2022-06-30-accounts

ANNUAL REPORT AND ACCOUNTS for the year ended 30th June 2022 Charity Registration Number: 1102280 Company registered in England Number: 04279352 The Promenade, Clifton Down, Clifton, Bristol. BS8 3NJ www.bristol-ba tist.ac.uk Telephone . [phone]

Table of Contents Annual Report for the Year to 30th June 2022 Reference and administrative details of the charity, its trustees and advisors 2 b. Structure, Governance and Management c. Objectives and Activities d. Achievements and Performance e. Financial Review f. Plans for future periods 10 g. Statement of Trustees, responsibilities 10 Independent Auditor's Report to the Trustees 12 Statement of Financial Activities 16 Balance Sheet 17 Cashflow Statement 18 Accounting Policies and Notes to the Financial Statements 19

Annual Report of the Trustees for the Year to 30 June 2022 The trustees who are also director5 of the charity for the purposes of the Companies Act 20061 present their report with the financial statements of the charity for the year erided 30 June 2022. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI 'Accourbting and Reporting by Charities, IFRS102 SORPI. a. Reference and administrative details of the charityi Its trustees and advisors Charity Name.. Bristol Baptist College charity Reg￿$tratIOn number.. 1102280 Company registered in England number.. 04279352 The charitable company was incorporated on 30 August 2001. Registered Office.. The Promenade, Clifton Down, Clifton, Bristol. BS8 3NJ Website= www.bristol-baptist.ac.uk Directors and Trustees The directors of the charitable company I'the Charity") are it5 trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The affairs of the Charity are adminlstered by the board of trustees, known as the College Council. Revd Ruth Bottoms Co-opted Chair Revd Dr Stephen Finamore College Principal ex officio Revd Gary Woodall Wales and South Partnership nomination Revd Andy Hughes BUGB nomination Revd David Ellis HEBA nomination Revd Shayla Waugh College Community nomination Revd Simon Jay Co-opted Mr Malcolm 8road MBE Co-opted Treasurer (Chair of Finance Committee) Revd Matthew Bradlev Co-opted Ms Dorette Morgan Co-opted Mr Mark Greenwood BMS nomination Mr Graham Lewis Co-opted (Chair of Audit and Risk Committee) Revd Dr Michael Peat Co-opted (Chair of Ministries Committeel Ms Rachel Stone Co-opted - until Il, October 2021 Company Secretary Revd Fran Brealey (until 31" December 20211 Ms Sophie Atkinson (From I" January 20221

Auditors Joshua Kingston Bsc ACA, Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 IUR Bankers CAF Bank Ltd. 25 Kings Hill Avenue, West Malling, Kent. ME19 4J Natwest Bank PLC, PO Box 188, 40 Queens Road, Clifton, Bristol. BS99 SAD Solicitors Kirby Sheppard, 49150 Queen Sqijare, Bristol. BSI 4LW Investment Managers Brewin Dolphin Limited, 2nd Floor, 5 Callaghan Square, Cardiff, CFIO 5BT Strurture, Governance and Management Governlng Document Bristol Baptist College was established by a Trust Deed and founded in 1679. The College is now a company limited by guarantee, as defined by the Companies Act 2006. The company is registered in England and Wales and is also registered as a charlty- The charity is controlled by its governing documents, the Articles of Association. Following review of governance, the Articles were revised and adopted on 30 April 2015 following an extraordinary general meeting of the members of the company. Recrultment and Appointment of Trustees The affairs of the Charity are governed by a Board of Trustees who meet a5 the College Council and who are also the directors of the company. Five of those are nominated by the organisations specified in the Articles of Association. The College Principal is an ex-officlo appointment. In addition, there may be up to 11 co-opted trustees to supplement the skills and experience of the College Council. Co-opted trustee5 shall be appointed to the Board by resolution of the Board. The trustees may from time to time at their discretion determine any criteria for appointment as a co-opted trustee. Nominated or co-opted trustees are appointed for three years and shall be eligible for re-election by the trustees ft)r two further terms of three years. The Treasurer and Company Secretary are appointed by the trustees at a Council Meeting and these appointmerkts are reviewed anntjally. Induction and Trainlng of Trustees The induction of a new trustee is aimed at ensuring they understand the role of the Charity and the way in which their skills and knowledEe are a key parl of ensuring their resporbsibilities and accountabilities are fairly discharged in accordance with charity and company law and within the spirit of the Bapt15t movement of which the College is a vital part. The College Council as managing trustees receive regular trustee training. The College has adopted the Charity Governance Code for smaller charitie5 and follows the Code principles and recommended practice for good governance. To ensure the governing body remains effective, the trustees have been implementinE the recommendations of an external review to governance carried out in 2019-2020. Organisational Structure The day to day management of the Charity is overseen by the College Principal and the College Team. They meet regularly to plan and review activities. Regular meetings are held by the Principal with the Chairman of the College Council and with the Treasurer. The College Council meet5 four times a year. During the year ending June 2022, the trustees held hybrid meetings with some attending in person and others joining remotely via video conference call.

Public Benefit The Trustees confirm they have complied with the duty in Section 17151 of the Charities Act 2011 to have due regard to the Charity Commi55ion's general guidance on public benefit in exercising their powers and duties. They have referred to this guidance when reviewine the College's aim5 and objectives and in planning its future activities. Arrangements for Setting Pay and Remuneration The College has a pay policy which aligrb5 Itself with the Baptist Union of Great Britain. In 2016 3 benchmarking exercise was undertaken linking pay for all staff, including senior staff to the Baptist Union Home Mission Stipend. Annual increases in pay follow the cost of living increases set by BUGB. Starting May 2022, the College Council agreed to pay staff an extra 5% uplift payment for one year, in addition to the annual increase, to better reflect the current cost of living. Relationships between the Charity and Related Parties The College is part of the wider Baptist family in England and Wales and ￿S a member of the Baptist Union of Great Britain IBUGBI. The College receives bursary grants from BUGB'S Student Training Income Designated Fund See Note 17. During the year the Treasurer was a director of the Baptist Insurance Company plc., Andy Hughes was the Ministries Team Leader of BUGB and Shayla Waugh was a member of the Bapt15ts Together Council. Regulatory Compliance and Overslght The College is regulated by the Office for Students lots) and subject to quality inspections by Quality Assurance Agency for Higher Education IQAAI and reporting to Higher Education Stat15tics Agency IHESAI. The College Manager is responsible for ensuring compliance with regulatory conditions and reports to the Education Committee on these matter5. As a result of being a registered higher education provider students can apply for student loans, of which the College received £51,000 for undergraduates, tuition fee5 directly from the Student Loan Company. The College is exempt from the Ofs requirement to have an Access and Participation Investment Plan. c. Objectives and Activities Objects ofthe Charity The Articles of Association set out the principal object of the company.. To promote the religious education of persons (particularly but not exclusively those professing themselves to be Baptists) to enable them to exercise their gifts with greater usefulness in Christian ministry. Today the College articulates its aim in this way.. To share in the mission of God in the world through the formation of competent, passionate, spirit-filled and evan8elical people for different forms of Christian ministry. This aim is expressed in the College strategy document, and reflects the words of an eighteenth century College Principal, Caleb Evans. Activities Today we offer education and training in four different areas-. ministerial formation, childien, youth and family ministry, community learning and theological studies. The College offers a range of full and part-time, undergraduate and p05tgraduate courses, validated by the Durham University and the University of Aberdeen. Research and study centres in Anabaptist studies and the Bible and Violence have been based at the ColleEe during the year. Our Saturday course Equipping Missionary Disciples is designed for church members and those wishing to understand thelr faith better and so enhance their Christian discipleship. It is also accepted by Baptist Associations as a qualification towards recognition as lay preacher5 and pastors. We contlnue to work in partnership with PFS Exeter.

In setting our objectives and arranging our activities our Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary guidance on fee charging. Having regard to the public benefit guidance issued by the Charity Commission it is important to understand that central to our Christian beliefs and mission is our convictlon that faith gives meaning to people's lives and contributes to their well-being. It includes a vision for peace and harmony and encompasses morals, ethics and values which serve the community at every level. Both during their training and when they complete their courses, students contribute to the well-being of communities throughout the UK by their involvement in churches and Christian and secular projects. Although we have a scale of tuition fees, no one who has been accepted for Baptist ministerial training 15 denied admission to the College on the grounds of inability to pay. For the last financial year unpaid fees amounted to £24,200 although the College expects to receive most of these fees within 12 months. As the Financial Statements illustrate, student fees contribute 53% of the total income and 51% towards the total charitable expenditure. Grant Making Policy The Trustees apply the funds of the College at their discretion and in accordance with the charitable purposes and objectives of the charity. Each request or situation is considered on its own merits and grants awarded to students who meet certain criteria, reviewed periodically by the College. Achievements and Performance Our Students In the year under report, we had 29 students undertaking ministerial formation121 of whom were also studying for aca(Jemic qualification, 4 of whom were based at the Exeter hub), 6 students studying on Children, Youth and Family Courses, and 34 theology students at undergraduate and postgraduate level. We also supeNised the accreditation studies of 24 Newly Accredited Ministers on behalf of the Baptist Union of Great Britain. 11 people studied on our Equipping Missional Disciples course run from Bristol, and 6 people studied on our Disciple-makers course. Our Strategv The Trustees and senior staff continued to work to our strategic plan for 2019-2023, and we report the followin8 developments during 2021-22: Ministerial Formt7tion We continued to offer and develop initial and continuing formation for mlnisters wiihin Baptists Together, exploring new ways to do this to meet the needs of a changing context in church and world. We launched a hub for Ministerial Formation training in Exeter, with an initial cohort of 4 students. Feedback from the Exeter students on this year has been posilive, and we are excited to continue to develop the hub to seNe the South West region. The College is encouraged by growinE interest in ministerial formation from young adults who are considering internshlps. Our Disciple-makers programme is one key approach for helping such students discern their callinE for ministry. The college launched our 'Continuing Ministerial Development, offering in January 20211 providing ongoing learning opportunities for ministers, in partnership with 8aptists ToEether. Our CMD offering currently includes Reading Groups, Mentoring, Sabbaticals, a Chaplaincy module, and the Centre for the Study of Bible and Violence conferences. Children, Youth and Familles This year we have developed the tutorials for the CYF students to include 4-5 sessions on management. This means we now have 9 hours of material that can be delivered online, covering topics not included in academic modules. We have also written and delivered training on Trauma-lnformed Practice from a CYF ministry perspective, this was done in partnership with IBTS. We have been able to charge for thi5 traininE along with some chaplaincy/mentoring training that we are also delivering. We continue to build partnerships through the CYF Round Table.

Community Learning We have been in conversations to see how the relationship with the PFS Exeter team can be developed. We conlinue to promote the Equipping Missional Disciples course within the local Baptist Association, and continue to engage with Baptist Training Partnership. Theologlcolstudles The college has launched an Online MA pathwèy focussed on Anabaptist studies. It Is hoped that this online pathway will allow international students to Study these modules. The College t75 t7 whole This year we were able to attend Spring Harvest with a promotional stand in the marketplace, which we have Committed to do for 3 years. Our application forms have been amended to ask students 'where did you hear about us,, so after 3 years at Spring Harvest we will be able to analyse its effectivenes5 at increasing student recruitment. College meetings and committee5 have taken place in a hybrid online/in person model throughout the year and building repairs and maintenance have been ongoing. Celebration and Commissioning for Christian Service Otjr annual Valedictory service to celebrate with our leaving students took place on Saturday 11 June 2022. Theological Studie5 I student completed the Foundation Award irb Theologyi Ministry and Mission S students completed the Certificate in Theology, Ministry and Mission I student complÈted the Graduate Diploma in Theology, Ministry and Mission 5 students completed the BA in Theology, Ministry and Mission 2 students completed the Postgraduate Certificate in Theology, Ministry and Mission 6 students completed the MA in Theology, Ministry and Mission Ministeriol Form(rtion We are delighted that 7 of our 8 leaving Baptist ministerial students have already settled this year. The College, Students and Churches Through our students we are connected with home and placement churches and other organisations. Each student also has a circle of sUPPOrting friends and family. We value all these partnerships and connections enormously. The Staff Team Revd Stephen Finamore LLB, MA, DPhil, Principal and Tutor in Ministry and Biblical Studies Revd Clare Hooper, BA, MA, Tutor in Children, Youth and Family Work Revd Helen Paynter MA, MA, PhD, Coordinator of Theological Education and Tutor iri Biblical Studies and Languages, Director of the Centre for the Study of Bible and Violence Revd Fran Brealey BA, PGCE, MA, PGCert, College Manager until 31" December 2021 Pavla Slugenova BA, MEd, Administrator Michael BreaSey BA, PGCert, MA, MA, Msc, PhD, Librarian Heather Lidington, Receptionist Sophie Atkinson BA, Administrator until 31" December 2021, then College Manager from I" January 2022 Abigail Reid Bsc, Administrator from 13, December 2021

Sam King BA, Tutor in Spirituality and College Chaplain Revd Elearbor Moffatt, DipHE, BA, Coordinator and Tutor of Exeter Hub for Ministerial Formation Revd Maki and Ruth Mi¢0, Coordinators and Tutors of Di5ciple-Makers Revd Lindsay Caplen, Coordinator of Community Learning Revd Tim Welch, BA, MTh, PGCE, PhD, Coordinator of Ministerial Formation and Tutor in Practical Theology We continue to be grateful for the work of Paul Holland as Finance Officer, Gary Pros5er as IT consultant, and Maria Alexander who is our cleaner. We also thank all those who serve the college as Staff, officers, trustees, members of committees or in other ways as voluntary helpers. We particularly wish to thank those who have chaired College committees this year, Ruth Bottoms, Michael Peat, Malcolm Broad and Graham Lewis. Our thanks also go to all those churches, individuals and organisations that support us finèncially, and to those individuals who remembered the College in their wills. All thi5 Support Is a vital part of sustaining the life and work of the College. Individuals and Churches may express their support of us by making one-off or regular donations. Appropriate forms for individuals or Churches are available from the College. Serving the Wider Church In its principal work o* training and developing students to exercise their gifts in Christian ministry, the College is serving the wider church. Those leaving the College will be seNinB in different parts of the UK, and in many different contexts. The College serves in other ways too. Members of staff have continued to make contributions to Christian publications, have undertaken a hea￿V commitment to speaking at conferences, seminars, annual lectures and workshops as well as preaching engagements. Many committees are supported or chaiied by College staff and the work of the Baptist Union is supported in a wide variety of way5 through committee work or through specific input to key issues. e. Financial Review Financial results The 2021122 accounts reveal an overall operating loss before investment gains or losses of £19,797 which is slightly more than the £6,178 in 2021122. The operating loss was also significantly better than the budgeted deficit of £86,200 due mainly to increased income from an increase in student numbers and unanticipated grants and a bursary fund donation. The investment portfolio, with Brewin Dolphin, had a market value at the year-end of £2,333,191 compared with £2,616,435 in 2020121 reflecting the reduction in the markets since the start of 2022. The investment portfolio Is structured to provide a steady and pre-set income for up to five years ahead whilst the core objective over the long term is achieve return of at least 4Yo. Income solely from the portfolio was £124,114 equal to 4.74% of the opening valuation. Costs continued to be well controlled but increased to £614,064 compared with £511,106 in the previous year as the College recommenced its normal face-to-face activities after the lifting of Covid restrictions and con5lraints. Whilst student number5 have increased this year the major risk and challenge to the future viability of the College remains student numbers and the respective income they generate. Whilst the College is endeavouring to attract more students each year, the trustees have a strategy to increase its available reserves from the sale of most of its

non-income earning residential properties and invest the proceeds with Brewin Dolphin in an attempt to drive up investment income and close the deticit gap. In addition, the trustees continue to actively engage with other options to reduce what has become a structural deficit by reviewing its location current5y valued at E2,350,000- see Note 7. Going Concern The trustees remain confident that the charity is a going concern, because of its healthy reserves position to withstand future deficits should student numbers decline. As a consequence, the trustees have asserted that the statement regarding Accounting Convention on pase 19 remains unchanged. Pensions The College has over recent years been paying a deficit contribution to the Bapt15t Pension Defined Benelits Scheme IBPSI, as one of cl,350 employers in the Scheme. The BPS releases individual debt figures for each employer in the Scheme each month. The calculation is known as the 'Autom3ted Monthly Debt Estimate, IAMDEI. It's important to state the figures released are the estimated buy out figure for each employer, not the actual buy out figure which requires the Scheme's actuaries to formally calculate should any employer in the Scheme wish to buy out of the Scheme. The AMDE for the College as at the 30th June 2022 was £61,400 compared to £220,300 the year before. The Skjbstantial reduction has been brought about by Baptist denomination injecting £33.5m cash into the Scheme in December 2018 to reduce the deficit and reduce the length of the recovery plan to 10 years. FRS102 doe5 not permit U5 to recognise the £61,400 as a liability 35 the calculation is not based on an actual actuarial valuation. Instead, in accordance with the FRS102 required treatment of multi-employer schemes of this type, a liability has been recognised for the net present value of agreed deficit reduction payment5. This liability of £169,940 exceeds the AMDE and 15 anticipated that it will be eliminated in 2022123 following the pension fund being covered by an insurance policy that the Scheme trustees announced in August 2022. Reserves Policy The College has reviewed its reseryes policy having noted the latest available guidance from the Charity Commission. The reserves policy is to hold £1.2M in free reserves and has been assessed taking into account the future strategy of the College, the current structural budget delicit and rlsks associated with the ongoing College business. The unrealised105ses made on unrealised investment assets of £267,427 has pushed the reserves to slightly below the policy target of £1.2M with a shortfall of £94,092, but given this is based upon unreali5ed losses that may well reverse as world market5 Stabilise the trustees do not consider that specific action is required to address the sholtfall but rather continue to monitor the situation. The £1.2M is reserved for three main areas as shown in the table for'.- Risk Management Accommodation Strategy Property Income Strategy Reserves Policv Un-assigned free reserve Free Reserves 450,000 250,000 500,000 1,200,000 194,0921 1,105,908

As at 30, June 2022 the College held total reserves of £5,690.606 broken down as follows:_ Reserves at at 30 June 2022 Unrestricted Unrestricted General Desi nated Restricted Endowmenl Total 2021 General CSBV 4,376,076 29,832 4,376,076 29,832 1,029,446 4,373,542 12,713 1,029,446 24,809 2,088 7,363 153,583 3,905 17,690 272 Tyndale Pension Debt Gesture 1,029,446 1,288 7,363 125,901 1,288 7,363 125,901 3,889 17,822 272 Travel Ron Toop Anderson Pratten Scholarship Gwynfryn Thomas Teri11 Tercentenary Nic Church 3,889 17,822 272 85,657 1,321 85,657 89,852 1,321 1,321 11,739 13,075 5,690,606 5,729,659 Anderson Pratten 11,739 11,739 4,405,908 13,300,000) 1,163,998 108,961 LESS.. Tangible Fixed Assets Free Reserve5 1,105,908 Statement of Internal Controls 5ncluding Risk Management The trustees have a duty to identify and review risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Audit committee of the College has continued to function over the past 12 months to ensure that it adhere5 to its Terms of Reference. The committee has met on a number of occasion5 over the period in question and has continued to be there as review, audit and support function for the Finance Committee and the College as whole. The committee has been integral in offering guidance and support to the Finance committee when making Investment decisions and has challenged Iwhere necessary) the Investment Manager5 to ensure that the financial needs of the College continue to be met. The Charity maintains a risk register and the trustees review at least annually the major strategic, business and operational risks which the Charity faces. The Risk register of the College has been reviewed, amended, and updated las requiredl to ensure adhesion to the Terms and Conditions and also to ensure overall regulatory compliance of the College with all relevant bodies. The trustees have established systems and controls to mitigate against major risks to which the College is exposed. Any activity with a high residual risk is monitored and appropriate action implemented to bring within acceptable levels wherever possible. We have identified 4 headline risks and appropriate mitigation mea5ures'.

l. We fail to recruit students and train ministers for the Baptist churches- mitigation measure to review publicity, networking and consideration of new pathways. 2. We fail to be a registered higher educational institution - mitigation measure to increase resilience and decrease dependence on single member of staff coupled with ongoing reviews and audit. 3. We cease to be a financial going concern - mitigation measures to review donations and legacy strategy, strict cashflow monitoring and completion of buildings feasibility study. 4. We fail to comply with critical regijlatory. or legal duties- mitigation measure to review at least annually relevant policies and procedures. Internal Controls are set out in the College's Standing Financial Instructions and their Èffectiveness is reviewed annually. No incidents of control weaknesses or fraud were identified in the reporting period. Investment Policy The investment objective of the College is to aim for a balance between capital growth and income yield with the following targets'.- Portfolio Growth- to outperform the Brewin Dolphin Linked Benchmark by at least 1% per arinum. Income Yield- to achieve a minimum 4Yo income yield per annum. The College contlnues operate within the revised ethical investment guideline5155ued in 2013 by the Baptist Union of Great Britain. Brewin Dolphin, the appointed investment managers, operate under a discretionary management contract and their performance is regularly reviewed by the College Finance Committee and by the College Council. The investment portfolio is largely held in the Tyndale Furhd - Designated. Capital growth and income received is allocated to the Tyndale, Ron Toop, Anderson Pratten and Terrill Tercentenary funds in proportion to their share of the portfolio. The allocation for the Tyndale fund is available for and used in the General Fund of the charity. f. Plans for Future Periods In addition to achieving our normal charitable objectives, the following strategic goals have been adopted for the next financial year.. l. Continue to implement the recommendations of the governance review Develop ari online level 3 equivalent CYF course as a feeder into the Certificate course 3. Successfully recruit a new College Principal when Revd Dr Stephen Finamore retires 4. Continue to attend Spring Harvest for the next 2 years to promote the College 5. Complete all recommended building maintenance tasks identified in the Quinquennial Report g. Statement of Trustees, Responsibilities The trustees Iwho are also directors of Bristol Baptist College for the purposes of company lawl are responsible for preparing the Trustees, Report (incorporating the strategic report and directors, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financi31 Reporting Standard 102- The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustee5 are required to.. io

select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP- make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounling Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the goinE concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there 15 no relevant audit information of which the charitable company's auditors are unaware- and the trustees have taken all steps that they ought to make themselves aware of that information. The auditors, Burton Sweet Limited, Chartered Accountants and Business Advisers were appointed for the 2021- 2022 aLJdit at the AGM. Signature and Declaration We declare that the Trustees have approved the report above,. and have authorised us to sign it on behalf of the board. Revd Ruth Bottoms..... ... Chair Date.. Revd Dr Stephen Finamore ... Principal Date.. Ms Sophie Atkinson ..... Company Secretary s...t./io /£ Date.. .......... li

Independent auditor's report to the members of Bristol Baptist College Opinion We have audited the financial statements of Bristol Baptist Colle8e Ithe 'Charity"I for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reportlng framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United KinEdom Generally Accepted Accounting Practice). This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state in them in an auditorfs 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 Charitws members as a bodv, for our audit work, for this report, or for the opinions we have formed. In our opinion, the financial statements-. give a true and fair view of the state of the Charity's affairs as at 30 June 2022 and of its income and eypenditure 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 Act 2006. Basis for opinion We conducted out audit in accordance with international Standards in Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 respor5sibllities in accordance with these requirements. We believe that the audit evidence we have obtained 15 suff icient and appropriate to provide a basis for our opinion. Concluslons 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. B35ed 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 charity'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 ihis report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and out auditor's report thereon. Our opinion on the finarkcial 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. 12

In connection with our audit of the financial stalements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconslstent with the financial statement5 or our knowledEe obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon51Stencies or apparent material mlsstatements, 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 mi55tatement of this other information, we are required to report the fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the aiJdit-. the information gtven in the trustees, report (incorporating the strategic report and the directors, reportl for the financial year for which the financial statements are prepared is consistent with the financial 5tatements,' and the trustees, report lincorporating the strategic report and the director5, report) have been prepared in accordance with applicable law requiremerbts. Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Comparkies Act 2006 requires us to report to you if. in our opinion.. sufficient accounting records have not been kept; the financial statements are not in agreement with the accounting records and returns,. certain disclosures of trustees, remuneration specified by law are not made,. or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilitie5 of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as they determine 15 necessary to enable the preparatlon 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 Chariws ability to continue as a goinE 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 Charity or to cease operation5, or have no re81istl alternative but to do so. Auditor's responslbilities for the audit of the financlal 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 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 reasonaljly be expected to influence the economic decisions of users taken on the basis of these financial statements. 13

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 misstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. rhe extent to whlch the audit wus considered capable of detecting irregularities includlngfraud 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 a5 follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the Charity through discussions with directors and other management, and from our knowledge and experience of the sector- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companles Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation: we assessed the extent of compliance with the laws and regulations identified above throu8h making enquiries of management and inspectinE legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit. We assessed the susceptihility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. makinE enquiries of management as to where they considered there was susceptibility to fraud, their knowledEe of actual, suspected and alleged fraud; considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations,. and understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transactions,. 3sse55ed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularitie5 and non-compliance with law5 and reEulations, we designed procedures which included, but were not limited to- agreeing financial statement disclosures to underlyin8 supporting documentation. reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims,. and reviewing correspondence with HMRC, relevant regulators and the company's legal advisor5. There are inherent limitations in our audit procedures described above. The more removed that.laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise dLJe to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 14

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or sco rivate.cfm This description forms part of our auditor's report. Joshua ton, Bsc ACA (Senior Statutory Auditor) For and on behalf of Burton Sweet Limited and Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 IUR Date.. 20LL 15

Statement of Financial Activities for the Year ended 30 June 2022 Ilncluding Income & Expenditure Account) Notes Unrestrlcted Restricted Endowment 2022 2021 Income and Endowmentsfrom: Donations and legacies 152.058 152,058 96,056 Charitable activiti 3 12,259 312,259 289.048 Other trading activities 798 798 179 Investment5 121,112 3,002 124,114 119,636 Other 1.926 1,926 Total Income 588,153 3,002 591,155 504,928 Expendlture on: Raising funds: Raising donations and legacies Investment Management Cost5 2,427 15,817 2.427 15.817 1,809 15.891 Charitable Actlvitles.. Ministerial Training Direct Costs 318,405 204,457 53,176 21,282 597.320 318,405 204,457 53,676 21.282 597,820 247.532 187,921 43,681 14,272 493,406 Support Costs Grant5 & Bursarles Other Christian tralnlng Total CharitableActivities 50 500 Total Expenditure 615,564 soo 616,064 511,106 Net gain511105sesl on Investments 1259,5101 16.5811 11,3361 1267,4271 312,545 Net Income I (Expendlturel 1286.9211 14,0791 11,3361 1292.3361 306.367 Other recognlsed galnslllossesl Gain on revaluation of fixed assEt5 Defined Benefit pension schemes gain 250,000 3,283 250,000 3.283 19,5621 Net movement in funds 133.6381 14,0791 11,3361 139.0531 296,805 Total funds brought forward 5.603.544 113,040 13,075 5,729,659 5,432,854 Total fund5 carrled forward 5,569,906 108,961 11,739 5,690,606 5,729,659 Income as defined by the Companies Act, and therefore excluding income from endowment funds, totalled £591,155 for the year12021-. £504,928). The notes on pages 19 to 31 form part of these financial statements 16

Balance Sheet as at 30 June 2022 Company number: 04279352 2022 2021 Note5 Fixed A55ets Freehold Property Investment5 3,300,000 2,333,191 3,050,000 2,616,435 Current Assets Debtors Short Term Deposlts Cash at 8ank 29,827 228,386 15,978 25,825 252,235 19,703 Liabilities Creditors: Falling due with one year io 146,8361 139,0481 Net Current Asset5 227,355 258,715 Total Assets Les5 Current Liabilities 5,860,546 5,925,150 Liabilities Creditors.. Falling due after one year Pension Deflcit 1169,9401 5,690,606 {195,4911 5,729,659 Net Assets Funds of College U nrestricted General Designated li li 12 13 4,405,908 1,163,998 108,961 11,739 5,690,606 4,386,255 1,217,289 113,040 13,075 5,729,659 Restricted Endowment Total Funds The notes on pages 19 to 31 form part of these flnancial statements. Company number.. 04279352. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard 102, The financial statements were approved by the Board of Trustees Icollege Council) on 311h October 2022 and were signed on its behalf by.. Revd Ruth Bottoms, Chalr....... Revd Dr Stephen Finamore, Principal Malcolm Broad MBE, Treasurer . 17

Cash flow Statement for the Year ended 30 June 2022 Notes 2022 2021 Cash tlowsfrom Operating Activitie5: Net cash used in Operating Activities ci 1167,5051 1131,3231 Cash flowsfrom Investing Activities.. Investment Income 124,114 119,636 Sale of Fixed Assets Investment Management Fees taken from portfolio Cash withdrawn with/ladded tol Investment Portfolio Net cash provided by lused inl Investing Activities 15,817 15,891 200,000 335,527 139,931 Change In cash and cash equivalents 127,5741 204.204 Cash at Bank and in Hand blfwd C2 271.938 67,734 Cash at Bank and in Hand c/fwd 244,364 271.938 NOTE Cl- Reconciliation of net incomellexpendSturelto net cash flow from operating activltles From Operations Net movement in funds ISOFAI Adjustments for.. LO￿e5 on Investments 139,0531 296,805 267,427 1124,1141 1250,0001 14,0021 7,788 125,5511 1312,5451 1119,6361 Investment Income Gains on sale/revaluation of Fixed Assets Increase in Debtors 14,228 13,8691 16,3061 Increaselldecreasel in Creditors Decrease in Pension Scheme Debt Net cash provided by lused inl Operations 1167,5051 1131.3231 NOTE C2-Analy5is of Cash at Bank and in Hand Short Term Deposits Cash at 8ank Total Cash at Bank and in Hand b/fwd 252,235 19,703 271,938 59,766 7,968 67,734 Short Term Deposits Cash at Bank Total Cash at Bank and in Hand c/fwd 228,386 15,978 244.364 252,235 19,703 271,938 Cashflow Restrictions Charity law prohibits the use of net cash Inflows on any endowed or other restricted fund to offset net cash on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year. The note5 on pages 19 to 31 form part of these financial statements. 18

Notes to the Financial Statements l.Accounting Convention The financial statements have been prepared in accordance with the historical cost convention (except for investments which have been included at fair value and in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2019. The Charity is a Public 8enefit Entity. The Trustees consider there to be no material uncertainties affecting the ability of the charity to continue as a going concern considering the continued income the charity receives and the assets the charity holds. Income: All income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracv. al Donations, legacies and grants receivable These are accounted for as soon as their amount and receipt are probable. For unsolicited donations this is when received. Legacy income will be applied for general purposes unless restricted for a particular purpose. bl Other income All other income is accounted for on an accruals basis. Expenditure: Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activit5es on a basis conslstent with the use of resources. al Grants and bursaries payable Grants and bursaries are an expense to the Statement of Financial Activities in the year they are awarded. bl Fundraising costs These costs are incurred In 5eekin8 voluntary contrihutioris through publicising the work of the College. They do not include an apportionment of salary or associated costs. cl Governance costs Governance costs are those costs associated with charity governance requirements and which relate to the general running of the organisation and are included within Support Costs. dl Support costs Support costs include direct office costs and staff costs associated with providing administration service5 to the College. el Staff Pensions The Colle8e is an employer participating in a pension scheme known as the BaptlSt Pension Scheme 1.the Scheme'l. The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is considered to be a multi-employer scheme as described in Section 28 19

of FRS102. This is because it 15 not possible to attribute the Scheme's assets and liabilities to specific employers and means that the Scheme is accounted for as if it were a defined contribution scheme - see also Note 6. The Principal and some members of the College staff are eligible to join the Scheme. Fixed Assets and Depreciation Property 15 initially recognised at cost and subsequently carried at valuation. To keep the carrying value of the property held by the Charity within a material amount of the market value, as required by the SORP, the Trustees have set a policy of revaluing the property every five years. No depreciation is charged on freehold properties because the Trustees consider the annual review of carrying values required by FRS102 will invariably increase each year. The expected useful economic life of these asset5 is believed to be in excess of fifty years and annual reviews for indicators of impairment are undertaken by the Trustees on these properties. The building known as Duncan House (the College) was revalued in 2020 at £2,350,000. The College policy is to revalue every five years and monitor and account for impairment in inteNening vears. The remaining residential property at 48 Great Brockeridge, Westbury-on-Trym, Bristol. BS9 3fL was professionally valued in June 2022 at £950,000 at estimated market value. Othey capital expenditure This is written off at the date of expenditure for items of value less than £1,000. Investments All quoted investments are stated at market value. Restrlcted and Endowment funds Restricted andlor endowment funds are accounted for in accordance with the particular terms of trust arising from the express or implied wishes of donors. In so far a5 these are intended to be binding on the Trustees. Where any such wishes are not intended to be legally binding, they are taken into account and recognised in appropriately designated funds. Unrestricted funds Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose. Current assets and Ilabilities Debtors are recognised when students are invoiced for their fees and reduce as and when payments and bursaries are made and exclude account5 in credit. Debtors also include prepaid expenditure or accrued income. Creditors are recognised for expenditure incurred but not yet paid and student fee accounts in credit. Cash is recognised at the date it IS Posted on the bank or credit card Statements or petty cash book. Foreign exchange Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences arising in the ordinary course of business are included in income or expenditure. Assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rates ruling at the balance sheet date. 20

1. Donations and Legaties Generdl DeslEnated Restrtcted Endowment Totsl 2022 2021 Voluntary Income Donations and Gift Aid - General Donations and Gift Aid- Designated Church Donatlons Legacie5 39.074 39,074 16.196 50 11.313 10,163 10,000 59.237 10,163 10,000 59,237 27,559 Grants Recelved Creed Trust Brlstol B3Ptist Fund Baptist Union- 8ursary Fund Various for CSBV purposes 7,055 50,546 18.800 16,420 92.821 7,055 50,546 18,800 16,420 92,821 6.847 50,000 11,650 68,497 Total DI￿?110n$ and Legacies 152,058 152,058 96,056 2021 Comparative incorne wa5 to the General Fund. except for the Designated tknnations and Gift Aid 3,Other Income Actlvities General Designated Restricted Endowment Total 2022 2021 Charltable actlvit1È5 Student Fees-Taught Student Fee5- Research Student Fee5-non-HEaward 237,550 42,833 31.876 312,259 237,550 42.833 31,876 312,259 208,977 48,576 31,495 289,048 othertradingactlvlties Llbrary 798 798 179 Investment Income Interest & Divldend-GeDeral Interest & Dividend- Designated Interest & Dividend- Restrlet 115.473 115,473 5,639 3,002 111.051 5.634 2,951 5,639 3.002 Other Other incomingresources 1,926 1.926 21

4.Analysis of Charitable Activity Expenditure 2022 2021 Trainin Staff Costs Catering Housing Library University Fees Teaching Costs Inspections Sundry Cost5- General 199,808 34,853 5,021 16,724 51,021 3,045 5,176 2,757 318,405 176,575 2,379 6,370 13,299 39,296 1,363 5,768 2,482 247,532 Su ort Costs Staff Costs Office Costs 102,484 16,987 60,459 16,244 1,963 93,562 18,941 48,198 13,951 7,477 Premises IT Services & Equipment Sundry Costs Governance c05ts'. Auditors Fees 5,500 820 5,792 Trustee Expenses 204,457 187,921 Other Christian Trainin Urban Life IRe5trictedl Prepare For Service Centre for Study of Bible & Violence Other 294 13,182 8,027 73 13,141 837 21,282 14,272 5.Grants & Bursaries 2022 2021 General & College Bursaries Bristol Baptist Fund Gesture Fund Ron Toop Fund Anderson Pratton Fund (Restricted) Total Grants & Bursaries 6,345 29,027 11,330 29,019 132 17,804 500 3,200 53,676 43,681 All grants and bursaries were made to individual students. 22

6.Trustees and Employees 2022 2021 Salaries National Insurance 220,102 14,772 22,560 257,434 217,744 15,387 22,282 255,413 Pension Contributions The average number of persons employed during the year was.. 2022 2021 Headcount io FTE No employee5 received emoluments in excess of £60,000. Key management employee5, rem uneration 85,219 84,885 Of the above, the College Principal, Revd Dr Stephen Finamore who is also a trustee, was permitted by the Articles of Association to receive- Salary Pension 41,723 4,810 6,364 52,897 41,652 4,790 6,248 52,690 Housing Total The ratio of the above salary and total remuneration to that of the median employee was 1.4 and 1.7 respectively. Except for the College Principal, the Trustees and persons connected with them have nol received or obtained any remuneration or other financial benefits for the period directly or indirectw from the funds of Bristol Baptist College. Four Trustees received expenses of £535 for travelling costs during the year12021 .' No Trustees tlaimed expensesl. Pensions Since January 2012, pension provision has been made through the Defined Contribution (DCI Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members, Pensionable Income into individuèl pension account5. In addition, the etnployer pays a further 4% of Pensionable Income lor 3Yo if the employer is in the segregated DC Section) to cover Death in Service Benefits, administration cost5, and an associated insurance policy which provides income protection for Scheme members in the event that they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva. Members of the Basic Section pay reduced contributions of 5Yo of Pensionable Income, and their employers also pay a total of 5%. Benefits in respect of service prior to l January 2012 are provided through the Defined Benefit IDBI Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously 23

known as the Baptist Ministers, Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011. A formal valuation of the Defined Benefit IDBI Plan wa5 performed at 31 December 2019 by a professionallv qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £298 million. The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, it was agreed that the standard rate of deficiency contributions from churches and other employers involved in the DB Plan will remain at previously agreed levels, increasing each year in line with increases in the Minimum Pensionable Income. The deficiency contributions are broadly based Dn 12% of Pensionable Income / Minimum Pensionable Income, reflecting each employer's contributions in March 2015. Some employers that were involved in the DB Plan for a short period pay lower contributions. The Trustee and the Council agreed a 50Yo reduction for all deficiency contributions payable between I july 2020 to 31 December 2020. In addition, the Baptist Union of Great Britain agreed to contribute a lump sum of £0.5m by 31 December 2020. The current Recovery Plan dated 30 September 2020 envisages deficiency contributions continuing until 30 June 2026. The key financial assumption5 underlying the valuation were as follows.. Type of assumption RPI price inflation assumption CPI price inflation assumption Minimum Pensionable Income increases ICPI plus 1.0% pal Assumed investmEnt returns Pre-retirement Post retirement Deferred pension increases Pre April 2009 Post April 2009 Pension increases %p.3. 3.20 2.70 3.20 2.95 1.70 3.20 2.50 2.70 As there are a large number of contributing employers participating in the Scheme, the College is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable. The pension contributions paid by the College are set out in the table below. Pension Contribution5 2022 2021 BUPS~Standard contri butions BUPS- Deficit contri butions BUSPS- Standard contributions 12,757 23,920 9,591 46,268 13,332 17,707 8,949 39,988 24

Recovery Plan In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the TrLJStee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Under the current Recovery Plan dated l July 2020, deficiency contributions are payable until 31 December 2028. These contributions are broadly based on the employer's membership at 31 December 2014 2nd increase annually in line with increases to Minimum Pensionable Income as defined in the Rules. However, the Trustee and the Council agreed a 50% reduction for all deficlency contributions payable between I july 2020 and 31 December 2020. Section 28.IIA of FRS 102 requires agreed deficit recovery payments to be reco8nised as a liability. On 29 July 2022 Baptists Pensions announced that they have signed an aEreement with the insurance company Just Group I"Just"I to secure DB Plan members, pension benefits and that deficiency contributlOn5 reduce to just £1 per month from August 2022,. This effectively reduce5 the liabillty to a negligible amount but will only be recognised in the next accounting period. The movement in the provision is set out in the table below. Balance Sheet Liabillty Movements 2022 2021 Balance sheet l lability at year start Minus deficiency contri butions paid Interest cost Irecognised in SOFA) Remai nirig change to balance sheet liability. Balance sheet liability at ye2r end 195,491 123,9201 1,652 13,2831 169,940 201,797 117,7071 1,839 9,562 195,491 Comprises any change in agreed deficit recovery plan and c.hange in assumptions between year-ends and recognised in SOFA. 7.Property Carrying Historic Cost value at 30 June 2022 Carrying value at 30 Revaluation I dSsposal June20ZI Duncan House 746,952 2,350.000 457.000 950,000 1,203,952 3,300,000 2,350,000 700,000 3,050,000 48 Great Brockeridge, We5tbury-on-Trym, Bristol, BS9 3TZ 250,000 250.000 The valuation used for Duncan House in the accounts was from a marketing document using recent comparable evidence in the Clifton area prepared by Alder King Property Consultants as at 10th January 2020. This appraisal was undertaken by professionally qualified valuers as considered appropriate by the SORP. The valuation of Great Brockeridge in June 2022 was performed by professionally qualified valuers based on an open market sale. 25

8.Investments 2022 2021 Investment Valuation Ishares and Cash invested) Reconciliation Market Value at beginning of year 2,616,435 2,519,781 Additions at cost (Cash deposited i nto Portfolio) Di5P05als at opening book c05t value Disposals Imanagement Fees deducted) Disposals (Cash withdrawn from Portfoliol Iproceeds£Nil,gain£Nill 115,8171 115,8911 1200,0001 Net Investment Gains/lLossesl 1267,4271 312,545 Market Value at end of year 2,333,191 2.616,435 Historic Cost at end of year 2,132,825 2,170,651 Investments are: UK Fixed Interest Over5e3s Bonds 107,679 108,472 392,502 89,221 489,590 149,812 16,378 709,382 40,951 84,551 91,614 53,039 2,333,191 147,238 75,483 511,073 124,101 558,084 203,471 56,453 630,463 48,437 94,331 52,553 114,748 2,616,435 UK Equities European Equities North American Equities Far East & Australasian Equities Emergi ng Markets International Equities Property Alternative Assets Otherlnve5tment5 Cash Total 26

1. Debtors 2022 2021 Trade debtors: Student fees outstanding Prepayments and accrued income 20,870 8,957 29,827 16,257 9,568 25,825

2. Creditors.. falling due within one year 2022 2021 Trade Cred itors.. Student Fees paid in advance Accruals and deferred income= Accrued Staff Costs University Fees Payable Auditors Fees Other accrua15 2,699 3,615 9,660 14,827 5,500 12,993 42,980 1,157 46,836 9,742 10,997 5,640 8,252 34.631 802 Other Credjtors 39,048 Contingent Liabilities The College participates in the Common Awards validation scheme lead by The Archbishops Council in conjunction with Durham University. Historicallyi contributions by the College of £24,680 were accrued for 2016-2020 but no invoices have been received despite many enquiries. That liabilFty has been removed from University Fees Payable and is now treated as a contingent liability. 27

3. Unrestricted Funds Galnsl losses 2021 Income Expenditure Transfers 2022 General excl CS B V CSBV Designated: Tyndale Pension Debt Gesture Travel Ron Toop Bursary 4,373,542 12,713 557,368 25,146 1589,7331 18,0271 9,290 25,609 4,376,076 29,832 1,029,446 24,809 2,088 7,363 153,583 1,217,289 1,029,446 124,8091 18001 1,288 7,363 125,901 1,163,998 5,639 5,639 117,8041 117,8041 115,5171 115,5171 125,6091 5,603,544 588,153 1615,5641 16,2271 Gainsl losses 5,569,906 Comparative for previou5 year 2020 Income Expenditure Transfers 2021 General excl CSB V CSBV Designated.. Tyndale Pension Debt Gesture Travel Ron Toop Bursary 4,052,421 6,822 489,565 6,728 1506,6431 18371 275,605 62,594 4,373,542 12,713 1,029,446 87,403 2,170 7.363 133,014 1,259,396 1,029,446 24,809 2,088 7,363 153,583 1,217,289 162,5941 50 11321 5,634 5,684 13,2001 13,3321 18,135 18,135 162,5941 5,318,639 501,977 1510,8121 293,740 5,603.544 CSBV Fund- The Centre for the Study of Bible and Violence is a specific unrestricted general fund to monitor the income and expenditure of the Centre. Its income includes grants, an allocation of the tuition fees of students supeTVi5ed by the Centre, registration fees for its symposiums and some donations. Trndale Fund - Fund set up to receive the proceeds of the Tyndale Bible which was sold to the British Museum. The Trustees decided at the point of sale to set aside the proceeds into a DesiÈnated Fund that should be fully invested and the investment income used to support the general work and objectives of the College. Pension Debt- The Pension Debt fund to hold the difference between the Employers Estimated Debt (estimated by Baptist Pensions as the College's share of the total scheme deficit as at 30th June) and the recognised present value liability in the Balance Sheet wherever the fomer is greater than the latter. In 2022 the latter was greater. Gesture Fund - Fund is money which the College Community lalumnil has raised to use for gifts to students and former students in need. BUGB were holding it on our behalf but now devolved to us for future control. Travel Fund Trustees set up thi5 fund set up to assist students with travel grants. Ron Toop Fund - Fund donated by Twerton Fellowship (now closed) where Trustees decided to fully invest the monies to provide an annual income to support future student fees and other student needs. 28

12.Restricted Funds Galnsl losses 2021 Income Expendlture Transfeys 2022 Anderson Pratten Scholarship Gwynfryn Thomas Terill Tercentenary Nic Church 3,905 17,690 272 89,852 1,321 113,040 484 132 15001 3,889 17,822 272 2,386 16,5811 85,657 1,321 108,961 3,002 15001 16,5811 Comparative for previous year 2020 Income Expenditure Gainsl1055es transfers 2021 Restricted Funds Anderson Pr2tten Scholarship Gwynfryn Thomas Terill Tercentenary Urban Life Nic Church 3,424 17,603 272 79,778 294 1,321 102,692 481 87 3,905 17,690 272 89,852 2,383 7,691 12941 1,321 113,040 2,951 12941 7,691 The Anderson Pratten Prize Trust- Set up as a restricted fund to receive the income from a permanent endowment fund to promote the study of the Hebrew lariguage or cognate Biblical languages by giving annual prizes in money to Students successful in passing examination5 in such13nguages. The Scholarship Fund - Set up as an approved Scheme under the direction of ihe Charity Commission on 12 March 2002 for the advancement of the education of students at Bristol Bapt15t College by the provision of scholarship and awards. Gwynfryn Thomas Memorlal Fund - Small restricted fund to support Students through grants and bursaries. The Terrill Tercentenary Fund - Set up as an approved Scheme under the direction of the Charity Commission on 12 March 2002 for the relief of ministerial students at Colleges affiliated to the Baptist Union who are in need, hardship or distre55. Urban Life Fund- Urban Life was a Centre based at the ColleEe to encourage training and research in mission in marginalised places. The fund received income towards the running of the centre, the main source of which was a £50,000 five year grant from the Baptist Union of Great Britain Newington Court Designated Fund which has now come to an end. The work of the Centre wa5 taken on by a new Urban Life independent charity during 2020121 and the prevailing balance of the Fund of £13,896 was transferred in June 2020, with a residue of £294 transferred in November 2020. Nic Church Fund IbCYMI- Fund was created in 2002 following the death of Nic Church, a bCYM second year student, who died in a road accident on the 26 June 2002. The fund is used to help CYF students with financial diff iculties. Students applications are dealt with through an agreed College procedure. 29

1. Permanent Endowment Funds Gains/ 1055es 2021 Income Expenditure Transfers 2022 Anderson Pratten 13,075 11,3361 11,739 Comparative for previous year Gain5 losses 2020 Income Expenditure Transfer5 2021 Anderson Pratten 11,523 1,552 13,075 The Anderson Pratten Prize Trust- Set up following a Letter of Concurrence from the Charity Commission on 14 January 1999 where the capital held under permanent endowment must remain but the income can be spent on the original objects of the Trust which were set out in an Indenture dated 21 November 1903 and are set out in the description of the Anderson Pratten Prize Trust Restricted Fund in Note 12.
2. Analysis of the Charitws net assets by Fund General Des5gnated Re5trlcted Endowment Total Property Investments 3,300,000 1,071,169 34,739 4,405,908 3.300.000 2,333,191 57,415 5,690,606 1.164,626 16281 1,163,998 85,657 23.304 108,961 11,739 Other net assets Total Net Assets 11,739 Comparativefor previous year General Designated Restrictèd Endowment Total Propertv Investfftonts Other net H55et5 Total Net ￿set$ 3,050,000 1.357,717 121.4621 4,386,255 3,050,000 2.616,435 63,224 5,729,659 1,181,258 36,031 1,217,289 64,385 48,655 113,040 13,075 13,075
3. Taxatlon status and Gift Aid Bristol Baptist College is a registered charity for tax purposes and is exempt from tax on its income and gains as long as these are applied for charitable purposes.
4. Capital Commitment5 At 30 June 2022 Bristol Baptist College had no financial or capital commitments or guarantees12021.. None).

5. Connected CharltyTransactions The College is a member of the Baptist Union of Great Britain IBUGBI and paid an annual subscription of £36912020= £3581. The College was a recipient of bursary grants totalling £18,80012021.. £11,650) from BUGB. 30

6. Related Party Transactlons Trustees, staff and their close relations donated £1,80012021'. £9001. The College was the sole recipient Df grants totallinE £7,05512021'. £6,8471 from the Creed'5 Bristol Baptist College Charity Trust. No related party transactions have occurred in the year or the prior year other than stated in this note or elsewhere in the accounts.

7. Comparatlve Statement of Financial Actlvltles for the Year ended 30 June 2021 (including Income and Expenditure Account) Notes Unrestricted restrlcted Endowment 2021 Income and Endowmentsfrom: Donations and legacies Charitable 3Ctivities Other trad ing activities Investments Other Total Income 96,056 289,048 179 116,685 96,056 289,048 179 119,636 2,951 501,977 2,951 504,928 ExpendSture on: Raising funds: Raising donations and legacies Investment Management Costs 1,809 15,891 1,809 15,891 Charitable Activities.. Mi nisterial Tralning Support Costs Grants & Bursaries other Christian training Total CharitableActivities 247,532 187,921 43,681 13,978 493,112 247,532 187,921 43,681 14,272 493,406 294 294 Other Expenditure Total Expenditure 510,812 294 511,106 Net gainslllossesl on Investments 303,302 7,691 1,552 312,545 Net Income / (Expenditure) before transfers 294,467 10,348 1,552 306,367 Transfers between funds Other recognised gainslllossesl Revaluation of fixed a55ets Defined Benefit pension schemes Irestatedl 19,5621 19,5621 Net Income over expenditure 284,905 10,348 1,552 296,805 Funds brought forward Irestatedl 5,318,639 102,692 11,523 5,432,854 Funds carried forward 5,603,544 113,040 13,075 5.729,659 31