REGISTERED CHARITY NUMBER: 1056606 Report of the TNslees and Flnandel Statents for thé Year End1 31 August 2025 for SplrttusTheologl¢al College Gravita Autht Westem Limited Charter&d ACclntants aThJ statUtY Keb Ho Southemhay Gardens Exolef Dev EX1 1NT
Splrftus Theolool(¥l Colloge Contents of the Flnandal Statements For the Year Ended 31 August 2025 Report ol the TrtteeS Aew)rt of th6 Independent Exarnlner Statement of Finalat AClIeS Balance Shgel 10 Not88 to the Financlal Statements
Splrlius Theokngllxl C¥Jllege Rgport of thg Trustees For the Y1 Ended 31 August 2025 Tho trustees we8eni their rep)rt vAth firwl slalements of the Charity for the Ye &nded 31 ALvJusI 2025. The trustees have ad(4)ted the w0visn8 ol the Statement of RecommeThJed Pract[ ISORPI 'Accountiru and Rep1 by Ctsilb8s' in wepar¥ig the annual repJrt and finaThial 8taiements ol the Gharty. REFEREIKE AND ADMIMSTrATIVE DEfALS Reglstered Charlty nuner 1056606 Reglsler¢d olfl The Epiphany Trust (TrE¥ol Ltd Kewn Church Road Truro Cornwal TR13DR Trustees Revd CaTh)n Prof. Morwerna LjW Rt Rev Hugh Nelson Charles Mills Hamish Adam Dr Adam Dunnir Th8 Rt. Flevrd James Gr Sally Pl Rèv'd Dr Benjamin Ajdws Hannah Fosl Rhard Orr Rev Andrew Fafftier Flt Rev Davbj Grant Willwrns AesvJn 06 Decerntw 2025 FIr1 30 April 2025 Rnl 06 Deeernber 2024 ResKJmY 01 September 2024 AF¢KJinted 21 March 2025 AFfX)inted 01 JY 2tr25 Atptiinl 09 O<xober 2025 Awinted 10 March 2026 Audltots Grawta ALrdit Westem knmited Kthe House Souihernhay Gardgns Exeter EX1 1NT STRUCTUR& GOVERNANCE AND MANAGEMENT Organlsallonal slrnciure and governlng dowmeni Th& main activity of the Charity since ifs Frwrdtson C 20 June 1995 has been the provlsion of the0)l¢al education and IrainiTrJ for Christian mNiistries in the South West. candhlalès being presented by the partiC4patiw churches. aL80 prowdos 0FaC( theOlogal education aThJ suw)rts research. The Charity is a rggistwed chwity (numter 1056606.} The cornpany was ¢Verted lo a CharIte lrwryva1 Cgani%ation (CIO) on 20 February 2020 and is now gjvemed by a foulati( lrnsl de&J. In event of MridiThJ up, every membw of the Board is liable to contribute a sum not ex(w(iry £10 towarts the debts and liabililr8s of the Charity the costs, charggs eXnSeS of wIng up. On 14th May 2025 the Trustees agreed lo chawe the name ol the CFwtty to 4Hrilus Tlogl Colbjg from 1° Septemtw 2025. New trustees are wovitsd wtth a full irKkn¢XbJn to IP* Charity and trainkwJ k% pyovided wtrpre required. The tNslees are empower8d lo manage the stralegk busws of the Charty. to exerclse all the Powers ol the Charity arKI lo appoint a Prww. lo reswi&Ue for the everyday op8rath)ns of the Charity.
Splrllus Theoktygl¢al College Report of the Trustees For the Yvar Ended 31 August 2025 Iruslees have es1th[shl finance. rategy and HR committe8s lo a(fvis& the trM)ard. Rtsk management The Istee$ have a duty lo ithntrfy and revlew ihe whK Charity is exposed and lo ensurè approtmiate ntrOL% are placa to INovt( rea9)nable assurarKe 4anist fraud and err(K. Th& opportunities aThJ LWrtalnties created by developmts in reglonal pattems of trakniro are continuously monitored by the Clwty Ihrolth its Lx)nlacts church baders. Th& twste8s and meThbers of the board have inw(emented a rEk review procedure in cvder lo be avwe ol the level8 of iisks atmy their knlOn operatKlnS. Thi5 nvofves idgntifying th8 type ol risks the Charity faces, piiortbsing them in le$ ol FK¢tentHI ImpaLt and I(&11h0od of occurence and Klgnlrfying means of mrligating the iisk& The main risk Identrfied ncerned lack ol C<1[01 over sltY8nl nUmrs. Th8 picwlure is Mana and kepi uThJ8r remew by Finance arKJ Strategy Committee. OBJECTIVES AND ACTvirnES Oblectlves and alms Spiritus ThwloLical College's visM Is to delrver Ministeri forynatK)n that is focussed on Iraning for prfical. lrfegwing and Fmweful mft)istry is emblded in the Feople, communiti88 and churches of the South Westand r(MJted In scriptvre and the liW trtIrS ol the Cmsiian lath. 11 se6ks to aehieve this vish)n, oall&J 71wbgy for Lmng, through am integrated acadgmic and fMatIa CUlM, accessitrAe to a Md8 rry ol ¢8, who learn together generously arhl co118boratwely in Lx)mmunity. Our sFx)nsoriThJ and lourKling church is the Church of Er aThJ we hav8 strong r61ation8hlps with thè DI(8$e8 of the SoLrfh West. in rent years our hqje has en to have 21 ordinatlon students and 20 LLM (Reader) trainees for th8 10(a Wican Church. H(Iwever. we welcome people of any denominatiTh) vh)0 want to SIL theofogy or be trained for a Specif ministry. We sclaI[Se in ar8as of Spiriiual Direction and Ch¥ainry training. We ho togTOW the numbers of slud8nls by diversifying what we offer lo rmide financHI stabilty. Some levels ol reoruitmenl are outde our control hence we adopt flexitrAe adaptive Strateg to 1eSFMvJ to the tharbJing patterns and variety of ministries lOPle the thrth. Publlc beneflt The Iwslees have canclLMJed that Ihe Charity has met the PuNr Benefft UIrements ca. l. the tAnefh that arises fr(wn the Charivs aiwns are th*,. a. the Charfty ae lOacfvare Ihe Christian relOn by 0M0th)n oflhwbjical education. tTaiilng and research". and b. the Charity is able to contrl)ute lo IFE tharKem8nl and k¥omotron of the Christian rdigw)n. 2. the Chartvs ams inlerKI lo benefft generaly" 3. there are no restricti on wlx) can have otvJrtWity io benefit <bUalleS 8Je avarfaLle)- and nOdY recewes any Fyivate bfft from Ihe Charity. The trust8es Fwve LxMnpll&l with thg (W In the arthS Act 2011. They havè h2&1 due regard lo the guKI9? wLlished by the Charity in the Benefit Statgment.
Splrftus Theologlcal Collage Report of the Trustees Fw Ihe Year Ended 31 August 2025 ACHIEVEMENT AND PERFORMANCE Charitable a1vIlle$ The income ol the charity is derived mainty trcyn Crg8d lo spongoriro churches lor luili PrOvK to ordinalon camdKlate& Licensed Lay Mintsters (Readers) in trakning and others engaged in minisienal traiiing. The wop)rtion ol irorne from inde{thnt sttJLnts has ieased in recent years. Incom6 for the year totaled £S40,159. EyNlitwe the year tDtsll £398.730. Student numbers There were 9 LLMS IRea(kn} in tYatnirKJ frc¥n the [licse of Exeter and 5 LLMS {Readersl in TrainiThJ ftrDrn Ihe t)MKese of TrurD. We tra41 21 from Lx)th dic¢eses, wh 7 lea79 al the end ol the academic Ye to ordained deal. We also had 11 Independent stud8nls dolt a rang8 ol academic courses Irom cert5re lo Bl aloThJside 11 studonts trakning in Siirilual DirOn aJKI 9 students IntredlI lo Chiry course. Acadomlc Quality Assurance The Extemal Examiner IDr 2024-25 saKI. furriculL¥n aThJ moths ol leamlrNJ and assessment all appear fitting lo me. The TEI takes a ¢>)[MIer awoath lo these areas and is t afraKI to exp8rirnenl.' He went on to say that 'Tfus is a rk1 lracts non-trath.tiOn sludenls and r8sults in a quite MIX séi d oulcw. Sritrilus au)ears to weu with this cohort of stud¢nts, SUPFQrting them In ways ttwl allow them to altain results in line wlth the bro&Jer sector., Foimatlon Progr8mmes We (x)ntinued to evaluate IK)w w8 ths Ihe fOrynat of our mnistetial stutnts, making changes lo ensure r( is rd8vanl and rig)rous. Th6 formationat Ihread, nsiSts 011) Formation S88sions on the SurKlays of resmlential weekerMLs, 21 The Leaming JoLrnai, which is dis¢ussl with a Journaf Tutor. 31 the Formation Groups whK me betW8en each reshjontial a1 41 East&r/LeN School. We a180 reviewed tho sTure crf our resKlenikil weekth. Students rKJ I(r stay ovemuhl c Fridays and to Compensate thB. more SessicS have tEen al11 lo Sundays. Sustalnablllty The Se level Jwments with trI Ihe Dicxe of Exetw aThJ Truro to delivw LLM {ReIrI Imning werg reregolialed ljelween October arKI Decl of 2024. The result was that cost paid by th8 dioceses Fer Si[Knt has 5thtantiIY re(Jj(d. The Charity has IntrThYu(l new programmes ol SItsY trj its portfolk) aimed to decrease the antIpated change in furKJing arkj is sgeknng to ext4org further (Yjwses to enha[ fundlng orportunities. TnJstges have agreed lo rejease mow from reseryes IOT strategic d&velopmenl work ar7d product develcyment. In ad(Slh)n. several grant OkPOrtunttEs are LEing explored which should identify areas c)1 study rtISnt to eihJCaiic ar tranirKJ of rnirxstries within the Church of EnglatKI as well as the wKler Church. Furthermore. the Charity has moved womlses lo recJce ovetheads soughl lo ¢ul eX[d[tur8 vhwe possit4e. kn enhanced emplHsis was ptrt on the chwily's rSary lund exists io suw Stts y'no lo take up CXW8s. Staff Staff Maird relatNely stat4e over Ihe yw. T Marc Kaslrw was appnI&l as Strateg operatn$ C¥ficer and Mr Jthn rewr to take w aTh)ther kXÉt in Ytyk Diocese.
Splrftus Theok)gl(l College Report ol the Truslees For Ihe Year Ended 31 Augusl 2025 orga$01[0n Mrs Hannah Foster aThJ Mr Rrhard Orrjoinod Stmritus as Trustees. Hamish Adam and Sally Flper stepped dovffl dug to t'reme. Mr Ben AlIk) akn w[lr fr(Kn the Tritee txjard. SaleguardlrwJ Safegu8rding contlnLES to take a very hwJh pri(th at girlJS. safeardir0 officers are Rev Hannah Mears, Mr Dawd Harwood and the Rev Dr Lucy Larkin. The trust resportyue for safeguarding in th8 year 2(r24-2025 was tt Rev Prof Morwgnna iAKllow. W8 ensure that our students attend the relevant safUarthNJ traiThng weave safeguardlJ into the academic and formaliond ieaciro. FINAMCIAL REVIEW Rgserves policy Any Suru8 of irKome over expeno7ture is rela to enabje the company to pursue ils ciigctives. Resewes are held lor the followirvJ wrposes: to cover leXted srtIlS n incclne from It)[ stud8nl nunbgrs CL¥npared lo 01110r$., to ensure IhalfLKKls are awL9ble to mget the bjal emkrfoymentenlrf(leMJts of Charity staff. to en& the Charty lo meet emero8ncy cdls arisiNJ Irown protEty damage (x equipment lailures.. to enatle the Gharity to (x)ver expen(knTe durityj the lime that it UkI lake to ayjust to a m84or Change resullTTrJ trom extem a1 irresi4bt4e l¢xces. The pxilky of the Chaiity Is to hord 17 generaj reserve sufficlent fLwKJs lo cover Th)t le than three months of nom)al I)rking eXpNI1re. At year-èrKI a lolal of £397.547 was held in res&rvès. £403.659 was held in liquky assets. level ol reserves is consKI8r lo be ad84uate. Plans for future perlods The Charity's oL¥'ecls for the future are lo makg a wry)lus in order that the Charty's reseNeg can be aUellted and maintained in acCOrdar with ttrE r&serves pcAy. Due lo the ovgr811 thop in tncorne frorll th& Sere Level reement th Exeter (fiwese in 2024. the charity underwgnt a IDSS last ye, however fErture kjsses are b&iw mitbJaled against by IIng w(xluct devdopm*rt. mthetlry strategS and dversificatK)n ol iicome streams. Inves1ment pollcy and obje¢llvos 11 is the policy of the company to mMise irwgslment income while rninimising risk a1 to ensure that ] Investm1$ are stricvy eth.
Spiritus Theologlcal Collegg Report of the Trustees For the Year Ended 31 August 2025 STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible lor preparing Ihe Report ol the Trijslees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charities law requir&s the trustees to prepare financial statements lor ea¢h financial year which give a true and lair view ol the stale ol affairs ol the Charity and ol the in¢otning resources and application ol resources, including the income and expenditure, ol the Charity lor that period. In preparing those financial statements, the trustees are required lo select suitable accounting PDlicies and then apply them Consistent,. observe the methods and principles in the Charity SORP.. make jLJdgements and estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless il is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping proper accounting re¢ords which disdose wrf£h reasonable accura¢y at any tirne the financial position ol the Charity and lo enable them to ensure that the financial statements ¢omply with the Charities Act 2011. They are also responsible for safeguarding the assets ol the Charity and hence lor taking reasonable steps lor the prevention and detection ol IraLJd and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDrroRS We, the directors ol the company who held office al the date ol approva ol these Financial Statements as sel out above each confirm, so lar as we are aware, that.. there is no relevant audit inlDrmation ol which the Charity's auditDrs are unaware,. and we have taken all the steps that we ought to have taken as directors in order lo make ourselves aware ol any relevant audit information and lo establish that the charity's auditors are aware ol that information. In apprtsving the Trustees, Annual Report, we also wrove the Strategic Report included therein, in our capacity as Gharity trustees AUDITORS The auditors, Gravita Audit Western Limited. will be proposed lor re-appoinlmenl al the forthcoming Annual General Meeting. Apwoved by order ol the Board of Trustees on Z&1 1 and signed on ils behalf by.. Rev'd Canon Prol. Morwenna Ludlow- Chair ol Trusls
Report of the Independer Examlner to the TNstees ol Splrllus ThlOgICal Collego For Ihe Yeor Ended 31 August 2025 Independent Exwnlnerfs Report to the Trusiees of Splrltus ThlogIcal &)Ilege I report lo the charity INstees on my examinattn of the acc¢Junts ol the charity for tho year ended 31 Augt 2025 whh are sel on tge9 7 to 18. ResponbIllIeS or&1 basls ol reF As the tharity's trustees you are responsiilè lor tho ol fv actounts in acc(dance with th8 rgwirements of the Charities Act 2011 Ilhe Act'i. I reKM)rt in respect of my examinatlon of the charity's a(Jnts carri1 OLrt uler geetion 145 01 tha Act a1 in (xrrying out my examinalion I have IrAlowed an the arwicable Directions gNen by the Charity Commission under Secti( 145(5){bl ofthe ACL IndepeThJent examlner's statement Since the charity's gross income excethl £2.0[] examirEr musl te a member of a dY lis11 in section 145 01 ihe Act. I confiim that l am (palrfied lo undertakè the examination because l am a member of the ICAEW, whith is one ol the list1 LNxlBs. I have completed my examination. I crmfimi that no maleriaj matters have ¢xJme to my attention in conn6clion with the examination giviw me cause to believe that in any material respt. accountry records vrtre rx)t kept in resp ol the th8rity as required by section 130 01 the Act., or 2. the a(Kounts (kn not a(Kord ¥th thc6e rwds: or 3. the aOUnts do nol Comp wtth atwlcable requirements r)nceming the form and content of accounts set out in the Charittes (Awxnts Rgwrtsl Regulalions 2008 other any rewlrement that the jUnts gNe a lair ¥1, whkh Is rv)t a Matter consK18r8d as part of an indeFo[nI examin9tKYL I have no cOnmS hav& come a<xoss Th) Ottr fflatters i) conrwtk)n wlth the examinatkin to whith allention should b8 drawn li thi5 repct in order to 8éTrb a propor understanding ol the accounts lo be reach1. Jath Quaintance FCA lor and on khaW ol Gravila ALKIit Westem Limit1. Chartered AccoLmlants arKI &atutory AitOrS Keble House Scwlhernhay Gard8r Exeter Devon EXI 1NT Dale..
Splrltus Theoknglcal College Slaiemont of Flnanc181 Actr¥ilies F¢y tho yr endèd 31 August 2025 Fur 1ClING RESOiJR funds Inve&wi lThx¥ne 5.&31 &931 4.470 I)1 r8gouw Ir(wn charflthf¢ 8C4lvlUes 424,9 Totd In()Jmlng regwr Iabl?acll1oéS Govemancècosts 379, 19.340 365,769 20,537 19340 Told reSrS •xpdpd NE[ INCOMINL¥IOUTGOINGI RESOURCES sni 1585711 4s Ofvr mrNJnlsed ganesllloss•g) iff4e*ment as Net¥ÈIi 163.3 {S3,35¥ 5&121 Tot4 luThls foTrr•d TOTAL FUNDS CARRIED FORWPIID 397,547 The slalemenl of IInal activieS iude8 all gatrts arKI ktsses reccgnised n Ihe year. All1Tr2)mlng resources arml resources exwKlbryt derive from c0niinuij actlt8.
Spiritus Theologlc81 College Report ol the Trustees For the Year Ended 31 August 2025 Unrestricted fund Restrlct*d fund 2025 2024 FIXED ASSETS Note Tangible assets Investments 10 11 2,813 193,386 2,813 193,386 3,642 199,445 Toiol fixed assets 196,199 1%.199 203,087 CURRE ASSETS Debtors Cash at har arK8 in bank 12 16,894 210,272 18,894 212,614 2,363 270.031 2,342 Total Current assèts 227,166 2,342 229,508 272,394 CURRE LIABILITIES cdItorS.. amounts falliry du6 Wlthin one year 13 128.1801 128,1601 114,5821 NET CURRENT ASSETS 199,CK)6 2,342 257,812 TOTAL ASSETS LESS CURRE LIABILITES 395.205 2,342 397,547 460.899 NET ASSETS 395,205 2,342 397,547 460,899 FUNDS Unrestricted funds Restricted funds Pension fund 395,205 2,342 458.557 2,342 Total Chartty funds 397,547 460,899 The financial statements were approved by the Board ol Trustees on .&.Kl4trllLj and were signed Dn ils behdl by.. Rev'd Canon Prol. Morwenna Ludlow- Chair ol Trustees
SplrltusThwbglcal College )tos to the Flnanelal Ststements For the Yeor Ended 31 Awusl 2025 1. ACCOUNTING POUCIES Bas1$ of prep8rlng the flnandal stalements Spiritus Theological co1 is a Chartty IrwWat in England. Tr addrgss of the rgglster offic& is given in the charlty inlomiati(N) on pago 1 01 these finla1 stal8ments. The nature ol I chIly'S operatiLKB th prin(ipJ activitles are to defThier mwiisterial l(xrnat. The charity conslitules a PLJlic teffi entity as def by FRS 102. The financid slaiemenls have been preparul in acciydanc8 With Acunb[y and Reixybng by Charities.. Statement ol Rernrnended Plac1e applicable io charibes Exeparirrfj their accounÉ in l¥danCe with the FiiarriJ R8porting stap.dard a4able i) thè UK a1 Rep1¢ ol Irela1 issued in October 2019 the FInana Reporting Standard appliGabl8 in th& United KIOM Rewknlic of Irela (FRS 102). Ihg Gharitlès Act 2L111 arml UK Genèraly ept A(ltIr Practice. Thg finameial stateNts hav9 en preFr8d lo give a'lrue aThl lairf view and have departed from the Chariiies (Accounts and Reports) Rogutations 2008 only to extent r6Yuirj to txovide a 'INe a1 fwr view,. Thls departwe has invclved lollowrKJ the Al%ting and Reporting by Charib8s'. Statement ol Recownmended Practice ¥Kcable lo (arrfies pre9[INg Iheir accounts in accordance with the Financial RepofiTQ Starmlard apIab in the UK and Republc ol Ireland Isswl In Odr>8r 2019. The linanGid slatements a wepared a g(MThJ basis un(kr th8 hlstorical cost conv8nlion, modrfied lo Indude Certn rtems al lair The lial statèments are pr88ented in st8rfing whlch is th& functi1)n currew of ts chartty. Th¢ sKJnlknnt aco)untiNJ pc4Kies a&ied in ts preparatKm ol IPRse tlwnc1 statements are set out below. Thèse Fdicies have b88n WnstenY 4VI lo all years pr98enled unless olharwise slat Incomlng resour All incoming reUrCeS are the Slatement ol FInla1 ActNits vthen th& Charty is ajly entitled to the income and the amount can t* qUanIffi Y[h reasonaL4e araCY. Resources experKled Expendilure is acoxjunlthl for an anJal$ basis ar¥J has b8en c4assffied urm1 headirwJs that aggregate all costs related lo the rateg¢xy. Whgre costs eanTh)I be (Ireclly attrbLrted lo particular heading8 they have be6n to on a trAsis c#xtsistenl wlh thè use of resoLVS. T8nglbl? flxed assets Depreclatw)n is provicd at lo1knw1 annual ratss tyi orfer to off asset over its estimated useful life. OFFI Ilrniture Computer e(¥Jipment . straiJht line over 5 years - stravJhl Ine over 3 yews Taxation The Charty is exryt from corporation tax on its dritatr tivles. Fund aceounllng Unreslricled lunds can be used in 0rdare with the ¢Arita objie$ al Ihg discretion of t trustees. ReStredIunds can orly1 usedfor particu[& rthicted wposeswithinthectyectsof the Charity. Restr)rE arise when srxified by th& Lt)nor (Y fwKls we ra¢sed Iw particular reSt[ted purroses.
Splrftu$ Thwk)tyl College Notes to the Flnanclal stateMrtS For tho Yr Ended 31 August 3]25 Further eXpnatiOn ol thè nature arKI wrFX%8 of eath lurKI is tThludBd n th8 notes to ihe financlal stalemenfs. Penslon cosls end other posl-retlrenwrt beneffls Thè eharity participales in (knfined (x)rITtrOn 10n sthemes. F1 det19 oflhese schemes are providgd in Note 18. Lforary No monetary vdu8 is attrit&rted to the lary arKI dl exfftUre is wrilten off lo the income arKI eXpeIllure a¢ciMJnt. LSe5 Ass8ls acqured uNJgr finance leases tartsl depwiat&Y over the shorter ol the lease term and the exwled useful life of the asseL Minimwn lease payrnents we 8pportK>n8d tw8n Ihe fina8 charge abNI the reductton ol th& outslarmlng lease liatxltty using the èffectrve Inteiest m&ttrKxY. The related ¢ligations, nel ol Ithlwe finance tharges, arè inCld in creditors. Rentats payable aThJ reeeivthe uler operabtwJ teages are d]arged to thè A on a sIrght line basiq over the period ol the l&ase. Slgnlflcant ludllements ond key sources ol egllmalkin uncertalnty The aocounts contaln sigThfanE ILeenlS aThJ estknaies as loll(RVS: Acxyuals and yepayTnonls wF¥ch are based on infiThat¥)n availth at the tlme of th8 audit. 2. INVESNENT INCOME 2024 Depo1 nI Interest 4,470 4,470 5,931 3. INCOMI RESOURGES FROM CHARtrABLE AcrivrnES 125 2024 ATrJlican sludwr188s lellaneDUs IrKX)me Diocese ol Exeter Serv0 Contr&ts 195.978 29.459 108.791 154,677 263,077 334.228 424.399
Splr#us Theologl¢81 Colleg Noles to the Flnanclal Statements For the y Ended 31 August 2025 4. CHARrrABLE ACTIVtllES COSTS 2025 Academic ¢08ts EmployThenl c Establlshment Costs Encountering Th10 8.484 248,154 30,658 78,473 365.769 235,474 101,786 379,390 5. GOVERNANCE cosrs )25 2024 Trustees, eXng8S AlItOrs. remuneration Accountancy a1 prof fees 75 6,270 14.192 20,537 9.3( 10.040 19,340 6. NET INCOMIN RESOURCES Net resr¢eS are slated after ctrwgTrig'. 2025 2024 Dewecl8tlon- as8el8 2.fK)I 1,401
Splrféus Theowcal College Notes lo the Financl81 Stalemonts For Ihe Yr Ended 31 August 2025 7. ITIUSTEES. RuNERATIoN AND BENEFITS There were no trustees. reMUneratiC or bwEli15 the year ended 31 August 2025 nor for th8 year ed 31 August 2024 2025 2024 Truste8s' expenses 75 8. STAFF COSTS 2024 aTKI laries Swial sritY costs Other co* 198,023 8.737 23,092 200.861 11,860 26.6D3 The average monthly number ol 8mt4oyees dL¥h)g year Yas as folksws: Y)24 Staff 10 10 io 10 No efflpbyees rgIve emcduments in excess of £60,LI)O.
SpirltusTheoknglI College Notes to Ihe Fln8ncial Statements For Ihe Year Ended 31 Augu 2025 9. COMPARATIVES FOR THE STATEMEKf OF FINAMCIAL AcllvmES iknrestrlcted Re8blct•d Total l&)tss Funds frJnd$ Funds INCOMINQ AESOURCES Incom1 re8ource5 Irom gen8rt8d funds Investment ite 4.470 4.470 Incoming rUre65 from charllablè tIVItIeS 424.399 424,399 428 869 RESOURCES EXPENDED Charll)10 oetlvlti8s Governanee costs 365.103 3).S37 365.769 20.&87 MET INCOMING RESOURCES 42.583 Other reeagnbed galnsIU¢s) Gn$ invesbnent assefs 13, 13,564 RECONCILIATION OF FUIIDS Totsl ftTnds brought forward TOTAL FUNDS CARRIED FORWAFID 407,764 404.772 460,899
Spiritus Theologlcal Collegg Notes to the Flnttnclal Ststenwnts For the Year Endod 31 August 2025 10. TANGIBLE FIXED ASSETS Compuier Equlpment Furn1? Total Co$1 Cc6t blf Athlllons DL*w58 13.889 1,172 19,885 1,172 DBpre¢latlon D8pre¢iation bll Charp for 8[ EliMIna oll dispr 4,743 594 11.5C(J 1,407 16.243 2.001 DeprecIatI cjl 18 Nel Book Value Nel lyy)k value carrfed forward Nel knok value bght frmr(I 659 1253 2,154 2,813 11. INVESTMEKrs Investmont8 Marketvalue At I September 2024 RevaluatK)rns 199,445 I6.9) At 31 August 2025 193,386 Nel Book Vafue At 31 Augu8t 2025 At 31 August 2024 193,386 199,445 Invesknents are hekl wlh CCLA
Splrllu$ Tlwlogll College Notes to tho FIncIal Statements For the Yo&r Endgd 31 August 2025 12. DEBTORS: AMOUMTS FALLI DUE ONE YEAR 2025 2)24 Trade dd)lors Other (leblor5 9,813 7.081 2.8 2,3&3 18,894 I& CREtwroRS: Amouiifs FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade crecritS Taxation and srKld Srity Otsr credlo 7,495 3.227 17.438 340 5,168 9,074 28,1 FK) 14,582 14. ANALYSS OF NET ASss BETWEEN FUNDS Unrestrlcted ReBtrfcted fund fund 2024 FIX wots Currwrt assets Current liabllilies 196.199 7.1eé I28.1) 395.205 2D3,087 272,394 114.5821 460.899 13 128,1601 397.547 1342
SplrMusThgobglc&l Collego Notes to the Flnanclal Statements For the Ywr Ended 31 August 2025 15. MOVEUEKf IN FUNDS At 01/)12024 movement In lund$ At 31108r2025 Unreslrlcted lunds Geral d&8ignated IuJK18 458.557 1&3,3521 395,205 Resirfcted funds Reslri¢tgd lund 2,342 TOTAL FUMDS 460 899 897 547 Net movernenl in funds. i1[d in the ab are as fc4kTh8: Galns. Resource8 1085 Movemgnl 1M$f&Y8 In fund8 I)mIng Unr¢8tricted lunds General and desnatj iunts 340.159 3,730 {4.7811 1&1,3521 Restrfctsd fvnds Resiricted fu$ 340,159 398.7 4,781 63.352 16. FINAIUIL COMMffMENrs At 31 August 2025 the charity total commitments rnrtrCanCllab operating leases over the rem&nlng life of th leas8s of £Nil12024 - £Nil}- 17. RELATED DISCLOSURES The trustees havg complet Dedaratii)n of Inlerost fom)s arKI have consider wheth9r thwe have b&en any transactions with rdatwj partEs that sFKxAd be thsclosed. 01g the year £15.64512024: £9.9061 of incoTh was recerrf&J Irom The Truro Diwesan B(Mrd of Finance Umited, an entity with Shar tnjstees.
Splrftus ThlOgICal Colle Notes to the Flnarkclal Statements For the Y Ended 31 August a)25 18. MEMBERS, LIABILITY In the ovenl of wirKJing up, every memb8r of the Board ts lo trIbUte a sum not exceeding £10 towards the (kbls and Ik7111eS ol thity arnl the cogt. tharges 0XpSe$ of windlng up. 19. PENSION AND OTHER POST41EfREMEKf BEMEFrrs Church Workers Ponslon Fund ICWPF) Spirrtus Theological College parUcipat8s in thè P0 BiMl¢r S¢kne section of CWPF for lay staff. CWPF is administergj by the Church ol EnulaThJ Pensions Board, which holds the CWPF assets separatety from those ol the Empk)yer a1 other parbrypatir¥J eM[A)yS. CWPF has two sectKins." the D8fined Beneffts the Pengon Buikjer Scheme, wtrCh has sLbslr,. a ¢Jeferred anrNJity section krn as PtsMsi BuikJ&r Classic. an a cash balanc8 sthin kno7 as Pensrcm Buikkn 2014. Pension Buiider Soeme Both sections of the PènsKm lIder Scheme are daSd as defi1 nlit s¢kn88. Pension Builder CAassic provKles a pen, aumUtl from ntri1XJti0nS tmid and converted into a defeed annuity dLYing empbyment bad temis sel and reviewed ty the Church ol England PensK)ns Board from lime lo time. DL8udk)rory increas8s may also ba added, depgnding on Inv8Stmenl returns and othw Ilor Pension Budder 2014 is a cash baJarKe erne that provk8 a lump sum whith members use ID provkle benefits at retiremenl. Pension ¢(trIyjIiOns we recorthd an aw)unt for each member. Discretiary trnSe$ maybe a(&1 befo retir8menl, deFRfKliig investment retums and other ItOrs. The a(rounL Fdus any 1x>rse$ the1ar1 IS FKqyaAe, rjed, from a9e 65. Ther8 is m subQiv1sn of assets bth88n P10yerS in each sedK)n of PalOn Buikler SLerno. The sdme is consbjej to b8 a Mull1-wn0yeT SCh)e as descriw in S0 28 of FRS 102. This is because il is not possitAe lo attrtjule the Pension Builder Schemg's assèlg and liabililies lo speclflc employers and means that cOntriS are [x)unted for as il the Sctrwe were adgfined contribution scheme. The pensions costs Char lo the SOFA in the year are the c1mlritIlo1 payable of £4,9LY212024.' £8,342). A vtr.0n of PeFksK>n BLllfvJer s can11 oth every yeaN Tho nTht yal Wds carri1 as al 31 D20?2. F(x the Penson Buildw ClasEic gt. ts valJatKffi rwt8d a jIS of £34.8rn on the orwbYJ aSsump)rS u. Al most re revieweffth 1 January 2025. th8 PA)ard chcBe lo an1 a clscretionwy bc¥)us o16.7Yo lo tx)Ih pertsMs notyet n payirth t9)n$ in payment in respe or S¥K% piorlo 1997., a trAJnus payMtt in respt01 FX)St Apil 2006 s6rvi so th pewon Irease was 2.PA I LW il w(MAd be cakulated tas&S on infLAtn LP to 2./.}. This f(hved imwovements li hnYirrfJ wa124. Thwe requirernerrt f(wdthit payrrwts at the cur1 time. Th8 next w41ua1K B due as at 31 DWitwl2s. CaU1KM$ forts aro c4nenty VleraY. 10
Splrmus The0gICal College tes to the Flnanclal Statements For the Year Ended 31 August 2025 For the Pslon 2014 rev&thl a oryJokng assLKnplK)fL8 used. Therg 15 rn rWeI frdiL FwnH)ts attrErrent tim8. Th81gga 81nle ol scheme E su( that rf amther èmther lai&. Spritus Theological Goll8ge could bewme r8sporL8I)18 lor paykng a share of ts la emph)>8 Kenn liaLyliUes. Church of EnglaTrd Funded Penslon Fund (CEFPS) Spiritus Theologkal College partiiFts in C¥xuth ol EThJal FurKI1 P$m)r6 Sthme for sperlary dergy, a firEd per thn. Tlis &thme is admill5t by Ihe of Er0[al PersKTh Board, hokL8thetsth9s(Pme syaldyfrorn UK6eol1 Resp8 Bads. h partPatg Body <Jurth of EnlarKI Pens5 SCm& FQy8 conthbuborB al a {X)Th ¢xJthtyJli)n rate to [able sbFerds. The scheme Is consKlered lo be a mulbmoYer $Che as doscribl in Section 28 01 FRS 102. It is not possible lo attrlxjle the Sckne's assds liabiliti8s to each speryfic ResFK)nst)le Bcty, arMJ thi5 fflgans contrikMJlk)ns are accounted for as il the Scheme were a defin@d conlributK)n schthme. Thg pensions costs charged tD SOFA in the year are ntrIbUtIonS payable towards benefits and expenses a(med in that year, whid) were £18.190 in 202512024: £18,261), plus any figures 8S1ng fr¢MI ¢(l[1bS li resFect ol arby Scheme tsfli. A valual'rjn ol the Scheme is Carni out otrKe every three years. The 2021 valuatn slh)wgJ the Scheme lo LE lully funded. The most recerrt Sthemewdlualicm Comled was carried out al as 31 Dernber 2024, and also showed the to be lully fun¢d" as suth in 2025, the defKit contributions paKI wer8 £012024." £01. The December 2024 Valuat5 revealed a SuuS of £560rn, bas8J on assets of £2S70m aThl a funding target of £2,010m, assessed usiNJ the fdlowing assumptions: An averag& dixounl rate of 6.1FA KA. RPI inflation of 3.4% pa land kwnsHJn reaSeS LX)nsistenl wtth IFS}. CPIH inflation in line th RPI fess 0.7% pa pre 3M) thI¥j to FIPI Mth no atMeNt from 2030 Wards. Increases in p8nsi)natde stiperKls in line wtth CPIH. Mortality in acCOrdae with 9. the S4NA_L tables, albwance for inprovemenls in mortaSly ratès Irom 2017 in fine wth CM12023 extended model with a long term annu rate ol imFxovernenl ol 1.5%. a smootlmry parameter of 7. an inrtial additn lo mortJily improvements ol 0.5Vo pa ar¥J an a[lOw 2020 2021 data of 20% li.e. w- 20%). The 2024 valuation reflects the bBnefit inyovemerrts Ihat ihe Generd Syncl agrl in pAThipl8 in July 2025 land nfirmed in Fthuary 20261. Section 28.1 IA ol FRS 102 r8quires agreed defic#t reery payments to be recognis&Y as a liability. However, as thwe were no def** recovw paerrtS fvom 1 January 2023 OrardS, the bdance sheet liability as al 31 December 2024 and 31 Dember 2025 is rril.