downing college cambridge · body downing college, cambridge cb2 1dq patron: hrh the duchess of...

A N N U A L R E P O RT A N D AC C O U N T S

for the f inancial year ending 30 June 2014

D O W N I N G C O L L E G E C A M B R I D G E

The West Range ©Tim Rawle

www.dow.cam.ac.uk

3

Contents5. Financial Highlights

6. Members of the Governing Body

9. OfficersandPrincipalProfessionalAdvisors

11. ReportoftheGoverningBody

67. Financial Statements

77. PrincipalAccountingStatements

78. ConsolidatedIncome&ExpenditureAccount

79. Consolidated Statement of Total Recognised Gains and Losses

80. Consolidated Balance Sheet

82. ConsolidatedCashflowStatement

85. NotestotheAccounts

5

FINANCIAlHIGHlIGHtS

2014

£

2013

£

2012

£

Income

Income 10,155,889 9,663,733 9,239,544

Donations and Benefactions Received 5,292,916 3,124,484 2,304,365

Conference Services Income 2,042,832 2,130,085 1,875,620

OperatingSurplus/(Deficit) 320,009 336,783 306,969

CostofSpace(£perm2) £150.87 £150.20 £156.65

College Fees:

PubliclyFundedUndergraduates £4,068/£4,500 £3,951/£4,500 £3,951

PrivatelyFundedUndergraduates £7,350 £6,999 £6,000

Graduates £2,424 £2,349 £2,289

lossonCollegeFeeperStudent £2,436 £2,630 £1,995

Capital Expenditure

InvestmentinHistoricalBuildings 1,751,811 573,388 446,851

InvestmentinStudentAccommodation 1,499,507 740,562 2,784,000

Assets

Free Reserves 8,349,966 13,372,300 11,499,498

InvestmentPortfolio 35,775,344 34,917,793 31,785,279

SpendingRuleAmount 1,617,819 1,543,197 1,505,631

totalReturn 7.6% 9.2% 6.2%

totalReturn:3yearaverage 7.7% 10.3% 10.6%

ReturnonProperty 5.8% 7.6% 11.4%

ReturnonProperty:3yearaverage 8.3% 12.1% 14.3%

ReturnonSecurities 8.9% 10.8% 0.0%

ReturnonSecurities:3yearaverage 6.5% 8.1% 6.9%

NetAssets 147,365,167 141,519,568 137,605,725

YearEnded30June2014|FinancialH

ighlights

5

6

YearEnded30June2014|Mem

bersoftheGoverningBody DOWNINGCOllEGE,CAMBRIDGECB21DQ

Patron:HRHtheDuchessofKent,GCVO

Visitor:theCrown

MEMBERSOFtHEGOVERNINGBODYMaster:ProfessorGeoffreyGrimmett,MA(Oxon),DPhil(Oxon),DSc(Oxon),ScD,FRS,ProfessorofMathematicalStatistics

theFellowsoftheCollege(inorderofElection)asof1October2014PaulChristopherMillett,MA,PhD,Vice-Master,CollinsFellowinClassics,UniversitySeniorlecturerinClassics(1983) WilliamMarkAdams,MA,MSc(london),PhD,MoranProfessorofConservationandDevelopment(1984) trevorWilliamClyne,MA,PhD,FREng,ProfessoroftheMechanicsofMaterials(1985) CatherinelynettePhillips,BA(Queen’s),MA(toronto),PhD,RJOwensFellowinEnglish(1988) GrahamJohnVirgo,BCl(Oxon),MA,ProfessorofEnglishPrivatelaw(1989),UniversityPro-Vice-Chancellor(Education) JohnStuartlandrethMcCombie,MA,MA(McMaster),PhD,Tutor,ProfessorofRegionalandAppliedEconomics(1989) DavidJohnWales,MA,PhD,ScD,FRSC,ProfessorofChemicalPhysics(1989) trevorWilliamRobbins,CBE,MA,PhD,FRS,ProfessorofCognitiveNeuroscience(1991) ChristopherAllimHaniff,MA,PhD,Fellows’ Steward,ProfessorofPhysics(1993) NicholasColeman,BSc,MB,ChB(Bristol),PhD,FMedSci,VerjeeFellowinMedicine,ProfessorofMolecularPathology(1994) AdamNoelledgeway,BA(Salford),MA(Manchester),PhD(Manchester),Tutor,ProfessorofItalianandRomancelinguistics(1996) IanRichardJames,MA,MA(Warwick),PhD(Warwick),Graduate Tutor,FellowinModernandMedievallanguages,ReaderinFrench(1996) SusanElizabethlintott,MA,PhD(Kent),Senior Bursar, Senior Treasurer of the Boat Club(1997) ZoeHelenBarber,MA,PhD,ReaderinMaterialsScience(2000) SophiaDemoulini,BA(Wooster),MSc(Minnesota),PhD(Minnesota),FellowinMathematics(2000) IanGarethRoberts,BA(Wales,Bangor)MA(Salford),PhD(SouthernCalifornia),littD,FBA,Professoroflinguistics(2000) MichaeltrevorBravo,BEng(Carleton),MPhil,PhD,UniversitySeniorlecturerattheScottPolarResearchInstitute(2001) DavidRobertPratt,MA,PhD,FRHistS,Secretary to the Governing Body, Fellow Archivist and Keeper of Art and Artefacts,FellowinHistory(2001) DavidJohnFeldman,QC(Hon),MA(Oxon),DCl(Oxon),FBA,FRSA,RouseBallProfessorofEnglishlaw(2003) lipingXu,BSc(Beijing),PhD,Universitylecturerinturbomachinery(2004) PaulDerekBarker,BSc(ImperialCollege,london),DPhil(Oxon)UniversitySeniorlecturerinChemistry(2004) GuyBarnettWilliams,MA,PhD,Senior Tutor,AssistantDirectorofResearch,WolfsonBrainImagingCentre(2004) Marcustomalin,MA,MPhil,PhD,Fellow Librarian, Admissions Tutor (Arts), Graduate Tutor,FellowinEnglish,UniversityResearchAssociate inEngineering(2004) JaytheodoreStock,BA(trent),MSc(Guelph),PhD(toronto),Graduate Tutor,UniversitySeniorlecturerinHumanEvolutionandDevelopment(2005) NataliaMora-Sitja,BSc(Barcelona),MA(Barcelona),MSc(Oxon),DPhil(Oxon),Tutor,UniversitylecturerinEconomicHistory(2005) WilliamO’Neill,BSc(Essex),MSc(Essex),PhD(Imperial),ProfessoroflaserEngineering(2006) AmyCatherineGoymour,MA,BCl(Oxon),Tutor,HopkinsParryFellowinlaw,Universitylecturerinlandlaw(2006) AdrianaIrmaPesci,MS,PhD(NacionaldelaPlata),DarleyFellowinMathematics(2006) AmylouiseMilton,MA,MSc,PhD,Ferreras-WillettsFellowinNeuroscience,UniversitylecturerinExperimentalPsychology(2007) BrigitteSteger,MA,MPhil(Vienna),PhD(Vienna),SeniorlecturerinModernJapaneseStudies(2007)

7

YearEnded30June2014|Mem

bersoftheGoverningBodyJonathantrevor,BA(Glamorgan),MA(Warwick),PhD,Praelector,FellowinManagementStudies,UniversitylecturerinHumanResources

andOrganisations(2008) KennethMcNamara,BSc(Aberdeen),PhD,Dean,UniversitySeniorlecturerinEarthSciences(2008) RichardKeithtaplin,MBE,BSc(lSE),MA,Junior Bursar(2009),UniversityJuniorProctor Jieli,BS(Wuhan),MS(Paris),PhD(Paris),UniversitylecturerinFluidDynamics(2009) KeithJamesEyeons,MA,MA(Nottingham),PhD,Chaplain, Praelector, Fellow Information Officer,Fellowintheology(2010) RobertKeithHarle,MA,PhD,FellowinComputerScience(2010) timothyJamesBurton,MA,MB,BChir,PhD,FellowinPharmacology,ClinicallecturerintranslationalMedicine&therapeutics(2010) MartaMorgadoCorreia,BA(lisbon),PhD,Admissions Tutor (Science),FellowinBiologicalSciences(2010) AliciaHinarejos,BA(Valencia),MPhil(Valencia),BA(UNED),MJur,MPhil,DPhil(Oxon),Universitylecturerinlaw(2011) GabrielleBennett,BA(Virginia),Development Director(2011) MichaelHousden,MSci,MA,PhD,Senior Treasurer of the Amalgamation Club,Mays-WildResearchFellowinChemistry(2012) KamranYunus,BSc(Bath),PhD(Bath),Tutor,FellowinChemicalEngineering(2012) JohnRicher,MA,PhD,ReaderinAstrophysics(2013) SarahKennedy,BA(Melbourn),llB(Melbourn),PhD,ResearchFellowinEnglish(2013) MonicaMorenoFigueroa,BA(leon),MA(MexicoCity),MA(Goldsmiths),PhD(Goldsmiths),FellowinSocialSciences,Universitylecturerin Sociology(2014) BrendanPlant,BEc(Sydney),llB(Sydney),MSc(lSE),PhD,HopkinsParryFellowinlaw(2014)

RetirementsandResignations1July2013–30September2014PeterJamesDuffett-Smith,MA,PhD,Vice-Master,UniversityReaderinExperimentalRadioPhysics(1980)(retired2013) PeterDavidEvans,MA,PhD,ScD,Tutor,FellowinPhysiology,PrincipalInvestigator,BabrahamInstitute(1981)(retired2014) SubhaMukherji,MA(Calcutta),MA(Oxon),MPhil,PhD,UniversitySeniorlecturerinEnglish(2009)(resigned2014) Paullinden,BSc(Adelaide),MSc(Flinders),PhD,FRS,GItaylorProfessorofFluidMechanics(2011)(retired2014) JosephWebster,MAHons(Edinburgh),MScR(Edinburgh),PhD(Edinburgh),IsaacNewton-GrahamRobertsonResearchFellow(2011)(resigned2013)

8

YearEnded30June2014|OtherFellows theHonoraryFellows

GilesSkeyBrindley,MA(london),MD,FRS SirFrancisGrahamSmith,MA,PhD,FRS SirArnoldStanleyVincentBurgen,MA,FRS SirAlanBowness,CBE,MA DameJanetAbbottBaker,CH,DBE, MusD(hon),llD(hon) AlanNormanHoward,MA,PhD,FRIC PeterMathias,CBE,MA,Dlitt,FBA SirtrevorRobertNunn,CBE,BA GodfreyMichaelBradman,FCA ColinBrianBlakemoreMA,ScD,FRS MartinJohnKemp,MA,FBA RichardJohnBowring,MA,PhD,littD DavidStanleyIngram,OBE,MA,PhD,ScD, FRSE SirQuentinSaxbyBlake,CBE,MA,RDI,FCSD, FRA SirlawrenceAntonyCollins,llD,FBA BaronessPhyllisDorothyJames,OBE,JP,FRSl SirDavidAnthonyKing,MA,PhD,ScD,FRS RtRevdNicholasthomasWright,MA,DPhil,DD SirJohnPendry,MA,PhD,FInstP,FRS SirBrianVickers,PhD,Dlitt,FBA AitzazAhsan,MA,llM,Barristeratlaw ProfessorJohnlawrenceCardy,MA,PhD,FRS HowardEricJacobson,MA theRtHonthelordJusticelewison,QC,Kt, MA AirChiefMarshalSirStuartPeach,KCB,CBE, MPhil,Dtech(hon),Dlitt theRtHonthelordJusticelloyd-Jones,QC, Kt,MA,llM theRtHonthelordJusticeMcCombe,Kt,MA BarryJohnEveritt,BSc,MA,PhD,ScD,DSc, DSc(hon),FRS,FMedSci

theEmeritusFellowsAlfredthomasGrove,MA DavidAndrewBlackadder,BSc(Edinburgh), MA,DPhil(Oxon) IanBonartopping,MA RobertJohnRichards,MA,PhD CharlesHarpum,MA,llB,llD JohnAlanHopkins,MA,llB MartinJoshuaMays,MA,PhD BarryCharlesMoore,MA,MSc(lSE) PhilipHusonRubery,MA,PhD,ScD CharlesPorterEllington,BA(Duke),MA,PhD, FRS MargeryAnnBarrand,BSc,PhD RichardSmithBA(london),MA(Oxon),PhD, FBA StaffordWithington,BEng(Bradford), PhD(Manchester) PeterDuffett-Smith,MA,PhD PeterEvans,MA,PhD,ScD Paullinden,BSc(Adelaide),MSc(Flinders), PhD)

theAssociateFellowsJulianJeffs,QC,MA Williamtudor-John,MA GeorgeFrederickPulman,QC,MA JohnNevilletait,MA

FoundationFellowHumphreyBattcock,MA, MBA(londonBusinessSchool)

theWilkinsFellowsGodfreyMichaelBradman,FCA JulianRobinDarley,MA,FEng RichardAlexanderFrischmann,MA ChristianFlemmingHeilmann,MA AlanNormanHoward,MA,PhD,FRIC Joanna Maitland Robinson RumiVerjee,MA timCadbury,MA JanetOwens,MD RichardWilliams,MA JonathanHoward,MA ChrisBartram,MA,FRICS,RA MariaWilletts,MA(Oxon) RobertJohn,MA,Dlitt(Swansea) louiseArnell,MA RobertMarkwick,MA,MBA(Manchester) JamesEdwardSimonArnell,MA,Barrister atlaw

theFellowsCommonerDavidChambers,MSc(lBS),MSc(lSE), PhD(lSE) BarrieHunt,MA,M.Ed(Exeter) timothyRawle,MA Peterthomson,MA MartinVinnell,BSc,PhD(Essex)

theFellowsCommonerEmeritusJohnHicks,MA,FREng

Bye-FellowsDanAlistarh,PhD NigelAllington,BSc(Hull),MA AnnelaAnger-Kraavi,MA,BSc(tallinn),MPhil, PhD RichardBerengarten,MA JimenaBerni,MS,PhD IanBucklow,PhD MarieBuda,PhD MatthewCarter,BA AndrejCorovic, GeorgeCouch KateCrowe NedaFarahi,PhD AndrewHolding Bernadette Holmes VickyJones,MA,MB,Bchir,MRCS luciali,MA,MB,BChir Kathleenliddell,llB,(Melbourne),BSc, (Melbourne),MBioeth,(Monash),DPhil,(Oxon) Andrewlynch,MA,MMath,PhD(Sheffield) ShaneMcCorristine,MA,PhD,FRHistS DouglasMaslin,MA,MBBChir CatherineMaunder,MA AlexMorris,PhD JillPearson,BA,VEtMC,MRCVS IanSabir,MA,MB,BChir,PhD,MRCP JohannaSyrjanen WilliamSchafer,PhD JaneSterling,MB,BChir,MA,PhD,FRCP Garethtaylor,BA,PhD Anastasiatheodosiou,BA,MPhil,MB,BChir MichaelWakelam,BSc(Birmingham), PhD(Birmingham) Haixi Yan

9

YearEnded30June2014|OfficersandPrincipalProfessionalA

dvisors

Inland Revenue Charity No: X2938

Charity Registration No: 1137455

OFFICERSANDPRINCIPAlPROFESSIONAlADVISERS

Masterfrom1October2013:ProfessorGeoffreyGrimmett,MA,DPhil,DSc(Oxon),ScD

Masterto30September2013:ProfessorBarryJohnEveritt,BSc,MA,PhD,ScD,DSc.(Hon.Hull),DSc.(Hon.Birmingham),FRS,FMedSci

Seniortutor:DrGuyWilliams,MA,PhD

SeniorBursar:DrSElintott,MA,PhD(Kent)

ActuariesCartwrightConsultingltd MillPoolHouse Mill Lane GodalmingGU71EY

ArchitectsCarusoStJohn 1 Coate Street londonE29AG

RobertlombardelliPartnership St.luke’sHouse 5WalsworthRoad Hitchin,HertsSG49SP

QuinlanandFrancisterry Old Exchange High Street Dedham ColchesterCO76HA

AuditorsPetersElworthy&Moore SalisburyHouse Station Road CambridgeCB12lA

BankersBarclays Bank 9-11StAndrew’sStreet CambridgeCB23AA

PropertyManagersCarterJonasllP 6-8HillsRoad Cambridge CB2 1NH

PropertyValuersCarterJonasllP 6-8HillsRoad Cambridge CB2 1NH

SecuritiesManagersPartnersCapitalllP 5YoungStreet London W8 5EH

MorganStanleySecuritieslimited PrivateWealthManagement 25CabotSquare londonE144QA

SolicitorsHewitsonsllP ShakespeareHouse 42NewmarketRoad CambridgeCB58EP

PenningtonsllP ClarendonHouse Clarendon Road Cambridge CB2 8FH

Marks&ClerkllP 62-68HillsRoad CambridgeCB21lA

11

Report of the Governing Body

12

1 http://www.topuniversities.com/qs-world-university-rankings

2 http://www.timeshighereducation.co.uk/world-university-rankings/2014-15/world-ranking

3 http://www.thecompleteuniversityguide.co.uk/league-tables/rankings

YearEnded30June2014|ReportoftheGoverningBody REPORtOFtHEGOVERNINGBODY

theFinancialAccountstheaccountsthatfollowconsolidatethoseoftheCollegeanditswholly-ownedsubsidiaries,DowningCollegeDevelopmentslimited,DowningCambridgeConferenceslimited,andtheMayBallCompanylimited.theCollegeisoneof31autonomous,self-governingCollegeswithintheUniversityofCambridge.theUniversityisconsistentlyrankedamongthetopuniversitiesintheworld;thisyear,itwasrankedjointsecondintheQSWorldUniversityRankings1,fifthinthetimesHigherEducationrankings2,andtopintheCompleteUniversityGuidetoUKUniversities3.

Foundedin1800,theCollegeelecteditsfirstFellowin1808andadmitteditsfirstundergraduatein1817.AbequestfromSirGeorgeDowning3rdBaronet led to the foundationof theCollege,whichwasoriginally formed for theencouragementof the studyoflawandMedicineandof thecognatesubjectsofMoralandNaturalScience.theCollegenowaccepts students inall subjects taught intheUniversityofCambridge.Knownasthe“lastof theoldandthefirstof thenew”, theCollegewasthe17thtobefoundedwithintheUniversity ofCambridge, after a gap of 204 years, some 69 years before the founding of the nextCollege,whichwas the firstwomen’sCollege inCambridge.EachCollege isautonomous, self-governing,anddistinctive.At thebeginningof theacademicyear,ProfessorGeoffreyGrimmett,FRS,wasinstalledastheCollege’s17thMaster.Fortheacademicyear2013-14,thecommunityconsistedof51Fellows,448undergraduates (including twovisitingstudents),and250graduates, reflecting the increasingemphasisplacedbytheUniversityasawholeongraduateeducation,bothintaughtcoursesandresearch.theworkoftheCollegeissupportedby150staff (FtE118.6).

theUndergraduates

Ofthe446undergraduatesinresidence,59%weremenand41%women,and401werehomeorEUstudentsand45overseas.Ofthe370homestudents,59%werefromstate-maintainedschoolsand41%fromtheindependentsector.UndergraduatenumbersaredeterminedbythenumberthattheCollegeisabletoaccommodate;thetargetforentry,therefore,isstaticatapproximately125newentrantsineachyear.Overthelastfiveyears,thetotalnumberofundergraduateshasrangedfrom436to455,withanaverageof446.Exceptformedicineandarchitecture,wherenumbersarecontrolledthroughaUniversitywideagreement,theCollegedoesnotfixthenumberofstudentsinanyonesubject,butratherassessescandidatesacrosssubjects.OneofthemorepopularCollegesintermsofadmissions,879appliedfortheseplaces,617wereinterviewedand141wereofferedplaces,includingsixcandidateswhohaddeferredentryuntil2014.theCollegewishestoencourageapplications,butstressesthehighlevelofacademicattainmentrequiredforsuccess.In2013-14,overallnumbersreflectedtheshapeoftheUniversityasawhole,withtheexceptionoflawandmedicine,twohistoricallystrongsubjects,wherenumberswerehigher,andEnglishandmathematics,whichhadcomparativelyfewerstudents.

AdmissiontotheUniversityishighlycompetitive,withsome16,000applicantseachyear.Applicantnumbershavegrownby17%overthelasttenyears,whilethenumbersadmittedhaveremainedrelativelyconstantatabout3,500.Downing,liketheUniversityasawhole,investstimeandresourcesin(1)attractingindividualswhocanmakethemostoftheeducationalexperiencewithitsemphasisonsmallgroupsupervisionand(2)inencouragingstudentsfromdisadvantagedbackgroundstoaspiretohighereducationandconsiderapplyingtotheUniversity.Veryfew,ifany,undergraduatesdeclinetheiroffers;however,inevitablysomedonotachievetheAlevelandStEPgradesthatareaconditionoftheiroffers.Ofthe141offersmade,124achievedtheirgrades,withtheminimumoffersetatA*AA.Forentryin

13

YearEnded30June2014|ReportoftheGoverningBody2015,allCollegesarerequiringA*A*Aforsciencesubjects,whichmorecloselyreflectsthegradesachievedbysuccessfulcandidates.

theCollegesuseallavailableinformationtoassesswhetherornottoofferacandidateaplace.However,statisticalevidencehasborneoutthecorrelationinmostsubjectsbetweenhighUMSscoresatASlevelandresultsinthetriposexaminations.theGovernment’srecentdecisionnottoincludeASresultsinthegradeawardedatAlevel,butinsteadtoretainASonastandalonebasis,willinevitablymeanthatsomeschoolswillchoosenottoprepareorentertheirstudentsforASexaminations.theDirectoroftheCambridgeAdmissionsOfficehaswrittentoallschoolswithasixth-formtoreassurethemthatapplicantswithoutASscoreswillnotbeatadisadvantageandexplainthatintheabsenceofASscores,emphasiswillbeputonGCSEresultsandteachers’predictions,whicharenotasstronginpredictingsuccessinhighereducation.thenewsystemappliestostudentsenteringEnglishsixth-formsinSeptember2015.

UnderitsagreementwiththeOfficeforFairAccess(‘OFFA’),theUniversityhascommittedtoincreasetheproportionofUKresidentstudentsadmittedfromUKstatesectorschoolsandcollegessothat theyfallwithinarangeof61-63%by2016-17andtoincreasetheproportionofUKresidentstudentsadmittedfromlowparticipationneighbourhoodstoapproximately4.0%.InOctober2013,theCollege admitted61%ofUK resident students from state schools and2% from low-participationneighbourhoods, adisappointingresult, but similar to that achievedacross theUniversity.As standards cannotbecompromised, emphasis isplacedon recruitmentandinraisingaspirations.Duringtheyear,theCollegereceivedasubstantialdonationtohelpitsworkinoutreachandaspartofthisprogramme,named‘DiscoverDowning’,willshortlybelaunchinganewwebsite.

ExaminationResultsArecordnumberoffirsts,116,placedtheCollegeabovetheaveragefortheUniversity,whichcontributedtoahigherrankinginthetompkinstable.25%ofthestudentsreceivedfirsts,and11ofthosecametopoftheirtriposexamination.Forthefirsttime,aDowningstudentbecameSeniorWrangler,thenamegiventothestudentwhocomestopoftheMathematicaltripos.tocelebratethissuccess,theCollege presented the student,Yang li,with theDowningCollegeMedal for ExtraordinaryAchievement, a copper, nickel andgoldmedalcreatedfortheoccasionbyProfessorBillO’Neillusinglasertechnology.Inaddition,twenty-twoprizeswereawardedforspecialperformanceinthetriposexaminations:KateEdwards(EnglishPartII),FreyaPetty(HistoryofArtPartII,top),JohnHolden(landEconomyPartIB,top),JoelNg(lawPartIA),JoeMarshall(lawPartIB),JohnStevens(lawPartII),JamesEgan(lawPartII),Anthonyto(EngineeringPartIA),JackBeattie(ManufacturingEngineeringPartIIA),JamesSmith(GeographyPartIB,top),AngusKeely(MedicalSciencesPartIB),SophialucenaPhillips(MMlSpanishPartIA,top),SarahWeeks(NaturalSciencesPartIA),Richardthorburn(NaturalSciences Part IA),Mike Smith (Natural SciencesMaterials Part II, top),Yao Shi (Natural SciencesChemistry Part III), leor Zmigrod(PsychologicalandBehaviouralSciencesPartI,top),HughChatfield(EconomicsPartI,top),AnnabelDunningham(EducationPrelims,top),Jeremytayler(Bacheloroftheology1stexam,top),andIainMcColl(Bacheloroftheology2ndexam,top).

theGraduatesEachstudentoftheUniversityisrequiredtobeamemberofaCollege.Inthecaseofgraduatestudents,whiletheprimaryadmissionsdecisionlieswiththeUniversity,eachgraduatestudentmustalsobeadmittedbyaCollege.ItistheCollege’sroletoprovideatutorialservicethroughitsgraduatetutors.thetutorsareavailabletohelpwithpastoralandwelfarematters,butalsoprovidethewisdomofexperienceongeneralacademicmatters.Inaddition,theCollegeisabletooffersomefinancialsupportintheformofhardshipgrants,studentships,andfundingfortravelandattendanceatconferences.Oncethedegreehasbeencompleted,itistheCollegethatpresents

14 4 http://www.graduate.study.cam.ac.uk/sites/www.graduate.study.cam.ac.uk/files/attachments/graduateadmissions_2013_2014.pdf

YearEnded30June2014|ReportoftheGoverningBody thestudenttotheUniversityfortheawardingofthedegree.StudentsarealsoabletotakeadvantageoftheCollege’seducationaland

sportingfacilities,e.g.thelibrary,theSportsGround,theGym,andtheBoatHouse.Inaddition,theCollegeprovidesaMiddleCommonRoomandBar,whichencouragesthecontactacrossdisciplinesthatisnotavailableinthedepartmentsandisoneofthestrengthsofacollegiateuniversity.thereisgraduaterepresentationontheGoverningBodyandthecommitteesthatarerelevanttothegraduateexperience.Allofthiscostsmoney,particularlyasittakesplacewithinGrade1listedBuildings.Atpresent,theCollegesubsidisesitsservicestograduatestudentsby£1,632perstudent.

Recognisingtheimportanceofresearchtoitsworldwidereputation,theUniversity’sstrategyhasbeentoincreasegraduatenumbersby2%ayear,whilekeepingundergraduatenumbersstatic.theCollegeshaveagreedtothislevelofcontrolledexpansion.Overthelastfifteenyears, thenumberof graduateshasgrown from4,819 to6,579 (18.1%) registered students currentlypaying feesacrosstheUniversity. InDowning,whilegraduatenumbersareconsiderablyhigherthanin1999,whentherewere138graduatesintotal,thenumbershaveaveragedat167 fee-payinggraduates.Expansionputspressureonaccommodationandsocial space.thesizeofcentralfacilities,fromDiningHallstoPorters’lodges,hasbeensetinpreviouscenturiesforsmallerstudentbodiesandDowningisnoexception.WiththeconversionofParker’sHouse,theCollegewillbeinapositiontoofferaccommodationtoallgraduateswhowishtoliveontheDomus.

WhilethereisacertainattractioninagraduatecommunitythatreflectsinmicrocosmthecharacteristicsoftheUniversity’sgraduatestudentbody, in termsofsubjects,gender,andnationality,other factors, suchas locationandfinancialsupport,affectapplications.table3.1 in theGraduateAdmissions Statistics4 demonstrates theoverwhelmingpopularityof thoseColleges that are able toofferstudentships,e.g.trinity,where1,107applied, resulting inanacceptance rateofonly17%.Recent legacies,whichhaveprovidedfundingforstudentships,willplaceDowninginabetterpositionfor the future.Giventheproximity to theDowningsite, the JudgeBusinessSchool,Chemistry,andEngineering,itisnotsurprisingthatahigherproportionofDowninggraduatestudents(27.4%)areintheSchoolsoftechnologythantheUniversityaverage(19.2%).therelativelysmallernumberofstudentsfromtheArtsandHumanitiesisagainafunctionoflocationandfunding:lackofpublicfundingforgraduatework,especiallyintheartsandhumanities,meansthatthebetter-endowedColleges,whichareabletoofferstudentships,tendtoattracthighernumbersofapplicants.toillustrate,thecurrentgraduatecommunityinDowningincludesthreeintheFacultyofArchitectureandHistoryofArt,noneinAsianandMiddleEasternStudies,threeinClassics,oneinDivinity,oneinEnglish,sixinModernandMedievallanguages,oneinMusic,andnoneinPhilosophy,whichamountsto15,or8%ofthetotal,whereastheUniversityaverageis11%.Besidesthe109fundedstudents,thereare82self-payingandsevenpart-fundedgraduatestudents.OfthosestudentsregisteredforanMPhil,20outof29areself-funded.

Graduates participate in academic societies, sports teams, and the social life of theCollege togetherwith the undergraduates. Inaddition,thereareseparateacademicandsocialevents,includingthepopulargraduateseminarseries.therecentrefurbishmentofSStaircasehasgreatlyimprovedthefacilitiesfortheMCR.

theFellowsItwasaparticularlysatisfyingyearintermsofrecognitionformembersoftheFellowship.theMasterwaselectedtotheRoyalSociety;ProfessorNickColemanwas elected as a Fellowof theAcademyofMedical Sciences; ProfessortrevorRobbinswas oneof threescientistsawardedtheGretelundbeckEuropeanBrainPrizebytheGretelundbeckBrainResearchFoundationfor“theirpioneeringresearchonhigherbrainmechanisms”.ProfessorGrahamVirgowasappointedto theUniversitypositionofPro-Vice-Chancellor for

15

Education,takinguphisposton1October2014;andHonoraryFellowandformerFellowColinBlakemorewasknighted“forservicestoscientificresearch,policyandoutreach”.

DrJohnRicher,aReaderinAstrophysicsattheCavendishlaboratory,joinedDowninginthesummerof2013.DrRicher’sresearchfocusesonthephysicsofstarformation.HeistheUKscienceleadfortheAtacamalargeMillimetreArray(AlMA),themostcomplexobservatorybuiltonEarth.HeisalsoDirectorofUndergraduateteachingintheDepartmentofPhysics.DrSarahKennedyjoinedtheFellowshipasaResearchFellowon1October2013.DrKennedy’sresearchfallswithintwentieth-centuryandcontemporaryAnglophonepoetry.GiffordCombsandRobertMarkwickbecameWilkinsFellowsinrecognitionoftheirsupportoftheCollege.

theCollegehasreciprocalarrangementsforvisitingacademicsfromKeioUniversity,PomonaCollege,andtheUniversityofVirginia.this year’s visitors were ProfessorMasamichi Komuro, an economist specialising the History of Japanese Economicthought, andProfessorSaraMyers,aclassicistwhowritesonlatinliteratureanditscontext.ProfessorGrimmettwastheDowningvisitortoPomona.

For the fourth year, the Fellowship has organised and participated in the Catalysis Conference, an academic conference thatwasdesignedtobringtogetherdonorsandsupportersoftheCollegeandtheUniversitywithleadingacademicsforaweekendresidentialcolloquium.thisyear’sconference,‘Crisis,whichCrisis?’,beganwithameditationonthenatureofcrisis,‘Crisis:itsuseandabuse’,bytheCollege’sFellowandDirectorofStudiesinClassics,DrPaulMillett,followedbytalksbyProfessorBillO’Neill,aFellowandDirectorofStudiesinEngineering,on‘UKManufacturing:themyths;thetruths;andthefuture’;DrNickBrown,aconsultantmedicalmicrobiologistatAddenbrooke’sNHSFoundationtrustandUniversityAssociatelecturer,on‘Antibioticresistance:acrisisofourownmaking,oraninevitableconsequenceofantibioticuse?’;DrRowanWilliams,MasterofMagdaleneCollege,on‘theCrisisinFaith?’;MrAmolRajan(English,2002),theEditoroftheIndependent,onthemedia,‘HackedOff?’;SirDavidKing,HonoraryFellowandFormerMaster,on‘Improvinghumanwell-beingonaresource-limitedplanet:canwedoit?’;andSirRichardDearlove,MasterofPembroke,on‘theCrisisinIntelligence:BalancingtheprivacyoftheindividualwiththedemandsoftheState’.theformatoftheeventisdesignedtodemonstratetheinterconnectednatureoftheCollegiateUniversitybyincludingbothDowningandUniversityacademicsandguests.Nextyear,thisdonor-recognitionconferencewillbeheldon28March2015andwillbecalled‘livingwithRisk’.

InadditiontotheCatalysisConference,theCollegehoststheOonlecture,heldbienniallyinconjunctionwiththeClinicalSchool.the2014lecturewasgivenbyDanielJDruckerMD,SeniorInvestigator,lunenfeld-tanenbaumResearchInstitute,MountSinaiHospital,toronto.thelecturewasentitled‘lcellpharmacologyadvancesthetreatmentofdiabetesandgastrointestinaldisorders’.

THE SOCIETIES

AcademicSocietiesSubject-basedsocieties,runbythestudents,provideoccasionsforgraduatesandundergraduatesfromallyearstomeet,typicallytohear talksby leadingacademics.theBlakeSociety, for thepromotionof arts subjects,hosted talkson ‘Whateverhappened to the‘FacebookRevolution’?’,‘thepioneeringGarretts:breakingthebarriersforwomen’,and‘FromFootlights,toFrench’s,viaFistofFun’;theCranworthSociety,thelargeststudent-runcollegelawsocietyinCambridge,hadasitsspeaker,SirDavidlloyd-Jones,theChairofthelawCommissionandaformerFellow.theDanbySociety,thesciencesociety,heldsixacademictalkson‘UnmissableCambridge:treasures to enjoy’, ‘theflying trapezium rule’, ‘Why is chemistry difficult’, ‘Why is it difficult, but not impossible, to studymusic

YearEnded30June2014|ReportoftheGoverningBody

165 Journal of Climate Risk Management, Volume 1, 2014, Pages 51-62

YearEnded30June2014|ReportoftheGoverningBody scientifically’,‘Firstfootfall:thecolonisationofland’and‘theNeuropsychologicalBasisofCompulsion’.theSubjectscoveredinthe

seriesof talksheldby theMaitlandSocietyduring theyear includedcorporalpunishment in twentieth-centuryBritain (DrDeborahthom),themeaningofslaveryintheAncientGreekworld(ProfessorRobinOsborne),andthetransformationoftheRomanpastintheMiddleAges’ (ProfessorRosamundMcKitterick).theWhitbySocietybringstogetherDowning’smedicalandveterinarystudentsandsupervisors;thelordGuildfordSocietyisthesocietyforclassicists;andtheMathiasSociety,namedafterPeterMathias,aneconomichistorianandaformerMaster,hasanextensiveprogrammeofguestspeakersthroughouttheyear.

thisyear,anewsocietywasformed,theBrammerGeographicalSociety.theinaugurallecturewasgivenbyDrShaneMcCorristine,thecurrentDirectorofStudiesatDowning,andwasentitled‘theSpectralGeographiesoftheArcticRegion’.theSocietywasnamedafterHughBrammer(Geography,1949),asoilscientistandenvironmentalist,whoisstillactivenearlythirtyyearsintohisretirement.Hehasrecentlypublishedanarticleon‘Bangladesh’sdynamiccoastalregionsandsea-levelrise’intheJournalofClimateRiskManagement5.

DramaandMusicSincetheopeningoftheHowardtheatre,Downingstudentshavehadunrivalledfacilities.DesignedbytheatreProjects,oneoftheworld’sleadingcreatorsofperformancespaces,theHowardtheatreisusedforstudentplaysandrecitals,aswellasforacademicandcorporateconferences.thisyear,DowningDramaticSocietyputonGatsby,adaptedbyIssyGateley(linguistics,2013),andStrangeCapers,aperipateticperformance,usingtheDomusasitsbackdrop,consistingofexcerptsfromShakespeare,devisedanddirectedbyDowning1st-yearstudent,lewisScott(Modernlanguages).theSocietyalsosponsoredNougatforKings,co-writtenbySaulBoyer,a3rdyearEnglishstudent,attheEdinburghFringe.

theCollegeisoneofthesixthatroutinelyhosttheCambridgeShakespeareFestival.theJuly2013productionwasCoriolanus,followedbyRichardII,bothofwhichhadthree-weekrunsintheopenairinEastlodgeGarden.

Music inCollegecovers the range fromtheBigBand to theChoir.theMusicSociety includesgraduates andundergraduates andorganisesorchestral,chamber,choral,andotherconcerts,includingtheregularsmallrecitalsintheMaster’slodge.themixed-voiceChoir,oneoftheonlystudent-runchoirsinCambridge,goesontoureveryotheryear,andinsummer2014wentontourtoChina.theChoirvisitedBeijingfortwelvedays,givingperformancesinfiveschoolsasaculturalexchangeduringwhichtheChoirsangsomeofitsmusicandthelocalstudentssangtoit.theChoirthentalkedtothestudentsaboutstudyinginCambridge.ItalsoperformedatadinnerfortheBeijingUnifiedAlumniGroup.Inbetween,itvisitedtheForbiddenCity,thetempleofHeaven,theSummerPalace,tiananmenSquareandtheGreatWall.Muchoftheyearwasspentplanningfortheinstallationofaneworgan,generouslyfundedbyalumni,inthechapel.

SportsAn impressive proportion ofDowning students appear to subscribe to the philosophy ofmens sana in corpore sano.A significantnumberofstudentswhoachievefirstclassresultsinthetriposexcelinsports.NineteenstudentsreceivedBlues,Half-BluesorColoursfortheirperformancesinUniversitySports.Oneofthese,ClarkGlasgow,achievedafirstclassdegreeandalsorepresentedGreatBritainatshowjumping,afeatthatwasrecognisedbytheUniversityBluesCommitteebytheawardofanExtraordinaryFullBlue,whichisbelievedtobethefirsttimesuchanawardhasbeenmadeforequestriansport.theCollegesocietiesalsoencourageparticipationby

17

YearEnded30June2014|ReportoftheGoverningBodystudentswhoseenthusiasmisperhapsgreaterthantheirskill.Forinstance,theMen’sFootballClubistraditionallyhighlysuccessful,

havingcometopofthefirstdivisionthreetimesinthelastsixyears,butfieldsthreeteamseachweekend,andthenewlyformedVolleyBallClubincludesplayersofanystandard.theBoatClubaimstoattractrowersofalllevelsofcommitment,butthatremainsachallengein the faceof theextraordinarysuccessesandprofessionalismof theClub.Nevertheless, the ‘RugbyBoat’ took itsplace in the4thDivision,andsomewhatpredictablymanagedtobebumpedonfoursuccessivedays.theMenfinishedHeadoftheRiverinthelentsBumpsforthefirsttimein17yearsandtheWomenfinishedHeadoftheRiverintheMays.Bothcrewscelebratedtheirvictoriesinthetraditionalway.OutsideCambridge,theMensavedthedayforCambridgebybeatingOrielattheHenleyBoatRace,thelastoccasionatHenleybeforetheOxfordandCambridgeWomen’sBoatRacetakesplaceonthethamesonthesamedayastheMen’s.theClubtakesparticularprideinthesuccessesofitsalumni:thisyear,MarkAldred(2005),anoviceatDowning,wonaBronzemedalatthe2013WorldChampionshipsinthelightweightpairandaSilveratthe2014EuropeanChampionshipsinthecoxlesslightweightIV.

Other successes include theMen’sBadmintonteam,whobecameleagueChampions; theladiestennisteam,whowerefinalists;theMixed1stNetballteam,whowon thecupand the1st ladiesNetballteam,whowon the league title.BothDowning’sMen’sandWomen’sAthleticsteamsregainedthechampionshiptitleandtheMixedlacrosseteamfinishedintheFirstDivision,asdidtheBasketballteam.theRugbyteamretainedtheleaguetrophyandwonCuppers,andhasfinishedinthetopfourfor20consecutiveyears.

theDevelopmentoftheCollegethemaintenanceanddevelopmentoftheestateisacontinuingprocess.Evenlistedbuildingsmustrespondtotheneedsandexpectationsofstudents.theCollege’soriginalarchitect,WilliamWilkins,createdtheneo-classicalstyleoftheCollege,whichhasbeencontinuedbysuccessivearchitects:firstbyBarry,thenbyBaker,Scott,Howell,andfinally,Quinlanterry.thisalmostcompleteconsistencyofstyle,rareamongCambridgecolleges,createsresistancetochange,whichcausesitsowndifficultiesinmodernizing,forexample,inreducingenergyconsumption,andintegratingperipheralbuildings,suchastheformerstableswithinthelatestproject,FirstCourt.Nevertheless,planningconsentwasobtainedfortheremodelingofDstaircaseandtheupgradingofserviceswithinitsstudentrooms;foramajorrenovationofHowardBuilding,includingtheinstallationofairconditioningandheatinghiddenbehindagridwithaGreekkeydesign;andadesignforthenewCourtwasagreedwiththeCityCouncil.Inaddition,itwaspossibletoresumetheprogrammetorenovatethelensfieldRoadhouses,completing40to42,andremovingthewallthatformedabarrierbetweenthehousesandtheDomus.thosebricks,CambridgeGrey,willbeusedtomakethewallsinthenewFirstCourt.

Mostdevelopmentisfundedbyacombinationofinternalresourcesanddonations.Anopportunityarosethisyeartotakeadvantageofthehistoricallylowratesandjoinwithseventeenothercollegesinalong-termprivateplacement.thefundsraisedhaveenabledtheCollegetoacceleratetheprogrammeofmuch-neededworkstotheestateandbridgethefinancingneededfortheFirstCourtprojectuntiltheexternalstudenthousesaresold,oncethe78studentroomsareavailableforoccupation.FirstCourtitself,whichwillincludeanartgallery,hasbeendesignedbyCarusoStJohn,thearchitectsresponsiblefortherestorationoftheDiningHall,andwhohavemostrecentlycompletedthereworkingofthetateBritain,asomewhatlargerproject.

Development,ofcourse, isnotconfined tobuildings: fundraising for theEveritt–ButterfieldResearchFellowship inBiomedicalandBiologicalSciencesreachedthelevelatwhichafirstappointmentcanbemadeforOctober2015.

18

YearEnded30June2014|ReportoftheGoverningBody PUBlICBENEFIt

theCollege’spurpose is toprovideaworld-classeducation to the studentswith themostpotential ineachsubject,whatever theirmeansorsocialbackground.ItisthegoaloftheCollegetoattractthebestapplicantsfromthewidestrangeofschoolsandcolleges.theCollegeactivelysupportstheUniversity’saimtoincreasetheproportionofUKresidentstudentsadmittedfromUKstatesectorschoolsandcollegesandfromlowparticipationneighbourhoods(lPNs),asoutlinedinitsmostrecentOFFAAccessAgreement.Since2000,aspartoftheUniversity’sArealinksScheme,Downinghasengagedparticularly,butnotexclusively,withnon-selectivemaintained-sector11–16and11–18schools,andFurtherEducationandSixthFormCollegesinCornwall,Devon,andDorset.EachoftheCollege’sfull-timeSchoolandCollegeliaisonOfficerstodatehasbeenarecentCambridgegraduateandhastypicallyheldthepositionforatwo-yearstint.InJuly2012,Samturner,arecentDowninggraduateinGeography,tookoverfromCarlGriffiths,whowasinpostfromJanuary2010toJune2012.

In2013-14,theSchoolandCollegeliaisonOfficermade20individualvisitstospeakwithstudentsandstafffrom32differentschoolsandcolleges,visitedthreeUCASHEConventionsandorganisedsixOxfordandCambridgeInformationDaysforover530studentsandschoolsstaffathostschools.theCollegehostedeightdayandresidentialvisitsfromlink-areaschoolgroups,andwelcomed38studentsfrom20differentschoolsandcollegesontheannualSouthWestOpenDayinJune.theseeventshavebeeninstrumentalinraisingaspirationsandencouragingapplicationsfromstudentsatschoolswithoutahistoryofsendingpupilstoCambridge.

Astheaimofthisprogrammeistoencouragestudentswhomayotherwisenotconsiderhighereducationtolookatalloftheuniversityoptionsavailable to them, it is impossible for theCollegeaccurately to judge its success. In the2013admissions round,Downingreceivedapplications from38South-West students,ofwhich25came from13differentmaintained-sectornon-selectiveschools inCornwall,Devon,andDorset.Ofapplicantsfromnon-selectiveschools,placeswereofferedtofive,fourofwhomacceptedandarenowundergraduatesatDowning;andfivewereplacedintheWinterPool,butnoneofthemwaswereofferedaplacebyotherColleges.Since1999,whentheprogrammebegan,58studentsfromtargetschoolsintheSouth-WesthavetakenupplacesatDowning.

Oncehere,studentshaveaccesstoseveralsourcesoffinancialaid.In2013-14,106homeandEUundergraduates(ofaHomeandEUundergraduatepopulationof388)receivedonaverage£2,644throughtheCambridgeBursaryScheme,whichisoperatedincommonwiththeUniversity,otherColleges,andtheIsaacNewtontrust.theSchemeformspartoftheUniversity’sagreementwithOFFAandprovidesbenefits at a substantiallyhigher level than theminimum requiredbyOFFA. Studentswhosehousehold income is below£25,000receiveamaximumgrantof£3,500peryearinadditiontoanygovernmentmeans-testedgrants.thosewithincomesofupto£42,611receiveamountsthattaperto£50.Fifty-twostudents(2012-13:55)studentsreceivedthemaximumawardunderthisScheme.ForstudentswhowillmatriculateinOctober2014,theCambridgeBursarySchemewillcontinuetoprovidethesamelevelofsupport.

thisyear,theCollegepaidout387grantstotalling£412,688(2012-13:£399,469)tosupportthepurchaseofbooksandequipment;attendanceatconferences;travel;studentships;andbursariesincasesoffinancialhardship.trustandotherrestrictedfundsprovided£140,564,£40,329wasmetfromgeneralfunds,and£231,795waspaidthroughtheCambridgeBursaryScheme(2012-13:£245,246).Undergraduatesreceived£333,107ofthetotalpaymentsmade,whichamountedto16.6%ofthetuitionFee.theremainder,£79,581,waspaidtograduates,whichamountedto19.2%oftheGraduateFee.

19

YearEnded30June2014|ReportoftheGoverningBodytUItIONFEESAttHEUNIVERSItYANDItSCOllEGES

tuitionFeesforHomeandEUundergraduatesarechargedatthemaximumpermittedrateof£9,000forstudentsmatriculatingin2012,2013and2014.ApprovalforthisleveloffeewasconditionalonthesigningofanAccessAgreementwithOFFA.6thisfinancialyearwasthesecondofthenewsystem.UndertheCollegeFeeAgreementbetween1999–00and2011–12,theUniversitypassedoveraportionofthefundsthatitreceivedfromtheHigherEducationFundingCouncil(‘HEFCE’),calculatedonapercapitabasis,totheColleges.From2012–13,thetuitionfeefornewstudentsispaideitherbythestudentsthemselvesoronbehalfofthestudentsthroughtheStudentloanCompany.theCollegescollectthesefeesandpasshalfovertotheUniversity.theCollegesandtheUniversitynowpayequalsharestowardstheCambridgeBursaryScheme,withtheIsaacNewtontrustcontributingfundstosupporttheobligationsoftheless-well-endowedColleges,suchasDowning.

theCollegesand theUniversityengage in substantialoutreachactivities toencourageallacademicallyqualified students toapplyfor admission toCambridge,whatever their backgrounds or financial circumstances.theUniversity is committed under theOFFAAgreementtoincreasingtheproportionofUK-residentstudentsadmittedfromUKstate-sectorschoolsandcollegesuntilitfallswithintherange61–63%andtheproportionofUK-residentstudentsadmittedfromlow-participationneighbourhoodstoapproximately4%.Italready meets the benchmark on retention.

the£9,000tuitionfeeisonlyacontributiontotherealcostsofofferingtheformofeducationthatCambridgeprovides.Aninternalstudy recentlyconcluded that, takingarts,humanitiesandsciences together, itcost£17,100perannumin2009–10 toeducateanundergraduate.this figurewas calculatedby applying toCollege costs themethodologyused in theUniversity financial reportingtoHEFCE to arrive at a combined figure.the chart overleaf lists the functions that theUniversity and theColleges each perform:theColleges admit,matriculate, supervise and thenpresent undergraduates for degrees, taking responsibility for pastoral care.theUniversityprovideslecturesandlaboratories,andexaminesandclassifiesstudents.

thedistinguishingfeatureofaneducationatCambridgeorOxfordis theemphasisonsmall-groupteaching,thecostsofwhicharebornebytheColleges.themaximumnumberofsupervisionsperyearis80,dependingontheyearandsubject,approximately10%ofwhichinvolvejustonestudent,butmost(28%)involvegroupsoftwo.thebasicrateisfrom£27.30forsupervisionofonestudent,upto£41.52forsupervisingingroupsofsixormore.Collegesaugmentremunerationindifferentwaysandhavedifferentcontractualarrangements.Forinstance,Downingaugmentstheintercollegiaterateby20%,ifaFellowteachesfor80hoursormoreperyear,andcontributesup to£300 towardsacademicexpenses.thisyear,24Fellows received thisenhancementof supervisionpay.However,provisionofsupervisionscostsconsiderablymorethanpayments tosupervisors:supervisionsrequireasupportorganisationand,ofnecessity,takeplaceinhistoricpremisesthatareexpensivetomaintain.ForDowning,theaveragecostofeducatinganundergraduatein2013-14was£7,901(2012-13:£8,182)peryear.

While,broadly,thereisparityofeducationalprovisionacrosstheColleges,eachCollegewillhaveadifferentcostbase,largelydrivenbythecostsofitsinfrastructureandthebalanceinitsFellowshipbetweenUniversity-employedteachingOfficers,whocanbepaidfor supervisingat the intercollegiate rate,andCollegeteachingOfficers,whosestipend ispaidby theCollege. Inorder tocounterdiseconomies of scale and to promote efficiency, Colleges collaborate to provide various services, and share know-how and bestpracticeinoperationalmatters.Nevertheless,thereisinevitablyadisparityinresourcesanddifferentapproachestomeetingtheshortfallbetweentuitionfeesandthecostofeducation.Anintercollegiatetaxationsystemredistributed£4.0millionin2014,butofthis£2.3millionwentinsupportofpredominantlygraduateColleges.CollegesatCambridge,moresothanatotherUniversities,havehistorically

6 http://www.offa.org.uk/agreements/University%20of%20Cambridge%200114%20access%20agreement%202013-14.pdf

20

YearEnded30June2014|ReportoftheGoverningBody beensupportedbyphilanthropicgifts fromfoundersandalumniwhoappreciate thebenefitsof thecostlyeducation that theyhave

received.

In2013-14,Downingspent£4.1milliononEducation,ofwhich£3.4million,or£7,901percapita,wasforundergraduates.Ofthetotalamount,49%wasspentonteaching,13%ontutorial,11%onAdmissions,4%onResearch,12%onScholarshipsandAwardsand11%onotherEducationalFacilities.

UNIVERSItYANDCOllEGES:ASYMBIOtICRElAtIONSHIP

21

YearEnded30June2014|ReportoftheGoverningBodyUNDERGRADUAtENUMBERS2013-14ASOF1OCtOBER2013

Subject Year 1 Year 2 Year 3 Year 4 Years5-7 Total 2013-14

Total 2012-13

Anglo-Saxon 1 0 1 0 0 2 1

Archaeology&Anthropology 0 2 1 0 0 3 5

Architecture 2 2 2 0 0 6 6

Asian&MiddleEasternStudies 2 1 2 2 0 7 7

Chemical Engineering 0 1 2 1 0 4 4

Chemical Engineering via Engineering 1 0 0 0 0 1 1

ChemicalEngineeringviaNaturalScience 1 0 0 0 0 1 0

Classics 1 4 3 0 0 8 10

Classics–4yr 1 0 0 1 0 2 2

ComputerScience 3 1 2 0 0 6 3

Economics 7 6 6 0 0 19 17

Education 2 1 1 7 1 12 5

Engineering 12 8 8 11 0 39 43

English 2 5 4 0 0 11 17

Geography 4 5 5 0 0 14 16

History 6 5 5 1 0 17 17

HistoryofArt 0 2 0 0 0 2 2

Human,SocialandPoliticalScience 7 1 0 0 0 8 0

Land Economy 2 3 1 0 0 6 6

law 18 18 17 4 0 57 50

linguistics 1 0 1 0 0 2 7

ManagementStudies 0 0 0 3 0 3 1

ManufacturingEngineering 0 0 2 3 0 5 1

Mathematics 2 5 6 5 0 18 21

Medical Sciences 15 16 17 10 23 81 63

Modernlanguages 6 6 5 4 0 21 20

Music 0 1 1 0 0 2 3

NaturalSciences(Biological) 10 15 11 5 0 41 40

NaturalSciences(Physical) 11 10 12 13 0 46 49

Philosophy 1 3 0 0 0 4 6

Politics,PsychologyandSociology 0 2 4 0 0 6 9

PsychologyandBehaviouralSciences 3 0 0 0 0 3 0

Theology 2 2 3 0 0 7 8

Theology BTh 2 2 0 0 0 4 6

VeterinaryMedicine 2 2 0 1 4 9 10

Total 127 129 122 71 28 477 456

22

YearEnded30June2014|ReportoftheGoverningBody PHDtHESESSUCCESSFUllYDEFENDEDBY

DOWNINGGRADUAtEStUDENtS2013-14Aranterol,P PhD Chemistry(Mechanisticinsightsintotheaggregationofß-Amyloid)Ashford,Al PhD BiologicalScience@Babraham(theroleoftheproteinkinaseDYRK1Bincancercellsurvivalandcellcyclecontrol)Braithwaite,V PhDBiologicalScience@MRCNutrition(PredictorsofricketsintheGambia:Fibroblastgrowthfactor–23)Buda,M PhD Psychology(thecognitiveneuroscienceofrealitymonitoring)Buonincontri,G PhDClinicalNeurosciences(AdvancedMRIforcardiacassessmentinmice)Cawston,AM PhD Philosophy(‘Shornofallcamouflage’:Re-assessingtheproblemofviolence)Chen,B PhD Engineering(CarbonNanotubesforAdhesive,Interconnect,andEnergyStorageApplications)Galej,WP PhD BiologicalScience(StructuralandbiochemicalstudiesofthespliceosomalU5snRNP)Harris,CJ PhD PlantSciences(Analysisandengineeringofvirusresistanceinplants)Haslam,G PhD MaterialsScience(Ni-CandWCmaterialsasfuelcellelectrocatalysts)Humphries,KE PhD Geography(Apoliticalecologyofcommunity-basedforestandwildlifemanagementintanzania:Politics,powerandgovernance)Jia,Y PhD Engineering(theConvergenceofParametricResonanceandVibrationEnergyHarvesting)Keen,PHR PhD ChemicalEngineering(Encapsulationofbiologicalmaterialincolloidosomes)Kosinski,MS PhD SocialandDevelopmentalPsychology(Measurementandpredictionofindividualandgroupdifferencesinthedigitalenvironment)lakadamyali,F PhD Chemistry(Solarlightdrivenhydrogenevolutionwithcobaloximesmodifiedondye-sensitisedtiO2)laraia,l PhD MedicinalChemistry(target-basedandphenotypicapproachestowardsnovelinhibitorsofDNArepairandmitosis)lin,W-C PhD Engineering(Fabricationofzincoxidenanostructuresusingmicroheaters)Macqueen,AR PhD BiologicalScience@Babraham(DifferentialrolesfortheclassIAphosphoinositide-3-kinasesp110a8intcellactivation)Mahendrarajah,S PhD AsianandMiddleEasternStudies(theSufiShaykhsofJam:Ahistory,fromtheIl-Khanstothetimurids)Makhoul,M PhD AsianandMiddleEasternStudies(Seismographyofidentities:reflectionsofPalestinianidentityevolutioninIsraelbetween1948and2010)Mavronicola,N PhD law(DelimitingtheAbsolute:thenatureandscopeofArticle3oftheEuropeanConventiononHumanRights)Murfitt,KJ PhD Biochemistry(Post-transcriptionalregulationofmiRNAactivityandexpressioninC.elegans)Nicholls,tJJ PhD BiologicalScience@MRCMBU(theroleofMGME1inmaintenanceofthehumanmitochondrialgenome)Oberg,EK PhD MaterialsScience(Energy-basedmechanicsofballisticimpactonceramic/compositeprotectiveplates)OrtiCamallonga,SPhD History(theSpanishperceptionoftheJewishexamination,1945-2005)Plant,BC PhD law(MarkingtheBoundarybetweenFactsandNorms:Effectiveness,Effectivités,andtheAdjudicationofInternationalterritorialDisputes)Ramoglou,E PhD ManagementStudies(Arealistanalysisoftheentrepreneurialworldview:under-labouringforascientificstudyofentrepreneurship)Salvaggio,F PhD Chemistry(Synthesisofbiologicallyactivequinolonenaturalproductsextractedfromtheactinomycetepseudonocardiasp.Cl38489)Schmidt,HG PhD Biochemistry(Doestranscriptionactivatordiffusiondrivegeneclusteringineukaryotes?)Shafqat,S PhD SocialandDevelopmentalPsychology(thesocialpsychologyofextremism:reconceptualisingextremismthroughglobalperceptions)Snowdon,lA PhD Physiology,DevelopmentandNeuroscience(InvestigatingtherolesofRme-8andligandmodificationinNotchpathwayregulation)Summers,DM PhD Surgery(MaximisingthepotentialforkidneydonationintheUK:theroleofdonationaftercirculatory-death)Sun,MD PhD Biochemistry(StructuralandfunctionalcharacterisationofhumanDNArepairproteinCtIP/RBBP8)tharnpanich,N PhD landEconomy(thailand’sEconomicGrowthfromaKaldorianPerspective)Vertannes,B PhD History(Crusadeandreform:thelanguageofChristianmartyrdom,c.1095-1190)Wang,X PhD Biochemistry(Definingthemetabolicabnormalitiesunderlyingdiabeticcardiomyopathy)Wang,X PhD Chemistry(Cation-bridgingonnegativelychargedsurfaces)Zhang,Y PhD Architecture(Effectsofstreet-alleywayenvironmentuponpedestrianactivitiesintheoldcityofBeijing)Zhao,J PhD landEconomy(theimplicationsofeconomicdistanceforrealestateresearch) STFC Science and Technology Facilities Council; BBSRC Biotechnology and Biological Sciences Research Council; MRC Medical Research Council; EPSRC Engineering and Physical Sciences Research Council; ESRC Economic and Social Research Council; AHRC Arts and Humanities Research Council. NERC National Environment Research Council

23

Adams, Professor WilliamAdams,WM,Small,RDSandVickery,JA(2014),‘theimpactoflandusechangeonmigrantbirdsintheSahel’,Biodiversity,15(2-3):101–108.

Barber, Dr ZoeSenapati,K,Blamire,MGandBarber,ZH(2013),‘SuppressionofmagneticcouplinginsuperconductingGdN-NbN-GdNtrilayers’,Appl. Phys. Lett., 103: 132406.

Barker, Dr PaulScrase,tG,Page,SM,Barker,PDandBoss,SR(2014),‘Folatesarepotentialligandsforrutheniumcompoundsinvivo’,Dalton Transactions 43:8158–8161.

Bravo, Dr MichaelGeomaticsandCartographicResearchCentre,CarletonUniversity(Ottawa,Canada,2014),The Pan-Inuit Trails Atlas, Aporta,C,Bravo,Mtandtaylor,GRF.Availableathttp://www.paninuittrails.org/index.html.

Clyne, Professor William Shinozaki,M,Roberts,KA,vandeGoor,BandClyne,tW(2013),‘Depositionofingestedvolcanicashonsurfacesintheturbineofasmalljetengine’, Advanced Engineering Materials,15(10):986-994.

Coleman, Professor NickMurray,MJ,Saini,HK,Siegler,CA,Hanning, J E, Barker, E M, van Dongen, S,Ward,DM,Raby,Kl,Groves,IJ,Scarpini,CG,Pett,MR,thornton,CM,Enright,AJ,Nicholson,JCandColemanN(2013),‘lIN28expressioninmalignantgermcelltumorsdownregulateslet-7andincreasesoncogenelevels.’,Cancer Research73:4872-4884.

Correia, Dr Marta MorgadoVeenith,tV,Carter,El,Grossac,J,Newcombe,VF,Outtrim,JG,Nallapareddy,S,lupson,V,Correia,MM, Mada, M M, Williams, G B, Menon, D KandColes,JP(2014),‘Useofdiffusiontensorimagingtoassesstheimpactofnormobarichyperoxiawithinat-riskpericontusionaltissueaftertraumaticbraininjury’,J Cereb Blood Flow34(10):1622–1627.

Demoulini, Dr SophiaDemoulini,S(2013),’ConvergenceoftheSelf-DualGinzburg-landauGradientFlow’,Mathematical Physics, Analysis and Geometry,16(3):195-212.

Evans, Dr PeterEvans,PD,Bayliss,AandReale,V(2014)‘GPCR-mediatedrapid,non-genomicactionsofsteroidsinDrosophila.’General and Comparative Endocrinology,195: 157-163.Availableonlineathttp://dx.doi.org/10.1016/j.ygcen.2013.10.015.

Feldman, Professor DavidFeldman,D(ed.),Law in Politics, Politics in Law,HartPublishing(Oxford,2013).

Goymour, Miss AmyGoymour,A(2013)‘MistakenRegistrationsofland:ExplodingtheMythof‘titlebyRegistration’’,The Cambridge Law Journal,72(03):617-650.Availableonlineathttp://dx.doi.org/10.1017/S000819731300072X.

Grimmett, Professor GeoffreyGrimmett,GRandManolescu,I(2014),‘Bondpercolationonisoradialgraphs:criticalityanduniversality’,Probability and Related Fields159:273–327.

Haniff, Professor ChrisBuscher,DF;Creech-Eakman,M;Farris,A;Haniff,CAandYoung,JS(2013),‘theConceptualDesignoftheMagdalenaRidgeObservatoryInterferometer’, Journal of Astronomical Instrumentation,2(2):1340001.

Harle, Dr RobertHarle,R(2013),‘ASurveyofIndoorInertialPositioningSystemsforPedestrians’,Communications Surveys & Tutorials, IEEE,15(3):1281–1293.Availableonlineathttp://ieeexplore.ieee.org/xpls/icp.jsp?arnumber=6407455.

Hinarejos, Dr AliciaHinarejos,A,‘EconomicandMonetaryUnion’inEuropean Union Law, Barnard, CandPeers,S(eds.)OxfordUniversityPress(Oxford,2014).

James, Dr IanJames,I,‘DifferingonDifference’inNancy Now,Conley,VandGoh,I(eds.)Polity(Cambridge,2014).

Ledgeway, Professor AdamMaiden,M,CharlesSmith,Jandledgeway,A(eds.),The Cambridge History of the Romance Languages, Vol. 2: Contexts, CambridgeUniversityPress(Cambridge,2013).

Linden, Professor PaulMeyer,CRandlinden,PF(2014),‘Stratifiedshearflow:experimentsinaninclinedduct.’J.Fluid Mech.inpress.

McCombie, Professor JohnFelipe,JandMcCombie,JSl(2014),‘theAggregateProductionFunction:‘NotEvenWrong’’,Review of Political Economy, 26 (1):60-84.

McNamara, Dr Ken McNamara,KJ(2014),‘EarlyPaleozoiccolonisationoftheland–evidencefromthetumblagoodaSandstone,SouthernCarnarvonBasin,WesternAustralia.’,Journal of the Royal Society of Western Australia,97:111-132.

YearEnded30June2014|ReportoftheGoverningBodySElECtEDPUBlICAtIONSBYDOWNINGFEllOWS2013-14

24


Millett, Dr PaulMillett,P(2014),‘M.I.Finley’slandandCreditinAncientAthensrevisited’,available online athttps://www.repository.cam.ac.uk/handle/1810/245064

Milton, Dr Amy Ratano,P,Everitt,BJandMilton,Al(2014)‘theCB1receptorantagonistAM251impairsreconsolidationofpavlovianfearmemoryintheratbasolateralamygdala.‘Neuropsychopharmacology39(11):2529-2537.

O’Neill, Professor Williamli,K,Sparkes,MandO’Neill,W(2014)‘ComparisonbetweenSingleShotMicromachiningofSiliconwithNanosecondPulseShapedIRFiberlaserandDPSSUVlaser.’IEEE Journal of Selected Topics in Quantum Electronics 20(5):900807.Availableonlineathttp://ieeexplore.ieee.org/stamp/stamp.jsp?arnumber=6687309.

Pesci, Dr AdrianaGoldstein, R E, McTavish, J, Moffatt, HKandPesci,AI(2014)‘BoundarySingularitiesProducedbytheMotionofSoapFilms‘Proceedings of the National Academy of Sciences USA111:8339-8344.

Pratt, Dr DavidPratt,D(2012)‘theVoiceoftheKingin“KingEdgar’sEstablishmentofMonasteries”,Anglo-Saxon England, 41: 145-204.

Richer, Dr JohnWalker-Smith,Sl,Richer,JS,Buckle,JV,Hatchell,JandDrabek-Maunder,E(2014)‘theJamesClerkMaxwelltelescopedensegassurveyofthePerseusmolecularcloud.’,Monthly Notices of the Royal Astronomical Society440(4):3568-3587.

Robbins, Professor TrevorWhelan,R,Watts,R,Orr,CA,Robbins,tW,Garavan,H,Schumann,GandothersoftheIMAGENconsortium(2014)‘Neuropsychologicalprofilesofcurrentandfutureadolescentalcoholmisusers.’Nature512:185-189.

Roberts, Professor IanAboh,E,Guasti,M-tandRoberts,I(eds.)LocalityOxfordUniversityPress(Oxford,2014).Biberauer,M-t,Holmberg,AandRoberts,I(2014),‘Asyntacticuniversalanditsconsequences’Linguistic Inquiry45:169-225.

Steger, Dr Brigitte Gill, T, Steger, B and Slater, D H (eds.)Japan Copes with Calamities: Ethnographies of the Earthquake, Tsunami and Nuclear Disasters of March 2011, Peterlang(Oxford,2013).

Stock, Dr Jay Pomeroy,E,Wells,JCK,Stanojevic,S,Miranda,JJ,ColetJandStock,Jt(2014)‘Birthmonthassociationswithheight,headcircumferenceandlimblengthsamongPeruvianchildren.’American Journal of Physical Anthropology 154(1):115-124.

Tomalin, Dr Marcus tomalin,M(2014)‘theIntriguingComplicationsofPocketWatchesintheliteratureofthelongEighteenthCentury’,The Review of English Studies 10.1093.

Trevor, Dr Jonathan Brown,Wandtrevor,J(2014)‘Paymentsystemsandthefallandriseofindividualism.’Historical Studies in Industrial Relations,35(6):143-155.

Virgo, Professor GrahamVirgo,G‘Illegality’sroleinthelawoftort’inUnravelling Tort and Crime,Dyson, M(ed.)CambridgeUniversityPress(Cambridge,2014).

Wales, Professor DavidWales,DJandSalamon,P(2014)‘ObservationtimeScale,FreeEnergylandscapes,andMolecularSymmetry’,Proc. Natl. Acad. Sci. USA111:617-622.

Williams, Dr GuyDiaz-de-Grenu,lZ,Acosta-Cabronero,J,Williams,GBandNestor,PJ(2014)‘Comparingvoxel-basediterativesensitivityandvoxel-basedmorphometrytodetectabnormalitiesint2-weightedMRI.’,Neuroimage100:379-384.

Xu, Dr LipingGiacche,D,Xu,landCoupland,J(2014)‘OptimisationofBypassOutletGuideVaneforlowInteractionNoise’,AIAA Journal52(6):1145-1158.

SElECtEDPUBlICAtIONSBYDOWNINGFEllOWS2013-14

25

YearEnded30June2014|ReportoftheGoverningBodyCOllEGEGOVERNANCE

theCollegeisa layeleemosynarycorporationestablishedbyRoyalCharter.theGoverningBodyhasall thepowersofanordinaryperson subject to the College’s statutes and general law and is bound to act in a faithful and properway in accordancewith itspurposes.ActingonthepowersintheCharitiesAct2006,theSecretaryofStateremovedtheexemptstatusoftheCollegesofOxfordandCambridgeon1June2010.theCollegewasthenregisteredwiththeCharityCommissionon12August2010(RegisteredNumber:1137455).theCambridgeCollegesareclassedasaspecialcaseforpurposesofaccountingandcontinuetopublishaccountsintheformofaccountsstipulatedbyStatuteGIII2(i)oftheUniversity,The Recommended Cambridge Colleges Accounts (‘RCCA’),whichis basedon FinancialReporting Standards and is compliantwith theStatement of Recommended Practice: Accounting for Further and Higher Education.theIntercollegiateCollegesAccountsCommitteeadvisesoninterpretation.theCollegeisacharitywithinthemeaningofthetaxesAct1988,s506(1).

theStatutesthatsetoutthearrangementsforgovernanceoftheCollegewerelastcompletelyrevisedduring2005andapprovedbyHerMajesty,withtheadviceofHerPrivyCouncilon9May2006,withapprovalgiventoamendmentson18March2009.theMasterisChairmanoftheGoverningBody;theSeniortutorhasoverallresponsibilityfortheadmission,educationandwelfareofundergraduatesandgraduates;andtheSeniorBursarhasoverallresponsibilityforthefinancesandadministrationoftheCollege.BoththeSeniortutorandtheSeniorBursarareaccountabletotheGoverningBody.MembersoftheGoverningBodyserveuntiltheearlierofretirementortheendoftheacademicyearinwhichtheyreach67yearsofage.MembersoftheGoverningBodyinofficeduringtheperiodandatthedateofthisReportarelistedonpages2and3.Withfewexceptions,FellowsarechosenafterinterviewonthebasisofexcellenceinteachingandresearchandtheircommitmenttoprovidingdirectionofstudiesandsupervisionsacrosstheprincipalsubjectsofferedbytheUniversity.NewmembersoftheGoverningBodyaretrainedinthefulfilmentoftheirresponsibilityforgovernancethroughasystemofmentoring.MembersoftheGoverningBodyhavereceivedtrainingintheirdutiesastrustees.

theGoverningBody,whichmeetsseventimesperyear,dischargesitsresponsibilitiesthroughthestructureofcommitteesshowninthefollowingtable.RepresentativesoftheJCRandtheMCRattendGoverningBodymeetings,eachofthesecondaryCommittees(withtheexceptionoftheFellowshipCommittee),andmostofthetertiaryCommittees.ExternaladvisersserveontheInvestmentsmeetingsoftheFinanceCommittee(4),theDevelopmentCommittee(2),theHealth,Safety,andDomusCommittee(1),andtheRemunerationCommittee,whichconsistsonlyofexternalmembers(5),withtheSeniorBursarinattendance.ItsremitistoreviewtherecommendationsoftheGoverningBody,takenontheadviceofitsFinanceCommittee,ontheremunerationofitsmembers.Inessence,theCommitteecaneitheracceptorreduce(butnotincrease)therecommendedlevelofremuneration.Inaddition,theMaster’sConsultativeCouncilandtheCampaignBoardofferadviceonelementsofCollegestrategy.

MembersoftheGoverningBodyarerequiredtoactwithintegrity,toactintheCollege’sinterestswithoutregardtotheirownprivateinterests, and tomanage theaffairsof theCollegeprudently,balancing long-termand short-termconsiderations.thedirect costofgovernancefor2013-14was£32,833(2012-13:£34,528).

the College is a legally autonomous body; however, it existswithin the federal structure of theUniversity.Matters of concern toallCollegesand theUniversityarediscussedandactedon througha systemofUniversity-widecommittees, suchas theColleges’Committee,ofwhichallHeadsofHousesaremembers,theSeniortutors’Committee,whichischairedbytheVice-Chancellor,andtheBursars’Committee.RepresentativesoftheSeniortutorsandBursarssitoneachother’scommitteesandontheColleges’Committee.thesecommitteesworkthroughthebuildingofconsensus,astheirdecisionsarenotconstitutionallybinding.

26

YearEnded30June2014|ReportoftheGoverningBody tHECOMMIttEEStRUCtURE

27

7 See Note 1, ‘Academic Fees and Charges’, excluding Research/Teaching Grants and Other Fees and note 4 ‘Education Expenditure’

8 In 2013, the size of the endowment (net of loans) placed Downing at 22nd of 31 (2012: 22nd) in terms of this measure of wealth. Colleges of a similar sized student body (+/-50) have endowments ranging between £42.3 million and £136.8 million. The median of all Colleges was £58.1 million (2012: £50.9 million).

YearEnded30June2014|ReportoftheGoverningBodyCOllEGEFUNDING

the College funds its activities from academic fees, charges for student residences and catering, income from its conference andfunctionsbusiness,itsinvestments,andfromdonationsandbequests.

AcademicFeesAcademicfeesconsistoftheCollegeFeeandgrantstosupportteachingandresearch.Ofthese,themostsignificantsourceoffundingisthetuitionfeespayablebyoronbehalfofundergraduates.ForstudentsmatriculatinginOctober2013,theCollegecollecteda£9,000tuitionFeefromHome/EUstudents,passingonhalftotheUniversity(seeseparatesectiononp.19–20).theUniversitypaidtheCollege£1,666,991fromitsHEFCEgranttowardsthecostofadmitting,supervising,andprovidingtutorialsupportandsocialandrecreationalfacilities.thetotalfeesthattheCollegereceivedforeducatingundergraduates,includingtheprivatefeespayablebyoverseasstudents,was, therefore, £2,007,242,which amounted to 19.8% of total income (2012–13: £1,863,895 and 19.3%).the fee forHome/EUstudentshasremainedunchangedsince2012;forallothers,thefeewas£4,068.Privatelyfundedundergraduatespaidatuitionfeeof£7,350.thefeepayablebyallgraduatestudentswas£2,424.

thecontrolofcosts,coupledwithamodestincreaseinstudentnumbers,resultedinadecreaseof7.4%intheshortfallperstudent,from£2,630to£2,436(onafullyallocatedbasis7).UsingamethodologyconsistentwiththatusedbytheUniversity,theCollegehascalculatedthatitcost£7,901toeducateanundergraduate.(2012-13:£7,914).themodel,whichallocatescostsbetweenundergraduatesandgraduates,calculatedthattheshortfalloneachgraduatestudentwas£4,047(2012-13:£4,031).Becauseofthehighleveloffixedcosts,reducingthenumberofstudentswouldnothelpthefinancialposition.thecostsarehighlysensitivetothecostofprovidingspace,whichisaffectedbyenergyandlabourcosts.thefundingshortfallispartlyoffsetbyincomefromcharitablefunds.

theCollegesFundtheCollegesFund,whichisfundedthroughtheintercollegiatetaxationsystem,makesgrantstoCollegeswithinsufficientendowments8. Inthepast,theCollegehasreceivedgrants,totalling£663,800overthelasttenyears.For2013-14,theCollegewasnotawardedagrant,anoutcomethatisindicativeoftheflawsinthemodel,ratherthanoftheachievementofself-sufficiency.theCollege’sendowment,takentogetherwithanassumedlevelofprofitfromtheconferencebusiness,wasdeemedtobeadequateforitssize(measuredbythenumbersofundergraduates,graduates,college teachingofficersandFellows),whenclearly it isnot.theCollegeconsiders that theburdenofbuildingsmaintenancerequiresamoresubstantialendowment,whichwasthemaindriverforthelaunchofthefundraisingcampaign.

StipendsUndertheCambridgesystem,themajorityoftheFellowsofaCollegearepaidtheirprincipalstipendsbytheUniversity.RemunerationsystemsamongtheCollegesdiffer.InDowning,FellowswhoholdpositionsintheUniversity–themajority–arepaidforthesupervisionsthat theyundertake forDowning students (or for students of otherColleges inorder toobtain exchange teaching) at an enhancedintercollegiatehourly rate, provided that at least 80hours of supervisions are taught, and are given rooms andother benefits.theintercollegiate rate for2013–14 for anhour’s supervisionof two studentswas£33.46.theCollegeStatutespermitOfficial Fellows

28

YearEnded30June2014|ReportoftheGoverningBody toresidewithintheCollege:asofOctober2014,threeFellowsareresidentinCollege.Allofthesecosts,includingthecostof

maintainingpremises,areincludedwithinthecostsofEducationintheIncomeandExpenditureAccount.DirectstaffcostsareshowninNote9.In2013–14,thecostpersquaremetreofprovidingspacewas£150.87comparedwith£150.20in2012–13,anincreaseof0.5%.Fromtimetotime,DowningappointsCollegeteachingOfficers(whoareOfficialFellows)inthosesubjectsinwhicheitherthereisasubstantialneedforundergraduateteaching,butforwhichtheCollegehasbeenunabletosecureUniversityteachingOfficers as Fellows, or forwhich it has received special funding that enables the College to support an additionalFellowinsubjectsinwhichithasaparticularstrength.FromOctober2014,threefull-time(English,History,andlaw)andonequarter-time(SocialandPoliticalScience)CollegeteachingOfficersarefundedbytheCollege.Approximately£5.0millionoftheCollege’s£36milliontotalendowmentisrequiredtosupporttheCollegeteachingOfficerposts.

the cost of providing education is considerably greater than themoney that theCollege receives fromacademic fees. Since 1999–00,theyearinwhichtheGovernmentimposeda21.8%cutintheCollegeFee,thecumulativeshortfallhasbeen£18.7million.Fromtheintroductionofthe£9,000tuitionFeeinOctober2012,theshortfallhasbeen£3.0million.

DevelopmentInordertoboostthecharitablefundsnecessarytosupportitseducationalmission,theCollegehaslaunchedvariousappeals.thefundssoobtainedhaveenabledtheCollegetocommemoratetheworkofitsmostoutstandingFellowsandMastersandcertainofitssuccessfulalumnithroughtheestablishmentofnamedscholarshipsandFellowships.theProfessorSirlionelWhitbyMemorialFundandtheOonFundprovidescholarshipsinMedicine,andtheHarrisFundprovidesprizesandscholarshipsinlaw.theGlynnJonesFundprovidessupportforDowningmenandwomenwhowishtotakecoursesinmanagementstudies.theDarleyFellowshipFundhelpssupportaFellowshipinMathematics,andthelordButterfieldFundmakesitpossibleforDowningstudentstospendaperiodofstudyatHarvard.theOctaviusAugustusGlasierCollinsFellowshipFundhelpssupportaFellowinClassics.theVerjeeFellowshipFundsupportsaFellowshipinMedicine,theHopkinsParryFellowshipfundsaFellowshipinlaw,andtheMaysWildFellowshipfundsaFellowshipinNaturalSciences.DrJanetOwensgenerouslysupplementedthefundthatsupportstheRJOwensFellowshipinEnglish,andRobertJohnhasprovidedfundingtosupportaFellowshipinExperimentalPsychology.MembersoftheCollegehavealsocontributedgenerouslytotheestate–forexample,towardstheSirMortimerSingerGraduateBuildingwithitsFrischmannandHeilmannWings,theHowardtheatre,HowardCourt,andtheHowardBuilding,theMaitlandRobinsonlibrary,andthelieutenantColonelAndersonFitnessRoom.Mostrecently,theHowardFoundation,recognisingtheimportanceofappearancetotheconferencetrade,kindlypaidforsubstantialimprovementstothecarpark,HumphreyBattcockhascontributedtotheconversionofParker’sHouse,andChristopherBartramtothecreationofanartgallery.FriendsofDowninghavealsomademajorcontributionstosupport theCollege’seducationalmission:theFerrerasWilletts familyhasendowedaFellowshipinNeuroscienceandGiffordCombshassponsoredtheCatalysisConferenceandcontributedtothenewCourt.Mostrecently,underthechairmanshipoflukeNunneley(1981,law)andKatePanter(1981,Medicine),fundshavebeenraisedtosupporttheEverittButterfieldFellowshipinBiomedicalandBiologicalSciences.AgenerousdonationfromJamie(1988,law)and louiseArnell (1987,Classics) supports theCollege’swork inwidening participation. In addition, theDowningCollegeAlumniAssociationraisesmoneythroughthesaleofmerchandiseinordertofundprizesforacademicachievementandgrantsforstudenthardship.

29

YearEnded30June2014|ReportoftheGoverningBodyIn1996,theCollegeestablishedaDevelopmentOfficeinordertomaintainlinkswithmembersoftheCollegeoutofresidence.

It sponsors events such as alumni days, reunions, andmeetings; it also focuses giving through appeals.Amajor fundraisingcampaignforendowment,‘Catalysis’,waslaunchedatthelondonEventon2November2009.Attheendofthefinancialyear,£17.1millionhadbeenpledged.BecauseofthetrustsandRestrictedFundsitholds,theCollegeisabletosupportitsstudentswithgrants,bursaries,andhardshipfunds.Inaddition,itisabletorewardexcellencethroughscholarshipsandprizes.thisyear,theCollegemadeawardsof£469,843ofwhich£195,530wasprovidedbyRestrictedFundsincludingtrustFunds,£42,518wasmetfromgeneralfundsand£231,795wasreceivedasarefund(partlypaidfromUniversityfeeincomeandpartlyfromtheIsaacNewtontrust).

Conferencesthrough its subsidiaryDowningCambridgeConferences limited, theCollege continues to focus on building its commercialbusiness,whichconsistsofconferencesandfunctions.Incomefromcommercialactivitiesisintendedtocovertheout-of-termportionoftheyear-roundcostsoftheestateandthestaff.Profitsfromthis,togetherwithfundraisingefforts,rigorouscostcontrol,andmoreeconomicallyappropriatechargingpoliciesarekeycontributors to thestrategyneeded toaddress theunfavourablebusinessenvironmentwithinwhichOxbridgecollegesoperate.

Trinity CollegetheCollegehasbenefitedfromthegenerosityoftrinityCollege.theCollegecontinuestobenefitfromthediscountedrentpayableonthesportsgroundlease.theIsaacNewtontrust,establishedbytrinityin1988topromoteeducation,learning,andresearchintheUniversityofCambridge,donatedatotalof£150,000overtheperiod1999–2004onamatchingbasistocreateanendowmentforsupportingstudentsexperiencingfinancialhardship.Since2006,theIsaacNewtontrusthasoperatedandcontributestotheCambridgeUniversityBursariesScheme,wherebyaportionofthetop-upfeeissetasidetofundbursariesofupto£3,500.In2013–14,theCollegereceived£231,795(2012–13:£245,246)tooffsetitsobligationsundertheScheme.Inthepast,thetrusthasalsopaidtheCollegeforthereleaseofCollegeteachingOfficers’timeforteachingfortheUniversity,supportingFellowswithpostdoctoral researchposts,andcontributing towardsResearchFellowcostswith the IsaacNewtontrustResearchFellowshipScheme.thisyear,itpaid£18,750,beinghalfthecostoftheMaysWildResearchFellow.

theIsaacNewtontrusthasrecentlyannounceditswithdrawalfromtheCambridgeBursarySchemefrom2016–17inordertofocusonfundinggraduatestudentships.

30

YearEnded30June2014|ReportoftheGoverningBody S IGNIFICANtPOlICIES

1.RESERVES1. totalFundsstoodat£147.4millionat30 June2014.Of thisamount,£84.0million isdesignatedasoperationalassets,

representing thenetbookvalueof thebuildings that arenot supportedby theRevaluationReserveorDeferredCapitalGrantsthatarisefromdonations.thesefundsaredesignatedbecausetheyrepresentfunctionalfixedassetsthatcannotbespentasincome.

2. In formulating the reserves policy, the Governing Body has considered the factors which cause variations in income.theseare:studentnumbers,changesintheapportionmentoftheCollegeFeeandinthefundsawardedbyHEFCEtotheUniversity,thesusceptibilityoftheconferencebusinesstocorporatecutbacksandgeopoliticalevents,andthevolatilityoftheinvestmentportfoliocausedbymovementsinworldmarketsandunanticipatedrentalvoids.theGoverningBodyhasalsoconsideredexamplesofhistoricalunanticipatedexpenditure,inparticularthosethathavearisenfromproblemsinthefabricofthebuilding,e.g.dryrot.theReservesalsosupportanyliabilityarisingfromtheCCFPSfinalsalarypensionschemeforstaffunderFRS17(2014:£2,038,725;2013:£1,825,322).

3. theGoverningBodythereforeconsidersthatfreereservesshouldrepresentoneyear’sworthofexpenditureanda£1millionunanticipatedexpenditureon repairs.to that end, itbelieves that the free reserves shouldbeno less than£10million.However,theprogrammeofconversionofinvestmentpropertiesforoperationalusehastheeffectofdiminishingthefreereserves,whichtheGoverningBodyacceptsmayleadtoalowerlevelofreservesthanisdesirable.

4. the level of reserves is reviewed routinely by the FinanceCommittee and in response to any relevant, specific interimrequestsforexpenditure.

5. At30June2014,freereserves(GeneralReservelesspensionliability)stoodat£8.3million(2013:£13.4million).

2.INVEStMENtPRINCIPlES(the“SIP”)1. theCollegemayinvestinsecuritiesandinrealorpersonalproperty.(SeeStatuteXlVII,approvedbyHerMajestyinCouncil

on19July2005,andsupersededbythefullsetofstatutesapprovedon9May2006).

2. theCollegemanagesitsinvestmentsinsecuritiesandpropertytoproducethehighestreturnconsistentwiththepreservationofcapitalvalueinrealtermsforthelongterm,netofcostsandapprovedwithdrawals.Asubsidiaryaimistoenhancethevalueofthecapitalforfuturebeneficiaries.thegoalimpliesatime-weightednetreturntargetofinflation(approximatedbyalong-terminflationrateof4%)plus4%measuredoverfive-yearperiods.

3. theInvestmentCommitteesets theoverallassetallocationandappointsadvisorsandmanagers.On1August2009, theCollegeappointedPartnersCapital toadviseonandmanagethesecuritiesportfolio.Suchappointmentsarereviewedatthree-yearlyintervalsorinresponsetospecificproblemsoropportunities.thereviewconsiderstherisk/returnparametersthathavebeengiventothemanagers,whethertheseparametersstillaccordwiththeCollege’sinvestmentobjectives,theperformancebenchmarkresultingfromtheseparameters,andthelong-terminvestmentobjective.theportfolioadvisedonbyPartnersCapitalisdesignedtogenerateanominal,unleveredreturnof9.3%(5.3%real+4%costofinflation)afterallmanagementcharges,leavingamarginof1.3%(9.3%–8%)tobuildacushionagainsttheriskofdownturns.

31

YearEnded30June2014|ReportoftheGoverningBody4. Forthefinancialyear2013–14,forperformancemeasurementpurposes,thebenchmarkconsistedofEquities:40%,MSCIWorld

Index(inlocalcurrency);FixedIncome:12%,FtSEABritishGovernmentAllStocks;HedgedFunds:22%,HFRIFundofFundsComposite;Cash:2%,UKthree-monthlIBORIndex;InflationlinkedBonds:4%,FtSEA(Indexlinked)BritishGovernmentAllStocks;Commodities:3%,S&PGoldmanSachsCommodityIndex;andPrivateEquity:17%,CambridgeAssociatesPrivateEquityIndex.tacticalAllocation rangeswere cash:0–5%;Fixed Income:0–18%;HedgeFunds:10–33%;Equities: 20–50%;PrivateEquity:10–25%;Commodities:0–6%;andInflationlinkedBonds:0–10%.

5. FromAugust2009,thecustodianforthemajorityofthesecuritieswasBNPParibasSecuritiesServicesS.A.

6. Since1August1957,theCollegehasoperatedanAmalgamatedFundmadeundertheUniversitiesandColleges(trusts)Act1943,inwhichpermanentcapital,expendablecapital,restrictedfunds(includingtrusts),andunrestrictedfundsholdunits.theFundisinvestedtooptimisetotalreturn.theCollegeadoptedaspendingrulethatwasdesignedtosmoothspendingandreducetheeffectonincomeoffluctuationsinmarketperformance.theamountofreturnrecognisedintheIncomeandExpenditureAccountisequaltotheweightedaverageofprioryear’sspendingadjustedforinflationmeasuredbyRPI+1%(70%weight)plustheamountthatwouldhavebeenspentusing4.5%oftheprioryear’sclosingvalueoftheinvestments(30%weight).Informulatingthisrule,theCollegehadregardtotheunappliedtotalreturnonfundsinvested.Until2008–09,anamountequaltointerestexpenseonloanstakenoutinplaceofwithdrawalsfromtheportfoliowasalsoincludedinthedrawdown.From2009–10,interestexpensehas not been covered.

7. Since1July2010,theunitsoftheAmalgamatedFundhavealsobeeninvestedintheCollege’scommercialpropertyportfolio.theCollegeonlyinvestsdirectlyinpropertyheldforstrategicpurposes.Inthecaseofcommercialproperty,theinvestmentanalysismustdemonstrateanacceptablecommercialyield.ForanyinvestmentinresidentialpropertyforusebytheCollege’sstudents,thenetyieldmustbepositive,withtheprospectofanappropriatecapitalgain.Nosuchpurchasesarecontemplatedinthenearterm.SuchpurchasesmustalsotakeaccountoftheCollege’soverallliquidityandincomerequirements.In2008,theCollege,actingonadvicefromCarterJonas,undertookananalysisofitsRegentStreetpropertiestoestablishwhichpropertiescouldbeconvertedtostudentaccommodationandwhichwouldbeheldaslong-terminvestments.Followingthisanalysis,theSpendingRuleoutlinedinparagraph6wasadjustedtoincorporatethetotalreturnfromtheinvestmentsinproperty.

8. theunappliedtotalreturnstandsat£8,402,036forthesecuritiesportfolioandincludesreturnsfromcommercialpropertysince1July2007.

9. theCollege’spropertyportfolioispresentlymanagedbyCarterJonasllP.RoutinedecisionsaretakenbytheSeniorBursaractingonadvicefromCarterJonasandthelawfirmHewitsons.

10. Allinvestments,includingtheparametersfortheinvestmentofcash,areoverseenbytheInvestmentsCommittee,withday-to-daymanagement delegated to the SeniorBursar.Membershipof the InvestmentCommittee consists of eightmembers of theFinanceCommitteebutaugmentedbyfourexternalmemberswithprofessionalexpertise.theInvestmentCommitteereportstotheGoverningBody,whichisresponsibleforauthorisingmajorchangesofstrategy,theappointmentoffundmanagers,andalldirectholdingsofproperty.

11. theInvestmentCommitteeisrequiredtomeetthreetimesayearinordertoreviewinvestmentperformance;inpractice,however,ittendstomeetmorefrequentlyinordertoconsiderspecificinvestmentopportunitiesorunusualevents.theCommitteereceivesquarterlyperformancereportsfromitscoresecuritiesportfoliomanager,representativesofwhichalsoattendtheprincipalmeetings.

12. thisStatementhasbeenreviewedinNovember2014andwillbereviewedatleasteverythreeyears.

32

YearEnded30June2014|ReportoftheGoverningBody 3.RISK

Becauseoftherelativelysmallsizeofitsinvestmentportfolio,theCollegehasadoptedacautiousstrategytowardsitsinvestments.theCollegehascommissionedaseriesofreviewsofitssecuritiesholdingsinordertoquantifytherisk/returnprofileoftheportfolioandtorecommendanappropriatestrategicassetallocationtoreducethevolatilityofreturns.Althoughtheportfolioiswelldiversifiedandtakesintoaccounttherisk-adjustedreturnsofeachassetclassanditsrolewithintheportfolio(e.g.volatilityreduction,provisionofincome,returnenhancement,deflationhedge,orinflationhedge),theturmoilinthefinancialmarketstowardstheendof2008resultedinmostassetclassesbeingaffectednegativelywithassetswithlonghistoricaltrendsoflowcorrelationtoeachothermovingintandem.theCollegerespondedbyconductingadetailedandcarefulanalysisandconcludedthatitsstrategyissound,butthatimplementationshouldbeonthebasisofadvicefromathirdpartyratherthanthroughdiscretionaryfundmanagement.Duringthemostrecentfinancialproblems,theportfolioappearstobebehavingaccordingtothemodellingwhichinformeditsconstruction.

theportfoliohassubstantialexposuretocurrencymovements,whichislimitedthroughforeignexchangeforwardcontractstotargethedging70%oftheUSdollar,Euro,andJapaneseYenexposure.Onlycurrencieswithpotentialexposureofgreaterthan5%oftheportfolioaresubjecttocurrencymanagement.

4.EtHICAlINVEStMENttheCollegekeepsitsdutyinregardtotheethicalinvestmentofitsfundsunderreview.InlinewiththefindingsoftheHarriescase(BishopofOxfordv.ChurchCommissioners,1992),theoverridingprincipleguidingtheCollege’sinvestmentsisthefinancialreturnoftheportfolio,unlesssuchinvestmentsarecontrarytothecharity’saims.Categoriesofexclusionthatmayfallwithinthisdefinitionarecompanieswhoseactivitiesviolatehumanrights,theenvironment,andbestpracticeinsocialandstakeholdermatters.Afteraperiodofassessmentofmethodsofmanaginginvestments,theCollegedecidedtochangeitssystemofinvesting.Witheffectfromthefinancialyearbeginningon1August2009,theCollegewithdrewitsportfoliofromitsdiscretionarymanagerandappointedafirmofadvisorsthatprovidesarangeofpooledfundsinwhichtoinvest.theInvestmentCommitteeisresponsiblefordecisionsonassetallocation,butdoesnotselectindividualstocks.

5.RISKMANAGEMENttheGoverningBody’sRiskManagementRegisteriskeptunderreview.therelevantCommitteeshaveconsideredtherisksinherentintheirareasofresponsibilityandhaveadvisedtheGoverningBodyontheprobabilityofoccurrenceandthelikelyimpact,togetherwiththestepstakeninmitigation.Althoughriskscanbeidentifiedandplanstodealwithsuchrisksformulated,theCollegeisneverthelessexposedtoavarietyofrisks,someofwhichcannotbeaddressedthroughinsurance.theageoftheestate,partsofwhichare200yearsold,means that problems inevitablyoccur, sometimeswithoutwarning andoften at great expense.Annual results canbe affectedby large swings in student numbers, principally in the graduate community andmainly because ofmultiple applications and theuncertaintyoffunding.AwiderangeoftheCollege’soperationsareaffectedbyvolatilityinthefinancialmarketsandbyrecessionintherealeconomy,theeffectsofwhicharehardtomitigate.Alloperationswouldbeimpactedbyapandemic.theCollegehasmadeanappropriateplantominimiseproblems.

33

YearEnded30June2014|ReportoftheGoverningBody6.tHEENVIRONMENt

GreenPolicytheCollegewillcomplyfullywithenvironmentallegislationandrelevantofficiallyapprovedcodesofpractice,inorderto:

• promotesoundenvironmentalmanagementpoliciesandpracticesinallareasofitsactivities

• minimisetheconsumptionofcarbon-richenergyandofwater

• minimisewasteandpollutionandoperateeffectivewastemanagementandrecyclingprocedures

• increaseawarenessofenvironmentalresponsibilitiesamongFellows,students,staff,andguests

• encouragemodesoftransportwhichminimisetheenvironmentalimpact

ManagementPolicytheCollegeaimstobeattheforefrontinenvironmentalplanningandimplementationamongCambridgeColleges.Itwillachievethisby:

• researchingtechniquestoachieveenergyandwastereduction

• implementingstringentintra-Collegepolicies,withpre-determinedtargetsforenergyandwastereductionovertime

• applyingenvironmentallysustainablepurchasingpolicies,includingtotalsupplychainandwhole-life-costingtechniques

• communicatingtargets,monitoringachievement,andfeedingbackresultstoparticipants

ScopetheEnvironmentalPolicycoversthefollowingareas:

• reducing the carbon footprint by consuming less energy and converting tomore environmentally-friendly sources of energywherepracticable

• promotingrecycling,aidedbyminimisingandresponsiblydisposingofnon-recyclablewaste(egundertheWEEEregulations)

• reducingtheper capitaconsumptionofwater

• promotingaGreentravelpolicyforFellows,staff,students,andguests

• monitoringconsumptionofenergyandwater,investigatinganomalies,andfeedinginformationbacktoconsumers

• usingenvironmentally-soundbuildingandrefurbishmentmethods

34

YearEnded30June2014|ReportoftheGoverningBody ReducingConsumption

theCollegeaimstomeetorexceedallnationalandsectortargetsforcarbonreduction.thesetargetsincludethoseundertheCarbonReductionCommitment(CRC),theHigherEducationFundingCouncilforEngland(HEFCE),andthosedefinedbytheCambridgeColleges.

Currenttargetsinclude:

• requalificationof theCarbontrustStandard(originallyawarded2009);Downingis theonlyOxbridgeCollegetohaveachievedcertification

• the‘14/14’Commitment.theCollegeaimedtouse14%lessenergyin2014,comparedwiththatusedin2010

• reducingper capita waterconsumptionby10%by2013/14(baseline2010)

• reducingcarbonconsumptionbybetween34%and50%by2020(baseline2005)

• reducingcarbonconsumptionbetween80%and100%by2050(baseline2005)

Recycling and Waste ManagementtheCollegeundertakestoreducetheabsolutequantityofwastegeneratedand,specifically,thevolumesenttolandfill,year-on-year.

thisreductionwillbeachievedby:

• purchasingitemswithreducedpackaging

• reducingwastearisingfromfoodpreparationbymeansofbetterstockcontrolandportionmanagement

• involvingstaffandstudentsincorrectlysegregatingwastestreamstomaximiserecycling

• workingwiththeCityCouncilandotherwastedisposalagenciestorecyclemoreeffectively

• creatingnewrecyclingchannelswherepossible

GreaterEnvironmentalAwarenesstheCollegewillactivelypromoteenvironmentalawarenessamongFellows,students,staffandconferenceguests.

Increasedawarenesswillbeachievedby:

• activelypublicisingnationalandlocalenvironmentalinitiatives

• managingCollegeinitiativesthroughtheHealth,Safety&DomusCommittee,andtheBuildingsandEnvironmentCommittee

• involvingJCRandMCRGreenOfficersinallinitiatives

• including,wherepracticable,environmentallybasedincentivesinstaffperformancetargetsandinstudentrents

• monitoringandpublicisingenergy-savingandenvironmentaltargetsandperformance,includinginformingconferenceguests

• improvingconformancewiththequalificationcriteriaforGreentourism

35

YearEnded30June2014|ReportoftheGoverningBodyGreentransportPolicy

theCollegeencouragesresponsibletravelarrangements:

• generally,studentsmaynotbringmotorvehiclestoCambridge

• Fellows,students,andstaffareencouragedtowalkorbicycletoworkmorefrequently

• bypublicisinginformationonroutes,conferenceandnon-conferenceguestswillbeencouragedtocometotheCollegebypublictransport

• workpatternsmaybeadjustedwherepossibletofacilitateuseofpublictransport:theCollegewillprovideincentivestostafftousepublictransportifeconomicallyjustified

ActionsandtargetstheCollegewill:

• aimtoreducegrossenergyconsumptionby14%in2014,comparedwitha2010baseline

• installadditionalvoluntarymeteringandprovidemonthlydatatoresidentsontheirenergyconsumption

• maintainCarbontrustStandardCertification

• reducevolumesofwasteby5%in2013/14andincreasetheproportionrecycledbyafurther5%againstthe2009baseline

• assessbuildingsforenergyefficiencyandundertakeaprogrammeofremedialactiontoimprovetheirperformance(insulationetc)

• achieve20%renewablecontentinelectricityprocurementby2015

• supporttheeffortsofGreenOfficersbyprovidingpastannualandcurrentmonthlyenergyconsumptiondata.Acontinualdisplayofon-domusenergyconsumptionisdisplayedonascreeninsidethePorters’lodge.

36

YearEnded30June2014|ReportoftheGoverningBody ProgressonGreenInitiatives

• 19February2008,DowningwasthefirstCollegetosigntheCambridgeClimateChangeCharterandhasremainedintheforefrontofenvironmentalimprovement

• 1July2009,theCollegebecamethefirstCollege,andremainstheonlyCollege,togainCarbontrustAccreditation;Accreditationwasrenewedin2012,andweareseekingrecertificationfor2014

• On1April2010,theClimateChangeAct2008cameintoforce,whichimposedamandatorycarbontradingscheme.DowningwasaleaderindefiningtheprocessesfortheCambridgeCollegestoparticipatejointly

• 2010,QuentinBlake(1953–56:English),anHonoraryFellowandChildren’slaureate,donatedthedrawingofa‘GreenGriffin’totheCollege.theGreenGriffinisthefigureheadfortheenvironmentalawarenessstrategy

• InMay2012,theCollegecametop(equalwithJesus)intheColleges’Environmentalleaguetable

• InMarch2013,DowningagaintoppedtheColleges’Environmentalleaguetable

• InMarch2014,DowningonceagainachievedthehighestoverallCUECSranking

• During2011–12,whiledegreedaysincreasedby4%comparedwith2010–11,gasconsumptionincreasedby11%.thiswaslargelybecauseofaverycoldAprilandMay,whichmeantthatheatingwaskeptrunningforthreeweekslongerthannormal

• In2012–13,theCollegekeptheatingrunningforanadditionalsixweeksbecauseofcoldweather,whichmeantthatweusedmoregasthaninanyoftheprecedingthreeyears.Electricityuse,whileunacceptablyhigh,waslowerthanthatin2009

• AfurtherfourBMSsystemswereretrofittedtoboilersontheDomus

• In2012,SolarPVwasinstalledontheEastRange,contributing1.76MWhduringthefirsteightmonthsofoperation

• SolarPVwasinstalledinthenewlyconvertedGriphonHouse,increasingdailygeneratingcapacityby11.5kWp

• Asurveywasundertakenusingadvancedinfra-redimagingtodetectareasofheatloss,andthisdata,alliedwithstudentfeedbackoncoldroomshashelpedtoprioritisedraught-proofingwork

• theCollegeobtainedEnglishHeritagesupportforretrofittingGeorgianwindowsinroomC03withspecialistdoubleglazing

• Roomrentalagreementshavebeenamendedwherepracticable to reduce theneed forparental transportduringChristmasandEaster vacations

• theCollegeprovidesincentivestostafftousethetrainandotherlower-carbonmodesoftransport

• In2013,theCollegesigneduptothe‘StudentSwitchOff’Campaign,designedtoemphasiseenergysavingsinitiatives;Downinghadthehighestpercentagesign-uprateamongtheColleges,andcamethirdoverall.Wearesignedupagainforthe2014Campaign

• In2014,theCollegeachievedthetoprankingamongCambridgeCollegesfortheStudentSwitchOffCampaign2013/14.

• DowningachievedGoldStandard–beingoneofonlythreeCollegesintheUniversity-wideGreenImpactawards(18June2014)

• theCollegewasalsoawardedaGoldlevelGreentourismawardinJuly2014

A Degree Day is any day in which the outside temperature falls below 15.5ºC multiplied by the number of degrees below 15.5ºC

37

YearEnded30June2014|ReportoftheGoverningBodyRESUltSINtHEFORMAtREPORtEDtOtHECHARItYCOMMISSION

The Summary Information Return (‘SIR’) that ismade annually totheCharityCommission is based onThe Charities Statement of Recommended Practice, which has a different emphasis from that of the standard profit and lossmodel of accounts that informsThe Statement of Recommended Practice: Accounting for Further and Higher Education and the Recommended Cambridge Colleges Accounts(‘RCCA’).WhereastheRCCAinevitablyfocusesusers’attentionontheefficiencyandviabilityofanentityasmeasuredbythesurplusordeficitoftheperiod’soperations,theSIRincorporatesinitsdefinitionofincomeallthefundsflowingintotheentity,includingcapitaldonationstoendowment.

Byhighlighting thecostsofgovernance, investmentmanagement,andtradingtoraise funds, theSIRframesanentity’sefficiencyintermsofitssuccessinkeepingadministrationcoststoaminimum.WhenpublishedontheCharityCommission’swebsite,informationispresentedpictorially.thepiechartsillustratetheCollege’sdependenceoncurrentandpastdonations(37%ofIncome)tosupportits£8.24millionspendingonitscharitableactivities.thechartsalsoprovideameasureofprofitabilityontradingtoraisefunds.thatcontribution, however, should not be taken at face value: the commercial conference business absorbs overhead costs thatwouldotherwisefalloncharitableactivities.

Afurtherchartshowstheextenttowhichfundshavebeenusedtosupportthecurrentyear’sactivitiesandtheextenttowhichtheyhavebeenretainedforfutureuse,althoughinmanycasesthatdivisionreflectsthetermsofthedonations.

Comparedwith2012-13,incomefor2013-14increasedby17.8%to£14.88million,principallyasaresultofincreaseddonationstoendowment.Incomefromcharitableactivitiesincreasedby5.1%,withthemostsignificantrisebeingfromstudentchargesandfees.Incomefromcommercialconferenceswas£1.25million,down9.1%fromlastyear’s£1.37million;however,therewasnochangeincharitable(i.e.academic)conferences,whichremainedat£0.8million.Spendingoncharitableactivitiesincreasedby3.8%to£8.24million.Ofthe£5.52millionindonationsreceivedduring2013-14,£5.05millionwereretainedforfutureuse.

38

FINANCIAlREVIEW

Incomeandexpenditure• Surplusof£0.3million

• Incomeupby5.6%

• Conferenceincomedownby4.1%

thesurplusof£0.3millionwasbroadlyinlinewiththatoflastyear.However,lastyear’ssurplusincludedasubstantialprofitonthesaleofoperatingproperty:onalike-for-likebasis,thisyear’ssurpluswassignificantlyhigherby£0.2million-aparticularlypleasingresultinthatthisyear’saccountsincludetheinterestontheprivateplacement.Removingtheinterest,theoperatingresultswouldhavebeen£0.4millionvstheprioryear’sresultof£0.1million,asignificantimprovementthatwasespeciallyencouraginginthattheHowardBuilding,abusyvenueforconferences,wasoutofcommissionforsixmonths.

theCollege’sIncomeismadeupofAcademicFees,the‘StudentHotel’,Conferences,andInvestmentReturns.takentogether,incomeincreasedfrom£9.7millionto£10.2million,upsome5.1%.theincreaseof4.5%infeeswaspartlytheresultofareturntoamoretypical levelof studentnumbersandpartly theeffectofanothercohortattracting the£9,000 fee,50%ofwhich is for theCollege.Withtheintroductionofthe£9,000tuitionfeeforHome/EUundergraduatesinOctober2012,theCollege’sfundingstreamschangedsubstantially.Overa15-yearperiod,education,onceseenasapublicgoodhasbeenredefinedasaprivategoodforwhichtherecipientmustpay.theslashingoffundingforundergraduateeducationinthegranttotheUniversityfromtheHigherEducationFundingCouncilrequiredare-examinationoftherespectivecostsoftheCollegesandtheUniversity,leadingtoanagreementthateachwouldreceivehalfofthetuitionfeeandpayhalfofthecostsassociatedwiththeOFFAAgreementintermsofbursariesandthepromotionofwideningparticipation. Special funding streams for StEM (Science,technology, Engineering andMathematics) subjects and seed funding formandatedinitiativesremainswiththeUniversity.thetransitionwillbecompletedwhenthosestudentsonsix-yearcoursesgraduatein2018.DespiteariseinRPIfromSeptember2012–14of5.5%,therehasbeennoinflationaryincreasesincetheinitialratewassetinOctober2012,andneitherwilltherebeinOctober2015.Atthemargins,theoveralllossoneachundergraduate(£2,762)andgraduate(£1,632)isdecreasedbyanyshortfallasthebiggestcontributortothecostsofprovidingacademicservicesistheexpenditureontheprovisionofspace(20%),whichisafixedcost.

Progress continues to be made towards realistic charging for non-academic services; however, the costs of providing studentaccommodationwithinaGrade1listedsiteareinexcessoftheamountthatitisreasonabletochargestudents,giventhatthemaximummaintenanceloan,firstintroducedin1990–91andallbutfrozensince2009,is£3,610,againstanaveragerentof£3,913for30weeksand£4,695for38weeks.From2008-09to2014-15,themaximummaintenanceloanhasreducedinrealtermsby£483(13.9%).thosestudentswhosehouseholdincomeisbelow£25,000andwhoareentitledtoamaximumCambridgeBursaryof£3,500inadditiontotheGovernmentgrantof£3,387andtheloanof£3,862arewellprovided.Studentswhosehouseholdincomeisabove£42,875andwhomayalsohavesiblingsatUniversityatthesametime,however,oftenstruggle,giventheprohibitiononterm-timeworking.Duringtheyear,£280,300waspaidoutundertheCambridgeBursarySchemeand£19,164inresponsetospecificneeds.

Incomefromthe‘StudentHotel’reflectedanincreaseintherentrollof5.2%,whichincluded3.9%ofaboveinflationincreasestoreducefurtherthegapbetweenincomeandcosts.thelengtheningofthecontractforallofthelensfieldRoadhousesandtwostaircases


39

to38weeks(witharebatefortwoweekstorecognisethereductionofoverheadsovertheChristmasperiod)hashelpedabsorbfixedcostswhile recognising thatacademicandothercommitments frequently requireanextension to the traditionalOxbridge30weekperiodofresidence.Overthelastfiveyears,theaverageweeklyrenthasincreasedfrom£90.41to£130.43(44.3%)andmorenearlycoverscosts,inlinewiththeCollege’spolicyofresistingblanketsubsidies.Despitethissignificantincrease,rentsareconsiderablylessthancomparablepurpose-builtfacilitiesontheopenmarketinCambridge.Anyfurthergrowthinincomefromthe‘studenthotel’islikelytocomefromincreasedvolumeratherthanprices,particularlyastheParker’sHousedevelopmentwillprovidetheopportunityfor78studentstomakefulleruseofthecateringfacilities.

thefourmainareasofexpenditure,education,food,estatemaintenance,andoverheads,accountedfor36.8%ofoperatingexpenses.Educationcostsreflectedanincreaseinthenumberofprizesawardedandagreaterneedforstudenthardshipgrants,includingahighercontribution to thecostsof theCambridgeBursaryScheme.Foodcosts increased,but theprofitmargin fell from59.2% to55.6%,reflectingthechangeinmix:thehigher-marginconferenceandfunctionsalesdropped4.5%andlower-marginstudentsalesincreased,principallyatthelordButterfieldCafeandBar.thechangewasnot,however,apermanentsubstitutionoflow-marginbusinessforhigh-marginbusiness:therenovationoftheHowardBuildingresultedinthelossof6monthsofpotentialsales.theresultsoftheConferencebusinessfortheimportantthree-monthsummerperiodsuggestareturntothelevelsofactivitybeforetherenovationoftheHowardBuilding.theincreaseinestatecostsreflectedthecostsofaddressingthebacklog.theyear’sresultsbenefitedfromthemildwinter,whichbothreducesenergycostsandlowersthecarbontaxpayable.

Overall,costs,excluding interest,grewby1.7%,comparedwithageneral inflationfigureof2.6%,although food inflation for thatperiodwas4%.Despitetheadditionof3.5intheFulltimeEquivalentStafftosupporttheincreasedactivityincatering(up5.4%)andthebuildingprogramme,theincreaseinpaywhichaccountsforjustunderhalfoftotalcostsat£4.4millionwaslimitedto2.4%.Onceagain,thecostoflivingawardwaslimitedto1%forbothacademicandsupportstaff,alevelwhichisunsustainableoverthelong-term,especiallygiventhatthemedianlevelofstaffpaywas£18,358.Duringtheyear,amajorreorganisationofthestaffwasimplemented,atanannualcostof£100,000,toacknowledgechangingexpectationswithregardtocommunication,toensurethattheexistingestatewasproperlymaintainedwhileamajordevelopmentoftheDomuswasundertaken,andtocreateacareerstructureforloyalstaff.

Salaries grew by 2.3%, reflecting the savings from a research fellow leaving early to take up an academic teaching post and theappointmentofanewresearchfellowonanon-stipendiarybasis.theresultsfor2014/15will,however,presentaverydifferentpictureasthefullcostoftheregradingsfromthereorganisationtakeseffect,togetherwiththedecisiontoensurethateverypermanentmemberofstaffispaidatleast£7.64perhour.WiththehelpoftheIsaacNewtontrust,andtheCambridgePhilosophicalSociety,theCollegehasbeenabletocontinuetoappointitsfullquotaofresearchfellowsandtocontributetoresearchandacademiabyprovidingthisfirstpositioninanacademiccareer.theimportanceofthesepostshasbeenrecognisedwithintheCatalysisCampaigninthatthroughfundraising,theCollegehassuccessfullyendowedaresearchfellowshipintheBiomedicalSciences.

theCollegeendeavourstocompensateforthelossesincurredinprovidingnon-economicservicesbyexploitingitsassetstothefullfor the benefit of the beneficiaries of its charitable purposes.During term time, theHowardConferenceCentre and public roomsthroughouttheCollegeareavailablefordayconferencesand,whenthestudentsarenotinresidence,theroomsareusedforresidentialconferenceswithsparecapacityusedtoaccommodatebedandbreakfastguests.thisbusinessgeneratedover£2millioninrevenuein2013-14,yieldinganestimatednetprofitof£0.5million,butcontributingapproximately£0.8milliontowardsfixedexpenditure.


40

YearEnded30June2014|ReportoftheGoverningBody Althoughthecommercialbusinesshelpstooffsetoperatingexpenditure,thereisneverthelessanintractablegapbetweentheincome

generatedbyoperationsandtheircost,whichisfundedbyreturnsontheinvestmentoftheCollege’sendowment.thatgapremainedthesameasin2012–13at£1.9million.AlumniandotherfriendsoftheCollegehaveaddedsubstantiallytotheendowmentovertheyears,withanadditional£17.1millionreceivedtodatefromtheCatalysisCampaign.Inordertodevelop,aswellastosustain,theCollege,itisnecessarytocontinuetocallontheloyaltyofoldmembers.In2013-14,17%respondedtothecall,andofthe8,919livingalumni,36%havegivenatsomepoint.Asthecurrentleveloffundingeducationisinadequate,alldevelopmentdepends,ineffect,ontherecognitionofformerstudentsofthevalueoftheirownCollegeexperienceandtheirwillingnesstoensurethatfuturestudentscanbenefitfromthesamelevelofindividualsupervisionandpastoralcare.

41

DEVElOPMENt:AlUMNIRElAtIONSANDFUNDRAISING• Pledgesmadeandcashreceived:£5.5million

• totalGiftsrecordedintheaccounts:£5.3million

• telephoneFundraisingCampaign:£0.2million

• Legacies: £3.2 million

• Participationrate:18%

• NumberofGiftsreceived:1,482

Downinghasjustclosedoneofitsbestyearseverintermsoffundraising.thetotalraisedintheCatalysisCampaignnowstandsat£17.1million,after£5.5millionwasraisedindonationsandpledgesbetween1July2013and30June2014.In2009,theCollegesetagoalfortheCatalysisCampaignofraising£20millionbytheendof2015.However,astheCampaignwaslaunched,financialmarketsaroundtheworldtumbledanditseemedthatitwouldbeimpossibletomeetthedeadlineundersucheconomiccircumstances.As2015approaches,itappearsthatafterall,theoriginalgoalwillbereachedontime.

theannualfundraisingactivities,suchasthetelephonecampaign,directmailings,andtheCatalysisConference,remainedontrack.thisyearthedifferencewasinthelegaciesreceived.Havingbeenfoundedbyalegacythatwasdepletedsignificantlybydecadesoflitigation,legaciesareaheadlinefortheCollegethisyearforaverydifferentreason.Becauseoflegacies–andinparticularthoseofthreeDowningalumni:JohnWhitworth(1949,History),AlfredMonk(1956,English),andHaroldJohnson(1951,Geography)–£3.1millionwasreceivedbytheCollege.Alfred‘Alf’MonkandJohnWhitworthhadbeenschoolteachersandHaroldJohnsonwasaprofessorofhistory.

theCollegetakesveryseriouslyitscommitmenttothankthosewhohaverememberedDowningintheirwills.thosewhohavedonesoareinvitedtobecomemembersofthe1749SocietyandtheCollegestrivestosay‘thankyou’inasmanywaysasitcan,whileitcan.Membershipofthe1749Societyhasincreasedto243members,with71newmembershavingjoinedinthelasttwoyears.thissurgeinmembershipisduetoare-invigoratedlegacyprogrammeofregularmailings,theinvolvementofyearrepresentatives,anddiscussionsinthetelephonecampaignduringotheractivitiesandinface-to-facemeetings.thestoryoftwoteachersandahistoryprofessorwho,betweenthem,gaveinexcessof£3milliontoDowningwithinonefinancialyearillustratesthetransformativeimportanceoflegaciestotheCollege.

the‘quiet’phaseoffundraisingforParker’sHouseandFirstCourtraised£2.6millionby30June2014.thequietphaseistheperiodoftimeduringwhichsomeofthelargerdonationsaresecured,andinthiscasewascoincidentwiththefinalstagesoftheplanningpermissionprocess.Convention suggests that thepublicphase forabuilding fundraisingproject shouldbe launchedwhenat least20–25%ofthefundshavebeencommitted.theprojectfinishedtheyearwithover30%oftherequiredfundsraised.InNovember2014,thepublicphasewillbelaunched.Forthenexttwoyears,Parker’sHouseandFirstCourtwillbethepriorityoftheCollege’sfundraisingeffortsandwillincludemailings,thetelephonecampaign,andfeaturesintheCollege’smagazine,[email protected]‘buyabrick’andhavetheirname(orthenameofwhomevertheychoose)permanentlydisplayedinthisbeautifulnewcourt.


42

YearEnded30June2014|ReportoftheGoverningBody thetablesbelowshowthetotalfundsrecognisedfortheyears2013-14,2012–13and2011–12;theStatusofDonorsandMembers

outofResidencein2013-14,2012–13and2011–12;andattendanceatAlumniandDonoreventsin2014-15,2013–14,2012–13and2011–12.

Actualfundsrecognisedduringtheyear

2013-14

£

2012-13

£

2011-12

£

Unrestricted

Endowment 844,750 857,984 1,287,809

AnnualFund 216,506 150,156 145,679

1,061,256 1,008,140 1,433,488

Restricted

StudentAccommodation 3,332 11,583 4,457

Hall Restoration 2,285 5,438 8,274

HowardFoundationProjects 410,794 — 333,060

Parker’sHouse 446,942 1,079,025 850

Teaching and Research 279,180 523,125 265,706

StudentSupport 2,972,211 422,218 144,617

Sports&Cultural(incl.BoatClub) 82,745 58,290 63,863

DowningEnterpriseScheme 34,171 16,667 50,000

Other — — 50

4,231,660 2,116,344 870,877

TOTAL 5,292,916 3,124,484 2,304,365

Inaddition,theSegreantstrust(formerlytheBoathouseCentenarytrust)receiveddonationsof£22,171duringtheyear,bringingthetotalithasraisedto£1,213,938.Alumniclubs,suchastheSegreants,theGriffins,andtheDowningCollegeAlumniAssociation,alsoraisefundstosupportmembersinresidence.

43

YearEnded30June2014|ReportoftheGoverningBodyStatusofMembersoutofResidenceandDonors

MEMBERSHIP DATABASE 2013-14 2012-13 2011-12

NumberofAlumni(livinganddeceased) 11,138 10,919 10,685

includingformerundergraduates 9,361 9,223 9,160

includingformergraduates 1,777 1,696 1,525

Deceased 2,211 1,879 1,826

Living Members 8,919 9,040 8,859

Addressknown(MembersinContact) 7,529 7,254 6,998


includingformergraduates 1,323 1,127 1,015

%Addressknown 84% 80% 79%

Emailaddressknown 6,155 5,835 5,479

%Emailaddressknown(ofthosewhoseaddressisknown) 82% 80% 78%

Addressunknown 1,390 1,786 1,861

Requestnottobemailed 80 80 117

PARTICIPATION RATES

livingdonorsthisfinancialyear 1,270 1,358 1,262


includingformergraduates 95 97 86

includingothers 41 41 31

MemberswhohaveevercontributedtotheCollege 3,757 3,639 3,547

livingmembersincontactwhohavecontributed 3,175 3,054 2,982

% of total living members 36% 34% 34%

% of members in contact 42% 42% 43%

ParticipationRatethisfinancialyearoflivingmembers 14% 15% 14%

ParticipationRatethisfinancialyearoflivingmembersincontact 17% 19% 18%

% former undergraduates 18% 20% 19%

%formergraduates 7% 9% 8%

44

YearEnded30June2014|ReportoftheGoverningBody Events and other Forms of Contact

EventAttendancebyFinancialYear(1July–30June)

2014-15 2013-14 2012-13 2011-12

Total Alumni Total Alumni Total Alumni Total Alumni

1749Reception:July 77 33 103 45 62 39 52 27

AlumniDay:September 201 122 232 143 168 94 171 94

AssociationDinner:September 144 96 170 110 148 88 162 96

Parentslunch:November 159 1 149 1 79 — — —

londonEvent:October/November 132 105 147 121 158 133 107 85

150thAnniversaryofDCBC — — 158 106 — —

Griffins’Dinner:January 21 14 21 14 16 16

YearRepsMeeting:January 26 19 26 19 28 22

Catalysis Conference 108 38 103 40 98 51

ReunionDinner:March/April 167 156 141 134 154 148

SegreantsDinner:April 102 56 133 82 38 38

MAAwardsDinner:May 99 83 100 80 109 158

DonorsGardenParty:June 162 68 188 72 128 70

GraduandsReception:June 348 97 224 — 228 —

Other events 159 109 481 341 430 419

TOTAL 1,993 1,060 2,190 1,242 1,612 1,194

www.twitter.com/downingcollege www.flickr.com/photos/downingcollege Followers:2,504 Photos:1,978 tweets:1,169 Views:15,452

www.facebook.com/downingcollege DowningCollegelinkedInGroup Fans: 3,712 Members: 1,077

45

YearEnded30June2014|ReportoftheGoverningBodyCONFERENCESERVICES

• ConferenceServicesincome:£2.0million–down4.1%

• CharitableConferences:£0.8million-flat

• totalroomnightsdecreasedfrom16,849to15,337–down9.0%

Asaresultofthesix-monthrenovationofoneofthetwoprincipalvenues,conferenceincomedecreasedby4.1%to£2.0million.thismajorrefurbishmentofthe30-year-oldHowardBuilding,partlyfundedbytheHowardFoundation,broughtallservicestopresent-daystandardsandintroducedair-conditioning.Inordertohonourcommitmentstolong-termclients,eventsweretransferredtotheHowardtheatre,whichresultedinlosingtheopportunitytoselltheHowardtheatre,withitsgreatercapacity,forlargerevents.However,thereductioninincomefromtheclosurewasnotasmuchasoriginallyfeared.

Incomewasalsoaffectedbya significantdrop in residentialbookings,bothcorporate andacademic,which fell by8%and37%.this reductionwasoffsetbyan increased levelof revenue from functions,whichwentupby28%.Although thegeneralbedroomoccupancyratefellby9.7%,thehigher-valueen-suiteroomssawtheiroccupancyratefallbyonly3.7%.theCollegeisconfidentthatthepartnershipsfosteredwithitsmostsignificantclientswillensurethatbusinesslostinthisperiodwillnotbelostpermanentlyandthatfutureincomewillcontinuetorise.thelevelofrepeatbusinesshasincreasedtoasatisfying55%ofthetotal,andtheCollege’srelationshipwithUniversitydepartments,andespeciallytheJudgeBusinessSchool,isacontinuingsourceofreliableincome.

theCollege continues to invest in themarketing of its facilities andwas awarded theGoldAward forGreentourism in June.Anacknowledgedtouristdestination,Cambridgeisalsoamajorcentreforbio-technology,and,thereforeanincreasinglypopularvenueforscientificconferences.therehas,however,beenacorrespondingincreaseinthesupplyofvenues,withCollegestakingadvantageoftheopportunitiesforearningincomefromimprovedandnewstudentfacilities.togetherwithanincreaseinthenumberofhotelrooms,competitionfromotherCollegesandtheUniversitywillinevitablyputdownwardpressureonmargins,whichthestaffareencouragedtoresist.Withoutariver,DowninghashadtocreateabrandthatdifferentiatestheCollegefromothers.WiththeadventoftheHowardtheatre,theelegantrestorationoftheHall,andtherenovatedHowardBuilding,theCollegehascreatedastunningcomplex.thesepublicfacilities,inconjunctionwiththeCollege’sdistinctivearchitectureandsuperioren-suiterooms,havehelpedtheCollegemaintainitspositioninthetopquartileamongCollegesmeasuredbyrevenue.Whilecomparativeinformationisnotavailable,itishopedthattheemphasisoncostawarenessandtheneedforefficiencymarksouttheCollegeasequallysuccessfulintermsofprofitability.

46

YearEnded30June2014|ReportoftheGoverningBody REPRESENtAtIVEEVENtSINtHECOllEGE–1JUlY2013tO30JUNE2014

2013 Group Title

7-27July theCambridgeShakespeareFestival Cymbeline

25-26July Fine Cell Work FineCellWorkSummerExhibition

2-3August UKShootlimited Ramanujan–FilmShoot

7-12September HHA-HowardFoundationCambridgetour HHAFarfieldHall

20-21September UniversityofCambridge French Embassy Conference

20September Hawking-UKPremiereDrinksReception VertigoFilms

23–24September ArtsMarketingAssociation AmbassadorsAwayDay

3 October Local World Ltd CambridgeNewsCommunityAwards

10 October CambridgeBIDAwards Cambridge BID

11 October CUDevelopmentOffice Chemistry Next Generation Event

24 October CUOfficeofCommunicationsandExternalRelations Festival of Ideas

30 October DanbySociety–talkbyDrRobWallach ‘MuseumsinCambridge’

6 November FriendsoftheFitzwilliamlecture theHon.JamesStourton–Sothebys

7 November Mathias Society Raakhi Odedra on Scottish Economy

11 November BlakeSociety–talkbyDrAnneAlexander ‘WhateverhappenedtotheFacebookRevolution?’

29 November WhitbySociety–talkbyMrlerouxFourie ‘Hyenabites’

4 December DowningCollegeStudents PhilippinestyphoonReliefVarietyShow

2014

29January BlakeSociety–talkbyJeniferGlynn ‘thePioneeringGarretts:BreakingtheBarriersforWomen'

12February theOonlecturebyDrDanielJDrucker ‘lcellpharmacologyadvancesthetreatmentofdiabetes

andgastrointestinaldisorders’

13February theRoyalAeronauticalSociety the14thSirArthurMarshalllecture

17-22February DowningCollegeDramaSociety ‘Gatsby’

27February CUOrientalDanceSociety DanceShow

3 March DowningCollegeMusicSociety Lent Concert

7 March BlakeSociety-talkbyBillCashmore ‘FromFootlightstoFrench’s,viaFistofFun’

8-9March CUChineseSociety AnnualVarietyShow

11 March MaitlandSociety-talkbyDrCarolineBurt ‘EdwardtheSecond’

12 March CambridgeUniversityEnvironmentalConsultingSociety launchEventforthe2014/15Greenleaguetable

13 March CambridgeCommonwealth,EuropeanandInternationaltrust CambridgetrustScholars’lecture

25April BrammerGeographicalSociety ‘Bangladesh’sDynamicGeologyandSea-levelRise’

28April Centre for Family Research Hora Chilena Film Screening

11-13June CUInstituteforSustainabilityleadership Saint-GobainSustainabilityleadershipProgramme

47

YearEnded30June2014|ReportoftheGoverningBodyINVEStMENtS

• totalReturn:7.6%

• £22.8millioninsecurities:8.9%totalreturn

• £13.0millioninproperty:5.8%totalreturn

• EndowmentDrawdown:£1.5million

• Additionstothesecuritiesportfolio:£3.9million

thefinancialcrisisof2008promptedintensescrutinyofalloperationalandfinancialmatters,whichledtothedecisiontochangefundmanagers for thesecuritiesportfolioandto takemorecontrol throughanadvisory, rather thanadiscretionary,mandate.themodelwhichwasadoptedatthatpointwasdesignedtoachievetwo-thirdsoftheupsideinworldequityreturns,whilerestrictingdownsidelossestoone-third.thatstrategywaschosenasthebestmeansofprotectingvalueintheportfoliofromthevolatilityinherentinequitymarketsandofmaintainingsufficientliquiditytopermittheCollegetoaccessfunds.thesedecisionsreflectedtheimportanceofthesecuritiesportfolioinsupportingtheoperationsoftheCollege.

RiskwithintheportfolioismeasuredbycalculatingtheEquivalentNetEquityBeta(‘ENEB’),whichlooksthroughallinvestmentsintheportfoliotocalculatetheircorrelationwithequitymarkets.themodelhasperformedinlinewiththeagreedriskprofileof60%equityriskmeasuredoverathree-yearperiodand63%riskduringthelastyear.theexpectedreturnforthethree-yearperiodwas24.1%,whiletheportfolioachieveda25.7%return,excludingtheeffectofforeigncurrencyhedges.Forthemostrecentyear,theexpectedreturnwas13.1%,comparedwitharesult,beforetheeffectofhedging,of12.9%.Returnsaremeasuredafterdeductingallcosts,includingfees.Becauseofthe12.7%lossinvalueofthepoundbetweentheJunefinancialyearendsin2013and2014,thehedgingprogrammepreserved2.8%ofthereturnswhentranslatedintosterling,whichwouldhavebeenespeciallyimportanthadtheCollegeneededtowithdrawa significant amountof theportfolio’s funds.Performance in the individual yearshasdemonstrated the robustnessof themodel:for2011-12,whenequitymarkets(measuredbyMSCIACWorldNRlC)lost2.8%invalue,theCollege’sportfoliobrokeeven;andinthemostrecentyear,whenworldmarketsreturned20.8%,theportfolioachieved63%ofthatreturn.

While the strategy since2008-09has been to protect valueby limiting risk andhedging foreign currency exposure, the increasedresilienceoftheCollege’sotherfinancialactivitieshasledtoareassessment.theCommitteeconsidersthatlong-termgrowthintheportfoliocanonlybeachievedbyassumingmoreriskwithintheportfolioandthattheeffectofvolatilityinreturns,bothinmovementsinthecurrencyandequitymarkets,canbesmoothedwithinthespendingrule.thecontributiontocash-flowfromrentshasprovided74%oftheliquidityforspendingoverthelastthreeyears,whichpermitsemphasiswithintheportfolioonilliquidinvestments.FollowingthecommencementoftheParker’sHouseproject,therentalcash-flowhasnowreducedandthecontributionwillfalltonearer50%.Byyear-endtheENEBwasraisedto70%,18%oftheportfoliowasinilliquidsecuritiesand72%oftheportfoliowasinsterlinginvestments.SinceJune2014,PartnersCapitalhashaddiscretionovertheinvestmentsintheportfoliowithintheguidelinesagreedintheStatementofInvestmentPrinciples.Aspartofthefive-yearassessmentofthefund’sperformance,theCommitteeisintheprocessofreviewingtargetsforrisk,returns,hedging,andliquidity.

48

YearEnded30June2014|ReportoftheGoverningBody Property

the InvestmentPortfolio is generallyconsideredanapproximate for theCollege’s Endowment, and its size isoften thoughtof asameasure of financial resilience and sound stewardship.Using size as a shorthand, however, is itself a limitation: at year-end, theportfolioappearedtoincreasebyonly2.5%,despiteanadditionof£3.9millioninphilanthropiccontributions.theendingbalancedoesnotsignifylossesintheportfoliobutistheresultofa£4millionreductionintheCollege’spropertyholdingsasaconsequenceofachangeofusefromaninvestmenttoanoperationalproperty.thesecondsuchtransferinfouryears,thisdecisiontoinvestintheCollege’sownoperationsinpursuitofitsstrategyofaimingtohouseallstudentswithinitstwenty-acresiteisareminderthattheroleoftheendowmentistosupporttheoperationsoftheCollege,whichmustsometimestaketheformofasignificantcapitalcontribution.thevaluationoftheremainderofthepropertyportfolioremainedflat,buttherehasbeensomesuccessinattractingnewtenantswithstrong covenants to create an interior design destination.

49

DistributionsforSpendingDuring2013-14,thespendingruledelivered£1.6millioninsupportofcurrentoperations,broadlysimilartothatinpreviousyears.thespendingruleensuresthatinvestmentreturnsaresmoothedtoprotectoperationsfromthevolatilityofreturnsandthattheamountavailable for spending is known in advance. the relatively small increase reflects the adjustments through smoothing that havecompensatedfortheoverspendbetween2009andnowintimesofportfoliolosses.theformulaappliesaweightof70%tothepreviousyear’sdistribution,increasedbyRPI+1%(astandardmeasureofinflationfortheeducationsector)and4.5%oftheaverageforthelasttwelvequartersofendowmentcapitalvalues.thedistributionfor2014-15increasedto£1.02perunitonaunitvalueof£22.69versus£1.01perunit for2013-14 (onaunitvalueof£22.17).thedistribution for2014-15 representsayieldof4.61%on the three-yearaveragefundunitvalueand4.49%ontheclosingfundunitvalueasat30June2014.Whentheyieldfallsto4.5%inbothcalculations,theportfolio’svaluewillhaverecoveredfromtheoverspendfrom2009tothepresent,whichwasoneconsequenceofthe2008financialcrash.Iftheyielddrops,theportfolioretainsreturnsasacushionagainstfuturedownturns.Insettingthespendingrule,theCommitteeisconsciousoftheneedtobalancetheclaimsofpresentwithfuturebeneficiariesandaimstopreservethepurchasingpoweroftheendowment.Sincetheinceptionofthisportfoliointhefourthquarterof2009,educationalinflationhasrunat24.6%,whilethetotalreturnontheportfoliohasbeen39.4%.However,inordertopreservethepurchasingpoweroftheportfoliooverthisperiod,aspendrateofonly2.5%wouldhavebeenrequired.


50

CompositionofInvestmentPortfolio

30June2014

£

30June2013

£

30June2012

£

1.SecuritiesCorePortfolioCash* 1,758,792 2,568,000 1,150,120

ForwardForeignExchangeHedges 108,791 (130,556) 20,179

Fixed Income — — 977,115

Credit 1,828,812 2,445,001 1,749,672

AbsoluteReturn 2,165,428 2,426,224 2,210,363

HedgedEquities 2,552,546 1,034,564 1,306,265

GlobalEquities 10,652,959 6,050,458 4,314,086

PrivateEquity 2,416,374 2,065,922 1,930,040

InflationlinkedBonds 1,327,382 979,154 801,863

CommodityFund — 399,767 424,219

Total 22,811,084 17,838,533 14,883,921

OtherPrivateEquity** — — 12,098

tOtAlSECURItIES 22,811,084 17,838,533 14,896,019

2.PropertyOffice 5,345,660 10,209,966 10,151,704

Retail 7,618,600 6,869,294 6,737,556

tOtAlPROPERtY*** 12,964,260 17,079,260 16,889,260

tOtAlPORtFOlIO 35,775,344 34,917,793 31,785,279

* Includes donated cash and shares held at nil value.

** Includes donated shares in three new ventures, held at nil value.

*** This excludes the residential properties: 25 Parkside, 96A Regent Street, 76 Regent Street, 70 Regent Street and 65 Devonshire Road. These have a combined value of £6,100,000 but are treated as the College’s operational property in the accounts. Because the costs of a formal valuation would outweigh the likely benefits, the values given are provided by Carter Jonas on the basis of an informal assessment.


51

CAPItAlANDRESERVES• £147.4millionincapitalandreserves(includingbuildings)-up4.1%

• £110.7millioninbuildings

• £35.8millionininvestmentassets–up2.5%

• £3.9millioninbenefactionsanddonationstransferredtoPartnersCapital

• £8.3millioningeneralreserves–down37.6%

By year-end, the College’s capital base had increased by 4.1%.this improvementwas the result of (i) a surplus on operations of£0.3million, (ii) benefactions anddonations of £3.9million, and (iii) unspent returns on the investment portfolio of £1.6million.theseadditionstoreserves,however,wereonceagainoffsetbyfurtheractuariallossesontheclosedstaffpensionscheme,CambridgeColleges Federated Pension Scheme (‘CCFPS’) of £0.2million.the benefactions of £3.9million added to the endowmentwere inadditiontocontributionsof£0.9milliontobuildingprojectsandof£0.2milliontoannualcosts,whicharerecognisedrespectivelyinthedeferredcapitalgrantssectionoftheBalanceSheetandtheIncomeandExpenditureaccount.thecapitaldonations,combinedwithareturnof8.9%intheSecuritiesPortfolioand5.8%inthePropertyPortfolio,ledtoanoverallincreaseof£5.0millioninInvestmentAssets.However, an amountof £4.1millionwas transferred tooperational buildings, representing the valueof theupperfloorsofParker’sHouse,whicharethesubjectofconversiontostudentaccommodation.thenetincreaseinInvestmentAssets,therefore,was£0.9million.Attheendoftheyear,InvestmentAssetsstoodat£35.8million,anincreaseof2.5%.

Generalreserveshavedecreasedby37.6%(£5.0million),whichatyearendstoodat£8.3million.thevalueofinvestmentsheldbygeneralreservesincreasedby3.6%(£0.5million).However,therewasadecreaseof41.5%(£5.5million)duetothetransfertothedesignatedbuildingsreservefollowing(i)thetransferfrominvestmentassetstooperationalpropertyofthevalueofParker’sHouseand(ii)thevalueofbuildingworksundertakenduringtheyear,includingthecostsofrenovatingtheHowardBuilding.

takentogether,thesetransactionsaccountedforanadditionof£5.8millionforanendingbalanceoncapitalandreservesof£147.4million.

CASHFlOW

• Cashflowfromearningsbeforedepreciation,interestexpense,andchangesinworkingcapital:£1.9million

• Changeincashbalancesinyear:£1.0millionreduction

• totalcapitalexpenditure:£3.5million

• totalcapitalexpenditureexcludingdonor-fundedandspecialprojects:£3.0million

Cashconsumedbyallactivitiesresultedinadecreaseof£1.0millionincashbalances,withcashheldatyearendof£2.6million.Cashgenerationfromoperatingactivitiesbeforetheeffectsofworkingcapitalandtheproceedsfromprivateplacementamountedto£0.2million,aslightimprovementonlastyear’sbreakeven,reflectingthebetteroperatingperformance.Endowmentincomelessinterestpayablecontributedafurther£1.3millionofcash.


52 9. The placement was in two tranches, one for £2.9 million at 4.40% (£1.3 million for 30 years, £1.6 million for 40 years) and the second for £2.1 million at 4.45% for 30 years.

thelong-overduerenovationoftheHowardBuildingandoftwostudenthousesinlensfieldRoadledtoanunusuallyhighlevelofcapitalexpenditureof£3.5million.ExcludingtheHowardBuildingcostsandotherworksfundedbydonationsfromthetotal,£2millionwasinvestedincapitalexpenditure,whichwasnotquitecoveredbyearningsbeforedepreciationof£1.7million.Furthermore,forthefirsttimeinfouryears,thecashgeneratedwouldnothavebeenabletocovertherecommendedallowanceof1.5%(£1.7million)oftheinsuredvalueofthebuildings(£112million).

In2013,theCollegeraised£5millioninalong-termprivateplacement,withtheintentionoftakingadvantageofhistorically-lowrates9 inordertoprovidebridgefinancingfortheParker’sHouseprojectandacceleratetherefurbishmentofstudentaccommodation.theproceedswereinvestedinaspecialliquidportfolio,shownasacurrentassetinvestmentonthebalancesheet.Fundshavenotasyetbeenwithdrawn.

thesignificantcontributionbydonors,whichthisyearcameto£5.3million,demonstratestheCollege’srelianceonthegenerosityofalumnibothtodevelopandtosustainitsactivities.Ofthis,£0.4millionwasreceivedfortheParker’sHouseproject,resultingincashof£2.0millionheldspecificallyfortheproject,and£3.9millionwaspassedovertoPartnersCapitalforinvestment,comparedwith£1.7million last year.

INVEStMENtFORtHEFUtUREAcollectiveconsciousnessofhistoricalrootshastendedtoinspirethelongview,withfuturegenerationsbenefitingfromdecisionstakeninpreviousdecades.Inthe1980s,adecisionwasmadetonegotiatealeaseonadevelopmentontheeasternborderoftheCollege(Parker’sHouse).thetermsweresofavourabletotheCollegethatrenegotiationwouldbecomeinevitableandcreateanopportunitytobuyout the investor’s remaininghundred-year interest at a timeof depressedprices.theneed tohouse an expanding graduatecommunitymaynothavebeentotheforefrontintheearly1980s,butcreatingtheconditionsforfuturedevelopmentwillresultintheCollegebeingabletoaccommodateallstudentswithinitstwenty-acresiteby2016.theconversionofthe1980sofficeblockinto78studenten-suiteroomswillformanewcourt,FirstCourt,whichlinksthisspacetothehistoricalcircumstancesthatcreatedtheCollege:theCourtcommemoratesSirGeorgeDowning,3rdbaronet’sgrandfather,SirGeorgeDowning,1stbaronet,whosewealtheventuallyfundedthefoundationoftheCollege.

theperiodbetweenthere-purchaseoftheleasein2010andthetimewhenconstructioncouldbeginontheexpirationofatenancyinMarch2014permittedtheCollegetoexplorethepotentialoftheprojecttosolvelogisticalissuesinservicingtheDomusandtoconsiderwaysinwhichtosatisfytherequirementtocontribute1%oftheconstructioncoststopublicart.theCollegeconsultedAdamCarusoofCarusoStJohn,thearchitectsresponsiblefortherestorationoftheDiningHall,whochangedafundamentallyutilitarianprojectintoanarchitecturallyinterestingadditiontotheDomus.Byidentifyingtheformerstablesasaspaceinwhichartcouldbeexhibited,Caruso’splannotonlyfulfilsthepublicartrequirementbutalsogivespurposeandsignificancetoFirstCourt.Withthehelpofalumniandfriendsintheartworld,plansforthethreeyearsofpublicexhibitionstowhichtheCollegeiscommittedarewellunderway.AcreativesolutiontoanaccommodationproblemhasledtothedevelopmentoftheCollege’sculturallife.


53

tENYEARCAPItAlPROGRAMME

At1October2014Netcurrentroomsrefurbishedoracquiredinlasttenyears(2005–2014):130(26%)

totalStudentRooms:490

RestorationandMajorRefurbishmentYear Building NumberofStudentRoomsifApplicable

2005 28lensfieldRoad 8

KitchenRefurbishment


ParlourExtensionandOffices


Hall

UStaircase

2008 Howardlodge 32

2009 VStaircase

2010 Howardtheatre

BoathouseFloodprevention 6

Master’slodgeFlat

HStairBathroomsandKitchen

2011 Master’slodgeRoof

Parker’sHousetopFloor(Conferenceuse)

KandlStaircaseBathrooms(12) 12

Howardlodgebathrooms

2012 GriphonHouse(formerly14RegentSt) 22

ButterfieldBuilding

2013 ChapelRamp

RoseGardenFlat(part)

40/42lensfieldRoad 19

2014 D Staircase 4

ChapelandOrgan

MCRandOffices

Total 117


54

NewandAcquiredBuildings,land,andleasesYear location NumberofStudentRooms(ifApplicable)

2005 96aRegentStreet(Flats) 3

2006 76 Regent Street 4

2009 70 Regent Street 6

Howardtheatre

Groundsman’sStore(BartonRoad)

2010 14RegentStreet(conversionto22studentrooms)

2011 Parker’sHouse(topfloorchangeofuse)

2012 Nil

2013 Barton Road Development Consortium

2014 Parker’sHouse(1st&2ndFloors)

Total (excluding sold houses) 13

SaleofOperationalPropertyandterminationofleasesYear Property NumberofStudentRooms(ifApplicable)

2005 91MawsonRoad 5

2007 55Warkworthterrace 7

2012 65lensfieldRoad(and1DowningArchway) 12

2013 1,2and3GonvillePlace(leasesterminated) 26

Total 50


55

FINANCIAlOUtlOOKthefive-yearperiod following thefinancial crisis sawa re-shapingof expectations: external funding shouldbe sought for researchpositions;multi-use,but subject specific, fundswere targetedat generaleducationalpurposes; ingenuitywasexercised in securingteachingatmarginalcosts;charging for studentaccommodationshould reflectcosts;passingcatering tradeshouldbecourted. Anatmosphereofprivationpervaded.thesemeasureshavehelpedreturnasurplusforthethirdyearinarow.Changedcircumstancesnowmeanthat,inordertosecureappropriateteachinginlaw,theHopkinsParryFundmustagainsupportaCollegeteachingOfficerratherthanbeusedtosupportlawmoregenerallyintheCollege.ExternalfactorswillalsoaffecttheCollege’sabilitytomakeendsmeet:inadditiontotheextracostofimplementingtheadministrativelycumbersomeauto-enrolmentpensionscheme,thecostsofUSSaresettorise,andinfuturethedisaggregationoftheliabilitiesoftheschemewillaffectboththeIncomeandExpenditureStatementandBalanceSheet.DespitetheclosureoftheDowningsectionoftheschemein2009,thefundingdeficitontheCollege’sportionoftheCambridgeCollegesFederatedPensionSchemecontinuestogrow,thisyearreaching£2.0million.Whileacademicandacademic-relatedsalariesarecontainedbynationalagreements,themarketsetsthelevelofthemajority(77%)ofthesalarybill.AlthoughtheCollegecannotprudentlycommittothelivingwagecampaign,itneverthelessrecognisesthedifficultiesexperiencedbythelowest-paidworkersandhasthereforeraisedthepayforthelowest-paidpermanentstaffabove£7.64perhour.

AshiftinpolicyattheIsaacNewtontrustmeansthatinsteadofsubsidisingtheCambridgeBursaryScheme,fundswillsupportgraduatestudentships.Downingreceived£63,020insubsidiesin2013-14fromtheIsaacNewtontrustfortheCambridgeBursaryScheme.

PlANSFORtHEFUtUREtheCatalysisCampaignwasoriginallyconceived in2009asacampaign toraise fundsprincipally tosustainexistingactivities thatmightbethreatenedbythevicissitudesofthefundingofhighereducation.However,prioritieschangesubtlyovertimeandthewishesofdonorscreatenewopportunities,forexample,byprovidingstudentshipsforgraduates.Withthesupportofalumniandfriends,thegoalofraising£20millionshouldbereachedduringthecomingyear,butthepressureonfundingcoreactivitiesinGrade1listedpremisespersists.thelong-termprivateplacementof£5millionhasnotonlyprovidedfinancingtobridgethegapbetweentheconstructionofParker’sHouseandthesubsequentsaleoftheoutlyingproperties,butalsoitalsopermitstheaccelerationoftheprojectsforamajorrenovationof fourhousesonlensfieldRoad.While it is possible to imagineaplan inwhichcurrent activities arefinancially self-sustaining,fundswillinevitablyberequiredtoinvestbothinthedevelopmentoftheestate,itsbuildings,and,mostimportantly,thelifewithin.

On behalf of the Governing Body:

ProfGRGrimmett,MasterDrSusanlintott,SeniorBursar Date:18December2014


56

* The table ranks the results of the undergraduates in 29 of the Colleges, expressing the results as a % of the score that would be achieved if everyone were to get a First. Five points are awarded for a First, three for a 2:1, two for a 2:2, and one for a Third.

10 Special Prizes are awarded to those in the top 2.5% of their University Class List

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtS

Financial Year End: 2014 2013 2012 2011 2010

1. Educationtompkinstables* 11 12 20 17 15

Undergraduateclassificationofdegrees

1st 116 87 82 76 81

2:1 213 228 219 217 209

2 13 17 34 45 41

2:2 54 50 60 50 47

3 9 8 14 8 14

Pass 13 14 13 15 16

DDH(Deemedtohavedeservedhonours) 1 5 4 8 9

Ordinary 0 0 0 1 0

Fail 5 2 1 1 0

NumberofSpecialPrizes10 19 14 13 9 6

Graduatedegreesawarded:

PhD(includingMBPhD) 39 35 38 42 38

MPhil,llM,MBAetal 64 47 65 54 38

MB BChir 7(inc

2xVetMB)

9(inc

2xVetMB)

12(inc

2xVetMB)

12(inc

2xVetMB)

2

2. AdmissionsNumberofOpenDays

CollegeOpenDays 5 5 3 4 4

UniversityOpenDays 2 2 2 2 2

SouthWestOpenDays 1 1 1 1 1

NumbersvisitingOpenDays 834 1,046 1,022 1,041 1,195

%subsequentlyapplyingtoDowning(inOctoberfollowing) 17% 19% 19% 19% 21%

ApplicantsfromSouth–Westinitiative(Octoberfollowing) 38 40 31 44 44

ApplicantsfromSouth-Westnon-selectiveschools(includedabove) 25 27 23 38 31

AdmissionsfromSouth-Westnon-selectiveschools 2 4 4 8 1

Applicantsfromlowparticipationneighbourhoods 16 22 30 — —

Admissionsfromlowparticipationneighbourhoods 2 6 — — —


57

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED


2. Admissions continuedtotalNumberofApplicantsforUndergraduateCourses(inOctober

following)

733 879 818 769 719

% Women: % Men 48:52 47:53 44:56 43:57 45:55

ApplicantsfromMaintainedSchools 341 391 383 381 358

%Maintained/%Independent 62:38 59:41 61:39 62:38 60:40

Admissions(IncludingSummerPool) 124 120 125 132 128

% Women: % Men 44:56 43:58 45:55 42:58 38:62

AdmissionsfromMaintainedSchools 62 63 61 72 69

%Maintained/%Independent 61:39 59:41 56:44 58:42 58:42

Applicationsbysubject

Asian&MiddleEasternStudies 4 6 6 4 3

ASN&C — 1 2 2 4

Archaeology&Anthropology — — 4 3 6

Architecture 25 28 24 18 24

Chemical Engineering via Engineering 9 16 11 — —

ChemicalEngineeringviaNaturalSciences 14 20 18 — —

Classics 5 12 13 9 12

ComputerScience 10 17 15 10 5

Economics 69 77 70 77 78

Education 2 5 1 1 —

Engineering 73 111 105 91 59

English 22 21 27 20 31

Geography 30 42 26 31 29

History 14 21 19 13 23

HistoryofArt 2 2 4 3 6

Human,Social&PoliticalSciences 30 35 — — —

Land Economy 15 17 13 19 13

law 84 81 77 70 103

linguistics 3 1 3 4 3

Mathematics 43 35 38 30 37

Medicine 76 91 102 125 82

Modern&Medievallanguages 19 17 25 19 21

Music 1 4 3 2 1

NaturalSciences(Biological) 67 77 75 67 68

NaturalSciences(Physical) 54 84 88 94 59

Philosophy 5 5 6 5 8


58 11 Cambridge Student Statistics Office figures (excluding incoming exchange and visiting students).



2. Admissions continuedPolitics,Psychology&Sociology — — 30 34 28

Psychological&BehaviouralSciences 47 24 — — —

Theology 2 9 5 5 3

VeterinaryMedicine 8 20 8 13 13

RatioofApplicationstoOffers 5.0:1 6.0:1 5.7:1 5.3:1 4.9:1

%Applicantswhoareadmitted 16.8% 14.1% 14.7% 16.3% 18.4%

%South-WestApplicantswhoareadmitted 16.0% 7.4% 17.4% 10.5% 25.8%

totalUniversityFull-timeUndergraduates11 11,781 11,820 11,948 11,945 12,192

% Female: % Male 46:54 47:53 47:53 47:53 48:52

totalFull-timeDowningUndergraduates 446 436 455 446 445

% Female: % Male 41:59 41:59 41:59 43:57 44:56

NumbersofUndergraduatesleavingbeforegraduating 4 4 2 0 0

totalUniversityFull-timePostgraduates11 6,579 6,451 6,295 6,346 5,795

% Female: % Male 44:56 44:56 45:55 45:55 46:54

totalDowningFull-timePostgraduates11 163 154 170 163 165

% Female: % Male 44:56 39:61 42:58 36:64 39:61

totalUniversitynumbersenteringcourseforthefirsttimewhich

attractundergraduatefees113,617 3,536 3,663 3,630 3,951

% Female: % Male 47:53 48:52 47:53 48:52 47:53

Downingnumbersadmittedtocurrentcourseintheprevious

twelvemonthswhichattractundergraduatefees11137 130 133 141 148

% Female: % Male 42:58 40:60 41:59 44:56 39:61

totalUniversitynumbersadmittedtofull-timepostgraduatecourses

intheprevioustwelvemonths114,015 3,930 3,794 3,962 3,346

% Female: % Male 46:54 46:54 47:53 47:53 49:51

Downingnumbersadmittedtofull-timepostgraduatecoursesinthe

previoustwelvemonths1188 76 94 80 72

% Female: % Male 48:52 33:67 45:55 38:62 40:60


59



3. Composition of Full-time Students11

Undergraduates

Home 370 370 397 403 —

EU 31 26 24 15 —

Overseas 45 40 34 28 —

Total 446 436 455 446 —

Postgraduates

Home 58 61 59 53 —

EU 41 40 42 44 —

Overseas 64 53 69 66 —

Total 163 154 170 163 —

4. Financial Support for Students: Number of Students Receiving GrantsCambridgeBursaryScheme(formerlyIsaacNewtonGrants) 106 111 111 105 92

CambridgeCommonwealthtrust 8 4 12 8 12

CambridgeEuropeantrust 8 1 5 8 12

CambridgeOverseastrust 16 12 24 21 9

GatesCambridgetrust 2 — 3 5 4

AveragevalueofCambridgeBursarySchemeGrants £2,644 £2,508 £2,585 £2,435 £2,099

5. AccommodationAverageWeeklyRentUndergraduateStudyBedroom £130.43 £119.92 £109.14 £103.33 £96.46

AverageWeeklyRentGraduateStudyBedroom £131.72 £115.46 £112.29 £106.62 £99.69

UndergraduatesHousedinCollegeAccommodation 374 378 384 389 379

GraduatesHousedinCollegeAccommodation 108 120 117 101 106

totalUnitsofStudentAccommodation 488 515 505 505 502

6. Student Catering Incomelunch £86,013 £79,144 £88,728 £102,142 £90,991

Dinner £88,769 £90,412 £90,584 £92,525 £94,625

Café £130,068 £74,890 £41,502 £56,201 £65,367

Formal Hall £50,204 £52,362 £53,520 £49,590 £42,459


60

12 Definitions changed in 2010-11.

13 The Spending Rule is the amount determined that can be spent and still preserve the purchasing power of the endowment for the long-term. It also constitutes the amount of the total return recognised in the income and expenditure account (note 3a).



7. Conference & FunctionsConferenceandFunctionIncome £2,042,832 £2,130,084 £1,875,620 £1,886,940 £1,616,911

Total Room nights 15,337 16,849 14,696 14,743 11,410

CapacityUtilisationtotalConferenceRooms 31.6% 35.0% 32.6% — —

En—suiteRooms 32.0% 33.2% 33.0% — —

AveragePriceAchievedperRoomUsed £55.68 £52.46 £50.65 £46.08 £49.57

8. Development and FundraisingDevelopmentCampaignCashRecognised(includingbythe

Segreantstrust)

£4,904,293 £3,150,706 £2,325,775 £2,856,898 £2,721,334

Living donors as a % of members in contact 42% 42% 43% 43% 44%

ParticipationRatethisFinancialYearoflivingMembersinContact 21% 19% 18% 17% 18%

DirectFundraisingCosts:

DonationsRaisedexcludinglegaciesandtheHowardGift 5:1 7:1 3:1 7:1 1:1

DonationsRaisedincludinglegaciesbutexcludingtheHowardGift 13:1 9:1 6:1 11:1 6:1

DonationsRaisedincludinglegaciesbutexcludingtheHowardGift

(5yearaverage)

9:1 7:1 6:1 6:1 4:1

9. Income and Expenditure%Surplus(Deficit)turnover 2.3% 2.8% 3.0% (4.4%) (10.0%)

%Surplus(Deficit)FreeReserves12 2.8% 2.0% 2.4% (2.7%) (53.7%)

Staffcostsasa%ofturnover 43.0% 44.2% 43.6% 45.1% 48.7%

£persq.metrecostofupkeepofBuildings £150.87 £150.20 £156.65 £175.42 £188.32

10. Charitable FundsCharitableFundsInvested(includingWorksofArt,etc.)12 £43,751,076 £42,860,536 £39,732,187 £36,425,533 £30,408,247

EndowmentAssetslessloansperFull-timeStudents12 £54,599 £63,323 £54,771 £50,781 £40,844

CapitalValueperUnit £22.69 £22.17 £21.39 £21.02 £19.37

SpendingRuleAmount13 £1,617,819 £1,543,197 £1,505,631 £1,467,740 £1,497,688

SpendingRuleAmountas%Income 15.9% 16.0% 16.3% 16.6% 18.1%

SpendingRuleAmountas%Income(FiveYearAverage) 16.6% 17.9% 19.3% 20.7% 21.6%

SpendingRuleAmountas%InvestmentPortfolio 4.5% 4.4% 4.7% 5.0% 5.9%


61

14 The Total Actual Endowment Withdrawal is: (a) the amount actually withdrawn from the portfolio, plus (b) the donations and bequests that have been invested in units of the Amalgamated Fund at year-end that are netted against withdrawals for the Spending Rule Amount rather than disturb the portfolio, plus (c) EBITDA less interest and less capital expenditure (ex. Howard Foundation projects).



10. Charitable Funds continuedtotalActualEndowmentWithdrawal14 £3,116,516 £1,630,510 £1,243,975 £2,704,863 £1,637,621

totalActualEndowmentWithdrawalas%ofCharitableFunds 7.1% 3.8% 3.1% 7.4% 5.4%

PerformanceofCoreSecuritiesPortfolio(netoffees) 8.9% 10.8% 0.0% 14.0% 7.2%

Annualthree-yearCumulative 6.5% 8.1% 6.9% (1.5%) (6.7%)

AnnualFive-yearCumulative 8.1% 1.2% (1.6%) 0.3% (0.5%)

PerformanceofPropertyPortfolio 5.8% 7.6% 11.4% 17.4% 14.1%

Annualthree-yearCumulative 8.3% 12.1% 14.3% 10.6% 2.4%

AnnualFive-yearCumulative 11.2% 10.2% 7.0% 5.8% 5.5%

11. Inflation Measurements RPI 2.6% 3.3% 2.8% 5.0% 5.0%

RPIX 2.7% 3.3% 2.8% 5.0% 5.0%

HEPPI–nowdiscontinued — — — — 2.2%

tenderPriceInflation(October–October)DavislangdontenderPriceIndex

4.9% 2.0% 0.5% (0.5%) (2.0%)

12. The FellowshipFellowship(as of 1 October 2014) 47 50 52 53 52

UniversityPrincipalEmployer 33 36 38 39 37

Professors 13 14 14 13 12

Readers 3 4 2 4 4

Seniorlecturers 6 7 6 6 6

lecturers 8 8 11 12 12

Other 3 3 5 4 3

CollegeteachingOfficers 3 2 2 4 4

ResearchFellowships 2 3 3 2 3

Stipendiary 1 2 3 2 3

Non-stipendiary 1 1 — — —

Administrative+Chaplain 4 4 4 4 3

Female 14 14 14 16 16

Male 33 36 38 37 36

Resident 3 5 7 8 8

Non-Resident 44 45 45 45 44


62



13. Support StaffSupportStaffHeadcount 155 144 139 135 137

Female 90 82 82 78 81

Male 65 62 57 57 56

turnover

Appointments 36 23 30

Retirements 5 2 3 2 2

Resignations 19 13 18 21 18

Deceased — 1 1 — —

Dismissal/Redundancy 1 2 4 4 1

Days Sickness 618 944 895 1,123 1,508

ReportsunderRIDDOR — — 1 1 —

14. PensionsMembersintheUSSPensionScheme 76 74 78 86 95

MembersinMoneyPurchaseScheme 72 7 5 3 2

MembersintheCCFPSPensionScheme

atthetriennialActuarialValuation31March

2 2 4 4 4

Pensioners 34 — — 27 —

Male 17 — — 12 —

Female 17 — — 15 —

Deferred 50 — — 59 —

Male 23 — — 31 —

Female 27 — — 28 —

ActiveMembers 2 — — 4 —

AverageAge 64.0 — — 51.7 —

Male 1 — — 2 —

AverageAge 57.5 — — 59.5 —

Female 1 — — 2 —

AverageAge 60.7 — — 43.8 —

PensionfundAssets(CCFPS)attriennialValuationAssets £4,497,500 — — £3,551,000 —

PastServiceFundinglevelDeficit (£925,600) — — (£274,000 —

Fundinglevel% 79% — — 93% —

MembersofPreviousCollegeStaffScheme(Retired) 5 5 5 6 7


63



15. Environmental MeasuresCollegesEnvironmentalleaguetable 1 1 1= 6 1

Management Rank 3 2= 1 6 2

Management Score 260pts 86% NA 71% 73.6%

EnergyRank(CO2emissions2014) 6 7 NA 4 7

EnergyScore(CO2emissions) 9.3kg/p/day 11.5kg/p/day 30.0kWh/p/

day

57.0kWh/p/

day

60.0kWh/p/

day

Water Rank 3 2 NA 5 6

Water Score 142litres/p/

day

166litres/p/

day

<250litres/p/

day

279litres/p/

day

275litres/p/

day

Recycling Rank 1 2 NA 12 1

Recycling Score NA 64% 92.1% 65% 97.6%

WaterUse £74,713 £84,706 £78,662 £62,460 £76,630

GasUse £167,491 £180,292 £163,061 £140,637 £128,415

ElectricityUse £178,146 £192,065 £157,110 £163,981 £201,318

Gasunitprice(p/kWh) 2.32p 2.32p 2.548p 1.9804p 1.9804p

Electricityunitprice(p/kWh) 9.236p 9.236p 7.905p 7.905p 10.533p

Scope1CarbonEmissions

Gas(tonne/CO2e) 943 1070 1,198 903 1,006

Fuel(tonne/CO2e) 0 <1 <6 <1 <1

Scope2CarbonEmissions

Electricity(tonne/CO2e) 910 950 990 979 1,002

16. GovernanceFreedomofInformationrequests 61 25 14 — —


64

ACCOUNtING

1. Donations and BenefactionstheCollegeincreasinglyreliesondonationsandbenefactions,thesebeingreceivedprincipallyfrommembersoutofresidence.theaccountingtreatmentofadonationdependsonthenatureandextentofrestrictionsspecifiedbythedonor.Donationswithnosubstantialrestrictionsarerecognisedasincomeintheincomeandexpenditureaccount.DonationswhicharetoberetainedforthefuturebenefitoftheCollege,andotherdonationswithsubstantiallyrestrictedpurposes,otherthanfortheacquisitionorconstructionoftangiblefixedassets,arerecognisedinthestatementoftotalrecognisedgainsandlossesasnewendowments.

2. LegaciesBecauseofitshistoricalexperience,theCollegetreatslegaciesashavingbeenreceivedonlywhentheyhavebeenpaid,orwhenitbecomesindisputablycertainthattheywillbepaid.

3. TaxationOn1June2010,theCollegeceasedtobeanexemptcharitywithinthemeaningofSchedule2oftheCharitiesAct1993andbecamearegisteredcharity,number1137455,on12August2010.

theCollegeisalsoacharitywithinthemeaningofSection506(1)of thetaxesAct1988.Accordingly, theCollegeisexemptfromtaxationinrespectofincomeorcapitalgainsreceivedwithinthecategoriescoveredbySection505ofthetaxesAct1988orSection256ofthetaxationofChargeableGainsAct1992totheextentthatsuchincomeorgainsareappliedtoexclusivelycharitablepurposes.

theCollegereceivesnosimilarexemptioninrespectofValueAddedtax.theCollegeisapartiallyexemptorganisationforVAtpurposes.WiththeapprovalofHMRevenueandCustoms,ithasadoptedamethodologythatenablesittorecoverpartoftheVAtonitsexpenses.thoughrecoveredVAtsignificantlyexceedstheVAtpreviouslyrecoverableundertheoldCVCPGuidelines,inputtaxonpurchasesis,nevertheless,largelyirrecoverable.In2013-14,theCollegereceived£160,148inrefundsonpurchasesof£6.0million.

theCollege’ssubsidiarycompanies,DowningCollegeDevelopmentslimited,DowningCambridgeConferenceslimitedandtheMayBall Company limited are not subject to these exemptions and are liable for Corporationtax.However, all taxable profits of thesubsidiariesaregiftaidedtotheCollege,therebyextinguishinganycorporationtaxthatmaybeassessable.


65

15 Certain of the College buildings were first listed as buildings of “special architectural or historic interest” on 26 April 1950. The buildings that are classified as Grade 1 (“buildings of exceptional interest”, comprising about 2% of the 1989 resurvey) are: east and west Ranges, including the Hall, the Master’s Lodge and the east and west lodges. Those classified as Grade 2 (“particularly important buildings of more than special interest”, comprising about 4% of the list) are: The Gate lodge [with 36 Regent Street], and gates to Regent Street; the West Gate onto Tennis Court Road, including short screen walls on either side; North-west Gate onto Tennis Court Road opposite Fitzwilliam Street; Boundary Wall fronting Tennis Court Road.

4.Fundsi) DeferredCapital:

DeferredCapitalrepresentsdonationstowardsthecostofpurchaseorconstructionofatangiblefixedassetotherthanland.

ii) Endowment: EndowmentfundsareheldontrusttoberetainedforthebenefitoftheCollege.theycanbeeitherpermanentfunds(ofeitherarestrictedorunrestrictednature)whichmustbeinvestedpermanentlytogenerateanincomestream,orexpendablefunds,whichmaybeconvertedtoincomeandarerestrictedonly.Restrictedfundsaresubjecttospecifictrusts,whichmaybedeclaredbythedonor(s)orwiththeirauthority,orcreatedthroughalegalprocess.therestrictionmayapplytoincomeorcapital,orboth.

iii) Reserves: UnrestrictedfundsareavailabletotheCollegeforgeneralpurposesandareexpendableattheCollege’sdiscretion.theCollegehasdesignatedpartofthefundforaparticularpurpose,theDesignatedBuildingReserve.thisreserve,togetherwiththeRevaluationReserveandDeferredCapital,representsthenetbookvalueofthefixedassetsusedforoperationalpurposes.

5.Depreciationtheearliestbuildings,designedbyWilliamWilkins,formasignificantpartoftheDomusandarelistedasGradeI.15Allotherbuildingson theDomuscomewithin the curtilageof thosebuildings andare therefore subject to someof the same restrictions.thelistingimposesanobligationtorepairandrestore.AfullquinquennialassetvaluationoftheoperationalestateforaccountingpurposeswaspreparedbyGeraldEvellP,CharteredSurveyors,asat30June2011.theresultingvalueofthebuildingswasincludedinFixedAssetsontheBalanceSheet.Allrepairsthatrestorevaluearecapitalised,asareimprovements.Otherrepairsarechargedagainstincome.Forinsurancepurposes,thereplacementcostofthebuildingshasbeenvaluedat£112.9million.

6.PensionsFRS17hasbeenadoptedinfull,enablingtheestimatedcostofprovidingthepensionbenefitsearnedduringtheyeartobeincludedasastaffcostwithinexpenditure.thedeficitontheschemeisshownasaliabilityoftheCollegeanddeductedfromreserves.


67

Financial Statements

68

YearEnded30June2014|FinancialStatements RESPONSIBIlItIESOFtHEGOVERNINGBODY

theGoverningBodyisresponsiblefortheadministrationandmanagementoftheCollege’saffairs.

theGoverningBodypresentsauditedfinancialstatementsforeachfinancialyear.thesearepreparedinaccordancewiththeprovisionsoftheStatutesoftheCollegeandoftheUniversityofCambridgeandapplicableUnitedKingdomAccountingStandards,includingtheStatementofRecommendedPractice ‘Accounting forFurtherandHigherEducation Institutions’, as interpretedby theUniversityofCambridgeintheirRecommendedCambridgeCollegeAccounts.

With reference to theaboveprovisions, theGoverningBody is responsible forensuring that there isaneffective systemof internalcontrolandthataccountingrecordsareproperlykept.

Itisrequiredtopresentauditedfinancialstatementsforeachfinancialyear,preparedinaccordancewiththeStatutesoftheUniversity.

Incausingthefinancialstatementstobeprepared,theGoverningBodyhassoughttoensurethat:

• Suitableaccountingpoliciesareselectedandappliedconsistently;

• Judgementsandestimatesaremadethatarereasonableandprudent;

• Applicableaccountingstandardshavebeenfollowed,subjecttoanymaterialdeparturesdisclosedandexplainedinthefinancialstatements.

theGoverningBodyissatisfiedthattheCollegehasadequateresourcestocontinueinoperationfortheforeseeablefuture.thefinancialstatementsareaccordinglypreparedonagoingconcernbasis.

theGoverningBodyhastakenreasonablestepstoensurethat thereareappropriatefinancialandmanagementcontrols inplacetosafeguardtheassetsoftheCollegeandpreventanddetectfraud.

Anysystemofinternalfinancialcontrol,however,canonlyprovidereasonable,notabsolute,assuranceagainstmaterialmisstatementor loss.

theGoverning Body is responsible for themaintenance and integrity of the corporate and financial information included on theCollege’swebsite.legislationintheUnitedKingdomgoverningthepreparationanddisseminationoffinancialstatementsmaydifferfromlegislationinotherjurisdictions.

69

YearEnded30June2014|FinancialStatementsINDEPENDENtAUDItORS’REPORttOtHEGOVERNINGBODYOF

DOWNING COLLEGEWehaveauditedthefinancialstatementsofDowningCollegefortheyearended30June2014whichcomprisetheconsolidatedincomeandexpenditureaccount,theconsolidatedstatementoftotalrecognisedgainsandlosses,theconsolidatedandCollegebalancesheet,theconsolidatedcashflowstatementandrelatednotes.thefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccountingPractice).

thisreportismadesolelytotheCollege’strustees,asabody,inaccordancewithCollege’sStatutes,theStatutesoftheUniversityofCambridgeandwithsection151oftheCharitiesAct2011andregulationsmadeundersection154ofthatAct.OurauditworkhasbeenundertakensothatwemightstatetotheCollege’strusteesthosematterswearerequiredtostatetotheminanauditors’reportandfornootherpurpose.tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthantheCollegeandtheCollege’strusteesasabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.

RESPECtIVERESPONSIBIlItIESOFtHEGOVERNINGBODYANDAUDItORSAsexplainedmorefullyintheGoverningBody’sResponsibilitiesStatementsetoutonpage68,theGoverningBodyisresponsibleforthepreparationoffinancialstatementswhichgiveatrueandfairview.

Wehavebeenappointedasauditorsundersection151oftheCharitiesAct2011andreportinaccordancewithregulationsmadeundersection154ofthatAct.OurresponsibilityistoauditandexpressanopiniononthefinancialstatementsinaccordancewithapplicablelawandInternationalStandardsonAuditing(UKandIreland).thosestandardsrequireustocomplywiththeAuditingPracticesBoard’s(APB’s)EthicalStandardsforAuditors.

SCOPEOFtHEAUDItOFFINANCIAlStAtEMENtSAn audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonableassurancethatthefinancialstatementsarefreefrommaterialmisstatement,whethercausedbyfraudorerror.thisincludesanassessmentof:whethertheaccountingpoliciesareappropriatetothecharity’scircumstancesandhavebeenconsistentlyappliedandadequatelydisclosed; the reasonablenessof significantaccountingestimatesmadeby the trustees;and theoverallpresentationof thefinancialstatements. In addition,we read all the financial and non-financial information in theAnnualtrustees’ Report to identifymaterialinconsistencieswiththeauditedfinancialstatementsandtoidentifyanyinformationthatisapparentlymateriallyincorrectbasedon,ormateriallyinconsistentwith,theknowledgeacquiredbyusinthecourseofperformingtheaudit.Ifwebecomeawareofanyapparentmaterialmisstatementsorinconsistenciesweconsidertheimplicationsforourreport.

70

YearEnded30June2014|FinancialStatements OPINIONONFINANCIAlStAtEMENtS

Inouropinion:

• thefinancial statementsgivea trueand fair viewof the stateof theCollege’saffairs asat30 June2014andof its incomeandexpenditurefortheyearthenended;

• thefinancialstatementshavebeenproperlypreparedinaccordancewithUnitedKingdomGenerallyAcceptedAccountingPractice;

• thefinancialstatementshavebeenpreparedinaccordancewiththerequirementsoftheCharitiesAct2011,theCollege’sStatutesandtheStatutesoftheUniversityofCambridge;

• thecontributionduefromtheCollegetotheUniversityhasbeencorrectlycomputedasadvisedintheprovisionalassessmentbytheUniversityofCambridgeandinaccordancewiththeprovisionsofStatuteG,II,oftheUniversityofCambridge.

MAttERSONWHICHWEAREREQUIREDtOREPORtBYEXCEPtION

WehavenothingtoreportinrespectofthefollowingmatterswheretheCharitiesAct2011requiresustoreporttoyouif,inouropinion:

• theinformationgivenintheGoverningBodyAnnualReportisinconsistentinanymaterialrespectwiththefinancialstatements;or

• sufficientaccountingrecordshavenotbeenkept;or

• thefinancialstatementsarenotinagreementwiththeaccountingrecordsandreturns;or

• wehavenotreceivedalltheinformationandexplanationswerequireforouraudit.

PEtERSElWORtHY&MOORE CharteredAccountantsandStatutoryAuditors SalisburyHouse Station Road CAMBRIDGECB12lA

Date: 19 December 2014

PetersElworthy&Mooreiseligibletoactasanauditorintermsofsection1212oftheCompaniesAct2006.

71

Statement of Principal Accounting Policies

72

YearEnded30June2014|Statem

entofPrincipalAccountingPolicies BASISOFPREPARAtION

thefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsoftheStatutesoftheCollegeandoftheUniversityofCambridgeandapplicableAccountingStandards. Inaddition,thefinancialstatementscomplywiththeStatementofRecommendedPractice‘AccountingforFurtherandHigherEducationInstitutions’(theSORP).

theincomeandexpenditureaccountincludesactivityanalysisinordertodemonstratethattheCollegeissatisfyingitsobligationstotheUniversityofCambridgewithregardtotheuseofpublicfunds.theanalysisrequiredbytheSORPissetoutinnote8.

BASISOFACCOUNtINGthefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,asmodifiedbytherevaluationofinvestmentassetsandcertainlandandbuildings.

BASISOFCONSOlIDAtIONtheconsolidatedfinancialstatementsconsolidatethefinancialstatementsoftheCollegeanditssubsidiaryundertakingsfortheyearended30June2014.theresultsofsubsidiaryundertakingsacquiredordisposedofduringtheperiodareincludedintheconsolidatedincomeandexpenditureaccountfromthedateofacquisitionoruptothedateofdisposal.theactivitiesofstudentsocietieshavenotbeenconsolidated.

AseparatebalancesheetandrelatednotesfortheCollegearenotincludedintheaccountsbecausetheCollege’ssubsidiarycompaniesareadesignandbuildcompany,aconferencetradingcompanyandacompanyoperatingthebiannualMayBallandthereforethebalancesheetwouldnotbemateriallydifferentfromtheoneincludedintheaccounts.

RECOGNITION OF INCOME

a)AcademicfeesCollegefeeincomeisrecognisedintheperiodforwhichitisreceivedandincludesallfeeschargeabletostudentsortheirsponsors.

b)DonationsandbenefactionsCharitabledonationsarerecognisedonreceiptorwherethereiscertaintyof futurereceiptandthevaluecanbemeasuredreliably.theaccountingtreatmentofadonationdependsonthenatureandextentofrestrictionsspecifiedbythedonor.Donationswithno

73


entofPrincipalAccountingPoliciessubstantialrestrictionsarerecognisedasincomeintheincomeandexpenditureaccount.Donationswhicharetoberetainedforthe

futurebenefitoftheCollege,andotherdonationswithsubstantiallyrestrictedpurposes,otherthanfortheacquisitionorconstructionoftangiblefixedassets,arerecognisedinthestatementoftotalrecognisedgainsandlossesasnewendowments.

c)CapitalgrantsanddonationsGrants anddonationsare received for thepurposesof funding theacquisitionandconstructionof tangiblefixedassets. In thecaseofdepreciableassetsthesearecreditedtodeferredcapitalgrantswhentherelatedcapitalexpenditureisincurredandreleasedtoincomeovertheestimatedusefullifeoftherespectiveassetsinlinewiththedepreciationpolicy.Grantsanddonationsof,orfortheacquisitionof,freeholdlandorheritageassets,whicharenon-depreciableassets,arecreditedtotheincomeandexpenditureaccountintheyearofacquisition.

d)OtherincomeIncomeisreceivedfromarangeofactivitiesincludingresidences,cateringconferencesandotherservicesrendered.

e)EndowmentandinvestmentincomeAllinvestmentincomeiscreditedtotheincomeandexpenditureaccountintheperiodinwhichitisearned.Incomefromrestrictedendowments not expended in accordancewith the restrictions of the endowment is transferred from the income and expenditureaccounttorestrictedendowments.

f)totalreturntheCollegeoperatesatotalreturnpolicywithregardtoitsendowmentassets(includingproperty).theendowmentspendingpolicyisspecificallydesignedtostabiliseannualspendinglevelsandtopreservetherealvalueoftheendowmentportfolioovertime.thespendingpolicyattemptstoachievethesetwoobjectivesbyusingalong-termtargetedspendingratecombinedwithasmoothingrule,whichadjustsspendinggraduallytochangesintheendowmentmarketvalue.theactualrateofspendingfor2014whenmeasuredagainstthepreviousyear’smarketvaluewas4.5%.

Foreigncurrenciestransactionsdenominatedinforeigncurrenciesarerecordedattherateofexchangerulingatthedatesofthetransactions.Monetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslatedintosterlingatyear-endratesor,wheretherearerelatedforwardforeignexchangecontracts,atcontract rates.the resultingexchangedifferencesaredealtwith in thedeterminationof incomeandexpenditureforthefinancialyear.

74


entofPrincipalAccountingPolicies tANGIBlEFIXEDASSEtS

a)FreeholdlandandBuildingsBuildingsarestatedatvaluation,theaggregatesurplusordeficitistransferredtoarevaluationreserveincludedwithinReserves.

Existinglandisnotcapitalisedunlessitisheldforinvestmentpurposes.Purchasedlandiscapitalisedinthebalancesheet.

Wherebuildingshavebeenrevalued,theyarevaluedonthebasisoftheirdepreciatedreplacementcost.Afullassetvaluationoftheoperationalestate foraccountspurposeswascarriedoutbyGeraldEvellP,Surveyors, asat30 June2011.Freeholdbuildingsaredepreciatedonastraightlinebasisovertheirexpectedusefuleconomiclivesof100,50,or20years.

Wherebuildingsareacquiredwiththeaidofspecificbequestsordonationstheyarecapitalisedanddepreciatedasabove.therelatedbenefactionsarecreditedtoadeferredcapitalaccountandarereleasedto the IncomeandExpenditureAccountover theexpectedusefuleconomiclifeoftherelatedassetonabasisconsistentwiththedepreciationpolicy.

Areviewforimpairmentofafixedassetiscarriedoutifeventsorchangesincircumstancesindicatethatthecarryingamountofthefixedasset may not be recoverable.

Buildingsunderconstructionarevaluedatcost,basedonthevalueofarchitects’certificatesandotherdirectcostsincurredto30Juneandaredepreciatedwhenbroughtintouse.

b)Maintenanceofpremisesthecostofmajorrefurbishmentandmaintenancethatrestoresvalueiscapitalisedanddepreciatedovertheexpectedusefuleconomiclife of the asset concerned.

c)Furniture,fittingsandequipmentFurniture,fittings,andequipmentarecapitalisedanddepreciatedovertheirexpectedusefullifeasfollows:

Cateringequipment 5 years

Furnitureandequipment 10 years

Information Technology 3 years

Library books 30 years

75


entofPrincipalAccountingPoliciesINVEStMENtS

a)SecuritiesSecuritiesareshownattheirmarketvalue.Investmentincomeisincludedwhendividendsandinterestbecomepayable.Interestonbankdepositsisincludedasearned.

b)WorksofArtWorksofartandsilverareincludedattheirmarketvalueasassessedbyChristie’son4October2012.

c)EstatePropertiesInvestmentpropertiesareincludedatvaluationandtheaggregatesurplusordeficitistransferredtoarevaluationreserveincludedwithinReserves.AnannualassessmentwascarriedoutbyCarterJonas,PropertyConsultants,at30June2014.

StOCKSStocksarevaluedatthelowerofcostandnetrealisablevalue.

PROVISIONSProvisionsarerecognisedwhentheCollegehasapresentlegalorconstructiveobligationasaresultofapastevent,anditisprobablethatatransferofeconomicbenefitwillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamountoftheobligation.

ENDOWMENtFUNDSEndowmentfundsareclassifiedunderthreeheadings:

WherethedonorhasspecifiedthatthefundistobepermanentlyinvestedtogenerateanincomestreamforthegeneralpurposesoftheCollege,thefundisclassifiedasanunrestrictedpermanentendowment.

Wherethedonorhasspecifiedthatthefundistobepermanentlyinvestedtogenerateanincomestreamtobeappliedforarestrictedpurpose,thefundisclassifiedasarestrictedpermanentendowment.

Wherethedonorhasspecifiedaparticularobjectiveotherthantheacquisitionorconstructionoftangiblefixedassets,andthattheCollegemustormayconvertthedonatedsumintoincome,thefundisclassifiedasarestrictedexpendableendowment.

76


entofPrincipalAccountingPolicies RESERVES

WithinthedetailednotestothefinancialstatementsthesplitofGeneralReserves,betweenfreereservesandthosedesignatedfortherepairandmaintenanceofthehistoricbuildings,hasbeenincludedtohighlighttheextentoftheCollegecommitment.

tAXAtIONtheCollegeisaregisteredcharity(number1137455)andalsoacharitywithinthemeaningofSection506(1)ofthetaxesAct1988.Accordingly,theCollegeisexemptfromtaxationinrespectofincomeorcapitalgainsreceivedwithinthecategoriescoveredbySection505ofthetaxesAct1988orSection256ofthetaxationofChargeableGainsAct1992totheextentthatsuchincomeorgainsareappliedtoexclusivelycharitablepurposes.

theCollegereceivesnosimilarexemptioninrespectofValueAddedtax.

CONtRIBUtIONUNDERStAtUtEG,I ItheCollegeisliabletobeassessedforContributionundertheprovisionsofStatuteG,IIoftheUniversityofCambridge.ContributionisusedtofundgrantstoCollegesfromtheCollegesFund.theCollegereceivedgrantsof£Nil(2013:£72,000)whichiscreditedtopermanentendowment.

PENSIONSCHEMEStheCollegeparticipatesintheUniversitiesSuperannuationScheme,adefinedbenefitschemewhichisexternallyfundedandcontractedoutoftheStateEarnings-RelatedPensionScheme.thefundisvaluedeverythreeyearsbyaprofessionallyqualifiedindependentactuaryusingtheprojectedunitmethod,theratesofcontributionpayablebeingdeterminedbythetrusteesontheadviceoftheactuary.Intheinterveningyears,theactuaryreviewstheprogressofthescheme.PensioncostsareaccountedforovertheperiodduringwhichtheCollegebenefitsfromtheemployees’services.

theCollegealsocontributestotheCambridgeCollegesFederatedPensionScheme,whichisasimilardefinedbenefitpensionscheme.Unlike theUniversities Superannuation Scheme, this schemehas surpluses anddeficits directly attributable to individualColleges.PensioncostsareaccountedforovertheperiodduringwhichtheCollegebenefitsfromtheemployees’services.

the College also contributes to the personal pension schemes of employees.these funds are held separately from the assets andliabilitiesoftheCollege.thecontributionsarechargedtotheIncomeandExpenditureAccountasincurredandrepresenttheamountspayablebytheCollegetothefundfortheyear.

77

Principal Accounting Statements

78

YearEnded30June2014|PrincipalA

ccountingStatem

ents CONSOlIDAtEDINCOMEANDEXPENDItUREACCOUNt

FORtHEYEARENDED30JUNE2014

Note

2014 £000

2013 £000

Income

AcademicFeesandCharges 1 2,713 2,596

Residences, Catering and Conferences 2 5,173 5,044

EndowmentandInvestmentIncome 3 1,687 1,548

Donations 4 574 468

Other Income 9 229

Total Income 10,156 9,885

Expenditure

Education 5 4,133 4,025

Residences, Catering and Conferences 6 5,571 5,369

Other(InvestmentandPropertyManagement) 132 155

Total Expenditure 8 9,836 9,549

Surplus on Continuing Operations before Contribution under Statute G, II 320 336

ContributionunderStatuteG,II 7 — —

Surplus on Continuing Operations after Contribution under Statute G, II 320 336

SurplusfortheyeartransferredtoAccumulatedIncomeinEndowmentFunds (87) (70)

Surplus for the year retained within General Reserves 233 266

All items dealt with in arriving at the Surplus for 2014 and Surplus 2013 relate to continuing operations.

NoteofHistoricalCostSurplusesandDeficitsthedifferencebetweentheresultsasdisclosedintheIncomeandExpenditureAccountandtheresultonanunmodifiedcostbasisisnotmaterial.

79


ccountingStatem

entsCONSOlIDAtEDStAtEMENtOFtOtAlRECOGNISEDGAINSANDlOSSES

FORtHEYEARENDED30JUNE2014

Note

RestrictedFunds

£000

UnrestrictedFunds

£000

totalFunds

2014

£000

totalFunds

2013

£000

Surplusonincomeandexpenditureaccount — 233 233 266

Unspentendowmentfundincome 87 — 87 70

totalReturnnotrecognisedintheIncome&Expenditure

Account 3b 301 553 854 1,217

Increaseinmarketvalueoffixedassetinvestmentsexcludedfrom

totalReturn — 147 147 25

CapitalgrantfromCollegesFund 19 — — — 72

Newendowments 19 3,178 845 4,023 1,744

Increaseinmarketvalueofcurrentassetinvestments — 65 65 —

Actuariallossinrespectofpensionschemes — (266) (266) (409)

Total recognised gains relating to the year 3,566 1,577 5,143 2,985

Reconciliation

Openingreservesandendowments 28 13,106 109,609 122,715 119,730

Total recognised gains for the year 3,566 1,577 5,143 2,985

Closing reserves and endowments 16,672 111,186 127,858 122,715

80

CONSOlIDAtEDBAlANCESHEEt ASAt30JUNE2014

Note

2014 £000

2013 £000

Fixed Assets

tangibleAssets 10 112,439 106,228

Investments 11 19,116 22,759

131,555 128,987

Endowment Assets 12 24,650 20,106

Current Assets

Investments 5,085 —

Stock 162 171

Debtors 13 681 922

Cash 14 2,578 3,573

8,506 4,666

Creditors: amounts falling due within one year 15 (4,807) (4,915)

Net Current Assets/(Liabilities) 3,699 (249)

Provisions for Liabilities and Charges — —

Creditors: amounts falling due after more than one year 16 (10,500) (5,500)

Net Assets excluding Pension Liability 149,404 143,344

Pension Liability 17 (2,038) (1,825)

Net Assets including Pension Liability 147,366 141,519


ccountingStatem

ents

81


ccountingStatem

entsCONSOlIDAtEDBAlANCESHEEtCONtINUED

Note

RestrictedFunds

£000

UnrestrictedFunds

£000

Total

2014

£000

Total

2013

£000

Capital and Reserves

Deferred Capital Grants 18 19,508 — 19,508 18,804

Endowments

Expendableendowments 19 1,240 — 1,240 1,197

Permanentendowments 19 15,432 7,978 23,410 18,909

16,672 7,978 24,650 20,106

Reserves

Generalreservesexcludingpensionreserve 20 — 94,376 94,376 93,637

Pensionreserve 20 — (2,038) (2,038) (1,825)

Operationalpropertyrevaluationreserve 20 — 7,240 7,240 7,314

Fixedassetrevaluationreserve 20 — 3,630 3,630 3,483

— 103,208 103,208 102,609

Subtotal of Endowment & Reserves 16,672 111,186 127,858 122,715

Total 36,180 111,186 147,366 141,519

theseaccountswereapprovedbythetrusteeson28November2014andaresignedontheirbehalfby:

ProfGRGrimmett,Master

82


ccountingStatem

ents CONSOlIDAtEDCASHFlOWStAtEMENtFORtHEYEARENDED30JUNE2014

2014£000

2013£000

A. Operating Activities

OperatingSurplusBeforetax 320 336

Profitondisposal — (221)

Depreciation 1,396 1,393

Less: Investment Income (1,686) (1,548)

MovementinPensionDeficit (52) (47)

Interestpayable 395 268

DonationIncomeexpendedinyear (215) (203)

Increaseincurrentassetinvestments (5,021) —

Decrease in Stocks 8 —

Decrease/(increase)inDebtors 171 (102)

Decrease in Creditors (264) (342)

Net Cash Outflow from Operating Activities (4,948) (466)

B. Returns on Investments and Servicing of Finance

IncomefromEndowments 1,652 1,543

Other interest received 34 5

Interestpaid (394) (268)

Net Cash Inflow from Returns on Investments and Servicing of Finance 1,292 1,280

C. Contribution to Colleges Fund — —

D. Capital Expenditure and Financial Investment

Purchaseoftangiblefixedassets (3,387) (771)

Donationsandotherdeferredcapitalgrantsreceived 4,941 2,947

Netpurchaseoflongterminvestments (3,882) (1,697)

Netpurchaseofotherinvestments (10) —

Net Cash (Outflow)/Inflow from Capital Transactions (2,338) 479

Net Cash (Outflow)/Inflow before Financing (5,994) 1,293

83

CONSOlIDAtEDCASHFlOWStAtEMENtCONtINUED

2014£000

2013£000

E. Financing

Bondfunding 5,000 —

F. Decrease in Cash

(Decrease)/IncreaseinCashinthePeriod (994) 1,293

Bondfunding (5,000) —

NetFundsbroughtforwardat1July2013 (1,928) (3,221)

NetFundscarriedforwardat30June2014 (7,922) (1,928)

G. Analysis of Changes in Net Debt

At1July2013 £000

Cashflows £000

At30June2014 £000

Cash at bank and in hand 3,572 (994) 2,578

Loan (5,500) (5,000) (10,500)

(1,928) (5,994) (7,922)


ccountingStatem

ents

84


ccountingStatem

ents

85

Notes to the Accounts

86

NOtEStOtHEACCOUNtS

1. Academic Fees and Charges 2014 £000

2013 £000

College fees:

FeeincomepaidonbehalfofundergraduatesatthePublicly-fundedUndergraduaterate(percapitafee£4,500-£4,068)(2013:£4,500-£3,951) 1,667 1,555

Privately-fundedUndergraduatefeeincome(percapitafee£7,350-£6,270)(2013:£6,999-£5,970) 340 309

FeeincomereceivedattheGraduatefeerates(percapitafee£2,424)(2013:£2,349) 415 373

2,422 2,237

Research/teachinggrants 49 105

Other income 10 9

CambridgeBursaryScheme 232 245

Total 2,713 2,596

2. Residences, Catering and Conferences Income 2014 £000

2013 £000

ResidentialAccommodation College Members 2,471 2,321

Conferences 1,021 1,062

Internationalprogrammes 111 114

Catering College Members 658 593

Conferences 853 904

Internationalprogrammes 59 50

Total 5,173 5,044

3. Endowment and Investment Income 2014 £000

2013 £000

3a. Analysis

totalreturncontribution(seenote3b) 1,653 1,543

Currentinvestmentasset 21 —

Cash 13 5

1,687 1,548

YearEnded30June2014|NotestotheAccou

nts

87

NOtEStOtHEACCOUNtSCONtINUED

3b. Summary of Total Return 2014 £000

2013 £000

Income from:

Investmentportfolioandinvestmentproperties 1,058 1,314

Gains/(losses) on endowment assets:

Investmentportfolioandinvestmentproperties 1,575 1,531

Investmentmanagementcosts(seenote3c) (125) (85)

Total return for year 2,508 2,760

totalreturntransferredtoincomeandexpenditureaccount(seenote3a) (1,653) (1,543)

totalreturnforyearincludedwithinstatementoftotalrecognisedgainsandlosses 854 1,217

Unapplied Total Return at beginning of year 7,548 6,331

Unapplied Total Return at end of year 8,402 7,548

theseamountsdonotincludeanytotalreturnrelatingtotheCollegepropertiesfromfinancialyearsearlierthan30June2007.

3c. Investment Management Costs 2014 £000

2013 £000

Freeholdlandandbuildings 18 18

Quotedandothersecuritiesandcash 107 67

Total 125 85

4. Donations 2014 £000

2013 £000

Unrestricteddonations 244 172

Restricted donations 115 93

359 265

Releasedfromdeferredcapitalgrants(seeNote18) 215 203

Total 574 468


nts

88


5. Education Expenditure 2014 £000

2013 £000

Teaching 2,038 2,031

tutorial 552 497

Admissions 437 418

Research 143 160

ScholarshipsandAwards 483 450

OtherEducationalFacilities 480 469

total(Note8) 4,133 4,025

IncludedwithinScholarshipsandAwardsarepaymentsundertheCambridgeBursarySchemeamountingto£280,300(2013:£278,400).

6. Residences, Catering and Conferences Expenditure 2014 £000

2013 £000

ResidentialAccommodation College Members 2,369 2,228

Conferences 1,266 1,362

Catering College Members 957 828

Conferences 979 951

Total 5,571 5,369

Conferencesexpenditureisincludedaboveonafullycostedbasis,howeveronadirectcostbasistheconferencesprofitwouldbe£818,022(2013-£918,860).

7. Contribution under Statute G, II 2014 £000

2013 £000

UniversityContributionrelatingto2013/14 — —

UniversityContributionrelatingto2012/13 — —

— —


nts

89


8. Analysis of Expenditure by Activity

8a) Analysis of 2013/14 Expenditure by Activity Staff Costs (Note9)

£000

OtherOperatingExpenses

£000Depreciation

£000

Total2014£000

Education(Note5) 1,888 1,844 401 4,133

Residences,CateringandConferences(Note6) 2,441 2,141 988 5,570

Other 42 83 8 133

4,371 4,068 1,397 9,836

8b) Analysis of 2012/13 Expenditure by Activity Staff Costs (Note9)

£000

OtherOperating

Expenses £000

Depreciation £000

Total 2013 £000

Education(Note5) 1,810 1,861 354 4,025

Residences,CateringandConferences(Note6) 2,391 1,942 1,036 5,369

Other 71 80 4 155

4,272 3,883 1,394 9,549

theaboveexpenditureincludes£366,971asthedirectcostoffundraising(2013:£351,964). thisexpenditureincludesthecostsofalumnirelations.

8c) Auditors’ remuneration

Otheroperatingexpensesinclude:

2014 £000

2013 £000

AuditfeespayabletotheCollege’sexternalauditors 17 17

OtherfeespayabletotheCollege’sexternalauditors 3 3

20 20


nts

90


9. Staff Costs CollegeFellows

£000

OtherAcademics

£000

Non-Academics

£000

Total2014£000

Total2013£000

Staff Costs

Emoluments 887 — 2,971 3,858 3,769

SocialSecurityCosts 49 — 178 227 220

OtherPensionCosts 80 — 206 286 283

1,016 — 3,355 4,371 4,272

Average Staff Numbers (Full-time Staff Equivalents)

Academic 48 — — 48 49

Non-Academic 3 — 115 118 118

Total 51 — 115 166 167

Ofthe51Fellows,45Fellowsarestipendiary.

NoofficeroremployeeoftheCollegereceivedemolumentsofover£100,000.

thetrusteesreceivenoemolumentsintheircapacityastrusteesoftheCollege.


nts

91


10. Tangible Fixed Assets

Group and College Library Books

£000

CollegeBuildings& Site £000

Assetsunderconstruction

£000

Information Technology

£000

Furniture&Equipment

£000

Catering Equipment

£000

Total2014£000

Cost or valuation

Atbeginningofyear 758 106,417 — 942 4,398 284 112,799

Additions 31 2,752 372 41 320 21 3,537

Transfer — — 4,070 — — — 4,070

Atendofyear 789 109,169 4,442 983 4,718 305 120,406

Depreciation


Charge for the Year 29 1,016 — 71 259 21 1,396

Atendofyear 305 2,879 — 925 3,605 253 7,967

Net Book value

Atendofyear 484 106,290 4,442 58 1,113 52 112,439


theinsuredvalueoffreeholdlandandBuildingsat30June2014was£112,922,188(2013£112,229,688).


nts

92


11. Investments

Group and College 2014 £000

2013 £000

Balance at beginning of year 22,759 22,106

Additions 10 —

Disposals (150) (1)

Changeinmarketvalue (3,650) 629

Revaluation 147 25

Balance at end of year 19,116 22,759

Represented by: 2014 £000

2013 £000

Worksofart/silver 4,601 4,453

InvestmentinCambridgeCollegesFundingPlc 5 —

InvestmentinCambridgeCollegesFundingIIPlc 5 —

CapitalExpendableInvestments(Note12) 14,250 17,901

loantoJointCollege’sNurseryScheme 5 5

Land 250 400

Total 19,116 22,759

InvestmentsheldbytheCollegealsoincludeanadditional£5,002(2013:£5,002)investmentinthesubsidiaryundertakingsatcost(seeNote24)


nts

93


12. Endowment Assets


2013 £000

Long term investments:


Additions 8,067 3,354

Disposals (3,867) (3,168)

Transfer (4,070) —

MovementinoverdistributionofMarketValuetoFunds (34) (93)

MovementinduefromExpendableCapital 70 64

MovementinamountincludedinInvestmentAssets 3,650 (629)

Changeinmarketvalue 1,565 1,531

Changeincashheldbyfundmanagers (837) 1,415

Total Long term investments 24,650 20,106

Represented by: 2014 £000

2013 £000

Property 12,964 17,079

Securities–Equities/HedgeFunds 20,220 13,625

Securities–FixedInterest 832 1,617

CashwithAgents 1,758 2,596

OverdistributionofMarketValuetoFunds 1,504 1,538

DuefromExpendableCapital 1,622 1,552

Total 38,900 38,007

lessamountsincludedasInvestmentassets(Note11) (14,250) (17,901)

Total 24,650 20,106


nts

94


13. Debtors

Group2014£000

College2014£000

Group2013£000

College2013£000

Members of the College 94 94 177 177

Rents 82 82 140 140

Conferences 94 27 203 47

Fees 11 11 1 1

Other debtors 401 1,021 401 439

Total 681 1,235 922 804

14. Cash and bank balances

Group2014£000

College2014£000

Group2013£000

College2013£000

Short-termmoneymarketinvestments — — 560 560

Bankdeposits 1,810 1,810 2,012 2,012

Currentaccounts 766 61 1,000 524

Cash in hand 2 2 1 1

Total 2,578 1,873 3,573 3,097

15. Creditors: amounts falling due within one year

Group2014£000

College2014£000

Group2013£000

College2013£000

Duetotradesmen&others 756 756 787 787

Members of the College 178 178 167 167

UniversityFees 9 9 1 1

Other creditors 2,242 1,731 2,408 2,446

Duetopermanentcapital 1,622 1,622 1,552 1,552

Total 4,807 4,296 4,915 4,953


nts

95

NOtEStOtHEACCOUNtSCONtINUED16. Creditors: amount falling due after one year


2013 £000

Bondfunding 5,000 —

Bankloanduemorethan5years 5,500 5,500

Total 10,500 5,500

theloanisrepayablein2048andinterestpayableisfixedat4.64%.

During2013-14,theCollegehasborrowedfrominstitutionalinvestors,collectivelywithotherColleges,theCollege’ssharebeing£5million.theloansareunsecuredandrepayableduringthe

period2043-2053,andareatfixedinterestratesofapproximately4.4%.theCollegehasagreedafinancialcovenantoftheratioofBorrowingstoNetAssets,andhasbeenincompliancewith

thecovenantatalltimessinceincurringthedebt.

17. Pension liabilities


2013 £000


Movement in year:

Currentservicecostincludinglifeassurance 19 19

Contributions (102) (106)

Otherfinancecost 30 40

Actuariallossrecognisedinstatementoftotalrecognisedgainsandlosses 266 409

Balance at end of year 2,038 1,825


nts

96

NOtEStOtHEACCOUNtSCONtINUED18. Deferred capital grants 2014

£0002013 £000

Balance at beginning of year

Buildings 18,782 17,873

Equipment 22 4

Donations received

Buildings 919 1,105

Equipment — 25

Released to income and expenditure account

Buildings (208) (196)

Equipment (7) (7)

Balances at end of year

Buildings 19,493 18,782

Equipment 15 22

Total balance at end of year 19,508 18,804

DeferredcapitalgrantsrepresentdonationsreceivedtowardsmajorbuildingprojectswhicharereleasedtotheIncomeandExpenditureAccountaccordingtotheaccountingpolicystated

intheseaccounts.


nts

97


19. Endowments

Group and College UnrestrictedPermanent

£000

Restricted Permanent

£000

Total Permanent

£000

Restricted Expendable

£000

Total 2014 £000

Total 2013 £000

Balance at beginning of year

Capital 7,000 11,824 18,824 1,038 19,862 17,452

UnspentIncome — 85 85 159 244 180

7,000 11,909 18,909 1,197 20,106 17,632

Incomereceivablefromendowmentassetinvestments 1,047 560 1,607 46 1,653 1,544

Expenditure (1,047) (491) (1,538) (28) (1,566) (1,473)

Nettransferfromincomeandexpenditureaccount — 69 69 18 87 71

Newendowmentsreceived 845 3,178 4,023 — 4,023 1,816

Increaseinmarketvalueofinvestments 133 276 409 25 434 587

Balance at end of year 7,978 15,432 23,410 1,240 24,650 20,106

Comprising:

Capital 7,978 15,296 23,274 1,063 24,337 19,862

UnspentIncome — 136 136 177 313 244

Balance at end of year 7,978 15,432 23,410 1,240 24,650 20,106


nts

98


19. Endowments continued

UnrestrictedPermanent

£000

Restricted Permanent

£000

Total

Permanent £000

Restricted

Expendable£000

Total 2014 £000

Total 2013 £000

Representing:

FellowshipFunds — 4,497 4,497 — 4,497 4,206

ScholarshipFunds 439 5,532 5,971 155 6,126 3,681

PrizeFunds 18 308 326 11 337 315

HardshipFunds — 1,037 1,037 2 1,039 977

travelGrantFunds — 34 34 — 34 34

GrantFunds 8 2,709 2,717 666 3,383 3,079

OtherFunds 7,513 1,315 8,828 406 9,234 7,814

7,978 15,432 23,410 1,240 24,650 20,106


nts

99


20. Reserves

Group and College

General Reserves £000

Designated

BuildingsReserve £000

OperationalProperty

RevaluationReserve £000

FixedAssetInvestment

RevaluationReserve £000

PensionReserve £000

Total 2014 £000

Total 2013 £000

Balance at beginning of year 15,198 78,439 7,314 3,483 (1,825) 102,609 102,097

Surplusretainedfortheyear 180 — — — 53 233 267

Actuarialloss — — — — (266) (266) (409)

transfer of depreciation on revalued

operationalproperties 74 — (74) — — — —

Revaluationofworksofart — — — 147 — 147 —

Increaseinmarketvalueof

investments485 — — — — 485 654

transferofdesignatedbuildingreserve (5,548) 5,548 — — — — —

Balance at end of year 10,389 83,987 7,240 3,630 (2,038) 103,208 102,609

21. Capital Commitments 2014 £000

2013 £000

Capital commitments at 30 June 2014 are as follows -

Authorisedandcontracted 930 768

Authorisedbutnotyetcontractedfor 8,777 399


nts

100


22. Financial Commitments

At30June2014,theCollegehadannualcommitmentsundernon-cancellableoperatingleasesasfollows 2014 £000

2013 £000

Land & Buildings

Expiringwithinoneyear — 6

Expiringbetweentwoandfiveyears — —

Expiringinoverfiveyears 7 7

Other

Expiringwithinoneyear — —

Expiringbetweentwoandfiveyears 5 5

Expiringinoverfiveyears — —


nts

101

NOtEStOtHEACCOUNtSCONtINUED23. Pensions

theCollegeoperatesaninsuredmoneypurchasepensionschemeforitsstaff.theassetsoftheschemeareheldseparatelyfromthoseof the College.

theCollege’scontributionstotheschemeamountedto£25,137(2013Nil),withcontributionsof£17,773(2013Nil),outstandingatthebalance sheet date.

theCollegeparticipatesintwodefinedbenefitschemes,theUniversitiesSuperannuationScheme(USS)andtheCambridgeCollegesFederatedPensionsScheme(CCFPS).theassetsoftheschemesareheldinseparatetrusteeadministeredfunds.thetotalpensioncostfortheyearwas£261,057(2013:£282,132).

23a Universities Superannuation Scheme

theinstitutionparticipatesintheUniversitiesSuperannuationScheme(USS),adefinedbenefitschemewhichiscontractedoutoftheStateSecondPension(S2P).theassetsoftheschemeareheldinaseparatefundadministeredbythetrustee,UniversitiesSuperannuationScheme Limited.

thelatesttriennialactuarialvaluationoftheschemewasat31March2011.thiswasthesecondvaluationforUSSunderthescheme-specificfundingregimeintroducedbythePensionsAct2004,whichrequiresschemestoadoptastatutoryfundingobjective,whichistohavesufficientandappropriateassetstocovertheirtechnicalprovisions.theactuaryalsocarriesoutregularreviewsofthefundinglevels.Inparticular,hecarriesoutareviewofthefundingleveleachyearbetweentriennialvaluationsanddetailsofhisestimateofthefundinglevelat31March2014arealsoincludedinthisnote.

thetriennialvaluationwascarriedoutusingtheprojectedunitmethod.theassumptionswhichhavethemostsignificanteffectontheresultofthevaluationarethoserelatingtotherateofreturnoninvestments(i.e.thevaluationrateofinterest),theratesofincreaseinsalaryandpensionsandtheassumedratesofmortality.thefinancialassumptionswerederivedfrommarketyieldsprevailingatthevaluationdate.An“inflation riskpremium”adjustmentwasalso includedbydeducting0.3% from themarket-implied inflationonaccountofthehistoricallyhighlevelofinflationimpliedbygovernmentbonds(particularlywhencomparedtotheBankofEngland’stargetof2%forCPIwhichcorrespondsbroadlyto2.75%forRPIperannum).

tocalculatethetechnicalprovisions,itwasassumedthatthevaluationrateofinterestwouldbe6.1%perannum,salaryincreaseswouldbe4.4%perannum(withshort-termgeneralpaygrowthat3.65%perannumandanadditionalallowanceforincreasesinsalariesduetoageandpromotionreflectinghistoricschemeexperience,witha furthercautionaryreserveontopforpastserviceliabilities)andpensionswouldincreaseby3.4%perannumfor3yearsfollowingthevaluationthen2.6%perannumthereafter.


nts

102


23. Pensions continued

Atthevaluationdate,thevalueoftheassetsoftheschemewas£32,433.5millionandthevalueofthescheme’stechnicalprovisionswas£35,343.7millionindicatingashortfallof£2,910.2million.theassetsthereforeweresufficienttocover92%ofthebenefitswhichhadaccruedtomembersafterallowingforexpectedfutureincreasesinearnings.

theactuaryalsovaluedtheschemeonanumberofotherbasesasatthevaluationdate.Onthescheme’shistoricgiltsbasis,usingavaluationrateof interest inrespectofpastserviceliabilitiesof4.4%perannum(theexpectedreturnongilts) thefundinglevelwasapproximately68%.UnderthePensionProtectionFundregulationsintroducedbythePensionsAct2004theschemewas93%funded;onabuy-outbasis(i.e.assumingtheschemehaddiscontinuedonthevaluationdate)theassetswouldhavebeenapproximately57%oftheamountnecessarytosecurealltheUSSbenefitswithaninsurancecompany;andusingtheFRS17formulaasifUSSwasasingleemployerscheme,usingaAAbonddiscountrateof5.5%perannumbasedonspotyields,theactuaryestimatedthatthefundinglevelat31March2011was82%.

Aspartofthisvaluation,thetrusteeshavedetermined,afterconsultationwiththeemployers,arecoveryplantopayofftheshortfallby31March2021.thenextformaltriennialactuarialvaluationisasat31March2014.Ifexperienceuptothatdateisinlinewiththeassumptionsmadeforthiscurrentactuarialvaluationandcontributionsarepaidatthedeterminedratesoramounts, theshortfallat31March2014isestimatedtobe£2.2billion,equivalenttoafundinglevelof95%.thecontributionratewillbereviewedaspartofeachvaluationandmaybereviewedmorefrequently.

Aspartofthisvaluation,thetrusteehasdetermined,afterconsultationwiththeemployers,arecoveryplantopayofftheshortfallby31March2021.In2011theactuaryestimatedthatifexperienceremainedinlinewiththeassumptionsmade,theshortfallat31March2014wouldbe£2.2billion,equivalenttoafundinglevelof95%.

However,changesinmarketconditionsbetweenMarch2011andMarch2014havehadanimpactonschemefunding.thenextformaltriennialactuarialvaluationwilltakeplaceasat31March2014,andworkiscurrentlyunderwaytoupdatetheactuarialassumptionsandallowforanyadjustmentstotheoverallfundingapproachadoptedbythetrusteeboardinconsultationwithstakeholders.

Asworkonthe2014valuationisnotyetcompletethetrusteecannotprovidethefinalfigurehowever,anestimatehasbeenprovidedusingtheassumptionsusedtodeliverthe2011actuarialvaluation.Onthatbasis,theactuaryhasestimatedthatthefundinglevelundertheschemespecificfundingregimewillhavefallenfrom92%at31March2011to85%at31March2014.thisestimateisbasedontheresultsfromthevaluationat31March2011allowingprimarilyforinvestmentreturnsandchangestomarketconditions.

thefundinglevelhasdecreasedmainlyduetoadecreaseinrealgiltyields,reducingtheimpliednetdiscountrateandthereforeplacingahighervalueontheschemesliabilities.thisincreasehasbeenpartiallyoffsetbyahigherthanexpectedinvestmentreturn.


nts

103



OntheFRS17basis,usinganAAbonddiscountrateof4.5%perannumbasedonspotyields,theactuaryestimatesthatthefundinglevelat31March2014was75%.Anestimateofthefundinglevelmeasuredonahistoricgiltsbasisatthatdatewasapproximately61%.

Surplusesordeficitswhichariseat futurevaluationsmay impacton the institution’s futurecontributioncommitment.Adeficitmayrequireadditionalfundingintheformofhighercontributionrequirements,whereasurpluscould,perhaps,beusedtosimilarlyreducecontributionrequirements.

thetechnicalprovisionsrelateessentiallytothepastserviceliabilitiesandfundinglevels,butitisalsonecessarytoassesstheongoingcostofnewlyaccruingbenefits.thecostoffutureaccrualwascalculatedusingthesameassumptionsasthoseusedtocalculatethetechnicalprovisionsbut theallowance forpromotionalsalary increaseswasnotashigh.Analysishasshownveryvariable levelsofgrowthoverandabovegeneralpayincreasesinrecentyears,andthesalarygrowthassumptionbuiltintothecostoffutureaccrualisbasedonmorestable,historic,salaryexperience.However,whencalculatingthepastserviceliabilitiesofthescheme,acautionaryreservehasbeenincluded,inaddition,onaccountofthevariabilitymentionedabove.

AsatthevaluationdatetheSchemewasstillafullyFinalSalarySchemeforfutureaccrualsandtheprevailingemployercontributionratewas16%ofsalaries.

FollowingUKgovernmentlegislation,from2011statutorypensionincreasesorrevaluationsarebasedontheConsumerPricesIndexmeasureofpriceinflation.HistoricallytheseincreaseshadbeenbasedontheRetailPricesIndexmeasureofpriceinflation.

SincethevaluationeffectivedatetherehavebeenanumberofchangestothebenefitsprovidedbytheschemealthoughthesebecameeffectivefromOctober2011.theseinclude:

New entrants-otherthaninspecific,limitedcircumstances,newentrantsarenowprovidedfor on aCareer RevaluedBenefits (CRB)basisratherthanaFinalSalary(FS)basis.

Normal pension age-theNormalpensionagewasincreasedforfutureserviceandnewentrants,toage65.

Flexible retirement-flexibleretirementoptionswereintroduced.

Member contributions increased -contributionswereupliftedto7.5%p.a.and6.5%p.a. forFSSectionmembersandCRBSectionmembersrespectively.

Cost sharing -ifthetotalcontributionlevelexceeds23.5%ofsalariesperannum,theemployerswillpay65%oftheexcessover23.5%andmemberswouldpaytheremaining35%tothefundasadditionalcontributions.


nts

104



Pension increase cap-forservicederivedafter30September2011,USSwillmatchincreasesinofficialpensionsforthefirst5%.Ifofficialpensionsincreasebymorethan5%thenUSSwillpayhalfofthedifferenceuptoamaximumincreaseof10%.

USSisa“lastmanstanding”schemesothatintheeventoftheinsolvencyofanyoftheparticipatingemployersinUSS,theamountofanypensionfundingshortfall(whichcannototherwiseberecovered)inrespectofthatemployerwillbespreadacrosstheremainingparticipantemployersandreflectedinthenextactuarialvaluationofthescheme.

At31March2014,USShadover162,000activemembersandtheinstitutionhad76activemembersparticipatinginthescheme.

the total pension cost for theCollegewas £261,057 (2013: £269,790).the contribution rate payable by theCollegewas 16%ofpensionablesalaries.

23b Cambridge Colleges’ Federated Pension Scheme

theCollegeisalsoamemberofamulti-employerdefinedbenefitscheme,theCambridgeColleges’FederatedPensionScheme(CCFPS),intheUnitedKingdom.theSchemeisadefinedbenefitfinalsalarypensionschemethatwasoriginallysetup,underaninterimtrustDeed,on19 July1977asadefinedbenefit scheme.theScheme isdeemed tobea registeredpensionschemeunder the termsofSchedule36oftheFinanceAct2004.theCollege’semployeescoveredbytheSchemearecontractedintotheStateSecondPension(S2P).

Afullvaluationisbeingundertakenasat31March2014andupdatedto30June2014byaqualifiedActuary.

theprincipalactuarialassumptionsatthebalancesheetdate(expressedasweightedaverages)wereasfollows:

2014 2013

Discountrate 4.2% 4.6%

Expectedlong-termrateofreturnonSchemeassets 6.2% 6.2%

Rate of increase in salaries 2.8% 2.8%

RetailPriceIndex(RPI)assumption 3.3% 3.3%

ConsumerPriceIndexassumption 2.3% 2.3%

Rateofincreaseinpensions(RPIlinked) 3.3% 3.3%


nts

105



theunderlyingmortalityassumptionisbaseduponthestandardtableknownasSelf-AdministeredPensionSchemes(SAPS)mortalitytablesforaveragenormalpensionersprojectedinlinewiththeCMI2009projectionandatargetlong-termimprovementrateof1%.thisresultsinthefollowinglifeexpectancies:

• Maleaged65nowhasalifeexpectancyof22.3years(previously22years)

• Femaleaged65nowhasalifeexpectancyof24.3years(previously24.2years)

• Maleaged45nowandretiringin20yearswouldhavealifeexpectancythenof23.7years(previously22.9years)

• Femaleaged45nowandretiringin20yearswouldhavealifeexpectancythenof25.8years(previously25.3years)

Employee Benefit Obligations

theamountsrecognisedinthebalancesheetasat30June2014(withcomparativefiguresasat30June2013)areasfollows:

2014

£000

2013

£000

PresentvaluesofSchemeliabilities (5,674) (5,304)

MarketvalueofSchemeassets 3,636 3,479

Deficit in the Scheme (2,038) (1,825)

theamountstoberecognisedintheprofitandlossaccountfortheyearended30June2014(withcomparativefiguresfortheyearended30June2013)areasfollows:

2014

£000

2013

£000

Currentservicecost 20 19

Interest on Scheme liabilities 241 214

ExpectedreturnonSchemeassets (211) (174)

Total 50 59

ActualreturnonSchemeassets 212 370


nts

106



ChangesinthepresentvalueoftheSchemeliabilitiesfortheyearending30June2014(withcomparativefiguresfortheyearending30June2013)areasfollows:

2014

£000

2013

£000

PresentvalueofSchemeliabilitiesatthebeginningoftheperiod 5,304 4,603

Servicecost(includingEmployeecontributions) 21 22

Interest cost 241 214

Actuariallosses 267 605

Benefitspaid (159) (140)

Present value of Scheme liabilities at the end of the period 5,674 5,304

ChangesinthepresentvalueoftheSchemeassetsfortheyearending30June2014(withcomparativefiguresfortheyearending30June2013)areasfollows:

2014

£000

2013

£000

PresentvalueofSchemeassetsatthebeginningoftheperiod 3,479 3,140

Expectedreturn 211 174

Actuarialgains 1 196

ContributionspaidbytheCollege 102 106

Employeecontributions 2 3

Benefitspaid (159) (140)

Market value of Scheme assets at the end of the period 3,636 3,479

theagreedcontributionstobepaidbytheCollegefortheforthcomingyearare11.73%ofContributionPayplus£9,620p.a.tocoverexpensesplus£85,671p.a.subjecttoreviewatfutureactuarialvaluations.theseratesexcludePHI.


nts

107



themajorcategoriesofSchemeassetsasapercentageoftotalSchemeassetsfortheyearending30June2014(withcomparativefiguresfortheyearended30June2013)areasfollows:

2014 2013

EquitiesandHedgeFunds 70% 68%

Property 23% 8%

Bonds and cash 7% 24%

Total 100% 100%

theexpectedlong-termrateofreturnontheSchemeassetshasbeencalculatedbaseduponthemajorassetcategoriesintheabovetableandanexpectedrateofreturnonequitiesandhedgefundsof7.0%(2013:7.0%),property6.0%(2013:6.0%)andanexpectedrateofreturnonbondsandcashof4.0%(2013:4.0%).

AnalysisofamountrecognisableintheStatementoftotalRecognisedGainsandlosses(StRGl)fortheyearending30June2014(withcomparablefiguresfortheyearending30June2013)areasfollows:

2014

£000

2013

£000

ActualreturnlessexpectedreturnonSchemeassets 1 196

ExperiencegainsandlossesarisingonSchemeliabilities 81 (13)

ChangesinassumptionsunderlyingthepresentvalueofSchemeliabilities (348) (592)

Actuarial loss recognised in STRGL (266) (409)

CumulativeamountofactuarialgainsandlossesrecognisedintheStRGlfortheyearending30June2014(withcomparativefiguresfortheyearending30June2013)areasfollows:

2014

£000

2013

£000

Cumulativeactuariallossatbeginningofperiod (1,943) (1,534)

Recognisedduringtheperiod (266) (409)

Cumulative actuarial loss at end of period (2,209) (1,943)


nts

108



Movementindeficitduringtheperiodending30June2014(withcomparativefiguresfortheyearending30June2013)areasfollows:

2014

£000

2013

£000

DeficitinSchemeatbeginningofyear (1,825) (1,463)

Servicecost(EmployerOnly) (20) (19)

ContributionspaidbytheCollege 101 106

Finance cost (30) (40)

Actuarialloss (266) (409)

Deficit in Scheme at the end of the year (2,038) (1,825)

Amountsforthecurrentandpreviousfouraccountingperiodsareasfollows:

2014 £000

2013 £000

2012 £000

2011 £000

2010 £000

PresentvalueofSchemeliabilities (5,674) (5,304) (4,603) (4,374) (4,361)

MarketvalueofSchemeassets 3,636 3,479 3,140 3,610 3,203

DeficitintheScheme (2,038) (1,825) (1,463) (764) (1,158)

ActualreturnlessexpectedreturnonSchemeassets 1 196 (630) 240 206

Experiencegain/(loss)arisingonSchemeliabilities 81 (13) (75) 8 192

Changeinassumptionsunderlyingpresentvalueof

Scheme liabilities

(347) (592) (33) 127 (591)

24. Principal Subsidiary Undertakings

CountryofIncorporationand

Operation

Cost£

Class of shares Proportionofsharesheld

DowningCollegeDevelopmentslimited UnitedKingdom 1 Ordinary 100%

DowningCambridgeConferenceslimited UnitedKingdom 1 Ordinary 100%

theMayBallCompanylimited UnitedKingdom 5000 Ordinary 100%


nts

109


24. Principal Subsidiary Undertakings continued

DowningCollegeDevelopmentslimitedwasincorporatedon29September2005.theprincipalactivityofthecompanyisdevelopmentofstudentaccommodationandotherfacilities.thiscompanyisincludedintheseconsolidatedfinancialstatements.

DowningCambridgeConferenceslimitedwasincorporatedon2April2007.theprincipalactivityofthecompanyistheprovisionofnoneducationalconferencefacilities.thiscompanyisincludedintheseconsolidatedfinancialstatements.

theMayBallCompanylimitedwasincorporatedon28July2010.theprincipalactivityofthecompanyistoadministertheoperationofthebi-annualCollegeMayBall.thiscompanyisincludedintheseconsolidatedfinancialstatements.

25. Related Party Transactions

OwingtothenatureoftheCollege’soperationsandthecompositionofitsGoverningBody,itispossiblethattransactionswilltakeplacewithorganisationsinwhichamemberoftheCollegeCouncilmayhaveaninterest.AlltransactionsinvolvingorganisationsinwhichamemberoftheCollegeCouncilmayhaveaninterestareconductedatarm’slengthandinaccordancewiththeCollege’snormalprocedures.

26. Contingent liability

USSisa“lastmanstanding”schemesothatintheeventoftheinsolvencyofanyoftheparticipatingemployersinUSS,theamountofanypensionfundingshortfall(whichcannototherwiseberecovered)inrespectofthatemployerwillbespreadacrosstheremainingparticipantemployers.

27. Sir Mortimer Singer Fund

OtherUnrestrictedFunds includes theSirMortimerSingerFundwhichwas funded fromabequestofSirMortimerSingeraFellowCommoneroftheCollege.themoneywasappointedtotheCollegebyladySingeruponthetrustsdeclaredbyadeeddated25March1952.thePensiontrustFundwasalsosetupfromthisbequest.BelowarethemovementsontheseFundsintheyear.

SingerFund

£000

Pensiontrust

£000

OpeningBalanceat1July2013 5,103 206

Income 152 9

Expenditure — (9)

ChangeinMarketValueofInvestments 80 5

ClosingBalanceat30June2014 5,335 211


nts

110


28. Analysis of Movement in Total FundsOpening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000

Restricted Permanent Funds

AlcanPrizeFund 9 — — — 9

AngharadJohnFellowship 191 — — 43 234

AlwynWHeongFund 235 — — 6 241

BarryMooreEconomicsPrizeFund 1 — — 11 12

BatteyFund 9 — — — 9

BenianluFund 2 — — 1 3

BJEverrittPrizeFund 14 — — — 14

BlankenshipBookFund 12 — — — 12

BlankenshiplawFund 37 — — 2 39

BradbrookFund 11 — — — 11

BuchananFund 228 — — 5 233

CharlesCampbellBookFund 3 — — — 3

S&MHaniffPhysicsFund 6 — — 7 13

CockerellFund 21 — — 1 22

CollinsFund 179 — — 5 184

DarleyFund 281 — — 6 287

DowningAssociationFund 36 — — 1 37

EdwardCollinsFund 106 — — 3 109

ErnestWilliamDenhamFund 25 — — 1 26

EverittFund 1 — — — 1

EverittButterfieldFund 438 — — 138 576

FahrenwaldtFund 12 — — — 12

FerrerasWillettsFund 258 — — 6 264

Florence&DavidJacobsMemorialPrize 6 — — — 6

Carriedforward 2,121 — — 236 2,357


nts

111


28. Analysis of Movement in Total Funds continuedOpening Balance

£000


£000

Transfers

£000


£000

Closing Balance

£000

Restricted Permanent Funds continued

BroughtForward 2,121 — — 236 2,357

FritschFund 361 — — 20 381

FuFund 4 — — — 4

GamlingayFund 72 — — 1 73

GeoffreyGrimmettPrize 5 — — — 5

GraystoneFund 162 — — 3 165

GulbenkianFund 1 — — 1 2

HallFund 10 — — — 10

HaroldHargreavesFund - — — 5 5

HarrisFund 410 — — 10 420

HarrisonFund - — — — —

HarrisonPrizeFund 2 — — — 2

HopkinsParryFund 983 — — 24 1,007

HughBrammerfund 20 — — 14 34

IvorEvansFund 18 — — — 18

JanHruskaFund 131 — — 3 134

JeanRuhmanFund 9 — — — 9

JohnMaplesAmericaFund - — — 143 143

JohnHawkinsMayWildFund 7 — — — 7

JohnstonFund 1 — — — 1

JudyPettyBookPrize&Scholarship 20 — — — 20

landerFund 219 — — 8 227

landrum&BrownScholarshipFund 10 — — 3 13

lordButterfield 143 — — 10 153

Carriedforward 4,709 — — 481 5,190


nts

112



£000


£000

Transfers

£000


£000

Closing Balance

£000


BroughtForward 4,709 — — 481 5,190

MaysWildFund 488 — — 14 502

AlfredMonkFund — — — 202 202

MoullinFund 2 — — — 2

OonKhyeBengCh'hiatsioMemorialFund 318 — — 11 329

OonKhyeBengCh'hiatsioMemorialPrizeFund 105 — — 8 113

OslerFund 92 — — 2 94

OwensFund 347 — — 8 355

PeterMathiasEconomicsPrizeFund 9 — — (8) 1

PilleyFund 328 — — 7 335

PlattFund 27 — — — 27

ProfessorAudusBotanicalFund 15 — — — 15

RichardsFund 49 — — — 49

RobertsonResearchFellowshipFund 568 — — 32 600

RobsonPhysicsPrize 6 — — — 6

RobsonPostgraduateFund — — — 279 279

SaintFund 38 — — 2 40

SaundersFund 39 — — 1 40

SavileFund 121 — — 3 124

SchreinerFund 58 — — 2 60

SetonFund 68 — — 2 70

SetonCavendishFund 1,673 — — 39 1,712

SirArthurWattsChoralAwards 11 — — 1 12

StevensFund 4 — — — 4

Carriedforward 9,075 — — 1,086 10,161


nts

113



£000


£000

Transfers

£000


£000

Closing Balance

£000


BroughtForward 9,075 — — 1,086 10,161

Susan&GeoffreyEggingtonScholarship — — — 15 15

tGJonesFund 673 — — 16 689

thomasFund 19 — — — 19

throwerFund 5 — — (1) 4

treherneFund 80 — — 2 82

UnwinFund 54 — — 1 55

VerjeeFund 249 — — 6 255

VerneyFund 2 — — — 2

Warner-lambertFund 192 — — 13 205

WhitbyMemorialFund 349 — — 8 357

WhiteFund 6 — — — 6

WhiteleggFund 52 — — 1 53

WhitworthFund — — — 1,900 1,900

WickstravelFund 12 — — — 12

WyattFund 1 — — 1 2

StudentHardshipEndowment 292 — — 1 293

StudentSupportEndowment 129 — — 54 183

1970’sGrantFund 68 — — 1 69

AlumniSportFund 46 — — 2 48

Fundraising-teaching 159 — — 4 163

Fundraising-Access 267 — — 256 523

Catalysis–teaching&learning 62 — — 56 118

Catalysis–Research&Discovery 9 — — 6 15

Carriedforward 11,801 — — 3,428 15,229


nts

114



£000


£000

Transfers

£000


£000

Closing Balance

£000


BroughtForward 11,801 — — 3,428 15,229

Catalysis–Heritage&Environment 17 — — 4 21

Catalysis–Support&Services 28 — — 86 114

Catalysis–Culture&Community 6 — — 1 7

Other 57 — — 4 61

11,909 — — 3,523 15,432

Restricted Expendable Funds

BartramFund 116 — — 2 118

ColinHillFund 1 — — 1 2

ColonelAndersontrustFund 94 — — 2 96

GoodeyFund 151 — — 4 155

RichensFund 535 — — 10 545

trehernePrizeFund 11 — — (1) 10

StudentHardshipEndowment 8 — — (6) 2

CatalysisConferenceFund 26 — — 11 37

CatalysisResearchFund 100 — — 2 102

Fundraising–Buildings 43 — — 1 44

Other 112 — — 16 128

1,197 — — 42 1,239

Total Restricted Funds 13,106 — — 3,566 16,672


nts

115


ntsNOtEStOtHEACCOUNtSCONtINUED


£000


£000

Transfers

£000


£000

Closing Balance

£000Unrestricted Permanent Funds

ClarkFund 2 — — — 2

FrenchFund 30 — — 1 31

JarvisFund 37 — — 1 38

libraryEndowmentFund 1,020 — — 24 1,044

RichmondFund 191 — — 5 196

StenningFund 51 — — 1 52

StevensonFund 1 — — — 1

Whalley-tookerFund 15 — — 1 16

YatesFund 8 — — — 8

YoungFund 171 — — 4 175

SingerFund(Pensiontrust) 206 — — 5 211

SmythBequest 459 — — 11 470

FleetBequest 49 — — 1 50

DerykProsserFund 395 8 403

CorporateCapitalFund 844 — — 19 863

GeneralCapital 3,521 — — 897 4,418

7,000 — — 978 7,978

Total Endowment funds 20,106 — — 4,544 24,650

116



£000


£000

Transfers

£000


£000

Closing Balance

£000

General Reserve Funds

DesignatedBuildings 78,439 - 5,548 - 83,987

CorporateCapitalFund 14,343 595 - 292 15,230

SingerFund(Willtrust) 5,103 152 - 84 5,339

GeneralCapitalandOther (4,246) (567) (5,474) 107 (10,180)

RevaluationReserves 10,797 - (74) 147 10,870

PensionReserves (1,825) 53 - (266) (2,038)

Total General Reserves 102,609 233 — 364 103,208

DeferredCapitalFunds 18,804 — — 704 19,508

Total Reserves 141,519 233 — 5,614 147,366


nts

design N Hawksworth www.wayfinding-consultants.co.uk

DOWNING COLLEGE | REGENT STREET | CAMBRIDGE | CB2 1DQ

downing college cambridge · body downing college, cambridge cb2 1dq patron: hrh the duchess of...

Documents