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 Coll￿0
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-on￿oing 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 def￿11 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 underf￿ng 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 dI￿uSSed ￿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 re￿1vable
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 Offi￿rI 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 ir￿gu18n1ie$, 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.
Donat￿nS 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. Can￿lled. 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 occur￿n¢& 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 ￿¢t￿nIsed 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**<br>**Income**<br>Academic fees and charges<br>1<br>Accommodation, catering and conferences<br>2<br>Investment income<br>3<br>Endowment return transferred<br>3<br>Other income<br>4<br>**Total income before donations and endowments**<br>Donations<br>New endowments<br>**Total income**<br>**Expenditure**<br>Education<br>4<br>Accommodation, catering and conferences<br>5<br>Other expenditure<br>Contribution under Statute G, II<br>**Total expenditure**<br>6<br>**(Deficit)/Surplus before other gains and losses**<br>Gains on investments applied to income<br>10<br>**(Deficit)/Surplus before other gains and losses**<br>**applied to income**<br>Gain/(loss) on investments<br>10<br>**Surplus/(deficit)/for the year**<br>**Other comprehensive income**<br>Miscellaneous capital receipts and payments<br>Actuarial loss in respect of pension schemes<br>15<br>**Total comprehensive income for the year**|**Unrestricted**<br>**Restricted**<br>**Restricted**<br>**Permanent**<br>**Endowment**<br>**2022**<br>**Total**<br>**£’000**<br>**£’000**<br>**£’000**<br>**£’000**<br>2,360<br>3<br>-<br>2,363<br>2,729<br>-<br>-<br>2,729<br>6,877<br>19<br>494<br>7,390<br>-<br>559<br>(559)<br>-<br>178<br>-<br>-<br>178<br>**12,144**<br>**581**<br>**(65)**<br>**12,660**<br>210<br>739<br>-<br>949<br>-<br>-<br>8<br>8<br>**12,354**<br>**1,320**<br>**(57)**<br>**13,617**<br>5,523<br>1,093<br>-<br>6,616<br>5,267<br>83<br>-<br>5,350<br>2,424<br>2<br>43<br>2,469<br>202<br>-<br>-<br>202<br>**13,416**<br>**1,178**<br>**43**<br>**14,637**<br>**(1,062)**<br>**142**<br>**(100)**<br>**(1,020)**<br>249<br>3<br>65<br>317<br>**(813)**<br>**145**<br>**(35)**<br>**(703)**<br>(397)<br>(100)<br>(2,574)<br>(3,071)<br>**(1,210)**<br>**45**<br>**(2,609)**<br>**(3,774)**<br>521<br>-<br>-<br>521<br>3,309<br>-<br>-<br>3,309<br>**2,620**<br>**45**<br>**(2,609)**<br>**56**|**Unrestricted**<br>**Restricted**<br>**Permanent**<br>**Endowment**<br>**Endowment**<br>**2021**<br>**Total**<br>**£’000**<br>**£’000**<br>**£’000**<br>**£’000**<br>2,378<br>5<br>-<br>2,383<br>1,733<br>-<br>-<br>1,733<br>6,492<br>18<br>450<br>6,960<br>-<br>562<br>(562)<br>-<br>291<br>-<br>-<br>291|
|---|---|---|
|||**10,894**<br>**585**<br>**(112)**<br>**11,367**<br>123<br>792<br>-<br>915<br>-<br>-<br>125<br>125|
|||**11,017**<br>**1,377**<br>**13**<br>**12,407**|
|||4,824<br>783<br>-<br>5,607<br>4,842<br>76<br>-<br>4,918<br>2,532<br>1<br>28<br>2,561<br>210<br>-<br>-<br>210|
|||**12,408**<br>**860**<br>**28**<br>**13,296**|
||||
|||**(1,391)**<br>**517**<br>**(15)**<br>**(889)**|
||||
|||386<br>5<br>112<br>503|
|||**(1,005)**<br>**522**<br>**97**<br>**(386)**<br>27,095<br>117<br>2,946<br>30,158|
|||**26,090**<br>**639**<br>**3,043**<br>**29,772**<br>142<br>-<br>-<br>142<br>952<br>-<br>-<br>952|
|||**27,184**<br>**639**<br>**3,043**<br>**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 re￿1vable
Less excess of total ieturn over incom& re￿IVed
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
In￿S1M•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
A￿0mmOdation
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}, s￿la1 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
Non￿Gade￿1C {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 co￿d-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 (p￿vIOUSlY 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
R￿QgniSed 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¢u￿d 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, ne￿Ork 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