The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
Pilkington Teaching Prize Winners 2012 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.
Š Phil Mynott
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.
ABOVE, LEFT TO RIGHT:
Back row: Mr Paul Gibbs, Dr Torsten Krude, The Vice-Chancellor, Dr Simon Learmount, Dr Mark Manford, Dr Deborah Longbottom Front row: Dr Richard Barnes, Dr Sue Brindley, Dr Tim Minshall, Lord Watson of Richmond, Dr Elizabeth Watson, Dr Glen Rangwala, Dr Fred Parker
SCHOOL OF ARTS & HUMANITIES
SCHOOL OF PHYSICAL SCIENCES
Dr Anna Williams
Dr Elizabeth Watson
Lecturer, Faculty of Divinity
Senior Lecturer, Department of Geography
Dr Fred Parker
Dr Deborah Longbottom
Senior Lecturer, Faculty of English
Teaching Fellow, Department of Chemistry
SCHOOL OF BIOLOGICAL SCIENCES
SCHOOL OF CLINICAL MEDICINE
Dr Richard Barnes
Dr Mark Manford
Senior Lecturer, Department of Physiology, Development and Neuroscience
Associate Lecturer and Clinical Service Director for Neurology
Dr Torsten Krude
Mr Paul Gibbs
Lecturer, Department of Zoology
Senior Lecturer, Department of Surgery
SCHOOL OF HUMANITIES & SOCIAL SCIENCES
SCHOOL OF TECHNOLOGY
Dr Sue Brindley
Dr Tim Minshall
Senior Lecturer, Faculty of Education
Senior Lecturer, Department of Engineering
Dr Glen Rangwala
Dr Simon Learmount
Lecturer, Department of Politics and International Studies
Lecturer, Faculty of Business and Management
Contents
THE CAMBRIDGE FOUNDATION ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2012
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
P
hilanthropy has been at the heart of Cambridge’s identity from the very beginning. From the initial gifts in the 13th century that led to the University’s foundation, to those celebrated in this report, Cambridge has been shaped at every turn by the generosity and far-sightedness of its benefactors. Whilst a magnificent reception in November of last year marked the formal end of the historic 800th Anniversary Campaign, it did not end the University’s great ambitions or the vital role that philanthropy will continue to play in fulfilling them. This report allows me to express, on behalf of the Trustees, our gratitude to the many donors to The Cambridge Foundation in the last financial year, whose leadership as philanthropists underpins academic freedom and excellence at this collegiate University.
Participants in the Cambridge Interfaith Programme.
2
I wish to express my deep thanks to Sir David Walker and Dr William Janeway for their invaluable work as co-chairmen of the 800th Anniversary Campaign Board. We are delighted that they have agreed to stay on in an advisory capacity, in which their wisdom and absolute commitment to seeing philanthropy become a way of life at Cambridge will continue to be indispensable. It was fitting that at the Guild of Cambridge Benefactors’ Ceremony this year, a plaque in recognition of their service was unveiled by our Chancellor, Lord Sainsbury of Turville, who was officiating at the ceremony for the first time. I also congratulate Dr Janeway for his richly deserved receipt of an honorary CBE, awarded in recognition of his services to education in support of the University of Cambridge and to Anglo-American relations. The accounts set out in this report are based on the cash received and the legacies notified through the Foundation for the Financial Year 2011/12. These
The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
gifts are given through 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 £43.7 million, of which £21.8 million has resulted from the fulfilment of pledges that were outstanding at the start of the year; new cash and pledges have cumulatively generated £21.9 million in cash receipts during this period. The great tradition of philanthropy at Cambridge was highlighted this year by the generous support of three prominent leadership posts. The tradition of excellence in German studies at Cambridge owes its genesis to the Schroder family, following the original endowment of the Schröder Professorship of German in 1909 by J. Henry Schröder & Co., the London merchant bank now known as Schroders plc. The Schroder Foundation’s generous re-endowment of the Professorship has underwritten the future ability of Cambridge to attract the best researchers and students in this field from around the world. The generosity of Dyson has enabled the establishment of the Dyson Professor of Fluid Mechanics, a new professorship that will enable world-class resources previously reserved for high-power applications such as jet engines, to be applied to components of the scale that pervade our lives in factories, offices and homes. This gift is a further expression of the historic bond between Cambridge and entrepreneurship, and will help to ensure that Cambridge ideas continue to become industrial practice in the years to come. John Marks and Trustees of Mulberry Trust made a generous donation that enabled the establishment of a trust fund to support the Regius Professorship of Divinity. Their gift will enable this historic post to continue in perpetuity in a field to
which Cambridge has made a rich contribution over the centuries. Cambridge’s pioneering research and teaching require stateof-the-art facilities and these will play a vital role in our future development. This year, Humphrey Battcock has made a transformative contribution to enable the construction and support the activities of the Battcock Centre for Experimental Astrophysics. With a further significant pledge from The Wolfson Foundation, the Centre will accelerate the investigation of some of the greatest problems of modern astrophysics and cosmology, leading to major advances in our knowledge and understanding of the universe. This development is the second stage in a project that began in 2009 with the creation of the Kavli Institute for Cosmology, thanks to the generous support of The Kavli Foundation. The Department of Materials Science and Metallurgy is committed to making significant advances in the synthesis, processing and characterisation of materials, whilst addressing fundamental issues of sustainability and the scarcity of resources. Key donations this year are making the new building for the Department a reality: Dr Christopher and Mrs Ann Dobson, through The Ann D Foundation, and The Worshipful Company of Goldsmiths, through its Charity, both supported the fitting out of the building upon its completion, whilst the generosity of Ms Anne Glover CBE will support the IT Suite. A magnanimous benefaction from The Wolfson Foundation to support this new facility is indicative of a close relationship, in which the shared vision of the University and the Foundation has enabled major achievements across many exciting fields of discovery. In this last year the Foundation also fulfilled an earlier pledge towards the fit
The new Materials Science building on the West Cambridge development
out of the University Research Unit within the Medical Research Council Laboratory of Molecular Biology. The new laboratory will be the flagship of the Cambridge Biomedical Campus, one of the premier locations in Europe to translate fundamental discoveries in molecular biology into clinical outcomes.
Joy Juma, from Kenya, is among the first early-career conservation practitioners to take an innovative Masters programme at the University of Cambridge.
The provision of financial support for students at all levels of study is an enduring priority for the University and never more so than today. Cambridge’s ability to choose the applicants that will benefit and contribute most, regardless of their means, is a core value of academic freedom. The Arcadia Fund gave two complementary benefactions in support of the Cambridge Conservation Initiative (CCI), which seeks to secure a sustainable future for all life on Earth through the global understanding and conservation of biodiversity. The first gift will support the Miriam Rothschild Scholarship Programme in Conservation Leadership, which offers fully funded places at MPhil level to students from countries in the developing world that are rich in biodiversity. The second gift, to CCI’s Collaborative Fund, provides seed grants for innovative research that works in partnership with on-the-ground actions, policy development and delivery. An anonymous gift significantly supported CCI this year, providing funding for students on the MPhil in Conservation Leadership. Yousef Abdul Latif Jameel continued his substantial support for studentships with a further gift that will support scholarships at PhD level. Miss Sheila McCullagh made a gift to support undergraduate students in need, and Edward Bass gave to support a visionary exchange programme for architecture students at Cambridge and Yale. As a global leader in research across the academic disciplines, Cambridge engages with
institutions around the world. Such collaborations present an enormous opportunity to build and enhance our research potential. This year a number of benefactors have supported projects that will cement and enhance Cambridge’s position at the heart of the global academic community. We received a substantial gift from The Polonsky Foundation in support of The Cambridge Inter-Faith Programme, which will educate emerging religious leaders in peaceable inter-faith engagement, build collaborative relationships with universities in situations of religious conflict, and appoint two senior scholars to year-long visiting fellowships at Cambridge to ensure full integration between world-class scholarship and practical impact. The Anglo American Group Foundation has agreed to fund for three years an exciting interdisciplinary initiative based in Cambridge’s Centre for Sustainable Development in Engineering and Architecture, which will provide permanent sustainable housing in Latin America, in partnership with regional non-governmental organisation, Un Techo Para Mi Pais. The Board of Cambridge in America allocated a further significant benefaction to the Centre for Trophoblast Research Fund, which studies maternal-fetal interactions with the ultimate aim of alleviating natal mortality worldwide. The University’s intensive supervision-driven approach to teaching is internationally renowned, and excellence in this area is honoured each year by The Cambridge Foundation through the Pilkington Teaching Prizes. It is my great pleasure to congratulate this year’s twelve recipients, who are named on the inside front-cover of this report. It is also the Foundation’s privilege to administer the Guild of Cambridge Benefactors, which honours the most notable donors to the University and
the Colleges. I am delighted to welcome the following new members, nominated in 2011/12: Humphrey Battcock; Valerie Eliot; Jessica and Peter Frankopan; Leif Höegh; Raymond and Helen Kwok; Ken and Julia Olisa; PHSA Engage Mutual Health; the Schroder Foundation; Peter Selman; and three anonymous members. Additionally, four Companions of the Guild were awarded the Chancellor’s 800th Anniversary Medal for Outstanding Philanthropy: Dmitry Firtash; The Yusuf and Farida Hamied Foundation; Harvey McGrath; and His Majesty Sultan Qaboos bin Said of Oman. These four are the last of 28 recipients of the Medal, a limited-edition work of art, given to our most generous benefactors throughout the 800th Anniversary Campaign. In his annual address to the University to mark the start of the 2012/13 academic year, the Vice-Chancellor was clear that remaining one of the world’s few truly excellent universities will require ‘ambition on an Olympian scale’. Philanthropy has never been more crucial to the success of this mission. 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 Board of Cambridge in America and our Campaign leadership groups in the UK, USA and Hong Kong, for their tireless commitment that is laying the foundations of Cambridge’s continued success in 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 2012
Objectives of The Cambridge Foundation 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. The Trustees have paid due regard to the Charity Commission’s guidance on public benefit in section 4 of the Charities Act 2011. All activities that are undertaken by the Foundation are for charitable purposes for the public benefit. The Foundation’s aims for 2011/12 were to support the University’s strategic fundraising goals, in accordance with the Foundation’s objectives. 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 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
4
The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
the Foundation’s aims and have ultimate responsibility for the conduct and financial stability of the Foundation. Trustees are listed on page 6. Under the terms of its Declaration of Trust, the Foundation has up to 25 Trustees, appointed as follows: • 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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. 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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on 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 2011/12, as shown in these Foundation accounts, was £43.8 million. Of this, 60% came from sources within the UK, 15% from the US, and 25% from the rest of the world. During this reporting period, the Board of Cambridge in America allocated £6.5 million to the Foundation, of which £2.9 million was for the Colleges and £3.6 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 £18.2 million for the endowment, £5.6 million for buildings, and £19.7 million for current use, addressing needs across collegiate Cambridge.
These figures represent a concerted international effort that reflects the University of Cambridge’s standing in the world, and the dedicated support it receives from its friends and alumni.
Principal Funding Sources 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 ViceChancellor on the acceptance of benefactions of over £1 million and other gifts likely to give rise to significant public interest.
Grantmaking Policy The Foundation ensures that restricted donations are provided to the various institutions of the University and the Colleges in accordance with donors’ wishes. Any unrestricted donations are distributed to the University; these funds are used at the University’s discretion.
funds were maintained at this level throughout the year.
Investment Policy In the financial year to 31 July 2012, the Trustees have continued a policy of investing surplus and undistributed funds in interestbearing 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 Trustees of the Foundation will consider the purpose, role and the future of the Cambridge Foundation at the next Trustees meeting scheduled for June 2013. Approved by the Trustees Signed on behalf of the Trustees on 8th January 2013
Mr Andrew Thompson MBE Honorary Treasurer
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
5
Trustees THE CAMBRIDGE FOUNDATION Vice-Patrons:
Mr Peter Beckwith, Lady Judge
The following Trustees served during the period 1 August 2011 – 28 November 2012 Chairman: Vice-Chairman: Honorary Treasurer:
The Lord Watson of Richmond CBE Professor Sir Leszek Borysiewicz, Vice-Chancellor Mr Andrew Thompson MBE
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* Acting Secretary to the Trustees: Dr Jonathan Nicholls** 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
* **
6
Served until 31 March 2012 Appointed 26 June 2012
The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
The Cambridge Foundation FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 JULY 2012
7
Statement of Financial Activities
THE CAMBRIDGE FOUNDATION
Year ended 31 July 2012
Note Unrestricted Funds 2012
Restricted Funds 2012
Endowment Funds 2012
Total Funds 2012
Total Funds 2011
£`000
£`000
£`000
£`000
£`000
Incoming Resources Voluntary Income Investment Income Other Incoming Resources
2 3 4
503 3 60
43,224 19 -
17 -
43,727 39 60
49,785 32 80
Total Incoming Resources
5
566
43,243
17
43,826
49,897
6 7 8
43 349 11
42,572 -
12 -
43 42,933 11
60 48,301 10
Total Resources Expended
403
42,572
12
42,987
48,371
Net Incoming Resources
163
671
5
839
1,526
-
-
-
-
14
Net Movement in Funds for the year
163
671
5
839
1,540
Total Funds brought forward
753
4,325
399
5,477
3,937
Total Funds carried forward
916
4,996
404
6,316
5,477
Resources Expended Costs of Generating Voluntary Income Charitable Activities Governance Costs
Other Recognised Gains and Losses Net Gains on Investments
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 2011–2012
Balance Sheet
THE CAMBRIDGE FOUNDATION
Year ended 31 July 2012
Note
2012 ÂŁ'000
2011 ÂŁ'000
9
398
398
10 11
38 5,888
217 4,870
5,926
5,087
(8)
(8)
Net Current Assets
5,918
5,079
Net Assets
6,316
5,477
916 4,996 404
753 4,325 399
6,316
5,477
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 13
Total Funds
The notes on pages 11 to 14 form part of the financial statements. These financial statements were approved by the Trustees on 26th November 2012 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 2012
Note
2012 £'000
2011 £'000
14
979
1,848
Interest received
39
32
Net cash inflow from returns on investments
39
32
Purchase of fixed asset investments
-
(196)
Net cash outflow from capital expenditure and servicing of finance
-
(196)
1,018
1,684
Net cash inflow from operating activities
Returns on investments and servicing of finance
Capital expenditure and financial investment
Increase in cash balances
10
The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
15
Notes to the Accounts
THE CAMBRIDGE FOUNDATION
Year ended 31 July 2012
1. Accounting Policies Basis of Preparation The financial statements have been prepared on a going concern basis in accordance with the Charities Act 2011 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 (excluding legacies), and resources expended on charitable activities have been accounted for on a received and paid 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 accounting policies listed below have been consistently applied. 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
2012 £'000
2011 £'000
43,376 351
46,377 3,408
43,727
49,785
2012 £'000
2011 £'000
17 22
11 21
39
32
3. Investment Income Investment Income is made up as follows:
Distributions from University Endowment Fund Unit Holdings Interest earned on monies placed on deposit
11
Notes to the Accounts
THE CAMBRIDGE FOUNDATION
Year ended 31 July 2012
4. Other Incoming Resources This represents a contribution from the University of Cambridge towards costs of generating funds and management and administration costs. 5. Total Incoming Resources There were 12 individual donors each giving a donation in excess of £1 million this year. In the previous year 12 individual donors gave donations in excess of £1 million. 6. Costs of Generating Voluntary Income The expenditure in 2012 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 2011, were for the benefit of the University of Cambridge, the Colleges and Associated Bodies. Expenditure on charitable activities is made up as follows: 2012 2011 £'000 £'000 Grants payable
42,933
48,301
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: 2012 2011 £'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 (2011 - £nil). No Trustees were reimbursed travelling expenses (2011 - £nil). The Foundation has no direct employees.
12
The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
8
Notes to the Accounts
THE CAMBRIDGE FOUNDATION
Year ended 31 July 2012
9. Fixed Asset Investments 2012 £'000
2011 £'000
Market value brought forward Purchase at cost Unrealised net gains on revaluation
398 -
188 196 14
Market value carried forward
398
398
The investment assets are endowment funds and held in University Endowment Fund Unit Holdings. The market value at 31 July 2012 is £398,321 (2011 - £397,627). The historic cost of the investment assets is £317,227 (2011 - £317,227). 10. Debtors
Tax recoverable
2012 £'000
2011 £'000
38
217
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
Accruals
2012 £'000
2011 £'000
8
8
13. Analysis of net assets between Funds Investments £'000 Unrestricted Funds Restricted Funds Endowment Funds
Net Current Assets £'000
Total £'000
398
916 4,996 6
916 4,996 404
398
5,918
6,316
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 2012
14. Reconciliation of net incoming resources to net cash inflow from operating activities 2012 £'000
2011 £'000
Net Incoming Resources Investment income Decrease in debtors Increase in creditors
839 (39) 179 -
1,526 (32) 353 1
Net cash inflow from operating activities
979
1,848
2012 £'000
2011 £'000
Balance at beginning of year Net cash inflow
4,870 1,018
3,186 1,684
Balance at end of year
5,888
4,870
15. Analysis of changes in cash balances
16. Ultimate parent charity The governing body of The Cambridge Foundation is its Board of Trustees. The Trustees are appointed by the University of Cambridge, which is the ultimate parent undertaking of The Cambridge Foundation, and the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 July 2012. Copies of the University of Cambridge consolidated financial statements can be obtained from the The Old Schools, Trinity Lane, Cambridge, CB2 1TN.
14
The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
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 2012 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 page 2, the trustees are responsible for the preparation of financial statements which give a true and fair view. 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 section 144 of the Charities Act 2011 and regulations made under section 154 of that Act (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 Trustees’ 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 2012, 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 2011 and Regulation 8 of The Charities (Accounts and Reports) Regulations 2008. 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 2011 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 11 January 2013
15
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 WongAvery* HRH Prince Bandar bin Sultan Abdulaziz Al-Saud Peter Baldwin and Lisbet Rausing* BAT Industries Humphrey Battcock 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 Valerie Eliot Nancy, Dowager Countess of Enniskillen The Evelyn Trust Dr and Mrs M C Faulkes Dmitry Firtash* Eliza and Canning Fok Jessica & Peter Frankopan 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 Professor Philip Grierson* Guinness (now Diageo plc)
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The Cambridge Foundation ANNUAL REPORT & ACCOUNTS 2011–2012
Dr Chit Chan Gunn Dr Yusuf Hamied & Farida Hamied* The Hauser-Raspe Foundation* The Health Foundation Susan and David Hibbitt Hitachi Ltd Leif Høegh 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 Raymond & Helen Kwok 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 Ken & Julia Olisa John Osborn PHSA Engage Mutual Health 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 The Schroder Foundation Walter and Rosemary Scott Peter Selman 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
Cover Image: Sir Cam