2021-06-30-accounts

PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2021

PEfERHOUSE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Contsnts Pag• Reference ￿ Adminislrniive Dètails Senior OFFtcers Advi50 Operating Review Financial Re¥iew Corporate Govemance and Statement of Intemal Contrc 12-13 Responsitmlilies of the Goveming Body 14 Report of the Auditors 15-17 Stslement of Prlnapal Accwnting P￿l￿eS 18-24 Consolldated Income and ExFwditure Acccxmt 2S Statement of Chw&es in Reserves 26 Balance Sheel 27 Cash Flow Slatement 28 Notes to the Accounts 29-47

PETERHOUSE REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2021 Addr¢88 Trumpinglon Street Cambridge CB2 1TP Charity Registrdtb)n number. 11374S7 Members of Ihe Go%eming Prt)dy ser¥&J the Ms B Kendall MBE (Masterl Dr S.N. Solomou PrOfessC￿ M.A. Parker Professor P.C. Woodl8TrJ Profesw S.F. Deakin Professor S.E. Jackyjn Professor B.P. Simms Professor M.C. Jone5 Dr J.N.B. Carfelon Paget Professor A.M.L. Lever (re￿gned 30 SePt￿bor 2020) DrJ.M.B. Wallace Mr S.H. Mandebrote Dr A.J. White Professor PA. Midgley Dr R.1. Ross Russell Dr M.J. Ryan The Revd Dr S.W.P. Homplon DrA Zsak C¥C.G. Lester tkS.M. Murk Jans Professor M Moriarty Professor S.K. ConrKJr Mr l.N.M. Wright J.P. T8lbot Lk T.K. Dkkens Professor R.J. Holt( CtrA. Haldar Professor J.E. Robb S.J. Lunn•Rockcliffe G. Christie Dr T. Long DrN.A.S. Za Dr J.B. Hofmam 30 S8ptwnber 2020) Dr G.L. Thomas Dr L.S. Slater

PETERHOUSE SENIOR OFFICERS AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2021 Current Senlor Administrntiv• Office Master. Senior Tutor. s￿ror 8ursar'. Ms B Kendal M8E The R8¥d Dr S.W.P. Hamp Mr l.N.M. Wright PrI￿1paI L•gal Adviyern Mills & Reeve Francls House 112 Hills Road Cam￿19¢ C82 IPH Property Mar4•r8 Bldwells LLP Trumpinglon Road C8ml)ridg8 CB2 9LD Knight Frank LLP 20 Hanover Squwe London W1S 1HZ Fund Managers I InvostnW Adv1* Credit Sui5se (UK) Ltd Five Cabot Square London E144QR Cantab Asset manag￿￿1 Ltd 50 Station Road Cambridge CB12JH Audltorn PrKg Ba1￿Y LLP charte￿ AcccyJnlants and Statutory Awjitc Tennyson House Cambfidge Business Park Carn￿"198 CB4 OWZ Bankers BwdayB Bank PLC C8mbridge &L%iness Centre Cambridge CB2 3PZ Tax Advlsor PEM S41Sb￿ House. Slation Road Cambridge CB1 2LA

PEfERHOUSE OPERATING REVIEW FOR THE YEAR ENDED 30 JUNE 2021 Introductlon The commentsry Ihgt fdb)ws is intended to gfft Ihe of the frnncial stat￿ents an overview of thè finan￿ and 0￿rat1)n$ of Pet￿￿Se and its subsidiaries The College is preparing its finawal ststsmwits in ￿y￿ar￿a VAth Reixmmended Cambr￿9 Colleg Aetounls IRCCAI ftYm81 ￿1¢h has 8dcoled FRS 102. Scapè of thè Flnanclal Statam•n18 The consolidated financial stalemenls cover the edUCa￿n, research arKI rdigious activities of Peterhouse and also its subsidiary compani8s. Th8s8 subsidiaries u￿18rt￿ke activibes %thich for legal or commercial reasons are MO￿ approwi8lety c8rried ￿t by limiteil ￿MpanIe￿ Tr subsKliary wnpans 8ffj listed in Trxe 10. About tho Collogo Petuhouse is an rtOnomc￿4 self-governiThJ c4Jmmunty of schclars aTrJ is the c&l8stof ts 31 colleges wtthin the Unlversity of c￿nb1￿jge. Fcfflially'The Master {or Keeper} 8md Felkhvs of Peterhouse in the Unr¥ersty of Cambridgè.. Peterh)use is a charitable cnrporation eSta￿iShed by Letters Patent dated 31 March. 1284 and granted royal assent by Charter of King E¢Jward l on 28 May. 1285. The Colw is a registered cartty (No. 11374571, ¥￿th its principal address ot Tr￿pington Street. Cambri(hJe. CB2 1RD. The College Is govgmed In acC(￿danCe wlth its Ststules. made in 1926 arKI varIou￿Y ￿eThjed frcn lime to time by (￿r ol Her Majesty in C(wncil. The Ststtrtes ofthe Unr¥ersity ofcambridgo and legislation mring the University of Cambridge ￿$0 apply to the Cdlege. The Staiules of the Cdlege lay d¢)5￿ the constitution and arrdngements for governon￿ of the College. They describe. among olher things. the membership and reSE￿nsi￿.11tieS of Ihe <vemrvJ Body: the election and dubes of the Master. the dec￿n, admis9r￿. tenure and rem¢)vo1 of Fell¢)ws' arKI the appointrnenl and duties of Colkge 0ffi¢8rs. Th8 Statutas are supplwnented by orders for th8 reguLation of the College's affairs, made by the Goveming Body in ￿¢(y￿anCe vAlh the Slatufes. Tho Wsltc of the College is the Bbhop of Ely. Alms and obj•ctivM of th• Coll•g• The "la￿lab￿ design. of Hugo de Balsham. a5 expressed in the Cdlege's foundry instwments, was 'to intro(luce scholars in the $Ch(K￿$. are to Itve towher and study in the Universrty of Cambridge., to ¢hEII in the Same IC(Alegel for ever, arKJ empAoy ltrmselves ith appropriate St￿JY, to 1he praise of God and the perpetual augmentslion of the same univwsty." This forn￿ the basis for the CoNege's statutory purpose. nam to advarte educati￿, relbJion. ￿rning 8nd res8arth through the provision of a College in the Univ8rsty of Cambridge. As part ofa cdl8gi8b ￿￿eT￿, the bng-lerm suctess ofttrKg Colle9e. as a witre of academic and 8(kIcati￿al excdlence. Is dep￿d￿￿ up)n the conlinL*nce of the Uniiieryty of CambrKlge's wortd<lass standiry.

PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 Public benefit The College pursues its (aritable Obj￿ (to ad￿dn￿ edU￿ti￿, relig#)n, lewring aNJ rgSgarch} ts the public benefit thrO￿h a wde variety of a¢Dvities. indudirg.. admittTrrfJ undergraduates fr(yn a a￿￿ range of e(bxational. stiial and culbjral backgrouThYs fc Un[￿T51fy courses and admitknng graduate sttjdents from IIK)se accepted by the uniV￿51ty.' providirg. in cOnjur￿tE￿ vriih the Unfversfty, a ￿)rld-￿asS e(lucation for undergaduat&5. p3Tbcularty through College-based Indi￿dual or small-group suwmsion and thr8thc￿ of Stud￿$., supporting students fInar￿A￿lY an(J r￿rd￿g excellence and a¢hievemonl Ihrough the promsion of bursaries. ￿holarsh￿S. prizes aThd a ￿ of grnnts. as as assisliry students in particular finanu81 hardship., providiry paslordl. 8dministratwe and academic support ftjr both Und￿adUat&S graduate sludents through the Tutorial system and other WEWare mechanisms" providiry librdry, computs"ng, ￿ltural. musical, arnl social facilibes to enle sfvdents io atheve their full potential trf)th academically and 0th8wse,' supportirrtJ Students and FelhThE by prowding 8oxfflm(xlation. ￿t￿Ing and which olso undupin the concept of a mulli-dlscaplinary xademic c4Jmmuiwty. promoting acadern￿ researth of ts highest qualrty thrwh annual o)mpeUUons for election to Research Felk)wships and Research Sludentships. thrO￿ah SUPForts"ng the researd) actrviknes of both Fellows 8rrfJ graduate students, and welc(ning xademic visf(ors from other institutiws. maintaining semces in the Chapel reguLarly dLring Full Term. promoting the activibes of the Choir and fostering the spiritual welfare of Colk9e M￿berS irresFective of denomination or faith: preserving and ertiancang the end0￿MeThts and benefactions. histor￿ buildings and ground$ of1he Ccllege for the benefit of luture generat)ns" prov¥Jing to some of the Cdlege's facflities and educatlcfflal resources lo conference guests 8rKI also to the general public al times vknen Ihey are not in use by CoNege members. Fumllng The SoU￿8S of income of PetertKJuse WE: Fees charged to students for tuition. xommtsaab)n 8ThJ use of other Col￿ge facilthes and 8ervic8s; In￿me trom services provided to external customer5. induding confewce 8Ctiwty', Benefactions and donations for current use.. Investment income fr￿ our o¢oxnulated and0￿nent arKI other a55ets. In the year Lnder review. the College also r&%ibed fudough rwme frryn ts Govemment in respeot of the Coronamrus Job Retention Scheme. AGhlgV9mgnts and p•rfornb Edu¢atlon In spite of ￿d-19 parthmic. the coll￿ confin￿1 b del1+￿ te&thing lo wpp(wt Ihe Universty (xJurBes arKI examinations. alth¢wh some of thls Was [￿0￿ded remotety. pwtwlarly during the countyYKle lod(dovn. 92 full llne undewaduates ￿re admrttgj in the year 202(k21 (2020: 82), briThJing ￿ total across all years to 311 {2020.' 2921; the new intake can be broken as to $1149% 12020.. 55145%) arts and $c￿nceS, 8nd 55145¥0 {2020: 56144%) male. fema￿. Ihe intake composed of 75 {2020: 641 Home and EU Students and 17 {2020.. 18} Overseas students.. app4icants are assessed on the basls of thelr Frt)lential as well as thelr achievements to date. The number of gra￿L￿e students on thg Col￿ge,6 b(th totalbed 185 {2020'. 178), of ¥thom 13512020: 1361 wefy fee payirvJ. The Coll898 aims to FThide supeTrisTh KI direth>n crf $I￿leS by rfs Fellm in most of the tvincip81 su*"ects offered by the Universi￿. Ihe existrng Fello1￿￿. offer exwtis& in a wde range of suiiects, continued to kxovide this. largely through (￿lIA8 of supervi￿n gnyjps.

PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 In cor)trast to last year, most stUd￿ts V•Ere able lo tske dassed examinalions thls year: 218 {2020.. 75) undergraduates sat dassed University examinations in 2021. 87.6% {2020: 99%) obtsin1￿ grades in the First Class or Ihe uppw division of the Second Class (or in the undivKJed Se¢￿d Class)., in the other examinations there V￿re 4 Passes: 5 untsgraduates %4we awarded Un￿e￿ty prizes {2020.. 41,'17 graduate students successfully compleled an MPhil or otsr one-￿r graduate course (2020.. 191. 1112020: 21 cxjmpleted dinul studles and 10 (2020.. 21) saltsfigd ts requirement for thg dw3ree of PhD. 72 {2020'. 69) undergradu8les-some of those rK)18nbally eligible- recerved means4ested aNYards totslling £240k12020.' 216k) under the centraliwl CamL￿d9e B￿Sary S￿￿me, th 49 {2020'. 46) of tho awards 8t the maximum value.. the scheme is intended to ensure Ihat no UK or EU student shwld be deterred from ap￿￿Ing to Cambr￿ge because of financral consKlerations: the Tutors depbjyed a further £151k {2020.. £137k} to make loans and grants to support undergraduales partKular financial hardshlp: scholarships and prizes wDrth some £44k 12020.. £48kl Vpre avrarded by the Goveming BcKly to rectyJnise and reward excellence and sch￿VeMent. ￿lIe grants for travel were ltrnited by COVKI Pandem￿ to £2k12020.. £22kl. Grants to suw)ort sbjdenl wellbeing were awarrled to a(klress the impxt of CovJ-19 totallir•J £S)k12020.. £22k). The College made grants tctslling £51k {2020.. £63k} to its St￿Jen1 bc¥Jbgs. the Sexcentanary Club IJCRI and Graduate Scoety to enabb Ihem to pro¥idg s(Ki spr¥ling swport to Iheir members. The Ward ￿brary &1ded a fijthr 71512020.. 1.022) volumes during 1he year. on the recommendation of both Felows 8nd students and as a result of pwrous grfts: the project lo update the catalogue of the Colege's rare book collections con1inL￿l. and the Col expanded its knbrary &services. Further improvements to facilities and acecYnm0datii￿ vre made: a frjly accessible ￿trance to provTde better disatded access to the Lubbcd( Theatre Ward ￿brary.. a programme of smal I￿rkS to improve kitchens arKI bathrC￿is In a number of listed proparties. and the coMw￿ of Ihe refvrbishment cl &udent accommodat￿ at 23 Parf(side. Rosearch F￿ Re5e8rt Fellows specialising in Persian Siurfies. Physvx, Geophy5M￿ arKI Computer Soence were aFpoInt￿ through the annual compelikn. for ￿ Snllbal three year lem, bthlch l¢yJk the lolal number of Re5earth Felloyts lo 10 {2020: 121" these F￿10￿h1￿ enab￿ I)Utst8r￿Ing acadern￿ al the eady stages of their careers to develop and fr￿u$ on their researth in this fomiaiwe pwiod before they undertake the fuu teath.ng and a¢ninistraOve thjties of an academic post Comtl extensions V￿re ￿anted to 8 existtiig fv)Idors of Rese￿) st￿￿ent￿1Ps. On the recommendation of the Research Studentships Commitlee a further 9 {2020.' 12) Research Studentships were awarded to graduate students on the basis of mwit lo cover thwr fees and maintenance expenses. bringing the totsl to 31 {2020.. 35) and the annual cDst ofth8 sC￿me lo £722k {2020.. £743kl'. the TUt￿S made other grants aThJ ayfards totalling £34k12020.. £103kl to graduate 5tthts in ￿der to offset researth and rnaintenance expenses. Research allry•Yances totslling £39k121720: £46kl were provwjed in support of Fdlows. ￿searCh act1w1￿., one Bye-Fellow was apwinted in Modem Languages. One Researth Ass(Ki8teship vrds aLso granted lo a post- doctoral wcffker at the UnfverS￿. The programme for VL4Ong Fello￿ was deferr&J as a result of the ongoing Cwd-19 pandemic. Religion The Chapel ¢)CCup￿ 6ts usual place at heart ofthe Cdle9e'$ spirual lrfe, with a variety of reliyiouy $ervK85 taking pla￿ regularty during Full Tern. underpinn&J by Peterhouse's strw choral tr8d(IKin. During most of the y98r seNces thEre tXO8dcast online an(J meetings look place via vKkn)conferenc& to continue to provide that splthual atKI communa fows for Ihe Colege during the difficulties caused by Ihe co￿d-19 pandemio. The College t£￿tInUed the fijrthw reFurbithment of the inch￿￿ed imF(ov8ments to tho lohting. rest0￿￿on of ts stalned glass. arKI the ￿90￿9 refurbishment of the organ. Additional Infcffi￿lth about the Colkge's activities can be ￿nd in the Peterhouse Annual Record and the College newsletter. as well as cffl its ￿b$lIe Iw¥wi. etcam.ac.uk .

PETERHOUSE FINANCIAL REVIEW FOR THE YEAR ENDED 30 JUNE 2021 The financi￿ sthteffl￿ts the y98r to 2￿1 haw wepar￿1 kn aLZO￿l￿ vAth the R￿OrnMended Cambridge College Accounts IRCCAI frym arKI the extemal audiiors. opinion is uTh]ualffjed. The College's three Whol￿-0￿ned subsidiaries have all been &Y￿AId3t￿l. The Ihree subsldiarles indvded are.. PelerhcJse Enterprise5 Lirnited IPEL). which is ￿gaged in Prcpeity development.. Petsrhwse and Events ￿mited. which manages wtsin Cat•ring and Confe￿r￿ athvibes undertaken by the CcAl¥ in ¢rt8r to ralse funds to further Its charit8E4e aims,. and Pelethwse Llbrary Charfty LImit￿. P8tethou8e Liiw Charity cèasèd trading on 30 June 2019 and after a pwhxl d ￿[¥￿ncY was stru¢k off th8 compan￿ Hr￿• Rwjister during the cuThent financial Th8 Collage seeks to the cyernting aml expeFKlihJrn ac£oJnt at breakw over the lorKJ temi whilst gradually groAng spend on rts chaiilable activrfies. To this end the Collgje has cts)tinued to seek to expan(J 8nd to invest in the raftgo of it offgrs lo all its stLrt1ents researth ¢xmrrnJnity. H¢ywevw, th• Covid-19 pandemic has created a pericKI of challenge and urtertainty. which has impac￿￿ the finances of thtr College and tho wldor Unl¥ersty sector. The college has &Ydressed these Chall￿eS by: seeknThJ to minimise ¢¥)8rating cc¢tsvthere ￿tMty has been ¢urbed by measures lo prevent ts s[￿d of Covld-19'. Ma￿ng use crfthe l>yemmenl furbwgh s¢hemo whore appwpriato: all¢xirvJ certwn staff vacan¢itys to r•maln unffilKgJ kn an 8xtendgJ peric(I,' aTrJ the adoptirwJ a ttstxl wètum xrthunting for its ￿[ketable eq￿ty ar￿ se￿11￿ to wovpje 8 stable tham c4 incc#n8. Th8 ColbJ8 ￿MaInS comnmtted to maintainirwJ arKI the historic bLAldiThJs that underpin its charitab obJ9(al￿ and e￿rfc￿ tts comnwnty. TheCdl&Je alsoseeks to malntsln anil gradualtyenhanc its Str￿Of cperational propth, 8n¢J has COM￿et￿Y a numb8r of proiecis durfng ts year to thè on-gLNng rèfurbishmènt and restoration of the and Chapd. These compkted prOj￿ts incKKle." a fvlty acCes￿bIe entrarKe to provlde bBtter dSsabled access to the Lubbock Theatre and Ward Library", aThJ a wogramm& crf srnall besFKe works to improve K[￿hen$ and bathrC￿IS In undwgrnduale aco)rn¢xlabon lin staircasas in Old Ccwjrt, GIsb￿Me CourL and FitThilll8m Streell. The College ccrfTr￿etWI works to improve graduate ￿¢￿￿tr￿￿￿3tiOn at 23 Pa￿￿de and a￿Orn￿(X18I1on for¢linKal rnodK5 on Porscm Road, closeto Addenbrooke's Hospit4. Th& Con&9e ¢￿tInued a profi￿1 at the Brewhouse to expand mLtsie21 ("1￿.￿S available to members ￿the Cole. The Cofiege's activities duriryj the finanoal by CO￿19 aThl the re5uliing l¢xdown in the Lent Ttsrm 2021. During this pericJ Ihe Univer5ty asked students. b(th unileigraduate and w)stgra(Juate. to return fv)m8 where possible, and teach￿￿ remain&J online. Th8 physical abserKe (rf in L￿t Tam) 2021 and th• cancel81ion of ￿1 confo￿nCe arKI caieriThJ event activity during the financaal year l<Mceil Ihe C￿￿je into an overall accounJThJ deficit belore dCMatK￿s d É1.426k. The underfying deficit bef￿ d￿allonS party fellects the fart that a numter crf hiJabves are now being direc and spwifitally fundod by grfts and donallcffls. H￿ever, the eff of the re•JLKbon in ￿1vity had a dear impact. pathularfy th• Tnueh highèr than expedd vacancy wrthin the Colege's $to¢k of studènt accommodation., 1hSs was In spite ofthe mod8st but WekXJ￿ r4￿f provlded by the &)vemnw￿s lurtough sch￿. Aftar adjusting for donatlon$. the College Sh￿ed a def cat of £386k A strDrvJ in Cc41ege's property ar￿ equty portfolios resulted in an overall incregw in reserves cl £29.8m. SlmplIfl￿ Inc￿￿ and Exp￿thi￿ 2021 Total 11,870 12,Tr3 Total expendittj (Deficit) beforw donati4xM USS wovlslon USS prowskln IDbfi¢lty8uWus ts•f￿ don￿On$ Don8￿.￿5 New $ndowM￿ts l￿fiCItySUrpIuS beffj￿ other galns and los¥ Gainllloss} on investments reknn&J in ca SurplU￿(dofi¢tt} for the year {1,448 (6791 334 (345) (1,4201 915 1388 ' Indud85 on ￿ve51merts1￿I￿I )

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 InC￿lExP￿ndItur• Incory from Academic Fees and Chaw rose by 7.2%12020: 6.0%} (M) the prKyy88r relleclirwJ a change In the MLK offee payiro LKlents ￿d, in parbcular, by an in(sease in uthgraduate nU￿)erS reyJllrKJ fr￿7 a Lqrygr Ihan usu81 ritst year uThJergTaduate c4)hcKt ￿ 2020-21. Income frcrfn Aco)mnKJalion. CateriTrJ and Confereneosfell by 32.0% on the pricf year {2020: 14.2QA decreasel The phystcal absence of students in Lent Temi ￿u¢&I inc4Jme frcffl room rgnts and Cdlwjè catèrfNJ in that p￿0d.. tha rasutt ￿￿s that Ir￿ from thts• fell ￿Ighty b8knv Ihg alroady depre&%ed levels experlerted In the kjwous year. However, the (?￿eNatIOn of all ryjrrfew￿ and iring athity duriry Ihe finarscaal year and rasul￿t It)SS £694k of income was partiojlarty sgnfficanl. The eff&Xs of tlis hxs were to ￿)me degr88 offset by the irLome frc College's use oftho Govermwrfs Corona￿n￿ Job Ralent￿)n Schama" rKdpts frc¥n ihi5 xwne are S￿)dry Income. EThJ¢ywment fdl by 9.YA {21r20: 02% dgLxBase)", whilst the ￿lOn of tr)tal rebjm applK8ticm of Investment gains to Inco￿ the fwst time more than offset the thd relat&J decline in dNKlends marketable ¥wrib6s and funds, income from property and thr interest rec&rdtle tw)Ih fdl. Property ￿c￿ne fell thrO￿￿h a e(MnbinalJon off￿. certain propt"8S W8r& t8mpcYwly lèftvacant tena￿aS carn lo an eTrJ'. certain leases were rerwed In favtyJraNe market (X￿d1th￿l. #rd thwe wefy a small nwntrer of agregj rent C(￿ceSsionS to tenants who had badty affected by the pandemi A loan b8knce was repaid which reduc&J th? ¢Aher intere8t re￿1vabl￿. Overall totsl Colege i￿1￿& before aKkxwnents fdl iry £1228k or -9.0%12020'. £114k', 0.9% decrease). Tha College's total exwidlture mod• ty£152kor 12%12020". £649K' 4.PA incxease). Hvwever, 6flhe ￿ects of the release of USS provisi￿￿ are excluded, then the￿ Wd5 a tsm of £1￿k OT 12%. The most Signffi¢ant fador drNing this d￿line was the reduction in activity resuJbrJ frcrfn the current paThjern￿. ThL8 lod to ¥ reduced spend on a range of ￿tag￿le I￿ludIr￿j catering provtsions. ujsls. utiltues eio Total depredalion r(6e by £62k12020.' £25k) as a dth8 JIJilK￿aI CaMalk￿ exp￿KIl￿re dts(wssed st¥ff Costs and p•n•fons Totsl slaff cosls lacad&mic and nortr4cadam￿> re￿oIn the signifKant cost for Iho Colkge al £5.2m12019: £4.7ml. Stsff costs exduding actuarial adjustrnents to the pensKffl se1￿S under FRS1tr2 Increas￿ by £99k or 2.0% (2020.. £324k or 6.8%). This rofig¢tsd o)st of I1￿￿j intrease fty tho ￿r. tho fijll year impact of the planned inrJease in Research Fell¢y•VS, the appointsrwrt ot 8 kkntal HeaNh AdvisrKto streruthen the w8lfara t•am. thg ry)stof sabbatical cover, ts cfigc¥NJ impact of aul(￿enr￿mefiL the increase in USS ren￿￿ ccfflbitrMJllon rats$; thè Col¢ge's continued commitment lo paying rts staff al least in Ine wilh the Lmng Wagg. staff CCFPS pènslon scheme r8malns shJnHlcanty In defidt (under FRS1021 in 2021, althoLoh Ihe d￿t decreased by£765k{2020: I￿r￿#S￿d by£1,187k). Thè¢haThJtts in actLwig1 assLvnptions Unde￿ng Ihe plan liabilities are the key driver of the thrpa3e in Ihe defidtr. these WPAB by dwThJ68 to thè thsc￿nt rate and Infl•b￿ rate applied lo the stheme's liat4lit)es. This s(erre is ck)5ed to entrants. Th8 College inthd&s a share of the USS Scheme's cu￿ent defi(it. UThJer IFRS the Colege is oblged lo acccNJnt for it under mc¥)gy pur(J)as schw rules. althwgh ￿ ks a muhl-enwoyer dofir)•J bèneffil ￿heff￿. The recent changos tolhe recovery ￿an fdlwThJ thelotest revaI￿tim has resurta in a £22k ryeditl2020: £344k ¢yeditl tong r8ccgnisad In Income and Ex[￿nd1￿Jro statemenL this largety rdatss to Ihe rwr)rfx)n dfvture paymenls bythè Cojlg3e that are expected under the ￿ FAan. Oetaifs cl Ihis scwne the CCFPS sdwne are SrKludwJ kn notes 16 aTrd 23. OV9￿11 thg pfjnsiw sth¢me liabilibes rTwwrnd undorFRS102 d8u8as•J by 12.8% from£6.3m10£5.5m {2020'. tn¢rè8s￿ by 16.1% £5.4m to £6.3m). C•ltal •xpendlture Tha C(AlwJ• Contin￿ th& rafurfoishment of the Chapd whth fctussed on renovallThJ the organ. Other refUrV￿8hrnenl works I£0.7ml were out (xi grdduate a¢r)x￿a￿'￿ at 23 Parkside and Pcson Ro#d. The Cdlege also continued its rthrtiishment of the Bwvthou¥e {£1.Om) whth will expawKI the muslc f¥llbes avaftablo to m8mbers of the ColbJe.

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 The C¢Jkge tskes very SeriOu￿Y its responsibli ity to maintain the Colkge's operational bUi￿j1ngs. most Of￿ e Ilsted and of hlstodc importaiKe. lo ensure their wnpliance vthh new regulations. arn1 to improve energy efficiency stsndards r&]uired lo m88t the College's 'net zero. aspiration by 2038. The cost of dcing thi5 plg 8 signfficanl finwcial burden on ts co1￿. Thg College contmugs to invest in its IT infra￿re and so11¥￿e. thjring the year the Cdleg& contlU8d tho introduction of a new aC￿mMOdatiOn and conference datsbase system. The new datsbase will not only help to meet the requirements of the recenlly introjuced GDPR ￿lSLt￿n. bul will also improve the College's 8bilily to manage its room stod< e1k￿lly. End¢)Ymwnt and in¥￿tment ￿rf￿rn•n The Colkge's Su￿1Val in ts presenl fomi i8 dep￿￿nI on its c. whrth contributes over half its Income and has additionally lo absorb deficiis and F￿0￿￿e some of funds fcK necessary bulkllng The College's investment cknjedNe. impknented under the supervision of its Eststes & Inv8Stments Commitleg, 1$ to manage its end01￿ment in line with the College's Statement of Inbtslmenl Printyple$ lo prcrt4￿ a steadily riSiTVJ income stwn whilst erwriFVJ ts long48mi preservation ofwtal value in real tem$. Th& conN)08￿on and perfmnce of the Colkge's eryJThtsThent is sUmmar￿￿j ￿ thè tab￿ below.. 2021 2020 Prop8rty Poolad prcWty1￿￿s Equ￿88 Cash, bans and intwest securtbes Cash in hand aThJ at investment man Other Cash lowed by￿h&kI for tha EndoM)w 181.223 4,184 .2WJ 180.404 4,018 (3284) 10,467 177 245,382 37.887 Totsl In¥￿t￿￿ts Loans 263.511 25,887 Net End¢M7m•nt End(M7mtnt rolum •nd Inv•sIm￿l In¢omo 2020 Income from: Land and buildin9S Pcoled prDperty funds Eqult Other interest rwAivable Total Income 4.877 178 5222 2.058 210 7.710 {1181 6.960 {1271 Direct costs of propeity manBgerrrt ¥Jon¢y fo9$ and mainlenance Nèt lncomo boforo Ilnanclno ¢0sts Int8r8st and ffinance costs Total n•t Incom• aft•rflnanciDg Capltal galns on invesknents IfeaFiwl and unrealised) Tt)tal retum for N•t Endowm 511 7.081 1.332 4749 1.329 898 30.661 (1.844}

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 This ffirrancial yew. for the ffirsl lyne, ts College has a totsl retum aexwMiThJ approac for its markel)le securities p)rtfolio. [￿ring the year the Colkge m8de substsntial thanges to its pJrtfoiwJ by acquirirwJ land I£26.1m) at Fuboum and then immediately granbj leaseholds on this land to a third party premiums totalling £15.5m. In athjition, ltte C(Alege scAd otsr pixes of knd to separate third parts, for £5.Ih and £1.5m PelerhcAtse's unrestrKted funds at the year4nd ￿oUnt￿l to £329.3m {2020.. £302.(knl and are represented . the balance sheet by the col￿ge,5 rwknnal buildings- which are used for academic and resbjenttal purposes - aTrJ by part ofthe investment p￿ttC410. The Governing Bcly believes that reserve5 on this scale are ￿ceSsary for the College to meet its ¢haritatAe obieciives and that they promde the stat4lity for the insbtution to operate in perpetuity. The Governing Boty mindftjl to maintsin an ￿Ul18b10 b818nc bet4en fhe inl8rests of cuffent members of the Cdlgge and futtjre genw8tK)ns. Risk M4nag•m•nt The Goveming Body has the 0}￿all reSp￿SIbilIty for Identsf￿n9 8NJ managing the major risks facing the College. thscussK)n of risks a r￿bne part of the of the Goveming Body and the associated Col Committaas. A formal high levd risk register is maintsined by the Finance Commitiee and re￿e￿d on an annual basis by tho Goveming Body. In addtiion to this. OtherC￿lege Committee5 review and discyJss indiwdual risks vthich fall wlhin ther respecbve tems of reference on a more frequent b￿s. College Committees also develop and update College policies to manage and mitsgale risks as and when approwale. Re5ponsibilty for the implementali¢)n of College policies is dgated to the rdevant C￿lege orff￿rS and members of staff. Fundralslng The continued e￿$ter￿e of Pelerhwse ts a Trflection of the ouistsrnling generosity over time of Petreans aTrJ 0￿r benefact￿. The co1￿8,$ devebrrfnent canpaon Continu￿ to make a valuable conlributKn over th8 year, vAth donathons and g￿TreS of £1.Om (21Y20: £0.8m). Of these £125k was raised for pemanent endo¥hnenls (2020: £6k). The fx4nbined net (x>sts of fundrnismg and member reLg1ions was £247k 12020.. £315k}. The C¢Slege is registered the Fundraisng Regulator￿ •Jheres to its Ccde ofPractic8. The Cole d not use extemal professional fundraisers 8n(J carries out fvnthwsing actiwties through its Devebpment Office, in collaboration with CambrKlge UnNersity Develop¥nenl and Aumni Relatk)ns Office as appropriate. In additltsn to seeking financial olhgr SUFPOrt for the College. the Develownent Office 15 also responsltle for alumni r8lalKJns. Fundraisng techniques used inclLKle fao to fa￿ meetings. the promolion of legacy giving. annual telephone ¢ampaLqns and oc¢asKrynal mass mailings to member5 rAthe Cdlege's communty. The ColSe9e tak&s very serfousty its responsibility to er￿Ure Ihat its assets and resourc&8 are used only for the purposes for thich they were given. The Col￿ge does not eThJage in intrusive or unreason8bly persistent methods of fundraising aThJ Iraining is given to all indimduals vtho uTrJertakefundraising acbwts8s lo ensure that thèy krrf)w how to handle obvlwsty wlnerable peTr￿. There have been no fmal comF4ants made atoui fvTrJTaising {[￿Or year r￿81. Prfnclpal rlsks and uncertainti•8 Peterhouse fa￿S a range of risks in meeting its tharitsble purposes vthich include finarrial. Operat￿nal and repulalional risks. These indude ts long-lemi ability to attrxt the best staff and students. lo maintsin and d&velop its research and aducat￿nal offering, and to conserve, refresh, and renew its physical faoltiies. In addition, the Cdlege faces reputatK)nal rth wi a y￿ld vthere modem communub'on methods have resulted in higher levels of swtiny in wde range of area5. 10

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 Tl College has recenuy invested In a range of measu￿$ lo improve ftjrlher the pastoral supwt it offers its students. It seek5 to fostera supptkne and colle9iate culture amor¥Jst Fdlows. students and staff. The Colbge also seeks opporiunilies to contn'bute positively to the communities in which tl operates lakes serksusly ils responsibilibes as a significant laTrJov•ner. While Peterhcyjse isfortunate in beiThJ 8 relativelywel1-￿knw￿ College, it continues to f8￿finar￿4al that￿nge$ mwy of vthKh we comrnon to Ihe University and other c￿bri{b3& ￿11$￿. The recent pandemic and the outcome of the UK'S departure fr(Mn the EU has made ts political. economic and ucationallandscape increasingly vncertain. This is against a bar￿ drop of cuts by Govemment to funding teaching and research. CoU￿e¢j fees for sttjdents risry steeply recnt years. Operatin9 costs in the meantime have been Subl￿t to ongoing inll8ticw prgssJJTes. In ad(fition. the tsvo defined benefit wnsion schemes Nthich the Colkge is part of have ffl0￿ into signrfvnl funding deficit5 in recent yEars due lo adverse movements in the finanual markets. Peterhouse seeks to respond trj these finar￿la1 challenges by fc(xJssir¥J on effKaentfinancial managernent of its operational aclivrftes. and the F￿dent stewardship of its erKlON￿nent assets for th& loThJ lem. However, If it Is to develop further the ath"wlies Ihal 8fe critical lo its rnisskjn such as research studentships, and lo continue to progress its Capital expenditttre plans across rts Sub$￿traI operational estate. College V•ill need to raise dilional funds over the comiThJ year5. Plans for the futurn The College aims to pwgje and de￿lOP its ￿sting strategy, *ith a p8￿Cul¥fOCuS over the next few years on: The challenges C(￿58qUenceS of the CO￿¢&19 pgrklemi The further devek)pment of slaffing aTrJ pastoral carE to Fxixnote army SUFVOrt student wdl.teing" Continued support of its Research Fellowship arKI Research Sludentship ￿heme to offer financial support for the m051 t￿ented e8rly-¢ar8er a￿deMicS and graduate St￿jents.. Increasing the Cdlege's AdmissKY<6 and Outrexh lnrt￿ti¥es lo attract outstandhig applicants for undergraduate aThJ graduate eourses from a divwse range of educationa. Soefdl and cultural backgrounds. 11

PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2021 The following statement 15 provided by the Goveming Bchjy to en8ble reader5 of the financial statements to obtain a better un(krslanding d the arrarMJements in the Colle9è for the management of its resources and for aLKIIL Thecollege isa registered Charity(￿1$1eTed numberNo. 11374571 and subjecl lo reguLglion bythe Charity Commisslon for EnL4and 8fKI Wales. The members of the GovemiTr3 8(xty are tr£ eh8￿tytrustee9 and are responsible fcf ensuring rL)mptsnce ￿ charity18W. The Trustees Goveming Bc is a(Iviwl in wjing i)ut its duties by a number of Committees. Govwnance Committee Remuneration Commitlee Finan￿ Committee Estates and Investments Commiitee Development Committee E(kJcalion Committee A(Imis&ons Committee Examination F8ilures Committee Grants Committee HoThJrary & Visrting Fdlowshlps Conynlttee Research Sludentships Commiltee Research Fell¢)w5hips Commitiee m. Travgl Gr8nls Committae Charitable App￿1¢￿110ns Committee Coryrdinating Committee Peterhouse P4)al aub Fund Management Commiitee q. Staff Comrnittee Food and Wine CA)mmittee Bulldings, Fabric and Gardens Committee IT C(tsnmittee 4. The princ4pal administrati￿ Olfms ofthe College arn the Master. the S￿￿)r Burw, and the Senlor Tutor. is Ihe duty of the Finarte Ccthmittee to keep ￿der the effethwss of the College's internal systems of financial and other controls.. to advw the Goveming Body on the apFointment of extemal and Inlemal auditors: lo ￿$￿Yer reruts gknmitted by the aLNJi1o￿. external and intemal: lo monilor th8 implementation of recommendations mth by th8 a￿rt(￿s. to make an annu81 ret)rt to the Goveming Bcdy. Membership of the Finance CLxnmittee indudes: The Chaimian (o Felbw of the College). Senlor Tutor. Senior Bursar and several olher Fellows of ts Cdlege. There are Registers of Interests of M￿nberS of Ihe GovemirKJ Boty. the FInar￿ Committee and of the Sen1￿ administrative officers. Declarations of interest are roub.nely made at all College commlttee meetings. 7. The Cc41ege's Trustees (Mer￿¥ ￿the Goveming Body) dwing Ihe YEW endetl 30 June 2021 are Set out on p8ge 2. 8. The Trustees are the Goveming Pthy Nthich reS￿S￿le for maintsining a sound syslem of intemal control that supports thg achievementof policy. airns arKI obiecb¥p5 Whi￿ safeguarding Ihe public and other funds and assets for thich the (S)veming B(yJy is responskn￿. in &cordance with the col￿ge.$ StLrtes. 9. The sFtem of internal ccffjtr(4 i8 designed to m8nage r8ttw thon elwninate the risk of fathjre to achleve poli¢i6s. aims and objectives.. ittherefore Fxowdes reasonab￿ tKrt not absolute assur8nc6 of èffectiveness. 10. The systwn ofrfemal control is d￿gned to the wirwal ri8ks to the achievement of px)licies. alms and objectives. to evaluate the nJre and exterrt of those risks and to m8n8ge them efvenwy. eff￿lIve and econ(Anically. This Prc￿esS was in [la￿ f(¥ Ihe year ended 30 June 2021 and up to the dale of approwal of the slatements. 12

PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2021 The G¢)vemlng ig reswJwbl& for the effeCt￿sS of the system of intemal ￿ntrOl. The folb)wing processes arxl ￿L%8￿jr6S have been eSIa￿lshed. The Goveming Body meets rylarfy {typKally 13 ts.mesl thrC￿hOut the ￿ar to considor the plans and strategic ¢Jirectton of thè Colkgg8" il also reviews and approves the annual finan￿1 r￿￿lIS and bL¥Jg8t. b. The Governing BcKly r￿1VeS intwim reFK)rts from the Finan￿ Ccfflmittee whth revNvs key finanoal Infonnation and statistics on Sn orYJoing basis. uKI￿ling quartedy prcgress against bLidget. A Committe8 Structure ha5 been wt in place to remew key areas of Colkge Appropriate levels of segregaticfi of duts have been established together fjlh wjthorrty limits. These are reviewed periCmY￿al1y. Tw) Felbws (not already on the FinanGe Commitiee} revitr audit the College ￿￿nIS li detall. and prO￿lde an independenl report on their findirys lo ts GO￿lr￿ 80. A Project Accountsnt has employed to reviv4V and im￿￿Ve the internal s￿temS conlrols. 11. A Fellow on the Governing Body has been desKJnated SIRO (seni￿ Information Flsk Officer) ond is reskx)nsible for reporting to Goveming Body on data protection and infom)8tic￿ risk issues. 12. The ￿verning Bodys review aft￿e effethEness d the system of intemal control is infomied by the wok of various Cofflmittees. the Senk)r Bursar. aThJ other CollegE Offi￿r5, have responsibility for the development and maintenance of the ntemal frame￿ aryj by comments made by the extgm81 auditors in their management letter and other reFK*ts. 13

PETERHOUSE RESPONSIBILITIES OF THE GOVERNING BODY FOR THE YEAR ENDED 30 JUNE 2021 The Goveming Btsly is responsit1￿ for preparirKJ the Annual Report arKI financial statements in accordarte with aFvI0Cab￿ law and United ￿ngdorn AccKJuntir¥ Standar(Fs {Unlted Kingdom Generalty Ac¢xpted Aceountir Praclice). College's Statutes and tho Statutes and Ordinances of Ihe uni￿rs￿Y of Cambri&3e require Ihe Govgming Body to prepare financial statements financial ￿arVI￿￿ 8 tn and fair wew ofthe state of affalrs the Colbge and of the surplus ordeficil of the Cdlege for that peri¢)J. In preparing these fina￿la1 stalemenls. the Goveming BcJy are required to: select suitablo ac￿nting ￿leJeS and then apply cO￿lS1￿￿￿, make judgements arNJ 8stimat8S that r8asonabl8 pnkn( stste vthether appI￿able acc¢xmtwig stsndards h8ve been fdlod. su￿e¢l to any matarial departures t*sclosed and explained in the finani#al slalements.. 8nd epare the finanaal statements on thg gcrfr¥J Lmloss it is inapFwowiats to presume that the Colbge will continue in Opera￿n. Goveming Body Is res￿ns￿e for keet¥ng ￿)unI￿19 reccrfts whth disdose ¥4ith reasonable accuracy at any lime the financi81 posib.on of the College and en8Lle them to that Ihe financial sts1eM￿tS comp Ih Ihe Statutes of the unive￿Ity of Cambrkdge. They ￿ also rewnsible for safeguwding the assets of the Collage and her￿ for taking reasonab￿ steps for the we￿ntion arKI detection of ￿￿d and other irregularities. Goveming Body is reSp)￿lb1e maKrtenan(% arKI integrity of corporate and fmandal informatKJn included on the College's bsite. Legisiabon in the United I￿n￿10M govemww thè Fryaration and dissemination of fInaKI￿ statements may dlfferlrom ￿gisla110n in other5url5d￿1Ons. On bghaif of tho Gov8ming Bo(ly of tho Mast8r l(OfjFW} and F￿10￿ of Potothcthe in the Univgrsity of Cambridge Ms B Kèndall MBE Master I.N.IA. Wright Senior Bursar 14

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2021 Oplnlon We have audrted the ffinanck31 ststements d petert￿ Ithe'Colg? subsidiar￿$ lthe'group,) for the year ended 30 June 2021 vthic comprise the C(xwlKlal8d Sta￿ent of ComprehensNe IrKome and Exp8nditur8, the Consolmdated Statement of Charoes in Reserves, the Consolldated Balance Sheet. the Consolidated Cash Row Statement aThJ notes to Ihe finan081 $18twnents. including signi￿an1 accounting pdicies. The f￿ncIal reporbng frarne4￿rk Ihal has been applie(i in th￿r prep8rath?n is ap￿1￿)10 law and Unrted lfjngdom Accounting Stsndards. induding Financial ReportirYJ Stsndard 102 The Financial Reporting Stsndard applicable in the UK and Republ￿ of IrrKI Iuniled lfjngkni Generally Acwled Accounting Practice). In our oplnion the flnancial Statem￿.. give a true and fair view of the State of the group'5 Col,5 affairs as at 30 June 2021, and of the group's irKoming resources aThJ aFfAICat￿ of resources. irtluding its income and expenditure. for the year then ended: have been Propeily wepar&Y in ￿ldarKe thith Unite(I lfjwjom Generally Accèptéd Accounlkng have been prepared in accordan￿ V•ilh the wuirwnents of Ihe Charlties Act 2011 an(J the Statutes the Universlty of Cambridge.. the contribU￿n due the Colege kn the University has been ¢Theclly cmwted as adwsed in provisional assessment bythe UnNerslty of Cambridge arKI in ¥wrdar￿￿ ¥￿th the Fwvisions of Sta￿te G.11, of the Universty of carn￿1dge. Buos for opinion We coThYucted our8udit in 8ccordance vAth International Standards on A￿1111￿ IUKI IISAS IUKII and appllcable law. Our responsibil￿e5 underthose standard5 are fUrtherdeScTib￿ in Auditorfs responsibiltties for the audit of the financial statements secbfx) of c4Jr rewt. We are Indep￿dent of the grcHJp and Cdl89e in accord8n¢8 viith Ihe ethical requirements that a￿ ￿levant to our audit of the finartial ￿ttlements in the UK. includin9 the FRC'S Ethical Standard, and have fulfilled our other ethi￿1 respcYtsibilities in accordance with these reQUir￿ents. We that the audit evid￿￿8 ￿ have obtsined is sutWnt aNI aFvropWe to provide a basls for our opinion. Concluslons rel•￿n9 to going concorn In auditing the financkgl stalements. wp have eoneluded that the Goveming BC41￿8. use of the golw concem basis of acccyjnting in Ihe preparation of ts ffinancial ststements is approwate. Based on the have terformed, have nol identified any m8rial ￿￿ertaIntleS relating to events or conditions that, indNidually or cdkdively. may east sNJnffj￿ant doubl on the group's or College's abilty to continue as 8 goFng concem for a wh)d of al least kn￿1¥e months fr(xn the finan¢i4 slatements are authorised issue. Our responsibilities arKJ Ihe resrmsbÈlilles of the Gowiing Bc*Jy wilh respect to gorKJ concem are des(xibed in the relevant seclions of Ihis 15

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2021 Oth•r inftma Th6 other infomati(m comwises the infomiation included in the rewrt of the Goveming BcKly. other tr￿ft the financial statements and our audilorfs repcrfl ther&M. The Goveming Body are responsible for the other irrfomiation cont￿￿ vthin the annual rep￿t. Our 0￿rll0n on Ihe finanaal statements doas not cover the other information and. except to the extent olherv•ise explKity stated in our rgport, V•P do not express any fomi of asswance co￿lUsion thereon. Our reswnsily'lty is to read Ihe other infomiation 8fKI. in doing so. consider whether the other inforni8￿n is materrally i￿￿$￿￿tent vAth the financ481 statements or our knth￿edg9 obtained In th8 cour8e of the audtt or otheThvise ap￿rS to be matetslly misstsled. identify such m8t&ial inconslstgndes ￿ apparent materlal misststements. are r8quired lo detemiine %%hether this gNes rise lo material misslatemenl in the fina￿81 statements themselve5. If, based on the work ￿ have ￿f0￿6￿. we condude that there is 8 material misstatement of this other irrformation. we are requwed to repjrt that fact. We hove nothing to rewt in this regard. Maltgrs on whkh arn r•qulrgd to r•pi¥t by gxup We have nothing to report in respec of the fc110￿ryng matter5 in rP￿tion to vthKh tha Charities {Aetounts Reports) Regulation5 2CQ8 requwe us to reFAVt to you rf. In our OFlnion: the infr$rMati￿ given in the fin￿cIal sl8tements is irK%￿SiStenI in any material respect the reptrt of ts Goveming B￿ly. sufficient aC￿Unting records have not been kep( or the finarrial $ts18fflents are not in 4reémenl acc4)untirKJ r8eords and reILM￿.. or have not received all the InfC￿Ma￿n and expkna140ns ￿ require for our audit. R•sponsibilities of thg Gov•rnlng Body A5 explained rn0￿ fully in the Goveming Bod￿5 re5ponsbi Irit￿ ststement set out on pag8 14, the Goveming 8ody are responsble for the preparation of1he finarrAal statements arKI for being satisfied th8t they give a true and fair v￿. and for gjch intern￿ control as th8 Goveming Bc#Jy determine is Th￿SS8ry lo enab￿ the preparation OffinW￿l￿ statements that are free frcrfn malerial misStat￿enL wtsther due to Ira￿ 01 orror. In preparing the financial ststements. the Govemlng are responslNe for assessing the group's and Colleg&'$ ilty lo continue as a going cor+cem, disclosing. as apPkab￿. matters rebted lo goiw concem and using the wirrfJ Conc￿ basi5 of aoxwnting unless Ihe Goveming Body either iniwKI to liquidate the group or the Coilege or to cease cyerations, or have no realis1ic altemative tArt to do so. Audltovs, respon8lbllftles for the audlt of the flnanclal statemthts We hwe bgen appolnted as aud￿Or under sectim 151 of the Charibes Act 2011 and rem in accordance regulati￿$ madg under section 1￿ of that ACL Our oblecvves are lo obtsln reasonable assurance abcmjt wheiher the financial sLitements as a whde are fre from material misstatemenL whther due to fraud or error, and to i8sue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurarKe. Ixrt is a guarantee that an audil cond￿t￿ in acwdance with ISAS (UK) a￿ayS detfjrt a merial misststernent vthen it ¢￿$1$. Misstatements cen arise from fra￿￿ or error and ar8 COn￿dered mat8fbal rf, iThJMdually or in the aggwale, they COLld reasonably be expecbJ to thuence the e￿N￿)mI¢ de¢igons of users tsk￿ m tr basis of Ilwe fina￿Aal statements. Irregularities. inclu(Sng fraud, ar6 inslancs of Th)n<0m￿lanCe la￿ arKJ regulabons. We de51gn procedures in line with our responsibdib'es. ouvined a￿Ve. to dele¢i rnater1￿ misstrtemenls in respect of irregui8ri1ies, including fraud. The extent to thich our prctedures are capalle of detecting rrewlarlties, induding fraud Is detailed bek)w: 16

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2021 We gained an understsnding of the legal and regulatory frameYKffk applicabl8 to the College and how li op8rates and c(￿￿d￿ed ts risk of rKJt compl￿r￿￿ wlh the applKable Lgws arKI regulations cluding fraud in parlocular Ihose that cO￿d ha￿ a material impact C￿ the thancial statemants. Thls Induded Ihose regulations diredy relaled lo the finaw81 statements. In relation to the College this induded data proteclion. health and Safety. eM￿o￿￿ent L3w and financial rep)rbrvJ. The risks ￿re dlscuwd wth ts audit team and ￿ rem8ine(l a￿rt to any ￿d￿tiOnS of non•compliance throughout the audit. We carriwj ¢xrt sp8crfic wocedures to address the risks identified. These included Ihe follohMrrfJ- We raviev￿d systems and pl(￿e￿￿e$ lo idenlify potenb.al area5 of mana9gment overrhjg risk. In P8rticular. we carried out lesling of joum81 wtries and other adjustrnents for arproprialeness, arK1 evaluali the busness rationale of signfficanl t￿ar￿￿I$ lo identify large or unusual transactions. We remewed key auth￿IsatIOn wocedures and deuscffl makHvJ wocew for any ￿USUal or one-off trarsacoons. We re￿eWed minutes of GoNEming W meelings and wJeed the financ￿1 statement diisures lo underfwng supporlirYJ docJJmentation. We have made en¢wwies of management an(i officrs crf the Colleg8 regarding laws and regulalions app1Kab￿ to the rxwisaiion. We re￿e￿d the risk management F￿￿eSSeS and Sn t4ace indudlng a rwew of the rfsk register and reporling lo the Goveming Bcrfty. Because of the inherent limitat•)ns of an al￿[1, th￿ is a rtsk that ￿ WIN not detect an iTregularities, induding those kading to a material misstslement in the financi81 statemerrts or non<cffipliar￿e with regulation. This risk inuease$ the more that eomplwdnce Viith a law oi regulati￿ is rerno￿ from the events and trans8ctions reflected in the fina￿#81 slalements. as V￿ wll be less likn iy to become a￿are of inslances of non-complionce. The risk is also greater regarding irregularilies occurring due lo frydud rather than errcf, as fraud invdves tenti(Thl concealmw)L forgery, c4)Uusb)n, rynission C￿ mlsrwres￿(￿. A further description of our re5ponsbilities is available on the Fin8nek81 Reporting cour￿11.$ website at.. htty)s:IIvhw4.frc.org.ukJOur-WorklALpjrtlAudit-8rn1-8s5urancelStarKlards-and4JuJan(￿st*wjards-and- guid8nce.for-auditorslAuditors-reSpyJ)￿l￿lIt10s-fof-aL#jIl￿cnptiOn-of-0uditQl54eSF￿nsibIlitie8-for-8ud1l.sSpX. This de8CriPtion 1￿m5 part of our audikn's TewrL Us0 of our report This report is made SO￿lY lo the Colkge's GovernK￿ Body. as 8 ttsjy, in aCCCKdar￿e ￿th College's statutes. the Statutes of the Uniwtsty of C8mt¥idge and part 4 of the Charitss {Accounts and Rep(¥ts) Regulations 2(KJ8. Cxjr audit work has been Undertak￿ so thal we mvJht state to the Colege's Goveming Body Ih05e malters we are required to State to them in an audf(orfs rewrt and for m other purpose. To the fullest extent permitted by lavd. w8 do not accept or asgjme reSp(￿Si￿11ty lo any￿ other than the college and the colege's Governing Body 85 a t#)dy. for ow a￿11( WLYk. Ihis reprt orfor the opitx)ns ￿ have f(Kmed. PRICE BAILEY LLP Chartered AccouDtsnts and Stsiutsy Auditors Tgmyson H(yJse Cambrhlg8 Busines5 Park CambrKlge C84 OWZ Dale: 1 December 2021 Price Bailey LLP ￿ elli¢ bl8 to act as an audrtor in terrns of Sect￿￿ 1212 of ts COmpan￿S Act 2006. 17

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2021 Statem•nt of Prln¢lpal A¢¢ounUng Poll¢l•s Basls of preparatlon financial statemenls have been prepared in accordance wrth the pro￿lonS of the Statutes of the College arKI ofthe Universty of Carnbridgg. usirvJ the RKommended Cambridge College AC￿nts {RCCAI format and 8m)I￿able United K#igdom A¢countirtr3 StarKlards, induding Finarwl Rawbng StsNJard 102 IFRS 1021 and the Statement of Recommended Practice (SORP): for Futherand Higher Education issued in 2019. Statemant ol Comprehensive Ine4Jm6 and ExpeThJiture Incl￿8$ 8ctivSty 8nalysis in order to demonstrate that all fee income is SFent for educab.onal purpose5. The anatysis req￿red by the SQRP is set out in note 6. Tho Colleg8 is a Publ￿ tnefft entity and thereth has ap￿1￿￿ Ihe relevant publ￿ ban8fit r4uirement of the 8FWic8ble UK laws and ￿lUnting stWKl8rds. Ba819 of accounting The financial statements have been preptred under the histortal cost CThentson. mDJrfied in respect of th& trealment of investments ar¥J ￿rtain Op￿alon81 properties 15 ￿luded at valuatiw. Ba$1$ of Gonsolldaoon The ccrtolldaled financLg1 Stat￿)ents IrKlude the Cdlege and its subsidiwy ￿￿ertak￿9$. Details of the subsidiary undertakings indu(Jed are set out in ￿te 10. Intra-group balanc8s are èliminated on corwlidaticffi. R9CO9nltlon of InGom• Ac&lemi¢ fees Ac&Jemic fees a￿ recognised in the pericd to ￿lch they reL indude all fees ChaWb￿ to sludents or "r 8ponsor8. The costs of any fees vANed or ￿Itten off bythe Col are as exp￿￿￿ture. Grant income Iknnts recoiv8d from norwvemmenl sowces (indudiThJ re5ewth grants from non4JOV8rnment sth4￿8S) recognised Mthin the Consolidated Statement of Comwehenslve Income Exp￿d[tuTe when the College is entilbed to incAyne a￿1 Fwfomiance related rnndibons habt teen met Income received in advance of perfomiance related conditi￿$ 1$ deferre(l on ts balance sheet a￿1 released to Ihe cor￿oI1dated Statement ol Comwehen5ive Income and ExpeThJitrJre in line ￿1th such condit¢ons being met. Danations and andowm8nfs Non exthange transactions wthoul perfOrm￿Ce related ￿ndItionS are donab"on$ and endowments. Donation9 aTrJ endowments wth d(￿ imposed res￿b0￿$ arg recogr¥sed within Consolidated Stslement of COMp￿hensIve Income Exp￿￿11￿￿ the colle￿ is entrded to the r￿Me. 1￿me is retained wlhin restrictthg reserves until SLKh time that tt is ukn'lised in wch res11th￿S at whith p)int income is released lo gernral rvJerves through a reserve transfer. DO￿lOn$ aNI erK1owM￿ wilh restrictic¥B are classified as reslrthd reserves ￿ adthtKThI dlsclosure provided wihin the notss to the acc(Kmts. There ore four main ts Ofd0na￿￿ and enthj￿Tnents wtth restrfclicrts: ReslrKted donalions- thB domr has Specif￿d that Ihe thn8t¥)n musl be used a ￿tir#JIar objective. UnrestrKled per￿￿ent endcw+Tnents-the donor has spedfied that the fund is to be ￿a￿entrY invesled to generate an irKome stream for the general L￿efft ofthe Collegè. Restrkted expendable erKJovrfnents- Ihe donw ha5 speryr￿d a partic￿￿ oi¥ectNe and the College c8n onvert the d￿ated sum into irKome. 18

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNnNG POLICIES FOR THE YEAR ENDED 30 JUNE 2021 Statement of Principal Act¢yJfttlnz P0￿cleS (Con￿n￿dI Re¢o8nhlon of Income Icontlnued) Donotions ond efftlowments (tontinuedj Restricted pem8nent endowments - the donor has sFeufied Ihat the fvnd 15 to be permanenuy Invested to generate an irKome stream io be applied to a pariicuL8r otleth. Donations wilh no restston5 are recor￿ valhin the Consolidated Statement of Comprthnsive IrK>)me and Expenditure vthen the Cc4lege is entitled to Ihe IT￿Ome. Investmenl inLiyne and tharftje in value of investment a&s8ts Investment income and change in value of investment assets is recordod in in year in whth arises and as eitherresthcted Or￿reStricted I￿ome ac0)￿ing lo ts twm$ orothw restrict￿)nS applied to th8 indmdual end0￿ent fund. Tot81 rolum The College operal8s a total reknn polry ￿lti regard to its quoted seurrities and POO￿ propety funds. Th8 spendlng policy Is speoficalty designed to stsbilise annual spending ￿veL$ and lo preserve the real vdue of Ihe pxjrtfolio over lime. The spending w)lry atlempts to achiev8 these obiethes by using a long-term targeted spending rate comtird wth 8 smoothing rule. bthich adjusts spendir¥J gradually lo changes in the market val ofthe quoted 5e()Jrilies pcKJled prop￿fLmds. The ackn￿1 Tate OfsP￿dIng for 2021 when measured against three year trailing avefage value was 3.25%. Ofher income Income is received from a of xtNities ind￿lIr￿J xommcJation, c4tering conferences and other seNiee$ rendered. Foroign cwr•n¢y trwslatlon T￿SaCtIOnS denominat&l in foreign curren(?es 8re re￿￿$8￿ al the rale of exchange ruling al the date of the transaction& Monetary assets arxl I￿￿71tieS derv)mir￿ted in forei￿ cJjrr￿C￿S are translated into sleding al year end rates or. where there are fon%?rd fofeign exthange ts)ntrncts in place. 8t contra¢1 rates. The resuming gxchange differgnces dealt in the deterMIna￿n of the CI￿np￿hen5i¥e wKx)me arKI expenditure for the finanlaal year. Flxed a86•ts Land and burtdings Fixed assels are stated at deemed LTht kn awnulated deweoalion and awmvlate(l imp8iment k)sses. Certain items of fixed assets, including the maff)rity of our Op￿ational buildings. that had been revalued to fair Value on or prKsr to 1 August 2014. the date of tran&tion to SORP. are meaSU￿d on the basss of deemed c051. being th& revabJed amount at the date ol that revalualv)n. These assets had useful ￿nOmiC lives ranging betsveen 5 to 19) years and 8re depreoated on a strht lkne basis. Where parts ofa asset have (f￿rent usefvl are &xounted foras sepAf8te rtems offixed assets. Costs incurred in relation to land and buildings after WNb81 purchase or ￿n81nJCt￿)n, and Fmr to valuallon, are caF¥tslised to the extent that they inc¥gase the exFeCted ftrture berEfits to ihe Colege. Freehold land is not deprecialed as il is co￿dared to have an wvjefinite useful IrFe. Additions to Freehold Buildings. in the fom of c8Fitslised ￿furb1$hMenI *ryks or l)uildings, are depreciat￿ on a Stroight line basls over their expected u5efiJl lives of 50 Jears. Buildings under constr￿lI0n are Valu￿ at cost. based on the value of ￿hItects. Certif￿te$ and other direet costs incurred. Try are not de{￿ated until they aft ￿ht into Ltse. 19

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2021 Statement of Prlndpal k¢owttln8 Polkies {contIn￿d) xed assets (Gortinuedj The cost of additiC￿s to operat￿)￿al propty shown in the balarte sheét ￿ude$ the cost of land. Fumiture, ffttings and equipment ￿$ting W than £3,CW per indmdual ilem or group of relaled rtems is written off in the year of acqu5￿tiOn. All other assets are caF4ts1ised and deprecrdted over their expect￿ useful lrfe as follows.. Fumilure and fittings Computer equipment Motor vehides 10.0% per annum 25.1VA pw annum 20.￿ per anThJm Leased 8ssets Costs in respect of OFeralng 1888es are ch8rged on a slr8ltht41ne basis over the lease term. Any lease premiums or incnb'ves are sp￿ad ovw minimum leas& temi. The Coll&3e holds and Conserves a numbèr of colledions. ethitAts. artefacts and other assets of historical, arbSt￿ or sryentrfic importance. Heriwe assets acquired before 1 A￿Just 2014 have not been capitalised since relkble 8Stlmates ol cost or value are not available on a cosl b￿8fft basis. and also the volume ot items and dluats"c￿ issues mean that it is neiiher KKaCtKxI ber￿fi￿al to identify and valu8 lJ)em. AcqUisitior￿ sinc4 1 August 2014 and valued at over £10k are capitalised arkd recognised n the Balance Sheet at thg or. thre the assets e donated, at Valuation on receipt of these assets %there such a cost or valuation is reasonably obtainable. Heritage assets are not depreciated since th￿r long ewnomic Irfe and hlgh reshdual rdlue mean th81 any depreciatKJn would not be material. Exp￿trYi1￿re is rewired lo preserve or prevent furtherdeterioration of indiwdual items ￿1th1n the heritage assets is recwiis&J in the Income and Ex￿endI￿re A￿OUnt ￿en It is irKurred. The Cdleges, marogement in rgspect of ts hwitage asset 15 summarised in note 8. Investmnts Fixed asset investrnents are 1ndl¥J￿ in the balarte sheet at fair Trrdlue. ex￿p1 for investrnents in subsidiary uThJertaknngs whth are stated in the Colege's b3￿nCe sheet al eosl and eliminated on consoh'dation. Investments that are not list￿ on a recognised ste¢k ex￿￿￿# we tarried at histori￿1 cosl18ss any provlslon fu impairnient ￿ Iheir valUelm8￿et value. Stocks Stocks are stated at the low of cost and net reali8able value aft¥ for slow mowng and obsolete items. Dobtors Sh(¥t tem debtNs are measured at transaction syl￿. less impomenL Ca8h Ca8h Equlvalents Cath is represenbj by cash n hand deposrb bmlh finarK¥al ins1iiution5 repayabb wrthoLrt pwalty on nO￿e of not more than 24 hours. Cash aquiwalonts are highty liquid investments that maturg in Th) more than three months frcm trE d*e of wul￿tIon and that are readity convertible to affl￿nts ol cash with in5ignrficanl risk of change in value. Credltorn sith tami cre(titors are measured at the trar￿liC￿ prKe.

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2021 Statement of Principal knuntir¥ Policies Icixrtin￿1j Financial Inslrum•nl8 The College has el￿ted to ath)pt Seclons 11 and 12 of FRS 102 in respect of ttbe recDJnrtw. measurement 8nd disdosure of financral irtstruments. Financial 85sets arxl liabilities are recowised ¥thgn College ecomes paty lo the contractual pr¢)viwn of the inslrument and they are ¢Lgssified xcordry to tha SLtstan¢e of the ccntractual arrangements entered into. A finaKial asset a￿1 a finarKial liabilty are offsei ￿Y thére is a l&Jalty enforceable r￿ht to set off the recognised amoLty)ts and an inkntion eitherto setue on a net basis. orlg realise the asset aThJ 5etUe the Ik?bility simultsneously. Financial a5sots Bas￿ financial assets include trade and other receivales. cash arvj cash equiralents and in￿stments i commerrAal paper li.e. dew)sits and bonds). These assets are initi'ally recognised at transaction ptlce unless the arr￿9ernent constilutes a financiry transxtion. ythe￿ the transaction is measured 81 the PTesenl value of Ihe futtjre r￿Ipts discounted at a market rnte of w)terest. Such assets are subsequentty wied at amorbsed (x)st using the effeGtive irbteresl rate method. Financial assets are assess•J for indicat￿5 of impairment at each reporttng date. If there is Ot¥￿￿ve e?￿en￿ of wnpawmen( ￿ impaimenl k)ss 1$ fgCC3nisod in thg Statoment of c￿)prehenSIve Inwng. Forfinanclal assets carfed at 8morbsed costts impainnenl loss ts the ￿rfferenc bemwi the Ca￿ng 8mount ofthe asset and the present Va￿ of the estimated futur8 Cash Ibyws, discounted at the assevs original effectNe interesl rats. other finanaal assets. induding investments in equty instruments. vA)th are rK)t subsidiaries orjoint verrtures. a￿ initially measured al fairvolue which is ty￿altythe transact•)n pri￿. These 8ssels 8re subsequentlyc8rried at fair Value and changes in f8ir value at the re￿Ing dale are recognis6d in the Statement of Comprehenslve Income. Where the irwestmenl in equity instruments is not pU￿1clY tra(led and wknere Ihe fair value cannot be reliably measure(I, the assets are measur￿2 at cost less Knpairmenl. Investments in prr4iety or otsr physical assets do constitute 8 f￿ancial inStruMw￿ and not induded. F￿an¢￿91 assets are de-r8cognised th8 cOTrtr￿ rights to the cath flows frorn the asset eXF4r8 or are selued or subs18nti8lly all of the risks rthWa￿lS of 0￿￿r￿1p a￿ trarthrred to paty. Flnanclal U•blllllo¥ c finan￿￿1 1iakn1it￿ ind￿6 tr8de otsr payables. bank loans and intergroup loans. These liabilities are itially wognised at transact￿n prif unless the arrang￿n￿nI ¢onstitu18s a financing transactv￿, vknere the debt instrument is measur8d at the present value of the fiJbJre p8yments discounted al a market rate of interest. Debt instruments are subsequenly carfed at amorlised cost USTng Ihe effecti￿ int￿e$l rote metho(l. Fe8s pakl on the estsblshment of lo￿ faolities re(>)gntsed as tffdnsacl￿n costs of the to the extent that it is probable that some or all of facilty ill be th?￿. Trad8 payables are obligatiorys lo pay for gcods or seNces that have been wuired in the ordinary course of business frcmn suppliers. Acccyjnts payable ￿e cla55ffie(18s Ixjrrent Itabilities rf pa￿ent is due within one year or ￿$$. If rK>t. they are presented as non<urrent Ii8Lyltlies. T￿de payables are recognised initkqlly at tr8ns8Ction prlce and subseynuy me8swed ot am¢ytised cost Using the efftttibe Ditwest rdte metlF)d. Derivatives. induding forvrdrd foreKJn 8xthang8 contracts. are not ba￿C finanL¥al instruments. DerivatNes 8re itially r￿￿gnISed al f8ir value cffl the date the derivative contraci is enter&J into and are subsequently re- measured at lh￿r fair value al the rwting d8ts. Changes in the lair value of d8rivatives are recognised in the ststement ofComprehensiv8 IrKome in finar￿ costs Orfin￿ intxme as apFwiole. un￿¥ they are included a hedgirvJ arrangement. 21

PETERHOUSE STATEMENT OF PRINCIPAL AccouKfiNG POLICIES FOR THE YEAR ENDED 30 JUNE 2021 Smement of Prtnclpal Accountlng Polldes {¢ontlnued) Flnoncial Liabiliti•s (continued) To the extent that the Colege entets intr> for•wO thign exch￿98 C￿traCts remain Unsettl￿ at the rep)rting date the fair value of Ihe (¥￿tracts is r￿Wed al that dale. The initi81 fair value is measured as the transaction price on the date of ￿￿ptIOn of the ￿ntraCts. Subwuent valuations are considered on the basls of the fowrdrd rates for those unsetued cc￿tracts at Ihe rwting date. The College dces not apply any hedge aC￿LM￿n9 in respect of f￿rd forwgn exchange contracts hebj to man¥ cash fiow exposures of forecast transactions denominated in foreign cwretKw. Financial liabilities a￿ de-reccgniwj vknen 1h8 li8t41ty is dixharwl, carnle(I, or expires. Provisions P￿￿s1onS are recogThsed the Cdlege has a wesent kgal ￿ cOnStn￿lIve otAlgaOon as 8 r8sult of a past e￿nI, il is prOba￿e that a transfer of ecorKwnic benoffts will be requlred to Settle the obligati)n and a reliable estimate c8ft be made of Ihe amount of the 0￿￿9811￿1. Contlngent 11￿111t1e5 and assets A ¢C￿tingent liabilty arises from a past event that gilv the Colkge a rLwible rtjllgati¢￿ ￿knO$e exlstence ￿11 orfy be confinned by the OCCLrrence or otsrwise of uncertain fiJturE e￿. rnl whdly wrthln the control of Ihe College. Contingenl lia￿lIt￿S aL80 ariso in arcumstances Ithero a pro￿￿On otheThMse be made either itis not prCi)a￿e Ihatan outllow crf resources￿1 be WLwed orthe amoLWrtofthecilig8tK)n cam￿1 be measured reM8bly. A contingent asset arises where an event has tskw p￿e tt)81 gtves th& Colla9e a possible asset whose slence will only be confwmed by the cayJrrerKe or other%¥ise of u￿Ertain luture events not ￿ollY vAthln thg Irol of the Coll8ge. Conllngert assets and lithlitses 8re not rec(gnise(l in the balan￿ sheet bul are disc4osed in the notes. Taxatlon The Cdlege is a registered charity (number 1137457). It is thereth 8 thaitywithin the rneaniThJ of Paragraph 1 of Schedule 6 to Ihe Finance Act 2010 and ac£ordirvJly. the College is ￿tentiallY exempt from taxation in respect of InC￿e or capital gairts received ￿1th1n categories cover&J by sec1ion 478488 ofthe C￿ratiOn Tax Act 2010 (CTA 2010) or secbon 256 of the Taxation of Chwgeable Gains Acl 19a2. to the extent that such Kome or gains are appled eX￿￿ty to ¢haritaL p￿p￿. The Col*e's subsidiaries are liable lo Ctyporation Tax in the $￿e way as any other commml Organisat￿n. Th& Cdlege receives no simil¥ examp￿ft in r6sEttt ofvalué hAlded Ta Cgntrlbudon und•r Statut• G. 11 The College is liable to be assessed for Contrilxrfion under Ihe pro￿S1onS of StatLrte G, 11 of Ihe University of Cambridge. Contribution is used lo furKI wants lo colle9es from the Colleges Fund. The liabilty for the year is 0$ adMsed lo the College by the Un￿e￿[ty based on an 8ssessabl8 8mount defivad from the volue of tho College's assets as at the end of the previous finarKAI year.

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2021 ststement of Prlndpal Pxountlng Polkle51wntknued) Penslon c08t8 Unlvgrsttles Superannuation Schem• (USS) The College partupatos in Ihe Univarsities Superannuation Scheme (the scheme}. T￿￿1)Dut the current and preceding periods, tr scheme a defined knefft only PenS￿n scheme until 31 March 2017 whkh was eontracled out of the State Se￿)￿ Penson {S2PI. The assets of ￿ scheme are hekl in a separate truslee- administered fund. Because of the mutual r￿tUre of the scheme, the schwne's assets are not hypothecated to indiwdual inslilulions arbj a 5cheme4ide conln"t>ulion r8te is set. Thè insJlution is therefore exposed lo actuarial risks associated wlh other institytions, empkjyees and 15 unable to ￿entsfy ils share of the undgtying assets and lia￿liti85 of th8 scheme on a consistent and reasonable ba￿S and therefore. as required by Séction 28 of FRS 102"Empk)yee be￿., a¢¢ounts for the scheme as rf it were a thfined contrlbution Scheme. As a result. the amount charged lo the income 8nd expwditure ￿C0￿rrt represents the contributions paydble to the scheme in respect of the accounting SirKE ts instituison has entered into an a￿8¢m￿nt (the Recovery Plan that deterniines how each employer wlthin the scI￿ne￿Il fund the overall defictt). the instilulK)n recognisos a liabrfity for the ￿￿trIbutiOr￿ payable that arise from the 8greément to th8 exlenl that they relate to thg (Jeficit and the resulting expense in the inwie and eXpenc4￿ acLounL FRS 102 makes the distinction bets%pen a Group and a muNt-emF4oyer scheme. A Grt)up Plan ￿nSIsts of a collection of entities und8r wmm¢)n conlrol t￿ICallY a sponsoring eM￿0yer. A multl-employer scheme is a $¢heme for entrtles not under common contrc4 and represwts ityycallyl an indLLsty-bvide scheme such as that provided by USS. The actwnting for a muth'-employEr scheme where the empbyer has entered into an agreement vthh the stheme thal determine5 how the employer fvnd a deficf( resuts in tha recognition of a Ilability for the ccfitributions paydble that wise from the agreement {lo the extent thal they relat8 to the def￿11} and th8 resulting expense 15 recognised in profit or h)5s. The directors are satisfied that the scheme provided by VSS meets the definilion of a mu1b'm￿0yer scheme arKI has ttlerefore recognised the discounted fair value of the contraCtsj￿ c￿tribull0n$ ￿der the furKling ￿an in eXiSte￿e al Ihe date of approving the financial statem￿ts. Cambridge Coll•ge$ F¢deratsd Penston S¢h•m• ICCFPS) The College pathpates In the Cèmtddye Colleges Federated Pengon ￿eMe, 8 defined benefft scheme. Pension costs are assessed in accC￿ance 71h Ihe advts of the aciuary, bawj on the latest actuarial valuatlon ofthe Scheme and are accounted f￿On the bgsisof prowding pemonsorthe wod (Jring which the College benefrts frcn the empbyees, servi￿. Oth•r penslon s¢lw2m The College also operatss a deffned conlribulion pension scheme employees. The assets of Ihe scheme are held seporatdyfrw knse of the College. The annual contributions p8y8Ne are charged lo the Income and ExFendibJre Awjnl. Crltlcal ac¢ountlTrg estlmkn and area5 ofjudgement Estimatss and judgemants 8re continudly evalu8ted and 8￿ based on historical expwi8￿ft and oth8r f8clors. Idudiro expectations of future events that we belved to be reasonab￿ ￿￿er the Cl￿4M$1ance$. In ordgrlo cakulate the discounted Fen5ion liability, the Co11￿Je makes estinales and a$S￿nptiOnS ccfflceming the future. The reSU￿ng accounllng estimates and assumptions will. by definition. seldom equal the related actual resulis. The estimates arKI assumWns that have a signfficant risk of causng a material adjustment lo Ihe Ca￿ng amounts of assets arnl kabilities the ngxt finwKial year are discussed telow.

PETETHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2021 P•nsloTr Gosts (Gontlnued) Crlllcal accountlng •stAmatss and areas of Judgament Icontlnued) Th8 pr8sent value of the USS and CCFPS defingd benBfft li￿lIrtY depend5 on a nLwnber of fadors Ihal are deternined on an actuarial ba￿S using a vaiiety of assumpthjns. The assumptions used in detemiining the net cost lincome} for ￿nSionS include the discourrt rate. Any ch¥rtJes n Ihese assumptions. %thich are dtgdosed In rKSte 23, will Impact the caThying amwnt of the pensk)n liabilty. Futhermore. a roll for¥rdrd approath which projects results from the latest full actuaria fdbjation F￿rforniad at 31 March 2018 has b8en used bythe actuary in valuing the pensions Ikgtslty at30 June 2021. Anydrfferertes bet¥¥een Ihe f￿￿re$ derived f￿rn thg roll fonvard approach and a full athari81 va￿ation V•tJuld impaci on the crying am¢MJnt of1he Pens￿ liability. Employment benefft8 Short temi eMF40￿nent benefits suth as $￿alle5 and ccxnpensated abs¢￿e5 are recognised as an ex￿ftse in the year in thich the emplo5￿ r8nder seN¢& to the Colleg8. Any unused benefits are acc¥Ld arKI measured the athJition￿ amount the College eNpe(ts to pay as 8 resutl of the unused entillemerrt. Lagacy accountlng For legacies, entiuement is taken as the earfw of the date on either. the College is avrare that probate h8s been grant￿, the estatè has baen finalised nolifvAtion has been made by the executor(51 to the Tru51 th8t a distribution wll be made, or a distribution is receiv￿ fr(hi) the estste. R￿1p1 of a l&Jacy. in whole or in pwt. is only considered probab￿ vknen the amount can be measured reliably 8nd the College has bgen notified of the execthorfs intention lo make a distn'buti)n. Where ￿ga¢￿ have been notif￿ to the College, or Ihe College is a￿dre of the gr8nting of pyobale. and the criteria for inccAne re(>￿￿on have not been meL then the legacy is treated as a Cc￿lIngent asset and di5closeJJ rf material. Ros¢fv86 Reserve5 are allocated be1￿￿en restricted and uffestricted reswves. Ernlovment reserves I￿lUd8 balancas vthieh. in respect of endowment to trÈ Cc41ege. a￿ hdd as pemanent fijnds, whkh the Cdlege must hold lo perpetuity. Restrlcled teseryes indud8 bnces in respeil of the des*3rBled a s￿IfiC purposè and therefore the Colleg8 is restricted in the usa ot these funds. 24

¢> oz ￿ 111

PETERHOUSE STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 JUNE 2021 Consolidat Total Balane• at 1 ￿lY 2019 Surpluslld8ftrYtI from Inc&rfne •¥J 0¥￿d#Ur• 31J4.147 (1.0511 081 1Q526 {4121 32fj.754 11.S531 110 Other wmpr8h6n5ive Balanc• ai 30 Jun• 2020 11.030) 302.066 (1.0￿) 324,371 191 1&114 Consolldated Income and exp￿dIt￿rE re￿r¥• T¢>tal £'ooo rooo BalK• al l July 2020 rF4us f￿M ir¥yJme èmd eY¥enOlU￿ Stat&)￿ othèr ￿mprehan81¥e in(¥Jmè Balan¢• at 30 Jun• 2021 301066 191 16.114 3,043 324371 29,772 1,094 19.157 355,237 The notss on p•Jes 29 to 47frym part rfthes¢ ttwnts. 26

PETERHOUSE CONSOLIDATED AND COLLEGE BALANCE SHEEr AS A T 30 JUNE 2021 2020 Colleg0 £'ooo CorAolld•t•d College COn￿lIda￿d £'ooo Non3} N•t curr•nt a8g•t• 785 1975 Totsl A￿ets less Ilabllltlos 38Q621 386.174 356.535 356.062 Cwtditors: amounts falllno due aft•r moro than one 15 {25.887) (25,887) 125,8871 {25.8871 PmS8lon Penspjn provi8rons 16 {5.497) 15.497) (6,277) 16,2771 355237 3￿790 324.371 323,898 Incom• aypénditure rw4e- dowTnent reserve Income aThY ewendrture Teswva- re5trid& reserve Totsl Rostrict•d rewTh 17 19.15T 19,157 16.114 16.114 18 6,191 6.191 25.917 22,305 05 In(￿e and re$￿- unrostrictsd 329,29) 328.W3 Jl.593 355237 354.790 324,371 323198 The accompanying notes on pages 29 to 47 we a) integral part of this baL￿r￿ sheet. The finandal ststements approved by thg Go¥wThng Wy on 22 November 2021 behalf by. ned on their Ms B K•NIo11 MBE Mr l.NJA. Wright Mast•r Senlor 8urs¥ 27

PETERHOUSE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021 2021 19 (3.2251 14,105) 3.324 10,479 Cash Irom ffinandtvj ocU¥lOes 21 113.329) 11,299) lo•cr••￿YInCI•U• In and ¢ath •quival•nts in th• ￿•r {132301 5.075 Cash and cash equ￿￿￿lS at be&4Mirg of 13,976 Ca8h and ￿*h •qulval•nts at •nd olth• J•ar 13J76 Tho Th)tes on 29 to47 form M C4th￿ ￿0)unts. 28

PETERHOUSE NOTES TO THEACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021 2021 £'ooo 2020 £'ooo Collgge Fo0$ Fee iw)me received at the Reg￿at￿l Undergr8duate rats Fge Irthmè TeC8lved at the Unregulat&J Und¥gradUa￿ r8te Féa I￿orne ￿01¥•d at the Grnduat8 rate Other Inry)me 1.122 519 1.040 47fj 525 182 212 2,383 2,223 In¢ome •GG¢xnmtidalion. ¢at•rlng and c¢)nfernnc 2021 £'OOD 2020 £'ooo cC41￿e members 1.587 1.489 361 Catsring Cc41&Je memb8TS Total 1.733 2.547 T￿¥1 rotswn Inltstnwbt Incomè 3a Analys15 2021 £'ooo 2020 £'ooo Income from: Land buiklings Quoted pcded propwty funds Quot￿ $e¢uribes Other Interest ￿l¥a￿4e 4.877 178 1.839 5.222 220 2,058 210 Totsl 7,710 Total •ndowment return appll•d to Incom• Land and buildi￿5 Quoted pooled Propth fiJThJ$ Quoted secutibes Other interest re￿Vable $62 4.877 162 1.405 5.232 210 2.058 210 {112) 7,710 29

PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Summary oft(al r•tum 2021 2020 £'ooo Incomè from: Qwted Pojled Propwty FWKIS 16 Gansllloss•sl on In¥wlm•nt ass•ts: S￿litIes aThJ P()￿1 Prcwty Funds Invesbnent mana9em&rf cx)sts {28) Total return for ￿ar Totsl r¥lum Irwferfed to irM>yne and expethffj (sots note 171 (562) Unappll•d totsl r•turn lor y￿r included within Stalwnent ol Comprghens1¥o Incomo and Exp￿dIture{sO0 note 17) 2.918 Ic InY•stm•nt manag•mwrt costs 2021 £'ooo 2020 £'ooo Land and bullthrKJs Quoted s￿ri1￿- equitiOS 155 127 135 118 Totsl 282 253 Oth•r Income 2021 2020 £'ooo Inccthe from Corcmavfftts Jckn Ret&￿1￿ Sd*mè Other In¢otre 25 57 Total 291 319 Educat5¢)n expendltur• 20 £'ooo 2020 £'ooo TeachiTh3 rut￿181 AdMiSs￿nS ReseatEh Schdarships and awards 1.671 705 539 1.761 567 1.178 1.243 Totsl 5.e07 5,923

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED FOR THE YEAR ENDED 30 JUNE 2021 2020 £'ooo Colege membèrs Conferences (l￿1￿11￿j m8otirrfJ rooms) Colègè Members aThJ slaff 3.189 10 1,707 12 2.658 373 1.382 387 Catering Total 4,918 4.800 Analysls of 202012021 •xp•n(IbJrè by acil¥lty SLiff costs Oporatlng (Note 7) Exp?nses 2021 Dwociation £'ooo £'ooo Education A(£0m[￿rtjati0n, Ca￿￿j and (XY)fe￿ Olh8r 2.673 2.242 238 5.607 4,918 2.771 1,830 Totsl 5,151 5.870 2.275 13,296 7b. Analysls of 201912020 •xp•ndSturn by 8th1ty 2020 Total (Mote 71 £'ooo Educab'on Accrynmd8tK)n, (st*lng and confwonc8s 2.733 972 627 5.¥23 4.800 2.421 2.242 {871 4.718 6213 2.213 13,144 Other expernfilwo irYJud•s funthaising costs 01 £143k {2020: £168k). This exrAndilure does rnit irdudèlhe C•JSts of umni relations. 7¢. Audltors r•mun•ration Other operating ex￿SeS indLth'. 2021 £'ooo 2020 £'ooo Audit fees payable to the Cokge's externej audit¢xs Other fees payable to the C￿lege'S extemal audltors 23 19 Totsl 23 21 31

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Staff and •xtomal toaGhlng costs College Fellows Academic Non Academk 2021 20 2021 Total 2021 Slaff and exlemal teachlng costs: Emoluments External leathing costs Social Security costs Olher pension costs 1.226 3.WJ8 253 473 369 694 221 1,￿3 5,151 Colkge Fe1k￿ T￿1￿le Academ￿ Emokjnwts (£963k). S(Ko1 Se¢urity wsts (£83k). Olher pension costs £172kl. Collo9• Follo￿ Audwnk Non Academlc 2020 2020 2020 £'Doo Totsl 2020 £'ooo Stsff and extemal teathing ¢)Jsts.' Emoluments Extemal t8xhirvJ costs Sccial Security costs Other ￿nSIOn costs 2.673 3,882 174 353 309 174 114 (72) 239 381 1.251 174 3.293 4.718 College FellcYK inclwje Acad￿￿ Emoiumerts {£946kl. SOCHI Security ¢￿ts (£81k). Oth8r pension cost81£- Average number ofstaff: Academic (Full-time) Academic IPart4wnel Non4cademic IFu114ime> NcTracad8mic (Partstimg) 2021 21 2020 22 61 42 61 97 Total 170 218 Th$ GOvWnN￿ Body ¢)Jmprised 34 FdlrAvs, ￿￿1( 32 we sIlF￿d￿y. The reduction In part41m6 non-¥odert staff tn 2021 ￿mpared to 2020 was duo to the irw ofthè Cwl-19 pandgmlc on thg use of ¢asual stsff. parb"culatywithin Its cateriryj d￿artn￿nt. Kay Manag•m•nt P•tsonnel Key managemenl peTronnel are those perscffis having jth￿ and r8sF￿￿￿1Ity for planniryJ, dIT￿￿ng ant1 ccrfrolllng the actlvTbes ¢A the College. thjring the year there VEre 3 (2020: 31 members of the key marAgement te8m arKI total remuneral￿n Inicbjding pwtsions and n8trJnal irtsur*Kè contribub'ons} and other benefrts £352,0￿ {2020.. £348.000)

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Staff co¥ts {wrtinu•d) Trust￿ R•mun•rnUon No Tnjstee is remunerat￿ for b￿ThJ a TnL¥teg. Trustg9s aro requi￿ lo make thsck)gJr8 of poterrtlal oMfllcts of hterest at al Cdlege C(xrwnitt•è m••tKgs. A rtgister of ￿t￿estsfor al Tnjstees k% maintsined by the Coll&Je. The Twstees are remuner￿1 speofic offttswhth havè assLKaat8d duties of TeaclNng. Tutorial. Research, and Administrat￿. The Truslees r￿mu￿ra￿￿ IB overBeen by the Remunernucffl CC￿mIttee. Thi Cortuniitse eC￿&sts of Ihree indeFwdw¢t merrthr5. Th9 s￿a￿eS paid to Tru#99$ in th$ sUn￿r￿j in the tabl8 From To Number Nufflber £1 £10,CO) 10 13 £10,1X11 10 £20.￿1 £30.W1 £40.C(X) £40,CX)1 £60.￿1 T¢)tsl The totsl Twstse salari8s w8[8 £820.000 for the {2020: £848,000). No indr¥idual Tnts's saw exctad•d £100.C(KJ during the year. The Trustees were also paKI othert8xable ￿F4)Y¢r to per￿s}￿liCh tr)talled £197.000 (2020.. £1￿.0001. The Tntstees also re¢ei¥td gTarts from the College t(V￿dS thelr re5earc totdlng £30.(D)12020: £26.0001. Travel and other bU$r￿$S rBimLwr*J by Tmsta8s in th8k capaiity as officer5 crf the Collg3e totaljed £2.00012020.' £13.OCKI}. The Trustses are Èntillèd to a dafiy mèal at College ex￿Se. No Injstees had loan5 the College at the y •rd.

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 FI￿d a￿•ts Land arbd bulldlngs 2021 20 Total £'ooD Ewlpm•nt Costfvolu¥tion At ￿lMIng ofythr Addrtion$ Di$5)sds 128288 2.721 255 131.fM)9 128,675 165) At end of ye 130,W2 2.976 133.568 131,CJ9 A¢¢umul•tod d•prKlatlon At bffjinnlng of year Charge for the year Eliminated tllsposaLq 11,354 12.287 2.275 10,139 2,213 1651 211 Al olyear 13.418 1.144 14.562 12.287 N•t book vak At30 J￿e 2021 117,174 119,006 118.722 At 1 JLIY 2020 116.934 118.722 118,538 L￿d d buildings 2021 2020 T<>tsl College Equiimiwl £wo Co8Vvaluation Al beginning of yoaf Addltlons 128288 2.721 255 131.LK19 2,559 128.610 2,399 At end of year 130.592 2.976 1&3,588 131,Crt19 Accumulated depre(aati•n At beginni￿j of ￿ar Charge for the y88r 11.354 12,287 2.275 10.074 2213 211 At end d year 13.418 1.144 14.562 12287 Not IK>ok valu• At 30 June 2021 117.174 119.008 118,722 At 1 July 2020 116,934 1,788 118,722 118.536 The insur&J value Offree￿￿1 ¥bd ￿lId￿￿ as at 30 2021 was £152m12020: £140ml. The College has not ma¢Je any asset Wulsibc￿ 1 August 2014 aThJ. therefore. have Indudell any herilage assets in the BalaF￿ Sheet. Operati(nal assets are th¢)se that th? Collg3e uses in thg of meoting lis charrtable purposes cl&Jcation. rdHJicm. kming. and re¥eart. Onc an ast has been dassified a$ an operational a$8gt ￿18 IKIt r¢dos*tsJ os a ￿11898 asseL

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 10. Inv•stsn•nts Group Group 2020 C¢ll•g• 2020 £'ooo 241230 11,795 115,4391 12,6451 1578) 2021 £'o00 234,36S At beglnnlng of ￿ar Additlons Disposals Gainlllossl D￿￿oS0 in cash balanc6s hèld at fund manag&rs At •nd of year 234.915 40.061 {38,0491 30.661 241.927 11,675 {16,4871 11.8HI {5761 (37.749) 30.561 (793) 266.795 234.915 234,385 Group 2021 CIAl•g• 2021 £'ooo 180,416 4.184 .280 Group 2020 Coll•g• X20 £'ooo 159,571 4,018 66,436 Represented by: 181223 4.184 280 180.404 4,018 Pooled Propeity F￿d$ auc4￿ securffje8- se(￿rt￿¢S Loans and fixed interest Y￿ritIeS Inveslrnent in 5ubsidi¥ry undertskings Cash in hand and at investment rnary Othtsr inveslments 1.836 266.795 288,383 234,#15 2¥385 Anal￿ty ot G31￿k￿6).' Gains on irN95trnents appb8d to intsxne GainllkJ5sI on invslmants ￿ta￿a￿ in ca Total galns and 10s¥gs IndLTrd0d In Statsrnènt of CoMprnh•n￿w• Inc(¥) •nd Expgndltyr 13 .158 ,170 30.661 30.561 2,645 Invwnt assets and ondcr•K￿nt assets are manW and aro both within the Trjte atov•. The Investment in $ubsidiari85 reF￿Sents 100% of isS￿d Sha￿ of Peterhou5e Ent•rpis•s Lirntivd I'PEL'}. Peterhouse Library Charity Linrted fpLCLI peter￿$¢ Conforence and E￿nts timrted fpcEL"I. ￿1 companvas rryist8r8d in tho Untted PEL develops prryety Ir4J5 pfDperty for r￿tal. Any taxab￿ Su￿bJ9 13 ￿d. the Gfft Ald scherne. to the C￿1￿0. At 30 2021 th? r￿panY hod shaTr caiital and resw¥w totalling £447,12712020: £473.>271 thg profit after tax (but befo￿ de&J of coNen8nt} for ts year eThlewJ was £132.89712020'. £810.8191. PLCL. a domant cryny, was strL• off durirvj the yew. PCEL runs and 0￿tsfa￿1tloS.AnY1aY2t4eSUwuSL$ paJ. undwthe Grft￿d stherr, to1hgCL4e. At 30 June 2021 the company had share caprtal rp5effts totsllir¥J £-7.919{20X).. £1)aThJ the h)ss afterlaxeThY•d was £7,92012020'. £19.717 thè proffit after tsx (but bdoro deed d c￿￿8nt}}. The Group has ￿ in¥e5trnent thwh MaNir Faffn Strrtham LLP in a ￿SkI￿lia1 ￿)using developrn8rrt irt Carnbridg8shire. PEL hc4ds ￿ In￿tMental cx)st of£65k {2020". £1C6kl in thè LLP. Mamr Fann Strelham LLP had boffo** ¢fi eonwwaal terms £Ok * 30 June 202112020.. £2,044kl from th8 C(Al￿. The Group h88 an inve5Iment in a prtpthty I￿led Fo￿aM PA￿1r￿$S this is ￿tiallY lunded by & kyffifrDrn a third pty Ise8 noto 15.. (Xhor k)ar6).

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 11. Stocks and work in C¢ll•g* 2D21 Group 2020 Coll•ge 2020 £'ooo 2021 Other stod($ 11 Trad• ond ¢)th•r rtt•iv•bl Group 2021 ¢￿￿P 2020 £'ooo Colhg• 2020 rooo 2021 M￿Nbets ofthe Colknje Amount due from sthklkry LKKIw￿rWJ Other TeLer¥a￿eS PTepaym¢nts ond accwgd 1￿m0 103 102 416 111 111 1.180 1.053 1.571 1.094 1.387 1,053 1.571 Total 2.897 2.735 3.915 13. Cash and c•8h •quiv4l•nts College 2021 Coll•g• 2020 2021 2020 Bank deposits Currant accounts 13.579 12.479 550 525 512 Total 878 542 14.142 13.029 l& Cr•dltors: amounts falllrvJ duo wlthkn one y•ar rxoup 2021 College 2021 Group 2020 Colle 2020 Bank over(k8ft Members of the Colege Amounts (kne to subsldlary uTrJ8rtaklngs Bank loans Universty fees ConthtxJtk)n to C(Aleges Fund Ott)er Credltors {e.g. VAT) AcLYU8Is and deferred Ir￿Me 132 27T 132 277 17 166 234 234 12,000 12,000 52 200 1.236 510 210 1.511 210 1.242 515 Totsl 3.081 14,409 14.399 Induded wthin crEdilcffs due in le55 th￿ one year for 2020 is the follmng kn.. £12 million term ban due for repayTrwnt by 3010eth21. The loan bear5 f￿ed interest rates of 1.42%.

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 1& Credltors: amounts talling due after more than on• y••r Collty• 2021 Group 2020 College 2020 £'ooo 2021 Bank loans Olher108ns 24,OCKS 1.837 24.000 1.887 24,000 1,887 24,000 1,887 25.887 25.887 25,887 25,887 InclUd￿j credtors due in rn￿e Ihw one are the fokning k)ans and f71￿05.. £8 million due for repayment by 27102r2031. Thg knan b8w5 fixed wrterest rnles c14.345% on £1 million. 4.415% £2 million 8nd 4.575% on £5 milw)n. £16 Milli￿ due for repayment by 12111r2057. Th& k)3n be&s fix&J interest rates of 4.970% on £8 million and 5.005% on £8 milW)n. P•n81on Provi8lons Coll•ge 2021 13roup 2020 £'ooo Collrye 2020 2021 Bolanco at 1 July 2020 6277 63n 5.405 MoY•ment In yoar. Cu￿ent sermce cost Ind￿lIng Irfg a8surarKe Contributions Other finance cost A¢￿arial lossl{gainl reccJnised in Statement of CoMpreh￿l¥e Ir￿orne and Expendrt 571 {4￿) 91 571 (490) 91 14871 121 [phone]) (952) 1.030 1.030 Batantx at 30 Jun8 2021 5.497 5,497 8.277 6.277 Splil as follows: CCFPS Penslon Provisions Group 2021 College 2021 Group 2020 £'ooo Colloge 2020 £'ooo Balanco at 1 July 2020 &739 5,739 4,$52 4,552 Movgment In yoar. Current S8￿ce cost i￿(wjlng lrfe a59￿￿ce Contrik￿lI0nS Other financé cost Actuarial lossllgain) rwnised in Ststement of Comprghfjr6Ne Income and ExpendibJe 321 1218) 321 (2181 (2301 103 {230) 103 1952) (9521 1,030 1.030 Balanee at 30 J￿e 2021 4.974 4,974 5.739 5.739 37

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 16. Penslon Pro¥lslons Iconllnued) uss P•n8lon Pro¥lsl•)ns Gmw 2021 rooo College 2021 rooo Coll• 2020 2020 £'ooo Balanc• al 1 July 2020 853 853 Movement In year. Currvnl service ¢ost irKILKINJ lifè assL￿e& Ccffltributions Other finance cost 250 {2721 250 (272) (761 12571 18 176) 1257 18 Balance at 30 Juno 2021 VA 17. Endowm•ntfvnds Restrfctejj net assets rdating to endcwrthts arB a5 folows: Pgrmanont Pormanont P•rmanont Pèmian•nt End￿#ments End¢Mments Endrfiv￿ts Endrywments 2021 2021 2021 2020 B4• V*4 Unappll•d Total Total É'ooo Orl￿P and Coll•y• jaft￿ ot b•glnnlng of ye¥ 16.114 16.114 18,526 In￿a￿oI 478 Investrnent Income Manager￿1 charge Endowment retum tr8nsf¢rred to rAh¢r spent reslri¢t¢d incm Transfer of Income lo Permanerrt and r unspent restricte•J inccThe {281 {5621 (582) 1476) 125 125 IAovement In Year 125 1918 1412) Bal•n￿ 81 •nd of y•8r 10239 l918 19.157 16,114 Tctsl was appl￿ for the first time in the ￿r. thwe is no Cajntwth b8se value rwjr un8ppliod r¢lum.

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2021 17. Endvwment fvn(ts {continu•d) P•rman•nt Pwmanont P•rrnanent Pwmanent 2021 Ba•• V•1 2021 l•d 2021 Total £No 2020 £'ooo An•lysl• by tjw of purpo￿. Research, studentship, s¢knWip Sttjdent hardship Prizes Trdvel wl8 Library fvn Gardan fvnd Kemn fund 12.949 2.314 421 333 69 2,329 413 70 15.278 2.727 497 393 81 183 18 12.862 2281 421 333 65 137 15 12 25 15 16.239 2.918 19,157 16.114 Analysls by agset Investsnents 16239 2,918 19.15T 16.114 18. R•strlct•d Reserves Reserves resthctN)ns for the current yew are as folo¥s (fvll comparatives follow on the next page).. Group and Colleg other unspont •xpendab •ndtymeftt 2021 2020 Totsl £'ooo £'ooD É'ooo Balance at beglnnlrw of 305 5.886 6,191 6.081 Application oflotsl r•tum on Endumtt r￿uM transferred Transfers of In￿rne IncTras81ld￿aSél in market value of inv8Stm8nts Investn￿nt in¢om8 Management chaTgo¥ NSYW gants <*)natsons ExpwKliture 562 14301 122 18 122 18 (151 492 681 {1.0301 (8591 18591 m0￿m¥nt In ￿ar 132 507 110 Bdance at end of year 6.393 6.191

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR EhlDED 30 JUNE 2021 Analysls of other rn8trlct•d fvndsl donatlons by typ• of purpose: oth•r unsp•nl •xp•ndabl• ltym•nt 2021 Total £'ooo 2020 Total £'ooo Music Woths of art R•wdrth, slud8ntship. s¢hdatship ILmds Student hardship Boat dub lund Ciid(el club Pths P•m librydry Trnvel grants LIb￿ry fund Chapel Lectwes Kel¥An Fund B￿ldIng$ fund 87 258 140 783 251 478 1.041 391 478 721 312 418 25 16 17 41 13 41 17 35 13 35 13 1,028 13 1,029 3.620 3,494 437 6.393 6.191 19. RKonclllatl¢n of consol1d￿ uYplu$ forth• ￿ to net cash IArtnty from operthg acb¥iti•• 2021 2020 £'ODO Surpluslldefidtl for ts yoar 29,7T2 11.353> AdJu$tm•nt f¢r n¢wA•h ft•ms: D￿rer￿at1 {Ga*iVloss endrwments and investments Increase in stod( D8craas81lincr6asal in tr8d& and rncknknl•s Increa3el{decrea8e} In credttow3 P￿slon costs less contrilxrtion5 payab 2.275 130,6611 191 151 2,213 118 12511 19} {158) 172 AdJu8trn•nt for Invostlng or flnanclng actlyltles: Invesbment IncC￿e LO￿ intèrsst payablè (6.9601 1,329 (7.710} 1.337 Net cash ouffi¢M frorn operatlng acllvllleB 13.2251 14.1051

PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Cash flow• from Inv•stlng acli¥itiwL 2021 2020 £'ooo N0￿cUrrent investmenl dIs[￿a Investment Income EndowThent funds investl Payments to a￿uIr￿ tarvJ1￿8￿￿ assets 38.984 6.960 140.0611 12,&591 17.043 7,710 {11,8751 {2,399} T(rtal cash Ill￿$ from In¥•stlng xUTAII¥s 3.324 10,479 Ca•h flow• from flnanclng a¢UYltl•s 2021 £￿0 2020 £'ooo Interest pah1 New secured loans Repa￿￿ents of 8mounts boThcw {1,3291 {1.337} {12,0001 (13,329) {1,2￿) Net inflow J louthew) from fin￿￿n9 xllvltles Analysls of ￿$h and cash •quIVal￿ts At boglnnlng Cuh flows £'ooo At of year £'ooo Bank 0￿r(Iraft Cash at bank and In harvj 11661 14.142 (132) 878 {13.264) N•t Funds 13.976 113,2301 746 P•n¥l¢)n S¢h•n Uniwirnilos Sup•rannuatlon Scheme (USS) Tha tclal cost {cr&litody dHrged to the wofil and bss ar£O￿rt is £250k(2￿2o. £-76kl As at the 30 Junè 2021. tha latest aYdlLable ccynptete acajarial valua11￿ of thts Retirement I1￿orne Build&r was al 31 Marth 2018 Ithe valuation datel, whith was carried usng the unfft metyth. Since the year end the valuaticffj a5 al 31 March 2020 was shJn&J and ftkd with The P￿￿1￿$ RwJubtsr ¥Yith an gfftho 119 of 1 Octo 2021. As the new valuatx wa5 not in at thè ￿naTh￿al 8ThJ. arry adjustment in the deficri promsion wll b8 r•fiected in the fThncial statements kthe 30 J￿e 2022. Since the Cc41ege cartr￿{ i￿tsty its shwo of USS Retirer¥rt Irwme Buikler {defined b&)efft) assets and liabilities. the fc41owhg dlsdosurt¥ wEfie(a relevant for Ih)se assds and liablitses as 8 The 2018 valuation was the fifih vAluthn f￿the stheme the sthen-ydfi¢ ftJnthtYJ reglm8 Introduced by the p￿sK)nS Act 2004. which requires schèm6S to ado)t a staiutory fvThJing Obj￿b¥e. ￿lch is to have sufficiw and appropriate assots to cover th￿r technical Atthè valuatpjn dato. the value ofthe assets of the 8chem8 was £63.7 trM'lliC￿ and the vabje of the scheme's leckntsl provwJ)s was £67.3 billon indicating a shorlfall of £3.6 billion 8NJ a fvnding ratio of 95%. 41

PETERHOUSE NOTES TO THE ACCOUNTS (coKnNUED) FOR THE YEAR ENDED 30 JUNE 2021 23. Pansion Sch•mos (cc•ntinu•dJ Tho k¢y finan¢ig1 a￿UMpti￿$ us•J in tho 2018 Valuati￿ aro b81tr. lkn detail 1$ Set out in th8 ststemèm of Fundir#J PrincirA•s. Ponsiffi ir¥xo8$8s ICPII Twm ijyndwl ral8$ in line tmth thts drfForwKe betsveen tho Irrternst lThJox LinW ykl 1.3% p. . tlis¢ount rate Ifomard r8tes} Yo3r8 1-10: CPI + 0.14% rad￿rg lin88ty to CPI-0.73% Years 11-20.. CPI + 2.5VA Trduong line¥dy to CPI + 1.55% by year 21 Years 21 +: CPI + 1.55% an81ysis of the Scheme's exwrience cottied out as part ofthe 2018 adu•ial valua¢ion. The mrtalty assumptions Usod in these fyures 0 as folbws: Mortallty b•8e table 71% of AMCOO l¢ntion 01 for rrAles and 112% of AFCOO {thralkm O) for fema 97.6% of SAPS S1NMA ￿ghY for malès and 102.PA of RFVCKJ kyfemales Future lfflprovemwts to rrKYIAty CMI_2017 WTth a srnoK4hiTrJ par￿n￿r of 8.S a long term improvement rate d 1.8% pa for males and 1.8% pa for females Cambrfdy Coll•g•s F•d•rat•d P•n8lon SGlm• ICCFPS) Colege operate¥ a dofjjwj bwfrts plan for Co￿.$ ¢d thè Q￿br￿0 Cokng68' F&l&r8tsd P￿S￿n Schm. The liatrAlities of the pLqn have been at 30 JU￿ 2021. for the PLAVX)ses of FRS11Y2 a V4Uat￿ system desJn¢d tr thè Manag•mÈrrt Comrnittèè, atro as Tntst•è Of1￿ Cambrldge Col8s' Fr8ted Pension Sthem•, but alb•Ang for the different assump￿￿ reqiire(J unts FRS102 arnl lr8 fulty inlo wnsKleraty"cn charoos in the ￿an benefit structure rrembersNp slnce that d. Th& prin(a￿ 8¢tU8wi818S$UnVb￿ atlh& bo dae {e4YtsseJ 89 a¥•w) as fdhm: 30 Jun 2021 % p.4. 1.80 3.10 3.40 2.60 3.30 1.95 30 June 2020 %p.a. 1.45 2.90 3.10 2.20 3.ty) Discount rate Increaso in salarles R¢tsil Prices Ind4x {RFYI a￿mpli C￿SUm9r Pric8s Index ICPII assumpb"( PenS￿n increas95 in payTr8nt IRPI m¥x S% po.) Peft$￿n increases in paymnt (CPI max 2.5% p.a.) The undertyiro mortalty 8tsmPtK¥n is b8￿ thè st#rK1ard to￿• krky•n as S3PA on 8 year of birth uwe ¥￿th CMI_2019fithre iMprovem￿t faraorsand a brtrtwrn rate offvttjre impr¢)¥￿l0f 1.25% p.a.. a sta)dard srnwth'rvjfacknr (7.01 and no alk)wan¢fcrf a(hknal lm￿0¥￿n￿ts(2o2O.' WAtAith cm1_2018fu￿Ire improvemtrnt faLlots and a kjng-tenn fLrture improvem8ni rate of 1.25% p.a.. a S￿danI smLthiNJ faL*or17.0} arnl no a1kn￿r￿ef0r ajdthnal improvemontsl.

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 23. Pemlon Schemes (conllnued) This resuhs in the folloving Irfe exp￿ncAeS. Male 4e 65 rTh has 8 lrfe eXp￿￿rCY of 21.9 sEars Ipreviously 21.9 years). Femaje age 65 now has a life expectancy of 24.3 ypats (previously 24.2 years}. M81e age 45 rk)w retiring in 20 years has a lrfe exKclancy of 23.2 years [Pre￿Ou￿Y 23.2 ygars). Femal6 age 45 now a￿1 retiring in 20 yyars ha5 a lrfe exFectary of 25.7 Jwrs (previously 25.6 years). Member5 are assum￿] to relire at their Tr)mio1 retIrw￿nI age {65} apart frcxn in the followirrfJ indicated ca5es- Mole Female Active Membvs- Option 1 Beneffts D8ferred Members- OMion 1 8eneffts 62 JIow8nce has been made at retirement lor noTrretir￿￿ Membe￿ to ￿mmUts part of ther pw)sion for 8 lump sum on the basis of the current commutation 1tO￿ in these Calculatic￿3. The amounts rwised w) the Balance Sheet as at Jun8 2021 IvAth comparative figures as al 30 June 2020) are as frlkA¥s: 30 Jun• 2021 £'ooo 117.9S)) 12,976 30 June 2020 rooo 117.975} 12236 Present value of plon lia￿litieS Market Value of plan assets N•t d•fin•d b•n•fft liability 14,974) (5,739) The amounts to be rets)gnised in In(x)me oThJ ExFethre fLY the year ending 30 June 2021 (wth comparaUve figures for th6 year endlng 30 June 2020) are as follows.. 30 Jun• 2021 £'wo 30 Juno 2020 £'ooo 267 17 103 Current se￿￿ cost Administrative expenses Interest OD net defined benefft liablllty 17 Total 405 387 Changes In the present value of the plan liabililies for thè year endirKJ 30 June 2021 (*ith comparaknve figures for the year ending 30 June 2020) are as frAk}￿.. 30Jun• 2021 30 Jun• 2020 £'ooo 16.024 324 1449) 359 1,718 Present value of plan liabilities at teginning of pw Current service cost {indudry Employee contnbubons) Benefits paid Interest on plan Ik9bilil Actuarial {gainy1053 17.976 1456) 260 {187) pr•￿nt valu• of pl•n li•bllltl•s at end of p•riod 17.951 17.976

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUAIE 2021 2& P•nJion Schem•s {continu4d Change5 in Ihe fair ￿lue of the Fkn assets fry the ￿or 30 June 21r21 lith ¢(￿parat￿ figures for the year ending 30 June ￿20) are as folows: 30 Jun• 2021 £'oDo 30 Jung 2020 Athet value of assets al begiming of r Conthbulions paid by the College Employee contributions Benefits Aiknlnlstrat5ve exwtses palJ Interest on plan assets Retum on assets, les5 interest in Prnfft & Loss 12237 218 11,471 230 57 (4491 1291 256 701 {456} {30) 176 777 M•k•t valuo ol plan a￿ets at •nd of p•riod 12.976 12,237 Ath81 return on Pl￿ assets 954 957 major ￿alegc￿e5 of plan assets as a percentage of totsl pL8n assets forthe JEaT erKling 30 June 2021 (wtlh comparative figures forthe year ending 30 June 20201 are as ftAI¢Jw6: 2021 2020 Equities Bonds and cash 49% 41% 10DA 42 10 The Pl￿ has no Investme￿ in property 0¢￿pIed by. assets used by. or financial instruments issu8d by the College. Analysis of th8 r8-measuremenl of Ihe nel tsfmed bgn8fft liabilrty recognised n Olher Comprehen5TV8 Income (Ocl) for the year enijing 30 June 2021 I￿ comparative fgLKes for Ihe year ending 30 June 20201 are as follows: 2021 £'ooo 2020 £'ooo Retum on assets, less interest In Ir￿¢the and Eypendlture Expected less actual plan expenses Experience gaIr￿ and losses arising on ￿an labilibes Changes in assumpU¢xs underfying the wesent Val￿ of pkn lthilrties 7T7 113) 17 171 701 (121 1611 (1.658} R•wm•asur•m•nt of n•t d•fin•d benèfft liability re¢ognled In OCI (1.0301

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 23. Panslon sche￿ (conllnu￿) Movefflent in surplusl (defiatl durirvJ Iho year 8rn1iNJ 30 ￿ne 2021 (with comparatlve f&ur83 for the yoar WKting 30 June 20201 ar$ as follry•o'. 2020 £'ooo Surplus defficit in Scheme at bwnnlrwJ of ts yoar Rg¢cgnlsgd In PTofft and Loss Contributiix)s paid by the College Adu8ri81 gain rwjnised in OCI 15.739 14051 218 14.552) 1387) 230 11,0301 Surplus dthlt In plan ¥t th• ond of th• y•ar 149741 (5,739) Fundlng Pollcy Funding valuations avB wied out every thrae ye8(s on thalf cl th8 MaJwThnt C(xnmitts8. a¢ling as the Twstse of the Scheme. by a qualifi&J indeFendgnt allu￿. Suarial as9jrn&￿5 underfwThJ the fundirrfj vglualion are drffèr8nt to those adopted under FRS102. The last suth 8cluari¥l v¥lu¥tion was as at 31 Marc 2020. This slbylrfd Itot assets were insuffic#ent to cover the liabililies on the fvndiro bag.s. A R￿)Very Plan has ￿ ￿￿￿e￿ with the CollwJ8. which ccmnNts tha Coll899 to paying contritrmjti￿s to fvrKI the Shortfall. These defvit red￿11￿ C(￿tribull(￿S weTg intg ￿ lale¥t Sth8ibJl• of ContritJtiorts dated 21 May 2021 and ￿ as fC4ky￿. Annual contritmjtic￿s of not19ss than £44,764 Fer annum payable for the perK¥J to 30 Jun8 2021", and Annual contribLrtw¥ of less than £91.513 per annum payable for the perKé from 1 Juty 2021 to 31 March 2030. These payments are subl8d to Tevlew folkwng Ihe nèxl ftrtitvJ VJUali￿. duo a$ at 31 Marth 2023. st•keholder S¢h¢m• The College also opwate$ a defined contdbubcm under th• slak•hokJ8r rules ernployees. The pension charge for the year was £123k {2020'. £101k). The 1(tsl pensk￿ cost for the CrAep fc¢ th• y8¥ 10 30 JLtne 21r21 sh￿￿ in 8 w•¥ os lonows: 2021 £'ooo 2020 £'ooo USS.. Charged to In￿)￿ ￿ EXp￿￿kn[e Acc(rtJnt CCFPS., Charged to Income aml Expenditure Account CCGPS.. 08fin•J C(ffltributIc￿ SLLerM En¥*er c(￿tribull(￿S 250 321 123 {761 101 45

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Capltal Commltm•nts 2021 £'ooo 2020 £'ooo Capitsl commitment al 30 June 2021 are as fcAkws: Athoris8d and ¢ontr 2,024 25, Op•rntlng L•as•s. Lwor At 30 June 2021 the Cdlege h&J ￿￿ted nonthcancdlabb8 rwaliThJ leases In respe& of Is freèhold irNeslment pmp8rb8s as fdkA¥&" 2021 £'Ot 2020 £'ooo Expirfng wthln c*)e ye Expiring bets¥een ttyo and fNe years Expiring in overfi¥e year5 1278 1,670 2,492 904 2.549 4,933 5.438 C¢)n$olldthl rK¢nclllatlon and anal￿￿ of n•t d•bt At1J￿Y 2TJ20 Cash At 30 Jun• 20 rooD Cash an(F ¢ash BorTowlng¥- Amcwnts falllng du• wlthln on• y•ar. Lh)secured b￿k ￿)￿$ Bank overrjraft Borrwlngs• An￿Thts lallng due alkr Thwxe one y.. Un$wr8d bartt k) Unseojred other klans Nèt total d•bt 14.142 (13.264} 878 {12.(KJ)} (166) 12.C (132) 4.orKIi (1.8871 (23.911) 124.0(fj> 11.8871 125,1411 11330)

PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Rdat•d Party Transaclknns No dtsclosure of transac11c￿$ P￿h￿se kniyary Ch8rity knrrilgd. Peterhwse Enlerprrses Limited or PelerhcJse Conferencfj and Evarrts Llmrted has been made asllb)sefinancial ststèm￿ts at30 June Z021 have been C(￿S￿￿1ated With￿ th￿ ¥cmJnts. Any Payff￿ts fri￿ the Coll&Je to Tru51ees appear In rth 8 vllhin Truslw R8muner8ti¢)n. Oue to the nature of the College's operalions andtsc4MnFosrbon of its Goveming Bth, it is inevit8bkthatthe College will entsr into transaclions in the norn￿1 course of busi￿$ ￿ the Uni¥erW of CambrithJe. Cc41ege5, Researth Counrils. other 9rant-&Yarding bod￿, and other private and kxjbI￿ ￿jank$a￿Ons in whKh members of the Govoming may have an interest. ￿1 transactTh invc4ving oryanisations in whth members of Goveming Body mayhave such an interest or¢ c¢￿dL￿ted in acCordance￿th the CoFlege's finarKial ryl4tions ond usual procur¥mgnl Th¥r 31 Coll&J6s. of which is an indepwtht with its cr•m rop￿ and income. Each College wtAlshès Its cthn financial statements in a fcrfrn by ts Unlvor&ty of Cambddge. Th8 College pays levles to 8UPWrttheadvlty ofthg Officeof Intercc418glats S￿s(01s). TheOIS is r85ponsitrAe primari￿fOrarratwJlng gjpport services to the 31 rx4W¥ Of￿ Cdlegiaie Urhu%MCaM￿K1ge). The College acts a5 an agenl for lh• ¢dI￿tic￿ Lrf f8&s for Ihe University of Cambridge., ts the year endgd 30 Jun? 2021 these lees total £5,981k12020'. £5,66}. DurfThJ thè ￿ar the Univw paid P￿teth￿j$e from these fees r4Jms tolallirwJ £1,588k12020.' £1.497k) under Ihe lenns of Jrèam•nts bdw68n thg UnNwslty and the Cc41eges to share fee incrme with the Colbps in a way that raccJnr￿ the TdatNe Cr￿trI￿xItiQns of th¥ Univèrsity and Ihe Colleges. tJring bhe y￿r Peterhouse made 8 fAythbubon uThJer Statute Gll of £210k12020.. £2C(Ikl inlothe Colw Fund. The Collw FurKt is adThnistered by Ihtr Univwsrty of Cambn"¢g¢ on behalf of the CdlgJes, who make all contributKsn8 to and r8cthve all alhxations trcffn the Fun(l. P8t•thtyJse thinisters a CarrtYJge Bursary Scheme to yjpport undergraduates financially: the UniverntyofCafflbiKJe con1ritxrted £120k to this scheme12020.. £113kl. In the course of its charitable a￿1v￿.$. Pet¢rhouse aLw pays the University of Cambrk8 fLY printH)g. n8twc¥ atvj othèr S&￿ets. In addition. PelerhrAJSè P￿￿1¢allY promdes COnfere￿￿r￿a1￿ seTVW induding acrrynrnodallon. ¢8tering arTrd other semces toth8 wJanisatKM)s arK1 dgFYJflnwts be1￿ing lo IheUni¥ersity of Cambri(trJe or) Standa￿ thirf party twms. Contlngent Llabillty Peterhous# has #ntèrad into a CdIabc￿ion agreement vrith a Garnbridgeshite landowner in respect of laThJ thBt both part￿￿ we promotlng fvynty to look to Ma￿81 and develcfj the sTra￿em￿ts in plw, ggnad kn 2011. ilo maan that equalIsatic￿ payrnents wll flow in fulurg as land Is sohj to wtsure thal brAh parties rèalisè t￿ samè value par acre. As a regjlt of likely fiJbJre land sak85 in 2022. the ullab￿atiOn agreemerrt wll Tegjll in eltheran asset or Uabillly arising on Peterhouse Gr￿JP depending on the Sa￿ value achievertl. The M￿nitiJde and tirning ofcash flows arisrvJ from this ale to pre(1￿ at trus stagè and the 8ff&t rt wil ￿ on the Group. Post bol•n¢• $h••t •wnts Since the year end. followng ts CoMW￿ of the 2020 actuarial valuthin, a new deficit recovery plan has been agr8ed in respect of the USS pengon stsne. A rthv Schedule of Contrlbutlons based on the 2020 actuarial valuab'on has been agreed, and become eff￿ti￿. post year end. This results rn an i￿re8$e of £905k in the provisic￿ for the obligat￿n lo fund the dthrt on ihe USS pMsion whth would inslead be £1,428k. As the Schedule of Conthbulions was not in place at the finandal year erKI this a(lustment will be refiected in the FIn￿CIal Statements for the )Ear ended 30 JU￿ 21Y22. Etthe Jclnt Negotiating Commrttee IJNCI recommended deed on ber￿fil changes has not teen executed by 28 February 2022 than 8 different Sch￿￿Ule of contributions sKJuld beccme appI￿￿e. If this were to happen then would be an increase of £1.783k in the provision for the obligation lo fund the dthit on the USS pensKJn wh￿h woukl insl8ad be £2,3￿k. 47