PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2022
PETERHOUSE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Contents Page Reference and Administrative Delails Senior Officers and Advisors Operating Review Financlal Remew 7-11 Corporate Govemance and Slalemenl of Internal Control 12-13 Responsibilities of the Governing Body 14 Report of the Auditors 15-17 Slalemenl of Principal A¢¢ounting Policies 18-24 Consolidated Income and Expenditure Account 25 Slalemenl of Changes in Reserves 26 Balance Sheet 27 C8sh Flow Slalemenl 28 Notes lo Ihe AccoLJnts 29-47
PETERHOUSE REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2022 Address Peterhouse Trumpinglon Street Cambridge CB2 1TP Charity Registration number.. 1137457 Members of the Govemlng Body who served during the year Ms B Kendall MBE (Masterl Dr S.N. Solomou Professor M.A. Parker Professor P.C. Woodland Professor S.F. Deakin Professor S.E. Jackson Professor B.P. Simms Professor M.C. Jones Dr J.N.B. Carlelon Pagel Dr J.M.B. Wallace Mr S.H. Mandelbrole Dr A.J. Whila Professor P.A. Midgley Dr R.1. Ross Russell Dr M.J. Ryan The Revd Dr S.W.P. Hampton DrA Zsak Dr C.G. Lesler Dr S.M. Murk Jansen PTofessor M Moriarty Professor S.K. Connor Mr l.N.M. Wright Dr J.P. Talbol Dr T.K. Dickens Professor R.J. Hollon Dr A. Haldar Professor J.E. Robb Dr S.J. Lunn-Rockcliffe Dr G. Christie Dr T. Long Dr N.A.S. Zair Dr G.L. Thornas Dr LS Slaler Dr T Plesa lappoinled 1 October 20211 Dr G Gerlach lappoinled l May 20221 Dr H Porter lappoinled 1 May 20221 Dr T Rillman lappoinled 1 May 20221
PETERHOUSE SENIOR OFFICERS AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2022 Current Senlor Administratlve Offl¢or$ Master.. Senior Tutor.. Senior Bvrsar.. Ms B Kendall MBE The Revd Dr S.W.P. Hampton Mr l.N.M. Wright Principal Lègal Advlsgrs Mills & Reeve Francis House 112 Hills Road Cambridge CB2 1PH Property Managors Bidwells LLP Trumpinglon Road Cambridge CB2 9LD Knight Frank LLP 20 Hanover Square London W1S 1HZ Fund Managers I Investment Advlsors Canlab Asset Management Ltd 50 Station Road Cambridge CB12JH Auditors Pri Bailey LLP Chartered Accounlanls and Slalulory Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ Bankors Barclays Bank PLC Cambridge Business Centre Cambridg8 CB2 3PZ Tax Advisor PEM Salisbtjry House. Slalion Road Cambridge CB12LA
PETERHOUSE OPERATING REVIEW FOR THE YEAR ENDED 30 JUNE 2022 Introductlon The commentary that follows is intended lo give the readers of the financial slalemenls an overview of the linances and operations of Pelerhousg and Its subsidiarios. The College is preparing ils financial statements in accordance with Rewmmended Cambridge College Accounts {RCCAI fomial which has adopted FRS 102. Scopè of the Flnancial Statèments The consolidated financial statements cover the education. leaming, research and religious activllies of Pelerhous8 and also ils subsidlary companies. These subsidiari6s undertake activities which for legal or commercial reasons are more appropriately carried out by limited cornpanies. The subsidiary companies arè lisled in note 9. About thè Collega Pelerhouse is an autonomous, self-goveming communlty of scholars and is the oldest of the 31 colleges within the University of Cambridge. Formally"The Master lor Keeper) and Fellows of Pelerhouse in the University of Cambridge.. Peterhouse is a charitable corporation established by Letters Patent dated 31 March, 1284 and granted royal assent by Charter of King Edward l on 28 May, 1285. Th& College is a registered charity (No. 11374571. with ils principal address al Trumpington Street. Cambridge, C82 1 RD. The College Is governed in accordance with its St8lules. made in 1926 and variously amended from lime to lime by Order of Her Majesty in Council. The Statutes of the University of Cambridge and specific legislation covering the University of Cambridge also apply to the College. The Slalules of the College lay down tho conslilulion and arrangements for govemance of the College. They describe, among other things, the membership and responsibilities of the Goveming Body., the election and duties of the Master,. the election, admission, tenure and removal of Fellows., and the appointment and duties of College Officers. The Slalules are supplemented by orders for the regulation of the College's affairs, made by the Governing Body in accordance with the Stslules. The Visllor of the College is the Bishop of Ely. Aims and oblo¢tlves of the Collag8 The "laudable design" of Hugo de Balsham. as expressed in the College's founding inslrumenls, was lo introduce scholars in the schools, who are lo live together and study in the University of Cambridge,. lo dwell in the same Icollegel for ever. and employ Ihemselvos with appropriate study. lo the praise of God and the perpetual augmenlalion of the same university." This foms the basis for the College's stalulory purpose, namely to advance education. religion. learning and research through the provision of a Collage in the University of Carnbridg8. As part of 8 Collegiate university. the long-lerm success of the College, as a centre of acadeTnic and odu¢alional excellence, Is dependent upon the continuance of the University of Cambridge's world-class standing.
PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 Publ1¢ b&n•flt The College pursues ils charitable objects Ilo advance education, religion, leamlng and rese8rchl for the public benefit through a wide variety of aclivilies, including.. admitting undergraduates from a diverse range of educational, social and cultural backgrounds for University courses and admilling graduate sludonls from those accepted by the University., providing. in conjunction with the University, a world-class education for undergraduates, particularly Ihrough College-based individual or small-group supervision and direction of studies., supporting students linancially and rewarding excellence and achievement through the provision of bursaries, scholarships. prizes and a range of grants. as well as assisting 51udenls in particular financial hardship., providing pastor81, administrative and academic support for both undergraduates and graduate students through the Tutorial system and other welfare mechanisms., providing library, computing, cultural, musical, sporting and social fa¢ililles lo enable students lo achlevo their full potential both academically and olherwse., supporting students and Fellows by providing accornmodalion, catering and other services which also nderpin the concept of a multi-disciplinary academic community., promoting academic research of the highest quality through annual competitions for election lo Research Fellowships 8nd Research Sludentships, through supporting the research activities of both Fellows and graduate students, and welcoming 8¢ademi¢ visitors from other inslilulions., maintaining services in the Chap@I regularly during Full Term, promoting the activities of the Choir and fostering the spiritual welfare of College members irrespective of denomination or faith,. preserving and enhan¢ing the endowments and benefactions, hlslorlc bulldlngs and grounds of the Coll0 for the benefit of future generations., providing access to some of the College's facilities and educational resources to conference guests and also lo the general public at 14.mes when they are not in use by College members. Fundlng The sources of Income of Peterhouse 8re'. Fees charged lo students for luilion, accornmodalion and use of olhor Collego facilities and services.. Income frorn services provided to external ¢uslomers, including Conference and Ihird-party catering 8clivily., Benefactions and donations for current use., Investment income from our accumulated endowment and other assets. Achievemgnts and performance Educatlon Whilst the impact of the Covid-19 pandemic was still fell during the year, the College continued to deliver leaching to support the University urse$ and @xaminalions, although some changes to pre-pandemic practices were necessary lo ensure the health and well-being of students, Fellows and staff members. 82 full lime undergraduates were admilled in the year 2020-2112021.. 921. bringing the lotsl across all years lo 29812021= 3111.. the new intake can be broken down as to 551450/0 12021.. 551450/0) arts and sciences, and 551450/012021.. 57143°/ol male, female., the intake was composed of 61 12021.. 751 Home students and 21 12021.. 171 Oversaas sludents,. applicants are assessed on the basis ol their potential as well as their achievements lo dale. The number of graduate students on the College's books tolalled 19512021.. 1851. of whom 130 {2021'. 1351 re fee paying, The College aims lo prowde supervision and direclon of studies by its own Fellows in most of the principal subjects offered by the University,. the existing Fellowship, who offer expertise in a widè r8nge ol subjects, continued to provide this, largely through leaching of supervision groups.
PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 Most students were able lo lake classed examinations this year., 23912021.. 2181 undergraduates sat classed University examinations in 2022, wilh 79.90/0 12021.. 87.60/0 obtaining grades in the First Class or the upper division of the Second Class lor in tha undivided Second Clas51,' in the other examinations there were 8 Passes.. 2 undergraduates were awarded University prizes12021.. 5).. 33 graduate students successfully completed an MPhil or other one-year graduate course12021= 171, 9 12021..11 > completed clinical studies and 28 {2021= 10} satisfied the reqLJirement for the degree of PhD. 75 12021.. 721 undergraduales some 32.1 Yo of Ihoso potentially eligible receSved means-lesled awards lotalling £226k12021'. 240kl under the centralised Cambridge Bursary Scheme, wth 3912021.. 491 ol the awards al the maximum value.. the s¢heme is intended lo ensure that no UK or EU sludenl should b& deterred from 8pplying lo Cambridge because of financial CDnsideralions,' the Tutors deployed a further £177k12021.. £151kl to make loans and grants lo support undergradualBs facing particular financial hardship., scholarships and prizes worth some £65k12021.. £44kl were awarded by the Governing Body lo recognise and reward excellenca and achievement, while grants lor travel were limited by the Covid pandemic to £45k12021.' £2kl. Grants lo support sludenl wellbeing were also awarded £8k {2021.. £30kl. The College made grants lolalling £78k12021.. £51kl lo Ils official student bodles, the Sexcenlenary Club {JCR} and Graduate Society lo enable them to provide social and sporting support lo their members. The Ward Library 8dded 8 further 1,51912021.. 71 $1 volijmes during the year. on the recoFnmendalion of both Fellows and students and as a result of generous gifts,. the project lo updat8 the catalogue of the College's rare book collections continued.. and the College expanded ils Library e-services. Further improvements lo facilities and 8¢commodalion were rnade.. a full refurbishment providing new accommodation in 3940 Trumpinglon Street was progressed,. a progr8mme of small bespoke works lo impfove kitchèns and bathrooms in a number of listed properties continued,. and Ihs refurbishment of the Brewhouse was completed. The Brewhouse provides music practice rooms and a unique small performance venue for the College's musical events and choir. Research Two Research Fellows specialising in Urban Studies. and Applied Malhemalics were appointed through the annual competition, for an init181 three year lemi. This took the lolal number of Research Fellows lo nlne12020.' 10).. these Fellowships enable outstanding academics 81 the early stages of their careers to develop and focus on their research in this formative period before they undertake the full leaching and administrative duties of an academic post. Covid extensions were granted to 7 existing holders of Research Sludentships 12021.. 8). On the recommendation of the Research Studenlships Committee a further 312021.. 91 Research Sludenlships were awarded lo graduate students on the basis of merit to wver their academi¢ fees and maintenance expenses, bringing the lolal lo 2412020.. 311 and the annual cost of the scheme to £477k {2021.. £722kl. The Tutors made other giants and awards tolalling £99k 12020.. £34kl lo graduate slud6nls in ord&r lo offset research and maintenance expenses. Research allowances lolalling £45k12021'. £39kl were provided in support of Fellows. res8ar¢h aclivilies. 4 Bye- Fellow lone in Modern Languages. one in Clinical Medicine, and two in Lawl, 2 Visiting Fellows lorTre in History, and ona in Physics), and three Senior Research Associates {one in Philosophy. one in Medicine. and one in Biological Pysics}, were appointed lor v8rying lemis. One Research Associateship was also granted to a post- doctoral worker al the University Rellglon The Chapel occupied its usual place al the heart of the College's spiritual life, with a variety of religious services taking place regularly during Full Term, underpinned by Pelerhouse's strong choral tradition. The College resumed regular in peison worship and hosted a number of events including a local Choral Academy. The College was abl& once again lo support an annual spirilLJal retreat for ils junior members. The College continued the furthgr furbIShMent of the Ch8pel, which included improvements to the lighting. restoration of the stained glass, and the ongoing refurbishment ol the organ. Additional information about the College's activities can be found in the Peterhouse Annual Record and the College newsletter, as well as on ils website Iwww. el.cam.ac.ukl.
PETERHOUSE FINANCIAL REVIEW FOR THE YEAR ENDED 30 JUNE 2022 The financial statements for the year to 30 June 2022 have been Prepared in accordance with using thè Recommended Cambridge College Accounts IRCCAI formal and the external auditors, opinion is unqualified. The College's two wholly-owned subsidiaries have all been ¢onsolidaled. The two subsidiaries are.. Pelerhouse Enterprises Limited IPEL}. which is en9aged in property development, and Peterhouse Conferences and Events Limited. which manages certain Catering and Conference a¢livilies undgrtaken by the College in order lo raise funds lo furth8r its charitsble aims. The College seeks to run the operating income and expenditure account al breakeven over the long lemi whilst gradually growing spend on ils charitable a¢livilies. To this end the Colleg¢ has continued lo seek lo expand and lo invest in the rar)ge of services it offers to all its students and rasearch community. However, while the Covid-19 pandemic continues lo cast ils sha(Jow over the College's finances, the war in Ukraine and subsequent energy shock has created a period of furthar challengè and uncertainly. These factors have impacted on the finances of the College and the wider University se¢lor and will continue lo do so. In addition lo these issues. the College is mindful of the longer-term challenge of global warming and the climate emergency'.The College Continues to address these challenges by.. seeking lo minimise energy costs and by investing in energy efficient and low carbon technologies {subjecl lo listing conslrainlsl.. and by seeking the most eff@clivg and èfficient way of delivering services, which often involves appropriate use of digital technologies. The College remains committed to maintaining, presorving and enhancing the historic buildings that underpin its ¢harilable objectives and enrich its community. To this end, the College has carried out a number of subslanlial projects during the year. These include the re-onoing refurbishment and resloralion of the Organ and Chapel,a programme of small works lo improve kitchens and bathrooms in undergraduate accommodation significant works al the Brewhouse (which expands the musical facilities available to members of the College) and the refurbishment project at 39-40 Trumpinglon Street (which will improve the stock of sludenl accommodatsonl, This year the College showed an overall underlying accounting def11 before donations of £992k. This is an improvement of £456k on the previous year. Third-parly Conference and Event activity remained al very low levels because the Coll&go has been caullous in restarting certain activities until the pandemic is rnore clearly over. After adjusting for a1£668kl movement on the USS pension liability, this overall deficit grew lo £1.66Dk. The underfng defi¢il before donations partly reflects the fact that a number of inilialives are now being directly funded by gifts and donations. After adjusting for donations. the College showed a deficit of £703k. Slmpllfled Income and Expend5ture 2022 Total £'ooo 2021 Total £'ooo Total incotne before donations 8nd ondowmenls. Total exp8nditure ID8*tcltl beforè donatlons and USS provlslon USS provision {D&flcltllSurplus before donatlons Donations New endowments Surplus before other galns and losses Gains on investments and assets Oeflclt for thè year 12,977 11,870 13,969 13,318 19921 11,4481 668 22 11,6601 {1.4261 949 915 125 13861 1703} 3.071 3,774 29,772 Includes gaSns on Investments applk8d lo Incomè
PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 IncomelExpondlture Income Irom Academic Fees and Charges fell by 0.8V/o12021'. 7.20/0 ijecreasel on the prior year reflecting a fall in the number of home fee-paying undergraduales, partially offset by increases in graduate and overseas undergraduate fee rates. Income from Accommodation, Catering and Conferences rose by $7.SQ/o on the prior year12021.' 32.00/0 decrease). The physical absence of students in Lent Term 2021 reduced incoma from room rents and College catering in the 2020121 fi'nancial year,. in contrast, this year the presence of students for Ihe whole year and greater interaction has seen 8 significant rise in room and catering income. Although there was a mode51 amount of Conference and Event Income12022'. £130k., 2021.. £Dkl, this still does not compar@ lo pre- Pandemic levels 12020..£76Okl. Endowment income rose slightly 16.O/DI,' this was driven by the slfong performance of the propaty Portfolio which improved as a result of the @nding of certain Covid related rent concessions, some significant uplifts on certain lease renewals and some back rents which had been held over from Ihe previous year. Other income fell reflecting the withdrawal of the of the Government's Coronavirus Job Retention Scheme. Overall total College income after donalions and endowments rose by £1,210k or 10.80/0 (2021.. £1.228k'. 9.OQ/o decre8sel. The College's total expenditure rose by £1.341 k or 10.10h12021.' £152,. 1.0°Iv increase). However. if the 8ffe¢ls of the release of USS provisions1£677k} are excluded, thon there was an increase of £677k or 5.OQ/y. The most significant factor was the Increase in activity as tho effects of the pandemic started lo subside. Total doprecialion rose by £59k {2021.' £62k} btscause of the additional capilalised expenditure dIuSSed low. Staff costs and penslons Total staff costs (academic and non-acadernic ex¢luding the USS adjustment of £0.7ml remain the most significant expense for the College al £5.4m12021.' £5.2m). Staff costs excluding actuarial adjustments lo the pension schemes under FRS102 increased by £186k or 3.60A12021.' £ggk or 2.00/01. This reflected.. the cost of living incr&ase for the year., the return of casual staff and recruitment lo a moclesl number of unlilled Posts as more normal activity levels resumed,- the increase in USS pension and national insurance ¢onlribulion rates. and the College's continued commitment to paying ils staff al lèast in line with the Real Llvlng Wage. The staff CCFPS pension scheme still remains significantly in deficit (under FRS1021 in 2022, although the delicil decreased by £3,212k12021.. decreased by £765kl. The changes in actuari81 assumptions underlying the plan liabilities are the kay driver of the decrease in the defi¢it,' these were driven by changes lo the discount rate and inflation rale applied to the scheme's liabilili@$. This Scheme is ¢losed lo new entrants. The College includes a share of the USS Scheme's current deficit. Under FRS102 the College is obliged to account for il under money purchase scheme rules, although it is a mulli-employer defined benefit schemè. As discussed above, the recent Changes lo the recovery plan following the latest revaluation ha5 resulted in a £677k debil12021.. £22k credit I being recognised in Income and Expenditure slalemenl., this largely relates lo the recognition of future payments by the College that arg expected under the ¢0very plan. Details of this scheme and the CCFPS scheme are included in notes 15 and 22. Overall the ptsnsion scheme liabilities m88sured under FRS102 have decreased by 45.40A from £5.5m lo £3.Om 12021.. decreased by 12.6'10 from £6.3m lo £5.5m). Capltal expendlture The College continued work on the refurbishment ol the Chapel which focussed on renovating the organ, an improved lighting scheTne, and the resorab'on of the slsined glass. Other refurbishment works1£1.1 ml were C8rried out on 3940 Trumpington Street,. this will upgrade and expand the existing sludenl room slo¢k. The College completed ils refurbishment of the Brewhouse I£0.7ml which has expanded the music f8¢ililies available to members of the College.
PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 The College takes very Seriously ils responsibility lo maintain the Colleg6's op8rational buildings, most of which are listed and of consicserable historic importance. lo ensure their compli8n¢e with new regulations, and lo meet higher ener9y efficiency standards. The cost of doing this places a signifi¢anl financial buiden on the Colle9e. The College ¢onlinues lo invest in ils IT Infraslruclure and sofiware., during the year the College continued the develc>pment of ils new accommodation and ¢onference database system. The new database will not only help lo meet the requirements of GDPR legislation. bul will also improve the Coll8g8's ability to m8nage ils rotsm stock efficiently. Endowment and investment perfomiance The College's survival in ils pres@nt form is dependent on ils endowment capital, which conlribules over haw ils income and has additionallyto absorb deficit5 and provide the funds for necessary building works. The Colleg&'s investment objective, implemented under the supervision of ils Eslales & Investments Committee, is lo manage ils endowfflenl lo produce a steadily rising income stream whilst ensuring the long-temi preseNalion of capital value in real lemis. Thè composttlon and performance of the College's endowment is summarised in the table below". 2022 £'ooo 187,344 4,852 56,144 773 12.884 1,043 {1,0381 13,2841 65 65 261,024 263,511 125,8871 125,8871 235,137 237,624 2021 £'ooo 181,223 4.184 80.280 Property Pooled propgrty fvnds Eqvilies Cash. loans and fixed inleresl securltSes Cash in hand and at investment managers Oth&r Cash lowed byyheld for thg Endowment Other inveslrnents Total Investments Loans Net Endowmgnt Assgts Endowmènt r•turn and Inv•stm•nt In¢omtr 2022 £'ooo 2021 £'ooo Income from.. Land and buildings Pooled property funds Equities Other Interest re1vable Total Ineom• Equities tllatTragemènt cos18 Direct costs of property management, agency fees and maintenance Net Income before Ilnanclng costs Interest and finance ¢9sts Total ngt Incomè #fter flnanclng ¢o$t$ Capital gains on investments Irealised and unrealisedl Total r•turn for Net Endowment 5.173 200 2,004 13 7.390 1190} 4,877 178 1.839 66 6,960 11271 528 6,672 11,1631 5,509 60fj 6.227 11,329} 4,898 12,7541 30,661 2,755 35,559
PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 Last financial year, for the first time. the College adopted a lolal return accounting policy for ils equities and marketable sècurities portfolio. Af18r last year's spectacular capital growth, m8ikel sentiment was changed by the economic turbulence the Ukraine War and SLJbsequenl energy shock., this saw the Equity portfolio fall back in value. The College reviewed SIS fund management arrangements during the year with advice from Canlab Asset Management. As a result of this review, ilrs and look the decision lo move ils fundscuslody of the equities and marketsble securities portfolio from a platform operated by Credit Suisse lo a platform operaledmanaged by AJ Ball. Al the same lime, a decision was made lo replace Credit Suisse as the discretionary manager of part of Ihe portfolio. Reserves Pelerhouse's unreslricled funds al the year-end amounted lo £331.8m12021.. £329.3ml and are represented in the balance sheet by the College's operational buildings- which are used for a¢ademic and residential purposes and by part of the investment portfolio. The Governing Body believes that reseN&s on this scale are necessary for the College lo meet ils charitable objectives and that they provide the stability for the inslilulion to operate in perpetuity. The Goveming Body is mindful lo maintain an equitable balance between the interests of current members of the College and future generations. Rlsk Managemènt The Governing Body has the overall responsibility for idanllfying and managing the major risks facing the College. Discussion of risks are a routine part of the work of the Governing Body and the associated College Commillees. A form81 high level risk register is maintained by the Fin8n¢e Committee and reviewed on an annual basis by the Governing Body. In addition lo this, other College Committees review and discuss individual risks which f811 within their respective terms of reference on a morg frequent basis. College Commillees also develop and update College policies lo manage and miligale risks as and when appropriate. Responsibility for the implementaliori of College policies is delegated lo the relevant College Officers and members of staff. Fundraising The existen and success of Pelerhouse is a refle¢lion of the oulslanding generosity over time of Pelreans and other benefactors. The College's development campaign continued lo make a valuable contribution over the year, with donations and legacies of £1.Om 12021.. £1.Oml. Of these £8k was raised for permanent endowmonls {2021: £125kl. The combined nel costs of fundraising and rnernber relations was £313k {2021'. £247kl. The College is regislere(J wilh the Fundraising Regulator and adheres lo ils Code of Practice. The College does not use external professic>nal fundraisers and carries out fundTaising activities through ils Developmonl Office, in collaboration with Cambridge University Development and Alumni Relations Office as appropriate. In addition lo seeking linancial and other support for the College, the Development Office is also responsible for alumni relations. Fundraising techniques used include face lo face meetings, the promotion of legacy giving, annual telephone campaigns and occasional mass mailings lo members oflhe College's community. The College lak6S very seriously ils responsibilily lo ensure that ils assets and resoLJr¢es are used only for the purposes for which they were given. The College doès not eng8ge in intrusive or unreasonably persislonl methods of fundraising and training is given to all individuals who undertake fundraising a¢livilies lo enskjre that they know how lo handle an obviously vulnerable person. There have been no formal complaints mada about fundraising Iprior year none}. Prlncipal risks and uncertaintie5 Pelerhouse faces a range of risks in meeting ils charitable purposes which include financial, operation81 and repulalional risks. These include ils long-lerm ability to allracl the best staff and students, lo maintain and develop ils research and educational offering, and lo conserve, refresh. and renew ils physical facilities. In addition. the College faces repulalional risks in a world where modern communicallon methods have r65ulled in higher levels of Iransp8rency and scrutiny in wide range of areas. 10
PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2022 The College has recently invested in a fange of measures lo improve further the pastoral support it offers ils students. 11 seeks lo foster 8 SUPPOrtlve and collegiate culture amongst Fellows, students and stsff. The College also seeks opportunities lo contiibule positively lo the communities in whi¢h il operates and lakes seriously its rosponsibililies 85 a significant landowner. While Peterhouse is fortunate in being a rel81ivelywell-endowed College, il continues loface financial challenges many of which are Common lo the University and other Cambridge colleges. The recent pandemic, the Ukraine war 2nd subsequent inflationary energy shock has mado the polili¢al, economic and educational landscape increasingly uncertain. Operating costs and p8rticul8rly energy costs have been subject lo considerable inflationary pressures. These pressures are expected to ntinUe into the next financial year al least. Peterhouse seeks lo respond to these financial challenges by focussing on efficient financial management of ils operational activities, and the prudent stewardship of ils endowrnenl assets for the long term. However, if it is to develop further the activities that are critical lo ils mission such as research sludenlships, and lo continuo 10 progress ils capital expendilurts plans across ils subslarilial operational estate, the College will need lo raise addition81 funds over the coming years. Plan5 for the future The College aims to pursue and develop ils existing strategy, with a particular focus over the next few years on: Recovery from the Covld-19 pandemic and navigating the current economic turbulence., The further development of pastoral iesources lo promote and support studanl w@11-being', Continued sUPPOrt of its Research Fellowship and Research Sludenlship scheme lo offer f5nancial support for the most talented early-career academics and graduate sludenls., Increasing the College's Admissions and Outreach inilialives lo allracl oulslanding applicants for undergraduate and graduate courses from 8 diverse range of educational, social and cultural back9rouniJs. 11
PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2022 The following slalemenl is provided by the Governing Body lo enable readers of the financial slalemenls to obtain a better understanding of Ihg arrangements in the College for the wnanagement of ils resources and for audit, The College is a registered charity IregislereLf number No. 11374571 and subject lo regulation bylhe Charity Commission for England and Wales. The members of the Goveming Body are the ¢harily trustees and are responsible for ensuring Gompliance with charity law. The Trustees are Goveming Body which is advised in carrying out its duties by a number of Committees. Governance Committee Remuneration and Benefits Committee Finance Committee Eslales and Investments Committee Development Committee Education Committee Admissions Committee Exatllinalion Failures Committee Grants Committee Honorary & Visiting Fellowsttips Committee Research Sludenlships Committoe Resear¢h Fellowships Committee m. Travel Grants Committee Charitable Applications Committee Co-ordinating Committee Pelerhouse Boat Club Fund Management Committeg Staff Committee Food and Wine Committee Buildings, Fabric 8nd Gardens Committee IT Committee The principal adminislralive Officers of the College are the Master. the Senior Bursar. and the Senlor Tutor. 11 is the duly of the Finance Committee lo keep under review the effe¢liveness of the College's inleinal systems Df financial and other controls,. lo advise the Governing Body on the appointment of external and internal auditors,. to consider reports submilled by the auditors, both exlBrnal and internal,. lo monitor the Implementation of r8wmmend81i(>ns made by the auditors. lo make an annual report to the Governing Body. Membership of tho Finance Committee includes.. The Chairman la Fellow of the Collegel. Senior Tutor, Sensor Bursar and strvelal other Fellows of the College. There ale Registers of Interests of Members of the Governing Body. the Finance Commilleè and of the senior adminislralive officers. Declarations ol interesl are routinely made al all College comrnittee meetings. The College's Trustees IMembeTS of the Governing Body) during the year ended 30 June 2021 are set out on p898 2. The Trustees are the Governing Body which is responsible for maintaining a sound system of intemal control that supports the achievement of policy, aims and objectives while safeguarding the publi¢ and other funds and assets for which the Governing Body is responsible, in accordance with th8 Coll@g6's Slatule8. The system of intemal control is designed to man8g@ r8lher than eliminate the risk of failure lo achieve policies, aims and obje¢lives', il therefore provides reasonable but not absolute assurance of effectiveness. 10. The system of internal control 18 deslgned lo identify the principal risks lo the achievement of policies, alms and objectives, lo tsvaluale the nature and exlenl of those risks and lo manage them efficiently. effectively and economically. This process was in place for the year ended 30 June 2021 and up lo the dale of approval ol the linancial slalemenls. 12
PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2022 The Goveming Body is responsible for reviewng the effectiveness of the system of internal control. The following processes and procedures have been established.. The Governing Body metsls regularly (typically 13 limes) throughout the year lo consider the plans and stratègic direction of the College,. il also reviews and approves the annual financi81 rgsulls and budget. The Governing Body receives interim reports from the Finance Committee which ieviews key financial nformalion and statistlcs Dn an ongoing basis. including quarterly progress against budget. A Committee Slru¢lure has been pul in place to review key areas of College activity. Appropriate levels of segrègation of duties have been established logelhor with authority limits. These are reviewed periodically. Two Fellows Inol already on the Finance Committee) review and audit the College accounis in dglail, and provide an independent report on their findings lo the Goveming Body. A Project Ac¢ounlanl has been employed to review 8nd improve the internal systems and controls. 11. A Fellow on the Governing Body has been designated SIRO (Senior Infomialion Risk OffirI and is responsible for reporting lo Goveming Body on data protection 8nd infomialion risk issues. 12. The Governing Body's review of the effectiveness of the System of internal control is informed by the work of various Commillees, the Senior Bursar, and other College Officers, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the exlemal auditors in their tnanagemenl lelter and other reports. 13
PETERHOUSE RESPONSIBILITIES OF THE GOVERNING BODY FOR THE YEAR ENDED 30 JUNE 2022 The Governing Body is responsible for prep8rlng the Annual Report and financial slalements in accordan with applicable law and United Klngdom Accounting Standards Iuniled Kingdom Generally Accepted AG¢ounling Praclicel. The College's Stalules and the Statutes and Ordinances of the University of Cambridg8 rèquire the Goveming Body lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the College and of the surplus or deficit of the College for that perKJd. In preparing these financial slalements, the Gc>verning Body are required lo.. select suitable accounting policies and then apply Ihem consislenlly., make judgernents and e51irnales that are reasonable and prudent.. slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls.. and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the College will continue in operaliori. The Goveming Body is responsible for keeping accounting records which disclose with reasonable accuracy al any time the financial position of the College and enable them lo ensure that the financial slalemenls comply with the Stalules of the University of Cambridgo. They are also responsible for safeguarding the assets of the College and hence for taking roastsnable steps for the prevention and detection of fraud and other irregularities. The Gclverning Body is responslble for the malnlenance and integrity of the corporate and financial information in¢luded on the College's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the Governing Body of the Master lor Keeper) and Fellows of Pelerhouse in the University of Cambridge s B Kendall MBE Master Mr l.N.M. Wrlght Senior Bursar 14
DRAFT INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2022 Oplnion We have audited the financial statements of Peterhouse (the 'College'l for the year ended 30 June 2022 which comprise the Consolidated S181emenl of Comprehensive In¢ome and Expenditure, the Consolidated Slatem&nl of Changes in Reserves, the Consolidated Balan¢e Sheet, the Consolidated Cash Flow Statement and notes lo the financial slalefflenls, including a sumrnary of signifi¢anl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Ac¢ounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Slalement of Recommended PraclSce'. Accounting lor Further and Higher E¢Ju¢alion. In our opinion.. the financial statements give a true and fair view of the state of the Co11898's and Group's affairs as al 30 June 2022 and of its incoming resources and application of resources for the year then ended., the financi81 sl8lemenls have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. the financial statements have been prepared in accordance wlh the requirements of the Charities Act 2011 and the Statutes of the University of Cambridge., and the conlribLJtion due Irom Ihts College lo the University has been wrrè¢lly computed as advised in the provisional assessment bylhe University of Cambridge and in accordance with the provisions of Statute G.11, of the University of Cambridge. Ba$1$ for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. W@ are independent of the College in ac¢ordan¢e wlh the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in 8ccord8n¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng con¢ern In auditing the financial slalements, we have concluded that the Governing Body's, use of the going concern basis of ac¢ounllng in the preparation of tha financial slalements is appropriate. Based on the work we have pèrform8d, we have not identified any material uncertainties rolaling lo events or conditions that, individually or collectively, may cast Significant doubl on th8 group's or College's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Goveming Body with respect lo going concern are described in the relevant sections of this report Other Information The other infomiation comprises the inforfflalion included in the report of thè Governing Body. other than the financial statements and our auditor's r6port thereon. The Governing Body are responsible for the other information contained within the annual report. Our opinion on the financial slatements does not cover the other information and. except lo the oxtenl otherwise explicitly slated in our report, we do not express any form of assurance conclijsion Ihergon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit or olhenNise appears lo be materially misslaled. If we identify such material inconsistencies or appaienl material misstatements, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information. we are required lo report that fact. We have nothin9 to report in this regard.
DRAFT INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2022 Mattars on whlch we are required to report by exception We have nothing lo roport in respect of the following mallers in relation lo which the Charities {Accounls and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the information given in the financial slalemenls is inconsislenl in any mateiial respect with the report of the Governing Body.. or sufficionl accounting records have not been kept.. or the financial slalements are not in agreement with the accounting record5 retums., or we have not received all the information and explanations we require for our audll. Rosponslbllitlas of tha Governlng Body As explained more fully in the Governing Body's responsibilities statement sel out on page 28, the Governing Body are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Governing Body determine is necessary lo enable the preparation of financial slatemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements. the Governing Body are responsible for assessing the group's and College's ability lo continue as a going concern, disclosing, as applicable, mallers lated lo going concern and using the going concern basis of accounting unless the Governing Body either intend lo liquid8le the group or the College or lo ase operations, or have no realistic allernalive bul lo do so. Audltors, responsibilities for the audit of the financial statomonts We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misslalemenls can aiise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are Instances of non-compliancè with laws and regulations. We design procedures in line with our responsibilitie5. Qutlined above. lo delocl material misslalemenls in respect of irregularities, including fraud. The extent to which our procedu$ are Capable of delecling irgu18n1ie$, including fraud is detailed below.. We gained an understsnding of the legal and regulatory framework applicable lo the College and how it operates 8nd considered the risk of the College not complying with the applicable laws and regulations iricluding fraud in particular those that could have a material impact on the financial ststements. This included those regulations dire¢lly relaled lo the financial slatemenls. In relation lo the Colle9e this included data protection, health and safely, employment law and financial reporting. The risks were discussed with the audit team and we remained alert to any indic81ions of non-¢ompliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following.. We reviewed systems and procedures lo identify s)018ntial 8ra8s of management override risk. In p8rtiCLJlar, we carried out testing of journal enlrigs and other adjuslmenls for appropriateness. 16
DRAFT INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2021 We reviewgd minutes of Governing Body moelings and agreed Ihe financial statement disclosures lo underlwng supporting documentation. We have made enquirios of management and officers of the College regarding laws and rogulalions applicable lo the organisalion. We review&d th& risk management processes and procedures in place including 8 reviewof the risk register and reporting lo the Governing Body. Because of the inherent limitations of an audll, there is a risk that we will not d&lecl all irregularities, including Ihose leading lo a materi81 misslalgmenl in the financial ststemenls or non-compliance with regLJlalion. This risk increases the more that compliance with a law or regu181ion is removed from the events and Iran5aclions Ilecled in the financial slalemenls. as we will be less likely lo becotne aware ol instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves inlentsonal concealment. forgery, collusion, omission or misrepresentstion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. htlps'.Ilwww.frc.org.uklOur-WorklAudiVAudil-and-assurancelStandards-and-guidancelSlandards-and- guidance-for-audilorslAuditors-r6sponsibililies-for-auditlDescriplion-of-audilors-responsibilities-for-8udil.SspX. Thi5 descripl¢on forms part of our audf(or's report. Use of our report This report is made solely lo the College's Governing Body, as a body, in accordance with College's stalules, the Stalules of the University of Cambridge and part 4 of the Charities IA¢¢ounts and Reports) Regu181ions 2008. Our audit work has been undertaken so that we might stale lo the College's Governing Body those mallers we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the college and the ¢ollege's Governing Body as a body, for our audit work, for this report. or for the opinions we have formed. PRICE BAILEY LLP Chartered Accounlanls and Slalulory Auditors Tennyson House Cambridge Business Palk Carnbridge CB4 OWZ Dale.. Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 17
PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022 Statement of Prlnclpal A¢¢ountlng Policies Basls of proporatlon The financial slalemenls have been prepared In accordance with the provisions of the Slalules of the College and oflhe University of Cambridge, using the Recommended Cambridge College Accounts IRCCAI formal,. and applicable United Kingdom Accounting Standards, including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Practice ISORPI.. Accounting for Further and Higher Education issued in 2019. The Slalemenl of Comprehensive Income and Expenditure includes activity analysis in order to demonslrale that all fee income is spent for educational purposes. The analysis required by the SORP is sel out in note 6. The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK18ws and accounting standards. Ba51$ ot accounting The financial statements have b@èn prep8red under the historical cost convention, modified In rospecl of the treatment of investments and certain optrralional properties which are included at V8lu8ts'0n. Basls of consolldatlon The consolidated financial slalemenls include the College and ils subsidiary undertakings. Details of the subsidiary undertakings included are sel out in note 9. Inlra-group balances are eliminated on ¢onsolid8tion. Recognltlon of InGomg Academic fees A¢8demi¢ fees are recognised in the period lo which they relate and include all fp8s chargeable lo students or their sponsors. The costs of any fees waived or writlan off by the College are included as expenditure. Grant inGome Granls received from non-governmenl sources (including research grants from non-govommenl sources) are re¢ognised within the Consolidated Slaltsmenl of Comprehensive Income and Expenditure when the College is enlillfjd lo the income and performance related conditions have been mel. Income received in advance of performan related conditions is deferred on the balance sheet and released lo the Consolidated Statement of Comprehensive Income and Expenditure in line with such condilions being mel. DonatnS and endowments Non exchange transactions wlhoul performance related conditions are donations and endowments. Donations and endowments with donor imposed reslriclions are recognised within the Consolidated Slalemenl of Comprehensive Income and Expenditure when the College is enlilled lo the income. Income is retained within reslricled reserves until such lime that il is ulilised in line with such r8slriclions al which point the income is released to general reserves through a reserve transfer. Donations and endowments with restrictions are classified 88 reslricled reserves with additional dlsciosure provided within the notes lo the accounts. There are four main types of donations and endowments wlh reslriclions= Restricted donations- the donor has specified that the donation musl be used for a particular objective. Unreslricled permanent eridowmenls- the donor has spe¢ified that the fund is to be permanently invested to generate an income stream for Ihe general benefit of the College. Reslricled expendable endowments- the (Jonor has specllied a particular objective and the College can convert the donated sum into income. 18
PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022 Statement of Princlpal A¢¢ounting Policies Icontinuedl Recognltlon of income Icontinuedl Donations ond endowments fcontinuedj Reslricled permanent endowments - the donor has spe¢ified that tho fund 18 lo be perrnanently invested to generate an income stream lo be applied lo a particular objective. Donations with no roslricllons are recorded wlhin the Consolidated Slalemenl of Comprehensiv6 Income and Expenditure when the College is enlilled to the income. Investm8nl income and change value of investment assets Investment incorne and change in value of investment assets is recorded in income in the year in which il arises and as either restricled or unrestricted income according to the terms or other reslriclions applied to the individual endowment fund. Tolal relum The College operates a lot81 return policy with regard to its quoted securities and PODled prop8rty funds. The spending policy is specifically designed to stsbilise annual spending levels and lo preserve the real value of the portfolio over lime. The spending poli¢y allempls lo achieve these two objectives by using a long-lerrn largeled spending rale combined with a smoothing rule, which adjusts spending gradually to changes in the market value oflhe quoted securities and pooled property funds. The actual rate of spending for 2021 when measured against a three year trailing average value was 3.25010. Other income Income is received from a range of activities including accommodation. catering and conferences and other s&rvices rendered. Forolgn currency translation Transactions denominated in forgign Currencies are recorded al the rate of exchange ruling al the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into slerling al yearend rates or. where there aye forward foreign exchange contracts. al contract rates. The resulting exchange differences are dealt with in the deteiminalion ol the comprehensive income and expenditure for Ihe financial year. Fixed ass$t$ Land and buildings Fixed asse15 are slated al deemed cost less a¢cumulaled depreciation and a¢¢umu181ed Impairment losses. Certain items ol fixed assets. including th¢ majoTity of operational buildings, that had betsn revalued lo fair value on or prior lo l August 2014, the dale of transition lo SORP, are measured on the basis of deemed cost, being the revalued amount al the date of that revaluation. Thes6 assets had useful economic lives ranging between 5 10 150 years and aro depre¢ialed on a straight line basis. whe parts of a fixed asset have different useful lives, they are a¢¢ounted for as separate items oflSxed assets. Costs incurred in relation lo land and buildings after initial purchase or conslruclion, and prior to valuation, are capilalised lo the exlenl that they increase the exptscled future benefits lo the College. Freehold land is not depreciated as il is considered lo have an indefinite useful life. Additions to Freehold Buildings, in the form of capilalised refurbishment works or new buildings, are depreciated on a slraighl line basis over their expe¢ted useful lives of 50 years. Buildings under construction are valued al cost. based on the value of arehilects, certificates and other direct costs incurred. They aro not depreciated until they are brought into use. 19
PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022 Statement of Principal Accountlng Pollcles l¢ontlnuedl Fixed 8s$8ts fconlinu8d) The cost of additions to operational property shown in the balance sheet includes the cost of land. Fumilure, fillings and equipment costing less than £3,000 per individual item or group of related il&ms is wrillen off in the year of acquisilion. All other 8ssels are capilalised and depreciated over their expected useful life as follows.. Fumilure and fillings Computer equipment Motor vehicles 10.OQ/o pèr annum 25.OQ/o per annum 20.00/0 per annum Leased assets Costs in respect of operttling leases are charged on a slrai9hl-line basls over the lease term. Any lease premiums or incentives are spread over the minimLJm lease lem. Heritage 8ssets The College holds and conserves a number of collections, exhibits. artefacls and other assets of historical. artistic or scientific importance. Heritage assets acquired before 1 August 2014 have not b¢en capilalised since reliable eslimales of cost or value are not available on a cost benefit basis, and also the volume of items and valuation issues mean that it is neither practical nor benelici811o identify and value them. Acquisilions since I August 2014 and valued at over £10k are capilalised and recognised in the Balance Sheet al the cost or. where the assets are donated, at valuation on receipt of these assets where such a cost or valuation is reasonably obtainable. Heritage assets are not depreciated since their long economic life and high residual value me8n that any depreciation would not be material. Expenditure which is required lo presetve or prevenlfurther delerioralion of individual items within the heritage assets is recognised in the Income and Expendiluro Account when il is incurred. The Colleges. management policy in respect of ils heritage asset is summarised in note 8. Investmonts Fixed asset investments are included in Ihe balance sheet al lair value. except for investments in subsidiary undertakings which are slated in the Coll@g8's balance sheet al cost and eliminated on consolidation. Investments Ihal are not listed on a recognised stock exchange are carried al historical cost less any provision for impairmenl in their valuelmarkel value. Stock$ Stocks are slated al the lower of cost and net realisable value after making provision for slow mowng and obsolete items. Debtors Short term debtors 8r6 moasured al Iransacllon prlce, less impairment. Cash and Cash Equlvalents Cash is represented by cash in hand and deposits with financial inslilulions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the dale of acquisition and that are readlly convertible lo known amounts ol cash wlh insignificant risk of change in value. Crèdltors Short term creditors are measured at the Iransaclion price. 20
PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022 Statement of Principal A¢¢ountln8 Pollcle5 {continuedl Flnancial Instrumonts The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, moasurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes party lo the ¢onlraclual provision of the instrument and they are classified according to the substance of the conlraclual arrangements entered into. A financial asset and a financial liability are offset only when there is a legally enforceable right lo sel off the recognised amounts and an intention either lo sellle on a net basis, or lo realise the asset and sellle the liability simultaneously. Flnancial a55ets Basic financial assets include trade and other receivables, cash and cash equivalents and investments in commercial paper {l.e. deposits and bonds}. Th&se assets are initially recognised al transaction price unless Ihts 8rrangemenl constitutes a financing Iransaclion, where the transaction 15 measured al the present value of the future receipts discounted at a market rale of interest. Such assets are subsequently carried 81 amortised cost using the effective interest rale method. Financial assets are assessed for indicators of impaimienl al each rtrporting dale. If there is objective eviden of impairment, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets Carried al amortised cost the impaiimenl loss is the difference between the carrying amount of the asset and the present value of the estimated future Cash flows, discounted al the asset's original @ffective Inte$1 r81e. Other financial assets. including investments in equity inslrumenls, which are not subsidiaries orjoinl ventures. are initially measured at fair value which is typically the transaction price. These assets are subsequently carried al fair value and changes in fair value al the reporting (Jale are recognised in the Statement of Comprehensive Income. Where the investment in equity instruments is not PLJblicly traded and where the fair value cannot be reliably measured, the assets are measured al cost less impairment. Investments in property or other physical assets do not conslilule a financial instrument and 8re not included. Fin8n¢lal assets are de-recognised when the conlraclual rights to tha ¢a$h flows from the asset expire or are settled or substantially all of the risks and rewards of ownership are transferred lo another party. Flnanclal Llabllltlos Basic financial liabilities include Irado and other payables. bank loans and intergroup loans. These liabilities are inilially reco9nised al Irans8¢1ion price unless the arrangement conslilules a financing Iransaclion. where the debt instrument is measured al the present value of the lulure payments discounted al a market rate of interest. Debt inslrumenls are subsequently carried at amortised cost using the effective interest rale method. Fees paid on the establishment of loan facililigs are recognised as transaction costs of the loan to the exlenl that il Is probable that some or all of the facility wll be drawn down. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts pay8bl8 are classified as current liabilities if payment is due within one year or less. If not, they are presenlad as non-currenl liabilities. Trade payables are recognised initially al transaction pri¢0 and subsequently measured al amortised cost using the effective interest rale method. Derivatives, including forward foreign exchange conlracls, a not b2sic financial instruments. Derivatives are initially recognised al fair value on the dale the darivalive contract is entered into and are subsequently ro- measurèd 81 their fair value al the reporting dale. Changes in the fair value of derivatives are recognised in the Statement ofcomprehensive Income in financo Costs or finance income as appropriate. unless they are included in a hedging arrangemenL 21
PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022 Statement of Prlncipal A¢¢ouniing Pollcles Icontlnuedl Financial Liabilllles Icontlnuedl To tho exlenl that the College enters into forward foreign exchange contracts which remain unsettled al the reporting dale the falr value of the ¢onlracls is reviewed al that dale. The initial fair value is measured as the transaction price on the dale of inception of the contracts. Subsequent valuations are considered on tho basis of the forward rates for those unsettled contracts at the reporting d818. Thg College does not apply any hedge accounting in respe¢l of forward fr)reign exchange contracts held lo manage cash flow exposures of forecast transactions dgnominaled in foreign currencies. Flnanclal Ilabililies are de-recognised when the liability is discharged. Canlled. or expires. Provisions Provisions are recognised when the College has a PTesenl legal or conslruclive obligation as a result of a pasl 8venl, il 15 probable that a transfer of economic benefits will be required lo settle the obligation and a rgliable estimate can be made of the amount of the obligation. Contingent liabilities and assets A ¢onlingent liability arises from a past event that gives the College a possible obligation whose existence 111 only be Confirmed by the occurn¢& or olheNise of uncertain lulure events, not wholly within the control of the College. Conlingenl liabilities also arise in ¢ircumslan¢es where a provision would otherwise be made bul either il is not probable that an outflow of resources will be required or the amount of the obligation cannot be measurèd reliably. A contingent a5sel arises where an event has taken p18C8 that gives the College a possible asset whose exislen¢e will only be confirmed by the Occurren or olhemse of uncertain future even15 not wholly within Ihe control of the College. Conllngenl assets and liabilities are not recognlsed In the balance sheet bul are disclosed in the notes. Taxation The College is a registered ¢harity {number 11374571. 11 Is Iherefora a charity wllhin the meaning of Paragraph 1 of S¢hedul& 6 to the Finan¢e Act 2010 and, accordingly, the College is potentially exempt from laxalion in respect of income or ¢apil81 gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 ICTA 20101 or section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains a applied exclusively to charitable purposes. The College's subsidiaries are liable to Corporation Tax in the same way as any other commeicial organisalion. The College receives no similar exemption in respect of Value Added Tax. Contribution under Statute G, 11 The College is liable to be assessed for Contribution under the provisions of Stalule G.11 of the Universlly of Cambridge. Contribution is used lo fund grants lo colleges from the Colleges Fund. The liability for the year is as adwsed lo the College by the University based on an assessable amount derived from the value of the College's assets as at the end of the previous financial year. 22
PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022 Statement of Prlnclpal Accounting Policles {¢ontlnuedl Ponsion costs Univarsltlgs Supgrannuatlon Scheme (USSI The institution participates in Universities Supeiannuation Scheme. The assets of the scheme are held in a separate Iruslee-adminislered fund. Because of the mutual nature of tha scheme, the assets are not allribuled lo individual institutions and a scheme-wide contribution rale is set. The inslilulion is therefore exposed to actuarial risks associated with other inslilulions, employees and is unable lo identify ils share of the underlying assets and liabilities of the scheme on a consislenl and aSOnable basis. As required by Section 28 of FRS 102 'Employee benefits. the institution therefore accounts for the scheme as if il were a defined Contribution scheme. As a result. the amount charged lo the profll loss account represents the conliibulions payable lo the scheme. Since the institution has entered into an agreement Ilhe Recovery P18nl that determines how each employer wlhin the scheme will fund the over811 delicil, the instilLJlion recognises a liability for the contributions payable that arise from the agreement Ilo the exlenl that they rela1@ lo the deficill with related expenses being recognised through the profil and105s account. FRS 102 makes th& distinction between a group plan and a mulli-employer scheme. A group plan consists of collection of enlilies under COTNmon control typically with a sptsnsoring employer. A mulli-employer scheme is a scheme for entities not under common control and represents ltypicallyl an industry-wide schème such as Universities Superannuation Scheme. The accounting for a mulli-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from Iha agreement {lo the extent that they relate to the deficill with the resulting expense charged through Ihe profi'l or loss account in accordance with section 28 of FRS 102. The dire¢lors are satisfied that Universities Superannuation Scheme meeis the definition of mulli*mployer scheme and has therefore recognised the discounted fair value of the conlraclLJal contributions under the recovery pl8n in existence at the dale of approving these 1Snancial slalemenls. ambridge Colleg8s Feder8t•d Pènsion Scheme ICCFPSI The College participates in the Cambridge Colleges Federated Pension Scheme, a defined benefit scheme. Pension costs are assessed in accordanctr wllh the advice of the actuary based on the latest actuarial valuation of the Scheme and are accounted for on the basis of providing pensions over th¢ period during which the College benefits from the employees, services. Other p•nsion schames The College also operates a defined contribution pension schome for employees. The assels of the scheme are held separately froffl those of the College. The annual contributions payable are charged lo the Income and Expenditure A¢counl. Critlcal accounting estlmates and areas of ludgement Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that ale believed to be reasonable tjnder the circumstances. In order lo calculate the discounted pension liability, the College makes eslimales and assumptions Concerning the future. The resulting accounting estimates and assumptions will, by definition. seldom equal the related actual resijlts. The eslimales and assumptions that have a significant risk of causing 8 material adlustrnenl lo the carrying amount5 of assets and liabilities within the next financial year are discussed below. 23
PETETHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2022 Ponslon ¢osts (Gonllnugd) Crltlcal accountlng g$tlmate$ and argas of Judggmont {¢onllnuedl The present value of the USS and CCFPS defined benefit liability depends on a number of factors that are determined on an a¢luarial basis using a variety of assumptions. The assumptlDns used in determining the net cost lincomel for pensions include the discount rate. Any changes in these assumptions. which are disclosed in note 22, will impact the carrying 8mounl of Ihe pension li8bilily. Furthermore, 8 roll forward approach which projects results from the lalesl full actuarial valuation performed at 31 March 2018 has been used by the actuary in valuing the pensions liability al 30 June 2022. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. Employmont bgneflts Short term employment benefits Such as salaries and compensated absences are ¢tnIsed as an expense in the year in which the employees render service lo the College. Any unused benefits are accrued and measured as the addilional amount the College expects lo pay as a result of the unused enlillemenl. Legacy accounting For legacies, enlit16menl is taken as the earlier of the dale of which either.. the College is aware that probate has been granted, the eslale has been flnalised and nolificallon has been made by the execulorlsl lo the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only considered probable when the amount can be measured reliably and the College ha5 been nolilie of the executor's intention lo make a dislribulion. Where legacies have been nolilied lo the College, or the College is aware of the granting of probate, and the criteria for income recognition have not been mel, then the legacy is Irealed as a conlingenl asset and disclosed il matertal. Reserves Reserves are allocated between reslricled and unreslricled reserves. Endowment reserves include bal8nces which, in respect of endowment to Ihe College. are held as permanent funds. which the College musl hold lo perpelLJity. Reslricled res8N8s include balances in respect of which the donor has designated a specific purpose and therefore th6 College is reslricled in the use of these funds. 24
PETERHOUSE
CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022
| Note Income Academic fees and charges 1 Accommodation, catering and conferences 2 Investment income 3 Endowment return transferred 3 Other income 4 Total income before donations and endowments Donations New endowments Total income Expenditure Education 4 Accommodation, catering and conferences 5 Other expenditure Contribution under Statute G, II Total expenditure 6 (Deficit)/Surplus before other gains and losses Gains on investments applied to income 10 (Deficit)/Surplus before other gains and losses applied to income Gain/(loss) on investments 10 Surplus/(deficit)/for the year Other comprehensive income Miscellaneous capital receipts and payments Actuarial loss in respect of pension schemes 15 Total comprehensive income for the year |
Unrestricted Restricted Restricted Permanent Endowment 2022 Total £’000 £’000 £’000 £’000 2,360 3 - 2,363 2,729 - - 2,729 6,877 19 494 7,390 - 559 (559) - 178 - - 178 12,144 581 (65) 12,660 210 739 - 949 - - 8 8 12,354 1,320 (57) 13,617 5,523 1,093 - 6,616 5,267 83 - 5,350 2,424 2 43 2,469 202 - - 202 13,416 1,178 43 14,637 (1,062) 142 (100) (1,020) 249 3 65 317 (813) 145 (35) (703) (397) (100) (2,574) (3,071) (1,210) 45 (2,609) (3,774) 521 - - 521 3,309 - - 3,309 2,620 45 (2,609) 56 |
Unrestricted Restricted Permanent Endowment Endowment 2021 Total £’000 £’000 £’000 £’000 2,378 5 - 2,383 1,733 - - 1,733 6,492 18 450 6,960 - 562 (562) - 291 - - 291 |
|---|---|---|
| 10,894 585 (112) 11,367 123 792 - 915 - - 125 125 |
||
| 11,017 1,377 13 12,407 |
||
| 4,824 783 - 5,607 4,842 76 - 4,918 2,532 1 28 2,561 210 - - 210 |
||
| 12,408 860 28 13,296 |
||
| (1,391) 517 (15) (889) |
||
| 386 5 112 503 |
||
| (1,005) 522 97 (386) 27,095 117 2,946 30,158 |
||
| 26,090 639 3,043 29,772 142 - - 142 952 - - 952 |
||
| 27,184 639 3,043 30,866 |
T he notes on pages 29 to 47 form part of these accounts.
25
PETERHOUSE STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 JUNE 2022 Consolldatad Income and expendlture resorve Unrestricted Restricted Endowmont £'ooo £'ooo £'ooo Totsl £'ooo Balance at 1 July 2020 Surplus from incorne and expendtlure stal8m9nt Other compr8hen5ive in(x>rne Balance at 30 Junè 2021 302,066 26,090 6,191 639 16,114 3,043 324.371 29.772 1.094 1,094 329,250 6,830 19,157 355,237 Consolidated In¢omo and expendlture resèrve Unrestrlctgd R¢strlct•d Endowment £'ooo £'ooo £'ooo Total £'ooo Balancè at 1 July 2021 Surplus from incom8 8nd expenfliturg statement Olher comprehensive income 329,250 11.2101 6,830 45 19.157 12,6091 355,237 13,7741 3,830 3,830 Balan¢e at 30 June 2022 331,870 6,875 16,548 355,293 Thg notes on pages 29 to 47 forrn part of these accounts. 26
PETERHOUSE CONSOLIDATED AND COLLEGE BALANCE SHEET AS A T 30 JUNE 2022 2022 Consolldated £'ooo 2022 Collega £'ooo 2021 Consolldatsd £'ooo 2021 Collegè £'ooo Notè Non-current As8et8 Fixed assets Investments 119.829 262,062 381,891 119,829 261 620 381.449 119.006 266.795 385,801 119,006 266 383 385,389 10 Current assets Stocks Trade and other 1vable8 Cash and cash 8quivalents 421 2,634 421 2.742 1.B31 4.994 439 2,584 878 3,901 439 2,897 542 3,878 12 13 5,079 Credltors.. amounts falllng duo wlthln one year 14 12,8281 {2,7881 13,0811 13,0931 Net curr•nt a588t8 2,251 2,206 820 785 Total Assets less current 384.142 383,655 386,621 386,174 Credltors.. amounts falllng due after mor¢ than one year 15 125,887) 125.8871 125,8871 125.8871 Provislon$ Pension provisions 16 12,9621 {2,9621 15.4971 15.4971 Total n•t assets 355,293 354.806 355.237 354,790 Restrlct•d rès•fV8S Ineome and eypenditure r658rve - endowment reseNe Income and expendilure reseNe- restricted reserve Total Rostricted reserves 17 16,548 16,548 19.157 19,157 18 6.875 23,423 6,875 23.423 6,830 25,9B7 25,987 Unrestrlcted Resèrves Income and expenditur8 rgserve- unrestricted 331,870 331383 329,250 328,803 Total Ra$?rve$ 355,293 354,806 355,237 354,790 The accompanying notes on pages 29 to 47 are an integral part of this balanca sheet. The financial slalements were approved by the Governing Body on 21 November 2022 and signed on their behalf by.. L¥6& MS B Kendall MBE Mr l.N.M. Wright Master Sènior Bursor 27
PETERHOUSE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 2022 £'ooo 2021 £'ooo Restated Note Net cash outflow from operating activiti88 19 14,3291 13,2251 Cash flows from Investing acliwties 20 18,574 2,531 Cash flows from flnancin9 acll¥Atles 21 11,1631 113,3291 Increase In cash and cash equlvalgnts In the yèar 13.082 114.0231 Cash and ca8h equivalents at beglnnlng of the year 1,789 15.182 Cash and cash tqulvalents at end of the year 22 14,871 1,789 The notes on pages 29 to 47 form part of Ih8se aceounts. 28
PETERHOUSE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022 Aeademlc fees and charges 2022 £'ooo 2021 £'ooo Colleg• Ftr¢s Fe8 income recèived al the Regulated Undergraduate ratè Fee income recèived at the Unregulated Undergraduate rate Fee income Fe¢aived al the Graduate rate Other Incomg 1,023 571 554 215 1,122 519 530 212 2.3fj3 2,383 In¢ome from accommodatlon. caterlng and ¢onferences 2022 £'ooo 2021 £'ooo Accommodatron Collag8 rnembers Conferènces College Membèrs Conferences 2,202 38 360 129 1,587 Cat6rlng 146 Total 2.729 1,733 Total roturn and Investment Incomo 3a. Analys1$ 2022 £'ooo 2021 £'ooo Incoma from: Land and buildings Quoted Pooled Pioperty Funds Quoled securitlès Other Intèrest receivable 5,173 200 2,004 13 4,877 178 1,839 Total 7,390 6.960 Totsl endowmènt retum applied to Incomè Land and buildings Quoted Poo18d Property Funds Quotad s6curiti88 Other interest re1vable Less excess of total ieturn over incom& reIVed 559 5,173 182 1,528 13 1651 582 4,877 162 1,405 fj6 11121 Total 7,390 6,960 29
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 3b. Summary of total return 2022 £'ooo 2021 É'ooo Income from.. Quoted Pooled Property Funds Quoted Se¢urilies 18 476 494 16 434 450 Galnsllloss•sl on Inv•stm•nt 8ssèts'. Quoted Securilies and Pooled Property Funds 12,5091 3.058 Invfjslmenl managtrmtrnl $1$ 1431 1281 Total rèturn for ar 12.058) 3.480 Total fetum transferred lo Income and expenditure reserve (see note 171 15591 15621 Unapplied total return for year Included wlthln Statement of Comprehenslve Income and Expendlture (see note 171 2,918 InS1M•nt managemènt costs 2022 £'ooo 2021 £'ooo Land and buildings Quoted securities- equities 171 190 155 127 Total 361 282 Other Income 2022 £'ooo 2021 £'ooo In¢ome from Coronavlrus Job Relenllon S¢hgm8 Other income 40 138 266 25 Total 178 291 Edu¢atlon •xp•ndltur• 2022 £'ooo 2021 £'ooo Teaching Tutorial Admissions Research Scholarships and awards Other edu¢alional fadlltios 2.116 1,671 705 539 846 1.178 fj68 608 1,083 1043 804 Total 6,616 5,607 30
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Accommodatlon, calerlng and conf•r•n¢¢$ expendltura 2022 £'ooo 2021 £'ooo A0mmOdation College members Conlerencos lincluding meeting rooms) College Members and staff Conferences 3,282 61 1,885 122 3,189 10 1,707 12 Catering Total 5,350 4.918 Analysls of 202112022 èxpendlture by actlvlty Oth•r Opgraling Expenses £'ooo staff costs (Note 71 £'ooo 2022 Total £'ooo Depreclatlon £'ooo Education Accommodation, Catering and conferences Other 3,284 2,416 327 2,670 1,262, 2,344 662 1,672 6.616 5,350 2,671 Total 6,027 6,276 2.334 14,837 7b. Analysis of 202012021 expendlturè by a¢tivity Other Operatlng Expens8s £'ooo staff costs INote 71 £'ooo 2021 Total £'ooo D•preciatlon £'ooo Education Accornmodalion, catering and conferences Other 2,673 2.242 236 2,289 1,046 2,535 5,607 4,918 2,771 1,630 Toial 5,151 5.870 2,275 13.296 Other expendilure include8 fundraising costs of £180k {2021'. £143kl. This oxpendilure does not includa the costs of alurnni relab'ons. 7c. Auditors ramuneration Other operating expenses include.. 2022 £'ooo 2021 £'ooo Audit fees payable lo the College's external auditors Other fees payable lo the College's exlemal auditors 22 23 Total 22 23 31
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Staff and external toachlng ¢o$t$ College Follows 2022 £'ooo Acadgmlc Non AcademiG 2022 2022 £'ooo £'ooo Total 2022 £'ooo Staff and external leaching ¢osls'. Emoluments External teaching costs So¢i81 Security Costs Other pension Costs 1,211 2,877 4,088 193 389 1,357 193 127 902 262 455 Total 2,240 193 3.594 6,027 College Fellows include Academic Emoluments 1£948k}, sla1 Security costs 1£94k}, Other pension costs (£701kl. Collogo Fellows 2021 £'ooo Academlc Non A¢ad•mic 2021 2021 £'ooo £'ooo Total 2021 £'ooo Staff and external leaching costs.. Emoluments External teaching wsls Social Security costs Other pension costs 1.226 2,682 3,908 180 369 694 180 116 221 253 473 Totsl 1,563 3,408 5.151 College Fellows include Academi¢ Emoluments 1£963kl, Social Security costs {£83k}, Olhor ponsion costs 1£172kl. Average number of staff.. Academic IFull.lirlle} Academic (Part-timel Non-academic {Full-timel NonGade1C {Part-limel 2022 19 61 2021 21 46 61 42 42 Total 188 170 The Governing Body comprised 37 Fellows. of whlch 34 are stlpendiary. The r8ducdon in part-time non-academic staff in 2021 Pared lo 2020 was due to the Impact of the cod-19 pandemlc on the use of casual staff, particularly within the catering d8partrn8nt. Key Managament Personnel Key manag6ment personnel are those persons having authority and iesponsibility for planning, direcung and conlrolllng the aclivilies of the College. During the year there were 312021.. 31 members of the key management team and total remuneration (including pensions and nation81 insurance conlribulionsl and other benefits were £360,00012021.. £352,000). 32
PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Staff co$t$ {contlnuedl Trustses Remuneratlon No Trustee is remunerated for being a Trustee. Trusteas &r8 required lo make disclosure of potential conflicts of Interest at all College Committeg meetings. A reglstar of intarasts for all Trustees is maintained by thè College. The Trustees are remun8rated for spgcific College offices which have assoclatad duties of Teaching, Tutorial, Research, and Administration. The Trustees remuneration is overseen by tho Rernuneration Committe8. This CommSltee consists of four indeptrndenl members. Th8 salaries paid to Trust$e$ in the year are summaT18ed in the tablè b810w.' 2022 Number 2021 Number From To £1 £10 000 13 10 £10,001 £20.001 £30,001 £40,001 £20,001) £30,000 10 £40.000 £50 000 £50,001 £60 001 £60,000 £7fl,000 £80,000 £70,001 £80,001 £90.001 £90 000 £100,0 Total 34 The total Trustèè salaries were £901,000 for the yaar12021.' £820,000). No Individual Truslee's salary exceeded £700,000 during the year. The Trustees were also paid other taxable benefits linduding employ8r conlribullons lo pensions) whlch totalled £206,00012021'. £197,000). The Trustees also received granls from thè College lowards Iheii research totalling £29,00012021'. £30.0001. Travèl and other business expenses reimbursed by Trustees in their capacity as officers of Ihe Collegg lotalled £8,000 12021.. £2.0001. The Trustees are anti118d lo a dally meal 81 College expensè. No trustees had loans with the Collagè at the year end. 33
PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 Flx8d assets Land and bull(Ilngs £'ooo 2022 Total £'ooo 2021 Total £'ooo Group Equ5pment £'ooo Cosuvaluatlon At beglnning of year Additions Disposals 130,592 2.989 2,976 168 133,568 3,157 131,009 2,559 At end of year 133.581 3,144 136,275 133,568 Accumulated depreclatlon At beginnlng of year Charge for the year Eliminated on dbsposals 13,418 2,132 1,144 202 14,562 2,334 12.287 2.275 Al end of year 15,550 1.346 18.896 14,562 Net book value AI 30 June 2022 118.031 1,798 119,829 119,006 At 1 July 2021 117,174 1,832 119,006 118.722 Land artd buildlngs £'ooo 2022 Total £'ooo 2021 Total £'ooo College Equlpment £'ooo Costlvaluatlon Al beginning Qf year Additions 130,592 2,989 2.976 168 133,568 3,157 131,009 2,559 At end of year 133,581 3.144 136.275 133,568 A¢cumul8t•d d&pr•clatlon At beginning of y$ar Charge for the year 13,418 2.132 1.144 202 14,562 2,334 12,287 2.275 Al end of year 1 5,550 1,346 16.896 14.562 Net book valuo At 30 June 2022 118.031 1,798 119,829 119.006 At 1 July 2021 117,174 1,832 119,006 118.722 The insured value of freehold land and buildings as al 30 June 2022 was £144m12021.' £140ml- The College has nol made any heritage asset acquisitions sinc9 1 August 2014 and. thèrèft)re, h8va not Included any heritage assets In the Balance Sheet. Operational assets are those that Ihg Collegé usès in thè cours8 of mèating Its charitable purposes of educatSon, religion, leaming, and research. Once an asset has bè8n classlfiÈd as an op6ration81 asset il is not 16cl8ssifi8d as a harliage asset. 34
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 10. Inv85tments Group 2022 £'ooo 266,795 16,725 130.5451 12,7541 11.841 Collgge 2022 £'ooo 266,383 16,725 {30,5451 12,7841 11.841 Group 2021 £'ooo 234.915 40,061 138.0491 30,661 17931 College 2021 £'ooo 234,365 39,999 {37,7491 30,561 1793) At beglnnlng of y•ar Additions Disposals ILossllgain Increaselld8crea8el In cash balanc88 held at fund managers At end of year 262,062 261,620 266,795 266,383 Group 2022 £'ooo 187,344 4.852 56,144 773 Collegè 2022 £'ooo 186,507 4.852 56,144 773 460 12.884 Group 2021 £'ooo 181,223 4,184 80,280 College 2021 £'ooo 180,416 4,184 80,280 Represented by- Property Pooled Property Funds Quoted securities- securltJe3 Loans and fixed Intèrest securities Investment in subsidiary undertakings Cash in hand and al investment managers Other investments 460 1,043 12,884 65 262,082 1,043 65 266,795 2fj1.620 286,383 Inve81ment assets and 8ndowm8nt assets a managed as a slngle pool alld are both Included wthin the note above. The investment in subsidiaries represents 100% 01 the issued sh8re capital ol Peterhou5e Enterprises Limitèd I'PEL'I. and Peterhousè Conference and Events Limited l°PCEL'I. All companies are registered in th8 Unitgd Kj'ngdom. PEL develops property and holds property lor rental. Any taxable venue surplus i8 paid. under the Gift Aid scheme, to the College. At 30 June 2022 the Company had 5har9 caytal and res6fv65 tolalling £459,25212021.. £447,128} and the r&sult after lax (but before d88d of ¢ovenantl for th6 year then ended was £-15,876 loss 12021.. £132,987 t). PCEL runs conference and ev8nts facilities. Anytaxable surplus 1$ paid. underthe Gift Aid scheme, lo the Colleg8. At 30 June 2022 Ihe company had share capital and reserves tolalling £1 12021.. £-7.9191 and the result after tax (but before deed of Covenanll for the yearthen ended was £9.14112021." £-7,9201. Th8 Group has an inv8Strnent through Manor Farm Stretharn LLP in a residenllal housing development in Cambridgeshire. PEL holds 8n investment at cost of £65k12021.' £65kl in Ihe LLP. Manor Farrn Stretham LLP had borrowed on commercial terms £773k at 30 June 202212021.. £Okl from the College. The Group ha5 an investment in a proparty ca118d Fornham Business Court and th partially funded by a ltsan from Ihird party (see not8 14.. Other loans}. 35
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 11. Stoeks and wark In progr•ss Group 2022 £'ooo Colleg9 2022 £'ooo Group 2021 £'ooo Collèg0 2021 £'ooo Other stocks 421 421 439 439 12. Trade and other receivableB Group 2022 £'ooo College 2022 £'ooo Group 2021 £'ooo College 2021 £'ooo Members of the College Amount due from subsidlary undertaklng Other rgceivables Prepayments and accrued 52 52 360 1,020 1,310 103 102 416 1.092 1.287 1,258 1,324 1.094 1.387 Tolal 2,634 2,742 2,584 2,897 13. Cash and cash equlvalents Group 2022 £'ooo Co11998 2022 £'ooo Group 2021 £'ooo College 2021 £'ooo Bank deposits Current accounts 1,489 535 1,309 522 353 525 30 512 Totsl 2,024 1,831 878 542 14. Creditors: amounts falling due within onè year Group 2022 £'ooo College 2022 £'ooo Group 2021 £'ooo Collego 2021 £'ooo Bank overdraft Members of the College Amounts due lo subsidiary undertakings Bank loans University fees Contribution lo Colleges Fund Other Creditors le.g. VATI Accru8ls and deferred income 37 232 37 232 132 277 132 277 17 37 202 1.497 823 37 202 1,476 804 148 210 1,511 803 148 210 1.508 801 Total 2.828 2.788 3,081 3.093 36
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 15. Crèditors: amounts falling due aftar mor8 than onè year Group 2022 £'ooo College 2022 £'ooo Group 2021 £'ooo Coll&go 2021 £'ooo Bank loans Other loans 24,000 1,887 24,000 1,887 24.000 1.887 24,000 1,887 25.887 25,887 25,887 25,887 Included within creditors due In more than one year are the following loans and facilities.. £8 million due for repayment by 2710212031. Tho loan bears fixed interest rates of 4.3450A on £1 Mill, 4.4150 on £2 million and 4.575Vo on £5 million. £16 rnillion due for repayment by 1211112057. The loan bears fixed interest rates of 4.970QA on £8 mlllion and 5.0050/0 on £8 million. 16. Penslon Provisions Group 2022 £'ooo Collège 2022 £'ooo Group 2021 £'ooo College 2021 £'ooo 8alan¢e at beginning of yaor 5,497 5,497 6.277 6,277 Movement in year: Current service cost Including life assuranco Contributions Other finance cost Actuarial lossllg8inl recognised in Stalemenl of Comprehensive Income and Expenditure 1.228 {5521 99 1,228 15521 99 571 1490} 91 571 {4901 91 {3.3101 13.3101 {9521 19521 Balanca at end of the year 2,962 2.962 5.497 5,497 Spllt as follows: CCFPS Pension Provisions Group 2022 £'ooo College 2022 £'ooo Group 2021 £'ooo Collego 2021 £'ooo Balanco at bèglnnlng of year 4.974 4.974 5,739 5,739 Movement In ytrar: Current service cost including lifè assurance Contributions Other finance cosl Actuarial lossllgain} re¢ognised in Slalement of Comprehensive Income and Expenditure 295 12871 90 295 12871 90 321 1218) 321 {2181 84 13,3101 13,3101 {9521 1952} Balance at end of tho year 1.762 1.762 4,974 4,974 37
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 16. Pension Provisions {contlnued) uss Pfrnsion Provislons Group 2022 £'ooo Colleg 2022 £'ooo Group 2021 £'ooo College 2021 £'ooo Balance at beglnnlng of year 523 523 538 538 Movèment In yaar: Current service Cost including life assurance Contributions Other finance cost 933 1265) 933 12651 250 12721 250 1272) Balance at end of the year 1.200 1.200 523 523 17. Endowmont funds Reslricled nel assets relaling lo endowments are as follows.. Restrictsd Permanent Endowments 2022 Basa Valuo Restricted Permanent Endowments 2022 Unapplied réturn Restrlctod Rgstrlclod Perm8nent Permanent Endowments Endowments 2022 2021 Total Total £'ooo £'ooo £'ooo £'ooo Group and Collage Balance ot b8glnnlng of yaar 16,239 2.918 19.1 $7 16,114 Increaselldecreasel in market value of investments Investment Income Management Charges Endowmanl ralurn transferred to other unspent reslricled income Newdonalions and endowmonts 12,509) 494 143) 12,5091 494 (431 3.058 450 1281 1559) {5591 {5621 125 Movement in Year 12.617) 12,609} 3.043 Balance at end of the year 16.247 301 16,548 19,157 Included within reseryes the following amounts represent the Unapplied Total Return of the College: 2022 £'ooo 2021 £'ooo Unapplled Total Return at beginnlng of yo•r Unapplied Tot81 Return for year Isee note 3b) 2,918 12,6171 2,918 Unappll¢d Total Return at and of yoar 301 2,918 38
PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 17. Endovmient funds {continugd) Rg$tricted P8rm8nènt Endowments 2022 Base Valug Restricted Permanent Endowments 2022 Unapplled return £'ooo Rg$trlct&d Restricted Permanent Permanènt Endowments Endowments 2022 2021 Total Total £'ooo É'ooo £'ooo Analysis by typo of purpose: Research, sludenlship, scholarship ftjnds Student hardshlp Prizes Travel grants Library fund Garden fund Kelvin fund 12.949 2.320 421 333 70 139 15 240 42 13.189 2,362 429 340 71 142 15,278 2.727 497 393 81 163 18 16.247 301 16.548 19.157 Analys1$ by a55et: Investmènts 16,247 301 16.548 19,157 18. Restrlcted Reserv•s Reserves with reslridions for the current year are as follows (full comparats'ves follow on the next pagel.. Group and Coll•9è Permanent and other unspènt restrlcted Income £'ooo Reslrlcted expendable endowment £'ooo 2022 Total £'ooo 2021 Total £'ooo Bal8ne• at beglnnlng of year 437 6,393 8,830 6,191 Application of total retufn on Endowment return transferred Transfer of Incomé In¢reaselld$¢reas?l in market value of investments Investment income Management charges New grants New donab'ons Expendltur6 559 16051 559 562 605 1971 19 121 1971 19 121 122 18 739 11.1761 739 11,1761 792 {8591 Movam&nt In thè ar 146) 91 87 639 Balan¢9 at end of year 391 6.484 6,B75 6,830 39
PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 18. Restricted Resfrrvtss Icontlnuèdl Analysls of other r6strlctèd fund$1 donatl¢n$ by type of purpo$g= Pèrmanent and other unspent restrfcted Incomo £'ooo Restrlcted gxpgndable endowment £'ooo 2022 Totsl £'ooo 2021 Total £'ooo Music Works of art Resèarch. studÉntship, scholarship funds Studènt hardship Boat Club fund Cricket club Prizes Perne Ilbrary Travel grants Library fund Chapel Lectures Kelvin Fund Buildings fund 77 77 87 181 177 786 329 423 967 506 423 1,041 391 478 29 15 17 37 13 1.110 47 44 17 39 14 1,110 47 41 17 54 13 1.029 48 3.620 3,620 3,620 391 6,484 6,875 6,830 19. Rèconclllatlon of ¢on5011daled surplus for tha year to net cash outflow from op•ratlng a¢tivilies 2022 £'ooo 2021 £'ooo (Deficilysurplus for the year 13.7741 29,772 Adjustm•nt for non-cash items.. Depreciation LossllGainl on endowmenis And Invèstmènlg Decreasellincreasel in stock Ilncreasey decrease in trade and other receivables IDecrease)lincreasg in creditors Pension costs less oonlribulions payable 2,334 2,754 18 1501 11581 774 2,275 130.6611 191 151 706 172 Adluslment for Investlng or flnanclng actlvltles.. Investrnenl Income Loan interest payablè 17,3901 1,163 16.9601 1,329 Not ¢ash outflow from oporallng activities 14,3291 13,2251
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 20. Cash flow$ from Investing activilles 2022 £'ooo 2021 £'ooo R•statèd Non-current Invèslmenl disposal8 and capital rec8ipts Investmènt income Endowmènt funds invested Payments lo acquire tangible fixed assets 31.066 7,390 116,7251 13,1571 38,191 6,960 140,0611 {2,5591 Total cash flows from Investlng actlvltlès 18,574 2,531 21. Cash flows from flnancSng actlvltles 2022 £'ooo 2021 e'ooo Interest pald Repayments of amounts borrowed 11.1631 {1,3291 112.0001 11,1631 {13.3291 Net cash outflow from financlng actlvltles 22. Analysls of cash and cash equivalents At beglnnlng of year £'ooo Restated. Cash flows £'ooo At and of y•ar £'ooo Bank ovgrdrafl Cash al bank and in hand Cash al investment managers 11321 878 1,043 95 1,146 11,841 1371 2,024 12,884 Net Funds 1,789 13.082 14,871 Cash 18 ieslaled lo rgfie¢l the reclassification of Cash in at investmenl manag8rs. 23. Penslon Schemes Unlversllles Superannuatlon Scheme (USSI The total Cost charged lo Ihg profit and loss account is £933k12021'. £250KI. Dellcit recovery contributions due wllhSn one year for the inslilulion are £81 k {2021.. £65kl. Th8 latast avallable complètè actuarial valuation oflhe Retirement Income Bullder Is as at 31 March 2020 Ilho valuation dat81. and was earriad out using th8 proj8cl8d unil method. Since the instiltjlion cannot identify its Share of USS Retirement Income Bullder (dèfinèd b8nefill ass81s and liabilities, the following disclosures reflect those relevant for those assets and Ilabllilies as a whole. The 2020 valuation was the sixth valuation for the scheme under the scheme-SP8cific funding regime introduc6d by the Penslons Act 2004. which requires schemes lo have sufficient and appropriate assets to cover thelr tèchnical piovisions. At the valualion date, the value of the assets of the 5¢heme was £66.5 billion and the value of the scheme's technical provisions was £80.6 billion indicating a shortfall of £34.1 billion and a funding ratio of 83%. 41
PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 23. Penslon Schemes {contlnuedl The key financial assumptions used in the 2020 valuation are described below. More detail 15 sel out in the Stslemgnt of Funding Principles luss.co.uklabout-uslvaluauon-and-fundinglslaletnent-of-funding-principlesl. CPI assumption Term d8p&nd8nt ratès in line with the difference b¢lween th8 Flxed Interest and Index Linked yield curves less.. 1.1 /0 p.a. to 2030, reducing linearly by 0.1YD p.a. Io 8 long-term difference of 0.1Vo p.a. from 2040 Pension incr&asos Isublèct to a floor of OO/•l CPI assumption plus 0.05% Di8counl rale Ifonyard rates) Fixed interest gill yield curve plus.. Pre-retirement.. 2.75010 p.a. Post retlrement.. 1.OOY¢ p.a. The main demographic assumptions used relate lo the mortality assumptions. These assumptions are based on analysis tsf the scheme's experien¢e ¢arried out 8$ Part of the 2020 actuarial valuation. The mortality assumptions used in Ih&se figures are as follows.. 2020 valuatlon Mort81ity basè tabl 101Oh of S2PMA'lighl' for males and 95.fi of S3PFA for females Future improvements to rnortalSty CMI 2019 wSth a smoothlng p8r8mètÈr of 7.5, an initial addition of 0.50h p.a. and a long-term improvement rale of 1.8 /¢ pa for males and 1.6Ya pa for females The current life expectancies on retirement al age 65 are- 2022 2021 Males Currently aged 65 lyearsl Females Currently aged 65 lyearsl Males currently aged 45 lyearsl Females curr&ntly aged 45 ly&arsl 23.9 25.5 25.9 27.3 24.7 26.1 26.7 27.9 A n•w ijeficll re¢overy plan was put in pla as part of the 2020 valuation, which requires payment of 6.2°/o of salaries ovor the period 1 April 2022 until 31 March 2024, at which point the rale will increase to 6.3Q/o. The 2022 deficit recovery liability reflects this plan. Th8 liability fuures have been produced using the following assumptions: 2022 2021 Discount rata Pensionable salary growth 3.80°1ts 3.25% 1.80V. 3.1 Ovol CambrSdge Colleges Federated Penslon Scheme ICCFPSI The College op&rales a defined beneflls plan for the College's empioyees of (he Cambridge Colleg&s' F8der8ted Pension Scherne. The Ilablllties of the plan have been calculated, al 30 June 2022, for the purposes of FRS102 using a valuation system designed for the Management Committee, acting as Trustee of the Cambridge Colleges, Fodeialed Pension Scheme, bul allowing for the dlfferent assumptlons requlred under FRS102 and taking fully into consideration changes in the plan benefit structure and mèmb8rship 8lnC8 that dal8. 42
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 23. Pension Schgme8 Iconllnuedl Th6 principal actuarial assumptlons al Ihg balance sheet date were as follows.. 30 June 2022 % p.a. 3.80 3.25 3.45. 2.75. 3.30. 2.05. 30 June 2021 % p.a. 1.80 3.10 3.40 2.60 3.30 1.95 Discount rate Incrèase in salaries Rètail Prices Index IRPII assumption Consumer Prices Index ICPII assumption Pension increases In payment IRPI max 5.10 p.a.) Pension increases in paymènt (CPI max 2.5% p.a.) 'For 1 year only, we have assumed that RPI will be 11% and CPI will be 9%. Tha caps undor the Rule8 are applied to assumed pension incrgases. The underlylng mortality assumption is based upon the standard table known as S3PA on a year of blrth usag& with CM1_2021 futurg improvernent factors and a long-teitn ralg of futur8 improvement of 1.250/0 per annum, a standard smoothing fa¢loT17.01 and no allowance for addilion81 irnPTovgmenls12021'. S3PA with CMI 2020 futurè Improvement factors and a long-lemi lulure improvemènt ratè of 1.25Yo per annum. a standard smoothing fa¢lor17.01 and no allowance for additional improvem6ntsl. This results in ihe followlng Ilfe expectancies.. Male age 65 now has a lif8 expectancy of 21.9 years (pvIOUSlY 21.9 years). Fernale age 65 now has a life expectancy of 24.3 y88rs (previously 24.3 years). Male agg 45 now and retiring In 20 years has a life expectancy of 23.2 years Iprevlously 23.2 years). Female age 45 now and retiring in 20 years has a life expectancy of 25.7 years (previously 25.7 years). Memb&rs are assumed lo rolire al their normal retirement ag61651 apart from in the following indlcated cases.. Male Female A¢tlv8 Mèmbers- Option 1 Beneflts Deferred Members- Option 1 Ben&fits 64 83 fj2 Allowance has been made al rslirernenl for non-relired members to commute part of their pension for a lump sum on the basis of the current commulallon factors in these calculaUons. The amounts recogni8ed in the Balance Sheet as at 30 Juno 2022 Iwilh comparative figures as at 30 Jvno 20211 are as follows.. 30 Junè 2022 £'ooo 113,1641 11,402 30 Jun8 2021 £'ooo Present value ol plan liabilities Market Value of plan assets 117.9501 12.976 Net defined benèfit Ilablllty {1,7821 14,0741 The arnounls lo be recognised Sn Income and Expenditure for the year ending 30 June 2022 (with comparative figures for the year ending 30 June 20211 ar6 as follows.. 30 June 2022 £'ooo 30 Jun• 2021 £'ooo Current service cost Adminislrative expenses Int8r8st on n6l d6fin8d bènefit liability Loss on plan chang&S 275 20 90 304 84 Total 385 405
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 23. P•nslon Schèmès Iconllnuedl Changes in the presenl value of thè plan liabilities for the year endlng 30 June 2022 (with cornparalive figures for the year ending 30 June 20211 arè as follows.. 30 June 2022 £'ooo 30 June 2021 £'ooo 17,976 358 14561 260 11871 Present valve of plan liabilities al beglnning of period Current service cost lincluding Employee contribulionsl Benefits paid Interest on plan Ilabllltles Acluarlal Igaln)Aoss Loss on plan changes 17,950 327 129} 326 15.409} Present value of plan15abllltSes at end of parlod 13,165 17,951 Changes in the fair value of the plan assets for the year 8nding 30 June 2022 Iwilh comparatlve flgtjres for the year gnding 30 June 20211 are as follows.. 30 Jung 2022 £'ooo 12,977 287 52 1291 1271 236 {2,0931 30 June 2021 £'ooo Market value of plan assets at b£ginning of period Contributlons paid by thg College Employge ¢onlribulions Benefits paid Administrative expenses paid Interest on plan assets Retum on assetg. less intere51 included in Profil & Loss 12.237 218 14561 1301 176 777 Mark•t valua of plan a5set$ at end of perlod 11,403 12,976 Aclual return on plan assets 11.8571 954 The rnajor categories of plan assels as a percentagè of total plan assets for the year ending 30 June 2021 (with compaialive figures for the year endlng 30 June 20201 are as follows.. 2022 2021 Equities Bonds and cash Property 520/0 34° 14° 48¢/0 10% The plan has no investments in property occupied by. ass8tS U88d by or financial Instruments issued by the College. Analysls of the re-measuremenl of th¢ not d$fined benefit liability recognlsed In Other Comprehensive Income IOCI) for the year ending 30 June 2022 Iwilh cornparalive figures for the year endlng 30 June 20211 are as follows.. 2022 £'ooo 2021 £'ooo Return on assets, less interesi Included in Incom6 and Expenditure Exp8Cted less actual plan axp8nsès Exp8ri8nce galns and ltssses arising on plan liabilities Changes in a55umptions underlying the present value of plan liabilitles 12,0931 171 11841 5,594 777 17 171 Reknmeasurement of net defined beneflt Ilablllty recognlsed In OCI 3,310 952 44
PETERHOUSE NOTES TO THE ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 23. Penslon Scham•$ I¢ohtinuedl Movement in surplusl Ideflcitl during the year ending 30 June 2022 Iwith cornparative figures for the year anding 30 June 20211 are as follows.. 2022 £'ooo 2021 £'ooo Surplus deficit in Scheme at be9lnnlng of the year RQgniSed in Piofit and Loss Contributions paid by the College Actuarlal gaSn recognised in OCI {4,974} 13851 287 3.310 15.7391 14051 218 952 SurplLts dèfieit In plan at the end of the year 11,762} 14,9741 Fundln9 Pollcy Acluarial valuations 8r8 carried out every three years on behalf of the Management Committee, acting as the Trustee of Ihe Scheme, by a qualified independenl aclii8ry. The actuarial assumptions underlying the actuarial valuation are different lo those adopted under FRS102. The last such actuarial valuation was as al 31 March 2020. This showed that the plan's assets were insufficient lo cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College lo payin9 contribLJlions lo fund the 5hDrtfall. These deficit reduction contributions were incorporated into the plan's12test Schedule of Contributions dated 21 May 2021 and are as follows.. Annual contributions of not less than £91,513 per annum payable for the pèrio(5 from 1 July 202110 31 March 2030. These payments are subject lo rewew followng the next funding valuation, due as at 31 hAarch 2023. Stakeholder Scheme The Colleg& also operates a deffned conlrfbution scheme undtrr th9 Stakeholder rules for employees. The pension charge for th& year was £129k12020'. £123kl. Th8 total pension ¢osl for the College for tha y8ar lo 30 June 2022 shown in note 8 was as follows.. 2022 £'ooo 2021 £'ooo USS.. Charged lo Income and Expendlturtr Accoynl CCFPS= Charged lo Income and Expenditure Account CCGPS.. Defined Conlribulion Scherne Employer contributlons 933 295 129 250 321 123 1,357 694 45
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 24. Capltal Commitments 2022 £'ooo 2021 £'ooo Capital commitm8nl at 30 June 2022 are as follows.. Aulhorised and contracted 7,301 2,624 2S. Opgratlng Leases- Lèssor AI 30 June 2022 the College had granted non-cancellable operating leases in respect of its freghold investment propertles as follows- 2022 £'ooo 2021 £'ooo Explring wilhln one year Expiring between two and five years Expiring in over five years 780 694 2,900 1,480 904 2,549 4,374 4.933 28. Consolldated reconclllatlon and analysls of net d•bt At 1 July 2021 £'ooo Cash Flows £'ooo At 30 Jun& 2022 £'ooo Cash and cash 8qUIV818nts Borrowlng8. Amount$ falllng duè within one year.. Unsecured bank loans Bank overdiaft Borrowlngs- 878 1,146 2,024 11321 95 1371 Amoun¢$ falllng du• aft•r more than one year: UnSe¢ud bank loans Unseeured oth8r loans N8t total debt 124,000) 11,8871 125,141 124,0001 11,8871 123,9001 1,241 46
PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 27. Related Party Transactlons No dlsclosuie of transactlons wlth PeterhtsLJse Library Charity Limited, Peleihou5e Enlerprises Limited or Pglerhouse Confor8nc6 and Evanls Limi18d has b88n tnade as Ihosefinancial slalemenls al 30 June 2022 have been consolidated wlthin Ih8s8 accounts. Any payments frorn the College lo Trustees appear in note 8 within Truslees Remuneratlon. From lime to lirne, Trustees may make use of the services provided by Peterhousè Conference and Events Limited. bul these are on amis.length commercial tems12022'. £3k'. 2021.. £Nill. Due to the nature ol the College's operations and the ¢omposlllon of its Goveming Body, il is inevitable that the College will enter into transactions in the normal course of business with the University of Cambridge. Colleges, Research Councils, other granl-awarding bodies, and other private and public sector ganiSatIOnS in which members of the Goveming Body may have an interest. All Iransaclions involvlng organlsatlons in which members of Goveming Body may have such an interest are conducted in accordance with the Colleye's financial iegulalions and usual pro¢uiemenl procedures, and where malarlal aro separatèly disclosed below. Th8re are 31 Co118ges, each of which is an independent corporaiion with its own property and Income. Each College publishes ils owll financial stslernenls in a form specified by the University of Cambrldge. The College pays lèvies to 8UPPOrtlhe activity of the Office of Inlercollegiale Services IOISI. The OIS is responsible prfmarlly for arrangSng support servSc&s to the 31 colleges of the Colleglate Unlverslly Icambrldgo). The College act5 as an agent for the collection of fees for the University ol Cambridge., for the year ended 30 June 2022 these fees lolal £6,049 k12021'. £5,981 kl. Duiing the year the University paid Pelerhouse from these fees sums lolalling £1,547k12021'. £1,588kl under the terms of agreements between the University and the Colleges to share fee income with the Colleges in a way that recognlses the relative contributions of the University and the Colleges. During the year Pelerhouse made a contributlon under Stalute Gil of £210k12021." £210kl into thè Colleges Fund. The Cdleg6s Fund Is administered by th6 Univ8rsity of Cambridge on behalf of the Colleges, who make all contributions lo and receive all alloeallons from Ihtr Fund. Pelerhouse adrrinislers a Cambridge Bursary Scheme to support undgrgr8duales financially,. tho University of Cambridge contributed £127k tc>lhis scheme12021'. £120kl. In the course ol its charitable aclivilies, Pelerhouse also pays the University of Cambridge for printing, neOrk and oth&r sarvicès. In addition, Pelerhouse periodically provides conference-related services Including accommodation, catering and olhar servlces to the organisatlons and departments belonging lo the Univer5ily of Cambridge on standard third party terms. 28. Contlng•nt Llablllty and Post balaneg shegt gvents Pelerhouse has entered into a Collaboration Agreement with a medical charity in respecl of some land that It t>wns and also some land that is owned by the medical charity group. Both parties also signed a Promotion Agreèmènt with a third party commercial Promoter Sn 2011 with respect to this land. The terrns of the Collaboration Agreement rnean that, in the event of Ihe successful promotion and sale foi development of land covered by the Agreement, certain 8qualisation payments may flow In futur& from one party to the other. The equalisalion payments are calculated lo ensure that both Pèterhouse and th8 medical ¢h8rily ultimately realise the same value per acre of land sold for development. On 11th November 2022 Peterhouse completed the granl of a 150 year lease to Britlsh Land on part of the Collaboration Agreemenl land referred to above. This continues the Peterhouse poll¢y of r&laining freehold interest in lond in and around Cambridge for the long term benefit of the College. As a rgsull of this lease. the Pelerhouse received a lease premium payment from British Land of £17.5m not of Promotion Fee5. Under the terms ol the Collaboration Agr86mènt, Peterhouse is due to pay £14.Om to the medical charity al some poinl within 12 months of Ihe dale of thè lèasè. As a rasult of fkJtU18 land s818s by the medical charity group. the Peterhouse Group may receive coirèsponding sums from Ihe medical charity group under th& terms of the Collaboration Agrèement. At this stage the magnltude and timing of receipts from the medical charfty group undar th6 Collaboration Agr88ment cannot be pr8dicled with sufficient confidence and so no asset or liablllty from thesa Iran$a¢lions has been recognised on the balance sh¢el. 47