**REGISTERED COMPANY NUMBER: 01466716 (England and Wales) REGISTERED CHARITY NUMBER: 279697** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **FOR** ## **FRIENDS OF PETERHOUSE** **FRIENDS OF PETERHOUSE** **CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 September 2021** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6 to 7| |**Notes to the Financial Statements**|8 to 12| |**Detailed Statement of Financial Activities**|13| ## **FRIENDS OF PETERHOUSE** ## **REPORT OF THE TRUSTEES for the Year Ended 30 September 2021** The trustees present their report and the financial statements for the year ended 30 September 2021. This is a directors' report required by s417 of the Companies Act 2006 and all trustees are directors. The financial statements comply with current statutory requirements and the requirements of the Memorandum & Articles of Association. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** Friends of Peterhouse is a non-profit making company limited by guarantee, without a share capital, and is registered as a charity with the Charity Commissioners. The objects of the company are the advancement of the educational and other charitable work of Peterhouse in the University of Cambridge. ## **Grantmaking** All grants are made at the discretion of the Council for the benefit of the College and its members. When allocating funds, the Council gives due weight to any suggestions made by the College as to appropriate subjects for assistance. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's objectives and activities and in the planning of future activities. It is the judgement of the trustees that activities in pursuit of the above objectives fully meet the public benefit test, which they have kept in mind in planning programmes for the charity. In delivering services and in the appointment of trustees the charity operates a strict policy of no discrimination on any grounds. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** During the year the Council continued to receive support from the members of the Friends and from others associated with Peterhouse. The main grants during the year were £25,000 for student hardship and £45,500 towards the cost of a college counsellor and a mental health adviser. ## **Investment performance** The Charity's funds are managed by the Charity's Investment and Finance Committee which is chaired by Jenny Quan and also includes the Chairman, the Honorary Treasurer, Ashley Abraham and Christopher Duffett, the majority of whom have either had successful careers in Finance or are currently active in investment markets. The Charity invests in a combination of equity tracker funds reflecting global economic capital growth and other funds specifically designed for charities. Gains of £364,864 (2020: £86,449) were made during the year. Income received from investments amounted to £39,446 (2020: £35,916). ## **FINANCIAL REVIEW** ## **Reserves policy** It is the policy of the Council to continue to build up the capital of the Charity for the longer term benefit of Peterhouse while also providing more immediate support for the current educational and other charitable activities of the College. As a general principle it is the policy to spend each year up to 4% of the accumulated general fund and up to 100% of general donations received. The reserves at 30 September 2021 were £2,213,608 and £270,823 for the General and Medical Funds respectively (2020: £1,880,428 and £253,355 respectively). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, the Memorandum and Articles of Association as adopted on 8 July 1995, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Page 1 **FRIENDS OF PETERHOUSE** ## **REPORT OF THE TRUSTEES for the Year Ended 30 September 2021** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** The Articles of Association provide that the affairs of the charity are to be managed by its Council of Management, and that the members of the Council shall not be less than 8 or more than 16 in number. The Articles also provide that members of the Council must be members of the Association, and shall be elected either by the members of the Association in General Meeting or by the Council. At each Annual General Meeting one third of the members of the Council are required to retire from office by rotation, but are eligible for re-election. The Council may appoint someone to be a member of the Council, either to fill a casual vacancy or as an addition to the existing membership, and anyone so appointed holds office only until the next Annual General Meeting, but is eligible for re-election. Members of the Council are selected so as to ensure fair representation of its diverse membership and the availability to the Council of a range of skills most suited to achieving the efficient functioning of the Association's deliberations and affairs. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 01466716 (England and Wales) ## **Registered Charity number** 279697 ## **Registered office** First Floor 4 Princes Street Huntingdon Cambridgeshire PE29 3PA ## **Trustees** E C Neve Secretary D J S Burnett Chairman of Finance Committee (resigned 24.11.20) C C B Duffett M D Holmes Membership Co-ordinator D C Jeffreys ACA, CTA Treasurer I Peters Chairman Sir P Morgan E Kreling S J Young (resigned 20.10.21) Dr S Hampton Lord D M Thomas Q Q Quan Z A Lescrooge A C Abrahams H A Thornley (appointed 21.10.21) ## **Company Secretary** E C Neve Page 2 ## **FRIENDS OF PETERHOUSE** ## **REPORT OF THE TRUSTEES for the Year Ended 30 September 2021** ## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** Field Sullivan Ltd Neptune House 70 Royal Hill London SE10 8RF This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ I Peters - Trustee Page 3 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRIENDS OF PETERHOUSE** ## **Independent examiner's report to the trustees of Friends of Peterhouse ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2021. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. T Sullivan ICAEW Field Sullivan Ltd Neptune House 70 Royal Hill London SE10 8RF Date: ............................................. Page 4 ## **FRIENDS OF PETERHOUSE** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 30 September 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**|Unrestricted
Restricted
fund
fund
£
£
**82,462**
**-**
**27,546**
**11,900**
**110,008**
**11,900**
**2,692**
**-**|**2021**
**Total**
**funds**
**£**
**82,462**
**39,446**
**121,908**
**2,692**|2020
Total
funds
£
6,913
35,916
42,829
2,886| |---|---|---|---| Prizes **4,400** **4,400** 4,900 Undergraduate Hardship **25,000** **25,000** 25,000 Medical Research **52,592 52,592** 38,936 University Contribution **1,842 248 2,090** 1,930 Other **3,850** **-** **3,850** 2,755 Mental Health Support **45,500** **45,500** 35,500 Covid Grant **-** 50,000 The notes form part of these financial statements Page 5 |**Total**
**83,284**
**52,840**
**136,124**
161,907
Net gains on investments
**NET INCOME**|**306,456**
**333,180**|**58,408**
**17,468**|**364,864**
**350,648**|130,042
10,964| |---|---|---|---|---| ## **RECONCILIATION OF FUNDS** **Total funds brought forward 1,880,428 253,355 2,133,783** 2,122,819 **TOTAL FUNDS CARRIED FORWARD 2,213,608 270,823 2,484,431** 2,133,783 The notes form part of these financial statements Page 5 ## **FRIENDS OF PETERHOUSE** ## **BALANCE SHEET 30 September 2021** |||||||**2021**|2020| |---|---|---|---|---|---|---|---| |||Unrestricted|||||| ||||Restricted|||**Total**|Total| |||fund||fund||**funds**|funds| ||Notes|£||£||**£**|£| |**FIXED ASSETS**|||||||| |Investments|6|**2,052,985**||**269,061**|**2,322,046**||1,866,338| |**CURRENT ASSETS**|||||||| |Debtors|7|**4,131**||**-**||**4,131**|48,233| |Cash at bank||**239,295**||**54,354**||**293,649**|380,034| |||**243,426**||**54,354**||**297,780** 428,267|| ## **CREDITORS** Amounts falling due within one year 8 **(82,802) (52,592) (135,394)** (160,822) **NET CURRENT ASSETS 160,624 1,762 162,386** 267,445 ## **TOTAL ASSETS LESS CURRENT LIABILITIES** ## **2,213,608** **270,823** ## **2,484,431** 2,133,783 The notes form part of these financial statements continued... Page 6 **NET ASSETS 2,213,608 270,823 2,484,431** 2,133,783 ## **FUNDS** 9 Unrestricted funds **2,213,608** 1,880,428 Restricted funds **270,823** 253,355 **TOTAL FUNDS 2,484,431** 2,133,783 The notes form part of these financial statements continued... Page 6 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 6 ## **FRIENDS OF PETERHOUSE** ## **BALANCE SHEET - continued 30 September 2021** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. D C Jeffreys ACA, CTA - Trustee ............................................. I Peters - Trustee The notes form part of these financial statements Page 7 **FRIENDS OF PETERHOUSE** ## **NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 September 2021** ## **1. STATUTORY INFORMATION** The charity is a company limited by guarantee with no share capital, and is domiciled in England & Wales registration number 01466716. In the event of the charity being wound up the liability in respect of the guarantee is restricted to £1 per member of the company. The address of the principal office is: First Floor 4 Princes Street, Huntingdon, Cambs PE29 3PA. These financial statements were authorised for issue by the board on................................ The charity meets the definition of a public benefit entity under FRS 102. The presentation currency is £ Sterling. ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements have been prepared under the historical cost convention (except that as disclosed in the accounting policies certain items are shown at fair value), Companies Act 2006, Charities Act 2011 and the Charities Statement of Recommended Practice (FRS 102). The trustees have evaluated the funding and operating activities and reserve position and have no material uncertainties about the Charity's ability to continue as a going concern. As a qualifying entity an exemption from preparation of a cash flow statement and related notes has been taken in line with section 7 of FRS 102. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. continued... Page 8 Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Investments** Investments are shown in the Balance Sheet at their market value at the Balance Sheet date. All gains/losses on valuation are taken to the Statement of Financial Activities. continued... Page 8 ## **FRIENDS OF PETERHOUSE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 September 2021** ## **3. INVESTMENT INCOME** |Income from listed investments
Deposit account interest
**RAISING FUNDS**
**Raising donations and legacies**
Investment management fees
Support costs|**2021**
**£**
**39,425**
**21**
**39,446**
**2021**
**£**
**730**
**1,962**
**2,692**|2020
£
34,954
962
35,916
2020
£
1,050
1,836
2,886| |---|---|---| ## **4. RAISING FUNDS** ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020. ## **Trustees' expenses** There were no trustees’ expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020. ## **6. FIXED ASSET INVESTMENTS** LISTED INVESTMENTS |MARKET VALUE
At 1 October 2020
Additions
Disposals
Revaluations
At 30 September 2021|£
1,56
6,205
506,976
(115,999)
36
4,864| |---|---| ||2,32
2,046| continued... Page 9 ## **FRIENDS OF PETERHOUSE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 September 2021** |**7.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |---|---|---|---|---|---| ||||**2021**||2020| ||||**£**||£| ||Other debtors||**4,131**||48,233| |**8.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| ||||**2021**||2020| ||||**£**||£| ||Accrued commitments||**135,394**||160,822| |**9.**|**MOVEMENT IN FUNDS**||||| ||||Net||| |||At|movement||At| |||1.10.20|in funds||30.9.21| |||£|£||£| ||**Unrestricted funds**||||| ||General Fund|**1,880,428**|**333,180**|**2,213,608**|| ||**Restricted funds**||||| Medical Fund **253,355 17,468 270,823** **TOTAL FUNDS 2,133,783 350,648 2,484,431** Net movement in funds, included in the above are as follows: Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ **Unrestricted funds** General Fund **110,008 (83,284) 306,456 333,180** continued... Page 10 ## **Restricted funds** Medical Fund **11,900 (52,840) 58,408 17,468** **TOTAL FUNDS 121,908 (136,124) 364,864 350,648** ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| ||At|movement|At| ||1.10.19|in funds|30.9.20| ||£|£|£| |**Unrestricted funds**|||| |General Fund|1,776,895|103,533|1,880,428| |**Restricted funds**|||| Medical Fund 345,924 (92,569) 253,355 continued... Page 10 **TOTAL FUNDS** 2,122,819 10,964 2,133,783 continued... Page 10 ## **FRIENDS OF PETERHOUSE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 September 2021** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General Fund|28,742|(122,656)|197,447|103,533| ## **Restricted funds** Medical Fund 14,087 (39,251) (67,405) (92,569) ## **TOTAL FUNDS** 42,829 (161,907) 130,042 10,964 A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| ||At|movement|At| ||1.10.19|in funds|30.9.21| ||£|£|£| |**Unrestricted funds**|||| |General Fund|1,776,895|436,713|2,213,608| |**Restricted funds**|||| Medical Fund continued... Page 11 345,924 (75,101) 270,823 ## **TOTAL FUNDS** 2,122,819 361,612 2,484,431 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General Fund|138,750|(205,940)|503,903|436,713| ## **Restricted funds** Medical Fund 25,987 (92,091) (8,997) (75,101) ## **TOTAL FUNDS** 164,737 (298,031) 494,906 361,612 continued... Page 11 The restricted fund is dedicated to supporting research into bi-polar and other mental health conditions in adults and adolescents. continued... Page 11 **FRIENDS OF PETERHOUSE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 September 2021** ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 September 2021. ## **11.NON ADJUSTING EVENTS AFTER THE FINANCIAL PERIOD** During and subsequently to the year end, the charity’s activities have been affected by the outbreak of COVID-19. However, the charity believes it has successfully adapted to the issues it has faced and believes it will not be significantly adversely affected. Page 12 ## **FRIENDS OF PETERHOUSE** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 September 2021** ||2021|||2020|| |---|---|---|---|---|---| ||£|||£|| |**INCOME AND ENDOWMENTS**|||||| |**Donations and legacies**|||||| |Other donations||**-**||661|| |Recurring donations|**4,428**|||4,786|| |Non-recurring donations|**9,781**|||1,466|| |Legacies|**68,253**||||-| ||**82,462**|||6,913|| |**Investment income**|||||| |Income from listed investments|||||| |**39,425**|||||| |34,954|||||| |Deposit account interest|||||| |**21**|||||| |962|||||| ||**39,446**|||35,916|| |**Total incoming resources**|||||| |**121,908**|||||| |42,829|||||| |**EXPENDITURE**|||||| |**Raising donations and legacies**|||||| |Investment management fees|**730**|||1,050|| |**Charitable activities**|||||| |Grants to institutions|**133,432**|||159,021|| |**Support costs**|||||| |**Governance costs**|||||| |Accountancy|**1,962**|||1,836|| |Total resources expended|**136,124**|||161,907|| |**Net expenditure**|**(14,216)**||(119,078)||| This page does not form part of the statutory financial statements Page 13