2023-08-31-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 2023

FOR

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

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

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

SSSere

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 2023. 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 ofthe Cambridge Theological Federation (CTF), provides teaching and open lectures, fosters a community of study and prayer, 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 ministry.Theological Federation, educating particularly women in theology, spirituality and leadership for discipleship and lay

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

a STRATEGIC REPORT Achievement and performance Charitable activities Teaching In accordance with its objects, the Institute has sustained fuily 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 ofDurham. As the Catholic member of the CTF the Institute offers students a wide range of awards: BTh in Theology for Ministry (University ofCambridge)

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.

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 formally launched in 2021, has been steadily developing its profile and activities. Amongst the most notable are: (1) a new research project; ‘Believing, Not Belonging’. It studies the reasons why the majority of baptised Catholics no longer come to Mass; (2) continuation of the project ‘Ecclesial Vigilance: Reflecting Back, Looking forward’ (dedicated to re-imagining a different church emerging from the Covid pandemic); (3) a weekend on ecclesial ethics within the Jesuit programme of Living Theology in Ammerdown led by the Centre's Director Rev'd Dr Liam Hayes and the Institute's Principal Dr Anna Abram; (4) working on the Code of Conduct, Responsibilities and Support for Catholic Clergy; (5) developing collaborations with 'School for Synodality' (Liverpool) and Caritas Social Action Network (HQ in London).

The Religious Life Institute (RLI), based at MBIT with Dr Gemma Simmonds as Director, engages in work for the Synod in Rome. The RLI is now entirely self-funded and is under the oversight of the Margaret Beaufort Institute of Theology. Dr Simmonds has been appointed to a team of four theologians to collate the Synod report from the world's religious and present it to the plenary assemblies of both bodies. Two research projects are the current focus of the RLI's work: (1) a Global Analysis of Contemporary Religious Vocations for Women (a book based on the project was published by Liturgical Press in October 2023); (2) radical forms of social insertion by religious in inner city missions in the UK from the 1970s onwards. In collaboration with the Union of International Superiors General [UISG] in Rome and the Center for the Study of Consecrated Life at Catholic Theological Union, Chicago the RLI promotes a global network of sisters under 60 working in a variety of theological and associated disciplines to foster emerging writing on the theology of religious life from a global perspective. Publications via the UISG are under way.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 ae The Institute continues 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 side. A rich programme of nine webinars took place in 2022-2023: 'Beyond Political Systems: Catholic Social Teaching and the Common Good' - Marystella Ramirez Guerra, Frances Images. Respondent: Mary Yuen - 31 October 2022; ‘Fratelli Tutti: Joint double webinar on the current global political, economic and ecological crisis in the light of Pope Francis' encyclical on global fraternity’ - 15 December 2022; 'Theology and euphemism: how to speak well in a time of crisis and mourning', Dr Michael Kirwan SJ (Loyola Institute, Dublin) - 24 February 2023, Respondents: Edmund Kwok, Dr Dominic White OP; 'The Pope of Encounter: Transcending Inter-Religious, Cultural and Civilization Challenges’, Celebration of 10th Anniversary of Pope Francis' Pontificate, Professor Edmund Kwok Siu-tong. Respondent: Dr Martin Ganeri OP, Blackfriars Hall, Oxford - 27 March 2023; Panel webinar on ‘Spirituality of Life and Death: An Inter-Religious Dialogue’, 28 June, 2023 with Fr Chow King-fun (Chairman ofDiocesan Commission of Inter-religious dialogue): "A Peaceful Life and a Blessed End of Life", Christine Lai (Yuan Dao Vice President): "An Integral life and Spirituality of Ageing: an intercultural a scent."pproach”, Dominic White (MBIT): "For Catholics, what happens when we die (and before)? A spirituality of cosmic

Research and consultancy

Dr Anna Abram continues to oversee two projects: (1) Professional Church Ethics (linked to the work of the Centre for Ecclesial Ethics (CEE); (2) Catholic Education, all made possible by a substantial research grant which came to an end in June 2023. She continues to give talks, amongst the most notable were her summer talks on ecclesial ethics and the ethics according to Pope Francis (Ammerdown, 17-19 June) and 'Ecclesial Ethics - Do We Need It?’ (Heythrop Institute, London Jesuit Centre, 13 July 2023),

Dr Susan Price continues to develop pastoral outreach, building links with schools and Diocesan projects, in particular with Diocesan Schools Commissioner and Bishop Peter Collins, offering pastoral supervision to clergy and lay people, leading the 'Servant Leadership' Programme and acting as deputy programme leader as well as teaching on the MA in Chaplaincy and Pastoral Care. Dr Price also oversees liturgies at the Institute. Dr Louise Nelstrop secured a grant for a project ‘'Deification in Translation: Marguerite Porete, Mechthild of Magdeburg, Mechthild of Hackeborn, and Jan van Ruusbroec in Late Medieval England' from Ist January 2023 until the 31st December 2025 funded by the Protestant Theological University (PThU) in the Netherlands (based in Amsterdam and Groningen). Dr Sean Ryan has been appointed as Acting Director of Studies during Dr Nelstrop's absence. Dr Ferdia Stone-Davis, Director of Research, continues her research funded by Austrian Science Fund (FWF) on 'The Epistemic Power ofMusic: On the Idea and History of Artistic Research through Music’ in conjunction with the Institute ofMusic Aesthetics, and the Doctoral School for Artistic Research, both part of the University ofMusic and Performing Arts, Graz Austria. The project will last until 30 June 2024. Dr Dominic White OP is acting as Director of Research in the absence of Dr Stone-Davis. He oversees the research profile of the Institute and research plans of over thirty Research Fellows and Associates. In summer 2023 he began co-editing (with Liam Hayes) 'Views from the Pews: theTowards Centre a Theologyfor Ecclesial of Ethics,Catholic Experiences of the Liturgy’, a publication based on the liturgy conference co-hosted by

Several open events and public lectures took place (mostly in a hybrid delivery mode). They included: Evening Talk on ‘The Climate Crisis and Global warning’ by Dr Peter Coughlan (5 October 2022); Learning Catholic Beliefwith Thomas Aquinas (October-November 2022), led by Sr Magdalene Eitenmiller OP; 'Let my people go: Reading the book of Exodus, a gateway to the Old Testament’ (January-March 2023), led by Dr Rosalie Moloney. The following auditing modules were on offer too: 'Moral Development, Reasoning & Decision Making! (led by Dr Anna Abram), ‘Catholic Social Thought’ (led by Dr Frances Image); 'Ethics in the Professional Context' (led by Dr Anna Abram); ‘Christian Mysticism East and West' and ‘Christian Spirituality in the Contemporary World' (both modules led by Dr Louise Nelstrop, Fr Dragos Herescu, and Dr Gemma Simmonds CJ). On 18 March, Dr Peter Coughlan and Dr Anna Abram led a Study Day on Pope Francis (covering Pope Francis' ecclesiology and ethics) to mark 10 years of his pontificate. Regular prayer meetings, workshops, staff meetings and seminars have been taking place both onsite and online. The latter continued to help growa greater international dimension to the work, so that participants from America, Ireland, Poland and Kenya have been able to take part in various institute activities,

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Pearl Anniversary

2023 was the Institute's Pearl Anniversary Year. The year's celebrations were launched with a Mass and lunch on 19 January. The main events in the first part of the celebratory year included: Visit to the Old Library at St John's College to see Lady Margaret Beaufort's illuminated Book of Hours as well as other rare texts and material/artefacts from the archives (10 February, 2023); Pearl Anniversary Retreat Day (11 March 2023); Essay Competition; Talk by acclaimed author Nicola Tallis on her historical biography of Lady Margaret Beaufort, Uncrowned Queen followed by book-signing (23 May 2023); 'Farewell to MBIT at Grange Road Mass, followed by Garden Reception (10 June 2023); Gala fundraising concert at Fitzwilliam College Chapel (10 June 2023); Walking tour of Medieval Norwich & visit to Julian's shrine (5 August 2023), led by Dr Ann Swailes OP.

New Administrative Appointments

Ms Natalie Despot was appointed as Digital Communications and Administrative Assistant in September 2022. This role was funded for the first year initially by a grant from the Canonesses of St Augustine CIO (CSACIO) and was created to help raise the profile of the institute during its Pearl (30th) Anniversary year and to market its strong and unique offer. The main focus of the role is digital and social marketing/PR of the institute's educational and pastoral offers, as well as promotion of events held as part of the Pearl anniversary year. Raising awareness of the institute and its place within both the Cambridge Theological Federation and the wider Church community is also an important part of the role. The broader reach of the institute as a result of this new role is a key part of the institute's forward thinking.

Mrs Adele Angel was appointed as Administrator and Company Secretary in December 2022 to replace Mrs Margaret Sallis. Beth Stevens was appointed formally as Bursar in October 2022.

Lady Margaret House: sale of property

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 determining 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 had 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. Savills marketed the Grange Road property 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. Throughout this period, funding provided by the grant from the CSACIO allowed the institute to access professional HR and governance advice, which enabled the trustees to make sound decisions from a solid knowledge base.

The sale became effective in March 2023 with funds and title passing at that time. The institute had a leaseback agreement with Queens’ College, permitting it to continue occupying the premises and collecting the revenue from accommodation services, until end September 2023. Academic and administrative staff at the institute vacated the premises in August 2023 and relocated to shared accommodation at Wesley House, Cambridge, another member of the Cambridge Theological Federation. This move is intended to be 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.

Lady Margaret House: use and development Despite the sale process, from September 2022 to August 2023 there was full occupancy in Lady Margaret House. 27 postgraduatestudy bedroomsstudents. and one small set (bedroom, study and bathroom) were rented out to 28 mostly University of Cambridge The Kirby Laing Centre for Public Theology (https://kirbylaingcentre.co.uk/) continued to rent two offices, and The Lauderdale Trust (https://www.lauderdaletrust.org/) continued to rent the Beatrice Jones room. Both tenants are theological, educational or research charitable bodies. The Saints Alive charity continued their ‘virtual office’ arrangement until May 2023 and a small additional upstairs room was used as an office by a research associate.

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en The Lyn's House community continued to rent The Lodge in the grounds for occupation by three residents and visiting friends. 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. All residents and partners left the property by 31-Aug-23 except for two Queens' College student residents and the Lyn's House community. Queens' College took over responsibility for these residents and Lyn's House from 1-Sep-23.

Lady Margaret House: Maintenance and improvement works Responsibility for maintenance remained with the charity until the freehold was sold to Queens' College in March 2023. issues.From March 2023 Queens' College took over responsibility for most larger maintenance and most health and safety

Church and community use of Lady Margaret House The Lyn's House community hosted some events during the year and the garden was also used for CTF worship and a ‘Farewell to Grange Road' community event in June 2023.

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. The institute is very grateful for the support of all our benefactors, both institutional and individuals.

Investment performance

Across the year, 27 study bedrooms were rented out to students resulting in income of£223,120 (2022 £170,329).

£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 5.45% (2022 5.4%) of the original investment were Teceived this year

The charity received bank deposit account interest of £161,600 (2022 £605). This was much higher due to the cash arising from the sale of the premises being held on deposit.

The income arising from this helps 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 £3,215,316 (2022 £387,123) of which a surplus of £3,363,255 (2022 deficit £32,694) was not restricted or designated.

Principal funding sources

The charity received the following grants and donations during the year: ; National Philanthropic Trust £15,744 Daughter of Jesus £5,000 Yuan Dao £8,471 Other Charitable Trust £3,200 Various donees £21,837

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STRATEGIC REPORT Financial review

Investment policy and objectives The sale of the property has major implications for the Institute's financial sustainability. Disposal of the property reduces the costs of maintaining and operating from a large and complex building. It also removes 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 means revenue from the Institute's largest current income source, accommodation services, will 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.

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 Director of Finance in providing advice and support for decisions relating to the continuing development of the sustainability plan.

An investment committee, including two external advisors, two Trustees and the Bursar, was set up by Trustees in Spring 2023; it developed a new investment policy in light of the need to invest the funds resulting from the property sale. A ‘beauty parade’ of four potential investment managers was held in summer 2023 and, after a series of presentations, CCLA was appointed as investment manager in July 2023. The investment policy was ratified by Directors at the December 2023 Trustees meeting.

Reserves policy

expenditure.It is the policy of the charity to maintain unrestricted free reserves of between 3 and 6 months of unrestricted The total funds held by the charity less the amounts related to tangible fixed assets and long term creditors is £10,409,823 (2022 £778,355) of which £422,037 (2022 £584,736) relate to restricted funds and £10,041 (2022 £12,703) relate to designated funds. The remaining unrestricted free reserves were £9,977,745 (2022 £180,916).

Funds include the proceeds from the sale of the frechold property of £9,857,447 which are currently being held to generate an income. This has resulted in free reserves being significantly higher than the policy and this will remain this way until the trustees decide the best use for the proceeds.

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a 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:

	Gross
Description ofRisk GOVERNANCE	Risk	ManagementofRisk
CouncilandTrusteestructure CouncilandTrusteeskillsand experience CouncilandTrustee succession Strategic & sustainabilityplanning Council andTrusteeConflictsof Interest	Medium Medium Medium Medium Low	Ensurethatbusinessproperlyconductedandproceduresadhered to Ensure thatappropriatestepstakentovet,recruitandretain trustees&recommendationsofauditorsarefollowed; regular Trustee skillsaudit Ensurethat successionplanningisreviewedregularly Prepareabusiness/sustainabilityplanbasedonthe2024strategic review; reviseasneeded ConflictsofInterestdeclaredatstartofallmeetings
OPERATIONAL
Officeaccommodation forcharity's everydayactivities Employmentprocesses&policies	High High	Ensurelong-term planningtoidentifyandoccupysuitable physicalspace Ensurethatadequateprofessionaladviceistaken&
Staffinglevels Staff retention Staff wellbeing Safeguarding FINANCIAL	documentation isappropriate,includingregularpolicyreview High Ensurethatthereislong-termplanningforadequatelevelsof staffing High Ensurestaffretentionisgoodwithsupportiveworkculture, including focuson flexibleworking arrangements, staffwell being,professionaldevelopmentopportunities,recognitionand competitive salarypackage High WorkcloselywithTrusteesandstafftoplanworkina manageablewayacross the year; encourage stafftotakeannual leaveentitlementandsickdayswhenappropriate;regular catchupstocheckonstaffwellbeing Medium —_Ensuresafeguarding policyisreviewedregularlyand is fit-for-purpose; ensurestafftrainingandcompliance
Financialmanagement&control	High	Ensuremaintenanceofeffectivebookkeepingandaccounting systems(includingdata back-ups),strongcontrolofcash
		resources(includingdualcontrols forfraudprevention). Maintenanceofasset registers. Adherence to auditor
Investments: management Investments: market Income: incomesources	High Medium Medium —_	recommendations. Ensure thatinvestmentcommitteemectsregularlyandthat investments areconsideredateveryTrusteemeeting; annual reviewofinvestmentpolicy; annualreporting visitbyInvestment Manageraswellasregularmeetingsandupdates. Ensure close controlofinstructionsgiventoinvestmentmanager. Ensurethatinvestmentpolicyisfollowedandthatinvestmentsare monitored andreviewedregularly Ensure thatallareasofMBIT activitiesare assessed for
sustainability; developmorevariedincome sources (e.g. research grants, fund-raising, student recruitment) Income: restricted funds Low Ensurethatrestrictedincome(&expenditure) isreportedto Trusteesandrecordedcorrectlyintheaccounts EXTERNALa

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STRATEGICREPORT
Pandemicorseriousepidemic infectious diseaseorotherexternal event	Medium	Trusteesand keystaffwillreviewwhatservicescanbeoffered safely
Public perceptionofinstituteafter saleofGrangeRoadproperty StabilityofCambridgeTheological Federation, includingstudent recruitment	Medium Medium	Marketingofeventsandactivities takingplace(especiallyonline advertising), regular opportunitiesforwidercommunitytocome on siteandtakepart, focusonstudentrecruitment, inter-institutional collaborationandfuturesustainability EngagementwithCTFgovernanceanddecision-making; increased collaborationandresource-sharing withothermembers toensurebenefits forall;closelymonitorstudent recruitment acrosswholeCTF

Significant Events Since August 2023 Move to Wesley House The institute formally relocated to Wesley House in early September 2023. The institute's main library was downsized and about 2,500 books were put into storage; the Lash Library was reinstated in the shared office space at Wesley House, The institute formally ended the leaseback arrangement and handed the Grange Road property over to Queens’ College on 22 September 2023. The House Manager, Domestic Assistant and Gardener became employees of Queens’ College under the TUPE process on this date.

Staff changes: The Digital Communications and Administrative Assistant was appointed for a further year in September 2023 with the new job title ‘Marketing and Communications Officer’. Anne Marie O'Riordan was appointed as a part-time (0.2 FTE) Visiting Lecturer in September 2023. In December 2023, the Administrator's contract was extended for a further year at 0.5 FTE and Dr Pavlina Kasparova was appointed to work on a project-specific one-year research contract. Elisabeth Stevens was appointed as Company Secretary in December 2023.

Finance: A restricted grant of £65,400 was received in September 2023 from the CSACIO to fund the ongoing Marketing role, plus website development, HR review and staff development.

The institute started to move investment funds from the CCLA deposit fund to the CCLA Catholic CAIF from September 2023. Due to world uncertainties, the investment committee, after consultation with the CCLA, made a decision to invest in managed stages. £3 million was invested in the CCLA Catholic CAIF in September 2023 and a further £2 million in November 2023. Another meeting is scheduled for January 2024 and a decision will be made about further investment, with the intention of investing at least £9.5 million total. Interest rates of >5% on the CCLA deposit fund mean that significant income has been received from the investment funds.

In November 2023, the Laing Trust advised that 80% of the £271,401 grant received in 2019 and used for refurbishment of the Harding Wing should be given to the CTF (property sale within 5 years of receipt required return of the grant under the grant terms). The remaining 20% of the £271,401 grant was awarded to the institute for a research project led by Dr Anna Abram: 'Good (Ethical, Meaningful, Impactful & Sustainable) Leadership - How to Support it?’.

The institute will also hold a £20,000 cross-training grant awarded to Dr Pavlina Kasparova by the University of Adults".Birmingham from December 2023 titled "Material Rendering of Imagery of ‘Divine’ and Faith’ of Practicing Christian

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

Biblical Studies course, led by ten leading women biblical scholars Ongoing MA teaching, including the Catholic Social Teaching module Discussion on the Synod's Instrumentum Laboris, led Dr Peter Coughlan and Ms Anne Marie O'Riordan

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 aa ee 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 Articles.Principal Theand Directorsteaching electstaff. theirTerms own Chair.of office and renewal of appointment are specified in the Memorandum and

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 2022-2023

Mr Paul Barber

Dr Anna Gannon Mrs Joanna Hale Revd Professor John Morrill FBA Ms Bridget Alabi Professor Julie Smith (Chair) Sr Jenny Dines Professor Karen Kilby

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 Vice Principal, Director of Studies, Director of Pastoral Outreach and Director of Finance In addition to the academic staff, the remunerated administrative staff comprises a part-time administrator and a full-time Marketing and Communications 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.

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STRUCTURE, GOVERNANCE AND MANAGEMENT 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,

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 Wesley House Jesus Lane Cambridge CBS5 8BJ

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 (deceased 20/11/2023)

Company Secretary

Ms Elisabeth Ann Stevens Auditors Annatrice Limited Statutory Auditor 10 The Thoroughfare Harleston Norfolk IP20 9AX

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REFERENCE AND ADMINISTRATIVE DETAILS

Solicitors Mills & Reeve 112 Hills Road Cambridge CB2 1PH

Accountants Hardcastle Burton 90 High Street Newmarket Suffolk CB8 8FE

The Principal Dr Anna Abram

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The 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 - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• • the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information,

AUDITORS

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

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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....... JU 4LA4.................0+ and signed on the board's behalf by:

Mr Mark Broadbent- Trustee

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

Opinion

We have audited the financial statements of The Margaret Beaufort Institute of Theology (the ‘charitable company’) for the year ended 31 August 2023 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: - give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 andof its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

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 ofthe 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: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• • the Report of the Trustees has been prepared in accordance with applicable legal requirements.

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

i*E

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:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

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

• • certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

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 showa 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.

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

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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

Date: AV ARM 22 Ly

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

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||||||| |---|---|---|---|---|---| |2023|2022| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |INCOME AND ENDOWMENTS FROM|Notes|£|£|£|£| |Donations and legacies|2|21,358|32,894|54,252|596,317| |Charitable|activities|4| |Research|61,677|-|61,677|93,908| |Hostel|244,793|-|244,793|189,060| |Investment income|3|165,685|~|165,685|4,660| |Other income|5|3,294,193|-|3,294,193|9,231| |Total|3,787,706|32,894|3,820,600|893,176| |EXPENDITURE|ON| |Raising funds|6|3,702|-|3,702|7,210| |Charitable|activities|7| |Student Education|259,420|70,784|330,204|289,823| |Research|76|104,703|104,779|122,075| |Hostel|91,504|684|92,188|76,712| |Other|74,411|-|74,411|10,233| |Total|429,113|176,171|605,284|506,053| |Net gains/(losses) on investments|(2,811)|-|(2,811)|2,960,776| |NET INCOME/(EXPENDITURE)|3,355,782|(143,277)|3,212,505|3,347,899| |Transfers between funds|21|5,524,069|(5,524,069)|-|-| |Net movement in funds|8,879,851|(5,667,346)|3,212,505|3,347,899| |RECONCILIATION|OF FUNDS| |Total funds brought forward|1,116,532|6,089,383|7,205,915|3,858,016| |TOTAL FUNDS CARRIED FORWARD|9,996,383|422,037|10,418,420|7,205,915|

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The notes form part of these financial statements

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY (REGISTERED NUMBER: 02958069)

BALANCE SHEET

31 AUGUST 2023

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|||||||| |---|---|---|---|---|---|---| |2023|2022| |Unrestricted|Restricted|Total|Total| |Notes|funds|funds|funds|funds| |FIXED|ASSETS|£|£|£|£| |Tangible assets|13|8,597|-|8,597|815,318| |Investments| |Investments|14|141,506|-|141,506|144,317| |Investment property|15|-|-|-|5,617,242| |150,103|-|150,103|6,576,877| |CURRENT|ASSETS| |Debtors|16|18,517|-|18,517|14,876| |Cash at bank and in hand|10,099,179|426,298|10,525,477|721,254| |10,117,696|426,298|10,543,994|736,130| |CREDITORS| |Amounts|falling due within one year|17|(271,416)|(4,261)|(275,677)|(102,092)| |NET CURRENT ASSETS|9,846,280|422,037|10,268,317|634,038| |TOTAL ASSETS|LESS CURRENT| |LIABILITIES|9,996,383|422,037|10,418,420|7,210,915| |CREDITORS| |Amounts falling due after more than one year|18|-|-|-|(5,000)| |NET ASSETS|9,996,383|422,037|10,418,420|7,205,915| |FUNDS|21| |Unrestricted funds|9,996,383|1,116,532| |Restricted funds|422,037|6,089,383| |TOTAL FUNDS|10,418,420|7,205,915|

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subjectThese financialto the smallstatementscompanieshaveregime.been prepared in accordance with the provisions applicableto charitable companies

The financial statements were approved by the Board of Trustees and authorised for issue on seeseeseeedole] DH. sees and were signed on its behalf by:

Mr[Mark][Broadbent] - Trustee

The notes form part of these financial statements

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

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|||||||| |---|---|---|---|---|---|---| |e|e|ee| |Notes|2023£|2022£| |Cash|flows from|operating|activities| |Cash generated from operations|1|(236,534)|420,255| |Interest paid|-|(2,974)| |Net cash (used in)/provided by operating activities|(236,534)|417,281| |Cash|flows from investing|activities| |Purchase|of|tangible|fixed assets|(11,463)|-| |Sale|of tangible|fixed assets|4,304,293|-| |Sale of|investment property|5,617,242|-| |Interest received|161,600|605| |Dividends received|4,085|4,055| |Net cash provided by investing activities|10,075,757|4,660| |Cash|flows from|financing|activities| |Loan repayments in year|(35,000)|(148,471)| |Net cash used in financing activities|(35,000)|(148,471)| |Change|in|cash|and|cash|equivalents in| |the reporting period|9,804,223|273,470| |Cash|and|cash|equivalents|at the| |beginning|of the reporting period|721,254|447,784| |Cash|and|cash|equivalents|at|the end|of| |the reporting period|10,525,477|721,254|

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The notes form part of these financial statements eeeeeeSSSSSSSSSSSSSSSsSSsseeee Page 18

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

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1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

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||||||| |---|---|---|---|---|---| |2023|2022| |£|£| |Net income|for|the reporting period|(as per the|Statement|of Financial| |Activities)|3,212,505|3,347,899| |Adjustments|for:| |Depreciation charges|2,866|20,617| |Losses/(gain) on investments|2,811|(2,960,776)| |Profit on disposal|of fixed|assets|(3,488,975)|-| |Interest received|(161,600)|(605)| |Interest paid|-|2,974| |Dividends received|(4,085)|(4,055)| |(Increase)/decrease|in debtors|(3,641)|3,190| |Increase|in creditors|203,585|11,011| |Net cash|(used|in)/provided by operations|(236,534)|420,255|

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2: ANALYSIS OF CHANGES IN NET FUNDS

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||||||||| |---|---|---|---|---|---|---|---| |At|1/9/22|Cash|flow|At 31/8/23| |£|£|£| |Net|cash| |Cash at bank and|in hand|721,254|9,804,223|10,525,477| |721,254|9,804,223|10,525,477| |Debt| |Debts|falling due within|1|year|(30,000)|30,000|-| |Debts|falling due|after|1|year|(5,000)|5,000|-| |(35,000)|35,000|-| |Total|686,254|9,839,223|10,525,477|

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The notes form part of these financial statements

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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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.

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023

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1, ACCOUNTING POLICIES - continued

Allocation and apportionment of costs

Ail 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.

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023

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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.

Z. DONATIONS AND LEGACIES

Z.	DONATIONS ANDAND LEGACIES
		2023	2022
	Donations Donations -Charitable Trusts	£ 21,837 32,415	£ 11,834 584,483
		54,252	596,317
3.	INVESTMENT INCOME
		2023	2022
		£	£
	Dividendsreceived Deposit account interest	4,085 161,600	4,055 605
		165,685	4,660

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023

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4.	INCOMEFROMCHARITABLEACTIVITIES	INCOMEFROMCHARITABLEACTIVITIES
			2023	2022
	Student fees Studydayfees Rentreceived	Activity Research Research Hostel	£ 60,747 930 244,793	iy 86,103 7,805 189,060
			306,470	282,968
5.	OTHERINCOME
			2023	2022
			£	£
	Gainonsaleoftangible fixed assets Sundry income Granttoberepaid		3,510,504 599 (216,910)	- 9,231 -
			3,294,193	9,231

6. RAISING FUNDS

Raising donations and legacies

Raising donationsdonations and legacies
	2023	2022
	£	£
Publicityandfundraising Advertising PearlAnniversary	677 195 2,830	6,000 1,210 -
	3,702	7,210

7.	CHARITABLE ACTIVITIES COSTS
			Support
		Direct	costs (see
		Costs	note 8)	Totals
		£	£	£
	StudentEducation Research Hostel	215,445 104,779 1,317	114,759 - 90,871	330,204 104,779 92,188
		321,541	205,630	§27,171

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THE MARGARET BEAUFORT INSTITUTE: OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS - cont# nued FOR THE YEAR ENDED 31 AUGUST 2023

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8. SUPPORT COSTS

SUPPORT COSTSCOSTS
				Governance
Management £		Finance £	Other £	costs £	Totals £
Otherresources expended StudentEducation Hostel	44,725 111,796 90,871	527 97 .	7 2,866 .	7,630 - -	ss 52,8 114,759 90,871
	247,392	624	2,866	7,630	258,512
Paidoutofrestricted fundswas£109,582 ofbursaries paidtostudents andexpens«=s relating to					research projects,
£65,808 ofsalariesandwagesand £2,080	and £2,080 forthe	advertising and fundraising.
NETINCOME/(EXPENDITURE)
Netincome/(expenditure) is stated	aftercharging/(crediting):
				2023	2022
				£	£
Auditors' remuneration				5,110	3,710
Depreciation -owned assets				2,866	20,617
Surplusondisposaloffixedassets Intereston loans				3,488,975) -	” 2,9
				———	—

Paid out of restricted funds was £109,582 of bursaries paid to students and expens«=s relating to research projects, £65,808 of salaries and wages and £2,080 for the advertising and fundraising.

9, NET INCOME/(EXPENDITURE)

1. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 Augus=st 2023 nor for the year ended 31 August 2022.

Trustees' expenses

There were no trustees! expenses paid for the year ended 31 August 20#7*23 nor for the year ended 31 August 2022.

1. STAFF COSTS

STAFF COSTSCOSTS
STAFF COSTSCOSTS	2023	2022
	£	f
Wagesand salaries Social securitycosts Otherpensioncosts	253,651 16,886 7,597	236,219 12,662 6,486
	278,134	255,367

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

	2023	2022
Academicstaff Administrative staff	6 5	i
	11	11

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THE MARGARET BEAUFORT INSTITUTE

OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS- contimtmmes FOR THE YEAR ENDED 31 AUGUST 2023

—————

11. STAFF COSTS- continued

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

Full time equivalents are 6 academic staff and 5 administrative staff.

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||||| |---|---|---|---| |12.|COMPARATIVES FOR THE STATEMENT|OF FINANCIAL ACTIVITIES| |Unrestricted| |funds| |£| |INCOME AND ENDOWMENTS FROM| |Donations|and|legacies|14,292| |Charitable|activities| |Research|93,908| |Hostel|189,060| |Investment|income|4,660| |Other income|9,231| |Total|311,151| |EXPENDITURE ON| |Raising|funds|6,095| |Charitable|activities| |Student Education|202,985| |Research|49,325| |Hostel|76,712| |Other|9,918| |Total|345,035| |Net gains on investments|412,093|ee| |NET INCOME|378,209|2.| |Transfers between funds|177,835|(| |Net movement in funds|556,044||| |RECONCILIATION|OF FUNDS| |Total funds brought forward|560,488|ES| |TOTAL FUNDS CARRIED FORWARD|1,116,532|——K«qx<=<{{_¥&>ie>————EEE|

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY ©

NOTES TOFOR THE FINANCIAL STATEMENTS- continued THE YEAR ENDED 31 AUGUST 2023

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11. STAFF COSTS - continued

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

Full time equivalents are 6 academic staff and 5 administrative staff.

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|||||| |---|---|---|---|---| |12.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES| |Unrestricted|Restricted|Total| |funds|funds|funds| |INCOME AND ENDOWMENTS|FROM|£|£|£| |Donations and legacies|-|14,292|582,025|596,317| |Charitable|activities| |Research|93,908|-|93,908| |Hostel|189,060|-|189,060| |Investment income|4,660|-|4,660| |Other income|9,231|-|9,231| |Total|311,151|582,025|893,176| |EXPENDITURE ON| |Raising funds|6,095|1,115|7,210| |Charitable|activities| |Student Education|202,985|86,838|289,823| |Research|49,325|72,750|122,075| |Hostel|76,712|-|76,712| |Other|9,918|315|10,233| |Total|345,035|161,018|506,053| |Net gains on investments|412,093|2,548,683|2,960,776| |NET INCOME|378,209|2,969,690|3,347,899| |Transfers between funds|177,835|(177,835)|-| |Net movement in funds|556,044|2,791,855|3,347,899| |RECONCILIATION OF FUNDS| |Total funds brought forward|560,488|3,297,528|3,858,016| |TOTAL FUNDS CARRIED FORWARD|1,116,532|6,089,383|7,205,915|

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023

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13.	TANGIBLEFIXED ASSETS
		Freehold
		property	Equipment	Furniture
	COST	£	£	£
	At 1 September2022 Additions Disposals	970,889 - (970,889)	35,739 3,759 (35,739)	43,081 - (43,081)
	At31 August2023	-	3,759	-
	DEPRECIATION
	At 1 September2022 Charge foryear Eliminatedondisposal	184,601 - (184,601)	26,571 940 (26,571)	30,651 - (30,651)
	At31 August2023	-	940	-
	NETBOOKVALUE
	At31 August2023	-	2,819	-
	At31 August2022	786,288	9,168	12,430
		New	Computer
		Boiler	Software	Totals
	COST	£	£	£
	At 1 September2022 Additions Disposals	82,755 - (82,755)	2,000 7,704 (2,000)	1,134,464 11,463 (1,134,464)
	At31 August2023	-	7,704	11,463
	DEPRECIATION
	At 1 September2022 Chargeforyear Eliminatedondisposal	75,323 - (75,323)	2,000 1,926 (2,000)	319,146 2,866 (319,146)
	At31 August 2023	-	1,926	2,866
	NETBOOKVALUE
	At31 August 2023	-	5,778	8,597
	At31August 2022	7,432	-	815,318

eeeeeeSSSSSSeeeeeeSeSSSSSSSSeSeSeSsese

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NOTES TO THEFOR FINANCIAL STATEMENTS- continued THE YEAR ENDED 31 AUGUST 2023

SS 14. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTSASSET INVESTMENTSINVESTMENTS
	Listed
	investments
MARKETVALUE	£
At 1 September2022 Revaluations	144,317 (2,811)
At31 August2023	141,506
NETBOOKVALUE
At31 August2023	141,506
At31August 2022	144,317

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 (2022 £75,000).

1. INVESTMENT PROPERTY

FAIRVALUE	£
At 1 September2022 Disposals	5,617,242 (5,617,242)
At31 August2023
	-
NETBOOKVALUE
At31 August2023
	-
At31August2022	5,617,242

The whole property was sold for £9,857,447 net of incidental costs and 57% has been allocated to the disposal of assets.the accommodation (investment property) section of the building with the rest allocated to the tangible fixed 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

		2023	2022
Other	debtors	£ 18,517	£ 14,876

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==> picture [494 x 474] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |a| |17.||CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR| |2023|2022| |Other|£|£| |loans|(see note|19)| |Other|-|30,000| |creditors|228,012|23,979| |Accruals and deferred income|47,665|48,113| |275,677|102,092| |18.|CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR| |2023|2022| |Other|£|23| |loans (see note|19)|°|5,000| |19.|LOANS| |An analysis of|the maturity of loans|is given below:| |2023|2022| |Amounts|£|£| |falling due|within one year on demand:| |Other|loans| |-|30,000| |Amounts|falling|due|in more than|five|years:| |Repayable|otherwise|than by instalments:| |Other loans more Syrs non-inst| |-|5,000| |20.|LEASING AGREEMENTS| |Minimum lease payments under non-cancellable operating|leases|fall due as follows:| |2023|2022| |Within|£|£| |one year|21,000|-|

----- End of picture text -----

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THE MARGARET BEAUFORT IN.STITUTE OF THEOLOGY

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ee ee 21. MOVEMENT IN FUNDS

==> picture [450 x 344] intentionally omitted <==

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Net|Transfers| |At|movement|between|At| |1/9/22|in funds|funds|31/8/23| |Unrestricted|funds|£|£|£|£| |General fund|1,103,829|3,360,444|5,522,069|9,986,342| |Building maintenance fund|7,612|-|-|7,612| |Principal's fund|4,728|(4,299)|2,000|2,429| |Travel fund|363|(363)|-|-| |Restricted|funds|1,116,532|3,355,782|5,524,069|9,996,383| |Other funds|4,209|986|(750)|4,445| |Hilary Clay funds|21,237|-|-|21,237| |Scholarship fund|14,521|683|-|15,204| |The building fund|5,504,647|=|(5,504,647)|-| |Religious Life Institute|Funds|15,045|(3,081)|120|12,084| |Flourishing Inside Fund|5,620|-|-|5,620| |Senior Fellowship and Professional Church| |Ethics Fund|25,632|(13,546)|(3,800)|8,286| |Religious Life Institute Vocation Project|26,743|(6,497)|(1,323)|18,923| |Religious Life Institute Cities|82,619|(10,265)|(13,669)|58,685| |Daughter ofJesus|5,000|-|-|5,000| |CSACIO|384,110|(127,301)|=|256,809| |Diaconate Conference Fund|-|15,744|-|15,744| |6,089,383|(143,277)|(5,524,069)|422,037| |TOTAL FUNDS|7,205,915|3,212,505|-|10,418,420|

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ii sg

21. MOVEMENT IN FUNDS - continued

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

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Incoming|Resources|Gains and|Movement| |resources|expended|losses|in funds| |£|£|£|£| |Unrestricted|funds| |General fund|3,787,706|(424,451)|(2,811)|3,360,444| |Principal's|fund|-|(4,299)|-|(4,299)| |Travel fund|-|(363)|-|(363)| |Restricted|funds|3,787,706|(429,113)|(2,811)|3,355,782| |Other funds|2,996|(2,010)|-|986| |Scholarship|fund|683|-|-|683| |Religious|Life|Institute Funds|-|(3,081)|-|(3,081)| |Senior Fellowship and|Professional|Church| |Ethics Fund|-|(13,546)|-|(13,546)| |Religious Life Institute Vocation Project|-|(6,497)|-|(6,497)| |Religious Life|Institute|Cities|-|(10,265)|-|(10,265)| |Daughter of Jesus|5,000|(5,000)|-|-| |CSACIO|-|(127,301)|-|(127,301)| |Yuan Dao| |Diaconate|8,471|(8,471)|-|~| |Conference Fund|15,744|-|-|15,744| |32,894|(176,171)|-|(143,277)| |TOTAL FUNDS|3,820,600|(605,284)|(2,811)|3,212,505|

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SS

1. MOVEMENT IN FUNDS- continued

Comparatives for movement in funds

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

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a

21. MOVEMENT IN FUNDS- continued

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

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Incoming|Resources|Gains and|Movement| |resources|expended|losses|in funds| |Unrestricted|funds|£|£|£|£| |General fund|3115151|(343,845)|412,093|379,399| |Principal's fund|-|(1,190)|-|(1,190)| |Restricted|funds|311,151|(345,035)|412,093|378,209| |Other funds|592|(1,401)|-|(809)| |Hilary Clay funds|-|(15,752)|-|(15,752)| |Scholarship fund|-|(870)|-|(870)| |The building fund|-|(9,749)|2,548,683|2,538,934| |Religious Life Institute Funds|-|(32,572)|-|(32,572)| |Flourishing Inside Fund|-|(1,300)|-|(1,300)| |Senior Fellowship|and Professional Church| |Ethics Fund|9,461|(32,856)|-|(23,395)| |Religious Life Institute Vocation Project|-|(21,407)|-|(21,407)| |Religious Life Institute Cities|-|(8,024)|-|(8,024)| |Daughter of|Jesus|5,000|-|-|5,000| |CSACIO|559,350|(29,465)|-|529,885| |Yuan Dao| |7,622|(7,622)|-|-| |582,025|(161,018)|2,548,683|2,969,690| |TOTAL FUNDS|893,176|(506,053)|2,960,776|3,347,899|

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e ee

ee

21. ©[MOVEMENT][IN][ FUNDS] - continued

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

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Net|Transfers| |At|movement|between|At| |1/9/21|in funds|funds|31/8/23| |Unrestricted|funds|£|£|£|£| |General|fund|548,595|3,739,843|5,697,904|9,986,342| |Building maintenance fund|7,612|-|-|7,612| |Principal's fund|3,918|(5,489)|4,000|2,429| |Travel fund|363|(363)|-|-| |Restricted|funds|560,488|3,733,991|5,701,904|9,996,383| |Other funds|5,018|177|(750)|4,445| |Hilary Clay funds|36,989|(15,752)|-|21,237| |Scholarship fund|15,391|(187)|-|15,204| |The building|fund|2,965,713|2,538,934|(5,504,647)|-| |Religious|Life Institute Funds|51,198|(35,653)|(3,461)|12,084| |Flourishing|Inside Fund|6,920|(1,300)|-|5,620| |Senior Fellowship|and|Professional|Church| |Ethics Fund|64,181|(36,941)|(18,954)|8,286| |Religious|Life|Institute Vocation Project|52,118|(27,904)|(5,291)|18,923| |Religious Life Institute Cities|100,000|(18,289)|(23,026)|58,685| |Daughter of|Jesus|-|5,000|-|5,000| |CSACIO|-|402,584|(145,775)|256,809| |Diaconate Conference Fund|-|15,744|-|15,744| |3,297,528|2,826,413|(5,701,904)|422,037| |TOTAL FUNDS|3,858,016|6,560,404|-|10,418,420|

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a

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----- Start of picture text -----
|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |21.|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:| |Incoming|Resources|Gains and|Movement| |resources|expended|losses|in funds| |Unrestricted|funds|£|£|£|£| |General fund|4,098,857|(768,296)|409,282|3,739,843| |Principal's fund|-|(5,489)|-|(5,489)| |Travel fund|-|(363)|-|(363)| |Restricted|funds|4,098,857|(774,148)|409,282|3,733,991| |Other funds|3,588|(3,411)|-|177| |Hilary Clay funds|-|(15,752)|-|(15,752)| |Scholarship fund|683|(870)|-|(187)| |The building fund|-|(9,749)|2,548,683|2,538,934| |Religious Life Institute|Funds|-|(35,653)|-|(35,653)| |Flourishing Inside Fund|-|(1,300)|-|(1,300)| |Senior Fellowship|and Professional|Church| |Ethics Fund|9,461|(46,402)|-|(36,941)| |Religious|Life|Institute Vocation Project|-|(27,904)|-|(27,904)| |Religious Life Institute Cities|-|(18,289)|-|(18,289)| |Daughter of|Jesus|10,000|(5,000)|-|5,000| |CSACIO|559,350|(156,766)|-|402,584| |Yuan|Dao| |Diaconate|16,093|(16,093)|-|-| |Conference Fund|15,744|.|-|15,744| |614,919|(337,189)|2,548,683|2,826,413| |TOTAL FUNDS|4,713,776|(1,111,337)|2,957,965|6,560,404|

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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 Fund This is a Lecture Fund set up by Hilary Clay to support the Mary Ward Lecture. It may be used for Margaret Beaufort Lectures and the Mary Ward and Cardinal Hume Fellowships.

Scholarship Fund

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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 Treland, 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 from the Yuan Dao Study Society, Hong Kong. The society awarded a grant of HK$80,000 per year for 3 years from 2022 to 2024 inclusive, The grant aims to promote ‘Reliving the Traditions in the Contemporary World: inter-religious and inter-cultural dialogue". MBIT and the Yuan Dao Society collaborate to achieve the project's aims, including webinars coordinated by Fr Dominic White (MBIT) and Dr Christine Lai (Yuan Dao), as well as a future publication. The grant funding is restricted and is to be used to pay Fr Dominic White for his work on the project. It can't be used for other costs or expenses.

Daughter of Jesus

This was a grant of £5,000 per annum from 2022 to 2025, to fund the Pastoral Outreach Programme. Some of the funding to be given to the delivery of the Catholic Certificate in Religious Studies.

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1. GENERAL INFORMATION

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023

————-—-eee

1. MOVEMENT IN FUNDS- continued

Diaconate Conference Fund This was a grant from a private donor in the US through the National Philanthropic Trust. Grant to be used for costs associated with MBIT hosting a conference on Women and the Diaconate (conference in November 2023),

1. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2023.

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 Wesley House, Jesus Lane, Cambridge, CB5 8BI.

1. FINANCIAL INSTRUMENTS

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

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |Financial|assets|£|£| |Measured at fair value through|income &|expenditure:| |Investments|(note|13)|141,506|144,317| |Debt|instruments measured|at amortised|cost:| |Trade debtor (note|15)|-|-| |Other debtors (note|15)|18,517|14,876| |18,517|14,876| |Financial|liabilities| |Measured|at amortised|cost:| |Loans|(note|16 and|17)|-|35,000| |Other creditors|(note|16)|228,012|23,979| |Accruals and deferred|income (note|16)|47,665|48,113| |275,677|106,552|

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |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|4,085|4,055| |Financial|assets measured|at amortised|cost|161,600|605| |Financial liabilities measured|at amortised cost|-|2,974| |Net gains and|(losses)|(including changes in fair value)| |Financial assets measured at fair value|(2,811)|(6,952)|

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SSS

1. FINANCIAL INSTRUMENTS- continued

The total interest income for financial assets and that are not measured at fair value through profit or loss is £161,600 (2022 £605). The total interest expenditure for financial liabilities and that are not measured at fair value through profit or loss is £- (2022 £2,974).

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

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||||| |---|---|---|---| |i| |2023|2022| |£|£| |INCOME AND ENDOWMENTS| |Donations|and|legacies| |Donations|21,837|11,834| |Donations - Charitable Trusts|32,415|584,483| |54,252|596,317| |Investment income| |Dividends received|4,085|4,055| |Deposit account interest|161,600|605| |165,685|4,660| |Charitable|activities| |Student fees|60,747|86,103| |Study day fees|930|7,805| |Rent received|244,793|189,060| |306,470|282,968| |Other income| |Gain on sale of|tangible fixed assets|3,510,504|-| |Sundry income|599|9,231| |Grant to be repaid|(216,910)|-| |3,294,193|9,231| |Total incoming resources|3,820,600|893,176| |EXPENDITURE| |Raising|donations and|legacies| |Publicity and fundraising|677|6,000| |Advertising|195|1,210| |Pearl Anniversary|2,830|-| |3,702|7,210| |Charitable|activities| |Wages|149,890|155,332| |Social security|13,786|9,166| |Pensions|5,584|4,900| |Day conferences and lectures|16,463|12,317| |Carried forward|185,723|181,715|

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i Page 38

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

ee	ee	ee
	2023	2022
	£	£
Charitable activities
Broughtforward Charitable expenses Course expenses Federation levies&universityfees Books	185,723 109,034 3,048 21,369 181	181,715 71,646 1,772 32,700 490
Universityfees	2,186	3,150
	321,541	291,473
Other
Losson sale oftangible fixed assets	21,529	-
Support costs
Management
Wages Social security Pensions Household overheads Administration Telecommunication&Internet Insurance Payroll fees Health& safetymanagement&legal fees Miscellaneous expenses Repairs,renewals&refurbishments Travel fund	103,761 3,100 2,013 45,736 3,583 5,246 7,923 1,602 3,831 2,463 13,478 41	80,887 3,496 1,586 27,825 3,647 4,938 9,586 1,597 8,079 1,493 14,926 350
IT Support Book-keeping Rent Movingcosts	5,674 1,632 2,625 44,684	5,698 13,048 - -
	247,392	177,156
Finance
Bankcharges	624	873
Interestpayable	-	2,974
	624	3,847
Other
Plantandmachinery	2,866	20,617
Governance costs
Auditors’remuneration Accountancy fees	5,110 2,520	3,710 2,040
	7,630	5,750

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THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

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||||| |---|---|---|---| |2023|2022| |£|£| |Total|resources expended|605,284|506,053| |Net income|3,215,316|387,123|

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