PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2025 PETERHOUSE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Contents Page Referen￿ and Adminislralive Details Senior Offurs and Advisors Operating Review Financial Review 7-11 Corwale Govemance arKI Statement of Inlemal Contrd 12-13 Responsibiliti8s of the Goveming Bcxly 14 Report crf the Audf(ors 15-17 Statement of Principal AccountirwJ Pdicie5 18-24 Consolidated Statement of C(¥nprghensNe Incg)me and Expenditure 25 Stalaneni of Changes in Reserve5 26 Balance Sheet 27 Cash FI￿￿ Statement 28 Notes to th8 ACc￿nts PETERHOUSE REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2025 Address Pelerhouse TrUm￿ngtOn Street Cambridge CB2 1TP Charity Registration numbw. 1137457 Members of the Govwning Bc*Jy who s￿d during the Professor M.A. Parker (Master) Dr S.N. Solomou Professor P.C. Woodlar¥J Professor S.F. Deakin Professor S.E. Jackson Prolessor B.P. Simms Professor M.C. Jones Dr J.N.B. Carleton P Dr J.M.B. Wallace Mr S.H. Mandelbroie Dr A.J. Whrte essor P.A. Midgley Dr R.1. Ross Russell Dr M.J. Ryan The Revd Dr S.W.P. Hamp DrA. Zsak Dr C.G. Lester Mr l.N.M. Wright Dr J.P. Talbol Dr T.K. Dickens Professor R.J. Holton DrA. Haldar Professor J.E. Robb Dr S.J. Lunn-Rctkdrffe Dr G. Christie Professor T. LorvJ Professor NA.S. Zair Dr G.L. Thomas Dr L.S. Slater Dr T. Plesa Dr G. G￿8¢h Dr H. Porter Dr T. Rlitrnan Professor J.T. Rlchard$ Dr A. Mashayekhi Professor A.J. Thom Dr M. Gath-morad Dr D.D. Calhoun Dr A. Lerner Patron Dr A.J. Gra1￿er Professor S. Faulkner Mr E.A. Davies PETERHOUSE SENIOR OFFICERS AND ADVISORS FOR THE YEAR ENDED 30 JUNE 2025 Current Senior Administratlve Officer4 Master: Senior Tutor.. Senior Bursar. Pr(1Fes￿ff M.A. Parker The Revd Dr S.W.P. Hampt( Mr l.N.M. Wrtht Principal Logal Advis•rn Mills & Reeve Francis Hwse 112 Hills Road CambrKJge CB21PH Property Managers Bidwells LLP Trumpington Road Cambrid98 CB2 9LD Encore Group 2 Hills Road Cambridge CB2 1JP Investment Advlsornl Fund Custodlan Canacc£Jrd Asset Management Ltd 50 Sialion Road Cambridge C812JH AJ Bell Investcenlre 4 Exchange Quay Salford Quays ma￿heSter M5 3EE Audltors pri￿ Bailey LLP Chartered Accountants and Statuw Auditors Tennyson House Cambridge Business Park Cambridge CB4 OWZ BankerJ Barclays Bank PLC Cambridge Business Centre Cambridge C82 3PZ Tax Advlsor PEM Salisbury Hou Ststion Road Cambridge C812LA PETERHOUSE OPERATING REVIEW FOR THE YEAR ENDED 30 JUNE 2025 Introductron The commentary that fdlows intended to give the readws ￿ the fmanckn￿ $￿teM￿ts an ovayiew of 11 finances and operations of Peterhouse arKI tts subsidiaries. The College is preparing its finarrial statements in acccYdarKe with ReLommendwJ Cambrty Cdlege Accounts IRCCAI format which has aJoOed FRS 102. Scope of th• Flnanclal Stat•mènts The consolldated financial statements cover ￿ education, research and rdigious ￿INfLIeS of Pelerhouse and also its subsidiary &)mpanies. These subsidiaries urKlertake acb"vibes which for legal ￿ tt)mmercial reasons a￿ MO￿ appropriately camed out by limite(l ￿MpanIeS. The sub5KlrJy C(￿p￿leS are listed in note 10. About the Coll¢ge Petwhc*Jse is an autonom￿$, self%¥)vemirKJ ¢ommunty of s¢hoth arKI is the oklest of the 31 colleges within Ihe UnNersity of CambrMJge. Fomially Yhe Master {cY Keeper) and F￿k)￿ of peterh￿Se in Univwsty of ￿lYIdge.. Petertrmxjse is Charitab￿ corporath)n established by Letters Patent dat￿ 31 Mar¢h. 1284 and granted roydl assent by Charter of Klng Edward l on 28 May, 1285. The Coll&Je i8 a rw'stered charity {hk). 1137457). wth its prineipal address ai Trumpinglon Strerf Cambridge, CB2 1 RD. The College Is govemed in accc*dance *tth its Statutes, put11sh￿ In 1926 and vari(xJsly ameThtsJ from time lo time by Ordw of Her Majesty in Councll. The Statutes of Ihe University of Carnbridge and spe¢ffic I￿J1$Iat￿>n covering the University of Cambridge also aptdy lo the Cdlege. The Ststutes of the College lay d￿n Ihe cortstitution and arran￿￿ts for wvernarKe of the Cdlege. They describe, among other thing5, the membership an(i respM)nsibilities of the Governing Body," the electlon and duties of the Master,. the eleclion, admiSS￿n, tenure arKI removal of Fdlov+E.' and the appointment and dulth of Cdlege Officers. The Stalules we supplemented by orders for the Tegulath)n of the c￿￿ge,5 affairs. made by the Governing Body in accordance with the Statutes. The Visitor ￿ the Qllege is Ihe Bishop of Ely. Alms and o14•clfves of th• Coll•g• The "laudable design. of Huw de Balsham. as expressed in the Cdlege's fouThJing instruments, was "to introduce scfdars in the schcds. wh) a￿ to live togethtr and study in the UnNersity of CambrKlge," to dwell in the same Icollegel ever. and employ themselves ￿1th approwiate study, to the praise of Gcxy and the perpelual augmentat￿ of the same universty.. This fomis the basis fcff the Cdl¥'s statutory Ixirpose. namdy to a(fvartt e(lucatic(t, relKJion. leamirvJ and research through the ￿￿0vIsion of a Colleg8 in the UnNersty Cambrklg8. As part d a cc41egiate university. the kJnTrteffl) su(tess of the C(Alege. as a centre of tsJeM￿ and educational exCel￿nCe. i8 dependent UFXM th8 continuance of the Unlvwslty of Cambrldge's world-dass standing. PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 Publlc benefft The Cc4lege pursues its charitable objeLts (to advarKE ￿￿tion. rel¥ion. I￿Ing researGh) ftx the pul￿1¢ benefft through a wde variety of aebvities. indudirrfJ: admitting ul￿er￿￿￿aIeS from a diverse range of educaticmal. scKial arKI cultural ba*gr(NJnds f University cThJrses and admitting ￿aduate students from IIK6e accepted by Unwersrty., [￿VIding, in conjunction with the Universty. a ￿dd-ClaSS education for undergraduates, part￿lartY through College-based indiwdual or Small￿r￿p supervision and direction of studies.. Supporti￿ students financially and rewardiThJ ex¢%llence and aCh￿vernent thre￿h the provlsion of bursaries. schdarships, prizes and a range of grants. as wdl as assistsr¥J students in partkular fInar￿la1 hardship.. provlding pastLYal, administrative arKI academ￿ support for both urmjwgraduates and gaduate students through the Tutorial system and otw V•eKare mechanisms: provlding library. computing. cultural. musieal. sporting and sockql farylities to enabk8 Students to achieve ther full potential t#)Ih aCadeM￿llY and othe￿Tr9e" supporb'ng students arKI Fellows by providing accomm(Klation. tster1￿ aThJ (Aher seryices which also underpin the concept of a multi4Jisciplinary academic ccrfnmunity. promoting academic research of the highesl qualty through annual Compet￿On5 for election to Researth Fellowships and R￿earch Studertships. thr￿gh supp(*b'ng the research activities of both Fellows and graduate students, and *elcomirvJ academ￿ visitors olher institutions.. maintaining services in the Chapel regulady during Full T￿rn. promoting the acbvib.es of the Choir and fostering the spiritual welfare of Cdlege members irreSp￿tiVe of denomination ￿ fatlh.. preserving and enhanong the end(h¥m￿lS aThJ benefa¢lions. historic buildirKJs and grwn(Js of the Cdlege for the benefit of future gerterations", providiro access to ¢rf the c￿￿'S faciliti￿ and educational resources to Ctsnferen￿ gjests and also lo the genwal public at ts.mes when they are not in use by Cdlege Memb￿$. Funding The sources of in￿rne of Peterhouse are: F99$ charged to studerrts fc¥ tuibon. accommc*Sation and use of other College f&iliiies a￿1 services: Income from services provided to extemal custc¥nus. irtluding c￿￿er￿e activity, Benefactions ar¥J donations fcK current use: Investment Ir￿ome from our accumulated endowment arnl othw assets. Achi•vém•nts and perfomiance Educatlon The C(Alege contsnues lo delfver leaching to Sup￿￿ the Universty ￿rSeS and examinab'on5, and this wa5 delivered in-person. 81 full time undergraduates were admit￿￿ in the year 2024-2S {2024..851. bringing the total across all years to 301 12024: 2931., the new intake c£n be broken dtywn as to 4Wd51 % (2024. 4Wh1510knl arts and sciences. the intake was compos￿ of 58 {2024: 621 Home students arml 2312024." 231 ¢￿erseaS students.. applicants are assessed on the basis of their potential as VAI as their *hh8vemenis to date. numLv of graduate Students on the C(Alege's books totdled 203 {2024: 193), of wh(Kn 132 (2024. 1361 ￿ere fee paying. The College aims to Pfovide Supervisi￿ arxl dir￿￿"On of Stud￿ by its ty•m Fellows in most of the principal subjects offer￿1 by the Unwersity, Ihe exists'ng Fellowship, who offer expertise in a ￿de range of subjects. continued to pn)v￿e thffs. largely through small grwp SUFervishM. PETERHOUSE OPERATING REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 Most students V*ere able to take examinatiorL8 thi5 w,. 254 {2024: 2501 undergraduates sat das¥￿ Unrversity examinations in 2025,. 21812024.. 2031. or 85.8%12024.. 81.wh obtsining in the First Class C￿ the upper division the Second Class lor in the Second Clas$l" in ts other examinations there were 11 Passes (2024.141.. 43 pjuate students successfully completed an MPhil or otheroneTryear graduate ￿r$e {2024.' 41 >, 4 (2024: 61 completed dinical studies and 30 {2024.' 30) satisfied the requirement for the degee OF PhD. 74 {2024'. 801 u￿18rgradUateS - some 33.WA trf those potentially eligible - rec8NeAJ means-lested awards totslling £248k 12024.. £251 k) under the centralised CambrKlge Bursary Scheme, wth 32 {2024: 37) of the awards al the maximum value. The SCh￿e is intended to ensure that no Home student be delerred fr applying to Cambridge because of financial considerati￿*$. Tr ColbJe also ran its own Overseas undergraduate scholarship sc￿le and sup￿￿te￿j 8 Th)rFH(me students (2024: 7) mearts-tested aw*s totallir#J £182k {2024. £147kl- The Tutors (Jeployed a furthw £248k I￿24. £203k} to make loans and grants io SUPF*Nt undwgraduates facing parbcular financial hardship. Last year's delay in mwkirvJ resutted in rn￿e prizes being awarded this year. Scholarships and prlzes worth some £68k12024: £92k) wwe avrdrded by the Goveming Body to rwJni%e and reward excdlence and athievement. (knnts f¢y travel wwe £60k 12024: £59k) and £5k of grants to SUPPDrt student wellbeing were also aw￿ (2024: £8k). The Cdlege made grants totsllirwJ £80k (2024: £77k) to its offi(yal student bodies, the Sexontenary aub (JCR) and Graduate SOC￿ to enable them lo w(Mde srKial swtirvJ SUPFKKI to their M￿l￿. The Ward Library added a further 1,367 (2024.. 1.688) volumes during the year, on the r￿mMendat￿)n of both Fellows and stud￿ts arml as a result of werous gifts.. and the Cdlege continued to expand its Library e-books services. Furthw improvements to facilities and accommodation V*ve male: the com￿et10n of the part refUrbishM￿t of Cosin Court,. a landscaE*d disabled access lo ihe Master's Lodge continued the remodelli of the Coll&Je site in4ine wth a longer temi MaSt￿lan. Thwe vrds also a separate programme of small works to improve kitchens and bathrTr)ms in a number of prO￿tieS used fix student aCc￿mc¥￿alI0n. Finally, works to provide heating and hot water through a gr￿jnd source ￿at pump to Cosin Court %4ve begun, together with the continuation of a phased ref￿r￿shment of the tmjilding to update the Intwic￿ 2nd improve themial insulation. This an imFKJrtanl step in the College's tAarts to transiknon to Net Zero C*￿n emissions by 2048. Rosear¢h Two Research Fdlows specialising in Enslish and matTr￿1atiCs were appcwnled thr(xoh the annual comtelttjon, each fof an initiJ three year term. which tcx)k the total number of Research Felk)ws io 8 {2024'. 81. These Fellowships enatAe outstandirwJ acadern￿ at the eady stages of their carews to devdop and focus their research ￿ this forrnative bef￿9 they urKletskethefull iexhing a￿1 adminislrdtiveduties of an academic post. On the recommendation of the Research Studentships Commrtte8 2 {2024.. 41 Research Studentships wer awarded to new graduate students on the basi5 of merit to cover their academ￿ fees and maintenance expenses, bringing the total to 12 {2024." 13) and the annual cost of the xheme to £261k (2024: £354k). The Tutors made other grants and awards totalling £￿k (2024: £91k) to graduate students in order to iffiset research and mainlen8nce expenses. Researd) allowrdnces totalling £57k (2024: £63k) wve provided in Supp(￿ OF Feflows. research *ivities. 3 Teaching Fellows in M¢JJem & M￿￿al LarKJuages, and one in Histryyl, 1 Visib'ng Fellow {in AnlhropolcvJyl, and 2 Sen￿r Research Ass¢xk8tes (one in Philcwhy. and L￿e in Mathemaks}, were appointed for varying terms. 3 Research Asswateships were also granted to post41cttc*al workers at the UnNersity. R&ligion The Chapet occupied usua tAace at the heart of the Cdlege's spiritual lrfe, with a varigty dreligious services taking place regujarfy duriro Full Temi, undwpinned by Peterhouse's strong chcd tradrtion. The Coll￿e led a number of events indudirKJ a I￿al Ch(xal Academy. The Colkge was ab￿ once again to support an annual spiritual retreat fix its Jun￿ members a￿1 a Ckir tour to CZ￿hla. Additional Infomiatlon about the Coll&Je's attNit*s can be f￿nd in the Pet&hcyJse Annual Record and the Coll&Je neYt6letter. as well as on tls websne PETERHOUSE FINANCIAL REVIEW FOR THE YEAR ENDED 30 JUNE 2025 The financial statements for the yew to 3) June 2025 have been prepared in WXcrdan￿ with the Recommended CambrKJge C(Alege ACc￿nts (RCCAI fomiat and the extwnal auditors, opinion is unqualified. The CcAlg3e's two wholl*owned subs¥Jiaries have (%Jnsolidated. The tsvo subsidiaries are: Peierh(wse Enterprises Limlted IPEL). which is engaged in proFwty development. and peterh￿Se Confererw and Events Limited, which manages certain ca￿"r￿j arKI C(thnce activitvas undwtaken by the Colb3e in order to raise fvnds lo furtr* its charitsble aims. The CollgJe seeks to njn the operating irKome aryj expeThJiture account at IKeakeven over the long term whilst gradually grwng S￿nd on its charitable actNilw arKI investing appropriately in its stock of buildings and operab.onal infrastructure. To this end the College has continued io seek to expand and improve the range of services it offers to all its sludents and ris research Commun￿. The recent surge in infiation and the assock91ed high energy prices have Impacted on the finances d the College and the wider Unrverstysectc* and will continue to do so. The College continues io address these challenges by seeking to minimise erwgy costs and by investing In energy efficient t￿hn0k￿JIeS {subject to constraints due to ris st¢xk of listed buildings) and by seeking the mosl effective arKI effi¢th way of delivering wvices. The College remains cornmitted to maintsining and preserving the hist￿￿ ￿lIdI￿jS that underpin tts charita￿8 obl￿tIveS and enrich rts communty. The Cdlege also seeks to maintain and gr&Jually enhar￿ its st￿k (rf operational pyowties, arKI has carried out a number of substantial projects during the year, including programme of small bespoke works to improve kitchens and bathrooms in Under￿*juale acuymm(MYation (in Tennis Court Ter￿e and Fit￿IlliaM Str*t}. and the completion of a further phase in Ihe refurbishmenl crf Cosin c￿rt, which will improve the quality and energy efficiency of gTaduate actx)mmodatw. Part of the refurbishment ofcosin Court indud&8 the provts¥)n of heating and hot Water through a ground source heat pump. These were tsgun in the year and marked an immnt step in the Cdlege's plans to transrtion lo Net Zero carbon emlssth5 by 2048. In line the Cc4lege's Strateg￿ plan to develop and re-mcKJel the eastern side of the main CC418￿ site and rts Library. the College CoMpk￿l works to provide a landsca@ disabled Acce$$ to the Master's Lodge. This year Ihe Colw showed an overall urKlerlying *c(yJntlng deficit bef￿e donation5 of £1.407k. The defol decreased by £11 Ok on the previous year in spite an increase of £347k in recurrent deKKeciation costs arising from 2 revaluation of the College's land arKI buildings. There was an increase in incx)me in all areas. Expenditure also rose as rt continued to refiect rryjing staff cost ￿￿eaSe5 as well as the increasing costs of maintaining the College's buildings. Howev￿. ats &ljustiw for an exceptKsn81 wite off of accrued inler8sI 1£481kl associ8ted wrth the endowment portfolK>. the ￿er￿t before donations is £1.888k. This deficit is £1.494k more than last year. as there was an exceptional favourable movement on the USS p￿sk)n liabilily1£1,123k) last The UTKledyiro deficil bef￿e donations partly refi￿ts the fact that a number of intliatNes are now being directly ftinded by gifts and donations. After adjusting ￿ donations and endoswnents, the Cdlege showed a surplus of £406k. A change in market sents.menl has lcw￿ed year end property valuat￿5 and this has caused in losses on Investments and assets (£5.845k) that have resulted in an overal def￿1t for the year of £5,439k. Slmplifiod Income and ExpeThlllurn 2025 T(tsl £No 2024 Total £'ooo Tot81 Incon￿ Wore (th)nath￿S and en(kjwM￿. Totsl experKlitu (Deficltl before donal10￿ •nd USS wov151on USS provision Nel awued interest vrtttten off {Deficitl b•for• donations Eknnadons New gndowments Surplus beforg other galns and lossos (Lossesygains on investments and assets IDeflcltVSurplus for the yoar 15.552 16.959 11.407) 11.517 1.123 14.915 11.888) 1.658 1394) g)1 406 ' Indudes £ws on investments aF¢4i&1 b Irtttha PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 Income from AcademK Fees and ch￿ increasay by 8.5% (2024: 6.3% increase) on the prKf year refiectlng rise in both the number of unregulated fe8-payrNJ undergraduates and graduates. Income from Accommrylation, Catering and Conferences rose by 4.8% or £179k on t￿3 wior year {2024.. 11.7Vo increase or £387kl. Income from C(Al¥ M9mbws irKxeased as a result an irvease in student charge5 to reflect inflatlon, togethervthh changes in stud8nt cKcupancy. confer￿Ce activity rernal￿d fial year on year. Endowment income rose 3.1.10 or £233k; this resulted from a combinatK)n of increases and back ￿nts from the property portfolio logelher with a new letting at the Peterhouse Tech￿￿OgY Park. tk)nations aThJ new endowments continue to perform ￿￿11, alttrb)ugh new endowTnents1£6%kl were not at the same level as last year (£2,588k)," last year included a very S￿n1￿cant irKlividual 1&3acy. Ovwail totai Cdlege income after dc￿tionS and endowments w35 £17.1rn {2024.. £17.6m). The College's total expermlrture rose by £2.256k c* 14.P%12024: £1 or 0.9% increase). However, rf the effects of the rdease of USS provisK•r6 {£1,123kl are excluded. then th¥e ￿as an increase of £1,133k or 6.9% 12024: £964k cff 6.2% inuease}. The most $KJnrftsnt factors were a -one-off exceptiorral write off cl accrued interest [£￿k} and increases in the of cyber seojrity measvrt8. repairs to buildiros, and staff. The totsl depre￿al￿ charge for the year rose by £458k. The k2nd and buildings of the Col*e were revalued at 1 July 2024 and this account&J for apKKoximately £371k of the in(¥ease. Therefore, excluding this £371 k effect frc*m the cc#nparative. there was a furthw increase of £87k in depreciathjn year on year (2024.. £71 k). Staff costs and p•nslons Totsl staff costs (academic and non-￿adem￿} remain the mosl $1gnff￿anI 1x￿t Cal￿Ory for the College at £6.8m12024: £5.1 ml. Staff costs exdudirKJ USS acbjarial aljustsnents to the pension schemes urKler FRS102 inc*easerJ by £547k or 8.7% {2024.. £343k (ff 5.8%}. This r￿￿ted the cost of living increases and awards for the year", the filling of vacancies,. the ie(*uilment to a m(MJest number of funded posts,. the cost of $2bbatul cover.. the onwng impact ￿ aut￿enro[m8nt. the increases in national insurance contribution rates,. and the Cdlege's continued commilment to pawng its staff al *st in line with the Real Liwng Wage. The staff CCFPS pension scheme still remains signrficanuy in ￿er￿lt {uTrJer FRS1021 in 2025, although Ihe defKit decwsed by £230k12024.. decreased by £211 k). The thange5 in actuarial assumptions undertying the plan Irabilities are the key drtver of the decrease in the def￿11. these Char￿ V￿re due to the discount rate and Irfflat￿n rate assumptions apF4ied to the stheme's liabilibes. Thi5 s¢tr￿Me is closed to new entrants. The Cdlege indudes a share of the USS SGheme's ￿rrent (Jefi(ML Under FRS102 the Coltgje is obliged to axourrt for rt under money wrchase scheme rules. although rt is a mUl￿eMploYer defined benefrt scheme. A deficit r￿0very plan was put in F￿ace as part of the 2020 valuation. whth required payment of 6.2% of salarie5 over the period 1 April 2022 until 31 March 2024. at wh￿h tmxllt the rate V*Y)uld increase to 6.3%. As set out in note 23, no deficit recovery plan Wds r￿ul￿j under the 2023 valuation becouse the scheme was in surplus on a techn￿1 provisions basls. The institution was no l(Mw r￿Uired to make l￿fiCIt recovery contributions frryn 1 January 2024 and accordingly released the c￿lS￿lIng provision to the Consolwjated Ststement Comprehenslve Income and Expendf(ure last year. No Eyovision or adjuslmenl Ihis year. bul the chary to the recovery plan following the latest revaluation assumptions resulted in a £1.123k credit being recognised in the Consoiidated Statement of ComprehensNe Income aThJ EXp￿dIture last year. Detsils of this scheme and the CCFPS scheme are induded in notes 16 and 23. Over811 the pertsion scheme 1kibilit￿ measur￿1 under FRS102 have d￿reaSed by 17.6% from £1.4m to£1.1m 12024.. decreased by 48.1 % fr(xn £2.7m to £1.4m>. Capltal expendlture The College contlnued its refvrtmshment of Cosin CwrL Some £2.4m has been spent pardy upgrading acccmm¢)Jation arKI installing a ground source trwt pump lo provide hot water and ￿1￿9 fiK ￿ Cosin Court. These works mark an imp￿￿nI step in the Colty's plans to transition to Net Zero carbon emissions by 2048. The Cdl8ge corn￿81ed the landscape(J disabled acc￿ lo the Master's LcKlge as part of the remoddling of the eastern part of the CL418ge site in4ine with a lonw term Masterplan. The c￿le￿ carried out a programme of small bespoke vths to improve kitchens and bathrooms in underwaduate accommoJation (in Tennis Court Terrar￿ and Filzwilliam Street}. PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 The College takes seriryjsly its respcmsibility to maintain the Cdlege's opwational buildings, mosi of which are listed and of his1ty￿ Imt*Ntsnce. to ensure their coMF41an￿ v*ith new wulalions. aThJ to meet h￿￿her energy efficiency stsndar(Js. An example of this is the College's initiabve to reduce tls cart#)nfc(•tprint and energy cos15 by installing a'smart" energy management plafform to eontrc4 indtvidual radialcf temperatures and energy usage acros$ the College sites in a more efficient and granular way than has previously been possible. Whilst energy efficiency L8 one asP￿t of the challenge faryng the Cdle9e. the and nattjre of the buiklings continues to generate unexwled issues," for examtAe the dis(x)very of the severe cracking of a major strtjctural beam in Old Court will ￿eSSEtate major wcffks next year. Thereth. the prcgramme of works to maintain and improve College's opw*lonal Lmjildiry continues to be a slgnifunt fin￿Cial burd8n on the College. The College continues to invest in its IT infrastrucbjre and softhre. during the year the Golbge invested heavlly into College wide security an(J drxjr enty systems. Endowmenl and invoStrn•nt p•rfomiance The College's survival in its present fr*m is dependent on its endowm8nt capital, wh￿h contributes over half its income and has addilionalyto abS￿b def￿rts and twovide the funds f￿ necessary building works. The Colle9e's inveslment objective, impIem¥N)t￿I undw the supwvision d its Estate5 & Investments Committee, is to manage its endowrnenl to woduR a steadily ri8irrfJ incune stream whilst ensuring the long-temi kyeswyation of capitsl value in real terms. The composition and p¥f￿rnarte of the Cdlege's end￿￿m￿t 15 summ*isèY in the table bel￿+.. 2025 eooo 173.118 179,550 3,598 3.519 79,272 75.405 276 2,657 141 192 5.624 3,164 262.029 264.487 25,891 25,887 236.138 238.600 2024 Property Pooled property funds Equitses Cash. loans and fixed inlwest 5ecuribes Cash in hand and at investment managers Other Cash (owed bY￿d for the Endowmwrt Total Inv#stm8nts Loans N8t Endowm•nl Assets Endowm8Trt return and Inv￿lMent in 2025 Income from.. LarKI an¢J buildings Pooled propwty funds Equities Other interest rec￿Vab Total income Equities managem&rt costs Accrued interest ￿tten off Dtrr￿t costs of prop8rty managemen( ager fees and maintenance Nèt Income before financing costs Interest and finance ¢osts Total net Income aftgr Ilnanclng costs Capital losses and gains and receipts on investments Total r￿Urn for Net EndoTMm• 5.502 205 1.828 291 5.024 218 1.833 518 7.593 (1001 (75) {606) 750 6.395 1.158> 5.237 855 1.1561 {4.954) 8.514 PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 The c￿lege has adopted totsl retum a(wunb'ng f￿ its marketstde seCUri￿S p￿￿0110 to provide a sm(Krth and stable stream of income. Thls ￿lIcyt0 has a tetierfitwith the Cdlege's strategic approach to ils equIl￿S porifolio by allowng the Cdlege more 11exitslity lo invest in line V•ilh rb Envir(K1m￿1a1, Socrdl and Governa￿ (ESGI pollcy. Propwty values fdl this sEar principalty due to the CrAlege's hddings in wmmffcial offices and lab space In Cambridge where there was a significant change in market sentiment in year. Equit￿ rose in value durirwj the year in-line with the wider markets, but these dK1 not offset the fall in vaues of the College's property. The fall in direcl costs of property managemenl V•ve caused by a fall in repair and legal costs. These savings were more than offset by a one-off ￿lte down of accnjed interest from a resldential propety development that was realised during the year at a lower-tharFexpecbJ retum to the College grwp due to drff￿u￿ rnarket condit￿nS for residentral devdopmerrt. Ros•rv•s Peterhouse's unreth"cle(I fuTrJs at the year-erKI arn￿nted to £387.3m (2024: £333.3m> arKI are represen￿ in Ihe balance sheet by the College's cperational buildings-whKh are used for academlc and residenti81 purposes and by a large part of the investrnent Fthfolio. The operationd buiklings and land were revalued by Gerald Eve at the beginning of the year arKI this accounts a rise of £61.3m. The Governing Body believes that reseNe$ on this scale ￿ rrtessary fly the CollgJe to meet its chariiabte objecttves and to provid9 the underlying stabilty for the institution lo operale in F*uity. ￿ Go￿l￿j Body is mindfvl to maintain an 4ultsble balance betwe￿ the Interests of ojrrent rneMb￿ crf the and future gen￿at￿s. Rl8k Management The Governing Bc￿Y has the overall responsibilrty for idenbfyirvJ atMI managing the major risks facing the Cdleg8. Discussion of risks are a rcMJtine part of of the GovemirKJ Body and the associated Cdlege Commttt88s. A fo￿al high-levd risk r8Jisler Is malntsined by the Finance Cornmrttee and reviewed on an annual basis bythe Governing Bc#Jy. In aJdit#)n to thi8. other c￿1￿ Commtttees review and discuss individual risks which fall within their respectNe temis of refere￿e on a more fr￿uent basis. College Committees also develop and update CcI￿e wliaes to manage and mityale risks as and appropriate. Responsibility for the implementation of Ccllege poli￿eS 15 ddegat&l to the relevant College Offws and members of stsff. Fundralslng The existence and succths of petth￿Se is a refiection of the c4Jtstanding ger￿osty over time of Petreans and other benefactiys. Tr Colkge'5 deVd￿meTrt campaign continued to make a valuable contribution over the year, wth dOnat￿S and legacies of £2.3m 12024.. £3.Sm}. Of Ihis, £636k was raised for pemianent endov+Tnents12024. £2.588k). The wmbined net costs of fvrxlraising and member rdauons wa5 £351k (2024.. £391k). Ouring Ihe year the College appowrte(l a Devdcpment wll be ￿kIng to grow further the fundraiwng efforts in the coming years to meet a Tange of KI￿tsfie(l n￿s. The Cdlege Is register￿1 with the Fundraising Regulator arml adheres to its Code of Pracbce. The C￿1￿8 d not use external professional fundraisws and carries out fundraising &tNf(ies through its Devdopment Off￿e, in cdlaboration with Cambridge University Development aThJ Alumni Relations Office as approwiate. In addition to seeking financial and other support lor the Cdlege. the Devdopment Orfice is also responsible for alumni relatK)ns. FundraisiTrJ techniques used indude fac&trpface m*tings. the promotion of legacy giviNJ. annual telephone campaigns and occasK)nal mass mailings to members ofthe College's communty. The College lakes very seriously its responsibilrty to ensure that its assets and resWI￿ are used t￿lY for the purposes for %thich they were given. Tr Cdlege dces n(rt eng&Je in intrusive or unreasonaily persistent methcrfjs of fundraising and training is gwen lo all individuals who undertake fundrai8irvJ *ivities to ensure that they know howto handle an ObV￿51y vUlnerat￿e person. There have been no fcmal complaints made abwt fundraising (￿￿or year none). 10 PETERHOUSE FINANCIAL REVIEW CONTINUED FOR THE YEAR ENDED 30 JUNE 2025 Prin¢ipal rfsks and Un￿rtainti6* Peterhwse faces a range of risks in meeting its charitable purposes which ￿l￿de financial. q)watb)nal and repuL9tional risks. These i￿lUde its lon￿leM1 ability to attract the best staff sludents. to maintsin and develop its research and edUcat￿al offering, and to consave. refresh. and renew its physical faciltti8s. In addition. the Col*e faces reputational risks in a wiyld wh￿e ffl￿ern communication meA￿S have resulted in higher levds of transparency and scxutiny in vlide range of areas. To help manage some of the risks asS￿lated with cornmuniGetions. the College apwinigj a d&licated central Communvtion5 Officer to support and improve the effectNenes$ of its exlemal cc*nmunKXtions. includirKJ through digrtal channels. The Collep has continued to invest in a range of measures to imKYove furthw the pastc¥al sUPPOrt il offers tis students. It seeks to fostw a supporiive and collegiate ￿ltUre amorosl Felk)vB. students aThJ staff. The Collegg also Seeks opp￿￿nI￿$ to contrilxrte to the o)mmunths in which it operdtes a￿1 tskes seriously it5 reswnsiblilies as a LAndowner and landlord to many prNaie tenants. It carries C￿ a range of civ engagement at various levels and see to take a posiiive approach local stakeholders outside of the University. While Peierhouse ISfor￿1nate in be￿￿ a ￿latIvelYWeI￿end￿￿￿d Cc4lege. ite<)ntinues tofacefinancial challenges many of which are COMM￿ lo the Universty and other Cambridg2 cdleges. The Covid recent pandemic, the Ukraine TKar, and subsequent erwjy price and asscKiated Inflallon, and other UneX￿ted geopolitical developments haves made the polibeal. e(￿nOMiC an(1 e(lucath)nal larKlscape inGreasingly unw1ain. Petwhouse seeks to respond lo these financial challenges by f(￿ssing on efflcient finan¢ial management of its operational activities, and the txudent stewardship of its endowment assets for the long tem. However, rf it is to develop further the actThirtEs that are Crit￿al to ils mission such as key teachlng posts. research sludentships. and to continue to progress rts capital expenditure plans acfOSS its subsiantsal operational estat8. the College 11 need to raise additional funds over the coming yeafs. Plans for tho future The College aims to pursue and devebp 115 existing strategy, wilh a partwlar f￿S over the next fthv years on: A review of its Fundraising strategy urKl8r cmjr new Deveiopmenl team,. Continued support of its Research Fdlowship and Research Sbjdentship scheme to offer financial suppc¢t for the most ta￿nt￿ early-career academics aryl graduate stl￿ents,. A continued fow$ on the College's Admwiws and Outreach initiativ&s to attract ryJtstandiThJ applicants f undergradvate and graduate courses from a dNerse rartsJe of gJu¢atw)nal, s¢xial and cultural backgrwnds" The development of its Overseas scholarship [ffo￿amm8 gift&J undergraijuale stijdenls who do not qualify for the Home-sludenl fee rate," and Inveslmenl in ts operationa arKI non-o￿alKIn81 estate to prepare a transitN)n to Net Z8ro carbon emissK)ns by 2048, wth as aspiration to do so wdl befc￿e this date. PETERHOUSE CORPORATE GOVERNANCE AND STATEMENT OF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2025 fc41owng statement is provided by the Goveming B(xly lo enable readers of the financial statements to obtain a better understandiro of the arrangements in the Cdleg2 for th8 manag8ment of its resources and audiL The Cc41ege is a regIStw￿ charity (regist￿ed number No. 1137457} and SU￿.9Clto regulation by th8 Charity Commission for England and Wales. The memt*ts of the GovernirKJ Body are the charity trnstees and responsib￿ ￿Suring o)mplkqrte th chaiity law. The Trustees are Govwning Body whith is advised in c*rying wl duties by a number of Committe8s. Governance C￿mIttee Remuneration Commttiee Finance Committee Estates a￿1 Investsnats Committee Developm￿1 Commrttee Education Committee Admissions Committee Examination Failures Comm6ttee Grants CommKtee Honorary & Visiting Fellowshlps Commiitee Research Studentships Committee Research Fellowships C(#nmittee m. Travel Grants Committee Charitable Appluth)ns Committee C(￿ordinatIng Committee Pelerhouse Boat Club Fund Management Committee Staff Committee FOCKI arKI Wine C<)mmrttee Buildings. Fabric a￿1 Gardens Commitiee IT Ccffimittee The prin(ypal administrative offrns of the C(41ege are Masler. the SenK¢ Bursar, arKI the SenKJr Tutor. It is the duty of the Rnance Commrtlee to keep under review the effectNeness of the Cdlege's internal system of flnanclal and other c(xtrols.' lo advise the Governing 8ody on the 8Ptx)intrnenl of external and int￿nal audftr￿.' to consldw rerxxt$ submitted by ts au(Jilors. tM)th extemal and internal., to monitor the implementation of rec4)mmendatK)ns made by the audit(xs". to make an annual report to the Governing Body. Membership of the Finance C(*nmittee irKSudes'. Chaimlan (a Fellow of the College), SenfrJr Tutor. S￿l0r Bursar. Steward aThJ sevwal other F￿k￿￿ of the Cdlege. There are Regis￿ of Interesis of meMb￿S of the GOV￿1n9 Bcmly, the Finance Commr1￿ aTrJ of Ihe senK)r administratNe officers. Declarations of Intwest are Ic￿rtinetY m&le at all Cdlege commlttee meetings. The College's Trustees (Members of the 13)veming Body) during Ihe year 30 June 2025 are set (Krt on page 2. The Trusie8s are the Goveming BcKly which is responsible for maintaining a sound system of ir7ternal contrc4 that SUPFxxts the achievement crf Fdw, aims and obj'ectives while safeguarding the Publ￿ and other funds and assets for whi¢h Ihe GovemirvJ Body is responsible. in accrydance the Cdlege's Statutes. 9. The 5￿teM crf int￿n81 Control (Jesigwl to manag8 rather than eliminate the risk of failure to a¢hieve Ft4icies, aims aThJ objective$.' it th￿re provides reasonat4e Ixjt not absoluie assurance of 8ffedivene5S. 10. The $￿tern of intemal control is designed lo identfy the principal risks lo the 8thievement of pclic4es, aims and object￿e$, to evaluate the nature and extent of those risks and to manage them efficienuy, effectively and ecOr￿Mieally. This process was in ￿3¢e for the year ended &l Jurp 2025 arKI up to the date of apwjval of the financial statements. 12 PETERHOUSE CORPORATE GOVERNANCE AND STATEMENTOF INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2025 The Govemiro Body ts resP￿sI￿e f(* rerf￿￿ng the effec1N￿lesS crf the sy3tem of intemal contrd. The following pro￿SeS arKI prctylures have been estsb11s￿'. The Governing Body meets regularly (typically 13 times) tF*(yJghcyJt the year to consider the plans and strategic dir￿tiOn of the College" it also revievts and apwoves the annual financial results and twdget for the year ahead. b. The Gov￿ning B(Kly rpLeives interim repxwts frcxn the FIna￿e Committee which reviews key fin8nchg1 inforniation and statistu on an ongoiThJ basis. irtludirKJ quarterty prcoress against Ixmjget. A Committee Structure has been put in place to revthv key areas of College aclivily. Appropriate levels of segregation of duties have t*en establkshed logethw wilh auth￿lty limits. These are reviewed perirMJirAIIy. TY*Y) Fdlows {not already on the Finance Committee} review a￿1 audit the College acccunts in detail, arKI provide an independent report on their firNJings lo the Goveming BThYy. A Business Analy31 has been emplo￿1 to review aThJ improve the intemal systems and contrds. The Finance Committee ￿UladY revie￿ the CcAlege's fi¥tr￿r financial fO￿$t io assist with medium- lerm finan¢ial plannirKJ. 11. A Fellow on the Goveming BCMJY was designaled SIRO {Senior Information Risk 0[￿er) and is resry)nsibl8 for reporting to Goveming Body on dats protect￿ and inforniat￿ ri8k i8SUeS. 12. The Governing Body's review d the effectiveness of the system of intemal contrd is irrformed by the wcKk of various Committe8S, Seni¢y Bursar, and other CrAlege OFfieers, who have respK*nsibilily fcf the devdopment maintenance ￿ the inlwnal contrd frama•hJrk. arKI by comments made by the external g￿lItorS in their management letter and other repcrt8. 13 PETERHOUSE RESPONSIBILITIES OF THE GOVERNING BODY FOR THE YEAR ENDED 30 JUNE 2025 The Goveming BCMJY is resp(￿SIble for rryarfng the Annual Rekxyiand finarKial s18tements in accordance with applubl8 law and United Kingdcyn AcC￿ntIng Standards Iunited KI￿Orn Generally Accepted Accountirwj Practice). The Cdlege's Statutes arKI the Statutes and ordinan￿ of the Unlversity of Camtffklge require the Governing Body to prepare financial statements for each financial year V*t)ich give a true and fair view of ￿ slate of affairs ofthe College a￿1 ofthe sur￿uS or d*f( ofthe College for that ￿Km1. In preparing these financial ststements. the Govemiro B(Kly is requir&J io: Sel￿t suitable accoJntirKJ poli￿ arKI then apFAy them consistently. make judgements and estimates that are wsonable and prudonL stale vthether applicab￿ aca)unting standards have been kAI(hved. subjec* lo any materHI departures disdowj and explained in the finaThial ststemerrts," and prepare the financial slatements on the concwn basis unless it inapFffoprlate io presume that the Cc41ege ￿11 continue In operation. The Governing Bc#ty is responslble for keeplng &¢LKJnting rwds dISck￿ with reasonable accuracy at any time the financial t#)silion of the Cdlege and ￿able them lo ￿SUre that the financial statements comply with the Statutes of the Universty of Cambridg8. Tlw are also reskX)nsibSe for safeguarding the assets of the College and hence for taknro reasonat4e steps for Ihe preventlon and detection of fraud and other irregularities. The Govwning BcKly is re5ponsitAe the maintenance integrity of ts eAypcxale and finan¢lal Infcmabon included on ts Colbege's V￿bsite. Legislath)n in the United lQngdom wveming the preparatlon and disseminatKJn of finanaal statements may drffer from legislation in othw jurisd6ctK)ns. On behalf of the Governing Body of Ihe Master {or Keepw} and of Peterh￿se in the Univarsty of Cambridge Pr¢>fe580r m.￿ Park•r Master r l.N.M. Wrlght Senlor Bursar Date.. 24 November 2025 14 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE FOR THE YEAR ENDED 30 JUNE 2025 Opinion We have aijdited the financhgl statements ￿ Petthcwse QAlege (the 'Col￿e,> and Ils gubsidk9ries (the 'group') frx the year ended 30 June 2025 whith comprBe the Consd¥Jaled Ststement of Comprehensive Income and Expenditure, the ConscAidatd Statem￿1 of Chatvjes in Reserves. the Crmsdidated and Cdlege 8alance Sheets. the Consolidated Cash Flthv Statement and notes to the financial statements. induding signrficant aeLountiro policies. The financral repxwting framewrrt thal has been applied in their preparation is appl￿ble law and United Kingdrrfn A¢L￿ntIng StaThJards. i￿a￿dIng Financral Rewrting Standard 102 The Fin8nci81 Rep(*ting Standard applicable in the UK aTh51 Republic of Ireland {UnitgJ ￿ngy0M G￿￿allY Accepted Ac0￿nting Practice). In wr opinion the finanaal ststements: gwe a tnje and faw view the slate of wp's and Cdlege's affairs as at 30 June 2025, and of the group's in¢(Nning resources and ap￿Icat￿)n cl Tesixjrces, induding Its incnme and expenditure, for the year then ended.. ave been propedy wepared in ￿￿dance wilh Uniled Kin9Jom Generally A• Accounting Practice.. have been prepared in a¢cLYdance with the requiranents of the Charibes Act 2011 and the Statutes of the Univwsity of Cambridge., and the contributK)n due from the College to the Univer5ty has been o)rredy computed as advlsed in the provisional assessment by the Univwsty i)f Cambridge and in &c￿danCe ￿th the provlsions of statu￿ G.11. of the UnNersty of cam￿Idg?. Basls for oplnlon We cotNlucted ujr audit in a¢￿d0￿￿ ￿￿th Inlemational Stand*5 on Aud￿ng {UKI IISAS IUKII and applicable law. Our restx)nsibililies under those standards are fijrther described in the Auditor's responsibllities for the aud of the financial statements sectK)n of our repcfft. We are Inde￿dent of the group and College In accordance wllh the eihical requirements that are relevant to cAJr audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fvlftlled cur other ethical reSkNMsibilit￿S in 8ecordanee with these requirements. We trAieve that the audil eV￿enCe have obtsined is suff￿￿￿1 and appropriate to provide a basis for wr opinion. Conclusions r•lallng lo going corKwn In auditing the financial statements, we have conduded thal the trustees. use of the going conc*m basis of accounting in the preparation (rf the financial statements is appyopriate. Based on the work we have performed, we have not Klentif¢ed any material Uncertaint￿ relating to events or conditions that. individually or collectwdy. may cast S￿n￿lcant doubt ￿ Ihe grtsjp's ¢x College's ability to continue 2$ a wng concern for a of al least iwdve months from when Ihe finarrial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees ￿1th res￿ to wing corwn are described in the rdevant secb.ons d this ieporL Other Inform*lon The other Infcmation ¢omkxises the inf0m3t￿ inckjded in the rep￿ cl the i>)veming Body. (ther than the flnancial statements and our auditorfs reFort thergjn. The trustees are responsible for Ihe olher inf￿rnatiOn contained wrthin the annual repcrt. Our opinion on finartial statements does not cover the other Inf￿￿allOn and. except to the extent otherwise expl￿tlY ststed in our report. we th) not express any frym of assurance conclusion thereon. Our responsibiltty is to read the other infomialKn and. in doing so, LX)nsider whether the other inforniation is materially inconsistent with the financd statements or our knowledge obtained in the ccmjrse of the audit or othernwse appears lo be materially misstated. If we identfy such material inconsistenaes or apparent material misstatements. we are required lo detemiine whether this gwes rise to 8 materi8J mis51atement in the financial statements themsdves. W. based work VR have performed. we conclude that there is a mater￿1 misstatement of this other infc*mation, we are required to report that fact. We have nothing to rekmxt in this regwd. 15 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2025 Mattors on whlch wo ar• requlred to report by excepdon We have nothing to ￿k￿Yt in respect of the fc41owlng matters in relath)n to the Charities (Accounts and Reports) Regulalions 2008 r￿Uire us to repc¥l to Y(￿ rf. in ojr opinion.. the infornial￿n given in Ihe financia sts1em￿ts is irKon5iSterrt in any matwial respect with the rewt of the Goveming Body: or sufficient ￿oUnting r￿dS have not been kepL the financial statements a￿ not in a￿eeM￿t the a¢¢cwnting recths arKI relums; or we have rnt received dl the infwmation and eXplanati￿ts we require fix our audit. Responslbllltles of Trustees As explained morefully in thetrustees. responsibiif(ies slatemenl set (￿rt on page 14. the trustees are responsi￿8 for the preparation crf the financial statements aThJ for being satisfied that they give a Irue and fair view, and for such internal control as the trusle8s detwmin8 is n￿SSary to enable the preparation of finanrjal statements that are free from material mtsstatement. whelher due to fraud ￿ wror. In preparing the financial ststements, the trustees are reSFwsible for assessing the ￿0up'S and College'5 ability to continue as a gyng concern, disclosing, as applicable. motters rdated to s¥ing concem and using the g(Mng concern basis of aCC￿nting unless the trustees either in1￿d to IM4ubJate the syoup ￿ the College or to Cease opwations, or have no realistic atlemative bul to do so. Audltovs. rgsponsibilitigs forth• audil of fin•KFal $iat•monts We have been aprKMnted as audik* under swtion 151 of the char￿e5 Act 2011 and rep￿t in accordan¢e with regulations ma(Je under 5eckn.on 154 OF that A¢L Our Obl￿tiveS are to obtain reasonable assura￿ about whether Ihe fina￿al statements as a Who￿ are free frc4n Mat￿81 mi$3tstemenL whether due to fraud or error, ar¥J to issue an aLtditorfs report that includes our opinion. Reasonable 8ssuranc* is a h*3h level of assurance. iNJt is Th)1 a guarantee that an audit coThJucled in ISAS IUKI wll al￿ays delect a material misstatement bthen it exists. Misstatements can arise fr(yn fraud or error and are considered material rf. individually CY in the aggegate, they Could reasonably be expexted to infflLFence the eC(￿0M1¢ ￿lsU)n5 of users taken on th8 basis of these financ￿1 Stat￿ents. Irrtr3ularities, ir￿lUding fraud, are Instar￿ Lrf nOrFc(Xnp￿lanc8￿I[h lawJ and wulatiorts. We de5w procedures in line with our responsibilriies, w111r￿d above, to detect material misstatements in respect of irregularities. induding fraud. The exienl to whth our ￿￿￿edureS are capa)le rA de￿Ing rregularities. Including fraud is detsiled below.. We gained an understsnding ofthe legal and regulatcry frameth apFl￿a￿eto the Cdlege and how il operates and considwed the risk of the College not comF4ying wrlh the appI￿able laws alld regJlatic￿S induding fraud in particular those that cwld have a material impact on the financial statements. This Ir￿uded thc6e regulatiM$ dIre￿Y related to the financial ststements. The risks wwe discussed with the audrt team and we remained alwt to any indications of non-Com[￿la throughwt the audit. We carrie(l (xrt wlxxlures to address the risks idenufied. These induded following- We rev￿Wed systems and w(￿dureS to identify [￿181 ws of managem&rt overrlde risk. In parucular, ￿￿ Carr￿ testiNJ of ioumal entrles and other adjustM￿ts for appropriateness. We reV￿ed minutes cl Finance, C￿nCil arKI Goveming B￿Y me8tings and agreed the finan¢ial $latement disclosures to und￿￿ng suptKrting dc￿UMentstKjn. 16 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNING BODY OF PETERHOUSE (continued) FOR THE YEAR ENDED 30 JUNE 2025 We have made ￿quirieS of MarwM￿I and crfficers of the Cdlege reg¥ding laws afKI regulations applicable to the organization. We rewewed the risk manawent prccesses and wc¥xJures in pla￿ rdudlrKJ rewting of rlsk management to Ihe Cdlege C￿￿1. We also assess￿1 management ￿$ in rdatbn to the accwnbng pcA￿leS adopted and in determini significant aC￿￿nting estimates, induding the ValUatM￿ of investm￿ts Because of the inherent limitations of an audiL t￿e is a risk that WIN nol detect all irregulaTities, including those leading to a material misstatement in the financial statements ￿ nor￿mpliance wth rewlation. This risk in¢￿aseS the rn￿8 that comtAlan￿ with a regulatKm is removed from events and transaction5 refieC1￿ in the financial statements, as we will be less likdy to become aware of irtstances of non-compliance. The risk is dso greater regarding irrp3ularitie5 Ct0Jrri￿ due ￿ fraud rath¥ than error. as fraud involves Intentional concealmenc I￿gery. collusion. offlission or misrepresentation. A further description of our re5pfmsibilities ts availatAe on the FinarKial Repcfftr'ng Council's website at.. https.'Ilwww.frC.org.ukJOur-W(￿UAUd￿Audrt-and-aSsUrancejStsnda1￿s-3nd￿id8nG&StandsréS-and- guidance-for-audit0rslAudit￿s￿esEX)n5lkn'litoeS-*0l-audlt1DOscT[pt1on￿-aud1I(Trre5ponsibilItie5-fOr-audlt.aspx. This description fomis part of our auditor's rem. Use of our roport This report is made soldy to Ihe Govwning Bcdy, in aCC(￿dancE with College's ststutes. the Statutes of the University of Cambrldge and part 4 of the Charilies IAec(yJnts and Rep￿s) Regulat￿$ 2008. Our audit work has been undertaken so Ihal ￿ might state to the College trustees t1￿ 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 ￿K)onsibIlItY to anyone other than the Goveming Body as a bcmyy, for our audri work, for this report, or f(Y the opinions we have fC￿ed. PRICE BAILEY LLP Chartered Accojntsnts and slatLrt￿ AUdit(￿S Tennyson H(xJse Cambridge Business Park Cambridge CB4 OWZ Date.. 26 November 2025 Pru Bailey LLP is digible aptKxntment as auditor of the charity by virtue of its digibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.. 17 PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2025 Slatoment of Prlnclpal A¢¢ounting Policies Basls of prnp•raU¢n The financlal ststements have been prepar&J in accorda￿ with ￿ proMsTons of the Stslutos of the College and of the Unlversity of caM￿ld9e, using the Recommended Camtrmidge Colw Aco)unls (RCCAI format and app1[￿b￿* United lfjngdom Accounting Standarts. includng FinarKial Reporting Stsndard 102 IFRS 1021 and 1he Statement crf Recommended Pr8Cti(% (SORPI: Accounting for Furlher and Higher Edwab"on in 2019. The Consolidated Statement of Comprehensrve Ir￿me a￿1 EXperKjittJ￿ inclL¥Jes activity analysis in ordgr to demonstrate that all fee income is spent for edLKational wrFKtses. The analysis required by the SORP is set out in note 4. The College Is a putAic benefit entity and therefore has¥pli8d the reWdntpubl￿ bfftfit rgwirerw)l ofthe appliGab UK I￿$ and accwntiro star￿rds. Ba$ls of accountl The finan¢i81 stslemenls have trKen popsred thyerthe historical coStcon￿lti0n. nK)dified in re$F£ct￿1h9 treatrnenl of investments a￿1 certain opw8tmal propevts5 k8 IndLKled al waluab'on. Basi$ of COn%￿ldation The consolldated finanaal slate￿nIS incI￿￿e the C(41ege and tts subsdhiry urKlertakiNJs. Detsib of the subsidkqry und8rtakirys i￿l￿de￿j are set oul in Th)te 10. Intra-gr(w bal*Kes are eliminated C￿ o)nsolidation. Recognltlon of in¢0 Ac&demAG fees Academic fees are recogni5ed in Ihe period to wtrmch they ￿late and Ind￿￿e all fees chargeable to students or thelr sponsors. The costs ol any fees wawed or written off by Ihe Cdlege are included a5 expenditure. Grants receiv￿1 from non-govemment SCMJ￿5 (including research grants from rhJTrgovemmenl sources) are recognlsed within the ConscAidaled StatementotComprehen￿ye Ir￿orn8 and Expenditure when ￿ Cc4le9e is enliued to the income and rwfomiance related eoThJrlions have been ￿￿t. Income rgceived in advanc& of Wf0m￿nCe related CfrfKlilions is deferrej on ts balance sheei and releasèd lo Ihe Consdidated Ststement of c0mpreherts1￿ Irl))rr￿ and ExpwxlSluTe kn I1￿ vthh such conditions beTng mel. Donalion8 and e￿loWMents Non exchange Iransactknns wllh¢yJt Ferf(mnce r￿8￿1 cc¥YJiiions are donaticffts and end0￿￿ents. t)onations and endowments wlth donor Imposwj restricbons 8re rwn1s￿j ￿thin the Consoldated Ststemenl of Comprehensivè Incom8 and Expeni*ture wh8n ts College is entiued lo the income. Irwme is retsined within Teslricted reseNes unlil such time that it is utilised #i line with svth ￿th¢ll0n$ at w1￿Ch WNnt the income is rejsased to general reseNes through a reserve transfer. Donations and endtywments with restsiclions are dassffiwj as restricknj reser￿ with 8dthU(#￿l disdosure provlded wilhin the notes to the accounts. There are four main ty￿$ of donalions eNSYwM￿ts festriclions: Restricted don8bons- the (Jjnor has SFeafi&J that ts dwtion musl be used for a parttcular oblecove. Unre51ricled Fermanent endcvm￿ts - the dcmr has srwlffied that the fund is to b& perm￿nty invested to generate an irKome stream for the general be￿ of ts Cdlege. Re￿riC1ed expendab￿ enthxnEnts- the d(mr has spedfied a wUcularOti￿tsVe and the Ce41egg Can C￿Vert the donated sum into income. 18 PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2025 Statemgnt of Prlncipal Accounting Polkl•s (contin￿1) Rocognilion of income {cont•M*d) Don*ions ond 0ndown￿n(S (continued) Restsicled peffl￿nent 8ndoWn￿nts - the (Sjnor has Spe&￿ thal ts fLYKI is to be pernanen￿Y invested to generate an incLNne s1ream to be applied to a p￿TIl￿1￿r ￿Ject[￿. Donations with r￿ restrictions are recorded wrthin the cc￿￿11[￿¢j Stslerrwt of Comprehensive Income and Expandllure when the Cdlege is entsued lo the income. Investmert income and chaThJe In value ofinvesfmenl &wls Investrnent In￿Me and th8nge in value of investrnent assets is r￿)rded in in the year in whlGh il arises ￿K1 as elther restricted or unrestr.cted i￿￿ne xcorthng to ts temis (Y other rosl￿tiOnS to the indiv7dual endowrnenl fund. Totalretum The College Op￿ateS a total r8twn pollcywith rega￿ to tis qwted securflles arKI pwled property fUr￿s. Th8 spending policy is speafically designed lo stsbSllse annual speTrJing levels a￿1 to preserve the real value of the pNIftAio fftr Ilme. The speThling policy attempts to aCh￿ve tt*se two objectives ty usiTrJ a Iw-tem tsrgeted spending rate combined with a smoothing rule, which adjusts spendiw grndually to charyes in the mathel value of th8 quoted seeurftles and poded propty funds. The actu* rate of spendirwj fot 2(Y2Swhen measured againsta three yeartrallng average value was 3.25%12024.. 3.25%). Income is re￿Ived from a range of indudiro W￿rnoda110n, catering Conferen￿ ￿ other seMrEs rendered. Forolgn ¢urrgnGy translatlon Transaclions denominated in fc*eign Currenues are recorded at the rale of exchwoe ruling al the date ol the transactions. Monetsry assets 8nd li8bilities denominated in foreig) Currenc￿ are Iranslated into slerfing al yearend rates or, where there are forward forelgn excharbge contrxts. at contract rates. The resulting exchange drfferences are dealt with in Ihe detemiinab.on of the comprehensive irKrrfne ext*nthture the financial ￿r. Flxed aBs•ts Land and buildings Fixed assets a￿ Staled al deerrk%l cosl le5S 8¢xumulaled depr8ciaYon ac￿L￿Ulated impaimienl losses. Certaln items of fixed assets, induding the fflaiority of OLir Operati￿al buildings, Ihat had been revalued to fair value fm or prfor to 1 A￿USt 2014, the date of transition to SORP, are I￿Sur￿l on the b￿S of deemed cost, bdng the revalued amount al the date of that revallRti￿. Gerald Eve LLP pert￿rned a fdluation in the year for the Lar￿ and Bulldings of the College. These assets hove been taken to cost and Ihe useful eC￿orn￿ lives have been re-set to range behveen 5 to 150 years WKJ are depr￿4ated on 8 straighl4ine bag5. Where parts of 8 fixed asset ha￿ different usetvl Ives. tw are ￿Unted for as separ8te iiems offfixed assets. Costs Incurwi in relalion to land and buildlngs after In￿81 purchase CY constrUth"￿. and prfor to walualkjn. are itallsed to the extent th81 lJ)ey increase ￿ Qxpecled fvtyre benefits to the Cc41ego. FTeehold land is Th)t depreciated 85 il is conwdered to have an indefinite USeft￿ life. Additions to Freehold Buildin95. in the fomi of capitalised refvrblshmenl woths or buildings, are depw"8ted on 8 straight line basis over Ih*r expected useful lives of 50 years. Bulldlngs under construction are walwl at cos( based on ts value of architects. certfflcaies and other dI￿¢t costs incurr8d. Th8y are not dewe(iated wtlil tw are brought Into use. 19 PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POUCIES FOR THE YEAR ENDED 30 JUNE 2025 St•t•m•nt of Principal A¢¢ounllng Polkl•s (¢crtlnu•d) Flxed assets (conhnued) The cost of additions lo cyratlonal property sknm In Ihe bdanc* sheet Includes the cost of18nd. Fumllure, fitlings and equlpment cosfing less than £3,CK)O Sndividual Item or group of ffjlated items is written off In the ￿ar of a￿UlsItion. All other ass8Ls are ¢atxtalis8d and depreciated over theTrr expecknj useful lrfe as fcllows." Furni￿re and fittings Computer ￿UIpment Molw vehicles 10.0% per annum 25.0% annum 20.IYA Per￿n(In Leased assets Costs in respect of operating leases are ¢ts￿r9ed ￿ a stsght4ire basis lease term. Any lease p￿Mium5 or inwlives are spread over Ihe minimum kose temi. The College hdds conserves a number of cdlecllons. exhiblts. artefxts and other assets of historica. artistk or scienlific importartce. Heritsge assets acquired befc￿e 1 August 2014 have not been capitallsed since reli8tAe eslimales of cost or value are not available on a cost benefit t￿$￿5. and also the volume of items and valualion issues mean that it is neither practical nor berthal lo pjentify arvj value them. Acquisitions since 1 August 2014 and valued at over £10k are capitslised and recogni5eiJ in the 8atarKe Sheet at Ihe c4)st ￿. where the assets are donated, al valuation on ￿e￿ipt of Ihese assets where suth a cost or valuaoon is reasonably obtsinable. Heritage assets are not depreciated sirKe th￿r long economic lrfe arKI high residual value mean that any depwialion would ￿t b8 maleri81. Expenditure whkh Is required to yeseNe or prevent further deteriorat￿n of indiwdual items within the heritsge assets is recognised in the Con501Kdated Stslemenl of CC￿prehensive Ir￿oMe and Expendtlure when it is incurred. The Colleges, management policy in respect of ils hefitage asset 15 summaris&J in note 9. 1Th￿s￿ents Flxed asset Inveslmwts are I￿l￿d In the balance sheet 8t f8ir value, exwt for Investsnenls in subsidiary undertakings which aro Stalwy in the Cc4lege's baance sheet at cost and eliminated on ccnsolldation. Investsnenls that are not lis18d on a reccgnised st(Kk extharvJe twied al Pwskyical tr)st less ￿ pro￿$11￿ f￿ impairment in their valuelMa￿et Wdlue. For the purposes of the gTCW accounls 1Ssposals rf 811 interests In land Inot used for oper8tlon81 &*uc8tional purFosesl ¥￿thIn the group are ijisdosed separately. In a&Jlb'on. all Interests in land (not used for operational purFoses) will be consc4Klat•J as Ir￿￿5￿. Land used for operatic￿1 purp￿5 wll continue to be reccgnised in fixed assets. Stocks Stocks are statay at the lo*er of cost and net rEatisable value after making provision for slow moving and obsolete items. Debtors Short temi debloTS ere measured at tran￿1(￿) K¥ice, less imFowmenL Cash and Cash Equlvalw Cash is ￿presented by cash in harK1 a￿1 deFK)sits wth financial insb"tub"ons rep9y3￿e wilhoul penalty on notice of not more than 24 hours. Cash eqUiVa￿ts are highty liquid investsnents that mature in no rrKJre than thffje months from the d81e of acquisition and thal are ￿adity convwtible lo kn(rNn anw)unts of ￿$h v*ilh Instrgnfficant risk of change In value. Crgdltorn Sh)rt term ¢r8dilors ar8 measLwgd al tho transxtion wico. PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POUCIES FOR THE YEAR ENDED 30 JUNE 2025 Statem•nt of Principal ACCOU￿1n9 PoliclM {¢OntIn￿l> Flnancial Instrwn•rt8 The College has el￿ted lo adopt SeCt￿ons 11 and 12 of FRS 1￿2 in respect of the recognith'on. measurement and disclosure of financial ir*tnJments. Finawal 8&8ets and lia￿lItieS are re¢J)gnised when the College becomes party to the contractual p￿SiC￿ of Ihe inStruff￿1 and ttw are classified aLlort￿n9 to ts subs*e of the contractual arrangements ￿tered into. A finar￿la1 asset aThJ a finaw81 li8tallty are offsel onlywhen the￿ is 8 legally 8nforceabfe rSghtto setoff the fecognised amounts and an inlention eilher to sethe on a net ba￿s. cr to realise ass&t and sethe the liability smultaneously. Flnancial as￿t5 Bagc fInar￿la1 assets include trade and other receiva￿e$, cash and (2sh equvalenls and inve51ments in commercial paper li.e. dep)sils 8ntJ b(*#Ysl. These assets are initialty recognised al tran&xtion price unless the arr8ngemenl onstylutes a finanon9 tr8nsxtion. where the trar￿ellOn is measur&J at Ihe present value of the future weipts discounted at a mad(el rate of interest. Such assets s￿ SUbseq￿￿Y ￿rried at 8mLx1ised cost uslng the effecllve interest rate wEthod. Fin8ncial assets are assessed Indicators of iryairmenl al each reporung dale. If there Is 04'ective avi(Jence of Impairff¢nL an impairment loss ￿ recogrdsed in Ihe Consolida￿1 Statement of Comprehansivo Income and EXpwdI￿re. For finanaal assets carried al amortised cost the imp8irmenl10&8 is the dllf6rar￿ bets¥een th8 caffwng amwnl of the asset and the wesenl value of1he 6slimabJ future cash fl(yws. al the asset's orfglnJ effeclive Inleresl rate. Other financial assets. induding investments in equity instruments. whlch are nol subsidiaries orjoirrt ventures. are initially measured at fair value whlch 15 typically the transactior) price. These assets a￿ subsequenljy carried al fair walue and changes in fair value al the reporting date are recognised in Ihe Consolldaled Statement of Comprehensive Income and Exp&iditure. Where Ihe investhent in equity instruments is not pU￿1￿Y traded and where the fair value cannot be reliably mea￿jred, the assets are measured at cost less impaimient. Investments In property or olher phys￿81 assets do not con51itute a finwual lnStNrr￿t arKI are not included. Financial assets are de-recogni5ed when Ihe contraciual rights to the cash from the assel or are settled or substsnlially all of the risks and rewards of ownef5hip a￿ tr8nslwred to arK)ther party. Flnancial U8bil&tl•$ Basic financial liabilities indude trae and other pay8t4es. bank loarts a￿1 intergroup loans. These Ilabifit6es are Inlfjally recognised at transa¢lK)n prtt unless the arrdngement cx)nst6tutes a finanang transaction. where the dgbl Instru￿nI is measured at the present value ol the future payments di$￿Unted al a market rate of inte￿$1. Debt instrum&nts are subsequently carried al amortised cost ￿n9 the effeclivo int8rost rale method. Fees paid on the establishment of loan ladr￿e$ are recognised as trans&tion costs of the to the extenl th81 it is probable that some or all of the fa￿lity YAII ￿ drawn d￿n. Trade payables are ￿lIgationS to pay forgoods or seNcesthat have been wuired in the ordinary course of business from sUPtAiers. Accounts paYa￿e a￿ Classffj￿d as current liabiltlies rf P?￿nent is due within one year or less. If not. they 8re presented as non-current liabilities. Trade payables are rwnised inibally al transaction price gnd subsequenuy measured at amr1ised cost using the eff￿lIve interest rate method. Derivatives, IrKluthng forward foreign exchan￿ contrxts. are not basic fin8ThJal instruments. DerivaUves we Inthalty recognised 8t fair value cfi the date the derirdb've contract is entwed into and are subsequentty revmèasufed at their fair value al the reportlng dale. Changes in the fair value of deriwdtives are recc¥Jnised in the Consolidated Statement of Comprehwtsive InC0Th￿ and ExpEnditure in finar￿e costs or finance income as aFfJropriate. unless they are induded in 8 hedging awangemenL 21 PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2025 ststem•nt of Principal Accountlry Polkles l¢orrtlnu•d) FlnanGlal Liabllltles lcorbtmb￿> To the extenl that the Cdlege enters inlo fojward thign exchange contracts which remain unserfed at Ihe rekNyUng dat8 Ihe fair valu8 of the contracts is reviowed al that dale. The inilial f￿r value is measured as Ihe transacb.on priee on the date of inception of the Cc￿traCts. Subsequent valuations a￿ on the basis of tha forward rates those unsethed contracts at the rep(￿ring dale. The CcAly dces not ap￿Y any hedge acc4JJnting In respect offonvard foretgn exchar4Je contracts held to m8n¥ cash exwsures of ftxecast tr￿saC￿l￿)S denominated in fO￿Ign urrenc4es. FInar￿al IIthHibes are de-r￿nts￿ when the lithlty is disthorged. c*￿dIed. or expires. Provlslons Provisions are re¢xgni5ed the G￿lege has a F¥e￿I legal C￿ constructive obtigalion 8$ 8 result of a past even( it is probable that 8 transfer of economic benefits w￿1 bo required to settle th8 obligalk)n and 8 reliable esttmate be made of the amount of the ckn11gati￿. C¢y)tlr¥Jenl Ilabllltl•s •nd •ss•ts A contingent liaknlity arises frcfft a ￿$1 ebent that Lives the Colknje a pjssible 0blhJatiC￿ Ithse existence wlll only be confimied by the lxcurre￿e or otherwise of unc&tsin future events, rn)t wholly wthin the ￿ntrol the Collegg. CMh"ng8nt liabilrties 81s0 arise in cirrxJNtstsnces kne 8 woukj otherwise be made bul either il is r￿1 probaEYe that an rJJffiN of resources required or the aTh￿nt of the Obligatic￿ cannrjt be Thasured reliably. A conungent asset arises an eNwt has tsken that give5 the College a wssible asset whose eyistence will only be confimied ty the occuffence or Othe￿Se of U￿rtaIn future events not whdly within the control of the College. Conling8nl assots and liabiliti8s are re¢c*Jrisgd in thg bala￿e sheet tr￿1 are disdosed in the r￿t@s. Taxatlon The College is a registsred charity Inurt¢r 1137457). It Is IhetefoTe a tharity wllhin the meaning of P8ragratth 1 of Sthedule 6 to the Finance Act 2010 and accordingty. th8 College is polentialy exempt fr(xn taxation in rgspact of Come or carital gains receNed within e8tegc¥ies covered by section 478488 of the Corporation Tax Act 2010 ICTA 2010> or section 256 ofthe Taxation of Charwble Gains Act 1992. to the exIentthats￿h iwyne or gains are appkejj exclusively to charitable wrI￿)se$. The CcAl8ge's subsidiaries are liable to CorFmtion Tax in the same way as any other commercial organisation. The Cc41ege recelves m slmllar ex￿pU0n In respect of Valu8 Add￿] Tax. Contribution under stat￿ & 11 The Colkge is liable lo be assessed fcf ￿￿tri1￿Jti0n urKler the of Stslute G,11 of the University of Cambridge. Conlribub'on is used ￿ fu￿1 grants io colleges from ￿ Colleges Fund. Thè liability for the year Is as advlsed to the College by the University based on an aSsessa1￿e aniounl derfved frDm the value of the Coliege's assets as at the and of the premous financial ￿r. PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2025 stst•m•nt of PrincipBI Accountlng Policl•s {contlnuedl P•ry4lon costs UnlvoVSiti•s su￿rannUatIon Schome IUSS) The College parucipates in1he Un￿e￿itieS SuF¢rannuation Scheme (the scheme). The schemewas a defined benefit only pension scheme until 31 Marth 2017 whi¢h was contrxted of the Stste se￿nd Pension {S2P}. The assets of scheme are hdd in 8 separate trustee-administered furyj. Because of the mutual nature of the sche￿, the scheme's assets are not hyFothecated lo individual In￿l￿tionS and a schemwlde contribution Tate is set. The Institution is lherefO￿ exposed to actuarlal rfsks assryiated with other institutions. employee5 and 15 una￿e to identify Its share of the undedyng assets arKI lia￿lItieS of the scheme on a Lx)nststent and rea9)na￿e basss and therefore. as required by Section 28 of FRS 102 "Employee benefits., accthnts for the scheme as rf il We￿ a defined contribution scheme. As a result. the amount charged to Ihe Cc*wilidated Stslement of Comprehen&ve Income ar￿ Expenditure represents the conlribulfjons paY?￿e to Ihe scheme in resp8Ct of the accounting period. Since the institution has entered into an agre￿9nt (the Recovery Plan that delem)ines ￿ 8ach employer within the scheme will lund the overall def￿111, the Instityt￿ rwnises a liaL¥ltiy for the c0ntrilyjtic￿S payable Vlat arise from the agreement to the extentth81 they relaleto Ihe deficitand the resultlng exFwtse in Ihe C￿S0]KI8￿ Stslemenl of convehen￿ye Incom8 and Expenditure. FRS 102 makes ts distinction Eetsveen a Group Plan and a multiaemr*)yer sth*me. A GTOUP Plan consists of a collection of 8nlities under common oJntrc4 tyP￿lty v￿h a SFrt)rwring emF4oyer. A multiemployer stheme is scheme for entities not under common c￿ntr￿ and represents I￿1¢ally} an Industy-w6de scherne such as that provided by USS. The accounting for a Mu￿-emEAoYer sthme where the employer h88 entered into an agreement with the scheme thot determines how Ihe empbyer wll furby a defKil results in the recognition of a liability for the conlribullons payable thal arise from the agreenwnt {to the extent that tr*y relate lo the defiatl and the resultir expensa is r6cognised in Fwfit L¥ loss. The diwtors are salisfied ttwt scheme prowded by USS meets the dethnition of a mulli-employer ￿heme and has therefore r￿niSed the discounted fair value of the Contractual contiibutions under th8 fundiro plan in existence al the date of approving the financial sktements. Cambridg• Colleges F•deratod Penslon SGIRme (CCFPSI Th8 College partkapates in the Cambridge Colleg8s Federatgj Pensi(￿ Scheme. a defined benefit sd)eme. Pensic costs are assessed in accordance with the advi￿ of the acluary, bas&1 on Ihe lalest actuarial v81u8b.on of the Scheme and a￿ accounted fc¢ on the bags of providiro pensi￿￿ over the period during which the College benefits from the erryloyees, $eML￿. Iyher pnslon $¢hwn¢8 The Cc41ege also oFw81es a defined ecffltritrAJt￿n pensk￿ scheme for e￿oYeeS. Th8 8ss8ts of ￿ scheme are held separatety from those of the College. The annud conlrflyjllws payaUe arE tharged lo ￿ Consolidaled state￿nt of Comprehensive Income and Expenditure. Crilk•l accounting estlmates and areas of Jwlgement Esfjmales and judgements are conb"nualty evaluated and are based on hislori¢al OXForience and othar factors, induding oxpeclatiws of future events that are believed to be rea5cfj8ble urmler the cirwmslances. In order lo calculate the (fiscounled penSIc￿ liability. the Colw makes estimates and assumption5 corrEming the future. The resulting accounti￿ estfimates and assumptions will, by definition. seldom equal the related actual results. The estim8les and assumplwjns that have a slgThfKanl risk of causing a mat8rial adjusbnent to Ihe ca￿Ying amounts of assets and liabililes wthn Ihe next finanaal year are discussed bdow. 23 PETERHOUSE STATEMENT OF PRINCIPAL ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2025 P•nsion Costs (¢ontln4*d) Crftlcal aceountlng estlmate8 aThl areas of Judgem•nt (conllnuod) The present value of the CCFPS defin￿ benefit li?bility dep￿ on a number of factors thal 8re determined on an actuarial ba&s u5iro a varietyof assumpt*)ns. Theassumplions used in determining the netcost{in¢))mel for pengons Include the discount rate. Any changes in these assumpt*NB. thich are dL%losed kn note 23. will impact the carrying amount of thè pension liaLxlity. FRS 102 makes the dith"nction beiween 8 group F4an and a mufb*mFAoyer sclwne. A group plan consists of colleclion of entilies under ¢x)mnK)n 1X￿trOl M)ically wilh a SkKrn)rirvJ employer. A multi4mployer scheme is scheme fLYentilies not Under￿MMOn ccx)trol and rewesents {typically} an irMlusty4vide scheme such a5 Universities Superannuation St*eme. The accountirvJ 8 mLlti*mployer 5theme where the em ￿0Yer has entered into an agreement woth the scheme that detemilnes how the employwwOII f￿d a defiaL results in ts recognition of a liat41ty forlh&contn"bub"ons payablethat arise from Ihe 4rnement{to the extentth8ttlw rd8teto the defKoll￿th tr* resultiNJ expense charged through the profil or loss acuAml in a¢X￿￿ance vAth seclyon 28 of FRS 102. Employm•rt ￿n•fitS Short term employment ￿nefftS such as salaries aTrJ ccffipensated absences are reco3nised as an expense In the year In whlch the ern￿OyeeS render servi￿ lo the Cdlege. Any unused bgngffts are ￿Ued 8nd measured as the addition81 anKJunl th8 colle￿ exp8cts to pay as a rnsull of the unused entitl8menL Logxy a¢couniirvJ For legacfj￿, enfjlemenl is t*en as the earflercl the date ofwhkh elther. the Cdlege is aware that prob8te has ￿en granted, lh8 estate has been finalised arKI notrficatK)n has been m￿9 by the 9x￿10r{sI lo the College that 8 distribution will be made. or when a dislritr¥Jtion is rec*1￿ from the estate. Receipl of a legacy, in whol8 or in part, is only considered probable when the amount can be measured reliabty and the col￿ge has been notified of the ex￿ut9rfs inlention lo make a diStri￿tIOn. Where lega(ies have been notifth to the College. or th8 College is aware of the granting of probate, and the criteria for incoffe re¢r*Jnition have not teen mel, ihen the legacy is troated as a ontingent asset #nd thsclosed rf materi81. Resorvos Re5eryes are a110¢8ted beiween reslricte¢J and Lmrestrthj reserves. EThknimènl rese￿e$ Include balances which. in res￿ of endowment to the coll￿e, S￿ held 85 Fe1m￿ent fun￿ whth the Cd1¥ must hc4d to p&petuity. Re51ricted Teserves in(Jude balance5 in respect of wFMch Ihe donor has desigThted a SFeufic purpose and therefore the Cdlege is restrtcted In the use of I￿)ds. 24 ¢$ L VI ¢D rkn DQJ o ro(0 c o* E 1511 sl 11511 1 PETERHOUSE STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 30 JUNE 2025 Consolldated Unrestrlcied Restrfcted Endawm•nt £'ooo £'ooo Total £'ooo Balan￿ at l July 2023 SwF4us fr￿￿ ir¥rn exp8nd[￿l￿ stateme 0th8rCc￿prehenSIve incom& Balance at 30 June 2024 7.159 16.671 350.312 6,757 143 10.811 143 333.382 7.624 20.260 361.268 Ci>n8d5datsd Income and expendlture rege Total £'ooo £'ooo £'ooo £'ooo Balance at 1 July 2024 Surplus and exponditure *atwnenl Other comprehensr¥e Income Balan￿ at 30 JUM 202S 7.624 20.260 361.266 {7.533) 61.477 1.216 878 15.4391 61,4TT 387.326 21,138 417.304 The notes on page5 29 to 48 fcm part of these accounts. PETERHOUSE CONSOLIDATED AND COLLEGE BALANCE SHEET ASAT30JUNE 2025 2025 Cwsolldatsd 2025 Coll•g• £'ooo 2024 Con•olldatsd £'ooo 2024 Coll•9 £'ooo NoTrcurrant As$•ts Fix8d assets Investmnts 184.036 184.036 256.405 256.030 440A41 440.066 121.157 261.323 121,157 10 382,105 Current as$•ts Stocks Trade and other reCei￿t￿8 Cash rash equivalents 11 12 13 452 3.258 456 6,411 2.446 9,313 3.704 5,981 7.148 6.880 9.505 Cred5tor8.' amounts falllng duo wlthln om >•ar 14 13.321) (3.2191 {3,529) 13,405} N•t ¢urr•nt assets Total A6$0ts I•￿ cuThent Ilabilities 444.281 443.733 388.013 CrndStors: amounts falllng du• aft•r more ¢han one par 15 (25.891) 125.8911 (25.887) 125.887) Provlslons 16 (1.073) {1.on 11.303) 11,303) Tolal net as$•ts 417,304 416,769 361,266 360,823 Restrlthd rns•r¥•s Income a￿1 expendtiure reseThe- en￿ent T¢￿rve Income a￿1 expendrture r8sorve- restn'cted rès8tv8 Total Restrlcted r•BefW• 17 21.1 21.138 20.￿) 18 29.978 29,9n 27,884 IncLYne expenditur8 reserve- unr8stsi(tsd 387.326 386,791 332,939 Total R￿er 417.304 416.769 361.266 360,823 The accompanyiro notes on pages 29 to 48 are an integral part of this balar￿ sheet. The TInar￿la1 statements V•we approved by the Goveming Bcxjy on 24 Novembw 2025 and signed on their behalf by. Proftssor M.A Parker Mr l.N.M. Wright Master Senlor Bursar 27 PETERHOUSE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025 2025 £'ooo 2024 £'ooo Net cash from o￿ab￿j athtlres (695) {7.074) 2.322 3201 Cash Itovts Irom finaw 21 (1.154) 11.1561 D•cr•as• In wh and (￿h •qulval•nts In th• 473 15.029) Cash and (Ssh équwal&ts at beginnirKJ ofts 3,077 8.106 Ca8h and cagh •qulvalents at •nd ofth• 3.5x1 3,077 The n¢Jtes on page$ 2910 48 fomj ofth8se *counts. 28 PETERHOUSE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 Academk fees and charg•s 2025 2024 College Foes Fee income received al the Regulated Undergrathate rale Fee income rerAved al the Urwulated unde￿thate rdte Fee incorne re￿ved al the Graduale rate oth￿ inrome 979 755 678 279 2,963 2.730 2025 £'ooo 2024 £'ooo AGciJmmtslalion College mwnbers Conferences 2.517 2.378 428 Caterfng 441 471 Total 3,883 3.704 Totsl r￿irn and invastmgnt incomo Analysi* 2025 £'ooo 2024 £'ooo Income from: Land and buildings Quoted Pwled pro[￿ Funds Quoted securibes Other interest re¢%ivable 5.502 205 1.828 291 5,024 218 1.833 518 Total 7.826 7.593 Totsl endowm•nt roturn appli￿ to i￿>m• Land and buildings al￿8(1 Pooled PTOW Funds QL¥)ted sewribes Other inter9St receivable Less excess of total retum over irthme received 726 5.502 635 5.024 195 1.398 518 11771 291 (2221 Totsl 7.826 7.593 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 3b. Surnmary of total r•tum 2025 2024 Quoted Poded Pn)pety FuThts (￿019￿ Securilles 21 GainsJllogs•s) on inv•stm•rt ass•ts: Quoted ￿￿ritieS aTrJ Podfyy Prrwty Funds Investrnent managemenl costs {191 {22) Total re￿In for 968 Tolal reium transferred to irKorne aTrJ exFendilure reserve (see Th)te 171 17261 16351 Unappll•d lolal r•turn for year in¢luded within Statoment of Compr•h8nslv• Incom• and EXpe￿Ill￿e (sw 17) 242 2025 £'ooo 2024 £'ODO Land and ￿lI￿ng8 Qwted securities- equities 167 75 195 100 Totsl 242 295 Edu¢otlon eXpendI￿re 2025 rooo 2024 £'ooo Teaching Tuknal Admlsslons Research Scholarships and &Yards Other educational facilities 2.423 1.021 772 1.222 934 2,258 986 729 1,144 1.014 939 Total 7,356 7,070 Accommodation. ut•rfry aNI conferences expeThlitur• 2025 £'ooo 2024 £'ooo Accommodats. College membe Conferences (Ir￿Ill￿1ng meeting rooms) College Members and staff 3.891 399 1.636 493 427 1,838 Calerfng Totsl 6.825 6.419 PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Oth•r Exp•ndilw• 2025 £'ooo 2024 £'OOD Loan interest Write off of accrued interest investr USS pension interest charge FRS 102 pen￿0￿ schemes interest charge Investment man8￿ment fees and administra1ion Property management fees arKI administration Other property costs Other generydl and administrative 1,158 606 1.156 25 80 100 195 659 531 67 75 167 582 541 Subtotal contribut1(￿ under Statute G.11 3.196 188 2.746 197 Total 3.384 2,943 7a. Analysis of 2024r2025 •xp•ndltwe by actlvlty othor Stsff costs Operatlng (Not9 8) Exponses Deproclall¢)n £'ooo £'ooo 2025 Totsl £'ooo Education Accommc*Jation, cètering and ￿nferertey Other Net change In USS defidl re(x)very prows¥Jn Isee note 161 3,473 2.938 391 3.061 1.780 822 2.107 6.825 Total 6,802 2.929 17.565 7b. Analys1$ of 202312024 expgndilur• by a¢tl¥ity 2024 Total £'ooo (Nots 8) £'ooo Exponsos D•preclthn £'ooo £'ooo Educabon Accommodalicfi, catering conferences Other Nel thange In USS defi(at recovery promsi (see note 161 3.173 2.737 302 3.196 1.912 2.641 701 7,070 6.419 2.943 {1.1231 11.1231 Total 5.089 7.749 2.471 15,309 Other expendllure indud8s fundraising cosls £156k12024.. £186kl. Ths expendilwe does not i￿lude lh8 Costs of alumni relations. 7c. Audltors T￿nu￿ratiOn Other operating expenses forthe College aTrJ its sutsid1&￿ Ind￿je. 2025 2024 £'ooo Audit fees p8yable to the College's extemal audilors Olhei fees payaL4e lo the College's extemal authtors 31 22 Total 31 22 31 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Staff and external tea¢hirvJ ¢o¥ts Collaga Fdlows A¢•deml¢ AGademlc 2025 2025 2025 rooo £'ooo Total 2025 £'ooo Staff and extemal teathing c￿1$. Emoluments Extemal leaching costs Sodal Se￿rIty costs 1.485 3.982 5.467 254 563 254 162 401 Subtotal 1.647 254 4.383 6,284 Other pension costs Nel change In USS de￿l re¢xvery p￿S Isee note 16) 518 Subtotsl of perfjion costs (see Th)te 8bl 320 518 Total 254 4.703 6,802 College Fellw indude Academic EnKALmWlls {£1.180kl. ScK¥al Securityc05ts {£121 k), Otsr p￿S￿)n costs {£157kl. Coll•y F￿lLY*S Acad•mic Non Acad•mlc 2024 2024 2024 £'ooo £'ooo Totsl 2024 £'ooo Staff and extemal teachlng costs: EmDlum8nts Exlemal leachiNJ costs Scrtial Security costs 1.333 3,662 4,995 239 239 137 Subtolal 1.470 239 3.994 5.703 Olher pension costs Net chÈr#Je in USS defiut reLovery pmisi( 221 {1,1e6) 552 11,166) Subiokl of pension costs (see note 8b) (9451 331 1614) Total 525 239 4,325 5,089 College Fdlows include A&•Jemic EM0bm￿ts {£1.088k). Sw81 Sewrity (Thts (£107kl Oih&r twtsion ¢osts1£184k). ased on 2024 valuation ol the UnIversi￿e$ Super8nNalion Scheme IUSS). Ihe iwoact of the net change in the USS del￿1 recovery provision is a credlt of £NII12024: £1.166kl. This c(xwrises a non-¢8sh cr&JFt resulling from the change in assumpuons, Includlng th8 disc#)unt rate, of £Nil12024.. £1.123k) and cash conbYbuUons m8d8 to rwjuce the detkll In the year of £NII (2024: £43k}. Average number of st8fTr. Academic {Full-time) Academlc (Part4mel Non-academic {Full4"me) NoTracademic (Part-time> 2025 2024 17 67 73 69 76 57 Total 221 205 Th8 ￿VernIng Body comprised 42 Fell(w￿, ofwlKh 37 ¥e st1k*ThJi￿. PETERHOUSE NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Staff and •xtemal Iwchlry costs (contlnued The numb8r of officers 8nd employees of fv Cdlege. irKauding Head of H(K￿e. who receNed remuneration in the following ranges was: 2025 NuM￿r 2024 Number From To £1(￿1.1KIl £110.Crf)O £110.￿1 £120,[￿11 £130,(M)O £130,LK11 £140 001 £140.(rf)O £150,(KKJ Remuneration incltjdes salary. enW0y￿S nalonal Insur￿￿￿ con1ribuii¢￿s. 8mpFoy8rf5 penson ￿ntributi￿5 plus any table beneffts ￿ther paid, pay8N8 or txomded. gross of any salary sacrifice orraro8ments. 8a. K•y Manag•m•nt P•rsonn•l Key management personnel are those person5 having wU)orlty and resp￿￿bility for planning. directing aNI ¢onlrolliro the activitie5 of the Cdlege. Ehjring the year there were 312024". 31 members of the key m8n8gement team and total remuneration (including 8mpksyerfs pen5iefjs and empbyerfs national insurance conlritwtions) and other ben￿lts were £389,00012024: £361.OCQ}. The Trust￿5 received no rerruierabon in Iheir capath as TA￿te8$ of the Charity. 8b. Pension costs The total pension cost i￿A￿led in staff costs year{see ￿te 8) was: Employer ontrlbulions 2025 £000 Provlsions (Note 16) 2025 £000 Total Employer ontrlbutkjns 2024 £000 Provisions (Note 16 2024 £000 Total 2025 £000 2024 £000 uss CCFPS Oiher 222 126 170 222 126 170 218 138 153 11.123) 19051 138 153 Total 518 518 509 614 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Fixed assels Land and bulldlng5 2025 Totsl fODO 2024 Total £'ooo Group and Colltyo Equlpment Costlvaluation At beginning of year Additions Revaluati 139.739 4,378 40.931 3.517 153 143.256 4,531 40,931 139.649 3,607 At end of year 185.048 3.670 188.718 143.256 Accumulat•d d•prnciation At beginnirvj of year Charge the year Written b8c* on revalLFalic 20.346 2.712 (20.346) 1.753 217 22.099 2,929 (20,3461 19,628 2.471 At erKI of year 2.712 1.970 4,682 22.099 Not book val At 30 June 2025 1W2.3 184.036 121,157 At 1 July 2024 119.393 1.764 121.157 120.021 The insured value of fre8hokl18fKI and builthrys as et 30 2025 was £176m {2024: £171m). The College has not made any heritage asset uulsillons Sir￿ 1 August 2014 and. therefore. has not induded any haritage assefs in the Balance She81. OFeratiMal awts are Ihose that the Cdlegè uses in the course of meeting its ¢harilable purposes ofeduCatic￿. rdigKsn. leaming. aThJ r&seaTch. an ass&t has t*en dasgfied as an oper8bc*)al asset it is not reclassthd as a heri1¥ assel. A valuation of College land and buildings vrds Carr￿ out by Gwald Eve LLP. Chartered Surveyors. on 30 June 2024 on the basis of fair value defin￿ as.. The am￿nt for which an asset could be exchanged. a liability settled. or an equlty instrument granted could be exchanged. be￿n kn(￿e￿gea￿e. ¥MllirrfJ parties in an arm's length transactlon. PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 10. Investsnents Group 2025 £'ooo 261.323 8.445 (7.467) {5.8451 151) Coll•go 2025 Group 2024 £'ODO 253.534 4.885 14,1CQ} 7.716 {712) Coll99• 2024 £'ooo 253.113 4,885 14,100) 7.762 {712) At beginning of year Addib"ons Disposals Galnllloss) on investrnents De(¥e8se in c8sh balarKes he5d at lund managers Al 8nd of year (7.467) (5,8451 1511 256.405 256.030 261.323 260,948 Coll•ge 2025 Group 2024 £'ooo 179,59) 3.519 75,405 2.657 Coll•go 2024 £'ooo 178.715 3.519 75.405 2.657 Represented by: 2025 £'ooo 173,118 3.598 79.272 276 Propety Pooled Property FuThJs Quoted securities- securities Loans and fixed interest seujrities Investsnent in subsidiary uNJertaklngs Cash in han¢J ￿ at inv8slm8nt rrAngers 172.283 3.598 79.2n 276 141 2%,405 141 256.030 192 260.948 261,323 Inve8trnenl assets atNJ endowment assets ar8 mwwgwj 8sa ￿ng￿ aTrJ are both irhyudoij v*ithin the rwta abova. The investhient In subsidiaries rep￿sents 1￿* of Ihe issued share capTtal of Peterhouse Entèrpris8s Linitod I'PEL'I, and Pel8rhws8 Confer¢n¢e and Events knmite(I I'PCEL'I. All Compan￿ are registered in the unit￿ Kirwom. PEL develops propety and hohys pwDpeFty renlal. kny taxable revenue is paid, und8rth• Grfl ASd scheme. to th8 College. At 30 Jun8 2￿25 the C(￿panY had share C8lMtsI and reserves tolalliTrJ £453,53712024: £453.5371 and the Ilossv proffit aftertsx (but before de&J of(xNen&rtl forthe year then ¥Yas £2.15512024.. £62021. PCEL njnsconference and eventstsc41tiw. AnytaxatrAe gJJWus is pawj. underthe GrfiAld stheme, to Ihe College. Al 30 June 2025 U)9 company had share capitsl and resèrves totsling £1(2024.. £11 Ihe profft aftwlax It￿rt ￿fOre deed clcovenantl forthè y8¥ then ended was £80,630121)24.. £48.483). The Group has an inv8Stm8nt th￿gh ma￿ Fa￿ Stretham LLP in a resdential hoLNrpJ devdopmenl in Cambrfdge8hlre. PEL holds an investrn8nt at cost of £NI12024'. £Nil) in th8 LLP. Manor Fam Strelham LLP had borrowed on commercial tefms £276k at 30 June 202512024.. £2.657kl from the Cdlg38. Th8 Group has 8n investrngnt in a prcyerty calgj Fo￿￿arn Busrnss Court thls Is parb• fiJTh*d by a loan from a third party (see T￿te 15: Other loartsl. The 2025 valuatims ￿trO mad8 by lan IMRICS cer11￿}V￿O vos an employEe ofPe4* PrDp* Consultants Limit&J. on an open mark8t PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 11. StoGks and work kn progress College 2025 £'ooo Group 2024 £'ODO Collo9• 2024 £'ooo 2025 £'ooo Other stocks 452 452 456 12. Trade and other r￿1Vable$ Coll•g• 2024 £'ooo 2025 202$ 2024 £'ooo Members of the College Amount due frorn subsidlary undert8kir•J Other receivabl8s Prepayments and accfwJ ir￿*￿e 92 470 1.383 1,759 134 134 471 1,295 4.511 1.407 1,759 4.511 Total 3258 3.704 5,981 6,411 13. Cash and cash OqUifdl•nts GTOUP 2025 College 2025 £'ooo Group 2024 £'ooo College 2024 £'ooo Bank derx)sits Current o¢C¢￿ts 3.378 2.986 82 2,377 69 47 Total 2.730 3.068 2.446 14. Credltorn: amounts falllng due wlthln one yo Group 2025 College 2025 rooo Group 2024 £'ooo College 2024 £'ooo Bank overdraft Members of the Cdlege University fees Conlribut*)n to Cdleges Fund Other Credrtcxs (e.g. VAT) A¢cn*l$ and deferred inctyne 183 323 81 197 1.859 183 323 81 197 1.783 267 28 267 1,855 954 1,782 925 Totsl 3.321 3,219 3,529 3.405 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 15. Cr¢dMors: amounts falling du• aft•r mm than on• y•ar Group 2Q25 College 2025 Group 2024 £'OOD Colleg• 2024 £'ooo Bank loans Other loans 24.0 1.891 24,(N)O 1,891 24.LK)O 1.887 24,0(KJ 1.887 25.891 25.891 25.887 25.887 Includ￿ withln credlt(KS due in n￿8 tha) one yE8r we th8 follo*ing108ns *¥J f&iltbes: £8 million due for repayment by 27102r2031. Tr loan tear5 ￿ed interest r8tes of 4.345% C￿ £1 mllll¢Jn. 4.415% on £2 Milli￿ and 4.575°A on £5 million. £16 million due for repay7￿1 ty 12111r2057. The loan bear5 fixed Inte￿51 rates of 4.970% on £8 million and 5.CK)S% on £8 million. 16. Pgnslon Provlslon8 Group 2025 College 2025 £'ooo Group 2024 £'ooo Col 2024 Balance at beglnnlng of year 1.303 1,303 2.655 2,655 Movernnt in year". Current serwce ￿$( IndudirvJ ￿te 8ssuran¢e Contributions Other finar￿ cost Aclu8rial lossllgainl recognised In Consolidated stste￿nt of Comprehensive Income and Expenditure Net change in undetying aSwmp￿OnS (see note 8) - Change in underlyiTrJ assumptions - USS defficit contritrmjlicrt p8￿e 356 1504) 105 356 (5041 105 (450} 1450) (196) (196) 1143) (143) 11.123) 143) (1.123) {43) B•lanGe at end of year 1.073 1.073 1,303 Split a8 foll(rws: CCFPS P•nsion Provlslons College 2025 £'ooo Group 2024 £'ooo Colkge 2024 2025 BalarKe at Ixginniryj of y 1,303 1.303 1.514 1,514 M¢>v•m•nt in year: Current seNce cost irtluthro life assurar Contributlons Other finance cost A¢iuarial105sllgainl reccKJnfsed in Consc4idated Statement of Comw8hewve Income 8nd Expenditure 126 {229) 126 {2291 68 138 {2861 1286) {195) (1951 11431 {143) Balanc• at •nd of y•ar 1.073 1.073 1,303 1,303 37 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 16. Pension Provisions {contlnued) uss Pension Provision8 Group 2025 College 2025 rooo Group 2024 £'DOO Collegg 2024 £'ooo Balance at beglnnlng of ye 1.141 1,141 Movgment In ygai: Current servlce cost induding lrfe assuranc Contribut￿nS Other finance cost Net change in undertying assumpttsJis (see note 8) - Change in undedying assumptKms USS deficit contribut￿n5 payable 218 {218) 25 218 1218) 25 1222) (222) (1,123) 143} {1,1231 1431 Balanc• al •nd of yoar 17. Restricted net assets relating io endowments are as follows: Restrict Perrnanent R8Stri¢t•d Perrnanont Restricted Re8trfcted Pemianent Pennanent 2025 Bas8 Valu• 2025 Unapplied r¢tum rooo 2025 Total 2024 Total £'ooo £'ooo £'ooo Group and Collego Balance at beglnning of year 18.854 20.260 16,671 Increa8el{decrease) in market value of Investments Irwestment income Management charges Endowment retsjm transferred to other unspent restricted income New donations and endowmenls 1,200 458 {22) (19) (19) (726) {726) 636 1635) 2,588 Movement In Year 242 878 3,589 Balance al end of Ihe year 19.4 21,138 20,260 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 17. End0￿￿Ont funds (continuod) Restrictgd Restrlrted Restrict¢d Restrfcted Perman•nt Pemianent P¢rnianffit Pèmianent Endowmonts Endowments Endowm•nts Endowments 2025 2025 2025 2024 Ise Value Unappll•d Total Total rnturn £'ooo Anatysls by type of pury)0sO: Research, studwtship, sthAarship funds Student hardshlp Prizes Travel grants Library fund Garden fund Kelvin fund 16.073 1.319 231 43 33 17,392 2,619 496 16,593 453 491 85 163 17 81 157 16 149 15 14 19,4 21,138 20,260 Analysls by assot: Investments Trade other recevables 19. 21.138 17,760 2,￿)0 19.49) 1,648 21,138 20,260 18. Restrlcted Re8•rv•s Res￿VeS with restricb.ons f(x the ¢urrenl year we as ftAlows {fun cOm￿ativeS fdlow on the next P8gel.' Group and College oth•r unsp•nt expendable 6nd(MTment £'ooo 2025 Total £'ooo 2024 Total £'ooo Balanc• at b•giMlTrJ ol y•ar 7.180 7.624 7,159 Application of total retum on End(ywment rebjm transferred Transfer of Incorr Ir￿Tease1(de¢redsel In martel walue of investmenls Imiestmenl income Management charges New grants and other inccrfne New donauons Exp8nditure 726 {547) 726 547 28 28 29 25 121 69 732 {1.£￿2) 1.470 11.134> 1.470 11.1341 Mov•ment in the year 1.037 1.216 Balan¢• at end of year 623 8.217 7,624 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 18. Restricted R•s•rws (corrtinu•d) Analy818 of ¢>th•r restri fund￿ donations by typ• of purpose: oth•r unspent •xpendabl• 8ndowmgnt 2025 Total £'ooo 2024 T¢)tal £'ooo Musi¢ Works of art Research, studentshlp. scholarstiip funds Studenl hardshJ"p Boat dub fund Crfckel club Prfzes Peme lityary Travel grants Library fund Garden Fund Chapel Lectures Kel￿n Fund Buildings fijnd 2.655 691 567 1,4 615 528 211 567 45 101 16 49 35 56 16 45 46 11 1,153 16 31 1.136 53 1,136 623 8217 7.624 19. Roconclliatlon of ¢onSolkla¢￿ swplus forth• yow to not ¢*sh ouffiow from opwaliry aGti¥it 2025 £'ooo 2024 £'ooo {Defic•lysuWus the year {5,439) 10.811 Adlustmont for non4a8h It•m8: Depreciation LOS￿(gaIn1 on endovmients arKI inves1m￿ts DeCrea5el{inc￿8seI in st¢xk Decreasellincre8sel in tr8de and other ￿e1Valle5 (Decre8seyIr￿ase in crethlors Pen￿On costs less cclmbukns pa￿e 2.929 5.845 2,471 17,716) 12) 13,147} 11,8451 {1.2091 2.723 (54) (35) Adjustment for Investlng or financiry S￿1¥111•¥. Inveslment Income Loan Inleresl payat4e (7.826} 1.158 17,593) 1.156 16951 17,074} PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 20. Cash flow8 frcffi InV￿lIng actlvltl•g 2025 £'ooo 2024 £'ooD Non-current invesknent disposal Investrnenl Income Endowment funds invosled PayThents to acquire tarKJible fixed assets 7.472 7.826 18,4451 14,5311 4,100 7,593 14,8851 13,6071 Total cash flows Invosting actl¥ftles 2,322 3.201 21. C•sh from financing a¢tivili•s 2025 rooo 2024 £'ooo Interest Paid New secured loans 11,158) {1.1561 Net ¢ash wfflow from finarKing ￿.￿li&S {1.154) {1,156} 22. Analysls of cash and cash equival•nt8 At b•ginnl of year £'ooo Cash Ilows £'ooo At ènd of year £'ooo Bank overdraft Cash at bank and in hand Cash al investrnenl managers 11831 3.068 192 154 370 {511 129) 3,438 141 Net Funds 3.077 473 3,550 23. Pènsion Schemes The lolal pensffi cost for the Cc41ege lor the year to 30 June shown kn nofrs 8 arKI 8b was as follows: 2025 £'ooo 2024 £'ooD VSS.. Charged to Con¥Jlidated Statement of compr*￿S1¥e Ir£e¢ne and ExperKlilure CCFPS: Charged lo Consolidated Slalemenl of c￿prehenSivti Income and ExpeThliture CCGPS.. Delined Conlrilxjlion sCherr￿ Empkjyer rX￿tribUtiOnS Net chaThJe in USS tlefiot recovery promsion 218 138 153 (1.123) 126 170 518 16141 The schemes ￿ as folows.. 41 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 23. P•nsion S¢h•mos (¢ontinued) Univ•rsiii•s Supornnnuation Sch•m• (USS A defiat recovery p18n was Ixrt in Flace as part of the 2020 Valua￿￿. tt required PHYTh￿1 of 6.2% of salari8s over I period 1 April 2022 until 31 March 2024. at which pcxnt Ihe rdte would It￿rease to 6.3%. No deficft recovery plan w8s requir￿1 under the 2023 valuallon because ￿ scheme was in suwus on a technical p￿￿on9 basis. The instiluticn was no long81 r8quired to make def￿11 recovery uJntritxJtions frcffl 1 January 2024 and accordingly released oulstsnding provision lo ts stat￿ent ol incrxne aThJ expertses in the yior ypar. The latest avaSlable ￿mplete acluarlal valuation of the Retirement &Jilder. the defined benefit part of the scheme. is as at 31 Marth 2023 (the valuakn datel, which was carnied ￿Jt using the kvoiecled unit methc•J. Slnce the Irstltullon canrKJt klentify its share of the Relirement 1￿me Builthr (defined b￿ffit) assets and liabl￿ties. the following disdosures reflect tk•)se relevant for those assels and liabilibes as a whole. The 2023 valuation was the seventh waluation for the scheme uTrJer the ScheM￿peCifiC fLmding regime introduc& by the Pensions Act 2004. which rewires schemes to have suffirAent and appropriate assets to cover their technical provisions lthe ststutory funding obledve). At the Valuati￿ dale. the Value of the assets of the scheme was £73.1bn arKI the value of the sChe￿￿'S tecknul prO￿￿OnS was £65.7bn indicathrKJ a surFrfus of £7.4bn and a furvjing ratlo of 111%. The key financial asgjmplions in the 2023 valuati￿ are de￿bed detail is set out in the Ststement of F￿XIIng {uSs.tx.uklabr￿￿jsl￿￿1u8tion￿r￿fvnd￿ty$fatemen1-Of.fvThjlng-pn￿ap￿Sl. Prfce infl8lion- Consumer Pflces Irthx {CPII 3.0% p.a. {based C￿ a lon￿eM averag& expected levd of CPI. trmady c￿1$1￿1 ¥￿th long-temi m8thel expectslionsl RPIICPI gap 1.0% p.a. to 2030. rethr4J to 0.1% p.a. from 2030 Disoounl rate F￿ed Interest gilt weld CU￿ plLB: Pre-teb"remenl.. 2.S% p.8. Postrfetiremenl: 0.9% p.a. Penson inrxeases (all sutieGt to a floor of ¢yh) Benefits Mth no cap: CPI assumptlon plus 3tps Benefits subjecl lo a 'soft cap. of 5% Iprovi(fing inflationary increases up lo 5%, ￿ half of any excess inflab'on over 5% up lo a maximum of 100AI: CPI a&S￿nption rrwnus 3bp$ The main denh)gr8phlc assumptions used rela￿ to the mortalty assumptions. These assumptions are based c analysis of the ￿heffle.$ experience caffied ¢)Jt a5 part of the 2023 acluarial valuation. The mortality 8ssumpb.ons used in these fiwres as fdlows.. 2023 valuallon MortalSty base table 101% of S2PNI4'llghf for males 8NJ 95% of S3PFA for FU￿re Improvements lo rTrytallty CMI_2021 with a smoothing parameter of 7.5. an initi81 ackjiticv) of O È10% p.a.. 10% w2020 w2021 pw3Mete￿. and a loThJ-lemi Improvement rate of 1.80% p.a. for males and 1.60% p.a. for fomales 42 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Pension S¢h•m•8 {continued) The current Ilfe expeci8ncies on retirement at age 65 we: 2025 23.8 25.5 25.7 27.2 2024 23.7 25.6 25.4 27.2 Males currenly aged 65 (years) Females CUTrenlly aged 65 lyearsl Males currenly aged 45 (years) Fema￿$ ojrrenlty ag￿1 45 lyearsl C4mbrldge Collo90$ Fgdgrat•d P•rbsion Schem• ICCFPS) The College opefates a defined b&iefits for the C(Alege's ￿￿oyeeS of ￿ Camknidge Colleges. Federal￿1 Penslon Sch*ne. Th6 liabilities of the plan have been ¢alrJJaled, at ￿ June 2025, ￿ th8 wrwses d FRS102 usiro 8 valuation system designed for th8 Management Committee, acling 8$ Trustee of the Cambn'dge s￿legeS, Fed8rated Pen5K)n Scheme, but allowing for the diffeient assumptions requi￿ uThJer FRS102 arKI taking ￿llY into considerntton charKJes In the plan ￿nefIt structure and m8mb6rship since that dats. The prinapal actuarial a5yJmptions at the balance *el date were a5 folloY•S: 30 June 2025 % p.a. 30 June 2024 % p.a. 5.10 Discount rale IncreB5e in salaries lo 2030 Incre8se Sn s81aries from 2030 Retsil Pri￿$ Index IRPII asgjmplion Consumer Pric8s Index {CPI} assump￿0￿ lo 2030 Consumer Prices Index {CPI) assumpti(￿ from 2030 Pension increases in payment {RPI max 5% p.a.) Pension increases in payment {CPI max 2.50A p.8.) 3.30 3.75 3.35 3.25 3.15 2.85 The underfying m¢)rt81ity assumption is based upon the standard ta￿e known as S3PxA on a year of birth usage wllh CMI_2023 future improvement factors and a Itsr￿ rdle offijtU￿ improiRmenl of 1.25% per annum12024:samo). Th5$ resums In the follwng lrfe exp￿￿ncIeS. Male 65 nrnv has a lrfe eXp￿rtY 0121.4 y￿$ {preNlwsfy 21.4 year51. Female ¥Je 65 rM)w has a life expectsnGy of 24.0 years (previously 23.9 year51. Male age 45 now. and reliring al age 65, has a lrfe eXp￿￿nCY of 22.7 years {pmiously 22.6 years). Female *Je 45 w. and relring at age 65. has 8 lrfe ex[￿tancY of 25.4 years {prewou￿Y 25.3 years). Members a￿ 8ssumed ¢0 retire at tsir nonnal retirenth age {65) apart from In the following indi12ted cases.. Male Fomw Active Members- Option 1 Benefits Defeffed Members- Option 1 Beneffl5 64 63 62 Allcvwance has teen made at rets￿ment for r￿-rtsti￿d membets to commute part of their pensK*n for a lump sum o the basis of the Cu￿nI commutstion factors in these cahx1ati(￿$. PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Pemlon S¢hem•5 (continu￿) The amounts rwlsèj in the Balance as at 30 JU￿ 2025 (7Mlh c>)mparthe figures as al ￿ June 20241 are as fdlows: 30 June 2025 £'ooo {10.344) 9.272 30 Jun• 2024 £'ooo Present value ol plan liabilities Market Value of plan assels {11,6011 10,299 Not doflned ￿nefft Ilablllty {1.0721 {1,302) The amunts to k rwrised in IrKrme abxl ExpendtiuE forthe yw ending 30 2025 Iwilh Comparath've figures for Ihe year endlng 30 June 20241 *e as folh)ws: 30 June 2025 £'ooo 11XJ 30 June 2024 £'ooo 118 Current S￿￿¢e ￿$t Administrativè expensas Inleresl on nel define(I benefit li&MIty Total 218 Changes in the present value of the p18n liablrfies fc* the yearending 30 June 2025 Iwtth cunparalive figures for lh8 year ending XJ June 2024) are as 30Ju 2025 £'ooo 30 Juno 2024 £'ooo 11,295 170 14281 581 1151 Pregent Val￿ of F4an liabilit*5 at b8ginrMng of FEII Current service cost lirtludiTrJ Employee conlribufions) Benefits paid Interest M plan liatslities Actuari81 (gainswosses 11.601 144 (1.0291 570 (941) Prmont v•lu• of plan Ilabllltles al end of wiod 10.345 11.603 Changes in the fair value of the FAan assets for the year en(*rvJ 30 2025 (wlth cryrative figures for the year ending 30 June 20241 are as frAIows.- 30 Jun• 2025 £'ooo 30 June 2024 £'ooo 9.7¥2 Market value of plan assets al beginning d ped(yJ Contributions paid by tho College Employee contribubons Benefits paid Administrative exFenses p8KI Interest on plan assels Return on assets, less interest I￿l￿ed rn IrKome & Ex￿¢s￿￿e 10.299 51 {4281 {251 501 133 11.029) 129} 502 17431 Mark•t value of plan 8ssgts at end of pgrlod 9.273 10.31YJ Acbjal rebjm on plan assets 1241) PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 23. Pgnslon Schemes Icontlnuedl The major categorie5 of plan assets as a ￿￿cen￿ge of totsl plan assets f¢y ts year erKling 30 June 2025 (with cornparative figures for the year e￿Ing 30 June 20241 are as fdl(prts'. 2025 2024 Equllles Bonds and cash Pror 46% 42% 12% The plan has no in￿ents in prope¢y ctcupied by. assets used by or fi￿gaI inslwments Issu￿ by, the Colleg8. An01￿lS of the re-measurement of the net defined benefit liability re(x)gnlsed in other Comprehensive Income (OCI) for the year ending 30 June 2025 (with COWTative figures for tr* year endirg 3J June 2￿24) are as follows: 2025 £'ooo 1743) 13) 1104) 1.045 2024 £'ooo 133 {51 (421 57 Retum on assets. ￿sS inlwgst IndUd￿ in Ir￿￿me & EX￿￿￿t￿re Expected less aciual plan expense5 Experien￿ gains and losses arisiry on plan 11a￿1•￿0$ ChaNJes In assumptions underfwng the present vJue of plan lia￿lIbe5 R•me•suromant of ngt d•flngd bon•fft Ilablllty rg¢0gnis•d in OCI 195 143 Movement in net defined benefit assevlliobility) during the year eThJing 30 June 2025 I￿1h ￿M￿ra￿"ve figures foT thè year ending 30 June 20241 are 8s follows.. 2025 2024 £'ooo Nel d8ffined benefit liability at beginning of y8or Recognised in Income and Expenditrj Contribul.￿S paid by the College Remeasuremenl of net defI￿d benefft lialmlity recognised in OCI {1.303) 1194) 229 195 11.5141 1218 286 143 Ngt rf9fin￿ b•nofft Ilablllty al end of y•ar 11,073) 11,303) Funding Poll¢y Acluarial valuations are c8thed ￿1 evwy thre6 yews on b8WI of the Man4ement Commiitse, as the Truslee of the Scheme. by 8 qualrfied intspendenl *tU8ry. The actuwial a5SLxnptw)ns urnledying th8 actuarial valuation are different to those a(h)pted under FRS102. The last suth actuarial valuation was as at 31 March 2023. This shcrwed that the plan's assels were insufficient to cover the li8bililies on the funding basis. A Recovery Plan has been agreed wlth the College. whlch wmmits th8 College to P8yir¥J contributions lo fund the shortfall. These defial reduction cfmtribulicfis were inco￿orated into the plan's latest Schedule of Contribubons dated 3 Jun& 2024 and are as follows: Annual conlribUtic￿ of r*)t less than £91.513 per annum payatAe for the pe￿d from 1 July 2024 10 31 (ktober 2029. These payments are subject to review folltxlng Ihe next fvTrJing vduatirm, due as 8131 March 2026. stakahold8r Scheme The College also operates 8 defined conlribution under Ihe stskelK4der r￿eS for employees. The pension charge for Ihe year was £17(￿ {2024'. £153kl. PETERHOUSE NOTES TO THE AccouKfs (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 2025 2024 £'ooo C8F*tal crmtnMt Ot 30 June we os ftAkM' Owaling Lea￿. Lessor At 30 JLbne the Cdb3e had ￿￿tir￿￿ Jease5 its fr88W in¥￿nt prwrtlos 88 folkThvs.' 2025 rooo 2024 Receivable Ythlyn cffle ye R8ceivable aThJ fNe yaars R￿aV￿e in overfive y￿S 4.529 12.0(X) 4.204 11.494 160,916 217,3&5 176,614 At 30 June the Ccllege h&J ￿nUal comwitments uThJer Yeh￿e cp•rairwJ ￿aseS as fdlow$: 2025 2024 £'ooo Payable vitiin one ye Payable betsyeen ￿¥0 and y8ars 12 14 Consolldat•d rn¢(•Klllatlon and an*￿5 of net Al1J￿Y 2024 Cah A¢ 30 Jun• 2025 £'ooo Cash at MwestN*nt mar Cash and cash wivalenls Bokyowlng AMo￿ts falllny Y*llhkn one sw. Bank overdraft 1511 370 141 {1831 154 1291 Amountsfalllng aftw mor• than on• yw. un88￿r￿1 bank knar Unseujred k)ans Nel total d&bt (24,(￿$) 11.8871 122.8101 124.CQ)) {1,891 {22.341 (4 PETERHOUSE NOTES TO THE AccouKrs {coKriNUED) FOR THE YEAR ENDED 30 JUNE 2025 27. No dixIc￿r￿ of trarwI*￿SV￿th Petert￿￿se Ent￿SeS Linwted or Petethuse C(￿ler￿￿ Bnd Evenls Llmhed has en m*18 88 th(k88 fina￿la1 *lements at 30 June 2025 have teen ￿8￿dat￿l wrthin these ￿nts. Trustses are re￿￿red to rnaketh&*ww of wthibal cxMlkts (rfirts8&*aM Cc41gJe Corrnmllee rnÈ8tirvas. A rngistér of interests for all Trustees is mantained by the Cdlgje. During the rK) axpenses wwe to Fdbjws in rewt oftsr(hJbe$ as Trustees. The Trustees are ￿Ml￿￿ted fty C￿l￿e dfKes hav8 associth dubes rf Te8thirrfJ, Tuttxi81, Réséarch. and Administraticm. Tr Trusle&s reMU￿ra￿l￿ is o¥wsw ty th8 Remunerntion Committee. Tr¥B The sabries paKJ to TrLthes in the yw sumrnarfs&J in Ihe lth belw. 2025 Numb•r 2024 Numi From To £1 12 £40.0(KJ £50,(KJ1 £70.W1 £80.rA)1 £1￿.[mY) £100,C(11 Total 37 The tcrtal Trustee salaries wwe £1.￿.(￿ fcf the yoar12ff24'. £97&(KKII The TnJ8téés were also pa*J othw tax&l& b8r*ffts lir￿￿thg ¢))nblMI￿$ lo pensions}vknich tOta￿d £171,IXKI12024'. £199.(th1 Th8 TnLStees aso receNed grJit8frfXn the Cdege ffj8oarch totallro £48,CQI12024.. £49.0(K)I. Travel and other twiness expenses lo TNstees in theircwity as officgrs of ts Cc41ege totslled £11.CKJO12024.. £21.OCKSI. Th& Twstees are enblled to 8 daty mgd at Cc4lege expensè. No trust￿ had loan8 %%Ith Ihe Cc41wJe at the yew or¥J. Due to th8 nature ofthe Colege's oper8bon$ and the comp05rtion of rts Govemkng Bc*Jy, it i8 inewtable that 1he coll￿ will enter into Iransadic*)s in the nonnal courBe of bLk$In￿ TrAryth the u￿verSIty of Ca￿n(￿e. Coll89&8, Research coU￿11s, othergwt-&vardiTrJ bodies. arKI other wvaiè and public oryanisab"on$ In wthich men￿er5 of the GovemirKJ Bc*Jy may have ￿ irrtèr&sL All tranSactic￿S invthng Iwganisations in whith memters of Governirg B(￿Y m8y have such an interest are CLVKJucted in accordar￿￿ *ith Ihe C(*ege's fnanc3al regulalions and 47 PETERHOUSE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Relatad Party Transadions Icontlnuèd) There are 31 Colleges e8ch of which is an Independ￿ C￿F*Yali0n ils own WDperty and IrKg)me. Each College putrAishes Its own financi81 stslements In a form specrfied by the UniveNty of Cambridge. The College pays levies to support the ofthe Offlce of Interedlegiale Services IOISI. The OIS is resFrtMSi￿e primarityforarranging support se￿¢0$ to the 31 colleggs of the C￿legi81e University {CambrMlge). The College 8cts as 8n agent for thI￿￿on of fees for thè University of Camlxidge.. fry year eThJgJ 30 June 2025 Ihese fees 10t￿ £7.222k {2024.. £6.891kl. fknbng the year the Universrty paid Petethous& from these fees sums lotalling £1.655k12024'. £1.604k} urKler the lem)s of agreerrents telww ihe University and the Colleges to share fee inwme ￿th the Colleges In a way Ihat recowi5es the relative c0nlritxrti￿E of th8 Univetsity and the Colleges. During tho Peterhouse made a cLMtribulion under Statute G. 11 of £197k12024.. £201 k) into the c¢JI￿&S Fund. The Colleges Fund is administere(I by the University of Cambridge on ￿alf of the Colleges, ￿ make all eontributions lo and reLeive all all￿allonS fThn the Fund. Petethu5e administers a Cambridge Bursary Scheme to support undergraduates ffinanoal￿. the Unlversty of Cambridge LM)nthLxrt&J £130k lo this scheme {2024.. £125kl. In the course of ils charilable actimfies. Pelerhouse also pays Ihe Univer5rty of Carnbridge for printing. network 8nd oth servi¢es. In addition. Petert￿use pariodically promdes cOnf￿n¢e-rel8ted seNces ind￿11ng accomm(xSalion. catering and other servkes to the ￿ganIsationS departn￿ts belongits3 to the UnNersity of CamFxidge on standard thi party tem)s. 28. Contlngenl U•blllty Peterhouse has entered into a c(Alaboration agreement wilh a Carntrfidgeshire18ndcv•mer In respect of land that both parties are promol5rKJ lolnuy to Icok lo market and tsvelop and the affar￿e￿nts in placè. signed in 2011, do mean that equalisab.on paymants v*ill fflow in futu￿ as18rwJ is sold to ensure thal both parties realise the same value p8r acre.