The Cambridge Foundation Annual Report & Accounts 2010–2011
Pilkington Teaching Prize Winners 2011
The Pilkington Teaching Prizes were established in 1994, as a result of a generous donation from Sir Alastair Pilkington during his term as Chairman of the Cambridge Foundation. The sole criterion for selection is excellence in University teaching. Two prize winners are nominated by each academic School on the basis of student feedback and peer review.
School of Arts & Humanities Dr David OldďŹ eld (Department of History of Art, Faculty of Architecture and History of Art) Dr Charles Weiss (Faculty of Classics)
School of Biological Sciences Dr Barry Kingston (Department of Pathology) Mr Andrew Jefferies (Department of Veterinary Medicine)
School of Humanities & Social Sciences Dr Brendan Burchell (Department of Sociology) Dr Lucy Delap (Faculty of History)
School of Physical Sciences Dr David Ward (Faculty of Physics and Chemistry) Dr Paul Russell (Faculty of Mathematics)
School of Clinical Medicine Dr Mark Gurnell Dr David Perry
School of Technology Dr Hugh Shercliff (Department of Engineering) Dr David Scott (Department of Chemical Engineering and Biotechnology)
Contents The Cambridge Foundation Annual Report For the year ended 31 July 2011
Inside front cover The Pilkington Teaching Prize Winners
2–3 Chairman’s Report
4–5 Trustees’ Report
6 Trustees
8 Statement of Financial Activities
9 Balance Sheet
10 Cash Flow Statement
11–14 Notes to the Accounts
15 Independent Auditors’ Report
16 The Guild of Cambridge Benefactors
1
CHAIRMAN’S REPORT
Michael Cameron
T
his past year, The Cambridge Foundation has celebrated two momentous occasions. The first was the completion of the 800th Anniversary Campaign at the end of Financial Year 2010/11. Over a decade of fundraising, the Campaign has raised the impressive total of £1.17 billion, significantly more than the original target of £1 billion. Secondly, His Royal Highness The Duke of Edinburgh stepped down as Chancellor of the University and as Patron of The Cambridge Foundation. On behalf of the Trustees, I would like to express the Foundation’s deep gratitude to His Royal Highness for 34 years of unfailing support to the University of Cambridge, and for his tireless service on behalf of the Foundation. Following a jovial election this autumn, which brought thousands of alumni back to Cambridge to cast their votes, I would like to welcome warmly the new Chancellor, Lord Sainsbury of Turville, who is both an alumnus of Cambridge and a longtime supporter of the Foundation. The Trustees and I look forward to working with him to further strengthen Cambridge’s financial foundations. I also wish to express my thanks to those Trustees of the Foundation who are stepping down after many years of committed service: Mr Nicholas Baring; Mr Nigel Pye; and the Right Honourable Lord Browne of Madingley. Their guidance and support have been invaluable throughout the 800th Campaign, and I am indebted to them. I am delighted to welcome three new Trustees to our group: Professor Robert Mair, Mrs Catherine Thomas and Mr Andrew Thompson. This Report allows me to express, on behalf of the Trustees, our gratitude and sincere appreciation to the many donors to The Cambridge Foundation, whose philanthropy continues to play such a vital role in the University’s excellence in teaching and research. The accounts set out in this report are based on the cash received and the legacies notified through the Foundation for the Financial Year 2010/11. These gifts are given through
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The Cambridge Foundation Annual Report & Accounts 2010–2011
the University’s Development Office or are allocated to projects in the University and the Colleges by the Board of Cambridge in America. Voluntary income for the year, shown in these accounts, comprises £49.8 million, of which £10.5 million has resulted from the fulfilment of pledges that were outstanding at the start of the year; new cash and pledges have cumulatively generated £39.3 million in cash receipts during this period. These impressive figures offer testimony to the tremendous generosity of donors across the University and Colleges. This year, we received an outstanding gift from David Harding to establish and fund the Winton Programme for the Physics of Sustainability, which will support revolutionary research towards meeting the challenges of sustainable future energy generation and use. Another outstanding benefaction has established the Keynes Fund for Applied Economics, which will promote innovative research and teaching examining the ties between financial markets and the ‘real economy’ of employment, production and consumption. The magnanimous gift of His Majesty Sultan Qaboos bin Said of Oman has allowed the creation of a Fund in his name to endow a Professorship of Abrahamic Faiths and Shared Values. The new Professor will play a leading role in taking forward the Cambridge Inter-Faith Programme in the Faculty of Divinity. Funds have been established to support innovative research projects at a wide variety of levels and across diverse disciplines within the University. The Evolution Education Trust has made a generous contribution to enable the ongoing work of the Darwin Correspondence Project to digitise and improve both scholarly and public access to this critically important historical archive. The Raymond and Beverly Sackler Foundation has given liberally to create a Fund designed to promote the use of physics to advance cutting-edge medical research. The John & Lucille van Geest Foundation have established the Van Geest Foundation Fund for Brain Repair
& Neuroscience, which supports neuroscience research and the activities of the Cambridge Centre for Brain Repair, and another benefaction to the Trophoblast Research Fund to support pioneering research into the scientific study related to reproductive health. These gifts mean that Cambridge researchers will continue to take the lead in advancing human understanding and technology for years to come. At Cambridge, excellence in research and teaching go hand-in-hand. This year, we have received several generous benefactions that will support teaching at the highest international levels for generations to come. These include the Ukrainian Studies Endowment Fund, which has been endowed to develop posts and programmes in the Department of Slavonic Studies. Laing O’Rourke plc has founded the Laing O’Rourke Centre for Construction Engineering and Technology to sponsor posts and activities with a goal of inspiring innovation and developing a new vision for the construction industry of tomorrow. The Provincial Hospital Services Association and Engage Mutual Assurance have endowed the PHSA-Engage Mutual Health Lectureship in Medicine, a post focussed on research into diseases and illnesses predominately associated with the elderly. The Kirby Laing Foundation has endowed the Sir Kirby Laing Professorship of Civil Engineering, ensuring that Cambridge leads the international community in the application of pioneering engineering developments to practical construction projects. Teaching at Cambridge remains as central to our mission today as it has been throughout our long history. The University’s intensive supervision-driven approach to teaching is famous worldwide, and excellence in this area is honoured each year by the Foundation through the Pilkington Teaching Prizes, based on nominations by students and peers alike. It is my great pleasure to congratulate this year’s twelve recipients, who are named in the inside front-cover of this report. I am also
pleased to announce the endowment of the Peter Lipton Lectureship in the History and Philosophy of Science by Mrs Lini Lipton, and by Peter Baldwin and Lisbet Rausing. The late Professor Peter Lipton was a world-leading philosopher of science, a champion for the value of philosophy in the wider world and an immensely gifted teacher, popular among students and colleagues alike. The unique collections housed within our libraries and museums are a jewel in the University’s crown, available for teaching and research and a vital resource for the wider Cambridge community. The Li Ka Shing (Canada) Foundation has given a gift that has enabled a substantial refurbishment of the Museum of Archaeology and Anthropology, updating the display of these remarkable artefacts and widening access to the Museum for the public through the provision of a street entrance. A legacy from the estate of the late Anthony Connell will enable the University Libraries to continue developing their collections of books on philosophy, psychology, sociology and human relations. Legacy gifts continue to provide lasting contributions to causes within the University that legatees were passionate about, and in the past year, we have seen distinctive examples of such philanthropy. A legacy given to the Foundation by the late Mr Clifford A Ingram has already been used to support excellence in University teaching, while the Department of Veterinary Medicine will benefit from a gift by the late Mrs Marguerite McAvity Price. Philanthropy has been at the heart of Cambridge’s success from its earliest beginnings, and farsighted contributions such as those mentioned above continue to ensure the University’s excellence. It is the Foundation’s privilege to administer the Guild of Benefactors, which honours the most notable donors to the University and the Colleges. I am delighted to welcome the following new members, nominated in 2009/10:
Robin Boyle; Cambridge Australia Scholarships Ltd (formerly Cambridge Australia Trust); Thomas and Grace Chan; Michael JJ Cowan; The Evelyn Trust; Dmitry Firtash; Dr David James; Graham Keniston-Cooper and family; and L. Hoyt and Anne Watson. Additionally, eight Companions of the Guild were awarded the Chancellor’s 800th Anniversary Medal for Outstanding Philanthropy this year: Dr Christopher and Mrs Ann Dobson; Genzyme Corporation; The Winton Charitable Foundation; Yousef Abdul Latif Jameel; Alwaleed Bin Talal Foundation; Lord Sainsbury of Turville; The John and Lucille van Geest Foundation; and The Wolfson Foundation. As we celebrate the tremendous achievement of the 800th Anniversary Campaign, we look forward to continuing the tradition of philanthropic distinction that marks the University and Colleges. It is with much gratitude that I thank my fellow Trustees for their time, energy and commitment to Cambridge. On their behalf, I would like to thank Professor Sir Leszek Borysiewicz, the 800th Campaign Co-Chairmen, the Board of Cambridge in America, and our Campaign leadership groups in the UK, USA and Hong Kong, for their continued dedication and hard work in securing Cambridge’s foundations for the generations to come.
The Lord Watson of Richmond, CBE Chairman
3
TRUSTEES’ REPORT
The Trustees present the Annual Report of the Cambridge Foundation for the year ended 31 July 2011
for the conduct and financial stability of the Foundation. Trustees are listed on page 6.
Objectives of The Cambridge Foundation
Under the terms of its Declaration of Trust, the Foundation has up to 25 Trustees, appointed as follows:
The University of Cambridge established The Cambridge Foundation by Declaration of Trust on 12 June 1989, to seek and provide voluntary funds for the support of education, learning and research within the University of Cambridge. The Foundation and the University work in partnership to develop further the University’s activities. The Development Office of the University of Cambridge provides the operational arm of the Foundation; hence the Foundation itself has no direct employees. The University acts as Custodian Trustee of the Foundation.
David Harding (St Catharine’s, 1979, Natural Sciences) the Founder, Chairman and Head of Research of Winton Capital Management, who pledged to donate £20 million to the Cavendish Laboratory to establish The Winton Programme for the Physics of Sustainability.
The Trustees have paid due regard to the Charity Commission’s guidance on public benefit in section 4 of the Charities Act 2006. All activities that are undertaken by the Foundation are for charitable purposes for the public benefit. The Foundation’s aims for 2010/11 were to support the University’s strategic fundraising goals, in accordance with the Foundation’s objectives, through the sixth year of the public phase of the Cambridge 800th Anniversary Campaign. The Foundation’s fundraising activities have increased in support of this Campaign goal, as reported in ‘Achievements and Performance’, below. Structure, Governance and Management of the Cambridge Foundation
In 1850 Charles Darwin wrote to his Cambridge mentor, the botanist John Stevens Henslow, to announce the birth of Leonard, his fourth son, and his early use of chloroform in childbirth. DAR 93: A97. www.darwinproject.ac.uk/entry-1293
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The Cambridge Foundation Annual Report & Accounts 2010–2011
The governing body of The Cambridge Foundation is its Board of Trustees, whose members are non-executive and unpaid, and include the ViceChancellor of the University in the role of Vice-Chairman. The Trustees meet regularly and retain full and effective control over the Foundation. The Trustees are involved in major strategic decisions relating to the Foundation’s aims and have ultimate responsibility
up to 13 by the Council of the University of Cambridge by its own volition; up to 3 by the Council of the University of Cambridge from persons nominated from the following bodies: - The Royal Society (1 Trustee) - The British Academy (1 Trustee) - The Confederation of British Industry (1 Trustee) up to 9 by the Council of the University of Cambridge, nominated by the Trustees themselves. The Council of the University of Cambridge appoints a Chairman of the Trustees from among the Trustees. Members may be appointed for an initial period not to exceed three years; the first term may be followed by reappointment for a further period of up to three years. A retiring Trustee shall be eligible for reappointment subject to the overriding limitation that no Trustee shall hold office for a consecutive period exceeding nine years. Where a Trustee is appointed to replace a Trustee who shall have died or retired before the expiration of his or her term of office, any such appointment shall be for a period equal to the unexpired period of the term of office of the Trustee so replaced. Statement of Trustees’ Responsibilities The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements
for each financial year which give a true and fair view of the charity’s financial activities during the year and its financial position at the end of the financial year. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity, and which enable them to ensure that the financial statements comply with the Charities Act 1993, as amended by the Charities Act 2006, the Charity (Accounts and Reports) Regulations 2008 and the Declaration of Trust. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Risk Management The Trustees have examined the major strategic, business and operational risks that the Foundation faces and confirm that systems have been established to enable regular reports to be produced, so that the necessary steps can be taken to lessen these risks.
Achievements and Performance Voluntary income in 2010/11, as shown in these Foundation accounts, was £49.8 million. Of this, 56% came from sources within the UK, 24% from the US, and 20% from the rest of the world. During this reporting period, the Board of Cambridge in America allocated £11.9 million to the Foundation, of which £5.4 million was for the Colleges and £6.5 million was for the University. A further £0.2 million was received directly by the Foundation for the Colleges during this reporting period. In addition the Colleges and University institutions receive voluntary income through direct donations. Voluntary income received through The Cambridge Foundation this year has provided £28.5 million for the endowment, £1.8 million for buildings, and £19.5 million for current use, addressing needs across collegiate Cambridge. These figures represent a concerted international effort that reflects Cambridge’s standing in the world, and the dedicated support it receives from its friends and alumni. Principal Funding Sources
wishes. Any unrestricted donations are distributed to the University; these funds are used at the University’s discretion. It is the policy of the Foundation to distribute gifts to the final designated recipients in a timely manner, ensuring that the value of donations is maximised and that the reserves of the Foundation are kept to a sensible minimum. Reserves Policy The Trustees review the reserve policy on an annual basis. It is the policy of the Foundation to maintain unrestricted funds, which are the free reserves of the Foundation, at a level that provides sufficient funds to cover as a minimum the annual management and administration and support costs. Unrestricted funds were maintained at this level throughout the year. Investment Policy In the financial year to 31 July 2011, the Trustees have continued a policy of investing surplus and undistributed funds in interest-bearing deposits. For any funds that are to be held permanently by the Foundation, the Trustees have a policy of investing such monies in University Endowment Fund units. Plans for the Future
The Cambridge Foundation supports the University of Cambridge in its fundraising operation. It seeks philanthropic funding from trusts and foundations, corporations, and individuals, both alumni of the University and non-alumni. The Executive Committee of the Council of the University of Cambridge advises the Vice-Chancellor on the acceptance of benefactions of over £1 million and other gifts likely to give rise to significant public interest.
No material changes in the primary purpose and role of The Cambridge Foundation are envisaged in the foreseeable future. Approved by the Trustees Signed on behalf of the Trustees on 28 November 2011
Grantmaking Policy The Foundation ensures that restricted donations are provided to the various institutions of the University and the Colleges in accordance with donors’
The Lord Watson of Richmond, CBE Chairman
5
Trustees The Cambridge Foundation Patron: Vice-Patrons:
HRH The Duke of Edinburgh, Chancellor of the University* Mr Peter Beckwith, Lady Judge
The following Trustees served during the period 1 August 2010 – 28 November 2011 Chairman: Vice-Chairman: Honorary Treasurer: Honorary Treasurer:
The Lord Watson of Richmond CBE Professor Sir Leszek Borysiewicz, Vice-Chancellor Mr Nigel Pye** Mr Andrew Thompson MBE †
Mr Nicholas Baring CBE** The Rt Hon Lord Browne of Madingley FRS, FREng** Sir Geoffrey Cass Mr Douglas Daft Professor Jane Heal FBA Dr William H Janeway Professor Robert Mair, CBE, FRS, FREng† Professor Jeremy Sanders FRS Mrs Catherine Thomas † Professor Dame Jean Thomas DBE, ScD, FMedSci, FRS Sir David Wallace CBE, FRS, FREng Secretary to the Trustees:
Mr Peter Agar, Director of Development & Alumni Relations
Trustees Emeritus Sir Paul Judge Sir David K P Li OBE Sir Martin Sorrell Trust Address 1 Quayside, Bridge Street, Cambridge CB5 8AB Auditors PricewaterhouseCoopers LLP, Chartered Accountants and Statutory Auditors Abacus House Castle Park Cambridge CB3 0AN Bankers Barclays Bank PLC 9–11 St Andrew’s Street Cambridge CB2 3AA Legal Status The Cambridge Foundation has charitable status: HM Revenue and Customs reference XN 81946 * Served until 31 July 2011 ** Served until 11 June 2011 † Appointed 11 June 2011
6
The Cambridge Foundation Annual Report & Accounts 2010–2011
The Cambridge Foundation Financial Statements for the year ended 31 July 2011
7
Statement of Financial Activities The Cambridge Foundation Year ended 31 July 2011 Note Unrestricted Funds 2011
Restricted Funds 2011
Endowment Funds 2011
Total Funds 2011
Total Funds 2010
£`000
£`000
£`000
£`000
£`000
Incoming Resources Voluntary Income Investment Income Other Incoming Resources
2 3 4
1,163 3 80
48,422 18 -
200 11 -
49,785 32 80
40,318 28 50
Total Incoming Resources
5
1,246
48,440
211
49,897
40,396
6 7 8
60 453 10
47,836 -
12 -
60 48,301 10
60 42,071 10
Total Resources Expended
523
47,836
12
48,371
42,141
Net Incoming/(Outgoing) Resources
723
604
199
1,526
(1,745)
-
-
14
14
17
723
604
213
1,540
(1,728)
30
3,721
186
3,937
5,665
753
4,325
399
5,477
3,937
Resources Expended Costs of Generating Voluntary Income Charitable Activities Governance Costs
Other Recognised Gains and Losses Net Gains on Investments Net Movement in Funds for the year
Total Funds brought forward
Total Funds carried forward
9
All transactions derived from continuing activities. There are no recognised gains or losses for the current financial year and preceding financial year other than as stated in the Statement of Financial Activities.
8
The Cambridge Foundation Annual Report & Accounts 2010–2011
Balance Sheet The Cambridge Foundation 31 July 2011 Note
2011 ÂŁ'000
2010 ÂŁ'000
9
398
188
10 11
217 4,870
570 3,186
5,087
3,756
(8)
(7)
Net Current Assets
5,079
3,749
Net Assets
5,477
3,937
753 4,325 399
30 3,721 186
5,477
3,937
Fixed Assets Investments
Current Assets Debtors Cash at bank and in hand
Creditors Amounts falling due within one year
12
Funds Unrestricted Funds Restricted Funds Endowment Funds Total Funds
13
These financial statements were approved by the Trustees on 28th November 2011 Signed on behalf of the Trustees by
The Lord Watson of Richmond, CBE Chairman
Sir Geoffrey Cass Trustee and Chairman of the Audit Committee
9
Cash Flow Statement The Cambridge Foundation Year ended 31 July 2011
Note
2011 £'000
2010 £'000
14
1,848
(2,187)
Interest received
32
28
Net cash inflow from returns on investments and servicing of finance
32
28
Purchase of fixed asset investments
(196)
-
Net cash outflow from capital expenditure and servicing of finance
(196)
-
Net cash inflow/(outflow) from operating activities
Returns on investments and servicing of finance
Capital expenditure and financial investment
Increase/(Decrease) in cash balances
10
The Cambridge Foundation Annual Report & Accounts 2010–2011
15
1,684
(2,159)
Notes to the Accounts The Cambridge Foundation Year ended 31 July 2011
1. Accounting Policies Basis of Preparation The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments to market value and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005) issued in March 2005, updated in 2008, and applicable accounting standards in the United Kingdom. Voluntary income, and resources expended on charitable activities have been accounted for on a receivable and payable basis. Legacy income has been treated as receivable when the payment is received, or a letter received advising that such a payment will be made. Taxation credits on income under deeds of covenant or gift aid are included in income and are recognised when the receipts are recorded. Other items of income and expenditure have been accounted for on the accruals basis. Resources have been allocated between unrestricted, restricted and endowment funds on the basis of the instructions from the donors. The University of Cambridge is considered to be a related party by virtue of its ability to appoint trustees to The Cambridge Foundation. Transactions and balances with the University are disclosed in notes 3, 4, 6, 7, 8, 9, 11 and 13. Fixed Asset Investments Investments are stated at market value. Realised and unrealised gains and losses are shown in the appropriate section of the Statement of Financial Activities. Foreign Exchange Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates ruling at that date. Translation differences arising are dealt with in the Statement of Financial Activities. 2. Voluntary Income Voluntary Income is made up as follows:
Donations and Gifts Legacies Receivable
2011 £'000
2010 £'000
46,377 3,408
36,975 3,343
49,785
40,318
2011 £'000
2010 £'000
11 21
8 20
32
28
3. Investment Income Investment Income is made up as follows:
Distributions from University Endowment Fund Unit Holdings Interest earned on monies placed on deposit
4. Other Incoming Resources This represents a contribution from the University of Cambridge towards costs of generating funds and management and administration costs.
11
Notes to the Accounts The Cambridge Foundation Year ended 31 July 2011
5. Total Incoming Resources There were 12 individual donors each giving a donation in excess of £1 million this year. In the previous year 9 individual donors gave donations in excess of £1 million. 6. Costs of Generating Voluntary Income The expenditure in 2011 represents the costs of the Guild of Benefactors' arrangements. This was financed from contributions from the University of Cambridge. 7. Resources Expended on Charitable Activities All resources expended on charitable activities, both this year and in 2010, were for the benefit of the University of Cambridge, the Colleges and Associated Bodies. Expenditure on charitable activities is made up as follows: 2011 2010 £'000 £'000 Grants payable
48,301
42,071
Restricted donations are distributed as grants to the various institutions of the University and the Colleges in accordance with donors' wishes. Unrestricted donations are distributed to the University; these funds are used at the University's discretion. 8. Governance Costs The majority of the running costs of The Cambridge Foundation are borne by the University. Costs borne by The Cambridge Foundation itself include: 2011 2010 £'000 £'000 Audit Fee
8
The Trustees and persons connected with them have not received or obtained any remuneration or other financial benefits for the year directly or indirectly from The Cambridge Foundation (2010 - £nil). No Trustees were reimbursed travelling expenses (2010 - £nil). The Foundation has no direct employees.
12
The Cambridge Foundation Annual Report & Accounts 2010–2011
7
Notes to the Accounts The Cambridge Foundation Year ended 31 July 2011
9. Fixed Asset Investments 2011 £'000
2010 £'000
Market value brought forward Purchase at cost Unrealised net gains on revaluation
188 196 14
171 17
Market value carried forward
398
188
The investment assets are endowment funds and held in University Endowment Fund Unit Holdings. The market value at 31 July 2011 is £397,627 (2010 - £188,556). The historic cost of the investment assets is £317,227 (2010 - £121,274). 10. Debtors
Other debtors Tax recoverable
2011 £'000
2010 £'000
217
564 6
217
570
11. Cash at bank and in hand Cash at bank represents cash of The Cambridge Foundation held in trust by the University of Cambridge. 12. Creditors: amounts falling due within one year 2011 £'000
2010 £'000
8
7
Investments £'000
Net Current Assets £'000
Total £'000
398
753 4,325 1
753 4,325 399
398
5,079
5,477
Accruals 13. Analysis of net assets between Funds
Restricted Funds Endowment Funds
The Restricted Funds consist of a number of donations received for specific institutions within the University.
13
Notes to the Accounts The Cambridge Foundation Year ended 31 July 2011 14. Reconciliation of net incoming/(outgoing) resources to net cash inflow/(outflow) from operating activities 2011 £'000
2010 £'000
Net Incoming/(Outgoing) Resources Investment income Decrease/(Increase) in debtors Increase/(Decrease) in creditors
1,526 (32) 353 1
(1,745) (28) (413) (1)
Net cash inflow/(outflow) from operating activities
1,848
(2,187)
2011 £'000
2010 £'000
Balance at beginning of year Net cash inflow/(outflow)
3,186 1,684
5,345 (2,159)
Balance at end of year
4,870
3,186
15. Analysis of changes in cash balances
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The Cambridge Foundation Annual Report & Accounts 2010–2011
Independent Auditors' Report to the Trustees of the Cambridge Foundation We have audited the financial statements of the Cambridge Foundation for the year ended 31 July 2011 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, the Accounting Policies and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Respective responsibilities of trustees and auditors As explained more fully in the Trustees’ Responsibilities Statement set out on pages 4-5 the trustees are responsible for the preparation of financial statements which give a true and fair view. We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance with regulations made under section 44 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with Regulation 24 of The Charities (Accounts and Reports) Regulations 2008 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and nonfinancial information in the trustee’s annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements:
give a true and fair view of the state of the charity’s affairs as at 31 July 2011, and of its incoming resources and application of resources and cash flows, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 1993.
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 1993 requires us to report to you if, in our opinion:
the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit.
PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Cambridge 5 December 2011
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In recognition of the munificence of major benefactors to the University of Cambridge and its Colleges, the Cambridge Foundation established the Guild of Cambridge Benefactors. On admission to the Guild, benefactors are honoured with the Guild of Cambridge Benefactors’ gown and a scroll of membership. The names below are individuals, companies, foundations and trusts that have been welcomed as Companions of the Guild of Cambridge Benefactors and are recorded on the Benefactors’ Staircase, adjacent to the Dome Room (the Vice-Chancellor’s office). * Indicates those Members of the Guild who have received The Chancellor’s 800th Anniversary Medal for Outstanding Philanthropy.
Alwaleed Bin Talal Foundation* Dr Denys Armstrong Tadao Aoi Mr Dennis Avery and Mrs Sally Tsui Wong-Avery* HRH Prince Bandar bin Sultan Abdulaziz Al-Saud Peter Baldwin and Lisbet Rausing* BAT Industries Peter and Paula Beckwith Robert Beldam Robin Boyle BP plc* Bristol-Myers Squibb Company Brian Buckley The Cadbury family Cambridge Australia Scholarships Ltd (formerly Cambridge Australia Trust) Cancer Research UK* Dr Rosalie Canney Rita Cavonius Professor and Mrs Louis Cha Thomas & Grace Chan Leslie W. K. Chung The Coexist Foundation C N Corfield* Michael J J Cowan Veronica Crichton The Cripps Foundation The Cultural and Arts Management Trust Countess de Brye Sir Evelyn de Rothschild Jim Dickinson Professor Carl Djerassi Dr Christopher and Mrs Ann Dobson* Mr and Mrs Gaylord Donnelley Gaylord and Dorothy Donnelley Foundation Bruce & Elizabeth Dunlevie Nancy, Dowager Countess of Enniskillen The Evelyn Trust Dr and Mrs M C Faulkes Dmitry Firtash Eliza and Canning Fok Richard Frischmann Bill and Melinda Gates Foundation The Gatsby Charitable Foundation* Genzyme Corporation* Sir Paul Getty KBE The Gillespie Family Trust Dr Dennis Gillings Glaxo Wellcome (now GlaxoSmithKline plc) Kyoko Gledhill, in memory of David Gledhill The Government of India
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The Cambridge Foundation Annual Report & Accounts 2010–2011
Professor Philip Grierson* Guinness (now Diageo plc) Dr Chit Chan Gunn Dr Yusuf Hamied & Farida Hamied The Hauser-Raspe Foundation* The Health Foundation Susan and David Hibbitt Hitachi Ltd The Hong Kong Cambridge Medical School Liaison Charity Dr Alan Howard* Susan Howatch James Hudleston Hutchison Whampoa and Sir Ka-shing Li* Yousef Abdul Latif Jameel* Dr David James William and Weslie Janeway* Dr Ramon Jenkins Sir Paul Judge and Lady Judge Dr Mark Kaplanoff The Kavli Foundation Dr Donald Kellaway Graham Keniston-Cooper and family Kuwait Foundation for the Advancement of Sciences The Kirby Laing Foundation Dr Seng Tee Lee The A.G.Leventis Foundation Sir David K P Li and Lady Penny Li Professor Y W Loke* Marks & Spencer Group plc The MAVA Fondation Hamish Maxwell Dr and Mrs D M McDonald Harvey McGrath The Andrew W Mellon Foundation Paul Mellon KBE Merck Sharp & Dohme Ltd Dr William M W Mong Gianni and Joan Montezemolo The Monument Trust Dr Gordon and Mrs Betty Moore Douglas Myers Zayed bin Sultan Al Nahayan Charitable and Humanitarian Foundation Professor Roger Needham & Professor Karen Spärck Jones John Osborn Mark Pigott Dr Leonard Polonsky The David & Elaine Potter Foundation HH Dr Sheikh Sultan bin Mohammed Al Qasimi
The Märit and Hans Rausing Charitable Foundation Dr Sigrid Rausing* Dr Alan Reece* Rolls-Royce Group plc N M Rothschild & Sons Graham Rushton Dr Raymond Sackler KBE and Mrs Beverly Sackler HM Sultan Qaboos bin Said, Sultan of Oman Dr Robert Sansom The Schiff Foundation Schlumberger Dr Scholl Foundation Walter and Rosemary Scott Dame Stephanie Shirley Sinyi Cultural Foundation Dr Herchel Smith* Dr Rosalind Smith & Steven Edwards* SmithKline Beecham (now GlaxoSmithKline plc) Freydoun Soudavar and family Dr John Sperling Tata Steel Dr John C Taylor* Baroness Thatcher and The Margaret Thatcher Foundation Catherine Thomas Professor John Todd Toshiba Corporation Hazel Trapnell Unilever plc Fred van Eck The John and Lucille van Geest Foundation* Marie Vergottis Norman Waddleton Sir David Walker Walters Kundert Charitable Trust L. Hoyt & Anne Watson The Wellcome Trust* The Westminster Foundation Garfield Weston Foundation Guy Whittaker Frank Peter Wilson James and Jane Wilson Lucia Windsor Winston Churchill Foundation of the United States The Winton Charitable Foundation* Woco Foundation The Wolfson Foundation* Lord Wolfson of Sunningdale Dr F A Zoëllner