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 2015

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

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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

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FINANCIAlHIGHlIGHtS

2015

£

2014

£

2013

£

Income

Income 10,308,808 10,155,889 9,663,733

Donations and Benefactions Received 1,393,825 5,292,916 3,124,484

Conference Services Income 2,218,516 2,042,832 2,130,085

OperatingSurplus 183,909 320,009 336,783

CostofSpace(£perm2) £152.11 £150.87 £150.20

College Fees:

PubliclyFundedUndergraduates £4,185/£4,500 £4,068/£4,500 £3,951/£4,500

PrivatelyFundedUndergraduates £7,719 £7,350 £6,999

Graduates £2,474 £2,424 £2,349

lossonCollegeFeeperStudent £2,663 £2,436 £2,630

Capital Expenditure

InvestmentinHistoricalBuildings 1,299,886 1,751,811 573,388

InvestmentinStudentAccommodation 4,592,605 1,499,507 740,562

Assets

Free Reserves 5,002,275 8,349,966 13,372,300

InvestmentPortfolio 38,771,009 35,775,344 34,917,793

SpendingRuleAmount 1,673,708 1,652,971 1,543,197

totalReturn 10.9% 7.6% 9.2%

totalReturn:3yearaverage 9.2% 7.7% 10.3%

ReturnonProperty 8.8% 5.8% 7.6%

ReturnonProperty:3yearaverage 7.4% 8.3% 12.1%

ReturnonSecurities 12.1% 8.9% 10.8%

ReturnonSecurities:3yearaverage 10.6% 6.5% 8.1%

NetAssets 150,983,831 147,365,167 141,519,568

YearEnded30June2015|FinancialH

ighlights

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YearEnded30June2015|Mem

bersoftheGoverningBody DOWNINGCOllEGE,CAMBRIDGECB21DQ

Patron:HRHtheDuchessofKent,GCVO

Visitor:theCrown

MEMBERSOFtHEGOVERNINGBODYMaster:ProfessorGeoffreyGrimmett,MA(Oxon),DPhil(Oxon),DSc(Oxon),ScD,FRSProfessorofMathematicalStatistics

theFellowsoftheCollege(inorderofElection)asof1October2015PaulChristopherMillett,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,Tutor,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),ProfessorofItalianandRomancelinguistics(1996) IanRichardJames,MA,MA(Warwick),PhD(Warwick),Tutor,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,AssistantDirectorofInformationProcessing,WolfsonBrainImagingCentre(2004) Marcustomalin,MA,MPhil,PhD,Fellow Librarian, Admissions Tutor, Graduate Admissions Tutor, Tutor, Senior Treasurer of the Music Society, FellowinEnglish,UniversityResearchAssociateinEngineering(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,Universitylecturerinlandlaw(2006) AdrianaIrmaPesci,MS,PhD(NacionaldelaPlata),DarleyFellowinMathematics(2006) AmylouiseMilton,MA,MSc,PhD,Praelector,FerrerasWillettsFellowinNeuroscience,UniversitylecturerinExperimentalPsychology(2007) BrigitteSteger,MA,MPhil(Vienna),PhD(Vienna),SeniorlecturerinModernJapaneseStudies(2007) KennethMcNamara,BSc(Aberdeen),PhD,Dean,UniversitySeniorlecturerinEarthSciences(2008)

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YearEnded30June2015|Mem

bersoftheGoverningBodyRichardKeithtaplin,MBE,BSc(lSE),MA,Junior Bursar,UniversityJuniorProctor(2009)

Jieli,BS(Wuhan),MS(Paris),PhD(Paris),UniversitylecturerinFluidDynamics(2009) KeithJamesEyeons,MA,MA(Nottingham),PhD,Chaplain, Praelector, Fellow Information Officer,Fellowintheology(2010) RobertKeithHarle,MA,PhD,Acting Dean,UniversitySeniorlecturerinComputerScience(2010) timothyJamesBurton,MA,MB,BChir,PhD,FellowinPharmacology,ClinicallecturerintranslationalMedicine&therapeutics(2010) MartaMorgadoCorreia,BA(lisbon),PhD,Admissions Tutor, Graduate Admissions Tutor,FellowinBiologicalSciences, SeniorInvestigatorScientistattheMRCCognitionandBrainSciencesUnit(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-WildFellowinChemistry(2012) KamranYunus,BSc(Bath),PhD(Bath),Tutor,FellowinChemicalEngineering(2012) JohnRicher,MA,PhD,ProfessorofAstrophysics(2013) SarahKennedy,BA(Melbourne),llB(Melbourne),PhD,ResearchFellowinEnglish(2013) MonicaMorenoFigueroa,BA(leon),MA(MexicoCity),MA(Goldsmiths),PhD(Goldsmiths),FellowinSocialSciences,UniversitylecturerinSociology(2014) BrendanPlant,BEc(Sydney),llB(Sydney),MSc(lSE),PhD,HopkinsParryFellowinlaw(2014) HarrietGroom,MSc,MA,PhD,HenslowResearchFellowinNaturalSciences(Biological)(2015) AndrewNicholasHolding,MChem(Oxon),PhD,FellowinBiochemistry(2015) RuthEllenNisbet,BSc(UCl),PhD,FellowinBiochemistry(2015) EwanJones,BA,MPhil,PhD,FellowinEnglish,UniversitylecturerinEnglish(2015)

RetirementsandResignations1July2014–30September2015Jonathantrevor,BA(Glamorgan),MA(Warwick),PhD,Praelector,FellowinManagementStudies, UniversitylecturerinHumanResourcesandOrganisations(2008)(resigned2015)

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YearEnded30June2015|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 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(Hull),MA, PhD(Birmingham),ScD,DSc, DSc(hon.Hull),DSc(hon.Birmingham), 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 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

FoundationFellowHumphreyBattcock,MA, MBA(londonBusinessSchool)

theWilkinsFellowsJulianRobinDarley,MA,FEng RichardAlexanderFrischmann,MA ChristianFlemmingHeilmann,MA Joanna Maitland Robinson RumiVerjee,MA timCadbury,MA JanetOwens,MD RichardWilliams,MA JonathanHoward,MA ChrisBartram,MA,FRICS, MariaFerrerasWilletts,MA(Oxon) RobertJohn,MA,Dlitt(Swansea) louiseArnell,MA RobertMarkwick,MA,MBA(Manchester) JamesEdwardSimonArnell,MA, GiffordCombs,AB(Harvard),MPhil

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

MorganFellowsDanAlistarh,PhD(ÉcolePolytechnique Fédéraledelausanne) tobiasGrosse-Puppendahl,MSc(Darmstadt), PhD(FraunhoferInstitute)

Bye-FellowsNigelAllington,BSc(Hull) AnnelaAnger-Kraavi,MA,BSc(tallinn),MPhil, PhD RichardBerengarten,MA JimenaBerni,MS(UBA),PhD(UBA) IanBucklow,PhD MarieBuda,BSc(Nottingham),PhD DanielBrigham,MA(York) MatthewCarter,BA AndrewCockburn,MSc,PhD AndrejCorovic,MA,MB,BChir GeorgeCouch,BA,BChir KateCrowe,BA EloyDeleraAcedo,MEng(Madrid), PhD(Madrid) EoinDevlin,BA(Dublin),PhD NedaFarahi,BSc(Edinburgh),PhD VickyJones,MA,MB,Bchir,MRCS luciali,MA,MB,BChir Kathleenliddell,llB,(Melbourne), BSc,(Melbourne),MBioeth,(Monash), DPhil(Oxon) Andrewlynch,MA,MMath,PhD(Sheffield) DeeptiMarchment,BA,BChir CatherineMaunder,MA AlexMorris,PhD AmeeraPatel,MA,PhD JillPearson,BA,VEtMC,MRCVSIanSabir,MA, MB,BChir,PhD,MRCP JohannaSyrjanen WilliamSchafer,PhD SarahSmith,MSci,PhD JaneSterling,MB,BChir,MA,PhD,FRCP Garethtaylor,BA,PhD MichaelWakelam,BSc(Birmingham), PhD(Birmingham) Haixi Yan Xin-SheYang,DPhil(Oxon)

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YearEnded30June2015|OfficersandPrincipalProfessionalA

dvisors

Inland Revenue Charity No: X2938

Charity Registration No: 1137455

OFFICERSANDPRINCIPAlPROFESSIONAlADVISERS

Master:ProfessorGeoffreyGrimmett,MA,DPhil,DSc(Oxon),ScD,FRS

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

AuditorsPEM 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

SolicitorsHewitsonsllP ShakespeareHouse 42NewmarketRoad CambridgeCB58EP

BirkettsllP 22 Station Road Cambridge CB1 2JD

Marks&ClerkllP 62-68HillsRoad CambridgeCB21lA

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Report of the Governing Body

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1 http://www.topuniversities.com/university-rankings/world-university-rankings/2015

2 http://www.timeshighereducation.co.uk/world-university-rankings/2016

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

4 Excludes the 27 Medics and Vets in years four to six who are included in the undergraduate numbers.

YearEnded30June2015|ReportoftheGoverningBody REPORtOFtHEGOVERNINGBODY

theFinancialAccountstheaccountsthatfollowconsolidatethoseoftheCollegeanditswholly-ownedsubsidiaries,DowningCollegeDevelopmentslimited,DowningCambridgeConferenceslimited,andtheMayBallCompanylimited.theCollegeisoneof31autonomous,self-governingCollegeswithintheUniversityofCambridge.theUniversityisconsistentlyrankedamongthetopuniversitiesintheworld;thisyear,itwasrankedjointthirdintheQSWorldUniversityRankings1,fourthinthetimesHigherEducationrankings2,andtopintheCompleteUniversityGuidetoUKUniversities3.

Foundedin1800,theCollegeelecteditsfirstFellowin1808andadmitteditsfirstundergraduatein1817.AbequestfromSirGeorgeDowning3rdBaronetledtothefoundationoftheCollege,whichwasoriginallyformedfortheencouragementof thestudyoflawandMedicineandofthecognatesubjectsofMoralandNaturalScience.theCollegenowacceptsstudentsinallsubjectstaughtintheUniversityofCambridge.Knownasthe“lastoftheoldandthefirstofthenew”,theCollegewasthe17thtobefoundedwithintheUniversityofCambridge,afteragapof204years,some69yearsbeforethefoundingofthenextCollege,whichwasthefirstwomen’sCollegeinCambridge.EachCollegeisautonomous,self-governing,anddistinctive.Fortheacademicyear2014-15,thecommunityconsistedof 51 Fellows, 444undergraduates (including three visiting students), and233 graduates, including58 studentswho are“writingup.”4theworkoftheCollegeissupportedby147staff(FtE119.6).

2014-15wasayearofexceptionalactivity:constructionbeganonthethirdparallelrangeoftheCollege,whichwhencompleted(early2016)willprobablypermitallstudentswhowishtoliveonsitetodoso,aluxuryinaCity-CentreCollege.thismajordevelopmentwillhelptofurthertheintegrationofanexpandinggraduatecommunity.thearchitecturerecognisestheimportanceofsocialspaceinencouragingstudentstobenefitfromtheuniqueopportunitiesforinterdisciplinaryengagementthataCollegeprovides.theprojectincludesthecreationofanewcourt,FirstCourt(nexttothePorters’lodge),whichwillalsoincludeanArtGallery.thisfacility,takentogetherwiththeHowardtheatreandthenewOrgan,eachdesignedbyleadingexpertsintheirfields,givesDowningaspecialplaceintheculturalactivitiesinCambridge.

theUndergraduatesOfthe444undergraduatesinresidence,60%weremenand40%women,and390werehomeorEUstudentsand54overseas.Ofthe363homestudents,60%werefromstate-maintainedschoolsand40%fromtheindependentsector.UndergraduatenumbersaredeterminedbythenumberthattheCollegeisabletoaccommodate;thetargetforentry,therefore,isstaticatapproximately125newentrantsineachyear.Overthelastfiveyears,thetotalnumberofundergraduateshasrangedfrom436to455,withanaverageof445.Exceptformedicineandarchitecture,wherenumbersarecontrolledthroughaUniversity-wideagreement,theCollegedoesnotfixthenumberofstudentsinanyonesubjectbutratherassessescandidatesacrosssubjects.OneofthemorehistoricallypopularCollegesintermsofadmissions,733appliedfortheseplaces,532wereinterviewed,and147wereofferedplaces,includingonecandidatewhohaddeferredentryuntil2016.theCollegewishestoencourageapplications,butstressesthehighlevelofacademicattainmentrequiredforsuccess.In2014-15,overallnumbersreflectedtheshapeoftheUniversityasawhole,withtheexceptionoflawandmedicine,twohistoricallystrongsubjects,wherenumberswerehigher,andEnglishandmathematics,whichhadcomparativelyfewerstudents.

135 The baseline target for admission in 2015-16 is 61.3%. Access Agreeement with the Office for Fair Access (OFFA) 2016-17, Table 7, p.12.

YearEnded30June2015|ReportoftheGoverningBodyAdmission to theUniversity ishighlycompetitive,withsome17,000applicantseachyear.Applicantnumbershavegrownby13%

overthelasttenyears,whilethenumbersadmittedhaveremainedrelativelyconstantatabout3,600.Downing,liketheUniversityasawhole,investstimeandresourcesin(1)attractingindividualswhocanmakethemostoftheeducationalexperiencewithitsemphasisonsmallgroupsupervisionand(2)encouragingstudentsfromdisadvantagedbackgroundstoaspiretohighereducationandconsiderapplyingtotheUniversity.Veryfew,ifany,undergraduatesdeclinetheiroffers;however,inevitablysomedonotachievetheAlevelandStEPgradesthatareaconditionoftheiroffers.Ofthe147offersmade,126achievedtheirgrades.Forentryin2015,allCollegesrequiredA*A*A for science subjects (A*AA forartsandhumanities),whichmoreclosely reflects thegradesachievedby successfulcandidates.

theCollegesadheretothefiveprinciplessetoutinthe2004independentreview“Fairadmissionstohighereducation:recommendationsforgoodpractice”.theseincludethecommitmenttoselectstudentsbasedonboththeirachievementsandtheirpotential,tousereliableandvalidassessments,andtoseektominimisebarriersforapplicants.StatisticalevidencehasborneoutthecorrelationinmostsubjectsbetweenhighUMSscoresatASlevelandresultsinthetriposexaminations.However,theGovernment’sdecisionpartiallytoabolishASresultsinthegradeawardedatAlevelmeansthatthisobjectivecriterionwillnolongerbeavailableforthosestudentswhoenteredsixthformsinSeptember2015.theUniversityandCollegeshavebegunworkondevelopingalternativeobjectivemeansofassessment.

UnderitsagreementwiththeOfficeforFairAccess(OFFA)fortheyearinreview,theUniversitycommitted(1)toincreasetheproportionofUKresidentstudentsadmittedfromUKstate-sectorschoolsandcollegestobetween61%and63%by2016-17and(2)toincreasetheproportionofUKresidentstudentsadmittedfromlow-participationneighbourhoodstoapproximately4.0%.thiscommitmentwasrepeatedintheOFFAAgreementgoverningfeearrangementsforthosestudentsenteringinOctober2015.theOFFAAgreementfor2016-17includesamoreambitioustarget,whichcommitstheUniversitytoincreasingthepercentageofUKresidentstudentsto62-64%,reachingthetopofthatrangeby2019-20.thesecondadmissionstargetisnowbasedontheclassificationofareasaccordingto theproportionof 18-year-olds likely to enterHigher Education, knownasPOlAR, ‘Participationof localAreas’.theUniversityhascommittedtoadmit10-13%ofUKstudentsresidentinPOlARquintiles1and2,reaching13%by2019.theformertestwastoosensitive to small changes.

Asacademic standardscannotbecompromised,an increasingemphasishasbeenplacedon recruitmentand raisingaspirations,aresponsibilitytowhichDowninghasshowncommitment.Duringtheyear,theCollegelaunchedanewwebsite,‘DiscoverDowning’(http://www.discoverdowning.com),fundedbyasubstantialdonation.thewebsiteispartoftheCollege’soutreachprogramme,focusingonprovidingresourcesfor14-to17-year-olds.throughblogsbytheSchoolandCollegeliaisonOfficer,theJCRAccessOfficer,andotherstudents,thewebsiteoffersinsightsintolifeataCambridgeCollegeandpracticaladviceontheprocessofapplying.thereis,however,muchworktobedone.thetargetsareUniversitytargets,measuredacrosstheColleges,buteachCollegetakesresponsibilityforcontributing to theUniversity target. In the2013AdmissionsRound forentry inOctober2014,62.2%homestudents from theMaintained sector and 37.8% from the Independent sector accepted offersmade by theUniversity. ForDowning, the proportionswere64.9%Maintainedand35.1%Independent.OnadmissiontoDowning,thecriterionagainstwhichthetargetismeasured,theproportiondroppedto61.9%.InOctober2015,theCollegeadmitted62.8%UKresidentstudentsfromstateschoolsand2.6%fromlow-participationneighbourhoods,adisappointingresult,butonesimilartothatachievedacrosstheUniversity.5

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YearEnded30June2015|ReportoftheGoverningBody ExaminationResults

the2015examresultsincluded119FirstsorDistinctions,breakinglastyear’srecordof116andcontributingtoagainoftwoplacesinthetompkinstable.While9thpositionisfarfromthe2007highof3rd,itisareturntothetopthirdofthetabletraditionallyoccupiedbyDowning.Informingtheseresultsaremanyindividualsuccesses.twenty-onestudentsachievedspecialCollegeprizesforbeingplacednearthetopoftheirtriposes.Sixofthese–HughChatfield(EconomicsPartIIA),lilithomas(EducationPartII),JamesSmith(GeographyPartII),OnkarSingh(Modern&Medievallanguages,ItalianPartI),EliotWatkins(PhilosophyPartIA),andleorZmigrod(PsychologicalandBehaviouralSciencesPartIIA)–werefirstintheirclasslists.Manyprospectiveemployersrequirea2.1asaconditionofanoffer,whichgivesasignificancetothefallinthenumberof2.2or3rdclassresults,asidefromtheintercollegiatecompetitivenessexpressedbypositioninginthetompkinstable.Allbut12of136graduatingstudentsachieveda2.1orFirst.

In addition, there was public recognition of achievement. Christopher Rowe, a finalist in the Historytripos, won the History ofParliament’sannualundergraduatedissertationcompetition,forhisdissertationon‘theliberalParty,Freetradeandthe1841Election’.

theGraduatesForgraduatestudents,theprimaryadmissionsdecisionlieswiththeUniversity,buteachgraduatestudentmustalsobeadmittedbyaCollege.theCollegeprovidesatutorialservicethroughitsgraduatetutors,whohelpwithpastoralandwelfarematters,butalsoprovidethewisdomofexperienceongeneralacademicmatters.theCollegeisable tooffersomefinancialsupport in theformofhardshipgrants,studentshipsandfundingfortravelandattendanceatconferences.Oncethedegreehasbeencompleted,theCollegepresentsthe student to theUniversity for theawardingof thedegree.With theexpansionofgraduateeducation,Collegeshavestruggled toprovidesufficientaccommodation,particularlyonsite.Forsomestudents,andparticularly for thoseworkingindistant laboratories,theCollegehashadlimitedrelevance.Stepshavebeentakentochangethisperception.Inbuildingon-sitegraduateaccommodation,theCollegeaimstointegratethegraduatecommunitymorefully.MembershipoftheMiddleCommonRoomencouragesthecontactacrossdisciplinesthatisnotavailableinthedepartmentsandisoneofthestrengthsofacollegiateuniversity.Inaddition,fromOctober2015,anMCRliaisonFellowwillworkwiththeMCRExecutivetohostbothsocialandacademicevents.StudentsarealsoabletotakeadvantageoftheCollege’seducationalandsportingfacilities,e.g.thelibrary,theSportsGround,theGymandtheBoatHouse.GraduaterepresentativesattendmeetingsoftheGoverningBodyandthecommitteesthatarerelevanttothegraduateexperience.

In2010,theCollegesagreedtosupporttheUniversity’sobjectiveofincreasinggraduatenumbersby2%peryear,whileundergraduatenumbers remain static.Whereas the undergraduate community largely consists ofHome students (82%), the graduate communityismoreinternational(38%Homestudents),withaveryhighdemandforthegrowingnumbersofone-yearMPhilcourses.Overthelastfifteenyears,thenumberofMPhilstudentshasgrownfrom2,099to2,621(by24.9%)andthenumberofPhDstudentshasrisenfrom2,793to3,823(by36.9%).thechangeinthemixmeansthatapproximately37%ofthecommunityturnsovereachyear.theAdmissionstutors endeavour tomanage thebalanceby setting targets across typesof graduatedegree anddisciplines.A graduatecommunity that reflects inmicrocosmthecharacteristicsof theUniversity’sgraduatestudentbody, in termsofsubjects,genderandnationality,is,however,anidealthatisunlikelytobeachieved.Applications-andthereforeoffers-areskewedbytheavailabilityofstudentships,theinternationalprofileofaCollege,andlocation.Downing’sproximitytotheJudgeBusinessSchoolandtoEngineeringisreflectedintherelativelyhighproportion(30.2%)ofDowninggraduatestudentsintheSchoolsoftechnology,comparedwiththeUniversityaverage(20.3%).therelativelysmallernumberofstudentsfromtheArtsandHumanitiesis,again,afunctionoflocationandfunding:lackofpublicfundingforgraduatework,especiallyintheartsandhumanities,meansthatthebetter-endowedColleges,

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whichareabletoofferstudentships,tendtoattracthighernumbersofapplicants.thecurrentgraduatecommunityinDowningincludesfourintheFacultyofArchitectureandHistoryofArt,oneinAsianandMiddleEasternStudies,oneinClassics,threeintheoreticalandAppliedlinguistics,threeinEnglish,twoinModernandMedievallanguages,oneinMusic,oneinAnglo-Saxon,NorseandCelticandnoneinPhilosophy,whichamountsto16or9%ofthetotal,whereastheUniversityaverageis11%.Besidesthe110fundedstudents,thereare77self-payingandtwopart-fundedgraduatestudents.OfthosestudentsregisteredforanMPhil,28of34areself-funded.therecentSpendingReviewincludedanannouncementthatHome/EUgraduatestudentswouldhaveaccesstoaStudentloan,whichmayincreasethenumberofHome/EUstudentswhoareabletopursueaseconddegreefromthecurrent64%.

theFellowsAtthestartoftheacademicyear,theFellowshipwelcomedtwoadditionalmembers:DrMónicaMorenoFigueroa,aUniversitylecturerinSociology,andDrBrendanPlant,theCollege’sHopkinsParryFellowinlaw.DrMorenoFigueroa’sresearchinterestsincludethelivedexperienceof‘race’andracism;feministtheory;andtheinterconnectionsbetweenbeauty,emotions,andracism.DrPlantisanexpertininternationaldisputesettlement,territorialsovereignty,humanrights,andthehistoryandtheoryofinternationallaw.DrDanAlistarh,aresearchscientistatMicrosoftResearchCambridge,hasjoinedtheCollegeasthefirstMorganFellow,acategoryofFellowshipnamedafterSirMorienMorgan,aformerMasterwhoissometimesknownasthe‘FatherofConcorde’.JamieArnell(1988law,waselectedtoaWilkinsFellowship,joininghiswife,louise(formerlyInch-1987Classics),whowaselectedin2013.theWilkinsFellowshipsareawardedinrecognitionofexceptionalgenerositytotheCollege.

theachievementsofmembersoftheFellowshipwererecognisedwithintheUniversity,theirprofessionalsocieties,andbeyond.JohnRicherwaspromotedtoaProfessorshipinAstrophysics,bringingthenumberofFellowswhoareUniversityProfessorstofourteen,almostone-thirdofthetotal.NickColeman,aProfessorofHistopathology,hasbeenmadeaFellowofthelearnedSocietyofWales;DavidWales,ProfessorofChemicalPhysics,wasawardedtheRoyalSocietyofChemistry’stildenPrize;andformerMasterandHonoraryFellowProfessorBarryEverittwasawardedanhonorarydoctoratebytheKarolinskaInstitutetinStockholm.

theCollegehasreciprocalarrangementsforvisitingacademicsfromKeioUniversity,PomonaCollegeandtheUniversityofVirginia.thisyear’svisitorswereMayumitsuda,aProfessorofEconomicsatKeio,EdwardCrane,anAssociateProfessorofBiologyatPomona,andMarkWhittle,aProfessorofAstronomyatVirginia.Inaddition,DrHinarejosvisitedPomona,andDrStegervisitedKeio.

theFellowshipelectedthreeHonoraryFellows,eachattheforefrontofthearts.MichaelApted(1960),aDirectorbothofdocumentaries,suchastheSeven-Upseries,andHollywoodblockbusters,suchastheCoalMiner’sDaughterandtheWorldisNotEnough;MartinBaker(1985),aleadingorganistandmusicdirector;andStephenChambers,aRoyalAcademician,whowastheKettle’sYard/DowningCollegeArtist-in-Residencefor1998-99.

Forthefifthyear,theFellowshiphasorganisedandparticipatedintheCatalysisConference,anacademicconferencethatisdesignedtobringdonorsandsupportersoftheCollegeandtheUniversitytogetherwithleadingacademicsforaweekendresidentialcolloquium.thisyear’sconference,‘livingwithRisk’,beganwithatalkbytheMasteronthetheoryandcommunicationofuncertainty,entitled‘theBanalityofRisk’.ProfessorDavidSpiegelhalter,theWintonProfessorforthePublicUnderstandingofRisk,continuedthethemewith‘Can’tKnow,Don’tKnow:CommunicatingRiskandUncertainty’.MrSimontisdall (1971:History), theAssistantEditorandForeignAffairsColumnistoftheGuardian,spokeon‘SecurityRisk:HowtoRuntheWorldandSurvivetotellthetale’,andDrBillJaneway,

YearEnded30June2015|ReportoftheGoverningBody

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6 Lili Thomas’ entry on CamDram at www.camdram.ac.uk demonstrates the range of activity across Cambridge, the students’ commitment to drama, the extent to which participation crosses College boundaries, and, in Lili’s case, without compromising academic success. As noted in the examination section above, Lili also came top of the Tripos.

YearEnded30June2015|ReportoftheGoverningBody formerlyChairofCambridgeinAmerica,spokeon‘livingwithUncertainty/InvestinginIgnorance’.theRtHonDavidWillettsMPspoke

on‘RiskandRegulation’,andfinallyProfessorBillAdamsgaveatalkon‘OurElephant,myRisk:thePoliticsoftheWild’.

Nextyear,thisdonor-recognitionconference,‘theGrandtour’,willbeheldon2April.

AcademicSocietiesSubject-based societies, run by the students, provide occasions for Fellows, graduates and undergraduates from all years tomeet,typicallytoheartalksbyleadingacademics.thereareeightacademicsocieties,theBlakeSociety,forthepromotionofartssubjects;theBrammerGeographicalSociety;theCranworthSociety,thelargeststudent-runcollegelawsocietyinCambridge;theDanbySociety,thesciencesociety;thelordGuildfordSociety(Classics);theMairSociety(Engineering);theMaitlandSociety(History);theMathiasSociety(Economics);andtheWhitbySociety,whichbringstogetherDowning’smedicalandveterinarystudentsandsupervisors.

DramaandMusicthebuildingoftheneworganbeganattheworkshopsofKentickellin2013,continuedonsiteoverthesummerof2014,andwascompletedintimefortheinauguralconcert,performedbyMartinBaker(1985),MasterofMusicatWestminsterCathedral,inFebruary2015.theCollegeisveryfortunateinhavingalumnireadytofundthepurchaseoftheorganandalumnitodemonstrateitsexcellence:CarlJackson,DirectorofMusicattheChapelRoyal,HamptonCourt,gaveasecondconcertinMarch.theorgan,whichhasseventeenfullsetsofpipes,managedbytwokeyboards,isconsideredtobeahighlysuccessfultributetothecreativegeniusofitsdesigner,Kentickell,andthemembersofhisworkshop,who“voiced”theorgantoaworld-classstandard.

Since the opening production of JohnVanburgh’s Relapse in theHowardtheatre in 2010,Downing students have had unrivalledfacilities.DesignedbytheatreProjects,oneof theworld’s leadingcreatorsofperformance spaces, theHowardtheatre isused forstudentplaysand recitals,aswellas foracademicandcorporateconferences.Productions inCambridge,however, takeadvantageofthetalentsofmanystudentsfromdifferentColleges.thisyear,thefocusoftheSocietywastwofold:toprovideopportunitiesforitsmembers,butalsotoencouragetheUniversityatlargetoenjoyitsfacilities.tothisend,lilithomas6,theSociety’sPresident,andSteveBennett,itsSeniortreasurer,organisedaFestivalofWriting:tenOne-ActPlayswerechosenfromsubmissionsbystudentsfromacrosstheUniversitytobeperformedoverathree-dayperiod,followedeachnightbyapaneldiscussion.

DowningDramaticSocietyrecognisedthecentenaryoftheFirstWorldWarbyperformingAccringtonPals.PerformedanddirectedbyDowningFreshers,theplayendedwithareadingfromthe1914MichaelmaseditionoftheGriffin.thepiece,printedonpage18ofthisreport,gaveanimmediacytotheeffectontheCollegeandthecountryofthedeathsofsomanymenofthesameageasthestudentperformers.thelenttermproduction,tedHughes’stranslationofAgamemnon,tookplaceintheround,inthenewlyrenovatedHowardBuilding,appropriatelygivenitsnewGreekmotif.WithDeathoftheMaiden,theSocietyreturnedtotheHowardtheatre.Onceagain,theSocietysponsoredaplayattheEdinburghFringe,thistimewithKing’sCollegeasaco-sponsor:PaintingsandCake,writtenbyKyungOh,aKing’sundergraduate,wasdirectedbyRosatyler-Clark(afirstyearEnglishstudent).

theCollegeisoneofthesixthatroutinelyhosttheCambridgeShakespeareFestival.theJuly2014productionwasRichardII,followedinJuly2015bylove’slabour’slost,bothofwhichhadthree-weekrunsintheopenairinEastlodgeGarden.

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YearEnded30June2015|ReportoftheGoverningBodyMusic inCollegecovers the range fromtheBigBand to theChoir.theMusicSociety includesgraduates andundergraduates and

organisesorchestral,chamber,choralandotherconcerts,includingtheregularsmallrecitalsintheMaster’slodge.themixed-voiceChoir,oneoftheonlystudent-runchoirsinCambridge,goesontoureveryotheryear,andinsummer2014wentontourtoChina.theChoirvisitedBeijingfortwelvedays,givingperformancesinfiveschoolsasaculturalexchange,duringwhichtheChoirsangsomeofitsmusicandthelocalstudentssangtoit.theChoirthentalkedtothestudentsaboutstudyinginCambridge.ItalsoperformedatadinnerfortheBeijingUnifiedAlumniGroup.Inbetween,itvisitedtheForbiddenCity,thetempleofHeaven,theSummerPalace,tiananmenSquareandtheGreatWall.

SportslastyearwasnotableforDowningmembers’successattheuniversitylevel.thirty-onemembersoftheCollegereceivedablue,half-blueorUniversitycolours,animpressiveincreaseonthepreviousyear’snineteen.tosingleoutafewoftheseaccomplishments,JohnWyldeandRobHallrepresentedCambridgeattheRugbyUnionVarsitymatch.

HollyHillhadaquiteremarkableyear:sherepresentedCambridgeinthehistoricfirststagingoftheWomen’sBoatRaceonthesamecourseandsamedayas themenandalsorepresentedhercountry innumerous international rowingcompetitions.She iscurrentlytheU23nationalchampion(quadruplesculls)andagoldmedalwinner(inthepairandthefourattheinternationalHuegalregattainEssen),tonamejustafewofheraccomplishments.AttheCollegelevel,theWomenrowedoverineverydayofthebumpsandretainedtheirMays’headship,andcelebratedincustomarystyle,butthistime,ledbytheMaster,intheFellows’Garden.

the football teamwon the fiercely competitive Premier league FirstDivision for colleges, conceding only three goals all season.Downing’snetballteamscontinuedtodominatecollegenetball.theWomen’steamwontheleagueagain,andtheMixed1swontheleagueandcupdoubleforthesecondyearinarow.OtherCollegesuccessesincludedthemalehockeyteamwinningtheMichaelmasleagueandsubsequentlygettingtoplayin‘Supercuppers’againsttheirOxfordcounterparts,andthetennisteamwinningCuppersinstyle.AlthoughitwasadisappointingseasonfortheCollegerugbyteamintheleagueandcup,theyneverthelessendedupbywinningthePlate.thesportingnatureofDowningstudentsisalsoreflectedinthefactthatnewclubs,includingtabletennis,pool,volleyballandwomen’sbasketball,havebeenformedandrecognisedasofficialJCRsocieties.

The 2015 BallAmongtheorganisationalachievementsofthestudentsisthebiennialBall.thisyear’sBallcelebratedthewondrousworldofRoaldDahlandQuentinBlake,andwasattendedbyQuentinBlake(English:1953).SirQuentin,whoisagoodfriendtotheCollegeanditsstudents,illustratedthewebsitehttp://downingball.co.ukandhelpedsmooththewaytoobtainthenecessaryrights.Onthenightof16June,2,200guestscametotheCollege.

theDevelopmentoftheCollegeMuchofthepasteighteenmonthshasbeentakenupwithDevelopmentinthetruesenseoftheword,thatiswiththeraisingoffundstomakepossiblethedevelopmentoftheCollege.thenewcourt,FirstCourt,theadditionof80roomsinBattcocklodge,thecreationofaspaceforartexhibitions,theHeongGallery,andtheneworganwouldsimplynothavebeenpossiblewithoutthesubstantialhelp,

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YearEnded30June2015|ReportoftheGoverningBody intheformoffundingandadvice,fromdonors.Givenitsfinanciallyunstablestartinlife,Downinghashadtoruninordertostand

still,seekingdonationstocompensateforthewithdrawalbytheGovernmentfromthefundingofhighereducation,whereasthericherCollegeshavebeenabletousetheirendowmentstorepairtheholesbothintheirfinancesandintheirfabric.Inordertoprotectthestudentexperience,theCollegehashadtorelyonthecontributionsofalumniandfriends,aswellastodepartfromconvention:theCollege’searlywillingnesstoshareitsspaceandfacilitieswithguestshasmadepossiblethecreationofoneofthepremierconferencebusinessesinCambridge.thesetwosourcesofincome,takentogetherwiththenot-always-popularpolicyofchargingrealisticpricesfordomesticservices,havehelpedtocompensateforapronouncedshortfallinfeeincome:theaveragecostofeducationatDowningwas£8,270foranundergraduateand£4,271forapostgraduate,butthefeesreceivedwereof£4,836and£2,474,respectively,causinganoveralllossof£1.6million(£2,663perstudent).Iffeescontinuetoremainfrozen,astheyhavesincetheintroductionofthe£9,000tuitionfeein2012,fundraisingwillneed,onceagain,tofocusonthemeansofsupportingthecoreprovisionofundergraduateteaching.

Althoughtheupkeepanddevelopmentoftheestateisfundedbyacombinationofinternalresourcesanddonations,theconversionoftheofficesintostudentroomsrequiredanelementofbridgefinancing,asthebusinesscasedependedonthesaleofoutlyinggraduatehousing.thelong-termprivateplacementathistoricallylowratesprovidedthatfunding.Onreceiptoftheproceedsfromthesaleof25ParksideandfourhousesonDevonshireRoad,thosefundscanbere-deployedtohelptopayfortheoverduemodernisationoffourhousesonlensfieldRoad(numbers44,46,56and58)andworktotheestateingeneral.thelegalobligationtorepairandmaintainbuildingsontheHeritagelistmeansthatotherareasmaysuffer,asworkmustbeconfinedtoproblemsthatcreatearisktohealthandsafety.7

Duringtheyear,over218photographsweretakenbytimRawleforhisbook,AClassicalAdventure,theHistoryofDowningCollege,generouslysponsoredbytheHowardFoundation.thisforensicexaminationofthesite,togetherwiththeobservationsofthelandscapearchitectAliceFoxley,hassuggestedthatthetimehascometofocusonthelandscapeinwhichthebuildingssitandthecommunitylivesandstudies.theentrancetothenewcourtchangestheentrancetotheCollege,whichinturnsuggestedfurtherimprovementsthathavenowbeenincorporatedintoamasterplan,whichcanbeimplementedasresourcespermit.

AccringtonPalstheeditorialfromtheMichaelmas1914issueoftheCollegemagazine, The Griffin:

“Looking back to the end of last term, we remember that every prospect seemed good this year; there was no hint of the trouble to come. With four Blues and six May colours intending to be in residence, we looked forward with confidence to great happenings, whilst a fair crop of academic distinction seemed probable. But it was not to be. In August the call came, and the call was answered...One by one the rest came up; in little groups we foregathered, discussing the all-compelling topic, and watching to see who would be with us, and who would not. But those who came up were few; on every hand, we miss the wonted number of our friends. Daily we are reminded of them in untenanted room and silent stair, and the empty seats in Hall speak eloquently of their numbers. So many have gone, so many of those whom the College could ill spare; and still others go. Our thoughts are of them, and, whether on the field of battle, or bearing their part still near at home, our good wishes go with them.”

7 Details of the listing can be found at: http://historicengland.org.uk/listing/the-list/results?q=Downing+College

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YearEnded30June2015|ReportoftheGoverningBodyPUBlICBENEFIt

theCollege’spurpose is toprovideaworld-classeducation to thestudentswith themostpotential ineachsubject,whatever theirmeansorsocialbackground.ItisthegoaloftheCollegetoattractthebestapplicantsfromthewidestrangeofschoolsandcolleges.theCollegeactivelysupports theUniversity’saimto increase theproportionofUKresidentstudentsadmitted fromUKstate-sectorschoolsandcollegesandfromlow-participationneighbourhoods(lPNs),asoutlinedintheOFFAAccessAgreementforentryin2015.Since2000,aspartoftheUniversity’sArealinksScheme,Downinghasengagedparticularly,butnotexclusively,withnon-selectivemaintained-sector11–16and11–18schools,andFurtherEducationandSixthFormCollegesinCornwall,DevonandDorset.EachoftheCollege’sfull-timeSchoolandCollegeliaisonOfficerstodatehasbeenarecentCambridgegraduateandhastypicallyheldthepositionforatwo-yearstint.InJuly2015,laurenPayne,arecentEmmanuelCollegegraduateinEnglish,tookoverfromSamturner,whowasinpostfromJuly2012toJune2015.

In2014-15,theSchoolandCollegeliaisonOfficermade17individualvisitstospeakwithstudentsandstaffintheregionandorganisedfourOxfordandCambridgeInformationDaysfor473studentsandstaffatschoolsintheregion.theCollegehostedfivevisits(onedayandfourresidential)fromlink-areaschoolgroups,andco-hostedaBlackAsianandMinorityEthniceventwiththecentralCambridgeAdmissionsOffice.thirty-eightstudentsfrom20differentschoolsandcollegesattendedtheannualSouthWestOpenDayin2014.Forthefirsttimein2015,theeventwasexpandedintoathree-dayresidentialprogramme,duringwhich46studentsfrom18schoolsweregiventheopportunitytoengagewithmoreacademicallyfocusedcontentinthismore-intensiveresidentialexperience.theseeventshavebeeninstrumental inraisingaspirationsandinencouragingapplications fromstudentsatschoolswithoutahistoryofsendingpupils toCambridge.Additional fundingfromanalumnusmeans that this three-daySouthWestOpenDayhasbeenconfirmedfor2016,withthepossibilitythattheformatcancontinueinthefuture.Alsoin2015wasthelaunchof‘DiscoverDowning’,anewwebsitededicatedtoCollegeoutreachwork,whichaimstoprovideresourcesforprospectiveapplicants;thisinitiativewasaccompaniedbyanew ‘DiscoverDowningAlternativeProspectus’,writtenbycurrentundergraduateswith theaimofdemystifyingCambridgeandchallengingassumptionsaboutitsstudents.

theoverallaimof thisprogrammeis toencouragestudentswhomayotherwisenotconsiderhighereducation to lookatallof theuniversity options available to them. Judging the success of this accesswork canbedifficult, but statistics show that, in the2014admissionsround,Downingreceivedapplicationsfrom30South-Weststudents,ofwhich22camefrom15differentmaintained-sectornon-selective schools inCornwall,DevonandDorset.Ofapplicants fromnon-selective schools,placeswereoffered to six,fiveofwhomacceptedandarenowundergraduatesatDowning.Since1999,whentheprogrammebegan,63studentsfromtargetschoolsintheSouthWesthavetakenupplacesatDowning.

Oncehere,studentshaveaccesstoseveralsourcesoffinancialaid.In2014-15,99homeandEUundergraduates(fromaHomeandEUundergraduatepopulationof381)receivedonaverage£2,737throughtheCambridgeBursaryScheme,whichisoperatedincommonwiththeUniversity,otherCollegesandtheIsaacNewtontrust.theSchemeformspartoftheUniversity’sagreementwithOFFAandprovidesbenefits at a substantiallyhigher level than theminimum requiredbyOFFA.Studentswhosehousehold income isbelow£25,000receiveamaximumgrantof£3,500peryearinadditiontoanygovernmentmeans-testedgrants.thosewithincomesofupto£42,611receiveamountsthattaperto£50.Forty-sixstudents(2013-14:52)receivedthemaximumawardunderthisScheme.ForstudentswhowillmatriculateinOctober2015,theCambridgeBursarySchemewillprovidethesamelevelofsupport.

208 https://www.offa.org.uk/agreements/UniversityofCambridge202014-15.pdf

YearEnded30June2015|ReportoftheGoverningBody thisyear,theCollegepaidout431grantstotalling£421,517(2013-14:£412,688)tosupportthepurchaseofbooksandequipment;

attendanceatconferences;travel;studentships;andbursariesincasesoffinancialhardship.trustandotherrestrictedfundsprovided£156,047;£62,488wasmetfromgeneralfunds;and£202,982waspaidthroughtheCambridgeBursaryScheme(2013-14:£231,795).Undergraduatesreceived£351,491ofthetotalpaymentsmade,whichamountedto16.8%ofthetuitionFee.theremainder,£70,026,waspaidtograduates,whichamountedto18.2%oftheGraduateFee.

tUItIONFEESAttHEUNIVERSItYANDItSCOllEGEStuitionFeesforHomeandEUundergraduateshavebeenchargedatthemaximumpermittedrateof£9,000forstudentsmatriculatingfrom2012.ApprovalforthisleveloffeewasconditionalonthesigningofanAccessAgreementwithOFFA.8thisfinancialyearwasthethirdofthenewsystem.UndertheCollegeFeeAgreementbetween1999-00and2011-12,theUniversitypassedoveraportionofthefundsthatitreceivedfromtheHigherEducationFundingCouncil(‘HEFCE’),calculatedonapercapitabasis,totheColleges.From2012-13,thetuitionfeefornewstudentsispaideitherbythestudentsthemselvesoronbehalfofthestudentsthroughtheStudentloanCompany.theCollegescollectthesefeesandpasshalfovertotheUniversity.theCollegesandtheUniversitynowpayequalsharestowards theCambridgeBursaryScheme,with the IsaacNewtontrustcontributing funds tosupport theobligationsof the less-well-endowedColleges,suchasDowning.

theCollegesandtheUniversityengageinsubstantialoutreachactivitiestoencourageallacademicallyqualifiedstudentstoapplyforadmissiontoCambridge,whatevertheirbackgroundsorfinancialcircumstances.theUniversityiscommittedundertheOFFAAgreementfor2014-15toincreasingtheproportionofUK-residentstudentsadmittedfromUKstate-sectorschoolsandcollegesuntilitfallswithintherange61–63%andtheproportionofUK-residentstudentsadmittedfromlow-participationneighbourhoodstoapproximately4%.Italready meets the benchmark on retention.

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YearEnded30June2015|ReportoftheGoverningBodythe£9,000tuitionfeeisonlyacontributiontotherealcostsofofferingtheformofeducationthatCambridgeprovides.Aninternal

study recently concluded that, taking arts, humanities and sciences together, it cost £17,100per annum in2009-10 to educate anundergraduate.this figurewas calculated by applying toCollege costs themethodology used in theUniversity financial reportingtoHEFCEtoarriveatacombinedfigure.thechartoverleafliststhefunctionsthattheUniversityandtheCollegeseachperform:theCollegesadmit,matriculate,superviseandthenpresentundergraduatesfordegrees,takingresponsibilityforpastoralcare.theUniversityprovideslecturesandlaboratories,andexaminesandclassifiesstudents.

thedistinguishingfeatureofaneducationatCambridgeorOxfordistheemphasisonsmall-groupteaching,thecostsofwhicharebornebytheColleges.themaximumnumberofsupervisionsperyearis80,dependingontheyearandsubject,approximately10%ofwhichinvolvejustonestudent,butmost(29%)involvegroupsoftwo.thebasicrateisfrom£27.57forsupervisionofonestudent,upto£41.94forsupervisingingroupsofsixormore.Collegesaugmentremunerationindifferentwaysandhavedifferentcontractualarrangements.For instance,Downingaugments theintercollegiaterateby20%,ifaFellowteachesfor80hoursormoreperyear,andcontributesup to£300 towardsacademicexpenses.thisyear,16Fellowsreceived thisenhancementof supervisionpay.However,provisionofsupervisionscostsconsiderablymorethanpaymentstosupervisors:supervisionsrequireasupportorganisationand,ofnecessity,takeplaceinhistoricpremisesthatareexpensivetomaintain.ForDowning,theaveragecostofeducatinganundergraduatein2014-15was£8,270(2013-14:£7,901)peryear.

While,broadly,thereisparityofeducationalprovisionacrosstheColleges,eachCollegewillhaveadifferentcostbase,largelydrivenbythecostsof its infrastructureandthebalancein itsFellowshipbetweenUniversity-employedteachingOfficers,whocanbepaidfor supervisingat the intercollegiate rate, andCollegeteachingOfficers,whose stipend ispaidby theCollege. Inorder to counterdiseconomiesofscaleandtopromoteefficiency,Collegescollaboratetoprovidevariousservices,andshareknow-howandbestpracticeinoperationalmatters.Nevertheless, thereis inevitablyadisparityinresourcesanddifferentapproachesareadoptedtomeetingtheshortfallbetweentuitionfeesandthecostofeducation.Anintercollegiatetaxationsystemredistributed£4.1millionin2015,butofthis£2.4millionwentinsupportofpredominantlygraduateColleges.Historically,CollegesatCambridge,moresothanatotherUniversities,havebeensupportedbyphilanthropicgiftsfromfoundersandalumniwhoappreciatethebenefitsofthecostlyeducationthattheyhavereceived.

In2014-15,Downingspent£4.3milliononEducation,ofwhich£3.6million,or£8,270percapita,wasforundergraduates.Ofthetotalamount,50%wasspentonteaching,14%ontutorial,11%onAdmissions,3%onResearch,11%onScholarshipsandAwardsand11%onotherEducationalFacilities.

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YearEnded30June2015|ReportoftheGoverningBody UNIVERSItYANDCOllEGES:ASYMBIOtICRElAtIONSHIP

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UNDERGRADUAtENUMBERS2014-15ASOF1OCtOBER2014

Subject Year 1 Year 2 Year 3 Year 4 Years5-7 Total 2014-15

Total 2013-14

Anglo-Saxon 0 1 0 0 0 1 2

Archaeology&Anthropology 0 0 2 0 0 2 3

Architecture 1 2 2 0 0 5 6

Asian&MiddleEasternStudies 2 2 0 1 0 5 7

Chemical Engineering 0 2 1 1 0 4 4

Chemical Engineering via Engineering 0 1 0 1 0 2 1

ChemicalEngineeringviaNaturalScience 2 1 0 0 0 3 1

Classics 2 2 4 0 0 8 8

Classics–4yr 0 1 0 0 0 1 2

ComputerScience 2 2 1 1 0 6 6

Economics 9 7 5 0 0 21 19

Education 0 2 1 4 0 7 12

Engineering 10 11 7 8 0 36 39

English 5 2 5 0 0 12 11

Geography 4 4 5 0 0 13 14

History 6 6 5 0 0 17 17

HistoryofArt 0 0 1 0 0 1 2

Human,SocialandPoliticalScience 4 8 0 0 0 12 8

Land Economy 2 2 3 0 0 7 6

law 17 17 18 6 0 58 57

linguistics 2 1 0 0 0 3 2

ManagementStudies 0 0 0 0 0 0 3

ManufacturingEngineering 0 0 1 2 0 3 5

Mathematics 9 2 6 2 0 19 18

Medical Sciences 16 15 17 7 17 72 81

Modernlanguages 6 6 6 5 0 23 21

Music 1 0 1 0 0 2 2

NaturalSciences(Biological) 9 9 13 4 0 35 41

NaturalSciences(Physical) 11 10 10 10 1 42 46

Philosophy 2 1 3 0 0 6 4

Politics,PsychologyandSociology 0 0 2 1 0 3 6

PsychologyandBehaviouralSciences 3 3 0 0 0 6 3

Theology 1 2 2 0 0 5 7

Theology BTh 0 2 0 0 0 2 4

VeterinaryMedicine 2 2 2 0 3 9 9

Total 128 126 123 53 21 451 477

YearEnded30June2015|ReportoftheGoverningBody

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YearEnded30June2015|ReportoftheGoverningBody PHDtHESESSUCCESSFUllYDEFENDEDBY

DOWNINGGRADUAtEStUDENtS2014-15Bastani,P PhD MManagementStudies(Essaysinenergyeconomics:emissionsabatement,climatepolicyandwelfareBrooke,Hl PhD MedicalScience@MRCEpidemiology(time-segmentspecificphysicalactivity;characteristicsandchangesinyouth)Butcher,AS PhD Engineering(theobservationofhealthandwellbeingthroughcontinuouslongtermmonitoringofstaticanddynamicbodyforcesduringrest)Charlton,EJ PhD English(testimonyintransition:bearingwitnessonstageandscreeninSouthAfricaafterthetruthcommission)Chen,C PhD Biotechnology(AffinityligandsforglycoproteinpurificationbasedonthemulticomponentUgireaction)Cooper,MB PhD PlantSciences(Investigatingphysiologicalandgeneticaspectsofalgal-bacterialsymbiosisforB-vitamins)Crone,WJK PhD Chemistry(Investigationsintothebiosynthesisofbottromycin)Erqou,SA PhD PublicHealthandPrimaryCare(lipoprotein(a)andtheriskofvasculardisease)Escriu,C PhD MedicalScience@CRUKCI(theroleofMst2inoralsquamouscellcancerprogression)Fletcher,tl PhD Engineering(Braindeformationduringdecompressivecraniectomy)Gossage,lM PhD MedicalScience@CRUKCI(DissectingtheeffectsofVHlmutationsinVHldiseaseandsporadicclearcellrenalcarcinoma:linkingfunctional consequencestoclinicalimplications)Greaves,CR PhD Chemistry(Nt)(Multiporphyrinheterolepticassemblies)Han,Z PhD Engineering(theresponseofturbulentstratifiedflamestoacousticvelocityfluctuations)Hernandez,M PhD BiologicalAnthropology(Anassessmentofhealthasanindicatorofsocio-politicalsustainabilityintheearliestState-levelsocietiesofEastAsia)Hessenberger,DSI PhD PlantSciences(SmallRNAandgenomeinteractionsinChlamydomonasreinhardtiirecombinants)Hu,X PhD theoreticalandAppliedlinguistics(AcomparativestudyofChineseandEnglishresultatives)Imbrasaite,V PhD ComputerScience(Continuousdimensionalemotiontracinginmusic)Iwata,N PhD Classics(HypothesisandtheGood:antecedentsofPlato’sRepublic)Kamp,M PhD Music(Fourwaysofhearingvideogamemusic)Kelly,AM PhD Haematology(Platelets:Relatingfunctionalphenotypestotransfusionoutcomes)Knappett,BR PhD Chemistry(Preparationofcore@shellmagneticnanoparticlesandtheircharacterisationbyelectronmicroscopy)lam,SK PhD MaterialsScience(Designoftough,metalfibrereinforcedceramicsforuseathightemperatures)lamHung,lKKJ PhD BiologicalScience@Sanger(theribosomalRNAprocessinggenenucleolarprotein9(noI9)isessentialfornormalexocrinepancreas developmentinzebrafish)li,J PhD Physiology,DevelopmentandNeuroscience(FactorsthatconfercontextspecificityonNotchresponsiveenhancers)liggi,S PhD Chemistry(ExtendinginSilicomechanism-of-actionanalysisbyannotatingtargetswithpathways)lister,VY PhD ChemicalEngineering(Particulatefoulinginanindustrialcoolingsystem)Mobbs,IJ PhD theoreticalandAppliedlinguistics(Minimalismandthedesignofthelanguagefaculty)Na,X PhD Engineering(Gametheoreticalmodellingofadriver’sinteractionwithactivesteering)Osuch,IH PhD BiologicalScience@Babraham(theroleofnon-codingantisensetranscriptioninV(D)Jrecombinationofthemouseimmunoglobulinheavy chainlocus)RomanUrrestarazu,AE PhD Psychiatry(BrainstructureandworkingmemoryfunctioninthepsychosisriskstudyandtheadultADHDstudyofthe1986NorthernFinland birthcohort)Rotondo,S PhD BiologicalScience@Babraham(localisationstudiesofimmunity-associatedGIMAPGtPasesandofGABARAPl2,aGIMAP6bindingpartner)Sakstein,JA PhD AppliedMathsandtheoreticalPhysics(theGodsthemselves)Solano-Alvarez,W PhD MaterialsScience(Microstructuraldegradationofbearingsteels)Steinfeld,MH PhD law(FreeMovementofPersonsandSocialConstructivism?)Sun,l PhD SocialandDevelopmentalPsychology(UsingtheEkman60facestesttodetectemotionrecognitiondeficitinbraininjurypatients)tomatis,VB PhD BiologicalSci@MRCNutrition(Effectsofgreenteaandcoffeepolyphenolsoncardiometabolicfunctioninpolycysticovarysyndrome)Wang,Y PhD Biochemistry(High-throughputinvestigationsofthesub-cellularlocalisationofproteinsandlipidsinsaccharomycescerevisiae)Wong,MWM PhD BiologicalScience@MRClMB(Functionsofthegolgincoiled-coilproteinsoftheGolgiapparatus)Zhang,Y PhD Chemistry(Applicationsofquantumtransition-statetheorytochemicalreactions) 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

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YearEnded30June2015|ReportoftheGoverningBody

Adams, Professor WilliamAdams, W M, ‘the political ecologyof conservation conflicts’, in Conflicts in Conservation: Navigating Towards Solutions, Redpath, S M, Gutiérrez, R J,Wood,KAandYoung,JC(eds.)CambridgeUniversityPress(Cambridge,2015).

Barber, Dr ZoeBarber, Z H, Clyne, T W and Sittner, P (2014), ‘Smart Materials’, Materials Science and Technology,Vol.30(13a),pp.1515–1516.

Clyne, Professor William lam,SKandClyne,tW(2014),‘toughnessof metal fibre/ceramicmatrix composites(MFCs) after severe heat treatments’,Materials Science and Technology,Vol.30(13a),pp.1135-1141.

Coleman, Professor NickGroves, I J and Coleman, N (2015),‘Pathogenesis of human papillomavirus-associated mucosal disease’, The Journal of Pathology,Vol.235,pp.527-538.

Correia, Dr Marta MorgadoExploringthe3Dgeometryofthediffusionkurtosistensor--impactonthedevelopmentof robust tractography procedures andnovel biomarkers. Neto Henriques R,Correia MM, Nunes RG, Ferreira HA.Neuroimage, 2015.

Feldman, Professor DavidFeldman,D,‘thedistinctivenessofPubliclaw’, in The Cambridge Companion to Public Law, Elliott, M and Feldman, D (eds.), Cambridge University Press(Cambridge,2015).

Goymour, Miss AmyGoymour,A,‘Brutonvlondon&QuadrantHousingtrust: Relativity of title, and theregulationofthe‘proprietaryunderworld’’,in Landmark Cases in Property Law, Douglas,S,Hickey,RandWaring,E(eds.),HartPublishing(Oxford,2015).

Groom, Dr HarrietArnold, l,H, Groom, H C, Kunzelmann,S,Schwefel,D,Caswell, S J,Ordonez,P,Mann,MC,Rueschenbaum,S,Goldstone,D C, Pennell S, Howell, SA, Stoye, J P,Webb, M, taylor, I A and Bishop K N(2015), ‘Phospho-dependent Regulationof SAMHD1 Oligomerisation CouplesCatalysisandRestriction‘,PLOS Pathogens, 11(10): e1005194. Available online athttp://journals.plos.org/plospathogens/article?id=10.1371/journal.ppat.1005194.

Grimmett, Professor GeoffreyGrimmett, G, ‘Criticality, universality,and isoradiality’ Proceedings of the International Congress of Mathematicians, Seoul,2014,Vol.IV,pp.25–48.

Haniff, Professor ChrisDanchi,W,Bailey,V,Bryden,G,Defrere,D, Haniff, C, Hinz, P, Kennedy, G,Mennesson, B, Millan-Gabet, R, Rieke,G, Roberge, A, Serabyn, E, Skemer, A,Stapelfeldt, K, Weinberger, A, Wyatt, M(2014), ‘the lBtI hunt for observablesignatures of terrestrial systems (HOStS)survey: a keyNASA science program onthe road to exoplanet imagingmissions’,Proceedings of the SPIE, Vol. 9146.Available online at http://proceedings.spiedigitallibrary.org/proceeding.aspx?articleid=1891898.

Hinarejos, Dr AliciaHinarejos, A., The Euro Area Crisis in Constitutional Perspective, Oxford UniversityPress(Oxford,2015).

Holding, Dr AndrewHolding, A N, (2015), ’Xl-MS: Proteincross-linking coupled with massspectrometry’. Methods, Vol. 89, pp.54–63.

Housden, Dr MichaelPaterson, I, Housden, M P, Cordier, C J,Burton, P M, Mühlthau, F A, loiseleur,O (2015), ‘Synthetic studies toward thebrasilinolides: controlled assembly of a protectedC1-C38polyolbasedonfragmentunionbycomplexaldolreactions’Organic and Biomolecular Chemistry,Vol.13, pp.5716-5733.DOI:10.1039/c5ob00498e.

James, Dr IanJames, I, ‘the literary-philosophicalEssay’ in The Cambridge Companion to French Literature,lyons,J(ed.)CambridgeUniversityPress(Cambridge,2015).

Jones, Dr EwanJones, E J, Coleridge and the Philosophy of Poetic Form, Cambridge University Press(Cambridge,2014).

Kennedy, Dr SarahKennedy, S (2015), ‘“Where’s home,Ulysses?” Judith Wright in Europe1937’ The Journal of Commonwealth Literature. Available online athttp://jcl.sagepub.com/content/early/2015/08/05/0021989415589833.full.pdf+html.

Ledgeway, Professor AdamBenincà, P, ledgeway, A and Vincent,N (eds.), Diachrony and Dialects. Grammatical Change in the Dialects of Italy, Oxford University Press (Oxford,2014).

McCombie, Professor JohnFelipe, J and McCombie, J S l (2015),‘Can theMarginal Productivitytheory ofDistributionbetested?’Review of Radical Political Economics,Vol. 47(2), pp. 274-291.

SElECtEDPUBlICAtIONSBYDOWNINGFEllOWS2014-15

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YearEnded30June2015|ReportoftheGoverningBody

McNamara, Dr Ken McNamara,KJandFeist,R‘theeffectofenvironmental changes on the evolutionand extinction of Late Devonian trilobites from the northern Canning Basin, Western Australia’ in Devonian climate, sea-level and evolutionary events, Becker, R t, Königshof, P and Brett, C E (eds.),Geological Society of london, SpecialPublications 423, (london, 2014). DOI:10.1144/SP423.5.

Milton, Dr Amy James, E l, Bonsall, M B, Hoppitt, l,tunbridge E,M, Geddes, J R, Milton, Al and Holmes, E A (2015), ‘Computergameplay reduces intrusivememories ofexperimental trauma via reconsolidation-update mechanisms’ Psychological Science,Vol.26,pp.1201-1215.

Moreno Figueroa, Dr MonicaMoreno Figueroa, M G and Saldívar,E (2015), ‘“We Are Not Racists,We Are Mexicans”: Privilege,Nationalism and Post-Race Ideologyin Mexico’, Critical Sociology. DOI:10.1177/0896920515591296.

Nisbet, Dr EllenDorrell, RG,Drew, J,Nisbet,R ER andHowe,CJ(2014),‘EvolutionofchloroplasttranscriptprocessinginPlasmodium and its chromerid algal relatives’ PLOS Genetics Vol. 10(1): e1004008. DOI:10.1371/journal.pgen.1004008.

O’Neill, Professor WilliamChen, l, Hopkinson, D, Wang, J,Cockburn,A,Sparkes,MandO’Neill,W(2015), ‘Reduced Dysprosium PermanentMagnetsandtheirApplicationsinElectricVehicletractionMotors’,IEEE Transactions on Magnetics,Vol.51(11),Articlenumber7112486.

Pesci, Dr AdrianaPesci,AI,Goldstein,RE,Alexander,GPandMoffatt, H K (2015), ‘Instability of aMöbiusStripMinimalSurfaceandalinkwith SystolicGeometry’,Physical Review Letters,Vol.114,pp.127801.

Plant, Dr BrendanPlant,B(2015),‘Sovereignty,ScienceandCetaceans: theWhaling in the AntarcticCase’,Cambridge Law Journal,Vol.74,pp.40-44.

Pratt, Dr DavidPratt,D(2015),‘KingsandBooksinAnglo-SaxonEngland’,Anglo-Saxon EnglandVol.43,pp.297-377.

Richer, Dr JohnSalji, C J, Richer, J S, Buckle, J V, DiFrancesco, J, Hatchell, J, Hogerheijde,M, Johnstone, D, Kirk, H and Ward-thompson,DonbehalfoftheJCMtGBSConsortium(2015),‘theJCMtGouldBeltSurvey:propertiesofstar-formingfilamentsinOrionANorth’,Monthly Notices of the Royal Astronomical Society, Vol. 449(2),pp.1782-1796.

Robbins, Professor TrevorGillan, C M, Apergis-Schoute, A M,Morein-Zamir, S, Urcelay, G P, Sule, A,Fineberg,NA,Sahakian,BJandRobbins,tW (2015) ‘Functional neuroimaging ofavoidancehabits inobsessive-compulsivedisorder’,American Journal of Psychiatry, Vol. 172(3), pp.284-93. DOI:10.1176/appi.ajp.2014.14040525.

Roberts, Professor IanRoberts, I (2014), ‘the Mystery of theOverlookedDiscipline:ModernSyntactictheory and Cognitive Science’, Revue Roumaine de Linguistique, Vol. 58,pp.151-178.

Steger, Dr Brigitte Gill, t, Steger, B and Slater, D H (eds.),Japan Copes with Calamity: Ethnographies of the Earthquake, Tsunami and Nuclear Disasters of March 2011,PeterlangPress(Oxford,2015).

Stock, Dr Jay Will,MandStock,Jt(2015),‘Spatialandtemporal variation of body size amongearlyHomo’,Journal of Human Evolution, Vol.82,pp.15-33.

Tomalin, Dr Marcus tomalin, M (2015), ‘‘the most perfectinstrument’: Reassessing Sundials inRomantic literature’, Romanticism, Vol.21(1),pp.80-93.

Virgo, Professor GrahamVirgo, G, The Principles of the Law of Restitution (3rd ed.), Oxford UniversityPress(Oxford,2015).

Wales, Professor DavidChebaro, Y, Ballard, A J, Chakraborty,D and Wales, D J (2015), ‘IntrinsicallyDisordered Energy landscapes’,Scientific Reports,Vol.5,Articlenumber10386.

Williams, Dr GuyHoffmann,M,Mada, M, Carpenter,tA,Sawiak, S J and Williams, G B (2015),‘Additional sampling directions improvedetectionrangeofwirelessradiofrequencyprobes’,Magnetic Resonance in Medicine. DOI:10.1002/mrm.25993.

Yunus, Dr KamranJaafar,MM,Ciniciato,GPMK,Ibrahim,S A, Phang, S M,Yunus, K, Fisher, A C,Iwamoto, M and Vengadesh, P (2015),‘Preparation of a three-DimensionalReduced Graphene Oxide Film byUsing the langmuir−Blodgett Method’,Langmuir,Vol.31(38),pp.10426–10434.

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YearEnded30June2015|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.MembersoftheGoverningBodyinofficeduringtheperiodandatthedateofthisReportarelistedonpages6and7.Withfewexceptions,FellowsarechosenafterinterviewonthebasisofexcellenceinteachingandresearchandtheircommitmenttoprovidingdirectionofstudiesandsupervisionsacrosstheprincipalsubjectsofferedbytheUniversity.NewmembersoftheGoverningBodyaretrainedinthefulfilmentoftheirresponsibilityforgovernancethroughasystemofmentoring.MembersoftheGoverningBodyhavereceivedtrainingintheirdutiesastrustees.

theGoverningBody,whichmeetsseventimesperyear,dischargesitsresponsibilitiesthroughthestructureofcommitteesshowninthefollowingtable.RepresentativesoftheJCRandtheMCRattendGoverningBodymeetings,eachofthesecondaryCommittees(withtheexceptionoftheFellowshipCommittee),andmostofthetertiaryCommittees.ExternaladvisersserveontheInvestmentsmeetingsoftheFinanceCommittee(6),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 costofgovernancefor2014-15was£39,587(2013-14:£32,833).

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.

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YearEnded30June2015|ReportoftheGoverningBody tHECOMMIttEEStRUCtURE

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

10 In 2014, the size of the endowment (net of loans) placed Downing at 24th of 31 (2013: 22nd) in terms of this measure of wealth. Colleges of a similar sized student body (+/-50) have endowments ranging between £43.5 million and £157.3 million. The median of all Colleges was £63.1 million (2013: £58.1 million).

YearEnded30June2015|ReportoftheGoverningBodyCOllEGEFUNDING

theCollegefundsitsactivitiesfromacademicfees,chargesforstudentresidencesandcatering,incomefromitsconferenceandfunctionsbusiness,itsinvestments,andfromdonationsandbequests.

AcademicFeesAcademicfeesconsistoftheCollegeFeeandgrantstosupportteachingandresearch.Ofthese,themostsignificantsourceoffundingisthetuitionfeespayablebyoronbehalfofundergraduates.ForstudentsmatriculatinginOctober2014,theCollegecollecteda£9,000tuitionFeefromHome/EUstudents,passingonhalftotheUniversity(seeseparatesectiononpp.20-22).theUniversitypaidtheCollege£1,697,684fromitsHEFCEgrant towardsthecostofadmitting,supervisingandprovidingtutorialsupportandsocialand recreational facilities.the total fees that theCollege received foreducatingundergraduates, includingtheprivatefeespayablebyoverseasstudents,was,therefore,£2,095,742,whichamountedto20.3%oftotalincome(2013-14:£2,007,242and19.8%).thefeeforHome/EUstudentshasremainedunchangedsince2012;forallothers,thefeewas£4,185.Privatelyfundedundergraduatespaidatuitionfeeof£7,719.From2014-15,thefeeduefromgraduatesisaproportionofthenewsinglefeechargedbytheUniversity.thefeereceivedfromallgraduatestudentswas£2,474.

Aslightincreaseincosts,coupledwithadecreaseinstudentnumbers,resultedinanincreaseof9.3%intheshortfallperstudent,from£2,436to£2,663(onafullyallocatedbasis9).UsingamethodologyconsistentwiththatusedbytheUniversity,theCollegehascalculatedthat itcost£8,270toeducateanundergraduate. (2013-14:£7,901).themodel,whichallocatescostsbetweenundergraduatesandgraduates,calculatedthattheshortfalloneachgraduatestudentwas£4,271(2013-14:£4,047).Becauseofthehighleveloffixedcosts,reducingthenumberofstudentswouldnothelpthefinancialposition.thecostsarehighlysensitivetothecostofprovidingspace,whichisaffectedbyenergyandlabourcosts.thefundingshortfallispartlyoffsetbyincomefromcharitablefunds.

theCollegesFundthe Colleges Fund, which is funded through the intercollegiate taxation system, makes grants to Colleges with insufficientendowments10.Inthepast,theCollegehasreceivedgrants,totaling£642,900overthelasttenyears.Forthesecondconsecutiveyearin2014-15,theCollegewasnotawardedagrant,anoutcomethatisindicativeoftheflawsinthemodel,ratherthanoftheachievementofself-sufficiency.theCollege’sendowment, taken togetherwithanassumedlevelofprofit fromtheconferencebusiness,wasdeemedtobeadequateforitssize(measuredbythenumbersofundergraduates,graduates,collegeteachingofficersandFellows),whenclearlyitisnot.theCollegeconsidersthattheburdenofbuildingsmaintenancerequiresamoresubstantialendowment,whichwasthemaindriverforthelaunchofthefundraisingcampaign.

StipendsUnder the Cambridge system, the majority of the Fellows of a College are paid their principal stipends by the University.RemunerationsystemsamongtheCollegesdiffer.InDowning,FellowswhoholdpositionsintheUniversity–themajority–arepaidforthesupervisionsthattheyundertakeforDowningstudents(orforstudentsofotherCollegesinordertoobtainexchange

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YearEnded30June2015|ReportoftheGoverningBody teaching)atanenhanced intercollegiatehourly rate,provided thatat least80hoursof supervisionsare taught,andaregiven

roomsandotherbenefits.theintercollegiateratefor2014-15foranhour’ssupervisionoftwostudentswas£33.78.theCollegeStatutespermitOfficialFellows toresidewithin theCollege:asofOctober2014, threeFellowsareresident inCollege.Allofthesecosts,includingthecostofmaintainingpremises,areincludedwithinthecostsofEducationintheIncomeandExpenditureAccount.DirectstaffcostsareshowninNote9.In2014-15,thecostpersquaremetreofprovidingspacewas£152.11,comparedwith£150.87in2013-14,anincreaseof0.8%.Fromtimetotime,DowningappointsCollegeteachingOfficers(whoareOfficialFellows)inthosesubjectsinwhicheitherthereisasubstantialneedforundergraduateteaching,butforwhichtheCollegehasbeenunabletosecureUniversityteachingOfficersasFellows,orforwhichithasreceivedspecialfundingthatenablestheCollegetosupportanadditionalFellowinsubjectsinwhichithasaparticularstrength.Atpresent,threefull-time(English,History,andlaw)andonequarter-time (SocialandPoliticalScience)CollegeteachingOfficersare fundedby theCollege.Approximately£5.0millionoftheCollege’s£39milliontotalendowmentisrequiredtosupporttheCollegeteachingOfficerposts.

thecostofprovidingeducationisconsiderablygreaterthanthemoneythattheCollegereceivesfromacademicfees.Since1999–00,theyearinwhichtheGovernmentimposeda21.8%cutintheCollegeFee,thecumulativeshortfallhasbeen£20.3million.Fromtheintroductionofthe£9,000tuitionFeeinOctober2012,theshortfallhasbeen£4.6million.

DevelopmentInordertoboostthecharitablefundsnecessarytosupportitseducationalmission,theCollegehaslaunchedvariousappeals.thefundssoobtainedhaveenabledtheCollegetocommemoratetheworkofitsmostoutstandingFellowsandMastersandcertainof its successful alumni through the establishment of named scholarships and Fellowships.the Professor Sir lionelWhitbyMemorialFundandtheOonFundprovidescholarshipsinMedicine,andtheHarrisFundprovidesprizesandscholarshipsinlaw.theGlynnJonesFundprovidessupportforDowningmenandwomenwhowishtotakecoursesinmanagementstudies.theDarleyFellowshipFundhelpssupportaFellowshipinMathematics,andthelordButterfieldFundmakesitpossibleforDowningstudentstospendaperiodofstudyatHarvard.theOctaviusAugustusGlasierCollinsFellowshipFundhelpssupportaFellowinClassics.theVerjeeFellowshipFundsupportsaFellowship inMedicine, theHopkinsParryFellowship fundsaFellowshipinlaw,andtheMaysWildFellowshipfundsaFellowshipinNaturalSciences.DrJanetOwensgenerouslysupplementedthefund that supports the R JOwens Fellowship in English, and Robert John has provided funding to support a Fellowship inExperimentalPsychology.Membersof theCollegehavealsocontributedgenerously to theestate– forexample, towards theSirMortimerSingerGraduateBuildingwithitsFrischmannandHeilmannWings,theHowardtheatre,HowardCourt,andtheHowardBuilding,theMaitlandRobinsonlibrary,andthelieutenantColonelAndersonFitnessRoom.Mostrecently,theHowardFoundation,recognisingtheimportanceofappearancetotheconferencetrade,kindlypaidforsubstantialimprovementstothecarpark,whileHumphreyBattcockhascontributedtotheconversionofParker’sHouse,andChristopherBartramtothecreationof an art gallery. FriendsofDowninghave alsomademajor contributions to support theCollege’s educationalmission: theFerrerasWillettsfamilyhasendowedaFellowshipinNeuroscienceandGiffordCombshassponsoredtheCatalysisConferenceandcontributedtoFirstCourt.Mostrecently,underthechairmanshipoflukeNunneley(law:1981)andKatePanter(Medicine:1981),fundshavebeenraisedtosupporttheEverittButterfieldFellowshipinBiomedicalandBiologicalSciences.AgenerousdonationfromJamie(law:1988)andlouiseArnell(Classics:1987)supportstheCollege’sworkinwideningparticipation.Inaddition, theDowningCollegeAlumniAssociationraisesmoney through thesaleofmerchandise inorder to fundprizes foracademicachievementandgrantsforstudenthardship.

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YearEnded30June2015|ReportoftheGoverningBodyIn1996,theCollegeestablishedaDevelopmentOfficeinordertomaintainlinkswithmembersoftheCollegeoutofresidence.It

sponsorseventssuchasalumnidays,reunionsandmeetings;italsofocusesgivingthroughappeals.Amajorfundraisingcampaignforendowment,‘Catalysis’,waslaunchedatthelondonEventon2November2009.Attheendofthefinancialyear,£18.5millionhadbeenpledged.BecauseofthetrustsandRestrictedFundsitholds,theCollegeisabletosupportitsstudentswithgrants,bursaries,andhardshipfunds.Inaddition,itisabletorewardexcellencethroughscholarshipsandprizes.thisyear,theCollegemadeawardsof£480,885,ofwhich£215,415wasprovidedbyRestrictedFundsincludingtrustFunds,£62,488wasmetfromgeneralfundsand£202,982wasreceivedasarefund(partlypaidfromUniversityfeeincomeandpartlyfromtheIsaacNewtontrust).

ConferencesthroughitssubsidiaryDowningCambridgeConferenceslimited,theCollegecontinuestofocusonbuildingitscommercialbusiness,whichconsistsofconferencesandfunctions.Incomefromcommercialactivitiesisintendedtocovertheout-of-termportionoftheyear-roundcostsoftheestateandthestaff.Profitsfromthis,togetherwithfundraisingefforts,rigorouscostcontrol,andmoreeconomicallyappropriate chargingpolicies are key contributors to the strategyneeded to address theunfavourablebusiness environmentwithinwhichOxbridgecollegesoperate.

Trinity CollegetheCollegehasbenefitedfromthegenerosityoftrinityCollege.theCollegecontinues tobenefit fromthediscountedrentpayableonthesportsgroundlease.theIsaacNewtontrust,establishedbytrinityin1988topromoteeducation,learning,andresearchintheUniversityofCambridge,donatedatotalof£150,000over theperiod1999–2004onamatchingbasis tocreateanendowmentforsupportingstudentsexperiencingfinancialhardship.Since2006,theIsaacNewtontrusthasoperatedandcontributestotheCambridgeUniversityBursariesScheme,wherebyaportionof the top-up fee is setaside to fundbursariesofup to£3,500.the IsaacNewtontrusthasrecentlyannounceditswithdrawalfromtheCambridgeBursarySchemefrom2016–17inordertofocusonfundinggraduatestudentships. In thepast, thetrust has alsopaid theCollege for the releaseofCollegeteachingOfficers’ time for teaching for theUniversity,supportingFellowswithpostdoctoralresearchposts,andcontributingtowardsResearchFellowcostswiththeIsaacNewtontrustResearchFellowshipScheme.thisyear,thetrustpaid£15,000,representinghalfthecostoftheMaysWildResearchFellow.In2015,trinityCollegegenerouslycontributed£200,000totheParker’sHouseproject.

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YearEnded30June2015|ReportoftheGoverningBody S IGNIFICANtPOlICIES

1.RESERVES1. totalFundsstoodat£151.0millionat30June2015.Ofthisamount,£88.8millionisdesignatedasoperationalassets,representing

thenetbookvalueofthebuildingsthatarenotsupportedbytheRevaluationReserveorDeferredCapitalGrantsthatarisefromdonations.thesefundsaredesignatedbecausetheyrepresentfunctionalfixedassetsthatcannotbespentasincome.

2. Informulatingthereservespolicy,theGoverningBodyhasconsideredthefactorswhichcausevariationsinincome.theseare:studentnumbers,changes in theapportionmentof theCollegeFeeandin the fundsawardedbyHEFCEto theUniversity, thesusceptibilityoftheconferencebusinesstocorporatecutbacksandgeopoliticalevents,andthevolatilityoftheinvestmentportfoliocausedbymovements inworldmarketsandunanticipatedrentalvoids.theGoverningBodyhasalsoconsideredexamplesofhistoricalunanticipatedexpenditure, inparticular those thathavearisen fromproblems in the fabricof thebuilding,e.g.dryrot.theReservesalso support any liability arising from theCCFPSfinal salarypension scheme for staffunderFRS17 (2015:£1,722,368;2014:£2,038,725).

3. theGoverningBody thereforeconsiders that free reserves should representoneyear’sworthofexpenditureanda£1millionunanticipatedexpenditureonrepairs.tothatend,itbelievesthatthefreereservesshouldbenolessthan£10million.However,theprogrammeofconversionofinvestmentpropertiesforoperationalusehastheeffectofdiminishingthefreereserves,whichtheGoverningBodyacceptsmayleadtoalowerlevelofreservesthanisdesirable.

4. thelevelofreservesisreviewedroutinelybytheFinanceCommitteeandinresponsetoanyrelevant,specificinterimrequestsforexpenditure.

5. At30June2015,freereserves(GeneralReservelesspensionliability)stoodat£5.0million(2014:£8.3million).

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

19July2005,andsupersededbythefullsetofstatutesapprovedon9May2006).

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

3. theInvestmentCommitteesetstheoverallassetallocationandappointsadvisorsandmanagers.On1August2009,theCollegeappointedPartnersCapital to advise on andmanage the securities portfolio. Such appointments are reviewed at three-yearlyintervalsorinresponsetospecificproblemsoropportunities.thereviewconsiderstherisk/returnparametersthathavebeengivento themanagers,whether theseparameters still accordwith theCollege’s investmentobjectives, theperformancebenchmarkresultingfromtheseparameters,andthelong-terminvestmentobjective.Followingareviewin2014,theCollegedecidedtoretainPartnersCapital,butadjusttherisklevelswithintheportfolio.theportfoliomanagedbyPartnersCapitalisdesignedtogenerateanominal,unleveragedreturnof7.5%afterallmanagementchargesoverthelongterm,tomaintaintherealvalueoftheportfolio,whilstfunding4%ofspendingperannum.

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YearEnded30June2015|ReportoftheGoverningBody4. Asaresultofthereview,thebenchmarkforperformancemeasurementwaschanged.Fortheperiod1July2014to31December

2014,forperformancemeasurementpurposes,thebenchmarkconsistedofEquities:40%,MSCIWorldIndex(inlocalcurrency);FixedIncome:12%,FtSEABritishGovernmentAllStocks;HedgedFunds:22%,HFRIFundofFundsComposite;Cash:2%,UKthree-monthlIBORIndex;InflationlinkedBonds:4%,FtSEA(Indexlinked)BritishGovernmentAllStocks;Commodities:3%,S&PGoldmanSachsCommodityIndex;andPrivateEquity:17%,StateStreetAllPEIndex(lagged3months).tacticalAllocationrangeswerecash:0–5%;FixedIncome:0–18%;HedgeFunds:10–33%;Equities:20–50%;PrivateEquity:10–25%;Commodities:0–6%;andInflationlinkedBonds:0–10%.

Fortheperiod1January2015to30June2015,forperformancemeasurementpurposes,thebenchmarkconsistedofEquities:45%,MSCIWorldIndex(inlocalcurrency);FixedIncome:13%,FtSEABritishGovernmentAllStocks;HedgedFunds:20%,HFRIFundofFundsComposite;Cash:1%,UKthree-monthlIBORIndex;InflationlinkedBonds:3%,FtSEA(Indexlinked)BritishGovernmentAllStocks;Commodities:3%,S&PGoldmanSachsCommodityIndex;andPrivateEquity:15%,StateStreetAllPEIndex (lagged3months).tacticalAllocation rangeswerecash:0–5%;Fixed Income:0–18%;HedgeFunds:5–35%;Equities:20–65%;PrivateEquity:10–25%;Commodities:0–6%;andInflationlinkedBonds:0–10%.

5. FromFebruary2013,thecustodianforthemajorityofthesecuritieshasbeenHSBCPrivateBank(luxembourg)S.A.

6. Since1August1957,theCollegehasoperatedanAmalgamatedFundmadeundertheUniversitiesandColleges(trusts)Act1943,inwhichpermanentcapital,expendablecapital,restrictedfunds(includingtrusts),andunrestrictedfundsholdunits.theFundisinvestedtooptimisetotalreturn.theCollegeadoptedaspendingrulethatwasdesignedtosmoothspendingandreducetheeffectonincomeoffluctuationsinmarketperformance.theamountofreturnrecognisedintheIncome and Expenditure Account isequaltotheweightedaverageoftheprioryear’sspendingadjustedforinflationmeasuredbyRPI+1%(70%weight)plustheamountthatwouldhavebeenspentusing4.5%oftheprioryear’sclosingvalueoftheinvestments(30%weight).Informulatingthisrule,theCollegehadregardtotheunappliedtotalreturnonfundsinvested.

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

8. theunappliedtotalreturnstandsat£10,384,210forthesecuritiesportfolioandincludesreturnsfromcommercialpropertysince1July2007.

9. theCollege’spropertyportfolioispresentlymanagedbyCarterJonasllP.RoutinedecisionsaretakenbytheSeniorBursaractingonadvicefromCarterJonasandthelawfirmHewitsons.

10. Allinvestments,includingtheparametersfortheinvestmentofcash,areoverseenbytheInvestmentsCommittee,withday-to-daymanagementdelegated to the SeniorBursar.Membershipof the InvestmentCommittee consists of threemembersof theFinanceCommittee,butaugmentedbysixexternalmemberswithprofessionalexpertise.theInvestmentCommitteereportstotheGoverningBody,whichisresponsibleforauthorisingmajorchangesofstrategy,theappointmentoffundmanagers,andalldirectholdingsofproperty.

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YearEnded30June2015|ReportoftheGoverningBody 11. the InvestmentCommittee is required tomeet three timesayear inorder toreviewinvestmentperformance,butmeetsmore

frequently in response to specific investment opportunities or unusual events.theCommittee receives quarterly performancereportsfromitscoresecuritiesportfoliomanager,representativesofwhichalsoattendtheprincipalmeetings.

12. thisStatementhasbeenreviewedinNovember2015andwillbereviewedatleasteverythreeyears.

3.RISKBecauseoftherelativelysmallsizeofitsinvestmentportfolio,theCollegehasadoptedacautiousstrategytowardsitsinvestments.theCollegehascommissionedaseriesofreviewsofitssecuritiesholdingsinordertoquantifytherisk/returnprofileoftheportfolioandtorecommendanappropriatestrategicassetallocationtoreducethevolatilityofreturns.Althoughtheportfolioiswelldiversifiedandtakesintoaccounttherisk-adjustedreturnsofeachassetclassanditsrolewithintheportfolio(e.g.volatilityreduction,provisionofincome,returnenhancement,deflationhedge,orinflationhedge),theturmoilinthefinancialmarketstowardstheendof2008resultedinmostassetclassesbeingaffectednegativelywithassetswithlonghistoricaltrendsoflowcorrelationtoeachothermovingintandem.theCollegerespondedbyconductingadetailedandcarefulanalysisandconcludedthatitsstrategyissound,butthatimplementationshouldbeonthebasisofadvicefromathirdparty,ratherthanthroughdiscretionaryfundmanagement.Duringthemostrecentfinancialproblems,theportfolioappearstobebehavingaccordingtothemodellingwhichinformeditsconstruction.

theportfoliohassubstantialexposuretocurrencymovements,whichislimitedthroughforeignexchangeforwardcontractstotargethedging70%of theUSdollar,EuroandJapaneseYenexposure.Onlycurrencieswithpotentialexposureofgreater than5%of theportfolioaresubjecttocurrencymanagement.

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 the

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YearEnded30June2015|ReportoftheGoverningBodyuncertaintyoffunding.AwiderangeoftheCollege’soperationsareaffectedbyvolatilityinthefinancialmarketsandbyrecessionin

therealeconomy,theeffectsofwhicharehardtomitigate.Alloperationswouldbeimpactedbyapandemic.theCollegehasmadeanappropriateplantominimiseproblems.

6.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:

• reducingthecarbonfootprintbyconsuminglessenergyandconvertingtomoreenvironmentallyfriendlysourcesofenergywherepracticable

• promotingrecycling,aidedbyminimisingandresponsiblydisposingofnon-recyclablewaste(e.g.undertheWEEEregulations)

• reducingtheper capitaconsumptionofwater

• promotingaGreentravelpolicyforFellows,staff,students,andguests

• monitoringconsumptionofenergyandwater,investigatinganomalies,andfeedinginformationbacktoconsumers

• usingenvironmentally-soundbuildingandrefurbishmentmethods.

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YearEnded30June2015|ReportoftheGoverningBody ReducingConsumption

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

Currenttargetsinclude:

• requalificationfortheCarbontrustStandard(originallyawarded2009);DowningwastheonlyOxbridgeCollegetohaveachievedcertification

• the‘15/15’Commitment.theCollegeaimstouse15%lessenergyin2015thanin2010

• toreduceper capitawaterconsumptionby12%by2015-16(baseline2009)(allowingfornewbuildings)

• toreducecarbonconsumptionbyatleast34%by2020(baseline2005)

• toreducecarbonconsumptionbyatleast80%by2050(baseline2005).

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

thisreductionwillbeachievedby:

• purchasingitemswithreducedpackaging

• reducingwastearisingfromfoodpreparationbymeansofbetterstockcontrolandportionmanagement

• involvingstaffandstudentsincorrectlysegregatingwastestreamstomaximiserecyclingwithintheCollege

• workingwiththeCityCouncilandotherwastedisposalagenciestorecyclemoreeffectively

• creatingnewrecyclingchannelswherepossible,andpublicisingthesetostaff,students,Fellowsandguests.

GreaterEnvironmentalAwarenesstheCollegewillactivelypromoteenvironmentalawarenessamongFellows,students,staff,andconferenceguests

Increasedawarenesswillbeachievedby:

• activelypublicisingnationalandlocalenvironmentalinitiatives,includingregularfeedbackonCollegeperformance

• managingCollegeinitiativesthroughtheHealth,Safety&DomusCommittee,theBuildingsandEnvironmentCommittee,andtheGeneralPurposesCommittee

• involvingJCRandMCRGreenOfficersinallappropriateinitiatives

• including,wherepracticable,environmentallybasedincentivesinstaffperformancetargets,andinstudentrents

• monitoringandpublicisingenergy-savingandenvironmental targetsandperformance, including informingconferenceguestsofachievementsviaGreentourism

• improvingconformancewiththequalificationcriteriaforGreentourism.

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YearEnded30June2015|ReportoftheGoverningBodyGreentransportPolicy

theCollegeencouragesresponsibletravelarrangements:

• generally,studentsmaynotbringmotorvehiclestoCambridge

• Fellows,students,andstaffareencouragedtowalkorbicycletoworkmorefrequently

• bypublicisinginformationonroutes,conferenceandnon-conferenceguestswillbeencouragedtocometotheCollegebypublictransport

• workpatternsmaybeadjusted,wherepossible,tofacilitateuseofpublictransport:theCollegewillprovideincentivestostafftousepublictransport,ifeconomicallyjustifiedbyactiveinvolvementwithCityandCountytransportplanninginitiatives(e.g.CityDeal).

ActionsandtargetstheCollegewill:

• aimtoreducegrossenergyconsumptionby15%in2015/16,comparedwitha2010baseline

• installadditionalvoluntarymeteringandprovidemonthlydatatoresidentsontheirenergyconsumptionwhereeconomical

• regainCarbontrustStandardCertification

• reducevolumesofwasteby10%in2015/16andincreasetheproportionrecycledbyafurther10%againstthe2009baseline

• assessbuildingsforenergyefficiencyandundertakeaprogrammeofremedialactiontoimprovetheirperformance(insulation,etc.)ledbyanimpairmentreview

• achieve20%renewablecontentinelectricityprocurementinconjunctionwiththeCambridgeCollegesEnergyConsortium

• supporttheeffortsofGreenOfficersbyprovidingpastannualandcurrentmonthlyenergyconsumptiondata.Acontinualdisplayofon-domusenergyconsumptionistobedisplayedonascreeninsidethePorters’lodge

• participateinintra-College,Universityandnationalenergyconservationcompetition

• seekadditionalrenewableenergyopportunities.

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

ProgressonGreenInitiatives• 19February2008,DowningwasthefirstCollegetosigntheCambridgeClimateChangeCharterandhasremainedintheforefront

ofenvironmentalimprovement

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

• On1April2010,theClimateChangeAct2008cameintoforce,whichimposedamandatorycarbontradingscheme.DowningwasaleaderindefiningtheprocessesfortheCambridgeCollegestoparticipatejointly

• 2010,QuentinBlake(English:1953),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,alliedwithstudentfeedbackoncoldrooms,hashelpedtoprioritisedraught-proofingwork

• theCollegeobtainedEnglishHeritagesupportforretrofittingGeorgianwindowsinroomC03withspecialistdoubleglazing

• Roomrentalagreementshavebeenamended,wherepracticable,toreducetheneedforparentaltransportduringChristmasandEaster vacations

• theCollegeprovidesincentivestostafftousethetrainandotherlower-carbonmodesoftransport

• In2013,theCollegesigneduptothe‘StudentSwitchOff’Campaign,designedtoemphasiseenergysavingsinitiatives;Downinghadthehighestpercentagesign-uprateamongtheColleges,andcamethirdoverall.Wearesignedupagainforthe2015-16Campaign

• In2014,theCollegeachievedthetoprankingamongCambridgeCollegesfortheStudentSwitchOffCampaign2013-14

• 18June2014,DowningachievedGoldStandard–beingoneofonlythreeCollegesintheUniversity-wideGreenImpactawards

• theCollegewasalsoawardedaGoldlevelGreentourismawardinJuly2014.

YearEnded30June2015|ReportoftheGoverningBody

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RESUltSINtHEFORMAtREPORtEDtOtHECHARItYCOMMISSIONThe 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(15%ofIncome)tosupportits£8.44millionspendingonitscharitableactivities.thechartsalsoprovideameasureofprofitabilityontradingtoraisefunds.thatcontribution, however, should not be taken at face value: the commercial conference business absorbs overhead costs thatwouldotherwisefalloncharitableactivities.

Afurtherchartshowstheextenttowhichfundshavebeenusedtosupportthecurrentyear’sactivitiesandtheextenttowhichtheyhavebeenretainedforfutureuse,althoughinmanycasesthatdivisionreflectsthetermsofthedonations.

Comparedwith2013-14,incomefor2014-15decreasedby24.3%to£11.27million,principallyasaresultofdecreaseddonationstoendowment.Incomefromcharitableactivitiesincreasedby2.3%,withthemostsignificantrisebeingfromstudentchargesandfees.Incomefromcommercialconferenceswas£1.35million,up7.8%fromlastyear’s£1.25million;charitable(i.e.academic)conferencesalsoincreasedby9.9%to£0.87million.Spendingoncharitableactivitiesincreasedby2.4%to£8.44million.Ofthe£1.64millionindonationsreceivedduring2014-15,£1.14millionwereretainedforfutureuse. Ye

arEnded30June2015|ReportoftheGoverningBody

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YearEnded30June2015|ReportoftheGoverningBody F INANCIAlREVIEW

Incomeandexpenditure• OperatingSurplusof£0.1million

• Incomeupby1.5%

• Costsup3.0%

• Conferenceincomedownby8.6%

theCollege’sIncomeismadeupofAcademicFees,the‘StudentHotel’,Conferences,andInvestmentReturns.takentogether,incomeincreasedfrom£10.2millionto£10.3million,upsome£0.1million.Amodestsurpluswasachievedduringtheyear,butthisresultobscuresanumberofworryingtrends.Forthethirdyear,the£9,000tuitionfee,ofwhichtheCollegereceiveshalf,wasfrozen,andgraduatenumbersweredown,reflectingthedifficultyofpredictingthegraduatepopulationinacompetitivemarketwheregraduatessubmitmultipleapplicationsandadmissiondependson funding.the rise in the totalundergraduate fee income is the resultof anincreaseintheprivatefee(nowsetat£7,719income-theonlyacademicfeeoverwhichtheCollegehasanycontrol)andtheeffectofafurthercohortofundergraduatesbeingchargedthenewfee,leavingonly70(43UG’sand27medicalandveterinarystudents)ontheold-regimerateof£4,185.Withtheintroductionofthe£9,000tuitionfeeforHome/EUundergraduatesinOctober2012,theCollege’sfundingstreamschangedsubstantially.Overa15-yearperiod,education,onceseenasapublicgood,hasbeenredefinedasaprivategoodforwhichtherecipientmustpay.theslashingoffundingforundergraduateeducationinthegranttotheUniversityfromtheHigherEducationFundingCouncilrequiredare-examinationoftherespectivecostsoftheCollegesandtheUniversity,leadingtoanagreementthateachwouldreceivehalfofthetuitionfeeandpayhalfofthecostsassociatedwiththeOFFAAgreement,intermsofbursariesandthepromotionofwideningparticipation.SpecialfundingstreamsforStEM(Science,technology,EngineeringandMathematics)subjectsandseedfundingformandatedinitiativesremainswiththeUniversity.thetransitionwillbecompletedwhenthosestudentsonsix-yearcoursesgraduatein2018.DespiteariseinRPIfromSeptember2012–15of6.3%,therehasbeennoinflationaryincreasesincetheinitialratewassetinOctober2012,andneitherwilltherebeinOctober2015.Atthemargins,theoveralllossoneachundergraduate(£3,434)andgraduate(£1,797)isdecreasedbyanyshortfallinnumbers,asthebiggestcontributortothecostsofprovidingacademicservicesistheexpenditureontheprovisionofspace(25%),whichisafixedcost.

theincreaseinrentalincomefromstudentsmerelycoverstheincreaseincosts,astheratesareset,throughnegotiation,viaaformula.theunanticipateddropingraduatenumbersnotonlyaffectedfeeincome:inordertoavoidrentalvoidsanddiminisheduseoffacilities,tenancieswereoffered to students fromotherColleges and to visiting academics, aprocess that consumes staff resource and leads touncertainreturns.NoneoftheservicesthattheCollegeprovidesoperatesataprofit,but,ifstudentnumbersfall,high,irreduciblefixedcostsremain,andlossesincrease.Comparedwithstudentsatotheruniversities,Cambridgestudentsbenefitfromtheavailabilityof29/30weekcontractsandweeklyrentsareoftenlowerthanthoseontheopenmarket.However,forthe‘squeezedmiddle’,financesaretight,giventhatthemaximummaintenanceloan,firstintroducedin1990–91andallbutfrozensince2009,is£3,731,againstanaveragerentof£4,298for30weeksand£5,444for38weeks.From2008-09to2015-16,themaximummaintenanceloanhasreducedinrealtermsby£394(11.3%).thosestudentswhosehouseholdincomeisbelow£25,000,andwhoareentitledtoamaximumCambridgeBursaryof£3,500inadditiontotheGovernmentgrantof£3,387andtheloanof£4,047,arewellprovided.Studentswhosehouseholdincomeisabove£42,875andwhomayalsohavesiblingsatUniversityatthesametime,however,oftenstruggle,giventheprohibitiononterm-timeworking.theCollegeemphasisestheimportanceofthecommunitythroughitscommitmenttoprovidingcateringservicesatasmallpremiumtothecostoffood.

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Studentsalsohavetheoptionofself-cateringinwell-equippedkitchens.BothfactorsmeanthattheCollegebearsafinancialburdenthatmustbecompensatedforthroughthecommercialsaleoffinedining,justastheimplicitsubsidyofofferingshortcontractsmustbemetthroughresidentialconferences,summerschools,andbedandbreakfast.thereturntoformerlevelsofacademicandcorporateconferencesledtoanimprovementintheoverallgrossprofitmarginfrom55.9%to59.4%,justshyofthe60%target.

While the income fromconferencesand functionsposted8.6%growthas thenewly refurbishedHowardBuildingcameback intoservice, growth in real termsover the last10or15yearshasbeenmuchmore steady: volume,asmeasuredbymeals servedandaccommodationoccupancyrates,hasgrown,butthepricinghasbeenaffectedbynewentrants.thisbusinessgeneratedover£2millionin revenue in2014-15, yieldinganestimatednetprofitof£0.6million,but contributingapproximately£0.9million towardsfixedexpenditure.AsfundraisingeffortshavebeenfocusedontheFirstCourtproject,donationsputtocurrentyearusehavefallen.Moreover,althoughinvestmentreturnswere indoubledigits, thegrowthin thedistributionwas3.5%inresponseto thespendingrule,whichmoderatestheoverspendduringthefinancialcrisis.

Incomemayhave risenby1.5%,but expenditure increasedby2.9%.Permission tocharge fees inexcessof£6,000 tohomeandEUundergraduatestudentsisdependentonanagreementtospend31%oftheadditionalincomeonwideningparticipationthroughoutreachandthebursaryscheme.ForDowning,thisconditionmeansthatfor2014-15themandatedamountrosefrom£98,348to£143,453,some£465peradmittedstudent.Onanetbasis,theCollegereceivedless,therefore,foranewregimestudent(£4,035)thanitdidforanoldregimestudent(£4,185).Intotal,theCollegespent£422,071,including£270,998inpaymentstotheCambridgeBursarySchemeand£19,411inresponsetospecificneeds,butwasfortunatetoreceiveagrantof£202,982aspartoftheintercollegiatetransitionalarrangementswherebythericherCollegeshelpoffsetlossesforthepoorerColleges,astheIsaacNewtontrustwithdrawsitssupportforthescheme.

Overall,costs,excluding interest,grewby2.1%,comparedwithageneral inflationfigureof1.0%,although food inflation for thatperiodwas less than1.0%. Staff costs increased from£4.4million to£4.6million, representing45.2%of expenditure and44.4%of income. last year, thesepercentageswere lower: 44.4%and43.0%.At these levels, staff costsmust be containedandyet it isincreasinglydifficulttodoso:thenumberofbothpermanentandcasualstaffhasgrowninresponsetoincreasesinactivityandthehigherexpectationsofstudentsandguests.thetightmarket inCambridgeforbothskilledandunskilledlabourhasputpressureonsalaries,whichtogetherwiththeadditionalpensioncostsresultingfromauto-enrolment,theconsequentgreatertake-upofthepensionbenefit,andtheaspirationtomatchthelevelofthe‘livingwage’forpermanentemployees,continuestoaddtothewagebill.Onceagain,thecostoflivingawardwaslimitedto1%forbothacademicandsupportstaff,alevelwhichisunsustainableoverthelong-term,especiallygiventhat themedianlevelofstaffpaywas£17,120.Energycosts,however,werelowerduetolowerunitcostsandthecontinuingfocusongreeninitiativestoreduceoverallconsumption.

thecommercialbusinesshelpstooffsetoperatingexpenditure,yetthereremainsanintractablegapbetweentheincomegeneratedbyoperationsandtheircost,whichisfundedbyreturnsontheinvestmentoftheCollege’sendowment.thatgapremainedthesameasin2013-14at£1.9million.AlumniandotherfriendsoftheCollegehaveaddedsubstantiallytotheendowmentovertheyears,withanadditional£18.5millionreceivedtodatefromtheCatalysisCampaign.InordertodeveloptheCollege,aswellastosustainit,itisnecessarytocontinuetocallontheloyaltyofoldmembers.In2014-15,16%respondedtothecall,andofthe9,065livingalumni,36%havegivenatsomepoint.Asthecurrentlevelofeducationfundingisinadequate,alldevelopmentdepends,ineffect,ontherecognitionbyformerstudentsofthevalueoftheirownCollegeexperience,theimportanceofresearch,andtheirwillingnesstoensurethatfuturestudentscanbenefitfromthesamelevelofindividualsupervisionandpastoralcare.

YearEnded30June2015|ReportoftheGoverningBody

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YearEnded30June2015|ReportoftheGoverningBody Development:AlumniRelationsandFundraising

• Pledgesmadeandcashreceived:£1.4million

• totalGiftsrecordedintheaccounts:£1.4million

• telephoneFundraisingCampaign:£0.2million

• Legacies: £0.3 million

• Participationrate:18%

• NumberofGiftsreceived:1,494

Aftergreatsuccessinfundraisinglastyear,givenseveralextraordinarilygenerousdonationsbywayoflegacies,itwasinevitablethatthisyear’sresultwouldnotequalitspredecessor.However,therewereafewverybrightspotsintheCollege’sfundraisingefforts.thisyear’stelephonecampaignresultwasthebestsincetheywerestartedatDowning17yearsagoin1998.thissuccesswaslargelyduetotheattractionofthe‘buyabrick’campaignforParker’sHouseandtheFirstCourtproject.

thepopularityamongalumnidonorsoftherefurbishmentoftheDiningHallin2009,nowcoupledwiththegreatsuccessofsellingbricksandothernamingopportunitiesinParker’sHouse,tellsusthatDowningalumniandfriendsaredrawnbyopportunitiestohavetheirnames(orthenamesofthosewhomtheywishtocommemorate)inthefabricoftheCollege.thesuccessofthisformoffundraisingisbynomeansstandard,asmanydonorstopeerinstitutions,nationallyandinternationally,donotfindbuildingcampaignscompelling.SupportoftheCollege’sbuildingactivitiesseemstobesomethingspecialtoDowningandisenormouslyappreciatedbecausetheseprojectsandimprovementsarevitaltotheCollege’sfuture.

Althoughtherewerenoenormousgiftsthisyear,infactnoneover£100,000,whatispositiveisthattheoverallhealthofthedonorbaseisimprovingwithwhatcouldbetermed‘medium-sized’gifts–thoseintherangeof£5,000–50,000.thiscategoryisgrowing.Downinghasalwaysenjoyedwidespreadsupportfromsmalldonations,usuallygarneredthroughthetelephonecampaign,whichhasoneofthehighestparticipationratesinCambridge.Inrecentyears,theCollegehasdonenotablywellwithverylargedonations.thesetwofactorscanoftenmaskwhatishappeninginthemiddle.However,thisyeartheCollegehadanexcellentyearinmid-leveldonations,mostlyduetoParker’sHouse,whichbodeswellforthefuturehealthoftheoverallfundraisingprogramme.

Nearly20eventsacrossfourcountrieswereheldforalumniandfriends,withanoverallattendanceofalmost2,000people.thisincludestheFifthCatalysisConference,‘livingwithRisk’,thelecturesfromwhicharepostedonlineathttp://sms.cam.ac.uk/collection/2015412.

lastyearwas‘theYearofthelegacy’,whichisareminderoftheimportanceand,attimes,transformationalimpactlegaciescanhaveontheCollege.DowningisimmenselygratefultoOldMembersandtheirfamilieswhosokindlyremembertheCollegeintheirwills.the1749Societywillcontinuetobeemphasised.therearecurrently246membersandmembershiphasbeensteadilyincreasing.

thetablesbelowshowthetotalfundsrecognisedfortheyears2014-15,2013-14and2012–13;theStatusofDonorsandMembersoutofResidencein2014-15,2013-14and2012–13;andattendanceatAlumniandDonoreventsin2015-16,2014-15,2013–14and2012–13.

43

YearEnded30June2015|ReportoftheGoverningBodyActualfundsrecognisedduringtheyear

2014-15

£

2013-14

£

2012-13

£

Unrestricted

Endowment 160,098 844,750 857,984

AnnualFund 137,305 216,506 150,156

297,403 1,061,256 1,008,140

Restricted

StudentAccommodation 4,412 3,332 11,583

Hall Restoration 647 2,285 5,438

HowardFoundationProjects 40,000 410,794 —

Parker’sHouse 508,056 446,942 1,079,025

Teaching and Research 141,891 279,180 523,125

StudentSupport 170,151 2,972,211 422,218

Sports&Cultural(incl.BoatClub) 175,098 82,745 58,290

DowningEnterpriseScheme 56,167 34,171 16,667

Other — — —

1,096,422 4,231,660 2,116,344

TOTAL 1,393,825 5,292,916 3,124,484

Inaddition,theSegreantstrust(formerlytheBoathouseCentenarytrust)receiveddonationsof£28,478duringtheyear,bringingthetotalthatithasraisedto£1,242,416.Alumniclubs,suchastheSegreants,theGriffinsandtheDowningCollegeAlumniAssociation,alsoraisefundstosupportmembersinresidence.

44

YearEnded30June2015|ReportoftheGoverningBody StatusofMembersoutofResidenceandDonors

MEMBERSHIP DATABASE 2014-15 2013-14 2012-13

NumberofAlumni(livinganddeceased) 11,338 11,138 10,919

includingformerundergraduates 9,432 9,361 9,223

includingformergraduates 1,906 1,777 1,696

Deceased 2,273 2,211 1,879

Living Members 9,065 8,919 9,040

Addressknown(MembersinContact) 7,732 7,529 7,254

includingformerundergraduates 6,282 6,206 6,127

includingformergraduates 1,450 1,323 1,127

%Addressknown 85% 84% 80%

Emailaddressknown 6,544 6,155 5,835

%Emailaddressknown(ofthosewhoseaddressisknown) 85% 82% 80%

Addressunknown 1,333 1,390 1,786

Requestnottobemailed 86 80 80

PARTICIPATION RATES

livingdonorsthisfinancialyear 1,244 1,270 1,358

includingformerundergraduates 1,117 1,134 1,220

includingformergraduates 90 95 97

includingothers 37 41 41

MemberswhohaveevercontributedtotheCollege 3,847 3,757 3,639

livingmembersincontactwhohavecontributed 3,220 3,175 3,054

% of total living members 36% 36% 34%

% of members in contact 42% 42% 42%

ParticipationRatethisfinancialyearoflivingmembers 14% 14% 15%

ParticipationRatethisfinancialyearoflivingmembersincontact 16% 17% 19%

%formerundergraduates 18% 18% 20%

%formergraduates 6% 7% 9%

45

YearEnded30June2015|ReportoftheGoverningBodyEvents and other Forms of Contact

EventAttendancebyFinancialYear(1July–30June)

2015-16 2014-15 2013-14 2012-13

Total Alumni Total Alumni Total Alumni Total Alumni

1749Reception:July 94 37 77 33 103 45 62 39

YearRepsMeeting:September 34 30 31 27 26 19 26 19

AlumniDay:September 156 94 201 122 232 143 168 94

AssociationDinner:September 171 111 144 96 170 110 148 88

Parentslunch:November 155 — 159 1 149 1 79 —

London Event: October/November 120 89 132 105 147 121 158 133

150thAnniversaryofDCBC — — — — 158 106

Griffins’Dinner:January 56 21 21 14 21 14

Catalysis Conference 90 36 108 38 103 40

ReunionDinner:March/April 169 162 167 156 141 134

SegreantsDinner:April 88 46 102 56 133 82

MAAwardsDinner:May 127 97 99 83 100 80

DonorsGardenParty:June 136 60 162 68 188 72

GraduandsReception:June 324 93 348 97 224 —

Other events 260 113 159 109 481 341

TOTAL 1,994 1,012 1,993 1,060 2,190 1,242

www.twitter.com/downingcollege www.flickr.com/photos/downingcollege Followers:2,912 Photos:1,978 tweets:1,277 Views:15,452

www.facebook.com/downingcollege DowningCollegelinkedInGroup Fans: 4,236 Members: 1,168

46

YearEnded30June2015|ReportoftheGoverningBody Conference Services

• ConferenceServicesincome:£2.2million–up8.6%

• CharitableConferences:£0.9million–up9.9%

• totalroomnightsincreasedfrom15,337to16,767–up9.3%

Followingthemajorrefurbishmentofthe30-year-oldHowardBuildinginthepreviousfinancialyear,conferenceincomeincreasedby8.6%to£2.2million.themajorityofthisincreasecamefromdayconferencebookings,bothcorporateandacademic,whichincreasedby 16% and 5%, respectively. Residential bookings stayed flat: although the general bedroomoccupancy improved by 9.3%, thisincreasewasduetothegrowthinsummerschoolnumbersinthelower-valuerooms.theoccupancyrateofthehigher-valueen-suiterooms fell by 4.8%.

thelevelofrepeatbusinesshasincreasedagaintoasatisfying56%ofthetotal,andtheCollege’srelationshipwithUniversitydepartments,andespeciallytheJudgeBusinessSchool,isacontinuingsourceofreliableincome.However,theJudgeBusinessSchooliscurrentlyconstructingitsownfacilitiesjustovertheroad,whichmayreducethebusinessthatitplaceswiththeCollegewhenconstructionisfinishedin2017.

theCollegecontinuestoinvestinthemarketingofitsfacilitiesandwasawardedtheGoldAwardforGreentourisminJune2014.Anacknowledgedtouristdestination,Cambridgeisalsoamajorcentreforbio-technology,and,therefore,anincreasinglypopularvenueforscientificconferences.therehas,however,beenacorrespondingincreaseinthesupplyofvenues,withCollegestakingadvantageoftheopportunitiesforearningincomefromimprovedandnewstudentfacilities.togetherwithanincreaseinthenumberofhotelrooms,competitionfromotherCollegesandtheUniversitywillinevitablyputdownwardpressureonmargins,whichthestaffareencouragedtoresist.Withoutariver,DowninghashadtocreateabrandthatdifferentiatestheCollegefromothers.WiththeadventoftheHowardtheatre,theelegantrestorationoftheHall,andtherenovatedHowardBuilding,theCollegehascreatedastunningcomplex.ItisalsohopedthattheopeningoftheArtGalleryearlynextyearwillfurtherincreasetheattractivenessoftheCollegeasaconferencedestination.thesepublicfacilities,inconjunctionwithitsdistinctivearchitectureandsuperioren-suiterooms,havehelpedtheCollegetomaintainitspositioninthetopquartileamongCollegesmeasuredbyrevenue.Whilecomparativeinformationisnotavailable,itishopedthattheemphasisoncostawarenessandtheneedforefficiencymarksouttheCollegeasequallysuccessfulintermsofprofitability.

47

YearEnded30June2015|ReportoftheGoverningBodyREPRESENtAtIVEEVENtSINtHECOllEGE–1JUlY2014tO30JUNE2015

2014 Group Title

4July trinityCollege-Concert Birds on Fire

6-30July CambridgeShakespeareFestival Richard II

26July CambridgeSummerMusicFestival CambridgeSummerMusicFestival

7August The Dorothy L Sayers Society The Dorothy L Sayers Society Convention

1 October Local World Ltd. CambridgeNewsCommunityAwards2014

22 October FriendsoftheFitzwilliamMuseum theSuePurdyMemoriallecture

28 October BlakeSociety–talkbyBenCopsey ConscientiousObjectorsintheSecondWorldWar

5 November DowningCollege-Master HarpsichordWeekend

7-9November DowningDramaticSociety theAccringtonPals

17-22November DowningCollegeMusicSociety Michaelmas Concert

24 November MaitlandSociety–talkbyProfAlisonBashford Quarantine&OceanHistories:StoriesfromtheSandstone

25 November

26 November

BrammerGeographicalSociety–talkbyDavidRose Science&EnvironmentalPolicy:Howtowalkthefinelinebetween

brokering,advocacy,andbeingprescriptive

2 December DowningCollegeStudents theDowningCharityVarietyShowforWaterAid

2015

3February MaitlandSociety–talkbyJohnHussey Unpreparedness:Britain’sentrytotheGreatWar–andtheAftermath

6February BlakeSociety–talkbyJeniferGlynn My Sister Rosalind Franklin

16-21February DowningDramaticSociety Death and the Maiden

24-28February DowningDramaticSociety Agamemnon

3 March MaitlandSociety–talkbyProfessorCartledge tenthingsyoushouldknowaboutAncientGreekDemocracy

9-14March DowningCollegeDramaticSociety FestivalofNewWriting

16 March Science Festival tHISROOM–CambridgeScienceFestival

16 March DowningCollege–DrDavidChambers theInvestmentlifeofJohnMaynardKeynes

19 March UniversityofCambridge CambridgeScienceFestival:Einstein’slegacy

27-29March DowningCollege FifthCatalysisConference:livingwithRisk

1June DowningCollegeMusicSociety VoxCantabRecital

48

YearEnded30June2015|ReportoftheGoverningBody Investments

• totalReturn:10.9%

• £25.6millioninsecurities:12.1%totalreturn

• £13.2millioninproperty:8.8%totalreturn

• EndowmentDrawdown:£1.7million

• Additionstothesecuritiesportfolio:£0.6million

totalReturn,whichismeasuredafterdeductingallcosts,includingfees,was10.9%:12.1%wascontributedbythesecuritiesportfolioand8.8%byproperty.Abetterperformancethanlastyear,the12.1%returninthesecuritiesportfolioreflectsthepositiveresultoftheCommittee’sdecisiontoincludemoreequity-relatedassetsandofthecontinuingbullrunthroughtheJuneendofthefinancialyear.thedecisiontointroducefurtherrisk-assetsintotheportfoliowastheoutcomeofananalysisoftheroleoftheportfoliowithinthefundingoftheCollege.Asaverylong-terminvestorwithincreasinglyresilientalternativesourcesofcashandapredictablerentalstreamfromthepropertyportfolio,theCollegecanwithstandhighlevelsofvolatilityinmarketvaluationsandcurrencymovementsandsignificantilliquidity.therisklevelintheportfolio,whichismeasuredbytheEquivalentNetEquityBeta(‘ENEB’),wasthereforeagainraisedduringtheyear,endingat73%,whichwasachievedmainlythroughtheadditionofinvestmentsintheprivatecreditandequitymarkets.(thecalculationreflectsthecorrelationwithequitymarketswithinallinvestmentsintheportfolioonalook-throughbasis.)

Whilethespendingrulereflectsanotionalwithdrawalfromtheportfolio,investmentsneverthelesstypicallyremainuntouched,asthespendingrateattributedtothesecuritiescomponentisnettedagainstadditionstotheportfoliofromfundraisingactivityormetfromothersourcesofincome.theCommitteethereforedeterminedthattheportfoliocouldtakeadvantageoftheilliquiditypremiumof3%to5%byinvestinginprivatemarkets,particularlyincreditthroughthePhoenixFundII.thelong-termtargetforinvestmentsinprivateequityis26%oftheassetallocation,excludinginvestmentproperty.Investmentinnewfunds,however,detractsfromoverallperformanceintheneartermascommitmentfeesarepaidwhileinvestmentsarebeingmade.Illiquidityduringthefinancialyearincreasedfrom17%to22%,but60%ofthesecuritiesportfoliocanbeaccessedwithinaquarter,38%withinonemonth,and21%immediately.

thesecuritiesportfolio’sreturnof12.08%comparedfavourablywiththe8.55%returnofthe‘70/30’(70%MSCIACWorldNRlC/30%FtSEABritishGovernmentAllStockstotalReturn),outperformingthatbenchmarkinallquarters.theportfoliohasperformedinlinewiththeStrategicAssetAllocationCompositeBenchmark,returninganannualised8.1%sinceinceptionwithanagreedriskprofileof67%equityriskmeasuredoverathree-yearperiodand72%riskduringthelastyear.theexpectedreturnforthethree-yearperiodwas24.1%,whiletheportfolioachieveda35.3%return.Duringthefinalmonthofthefinancialyear,theportfoliobegantolosemoneyandhascontinuedtodosothroughthefirstquarterofthefinancialyear2015-16(afallof3.9%versusafallof7.04%intheFtSE100and7.58%intheDow).

PropertytheInvestmentPortfolioisgenerallyconsideredanapproximatefortheCollege’sEndowment,anditssizeisoftenthoughtofasameasureoffinancialresilienceandsoundstewardship.Usingportfoliosizeasashorthand,however,canbemisleading.thepropertyportfolioconsistsalmostexclusivelyoftheshopsandofficesontheRegentStreetborder.Ownedforopportunisticanddefensivepurposes,thesepropertiesareclassifiedaspartoftheInvestmentPortfolioyetonlysharesomeofthecharacteristicsoffinancialinvestments.Despitebeingthemainroutebetweenthestation,theRingRoad,andtheCityCentre,RegentStreetremainsatertiarylocationforshops:it

49

is, therefore,difficult toattract tenantswithstrongcovenants.Atyear-end, thepropertyportfoliostoodat£13.2million (some34%ofthetotalportfolioof£38.8million),anincreaseofonly1.5%butexcludingthe6.9%ofincomeyield.Inthepreviousfiveyears,thepropertyholdingshavebeenashighas£17.1million,witha£4.1millionreductioninvaluereflectingachangeofuseofParkersHousefromaninvestmentpropertytoanoperationalpropertyinwhichstudentsarehoused.Adropinvalue,whichmightseemasaweakeningoffinancialhealth,isinfactapositiveinvestmentinthestudentexperience.

DistributionsforSpendingDuring2014-15,thespendingruledelivered£1.7millioninsupportofcurrentoperations,broadlysimilartothatinpreviousyears.thespendingruleensuresthatinvestmentreturnsaresmoothedtoprotectoperationsfromthevolatilityofreturnsandthattheamountavailableforspendingisknowninadvance.therelativelysmallincreasereflectstheadjustmentsthroughsmoothingthathavecompensatedfortheoverspendbetween2009andnow, in timesofportfolio losses.the formula,whichprogressively incorporates investmentperformance,appliesaweightof70%tothepreviousyear’sdistribution,increasedbyRPI+1%(astandardmeasureofinflationfortheeducationsector)and4.5%oftheaverageforthelasttwelvequartersofendowmentcapitalvalues.thedistributionfor2015-16increasedmodestlyfrom£1.02perunitfor2014-15(onaunitvalueof£22.69)to£1.04perunitonaunitvalueof£23.90.thedistributionfor2015-16representsayieldof4.53%onthethree-yearaveragefundunitvalueand4.35%ontheclosingfundunitvalueasat30June2015.Whentheyieldfallsto4.5%inbothcalculations,theportfolio’svaluewillhaverecoveredfromtheoverspendfrom2009tothepresent,whichwasoneconsequenceofthe2008financialcrash.Iftheyielddrops,theportfolioretainsreturnsasacushionagainstfuturedownturns.

YearEnded30June2015|ReportoftheGoverningBody

50

Insettingthespendingrule,theCommitteeisconsciousoftheneedtobalancetheclaimsofpresentwithfuturebeneficiariesandaimstopreservethepurchasingpoweroftheendowment,measuredbyRPI+1%afterdistributions.Sincetheinceptionofthisportfoliointhefourthquarterof2009,educationalinflationhasrunat27.1%,whilethetotalreturnontheportfoliohasbeen56.3%.However,inordertopreservethepurchasingpoweroftheportfoliooverthisperiod,aspendrateofonly3.8%wouldhavebeenrequired.thatrate,however,hasimprovedconsiderablyfromlastyearwhen,inordertopreservethepurchasingpower,arateof2.5%wouldhavebeenrequired.

CompositionofInvestmentPortfolio

30June2015

£

30June2014

£

30June2013

£

1.SecuritiesCorePortfolioCash* 2,006,113 1,758,792 2,568,000

ForwardForeignExchangeHedges 158,640 108,791 (130,556)

Fixed Income — — —

Credit 3,017,928 1,828,812 2,445,001

AbsoluteReturn 1,985,780 2,165,428 2,426,224

HedgedEquities 3,474,524 2,552,546 1,034,564

GlobalEquities 9,943,995 10,652,959 6,050,458

PrivateEquity 3,648,075 2,416,374 2,065,922

InflationlinkedBonds 1,331,694 1,327,382 979,154

CommodityFund — — 399,767

Total 25,566,749 22,811,084 17,838,533

OtherPrivateEquity** — — —

tOtAlSECURItIES 25,566,749 22,811,084 17,838,533

2.PropertyOffice 5,450,660 5,345,660 10,209,966

Retail 7,753,600 7,618,600 6,869,294

tOtAlPROPERtY*** 13,204,260 12,964,260 17,079,260

tOtAlPORtFOlIO 38,771,009 35,775,344 34,917,793

* 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 £6,465,000 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.

YearEnded30June2015|ReportoftheGoverningBody

51

CapitalandReserves• £151.0millionincapitalandreserves(includingbuildings)-up2.5%

• £115.8millioninbuildings

• £38.8millionininvestmentassets–up8.4%

• £0.6millioninbenefactionsanddonationstransferredtoPartnersCapital

• £5.0millioningeneralreserves–down40.1%(£3.3million)duetotransfertodesignatedbuildingsreserve

Byyear-end,theCollege’scapitalbasehadincreasedby2.5%.thisimprovementwastheresultof(i)asurplusonoperationsof£0.2million,(ii)benefactionsanddonationsof£0.6milliontransferredtotheportfolio,and(iii)unspentreturnsontheinvestmentportfolioof£2.0million.theseadditionstoreserveswerebolsteredbyanactuarialgainontheclosedstaffpensionscheme,CambridgeCollegesFederatedPensionScheme(‘CCFPS’)of£0.3million.thebenefactionsof£0.6millionaddedtotheendowmentwereinadditiontocontributionsof£0.6milliontobuildingprojectsandof£0.2milliontoannualcosts,whicharerecognisedrespectivelyinthedeferredcapitalgrantssectionoftheBalanceSheetandtheIncomeandExpenditureaccount.thecapitaldonations,combinedwithareturnof12.1%intheSecuritiesPortfolioand8.8%inthePropertyPortfolio,ledtoanoverallincreaseof£3.0millioninInvestmentAssets.Attheendoftheyear,InvestmentAssetsstoodat£38.8million,anincreaseof8.4%.

thevalueofinvestmentsheldbygeneralreservesincreasedby11.7%(£1.0million).However,therewasadecreaseof57.1%(£4.8million) due to the transfer to the designated buildings reserve following the value of buildingworks undertaken during the year,includingthecostsoftheParker’sHouseproject.Generalreserves,therefore,havedecreasedby40.1%(£3.3million),andatyearendstood at £5.0 million.

takentogether,thesetransactionsaccountedforanadditionof£3.6millionforanendingbalanceoncapitalandreservesof£151.0million.

CashFlow

• Cashflowfromearningsbeforedepreciation,interestexpense,andchangesinworkingcapital:£1.9million

• Changeincashbalancesinyear:£1.6millionreduction

• totalcapitalexpenditure:£6.5million

• totalcapitalexpenditureexcludingdonor-fundedandspecialprojects:£2.1million

Cashconsumedbyallactivitiesresultedinadecreaseof£1.6millionincashbalances,withcashheldatyearendof£1.0million.Cashgenerationfromoperatingactivitiesbeforetheeffectsofworkingcapitalandtheuseoftheproceedsfromtheprivateplacementin2013amountedto£0.1million,areductiononlastyear’sfigureof£0.2million,reflectingtheslightlyworseoperatingperformance.Endowmentincome,lessinterestpayable,contributedafurther£1.0millionofcash.

theParker’sHouseprojectledtoanunusuallyhighlevelofcapitalexpenditureof£6.5million.ExcludingtheParker’sHouseprojectcostsandotherworksfundedbydonationsfromthetotal,£2.1millionwasinvestedincapitalexpenditure,whichwasnotquitecovered

YearEnded30June2015|ReportoftheGoverningBody

52 11 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.

byearningsbeforedepreciationof£1.6million.Furthermore,forthesecondtimeinfiveyears,thecashgeneratedwouldnothavebeenabletocovertherecommendedallowanceof1.5%(£1.8million)oftheinsuredvalueofthebuildings(£119million).

the£5millionthatwasraisedin2013inalong-termprivateplacement11wasinvestedinaspecialliquidportfolioandshownasacurrentassetinvestmentonthebalancesheet.Duringtheyear,£2.3millionofthisportfoliowasusedtoprovidebridgefinancingfortheParker’sHouseproject.thehousesatParksideandDevonshireRoadwillbesoldintheforthcomingyear,theproceedsofwhichwillfundthebalanceoftheprojectnotcoveredbydonationsfromalumni.

thesignificantcontributionbydonors,whichthisyearcameto£1.4millionincash,demonstratestheCollege’srelianceonthegenerosityofalumnibothtodevelopandtosustainitsactivities.Ofthis,£0.5millionwasreceivedfortheParker’sHouseproject(includingFirstCourtandtheArtGallery),resultinginatotalof£2.8millionreceivedtodatefortheproject.Pledgesforanother£0.7millionhavealsobeenmade.Afurther£0.6millionindonationstoavarietyoffundswaspassedovertoPartnersCapitalforinvestment,comparedwith£3.9millionlastyear,whensomelargelegacieshadbeenreceived.

InvestmentFortheFutureProvidingfuturestudentswithadditionalfacilitiesisnotwithoutitscosttocurrentstudents,bothaestheticallyandininconvenience.Fortunately,theextraordinarylevelofbuildingworkshasbeenmoreorlessconfinedtotheeasternperimeteroftheCollege.Yet,thesignsofconstructionhaveovershadowedthatborder,theworkingsofamassivecranehavedominatedtheskyline,scaffolding(albeitmasqueradingas a colonnade)has scarred theapproach to theCollege, and theFirstCourtprojecthasmonopolisedmanagementattention.While thepresentstudentsare thebeneficiariesofpastefforts, the last fewyearshavebeenparticularlybusy.Communalspaces,suchastheDiningHall,theHowardBuilding,theButterfieldBarandCafe,andtheMCRhavebeenrenovated;officeshavebeenmodernisedandextended;atheatrebuilt,andcommercialofficesconverted intostudent rooms,all inaddition to therollingprogramme of upgrading staircases (D, S, andM) and rooms and introducing energy efficiencymeasures. But College life is notall about infrastructure.Additional resources have been invested in student attainment, graduate integration, and communication.DiscoverDowning,awebsitedirectedat14-to17-year-olds,waslaunchedinordertoencourageschool-agechildrentoaspiretohighereducation.

YearEnded30June2015|ReportoftheGoverningBody

53

tenYearCapitalProgramme

At1October2015Netcurrentroomsrefurbishedoracquiredinlasttenyears(2006–2015):202(38%)

totalStudentRooms:535

RestorationandMajorRefurbishmentYear Building NumberofStudentRoomsifApplicable

2006 54lensfieldRoad 7

ParlourExtensionandOffices

2007 50lensfieldRoad 7

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

2015 NewMaintenanceBuilding

S staircase 5

Total 114

YearEnded30June2015|ReportoftheGoverningBody

54

NewandAcquiredBuildings,land,andleasesYear location NumberofStudentRooms(ifApplicable)

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) 10

SaleofOperationalPropertyandterminationofleasesYear Property NumberofStudentRooms(ifApplicable)

2007 55Warkworthterrace 7

2012 65lensfieldRoad(and1DowningArchway) 12

2013 1,2and3GonvillePlace(leasesterminated) 26

Total 45Ye

arEnded30June2015|ReportoftheGoverningBody

55

FinancialOutlookthePlanforthedevelopmentofParker’sHouserecognisedthat2015-16wouldresultinanoperatingdeficit:first,theinterestexpenseresultingfromuseofthebondproceedsforbridgefinancinguntiltheoff-Domushousescouldbesoldwouldburdentheexpenditure,andsecond, thenecessarymid-yearcompletionfor thiseighteen-monthprojectwouldmeana lossof incomethroughrentalvoids,althoughdepreciationandothercostswouldbechargedforthewholebuilding.therefurbishmentof44-46and56-58lensfieldRoad,scheduledtobeginoncompletionofFirstCourtinJanuary2016willmeanthatafurther33roomswillbeoutofcommissionfortheninemonthstothestartofthe2016-17academicyear.Asrentsaccountfor23%ofincomeandthemanyoftheassociatedcostscontinue,inevitablylosseswillbeincurred.

theforecastforothercategoriesofincomeisnotgood.tuitionfeeshavebeenfrozenat£9,000forthefouryearssinceintroductionand,iftheGovernmentpermitsuniversitiestoraisetheirfees,anyincreaseisunlikelytocompensateforthelossofvalue(6.5%)since2010.Consensusamongmarketpunditssuggeststhatfinancialreturnsmaynotevenpreservepurchasingpower.CompetitionforconferencebusinesscontinuestobeintenseamongtheColleges,whichsqueezesmargins.Downinghasalwaysbeen,asitwere,attheforefrontinthissideline,madenecessarybytheinadequatefundingofundergraduateeducation.However,despiteasignificantincreaseinactivitymeasuredbyoccupancyrates,incomeinrealtermsisequivalenttothatreceivedin2012-13.

PlansfortheFuturetheCatalysisCampaign,begunin2009,almostreacheditstargetwithin5years.Duetothewelcomelongevityofmembersofour1749Society,legacyincomewassubstantiallydownonthatreceivedlastyearandthetargetremainsjustoutofreach.However,becauseoftheenthusiasmfortheFirstCourtproject,thetargetwillverylikelybeachievedduring2016.theUniversity’snewCollegiateCampaign,“DearWorld...YoursCambridge”,whichwaslaunchedinOctober2015,ispredicatedonthefullparticipationofcolleges,soitwillsoonbetimetoplannewprojects,newgoals,andgiventheCampaign’sbranding,newtaglines.

WithBattcocklodge,theCollegewillbeabletobringthegraduatecommunityon-siteandanticipatesthatstudentswhowishtoliveonsitewillbeabletodoso.Forgraduates,on-siteaccommodationwillmeangreateropportunitiestoparticipateinthelifeoftheCollege,towhichendtheCollegeappointeditsfirstMCRliaisonFellow.theplanningconditionsforthisprojectincludedarequirementforacontributiontopublicart.Overaperiodofyears,andthroughthemanydiscussionswiththeMaster,Fellowsanddonors,aplanforanewcourt,FirstCourt,emerged.thelengthofgestationgavetimetoimagineaprojectthatwouldpromoteartinapublicspacewhilecontributingtothelifeoftheCollegecommunity.CarusoStJohn,whoareexpertsinthearchitectureofgalleries,noticedthattheformerstableshadthevolumeappropriatetoagalleryandcouldbeusednotonlyasapublicspaceforexhibitions,butalsowouldalsohelpcreateanewcourt,whichwouldaddtothepresenceofBattcocklodge.theGallery,togetherwiththetheatreandtheneworgan,offeranopportunityfortheCollegetobeambitiousinitsculturalactivities.theplansunderwaysuggestthat2016willbeaverybusyyear.

On behalf of the Governing Body:

ProfGRGrimmett,MasterDrSusanlintott,SeniorBursar Date:18December2015

YearEnded30June2015|ReportoftheGoverningBody

56

* The table ranks the results of the undergraduates in 29 of the Colleges, expressing the results as a proportion 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.

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

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtS

Financial Year End: 2015 2014 2013 2012 2011

1. Educationtompkinstables* 9 11 12 20 17

Undergraduateclassificationofdegrees

1st 119 116 87 82 76

2:1 222 213 228 219 217

2 16 13 17 34 45

2:2 34 54 50 60 50

3 7 9 8 14 8

Pass 17 13 14 13 15

DDH(Deemedtohavedeservedhonours) 6 1 5 4 8

Ordinary 0 0 0 0 1

Fail 0 5 2 1 1

NumberofSpecialPrizes12 21 19 14 13 9

Graduatedegreesawarded:

PhD(includingMBPhD) 39 39 35 38 42

MPhil,llM,MBAetal 51 64 47 65 54

MB BChir 10(inc

2xVetMB)

7(inc

2xVetMB)

9(inc

2xVetMB)

12(inc

2xVetMB)

12(inc

2xVetMB)

2. AdmissionsNumberofOpenDays

CollegeOpenDays 3 5 5 3 4

UniversityOpenDays 2 2 2 2 2

SouthWestOpenDays 1 1 1 1 1

NumbersvisitingOpenDays 683 834 1,046 1,022 1,041

%subsequentlyapplyingtoDowning(inOctoberfollowing) 13% 17% 19% 19% 19%

ApplicantsfromSouth–Westinitiative(Octoberfollowing) 30 38 40 31 44

ApplicantsfromSouth-Westnon-selectiveschools(includedabove) 22 25 27 23 38

AdmissionsfromSouth-Westnon-selectiveschools 4 2 4 4 8

Applicantsfromlowparticipationneighbourhoods 31 16 22 30

Admissionsfromlowparticipationneighbourhoods 4 2 6

totalNumberofApplicantsforUndergraduateCourses(inOctober

following)

699 733 879 818 769

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

ApplicantsfromMaintainedSchools 322 341 391 383 381

%Maintained/%Independent 64:36 62:38 59:41 61:39 62:38

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57

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED

Financial Year End: 2015 2014 2013 2012 2011

2. Admissions continuedAdmissions(IncludingSummerPool) 126 124 120 125 132

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

AdmissionsfromMaintainedSchools 67 62 63 61 72

%Maintained:%Independent 60:40 61:39 59:41 56:44 58:42

Applicationsbysubject

Asian&MiddleEasternStudies 6 4 6 6 4

ASN&C 1 — 1 2 2

Archaeology&Anthropology — — — 4 3

Architecture 21 25 28 24 18

Chemical Engineering via Engineering 12 9 16 11 —

ChemicalEngineeringviaNaturalSciences 13 14 20 18 —

Classics 10 5 12 13 9

ComputerScience 12 10 17 15 10

Economics 55 69 77 70 77

Education 3 2 5 1 1

Engineering 113 73 111 105 91

English 20 22 21 27 20

Geography 21 30 42 26 31

History 20 14 21 19 13

HistoryofArt 2 2 2 4 3

Human,Social&PoliticalSciences 48 30 35 — —

Land Economy 12 15 17 13 19

law 75 84 81 77 70

linguistics 2 3 1 3 4

Mathematics 32 43 35 38 30

Medicine 75 76 91 102 125

Modern&Medievallanguages 15 19 17 25 19

Music 1 1 4 3 2

NaturalSciences(Biological) 37 67 77 75 67

NaturalSciences(Physical) 51 54 84 88 94

Philosophy 5 5 5 6 5

Politics,Psychology&Sociology — — — 30 34

Psychological&BehaviouralSciences 29 47 24 — —

Theology 2 2 9 5 5

VeterinaryMedicine 6 8 20 8 13

YearEnded30June2015|ReportoftheGoverningBody

58 13 Cambridge Student Statistics Office figures (excluding incoming exchange and visiting students).

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED

Financial Year End: 2015 2014 2013 2012 2011

2. Admissions continuedRatioofApplicationstoOffers 4.6:1 5.0:1 6.0:1 5.7:1 5.3:1

%Applicantswhoareadmitted 18.0% 16.8% 14.1% 14.7% 16.3%

%South-WestApplicantswhoareadmitted 22.7% 16.0% 7.4% 17.4% 10.5%

totalUniversityFull-timeUndergraduates13 11,786 11,781 11,820 11,948 11,945

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

totalFull-timeDowningUndergraduates 441 446 436 455 446

% Female: % Male 40:60 41:59 41:59 41:59 43:57

NumbersofUndergraduatesleavingbeforegraduating 1 4 4 2 0

totalUniversityFull-timePostgraduates13 6,444 6,579 6,451 6,295 6,346

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

totalDowningFull-timePostgraduates13 148 163 154 170 163

% Female: % Male 43:57 44:56 39:61 42:58 36:64

totalUniversitynumbersenteringcourseforthefirsttimewhich

attractundergraduatefees133,651 3,617 3,536 3,663 3,630

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

Downingnumbersadmittedtocurrentcourseintheprevious

twelvemonthswhichattractundergraduatefees13131 137 130 133 141

% Female: % Male 37:63 42:58 40:60 41:59 44:56

totalUniversitynumbersadmittedtofull-timepostgraduatecourses

intheprevioustwelvemonths133,853 4,015 3,930 3,794 3,962

% Female: % Male 45:55 46:54 46:54 47:53 47:53

Downingnumbersadmittedtofull-timepostgraduatecoursesinthe

previoustwelvemonths1177 88 76 94 80

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

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COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED

Financial Year End: 2015 2014 2013 2012 2011

3. Composition of Full-time Students13

Undergraduates

Home 363 370 370 397 403

EU 27 31 26 24 15

Overseas 51 45 40 34 28

Total 441 446 436 455 446

Postgraduates

Home 56 58 61 59 53

EU 39 41 40 42 44

Overseas 53 64 53 69 66

Total 148 163 154 170 163

4. Financial Support for Students: Number of Students Receiving GrantsCambridgeBursaryScheme(formerlyIsaacNewtonGrants) 99 106 111 111 105

CambridgeCommonwealthtrust 2 8 4 12 8

CambridgeEuropeantrust 12 8 1 5 8

CambridgeOverseastrust 5 16 12 24 21

GatesCambridgetrust 1 2 — 3 5

AveragevalueofCambridgeBursarySchemeGrants £2,737 £2,644 £2,508 £2,585 £2,435

5. AccommodationAverageWeeklyRentUndergraduateStudyBedroom £134.06 £130.43 £119.92 £109.14 £103.33

AverageWeeklyRentGraduateStudyBedroom £135.26 £131.72 £115.46 £112.29 £106.62

UndergraduatesHousedinCollegeAccommodation 375 374 378 384 389

GraduatesHousedinCollegeAccommodation 96 108 120 117 101

totalUnitsofStudentAccommodation 489 488 515 505 505

6. Student Catering Incomelunch £80,581 £86,013 £79,144 £88,728 £102,142

Dinner £78,311 £88,769 £90,412 £90,584 £92,525

Café £144,740 £130,068 £74,890 £41,502 £56,201

Formal Hall £57,970 £50,204 £52,362 £53,520 £49,590

YearEnded30June2015|ReportoftheGoverningBody

6014 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).

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED

Financial Year End: 2015 2014 2013 2012 2011

7. Conference & FunctionsConferenceandFunctionIncome £2,218,512 £2,042,832 £2,130,084 £1,875,620 £1,886,940

Total Room nights 16,767 15,337 16,849 14,696 14,743

CapacityUtilisationtotalConferenceRooms 34.2% 31.6% 35.0% 32.6% —

En—suiteRooms 30.5% 32.0% 33.2% 33.0% —

AveragePriceAchievedperRoomUsed £53.07 £55.68 £52.46 £50.65 £46.08

8. Development and FundraisingDevelopmentCampaignCashRecognised(includingbythe

Segreantstrust)

£1,382,303 £4,904,293 £3,150,706 £2,325,775 £2,856,898

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

ParticipationRatethisFinancialYearoflivingMembersinContact 16% 17% 19% 18% 17%

DirectFundraisingCosts:

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

DonationsRaisedincludinglegaciesbutexcludingtheHowardGift 4:1 13:1 9:1 6:1 11:1

DonationsRaisedincludinglegaciesbutexcludingtheHowardGift

(5yearaverage)

8:1 9:1 7:1 6:1 6:1

9. Income and Expenditure%Surplus(Deficit)turnover 1.1% 2.3% 2.8% 3.0% (4.4%)

%Surplus(Deficit)FreeReserves 2.2% 2.8% 2.0% 2.4% (2.7%)

Staffcostsasa%ofturnover 44.4% 43.0% 44.2% 43.6% 45.1%

£persq.metrecostofupkeepofBuildings £152.11 £150.87 £150.20 £156.65 £175.42

10. Charitable FundsCharitableFundsInvested(includingWorksofArt,etc.)12 £46,433,585 £43,751,076 £42,860,536 £39,732,187 £36,425,533

EndowmentAssetslessloansperFull-timeStudents12 £61,008 £54,599 £63,323 £54,771 £50,781

CapitalValueperUnit £23.90 £22.69 £22.17 £21.39 £21.02

SpendingRuleAmount14 £1,673,712 £1,617,819 £1,543,197 £1,505,631 £1,467,740

SpendingRuleAmountas%Income 16.2% 15.9% 16.0% 16.3% 16.6%

SpendingRuleAmountas%Income(FiveYearAverage) 16.2% 16.6% 17.9% 19.3% 20.7%

SpendingRuleAmountas%InvestmentPortfolio 4.3% 4.5% 4.4% 4.7% 5.0%

YearEnded30June2015|ReportoftheGoverningBody

61

15 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).

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED

Financial Year End: 2015 2014 2013 2012 2011

10. Charitable Funds continuedtotalActualEndowmentWithdrawal15 £2,165,714 £3,116,516 £1,630,510 £1,243,975 £2,704,863

totalActualEndowmentWithdrawalas%ofCharitableFunds 4.7% 7.1% 3.8% 3.1% 7.4%

PerformanceofCoreSecuritiesPortfolio(netoffees) 12.1% 8.9% 10.8% 0.0% 14.0%

Annualthree-yearCumulative 10.6% 6.5% 8.1% 6.9% (1.5%)

AnnualFive-yearCumulative 9.1% 8.1% 1.2% (1.6%) 0.3%

PerformanceofPropertyPortfolio 8.8% 5.8% 7.6% 11.4% 17.4%

Annualthree-yearCumulative 7.4% 8.3% 12.1% 14.3% 10.6%

AnnualFive-yearCumulative 10.1% 11.2% 10.2% 7.0% 5.8%

11. Inflation Measurements RPI 1.0% 2.6% 3.3% 2.8% 5.0%

RPIX 1.1% 2.7% 3.3% 2.8% 5.0%

tenderPriceInflation(October–October)DavislangdontenderPriceIndex

6.8% 4.9% 2.0% 0.5% (0.5%)

12. The FellowshipFellowship(as of 1 October 2015) 50 47 50 52 53

UniversityPrincipalEmployer 37 33 36 38 39

Professors 14 13 14 14 13

Readers 3 3 4 2 4

Seniorlecturers 7 6 7 6 6

lecturers 7 8 8 11 12

Other 6 3 3 5 4

CollegeteachingOfficers 3 3 2 2 4

ResearchFellowships 3 2 3 3 2

Stipendiary 2 1 2 3 2

Non-stipendiary 1 1 1 — —

Administrative+Chaplain 4 4 4 4 4

Female 16 14 14 14 16

Male 34 33 36 38 37

Resident 3 3 5 7 8

Non-Resident 47 44 45 45 45

YearEnded30June2015|ReportoftheGoverningBody

62

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED

Financial Year End: 2015 2014 2013 2012 2011

13. Support StaffSupportStaffHeadcount 147 155 144 139 135

Female 88 90 82 82 78

Male 59 65 62 57 57

turnover

Appointments 32 36 23 30

Retirements 5 5 2 3 2

Resignations 33 19 13 18 21

Deceased — — 1 1 —

Dismissal/Redundancy 2 1 2 4 4

Days Sickness 952 618 944 895 1,123

ReportsunderRIDDOR — — — 1 1

14. PensionsMembersintheUSSPensionScheme 74 76 74 78 86

MembersinMoneyPurchaseScheme 74 72 7 5 3

MembersintheCCFPSPensionSchemeAtthetriennial

ActuarialValuation31March

1 2 2 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 5 6

YearEnded30June2015|ReportoftheGoverningBody

63

COllEGEStAtIStICSANDFINANCIAlHIGHlIGHtSCONtINUED

Financial Year End: 2015 2014 2013 2012 2011

15. Environmental MeasuresCollegesEnvironmentalleaguetable 4 1 1 1= 6

Management Rank 2 3 2= 1 6

Management Score 267pts 260pts 86% NA 71%

EnergyRank(CO2emissions2014) 4 6 7 NA 4

EnergyScore(CO2emissions) 6.5kg/p/day 9.3kg/p/day 11.5kg/p/day 30.0kWh/p/

day

57.0kWh/p/

day

Water Rank 9 3 2 NA 5

Water Score 124l/p/day 142ltrs/p/day 166litres/p/

day

<250litres/p/

day

279litres/p/

day

Recycling Rank 7= 1 2 NA 12

Recycling Score 4 NA 64% 92.1% 65%

WaterUse £86,832 £74,713 £84,706 £78,662 £62,460

GasUse £137,732 £167,491 £180,292 £163,061 £140,637

ElectricityUse £208,470 £178,146 £192,065 £157,110 £163,981

Gasunitprice(p/kWh) 2.35p 2.32p 2.32p 2.548p 1.9804p

Electricityunitprice(p/kWh) 10.06p 9.236p 9.236p 7.905p 7.905p

Scope1CarbonEmissions

Gas(tonne/CO2e) 989 943 1070 1,198 903

Scope2CarbonEmissions

Electricity(tonne/CO2e) 972 910 950 990 979

16. GovernanceFreedomofInformationrequests 56 61 25 14

YearEnded30June2015|ReportoftheGoverningBody

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.

theCollege receives no similar exemption in respect ofValueAddedtax. theCollege is a partially exempt organisation forVAtpurposes.WiththeapprovalofHMRevenueandCustoms,ithasadoptedamethodologythatenablesittorecoverpartoftheVAtonitsexpenses.thoughrecoveredVAtsignificantlyexceedstheVAtpreviouslyrecoverableundertheoldCVCPGuidelines,inputtaxonpurchasesis,nevertheless,largelyirrecoverable.In2014-15,theCollegereceived£221,669inrefundsonpurchasesof£9.1million.

theCollege’ssubsidiarycompanies,DowningCollegeDevelopmentslimited,DowningCambridgeConferenceslimitedandtheMayBallCompanylimited arenot subject to these exemptions andare liable forCorporationtax. However, all taxableprofits of thesubsidiariesaregiftaidedtotheCollege,therebyextinguishinganycorporationtaxthatmaybeassessable.

YearEnded30June2015|ReportoftheGoverningBody

6516 Details of the listing can be found at: http://historicengland.org.uk/listing/the-list/results?q=Downing+College

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.16Allotherbuildingson theDomuscomewithin the curtilageof thosebuildings andare therefore subject to someof the same restrictions.thelistingimposesanobligationtorepairandrestore.AfullquinquennialassetvaluationoftheoperationalestateforaccountingpurposeswaspreparedbyGeraldEvellP,CharteredSurveyors,asat30June2011.theresultingvalueofthebuildingswasincludedinFixedAssetsontheBalanceSheet.Allrepairsthatrestorevaluearecapitalised,asareimprovements.Otherrepairsarechargedagainstincome.Forinsurancepurposes,thereplacementcostofthebuildingshasbeenvaluedat£118.7million.

6.PensionsFRS17hasbeenadoptedinfull,enablingtheestimatedcostofprovidingthepensionbenefitsearnedduringtheyeartobeincludedasastaffcostwithinexpenditure.thedeficitontheschemeisshownasaliabilityoftheCollegeanddeductedfromreserves.

YearEnded30June2015|ReportoftheGoverningBody

66

67

Financial Statements

68

YearEnded30June2015|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

YearEnded30June2015|FinancialStatementsINDEPENDENtAUDItORS’REPORttOtHEGOVERNINGBODYOF

DOWNING COLLEGEWehaveauditedthefinancialstatementsofDowningCollegefortheyearended30June2015whichcomprisetheconsolidatedincomeandexpenditureaccount,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.

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YearEnded30June2015|FinancialStatements OPINIONONFINANCIAlStAtEMENtS

Inouropinion:

• thefinancial statementsgivea trueand fair viewof the stateof theCollege’saffairs asat30 June2015andof 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: 21 December 2015

PetersElworthy&Mooreiseligibletoactasanauditorintermsofsection1212oftheCompaniesAct2006.

71

Statement of Principal Accounting Policies

72

YearEnded30June2015|Statem

entofPrincipalAccountingPolicies BASISOFPREPARAtION

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

theincomeandexpenditureaccountincludesactivityanalysisinordertodemonstratethattheCollegeissatisfyingitsobligationstotheUniversityofCambridgewithregardtotheuseofpublicfunds.theanalysisrequiredbytheSORPissetoutinnote8.

BASISOFACCOUNtINGthefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,asmodifiedbytherevaluationofinvestmentassetsandcertainlandandbuildings.

BASISOFCONSOlIDAtIONtheconsolidatedfinancialstatementsconsolidatethefinancialstatementsoftheCollegeanditssubsidiaryundertakingsfortheyearended30June2015.theresultsofsubsidiaryundertakingsacquiredordisposedofduringtheperiodareincludedintheconsolidatedincomeandexpenditureaccountfromthedateofacquisitionoruptothedateofdisposal.theactivitiesofstudentsocietieshavenotbeenconsolidated.

AseparatebalancesheetandrelatednotesfortheCollegearenotincludedintheaccountsbecausetheCollege’ssubsidiarycompaniesareadesignandbuildcompany,aconferencetradingcompanyandacompanyoperatingthebi-annualMayBallandthereforethebalancesheetwouldnotbemateriallydifferentfromtheoneincludedintheaccounts.

RECOGNITION OF INCOME

a)AcademicfeesCollegefeeincomeisrecognisedintheperiodforwhichitisreceivedandincludesallfeeschargeabletostudentsortheirsponsors.

b)DonationsandbenefactionsCharitabledonationsarerecognisedonreceiptorwherethereiscertaintyof futurereceiptandthevaluecanbemeasuredreliably.theaccountingtreatmentofadonationdependsonthenatureandextentofrestrictionsspecifiedbythedonor.Donationswithno

73

YearEnded30June2015|Statem

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.theactualrateofspendingfor2015whenmeasuredagainstthepreviousyear’smarketvaluewas4.5%.

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

74

YearEnded30June2015|Statem

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

YearEnded30June2015|Statem

entofPrincipalAccountingPoliciesINVEStMENtS

a)SecuritiesSecuritiesareshownattheirmarketvalue.Investmentincomeisincludedwhendividendsandinterestbecomepayable.Interestonbankdepositsisincludedasearned.

b)WorksofArtWorksofartandsilverareincludedattheirmarketvalueasassessedbyChristie’son4October2012.

c)EstatePropertiesInvestmentpropertiesareincludedatvaluationandtheaggregatesurplusordeficitistransferredtoarevaluationreserveincludedwithinReserves.AnannualassessmentwascarriedoutbyCarterJonas,PropertyConsultants,at30June2015.

StOCKSStocksarevaluedatthelowerofcostandnetrealisablevalue.

PROVISIONSProvisionsarerecognisedwhentheCollegehasapresentlegalorconstructiveobligationasaresultofapastevent,anditisprobablethatatransferofeconomicbenefitwillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamountoftheobligation.

ENDOWMENtFUNDSEndowmentfundsareclassifiedunderthreeheadings:

WherethedonorhasspecifiedthatthefundistobepermanentlyinvestedtogenerateanincomestreamforthegeneralpurposesoftheCollege,thefundisclassifiedasanunrestrictedpermanentendowment.

Wherethedonorhasspecifiedthatthefundistobepermanentlyinvestedtogenerateanincomestreamtobeappliedforarestrictedpurpose,thefundisclassifiedasarestrictedpermanentendowment.

Wherethedonorhasspecifiedaparticularobjectiveotherthantheacquisitionorconstructionoftangiblefixedassets,andthattheCollegemustormayconvertthedonatedsumintoincome,thefundisclassifiedasarestrictedexpendableendowment.

76

YearEnded30June2015|Statem

entofPrincipalAccountingPolicies RESERVES

WithinthedetailednotestothefinancialstatementsthesplitofGeneralReserves,betweenfreereservesandthosedesignatedfortherepairandmaintenanceofthehistoricbuildings,hasbeenincludedtohighlighttheextentoftheCollegecommitment.

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

theCollegereceivesnosimilarexemptioninrespectofValueAddedtax.

CONtRIBUtIONUNDERStAtUtEG,I ItheCollegeisliabletobeassessedforContributionundertheprovisionsofStatuteG,IIoftheUniversityofCambridge.ContributionisusedtofundgrantstoCollegesfromtheCollegesFund.theCollegereceivedgrantsof£Nil(2014:£Nil)whichiscreditedtopermanentendowment.

PENSIONSCHEMEStheCollegeparticipatesintheUniversitiesSuperannuationScheme,adefinedbenefitschemewhichisexternallyfundedandcontractedout of the State Earnings-RelatedPension Scheme. the fund is valued every three years by aprofessionallyqualified independentactuaryusingtheprojectedunitmethod,theratesofcontributionpayablebeingdeterminedbythetrusteesontheadviceoftheactuary.Intheinterveningyears,theactuaryreviewstheprogressofthescheme.PensioncostsareaccountedforovertheperiodduringwhichtheCollegebenefitsfromtheemployees’services.

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

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

77

Principal Accounting Statements

78

YearEnded30June2015|PrincipalA

ccountingStatem

ents CONSOlIDAtEDINCOMEANDEXPENDItUREACCOUNt

FORtHEYEARENDED30JUNE2015

Note

2015 £000

2014 £000

Income

AcademicFeesandCharges 1 2,738 2,713

Residences, Catering and Conferences 2 5,404 5,173

EndowmentandInvestmentIncome 3 1,687 1,687

Donations 4 458 574

Other Income 22 9

Total Income 10,309 10,156

Expenditure

Education 5 4,255 4,133

Residences, Catering and Conferences 6 5,724 5,571

Other(InvestmentandPropertyManagement) 146 132

Total Expenditure 8 10,125 9,836

Surplus on Continuing Operations before Contribution under Statute G, II 184 320

ContributionunderStatuteG,II 7 — —

Surplus on Continuing Operations after Contribution under Statute G, II 184 320

SurplusfortheyeartransferredtoAccumulatedIncomeinEndowmentFunds (72) (87)

Surplus for the year retained within General Reserves 112 233

All items dealt with in arriving at the Surplus for 2015 and Surplus 2014 relate to continuing operations.

NoteofHistoricalCostSurplusesandDeficitsthedifferencebetweentheresultsasdisclosedintheIncomeandExpenditureAccountandtheresultonanunmodifiedcostbasisisnotmaterial.

79

YearEnded30June2015|PrincipalA

ccountingStatem

entsCONSOlIDAtEDStAtEMENtOFtOtAlRECOGNISEDGAINSANDlOSSES

FORtHEYEARENDED30JUNE2015

Note

RestrictedFunds

£000

UnrestrictedFunds

£000

totalFunds

2015

£000

totalFunds

2014

£000

Surplusonincomeandexpenditureaccount — 112 112 233

Unspentendowmentfundincome 72 — 72 87

totalReturnnotrecognisedintheIncome&Expenditure

Account 3b 870 1,112 1,982 854

Increaseinmarketvalueoffixedassetinvestmentsexcludedfrom

totalReturn — 20 20 147

CapitalgrantfromCollegesFund 19 — — — —

Newendowments 19 439 161 600 4,023

Increaseinmarketvalueofcurrentassetinvestments — 223 223 65

Actuariallossinrespectofpensionschemes — 250 250 (266)

Total recognised gains relating to the year 1,381 1,878 3,259 5,143

Reconciliation

Openingreservesandendowments 28 16,672 111,186 127,858 122,715

Total recognised gains for the year 1,381 1,878 3,259 5,143

Closing reserves and endowments 18,052 113,064 131,116 127,858

80

CONSOlIDAtEDBAlANCESHEEt ASAt30JUNE2015

Note

2015 £000

2014 £000

Fixed Assets

tangibleAssets 10 117,518 112,439

Investments 11 19,900 19,116

137,418 131,555

Endowment Assets 12 26,547 24,650

Current Assets

Investments 3,057 5,085

Stock 160 162

Debtors 13 841 681

Cash 14 1,005 2,578

5,063 8,506

Creditors: amounts falling due within one year 15 (5,821) (4,807)

Net Current Assets/(Liabilities) (758) 3,699

Provisions for Liabilities and Charges — —

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

Net Assets excluding Pension Liability 152,706 149,404

Pension Liability 17 (1,722) (2,038)

Net Assets including Pension Liability 150,984 147,366

YearEnded30June2015|PrincipalA

ccountingStatem

ents

81

YearEnded30June2015|PrincipalA

ccountingStatem

entsCONSOlIDAtEDBAlANCESHEEtCONtINUED

Note

RestrictedFunds

£000

UnrestrictedFunds

£000

Total

2015

£000

Total

2014

£000

Capital and Reserves

Deferred Capital Grants 18 19,868 — 19,868 19,508

Endowments

Expendableendowments 19 1,422 — 1,422 1,240

Permanentendowments 19 16,631 8,494 25,125 23,410

18,053 8,494 26,547 24,650

Reserves

Generalreservesexcludingpensionreserve 20 — 95,476 95,476 94,376

Pensionreserve 20 — (1,722) (1,722) (2,038)

Operationalpropertyrevaluationreserve 20 — 7,165 7,165 7,240

Fixedassetrevaluationreserve 20 — 3,650 3,650 3,630

— 104,569 104,569 103,208

Subtotal of Endowment & Reserves 18,052 113,064 131,116 127,858

Total 37,920 113,064 150,984 147,366

theseaccountswereapprovedbythetrusteeson27November2015andaresignedontheirbehalfby:

ProfGRGrimmett,Master

82

YearEnded30June2015|PrincipalA

ccountingStatem

ents CONSOlIDAtEDCASHFlOWStAtEMENtFORtHEYEARENDED30JUNE2015

2015£000

2014£000

A. Operating Activities

OperatingSurplusBeforetax 184 320

Profitondisposal — —

Depreciation 1,434 1,396

Less: Investment Income (1,687) (1,686)

MovementinPensionDeficit (66) (52)

Interestpayable 488 395

DonationIncomeexpendedinyear (221) (215)

Decrease/(Increase)incurrentassetinvestments 2,251 (5,021)

Decrease in Stocks 2 8

Decrease/(increase)inDebtors (159) 171

Increase/(Decrease)inCreditors 1,120 (264)

Net Cash Inflow /(Outflow) from Operating Activities 3,346 (4,948)

B. Returns on Investments and Servicing of Finance

IncomefromEndowments 1,495 1,652

Other interest received 13 34

Interestpaid (488) (394)

Net Cash Inflow from Returns on Investments and Servicing of Finance 1,020 1,292

C. Contribution to Colleges Fund — —

D. Capital Expenditure and Financial Investment

Purchaseoftangiblefixedassets (6,513) (3,387)

Donationsandotherdeferredcapitalgrantsreceived 1,180 4,941

Netpurchaseoflongterminvestments (600) (3,882)

Netpurchaseofotherinvestments (6) (10)

Net Cash Outflow from Capital Transactions (5,939) (2,338)

Net Cash Outflow before Financing (1,573) (5,994)

83

CONSOlIDAtEDCASHFlOWStAtEMENtCONtINUED

2015£000

2014£000

E. Financing

Bondfunding — 5,000

NetCashInflowfromfinancing — 5,000

F. Decrease in Cash

DecreaseinCashinthePeriod (1,573) (994)

Bondfunding — (5,000)

NetFundsbroughtforwardat1July2014 (7,922) (1,928)

NetFundscarriedforwardat30June2015 (9,495) (7,922)

G. Analysis of Changes in Net Debt

At1July2014 £000

Cashflows £000

At30June2015 £000

Cash at bank and in hand 2,578 (1,573) 1,005

Loan (10,500) — (10,500)

(7,922) (1,573) (9,495) YearEnded30June2015|PrincipalA

ccountingStatem

ents

84

YearEnded30June2015|PrincipalA

ccountingStatem

ents

85

Notes to the Accounts

86

NOtEStOtHEACCOUNtS

1. Academic Fees and Charges 2015 £000

2014 £000

College fees:

FeeincomepaidonbehalfofundergraduatesatthePublicly-fundedUndergraduaterate(percapitafee£4,500-£4,185)(2014:£4,500-£4,068) 1,698 1,667

Privately-fundedUndergraduatefeeincome(percapitafee£7,719-£7,053)(2014:£7,350-£6,270) 398 340

FeeincomereceivedattheGraduatefeerates(percapitafee£2,474)(2014:£2,424) 384 415

2,480 2,422

Research/Teaching grants 45 49

Other income 10 10

CambridgeBursaryScheme 203 232

Total 2,738 2,713

2. Residences, Catering and Conferences Income 2015 £000

2014 £000

ResidentialAccommodation College Members 2,516 2,471

Conferences 1,112 1,021

Internationalprogrammes 114 111

Catering College Members 669 658

Conferences 921 853

Internationalprogrammes 72 59

Total 5,404 5,173

3. Endowment and Investment Income 2015 £000

2014 £000

3a. Analysis

totalreturncontribution(seenote3b) 1,674 1,653

Currentinvestmentasset 9 21

Cash 4 13

1,687 1,687

YearEnded30June2015|NotestotheAccou

nts

87

NOtEStOtHEACCOUNtSCONtINUED

3b. Summary of Total Return 2015 £000

2014 £000

Income from:

Investmentportfolioandinvestmentproperties 1,058 1,058

Gains/(losses) on endowment assets:

Investmentportfolioandinvestmentproperties 2,723 1,575

Investmentmanagementcosts(seenote3c) (125) (125)

Total return for year 3,656 2,508

totalreturntransferredtoincomeandexpenditureaccount(seenote3a) (1,674) (1,653)

totalreturnforyearincludedwithinstatementoftotalrecognisedgainsandlosses 1,982 854

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

Unapplied Total Return at end of year 10,384 8,402

theseamountsdonotincludeanytotalreturnrelatingtotheCollegepropertiesfromfinancialyearsearlierthan30June2007.

3c. Investment Management Costs 2015 £000

2014 £000

Freeholdlandandbuildings 18 18

Quotedandothersecuritiesandcash 107 107

Total 125 125

4. Donations 2015 £000

2014 £000

Unrestricteddonations 171 244

Restricted donations 66 115

237 359

Releasedfromdeferredcapitalgrants(seeNote18) 221 215

Total 458 574

YearEnded30June2015|NotestotheAccou

nts

88

NOtEStOtHEACCOUNtSCONtINUED

5. Education Expenditure 2015 £000

2014 £000

Teaching 2,119 2,038

tutorial 581 552

Admissions 458 437

Research 127 143

ScholarshipsandAwards 485 483

OtherEducationalFacilities 485 480

total(Note8) 4,255 4,133

IncludedwithinScholarshipsandAwardsarepaymentsundertheCambridgeBursarySchemeamountingto£270,998(2014:£280,300).

6. Residences, Catering and Conferences Expenditure 2015 £000

2014 £000

ResidentialAccommodation College Members 2,454 2,369

Conferences 1,299 1,266

Catering College Members 937 957

Conferences 1,034 979

Total 5,724 5,571

Conferencesexpenditureisincludedaboveonafullycostedbasis,howeveronadirectcostbasistheconferencesprofitwouldbe£885,704(2014-£818,022).

7. Contribution under Statute G, II 2015 £000

2014 £000

UniversityContributionrelatingto2014/15 — —

UniversityContributionrelatingto2013/14 — —

— —

YearEnded30June2015|NotestotheAccou

nts

89

NOtEStOtHEACCOUNtSCONtINUED

8. Analysis of Expenditure by Activity

8a) Analysis of 2014/15 Expenditure by Activity Staff Costs (Note9)

£000

OtherOperatingExpenses

£000Depreciation

£000

Total2015£000

Education(Note5) 1,947 1,906 403 4,255

Residences,CateringandConferences(Note6) 2,586 2,115 1,023 5,724

Other 46 92 8 146

4,578 4,113 1,434 10,125

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

£000

OtherOperating

Expenses £000

Depreciation £000

Total 2014 £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

theaboveexpenditureincludes£403,145asthedirectcostoffundraising(2014:£366,971). thisexpenditureincludesthecostsofalumnirelations.

8c) Auditors’ remuneration

Otheroperatingexpensesinclude:

2015 £000

2014 £000

AuditfeespayabletotheCollege’sexternalauditors 18 17

OtherfeespayabletotheCollege’sexternalauditors 3 3

21 20

YearEnded30June2015|NotestotheAccou

nts

90

NOtEStOtHEACCOUNtSCONtINUED

9. Staff Costs CollegeFellows

£000

OtherAcademics

£000

Non-Academics

£000

Total2015£000

Total2014£000

Staff Costs

Emoluments 896 — 3,116 4,012 3,858

SocialSecurityCosts 49 — 203 252 227

OtherPensionCosts 88 — 226 314 286

1,033 — 3,545 4,578 4,371

Average Staff Numbers (Full-time Staff Equivalents)

Academic 44 — — 44 48

Non-Academic 3 — 120 123 122

Total 47 — 120 167 170

Ofthe47Fellowsdisclosedabove,45Fellowsarestipendiary.

NoofficeroremployeeoftheCollegereceivedemolumentsofover£100,000.

thetrusteesreceivenoemolumentsintheircapacityastrusteesoftheCollege.

YearEnded30June2015|NotestotheAccou

nts

91

NOtEStOtHEACCOUNtSCONtINUED

10. Tangible Fixed Assets

Group and College Library Books

£000

CollegeBuildings& Site £000

Assetsunderconstruction

£000

Information Technology

£000

Furniture&Equipment

£000

Catering Equipment

£000

Total£000

Cost or valuation

Atbeginningofyear 790 109,170 4,442 983 4,718 304 120,408

Additions 38 1,312 4,801 72 220 71 6,513

Transfer — 483 (483) — — — —

Atendofyear 828 110,965 8,760 1,056 4,938 375 126,921

Depreciation

Atbeginningofyear 306 2,880 — 927 3,604 252 7,969

Charge for the Year 30 1,063 — 67 242 32 1,434

Atendofyear 336 3,943 — 994 3,846 284 9,403

Net Book value

Atendofyear 492 107,022 8,760 62 1,091 91 117,518

Atbeginningofyear 485 106,290 4,442 58 1,113 52 112,439

theinsuredvalueoffreeholdlandandBuildingsat30June2015was£118,737,680(2014:£112,922,188).

YearEnded30June2015|NotestotheAccou

nts

92

NOtEStOtHEACCOUNtSCONtINUED

11. Investments

Group and College 2015 £000

2014 £000

Balance at beginning of year 19,116 22,759

Additions 8 10

Disposals (2) (150)

Changeinmarketvalue 758 (3,650)

Revaluation 20 147

Balance at end of year 19,900 19,116

Represented by: 2015 £000

2014 £000

Works of art / silver 4,609 4,601

InvestmentinCambridgeCollegesFundingPlc 5 5

InvestmentinCambridgeCollegesFundingIIPlc 5 5

CapitalExpendableInvestments(Note12) 15,008 14,250

loantoJointCollege’sNurseryScheme 4 5

Land 270 250

Total 19,900 19,116

InvestmentsheldbytheCollegealsoincludeanadditional£5,002(2014:£5,002)investmentinthesubsidiaryundertakingsatcost(seeNote24).

YearEnded30June2015|NotestotheAccou

nts

93

NOtEStOtHEACCOUNtSCONtINUED

12. Endowment Assets

Group and College 2015 £000

2014 £000

Long term investments:

Balance at beginning of year 24,650 20,106

Additions 8,168 8,067

Disposals (8,642) (3,867)

Transfer — (4,070)

MovementinoverdistributionofMarketValuetoFunds (392) (34)

MovementinduefromExpendableCapital 51 70

MovementinamountincludedinInvestmentAssets (757) 3,650

Changeinmarketvalue 3,222 1,565

Changeincashheldbyfundmanagers 247 (837)

Total Long term investments 26,547 24,650

Represented by: 2014 £000

2014 £000

Property 13,204 12,964

Securities–Equities/HedgeFunds 20,543 20,220

Securities–FixedInterest 3,018 832

CashwithAgents 2,006 1,758

OverdistributionofMarketValuetoFunds 1,112 1,504

DuefromExpendableCapital 1,672 1,622

Total 41,555 38,900

lessamountsincludedasInvestmentassets(Note11) (15,008) (14,250)

Total 26,547 24,650

YearEnded30June2015|NotestotheAccou

nts

94

NOtEStOtHEACCOUNtSCONtINUED

13. Debtors

Group2015£000

College2015£000

Group2014£000

College2014£000

Members of the College 101 101 94 94

Rents 187 187 82 82

Conferences 180 80 94 27

Fees 9 9 11 11

Other debtors 364 398 401 1,021

Total 841 775 681 1,235

14. Cash and bank balances

Group2015£000

College2015£000

Group2014£000

College2014£000

Bankdeposits — — 1,810 1,810

Currentaccounts 1,004 250 766 61

Cash in hand 1 1 2 2

Total 1,005 251 2,578 1,873

15. Creditors: amounts falling due within one year

Group2015£000

College2015£000

Group2014£000

College2014£000

Duetotradesmen&others 1,663 909 756 756

Members of the College 174 174 178 178

UniversityFees 7 7 9 9

Other creditors 2,305 1,967 2,242 1,731

Duetopermanentcapital 1,672 1,672 1,622 1,622

Total 5,821 4,729 4,807 4,296

YearEnded30June2015|NotestotheAccou

nts

95

NOtEStOtHEACCOUNtSCONtINUED16. Creditors: amount falling due after one year

Group and College 2015 £000

2014 £000

Bondfunding 5,000 5,000

Bankloanduemorethan5years 5,500 5,500

Total 10,500 10,500

thebankloanisrepayablein2048andinterestpayableisfixedat4.64%.

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

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

thecovenantatalltimessinceincurringthedebt.

17. Pension liabilities

Group and College 2015 £000

2014 £000

Balance at beginning of year 2,038 1,825

Movement in year:

Currentservicecostincludinglifeassurance 20 19

Contributions (102) (102)

Otherfinancecost 16 30

Actuarial(gain)/lossrecognisedinstatementoftotalrecognisedgainsandlosses (250) 266

Balance at end of year 1,722 2,038

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NOtEStOtHEACCOUNtSCONtINUED18. Deferred capital grants 2015

£0002014 £000

Balance at beginning of year

Buildings 19,493 18,782

Equipment 15 22

Donations received

Buildings 581 919

Equipment — —

Released to income and expenditure account

Buildings (214) (208)

Equipment (7) (7)

Balances at end of year

Buildings 19,860 19,493

Equipment 8 15

Total balance at end of year 19,868 19,508

DeferredcapitalgrantsrepresentdonationsreceivedtowardsmajorbuildingprojectswhicharereleasedtotheIncomeandExpenditureAccountaccordingtotheaccountingpolicystatedin

theseaccounts.

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19. Endowments

Group and College UnrestrictedPermanent

£000

Restricted Permanent

£000

Total Permanent

£000

Restricted Expendable

£000

Total 2015 £000

Total 2014 £000

Balance at beginning of year

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

UnspentIncome — 136 136 177 313 244

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

Incomereceivablefromendowmentassetinvestments 939 687 1,626 48 1,674 1,653

Expenditure (939) (623) (1,562) (40) (1,602) (1,566)

Nettransferfromincomeandexpenditureaccount — 64 64 8 72 87

Newendowmentsreceived 161 313 474 125 600 4,023

Increaseinmarketvalueofinvestments 355 813 1,168 58 1,225 434

transferto/(from)reserves — 9 9 (9) — —

Balance at end of year 8,494 16,631 25,125 1,422 26,547 24,650

Comprising:

Capital 8,494 16,466 24,940 1,244 26,184 24,337

UnspentIncome — 185 185 178 363 313

Balance at end of year 8,494 16,631 25,125 1,422 26,547 24,650

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19. Endowments continued

UnrestrictedPermanent

£000

Restricted Permanent

£000

Total

Permanent £000

Restricted

Expendable£000

Total 2015 £000

Total 2014 £000

Representing:

FellowshipFunds — 4,917 4,917 — 4,917 4,497

ScholarshipFunds 463 5,859 6,322 163 6,485 6,126

PrizeFunds 20 355 375 9 384 337

HardshipFunds — 1,149 1,149 — 1,149 1,039

travelGrantFunds — 36 36 — 36 34

GrantFunds 8 2,863 2,871 825 3,696 3,383

OtherFunds 8,003 1,452 9,455 425 9,880 9,234

8,494 16,631 25,125 1,422 26,547 24,650

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20. Reserves

Group and College

General Reserves £000

Designated

BuildingsReserve £000

OperationalProperty

RevaluationReserve £000

FixedAssetInvestment

RevaluationReserve £000

PensionReserve £000

Total 2015 £000

Total 2014 £000

Balance at beginning of year 10,389 86,987 7,240 3,630 (2,038) 103,208 102,609

Surplusretainedfortheyear 46 — — — 66 112 233

Actuarialloss — — — — 250 250 (266)

transfer of depreciation on revalued

operationalproperties 75 — (75) — — — —

Revaluationofworksofart — — — — — — 147

Increaseinmarketvalueof

investments979 — — 20 — 999 485

transferofdesignatedbuildingreserve (4,765) 4,765 — — — — —

Balance at end of year 6,724 88,752 7,165 3,650 (1,722) 104,569 103,208

21. Capital Commitments 2015 £000

2014 £000

Capital commitments at 30 June 2015 are as follows -

Authorisedandcontracted 2,737 930

Authorisedbutnotyetcontractedfor 2,123 8,777

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22. Financial Commitments

At30June2015,theCollegehadannualcommitmentsundernon-cancellableoperatingleasesasfollows 2015 £000

2014 £000

Land & Buildings

Expiringwithinoneyear — —

Expiringbetweentwoandfiveyears — —

Expiringinoverfiveyears 7 7

Other

Expiringwithinoneyear 5 —

Expiringbetweentwoandfiveyears 2 5

Expiringinoverfiveyears — —

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NOtEStOtHEACCOUNtSCONtINUED23. Pensions

theCollegeoperatesaninsuredmoneypurchasepensionschemeforitsstaff.theassetsoftheschemeareheldseparatelyfromthoseof the College.

theCollege’s contributions to the scheme amounted to £48,235 (2014: £25,137),with contributions of £22,297 (2014: £17,773),outstandingatthebalancesheetdate.

theCollegeparticipatesintwodefinedbenefitschemes,theUniversitiesSuperannuationScheme(USS)andtheCambridgeCollegesFederatedPensionsScheme(CCFPS).theassetsoftheschemesareheldinseparatetrusteeadministeredfunds.thetotalpensioncostfortheyearwas£266,061(2014:£261,057).

23a Universities Superannuation Scheme

theCollegeparticipatesintheUniversitiesSuperannuationScheme(USS),adefinedbenefitschemewhichiscontractedoutoftheStateSecondPension(S2P).theassetsoftheschemeareheldinaseparatefundadministeredbythetrustee,UniversitiesSuperannuationSchemelimited.theCollegeisrequiredtocontributeaspecifiedpercentageofpayrollcoststothepensionschemetofundthebenefitspayabletotheCollege’semployees.In2015,thepercentagewas16%(2014:16%).theCollegeisunabletoidentifyitsshareoftheunderlyingassetsandliabilitiesoftheschemeonaconsistentandreasonablebasisandtherefore,asrequiredbyFRS17“Retirementbenefits”,accountsfortheschemeasifitwereadefinedcontributionscheme.

thedisclosuresbelowrepresentthepositionfromthescheme’sfinancialstatements.

the latestavailable triennialactuarialvaluationof theschemewasat31March2014(“thevaluationdate”),whichwascarriedoutusingtheprojectedunitmethodandiscurrentlybeingauditedbytheschemeauditor.Basedonthis2014valuationitisexpectedthatemployercontributionswillincreaseto18%from1April2016.

the2014valuationwasthethirdvaluationforUSSunderthescheme-specificfundingregimeintroducedbythePensionsAct2004,whichrequiresschemestoadoptastatutoryfundingobjective,whichistohavesufficientandappropriateassetstocovertheirtechnicalprovisions.At the valuationdate, the valueof the assets of the schemewas£41.6billion and the valueof the scheme’s technicalprovisionswas£46.9billionindicatingashortfallof£5.3billion.theassetsthereforeweresufficienttocover89%ofthebenefitswhichhadaccruedtomembersafterallowingforexpectedfutureincreasesinearnings.

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23. Pensions continued

FRS17liabilitynumbershavebeenproducedfortheschemeusingthefollowingassumptions:

2015 2014

Discountrate 3.3% 4.5%

Pensionablesalarygrowth 3.5%inthefirstyearand4.0%thereafter 4.4%

Priceinflation(CPI) 2.2% 2.6%

themaindemographicassumptionusedrelatestothemortalityassumptions.MortalityinretirementisassumedtobeinlinewiththeContinuousMortalityInvestigation’s(CMI)S1NAtablesasfollows:

Malemembers’mortalityS1NA[“light”]YoBtables–Noagerating Femalemembers’mortalityS1NA[“light”]YoBtables–rateddown1year

UseofthesemortalitytablesreasonablyreflectstheactualUSSexperience.toallowforfurtherimprovementsinmortalityratestheCMI2009projectionswitha1.25%palongtermratewerealsoadoptedforthe2014FRS17figures,fortheMarch2015figuresthelongtermratehasbeenincreasedto1.5%andtheCMI2014projectionsadopted,andthetableshavebeenweightedby98%formalesand99%forfemales.thecurrentlifeexpectanciesonretirementatage65are:

2015 2014

Malescurrentlyaged65(years) 24.2 23.7

Femalescurrentlyaged65(years) 26.3 25.6

Malescurrentlyaged45(years) 26.2 25.5

Femalescurrentlyaged45(years) 28.6 27.6

2015 2014

Existing benefits

Scheme assets £49.0bn £41.6bn

FRS 17 liabilities £67.6bn £55.5bn

FRS17deficit £18.6bn £13.9bn

FRS17fundinglevel 72% 75%

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23. Pensions continued

23b Cambridge Colleges’ Federated Pension Scheme

theCollegeisalsoamemberofamulti-employerdefinedbenefitscheme,theCambridgeColleges’FederatedPensionScheme(CCFPS),intheUnitedKingdom.theSchemeisadefinedbenefitfinalsalarypensionschemethatwasoriginallysetup,underaninterimtrustDeed,on19July1977asadefinedbenefitscheme. theSchemeisdeemedtobearegisteredpensionschemeunder the termsofSchedule36oftheFinanceAct2004.theCollege’semployeescoveredbytheSchemearecontractedintotheStateSecondPension(S2P).

Afullvaluationisbeingundertakenasat31March2014andupdatedto30June2015byaqualifiedActuary.

theprincipalactuarialassumptionsatthebalancesheetdate(expressedasweightedaverages)wereasfollows:

2015 2014

Discountrate 3.7% 4.2%

Expectedlong-termrateofreturnonSchemeassets 3.7% 6.2%

Rate of increase in salaries 2.75% 2.8%

RetailPriceIndex(RPI)assumption 3.25% 3.3%

ConsumerPriceIndexassumption 2.25% 2.3%

Rateofincreaseinpensions(RPIlinked) 3.25% 3.3%

theunderlyingmortalityassumptionisbaseduponthestandardtableknownasSelf-AdministeredPensionSchemes(SAPS)mortalitytablesforaveragenormalpensionersprojectedinlinewiththeCMI2013projectionandatargetlong-termimprovementrateof1%.thisresultsinthefollowinglifeexpectancies:

• Maleaged65nowhasalifeexpectancyof22.3years(previously22.3years)

• Femaleaged65nowhasalifeexpectancyof24.4years(previously24.3years)

• Maleaged45nowandretiringin20yearswouldhavealifeexpectancythenof23.6years(previously23.7years)

• Femaleaged45nowandretiringin20yearswouldhavealifeexpectancythenof25.9years(previously25.8years)

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23. Pensions continued

Employee Benefit Obligations

theamountsrecognisedinthebalancesheetasat30June2015(withcomparativefiguresasat30June2014)areasfollows:

2015

£000

2014

£000

PresentvaluesofSchemeliabilities (5,712) (5,674)

MarketvalueofSchemeassets 3,990 3,636

Deficit in the Scheme (1,722) (2,038)

theamountstoberecognisedintheprofitandlossaccountfortheyearended30June2015(withcomparativefiguresfortheyearended30June2014)areasfollows:

2015

£000

2014

£000

Currentservicecost 20 20

Interest on Scheme liabilities 234 241

ExpectedreturnonSchemeassets (218) (211)

Total 36 50

ActualreturnonSchemeassets 499 212

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23. Pensions continued

ChangesinthepresentvalueoftheSchemeliabilitiesfortheyearending30June2015(withcomparativefiguresfortheyearending30June2014)areasfollows:

2015

£000

2014

£000

PresentvalueofSchemeliabilitiesatthebeginningoftheperiod 5,675 5,304

Servicecost(includingEmployeecontributions) 22 21

Interest cost 234 241

Actuariallosses 30 267

Benefitspaid (248) (159)

Present value of Scheme liabilities at the end of the period 5,712 5,674

ChangesinthepresentvalueoftheSchemeassetsfortheyearending30June2015(withcomparativefiguresfortheyearending30June2014)areasfollows:

2015

£000

2014

£000

PresentvalueofSchemeassetsatthebeginningoftheperiod 3,636 3,479

Expectedreturn 218 211

Actuarialgains 281 1

ContributionspaidbytheCollege 102 102

Employeecontributions 2 2

Benefitspaid (248) (159)

Market value of Scheme assets at the end of the period 3,990 3,636

theagreedcontributionstobepaidbytheCollegefortheforthcomingyearare17.46%ofContributionPayplus£10,076p.a.tocoverexpensesplus£39,105p.a.subjecttoreviewatfutureactuarialvaluations.theseratesexcludePHI.

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23. Pensions continued

themajorcategoriesofSchemeassetsasapercentageoftotalSchemeassetsfortheyearending30June2015(withcomparativefiguresfortheyearended30June2014)areasfollows:

2015 2014

EquitiesandHedgeFunds 69% 70%

Property 25% 23%

Bonds and cash 6% 7%

Total 100% 100%

theexpectedlong-termrateofreturnontheSchemeassetshasbeencalculatedbaseduponthemajorassetcategoriesintheabovetableandanexpectedrateofreturnonequitiesandhedgefundsof7.0%(2014:7.0%),property6.0%(2014:6.0%)andanexpectedrateofreturnonbondsandcashof4.0%(2014:4.0%).

AnalysisofamountrecognisableintheStatementoftotalRecognisedGainsandlosses(StRGl)fortheyearending30June2015(withcomparablefiguresfortheyearending30June2014)areasfollows:

2015

£000

2014

£000

ActualreturnlessexpectedreturnonSchemeassets 281 1

ExperiencegainsandlossesarisingonSchemeliabilities 159 81

ChangesinassumptionsunderlyingthepresentvalueofSchemeliabilities (189) (348)

Actuarial loss recognised in STRGL 250 (266)

CumulativeamountofactuarialgainsandlossesrecognisedintheStRGlfortheyearending30June2015(withcomparativefiguresfortheyearending30June2014)areasfollows:

2015

£000

2014

£000

Cumulativeactuariallossatbeginningofperiod (2,209) (1,943)

Recognisedduringtheperiod 250 (266)

Cumulative actuarial loss at end of period (1,959) (2,209)

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23. Pensions continued

Movementindeficitduringtheperiodending30June2015(withcomparativefiguresfortheyearending30June2014)areasfollows:

2015

£000

2014

£000

DeficitinSchemeatbeginningofyear (2,038) (1,825)

Servicecost(EmployerOnly) (20) (20)

ContributionspaidbytheCollege 102 101

Finance cost (16) (30)

Actuarialloss 250 (266)

Deficit in Scheme at the end of the year (1,722) (2,038)

Amountsforthecurrentandpreviousfouraccountingperiodsareasfollows:

2015 £000

2014 £000

2013 £000

2012 £000

2011 £000

PresentvalueofSchemeliabilities (5,712) (5,674) (5,304) (4,603) (4,374)

MarketvalueofSchemeassets 3,990 3,636 3,479 3,140 3,610

DeficitintheScheme (1,722) (2,038) (1,825) (1,463) (764)

ActualreturnlessexpectedreturnonSchemeassets 281 1 196 (630) 240

Experiencegain/(loss)arisingonSchemeliabilities 159 81 (13) (75) 8

Changeinassumptionsunderlyingpresentvalueof

Scheme liabilities

(189) (347) (592) (33) 127

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%

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24. Principal Subsidiary Undertakings continued

DowningCollegeDevelopmentslimitedwasincorporatedon20January1999.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

OpeningBalanceat1July2014 5,339 211

Income 157 9

Expenditure - (9)

ChangeinMarketValueofInvestments 186 11

ClosingBalanceat30June2015 5,682 222

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28. Analysis of Movement in Total Funds

Opening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000

Restricted Permanent Funds

AlcanPrizeFund 9 — — — 9

AngharadJohnFellowship 234 — — 63 297

AlwynWHeongFund 241 — — 13 254

BarryMooreEconomicsPrizeFund 12 — — 1 13

BatteyFund 9 — — — 9

BenianluFund 3 — — — 3

BJEverrittPrizeFund 14 — — 1 15

BlankenshipBookFund 12 — — — 12

BlankenshiplawFund 39 — — 4 43

BradbrookFund 11 — — 1 12

BuchananFund 233 — — 13 246

CharlesCampbellBookFund 3 — — — 3

S&MHaniffPhysicsFund 13 — — 7 20

CockerellFund 22 — — — 22

CollinsFund 184 — — 10 194

DarleyFund 287 — — 15 302

DowningAssociationFund 37 — — 2 39

EdwardCollinsFund 109 — — 5 114

ErnestWilliamDenhamFund 26 — — 1 27

EverittFund 1 — — — 1

EverittButterfieldFund 576 — — 127 703

FahrenwaldtFund 12 — — 1 13

FerrerasWillettsFund 264 — — 14 278

Florence&DavidJacobsMemorialPrize 6 — — 1 7

Carriedforward 2,357 — — 279 2,636

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28. Analysis of Movement in Total Funds continuedOpening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000

Restricted Permanent Funds continued

BroughtForward 2,357 — — 279 2,636

FritschFund 381 — — 15 396

FuFund 4 — — - 4

GamlingayFund 73 — — 4 77

GeoffreyGrimmettPrize 5 — — 1 6

GraystoneFund 165 — — 9 174

GulbenkianFund 2 — — — 2

HallFund 10 — — 1 11

HaroldHargreavesFund 5 — — — 5

HarrisFund 420 — — 22 442

HarrisonFund - — — — —

HarrisonPrizeFund 2 — — — 2

HopkinsParryFund 1,007 — — 53 1,060

HughBrammerfund 34 — 9 — 43

IvorEvansFund 18 — — 1 19

JanHruskaFund 134 — — 8 142

JeanRuhmanFund 9 — — — 9

JohnMaplesAmericaFund 143 — — 8 151

JohnHawkinsMayWildFund 7 — — — 7

JohnstonFund 1 — — — 1

JudyPettyBookPrize&Scholarship 20 — — 1 21

landerFund 227 — — 20 247

landrum&BrownScholarshipFund 13 — — 1 14

lordButterfield 153 — — 4 157

Carriedforward 5,190 — 9 427 5,626

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28. Analysis of Movement in Total Funds continuedOpening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000

Restricted Permanent Funds continued

BroughtForward 5,190 — 9 427 5,626

MayWildFund 502 — — 28 530

AlfredMonkFund 202 — — 13 215

JohnHMorrisonPrizeinlaw - — — 16 16

MoullinFund 2 — — — 2

OonKhyeBengCh'hiatsioMemorialFund 329 — — 23 352

OonKhyeBengCh'hiatsioMemorialPrizeFund 113 — — 10 123

OslerFund 94 — — 5 99

OwensFund 355 — — 19 374

PeterMathiasEconomicsPrizeFund 1 — — — 1

PilleyFund 336 — — 19 355

PlattFund 27 — — 2 29

ProfessorAudusBotanicalFund 15 — — 1 16

ProfessorGabrielOonPrize - — — 6 6

RichardsFund 49 — — 3 52

GrahamRobertsonResearchFellowshipFund 600 — — 56 656

RobsonPhysicsPrize 6 — — — 6

RobsonPostgraduateFund 279 — — 14 293

SaintFund 40 — — 2 42

SaundersFund 40 — — 2 42

SavileFund 124 — — 7 131

SchreinerFund 60 — — 3 63

SetonFund 70 — — 4 74

SetonCavendishFund 1,712 — — 91 1,803

Carriedforward 10,146 — 9 751 10,906

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28. Analysis of Movement in Total Funds continuedOpening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000

Restricted Permanent Funds continued

BroughtForward 10,146 — 9 751 10,906

SirArthurWattsChoralAwards 12 — — 1 13

StevensFund 4 — — — 4

Susan&GeoffreyEggingtonScholarship 15 — — 1 16

tGJonesFund 689 — — 37 726

thomasFund 19 — — 1 20

throwerFund 4 — — 4 8

treherneFund 82 — — 8 90

UnwinFund 55 — — 3 58

VerjeeFund 255 — — 14 269

VerneyFund 2 — — — 2

Warner-lambertFund 205 — — 18 223

WhitbyMemorialFund 357 — — 35 392

WhiteFund 6 — — 1 7

WhiteleggFund 53 — — 3 56

WhitworthFund 1,900 — — 104 2,004

WickstravelFund 12 — — 1 13

WyattFund 2 — — — 2

StudentHardshipEndowment 292 — — 11 303

StudentSupportEndowment 183 — — 71 254

1970’sGrantFund 69 — — 4 73

AlumniSportFund 48 — — 3 51

Fundraising-teaching 163 — — 9 172

Fundraising-Access 523 — — 24 547

Carriedforward 15,096 — 9 1,104 16,209

YearEnded30June2015|NotestotheAccou

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28. Analysis of Movement in Total Funds continuedOpening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000

Restricted Permanent Funds continued

BroughtForward 15,096 — 9 1,104 16,209

Catalysis–teaching&learning 118 — — 29 147

Catalysis–Research&Discovery 15 — — 3 18

Catalysis–Heritage&Environment 21 — — 1 22

Catalysis–Support&Services 114 — — 52 166

Catalysis–Culture&Community 7 — — - 7

Other 61 — — 1 62

15,432 — 9 1,190 16,631

Restricted Expendable Funds

BartramFund 118 — — 7 125

ColinHillFund 1 — — - 1

ColonelAndersontrustFund 96 5 101

GoodeyFund 155 — — 8 163

RichensFund 546 — — 29 575

trehernePrizeFund 10 — — (1) 9

StudentHardshipEndowment 2 — — (2) —

theGreattraditionProject - — — 125 125

CatalysisConferenceFund 37 — — (26) 11

CatalysisResearchFund 102 — — 6 108

Fundraising–Buildings 44 — — 2 46

Other 129 — (9) 38 158

1,240 — (9) 191 1,422

Total Restricted Funds 16,672 — — 1,381 18,053

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28. Analysis of Movement in Total Funds continuedOpening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000Unrestricted Permanent Funds

ClarkFund 2 — — — 2

DerykProsserFund 403 — — 22 425

FleetBequest 50 — — 3 53

FrenchFund 31 — — 2 33

JarvisFund 38 — — 2 40

libraryEndowmentFund 1,044 — — 56 1,100

RichmondFund 196 — — 10 206

StenningFund 52 — — 3 55

StevensonFund 1 — — — 1

Whalley-tookerFund 16 — — 1 17

YatesFund 8 — — — 8

YoungFund 175 — — 9 184

SingerFund(Pensiontrust) 211 — — 11 222

SmythBequest 470 25 495

CorporateCapitalFund 863 — — 46 909

GeneralCapital 4,418 — — 326 4,745

7,978 — — 516 8,494

Total Endowment funds 24,650 — — 1,897 26,547

YearEnded30June2015|NotestotheAccou

nts

115

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ntsNOtEStOtHEACCOUNtSCONtINUED

28. Analysis of Movement in Total Funds continuedOpening Balance

£000

Net Income & Expenditure

£000

Transfers

£000

Other Gains/(losses)

£000

Closing Balance

£000

General Reserve Funds

DesignatedBuildings 83,987 - 4,765 - 88,752

CorporateCapitalFund 15,230 434 - 467 16,131

SingerFund(Willtrust) 5,339 157 - 186 5,682

GeneralCapitalandOther (10,180) (545) (4,690) 326 (15,089)

RevaluationReserves 10,870 - (75) 20 10,815

PensionReserves (2,038) 66 - 250 (1,722)

Total General Reserves 103,208 112 — 1,249 104,569

DeferredCapitalFunds 19,508 — — 360 19,868

Total Reserves 147,366 112 — 3,506 150,984

116116

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