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|CONTENTS||
|---|---|
||Page No|
|Administrative<br>information||
|Statement ofCorporate Governance|2-2|
|Repok ofthe Auditors|8-10|
|Statement<br>of Financial Activities||
|Balance Sheet|.12|
|Statement ofcash flows|13|
|Notes tothe Financial Statements|14 —29|





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|||Unrestricted||Restricted|Endowment|2022|2021|
|---|---|---|---|---|---|---|---|
|||Funds||Funds|Funds|Total|Total|
||Note|6|||6|6|6|
|INCOME||||||||
|Tuition Fees &Accommodation|12|1,772,081||179,175||1,951,256|1,807,211|
|Charges||||||||
|Investment||82,759||3,805||86,564|83,106|
|income||||||||
|Grants and Donations||28,129||127,265||155,394|122,952|
|Other Income|13|3,680||30,288||33,968|34,347|
|TOTAL INCOME||1,886,649||340,533||2.227.182|' 2.047,616|
|EXPENDITURE||||||||
|Charitable<br>activities||||||||
|Costs ofProviding|14|2,156,065||21S,S48|92,173|2,463,786|2,153,524|
|Education||||||||
|TOTAL EXPENDITURE||2,156,065||215,548|92,173|2,463,786|2,153,524|
|NET INCOME/(EXPENDITURE)|before|(269,416)|'|124,985|(92,173)|(236,604)|(105,908)|
|gains/I<br>oases||||||||
|Unrealised<br>gains on|5|(72,458]||(6,628]||(79,086)|415,147|
|investments||||||||
|Realised gains on investments|5|||||||
|NET INCOME/(EXPENDITURE)|being|(341,874)||118,357|(92,173)|(315,690)|309,239|
|net movement<br>in funds||||||||
|Reconciliation<br>offunds:||||||||
|Funds brought forward||||||||
|at1stSeptember 2021||4,374,884||828,705|332,003|5,535,592|5,226,353|
|Funds carried forward||||||||
|at31stAugust<br>2022|8,9,10|4,033,010||947,061|239,830|5,219,901|S,S35,592|





## 

|COMPANY NUMBER 0551150|3||||||
|---|---|---|---|---|---|---|
||||2022||2021||
|||Note|f||f||
|FIXEDASSETS|||||||
|Tangible Assets||2|2,011,746||2,107,773||
|Investments||5|2,912,914||2,978,731||
|||||4,924,660||5,086,504|
|CURRENT ASSETS|||||||
|Debtors||6|202,519||399,122||
|Short term Deposits|||5,757||5,757||
|Bank and Cash in hand|||233,972||175,312||
||||442,248||580,191||
|CREDITORS|||||||
|Amounts<br>falling due within 1|year|7|(147,007]||(131,103]||
|NET CURRENT ASSETS||||295,241||449,088|
|TOTAL ASSETSLESSCURRENT|||||||
|LIABILITIES||||5,219,901||5,535,592|
|NET ASSETS||||5,219,901||5,555,595|
|CHARITY FUNDS|||||||
|Endowment||||239,830||332,003|
|Restricted||8||947,061||828,705|
|Unrestricted<br>(inc Designated|Funds)|10||4,033,010||4,374,884|
|TOTAL CHARITY FUNDS||||5,219,901||5,535,592|



## 



## 

|Statement ofcashflows for|year to31August|2022||||
|---|---|---|---|---|---|
|||Note||2022|2021|
|Net Cashflow' from operating activities|||20|149,992|(48,978]|
|Propertyfunds||||||
|Payments<br>to acquire fixed assets||||(164,626)|(157,381]|
|Payments<br>to acquire investments||||(13,269)|(12,484]|
|Receipts from sales ofinvestments||||||
|interest received||||86,564|83,106|
|Net cash flow from investing activities||||(91,331)|(86,759)|
|Net increase/(decrease)<br>in|cash and cash|||58,661|(135,737)|
|equivalents||||||
|Cash a'nd cash equivalents|brought forward:|||181,069|316,806|
|Cash and cash equivalents|atyear end:|||239,729|181,069|
|Cash and cash equivalents|consists of:|||||
|Cash at bank and in hand||||233,972|175,312|
|Short term deposits||||5,757|5,757|
|Cash and cash equivalents:||||239,729|181,069|





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|2|TANGIBLE FIXEDA|SSETS||||||
|---|---|---|---|---|---|---|---|
||||Long Leasehold|||||
||||Land &|Furniture|&|Heating &||
||Cost||Buildings|Equipment||Plant|Total|
||||6|6||6|E|
||Balance at 1stSeptember 2021||4,741,132|599,594||263,666|5,604,392|
||Additions||28,956|115,473||20,197|164,626|
||Disposals|||||||
||Total costat31August 2022||4,770,088|715067||283,863|5,769018|
||Accumulated<br>depreciation|||||||
||Balance at 1st'September 2021||2,795,068|540,284||161,265|3,496,618|
||Charge for the year||187,825|53,771||19,057|260,653|
||Disposals|||||||
||Total depreciation<br>at|31August 2022|2,982,893|594 055||180,322|3,757,271|
||Net book value|||||||
||At31stAugust 2022||1,787,195|121011||103,541|2,011,746|
||At 31stAugust 2021||1,946,064|59,309||102,401|2,107,773|
|3|INVESTMENT INCOME|||||||
|||||||2022|2021|
|||||||6|6|
||Interest - investment|funds||||56,300|54,246|
||Interest - Property funds|||||16,276|15,576|
||Interest<br>—Fixed Interest Securities|||||673|753|
||Intcre'st on cash deposits|||||46|48|
||interest reinvested|||||13269|12,484|
|||||||86,564|83,106|







## 

|GRANTS AND DONATIONS||||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||5|6|
|HMRC Job Retention<br>Scheme|||||13,259|
|The Donald Ik Patricia Marsh Charitable|||Trust|100,000||
|Archbishops'<br>Council||||24,000|76,000|
|Methodist Diaconal Order||||10,000|10,000|
|Queen's Methodist<br>Chaplaincy||Donation||8,000|8,000|
|StAugustine's<br>Foundation|||||9,260|
|St John's College|||||3,144|
|Anonymous||||7,408||
|StBoniface Trust (Mission)||||2,786||
|Seedcorn Grant||||1,750||
|United Friends ofQueens|||||759|
|Other donations 51,000or|less|||1,450|2,530|
|||||155,394|122,952|
|Ofthe above, E28,129was unrestricted|||(2021:882,433) and E127,265 was restricted (2021:f40, 519).|||
|FIXEDASSETINVESTMENTS||||||
|||||2022|2021|
||||||E|
|Market value brought forward||||2,978,731|2,551,100|
|Dividends<br>received and rcinvcsted||||13,269|12,484|
|Purchase ofInvestments||||||
|Sale ofInvestments||||||
|Profit on sale/redemption|ofinvestments|||||
|Net unrealised<br>profit on revaluation||||79,086|415,147|
|Closing market value||||2,912,914|2,978,731|
|Historical costat 31stAugust;||||1,003,229|1,002,444|



|The investm|ents<br>compri|se ofaportfolio offunds managed|by CCLA Investment<br>Manageme|nt<br>Ltd.|
|---|---|---|---|---|
||||2022|2021|
||||E|6|
|Investments|at market value comprise:||||
|Investment|fund income|shares|2,503,001|2,611,199|
|Property funds|||387,564|341,387|
|Fixed interest securities||fund income shares|22,349|26,145|
||||2,912,914|2,978,731|






|DEBTORS|||
|---|---|---|
||2022|2021|
||6|E|
|Debtors|127,052|305,467|
|Other Debtors|75,467|93,655|
||202,519|399,122|
|CREDITORS - AMOUNTS DUE WITHIN ONE YEAR|||
||2022|2021|
||6|6|
|Trade Creditors|85,900|61,938|
|Other Creditors|11,271,|10,207|
|Tax&Social Security|20,386|18,069|
|Accruals &deferred income|29,450|40,888|
||147,007|131,103|




|RESTRICTED FUNDS|||Movement in Funds|Movement in Funds|||
|---|---|---|---|---|---|---|
|||Balance|Incoming|[Expenditure)|Transfers In|Balance|
||||||/ (Out)||
|||01/09/21|Resources|&Gains||31/08/22|
|||6|6|6||f|
|Consolidated<br>Fund||142,838|3,805|(6,628)||140,015|
|Methodist<br>Building Grants:|||||||
|Library Extension||218,333||(22,118)||196,215|
|New Building Refurbishment||81,600||(6,800)||74,800|
|Heating overhaul||173,650||(24,807)||148,843|
|Mission Centre Fund||57,530||||57,530|
|Principals<br>Discretionary|Fund|4,300||(10)||4,290|
|OFS|||30,288|(30,288]|||
|MEET||27,118||(12,005]||15,113|
|P'ship in Theological Education||114,075|179,175|(83,945)||209,305|
|HMRC]RS|||||||
|Methodist<br>Chaplaincy|||8,000|(8,000)|||
|StAugustine's<br>Fdn||9,260||(9,260)|||
|Seedcorn|||1,750|(800)||950|
|The Donald &Patricia Marsh|||100,000|||100,000|
|Charitable Trust|||||||
|Methodist Diaconal Order|||10,000|(10,000)|||
|Other|||7,515|(7,515]|||
|||828,705|340,533|(222,176)||947,061|





|COMPARATIVE FORRESTRICTED|COMPARATIVE FORRESTRICTED|FUNDS|Movement|Movement|in Funds|||
|---|---|---|---|---|---|---|---|
|||Balance|Incoming|(Expenditure)||Transfers|Balance|
|||01/09/20|Resources||&Gains|In / (Out)|31/08/21|
||||E||6||6|
|Consolidated<br>Fund||140,221|3,666||21,438|[22,487)|142,838|
|Methodist<br>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<br>Discretionary|Fund|4,594|6||(300]||4,300|
|OFS|||31,660||[31,660]|||
|MEET||27,368|||(250]||27,118|
|P'ship in Theological Educauon||40,237|132,575||(58,737]||114,075|
|HMRC IRS|||13,259||(13,259)|||
|Methodist<br>Chaplaincy|||8,000||(8,000)|||
|StAugustine's<br>Pdn|||9,260||||9,260|
|Methodist<br>0iaconal Order|||10000||10,000)|||
|||797,258|208,426||(154,493)|(22,487)|828,705|



## 

## 

|ANALYS|IS OF NET ASSE|TSBETWEEN|FUND|S YEAR ENDED 3|1AUG 2022|||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Endowment|Total|
|||||Funds|Funds<br>E|Funds. E|Funds<br>E|
|Tangible|Ftxed Assets|||1,352,058|419,858|239,830|2,011,746|
|Investments||||2,772,899|140,015||2,912,914|
|Current|Assets|||55,060|387,188||442,248|
|Creditors|- Within one year|||147,007|||147,007|
|||||4,033,010|947,061|239,830|5,219,901|
|NOTE: The Endowment||Fund includes|grants|repayable<br>on the|dissolution<br>ofthe College to;|||
||The Central|Board ofFinance of||the Church ofEngland|||129,230|
||The Trustees for Methodist||Church Purposes||||110,600|
||||||||239,830|
|The Restricted Fund includes grants repayable||||on the dissolution|ofthe College to:|||
||The Trustees for Methodist||Church Purposes||||497,4<br>tl|





## 

|||Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|
|||Fundsf|Fundsf|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)|
||-After one year|||||
|||4,374,885|828,705|332,003|5,535,592|



## 

|Designated|Funds|||||||
|---|---|---|---|---|---|---|---|
|||Balance|Incoming|Resources|Gains, (Lossesl||Balance|
|||01/09/21f|Resources|ExPended<br>f|aauocations<br>f|Transfers<br>f|31/08/Z2|
|AD 2062 Stephen||670,897|13,269||||684,166|
|Lloyd Fund||||||||
|Research Fund||86,498|||||86,498|
|Operating||||||||
|expense reserve||1000 000|||||1,000,000|
|||1,757,395|13,269||||1,770,664|



|Unrestricted|Unrestricted|Funds|||||||
|---|---|---|---|---|---|---|---|---|
||||Balance|Incoming|Resources|Gains, [tosses)||Balance|
||||01/09/21|Resources<br>f|EXpended<br>f|aauocatioos<br>f|TranSferS<br>f|31/08/22f|
|Designated|funds||1,757,395|13,269||||1,770,664|
|Unrestricted||funds|2,617,489|1,873,380|(2,156,065)|(72,458)||2,262,346|
||||4,374,884|1,886,649|2,156,065|72,458||4,033,010|





## 

## 

|||||||Balance|Balance|Incoming||Resources||ua'» 0o»es)||Balance|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Of/09/20||||ReSOurCeS||EXpended||aluloeatloas|TranSferS|31/08/21|
||||||||E|6||||6|5|E|
|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|||12484|||||804,469|1,757,395|
|Comparatives<br>for Unrestricted|||||||Funds||||||||
||||||Balance|||Incoming||Resources||oaias, [t.oases)||Balance|
|||||01/09/20||||Resources<br>E||Expended<br>E||AAlloeatloas<br>f|Transfers<br>E|31/08/21f|
|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|
|A CURRENT||YEAR 12|MONTHS AND|||||PRIOR YEAR|12 MONTHS||COMBINED POSITION ISASFOLLOWS:||||
||||||||||||Movement<br>in Funds||||
|||||||||Balance||Incoming||(Expenditure)|Transfers|Balance|
|||||||||01/09/20||Resources||&Gains|In / (Out)|31/08/22|
||||||||||5||6||E|6|
|Consolidated||Fund||||||140,221||7,471||14,810|(22,487)|140,015|
|Methodist<br>Building Grants:|||||||||||||||
|Library||Extension||||||240,451||||(44,236)||196,215|
|New Building Refurbishment||||||||88,400||||(13,600)||74,800|
|Heating||overhaul||||||198,457||||(49,614)||148,843|
|Mission Ccntrc Fund||||||||57,530||||||57,530|
|Principals<br>Discretionary||||Fund||||4,594|||6|(310]||4,290|
|OFS||||||||||61,948||(61,948]|||
|MEET||||||||27,368||||(12,255]||15,113|
|Partnership||in Theological||||Education||40,237||311,750||(142,682]||209,305|
|HMRC JRS||||||||||13,259||(13,259]|||
|Methodist<br>Chaplaincy|||Donation|||||||16,000||(16,000]|||
|StAugustine's||Foundation||||||||9,260||(9,260]|||
|Seedcorn||||||||||1,750||(800)||950|
|The Donald|fa Patricia||Marsh||||||||||||
|Charitable<br>Trust||||||||||100,000||||100,000|
|Methodist<br>Diaconal Order||||||||||20 000||(20,000]|||
|||||||||797,258||541,444||369,154)|22,487)|947,061|





## 

## 

|Designated||Funds||||||||
|---|---|---|---|---|---|---|---|---|---|
||||Balance|Incoming|Resources|Gains, (Losses)|||Balance|
||||02/09/20|Resources|Bspended|8Anocations||TransFers|32/08/22|
||||s|||||||
|AD 2062 Stephen Lloyd Fund|||658,413|25,753|||||684,166|
|Research Pund|||86,498||||||86,498|
|Sixmonths|operating expenses|||||||1,000,000|1,000,000|
|Church Workers' Pension Fund|||195,531|||||(195,531]||
|Liability||||||||||
||||940,442|25,753||||804,469|1,770,664|
|Unrestricted||Punds||||||||
||||Balance<br>Incoming||Resources|Gains,|(Losses]||Balance|
||||01/09/20<br>Resources||Expended|AAnorations||Transiers|31/08/22|
||||||6||I,|s||
|Designated|funds||940,442|25,753||||804,469|1,770,664|
|Unrestricted||Punds|3,064,384<br>3,700,087||(4,041,393]||321,251|(781,982]|2,262,346|
||||4,004,826<br>3,725,840||(4,041,393]|321,251||22,487|4,033(010|



## 

## 

|INCOMING RESOURC|ES P|ROM|CHARITABLE ACTIVITLES|||
|---|---|---|---|---|---|
|||||2022|2021|
|||||8|6|
|StudentFees||||||
|Centre for Ministerial|Formation|||841,517|910,573|
|Centre for Black Theology||||76,803|57,997|
|Centre for Discipleship|Theology|||98,670|110,165|
|Centre for Continuing|Ministerial||Education|69,220|52,413|
|Partnership<br>in Theological||Education||179,175|132,575|
|Research||||82,432|35,033|
|||||1,347,817|1,298,756|
|Accommodation<br>Charges||||||
|Accommodation||||485,459|482,950|
|External Rents in||||19,139|24,703|
|Conferences,<br>guests etc.||||98,841|801|
|||||603,439|508,455|
|Total Fees &Accommodation|||Charges|1,951,256|1,807,211|





||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||6|6|
||OPS Income||||||30,288|31,660|
||Sundry|Income|||||||
|||||Teaching &||Learning||350|
|||||Campus Sundry Income|||3,680|2,337|
||||||||33,968|34,347|
|14|ANALYSIS OF CHARITABLE|||||EXPENDITVRE|||
||||||||2022|2021|
|||||||||E|
||Academic|&.Library Costs|||||1„103,768|1,046,339|
||Disabled|Student||Expenditure||(Reimbursedj|4,145|13,691|
||Administrative||Costs (excluding Governance)||||454,898|410,099|
||Catering|Costs|||||197,357|100,091|
||Domestic|Costs|||||67,875|43,969|
||Premises|Costs|||||611,605|517,677|
||Governance<br>Costs||||||24,139|21,657|
||||||||2,463,736|2,153,524|
|15|GOVERNANCE||COSTS||||||
||||||||2022|2021|
||||||||8|8|
||Salaries|—operational|||staff||17,539|15,217|
||Audit fee||||||6,600|.6,440|
||Auditors|non audit fees|||||||
||||||||24,139|21,657|
|16|STAFF EMOLUMENTS||||||||
||||||||2022|2021|
||||||||K||
||Salary Costs||||||990,831|933,597|
||National|Insurance|||||74,917|70,902|
||Pension|Costs|||||119,966|109,292|
||||||||1,185,714|1,113,792|





|The average m|onthly<br>number ofempl|oyees<br>and full time e|quivalent<br>(F'fE|]during the|year was as|
|---|---|---|---|---|---|
|||2022|2022|2021|2021|
|||FTE|Nuinber|FTE|Number|
|Academic and|library|20.2|24,1|17.7|24.8|
|Administrative|and Others|9.1|13.0|8.7|12.8|
|||29.3|37.1|26.4|37.6|



## 

|the "Lichfield Scale" national Academic Sta|ff and Benefit Scale:|||
|---|---|---|---|
|||2022|2021|
|||E|6|
|B<br>ry<br>asic Sala||32,304|32,196|
|Payments<br>in lieu ofpension contributions||||
|Dividends||||
|Performance<br>Related Pay||||
|Pension Contributions||4,505|4,468|
|Salary Sacrifice Arrangements||||
|Compensation<br>for loss ofOffice||||
|Any other pension scheme costs||||
|Other taxable benefits:||||
|BookAllowance||776|768|
|Travel Allowance||2,043|2,043|
|Governors'<br>Discretionary<br>Payment||7,500|7,500|
|Responsibility<br>Point Payment||3,167|3,167|
|(based on the number<br>ofstaff in addition to|the Principal)|||
|Other non-taxable<br>benefits:||||
|On-site Accommodation||9,427|9,427|
|Other remuneration:||||
|Egsabbatical payments||||





|||2022|2021|
|---|---|---|---|
|||6|E|
|The auditors remuneration|is comprised of:-|||
|Audit Fees||6,600|6,440|
|Other Services||||
|||6,600|6,446|



## 

## 

||2022|2021|
|---|---|---|
||E|E|
|Not later than one year|12,602|12,844|
|I.ater than one and not later than five years|29,366|4,212|
|Later than five years|||



## 

||||2022|2021|
|---|---|---|---|---|
||||6|E|
|Net income/(expenditure]|for|the year|(315,690)|309,239|
|Interest receivable|||(86,564)|(83,106)|
|Depreciation<br>and impairment||oftangible fixed assets|260,653|280,798|
|(Gains] on investments|||79,086|(415,147]|
|(Increase) / decrease in|debtors||196,603|(80,998]|
|Increase / (decrease] in|creditors||15,904|(59,765)|
|Net cash flow from operating|||149,992|(48,978)|
|activities|||||



## 




|%ofpensionable|stipends|January 2018to|January 2021to|
|---|---|---|---|
|||December 2020|December 2022|
|Deficit re air contributions||11,9%|7.1%|





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|||Year ended 31Au|2022|Year ended 31Au|2021|
|---|---|---|---|---|---|
||||E,OOO||K,OOO|
|Grant income from the Ofg|||30||32|
|Grant income from other bodies||||||
|Fee income for tau ht awards|||1,022||1,100|
|Fee income for research awards|||82||107|
|Fee income for non-<br>uali<br>in|courses||244||92|
|Total<br>rant and fee income|||1,380||1,331|