# 

## 



## 

## 

||**Page No**|
|---|---|
|**Administrative information**|1|
|**Report of the Governors**|**2 −8**|
|**Report of the Auditors**|**9−11**|
|**Statement of Financial Activities**|**12**|
|**Balance Sheet**|**13**|
|**Statement of cash flows**|**14**|
|**Notes to the Financial Statements**|**15 — 31**|





## 

## 

## 

## 

## 

## 



## 

## 



## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 



## 




## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 



## 

|||**Unrestricted**|**Restricted.**|**Endowment**|**2021**|**2020**|
|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**Total**|**Total**|
||**Note**|**£**|**E**|**£**|**£**|**£**|
|**INCOME**|||||||
|Tuition Fees & Accommodation|12|1,674,636|132,575||1,807,211|2,131,833|
|Charges|||||||
|Investment|3|79,440|3,666||83,106|82,389|
|Income|||||||
|Grants and Donations|4|82,433|40,519||122,952|48,273|
|Other Income|13|2,681|31,666||34,347|86,076|
|**TOTAL INCOME**||**1,839,190**|**208,426**||**2,047,616**|**2,348,571**|
|**EXPENDITURE**|||||||
|**Charitable activities**|||||||
|**Costs o f Providing**|14|1,885,328|175,930|92,266|2,153,524|2,290,175|
|**Education**|||||||
|**TOTAL EXPENDITURE**||**1,885,328**|**175,930**|**92,266**|**2,153,524**|**2,290,175**|
|**NET INCOME/(EXPENDITURE) **|**before**|**(46,138)**|**32,496**|**(92,266)**|**(105,908)**|**58,396**|
|**gains/losses**|||||||
|Unrealised gains on|5|393,709|21,438||415,147|56,566|
|investments||||.|||
|Realised gains on investments|5||||||
|**NET INCOME/(EXPENDITURE) **|**being**|**347,571**|**53,934**|**(92,266)**|**309,239**|**114,962**|
|**n e t m o v e m e n t in funds**|||||||
|**TRANSFERS BETWEEN**|8|22,487|(22,487)||||
|**FUNDS**|||||||
|**Reconciliation o f funds:**|||||||
|Funds brought forward|||||||
|a t 1st September 2020||4,004,826|797,258|424,269|5,226,353|5,111,391|
|**Funds carried forward**|||||||
|**a t 3 1 s t August 2 0 2 1**|8,9,10|**4,374,884**|**828,705**|**332,003**|**5,535,592**|**5,226,353**|





## 

|**BALANCE SHEET AS AT 3 1 s t AUGUST 2021**<br>**COMPANY NUMBER 05511503**|||||||
|---|---|---|---|---|---|---|
|||**2021**|||**2020**||
||**Note**||||||
|**FIXED ASSETS**|||||||
|Tangible Assets|2|' 2,107,773|||2,231,191||
|Investments|5|2,978,731|||2,551,100||
||||5,086,504|||4,782,291|
|**CURRENT ASSETS**|||||||
|Debtors|6|399,122|||318,124||
|Short term Deposits||5,757|||5,757||
|Bank and Cash in hand||175,312|||311,049||
|||580,191|||634,930||
|**CREDITORS**|||||||
|Amounts falling due within 1 year|7|(131,103)|||(190,868)||
|**NET CURRENT ASSETS**||||449,088||444,062|
|**TOTAL ASSETS LESS CURRENT**|||||||
|**LIABILITIES**|||5,535,592|||5,226,353|
|**NET ASSETS**|||**5,535,592**|||**5,226,353**|
|**CHARITY FUNDS**|||||||
|Endowment||||332,003||424,269|
|Restricted|8|||828,705||797,258|
|Unrestricted (inc Designated Funds)|10||4,374,884|||4,004,826|
|**TOTAL CHARITY FUNDS**|||**5,535,592**|||**5,226,353**|
|The notes on pages 14 to 31 form part of these financial statements.|||||||
|These financial statements were approved by the Board of Governors|||on|**.1%**|**/ i t /2021**|and are|
|signed on their behalf by:|||||||






## 

## 

||**Note**||**2021**|**2020**|
|---|---|---|---|---|
||||£|£|
|**Net Cashflow from operating activities**||20|(48,978)|(46,238)|
|**Property funds**|||||
|Payments to acquire fixed assets|||(157,381)|(25,209)|
|Payments to acquire investments|||(12,484)|(11,702)|
|Receipts from sales of investments|||||
|Interest received|||83,106|82,389|
|**Net cash flow from investing activities**|||(86,759)|45,478|
|**Net increase/(decrease) in cash and cash**|||(135,737)|(760)|
|**equivalents**|||||
|**Cash and cash equivalents brought forward:**|||316,806|317,566|
|**Cash and cash equivalents at year end:**|||181,069|316,806|
|**Cash and cash equivalents consists of:**|||||
|Cash a t bank and in hand|||175,312|311,049|
|Short term deposits|||5,757|5,757|
|**Cash and cash equivalents:**|||181,069|316,806|





## 

## 

## 

## 



## 

## 

|Land & Buildings −Leasehold|Nominal £10,000 for expiration of lease|
|---|---|
||4% on cost of major extensions and building works|
||10% on cost of refurbishments|
|Heating & plant|20% of cost|
|Motor vehicles|25% on cost written down to a minimum of**£1**|
|Audio visual equipment|33% on written down value or subsequent cost|
|Mowers & garden equipment|20% −33% on cost|
|Computers|33% on cost|
|All other furniture & equipment|20% −33% on written down value|





## 

## 



## 

|**TANGIBLE FIXED ASSETS**||||||
|---|---|---|---|---|---|
||**Long **|**Leasehold**||||
||**Land &**||**Furniture &**|**Heating &**||
|**Cost**|**Buildings**||**Equipment**|**Plant**|**Total**|
|Balance a t 1st September 2020|4,709,915||557,062|180,646|5,447,623|
|Additions|31,217||43,144|83,020|157,381|
|Disposals||−|(612)|−|(612)|
|Total cost a t 31 August 2021|4,741,132||599,594|263,666|5,604,392|
|**Accumulated depreciation**||||||
|Balance a t 1st September 2020|2,610,047||462,231|144,154|3,216,432|
|Charge for the year|185,021||78,665|17,111|280,798|
|Disposals|||(612)||(612)|
|Total depreciation a t 31 August 2021|2,795,068||540,284|161,265|3,496,618|
|**Net b o o k value**||||||
|**At 3 1 s t August 2021**|**1,946,064**||**59,309**|**102,401**|**2,107,773**|
|At 31st August 2020|2,099,868||94,831|36,492|2,231,191|
|**INVESTMENT INCOME**||||||
|||||**2021**|**2020**|
|Interest −Investment funds||||54,246|52,090|
|Interest−Property funds||||15,576|18,421|
|Interest −Fixed Interest Securities||||753|37|
|Interest on cash deposits||||48|139|
|Interest reinvested||||12,484|11,702|
|||||83,106|82,389|





## 

|**GRANTS AND DONATIONS**|||
|---|---|---|
||**2021**|**2020**|
|HMRC Job Retention Scheme ®|13,259|19,657|
|Archbishop Council|76,000||
|Methodist Diaconal Order ®|10,000||
|Queen's Methodist Chaplaincy Donation ®|8,000|8,000|
|St Augustine's ®|9,260||
|St John's College|3,144||
|Methodist Church||5,000|
|B Stanley||4,500|
|Grimmit Trust||3,000|
|P Emberton||3,000|
|St Boniface Trust (Mission)||2,624|
|S Millard||1,064|
|United Friends of Queens|759|687|
|Other donations £1,000 o r less|2,530|741|
||122,952|48,273|



||**FIXED ASSET INVESTMENTS**||||
|---|---|---|---|---|
||||**2021**|**2020**|
||Market value brought forward|S|2,551,100|2,482,832|
||Dividends received and reinvested||12,484|11,702|
|.|Purchase of Investments<br>Sale of Investments||||
||Profit on sale/redemption of investments||||
||Net unrealised profit on revaluation||415,147|56,566|
||Closing market value||2,978,731|2,551,100|
||Historical cost a t 31st August:||1,002,444|989,960|



||**2021**|**2020**|
|---|---|---|
|Investments a t market value comprise:|||
|Investment fund income shares|2,611,199|2,207,316|
|Property funds|341,387|316,936|
|Fixed interest securities fund income shares|26,145|26,848|
||2,978,731|2,551,100|





## 

|**DEBTORS**|||
|---|---|---|
||**2021**|**2020**|
|Debtors|305,467|242,845|
|Other Debtors|93,655|75,279|
||399,122|318,124|
|**CREDITORS −AMOUNTS DUE WITHIN ONE YEAR**|||
||**2021**|**2020**|
|Trade Creditors|61,938|55,609|
|Other Creditors|10,207|10,628|
|Tax & Social Security|18,069|20,407|
|Accruals & deferred income|40,888|104,224|
||131,103|190,868|



## 

## 

|||||||||
|---|---|---|---|---|---|---|---|
|**RESTRICTED FUNDS**|||**Movement in Funds**|||||
||**Balance**||**Incoming**|**(Expenditure)**||**Transfers In**|**Balance**|
|||||||**/(Out)**||
||**01/09/20**||**Resources**|**& Gains**|||**31/08/21**|
|Consolidated fund|140,221||3,666|21,438||(22,487)|142,838|
|Methodist Building Grants:||||||||
|Library Extension|240,451|||(22,118)|||218,333|
|New Building Refurbishment|88,400|||(6,800)|||81,600|
|Heating overhaul|198,457|||(24,807)|||173,650|
|Mission Centre Fund|57,530||||||57,530|
|Principals Discretionary Fund|4,594||6|(300)|||4,300|
|OFS|||31,660|(31,660)||||
|MEET|27,368||−|(250)|||27,118|
|P'ship in Theological Education|40,237||132,575|(58,737)|||114,075|
|HMRC IRS|||13,259|(13,259)||||
|Methodist Chaplaincy||−|8,000|(8,000)||||
|St Augustines||−|9,260||−||9,260|
|Methodist Diaconal Order||−|10,000|(10,000)||||
||797,258||208,426|(154,493)||(22,487)|828,705|





## 

||||||||
|---|---|---|---|---|---|---|
|**COMPARATIVES FOR RESTRICTED FUNDS**|||**Movement in Funds**||||
||**Balance**||**Incoming**|**(Expenditure)**||**Balance**|
||**0 1**|**/ 0 9 / 1 9**|**Resources**||**& Gains**|**31/08/20**|
|Consolidated Fund|132,303||3,521||4,397|140,221|
|Methodist Building Grants:|||||||
|Library Extension|262,569||||(22,118)|240,451|
|New Building Refurbishment||95,200|−||(6,800)|88,400|
|Heating overhaul|223,264||||(24,807)|198,457|
|Mission Centre Fund||57,530||||57,530|
|Principal's Discretionary Fund||4,975|19||(400)|4,594|
|OFS|||32,788||(32,788)||
|MEET||−|27,368|||27,368|
|Partnership in Theological Education|||100,000||(59,763)|40,237|
|HMRC JRS|||19,657||(19,657)||
|Queen's Methodist Chaplaincy Donation||−|8,000||(8,000)||
|Hardship fund||−|4,500||(4,500)||
|Grimmit|||3,000||(3,000)||
||775,841||198,853||(177,436)|797,258|



||**Unrestricted**|**Restricted**|**Endowment**|**Total**|
|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|
|Tangible Fixed Assets|1,302,187|473,583|332,003|2,107,773|
|Investments|2,835,893|142,838|−|2,978,731|
|Current Assets|367,908|212,283|−|580,191|
|Creditors −Within one year|(131,103)||−|(131,103)|
||4,374,885|828,705|332,003|5,535,592|





## 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|
|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|
|Tangible Fixed Assets|1,222,298|584,624|424,269|2,231,191|
|Investments|2,410,879|140,221|−|2,551,100|
|Current Assets|562,518|72,413|−|634,931|
|Creditors −Within one year|(190,869)||−|(190,869)|
|−After one year|−||||
||4,004,826|797,258|424,269|5,226,353|



## 

## 

|**Designated Funds**|||||||
|---|---|---|---|---|---|---|
||**Balance**|**Incoming**|**Resources**|Gains, (Losses)||**Balance**|
||**0 1 / 0 9 / 2 0**|**Resources**|**Expended**|**&Allocations**|**Transfers**|**31/08/21**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|AD 2062 Stephen|658,413|12,484||||670,897|
|Lloyd Fund|||||||
|Research Fund|86,498|||||86,498|
|Operating|||||||
|expense|||||||
|reserve|−|−|−|−|1,000,000|1,000,000|
|Church Workers'|195,531|−|−|−|(195,531)||
|Pension Fund|||||||
|Liability|||||||
||**940,442**|**12,484**|**•**||804,469|**1,757,395**|



|**Unrestricted Funds**|||||||
|---|---|---|---|---|---|---|
||**Balance**|**Incoming**|**Resources**|Gains, (Losses)||**Balance**|
||**01/09/20**|**Resources**|**Expended**|**&Allocations**|**Transfers**|**31/08/21**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Designated funds|940,442|12,484||−|804,469|1,757,395|
|Unrestricted funds|3,064,384|1,826,706|(1,885,328)|393,709|(781,982)|2,617,489|
||**4,004,826**|**1,839,190**|**(1,885,328)**|**393,709**|**22,487**|**4,374,884**|





## 

||**Balance**|**Balance**|**Incoming**|**Incoming**||**Resources**|Gains, (Losses)|Gains, (Losses)||**Balance**|
|---|---|---|---|---|---|---|---|---|---|---|
||**0 1**|**/ 0 9 / 1 9**|**Resources**|||**Expended**|**&Allocations**||**Transfers**|**,31/08/20**|
|||**£**||**£**||**£**|**£**||**£**|**£**|
|AD 2062 Stephen||646,711||11,702||||||658,413|
|Lloyd Fund|||||||||||
|Research Fund||101,454|||−|(14,956)||||86,498|
|Church Workers'||195,531|||−|||−|−|195,531|
|Pension Fund|||||||||||
|Liability|||||||||||
|||943,696||11,702||(14,956)||||940,442|
|**Comparatives for Unrestricted Funds**|||||||||||
||**Balance**||**Incoming**|||**Resources**|Gains, (Losses)|||**Balance**|
||**0 1**|**/ 0 9 / 1 9**|**Resources**|||**Expended**|**&**Allocations||**Transfers**|**31/08/20**|
|||**£**||**£**||**£**|**£**||**£**|**£**|
|Designated funds||943,696||11,702||(14,956)|||−|940,442|
|Unrestricted funds|2,875,250||2,138,016|||(2,001,051)|52,169|||3,064,384|
||3,818,946||2,149,718|||(2,016,007)|52,169|||4,004,826|
|**A current year 12 months and **|||**prior year **||**12 **|**months combined position is **|||**as follows:**||
|**RESTRICTED FUNDS**|||||||||||
|||||||**Movement in Funds**|||||
|||||**Balance**||**Incoming**|**(Expenditure)**||**Transfers**|**Balance**|
||||**0**|**1 / 0 9 / 1 9**||**Resources**|**& Gains**||**In / (Out)**|**31/08/21**|
|Consolidated Fund||||132,303||7,187|25,835||(22,487)|142,838|
|Methodist Building Grants:|||||||||||
|Library Extension||||262,569|||(44,236)|||218,333|
|New Building Refurb Heating||||95,200|||(13,600)||−|81,600|
|overhaul||||223,264|||(49,614)||−|173,650|
|Mission Centre Fund||||57,530|||||−|57,530|
|Principal's Discretionary||Fund||4,975||25|(700)|||4,300|
|OFS||||||64,448|(64,448)||||
|MEET||||||27,368|(250)|||27,118|
|P'ship in Theological Education||||||232,575|(118,500)|||114,075|
|HMRC IRS||||||32,916|(32,916)||||
|Methodist Chaplaincy|Donation|||||16,000|(16,000)||||
|St Augustines||||||9,260||−||9,260|
|Methodist Diaconal Order||||||10,000|(10,000)||||
|Hardship fund||||||4,500|(4,500)||||
|Grimmit||||||3,000|(3,000)||||
|||||775,841||407,279|(331,929)||(22,487)|828,705|



## 



## 

## 

|**Designated Funds**|||||||
|---|---|---|---|---|---|---|
||**Balance**|**Incoming**|**Resources**|Gains, (Losses)||**Balance**|
||**01/09/19**|**Resources**|**Expended•**|**&**|**Transfers**|**31/08/21**|
|||||Allocations|||
||£|£|**£**|**£**|**£**|**£**|
|AD 2062 Stephen Lloyd Fund|646,711|24,186||||670,897|
|Six months operating exp||||−|1,000,000|1,000,000|
|Research Fund|101,454||(14,956)|||86,498|
|Church Workers' Pension|195,531|||−|(195,531)||
|Fund Liability|||||||
||943,696|24,186|(14,956)||804,469|1,757,395|
|**Unrestricted Funds**|||||||
||**Balance**|**Incoming**|**Resources**|Gains, (Losses)||**Balance**|
||**01/09/19**|**Resources**|**Expended**|**&**|**Transfers**|**31/08/21**|
|||||Allocations|||
||**£**|**£**|**£**|**£**|**£**|**£**|
|Designated funds|943,696|24,186|(14,956)|−|804,469|1,757,395|
|Unrestricted Funds|2,875,250|3,964,723|(3,886,379)|445,878|(781,982)|2,617,490|
||**3,818,946**|**3,988,909**|**(3,901,335)**|**445,878**|**22,487**|**4,374,885**|



## 

|**INCOMING RESOURCES FROM CHARITABLE ACTIVITIES**|||
|---|---|---|
||**.2021**|**2020**|
|**Student Fees**|||
|Centre for Ministerial Formation|1,043,148|1,080,029|
|Centre for Black Theology|57,997|44,375|
|Centre for Discipleship Theology|110,165|41,754|
|Centre for Continuing Ministerial Education|52,413|74,844|
|Centre for Mission Studies|||
|Non Residential tuition|||
|Research|35,033|42,139|
||1,298,756|1,283,141|
|**Accommodation Charges**|||
|Accommodation|482,950|785,170|
|External Rents in|24,703|17,563|
|Conferences, guests etc.|801|45,959|
||508,455|848,692|
|**Total Fees & Accommodation Charges**|1,807,211|2,131,833|





## 

|**OTHER INCOME**|||
|---|---|---|
||**2021**|**2020**|
|OFS Income|31,660|28,605|
|Global Methodist Relationships (MEET)||27,368|
|Church of England Tier 4 Contribution||7,000|
|Church of England Disabled Student Reimbursement||19,917|
|Sundry Income|||
|Teaching & Learning|350|1,388|
|Campus Sundry Income|2,337|1,798|
||34,347|86,076|



## 

|**1 4 **|**ANALYSIS OF CHARITABLE EXPENDITURE**|||
|---|---|---|---|
|||**2021**|**2020**|
||Academic & Library Costs|1,046,339|1,147,782|
||Disabled Student Expenditure (Reimbursed)|13,691|20,117|
||Administrative Costs (excluding Governance)|410,099|350,043|
||Catering Costs|100,091|165,120|
||Domestic Costs|43,969|58,685|
||Premises Costs|517,677|524,796|
||Governance Costs|21,657|23,632|
|||2,153,524|2,290,175|
|**15**|**GOVERNANCE COSTS**|||
|||**2021**|**2020**|
||Salaries −operational staff|15,217|14,952|
||Audit fee|6,440|5,760|
||Auditors non audit fees||2,920|
|||21,657|23,632|
|**16**|**STAFF EMOLUMENTS**|||
|||**2021**|**2020**|
||Salary Costs|933,597|1,043,454|
||National Insurance|70,902|80,261|
||Pension Costs|109,292|130,266|
|||1,113,792|1,253,981|





||**2 0 2 1**|**2021**|**2020**|**2020**|
|---|---|---|---|---|
||**FTE**|**Number**|**FTE**|**Number**|
|Academic and Library|17.7|24.8|15.3|18.8|
|Administrative and Others|8.7|12.8|13.9|17.9|
||26.4|37.6|29.2|36.7|



||**2021**|**2020**|
|---|---|---|
|−|||



## 

||**2 0 2 1**|**2020**|
|---|---|---|
|**Principal Basic Salary**|||
|Per annum (to April 2021)|32,196|31,560|
|Per annum (from May 2021)|32,196|32,196|
|**Book Allowance**|||
|An allowance up to £768 (2020: £768) is claimable upon proof of receipt as an expense.|||
|**Responsibility Point (based on the number o f staff in addition to the Principal)**|||
|Per annum (to April 2021)|3,167|3,105|
|Per annum (from May 2021)|3,167|3,167|
|**Accommodation**|||
|The principal received free rent and council tax o r housing allowance paid a t the same rate|||
|Per annum (to April 2021)|9,427|9,242|
|Per annum (from May 2021)|9,427|9,427|



## 

## 



## 

## 

## 

## 

## 

## 

## 

## 



## 

|AUDITORS REMUNERATION|||
|---|---|---|
||2021|2020|
||£|£|
|The auditors remuneration is comprised of: −|||
|Audit Fees|6,440|5,760|
|Other Services||2,920|
||6,440|8,680|



## 

## 

## 

||**2021**|**2020**|
|---|---|---|
|||**£**|
|Not later than one year|12,844|12,844|
|Later than one and not later than five years|4,212|17,056|
|Later than five years|−||
|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING **||**ACTIVITIES**|
||**2 0 2 1**|**2020**|
|||£|
|Net income/(expenditure) for the year|309,239|114,962|
|Interest receivable|(83,106)|(82,389)|
|Depreciation and impairment of tangible fixed assets|280,798|264,719|
|(Gains) on investments|(415,147)|(56,566)|
|(Increase) / decrease in debtors|(80,998)|(157,175)|
|Increase / (decrease) in creditors|(59,765)|(129,790)|
|**N e t c a s h f l o w f r o m operating**|(48,978)|(46,238)|
|**activities**|||



## 



## 

|During the year the Foundation's contributio|ns were:||
|---|---|---|
||**2021**|**2020**|
||**E**||
|CEFPS|29,472|38,784|
|•CWPF|21,019|12,657|
|MMPF||21,671|
|FL<br>•|57,650|47,948|
||108,141|121,060|



## 

## 



## 



## 

## 

##