DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 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 2023 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Financial statements for year ended 31 December 2023 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 15-26 ## **the year ending 31 December 2023** ## **Reference and administrative information** Company number: 5543940 Charity Registration Number: 1111609 Principal and Registered Office: Holy Trinity Brompton, Brompton Road, London, SW7 1JA. Trustees: Angus Winther Michael Lee (Treasurer) Andrew Brydon Genevieve Mensah _(resigned 23[rd] March 2023)_ Revd Helen Shannon Jacintha Tagal Dr James Orr Jeremy Jennings _(resigned 9[th] January 2024)_ Kathleen Chew Revd Miles Toulmin (Vice Chair) Revd Richard Coates (Chair) Revd Sarah Jackson Company Secretary: Mr Jon 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, as laid out in its governing document, is to provide theological education on all aspects of the Christian life and faith in accordance with Biblical principles. The vision of SPTC) is to help bring theology back into the heart of the church and with this in mind it has four related aims: 1. To provide training in theology and Christian practice for lay people. 2. To establish a new opportunity for Church leadership training. 3. To be a theological 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 2023 in pursuit of our aims: 1. **Lay training** : We continued to deliver the range of programmes we offer at introductory, undergraduate and postgraduate level. In 2023, 86 students not pursuing ordination were engaged in these programmes. In September 2023 we relaunched youth ministry provision at our London Centre as a distinct offering within the independent undergraduate programmes, with 6 students in the first year of the programme. We also launched a new option for independent undergraduate students at any SMC centre to focus on Emerging Generations. 1 ## **the year ending 31 December 2023** ## **Objectives and activities** _**(continued)**_ 2. **Introductory programme:** In academic year 22/23 the decision was made to pause School of Theology (SoT) while a period of review was undertaken. In September 2023 a new introductory provision (BT) was relaunched in partnership with SMC and HTB , 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. Beginning Theology is offered as termly 8-week courses covering the basic principles of theology, faith and biblical study. It is delivered online on Tuesday evenings and in-person at Courtfield Gardens on Thursday evenings with different content at each delivery point. Online delivery allows accessibility to a far greater audience, and is also being utilised as part of a pilot discernment track for the Pentecostal Church, while in-person offering has been particularly promoted as a discipleship resource for HTB Church. In the autumn 2023, Beginning Theology In-Person focussed on Bible Basics, with 196 students (98 of whom signed up for a full year), while Beginning Theology Online focussed on the theme 98 signed up for a year). 3. **Ordination training and discernment** : - Having pioneered context-based theological training when launched in 2007, innovation is at the core of the college and we want 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. In September 2023 we had 123 ordinands training at SPTC as part of SMC. In 2023 we continued to deliver our new afternoon programme , 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. To date 30 candidates have journeyed through the stream, with a total of 36 candidates joining the stream in September 2023, across both the London and SMC East Midlands Centres. A review of the stream and its delivery is being undertaken in 2024. - The Peter Stream is a year-long 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 reasons. In June 2023 19 candidates completed the Peter Stream year. In September 2023 the stream was expanded to be offered in SMC East Midlands in addition to London, with a total of 20 new candidates joining the Peter Stream. ## 4. **Developing theological resources:** - Godpod - Theological discussions on current issues are available via a monthly podcast called Godpod which has around 2,500-3,000 regular subscribers. During 2023 a review of GodPod was undertaken and in the autumn it took a pause from its regular schedule ahead of a relaunch in 2024 in partnership with Seen & Unseen, part of the Centre for Cultural Witness. By December 2023 it had released 185 episodes and had over 1.4million downloads. - School of Theology Streamed In 2016 we launched 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 group 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, programme of dispersed learning has steadily grown since then and - we now deliver content across the globe. - In 2016 SPTC Malaysia was launched offering Theological Study and Ordination Training. In September 2023, 85 students were enrolled, and the student body represented 20 churches. 2 ## **the year ending 31 December 2023** ## **Objectives and activities** _**(continued)**_ 5. **Resourcing the HTB Group:** - SPTC is working especially closely with the HTB discipleship team on the relaunch and delivery of Beginning Theology In Person to support its congregation and post-Alpha attendees to grow in their faith and deepen their understanding of the Bible. 75% of Beginning Theology In-Person and 20% of Beginning Theology Online attendees in Autumn 2023 were from HTB. - In 2022/23 academic year, a quarter of ordinands in training at SMC were placed at HTB network churches and by September 2023 29% of our ordinands were placed in 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 candidates. - We have continued to work closely with Revitalise Trust (previously CRT) in the development and delivery of the 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 pursuit of the mind is celebrated. In 2023 we celebrated two staff members being promoted to as part of our staff development and progression process - Dr Sara Schumacher and Revd Dr Mark Scarlata - the latter of whom was also nominated in the longlist for the Michael Ramsey Prize for his recently published book on Leviticus. ## **Public benefit** Public Benefit" and have had regard to it in their administration of the resources of SPTC. In shaping our objectives for the 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 for the 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 individuals and society as a whole. ## **Plans for future periods** SPTC aims to continue its successful partnership with SMC providing high quality theological training in the UK and internationally. SPTC has the following aims for the forthcoming year: 1. To continue to support the development of high-quality theological training through SMC. 2. To continue to develop and accelerate engagement with new models of training such as the Peter and Caleb Stream. 3. To continue to make available theological resources to international partners and affiliates, including to review and refine the delivery of the Caleb Stream for viability, feasibility and sustainability. 4. To refine the financial and operational model to ensure ongoing sustainability for the future. This includes exploring 5. To deliver a full pilot year of the new introductory provision Beginning Theology in partnership with HTB discipleship. 3 ## **the year ending 31 December 2023** ## **Remuneration policy, 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, irrespective of seniority, informed by the following: - Fairness; without discrimination and with an intention of cross-entity parity. - Differentiation; 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 and the Real Living Wage for UK regionallybased staff. The HTB Group entities (SPTC)) 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 entities. -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 RemCo). In order to maintain a unified approach, Group and Global RemCo interface through the HTB Group COO who sits 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 whilst acting within the group remuneration framework. ## **Financial review** SPTC generated income of £2,829,212 (2022: £2,820,419) comprising mainly income from courses of £1,466,660 (2022: £1,672,148). Independent student income from Mid-week courses decreased to £285,863 (2022: £422,176) and income from Ordinands decreased to £920,815 (2021: £1,038,059); Peter and Caleb Stream course income increased to £258,032 (2022: £200,787), due to an increase in Caleb Stream student numbers. In addition, there were donations and gifts received of £1,288,311 (2022: £1,097,498), including a one-off donation of £950,000 (2022: £954,000), given to specifically support the growth and development of the college during the year, and for support of the Peter & Caleb Streams. SPTC usually expects a slight shortfall on costs each year (which is then covered by donations); however, due to such generous donations during 2023 and cost savings which were made throughout the year, SPTC ended 2023 with a surplus on unrestricted funds of £375,451 (2022: £371,572). SPTC has a future financial commitment to the Church Renewal Trust a building, 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 this 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 (ending 2028) 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 £225,000, and in 2022, the London Diocese contributed £250,000 towards the spire repair work. These donations relieved SPTC of their annual commitment to contribute until 2024. During 2023, it was agreed that SPTC's commitment would be paused for an additional year, with payments resuming in 2025. ## **Policy on reserves** The board updated the SPTC policy on reserves during 2022, 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, which is £462,038 based on the 2024 budget, with additional reserves being available to offset any future funding gaps. Free reserves at 31 December 2023 were £1,087,870 (2022: £698,725). 4 ## **the year ending 31 December 2023** ## **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 fundraising to ensure the protection of the public, including vulnerable persons from unreasonably intrusive or persistent 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 contact the Charity Commission for advice and guidance. No complaints of this nature relating to fundraising were received in 2023. SPTC has responded to the General Data Protection Regulation (GDPR), introduced in May 2018, and continues to monitor the use of data carefully, 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 15 and 16 of the financial statements. ## **Structure, governance and management** 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 trustees are also 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 trustees 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 and 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. 5 ## **the year ending 31 December 2023** ## **responsibilities** Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state 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 (SORP) applies and has been followed, subject to 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 records which disclose, 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: 1. - unaware; and 2. The trustees have taken all the steps that they ought to have taken as a trustee to make themselves aware of any ## **Risk management** The trustees have conducted a review of the major risks to which the charity is exposed. A risk register has 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 and mitigations identified by the board is set out on page 7. This report was approved by the board on 2024, and signed on its behalf by The Reverend Archie Coates Chair of the board of trustees 6 ## **the year ending 31 December 2023** ## **Schedule of Major Risks** ||**Potential Risk**|**Mitigation**| |---|---|---| |1.|Loss of confidence by stakeholders,
including but not limited to its
students, due to the behaviour of
senior leadership or staff members.|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.| |2.|Lack of clarity over the relationship
between SPTC and SMC could result in
poor governance and difficulties in
decision making between the two
entities.|A close and effective relationship exists 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 entities. Conflicted trustees are
excluded from the decision-making process where appropriate.| |3.|Harm comes to visitors or staff due to
lack of appropriate and compliant
Health & Safety procedures.|Internal and external H&S advisors monitor and report on risk areas
identified.
Regular H&S reporting takes place at senior management meetings.
Staff trainingin keyH&Sprocedures is ongoing.| |4.|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.|Significant investment has been made in upgrading digital and
technology systems, including moves to largely cloud-based systems
which has increased resilience. We demonstrated during the pandemic
our ability to respond flexibly and quickly in a crisis to organisational
needs.| |5.|Lack of adequate quality control
results in reduced student numbers
and loss of income.|Working closely with Dioceses of the Church of England who provide a
core of the student numbers through ordination.
SMC is subject to regular external reviews from Ministry Division and
the Quality Assurance Agency.
SMC has a Registrar and Academic Administrator who are responsible
for ensuringongoingmonitoringand review.| |6.|Changes in Church of England
practices may potentially lead to a
reduced number of people presenting
for ordination training.|Actively recruit more non-ordinand students to offset any drop in
ordinand numbers.| |8.|Cyber security risks continue to
increase rapidly with changes in
technology, creating risk of data
security breaches, impacting our
ability to operate and potential
significant financial loss.|Continuous review of risks, education of staff and ongoing investment
in technology solutions which counter this risk.| |9.|Operating and financial model are not
sustainable.|Fundraising activities will meet needs over the next few years.
The financial team have developed a plan of approach which includes a
clear timeline of data gathering, reporting to key stakeholders and
modelling options, with the intention of arriving at a three year plan to
sustainability.
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
pandemic and seeing what can be replicated, and testing boundaries of
provision with Durham Universityand National MinistryTeam.| 7 ## **CENTRE** ## **Opinion** We have audited the financial statements of ended 31 December 202 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: - give a true and fair view of the state of the char s affairs as at 31 December - 202 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 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: - the information given in statements are prepared is consistent with the financial statements; and - been prepared in accordance with applicable legal - requirements. ## **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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or by law are not made; or - we have not received all the information and explanations we require for our audit; or the trustees were not entitled to take advantage of the small companies exemption from preparing a Strategic Report. ## **Responsibilities of trustees** As explained more fully in page , 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: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attentio in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are events or conditions may cause the charitable company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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: - We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. - We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. - Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 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: 11 September 2024 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE STATEMENT OF FINANCIAL ACTIVITIES Fortheyear ended 31 December2023 Unrestrkted fund5 2023 Restrfcted funds 2023 Total JThds 2023 Total fund6 2022 INCOM 938 1,096.560 Colléctions, donationsand grsnts 306.275 981,005 1.287,2BO 307.3 981,005 1,097.498 Inv*&trll*nt itttomè 1.456 Intome from chaiitsb14 activth8# Evènino ctufses Mithweek COurSè5 Mithweek COurSèS- ordinands Pèter & CÉlèb Stream C4JutsèS Other incotne Including Dverseas hub$ Income frcth $￿ce rental 1.950 285.863 920.815 25B.032 21.53B 40.992 1,529.188 1,950 285,863 920,815 258,032 21,536 40,992 1.529,188 11.125 422.176 1,038.059 200.787 1S.014 33.303 TOTAL INCOME 1,848.207 981,005 2.829,212 2,820.419 EXPENDITURE Costs Df raising fund 42,159 42,159 41.543 Evpning coursps Mi(kwe8k cours Wider mini$try of SPTC Dev8lopm&nl of ￿te 56.947 1,213,180 37.928 92,542 1,430,597 86,947 2.194,185 37,928 92,542 2.411,802 66.67E 2,211.407 38.914 94.305 2,411.304 981,005 981,005 TOTAL EXPENDITURE 1,472,75$ 9B1,005 2.453,761 2,452.B47 N•toper*ing incorng I lexpBnditure 375.451 375,451 367.572 Gain i Il¢pS81 M multi-employer pension $ChèmÈdefititreduCtion plan 17 4.OOD Net IncomÈl lexpehdkurel And net mo¥ement In fund9 375.451 375.451 371.572 Funds broughlforward al 1 January 723.739 723,739 352.167 Fundscaffled foward al 31 D￿eMb￿r 1,099,190 1.099,190 725 739 All arnount8 aTe derivth from continuing acbvities. Thp notes on page8 15 to 26 lortn partolthpse financial statements. 411 rewgn1$9d gains 8nd lfyssesare included Inth8 $tatstnenl of financial xbvitie$. Th$ statsm9nl of financial actwilie$ also ￿￿FIl93￿1lh the re9uiremgnl foran income and expenditure account underthè CompBnEsAct2006. DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE BALANCE SHEET As at 31 December 2023 Norte 2023 2022 FIXED ASSETS Intangible assets 11,301 22.602 Tanyible fixed a$$ets 19 2.412 Total fixed a88ets 11,320 25,014 URRENT ASSETS Debtor8 292,567 2TT.180 ash at bank and Tn hand 10 1.151,351 681.862 Total current assets 1.443,918 959.042 LIABILITIES- AMOUNTS FALUNG DUE WITHIN ONE YEAR 11 356,0481 1260,3171 NET CURRENT ASSETS 1.087,870 698.725 NET ASSETS 1,099,190 723,739 FUNDS Unrestricted General fund$ 12 1.099,190 723.739 Re5trictsd 13 1.099,190 723.739 Registereil No. 5543940 Approved by the Board on 22nd May 2024 and $1gned on Its behaff by". The Rev'd Archie Coatas Chaimian of the board of trustees The notes on pages 15 to 26 form part of these finan¢ial ststements. DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE STATEMENT OF CASHFLOWS For the year ended 31 December 2023 Note 2023 2022 Net income I lexpenditurel 375,451 371,572 Adjustments for.. Amortisalion Depreciation Ilncreasel I decrease in debtors Increase I Idecrea5el in creditors 11,301 2,393 115,3871 95,731 3,534 36,384 95,026 Net cash inflow I loulflowl from operating activities 469,489 506,516 Investin Activities (Purchase) / disposal of intsngible fixed assets 17421 Increase I Idecreasel in cash and cash equivalents 469,489 505,774 Cash brought foNard at 1 January 681,862 176,088 Cash carried forward al 31 December 1,151,351 681,862 The Charity has no net debt and accordingly no nel debt note is presented. DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 1. A¢counting poli¢ie¥ Basls of aratlon These financial staternents are prepared on a going COn￿M basis. under the historical cost convenb"on. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its linanoal statements in accordance with the Staternent of Recommended Practi￿ applicable to ch8rities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 chaith.es SORPI, the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the ch8rit8ble company. Monetary amounts in these financial statements are rounded to the nearest wund. Funds General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available lor application on the general purposes of the charity. Funds designated for a particu18r 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 liabilits'es lor which the Charity is responsible in law. Goin eoneern The trustees have assessed whether the use ol the going concern basis is appropriate and have considered possible events or conditions th* might c8st significant doubl on the ability of the charity lo conbnue as a going Con￿￿. The trustees have m8de 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 chariys forecasts and have taken account of pressures on fee income. After making enquiries. the trustees have concluded that there is 8 reasonable expectation that the charty has adequate resources to continue in operation lor the foreseeable future. The charity therefore continues to adopt the going concem basis in preparing its financi81 statements. Income Voluntary Income and capltal sources Planned giving receivable under Gift Aid is rewgnised when the charity 15 notified of its legal enlillemenl. the amount due is quantifiable and its ults'mate receipt by the charity is probable. Income tax recoverable on Gift Aid donations is recognised when the income is received. Giants and legacies to the Charity ale accounted for as soon as the Charity Is notilied of its legal entitlement, the 3mount duè is quantifiable and its ultimate re￿Ipt by the charity is probable. Ineome from investments Interest entitlements on bank accounts ale accounted for as they acciue. enditure Pension eosts SPTC m8kes av3ilable 8 defined contribution pension scheme for staff. SPTC also participates In the Church of England Funded Pension Scheme lor Stipendiary Clergy Isee note 171. All pension costs a￿ charged in the fi'nancial statements as they fall due. Expendlture Expenditure is charged to the Statement of Financial Activities as it falls due. and is analysed according to its nature between the following Expenditure on raising funds Expenditure on charitable activities As reflected in note 18 (Related Entities). a strong partnership and working relationship is enjoyed bebNeen Holy Trinity Brornpton IHTBI, Alpha Internation81 (All. St Paul'5 Theological Centre ISPTCI and Revit8115e Trust (previously known 35 the Church Revit81i53tion TrustlCRTI. Shared seNice costs (known as Central Services) are borne by HTB and then recharged to the other charities using the most appropriate diiver for each service cost type. These support costs ale then allocated between chairtable aotivities based on estimates of the resources employed by Central Services towards each ol these activits"es. 15 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 1. Accounting policies {continuedJ Fixed assets The charity capitslises any fixed assets over £1,000. These assets are depreciated on a straight line basls over their estimated useful economic lives. The periods used are as follows Computer equipment.. 2 years Furniture & fith"ng5 3 years Other equipment.. 3 years Intsn ible assets Sothvare 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 85 debtors after providing for arnounts that it is thought may prove uncollectable. Cash and c8Bh e uivalents Cash and cash equivalents indude cash in hand and dep051ts held 8t call with banks. Financial instrum8nts The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. ol FRS 102 to all of its fi'nancial instruments. Financi81 instruments 8ie recognised in the ch8riVs b818nTr sheet when the charity becomes paty to the contractu81 provisions of the instrument. Finanual 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 recogni5ed amounts and there is an intention to settle on a net basis or to realise the asset and setue the liability simultaneously. With the exceptions ol prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes g and 11 ft>r the debtor and creditor balan￿$. Credltors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer ol funds to a third party and the amount due to setue the obligation can be measured or estimated reliably. eratin lease Rentals paid under operating leases are charged to the statement ol financial activrties on a straight line basis over the lease term. Government rants Grants ielating to ievenue are recognised in income on a systematic basis over the periods in whith the entity recognises the associated costs lor which the grant is intended to compensate. Critical accountin estimates and areas of -ud ement In preparing financial statements it is necessary lo make certain judgements, estimates and assumptions th* affect the arnounts 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 linanryal statements.. lil Useful Economic Lives The annual depreciation charge for property. plant and equipment is sen51tive to change in the estimated useful economic lives and residual value ol assets. These are reassessed annually and arnended were necessary to reflect current circumstanTrs. lill Pension Scheme Liability The pension liabilty ielie5 on 8ctu8ri818s5umptions15ee note 17 for furthei detsilsl. liiil Support Cost Allocation The allocation of support costs from Central Servi￿3 is based on estsmates of the resources used by Central Services on each ol these activities. 16 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 2. Comparative Statement of Financial Activities The following kble analyses 2022's income and expenditure between unrestricted and restricted funds.. Unrestricted funds 2022 Restricted funds 2022 Totsl funds 2022 INCOME Donations and le Gift aid Collections, donations and grants acies 938 122,046 122,984 938 1,096,560 1.097.498 974,514 974.514 Investment income 1,456 1,456 haritabl Evening courses Mid-week courses Mid-week courses- ordinands Petei & Caleb Stream cour5e5 Other income including overseas hubs Incorne from spaTr rental 11.126 422,176 1,038,059 200.787 16,014 33,303 1,721,465 11,126 422.176 1,038,059 200.787 16,014 33.303 1,721,465 TOTAL INCOME 1,845.905 974.514 2.820.419 EXPENDITURE enditure on raisin Costs of raising funds funds 41,543 41,543 Ex endlture on charftsble actlvltles Evening courses Mid-week courses Wider ministry of SPTC Development ol site 66,678 1,236.893 38,914 94.305 66,678 2.211.407 38,914 94,305 974.514 1,436.790 974.514 2.411.304 TOTAL EXPENOITURE 1,478,333 974,514 2,452,847 N•t oparating ineoma I laxp•nditur&l 367,572 367,572 Gain I Ilossl on multi-employer pension scheme defic4t reduction plan 4.000 4.000 Net income I lexpenditurel and net movement in funds 371.572 371.572 Funds brought forward at 1 January 352.167 352.167 Funds carried forward at 31 December 723,739 723,739 3. Costs of raising funds These are the costs incurred in fundraising. 17 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 4. Expenditure on charitable a¢tiviti Support costs for St Paul's Theological Centre have been allocated to the various courses, events and projects on the basis ol workload involved in running them. Support costs have been apportioned as follows." Evenlng Courses 2023 Weekday Wlder Mlnlstry St Jude's Courses (Hubs) Development 2023 2023 2023 Total 2023 Total 2022 Support ¢o$ts Legal 1.136 5,930 3,071 4.194 979 15,310 23.768 124,003 64.212 87.712 20,464 320,157 496 2,588 1,340 1.831 427 6,682 362 1,888 978 1.336 312 4,876 25,760 134,409 69,601 95.073 22,182 347,025 22,620 135,675 64,665 101.900 19.710 344,570 Finan HR Operations Direct ¢03ts Salaries and accommodation Other general management Church buildings Other dired costs 58,245 3,592 9.756 1,217.995 75,148 204,020 376.867 1.874,028 25,420 1,568 4.258 18.546 1,145 3,106 64.869 87,666 1.820,2(￿ 1,359,521 81,451 81,610 221.140 186.893 441.780 438.710 2,064,577 2,066,734 71,637 31,246 Total on Statement of Financial Activities 86,947 2.194,185 37,928 92,$42 2,411,602 2,411,304 As reflected in note 15 (Related parties). a strong partnership and working relationship is enjoyed be￿een HTB, AI, SPTC and Revitalise Trust. Al shared Support and Creative Setvice5 (known as Central Services) are allocated to each of the ch81ities using the most appropriate driver for each department in Central Serrfices. 5. Audit costs and depreciation 2023 2022 Net incomellexpenditurel is stated after Charging Auditorfs remuneration- current year estimats Other services provided 5.750 52 5,802 5.300 5.300 Depre¢i8ts'on 2.393 3.534 18 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 6. Staff ¢o¥t¥ 2023 2022 Wages and salaries Social security costs Pension costs 1,437,182 143.915 63,034 1,438,392 149.161 62,315 1.644,131 1.649.888 As disdosed in note 15 IRelated partiesl, there is a close working relationship be￿een HTB, AI, SPTC, and Revitalise Trust. The Central SeNi¢es staff who support all of the charities with 'back offi￿, functions are employed by HTB. and their costs (together with the cost5 of their departments) are allocated across the entities using the most appropriate basis lor each support service. The staff costs and information in this note includes the proportionate share ol these Central Services staff. as well as the relevant share of ministry staff who split their time across the charities due to the nature ol their roles. The costs ol some members ol the HTB clergy were cross-charged for work which was done for SPTC. However, as these clergy rnernbers are employed by the Diocese of London and not by HTB, their costs have not been included in the s818ry figures shown 8t)ove. The average monthly number of lull time equivalent employees was 3412022." 371. The number of employees whose total benefits (excluding pension) were greater than £60K was 312022". 31. as follows.. £60K-£70K bracket- 2 £70K-£80K bracket- 1 Central SetviTrs sl8ff are on the HTB payroll but serve HTB, AI, SPTC and Revtslise Trust- eaGh of which be8r a portion of their oosls. Relevant details ol their remuneration can be found in the 'Staff Costs, note in the HTB Finanaal Statements. None ol the trustees received remuneration lor servi￿$ as employees or consultants during the year, or for services as trustees12022.' £Nill refer to note 15 for further details. mana ement er50nnel The key management personnel ol SPTC comprises the Dean and the Chief Operating Officer. The total employee remuneration lincluding pension and employer NICI was £135.81312022". £125,317). The key rnanagement personnel ol the Central SeNices function which serves HTB, AI, SPTC. and Revitalise Trust cornprise the HTB Group Director of People. the HTB Group Chief Operating Ofticer and the HT8 Group Director of Finance. The total employee benelrts linduding pension and employer NICI of these key management personnel was £319,80012022.' £254,482).. SPTC only bore a portion ol these costs £24.77312022". £18.7331. Re(lundanc Itermlnatlon ments These totalled £NIl for the year12022. £NIll. and Include statutory payments as well as ex-gratia amounts where these were considered appropriate. This indudes SPTC'S shale of any Central Services redundancies. 19 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 7. Intsngible fixed a$¥et Computer Software COST Opening balar)ce at 1 January 2023 Addits'ons DIsp0581s Closing balance at 31 December 2023 22,602 22,602 AMORTISATION Opening balance at 1 January 2023 Charge lor 2023 Disposals Closing b818nce al 31 December 2023 11,301 11,301 NET BOOK VALUE At 31 Decernber 2022 22,602 At 31 Decernber 2023 11,301 8. Tangible fixed assets Computer Equipment Fumlture & Fittings Other Equipment Total COST Opening balance at 1 January 2023 Addibons DIsp05als Closing balance at 31 December 2023 25,204 17,529 56,288 99,021 25.204 17.529 56.288 99,021 DEPRECIATION Opening balance at 1 January 2023 Charge for 2023 Disposals Closing balance at 31 December 2023 24,211 993 17,529 54,869 1,400 ,609 2,393 25.204 17.529 56.269 99,002 NET BOOK VALUE At 31 December 2022 993 At 31 December 2023 19 19 9. Debtors 2023 2022 Trade debtors Prepayments and accrued income Sundry debtors Balance owed by St Mellrtus College 7.002 45,172 1.492 238,901 6.958 156,366 237 113,619 292.567 277.180 20 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 10. Cash at bank and In hand 2023 2022 Cash at bank 1.151.351 681.862 11. Liabilitiès= amounts duè within on• y&ar 2023 2022 Creditors for goods and services Balance owed to HTB Balance owed to Alpha T8xation and soci815ecuity Accruals and deferred income 5,436 14,087 3.8( 25.520 31,734 29.179 170.078 31.378 305.147 Tot81 356.048 260.317 All deleired income relates to student fees and will be released in the following financial year. 12. Analysls of net assets by fund General funds R•strict•d funds Total 2023 2023 Fixed assets Intangible assets Debtors Cash at bank and In hand 19 11,301 292,567 1,151.351 1356,0481 19 11.301 292,587 1.151.351 1356,0481 Tot81 1,099.190 1.099.190 General funds R•strict8d funds Total 2022 2022 Fixed assets Intangible assets Debtors Cash al bank and in hand 2,412 22,602 277,180 681,862 1260.3171 2,412 22,602 277,180 681,882 1260.3171 Total 723,739 723,739 21 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 13. Restrlcted funds Transfer to Unrestricted Fund¥ Expenditure 2023 2023 Openin9 Balan¢e 2023 Closlng Balance 2023 Income 2023 2023 Revitalise Trust- funding for Peter & Caleb streams. and for the general growth and development of the college 950,000 1950,0001 St Mellitus College- funding for college development 31.005 131.0051 Total Restricted Funds 981 005 981.005 Transfer to Unrestrlcted Funds Expendlture 2022 2022 Openlng Balance 2022 Closing Balance 2022 Income 2022 2022 Revitalis8 Trust- funding for Peter & Caleb streams, and for the general growth and development of the ¢o114e 954.000 1954.0001 St Mellltus College- funding foi college development 20,514 120,5141 Tol81 Restricted Funds 974 514 974 514 14. Commitments On 14 December 2018, the SPTC board agreed to pay the unfunded costs of the emergency spire repair work carried OLrt 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 ICRT11 £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. further reducing SPTC'S cornmittnent to end rnid-2025. In light of this reduction, SPTC agreed to pay a additional amount towards the interest cost ol the loan. During 2023, il was agreed that SPTC'S commitment would be paused lor an addition81 ye81. wth payments resuming in 2025. 2023 2022 Not later than one year Later than one year bui not later than five years Later than five years 98.317 98.317 98,317 98,317 22 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 15. Related parties (see Related entities, note 161 None ol the trustees were ￿1mbur$ed expenses during the year12022". none). REMUNEFiA- TION FOR NON TRUSTEE SERVICES TRUSTEE RELATED TRUSTEESHIPS RELATED PARTY PAYMENTS Andrew Brydon Holy Trinity Brompton ITrusteel. £Nil12022'. £Nill None Holy Trinity Brompton ITrustee & Churchwardenl. Revitalise Trust (Trusteel, St Mellitus College Trust ITrusteel, Church Renewal Trust ITtUSteel and Ecclesiastitr31 Insurance Office PLC (Director). Ecclesiastical acts as insU￿rS to the HTB Group. The 2023 insurance premium lor SPTC amounted to £6,51912022". £6,575). Angus Winther £Nil12022-. £Nill Genevieve Mensah (resign8d 23rd March 2023) Holy Trinity Brompton (Trustee until May 20231 and Church Renewal Trust (Trustee until May 20231. £Nil12022'. £Nill None Kathleen Chew Alpha International (Trusteel. £NIl12022-. £NIll None Revitalise Trust (Trusteel, St Mellitus College Trust ITrusteel. Alpha Intem8tional ITrusteel, Church Renewal Trust (Trusteel and Holy Trinity Brompton ITrusteel. Archie Coates £NIl12022-. £NIll None Sarah Jackson is the CEO of Revitalise Tiust, a related entity. See note 16 lor disclosure of transactions between SPTC and Revit81ise Trust. Sarah Jackson None £NIl12022'. £NIll The total donations made by trustees during 2023 were £2,00012022.' £20,000). 23 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 16. Related entities 8ALANCE OWED TOI IFROMI SPTC ATYEAR END ENTITY INCOME EXPENDITURE NOTES The Church Renewal Trust was responsible lor the development ol St Jude's. Courfield Gaiden5 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 wrth the Diocese of London. In 2018 CRT1 finished iepaii of the tower and spire at St Jude's, Courtlield Gardens. SPTC'S service fee commitment towards these repairs Is outlined In note 14. The Church Renewal Trust ICRT11 £NIl12022. £Nil12022. £Nil12022-. £Nill £950.000 12022 £954,0001 The grant from Revitalise Trust was in 5UPPOrt of the Petei & Caleb Stieatn5, and for the general growth & development ol the college. Revitalise Trust £Nil12022. £Nil12022-. £Nill SPTC has a very Glose working rel8b"onship with St Mellitus College,. SMC pays a portion of sludenl income to SPTC, and SPTC reimburses SMC for a portion ol shared costs. The governing structure of SMC stipulates that the board should include nominees of the SPTC board and during 2023 these were Revd Nicky Gumbel Iresigned 23 January 20231, Mr Angus Winther. Revd Archie Coates and Mrs Catherine Butcher. £1,917.675 £378.111 12022. £363,186) st Mellilus College Trust ISMCI £238,901 12022.. £113,619) £1.758.2291 Reverend Archie (Richard) Coates. the Vicar and TrLJStee of St Peterfs 8righton luntil 31 August 20221 and the Vicar and Trustee of Holy Trinty Brompton (from 1 September 20221 is also a Trustee of SPTC. SMC, Revita115e Trust. CRT1 and Al. SPTC paid an unrestricted grant to St Peter's Brighton during the prior year. £Nil 12022". £10.3001 St Peterfs, Brighton £Nil12022'. £Nil12022-. £Nill Alpha Intemational IAII £NIl12022. £Nil12022. £34.3541 There were no transactions between SPTC and Al during the year which require d15closure. 12022." £31.734 owed from) 24 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 17. Pension liability note st P8uI's Theologic81 Centre particip8t85 In the Church of Eng18nd Funded Pen5ion5 Schem8 for 5tipendi8ry clergy. a defined ben8fit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those ofthe Responsible Bodies. Each patticipating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to Fensionable 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 lor as If the Scheme were a defined contribution scheme. The pensions costs ch8rged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year, which were 240.933 In 202312022". £44.1351. plus any figures arising from contributions in respect ol the Scheme's deficit Isee below). The 2021 valuation showed the Scheme to be lully funded and as such in 2023, following the valuation results being agreed, the deficit conthbutions paid were £Nil12022." £5,000). A v8lu3tion of the Scherne Is c311ied out onTr every three ye8rs. The most recent Stheme v31u81ion completed was carried out at 31 December 2021. The 2021 valuation revealed a surplus of £56Om, based on assets of £2,720m and a funding target of £2,160m, assessed using the followng assumptions - An average discount rate 012.7% p.a.; RPI inflation of 3.e°/o p.a. land pension increases consistent wth this),. CPIH inflation in line with RPI less 0.8°h pre 2030 moving to RPI wrth no adjustment from 2030 onwards., InC￿aSe in pensionable stipends in line wrth CPIH., Mortality in accordance with 90Yo of the S3NA tables. with allowance for improvements in mortality rates from 2013 in line with the CM12020 exlended model with a long term annual rate of improvement of 1.5Q/ts, a smoothing parameter of 7. an initi818ddition to mortality improvements of 0.5 /0 pa and an allowance for 2020 data of Oyo li.e. w2020- 0¥01. Following finalisation of the 31 December 2021 valuation. deficit contributions ceased with effect from 1 January 2023. since the Scheme was lully funded. The deficit recovery contributions under the recovery plan in force at each 31 DeTrmber were as fo11ows'. % of pensionable stipends 31 December 2021 31 December 2022 31 December 2023 7.1% payable from January 2021 to December 2022 An interim reduction to deficrt contributions to 3.20h of pensionable stipends wa5 made wth effect from April 2022. and remained in place unts"l De￿mber 2022. For senior office holders. pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules. 25 DoGusign Envelope ID." DE0781BWA4E4454.B293-E3A2FB9C5FC2 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2023 17. Pension liability note (continued) Sectioll 28.11A of FRS 102 requires agreed deficit recovery payments to be recogni5ed 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 tsble below 2023 2022 Balance sheet liability at 1 January 9.000 Deficit contribution paid Interest C05t Iiecognised in SOFA) 15,0001 Retnaining charge to the balance sheet liabilty- Iiecognised in SOFA) Balance sheet liabili at 31 December 14.0001 'Cotnprises change in agreed deficit recovery plan. and change in discount rate and Inflation as5Utnpb"on5 belween yeai-ends. This liability represents the present value of the defiat contributsons agreed as at the accounting date and has been valued using the following assumptions No assumptions are needed for December 2022 85 there are no agreed deficit rewvery 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 2023 2022 2021 Discount rate Price inflation Increase to total pensionable payroll nla nl8 nla nla o.oy. 18 -1.5% nla The legal structure of the Scheme Is such that if another Responsible Body tsils. St Paul's Theological Centre could become responsible for paying a share of that Responsible 8ody's pension liabilities. 26