**Company Number: 03473114 Charity Number: 1067982**
**St Hild College**
**(a Company Limited by Guarantee)**
**Trustees’ Annual Report and Financial Statements For the Year Ended 31 August 2023**
## **St Hild College**
## **Contents**
**Page** Charity Information ............................................................................................ 1 Trustees’ Report ................................................................................................. 2 Auditor’s Report ................................................................................................. 8 Statement of Financial Activities ......................................................................... 11 Balance Sheet .................................................................................................. 12 Statement of Cash Flows ................................................................................... 13 Notes to the Financial Statements ...................................................................... 14
**St Hild College**
## **Charity Information**
**Registered Office** The Mirfield Centre Stocks Bank Road Mirfield WF14 0BW **Website Address** http://www.sthild.org **Registered company number** 03473114 **Registered charity number** 1067982 **Chair** The Right Reverend Dr John Thomson **Trustees** As shown on page 2 **Company Secretary** Philippa Martin **Treasurer** Resources Committee as a group **Principal** Daniel McGinnis **Bankers** CAF Bank Ltd 25 Kings Hill West Malling Kent ME19 4JQ **Auditor** Azets Audit Services Limited 12 King Street Leeds LS1 2HL **Insurers** Ecclesiastical Insurance Group Beaufort House Brunswick Road Gloucester GL1 1JZ
1
## **St Hild College**
## **Trustees’ Report for the Year Ended 31 August 2023**
The Trustees, who are also Directors for the purposes of company law, are pleased to present their annual report together with the audited financial statements of the charity for the year ending 31 August 2023, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association, 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 the Republic of Ireland (FRS102) (effective 1 January 2019).
## **Reference and Administrative Information**
The Charity Information page forms part of this report.
## **Structure, Governance and Management**
St Hild College is a charitable company limited by guarantee under company registration number 03473114 and was incorporated as The Northern Ordination Course on 28 November 1997; on 4 April 2008 the charity changed its name to Yorkshire Ministry Course and on 6 December 2016 the charity changed its registered name to St Hild College.
The Governing Body of St Hild College is an appointed body with representation from the three Yorkshire dioceses of the Church of England and of regional Baptist Associations. It is governed by Standing Orders approved on 30[th] April 1988 and subsequent amendments.
## **Board of Trustees**
The Membership of the Board of Trustees is shown below. Trustees have been appointed in accordance with clause 7 of the Articles of Association:
||**Method of**|||
|---|---|---|---|
||**Appointment**|
**Office and sub-committee**||
||**of Trustees**|
**representation**||
||**(Notes)**|||
|The Right Revd Dr John-Thomson|1|||
|Revd Canon Andrew Norman|2a|||
|Christopher John Paddey|2a|Resigned 21 March 2024|Resources|
|Revd Huw Thomas|2b|||
|Revd Timothy Fletcher|2b||Resources|
|Canon Linda Ali|2c|||
|Revd Dr Ian McIntosh|2c||Formation|
|The Right Revd Nicholas Chamberlain|9|(alternate) Appointed 30 November 2023||
|Revd Canon Dr Hugh Fawcett Jones|9|Appointed 30 November 2023||
|Revd Graham Ensor|3a|||
|Revd Mark Clay|3b|||
|Revd Lizzy Woolf|4|Centre for Church Planting Steering Group||
|Revd Matthew Porter|4|Resigned 6 June 2023||
|Revd Thomas Finnemore|4|Appointed 30 November 2023.||
|||Resigned 21 March 2024||
|The Right Revd Mark Sowerby CR|5|||
|Revd Canon Dr Mark Powley|6|Resigned 30 April 2023||
|Dr Daniel McGinnis|6|Appointed 1 May 2023||
|Samuel Ellmore|7|Resigned 22 June 2023||
|Edward Short|7|Appointed 22 June 2023||
|Revd Dr Mark Vasey-Saunders|8|Resigned 30 November 2023||
|Rev’d Canon Dr Sarah Lawrence|8|Appointed 30 November 2023||
|Ven Dr Andrew Jolley|9|Resources||
2
## **St Hild College**
## **Trustees’ Report for the Year Ended 31 August 2023**
## **Method of recruitment to Council**
1. One person appointed by the Archbishop of York to be the Chairperson
2. Two Trustees appointed by the Bishop of each of the dioceses of:
- a. Leeds
- b. Sheffield
- c. York
One person to be appointed by each of the following Baptist bodies (one of whom to serve as Vice Chair of Council):
3. a. Yorkshire Baptist Association (or any successor body performing substantially similar functions).
- b. East Midlands Baptist Association (or any successor body performing substantially similar functions).
4. Up to a maximum of two persons in total to be appointed by the Partnering Bodies
5. One person to be appointed by the Community of the Resurrection (or any successor body performing substantially similar functions).
And
6. The Principal of the Charity
7. One student representative elected annually
8. One staff representative
9. In addition, the Trustees may co-opt up to two other persons.
The normal term of office for Trustees is five years (renewable).
## **Principal Activity**
The principal activity is to advance the Christian religion by the promotion of theological education and training.
## **Objectives and activities**
The College, a nationally recognised Theological Education Institute (TEI), was established for the training of candidates for ordained ministry in the Church of England and in other mainstream Christian Churches and, where appropriate, independent students and candidates for Lay Ministry.
In setting objectives and planning activities the St Hild College Council has given careful consideration to the Charity Commission’s general guidance on public benefit; in particular, the specific guidance on charities for the advancement of religion and on advancing education.
St Hild College is required by the Church of England to set out its vision for ordained ministry in the Church today. That vision is: Adventurous and Christ-like formation for the renewal of the Church and the transformation of communities.
## **Organisational Structure**
The business of the College is managed by the Council of Management (the “Council”), the members of which constitute the board of directors of the College and the charity Trustees. The Council of Management may exercise all the powers of the College in relation to borrowing, and all powers not required to be exercised by the College in general meeting. Any such requirement may be imposed by either the Companies Acts or by the Articles of Association or by the College in general meeting – reference clauses 9, 10 and 11 of the Articles of Association. The work of the Council is delegated to a number of subcommittees.
The Trustees of the College are responsible for the vision, strategy, and policy of the College.
3
## **St Hild College**
## **Trustees’ Report for the Year Ended 31 August 2023**
## **Organisational Structure (continued)**
As stated in its principal activities, the St Hild College provides training for ordained ministries in the Anglican and other mainstream Christian Churches. In doing so, the College is required to take note of the requirements of the main denominations in determining its policy. When reviewing the aims and objectives of the charity, and in planning future activities, the Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. All Trustees give their time voluntarily except for the two staff Trustees. Any remuneration and expenses reclaimed by Trustees from the charity are set out in notes 11 and 12 to the financial statements.
## **Risk Assessment and management**
The Trustees acknowledge that they have a responsibility to identify the major risks to which the College is exposed, and a duty to review those risks and establish procedures and strategies that will mitigate the identified risks. Risks were identified in the following five categories, which are not listed in any order of importance:
- Financial
- External
- Operational
- Compliance/Regulatory
- Governance/Strategic
Following identification, the risks were assessed as to likely impact and probability of occurrence to establish the overall impact for each and therefore the identification of the major risks to which the College was exposed. Existing procedures were reviewed to establish if these were sufficient to mitigate the risks as identified and where necessary further procedures and strategies were put in place accordingly. The results were documented and the directors acknowledged they were content to operate with any remaining residual risks. Consideration was given to any further action required; the ongoing monitoring process, and the timescale for future review. Contingency plans have been drawn up to minimise loss in the event of a disaster. The directors are aware that this is a continual process, and has become embedded in the culture and management strategies of the College.
## **Achievements and Performance**
The 2022-2023 year was a time of leadership change for St Hild as the founding Principal, Mark Powley, left and his replacement, Daniel McGinnis, was appointed. The incoming Principal worked with the staff team to stay true to the foundations of St Hild and follow its vision and values in their work. There was encouraging professional development and growth for existing staff and recruitment of additional staff to respond to new opportunities. This included the secondment of Alex Harris to take a lead on Baptist Church Planting, an excellent opportunity for ecumenical working.
Other strategic conversations continued with valued partners and potential new ones. Work was completed on the partnership in order for the Caleb Stream (for Ordinands aged over 55) and St Hild Lincoln to launch in September 2023, as well as new training for Licensed Lay Ministers/Readers.
Student numbers remained steady, with 73 continuing students and 57 new students beginning in September 2022. There was particular growth in the number of Baptist and Independent students. Work continued on the application to the Office for Students alongside internal work to strengthen the accessibility of formation to all types of students. Academic results were good, and the results from the Common Awards Student Survey (CASS) once again showed that St Hild gives students a well-rounded, well-supported experience. Reports from Alumni indicate that the content of their studies as well as the community they built while studying continue to serve them well in their activities since leaving St Hild.
4
## **St Hild College**
## **Trustees’ Report for the Year Ended 31 August 2023**
## **Plans for the future**
2023-2024 will see St Hild build on the strategic partnerships built over the previous years. St Hild Lincoln will launch on 1[st] September 2023 and start with 17 students and 4 ordinands as well as a new Centre Lead and Administrator. The Caleb stream (for Ordinands aged over 55) will launch with 8 ordinands beginning in September 2023. The year will also see work continue to create St Hild Centre for Baptist Ministry in partnership with the Baptist Union of Great Britain. St Hild will offer a programme of training for Lay Readers within Sheffield Diocese and continue conversations with the Diocese of Leeds about opportunities there.
The Centre for Church Planting will continue to grow and launch a Discovery Year, as part of the ‘Seedbed’ funding received from the Church of England Strategic Development Fund. Internally St Hild will continue to foster strong working relationships between staff across different areas of work and ensure that they are fully equipped for their roles. There will also be continuing work on the application to Office for Students with the hope that this is completed by the end of the Academic Year. We will also focus on developing our Online study centre, including more fully digital awards and modules offered, in the hopes that additional students can join us online from anywhere in the UK, or elsewhere in the world. This fits with the goal of OfS registration, for we hope that the ability to offer student loans will strengthen our digital offer and reach significantly.
## **Fundraising**
We strive to achieve the highest fundraising standards and we value our supportive funders. We stay up to date with developments in charity regulation, data protection and the Fundraising Preference Service (FPS) to make sure we are legally compliant and adhering to all guidelines. We follow the Institute of Fundraising’s Code of Practice.
## **Financial Review**
## **Key Financial Data**
|**Key Financial Data**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Total income|754,999|640,753|
|Total expenditure|(827,523)|(726,068)|
|Unrealised (losses)/gains on revaluation of investments|6,495|(11,932)|
|Actuarial losses on pension obligations|-|(2,000)|
|**Total (deficit)/surplus retained**|**(66,029)**|**(99,247)**|
## **Review of the statement of financial activities**
St Hild College continues to depend on the Archbishops’ Council and Dioceses for much of its fee income and the numbers of ordinands recommended for training by the supporting dioceses.
St Hild College recorded net movement in funds of (£66,029) (2022: £99,247) in the year. The investment with the Central Board of Finance shows an unrealised gain of £6,495 (2022: loss of £11,932). The Trustees consider this to be a low risk investment and a better alternative to placing the funds on cash deposit. The investments are highly liquid and can be readily turned into cash if required.
## **Reserves Policy**
The College has formulated a policy in respect of its unrestricted general funds whereby the target minimum operating reserve fund is equal to 3 months of average operating cost which amounts to approximately £160,000. At 31 August 2023, the free reserves stood at £152,493 (2022: £141,134) which is below this amount. However, the value of the College’s investments (£510,180.74 as at 31[st] August 2023) provides additional reserves well above the minimum required.
5
## **St Hild College**
## **Trustees’ Report for the Year Ended 31 August 2023**
## **Financial Review (continued)**
In preparing the policy the directors were mindful of the fact that the viability of the College is highly dependent on various factors outside their control, including:
- The bulk of the charity’s income comes from external funding, i.e. fee income, the level of which is set by the individual denominations, mainly the Baptist and Anglican churches.
- The General Synod of the Church of England determine the continuation of funding from that denomination.
- The content of the formational programme has to be validated by the House of Bishops of the Church of England to determine whether or not St Hild College is considered to provide the training required by the denominations.
- The number of students coming forward for training for the ordained ministry or accredited lay ministries and whether or not the Diocesan Bishops of the participating dioceses consider the individual candidates to be suited to non-residential training.
The above factors are also noted in the College’s Risk Assessment and Management Strategy document.
In addition, in preparation of the policy the directors considered:
- The regular monitoring of the budgeting process.
- The established pattern of income receipts and resources expended, i.e. the cashflow.
- The need to support the current level of activity without having to borrow from the bank or other sources.
- The future needs in terms of capital equipment and other resources to ensure the College provides the best training possible.
- The forecast levels of income in the future.
- Their obligation to ensure the College is a going concern.
- Their statutory obligations in respect of staff and suppliers if for any reason the College ceased to exist.
- Possible risks or contingencies that need to be taken into account.
It is the opinion of the Trustees that the policy is based on a realistic assessment and represents a reasonable balance between the present and future financial needs of the College. It is agreed to review the policy at least annually making adjustments as appropriate.
The purposes for which general unrestricted reserves are held are as follows:
- a) To finance the day-to-day operation of the College, in that commitments to pay staff salaries and other outgoings are not necessarily matched by income receipts in the same time frame.
- b) To provide for emergencies without recourse to borrowing.
- c) To ensure there are sufficient funds to meet the minimum statutory requirements in respect of employed staff in the event of the demise of the College.
6
## **St Hild College**
## **Trustees’ Report for the Year Ended 31 August 2023**
## **Statement of Responsibilities of the Trustees**
The Trustees (who are also directors of St Hild College for the purposes 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 charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditor**
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
## **Small Company Rules**
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. It was approved by the Trustees and signed on their behalf by: Andy Jolley
……………………………………… Ven Dr Andrew Jolley **Trustee**
**Date** 21 May 2024
7
## **St Hild College**
## **Auditor’s report to the Trustees of St Hild College**
## **Opinion**
We have audited the financial statements of St Hild College for the year ended 31 August 2023, which comprises of the Statement of Financial Activities, the Balance Sheets, the Statement of Cash Flows, and the related Notes to the Financial Statements including a summary of significant accounting estimates. 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 August 2023 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
8
## **St Hild College**
## **Auditor’s report to the Trustees of St Hild College continued**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ report (incorporating the strategic report and the directors’ report) has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
- the financial statements are not in agreement with the accounting records and returns;
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the Trustees**
As explained more fully in the Trustees’ responsibilities statement, the Trustees 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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
9
## **St Hild College**
## **Auditor’s report to the Trustees of St Hild College continued**
## **Extent to which the audit was considered capable of identifying irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias; and
- Performing audit work over the timing and recognition of income and in particular whether it has been recorded in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
## **Use of Our Report**
This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members 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’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## Jessica Lawrence
## **Jessica Lawrence**
Senior Statutory Auditor For and on behalf Azets Audit Services Limited Chartered Accountants & Statutory Auditor 12 King Street Leeds LS1 2HL
Date: 21/05/2024
10
## **St Hild College**
## **Statement of Financial Activities (Incorporating Income and Expenditure Account) for the Year Ended 31 August 2023**
||**Notes**|**Unrestricted**
**Funds**|**Restricted**
**Funds**|**2023**
**£**|**2022**
**£**|
|---|---|---|---|---|---|
|**Income from:**||||||
|Donations and legacies||61,513|-|61,513|23,000|
|Charitable activities – training income||606,604|395|606,999|605,079|
|Other income||28,780|56,365|85,145|12,569|
|Investment income||1,342|-|1,342|105|
|**Total income**||698,239|56,760|754,999|640,753|
|**Expenditure on:**||||||
|Charitable activities|**3**|779,880|50,643|830,523|726,068|
|**Total expenditure**||779,880|50,643|830,523|726,068|
|**Net (expenditure)/income before**
**other recognisedgains**||(81,641)|6,117|(75,524)|(85,315)|
|**Other recognised gains / (losses)**||||||
|Actuarial gains / (losses) on pension
obligations|**10**|3,000|-|3,000|(2,000)|
|Unrealised gains / (losses) on investments|**5**|6,495|-|6,495|(11,932)|
|**Net movement in funds**||(72,146)|6,117|(66,029)|(99,247)|
|**Transfers between funds**|||||-|
|**Reconciliation of funds:**||||||
|Total funds brought forward|**4, 14**|734,820|12,478|747,298|846,545|
|**Total funds carried forward**|**4, 14**|**662,674**|**18,595**|**681,269**|**747,298**|
A detailed Statement of Financial Activities for the year ended 31 August 2022 is shown in note 17.
The Statement of Financial Activities includes all recognised gains and losses in the year and prior year.
All income and expenditure derives from continuing activities.
The Statement of Financial Activities also complies with the requirements of and income and expenditure account under the Companies Act 2006.
The notes on pages 14 to 25 form part of these financial statements.
11
## **St Hild College**
## **Balance Sheet as at 31 August 2023**
|||**Total**|**Total**|
|---|---|---|---|
|||**Funds**|**Funds**|
|||**2023**|**2022**|
||**Notes**|**£**|**£**|
|**Fixed assets**||||
|Investments|**5**|510,181|593,686|
|**Current assets**||||
|Debtors|**7**|114,468|39,045|
|Cash at bank and in hand||154,841|142,267|
|**Total current assets**||269,309|181,312|
|**Creditors**: Amounts falling due within
one year|
**8**|(98,221)|(27,700)|
|**Net current assets**||171,088|153,612|
|||||
|**Total assets**||681,269|747,298|
|**Funds:**||||
|Unrestricted General Funds|**4, 14**|598,718|709,676|
|Unrestricted Designated Funds||63,956|25,144|
|Total Unrestricted Funds||662,674|734,820|
|Restricted Funds|**4, 14**|18,595|12,478|
|**Total Funds**||681,269|747,298|
The notes on pages 14 to 25 form part of these financial statements.
The Trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year end of its income and expenditure for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the regime for small companies within Part 15 of the Companies Act 2006.
The Financial Statements were approved by the Trustees on 21 May 2024 and signed on their behalf by:
## +John Selby
## Andy Jolley
……………………………………… ……………………………………… The Right Revd Dr John-Thomson Ven Dr Andrew Jolley **Trustee Trustee**
**Company Registration Number: 03473114**
## **St Hild College**
## **Statement of Cash Flows for the Year Ended 31 August 2023**
||**Note**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
|**Cash flows from operating activities:**||||
|Net cashprovided byoperatingactivities|**16**|(78,768)|(136,254)|
|**Cash flows from investing activities:**||||
|Disposal of fixed asset investments||90,000|-|
|Investment income||1,342|105|
|**Net cashprovided by investing activities**||91,342|105|
|Change in cash and cash equivalents||12,574|(136,149)|
|Cash and cash equivalents at the beginningof theyear||142,267|278,416|
|**Cash and cash equivalents at the end of theyear**||**154,841**|**142,267**|
The charity had no debt in the current or previous year.
13
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **1. Accounting Policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Company information**
St Hild College is a company limited by guarantee registered in England and Wales under company number 03473114, and a charity registered with the Charity Commission of England and Wales under registered charity number 1067982. The charity’s principal office address is The Mirfield Centre, Stocks Bank Road, Mirfield, WF14 0BW.
## **Basis of preparation of the financial statements**
The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2019) (“Charities SORP (FRS102)”), the Financial Reporting Standard applicable in the UK and Ireland (FRS 102), and the Companies Act 2006 and the Charities Act 2011.
St Hild College meets the definition of a public benefit entity under FRS102.
Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
## **Going concern**
The Trustees have prepared financial projections, taking into consideration the current economic climate and its potential impact on the sources of income and planned expenditure. The trustees have a reasonable expectation that adequate financial resources are available to enable the charitable company to continue in operational existence for the foreseeable future and have adequate contingency plans in the event that income streams are reduced. Consequently, the financial statements have therefore been prepared on the basis that the charitable company is a going concern.
## **Funds**
Unrestricted general funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the charity.
Unrestricted designated funds are designated to be used in further development of E-resources, additional work on external / promotional communications, staff development and training during the 2021-22 and 2022-23 financial years.
Restricted funds are those funds that must be spent on restricted purposes, details of the funds held and restrictions are provided in note 4.
## **Income**
Income represents all resources which become available to the charity but excludes gains on investments.
Income is recognised when the charity 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.
Grants and donations and associated gift aid are recognised when the charity becomes entitled to receive the funds, when it is probable that the funds will be received and that they can be measured with sufficient reliability.
Investment income is recognised on an accruals basis and comprises of interest receivable during the accounting period.
14
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **1. Accounting Policies (continued)**
## **Expenditure**
Expenditure is recognised in the period in which it is incurred, and includes attributable VAT which cannot be recovered:
- Expenditure on charitable activity comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities and those costs of an indirect nature necessary to support them.
- Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
## **Staff costs**
The costs of short term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period.
## **Pensions**
The charity (PB Classic) participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.
The scheme is considered to be a multi-employer scheme as described in Section 28.11 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. Contributions payable are charged to the Statement of Financial Activities in the year they are payable.
The charity also contributes to a defined benefits scheme (the Church of England funded Pension Scheme). The Plan is a multi-employer pension plan. It is not possible in the normal course of events to identify on a reasonable and consistent basis the share of underlying assets and liabilities belonging to the charity. In accordance with the Charities SORP (FRS 102) the charity recognises the liability to make payments to fund the deficit relating to past service where it has entered into an agreement to make those payments and current service contributions are expensed as they fall due for payment.
## **Fixed asset investments**
Investments are a form of basic financial instrument.
Listed investments are stated at market value at the balance sheet date. The listed investment portfolio is held to generate returns and gains for the charity and accordingly is designated as fair value through profit and loss (“FVTPL”). Under this designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the Statement of Financial Activities.
## **Financial Instruments**
The charity 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.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a maturity within the 12 months after the balance sheet date.
## **Debtors**
Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any discounts due.
15
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **1. Accounting Policies (continued)**
## **Creditors, Loans and Provisions**
Creditors, loans and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfers of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement value after allowing for any discounts which may be due.
Financial liabilities are only derecognised when, and only when, the charity’s obligations are discharged, cancelled or they expire.
Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
## **Taxation**
St Hild College is a registered charity and as such is a charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising.
## **2. Critical Accounting Estimates and Judgements**
In the application of the charity’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Other than the pension measured as obligations disclosed in notes 1 and 11, the Trustees consider that there are no other estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
16
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **3. Analysis of Expenditure**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Cost of charitable activities:**|||
|Library|1,955|946|
|Weekend and Easter schools|83,641|87,123|
|University fees|32,645|31,197|
|Other academic costs|41,726|34,014|
|Staff costs|530,521|435,234|
|Visiting speakers|3,428|13,543|
|Staff travel|12,563|9,740|
|Staff training|4,392|6,585|
|Bank charges|70|136|
|Office accommodation|59,477|62,337|
|Office costs and insurance|25,825|12,113|
|Pension deficit contribution paid (note 11)|(4,000)|(7,000)|
|Marketing|4,587|8,289|
|**Total expenditure on resourcing training**|796,830|694,257|
|Administrative costs|22,023|14,411|
|Auditor’s and accountancy fees|11,670|17,400|
|**Total support costs**|33,693|31,811|
|**Total expenditure**|**830,523**|**726,068**|
17
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **4. Funds**
|**Year ended 31**
**August 2023**
Unrestricted Funds -
General|**At 31 August**
**2022**
**Income**
**Expenditure**
**Other Gains /**
**(losses)**
**At 31 August**
**2023**
**£**
**£**
**£**
**£**
**£**
709,676
648,239
(765,692)
6,495
598,718
-
50,000
-
-
50,000
25,144
(11,188)
13,956
734,820
698,239
(776,880)
6,495
662,674
-
56,365
(49,277)
-
7,088
2,235
-
(420)
-
1,815
2
-
(2)
-
-
2,298
-
-
-
2,298
7,943
395
(944)
-
7,394
12,478
56,760
(50,643)
-
18,595
**747,298**
**754,999**
**(827,523)**
**6,495**
**681,269**
**At 31 August**
**2021**
**Income**
**Expenditure**
**Other Gains /**
**(losses)**
**At 31 August**
**2022**
**£**
**£**
**£**
**£**
**£**|
|---|---|
|**_Designated Funds:_**
Anglican Ordinand
Training fund
Development fund||
|Total Unrestricted
Funds||
|**_Restricted Funds:_**
Centre for Church
Planting
Library Fund
Silver Jubilee Fund
Student hardship
Fund
Student fee support||
|Total Restricted Funds||
|**Total Funds**||
|**Year ended 31**
**August 2022**||
|Unrestricted Funds -
General|782,908
615,612
(674,912)
(13,932)
709,676|
|**_Designated Funds:_**
Development fund|44,000
-
(18,856)
-
25,144|
|Total Unrestricted
Funds|826,908
615,612
(693,768)
(13,932)
734,820|
|**_Restricted Funds:_**
Centre for Church
Planting
Library Fund
Silver Jubilee Fund
Student hardship
Fund
Student fee support|8,000
23,000
(31,000)
-
-
2,235
-
-
-
2,235
1,302
-
(1,300)
-
2
2,298
-
-
-
2,298
5,802
2,141
-
-
7,943|
|Total Restricted
Funds|19,637
25,141
(32,300)
-
12,478|
|**Total Funds**|**846,545**
**640,753**
**(726,068)**
**(13,932)**
**747,298**|
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## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **4. Funds (continued)**
The purposes of the designated fund is detailed as follows:
## **Development Fund**
To cover further development of E-resources, additional work on external / promotional communications, staff development and training.
**Anglican Ordinand Training Fund**
Funds received from the closure of St John’s College Nottingham which are to be used to support Anglican Ordination Training over the next three years.
The purposes of the restricted funds are detailed as follows:
## **Centre for Church Planting**
To develop the work of the centre in training and supporting church leaders involved in planning churches
**Silver Jubilee Fund (1994) Student Hardship**
A liturgical fund to celebrate the twenty-fifth anniversary of the Course
For assisting students in need (Previously named Bursary Fund)
**Library Fund**
For the library
## **Student Fee Support**
This is a fund established by leaving students to offer grants to all students to further their educational development (the Educational Bursary Fund was merged into this fund)
## **5. Fixed Asset Investment**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Market Value at 1 September 2022**|593,686|605,618|
|Sales proceeds|(90,000)|-|
|Unrealised investment (losses)/gains|6,495|(11,932)|
|**Market Value at 31 August 2023**|510,181|593,686|
|**Historical cost at 31 August 2023**|169,972|200,000|
The College holds investments in the Central Board of Finance (CBF) Share portfolio.
## **6. Net income before other recognised gains and losses**
|**This is stated after charging:**|**2023**
**£**|**2022**
**£**|
|---|---|---|
|Fees paid to the Auditor|11,670|17,400|
|Other Professional Fee|10,728|88|
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**St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **7. Debtors**
|||**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
|Trade|debtors|30,683|10,876|
|Other|debtors and Prepayments|83,785|28,169|
|||114,468|39,045|
|**8.**|**Creditors – Amounts Falling Due Within One Year**|||
|||**2023**|**2022**|
|||**£**|**£**|
|Trade|Creditors|62,390|6,720|
|Other|Creditors and accruals|35,831|13,980|
|Pension Scheme||-|7,000|
|||98,221|27,700|
## **9. Staff costs and numbers**
||**2023**|**2022**|
|---|---|---|
|Average staff numbers|15|15|
|**Staff costs during the year amounted to:**|**2023**|**2022**|
||**£**|**£**|
|Salaries|423,355|363,324|
|Social security costs|38,423|27,284|
|Pension contributions|73,410|60,568|
||535,188|451,176|
No employee received £60,000 or more per annum during the year under review (2022: none).
The Trustees consider its key management personnel to comprise the Principal and the Vice Principals. The employment benefits including employer pension contributions of the key management personnel totalled £200,722 (2022: £169,362).
20
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **10. Staff pensions**
St Hild College participates in the Pension Builder Scheme section (Pension Builder Classic) of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.
Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending upon the investment returns and other factors.
There is no sub-division of assets between employers in the Pension Builder Classic Scheme.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Classic Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable of £14,112 (2022: £6,583).
A valuation of the scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022 and is expected to be completed after the signing of this set of financial statements.
For the Pension Builder Classic section, the 2019 valuation revealed a deficit of £4.7m on the ongoing assumptions used. At the most recent annual review, the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for deficit payments at the current time.
The legal structure of the scheme is such that if another employer fails, St Hild could become responsible for paying a share of that employer’s pension liabilities.
St Hild College participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.
Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body. In accordance with the Charities SORP (FRS 102) the charity recognises the liability to make payments to fund the deficit relating to past service where it has entered into an agreement to make those payments and current service contributions are expensed as they fall due for payment. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year (2023: £52,782; 2022: £48,142).
A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:
21
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **10. Staff pensions (continued)**
- An average discount rate of 2.7% p.a.;
- RPI inflation of 3.6% p.a. (and pension increases consistent with this);
- CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards;
- Increase in pensionable stipends in line with CPIH;
- Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).
Following the 31 December 2018 valuation, a deficit recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) were as set out in the table below. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022. Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was in surplus.
As at 31 December 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the table below. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.
|**Deficit repair contributions**|**January 2018 to**|**January 2021 to**|
|---|---|---|
||**December 2020**|**December 2022**|
|Pensionable stipends|11.9%|7.1%|
Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2022 and over 2023 is set out in the table below.
|**Reconciliation of Opening and Closing Provisions**|**31 August**|**31 August**|
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Provision at start of the year|7,000|12,000|
|Pension deficit contributions paid (note 3)|(4,000)|(7,000)|
|Actuarial remeasurements|(3,000)|2,000|
|Provision at end ofyear|-|7,000|
This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.
22
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **10. Staff pensions (continued)**
||**December**|**December**|**December**|
|---|---|---|---|
||**2022**|**2021**|**2020**|
||**% per**|**% per**|**% per**|
||**annum**|**annum**|**annum**|
|Discount rate|n/a|0.0|0.2|
|Price inflation|n/a|n/a|3.1|
|Increase to total pensionable payroll|n/a|-1.5|1.6|
The legal structure of the scheme is such that if another employer fails, St Hild College could become responsible for paying a share of that employer’s pension liabilities.
St Hild College also contributes to personal defined contribution pension plans for two of its employees. The total cost to the Charity in the year was £6,516 (2022: two employees - £5,843).
## **11. Trustees’ remuneration**
No Trustee has received any emoluments in respect of services performed as a Trustee (2022: no Trustee). Two members of staff are appointed as Trustees in accordance with the Articles of Association, which has been accepted by the Charities Commission.
The emoluments, including pension contributions, of each employee relating to their employment is:-
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Revd Canon Dr Mark Powley (Resigned 30thApril 2023)|37,545|51,223|
|Revd Daniel McGinnis (appointed 1 May 2023)|13,937|-|
|Revd D Mark Vasey-Saunders|34,315|35,048|
## **12. Trustees’ expenses**
No trustees received reimbursement of travelling expenses from the charity in the year (2022: £nil).
## **13. Share capital**
The company is registered as a company limited by guarantee and has no share capital. The current members (Trustees) are each guarantor in the sum of £10.
23
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **14. Analysis of net assets by fund**
||**Fixed assets**|**Net current**|**Creditors**|**Total**|
|---|---|---|---|---|
|**Year ended 31 August 2023**||**assets**|**over one**||
||||**year**||
||**£**|**£**|**£**|**£**|
|**Unrestricted Funds:**|-|-|-|-|
|Designated Funds|-|63,956|-|63,956|
|General Funds|510,181|88,537|-|598,718|
|**Restricted Funds**|-|18,595|-|18,595|
||**510,181**|**171,088**|**-**|**681,269**|
||**Fixed assets**|**Net current**|**Creditors**|**Total**|
|**Year ended 31 August 2022**||**assets**|**over one**||
||||**year**||
||**£**|**£**|**£**|**£**|
|**Unrestricted Funds:**|||||
|Designated Funds|-|25,144|-|25,144|
|General Funds|593,686|115,990|-|709,676|
|**Restricted Funds**|-|12,478|-|12,478|
||**593,686**|**153,612**|**-**|**747,298**|
## **15. Related party transactions**
Right Revd Mark Sowerby is the Principal of the College of the Resurrection and a Trustee/Director of St Hild College. Payments made to the College and Community of the Resurrection for office and residential accommodation and office support services amounted to £61,166 (2022: £71,589). Student fees charged to the College amounted to £21,467 (2022: £2,672). There was an outstanding balance due to the College at the balance sheet date of £170 (2022: nil).
Revd Canon Dr Mark Powley and Revd Canon Andrew Norman are Trustees of the Yorkshire Theological Education Partnership. Payments made to YTEP in the year amounted to £32,645 (2022: £31,197). There were no outstanding amounts due to YTEP at the balance sheet date (2022: £nil).
J McGinnis is the wife of Daniel McGinnis (a trustee from 1 May 2023) and is employed as the Communications Co-ordinator by the charity and received salary and pension contributions during the period from 1 May 2023 to 31 August 2023 of £4,620.
Revd Huw Thomas is a director of the Diocese of Sheffield Academies Trust. Sales to the Diocese of Sheffield Academies Trust in the year amounted to £99,153 (2022: 125,481). There were no outstanding amounts due to the charity at the year end.
24
## **St Hild College**
## **Notes to the Financial Statements for the Year Ended 31 August 2023**
## **16. Net Cash provided by Operating Activities**
|**16. Net Cash provided by Operating Activities**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Net movement in funds|(66,029)|(99,247)|
|Loss/(Gain) on fixed asset investments|(6,495)|11,932|
|Income from investments|(1,342)|(105)|
|(Increase) in debtors|(75,423)|(28,238)|
|Decrease / (increase) in creditors|70,521|(20,596)|
||(78,768)|(136,254)|
## **17. Comparative statement of financial activities**
||**Unrestricted**|**Restricted**|**2022**|
|---|---|---|---|
||**Funds**|**Funds**|**£**|
|**Income from:**||||
|Donations and legacies|-|23,000|23,000|
|Charitable activities – training income|602,938|2,141|605,079|
|Other income|12,569|-|12,569|
|Investment income|105|-|105|
|**Total income**|615,612|25,141|640,753|
|**Expenditure on:**||||
|Charitable activities|693,768|32,300|726,068|
|**Total expenditure**|693,768|32,300|726,068|
|**Net (expenditure) before other recognised gains**|(78,156)|(7,159)|(85,315)|
|**Other recognised losses**||||
|Actuarial losses on pension obligations|(2,000)|-|(2,000)|
|Unrealised losses on investments|(11,932)|-|(11,932)|
|**Net movement in funds**|(92,088)|(7,159)|(99,247)|
|**Reconciliation of funds:**||||
|Total funds brought forward|826,908|19,637|846,545|
|**Total funds carried forward**|**734,820**|**12,478 **|**747,298**|
25