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← The Margaret Beaufort Institute Of Theology

2022-08-31-accounts

REGISTERED COMPANY NUMBER: 02958069 (England and Wales) REGISTERED CHARITY NUMBER: 1041031

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

FOR

MARGARET BEAUFORT INSTITUTE OF THEOLOGY (A COMPANY LIMITED BY GUARANTEE)

Annatrice Limited Statutory Auditor 10 The Thoroughfare Harleston Norfolk IP20 9AX

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 36
Detailed Statement of Financial Activities 37 to 38

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The object of the Institute is to advance religious and theological education, particularly of Roman Catholic women.

In furtherance of this object the Institute is a member of the Cambridge Theological Federation (CTF), provides teaching and open lectures, fosters a community of study and prayer at Lady Margaret House, and undertakes research into areas relevant to the charitable object.

Public benefit

When planning our activities for the year, the trustees and the council have considered the Commission's guidance on public benefit in particular the advancement of education. Our work in this area is set out elsewhere in this report.

Mission statement

The Margaret Beaufort Institute of Theology is a pioneering Catholic foundation within the ecumenical Cambridge Theological Federation, educating particularly women in theology, spirituality and leadership for discipleship and lay ministry.

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2022

STRATEGIC REPORT Achievement and performance Charitable activities

Teaching

In accordance with its objects, the Institute has sustained fully its principal activity of providing women and lay students with theological education and formation for Christian discipleship and for lay ministries.

The Cambridge Theological Federation (CTF), within which the Institute works, is the largest provider nationally of education for Christian ministry. Its ecumenical breadth is noteworthy at an international level. The Federation works in partnership with both universities in Cambridge: the University of Cambridge and Anglia Ruskin University, as well as the University of Durham. As the Catholic member of the CTF the Institute offers students a wide range of awards:

BTh in Theology for Ministry (University of Cambridge) BA Hons Theology (University of Cambridge - the Tripos) Diploma in Theology for Ministry (University of Cambridge) MA/Diploma/PGCert in Contemporary Ethics (Anglia Ruskin University) MA/Diploma/PGCert in Contemporary Faith and Belief (Anglia Ruskin University) MA/Diploma/PGCert in Pastoral Care and Chaplaincy (Anglia Ruskin University) MA/Diploma/PGCert in Spirituality (Anglia Ruskin University) MPhil/PhD in Theology and Religious Studies (University of Cambridge) MPhil/PhD (Anglia Ruskin University) Professional Doctorate in Practical Theology (Anglia Ruskin University)

The Institute is an active and committed member of the CTF to which its academic staff make a significant teaching and management contribution. Staff teach in the areas of: systematic theology, practical theology, ecclesiology, ethics, spirituality and pastoral theology and practice.

The Institute awards its own Certificate - Catholic Theology and Practice - to those who complete a part-time programme. This programme attracts students from the region who are actively involved in parish life and ministries.

Partnerships and Projects

Cambridge Theological Federation is our major partner through which we are in partnership with Anglia Ruskin University, the University of Cambridge and Durham University.

The Centre for Ecclesial Ethics, which the Institute established before the pandemic, was formally launched on 2 December 2021 with an inaugural lecture 'A different Church is possible: embracing an ecclesial ethics of vulnerability' delivered by Professor James Keenan SJ, Boston College https://www.mbit.cam.ac.uk/avada_portfolio/centre-for-ecclesial-ethics/?portfolioCats=25. The event was attended by 210 participants and the recording of it was viewed 440 times. The Director of the Centre, Rev'd Dr Liam Hayes, continues developing the Centre, using the method of 'a dialogical attentive listening'. Most significant activities included: research on 'Covid and Diocesan Clergy'; and support with Synod in the Roman Catholic Church, which included co-hosting with the Institute a series of very successful lectures on Synod and Synodality by Dr Peter Coughlan, Honorary Fellow, MBIT. The lectures led to the 'Growing Synodality' project, to support synod leaders in the next stage of the Synod 2021-23 journey and to develop a support network of Synod leaders across England and Wales. In May 2022, the Centre hosted the first CEE Symposium in which twenty scholars and practitioners, bishops and priests from across the UK, Ireland and the US gathered in the Lash Library at the Margaret Beaufort Institute to reflect upon the ecclesiological and ethical implications of attentive listening for a vigilant and vulnerable Church. In June 2022 the Centre engaged with the experiences and underpinning ecclesiologies of catholic women and men who participate in the extraordinary liturgical form of the Roman Rite alongside the Novus Ordo by co-leading with Dr Dominic White OP a conference on liturgy.

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

The Religious Life Institute (RLI), based at MBIT with Dr Gemma Simmonds as Director, engages in research on religious life for women and men in the Catholic and Anglican churches. In collaboration with the Centre for Catholic Studies (University of Durham), the Union of International Superiors General (UISG) in Rome and the Center for the Study of Consecrated Life at Catholic Theological Union (CSCC) Chicago, the RLI is continuing to engage in research and publications worldwide.

The Institute continue to collaborate with Yuan Dao Studies Society, Hong Kong. Dr Dominic White OP, Acting Director of Research, is leading the collaboration on the Institute's site. A rich programme of nine webinars took place in 2021-2022: Church & Politics: Dialogue, Fraternity & Unity (28 October 2021); 'Hearing the Silent Speak: An Exploration into the Silent Spirituality of Severely Disabled Children' (15 November 2021); 'Nurturing Integral care and wellness in Spirituality of Ageing' (16 December 2021); 'Bridges between the Secular and the Religious: Philosophical, Theological and Social Perspectives' (17 January 2022); "Swimming within Christ" (????): To Build an Intercultural Theology of Prayer in Dialogue with Neo-Confucian Spirituality (25 February 2022); 'Make Level Paths for Your Feet: Adapting Sacramental Preparation for Children with Additional Needs' (24 March 2022); '"Are they educable in faith?" Faith and severe intellectual disabilities (29 April 2022); 'Horizontal Care: Acknowledging Borders & Building Bridges through Clergy Outreach & Professional Engagement (COPE)' (10 May 2022); 'Interpretation in Multi-Scriptural Contexts: Reading Genesis and Zhuangzi Cross-Textually' (29 June 2022). The seminars bring together leading scholars from West and East and attract consistently a high number of participants (20-50 per event).

Research and consultancy

Dr Ferdia Stone-Davis, Director of Research has secured a prestigious grant from the Austrian Science Fund (FWF) to conduct a project entitled 'The Epistemic Power of Music: On the Idea and History of Artistic Research through Music' in conjunction with the Institute of Music Aesthetics, and the Doctoral School for Artistic Research, both part of the University of Music and Performing Arts, Graz Austria. The project will last until 31 December 2024. Dr Dominic White OP has been appointed as Acting Director of Research. He oversees the research profile of the Institute and research plans of over thirty Research Fellows and Associates. In summer 2022 he began co-editing (with Liam Hayes) 'Views from the Pews: Towards a Theology of Catholic Experiences of the Liturgy', a publication based on the liturgy conference co-hosted by the Centre for Ecclesial Ethics.

Dr Anna Abram continued to oversee three projects: (1) Professional Church Ethics (linked to the work of the Centre for Ecclesial Ethics (CEE); (2) Public Life Fellowships (two fellows spent a term at the Institute: Ms Marie Southall (Assistant Director for the Catholic Education Service) and Revd. Prof Patrick Hannon (Maynooth University, Ireland); (3) Catholic Education, all made possible by a substantial research grant received in March 2020 and March 2021. Her key talks in 2021-2022 include: Synodality - what is it and how to embark on it? (two talks delivered at the National Conference of Vicars for Religious, 11-13 October 2021, Hinsley Hall, Leeds); 'The impact of reading on developing empathy. Can reading make us better people?' (co-authored presentation with Dr Jasna Curkovic Nimaci, Catholic University, of Croatia, International Interdisciplinary Conference 'Readers and Reading in the Digital Age', 11 November 2021, Zagreb, Croatia); 'The Ethic of Spiritual Leadership' (a seminar organised by 'Two Wings, Poland' on 'Rethinking Leadership: Spiritual Leadership in the Time of War', Harris Manchester, University of Oxford, 28 April 2022); 'Discernment and Social Transformation: Re-connecting Spirituality and CST' (Expert seminar: "From Ideology to Social Discernment: Rethinking Catholic Social Thought and Practice in a Context of Crisis", Catholic University of Leuven, 7-9 June, 2022); 'Catholic Morality: Its Ups, Downs and Possibilities' (Global Network of RSHM Schools Conference, 29 June - 2 July 2022, Rome). Dr Louise Nelstrop has been developing and recruiting to the CTF MA programmes. Dr Nelstrop's own research areas include Spirituality and Mysticism.

Dr Susan Price continued to develop pastoral outreach, building links with schools and Diocesan projects, in particular Nexus Research Projects and the Multi-National Project on the impact of Covid on Children's Faith development supporting the local Multi Academy Trust (MAT). She is also Diocesan Co-Ordinator for the Environment (together with Dr Frances Image), contributing to the Action Research Project with St Laurence's RC School with Yr 5 and Yr 6 children on Synodality, offering Pastoral Supervision, and contributing to the local Godly Play Network meetings.

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

Several open events and public lectures took place (mostly in a hybrid delivery mode). They included: Mini series on Synodality, Dr Peter Coughlan (6, 13 and 20 October); 'Jesus through the Centuries' course, Dr Louise Nelstrop (7-28 October); Margaret Beaufort Association Study Day: 'Ethical Leadership and Management for Catholic Women in Ecclesial and Secular Settings' (23 October); Meditating with Icons, Dr Joseph Gabor (6 November); 'Moving into the Light - what happens when we die, what happens when we grieve', Drs Sue Price and Dominic White OP (10 November); 'Thinking Beyond the Particular'; 'Ecclesial Ethics', Drs Anna Abram and Liam Hayes (27 November); 'The Nameless Women of the Bible: From Potiphar's Wife to the Samaritan Woman', Dr Rosalie Moloney (4-25 November); 'Theological Writing', Prof Michael Barnes (19 January-2 March); a series of short lectures delivered weekly from 20 January to 10 March by leading female scholars on 'Women who changed the church' (Dr S Price, Dr C Methuen, Dr J Robson, Dr C Mangion, Dr P Kasparova, Dr P Zagano, Dr DelRosso, and Dr S Williams); 'Prayer and thanksgiving in St Paul's Epistle (I Thessalonians and Ephesians)', Dr Sean Ryan (7 May); 'Mary and the Drama of Being', Dr Matthew Mills (21 May); 'Living Well, Ageing Well and Finishing Well: Concept and Practice in Spirituality', Dr Christine Lai (25 May); 'Unless you change and become like children': theology of childhood in theory and practice' Dr Ela Lazarewicz-Wyrzykowska and Dr Sue Price (26 May); 'Love and Desire in English Mysticism', Drs Elizabeth Powell, Louise Nelstrop and Eddie Howells (31 May).

The regular prayer meetings, workshops, staff meetings and seminars have been taking place both onsite and online. The latter continued to help grow a greater international dimension to the work, so that people from America, Ireland, Poland and Kenya have been able to take part in various institute activities.

Lady Margaret House: use and development

From September 2021 to Spring 2022 the covid-19 restrictions on occupancy and travel meant that there was reduced occupancy within Lady Margaret House. Approximately nineteen study bedrooms were rented out to mostly University of Cambridge postgraduate students, plus a further two were occupied by wardens. From Spring 2022, covid-19 restrictions lessened and a further four study bedrooms were let to a range of students and visiting researchers. The Kirby Laing Centre for Public Theology (https://kirbylaingcentre.co.uk/) continued to rent two offices, and from July 2022 the Beatrice Jones room was rented to The Lauderdale Trust (https://www.lauderdaletrust.org/). Both tenants are theological, educational or research charitable bodies. A Research Associate continued to rent a small additional office to end August 2022 and the Saints Alive charity continued their 'virtual office' arrangement throughout 2022.

The Lodge in the grounds is rented and occupied by the Lyn's House community of three residents. Lyn's House is a charitable community for individuals who study or work in Cambridge, who open their home in hospitality to people with learning disabilities.

Lady Margaret House: Maintenance and improvement works

The rooms and common areas continue to be maintained and cleaned to the highest standard.

Church and community use of Lady Margaret House

Limited events took place due to ongoing covid-19 restrictions, but the Lyn's House community were able to host some events, and Fisher House held their annual garden party in June 2022.

Fundraising activities

Our benefactors are: the Canonesses of St Augustine, EBG Trust, Vicars for Religious, the Daughters of Jesus, The DMG Roper Family Charitable Trust, the Yuan Dao Study Society and our many individual donors and supporters.

.

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRATEGIC REPORT

Achievement and performance Investment performance

Across the year, 23 study bedrooms were rented out to students resulting in income of £170,329 (2021 £124,107).

£75,000 was invested some years ago in COIF Investment fund (income Units). The value of this fund has grown each year and dividends equivalent to 5.4% (2021 5.2%) of the original investment were received this year.

The income arising from this helps to maintain the premises to support the provision of religious and theological education.

The executive summary sets out the charity's progress to date.

Financial review

Financial position

The charity had a realised surplus of £387,123 (2021 £86,889) of which a deficit of £33,884 (2021 surplus £53,628) was not restricted or designated.

Principal funding sources

The charity received the following grants and donations during the year:

CSACIO £559,350
Roehampton £9,461
Yuan Dao £7,622
Other Charitable Trust £8,050
Various donees £11,834

.

Investment policy and objectives

It is the aim of the charity to use its building to meet the objectives of the charity and to use the additional space to raise income to support these objectives. In the year 23 bed and study rooms were let out to (mainly) postgraduate students from the University of Cambridge.

Fixed assets investments for the purpose of raising income must be to an ethical charity fund. Currently such funds are invested with COIF investment fund.

Reserves policy

It is the policy of the charity to maintain unrestricted free reserves of between 3 and 6 months of unrestricted expenditure.

The total funds held by the charity less the amounts related to tangible fixed assets and long term creditors is £778,355 (2021 £549,788) of which £584,736 (2021 £331,815) relate to restricted funds and £12,703 (2021 £11,893) relate to designated funds. The remaining unrestricted free reserves were £180,916 (2021 £206,080).

Funds include freehold and investment property of £6,403,560 (2021 £3,445,551) which can only be realised by the disposal of the charity's property.

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRATEGIC REPORT

Principal risks and uncertainties

The Directors regularly review the main strategic, business and operational risks to which the Institute is exposed and take appropriate steps to minimise those risks. The risks identified are:

Risks

Property Resident, Visitor and Staff Health and Safety

Actions to Mitigate

Health and safety inspections Risk assessments Regular training First Aid Accident book

Failure of utilities both supply and equipment Fire and security

Investment/Financial/Reserves Failure in Investment Strategy

Equipment inspected, serviced and maintained regularly

Fire alarm service checks Fire drills and training Locks, windows, doors secure CCTV inside/outside property

Review performance on regular basis with view to long term results

Fall in Financial Markets

Keep abreast of market and take corrective actions

Failure in Fundraising and Funding opportunities

Monitor flow of donations Trustees active in seeking new sources of funds Coordinate fundraising campaigns and appeals

Environmental

Pandemic or serious epidemic infectious disease

Take action according to government guidance Switch to alternative ways of delivering services

Downturn in student and research applications due to external factors or competition

Monitor student numbers as compared to targets

Identify trends and take actions to attract students

Governance Lack of Data Management/GDPR

Training and adherence of rules according to ICO

Director, Council and Committees structure, Succession planning, skill mix

Assess skills and seek outside assistance if required

Regular analysis of effectiveness of reporting, decision making and renewal

Lack of long term planning People Employment arrangements

Increase planning horizon for operation and funding

Review of HR process and procedures and compliance Benchmark against similar organisations

Retention of key staff

Supportive culture Recognition Competitive package

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRATEGIC REPORT Significant Events Since August 2022 Sustainability plan:

In September 2022, after a long period of discernment and analysis, the Trustees made a decision to test the property market with a view to discovering whether the sale of its property would help ensure the Institute's sustainability. Although the letting of rooms in the Harding Wing and main house has provided a significant source of income, the accommodation services are not central to the institute's mission and were imposing a significant strain on its financial and human resources.

The Grange Road property was marketed by Savills between late October and early December 2022 and, after considerable interest, in January 2023 a decision was made to sell the freehold of the property to Queens' College, Cambridge. The sale became effective in March 2023 with funds and title passing at that time. The institute has a leaseback agreement with Queens' College, permitting it to continue occupying the premises and collecting the revenue from accommodation services until 30 September 2023. The institute will then vacate the premises and relocate temporarily to share accommodation at Wesley House, Cambridge, another member of the Cambridge Theological Federation. This move is a temporary measure, for at least one year, whilst the Institute decides whether to purchase new premises, or to continue renting, or to adopt a different longer-term solution.

The sale of the property has major implications for the Institute's financial sustainability. Disposal of the property will reduce the costs of maintaining and operating from a large and complex building. It will also remove the continuous need to refurbish rooms and to invest in the building to ensure it meets all regulatory and health and safety requirements. Without major capital expenditure, there would have been only limited scope to increase room rental income. Current projections indicated that the Institute's financial deficit would have only worsened had the current buildings been retained, thus threatening the long-term viability of its central mission. However, disposal of the property will cause revenue from the Institute's largest current income source, accommodation services, to decline rapidly from summer 2023.

The Institute will restructure its cost base, seek to grow its revenues from student education activities, grants, donations and legacies, and establish a long-term income-generating endowment fund from the proceeds of the property disposal. Restrictions on the use of the property funds were removed with Charity Commission approval in February 2023, such that the capital can be included in the income-generating endowment or spent at the Trustees' discretion.

An investment committee, including two external advisors, two Trustees and the Bursar, was set up in January 2023 and has developed a draft investment policy and brief for potential investment managers. Potential investment managers were identified in March 2023 and initial contact made.

The institute's Sustainability Plan is a live document. Work continues on setting financial sustainability alongside programmatic sustainability and ensuring that both are taken into account when making decisions on finance, or on academic and pastoral work. Trustees are engaged alongside the Principal and Bursar in providing advice and support for decisions relating to the continuing development of the sustainability plan.

Finance:

A restricted grant of £1,500 was received in December 2022 to support student travel.

A restricted grant of £8,471 was received from the Yuan Dao Study Society in February 2023, to be used to support the work of Fr D. White in collaboration with the society.

A loan of £15,000 was repaid in February 2023 and a further £15,000 will be repaid shortly.

A further £5000 loan was converted to a gift in March 2023.

Staff changes:

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2022

STRATEGIC REPORT

Some staff restructuring has taken place since Autumn 2022. Dr Susan Price stepped down as Vice-Principal to focus on her role as Director of Pastoral Outreach, with Dr Anna Abram resuming her full-time position as Principal. A Digital Communications and Administrative Assistant was appointed in September 2022 and the existing Finance Officer was appointed Bursar from October 2022. The Senior Administrator left in December 2022 and a new Administrator was appointed. In January 2023, an Acting Director of Studies was appointed while the Director of Studies is on extended research leave. The Acting Director of Studies will also provide temporary support in a Vice-Principal role for six months.

Teaching/research Activities:

Many academic teaching and research events have taken place, including:

Catholic Certificate of Religious Studies Lecture on Climate Changes and Global Warming, led by Dr Peter Coughlan CTP Course and Study Day: The Person of Christ, led by Dr Dominic White MA Ethics module: Moral Development, reasoning and Decision-Making, led by Dr Anna Abram CTP course: Let my people go: reading the book of Exodus, led by Dr Rosalie Moloney Research Skills Seminars, led by Professor Michael Barnes

One Psalm across five traditions: hosted as part of the Cambridge Inter-Faith programme Book Launch of 'The Philosopher's Daughters Silent Retreat Day

Study Day on Pope Francis, led by Drs Peter Coughlan and Anna Abram.

The work of the Digital Communications and Administrative Assistant, together with the hybrid teaching model, means that that the Institute is reaching a wider and more diverse audience.

In addition, 2023 is the Institute's Pearl (30th) Anniversary year, so a series of events is planned, which included a visit to St Johns' College library in January 2023. These events will continue throughout 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The Directors are the trustees of the charity. Directors are appointed by the Members at the Annual General Meeting in accordance with the Memorandum and Articles of Association (rev. 2021). They meet as a Board of Directors on five or six occasions a year and are responsible for financial and management matters, including the appointment of the Principal and teaching staff. Terms of office and renewal of appointment are specified in the Memorandum and Articles. The Directors elect their own Chair.

During this year, two trustees retired and two new trustees were appointed.

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

Council of Members

Members of the Council have an oversight of the Institute and the achievement of its charitable purposes and meet three times a year as a Council of Members. They are appointed with a membership composition specified in the Memorandum and Articles of Association which includes a Member nominated by the Cambridge Theological Federation, three Members from women's religious orders or congregations, a representative of adult formation and education in Roman Catholic parishes or dioceses, and a Member of a Roman Catholic theological education or research institution. Four places are reserved for open appointment according to the needs of the Institute. Appointments are made on the recommendation of the Nominations Committee through the Annual General Meeting. The students choose one of their own number to represent them. Terms of office are specified in the Memorandum and Articles. The Council of Members elects its own Chair and Vice-Chair.

Council of Members during 2021-2022 Mr Paul Barber Dr Anna Gannon Mrs Joanna Hale Revd Professor John Morrill FBA Professor Janet Martin Soskice (Chair) Ms Bridget Alabi (appointed 30 November 2021)

The Nominations Committee gives consideration to the balance of skills and experience required for Directors and the Council of Members.

The day-to-day management

The day to day running of the Institute is delegated to the Principal, supported by the Director of Studies, a Director of Research, and a Pastoral Outreach Coordinator.

In addition to the academic staff, the remunerated administrative staff comprises a full-time administrator, a full-time house manager, a full-time domestic assistant and a part-time gardener. There is also a part-time finance officer. Professional library support is provided through the Institute's membership of the Cambridge Theological Federation, which also provides the course management, student registry and quality assurance functions for the Institute's higher education activities.

Cambridge Theological Federation has also provided IT support since September 2019.

Decision making

The Board of Directors are responsible for implementing the financial and management strategy and appointing the Principal and teaching staff.

The Council has oversight of the academic curriculum and the strategic development of the institute, to be implemented by the Board of Directors.

The Principal is responsible for the day to day running of the charity.

Induction and training of new trustees

New trustees are provided with the memorandum and article of association, the latest report and accounts of the trust and a list of trustees and staff contacts to read. They are also directed to the charity commission website and advised to read the guidance including notice CC3 and CC10.

They are encouraged to read charity commission and other newsletters and to attend courses to keep them abreast of their duties and responsibilities.

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Key management remuneration

The key management remuneration is set by the board of directors.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

02958069 (England and Wales)

Registered Charity number

1041031

Registered office

12 Grange Road Cambridge Cambridgeshire CB3 9DU

Trustees

Fr David Bagstaff Mr Mark Broadbent Mrs Joanne Coward Dr Claire Daunton Professor Eilis Ferran Dr Jennifer Schooling Ms Sandy Lynam Mr Loughlin Hickey

Company Secretary

Mrs Adele Angel

Auditors

Annatrice Limited Statutory Auditor 10 The Thoroughfare Harleston Norfolk IP20 9AX

Solicitors

Mills & Reeve 112 Hills Road Cambridge CB2 1PH

Accountants

Hardcastle Burton 90 High Street Newmarket Suffolk CB8 8FE

The Principal

Dr Anna Abram

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MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Margaret Beaufort Institute of Theology for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Annatrice Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 26/05/2023

........................................................................

Mr Mark Broadbent - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MARGARET BEAUFORT INSTITUTE OF THEOLOGY

Opinion

We have audited the financial statements of Margaret Beaufort Institute of Theology (the 'charitable company') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MARGARET BEAUFORT INSTITUTE OF THEOLOGY

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit procedures included analytical techniques, third party confirmation of balances and verification of transactions on a sample basis to provide sufficient appropriate evidence that the accounts show a true and fair view and are free from material irregularities including fraud, error and non-compliance with applicable laws and regulations. In designing these procedures and in particular we considered the risk of fraud over completeness and presentation of income, occurrence and presentation of expenditure, valuation and existence of assets and completeness of liabilities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MARGARET BEAUFORT INSTITUTE OF THEOLOGY

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Anthony James Brice FCCA (Senior Statutory Auditor) for and on behalf of Annatrice Limited Statutory Auditor 10 The Thoroughfare Harleston Norfolk IP20 9AX 26/05/2023 Date: .............................................

Page 14

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Research
Hostel
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Student Education
Research
Hostel
Other
Total
Net gains on investments
NET INCOME
Transfers between funds
19
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
14,292
93,908
189,060
4,660
9,231
311,151
6,095
202,985
49,325
76,712
9,918
345,035
412,093
378,209
177,835
556,044
560,488
1,116,532		 Restricted
funds
£
582,025
-
-
-
-
582,025
1,115
86,838
72,750
-
315
161,018
2,548,683
2,969,690
(177,835)
2,791,855
3,297,528
6,089,383		 2022
Total
funds
£
596,317
93,908
189,060
4,660
9,231
893,176
7,210
289,823
122,075
76,712
10,233
506,053
2,960,776
3,347,899
-
3,347,899
3,858,016
7,205,915		 2021
Total
funds
£
323,587
85,213
139,634
4,018
1,639
554,091
4,330
291,511
89,142
71,248
10,971
467,202
22,660
109,549
-
109,549
3,748,467
3,858,016

The notes form part of these financial statements

Page 15

MARGARET BEAUFORT INSTITUTE OF THEOLOGY (REGISTERED NUMBER: 02958069)

BALANCE SHEET 31 AUGUST 2022

2022 2021
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 12 134,755 680,563 815,318 835,935
Investments
Investments 13 144,317 - 144,317 151,269
Investment property 14 793,158 4,824,084 5,617,242 2,649,514
1,072,230 5,504,647 6,576,877 3,636,718
CURRENT ASSETS
Debtors 15 14,876 - 14,876 18,066
Cash at bank and in hand 130,209 591,045 721,254 447,784
145,085 591,045 736,130 465,850
CREDITORS
Amounts falling due within one year 16 (95,783) (6,309) (102,092) (67,331)
NET CURRENT ASSETS 49,302 584,736 634,038 398,519
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,121,532 6,089,383 7,210,915 4,035,237
CREDITORS
Amounts falling due after more than one year 17 (5,000) - (5,000) (177,221)
NET ASSETS 1,116,532 6,089,383 7,205,915 3,858,016
FUNDS 19
Unrestricted funds 1,116,532 560,488
Restricted funds 6,089,383 3,297,528
TOTAL FUNDS 7,205,915 3,858,016

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: 26/05/2023

............................................. Mr Mark Broadbent - Trustee

The notes form part of these financial statements

Page 16

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of investment property
Interest received
Dividends received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
420,255
(2,974)
417,281
-
605
4,055
4,660
(148,471)
(148,471)
273,470
447,784
721,254		 2021
£
105,886
(5,034)
100,852
(19,054)
92
3,926
(15,036)
(1,529)
(1,529)
84,287
363,497
447,784

The notes form part of these financial statements

Page 17

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2022 2021
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 3,347,899 109,549
Adjustments for:
Depreciation charges 20,617 23,517
Gain on investments (2,960,776 ) (22,660)
Interest received (605) (92)
Interest paid 2,974 5,034
Dividends received (4,055) (3,926)
Decrease/(increase) in debtors 3,190 (10,193)
Increase in creditors 11,011 4,657
Net cash provided by operations 420,255 105,886

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/21 Cash flow At 31/8/22
£ £ £
Net cash
Cash at bank and in hand 447,784 273,470 721,254
447,784 273,470 721,254
Debt
Debts falling due within 1 year (6,250) (23,750) (30,000)
Debts falling due after 1 year (177,221) 172,221 (5,000)
(183,471) 148,471 (35,000)
Total 264,313 421,941 686,254

The notes form part of these financial statements

Page 18

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statement have also been prepared under the Charities Act 2011.

Income

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Income from donations or grants is recognized when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably:

Legacy income is recognized when receipt is probable and entitlement is established.

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognized in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Income from contracts for the supply of services is recognized with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

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.

Allocation and apportionment of costs

Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities and the sale of donated goods;

expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities; and

other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

continued...

Page 19

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES - continued

Allocation and apportionment of costs

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment - 25% on reducing balance Furniture - 25% on reducing balance New Boiler - Straight line over 10 years Computer Software - Straight line over 4 years

Freehold land is not depreciated. Freehold buildings that are used by the charity for it own purposes are depreciated at 2%.

Investment property

Investment property that is used to provide student hostels are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in "net gains / (losses) on revaluation of fixed assets" in the SOFA if their fair value can be measured reliably.

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.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern.

The trustees have considered the financial resources required for the charity to continue to operate over the next 12 months and are satisfied that the charity is a going concern. The accounts have therefore been prepared on a going concern basis.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

continued...

Page 20

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES - continued

Debtors and creditors

Debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Financial instruments

All financial instruments are basic financial instruments measured at amortised historic cost less amounts written off for impairments apart from fixed asset investments as stated above.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2. DONATIONS AND LEGACIES

3.

Donations
Donations - Charitable Trusts
Legacies
INVESTMENT INCOME
Dividends received
Deposit account interest		 2022
£
11,834
584,483
-
596,317
2022
£
4,055
605
4,660		 2021
£
34,143
279,444
10,000		 2021
£
34,143
279,444
10,000
323,587
2021
£
3,926
92
4,018
4,018

continued...

Page 21

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

4. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Student fees
Research
Study day fees
Research
Rent received
Hostel		 2022
£
86,103
7,805
189,060
282,968		 2021
£
74,323
10,890
139,634
224,847

5. RAISING FUNDS Raising donations and legacies

Publicity and fundraising
Advertising
Website
6.
CHARITABLE ACTIVITIES COSTS
Student Education
Research
Hostel
7.
SUPPORT COSTS
Management
£
Other resources expended
636
Student Education
99,808
Hostel
76,712
177,156		 Finance
£
3,847
-
-
3,847		 2022
£
6,000
1,210
-
7,210
Support
Direct
costs (see
Costs
note 7)
£
£
169,398
120,425
122,075
-
-
76,712
291,473
197,137
Governance
Other
costs
£
£
-
5,750
20,617
-
-
-
20,617
5,750		 2021
£
2,495
1,120
715
4,330
Totals
£
289,823
122,075
76,712
488,610
Totals
£
10,233
120,425
76,712
207,370

continued...

Page 22

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

7. SUPPORT COSTS - continued

Paid out of restricted funds was £72,751 of bursaries paid to students and expenses relating to research projects, £77,088 of salaries and wages and £1,115 for the advertising and fundraising.

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Auditors' remuneration 2,040 3,630
Depreciation - owned assets 20,617 23,517
Interest on loans 2,974 5,034

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
£
236,219
12,662
6,486
255,367		 2021
£
231,024
20,249
5,767
257,040

The average monthly number of employees during the year was as follows:

Academic staff
Administrative staff		 2022
7
4
11		 2021
6
4
10

No employees received emoluments in excess of £60,000.

Full time equivalents are 6 academic staff and 4 administrative staff.

continued...

Page 23

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Research
Hostel
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Student Education
Research
Hostel
Other
Total
Net gains on investments
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 ACTIVITIES
Unrestricted
funds
£
81,295
85,213
139,634
4,018
1,525
311,685
1,115
163,337
11,386
71,248
10,971
258,057
22,660
76,288
37,240
113,528
446,960
560,488		 Restricted
funds
£
242,292
-
-
-
114
242,406
3,215
128,174
77,756
-
-
209,145
-
33,261
(37,240)
(3,979)
3,301,507
3,297,528		 Total
funds
£
323,587
85,213
139,634
4,018
1,639
554,091
4,330
291,511
89,142
71,248
10,971
467,202
22,660
109,549
-
109,549
3,748,467
3,858,016

continued...

Page 24

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

12. TANGIBLE FIXED ASSETS

COST
At 1 September 2021 and 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for year
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
COST
At 1 September 2021 and 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for year
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Freehold
property
£
970,889
174,852
9,749
184,601
786,288
796,037
New
Boiler
£
82,755
71,655
3,668
75,323
7,432
11,100		 Equipment
Furniture
£
£
35,739
43,081
23,515
26,507
3,056
4,144
26,571
30,651
9,168
12,430
12,224
16,574
Computer
Software
Totals
£
£
2,000
1,134,464
2,000
298,529
-
20,617
2,000
319,146
-
815,318
-
835,935

Included in cost or valuation of land and buildings is freehold land of £483,450 (2021 - £483,450) which is not depreciated.

Page 25

continued...

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

13. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 September 2021 151,269
Revaluations (6,952)
At 31 August 2022 144,317
NET BOOK VALUE
At 31 August 2022 144,317
At 31 August 2021 151,269

There were no investment assets outside the UK.

The investments, which are all listed unit trust, have been revalued on an open market basis. The historical cost of these investments are £75,000 (2021 £75,000).

14. INVESTMENT PROPERTY

FAIR VALUE
At 1 September 2021
Revaluation
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 £
2,649,514
2,967,728
5,617,242
5,617,242
2,649,514

Included in investment property is land valued at £1,000,000 (2021 £1,000,000)

The investment property was retrospectively revalued by the trustees based on the subsequent sales price achieved in March 2023 during an arm's length disposal . The whole property was sold for £9,857,447 net of incidental costs and 57% has been allocated to the accommodation (investment property) section of the building with the rest carried forward in tangible fixed assets at historic cost consistent with previous years.

On a historical cost basis the cost of investment property would had been £1,620,382, accumulated depreciation to date would have been £223,457 and carrying value £1,396,925.

Page 26

continued...

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Other debtors
14,876
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Other loans (see note 18)
30,000
Other creditors
23,979
Accruals and deferred income
48,113
102,092
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022
£
Other loans (see note 18)
5,000
18.
LOANS
An analysis of the maturity of loans is given below:
2022
£
Amounts falling due within one year on demand:
Other loans
30,000
Amounts falling between one and two years:
Other loans - 1-2 years
-
Amounts falling due between two and five years:
Other loans - 2-5 years
-
Amounts falling due in more than five years:
Repayable otherwise than by instalments:
Other loans more 5yrs non-inst
5,000		 2021
£
18,066
2021
£
6,250
17,755
43,326
67,331
2021
£
177,221
2021
£
6,250
6,250
48,750
122,221

continued...

Page 27

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Building maintenance fund
Principal's fund
Travel fund
Restricted funds
Other funds
Hilary Clay funds
Scholarship fund
The building fund
Religious Life Institute Funds
Flourishing Inside Fund
Senior Fellowship and Professional Church
Ethics Fund
Religious Life Institute Vocation Project
Religious Life Institute Cities
Daughter of Jesus
CSACIO
TOTAL FUNDS		 At 1/9/21
£
548,595
7,612
3,918
363
560,488
5,018
36,989
15,391
2,965,713
51,198
6,920
64,181
52,118
100,000
-
-
3,297,528
3,858,016		 Net
movement
in funds
£
379,399
-
(1,190)
-
378,209
(809)
(15,752)
(870)
2,538,934
(32,572)
(1,300)
(23,395)
(21,407)
(8,024)
5,000
529,885
2,969,690
3,347,899		 Transfers
between
funds
£
175,835
-
2,000
-
177,835
-
-
-
-
(3,581)
-
(15,154)
(3,968)
(9,357)
-
(145,775)
(177,835)
-		 At
31/8/22
£
1,103,829
7,612
4,728
363
1,116,532
4,209
21,237
14,521
5,504,647
15,045
5,620
25,632
26,743
82,619
5,000
384,110
6,089,383
7,205,915

continued...

Page 28

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Principal's fund
Restricted funds
Other funds
Hilary Clay funds
Scholarship fund
The building fund
Religious Life Institute Funds
Flourishing Inside Fund
Senior Fellowship and Professional Church
Ethics Fund
Religious Life Institute Vocation Project
Religious Life Institute Cities
Daughter of Jesus
CSACIO
Yuan Dao
TOTAL FUNDS		 Incoming
resources
£
311,151
-
311,151
592
-
-
-
-
-
9,461
-
-
5,000
559,350
7,622
582,025
893,176		 Resources
expended
£
(343,845)
(1,190)
(345,035)
(1,401)
(15,752)
(870)
(9,749)
(32,572)
(1,300)
(32,856)
(21,407)
(8,024)
-
(29,465)
(7,622)
(161,018)
(506,053)		 Gains and
losses
£
412,093
-
412,093
-
-
-
2,548,683
-
-
-
-
-
-
-
-
2,548,683
2,960,776		 Movement
in funds
£
379,399
(1,190)
378,209
(809)
(15,752)
(870)
2,538,934
(32,572)
(1,300)
(23,395)
(21,407)
(8,024)
5,000
529,885
-
2,969,690
3,347,899

continued...

Page 29

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Building maintenance fund
Principal's fund
Travel fund
Restricted funds
Other funds
Hilary Clay funds
Scholarship fund
The building fund
Professional Doctorate fund
Hilton Foundation fund
Religious Life Institute Funds
Flourishing Inside Fund
Senior Fellowship and Professional Church
Ethics Fund
Religious Life Institute Vocation Project
Religious Life Institute Cities
TOTAL FUNDS		 At 1/9/20
£
436,491
7,612
2,494
363
446,960
5,274
141,509
24,508
2,975,462
1,942
3,886
87,361
10,502
51,063
-
-
3,301,507
3,748,467		 Net
movement
in funds
£
76,864
-
(576)
-
76,288
(256)
(104,519)
(9,117)
(9,749)
(1,942)
-
(32,592)
(3,581)
28,868
66,149
100,000
33,261
109,549		 Transfers
between
funds
£
35,240
-
2,000
-
37,240
-
-
-
-
-
(3,886)
(3,572)
-
(15,751)
(14,031)
-
(37,240)
-		 At
31/8/21
£
548,595
7,612
3,918
363
560,488
5,018
36,990
15,391
2,965,713
-
-
51,197
6,921
64,180
52,118
100,000
3,297,528
3,858,016

continued...

Page 30

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Principal's fund
Restricted funds
Other funds
Hilary Clay funds
Scholarship fund
The building fund
Professional Doctorate fund
Religious Life Institute Funds
Flourishing Inside Fund
Senior Fellowship and Professional Church
Ethics Fund
Religious Life Institute Vocation Project
Religious Life Institute Cities
TOTAL FUNDS		 Incoming
resources
£
311,685
-
311,685
5,790
-
-
-
-
-
2,474
61,993
72,149
100,000
242,406
554,091		 Resources
expended
£
(257,481)
(576)
(258,057)
(6,046)
(104,519)
(9,117)
(9,749)
(1,942)
(32,592)
(6,055)
(33,125)
(6,000)
-
(209,145)
(467,202)		 Gains and
Movement
losses
in funds
£
£
22,660
76,864
-
(576)
22,660
76,288
-
(256)
-
(104,519)
-
(9,117)
-
(9,749)
-
(1,942)
-
(32,592)
-
(3,581)
-
28,868
-
66,149
-
100,000
-
33,261
22,660
109,549

continued...

Page 31

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Building maintenance fund
Principal's fund
Travel fund
Restricted funds
Other funds
Hilary Clay funds
Scholarship fund
The building fund
Professional Doctorate fund
Hilton Foundation fund
Religious Life Institute Funds
Flourishing Inside Fund
Senior Fellowship and Professional Church
Ethics Fund
Religious Life Institute Vocation Project
Religious Life Institute Cities
Daughter of Jesus
CSACIO
TOTAL FUNDS		 At 1/9/20
£
436,491
7,612
2,494
363
446,960
5,274
141,509
24,508
2,975,462
1,942
3,886
87,361
10,502
51,063
-
-
-
-
3,301,507
3,748,467		 Net
movement
in funds
£
456,263
-
(1,766)
-
454,497
(1,065)
(120,271)
(9,987)
2,529,185
(1,942)
-
(65,164)
(4,881)
5,473
44,742
91,976
5,000
529,885
3,002,951
3,457,448		 Transfers
between
funds
£
211,075
-
4,000
-
215,075
-
-
-
-
-
(3,886)
(7,153)
-
(30,905)
(17,999)
(9,357)
-
(145,775)
(215,075)
-		 At
31/8/22
£
1,103,829
7,612
4,728
363
1,116,532
4,209
21,238
14,521
5,504,647
-
-
15,044
5,621
25,631
26,743
82,619
5,000
384,110
6,089,383
7,205,915

continued...

Page 32

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Principal's fund
Restricted funds
Other funds
Hilary Clay funds
Scholarship fund
The building fund
Professional Doctorate fund
Religious Life Institute Funds
Flourishing Inside Fund
Senior Fellowship and Professional Church
Ethics Fund
Religious Life Institute Vocation Project
Religious Life Institute Cities
Daughter of Jesus
CSACIO
Yuan Dao
TOTAL FUNDS		 Incoming
resources
£
622,836
-
622,836
6,382
-
-
-
-
-
2,474
71,454
72,149
100,000
5,000
559,350
7,622
824,431
1,447,267		 Resources
expended
£
(601,326)
(1,766)
(603,092)
(7,447)
(120,271)
(9,987)
(19,498)
(1,942)
(65,164)
(7,355)
(65,981)
(27,407)
(8,024)
-
(29,465)
(7,622)
(370,163)
(973,255)		 Gains and
losses
£
434,753
-
434,753
-
-
-
2,548,683
-
-
-
-
-
-
-
-
-
2,548,683
2,983,436		 Movement
in funds
£
456,263
(1,766)
454,497
(1,065)
(120,271)
(9,987)
2,529,185
(1,942)
(65,164)
(4,881)
5,473
44,742
91,976
5,000
529,885
-
3,002,951
3,457,448

The Building Maintenance Fund

The main purpose of this fund is to provide for major repairs to the building.

The Building Fund

This was the original fund used by the charity to purchase Lady Margaret House and it is restricted to fund the building only. Monies given and used for the new developments have been transferred to this fund.

Religious Life Institute funds

Since mid 2019 the Religious Life Institute (RLI) has been based at the Margaret Beaufort Institute under the direction of Dr Gemma Simmonds CJ. The RLI was founded at Heythrop College in 2007 to research various aspects of religious life. It is funded through a grant from the Conrad S Hilton Foundation and other sources.

Hilary Clay Funds

These comprise two separate funds: a Lecture Fund set up by Hilary Clay to support the Mary Ward Lecture; and a Legacy bequeathed to the charity on her death on the condition that it is used for staffing appointments and student bursaries that focus on research. In addition it may be used for Margaret Beaufort Lectures and the Mary Ward and Cardinal Hume Fellowships. The legacy is not to be used for the purchase, upkeep, or extension of buildings.

continued...

Page 33

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

Scholarship Fund

This fund consists of various donations including £60,000 over three years from the Daughters of Jesus CIO to facilitate the theological education of young women.

Flourishing Inside Fund

This fund was provided by the Charles Plater Trust for a project "Theological and Ethical resources for Catholic Pastoral Work in The Prison Service".

Senior Fellowship and Professional Church Ethics Fund

This fund was provided by an anonymous charitable trust. The Senior fellowship project was to introduce Senior Fellowships at the Institute to offer space and opportunities for public life figures and other professionals who have contributed to the public good through their service in politics, social or charity work and organisational leadership. The grant will enable the appointed Fellows to participate fully in the life and activities of the Institute and receive intellectual and spiritual input. The main purpose of the Professional Church Ethics project is to facilitate the development of professional ethics within the Church in order to improve the moral climate of the Church, especially in the wake of scandals and abuses. There is a need for a different model of moral education. The project will explore this model by drawing from a number of resources available in secular professional ethics and with members of the Church representing parishes, deaneries and dioceses.

Religious Life Institute Vocation Project

Funds were received for the project 'Religious Life Institute - Meta-Analysis of Vocation Data' from a trust which prefers to remain anonymous. The project analyses research projects on recent entrants to religious life, including one undertaken by the RLI. This project is international, comprising material from the UK and Ireland, the USA and Canada, Australia and France. The research scholars are from the UK and USA and France and include the current director of the Religious Life Institute.

Religious Life Institute Cities

The Passionists of St. Joseph's Province contributed £50,000 and the Congregation of Sisters of St. Joseph of Peace (CSJPs) contributed £50,000. The aim of the project is to gather material telling the history of women and men religious working and living alongside inner city communities in the second half of 20th Century Britain with the aim of producing a book manuscript for publication, with a particular focus on the Passionist Inner City Mission. The material gathered will take the form of archive research, interviews and transcripts from a variety of individuals who have been involved in urban insertion missionary activity. The grant is ring-fenced for research and publication activities associated with this project only and associated reasonable expenses.

CSACIO

This was an initial grant of £499,350 and a further grant of £60,000 from the Congregation of our Lady, Canonesses of St Augustine CIO, a registered charity number 1166361. It provided funds for specific projects including paying off of the existing loan, supporting education and research and a feasibility study into the sustainability and development of the charity.

Yuan Dao

This was a grant of £7,622 (HK$80,000) form the Yuan Dao Study Society. Aiming at promoting "Reliving the Traditions in Contemporary World: inter-religious and inter-cultural dialogue", MBIT and Yuan Dao Collaboration Plan has included an annual plan for 3 years with funding support by Yuan Dao Study Society. The annual plan will include webinars coordinated from MBIT by Rev Dominic White and from Hong Kong Yuan Dao Study Society coordinated by Dr. Christine Lai, together with possible publication plan. Yuan Dao Study Society will provide the funding which includes HK$80,000 annual donation for three years from 2021 to 2024 to MBIT. The donation money is a restricted donation for the purpose of paying the work of Rev Dominic White as the coordinator from MBIT in this collaboration project and can't be used for other costs or expenses.

continued...

Page 34

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

Daughter of Jesus

This was a grant of £5,000 to fund the Pastoral Outreach Programme. Some of the funding to be given to the delivery of the Catholic Certificate in Religious Studies.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2022.

21. GENERAL INFORMATION

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 12 Grange Road, Cambridge CB3 9DU.

22. FINANCIAL INSTRUMENTS

The carrying amounts of the charity's financial instruments is as follows:

2022 2021
£ £
Financial assets
Measured at fair value through income & expenditure:
Investments (note 13) 144,317 151,269
Debt instruments measured at amortised cost:
Trade debtor (note 15) - -
Other debtors (note 15) 14,876 18,066
14,876 18,066
Financial liabilities
Measured at amortised cost:
Loans (note 16 and 17) 35,000 183,471
Other creditors (note 16) 23,979 17,755
Accruals and deferred income (note 16) 48,113 43,326
106,552 244,552

The income, expenses, net gains and net losses attributable the charity's financial instruments are summaries as follows:

Income and expense
Financial assets measured at fair value 4,055 3,926
Financial assets measured at amortised cost 605 92
Financial liabilities measured at amortised cost 2,974 5,034
Net gains and (losses) (including changes in fair value)
Financial assets measured at fair value (6,952) 22,660

Page 35

continued...

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

22. FINANCIAL INSTRUMENTS - continued

The total interest income for financial assets and that are not measured at fair value through profit or loss is £605 (2021 £92). The total interest expenditure for financial liabilities and that are not measured at fair value through profit or loss is £2,974 (2021 £5,034).

Page 36

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Donations - Charitable Trusts
Legacies
Investment income
Dividends received
Deposit account interest
Charitable activities
Student fees
Study day fees
Rent received
Other income
Sundry income
Total incoming resources
EXPENDITURE
Raising donations and legacies
Publicity and fundraising
Advertising
Website
Charitable activities
Wages
Social security
Pensions
Day conferences and lectures
Charitable expenses
Course expenses
Federation levies & university fees
Carried forward		 2022
£
11,834
584,483
-
596,317
4,055
605
4,660
86,103
7,805
189,060
282,968
9,231
893,176
6,000
1,210
-
7,210
155,332
9,166
4,900
12,317
71,646
1,772
32,700
287,833		 2021
£
34,143
279,444
10,000
323,587
3,926
92
4,018
74,323
10,890
139,634
224,847
1,639
554,091
2,495
1,120
715
4,330
154,210
14,495
4,285
7,020
42,677
300
28,001
250,988

This page does not form part of the statutory financial statements

Page 37

MARGARET BEAUFORT INSTITUTE OF THEOLOGY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Charitable activities
Brought forward
Books
University fees
Support costs
Management
Wages
Social security
Pensions
Household overheads
Administration
Telecommunication & Internet
Insurance
Payroll fees
Health & safety management & legal fees
Miscellaneous expenses
Repairs, renewals & refurbishments
Travel fund
IT Support
Book-keeping
Finance
Bank charges
Interest payable
Other
Plant and machinery
Governance costs
Auditors' remuneration
Accountancy fees
Total resources expended
Net income		 2022
£
287,833
490
3,150
291,473
80,887
3,496
1,586
27,825
3,647
4,938
9,586
1,597
8,079
1,493
14,926
350
5,698
13,048
177,156
873
2,974
3,847
20,617
2,040
3,710
5,750
506,053
387,123		 2021
£
250,988
681
13,302
264,971
76,814
5,754
1,482
27,323
3,507
4,591
8,971
1,434
5,188
1,330
10,950
-
5,477
10,592
163,413
387
5,034
5,421
23,517
3,630
1,920
5,550
467,202
86,889

This page does not form part of the statutory financial statements

Page 38

A11 MBIT 22 full accounts for signing

Final Audit Report

2023-05-26

Created: 2023-05-26 By: Anthony Brice (anthonyjbrice@gmail.com) Status: Signed Transaction ID: CBJCHBCAABAAC46OfM6faraAW099A8pvwfYvEx-8GAcO

"A11 MBIT 22 full accounts for signing" History

Document created by Anthony Brice (anthonyjbrice@gmail.com)

2023-05-26 - 10:06:22 AM GMT- IP address: 89.242.39.202

Document emailed to mbroadbent@xendata.com for signature

2023-05-26 - 10:10:10 AM GMT

Email viewed by mbroadbent@xendata.com

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Signature Date: 2023-05-26 - 10:58:36 AM GMT - Time Source: server- IP address: 86.148.130.195

Document emailed to anthony@annatrice.co.uk for signature

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Signature Date: 2023-05-26 - 11:16:57 AM GMT - Time Source: server- IP address: 89.242.39.202

Agreement completed.

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