Lucy Cavendish College University of Cambridge Annual Report and Accounts For the Flnancial Year Ending 301h June 2022 Lucy (W￿dISh College Unwsiry ol CaMb(￿lge Contents Contents t)￿crIption Members of the Governing Body Pages Referer7ce ond Administrative Details Report of the GOv￿ning B(￿Y Corporate Governonce 23 Responsibilities of the Trustees 25 Report of the Auditors 26 statement of Princip05 Accounting Policies 29 Consolidated Statement of Comprehensive Income ond Expandrture 38 Consolidoted Statement of Char¥Jes in Reserves 39 Consolidated and College Balance sheet Consolidoted Coshflow Statement 41 Notes to the Accounts 42 For th8 Finoncial Yeor Ending 301h June 2022 Lvcy Cavendish College Impiersiry ol C3mbrKtye mbèrs oftiie Governing Body dLKin9 the Ye￿ to 30" jur￿ 2022 Members of Goveming Body during the year to 30 June 2022 Presidenr Alireza Bahn Madeleine Aikins PHD DBE CBE FASS Patricia, PHD DSC. Sentor Scient15t. Cavendish Laboratory Professor Sabine MD PHD MRCPSYCH. Professor, Bahn LaboratOry* University of Cambridge Renan, DPHIL. Affiliated Lecturer and Brttish Academy Research Fellow, Faculty of History.. TutOT. Lucy Cavendish College Jurgen. PHD, University Lecturer in Structural Mechanics in Engineerin8 Jennifer, BSC, Director. Careers Service. University of Cambridge Jacqueline Chryscillian MA VET MB PHD DVA DIP ECVAA MRCA MRCVS, Academic Lead in the Pauline Brown Clinical Skills Cent￿. Department of Veterinary Medicine, University of Cambridge to 30September 2021 Professor Ed, Professor of Psychiatry, University of Cambrtdge Professor Ruth MA PHD FIMMM FINSTP CPHYS, Profeswr, Materials Science and Metallurgy, UnTriersity of Cambridge- Research Metitor in the scien￿s, Lucy Cavendish College Isabel Clare Huntingdon, BSC MPHIL MPHIL PHD. Consultant Clinical & Forensic Psychologist, NIHR CLAHRC East of England," and Cambridge Intellectual & Developmental Disabilities Research Group. Department of Psychiairy, Universtty of Cambridge, Tutor, Lucy Cavendish College Professor Marie aaire, LLB BCL MEM DPHIL. Affiliated Fellow of the Centre and Leverhulme Trust Visiting Professor with the Bennett Institute for Public Policy, the Centre for Environment, EnerEY and Natural Resources Govemance IC-EENRGI and other partners Bruno. BEng, MBA, ExecutNe Director of the Entrepreneurship Centre, JBS The Rev'd Canon Adrian, BA MA MTH FRCO FRSA, Vicar of the University Church of St Mary the Great. Rural Dean of Cambridge North Dr Elizabeth, Medical Member of the First fier TTibunal (Mental Health}- the School of Clinical Medic4ne Ethics and Law Lead for the courses in Clinical Medicine, Tutor, Lucv Cavendish College Mr Christopher, BDS MFDS MBCHB FRC. Consultant, Oral and Maxillofacial Surgery, CambrÉdge Universlty Hospitals NHS Foundation Trust. Alexander, BA, MPHIL, PHD. College Assistant Professor in English, Lucy Cavendish College Jvlian, PhD. Researcher in image processin& Department of Applied Mathematics and Theoretical Phy5iC5. University of Cambridge Anna, MSC PHD, Independent Senior Research Associate. Department of Biochemistry, University of Cambridge.. Tutor, Lury Cavendish College Jane. BSC PHD, Senior Reseèrch A550Cjate in in the Sthool of Clinical Medicine, University of Cambridge and Tutor. Lury Cavendish College Emily, PHD, College Teaching Officer in Law, Lucy Cavendish College to 30 September 2021 Jane Suzette BTEC FMLS PHD, Honorary Research Scientist, Public Health England,. Senior Tutor, Lucy Cavendish College JohnHenry IHankl, PHD, University Assistant Profes50T in Caribbean History, University of Cambridge Nooman, MBA, Plead of Life Sciences 2nd Healthcare at Silicon Valley Bank for EMEA Professor Henriette PHD, Professor in Language Acquisilion and Cognition, Faculty of MMLL, Lucy Cavendish College- Vice-president and Research Mentor in the Arts Margaret christi￿ BA MA, Domestic &ur5ar and Wine Steward. Lucy Cavendish ColleBe Derek, Chief ExecutNe. Babraham Bioscience Technologies Katie, BM MA. CGCM course tutor appointed by the Clinical Schools Mark, MA MPHIL PHD PGCE. Admissions Director Baker Becque Blakeslev BrearSey Bullmore Cameron Clare Cordonier- SegBer Coita Daffern Fi5tein Fowell Freer Gilbey Git Goodall Gordon Greatorex Gonzalez Haque HendTiks Houghion Jone5 Keller Klng For the Finoncial Year Ending 301h June 2022 Lucy Cavendish College Unpieryry of Cambri(Jge Members ofthè GO￿[hIng Btyjy during the ¥èJr to JunÈ 2022 Lloyd Richard, MMUS PHD MBIE MSC PHD FRCPATH Human Anatomy Centre Manager, Department of PhysioloEY, Development and Neuroscience, University of Cambridge Annelte 6SC PHD, A5515tant Senior Tulor (Graduates). Lucy Cavendish College, to l Jufte 2022 Mary PHD, Undergraduate and MPhil supeThisor in Education. Universtty of Cambridge,. Tutor, Lucy Cavendish College, from 23 February 2022 Poorna LLB LLM DPHIL. College Teaching Officer in Law from l Ottober 2021 Howard, PHD. Leciurer in Conservation Leadership. Fauna & Flora International, Tutor, Lucy Cavendish College Eileen Mary BSC MPHIL DPHIL, Tutor. Lucy ca￿ndishCO{1ese Karen, MA MPHIL EDD PHD MCIL FRSA. Dirertorof Academic Development & Training for International Students. Language Centre, University of Cambridge. Tutor, Lucy Cavendish College Quie Marissa, PHD. Research Associate. Departmeni of Sociology, University of Cambrid Rath Spivack Orsola MA PHD. Senior Research Assotiate. DAwfp. University of Cambridge to 30 September 2021 Amber PHD, Binks Autism Neuroscience ReSe8￿h Fellow, University of Cambridge: Tutor Lucrf Cavendish College, to 31 March 2022 joanna BSC. Development Director, Lucy Cavendish College Dr Matthew, MA PHD, Teaching Associate, Department of Sociology and Social Sciences Research Methods Centre, University of Cambridge Professor Neil. MST DPROF. Faculty IPwofe550r-levell in Management Pratlice, Co-Director of the Cambridge Centre for Social Innovation- D1￿Ctor of the Master of Studies in Social Innovation Programme. JBS Joe, MA PHD University Associate Profe550r in Education, University of Cambridge Mahon Murphv My500r Nelson Nu8ent Ottewell Ruigrok Ryan Sparkes Stoit Sutliff Sanders Talmi Thompson Tonkin Vinnicombe Deborah, MA PHD. University A55iStant Profes50r in Psychology, Universily of Cambridge Lesley Margaret MA MA FCA. Bursar, Lucy Cavendish College Suzanne, Librarian, Lucy Cavendish College Alison Annette BA MA Dip RSA. Dean, Praelettor. Registrar, Steward, Secretary to Council and Secretary to Governing Body. Lucy Cavendish College Helen BENG MA. A551Stant Direclor. Head of Group ProcurernenL University of Cambridge,. Director of Southern Universities Management Services Dr Shona BSC PHD, Research Group Leader. Division of Microbiology and Parasitology. Department of PBrhology. University of Cambridge. Tulor, Lucy Cavendish College Vivian Wei Man MA MB BCHIR MRCP. Joint Course DirectorCGChA, Wain Wilson Yiu For the Finunciol Year Ending 301h June 2022 Lucy CJbTTh4ish College unIver￿Ty of CambrKlge Relerence orKI Administralwe Detoil Reference and Administrative Detail Lucy Cavendish College Lady Margaret Rood Cambrksge CB30BU Charliy Regisrrotion Number.. 1137875 CharityTru$tees See list on previous page Senlor Officers pre$id&nt: Professor Dame hlodèleine Atkin8 PhD DBE CBE Fo%S Vice-PreSKlent.. Prolessor Henriette Hendrks PhD Senlor Tutor.. Dr Jone &eoroEex B Tec FML5 PhD Bursar. Mrs Lesley Thompson MA FCA Prinelpal Advisers Actuarie CortwrigFkt Group Mill pool House Mill Lone, Godalming Surrey GU7 IEY Propeity Valuers & Conwltqnt&" BKJwells stonecross Trumpington Hi9h Street Combridge CB22 9SU Auditors: Price boiley LlP Tennyson Holtsa Cambridge Business Park Combrtage C84 OWZ Bonkern: Borcloys Bank 9-11 St Andrews Street Combridge C82 3AA Securlties Managers: Smirh & Williomson 25 Moorgale London EC2R 6AY Securttle$ Managers: UBS Weojth man0￿MeTht (UK) Lt Tennyson House I Curzon SEreet L(￿b￿¢)n WIJ SUB Ftsr Ihe Financial Year Endng 3Qth June 2022 Ltscy Cavendish College Univei>iy <￿(aMbr￿1￿e Report of the Governing 8ody Report of the Governing Body Lucy Cavendish College was founded in 1965 as a Collegiate Society. Initlal]y a graduate Foundation, it admitted it5 first undergraduates in 1972. It became an Approved Foundation of the UnTrversity of Cambrid8e in 1984 and then in 1997 it was incorporated by Royal Charter and achieved full college status as a College for wornen over the age of 21 who were matriculated into the UTriversily as full-time undergraduales or as part-time or full-time postgraduates. The College is an autonomous. self-govern5ng community of scholars and one of the 31 colleges within ihe University of Cambridge. The College is a registered charity (number 11378751 regulated by the Charity Commission aFTrd its registered office is Lvcy Cavendish College, Lady Margaret Road. Cambridge C83 08U. The College in conjunction wirh the Untversity provide5 an education of the hi8hest quality through small group teachin& academic supervision. library. computing and cultural facilities, meals and living accommodation, wrth appropriate support for students in personal or financial need. In March 2019 the Governin8 Body took three important decisions: that the College should Brow substantially from c.400 students to c.l.000 students maintaining a majority of postgraduate students. that the admissions policy should be changed so that from October 2021 the College would admit standaTd-age (generally 18+1 students of any gender- and that the historical DNA and mission of the College-to open the Cambridge door to talented and exceptional students from undei-represented and non-traditional backgrounds - should remain a fundamental aspect of its future such that Lucy Cayendish would, uniquely in Cambridge, become broad￿ representative in its UK student body of our national Society. At postgraduate level. the focus was to become the 'go-to' college for students pursuing interdisciplinary advanced learning or research, focused on the complex issues facing humankind and our planet as captured in the UN Sustainable Development Goals IUN SDGsl. We woukl also seek to increase the number of full or partial scholarships that we could offer international Masters sludent5 from non-traditional back8rounds or urider- served communitie%. However, followin8 the late chan8es in the way A Level results were tèlculated in summer 2020, the Trustees agreed to adva￿Ce acceptance of 18 years + women in October 2020 in order to enable the University of CambridBe to meet tke increased number of undergraduote offer-holders who had rkow met their Cambridge offer. A cohort of 30. 5tandard-age. women undergraduates was accordingly admitted lo the College in October 2020 comprising just under haw of the new intake. In line with ihe decisions made in 2019, during the academic year 2021122 around 50%of the new undereraduate intake was made up of young men. Fellowship, post.doctoral and research positions are open to all applicants re8ardless of their gender. The College 15 primarily situated on a site just north-west of central Cambridge bounded by Madingley Road and Lady Margaret Road. Until 2021 the College wa5 based around three converted 19th century villas together with newer, purpose-built facilities including student accommodation, porters, lodge. library, teaching rooms, dining hall, gym and other commor) Spaces. To 5UPPOrt the planned gr0￿h of the College, during 2020121 one of the 19th century villas18arrmorel was demolished and a major new building development commenced to provide more student accommodation and facilities onsite172 en-suite rooms, informal learning spaces and 3 large new cafe}. Practical completion was achieved on this building on time and within budget in Augus12022. The work was undertaken with a deliberate focus on environmenial SU5tainability- in particular a commitment to achieving the eKactin8 Passivhaus standard for carbon emissions. The new building will be some 70% more energy efficient than the building il reptaced despite accommodating mafty more students and providing much-needed addifional facilities. The development has been made possible by a £16m loan facility to the Coltege from the University of Cambridge. 5ncludinE this new building there 15 now on51te accommodatÉon for 151 students Wlth a furrher 92 rooms lincluding 10 flats) owned by the College near its main sile. primarily at its student ￿ntre at IIX) Hi5ton Road which was For the Finon¢iol Year Ending 3￿ June 2022 Lucy Cavendish College UnTriersiiy ol Cambr MEmbèrs of IhèGovarThng BtrJy during the yeor to 30" June 2022 opened in 2014. In order to provide more accommodation. the College also rents neighbouring properties and rooms from 5t John's College and at Mounr Pleasant Halls, which together provide a further J59 rooms anry of Cambyldge Merr￿erS of Ihe GoVernw￿ Body duriTrJ th• y•oi to 3￿ June 2022 Public benefit The Trustees of the College have considered the Charity ComFnission'5 guidance on the operation of public benefrt under the Charities A£t 20113nd £onsider that the requirement5 have been met under the Charity's objects and activiiies. A full statement of the public benefit provided by the College has been lodged with the ChaTity Cornmi55ion. In summary, Ihe College provides, in conjunction with the Universily of Cambridge. an education which is recognised internationally as being of the highest stsndard for some 71X) students with plans to Increase this number to around l.OOD within the next three years_ This education develops students academically. supports their career ambitions. and promotes their leadership skilts. On gTaduation from the College they are enabled to play enhariced and effective executtve roles for the benefit of society around the world. This world-class education 15 provided to Students who have the highest 6cademic potential whatevertheir financial means or religious, racial, political or ￿Cial background indeed the College aclively seeks applications from groups currefttly underrepresented in Cambrid8e and has developed 3 unique on-line programme, the Academic Enrichmer)I Programme. 10 SUPPOrt improved academic attainment within its partner schools. The College is Participating in the University's new Foundation Year Programme and will be welcoming five students for the next academic year as part of our new cohort. The resident members of the College. boih students and academic slaff, are the primary beneficiaries and are directly engaged in education. learning or research. The Presi(Jent and Fellows of the College receive a riumber of benefits as beneliciaries comprising small research. book or travel grants etc. These benefits are provided with the irtrtentiOTT of furthering the College's aims. primarily that of advancing research. Some meals are also provided to the President, Fellows and staff of the College up to a set allowance. The amounts of the benefits provided are obiectivety reasonable, measured against the academic benefits made available to other beneficiarie5 of the College. Beneficiaries also include students and academic staff from other Colle8e5 in Cambridge and from Cambridge University more widely together with visiting ocademic staff and students fTQrn Other hisher education institutions. In addition, the wider public has access to the College through several 5erie5 L)f events, talks and seminars- many now held on-line and disseminated funher through blogs on the main Col￿ge website avallable to all and via social media channels. As a result of periods of Covid lock-down ènd travel restrictions the publlc seminarlevent series wa5 re- conceived and launched on-line as 'Lucy in Lockdown, and Subsequently 'Live from Lucy, This has proved beneficial in sEnificantly extending the profile an(J 'reach' of these events. thereby enabllng hundreds of members of the public. who would not otherwise have been able to travel to the ColleEe. to hear excellent speakers on a range of topics and to participate in (liscussion WFth them and with a diversity of participant views. The Covid pandemic has required the College TO adapt and find new ways of engaging with public audiences ènd it is likely that these innovattons will be retained. The College has, for the last decade, hosted an increasingly important annual national prize for fiction. the Lucy Cavendish Fiction Prize. open to women novelists over the age of 21 years who have not yet been published. It has been sponsored by the literary agency PFD forthe last 7 years an(1, following a tompetitNe process during 2021, a new spoNsorship agreement with them is in place until 2023. In this its 12th year the Prize attracted aroLrnd 600 entrants of high quality. The winner wa5 Hannah Stapleton with her novel.. Blue Teor5. The Prize continues to be very successful in launching literary careers with 3 number of shortlisted For the Finoncial Yeor Ending 30" Jurbe 2022 Lucy Cavtndssh College UnNerity O[CaMbr￿ge Mernbers ol Goveming 9(￿V c#JDrKJ the yeurto 20" Jur* 2022 writers again seeing commercial success during the year. There is also ￿ a parallel Fiction Pri2e for Students. The College participates from time to lime in public schemes such as Open Cambridge ond the National Open Gardens scheme. 5¢ope of the financlal ststernents The con501idated financial statements cover all the activities of Lucy Cavendish College and its subsidiary companies, Lucy Cavendish Trading Ltd and Lucy Cavendish Estates Development Ltd These accounts are presented in the fom)at of the Recommended Cambridge College Accounts IRCCAI which complies with the 2019 Higher Education SORP IStaiernÈnt of Recommended Practice." Accounting for Further and Higher Education). This SORP reflected the changes to UK Generalty Accepted Accounting Practice IGAAPI followin8 the issue of the revtsed Financial Reporting Standard IFRSI 102 which came into effect for financtol years beginning on or after l January 2019 The commentary that follows is intended to give the readers of the financial #atements an overview of the rinances and operarions of ihe College. Qperational Context Planning for and implementing the College's expansion and development The College ha5 continued to develop and implement its plèns for the next five years when, following its decision to change its admissions p)olicy to become a standard age. mixed college from October 2021, it aims to mvre than double the %ze of its studeni body in support of its mission to provide sigriificantly more opportunities for talented students fvorn groups who are traditionally under-represented at Cambridge and for those whose advanted learnin8 and research address key 21" century problems. Lucy Cavendish continues to be the only col￿ge currently at Cambridge prepared to grow at scale and pace and to align its own evolving mission wtth the University's priorities. As noted In the Introdurtion, a considerable programme of estates developmeot has been achieved over the last financial year with the rtew building at Lady Margaret Road achieving pr3ctical completion in August 2022. The building provides 72 study bedrooms and a large new cèfelsocial space which encourages and support5 informal learning on the ground floor and is designed to PJssNhaus standards to reduce the College's carbon emissions into the future. Indee¢J. the new building should be 70% more energy efficient than the building it replaces as well as providing six times more study bedrooms. The intent behind our Estates Strategy IS that the Lady Margaret Road site will predominantly caler for OUT first-year undergraduates given its outstanding eentrèl location. Other undergraduates are housed in accommodation nearby. Our postgraduates are housed principally in purpose-built $1udent accommodation near the Colle8e. The planned growth in stu(Jent number5 and the major estates developments have necessitated the College spendin8 a good deal of time over the tast two years in developing and refInin8 the financial model which it created in 2020 and which can be used a5 a tool to assess the likely outcome5 financially of different scenari05 and sensttivities including a range of (lownsEde risks. Thts is updated regularly to reflect actual For the Financiol Yeor Ending 30￿ June 2022 Lucy Cavendish College (mr￿eN[Y ol Cèmbiidgè Memb8f$ of thefy)verning Body during ihe yoor to 30-JurÉ 2022 financial outcome5. The model show5 that the College will continue to achieve finoncial su5t8inèbility over the period130 years) coveyed by the model. Summary Financial Results The followin8 section of this Report details the main feattjres of the Financial Results. Covid continued to have an impact as conferences were still very limited with ongoing lockdowns and Iravel restrittions in various parts of the world. A150, on the down side. a rnajor drrver in the overall position of the College was the very considerable fall in the investment Portfolio with stock market valuation5 at the year-end significantly affected by the war in Ukraine and its Vr￿ertainl•eS together with t)ost pandemic supply issues. A key p051tive driver for the College was that once again the Colleges. Fund Committee agree(I that its graftt to colleges Could be used to defray operating expenditure rather than being required to be invested as endowment and the College was granted £1.203m from this sourcÉ. The College was also fortunate to receNe a very significant donation of E2.6m from Christina and Peter Dawson during the year. In accordance with accounting srandards, the total sum is included with the income for the year but the gift was made to support experkditure in outreach and student well-being over the next ten years so more ot.the relevant expenditure will appear in future years. accounts. The figures also reflett the stage of development of the construttion of our new st{￿ent accommodation and café building at 30 June 2022 with £8.75m capitalized durrng the year and £8.4m drawn down from the University Loan facility provided to fund thi5 projett. The total surplus lincrease in consolidated net assets1 of the College for the year was £732kl20/21.. £1.715m comprisinE an unrestricted surplus of £902k120121 deficit of £873kl; a restricted surplu5 of £2.129m 120121 surplus of £210kl.' and a deficit of endowment Income of £2.299m120121 SL¢rplus of £2.378ml, primarily arising from a 1055 ofj investments of £2.d77m as a result of the downturn in markets (20121 gain of E2.666ml. As eKplained above, IFte p051tion on the unrestricted surplus was POSItTvely affected by the agreed use of the annual Colleges, Fund grant of £1.203m120121 £1.088ml for operational expenditure rather than its normal allocalion to endowment and by the inclusion of ihe whole of the Significant donatioft of £2.6m. Funding Overall income betore gains on investments and on pension schemes was £11.8m120/21'. £6.4ml. The Colle8e'5 main 50urce5 of income are academic fee5 £3.3m120121= £2.3m), accommodation & Catering £3.2m120121: £1.67ml arHd donations & endowmentsof£4.8m120121'. £1.7ml Incorne 2021122 £000 2.912 383 3.IlJO 2020121 £￿0 2.022 sludents: college fees Cambridge Bursaries accommodation & catering 25% 32% 26% 1.667 26% Conference accommodation & catering Investmeni income Donatrons and endomnents Other income 385 4.781 316 1,739 41% 27% 165 11,816 343 6,377 | Total loo% For the Financial Year Endin9 31yh June 2022 Lucy Ca*rK15sh col￿ge unpEr￿Y ofCamt(MSge Èmbèrs of Ihe (>Mming 8oLly duriw the year 10 3U June 2022 Empenditure Total expenditure was £8.6m120121.' £6.3ml. comprising staff costs £3.58m120121.. £2 55ml, other operating exper￿lture £4.39m120121.. £3ml and the balance being depreciation of £666k120121.. £736kl. This expenditure is primarity allocated to Education £3.9m120121.- £2.8mJ. and Residence5, Catering and conferences £4.3m120121: £3.Iml. At 30 lune 2022 the value of Ihe endowment Was £13m {20121.- £15.3ml, while the College's overall investments totalled £17.7m120121". £17.7ml, mainly invested in the College's amalgamated investment portfolio. Overall corksolidated net assets were £46.8m120121'. £46ml- As ihe full cost5 of education are not met by Academic Fees and Charges. (ksnalTrons and rerurn on endowment are tritical elements to bridge this gap in 811 Cambridge colleges. However, colleges differ enormously in the size of their endowment and herKe the return available from it. An arrangement exists for the better-endowed colleges to support those colleges with smaller endowments through the Colleges, Fund. As a college wtth one of rhe smallest endowments, Lucy Cavendish College is regularly a beneficiary of this Scheme and in ihi5 year receTved £1.203m by way of a grant and this is included in donatio￿S and endowment income above l£1.088m in 201211. Athievements and perfonnancè Academic and College Community The ColleBe currently ha5 approximately 639 fee payin8 Itotèl 678 including 'exempt'l students from all walks of life an(1 from all over the world120121471 and 5281 Nationally and localty. students were recognised in a range of fields. Amongst many successful students.. Atexandra Breckenridge ILaw Tripos) was awardeil the Clifford Chance C J. Hamson Prize for the Law of Contract and the E.C.S. Wade Prlze for Constitutional Law. Nadia Capatlna Icambridge Graduate Medical Course) received the Blair Bell Research Society be￿ srudent prize award at the Royal College of Obstetricians and Gynaecologists Annual Acèdernic Meeting. Bonnle Cheung Iveterlnary Medicine Triposl published at) article for Veterinary Evidence entitle(J 'ln dogs with atopic sktn disease, is lokivetmab more effective than oclacitinib in reducing the score of a recognised Scoring system?, Ruby Pillai Imst in Entrepreneurshipl was appointed Patron for the official History of Parliament Trust's book, 300 Year5 of Leadership and Innovation. Rosa Prosser INatural Sciences Trisxjsl had their documentary series 'Careers to Solve the Climate Crisis, launched OWT the Cambridge 2ero YouTube channel. with the series, final episode premiered ai the COP26 'Green Career Pathways. event. Adele Rickerby (Mst in Creative Writing) won the 2022 Florence Staniforth Student Fiction Prize. Agnie5zka Stowik IPhD Computer Sciencel won the Young Al Researcher 2022 Award at the Perspektywy Women In Tech Summit in Warsèw. Poland for the work accomplished during their PhD. Eric Yip (Econornics Tripos), with their work Frictjtives. was announced as the youngest ever winner of the National Poetry Competition. For the FIr￿ne1￿[ Year Ending June 2022 10 Lucy Cavendish Colle9e Univer91y ol CambrKYg M8rnbers ol th+fy)v*rnirg 8ody duriftg yeor to 301h June 2022 Many of ihe College Fellows also achieved noteworthy success durin8 the yeèr With Some brief edited highlights a5 follows- Professor Marie-claire Q>rdonier Segger chaired the Climate Law and Public Policy Conference, in preparation for COP26 co-hosted by partners from the University of Glasgow ènd the Untyjersity of Strathclyde, and featured keynotes and experts. plenary with leatling prartitioners. researchers and academics in law, climate change, economics, politics. land economy, development studie5. Fellows, Research Associates, and students from Lucy Cavendish College later played a key role at the UN Framework Convention on Climate Change IUNFCCCI 26th Conference of the Parties ICoP26 in Glas8ow, Scotlandl Professor Neil Stott published 'The 8luefield Experiment in Co-op Economics, focusing on collective ar￿ cooperatTrre ways to organlse for social justice in our histories. which we can learn from to tackle the wicked problems of our day. Dr Elizabeth Fistein published on support and treatment for people with Prader-willi Syndrome in Science Dlre¢s InternotionolJournol of Low and Psy(hiotry Cir Rithard Lloyd was appointed as Visiting Fellow èt the Cranfield FO￿nsiC Institute to develap collaborative research projects with 3 medico-legal focus. Research Fellow Dr Nlamh Mulcahy published her debut book with Routledge 'Closs ond Inequality in the rime of Finunce. explores the effects of the 8radual liberalisation of c3Pital markets and the expansion of consumer credit on poorer households in the United Kingdom, with particular aitention to the precariousness caused by a lack of savings and a reliance on debt. Research Fellow Dr Suhail Dhawan recenred the Colle8e's Dame Anne Warburton Award. Based at the Kavli Institute for Cosmology, Institute of Astronomy, Cambridge. his research is based on measuring dIstan￿S to explodrng stars to infer how fast the universe is expandinE. FeU¢Mknmoner Professor Dalia Leinarte. publithed ? new book with Bloomsbury tIt￿d Family and the stote Soviet LithuoniG. challenging the commonplace 'kitchen culture, rdea that ihe home was a site of silent resistance where traditional Lithuanian values continued to be nurtured. Fellow-commoner Ann Llmb was made è dame In the 2022 Queen's Birthday Hanoursllst for services to young people and philanthropv. Honorary Fellow Baroness Kennedy led the team behind the rescue of women judges from Afghanistan working with international and local ￿rtners, including Sir Charles Hoare, to evacuote wornen at risk from AfEhanistan to Greece. Honorary Fellow and former Vi¢elharKtllor of the Uftiversrty of Cambrldge Professor Dame Alison Richard published an account of Madagascar's past and present, The Sloth Lemur's Song in March 2022. It 15 far-reaching account of Madagascarfs past and present Emeritus Fellow Dr Sarah Gull. formerly Joint Course SupeThisor for the Graduate Medicol Course at West Suffolk Hospital and a Consultant Gynaecoloeist was ordained Deacon in St Edmundsbtsry 3nd Ipswich We Congratulate all these Fellows and the many others who won competitive grants for their research, establtshed research networks or intematioftèl research projects. and who published books or in prestEIous journals in the course of the year. Dlversltyand wideningaccess Following the success of our first120211 intake under our new admtssions polky, the 2021-22 admissions round posed new challenges. The legacy of the pandemic continued lo be felt in its impact on applicants, educatlon, with the disadvanlaged siudents upon whom the College is particularty focused being parttcularly affected. Nevertheless, fpllowing a 5ucce55ful virtual adrni55ions round, 134 new undergraduate students are confirmed to commence their studies at Lury Cavendish thls autumn. Once again, we have met our target of admitting a majority from backgrounds that are either disadvantaged or underrepresented at Cambridge, wth over 64% of our new students comin8 from such backgrounds. We are also on track to For the Finoncial Year Ending 201h June 2022 Lucy Cavendtyh College uhivèryiy of CJnbTidge Maybbets of the Governing Bcdy during the yeo¥ to 30" Jure 2022 become the first Cambridge College to admit over 90% of our UK entrants frorn maintained Sector schools, whlch is a significant mlleslone as we look to become broadly representative of national society by 2025. when analysed using socioeconomic metriC5. over 25% are from the two lowest POLAR4 quintiles, indicatinB areas of stgn¢ficant under-participation in HE. and over 35% from the two lowest quinliles on the Index of Multiple Deprtvation, indicating ￿l￿nS of significant soticeconomic disadvantage. Once agaln, these figures SiBnificantly exceed the Universily-wide averages at l)oth CambridEe and Oxford. Indeed, they are significantly above what any C3mbiid8e College ha5 ever achieved in the past. Our post8raduite intake. meanwhile, is projected io be c.300 full-time and part-time students. with over 70 countries represented on around 150 courses acr055 the University. We continue to raise money for new scholarships aimed at pro8rammes related to the UN Su5taiftable Development Goals, along with others whlch target international students from deprived backgrounds. We are very grateful to our benefactors and legators who have enabled these exceptionol students to study and researth at the highest level here in Cambridge. Seeking donors io esrablish more such studentships remains one of the three foci of our current fundraising efforts. The past atademic year has also seen the first full year of our Academic Enrichment Programme IAEPI.. an online, sustained enEaEement outreath programme thal is one of the few specifically desi8ned to raise a¢ademic attainment in Sixth Form students through 3 supplementary curriculurn of academic enrichment classes. This followed on from Ihe Year 11 Summer Preparation Programme mentioned in last yearfs report. Roughly 550 studenls We￿ enrolled on this wogramme. which recently conduded with a 'return- le8. summer school that helped prepare the students for applying to highly selective universitie5, such as Oxford and Cambridge. We have since launched a new Year 11 programme. which wll turn into rhe second year of the AEP this autumft. Our work to SUPPOrt these students has recefttty benefited from a successful bid to the newly established Isaac Newton Trust Widening Participation and Induction Fund. which will allow US to significantly expand and profe$5ionalise our provision. making the AEP one of the most well-developed and pioneering such programmes available anywhere within the sector. Student Support It is not of course sufficient mereFy to seek, attract and admit tslented students from under-represenred groups in society. Once at Cambridge, they need to be supported to achieve their academic potential, their personal and professional development, and their career aims. Too often there is a Bap between the outcomes on these measu￿$ between those from non.traditional backgrounds and their more socially and economically privileged peeTS. That is the case at Cambridge. So, given the mission of the College, il is doubly important that we dose these gaps and the last year has seen us pilot. evaluate. refine and implement rhree co-curricular support pro8rammes which will benefit the new intakes substantially. These progromme5 aTe: academic ski115 enhancement including extra tuition for example in matherDatics' well-being with an emphasis on resilience and 5elf-maftagement of a balènced lifestyle for all - as well as the availability of profe5sionèl counsellin& and careers & enterprise with excellent Co-ordination between the College and the Universivs Careers Service alongside a programme of events and opportunities unique to Lucy students. In order financialty to assist undergraduates entitled to student support, the College provides, throu8h a scheme operated in common with the University and other Col￿ge5, bursaries Iihe Cambridge Bur53ry1 for those with limited financial means. Students over 25 years of age at the start of their course are automatically consldered for an enhanced award. In addition. the College actively gives other awards and bursaries to it5 undergraduate and graduate students comprising £397k in 2021122, compared with £260k in 2020121. We ère gratefvl to our donors who regularly contribute to these scholarship and haTdship funds. For the Finonciol Yeor Ending 3￿ June 2022 12 Lucy Cavendish College UnDJwsiiy of CwnbrKlge Nlembers or GoveroiTh) Body during ime year to 8￿ Junè 2022 Fundraising activities The College is registered wilh the Fundraising Regulator. It does not use external professional fundr3isers or commercial participators and carries out fundraising acttvities. primarily through its Development Office. in collaboration with the offices of Cambridge University Development and Alumni Relations and Cambridge in America a5 approprFate. In addition to seeking financial and other support for the College, the Development Office is also responsible for broader alurnni relations. The Lucy Cavendish Foundation Board in the UK and a North American sub-committee. both under the Chairmar)ship of HoT￿rary Fellow Mr. Derek Laud. provide strategic advice and support on major fundraising initiative5 as prioritised and agreed by the Governing Body. All members are volunteers. The Board is focused on potential high net worth donors wtth the capacity to make substantial or transformational 8Èfts to the College. The three major priorities are= substantial donations to augment the endowmeni of the College: gifts and donations to fund buildings and facilities in the Estates Master Plan: and scholarships for iniernational students from low-income backgrounds who wish to study Master5. or doctoral programme5 focused on the UN Sustainable Development Goals as part of their professional development for leadership roles in theiT home counlries. The benefit of virtual platforms as 3 communication tool was again demonstraled in alumni relatlons.. Zoom updating and keeping-in-touch sessions have been held with College members worldwide. with numbers attendinE gre3tEy exceeding those that could have been met face-to-face through conventional overseas trips Methods for soliciting gifts include face-to-face fiJndrai5ing by private meeting lintluding vi3 Zoom). the promotion of legacy glvin& direct mailings. giving through social media in the form of 'GNing Weeks. and opportunities for online 8ivin8 via the website. College also made use of challenge funding and match funding initiatives wherever possible. There is a clear statement on the College's website regarding use of data for alumni and fundraising purp05es. No mass sollcltation takes place without prior notification and opportunilies to opt out easily feature prominently in forms of communicaiion. Donor segmentation IsortinE donors into groups based on shared demographic char3cteristiC5 and previous enEagernentl is performed to ensure targeted and appropriate fundratsin8 communications with a maximum of four a year. Due consideration is given to whether potential donors might be considered vulnerable to ensure fair treatment. There have been no formal complaints made about fundraising during the 2021-22 academic year, nor in the previous year. For the Fina￿[01 Year Ending 30th June 2022 13 Lucy Cavendith College Univergry of CJmbr*l98 MeM￿S01 the Govwning Body duriry the yeoi to 30" Junè 2022 Financial Review Income Further detail regarding the different sources of income is given below: A¢ademic Fees and Charg￿- £3.295m {£2.312ml 43% increase The College charges- fee5 at externally regulated rates to undergraduate5 entitled to ￿Udent support with those undergraduate fees generally being paid by k)an funding through arrangements approved by the Government fees determined by the College annually to overseas undergraduates and any Home/EU undergraduates not entitled to student support. The College receives a proportion of the fee5 charged by the University to graduate students based on a full time equivalent per capito allocation. Overall student numbers in College rose 5i8nificafttly during the year and total fee income aIso rose, though the amount re￿1Ve￿ also depends on the mix of students. In 2021122. including visiting students, there were 265120121.. 1571 undergraduates and 374120121.. 3141 fee-paying postgraduates, of whom 99120121: 631 were part time. A further 39120121- 571 poslgraduate 5tudentswere exempt from paying fees. AISD included under this heading is income recerved relaring to the Cambrid8e Bursary scheme. The amount received increased by 32% as it relate5 to the number of students in any year eligible to receive it. This income is offset by expenditure on the scheme which also increased. Residences. catering and conference income-£3.19m l£1.667ml 91% increase This heading covers income received from students and from conference guests. The amounis received reflect both volume and charges. The College char8e5 accommodation, meal and service charges at reasonable rates 10 Its students. Income related to these areas increasèd by 86%. This increase resulted from greater student number5 but primarily reflects the rnuch lower income received in 2020121 because of rent reductions and refunds for catering as a result of COVID restrictions. The income derived from conferences has historically been critThl for the College's linances and significant efforts are made to fill rooms and provide a 8ood seNice to guests so that the College's ongoing costs are covered, particutarly during vacation periods. However. because of COVID. from March 2020 onw3rd5 almost no conference activity was possible and there was only a very limited amount èble to happen in the last financial year. Total income Teceived from conference accommodation and catering charges was up io a total of £90k compared with only £2k in 2020121 but this compared with income from conferen￿5 of £650k in 19120 (the first year io be affected by Covidl aDd £726k in 18119. Details of expenditure on all these areas is gNen later in this reporL For the Finonciol Yeor £nding 3(yh June 2022 14 lucy c￿en￿lS￿ College uThr￿rYry ol CaMbr￿ge Mwnt)ors d ttwGoveming BtrJy during the year to 30W&June 2022 Investment income -£385k1£316kl 22% increase: and ertdowment return tranSfer￿d £503k I£426kl 18% increase Investment income represents dividend and interest receipts. The Governing Body Fellows are the Trustees of the College, govemed under the Trustee Act 2000. Their investment powers are defined in Statute 38 of the College's Statuies and they have overall responsibilitv over the College'5 investments. Governing Body has responsibilily for approving investment objectives, agreeing risk and return targetsi performance benchmarks and the investment manager structure. The Governing Body dele8ates the detailed aspeths of the oversighi of the investment arrangement5 to the Flnance & Investment Committee who in turn appoint investment managers to be responsible for day to day management of the investments in accordance with agreed guidelines. Overall, the financial objective of the Fund is to maintain at least the.real v31ue of ihe assets whilst generating a slable ond sustainable return to help fund the college's operations each year. To this end, a d¥¥ersified portfolto with a strategic a55et allocation including most or all of UK and Overseas Equities, Bonds. Cash. Altemative Investment5 and Commercial Property Is maintained with due regard for socially responsible investments consistent with the College's charitable status and its ethos. In October 2020 the Governing Body voted unanimousty to dlvest from direct holdin85 in fossil fuel compafties, adding them to the existing list of prohibEtions which includes amiaments, tobacco, and tar sands. The Cclle8e has for some years adopted a Total Retum approach which lakes account of capital gains and losses on inveslment as well as income. The total return target for our investment mana8ers 15 the Retail Price Indey rate of inflation plus 3%. During the year to June 2022 RPI was 12.1%11.47%1. The total return on the Investment portfolio for ihe year including additions was-12%1+20.2%1. On a five year annualised basis the total return has been 3.6% against a target of 7.5% IRPI +3%) These disappointing results reflect the 5i8nificant impact of a very poor few months for the portfolio after a year of very good recovery post pany the operational use of the Colleges, Fund l£1.203ml and also by drawing down on the Loaft Facility from the University for the Phase I building1£8.396m drawn down in the yearl. Net cash inflow from operating activities in 2021122 was positive at £3_664m12020121£1.69ml. However. this sum includes the very stgnificant donation of £2.6m which is intended to support expenditure over the next ten years. For the Finoncial Yeor Ending 30th June 2022 18 Lucy Cavendish Coltege ihivergiy d C3￿￿r￿e Nwr&)ers of Eh& Goveming Boty during the ywr to JunÈ2022 Cash totalling £1_624m120121 £1_169ml was also used In capttal expenL8rture. purchase of investments and to pay interest on loans bul the overall position was an inflow of £2.04m12020121519kl, Staff costs and pensions The College makes pension fund contTFbutions on behalf of it5 employees to Univer51ties Superannuation kheme IUS51, with some contributions toward5 the defined benefit part of the scheme and some towards the defined conlribution PaTt of the scheme. and to a defjned contribution scheme with NOW pensions. The Colle8e previously contributed to another defined benefit scheme, the Cambridge Colie8es Federated Pension Scheme but it no Songer has any active members in this scheme. However, rhe College contlnues io make payments lo this scheme in order to contribute to the deficit which it has accrued. Total staff co$15 increased significantly during the year with £3.582m in 21122 compared with £2.553m in 20121. A major element Df thls relates to the increase in USS pension provision following the last actuarial valuation at March 2020 which was concluded too late to be included in in the 20121 accounts. Total pension Costs in 21122 were £880k compared wlth £370k In 20121. Total average staff (academic and non-academlcl numbers rose from 83 to96 IwfE 50.94 to 64.101, reflecting some investment in new posts as ihe student numbers increased and return to more usual catering activities during the year with fewer Covid restrictions. There was a general pay increase of 2% for most employees120121 pay freezel. These figures also include the costs of teaching provided by those not directly employed by the College and these costs rose from £112k to £166k as was expected wrth the increase in student numbers. Employees No trustees are paid for being a trustee but in order to fulfil its charitable purposes, the College employs some Fellows as College Lecturers. SupeNisors, Directors of Siudies, Turors and senior AdmlnistratNe Officers lall of whom. alon8 with the President are charit¥ trustees a5 members of the Governing Bodyl.The employment of the President and Fellows is undertaken with the intention of furthering the COl￿ge,$ object(ves and their employment directly contributes to the fulfilmenl of those aims. The private benefit accruing to the President and Fellows through salaries, stipends and emplo¥ment-related benefits is objectivety reasonable, measured against academic Slipends generally. and indeed is generalty modest when compared with those of other colle8es in C3mbrid6e. Without the employment of Fellow5, the Colle8e could not fulfil its charitabte aims as a College within the University of C3mbridge In addition to the President, the toial number of Fellows ift the year was 48120121501. The College also employs a further 66120121591 members of staff and engages other casual staff a5 necessary to provide the professional and seNice support necessary to run the College. Salartes and remuneration are reviewed annually by the Salaries & Remuneration Commitiee. the majority of whose members a￿ Fellows in the College who do not recelve a stipend tO6ether with external rnembers who are completely independent of the College. Maintenartce of bulldln85 and capltsl expenditure Total capital expenditure during the year was £8.93m (20121 El.979m). £8.751m120121 £1.889ml of thls related to the con501idated c05t of freehold buildings and assets in construction associated with the Colle8e'5 expenditure on its onsite development. Other expenditure included general refurbishment in accordance wilh a programme of planned maintenance. improvements to our Library to create new study and teaching spaces. the purchase of Library books. planned upgrades for IT systems. equipment and iftfrastructure and a new fire suppression system for our kitchen. For the Finonciol Yeor Ending 3￿ June 2022 19 L￿Y Cavendish ColIe9e ihweryry of cambr￿￿e IAeml)•rs ofthe Governing P4xly durirKJ the year to 30 June 2022 Rlsk manaeement The Governing Body Is responsible for identifying and managing the major Tisks facing the College. Risk management is considered in every aspect of the College's work and the College recognizes that the effective management of risk. while ensuring our organisarional objeaNes are achieved, is key. The College Counol, Governing Body and Audit Committee consider the regularly up-dated risk register. They review risk in it5 broadest sense and consider anything that mi8ht alter or undermine the capacity of the College io fulfil its objectives from both a strategic and operational perspective. Our wider assurance framework includes policies and procedures for anti-corruplion and bribery. health and safety, and management of complaint5 and grievance5. These ensLEre that, where inci(lents give rise to risks. tFtey are identifted. acted on swiftly and reported according to our ￿gUlatOry reswnsibilities. The key pririciples tu support the delivery of our risk management approach are outlined below.. • Ft is the responsibility of all staff to ensure they understand and comply with policie5 and their risk management roies and responsibilities. Risk management awareness and training will be provided to all staff as appropriate to their roles and re5ponsibililies. Risk managemeni is not a stand-alone activity that is separate from the College'5 main activities. It is embedded in key processes and at decision-makin8 point5 le.E. Strategic and operational planning). • The College has a register of str3te8ic risks that dewibes and categori5e5 risks according to their likelihood and impact. The Audtt Committee has dele83ted authority to act on behalf of the GoverninB Body in relation to the matters Set out in its terms of reference. as well as providin8 advice. guidance and insighi on issues within its scope. rhe Committee is chaired by a Fellow and has extemal members to provide relevant expertise. The Commiltee has a specific duty to keep under review the effectiveness of the College's risk management, control and governance arran8ements. Principal risks and uncertainties During the last financial year. the world began to emerge from the most onerous restrictions of the Covid pandemic such that nearly all students were able to be physically in Cambridge and the College wa5 able to return to more normal prowsion in most areas of its work. Covid-related controls still remain in some places in the world and a5 we move into ihe autumn months there is some uncertainty about wheiher a further wave of infection might occur, but the existence of vaccines and boosters. together with the experience5 gained of how to manage activities appropriately to minimize the spread of infection mean that the College is in a reasonable place to cope with any recurrence. Whilst the main areas of the College's ¥vork, namely leachin8, learning and research have been more or less back to rM)rmal, it is still a little more uncertain whether our p￿VIouS confeience trade will bounce back completeW- we rely on this to fill our accommodation and use our seYvÈces when most of the students are not present. We are not yei back lo trading levels pre-pandemic, bul there have been positive signs over this summer with some summer schools and otheT events taking place and a clear irndTrcalion that the virtual world has ftot completely iaken over f rom people wanting to gather together. However, beyond the pandemiG the world 15 currently facing considerable uncertaintie5 and challengès: firstly, the impact of the Russian invasion and subsequent war in Ukraine,. a￿1 secondly, the climate emergency whlch is now more regularly leading tc drought and floods. There was already economic fall-our from the pandemic but both of these have also significantly affected the economy and indlviduals leading to riging energy Costs, goods shortages, trade ba￿lerS and changes to labour patterns with increased wage demands. In the UK in Jul¥ 2022 inflation ICPI} wa5 at a 40 year high of 10.1% and is predicted to rise further For the Finonciol Yeor Ending June 2022 20 Lucy Cè¥tndish College UnKveryiy ol cambr￿ge •Aembers of the Goverrun9 8(N* duri￿ the yeLX to 3￿ Junp 2022 Into next year, wirh some commentators SUEgesting that il might exceed 20%. It is clear that cost of living considerations for the College, it5 staff and 5tudent5 are likely to be forem05t in the next year. As before, the main overall risk remains the College's relative under-endowment.. inevitably a smaller pool of investments. no matter how well empbyed. yields a smaller overall return. This has an impact In many ways. The return on endowmeni/investments is critical to all Cambridge colleges in allowing them to 5UPPOrt the wider operations and activities of the College and. in particular. to bridge the gap between fee income receivÈd and the full costs of education. Critically. for this College a larger endowment with g￿ater return would provide regular ongoing funds to offer greater support to our students in meeting living c05t5- in practice, many other colleges are ab￿ to sub5idise these to an extent that we simply ¢annot afford to do. It wouhl also enable us to undertake more investments ift infrastructure and develop new seNices to keep the College moving forward in the much longer term. Importantly. in the current unceriair) politiial and economic circumstances, a larger endowment would also offer greater ￿S1]IenCe against the impact of fluctuaiions in ihe internation31, national and local landscape in which we operate. Beyond the uncertainties affecting the whole world. there remain uncertaintie5 about the Higher Education fees and funding regime in the UK and elsewhere which could affect the numbers and types of students who come to tt)e University of Cambridge and therefore to this College. At a more kjcal level, whilst the College is responsible for admiltinB its undergraduates, the University admits the postgraduate students and ensuriftg that colleges. and University plans align can be challenging. In recent years. the balance of students in the College has shifted $0 that in June 2022 we had about 39% undergraduates and 61% postgraduates ljune 202138% and 62PAI. An ongoing focus on cost control and a commitment to efh'cient management of resources and value for money also remains important. However, these alone will not address ihe College's sustainability. In order to provide the appropriate suppc>rt facilitie5 for our current students and to saleguard the College's future we must also continue to undertake planned growth and invest in capital, including new technologie5 to achieve better productivity. Income generation is as crtticBI as c05t control. Hence growth in student numbers, continuing to charge appropriate economic rates for accommo(Jation and other services, rebuildlng our conference and oiher income-generating activities as soon as possible, ambitious ftjndraising to augment the endowmenl and to allow the College to offer increased sUPPOrt for OUT Students ènd 50uRd investment management all have a crucial role to play in securing the College's future. In terms of expendrture. there ￿MaInS considerable upward pressure as student expectations rise, requiring the ColleÉe to deltver even more effectNely in all èreès- from teaching and pastoral support to accommodation. housekeepin& catering and IT provision. Legal and compliance issues increasingly require the College to devote more of Èts resources to ensuring that requirements are mel. Equally, Ihere is continuing pressure in several areas for the College to pay ils fair share of inter-college and collegiate University costs with previous subsidies for less well-endowed colleges being tapered and gradually removed. Finally, in order to continue to meet our aspiration of ensuring that talented students from non. tTaditional backgrounds can come to the College and complete their studie5 at Cambridge irrespective of means, there remains a great tieed for student bursaries and hardship funds. As our student body changes wilh a targer number coming from groups that have been traditionally under-represented ift Cambridge. we can see that ihere is increased pre55ure to ofter more support even beyond the Cambridge 8ur5ary scheme. In the meantime, the support that we have receNed from donors for student bursaries has been particularlv valuable this year and we. and our students. are grateful for such 8enerosity. For the Financial Year Ending 30th June 2022 21 Lw Cavendish College Univeisily of Cambri¢Jge Membeis ot the Gov8rning ￿lY￿￿(ing yety to 30MhJune 2022 plars for the I￿Ure In conclusion, in Émplementing its new vision, the College continues to aim to secuTe its financial future through growth in siudent numbers, Significant development of the Collegè's estate, an increased unrestricted endowment, and a pemianently funded core of positions and progrèmmes th3t will enable us to deliver the vision to the benefit of our students and Fellows in a compelling manner for decades to come. As will be evident from this report, the College is actively implementing plans in all of these areas and these wÈll continue to be the prtorities over the nexl year whilst also ensuring that the operalional and financial Impacts of world events contintje to be managed well. We are dej￿hted and heartened to have received such positive and significant support for these ambitrous plan5 from so many different people and organisalions once 3gain ihroughout th¢s pasi year. Togelher we are confident that we can achieve the ambitious goals we have set. The College takes this opportunlty to thank its Auditors and other professional advisers for their consistent and Èxpert support. PTO President Dale.. I" December2022 Dame Madeleine Atkins Mrs Lesley Thompson BurSaT Date: I" December 2022 For Ihe Finonciol Year Ending 301h June 2022 22 Lucy Cavendish College Uni%eiyiy of cèrrdY￿ge Corpoioi• Goveinunce Corporate Govemance The lolfowrng staternent IS PTovided by the Trustees to enoble reoder5 01 the financial stotements to obzoin a belter understanding of the arrangemenis In rhe College lor rhe monogement of its r8sourc&s and for oudit. The College is o re9tstered chayiry. TegTrsEiation number 1137875, and subje¢r to regukition by thé Chorily Commission for Englond and Wales. The members ol the Governing B¢)dy are the chority trustees and are responsible tor ensurin9 complionce with charity law. The Pre5idenE and Fellows in Classes A. B ond C constitute the Goverrung Body of the College. The Govemin9 Èocly is constituted ond re9ulote(l in occordonce with the College stotutas and is the body responsible lor the stroteg£c direcrion ol the CoHege. Members of the Governing Body or8 01$0 the Trustees of the charity ond ore listed on puge 2. Student Tepresentotives ond Visiting Fellows are invited to Goveming 8cxJy meetings Ic¥ unreserved bvsiness and Fellows in Ck]ss D (reseorch fellows} attend the unreserved and resèrved meetings L)s observèrs. There is usually one formal Governing BoLly meeting and one iTrforrwl meertng per term, together ￿th the Audit meeting during rhe Mlchaelmas term at which the uudtted oceounts ute approve(L 4. Ongoing odministration ond mano9emenE ol the finonces and assèts ol the College Is carried out by the College Council whicki is composed ex oflicio of the senior officeTS {see bejow) together wilh six elected GB members, student representatives and one stall Fepiesentative. Council meets three times durin9 term time and iusr before and after temi as neeèssury. Membership ofthe Council during the Financial Year 2021-2Z' Professor Dome Modeleine Atkins. Presid&nL ex officio Professor Hèr¥iètte HeTKlriks. Vice-PresidenL èx officio rs Lesley Thompsory Bursar, ex oflicio Dr Jane Greororex, Senior Tuior. ex ollicK) IAS Alison Vinnicombe, Secretary to the Council, ex olliio Mrs Christine HotJ9hton Dr Mark King Dr Eileen Nugent Dr Alex Freer MS Suzanne Tonkln Dr Potricia Alireza 5. There ore o smoll number of corymtttees and working groups which Tepon to Governing Body ondlor Courtil, including on Audit Committee. It 15 the duty ot the Audil Committee to keep under review the eltectiveness ot the College's internal systems ol linanctol ond other controls-, to advisè the Trusteès on the op¥>ointment ol external and internol oudiior8,' to consideT reports submitted by the ouditois, both exteTnol and inrernol, to monitor the implementa￿on ot recommendatsons mode tsy the auditors." to make on onnual report to the Trustees. For the Financiol Yeor Ending 301h June 2022 23 Lucy Cavendish College Univer%iy ol CambrQge Corpofoie Oovernonce 7. The principgl otticers of the college ore." presldent Vice President Senior Tutor Bursar Prolessor Dame Madekine Alkins Professor Henriette Hernytiks Dr Jane GreotoreL Senior Tutor rs Lesley Thompson MA FCA Oelegoted authoriry is givèn to them during the Long VacrJtiork 8. There ore Re9iSters ot Interests of Trustees the Council and Audit Commtttee ond of the senKJr odrninistrative off ic9rs. Dèclorations of Interest ore mode systematicolly at meetings. g. Tlie College's Tru¥tees during tli8 yeor erKled 30 Junp 2022 are set out on poye 2 10. statement ol Internol ContrDI The Trustees are responsibl& for maintoining o sound system of intemol control that supports the ochievement ot policy, oims and obi'ectives vANle saleguording the public ond othér funds ond assets for wnich tlie Governing Body is responsible. in occordonce wtth College Statutes. The system ol internal control is designed ro marloge rother thon eliminate ihe risk ol failure to achieve poI￿leS aims ond objectives: it therefore provides ietssornbk but not absolute assurance of effectiveness. The sysr8ms of intèrnal control Ore designed to idetTtty the prsTrcipal risks to the achievement ol policiei 0irn5 and objectives, to Èvoluote the r￿tUre ond extent ol those risks and to monoge them efltciently. etfectwely ond economicolly. The TTUStees ¢Jre responsible for reviewin9 the effectiveness of the system of internal control. The Trustees, reV￿W of the effectiveness of the systern ol internol control is Informed by the work of the various comrnittees, the BursaT and othei College oflicers who have rèsponsibility IOT the development arKS maintenance ol the internol control Irarnework, ond by comments mode by the externol eudirors in their MonageFT￿nt letter arKI other report& Any system of linonclal c(K)trol nowever. con onty piowde reosonoble, not obsolute, ossuronce against moterial misstatement or loss. 11. Finonciul management oncl conirol The College operotes o devolved budgeting sysiem under which iridivKlual budget holders ore rèsponsible for managing income orbd exFEnditure within thèir own ore05 Ot operation and for bringing forward budget proposa15 through on onnual budgeiing process. Fellows. members ol stoll and students ore encouroged to porticipote in the pl￿eSS through membeiship of relevant committèes ond workiThJ groups. The Budget is then consEdered by Council prior to approvol by rhè Governing Body. Foi the Finonciol Year ErKling June 2022 24 Lucy Cavendish College Unwer5ity of Cambridoe Re$w)ng￿lil￿S of thè Trustees Responsibilities of the Trustees The Trustees ore responsib￿ lor preporing the ATrTruol Report ond ffnoncial statements in uccordorce with applicoble low ond Lsnited Kin9dom Accounting Stondords (Untted Kingdom Gonerolw Accepted Accounts"ng Practice). The College's Stotutes ond the Stotutes ond Ordinances ot the Unwerslty ol Combrldge require the Governing Body to PreF￿[e limncial statements for eoch fi"nanciol year which give a true and loir view of tme state ol altairs ol the College and ol the surplus or deftcit ol the Coljege for that period. In preparing these linonclol stotemenis the Trustees are iequiied 10-. select suitoble occounting policies and then oppty them consistent moke judgments and esrimores tr￿t ore reason0b￿ and prudent: state whether applscatslr* accounting stondards havp been followeLi subject to any mott)TioI deF)aTtures disclosed ond ewlained in the tinoncial statements.. and prepare the linancial srorements on the going concem busis unless ft is inappropriare to Presume that the College will continue in operatK)rL The Trustees are respons1t)￿ for keeping occounting records which aisclose wrtrs feasonoble occurocy ot any lime the financial position of the College and enable them to ensure that the limncial Statements Comply with the Statutes of the UnNeTsity of Cambridge. They are also Fesponsible for soleguarding the 08setg of the College ond hence loi toking reosonoble steps IOT prevention ond deiectbn of Iroud and other irreguIarities. The Trustees ore Tesponsible for tile mointenonce ond integrtty ot the COTwroie orKI finonciol Information included on the College's website. LegislotDn in the Llnited Kingdom governing the preporation and di$semin¢tion ol financiol stotement$ mtsy dilfer Fr(Th legi$luts"on in olher jurisdictsons. For the Financial Yg01 Eridiry 301h June 2022 25 Lucy Caventhsh College UrNver%iy of Carrt)ricern lor a period of at least twelve months frorn when the financial Stotemenrs are outhorised lor issue. Our responsibil￿￿$ and the resFK)n$ibilities ol the trustees with rospe¢t to going concern are described in the Tel8vant seclions of this repo otherlnformotion The other information cornprises the intormation included in the report of the Governir)g Body, Olher thon thè linoncial stotÈments arKI our oudtto¢s repon Ihereon. The tw$te8s are responsibb for the other inlormation contained within the onnuol report Our opinTon on th8 ftnoncial stotement5 does not cover the other inlormotion and, excèpt to the extent otherwtse explicitly stated in our repori we LIO not gxpress any form of assuranee conclusion thereon iesponsIL)ility is to read the other intormoiion ond, in doing so, consivernin9 Boay.. or sullieiÈni accountin9 records hove not be&n kepL or the linunciol statements Ore not in ogreernent wtth the accounting records or)d réturns,- or we have not re¢eNed oll the inlorm0i￿￿ and explonoD"ons we requiie for our oudtL Responsibiljli￿0ftrust￿s As explainecl more lulty in the trustees. responsIbilities stotenient set out on poge 25, the iiUSEees 019 r@sponsiblg lor the pr&poraiion ol the lina￿101 statemerbls and for being sotisfied that they give o tiue and lair VEW, ond tor such internal control as the trustees dèterminè TS necessory to Ènable the preporotion ol financial statements that are free from material misstotemenL whether due to fraud or error. In preporing linonciol statements, the tiustees Ore iesponsible for assessing the gioup s and College's ability to continue 05 a going concern, disclosing as applicable, matteFS rekjted to going concern ond using the going concern basis of accouniing unless the trustees either interKI to liquidate the group or lh& College or to ceose operations. or hove no rèalistic otternotive but tc do so. AudhoY$ rgspon$lbllltlosfortheaudSt ofthefinuneial stalements Wè havè b8en oppointed os auditor under section ISI of the Charities Act 2011 and ieport in occordonce with regulaty'ons made under section 154 01 ihot Act Our objecD'ves ore to obiain reasonoble assuFonce about wt*thef the fimncial statements os a whole are Ire@ Irom material misstatemÈnL whether due to Ifoud oreiror. ond to TSSUè an auditorfs repoit that includes our opinion. Reasonable assurance 1$ a high level ol ussuronce but is not a gvarontee Ihot an auclit ¢onducted in accordance with ISAS (UK) will always deieci o material missiaiement when it exists. klisstotements ccn arise from fraud or e¥ioi orKJ afe considered moteriol il, individually or in the oggregote, they could reas0r￿L)lY be expecfed to iF)Iluence the economic decisions of users token on the basis ol these tinanc￿l statemenrs. IrTegulorrtiès, ineluding Iroud, OTÈ instontes ol non-compliance with lows ond regulotions. We design procedures in line wtth our responsibilities. ouuined (zbove. to detect moterial missrotemenis in Tesp&ci ol irregulorities, including fraud. The exteni to which our procedures ore Capab￿ of detecting irregularities, including Irtsud is detailed below= we goined an unclerstarKling ol the legal and reguloiory frornework applicobl& to the College ond liow it operotes and considered the risk ot the College wt comptying with the opplicoble lovls ond Tegulations including Iiaud in porticular those thoi could have a material impact on the finonc￿l statements. This included Ihose regulations directty reloied to the finonciol stotemenis. In fe5ation to the College this included dtsta protection. heolth ond sofety, employment law ond fiTr0nc￿l reporting. The risks were dlseussed with the ovdit teom ar)d we remoined olert to any in(Ji¢ations of non-compllance throughout the oudiL we carried out specific proceduTes to address the iisks idenrilied. For the Financial YeoT Ending 30- June 2022 27 Lucycavtndish College Unrorsiry of Cambnd9e Stotemènr ot pfir￿1pal Accounting Pdides These included ihe followrig.. We ieviewed systems and procedur8S to identify potentsal oreog of management QVeTride risk. In parttcular. we carried out f8Sting ol journal entries ond other odjustments loi opproprioteness. We reviewed sy5tpms and procedures to identity poreTrtKJl oreos ot mono9ement overrtdp risk. we also ossessg¢ marK]goment bios in relation to the (Kcounting policies odopted and in determining signifioont accountyng esiim(rtes We reviewed mlnutes of governing t)ody meetings and a￿e￿a thè financial stotement disclosureg to underlying supporttng documentotiorL Vve have made erwuirigs of rT￿nagement and officers of College regording laws and rgguIoiions applicab￿ lo or9anisation. We reviewed the iisk monogement processe$ ond procedures in pl(J¢e includiry o review of the risk rggisrer ond rep)rting to the trustees. Because ol Ihe inmerent limitoilons of an oudiL there is o risk that we will not detect oll irreguk]ritie* including those knding to a moterial misstotement in the finontnl statements or r￿n-cOMpl￿nce with regulotion. This risk increoses the more tnot compliance with a low or regubfk)n is removed from the events and transociions reflected in the financial stotemeni& os we will bo less likely to become aware of instances ol non-complian¢e. Tf¥e risk is also greoier regarding irregulartties occurring due to troud rother Ihan eiror. as fravd involves intentionol conceolment. forgery. collusion. omission or misrepresentatN)n. -i.ab'.e op. fincyciol Reporting CoLrncil's websire ot A lurthe.. description ol o'Jr yes￿￿r.S￿.'1￿IeS is l h¢pS'.I www.frc.or uk Our-work AuditJAydrt-ond-assuronce Standords-and- ndords-and- once-foi-a ion- u&Losw. This description forms port ol our audiiorfs report. -re U$eotourreport This report is made sotely IO ihe College's trustees. as o body. in accordance College's stoiuies. the stotutÈs of the University ol Combridge and part 4 of the Chorities (Accounts ond Reports) Regul(rtions 2008. Our aud￿ work hos been undertoken so that we might state to Ihe Collegè's trusteès those matters we arg required to state to them in an ouditoff5 report an¢Y tor no other purpose. To tme fullest exteni permitted by Iow, we do not accept 01 ossume responsibility to anyone otheT t1￿￿ the College and the College"s trustees os a body, lor our oudit worK lor this reporl oi for the opinions we hove tormed. nc Prlc• Ball ey LLP charteied Aeeountants and StatUtoryAudit￿* Tennyson House Combridgè 8usiness Park Combridge CB4 OWZ Dote.. 21 December 2022 For the Finonciol YeoT Ending June 2022 28 LucyCavend15h College Univeryiy of C>ntvidge Statément ol Principd Accounting PDIici85 Statement of Principal Accounting Policies Bosis ot preparation The linoncial statements hove been prepared in occordonce with the provisions of the Statutes of the College ond ot Ihe UnNersity of Combrid9e, using the Rg¢ommended Cambridge College Accounts IRCCA) formot,. and applicable United Kingdom Accounting Stondards including Financial Reporting Stondord102 (Ffls 102) and the Statement of Recommended Practice {SORP).' Accounting lor Further ond Higher Educolion issued in 2019. The Stotement of Ctsmprehensn￿ Income and Expendrture inclucles activiry anatysis in order to dernonstrate that all lee income is spent for edvcatÉonol ￿rP￿e$. The Or￿lY$1$ required by Ihe SORP is sei out in note 6. The Colle9e is a pJblic beneftt encity and therefore t￿S opplied the relevont public benefit requirement of the opplicable UK lows ond occounting storKlords. The functioftal and presentotionol cU[re￿¥ of the College is GBP The level of r¢￿ndIng applied is to the nearest £000. 8a$i$ of a¢¢ounting The finoncial statements have been p￿pOre￿ undei the histor￿01 cost convention. os modified by the revoluation ol investment assets ond certoin lond ar￿ buildings. Basis of consolidation Thè COns￿lde[ed linoneiul Stoternènt$ include thè finoncioi statements of The college and tts subsidiory undertakTngs lor the yeor ended 301h June 2022. Details of the subsi(Jioiy undertakirKJs included are set out in note 24. Intro-group bolonces ore eliminoted on ¢￿S01￿d0t￿* The octTrvtties of stuojenl societies hove not been consolidoted. Recognition of income Aeudemlc fees Coiiège leè incomè is recognisèd in the pèrtod for which it is reeeiveo ond includès all lees ¢I￿rgeable to students or their sponsors. tsrunt ineomt Gronts recetved from non-government sources (including reserjfch grants from non-governmeni sources are recognised within the Consolicsated siatement of Comprehensive Income and Expenditure the College is èntifièd to thè ineome and perlormanee rèlated condirions h(T4e been met Income received in advor￿e ol perfomiance related COnd￿0Th$ is deferred on the balance sheet and releosed to the Consolidoted Statèmènt ol Comprehenswe Income and Expenditure in line with SLtch conditioris being met. Amounts recewable, in ihe yeor, tsom ihe governmenys corono virus job retention scheme was £40,366. For the Financiol Ygor Ending 3011 June 2022 29 Lucy Cèvendi5h College Unwefyiy OfCam￿K*)e Staten*nt of Principjl Accounkn"ry Policies Donations and endowments Non exchange transoclions without perforrnonce reioted conditions ore donotions and endowrnents. Donotions und endowments with donoi imposed restiictions are recognised within th& Consolidoted statement ol Comprehensive Income and Expendirure when the College Is enttfied to th& income. Income is ret0[￿ed within restricted reserves until such time thot it is ulilised in line with 5u¢h festrictions at which point the income is Teleas8d lo general reserves ihTough o reSe￿e tronslèr. Donotiong ond endowments with restr￿[lon$ are clossified os restrtcted reserve5 With odditionul disclosure provid8d within the rK)tes EO the accounts_ rhere are four moin types ol donanons and endowments with reStl￿tIOns. Restrictèd donotions - the donor hus specified that the donor50n rnust be used lor a PUTIiGukJi objective. Unrgstricted permanenE endowmenis- the donor hos specthed that the turJcI is to be permonenity investéd to generate on income streom lor the geneToI ben&fii of thè College. Restri¢ted expendoble endowments - the dOr￿r has specified o porticulor objectivè and the College Con convert the donfjted sum Into >neome. 4. Restricted Permonent enclowments - the donor hos specified that the lund is to be permanently invested to generate an incorne streom to be OP￿led to o p]rt￿￿[￿r objective. Donortons with no restrictions are recorded within the Con501idaied Stater￿lt ol Comprehenstve Income and Expenditure when the College is entived 10 the income. Investrnent Income and change in value of investment os$ets Investment income and change in volue of investment ossets is recorded in income in tThe yeor in which It ijrises und os eicher restricted or unrestricted income accoiding to the terms OT OZheT iestrictions applied to the individual endowm&ni fund. Total return The Governing 8ody ogre8d thal the transfeT made under Total Return woukl equate to 3 per cent This is in Ilne wirh The College spending rijlp which permits thè transfer of no rr￿re thon 5 per cent ot the closing balonce ot tlie fund Eoch transfer is subject to the specific agreemeni of the Goveming Body. other Income Income 15 received Iiom o ronge of activities inclucling 4JccommodoiioTh cotering conferences, furlough and other services reTyYered. For the Financial Yeor Endin9 30" June 2022 30 L ￿Y Ca¥endi5h College Unbjersiiy of Cambridge stat￿ent ol PrinoprA A¢countiNJ Ptslicies Cambridge Bursary Schome In 2021-22 payment of the Combridge Bsjrsor￿s to eligible students wos mude direcrw by the Student Loans Compony ISLC). AS o consequence, Ihe College reimbursed the SLC for the lull amount paid to their eligible students arKI the College svbsequpntjy Teceivgd a contribution from Ihe Untversity of Cambridge towardg tPiis payment. The net payment of £82,832 (2021.. £55,767) is sh¢iwn within the Consolidoted Statement of Comprehensive Income and Expenditure as lolbws.. Incorne (see Note i) £383.473 {2021'. £289.517) Expenditure £466,305 (2021.. £345.2841 Going concern As part of its development plans, the College has undertaken additional budgetin& forecasting and cash flow planninB which is reviewed and monitored by the Finance and Investment Committee. Council ènd Goveming Body. The 30 year flnancial modelling undertaken In sUPPOrt of the College's exparision plans was stress tested based on a number of scenarios and scruiinised by the University in assessing its decision to offer a lo?ft facility of £16m to the College. In addition. the guarantee of an award next year ol at least 65% of the 2020121 College's Fund grant tO8ether with the agreement that it may once again be used for operational purposes gives confidence to Ihe Trustees that the College will have sufficient resources to meet its liabilities as they fall due for the foreseeable future. The College has therefore continued to adopt the going concern basis in preparing the financial statements. Tangible tixed assets o. Land and l)ulldlngs Fixed assets are stated at cost less occumulateil depreciots.on ond occumuloted imFxJi¥menr losses. Cgrroin iiems ol lixed assets that hjd been r•valued to fair volue on or Prior to the date of ironsition to SORP. are measured on the bosi5 of dèèm8d cosi being the revalued amount at the dote of that revaluation. Where part$ ol a fixed ass&t hove different useful livès. they ore acc<)unted for os separoie items of fixed QSS8tg. Costs incurred in relation to far￿ ond buildings ofteT inib.al purchose or eonstrueti¢)n, and prior to valuatio ore capitalised to the extènt thai t￿Y iftcreose the expected future benelrts to the College. Freehokl buildings are depreciaied on a comwnentisation bosis. Freehold ￿nd is not deprecK3ted as it is considèrèd to have on indetinrte useful lite. BuikaiTrJs under construclson are volued at cosl ljose(l on the value of grchitecE5' certificates and other direct costs incurrèd to 20th June 2021 They ore not depfeciated until they ore brou9ht into use. The cost ol addit¥ons to operotK)r￿l property shown in the t)alance sheet includes the cost of lond where opplicable b. Maintenance ol premises The cost of relurbi5hment ts copitalised arxl depreciateo over thè expecièd useful economic lrfe of the osset concerned The Colle9e also sets aside sums perioclicallyto meet future maintenance costs. For the Finonciol Yeor Endin9 31Y' June 2022 31 Lucy Covendi5h ColFe9e Univergty ol CarY*JrKkJe otwn8ntol Principol A¢eountiftg Pol￿￿$ Refurbishments which provide significantly enhunced Iq]eil(cies ond benÈtits and cost gbove £IO.000 arp capitalised and depTecioted over 5 years I their useful economic life according ro Ihe asset clossilicotio L40intenance costs are expenserl through the income ond Èxpenditure occounl each yeor and the College 8ets oslde surns periodically to meet tthure maiDlenatKe cost Furniture. litting5 ond equlpment Furniture, fittings and eqvipment are copitulised und deprecioted over Iheir expected useful life as tollows.. Furniture and littTngs Inlormotion Technology Kitchen equipmenl Librury books General mechonicol equipment Air conditioning un(ts 5 years 3 yeors 3 years 40 yeors 3 yeurs IO yeors d. Leased assets Leases in which the College ossumes substanlially oll the risks ond rewgrds of ownership ol the leoged osset are classiffed os finance leases. Leosed assets acquired by woy ol kn"nance teoses ore stated ot orb arnount equol to rhe lower of ¢heir lair value and the present volue of the minimum lease poymènts ot inception ol the leose, less accumulated depreciation and less accumJloted irnpoirment k)sses. Lease payments are accounted for 05 described below. Minimum leose paym9nts are OPF)Ortioned between the linonce chorge and Ihe reduction ol the outstanding liability. The Iinance ctsJFge is ollocuted to eoch period during Ihe lease term so os to produce a constont periodic Tate ol interesr on the Temaining bolor￿e of the liobility. Costs in respect of operating leoses are chorged on a stroight lie bosis over the lease term. Any leose premiums or incentives ore 8preod over the minimum lease term. Herttage Assets The College doe$ not currently hold ony hwrtage osseES. Investments Fixed asset investment ond endowrnent OS5et$ ore included in the bolance sheet al lair value except for investmènt in stjbsidiory undertokings which are sta￿d in the Collège's bolonce sheet ot Cgst and eliminoted on con$olidoiion. Invèstments thot Ore not listed on o recognised stock èxchange are carried at histori¢ol cost less ony provision for impairmént which is considered to be the market value. Silver. works ol ori ond Olher assets not reloied to educolK)n ore volued at insuronce volue. Stock Stocks ore stated ot Che lower ol cost orKJ nei realisable Valve ofter makirg provi5ton for slow moving and obsolete items. For the Financiol Year Ending 30th Junè 2022 32 Lucy Ca¥endish Cdlege UnNeryTy ofC3mbndge Stotement ol pri￿1p01 Ac¢ounb'ng Polcies Provisions ProwsK)ns ore recognised when The College I￿S CT present legal or constructiv& obligation 05 a resu￿ ot a past èvent, il is Probab￿ thoi a tronsfer of economic ben8fii will be requlred to settle the oblvjorion and a rèliable 8stirnate can be T[￿de ot Ihe omounl of the obligatio Contingent liabllttles and assets A conringeni IKJbility artses from a post event thot grves the Collego o posgibk obligtition whosè ÈxistÈne• will only confirmed by the occurrence or otherwise of uncertoin future events, not wholty within the onrrol ol ihe College. Coniingent liobiliries olso oris& in cifcumstonc&s where a provision would Oiherwtse be rnadp but either it is not probable that on outflow of resources will be required or the omount ol the bligation cannot be meas4Jred reliably- A contingent osset arises where an event has token place that giv&s the College a possible asset whose existence will only be conftrmed by the occurrence or othenvise of uncertoin luture events rK)t wholty wtthTn the control ol tne College_ Contingent assets and liobilities ore not recognised in the bolonce sheet but ore dtsclosed in the notes. Currgnt Assets and Liabilities Debtor5: Shoit term debt¢)rs ore measured ot tronsaetion price. less impairment Cush ond cash EquivaIents: Cosh is repiesented by cash in hand and deposits with fTnonciol institutions repayoble without penolty on notice ol rKJt mure thon 24 hours Cush equivolents are highly Iquid investments Ihot mature in no more than three months fiom the oote of acquisition ond ihal oi& reodily convertible to known amounts ol cash with insisnilicont iisk ol change in vulue. Credltor$: Short term Creditors orè [r￿aSUred at thè transaction pr￿e Flnancial instruments The College has e￿¢ted to odopt Section$ 11 ond 12 01 FRS 102 in respect of the recognitiory measurement ond disclosure of fin0￿]0[ instruments. FinancKs1 assets and liobilittes ore recognt5ed when the Collègè becomes porty to the coniroctuol piovrsbn ot rhe instrument ond they are elassilied accoralng to the subst(JnGe ol the controctual aTrangements enteied into. A finan¢iol ossei ond a financlal liobility are offsei only when there is a iegolly enforcecJL>ie right io set off the rècognised umounts and an intention either to sellle on a net basi& or to reolise the asset ar￿ settle the l￿bIlItY sirnultaneously. Financial assets Bosic financial osser$ include trade ond other receNobles. cosh and cosh equivolents and investments in eemrnercial poper (i.e. deposit5 Qnd bonds). These assels are initiolly recognised ot transoction price unless the arrangernent constitutes o linoncing transo¢t¢on, where ttie tronsociion is measured ot the present value ol the fuiure receipts discour)ted ar o morket rotè of inierg$1. Such 0ss8ts ore subsequenziy carrfed ot omtsrfised cost using the effective interest r(tte methcKI. Financial ossets are assessed for indicators ol For the FinoncKJl Yeor Ending 31y' June 2022 33 L￿(Y Caver￿￿$￿ College UnivergTy of Cambrid9È Stotement OtPrI￿1￿X)I Accountn9 Policies impL7ifment ot each reporting dutè. If there is objective evidenc& ol imFX)irmenL an impairment loss i8 iecognised in the stotemenT of comprehensrv& Income. For finar%ciol assets corried at omortised cost the impoiiment loss is tY)e Llitlerence between the Guriying omount ol the asset and the present voluè ol the estimated luture cosh flow4 discounted at the asseys originol 8lle¢tive inlerest role. other tinancial assets, including investments in equily insifuments, which grE not subsidiaries or joint ventures, ore inttialv measured ai laii value which is typically the transaction price. These assets ore subsequently carried ot fair volue and chonges in toir value ot the reF)Orting c10teare recognised in the Statemènt of Comprehensive Income. Please see note 9 where market volue ond c05t ore recorded. Where the Investment in equity instrumenis 15 not publicly troded ond vdhere the lair valuè cannot be reliably m8usured, the ossets are meosured ot cost lèss impuirment. Investry￿rnt$ in property OT Other Phys￿01 assets not constitute a financiol inSiTument arKI ore not included. Financial assets are de-rècogntsed when eontioetual rights to the Cosh flows from th8 ossei expire or ore settled or substantsally all ol the risks and rewords of ownership are transleired to another party. Flnanclal Liabilities B05ic finoncial liabilities include trade ond other pc>yables. bonk loans and inteFgroiJp loans. These liabilities are initially recognised ot tronsaction price unless the arrangerr*nt constitutes a financing transoctioo wherg the debt instrument 15 rneosured at the presènt volue of the future poyments discounted at a market Tate ol interesL Dèbl instruments are subsequently cariied at omortised Cost using the effective Int￿P$t rate rnethocf. Fees on thè Èstablishment ol loon focilities are recognised as tToosaction costs ol the loon to ihe extent thoz (t Is proboble that some or all ol ihe faeilty will be drawn down. Trode pcryobles are obligations to pay for goods or services thot hove been acquired in the 0rdir￿rY course ot business from suppl￿[9. Accounts FX)yoble ale cjossilied a5 CUTrenl l￿bilItieS rf poyméftt is due within ¢>ne year or less. If nol they are Present￿ us non-current liabilitiès. Trode poyoblès a¥e recognised initially at titsnsactK)n price and subseq4Jently megsuressÉsVgains on endowment assets: Quoted and other securities and tash ILosse5Vgains on endowment assets Investment management costs (see note 3c) Total return for the ye•r 12,5251 (2.5251 2,654 2,654 1931 1821 {2,2331 2,888 Total return transferred to income & expenditure reserve Isee note 3a1 Unapplied totsl return for year induded wtthln statement of Comprehensive Intome and Expenditure (see note 18) 503 426 (2,7361 2.462 For Ihe Financiol Year Ending 30¢h June 2022 42 Lycy c1￿￿d￿h Cdltge Usryvwyiy ofcambndge Notes to thè Accounis Investment management Costs 21>22 2021 £,￿0 E.oN) 1931 1821 93 82> Quoted securitie5 Total Other income Includes £40k receivable from the GoveTftmenVs Corona Virus Job RetentEon Stheme12021: £246kl Education Expenditure Teaching Tutori31 Admissions Research Scholarships & Awards Cambrid8e bursaryawards Other Educational F3cilitie5 1.285 911 1,021 487 442 134 261 345 iii 397 151 3,940 2,801 Accommodation, cateringand conferences expendlture Accommodation College members Conferences College members Conferences 3,968 75 201 47 2,983 Catering 169 3.155 6a Analysi5 of 2021122 expenthire by activity Stsff tosts Other Op Inote 7) Exps Oepreciation 2022 £,0 £.(Mx) £,0 1,854 159 3.940 1.507 506 4,291 221 Education Accommodatton, catering and conferences oiher 1.927 2,278 182 3.582 4,387 Expenditure Includes fundraising costs of £267.620. Thts expenditure excludes the costs of alumni retètions. 6b Aftalysis of 2020121 expenditure byactlvity stsff costs Other Op Inote 7) Depre¢iatlon 2021 LoYJ £,WO 176 2,801 3.155 303 Education Accommodation, catering and conferences Other 1,277 1.126 150 2553 1.348 1.471 151 2.970 736 6.259 Expendrture includes fundraising costs of £149,517 This expenditure excludes the costs of alumni relalions. For the Finoncial Year Ending 301h June 2022 43 Lucy Ca¥enfthsh CoDege Unl￿[51[Y ofcambndge tes to the Accounis 6( Audit fees other operating expenses include: Audit fee5 payable to the Colle8e's extemal auditors 2021 £,oL￿ £,1 20 21 21 Staff costs Non •demit 2022 £,tJ)O £ 1.938 2.343 166 192 195 880 166 A￿Mi£ Staff costs 2021-22 Sataries National Insurance Pension CQSts Externol teachin8 costs Total 405 26 166 1299 3.581 Non Academic 2021 £.o(KJ £,000 1.577 1.916 130 155 370 Staff costs 202ty21 Salarres National Insuran Pension costs External teaching cost5 Total 339 25 112 112 2,555 566 1.987 Included within non academic salaries are the President. Domestic Bursar. Registrar. Bursar, Development Director and all other non-teaching staff Average staff no 202Z AveraEe staff no 2021 No. of fellows FfE No. of fellows Academic 25 NIA 4.62 19 NIA 4.62 Non academi Total fellows 30 4.62 24 4.62 other non academic teachin8 staff 66 59.48 59 46.31 Total lellows and staff fAiO 8a 50.94 Average staff numbeTS does not irKlude external teather5 At the Balance Sheet date there were 4512021: 501 members of the Governing Body. DurinE the year the averase number recetving remuneration was 22 fellows. 10 Bye fellows and one research fellow (2021- 20 + 21. No officer or employee of the College. including the P￿sident. Teceived emoluments of over £l(KJ,000 For the Financial Year Endfftg 30th June 2022 LvcyCa¥endith College LknKveisiiy of Cambti¢b3e Notes to ti)e A￿O￿nts 8 Key Management Personnel Key management personnel are those persofts having authority 8ftd responsibility for planning, directing and controlling the aCiNities of the College. This includes aggregated remuneration paid to key management personnel i.e. President and all stipendiary Fellows. Aggregated remuneration consists of salary. employerfs national insurance, employees pension plu5 any taxabte benefits either paid, payable or provided. gross of any Salary sacrifice arrangements. 2022 2021 £.CrfJO E,IX)D 579 510 Key Managemem Personnel The Trustees receNed no remuneration in their capacity a5 Trustees of the Charity. For the Financiol Year Ending 30th June 2022 45 Lucycwendish Colkge uriversiryof C￿t￿￿9e Notes lo the Accounts 88 FMed A$sets- Consolidated Bulldlw In¢ under Furnilure Kitthen Library Meth Total Tatal ¢ortstrwrtSon & Equlp Equip Books Equip 2022 202L £.ooo £,0[￿ £.(xx) £,{￿ £.[￿ £,000 £,000 COSTIVALUATION At istjufy 2021 Additions Di5POSats at costlvaluation Revaluation duTifiE the year Cost valuation at 30th June 39.365 8.751 568 li 937 51 77 703 25 141 1,324 42.974 42,269 81 8,930 1,979 141 11,274) li 48,116 579 988 88 1,405 51,900 42,974 DEPRECIATION Al 1st July 2021 Provided for the year Eliminated on disposal Depreciation at 30th June 3.395 521 23 72 323 18 iii 340 1.255 82 6.446 5,881 667 736 111 1171 7,112 6,446 52 932 79 1337 Net book value AI 30th June 2022 44236 35 56 68 44,788 At 30th June 2021 35.970 47 57 36,528 The Insured Value of Freehold Land and Buildin8s as at 30tPt June 2022 was £28.387,76412021: £28,078,905> The consolidaled c051 of freehold buildings and assets in coristruction consists of the c05t5 incurred by the College less the surplus recorded in the accounts of Lucy Cavendish Estates Llmited. a subsidiary undertakin& and eliminated on consolidation. For Ihe Finonctol Yeof Ending 30" June 2022 46 Lucy Cavendish Cdlege Un￿[￿[Y of C*niwith)e Notos t¢ the A¢¢oynts 8b Fi¥ed Assets- College Only C•lle8e 8uildines in¢ Kltdwn Ubrnry fvleth Total Total structlott & EquSp Equlp aoks Equlp 2022 2021 £,000 £.IXX) C￿) £AXX) £Q)O £,o(KJ £.Th)o cosr/vALUATION At 1st July 2021 Additions Disposals at cost/valuation Revaluatton during the year Cost valuation at 30th June 39,423 8.917 568 li 937 51 77 703 1,324 43,032 42.291 81 9.096 2,015 141 11,2741 li 25 48,340 579 724 1,405 52.124 43,032 DEPRECIATION At 1st July 2021 Provided for the year Ellminared on disposal Depreciation at 30th June 3,395 485 521 23 72 323 18 iii 340 1,255 82 6,446 5,881 667 736 111 11711 7,112 6.446 52 3￿80 932 79 1,337 Net b¢>ok value At 30th June 2022 44,460 68 45,012 At 30th June 2021 36.028 47 57 69 36,586 The Insured Value of Freehold Land and Buildings as at 30th June 2022 was £28,387,76412021.' £28,078,905) The con501idaled cost of freehold buildirkgs and assets in construttion consists of the costs incurred by the College less the surplus re£orded in the accounts of Lucy Cavendish Estates Limhed. a subsidiary undertakin& and eliminated on consolidation. The cost of assets under cor￿t￿ctIon at the balance sheet date wa5 £11,977m12020121 £3,058ml For the Finonciul Year ErKJing 30Th June 2022 47 . Lu