On the left is the older Elvet Riverside building (the university's social science building at the time). The houses on the right have gone to make way for the newer Elvet Riverside building. On the extreme left is one of the supporting pillars of Kingsgate Bridge. The right-hand spire belongs to the Methodist church.
The crowd is watching the raft race, a University rag week event. Is that a dressing gown?
NZ2742 : The 3rd Marquis of Londonderry (and 2 monkeys) Schoolboy legend in County Durham had it that the Italian sculptor was so proud of his work that he declared it 'perfect'. Then, when some waif pointed out the horse had no tongue, he committed suicide! Since then Durham University students have been known to paint the poor creature red on 'Rag Day'.