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← St Hild College

2024-08-31-accounts

Company Number: 03473114 Charity Number: 1067982

St Hild College

(a Company Limited by Guarantee)

Report and Financial Statements For the Year Ended 31 August 2024

St Hild College

Contents

Page Charity Information ............................................................................................ 1 ................................................................................................. 2 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

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St Hild College

24

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 2024, 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 Resigned 20 June 2024
Revd Canon Andrew Norman 2a Resigned 20 March 2025
Christopher John Paddey 2a Resigned 21 March 2024
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 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 Advisory Board
Revd Thomas Finnemore 4 Appointed 30 November 2023, resigned 21
March 2024
The Right Revd Mark Sowerby CR 5
Dr Daniel McGinnis 6
Edward Short 7
Ven Dr Andrew Jolley 9 Resources
Revd Dr Mark Vasey-Saunders 8 Resigned 30 November 2023
Sarah Lawrence 8. Appointed 30 November 2023

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St Hild College

for the Year Ended 31 August 2024

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:

  3. a. Leeds

  4. b. Sheffield

  5. c. York

One person to be appointed by each of the following Baptist bodies (one of whom to serve as Vice Chair of Council):

  1. a. Yorkshire Baptist Association (or any successor body performing substantially similar functions).

  2. b. East Midlands Baptist Association (or any successor body performing substantially similar functions).

  3. Up to a maximum of two persons in total to be appointed by the Partnering Bodies

  4. One person to be appointed by the Community of the Resurrection (or any successor body performing substantially similar functions).

And

  1. The Principal of the Charity

  2. One student representative elected annually

  3. One staff representative

  4. 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 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: the Christlike formation of missional leaders for the whole church.

Organisational Structure

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.

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St Hild College

August 2024

Organisational Structure (continued)

The Trustees of the College are responsible for the vision, strategy, and policy of the College.

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:

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 2023-24 academic year was a time of laying important foundations for St Hild College under the were thoroughly revisited and reworked, building on what had come before, and have resulted in the following articulation:

Adventurous and Christ-like formation for the renewal of the church and the transformation of communities

We are Prayerful, Collaborative, Courageous and Pioneering.

Strategic milestones included the launch of St Hild Lincoln (a new teaching centre in Lincoln), the Caleb Stream (a training pathway for ordinands aged over 55), a new cohort of Sheffield Diocese Readers in training, and preparation for the launch of a new partnership with Leeds Diocese to train their Readers. There was work towards a September 2024 launch of Seedbed, an online lay church planting programme run by the Centre for Church Planting. And we also created and launched the brand new St Hild Centre for Baptist Ministry, which is the first new Baptist college in over 150 years.

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Achievements and Performance (Continued)

Student numbers grew somewhat, with around 140 students beginning in September 2023, and a total accredited FTE of 68.3. Work continued on the application to the Office for Students, including a successful in-person OfS inspection, 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) 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.

Plans for the future

2024-25 will see St Hild build on the strategic partnerships built over the previous years. Many of the new initiatives mentioned above will be consolidating and becoming more established, and a number of new things will also be developed. We hope OfS registration will be successfully achieved, which will allow us to continue to develop our Online centre and digital study offer, and we will have our Periodic External Review (PER), which happens every 5-6 years. We are pursuing the development of an Alternative Learning Pathway of non-accredited training for ordinands using a problem-based pedagogy and hope to secure funding for this. The Centre for Church Planting is working towards launching a training programme for resource church leaders called Camino. We are seeking to provide training in the crucial area of children, young people and families, and hope to be part of a pilot training programme in this area. We are also beginning to focus on strengthening our ongoing connections with alumni and ways we might continue to serve them well.

We will continue to foster strong working relationships between staff across different areas of work and ensure they are fully equipped for their roles. One particular focus will be strengthening our Operations team as the administrative undergirding of the whole college, including appointing new staff and further empowering existing ones. We also hope to secure a new database system and a newly designed website, both of which will help us immensely. As the college grows, we are also focused on excellent marketing and communication to get the message about St Hild out to more people.

We are also looking to engage more with other church streams and denominations and hope to begin working towards a Centre for Spirituality and the Contemplative Life in time. Our Baptist staff will be involved in developing the newly formed Centre for Baptist Ministry and also in launching Everyone Everywhere, which has a focus on equipping Baptist in evangelism and church planting. All of these developments will require the appointment of additional staff, as we look to support our new initiatives well. In a climate of declining ordinand numbers, we are actively seeking to diversify our offering and study pathways without diluting the quality of the ordinand formation we offer. We hope this will set the college on a firm and sustainable footing for the longer-term future.

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

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St Hild College

Financial Review

Key Financial Data

Key Financial Data
2024 2023
£ £
Total income 1,001,147 754,999
Total expenditure (949,256) (827,523)
Unrealised gains on revaluation of investments 58,624 6,495
Total surplus / (deficit) 110,515 (66,029)

Review of the statement of financial activities

St Hild College contin Council and Dioceses for much of its fee income and the numbers of ordinands recommended for training by the supporting dioceses.

The investment with the Central Board of Finance shows an unrealised gain of £58,624 (2023: gain of £6,495). 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 6 months of average operating cost which amounts to approximately £470,000. At 31 August 2024, the free reserves including designated funds stood at £158,767 (2023: £152,493) which is below this amount (£568,805 as at 31[st] August 2024) provides additional reserves well above the minimum required.

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:

In addition, in preparation of the policy the directors considered:

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Reserves Policy (continued)

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:

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;

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:

25/06/2025 Date

Ven Dr Andrew Jolley Trustee

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St Hild College

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 2024, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 al 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 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 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.

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St Hild College

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:

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 Trustee

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:

Responsibilities of the Trustees

As explained more fully in the Trustee 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 charit 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 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 R www.frc.org.uk/auditorsresponsibilities. This description forms

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St Hild College

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 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:

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

members those matters we are required to state to To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ormed.

Jessica Lawrence

Senior Statutory Auditor For and on behalf Azets Audit Services Limited Chartered Accountants & Statutory Auditor 12 King Street Leeds LS1 2HL

Date:

25/06/2025

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St Hild College

Statement of Financial Activities (Incorporating Income and Expenditure Account) for the Year Ended 31 August 2024

Notes Unrestricted
Funds		 Restricted
Funds		 2024
£		 2023
£
Income from:
Donations and legacies - 92,426 92,426 61,513
Charitable activities
training income		 843,556 - 843,556 606,999
Other income 57,756 7,389 65,145 85,145
Investment income 20 - 20 1,342
Total income 901,332 99,815 1,001,147 754,999
Expenditure on:
Charitable activities 3 895,058 54,198 949,256 830,523
Total expenditure 895,058 54,198 949,256 830,523
Net (expenditure)/income before
other recognisedgains		 6,274 45,617 51,891 (75,524)
Other recognised gains / (losses)
Actuarial gains / (losses) on pension
obligations		 10 - - - 3,000
Unrealised gains / (losses) on investments 5 58,624 - 58,624 6,495
Net movement in funds 64,898 45,617 110,515 (66,029)
Reconciliation of funds:
Total funds brought forward 4, 14 662,674 18,595 681,269 747,298
Total funds carried forward 4, 14 727,572 64,212 791,784 681,269

A detailed Statement of Financial Activities for the year ended 31 August 2023 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.

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St Hild College

Balance Sheet as at 31 August 2024

Total Total
Funds Funds
2024 2023
Notes £ £
Fixed assets
Investments 5 568,805 510,181
Current assets
Debtors 7 101,704 114,468
Cash at bank and in hand 165,477 154,841
Total current assets 267,181 269,309
Creditors: Amounts falling due within
one year
8		 (44,202) (98,221)
Net current assets 222,979 171,088
Total assets 791,784 681,269
Funds:
Unrestricted General Funds 4, 14 676,490 598,718
Unrestricted Designated Funds 51,082 63,956
Total Unrestricted Funds 727,572 662,674
Restricted Funds 4, 14 64,212 18,595
Total Funds 791,784 681,269

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.

25/06/2025

The Financial Statements were approved by the Trustees on and signed on their behalf by:

Rev Dr Daniel McGinnis Trustee

Ven Dr Andrew Jolley Trustee

Company Registration Number: 03473114

St Hild College

Statement of Cash Flows for the Year Ended 31 August 2024

Note 2024 2023
£ £
Cash flows from operating activities:
Net cashprovided byoperatingactivities 16 10,616 (78,768)
Cash flows from investing activities:
Disposal of fixed asset investments - 90,000
Investment income 20 1,342
Net cashprovided by investing activities 20 91,342
Change in cash and cash equivalents 10,636 12,574
Cash and cash equivalents at the beginningof theyear 154,841 142,267
Cash and cash equivalents at the end of theyear 165,477 154,841

The charity had no debt in the current or previous year.

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St Hild College

Notes to the Financial Statements for the Year Ended 31 August 2024

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 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.

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.

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Notes to the Financial Statements for the Year Ended 31 August 2024

1. Accounting Policies (continued)

Expenditure

Expenditure is recognised in the period in which it is incurred, and includes attributable VAT which cannot be recovered:

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 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 ation 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

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.

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Notes to the Financial Statements for the Year Ended 31 August 2024

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.

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

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 10, 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.

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Notes to the Financial Statements for the Year Ended 31 August 2024

3. Analysis of Expenditure

2024 2023
£ £
Cost of charitable activities:
Library 1,870 1,955
Weekend and Easter schools 83,972 83,641
University fees 37,747 32,645
Other academic costs 114,030 41,726
Staff costs 593,000 530,521
Visiting speakers 6,526 3,428
Staff travel 13,863 12,563
Staff training 3,064 4,392
Bank charges 77 70
Office accommodation 49,443 59,477
Office costs and insurance 12,979 25,825
Pension deficit contribution paid (note 11) - (4,000)
Marketing 6,018 4,587
Total expenditure on resourcing training
922,589		 796,830
Administrative costs 15,891 22,023
10,776 11,670
Total support costs 26,667 33,693
Total expenditure 949,256 830,523

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Notes to the Financial Statements for the Year Ended 31 August 2024

4. Funds

Year ended 31
August 2024
Unrestricted Funds -
General		 At 31 August
2023
Income
Expenditure
Other Gains /
(losses)
At 31 August
2024
£
£
£
£
£
598,718
901,146
(881,998)
58,624
676,490
Designated Funds:
Anglican Ordinand
Training fund
Development fund		 50,000
-
(5,000)
-
45,000
13,956
186
(8,060)
-
6,082
Total Unrestricted
Funds		 662,674
901,332
(895,058)
58,624
727,572
Restricted Funds:
Centre for Church
Planting
Library Fund
Everyone Everywhere
Student hardship
Fund
BMIT Support Fund
Student fee support		 7,088
62,833
(51,243)
-
18,678
1,815
-
(1,815)
-
-
-
31,876
(736)
-
31,140
2,298
-
-
-
2,298
-
5,000
5,000
7,394
106
(404)
-
7,096
Total Restricted Funds 18,595
99,815
(54,198)
-
64,212
Total Funds 681,269
1,001,147
(949,256)
58,624
791,784
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
Designated Funds:
Anglican Ordinand
Training fund
Development fund		 -
50,000
-
-
50,000
25,144
(11,188)
13,956
Total Unrestricted
Funds		 734,820
698,239
(776,880)
6,495
662,674
Restricted Funds:
Centre for Church
Planting
Library Fund
Silver Jubilee Fund
Student hardship
Fund
Student fee support		 -
56,365
(49,277)
-
7,088
2,235
-
(420)
-
1,815
2
-
(2)
-
-
2,298
-
-
-
2,298
7,943
395
(944)
-
7,394
Total Restricted Funds 12,478
56,760
(50,643)
-
18,595
Total Funds 747,298
754,999
(827,523)
6,495
681,269

18

St Hild College

Notes to the Financial Statements for the Year Ended 31 August 2024

4. Funds (continued)

The purposes of the designated fund is detailed as follows:

Development Fund

Anglican Ordinand Training Fund

To cover further development of E-resources, additional work on external / promotional communications, staff development and training. 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

Everyone Everywhere BMIT Student Support

Comprises grants specifically given for the Centre for Church planting

This is a fund established by donations for the financial support of Baptist Ministers in Training.

Student Hardship

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

2024 2023
£ £
Market Value at 1 September 2023 510,181 593,686
Sales proceeds - (90,000)
Unrealised investment (losses)/gains 58,624 6,495
Market Value at 31 August 2024 568,805 510,181
Historical cost at 31 August 2024 169,972 169,972

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: 2024
£		 2023
£
Fees paid to the Auditor 8,980 8,350
Other Professional Fee 36,071 10,728

19

St Hild College

Notes to the Financial Statements for the Year Ended 31 August 2024

7. Debtors

2024 2023
£ £
Trade debtors 10,859 30,683
Other debtors and Prepayments 90,845 83,785
101,704 114,468
8. Creditors Amounts Falling Due Within One Year
2024 2023
£ £
Trade Creditors 20,765 62,390
Other Creditors and accruals 23,437 35,831
44,202 98,221

9. Staff costs and numbers

2024 2023
Average staff numbers 17 15
Staff costs during the year amounted to: 2024 2023
£ £
Salaries 493,496 423,355
Social security costs 39,327 38,423
Pension contributions 60,177 73,410
593,000 535,188

No employee received £60,000 or more per annum during the year under review (2023: none).

The Trustees consider its key management personnel to comprise the Principal and the Vice Principal and the head of Operations. The employment benefits including employer pension contributions of the key management personnel totalled £162,068 (2023: £200,722).

20

St Hild College

Notes to the Financial Statements for the Year Ended 31 August 2024

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 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 £16,395 (2023: £14,112).

A valuation of the scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. 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

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 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 (2024: £43,782; 2023: £52,782).

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 2024. The 2024 valuation revealed a surplus of £930m, based on assets of £2,570m and liabilities of £1,640m, assessed using the following assumptions:

21

St Hild College

Notes to the Financial Statements for the Year Ended 31 August 2024

10. Staff pensions (continued)

An average discount rate of 6.0% p.a.;

RPI inflation of 3.4% p.a. (and pension increases consistent with this);

CPIH inflation in line with RPI less 0.7% 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 S4NA_L tables with future improvements in line with CMI 2023 projections with a long-term rate of improvement of 1.5% pa, a smoothing parameter (S) of 7, an initial addition (A) of 0.5%, and allowance for 2022 and 2023 data (w) of 20%

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.

Reconciliation of Opening and Closing Provisions 31 August 31 August
2024 2023
£ £
Provision at start of the year - 7,000
Pension deficit contributions paid (note 3) - (4,000)
Actuarial remeasurements - (3,000)
Provision at end ofyear - -

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 £6,789 (2023: two employees - £6,516).

11.

No Trustee has received any emoluments in respect of services performed as a Trustee (2023: 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:-

2024 2023
£ £
Revd Daniel McGinnis 54,090 13,937
Sarah Lawrence (appointed 30 November 2023) 35,590 -
Revd Mark Vasey Saunders (Resigned 30 November 2023) 10,790 34,515
Revd Canon Dr Mark Powley (resigned 30 April 2023) - 37,545

22

St Hild College

Notes to the Financial Statements for the Year Ended 31 August 2024

12. Trustee

No trustees received reimbursement of travelling expenses from the charity in the year (2023: £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.

14. Analysis of net assets by fund

Fixed assets Net current Total
Year ended 31 August 2024 assets
£ £ £
Unrestricted Funds:
Designated Funds - 51,082 51,082
General Funds 568,805 107,685 676,490
Restricted Funds - 64,212 64,212
568,805 222,979 791,784
Fixed assets Net current Total
Year ended 31 August 2023 assets
£ £ £
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

15. Related party transactions

Rt 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 £79,485 (2023: £61,166). Student fees charged to the College amounted to £2,712 (2023: £21,467). There was an outstanding balance due to the College at the balance sheet date of £239 (2023: 170).

Daniel McGinnis is a Trustee of the Yorkshire Theological Education Partnership. Payments made to YTEP in the year amounted to £37,747 (2023: £32,645). There were no outstanding amounts due to YTEP at the balance sheet date (2023: £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 during year of £12,965 (2023: £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 £11,747 (2023: £99,153). There were no outstanding amounts due to the charity at the year end.

23

St Hild College

Notes to the Financial Statements for the Year Ended 31 August 2024

16. Net Cash provided by Operating Activities

16. Net Cash provided by Operating Activities
2024 2023
£ £
Net movement in funds 110,515 (66,029)
Loss/(Gain) on fixed asset investments (58,624) (6,495)
Income from investments (20) (1,342)
Decrease / (increase) in debtors 12,764 (75,423)
(Decrease) / increase in creditors (54,019) 70,521
10,616 (78,768)

17. Comparative statement of financial activities

Unrestricted Restricted 2023
Funds Funds £
Income from:
Donations and legacies 61,513 - 61,513
Charitable activities
training income		 606,604 395 606,999
Other income 28,780 56,365 85,145
Investment income 1,342 - 1,342
Total income 698,239 56,760 754,999
Expenditure on:
Charitable activities 779,880 50,643 830,523
Total expenditure 779,880 50,643 830,523
Net (expenditure)/income before
other recognisedgains		 (81,641) 6,117 (75,524)
Other recognised gains / (losses)
Actuarial gains / (losses) on pension
obligations		 3,000 - 3,000
Unrealised gains / (losses) on
investments		 6,495 - 6,495
Net movement in funds (72,146) 6,117 (66,029)
Reconciliation of funds:
Total funds brought forward 734,820 12,478 747,298
Total funds carried forward 662,674 18,595 681,269

24