2024-06-30-accounts

PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2024

PETERHOUSE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Contents Page Reference and A¢Jministrative Details Senior Officers and ￿viSorS operakn.ng Review Financial Review 7-11 Corporale G0Venan￿ and Statement of Internal Control 12-13 RespOnsibil￿.eS of the Goveming B¢yJy 14 Report of the Auditors 15-17 Statement of Principal Accounting PolicEs 18-24 Consolidated Staten7ent of Comprehensive Income and Expelldilure 25 Statement of Changes In Reserves 26 Balance Sheet 27 Cash Flow Statement 28 Notes lo the Accounts 29-48

PETERHOUSE REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2024 Peterhouse Trufflpington Street Ca¥nbridge CB2 1TP Charity Registration number. 1137457 Members of the Governing Body who served during the year Professor M.A. Parker (Mast￿) Dr S.N. Solomou Professor P.C. Woodland Professor S.F. Deakin Professor S.E. Jackson Professor 8.P. Simms Professor M.C. Jones Dr J.N.B. Cadeton Paget Dr J.M.B. Wallace Mr S.H. Mandelbrote Dr A.J. While Professor P.A. Midgley Dr R.1. Ross Russell Dr M.J. Ryan The Revd Dr S.W.P. Hampton Dr A Zsak Dr C.G. Lester Dr S.M. Murk Jansen (deceased 19 February 2024) Professor M Moriarty {retired 30 September 2023) Mr l.N.M. Wright DrJ.P. Talbot Dr T.K. Dickens Professor R.J. Holton Dr A. Haldar Professor J.E. Robb Dr S.J. LuTrn-R￿kdiffe Dr G. Christie Professor T. Long Dr N.A.S. Zair Dr G.L. Thomas Dr LS Slater Dr T Plesa Dr G Gerlach Dr H Porter Or T Fl'ttman Professor JT Richards (appointed 1 October 2023) Dr A Mashayekhi (appointed 1 October 2023} Dr AJ Thom (appointed 1 October 2023) Dr M Gath-morad {appoÉnted 22 January 2024)

PETERHOUSE SENIOR OFFICERS AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2024 Current Senior Administrative Officers Master.. Senior Tutor- Senior Bursar.. Professor MA Parker The Revd Dr S.W.P. Hampton Mr l.N.M. Wrighl Principal Legal Advi5er5 Mills & Reeve Franas House 112 Hills Road Cambridge CB2 1PH Property Managers 8idwells LLP Trumpington Road Cambridge CB2 9LD Encore GroiJp 2 Hills Road Cambridge C82 1JP Investment Advlsorsl Fund Custodian Cantab Asset Management Ltd 50 Stalion Road Cambridge CB12JH AJ Bell Investcentre 4 Exchange Quay Salford Quays Manchester M5 3EE Auditors Price Bailey LLP Chartered Accountants and Statutory Audrtors Tennyson House Cambridge Busir)e5s Park Cambridge CB4 OWZ Bankers Barclays Bank PLC Cambridge Business Centre Cambridge CB2 3PZ Tax Advisor PEM Salisbury House. Station Road Cambridge CB1 2LA

PETERHOUSE OPERATING REVIEW FOR THE YEAR ENDED 30 JUNE 2024 Introductlo The c(wnmentary that fdlows is intended to give the readers of the financlal statements an ovefview of the finances and operations of Peterhouse arKI its subsidiafies. The College is preparing rts financial statements in accordan￿ wtih R&ommended Cambridge College Accounts {RCCA) format which has adopted FRS 102. Scope of the Financial Statements The consdidated finanual statements cover the educakn"on, research and religtous activities of Petethouse and also its subsidiary companies. These subsidL8ries undertake activities vthith ft)r legal or commercial reasons are more appropriately earried out by limited companies. The subsidiary companies are listed in note 10. About the College Peterhouse is an autonomous, sdf-goveming eommunty of scholars and is the oldest of the 31 colleges within the University of Cambridge. Formally-The Master (or Keeper) and Fellows of Peterh(MJse in the Universty of Cambridge., Peterhouse is a charitable corporation established by Letters Patent dated 31 March, 1284 and granted royal assent by Charter of King Edward l on 28 May, 1285. The College is a registere(r charity (No. 11374571, with its principal address at Trumpingion StreeL Cambridge. CB2 1 RD. The College is govemed in accordaft￿ with its Statutes. publish￿1 in 1926 and variously amended from time to time by Order of Her Majesty in Cr)urÈcil. The Statutes (jf the Urltversity of Cambridge and speerfic legislation covering the Universty of Cambridge also apply to the Qllege. The Statutes of the College lay down the constriution and arrang￿ents for goverTran￿ of the College. They desuibe. among other things. the membership and responsibiltties of the Governing Body.. the election and duties of the Master," the elec*"on, admission, tenure aftd removal of Fdlows,. and the appointment and duties of College Officers. The Ststutes are supplemented by (Kdets for the regulation of the College's affairs. made by the Governing Body in accordan￿ wrth the StatsJt&s. The Visf(or of the College is the Bishop of Ely. Aims and objectives of the College The "laudable design- of Hugo de Balsham. as expressed in the College's founding instruments, was lo introduce SCh￿arS in the schools, who are to live together and study in the UnNer5ity of Cambridge,. to dwell in the same ICollege] for ever, and ern￿OY themsdves wth appropriate study, to the praise of G(￿ and the perpetual augmentats"orE of the same univwsty." This foms the basis for the Cdlege's statutory purpose, r￿melY to advan￿ ￿lUcatIon, religion, learning and research Ihrough the provision of a CO1￿ in the Universtty of Carnbridge. As part of a collegiate universty, the long4erTfb SU(Ke5s of the Cdlege, as a cer¢tre of a¢xlemic and educational excellence, is dependent upon the Continuan￿ of the Universty OF cambrid￿.$ wodd-class standing.

PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 Publlc benefit The College pursues its charitable objects Ito advance ￿ucatiOn. religion, learning and research) for the public benefrt through a wide variety of acts"vities, including= admitting undergraduates from a diverse range of educational, soci81 and cultural backgrounds for University courses and admittiry graduate students from tIK)se accepted by the University," providing, in conjunction with the University. a world-dass education for undergraduates. particularfy through College-based individual or sma114Jroup supervision and éireclion of sludies,. supporting student5 financially and rewarding excdlence and achievement through the provision of bursaries, scholarships, prizes and a range of grants, a5 weil as assisting students in particular financial hardship,. providing pastoral, adminislralive and academic support for both undergraduates and graduate students through the Tutorial system and other wetf8re mechanisms; providing library, computing, cultural, musical, sporting and s￿121 facilities to enable students to achieve their full potential bolh academically and olherwse.. supporting students and Fellows by providing accommodation, catering and olher services which also underpin the con￿pt of a mulli4isciplinary academic communtty- piomoling academ￿ research of the highest quality through annual compebtions for election to Research Fellowships and Research Studenlships, through supwrttng the research activitie5 of both Fellows and graduate students, and welcoming academic visilors from other institutions., maintsFning services in the Chapel regulady during Full Term, promoting the activities of the Choir and fostering the spirilual weifare of College members ir￿spective of denomination or faith., preserving and enhancing the endowments and benefactions, historic buildings and grounds ofthe College for the benefit of future genwalions-, providing accèss to some of the Cdlege's facilities and educational resources to conferencè guests and also to the general public at times when Ihey are not in use by College members. Funding The sources of inc(Ime of Peterhouse are.. Fees charged to stu(Jents for tuition. accommodation and use of other College facilities and services., Income frorn servws provided to external customers, induding conference activity", Benefactions and donab.ons for current use,. Investment Income from (￿r accumulated endowment and other assets. Achievements and perfomiance Education The Coll￿e continues to ddiver teaching to support the University o)urses and examinations, and this was delivered in-person. 85 full time undergraduates were admitted in the year 202>2412023..781. brirying the total across all years lo 29312023= 291 },' the new intake can be broken down a5 to 490A151 Yo12023.. 54010146Yol arts and sciences,. the intake was composed of 62 (2023.. 55} Home students and 23 {2023.. 231 Overseas students- applicants are assessed on the basis of their potential as well as their achievements to date. The number of graduate students on the College's books totalled 193 (2023: 188). of whom 136 {2023: 1291 were fee p3wng. The College aims to provide superv151￿ and direGbon of studies by its own Fdlows in most of the principal subjects offered by the Universily,- the existing Fellowship, who offer expertise in a wide range of subjects, continued lo provlde this, largdy through small 9rThJp supervision.

PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 Most students were able lo take examinaltons this year.. 250 (2023". 2411 undergraduates sat dassed University examinabons in 2024,- 203 {2023= 201 }, 81.20/012023.. 83.4/0 obtaining grddes in the First Class or the upper division of the Second Class {or in the undivided Second Class)" in the otherexaminations there were 14 Passes., 41 graduate student5 successfully completed an MPhil or other one-year graduate COLtrse {2023.. 491. 6 {2023.. 5} completed dinical studies and 30 (2023.. 31) satisfied the requirement for the degree of PhD. 80 {2023.. 73} undergraduates - some 37.4% of those potentially efigible - received means-tested awards totalling £251 k (2023.. 220kl under the centralised Cambridge Bursary Scheme: 37 (2023: 39} of the awards al the maximum value. The scheme is intended to ensure thal no UK or EU student should be deterred frcrtm applying to Cambridge b￿ause of financial considerations. The Tutors deployed a further £203k (2023: £200k) to make loans and grants lo support undergraduates fa￿n9 particular financial hardship. Last yearfs delay in marking resulted in more ptizes being awarded this year. Schotarships and ptTzes worth some £92k {2023.' £29kl were awarded by the Governing Body to recognise and reward eX￿llen￿ and achievement. Grants for travet were £59k {2023'. £50k) and £8k of grants to supp(Ki skndent wetlbeing were also awarded12023'. £12k). The College made grants tO￿ling £nk12023: £75kl to tts offictal student bodies, the Sexcentenary Club {JCR) and Graduate Society to ena￿e them to provide social and sporting supwrt to their member5. The Ward Library added a further 1.68812023.. 1,443) volumes during the year. on the recommendats.on of both Fellows and students and as a ￿￿1t of gen￿o￿S gtfts,. and the College expanded tts Library e-books services. Further improvements to fa¢ilittes and accornmodab.on were made". the completion of the part refurbishment of Cosin Court,. and a programme of small bespoke works to improve kitchens and bathrooms in a number of listed properties. Works to Cosin Court Car Park were completed following the demolition of most of the former structure last year. Finally, theworks to ￿nStruCta landscaped disabled access to the Masterfs Lodge continued the remodelling of the College site ir￿l￿e wtth a longef tem Mastwplan. Research Two Research Fellows sk)eualising in English and MathemaliGS were apwnted through the annual comp&tition, each for an initial three year term. which took the tot￿ nuFnber of Research Fellows to 8 12023.. 9}. These Fellowships enable outstanding &ademics at the earty stages of their t￿reerS to develop and fLKUS on their research in this formatwe peric#J beforethey undertake thelull teaching and administrative duties of an 2cademic posL On the recommendation of the Research Studentships Commtttee 4 (2023.. 7) Research Studentships we awarded tr> new graduate students on the basis of mertt to cover their academic fees and maintenance exper15es. bringing the total to 1312023.. 19) and the annual cost of the scheme to £354k12023-. £404kl. In addt140n to this, Covid extensiMs we granted to 4 existing hdders of Research Studentships (2023: 2). The Tutors made other grants and awards totalling £91 k {2023= £114k} to graduate students in order to offset research and Maintenall￿ expenses. Research allowances totslling £63k12023: £47k) were provided in support of Fellows. research activtties. 1 Bye- Fellow {Economicsl, 2 Visiting Fellows (one in French, and one in International Relations), and 5 Senior Research Associates lone in knterature. one in Philosophy, one in Mathemats"cs, one in Law and one in Musicdogyl, w￿e appointed for varyng temis. 4 Research Asswateships were also wanted to post4ocloral workers at the University. Religion The Chapel occupied its usual pla￿ at the heart of the CcAlege's spiritijal lrfe: a variety of religious services taking place regularty during Full Term: underpinned by Petwhouse's strong choral tradition. The College hosted a number of events induding a local Choral Academy. The c￿1￿je was able Ot￿e again to support an annual spiritual retreat for its junior members and a Choir tour to Swed￿. The College continued the further refurbishrnent of the Chapd's fabric. which induded the commissioning of the r￿nUY refurbtrshed organ. A series of events marked this su¢xEssful refurbishment. Addtbonal informatiorl about the College's activittes can be found in the Peterhouse Annual Record and the College newsletter, as well as on its website t.cam.ac.uk}.

PETERHOUSE FINANCIAL REVIEW FOR THE YEAR ENDED 30 JUNE 2024 The finar¥cia1 statements for the year to 30 June 2024 have been prepared in accordance with the Recommended Cambridge College Accounts IRCCAI fomiat and the extem81 auditors, opinion is unqualified. The College's two wholly￿0Wned subsidiaries have all been consolidated. The two subsidiaries are.. Peterhouse Enterprises Limited (PEL}, wlich is engaged in property devdopment, and Peterhouse Conferences and Events Limited, which manages certain Catering and Conthnce activities undertaken by the College in order lo raise funds to further ils charitable aims. The College seeks lo run the operatin9 irwme and expenditure account at breakeven over the long term whilst gradually growing spend on ils charitable activities and invesling approprialely in ils stock of buildings and operational infrastructure. To this end the College has continijed to seek lo expand and improve the range of services it offers lo all ils students and research community. The recent surge in infiation and the associated high energy prices have impacted on the finances of the College and the wder Universrtysector and will continue lo do so. The College continues lo address these challenges by seeking to minimise energy costs and by investing in energy efficient technologies Isubjecl to constraints due to its stock of lislaé buildings) and by seeking the most effective and efficient ￿Y of delivering services. The College remains cornmilted to maintaining and preserving the historic buildings that underpin its chafilable objectives and enrich its community. The Cdlege also seeks to maintain 2nd gradually enhance its stock ol operational properties, and has carried out a numb￿ of Substantial projects dLtring the year, including the completion of the refurbishment and restoration of tbe Organ and Chapel, a programme of small bespoke works to improve kitchens and bathr(x)ms in undergraduate accommodation lin stsircases in Old Court, Gisbourne CoLJrt, Noah's Ark and Fit￿,1111aM Street). and the cOM￿etiOn of a fLtrther phase in the refurbishment of Cosin Court, which will improve the quality and energy efficiency of graduate acCommc￿atI0n. In line ￿th the College's strategic plan lo develop and re-modd the easlem side of the main College sile and its Library, the College began works to provide a landscaped disabled Access to the Master's Lodge. The College also completed signrficant works to Cosin Court Car Park. This year the College showed an overall underlying accounting defi¢it before donations of £1,517k. The def4cII decreased by £105k on Ihe previous year. Income was buoyed by Conference and Event activity which continued to recover and is now at levds seen prior to the pandemic. Expenditure was imp8Cted by increases in utility price5 and the cost of repairs to buildings. However. after adjusb.ng for a movement on the USS pensio liability1£1.123k), this overall deficit reduced to £394k. an improvement of £1,208k. The underlwng deficit before donations partly refiects the fact that a number of initiatives are now being directly funded by gifts and donations. After adjustsng for donations and endovmients, the College showed a surplus of £3,095k. Adding gains on investments and assets of £7,716k from favourable rnarket conditions gives SurplusllDeficit) after Capital and Non Operational Receipts of £10,811 k, which is a £16m improvement on the prior year. Slmplifi8d Sncome and ExpendFture 2024 Total £'ooo 2023 Total £'ooo Total income before dOnati(￿S and endowments" Total expenditure 14,915 16,432 13,846 15.468 IDefi¢ltl b¢for¢ donations and USS provision USS prowsion ID8ficitl before donations Donations New endowments Surplu51lDefiGitl b•fore other gains and losses Gains on investmenls and assets Surplusl(Deficitl for thg year Capitsl and Non Operational Receipts SurplusllDefic5t) after Capitsl and Non Operationyl Rwlpts {1,5171 11,6221 1,123 20 (394) (1,602} 796 2.588 19 3,095 {787) 7,716 13,320 10,811 114.1071 8.913 5,194 10.811 . includes gains on invesknwts ap[Al￿ to Inccme

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 IncomelExpenditure Income from Academic Fees and Charges incxeased by 6.3°k (2023.. 8.7.10 increase) on the prior year reffeth.ng a rise in both the number of unregulated fee-paying undergraduates and graduates. Income from AccoMm¢￿ation, Catering and Conferences rose by 11.70A {£387kl on the prior year (2023: £588k.. 21.59/0 increase), as third party Catering and Conference activity recovered to pre-pandemic activity levels. Income from College Members increased as a result of infiab"onary pri￿ increases tO9etrer WTÉh changes in student 0￿UpanCy. Endowment income rose £453k (6.39h),' this resulted from a combinatio[7 of one-off increases and back rents from the property ptKrfolio togeth￿ with an increased draw from its equity investments followng a review of the College's total return policy. The increase of £2.5m in New endowments refiect a signffjicant individL¢al legscywhich was received shortly after the yearend. Overall total College income after donations and endowments rose by £3,654k or 26.2Yo {2023: £355k" 2.5% increase). The College's total expenditure fell by £139k or 0.9QA {2023." £811 k., S.50￿ increase). However, rf the effects of the release of USS provisions {£1,123k) are exduded. then there was an increase of £964k or 6.23Q/o {2023.. £1,524k., 10.9 /0 increase). The most suotktficant factcKs were the increases in utilty prices. repairs to buildings. and staff costs. Total depreciation fdl by £261 k (2023: £398k). Last year there was a £332k ontroff charge due to the part demolition of the Cosin Court (3r park. Therefore, exduding this £332k effect from the comparative, there was a fijrther increase of £71 k in depreciats.on year on year. Staff costs and pensions Total staff costs {academÈc and nori-academic) ￿maIn the most signtFicant cost category for the College al £5.1 m {2023: £S.8m). Staff costs exduding USS actuarial adjustments to the pension schemes under FRS102 increased by £S43k or 5.89/0 {2023= £535k or 10.0 /0). This refiected the cost of living increases and awards for the year", an increase in rasual staff to match the incxease in conferences and events" the recruitrnent lo a modest number of funded posts", the cost of sabbatical cover", the Imgoing impact of auttrenrolment", the irkcrease in national insurance contribution rates", and the College's continued ￿)MmitMerÉt to paying its staff at least in line with the Real Lwing Wage. The staff CCFPS pension scheme still remains signrficanuy in defietl {urEder FRS102} in 2024, although the deficit decreased by £211 k (2023.. decrease(i by £248k}. The changes in actuarial assumptsons underlying the plan liabilities are the key drtver of the decrease in the defici( these changes were due to the discount rate and inflation rate assumptions applied to the scheme's liabiliti.es. This scheme is dosed to new entrants. The College includes a share of the USS Scheme's Current deficit. Under FRS102 the College is obliged to account for it under money purchase scheme rules. althwgh It is a mutb"-employer defined benefit scheme. A deficit recovery plan was ptjt in place as part of the 2020 valuation: which required paymellt of 6.2D/D of salaries over the period 1 April 2022 until 31 March 2024, at whth point the rate would increase to 6.30/.. As set out in note 23. no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was rn longer required to make deficrt recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the Consolidated Statement of Comprehensive Ir￿rne and Expenditure. This recent change to the r￿Very plan fdlowing the latest revaluation assumptions has resulted in a £1.123k credit (2023.. £20k credit} being recognised in the Consolidated Statement of Comprehensive Income and Expendilure. Detsils of this scheme and the CCFPS scheme are included in rK)tes 16 and 23_ Overall the pension scheme liabilities measured uThYer FRS102 have decreased by 48.1 % from £2.7m to £1.4m {2023." decreased by 10.0 /0 from £3.Om to £2.7m)- Capital expenditure The College continued the further refurbishment of the Chapel's fabrio which induded the re-installing and Commissioning of the re￿n￿Y refurbished organ. Othw refurbishment w(rts (£0.8ml indude the completion of one phase in the refuTbishmellt of Cosin Court. which wll improve the quality and energy efficiency of student accommodation. Following the part demolibon ofthe Cosin Court Car Park. a new (3r park has been completed. This together the landscaFed disabled access to Ihe Masterfs L￿ge has begLtn the remodelling of the eastem part of Ihe College site in-line with a Eonger tenn MasWlan.

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 The College lakes very seriously its responsibility to maintain the Cdlege's operational buildings. most of which are listed and of historic importance. lo ensure their Complian￿ wth new regulations, and to meet higher energy efficiency standards. An example of this is the Cdlege s initiative to reduce its carbon footprint and energy costs by installing a-smart. energy management platform lo control individual radiator temperatures and energy usage across the College sites in a more efficient and granular way than has previously been FX)ssible. However, the programrne of works to mainlain and improve College's operational buildings is a signrficanl financial burden on the College. The College continues lo invest in its IT infrastructure and software.. during the year the College made further progress with the developmerrt of its new accommodation and conference database system. The new database will improve the College's ability to manage rts r(y)m slock eff￿endY and improve the back-office processes a$s￿lated wth student billing and third party Confwence activity. Endowment and Investmerrt perfonnanco The College s survival in its present fomi is dependent on tts endowment capital. wh￿h contributes over half its income and has 3ddilionally lo absorb deficits and provide Ihefunds for necessary building works. The College's investment objective, implemented under the supetvision of its Estates & Investments Committee, is to manage its endowment lo produce a steadily rising income stream whilst ensuring the long-terrn preservation of capital value in real temis. The composition and perfomance of the Cotlege's endowment is summ8rised in Ihe table below.. 2024 2023 £'ooo £'ooo 179.550 175,095 3,519 3,763 75,405 69.579 2,657 4.147 192 904 3.164 3,239 Property Pooled propèty funds Equf(ies Cash, loans and fixed Inte￿St securities Cash in hand and at investment managers Other Cash lowed byyheld for the EndDvKnent Other investments Totsl Investments Loans 264.487 125,8871 238,600 256,773 125,887) 230.886 Net Endowment Assets Endowment return and inv•stment incorne 2024 £'ooo 2023 £'ooo Income from.. Land and buildir7gs Pooled property funds Equities Other interest receivable Total income 5,024 218 1.833 518 7.593 {1001 4,808 218 1,623 491 7.140 1941 Equities managemerkl costs Diwt costs of propety managemenL agency fees and Fnainlenan¢e Net in¢om8 before financing ¢osls Interest and finance costs Total net incomo after financing costs Capital gaints and reC￿pts Ort investments Ireallse¢ ano unrealisedl" Total rotum for Net EndowmeTrt 855 6.638 11.156) 5A82 785 6,261 11,1621 5.099 8.514 13,6921 13.996 1,407 'Indudes a (pital raco of £NIl12023.. £8.&ml

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 The College has adopied total return accounting for its ma￿etable securities portFolio to provide a smooth and slable stream of income. This Oicy lo has a betterfjt w¢th the College's strategic approach to its equities portfolio by allowing the College more flexibility to invest in line w¢th iLs EnvÉronmental, Social and Govemanee (ESG} policy. Propety values have rrsen this year principally due to the strength of the College's commercial portft)lio in Cambridge. Equities also rose in value durrng the year irFline wth the global market. The rise in direct costs of propety management were caused by an increase in business rate liabilities, Insuran￿ and other utility costs resutting from a temporaryvacancy followEng the refurbishment of an investment property. Resetves Peterhouse's unreStr￿ed funds at the year*nd amwnted to £333.3m {2023.' £326.5m) and are represented in the balance sheel bythe &Alege's owational buildings-which are used for academic an(J residential purposes and by a large part of the investment portfolio. The Governing BcKly believes that reserves on this scale are necessaryfor the College to meet its charitable objectives and to provide the undedwng slsbiltyfor the institLEts'on to operate in perpetuity. The Goveming Body is mindful to maintain an ￿Uitable balance between the interests of current members of the Cdlege and future generations_ Risk Management The Governing Body has the overall responsibilty iéentrfying arml managing the major risks facing the College. Discussion of risks are a routine part of the work of the Goveming Body and the associated College Committees. A formal high-level risk register is maintained by the FInar￿ Committee and reviewed on an annual basis by the Governing Body. In addition lo this, other College Commtttees review and discuss indtvidual risks which fall within their respective terms of reference on a more frequent basis. College Commtitees also devdop and update College policies to manage and mitÈ9ate risks as and when appropriate. Responsibility for the implementation of College poliues is delegated to the rdevant Colle9e offi￿rS and members of staff. Fundraising The existence and success of Peterhouse is a refiection of the outstanding generosty OV￿ time of Petreans and other benefactors. The College's development campaign ￿ntinUed to make a valuable contribution over the year, with donations and legacies of £3.5m 12023: £0.8m). Of this. £2,588k was raised for permanent endowments 12023.. £19k). The combined net costs of fvThYraising and member relatiO￿S was £391 k12023'. £344k). During the year the College Wds greatly saddened by the unexpected passing of Saskta Murk Jansen, the Development Director for the previous 13 years. This created an inevitable pause in the nomial pattem of fvndraising actNities and temporary oversight arr2ngernents were put in place by the College. The College is registered with ihe Fundraising ReguktiK and adhw io its Code of Practtce. The College d￿$ nol use external professÈonal fundraisers and Ca￿leS out fundraising act[V￿eS through its Development Office, in collaboration with Cambridge Universty Development and Alumni Rdations Office as appropriate. In addition to seeking financial and Oth￿ support for the College, the Development Office is also responsible for alumni relations. Fundraising techniques used indude fac￿￿faCe meetings. the promotio￿ of legacy giving. annual telephone campaigns and occasional mass mailings to members ofthe College's communty. The College takes very seriously it5 responsibility to ensure that its assets and resour￿ are used only for the purposes for which they were given. The COll￿e does not engage in intruswe or unreasonably persistent methcxys of fvndraising and training is given to all illdividuals who undertakefundraising activrties to ensure that they know how to handle an obviously vulnerable person. There have been no fcffmal complaints made about fijndraising (prior year none). 10

PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 Principal risks and uncertaintles Pelerhouse faces a range of risks in meeting its chaTitabte purposes whith irtclude financial, operational and reputational risks. These include rts long-term ability to attract the best staff and students, lo maintain and devdop (cs ￿searCh and educational offering, and to conserve. refresh, and renew its physical facilities. In add(cion, the College faees reputational risks in a wodd where modem communicAtion methods have resulted in higher levels of transparency and Scrutiny in wFde range of areas. The Colle9e has continued to invest in a range of measures to improve further the pastoral support it offers ils students. It seeks to foster a supportive and collegiate culture amongst Fellows, students and staff. The College also seeks OPPOFtunities to contribute positively to the communtts.es in which it operates and takes seriously its responsibilities as a landowner and landlord to many private tenants. While Pelerhouse is fortunate in being a relatively wdl-endowed College, rt continues tolace financial challenges many of which are common to the University and other Cambridge colleges. The recenl pandemic, the Ukraine war and subsequent energy price shock has made the political, economic and eduealional landscape increasingly uncertain. Operating Th)sts in the meantime have been subject lo ongoing inflationary pressures. Peterhouse seeks lo respond to these financial challenges by ￿LISsEng on efFicienl financial mariagement of ils operational aclivilies, and the prudent stewardship of its endowfflenl assets for the long term. However, rf il is to develop further the aclivities that are critical to its mission such as key leaching posts, research studentships, and to continue to progress its capital expendTLure plans across its substantial operational estate, the College will need to raise additional fullds over the coming years. Plans for the future The College aims lo pursue and develop its existing strategy, wth a particular focus over the next few years on.. The challenges posed by recent economic turbulence.. Continued support of its Research Fdlowship and Research Studentship scheme to offer financial sUPPOrt for the most talented early-career acade￿iC$ graduale students- A continued fwus on the Cdlege's Admissions and Outreach inrtialives to attract outstanding applicants for undergraduate and graduate course5 from a diverse range of educational, social and cultLJral backgrounds,, Investment in its operational and non-operational eslate to prepare for a transition to Net Zero carbon emissions by 2048, with as aspiration to do so well before this date.

PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2024 The fotlowtng statement is provided by the Govwning B(xJy to enable readers of the financial statements to obtain a better understanding of the arrangements in the College for the management of its resour arKI for audr(. The College is a registered charity (registered number No. 1137457}and subjectto regulation bythe Charity Commission fcK England and Wales. The Memb￿ ofthe Goveming Body are the thrity trustees and are responsible for ensuring Complian￿ with charrty law. The Trustees are Goveming Body which is advIs￿j in carrying Ixrt its duties by a numbw of Commtttees. Governance Committee Remurwation Committee Finance Committee Estates and Investments Committee Development Committee Eéueaton Commtttee Admissions Committee Examinab"on Failures Cornmiitee Grants Commlttee Honorary & Visrting Fellowships Committee Research Studentships Committ Research Fellowships Committee m. Travel Grants Committee CharTtable Applications Committee Co-ordinating Committee Pelefhouse Boat Club Fund Management Committee Staff Committee Food and Wine Committee Buildings: Fabric and Gardens CTrnmittee comM￿ee The principal administrative Officers of the Cojlegg are the Master, the sen￿ Bursar, and the Senior Tutor. It is the duty of the Finance Commiltee to keep under review the effectiveness of the College's internal sybtem of financial and other eontrols,. to adwse the Governing Body on the appointment of extemal and intemal auditors,. to consider reFlOrts submitted by the auditors. ￿th external and internal., to monitor the implementstion of recommendations made by the auditors,. to make an annual report to the Governing Body. Membership of the Firtance Committee includes: the Chairman (a Fdlow of the College). Senior Tutor, Senior Bursar, Steward and several other Fdlows of the College. There are Registers of Interests of Members of the Goveming BcKly, the Finance Committee and of the senior administrattve officers. Dedarations of interest are routinely made al all College committee meetings. The College's Trustees {Members of the Goveming Body) during the year ended 30 June 2024 are set out on page 2. 8. The Tnjstees are the Goveming Body which Ts responsible for maintaining a sound system of interrhal control that supports the achievement of policy, aims and objeth.ves while safeguarding the public and other funds and assets for whith the Goveming Body is responsible. in 2C(x)rdar￿e with the coll￿e'S Statutes. The system of internal controE is designed lo manage rath￿ than diminate the risk of failure to achieve policies, aims and objeclives.. rt th￿￿e provides reasonable Ixrt not absolute assurance of effectiveness. 10. The system of internal control is designed to identifythe priEicipal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of ttM)se risks and lo manag& them efficienuy, effectively and economically. This process vras in for the year ended 30 June 2024 and up to the date of approval of the financial stalements. 12

PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2024 The Governing Body is responsible for reviewing the effectiveness of the system of internal contrd. The followin9 processes and pr(wJures have been estsblished". The Governing Body meets regularty {typically 13 tirnesl throughout the year lo consider the plans and strategic direction of the College.. st also review5 and approves the annual financia] results and budget for the year ahead. The Governing Body receives interim reports from the Finance Committee which reviews key financial inforniation alld statistics on an ongoing basis. including quarterly pri)gress against budget. A Committee Structure has been pul in pla￿ to review key areas of College activity. Appropriate levels of segregation of duties have been established together with authority limits. These are reviewed periodically. Two Fellows (not already on the Finance Committee) review and audil the College accoullts in detail, and provide an independent rewi on their findings to the Governing Body. A Business Analyst has been employed to review and improve the internal systems and controls. The Finance Committee regul8rty reviews the College's fi￿year financial forecast to assist with medium- term financial planning. 11. A Fellow on the Governing B(xly has been designated SIRO (Senior Information Risk Officer) and is responsible for reporting to Governing B(rtJy on data proteGlior¥ and information risk issues. 12. The Governing BOd￿S review of the effectiveness of the systern of inlemal control is informed by the work of various Committees, the Senior Bursar. and other College OffI(￿rS. who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other rep(Kts. 13

PETERHOUSE RESPONSIBILITIES OF THE GOVERNING BODY FOR THE YEAR ENDED 30 JUNE 2024 The Goveming Body is responsible for preparing the Annual Report and financial statements in accordance WTth applicable law 2nd United Kingdom Accounting Standards {Uniteé Kingdom Generally AC￿pted Accounting Practice). The College's StatLrtes and the Statutes and ordinan￿ of the Unrversty of Carnbridge require the Goveming Body to prepare financial statements for each financial year which gwe a true and lair view of the state of affairs of the College 2nd of the surplus or deficit of the Cdlege for that period. In preparing these financial statements, the Goveming Body is required to: select suttable accountir¢g pcAicies and then apply them u)nsistenUy,' make judgefflent5 and estimates that are reasonabte and [￿dert state whether applicable accounting standards have been fcAlowed. subject to any material departures disclose(l and explained in the financtal ststements.. and prepare the financial sLgtements on the going concem basis unless tt is inappropriate to presume that the College will continue in operation. The Governing Body is responsible for keeping accounting records which disdose with reasorÈable accuracy at any ts.me the financial position of the Cdlege and enable them to ensure that the financial statements comply with the StstLrtes of the Universf(y of Cambridge. They are also responsible for safeguarding the assets of the College and hence for taking reasortable sleps for the prevention and detection of fraud and othw irregularities. The Goveming Body is responsible for the maintenall￿ and integrity of the corpcyate and financial information included on the College's website. Legislab"on in the United Kingdom goveming the preparation and disseminatiorE of finanryal statements may from Wtslation in other jurisdictions. On behalf of the Goveming Bc¥Jy of the Master {or Keeper) and Fdlows of Peterh¢)use in the University of Cambridge Professor M.A. Parker Master Senior Bursar 14

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2024 Oplnlon We have audited the financial statements of Peterhouse {the'College'l and its subsidiaries Ithe 'groupl for the year ended 30 June 2024 which comprise the Consolidated Staternent of Comprehensive Incorne and Expenditure, the Consolidated Statement of Changes in Reserves, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial ststements. including significant accounting policies. The financial reporting frameworkth* has been applied irh their pieparation is appliGable law and United Kingdom Accounting Standards. including Financial Reporbng Standard 102 The Financ￿1 Reporting Standard applicable in the UK and Republ￿ of Ireland (Unrted ￿ngdoM Generally Accepted Accounting Practice). In gur opinion the finanoal ststements". give a true and fair view of the state of the Group's and College's affairs as at 30 June 2024 and of the Group's Incoming resources and applicab.on of resources. including its income and expenditure. for the year then ended". have been properfy prepared in accordance wilh United ￿ngdoM Generally Accepted Accounting Practice," have been prepared in accordan￿ the requirements ofthe Charrties Act 2011 and the Statutes of the University of Carnbridge.. and the contribution due from the College to the University has been correcdy computed as advised in the provisional assessment by the Universrty of Cambridge an¢J in accordance ￿th the provisions of Statute G.11. ofthe Universrty of C8rnbn"dge. Basis for opinion We conducted our audit in accordance vMh Intemational Standards on Aud￿ng IUKI IISAS IUK)) and applicable law. Our responsibilities under those standards are furtherdescribed in the Audtitirs. responsibilib.es lorthe audrt of the financial ststements section of our report. We are independent of the College in accordance wrth 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 responsibilrties In accordance with these requirements. We bdieve that the audit evidence we have obtsined is sufficient and apptopriale lo provide a basi$ for our opinion. Conclusions relating to going conc8m In audrting the financial statements. we have conduded that the Trustees. use Of the going concem basis of accounting In the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condrtions that, individually or collectively.. may cast significant doubt on the Group's or College s abilrty to onb.nue as a going concem ft)r a period of at least twelve months from when the finanryal statements are authorised for issue. Our responsibilities and the responsibil￿"eS of the Tnjstees wth respect to going concern are deseribed In the relevant sections of this report Othgr infomiation The other information comprises the information included in the report of the Governing Body. other than the financial staternents and our audf(or's report thereon. The Trustees are responsible for the other infomiation contained wthin the annual report. Our opinicffl on the financial statements does not cover the other information and, except to the extent otherwse expliciuy stated in our report. we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other informab.on and. in doing so. consider whether the other informalion is materially inconsistent with the financial statements or our kno￿edge obtained in the course of the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themsefves. 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.

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2024 Matters on which we are required to report by exception We have nothing to report in respect of the folkjwing matters in relation to vA)ich the Charities IAccounts and Report51 Regulations 2008 require us to report to you rf. in our opinion". the infomiation given in the financral statements is inconsistent in any material respect wth the report ofthe Gtsverning Body". or sufficient accounting records have not been kept.. or the financial ststements are not in agreement the accounting records and returns., or we have not received all the infomiab.on and explanat￿nS we require for our audit. Responsibili￿e9 of Trustees (the Governing Body) As explained more fully in the Trustees responsibil￿"e$ statement set OLrt on page 14, the Trustees are responsible for the preparation of the financial statement5 and for being satisfied that they gNe a true and fair view, and for such internal control as the Trustees deterniine is necessary to enable the preparation of financial staternents that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Gi(>up's and College's ability lo continue a5 a going concem. di%losing. as applicable. matter5 related lo going concem and using the going concern basis of accounting unless the Trustees either intend to liqvidate the group or the College or to ase operations, or have no realistic aliemative but to do so. Auditors, responsibilibes tor the audit of the finan¢ial $tstements We have been appointed as auditor under section 151 of the Charibes 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, vthether 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 a¢¢ordance wrth ISA5 IUIQ wll a￿yS deted a m*erial rnisststement ￿en rt exi51s. M15ststements 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. Itregularities. Includin9 fraud, are instsnces of non-ctsmpli3nce laws and Tegulab"ons. We design procedures in line wth our responsibilities. outlined atK)ve. to detect material misstatements in respect of irregularities, including fraud. The extent to our procedures are capable of detecb'ng irregularities, including fraud is detsiled below". We gained an understanding of the legal and regulatoryframework applicable to the Cdlege and how it operates and considered the risk of the College not complying wth the applicable laws and regulations including fraud in particular those that could have a material impacl on the financial statements. This induded those regulats.ons directly related to the financk41 statements. The risks were discussed with Ihe audit team and we remained alert to any indications ol non-compliance throughout the audit. We carr￿d out specific procedures to address the risks identffied. These induded the following-. We reviewed systems and prc¢edures to identfy potential areas of management override risk. In parb'cular, we carried out testing of joumal entries an¢J other adjustments for appropriateness. We rewewed minutes of Finance Commrttee and Goveming Body meeb.ngs and agreed the financial statement disclosures to undertying supporting documentabon 16

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2024 We have made enquiries of management and officers of the College regarding laws and regulations applicable to the organisation. We reVIev￿ the risk rnanagernenl processes and procedure5 in place including a review ofthe risk register and reporb'ng to the Governing Body. We also assessed management bias in relats.on to the accounting policies adopted and in determining significant accounting estimates. including the valuation of investrnents. Because of the inherent limitations of an audrt, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financkal statements or notFcompliance with regulation. This risk increases the more that compliance with a law or regulats.tsn is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instrn￿S of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenL forgery, collusion, omission or misrepresentation. A further description of our responsib.l￿.e5 rs available on the Financial Reporting Council's website al.. https'.IIMw.frc.org.uklOur-WorklAudiVAudit-and-assurancelStandards-and-guidancelStandards-and- guidanctrfor-auditorslAuditors-responsibilities-for-audiVDescnpb'on￿f-audl1orS-reSponsibil1ties-for-aUdrt.aSpx. This description foms part of our audittsr's reptsrt. Use of our report This report is made solety to the Goveming Body. in accordance wrth College's statutes, the Statutes of the University of Cambridge and part 4 of the Charibe5 IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so thal we rnight 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 college and the Goveming Body as a body, for our audit work, for this report. or for the opinions we have formeil. PRICE BAILEY LLP Chartered Accountants and Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ Date.. 3 December 2024 17

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 ststement of Principal Accounting Policies Basis of preparation The financial statements have been prepa￿d in accordance wth the provisions of the Statutes of the College and of the unive￿￿ty of Cambridge, using the Recomrnended Cambri¢lge College AccoLtnts IRCCA) format" applicable United Kingdom Accounting Stsndards, induthng FEnanaal Reporting Standard 102 IFRS 102) the Statement of Recommended Pra¢b"ce ISORP).. Accounting for Further and Higher Edtjcation Issu￿￿ in 2019. The Consolidated Ststement of C¢)mp￿hensive In(x)me and Expendlture indudes actiwty analysis in order to demonstrate that all fee income És spent for educational purposes. Tr analysis reouire(I by Ihe SORP is set out in note 4. The College is a public beneffterttsiyand thèrefore has appliedthe relevdntpubli¢ benefitrequirementof the applicable UK laws and accounting stsndards. Basis of accounting The finan&al statements have been prepared underthe historitsl cost convention. modified in respect of the treatment of investrnents and ￿rt￿fi operdtional properties whTch Is induded at valualton. Basis of consolidation The consolidated finan￿al statements ÈrKJude the Cdlege and rts subsidiary undèrtakTrngs. Deta¢ls of the subsidiary undertakings induded are set out in note 10. Intra-group balances are eliminatgj oft con50Jidation. Recognition of income Academic feès Academic fees 8re recogni*d in the period to which they relate and indude all fees chargeable to stLtdents or their sponsors. The wsts of any fees waived or written off by the College are induded as expèndtture. Grant income Grants received from non-govemment sources (induding researth grants from non4Jovemment sources} are re¢ognised within the Consolidated Ststement of Comprehensrve IncKJmeand ExperKJiture when the Col(ege is entiued lo the income and performan￿ related conditions have been mel. Income re￿iVed in advance of performan￿ rdated COVKfitions is deferred on the balan￿ sheet and released to the Consolidated Statement of Comprehenstve Inusme and Expenditu￿ in line wih such conditions being mel. Donations and endomnents Non exchange transactions without perfQrrn3n￿ related condrtions are donations and endowments. Donations and endowments with donor imposed restrictions are recognised withitt the Consolidated Statement of Comprehensive Income and ExpefidrtU￿ when the College is enttlled to the Ir￿rne. Income is retained within restricted reserves until such time that it is uts"lised in line with restrictions at which point in(x)me is released to general reserves through 8 reserve transfer. Donations and endowments with restrictions arè dassified as reslricted reserves additional disdtssu￿ pmvided within the notes to the accounts. There are four main types of donations and endo4￿¥￿￿ with restrictions.. Restricted donatiorts- the donor has specified that the donation Inust be used fora pa￿eLlI8¢ objective. Unresthcled pemiarenl endowments - the donor has spe(#fie(I that the lund is to be pemanently invested to generate an income stream for the general benefft of the College. Restricted expendable endowments- the dortor has spe(ified 8 P8rti()Jiar objective the College can convert the donated sum into income. 18

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 St#lement of Prin¢ipo1 A￿OUntIng Polic￿$ {continuedl Recognition of Sncome (conlinuÈd} Donolions and endowments (continued) Restricted pemianent endowmenls - the donor ha5 5pe¢ifiÈd that the fund 15 to be pemanently irsvested to generate 2n income stream to be applied to a particular objective. Donations with no restrictions are recorded within the c￿S01[dated Statement of Comprehensive Income and Expenditure when the College is entided to the income. Investment income and change value of investment assets Inveslment income change in value of investrnenl assets is recorded in income in the year in which it arises and as either reslriGled Of unrestricted income according to the terms or other restricttons applied to the Indlvidual endowmènt fund. Total return The College oporales a total return policy with regard to ils quoted seGuritses and pooled propety funds. Thè spending policy is spe¢ifi¢ally designed to slabiliso annual spending levels and to preserve the real value of the portfolio over lime. The spendrng policy attèmpts to achieve these two obled￿ve$ by using a long-term tsrgeled spendino rate eombined with a smoothing rule, which adjusts spending gradually lo changes in the market V81iJe of the quoted securities and p0￿ed piopety funds. The actual rate of S￿ndIng for 2024 when Fneasured against a three year trasling average value was 2.25°fi12023.' 3.25'AI. Other income Income is received from a range of activities induding accommryjation. catering eonferences and other services rendered. Foreign Currèncy translation Transactions denominated in foreign currenaes are recorded at the rate of exchange ruling al thé date of the transactions. Monetary assets and liabilities denominated in fooign currencies are translated into sterling al year end rates or. where there are foward foreign exchange conlracls, at contract rates. Thè resLJlting exchange differences are dealt with in the determination of the comprehensive income and expenditure for the financ&al year. Fixed assets Land and buildings Fixed assets are slated at themed cost less accumulated dep￿lation and accumulated impaimient losses. Certain items of fixed assets, including the majority of our operational builéings. that had been revalued to fair value on or prior (0 1 Augijst 2014, the date of transition lo SORP. are measured on the basis of deemed cost, being the revalued amount al the date of that revaluation. These assets had useful economic lives ranging belween 5 to 150 years and are depreciated on a straight line basis. Where parts of a fixed Sssèt h8ve different useful live5. they are a¢counled for as separate item5 of fixed assets. Costs incurred in rdalion to land and buildings after initial purchase or constwction, and prior lo waluation. are apitalised to the extent that they inC￿Se the expected future benefits to thè College. Freehold land is not depreuated as it is considered tr) have an indefinite useful life. Additions lo Freehold Buildings, in thè form of capitalised refurblshment works or new buildings, are depreciated on a straight line basis over their expected useful lives of 50 years. Buildings under construction are valued at cost. b8sul on the value of archit￿. certificates and other direct costs incurred. They are not deprecialed until they are broughl into use. 19

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POUCIES FOR THE YEAR ENDED 30 JUNE 2024 Statement of Prtncipal A¢¢ounting Policwe5 (continued) xed assets (contirpued) The cost of additions to operational propety shown in the balan￿ sheet I￿lUdeS the e4)5t of land. Fumtture. fittings and equipment costing less than £3,000 per individuJ item or group of rè]8ied items is written off in the year of 8CqUlSition. Al olhw assets are c2pjlalised and depreoated over their expected usefvl lrfe as follows: Fumiture and fitbngs Computer equipment tor vehicles 10.0°A per annuF 25.0°A per annum 20.0% per annum Leased assets Costs in ￿SpeCt of operating leases are charged on a stratght4tne ba5È5 over the lease terTll. Any lease premiums or incentives arè sprea(5 over the minimum lease term. Heritage assets The College holds and Conse￿e5 a number of cdlectÉons. exhitryts. artefacts and other assets of historical, artisti¢ or s¢ienlrfic importan￿. Heritage assets acquired befo￿ 1 August 2014 have not been c2pilalised Sin￿ reliable estimates of cost or value are not available on a cost benefjt bags. artd also the volume of items and valuation isstjes mean that il is neither practical nor benefioal to identsfy and V￿￿e them. AcquisTlions Sir￿ 1 August 2014 8nd valued at over £1 Ok are capitalised and recognised in the Balar￿e Sht at the fA)St or, where the assets are donated, at valuation on receipt of these asts Whe￿ suth a cost or YalLtation is re8sonably obtainable. Heritage assets are not depreciated since thwr long economic lÉFe armfj high valLfe mean that any depreciation would not be material. Expenditure which is requi￿￿ to preserve or prevent fijrther deterioration of indimdual items withtn the herÈtage assets is recogni5ed in the Consolidaled Statement of Comprehensive Income #nd Expenditiire when it is Incu[￿d. The College5. management poEicy in FespEGt of its heritsge asset is summarised in note 9. Investments Fixed asset investments are Included in the balance sheet al fair Value, except for investments in subsidiary undertakings which are ststed in the College's balance sheet al ¢os¢ and elimin8led on consolidation. Inves4ments that 8re nol listed on a recogniserl stock exchange are carried at historitsl (xjst less any p￿VisIon for impaimient in 1heir valuelJnarket value. For the purposes of the group accounts disposals of all Interests in land {not used for operational eduoztional purposes) within the group are disclosed separatdy. In additioft. Interests in land {not used for operation81 Purposes) will be consolidated as investsnents. Land used for operth.onal purw5es will L>Jntinue to be recognised In fixed 2ssets. stocks Stocks are stated at the lower of (x)st and net realisable value after making pwsion for slow movtng and obsolete items. Dobtors Short temi debtors are measured at transaction price. less imwm)enL Cash and Cash Equlvalents Cash is represented by cash in hand and depostts with finanaal instilubons repayable without penalty on noti￿ of not more than 24 hours. Cash equtvalents are highly IiquFd investrnents that malure in no MO￿ than th￿e months from the date of a¢qLtisib"on and that are rearfity convert.ble to krthvn arnounts of cash wth insignific2nl risk of change in value. Credttors Short term creditors are meastjred at the tr8ns8cb.on prÈ 20

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 Stat¢ment of Principal Accounting Poli¢ies {continuedl Finan¢i41 Instruments The College has elected to adopt Sections 11 and 12 of FRS 102 In respect of the recognilion, measvremenl and disclosure of financial inslnJrrEnts. Finanual assets 2ThJ liabilities are recognised when the College beccYne5 Party Ic> the contr3clual prowsion of the instrument and they are cl8ssbfied according to the substance of the conlraGlual a￿angernents ente￿d into. A financial asset and a financial liatslity are offsÈtonly when there is a legally enforceable right lo sel off the recognised amounts and an intention either to settse on a net basis. or to realise the asset and settle the118bility simultaneously. Financlal assots 8asic financial assels indude trade and olher ￿ceiva￿es. cash and ￿$h equivalents and inve51menls in ¢ommercizl paper li.e. deposits and bonds). These asselg are inilially recognised at transaction pri￿ unless the arrangement constitutes 8 finanung transacti¢)n. where the transaction is measured at the present valuè of the future receipts discounted at a market rale of inte￿$1. Such assets S￿ subwuently carried al amortised cost using the effe¢b"ve interest rale methc*. Finanual assets are assessed for indicalors of imp8innènt at each ￿porting dale. If the￿ is objective ev7dence ol iFnpaimEnL an impaim)ent loss is rewnise(l in tre Consolidated Statemenl of Comprehensive Income and Expendiiure. For finanual 8ssels carried at amortised cost the impairment1055 IS the difference between the carrying amount of the asset 8nd the present valu8 01 the estimated fUttE￿ ¢8sh flows. discounted at the asset's original effects've interest rate. Other financial assets, induding investments in equity instruments, which are not subsidiaries or joint ventures, are initially measured at fair value which is typically Ihe transaGtion wi￿. These assèts are subsequendy carried al faii value and Ghanges in lair value at the repo￿"ng date are recognised tn the Consolidated Statemént of Comprehensive Incomè and Expenditure. Where the investment in equity instruments is not pubiidy traded and where the fair value nol be reliably measured, the assets are measured at cosl less impairmenl. Investm2nts in property or oth81 physical assets do not constitute a financial instrumenl and are not included_ Fin8n¢i81 assets are de-recognised when the contractual rights to the cash flows from the asset expire or are setued or substantially all of the risks and rewards of ownership are transferred to another paty. Financial Uabilitles Basic financial liabilibes inCl￿e trade and otherpayables, bank loans and inlergroup loans. These liabilities are Initially recognised 8t transaclion pri￿ unless Ihe arrangement consb"tutes a finanang transaction, Whe￿ the debt instnjmenl is rneasu￿d at the present value of the fulure payments diSCOLtnled al a market rale of interest. Debl instrL¢ments are SLJbsequenUy carried al amortised cosl using the effective interesl rate method. Fees paid on the establishment of loan fwilities are recognised as transaction costs of the loan to the exlenl that It is probable thai some or all of the faeility will be drawn down. Trade payables are obligations lo pay forgoods orsenrices that have been acquired in ihe ordinary course of business from suppliers. Accounts payable are da55ffied a5 Gurrent Itabilities if payment is due within one year or less. If not, they are presented 85 ￿On-Cur￿nÉ liabiliiies. TiadÈ p8yables are recognised inib.ally al transacbon price and subsequently measured al amortÈsed CDSt using the eyective inleresl rate method. Dertvatt'ves, including forward foreign exchange contracts. a￿ nol basic finanaal instrumènts. Derivaiives are initially recognised al faiT value the date the deriwab.ve contract is entered into ar¢d are 5uk>sequently re-measured al their fair value al the reporbng date. Changes in the fair value of derivatives are fecognised in the Consolidated Slalement of Comprehensive Income and Expenditure in finan￿ costs or finance income as Bppropri8te, unless they are included in 8 hedging arrangement. 21

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POUCIES FOR THE YEAR ENDED 30 JUNE 2024 Statement of Prin¢lpal A￿OuntIng Policies (conlinued) Financial Liabilities {continued} To the extent that the College enters into forwaril foreign exchange conffa¢ts whith remain unsettfed at the repo￿n9 date the fair value of the contracts is reviewed at that date. The initial fair Ydlue is MeaSu￿d 8$ the transaction price on the date of in￿ption of the contracts. Subsequent Valuations a￿ cowdered on the basis of the forward rates for those unsetued wrEtracts al the repyjrbng date. The College does notapply3ny hedge acxounting in respect of foNard foreign exchange contracts held to manage cash flow exposures of foreG851 trJn58ctions denominated in fo￿l9n currencÈes. Finanu81 liabilities are d￿eCOgniSed when the liabilty Ès (fi$d￿[ged. (zncelled. or expires. Provisions Provisions are recognised wheft the College has a p￿ent legal or construclive obligation as a result of a past event, it is probable that a transfer ol economic benefits will be ￿Ul[8d to ￿ttle the obligation and a reliable estimate r2n be made of the amount of the obligation. Contingent liabilities and assèts A contingent liabilty arises from a past evenl Ihat gwes the College a possible obligation whose existen￿ will only be confimed by the occurrence or otheThwse of Ur￿rtain fu￿re events. not wholly within the control of the College. Contingent liabilities also arise in or¢umstsn¢e5 where a proMsK)n would otherwse be made but either it is not probable that an outnow of resour￿ will be required or the amount of the obli98tion (3nrtot be me8sured reliably. A contingent asset arises where an event has taken pFace that gives the COl￿e a wsSi￿e asset whose existence will only be Gonfirmed by the Occurren￿ OF othermse of u[￿ertain fuknre events not wholty within the control of the College. Contingent assets and liabilities are not recognised in the balance sheet but are disdosed in the notes. Taxation The College is a registered tharity (number 11374571. tt is therefore a thanty within the meanÈng of Paragraph 1 of Schedulè 6 to the Finance Act 2010 and accordingly, the Cdlege is potentially exempl from taxab.on in respect of income or ¢apit81 gaÈns received within categortes covered by section 478488 ofthe Corporation Tax Act 2010 ICTA 20101 or sectr.on 256 of trje Taxation of ChargeabEe Gains Act 1992. to1he extentlhat SLtch income or gains are applied exclusively to charitable purposes. The College's subs¢diaries are liable to CorFX)ration Tax in the same way as any other commeru81 organis8ti0n. The College receives no similar exemption in respect of Value Added Tax. Corrtribution urtder Statute G. 11 The College is liable to be assessed for Cofttn"bution under the pThIsior￿ of Stalute G,11 of the University of Cambridge. Contribution is used lo fund grants to cdl&Jes from the Colleges Fund. The liability for the year is a5 edvised to Ihe College by the University based on an assessable amount derived from the value of the College's assets as al the end of the previous finanrAal year.

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 Ststement of PrFn¢ip81 Aecountlng PolicÈes (continued) Pènsion costs Universities Superannuation Schem¢ (USSI The COll￿e participates In the Universities Superannuaiion Scheme (the scheme). Throughout the current and preceding pertods. the scheme was a defined benefit or¢ty pension scheme until 31 March 2017 whieh was contractèd out ol the State Second PensKin {S2PI. The assets of the %heme are held in 8 separate trustee-administered fund. Because of the mutual nature of the scheme. the scherne's a55ets are not hypolhecaled to individual institutions and a scbeme-wide ¢ontribubon rale is set The institution is therefore exposed to actuarial risks associated with other institutions, employees and is unable to identify its share of the undertying assets and liabilities of the scheme on g cons5$1Ènt and reasonable basis and therefore, as required by Section 28 of FRS 102 °Employee benefits.. accounts for the scheme as if it were a defined contributs'on 5d)eme_ As a result, the amount Charged lo the Consolidated s￿teMent ol Comprehensive Income and Expenditure rèpresents the CDntribub"ons payable io the scheme in respect of the accounbng peri(￿. Since the ill5ti1utFgn has entered into an agreemenE {the Recovery Plan that determines how each ernployer within IhÈ scheme will ftjnd the overall eeficitl, the institubon recognises a liability foi kne contributions payable that arise from the agreement to the extent that Ehey rèlate to thè dèficit and the resulting expense in the Consolidated Statement of Comprehensive Income arKI Expenditure. FRS 1Q2 makes the distinction between a Group Plan and a multimployer scheme. A Group Plan ￿nSistS of collection of enlib.es under common control typically wilh a sponsoring employer. A mullimployer scheme is a scheme for entities not under Common contfol and represents ltypicallyl an induslry-wide ￿herne such as that provided by USS. The accounting for a multiemployer scheme Whe￿ the èmtloyer has entered into an agreement with the scheme that detemiines how the employer will tur￿ a defi¢it ￿$VEts in the recognition ot a liability for the contributions payable that arise from the agreement Ilo the extenl that they relate to the deficit) and the resulting expense is recognised in profil or Ioss. The directors a￿ salisfied Ihat the scheme provided by USS meets the definition of a mLsltiemployer scheme and has therefore reGognised the discounted fair value of the contractual contributions under the fvnding plan in existen￿ al the date of appr07ng the financial stalemenls. Cambridge Colleges Federated Ponsion Schème ICCFPS} The College participates in the Cambridge Colleges Federated Pension Scheme, a defined benefit scheffle. Pension osls are assessed in accordance with the adwce of the actuary, based on the latest 8¢lu8ri81 valuation of the Scheme and are accounteol for on the ba￿S of pr07ding pension5 over the period durin9 which thè College benefits from the employees, seNces. Other pension $¢hemo$ The Collegé also opèrates a dèfined contribution pension scheme for employees. The assets of the scheme are held separately Irom Iht)se of the College. The annual contributions payable are charged to the Consolidated Slalemenl of comprehen￿Ve Income and EXpendi￿re. CritÉcal #ccovnting estim8t¥s and areas of judgement EslimatÈS and judgements arè continually evaluated and are based on historical experience and other factor5, including expectations of future events that are believed lo be reasonable under the ¢ircumstsnces. In ord&r to ¢alcul8te the dis¢ounted pension liability, the College makes estimales and assumptions con￿MIng the future. The resulbng accounting estin7aEes and assumptsons wll, by definition, seldom equal the related actual results. The eslimales and assumplions thal have a signrficant risk of causing a material adjuslmenl to the carrying 8mounls of assets and liabilities within the next financial year are discussed below. 23

PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2024 Pension costs (continued) Critical accounting estimates and areas of jud9emerrt (continued) The present value of the CCFPS defined benefit liability depends on a number of factors that are detemiined on an actuarial basis using a v8rietyof assumptions. The assumptions used in detemiining the netcost{incomel for pensions indude the discount rate. Any changes in these assumptior¢s, whÉch a￿ disdosed in Th)te 23, will impact the carrying amount of the pension liability. FRS 102 makes the distin¢b"on between a group plan and 2 multimployer scheme. A group plan consists of a ¢olle¢bon of entities under ￿Mmon corktrol typically wth a st¥)nsoring employer. A multi-employer scheme is a s¢hem¢ for entities not under common ¢ontrol and represents Itypi(31ty) an Èndusty-wde sckneme such as Universities Superannuation Scheme. The accounting for a muIts"M￿oYer sthemè where the employer has ent￿d into an agreement the scheme that delerniines how the employer will fund a defioL resurts ITr the recognition of a liability forthe contrtbutions pay8ble that #rise from the agreement (lo the extent1halthey relate to the deficit) with the resulting expense charged through the profft or loss account in awrdan¢e with section 28 of FRS 102. Employmerrt benefits Short term employment benefits such as salaries and compensated absences a￿ ￿¢09ft1$ed as an expense in the year in which the employees render Servi￿ to Ihe College. Any unused benefits are accrued and measured as the addition818munt the College expects to pay as a of the unused entilemenL Legacy accounting For legacies. entiljement is tsken as Ihe eadierof the dats of wlu.th etther. the College is aware that probate has bee granted, the estate has t)een finalised and notfi(8tion ha5 been made by the executorls) to the Collège that 8 distribution wll be made, or when a distribution is recetved Itom the e51ate. Receipt of a legacy. in whole or Én part 5$ only wnsider¢d p￿babIe when Ihe amount can be measured ￿liablY and the College has been notEfied of the executorfs intention to Ma￿ a distribution. Where legactes have been nob.fied to the College. or the College is aware of the granting of probate. and the Criteria for inCOFne recognition have not been met, then the legacy is treated as 8 contingent asset and disdosed if rnalerial. Reserves Reserves a￿ allo￿ted between restritrted and unrestrtcted reserves. ErKlowment reserves indvde balaTr(￿ which, in respect of endowment to the College. are held as permanentfunds. which the College must hold to perpetuity. Restricted reserves indude balan￿S in respect of whth Ihe donor has designated a specific purpose ar￿ therefore the College is resth"¢ted in the use of these lunds. 24

a> rj) Cy O (O OCOr ro ort ) r 0 C> Cilts WO￿￿ OZ

PETERHOUSE STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 JUNE 2024 Consolidated IncoffE and expenditure reserve UnrBStricted Rtrstricled Endowmnt £'ooo £'ooo £'ooo Total £'ooo Balance at 1 July2022 Surplus from incom& ar￿ expenditurè statement Other CoMp￿henSlve inc4)me Balan¢8 at 30 June 2023 331.870 6.875 16,548 355393 114.5141 9.126 123 {14.1071 9,126 350,312 326,482 7,159 16,671 Consolidated Income and expenditure reseNe Unrestricted Restricted Endowrrent £'ooo £'ooo £'ooo Total £'ooo Balan￿ * 1 July 2023 Surt)lus from income and ¢XpendItiJ￿ Stat￿)ent other CoMp￿hen$1¥￿ iN¢ome Balance at 30 June 2024 326.482 7,159 16,671 350,312 6.757 465 3,589 10,811 143 143 333,382 7.624 20.260 361,266 The notes on pages 29 to 48 fotm part ofthese accounts.

PETERHOUSE CONSOLIDATED AND COLLEGE BALANCE SHEET AS AT30 JUNE 2024 2024 Consolldated £'ooo 2024 College £'ooo 2023 gnsolldated £'ooo 2023 College £'ooo Notè Non-current Assets Fixed assets Investments 121.157 261.323 382A80 121.157 26J,948 382.105 120,021 253.534 373.555 120,021 253.113 373,134 10 Current assets Stocks Trade and other re￿1VableS Cash and cash equivalents 456 6.411 2,446 9,313 454 3.284 12 13 5,981 7.264 10,552 9.505 8,663 Credltors.. amounts f•lllng due wlthin one year 14 {3,5291 13.4051 15.253} 13,4141 Net curr8nt assets 5.976 5,908 5,299 S,249 Total Assets lèss liablllties current 388,456 388,013 378.854 378,383 CTedltors-. amounts tslllng due aftèr more than one yEar 15 125,887) {25.8871 125,8871 125.8871 Provisions PensK)n provisKDs 16 11,3031 {1,3031 12,6551 12,6551 Totsl net a5S•ts 361.266 360,823 350.312 349,841 Restrlthd r8serYe$ Income and expenditu￿ reseNe- endowment reserve Income and expenditurè reserve- restricted reserve Totsl R•strlcted r¢$er 17 20,260 202e 16.671 16,671 18 7.624 27,884 7,624 27,884 7,159 23.830 23,830 Unrestrict•d Reserygs In￿Me and expènditure reserve- unrestricled 333,382 332.939 326,482 326.011 Total Reserves 361.266 360.823 350,312 349,841 The accompanying notes on pages 29 to 48 are an integral part of this balance sheet. The financial statements we approved by the Governing Body on I(*l￿tand signed on their behalf by.. r(APth- Professor M.A Parf(er Mr l.N.M. Wright Senior Bursar Master 27

PETERHOUSE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 rooo 2023 £'ooo Net ￿sh oufflow from operating actiwbes 19 (7,074} {1.9601 Cash lows from invesfr.ng ac*Mtes 20 3.201 13,6431 Cash flows from firtanorKJ a¢bwtses 21 (1.156) {1,1621 Decrease in cash and Gash equivalents in the 15.0291 (6.7651 Cash and cath SqU￿lents at beginnir@ ofthe year 8.1[ 14,871 Cash and cash oquivalents at end of the 3.OTI 8,106 The notes on pages 29 to 48 fonn part of Ihese accounts. 28

PETERHOUSE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Academic fees and Charges 2024 £'ooo 2023 £'ooo College Fees Fee income reeei¥tsd al the Regulated Undergraduate rate Fee income received al the Unwulated Undergraduate rate Fee inGorlle re￿iVed al the Graduate rale Other income 979 794 678 279 973 714 589 293 2,730 2,569 InGomè from accommodatson. catering and conferences 2024 £'ooo 2023 £'ooo Accommodation College members confe￿nCeS College Members Conferences 2.378 428 399 499 2.303 306 385 323 Catering Total 3,704 3,317 Total return and investment income 3a. Analysis 2024 £'ooo 2023 £'ooo Income from: Land and buildings Quoied Pooled Property Funds Ouoled securities Other interest receivable 5,024 218 1,833 518 4,808 218 1.623 491 Total 7,593 7,140 Total èndowmant retum appliod to incom Land and buildings Quoted Pooled Property Funds Quoted securibes Other interest receivable Less excess of total relum over income received 635 5,024 195 1,398 518 (1771 572 4,808 192 1.236 491 11591 Total 7,593 7,140

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 3b. Summary of total return 2024 rooo 2023 £'ooo Income from: Quoted Pooled Property Funds Quoted Securities 26 387 413 435 Gainslllosse51 on investsnent assets: Quoted Securttse5 and Pool￿ Propety Funds 1.200 Investment management costs {221 1211 Total return for year 1,636 676 Total retum transferred to income and expenditure reserve {see note 17) {6351 (5721 Unapplied total retum for ytsr included within Statsment of Comprehensive Income and Expenditure (see note 17) 1.C(11 104 3c. Investment management costs 2024 £'ooo 2023 rooo Land and buildings Quoted securities- equities 195 131 Total 295 225 Education expenditure 2024 £'ooo 2023 £'ooo Teaching Tutorial Admissions Research Scholarships and awards Other educational faolities 2.258 986 729 1.144 1,014 939 2,082 888 631 1,182 935 866 Total 7.070 6,584 Accommodation, catering and conferences ex￿nditUre 2024 £'ooo 2023 £'ooo Accommodation College members Conferences {l￿[UdEn9 meeting rooms) College Members and staff cOnferen￿S 3,891 399 1.636 493 3,650 281 1.797 312 Catering Totsi 6,419 6,04D

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Oiher Expendtturg 2024 £'ooo 2023 £'ooo Loan interest USS pension interest charge FRS 102 pension schemes inleresl charge Investment management leet and administration Propety m8nagement fees arKI administration Other property costs Other general and administratFve 7.1 1,162 46 68 94 131 646 496 25 100 195 659 531 Sublot85 Contribution under Statute G.11 2,746 197 2,643 201 Total 2,g43 2,844 7a. Analysis of 202312024 expendtture by acllvlty Other Operating ExpÈfisès £'ooo Stsff ¢osts (Note 8) £'ooo 2024 Total £'ooo D•pr•ciation £'ooo Education Accommodallon, catering and conferences Other Net change in USS deficit r￿ery prowsion {see note 16) 3,173 2,737 302 3,196 1.912 2,641 701 1,770 7,070 6,419 2,943 11,1231 11,1231 Tolal 5.089 7,749 2,471 15.309 7b. Analysis of 202212023 expenditure by adtvity Oth•r Operating Expenses £'ooo Staff costs (Note 81 £'ooo 2023 Total £'ooo Depreciation £'ooo Educabon Accommodation, catering and Confe￿nceS Other Net change in USS deficAt recovery prov4sion (see note 161 3.000 2,560 309 2,816 1,516 2,535 768 1.964 6,040 1201 1201 Total 5,849 6,867 2,732 15,448 Other expenditure inclucles fundraising costs of £186k12023: £139kl. This expenditure does not indudè thè costs of alumni relations. 7¢. Audltors remunèr8titin Other operating expenses indude.. 2024 £'ooo 2023 £'ODO Audit fees payable lo the Cdlege s extemal aLKlitors Other fees payablè to the College's external auditors 22 25 Total 22 25 31

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Stsff and external teaching costs College Fèllows 2024 £'ooo A￿deMiC 2024 £000 Non Academic 2024 £'ooo Total 2024 £'ooo Staff and extemal tea¢hÉng ￿$ts. Emoluments Extemal teaching costs Soaal Security costs 3.662 4.995 239 469 239 137 332 Subtotsl 1,470 239 3.￿4 5,703 Other pension costs Net ¢hange in USS defiut recovery promsion Isee note 16) 221 331 552 (1,166) {1,1661 Subtotal of pension costs (see note 8bl (945) 331 {6141 Total 525 239 4.325 5,089 College Fellows inclthle Academic Emduments1£1.088k}, Soaal Security costs {£107k). Oiher pension costs1£184kl. Based on the 2024 valL¢ation of the UnNersÉtses SLwerdnnualion Stheme {USSI, the imp8¢t of the net Change in the USS deficil recovery provision Ès a credtt of £1,166k12023.. £105kl. This wmprises a non43sh credit resulting from the change in assumptions. inclLKliftg the discount rate. of £1.123k12023: £20k)and G4sh contributions made to reduce the deficit rn the year of £43k {2023.' £84k}. College Fellows 2023 £'ooo A¢ademl¢ Non A¢ademk 2023 2023 £'ooo £'ooo Total 2023 £'ooo Staff artd extemal leaching costs: Emoluments Extemal teaching ￿$ts Social Security costs 1.329 4,672 224 224 141 308 Subtotal 1.470 224 3,651 5,345 Other pension costs Net change in USS defiot recovery promsion 253 1105) 356 609 11051 Subtotal of pension costs (see note 8b) 356 504 Tol81 1.618 224 4.IX)7 5,849 College Fellows indudèA(*demi¢ EmoEuments (£1.066k). Social Securitycosts{£108kl. Other pension costs1£115kl. Average number of slatr. Academic {Full-timel Academic {Part-time) Non-academic {Full-time) Non-academic (Part-time) 2024 17 2023 19 65 71 73 Total 205 205 The Goveming Body comprÉsed 37 Fellows. of which 34 are stipendiary. 32

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Staff and external teaching costs Icontinued) The number of olficers and empl¢)yees ol the College. including Head of House. who ￿￿]Ved remuneration in the followng ranges w85- 2024 2023 Number Fnim To Numbèr £100.001 £110.000 £110.001 £120.OC(I £120.001 £130.000 £130,001 £140.000 Remuneration includes $818ry. employerfs n#tion81 insurance contributions, emrloyef s pensFon contributions Jus any table benefits either paid. payable or prowded. gross of any salary Sacrifi￿ arran9emen(s. 8a. Key Managemerrt Personnel Kay management personnel are those persons having authority aThJ responslbility for p18nning, directing and controlling the a¢tiwb"e5 Of the College. During the year Ihere were 312023.. 31 members of thè key m8n3gement team and total remuneration (including employe¢s pensions and emptoyerfs national Insuran￿ contributions) and other benefi15 were £361,00012023.' £384,0￿). The Trustees received rto remuneration in thar capacity a5 T¥ustees of the Charity. 8b. Pènsion costs The total pension cost included in staff costs for the year {see note 81 was.. Employèr contributions 2024 £000 Pr¢vlsions {Note 161 2024 £000 Total Employgr contributions 2023 £000 Provisions (Note 16) 2023 £000 Total 2024 £000 2023 £000 uss CCFPS Other 218 138 153 {1.1231 (9051 138 153 209 176 139 1201 189 176 139 Total 509 1,123 6141 524 20 504

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Fixed assets Land and buildings £'ooo 2024 Totsl £'ooo 2023 Totsl £'ooo Group and College Equipment £'ooo Cosuvaluation At beginning of year Additions 136.334 3.405 3.315 2Lf2 139,649 3,607 136.725 2.924 At end of year 139.739 3.517 143,256 139,649 AccumLÉlated depreciation At beginning of year Charge for the year 18,0￿2 2,264 19.628 2,471 16,896 2,732 207 At end of year 20.346 1.753 22.099 19,628 Nèt tx)ok value At30 June 2024 119.393 1.764 121,157 120,021 At 1 July 2023 118.252 1.769 120,021 119.829 The insured value of freehold land and builrfings as at 30 June 2024 was £171m121Y23.. £159tn). The College has not rrtade any heritage asset acquistlÈons l August 2014 and, therefo￿, has not included any heritage assets in the Balan1￿ Sheet Operational assets are those that the College uses in the course of meeting its charitable purposes ofeducation. religion, leaming. and researth. OrKe an asset has been dassified as an operational asset it is not reclassrfjed as a heritsge asset.

PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 10. Investments Group 2024 £'ooo 253,534 4.885 14,1001 7.716 17121 College 2024 £'ooo 253,113 4.885 14,100) 7,762 1712) Group 2023 £'oDo 262,062 45,027 128,2551 113,3201 111,980} College 2023 £'ooo 261,620 45,027 128,2551 113.2991 111,9801 Al b￿inning of year Additions Disposals G8inll10551 on irweslments Decrease in cash balances held al fund managers Al end of year 261,323 26D,948 253,534 253,113 Group 2024 £'ooo 179.550 3.519 75,405 2.657 College 2024 £'ooo 178.715 3,519 75,405 2,657 460 192 Group 2023 £'ooo 175,095 3,763 69,579 4,147 Colleg• 2023 £'ooo 174.260 3.763 69.S79 4.147 460 904 Represented by.. Property Pooled Property Funds Quoted secuftty"es- securities Loans and fixed interest securities Investment in subsidiary undertakings Cssh in hand 8f4d at investment mangers Other investments 192 904 46 253,534 261.323 260.948 253,113 Investment assets and endowmerEt 858ets are managed as a single pcK)] and are both included within the note above. Th8 invÈstrnÈnt in ￿b￿dianeS represents 1(KJ% of the issued Sha￿ catmtal of PetertK)u% Enterprises Limited I'PEL"). and Peterhouse conferen￿ and Events Limrted l-PCEL"I. All companies a￿ wiste￿d in the United Kingdom. PEL develops property and holds property for ￿nts1. Any lax8ble revènue surplus is paid, under the Gfft Aid scheme, to Ihe College. At 30 June 2024 the cornpany had share catxtal arml reservE5 tDtalling £409.94512023'. £475,1281 and the 110￿11 profit after tax (but before deed of covenant) forthe yearthen ended was £-16.09012023.- £8,911,4711. PCEL runs conference and ev&ntsf￿ililIÈ$. Any taxable s$j￿￿S ispaid. underth8 GiftAid scheme, tothe College. At30 June 2023 thè company had share capital and reserves lotslling £112023.. £11 ar￿ the profft aftertax (but before deed of covenantl for th8 year tt*n ended was £48,4￿12O23- £44,177). The Group has an investment trrough Manor Farn Stretham LLP in a ￿sidential housing development in Cambridgeshir8. PEL holds 8n investrnent at cost of £Nil12023.. £46kl in the LLP. Manor Farm Stretham LLP had borrowèd on Commèrcial terms £2.657k at 30 Jun8 202412023: £4,147kl from the Cotlege. The Group has an invesbment in a prop8rty G3lied Fomharn Busine&% Court and this is parbally funded by a loan frc>m a third party (see note 15.. Other108rtsl. 35

PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 11. Stocks and work in progress Group 2024 £'ooo Collegè 2024 £'ooo Group 2023 £'ooo College 2023 £'ooo Other sto¢ks 454 12. Trade and other receivables Group 2024 £'ooo College 2024 £'ooo Group 2023 £'ooo College 2023 £'ooo Members of the College Amount due frum subsidiary undertaking Other receivables Prepayments and accrued income 134 471 1,295 4.511 107 107 494 1,109 1,574 1.336 4,511 1.143 Total 5,981 6.411 2,834 3,284 13. Cash and cash eqU[￿dIeTrts Group 2024 £'o¢)o College 2024 rooo Group 2023 £'Doo College 2023 £'ooo Bank deposits Current accounts 2.986 82 2.3TT 69 7.015 249 4,689 236 Total 3.068 7,264 4,925 14. Creditors: amounts falling due within one year Group 2024 rooo College 2024 £'ooo Group 2023 £.(￿0 College 2023 £'ooo Bank overdraft Members of the College Amounts due to subsidiary undertakings University fees Contribution to Colleges Fund Other Credi￿$ (e.g. VAT) Accnjals and def￿red income 183 323 183 323 62 194 62 194 81 197 1,859 81 197 1,783 838 321 201 3,825 650 321 201 1.998 638 Total 3,529 3.405 5,253 3,414

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Credltors: amoutrts falling due after more than tsne y8ar Group 2024 £'ooo Colleg• 2024 £'ooo Group 2023 £'ooo Collegè 2023 £'ooo Bank loans Olhei loans 24,000 1,887 24,000 1,887 24,000 1,887 24,000 1,887 25.887 25,887 25.887 25,887 Included within creditors due in more than one year are the following loan5 arKI faTh15ties' £8 million due for repayment by 2710212031. The loan bears fixed interest rates of 4.3450% on £1 million, 4.4150/0 on £2 million and 4.575°1o on £5 million. £16 million due for ￿paYment by 1211112057. The loan bears fixed interest rates of 4.97D°A on £8 million and 5.0050 on £8 million. 16. Pénsion Pro￿510￿$ Group 2024 £'ooo College 2024 £'ooo Group 2023 £'ooo College 2023 £'ooo Balance at beginning of year 2.655 2,655 2,962 2,962 Movement in year= Current semce CDSt including lrfe assurance Contributions Other finance cost Actuarial lossllg3inl re¢ognised in ConsdKlated Slalemenl of Comprehensive Income ané Expendilu Net change in underfying assumptions (see note 81 - Change in unéerfying assumptions USS deficAI conlribub.ons payable 356 (5041 105 356 15041 105 385 14881 114 385 14881 114 {143} (1431 12131 12131 (1.1231 1431 11.1231 1431 1201 1851 1201 1851 Balance at end of year 1,303 1,303 2,655 2,655 Splii 8$ follows.. CCFPS Ponsion Provislons Group 2024 £'ooo College 2024 £'ooo Group 2023 £'ooo College 2023 £'ooo Balance at beginning of year 1.514 1,514 1,762 1,762 m0￿M•nt in year: Current service cost including life assurar Contributions Othei fin8nGe cost Actuarial lossllgain) recognised Èn Consolidated Statement of Comprehensive Income and Expènditure 138 1286} 138 (286) 176 12791 68 176 12791 (1431 11431 12131 12131 Balance at end of year 1,303 1,303 1,514 1,514 37

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 16. Pension Provisions (continued) uss Pension Provisions Group 2024 £'ooo College 2024 rooo Group 2023 £'ooo College 2023 £'ooo Balance at beginning of year 1,141 1.141 1,200 1,200 Movement In year Current service cost inctuding lrfe assurance Contributions Other finance cost Net change in undedyirtg assumptions {see note 81 - Change in underlwng assurnptions USS deficit cor¢tributions payable 218 (218) 25 218 (2181 25 209 {209) 209 (209) 46 (1,123) {43) (1.123) 143) {201 (851 120} 185} Balance at end of year 1,141 1,141 17. Endowment funds Restricted net assets relating to endowments are as fotlows: Restricted Restricted Pernianent Pernianent Pennanent Perrnanent Endowments Endowments Endowments Endowments 2024 2024 2024 2023 Base Value Unapplied Total Total retum £'ooo £'ooo £'ooo £'ooo Group and College Balance at beginning of year 16.266 16,671 16,548 Increasel(decrease) in market value of investments Investment incorne Management charges Endowment return transferred to oth unspent restricted income New donations and endowments 1,200 458 {22) 1.200 458 1221 413 {211 (635) (6351 2,588 {572) Movement in Year 1,IX)1 3,589 123 Balance at end of the year 18.854 1.406 20,2eK) 16.671

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 17. Endowment funds {continued) Restrithd Restricted Restricted Restrldfjd Pennanent Pemianent Pemianent Permanent Endowments Endowments Endowments Endowments 2024 2024 2024 2023 Base Value UnapplSed Total Total return £'ooo rooo £'ooo £'ooo Analysis by type of purpose: Research, sludenlship, schdarship funds Student hardship Prizes Travel grarnls Library fund Garden fund Kelvin fund 15.473 2,359 454 333 75 145 15 1,120 201 37 16,593 2,560 491 362 81 157 16 13,269 2,388 442 342 71 144 15 12 18,854 1.406 20,260 16,671 Analysis by asset.. Inveslments Trade and other receivables 16.354 2.500 17,760 2,500 16,671 18.854 1,406 20,260 16.671 18. Restricted R¢sèrv•s Reserves with reslriclions fc* the currenl year are as fdlows (full comparatives follow on the next page).. Group and College Permanent and othar unspent strlcted income £'ooo Restrict expondabl• endowmont £'ooo 2024 Total £'ooo 2023 Total £'ooo Balan￿ at ￿gInnIng of year 411 6,748 7,159 6,875 Application of total retum on Endowment retum transferred Transfer of Income lncrease1ldeG￿asel in market valtje of investments Investment income Management tharges New grants and other income New donations Expenditu 635 (6021 635 572 68 25 12) 69 732 {1,062} 68 25 121 69 732 11,0621 22 98 636 11,0581 Movemènt In the yèar 33 465 284 Balance at ènd of year 7.180 7.e24 7,159

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 18. Restricted Reserves {continued) Analysls of other restricted fundsl donations by type of purpose.. Pernianenl and other unspènt restricted income £'ooo Restricted expendable endowment £'ooo 2024 Totsl £'ooo 2023 Total £'ooo Music Vvorks of art Research. stUde￿tsh1p. scholarship funds Student hardship Boat dub fund Cricket club Prizes Peme library Travel gtarrts Library fund Garden Fund Chapel Lectures Kelwn Fund Buildings fund 72 213 175 1277 1,490 615 528 1,127 522 467 528 17 16 56 16 51 18 42 42 1.153 1.153 50 1,176 49 3.530 3,530 3,590 7.180 7.624 7,159 19. Reconciliation of consolidated surplus for the year to net ¢a5h outhow from op¢rating activities 2024 eooo 2023 £'ooo (Defscitysurplus for the year 10,811 (14,1071 Adjustment for non<ash items: Depreciation Lossllgainl on endowTnenls and Énveslments Decrease1{in￿8seI in stod( Ilncreaseydecrease in trade and other rewvabjes IDe¢rease)fincrease Én credito Pension costs less contributions payable 2.471 17.7161 121 {3.147) (1.845) (1.209) 2,732 13,320 {331 12001 2.400 1941 Adjustment for investing or financing activities: Investrnenl InGome Loan interest payable 17.5931 1,156 {7,1401 1,162 Net cash ouffiow trom operatlng a¢tivities 17,074) (1,960)

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 20. Cash flows from Investing actt¥iti•s 2024 £'ooo 2023 £'ooo Non<urrent investmènt disposal Investrnent income Endowment funds invested Payments to acquire tsngible f￿ed assets 4.100 7.593 {4,885) {3,607) 37,168 7,140 145,0271 {2,9241 Totsl cash flows from investing activities 3,201 13.6431 21. Cash flow$ from financÉng activtti•s 2024 £'ooo 2023 £'ooo Interest p8id (1,156) 11,1621 Net cash oL￿OW from finanang actimbes {1,1561 11,1621 22. Analysis of cash and ￿sh equivalents At beginning of year £'ooo Cash flows £'ooo At gnd of year £'ooo Bank overdraft {621 1121) {1831 Cash al bank end in hand Cash at investnent managers 7.264 904 {4.1%1 17121 3,068 192 Net Funds 8.106 IS,0291 3.077 23. Pension Schèmes The lolal pension cost for the College for the year to 30 June shown in notes 8 and 8b wa5 as follows.. 2024 £'ooo 2023 £'ooo USS.. Charged lo Consolidaled Slatement of Comprehensive Income and Expenditure CCFPS.. Charged lo Consolidated Siatemenl of Comprehensive Income and Expenditure CCGPS.. Defined Contribution Scheme Employer contributions Net change in USS defic4t recovery provision 218 138 153 {1,1231 209 176 139 120 16141 504 The schemes arè as IDIIows'. 41

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 23. Pension Schemes {continued) Universities Superannuatlon Scheme (USS) Deficit recovery contributions due wlhin one yearfor the inslitulion are £nil (prior year. £91k}. A deficit recovery plan was pul in pla￿ as part of the 2020 v8lu8tion, which required payment of 6.20/. of salaries over the period 1 April 2022 until 31 March 2024. 81 whith point the rate W<￿1￿ increase to 6.3°kn. As sel OLEI in Note 16, no deficit recovery plan was required under the 2023 WdluaEion becxuse the scheme was in surplus on a technical prowsions basis. The institution was no longer required to make defiat recovery contiibutions from 1 January 2024 and accordingly released the outstanding promsion to the Consolidated Statement of Comprehensive Income and Expenditure. The lalesl available complete acknarial waluation of the Retireff￿nt Income Builderis asat31 March 2023 (thè valuation datel, and was carried out U￿ng the projected unit rrlethod. sin￿ the irsstilution (znnot idenltty its share of USS Retirement Income Builder {defined benefit) assets and liabilities. the following rsisdosu￿S refiÈcl those relevant for those ¥￿ts and liabilities as a whoFe. The 2023 valL¢ation was the seventh valuation for the scheme under the scheme-spectfic funding regime introduced by the Pensions Act 2004. which requires sd)emes to have suffioent and appropriate assets to cover their technical promsions (the ststLrtory funding objectFvel. Al the waluats.on date. the value of the assets of the scheme was £73.1 billion and the valLEe of the scheme's techn¢cal prOM￿or$ was £65_7 billion indicating a surplLES of £7.4 billion and a fLmding ratio of 111%. The key finanaal assumptions used in the 2023 valuation 8re described below. More detwl is set out in the Stsiement of FundÈng Principles ILESs.co.uklabout4￿￿aEuatiorÈ-8nd-fuftdI￿Statemen1-of-[UndIn9-pnnop1eS}. CPI assumption Tem) depèndenl rates in line with the drfference betsveen the F￿ed Int￿$1 arjd Index ￿Trked yield 1.oyo p.a. to 2030. reduang linearfy by 0.1 Yo p.a. from Pension increases Isubie¢t to a ftoor of OOA) Beneffts wtlh no (ap: CPI assumption plu$ 3bps Benefits subject to a -soft cap. of SY. (providing ir¢ffationary ir￿seS up to 5%, and half of any eX￿sS infiab.on over 5Vo UP to a maximum of 109A}.' CPI 85StJmption minus 3bps Discount rate Iforwaré rale5) F￿ed interest gli t yield cxjrve plus: Pr&retirement'. 2.5°h p.a. Post retirement.. 0.￿ p.a. The main demographic assumptions used relate to the mortalrty assumptions. These assurnptions are based on anatysis of the scheme's experi￿￿ (3rried out as part of the 2023 actuarial valuation. The mortality assumptions used rn these figures are as follows-. 2023 valuation Mortality base table 101% of ¥2PMA lighf for males and 95% of S3PFA for females Future improvements lo mortality CMI 20215th a smoothing parameter of 7.5, an initial addilEon of 0.4Yo p.a., IOY(* w2020 and w2021 parameters, and a long-term improvement rale of 1.8°/o pa for mal&s and 1.6°A pa forfemales 42

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 23. Pgn$ion Schemes Icontinuedl The Cufrent lrfe exp&tancies on retirement at age 65 are: 2024 23.7 25.6 25.4 27.2 2023 24.0 25.6 26.0 27.4 Males cU￿entlY aged 65 (years) Female5 currenuy aged 65 lyears} Males currently ag￿ 45 (years) Females csjrrently aged 45 {yearsl Cambridge Colleges Federated Penslon S¢h•m8 {CCFPS) Th8 College operates a defined benefi15 plan for the College's employees of the Cambridge Colleges, Fèderated Pension Scheme. The liabililiÈs of the ptan have been calculated. at 30 June 2024. forthe purrx)ses of FRS102 using a valuation system designed for the Management Committee. acting as Tw51ee of the Cambridge Cdleges. Federated Pension Schemé, but allowing for the different assumptions requÈred Ljnder FRS102 and taking fully into consideration changes in the plan benefil slruclure aTHI membership since Ihat date. The principal actuarial assumplions at the balan¢e sheet datè were as follows.. 30 June 2024 % p.a. 5.10 2.85 3.75 3.35 2.35 30 Juno 2023 % p.a. 5.20 3.30 3.30 3.40- 2.80. 2.80" 3.30" 2.05" Discount rale Increase in salaries to 2030 Increase In $818ries from 2030 Retsil Prices Indèx IRPII assumption Consumer Prices Index ICPII assumption to 2030 Consumer Prices Ir￿eX ICPII assumption fro¥n 2030 Pension increases in payment IRPI max 5°/0 p.a.) Pension increases in payment (CPI max 2.5Q/D p.a.) For 1 year only, we have assumed that RPI will be 9% and CPI wll be 7%. The caps under the Rules are applied to assumed pension increases. 3.15 2.00 The undertying mortality assumption is based upon the stsndard table known as S3PA on 8 year of birth usage with CMI 2023 future improvement factors and a long-teym rale of futu￿ improvement of 1.25V/o per annum, 2 Standard smoothing laclor17.01 and no allOwar￿ for additional improvements (2023.. S3PA on a year of birth usage with CMI 2022 future improvernerrt factors and a long-tem) r8te of future improvement of 1.25°A per annum. a standard smoothing factor17.01 and no allowance for additional improvement5). Thi5 results in the following life expect8ncies'. Male agè 65 now has a lrfe expeCtar￿Y of 21.4 year5 (prewously 21.4 years). Female agè 65 now has a lile expectancy of 23.9 year5 Ipiemously 23.9 years). Male age 45 now and retiring in 20 years has a lrfe expectsncy of 22.6 years (p￿ViOuSlY 22.6 yearsl. Female age 45 now and retiring in 20 years has a life expectsncy of 25.3 years Ipremously 25.3 ye8rsl. Members are assumeil to retire at their nomial retirement age {651 apart from in the following indicated cases.. Malg Female Active Members- Opuon 1 Benefits Deferred Members- Option 1 Benefits 64 63 62 AIIow8nce has been made at retirement for non-relÈr&l members lo commute part of their pension for a lump sum on the basis ol the current COTnmutalion factors in these 131culaltons. 43

PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 23. Pension Schemes Icontinuedl The amounts recognised in the Balance Sheet as at 30 June 2024 {wilh comparative figures as at 30 June 2023) are as follows: 30 June 30 June 2024 2023 £'ooo £'ooo 111.601) 111,295) 10.299 9,781 Present value of plan liabilities Market Value of plan assets Net defined benefit liabilfrty 11,3021 {1,514) The amounts to be reco9nised in Income and Expenditijre for the year ending 30 Jur￿ 2024 (with ¢ompardtive figures f(Ir the year ending 30 June 20231 are as follows.. 30 June 2024 £'ooo 118 30 Junè 2023 £'ooo 156 20 68 Current se￿Ice cost Adminislrative expenses Inlerest on nel defined bene￿t liability 80 Total 218 244 Changes in the present value of the plan liabilibe5 forthe year ending 30 June 2024 (with eomparative figures for the year ending 30 Jurte 2023) are as follows: 30 June 2024 £'ooo 11,295 170 1428} 581 1151 30 Junè 2023 £'ooo Present value of plan liabilities at beginning of Currént se￿ice cost linduding Employee ¢ontn"bultons> Benefits paid Interest on plan liabilities Actuarial Igainsylosses 13,164 205 14281 496 {2.142) Present value of plan liabilities at end of period 11.603 11,295 Changes in the fair value of the plsn assets for the year ending 30 June 2024 {with comparative figures for the year ending 30 June 2023} are 8$ follows= 30 June 2024 £'ooo 30 June 2023 £'ooo 11.403 279 Market value of plan assets at beginning of period Contributions paid by thè College Employee contributions Benefits paid Administrative expertses paid Interest on plan assets Retum on assets. less interest induded in Income & ExtMMlttu 9,782 286 51 {4281 1251 501 133 {4281 {291 428 (1,9201 Market value of plan assets at end of period 10.300 9.782 Actual retum on ￿an assets 633 11,4921

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 23. Pension Schemes (continu¢d) The major Gategories of plan assets as a percentage of total plan assets for the year ending 30 June 2024 {wlth comparative figures for the year ending 30 June 2023} are as follows". 2024 2023 Equities Bonds and cash Prop 46°/. 42D/. 49/ The plan has no investments in property occupied by. assets used by or fin8nu81 instnjments issued by, the College. Analysis of the re-measLErement of the net defined benefit liability fecognised in Other Comprehensive IrKome IOGII for the year ending 30 June 2024 {with comparative figures lor the year ending 30 June 202318re as follows.. 2024 £'ooo 2023 £'ooo Return on assets, less interest induded in Income & Expenditure Expected less actual plan expenses Experience gains and1055es arisÈng on plan liabilities Changes In assumptions und¢rfwng the present value of plan liatslib'es 133 151 1421 57 {1,9201 191 19111 3.053 Remea$urèm¢nt of net defined benefrt liability recognised in OCI 143 213 Movetnenl in nel defined bènèfit assevlliatmlity) during the year ending 30 June 2024 Iwth comp8rative figures for the year ending 30 June 20231 are as follow5.. 2024 £'ooo 2023 £'ooo Nel defined benefrt liability al beginning of year Recogni5ed in Income ané Expenditure Contributions paid by the College Reme#SU￿Ment of net defined benefit liabilFty recognised in OCI 11,514} 1218) 286 143 11,7621 12441 279 213 Nèt defined benefit liability at end ot ye8r 11.3031 11,5141 Funding Poli¢y Actuarial valuations are carried out every Ihree years on behalf of the Management Committee, acting as the Trustee of the Scheme, by a qualified independent actuary. The actuarial assumpl(ons underfwng the actuarial valual'gn are different to those adopted under FRS102. The last such actuarial valuab'on was as at 31 Mareh 2023. This showed thal thè plan's asseis were insufficient to cover the liabilities the funding basis. A Recovery Plan has been agreed with the College. which commits the College to paying contributs'ons to fund the shorttall. These deficit reduction contributions were Sncorpor8led into the plan's latest Schedule of Contribution5 dated 3 June 2024 and are as follows.. Annual ¢onlribulions of not less than £91.513 per annum payable for Ihe period frorn 1 July 2024 10 31 Octobèr 2029. These payments are Subject to review foilowng the next funding valu8tion. due 8$ at 31 March 2026. Stakeholder Scheme The College also Qperates a delined contribuljon scheme under Ihe stakeholder njles for employees. The pension charge lor the year was £153k {2023'. £139kl. 45

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 24. Capital Cornmitments 2024 £'ooo 2023 £'ooo Cepitsl commitment at 30 Jur￿ are as follows: Authorised and contracted 829 265 25. Operating Leasès Operating Leases- Le$sor At 30 June the College had granted non-¢anrÉllable operating leases in respeGt of Èts freehold invesknent properties as follows.. 2024 £'ooo 2023 £'ooo Receiwdble wthin one year Receiwable betsveen bNo and five ye8rs R￿1vable in over five yeats 4,204 11,494 160,916 3,791 10,581 154,758 176,614 169,130 Operating Leases- Lessee At 30 June the College had annual commitments under non-cancellable vehide operatirg leases as follows: 2024 £'ooo 2023 £'ooo Payable within one year Payable between two and five years 12 14 10 22 26 32 26. Consolidated reconciliation and analysis of Tret debt At 1 July 2023 £'ooo Cash Flows rooo At30 June 2024 £￿00 Cash at invesbnent managers Cash and cash equivalents Borrowings- AM￿ntS falling due within one year: Bank overdr8ft Borrowings- Am¢xJnts f811iftg due after more than one w. Unsecured bank loans Unsecured other loans Net total debt {7121 (4,1961 192 3,068 7264 (62) 11211 11831 124.Otx)} {1,8871 (17,781} 124,000) 11,8871 (22,8101 {5,029) 46

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Related Party Transactlons No disc105ure of trdnsactions with Petethouse Enterprises Limited tr Peterhouse Conference and Events Limited has bèen made 8$ those fin8naal statements at 30 June 2024 have been con501id8ted within these accounts. Trustees are required to make disdosurÈ ol polèntt81 confiict5 of inleresl at all CoElege Committee meetings. A register of interests for all Trustees is mainlained by the C4)Ilege. During the year no fees or expenses were paid to Fellows in respect of their dut*s as Trustees. The Trustees are remunerated for spectfic College Offi￿ which have 8SSW8ted éulie5 of Teaching, Tutorial, Res8arch, and Administration. The Tnjstes remunerab.on is overseen by the Remuneration Comtnittee. This Committee consists of three irmlependent mambers. The salaries paid lo Trustees in the year are summarised in the tab￿ below= 2024 Number 2023 Number 10 From To £1 £10.000 £10,001 £20,000 £20,001 £30,000 £30.001 £40,000 £40.001 £50.000 £50,001 £60,000 £70,OC¥) £60,001 £70,001 £80,001 £90.001 £80,DOO £90,000 £1￿.000. Total 33 The total Trustee salaries were £975.000 for the year (2023: £984,(KKII. The Trustees were also paid other taxable benefi15 {induding employer ￿ntribu￿.0ns to pensions} which lotalled £199,00012023- £226,000) The Trustees also received grants from the College towards their ￿searCh tolalling £49,ODO12023.' £38.000}. Travel and other business expenses reimbursed by Trustees in their capacity as officers of the College totsllèd £21,00012023.. £12.000). The Trustees are entided to a dally meal at College exFense. No Iruslees had108ns with the College at thè year end_ Due to the n8turÈ of the College's operations and the ¢omw5ition ol its Goveming Body, il is inewtable that the College will enter into IransactiDns in the nomial Course of bU￿nesS wilh the University of Catrtbridge, Colleges, Research Councils, other grant-awarding tr￿leS. and other private and public sector organi$8tions in which members of the Governing Body may have an interest. All trans8¢b"ons involving organisab'ons in whi¢h mefnbers of GovÈming Body may have such an interest are Conducted in accordance with the College's f nancial regulations and usual procurement procedures, and where material are separately disclosed below. 47

PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 27. Related Party Transactions l¢ontinuèd) There arè 31 Colleges, each of which is an independent corporaknon th its own property and ir¢come. Each Cdlege publishes its finanaal statements in a forni speofied by the University of Cambridge. The College pays levie5 to supportthe activity ofthe Off¥ce of Intercollegiate IOIS). The OIS is ￿$[K￿n$Éble primarily forarranging support seNices to the 31 colleges of the Collwate UniversÈty Icambridge). The College acts as an agent for the collection of fees for the u￿Ver&1ty of Cambridge: or the year ended 30 June 2024 these fees total £6,891k12023: £6,346kl. During the year the Univerw paid Petertiouse from these fs sums tolalling £1,604k {2023: £1.518kl under ts temis of agreements belween the University and the Colleges to share fee income with the Colleges in a way that recognises the relative contrÈbub"ons of thè University and the Colleges. During the year Petethouse made a contrFbution under StstLrte G: 1101 £201k12D23.' £202k} into the Cdleges Fund. The Colleges Fund is administered by the Universtty of Cambridge on behaK ol the Colleges, who tttake al contribubuns to and re￿1ve all allocations from the FurKJ. Peterhou5e administers a Cambridge Bursary Scheme to support undergraduates finan￿alLy, the UnÈversty of Cambridge conlribuled £125k to this scheme12023: £112k}. In the course of its charitsble act"wties. Pelerhouse also p8yE the Univer&ty of CambrÈdge for pr¢ntirtg, rseiwork snd other services. In addition. Petert￿use periodically wovides cOnferenc￿lated induding accommodation, catering and other serwces lo the organisations and departments belonging lo Ihe Unwersity of Cambridge on stsndafd third party terms. 28. Contingent Liability Peterhouse has ente￿￿ into a collat4)rdtion agreement with a Cambridgeshire landowner in respect of land that both parbes are promoting jointty to look to rttarket and develop and the aJrangements in place, signed in 2011, do mean that equalisation payments will flow in 1Lrtu￿ as land is sold to ensure that both parties reali* the same value per acre.