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2022-12-31-accounts

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 Company No. 5543940 Charity No. 1111609 st Paul's Theological Centre (A Charitable Company Limited By Guarantee) Trustees. Report and Financial Statements For the year ended 31 December 2022

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Financial statements for year ended 31 December 2022 Contents Page Trustees, annual report Independent auditorfs report 8-11 Statement of financial acb'vities 12 Balance sheet 13 Statement of cashflows 14 Notes to the financial statements 15-25

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Trustees, Annual Report for the year ending 31 De￿mber 2022 Reference and administrative information The registered name of the Charity is St Paul's Theological Centre. Company number.. 5543940 Charily Registration Number.. 1111609 Principal and Registered Office.. Holy Trinity Brompton, Brompton Road, London, SW7 11A. Trustees- Angus Winther (Vice Chairl Michael Lee (Treasurerl Andrew Brydon Genevieve Mensah Revd Helen Shannon Jacinth3 Tagal (appointed 28 March 20221 James Orr Jeremy Jennings Kathleen Chew Revd Miles Toulmin Revd Richard I"Archie"I Coates Ichairl Sarah Jackson Revd Nicky Gumbel (resigned 31 August 20221 Company Secretary= Mr lon Shippen Bankers: National Westminster Bank PLC, 18 Cromwell Pl, South Kensington, London SW7 2LB Auditors.. Moore Kingston Smith LLP, 6th Floor, 9 Appold Street, London, EC2A 2AP Objectives and activities The main aim of the Charity, ès laid out in its governing document, is to provide theological education on all 3spects of the Christian life and faith in accordance with Biblical principles. The vision of St Paul's Theological Centre ISPTCI is to help bring theology back into the heart of the church and with this in mind it has four related aims= l. To provide training in theol¢)gv and Christian practice for lay people. 2. To establish a new opportunity for Church leadership training. 3. To be a theolo@ical resource for the benefit of both HTB and Alpha. 4. To help other churches develop their own theological training. We have set out below our priorities, activities and achievements in 2022 in pursuit of our aims.. Lay Training: We continued to deliver the range of programmes we offer at introductory, undergraduate and postgraduate level and in 2022, 113 student5 not pursuing ordination were engaged in these programmes. Introductory programme: khool of Theology ISOTI was offered in 2022 as a four-week course. The tracks included Faith Track covering an overview of Church History, Bible Track focusing on the Book of Revelation, Life Track on the topic of 'Why Being Yourself is a Bad Idea, and Faith Track on Mission and Evangelism. The online offering allowed accessibility to a far greater audience, and numbers in person in 2022 totalled 70, compared to 163 online. In academic year 22123 the decision was mède to pause SOT while a period of review was undertaken with the aim of relaunching new introductory provision in 23124, with a particular intention to focus on SPTC'S aims to provide theological training for lay people and be a resource for the benefit of HTB.

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Trustees, Annual Report for the year ending 31 De￿mber 2022 Objertives and activities (continued) 3. Ordination training and Discernment.. Having pioneered context-based theological training when launched in 2(X)7, innovation is at the core of the college and we wènt to continue to press into this as we further develop online learning and hybrid training models that combine the latest pedagogical approaches alongside proven methods of engagement. We currently have 148 ordinands training at SPTC- as part of SMC. In 2022 we continued to deliver our new afternoon program for those in ordination training, The Forge,. designed to help students develop habits of spiritual devotion. Its aim is to build year upon year. Ordinands have an opportunity in their formation groups to listen to a variety of speakers, study the Bible and discuss spiritual growth and Christlikeness. The programme contains 3 streams- Christ-like Disciples,. Missional Church and Transformed World, which embeds the qualities of the new selection framework. In September 2020 we piloted a new discernment and training pathway towards Church of England ordination for mature lay leaders with leadership experience, enabling them to train for the diaconate within one year. The Caleb stream aims to mobilise a generation rich in Christian leadership and life experience to serve in parishes across the UK. In July 2021 the first candidate was ordained, a total of ten candidates started in September 2021 ènd 19 in London in September 2022, with a further 8 students at our SMC centre in the Eèst Midlands, which draws on our learnings in London. Delivery is through a hybrid of online and in-person, utilising learnings from the pandemic. The Peter Stream is a yearlong programme designed to identify and encourage the gifts and calling of people. It offers a distinctive experience of discernment, complementing the Church of England processes and seeks to redress underrepresentation in ordained leadership in the Church of England- ethnic, social, educational and is open to candidates who have faced exclusion due to these rea50n5. In June 2021 the first four Peter Stream candidates from the pilot scheme were ordained and 18 candidates completed the Peter Stream year. In September 2022 19 new candidates joined the Peter Stream. 4. Developing Theological Resources: Godpod - Theological discussions on current 155ues are available via a monthly podcast called Godpod which has around 2,5(X)-3,000 regular subscribers. By December 2022 it had released 177 episodes and had over 1.4million downloads. School of Theology Streamed - In 2016 we lèunched SOT Streamed which provides the opportunity for churches to access the School of Theology live teaching via a streamed video service which can be watched in a context of prayer and worship. This is a great resource for Christians who want to go deeper in their faith, at a home Eroup or a larger church gathering. UK and International Development Since Autumn 2016 we have been working on developing relationships with UK and international partners, aimed at enhancing theological training globally, especially through the Anglican Communion, to deliver a range of models of theological training, appropriate to each context. SPTC'S programme of dispersed learning has steadily grown since then and we now deliver content acr05S the globe. In 2016 SPTC Malaysia was launched offering Theological Study and Ordination Training. In September 2022, 76 students were enrolled, and the student body represented 49 churches. The college is reviewing accreditation for their academic awards and also seeking accreditation for the MA pathway.

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Trustees, Annual Report for the year ending 31 De￿mber 2022 Objertives and activities (continued) Resourcing the HTB Group.. SOT'S in person and online delivery has meant it is even more accessible for post-Alpha attendees nationally and internationally to support growth in their faith and deepen their understanding of the Bible. In 2021122 academicyear. over a fifth of ordinands in training at Smcwere placed at HTB network churche5 and by September 2022 3 quarter of our ordinands were from the HTB network. This represents a significant proportion of our community which is encouraging as we consider the ministry that these individuals will go on to offer in the future. We are continuing to explore both how we can better serve the network, as well as how we encourage network church leaders to be fostering and encouraging vocations and creating a pipeline of ordination candidate5. We engaged a consultant from the network to help continue to develop and invest in this area. We have Continued to work closely with CRT in the development and delivery ofthe Peter and Caleb Stream initiatives, as well as collaborating on sessions within our curriculum as we seek to envision and equip people for church planting and leadership within the network. 6. Academic life: We have continued to invest in ways to create an environment where staff thrive in their personal vocation and faith and where the pur5UIt of the mind is celebrated. This includes updating policies which clarify the development and progre5510ri opportunities for the academic staff team and creating space for them to pursue research, publish and develop their future careers, as well as for all staff to have space to read, think, discus5 and pray. Public benefit The trustees are aware of the Charity Commission's guidance on public benefit in 'Yhe advancement of religion for the Public Benefit" and have had regard to it in their administration of the resources of SPTC. In shaping our objectives for the vear and planning our activities, the trustees have considered the Charity Commission'5 guidance on public benefit, including the guidance 'Public benefit.. running a charity IPB21'. The trustees believe that by promoting the Christian faith through theological education, and the training of future church leaders from a wide variety of Christian denominations, it provides a benefit to the public by- Providing trained leadership forthe administration of public worship, pastoral care and spiritual development, both for existing church members and for anyone who wishes to benefit from what the church offers,. and Promoting Christian values, and service by members of the church in and to their communities, to the benefit of individua15 and society as a whole. Plans for future periods SPTC aims to continue its successful partnership with SMC providing high qualtty theological training in the UK and internationally. SPTC has the following aims for the forthcoming year.. l. To continue to support the development of high quality theological training through SMC. 2. To continueto develop and accelerate engagement with new models of training such as the Peterand Caleb Stream. 3. To continue to make available theological resources to international partners and affiliates. 4. To refine the financial and operational model to ensure ongoing sustainability forthe future. This include5 teaching out our Middlesex accredited programmes and launching in September 2023, a track within our Durham-accredited degree which has a focus on Youth. 5. To launch a new introductory provision that seek5 to engage HTB discipleship, the Peter Stream theology input, and the wider church network across London.

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Trustees, Annual Report for the year ending 31 De￿mber 2022 St Paul's Theological Centre Remuneration Policyi Principles and Governance At SPTC we place great value on our highly talented, dedicated and passionate staff team, without whom we could not deliver against our vision. mission and goals. Our remuneration policy is aimed at ensuring that pay is competitive within our sector, rewards staff fairly and enables the staff team to feel valued. Our principle is to reward staff. irrespectwe of seniority, informed by the following.. Fairness. without discrimination and with an intention of cross-entity parity. Drfferentiation,. to reflect a combination of what is achieved and the way in which it is achieved. Compliance,. to all HMRC and Charity Commission requirements. Affordability,. with good stewardship. In line with at least the London Living Wage for London-based staff anil the Real Living Wage for UK regionally- based staff. The HTB Group entities IHTB, Alpha International IAII, the Church Revitalisation Trust (CRT) and St Paul's Theological Centre ISPTCII operate in close co-operation and within a shared operating model, including a common approach to pay and benefits for all staff employed within the group entitie5. The HTB Group Remuneration Committee I"Group Remco'l is a joint sub-committee of the HTB PCC and the CRT and SPTC boards, and includes representatives from each. Alpha International has its own Global Remuneration Committee (Global Remcol. In order to maintain a unified approach, Group and Global Remco interface through the HTB Group COO who 51t5 on both committees. Authority has been delegated by each of the entity boards to the relevant Group and Global Remco, to oversee remuneration on behalf of each board whi15t acting wtthin the group remuneration framework. Financial review SPTC generated income of £2,820,41912021= £1,990,156) comprising mainly income from courses of £1,672,14812021= £1,809,3991- Independent student income from Mid-week courses decreèsed to £422,17612021.. £531,383) and income from Ordinands decreased to £1,038,05912021.. £1,163,034),. Peter and Caleb Stream course income increased to £200,78712021.. £100,499), due to the Cèleb Stream course running for its first full year and an increase in student numbers from the Autumn term 2022. In addition, there were donations and gifts received of £1,097,498 12021.. £128,4461, including a one-off donations of £954,000, given to specifically support the growth ènd development of the college during 2022, and for support of the Peter & Caleb Streams. SPTC usually expects a slight shortfall on costs each year (which are covered by donations),. however, due to such generous donation5 during 2022 and cost saving5 which were made throughout the year, SPTC ended 2022 with a surplu5 on unrestricted funds of £371,57212021 shortfall.. £196,861). SPTC has a future finèncial commitment to the Church Renewal Trust- a related entity holding the lease to the St Jude's buildin& from where SPTC operates. The Church Renewal Trust incurred significant costs over 2017 and 2018 to Carry out necessary repairs to the tower and spire at St Jude's, and the deficit on thi5 project (after a fundraising appeal) was over £700,000. In 2019, SPTC committed to paying a service fee of £70,000 per year over ten years lending 20281 out of operating surpluses in order to contribute to this deficit. During 2021 , St Mellitus College made a donation to the Church Renewal Trust of £225,0(X), thus alleviating SPTC of their commitment until 2024. In 2022, the London Diocese contributed £250,000 towards the spire repair work, upon the successful sale of a property. This contribution has further reduced SPTC'S financial commitment on the repair project and has brought forward the end date to mid-2025.

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Trustees, Annual Report for the year ending 31 De￿mber 2022 Policy on reserves During the year the board updated the SPTC policy on reserves, aligning it with the policy of St Mellitus College and the other HTB entities, and better reflecting the needs and operations of SPTC. The new policy advises SPTC to maintain a minimum reserves level of two months of expenditure, with additional reserves being available to offset any future funding gaps. Free reserve5 at 31 December 2022 were £698,72612021= £324.3611. Fundraising The trustees are committed to maintaining the highest legal and ethical standards in the way the charity undertakes its fundraising activities. All fundraising takes place in-house, and the charity does not use any professional fundraisers or commercial participators. SPTC is committed to abiding by the Code of Fundraising Practice and the Fundraising Promise. SPTC takes precautions in our fundraisin@ to ensure the protection of the public. including vulnerable persons from unreasonably intrusive or per51Stent fundraising approaches. and undue pressure to donate. Our fundraising team take seriously any expression of dissatisfaction we receive regarding our fundraising practice and aim to resolve any complaints as quickly as possible. Our policy is to escalate the issue internally to our Dean. If the complaint cannot be resolved, it will be further escalated to the Chair of the board of trustees, who will nominate an independent member of the board of trustees or an independent advisor to consider the merits of the complaint and any resulting actions. If necessary, we will contart the Charity Commission for advice and guidance. No complaints of this nature relating to fundraising were received in 2022. SPTC has responded to the General Data Protection Regulation IGDPRI, introduced in May 2018, and continues to monitor the use of data Ca￿fullY, particularly concerning donor data for fundraising purposes. Our Privacy Policy covers how we use donor data, and gives donors the option to opt out of any contact or make a formal complaint. We monitor carefully the relationships we have with donors and seek to maintain a consistent means of stewardship based on the guidance of the Code of Fundraising Practice and to Fundraising Promise. Relationships and related parties Details of related parties are given in notes 16 and 17 of the financial statements. Strurture, governance and management St Paul's Theological Centre is a charitable company limited by guarantee and not having a share capital. It was registered as a company on 23rd August 2005 and with the Charity Commission on 10th October 2005. Procedures for the recruitment and appointment of trustees are laid out in the memorandum and articles of association. Trustees nominate new or replacement trustees with approval by the members. The trustee5 are a150 directors for the purpose of Company Law. New trustees are provided with guidance notes explaining their role and responsibilities as trustees of the charity. All new trustee5 are fully briefed on the activities and vision of SPTC and they pursue the independent interests of the charity notwithstanding their separate responsibilities in other organisations. Weekly management team and general staff meetings during term time deal with the day to day issues arising. An executive committee meets as ènd when needed to deal with wider strategy, finance and staff appointment issues arising between board meetings. The board meets a minimum of three times a year.

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Trustees, Annual Report forthe year ending 31 De￿rnber 2022 Trustees, responsibilities Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of the charittys affairs and of the surplus or deficit for that year. In preparing these financial statements the trustees are required to.. select suitable accounting policies and then apply them consistently,. comply with applicable accounting Standards, including FRS 102, subject to any material departures disclosed and explained in the financial statements- State whether a Statement of Recommended Practice ISORPI applies and has been followed, subjectto any material departures which are explained in the financial statements; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting record5 which disc105e, with reasonable accuracy at any time, the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the trustees at the date of approval of this report confirms that.. So far as the trustees are aware, the￿ is no relevant audit information of which the charity's auditors are unaware,. and The trustee5 have taken all the steps that they ought to have taken a5 a trustee to make themselves aware of any relevant audit information and to establish that the charit(s auditors are aware of that information. Risk management The trustees have conducted a review of the major risks to which the charity 15 exposed. A risk register ha5 been established and is updated at least annually. Where appropriate. systems and procedures have been established to mitigate the risks that the charity faces. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors. The schedule of major risks an(J mttigations identified by the board is set out on page 7. This report was approved by the board on 7th June 2023. and signed on its behalf bv The Reverend Archie Coates Chair of the board of trustees

DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE Trustees, Annual Report forthe year ending 31 De￿rnber 2022 Schedule of Major Risks Potentlal Rlsk Mltlgatlon Loss of confidence by stakeholders. including but not limited to its Students, due to the behaviour of senior leadership or staff members. Lack of clarity over the relationship between SPTC and SMC could result in poor governance and difficulties in decision making between the two entities. Organisational values are clearly defined and regularly communicated. Prayer and worship are central to life at SPTC. Oversight and governance structures are in place for senior leaders and staff. A close and effective relationship exist5 between SPTC and SMC. The Chair of SPTC is one of the three Members of SMC and two other SPTC trustees also serve on the SMC board. Compliance with Charity Commission, Fundraising and other regulatory requirements is closely monitored. Conflicts of interest are considered and disclosed for all decisions related to SMC and other HTB group entitie5. Conflicted trustees are excluded from the decision-making process where appropriate. Internal and external H&S advisor5 monitor and report on risk areas identified. Regular H&S reporting takes place at senior management meetings. Staff training in key H&S procedures is ongoing. Significant investment has been made in upgrading digital and technolo8y Svstems, including moves to largely cloud-based systems which has increased resilience. We demonstrated during the pandemi our ability to respond flexibly and quickly in a crisis to organisational needs. Working closely with Dioceses of the Church of England who provide a core of the student numbers through ordination. SMC is subject to reEular external reviews from Ministry Division and the Quality Assurance Agency. SMC has a Registrar and Academic Mana8er who are responsible for ensuring ongoing monitoring and review. Ensure difference of opinion within staff and student body is encouraged. Ensure adequate pastoral support in line with Church of England recommendations. Harm comes to visitors or staff due to lack of appropriate and compliant Health & Safety procedures. Inability to operate in the event of a disaster due to lack of adequate business continuity planning. Business continuity compromised or critical data lost through cyber-attack. Lack of adequate quality control results in reduced student numbers and loss of income. Changes in Church of England practices may potentially lead to a reduced number of people presenting for ordination training. Cyber security risks continue to increase rapidly with changes in technology, treating risk of data Security breaches, impacting our ability to operate and potential significant financial loss. Operating and financial model are not sustainable. Continuous review of risks, education of staff and ongoing investment in technology solutions which counter this risk. Fundraising activities will meet needs over the next few years. The financial team have developed a plan of approach which includes clear timeline of data gathering. reporting to key stakeholders and modelling options, with the intention of arriving at a three year plan to sustainabilitv. Work is being undertaken to explore financial sustainability across the College including looking at modelling student numbers and types, examination of staffing needs. understanding cost savings of the pandernic and seeing what can be replicated, and testing boundarie5 of rovision with Durham Universit and National Minist Team.

CENTRE

Opinion

We have audited the financial statements of ended 31 December 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 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsi Responsibilities for the audit of 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 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

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 Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we

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conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified mat

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

Responsibilities of trustees

As explained more fully in page 6, 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 charitable concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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

Our approach was as follows:

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

Use of this report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to th

report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Cross (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6[th] Floor 9 Appold Street London EC2A 2AP

Date: 5 July 2023

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DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE STATEMENT OF FINANCIAL ACTIVITIES Forthw yèar èndèd 31 Dètèmbèr 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Totsl fvnils 2021 INCOME 938 122,046 938 1,096,580 930 127.516 Colle¢tions. dOn8t￿n$ and gr8nts 974,514 122,gB4 974,514 1,097,498 128.446 Investment incorne 1.456 1,458 54 Sch￿￿ Df Theolow ￿Vr8e￿ Mid-week ¢ourse$ Mid-week COurges- ordinands Peter & C81eb Stream courses Other income Induding overseas hubs Income from space rental 11,126 4L,178 1,038,OS9 200,787 16,014 33,303 1,721,465 14.483 531.383 1 163.034 100.499 21.017 31.240 1,861.656 422,176 1,038.059 200.787 33.303 1,721,465 TOTAL INCOME 1,845,905 974,514 2,82Q,419 1,990,156 enditure on Ra Costs of raising funds 41.543 41,543 40.Q40 rttabl A SChts￿ of Theolo9y course5 Mid-week Courses Wider TniDislry of SPTC Devdopment of site 66.678 1,236.893 38.914 94.305 1,436.790 e6,878 2,211,407 38,914 94,305 2,411,304 104.896 1.841.690 39.897 153.982 2,140.465 974.514 974,514 TOTAL EXPENDITURE 1,478.333 974,514 2,452,847 2,180.505 Net operating income I lexpenditurel 367.572 367,572 Gain I (Lossl on mulli*mployer pensi￿ scheme deficit reduction plan 18 4.000 4,000 17.0001 Net Incorne I lexpendlturel and net movernent In funds 371.572 371,572 Funds broughlfoThv£rd ai 1 J£nuary 352.167 352,187 549.516 Funds carried forw£rd at 31 Detsmber 723.739 723,739 352.167 18mouni$ 8re denved from ¢oniinuing adiviiies. The notes on p2ges 15 10 25 form part Df these financi21 st£lemenls JI recDgnised Qsins and10sses Sre ir￿uded In the st£temènt of financi818rt1￿Iies The stalemem of finar￿ activities also complies with thè requirememf aD incotne and expenditure account underlhe CoTnwanE5 Act 20￿.

ST PAUL'S THEOLOGICAL CENTRE

BALANCE SHEET

as at 31 December 2022

Note
FIXED ASSETS
Intangible assets
7
Tangible fixed assets
8
Total fixed assets
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
Total current assets
LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
11
NET CURRENT ASSETS
LIABILITIES: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
12, 18
NET ASSETS
FUNDS
Unrestricted
- General funds
Restricted
14
Registered No. 5543940		 2022
£
22,602
2,412
25,014
277,180
681,863
959,043
(260,317)
698,726
-
723,740
723,739
-
723,739		 2021
£
21,860
5,946
27,806
313,564
176,088
489,652
(156,291)
333,361
(9,000)
352,167
352,167
-
352,167

Approved by the Board on 2023 and signed on its behalf by:

������������������������.

The Rev�d Archie Coates

Chairman of the board of trustees

The notes on pages 15 to 25 form part of these financial statements.

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DoGuSvJn Envelope ID." 7C1407BF45EB4935-9131.AB876306B588 ST PAUL'S THEOLOGICAL CENTRE STATEMENT OF CASHFLOWS For the year ended 31 December 2022 Note 2022 2021 Net income I lexpenditurel 371,572 {197,3491 Adjustments for.. Depreciation 3,534 10,325 Decrease I lincreasel in debtors Increase in creditors 36,384 95,026 1142,7011 28,088 Net cash inflow I loufflowl from operating activities 506,516 1301,6571 Investin Activities (Purchase) I disposal of tangible fixed assets (Purchase) I disposal of intsngible fixed assets 16,0421 17421 Increase I Idecreasel in cash and cash equivalents 505,774 {307,6991 Cash brought fotward at 1 January 176,088 483,787 Cash carried forward al 31 December 881,862 176,088 The charity has no net debt and accordingly no nel debt note is presented.

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements

For the year ended 31 December 2022

1. Accounting policies

Basis of preparation

These financial statements are prepared on a going concern basis, under the historical cost convention.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

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

Funds

General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the charity. Funds designated for a particular purpose by the Charity are also unrestricted. Restricted funds represent those received for specific purposes as specified by the donors.

The accounts include all transactions, assets and liabilities for which the Charity is responsible in law.

Going concern

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

Income

Voluntary income and capital sources

Planned giving receivable under Gift Aid is recognised when the charity is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the charity is probable.

Income tax recoverable on Gift Aid donations is recognised when the income is received.

Grants and legacies to the Charity are accounted for as soon as the Charity is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the charity is probable.

Income from investments

Interest entitlements on bank accounts are accounted for as they accrue.

Expenditure

Pension costs

SPTC makes available a defined contribution pension scheme for staff. SPTC also participates in the Church of England Funded Pension Scheme for Stipendiary Clergy (see note 18). All pension costs are charged in the financial statements as they fall due.

Expenditure

As reflected in note 17 (Related Parties), a strong partnership and working relationship is enjoyed between HTB, Alpha International (AI), St Paul�s Theological Centre and the Church Revitalisation Trust. Shared service costs (known as Central Services) are borne by HTB and then recharged to the other charities using the most appropriate driver for each service cost type. These support costs are then allocated between charitable activities based on estimates of the resources employed by Central Services towards each of these activities.

Fixed assets

The charity capitalises any fixed assets over £1,000.

These assets are depreciated on a straight line basis over their estimated useful economic lives. The periods used are as follows: Computer equipment: 2 years Furniture & fittings: 3 years Other equipment: 3 years

15

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements For the year ended 31 December 2022

1. Accounting policies (continued)

Intangible assets

Software costs are capitalised at historic costs and amortised on a straight line basis over 2 years.

Current assets

Amounts owing to the Charity at 31 December are shown as debtors after providing for amounts that it is thought may prove uncollectable.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Financial instruments

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

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 9, 11 and 12 for the debtor and creditor balances.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Operating lease

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the associated costs for which the grant is intended to compensate.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have the most significant effect on amounts recognised in the financial statements:

(i) Useful Economic Lives

The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances.

(ii) Pension Scheme Liability

The pension liability relies on actuarial assumptions (see note 18 for further details).

(iii) Support Cost Allocation

The allocation of support costs from Central Services is based on estimates of the resources used by Central Services on each of these activities.

16

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements

For the year ended 31 December 2022

2. Comparative Statement of Financial Activities

The following table analyses 2021's income and expenditure between unrestricted and restricted funds:

INCOME
Donations and legacies
Gift aid
Collections, donations and grants
Investment income
Income from charitable activities
School of Theology courses
Mid-week courses
Mid-week courses - ordinands
Peter & Caleb Stream courses
Other income including overseas hubs
Income from space rental
TOTAL INCOME
Expenditure on Raising funds
Costs of raising funds
Expenditure on Charitable activities
School of Theology courses
Mid-week courses
Wider ministry of SPTC
Development of site
TOTAL EXPENDITURE
Net operating income / (expenditure)
Gain /(Loss) on multi-employer pension scheme deficit reduction plan
Net income / (expenditure) and net movement in funds
Funds brought forward at 1 January
Funds carried forward at 31 December		 Unrestricted
Restricted
funds
funds
2021
2021
£
£
930
-
58,849
68,667
59,779
68,667
54
14,483
-
531,383
-
1,163,034
-
100,499
-
21,017
-
31,240
-
1,861,656
-
1,921,489
68,667
40,040
-
101,293
3,603
1,778,447
63,243
38,513
1,384
153,057
925
2,071,310
69,155
2,111,350
69,155
(189,861)
(488)
(7,000)
-
(196,861)
(488)
549,028
488
352,167
-		 Total
funds
2021
£
930
127,516
128,446
54
14,483
531,383
1,163,034
100,499
21,017
31,240
1,861,656
1,990,156
40,040
104,896
1,841,690
39,897
153,982
2,140,465
2,180,505
(190,349)
(7,000)
(197,349)
549,516
352,167

3. Costs of raising funds

These are the costs incurred in fundraising.

17

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements

For the year ended 31 December 2022

4. Expenditure on Charitable Activities

Support costs for St Paul's Theological Centre have been allocated to the various courses, events and projects on the basis of workload involved in running them.

Support costs have been apportioned as follows:

School of
Theology
Courses
Weekday
Courses
Wider Ministry
(Hubs)
St Jude's
Development
Total
2022
2022
2022
2022
2022
Support costs
£
£
£
£
£
Legal
758
21,086
446
330
22,620
IT
4,544
126,476
2,676
1,979
135,675
Finance
2,166
60,280
1,276
943
64,665
HR
3,413
94,991
2,010
1,486
101,900
Operations
2,769
77,060
1,631
1,205
82,665
13,650
379,893
8,039
5,943
407,525
Direct costs
Salaries and Accommodation
45,534
1,267,345
26,819
19,823
1,359,521
Other general management
2,735
76,075
1,611
1,189
81,610
Church Buildings
4,151
115,535
2,445
1,807
123,938
Other direct costs
608
372,559
-
65,543
438,710
53,028
1,831,514
30,875
88,362
2,003,779
Total on Statement of Financial Activities
66,678
2,211,407
38,914
94,305
2,411,304		 Total
2021
£
24,166
110,251
68,599
75,346
63,233
341,596
1,241,597
68,731
112,564
375,977
1,798,869
2,140,465

As reflected in note 17 (Related Parties), a strong partnership and working relationship is enjoyed between HTB, AI, CRT and SPTC. All shared Support and Creative Services (known as Central Services) are allocated to each of the charities using the most appropriate driver for each department in Central Services.

5. Audit costs and depreciation
Net income/(expenditure) is stated after charging:
Auditor's remuneration - current year estimate
Under accrual for prior year
Depreciation
6. Staff costs
Wages and salaries
Social security costs
Pension costs		 2022
£
5,300
-
5,300
3,534
2022
£
1,438,392
149,161
62,315
1,649,868		 2021
£
4,230
127
4,357
11,424
2021
£
1,356,948
134,998
60,018
1,551,964

As disclosed in note 17 (Related Parties), there is a close working relationship between HTB, AI, SPTC, and CRT2. The Central Services staff who support all of the charities with 'back office' functions are employed by HTB, and their costs (together with the costs of their departments) are allocated across the entities using the most appropriate basis for each support service. The staff costs and information in this note includes the proportionate share of these Central Services staff, as well as the relevant share of ministry staff who split their time across the charities due to the nature of their roles.

The costs of some members of the HTB clergy were cross-charged for work which was done for SPTC. However, as these clergy members are employed by the Diocese of London and not by HTB, their costs have not been included in the salary figures shown above.

The average monthly number of full time equivalent employees was 37 (2021: 36).

18

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements For the year ended 31 December 2022

6. Staff costs (continued)

The number of employees whose total benefits (excluding pension) were greater than £60K was3 (2021: 1), as follows:

Central Services staff are on the HTB payroll but serve HTB, AI, SPTC and CRT - each of which bear a portion of their costs. Relevant details of their remuneration can be found in the 'Staff Costs' note in the HTB Financial Statements.

None of the trustees received remuneration for services as employees or consultants during the year, or for services as trustees (2021: £Nil) � refer to note 16 for further details.

Key Management Personnel

The key management personnel of SPTC comprises the Dean and the Chief Operating Officer. The total employee remuneration (including pension and employer NIC) was £125,317 (2021: £106,215).

The key management personnel of the Central Services function which serves HTB, AI, SPTC, and CRT comprise the HTB Group Director of People, the HTB Group Chief Operating Officer and the HTB Group Director of Finance. The total employee benefits (including pension and employer NIC) of these key management personnel was £254,482 (2021: £206,700); SPTC only bore a portion of these costs £18,733 (2021: £17,118).

Redundancy/termination payments

These totalled £Nil for the year (2021: £774), and include statutory payments as well as ex-gratia amounts where these were considered appropriate.

This includes SPTC's share of any Central Services redundancies.

7. Intangible fixed assets

COST
Opening balance at 1 January 2022
Additions
Disposals
Closing balance at 31 December 2022		 Computer
Software
£
21,860
742
-
22,602

As at the 31 December 2022, this asset is yet to be brought into use and therefore no amortisation has been charged for the period.

8. Tangible fixed assets

COST
Opening balance at 1 January 2022
Additions
Disposals
Closing balance at 31 December 2022
DEPRECIATION
Opening balance at 1 January 2022
Charge for 2022
Disposals
Closing balance at 31 December 2022
NET BOOK VALUE
At 31 December 2021
At 31 December 2022		 Computer
Equipment
Furniture &
Fittings
Other
Equipment
£
£
£
25,204 17,529 56,288
- - -
- - -
25,204 17,529 56,288
22,740 17,529 52,806
1,471
- 2,063
- - -
24,211 17,529 54,869
2,464
- 3,482
993
- 1,419		 Total
£
99,021

-

-
99,021
93,075
3,534

-
96,609
5,946
2,412

19

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements For the year ended 31 December 2022

9. Debtors
Trade debtors
Prepayments and accrued income
Sundry debtors
Balance owed by St Mellitus College
10. Cash at bank and in hand
Cash at bank
11. Liabilities: Amounts due within one year
Creditors for goods and services
Balance owed to HTB
Balance owed to Alpha
Taxation and social security
Accruals and deferred income
Total
All deferred income relates to student fees and will be released in the following financial year.
12. Liabilities: Amounts due in greater one year
Church of England Funded Pension Scheme liability (see note 18)
13. Analysis of net assets by fund
2022
Fixed assets
Intangible assets
Debtors
Cash at bank and in hand
Liabilities
Total
2021
Fixed assets
Intangible assets
Debtors
Cash at bank and in hand
Liabilities
Total		 2022
£
6,958
156,366
237
113,619
277,180
2022
£
681,863
2022
£
3,806
25,520
31,734
29,179
170,078
260,317

2022
£
-
£
£
2,412
-
22,602
-
277,180
-
681,863
-
(260,317)
-
723,740
-
£
£
5,946
-
21,860
-
313,564
-
176,088
-
(165,291)
-
352,167
-
General
funds
Restricted
funds
Restricted
funds
General
funds		 2021
£
6,946
100,017
154
206,447
313,564
2021
£
176,088
2021
£
7,197
17,641
-
29,793
101,661
156,291
2021
£
9,000
Total
2022
£
2,412
22,602
277,180
681,863
(260,317)
723,740
Total
2021
£
5,946
21,860
313,564
176,088
(165,291)
352,167

20

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements

For the year ended 31 December 2022

14. Restricted funds

Transfer to
Opening
Unrestricted
Balance
Income
Funds
Expenditure
2022
2022
2022
2022
£
£
£
£
-
954,000
-
(954,000)
St Mellitus College- funding for college development
-
20,514
-
(20,514)
Total Restricted Funds
-
974,514
-
(974,514)
Transfer to
Opening
Unrestricted
Balance
Income
Funds
Expenditure
2021
2021
2021
2021
£
£
£
£
488
-
-
(488)
-
68,667
-
(68,667)
Total Restricted Funds
488
68,667
-
(69,155)
2021
2022
Church Revitalisation Trust- funding for Peter & Caleb
streams, and for the general growth and development of the
college
World wide leadership training- funding for media
resources, youth training and lectures
Support of Peter Stream- funding towards Peter Stream
Ministry		 Transfer to
Opening
Unrestricted
Balance
Income
Funds
Expenditure
2022
2022
2022
2022
£
£
£
£
-
954,000
-
(954,000)
St Mellitus College- funding for college development
-
20,514
-
(20,514)
Total Restricted Funds
-
974,514
-
(974,514)
Transfer to
Opening
Unrestricted
Balance
Income
Funds
Expenditure
2021
2021
2021
2021
£
£
£
£
488
-
-
(488)
-
68,667
-
(68,667)
Total Restricted Funds
488
68,667
-
(69,155)
2021
2022
Church Revitalisation Trust- funding for Peter & Caleb
streams, and for the general growth and development of the
college
World wide leadership training- funding for media
resources, youth training and lectures
Support of Peter Stream- funding towards Peter Stream
Ministry		 Closing
Balance
2022
£
-
-
-
Closing
Balance
2021
£
-
-
488
68,667
-
(69,155)		 -

15. Commitments

On 14 December 2018, the SPTC board agreed to pay the unfunded costs of the emergency spire repair work carried out in 2017 and 2018 at St Jude's Courtfield Gardens. These payments could be accelerated at the board's discretion, however the original intent was for SPTC to pay the Church Renewal Trust £70,000 per annum, over a period of ten years starting in 2019.

During 2021, SPTC's commitment was paused until 2024, due to a £225,000 gift from St Mellitus College to CRT1. A £250,000 gift was received by CRT1 during 2022, and has further reduced SPTC's commitment to end mid-2025. In light of this reduction, SPTC agreed to pay an additional amount towards the interest cost of the loan.

Not later than one year
Later than one year but not later than five years
Later than five years		 2022
£
-
98,317
-
98,317		 2021
£
-
210,000
125,000
335,000

21

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements For the year ended 31 December 2022

16. Related Parties (see Related Entities, note 17)

None of the trustees were reimbursed expenses during the year (2021: none).

TRUSTEE RELATED TRUSTEESHIPS REMUNERA-
TION FOR
NON
TRUSTEE
SERVICES		 RELATED PARTY
PAYMENTS
Nicky Gumbel (resigned 31 August 2022) Alpha International (Trustee & Member), Holy
Trinity Brompton (Trustee until 31 August
2022), Church Revitalisation Trust (Trustee &
Member until 31 August 2022), The Church
Renewal Trust (Trustee & Member) and St
Mellitus College Trust (Trustee until 16
January 2023).		 £Nil (2021:
£Nil)

 None
Andrew Brydon Holy Trinity Brompton (Trustee), Church
Revitalisation Trust (Member) and Alpha
International (Member).		 £Nil (2021:
£Nil)		 None
Jeremy Jennings The Church Renewal Trust (Trustee until 25
August 2022) and Alpha International
(Member).		 £Nil (2021:
£Nil)		 None
Angus Winther Holy Trinity Brompton (Trustee &
Churchwarden), Church Revitalisation Trust
(Trustee), St Mellitus College Trust (Trustee),
Church Renewal Trust (Trustee from 28
August 2022), Ecclesiastical Insurance
Office PLC (Director) and Benefact Group
PLC (known as Ecclesiastical Insurance
Group PLC until 7 March 2022 - Director).		 £Nil (2021:
£Nil)
 Ecclesiastical acts as
insurers to the HTB Group.
The 2022 insurance
premium for SPTC
amounted to £6,575 (2021:
£6,008).
Genevieve Mensah Church Revitalisation Trust (Member), Holy
Trinity Brompton (Trustee), Church Renewal
Trust (Trustee from 29 August 2022) and
Alpha International (Member).		 £Nil (2021:
£Nil)		 None
Kathleen Chew Alpha International (Trustee). £Nil (2021:
£Nil)		 None
Archie Coates Church Revitalisation Trust (Trustee), St
Mellitus College Trust (Trustee), St Peter's
Brighton (Trustee - resigned 31 August
2022), Alpha International (Trustee -
appointed 24 March 2022), Church Renewal
Trust (Trustee - appointed 25 March 2022)
and Holy Trinity Brompton (Trustee -
appointed 1 September 2022).		 £Nil (2021:
£Nil)		 None
Sarah Jackson None £Nil (2021:
£Nil)		 Sarah Jackson is the CEO of
CRT, a related entity. See
note 17 for disclosure of
transactions between SPTC
and CRT.

The total donations made by trustees during 2022 were £20,000 (2021: £Nil).

22

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements For the year ended 31 December 2022

17. Related Entities

ENTITY INCOME EXPENDITURE BALANCE
OWED TO/
(FROM) SPTC
AT YEAR END		 NOTES
The Church Renewal Trust (CRT1) £Nil (2021: £Nil) £Nil
(2021: £Nil)		 £Nil (2021:
£Nil)		 The Church Renewal Trust
was responsible for the
development of St Jude's,
Courtfield Gardens which
was officially opened on 27
November 2012 as the new
home of SPTC and SMC.
CRT1 holds the lease of 125
years on St Jude's with the
Diocese of London. In 2018
CRT1 finished repair of the
tower and spire at St Jude's,
Courtfield Gardens. SPTC's
service fee commitment
towards these repairs is
outlined in note 15.
Church Revitalisation Trust (CRT) £954,000
(2021: £68,667)		 £Nil (2021: £Nil) £Nil (2021:
£Nil)		 The 2022 grant from Church
Revitalisation Trust was in
support of the Peter & Caleb
Streams, and for the growth
& development of SPTC
during the 2022 financial
year.
St Mellitus College Trust (SMC) £1,758,229
(2021: £1,793,743)		 £363,186
(2021: £188,173)		 £113,619
(2021:
£206,447)		 SPTC has a very close
working relationship with St
Mellitus College; SMC pays
a portion of student income
to SPTC, and SPTC
reimburses SMC for a
portion of shared costs. The
governing structure of SMC
stipulates that the board
should include nominees of
the SPTC board and during
2022 these were Revd Nicky
Gumbel (resigned 23
January 2023), Mr Angus
Winther and Revd Archie
Coates.
St Peter's, Brighton £NIL (2021: £NIL) £10,300
(2021: £NIL)		 £NIL
(2021: £NIL)		 Reverend Archie (Richard)
Coates, the Vicar and
Trustee of St Peter's
Brighton (until 31 August
2022) and the Vicar and
Trustee of Holy Trinity
Brompton (from 1 September
2022) is also a Trustee of
SPTC, SMC, CRT2, CRT1
and AI. SPTC paid an
unrestricted grant to St
Peter's Brighton during the
year.
Alpha International (AI) £NIL (2021: £NIL) £34,354 (2021:
£NIL)		 (£31,734)
(2021: £NIL)		 During the year, SPTC
bought tickets for ordinands
to attend the Leadership
Conference 2023.

23

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements For the year ended 31 December 2022

18. Pension liability note

St Paul's Theological Centre participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme�s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year (2022: £44,135 2021: £51,274), plus the figures in the table below as being recognised in the SOFA, giving a total charge in 2022 of £35,135 (2021: £49,274).

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

Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) were as set out in the table below. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022. Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was in surplus.

As at 31 December 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the table below. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme�s rules.

January 2021
% of pensionable stipends January 2018 to to December
December 2020 2022
Deficit repair contributions 11.9% 7.1%

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below.

2022 2021
Balance sheet liability at 1 January 9,000 11,000
Deficit contribution paid (5,000) (9,000)
Interest cost (recognised in SOFA) - -
Remaining charge to the balance sheet liability* (recognised in SOFA) (4,000) 7,000
Balance sheet liabilityat 31 December - 9,000

24

ST PAUL'S THEOLOGICAL CENTRE

Notes to the financial statements For the year ended 31 December 2022

18. Pension liability note (continued)

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.

December December December
2022 2021 2020
Discount rate n/a 0.0% 0.2%
Price inflation n/a n/a 3.1%
Increase to total pensionable payroll n/a -1.5% 1.6%

The legal structure of the Scheme is such that if another Responsible Body fails, St Paul's Theological Centre could become responsible for paying a share of that Responsible Body�s pension liabilities.

25