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← The Margaret Beaufort Institute Of Theology

2024-08-31-accounts

Charity registration number 1041031

Company registration number 02958069 (England and Wales)

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms S Lynam Mr M Broadbent Mrs J Coward Professor E Ferran Dr J Schooling Dr C Daunton Mr A Carey Fr S Connolly Secretary Ms E A Stevens Charity number 1041031 Company number 02958069 Registered office Woolf Institute Madingley Road Cambridge CB3 0UB Auditor Annatrice Limited 10 The Thoroughfare Harleston Norfolk IP20 9AX

(Appointed 14 March 2024) (Appointed 30 January 2025)

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

CONTENTS

Page
Foreword 1
Trustees' report 2 - 12
Independent auditor's report 13 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 33

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

FOREWORD

FOR THE YEAR ENDED 31 AUGUST 2024

Over the last two years the Institute’s academic reach and the significance of its mission have grown as its physical footprint has become smaller. But reduced space has seen it grow and flourish in other ways through its expanded reach online: sharing resources and working in partnership with like-minded institutions, notably within the Cambridge Theological Federation (CTF) and Anglia Ruskin University (ARU). The Institute shares academic interests as well as space in which prayer and worship experience can happen; a place of synodal theology.

In August 2023 the institute moved into Wesley House, the Methodist house of the Cambridge Theological Federation, on Jesus Lane. The positive and generous offer of a home there was greatly welcome. The arrangement was mutually beneficial in terms of finance and practicality, but also hugely beneficial in terms of academic work, theological formation and supportive engagement, for both institutions. The move also provided important transition time and time for reflection on longer-term strategy for the Margaret Beaufort Institute and the development of new partnerships.

The offer of a more permanent home in the Woolf Institute, a building completed in 2018 on the site of Westminster College was made in the first half of 2024 and preparations were made to start the new academic year there in September 2024. The Institute looked forward to settling into a smaller space with a new and exciting programme putting into practise our institutional strategy which brings together three theological strands: research, teaching and pastoral practice. The Institute continues its mission of prioritizing women but increasingly in a global context, in view of our predominantly online delivery. Our teaching, research and pastoral practice is set-within the context of close interfaith dialogue (Jewish/Christian/Muslim dialogue) as the Catholic institute at the heart of the Woolf building, in partnership with our fellow CTF colleges and institutions.

Dr Claire Daunton and Dr Sean Ryan Chair of Trustees and Acting Principal

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees present their annual report and financial statements for the year ended 31 August 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Institute's Articles of Association, the Companies Act 2006 and "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

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, and undertakes research into areas relevant to the charitable object.

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.

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.

Achievements and performance

Significant activities and achievements against objectives

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 and inter-faith 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 Roman 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 MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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) publishing the report ‘Believing, Not Belonging’ https:// www.mbit.cam.ac.uk/believing-not-belonging-a-research-into-why-catholics-no-longer-come-to-churchunderstanding-ecclesial-drift-estrangement-and-disaffiliation/ and dissemination of the findings of the project; (2) continuing developing collaborations with ‘School for Synodality’ (Liverpool) and Caritas Social Action Network (HQ in London) and taking part in School for Synodality Parish Accompaniment programme.

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 under the oversight of the Margaret Beaufort Institute of Theology. Dr Simmonds continued her involvement in supporting Synodal projects. Amongst her major achievements this year was her coedited book God’s Call Is Everywhere . This is the first comparative analysis of research in six countries investigating women in the twenty-first century who have entered vowed religious life in Catholicism. The data include survey responses from institute leaders, formation directors, and the women themselves, conducted in the United States, Canada, Australia, and France, along with focus groups and interviews in Ireland, the United Kingdom, and France. The book has won first place in the Reference/Academic Studies category at the 2024 CMA Book Awards by the Catholic Media Association, USA.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Research and consultancy

Dr Anna Abram continues to oversee the Professional Church Ethics (linked to the work of the Centre for Ecclesial Ethics (CEE). In January 2024 she started a 2-year research project on ‘Ethical Leadership’, supported by a grant from the Laing Family Trusts Foundation.

Dr Susan Price continues to develop pastoral outreach, building links with schools and Diocesan projects, in particular with the 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 and coordinating the MA programmes for the Cambridge Theological Federation (Anglia Ruskin University).

Dr Louise Nelstrop continues her project ‘Deification in Translation: Marguerite Porete, Mechthild of Magdeburg, Mechthild of Hackeborn, and Jan van Ruusbroec in Late Medieval England’ at the Protestant Theological University (PThU) in the Netherlands (based in Amsterdam and Groningen).

Dr Ferdia Stone-Davis, Director of Research, continues her project funded by Austrian Science Fund (FWF) on ‘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.

Dr Dominic White OP was acting as Director of Research until 31 December 2024 in the absence of Dr StoneDavis. He oversees the research profile of the Institute and research plans of over thirty Research Fellows and Associates. He facilitated an international research conference ‘Women and Diakonia’ (Divinity Faculty, 24-25 November 2023) and organised the Annual Mary Ward Lecture ‘Synod on Synodality’ by Prof Anna Rowlands in April 2024. Together with Dr Chris Grey he organised a conference ‘Beggars from Heaven: The Inheritance of Jacques and Raïssa Maritain’ (13 March 2024).

Several notable public events took place: in support of the Synod in the Catholic Church: together with the Centre for Ecclesial Ethics and a public online event on ‘Instrumentum Laboris’ report (online 5 October 2023); Study Day on the Eucharistic Prayer (led by the Institute’s Honorary Fellow, Dr Peter Coughlan, 4 May 2024); The Tablet Online Event: Women and the Church: Are women discerning their baptismal calling? (led by Anne-Marie O’Riordan, the Institute’s Research Student and Visiting Lecturer, 15th May 2024); Book launch of Catholic Social Thought and Prison Ministry: Resourcing Theory and Practice , edited by Dr Elizabeth Philips (former Research Fellow of the Institute) and Dr Férdia Stone-Davis; contribution by Dr Sean Ryan, Vice Principal, to the Living Theology weekend at Ammerdown (14-16 June 2024); co-leading with the London Jesuit Centre of a conference on ‘The Church and “Gender Theory” – Theory, Rhetoric and Practice’ (London, 5-6 July 2024). Dr Claire Jenkins, Senior Fellow in Catholic Education was the organiser on the Institute’s side.

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 participants from America, Ireland, Poland and Kenya have been able to take part in various institute activities.

Pearl Anniversary

The Institute completed its Pearl Anniversary year with several notable events: (1) Alumni Tea (part of Cambridge Alumni Festival weekend), 23 September 2023, Blackfriars Cambridge Garden; (2) Celebrating 30 Years of Interfaith Dialogue, Divinity Faculty, University of Cambridge, 15 November 2023, chaired by Dr Anna Abulafia, Professor Emerita of the Study of the Abrahamic Religions, Oxford University. The speakers included: Dr. Edward Kessler, MBE, Woolf Institute; Prof Michael Barnes SJ, MBIT; and Dr. Tim Winter, Dean of the Cambridge Muslim College; (3) Thanksgiving Mass for deceased benefactors, supporters and friends of MBIT, 23 November 2023, presided by Bp Peter Collins, Blackfriars Cambridge; (4) Pearl Anniversary Public Lecture ‘Faith in Politics’ by Baroness Professor Julie Smith, followed by Gala Buffet Supper, St Edmund’s College Cambridge; followed by Compline at St Edmund’s Chapel (7 December 2023).

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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 and Administrative Assistant, Natalie Despot, 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, Adele Angel, was appointed for a further year at 0.5 FTE and Dr Pavlina Kasparova was appointed to work on a project-specific one-year research contract.

Beth Stevens was appointed formally as Company Secretary in December 2023.

Investment performance

£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 5.49% (2023 5.45%) of the original investment were received this year.

£9.5 million was invested in the CCLA Catholic CAIF during the financial year. The institute received dividends equivalent to 1.85% of the original investment this year.

The charity received bank deposit account interest of £253,045 (2023 £161,600).

The income arising from these investments helps to support the provision of religious and theological education.

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

Financial review

The charity had a realised surplus of £139,271 (2023 £3,215,316) of which a surplus of £173,387 (2023 £3,363,255) was not restricted or designated.

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 £11,073,045 (2023 £10,409,823) of which £432,106 (2023 £422,037) relate to restricted funds and £1,924 (2023 £10,041) relate to designated funds. The remaining unrestricted free reserves were £10,659,536 (2023 £9,977,745).

Funds include the proceeds from the sale of the freehold 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.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Principal funding sources

Our benefactors are: the Canonesses of St Augustine (CSACIO), EBG Trust, the Daughters of Jesus, The DMG Roper Family Charitable Trust, the Yuan Dao Study Society and our many individual donors and supporters. The institute would like to thank its funders, without whom its work would not be possible.

The charity received the following grants and donations during the year: Course Development Fund £20,000 CSACIO £65,400 Daughter of Jesus £5,000 National Philanthropic Trust £10,676 Templeton Fund £13,200 Yuan Dao £7,982 Other Charitable Trust £3,383 Various donees £10,544

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.

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 Yuan Dao Society awarded the final part of a 3-year grant of £7,982 in May 2024 and a further £5000 was received from the Daughters of Jesus.

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

In July 2024 the institute was awarded a £40,000 grant from a donor which prefers to remain anonymous to support development of online courses.

In August 2024 the institute received a further grant of £10,676 from an anonymous donor to host a second ‘Women and the Diaconate’ conference in collaboration with Professor Phyllis Zagano.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Investment policy

The sale of the Grange Road property in March 2023 had major implications for the Institute’s financial sustainability. Disposal of the Grange Road property reduced the costs of maintaining and operating from a large and complex building. It also removed 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 meant that revenue from the Institute’s largest current income source, accommodation services, declined rapidly from summer 2023.

The Institute is restructuring its cost base, seeking to grow its revenues from student education activities, grants, donations and legacies, and establish a long-term income-generating 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 fund or spent at the Trustees’ discretion.

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 advisors, two Trustees and the Director of Finance, 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 selection process involving four investment managers took place in the summer of 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.

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. Further investments were made in February, May and July 2024 such that a total of £9.5 million was invested during the 2023-24 financial year.

The investment panel meets 3-4 times a year, with CCLA in attendance. CCLA also presented an annual Investment Manager report at the Trustee meeting in July 2024.

Major risks

GOVERNANCE

Ensure that business properly conducted and procedures adhered to

OPERATIONAL

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Ensure that there is long-term planning for adequate levels of staffing to fulfil intuitional strategy.

Ensure maintenance of effective bookkeeping and accounting systems (including data back-ups), strong control of cash resources (including dual controls for fraud prevention). Maintenance of asset registers. Adherence to auditor recommendations.

Ensure that investment committee meets regularly and that investments are considered at every Trustee meeting; annual review of investment policy; annual reporting visit by Investment Manager as well as regular meetings and updates. Ensure close control of instructions given to investment manager.

Ensure that investment policy is followed and that investments are monitored and reviewed regularly.

Ensure that all areas of MBIT activities are assessed for sustainability; develop more varied income sources (e.g. research grants, fund-raising, student recruitment).

EXTERNAL

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Plans for future periods Significant Events Since August 2024 Move to Woolf Institute

The institute formally relocated to Woolf Institute in early September 2024 after it became apparent that it would not be possible to remain at Wesley House for more than 2 years. The institute is very grateful to Wesley House for their support and hospitality for the year after selling the Grange Road site.

The institute had explored various accommodation options during 2023-24, including commercial property rental or purchase, but after an initial approach by Woolf Institute offering office space, it became clear that this would be the best option for the institute. Woolf Institute is a member of the CTF and is an interfaith institute specialising in Islam, Judaism, and Christianity. Through research, education, and public engagement it seeks to better understand these faiths, build trust between people of different faiths, and increase understanding and cooperation in society between people of faith and those with other beliefs and worldviews. Its work is aligned with MBIT’s own values and objectives and this, combined with the suitability of Woolf Institute’s modern purpose-built building, meant that it fulfils all the institute’s accommodation needs. MBIT and Woolf Institute have been co-located before, when Woolf Institute were based at the Grange Road site while the new Woolf Building was built and have a shared friendship and understanding.

MBIT and Woolf have agreed a medium-term lease agreement, giving the institute stability, time and space to focus on its charitable activities and grow its revenues from student education activities, grants, donations and legacies, as well as from its investment funds.

Staff changes

Anne Marie O’Riordan's appointment as a part-time (0.2 FTE) Visiting Lecturer was extended in September 2024. Dr Sue Price has decreased her working hours to focus on her pastoral supervision work. In Autumn 2024 both the Marketing and Communications Officer (Natalie Despot) and Administrator (Adele Angel) roles were made permanent. Dr Pavlina Kasparova was appointed to work on an additional project-specific two-year research contract. The Acting Director of Research, Dr Dominic White, left the institute at end December 2024 and a new Acting Director of Research, Dr Elizabeth Powell, was appointed from January 2025.

The Principal, Dr Anna Abram, is on sabbatical leave from January 2025 to Easter 2025. Dr Sean Ryan, Vice Principal and Acting Director of Studies, is Acting Principal during this period.

Teaching/research Activities

Many academic teaching and research events have taken place in the Michaelmas term 2024, including:

The Synod on Synodality, hosted by Dr Peter Coughlan Course on Luke 6-9: education for discipleship Course on Reading the Joseph narrative Ongoing MA teaching, including the Christian Spirituality East and West Women and Diakonia 2 (research conference hosted by Dr Dominic White and Professor Phyllis Zagano) Mary Ward lecture: ‘The Synod, the Diaconate, and Women in November 2024

Mass & Synodal event: at St Laurence’s Church, December 2024, including ‘Conversation in the Spirit’ led by MBIT’s Centre for Ecclesial Ethics.

In addition, a ‘Welcome to Woolf’ community event was hosted in October 2024, which included Mass at St Edmund’s Chapel followed by hospitality at Woolf Institute and was open to all friends and supporters.

Governance

From September 2024 the Trustees have continued to review the trustee body, with a view to ensuring that current trustees have the necessary broad range of skills to best support the institute and also to consider future succession planning. Fr David Bagstaff, a Trustee for 11 years, resigned in October 2024 and Fr Sean Connolly was appointed as new Trustee at the January 2025 Trustee meeting. Trustees are also developing a fundraising strategy.

Two new Council members were appointed at the November 2024 Council meeting: Sr Ann Swailes, as a woman religious, and Jane Crone, as student representative. The Council continues to review its membership and support the institute with its activities.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management

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.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Fr D Bagstaff

(Resigned 17 October 2024)

Ms S Lynam

Mr M Broadbent

Mrs J Coward

Professor E Ferran Dr J Schooling Dr C Daunton Mr L G Hickey (Deceased 20 November 2023) Mr A Carey (Appointed 14 March 2024) Fr S Connolly (Appointed 30 January 2025) Recruitment and appointment of trustees

None of the Trustees has any beneficial interest in the company.

The Trustees are currently doing a skills audit to identify gaps before trying to appoint a new Trustee. The Council is responsible for appointment of new Trustees and Trustee membership is reviewed annually at the AGM.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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 2023-2024: Mr Paul Barber Dr Anna Gannon (resigned 18 April 2024) Mrs Joanna Hale Revd Professor John Morrill FBA Ms Bridget Alabi (retired Autumn 2023) Professor Julie Smith Sr Jenny Dines Professor Karen Kilby Dr Anna Abram Dr Claire Daunton

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

Leadership and 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 fulltime 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

The Board of Directors has fiduciary responsibility for the charity and is responsible for the financial and management strategy, as well as 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. It is also responsible for the appointment of Directors.

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

Induction and training of 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.

Remuneration policy

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

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Statement of Trustees' responsibilities

The Trustees, who are also the directors of The Margaret Beaufort Institute of Theology for the purpose of company law, are responsible for preparing the Trustees' Report 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 Institute and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

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

Auditor

In accordance with the company's articles, a resolution proposing that Annatrice Limited be reappointed as auditor of the company will be put at a General Meeting.

The Trustees' report was approved by the Board of Trustees.

Mark Broadbent

~~..............................~~ Mark Broadbent (May 2, 2025 11:35 GMT+1)

Mark Broadbent

Trustee

02/05/2025 Date: .............................................

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

Opinion

We have audited the financial statements of The Margaret Beaufort Institute of Theology (the ‘Institute’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Institute 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 Institute’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Institute for the purpose 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 Institute’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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees 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

Annatrice Limited .........................
02/05/2025
Chartered Certified Accountants
Statutory Auditor 10 The Thoroughfare
Harleston
Norfolk
IP20 9AX

Annatrice Limited is eligible for appointment as auditor of the Institute by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
funds
2024
Notes
£
Income and endowments from:
Donations and legacies
3
12,128
Charitable activities
4
62,416
Investments
5
433,017
Other income
6
3,848
Total income
511,409
Expenditure on:
Raising funds
7
3,720
Charitable activities
8
306,748
Other resources
expended
15,268
Other expenditure
13
-
Total expenditure
325,736
Net gains/(losses) on
investments
14
521,084
Net income/(expenditure)
706,757
Transfers between
funds
(41,680)
Net movement in
funds
10
665,077
Reconciliation of funds:
Fund balances at 1 September
2023
9,996,383
Fund balances at 31 August
2024
10,661,460		 Restricted
funds
2024
£
124,057
538
-
-
124,595
36,124
120,061
21
-
156,206
-
(31,611)
41,680
10,069
422,037
432,106		 Total
Unrestricted
funds
2024
2023
£
£
136,185
21,358
62,954
306,470
433,017
165,685
3,848
3,294,193
636,004
3,787,706
39,844
3,702
426,809
351,781
15,289
52,101
-
21,529
481,942
429,113
521,084
(2,811)
675,146
3,355,782
-
5,524,069
675,146
8,879,851
10,418,420
1,116,532
11,093,566
9,996,383		 Restricted
funds
2023
£
32,894
-
-
-
32,894
29,136
146,254
781
-
176,171
-
(143,277)
(5,524,069)
(5,667,346)
6,089,383
422,037		 Total
2023
£
54,252
306,470
165,685
3,294,193
3,820,600
32,838
498,035
52,882
21,529
605,284
(2,811)
3,212,505
-
3,212,505
7,205,915
10,418,420

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
Fixed assets
Tangible assets
16
Investments
17
Current assets
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the Institute
Restricted income funds
22
Unrestricted funds		 2024
£
£
20,521
10,162,590
10,183,111
12,966
962,414
975,380
(64,925)
910,455
11,093,566
11,093,566
432,106
10,661,460
11,093,566		 2023
£
£
8,597
141,506
150,103
18,517
10,525,477
10,543,994
(275,677)
10,268,317
10,418,420
10,418,420
422,037
9,996,383
10,418,420		 2023
£
£
8,597
141,506
150,103
18,517
10,525,477
10,543,994
(275,677)
10,268,317
10,418,420
10,418,420
422,037
9,996,383
10,418,420
150,103
10,268,317
10,418,420
10,418,420
422,037
9,996,383
10,418,420

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

02/05/2025

The financial statements were approved by the Trustees on .........................

Mark Broadbent

~~..............................~~ Mark Broadbent (May 2, 2025 11:35 GMT+1)

Mark Broadbent

Trustee

Company registration number 02958069 (England and Wales)

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
26
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Proceeds from disposal of investment
property
Purchase of other investments
Investment income received
Net cash (used in)/generated from
investing activities
Financing activities
Repayment of borrowings
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(476,357)
(19,723)
-
-
(9,500,000)
433,017
(9,086,706)
-
-
(9,563,063)
10,525,477
962,414		 2023
£
£
(236,534)
(11,463)
4,304,293
5,617,242
-
165,685
10,075,757
(35,000)
(35,000)
9,804,223
721,254
10,525,477

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

The Margaret Beaufort Institute of Theology is a private company limited by guarantee incorporated in England and Wales. The registered office is Woolf Institute, Madingley Road, Cambridge, CB3 0UB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Institute's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Institute is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Institute. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at fair value.

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Institute has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Institute.

1.4 Income

Income is recognised when the Institute is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Institute has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Institute has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment Straight line over 4 years Furniture & fittings Straight line over 4 years Website Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Institute reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Institute has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Institute's balance sheet when the Institute becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Institute’s contractual obligations expire or are discharged or cancelled.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the Institute’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
8,745
1,799
Other
3,383
122,258
12,128
124,057		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
10,544
18,158
3,679
125,641
3,200
29,215
136,185
21,358
32,894		 Total
2023
£
21,837
32,415
54,252

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

3 Income from donations and legacies

(Continued)

Other

Donations from charitable trusts

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Student education
Income
60,219
-
Research
Income
2,197
538
Hostel
Income
-
-
62,416
538		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
60,219
60,747
-
2,735
930
-
-
244,793
-
62,954
306,470
-		 Total
2023
£
60,747
930
244,793
306,470

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 179,972 4,085
Interest receivable 253,045 161,600
433,017 165,685

6 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net gain on disposal of tangible fixed assets - 3,510,504
Sundry income 3,848 599
Grant to be repaid - (216,910)
3,848 (216,311)

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

7 Expenditure on raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising and publicity
Publicity and fundraising
-
-
Pearl Anniversary
3,720
591
Advertising
-
-
Staff costs
-
35,533
3,720
36,124		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
-
677
-
4,311
2,830
-
-
195
-
35,533
-
29,136
39,844
3,702
29,136		 Total
2023
£
677
2,830
195
29,136
32,838

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

8 Expenditure on charitable activities

Student
Education
Research
2024
2024
£
£
Direct costs
Staff costs
124,839
49,338
Day conferences and lectures
10,668
-
Charitable expenses
570
64,666
Course expenses
1,445
1,057
Federation levies
31,068
-
Books
5,414
-
University fees
2,422
-
176,426
115,061
Share of support and governance costs (see note 9)
Support
101,153
33,718
277,579
148,779
Analysis by fund
Unrestricted funds
272,579
33,718
Restricted funds - general
5,000
115,061
277,579
148,779		 Hostel
2024
£
-
-
22
429
-
-
-
451
-
451
451
-
451		 Total
Student
Education
Research
2024
2023
2023
£
£
£
174,177
105,728
34,396
10,668
16,463
-
65,258
6,979
102,055
2,931
1,731
-
31,068
21,369
-
5,414
181
-
2,422
2,186
-
291,938
154,637
136,451
134,871
114,759
-
426,809
269,396
136,451
306,748
259,517
76
120,061
9,879
136,375
426,809
269,396
136,451		 Hostel
2023
£
-
-
-
1,317
-
-
-
1,317
90,871
92,188
92,188
-
92,188		 Total
2023
£
140,124
16,463
109,034
3,048
21,369
181
2,186
292,405
205,630
498,035
351,781
146,254
498,035

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

9 Support costs allocated to activities

Staff costs
Depreciation
Premises costs
Administration
Telecommunication & internet
Insurance
Payroll fees
Legal & professional
Miscellaneous expenses
Repairs & renewals
IT Support
Moving costs
Governance costs
Analysed between:
Other resources expended
Student Education
Research
Hostel
Governance costs comprise:
Audit fees
Accountancy
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Loss/(profit) on disposal of tangible fixed assets		 2024
2023
£
£
70,951
108,874
7,799
2,866
29,010
45,736
4,741
3,583
760
5,246
2,545
7,923
1,478
1,602
15,277
3,831
1,831
3,128
2,710
13,478
5,568
7,306
-
47,309
7,490
7,630
150,160
258,512
15,289
52,882
101,153
114,759
33,718
-
-
90,871
150,160
258,512
2024
2023
£
£
4,850
5,110
2,640
2,520
7,490
7,630
2024
2023
£
£
4,850
5,110
7,799
2,866
-
(3,488,975)

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

11 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Institute during the year. Nor for the previous year.

There were no trustees' expenses paid for the current or previous year.

12 Employees

The average monthly number of employees during the year was:

Academic staff
Administrative staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
6
2
8
2024
£
252,222
17,299
11,140
280,661		 2023
Number
6
5
11
2023
£
253,651
16,886
7,597
278,134

There were no employees whose annual remuneration was more than £60,000.

13 Other expenditure

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net loss on disposal of tangible fixed assets - 21,529
14 Gains and losses on investments
Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 521,084 (2,811)

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

15 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

16 Tangible fixed assets

Cost
At 1 September 2023
Additions
At 31 August 2024
Depreciation and impairment
At 1 September 2023
Depreciation charged in the year
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023
17
Fixed asset investments
Cost or valuation
At 1 September 2023
Additions
Valuation changes
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023
18
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss		 Equipment
£
3,759
3,637
7,396
940
1,851
2,791
4,605
2,819		 Furniture &
fittings
Website
Total
£
£
£
-
7,704
11,463
16,086
-
19,723
16,086
7,704
31,186
-
1,926
2,866
4,022
1,926
7,799
4,022
3,852
10,665
12,064
3,852
20,521
-
5,778
8,597
Unlisted
investments
£
141,506
9,500,000
521,084
10,162,590
10,162,590
141,506
2024
2023
£
£
10,162,590
141,506		 Total
£
11,463
19,723
31,186
2,866
7,799
10,665
20,521
8,597
10,162,590
10,162,590
141,506
2023
£
141,506

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

19
Debtors
Amounts falling due within one year:
Other debtors
20
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
12,966
2024
£
-
64,925
64,925
2024
£
11,140		 2023
£
18,517
2023
£
228,012
47,665
275,677
2023
£
7,597

The Institute operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Institute in an independently administered fund.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 Incoming Resources Transfers At 31 August Transfers At 31 August
September resources expended 2024
2023
£ £ £ £ £
Other funds 4,445 1,284 (2,787) 143 3,085
Hilary Clay funds 21,237 - (462) - 20,775
Scholarship fund 15,204 - - - 15,204
Religious Life Institute funds 12,084 - (1,015) - 11,069
Flourishing Inside fund 5,620 - (346) - 5,274
Senior Fellowship and
Professional Church Ethics
fund 8,286 - (1,047) - 7,239
Religious Life Institute Vocation
Project 18,923 1,053 (6,436) - 13,540
Religious Life Institute Cities 58,685 - (8,412) (3,600) 46,673
Daughter of Jesus 5,000 5,000 (5,000) - 5,000
CSACIO 256,809 65,400 (78,240) (7,704) 236,265
Yuan Dao - 7,982 (7,982) - -
Diaconate Conference fund 15,744 10,676 (12,710) - 13,710
Laing Fund - - (17,183) 54,491 37,308
Templeton fund - 13,200 (14,586) (1,650) (3,036)
Course Development Fund - 20,000 - - 20,000
422,037 124,595 (156,206) 41,680 432,106

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

22 Restricted funds (Continued)
Previous year: At 1 Incoming Resources **Transfers ** At 31 August
September resources expended 2023
2022
£ £ £ £ £
Other funds 4,209 2,996 (2,010) (750) 4,445
Hilary Clay funds 21,237 - - - 21,237
Scholorship 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 Inistitute Cities 82,619 - (10,265) (13,669) 58,685
Daughter of Jesus 5,000 5,000 (5,000) - 5,000
CSACIO 384,110 - (127,301) - 256,809
Yuan Dao - 8,471 (8,471) - -
Disconate Conference fund - 15,744 - - 15,744
6,089,383 32,894 (176,171) (5,524,069) 422,037

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

22 Restricted funds

(Continued)

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

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 two further grants of £60,000 and £65,400 from the Congregation of Our Lady, Canonesses of St Augustine CIO, a registered charity number 1166361. The grants provide funds for specific projects including: paying off a loan; supporting a feasibility study into the sustainability and development of the charity; supporting education and research by funding the Director of CEE and Marketing & Communication roles, and providing bursary funds for students; and supporting the institute with legal costs to move sites and with HR matters.

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

22 Restricted funds

(Continued)

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.

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).

Laing Fund

This grant is from the Maurice and Hilda Laing Charitable Trust and was awarded to support the research project ‘Good (Ethical, Meaningful, Impactful & Sustainable) Leadership – How to Support it?’ It primarily funds the Principal’s time commitment to the project and that of an administrator. The project will last 2 years.

Templeton Fund

This grant was awarded to Dr Pavlina Kasparova by the University of Birmingham under the Cross Training Fellowship Scheme. The application title was ‘Material Rendering of Imagery of ‘Divine’ and ‘Faith’ of Practicing Christian Adults’. The grant can only be used for the activities specified within the programme.

Course Development Fund

This grant was awarded to the institute to support production of online course content, and thereby making resources available to a wider audience, especially women. Forty thousand pounds was awarded to be paid in two instalments, each of twenty thousand pounds.

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General fund
Building
maintenance
fund
Principal's fund
General funds		 At 1
September
2023
£
9,986,342
7,612
2,429
-
9,996,383		 Incoming
resources
£
511,409
-
-
-
511,409		 Resources
expended
£
(338,022)
-
(2,505)
14,791
(325,736)		 Transfers
£
(36,068)
(7,612)
2,000
-
(41,680)		 Gains and
losses
At 31 August
2024
£
£
521,084
10,644,745
-
-
-
1,924
-
14,791
521,084
10,661,460		 Gains and
losses
At 31 August
2024
£
£
521,084
10,644,745
-
-
-
1,924
-
14,791
521,084
10,661,460
10,661,460

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted funds
Previous year:
General fund
Building
maintenance
fund
Pricipal's fund
Travel fund		 At 1
September
2022
£
1,103,829
7,612
4,728
363
1,116,532		 Incoming
resources
£
3,787,706
-
-
-
3,787,706		 Resources
expended
£
(424,451)
-
(4,299)
(363)
(429,113)		 Transfers
£
5,522,069
-
2,000
-
5,524,069		 (Continued)
Gains and
losses
At 31 August
2023
£
£
(2,811)
9,986,342
-
7,612
-
2,429
-
-
(2,811)
9,996,383		 (Continued)
Gains and
losses
At 31 August
2023
£
£
(2,811)
9,986,342
-
7,612
-
2,429
-
-
(2,811)
9,996,383
9,996,383

23 Unrestricted funds

24 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 August 2024:
Tangible assets
20,521
Investments
10,162,590
Current assets/(liabilities)
478,349
10,661,460
Unrestricted
funds
2023
£
At 31 August 2023:
Tangible assets
8,597
Investments
141,506
Current assets/(liabilities)
9,846,280
9,996,383		 Restricted
funds
2024
£
-
-
432,106
432,106
Restricted
funds
2023
£
-
-
422,037
422,037		 Total
2024
£
20,521
10,162,590
910,455
11,093,566
Total
2023
£
8,597
141,506
10,268,317
10,418,420

25 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

THE MARGARET BEAUFORT INSTITUTE OF THEOLOGY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

26
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash absorbed by operations
27
Analysis of changes in net funds		 2024
2023
£
£
675,146
3,212,505
(433,017)
(165,685)
-
(3,488,975)
(521,084)
2,811
7,799
2,866
5,551
(3,641)
(210,752)
203,585
(476,357)
(236,534)

The Institute had no material debt during the year.

2025-05-02

A11. MBIT 2024 FINAL accounts

Final Audit Report

Created: 2025-05-02 By: Anthony Brice (anthonyjbrice@gmail.com) Status: Signed Transaction ID: CBJCHBCAABAA94djg_Szp7KLeMGuHxLk07iG2JXYpFY4

"A11. MBIT 2024 FINAL accounts" History

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

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