#
##
##
|CONTENTS||
|---|---|
||Page No|
|Administrative
information|01|
|Statement ofCorporate Governance|02|
|Report ofthe Auditors|08|
|Statement ofFinancial Activities||
|Balance Sheet|12|
|Statement ofcash flows|13|
|Notes to the Financial Statements|14|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||Unrestricted|Restricted|Endowment|2023|2022|
|---|---|---|---|---|---|---|---|---|
|||||Funds|Funds|Funds|Total|Total|
||||Note|K|K|K|K|K|
|INCOME|||||||||
|Tuition Fees &Accommodation|||12|1,551,077|158,195||1,709,272|1,951,256|
|Charges|||||||||
|Investment||||78,439|3,847||82,286|86,564|
|Income|||||||||
|Grants and Donations||||45,969|210,000||255,969|155,394|
|Other Income|||13|3,726|53,042||56,768|33,968|
|TOTAL INCOME||||1,679,211|425,084||2,104,295|2,227,182|
|EXPENDITURE|||||||||
|Charitable activities|||||||||
|Costs ofProviding|||14|2,135,821|215,108|91,362|2,442,291|2,463,786|
|Education|||||||||
|TOTAL EXPENDITURE||||2,135,821|215108|91.362|2,442,291|2,463,786|
|NET INCOME/(EXPENDITURE)|||before|(456,610)|209,976|(91,362)|(337,996)|(236,604)|
|gains/losses|||||||||
|Unrealised
gains/(losses]||on||(112,213)|(2,400)||(114,613]|(79,086]|
|investments|||||||||
|Realised gains/(losses]|on|||(4,137)|||(4,137)||
|investments|||||||||
|NET INCOME/(EXPENDITURE)|||being|(572,960)|207,576|(91,362)|(456,746)|(315,690)|
|net movement
in funds|||||||||
|Reconciliation
offunds:|||||||||
|Funds brought forward|||||||||
|at 1stSeptember 2022||||4,033,010|947,061|239,830|5,219,901|5,535,592|
|Funds carried forward|||||||||
|at31stAugust 2023|||8,9,10|3,460,050|1,154,637|148,468|4,763,155|5,219,901|
##
|--,. The Queen' s
Foundation|--,. The Queen' s
Foundation|||||
|---|---|---|---|---|---|
|BALANCE SHEETAS AT31stAUGUST 2023||||||
|COMPANY NUMBER 05511503||||||
||||2023||2022|
|||Note|E||6|
|FIXEDASSETS||||||
|Tangible Assets||2|1,770,007||2,011,746|
|Investments||5|2,558,087||2,912,914|
|||||4,328,094|4,924,660|
|CURRENT ASSETS||||||
|Debtors||6|107,820||202,519|
|Short term Deposits|||5,757||5,757|
|Bank and Cash in hand|||459,668||233,972|
||||573,245||442,248|
|CREDITORS||||||
|Amounts
falling due within 1|year|7|~138.184||147,007|
|NET CURRENT ASSETS||||435,061|295,241|
|TOTAL ASSETSLESSCURRENT||||||
|LIABILITIES||||4,763,155|5,219,901|
|NET ASSETS||||~,763,155|5,219,901|
|CHARITY FUNDS||||||
|Endowment||||148,468|239,830|
|Restricted||8||1,154,637|947,061|
|Unrestricted
[inc Designated|Funds]|10||3,460,050|4,033,010|
|TOTAL CHARITY FUNDS||||4,763,155|5,219,901|
|The notes on pages 14to 29form part ofthese financial statements.||||||
|These financial statements
were approved||by the Board ofGovernors||on .....~.........,'.......,........,.......**.**..........and||
|are signed on their behalf by:||||||
|y t+Kivt. /||||||
##
|Statement ofcashflows for|year to31August|2023|||
|---|---|---|---|---|
|||Note|2023|2022|
|Net Cashflow from operating activities||20|(79,449]|149,992|
|Property funds|||||
|Payments
to acquire fixed assets|||(13,219]|(164,626]|
|Payments
to acquire investments|||[13,922]|(13,269]|
|Receipts from sales ofinvestments|||250,000||
|Interest received|||82,286|86,564|
|Net cash flow from investing activities|||305,145|(91,331]|
|Net increase/(decrease)
in|cash and cash||225,696|58,661|
|equivalents|||||
|Cash and cash equivalents|brought forward:||239,729|181,069|
|Cash and cash equivalents|atyear end:||465,425|239,729|
|Cash and cash equivalents|consists of:||||
|Cash at bank and in hand|||459,668|233,972|
|Short term deposits|||5,757|5,757|
|Cash and cash equivalents:|||465,425|239,729|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|TANGIBLE FIXEDASSETS||||||
|---|---|---|---|---|---|
||Long Leasehold|||||
||Land ik|Furniture|&|Beating &||
|Cost|Buildings|Equipment||Plant|Total|
||6|E||E|E|
|Balance at 1stSeptember 2022|4,770,088|715,067||283,863|5,769,018|
|Additions||13,219|||13,219|
|Disposals||||||
|Total costat 31August 2023|4,770,088|728,285||283,863|5,782,236|
|Accumulated
depreciation||||||
|Balance at 1stSeptember 2022|2,982,893|594,055||180,322|3,757,271|
|Charge for the year|187,013|50,541||17,404|254,958|
|Disposals||||||
|Total depreciation
at 31August 2023|3,169,907|644,596||197,726|4,012,229|
|Net book value||||||
|At31stAugust 2023|1,600,181|83,689||86,137|1,770,007|
|At 31stAugust 2022|1,787,195|121,011||103,541|2,011,746|
|INVESTMENT INCOME||||||
|||||2023|2022|
|||||6|6|
|Interest
-Investment
funds||||49,749|56,300|
|Interest
-Property funds||||16,276|16,276|
|Interest
-Fixed Interest Securities||||501|673|
|Interest on cash deposits||||1,838|46|
|Interest reinvested||||13,922|13,269|
|||||82,286|86,564|
##
##
##
|GRANTS AND DONATIONS||||
|---|---|---|---|
|||2023|2022|
|||E|E|
|The Donald &Patricia Marsh Charitable Trust|||100,000|
|Archbishops'
Council||44,953|24,000|
|Methodist Diaconal Order||10,000|10,000|
|Queen's Methodist
Chaplaincy|Donation||8,000|
|StJohn's College||150,000||
|Westminster
College Trust||50,000||
|Anonymous|||7,408|
|StBoniface Trust (Mission)|||2,786|
|Seedcorn Grant|||1,750|
|United Friends ofQueens||||
|Other donations 61,000 or less||1,016|1,450|
|||255,969|155,394|
|||2023|2022|
|---|---|---|---|
|||K|6|
|Market value brought forward||2,912,914|2,978,731|
|Dividends
received and|reinvested|13,922|13,269|
|Purchase ofInvestments||||
|Sale ofInvestments||(250,000)||
|Profit on sale/redemption|ofinvestments|(4,137)||
|Net unrealised
profit on|revaluation|114,613|79,086|
|Closing market value||2,558,087|2,912,914|
|Historical costat 31stAugust:||945,777|1,003,229|
||||2023|2022|
|---|---|---|---|---|
||||E|E|
|Investments|at market value comprise:||||
|Investment|fund income|shares|2,223,128|2,503,001|
|Property funds|||312,436|387,564|
|Fixed interest securities||fund income shares|22,522|22,349|
||||2,558,087|2,912,914|
##
##
|6|DEBTORS|||
|---|---|---|---|
|||2023|2022|
|||6|E|
||Debtors|49,980|127,052|
||Other Debtors|57,840|75,467|
|||107,820|202 519|
|7|CREDITORS - AMOUNTS DUE WITHIN ONE YEAR|||
|||2023|2022|
|||E|E|
||Trade Creditors|68,956|85,900|
||Other Creditors|16,617|11,271|
||Tax &Social Security|29,767|20,386|
||Accruals &deferred income|22,844|29,450|
|||138,184|147,007|
|RESTRICTED FUNDS|||Movement|Movement|in Funds|||
|---|---|---|---|---|---|---|---|
|||Balance|Incoming|(Expenditure)||Transfers|Balance|
|||01/09/22|Resources||&Gains|In / (Out)|31/08/23|
|||E|E||E||E|
|Consolidated
Fund||140,015|3,847||(2,400)||141,463|
|Methodist Building Grants:||||||||
|Library Extension||196,215|||(22,118]||174,097|
|New Building Refurbishment||74,800|||(6,800)||68,000|
|Heating overhaul||148,843|||(24,807)||124,036|
|Mission Centre Fund||57,530|||||57,530|
|Principals
Discretionary|Fund|4,290|||(472]||3,818|
|OFS|||25,074||(25,074)|||
|MEET||15,113|27,968||(24,641)||18,440|
|P'ship in Theological Education||209,305|158,195||(98,179)||269,321|
|Seedcorn||950|||(950)|||
|The Donald &Patricia Marsh||100,000|||(2,068]||97,932|
|Charitable
Trust||||||||
|Westminster
College Trust|||50,000||||50,000|
|StJohn's College Nottingham|||150,000||||150,000|
|Methodist
Diaconal Order|||10,000||(10,000]|||
|Other||||||||
|||947,061|425,084||(217,508)||1,154,637|
##
|COMPARATIVE FOR|RESTRICTED|RESTRICTED|FUNDS|Movement|Movement|in Funds|||
|---|---|---|---|---|---|---|---|---|
||||Balance|Incoming|(Expenditure)||Transfers|Balance|
||||01/09/21|Resources||&Gains|In/ (Out)|31/08/22|
||||E|E||E|E|E|
|Consolidated
Fund|||142,838|3,805||(6,628)||140,015|
|Methodist
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
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 IRS|||||||||
|Methodist
Chaplaincy||||8,000||(8,000]|||
|StAugustine's
Fdn|||9,260|||[9,260]|||
|Seedcorn||||1,750||[UUU)||950|
|The Donald &Patricia||||100,000||||100,000|
|Marsh Charitable
Trust|||||||||
|Methodist
Diaconal Order||||10,000||(10,000)|||
|Other||||7,515||7,515|||
||||828,705|340,533||[222,176]||947,061|
##
##
|ANALYS|I|S|OF NET ASSE|TS BETWEEN|FUNDS YEAR ENDED 31A|UG 2023|||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Endowment|Total|
||||||Funds|Funds|Funds|Funds|
||||||E|E|6||
|Tangible||Fixed Assets|||1,255,406|366,133|148,468|1,770,007|
|Investments|||||2,416,624|141,463||2,558,087|
|Current|Assets||||(73,796]|647,042||573,245|
|Creditors||- Within one year|||138,184|||138,184|
||||||3,460,050|1,154,637|148,468|4,763,155|
|NOTE:|The||Endowment|Fund includes|grants repayable
on the dissolution
ofthe||College to:||
||||The Central|Board ofFinance ofthe Church ofEngland||||80,000|
||||The Trustees for Methodist||Church Purposes|||68,468|
|||||||||148,468|
##
##
|The Restricted Fund includes grants repa|yable
on the dissolution|ofthe College|to:||
|---|---|---|---|---|
|The Trustees for Methodist|Church Purposes|||468,532|
|COMPARATIVE FOR ANALYSIS OF NET ASSETSBETWEEN FUNDS||2021-2022|||
||Unrestricted|Restricted|Endowment|Total|
||Fundsf|Funds
E|Fundsf|Funds|
|Tangible Fixed 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]|
|-After one year|||||
||4,033,010|947,061|239,830|5,219,901|
##
|Designated|Funds|||||||
|---|---|---|---|---|---|---|---|
|||Balance|Incoming|ReSOurCeS|Gains, [l.oases)||Balance|
|||01/09/22
E|Resources
f|Expended
E|aAaocatioas
f|Transfers
E|31/08/23
E|
|AD 2062 Stephen||684,166|13,922||||698,088|
|Lloyd Fund||||||||
|Research Fund||86,498|||||86,498|
|Operating||||||||
|expense reserve||1,000,000|||||1,000,000|
|||1,770,664|13,922||||1,784,586|
|Unrestricted|Unrestricted|Funds||||||||
|---|---|---|---|---|---|---|---|---|---|
||||Balance|Incoming|Resources|Gains, (Losses)|||Balance|
||||01/09/22|Resources|Expended|aAllocations|Transfers||31/08/23|
||||E|E|E|E||E||
|Designated|funds||1,770,664|13,922|||||1,784,586|
|Unrestricted||funds|2,262,346|1,665,288|[2,135,821]|(116,350)|||1,675,463|
||||4,033,010|1,679,211|2,135,821|116,350|||3,460,050|
##
##
||||Balance|Incoming|ReSOurCeS|Gains, (Lasaaal||Balance|
|---|---|---|---|---|---|---|---|---|
||||01/09/21|Resources|Expended|aAllocations|Transfers|31/08/22|
||||E|E|E|E|E|E|
|AD 2062 Stephen|||670,897|13,269||||684,166|
|Lloyd Fund|||||||||
|Research Fund|||86,498|||||86,498|
|Operating|||||||||
|expense|||||||||
|reserve|||1,000,000|||||1,000,000|
||||1,757,395|13,269||||1,770,664|
|Comparatives||for|Unrestricted
Funds||||||
||||Balance|Incoming|ReSOurCeS|Gains, (Lasses)||Balance|
||||01/09/21|Resources|Expended|aauacatiaaa|Transfers|31/08/22|
|||||E|E|E|E||
|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|
##
|||||Movement|Movement|in Funds|||
|---|---|---|---|---|---|---|---|---|
||||Balance|Incoming|(Expenditure)||Transfers|Balance|
||||01/09/21|Resources||&Gains|In/ (Out)|31/08/23|
||||E|E||E|E|E|
|Consolidated
Fund|||142,838|7,652||(9,028]||141,463|
|Methodist
Building Grants:|||||||||
|Library Extension|||218,333|||(44,236)||174,097|
|New Building Refurbishment|||81,600|||(13,600]||68,000|
|Heating overhaul|||173,650|||(49,614]||124,036|
|Mission Centre Fund|||57,530|||||57,530|
|Principals Discretionary||Fund|4,300|||(482]||3,818|
|OFS||||55,362||[55,362)|||
|MEET|||27,118|27,968||[36,646]||18,440|
|Partnership
in Theological Education|||114,075|337,370|(182,124]|||269,321|
|Methodist
Chaplaincy|Donation|||8,000||(8,000]|||
|StAugustine's
Foundation|||9,260|||[9,260]|||
|Seedcorn||||1,750||[1,750]|||
|The Donald &Patricia|Marsh||||||||
|Charitable
Trust||||100,000||[2,068]||97,932|
|Westminster
College Trust||||50,000||||50,000|
|StJohn's College Nottingham||||150,000||||150,000|
|Methodist
Diaconal Order||||20,000||[20,000)|||
|Other||||7515||7,515|||
||||828,705|765,617|439,684|||1,154,637|
##
##
##
|Designated
Funds||||||||
|---|---|---|---|---|---|---|---|
|||Balance|incoming|Resources|Gains, (Lossesl||Balance|
|||01/09/21|Resources|Expended|RABocations|Transfers|31/08/23|
|||6||f|6||6|
|AD 2062 Stephen Lloyd Fund||670,897|27,191||||698,088|
|Research Fund||86,498|||||86,498|
|Sixmonths operating|expenses|1,000,000|||||1,000,000|
|||1,757,395|27,191||||1,784,586|
|Unrestricted|Unrestricted|Funds|||||||
|---|---|---|---|---|---|---|---|---|
||||Balance|incoming|Resources|Gains, [Losses]||Balance|
||||os/09/21|Resources|Expended|li Agocations|Transfers|31/08/23|
||||6|f|6|6|6|E|
|Designated|funds||1,757,395|27,191||||1,784,586|
|Unrestricted||Funds|2,617,489|3,538,669|(4,291,886)|(188,808)||1,675,463|
||||4,374,884|3,565,861|(4,291,886)|(188,808)||3,460,050|
##
##
|INCOMING RESOURC|ES F|ROM|CHARITABLE ACTIVITIES|||
|---|---|---|---|---|---|
|||||2023|2022|
|||||E|6|
|Student Fees||||||
|Centre for Ministerial|Formation|||792,315|841,517|
|Centre for BlackTheology||||62,020|76,803|
|Centre for Discipleship|Theology|||71,098|98,670|
|Centre for Continuing|Ministerial||Education|34,288|69,220|
|Partnership
in Theological||Education||158,195|179,175|
|Research||||59,872|82,432|
|||||1,177,788|1,347,817|
|Accommodation
Charges||||||
|Accommodation||||427,144|485,459|
|External Rents in||||39,256|19,139|
|Conferences,
guests etc.||||65,084|98,841|
|||||531,484|603,439|
|Total Fees gtAccommodation|||Charges|1,709,272|1,951,256|
|13|OTHER INCOME|OTHER INCOME||||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||6|E|
||OFS Income|||||25,074|30,288|
||MEET Income|||||27,968||
||Sundry Income|||||3,726|3,680|
|||||||56,768|33,968|
|14|ANALYSIS OF CHARITABLE||||EXPENDITURE|||
|||||||2023|2022|
|||||||6|6|
||Academic &Library Costs|||||1,122,749|1,103,768|
||Disabled Student||Expenditure||[Reimbursed)|13,455|4,145|
||Administrative|Costs (excluding Governance)||||492,950|454,898|
||Catering Costs|||||198,001|197,357|
||Domestic Costs|||||62,149|67,875|
||Premises Costs|||||522,536|611,605|
||Governance
Costs|||||30,451|24,139|
|||||||2.442.291|2,463,786|
|15|GOVERNANCE||COSTS|||||
|||||||2023|2022|
||||||||E|
||Salaries
—operational|||staff||23,211|17,539|
||Audit fee|||||7,240|6,600|
|||||||39,421|24,139|
|16|STAFF EMOLUMENTS|||||||
|||||||2023|2022|
|||||||E|6|
||Salary Costs|||||1,070,929|990,831|
||National
Insurance|||||91,595|74,917|
||Pension Costs|||||110,160|119,966|
|||||||1,272,684|1,185,714|
##
|verage monthly
number ofemployees
and full ti|me equ|ivalent
[FTE]|durin|g the ye|ar was as follows;|
|---|---|---|---|---|---|
||2023|2023||2022|2022|
||FTE|Number||FTE|Number|
|Academic and Library|20.2|21.1||20.2|24.1|
|Administrative
and Others|9.7|12.2||9.1|13.0|
||29.9|33.3||29.3|37.1|
|The total amount ofemployee benefits received|by key|management|personnel
is||6198,351[2022:|
|6199,535].||||||
|||||2023|2022|
|Number ofstaff receiving basic salary per annum||||||
|between 6100,000 - 6104,999||||||
##
|the "Lichfield Scale"national Academic Sta|ffand Benefit Scale:|||
|---|---|---|---|
|||2023|2022|
|||E|6|
|B
ry
asic Sala||33,198|32,304|
|Payments
in lieu ofpension contributions||||
|Dividends||||
|Performance
Related Pay||||
|Pension Contributions||4,648|4,505|
|Salary Sacrifice Arrangements||||
|Compensation
for loss ofOffice||||
|Any other pension scheme costs||||
|Other taxable benefits:||||
|BookAllowance||301|776|
|Travel Allowance|||2,043|
|Governors'
Discretionary
Payment||13,279|7,500|
|Responsibility
Point Payment|||3,167|
|(based on the number ofstaff in addition to|the Principal]|||
|Other non-taxable
benefits:||||
|On-site Accommodation||12,800|9,427|
|Other remuneration:||||
|Egsabbatical
payments||||
##
|||2023|2022|
|---|---|---|---|
|||6|E|
|The auditors remuneration|is comprised of:-|||
|Audit Fees||7,240|6,600|
|Other Services||||
|||7,240|6,600|
##
##
##
##
##
||||2023|2022|
|---|---|---|---|---|
||||6|E|
|Not later than one year|||12,602|12,602|
|Later than one and not later than five years|||25,188|29,366|
|Later than five years|||||
|RECONCILIATION
OF NET INCOME||TO NET CASH FLOW|FROM OPERATING|ACTIVITIES|
||||2023|2022|
||||6|E|
|Net income/(expenditure)
for|the year||[456,746)|(315,690]|
|Interest receivable|||(82,286)|[86,564]|
|Depreciation
and impairment|oftangible|fixed assets|254,958|260,653|
|Losses/(Gains]
on investments|||118,750|79,086|
|(increase]/decrease
in debtors|||94,698|196,603|
|increase/(decrease]
in creditors|||(8,823]|15,904|
|Net cash flow from operating|||[79,449]|149,992|
|activities|||||
##
##
##
|I6ofpensionable|stipends|January 2018to|January 2021to|
|---|---|---|---|
|||December 2020|December 2022|
|Deficit repair contributions||119%|7.1St|
##
##
##
##
##
|fS DETAILS OF GRANT AND|FEEINCOME|||||
|---|---|---|---|---|---|
|||Year ended 31Au|2023|Yearended31Au|2022|
|Grant income from the 05|||E,OOO
25||E,OOO
30|
|Grant income from other bodies||||||
|Fee income for tau ht awards|||774||1,022|
|Fee income for research awards|||60||82|
|Fee income for non-ouali
in|courses||344||244|
|Total
rant and fee income|||1,203||1,380|