TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2023
TRINITY COLLECE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JuDe 2023 coNrENTS Page Trustees PrilleSpal Advisers Trustees, Report for the year ended 30 June 2023
9 Statement of Trnstees, TeSPODsibilities for the year ended 30 JUD¢ 2023 Independent Auditors, Report 11-13 Consolid¢ed Stateent of Flnanclal Activitie5 for tb¢ y¢gr ended 3D JuDe 2023 14 Consolidated B14nee Sheet as at 30 June 2023 15 College BalaD¢e Sheet #s at 311 June 2023 io CoDS01ida¢ed CA$b Flow Statement for the yeAr ended 30 Jwie 2023 17 Notes to the Finxlltl*l Statemellts for the year 30 June 21123 18-36 CoD501id4¢ed Statemellt of Flnxnclal ActiYit5es for the year eDded JO June 2022 37
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 TRUSTEES AND PRINCIPAL ADVISERS Trustees, Member8 of College Cvunril Professor Dame Sally Davies, Master Professor Louise Merrett, Vi¢e-Master Professor Catherine Barnard, Senior Tutor (fiDm l October 2022) Professor Sachiko Kusukawa, Senior Tutor(until 30 September 2022) Mr Richard Tumill, Senior Bursar Ms Emma Davies, Junior Bursar {from 20 January 20231 Professor Alan Windle (until 3 February 2023) Dr Arthur Nornian {ulltil 3 February 2023) Professor Malte Grosche (until 3 FebNary 20231 Professor Samita Sen Dr Benjamin Spagnolo Professor Caterina Du¢ati Professor Jol)n H&noh Professor Nicholas Thomas Professor Cameron Petrie Pmfe&sor Andrew Crnwford (from 4 F¢bn]ary 2023) Dr Anne Toner (from 4 Febnwy 2023) Profe&sor David Tong (from 4 February 2023) Seerttsry of the College Council Dr Christopher Morley (until 30 S¢ptember 2022) Dr Paul Wingfield (from 23 S¢pt¢mber 2022) Bankers Barclays Bank plc Barclays Commela1 Bank PO Box 885 Mortlock Hous¢ Hisron, Cambridge CB24 9DE Cust•dlan8 J. P. Morgan Chase Bank, N.A. Chaseside Boummouth Dorset BH7 7DA Property Advisers Bidwclls LLP Bidwell House Trumpillgtoll Road Cambridge CB2 9LD Soli£itors Mill8 & Reeve Botonic House 100 Hills Road Cambridge CB2 IPH Savills (UK} Ltd Olympic House Doddington Road Lincoln LN6 3SE IndependeDt Auditors Crowe U.K. LLP 55 Ludgate Hill London, EC4M 7JW ReRlstered Address Trinity College Trinity Stre Cambridge CB2 ITQ Historic etordlllg to the Royal Charter dt¢d 19 December 1546: COLLEGE OF THE HOLY AND UTrIDIVIDLD IIUNITY WITHIN THE Tom AND UNIVERSTTY OF CAMBRIDGE OF KING HENRY THE EIGHTH'S FOUNDATION Registered Charlty Number: 1137604
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2023 The members of the College Council, who are chan'ty trustees ('tnJstees'). present their statutory report and audited consolidated fmancial staiements for the year ended 30 JuDe 2023. Stru¢tur¢, Governgnce and Management Trinity College. Cambridge, was founded in 1546 by King Henry Vlll. In October 2022, the College had 190 Fellows {aeademi¢ stsff involved in teaching, research and administration) and 970 junior rnelnbers in residence 1735 undergrnduates. 235 postgraduates). The ¢utl StaDJtes of the College were rnade under the Universities of Oxford and Cabridge Act 1923 by an Order in Council dated 30 April 1926. Subsequent alterations have been rnade.oD various dates by the pro¢edur¢ set out in the Sthtuies and in accordance with Section 7 of the 1923 Act. Governance In accordance with the Statute¥ the College is athnillistered by the College Council which nom)ally meets onoe a week during Full Temi and on o¢casion in the vacations. Members of the Counci] are ctwity tnte¢S un(kr the Chariiies A¢t 2011. The Master, plus thirteen Fellows, four ex officio, serve as members of the College Council. The chaxity trnstees r¢ceive no payment for their role as ttustees. The Coun¢il has Standing Orders governing its meetjngs, and an Ordinance on conflicts of interest. The Coun¢il sets down rules, regulations and procedures goveming most aspwts of College life, principally through cna¢ting or arnending where appropriat¢ College Ordinances. Th¢ Council is {with limited exceptlons) subject to Teview by o College Meeting? namely a m¢¢tiD8 of the Master and Fellows. There are at least No College Meetings ea¢h year, the Accounts Meeting following the audit and the Annual College Meetittg ai which members of the Council are elected (three eh year, to st¢ for three years). sla] College Meetlls may be summoned by a procedure 5pccified in the Statutes. The principal officers of the Colleg¢ include the Master (who is appointed following a process where the College Tecommends a name to the Prime Minister, who rnakes a recommendation to the sovereigll), the Vi¢trMaster (who is elected by the Fellows), the Senior Tutor, and the Seniorand JuniorBursars (all three appointed by the Council) these are all members of the Council ex officio. Other officers of the College in¢lude the otherTutors, the Deans of College and Chapel, the LibrArian, the Leeturers, the Steward and the Chaplains. Newly elected member5 of the Council, who will as Fellows already b¢ familiar wlth the College'5 Statute$ 2nd Ordinances, receive a briefing on the dutie5 of Trnstees from currcnt College Officers and the Secretary of the College Council. Members of Council receive training and inforntIOn to keep them inforn]ed on se¢tOT issues and regulatory requir¢rnents from the College's solicitOTS and auditors. All members of Council are required to register any inter¢sts under the College's conflicts of interest tKTrli¢y. Th¢ College Council have considered carefully the principles set out in the Charities Governance Code and aJe satisfied that in all material respects the governance arrangements forthe College are in line with thi principles. Committees There are a number of ¢ommitte&q in the Coll¢g¢, some standing. some appointed by the Council for a particular purpoge. Members of commiuees are appointed by the Council. and membership of standing committees is reviewed annually. The Committees make reeommendaiions to the Council. and decisions are taken by the Council. Financial and operational risks are the responsibility of the Senior and JunioT Bursars respectively and are reviewed by relevant College Committees who report to the Coll¢ge Council. AmoTJg these arc the Investment Committtt, the Expenditure Committee. the House Committee and the Audit Committee which between them review all aspects of operational and financial performon¢e, fanCIal governance and risk. The Buildings Committee oversees the day-to-day maintenance work and manages the pmgratntne of major ren¢wals and renovations across the College.
TRINITY COLLEGE, CAMBIUDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 30 Jun¢ 2023 (continued) Structure, GoverDAn¢¢ and Mallagemellt (continued) The College's Stipends Comlnittee and Stsff CL)mmittee recommend th¢ pay and remuneration of Fellows and Staff respectively for the approval of the College Council. The operation of the Stipends Committee is governed by a College Ordinance, which provides that stipends of major olf1$ ar¢ reviewed by a special sub-¢omrnittee with no members who are themselves major otTicers. The Edu¢aiion Committee makes recon)mendation8 to the Coun¢il regarding teaching staff, subjects and the organisation of studies. Therc is a Liaison Committee, including several representstives elected by the juniormembers of the College and somc Fellow8 appointed by the Council, whose remit is to discu&s and make recomjnendations about matters of ¢¢)n¢em to junior members. The Liaison Committee's minutes are received by the Council. The Staff Consultstion Committee, chaired by the Master, is wljere elected representatiyes of the College's non- academi¢ staff meet with the Junior Bursar and Head of Human Resources to discuss matters of interest to stsff collectively. It reports as appropriate io the Coun¢il and other College bodies. Obje£tive# and Aetlvltles The object of Trinity College is advancem¢ni for the public bellefii of educaiion, religion. learning and research, primarily by the maintenance and developm¢nt of a College in the University and City of Cambridge. The College provides, in ¢¢)njun¢tion with the University of Cambridge of which it is pait edu¢aiion for undergraduaie and graduate StUdenL which is recognised iniernaiionally as being of the highest standard. Bursaries and studentships are provid¢d, when needed, to both undergraduate and gradlla members of the College of limited means, including som¢ support for underUate$ through a bursary scheme operated in cornmon with the University and tile oth¢r Colleges. The College admits as m¢mbers those studelltg aT]d academics who have the highest potential to Ixnefit frorn the educational and research faci]ities that the College provides as a Constituent college tn Cambridge University and who therefore must satisfy hi8b academic requirements for enty. The College has no geographi¢al or religious barriers io enty- m¢mbers corne fro a very wide range of backgrounds- and there att no age r¢strictiolls, save that ihe College does not norfftally admit students under the age of 18 al entry. I)ependent on the success of the University for the Colleg¢'5 object to be achieved, the College Tnakes grants to other collcges, Trusts and institutions in the University with objects similar io its own. In particular, the College mak¢s grants to the Cambridge T]ug1 and the Isaac NeOn Trnst. The IS Newton Trust was established by the College in 1988 and it supports departments, bodies and indfftviduals in the wider University. The Trust is an independ¢nt ¢harity which may share some common trnstee5 with the College. The College also under its Statute XLVI from time to lime makes donations to charitie5 in and around the City of Cambridge, and to appropriat¢ bodies in areas where il owns property. The great majoriiy of the a¢ad¢rnic staff are Fellows of the College, elected in the vaTiOUS ways prescribed by tb¢ College's Statutes. AS well as Teaching Staff, the Fellowship also includes Reseatth Fellows (Junior and S¢nior}, certain senior administrativ¢ offi¢ers, some Professors in the University. and p¢rsoJJs who have retired after long setvice in one OT morc of these roles. The Council has gxven due regard to the guidance on public benefit published by the Charity C¢)mmission, and to its two key principles, that there must be identifiable benefit and that the benefit must be io th¢ public or a section of the public. The Council is satisfied ihat the object and activitie5 of the College fully meet the public benefit requirements dun'ng the year under review, as d¢monstrdted by its increased focus on outreach and widening the opportunities to access to Cambridge University education and by its provision of education and research as outlined in more detail below.
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2023 (¢ontinu¢d) Achievement¥ and perform4n¢t The College admitted 194 und¢rgraduate students in October 2022 for regular SdY from all back8round5 acft) the wide range of subjects studied in the University. A fier 4 swdents were admitted for one year on various exchange or VESltor programmes. As usual, many studenL8 (321 returned after grd(luation for further study, and th¢ Coll¢ge athnitted a fijrther 71 graduates frorn other Universities to read for Master's deee$ andlor doctorates in various subjects. 19 students continued to a PIJD after completing a Master's degree. During the year, junior members achieved 76 Master's degrees and 62 PhDs. Our student body is international, with 76 nlonalitieS represented. Students sittiDg examinations in 2023 were significantly affect¢d by the University aTLd College Union's Marking and Ass¢s5ment Boycott IMAB) which resulted in around 500/0 still waiting for fll1 marks going inio th¢ new academic year, including a number of students who had completed their studies. While the College once again recorded some outstanding ]ndividual perfoman¢es among tho%c whose fal results were published, a full report on the 2023 exalnination period will not be available until lat¢r in the year at the earliest, depending on when the results are flnally published. General Adrni8sion went ahead with an amended forniat to the ceremony at the Senate House that enabled all graduands lo ¢elebra¢e the end (Trf th¢iT Studies with friends aJ]d family. The College launched a scheme whereby anyone applying to the College as an undergraduate, in 2022, 2023 or 2024, who is eligible for the Cambridg¢ Bursary Schejne will also receive the Trinity Maintenance Grant (TMG). The applicant needs to bc suc¢es8ful in joining either Trinity or anothei Cambridg¢ Colleg¢ through the 'Winter Pool, or th¢ 'August Reconsideration Pool, To be eligible for the Cambridge Bursary Scheme. a Student needs to have Horne Fee status and residual household income. assessed by theirregioDal fuDdin8 body. at or below £62,215. In 2023-24, the value of the TMG will be £4.455 for each year of und¢rgraduate studies at Trinity Inornially for up to four years}, provided continuing eligibility for the underlying Carnbridge Bursary Scheme. The College's ambition is for all Trinity students to be able to ¢ompl¢t¢ and enjoy their degrees without f]nancial ci>ncerns, giving 5e¢urity to be able to benefit from the rich ¢ultyral, social aThd sporting life Cambridge has to offer. The College recognises thai many students are from back8fouDds which are under pressure fJnaDcially, particularly in the wake of the pandemic and increases in the cost of IiviD8. and we hope the Trinity Maintenance Grant can alleviate some of that pressure. Religion The Ststutes of the College state that the Council shall rnake provision for the celebntion of Divine Servi¢¢ in the College Chapel. a tradition which has eontinucd to flourish during the year under review. The regular services during Full Tern] of thrtt Choral EveiLsong8, together with services of Compline and Eucharist, continued to be well attended by memlxrs of the College ¢oullnunity and visitors. The College supports its ¢horal tradition through the College Choir. which is ¢entral to the provisffton of Divine Scryice in th¢ Chapel and reaches out to a worldwide community ¢hrough the weaSt of all chordl services from th¢ Chapel. In addition to the regular seNi¢e& weddings, baptisms and memorial services are often eonducted for members of the College community. The Dean and Chaplains are a central part of the College's w¢lfar¢ provision and see all members of Colleg¢ on atters of personal concem, whatever their faith. The Chapel is also a place of spiritual and ethical reflection, and through its teaching and ihrough a host of activities engagw students, Fellows and staff in consideration of the implications of religious belief for individuals and siety. The College continues to support the 31 parishes around tbe county for which it is Patron. Learning The year b¢gan with a very busy sujnmer in the Wmi Library as read¢r numbers reached Capacity across the long va¢ation with researchet5keen to getback to primary source research afterthe difficulties causedby the pandemic. Reader Duinbers have remained ConsisnI]Y high across the year, and newly catalogued material is being called up instantly, demonstrating the importance of publithing and promoting accLWdte rordS of our holdings. We have had many special interest groups visiting the Library. particularly in connection with the "WTrn 300- celebNions marking the tercentenary of his Christoph¢r Wren's deaih, and teaching and learning with ihe collections continues apace.
TRtNITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2023 (continued) Le*rning (eontinued) We have also been working closely with c<Jlleagues elsewh¢r¢ in Cojjege to welcome groups to the LibY, including hosting writin8 workshops for prospective sttEd¢nts through Outreach and School Lia2son. and art workshops with our Art tutor for ¢urrent Trinity sthdents. Finding new ways for new audiences to enjoy our space and collectiong is an important part of our work. Items fn)m the collection have also been exhibited around the world, most notably the Irtql4L8EiiO Eliensi5 which travelled to Roskilde in Denma and received a royal welcome when Queen Margrethe 11 Tequested a private viewing of the manuscript. Photographs from the Munby collection have been exhibited in Gennany, and a copy of the College's own publication The Trinitymagazine travelled to Switzerland for an important ex]ll"bition on Vladimir Nabokov. The College Library has been very busy this year, too. 3091 new books were added to the Colleclions over the course of the year in direct support of undergraduate teachRng and learning. li hos also been a very bountiful year in ternis of donations with severnl large collections offered to the Library, and lots of new publications from members of the College have also been given. Much of the year ha8 been spent engaging wilh idvas around the College's Mastetylan with the Library idcntified as one of the areas needing serious investment. A stud¢nt survey carried out at the end of Easter terni has given us lots. of feedback to inco4)ofdte into any ideas we mtght have for a new or improved Library space; there is a clear demand (or a berter space in which students can study. In the College Archive. the large backlog of modern manuscripts which remained unaccessioned at b¢ginning of this year has been dealt with., nearly all of this material has now been accessioned and some of it catalogued. Work has begun on irnproving the siordge of outsized material. A survey of the Library's historical audiovisual material has been made with a view to having ir digitised and seeking advice for its best pr¢seTvation. impottant group of Sir Andrew Huxley's papers (119 boxes) previously Én the custody of the Centre for Scientific Archives, has finally rnade its way to the College and has added to 245 boxes of Huxley papers a]ready in thc basemcnÈ. A proportion of the tsixes of tutorial files remaining in the TutOTial D¢partent have been transferred to the Muntment Room, but a want of space now prevents the addition of any significant quantity of it¢ms to that roorn. The compilation of a talOgUe of the college archives has now begun in earnest. Researeh ID January 2023, in an open competition, th¢ College elected eight Junior Research Fellow5 to commence four years of research it) October 2023. The College's ThIng Staff are re5earch-active and many disttnctions are earncd each year as reported in the College's Annual Record. Ai th¢ end of the academic year 2022-23, the F¢llowship included 31 Fellows of the Royal Society and 23 Fellows of the British Academy. Future Plan$ Trimity ks¢ates Mtzstsr Plan The'l'rinity Estates Master Plan is a programme which airns to develop a vision and delivery plan forhow Trinity ¢an best meet the future expectaiions and needs (Trf its students, Fellows. and other stakeholders. The College is in now at the %tage of the plan where it will b¢ d¢veltsping a set of proposals for consideration by the College for iMpl¢MlatiOn. Edu¢41ionprovisio The College is considering carefully how to respond to education 5eGtor issues particularly around funding and provision of world leading university education. TolalRelurn The College ig careIlY ¢onsid¢ring a move to a Total Rern method for ¢al¢ulatill8 income available for generdl funds. To be able to implem¢nt this rnove. the College is in a prcKess lo updat¢ its Statutes.
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2023 (eontlnued) Fln4ll¢141 Rewlew Th¢ Coll¢ge'% net assets increased by £206m to £2.192bn (2022.. £1.985bn). primarily as a result of an increase in the valuation of the inv&qtments (£176.4ml, realis¢d profits on investmet]t property sales (£5.3ml and actuarial gains in the value of the defined benefit pension s¢h¢Tne {£4.2m). The pension scheme, now itl surplus. is funded by the College based on advice from th¢ h¢t actuary and is notcoyhsidered to be a financial risk tothe College's activitie5 or essets. The College's Statement of Financi41 Activities (SOFA) is presented in th¢ forntreqUIred by the Charity SORP, which divides the College's income between various funds. The F.ndowment Funds represents permanent capital splii beiween the College's Corporate Capitsl, which has the fcaturel of, and has been trvdied as, a P¢rnianent Unrestricted Endowment fvnd, al Other Endowments wherc the College has received slf1¢ donatlODS and legacies that are to be held in perpetuity. The Ancome from the Other Endowments are rther split between Re8tri¢ied where the original receipt also restricts the College in th¢ us¢ of illcome arising from the ¢apitAI and Unrestricted where the College can spend the income on any activity of the College. Restricted Fwids. and th¢ income arising. can only be used for the purposes for which they were OriginlY given. The Coll¢ge's Designated Funds represent resources set aside for specific purwses. Therefore, in any given year th¢ key indi¢atQT of the College's financiai health is the N¢t IncomeXpeAdlye after transfers in the College's unre8tri¢ted GeDerdl and Designated Funds which were £5.8m in surplus in 2023 (2022.. £2m d¢fi¢itl. This reflects further recov¢ry in iti¢ome post pandemic with more m¢)dest irtereases in expenditure. In¢ome from charitable activities (education) continued to grow in the year, followin8 previous years. post Pandemic recovery. The main ¢ontnutor to the increase was from residence and catering, increasing to £7.5nJ 12022.. £6.8m} due to an increase in residential styd¢nt numbets and inflaiionary increases in charges. The recovery from the tmpact of the pand¢mt¢ on illve5tment rents and dtvidends continued to be significant. Income from equity dividends in¢r¢ased by £4.4m atjd propety ineome was up by £7.5m. The endowment generated realised gains of £5.3m (2022.. £36.5m). In Addition to funding its owi activities and making its University Contributi(>n of £3.3m to the University's Colleges FuniL the College made sub5tsntial donations totalling £5.5m (2022.. £5.8m). mainly to support wider collegiate Cambridge, and has increased spending on scholarships and awards tr) £8.Om (2022.. £7.Im). The overall costs of charitable activities (i.e. expenditure) were increased from £52.Im to £53.2m. Included ID ¢osts, expenth'ture ort Research remains ¢onsistenl with previous years at over £5m. Th¢ maintenance of ibe College's fabric and infrastructure is a constant draw on the College's resource. but often with significant variations from year io year. Maintenance, repairs and improvements decreased to £8.6m (2022: £10.4m). The main expendilure in the year being the completion of the refwbishment ofNorth West Great Court. In years of low expenditure, the Coll¢ge makes trdnsfers to the Renewals and Renovations Fund which is part of Designa*d Funds. This Fund is used in years of higher th8n average renovatiort expenditure. Reserve5 PollTy Total funds within the group w¢r¢ £2.19bn at 30 June 2023. This comprises Corporale Endowment of £1.85bn, Other Endowments of £166m. Re5tri¢ted FLmds of£55m, DesignatEd Funds of £44m and General Fun(Ls of£71m. In order tg provide a cushion against dOWmMs, the College seeks io maintain reserves in the Consolidated Unrestricted Gene1 Funds within a range of six to eighteen months worth of the annual cost of its generdl fvnds haritable activities {2023.. £23.3m 10 £70.Om), with a target of an average holding of twelve months wotth {2023.. £46.7rn). As a result of the surplws in net incorning resources in the Consolidated Unrestricted General Funds, reserves (total funds carried forward) inere&ged to £71.Im, (2022.. £63.6m). The reserveg are therefore currently above the policy range. The College is aware that the implementhtion of the Trinity Estate master plan and Ren¢wa]s alld RenovatiOnsprojts will hav¢ a si8nifioant impacton reserves over the next few years. bringing the general funds back into the policy rdllge.
TRINITY COLLEG[ CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2023 (continued) Reserves Poli¢y (eontlnue41) For reserves h¢ld as eash, the College maintains a model which ealculates a reseNe level based on a sensitivity analysis of operatlODal income 8lld expenditure, the College risk re8lSter and eash flow proje¢tions for major buildings work and inve5tTnellt property developmenis. The c&sh reserve held to be sufficient for downlurns and to ensure sufficient liquidity to fund ongoing operational activity and major capital expenditure without the need to sell investhients in the short terni. Any excess is generally invested in the Colleg¢'s global index equity portfolio. Th¢ College's reserves and cash position are de¢m¢d to be suificieni against the largets outlined in this policy. Investment Pollcy The investment mission is to support the College in aehieving its aim.. the advancement of educatio religion, learning and research. The investhientg of the College have two objectives.- to achieve a long-terni total return of CPI +5 /0. and to have a significant, lasiit)g and positive impact on the environment. including a¢hi¢Ying net zero by 2050. To that end. the investments haye two intemediate sciencepba8ed tsrg¢ts: a 2117/0 reductioth in emi&8ions from the 2019 baseline by 2024 and a 46.20/0 reduction by 2030. Golng Concern The Council hos ¢¢)nsider¢d carefullythe fmamcial position of the College its ability to remait] agoing concern for the foreseeable futt]r¢. It considered the volatility in the UK and th¢ cost of living together with the risks to the world economy arising from Yarious intemational conflicts and oth¢r ¢xternal factots which Could impact on the financial position of the College in the short to medium term. This included cash flow forecasiing with a five year fotward view. The Council 1% cognisant of the fact that the op¢rdtional income of the College is not sufficient to fund the operdtional activities of ihe College and it is therefore dependent on the et0wment to fund its operations. The ctsh position end the College's liquidity for the foreseeable future as described in the Res¢rv¢s Policy section of this report are designed to ensure the College has sufficienl cash to manage its operations alld majorexpenditUTe requirernents without the need io sell investment assets. The global equity portfolio is di5tTibut¢d acTOSS a large number of publicly available exchanges aDd could be liquidated into cash at short noti¢¢ if required. At the lime of approval of this ReporL although ihe risks around the economy remain, the College's financial position is strong. The Council is satisfted that the College WAII remain a going concern forthe foreseeable futh. Statement OD fundraising Trinity College fvndraising is carried out by College employees in the Alurnni Relations and Development oifice {ARDO) and involves engagin8 with 14.000 contsctable alumni and otber selected persons or entities with an interest in the-work of the College. The aciivity is overseen by the College's Alumni Relations and D¢velopment Committee. Fundraising ethodS Include fa¢e-io-fa¢e meetings, dir¢rt ll11, social mediaand email and telephone calls undertaken by students employed by the Coll¢ge. ARDO wn]Jnuni¢ations refer to our dota protection statement and all bu]k email ¢ommunications include an option to UAsubsenl)e. tn 2022-23, 2181 alumni, foundations and frR¢nds gave or eommitted io give £12.4m via AR. Highlights in¢lude fLmding and commitments of £7.5m in new trust fimds for four new PhD studentships. The College is registered with the Fundraising Regulator and its logo appears on all alutnni and development publications. The College abides by the Fundraising Code of Practice in its aCtitleS and there are no known instances of Don-complipnce with the Code. There were no complaints received in the year about fundTaising. ARDO staff are required to i11¢att if they are concerned that someone they have contacted might be ¢onsid¢red to be vulnerdble. If there are ally concems that someone lacks capacity to make a decision to donaÉe, then ndTaising approaches are stopped. AR staff receive training in the workplaee alld externally to ensure they keep up with best pftctice.
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2023 (eontinued) Risk Management The College has a process for identifying. evaluating and managing the key risks in undertaking its activities and achieving of its objectives. The College mainrains a Risk R¢gister which seeks to identify all of the strategic risks faced by the College as well as the operationat risks identif2ed by individl1 departmeJ)ts. The College's Audit Committee rcviews the Rigk RegiSr once per year and the straiegic risks are Considered annually by the College Council. The prin¢ipal risks faced by the College 8r¢'. PTinci lrisk Failure in duty of eare to sdents. sthff or F¢llows How risk is mana Training and communication to all memb¢rs of the college Health and Safety support through dedicated d¢partment Safeguarding policie% and prOCeeS Organisational stJu¢ture and governance through ¢on)mitt¢¢s Whistle blowing policy Significant reductions on valuation of investments (eg stock majket crash) Investment wliey Diverse portfolio Investtnent Committee Infectious dise4s¢ pandemi¢ Disaster recovery plans Emergency procedures for wuncil and beads of departments Tcchnolo8y solutions to manage op¢rations remotely Fire or other catastrophic damage to historic buildings Regular itispections and Condition r¢vi¢ws Dedicated works department Preventative maintenance programme Funds set asid¢ in desi8Wdted fund Insurnice P¢rn)anent lo&$ of a major income Snvesknent portfolio is diversified between propety and equity Maintaining General reseryes levels Long t¢rni cash flow forecasting with buffers fr>r economic risk
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees. Annual Report and the financial stal¢Tnents in accordance with appli¢abl¢ law and United Kingdom Accounting StaTLdards {United Kingdon) G¢n¢rdlly AcGepied Acwunting Practi¢¢). The law applieable io charities in England and Walcs requires the Tnjstees to prepare fjnallciat statements for ea¢h finaD¢iai year which give a true and fa view of the state of affairs of the College and tbe group and of the in¢oming resources alld appltcation of resour¢es of the College and the group for that period. In preparing these fllwicial statemenr& the Tnl¢cl ar¢ required to: Se]1 suitsble accounting policies and then apply th¢m ¢onsistently' observe the rnethods and principles in the Charities SORP,. make judgments and estiinates that are reasonable and prudent,. state whether applicable accounting standards. cornprising FRS 102, have been followed, subjeci to any aterial departures dis¢los¢d and ¢xplained in the financial statements,. and prepare the financial ststements on the going ¢oncem basis unless it is inappropriat¢ to presume that the charity will continue in business. The Trustees are responsible for keeping proper aeeounting records that di10 with reasonable accuracy at any time the financial position of the ¢harity and enable them io ensure that the financial statements Comply with the Charities Aci 2011. the Charkty {Accounts and Reports) Regulations 2008 and the provEsions of the ststeS. They arc also reS)nSIble for safeguording the assets of the College and the group and bence fortaking reasonable steps for the prevention and detection of fraud and other iffegularities. The TStee$ are responsible for the maintenance and integnty of the charity and fllmncial infomiation included on the College's wcbsite. Legislation ill the United Kingdom governing the preparation and disseminatioll of financial Statements may differ from legislation in other jUTisdictions. Approved by the College Council on 20 November 2023 Professor Dame Sally Davies, Ma Mr Richard Turnill, Senior Bursar 10
TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2023
INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY OF TRINITY
COLLEGE, CAMBRIDGE
We have audited the financial statements of the Trfftity College. Cambridge ('the charity.) and its subsidiaries
{'the group,) for ih¢yearended 30 June 2023 which cornprise the Consolidated Ststernents of Financial Activities,
the Consolidated and College balance sheets, the Consolidated cash flow slaternent and notes to the financial
statements. including significant accounting policies. The fllmncial rewrting framework thai has been appli¢d iti
their preparatioll is applicable law and United Kingdom Accounting Stalldards, including Financial RqK>rting
Standard 102 The Financial Reponing Standard applicable in the UK and Republic of Ireland (United Kingdom
G¢n¢rally Accq>tcd Accounting Practic¢).
In our opinion the fmancial statements..
give a true and fair view of the 5tat¢ of the group's and the charity's affairs as at 30 Jun¢ 2023 and of the
group's incoming resources and application of resources, including lis income and expenditure, for the year
have been properly prepared in accordance with Unitcd Kingdom Generdlly Accepted Accounting Prdctice;
have been prepared in accordance with the requirements of the Charities Act 2011.
In our opinion the contribution due frorn the College to the University has been correctly cornputed ag advised
in the provisional assessment by the University of Cambridg¢ and in accordance with the provisions of ste
G,II, of the University of Cambridge
BasS5 for opinlo
We conducted our audit in accordance with Intemational Standards on Auditing IUK) (tSAs (UKI) and applicable
law. Our responsibilities under those standards are further described in the Auditor's resp)nsibilities for the audit
of the fjnancial statements seetion of our report. We are independent of the group irt %cordance with the ethical
requirements that are relevant to our audit (Trf the fmancia] statements in th¢ UK, including ihe FRC'5 Ethical
Stondard, and we have fulfilled our other ethical responsibilities in a¢¢ordan¢e with these r¢quirem¢nts. We
believe that the audit evidence we have obtsined is sufficient and appropriat¢ to provide a basis for our opinion.
Conelusions relatlng to going ¢oDcern
In auditing the financial statements, we have con¢lud¢d that the thjstees, use of the going concern basis of
accounting in the preparation of the f]Dallcial staiemenLs is appropriate.
Based on the work we have perfom]ed, we have not identified any mat¢rial uncertainties relating to events OT
conditions tha( individually or collKtively, may casi significant doubt on the charity's or the group's ability to
contillue as a going concern for a p¢ritxl of tdt least twelve months from when the fll)att¢ial statements are
authorised for issue.
Our r¢$ponsibilities and the Tesponsibilitio of the trusttts with resp¢ct to going concern are described tn the
relevant sections of this report.
Other IDformation
The trustees are responsibl¢ for the other inforniation contained within the annual report. The other inforniati¢)n
comprises the information Included in the annual report, IAh¢r than the fmancial slatements and our auditor's
report thereon. Our opinion on the fm8ncial statements do¢s not cover the other inforniation and. except to th¢
exteni othenvise explicitly sta*d in our repon. we (lo not expre ally forni of assurance or conclusion thereou.
Our rtsponsibilily is to read the other information and. in doing 50. consider whether the other inforniation is
aterially incoDSiStent with the f]nancial statements or our knowledge obthined in the audit or othenvise appears
to be n)aterially misstated. If we identify such rnat¢rial inconsistencies or apparent material missta¢ements, we are
required io deterniine whetherthis gives rise to a material tllissiatement in the flnancial statements themselves. If,
bos¢d on the work we have perfomie
TRINITY COLLEGE, CAMBRIDGE AIYNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 Matters on Ivhleh we are required ¢0 report by exeeption We have nothing to report in respect of the following matters in relation to whieh the Charities {A¢¢ounts and Report8) Regulations 2008 requires us lo report lo you If, in our opinion.. the inforn]ation given in the financial statements is inconsistent in any material respect with the tNstees' sufficient and proper awowlting record8 have not been kepi by the parellt ¢h8rity' or the fJnan¢ial ststements are not in agreement with the accounting records and r¢turns' or we bave not received 011 th¢ infornvation and explanations we require forour audit. Responslbilities of tru&t¢es As explained more fully tn the trnstees, responsibiliti¢s ststement. the tnleeS are r¢sponsible for the preparalion of the financial statements and for being satisfied that they give a trne and fair view. and for such internal control as the tNstee8 d¢t¢rniine is nece&sary to enable the preparation of financial statements that are free from material misstatement, wheth¢r thie to fraud or error. In preparing the fmancial 5tat¢tn¢nts, the tnjstees are responsibl¢ for assessing the group and lh¢ parent charity's ability to Continue as a going ¢on¢ern, disclosing, as applicable, matters related to going ¢on¢ern and using the going concem basis of ac¢oullting unle&% the trnstees either intend to liquidate the charity or to cease operations, or have no realistic alt¢rnative but to do so. Auditor's r¢sponsibllltles for the audit of the finaMcial statsments We hav¢ been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant r¢gulalioll5 rnade or having effect thereunder. Our objectives aTe to obtsin reasonable assurance aEou¢ whether the flnancial statements as a whole are free from material misstatement, whether due (o fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran¢¢ is a high level of assurance, but is not a gualtee that an audit collducted in accordan¢¢ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are ¢onsidered n]ater1 if. individually or in the aggregate, they ciwld reasonably be expected to influence the economic de¢i5ions of users taken on the basks of these financial statements. Detsils of the extent to which the audit was considered capable of detecting iwlarities, including fraud and non-compliance with laws al regulations are set out below. A further descripiion of our reswnsibilities for the audit of the financial statements is located on the Financial Reporting Council's web5ile at.. www.Irc.01 .uklauditorsreq onsibilities. This description f(Trrn15 Part of our auditor's report. Extent to which ibe 8lldit Trvas eottsldered capable of d¢t¢¢tlng Irregularities, Includin¥ frllud Irregularities, includin8 fraud instances of non-eompliance with laws and regulations. We identified and assessed the risks of llfdterial missthtement of th¢ f]nancial statements from irregularitie& whether due to fraud or error, and discussed these between OUT audit t¢am members. We then designed and perfornied audit pro¢edures Tesponsive to those risks, including obtaining audit evidence sufficieni and appropriate to provide a b18 for our opinion. Weobtsined anundeTstanding of thelegal andregulatory framewod(swithin whichthe charity andgroupoperdtes. focusing on those laws and regulalions that have a direct effeci on the det¢rrnination of material amounts alld disclosures in the fmancial sta¢ements. The laws and regulations we considered in this contexi were the Charilies Act tog¢ther with the Ststement of Re¢ommenikd Practi¢e for Charities (SORPI 2019. taxation legislation and general data proteLtion legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related flnancial statement items. In addition, we CODsideredproYisions of other laws and regulations thai do not have a direct effect ¢)n th¢ f]n#n¢ial 51at¢Enents but compliance with which rnight be fvndamental to th¢ chaTity'S and group's ability to operate or to avoid a n]aterial pet]alty. We also Considered the OprtunitieS and incetltives that may exisi within the clwity and the group for fraud. 12
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 Auditing standards limit the required auditprocedures to identify non-complxance wiih thes¢ laws and regulations to enquiry of the trustees and oth¢r rnan2gement and inspection of regulatory and legal correspmdence, if any. We identified the greatest risk of material impa¢¢ on the f]nancial staternents from irregularities. including fr to be within the titILIII8 SUErounding recognition of income sd the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Con]mittee about their own identification and assessment of the risks of IeSUlanties. san)ple testing on the posting of journa]s, reviewing accounting estimates for biases and Teading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audiL there is an unavoidable risk that we rnay not have detected some material misstaternents in the fmancial sthtements. ev¢n though wt haveproperly planned and perforniedour audit in a¢¢ordance with auditing standards. For ¢xample, the further removed non-compliance with laws attd regulations {irregularities) is from the events and transactions reflected in the financial Statements, the less likely the inherently limited procethres requtred by auditing standards would identify it. In addition, as with ony audiL there rernain¢d a higher risk of non-detection of irregularities, as these May involve collusion, fOery, intentional omissions, misrepreselltstions. or the override of intemal controls. We aT¢ not responsible for preventing non- omplian¢¢ and cannot be expecied to detect non-wmpliatice wryth all laws and regulations. Use of our report Thisrepon is made solelyto the rharity's members, as a body, in a¢cordance with Part 4 ofthe Chtirities (Account5 and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity, members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exient perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, foT our audit work, for this rep)rt, or for the opinions we have fonned. IL . Lke Crowe U.K. LLP Statutory Auditor London Date.. 14th December 2023 Crowe U.K. LLP is eligible for appointment as audiior of the charity by vfftr¢ue of its eligibility for appointrhent as auditor of a company under swlion 1212 of the Companies Act 2006. 13
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023 Geo¢ral Fur& Restvlried Note lun$¢¢d) £•00'5 202J 2021 TotHI Totgl 505 13.172 403 5.797 5,5 ctknL%ble8CtiViti Ixtwttathryactivjties 33 143 64,634 8ZSP8 65.035 78,889 4,123 9,928 6,736 12.Q48 TOTAL tNCOME 1.097 102,562 Rai&lfi1 LD3n 1crC$t Esta JJwtsknM8rnbYfMCQSts 1,393 4J22 l J93 4J22 2o.oso 25,706 1.190 4.317 18,363 23.870 38 38 25,721 41655 2,613 3,882 53.15Q 52.142 htrEyNdlThre tJriveYsityeorrritAhtionuMler StstrteG]] TOTAL EXPNDTruRE 2.992 75,374 39 227 3358 82.174 2.652 4,148 74975 NETINCOMEI(EXPENSE) 3,JlS 1955) 5,78 J2.Q48 20,389 3.023 NciRcalL5ed on h1ThA$s¢ts 3,986 2.730 5,3 176.435 Y6.5 37,542 NeithXealis gir006$¢5) on tnvestThrfflAs5ets 172.783 NETDCOmEIEXPENDryBETrvRE TiL4N5FER J2A96 18Sfj14 2•Z,125 77,671 4th46 2.561 INCOMEI KXPKNDTrtlREAFTER TRANSFKRS 1299 l85,014 1123 ?771 herrecOgned8G1llf & 1055¢$." Gau&l(tth5es}ortdefittd befi$perO1¢jll 4.225 4225 17.627 NET MOVEMENTS IN 7J24 I014 Totsl fillthbrov¥* fomrd 63.595 41,928 44.128 5&4l 1.890.120 1,98S418 1Tr20.711 1.191.766 TrtteArCtteolS¢ryljITh%¢KlOll[ disc11>oabVv¢ A]1 olthe abover<sWL%deriv¢ fr0]ntirnUoWatyor lknei5 nMteri81 differ¢ fortr¢ fiTAl&l stsitd aTrx)veaThJ tr¢irko5toril costwxvaltt¥s 14
TRINITY COLLECE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2023 21123 Total IMI'$ 2.232,890 2022 Tot41 £IJIIWs 1036.270 10.016 2.040.286 Note FIXED ASSETS 10.1 10.2 0watiO] As8¢ts 2,242,492 ctiRRENT ASSETS Stock DebtOTS'. afl¢r nx)re y¢ar tkbtors withinott year Cash al bank a1 in li 12 12 2264 834 26,612 2.157 871 21,696 CREDTTORS: AMOUNTS FALLING DUE IIryTHIN ONE YEAR TOTAL AET$ LFSS CURRENT LIABtLT 13 2,2$1,766 2,1179,003 CREDfTOILS: AMOUNTS FALLING DUE.AFfER MORE THAN ONE IIAR 14 190,IXK)I 190J75) NET ASSETS EXCLUDING PENSION SCHEME LIABILTry 2 191,760 J 988 688 PENSION SCHEME LIABILITY 16 {3270) NET ASSETS INCLUDING PENSION SCHEME LIABILITY 2,19J,760 1,985,418 Represeniedty.. 20 211 20 20 2,020.781 55.410 44.456 1.835,767 44,128 41,928 R¢slrirt¢d fi]tds D¢signat¢d firyls Gera1 fiuMts- g¢rm] r¢serve 2 19] 760 J 985 4J8 The finan¢ial stat¢ments on pages 14 to 37 w¢re approved by the Colleg¢ Council on 20 November2023 andhave been signed th¢ir behalf by the Master and Senior Bursar. Dam¢ S411y C Davies, Master Mr Richard Tumill. Senior Burser 15
TRll¥4fTY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 COLLEGE BALANCE SHEET AS AT 30 JUNE 2023 2023 2022 £ooo'. 1076.4 £OOO's 1,898,783 10,016 1,908,799 IDV&4tts Op¢rnttothal Assets 10.1 102 2,080,097 Siock Debtor5.' due afternre than on¢ y Debtors duc within orle year Cash al bank and in hortd li 12 12 23,775 30.158 23,813 ,169 72,315 7Q,254 CRIDTfoRS: Am0[ls FALLNC DUEwmiiN ONEIEIR 13 29J18} 2,129.094 22,328 1,950,725 14 (.()) Ig),(wi NEfASSETS f<CLUDING PENSK)N SCHlJff LL4BILTrY 2,039,094 1,806,725 PIThSK)N SCHtMELtABILITY 16 (3270) NEfAssE15 1NCLiDU¥G PINSK)N SCHTr LIABILv 2,039,094 1,803,455 Represenled by.. Fndownnt funds Restri¢t¢d fvnds tksi8nated funds n¢ral fund5- g¢n¢ml re$¢twe 21 21 21 21 1.857,720 55,410 41,456 1.703,652 44,128 41,¥28 2,Q39,Q94 1,863,455 The College recorded a SLtrplus for the fJnan¢i81 year of £171.414k {2022 £51,221k) and other comprehensxve gains £4225k12022 £17,627k gain). The financial ststements on pages 14 to 37 were approved by the College Council on 20 November2023 and have been sign on their behalf by the Master and Senior Bursar. Dame Sally C Davi¢s, Master Mr Richard Tumill, Senior Bursar 16
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2023 2023 2022 ET CASH TrLOW FIIOM OPERATif4C ACTlVtTIES Net incoming resou¢5 afi¢T transfers {as per the Stht¢m¢rt of Financial Artiviti¢s) 204123 77.672 Adry.fÉrnentsfor.' Tnvestment I(ne Nel gains on inv¢stJnEttrS t)epreciatio Tot1 pension8 losses TWO1$¢d in SOFA excluding acNarial loss Pen8ion eonrributions by Colle8e Loan Int$t Endowttnts received Working eapital movemwrt5 - (]ncr¢as¢llD¢rr¢tse in stwks 4D¢¢r¢8seytncrease in eOrs - kncrease/(Decreasel in ¢d1'to1$ 177,153) 1181,734} 413 1.993 {1.038} 4J22 1$312) (64.634) 174048) 413 3.801 11.070) 4J17 12J94) {107> {I8791 2.023 ISO 49,202 {13397) Net rash used in 0]titY aeliviiies (59,3491 {19,888) CASH FLOW FROM INVESTING ACTIVITIES PU]5e of fixed asset investnths Pet$ from distrtwl of f17¢d asset investnKS (14019) 17.901 77,153 {175,253) 103,981 64,634 Net cash germtd from InVtin8 Athivities 77,035 {&638) CASH FLOW FROM FINANCING AcfiviTIES EndowTh¢S Tettiv JnTeSt paid SJ12 (£322) 2.394 (4.3171 Net eash used in financing activities (1,9231 NET INCREASEI(DECREASE) IN CASH AND CASH EQUIVALENTS 1&675 (28.449) Cash and e4sh equivalents at th¢ start of the year 6&967 97.416 CASH AND CASH EQUIVALENTS AT THE EIYD OF THE YEAR Csh #nd cash equiwal¢nts ¢onslsts of: Cash at bank and En hand Motw market funds 34.004 53,037 30.696 3&27J Ch and c8sh ¢qulv¥knts 87.642 6&967 17
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 I. STATEMENT OF ACCOUNTING POLICIES GeDeral inform#tio Trinity Colleg¢, CaTnbridge ('the College,) and its subsidiaries {together 'the Group.) whose object is the dvan¢etn¢nt for the public Enefit of education, religiotL learning and reseor¢h, primarily by the maintenance and developm¢llt of a College in the University and City of Cambridge. Basis of preparation The consolidated fUntIal Statements of Trinity College. Cambrldge (a publi¢ benefit entity) have been prepared iti cornpliance with United Kingdom Ac¢owiting Stkndards. including Finan¢ial Reporting Standard102,"The Financial Reporting Standard applicable in th¢ United Kingdom and the Republic of Ireland" ("FRS 102"), and with the State]n¢nt of Recommended PraCtiCe'AOn1Ig and Reportingby Chariti¢s' FRS 102 as revised in 2019 ('the SOB 2019,), together with the rew)ning requirernenis of the Charities A¢t 2011. Th¢ fmancial statements have beenpreppred on a going concern basis. under the historical eostconvention as modified by the revaluation of investments. The fi]nctional and presentationaE ¢urrency of the College is £ Sterling. The principal accounling policies applied in the preparation of these f]naDcial statements are set out below. These policie5 have been applied to all the years presented. unless othenvise stated. The preparation of financial ststem¢nts in confomiity with FRS 102 requires the use of certain a¢couDtitig estimates. It also requires the Trustees to exercise their judgements in the process of applying the fjroup's and the Colleg¢'s accounting policies. The areas involving a higher degree of judgern¢nt or complexiry, or areas where assumption and estimates are significant to the fanCial statements are disclose41 below. GDlllg Conce The Coun¢il have ¢onsidered carefully the financial positioll of the College and its ability to remain a going ¢¢)n¢¢rn for the foreseeable future. They considered the volatility in the UK and world ¢conomy arising from the conflict in Ukrain¢ and other external factors which could impact oll the financial position of the College in the short to mediurn terni. This included casb flow forecasting with a five year forward view. The cash position and the College's liquidity for the foreseeable future as deribed in the Reserves Policy seetion of this report are designed to ensure the Coll¢ge has 5ufficiet]t cash to manag¢ its operations and major expenditure Tequirements without the tjeed to sell investment asset>. The global equity y)rtfolio is distributed aci(Trss a large umber of publicly available exchanges and could be liquidated into cash at short notice if require(L At the titne of approval of this ReporL although the risks around the e¢onomy remain, the College's financial position remains stron8. The Council are satisfied that the College will remain a going concern for the fores¢eable futttre. Ba8ls of eonsolidation The accounts show the results and state of affairs for Trinity Cgllege, Cambradge and its subsidiary undertaking5 {details of the subsidiary undertakings can be found in note 19). Subsidiaries are all entities over wthich the College has control. being the power to govern the fllMt)cial and operating policies of the entity. Where a subsidiary h9 a different accounling policy from the Group, adjustment is tnadc to the subsidiary's financial statements io apply th¢ Group's accounting w)licies when prepartng the consolid*ed fotIal statements. Acquisitions made by tbe Group are accounted for under the acquisition method of accounting. Subsidiari¢$ are fully Consolidated from the date on which Control is trdnsferred to the Group. They are de-consolidated from the dat¢ that control ceases. Intr&group transactions and profits are eliminated fully oll consolidation. Results of affiliated clubs and societies are not consolidated as the College does noi govern the financial and operating policies of these underrakings with a view to gaining economi¢ benefits from their activities. Grants made to clubs and socieiies are charged ID the Statement of Financial Activities &s expeDditure for charitabl¢ purposes. 18
TRIIYITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 30 JUNE 2023 {continued) I. STATEMENT OF ACCOUNTING POLICIES (tonthiued) Casb t]ow statemettt The College pr¢pares a consolidated cash flow stat¢ment and the consolidated aeeounts, in which the College's results are itjcluded, are available to the public. It has therefore taken advantage of the exemption CQDferred by FRS 102 Section I not to prepare its own cash flow stateJneDt. IiicoiniDg resources Income is accrued and included in the statement of fmancial activities when the College is legally entitled io the income, the amount canbe quantified with reasonable auraCY and ts probable. Where in¢¢)n)e isreceived in advance, rttognition ig deferred and the amount illcluded in creditors. In¢om¢ is ststed net of any VAT. In¢¢)rne frorn fees, residencies. ¢at¢ring other operdtional ¢harg¢s are accounted foT in the period in which th¢ related service is provided. Donations are accounted for when th¢ College is entiiled to the income, and the value can be reliable measured. Legacies 8Je accounted for when probate has been granted and ctipt is probable and measurable. Where legacies aTe of a residuary nawre the re¢ognition will be at ihe earlier of receipi of cash, the estate accounts or other notice of impending distributi¢)n. Relltal income from investment properties is accounted for on an accrnals basis depending on the ternjs of l¢age or li¢ence io wcupy. Income from equity investments is accounted for on a received basis. Resources expended Exwditure is accounted for on an accwals b&sis and has been cla51r1ed under headings that aggregate all costs related to the category. Where costs ¢annot be directly attributed to particular headings they have been allocated to activities on a basis consisieni with us¢ of the resources. Ch8rit#ble exemptioD The College is a registered ¢kwity and claims exemption from iDcorne thx under S¢ctions 478 to 488 of th¢ Corpordtion Taxes Act 2010 and from capital gains tsx und¢r Section 256 of the Taxation of Chargeable Gains Act 1992. The College's subsidiaries are subject io Cotporation tax. All tLxable profits in a subsidiary are donated to th¢ Coll¢ge under the lern]s of a Deed of Covenant in place between the College and the subsidiary. Fund a¢countln¥ Funds held by the Colle8e are analysed between EndowmenL Restricted, Designated and General funds Endowment fund5 call be split into two ¢ategori¢s- Pern1 Endowments and Expendable End(Trwments. They can be fith¢r split between Restricted whcr¢ thc donorhas specified how the College nmy swd inc¢)me arising from ihe fund and Unrestricted where there the in¢ome may be spent on any College activity. Penllanent Endowment funds where the initial income may not nornially be spent are considered to be capital in nature. The College's Pennanent Endomrynent Funds rwre5¢nt partly the College's Historic Endowment. which has the features of, and has been treated as, a Pern]anent Unr¢$tricted Endowment fi]nd, and Other Endowments whe the College has received specific donations and legacies that are to be held in perpeluity. The Other Endowments are further split between Restricted, where the original receipt also restricts th¢ College in the use of in¢ome aTiSing from the capital, and Unrestricted, where the Colleg¢ call spend the income on any actively of the College. tn anY cases the College chosen to designaie how the income from income arising may be spent for individual funds. General funds- these are funds that can be used at the discretion of th¢ College Council. 19
TRJNITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) I. STATEMENT OF ACCOUNTING POLICIES (eontinlled) Designated fimds- these ar¢ fvnd5 that have been set aside by the College Council for spwific purposes. They ar¢ a sub-set of General Funds and the purposes to which they are applied may be varied at the discretion of the Coll¢g¢ Council. Restricted funds- th¢se are funds that can only be used for particular pUOSe$, under a deed of tsusi or implied tTUSÉ, to support various edu¢ational purwjseg of the College, including research. teaching and the studeni bursary sch¢mes. Pensions The Colleg¢ participated in three pension schemes during the financial year. P¢nsion costs are accounted for on the basis of chargillg th¢ eost of providing pensions over the period during which th¢ College benefits from the Fellows, or employees, s¢rvi¢e. The Trinity Colleg¢ Pension Scheme nujs Iwo 8e¢tions, one for staff and one for F¢llows, for defLned benefit pension provision for eligible staff. li also has a defined contribution scheme managed by tKgal and General for ¢ontributions by Stsff and Fellows. Staff employed prior to 31 December 2013 were eligible to join the Trinity College Pension Schem¢. This defmed benefit scheme closed to new staff m¢mb¢rs in 2014. For this scheme, pensioll costs are accountd for as the service and fllWLce c05t for the year. Staff employed since l January 2014, aDd those employed prior to that date who are not membeTS of the Trinity College Pension Scheme, have been placed in a defined contribution scheme. The College is using this scheme to rneet its employer obligations under the auto-enrolment legislatio albeit on more flexible and generous tern]s than the Statutory minima. The assets of the scheme are held by th¢ scheme provider in a rnaster trust, and the amount charged to the statement of fman¢ial activities is thus th¢ contributions payable to the scheme in respect of the accounring peri(Ki. Operatlonal tangible fixed assets L¥Jnd and buildings Land and buildings are stated at their original historical cost less depreciation. For the College's historic building& due to their age, the hibtorical costs are insignificant, and the buildings would be fully depreciated and tberefore no amounts httve been included within thes¢ accounts. Buildings are deplated over 50 years on a strJigbt line basis. Firlures.fittings and equwmenl Fixturcs, fittillgs and equipment costing less than £I,{mK) per individual itcm are written off in the year of purchase. HerEtageAsseis The College hol(Lq ond conserves a number of collections, exhibits, artefacts and other a&sets of historical, literary. religiou& artistic or scientific itnportance. Acquisitions valued at over £IOOk are reCognid at cos¢ and items gifted to the College valued over £IOOk are recognised ai fair value. The College has taken advantage of the exemption within FRS102 not to disclose transactions before l January 2015 as obtaining fair values for those assets would be impracticable and the cost of obtsining such valuations would outweigh the beneflts to the users of these fanCIal siatem¢nts. Heritage assets are not depreciated SID their long ecoJK>mic life and high residual value m¢all that any depreciation would not be material. Ther¢ have bcen no Heritage Assets a¢quir¢d or giftd to the College at value over £IIJOk since l January 2015. ltsvestments Investmenrs are included in th¢ balance sheet at fair value, except for investments in subsidiary undertakings which are stated in the College's balance sheei at cost less aeeumulated impairnient and eliminated on consolidation. Properties are valucd annually by the Trustees based on estimated marketvalu¢s on a ¢ontinuing use basis aftertsking advice from third paty valuers. The SOFA includes realised 8ains and losses OJ invesknients. bold in ihe year and u)]realised gains and losses on revaluation of investments. 20
TRIIYITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) I. STATEMENT OF ACCOUNTING POLICIES (eontlllued) IrLvestment8 (fontinutd) Fixed asset investments are Subject to review for impairnientwhen there is an indicatioDofareduction in th¢ir¢aTrying value. Any impainnent is recognised in the year in whÈch it curS in the SOFA. The Dir¢ctors of Dunsfold Airport Limited, a consolidatrd subsidiary, reviewed the valuation of the Airfjeld and Business Park duritlg 2023, considering remediation woth required to fulfil planning conditions attached tu future development of the site. Accordingly, thc valuation of the site has been revised to £108.3m al year end {2022.. £122.8m). In considering the valuation of the site, directors have had regard for the wide rdnge of vaEuations provided by its advisors. Though the ¢urrent value falls within this range, the dir¢ctors note the inher¢nt level of uncertainty surrounding assumptions and judg¢ments included within the valuation. Noting the size of this asset in relation to the size of overall investments at the College, the Trustees do not Consider this to have a material irnpact on the fmancial statements. Stocks Stocks are stated at the low¢r of cost and net realisable value. Forelgn currency Foreign currency transactions are recorded at the exchange rdte at the time of the transaction. Foreign Currency balances are translat¢d into sterling at the exchange rnte at the balance sheet dat¢. Resulting gains or losses are included in the SOFA. Financial instrurnellts The College has elected to adopt Sections I l and 12 of FRS 102 in respect of the recognition, measurernent and disclosure of fmancial instruments. Financial assets and liabilities are recogmsed when the College b¢comes party to the coThtractual provision of the instrum¢nt and they are classified accordillg to the substsn¢¢ of the contractual arrallgemellts entered inio. A f]nan¢ial asset and a fJnan¢ial liability are tsffset only when th¢re is a Icgally enforceable right to set off the recognised amounts and an intention either to settle on a net basi4 or to realise the a&set and settle the liability simultaneously. Finapteial assets Basic financial asset$ include trdde and other receivables, cash and cash equivalents and illvesÈtnents in ¢om)n¢rcial paper {i.e. deposits and bond5). These assets are initially recognised at transa¢iion price unless the arrangement constitutes a f9]ng transactiory where the transaction is measured at the present value of the future receipts discounted at a market rate of inierest. Such assets are subsequently carried at amortised cost using the ¢ffective inierest rate method. Financial ats are as$esscd for indicators of impainnent aÈ reporttng date. If there is objKtive evidence of impairn]eni, an impainnent lo is recognised tn the Statement of Compreh¢nsiYe Income and Expenditu. For financial assets carried at amortised ¢ost the impairnjent loss is the difference between the ¢arying aoUllt of the a85et and the present value of the estimated future cash flows. dIoUnted at the asset's original effeclive interest rate. Other flnanci assets, including tnvestmenis in equity instruments, which are not subsidiaries or joint venture% are initially msUred at fair value which is typically the transaction price. Th¢ assets are subsequently ¢arried at fair value and changes in fair value at the reporting date ar¢ recognised in the Statement of Comprehensive In¢ome and Expenditure. Where the investment in equity instrym¢nts is not publicly traded and where the fair valu¢ callnot be reliably measured, the a&sets ale measured at cost l¢ss irnpairn)ent. Investrnents in property or other physical a&sets do not Constite a financial instrnment and are not includ 21
TIUNITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (Continued) I. STATEMENT OF ACCOUNTIL¥G POLICIES (tontiDued) Financial ass¢ts are Ik-rectsgnised when the ¢ontrdcthal rights to the cash flows from the a&t expiTe or settled or substantially all of the risks and rewaTds of ownership are transferred to another party. FEnapKialLiabilitEes B&8ic financial liabilities include trade and other payables, bank loat and intergroup loans. These liabilities are initially recognised at transaction price unless the arrnngemeni constitutes a finallcing transaction, where the debt instNm¢nt is measured at the present value of the future payments dIounted at a market rate of interest. Debt instruments are subsequently carried at ornortised cost using the ¢ffectiYe interest rate meth¢)d. Fees paid on the estsblishmenl of loan facilities are recognised as transaction C4)sts of the loan to the extent that it is prc)bable that some or all of the facility will be drdwn down. Trnde payables are obligations to pay for goods or services that have been acquired in the ordinary Course of busine&s fn)m suppliers. Accounts payable are classified as curreni liabilities if payment ig due With one year or less. If noL they are preSend as non-current liabilities. Trade payables are recognised initially at tsanliOn price alld subsequently measured at amortised cosi using the effective interest rnte method. Derivatives. including forward foreign exchange contracts, are not basic fuwicial itistruments. tkrivatives a initially rgniSed at fair value on the date the derivative ¢ontrd¢t is entered into and are subsequently re-rneasured ai their fair value at the reporting date. Changes in the fair value of derivatives arc recognised in the Stst¢ment of Comprehen8iv¢ Incon]e and Expendire in financ¢ w$is or fmance income as appropriate. unless th¢y are included in a hedging aTrangemellt. To the extent that the College enters into foThvard foreigll exchange contrdcts which remain unsettled at the reporting date the fair value of the contracts is review¢d at that date. The initial fair Yalue is measured as the transaction price on the date of inception of the contrdcts. Sub5equeni valuattons are considered on the basis of the forward rdtes for those unsettled contracts at the T¢POrtill8 date. The College does not apply any bedge accowiting in res1 of fonvard foreign exchange contracts held to tuaDa8e cash flow exposures of forecast transactions denorninated in foTeign ¢urr¢ncies. Financial liabilities are de-recognised when the liability is discharged, cancelled or expires. TaxAtlon The College 15 a Tegister¢d charity and accordingly, the College is potentially ¢x¢mpt from tsxation in respeci of income and capitsl gaiDS. The College re¢eiv¢5 no similar exemption in respect of Value Added Tax. Irwoverable VAT on inputs is included in the ¢osts of such inputs. Any irrecoverable VAT allocated to fixed ass¢ts is included in their co8L The College's limited company subsidiaries are liable io coratIOn Tax in the same way as any othtt commercia] organisation. Related party transactions The Group dtscloses transa¢tiotL5 with related parties. Where appropriate. transactiODS of a similor nature are aggregated unless, in th¢ opinion of the Tntstees, separdte disclosure is necessary to undetstand the efft of the transactions on the fjnanciai statejnents. 22
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) I. STATEMENT OF ACCOUNTING POLICIKS (Continued) Critie*l accounting judgem¢nt5 and est5matSon UDcertglDty The Group makes estimates alld assumptions ¢onceming the fuwre. The resulting accounting estimates will. by definition. seldom equal the aCtL1 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 bereasonable Lmder the circumstances. The main area where assumptions estimates and the exercise of judgem¢nt occurs is the fair value of investment properties. The College engages independent valuation specialists to det¢rmine fair value on 30 June 2023. The valuaiion is ba%d on assumptions about market and economic conditions as well as estimaied yields and long-tern] vacan¢yrdtes. The valuation of the College's investmentproperty 15 inh¢r¢ntly subjective but the trnstees are satisfied on reviewing the va]uation that the &8sumptions used are appropriate. The College carries its non-quoted investments at fair value based on the most recent valuotions provided by a fill manager tndependent of the College with changes in fair Value being recogtitsed through the ststement of fman¢ial activitaes. The cost of the College's defined benefit pension plan is d¢iemined using an actyarial valuation. The aduarial valuatlOD involves making assumptions about dis¢ountrdtes, futhre salary increases, mortality rdtesand future pension increases. Due to the complexity of the valuation, the underlying assumptions and the lon8-terllL nature of these plans, such estimates are subject to significant uncenainty. Further details are given in note 16. All other aecounting judgem¢nts and ellimates are detailed under the appropriate accouating policy. 23
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 2. INCOMETrROMCIL4RtrABL£AcIivmFS 2023 Tot21 £'ooo 5002 7516 157 J3.175 Coliese Fees R¢sid¢nce and ce8 Charges Other Inconr 12,261 F¢¢ In¢oTt paid on bchalfof und¢rgradu&tcs Èt the pUbty-fjjTrd urLd¢rgrdduate rate per capita fee £4,612{2022£4.f&l) Privatety-funded undcrgrdduat¢ f¢¢ in¢oEt? per¢apiia fee £14.615, a buTsary of £6577 Inmtric 2019or b¢for¢X £5,6{nI)Lri¢ 220)Or£S,]15 {nTrtric 2021 and iaierl is applKI to ¢ach fee I21, £14,3(M). a buTsary of£6,435 Int 2019orbeforel, £5,720{nk)ttic 2020)or£5.(KX){nHtri¢ 2021) i4 appld to each fee) 2J8 149) J.998 1,759 incon*received at the graduate f¢¢ rate Ipercapita fec £4,78312022£4,491)) 1,124 5502 2023 Total £'ooo 41,118 19327 15954 854 77,153 Property- Q>ge Property- Subsidiaries Equtiies Bank int¢rest 33,743 11,592 188 61,634 4. INCOMETrROMOTHTrIi IIIADINGAcnVIFs 2023 Total £'ooo 218 218 143 143 S. I5TATh5 AND INVFSIMFY4TWAGTrmIreoSTs 2023 Total £'ooo 10,610 Q>liege costs Subsidvdrics costs 9.374 20,050 18,363 24
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FIINALNCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (eontinued) Dwect Support Wa8es and $a]8ri¢S 2023 Total £'ooo Residen¢¢ and coieTing Tea¢hingTuiorial aDd Adj5$ Research S¢hoknhipg and ayrdS 9.619 418 ?95 17J24 17,076 5,058 8Jb23 S,469 16,(V)S 17,727 5,434 2,476 &023 5A38 iOJ78 Ll252 19,520 52,142 InchId i5L the aatn 1thl th¢ fit513 xbove Categor were £463k(2022 £413k)of8ovemanc¢¢osls. 2023 2022 Toia] An analysis ofrhedfpJaiiopJsisasfiJllow5.' ]saic Newtots TNSI Caudiiidge Trnsi CaDknidge Colk8t% TeaChB Other £'ooo 2800 1.950 608 2,351 991 278 69 5,K20 7. CONIRIBUIKIN UNDsTATUTE(l The Univeity conttjbutiti ig assess&l by th¢ University of Ca]JJbTidge a¢coftl&nce With thep]VviiOtss of Statute (H] of the UnNet5ity's 51lltutes attd (kd1ThaDS. The HI)Unt payabk by th¢ CoVk8¢ for Iheyearended 30Jun¢ 2023 £3,25&1)(2022.. £2,963.(KM)I. s.N INCOME 2023 This LF Shown ofterchar8ing.' Total £'oDo 92 46 23 413 8ffi38 Auditor5 Rellwner8ln.. E¢Ml audit College Audilots J(enwn¢r8tion.' Eeal audit Subsidiayxs Auditots R¢nwn¢rntioft.'Other fees ]kpre¢iaiion Mantenan¢¢. Repall5 and I]ry>)VenlS 413 10,370 Co]]lnIS due underconljacl at tbeyear-end in reiatM)n n¢¢DOnced waircontrncis w¢r¢ £nd(2022.. £1,54)) 25
TRINrrY COLLEGE, CAMBIUDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 9. STAFF flUMBERS AND COSTS The monthty Jver&ge JxuDItT Of$0 Iwhthg the Trstee5) empbyed by ts Cokge (bJrn8 the year, was: 64712022.. IAHI The ¢05ts 8SSQCted these emph)ytts was.. 2023 £'oo 15,028 2W22 Wages a1 sa¥ S(K&il secuyity ¢(Bts PetEM)ncosts- (kfllLed contrkn ¢mpknyer¢05ts Pett¢ts- d¢fllKdbC]rrt Stme servKe c( 1.472 6 383 1,817 18.799 During the yeuT £128k was Bs terJI18M paymenL8 of whrh £20k w&5 in lu of t¥)t¢e a1 £I(Wt W81 as sellkmuts. 12022.. £87k pail of whh £16k was as g settkment aDJ £71k til of The}. ThBre were anKxms outstsjthg forpMymeMai tr ¢Th4 of the yearl2022.. Trnst¢t$ Durlljg the y¢ar w fees or cxWe8 were to Fe]k>ws nreslr th¢w as Tte¢S {2O22'. rth¢l Payments Tntee5 math utvJe the autlKW of ll) ac¢(Ythtte wAh th¢ Stswtes of the Cokge, lli resrKciof teach reach a1 administraiive oj anM)Mdw.' 21123 £'oo 597 47 644 2(r22 Aggr¢gA el)lume[ Pe1)ti ¢0ntrbjtKS numE¢rof Cthge FeTknws alSff WI¢ re][DratlI¥ e%¢kthgrKW ¢O]kn, exce¢(kd £,(x) was as fthws: 1023 2022 £). £69,(NJ9 £70J. £79,999 £SOl- £89.999 £g),999 £ifxi,fyx)- £. £IIOIW-£119, £I20,{K- £129,9)9 £130,IKK)- £139,959 £150,IKK>- £159, io 35 35 Retuenni Feneftys are occruing to 2112022.221 of the aknve wbjer a defmed lL¥Ms¢h¢M¢. Tr totalpensimettts of th¢8¢ Fe&)ws ajxi stsff to £261.91212Q22.. £246,157). Key managtmenl tompensatlon Tr Co]kge co1]eT$ thai th¢ Tnle¢S of the COge Telxeseni the Key Managemen¢of the Cog¢. EX¥¢$ T¢-*ntwged lo 2 ttee8 I%Y22.. 1 ¢¢¢) annted to £597 li 2023 lanM)unted to ks5 than £I¢X) in 202LI 26
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) J•.1 JNVESTMEThTS Com0tt Z3 CO077dlgd 2022 '4(M) 1.909.653 15&549 Colle8t 23 Coll¢gc 21122 £'ocHJ 1,8(K),096 £1 109&783 41,1fy7 {1585) Marke1valal l July 2036270 32.785 thsp)5als NetiRveS(nrM8aill(I0sSCSI Matk• valwat 30 Ju {67.4751 88 17 ZJ32 2 036 270 495 College 2022 2023 2022 20LI RePrendbY. I,iJfj,ios 39,75 971.936 1,049,565 40.540 874364 879.781 39.75• 971,936 34062 S331 832,634 40.540 874264 33.631 38271 REsidential prO[ty Ewtits IMi$knleqiutyillv¢strr¢nt5 mOyMarket Fu ]nVeStr#s]sUbS7l&ryUkleA}J% ISeeTh) 181 $3,037 38271 2 036 270 1898 783 iist¢d4wtiES are valLd byrefere¢Iothe¢llrprice at tae$1daie. thJii5ted ifftvesty¢nts ar¢ValbE5¢dtsn infonrnmon wovidd bytht fill knVes¥Slu5thsidiaries areTteorded8t eos¢less accunwlawl inwirit PrDtKrncs aTC valLI 8llnuallyby theTruses knscd oncststtthied nwrkei valw5 Ona aftertslingAdvi¢e Tty. ¢0 privatr widllrtts uttliS investymp)rrfolio to £16.3rn81 tr)4r (2022.. £19.9tnl 10.1 OPERATIONALASSETS ConBolidatylar Coll 2022 Frtth)Id tJANI B11 CoUeRe 2023 Fretknbj and At at e ofivr 2Offi33 20 633 Deweeknt At Chrge foryear Al1rY¢ar 10305 413 N¢t knkV& A¢¢rd ofy¢ar 11. STOCK CO•04td Z023 £J( 1096 369 Cowlidlted 2022 College 2022 2023 Provisior6 Crops owj s¢ed5 316 27
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 Tr40TES TO THE FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (¢ontinu¢d) 12. DEBTOI CoLwJidxted ZO2J co?[idad 2022 Cvllr%p 202J Coll¢ 2022 iN)s Aww&Tfflrtif4]Illl% •fterjIh) year [ed by$VtK¥idiarythtskl O&r thbtors 22941 22,2 834 854 871 871 21773 23,813 th wltrjthonè ytar rK¢ivpbl¢ PrepAyttrts arrtl 8ccn%d ir[2 Odxr d¢btor7 7.484 2J87 9J06 7,483 2Jl 17J42 9,136 7,007 582 25,169 d¢bt(Ks 11176 I612 21,&96 31 27 Al5 th)tified Coll¢ge of lewY¢(lll[Yvcc £2.3mBs oi 30JvrK 2023. 13. CREDoR$.. AhqOUNTS FALLING DI]E MTntlN ONE ITAR Coll1]dad 2022 CoUe 2023 College 2022 £(Xh)s 1,669 2.963 2023 Tradecreditors Lbiver8ity contribwion 0tsrtsKc5& 50ciaJ secwity Otscredittyrs ALIs owed to sthidiarywd¢Ttskny 251 3.258 2,795 2.963 2,108 2213 1023 3J58 2,169 995 12JOI 73 18 12.563 040 29 J& CREDF[0.. AMOUNTS FALLING AFTER MORE THAN ONE YEAR CLbJlrze 2O2J Colkg 2022 20 2022 375 t*tenurroW17 90 90.0 Ik dekned WR5 a rAVj inadvArrx. TrixfjyttVt1rtInttejfTV5 it. 28
TIUNITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
{¢ontinued)
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TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINAINCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 16.PThSK)N SCHFJff114BILllY{COMINUFDI llte anunts reco¥niiedith tht $he¢¢M at 30 Junt are fdlfftva: 2023 £OOO'$ 66,770 101th49) (5,1211 £(KIY$ Mathi of kh¢]w assets Pjrsenl yaiueofsrh babknts Effe¢t of as$e¢ ¢¢ilthglunteeo8Di8ed sutphjs tkfrit in th¢ S¢h¢ 65,431 168,701) 132701 Anl)Yl$ dthe an¥nit01 reto¥Dlsedlnthecth0lI&tsdS14t¢MelQf ACtItI. 2023 £•00'5 £(r¥ Jr¢ni SeThe cost lJ99 218 Administrative eypen5e5 Inierest on Dei defined benefit I¢ty&bllY 235 140 314 1957 3,803 Chngey In the wesent L< the •¢htmt lJ•Mllrfe5 ffjr the yellr enthd 3lJ June tre 2023 Prcserjl v#iueof8¢h¢n% liabiliti¢s at beginnin8 ofyeEr (rrent $erve¢o$i &tyloyee Conirbuiions IDter¢st cost 68,7111 1599 541 3,254 I5 (9J461 (2,4511 1,630 I23,3) 11237) A¢tuarial (g8ing1 k)sses Bettefits pail Loss ort p]att tbanEes rs¢ni vghje of sChell babaiLi&S atend ofy¢aT 61,649 6&701 Chrt8t$ In ihe of Icherne$¢th for tILe Ye eDdtd30 June 4r¢ fd10. 2023 £000'5 £(XKYs 70,722 1.070 564 Pr¢geftt vBhLe of 5cbeTrKassels at beginning ofy¢aT CfjninTrulu)ns paid by the Collcsc Fn¥k)yee ConinThu1ll8 Interest on p]on assets AdrllnistTrtive eyenses pathl RetUrnOD Set5, kss inteR$t in¢knd¢d in SOFA Benefrts pawj Pteseni vae ofscbeDK ass¢ts #i ¢]Jd of ye8r 65831 1,038 541 2h65 246} (8) 2151) 66.770 12451 15.7591 12.237} 65,431 Actual rtum on pkn $¢ 1457 14,4431 30
TRINrrY COLLEGL CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 16. PENSION SCHEME tIABJLtTY{CONTINUEDI The mjorL9teyt¢gof S¢bme 8sets ai * perceDta%e of totsl llets rtsithÈ year 30JwK 4rE as f•IVI$. 2023 2022 Eqwtie5. wnwN)aJts¢s wKialtttNtiv¢s 79.5 16.2 7JJ 14.0 43 J2.7 plAnknttkitt¥esttJYS itipmtKny oc£wi by. Hs5eL5 WedbyoT6Zial ISS by Amlysly of the tbt t dèlhd bentlh Jknlthy rrrogN5edth OrfKr ComwthtA51v¢ IOCII fvrtbt y¢reJO Is fo$. 2023 2W22 £IKJO's 15,7591 RetnD asyeL4, Ic55 ltrtsiiJl InStstKr1ofFLM1Yal AciiYiti¢s Expected less acth[ pIAD¢xpeses EAP¢re 1]L5 3]KI 1055cs aTisti¥ooplan lifibtlities Clw LuhkilYi¢t pregthtVAlw of plan liabilities R¢Thusw¢JrrtofTdefimi bpwfii lbilityrte0std ioOCI 181 128) 14,2531 763 9J1 202J 2022 £OOO's NCLdcfid brncfita5SrV{liabilityl fil Binr0f)tar Rec$¢0 ID StateoMEof FiTthwial A(tivJb¢s Cotti]bL0115 paid bytr Colle8C ReoAsweomofJKld¢fia r¥fi1]lIbj1ityTtcOWMIed ill(] Nd¢firt lYwfit4ssetl(liabilityl atertt ofyeai (3,2701 119571 {JJ031 1.07 17 27 3.27D) gJJO FPollcy Actimrial Valuatioare cattied Out¢werytsee years onTrtknlfofts TTwtr¢¥oftt pla]L byA qwlified acknrial ass0[6 valODaY¢ differert to adoffjedwth FRS102 &Sl8haCtsr1 va]liAaS asai l July2021. Thi5 Sh)w tr•tttY plarfyAlts w¢r¢ 5thEcientto cover thE liabilittcs OJJ fillMIiD8bosis. No deficitlthtiQnW1Illkn Brethtttfore te4uiredts be pxid by& Collegy. 17. RECOiYCJLtAmN OFNET DEvr 2023 2022 At stsrt•fYer m0ttyworketfiJS BanklA>ALS J&271 56,976 19),0 Nei D¢E4 (2JOJJl 7,416 Nei{decressel l ireaS¢ jncasbirtwiod Movejtttt ionetdebt 18074 I874 I49) {28,4491 At emlof th¢ y¢ir Cosh oi bar&aThi ift]MTrJ 30,696 38271 53037 {90) 59) BAAE tA)aThs N¢iD 21.033
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FJNANCJAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) Irn8th¢ yearno Wrpa11t0 Fe& SpecI oflh¢TdwA5 tn1¢¢9. ¢2022."n ythyntslo TDJslees lin¢kndm¥ bnEf ndlih¢ikntYDfIUdCOdatsYhle SwuW>ofthc [cyEt0fteXChMg.Srllrtb atsd Itrr4edu1s to £?17.(]22..£6sI{u. ofTNst¢W wereinthe fobZlld&.. £J-£J £loD)1-£) )i.£J £&)Mts£70J £12qffjl-£lJOJ £IAWI-£lf neCokB4owats$ i fyth>ws hDu&nAbatss<beD.Atthe ye¢Thd ibwr tywknkiotheCokgethfoughihgthby JTw&iee& lJ)22.Jlwth tht lot#t0cdbe8 £IWthiXQI.£86yI)) ileYe1htCobI?npJfj tsf£l,95WtotbeCaorwJ8tTws1.ary4tidpJrty ducioÈetsJL¥DM trthe. theYeIbeckse•dVJnll tDCCJtAnfs SubsthIk&4rdetISIWJThdMtrtliffiolrt5 sttbshlmlX.Tr2WwVThI ZWOTd¥da5 theCoTrÈt dthe&Vjto1ItandMS¢bry¢ortsdw¢rt.' 2•23 2•23 2023 Detdof Covellt ]DWTrs1 AllVUt0Ed Dttd0rcllI Rent %'fj Trny ¢B)Lithd TrnyeoLb$e l(JP1tMd TMy (D1[Aed Trnxy (F)l&tstd PthLMed 4613 3,(V3 166 103 1279 14Z19 23. Trin#yIE)iwd I. $sjDARYCOMPANs ThtCDlcgc 5 VeIt5 1h¥ronspbJfMZCi¢jwltS. Ibe yelrtbereww inv¢51nrnt Udof£7.knv¢hKh i5Éutof£2QDO(whKb £llS th¢cO$t.baknct$htttaCryd• ofshTt 14&tuteof Trniy iB)iithd Trn#y coVffj$¢lL3PILM1 Trnxy IDI[m¢d TMty14Lined sknd 8knd ir Pwprrty Property devebJpnpJnl F•¢mB htyerty (d Fngknd (hdin¥ry Ordmary AIpDzitkrted tthied TTiniY (WIrd Trnty PEi¥thd PJrtllffl5b Trnty PE(u¢rAlPbtstttd hortY Prrii¢r Fquly-dornnr Prri¥tc uly-dotsll1 NIA Idty ARoftbe4boYeGonws hv¢?yfurndof30Jtsw. The TDJSleesbetth1itQwryn8yIcOfCYestb1S SUPPDrtedbyibrrunknWin$ ntlissels. isaiJOJuneW23 Trnky l(5PI Djnsh TnDtyID) CowyNuDr J393539. 1524tr TolASetS lJ)J72 I11 1169 I.91? l914 952 ToiliAblits Tol?IFMnd5 Tm¥crrDithtY*thT fotthrytsr PNifrt forth¢y¢arkhrrws Ind knsÈes ODinv<s¢I Ilbs$¢slon 32379 loi 6324 22J6 (24.481) 1828 552 32
TIUNITY COLLEGE, CAMBIUDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 29.BthSERVES CONSOllkAI1 21122ts3 Baiwe t3D Junt2Q22 Transfe Oih¢r B4allc¢M30 8aiThsl(S)$$¢sl ween funds {l51(Lo55¢sI Junc 2023 £'o otnE EyrlldKutr CorpotsitUtsttyin¢ied Fd0MI (Ah¢rdoWn%rtlS Swb iotsl-¢naQwnt8 Restrle Ih85J76 736 162.4m 154989 165.792 2W2O,781 55.41 44856 5J12 t2P48 9,928 I,7 7&8S9 135.767 44,128 41.928 63A95 172966 6.716 Y21 4.143 1652 75J74 (1315) 2561 {lJ471 IksignaieJ (In¢rdl 1.985818 1•2J62 82,174 181734 4J25 2,191,700 2fy21122 BAsvct atjo J4N¢ 2021 ltseomt Ewditur¢ Ne¢ V¢tIrnt T]8nskL% (hher B¢¢ ¥t3 8awI(ID5Se5) between fund5 C31(1155¢s) 2012 CoryorAt¢ Fndoiviznl (XherFndowJtEntS IA99,127 155,747 ,754074 45064 42.147 4803$ 051 (7,650) 70A•O (1,8H) (5(W Ih85J76 150A91 l033,767 44,IZ8 41928 63J95 2394 5ublotal-¢ndownXnlS ReStrted DESDted ¢rdl 3,742 2,E75 72J56 11 JM) 70J88 17.627 1090,12 82J98 78975 74048 1727 1,985.418 2j.RL1R COUN 202Y23 BaTree at3• J¢ 2012 h¢r B•J8Act atJO MJves¢nrni Tr4n5fe sayjslllossesl .betWEEn fuDd$ &u151(L05S¢5) Jun¢2023 £'ooo Tncon F4)ettdMUf¢ G)rpordi¢iknrestriC4J Fndomwynt herFndOwnt8 Sub totsl-cndowttnts tA53,161 IrJ6 132,031 9,9bY J42WZO 716 1fv91928 165.792 1857,720 1,703052 44.128 41918 73.747 I248 9.Y28 1,697 69,623 Resiric 4,148 2,652 65,1 Des4gnated 2562 IlJ47) 44N36 8lJTr8 93 90 7271 150 788 zs 2039 094 2021tt2 30 JMTrt 2D21 N2tinvestnEnl Transf8 Other t3• 4insllb)ssesl b#w¢¢n funds &iTrsI{tDss¢s1 Jule 2OZI In¢J)Th F¥endilliJE Coryornte Un]r5titted OlhcrFndoMKnis Smb iotal-¢ndoMnts Rcstiicte JA96J6 155.747 Jffj51,713 4$6• 42,147 54,611 l 435,161 U94 4,49J 17,&91) 46N40 {1,844) j.71342 44.128 41,928 73,747 3,742 2,875 63328 (1.3341 1533 Ctherdl 129TJ 17,627 77 74 69.945 44 94 17th27 03 33
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (¢ontinu¢d) l2.TriThr AF4ALISTrDBYPRLWYPUIPOSE BaKe at3DJune 2023 (Xher 2•11 (kher P£51rKted sisnattd Jthlth8S Awards and5lud¢nt$hs 3Qlg9 27W8 71,T18 4.420 37988 7.485 11321 4.174 3&5 70.763 3,984 33,IrJ 27,437 J,123 IlJ89 ReseaT¢h 11513 225 (Xheredu¢ahDn 587 B¢n¢voleni 7,934 35 3.623 7259 Art4nd tThL5 Spolls (Xh¢r 4269 ?4 416 417 27 367 334 16S,792 44,456 IK,491 H.128 41,928 85 funds art ftrTlheupkeep ond devebpnxnt ofihcCoTkg¢pTopertK5 AwA]dsAnd $iudent$hw aye fvnd$ foTTfoknnB grdDtSy pay8 nmllJtrnaDeeorrIdinB f¢e5 for$¢ua¢nl& dependingon thercw¢nmStsDS Prix5 fvnds aTrfornHkn8 PTTL5 fDT8¢8denxorothersucc¢ss¢s ¢o$tud¢nts P&Scatrh funds are hJnd$ are ]ch grdllts 10 studcnts OrfllDWS gen in Specif$bit£t9jEaS tjbrnry funds ar¢ forih¢upk¢¢p ofthcliknry and forbuythg books her¢tion atr funds forteaehDlÈ orforeemal proJts ¢0 broad¢n theacce55 to univetsity BEncYoleni 6Jtsds ate forbenevoknt purpDs¢s at the dctiOn DftheQTrlk8e (bun Artand fvnds a]E f0rartistOIns4I3CtjV1ts generA hisiud¢nt$ MrdIng fjjnds krth¢chor Sports fllndy forsludthi sportDig a¢¢ivfjiES (hherfvrtds are a varieryof0tbercfjc&tII¥rt7¢S 23.ANALIS15 OFCoNSOLIDATVBALANcESXBYThD CDq)Trrale (Xh¢r 3DJUne2 er4downMt endo¢5 tticted &n¢ral TOTAL Assets 1.944,989 165.32 54,410 43,456 33,845 32,1 29,710 {2&) 224 Cash aibank (hhereuyieniA$seLS 29.710 {25,040} Qhdi¢ors all¢h1 one yeaT thdito]5 duE zE thHn oneyear Perts schew¢ babthty 165,R)2 55,410 44.456 2,191,766 Cotporalr oiher etsdowttI endowTnt$ 30Jun¢20 R¢siwed Ik5ignated CMeTrl TOTAL A$$¢ts 1.775276 43.128 928 3¢463 2,016286 3Q 24,724 122,612) (>J75) 133Th) (J5h at bank OtheTcuiltrtl 85sets 24,724 Cleditors dU¢WithOneyta[ ¢d0[8 duein thah oneyt4r Pensti)ts schen* &abthty IW,W7) {375) (3270) 63,595 1.68S276 IY1491 44,128 4l,928 34
TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 14.1 DEfAIiJDbillD5 COKSOUDAITr])2D22113 IDcoit N¢¢ 1VestnE Tr4DsfetS (Xher B8iaThre 3 Sas1(Se5) betn fvnds 5/(5#S June 2D23 JunE ZQ22 Ewendiiuf¢ Frtdownmt Minss oDd studthishlJ$ 15J58 763 3,984 2.842 4,IrJ 298 2,483 77,778 Res¢4wh 2,332 37,988 7A85 h¢TedueaiK>n en¢vokni lQ719 4,174 Artand r5 5potts 26 3,972 4269 ISDJg1 ¥,989 165,791 Trdn6feJs Olh¢r ¥¢ at30 b¢twe¢n ndS CmsIlSs¢sI 2023 In¢0 FwOiturE IvtstnDt BUSI{b55¢s) 21Jll R¢stwt¢d BllJThl&s Awqnlsandsivden¢$hips 27.437 3.1 11 Jv) V57 {1,539) 3.418 Research I,0 617 Ljbrary (hheredu<aliO 53 45 287 36 Benevolent Art énd SpDrts (Xher 422 334 37 44,IZ8 9.928 4.148 6,716 IlJ15) s$81• It3• 2022 Oth¢r B4anc¢ at30 bdweell funds Coin@$s¢s} 21123 kn¢on Ew¢ndiiu Ve51nt Bain$llknsses} £wo Desisnattd Buihlui85 Awards 4Thd sivdentsh 3Q199 1,149 1.861 51 250 R¢search 27 IJThrdry Othcredue41iDII ¢voI¢DI Art and Sports her 225 242 288 587 7.934 35 7259 63 741 299 329 27 47 74 416 41928 1*97 2ffj52 921 2J61 44A50 35
TRINITY COLLEGE, CAMBIUDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 242 DETAJtJDTrlThDS C0NSOIJDAI121II2 Bdate At30 Ewuditu Net knvesittnt Trdnsfets Oiher 113 Saul<5$¢8I between Qinsll]A>55¢5} JuDt 2022 £'o jJ$S -4wth$ and sludcntshi 1&105 71,8 42[ 35,025 7J53 IY7) {3,521) 15J58 7Q763 P5¢4rch l)rnry (hheredueattr) Benevoleni Ariand 11,8521 33,173 lQ719 J59 4,194 1,472 rts • (hh¢T (781 1$3.747 lJ94 I750 BAw¢¢*3 Ju221 Ttknsftts b¢4w¢¢ft funds ber con Ewdimre v¢stnrnt 8aEisI(k)sses} 2022 JilJtii¥s Awards 3lldsivd¢nt5h 27325 3212 2,1 11.147) {lJ34} 27,437 5123 ss 258 Rr5c8rtb 355 {470) brAry (]hcrCduCat I7 154 194 13 {12) 287 Benevoleni Art and Sports thher 410 27 (17) 417 341 334 4S,•64 3.984 3.741 (1044} {lJ34) 44,128 BlJ¢t nt3• Juthe 21121 Trnn5 O¢h¢r BAIAnee at3• betwettt fvnds CA$eI 2022 investllrnl 88iJsI(k)6sesl £yooo £wo De5igna¢¢d (1 I,6 27388 5,077 Aw8rds $¢ud¢ntships 2,276 1172) P£seÈreh tJbr4ry hertducatK>n 237 596 7,575 225 241 Benevokni Art and 7259 In 216 Spons her 55 26 42,147 lJ33 2073 41,928 36
TRINITY COLLEGE, CAMBRJDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2023 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022 CnerJl Ikil¥led Reitrlcted 2022 Nrte (tknrestritttd Fund% £OOO's £ooo' £OOO'i £OOQ'$ £OOO'$ Inco¢ eAdowmentsfv [k)nattt$ aod legacies Ch41itabl¢ a¢iivitieg 447 389 1330 2J 5,5 12261 IU61 135 hcTI]Hding a¢iivtiits ]nve$Tllnt$ 57.745 70.588 1,140 J.533 3,049 5,984 64,634 82,598 4.493 ExpeAdliMr¢ fiLnds 1.1 4J17 tAian intete5t 4J17 18J63 25,8711 Fs141¢8 and lttvesinnt Mana8enrnl ¢OS¢S 32 23.838 32 Cokofch#rfi#ble#¢ilvArtles 45.830 52,142 OlherExp¥ndiiiitre vemanc¢ro$ts UnivetSity ¢onInbuln uttdÈrStAtute Gtt 1903 78.975 72J58 2,875 3.742 N]NCOME1XP&qs (1.770) (J,342J 3212 4A93 &.623 Net Reaed gains on InveSt]t A$$¢is Net UnJt¥tised gainslljosseslon lllvestttM)t A$$e¢¥ 30,51Afi 39,891 36,5( 37J42 1508) NETJNCOMEI 14D[¥[RKB1>DR 11,770) 110501 398 SOJ93 77th71 Traftgfers be4weeD fjjnds 19 1.631 liJ341 12067) 12191 (9361 77ffi71 IRANSFs OlherrecognisedgoiRs & lo$¥Ès.' Actula1]sI{L0S$ts1 on d¢fmed benefft pens schen 16 17.627 17fi27 1SJ60 (219} 19361 80893 95 J98 Totfil fiJnds b]oughi foN T1 ¢*rrledforM•rd 48,035 63595 41147 41928 45,(KA 44,128 1,754,874 1,85Y),120 JI3S,767 1985,418 Th¢re are no T¢cogDiscd 8aio$ OrsseS oth¢rthan those di%¢k)$¢d oboye. Allollhe llbove $utts derive fmrncontjllu$ op¢raix)n$. no Thteii&ldiffeRn¢¢ betweett the ttet incorAng resOUe$ foTih¢ fthanc1aly¢ stated above and lh¢1rh1O[1cost ¢quiYHlenl 37