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2025-07-31-accounts

St Mellitus College Trust

Annual Report

& Financial Statements

Year Ended 31 July 2025

Charity number: 1094157

Company number: 4546328

St Mellitus College Trust

(A company limited by guarantee)

Contents
Report of the Trustees 1
Statement of Corporate Governance and Internal Control 11
Independent Auditor's Report 15
Statement of Financial Activities 19
Balance Sheet 20
Cash Flow Statement 21
Notes Forming Part of the Financial Statements 22

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St Mellitus College Trust

(A company limited by guarantee)

Report of the Trustees

for the year ended 31st July 2025

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 31st July 2025 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 Memorandum and 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 Republic of Ireland (FRS102) including Update Bulletin 2.

PURPOSES AND ACTIVITIES

The purposes of the charity as defined in the Memorandum of Association are:

The overall vision of the charity is to resource the mission of the whole church through providing training in theology and mission. In particular, it aims to train ministers of religion and others so as to equip them to lead, encourage and support the development of Christian communities throughout the UK. This in turn benefits wider society through the church’s involvement in communities with, for example, youth work and urban regeneration projects.

We seek to achieve this vision by resourcing the mission of the church through theological learning and wisdom. We are committed to the ‘faith once handed on to the saints’, wanting to hold this in a generous, enquiring and open way that is responsive to a changing world. We believe that we should engage with theology in the context of …

The activity of the charity in achieving this vision is to run a suite of Higher Education and other courses. This is done jointly with St Paul's Theological Centre (SPTC) which works closely together with the charity to offer courses and training under the banner of St Mellitus College ("the College").

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In seeking to measure success the charity primarily looks to the recruitment levels for its programme which are mostly driven by word of mouth recommendations from existing students and church leaders. Although student numbers in the year under review have shown a slight 4% decline compared to the previous year, this is mainly due to the reduced number of ordinands being sent by the Church of England for training and a reduction in those engaging in non-accredited and introductory courses. We do not consider this to be a decline in the attractiveness of our programmes as can be evidenced by the outcomes of the National Student Survey (see Achievements and Performance section below).

We also have extensive student feedback processes and since the academic year 2016/17 have been participating in the National Student Survey. We were subject to regular scrutiny by the Quality Assurance Agency for Higher Education and now by the Office for Students who also indicate positively about the quality of our programmes.

Public Benefit

The trustees have a statutory duty under the Charities Act 2011 (s 17) to have regard to the guidance issued from time to time by the Charity Commission. The trustees have read the guidance Charities and Public Benefit and the supplementary guidance in The Advancement of Religion for the Public Benefit and have had regard to it in making relevant decisions. The trustees have also read Analysis of the Law underpinning The Advancement of Religion for the Public Benefit published by the Charity Commission.

The trustees believe that this report taken as a whole provides evidence of the public benefit of the charity’s work.

The principal public benefits of the charity (for the narrow purposes of secular charity law) are the advancement of the Christian religion by training ministers of religion and others who lead, encourage and support members of the various and diverse communities throughout the dioceses of London, Chelmsford, Truro, Exeter, Southwell & Nottingham, Leicester, Derby and also further afield by and in -

Fundraising

The trustees are committed to maintaining the highest legal and ethical standards in the way that the charity undertakes its fundraising activities. All fundraising takes place in-house and the charity does not use any professional fundraisers. The charity is committed to abiding by the Code of Fundraising Practice and to the Fundraising Promise. The charity has not received any complaints with regard to its fundraising practice during the period under review.

Volunteers

The charity makes use of a number of volunteers to help with various parts of its operation including visiting lecturers, chaplains and refreshment servers. The trustees wish to note their thanks to all such volunteers.

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ACHIEVEMENTS AND PERFORMANCE

The following matters of achievement and performance are noted as follows -

In all this year, including SPTC students, the College had 184 ordinands (2023/24: 198) in training and delivered accredited courses to 136 other students (2023/24: 95).

The Course is run on a part-time basis usually over two or three years for Anglican candidates, to study towards graduation and ordination. In addition there are a number of Licenced Lay Ministry (LLM) candidates and independent students following this pathway. The students are normally required to attend for classes one evening a week during term time together with a number of residential weekends and one residential week during each academic year. The Course continues to be successful in recruiting both ordinands and independent students.

The College has continued to promote the Peter Stream which is a discernment pathway towards Church of England ordination for leaders who have faced exclusion for reasons of ethnicity, social background or education. The scheme is a one-year programme that runs in conjunction with the Church of England's discernment process and runs in both our London and East Midlands centres. The College provides training, study and pastoral support.

The College continued to deliver the Caleb Stream - a one-year discernment pathway towards Church of England ordination for mature lay Christians with leadership experience. With often one priest assigned to serve multiple parishes, particularly in rural areas, this stream aims to train and mobilise a generation to serve in parishes across the UK. This pathway is offered in our London and East Midlands centres with a total of 31 (2023/24: 36) students trained during the year.

Our delivery centre in Plymouth which covers the region of the dioceses of Exeter and Truro, with additional students coming from the diocese of Bath and Wells, had a total of 30 students (2023/24: 26) in the year under review. Recruitment for this centre continues to be challenging, with more ordinands being on two-year pathways, although we have seen some positive results from offering the option to audit Level 6 teaching on a modular basis as well as from launching the MA in Theology, Ministry and Mission in the South West centre from September 2024, offered in a hybrid format. This offering will be reviewed on an ongoing basis.

Our East Midlands delivery centre based in Nottingham trained a total of 56 students (2023/24: 60) during the year.

The part-time programme at the Chelmsford Teaching centre only had a potential of two or three ordinands starting in September 2024. It was therefore decided to suspend delivery of Level 4 teaching for one year to review provision in the centre to ensure viable and sustainable student cohorts with consideration to student experience and pedagogy, staff flourishing and financial sustainability.

Following the completion of the July 2025 exam board, 82 students graduated with undergraduate and postgraduate awards validated by our partner university. 78 students graduated with undergraduate awards, of which 29 were BA awards, the majority of which achieved 2.1 degree class. In addition, 4 students graduated with postgraduate awards. At the October 2025 exam board we are anticipating that 13 students will graduate with undergraduate awards and 27 students with postgraduate awards.

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The Beginning Theology offering, which is an introductory course enabling access to theology, was relaunched with a new provision in 2023/24, offering in-person teaching on Thursday evenings at the London Centre, and online teaching on Tuesday evenings. Each delivers three modules per year which can be taken as stand alone modules or students may sign up for a full year, with in-person and online offering different but complementary modules to increase the resource available. The programme had 174 attendees for Term 1 modules in Autumn 2024 (94 online, 80 in person) which, while a significant decrease from the record number of 349 in 2023/24, is attributable to a particular relaunch promotion in 2023/24 and is still a strong attendance rate. 85% of attendees have not previously studied at St Mellitus College which is encouraging for a broadening reach and potential conversion to other programmes and accredited study. The attendees of the online Beginning Theology Programme has included 36 students as part of a discernment programme offered by Pentecostal Churches.

All of our academic programmes are validated by Durham University as part of the Church of England's Common Awards programme and this has become an established relationship. From September 2023 this has included a Youth Ministry pathway, previously offered as a programme validated under Middlesex University. In September 2024 an additional pathway with a focus on Children's Ministry was launched. On 9th September 2020 we signed an agreement with Durham University which gives us the ability to offer a PhD programme. Under this arrangement, the students are Durham University students but the College shares in the supervision arrangements. The first student on this programme enrolled in September 2023.

During 2023/24 we were successful in securing a funding bid from the Church of England's 30k project to support the delivery of Youth Ministry training, and the introduction of a new Children's Ministry offering. The 30k project also funded full diploma programme fees for up to 30 students studying on these pathways for September 2024 entry and we were able to fill all of these places.

Since March 2019 the college has been regulated by the Office for Students (OfS). The college is a Registered Provider of Higher Education in the Approved (Fee Cap) category. The Office for Students holds oversight for assuring the quality of the College’s academic standards and provision.

The College continued to engage with the National Student Survey during 2025, with student response rates being again well above the national average (84% in contrast with 71% across England). The College scored above the national average in all but one areas of the survey (between 5-17% and in 2023/24 this was only 3%-14% above in all areas). The area in which the College scored less than the sector (and less internally than in 2023/24) was around Learning Resources.

The areas where internal 2024 scoring decreased slightly from the College’s internal 2023 results (between 0.9%6%) related to sub-sets of the student survey which staff at the College are aware of and continue to address, namely in the areas of assessment feedback, student representation, and learning resources (Moodle, libraries, etc). In addition our accredited students take part in the Common Awards Student Survey and the results of that are similar to those of the NSS.

Other positive indicators outside of the NSS are that our drop out rates are somewhat countered by current students upgrading to a higher award (e.g., Certificate to Diploma), about 20 students dropped out but approximately half that number continued on to a higher award in 2025/26. It is difficult to get statistics on drop out rates across the sector but there is no strong indication that our drop out rates and reasons are significantly out of kilter or higher than what is happening in the HE sector in England.

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In 2023/24, the College underwent its Periodic External Review (PER) by the Ministry Development Team of the Church of England, in conjunction with the Common Awards team, which each TEI undertakes every 4-5 years. In the resultant report published in March 2024, the college received an overall result of "Confidence" for its training of ordinands (the highest possible result) and a separate overall result of "Confidence with Qualifications" for its training of LLMs (the middle result). This is a really positive result and indicates an improvement from the college's previous PER in 2017 which reported an overall result of "Confidence with Qualifications". The College generated an action plan from the recommendations raised by the PER review and submitted a progress report in April 2025 was considered a positive report and concluded the PER process satisfactorily.

Assessing the impact of the charity’s work can only be done by reference to the success of churches which are run by church leaders who have been trained by the charity. For both theological and practical reasons this is challenging to benchmark, however we are hopeful that we may be able to develop an approach working with our alumni which may make it possible to undertake benchmarking in the future.

Ongoing and future performance of the charity is not only dependent on continuing to provide a high quality programme of academic awards but also on external factors which affect the number of students that we are able to recruit. These factors include the continued availability of student finance and especially the capability of the Church of England to recruit and fund future ordinands. In the autumn of 2023 the Archbishops' Council entered into Service Level Agreements (SLAs) with all Theological Education Institutions (TEIs) in the sector, including ourselves. This SLA, in addition to outlining expectations for training on both sides, seeks to provide some stability for the sector by agreeing to fee supplement payments to maintain income at or above the levels before the decline occurred. In 2024/25 the supplement fee received amounted to £882,446.

In Autumn 2024 we began a four year project to mark the importance of the Nicaea Creed for the 21st Century, funded through the generosity of the McDonald Agape Fund. In 2024/25 this included the delivery of five public lectures from world-leading academics exploring the meaning of Nicaea for the church and the academy. 2025 was a significant anniversary year, celebrating 1700 years since the Council, which was marked by a two day Creedal Spirit Conference 30 April-1 May 2025 which included 5 keynote speakers for plenary sessions and multiple seminar streams with papers presented from a variety of perspectives including a number given by SMC staff members. In July 2025 Giver of Life was published as part of the project, a new book from Dr Jane Williams, McDonald Professor in Christian Theology, offering a profound and accessible exploration of the Holy Spirit, framed through the lens of the Nicene Creed. The project will run until Summer 2027.

We are also grateful to the Archbishops' Council's Racial Justice Unit, who in November 2024 agreed to fund the college's proposed Project Metanoia, which will be running from December 2024 through August 2027. The funding will enable the college to continue prioritising racial justice at the heart of who we are and to be proactive in fostering change by targeting four areas - diversified training, key resourcing, intercultural placements and targeted recruitment.

FINANCIAL REVIEW

The movement on Unrestricted Funds results in a surplus of £43,858 (2024: £87,756, excluding the Contingency Fund release). Therefore, total Unrestricted Funds stood at £814,811 (2024: £770,953) at the year end.

The Designated Fund for the operation of St Mellitus, South West showed a deficit for the year of £39,671 (2024: £49,800), which means that the cumulative deficit on this fund at the year end is £144,118 (2024: £104,447).

The Designated Fund for the operation of St Mellitus, East Midlands showed a surplus of £138,213 (2024: £23,565) which means that the cumulative surplus on this fund at the year end is £256,040 (2024: £117,827).

Details of movements on the other Designated and Restricted funds are shown in Note 14.

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Pricing Policy

Fees for Church of England ordinands are fixed for all approved TEIs by the Ministry Division of the church’s Archbishops’ Council. Independent student fees are fixed by reference to other institutions offering similar courses and also the Fee Cap imposed by the Office for Students.

Principal Funding Source

The College’s main source of funding is student fees which this year amounted to £3,533,416 (2024: £3,229,683), of which £2,687,941 (76%) (2024: £2,306,895 - 71%) came from the Archbishops’ Council of the Church of England for the training of Church of England ordinands.

Investment Policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit, after obtaining advice from a financial expert. Funds which are surplus to immediate requirements are placed on deposit with the CBF Church of England Funds. In addition interest is earned on a Business Reserve Account with NatWest Bank.

Reserves Policy

The trustees have considered the need to accumulate funds in reserves to be held in the event of future uncertainties. The trustees consider that the most appropriate level of free reserves to be held on an ongoing basis would be the equivalent of one term’s expenditure. Based on current projections it is estimated that one term’s expenditure would be in the region of £480,000 which compares with the current level of available unrestricted reserves of £800,415 (2024: £749,560). The Trustees are therefore content with the current level of reserves.

PLANS FOR FUTURE PERIODS

The charity plans to continue to provide a first class programme of theological training and formation for the church, ordained and lay, and to develop opportunities for the variety of such training. In addition to continuing the existing programmes, the following developments are worthy of note -

Nationally the total number of ordinands in training has decreased by 32% over the last five years and the College has seen a corresponding decline in the number of ordinands being sent to us for training in line with that. In the autumn of 2023 the Archbishops' Council entered into Service Level Agreements (SLAs) with all TEIs in the sector, including ourselves. This SLA, in addition to outlining expectations for training on both sides, seeks to provide some stability for the sector by agreeing to fee supplement payments to maintain income at or above the levels before the decline occurred. This supplement is estimated to be in excess of £800,000 for the 2025/26 academic year.

In 2024 the Church of England engaged in an independent review of the resourcing of theological education and ordination training across the TEI sector through BDO. In March 2025 TEI Principals and Bursars / Heads of Finance were presented with the revised approach to funding ordinands' ministerial formation training (based on the financial review conducted by BDO in 2024). Whilst Residential colleges received an 'affordability adjustment' to their fees, backdated to the start of the 2024/25 academic year, there was no change in the fee grant per ordinand paid to non-residential colleges. The revision of the base numbers of ordinands within the SLA's supplement calculation will be delayed by one year, to the start of the 2027/28 academic year, at which time we anticipate our fee supplement will be substantially reduced.

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Having been successful in securing a funding bid from the Church of England's 30k project to support the delivery of Youth Ministry training, and the introduction of a new Children's Ministry offering from September 2024, and funding for full diploma programme fees for up to 30 students studying on these pathways for September 2024 entry, we have sought to secure further funding to repeat and build on this success. Whilst we have not received repeat funding to support the wider programme delivery, the 30k project have committed to providing bursary funding for full diploma fees for an additional 30 students on Youth or Children's Ministry focused programmes for September 2025 entry, however it is unlikely that repeat funding will be made available beyond that cohort.

Following the suspension of the temporary delivery of level 4 teaching in 2024/25 due to low prospective student numbers, consultative strategic conversations took place between the College and the Diocese of Chelmsford, exploring various options at a time when numbers of vocations are fluctuating and costs are increasing. After carefully exploring all options and balancing the need to maintain excellent learning experience, a flourishing student cohort and financial and operational viability, they concluded that it is not possible to sustain St Mellitus College Chelmsford as a standalone centre. In December 2024 it was announced that the Chelmsford Teaching Centre of St Mellitus College will close in the summer of 2026 after a teach out process is concluded for current students at the centre, when the final ordinands in the centre will have completed their training.

The four-year McDonald Agape Nicaea Project launched in Autumn 2024 is ongoing, with the final of a programme of free public lectures taking place in October 2025. The ongoing work of the project includes a colloquium which will focus on Global Theology and the future of theological education in light of the work done as part of the project, as well as the publication of one or two books from the public lectures and keynote addresses from the conference and colloquium.

Project Metanoia, funded by the Archbishops' Council's Racial Justice Unit runs through to August 2027, enabling the college to continue prioritising racial justice at the heart of who we are and to be proactive in fostering change by targeting four areas - diversified training, key resourcing, intercultural placements and targeted recruitment.

In January 2024 Revd Russell Winfield announced that he will be moving on from his role as Dean of St Mellitus College. The board has appointed Dr Sara Schumacher as Interim Dean, effective 1 October 2025, while the recruitment process for a new Principal to succeed Russell Winfield continues.

For the September 2025 intake, the Church of England have approved a new nationally funded discernment and training pathway for older candidates going forward for ordination training. This effectively mimics what the college has been delivering as the Caleb Stream over the past few years, although over a two-year programme rather than within one year as it has been thus far. The College have sought approval to deliver the Elizabeth pathway and will be offering this going forward in place of the Caleb Stream provision from September 2025.

In October 2025 it was announced that Bishop Sarah Mullally, currently Bishop of London and member of the SMC board of trustees, has been appointed as the next Archbishop of Canterbury. The position of member and trustee of the board is given to the Bishop of London ex-officio and so Bishop Sarah will cease holding that role from January 2026 when she moves on to her new post. Bishop Emma Ineson will be acting Bishop of London during the interregnum and will be taking on the responsibilities of member and trustee until a new Bishop of London is appointed and in post.

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REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name: St Mellitus College Trust Charity registration number: 1094157 Company registration number: 4546328 Principal Address and 24 Collingham Road Registered Office: London SW5 0LX Website: www.stmellitus.ac.uk

St Mellitus College Trust

Advisers

Auditors: Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP Solicitors: Winkworth Sherwood, Minerva House, 5 Montague Close, London SE1 9BB Bankers: Barclays Bank PLC, 11 Bank Court, Hemel Hempstead, Hertfordshire HP1 1BX CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4QJ NatWest Bank plc, 55 Kensington High Street, London W8 5ZG

CBF Church of England Funds, Senator House, 85 Queen Victoria Street, London EC4V 4ET

Directors and Trustees

The directors of the charitable company (the charity) are its trustees for the purposes of charity law. The trustees and officers serving during the year and since the year end were as follows, together with details of their nominations:

The Right Reverend and Right Honourable Dame S Mullally (Bishop of London) [also Member] The Right Reverend Doctor G Francis-Dehqani (Bishop of Chelmsford) [also Member] - until 5th June 2025 The Reverend R Coates (Representative of St Paul's Theological Centre - also Member)

The Venerable C Burke Bishop of Chelmsford - until 5th June 2025 Mrs C Butcher St Paul’s Theological Centre The Reverend Canon A Eleyae Bishop of London The Reverend Dr B Sargent General Synod The Right Reverend Dr G Tomlin (President) The Reverend Dr S Prentis Joint Mr A Winther Joint The Reverend K Wharton Joint

Key Management Personnel

The trustees delegate day-to-day management of the charity to the senior management consisting of the Dean (Reverend Russell Winfield), the Academic Dean (Doctor Sara Schumacher) and the Chief Operating Officer (Mrs Tilly Bacon).

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The organisation is a charitable company limited by guarantee, incorporated under the name of North Thames Ministerial Training Partnership on 26[th] September 2002 and registered as a charity on 11[th] October 2002.

The company is established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each.

The company changed its name by Special Resolution on 18[th] March 2008 to St Mellitus College Trust and adopted new Memorandum and Articles of Association on that date. On 23[rd] June 2019 further new Memorandum and Articles of Association were adopted incorporating new procedures for nominating and appointing trustees for the charity.

Appointment of Trustees

The directors of the charitable company (“the charity”) are its trustees for the purpose of charity law and throughout this report are collectively referred to as its trustees.

Under the Articles of Association adopted on 23[rd] June 2025 the trustees consist of at least three but not more than twelve individuals nominated to serve as follows: The Bishop of London, a trustee representative of St Paul's Theological Centre (together constituting the Members), one trustee nominated by each of the Members, one trustee nominated by the General Synod of the Church of England, no more than six further trustees appointed jointly and unanimously by the Members and the President for the time being of the College.

Trustee Induction and Training

The Members and senior team liaise with newly appointed trustees upon their appointment in order to devise a training and induction package appropriate to their skills and experience.

Organisational Structure

The board of trustees, who meet tri-annually, administers the charity. The trustees delegate the management of the day-to-day operations of the charity to an Executive Committee, the Dean of the College and the team of staff who are employed by the charity. Details of the senior management is shown in the Reference and Administrative Information section above.

The board of trustees define the strategic objectives for the charity and agree an annual budget together with a long term financial plan. The authority delegated to the senior management is to run the day-to-day operations of the charity within these objectives and budgets. Anything outside these requires the agreement of the trustees according to defined procedures.

Pay and Remuneration of Senior Staff

All current senior staff are remunerated by St Paul’s Theological Centre. The Dean, who is ordained, is remunerated as an Archdeacon in the Diocese of London. All other executive staff are non-ordained; their remuneration is based on experience, responsibility and benchmarking against similar roles within SPTC's group and externally.

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Related Parties

All the trustees represent other legal bodies within the wider church and thus these could be regarded as related parties. Further particulars are provided in Note 8 to the financial statements.

Risks and Uncertainties

The trustees have conducted their own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. The external risks to funding are dependent on a viable number of students choosing the course for their training. The academic content of the course is considered carefully to ensure that all the requirements of the Church are fulfilled and in this way the Church is expected to continue utilising the course for their candidates. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are documented in a risk register which is regularly updated and reviewed.

STATEMENT OF DISCLOSURE TO AUDITORS

In so far as the trustees are aware at the time of approving this trustees’ annual report:

This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small entities.

Approved by the trustees on 16[th] December 2025 and signed on their behalf by

Chair: Rt Revd Dr G S Tomlin

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St Mellitus College Trust

Statement of Corporate Governance and Internal Control for the year ended 31 July 2025

The College’s framework of governance is established in its Memorandum and Articles of Association. The College is committed to best practice in all aspects of corporate governance. It aims to conduct its business in accordance with the principles identified by the Committee on Standards in Public Life (Nolan Committee) and the Higher Education Code of Governance issued by the Committee of College Chairs.

In adopting this Code of Governance, the College is satisfied that it complies with all the primary elements that are the hallmarks of effective governing bodies operating in the UK HE sector. The College maintains a register of interest of members of the board of trustees which is available for inspection.

Charitable Status

The College is a Registered Charity (No 1094157) and a Company Limited by Guarantee (No 4546328) and is regulated by the Office for Students (OfS). The College received notification of its successful application for registration with the OfS in March 2019. For the purposes of Company Law, the trustees are the Company’s directors. The charitable purposes of the College as defined in the Memorandum of Association are:

The Board of Trustees

The board of trustees oversees the activities of the College and determines its strategic direction. The specific powers of the board are set out in the Memorandum and Articles.

The board has a duty to enable the College to develop its vision and strategy and to achieve success in achieving its objectives. In doing this, it always seeks to safeguard and protect the reputation of the College.

The board has a formal function to hold the Dean to account for the effective management of the College. The board is a steering body and fundamentally serves to add value to the College’s affairs, by offering independent, expert input to and constructive challenge of the decisions of the College management.

The board has formal decision-making responsibility in a number of key areas, including the approval of the College’s strategy and other major strategic policies which sit underneath this or for which it has a legal responsibility to oversee. Other major tasks crucial to the success and sustainability of the College are the appointment and performance management of the Dean and other senior post holders, adoption of its annual financial statements, budgets, financial forecasts and the appointment of the College’s external auditors.

The board is responsible for approving annual returns to the Office for Students as required.

The board of trustees comprises members from outside the College as laid out in the Articles of Association which also defines the chairing arrangements.

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Conduct of Business

The board has a minimum of three meetings per year. The formal board meetings are supplemented by informal briefing sessions on relevant issues, and attendance at key College events. This helps to ensure that trustees are part of the wider community of the College and that they are fully briefed on the activities of and challenges and opportunities facing the College.

There is a clear division of responsibility in that the role of chair of the board of trustees is separated from the role of the College’s Dean.

The board has a number of standing committees to help it discharge its business effectively:

Audit and Risk Committee

The Audit and Risk Committee meets with the College’s external and internal auditors in attendance. The Committee considers detailed reports together with recommendations for the improvement of the College’s systems of internal control and management’s responses and implementation plans.

The Committee reports to the board on the adequacy and effectiveness of the College’s arrangements for:

It also receives and considers reports from the Office for Students as they affect the College’s business and monitors adherence to the regulatory requirements.

Management is responsible for the implementation of agreed audit recommendations and the internal auditor undertakes periodic follow up reviews to ensure such recommendations have been implemented.

The Audit and Risk Committee also advises the board of trustees on the appointment of internal and external auditors and the remuneration for both audit and non-audit work.

Remuneration Committee

The Remuneration Committee determines the salaries and conditions of service of the most senior staff, including the Dean and Assistant Deans. The Remuneration Committee follows Higher Education sector guidelines to ensure the process of awarding Dean and senior staff pay is transparent and practices are consistent with best practice. Details of remuneration for the year ended 31 July 2025 are set out in note 7 of the financial statements.

Nominations Committee

The Nominations Committee seeks to ensure diversity, breadth and continuity of expertise amongst the membership of the board. It also undertakes succession planning with respect to the membership, leadership and committees and good practice in governance.

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Academic Committee

The Academic Committee offers strategic academic oversight through liaising with the senior staff that have responsibility for leadership of the academic life of the College. It seeks to maintain the high academic standards that St Mellitus College has set, as well as review and contribute to the strategic development and direction of the College in relation to academic matters and regulation.

Internal Control

The College’s board of trustees is responsible for ensuring that the College maintains an effective system of internal control that supports the achievement of strategic aims and objectives whilst safeguarding the assets for which it is responsible. Such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically.

The board of trustees has delegated the day to day responsibility to the Dean, as Accountable Officer, for reviewing the adequacy of the system of internal control and making any appropriate amendments. He is also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.

The following processes are in place to ensure the effectiveness of the College’s internal control and risk management:

The board of trustees is of the view that there is an ongoing process for identifying, evaluating and managing the College’s significant risks.

These processes enable the College to identify those elements of internal control which require further strengthening and these reviews have not identified any significant area of internal control weakness for the College.

Going Concern

After reviewing detailed papers, the board of trustees considered, at its meeting on 16[th] December 2025, that the College has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

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Statement of the Responsibilities of the Board of Trustees

In accordance with the College’s Memorandum and Articles of Association, the board of trustees is responsible for the administration and management of the College’s affairs, including ensuring an effective system of internal control, and is required to present audited financial statements for each financial year.

The board of trustees is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the College, and to enable it to ensure that the financial statements are prepared in accordance with the College’s Articles, 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 1st January 2015) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) and the Companies Act 2006.

In preparing the financial statements, the board of trustees has ensured that:

The board of trustees has taken reasonable steps to:

The key elements of the College’s system of internal financial control, which is designed to discharge the responsibilities set out above, include the following:

Approved by the trustees on 16[th] December 2025 and signed on their behalf by

Chair: Rt Revd Dr G S Tomlin

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST MELLITUS COLLEGE TRUST

Opinion

We have audited the financial statements of St Mellitus College Trust ("the charitable company") for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

In our opinion:

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 have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence that 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.

15

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 in 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.

Opinion 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 company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Trustees' Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

16

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 relating to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 it 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 aggregate, they could be reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting 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, 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.

17

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Fullerton (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

Date: 17 December 2025

18

St Mellitus College Trust

Statement of Financial Activities

including Income & Expenditure Account for the year ended 31 July 2025

General
Restricted
Total Funds
Fund
Funds
Funds
2025
(Note 14)
(Note 14)
£
£
£
£
3
18,940
0
723,731
742,671
2,937,417
831,616
0
3,769,033
21,508
0
0
21,508
2,977,865
831,616
723,731
4,533,212
5
Expenditure on charitable activities:
2,724,380
731,243
723,310
4,178,933
Grants made
310,000
0
1,853
311,853
3,034,380
731,243
725,163
4,490,786
EXPENDITURE
-56,515
100,373
-1,432
42,426
0
0
0
0
2
-56,515
100,373
-1,432
42,426
14
728,503
42,450
7,058
778,011
14
671,988
142,823
5,626
820,437
Transfers between funds
NET INCOME / EXPENDITURE and net movement
in funds for year
RECONCILIATION OF FUNDS
Total funds brought
forward
TOTAL FUNDS CARRIED FORWARD
AT 31 JULY 2025
Operation of college courses
TOTAL EXPENDITURE
NET OPERATING INCOME /
-- Unrestricted Funds --
Designated
Note
INCOME
Donations & grants
Charitable activity income
Investment income
TOTAL INCOME
EXPENDITURE		 2024
(Note 16)
£
303,937
3,490,400
22,847
3,817,184
3,532,975
417,038
3,950,013
-132,829
0
-132,829
910,840
778,011
Total Funds

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

19

St Mellitus College Trust

Balance Sheet

as at 31 July 2025

Note
10
9
11
12
13
13
RESTRICTED FUNDS
TOTAL FUNDS
NET CURRENT ASSETS
TOTAL NET ASSETS
UNRESTRICTED FUNDS
FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS:amounts falling
due within one year
Intangible assets		 £
270,946
1,101,518
1,372,464
-566,423		 2025
£
0
14,396
806,041
820,437
814,811
5,626
820,437		 £
177,184
1,227,903
1,405,087
-648,469		 2024
£
0
21,393
756,618
778,011
770,953
7,058
778,011

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small entities.

Approved by the trustees on 16[th] December 2025 and signed on their behalf by

Chair: Rt Revd Dr G S Tomlin Company No: 4546328

Interim Dean (Interim Accountable Officer): Dr S Schumacher

20

St Mellitus College Trust

Cash Flow Statement

for the year ended 31 July 2025

A)
Amortisation charges
B)
C)
1 August
Non-cash
2024
Changes
£
£
1,227,903
-
1,227,903
-
Decrease / increase in creditors
Net cash outflow / inflow from operating activities
Reconciliation of Net Cash Flow to Movements in Net Cash
Decrease / increase in cash in the year representing change in net cash
Net cash at 1 August
At 31 July
Analysis of Changes in Net Funds
Cash at bank and in hand
Total Net Funds
Decrease / Increase in Cash (Note B)
Operating surplus / deficit
Interest received
Depreciation charges
Increase in debtors
Reconciliation of Operating Surplus / Deficit to Net Cash Outflow /
Inflow from Operating Activities
Net Cash Outflow / Inflow From
Operating Activities (Note A)
Investing Activities
Payments to acquire tangible fixed assets
Interest received		 2025
£
-142,427
-5,466
21,508
-126,385
2025
£
42,426
-21,508
12,463
0
-93,762
-82,046
-142,427
2025
£
-126,385
1,227,903
1,101,518
Cash
Flows
£
-126,385
-126,385		 2024
£
343,871
-12,530
22,847
354,188
2024
£
-132,829
-22,847
13,031
8,510
-38,072
516,078
343,871
2024
£
354,188
873,715
1,227,903
31 July
2025
£
1,101,518
1,101,518

21

St Mellitus College Trust

Notes forming part of the Financial Statements for the year ended 31 July 2025

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:

(a) Incorporation

The charity is incorporated in England and Wales. It is a Company Limited by Guarantee with the liability of members in the event of liquidation being £1 each.

(b) Basis of preparation

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 1st January 2015) – (Charities SORP (FRS102)) including Update Bulletin 2, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102), the Charities Act 2011 and the Companies Act 2006. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

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

(c) Preparation of the accounts on a going concern basis

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the trustees have considered the charity's forecasts and projections and have taken account of pressures on fee income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

(d) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

22

(e) Income recognition policies

Items of income are recognised and included in the accounts when all of the following criteria are met:

Course fees and other income received in advance are deferred until the criteria for income recognition are met.

(f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the cost heading for which the expenditure was incurred.

(g) Intangible assets

Website development costs are capitalised at cost and amortised over expected useful life (3 years).

(h) Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, which in all cases is estimated at 3 years. Assets are capitalised where the purchase price exceeds £500 and it is considered that the item will have a useful life of 3 years or more. Items of equipment where it is considered that the useful life will be less than 3 years are written off to expenditure in the year of acquisition.

(i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

(j) Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instruments of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exception of amounts due to and from HM Revenue & Customs, prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102, see notes 11 and 12 for the debtor and creditor notes.

23

(k) Pensions

The Charity participates in two pension schemes –

Scottish Widows Workplace Pension Scheme

This is a defined contribution scheme for all staff not enrolled in the Church of England scheme (below). Employer contributions are accounted for in the year to which they relate.

Church of England Funded Pension Scheme

The Charity participates in the Church of England Funded Pension Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.

Each participating Responsible Body 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 that it is not possible to attribute the Scheme’s assets and liabilities to specific Responsible Body, and this means 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 towards benefits and expenses accrued in that year. The 2021 valuation showed the Scheme to be fully funded and as such, deficit contributions are no longer required.

A valuation of the scheme is carried out once every three years. The most recent Scheme valuation was carried out as at 31[st] December 2021. The 2021 valuation revealed an overall surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

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% p.a. and an allowance for 2020 data of 0% (i.e. w2020 = 0%).

Following finalisation of the 31[st] December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.

As detailed above, the scheme is currently in surplus. No deficit recovery contributions are payable and no Recovery Plan is required. Due to this, the charity no longer recognises a liability in the financial statements.

The legal structure of the scheme is such that if another Responsible Body fails, St Mellitus College Trust could become responsible for paying a share of that failed Responsible Body’s pension liabilities.

24

(l) Judgments and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgments, 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 those estimates.

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

2. NET INCOME / EXPENDITURE FOR THE YEAR

NET INCOME / EXPENDITURE FOR THE YEAR
2025 2024
£ £
This is stated after charging:
Auditor’s remuneration (excluding VAT)
- Audit
- current year estimate		 11,446 10,555
- prior year under accrued 211 2,525
- Operating lease payments made in year 0 4,364

3. INCOME

Diocesan share of staff costs
Diocesan contributions
Other income
Investment income
Bank interest
TOTAL INCOME
Income from donors
Donations & grants
Office for Students grants
Gift Aid recovered
Income from charitable activities
Course fees (see Note 4)		 General
Restricted
Total Funds
Fund
Funds
Fund
2025
£
£
£
£
17,980
0
688,725
706,705
0
0
35,006
35,006
960
0
0
960
18,940
0
723,731
742,671
2,757,154
776,262
0
3,533,416
28,165
0
0
28,165
8,000
0
0
8,000
144,098
55,354
0
199,452
2,937,417
831,616
0
3,769,033
21,508
0
0
21,508
2,977,865
831,616
723,731
4,533,212
-- Unrestricted Funds --
Designated

25

The comparative figures for the year ended 31[st] July 2024 were -

-- Unrestricted Funds --

General
Fund
Funds
£
£
21,514
0
0
0
1,597
0
23,111
0
2,470,965
758,718
32,004
0
12,000
0
164,969
51744
2,679,938
810,462
22,847
0
2,725,896
810,462
4.
TOTAL INCOME
FEES & GRANTS ANALYSIS
Office for Students grant income
Ordinand fee income - taught HE awards
Ordinand fee income - non-accredited students
Other fee income - taught HE awards
Other fee income - non-accredited & FE students
TOTAL FEE INCOME
Ordinand fee income - fee supplement
Income from donors
Gift Aid recovered
Income from charitable activities
Course fees (see Note 4)
Diocesan share of staff costs
Diocesan contributions
Other income
Investment income
Bank interest
Donations & grants
Office for Students grants
Designated		 Restricted
Fund
£
228,603
52,223
0
280,826
0
0
0
0
0
0
280,826
Total
2025
£
35,006
1,490,972
74,523
882,446
673,790
411,685
3,568,422		 Total Funds
2024
£
250,117
52,223
1,597
303,937
3,229,683
32,004
12,000
216,713
3,490,400
22,847
3,817,184
Total
2024
£
52,223
1,576,664
65,271
664,960
395,330
527,458
3,281,906

26

5. EXPENDITURE

Basis of
Allocation
Staff Time
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct
Chapel
Direct
Direct
Direct
Direct
Equipment
Direct
Depreciation
Direct
Amortisation
Direct
Maintenance
Direct
Direct
Direct
Direct
Direct
Bank charges and interest
Other administrative costs
Fee from SPTC for Educational Services
Total cost of college operations
Grants made
TOTAL EXPENDITURE
Printing, stationery and photocopying
Postage and telephone
Travel, training and staff meals
Recruitment and relocation costs
Premises costs and rentals
University fees
Residential costs
Other catering costs
Professional charges
Costs of College Operations -
Staff costs (see Note 7)
Academic travel and training
Fieldwork and placements
Visiting speakers' fees & expenses
Library books and supplies		 Total
2025
£
948,551
70,650
0
68,243
16,035
715
2,983
65,233
0
97,290
21
9,950
170,667
59,473
1,356
12,463
0
26
19,265
3,128
54,859
2,578,025
4,178,933
311,853
4,490,786		 Total
2024
£
960,592
76,490
62
13,693
11,675
1,748
2,922
45,200
0
100,769
172
10,766
135,159
55,831
3,011
13,031
8,510
16
20,672
2,757
70,276
1,999,623
3,532,975
417,038
3,950,013

6. TAXATION

The charitable company is exempt from corporation tax on its income and gains to the extent that they are derived from charitable activities.

27

  1. STAFF COSTS AND NUMBERS
Temporary staff
Healthcare costs
Salary contributions
Salaries and wages - academic staff
Salaries and wages - administrative
Social security costs
Pension costs
Housing costs (incl. allowances)
Other grants and allowances		 General
Restricted
2025
Fund
Funds
Funds
Total
£
£
£
£
186,403
276,767
0
463,170
163,672
53,770
0
217,442
36,334
36,528
0
72,862
25,682
36,429
0
62,111
36,761
45,680
0
82,441
3,125
7,348
0
10,473
880
880
0
1,760
1,184
0
0
1,184
-207,970
-7,129
252,207
37,108
246,071
450,273
252,207
948,551
Designated

The comparative figures for the year ended 31[st] July 2024 were -

Salaries and wages - academic staff
Salaries and wages - administrative
Social security costs
Pension costs
Housing costs (including allowances)
Other grants and allowances
Salary contributions
Healthcare costs
Temporary staff		 General
Restricted
2024
Fund
Funds
Funds
Total
£
£
£
£
106,472
297,765
0
404,237
151,496
50,483
0
201,979
25,949
41,520
0
67,469
19,495
44,534
0
64,029
25,889
53,851
0
79,740
2,205
8,492
0
10,697
585
721
0
1,306
774
0
0
774
-89,139
32,142
187,358
130,361
243,726
529,508
187,358
960,592
Designated

No employee received emoluments (excluding pension) of more than £60,000.

Key management personnel who are ordained, are remunerated in accordance with London diocesan pay scales. Some of these costs are shared with St Paul's Theological Centre. See also note regarding the Head of Provider's pay below.

The average monthly head count was 26.1 staff (2024: 23.2) and the average monthly number of full time equivalent employees during the year was:

Tutors
Assistant Dean /Course Directors
Administration and support		 2025
No
4.0
8.3
6.4
18.7		 2024
No
2.0
9.1
6.9
18.0

No trustee received any remuneration in their capacity as a trustee from the charity (2024: NIL)

Two trustees incurred travel expenses for a total of £607 in the year ( 2024: 3 trustees, £393 ).

28

Key Management Personnel

The key management personnel of the Charity constitute The Dean, the Academic Dean and the Chief Operating Officer, all three of whom are employed by St Paul's Theological Centre (SPTC).

We are advised by SPTC that the total employee remuneration of the three members of management employed by SPTC (including pensions and employer's NI contributions) was £235,673 (2024: £223,932) .

Head of Provider's Remuneration

We are required to declare the remuneration of the Head of Provider (the college Dean). The Dean is not employed by the charity but is an employee of St Paul's Theological Centre. The following information has been provided to us by St Paul's Theological Centre -

The Dean is remunerated at the standard rate for an Archdeacon in the Diocese of London.

Annual salary
Employer's pension contributions
(standard rate for all CofE clergy)
Total remuneration		 £
42,210
6,568
48,778

In common with all stipendiary clergy of the Church of England, the Dean is also provided with housing.

The salary (excluding pension contributions) represents a multiple of 1.2 (2024: 1.2) of the average salary for the charity as a whole.

8. RELATED PARTY TRANSACTIONS

As stated in the Trustees' Report, all trustees represent other legal bodies within the wider church and could thus be regarded as related parties. Financial transactions with these bodies were as follows -

The Archbishops' Council - funding received of £3,298,586 ( 2024: £2,584,420 ) The Archbishops' Council - outstanding net debtor £173,627 ( 2024: £49,623 ) The Archbishops' Council - recharge of expenses incurred on their behalf London Diocesan Fund - funding received of £22,828 ( 2024: £20,991 ) London Diocesan Fund – outstanding debtor £NIL ( 2024: £NIL ) Chelmsford Diocesan Board of Finance - funding received of £30,737 ( 2024: £46,213 ) Chelmsford Diocesan Board of Finance – outstanding debtor £NIL ( 2024: £NIL ) St Paul's Theological Centre - recharge of expenses incurred on their behalf St Paul's Theological Centre – donation towards costs at St Jude’s - £35,118 ( 2024: £33,446 ) St Paul’s Theological Centre – fee for educational services £2,578,025 (2024: £1,999,623) St Paul’s Theological Centre – year end creditor £461,755 (2024: £488,100) St Paul’s Theological Centre – a donation of £310,000 out of this year's surplus ( 2024: £217,038 Contingency Fund release & £200,000 donation)

Holy Trinity Brompton - Beginning Theology fees and grant received £23,980 (2024: £85,819) Revitalise Trust - student fees received of £300,437 ( 2024: £353,110 )

There were no other Related Party Transactions that require disclosure during the period.

29

9. TANGIBLE FIXED ASSETS

Office
Office
Equipment
Furniture
£
£
Cost
At 1st August 2024
25,900
22,920
Additions
0
590
Disposals
0
0
At 31stJuly 2025
25,900
23,510
Accumulated Depreciation
At 1st August 2024
16,251
19,640
Charge for the year
5,830
1,756
Disposals
0
At 31stJuly 2025
22,081
21,396
Net Book Value
At 31stJuly 2025
3,819
2,114
At 31 st July 2024
9,649
3,280
10.
INTANGIBLE FIXED ASSETS
Cost
At 1st August 2024
Additions
At 31st July 2025
Accumulated Amortisation
At 1st August 2024
Charge for the year
At 31st July 2025
Net Book Value
At 31st July 2025
At 31 st July 2024
11.
DEBTORS
12.
Other debtors and prepayments
CREDITORS: Amounts falling due within one year
Sundry creditors and accruals
Deferred income		 Computer
Equipment
£
27,410
4,876
-3,689
28,597
18,946
4,877
-3,689
20,134
8,463
8,464
2025
£
270,946
270,946
2025
£
564,256
2,167
566,423		 Total
£
76,230
5,466
-3,689
78,007
54,837
12,463
-3,689
63,611
14,396
21,393
Website
Development
£
25,530
0
25,530
25,530
0
25,530
0
0
2024
£
177,184
177,184
2024
£
594,326
54,143
648,469

Included in the above are amounts of £5,870 relating to pensions (2024: £7,610).

30

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The comparative figures as at 31 st July 2024 were -
Fixed assets
Current assets
Current assets
Current liabilities
Net assets at 31st July 2025
Current liabilities
Net assets at 31 st July 2024
Fixed assets		 Restricted
2025
Funds
Funds
Total
£
£
£
14,396
0
14,396
1,366,838
5,626
1,372,464
-566,423
0
-566,423
814,811
5,626
820,437
21,393
0
21,393
1,398,029
7,058
1,405,087
-648,469
0
-648,469
770,953
7,058
778,011
Unrestricted
  1. FUND DETAILS

DESIGNATED FUNDS

The Beginning Theology Fund records the operations of the Beginning Theology course.

The SMC South West Fund records the operations of the delivery centre in Plymouth. During the year under review, the centre had an operating deficit of £39,671 (2024: £49,800) , which, together with the brought forward deficit of £104,447, resulted in a cumulative deficit of £144,118.

The SMC East Midlands Fund records the operations of the delivery centre in Nottingham. During the year under review, the centre had an operating surplus of £138,213 (2024: £23,565) which, together with the brought forward surplus of £117,827, gives a closing surplus balance of £256,040.

RESTRICTED FUNDS

The Dean's Discretionary Fund is for grants or loans to students who are experiencing difficulty or hardship. Donations are received into the fund on an ad-hoc basis.

The McDonald Professor Fund is in respect of a donation received from the McDonald Agape Foundation to fund the posts of the McDonald Professor of Christian Theology and the Distinguished Emeritus Professor.

The McDonald Nicaea Fund is in respect of a donation received from the McDonald Agape Foundation to fund a series of research activities, academic conferences, colloquia, public lectures, and publishable materials examining the proceedings of the Council of Nicaea (325 AD) and its relevance to Christian orthodoxy in today’s world.

The McDonald Fellowship is in respect of a donation received from the McDonald Agape Foundation in support of the academic, scholarly and religious purposes of the college; it is specifically enabling the completion of the manuscript on Christian ethics and contemporary psychology’s assumptions about the concepts of morality.

31

The Innovation Funding is a grant from Archbishops' Council in support of pioneering the Peter Stream into a new regional hub based at SMC East Midlands through working with local Dioceses.

The Innovation Funding FPTE (Formation for Potential Theological Educators) is a grant from Archbishops' Council in support of research, development and creation of a potential new pathway aimed at theological educators.

The Project Metanoia is a grant from Archbishops' Council's Racial Justice Fund to enable St Mellitus to invest in being a centre of excellence, serving the wider church in the field of racial justice, providing catalyst for change across the church.

The Future Generations Funding is a grant from Archbishops' Council's 30k Project Board in support of St Mellitus developing a new 2-year DipHE qualification in youth ministry. The aim of this qualification is to support the Church of England in their goal of recruiting, training and supporting 30,000 new volunteers and paid workers to engage with children, young people and their families.

The Seedcorn Funding is a grant award from Durham University's Common Awards Research Network to undertake a research project entitled 'Pedagogical Strategies in Gospel Communication: A Study of How Christian Youth Workers Share the Gospel with Young People'.

The Queen's Foundation Funding is a grant award from The Queen's Foundation for Ecumenical Theological Education to enable St Mellitus' participation on the Neurodiversity and Formation Research Project.

The Office for Students' Capital Grant is a grant for investment in physical infrastructure, to help the college remain fit for purpose. This grant was spent on capital additions during the year.

The Office for Students' Disability Grant is a grant to support successful outcomes for disabled students.

The Office for Students' Improving Outcomes Grant is a grant to support undergraduate students who are deemed to be most at risk of withdrawing from their studies because of their qualifications and age profile, and who therefore require additional investment to ensure their retention and success.

The analysis of the movements on these funds is as follows-

Designated Funds
Beginning Theology
SMC South West
SMC East Midlands		 Opening
Closing
Balance
Income
Expenditure
Transfers
Balance
£
£
£
£
£
29,070
42,765
40,934
0
30,901
-104,447
226,702
266,373
0
-144,118
117,827
562,149
423,936
0
256,040
42,450
831,616
731,243
0
142,823

32

Restricted Funds

----- Start of picture text -----
Dean's Discretionary 7,058 421 1,853 0 5,626
McDonald Professor 0 95,000 95,000 0 0
McDonald Nicaea 0 144,500 144,500 0 0
McDonald Fellowship 0 15,435 15,435 0 0
Innovation 0 82,883 82,883 0 0
Innovation FPTE 0 44,824 44,824 0 0
Project Metanoia 0 230,000 230,000 0 0
Future Generations 0 55,000 55,000 0 0
Seedcorn 0 2,000 2,000 0 0
Queen's Foundation 0 18,662 18,662 0 0
OfS Hardship Fund 0 4,574 4,574 0 0
OfS Improving
0 30,432 30,432 0 0
Outcomes
7,058 723,731 725,163 0 5,626
----- End of picture text -----

The comparative figures for the year ended 31[st] July 2024 were -

Designated Funds
Beginning Theology
SMC South West
SMC East Midlands
Contingency
Restricted Funds
Dean's Discretionary
McDonald Professor
McDonald Nicaea
McDonald Fellowship
Innovation
OfS Capital Grant
OfS Disability Grant
OfS Improving Outcomes		 Opening
Closing
Balance
Income
Expenditure
Transfers
Balance
£
£
£
£
£
-13,329
88,202
45,803
0
29,070
-54,646
211,112
260,913
0
-104,447
94,261
511,148
487,582
0
117,827
217,038
0
217,038
0
0
243,324
810,462
1,011,336
0
42,450
10,606
3,392
6,940
0
7,058
0
93,000
61,978
-31,022
0
0
52,500
47,799
-4,701
0
0
7,065
7,065
0
0
0
72,646
72,646
0
0
0
11,602
0
-11,602
0
0
4,261
4,261
0
0
0
36,360
36,360
0
0
10,606
280,826
237,049
-47,325
7,058

15. LEASE COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases are as follows:

Within 1 year
2 - 5 years
More than 5 years		 2025
£
0
0
0
0		 2024
£
368
0
0
368

33

  1. SoFA COMPARATIVE FIGURES

The comparative figures for the Statement of Financial Activities for the year ended 31[st] July 2024 are as follows-

Expenditure on charitable activities:
Grants made
INCOME
AT 31 JULY 2024
TOTAL FUNDS CARRIED FORWARD
Donations & grants
Charitable activity income
Investment income
TOTAL INCOME
EXPENDITURE
Operation of college courses
TOTAL EXPENDITURE
NET INCOME / EXPENDITURE and net
movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
Transfers between funds
NET OPERATING
INCOME / EXPENDITURE		 General
Designated
Restricted
Total Funds
Fund
Funds
Funds
2024
£
£
£
£
23,111
0
280,826
303,937
2,679,938
810,462
0
3,490,400
22,847
0
0
22,847
2,725,896
810,462
280,826
3,817,184
2,501,628
794,298
237,049
3,532,975
200,000
217,038
0
417,038
2,701,628
1,011,336
237,049
3,950,013
24,268
-200,874
43,777
-132,829
47,325
0
-47,325
0
71,593
-200,874
-3,548
-132,829
656,910
243,324
10,606
910,840
728,503
42,450
7,058
778,011
-- Unrestricted Funds --

34