# ## |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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |C0||||||||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |tD||||||||||||||||||||||||||||||| |E
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ID| ## |||||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|