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2023-06-30-accounts

Description Pages
Members
ofthe Governing
Body
Reference and Administrative
Details
Report ofthe Governing
Body
Corporate Governance 21
Responsibilities
ofthe Trustees		 23
Report ofthe Auditors 24
Statement of Principal Accounting Policies 27
Consolidated
Statement
of Comprehensive		 Income and Expenditure 36
Consolidated
Statement
ofChanges		 in Reserves 37
Consolidated
and College Balance		 sheet 38
Consolidated
Cashf low Statement		 39
Notes to the Accounts 40

President Madeleine
Atkins
PHD DBE CBE FASS
Alireza Patricia,
PHD DSC, Senior Scientist, Cavendish
Laborato
Bahn Professor Sabine MD PHD MRCPSYCH, Professor,
Bahn Laboratory,
University of
Cambridge
Baikie Tomi, Director ofStudies, Physics and NanoDTC Translational
Prize Fellow, Cavendish
Laboratory
from 1October 2022
Baker Renan,
DPHIL, Affiliated
Lecturer and British Academy Research Fellow, Faculty of		 History;
Tutor, Lucy Cavendish
College
Becque Jurgen,
PHD, University
Lecturer
in Structural
Mechanics
in Engineering
Blakesley Jennifer,
BSC, Director, Careers Service, University ofCambridge
Bullmore Professor Ed, Professor of Psychiatry,
University
ofCambridge
Cameron Professor Ruth MA PHD FIMMM FINSTP CPHYS, Professor, Materials Science and
Metallurgy,
University ofCambridge;
Research Mentor
in the Sciences, Lucy Cavendish
College
Clare Isabel Clare Huntingdon,
BSCMPHIL PHD, Affiliated
Assistant
Professor (Research),		 Clinical
School, University
ofCambridge,
Tutor, Lucy Cavendish
College
Cordonier- Professor Marie Claire, LLB BCLMEM DPHIL PHD, Affiliated
Fellow ofthe Centre and
Segger Leverhulme
Trust Visiting Professor with the Bennett Institute for Public Policy, the Centre
for Environment,
Energy and Natural
Resources Governance
(C-EENRG) and other		 partners
Cotta Bruno, BEng, MBA, Visiting Fellow and Honorary
Ambassador,
Cambridge
Judge Business
i School
Daffern The Rev'd Canon Adrian,
BA MA MTH FRCO FRSA, Church ofEngland
Cathedrals
and Major
Churches
Officer; Tutor, Lucy Cavendish
College
Fan Kin PhD, Teaching Associate
in Modern Chinese History,
Faculty ofAsian and Middle
Eastern Studies, University ofCambridge,
from 1October 2022
Fistein Dr Elizabeth,
Medical Member ofthe First Tier Tribunal
(Mental Health); the School of
Clinical Medicine Ethics and Law Lead for the courses in Clinical Medicine, Tutor, Lucy
Cavendish
College
Fowell Mr Christopher,
BDSMFDS MBCHB FRC, Consultant,
Oral and Maxillofacial
Surgery,
Cambridge
University
Hospitals
NHS Foundation
Trust.
Freer Alexander,
BA, MPHIL, PHD, College Assistant
Professor
in English,
Lucy Cavendish		 College
Gilbey Julian, PhD, Researcher
in image processing,
Department
ofApplied
Mathematics		 and
Theoretical
Physics, University
of Cambridge
Git Anna,
MSC PHD, Independent
Senior Research Associate, Department
of Biochemistry,
University of Cambridge;
Tutor, Lucy Cavendish
College
Goodall Jane, BSC PHD, Senior Research Associate
in in the School ofClinical Medicine,
University
ofCambrid
e and Tutor, Lucy Cavendish
College
Greatorex Jane Suzette BTEC FMLS PHD, Honorary
Research Scientist, Public Health
England;		 Senior
Tutor, Lucy Cavendish
College
Gonzalez JohnHenry
(Hank),
PHD, University
Assistant
Professor
in Caribbean
History,
University of
Cambridge
Haque Nooman,
MBA, Partner, Sofinnova
Partners
Hendriks Professor Henriette
PHD, Professor
in Language
Acquisition
and Cognition,
Faculty		 of
MMLL, Lucy Cavendish
College; Vice-President
and Research Mentor in the Arts
Houghton Margaret
Christine
BA MA, Domestic Bursar and Wine Steward,
Lucy Cavendish
College
Hughes Sophie, Assistant
Senior Tutor: Pastoral,
Lucy Cavendish
College from 1September		 2022
Jones Derek, Chief Executive, Babraham
Bioscience Technologies
Keller Katie, BM MA, CGCM course tutor appointed
by the Clinical Schools
King Mark, MA MPHIL PHD PGCE, Admissions
Director and Assistant
Senior Tutor: Academic		 Mark, MA MPHIL PHD PGCE, Admissions
Director and Assistant
Senior Tutor: Academic
from 1October 2022
Lloyd Richard, MMUS PHD MBIE MSC PHD FRCPATH Human
Anatomy Centre Manager,
Department
ofPhysiolo,
Development
and Neuroscience,
University ofCambridge
Macdonald Chris PhD, Head of Commuications
and Marketing
and Sustainability
Engagement		 Lead,
Lucy Cavendish
College from 1October 2022
Murphy Mary PHD, Undergraduate
and MPhil supervisor
in Education,
University
ofCambridge;
Tutor, Lucy Cavendish
College
Mysoot' Poorna
I.LB LLM DPHIL, College Teaching Officer in Law
Nelson Howard,
PHD, Lecturer
in Conservation
Leadership,
Fauna g Flora International,
Tutor,
Lucy Cavendish
College; Acting Vice-President,
Lucy Cavendish
College from 1April		 2023
Nugent Eileen Mary BSC MPHIL DPHIL, Tutor, Lucy Cavendish
College
Ottewell Karen, MA MPHIL EDD PHD MCIL FRSA, Director ofAcademic Development
&Training for
International
Students,
Language
Centre, University
ofCambridge;
Tutor, Lucy Cavendish
College
Quie Marissa,
PHD, Research Associate, Department
ofSociology, University ofCambridge
Ryan Joanna
BSC,Development
Director, Lucy Cavendish
College
Saddington Liam PhD, Teaching Associate
in Human
Geography,
Department
ofGeography,
University
ofCambridge
from 1October 2022
Sparkes Dr Matthew,
MA PHD, Assistant
Professor, Department
ofSociology, University of
Cambridge
Stott Professor Neil, MST DPROF, Faculty (Professor-level)
in Management
Practice, Co-Director
ofthe Cambridge
Centre for Sociallnnovation;
Director ofthe Master ofStudies
in		 Social
Innovation
Programme,
JBS
Strack Franziska,
Newton Trust Career Development
Fellow in Politics ofthe Environment,		 POLIS,
College Teachin
Associateship,
Lucy Cavendish
College from 1October 2022.
Su Lin PhD, Leverhulme
Early Career Fellow, Department
ofChemistry,
University of
Cambridge
from 23 November
2022
Sutliff Joe, MA PHD University
Associate Professor in Education,
University ofCambridge
Sanders
Talmi Deborah,
MA PHD, University
Assistant
Professor in Psychology,
University ofCambridge
Thompson Lesley Margaret
MA FCA, Bursar, Lucy Cavendish
College
Tonkin Suzanne,
Librarian,
Lucy Cavendish
College
Vinnicombe Alison Annette
BA MA Dip RSA, Dean, Praelector,
Registrar, Steward, Secretary to		 Council
and Secretary to Governing
Body, Lucy Cavendish
College
Wain Helen BENG MA, Assistant
Director, Head ofGroup Procurement,
University ofCambridge;
Director ofSouthern
Universities
Management
Services to 31July 2022
Wilson Dr Shona BSCPHD, Research Group Leader, Division ofMicrobiology
and Parasitology,
Department
of Pathology,
University ofCambridge,
Tutor, Lucy Cavendish
College
You Vivian Wei Man MA MB BCHIR MRCP, Joint Course Director CGCM,

Income 2022/23 2021/22
f'000 9o f'000
Students: college fees 4,109 31% 2,912 25%
Cambridge 8ursaries 464 4% 383 3Yo
Accommodation
&catering		 4,406 33% 3,100 26%
Conference accommodation & 434 3'Yo 90
catering
Investment income 297 2'Yo 385 3%
Donations and endowments 3,127 24% 4,781 409o
Other income 357 3Yo 164 1%
Total 13,194 100% 11,815 100%

Furniture and fittings 10years
Information
Technology		 3to 7years
Kitchen equipment 7years
Library books 20years
General mechanical equipment 10years

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2023 2023 2022 2022
Consolidated College Consolidated College
Note f000 f000 f000 f000
Non-current
Assets
Tangible Assets 8 45,694 45,944 44,788 45,012
Investments 9 18,702 18,702 17,682 17,682
Total non-current
assets		 64,396 64,646 62,470 62,694
Current Assets
Stock 10 24 24 19 19
Trade and other receivables 11 697 934 580 911
Cash and cash equivalents 12 6,039 5,652 3,406 2,962
Total current assets 6,760 6,610 4005 3892
Creditors:
amounts		 falling due 13 (2,463) (2,316) (2,261) (2,148)
within one year
Net current assets 4,297 4,294 1,744 1,744
Creditors:
amounts		 falling due 14
after more than one year (17,340) (17,340) (16,440) (16,440)
Provisions
Pension provisions 15 (1,018) (1,018) 990) (990)
Total net assets 50,335 50,582 46,784 47,008
Restricted reserves
Income and expenditure reserve-
endowment
reserve		 16 13,720 13,720 13,020 13,020
Income and expenditure reserve—
restricted
reserve		 17 4,336 4,336 3,574 3,574
Total restricted
reserves		 18,056 18,056 16,594 16,594
Unrestricted
reserves
Income and expenditure reserve-
unrestricted 32,279 32,526 30,190 30,414
Total unrestricted
reserves		 32,279 32,526 30,190 30,414
Total reserves 50,335 50,582 46,784 47,008

2023 2022
Note 6000 6000
Net cash inflow from
operating
activities		 19 4,720 3,661
Cash flows from investing
activities 20 (2,574) (9,751)
Cash flows from financing
activities 21 487 8,128
Increase/(decrease) in cash
and cash equivalents in the
year 2,633 2,038
Cash and cash equivalents at
the beginning
ofthe		 year 3,406 1,368
Cash and cash equivalents at
the end ofthe year 12 6,039 3,406

ote
1 Academic fees &charges Per capita fee 2023 2022
f,000 f,000
Fee income received at the Regulated
Undergraduate
rate		 4,625
f7,350,f8,280,		 1,244 969
f8,700,f9,360,
Fee income received at the Unregulated f10,200, E10,710BTI1
Undergraduate
rate		 f609 868 545
Fee income received at the Graduate rate f4,767 1,963 1,391
Other fee income received 33
Total 4,109 2,912
Cambridge
bursary
income		 465 383
Total 4,573 3,295
2 Income from accommodation,
catering and conferences
Accommodation
College members		 4,143 2,950
Conferences 209 55
Catering
College members		 263 150
Conferences 225 35
Total 4,840 3,190
3 Endowment
return and investment		 income
3a Analysis
Total return contribution
(see note 3b)		 498 503
Income from:
Quoted securities 498 503
Total 498 503
3b Summary
oftotal return
Income from:
Quoted and other securities and cash 297 385
Total income 297 385
Gains/(losses)
on endowment
assets:
Quoted and other securities and cash 1,015 (2,525)
Total gains/(losses)
on endowment		 assets 1,015 (2,525)
Investment
management
costs (see note		 3c) (95) (93)
Total return forthe year 1,218 (2,233)
Total return transferred
to income &expenditure		 reserve (see note 3a) 498 503
Unapplied
total return foryear included		 within
statement ofComprehensive
Income		 and Expenditure (see note 18) 720 (2,736)

Other Income Other Income Other Income
Includes f199kof current account bank
interest (2022:f6k)
3c Investment management costs 2023 2022
f,000 f,000
Quoted securities (95) (93)
Total (95) (93)
4 Education Expenditure
Teaching 1,684 1,285
Tutorial 1,055 911
Admissions 666 584
Research 174 146
Scholarships &Awards 464 397
Cambridge bursary awards 583 466
Other Educational Facilities 161 151
4,787 3,940
Accommodation, catering and conferences expenditure
Accommodation College members 4,805 3,968
Conferences 242 75
Catering College members 304 201
Conferences 261 47
5,612 4,291

Analysis of2022 /23 expen ditur e
by activity
Staff costs Other Op
(note 7) Exps Depreciation 2023
f,000 f,000 E,OOO E,OOO
Education 2,060 2,535 192 4,787
Accommodation, catering and conferences 1,647 3,353 612 5,612
Other 184 159 2 345
3,891 6,047 806 10,744

Analysis of2021 /22 expen ditu re
by activity
Staffcosts Other Op
(note 7) Exps Depreciation 2022
E,OOO f,000 f,000 f,000
Education 1,854 1,927 159 3,940
Accommodation, catering and conferences 1,507 2,278 506 4,291
Other 221 181 2 404
3,582 4,386 667 8,635
6c Audit fees Audit fees 2023 2022
Other operating expenses include: E,OOO f,000
Audit fees payable to the College's external auditors 22 20
22 20
7 Staffcosts
Non
Academic Academic 2023
Staff costs 2022-23 f,000 f,000 f,000
Salaries 527 2,370 2,897
National Insurance 38 216 254
Pension costs 121 320 441
Externalteaching costs 299 299
Total 985 2,906 3,891
Non
Academic Academic 2022
Staff costs 2021-22 f,000 f,000 f,000
Salaries 405 1,938 2,343
National Insurance 26 166 192
Pension costs 685 195 880
External teaching costs 166 1 167
Total 1,282 2,300 3,582
Development
Direct		 or, Communications
M		 anager
and all other		 non-teaching staff
Average Average
staff no staff no
2023 2022
No. of No. of
fellows FTE fellows FTE
Academic 31 N/A 25 N/A
Non academic 6 5.62 4.62
Total fellows 37 5.62 30 4.62
Other non-academic teaching staff 76 67.43 66 59.48
Total fellows and staff 113 73.05 96 64.10

College Furniture a Kitchen Library Mech Total Total
Buildings Equip IT Equip Books Equip 2023 2022
f,000 E,OOO E,OOO E,OOO f,000 f,000 f,000 E,OOO
COST/VALUATION
At 1stJuly 48,116 579 988 88 724 1,405 51,900 42,974
Additions 1,486 18 67 24 37 84 1,716 8,930
Disposals at cost/valuation (465) (826) (66) (57) (1,164) (2,578) (4)
Revaluation
during the year
Cost valuation at 30th June 49,602 132 229 46 704 325 51,038 51,900
DEPRECIATION
At 1stJuly 3,880 544 932 79 340 1,337 7,112 6,446
Provided for the year 704 10 31 5 38 18 806 667
Eliminated
on disposal		 (465) (826) (66) (53) (1,164) (2,574) (1)
Depreciation at 30th June 4,584 89 137 18 325 191 5,344 7,112
Net book value
At 30th June 2023 45,018 43 92 28 379 134 45,694
At 30th June 2022 44,236 35 56 9 384 68 - 44,788

Fixed Assets - College Only
College
Buildings Furniture Kitchen Ubrary Mech Total Total
&Site &Equip IT Equip Books Equip 2023 2022
f,000 f,000 f,000 f,000 f,000 f,000 f,000 f,000
COST/VALUATION
At 1stJuly 48,340 579 988 88 724 1,405 52,124 43,032
Additions 1,512 18 67 24 37 84 1,742 9,097
Disposals at cost/valuation (465) (826) (66) (57) (1,164) (2,578) (4)
Revaluation during the year
Cost valuation at 30th June 49,852 132 229 46 704 325 51,288 52,124
DEPRECIATION
At 1stJuly 3,880 544 932 79 340 1,337 7,112 6,446
Provided for the year 704 10 31 5 38 18 806 667
Eliminated
on disposal		 (465) (826) (66) (53) (1,164) (2,574) (1)
Depreciation at 30th June 4,584 89 137 18 325 191 5,344 7,112
Net book value
At 30th June 2023 45,268 43 92 28 379 134 45,944
At 30th June 2022 44,460 35 56 9 384 68 - 45,012
9 Investments 2023 2022
f,000 f,000
Balance b/fwd 1st July 17,682 17,656
Gain on works ofart/property 22
Additions 3,160 4,162
Disposals at open market value (2,005) (2,956)
Decrease in cash held by fund managers (1,098) 1,017
Gain on revaluation 963 (2,219)
Balance c/fwd June 18,702 17,682
2023 2022
f,000 f,000
Represented
by:
Other investments 430 430
Quoted securities - equities 4,474 4,627
Quoted securities - europe/overseas 9,105 8,397
Quoted securities - fixed interest 3,810 2,244
Cash in hand and at investment managers 883 1,984
18,702 17,682
10 Stock Consolidated College Consolidated College
2023 2023 2022 2022
f,000 f,000 f,000 f,000
Stock 24 24 19 19
11 Trade and other receivables Consolidated College Consolidated College
2023 2023 2022 2022
f,000 f,000 f,000 f,000
Conference debtors control 104 22 26 41
Intercompany
—Estates		 220 411
Intercompany
-		 Trading 117 27
Members ofthe College 19 19 39 39
Prepayments
and accrued income		 525 515 356 356
Other 49 41 159 37
697 934 580 911
12 Cash 2023 2023 2022 2022
f,OM f,000 f,000 f,000
Current
Accounts 6,039 5,652 3,381 2,937
Bank Deposits 25 25
6,039 5,652 3,406 2,962
Creditors: amounts falling due
13 within one year 2023 2023 2022 2022
6,000 f,000 f,000 f,000
Trade Creditors 301 295 893 793
University
Fees		 613 613 387 387
Accruals and deferred income 861 615 604 581
Members ofthe college 309 304 226 221
Intercompany- Estates 107
Conference deposits 219 224 12 17
Other 160 158 139 149
2,463 2,316 2,261 2,148
14 Creditors: amounts falling due 2023 2023 2022 2022
after more than one year f,000 f,000 f.,000 f,000
Private Placement Funding 3,480 3,480 3,480 3,480
Private Placement Funding 2,564 2,564 2,564 2,564
University
loan		 11,296 11,296 10,396 10,396
17,340 17,340 16,440 16,440
15 Pension provisions Pension provisions Pension provisions Pension provisions Consolidated College Consolidated College
2023 2023 2022 2022
Balance at beginning of year 990 990 515 515
Movement in year:
Contributions (241) (241) (213) (213)
Other finance (income)/cost 38 38 9 9
USS Actuarial (Loss)/gain recognised in SOCIE 222 222 708 708
CCFPS Actuarial (Lass)/gain recognised in SOCIE 9 9 (29) (29)
Balance at end ofyear 1,018 1,018 990 990
Consolidated College Consolidated College
2023 2023 2022 2022
CCFPS 74 74 66 66
USS 944 944 924 924
Total 1,018 1,018 990 990

Consolidated and C ollege restricted net assets relatin g to endowments are as foll ows:
Restricted Unrestricted
permanent permanent
endowments endowments 2023 2022
Balance at beginning of year: f.,000 f,000 f,000 f,000
Capital 3,994 9,026 13,020 15,319
New endowments received 26 26
Transfer to general reserves 5 5 25
(Decrease)/increase in interest (206) (206) (143)
Investment management charges (95) (95) (93)
(Decrease)/increase in market
value ofinvestments 210 760 970 (2,088)
Balance at end of year 4,230 9,490 13,720 13,020
Represented by:
Capital 4,230 9,490 13,720 13,020
Analysis
by		 type of purpose:
Fellowship
funds		 1,238 1,238 1,175
Scholarship funds 1,862 1,862 1,767
Prizes funds 106 106 76
Hardship
funds		 368 368 349
Travel grant funds 2 2 2
Otherfunds 654 654 625
General endowments 9,490 9,490 9,026
Total 4,230 9,490 13,720 13,020
Analysis
by		 asset:
Investments 4,230 9,490 13,720 13,020
4,230 9,490 13,720 13,020

Consolidate d
and C		 olleg e restricted
net asse		 ts relating to endo wments
are as		 follows:
Restricted Unrestricted
permanent permanent
endowments endowments 2022 2021
Balance at beginning of year: f,000 f,000 f,000 f,000
Capital 4,727 10,592 15,319 12,941
Transfer to general reserves 25 25 14
(Decrease)/increase in interest (143) (143) (123)
Investment management charges (93) (93) (82)
(Decrease)/increase in market value of
investments (733) (1,355) (2,088) 2,569
Balance at end ofyear 3,994 9,026 13,020 15,319
Represented by:
Capital 3,994 9,026 13,020 15,319
Analysis
by		 type of purpose:
Fellowship funds 1,175 1,175 1,396
Scholarship funds 1,767 1,767 2,097
Prizes funds 76 76 90
Hardship
funds		 349 349 417
Travel grant funds 2 2 2
Otherfunds 625 625 725
General endowments 9,026 9,026 10,592
Total 3,994 9,026 13,020 15,319
Analysis
by		 asset:
Investments 3,994 9,026 13,020 15,319
3,994 9,026 13,020 15,319

Restricted r Restricted r eserves eserves eserves
Consolidated and College reserves with restrictions are as follows:
Permanent
unspent and Other
other Capital restdicted
restricted grants funds/
income unspent donations 2023 2022
Balance at beginning ofyear:
Capital 380 382 415
Accumulated income 3,192 3,192 1,035
New grants
New donations 76 1,195 1,278 3,069
Investment income 191 191 190
Increase/(decrease)
investments		 in market value of 119 119 (289)
Capital grants
utilised		 (7) P) (3)
Expenditure (448) (371) (819) (843)
Balance at end ofyear 2,942 71 1,323 4,336 3,574
Analysis of other restricted funds/donations by
type ofpurpose
Fellowship
funds		 565 11 576 590
Scholarship funds 196 1,117 1,313 571
Prizes funds 15 3 18 19
Hardship
funds		 9 20 29 23
Travel grant funds
Other funds 2,157 172 2,329 2,368
General 71 71 3
Total 2,942 71 1,323 4,336 3,574
Balance at end ofyear:
Capital 71 1,323 1,394 382
Accumulated income 2,942 2,942 3,192
Balance at end ofyear 2,942 71 1,323 4,336 3,574

Permanent Other
unspent
and		 Capital restdicted
other restricted grants funds/
income unspent donations 2022 2021
Balance at beginning ofyear:
Capital 410 415 154
Accumulated
income		 1,035 1,035 1,091
New grants
New donations 2,635 434 3,069 354
Investment income 190 190 128
Increase/(decrease) in market
value ofinvestments (289) (289) (4)
Capital grants
utilised		 (3) (3) (7)
Expenditure (668) (175 (843) (268)
Balance at end ofyear 3,192 2 380 3,574 1,448
Analysis of other restricted funds/donations
by type ofpurpose
Fellowship funds 584 6 590 578
Scholarship funds 289 282 571 753
Prizes funds 19 2 21 19
Hardship
funds		 17 6 23 23
Travel grant funds
Otherfunds 2,283 84 2,367 70
General 2 5
Total 3,192 2 380 3,574 1,448
Balance at end ofyear:
Capital 380 382 416
Accumulated
income		 3,192 3,192 1,032
Balance at end ofyear 3,192 2 380 3,574 1,448

2023 2022
E,000 E,000
Unapplied Total Return at beginning ofyear 5,226 7,962
Unapplied Total Return foryear (see note 3b) 720 (2,736)
Unapplied total return at year end 5,946 5,226

Reconciliation
ofconsolidated
s
inflow from operating
activities		 urplus for the year to net cash
2023 2022
E,000 E,000
(Deficit)/Surplus
for the year		 3,551 732
Adjustments
for non-cash items
Depreciation 806 667
Decrease in cash held by fund managers 1,099 (1,019)
Pension deficit Increase/(Decrease) 28 475
(Increase)/Decrease
in Stocks		 (4)
(Increase)/Decrease
in Debtors		 (117) (300)
Increase/(Decrease)
in Creditors		 204 1,026
2,016 849
Adjustments
for investing or financing		 activities
Investment
income from dividends/rents		 (297) (385)
Gains/losses
on investments		 (963) 2,219
(1,260) 1,834
Interest payable -bond and loan 413 268
Revaluation
ofinvestments		 (22)
413 246
Net cash inflow from operating activities 4,720 3,661
20 Cash flows from investing activities
Investment
income from dividends/rents		 297 385
Purchase ofinvestments (3,162) (4,162)
Sale ofinvestments 2,007 2,956
Payments
made to acquire fixed		 assets (1,716) (8,930)
Total cash flows from investing activities (2,574) (9,751)
21 Cash flows from financing activities
Interest payable
—university
loan		 (144)
Interest payable - bond (269) (268)
New loan 900 8,396
Total cash flows from financing activities 487 8,128

Changes
in
market
Acq & New Other non value At 30th
At 1July
2022		 Cashflows disposal
subs		 finance
leases		 cash
changes		 and exch
rates		 June
2023
f000 f000 f000 f000 f000 f000 f000
Cash and cash equivalents 3,406 2,633 6,039
Amounts falling due after
more than one
University
loan		 year: 10,396 900 11,296
Bond - Aviva 1,959 1,959
Bond - Canada Life 1,521 1,521
Bond - Pricoa 2,564 2,564
Total 16,440 900 17,340

CPI assumption Term dependent rates in line with rates in line with the difference between the Fixed
Interest and Index linked yield curves less:
1.196p.a.to 2030, reducing linearly by 0.1% p.a.to a long-term
difference of0.196p.a.from 2040
Pension increases CPI assumption plus 0.0596
(subject to a floor of
096)
Discount rate Fixed interest gilt yield curve plus:
(forward rates)
Pre-retirement: 2.7596p.a.
Post retirement: 1.009f'r p.a.
2020valuation
Mortality base table 101Yoof52PMA "light" for males and 959Sof53PFAfor females
Future
improvements to
mortality CMI 2019with a smoothing parameter of7.5,an initial addition of
0.59op.a. and a long-term improvement rate of1.8Yo pa for males and
1.6/o pa for females
The current
life expectancies
on retirement
at age		 65are:
2023 2022
Males currently
aged 65 (years)		 24.0 23.9
Females currently
aged 65(years)		 25.6 25.5
Males currently
aged 45 (years)		 26.0 25.9
Females currently
aged 45 (years)		 27.4 27.3
2023 2022
Discount rate 5.52Yo 3.31Yo
Pensionable salary growth 3.00'Yo 3.00Yo

Lucy Cavendish
College		 Lucy Cavendish
College		 N


Llnlversity ofCambridge		 2023
~1		 2022
E
Current service cost
Administration Expenses 4,378 4,378
Interest on net defined benefit (asset)/liability 2,408 1,687
(Gain)/loss
on		 plan changes
Curtailment
(gain)/loss
Total		 6,786 6,065
I 2023 2022
E
( Present value of plan liabilities at beginning of period 358,720 443,198
Current service cost (including Employee contributions)
Em
lc ee contributions
Benefits paid
Interest on plan liabilities		 (12,117(
13,403		 ~(11,064)
7,878
Actuarial(gains)/losses (38,450) (81,292)
(Gain)/loss
on plan changes
Curtailment
(gain)/loss
Present value ofplan liabilities		 at end of period 321,556 358,720
he year ending 30 June 2022) a re as foll ows:
2023 2022
E E
Market value of plan assets at beginning ofperiod 293,182 347,288
Contributions
paid by the College		 7,768 7,768
Employee
contributions
Benefits paid
Administration
Expenses
Interest on plan assets		 (12,117)
(4,656)
10,995		 (11,064)
(4,613)
6,191
Return on assets, less interest
Market value ofplan assets at		 included
in Profit &Loss
end of period		 (47,394))
247,778		 (52,388)
293,182
Actualreturn
on plan assets		 (36,399) (46,197)
he major categories of plan assets for t
nding 30June 2022) are as follows:		 he year ending 30June 2 023 (with com parative
fig
2023 2022
Equities 499o 529o
Bonds &Cash 3896 3496
Property
Total		 t 139o
900@		 1496
10096
ncome (OCI) for the y
re as follows:		 ear ending 30Jun e 2023 (with comparat ive
figures for the		 year ending
2023 2022
E 6
Return on assets, less interest
included		 in Profit & Loss (47,394) (52,388)
Expected less actual plan ex enses (278) (235)
Ex erience gains and losses arising on plan liabilities (14,283) (24,140)
Changes
in assumptions
underlying
the present value of plan liabilities 52,733 105,432
Actuarial
gain/(loss)		 recognised
in OCI		 (9,222) 28,669
2023 2022
E E
Net defined benefit asset/(liability) at beginning ofyear (65,538) (95,910)
Reco nised in Profit and Loss (6,065)
7,768 7,768
, Re-measurement ofnet defined benefit liability recognized in
OCI (9,222) 28,669
(Deficit)/Surplus in plan at the end ofthe year (73,778) (65,538)

4.Principal Subsidi ary
Undertakings
Company Country ofIncorporation Cost Class of Proportion of
Number and Operation Shares shares held
Lucy Cavendish 02844689 England 2 Ordina ry 1009a
Trading
Limited
Lucy Cavendish		 12218836 England 1 Ordinary 100%
Estates Limited

From To 2023 2022
EO E10,000 23 19
E10,001 E20,000 1 2
E20,001 E30,000 2
E30,001 E40,000 4
E40,001 E50,000
E50,001 F60,000
E60,001 E70,000
E70,001 E80,000
Total 36 33