CAMBRIDGE
THEOLOGICAL
FEDERATION
The Cambridge Theological Federation
Report and Financial Statements
31 August 2022
Registered Charity Number: 1099953
Company registration Number.. 04700056

THE CAMBRIDGE THEOLOGICAL FEDERATION
INDEX
FOR THE YEAR ENDED 31 AUGusf2022
Contents
Page
Trustees, annual report
3-12
Independent auditor's report
13-16
Statement of financial actlvlties
17
Balance Sheet
18
Statement of cash flows
19
Notes to the financial statement5
20-28

THE CAMBRIDGETHEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporating the Directors, Report)
FOR THE YEAR ENDED 31 AUGUST 2022
The trustees, who are also the director5 for the purposes of company law, present their report and
the financial statemen15 of the charity for the year ended 31 August 2022.
REFERENCE AND ADMINSTRATIVE DETAILS
Registered charity name
Charity registration number
Company registration number
Principal and reBiStered office
The Cambridge Theological Federation
1099953
47(IIX)56
The Bounds
Westminster College
Lady Margaret Road
Cambridge. CB3 OBJ
Trustees
Professor John Bell (Chairl
Dr Andrew Cates
Rev Helen Dawes
Resigned 27th July 2022
Rev Dr Alex Jensen
Dr Cynthia Lumley
Mr lan Strachan
Rvd Dr Muthuraj Swarmy
Rev Dr Michael Volland
Resigned 27, July 2022
Company Secretary
Alastair Oatey to 31" July 2022
Andrew Chamberlain from I" Au8USt 2022
Auditors
Chater Allan LLP
Chartered Accountants & Statutory Auditors
7 Quycourt
Collier5 Lane
Stow-cum-Quv
C825 9AU
Accountancy and payroll
Bidwells LLP
Bidwell House
Trumpington Road
Cambridge
C82 9LD
Banker
Barclays PLC
PO Box No2
Cambridge
C83 3PZ

THE CAMBRIDGE THEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporating the Directors. Report)
FOR THE YEAR ENDED 31 AUGusf 2022
INTRoDU￿10N
The Cambridge Theological Federation. formed in 1972, is an ecumenical collaboration between
twelve colleges and institutions who teach theology in Cambridge. The member institutlons together
fund the Federation and through it are able to offer their students access to degrees through Anglia
Ruskin University, Durham University and the University of Cambridge.
The Federation is registered with the Office for Students which enable5 the Federation to offer
student loans and to be registered with the Home Office to sponsor Student visas. Registration with
Ofs brings a wide range of regulatory responsibilities including reporting to. and assessment by, the
Quality Assurance Agency.
Students have a complex set of contractual arrangements. Most students are admitted through one
of the member institutions and so are members of that House. They become students of the
Federation as well as some being a student of the validating University. BTh students a150
matriculate with one of the Cambridge Colleges. There are some students who are direttly admitted
as Federation Students and so only have contracts Wtth the Federation and the relevant Ljniversity.
The Federation employs a Small central services tearn at its Bounds House office that provides
administrative and information services sUPPOrt. The Federation appoints academic staff with
relevant theoloEical expertise to teach and supervise Federation students on taught and research
degrees. Most academic staff are member5 of one of the Federation Houses: other5 are retired or
employed by another institution and are engaged to teach in their specialist areas. The Director of
Professional Doctorate is an employee of Anglia Ruskin University, though primarily based with the
Bounds House team. He teaches students taking the first year of the Profession31 Doctorate and
supeNises dortoral students.
More delails about the Federation can be found at www.theofed.cam.ac.uk
Member Institutions
At its AGM in July 2021 the Federation was pleased to welcome the Kirby Laing Centre as an
Associate Institution, bringlng the number to eight Member Institutions and four Associate
Institutions.
Member Instltutions
Member Institution5 appoint two individuals as Members and may present students for enrolment
on validated course5. Associate Members èppoint one individuèl a5 a Member but are not entitled to
have students on degrees validated through the Federation.
Cambridge Centre for Christianity Worldwide
Institute for Orthodox Christian Studies
Margaret Beaufort Institute of Theologv
Ridley Hall
Wesley House
Westcott House
Westfield House
Westminster College
Orthodox Christian
Roman Catholic
Church of England
Methodist
Church of England
Lutheran
United Reformed Church

THE CAMBRIDGETHEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporatin8 the Dlrectors. Report)
FOR THE YEAR ENDED 31 AUGUST 2022
Associate Institutions
Eastern Region Ministry Course
The Faratlay Trust
The Kirby Lain@ Centre for Public Theology in Cambridge
Woolf Institute
Church of England
OBJECTIVES AND A￿1VITIEs
The charity's objects are.. to advance the Christian faith, to advance religiou5 ecumenical education
consistent with the doLlrine and principles of the Christian faith. and to prepare men and women for
ordained or lay ministry and service within the Christian thurches.
The charity has adtspted the following statement of purpose..
"Shaped by a common life of prayer and study, the Cambridge Theological Federation is an
ecumenical collaboration of educational institutes engaged in the formation of Christian leaders.
Individually and together we teach theology for ministry,. reflect on the lotal and global,
ecumenical and inter-faith context for Christian mis5ion- foster encounter between people of
different ecclesial and faith traditlOn5,' and undertake research in theology and religious studies.
STATEMENTOF CORPORATE GOVERNANCE
The charity is constituted a5 a company limited by guarantee and is governed by its articles of
association adopted on 22nd November 2018.
Under the 2018 Articles the company's membefs are individua15 appointed by the Federation's
Member Institution5 and Associate Institutions. (The difference being that Associate InstitLJtions do
not have the right to present students for enrolment on course5 atcredited via the Fedeiation.) Two
individuals are appoinled by each of the Member Institutions and one individual each from the
Associate Member institutions.
The members appoint the company's directors who govern the business of the Federation. The
director5 are also the charity's trustees.
The diagram below represents the Federation's corporate governance arrangements.

THE CAMBRIDGETHEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporating the Directors, Reportl
FOR THE YEAR ENDED 31 AUGUST2022
Members Meeting
(Members)
Management
Commlitee
Board
(Directors. Trusteesl
Resources
Committee
ARU overslght
8TOUP
Cambridge
oversight group
Durham
oversight Broup
MA working
group
Bounds
House staff
team
ExaTn
board
Plaa13fi5Tn
& Ethi
anels
Academic Staff te3m
Mernber5hip
agreement
Partnership
agreements
Member Institution5
Associate Institutions
Anglia Ruskln
University
Durham
Unlversity
University of
Cambridge
The Members
The Members have retained the functions listed below. All other functlons are delegated to the
Board.
Set the Federation's strategic direction, including determining its educational character and
mission
Amend the Articles
Appoint the President who will chair meetings of the members
Amend rules for General Meetings of the members
Appoint and remove the Directors
Appoint and remove the Chair of the Board and the Company Secretary.
Set the basis of fees for Institution and Associate Membe
Appoint audFtors
Receive the annual report and accounts
Approve the budget
Approve the Scheme of Delegation
Any other matter Specifically requiring members, approval under the Companies Act.
The Members are responsible for the adequacy and effectivene55 of corporate governance which
they ensure through their Annual Meeting at which board minutes for the year are reviewed, reports
from the Chair of the Board and Chief Operating Officer are discussed and these accounts. including
this report, are reviewed.

THE CAMBRIDGE THEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporatin8 the Directors, Report)
FOR THE YEAR ENOED 31 AUGUST 2022
Dirertor Selection Methods
Directors are selected through personal recommendation for their willingne55 to support and
promote the vision of the Federation, and also for their expertise in areas key to the Federation's
achieving its financial, legal and ecumenical objectives. Three of the directors are heads of member
institutions and so ensure the members, interests are represented on the board.
Responsibilities of the board of dirertors
The responsibilities of the board, as set out in the Federation'5 Governance Manual, are listed
below.
l. Authority
To act within the authority delegated in the Members. Scheme of Delegation.
2. Governan¢e and statutory obligations
To ensure that the Federation conforrns to current Company Law and Charity Law in
the management and conduct of its affairs.
b. To ensure that Annual Returns, Annual Reports and Annual Accounts are prepared,
audited, approved and filed in good time.
c. To ensure risk is assessed and mitigated.
d. To ensLJre that the Federation is financially viable, with a clear budget and financial
monitoring.
e. To ensure the Federat40n has clear policies and procedures in all areas required for
good governance and to ensu￿ their effectiveness.
f. To ensvre the Federation has clear operational policies and procedures for Health
and Safety and ensure their effertiveness.
3. Strategy and Liaison
To develop and ensure the implementation of a viable business plan based on the
strategic direction given by the Members and report on its progress against
objectives.
b. To ensure that the Federation is efficiently and effectively managed with clear
management procedures and monitoring of overall performance.
c. To ensure that there is good liaison acr055 all areas of the Federation, providing an
annual report to Members, as well as making its minutes (except confidential items)
available to Members. Bound5 House staff, other staff of College Member bodies
and students.
d. To be ambassadors for the Federation. developing good relationships wilh all
institutions.
4. Compliance and quality assurance
To ensure there are appropriate Systems in place to meet a15 compliance issues
relating to being an Alternatlve Educational Provider, including interaction with O
and other external bodies.

THE CAMBRIDGETHEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporating the Dirertors, Report)
FOR THE YEAR ENDED 31 AUGUST 2022
b. To oversee the Prevent programme and monitor Sts effectiveness across
institutions.
c. To monitor quality assurance and enhancement undertaken through the three
University Oversight Gmups including responses to external examiners. external
university committees, student feedback, suitable staff development. Sign off
annual updating of quality assurance handbooks and Federation Teaching and
Learning Strategy.
5. Bounds House staff
To ensure that there are clear HR processes in place for the appointment,
remuneration, appraisal, support and accountability of Bounds House staff.
6. Acquirin8 knowledge and developing personally
To keep up to date about the Federation's work.
To keep up to date about the external environment in which the Federation
operates and read externally to acquire relevant knowledge.
Trustees, Responsibilities Statement
The trustees, who are also directors 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 require5 the charity trustees to prepare financial statements for each year which give a
true and fair view of the state of affairs of the charitable company and the incoming resources and
application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to..
select suitable accounting policies and then apply them consistently-
observe the methods and principle5 in the applicable Charities SORP.
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the tharity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show
and explain the charity's transactions and disclose with reasonable accuracy at any time the financial
position of the charity and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also ¥espon5ible for safeguarding the assets of the charity and hence
for taking reasonable steps forthe prevention an(1 detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirm5 that..
so far as they are aware, there is no relevant audit information of which the charity's auditor
is unaware: and
they have taken all steps that they ought to have taken as a trustee to make themselves
aware of any relevant audit information and to establish that the charity's auditor is aware
of that information.

THE CAMBRIDGETHEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Iln¢orporating the Directors, Reportl
FOR THE YEAR ENDED 31 AUGUST 2022
Policies & procedures for induction and training of trustees
The Board is responsible for inductlng new Trustees which is done through provision of relevant
material from the Charity Commission about ChaYSty Trustees, responsibilities and through ac¢e5S to
previou5 ljoard minutes and papers.
Transparency about corporate governance arrangements
We ensure that our governance arrangement are transparent by publishing them in a Governance
Manual which is given to all Members and Tru5tee5 and is available to all staff anil students from our
virtual learning environmentlintranet. This report ensures the information is available in the public
domain.
We promote transparenry of our governance decisions through circulation of minutes of
committees and through the inclusion of student representatives attending committee and board
meetings.
Key management personnel
Up to 31" July 2022 Alastair Oatey, Chief Operating Officer, was the key management person in the
year to whom day to day responsibillty was delegated for the Federation'5 effective managemet)t.
From I" August 2022 Andrew Chamberlain, Head of Central Services, was the key management
person with day to day responsibility delegated for the Federation's effective management.
PUBLIC BENEFIT
The public benefit activitie5 we have undertaken thi5 year in relation to our purposes have included:
the provision of regular communal acts of WOTship to encourage and facilitate the practice of
the Christian religion by those training for ministry and their families-
supporting the theological colleges which are members of the Federation in raising
awareness of religious prartices and beliefs,.
providing education in accordance with the principle5 and practices of the Christian religion-
providing opportunities through placements for students to engage in prison, hospital and
school chaplaincy work,.
providing training in pastoral and liturgical work, both within and beyond faith communities,.
providing opportunities for continuing ministerial education for ministers through formal
and informal educational programmes and through training offered for placement
Supervisors. academit tutors and others..
providing, through our member institutions, seminars and lectures on current topics of
interest to Christian faith for engaging in dialogue and research to explore and promote
inter-faith understanding and cooperation.
Deiails of further activities are discussed in the'achievernents and performance" section below.
The Trustees have paid due regard to the published guldance from the Charity Commission on the
operation of the Public Benefit requirement under the Charities Act.
Contribution made by volunteers
There were no volunteers during this period.
Arrangements for setting pay & remuneration of key management personnel
The pay and remuneration of key management personnel is set by recommendation from the
Resources Committee and agreed in each year's budgeting process.

THE CAMBRIDGE THEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporating the Directors, Report)
FOR THE YEAR ENDED 31 AUGUST 2022
ACHIEVEMENTS AND PERFORMANCE
The main achievement of the Federation remains teaching student5. 332 5tudenls were taught on
courses validated through the Federation in 2021122, compared with 323 in 2020121. In addition a
number of students read for the BA in Theology and Religious Studies, PhD or MPhil by
arrangements made directly between a member institution and the University of Cambridge.
150 students studied for awards from ARU Ipreviously"AnBlia Ruskin University")
157 students studied for awards from Durham Universitv
25 students studied for awards from the University of Cambridge
Following the easing of COVID restrictions during the year under audit, teaching has moved back to
in-person contact from online.
Strategic Plan
Following the successful completion of the last strategic review, members of the board set some
short-term strategic goals for the year 2022123 and these have been recorded in the 2022123
Interim Strategic Plan. Activities forthe plan are now in progress and achievements are being
Monito￿d. The board will meet to conduct a strategic review in February 2023 with the aim of
crèating a multi-year plan to come into effert from 2023124. The plan will be presented at the next
AGM.
Fundraising activities
The library department successfully raised £IOk from the Jerusalem TrLSSt to fund the purchase of
boo￿ from diverse voices in theology and specifically covering matters related to Equaltty, Diverslty,
and Inclusion.
FINANCIAL REVIEW
The Federation's funding model is based on the following principles..
l. The central Federation lie this companyl will have a balanced budget each year.
2. The core central costs are split amongst the Member Institutions in equal proportions,
according to their membership category.
3. The library costs are split amongst all Member Institution5, adjusted according to their
relative level of demand on the service.
4. The cost5 of running each of the degree programmes are borne in full by those Member
Institutions wishing to offer those degree5, including the cost of purchasing and licensing
electronic books and journals.
5. The Member Institutions keep all of the student fee income after the university has taken its
share.
This business model means that the Federation is operating a cost-5haring model and so the
financial position will remain robust, subject to managing cashflow.
The Federation's total incoming resources from charitable artivitie5 for the year amounted to
£1,046,06712021= £901,593).
The costs of charitable activitie5 amounted to £1,121,71812021.. £939,985) of which £845,95512021:
£679,445) related to dÉrect costs and £275,76312021: £260,539) related to support costs. This
io

THE CAMBRIDGE THEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Ilncorporating the Directors, Report)
FOR THE YEAR ENDED 31 AUGUST2022
included Governance costs of £31,19212021.. £21,355). Staff costs, inclutling pension and social
security C05t5, were £212.71412021.. £225,908).
Net current assets at the end of the year amounted to £314,27912021.' £337,7581. Total fund5 were
£1,762.382 of which unrestricted funds amounted to £1,699,96312021'. £1,741.2251 and restricted
funds amounted to £62,41912021: 59,1621.
ReseNes Policy
The policy of the Federation is to hold sufficient reserves to be able to meet Its commitments to staff
(including redundancy costs). students lincluding teach out costs) and suppliers in the event of the
charity ceasing to operate. The Resources Committee has set a target resetves figure of £200,000. At
31 August 2022. free reserves were £251.860.
Principal sources of funds
The Federation does not generally undertake any fundraising and aim5 to be fully funded from
contributions from its member institutions and a share of fee income from studeF)ts taking the
Professional Doctorate who are not affiliated to a member institution.
Going concern
The Federation's funding model, taken with the resejves held, enable the charity trustees to
consider that the Federation is a going concern and will remain so in the future as any operating
deficit will be fully covered by the member institution5.
Statement of internal Control
The board is responsible for the adequacy and effectiveness of risk management and oversight of
slatutory and other reEulatOry Te5ponsibilities including Compliance with the office for Students,
ongoing conditions of funding. It fulfils these responsibilities through receiving and discussing
reports from the Chief Operating Officer at its regular Board meetings.
The board is the body responsible for ensuring that a sound system of internal control is maintalned
and it has reviewed the effectiveness of these arrangements.
The principle5 of internal control applied by the board are..
al Identifying and managing risk is an ongoing process linked to achieving the Federation,
objectives
bl The approach to internal control is risk-based and includes an evaluation of th likel¥hood
and impact of risks becoming a reality
cl Review procedures cover busines5. operational and compliance risk as well as financial risk
dl Risk assessment and internal controls are embedded in ongoing operations
el The Board receive5 regular reports on internal control and risk.
The Federation's internal controls to prevent and detect corruption, fraud, bribery and other
irregularities include:
Use of external accountants for bookkeeping, payments and management reporting
The Head of Central Services approve5 all invoices before passing them for payment
Monthly management accounts are circulated to the Federation's Resources Committee
Management accounts are reviewed at each board meeting
li

THE CAM8RIDGETHEOLOGICAL FEDERATION
TRUSTEES, ANNUAL REPORT Iln¢orporating the Directors. Report)
FOR THE YEAR ENDED 31 AUGUST2022
The board policy is that expenditure over £10,000 is counter-signed by the Chair or
Treasurer, extept forthe distribution of university fees and student loan income to the
member instilutions.
The external audit, whilst not designed to manage these risks, provides the Board with
further comfort that good procedures are in place and the figures presented give a true
picture of the organisation's financial situation.
The Federation does not receive public funding from the Ofs, UK Research and Innovation, the
Department for Education or the Education and Skills Funding Agency.
The Federation receives public funding from the Student Loan Company, which is passed in fLFII to
the Member Institution of the relevant student and is used for payment of their tuition fees.
During the year the board reviewed the rlsk register and rlsks that have been identified inclLtde staff
retention, the safety of staff and students. the impact on the Federation if a member institution
leave5. the impact of the loss of TEI status or registration with the O￿lCe for Students, and the loss of
any of the agreements with the universities that validate our courses. Processes have bee
established to manage these risks.
No internal control weaknesses or failures arose in the year or have arisen up to the date of thi5
report's signing.
PLANS FOR FUTURE PERIODS
The Federation will continue to offer degrees validated by ourthree partners, Anglia Ruskin
University, Durham University and the University of Cambridge and continually strive to provide
high quality learnin8 experience for our students.
Thi5 report has been prepared in accordance with the provisions applicable to companies entitled to
the small companies, exemption.
The trustees, annual report was approved on 23rd January 2023 and signed on behalf of the board of
trustees by-
Professor John Bell Chair of Trustees
12

THE CAMBRIDGE THEOLOGICAL FEDERATION
INDEPENDENT AUDITORS, REPORT
FOR THE YEAR ENDED 31 AUGVST 2022
Opinion
We have audited the financial statements of The Cambridge Theological Federation (the charitable company)
for the year ended 31 August 2022 which comprise the statement of financial activities (including income and
expenditure account). the balance sheet, statement of cash flows and the related notes, including a Summary
of significant accounting policie5. The financial reporting framework that has been applied in their preparation
is applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accountin8
Practice).
In our opinion the financial 5tatemenls'.
give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its
incoming Yesource5 and application of resources, including its income and expenditure, for the year then
ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Acr 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on AuditinE IUKI IISAS IUKII and applicable
law. Our respon5ibilitie5 under those standards are further described in the Auditor's responsibilities for the
audit of the financial statements section of our report. We are independent of the charitable company in
accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK.
including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for oijr opinion.
Conclusions relating to going ¢on¢ern
In auditing the financial statements, we have concluded that the trustees, use of the going concem bhsis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue a5 a going concern for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilitie5 and the responsibilities of the Irvstees with respect to going concern are describeil in the
relevant sections of this report.
Other information
The other information comprises the informalion included in the annual report, other than the financial
Slatements and our auditorfs report thereon. The trustees are responsible for the other inforrnation contained
within the annual report. Our opinion on the financial statements does not cover the other inforrnation and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon.
13

THE CAMBRIDGE THEOLOGICAL FEDERATION
INDEPENDENT AUDITORS, REPORT
FOR THE YEAR ENDED 31AUGUST 2022
Other information Icontlnuedl
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 identtfy 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 mi55tatement of the other information. If, based on the work we have performed, we
conclude that there is a material mi551atement of this Other information, we are required to report that fact.
We have nothing to report in thi5 regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Tru5tees' report for the financial year for which the financial statements are
prepared is consistent with the financial statement5,' and
the Trustees, report has been prepared in accordance with applicable legal requlrements.
Matters on which we are to required to report by exception
In the light of our knowledge and understandlnE of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the trustees. report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branche5 not visited by us; or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of trustee'5 remuneration specified by law are not made,. or
we have not recelved all the information and explanation we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies,
regime and take advantage of the small companie5, exemptions in preparing the trustees, report and from the
requirement to prepare a strateBic report.
Responsibilities of the trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of
the charitable company for the purposes of company lawl are responsible for the preparation of the f inancial
statement5 and for being satisfied that they give a true and fair view, and for such internal control as the
trustees determine 15 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 a55essing the company's ability to
continue as a going concern, disclosing. as applicable. matters related to going concern and using the going
concern basis of accounting unless the trustees either intend to liquidate the company or to cease operation5,
or have no realistic alternative but to do $0.
14

THE CAMBRIDGE THEOLOGICAL FEDERATION
INDEPENDENT AUDITORS. REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
Auditorfs responsibilities for the audit of the financial statements
Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free
from materia5 misstalement, whether due to fraud or error, and to Issue an auditorfs report that includes our
opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in
accordance with ISAS IUKI 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 decision5 of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design
procedure5 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 15 detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the
annual financial statements from our general commercial and charitable company specific experience. through
discussion with the trustes las required by auditing standards), and from inspection of the charitable company'5
regulatory correspondence, and we discussed with the trustees the polbcies and procedure5 regarding
compliance with laws and regulations. We communicated identified laws and regulations throughout our team
and remained alert to any indication to non-compliance throughout the audit; the audit team are deemed both
competent and capable of identifying non-compliance with rules and re8ulations.
The potential effect of these laws and regulation5 on the annual financial statements varies considerably.
Firstly, the charitable company is subject to law5 and regulations that directly affect the annual financial
statements including financial reporting legislation and taxation legislation. and we assessed the extent of
cornpliance with these laws and regulations as part of our procedures on the related annual account items.
Secondly, the charitable company is subject to other laws and regulations where the consequences of non-
cornpliance could have a material effect on the amounts or disclosures In the financial Statements, for instance
non-compliance with industry regulations. We assessed the risk of frauil in the financial statements through
discussion with management and from our experience of the charitable company. We communicated identified
fraud risk areas throughout our team and remained alert to any indication of fraud throughout the audit. In
particular, we assessed the potential impact of the gltsbal pandemic known a5 Covid-19 on the risk of fraud. We
did not identrfy any instances of fraud during the course of our audit.
Auditin6 standards limit the required audit procedures to identify non-compliance with these laws and
regulations to enquiry of the trustees and inspection of regulatory and legal correspondence, if any. Through
these procedures, we did not become aware of any actual or suspected non-compliance with laws and
regulations. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even ihough we have properly planned and
performed our audit in accordance with auditing Standards. We are not responsible for preventing non-
compliance and cannot be expected to detect non-compliance with all laws and regulatlons.
A further description of our ￿sponSIbl11t1eS for the audit of the financial statements is located on the Financial
Reporting Council'5 website at.. https.'//www.frc.org.uk/Our-Work/Audit/Audit-and-assurancelStandards-and-
8uidance/St3ndards-and-guidance-for-auditois/Auditors-responsibilities-for-auditlDescription-of-auditors-
respon5ibilities-for-audit.aspx. This description forms part of our auditor's report.

THE CAMBRIDGE THEOLOGICAL FEDERATION
INDEPENDENT AUOITORS, REPORT
FOR THE YEAR ENDED 31 AUGUST2022
Use of our report
This report 15 made solely to the trustees, as a bodyi in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work ha5 been undertaken so that we might State to the charitable company's trustees
those matters we are required to state to them in èn auditor's report and for no other purpose. To the fullest
extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable
company and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Stuart Graham Berriman Isenior Statutory Auditor)
For and on behalf of Chater Allan LLP
Chartered Accountant5 and Statutory Auditors
7 Quy Court
Collier5 Lane
Stow-cum-Quy
CB25 9AU
Date: 27 January 2023
16

THE CAMBRIDGE THEOLOGICAL FEDERATION
STATEMENT OF FINANCIAL AcfviTIES (incorporating the Income and Expenditure accountl
FOR THE YEAR ENDED 31 AUGUST 2022
Note
2022
Restricted
Funds
2021
Total
Funds
Unrestricted
Funds
Total
Funds
Income and endowments
Donations and legacies
Charitable activities
Other trading activities
Investment income
10,000
10,000
1.046,067
27,600
46
2,000
901,593
27,645
416
1,046,067
27,600
46
Total Income
1,073,713
10.000
1,083,713
931.654
Expenditure
Charitable activities
1,114,975
6,743
1,121,718
939,985
Total expendlture
1,114,975
6,743
1,121.718
939,985
Net expenditure
141,2621
3,257
138,0051
18.3311
Transfers between funds
Net movement in funds
141,2621
3,257
138.0051
18,3311
Reconciliation of funds
Total funds brought forward
1,741,225
59.162
1,800,387
1.808,718
Total funds ¢arried forward
1,699,963
62,419
1,762.382
1,800,387
The statement of financial activities includes all gains and1055es recognised in the year.
All income and expenditure derive from continuing activities.
17

THE CAMBRIDGETHEOLOGICAL FEDERATION
BALANCE SHEET
AS AT31 AUGUST2022
REGISTERED NUMBER: 04700056
Note
2022
2021
FIXED ASSETS
Tangible fixed assets
14
1,448,103
1.462.630
Total fixed a55ets
1,448,103
1,462,630
CURRENT ASSETS
Trade and other debtors
Cash at bank and in hand
15
49,366
364,360
413,726
68,283
316,649
384,932
CREOtTORS'. amounts falllng due withln one year
16
99,447
47,174
NET CURRENT ASSETS
314,279
337,758
TOTAL ASs￿s LESS CURRENT LIABIUTIES
1,762,382
1,800,387
A55ETS
1,762,382
1,800,387
RESERVES
Restricted Funds
Unrestricted Fund5
18
62,419
1,699.963
59,162
1,741,225
TOTAL FUNDS
1,762,382
1,800,387
These financial statements have been prepared in accordance with the provislons applicable to companies
subject to the Small companie5, regime.
The financial statements were approved by the Board of TrL¢Stees and authorised for issue on 23rd January
2023 and signed on its behalf by
Professor john Bell
Chair
Andrew Chamberlain
Head of Central Services
18

THE CAMBRIDGE THEOLOGICAL FEDERATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
2022
2021
Cash flows from operatlng activities
Net expenditure
138,0051
18,3311
Adjustments for-
Depreciation of tangible fixed a55ets
Other interest receivable and similar income
14,526
1461
15,317
14161
Changes in..
Trade and other debtors
Trade and other creditor5
18,917
52,275
40,837
1154.6271
Net cash generated byjlused inl operating activities
47,665
1107,2201
Cash flows from investing activities
Interest received
46
416
Net cash generated by investing activities
46
416
Net increaselldecreasel in cash and tash equivalents
Cash and cash equivalents at beginning of year
47,711
316,649
1106,8041
423,453
Cash and cash equlvalents at end of year
364.360
316,649
19

THE CAMBRIDGE THEOLOGICAL FEDERATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
I. GENERAL INFORMATION
The charity is a private company limited by guarantee, registered in England and Wales and a
registered charity in England and Wales. The address of the registered office is The Bounds.
Westminster College, Lady Margaret Road, Cambridge, CB3 OBI.
Income and Expenditure account
A statutory Income and Expenditure account is not included as the required information is presented
in the Statement of Financial Artivities.
The Cambridge Theological Federation meets the definition of a public benefit entity under FRS 102.
Under the 2018 Articles the company's members are individuals appointed by the Federation's
Member Institutions and Associate Institutions.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared under the historical cost convention and in accordance
with the Statement of Recommended Practice applicable to charities preparing their accounls in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021, the Charities Act 2011 and the Companies Act 2006.
3. ACCOUWING POLICIES
Basis of preparation
The financial statements have been prepared on the hlstorical cost basis.
The financial statements are prepared in 5terlinE, which is the functional currency of the entity.
Going concern
The dirertors have a reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they continue to adopt the going
concern basis in preparing the annual report and accounts.
Judgements and key sources of estimation un¢ertainty
Estimates and judgements are continually evaluated based on historical experience and other factor5,
including expectation5 of future events that are believed to be reasonable under the circurnstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's
purposes.
Designated funds are unrestricted fLFnds earmarked by the trustees for particular future project or
commitment.
20

THE CAMBRIDGE THEOLOGICAL FEDERATION
NOTESTO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
3. ACCOUNTING POICIES Icontinuedl
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through
the terms of an appeal, and fall into one of two sub-cla55es'. rest¥icted income funds or endowment
funds.
Income
All income is included in the Statement of financial activities when entstlement has passed to the
charity- it is probable that the economic benefits associated with the transaction will flow to the
charity and the amount can be reliably measured. The following specific policies are applied to
particular categories of income:
income from donatiolls or grants is recognised when there Is evidence of entitlement to the gift,
receipt is probable and its arnount can be measured reliably.
income from contracts for the supply of services is recognised WTth the delivery of the contracted
Service. This is classified as unre51ricted funds unless there 15 a contractual requirement for it to be
spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT
which cannot be fully recovered. and is classified under headings of the statement of financial
artivities to which it relates..
expenditure on raising funds includes the costs of all funilraising activitie5. event5, non-charitable
trading activitie5, and the sale of donated goods.
expenijiture on charitable attivities includes all costs incurred by a charity in undertaking
activities that further its charitable aims for the benefit of its beneficiaries, including those
support costs and costs relating to the governance of the charity apportioned to charitable
activitie5.
other expenditure includes all expenditure that is neither related to raising funds for the charitv
nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allocated directly to that activity. Shared costs are 3PPOrtioned
between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease paymenls are recognised as an expense over the lease term on a straight-line basi5. The
aggregate benefit of lease incentives is recognised a5 a reduction to expense over the lease term, on a
straight-line ba51S.
21

THE CAMBRIDGE THEOLOGICAL FEDERATION
NOTESTO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
3. ACCOUNTING POLICIES Icontinuedl
Tanglble Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated
depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at
the fair value al the date of revaluation less any subsequent accumulated depreciation and
subsequent accumulated impairment losses.
Depreciatlon
Depreciation 15 calculated 50 as to write off the cost or valuation of an asset, less Its residual value,
over the useful economic life of that asset as follows..
Long leasehold property
125 years Straight line
Equipment
25% reducing balance
Defined Benefit Plan
The company operates a defined benefit pension scheme for its employees. The scheme is a multi-
employer Scheme as described in Section 28 of FRS 102 as it is not possible to attribute the Pension
Builders Scheme's assets and liabilities to specific employers ènd that contributions are accounted for
as if the Scheme were a defined contribution scheme.
Debtors
Trade and other debtors are recognised at the settlement arnount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly Ilquid investments with a short maturity
of three months or less from the date of aCqUi5Ftion or opening of the deposlt or Similar account.
Liabilities and provislons
Liabilitie5 are recogni5ed when there is an obligation at the Balance Sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company
anticipates it will pay to settle the debt or the amount it has received as advanced payments for the
goods or Se￿iCe5 it must provide. Provisions are measured at the best estimate of the amounts
required to settle the obligation. Where the effect of the time value ot money is material, the
provision is based on the present value of those amounts, discounted at the pre-tax discount rate that
reflects the risks specific to the liability. The unwinding of the discount is recogni5ed within interest
payable and similar charges.
22

THE CAMBRIDGE THEOLOGICAL FEDERATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENOED 31 AUGUST 2022
4. DONATIONS AND LEGACIES
Unrestricted Restricted
Funds
Funds
Total Funds
2022
Total Funds
2021
Donations
Grants
10,000
10.000
2,000
10,000
10.000
2,000
5. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restrirted
Funds
Funds
Total Funds
2022
Total Funds
2021
Theological education and training
1,046,067
1.046.067
901,593
1,046,067
1,046.067
901,593
6. OTHER TRADING ACTIVITIES
Unrestricted Restricted
Funds
Funds
Total Funds
2022
Total Funds
2021
Letting
27,600
27,600
27,645
27,600
27,600
27,645
7. INVEsfMENT INCOME
Unrestrlcted Restricted
Fund5
Funds
Total Funds
2022
Total Funds
2021
Bank interest
46
46
416
46
46
416
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
Actlvltles
undertaken
directly
2022
Support
Costs
2022
Total
2022
Total
2021
Theological education and traininB
845,955
275,763
1,121,718
939,985
845,955
275,763
1,121,718
939,985
23

THE CAMBRIDGE THEOLOGICAL FEDERATION
NOTESTO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
9. ANALYSIS OF SUPPORT COST5
Total
2022
Total
2021
Staff costs
Premises
General office
Governance costs
212,714
20,682
11,175
31,192
225,908
19,660
12.641
21,355
11
275,763
279,$64
Governance costs..
Audit fee5
Accountancy
5.500
25,692
31,192
5,580
15,775
21,355
10. NET INCOMEIIEXPENDITUREI
2022
2021
Net expenditure is stated after char8in8
Depreclatlon of tangible fixed a55ets
14,526
15,317
11. AUDITORS REMUNERATION
2022
2021
Fees payable for the audit of the financial statements
Iunderllover accrual in prior year
5,500
5,580
180
12. STAFF COSTS
The total staff costs and employee benefits for direttly employed staff for the reporting period are analysed
as follows-
2022
2021
Wages and Salaries
Social security costs
Employer contribution5 to pension plans
178.253
16,477
17,984
212,714
191,322
16,253
18,333
225,908
The average head count of employees during the year was 1012021.. 101
No employee received emFJloyee benefits of more than £60,000 during the year12021: £nill
Key management personnel
Key management personnel includes all persons that have authority and responsibility for planning,
directing and controlling the activities of the charity. The total remuneration paid to key management
personnel for services provided to the charity was £nil12021: £nill
Senior staff pay
The account5 direction from the Office for Students requires disclosures about the number of staff with
full-time equivalent basic salary of over £IOO,000 per annum and full details of the total remuneration
package for the head of provider.
24

THE CAM8RIDGE THEOLOGICAL FEDERATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENOED 31 AUGUST 2022
IZ. STAFF COSTS Itontinuedl
Until 31 july 2022, the head of the provider. the Chief Operating OfFicer, is provided on secondment from one
of the member institutions, Wesley House and is not remunerated by the Cambridge Theological Federation.
During this period Wesley House wa5 recompensed £16.500 for the secondment. From l August 2022, the
head of the provider was redesign3ted a5 Head tsf Central SeNcies and is provided on secondment from one
of the rnember institutions, Ridley H811 and is not rernunerated by the Cambridee Theological Federation.
Durin8 this period Ridley Hall was recompensed £1.580 for the secondment.
13. TRUSTEE REMUNEFiATION AND EXPENSES
The Trustees received no remuneration12021.. £nill during the year.
During the period Trustees received reimbursement ot travel expenses of £nil12021:£nill.
14. TANGIBLE FIXED ASSErs
Long
Lèasehold
Property
Equipment
Totals
Cost
As at I September 2021
Additions
1.518,943
69.559
1.588,502
As at 31 Au8USt 2022
1,518,943
69.559
1,588,502
Oepretsation
As at I September 2021
Charge for the year
65.810
12,152
60,063
2,374
125.873
14.526
As at 31 August 2022
77.962
62,437
140.399
Net book value
As at 31 August 2022
1.440,981
7,122
1.448.103
A5 at 31 Au8USt 2021
1,453.134
9,496
1,462,630
Long leasehold property includes £935,000 paid to Westminster College. This is in respect of a lease of the
Bounds which comrnenced October 2015 and runs for 125 years. The lease premiurn 15 being depreciated
over 125 vears.
IS. DEBTOR5
2022
2021
Trade debtors
Other debtors
5,226
44,140
18,314
49,969
49,366
68,283
16. CREDITORS- AMOUNTS FALLING OUE WITHIN ONE YEAR
2022
2021
Trade creditors
Social security and other taxes
Other creditors
Accruals and Deferred income
28,616
4,074
8,691
58,066
99,447
7.406
4.009
3.757
32.002
47,174
Deferred incorne:
As at I September 2021
Deferred income recogni5ed in the year
Resources deferred during the year
1,345
11,3451
1,200
7.207
17.2071
1.345
As at 31 August 2022
Deferred income represents income received in advance.
1,200
1.345
25

THE CAMBRIDGE THEOLOGICAL FEDERATION
NOTES TO THE FINANCIALSTATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
17. PENSIONS AND OTHER POST RrriREMENT BENEFITS
The Cambridge Theological Federation participates in the Pension Builder Scheme section of the Church
Workers Pension Fund for lay staff. The Scheme is administered by the Church of England Pensions
Board. which hold5 the a5set5 of the scheme separately from those of the Employei 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 Penslon Builder Classic and a cash balance section known as Pension Builder
2014.
Pension Builder Scheme
The Pension Builder Scheme of the Church Workers Pension Fund is made up of two pension5, Pension
Builder Classic and Pension Builder 2014, both of which are classed as defined benefit Schemes.
Pension Builder Cla55ic provides a pension for members for payment from retirement, accurnulated from
contributions paid and converted into a deferred annuity during employment based on term5 set and
reviewed by the Church of England Pensions Board from time to time. Dlscretionary increases may also
be declared, depending upon the investment returns and other factor5.
Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide
benefits at retirernent. Pension contributions are recorded in an account for each member. Discretionary
bonuses may be added before retirement. depending on investment returns and other factors. The
account, plus any bonuses declared is payable, unreduced, from age 65.
There is no sub-division of assets between employers in each section of the Pension Buililer Scheme.
The scheme is a multi-employer scheme as described in Section 28 of FRS 102 as it is not possible to
attribute the Pension Builders Scheme's 3ssets and liabilities to specific employers and that contributlons
are accounted for as if the Scheme were a defined contribution scheme. The pension5 COSt5 charged to
the SOFA in the year are contribution5 of £17,98412021- £18,333).
A valuation of the scheme is carried out once every three years. The most recent scheme valuation
completed was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.
For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing
assumptions used. At the m05t recent annual review, the Board chose to grant a discretionary bonus of
3% following irnprovements in the funding position. There is no requirement for deficit payments at the
current time.
For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing
a55umption5 used. There is no requirement for deficit payments at the current time.
The legal structure of the scheme is such that if another employer fails, Cambrldge Theological
Federation could become responsible for paying a Share of that employerfs pension Ilabilities.
26

THE CAMBRIDGE THEOLOGICAL FEDERATION
NOTES TOTHE FINANCIAL STATEMENTS
FOR THE YEAR ENOEO 31 AUGUST 2022
18. ANALYSIS OF RESTRicfED FUNDS
Atl
September
2021
At31
August
2022
Income
Expenditure
Transfers
Maurice and Hilda Laing Trust Brant
Jerusalem Trust
59.162
1,482
5,261
57,680
4,739
10.000
59,162
10.000
6,743
62,419
Maurice and Hilda Laing Trust grant
During the year £1,482 was spent as the Federation's contribution to the development of a new database in
partnership with Trinity College, Bristol and St Mellitus College.
The Jeru5alam Trust
During the year a £10,000 grant was received from the jerusalem Trust towards a core library of e5ential e-
books. £5,261 was spent durinR the vear.
19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted
Fund5
Funds
Totsl
Fund5
Tangible fixed assets
Net Current assets
1,448,103
251,860
1.448,103
314.279
62,419
Net assets
1,699,963
62,419
1,762,382
20. ANALYSIS OF GRANT AND FEE INCOME
2022
2021
Grant income from the O
Grant income from other bodies
Fee income for taught awards (exclusive of VATI
Fee income for research awards lexclusive of VATI
Fee income from non-qualifying courses (exclusive of VATI
296,543
387,128
243,750
283,590
Total grant and fee income
683,671
527,340
27

THE CAMBRIDGETHEOLOGICAL FEDERATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
21. LEASING AGREEmE￿s
The total future minimurn lease payments under non-cancellable operating leases are as follows..
2022
2021
Not later than I year
Later than l year and not later than S years
733
2,201
733
2,934
2,934
3,667
£775 lease payments were expensed in the year.
22. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
2021
Unrestricted Restricted
Funds
Funds
Total
Fund5
Income and endowments
Donations and legacies
Charitable activities
Other trading activities
Investment income
2,000
901,593
27,645
416
2.000
901,593
27,645
416
Totsl income
931,654
931,654
Expenditure
Charitable activities
931,654
8,331
939.985
Total expenditure
931,654
8,331
939,985
Net incomellexpenditurel
18,3311
18,3311
Transfers between funds
Net movement in funds
18.3311
18,3311
Reconciliation of funds
Totsl funds brought forward
1,741,225
67,493
1,808,718
Total funds ¢arrled forward
1,741,225
59,162
1,800,387
23. RELATED PARTY TRANSAcfioNS
Member Institutions and associate institutions paid membership fees of £342,600 in the year.
28