2023-06-30-accounts

PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2023

PETERHOUSE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Contents Raf•rer￿e and Adminislraliv8 D8tai1g Senior Officers and A(Iwsors Operathng Réwew FNiarrial Review 7-11 Corporate Govemance and Stslemert of Intemal Corrtr 12-13 Rasponsibilti'es ofthe Govemkng Body 14 Report ofts Auditors 15-17 Statgmonl of Prlndpal p£c￿ntIng 18-24 Consdidatsd Income and Expenditwe Accourt 25 ststement of thrKJes in ReseThes Balanc8 Sheet 27 Cash Flow Statément 28 Notès to Ihe Accounts 29-47

PETERHOUSE REFERENCE AND ADIAINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2023 Address Peterhouse TrumpiryJton Street Cambridge CB2 1TP Charity R￿iStratIOn number. 1137457 mernbe￿ of Ihe GovemiThJ BcJy who swved duriThJ the year Ms B Kendall MBE (Masterl Dr S.N. Sothiou Professor MA. Parker Professor P.C. Woodlarxl Profossor S.F. D8aknn Professor S.E. Jackson Profèssor B.P. Simms Professor M.C. Jones Dr J.N.8. Cadeton Paget Dr J.M.B. Vvallace Mr S.H. Mandolbrote AJ. White Professor P.A Midgley R.1. Ross Russel t￿ M.J. Ryan The Revd Dr S.W.P. H￿Pt[￿l Df A Zsak OrC.G. Lèster DrS.M. Murl( j￿Sen Prnfgssor M Moriaty Professor S.K. Connor (resigned S8ptwntr 2￿22) MT I.N.M. Wright Dr J.P. Taltrx)I Dr T.K Dlckens Professor R.J. Hotton Dr A. Haldar Professor J.E. Robb Dr S.J. Lunn-RockdiYe Dr G. Christie Dr T. LorvJ Dr NAS. Zair DrG.L. Thomas Dr LS Sl8ler Dr T ￿esa Dr G Gorlach Dr H Porter Dr T Rittm8n

PETERHOUSE SENIOR OFFICERS AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2023 Currènt Senlor Adm1nl8tr￿ve ofiicws Profess￿ MA Parker The Revd Dr S.W.P. Hamw Mr l.N.M. Wright Master.. Senicff TLrtw. Sènior Bursar Princlpal L•gal Advls•rs Mllls & Reeve FrarKis House 112Hills Road C8mbfKlge C82 1PH Property M¥n•yrn dwells LLP TrUm￿ngtOn Road CambrkYg• CB2 9LD Encore Group 2 Hi￿$ R08(J Cambrvsje C82 1JP Investment A￿9*X81 Fund Cuslodlan Cantsb Ass¢1 manage￿nI Ltd 50 Stslion Road CambrkSJe C81 2JH AJ Bell Investcentre 4 Excharye Quay S8Word Quays MarKhesier M5 3EE Audiltys Price Bal￿ LLP Chartered Accountwts and Slalutry Tennyson Houso Cambridge Business Parf( Cambridge CB4 OWZ Bank•rs Barclays Bank PLC Cambridge Buslrw Cfjntre Cambridga C82 3PZ Tax Advlsor PEM Sallsbury House, station Road cam￿￿0 CB12LA

PETERHOUSE OPERATING REVIEW FOR THE YEAR ENDED 30 JUNE 2023 Introductlon The Commentary that fcAl0v￿ 15 intended to give the readers of lh8 final￿la1 statsmnts ￿ overvi8w of th8 finances and oper8tk)ns of Petwfiouse and Its sthldlarley. The College is preparing tts financkal stat¢m¢nls In acc(wdarKe wlth Rec¥)mmended Camlxidgg College Accounts IRCCA) format whKh ha5 a&Jpted FRS 102. Scope of tho FIna￿la1 Stai•mgnls The consolidated finanrAal statements cover the education. research aThJ rdMJious a¢lJvits of Peterhouse and also ils subsidiary c(vnpanies. These subsNJk4rfes urKlertake actwtties for legal or commerrAal reasons are more appropri8tdy c8rried out by limitthl c(npanies. The subsidiary ctsmpan￿ are listed in note 10. About tho Colleg• Potgrhouso Is an sell-govwning fyjnmunity of arKI is the ohJ8st ofts 31 ￿lleg&S with the University of Cambri¢SJe. Fomialfy'The Master lor Keeper) and Fe104w6 of Peterh(yJse in the University of Cambridge.. peter￿)USe is a charllable corpOrat￿n 8StabESshod by Lettors Patwt dated 31 Marth. 1284 and grnnted royal assent by Charter of King Edward l on 28 May. 1285. The Cdl&Je ts a registered charity (No. 11374571, its principal addross at Trumpinglon Stre8t, CamL¥e. CB2 1RD. The Cdl•ge is 90￿Me￿ in a¢¢ordan¢e ￿ its Slatsjtes, made in 1926 and variousty amand￿ from lime to time by Orderof Her Majesty in Cow￿1￿. The Statutes ofthe Unl¥8rsitYofCambr￿6 end speofic le9￿atIon ¢ov¢riryJ the University of C8mbrKYJe 81so 8PPty lo the College. Statutas of th8 CoN89è lay thwn the o)n$tulK)n and mnyemwts for go￿anCe of lh¥ C(Aleg8. Tl desC￿be. amcry other Ihings. the memt£rsh￿ and ￿p(￿sibl&￿eS of the GovemThJ Body.. the elaction and duties tsf the M8stsr. the eknlion. admisson. lenure aTrJ remova of Feifthvs" and the appointment and ¢thJties of Colege Officers. The Statutes are supplemented by orders for the reguktw of the Colkge's affairs. made by the Goveming Body in accord￿ with Ihe StatLrtes. Th6 Msitor of the C¢lltye ￿ thè 8￿h(￿ of&y. Aims and objedives of Ihe College The 'laudable desogn" of Hugo de 8al$ham. 88 expressed in the Colege'$ foundw¥J instruments. was 'lo troduc8 scholars in thè schwls, wfrKI are lo live tcsether and Sludy in the Un¢versty of Cambrioae., lo dwell in Ihe same IColle9el for ever. and empty Ihemsefves V￿th appropriate study. to the praise of God and the perpètual augmentalon of the same universty.- This fomis the basis for the CO￿ge'S statutory purpose, namety lo tharrte educatJn, religi￿. leamiTrJ and rese￿ through the provision of a Cd in the Uniwsty of CaMtrX￿. As part of a colegiate unNersity, the low-tem SUC￿$$ of the College. as a cenlre ofa¢8dpmic and edLTrCational exc8llanca. is dwndant UP(￿ the cOntinua￿a of the Untversty of Cambridge'$ workl4lass stsnding.

PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2023 P￿11¢ b•n•fft Tha Collag• pursues rts charitable oty'ects (to 8ducaticfft. reli3￿￿. lewning and research) for the publlc benefrt through a vAde varoety of a¢livI￿$. irKludiry.' a¢JmiltsThJ undgrgraduates fr￿n a dIVe￿e rarwJ¢ of educational. social and cultural backgrounds for Univ8rsty courses and adrnittv￿ gradual& students from those a￿pted by the unrversll￿. providiro, In conlurKtion ￿th the Universty. a worfd-das5 wjucation for undergraduates. pwlcularly through College-based inthvidual or smal￿group 5upeNsK)n arx1 directlon of studle5'. supportiThJ students finanoally and rewardi￿￿ gxcdl8nc& and achievement thrcwh the provision of bursaries. Sc￿LeTShIps, and o rar￿e of ￿nts. as a5 aS￿511￿j students in part￿UL￿r fin8ncl81 hardshlp., providir￿ pastor81. 8dmlnistrative and ￿deMiC suppcKt for both un¢Jwwaduatg$ aryl gradLth students through the Tutorial system and other ￿KaTe me¢hartisms' provhliro library. c Home students and 2312022: 21) Overs&a$ sbjdents: appticants are assessgd on thè basis of thef Potenlial as well as thwr ach￿Vements to data. Th8 number of grdduate students on the C￿lege'S books totsled 188 (2022: 1951, of whom 129 {2022: 1301 were fee pawng. The Cotlege alms to provide superyision ¥bJ direction of studies by its own Fellows in rMst of the principal subl￿tS offer8d by the UnNersty. the existing Fellowshy. vtho offer expertlse in o vAde rdroe of subieols. continued to provide this. Lqrgely through small group SUFervision.

PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2023 Most students were able to tske eX￿InalI0nS this year, 255 (2022: 2661 undergraduates s8t Classed Unlversity ￿￿7m1nal0nS in 2023. Hcswever. ¢￿Trg to in(lustrial aclk>n by certarn staff vthwi the Unw8rsity. the Conege Ik>es not have a fijll ￿eakdOWn of these results at thts timè. 49 graduats stud8nts SLwssfully complgled an MPhil or other onfryear graduate C£•urse12022: 33). 5 (2022.9) completed clin￿1 studias aThJ 31 12022." 281 sati8fied the requSremenl for the degree of PhD. 73 12022: 75) undergraduates - som& 32.3% of Ihose Wentially elvJible - received means-lestgd awards totalllng £220k12022'. 226k} underthe centralised Cambn'dge Bursary Scheme, with 3912022: 39) oftha awards at the maxlmum value. The scheme Is intw¢Jed to ensure that no UK or EU student shwkl be dete￿ed from applying to Camthtjgfr b￿aUSe of ffinandal conslderatims. The Tutors deptoyed a further£200k12022.' £177k) to make loans and grants to support undergraduatesfaung part￿1arffinan￿al hardship. S(olarships arKI prizes worth some £29k12022: £65k) were awarded by the GovemirwJ Body to recognise 8ThJ reward excellence and 8chievement. while grants for travd V•re £gJ(12022: £45kl. Grants to supwl sludert wellbelng were also awar¢led £12k {2022.' £8kl. The College made grarts lotalling £75k12022.. £78k) to ffts official S￿dent bothes. the Sexcerrten8ry Chjb IJCRI ond Grad￿te Society tv gnable them to provide social aThJ spJtirvJ supput to their membgrs. The Ward Lbrary added a fvrfher 1.443 (2022.. 1.519} volumes duriNJ thè ￿r. on the I￿0MMenda￿On of both Felov•S and students and as a resuh of generous 9rfls' the proiectto update the catslogue of the College's rare book ¢olle¢bons ¢ontWlUo<1: and the Cokge exp8ndeiJ its ￿brary trbc#Jks swwces. Furthgr improvements to faCIl￿eS and accommodatKJn were made.. thè Comp￿1￿ of the full refurt¥shment to provide new accommodalion in 3940 TrUm￿r￿n Street.. and a programme of small bespoke works to improv6 kftthens ar￿ bathrooms in a numbef of listsd properties. In addillon. th8 MalntenarKe office and workshop w￿e mov to allow fty the ¢ontuiued remgjelirs of the College sile Trline wilh a kJro8r lern) Masterp18n. R¢s¢w¢h Two Research Fellow5 spesialising in Ancy8nt History. and Chemisty were appclntsd through the annual comp¥UlSon. for an initial thm yeartgm. whth took the total numter of Research Fello￿ lo 9 {2022.' 9). Th0s9 Fellowships enable OLrtstanding academies at the e8rty stages of their ¢arews to devek)p and fo￿5 on their research in this formalbve periDJ before they underta(e the fullt0a￿j and odmlnlstralNe dLrties ofan academoc post. cov￿￿ eXtenSic￿ were grarrted to 2 exisbTrJ h(￿d￿$ of Reseath Studentships {2022: 7). On the recommendation of the Research Siudentshrps Commitiee a further 712022.. 31 Researth Sludentships were awarded lo gra￿al8 St￿entS on the ba￿S of merit to cover theK acadernK fees and maintenance expenses. bringing the total to 21 12022". 241 and th• annual ￿$t ¢éthe stherne to £404k12022.' £477k}. The Tutors mad8 other grants and awards totalling £114k {2022'. £￿() to graduate students in order to offset rn$8ar¢h and maintenance expenses. Research allowances totalling £47k 12022.. £45kl Mtre provided in support of F￿(F￿￿' reS8￿h activit￿. 3 Bye- Fellow{one in Physics. one in Medicine. and one in Lawl. 3 v￿thng Fellows {one in ETrJineering. one in Medieval and Early M(Klem Studies. and one in Chemi51ry). and fr4e Senior Research Associates lone in Pala8ogr8phy. 8fKI four in History), wèrè apwintad forvarying ternis. Four Re5eaT( Associateships also granted to post- doctoral workers at Ihe Universty. Rellglon Tha Chap81 OCCUFMed its usual place at thè of IhÈ Colw's spiritu4 life, V•Tih a vaiiety of religious services taking place regularly durfng Ful Temi, underpinned by Peterhouse's strong choral traditic￿. Th8 Gollège began to have regular in-person worship and hosted a numberof events induding a k¢al Choral Academy. The College was ab￿ once agaln lo supp(Yt an ￿n￿8[ spiritiJ81 retreat for its junior meMt￿S and a Choir low to Fran¢g. Th& Co118g& eontinuod tha fLWth8r r&furbishm8nt Chapel's fabric. whth lTr￿Uded rpstoratKJn ofthe stained glass, and preparations for Ihe re-instslling of tha recenty rofurtM$hfyd organ. Addf(ional inf0rynatV￿ about the College's xllvlbe8 can be found in the Petfi(yJse Annual Record and the Collegg no￿￿tr9r. as 7All as on Its Bbsitg

PEfERHOUSE FINANCIAL REVIEW FOR THE YEAR ENDED 30 JUNE 2023 The financial ststamants for Ihe year to 30 June 2023 have bfj￿ w8par•J in a￿Ordance with usiwJ th8 Reeommonded Cambridge Colege Accwnts {RCCA) fomiat and the extemal auditoryd, w'ni¢)n 1$ unqualified. The College's hvo wholly-owned $ubsidiarw have all been consolidated. The two subsSdlaries are: Peterhouse Enterprises Limited IPELI. whkh Is eroaJed in property devekJpmenL and Petgrtwse Conferences and Events Limited, which manag9$ certaln Catering and cOnferer￿ adivlbes undertaken by the Cole90 in to raise funds to further its Charitab￿ aims. The College seeks to run the owating income exp8nditur• account at breakeven overthe long tem thilst gradually growing spend on its charitabb# activitEs aTrJ investing appr￿atelY in rfs str)¢k of bJildings and operaiKnal infrastructur8. To th￿ end the COl￿e has continued lo seek to expand and improve the range of servic8S tt offws to all rts students and research communty. However, %%thi1g the Covid-19 pandemi¢ ¢ontinuo$ to cast Its shadow over the col￿ge,5 finan¢es, the war in Ukra￿e aThJ subsequent energy shock has created a p$r#)d of further chalkroe and urrrtainty. These factors have impacted on the finBnixs of the College and the wvjer University sectoraThY wll continue lo do $0. The Col￿ge conlinues to athjress these chalbenges by seeking lo minimise 6Thrgy costs aThJ by inve5thrrfJ in eneryy efficienl technologies {SUbj￿ to listing ¢onslraints) and by segking the most gffective erK> efficient ￿￿Y of dal￿nI¥j servKes. The College remalns commiited lo maintaining and kyeservlng tho hlstoric ￿lI￿ngS Ih8t und&rpln its chariiabl obl￿tiveS and gnrich communty. Thè Cc41898 also seeks to maintsin and gr8dualty enhatxe its stock of operational propefiies, antl h8$ ¢anied out a number of substsntiBI projects during Ihe year. irKluding on-going refijrbishment and restoration of the Organ and Chapel. a programm6 of small bespoke works to Improve t¢h&ns and balhrooms n Lmdergraduate accommodation (ln stslrcases in Ohd CourL Gisbournè Court, and Fitzw"Illam Streot). cOm￿et1￿ of the refurbtshmènt of 3940 TrurnFington Stre0t, whith wll i￿reaSe student accommodation. In line Imth the CIAlege's strategic ￿an to devebp re-model the eastèm side of the main College stte and ils Library. Ihe Maintenanc6 offices and Work$￿p we moved lo thè rear of St Petels Terrace (on the weslem si¢J¢ of the main Cdlege STte}. Th15 year the Coll8ge sknmd an overall Und￿.￿j acc<wbting defwit before donat￿ of£1,707k12022.' £992k defi￿1). The d¢f¢tt increas&J by £715k cffi the previous year. Corrference arKI Evènt acb.wty r8cLJv8red, but remaln8d at levels knwer than bèforè thè pandem￿. This recow did not ￿mpensate fcff exira ry)sls Incuffed during the year, in parti￿￿￿r, as a resuh of increased Utility ¢osts and a onewoff WTite down of the C05in CoL¥t IAr park. After adjustiThJ for a move￿nI on the USS p•nsw)n liability (£105kl, this overall ¢effi¢it reduced to £1,602k, an impfovement of £58k. Th8 Unded￿n9 deficit b8fore donation5 Partly the lact that a number of initlatfives are now being diredy fvnded by gifts and dcnations. After adjusting for donatK)ns. the College a deficri of £787k. However, market condith)ns cause(J 8 tJe¢kn"ne in the ¥a￿e of wr investment portlolio of £13.3m, bLrt after adjusting for non-operatK)nal receipt from the sale by a subspjiary of a benefi¢ial interest in thwrl party land 1£8.9ml. the de¢Jine would be £4.4m, a ￿Ure whrh more ¥c¢urately refiecls the overall captsl loss on our investment portfolio in the year. Slmpiinod Incomo and Exp￿dIt￿r• 2022 TLal 13.846 12.9TI Total expenditure (Dofichl tthr• donatlons USS USS pro￿S0on ID6fidtySurplus belirè dothittons CThiation8 v èndowmemts Surplurh ljofor• othw and los Gains on inveslnrts Dèficii for th• Capital and Non Re￿[ts D•ficit afi•r Capltal and Owational Reeelpts (1.7071 (9921 {1.0021 11,6601 949 19 (Tffj (7031 (1410n 13.7741 520

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2023 IDcom•lExp•ndlturo Income frcffl Acadèm￿ Faas arthj Charg8$ ¥veas¢d by 8.7%12￿22: 0.￿ deueasg) on the prwyear r&fiecting a rf$e in the numbw of unregulated feevpayitYJ uThJergraduates and grnduates. In addition 0th8r Academic Income was P8rUy increased by funding to siypNt a Litrfary Research projerA. Int￿me from Accommodation, Catering and Conferences rose by 21.5% {£Wkl ￿ the prior year12022.' 57.5% decrease), as thlrd party Calgring and C￿ferenc8 activity started io rètum after the pandemic. Irl￿rne ffcrfn Cdlege Members increased 85 a result of inflattonary pri￿ I￿rease$ together￿th LK)Ih grèatèr studènt cKaJpancy and activity. Endowm8nl Income fell slwJhlly {3.4%).' a key factor Wds the p￿n￿ed refurbishment of a key ￿veStMent property has caused a sKJnffi¢ant, temp(Yary. vacancy in our portfdio. Olher inccrfn8 fdl reflecting the ￿￿thdraWal of the of the Govemment's CoronaviNs Job R818nb"L￿ Stheme. Over811 lotsl College In¢omg after tr)natitin5 and endos￿nents rose by £335k or 2.5%12022.' £1210k: 10.8% irvxease). The College's total exp8nd[tu￿ ro$e by £811k or 5.5% (2022.. £1.341 k: 10.1% irtcreasel. However. rfthe effects of the release of USS provI￿onS {£105kl a￿ exduded, then tsre was an ￿Crease of £1.584k or 11.3%12022: £677k,' 5.0% increase). The rrKst sJnificanl f￿tOrS were the i1￿reaSeS in staff Costs. depreclaoon. and the dir6¢1 costs of propty management a$S￿lated the refurbishment ofan investm8nt pwperty. Total depreciation rose by £398k {2022: £5￿}. £332k of this in¢yease arose from a ￿￿-off charge due lo the part demolitKJn of the COS￿ Courtcar park. There VMS a further increase r￿ultIN￿ from the addrtlonal cait81ised expendIlu￿ dlscussed bekiw. Staff ¢osts aml pomlo Totsl staff costs18¢8demk nerfFacadèmi} reman the most sjn[f￿nI cosl ¢atg30ry fDr tho Cdl8g8 * £5.8m (2022: £e.Oml. Staff costs excluding acluial adjustments to the pension sthèmes under FRS102 increased by £595k ￿ 11.1% {2022.' £186k or 3.6%). Thls roflected Ih8 cost of Ilving increases and awartys for the year.. the relurn of casual Staff and recruitment lo a modest ThJmb8r of unfillgd posts lo address tho sumptk>n of nomwl 8thtty levds; the ￿$t of sabbalical cover. the ongoing imp¥t of autTrenrolm8n( th& IrKrease In natkjnal Insurance contsibution rates.. CcAlege's conlnued commitment to paying rts stsff at least in line vAth the Real Lmng WwJg. The stsff CCFPS pengon scheme still ￿MaInS signrftcantty in deftrt (under FRS102) in 2023. amhough the deficit decreased by £248k {2022: decreased by £3.212k}. The thaThJes In ￿arIal assumptions undedylng the plan liabilities are the key drlver of the decrease In th¢ dgffidt these thanges ¥bre due to the discount ral& and infialx)n rate 8sswnplK>n8 applied to the scheme's Ikgtslilies. Thi5 stheme is ck)sed to entrants. The College includes a share of the USS Scheme's ¢urrerrt Under IFRS the Cdlege Is obliged to account for it under money purchase 5chem8 rub8s. although li Is a muttl-gmFIoy9f defq)ed benerrt scheme. The recent thanges to the recovery plan folk>wng the latest revaluation has resutted in a £10Sk ¢r8dil12022.' £677k debKI being recognls&l in Income a￿j Expe￿IltUre statement: thls18rgety reL3tes to the reccgnition of fLJture pa￿nents by the Coll8ge that are expecled undgr the r￿0very plan. Details of thls schem6 and the CCFPS scheme are in¢luded in notes 16 and 23. Overall the pansion schèm& liabllthes measured FRS102 hav8 dernsed by 10.0% £3.Om to £2.7m (2022.. decreased by 45.4% from £5.5m to £3.Om). Capttal expendllur• The Col*e continued wc¥k on the refurbishment of th$ Chapsl Vth￿h fcwssed on renovatirs the oryan, and lh8 Stained gbss. Other rèfiJrbi$hment vrtrfks {£0.5m) were carried out on 3MI Trumpington Straat." this will grade an(J expand the existirwJ student accommodatKin 5tc¢k. The Cdlege Grgated a rw workshop for the Maintenance Department, whth ¥MII ¢apaiity and eff¢￿ncY of the Department. The Colkge also began an inits'ative to reduce its carbon footprint and ewy cosls by in￿a￿n9 a"smart' energy management ￿a(fOrM to nlre4 individual raykrylor temperatwes and energy usag8 a(xoss the Colege sites in a mor• acc￿￿te and granular way than has pr￿ou￿Y been &x)￿Ne.

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2023 The Colege tskes very sellou￿Y Its responsibltty to m&ntain the Cdlege'$ operational buibdings. most of vknith arg listed and of historK importance. lo ensuretheirc¢)mplarKe ￿￿th nwr8gulations. and to meet htgher energy 6ffiaency standards. The o)sl of d¢irvJ this pl￿$ a signfftant financial bjrden on the c￿le￿. The College continugs lo Invest In tts IT Infrastructijre and sofvare". duwiry th¢ yw the Cola continued the dsv¥lopm•nt of its new accommodatKn and Conferer￿0 databaso System. The new database will improve the College's atilty to marwje rts rc)m $toc& effn'ently and inprove the back-olfice proc85s6s associate¢J wth student brfling and third paty Conference acbvity. The has 81s0 continued to improve rts audio-vlsual services. The College's swvival in present form is dependent M ils ￿dr￿rne￿t C4￿la1, vthich contributes over half f(5 incomè and has addrtvjnallyto absorb dthrts and prowdethefvr￿$forneeeSSary buildiThJ works. The Colege's Investment objective. implementsd underthe sUpeThts1￿ of its Estates & Investments Committee. is to manage ils endowment to produce a ste•Jily rigThJ income stream thilst en5urirYJ the I￿9-tem7 pyesgrvalon of ca￿01 valuo In real temis. The compowtpx and perfl￿anCe of the Cole's endov•ment Is summaised in the table below. 2023 2022 Prcyerty Pcoled propgrtyfvnds Equitiès 175.0&5 3.763 1.579 4.147 187,344 56.144 T13 12.884 11,038) 65 261.024 125.88 235.137 Cash in hand and al investsnent mar Other Cash lowed byylkJ forth6 3239 Totsl lnrnslM￿ts Loans N•t Ethdowmenl Ass•ts 2¥773 (25.88n Endryment retum •KI Inv•stmont Ineom 2023 eooo 2022 Lan¢J and buildiThJ3 pts￿¢d prcperty fundB Equities 0￿r Inte￿st re￿vable Totsl Incom• Equifjes man￿er￿rt ¢))sts 4.808 218 1.623 491 7.140 {94} 5,173 13 {19)} feos and maint8nance Net Inconw bg1ry• flnandng costs Inlerest and finance cc Total not Incorrw ts finandng costs Capit81 galns and rec8yts on investr Iwlised and unrealisedl. T<01 return for 14•t Endowrnnt 6,281 1.1E2 1.163 3.6991 {2.754) "InL*kl•s a non oyaknr￿I rwlcI£8.&n12022..NII

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2023 The CoNege has &Jopted o ti)tsl relum acc(wnt￿j for hs Ma￿etable e(wty secyjrities portlomo to provode 8 smooth and stsble stream of ncome. This also has a better fft Vth Ihe Colege's strategic approach to tts marketsble equity and securities portfol) by alk￿r￿j the Ccdb898 mora floxibility to invest In line ￿th Ils Environmerrtal. Swal arK1 Govwn8n¢e IESGI polrcy. This year h8$ seen 8 robalarKir¥J of the pthlD as a result of certain salas of laryj interests and re- Inveslment of exislirvJ cash balances Into eq￿tieS. There was a smam fall in undertying pn)pèrty values refiecting market sentiment Last year the College Miewed its fund marwer3 and toc& the derAthn to move its funds from Credit Suissg to a plafform opefated byAJ Bell. Thls proogss vras comwed in 2022-23. This has rad￿ed the costs of managlng the equity inveslmenls. The direct costs of property managemgnl iweased I￿￿se the refurbishment of an nvestm8nt property and the resuMivwJ tempxary Y￿ancY has re5ult8d in temporarily increased businoss rate li8bilities. R8s•r¥es Peterhouse's unrestrTCted fiJnd$ at the year-end am¢Mrted to £326.5m12022." £331.8ml and are repres8ntgd In the balance sheet by the College's operab.onal bufldwws~vthlch arg used for academic and residential purposes -and by partof invgstmenl t)ytk4io. The Goveming Bc¥ty beli8vesthal r8serves on this scale are necessary forthe College to meet its charitable obieclives and to provid&th8 urtderf￿ng stabllRyforthe instiluli(x) to operate in perpthuily. The GovemiThJ Body is mindful lo msinta￿ an equilable balortt betsve8n interests of current members of th¢ Collo9¢ and fvlwe generatK)ns. Rlsk Manag•ment The Goveming Body has tho over811 reSpOr￿l￿dIfty for and managing the major risks fa¢irKJ the College. Discussion of risks are a routine part of Ihe WO￿ of the GovemlThJ Body and the a&sociated Cdlege Committees. A fomial higlFloval risk ffjgister 1$ maintsir￿a by Ihe Finance Committee and reviewed on an annual basis by the Goveming Boty. In addibon to this. Olhercd￿e Comm5ttee5 review and discuss indTvidual risks which fall within Iher respective terms of reference on a more frequ8nt basis. College Committees also d8velop and updata Cc4189è pdi¢s to man&38 and mitvJate ￿kS as and when appropn"ate. Responsibllity for implementatK)n of College pdiaes is delwJaled to the rdevant Colge Officers and mwnbers of staff. Fundralslng 8XiSt8nc& and succ8ss of P8t8rh(xts8 is a mfl#cth)n of thtr OLrtndiThJ genen>slty over time of Petrean$ and other benefactors. Thè Colkge's development campaign conts'r￿ed lo mthe o valuable conlributs.on over Ihe year, wAth donations kgaues of £0.8m 12022.. £1.th). Of this. £19k %vas raisad for permanent dowments 12022.. £8k}. The cornbined net costs of fundraising and mwmb•r relat￿S was £344k {2022.. £313k). Thè College 1$ reglstered ￿ the FundraisiTrJ ReguLalor a￿1 adheres to its of Pract￿e. The Coll¢ge doas Th)1 use extemal professlonal fundr8isers 8nd ￿rrieS oul fundratsing xtivilies through 4ts Devèlopment Office. ￿llabOrat￿n Cambri(198 Univerw Development and Akjmni Re18bons Office as appropriate. In addi(h)n to seekiTrJ financial and oth8r support the Coll￿. tha 08vebpmwtt olf￿ ￿ also responsible for alumni relalTons. Fundr3i51ng le¢hnNues used include face-ttTrface meetings. the promotion of legacy giving. annual tele￿one campwgns and occa&onal mass maillngs to members of the College's communrty. The College takes Vgry sgrkjusly Its rgsponslbllity lo ensure that its assets and rosources are used only the purposes for which they were given. The College does not 8ngaJe in intrusive or unrèasonaL4y pe￿￿tent methods of fvThJraising and tralnlng ts glven to al Indlvldualswho undertake fiJndrai8iry &tivrtiesto ensure th8tthey know how to handle an obvlousty vulneratle pe￿n. Th8ra have fomal cOmF4a￿ts made at(wt fvr￿ra￿1n9 {prSor ye nonel. Principal riiks and uncertainties Pelerhouse faces • rar¥Je of risks in meetirvJ tts charitat4e puposes includa financial. operational an(J r8pLrtallonal rlsks. Th￿& kndude ￿S bng4em) ability to altract the test staff and students. to maintain develop its research and educational offering. and to c￿SeNe. rofresh. and renew tts phys￿al facil￿eS. In addttlon. the College faces reputatlonal risks in a w￿d vknere mOd￿n ¢L￿M￿l￿n methrJs have resuAed in hp3her levols of tr8nspwBncy and scrutiny in V•ide raThJe of area5. 10

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2023 The Coll￿8 has recently invested in a w¥ry of mwres lo Improve ftjrther the p3$1oral supp(Kt it off•rs hs sttjdenls. It seeks to fostera supportw8 and collegiate Oj￿Ure arn(￿gst Fel￿¥￿. students and staff. The College also seeks opporlurutN lo (xjnlribule posrtr4ely to the c￿nM￿￿1&S in il operates takes serI￿SIY t res￿nsIbIlIt￿S as a landowner. whi￿ Petethou5e i5fortunate in bèiny a relth8tywelndowgJ Colege, it conllnuesloface fmarKial thallenges many of which ar6 common to the Univeiw a￿1 other CambrK cdleggs. The recent pandemic, the Ukraine and subsequant inflatKw erwgy sh(Lk h8s made t￿ potrtical, ecorKJmic and educatwjnal landscape iThyeasinglyuncertain. Oper3tiNJ costs in the meantimg havg bBen subl0¢ to C￿going inllalK)nary pr8ssures. In addition. the definwj benofft pension schemes wh￿h the College is part of have had sWJnif￿￿t fvnding d6fKits in recent year5 due lo advwse movements in Ihe financial markets. However the USS has r￿endY moved into a ￿lF￿v$ pogbon tthich shou]d. over time, easo some of these pressures. Peterhouso sfjoks to respond lo th8se finwKial thallww bYf0￿SsiThJ on effi￿ent finwKlal management of lls operational actIv￿es. and the prudent stswardship of its endowTnenl 8ssèts for the lotvJ term. Howev8r. lo develop further the activities that are crlttal to its misS￿n such a5 resoarch studentshty. and lo contlnug 10 progress its capital expendtiure ￿an$ auoss its substsnlial yratKJnal estat8. the College will need to raise additional funds ovér the coming year& PlanB for th• firtur• The ColLge 8h71S to pursue and develop its t￿stir￿j strategy. Milh a particuL4r fc)Js overthe next fw >*ars on.. The chal8rrfJ8s and consequences posed by tha ujrrenl econom￿ turtryJenc8: The further dovek)pment of staffir#J and pastoral ¢xre to wjmote and SLtpm student well-being,. ConlOnue¢J support of rts Researth Felkjwship 8nd Research Studentship scherne to offer finan¢ial $uwx)rt for th8 most talented earty-career acadwni¢> and graduate students; Increasing the College's Admi$$ions aTrJ Outreach inibab.ves to atlract outstanding awicants undergraduate and graduat8 courses from a dNerse rydNJe of educational. social and culttEf81 backgrounds. 11

PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2023 The follovlng statemefrt is ￿￿o¥￿￿ed by the GovemiNJ Body to enatrAe reader5 of the financlal Statements to obl8ln a belter undefstsndiTr3 of the arrargemants In the College ts the marwement of its resources and audlt. The Collage Fs a r8glsleTod d￿rity Iregtstsr&l number No. 1137457)aThJ subJectto regulatbon bythe Charrty Commisson for England and Wa￿s. Thè ofthe Govwning Bcrfjy are the charty trustees and are re3poYisible for ensur￿ complim with charity law. The Trustees a￿ Govemiro Body is advised in canyirvJ its dul by a r￿nber of Corrffiittees. Governar￿9 Commntee Remuneration Commrttge Flnance Committe8 Estsles and Inv8Stments ComThMtio8 Dgvèlopment Commtitee Educ4tkJn CrAnmittee Admisskjns Commlttoe Examination Failures Committe Grants CommKt8e Honoiary & VIs￿"n9 Fellmhips Clynmiltae Research Studentships Cornmttiee Research Fellowships Committee m. Travel Grants Committee Charllablo ApplIcallc￿ Commlitee Co-ordinating Committee Peterhouse Boat Club Fund Man&3em8nl Committaè Staff Commlttee Fcoj and Wine Comm BuildirvJs, Fabric and Gardens Cwmjttee IT Cmimtttee The prinLipal a(kninistTalive 01f￿￿r$ of Cole are Master, the SenJr Bursar. WKI the SenlorTutor. is the duty of the FM18n¢e Committee to keep under review the 8ff•knness of the College's Inlemal system of financSal and other controls: to advlse the Goveming Body on the appDinlmenl of extemal 8￿j intefnal auditors,. to consKler rgports subrnrfted by the auditor5, toth extemal and Intemal., to I￿nItOr the implementalion of TecommeThJa1ions made by the audrtors.. to make an annud report to the GovemirrfJ Body. Membwship of the FinarKe Committee includes: ts Chalmian (a Fellow of the Colegej, Senior Tutor. Senior Bursar and several ollw Felbws of the College. Thor8 8r8 Regi8tws of Interests of Members of fv Govwnlng Body. Ihe Finance Commiitee and of lh8 s8nior administrative olficets. Declarations of inter&st are rouunely m al all College cornmitteè m8•t#vJs. The College's Trustee8 {Members of the Governing Body) during Ihe year end&J 30 June 2023 are set out on poge 2. The Trustees are the GovemiThJ Body Tthtth is r8sportst)￿ for maiTrtainirrfJ a sound $ystem of Intgmal conlrd that supportsthe aCh￿VeMent of policy. aims and obie¢bYeswhile $8fJuardro the public and othgr funds and assets for whkh Ihe Govemlng Btxty is respon5ibbe. in a￿rdance the col￿ge.$ Ststutes. The s￿teM of internal control is desyned to managè rathw than e&minate tho risk of failure to xhigve poli￿es. 8ins and ot¥'ectives'. it theiefore t￿0￿deS ￿aSonabl8 but absdule assLwance ofeffeclw0n￿. 10. Thg system of intemal control is dèsKJn8d to klentrfy the prirKipal r￿kS to the achievement of policies, alms and objec11ves. to evaluate Ihe nature and extenl of those rth and to man&Je tham 8￿1￿ntly. effedvely and ecOnom￿ally. This pr(Kess vrds in ￿ace for ts ygar gndod 30 June 2023 arKI up to the date of approval of the finandal ststements. 12

PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF IKfERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2023 The GOVe￿n9 Body 1$ reSpOrtsib￿ for reviewing the effecbveness of the system of intemal control. The folbwing pr(wes and procedures have been ests￿l￿d. Thg Govornng P4Jdy meets wularty (typkay 13 times} thr(rt￿h0V1 Ihe year to ccftsKlgr th8 pkns and stralegic direction of thè Co]1899: it also Teview5 and approves tr annual fin￿claI results and budget for th8 ye8r thad. Thg Goveming BcJy receives interim rewrts from th$ Finance Commrftee vthich reVIe￿ key financlal infomiatKJn and slali5tts on an (ryoire ba&s. induding quarterfy wogress wJainsl tyJdgeL A Commtttee SlnKture has been in pthe lo re¥￿ key a￿8$ of Co118ge activity. Appropriat8 I￿elS of SQg￿gat￿n of duties have bew gslablish&J tcgeth8r ith authority limit5. These are roviewed ￿riOdiCallY. Fèlltyas Inot already on the Fin8nce Commitieel and audit the Cdlege 8c(xsunts In d81al. arnl pro￿de an independent rewrt on thelr findirKJs to Ihe Governing Body. A Pro5￿1 A£¢ounlant has been emFloyed to review and improvè the internal systems ar¥J ￿15. The Finance Commrttee regularty re¥iM the Cdlege's fve-w finarKial forecast to a&gst v￿h m￿luM- term finar￿la1 planniThJ. 11. A Fellow on the Govemlng Body has been design8t&l SIRO (Senior Infonnation Risk OffKeTI and is reswisilje for ￿portir￿ to Go￿nIng Bcdy on data pyotecbon and informatkjn rt5k Issue5. 12. The Goveming Body's remew of the eff&Xr4*ness olthe system of inlemal o)ntrd is informed by the work f various Committees. the Senitx Bursar, and other Colege Officers. who have responsibility for the devdopment malntenance of the inlwnal t￿trol framework. and by pjmments made by the extemal auditors in thdr management letter and (rther rapxls. 13

PETERHOUSE RESPONSIBILtTIES OF THE GOVERNING BODY FOR THE YEAR ENDED 30 JUNE 2023 The Governing Body is responsible kYeparirthJ the Annual Rep)rt 8nd financial statèmènts in aC￿rdance 4 applicablo law and United Kingdom ACcry￿ting StsThJarfs Kingdom Generally Wed Accountlng Practice). The Cdle9e's Stalutes and the Ststules and (JdThnces ofthe Univetsty of CamlwKkJe requre the Governing Body lo prepare financjal statements foreach finanGd year vthich gNe a true and fair view of the state of affalrs of the Collegè and of the surpkns or deficiiof the Collw f￿ thal perbd. In sxeparing these finanoial ststements, the Govemiro Body is require(I lo.. set Sullable a¢￿)unting polies aml then apply thgm consistently. make lu¢SJements and e51imates that are Teasonabbg and pwdenL state whether applicable accounb.ng slandards have beén follrmed. suti&# to any material departures disclosed and explalned in the finanaal statements: and prepare th ffinancial stetements un the going ccrfKem b￿S unless It b inopprowlale to prosuma thai the College will tt￿tInUe In operalk)n. Th& Goveming Body is r05portsible for keep5ThJ acc4)unthg disck)se with Teascffiab￿ accuracy at any tim¥ tho financi81 p0S￿On of the Cc41ege and enab￿ them to ensur& that the financial statemanls compty with the Statutes of the Unfversty of Cw)tsitJge. They are also responsible for safeJuarding th8 assats of the College 8nd he￿￿ for ta￿ThJ reasonab￿ steps for Ihe weventlon and det&tion of frau(f and other Irreg￿8n11es. The Gov•mln9 Boity 1$ re5ponsit4e for the mainlonance and integrity of tho ¢orrorale and financial Information ncluded on the Cdlege's webgte. Legislalicn in the United lfjngdom goveming the preparation and SS8minalion of fnancial stemgnts moy dlfferfrom ￿gI￿atiOn in 0therjurisd￿￿ns. On behalf of the GovemiTVJ Bcty of the Master (or Kggpor} a￿1 Fe)w8 of Petert)C￿Se in the Unlveislty of Cambridg& Prof￿￿ MA Parker Mr I.N￿. Wrlght S•nl¢r BU￿aT 14

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2023

Opinion

We have audited the financial statements of Peterhouse College (the ‘College’) and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income and Expenditure, the Consolidated Statement of Changes in Reserves, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and College’s affairs as at 30 June 2023, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Charities Act 2011 and the Statutes of the University of Cambridge; and

• the contribution due from the College to the University has been correctly computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,II, of the University of Cambridge.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and College in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or College’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the report of the Governing Body, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard

15

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the report of the Governing Body; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the College or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the College and how it operates and considered the risk of the College not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

• We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness.

• We reviewed minutes of Finance, College Council and Governing Body meetings and agreed the financial statement disclosures to underlying supporting documentation.

• We have made enquiries of management and officers of the College regarding laws and regulations applicable to the organization.

• We reviewed the risk management processes and procedures in place including reporting of risk management to the College Council.

16

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2023

• We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including the valuation of investments

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Governing Body, in accordance with College’s statutes, the Statutes of the University of Cambridge and part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the College trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP Chartered Accountants and Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 2 8 November 20237

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

17

PEfERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2023 statamwbt of Prlndpal Ac¢ounting Pollcl•s Bw8iB of proparatlon Th8 financial st81èments have been prepared in aG￿rdance the provisions of tho Sl8tute5 01 the Colbge and ofthe University ofcambridge, using the RecoMMe￿Ied Cambnijge Coll8ge ACc￿nts IRCCAlformat" an applicable United lQngdom Acco￿l￿va Standards. IndudiThJ Fina￿la1 ReixxtiNJ Standard 102 {FRS 1021 and the Ststemenl of RecoMrr￿ded ISORPI: Accounting for Further and HJher Education Issuad In 2019. The Slatamant of Comprthngve Ir￿0￿ and Expendtture I￿v￿8$ actryity analysis in order lo demonstrats that all fe8 income is spent for ¢d￿￿tIonal purFQ5es. The and1￿S rewir8d by the SORP is set Olrt in note 5. The Ctjlege 18 a publc benefft enbty aThJ l￿eftye has 8ppJled the relèvant public benofft Tequir8ment of the applicable UK laws and acc(yJnlir¥J standards. B•sl$ of ac¢¢untlny Thg financlal slatements have be8n prepared uTrJ8r the histwlcal conventK)n. mod￿0 In res￿ of the treatment of invoslm8nts aThl c8rtain operational Propert￿ vthkh 55 vKluded at Valuat￿n. 8a$ls of ¢on8oRdatlon The cortsolidated finaThial sl8t8mwts Incl￿￿0 the Cdlege and lis sub4d uTrJertakws. DetslL8 of the subsKllary uThJertkngs Snduded we sel wt in rth 10. IniwroLP balan￿S arè olknin8led on ¢onsolldatN)n. R•cognltlon of knMm• A￿rn￿ f88$ A¢gdemic fees are recognised in the p8riod lo tlw rd8te and include all fees chargeable to slu(Jgnts or their sponsors. The costs of any fee5 waNed or written off by the Colw are included os exp8ndttur8. Grgnl irtome Grants rwived from ￿n￿o¥ernMerrt sources {In￿thng rwrth grants frcvn non-govemment sourGesl are recognised wthin the Consdldated Statement of Comprehertsiva Incomè and Expendli ura the ColbJ9 15 entit￿d to the In￿me wrfomiance reLgted ￿nditiOnS have been meL Income receive(l in adVar￿ of perFc¥manc8 related conditKNTS IS deferrEd the balan( sheet and released to Ihe C(MisolKloled Ststemenl of Cc¥nprehensNe Income Expwdiiure in line with such conditions b￿n9 Donations gnd w￿0￿¥M6￿$ Non exthange tronsa¢tiMs pYNm8rKe related Ccffjd￿orts and endovhnenls. Donatlons and endowments with donor impoJ rest￿tI￿$ are recoJnised wthin the Consolidated St8temenl of Comprehensive Income and Expenditure whgn the College is entiued to the ir￿me. Incomè is retsined wf(hin restricted reserv8s unlil suth Iwne that is utilised in lina with suth restricti￿￿ at point the irwne is released to gen8ral reswves thfough a re$￿e trants. Donations and endovrnents wth raStrkJry￿ ¥e dassifiod a5 restric￿ reserves wlth additfjonal discbsure &￿0v#￿e(l vAlhin the notes lo th8 ￿unts. There are four man fvs ofdonatbns and 7hith rèstrKtsons: Restrlcled t1￿¥ti￿$- th6 domr has s[￿)fied that ts (h)n8trJn m￿t t used for a partKular cknioctive. Unrestrictsd pernanent endovm)9nts- IP donor has speclfied that the fund * lo te permanenuy investsd to generate an income stream fi the 9oner81 benefit of the Colbege. Rerfcled expendable endowments- the donor has spedfi8d a pathlw otiedN8 and the Colleg6 ¢8n conygrt Ihg donatod sum inlo irKome. 18

PETERHOUSE STATEMENT OF PRINCIPAL AccouKllNG POUCIES FOR THE YEAR ENDED 30 JUNE 2023 ststement of Prlnclpal Accounting Poli<ies Icontlnued} Recognltlon of i1￿ Icontknued) Donations t7nd endowments (continued) Restricted pemianenl gndovAn8￿- the donor has sp8ufiJ that the furKI is to te pami8nenUy invested lo y?n•rat• an income stream to be applied to a particuL4r obiedve. Donations wlh no reslrlctKsns are recorded wilhin the c(￿$01￿18t￿l Stslemeni of Comprehensive Inccme and Exw)ditur8 when the College is entllled lo the incoma. Investn￿nt Income and ¢h8t7ge in v81ue of invesbnent 8ss•ts Investment Income and Cha￿je Sn value of investrnent assets Is recyW in income in the year in vthich il aréses and as èither restricted or unrostricled irttimeaccorfiNJ to thelgrnisorcrtherrestriclionsapplled totho iThJividL endovrtnent fvnd. Total rgturn The College operates a total retum pO￿¢Y wlth regard to its quoted se¢xJritW 8nd PoD￿d property fvnds. The spendlng poI￿Y is specffi¢81ty dèsign8d to stabilise annual spendwNJ kvels and to preserve the real value of the portlolio over time. The spending policy attempts to aCh￿e these iwo otyeclives by using a lorwJ-tsrm tsrg8ted spendirvJ rale comtxned wtth a smcKJthing wle, whith adjusts spending gradually lo changes In the mark&t value ofthe quolgd sècuribes and pooled propetyfuThJs. The act￿ rats of SPWKJiro f￿2023 when measured ag￿nst a three year trailing Bverage value was 325%. Othor income Income is receivod from a of a¢tiviUe8 Indudfvj accommodatM. c8tw¥ig conferences and other services rendered. Forolgn currw¢y lrnnslatlon Tr8nsa¢lions denomThled in forelgn currencies are recorded 81 th8 rate of exchange ruliro at the dale of the transactions. MtM)elary assets and liabilities derM)minated in forevJn currencie5 are translated into sterting at year end ralos or, vth8re thefe areforward for8KJn exchaTrJe contracts, #t Gonlract rates. The resuhing exchange differenees are dea￿ wlth In the detemiInatsc￿ ol the cLKnweh8nslve irwmg and 8xpendr(ure for the fin3ntial year. Fixod •$s•ts Land and buildings Foxed assets are stsled al dg8m8d cost less attwThJLatad dapreaation aThJ aC￿mUlated impaimieni losses. Certain items of fix8d assets. induding the majorty of our op8ratlonal buildings. that had bean revalued to fa value on or prior to 1 August 2014, the date of transition to SORP. are m¢a$ured on the basis of deemed cost, boing the revalued amount al th¢ dale of that reVaIu8tK￿. Thesg wets had useful e¢onomic INes raNJing between 5 10 150 years and are depreciated on a straighl fine basts. w￿re pts of a11xed a5sel tsve diffeiwt ￿ful INes. th&y are a¢xountsd for as separate items of frxed 8ssels. Costs incuffed in rela￿On to land and buihlings after uiltial purthase or con51Tucbon, and to valuation. arg capTtalised lo the extent that they increase tha ex￿Od luture benefits to Iho College. Freehold land is not depredated as is eonsldered to have an l￿finite Ltseful lrfe. Addlu0￿ to Freehold Buildings, in the fom of capitalised refurLyshment ths or r￿¥ buildings. are depr￿1810￿ ￿ a stralght Ilne basis over thelr exrxted useful lives of ￿ yo￿. Buildings under construrtion are valued at cost, based M the value of architects, cerbfic*8 other dirert costs incurred. They are nol deF￿eCJated unts'l they are broughl into use. 19

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUPlnNG POUCIES FOR THE YEAR ENDED 30 JUNE 2023 Statement of PrI￿1PaI Polkles (contlnwdl Fixed assels f¢onbnued) The ¢0 of 8thJllicffis lo operatJnal propwty shoywn in the balanc she8t wludes the ¢?￿ of l￿d. Fumitur8, ffttings and equipment ￿$ting less than £3,C4)O per item or group of reialed items is written off in the year of acqulslllon. AU othw assets are capildised arKJ d￿reCIated overtheir expecte¢J usefih lrfe as folknvs: Furniture and fft￿n9$ CompLrter equipmant MDtor vehicles 10.0% per annum 25.0% per annum 20.0% por annum Leesed essets Costs in respect of operalrng leases are tha(g￿ on a stralght4ine basis over the lease t&mi. Any Igase premiums or Incentivgs arg spread over the minimum laase term. Heritage assets Cdlege holds conserves a number of Coll￿Al(￿S. exhlblts. artefacas and ¢)ther ass8ts of hl$lMcal. ¥bstic or SC1entrf￿ importarKe. Heritsge assets acquir&J before 1 August 2014 have not been ¢apitalised since rsliabl8 estimates of cost or value are not availab￿ on a cost bgngfit tjasis. arMJ also the volume of items a￿1 vahjation Issues mean that tt Is nerther wactical nor b0￿ficIal to identify and value them. Acqulsilwxis sints 1 August 2014 and valued at over £1 Ok are cxpitali8ed and reo)gnised in the Balan￿ Sheet at the cost or. where th8 assets are donated, at valuatlon ￿ reiEipt of Ihese assets where a cost or valuation Is reasonably obtainable. HÈritage assets are not d8preciatad their long ec(Y￿rn￿ Iwe and hwJh residual value mean that any depreaation would not be material. ExFenditure is required to preservè or prevent knthgr detgrK)ration of irKlividual Items whhln the frit&Je assets is rocojnised in the IrtcDme and Expènditure Accnunt it is curred. The Colleges, management pofw in respe¢t of its herrtage asset is 8ummarised in note 8. Investmènts Flxod asset investments are IndLthd in the balan￿ sheet al fair value. except for investments In subsidiary undertakings vthich are $latefJ in the Colege's balanco $heel at ￿$t and diminaled on consolid81i)n. Investments that are Th)t Ilsleo on 8 Tec•)gn15ed stoc excharyje We wiod at histor￿1 ¢051 less ￿Y provision for Impairment in ihe¥ valuelmarkgt value. For the purposes of tho group disposals of al tnterests in land (nol used for operational educat￿al purposes} within the grrxjp are ¢Jx405ed separately. In additKMI, 811 Interests in land (not used f¢)r operational purposes) will t cons0￿dated as invostm￿jts. L￿d used for pwposes Vill continue to reco3nis8d in fixad assèts. StKk8 stocks are statad 81 thtr lower of co and rnt reallsaL4e value after making tffovision for slow movlng and ob501ete Kems. Debtors Short term dthtors are measAJrnd at transa(*on price. loss ￿PalM1• Cash arbd Cash Equlvalents Cash Is represented by cash In harKI arKI deposils ¥VTih financial insbtutions repaydble ¥thout penahy on rn)ticè of not more than 24 hour5. Cash oqulvalents are hpJhly Ilqukl Investsnents that mabJr& in rK) more than three months from the date of Mul￿tKIn and Ihat arg re&lity l%nverti￿e to known amounts of cash insignrficant risk of change in value. Cr•dltors Shcrt temi credilors Bre mogsuréd * tho tsansartion prTh.

PETERHOUSE STATEMENT OF PRINCIPAL AccoupillNG POUCIES FOR THE YEAR ENDED 30 JUNE 2023 statement ol Prfndpal Accountlng Poficies leoniinued) Flnanclal Instrum•nts The Cdlege has è18cted to adoFrt Sections 11 and 12 of FRS 102 In respect of the recoJnttKn. measuremenl and disclosure of finanaal instruments. Financaal assets and Ilabtllties are recogrbised when the College becomes party lo the (x)ntractual prowsbn ofthe nstrumenl and ￿Y are dasstfiod ¥cordin9 to thè substancé of the contractual arrarKJ8m8ntS 8ntered into. A finonclal asset and a finanoal liabdity 8re offset ￿r9 a legally enforceable rwJhl lo sel off the recognised aThJunls and an intenlion ellher to sgltlg on a nel basis. CY to realise tho •￿t sèttlè th8 liablrty simulianeously. Flnanclal ass•t8 Basic finantyal assets incI￿je tr and other T￿￿a￿es, cash 8nd c8sh èquNalents and invesbngnts in comm8rcial paper li.e. deposlls and boThJ51. Th85e assets 8re initially r9¢0gnised at transaction prie unless the 8rr8ng¢m¢nl constilutss a fina￿ng transaction. where transa¢tlcffi is measured al the present value of the future receipts diseounted al a mthet rate of ￿tereSt. Such assets are subseouentty carri&d al an)ortlsed cost using the effectNe Interest rate method. Fina￿al assels are 8ssessgd for iThJicators of impairnent at each r&ports"ng dala. If Ihore Is obi8clive evKlence of imwrmort an impaimi8nt h)ss is r8coJni¥ed in the Statement of Compf&h8nsivo Income. F￿fi￿andal assets cathed at wnc¥Used cost the iM￿¥M•nI ths is dtffer$n¢g betthwn tho Ca￿Trg amount of the asset and the present value of the estimated fLrtLre cash 110¥￿, discounted at the asset's tsrigin81 effecbve interest ralè. Other financia5 assets. inclu(Jlng inveslmenls in equty in5tnJments. vthich are not sub$hJiarfgs orjolnl v8nturgS. are iniliallymeasured atfalr value which is t￿ul￿the trans¥b"on pric8. Those assets are subsequentlycarried at fair value and chaThJes in far Val￿ at the reporting date are recognlsed in Ihe Stslemenl of Comprehensve Income. Where the investment in equity instruments 15 Ml publ￿ty traded and whotg the falr valug cannot b reliably measured. th¢ assets are measured al cost less inw"ment. Investments in property or other physical assets do I￿t constitute a financial inslrument not ￿Uded. Financlal assets are de-rec<¥Jnisgd the Contract￿ rights to tt)e cash fl¢)vs frc¥n thè a$s&t or a 8etUed or substantially all of the risks and rewards of ownerthlp aro transferred lo amther party. Flnanctsl Uabllltlo Basic financial li8bilrfi&s include trade and other Pay8b￿s. bank loans and intergroup loans. These liabilities are Inlllally ree(NJnised at transaction price Un￿$$ the arraroement ¢c￿￿teS a finanrAn9 tr8nsaction, vthere tha debt instrument is meas(Jrèd at thg prgsent value of Ihe bJture payments di5¢0untsd at a market rata of int8rasL Dgbt instruments are Sukwq￿n1ty carried al amortised cost U￿n9 the eff￿tiv0 interesl rate Met￿￿. Fees paid on the estabfishmenl of loan facilrtl&s are wognlsad as trans&lion costs of the k)an to the extent th8t It is prOba￿e that Some ￿ all of faolty wll bg drawn down. Trade F¢yablès are obfv9at￿nS to pay lor gcojs ty servKS Ih8t have be8n wuired in thè ordThry wJr8e of business fr￿ SUFvliers. Accounts payaise are d8ssffied as current liabilit￿$ if payment is due within one y&8r or less. If nol. they are presented as nor￿Current liabilities. Trade payables 8ro rèccgnis8d initially at transaction pri￿ and subs8quenty m•asur8d at amorbsed cost U￿r￿J the trffe¢l￿ inter&8t rate melhctyj. Deri¥81ives. indudirKJ fonvard f¢xoiJn ex¢harye cmtracls. arg basic fThrKi81 inStruM￿ts. Dwivthes are initially rfjcognised al fair value on the date Ihè derivatNe conlracl is enterèd into and are subs8qu8ntty re- measured at their fair valuè at th8 reportirvJ date. Changes in the fa* v81ue of derivatives ar8 T￿ognISed In thg Slatementof ccmnpre￿nS￿8 Inccffie in firHrKe costs orf•)ance in¢ome as appropriat8. unl8s5 they are included in a hgdging arr￿ement 21

P￿ERHOUSE STATEMENT OF PRINCIPAL AccouKnNG POUCIES FOR THE YEAR ENDED 30 JUNE 2023 Ststemem of ￿lfiCipal AteoUnt1￿ Poldes (cthrtlnuedl Financial Llabllltl•8 Icontlnued) To the extent that the Cdlege enters inlo foward ftKEign exch￿06 contracts which remain unsettled al the reportkng (Jate the fair value of the conlra¢ts is revthed at th8t date. The iThti?I faFr value is measurad as the transa¢tbn prics on the date of inception of the contracts. Subsequent vahJ81K)n5 a￿ consldered on the basis of the forward ratès for those UnSettk￿ contracts at the reportlro dale. The College dogs nol apply any hedge 8CCoL￿1ng in respect of forward for8wJn excharvJe contracts held to manag8 cash fl)w exposu￿$ of forecast transactlons denL¥ninatad in fcrnw currenoes. Financial liabiliti8s ar8 d&r8cognised when the IHbility is disGhorged. cancelled, or ex￿re$. Provlslons Provlslons arg recognlsed when the College has a present legal or Constructi￿ Oblb3at￿n as a result of a past event. It is probab￿ that a transfer of economic b8rffts will be required to s8tUe the oLllgalion and a refiable aslmate ¢8n be made of nount of the oblwJation. Contlngent Ilabllltl8s and ass8ts A contirg8nl ILqbllty a￿se$ from a past event that 9iV8S th Cdlege a r)055ibb2 0￿¥30￿9n vthose exlslen¢e will only be confimied by the occurrence or 0￿￿¥1Se of uncertain future events. not wholly wrfhin the control of th8 College. cOn￿ngent liabllkie$ also arise in ¢ir¢umstsnc8s a provision woukl otherwise be made but either it is not probable that￿ outTrJw ofr8s(Arcos WFII be required orth8 amountof thg oblg8tion cannot be measured rellably. A ¢c￿tingent asset arlses an 9￿t has taken pla￿ ihat gives the Cowe a possible asset Ythose existen￿ will only be cc¥ffirmed by the ccojrrwth or otlwwise of uncertain future events not wholly wlthln the control of the College. Contingent assets and labllitles are not wnise(l in the balance shogt but we ¢JIsclo￿ in th8 notes. Taxatlori The Cole is a reList8red charmy (number 1137457). It is therefcffe a d￿rIlY witrln the mearirvJ of Pa￿raPh 1 of Sth9dule 6 to the Finance Act 2010 accordingty. th8 College 15 POt&)bally exempt frcn taxatN)n in respect of inwme or c8Pital gain5 re￿ed vrithin cat&3ories Cove￿ by section 478488 ofthè CcKporallon Tax Ad 2010 ICTA 2010) or soction 258 of the Taxation of Chargeable Gains Act 1992. 10 the extent that such lcomè OT gains are applied exduslvety to ¢harltable purpose5. Thg College's sthidiaries are liable to C(Kwation Tax In the same w as 8ny ottrw conNneTcOal organisalion. The Colege recelvès similar exemplion in resFeCt of Value P￿ded TaL Contrlbutlon und•r Statth G, 11 The Cdlege is to be assessed for Contr*Jutk)n UFKler the rKovi5ions of Stalute G,11 of th8 University of Cambn6Je. Contribution is used to frjnd grants to cdleges fr(¥)) the ColS8ges FLmd. Thè liability for the year 15 as ad￿Sed to tho Cdlege by the University based on an assossaty& anK)unt deriv&l fr(￿ lha value of the College's assets as at the end of Ihe wevious financial year.

PETERHOUSE STATEMENT OF PRINCIPAL AccoupillNG POLICIES FOR THE YEAR ENDED 30 JUNE 2023 5tstement of Prlnclpal Accountlw Poldes Icontlwed) Ponsk￿ costs Unlv•rsltl•8 Supgrannuatlon Sch•mo (USS) The College pathipates in th# unNersAt￿S SupeT8Muat)n Stheme (the scheme). Throughout the current and preceding perio¢Js. the scheme was a defined bènefft only pension scheme until 31 March 2017 Yéhich was contracted out of the Ststg Second Pension IS2PI. The assets of th? sth8me a￿ held in a Separate tnJsteè- admlnislered fund. B8cause of the mutual nure of Ihe scheme. the scheme's assets are ncl hypothecated to indivhlual institutrons and a sc￿￿e-￿ide contribU￿n rale is sel. The inStitUt￿n 1$ therth exposed to actuarial risks associated with other institubons, emF4oyees arKI is unable to idenlrfy its share of the underf￿1ng assets and liabilities of Ihe scheme M a eonsistent and Tea50nable basis and theroforn, as reqLHred by Section 28 of FRS 102'EmF4oyee beneffts., acc￿1$ for t￿ scheme a$ rf it ¥RTe a defird (>)nlr)uiion s¢h8mè. As a result. the arnount charged lo the and èxpenthture account represents the ¢(xribultons payab￿ to the sch8me In respect ofthe accounting period. Since the nstitutK)n has entwed into an agr8emenl Ilhe Recovery PL8n that determines how each employei wthin Ihe scheme fuN1 the overall def￿1t). the inst((ut￿ rwnises a liablllty for the conthbutions payable Ihat arise from the agreement to tho exient ihat they re18te to th8 ¢Jefi(it and the r&Su￿r@ exFense in th8 income and expgn(liturg accounL FRS 102 makes the dis1inctlc￿ befvfftn a Group Pk8n and a muftimpknyer scheme. A Group Plan conslsts of a Coll￿tiOn of entities under common control tyF4caly a sponsoring employor. A mulJ-empk)ygr ￿heme Is scheme for entitie5 not u[￿r common ￿ntrol and reprewls [typ￿alty} an industy-wd8 scheme such as that provided by USS. The accountiThJ for a mumiryernployer sthame vthere the emph)yer has entered Into an agrtremènt with the scheme that determines h)w the employer wll fvnd a dèfjcit rèsuts in th& rec(gnf(k&n of a liabilty for the conlributi¢)ns payable that arise fmm the agreement (to the extent that they relate to Iha deficit) and th8 resultiThJ expense is reccgnbgd In profit or kjss. The directors am satisfiad that the scheme provided by USS meets the definibon of 8 muM"-￿n￿oYer sceme and h8s therefore recognised the discounted falr value of the conlraclual contrfbLrfions under the fLThJiTrJ plan in ewlence al the dale of approviw the finana81 statements. Cambrkw Coll•go8 Fwlerated Penllon sc￿Me (CCFPS) Tho Cdbga part￿Pat@S in the Cambridge Cdleges F&Jer8ted Pension Scheme. 8 dèfinèd b8nefft scheme. Pension costs are assesa in a¢c(Kdance vthh the advice of the actuary. based on the latest actuarial valuation ofthe Scheme and are accounted for on the basis of yo¥K"rvJ pgnsions over the period d￿rG whith the Collgge beneffts from the employees, ser¥ice$. Other pension s¢h¢mo8 The College also opgrat9s a defined COntrbub￿ pwtsion scheme for emFAoyee5. Thts assèts of the scheme arè held separatelyfrom Iltr)se of the College. The anrKwl ￿￿trIbUt￿)n$ payabk aro charged to the Incoma and Expenditure AccounL Critical ac¢ounlkng •stlma¢es Jnd ¥••s of Judg•m• Eslimales and judgements 8re C￿tInuallY evaluatsd and are base(1 (x) histcwl eXwler￿ and other factors, induding expectati￿￿ of luluro evonts that are bdieved to bg reasonab￿ under the cwcum*wcos. In order lo calculate Ihe di5count8d ￿n$1￿ liabilty. the Cdlege makes estimalgs and assLNnptk¢ns concemiThJ th8 fLrture. The resulting acLxxJnting estimates and assump1K￿5 wll, by dèffinition. sel(k)m equal the related actual resuts. The estimates and assumplKJn5 that have a ￿n￿￿nt iisk of causirvJ a materi81 adjustsnent to the cary'ng aM￿1n18 of ass8ts and liat4lrties within the next fina￿1 year are di8cus5&a bekjw. 23

PETETHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POUCIES FOR THE YEAR ENDED 30 JUNE 2023 P•n$im ¢osts (¢ontInu￿} Crltl¢al a¢counllry wtlmal•s and •wus of Judg•m•nt (¢ontlnu•dl The present value of th8 USS and CCFPS dfjffi￿d b￿fft IlabMIty deperth on a number of faclors that arg detemined ￿ an auarial basis usirvJ a variety of assumptions. The asSUmpt￿S usod in determining the net cost {incomel for pensions indude the disuxmt fate. Any ¢h8ngos in these assumptK•ns. which are disdosed in note 23. will impact the Car[￿ng amounl of the pons1￿ Irability. Furtherno￿. a roll forward approach which projects results fr￿n the latest full actuarial valuallon perfofftie(l at31 March 2020 ha5 been us&J by the acluary in valuing the pens•Jns liabilTtyat 30 JLTh 2023. Any dTfferences btheen thefigures dÈrived from the roll forw?rd approad) 8rKJ a full tharial v8lu81iM would impaoa on the aMo￿t of the penslon 118bility. Employment benefft Sh(i lem employmenl boneffts su¢ as Salar￿ and ￿npenSat￿l abserKes arg reccfvanised as an &xpense in th8 ￿ar in whlch the gmpty¥$ rsndgr to tho College. Any unused berffts ar8 aCCn￿ and mgasured as the a&Jitional amount the Colkge exp￿ to pay as a ￿$v￿ of the unused entttlemenL L•gacy eountl For Wcies. ent￿ement is taken as the e￿Ier of th¢ date of eilher. the College is aware thal probate has been granted, the eslale has been final￿d and notifration has been made by the executcrfsl lo the Trust Ihat a dislritrxjtion will made, or when 8 di$tr)ubon ￿ received from the estate. Receipt of a legacy, in whole or in part, is Ix)ly Considered probaNe when the amount measured rdiably the Coll￿9 has bèèn notrfied of the execulorfs intention to make a distritrrtrtion. Where legacies have been notified lo the College, or ttle College 15 aware of ihe granting of pyobale. and the criteria for incom8 racogr4ion have Th)t b68n met. then thg leg8ey is tre*eiJ as a contiroenl 8SSet and disdosed rf m8t8rial. Reserv85 Reserves are allocated bethen restrkted and unreslitled reserves. Endowment res8rves Include balances ich. in rg$PgcI of gndowment to thg Cc41è99. are heKI as peMia￿nl fvnds, bvhth the Colkge must hold to P8fFQtuty. Restricted reseNes include baLgnces in respect of the has deS￿anated a speclfic purpose and thgrefore the Co19gfr b restn.thd kn the use of Ihese fuTrJs. 24

Oaj T¢* e• O ¢7>N * • LW * ¢J? ( ¢4 rl 0 ￿7¥ oz

PETERHOUSE STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 JUNE 2023 Consolidat•d Unr•strlel¢d R•Str1¢t￿ EThlowm•nt £'ooo rooo £'ooo Balane• & 1 Juty2021 329350 {1.2101 19.157 12.609) 3S5.237 3,7741 3,8XI Other CX)mprthens￿ Trb))me Balanc• at 30 331,870 87$ 16.$48 355.293 Ct)nsolklat•d u￿r￿tr￿ted Restrlcted Endowmon¢ £'Doo Total £'ooo Bala1￿ 411 J￿2tr￿2 Suwus from InCOff￿ a)d aJpeNJitur8 st￿1 CXhwCrynprthW￿l w￿)Me Balanc• at 30 Jun• 2023 331WO 875 16 355293 114.514) 9.126 123 114.1071 9.126 7.159 16,671 350.312 The rKstes on pw 29 to 47 tjmi kwtrfIl￿ atto￿ts.

PETERHOUSE CONSOLIDATED AND COLLEGE BALANCE SHEEr ASAT30JUNE2023 2022 Consolidatsd £,￿0 2022 College £'ooo rof Nonar 14 15253) 13.4141 12.828} {2.7881 Not currnnt awts 5. 249 2.251 2,206 Ilabllltl8• 374854 378J83 384,142 3B3.655 Cradltors: amounts fallhw du• after more than ong yaar 15 (25.88n 125.88n 125.88n 12S,8871 Provlslo Pensbn Fthslcfis 16 12.655 12.6S51 12,9621 {2,9621 T¢)tal nol as20ts 35Q312 349.841 355,293 354.806 Income and eyrdituts endowment reserve Income and eV￿rtUr￿ réww- reSt￿Aed ￿r¥e 17 16.871 16.671 16,548 16.548 18 23 23A23 23N23 Unrestrl¢t8d Resorv•s and expe￿itUre unrestrirled 326,482 326.011 331.670 331383 390.312 349M41 355.293 354.806 awompanying ￿ on page$ 29 lo 47 are ￿ rfwjral Fort of this balar￿ sheet. The finandal stateffnt$ wr9 wwoved by the Goverrurvj Bcdy on 20 Novernter 2023 aTKI svJned on thwr b8hall by: Profo8sor Parker r l.N.M. Wright Masl•r S•nior ￿rnar 27

PETERHOUSE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 2023 p￿0 2022 rooo 19 11.9801 14.3291 Cash kn fKJm InNsUwJ thbes (3.6431 18.574 21 11.162) (1.1631 In¢rea8e In and ea¥h •qui¥al•nls Jv4r 16,765) 13.082 Cash * rash g]UNrts at W"nnwwJ of1￿ ye 14,871 1.789 Ca8h and ¢a•h •qUI￿￿nts at •nd olth• J 106 14,871 "The mte5 on F•g8s 29 to 46 •xoJnts. 28

PETERHOUSE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 Academlc fees 4nd char 2023 £'iJoo 2022 £'ooo Cdhgo F••8 Fee income receivgj athe R￿ula￿ UryjeffJ￿aI8 rats Fee Income receiv￿ at the Urfewlated u￿18￿ra{hj3t& Fee IrKome Grndu8te rate Other in¢on 973 714 589 293 1,023 571 215 2.569 2,363 2023 2021 £'ooo CdlwJe members 2,303 2202 38 360 129 Cateri c￿knJe Merniw8 323 Total 3,317 2,729 Total retum Inv85tThwnt Incon An￿y5 2023 X122 rooo In¢om• frtyn: L8nd and bu11th￿Js Quoted P(m)￿d Propty Funds Quoted seojrftios Ot￿r interest receNat4e 5,173 200 2.004 13 218 1.623 491 Totol 7.140 Totsl Mdtr*m•nt rth apptled to Incom Land and builth'ngs Quoted Pcoknj Pro[￿ Funds Quoted securibes Other interESt 559 5.173 182 1,528 13 165} 192 1,236 491 {159) Totsl 7.140 7,390

PETERHOUSE NOTES TO THE Accoup¥fs (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022 3b. S￿In¥Y oftotal rntum 2023 2022 £'ooo In¢om• from,. Quoted p(￿ed Priwty FurKI$ Quotsd SKuths 18 476 494 3B7 413 G¥In￿lo￿les) on Invojtmont aso•ts: a￿￿1 S￿L￿ttl&s and Pwrty FuThJ8 (2XJ9) 121) 143} Tthal rntum for 676 12.0581 Tctsl relum tr8nff&1 to Inc<￿ 8NI exp•libJre resfft (see ncle 17) 1572> 15591 Unapplie(I tot•1 return for Includ•d w5thkn stat•M￿ of Comw•henslv• Inc<Kno and EXPend￿rn IS￿ nrte 17 104 617 2023 2022 £'ooo Land and bthldiros 131 190 225 361 Other Income 2023 2022 Other incoffle 111 Totsl 111 178 Edu&lon eX￿d￿lu1• 2023 2022 Te3¢hiig TutLY(al Admis￿or R&8eBrth schol￿￿1[6 and avtards Cxher ￿U(al￿nal farAlrbes 2.116 1,182 1.083 1.043 Totsl 6.616

PETERHOUSE NOTES TO THE ACCOUNTS (coKnNUED) FOR THE YEAR ENDED 30 JUNE 2023 2023 2022 3,282 61 1,885 122 COnferer￿ li￿1ud￿￿ rcornl Co￿ege Memiv5 and slaff 281 1.797 312 Catethg 7& Analys1• of 202212023 •xp•ndltur• by xO¥lty 2023 (Note 71 Expèrbsts D•pr•thlon £.￿0 Educai¥ 2.816 1.516 2,824 Tolal 5,849 6.867 15,448 7b. Anatysi$ of 2021r2022 exp￿￿1￿￿ by xliMty 2022 Total (Note 7) £'ooo £'OOD Educa1k)n 3284 2.416 327 2.670 1.262 6,616 1,672 2.671 6.027 6,276 14,637 (knr ￿￿￿ilUre indud8s fun(kaising costs d£139k {2￿. £180kl. This exrthjth doe8 not Ind￿le the (￿sts of oknini relatKmS. 7& Auditor¥ remuneration Other operathThJ exper￿ indude: 2023 2022 £'ooo Audrt fees payable to thfj Cokge's exiemal audito 25 31

PETERHOUSE NOTES TO THE AccouKrs {coKnNUED) FOR THE YEAR ENDED 30 JUNE 2023 staff aThl •xl•rnal teachlng ¢0gts College Fellows Acad•mlc Non Aclemk 2023 2023 £'ooo Total 2023 rooo £'ooo Staff and extemal tsaching costs: Emoluments Extemal leathirg costs Soaal Security costs Other ￿n￿on u)sts 1,329 3,343 4,672 224 449 14 224 141 Tot81 1.618 224 4.tK)7 S,849 CcAlege Felbws indude kademk EM0￿ments {£1.066k). SrKial Secth costs (£108kl, Otsr penslon ￿$ts (£115kl. Collffje Fellows Academlc Non Acodemlc 2022 2022 2022 rooo £'ooo £'ooo Total 2022 £'ooo St8ff and extèm￿ 188thry costs: Emoluments Extwnal t&aching costs Slxial Security costs 0tt)8r pensK• costs 1.211 2.877 193 193 127 262 455 1,357 Total 2.240 6.027 College Felbws incIL￿e Academic Emolumerts (£948kl. Socb81 Securtiy costs (£94kl, Other pension Costs {£701 k}. Averag¢ numbor ¢)f staff: Academic IFulktimè} Acadernlc IPart4imel NoFaCadeM￿ {Full-time) Non&academk IPart-timel 2023 19 2022 19 61 66 42 71 Total 188 Tha GovthtYJ B(Kty 36 Fdw of%thth 33 orè 8liwKlary. K•y P•lanag•m•nt P•rsonn•l Kèy manag8m8nt are tlThe [￿9)nS h￿r¥j au￿ and rt6N)n￿blfy tr rlanniro. dire(alTha arKI ntrolling the athmties ofthe Cofiege. OuriwJ th8 year there V•we 3 {2022: 3) mem￿rS ofthe key management team and totsl remuneration (Indudiry p￿Sk)ft$ an(1 nallonal In￿An¢* ￿nIr￿Ut￿¥￿I and other b8nefft5 wer8 £384.00012022'. £3fj0,OW).

PETERHOUSE NOTES TO THE AccouKfs (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Sloff ¢osts 1conlln￿dj Tm$t•￿ R•muneratSon No TNstee is ￿l￿eTrted bwng a Tnthe. Trustees we requir8d tr) rrAkè disd(6ur8 offfttial ojnllth dintsre8t al Cdlwje Conwnittee meetirI￿. A register of knterests for all Trustees is mainiained by th& C(AW. The TnJes ar8 renwJnwateA C￿998 offw wh￿h hava as9xiabJ duli8s of T￿￿0. Tutlvlal. Researth, and Admirustralion. The True8s remunerakn is iry the RerNnordbw Commrtiee. This Comrnitlee ccfflsists ofihrBe mgmbor The 8a8ri8s paio to Tnjstees yew we su[ThI￿r￿1 in ts ta40 belw. 2023 2022 From To £1 £10.C 10 13 Total The lotsl Trustee sa￿S ww8 £984,(￿ fty fv y9yr12￿￿2." ￿11.1￿￿11. ￿ iTrJithl Tr￿1•6.$ sJary exceeded £IO),(KK) dwing the ye￿. The TNstees aL80 pakl othw taxab￿ to P8n4on$l ¥%thlth totalled £226.CO)12022'. £206,000). The TNstee5 ￿80 rwivtd gfdnts the Cdlege thdr re8earth tctslkng £38.0￿[2022.' £29.((JoI. Travel and athw eXpensesreirtu￿j byTntees 1nfvrca￿￿ty as officersofth8Collg3etotslled £12,OCK) 12022.. £8.000 The TNsteg$ arg gntStled to a daly IT￿1 at 8x￿se. Notru8tg9s hwl loans with the CdlgJe at the yearernl.

PETERHOUSE NOTES TO THE AccouKrs (coKnNUED) FOR THE YEAR ENDED 30 JUNE 2022 Flxed assets L•d and bulldtn 2023 2022 Total Group Equlwvnt £'ooo £'ooo Costlvaluatlon At bwJiMirvJ of year Addrbor 133.581 2.753 3.144 171 136.725 2.924 133. 3,157 At of 136.334 3,315 139.649 136.725 Accumulated depredatic•) At Winring ofyear Charge forthg 15,￿1 16. 2,732 14.562 2CKJ At eThJ of year 18.082 19,628 16,8 Plet book volu• At June 2023 118252 1.769 120.021 119.829 Al 1 Juty 2022 118.031 119.829 119,0 2023 2022 Total £'ooo Colltyg EquiwiMI £'ooo Costfvaluadon At teginning of AthlU(￿S 133.581 2,753 3.144 171 136.725 2.¥24 133, 3,157 At and of 1￿.334 3,315 139.649 136,725 A￿Mulated d•pr•clat14>n At WinThng ofyear Clwge for the year 15.550 1246 16.896 2.732 14,562 2,334 At oTrJ of yoar 18.082 19.ff28 16,896 Net book valu• At 30 June 2023 118252 1X).021 119.829 At 1 Jijty 2022 118.031 119.829 119.OC6 Th8 hsured value olfreehold knd and buihliThJ$ as at 30 kne 2023 was £159m12022'. £144m). The co1￿• has not m any I￿rtage asset 1 Ayist 2014 and. thereftyo. have not I￿l￿ded any herlw assets in the 881ance Sheet. Operaticnal assets are tlw that the coll￿ usas in the CthJTSg ol meetiThJ it$ tharitabje pur[A)￿ d￿lI￿all￿. relI￿On, leamiry.wwj resoarth. Ckn an aS8etha8b￿n dassffledasan Dperalthal asset It Is not redassifi&J as a heritsge 8¥8et.

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 10. Group 2023 Cd18 2022 £'ooo 26fj.383 16.725 {30.5451 12.7841 11.841 2023 eooo 261.620 45.027 128.255) 113.293} I11,9￿1} 2022 £'ooo 2fj6.795 16.725 130.545) {2.754) At baglnnlng of year Additlon$ Dispos81 Gal￿[105$1 Derxease in Cath tsa1￿ hakl at (￿1 rronJers At ond of y•ar 45,027 (28.255) 13.320) I11.￿)) 253,$34 251113 262.062 261.620 Group 2022 £'ooo 187.344 College 2022 £'ooo 186.507 4,852 56,144 773 Represen￿ ty. 2023 2023 Propety Pcded Propwty FuniJ8 Quoted Securit￿S- s￿rI￿a¥ Loans and fixed interest serAJfities Invgstnwt In Sub￿diary un(rt8kirvJs Cash In ha￿1 Bnd at invej￿ marws 175,095 3.763 .579 4,147 174.260 3.763 69.579 4.147 56.144 773 J4 12,884 12,884 253.113 262.062 281.620 Irwestment asset5 aThJ assets as a slNJle px4 and t)th I￿A￿ls￿ %ilhwi Ihe note ab)ve. The invtstma)t n subsKliaries rerrnrts 1tL)% crfthe 51Kqre eAF¥ial of Peterhous6 Enterws Lttntsd CPEL'I, and pet8th￿Se Confewtr and Events LThrted I'PCELTr M Il￿panS are regkryteied in thE Unrted lthngdom. PEL devew arml ￿ld5 rwoFetyts Any taxatI8 re¥￿ SLYpkts Is pyj. w¥lerthè Grfl ANJ seham&. to thè College. Al 30 Juna 3)23 ￿ oympany had share cawkl and re$￿e5 totaMir9 £475.128{2￿22." £459.2521 aThJ th& wrfit after tax IbLrt before deed of LX)%enaotl for ts year then ended £8.911.47112022.. £-15.B761. PCEL nJn5 cor￿e￿ce￿Nj events ￿3111185. Arrytsxat4eswplus is paid. uthlho GrftANJ sch&rn, to the C￿￿e9&. At 30 kn8 2023 th8 (y)rryny had share r2ptsl and re5eThs totallry £112022". £1l8rdthe WDfft thtax ItrArt bJ￿d￿j ofcDvenart} for the year then e￿ed was £44,17712022." £9.1411. The Group has an ￿¥85￿Y￿1t I1￿Ugh Manor Fann Str8tham LLP in a hmirg deVelopn￿l in Cambridgeshire. PEL holys an investrnent at cfjst of £46k12022.. £65k) in Ihe LLP. Farn StrdhJn LLP W tx)NovAd on commerdal temis £4,147k at 30 Jur 2W2312022.. £77￿) frcrfn the Coltye. The Group has an Invesbi￿I in a Foftkn ￿ne$S ￿)￿8Th1 trNs is by a ban frDm third ￿rty[so9 Th)le 15.. Other knarsl

PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 11. Group 23 Coll•g• 2023 Group 2022 £'ooo Collo9 2022 Olhw stiKks 421 421 12. Grr￿P 2023 Co]leg• 2023 Coll•g• 2022 £'ooo 2022 £'ooo M$n#)ers ofthe Cdlg3e Amount from 8ubsithary undertthTh> Olhor recèivablgs Prepayments and accrt￿ irt¢)n 107 107 360 1,020 1.310 1.143 1.109 1.574 1.258 1.324 3284 2.742 13. Cash 4nd •quiYa•nts Group 2023 Collego 2023 rooo Gn>up 2022 £'ooo Co119 2022 B8r* depO￿ts Current accounts 7,015 249 1.309 522 4.W25 2,(Y24 1.831 14. c1￿1110r$. omounts folll•vJ duè wlthln on• Coll•g• 2023 £'ooo Group 2022 £'ooo Coll 2022 £'ooo 2023 Bank ovwdraft Members of the College UnNersity fees Contribution lo Coleges Fu￿1 Oth8r Crgdilors {e.g. VAT> Accruals and def¢rred In￿M￿ 37 232 37 202 1,497 823 37 232 37 202 1.476 194 321 201 3.S25 321 201 Totsl 5253 3.414 2.828

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 15. Credi¢w8: amounts falllng duo after morn than on• year Group 2023 Colloge 2023 £'ooo Group 2022 £'ooo Collog• 2022 £'ooo Bank loans Othèr108ns 24,C 1.887 24.CHJ) 1.887 24,000 1,887 24,C 1,887 25.887 25.887 25,887 25,887 InckJd8d wilhin Cred￿ due in mtye than one yBar are the fdlov•ing loarkF and facilit￿S.. £8 mill*)n due for repayynent by 27m2r2031. The loan bw8 fixed inlerest rates of4.345% on £1 millhjn. 4.415% on £2 milliM and 4.575% on £5 million. £16 million due for repaym•nt by 12111r2057. The loan bearn fixed inlerest rates of 4.970% on £8 mllllon and 5.005% on £8 millbn. 16. Pwslon Provlslons Gmup 2023 £'ODD Colleg• 2023 £'ooo Group 2022 rooo Coll•ge 2022 £'oDo Balan￿ at b¢glnnlng of y•ar 1962 SA97 Mov•m•nt In y&v: Current wvice cost includlThJ Ikfe ossuronce contribut￿nS Olh$r financo cost Actuarial gain recognised in Ststanent of Comprehensive Incom8 and Expgndiiwe 365 (5731 114 365 (573) 1.228 {5521 1.228 1552) 99 (2131 (213) 13,310> 13,310) Balanc• at •nd of y•ar 2.655 2.655 Spllt as follows: CCFPS P¢nslon P￿￿SlO￿8 Collogg 2023 £'ooo Group 2022 Collog• 2022 £'ooo 2023 Balanc• at boglnnlng ol y•ar 1.762 1.762 4974 4974 Movomant In yoar. Current sgrvlce o)st indu(%ng lif8 asSUr￿e Contributions Other finance cost Actuarial gain reCogn￿d in Ststement of cc4npr8hen￿e Income 8nd ￿en(JItt￿P 176 1279) 176 [phone]) 295 12871 (213) (2131 (3,310) (3,3101 Balanc• at end of y•ar 1.514 1.762 1.7S2 37

PETERHOUSE NOTES TO THE ACCOUNTS (coNfiNUED) FOR THE YEAR ENDED 30 JUNE 2023 1& Penslon Provl$ions {¢ontinuod) uss Pgnslon Provi8iOM Group 2023 Coll•go 2023 £'ooo Gr¢)up Collry• 2022 £'ooo Balan￿ at beglnnlw of 1,200 523 Movemont In year. Current seThice cost iThgud¥YJ Sfe assurdrKg Contrlbutions Other finanL ¢>)sI 933 {265) 933 (2651 1294) (294) Balance at end of year 1.141 1.200 1200 17. Ernlowment funds Restsictgd assets re18ting to en¢Jywls are 88 fol￿w$. Rostrict￿ Resirlcted ReBtrlcted Rè5trictsd Pernian•nl Pernianent Pemianent Pomianent Endowmenls Endowm•nts Endowments Endowm?ntB 2023 2023 2022 Base Valu• Totsl Unappli•d return £'ooo £'ooD £'ooo Gn>up and Coll•ge Balanco at bgglnnlng of y 16247 301 16.548 19,157 Increaselldecrease) in market Ydlue of tiivestmenls Investsnont Income Management charges EndobTnenl return transferred to other unspent r$$tn"cted In￿Me New donalirms endowm (2.5091 413 121} 413 (211 143} (572) <572) 19 15591 19 Movement In Y•ar 19 104 123 12.6091 Balance at •nd of the y 16.266 405 16,671 16.548

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 17. Endowm•rt fvnds lcont1nu￿) R¢strlct•d Restrictsd Rg$trFclod Restrlct•d Pwman•nt P•mian•nt P•rman•nt Perm¥nent End¢ywm¥nt$ Endow￿ End(vwments Endowm•nt$ 2(123 2023 2023 Ba￿ Valu• unapp11￿1 Total r•turn Total rooo Analpl$ by typo of purpos•: Research, studentship. schdwship funds Student hardship Prizes Travel gfants Library fund Garden fund Ketvin fund 12.946 2,331 431 323 13.269 13.189 2,362 429 11 442 342 71 144 15 71 142 15 140 15 16366 405 16.671 16,548 AnatyJl$ by assd: Invgstm•nts 16366 405 16.871 16,548 18. Re8trkted R•sw¥o8 Reserves with restitthjns fc the Cu￿ent year are as folows {full comparatives folh)w on lh¢ ￿xt page): Group and Collage other unwJ¥rrt •xp•ndab 2023 Total rooo 2022 rooo £'ooo B8lanc• at boonnlng of yew 875 830 Application of total rBtum on rotum transferred Transfer of Incorr IrKreasellde(Trwl in y￿e of Invesbnents Investment inco managen￿nI chgrg88 Ngw grants and other in(xN donalOcrf)s Expenditure 572 (552) 572 559 15 15 {971 19 {2} (11 739 11.176) 11.0581 11.058} ffl￿￿￿the￿r 284 Balanc• at •nd of s 748 7.1S9 6,875

PETERHOUSE NOTES TO THE ACCOUNTS (coKnNUED) FOR THE YEAR ENDED 30 JUNE 2023 18. Analysi of other restrlct•d fundsl donallon• by type of purpo8•: expendobl• 2023 Total £'oo 2022 Total £'ooo Mugc Wck8 ofart 1,127 522 Studènt hardship Boat club icket dub Prizes Peme librdry Travel grnrts Librory fvrKI Garden Furyl ChaFel LeL%ures Kelwn Fund Bulkllros furK1 506 423 16 18 51 18 42 17 14 1,176 1,176 1,110 47 3.620 6,748 7,159 6,875 19. R•wieAliation olcorffjolldat•d 8urpluB for to n•t ca8h (Artn1￿ fri¥D cixroling acllvlties 2023 2022 Defritforthe year {14.107) 13.774> Adlugtmenl for nofveash rt•rr¥: 13.313 1331 {2001 2.754 18 (s)) (1581 TT4 Dec¥easd(increase) in st(Kk 1￿mse in trade and other receivBt49s Detteasep1nc￿se in creditors {941 Adju•tm•nt for Inv•8Ong or finar￿n0 a¢tlvlU¢*: Investmnt Income Loan inter8St P8y8lJe (7.1401 1.162 17,3901 1.163 {1.9601 113291

PETERHOUSE NOTES TO THE AccouKfs {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Cash fflvs from in8tlng actMtI•s 2023 £'ooo 2022 rooo )n<U￿￿t inYe3tmBnt witsl ￿lpts Inveslment inc End￿mont fu￿lS inv8stl Payments to awuire tangitAe assds 37,168 7.140 145.0271 12.9241 31.066 7.390 (16.725) 13,157) (3,643) 18.574 21. Ca8h fl¢y4T$ fr(xn finanmg acll¥lll•s 2023 £'ooo 2022 rooo Intèrè pajd (1,162) {1,183} 11.1621 (1.163) Net calh ¢ullkw from flnKin9 actl¥lU•s Analy818 of cash ond ctsh •qulvalerts At beylnnlng of year £'ODO Ca¥h Ilows At •nd of yoar £'ooo Bank ovardraft Cash 8t bank and in h8r Cash at investment managers (371 2.024 12.884 1251 5,240 {11,Wl 162) 7.264 N•t Fund 14871 16.765) 8.106 The tctsl cost chw to the profft ￿ k65 £18 (wiwyear. £933kl. Defi¢il recg)very C(rtrJUtior￿ due within yeartrts Instsbjlion we £91k (priNyo8r. £81kl. Thb latestavailable complets 8(knrial valUat￿ffl of the IrKXTh Bulderisas a131 Marth20201th8 valualion datel, and was carr￿d wt usitYJ the prcpthj unil rn8th(￿. Sinc tha in8llttrtlon ￿nn01 identify its Sho￿ rfUSS ReISrew￿rt IrKome Biildar{d8fThd t￿efft) assets and liabilTbes, the ft￿￿n9 d1sd0su￿S refleca tlhjse relwtfrff Ihc6e assets 1k4)i1￿ as 9 The 2020 was thtr sxth for urK thè sckn-wrflc fvndng rwJlrre In1n)d￿d by tha Pgnslons Act 2004. ￿[ch requir8s scherres to ha￿ suffio&tt aThJ appropriate assets to Covèr th8lr technlcal provisions. Althe valuatlon d8te. the value ofthe 8ss&ts ofthe scherne was£86.5 b11￿ artd thè value of the schème's tthmcal wo¥isions was £80.6 a shorflall (rf£14.1 bthion arKI a ratKI of83%. 41

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 23. Pensi¢)n Schemes (￿x￿lnUed> The key ffinanrAal assumptions ￿(1 in th& 2020 valualTh are d&¥£rib8d below. mC￿e ¢knS1 is set CArt in the Statemert of FU￿lIng Ain(ipl8s luss.(X).ukJatrf)utrfth￿ua1wn￿fundkn￿$tal￿l-Of.ftTrjlnW7r￿)pI8s). CPI awThplK Twm dyrKlent rs in line the drfferen i￿1￿￿￿en lrterest arKI lThJ8x Link&l 1.1% p.a. to 2030. rluciny linearly ty 0.1% p￿. to 8 Wemi drffererts ofO.1% pA. frcffn 2040 P￿￿on I￿ (Sub￿10 a IkxYofO%I CPI aS￿ti￿ plus 0.05% Dwjunt rate IfcnYaTd rates) intèrtsigdt weld ¢xwve pIL￿. Pl&￿I[reMert." 2.75% p. The rroin dermgraphic assurrptKrfis rgkts to thè awnK)b"ons. These ass(rytKJns are based ( anaty813 of the scewE's experience CO￿led out as part ol the 21r20 a(auari¥l ¥a￿atiOn. The mortality assumptions d fin thesetyrn$ are as fol￿. 2020 vluall¢ M¢ytsty base t)le 101% of S2￿ liglrf for males and 95% of 83PFA for femak8 F(rtu￿ impmvements to CMI 2019 Mith a SnN)0thit￿ P8rameter of 7.5, an iTht YMi(M) of 0.5% p.a. a I0￿4￿M inyovement rate of 1A% p8 ts r￿e3 arKI 1.6% pa forfwr44bs Thg cirnnt lrfe ex[*￿￿￿e8 on re1irerwrt at 65 are: 2023 24.0 25.6 2022 23.9 25.5 25.9 27.3 Males ojrrenuy aged {yearsl Females CLwrenUy W 65 lyearsl Males curr8nly aged 45 (years) F￿ThaleS ¢urrently ￿8￿ 45 lyeaTrl 27.4 A deltdt rKowy plan was put in place a5 part ofts 2020 Ydluaticffl, wh￿h wuitos paymènt of8.2% of salarSes over the peri¢)d 1 A￿￿. 2022 until 31 2024. 817knh wnt ts rale wll iThyea88 to 6.3%. The 20Z2 deficii ￿ery liab￿ty rellecls thls tdan. The IKat¥lty hwe twi the fol(pMty asgjmptiorts.. 2023 2022 tiscounl rate PensI￿at￿8 sa18ry grr￿h $20% 3JO% 325Y• Camlwldg• Cdhg•8 F•dwotod P¢n81¢)n Sch•me (CCFPS) The Colege (yerates a defined benefits fvr the Colege's e￿k)yeeS of the Cambr￿ge Colleges. Federaled Ponslon Sthenw. Th8 lia￿lI￿e8 ofthe have be8n calculabj. ai s0JL￿e forth8 rfFRS102 8 valL￿10n system dèslgnèd for thÈ Management CoThwrMttee. actiry as Tnjstee ofthe Cambrfd￿ College5, Federated P¢n$vJn Scheme. trtrt allowing for the drffer8nt assurrylb￿S ￿￿Ted under FRS102 and tthrvj fvlty Into ¢>xNder8tion chwgès in

PETERHOUSE NOTES TO THE ACCOUNTS (cO￿nNUED1 FOR THE YEAR ENDED 30 JUNE 2023 2& pe￿1￿ Sch•mu (contlnued) 30 Juno 2023 30 Jun• 2022 % p.a. DiscO￿t rate Increa8e in Rgtsil Pfices Index IRPII aswotion Consumar Pt1ces Index ICPII Pe￿(￿ ircreases in pawt IRPI 5% p.a.) PerriC￿ ir￿seS in [￿r￿￿1¢Pl max 2.5% p.a.} ' For 1 ye8r onty, %%e have asyjmed that RPI will be and CPI t 7% (2022: 11% respectively). The csps under the Rulfjs are 4pli&J lo aSsjE￿d Kwkjn I￿. 520 325 3.45" 2.75" 2.05- uThJQrf￿ng ffKJrtaity assurrotion based w the Stan￿ 18 kry￿ as S3PA on a yoaf of tArth usage CMI 2022 fvlure iM¢￿veMent f￿10r8 aThJ a kry-t8m rdte of fijtU￿ irrprovernwrt of 1.25% par annum. a standard smoothirKJ f￿)rI7.01 aThJ no a11th¥a￿ ￿ adilitKxd inv0ven￿ts{2O22. S3PA (M) 3 year of birth usage %%ith CMI 2021 future lffyovement fwAors 8rnJ a IrM¥J-temi rate of irry)rrwem8nt of 1.25% per annum. 3 stsrKlard smothin9 factor{7.0) aThY rn) alk)wantè kn aJdilw)nal iThyrovernentsl. Ths regjts in the ITfe 8￿Ctan￿es.. ma￿ age 65 n(￿ has a life exp￿ (rf 21.4 ￿arS (weviw 21.9 Y￿r$I. Femalè aja 65 nchy has a Itfe exFrw of 23.9 years (previou￿Y 24.3 y98rs Mab agg 45 now and retiriro in 20 yws has a lrfe exFectsrry of 22.6 ￿r8 Iprevwsly 23.2 ye8ts1. Fsmale aje 45 nthv and rthrirg In 20 years has a life ￿ of25.3 years {PTeViou￿Y 25.7 years). M8mbers are assurneil to reti￿ at relirenwl ￿(85} aFQrt from in the fdluwing lThll&qted case& F•mal• A¢v8 IAènknrs- C¥stion 1 Be￿3 h8s made at relirennt for rM)n-rebred to oflhelr for a lump sum on The amounts recDJnised in th& B￿an￿ Sheet as 81 2￿23 Iwilh rxry8rthe figur&% as at ￿ June 2022) are as follows.. 30 Jun• 30 June 2023 2022 rooo É'ooo (11.295) {13,1641 9.781 11,402 Present valuè of plan liatilths Market ValiE of ￿an assets N•t dofinod bon•fft Ilablllty {1.5141 11.7621 The amounts to be reccgni8e(l in InLYJm8 ftthe yEarendirrfJ 30 JU￿ 2W231th (Imnparative for1h8 y08r eThJing 30 2022) are as fc4lchVS: 30 Jun• 2022 £'ooo 275 20 30 June 2023 rooo 156 20 CAJrrènt SSNC8 Cost Athninistr8tNe expenses Interest M r￿1 defined ben8fft liablity Total

PETERHOUSE NOTES TO THE ACCOUNTS (coKllNUED) FOR THE YEAR ENDED 30 JUNE 2023 21 P•n•lm Schem•8 (CrA￿￿￿d) ChaNJes in Ihe wesent value of the Flan laimfibes fDrthe weThSrvJ ￿ June 20Y8 (Jjmparative fgurns lorthè r eThJing 30 ju￿ 20221 are as fol JO Jut 2023 £'OOD 30June 2022 £'ooo 17,9 327 1291 326 {5.4091 Present vafue d pl￿ fK4blth3 at bwnirwJ of wicJ Currenl ser￿ce o)st Ilndu(5rYJ ￿lIntr¥jI10ns) Benefits paid IntW98t on pl￿ liabAit Aduarlal Iganvkjss 13.164 1428) 12,142} Pr•wrt valu• of plan Ilabilili¢s a¢ ond of pwSod 11.295 13.165 Ch8wes in the f&r ltalue crfth& ptan ass8ts year enthThJ 30 20fJ conyarativo gnding 30 Jwe 20221 are as fol 30 Juno 2023 30Jun• 2022 Market value of plan as8ets 81 Contributions paid by tho Collgje 11.403 279 12.977 287 8￿fits paid Admlnlstr81i¥& expenses Inte￿$10n plan asse1¥ Retum on assets kns intèrpst in Prcfft & Loss {4281 {291 428 11.9201 (29) (2n 236 12.0931 Mark•t ￿lu of au•ts at •nd of p•rfod 9.782 11.403 11.492} {1.8571 Thg major ¢atewy￿ of Flan assets as a of ass8ts for tha year eThJlng XJ Junè 2023 (WT (x)mpar8tive fives for the year &ThJirKJ X) Junè 2022) 8 as frll 2023 2022 Ewibes Bcnds and cash 52% 34% 14% 38% 13% The Fdan has no In￿7￿￿ In rcoety ty. assets used ty LY fin8rxial inslwm8rts issued by tho Cc41w. Analysfis of the of nd d￿fin￿l ber￿ liilty r￿(￿lsed ￿ Othw co￿vrehensIV$ (OCII forlhe ytrareThJirMJ 30 J￿e 2023 {vAth cwrafve figur8s tsthe yew eThSrrfJ 30 JtJr 2022) are as fdkhvs.. 2023 £'i)00 2022 Retum on assets. less interesi IndLthJ 11.9201 {91 1911) 12,0931 171 (1841 Ex￿rtenCe gair 8fKJ k)8888 arBirvJ on FAan1oblites Charoes in assumplor6 UrKknty.￿ the present value ofFlan I￿at*11L Rwwsur•m•nt of defined b•r￿lIt Ilability rrywniwl in OCI 213 3,310

PETERHOUSE NOTES TO THE AccouKfs (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 23. Penslon schern￿ Movenwnt in suwU￿ (doffitstl thrfng thg 2023 comp¥aOvg figLTrS year endirvJ 30 June 20221 are as 2023 £'ooo 2022 SurF4us defKN In S(eryE yl bwinniNJ of the y8ar R￿niSed in Wt and Loss Conlriixjlions paid by ts Coll Acluarfal gain rwis&Y in CKI 11.7621 12441 279 213 {4,9741 13851 287 3,310 Surplu¥ deficit in pkn at the end ofthe ytr•r (1,5141 {1.7621 Fundlng Pollcy Actuarial valuations are carried out overy three years behaW of the Manryemenl Commlttee, acting as the Truslee of the Scheme. by 8 quaIrf￿ independent actuary. Th6 acbjarlal assummions uThJ8rfying the aduarial valuatbn 8re dwferent to those adcpled under FRS102. Th8 last suth acluarial valuatw was as at 31 2020. ThL showed that plan's assets ￿re insUff￿ent lo cover the Ilabiltties on the fuThSir4J basis. A R￿)Very Pkgn has been agreed th the College, whKh commits the College to pa￿ng contrit￿A10nS lo fvnd the short[￿1. T￿e defich reduction cx)ntributK>n$ warè incorporatad into the plan's lalest schedu￿ of Conlributw)n$ dat￿ 21 May 2021 and are as fc4loYts: Amual contrltrtJti¢Th of less £91.513 per anrnxn pay)le FOrit>J from 1 July 2021to 31 forch 2030. These payTnents are subject to reth folhJv+iTrJ the fundirYJ Y￿￿atIOn as a131 Mar¢h 2023. The Collgje also oFerates 8 dofirhed L￿tribUtiC￿ YthemB stskKAder mles emphjyees. The pen8ion charge for the yèarwas £139k (2022.. £1￿1. The total p8rtskffl cmt fr* thè year to 30 June 2023 in 8vAs as fdlchvs.. 2023 £'ooo 2022 eooo USS: ChaW lo and ExpeThfj[bJ￿ ALYount CCFPS.. Charged to Income and ExF¢nditure Auxyjnt J3 295 129 176 139 1,&57

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 C¥tsl Commitm?nts 2023 2022 £'ooo Ca￿1 ccfflmitftwt at 30 June 2￿23 we as 265 7,301 25. At 30 JU￿ 2023 thg Cdbje h•J grdnt8d orwabrvJ in rewl of free￿)Id knve8thnt proFerties as follows.. 2023 2022 £'ooo Rec8W8blewithin one ye Recéivable betr￿en h%Y) and R￿1va￿e in over fve 3.791 10,581 154.758 3.714 9.948 154,119 169.130 167.781 Op•roting Leases- L•8800 At 30 June 2023 tIKg C(AbJè had ￿rtUal ¢ornI1n￿ mHn¢ellth vehJe OFwatiNJ1886es a8 fcdtows: 2023 2022 £'ooo Payable vthin cffle year Payablo 8nd flvè ￿r8 10 Coniolidat•d rDc<xKilialit)n andy8i8 of not thbt At l July 2022 At 30 J￿& 2023 £No Flrm Cash at Inve81rnwt Man Cash at b￿k and In hand BOrT￿lng￿- Arnounts falln9 wlthln or ￿. Bank overdraft BoThov4hw Amounts fallln9 du• •ft•r morn than s•4r. Un5￿￿r?￿ bank kjar ur0￿r￿ othtr k)ans Nèt told d*bt 12.884 2,024 111.9801 5,240 137) 125} 162) I24.(￿} 1.88 111,016) {24.0￿) 1,887 {17.781) {l76S)

PETERHOUSE NOTES TO THE Accoupifs (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 27. Rolatsd Pwty Tran&ic No dis¢lwrg of trans￿￿Orts Petgthws8 Ent•rwis8s Limtted u Petert￿Be c0fifere￿e ￿ Events Limited has been ma( as those financial state￿rts at 30 J￿8 2023 have bw) ¢￿$(￿[dated wthin these actounts. Ary twments frorn the CdbJe lo Twstegs OF￿ar in ￿ 8 ittMn TrLtst6ès RaMwra1h￿. Due to the natu￿ of tha Colege's operations and th¢ ¢￿pO$thn oflis Governing Body, it is IneMtthe that the College will èntèr Into transactions (x)urse of t￿￿r￿sS WTth thtt UnNerwty of Cam￿Idge. C(AbJes, Resear Couwls, (Aher g￿t.aWardIng IxxJie$. other and Or9￿$Sat￿S In ¥thich rr￿Mb￿r5 of thè JvemiThJ Body have an intw8sL AJI transacons irwriO38.' for the ye8r 30 Ju 2023 these fees £6.346 k12022: £6,049 kl. ￿lring the yearts Unrversty paKJ Peterh(w$e from these fees sunys totalliro £1.518k12022." £1,547kl under the tefrns of w6m6nts the Univwsrty and Ihe Colleges tr) share fee in¢xxne Colleges in a ¥Yay that rWnv￿ ￿ rdatNe CLKrtritths of the UnNwty and the Cc41eges. t￿n[￿j the ￿rP￿terhouse made a w)trtsth under Statute Gil of£202k12022.. f210kl into the Colleges Fund. The Cdleges Fund is adrninist8reil by the University ol Carrd)ri(tye on bd)aff Of￿ C￿￿J&s. Ytho m8ke al ￿tribut￿)n9 to and fechive all alkKK)ns frtxn the Fund. Pdethouse adrrinlsters a carrt￿ge Bursary Sch8m8 to SUPF(rft undergr&Yuatexfinanaally". the Unwsity of Cambr¥Jge contsibuted £112kto thls s[￿12022.. £127k}. In th8 course of hs tharftablg ￿t￿lties, Peterhouse also pays the Univergty of C￿nt￿l$je fff prfnllThJ. ne￿￿Ik and other wvices. In addthon. Petethjuse Feriocthcaly Ccrfffer￿Iated ￿71%5 ￿￿n￿latiOn. thring and ottr $8Nices tothe cryanIsati(￿ ￿l0￿j1￿ to Ih Univ8rsity L4 caM￿¥SJe cffl 5taTh1affl third p•ty te￿. 28. Contin9•nt Ulllty Pètslho￿ has entw￿1 into a cdlatrmtKJn weerrtnt a carrtjr1d￿thlre laThY￿Vn￿ in reskxt of I￿¢ tha¢ both parues are prm)ting i(anUy to to martet aryl d8veW the airwnts In placo, $￿Jn￿ in 2011. do mean that Wuallsati￿ rwmenis will fiow in futurB as knd is to erwjre Ihat partfies realise value p8r acre. DuriNJ thèYeartr￿ caM￿￿￿ge￿i￿ laThtrMersokJ part of iarKI ￿)d&r th8 ColL2bcfaticfi agreeryEntfor£26.0 million. Tha Group's shwe wd$ £8.9m 15 re¢cJnis•Y in the C(HLwIKlated Ir￿cthe EKP8fKliture Account as nor￿￿￿atiOna receipt). During the year the Gr¢)w also rgcwved a net shwe of £3.5rn fn)m a salè of rts rp•m land un(rthis wJre8rrnL The magnrt￿Je and tirniry Of¢￿sh frfm arisng frcm this agrBerrwt in the futLKeare impossible to wedKa atthis st89è nc is it [￿Sible tr it*41 have cffl th8 Grwp. 47