The full policy is available online but here are the most relevant parts:
The University of Cambridge is committed in its pursuit of academic excellence to equality of opportunity and to a pro-active and inclusive approach to equality, which supports and encourages all under-represented groups, promotes an inclusive culture, and values diversity.
The University is therefore committed to a policy and practice which require that, for students, admission to the University and progression within undergraduate and graduate studies, will be determined only by personal merit and by performance. For staff, entry into employment with the University and progression within employment will be determined only by personal merit and by the application of criteria which are related to the duties and conditions of each particular post and the needs of the institution concerned.
Subject to statutory provisions no applicant for admission as a student, or for a staff appointment, or student, or member of staff, will be treated less favourably than another on the grounds of sex (including gender reassignment), marital or parental status, race, ethnic or national origin, colour, disability, sexual orientation, religion, or age. For students, ability to meet the requirements of the selection criteria for competitive admission and for staff, ability to perform the job, will be the primary consideration.