmfessor Jolm Hin¢h (from 5 February 2022) Professor Ni¢hoias Thomas {fi￿rn 5 FebnJ8ry 2022) Dr Cameron Petiye (from 5 February 2022) Secretary of the College Coiinell Dr Cbristopher Morley (until 30 Septomber 2022) DrPaul Wingfield (fiDm 23 September 2022) Bankers Barclays Bank pk Barclays Comttle￿IllI Bank PO Box 885 Mort]ock House Hist1)￿ Cambridge CB24 9DE J. P. Morgan Cba8e Ba￿￿ N.A. Ch&8¢8ide Dor8e¢BH7 7DA Prop¢rty Advlws Bidwells ILP Bidwell House Tnmipington Road Cambridge CB2 9LD Soll¢lto Mills & Reeve Botanic House 100 Hilb Road CambrAd8e CB2 IPH Sayills (UK) Ltd ol￿npiC Howe Dtxldin8ton Ro Liticoin LN6 3SE Independent Auditors Crowe UX. LLP 55 Ludgate Hill London, EC4M 7JW R¥stered Addres8 Trinty College Trinity Street Cambridge CB2 ITQ Htstorlc Dme ¢cordthg t• the Royal Charter dated 19 Detember 1546: COLLEGE OF IHE UOLY AND UNDIVIDED TRINfTY WITHIN THKTOWN AND UE41V￿1Ty OF CAMBRIDGE OF KING HENRY THE EIGHTH?S FOUNDATION Reglitereo Chirlty Nuthber". 1137604

TRI￿￿y COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR TIIE YEAR ENDED 30 JUNE 2022 TRUSTEES? REPORT FOR THE YEAR ENDED 30 June 2022 The members of the College Council who are Cl)ariry Tn￿ (,1￿$t¢es,j. pTesellt their ststytory reFQrt attd audited consolida¢wJ fittallcial statements for the Ye￿ ended 30 Jun¢ 2022. Stru¢tur< Governance and M•n4gemettt Trillity Co]legfy CambTidge, w&s founded in 1546 by King Henry Vltt. tn October 2021. the College h&d 190 Fellows {academi¢ staff involved iti teacbing, re5eaTth 8nd &dminithtion) and 1,094iuDiormember8 ITA resida {708 under8raduate4 386 graduates). Th¢ cutrent Sta￿te9 of the College wer¢ made uttder the Univer8itie8 of Oxford attd Cambridge A¢¢ 1923 by an Order in Council dated 30 April 1926. Subsequent al(erntion8 have been mth on varAOUS datw by the prcKedure sct out in the StAtut&s and in arxoTd8nce with Stttion 7 of tbe 1923 A¢L In ac£ordall¢e with the Ststyt&%, the College is athDiDiStered by the College Coun¢il whieb norniAIty meets once a week during Full Terni aTLd on occasion io the vacatioIts. Members of the Coullcil Charlty Trnstee5 uader the Charitie8 Act 2011. The Master, plus thirt¢en Fellows. four ex offi¢io, servc as members of the College Council. The charity trustees receive no pa)Ille￿ for their role as I￿Stee8. The Council has Standing Orde governing its rneetillgs. including one ¢)n conllxcts of ititerest. The CouDcil sets down rules. r¢8ulations and proc¢dures goyeming most aspects of College life, principally through enactiti8 or amending where appropriate Collcge Ordin￿. The CouncAI is (with limitrd exceptions) subject to Teview by a College Meeting, ttsmely ameeting of the ma￿er and Fellows. Th￿¢ ar¢ ￿ le&st two College Meetings each year. the Accowits Mettitig following the audit and the Annual College Meetin8 at which members of thc Council are elected lthree each year, to serve for three yeats}. s￿la1 Coll¢8e Meeti]y may be surnmoned by a procedure sp￿lfied iti the Statrjtes. The principal offieeis of the College include the Master (who is 8pw)intsd by the CrowD on I￿￿1￿8tiOn by the Colle8e), thc Vice•Master (who is elecd by the Fellows), th¢ Senior TutOT, 8nd the S¢llior and Junior Bun$8 (all thTce appoitited by the Council)-theseatt all n)embetsof tbe Council ex officio. OtI￿OfficerS of the College include the other Tutor4 the Deons of College ard CbapeL the Libr8Tiall. the Le¢tur¢fy the Steward And the Newjy elected members of the Council. who will Fellows already b¢ familiar with the College'$ Statytes and OrdJnaDcc8, receive a briefing on the duties of Trustees fron] CUTrent College Officers and the Se¢￿tary of the College Coutt¢il. Metllbers of Coullcil receive training and inforn￿tiOn to keep them informd on sector issues and regulatory Tequirements from the College's soliciton. All members of Council ar¢ required trj register any interests under the College's ¢onflicts of interest policy. The College Council have consider%J carefully the principles set out in the Charities Governance Code aud aTe satisfied tbat ID rnaterialrespects the gov¢rnall¢e arrangements forthe College are io line withtboscwiticiples. Th¢re are a llU￿ber of committees iti the College, some standing. wme appointed by the Couneil for a particulaT Members of ￿n￿ltIe¢S appointed by th¢ Council, and mcmbership of standing committee8 i viewvl annually. Th¢ ¢ommittees make tt¢On￿ettdatIOns to the CouD¢il. atsd decision8 aTC tsken by the Couttcil. There is a Liaison Committee, including several representstives ele£ted by the juniormembw8 ofthe College alld some F¢llows appoillted by the Council. wbose remit is to di$￿$S and make recommendations about matters of oncern to junior members. The Liaison Commitlee'5 mitiuw Ire rettived by the Council. The Staff ConsultstioD CoD)mittee. chairnj by the Master, is where eI￿tryJ T¢pr¢s¢ntOtives of the College's non- academie staff Jneet with the Junior Bursor and Head of Human Re50ures to di￿￿$$ matters of interest to colle¢tively. It rewJrtS &8 appropriate to the Council alld other College ￿￿1#9.

TRINrrY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 TRUSTEES. REPORT FOR THE YEAR ENDED 30 June 2022 (eontiDued) Strllrtur¢• Governance And MI￿¥tMent (CODthiued) Fit>8ti¢ial and op￿tio1￿1 risks arr th¢ T￿1]ity of the Senior attd Jutiior Bursars Tespectively and are review￿ by relevont College Coryllt]ittees vtho report to the Colleg¢ Cowi¢iL Among tlL4c is the Audit Th¢ Coll¢g¢'s Stipends Committee alld Stsff Committee reCOn￿end the pay 8ttd remwierati¢)n of Fellows al Staff re4)¢¢tiv¢ly for the approval of the College CouDciL The opuation of the Stipelld5 Committee is g0ven￿d by a Colleg¢ Ordinanc£. which provide£ tbat stipendy of major officels are reviewed by a special su&wnJmitt¢t with no mcttth¢TS who are tbonselves major offi¢¢rn. Objectfves lld Aetivltle The obJ￿t of Trinity College is advamcallent for the public b¢n¢fit of eliucatio￿ reJi8ioD, I£aTDn￿ and ruearc priroarily by the maitinanc¢ and development of a College iti the University alld Ctty of Carnbridge. The College provid&8, in c4)niuDction with the University of Cambridge of which it is pffj wjucthion for undergraduate and Ejthate students ￿thi¢￿ is rxognised internationally &$ ￿ing of the highest standard. Bursaries and 8trJdentshw are prnvid&L v/hen n¢¢d¢(L to undergth¢ and Braduale members of the College of ]imited means. includAti8 sorne support f¢)r underwduates through a bursary scheme opernted in cornmon with the UDiveTW and the other College¥. The Colle8e adlnits as men)ber8 those stude41ts and ae•demics who have the bighest potthtial to benefit from the educational and research fa¢ilities that the C£Jlle8e provides as a coDstithent college in CambJid8e UDiver8ity who therefore Jnust satisfy high a¢thic rffjuirements for enty. The College has no 8eo8raphical or Teligious barriers to enty. members ¢ome fro]ll a very wide range ofba¢kgft)unds- attd there are no age ￿&tI¢ll0ns, save thal the Coll¢ge does not nonllally tidmit sthdents underthe age of 18 at enty. Dependent on th¢ success of tbe University, if the College's objert is to be achieved, the College makes gr￿ to otber collcBe8, TnLqLs and inststitiions in the Univertity ￿ obi¢¢ts similar to its own. The College makes grants to the Isaac Newti)n Tru￿. tttsblisbed by the Colle8e ill 1988. whith ID supports dep#then￿ bodies and indivlduals inthe widerUDiversity. The TTUSt is an Endepcndent cbarity wbich may sljare some eommon trnstee& The College also under Ats Sta¢ut¢ XLVI from lime to time makes dotthtions to ¢h4rilies in Ettd arcAJnd the City of CambTidg4 aDI to appropriate bodies in aT¢g8 where it ovm8 prnpelty. The great njajority of the academic stsff are F¢llows of th¢Colkg< elected in the vaTiOUS ways prescnlyed by th¢ College's s14tut￿. As well as Teaching Stsfj theF¢llowsbip also ]￿ludeS Reseorch Fe]lows (Julliorand Senior). certain senior admin￿tive officers, some Profcuors in tbe Univ¢Tsity. and persons who bavc retired after lonR servlce iti or more of roks. The Council ba5 given thie reward to the guid￿¢ onpub]ic benefitpublished by the Cb87ity commi&81￿ 4Dd to its two keyprI￿1ples. that there rnu5t be identifiable beoefit and that tbe bertefitm￿¢be to the public or a SECtion of thc public. The Council is S￿iSfied that th¢ objwt al￿ activities of the College fully meet the public benefit T¢quirem¢nts k1uring the year under review as demonstrated by its increased f￿￿S on outreach and wldening the opporrutiities to a¢cess ￿ Cambridge UnIver￿ty alucAtion and by its wijvision of ejjucation and rese outlined in more detail below. Aehlevements and perforniAllee Edueetion The Collcge thitd 197 uJthgTathte sthts iti Ctober 2021 forTegulaT study from all ba¢kground8 a¢ro&8 the wide rdllBe of subjects studied in the Univetsity. A fikn 6 8t1￿¢llts were admitted for one year on Yarious ¢xc]w)8e or visitor prOgrdl￿￿. A8 uwal, mfiny students (46) retUTned afier grathjation for further $th￿y9 the College admitted a further67 ￿adU￿¢S frorn other Universities to read for Master's degrees andlordo¢torntes in Wdrious subjects. Eleven students continued to a PhD after completing a Master's degree. Durit)g the year juniormembersachlev￿59 frf&stsr's dew¢s and40PhD& Our stthtbodyjslntern￿lon￿I with76 nationalitTes

TRINrrY COLLEGE, CAMBRIDGE AJYNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2022 (contlnued) Educ(thn (continued) tn resrK>nse alld during the pandemi¢. the ¢ollegiate University adapted its learning. lexhu]g and aSS￿sMent m¢th(Ml4 tskng account of theneeds of students while sceking to maiDtaio athic rigour. In the academic y¢ar 2021122 mos( teaching return￿1 tt) in.pe￿)ll. Once a88in the College ststhnts recorded outsfandmg indiv1th￿l perfornall￿. 17 Trinity sbjdents &¢hieved top Tripo$ marks. Rellglon The Statytes of the College stste thatthe Council shallmakeprovision for the ￿lebration of Divitie Se￿1¢e ID the College ChapeL a tradition wbich has continu￿1 to flourish during the year under review. Despitr the challenges of the Covid paDdemic. the regular servi¢¢s dwitig Full Terni of thTe¢ Cbor81 EY￿S, together with services of Compline and EuchaTi5L continued to be well attended by members of the College ¢ommuaity and visiloTS. The College suppotts its choTrl tsxdi¢ion through the College Cboir. vthieh is central to the provision of Divine SeThice in the Chapel and r¢a¢hts out to aworldwide con]munity tbrough the webc&st of 811 ¢hoTrl S¢TVi¢¢S fron) the Chapel. Ill addition ttF the regular 8etvice& weddings, b8Ptisto9 and memoiial services are ofL¢D couth￿ted for member5 Of the College community. The Dean and Chaplains are a centTai part of the College's welfare provision and se¢ all membuE of Coll¢g¢ on n)atteJ5 of personal concem, whatever their faith. The Chapel is also a pla¢¢ 0(spirikn￿ attd ethical refl￿tio]￿ and through its teachitig and tbrough a host of activities engage8 StudeDt4 Fellow$ and stsff in coosideration of the imp]ications ofxeligious be]i¢f for itsdividuals and society. The College continues to supprt the 31 parishes around the wunty for which it 18 Patro The sumni¢F of 2021 saw the WreD Lthry fi￿Y re-open to readers Bnd academics for rwr¢h purposes using our world-class 5pe¢iftl Coll￿tIOnS of medieval rn8nuscripts. early printed books and [￿r￿1 papu8. Over the ¢ourse of the year. Teader akyointments have steadily be￿ rising back io pre-pandemic leve18 and spaces for 8UTDmcr 2022 Bre ahrady fully booked iti some instsnces. Teaching using the collections has tho resumed with academics both from within Trinity ond externally using our materials for sernin￿ and 8upervi8ion8. Our exbibition progran]me r¢turn&l with several ims leaving th¢ LibtEry travel]ing to France aDd Austria. Ojr special collections are still growing through donation and pjrchases via the LibTary'$ rare book fimd. and new acquisitit)rt8 included e4rly photographs of Trinity sprt8 tsams aDd a 16. ¢entury copy of the College Statytes. Althougb tbe primary focus of the Collège is to provide mat¢rials for undergrthate s￿dY, the newly ereated light reading and well￿1￿8 ¢ollections have proved verypopular with all parts of the college COrnrnUDity. Over the course of the yeaT. the Librnry steadily filled up wilb stud¢nts worknng and in Easter terni reached Jnaxijnum capacity as revision begen. Collection d¢v¢lo[￿llent work began in earnesl with 2625 new books order&J for the modem Collections. and arourd 750 outdated titles weeded. The collection also Erows through donation aod uMny were received over the last year, ill¢luding 39 written by members of Tiinity. Jn July 2021 we implem¢n¢ed a new hknry manageJ))ent $ystem which was the single bigg&4t project undath in the Liknry's rectllt history. Work also c<Jniinued apace in the College Archives during the year and in the summ¢r of 2021. the 1&8t of the aTcbivai ￿￿terial w&$ reDmied to the newly-r¢fitted rnthiiment r(x)m. Although there 18 huge amount of WO￿ to do to cataloEue the collections, they aTt now, at leasL housed in amucb rnore satisfactory allller. New Coll￿tiO1￿ of petsonal papers continue to arrive. the largest collection of vAiich were tbose of Michael Antbony Fi)steify who discovered the Ep6in-Bary vints. 265 archival boxes now safdy in our care. Rese4r¢h In Jonuary 2022. in an open rJ)mpeiitiOIL. the College elected eight Junior R￿¢81¢h Fellows to cOn]M￿ four years of research ID thtober 2022. The College'8 Teaching Staff ar¢ research.active and rny di&in¢tioDs 8Tr earned each year as reportcd in thc College's Annual Record. At Ihe end of (be academic year 2021-22, the Fell0V￿1p in¢lud¢d 33 Fellows of the Royal Society and 22 Fellows of the British Academy.

TRINITY COLLEGE, CAMBRIDGE ANNUAL RIPORT OF THE TRUSTEES THE YEAR ENDED 30 JUIYE 2022 TRUSTEES, REPORT FOR THE YEAR EIITDED 30 June 2022 (eontinued) Future Plans The College lauDch¢d a scheme where by attyone joining the College as an'undryathatr, in 2022. 2023 and 2024. who is eligible for the C8mbTid8e Bursary Scheme will also receive tILe Trinity MaintenattGe Grant. To be eligible fortheCambTidg¢ Bursary Scheme. a srndent needs to bave Home Fee slatus and residu￿ Ilousehold incoJDe. assessed by their r¢8ional fimdirLg body, at or below £62.215. In 2022-23. the value oftbis Grant will b¢ £4.050 for each yw of ulld¢rgraduats studies at Trinity (nornially forup to fourye¥ES), provid￿ continuing eligibility for the Cambridge Bmary Scbeme. The College's ambition is for au Trinity students to be able to complete and eDjOy th¢ir degrees without financial ¢oncerns, giving stturity to be 4ble to enjoy the ricb cultural, social aod sportiti8 life Cambridge has to offer. The College recognises th8tmany s￿￿ents are from backgrouth whi¢h are underpre55ur¢ financiajty, parttcularly in the wake of the pandemic and increases ill th8 ¢OSt of IiviDg. and we hop¢ the Trinity MaintetllnK GTanl can alleviate some of that pre58ure. Trinity valu¢s applications from well-qualif￿¢ intellectually ambitious S¢ud¢Dts of all backgrounds. The Trinity Maint¢nallc¢ GrdDt demonstrates the Colleg¢'5 strong desire to eDcoufAg¢ applications from sludents from less adv&ktaged backgrounds and to.help ensure aIl our Students can thrive intellectually and s(Kially wbile they are he￿ r¢84rdl¢ss of fjnaTAcial Stat￿8.

ildlMgsMasferPI

The masterp18n is a 1-2 yearprogramme wbich ainL% to d¢vel¢Jp a vision aod delivoy plan for how Ttillity ca best ojeet the future expectation5 and needs of tts students, F¢llows, staff and otber stakeholdcrs. The College is irt the very tarly sthges of the mastfflplan and the fttstpart of th¢ exex¢ix be to deterniin¢ the extent to which ￿18th￿g bull¢JJn8s are fit for thi5 Vision Flnancl81 Re￿e￿ The College's net o95¢ts in¢Teased by £95.3m to £1.99bn (2021: £1.89bn)> prIn￿llY ￿ a result of an increase ill the vajualiott of thè investments (£37.5m}, realised profits on investment propety sales (£36.5m) alld aTedllCtiOll in the pension sche4ne defieit (£17.6m). The peL8ion scheme is funded by the College b￿ed on advice from the 8¢heme a¢w and is not considered to be A fmanciaI Tisk to the College's aetivAtie5 or assets. The College'$ Ststemtttt of Financial Aotiviknes (SOFA) js presented in theforn)atrequired bythe Charity SORP. which divides the College's income between various fimds. The Endowment Funds repr¢8ents pmallent capitsl Split bett¥een the College's CoTwTrrate Capital. which has the rea￿re$ and has been treated as a Permallent Unrestricted Elldowment 8Dd Otbw Endowments where the College ljas reLeived specific donations attd legaGies thal are to be held iti p¢￿e(Vity. The income from the Otber ElldoV￿ents fitrtheT split b¢twee Restricted where the original receipt also restricts the College ill the use of ineom¢ arisin8 frorn the capital alld Unrcgtricted whwe the College c4n spend the income OD any activity of the College. RestrACted FuJ)ds, 2nd the incknne 8Ti8ing> can only be wed frr the p￿￿oSeS forwhich theywcrc ori8in8lly8iV The College's Designatrd Fundi Tepresent Irsoiirces set &side for Specific PUTP05es. Therefore, in 8Dy siven ye the key indirator ofthe College's finan¢ia] health is the Net IncomiD8 Rc50UTre4 before trath iti the College's unrestricted GeDeralFw)dswhichwere £1.8rn indeficit in2022 (2021.. £3.0rn deficit). This reflectssomere£ov¢ry ill income postpaDd¢thi¢ viith ongoing gtsbk lev¢ls of expeDditu lttcome fro￿ rhoritsbk activities {education)con1inu￿ltO T¢WVU iu the ye4r. followill8 2020121 Hthich refi￿ted a part year of th¢ iD￿l of th¢ pandemic. The College I￿1 A full compleJDeDt of students iti ffsIde￿¢e duritig the year? iesultiog ID income fromrE5idew¢ and cat¢ring illcThsiog to £6.8m (2021: £4.Im). The recovery from the itnpact of the pandemi¢ on illY¢slment rents and dividends SiEDificanL tncom¢ from equity dividend8 in0r¢￿d by £3.In). Property incom¢ was down by £17.5m as income in 2021 wa8 bol8t¢r¢d by Si8nificart lease prEmiums rertived. The elldovml￿I g¢neTrted realised gains of £36.Jm (2021 £10.6m}. In addition to fiwdiog its activities making its University Contrbution of £3.Om to the University's Colleges Futtd. the College made subStallti￿ d¢)nations totalling £5.8llL (2021.. £5.Om). mainty to support wider ¢ollegiate Cambridg4 and has increased Spending OD sGhctlaTrhips and 4war&8 to £7.Om (2021: £6.Om}.

TRINrrY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2022 (contEnued) The overall costs of clwitable a¢tsvi¢i¢s {i.e. expenditure) were in¢rep8¢d from £44.7m to £52.Im driven in part bythe nmintenallce incttase in theyearde5cnl)edbelow alldpartly by the full retomto residency, trAching activity Th¢ maint¢nanc¢ of th¢ College's fabric aDd infrastrn¢ture is a eonstant draw on ihe College's resource, butof(en wifb signifrant variation5 from year to year. Maillt¢nattee, repairs and in)provements to £10.4m {2021: £5.2m). Th¢ main expendithTe in the year being the refitrbishment of NoTtb West Great Court. Tn Yea￿ of low expenditure the College JDakes tral￿fer5 to the Repairs and Renewalg Fund which is part of DeBignated Fun&y. This Fund is u8cd in years of higher thao av¢rage ￿0VatiOn eXP￿dit￿re. Reserves Poliey Total fjjnds within the group weAY £1.99bn at 30 June 2022. This ¢ompriges co￿1rd1¢ Elkn of £1.69 Other endowments of £150m. Restrictrd fimds of £44￿ Designated fimdB of £42m and Gen¢ral funds of £64m. In OTdet to provide a cushion again￿ downturn% th¢ College seeks to maintsin r¢sm¢s in the Co)]solidated Unrestri¢*d General Funds at 8mund the lev¢1 of the anty￿1 c08t of its ¢haritsbl¢ a¢tivities (2022.. £45.8m}. and fot the AM￿gamated Tn￿ts Fund at around one year's income (2022.. £4.8m). DesVitE the deficitinnet incoming woiirce8 in the Consolidated UDr¢stsi¢tedGenernl Fund8. r¢serves (totsl fut 08ttied forward) illcreased ￿ £63.6m, (2021: £48.Om) Jnainly due lo a ch2Dge in amaTial deficit on the pensiL) scheme as a rewlt of a drop iti the valuation of scbeme liabililies.. FOT re6erYes held &8 Ca8￿ the College maintains a model Tknich calculates a re5erYe kvel b&sed on a sensitivity analysis of oper&tional income and expendityre, the College risk regi8t¢T ¢ash flow projections for major buildings atld investment property devdopments. The cash reserve held to be sufficient for any dovmttmis and fo ensure sufficient liquidity to fund ongoing operotional ￿tiVity and muitir ¢4>itai wxpendittwe without the Decd to sell inves1mer￿ in the sbort tern. Any excess is generalty invested in the Colleg¢'5 glob41 iDd¢x ¢quiry portfolio. The College'8 T¢s¢fv¢8 Ond ¢8sh position Hre deemed to be sufficient against the targets oullined in this policy. InvtstmeJt Pomey The iiivestment mission 18 10 Support the Coll¢ge in achieving its ai]n: the advall¢¢meJrt of ¢d￿all0￿ r¢ligio4, learning and rese8rclL The investments of the Colle8¢ have nyo objectives: to achiev¢ a loll8 terni total rethrn of ￿1 +5%, to havc a sigtithanL Jasling aud positive impact on tbe enviTrnmBnL infjluding achieving Det zero by 2050. To that the investments have two intern1￿1￿￿te sciencethbased targets: a 21Yo reduction in emissions from the 2019 ba$eJine by 2024 and a 46.217/0 reduction by 2030. targets are Sel with the knowledge that they are of limited use as they are not tailored. alld that Trinity has limited influenee over the caTbon emisstOTL8 of t portfo]io. AIthou8h market conditioty were challenging in the public equitt￿ duriti8 the yearthe Coll¢ge ts ￿lIsfIed that it conlinues to ¥hieve its lonÉ temi targets of l¢mg tern totsl rettjrn and toward its net 7£ro taryeL Goillg Conee The Couttcil have considered carefu]ly the financial position of the College and its ability to remain a going cotscern forthe foreseeable future. They ¢4)nsidered the irn￿t of thepandemic. tbe volatility in theUK and world economy erising from the ¢QDfii¢c in Ukraine and other external faetors wbicb could im￿1 on the fmaDcial P08ition of the College in the short to medium te￿. This in¢luded ¢a8h flow f4xK&sling with a five year forward view. The Coull¢il &Te eognisant of the f8Ct that the op¢r¥tional iticojne of the College is not sufficient to fund the operational a￿IVItieS of the College and iti8 theT¢fore de￿idellt OD the end0wm￿t to fund its operntions. The cash position and the College's liquidity for the fotEseeable as described theReserves Po]icy section of thisreport 8rede5ignolto ¢nsur¢ th¢Collekebas sufficientcasb to n￿age its oP￿dtionS andmajor expenditure requirements without the need ty s¢ll illvestment assets. The global equity portfojio is distributed a large tmmber of publicty 8vailabie ¢x¢hwes and could be )iquidakd into c&sh at shortnotice if requiTe

TRtNrrY COLLEGE, CAMBRtDGE ANNUAL REPORT OF THE TRUSTEES FOR TIiE YEAR EY4DED 30 JUNE 2022 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2022 (eonthiued) At the lirne of approval of this Repor4 although th¢ risks arthmd the pandemic and the ￿[bn0￿Y remain. the College's fmaucial position is stroll8. The COU￿)1 are satisfied that the Colle8e will remain a goiD8 Col￿rn for the for¢8e¢able rutt￿¢. Statement on fmdniiing Trinity College fulld￿g is c4rried outby College employee5 in the Alurtini Re]•tions and Developmen¢ Offiee (ARDO) and itivolves ¢ngagin8 with 14.000 ¢ontsctable ahm￿1 and othrr selected F¢Thon8 or entities with an interest iti the work of the College. The activity is overseen by the College's Alu￿￿1 Relations and Development Committec. Fujthising methods include face-￿&¢¢ me¢tiDg4 directmail, social media and emai] and telephone calls undeth by students employed by th¢ College. ABI)0 c4)mllLU￿S ￿ to our d8ts prthtion statement and all bulk email communications include an option to ullsubsotibe. Jo 2021-22 2151 ahuntii 8ttd fri¢nds gav¢ £5.Om via ARLX). 2151 ahmmi donors is the most ever for the College. Hi8Wights include £2.5m iti new pe[n￿ent endowment for thident support and £1.3th ]n¢Xp￿dable stsdEnt sllpport donation& The Coll¢ge IS Tegistered with the FundTaisin8 Re8uJ8tor Jad its logo appears on all alumni and devclopment pubJieation& The College Abide8 by the Futtdrai8ing C¢dt of Practice in its activitses And there are no known illst8nc￿ of Don-cojnpliallce the Code. There w¢Tr no Complaints received xtt the yeat about fimdraising. AREX) staff are requI￿d to itbJi¢a rfthey are c4)ncerned that SOM￿le tkny have contacted might b¢ considered to be wlnerable. If there any Concerns that someone lacks capacity W make a decision to donate. tlmi funthaising approacbes are StOp￿d. ARIX) staff r¢ceive knioing in the W0￿p1% and externally to ensure th¢y k¢¢p vp with best prdctice. The Collegc ba5 a process for id¢ntifyiDg. evaluatin8 andnwwging th¢ k¢y risks iti vndertaknng its activities and kn the achievement of Éts objectives. The C(llege ￿￿1n(al￿8 & Ri8k Rewter which seeks to identify all of d)e strategi¢ tisks faced by tbe College as w¢U as the opetatiollal risk8 identifi¢d by it￿ly1th￿l departments. The College'5 Audit Committee reviews the Risk Regisler once per year and the $tr4gic risks are considered aw￿llY by the College Council. The pI]￿]p41 risks faced by the College are: Princi al iisk Breach of duty of catt to sbJd¢n¢s. staff OT Fellows How risk is matra ed Training ond commurriealion to all members of the eollege Safeglla￿￿ po]ici¢s and pmc¢sses Whistle blowillg po]icy Significant reductions on valuation of inv¢stments {eg stock matket tnvestmentp)licy Diverse portfolio Investmezlt Conllnittee Global pattdemic Disaster reeoyery plaDS Emergencyprocedure8 for ccftmcil and hea& of d¢FoTtsnents Technology soknioJ]s ￿ manage opetatsons remotely Fire or other catastrophic damA8e to bistOTi¢ buildiDg3 Regu.lar inSp￿ti￿￿ atid ¢ondition reviews D¢dica*d woth dwtsnent Funds set aside in d¢stgnat¢d furLd tnvestment pxthlio is diveJ3ified between propety attd equAty Maintsining General rtAem levels Long tern cash flow forec￿ting with buffers for etooomic risk

TRINITY COLLEG￿ CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 STATEMENT OF TRUSTEES• RESPONSIBILITIES The tnL$￿s arere5pon￿b]e forprq)8ring the Tn￿et5. Atsnu41 Report andthe foan¢iai $t&tements in accordance with appjicable law and iJDAted Kingdom ACC￿1￿1)￿g Stsndards (Unit)J kngdom Generally Acwt A￿oUnting Pra¢tAce). The law app]i￿ble Éo ¢1￿1118S in England and Wal¢8 requires tbe trusttts to prepare fjnanrial statenjents fot each fmanci8] yur which give a true and fair vi¢w of the statr of affairs of tbe College and the group and of the in¢¢)ming ruources alld application of reS%)Ur￿ o£the College and th¢ group for that pui¢yJ. select suitsble accounting policies and then apply th¢rn cotisistelltly> observe the methods and principles iti the ￿tieS SORP. make jud8mettts and estimatds tbat Ère reasonable and prudent: stsle whether &pplicable a¢¢owiting standards, comprising FRS 102, have been followed. subje¢t 10 aiiy t¢rial depa￿r￿ disclosed and explaitied in the fmancial statements. and pr¢pare the fmoncial stalem¢llt$ on the going coThcem b&sis unlcss it is ioappropriate lo pre5llme tbat the charity will ￿)ntinUe in busines& The tswtees aTe respollsible for kttping proper a￿OuntIng records that di￿108¢ with reasonable accuwy at any tinLe the financial position of the charity and ellabie th¢llL to ensure that the financial ststemellts Comply with the Ch8Tities Act 201 l. the Charity (Accounts and Reports) Regulations 2008 and the ptDvisions of the tn2st deed. They are alsornsponsible for safeguardiDg the ass¢ts of the College and the group hence for tsking re&4(mble steF6 for th¢ prevention and detection of fraud alld other irregularities. The trostees are rwsible for the maititellance and integrity Otthe charity and fin8ncitii itifornwion included on the College's website. Lryislation iti the United Kingdom goven)ing the pr¢parntiott and dissemination of fmancial Statements may diff¢r from legisl*ion in Oth￿ iunsdi¢tion8. Approv&1 bythe College counc￿ on 21 November 2022 PEofe&4)r Louise Merr¢K Vice Mr RichaTd TurnilL Senior Bursar

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

INDEPENDENT AUDITORS’ REPORT TO THE GOVERNING BODY OF TRINITY COLLEGE, CAMBRIDGE

We have audited the financial statements of the Trinity College, Cambridge (‘the charity’) and its subsidiaries (‘the group’) for the year ended 30 June 2022 which comprise the Consolidated Statements of Financial Activities, the Consolidated and College balance sheets, the Consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

10

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act together with the Statement of Recommended Practice for Charities (SORP) 2019, taxation legislation and general data protection legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud.

11

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing surrounding recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicola May Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date: 15th December 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

12

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

General Funds Designated Restricted Endowment 2022 2021
Note (Unrestricted) Funds Funds Funds Total Total
£000's £000's £000's £000's £000's £000's
Income and endowments from
Donations and legacies 447 389 2,330 2,394 5,560 5,280
Charitable activities 2 12,261 - - - 12,261 9,026
Other trading activities 4 135 4 4 - 143 169
Investments 3 57,745 1,140 3,649 2,099 64,634 82,062
TOTAL INCOME 70,588 1,533 5,984 4,493 82,598 96,537
Expenditure on
Raising funds 1,190 - - - 1,190 825
Loan interest 4,317 - - - 4,317 4,396
Estates and Investment Management costs 5 18,331 - 32 - 18,363 12,600
23,838 - 32 - 23,870 17,821
Cost of charitable activities 6 45,830 2,866 3,446 - 52,142 44,694
Other Expenditure
University contribution under Statute GII 7 2,690 9 264 - 2,963 2,835
TOTAL EXPENDITURE 72,358 2,875 3,742 - 78,975 65,350
NET INCOME/(EXPENSE) (1,770) (1,342) 2,242 4,493 3,623 31,187
Net Realised gains on Investment Assets - - - 36,506 36,506 10,590
Net Unrealised gains/(losses) on Investment Assets - (508) (1,844) 39,894 37,542 267,184
NET INCOME / EXPENDITURE BEFORE
TRANSFERS (1,770) (1,850) 398 80,893 77,671 308,961
Transfers between funds 20 (297) 1,631 (1,334) - - -
NET INCOME / EXPENDITURE AFTER (2,067) (219) (936) 80,893 77,671 308,961
TRANSFERS
Other recognised gains & losses:
Actuarial Gains/(Losses) on defined benefit
pension scheme		 16 17,627 - - - 17,627 17,202
NET MOVEMENTS IN FUNDS 15,560 (219) (936) 80,893 95,298 326,163
Total funds brought forward 48,035 42,147 45,064 1,754,874 1,890,120 1,563,957
Total funds carried forward 63,595 41,928 44,128 1,835,767 1,985,418 1,890,120

There are no recognised gains or losses other than those disclosed above. All of the above results derive from continuing operations.

There is no material difference between the net incoming resources for the financial years stated above and their historical cost equivalents

13

TRINfTY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2022 2022 2021 £OOO'$ 103&270 IQ016 2,046A80 £000'8 1,gV).653 IQ428 1,9211,081 InvestT￿lts OperdtionalAssets 10.1 102 Stock Debtors: dUe0ft¢rJw￿ thath oney¢ar Debtot% due within one ye Cash at bankaDd h) hand li 1157 &71 21,696 ¥07 12 7Q924 55.420 J14.517 13 21fA2) 2.IP79.003 35.1 J,999h02 190,375) {91.118) Assm [XCLi￿]NGP1￿SI0N ScH￿LIABIL￿¥ 1,918.688 J.9Q8284 io (32701 (1&164) ASSETS ￿CLUD￿lGPR¥8K)NScH￿M￿uAR￿rY 1,890,120 Representsdby.. EndO￿t funds R¢5ttictd hnds Designated fvnds &n¢Talfunds- g¢nernly¢s¢rv¢ 20 20 2fj 20 1.835.767 44,128 41.928 63,595 1,985,418 1.754,874 45, 41147 48.035 1,890.120 The fllwicial statements onpages 13 10 36 were approvedby th¢Coll¢ge CouDciI on 21 Novem￿2022 and have been signed on their behalf by the Master and Serrior Bur Profewr Louise M¢rret4 Vice M&8t¢r Mr Richard Tumill. SeJJiorBursar 14

TRtNITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 COLLEGE BALANCE SHEET AS AT 30 JUNE 2022 2022 21121 £￿01 1,898,783 10.016 1.908,799 £0101 1,8OIW6 IQ428 1012,524 Jnv¢5ttt￿tS Operational Assets 10.1 10.2 CiiRRDNfASSE13 SttsLk Debtor5= due afternK>￿ than on¢ y DebLoJ¥ due wthin one year C¥sh atb4nk and in hand ij 12 12 1.841 23.813 25,169 19,431 70,253 1,881 21.787 19.329 117AOS 13 122,328} IJ50,725 25.158) 1,9Q4,771 14 (￿(Th)) NEfASSEIS bXCLUDINCPINSION sCHEMEUABIL￿y 1,866.725 1014,771 PThSKIN scH￿ELl￿BI[￿y 16 {3270) (18,l64) NEfASSE15 ￿c[liD￿4G PtNSION SCHFMELIABILFfY 1,863,455 1,796007 R¢pr¢sEni¢d by.. F2)do￿￿rni ffijnds R¢stti¢t¢d fijnds Desi8nated fvnds &Dernl fund$-g¢rternlttserv¢ 21 21 21 21 1,703,652 44,128 41,928 1,651713 41147 1,803A55 J,79<6O7 The College re¢orded a surplus for fuLancial year of £51221k (2021 £282.044k) and other compteheDsive gains £17,627k (2021 £17,202k gain) The financial statements on pages 13 to 36 were approved by the College Council on 21 Novemkr2022 aDd have been signed on theirbehalf by the Master and Senior Bursar Profewr Louise MerretL Vice M&8ter Mr Ricbard Turnill, Senior Bursar 15

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2022

2022
NET CASH FLOW FROM OPERATING ACTIVITIES
Net incoming resources after transfers (as per the Statement of
Financial Activities)
Adjustments for:
Investment income
Net (gains) on investments
Depreciation
Total pensions losses recognised in SOFA excluding actuarial loss
Pension contributions by the College
Loan interest
Endowments received
Working capital movements
- (Increase)/Decrease in stocks
- Increase in debtors
- Decrease in creditors
Net cash used in operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed asset investments
Proceeds from disposal of fixed asset investments
Investment income
Net cash generated from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Endowments received
Interest paid
Net cash used in financing activities
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS
Cash and cash equivalents at the start of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE
YEAR
Cash and cash equivalents consists of:
Cash at bank and in hand
Money market funds
Cash and cash equivalents		 2022
2021
£’000
£’000
77,672
308,961
(64,634)
(78,954)
(74,048)
(269,587)
413
413
3,801
4,293
(1,070)
(1,148)
4,317
4,396
(2,394)
(1,602)
150
(15)
49,202
(59,741)
(13,297)
(22,994)
(19,888)
(115,978)
(175,253)
(69,236)
103,981
92,667
64,634

92,653
(6,638)
116,084
2,394
1,602
(4,317)
(4,396)
(1,923)
(2,794)
(28,449)
(2,688)
97,416

100,104
68,967
97,416
30,696

40,440
38,271
56,976
68,967
97,416

16

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. STATEMENT OF ACCOUNTING POLICIES

General information

Trinity College, Cambridge (‘the College’) and its subsidiaries (together ‘the Group’) whose object is the advancement for the public benefit of education, religion, learning and research, primarily by the maintenance and development of a College in the University and City of Cambridge.

Basis of preparation

The consolidated financial statements of Trinity College, Cambridge (a public benefit entity) have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”), and with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ FRS 102 as revised in 2019 (‘the SORP 2019’), together with the reporting requirements of the Charities Act 2011.

The financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of investments. The functional and presentational currency of the College is £ Sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied to all the years presented, unless otherwise stated.

The preparation of financial statements in conformity with FRS 102 requires the use of certain accounting estimates. It also requires the Trustees to exercise its judgements in the process of applying the Group’s and the College’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumption and estimates are significant to the financial statements are disclosed below.

Going Concern

The Council have considered carefully the financial position of the College and its ability to remain a going concern for the foreseeable future. They considered the impact of the pandemic, the volatility in the UK and world economy arising from the conflict in Ukraine and other external factors which could impact on the financial position of the College in the short to medium term. This included cash flow forecasting with a five year forward view.

The cash position and the College’s liquidity for the foreseeable future as described in the Reserves Policy section of this report are designed to ensure the College has sufficient cash to manage its operations and major expenditure requirements without the need to sell investment assets. The global equity portfolio is distributed across a large number of publicly available exchanges and could be liquidated into cash at short notice if required.

At the time of approval of this Report, although the risks around the pandemic and the economy remain, the College’s financial position remains strong. The Council are satisfied that the College will remain a going concern for the foreseeable future.

Basis of consolidation

The accounts show the results and state of affairs for Trinity College, Cambridge and its subsidiary undertakings (details of the subsidiary undertakings can be found in note 19). Subsidiaries are all entities over which the College has control, being the power to govern the financial and operating policies of the entity.

Where a subsidiary has a different accounting policy from the Group, adjustment is made to the subsidiary’s financial statements to apply the Group’s accounting policies when preparing the consolidated financial statements.

Acquisitions made by the Group are accounted for under the acquisition method of accounting. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Intra-group transactions and profits are eliminated fully on consolidation.

Results of affiliated clubs and societies are not consolidated as the College does not govern the financial and operating policies of these undertakings with a view to gaining economic benefits from their activities. Grants made to clubs and societies are charged in the Statement of Financial Activities as expenditure for charitable purposes.

17

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

1. STATEMENT OF ACCOUNTING POLICIES (continued)

Cash flow statement

The College prepares a consolidated cash flow statement and the consolidated accounts, in which the College’s results are included, are available to the public. It has therefore taken advantage of the exemption conferred by FRS 102 Section 1 not to prepare a cash flow statement.

Incoming resources

Income is accrued and included in the statement of financial activities when the College is legally entitled to the income, the amount can be quantified with reasonable accuracy and is probable. Where income is received in advance, recognition is deferred and the amount included in creditors. Income is stated net of any VAT.

Income from fees, residencies, catering and other operational charges are accounted for in the period in which the related service is provided.

Donations are accounted for when the College is entitled to the income, and the value can be reliable measured.

Legacies are accounted for when probate has been granted and receipt is probable and measurable. Where legacies are of a residuary nature the recognition will be at the earlier of receipt of cash, the estate accounts or other notice of impending distribution.

Rental income from investment properties is accounted for on an accruals basis depending on the terms of lease or licence to occupy.

Income from equity investments is accounted for on a received basis.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Charitable exemption

The College is a registered charity and claims exemption from income tax under Sections 478 to 488 of the Corporation Taxes Act 2010 and from capital gains tax under Section 256 of the Taxation of Chargeable Gains Act 1992.

The College’s subsidiaries are subject to Corporation taxes. All taxable profits in a subsidiary are donated to the College under the terms of a Deed of Covenant in place between the College and the subsidiary.

Fund accounting

Funds held by the College are analysed between Endowment, Restricted, Designated and General funds

Endowment funds can be split into two categories – Permanent Endowments and Expendable Endowments. They can be further split between Restricted where the donor has specified how the College may spend income arising from the fund and Unrestricted where there the income may be spent on any College activity.

Permanent Endowment funds where the initial income may not normally be spent are considered to be capital in nature. The College’s Permanent Endowment Funds represent partly the College’s Historic Endowment, which has the features and has been treated as a Permanent Unrestricted Endowment fund and Other Endowments where the College has received specific donations and legacies that are to be held in perpetuity. The Other Endowments are further split between Restricted where the original receipt also restricts the College in the use of income arising from the capital and Unrestricted where the College can spend the income on any actively of the College, in many cases the College has chosen to designate how the income from income arising may be spent for individual funds.

General funds – these are funds that can be used at the discretion of the College Council.

18

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

1. STATEMENT OF ACCOUNTING POLICIES (continued)

Designated funds – these are funds that have been set aside by the College Council for specific purposes. They are a sub-set of General Funds and the purposes to which they are applied may be varied at the discretion of the College Council.

Restricted funds – these are funds that can only be used for particular purposes, under a deed of trust or implied trust, to support various educational purposes of the College, including research, teaching and the student bursary schemes.

Pensions

The College participated in three pension schemes during the financial year. Pension costs are accounted for on the basis of charging the cost of providing pensions over the period during which the College benefits from the Fellows' or employees' service.

The Trinity College Pension Scheme runs two sections, one for staff and one for Fellows, for defined benefit pension provision for eligible staff. It also has a defined contribution scheme managed by Legal and General for contributions by Staff and Fellows.

Staff employed prior to 31 December 2013 were eligible to join the Trinity College Pension Scheme. This defined benefit scheme closed to new staff members in 2014. For this scheme, pension costs are accounted for as the service and finance cost for the year.

Staff employed since 1 January 2014, and those employed prior to that date who are not members of the Trinity College Pension Scheme, have been placed in a defined contribution scheme. The College is using this scheme to meet its employer obligations under the auto-enrolment legislation, albeit on more flexible and generous terms than the statutory minima. The assets of the scheme are held by the scheme provider in a master trust, and the amount charged to the statement of financial activities is thus the contributions payable to the scheme in respect of the accounting period.

Operational tangible fixed assets

Land and buildings

Land and buildings are stated at their original historical cost less depreciation. For College’s historic buildings, due to their age, the costs are insignificant, the buildings would be fully depreciated and therefore no amounts have been included within these accounts. Buildings are depreciated over 50 years on a straight line basis.

Fixtures, fittings and equipment

Fixtures, fittings and equipment costing less than £100,000 per individual item are written off in the year of purchase.

Heritage Assets

The College holds and conserves a number of collections, exhibits, artefacts and other assets of historical, literary, religious, artistic or scientific importance. Acquisitions valued at over £100k are recognised at cost and items donated to the College valued over £100k are recognised at fair value. The College has taken advantage of the exemption within FRS102 not to disclose transactions before 1 January 2015 as obtaining fair values for those assets would be impracticable and the cost of obtaining such valuations would outweigh the benefits to the users of these financial statements. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.

There have been no Heritage Assets acquired or donated to the College at value over £100k since 1 January 2015.

Investments

Investments are included in the balance sheet at fair value, except for investments in subsidiary undertakings which are stated in the College’s balance sheet at cost less accumulated impairment and eliminated on consolidation. Properties are valued annually by the Trustees based on estimated market values on a continuing use basis after taking advice from third party valuers. The SOFA includes realised gains and losses on investment sold in the year and unrealised gains and losses on revaluation of investments.

19

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

1. STATEMENT OF ACCOUNTING POLICIES (continued)

Investments (continued)

Fixed asset investments are subject to review for impairment when there is an indication of a reduction in their carrying value. Any impairment is recognised in the year in which it occurs in the SOFA.

Prior year adjustment

Investment properties previously valued at nil have been brought onto the balance sheet at 1 July 2020 with valuation on that date of £13m, valuation at 30 June 2021 £13m. Corporate Endowment funds have increased by the same value. Further information can be found in note 10.1.

Operational properties previously not included on the balance sheet have been brought onto the balance sheet at 1 July 2020 with cost less depreciation on that date of £10.8m, cost less depreciation at 30 June 2021 £10.4m. General Funds have increased by the same values. The impact on the 2021 SOFA was £0.4m depreciation charge for the year. Further information can be found in note 10.2.

Within debtors and creditors there has been some re-classifications between headings as some of the disclosure of the balances with its subsidiary had been netted off or had not been properly analysed. There was no impact on the net assets. Further information can be found in notes 12 and 13.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Foreign currency

Foreign currency transactions are recorded at the exchange rate at the time of the transaction. Foreign currency balances are translated into sterling at the exchange rate at the balance sheet date. Resulting gains or losses are included in the SOFA.

Financial instruments

The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into.

A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Basic financial assets include trade and other receivables, cash and cash equivalents and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income and Expenditure.

For financial assets carried at amortised cost the impairment loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted at the asset’s original effective interest rate.

Other financial assets, including investments in equity instruments, which are not subsidiaries or joint ventures, are initially measured at fair value which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the Statement of Comprehensive Income and Expenditure. Where the investment in equity instruments is not publicly traded and where the fair value cannot be reliably measured, the assets are measured at cost less impairment. Investments in property or other physical assets do not constitute a financial instrument and are not included.

20

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

1. STATEMENT OF ACCOUNTING POLICIES (continued)

Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of ownership are transferred to another party.

Financial Liabilities

Basic financial liabilities include trade and other payables, bank loans and intergroup loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income and Expenditure in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

To the extent that the College enters into forward foreign exchange contracts which remain unsettled at the reporting date the fair value of the contracts is reviewed at that date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The College does not apply any hedge accounting in respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies.

Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires.

Taxation

The College is a registered charity and accordingly, the College is potentially exempt from taxation in respect of income or capital gains.

The College receives no similar exemption in respect of Value Added Tax. Irrecoverable VAT on inputs is included in the costs of such inputs. Any irrecoverable VAT allocated to fixed assets is included in their cost.

The College’s limited company subsidiaries are liable to Corporation Tax in the same way as any other commercial organisation.

Related party transactions

The Group discloses transactions with related parties. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the Trustees, separate disclosure is necessary to understand the effect of the transactions on the financial statements.

21

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

1. STATEMENT OF ACCOUNTING POLICIES (continued)

Critical accounting judgements and estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The main area where assumptions estimates and the exercise of judgement occurs is the fair value of investment properties. The College engages independent valuation specialists to determine fair value on 30 June 2022. The valuation is based on assumptions about market and economic conditions as well as estimated yields and long-term vacancy rates. The valuation of the College’s investment property is inherently subjective but the trustees are satisfied on reviewing the valuation that the assumptions used are appropriate.

The College carries its non-quoted investments at fair value based on the most recent valuations provided by a fund manager independent of the College with changes in fair value being recognised through the statement of financial activities.

The cost of the College’s defined benefit pension plan is determined using an actuarial valuation. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long-term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in note 16.

All other accounting judgements and estimates are detailed under the appropriate accounting policy.

22

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

2. INCOME FROM CHARITABLE ACTIVITIES

College Fees
Residence and catering
Other Income
COLLEGE FEES
Fee income received at the graduate fee rate ((per capita fee £4,493 (2021 £4,107))
Fee Income paid on behalf of undergraduates at the publicly-funded undergraduate rate per
capita fee £4,577 (2021 £4,522)
Privately-funded undergraduate fee income, per capita fee £14,300, a bursary of £6,435 (matric
2019 or before), £5,720 (matric 2020) or £5,000 (matric 2021) is applied to each fee (2021, £13,833
bursary £6,225 (2019 or before)or £5,533))		 2022
Total
2021
Total
£’000
£’000
5,287
4,892
6,845
4,077
129
57
12,261
9,026
2,499
2,573
1,759
1,357
1,029
962
5,287
4,892

3. INVESTMENT INCOME

Property - College
Property - Subsidiaries
Equities
Bank interest		 2022
Total
2021
Total
£’000
£’000
34,46047,156
19,11127,040
10,8757,733
188133
64,63482,062

4. INCOME FROM OTHER TRADING ACTIVITIES

Other
5. ESTATES AND INVESTMENT MANAGEMENT COSTS
College costs
Subsidiaries costs		 2022
Total
2021
Total
£’000
£’000
143
169
143
169
2022
Total
2021
Total
£’000
£’000
9,374
6,340
8,989
6,260
18,363
12,600

23

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

6. EXPENDITURE ON CHARITABLE ACTIVITIES

Residence and catering
Teaching, Tutorial and Admissions
Research
Scholarships and awards
Donations		 Direct
Support Wages and
salaries
2022
Total
2021
Total
£’000
£’000
£’000
£’000
£’000
5 9,499 6,59216,095
13,760
1,356 7,812 8,55817,727
16,225
1,239 1,972 2,2235,434
3,767
7,066 - -7,066
5,983
660 5,160 -5,820
4,958
10,325 24,443 17,37452,142
44,694

Included in the allocation within the first 3 above categories were £413k (2021 £551k) of governance costs.

The 2021 Residence and catering comparative has been increased by £413k being depreciaion charge as prior year adjustment

An analysis of the donations is as follows:
Isaac Newton Trust
Cambridge Trust
Cambridge Colleges Teaching
Other		 2022
Total
2021
Total
£’000
£’000
2,351
1,500
2,200
1,850
991
952
278
656
5,820
4,958

7. CONTRIBUTION UNDER STATUTE GII

The University contribution is assessed by the University of Cambridge in accordance with the provisions of Statute GII of the University’s Statutes and Ordinances. The amount payable by the College for the year ended 30 June 2022 is £2,963,000 (2021: £2,835,000).

8. NET INCOME

This is shown after charging: 2022
Total		 2021
Total
£’000 £’000
Auditors Remuneration: External audit College 79 203
Auditors Remuneration: External audit Subsidiaries 39 50
Auditors Remuneration: Other fees 12 0
Depreciation 413 413
Maintenance, Repairs and Improvements 10,370 5,166

Commitments due under contract at the year-end in relation to maintenance and repair contracts were £1,590k (2021 £nil)

24

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

9. STAFF NUMBERS AND COSTS

The monthly average number of persons (including the Trustees) employed by the College during the year, was: 604 (2021: 580)

The costs associated with these employees was:

Wages and salaries
Social security costs
Pension costs - defined benefit scheme service cost		 2022
2021
£’000
£’000
14,360
13,958
1,472
1,366
3,489
3,846
19,321
19,170

During the year £87k was paid as termination payments of which £16k was in lieu of notice and £71k was as settlements. (2021: £87k paid of which £47k was as a settlement and £40k in lieu of notice). There were no amounts outstanding for payment at the end of the year (2021: nil)

Trustees

During the year no fees or expenses were paid to Fellows in respect of their duties as Trustees (2021: none).

Payments to Trustees made under the authority of and in accordance with the Statutes of the College, in respect of teaching, research and administrative duties amounted to:

Aggregate emoluments
Pension contributions		 2022
2021
£'000
£'000
628
601
40
44
668
645

The number of College Fellows and staff whose remuneration, excluding pension contributions, exceeded £60,000 was as follows:

£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999
£120,000 - £129,999
£130,000 - £139,999		 2022
2021
No
No
11
9
9
5
5
7
5
5
3
2
2
0
0
1
35
29

Retirement benefits are accruing to 22 (2021: 22) of the above individuals under a defined benefit pension scheme. The total pension costs of these Fellows and staff amounts to £246,157 (2021: £187,936).

Key management compensation

The College considers that the Trustees of the College represent the Key Management of the College. Expenses re-imbursed to 1 trustee (2021: 1 trustee) in both years amounted to less than £100.

25

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

10. FIXED ASSETS

10.1 INVESTMENTS

Market value at 1 July
Additions
Disposals
Net investment gains/(losses)
Market value at 30 June
Represented by:
Property
Residential property
Equities
Unlisted equity investments
Money Market Funds
Investments in subsidiary undertakings (See note 18)		 Consolidated
Consolidated
College
College
2022
2021
2022
2021
£’000
£’000
£’000
£’000
1,909,653
1,681,445
1,800,096
1,542,077
156,549
69,986
158,574
69,986
(67,475)
(96,916)
(67,475)
(59,967)
37,542
255,138
7,588
248,000
2,036,270
1,909,653
1,898,783
1,800,096
Consolidated
Consolidated
College
College
2022
2021
2022
2021
£’000
£’000
£’000
£’000
1,049,565
928,900
832,634
741,632
40,540
37,350
40,540
37,350
874,264
863,725
874,264
863,725
33,631
22,702
33,631
22,702
38,271
56,976
38,271
56,976
-
-
79,444
77,711
2,036,270
1,909,653
1,898,783
1,800,096

The College and Consolidated Market Value for 2021 has been increased by £13,150k (2020: £13,130k), as a prior year adjustment, which relates to two Residential Properties which had not been included in investments in previous years. There was no impact on the SOFA in 2020 or 2021 as a result of this restatement other than a small revaluation gain of £20k in the 2021 SOFA.

Listed equities are valued by reference to the closing price at the balance sheet date. Unlisted investments are valued based on information provided by the fund managers. Investments in subsidiaries are recorded at cost less accumulated impairment.

Properties are valued annually by the Trustees based on estimated market values on a continuing use basis after taking advice from a third party. Included within Investment Properties is nil (2021: £29m) representing the value of the College's Investment in a limited partnership Commitments to private equity funds within the unlisted investment portfolio amounted to £19.9m at the year end (2021: £21.6m)

10.2 OPERATIONAL ASSETS

Cost
At beginning of year and at end of year
Depreciation
At beginning of year
Charge for the year
At end of year
Net Book Value
At end of year
At beginning of year		 Consolidated and
College
Consolidated and
College
2022
2021
Freehold Land and
Buildings
Freehold Land and
Buildings
£’000
£’000
20,633
20,633
10,205
9,792
413
413
10,618
10,205
10,016
10,428
10,428
10,841

The College and Consolidated Net Book Value for 2020 has been increased by £10,841k and for 2021 has been increased by £10,428k, as a prior year adjustment, which relates to two Operational Properties which had not been included in previous years. The impact on the SOFA in 2020 or 2021 as a result of this restatement was £413k expnditure of depreciation in both years.

11. STOCK

Provisions
Crops and seeds		 Consolidated
Consolidated
College
College
2022
2021
2022
2021
£’000
£’000
£’000
£’000
1,841
1,881
1,841
1,881
316
486
-
-
2,157
2,307
1,841
1,881

26

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

12. DEBTORS

Amounts falling due after more than one year
Amounts owed by subsidiary undertakings
Other debtors
Amounts falling due within one year
Rents receivable
Prepayments and accrued income
Other debtors
Amounts owed by subsidiary undertakings
Trade debtors		 Consolidated
Consolidated
College
College
2022
2021
2022
2021
£’000
£’000
£’000
£’000
-
-
22,942
22,941
871

846
871
846
871

846
23,813
23,787
7,484

11,418

7,483
12,272
2,587
3,742
960

888
9,505
3,962
9,136
3,680
-
-
7,007
50,510
2,119
51,802
582
5,058
21,696
70,924
25,169
72,408
22,567
71,770
48,981
96,195

The 2021 College debtors has been increased by £7,000k in Amounts owed by subsidiary undertakings which was netted off creditors in the 2021 accounts. The Consolidated Debtors for 2021 has been decreased by an amount of £4,658k within Prepayments and accrued income in 2021 which was amounts owed to subsidiaries which should have been eliminated on consolidation. Prior year balances have been restated and net impact on SOFA in 2021 and 2020 was £nil.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
University contribution
Taxes and social security
Other creditors
Amounts owed to subsidiary undertakings
Accruals and deferred income		 Consolidated
Consolidated
College
College
2022
2021
2022
2021
£’000
£’000
£’000
£’000
2,795
4,657
1,669
6,402
2,963
2,835

2,963
2,835
2,108
13,666
1,809
927
2,213
2,480
92
734
-

-
7,000
7,000
12,563
11,558
8,795
7,260
22,642

35,196
22,328
25,158

The 2021 College Creditors has been increased by £7,000k in Amounts owed to subsidiary undertakings which was netted off debtors in the 2021 accounts. The Consolidated Creditors for 2021 has been decreased by an amount of £4,658k within Trade Creditors in 2021 which was amounts owed to subsidiaries which should have been eliminated on consolidation. Prior year balances have been restated and net impact on the SOFA in 2021 and 202 was nil

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Deferred Income
Long term borrowing		 Consolidated
Consolidated
College
College
2022
2021
2022
2021
£’000
£’000
£’000
£’000
375
1,118
-
-
90,000
90,000
90,000
90,000
90,375
91,118
90,000
90,000

The deferred income is a single amount of income received in advance. The only movement in the year was amounts released to income.

27

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

15. MATURITY OF BANK LOANS

15. MATURITY OF BANK LOANS
Consolidated Consolidated College College
2022 2021 2022 2021
£’000 £’000 £’000 £’000
In more than five years 90,000 90,000 90,000 90,000
90,000 90,000 90,000 90,000

The £70m bank loan is split into three tranches of £35m - Fixed interest rate 4.9704%, £20m - Fixed interest rate 4.9604% and £15m - Fixed interest rate 5.0704% providing a weighted average Fixed interest rate of 4.989%. The loan is repayable on 29 June 2047. The £20m Senior Notes have been issued at 4.11% and are repayable on 14 May 2064.

16. PENSION SCHEME LIABILITY

Trinity College Staff Pension Scheme

The College operates a defined benefit plan, the Trinity College Pension Scheme.

The liabilities of the plan have been calculated for the purposes of FRS102 based on a full valuation using data extract provided by Trinity College

The principal actuarial assumptions at the balance sheet date were as follows:

2022 2021
% %
Discount rate 3.8 1.85
Increase in salaries 3.9 3.85
Retail Price Index (RPI) 3.45 3.4
Consumer Price Index (CPI) 2.65 2.60
Staff Section pension increases in payment 3.45 3.40
Fellows Section pension increases in payment 2.65 2.60

Staff section members are assumed to retire at 63 or immediately if they are over that age. This Section's normal retirement age is 65

Fellows Section members are assumed to retire at age 65 for this year only. This Section's normal retirement age increases in line with the State Pension Age from 2020, for future accrual only.

The underlying mortality assumption is based upon the standard table known as S3PA for the Staff Section and S3PA Light for the Fellows Section on a year of birth usage with CMI_2021 future improvement factors and a long-term rate of future improvement of 1.25% per annum for males and 1.0% per annumfor females with and additional improvement of 0.25% per annum and the standard smoothing factor (2021: S3PA on a year of birth usage with CMI_2020 and the same long term improvement rates and the standard smoothing factor, but no additional improvement). This results in the following life expectancies:

The average life expectancy in years of a pensioner retiring at age 65 on the balance sheet date is as follows:

2022 2021
Male: Staff 22.2 21.9
Male: Fellows 23.4 21.9
Female: Staff 24.3 24.1
Female: Fellows 24.8 24.1

The average life expectancy in years of a pensioner retiring at age 65, twenty years after the balance sheet date is as follows:

2022 2021
Male: Staff 23.5 23.2
Male: Fellows 24.6 23.2
Female: Staff 25.5 25.2
Female: Fellows 25.9 25.2

Allowance has been made at retirement for 75% of all non-retired members to commute part of their pension for a maximum total lump sum on the basis of the current commutation factors in these calculations

28

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

16. PENSION SCHEME LIABILITY (CONTINUED)

The amounts recognised in the balance sheet as at 30 June are as follows:
Market value of Scheme assets
Present value of Scheme liabilities
Deficit in the Scheme
Analysis of the amount to be recognised in the consolidated Statement of Financial Activities:
Current service cost
Administrative expenses
Interest on net defined benefit (asset)/liability
Changes in the present value of the scheme liabilities for the year ended 30 June are as
follows:
Present value of scheme liabilities at beginning of year
Current service cost
Employee Contributions
Interest cost
Actuarial (gains) losses
Benefits paid
Loss on plan changes
Present value of scheme liabilities at end of year
Changes in the fair value of scheme assets for the year ended 30 June are as follows:
Present value of scheme assets at beginning of year
Contributions paid by the College
Employee Contributions
Interest on plan assets
Administrative expenses paid
Return on assets, less interest included in SOFA
Benefits paid
Present value of scheme assets at end of year
Actual return on plan assets		 2022
2021
£000's
£000's
65,431
70,722
(68,701)
(88,886)
(3,270)
(18,164)
2022
2021
£000's
£000's
3,254
3,598
235
248
314
448
3,803
4,294
2022
2021
£000's
£000's
88,886
90,956
3,254
3,598
564
619
1,630
1,306
(23,396)
(5,149)
(2,237)
(2,444)
-
-
68,701
88,886
2022
2021
£000's
£000's
70,722
58,736
1,070
1,148
564
617
1,316
859
(245)
(178)
(5,759)
11,984
(2,237)
(2,444)
65,431
70,722
(4,443) 12,842

29

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

16. PENSION SCHEME LIABILITY (CONTINUED)

The major categories of Scheme assets as a percentage of total Scheme assets for the year ending 30 June are as follows:

The major categories of Scheme assets as a percentage of total Scheme assets for the year
ending 30 June are as follows:
Equities, commodities and alternatives
Bonds
Property
Cash
The plan has no investments in property occupied by, assets used by or financial instruments
issued by the College		 2022
2021
%
%
73.3
76.9
14.0
16.5
0.0
0.0
12.7
6.6
100
100

Analysis of the remeasurement of the net defined benefit liability recognised in Other Comprehensive Income (OCI) for the year ending 30 June are as follows:

Return on assets, less interest included in Statement of Financial Activities
Expected less actual plan expenses
Experience gains and losses arising on plan liabilities
Changes in assumptions underlying the present value of plan liabilities
Remeasurement of net defined benefit liability recognised in OCI
Movement in net defined benefit asset/(liability) during the year ending 30 June are as follows:
Net defined benefit asset/(liability) at beginning of year
Recognised in Statement of Financial Activities
Contributions paid by the College
Remeasurement of net defined benefit liability recognised in OCI
Net defined benefit asset/(liability) at end of year		 2022
2021
£000's
£000's
(5,759)
11,984
(10)
69
(4,253)
2,952
27,649
2,197
17,627
17,202
2022
2021
£000's
£000's
(18,164)
(32,220)
(3,803)
(4,294)
1,070
1,148
17,627
17,202
(3,270)
(18,164)

Funding Policy

Actuarial valuations are carried out every three years on behalf of the Trustees of the plan, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuation are different to those adopted under FRS102

The last such actuarial valuation was as at 1 July 2021. This showed that the plan's assets were sufficient to cover the liabilities on the funding basis. No deficit reduction contributions are therefore required to be paid by the College.

17. RECONCILIATION OF NET DEBT

17. RECONCILIATION OF NET DEBT
At Start of Year:
Cash at bank and in hand
Bank Loans
Net Debt
Net (decrease) / increase in cash in period
Movement in net debt
At end of the year:
Cash at bank and in hand
Bank Loans
Net Debt		 2022
2021
£’000
£’000
40,440
38,880
(90,000)
(90,000)
(49,560)
(51,120)
(9,744)
1,560
(9,744)
1,560
30,696
40,440
(90,000)
(90,000)
(59,304)
(49,560)

30

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

18. RELATED PARTY TRANSACTIONS

During the year no fees or expenses were paid to Fellows in respect of their duties as Trustees. (2021: nil)

Payments to Trustees (including benefits in kind and pension contributions), made under the authority of and in accordance with the Statutes of the College, in respect of teaching, research and administrative duties amounted to £652,000 (2021: £645,000 ).

The numbers of Trustees receiving payments including national insurance and employers pension contributions were in the following bands:

£0 3
£1- £10,000 3
£10,001 - £20,000 3
£20,001 - £30,000 3
£30,001 - £40,000 1
£40,001 - £50,000 1
£90,001 - £100,000 2
£110,001 - £120,000 1
£140,001 - £150,000 1

The College operates a fellows housing loan scheme. At the year end there were amounts owing to the College through that scheme by 3 Trustees (2021: 3) with the total amount owed being £86,500 (2021: £72,250)

During the year the College made a donation of £2,351,000 (2021: £1,500,000) to the Isaac Newton Trust, a related party due to some common trustees. In addition the College charged the Isaac Newton Trust £73,545 (2021: £91,702) for administrative services. At the year end the trust owed the College £nil (2021: £nil).

During the year the College advanced monies to certain of its subsidiaries and received gift aid and interest from its subsidiaries. The amount recorded as income by the College and the amount outstanding at the year end were:

2022 2022 2022 2021 2021 2021
Interest and Amount owed Deed of Interest and Amount owed
Deed of Covenant Rent to College Covenant Rent to College
£'000 £'000 £'000 £'000 £'000 £'000
Trinity (B) Limited 15
 -
 - - -
Trinity College (CSP) Limited 3,093 166 4,034 13,007 1,199 48,050
Trinity (D) Limited 2,056 - 806 1,436 436
Trinity (F) Limited - 3 70 60
Walton Farms Limited 3,028 684 1,078 144 214 730
Dunsfold Airport Limited 1,962
 1,885
 23,962 1,607 1,885 40,700
Trinity (E) Limited 6 - 6 - - -

19. SUBSIDARY COMPANIES

The College’s investments include the following subsidiaries, all of which are included in the consolidated financial statements: During the year there was an investment in Trinity B of £1,733k.

Country of Class of share Proportion held Nature of
registration and business
operation
Trinity (B) Limited England Ordinary 100% Land development
Trinity College (CSP) Limited England Ordinary 100% Property
Trinity (D) Limited England Ordinary 100% Property
Trinity (F) Limited England Ordinary 100% Land development
Walton Farms Limited England Ordinary 100% Farming
Dunsfold Airport Limited England Ordinary 100% Property
Eureka Management Limited England Ordinary 100% Dormant
Trinity (E) Limited England Ordinary 100% Property

All of the above companies have a year end of 30 June.

The Trustees believe that the carrying value of the investments is supported by their underlying net assets. Information relating to material subsidiaries as at 30 June 2022

Information relating to material subsidiaries as at 30 June 2022
Trinity (CSP) Dunsfold Trinity (D) Walton Farms
Limited Airport Ltd Limited Limited
Company Number 3393539 7842465 4346508 1324706
£'000 £'000 £'000 £'000
Total Assets 43,081 132,609 52,059 1,378
Total Liabilities 8,614 26,263 1,327 1,291
Total Funds 34,468 106,346 50,732 87
Turnover for the year 7,823 7,954 2,099 4,490
Expenditure for the year 4,804 5,997 43 1,475
Profit for the year before gains and losses on investments 3,019 1,957 2,056 3,015
Gain / (losses) on investments 2,746 29,283 (6,200) -

31

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

20. RESERVES CONSOLIDATED

20. RESERVES CONSOLIDATED
2021/22
Balance at 30
June 2021		 Income Expenditure Net investment
gains/(losses)		 Transfers
between funds		 Other
Gains/(Losses)		 Balance at 30
June 2022
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Corporate Unrestricted Endowment 1,599,127 2,099 - 84,050 - - 1,685,276
Other Endowments 155,747 2,394 - (7,650) - - 150,491
Sub total - endowments 1,754,874 4,493 - 76,400 - - 1,835,767
Restricted 45,064 5,984 3,742 (1,844) (1,334) - 44,128
Designated 42,147 1,533 2,875 (508) 1,631 - 41,928
General 48,035 70,588 72,358 - (297) 17,627 63,595
1,890,120 82,598 78,975 74,048 - 17,627 1,985,418
2020/21
Balance at 30
June 2020		 Income Expenditure Net investment
gains/(losses)		 Transfers
between funds		 Other
Gains/(Losses)		 Balance at 30
June 2021
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Corporate Unrestricted Endowment 1,324,476 31,340 - 243,311 - - 1,599,127
Other Endowments 128,410 1,602 - 25,735 - - 155,747
Sub total - endowments 1,452,886 32,942 - 269,046 - - 1,754,874
Restricted 35,981 4,862 3,337 7,400 158 - 45,064
Designated 35,566 1,934 2,193 1,328 5,513 - 42,147
General 39,524 56,799 59,819 - (5,671) 17,202 48,035
1,563,957 96,537 65,349 277,774 - 17,202 1,890,120
21. RESERVES COLLEGE
2021/22
Balance at 30
June 2021		 Income Expenditure Net investment
gains/(losses)		 Transfers
between funds		 Other
Gains/(Losses)		 Balance at 30
June 2022
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Corporate Unrestricted Endowment 1,496,966 2,099 - 54,096 - 1,553,161
Other Endowments 155,747 2,394 - (7,650) - - 150,491
Sub total - endowments 1,652,713 4,493 - 46,446 - - 1,703,652
Restricted 45,064 5,984 3,742 (1,844) (1,334) - 44,128
Designated 42,147 1,533 2,875 (508) 1,631 - 41,928
General 54,682 65,064 63,328 - (297) 17,627 73,747
1,794,606 77,073 69,945 44,094 - 17,627 1,863,456
2020/21
Balance at 30
June 2020		 Income Expenditure Net investment
gains/(losses)		 Transfers
between funds		 Other
Gains/(Losses)		 Balance at 30
June 2021
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Corporate Unrestricted Endowment 1,248,150 31,340 - 217,476 - 1,496,966
Other Endowments 128,410 1,602 - 25,735 - - 155,747
Sub total - endowments 1,376,560 32,942 - 243,211 - - 1,652,713
Restricted 35,981 4,862 3,337 7,400 158 - 45,064
Designated 35,566 1,934 2,193 1,328 5,513 - 42,147
General 47,646 49,063 52,732 - (5,671) 17,202 54,682
1,495,753 88,801 58,262 251,939 - 17,202 1,794,606

32

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

22. FUNDS ANALYSED BY PRIMARY PURPOSE

Buildings
Awards and studentships
Prizes
Research
Library
Other education
Benevolent
Art and music
Sports
Other		 Other
Endowments
Restricted
Designated
£'000
£'000
£'000
15,558
4
27,888
70,763
27,437
5,077
3,984
3,123
-
33,173
11,389
317
6,964
986
225
10,719
287
680
3,623
-
7,259
340
151
63
3,972
417
27
1,394
334
391
150,491
44,128
41,928
Balance at 30 June 2022		 Other
Endowments
Restricted
Designated
£'000
£'000
£'000
16,105
4
27,983
71,890
27,225
4,786
4,206
3,212
-
35,025
11,962
386
7,353
1,067
237
11,317
689
596
3,826
-
7,575
359
154
109
4,194
410
55
1,472
341
420
Balance at 30 June 2021
155,747
45,064
42,147

Buildings funds are for the upkeep and development of the College properties Awards and studentship are funds for making grants, paying maintenance or funding fees for students depending on their circumstances Prizes funds are for making prizes for academic or other successes to students

Research funds are funds are for awarding research grants to students or fellows generally in specific subject areas Library funds are for the upkeep of the library and for buying books

Other education are funds for teaching or for external projects to broaden the access to university Benevolent funds are for benevolent purposes at the discretion of the College Council Art and music funds are for artistic or musical activities generally for students including funds for the choir Sports are funds for student sporting activities Other funds are to fund a variety of other College activities

23. ANALYSIS OF CONSOLIDATED BALANCE SHEET BY FUND

Corporate Other
30 June 2022 endowment endowments Restricted Designated General TOTAL
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets 1,775,276 150,491 43,128 40,928 36,463 2,046,286
Cash at bank - - 1,000 1,000 28,696 30,696
Other current assets - - - - 24,724 24,724
Creditors due within one year - - - - (22,642) (22,642)
Creditors due in more than one year (90,000) - - - (375) (90,375)
Pension scheme liability - - - - (3,270) (3,270)
1,685,276 150,491 44,128 41,928 63,595 1,985,418
Corporate Other
30 June 2021 endowment endowments Restricted Designated General TOTAL
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets 1,653,955 155,747 44,064 41,147 25,167 1,920,080
Cash at bank - - 1,000 1,000 38,440 40,440
Other current assets 35,172 - - - 38,905 74,077
Creditors due within one year - - - - (35,196) (35,196)
Creditors due in more than one year (90,000) - - - (1,118) (91,118)
Pension scheme liability - - - - (18,164) (18,164)
1,599,127 155,747 45,064 42,147 48,035 1,890,119

33

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

24.1 DETAILED FUNDS CONSOLIDATED 2021/22

Endowment
Buildings
Awards and studentships
Prizes
Research
Library
Other education
Benevolent
Art and music
Sports
Other
Restricted
Buildings
Awards and studentships
Prizes
Research
Library
Other education
Benevolent
Art and music
Sports
Other
Designated
Buildings
Awards and studentships
Prizes
Research
Library
Other education
Benevolent
Art and music
Sports
Other		 Balance at 30
June 2021
Income
Expenditure Net investment
gains/(losses)
Transfers
between funds
Other
Gains/(Losses)
Balance at 30
June 2022
£’000
£’000
£’000
£’000
£’000
£’000
£’000
16,105
-
-
(547)
-
-
15,558
71,890
2,394
-
(3,521)
-
-
70,763
4,206
-
-
(222)
-
-
3,984
35,025
-
-
(1,852)
-
-
33,173
7,353
-
-
(389)
-
-
6,964
11,317
-
-
(598)
-
-
10,719
3,826
-
-
(202)
-
-
3,623
359
-
-
(19)
-
-
340
4,194
-
-
(222)
-
-
3,972
1,472
-
-
(78)
-
-
1,394
155,747
2,394
-
(7,650)
-
-
150,491
Balance at 30
June 2021
Income
ExpenditureNet investment
gains/(losses)
Transfers
between funds
Other
Gains/(Losses)
Balance at 30
June 2022
£’000
£’000
£’000
£’000
£’000
£’000
£’000
4
-
-
-
-
-
4
27,225
5,464
2,771
(1,147)
(1,334)
-
27,437
3,212
58
16
(131)
-
-
3,123
11,962
258
355
(476)
-
-
11,389
1,067
154
194
(41)
-
-
986
689
13
403
(12)
-
-
287
-
-
-
-
-
-
-
154
3
-
(6)
-
-
151
410
27
3
(17)
-
-
417
341
7
-
(14)
-
-
334
45,064
5,984
3,742
(1,844)
(1,334)
-
44,128
Balance at 30
June 2021
Income
ExpenditureNet investment
gains/(losses)
Transfers
between funds
Other
Gains/(Losses)
Balance at 30
June 2022
£’000
£’000
£’000
£’000
£’000
£’000
£’000
27,983
-
-
-
(95)
-
27,888
4,786
1,112
2,275
(172)
1,626
-
5,077
-
-
-
-
-
-
-
386
15
84
-
-
-
317
237
-
7
(5)
-
-
225
596
225
241
-
100
-
680
7,575
3
8
(311)
-
-
7,259
109
173
216
(3)
-
-
63
55
26
(1)
-
-
27
420
5
17
(16)
-
-
391
42,147
1,533
2,874
(508)
1,631
-
41,928

34

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 (continued)

24.2 DETAILED FUNDS CONSOLIDATED 2020/21

Endowment
Buildings
Awards and studentships
Prizes
Research
Library
Other education
Benevolent
Art and music
Sports
Other
Restricted
Buildings
Awards and studentships
Prizes
Research
Library
Other education
Benevolent
Art and music
Sports
Other
Designated
Buildings
Awards and studentships
Prizes
Research
Library
Other education
Benevolent
Art and music
Sports
Other		 Balance at 30
June 2020
Income
Expenditure Net investment
gains/(losses)
Transfers
between funds
Other
Gains/(Losses)
Balance at 30
June 2021
£’000
£’000
£’000
£’000
£’000
£’000
£’000
14,393
-
-
1,713
-
-
16,105
57,501
1,577
-
12,812
-
-
71,890
3,489
25
-
692
-
-
4,206
29,227
-
-
5,798
-
-
35,025
6,136
-
-
1,217
-
-
7,353
9,444
-
-
1,873
-
-
11,317
3,192
-
-
633
-
-
3,826
300
-
-
60
-
-
359
3,500
-
-
694
-
-
4,194
1,229
-
-
244
-
-
1,472
128,410
1,602
-
25,736
-
-
155,747
Balance at 30
June 2020
Income
ExpenditureNet investment
gains/(losses)
Transfers
between funds
Other
Gains/(Losses)
Balance at 30
June 2021
£’000
£’000
£’000
£’000
£’000
£’000
£’000
4
-
-
-
-
-
4
21,824
2,053
1,281
4,471
158
-
27,225
2,616
105
36
527
-
-
3,212
9,931
536
469
1,964
-
-
11,962
878
121
107
175
-
-
1,067
14
1,992
1,430
113
-
-
689
-
-
-
-
-
-
-
126
2
-
25
-
-
154
313
43
13
67
-
-
410
275
10
-
56
-
-
341
35,981
4,862
3,336
7,399
158
-
45,064
Balance at 30
June 2020
Income
ExpenditureNet investment
gains/(losses)
Transfers
between funds
Other
Gains/(Losses)
Balance at 30
June 2021
£’000
£’000
£’000
£’000
£’000
£’000
£’000
23,453
-
-
-
4,530
-
27,983
4,266
1,122
1,718
134
982
-
4,786
-
-
-
-
-
-
-
451
5
70
-
-
-
386
199
25
-
13
-
-
237
549
314
267
-
-
596
6,204
190
-
1,181
-
-
7,575
39
208
138
-
-
-
109
43
12
-
-
-
-
55
362
58
-
-
-
-
420
35,566
1,934
2,193
1,328
5,512
-
42,147

35

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

ENDED 30 JUNE 2021
General Funds Designated Restricted Endowment 2021
Note (Unrestricted) Funds Funds Funds Total
£000's £000's £000's £000's £000's
Income and endowments from
Donations and legacies 670 1,030 1,978 1,602 5,280
Charitable activities 2 9,026 - - -
 9,026
Other trading activities 4 128 20 21 - 169
Investments 3 46,975
 884 2,863 31,340 82,062
TOTAL INCOME 56,799 1,934 4,862 32,942 96,537
Expenditure on
Raising funds 825 - - - 825
Loan interest 4,396
 - - - 4,396
Estates and Investment Management costs 5 12,076 - 524 - 12,600
17,297 - 524 - 17,821
Cost of charitable activities 6 39,974 2,167 2,553 - 44,694
Other Expenditure
University contribution under Statute GII 7 2,549 26 260 - 2,835
TOTAL EXPENDITURE 59,819
 2,193 3,337 -
 65,349
NET INCOME/(EXPENSE) (3,020)
 (260) 1,525 32,942 31,187
Net Realised gains on Investment Assets - - - 10,590 10,590
Net Unrealised gains/(losses) on Investment Assets - 1,328 7,400 258,456 267,184
NET INCOME / EXPENDITURE BEFORE
TRANSFERS (3,020) 1,068
 8,925 301,988 308,961
Transfers between funds 19 (5,671) 5,513
 158 - -
NET INCOME / EXPENDITURE AFTER (8,691) 6,581 9,083 301,988 308,961
TRANSFERS
Other recognised gains & losses:
Actuarial Gains/(Losses) on defined benefit pension
scheme		 16 17,202 - - -
 17,202
NET MOVEMENTS IN FUNDS 8,511 6,581 9,083 301,988 326,163
Total funds brought forward 39,524 35,566 35,981 1,452,886 1,563,957
Total funds carried forward 48,035 42,147 45,064 1,754,874 1,890,120

There are no recognised gains or losses other than those disclosed above. All of the above results derive from continuing operations.

There is no material difference between the net incoming resources for the financial years stated above and their historical cost equivalent

36