DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
The Cambridge Theological Federation
Report and Financial Statements
31 August 2023
Registered Charity Number: 1099953 Company registration Number: 04700056
DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
| Contents | Page |
|---|---|
| Trustees' annual report | 3-12 |
| Independent auditor's report | 13-16 |
| Statement of financial activities | 17 |
| Statement of financial position | 18 |
| Statement of cash flows | 19 |
| Notes to the financial statements | 20-28 |
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2023.
REFERENCE AND ADMINSTRATIVE DETAILS
Registered charity name
The Cambridge Theological Federation
Charity registration number 1099953 Company registration number 4700056 Principal and registered office The Bounds Westminster College Lady Margaret Road Cambridge, CB3 0BJ
Trustees
Professor John Bell (Chair) Revd Dr Helen Dawes Revd Dr Alex Jensen Dr Cynthia Lumley Revd Ian McColl Appointed 19[th] July 2023 Mr Ian Strachan Revd Dr Muthuraj Swarmy Dr Nigel Walters Appointed 19[th] July 2023
Company Secretary Andrew Chamberlain (to 4[th] September 2023) Caroline Stafferton (from 4[th] September 2023)
Auditors
Chater Allan LLP Chartered Accountants & Statutory Auditors 7 Quy Court Colliers Lane Stow -cum-Quy CB25 9AU
Accountancy and payroll
Bidwells LLP Bidwell House Trumpington Road Cambridge CB2 9LD
Banker
Barclays PLC PO Box No2 Cambridge CB3 3PZ
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
INTRODUCTION
The Cambridge Theological Federation, formed in 1972, is an ecumenical collaboration between twelve colleges and institutions who teach theology in Cambridge. The member institutions 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 enables us 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.
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 also matriculate with one of the Cambridge Colleges. There are some students who are directly admitted as Federation students and so only have contracts with the Federation and the relevant University.
The Federation employs a small central services team at its Bounds House office that provides administrative and information services support. The Federation appoints academic staff with relevant theological expertise to teach and supervise Federation students on taught and research degrees. Most academic staff are members of one of the Federation Houses; others 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 Professional Doctorate and supervises doctoral students.
More details about the Federation can be found at www.theofed.cam.ac.uk
Member Institutions
Member Institutions appoint two individuals as Members and may present students for enrolment on validated courses. Associate Members appoint one individual as 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 Orthodox Christian Margaret Beaufort Institute of Theology Roman Catholic Ridley Hall Church of England Wesley House Methodist Westcott House Church of England Westfield House Lutheran Westminster College United Reformed Church The Faraday Trust
Associate Institutions
Church of England
Eastern Region Ministry Course The Kirby Laing Centre for Public Theology in Cambridge Woolf Institute
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
OBJECTIVES AND ACTIVITIES
The charity's objects are: to advance the Christian faith, to advance religious ecumenical education consistent with the doctrine and principles of the Christian faith, and to prepare men and women for ordained or lay ministry and service within the Christian churches.
The charity has adopted 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 local and global, ecumenical and inter-faith context for Christian mission; foster encounter between people of different ecclesial and faith traditions; and undertake research in theology and religious studies.”
STATEMENT OF CORPORATE GOVERNANCE
The charity is constituted as 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 members are individuals appointed by the Federation’s Member Institutions and Associate Institutions. (The difference being that Associate Institutions do not have the right to present students for enrolment on courses accredited via the Federation.) Two individuals are appointed 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 directors are also the charity’s trustees.
The diagram below represents the Federation’s corporate governance arrangements.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
The Members
The Members have retained the functions listed below. All other functions are delegated to the Board.
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Set the Federation’s strategic direction, including determining its educational character and mission
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Amend the Articles
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To appoint the three Co-Presidents (Communications, Value and Ethos, and Strategy and Resources).
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Amend rules for General Meetings of the members
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Appoint and remove the Directors
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Appoint and remove the Chair of the Board and the Company Secretary.
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Set the basis of fees for Institution and Associate Members
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Appoint auditors
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Receive the annual report and accounts
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Approve the budget
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Approve the Scheme of Delegation
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Any other matter specifically requiring members’ approval under the Companies Act.
The Members are responsible for the adequacy and effectiveness 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 Head of Central Services are discussed and these accounts, including this report, are reviewed.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
Director Selection Methods
Directors are selected through personal recommendation for their willingness 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. Four of the directors are heads of member institutions and so ensure the members’ interests are represented on the board.
Responsibilities of the board of directors
The responsibilities of the board, as set out in the Federation’s Governance Manual, are listed below.
1. Authority
To act within the authority delegated in the Members’ Scheme of Delegation.
2. Governance and statutory obligations a. To ensure that the Federation conforms to current Company Law and Charity Law in the management and conduct of its affairs.
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b. To ensure that Annual Returns, Annual Reports and Annual Accounts are prepared, audited, approved and filed in good time.
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c. To ensure risk is assessed and mitigated.
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d. To ensure that the Federation is financially viable, with a clear budget and financial monitoring.
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e. To ensure the Federation has clear policies and procedures in all areas required for good governance and to ensure their effectiveness.
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f. To ensure the Federation has clear operational policies and procedures for Health and Safety and ensure their effectiveness.
3. Strategy and Liaison a. 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.
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c. To ensure that there is good liaison across all areas of the Federation, providing an annual report to Members, as well as making its minutes (except confidential items) available to Members, Bounds House staff, other staff of Member bodies and students.
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d. To be ambassadors for the Federation, developing good relationships with all institutions.
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4. Compliance and quality assurance
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a. To ensure there are appropriate systems in place to meet all compliance issues relating to being an Alternative Educational Provider, including interaction with OfS and other external bodies.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
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b. To oversee the Prevent programme and monitor its effectiveness across institutions.
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c. To monitor quality assurance and enhancement undertaken through the three University Oversight Groups 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
- a. To ensure that there are clear HR processes in place for the appointment, remuneration, appraisal, support and accountability of Bounds House staff.
6. Acquiring knowledge and developing personally
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a. To keep up to date about the Federation’s work.
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b. 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 requires 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who are a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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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.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
Policies & procedures for induction and training of trustees
The Board is responsible for inducting new Trustees which is done through provision of relevant material from the Charity Commission about Charity Trustees' responsibilities and through access to previous board 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 Trustees and is available to all staff and students from our virtual learning environment/intranet. This report ensures the information is available in the public domain.
We promote transparency 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
From 1[st] August 2022 until 4[th] September 2023 Andrew Chamberlain, Head of Central Services, was the key management person with day to day responsibility delegated for the Federation’s effective management. From 4[th] September Caroline Stafferton, Head of Central Services, was the key management person.
PUBLIC BENEFIT
The public benefit activities we have undertaken this year in relation to our purposes have included:
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the provision of regular communal acts of worship to encourage and facilitate the practice of the Christian religion by those training for ministry and their families;
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supporting the theological colleges which are members of the Federation in raising awareness of religious practices and beliefs;
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providing education in accordance with the principles and practices of the Christian religion;
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providing opportunities through placements for students to engage in prison, hospital and school chaplaincy work;
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providing training in pastoral and liturgical work, both within and beyond faith communities;
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providing opportunities for continuing ministerial education for ministers through formal and informal educational programmes and through training offered for placement supervisors, academic tutors and others;
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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.
Details of further activities are discussed in the “achievements and performance” section below. The Trustees have paid due regard to the published guidance 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.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
ACHIEVEMENTS AND PERFORMANCE
The main achievement of the Federation remains teaching students. 318 students were taught on courses validated through the Federation in 2022/23, compared with 332 in 2021/22. 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.
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171 students studied for awards from ARU (previously "Anglia Ruskin University")
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133 students studied for awards from Durham University
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14 students studied for awards from the University of Cambridge
Strategic Plan
Following the successful completion of the last strategic review and the setting of some short-term strategic goals in the 2022/23 Interim Strategic Plan, the Board met to conduct a further strategic review in February 2023 and a multi-year plan has been developed. Actions for the plan are now in progress and achievements are being monitored. The plan will be presented at the next AGM.
FINANCIAL REVIEW
The Federation's funding model is based on the following principles:
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The central Federation (ie this company) will have a balanced budget each year.
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The core central costs are split amongst the Member Institutions in equal proportions, according to their membership category.
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The library costs are split amongst all Member Institutions, adjusted according to their relative level of demand on the service.
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The costs of running each of the degree programmes are borne in full by those Member Institutions wishing to offer those degrees, including the cost of purchasing and licensing electronic books and journals.
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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-sharing model and so the financial position will remain robust, subject to managing cashflow.
The Federation's total incoming resources from charitable activities for the year amounted to £828,821 (2022: £1,027,502).
The costs of charitable activities amounted to £891,171 (2022: £1,065,507) of which £631,770 (2022: £789,744) related to direct costs and £259,401 (2022: £275,763) related to support costs. This included Governance costs of £21,845 (2022: £21,276). Staff costs, including pension and social security costs, were £200,519 (2022: £222,630).
Net current assets at the end of the year amounted to £265,862 (2022: £314,279). Total funds were £1,700,032 (2022: £1,762,382) of which unrestricted funds amounted to £1,650,102 (2022: £1,699,963) and restricted funds amounted to £49,930 (2022: £62,419).
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
Reserves Policy
The policy of the Federation is to hold sufficient reserves to be able to meet its commitments to staff (including redundancy costs), students (including teach out costs) and suppliers in the event of the charity ceasing to operate. The Resources Committee has set a target reserves figure of £200,000. At 31 August 2023, free reserves were £215,932.
Principal sources of funds
The Federation does not generally undertake any fundraising and aims to be fully funded from contributions from its member institutions and a share of fee income from students taking the Professional Doctorate who are not affiliated to a member institution.
Going concern
The Federation’s funding model, taken with the reserves 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 institutions.
Statement of internal control
The board is responsible for the adequacy and effectiveness of risk management and oversight of statutory and other regulatory responsibilities including compliance with the Office for Students’ ongoing conditions of funding. It fulfils these responsibilities through receiving and discussing reports from the Head of Central Services at its regular Board meetings.
The Board is the body responsible for ensuring that a sound system of internal control is maintained and it has reviewed the effectiveness of these arrangements.
The board principles of internal control applied by the Board are:
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a) Identifying and managing risk is an ongoing process linked to achieving the Federation’s objectives
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b) The approach to internal control is risk-based and includes an evaluation of the likelihood and impact of risks becoming a reality
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c) Review procedures cover business, operational and compliance risk as well as financial risk
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d) Risk assessment and internal controls are embedded in ongoing operations
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e) The Board receives regular reports on internal control and risk.
The Federation's internal controls to prevent and detect corruption, fraud, bribery and other irregularities include:
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Use of external accountants for bookkeeping, payments and management reporting
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The Head of Central Services approves all invoices before passing them for payment
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Monthly management accounts are circulated to the Federation's Resources Committee
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Management accounts are reviewed at each board meeting
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The board policy is that expenditure over £10,000 is counter-signed by the Chair or Treasurer, except for the distribution of university fees and student loan income to the member institutions.
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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.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION TRUSTEES' ANNUAL REPORT (Incorporating the Directors' Report) FOR THE YEAR ENDED 31 AUGUST 2023
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 full to the Member Institution of the relevant student and is used for payment of their tuition fees.
No internal control weaknesses or failures arose in the year or have arisen up to the date of this report's signing.
PLANS FOR FUTURE PERIODS
The Federation will continue to offer degrees validated by our three partners, Anglia Ruskin University, Durham University and the University of Cambridge and continually strive to provide a high quality learning experience for our students.
This 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 29[th] January 2024 and signed on behalf of the board of trustees by:
Professor John Bell Chair of Trustees
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Opinion
We have audited the financial statements of The Cambridge Theological Federation (the charitable company) for the year ended 31 August 2023 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006;
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and the funds administered by the charitable company for specific purposes have been properly applied to those purposes and managed in accordance with requirements of the Companies Act 2006; • have met the requirements of the OfS's accounts direction.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The 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 contained within the annual report. 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.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We are required to report whether the charitable company's grant and fee income, as disclosed in note 20 to the accounts, have been materially misstated.
We have nothing to report in this 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 Trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are to required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustee's remuneration specified by law are not made; or
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we have not received all the information and explanation we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic 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 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.
In preparing the financial statements, the trustees are responsible for assessing 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 operations, or have no realistic alternative but to do so.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023
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 is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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We identified the laws and regulations applicable to the charitable company through discussions with Directors and other management, and from our knowledge and experience of the education sector;
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We obtained an understanding of the legal and regulatory framework applicable to the charitable company and how it is complying with that framework;
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We obtained an understanding of the charitable company's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance
We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we;
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[Tested journal entries to identify unusual transactions;]
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Assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policy were indicative of potential bias; and
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Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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Agreeing financial statement disclosures to underlying supporting documentation;
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[Reviewing minutes of meetings of those charged with governance; ]
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[Enquiring of management as to actual and potential litigation and claims.]
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Use of our report
This report is made solely to the trustees, 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 charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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 (Senior Statutory Auditor) For and on behalf of Chater Allan LLP Chartered Accountants and Statutory Auditors 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU
Date: 31 January 2024
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION STATEMENT OF FINANCIAL ACTVITIES (incorporating the Income and Expenditure account) FOR THE YEAR ENDED 31 AUGUST 2023
| Note Income and endowments Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investment income 7 Total Income Expenditure Charitable activities 8 Total expenditure Net expenditure Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ - 799,459 27,600 1,762 828,821 878,042 878,042 (49,221) (640) (49,861) 1,699,963 1,650,102 |
Restricted Funds £ - - - - - 13,129 13,129 (13,129) 640 (12,489) 62,419 49,930 2023 |
Total Funds £ - 799,459 27,600 1,762 828,821 891,171 891,171 (62,350) - (62,350) 1,762,382 1,700,032 |
2022 Total Funds £ 10,000 989,856 27,600 46 |
|---|---|---|---|---|
| 1,027,502 | ||||
| 1,065,507 | ||||
| 1,065,507 | ||||
| (38,005) | ||||
| - | ||||
| (38,005) | ||||
| 1,800,387 | ||||
| 1,762,382 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
REGISTERED NUMBER: 04700056
THE CAMBRIDGE THEOLOGICAL FEDERATION BALANCE SHEET AS AT 31 AUGUST 2023
| Note | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible fixed assets | 14 | 1,434,170 | 1,448,103 |
| Total fixed assets | 1,434,170 | 1,448,103 | |
| CURRENT ASSETS | |||
| Trade and other debtors | 15 | 67,182 | 49,366 |
| Cash at bank and in hand | 258,696 | 364,360 | |
| 325,878 | 413,726 | ||
| CREDITORS: amounts falling due within one year | 16 | 60,016 | 99,447 |
| NET CURRENT ASSETS | 265,862 | 314,279 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,700,032 | 1,762,382 | |
| NET ASSETS | 1,700,032 | 1,762,382 | |
| RESERVES | |||
| Restricted Funds | 18 | 49,930 | 62,419 |
| Unrestricted Funds | 1,650,102 | 1,699,963 | |
| TOTAL FUNDS | 1,700,032 | 1,762,382 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29th January 2024 and signed on its behalf by
………………………………….. ………………………………… Professor John Bell Caroline Stafferton Chair Head of Central Services
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023
| Cash flows from operating activities Net expenditure Adjustments for: Depreciation of tangible fixed assets Other interest receivable and similar income Changes in: Trade and other debtors Trade and other creditors Net cash (used in)/generated by operating activities Cash flows from investing activities Interest received Net cash generated by investing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2023 £ (62,350) 13,932 (1,762) (17,816) (39,430) (107,426) 1,762 1,762 (105,664) 364,360 258,696 |
2022 £ (38,005) 14,526 (46) 18,917 52,273 |
|---|---|---|
| 47,665 | ||
| 46 | ||
| 46 | ||
| 47,711 316,649 |
||
| 364,360 |
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. 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 0BJ.
Income and Expenditure account
A statutory Income and Expenditure account is not included as the required information is presented in the Statement of Financial Activities.
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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors 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 uncertainty
Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 funds earmarked by the trustees for particular future project or commitment.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
3. ACCOUNTING POLICIES (continued)
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-classes: restricted income funds or endowment funds.
Income
All income is included in the statement of financial activities when entitlement 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 donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is 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 activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities 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 activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity 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 apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
3. ACCOUNTING POLICIES (continued)
Tangible 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 at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so 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 multiemployer scheme as described in Section 28 of FRS 102 as it is not possible to attribute the scheme's assets and liabilities to specific employers and therefore contributions are accounted for as if the Scheme were a defined contribution scheme.
Debtors
Trade and other debtors are recognised at the settlement amount 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 liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities and provisions
Liabilities are recognised 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 services 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 of 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 recognised within interest payable and similar charges.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
4. DONATIONS AND LEGACIES
| Unrestricted Funds £ Donations - Grants - - 5. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds £ Theological education and training 799,459 799,459 6. OTHER TRADING ACTIVITIES Unrestricted Funds £ Letting 27,600 27,600 7. INVESTMENT INCOME Unrestricted Funds £ Bank interest 1,762 1,762 8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities undertaken directly 2023 £ Theological education and training 631,770 631,770 |
Restricted Funds £ - - - Restricted Funds £ - - Restricted Funds £ - - Restricted Funds £ - - Support Costs 2023 £ 259,401 259,401 |
Total Funds 2023 £ - - - Total Funds 2023 £ 799,459 799,459 Total Funds 2023 £ 27,600 27,600 Total Funds 2023 £ 1,762 1,762 Total 2023 £ 891,171 891,171 |
Total Funds 2022 £ - 10,000 |
|---|---|---|---|
| 10,000 | |||
| Total Funds 2022 £ 989,856 |
|||
| 989,856 | |||
| Total Funds 2022 £ 27,600 |
|||
| 27,600 | |||
| Total Funds 2022 £ 46 |
|||
| 46 | |||
| Total 2022 £ 1,065,507 |
|||
| 1,065,507 |
Included in the above costs are a cash distribution of £49,861 (2022: £41,262) paid over to the Members of the Federation.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
9. ANALYSIS OF SUPPORT COSTS
| Staff costs Premises General office Governance costs Governance costs: Audit fees Accountancy 10. NET EXPENDITURE Net expenditure is stated after charging Depreciation of tangible fixed assets 11. AUDITORS REMUNERATION Fees payable for the audit of the financial statements |
Total 2023 £ 200,519 29,072 7,965 21,845 259,401 £ 6,970 14,875 21,845 2023 £ 13,932 2023 £ 6,970 |
Total 2022 £ 222,630 20,682 11,175 21,276 |
|---|---|---|
| 275,763 | ||
| £ 5,500 15,776 |
||
| 21,276 | ||
| 2022 £ 14,526 |
||
| 2022 £ 5,500 |
12. STAFF COSTS
The total staff costs and employee benefits for directly employed staff for the reporting period are analysed as follows:
| Wages and salaries Social security costs Employer contributions to pension plans |
2023 2022 £ £ 169,495 188,169 15,045 16,477 15,979 17,984 200,519 222,630 |
|---|---|
The average head count of employees (full time equivalent) during the year was 7 (2022: 6.5)
No employee received employee benefits of more than £60,000 during the year (2022: £nil)
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 £nil (2022: £nil)
Senior staff pay
The accounts direction from the Office for Students requires disclosures about the number of staff with a full-time equivalent basic salary of over £100,000 per annum and full details of the total remuneration package for the head of provider.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
12. STAFF COSTS (continued)
The Head of Central Servcies during the year ended 31st August 2023 was provided on secondment from one of the member institutions, Ridley Hall and was not remunerated by the Cambridge Theological Federation. During this period Ridley Hall was recompensed £18,977 for the secondment.
13. TRUSTEE REMUNERATION AND EXPENSES
The Trustees received no remuneration (2022: £nil) during the year. During the period Trustees received reimbursement of travel expenses of £nil (2022:£nil).
| 14. TANGIBLE FIXED ASSETS Cost As at 1 September 2022 Additions As at 31 August 2023 Depreciation As at 1 September 2022 Charge for the year As at 31 August 2023 Net book value As at 31 August 2023 As at 31 August 2022 |
Long Leasehold Property £ 1,518,943 - 1,518,943 77,962 12,152 90,114 1,428,829 1,440,981 |
Equipment £ 69,559 - 69,559 62,437 1,781 64,218 5,341 7,122 |
Totals £ 1,588,502 - |
|---|---|---|---|
| 1,588,502 | |||
| 140,399 13,932 |
|||
| 154,332 | |||
| 1,434,170 | |||
| 1,448,103 |
Long leasehold property includes £935,000 paid to Westminster College. This is in respect of a lease of the Bounds which commenced October 2015 and runs for 125 years. The lease premium is being depreciated over 125 years.
| 15. DEBTORS Trade debtors Other debtors 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accruals and Deferred income Deferred income: As at 1 September 2022 Deferred income recognised in the year Resources deferred during the year As at 31 August 2023 Deferred income represents income received in advance. |
2023 £ 6,263 60,919 67,182 2023 £ 12,546 3,414 5,415 38,641 60,016 1,200 (1,200) 1,300 1,300 |
2022 £ 5,226 44,140 |
|---|---|---|
| 49,366 | ||
| 2022 £ 28,616 4,075 8,691 58,066 |
||
| 99,447 | ||
| 1,345 (1,345) 1,200 |
||
| 1,200 | ||
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
17. PENSIONS AND OTHER POST RETIREMENT 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 holds the assets of the scheme separately from those of the Employer and the other participating employers.
The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.
Pension Builder Scheme
The Pension Builder Scheme of the Church Workers Pension Fund is made up of two pensions, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.
Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be declared, depending upon the investment returns and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. 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 Builder 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 assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions of £15,979 (2022: £17,984).
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; this has not yet been finalised.
For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements 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 assumptions 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, Cambridge Theological Federation could become responsible for paying a share of that employer’s pension liabilities.
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
18. ANALYSIS OF RESTRICTED FUNDS
| ANALYSIS OF RESTRICTED FUNDS | |||||
|---|---|---|---|---|---|
| Maurice and Hilda Laing Trust grant Jerusalem Trust |
At 1 September 2022 £ 57,680 4,739 |
Income £ - - |
Expenditure £ (7,750) (5,379) (13,129) |
Transfers £ - 640 640 |
At 31 August 2023 £ 49,930 - |
| 62,419 | - | 49,930 |
Maurice and Hilda Laing Trust grant
During the year £7,750 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 Jerusalam Trust
During the year £5,379 was spent on costs towards a core library of esential e-books. The overspend was transferred from unrestricted funds.
19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Net Current assets Net assets |
Unrestricted Funds £ 1,434,170 215,932 1,650,102 |
Restricted Total Funds Funds £ £ - 1,434,170 49,930 265,862 49,930 1,700,032 |
|---|---|---|
20. ANALYSIS OF GRANT AND FEE INCOME
| Grant income from the OfS Grant income from other bodies Fee income for taught awards (exclusive of VAT) Fee income for research awards (exclusive of VAT) Fee income from non-qualifying courses (exclusive of VAT) Total grant and fee income |
2023 2022 £ £ - - - - 192,603 296,543 185,037 387,128 - - 377,640 683,671 |
|---|---|
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DocuSign Envelope ID: 92E2407C-4C4A-4192-AAB1-71AB2381767F
THE CAMBRIDGE THEOLOGICAL FEDERATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
21. LEASING AGREEMENTS
The total future minimum lease payments under non-cancellable operating leases are as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2023 2022 £ £ 733 733 735 1,468 1,468 2,201 |
|---|---|
£733 lease payments were expensed in the year.
22. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
| Income and endowments Donations and legacies Charitable activities Other trading activities Investment income Total income Expenditure Charitable activities Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ - 989,856 27,600 46 |
Restricted Funds £ 10,000 - - - 10,000 6,743 6,743 3,257 - 3,257 59,162 62,419 2022 |
Total Funds £ 10,000 989,856 27,600 46 |
|---|---|---|---|
| 1,017,502 | 1,027,502 | ||
| 1,058,764 | 1,065,507 | ||
| 1,058,764 | 1,065,507 | ||
| (41,262) | (38,005) | ||
| - (41,262) 1,741,225 1,699,963 |
- | ||
| (38,005) 1,800,387 |
|||
| 1,762,382 |
23. RELATED PARTY TRANSACTIONS
Member Institutions and associate institutions paid membership fees of £350,000 in the year.
28