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Cambridge University Reporter, 2017-18, Special 5, Finanical CAMBRIDGE UNIVERSITY REPORTER SP E C I A L NO 5 F R I D AY 9 F EBRUARY 2018 VOL CXLVIII Financial Management Information for the year ended 31 July 2017 PUBLISHED BY AUTHORITY Financial Management Information for the year ended 31 July 2017 This Financial Management Information report has been prepared to complement the University’s Financial Statements for the year ended 31 July 2017 which were published on 14 December 2017 (Reporter, 6489, 2017–18, pp. 218–267). This report does not form part of the Financial Statements and is unaudited. The report is intended to provide a source of information for members of the University and has been divided into the following sections: Page Financial statements Section A: Unaudited accounts in respect of academic activities 1 Section B: Summary of consolidation and segmental analysis 13 Expenditure and income Section C: Expenditure by Institution (summary) 16 Section D: Expenditure by Institution (detailed) 21 Section E: Expenditure by activity 24 Section F: Funding body grants 26 Reserves and endowments Section G: Analysis of reserves 27 Section H: Strategic Planning Reserve Fund 28 Section I: Endowments 29 Section J: Trust Funds 30 Section K: Special Funds 49 Research sponsors Section L: Research grants and contracts 50 Investments Section M: Investments 55 Cambridge University Endowment Fund Section N: Reports and financial statements to 30 June 2017 57 Section O: Investment performance 79 © 2018 The Chancellor, Masters, and Scholars of the University of Cambridge. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of the University of Cambridge, or as expressly permitted by law. The University is the owner or the licensee of all intellectual property rights in the site and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved. Material prepared for the primary purpose of providing information about the University of Cambridge, its teaching and research activities, its subsidiary companies and organizations with which it is associated or affiliated has been placed on the site by the University (‘University Material’). Subject to statutory allowances, extracts of University Material may be accessed, downloaded, and printed for your personal and non‑commercial use and you may draw the attention of others within your organization to University Material posted on the site. SPECIAL NO 5 – FINANCIAL MANAGEMENT INFORMATION CAMBRIDGE UNIVERSITY REPORTER Section A: Unaudited accounts in respect of academic activities The scope and basis of preparation differ from the University’s financial statements for 2016-17 in that these unaudited accounts exclude the income and expenditure, assets and liabilities of Cambridge Assessment (the Local Examinations Syndicate and its subsidiary undertakings) and of Cambridge University Press, and also exclude from consolidation the associated Trusts. In order to distinguish these accounts from the University’s financial statements they are referred to as unaudited accounts in respect of academic activities. The unaudited accounts have been prepared following the same accounting policies as the audited financial statements for the year ended 31 July 2017. Investment income includes the full value of distributions from the Cambridge University Endowment Fund. The Group accounts included below reflect the consolidated position of the Academic University together with the 20 subsidiary undertakings listed against "Academic" in Section B. UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME IN RESPECT OF ACADEMIC ACTIVITIES FOR THE YEAR ENDED 31 JULY 2017 Group Group University University Year ended Year ended Year ended Year ended Note 31 July 2017 31 July 2016 31 July 2017 31 July 2016 £m £m £m £m Income Tuition fees and education contracts i 276.4 262.8 263.6 250.1 Funding body grants ii 178.0 193.0 178.0 193.0 Research grants and contracts iii 466.0 469.0 457.5 462.4 Donations and endowments iv 70.5 62.0 80.9 67.3 Other income v 149.0 132.0 127.9 111.9 Investment income vi 72.9 72.5 71.9 71.8 Total income 1,212.8 1,191.3 1,179.8 1,156.5 Expenditure Staff costs vii 575.5 551.5 563.7 541.8 Other operating expenses viii 453.2 448.2 431.0 426.1 Depreciation viii, xi 78.7 67.9 78.2 67.6 Interest and other finance costs ix 27.1 28.3 27.2 28.3 Total expenditure 1,134.5 1,095.9 1,100.1 1,063.8 Surplus before other gains and losses 78.3 95.4 79.7 92.7 Gain on investments xiii 253.7 116.6 245.7 114.2 Surplus before tax 332.0 212.0 325.4 206.9 Taxation x – (0.3) – (0.3) Surplus for the year 332.0 211.7 325.4 206.6 Actuarial loss (1.0) (145.2) (1.0) (145.2) Gain arising on foreign currency translation 0.2 – 0.1 – Total comprehensive income for the year 331.2 66.5 324.5 61.4 Represented by: Endowment comprehensive income for the year xxi 183.7 94.0 183.4 93.8 Restricted comprehensive income for the year xxii 49.1 65.8 49.1 65.7 Unrestricted comprehensive income/(expenses) for the year 98.4 (93.3) 92.0 (98.1) 331.2 66.5 324.5 61.4 Section A Page 1 CAMBRIDGE UNIVERSITY REPORTER SPECIAL NO 5 – FINANCIAL MANAGEMENT INFORMATION UNAUDITED STATEMENT OF CHANGES IN RESERVES IN RESPECT OF ACADEMIC ACTIVITIES FOR THE YEAR ENDED 31 JULY 2017 Endowment Restricted Unrestricted Total £m £m £m £m Group Balance at 1 August 2015 1,202.9 81.4 2,063.3 3,347.6 – Surplus for the year ended 31 July 2016 94.0 65.8 51.9 211.7 Other comprehensive income – – (145.2) (145.2) Total comprehensive income for the year ended 31 July 2016 94.0 65.8 (93.3) 66.5 Release of restricted capital funds spent in the year ended 31 July 2016 – (68.5) 68.5 – Balance at 31 July 2016 1,296.9 78.7 2,038.5 3,414.1 – Surplus for the year ended 31 July 2017 183.7 49.1 99.2 332.0 Other comprehensive income – – (0.8) (0.8) Total comprehensive income for the year ended 31 July 2017 183.7 49.1 98.4 331.2 Release of restricted capital funds spent in the year ended 31 July 2017 – (43.2) 43.2 – Balance at 31 July 2017 1,480.6 84.6 2,180.1 3,745.3 University Balance at 1 August 2015 1,200.5 81.4 2,059.6 3,341.5 Surplus for the year ended 31 July 2016 93.8 65.7 47.1 206.6 Other comprehensive income – – (145.2) (145.2) Total comprehensive income for the year ended 31 July 2016 93.8 65.7 (98.1) 61.4 Release of restricted capital funds spent in the year ended 31 July 2016 – (68.5) 68.5 – Balance at 31 July 2016 1,294.3 78.6 2,030.0 3,402.9 – Surplus for the year ended 31 July 2017 183.4 49.1 92.9 325.4 Other comprehensive income – – (0.9) (0.9) Total comprehensive income for the year ended 31 July 2017 183.4 49.1 92.0 324.5 Release of restricted capital funds spent in the year ended 31 July 2017 – (43.2) 43.2 – Balance at 31 July 2017 1,477.7 84.5 2,165.2 3,727.4 Section A Page 2 SPECIAL NO 5 – FINANCIAL MANAGEMENT INFORMATION CAMBRIDGE UNIVERSITY REPORTER UNAUDITED BALANCE SHEETS IN RESPECT OF ACADEMIC ACTIVITES AS AT 31 JULY 2017 Group Group University University 31 July 2017 31 July 2016 31 July 2017 31 July 2016 Note £m £m £m £m Non-current assets Fixed assets xi 2,143.7 2,001.3 2,145.5 2,003.0 Heritage assets xii 67.3 65.1 67.3 65.1 Investments xiii 2,464.1 2,279.7 2,448.7 2,269.2 4,675.1 4,346.1 4,661.5 4,337.3 Current assets Stocks and work in progress xiv 1.7 1.7 1.3 1.3 Trade and other receivables xv 205.2 197.0 201.7 196.0 Investments xvi 1,038.0 855.1 1,040.8 857.6 Cash and cash equivalents xvii 214.1 255.9 197.4 240.2 1,459.0 1,309.7 1,441.2 1,295.1 Creditors: amounts falling due within one year xviii (1,426.2) (1,291.2) (1,414.0) (1,280.4) Net current assets 32.8 18.5 27.2 14.7 Total assets less current liabilities 4,707.9 4,364.6 4,688.7 4,352.0 Creditors: amounts falling due after more than one year xix (342.5) (342.5) (342.5) (342.5) Pension liabilities xx (620.1) (608.0) (618.8) (606.6) Total net assets 3,745.3 3,414.1 3,727.4 3,402.9 Restricted reserves Income and expenditure reserve - endowment xxi 1,480.6 1,296.9 1,477.7 1,294.3 Income and expenditure reserve - restricted xxii 84.6 78.7 84.5 78.6 Unrestricted reserves Income and expenditure reserve - unrestricted 2,180.1 2,038.5 2,165.2 2,030.0 Total reserves 3,745.3 3,414.1 3,727.4 3,402.9 Section A Page 3 CAMBRIDGE UNIVERSITY REPORTER SPECIAL NO 5 – FINANCIAL MANAGEMENT INFORMATION NOTES TO THE UNAUDITED ACCOUNTS IN RESPECT OF ACADEMIC ACTIVITIES 2017 2016 2017 2016 Group Group University University £m £m £m £m i Tuition fees and education contracts Full-time home / EU students 131.9 122.0 131.9 122.0 Full-time overseas (non-EU) students 87.1 87.8 87.1 87.8 Other course fees 28.5 25.2 15.7 12.5 Research Training Support Grants 28.9 27.8 28.9 27.8 276.4 262.8 263.6 250.1 ii Funding body grants Higher Education Funding Council for England (HEFCE) Recurrent grant: teaching 17.9 20.7 17.9 20.7 Recurrent grant: research 121.9 120.0 121.9 120.0 Other revenue grants 7.3 7.5 7.3 7.5 Total revenue grants 147.1 148.2 147.1 148.2 Capital grants recognised in the year 30.9 44.8 30.9 44.8 178.0 193.0 178.0 193.0 iii Income: Research grants and contracts Research councils 146.8 161.1 146.8 161.1 UK based charities 142.4 127.3 142.4 127.2 European Commission 59.2 61.5 59.2 61.5 UK industry 18.9 23.6 18.9 22.2 UK Government 46.1 49.6 46.1 49.3 Other bodies 52.6 45.9 44.1 41.1 466.0 469.0 457.5 462.4 Total research grants and contracts income includes grants of £8.0m (2016: £7.8m) towards the cost of buildings and £26.7m (2016: £38.6m) for the purchase of equipment.
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