College Investments

Roedd y cais yn llwyddiannus.

Dear Jesus College, Cambridge,

This is a formal request under the Freedom of Information Act 2000.

Could you please provide:

(1) A list of companies which the College holds stocks and shares in, specifying how many shares are held and the approximate value of the shareholding.

(2) A list of exchange traded funds, private equity funds, mutual funds, index funds, commodities, hedge funds, and bonds that the college has investments in, including the approximate value of each.

(3) in the case of any indirectly held or fund-based investments a breakdown of the companies invested in through the fund, including the percentage of the total fund made up by each holding.

(4) a list of properties that the college has investments, including the approximate value of each.

(5) A list of any other investments the college holds, including the approximate value of
each.

If you are to invoke Section 43 to withhold information in relation to any of these questions please note you must provide details of the exact FOIA exemption, details of who would be prejudiced by this information, and a public interest test justifying a conclusion with arguments for and against the release of the information.

If you are to invoke Section 12 to withhold information in relation to any of these questions please provide details of how locating, retrieving and extracting this information would exceed the appropriate limit of £450 as set out in the Freedom of Information and Data Protection (Appropriate Limit and Fees) Regulations 2004. Please also be aware of your duty under section 16 (1) of the Act to advise and assist me in narrowing my request to bring it within the appropriate limit.

Thank you very much for your assistance with this request. If you would like any clarification on the information I have asked for, please don’t hesitate to get in touch. I look forward to receiving your response in the next 20 working days.

Yours faithfully,

Oliver Banks

Susan Webb, Jesus College, Cambridge

1 Atodiad

Dear Oliver,

Thank you for your request.

STOCKS & FINANCIAL INVESTMENT
The College's Annual Accounts (page 30) give a breakdown of the types of investments that we hold. https://www.jesus.cam.ac.uk/sites/defaul...
Older statements to year 2013/2014 may be found on the Charity Commission website http://apps.charitycommission.gov.uk/Sho...

Exemptions to the Freedom of Information Act are listed in Part II of the Act https://www.legislation.gov.uk/ukpga/200...

In this case the College relies on Section 43 (2) that disclosure would be likely to prejudice the College's commercial interests. We believe that it would be appropriate to apply this particular exemption as the College's ability to obtain advice and make the most of its investments would be prejudiced by disclosure of the nature and value of individual investments.

Also relying on Section 43 (1) We will not disclose information that would reveal our agents' confidential advice to us as this would constitute a trade secret.

The full text of Section 43 is below:

“Commercial interests.
(1)Information is exempt information if it constitutes a trade secret.
(2)Information is exempt information if its disclosure under this Act would, or would be likely to, prejudice the commercial interests of any person (including the public authority holding it).
(3)The duty to confirm or deny does not arise if, or to the extent that, compliance with section 1(1)(a) would, or would be likely to, prejudice the interests mentioned in subsection (2).”

PROPERTY INVESTMENT
Please find attached a list of freehold property owned by the College, which includes a list of the current usage to which it is put. Much of this property has been owned by the College since its foundation in 1496 or acquired by the Inclosure awards of the late 18th and early 19th century. Property currently let to Jesus students is not regarded as investment property, although it appears on the list. It is classed as “Residences” in a separate section of the accounts.

Again the College will not disclose the value of each property (such as it holds) or information about rents charged under Section 43 (1) of the Act.

Further details about making a request to the College, including your rights if you are not satisfied with our response may be found at https://www.jesus.cam.ac.uk/college/abou...

Information and advice about the Freedom of Information Act and making requests is available from the Information Commissioner’s Office http://ico.org.uk/for_the_public/officia...

Best wishes

Susan Webb
Information Compliance Officer
IT Department
Jesus College Cambridge
01223 339831
e-mail: [email address]

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Dear Susan Webb,

Thank you for your response and the information provided.

I am not satisfied with the initial response and I am therefore requesting an internal review. I’d like to query the withholding of all information under Section 43 (1) and Section 43 (2). I’d like to do this in five ways.

(1) Trade Secret

First, in the case of Section 43 (1) - the exemption under FOIA for information which is a trade secret. The Information Commissioner's Office provides detailed guidance here, we’d like for the exemption to be reconsidered in light of this guidance with particular attention to the fact that:

“It is information which is not simply confidential but confers a competitive advantage to the owner and therefore requires more protection.”

“It is information which a rival could not easily recreate or discover themselves.”

“disclosure of the information should also be liable to cause real (or significant) harm to the owner or be advantageous to any rivals.”

In addition, we'd like to draw attention to the First-tier Tribunal discussion of the definition of a trade secret in the case of the Department for Work and Pensions v IC EA/2010/0073, (20 September 2010): The Tribunal classified the information as:

“something technical, unique and achieved with a degree of difficulty and investment” with the term ‘trade secret’ suggesting the “highest level of secrecy”.

This can be viewed here - https://ico.org.uk/media/for-organisatio...

(2) Prejudice Test

Second, in the case Section 43 (2) - the exemption under prejudice of commercial interest. The Information Commissioner's Office provides detailed guidance here, we’d like for the exemption to be reconsidered in light of this guidance with particular attention to the fact that:

“In order to apply section 43(2), the public authority must satisfy itself that disclosure of the information would, or would be likely to, prejudice or harm the commercial interests of any person”

“The term “would…prejudice” means that prejudice is more probable than not to occur”

“Would be likely to prejudice” is a lower threshold”

“The public authority must decide the likelihood of prejudice arising on the facts of each case. Establishing the appropriate level of likelihood is also important because it has an effect on the balance of the public interest test.”

(3) Public Interest Test

Third, in the case of both Section 43 (1) and Section 43 (2). The Information Commissioner's Office again provides detailed guidance here, we’d like for the exemption to be reconsidered in light of this guidance, with particular attention to:

“This means that a public authority has to consider the public interest if the exemption is engaged because of prejudice to commercial interests, or because the information is a trade secret. It has to decide whether the balance of the public interest in maintaining the exemption outweighs that of disclosing the information”.

In terms of Section 42 (1):

Section 43 (1) “is a class based exemption which means that if information is a trade secret, there is no consideration of harm or prejudice. It is however subject to the public interest test”.

In terms of Section 42 (2):

“In order to apply section 43 (2), the public authority must satisfy itself that disclosure of the information would, or would be likely to, prejudice or harm the commercial interests of any person (this can include the public authority holding it). This is known as the prejudice test”.

In terms of carrying out the public interest test:

“In carrying out the public interest test, the authority should consider the arguments in favour of disclosing the information and those in favour of maintaining the exemption. The authority should try to do this objectively, recognising that there are always arguments to be made on both sides. It may be helpful for the authority to draw up a list showing the arguments it is considering on both sides; this will help when it comes to assessing the relative weight of the arguments”.

It should also be noted that in our original request we made clear that:

If you are to invoke Section 43 to withhold information in relation to any of these questions please note you must provide details of the exact FOIA exemption, details of who would be prejudiced by this information, and a public interest test justifying a conclusion with arguments for and against the release of the information.

This public interest test was not provided nor was a list of arguments considering both sides.

(4) Established Precedent

Fourth, a number of other higher education are providing this information under similar circumstances.

Several Russell Group Universities, have provided this information, including:
The University of Newcastle - https://www.whatdotheyknow.com/request/e...
The University of Glasgow - https://www.gla.ac.uk/myglasgow/sustaina...
The University of Edinburgh - https://www.ed.ac.uk/finance/transparenc...
The University of Liverpool - https://news.liverpool.ac.uk/2019/08/13/...

In addition to this, a number of Cambridge colleges have provided this information to our FOI and previous FOIs, including:
Emmanuel College
Trinity College
Darwin College
Selwyn College
Peterhouse
Lucy Cavendish College
Christ’s College

This is detailed here -
https://www.varsity.co.uk/news/16518

(5) Jesus College’s Investment Policy

Fifth, according to the investment policy of Jesus College, Cambridge:

“Whatever commercial activities it may develop are and will be for the sole benefit of its academic purpose and remain always subsidiary to it. The College is committed to a policy of socially responsible investment”.

It is widely accepted principle that socially responsible investment requires transparency and accountability.

This is detailed here - https://www.jesus.cam.ac.uk/college/abou...

Could you please confirm receipt of this email.

Yours sincerely,

Oliver Banks

Susan Webb, Jesus College, Cambridge

Dear Oliver

Thank you for your message. This is to acknowledge receipt as requested.

Best wishes

Susan Webb
Information Compliance Officer
IT Department
Jesus College Cambridge
01223 339831
e-mail: [email address]

dangos adrannau a ddyfynnir

Susan Webb, Jesus College, Cambridge

Dear Oliver,

I have been asked to contact you by the Bursar, Dr Anthony, who is conducting the Review into our response to your FoI request of 21st August.

He has asked me to tell you that he needs to consider the matter further before responding. His estimate is that it will take another week. Unfortunately he has been away, which has delayed matters.

We are mindful that the 20 working days deadline for response passes today and apologise for the delay.

Best wishes

Susan Webb
Information Compliance Officer
IT Department
Jesus College Cambridge
01223 339831
e-mail: [email address]

dangos adrannau a ddyfynnir

Dear Susan,

Thank you for your response. Could you please provide a reply to the internal review - it has been well over the 20 day limit and the estimated additional week.

Many thanks!

Oliver Banks

Susan Webb, Jesus College, Cambridge

I shall be away from the office until Monday 7th October and will respond
as soon as possible. Thanks for your patience.

Susan Webb, Jesus College, Cambridge

Dear Oliver,

Thank you for your message.

I am due to speak to the Bursar about this tomorrow and hope to get this resolved as soon as possible after that. I am sorry for the further delay.

Best wishes

Susan Webb
Information Compliance Officer
IT Department
Jesus College Cambridge
01223 339831
e-mail: [email address]

dangos adrannau a ddyfynnir

Susan Webb, Jesus College, Cambridge

Dear Oliver,

 

The Bursar has now conducted an Internal Review as you have requested and
concluded that the College will release the following additional
information to you.  All figures are as at 30 June 2019, which is the end
of the College’s financial year.

 

Property

 

Aggregate valuations of our property portfolio by section are as follows:

 

Commercial property within Cambridge: £38,754,000

Commercial property outside Cambridge: £3,635,000

Rural/agricultural property: £11,535,700

Property held by College Trusts: 6,112,000

 

The College site and houses let to students are considered operational and
are not valued.

 

The College continues to take the view that individual property values are
commercially sensitive and thus subject to Section 43 of the Act.

 

Investments

 

Please find a list of total values as at 30^th June 2019. The College
continues to take the view that certain investment values are commercially
sensitive and thus subject to Section 43 of the Act.

 

Cazenove Advisory Portfolio (comprised as below) Total Value: £46,160,812
Charity Equity Value Fd-S-GBP-Inc £1,549,068
LF Majedie UK Equity Fd-X-GBP-Inc £1,442,246
Vanguard FTSE UK All Sh-I-GBP-Inc £1,527,919
BlackRock Euro Dyn-FD-GBP-Inc £2,126,701
Schroder Euro Alpha Inc-S-GBP-Inc £1,733,634
Findlay Park American-USD-Inc £2,300,239
Vanguard S+P 500ETF-GBP-Dis £6,377,454
ishares MSCI japan ETF-GBP-Dis £1,472,477
Schroder Tokyo Fund-S-GBP-Inc £1,532,083
BlackRock Asian Dragon-D4-GBP-Dis £1,226,901
Hermes Asia ex japanEq-F-GBP-Acc £1,452,277
Veritas Asian-D-GBP-Dis £1,448,240
Allianz China A-Shs-WT-GBP-Acc £1,102,528
Fidelity Inst Em Markets-W-GBP-Acc £792,442
RWC Global Em Markets-S-GBP-Dis £709,095
BlackRock Dev World Idx-I-USD-Dis £3,718,949
Veritas Global Focus-D-GBP-Dis £2,888,058
Vontobel 24 Abs Ret-AQNG-GBP-Dis £855,537
SPDR BBG Barc US TIPS ETF-USD-Dis £1,463,339
BMO Pyrford Glo Tot Ret-C-GBP-Dis £1,347,162
Trojan Fund-S-GBP-Inc £1,415,553
Janus Hen UK Abs Ret-G-GBP-Acc £1342,188
   
Cambridge University Endowment Fund Total Value: £35,846,075
   
Private Equity Funds  
Partners Capital Total Value: £2,153,927

Partners Cap Condor II LP (109pc)

Partners Cap Condor III LP (108pc)

Partners Cap Condor IV LP (104pc)

Partners Capital Phoenix (114pc)
Cambridge University Fund I LP Total Value: £427, 263
CRIL Nominees Ltd. Total Value: £45,560
   
Private Investments Total Value: £1,419,053
Stabilitech Reg  
Ensygnia IP Ltd  
Marshall of Cambridge (non voting shares)  
Landore Resources  

 

 

I apologise for the delay in conducting the review. Further details about
making a request to the College, including your rights if you are not
satisfied with our response may be found at
[1]https://www.jesus.cam.ac.uk/college/abou...

 

Information and advice about the Freedom of Information Act and making
requests is available from the Information Commissioner’s Office
[2]http://ico.org.uk/for_the_public/officia...

 

Best wishes

 

Susan Webb

Information Compliance Officer

IT Department

Jesus College Cambridge

01223 339831

e-mail: [3][email address]

 

 

 

 

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