E9¥ ST JOHN'S COLLEGE, DLJRHAM Members. report and flnanclal statements 31 July 2024 Registered numb•r 00113496 R¢glstsred charlty number 1141701 R#glsttred Offlce 3 South Bailey Durham DH1 3RJ colle 8s-and-stude st John's College. Durham Members, Report and Financial Statements 31 July 2024 STIOIIN'S COLLECIE.DURIIANI Contents Report of thè Members of the Count￿1 forthe year ending 316t July 2024........................ Our Values................................................................................................ Our Obl8¢tives ................................... ................................................................................................ Our Finances.............. Fundraising........ Reserves and Financial Heaf(h.................. D8slgnated and Restrieled Funds.............................. Investment Polty Performance.......................................................................................................... structure, Govèmance and Managemènt.. ...........................-.....................................-.......................... Key Management Pèrsonnel............................................................................................................... other Significant Relalionships....... Durham Univetsity.,........................................ The Church of England................................ st John's College Common Room..................................................................... Risk Managem8nt...................................... Councll Mernbers and Charity Tru51ees............................................................... Remuneration Commltt68...... ........................................................................... Profèssional Advisors................... Oisclosure of information to auditors............................................................................................. 12 Auditors.................................. ........................................................................ ................................. 12 Financial Statements.............................. .13 statemènt gf Council Members, r8sponsibililies in respact of the Report of the M6mb9r5 of Council and the Finaneial Statements .13 Ind6p8ndent Audilorfs Report to the Council Membèrs of Sl John's College, Durham University... 14 Statement of financial activilies............................................................................................... 18 alance Sheel..................... Cash Flow SlateJThnl............. ..........................................................................................................21 Notes............................................................. ...............................................................-...................22 Aecountlng Policies..............-.............. .22 Grants & Oonalions .............................................................................................................27 Investmènt Inwrne........................................................................................................ . Total Fees Incoma................................................. .12 .27 .27 Commercial Business In¢owo........................................................................ other Ineom8.......................................... Nel Income Befor6 Charges Are Slated.............. .28 .28 .29 st John's College. Ourham Members, Rgport and Financial Statements 31 July 2024 ST Iollkls COLLICI[. WRIIA14 Expèndltura.............................................................................................. ... Staff Costs.................................................................... . .30 .31 10. Key management personn81 Itwst88s1............................................................................... 32 11. TaxatK)n.................................................................................................. .... .32 12. Tangible FrAed Assets........................................................................ .. 13. Investment Propertie5............................ 14. Inv8Stm8nt$.............................................................................................................. .33 .34 .35 15. Slo¢k... .35 16. Debtors .35 17. Creditors.. amounts falling due within one year............. 18. Creditors.. amounts falling due after mor8 than on8 yèar.................................................... 36 19. C8llèd-up share eapital..................................................................................... .36 20. Financial Commhwents.......................................................................................... .35 .37 21. Financia1 Instruments............................................. .37 22. Movement Sn Funds.. .38 23. Commitments under operating leases.................................... 24. Prior yèar comparatives by type of funds- Statement of Financial Actlvi11g$......................45 25. Analysis of net assets between funds ....... .46 26. Related Party Transactions.............................................................................. 27. Conling8nt Llabiliti8s. 28. Analysis of Changes in Net Oebl.................................. .45 .47 st John's College, Durham Memb8r5' Report and Financial Statements 31 July 2024 STIOIINSCOLLIGC DUftIIAM St John'¥ College Durham Report of the M•mbers of the Councll for the year ending 316t July 2024 The Council Mèmbers who are also shareholders and directors of thè charitable company Sl John's College, Durham submitth8ir annual report and the audited financial slalements for th8 year ended 31$t July 2024. Th8 Council Members hav8 adopted the provisions of the Statement ol Recomrn8nded Praetice.. 'Accounling & Reporting by Ch8rilies' ISORP FRS 10218ffectwe 15tJanuary 2019 In preparing the annual report and accounts ofthe company. Our Values Sl John's is a College wf(h a rich heritag8, OP&n to all. providing a distin¢lNe Christian perspectwè and $nvironmenl in Highor Education and seeking to dèvelop vocation in all. We are committed lo.. nurturing axeéllence and aspiration In rasearch, education and th8 formation of the whole person training church18aders in theology and min15try bèing a College within Durham University, recognlslng both our independ8n¢e and inlerdependen¢e valuing our location in the North East of England using our financ8s r8sponsibly and wisely, and ensuring our buildings provbde a safe and comfortable environment valuing people as our primary r650urcg, and building a rleh communty life eommunlcaling knowledge and16arning to society embodying and working for social justicè being one College, finding strength in the dynamism of undergraduate and postgraduate education. ministerial formgllon and research initiativss. Our values are shaped by the Christian h￿r￿ge which is our foundatkjn. These values form four partlcular aspirations which Shape our common lif6.' Learning- in every sph8r8 of life., wisdom, researeh, formation, skilfulness and 8rtlstic creation. Excellence- aspiring to be the best we can be in all that we are and do, lo tha grealei good and thè furthering of the College. Justice- seeking faim855 in the personal, institutional, societal. and academle spheres. Hospilalily- valuing othèrs, respecting them, and se8￿ng to live in generosity and wglcome. Our Objeetives Thè College's aim is to be a eommunty of learning in which people flourish together abundantly for life, $eNice and leadership in church and society. Public b8n8rrt Is seen in a variety of ways.. Conf6r8nc8s and lectures for the publ1¢ on a variety of topics, aead8mic and spiritual Coneetts and theatre productions Involvement of students and staff in a numbér of projects throughout thè North-East and the world. for example fundraislng and visits for a primary school in the Rokon Diocese in Sudan Plac8m8nt of Cranmer and Fr6è Church students in churches and Chaplaincies Ihroughoutth8 North East A senior common room which brings together academics. church leadors and community leader5 111 the North East. Sl John's College. Durham Membèrs, Report and Financial Statements 31 July 2024 STlOlIrtSCOLLEtpÉ. DUBIIAM The College has adopted the followwbg strategic priorftias, which informed the College's Objèct￿￿$ for 202312024.. To makè a dlstinctNe contributv)n as a College of the University in fosterfng tr8nsformalional leaching, learning and research, together with investlng In the personal formation and sènse of vocation in life and work of 811 students and staff. > To engage and celebrate valu8s of Equality. Diversity and Inclusion, CTf(icalty relbecting on and drawing on our Christian tradition and other contemporary and historic r650urces, so that these values are fully èmbodied across the life of the whol8 College. > To serve God'5 mission in the changing eont8xts of the UK and beyond through ¢rèalive theological and practical resourcing of paople preparing for. and undertaking, ChrIs￿an rnini5try and leadership. > Wf(hin a eommmmenl to future generations, to Invest in the historic estate of our Balley buildings, d81ivering contiTiued compliance, incrèased accessibility and our dèsir8d carbon- nèutral use of the College buildings by 2030. > R8cognising the financial loss associatsd with Covid, to review our financbal model to ensure long-term fin8ncial 5uslainability. To continue the devèlopment of our staffi'ng model and eukurg. to ensure that they are tlexiblo and fi'l for purpos8, ablè lo respond to new opportun￿1&&. The College is eurrènlly 8ngaged in developing a refreshèd strategy. vision and mission forthè College. This will draw upon the pre-exi5ting term5 and statements above. Revlew of Activities 2023-2024 John's Hall The coll8g8's achievements during the year are marked by sludenl matters Ir8eruitm8nl and placement numbersl and a number ol events that support the breadth and depth of 6ducatlon and formational experience offered by the colleg8 community. Universlly examination resums in thè last two years are as follows.. 22 2024 2023 39% 51% 33% 52% While college allocations take place through Durham Unwerslty'5 allooation system, we eontinuo to place emphasis on attracting highly talented students from a range ol baekgrounds. Thls Included partieipating in the University's Pre-Application Open Days held in June 2nd Septèmber, where we welcomed over 1000 visitors per day, and in the Posl-OffeT Visit Days in February. March, and April, welcoming 500-700 vlsilors per day. The College's student enrichment progr8mme Is mapped against the sevèn domain5 of Durham Unwersily's wider slud6nt èxperience slralegy.. Arts & cu￿Ure,. Enterprise & Performance.. Intellectual Enquiry.. sport & Wellbeing.. Wder Communlty Engagement., Aclwe Citizenship,. and Building Communrf(ies. To deliver this, wa partn8r closely with student leaders and provide a complementary programme of opportunities. The programme delivered this y8ai. ranging from sludent-led journalism to College events, has been well engaged with and has receivèd positive feedback from across cohorts. Confjnuing the implemenlalion of ourAlumnl & Development strategy, the Coll8g8 carried outa targeted legacy campaign to plant th9 seed for gwing to the Colleg6. Our alumni community remain engagod with the Coll8g8.' we have hosted several reunions during the year,. held alumni events in London and Manchester. Alumni have been involved in a number of College wide evènts, Including the Bailey Ball and the highly-effeclive 'Onc6 a Johnian, subject-lhemed formal dinners, where glumni. friends ol the College, local professionals. and academics come to the Collèg8 to meet wf(h interested students to provid6 an opportunity for advice and networking. These are enjoyed by alumni ond studénts alike and have become a key offer in our stud8nl experience. st John's College, Ourham Members, Report and Financial Statem8nts 31 JUSY 2024 STIOIIN'5COllt-tiE.DUkllAM We have been pleased lo continue our Iradth'on of free formal dinners for students. Forrna15 are a key opportunityto bling our community togèther- partieularly those who live out of College. This represents significant investment by the College bul is one which we recognise the substantial bellèfits of, particularty in widening participation. Our key communications channels have led to strong engagement by various audiences. Our Colleg8 Record was distributed in print lo many key donors and friends of the College and was viewed nearly 2000 times online. We published nearly one hundred articles on the College magazine, John's Chroniele, overthe last year, capturing the life olthe College and profiling members ofour staff. sludenl, and alumni community. As an academic community, the College continued to host a variety of visiting fellows from many different parts of the world and many different subject areas. and work was undertaken to revise thè system and recruitment process for Fellows. Cranmer Hall During this year Cranmer Hall supported the formation of 40 Anglican ordinands through a rich programme ol learning and praotical ministry located Sn the North East of England. Thè Coll6ga continued lo deliver excellent teaching across ils thre8 programm8s18A, MA, and DThMI with totsl student numbers of 147, and staff are actwe in speaking and research across a range of acaderni¢ and ècc1851al networks. An organizational review of the staff tèam was conducted and implemented in January 2024. In March 2024 Cranmer underwent 115 Periodic External Review, led by th8 Church of England's National Ministry Team and Durham Unwersity's Common Awards. We were delighted to receive the highest rating of 'Confidence', with reviewers commenting that Cranmer is a Theological Educ8tlon Instrtution whlch is 'comfortabl8 in own skin, gracious, kind, hospitable and caring, and where academic rigour is carefully married with formalional excellence. There is a great deal lo applaud. The Relay Trust continues lo be a significant partner funding 20 full-time equivalent bursaries a year for students and staff posts at Cranmer Hall. The additional staffing continues to enable us to ru Growing Léadèrs eoursès for churches across the region, while the bursaries have supported the growth of our Free Church palhway138 students. the rnajority p8rt-timel. In thbs ye8r th8 work of our Centre for Church Planting Theology and Research supported both accredited and lormalional leaching for our students. We also ¢omplet8d our first yÈar as a LÈ8rning Hub forthe Growing Faith Foundation, whSch 5UPPOrts Integrated Children's and youth work across homè, church, and school contexts,. we are increasingly recognized as a key national partner in this area. Research Centres Equipping Christian Leadership in an Age of Science IECLASI is a mullinalional ecumenioal project, connecting senior church leaders wf(h world-leading science and scientists since 2011. In 2023-2024, ECLAS focused on helping international hubs get Started. In additlon to mnthly onlino mo6tings, Durham tèam mèmbèrs visited hub leaders in Singapore, Poland, Kenya, and India as well as hosting thèm heré at st John's. Proj8et Director David Wilkinson spoke on seienee-engaged theology on four continents as well as being a popular speaker around the UK More locally, the project awarded £156,000 in gTants for Sci8ncg for S8mlnariès and £58,000 for Scientists in Congregations. With significant diversity, there 15 broad 8cum8nleal rèach and production of resources in Welsh, French, and Dutch. Research has contributed to 4 academic articles and 3 books as well as a regular blog and the New Narratives programrne. sharlng stories of laith and sclancè forthè gènaral public. The Centre for Church Planting Theology and Research15 currently In full op8rab"on. thanks to a 2-y6ar grant from the Sir Halley Stewart Trust which has supported the Cranmer lecturer lo step up as half- tim8 centr8 director, producing empirical and theological research into the practice of church planting. st John'5 College. Durham Members. Report and Financial Slalemenls 31 July 2024 STIOIINSCOLLIGI.DUnlWA Future Plans John's Hall Stsff will continue to work with sludent18adars to d8lN8r our Studènt Enrlchm8nt Programme. wlth a renewed focus on building an inlerdiselplinary acadèmlc community. We will continue the implemenlalion of our Alumni & Development and Communication strategies over the coming year, placing a gréatér émphas15 on our 8xlernal ¢ommuni¢alions and overall branding, a5 well as operationally meeting a sharp Incr88S8 In requests for 5ignifi¢ant alumni reunions. Cranmer Hall The continuation of the Relay Bursaries will enable us to support studants with the equ&valent of up to 30 full-time bursaries In th8 followlng yèar. Wa ar8 undertaking a fresh vision process and looking to make Structural and cultural changes to maintain excellence as a formalional centre as the shape of the student body Changes. We also plan tresh communications and recruilmenl work lo emerge from this process. We plan to launch an HE C6rtifieat6 in ministry with childrèn and young p80p18. W8 conllnu8 to champion the value of our p05tgraduate prograrnmes. the MA and the OThM. as sector- leading exemplars of excellent leaching and research. Financ• and Operations Our Finances Fee Income forthe year Increased by 14% to £4,527,111 on the previous yearfs figure £3.968.533. The majorty of the increase In Incom8 is du8 to a hlgh8r number of slud8nt5 in fesidence and an Increase in th6 numbèr of Ind8P8ndent Cranmei students paying luilion fees. The movement on unrestricted general funds before transfers amounted lo a net inflow of £716.821 12023.. net inflow of £433,567), on dèsignated and r*slrlcléd fvnds befor$ transfers an outflow of £39,61712023'. £772,237). B8for8 transfers, th8 endowm8nt fijnds amounted 19 an outnow of nll12023'. £nill giving a total inflow for the year of £677,20412023'. outnow of £338,670). The annual valuation of the college's investment property was carried out by the same valuer as in 2023 and the increase of £225.000 r6tlaets thè Improved markét condltlon5. Furth8r detalls can be found in note 13 to these accounts. Cash at bank and In hand has risen to £4,146,17412023.' £3.523,0241 which includes Cash received from Templeton Religion Trust and John Templèton Foundation to fund Iwo ol thé Collègès major research projects. Furthar dètails c8n bè found in th8 eashflow stat8m8nt on paga 21 ofth858 accounts. Fundraising The College raises fund5 10 5UPPOrt capital and research projects as well as creating student opportunbties through seholarships and bursaries. Thesè coma from 8 range of sourcès Including grants from trust and foundations and donations and legacies from alumni and friends of the College. The College has not used external fundraisers during the year. Continuing the implementation of our Alumni a Dev8lopm8llt stra18gy, the College carried out 8 largeled legacy campaign lo plantthe seed forgiving lo the College. A Gift Agreement is in place for all major gifts. R8s8rves and Financial Health The St John's College Reserves Pollcy states that th6 appropriate lovel of freè rasetvas Is 10% of budgeted expenditure and that this should be held in an accessiblè invostmant mÈ8ting th8 ¢r(teria ¢1 the Investment Policy. A figure 0110% is appropriate because this roughly accords with the level by which studènt numbèrs could b8 at variance from predicted In normal circumstsnces. For the year ended 31st July 2025 10% of budgeted expenditure is £444,000. At 31st July 2024, tha lavel of fraè st John's College, Durham Members, Report and Financial Slalements 31 July 2024 5TIOIIN%COLLEGE.)UPIIAM reserves. being unrestricted funds not held In fixed assets or related long-term boirowng, amountad tr) £1,526,55212023. £1.351.4391. Designated and Restricted Funds The Aud(( Committee supervises and monit0I5, on behalf of Council, the administration of the designated and 185trkled funds entrusted lo the College. There We￿ 3712023". 301 reslrided funds and 8 12023.. 51 designatgd fund5 al the end ol July 2024, wth a totsl valug of £6.028.886 12023.. £5.534.5031. 46%12023". 49%) of the restricted funds are held in Indepèlldently managed units in the CBF Church of England Investmnt Fund. The value ol these units increased by 7.4%12023', decrease 2%) during the year and yielded a dividend of 2.8%12023". 2.8%). The balance is held as cash. Tho lagaey Income in designated funds is represented by inv8stm8nt property held in a bare trust on behalf of the joint legat8es, with the balance being held in interest bearing deposlt accounts. Investment Policy Performance The Co116g•'s alm In investing funds is to protect and if posslblè, Iner8a5e assets in trust while maximising overall return and op8ratlng w((hin the agreed ethical policy. The balance of Cap￿al growth and income generation should be toward income. The risk aeeeptable to th8 College is medium. The aim should be to presarvè the capitsl if possible. and the trustees recogn158 that avoidance ol risk may cap relum. Risk reduction wlll usualw rnean investing In pooled funds, along with other charities. managed by independent fund managers with 8 good reputallon and record of accomplishment. The choice of fund will usually show wde dwersificalion (within ethical criterial and will avoid investments in spècfflc market Segments Ilhal might have higher ethical credentials bul may a150 carry higher risks). The College's view on ethical investment Is that all investments should comply with tho Church of England's Ethica1 Advisory Group guldan¢e. Structurè, Governance and Management Kéy Managgment Personnel The Principal is responsible lo the Collega Councll, log8therwlh the other College Officers, forthe day- to-day management of the oollege. The Principal during the year was Professor J Mitchell, the Warden was the Revd Dr N Moore, the Vic8 Prlnclpal was Dr R Bouveng and the Finance & Operations Dlrectt>r was MrCE Courtman. The Warden Is primarily responsible for the operation of Cranmer Hall and th8 Vice Principal for undergraduatè and postgraduate matters. the Finance & Operations Director for the professional and support services w((hin the Co1169è and 811 gperalional matters outside the sludenl aeadetllic and formallonal actiwties. Other Swnifieant Relationships Durham University Durham Univ8r5ity re¢ognises Sl John's College, and the relationship is gov8med by a Memorandurn of Understanding. Students who ar8 members of Sl John's College are students ol the Univ8r5ity, and students studying Wlthin Cranmèr Hall are awarded Durham Universty degrees under Common Awaids. st John's College, Ourham Members, Report and Financial Sta18m8nts 31 July 2024 ST IOIIFIS CoLLIfjI.DUttIIAKI The Church of England The first purpose listed in the College's gov8rnlng documènts is the education and training of ¢andldatès for Holy Ordeis th6 Church of England and the second being 'general 8ducation' at Durham Universty. This is refl8oled In the proportion of revenue derived from fees pald by the Oioceses of the Church of England to fund the luilion. formation. and residential fees of stvdents within Cranmer Hall. Sl John's College Cornmon Room SlJohn's Comfflon Room Ithe'SJCR'I is a students, union and a regi5tsred charty. which aneompasses the Middle and Cranmer Common Rooms. The relalionshlp b8lwèèn tha SJCR and the College is governed by a Mernorandum of Understanding. Risk Managèmènt Tha College has a comprehensive PToces8 to Identify, asséss, mitigatè, and monitor risk. This has produced a risk regls18r for tha Coll6ge. College Officers regularly review the risks 1d8nt￿1ed and th8 controls In placè to mrtigate these. Audit Committee. on behalf of Council, oversees this proces5. During 202312024 the princbpal rlsks and uncèrtainties were identified and assessed In th8 followlng areas.. Major health and safely incident Serious student mental health incident Financial Systems Unforeseen large-scale di5ruplive external èconomic event student RÈerultment- John's Hall Capital Works Project Allegations of discrimination, misconduct and safeguardlng malpmctice Student Reeruitmenl- Cranmer Maintenance of buildings Commercial business Key person depéndancy Data prole¢tion Recruitmènt èndlor retention of adequately skilled staff HR management Cyber resilience Failure lo remain compllant or identify regulatory change Rising operallollal costs linflationl. Security broach Coun¢il Members and Charlty Trustees st John's Col￿ge, Durham was historically an exempt charity and therefore had no registered charity number. Thls arrangement changed under the Charit18s Act 2008. During 2010111 the Council adopted a revised MemoranduTll and Articles of Association and prepared a Public Ben8lit statèmant that enabled registration with the Charty Commission and the allocatlon of a Ragistered Charity number 1141701. st John's Colbgo, Durham Is a company lim(£ed by shares bul by Ilcense of tha Board of Trade the word 'Limf(ed'15 omitted from the name of the company. Coun¢il dlr8Ct5 Its op8rations in aecordan with the Memorandum and Articles of As50¢iation. During tha year ended 31st July 2024 Rl Revd DT Robert Innes served as Pr85id8nt of Counci5 and Dr Jamie Harrison served a5 Vice Prgsid8nt M8mb8rshlp of Couneil is by election of the Council. Nominations are made by the Search and Nominations subcommittee of Council which is Chaired by the President of the Council. Forrnal induction and training of trustees lakes place and is overse8n by Sl John's College. Durham Members, Report and Financial Slalemenls 31 July 2024 STIOIIMS COLLICIE.DURllhM the Principal. An induction pack is providèd to each new member of Council which contains cop￿$ of 811 relevant policies and procedures. Councll has a committee structure, constf(uled under the slat6m8nt of delegations adopted by Council. Each committee has a goveming document setting out ils ￿￿mbership, term5 of reference, powers and how often the committee should meet and ils reporting requirements. Audit Committ88 consists of an Independent chair and n()n-exec members of Council and is responsible for ovorséebng the external audit of th8 financial statements. A5 StJohn's Collegè's purpose is to benefrt students gf both the UnNersily and th8 Church. land through this to offerwider public bentrfiti the college's management and govemance structures ars d85igned to be partieularly responswe to those groups. College Officers meet regularly with student representativès anrt Council member5hlp Sn¢ludes seals for the St Johns Common Room President and the Cranmer Common Room Presid8nl. The wider church is w811 represented on the College Council. The interests of the Unwersity are safeguarded by the Vice Chancellor and two members of the University on College Council lan extemal m8mber appointed by the Council of the College, bul whose appointment is ratified by the Council of Durham Univ8rsily and an appointed ox18mal member who has béén proposed for appointment by the Council of Durham Unlv&rsilyl. The Couneil Members have assessed the major risks lowhich the charity is 8xposed, in particular those r8lat8d lo the operations and finances of the charity and are satisfied that systems are in place lo mrtigale axposure to the major risks. Council Members who served during the financial year 2023r2024 and up to th8 date of signing this report.. Councll Member Dr R Bouveng Mr C Courtman Mrs C Curran Mr S Dale Dr M Gilmore Canon Drl Harri50n Professor M Higton Mrs M Huljak Rt Revd Dr R Innes Mrs S judson Mr M Killen Rt Revd E Lane Mr A McAllister Miss E Martin Profe550r A Michael Professor J Mitchell Revd Dr N Moore Miss l Newlove Revd F Ngangira Miss K Pattinson Revd Dr Cannon P Plyming Revd M Prasadarn Miss A Robinson olnted or resi ned Sn the ftnanclal eriod Appointed 18110124 Appointed 0111212023 Resigned 1811012024 Resigned 21104124 Appointed 18110124 Appointed 2210912023 Appointed 0111212023 Appointed 2210412024 Resigned 0710212024 Resigned 3¥08/2023 Resigned 31IOIJ2024 Appointed 2210912023, resigned 01107124 10 st John's Collegè. Durham Members, Report and Financial Slalements 31 July 2024 srioiiNscoLLEGC.DufiiihM Mr N Robson Mrs K Stephenson MSJ Sutton Resigned 0810312024 Appolnted 2210912023 Appointed 0111212023 Resigned 3V0812023 Professor T Ward evd Professor D Wilkinson Remuneration Cornmittee Thé Remuneration Committee, a committee appointed by and reporting to Coundl and ehairad by President of Council. is responsible for delerminlng. within such sums as may be agreed by Finance Committee. the remuneration of Collègè Officers, ineluding the Principal. and for approving any termination arrangements, including pension ènhanc6m8nts, made to College Officers in connection wlth thè céssation of thair employment. Sl John's College, Durham Members. Report and Finaneial Statements 31 July 2￿24 STIOIIW5COLLEGC DUftIIAAI Professlonal Advisors Auditors CLA Evelyn Partners Limited 17 Queens Lane N6wcaslle upon Tyne NE1 1RN Bankers Barclay5 Bank PIC 6 Market Place L)urham DH13ND Insurance Brokers Marsh Commercial 1 Whitehall Quay Whitehall Road Leeds LS14HR Sollcltors Surveyors Swinburne Maddison George F Vvhite LLP Venture House Dean Street Arch Aykley Heads Busin8ss C8ntre 22 Dean Streev Aykley Heads Newcastle upon Tyne Durham NE1 1PG DH15TS Disclosurè of Information to audltors The members who hèld office at the dale of approval of this members. report confirm that. so far as they are each awarè, there is no relevant audit Snfomiats'on ol which tha company's auditors are unaware.. and each member has taken all the steps that hèlshe ought lo have taken ès a mernber lo make himselllherself aware of any relèvant audf( information and to establish that the company's auditors are aware of that inforJnalion. Auditors CLA Evelyn Partners Limited IFormerly Haines Watts North East Audit LLPI have indicated their willingness to continue In office as auditor, and a resolution concerning thélr reappointment will ba pul forward al the Annual Genoral Meeting. By order ofthe board Rt Revd Dr Robert Innes Ch￿r of Council 3 South Bailey Durham DH1 3RJ 6th December 2024 12 st John's College, Durham Members, Report and FSnan¢i81 Statements 31 July 2024 STIOIINSCOLLIGI. DURIIA Flnancial Statements Statement of Council Members. responsibilities in respect ol the Report of the Members of Council and th8 Financial Stat8menls The Council members Iwho are also directors of St John's College. Durham for the purposes of CQFnpany18wl are responsible for pr8paiing th8 Members. Annual Report and the financial stat6m8nts in accordance with applicable law and United Kingdom Aecounling Standards (United Kingdom Generally Aceepted Aceounting Practice). Company law requires the members to preparo linancbal statèments for oach financial year which give a true and falrview of the slate of affalis of the charltable Company and th8 group alld of the Incoming resources and application of resourees, including the income and expenditure, ol the charitable group for that period. In preparing these financial ststemenls, the members are required to.. select suthble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subjectto any material departures diselosed and explained in the financial statements., and prepare the financial slalements on the going concern basis unless r( Is Inapproprbate to presuma that th6 eharitable company will continua in business. The members are responsible lor keeping proper accounting records that disclose wf(h reasonable accuracy at any time the financial posrtion of the chai((able company and en8b18 them to ensur8 that the financial ststemenls Comply wf(h the Companie5 Act 2006. Th8y are also iesponslb18 for safeguarding th8 assèts ofthè charitable company and the group and hence fortaking reasonable steps for the prevention and delects'on of fraud and other irregularf(ies. Ill so far as the mernbers are aware: there is no relevant audf( information olwhich the charitsble oompany's auditor is unaware., and the members have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditor Is awar8 of that informatlon. The members are responsible for the maintenance and integrty of the corporate and financial information includèd on the charrtable eompany's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 13 st John's College, Durham Members. Report and Financial Statements 31 July 2024 STIOtrINSCOLLEGE. ouniiAAI Independent Audilof s Report to thè Coun¢il Members of St John's College, Durham UnN8r5ty Opinion We have auditèd the fiFian¢ial statements of Sl John's Colloga Ith8 'charit8ble companll for the year ended 31 Ju5y 2024 which comprise the Slalement of Financial Activbties, the Balancè Sh88t, 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 A¢¢ounling Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland IUni18d Kingdom Genera15y Accepted Accounting Practice). In our opinion the financial statements.. gwe a true and fair view of the slat6 of thè ch8At8ble company's affairs as al 31 July 2024, and of its incoming resources and application of resourcès, Including Ils Income and expenditure. for the year then ended., have been properly propar8d In accordance with United Kingdom Generally Acceptèd Accounting Practice.. and hav8 b88n prepared in accordance with the requirements of tha Companies Act 2006. Basis for oplnion We conducted our audit in accordance with Intèrnatlonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibllit185 for th8 audit of the financial statements section of our r8POrt. We are independent of the charitsble company in accordance with the ethical requirements that are relevant to tsur audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other gthical responsibilities in accordanee with thasè r&qulrem8nls. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going cgncern We have nothing to report in respect of the followng matters in relation to wh￿h the ISAS IUKI requlre us to report lo you where.. the Council Members, use ol the going eonc9rn basis of accounting in the preparation of the financial ststem8nls is not appropriate., or the Council Mèmbers have not disclosed in the financial statem6nts any Identified material uncertainties that may cast significant doubt about the charitable company's ability lo continue to adopt th8 going conoern basis of accounting for a period of at least Iw81ve months from the datè whÈn tha financ181 statements are authorised for issue. 14 st John's College, Durham Members. Report and Financial St8t8ments 31 July 21Y24 5TIOII￿5 COLLIGE. DURIIANI other Informatlon The Council Members are responsible for the other Inforrnatlon. Thé other information comprises the information included in the Council Members, annual report, olh9rthan th8 financial statements and our auditOl'5 report th8reon, Our opinion on the financial statements does not eover the other information and, except to the extent otherwise explicf(ly stated in our report, we do not expres5 any form of assumnce conclusion Ihereon. In connection wrth our audf( of the financial 5ts1emenls. our re5pon5ibility Is lo read the other information and. in doing so, consider whether the other Informglion Is materially inconsistent with the financial statements or our knowlèdge obtained in the audit or otherwise appears lo be materially misslaled. If W8 Idantify such material ineonsistencies or apparent material misstatements, we are required lo determine whether there is a material misstalemenl In the fi'nancial statements or a Material misstatement of the other information. 11, based on the work w8 hav8 pèrform8d, wé concluda that there is a material misstatement of this other information, we ar8 requir8d to report that fact. Wè havè nothing to rèport In Ihls r8gard. Oplnions on othèr mattars prescribed by the Companies Act 20C In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the Council Members, report (incorporating the directors. report) forthg financial year for whlch the financlal 51atoments are prèparèd is consistent with the financial stalemenls,. and the director5, report has been prepared In aceordancè with applicable legal requirements. Matter5 On whlth we ar8 r8quirÈd to report by èxception In the light of our knowledge and understanding of the charitable company and ils enviroriment obtained in the course of the audit. we have not identified material mi5Stg18m8nts in the directors, report. W8 h8V8 nothing to rèport in respect of the following matters in relation to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept. or relums adequate for our audit have not been received from branche5 not Vis￿￿￿ by us". or the financial statements are not In agreèmént with thè aceounling records and returns,. or certain dis¢losu185 of directors, r6muneration specified by law are not made.. or we have not rècéivèd all the information and explanations we require for our audit.. or the Council Members were not entitled lo prepare the financial slalements in accordance with th8 srnall companiès, regime and take advantage of the small companies. exemptions in pr8parlng thè dirèetors, report and from the requirement to prepare a strategic report. Responsibilities of Council Mèmbars As explained more fully in the Statement of Council Members. Responsibilitie5 set out on pag8 13, th8 Council Mèmbèrs (who are also the directors ol the charitable company lor the purposes of company 15 st John's College, Durham Members, Report and Financial Stat8m8nts 31 July 2024 ST lOlltrlSCOtLECpl. DURIIAM lawl are responsible for the preparation of the financial 518lemenls and for being satisfièd that they give a true and fair view, and for such internal control as the Council Members determine is necessary to enable th* pr8paralion of financial statements that are free from material misst8tèm8nl. whether due lo fraud or error. In preparing the financial slatemenls, the Couneil Members are responsible for assessing th8 charitable company's ability to eontinuè as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis ol accounting unless th8 trustees erther intend to liquidata tha charitable cornpany orto cease opèrallons. or have no realistic a￿orn•t￿6 bul to do so. Audiloff s r8spon5Ibiliti8s for the audit of the financlal statements Our objectives are to obtain r88sonable assurance about whoth8r the financial slalements as a whol8 are free from material misstatement, whether due lo fraud or error, and to Issu8 an auditorfs report that includes our opinion. Reasonable assurance is a high18vel of assurance, but is not a guarantee that an audit conductèd In accordancewilh ISAS IUKI will 81ways delect a material misst2t6menlwhen it exists. Misstatements can arise fmm fraud or error and are consid8r8d material if. individually or In the aggreg8le. they could reasonably b6 èXP8Ct8d to influence the economie dèclslons of users taken on the basis of these financial statemants. Irregularities, Including traud. are instanees of non-cornpliance with laws and regulallon5. We design procedures in line with our 185ponsibililies. outlined above, to det8Ct material misslalements In r85pect of irregularities, includlng fraud. The extent to which our procedures are capable of dètéctlng Irrègularities. including fraud, is detailed below. We obt8ln8d an understanding of the legal and r8gulalory framework applicable to both the charitable company itself and thè Industry in which f( operates. We id8ntified areas of laws and regulations that could reasonably bè èxpected lo have a material effect on the financial statements from our 58¢1or experien￿ and through discussion wrth the diredors and other manag&meTIt. The most signilicanlwere identified a5 the Charities Act 2011, the Companles Act 2006, UK GAAP IFRS1021 and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial slalemenls. Our audit procèdures included.. making 6nqulrÈs of Council Members and manag8fTl8nt as to where they consider thérè to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud., obtaining an understanding of the Internal controls established to mitigate risks related to fraud or non-eompllan¢e with laws and regulations., reviewing th6 minut85 of meetings of those chargèd with governance., assessing the risk of management override including identifying and testing journal entries., confirmation received directly from the banks lo verify the balancè at 31 Juty 2024.. and challenging the assumptions and judg8men15 made by managemant In signfficant accounting estlmat85 in particular the valuation of inv6stm8nl properties. Our audit did not idantfy any key audit matters relating to tha dètéetion of irregularf(ies including Iraud, However, despite the audit being planned and conducted In accordancè wlth ISAS IUKI there remains 18 Sl John's College, Durham Members. Report and Financial Statements 31 July 2024 t ioiiTrf5COLLI.GI.DURTIAA4 an unavoidable risk that material misslatemenls in the financial statemènts may not be detected owing lo inherent limitations of thè audi( and that by their very nature. any such instances of fraud or irregularty likely invO￿e collusion, forgery, intèntional mlsrepresenlations, or the override ol internal ¢ontiols. A fvrther description ol our responsibilrties for the audit of th8 financi81 slalements is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibilities. This dèscription forms part of our auditor's 18PQrt. Use of Our Report This report Is made solety lo the charitable company's members, as a body, in acc￿danca wth Chapter 3 of Part 16 of the Companies Act 2008. Our audit work has been undèrtakèn so th8t we might state lo the charitable company's members those matters we are required to slate to them in an auditorfs r6POrt and for no other purpose. To the fullest extènt permitted by law. we do not accept or assume responsibility to anyone other than tho ehaiitab18 company and the chaTilatsle company's members as a body, for our audit work, for this report, or for the opinions w6 have formed. ralg Henderson (Statutory Audltorl For and on behalf of CLA Evelyn Partners Limited statutory Auditors 17 Queens Late Newcastle Upon Tyne NE1 1RN 17 st John's College, Durham Members, Report and Financial Statements 31 July 2024 STIOIINSCOLLEGC DURIIAkl statement of financial activities (incorpor8ting income and exp8ndilur8 accounl) forlhe year encled 31 July 2024 EndovJMént lund, Unr¢5trtcted D*￿Enated t4?￿￿e￿nd UnrnstFlrt•d haFe¢upft4 6qn•rdlund T47tal lold Toti12Q21 Notes Inrome Voluntarylncomè 46572 9￿￿5 LY89. IW322 169Y.958 YI7 IDvp51rnpniln(ome 11¥319 Icw￿lIeS'. lotalfee5In(ome Incumplivmothertiithr 4,527,111 4S17.111 IW.533 Commeiclil bus5neMlrKoMe Pètha￿deS 311731 24563 1997 if6.¢6s 241587 07,394 $86 3015&1 1191 57,611 Total *WS29 231576 IA7iS47 7.a86JS2 &473.?76 ExptndlturÈ 14.$21272) IL9210591 I¢W9691 1159.IB 1&443.414) 1215,3161 Coslof8ènerttln¥funds IKfi552) 14$74922) 15ll170) 11.9a 17.LW.1511 I&6[4￿6) 5nvt5tmentS &lnllL055lon rev41￿1[0￿ of 5nvèslmÈffltwopÈrty 24LXVJ IL117,5 Netlncomell*xptndllurÈl before 71WI 1445941 9Tr 671,201 13¥670> fyosstransfeisbetweenfunds 22 tr4etin￿De/leXpendr1UrpI before0thercornprehènsl￿$I1nSa￿Il0$5ÈS 14S7351 22W6 489.46 9n 677.W4 133&670> tmovement Infuthlsf)rtheyÈèr 14%7*1 22aSS6 489.1 4971 677,204 Fv￿jba1Inres&rgu8htfQrW4rd FU￿b￿lin￿5￿Flled forward 1471 S44945 1¥47fj492 11.7ffi, 1724485 4217.892 £￿017 1,8W954 2l482.67S 23,159￿79 2I876.4JO 2lI81675 21 All of the above results are derwed from continuing activities. The charitabl6 company has no othèr recognised gains and losses other than those stated above. The notes on pages 22 10 47 form part of theso financial statamants. 18 st John's Collège, Durham Members, Report and Financial Statements 31 July 2024 STIOIIN'SCgtLCfjE. DUR514M Balance Sheet 8t 31 July 2024 As res18ted 2024 Notes Foxed as*ts TongiblÈ as$el& In¥EStTnenl propÈrtle$ In￿tMentS 12 13 14 17,879,221 2,750,orAI 950,547 18,037,503 2,5￿, 8￿,144 21,579,768 21,447,647 ¢￿￿ent a￿ts stock Debt￿5 Cash at bank and In hand 15 16 14,950 77,908 4,146,174 17.596 34,806 3,523,024 4,239,032 3,575,426 cred￿￿5.. amounts falllng due wlthln one year 17 I￿,381) (357.4411 t cun*nt assets 3,788,651 8.217.985 Total as5et5 less current liabllitles 25,368,419 24,665,632 dStors.' amounts falllng due after more than 18 one year P,208,5401 P.182,9571 Net assets 23,159,879 22,482.875 Capltal and reserves Called up share ¢apilal Endowment Djnd Re%elualkJn reser¥* Endowment fund$ 19 24 s,1￿,le0 302,761 5.168,895 302.761 5,425,921 5,471.856 Unreslrfcted accumulated ￿nd Deslgnated fvnd8 Restricted funds 11,705,048 4,217,892 1,810,994 11,476,492 3.728,486 1,806,017 23,159,879 22.482,675 Sl John's College, Durham M8mbers' Report and Financial Statements 31 July 2024 STIOIINSCOLLEOE. DURIIAM These financial ststem6nts wèr8 approved by the Members ol the Council on 8th December 2024 and weie signad on its behalf by.. Reverend Professor Jolyon Mitchell Member of Counc51 Right Reverend Doctor Robert Inne8 Chair of Couneil Registsrgd number 00113496 Registered charty number 1141701 The notes on pages 22 to 47 fomi part of thèsa Iinancial slalemenls. 20 st John's College, Durham Members, Report and Financial Stat8m8nts 31 July 2024 rioiitrr5 CoLLICIl. DURIIMI Cash Flow Ststement For th8 y88r &nd8d 31 July 2024 Cash from operatlrvJ act￿1188 888,145 Cash 110￿ Trom Imestlffj a¢tMlle$ Proceeds from disw>sal ofianglbk ffxed asset$ Pwcha5e ofianglble fixed 4ssel$ 4S2,813 1105,4441 ¢a$h ou¢low from lthtsllw a¢tMlk8 I1£￿.444) 452,813 Flnanclng acli%Atles Repayment of ix)ffoYAn95 1165,9WI 1971,5• (971,546) Increa8e In ca8h cash eqUI￿entS In the ye8r 823,150 9,412 C88h and cash equI￿￿ntS at the bednnlrvJ ofthe year 3,523,￿24 3,153.612 Cash and c88h equI￿￿ntS al the end oflhe year 4,146,174 3,523.024 Ca4) ffowsfiom operatlng aCtI￿tIO$ 2024 Net Income IGalnllLoss on In¥t$lments IGalnllLo$s Dn ￿valuat￿n oflxed a688t8 IG4lnllLoss on ￿Val￿t￿n ofln*slment property IProffitllLos8 on di8posal of tangible fixed assets Change In fèlr value ofequlty sharirvJ loen Depreci8tlon Ilncreaselldecrease in stock Ilncfeasell¢k¢rea$e In debtors I￿rease1((k¢reasel in non loan ¢redllors 617,204 185,4031 6.285 16.190 1944,9351 I,127,￿0 189,4131 127,B13 272.034 1397) 114,404 1341,316) 1225.(KNJI 143,1021 284,513 88&145 21 Sl John's College. Durham Members. Report and Financial Stat&ment5 31 July 2024 STIOIINSCoLLI.CIE. DURIIAII Notes (forn7ing psrt of the financial slalements) l. Accounting Policies Basss of Preparatlon The financial statem8nls have been prepared in accordance wth Aceountlng and Reporting by Charities.. Statement of Recommended Pradice applicable to ehariti85 préparlng their ac¢ounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102118ffe¢twe 1 January 20151- (Charities SORP IFRS 10211. and the Companies Act 2006. Golng Concern FRS 102 requires that, rf appropiiat6, tha Co118g8's financial ststemenls are prepared on the going conc6rn basls. which means that the organisalion is able to operat6 for at18a5112 months from approval of the financial statem6nts. on the basi5 of known and reasonable projected resources. Management have prepared detsiled budg818 and cash flow forecasts up to July 2025, and summary budgets and Ga5h flow forecasts have also been pr6pgred to 12 months from the dale of signing these accounts to Assist wrth going concem considerations. In preparing thesè forecast5 consideration has been gwen lo the ongoing economic unc8rtalnli8s including those relating lo supplies of catering provisions, gas and electricity, specialist maint8n8nc8 services and building materials. The cost of wages is a further point of uncertainty with anticipated uplifts to th6 minimum w8ge and the announced uplift in employer national insurance conlribulions. The College has sufficlenl resources availab18 to meet liabilf(ies as they fall due. As such there are no material uncertainties in respect of the College's ability to eontinue as a going concern. As a consequence, the Members beli&v8 the Company is well placed lo manage ils business risks successfully and therefora havè adopted the going concern basis of accounting in preparing tha financial ststemenl5. Fund Accountlng Déslgnated funds comprise general furtrds which have baan sat aslde at the discretion of Members ol the Council for specific purpose5. The purpose and use of the designatèd funds are set out in notè 22. Reslricled funds are funds subl8el to specific reslrictwe conditions imposed by funders or by the purpose of the appeal. The purpose and us u$6 of the re51rictsd funds are set out in note 22. Endowment funds arl$e when the donor has expressly provided that the grft is to b& invèstgd and only the income of the fund may be spènt. Revaluation reserve consists of cumulative revaluatlon gains and1055e5 in respect of land and buildings. All income and expenditure is shown in tha Statèmant of Flnan¢lal Adivtties. Income All income is recognised when the Coll6g8 bècomas 6ntitl8d to the funds. likelihood ol receipt is probable and the amount measurable.. Fee income comprises College fees, maintenanca fèès and student rents. Commercial business income comprises bed and breakfast 18ttings. conferences during vacations and bar salès. Recharges eomprise staff costs 8nd office costs charged to restricted fvnds or other organisalions. St John's Collège, Durham Mernbers, Rgport and Financial Statements 31 July 2024 STlOIINSCoLLE.C￿I. DURIIAhl other income comprlsès salès of alumnl merchandise and various publieations. and other miscellaneous income. Grants & Donations comprises grants, legacies, gifts and donations glven by supporters, thè gan8ral publi¢ and business. Expendlture All expenditure is reeognisèd on the ac¢iu815 basis. Charitable expenditure comprises expenditure relating to the direct furtherance of the charitable objectives. Costs ol generating funds comprises the costs incurred in relation lo commercial business, which is undertaken to provide funds to support the charitable objectives of the College. Irrecoverable VAT is included as an expense where appropriatè. GoveTnance Cost8 Governanea eosts Ineludè those Sncurred in the governance of the charity and ils assets and are primarily associated with constrtutional and statutory r8quir8mnts. Th85e are Sncluded wrthln expenditure on charitable activities. Interest recelvable and Interest payable Interest payable and similar charges include interest payable and financa lèas9s r8cognised the Stalèm8nl ol FinancSal Activities using the effective interest method. other interest reeewable and simllar Income Include Interest receNable on funds inve51ed. Int6r¢st Ineoma and Inltrrest payable are recognised in the Stslemenl of Financial Activities as they accruè, uslng thè effertwe intere51 method. Oividend income is recognised in the Statement of Financial Activities on the date the company's rlght to r8¢ewe payments Is estsbllshed. BasEc flnanclal Instrument$ Trado olhgr dgblor&/credilors Inleresl-bearing borrowings ar6 rècognis8d In111811y al thg present value of future payments discounted at a market rate of interest. Sub58qU8nt to Inrtlal recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impaimient lossos. Int8r&$t-b98rlng borrowings claswffed as basic financial in8lrum8nl8. Interest-bearing borrowings are recognised initially al the present value of future payments discountèd al a rnarkel rate of interest. Subsequent to initial recognition, interesl-bearing borrowings are statèd at amortised cost using thè effèctive Sntergst method, less any impaimient losses. Cash and cash equival8nl8 Cash and cash equivalents comprise cash balances and call deposits. 23 IL4 st John's College, Durham Members. Report and Financial Statements 31 JUW 2024 STIOIINSCOLLIGC DURIIAAI other financial in6truments Financial instruments not considered to be Basie Finand81 Instrumènt$ Other financial iristruments not meetsng the definition ol Basic Financial Instruments are reeognised initially at falr value. Subsequent to initial recognition other financial instruments are m6asured at fair value with changes recognisod in the Stat8menl of Financial Aclivthes, except investments in equity instrurnents that are not publicly traded and whose fair value cannot oth8Nlsé be m88sured reliably shall bè measured at cost less impairment Tanglble flxed assets and depreciatlon Tangible fixed assets are slated at cost or valuation inclsjding any incidèntal èxp6ns8s of ocqulsltS0n. Additions, whlch are capitalised when greater than a de minimus level of £5,000 for any individual item or £15,000 for any group of items. and disposals are included when eontraclual obligations have bèen mel. Freehold land is not depreciated and is treated as being 113 of the proporty valu8. D8pr8¢1atSon Is provid6d on all other assets at rale5 calculated lo write off the cost or valuation, less eslimaled residual value, over their estimated usoful economic liv6$ as follows.. Freehold property 1%- 2% straight line Leasehold propety 2%- straight line Fixtures, fittings and equipment 5%- 20% straight lin8 The policy for freehold and leasehold property is to undertake an RICS fair basis revaluation evary 3-5 years. For assets under conslruclion, costs are included as debtors to the point wh6re plallnlng peTmission is rècèivèd. At that point all costs lo dale are transferred to assets under construelion, and subsequent costs are added as incurrèd. At the point of flnal completion the costs are transferred lo the relevant Imed assets category and dopreciatèd 8$ abov8. The Trustees consider the need for impairment of fi'xed assets on an annual basis. R•valuatton Gains on revaluation are reeognised on th8 facè of the Statemèllt of FSnan¢ial Activities before arriving al net movemeril in funds and accurnulaled in revaluation reserve. Losses arising on revaluation ar8 racognised on the f8c8 of the Statement of Financial Activf(ies before arriving at net movement in funds to the exlenl of any previously recognised rèvaluation incréasè accumulated in equty, in r8SP8Ct of that assgt. Any excess is recognised in expenditure. Investment property Investment prop8rt1ès are prop8tlies which are held either lo earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. 24 Sl John's College, Durham Members, Report ènd Financi81 slalemen15 31 July 2024 ST ioilFISCOLLIOE.DURIIAM Subsequentto Init181 re¢ognilion'. Investment properties are held al fair valuo. Any gains or losses arising from changes in the fair value are recognised in tho Statèment of Financial Ath'vilies in the period that thèy arise,. and no depreciation is providad respect of investment properties. Impalrm•nt èxcludlng stocks and Investment prop•rtl85 Finènc181 assets (including tr8de and oth&r dèbtors) A financial a55et not carried at fair value through the Slalemenl of Financial Activities IS aSS8SS8d at each reporting datè to determinewhetherlhere is objeetive Ovidence that it is impaired. A financial asset is impaired if objectwe evidènc8 Indlcales that a loss event has occurred aftèr the initial recognition of thè ass81, and thatthe loss event had a nagatwè effect on the e51imaled future eash flows of that assel that can be estimated reliably. An impairment loss in respact of 8 financial asset measured at amortised Cost Is calculated as the difference between ils carrying amount and th8 pres8nl value of the estimated future cash flows discounted at the asset's original effectiv8 intèrest rate. For financial instruments measurèd at Cost less impairment an impairment is calculated as the differeneé b8tW8en its carrying amount and the best estimate of the amount that the chaTf(able company would receive for th8 asset If It were to be sold al the reporting date. Interest on the impaired asset continues lo èe recognisèd through the unwinding of th8 discount. Impairment losses are reeognis8d in the Slalement ol Financial Actwiti85. When a subsequent ￿ent Causes the amount of impalr￿￿nt loss to dacrgase. the decrease in impairment loss Is reversed through the Statement ol Financial Activities. Non-finanGial assets The carrying amounts of the charitable company's non-finaneial asset5, olhgr than investment propety and stocks are reviewed at each reporting dale lo determine whether there Is any indication of impairment. If any such indlcation exists. the asset's recoverable amount Is estim818d. The recoverable amount of an asset is the greater ol its value in uso and ils fair value less costs to sell. For thè purpos8 of impairm6nt tèsting. assets that cannot be lesled individually ars grouped together into the smallest group of a55815 that generates cash inflows from continuing use Ihal are largely independent of tho cash Inflow5 of other assets or group of assèts. An impairment 105s Is recognised if the carrying amount of an ass8t èxcaeds Ils eslimaled iecoverable amount. Impairmgnt10sses are recognised in the Statement of Flnancial Adiwtle5. Impairment rosses recognised in prior periods ar8 ass8558d at each reporting dale for any indications that the loss has decreased or no longer exits. An impalrment105S 15 reversed only to the extènt that the assets carrying arnount does not exceed that would have bèèn d8t6rmined. net of depreciation or amortisalion, if no impairmènt loss had bggn recognised. Provlslon¥ A provision is recognisod th8 balance sheet when the char(cable company has a present legal or ¢onslruclive obligation as a result of a past ev6nt, that can be reliably rneasured, and it is probablè that an outnow of 6conomlc benefts wlll be required lo settle the obligation * thg reporting date. stocks stocks are st8t$d at the lower of cost and net realisable value. Stock Includes catering provisions and bar provisions. 25 st John's Col18ge, Durham Member5, Report and Financial Slalemenls 31 July 2024 STIO>IN'SCOLLEC.E. DURIIAM Penslons costs The schemes in whKh the charitable company participates are the Church of England Funded Pension Scheme and the Unwersilies Superannuation Scheme. The assets of thesè lunds ar8 held separately from those of the College in independently administered funds. The Church of England Fund6d Pansion Scheme Is a dèfinod b6nafrt schèm8, butthè Coll8g8 Is unablè lo identify ils share ofthe underlying assets and liabilities. Each employer in the scheme pays a common ¢ontilbution rate. Where the share of assels￿labllltIes cannot be identified, FRS 102 requires the College to account for pension costs on the ba515 01 contribution actually payable lo the Scheme in the year. Th8 Univèrsitiés Sup8rannuation Schem81s a d8fin8d benefit scheme. The College is unable to identify Its shar8 of th8 underlying assets and Ilab111118s of the scheme on a con51Stenl and reasonable basis and therefore. as required by FRS 102, accounts for the scheme as il it were a defined contribution scheme. Tha charitable company also has a d8fin8d Contr￿butIOn seh8m8 with Avwa. the amount charged to th Slalement of Financial Activities in respect of pension oosls and other posl-retirement benefits are the contributions payable in the year. Investments Inv8stmants ar6 statèd at mark8t valuè. Unr8ali58d and r8allsèd galns or losses ar8 r8POrtgd in aceordance wbth the SORP. Investment inconE is recognised on a receivable basi5. Judgements and key sources of estlmatlon uncertalnty In the application of the College's accounting policies, the members are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate5 and associated assumptions are based on historical experience and other factors that are considered to be r616vant. Actual results may drffer frow thes8 estimates. The eslimales and underlying assumptions are reviewed on an on-going basis. Revisions lo 8¢counling eslirllates are re¢ognised In the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods whérè the revision 8ffècts both current and futuro periods. Investment Properties are carried al fair value with a valuation being undertaken every year and fr8Èhold and leasehold propert18s ar8 carried al fair value wllh 8 valuation being und8rtak8n every 3 to Iwe years. The approach to property revaluations is on the basis ol fair value IFRS 1021, in accordanee wf(h VPGA 1 oflhe RICS Valuation- Global Standards 2022 (The Red Bookl and UK GAAP. Fair Value 15 defined within the current Financial Reporting Standards as 'lhe price that would be received lo sell an asset or paid to transfer a liabilty in an orderly transaction bOb￿een markèt Sector particlpants at the measurernenl date" as defined in VPS 4 Section 7 01 the Red Book. For specialised properties valuations are on the basis of Depreciated Replacement Cost in accordance with FRS 102 Section 17 para 15D, Thls Is dèlinéd as 'thè current r8pla¢smenl ctsst of an a$sel less redu¢lions for phy$Scal deterioration and all forms ol obsolescence 26 st John's College. Durham Members, Report and FinAncial Statèmènts 31 July 2024 ST IOIIM5COLLIC,E.DURllhM 2. Grants & Donations 2024 2023 Grdnts Donations 1,713,660 68,683 1.840.323 1,684,412 15,546 1,699,958 Analysls of Grants 2￿24 2W23 Church of England Sir Halley Stewart Vardy Foundation hn Templeton Foundation Benefact Trust Wlliam Leech Research Fund R81ay Trust Templeton Religon TrLk81 Binks Trust Oiher Grants 24.9 7,475 33,333 56,678 84,OCQ 28,e10 276,221 1.252,983 11,374 52.328 33.334 212,288 1,301,411 85,051 1.773.660 1.684,412 3. Investment Income 2024 2023 Int8mt re¢￿VatAe Diwdends from U￿1$t￿d sécurifjés Rental income from inwslmenl prowrty 107,739 25.413 25,274 123,444 728,360 148,718 4. Total Fees Income 2024 2023 Accommodation fees Tuition fees College fees other fees 2.824,389 1.201,277 561,287 140,178 2.454,303 827,045 551,915 135,270 4,527,111 3.￿8,533 27 Sl John's College, Durham Members, Report and Financial Statements 31 July 2024 ST lOIIFIS￿L[cE.t)￿ft1lA14 S. Comrnercial Business Income 2024 2023 Conference8 & events Bar 318.731 105.oeé 118,190 124,397 4Z3,797 242,587 6. Other Income 2024 2023 Recharges Other income 304,563 62,799 407,394 6.586 367,362 413,980 Recharges are the staff costs and associated office costs paid by the College, which are then recharged to fund8d projects. 28 Sl John's College, Durham Membèrs, R8port and Fbnancial Slalemenls 31 July 2024 STIOIIN'SCOLLI.GI.DURIIAM 7. Net Income Before Charges Are Ststed 2024 2023 After¢ha￿ng1 (crodftling) Depreciation Profit on thswsal oltanglLl8 fix8d as8ets Charoe in far valu6 of 8iwlty sharing loan 283.728 272,034 189,4131 127,813 Audlors remunorali stalulory audt of these financial statemant8 Other aecounting Se￿Ce3 18,900 13,440 18,0(K) st John's College. Durham Members. Report and Financial Stalem6nts 31 July 2024 STI051N'SCOLLICIl. DURllhk4 8. Expenditure Unrestricted Deggnated Funds Fund$ Re*lcted Funds Total 2024 arlfable oxpÈndllur¢ Academlc Sludenl Suppyjrt Qperations Major R8palrs & Re￿[￿ShM￿ Research DeprecIat￿n kntere8t Paid Govemance Costs 79a,414 576,218 2,575,5 1eé,236 j.￿ 1,199,850 327.497 J9,472 2,575,596 538,764 1.212,479 263.724 118.324 22.759 372,528 17,353 1,1￿.126 263,724 118,324 22.759 4,522.272 395.638 1.923,OS9 6,840.969 Cost of gonwallng fund5 Commercl81 aclmlies Bar ,650 1C6,532 1(8.5Y2 $2,650 1￿,532 159,182 Unre5trlded Deslgnat8d Funds Funds Restrlcted Funds Total 2023 Charl(4bl8 expendllur Academic Student Support Operallons Malor Repalr5 & RefurNshment Resear¢h rkye¢lallon Int￿￿￿1 PaEd Go¥emance Cost5 835,812 s54,L￿2 1,428,058 669,988 268,4)1 15,839 1.104,213 591,5 1,428,058 7[￿,761 1,151,061 272,034 110,389 79,350 21,644 16,773 1,104,722 44339 272.034 110.389 3,969. s7.￿3 5,443,411 Cost of generallng thnds C¢mmarcial actlmlies Bar 112,969 112,989 112,357 112,35T 112,989 112,35T 225,346 The College Bar operates und6r a Club Pr*mls$s L1cgnce for the benefit of the whole College. Op8ralions costs include catering, housekeeping and facilrties. The analysis of expenditure has been updated to refl8¢t the Current slrudure. The comparatwe figures have been re-presented in line with tha r6structur¢. 30 Sl John's College. Durham Mèmbers, Report and Financial Statements 31 July 2024 5TIOIIN5COLLIGC DUftIIAM 9. Staff Costs 2024 2023 Wages and salari8$ Social s£eurfty cost8 Pension costs 2,435.821 216.413 246.503 2,144,749 181495 226,312 2,900,737 2.556, There were 4 employ88512023.' 11 whose emoluments, as dèfinèd for taxation purposes, amounted lo over £60,000 in the current oi prior year. The emoluments ol these employè8s f611 wrthin the following bands.. 2024 2ff23 £60,OC4)- £69,999 £70,000. £79,999 £100,000- £109,999 Penslon conlrlbutlons paid in the year in respect of the abov8 stsff were £40.61212023.' £17,241). The average number of employees, analysèd by ftJn¢tSon. wa5.. 2024 2023 AcÈdemic T8achlng & Related Staff Research Staff student Sermces Staff Management, Professional & Supwrt Staff Operations Staff Commercial Busin8s8 Staff 19 15 15 10 37 16 11 15 98 101 Thè a*rage number of full-lime equiwdlent persons Ém ￿0Yed by the College during the year was.. 72 Operations staff include catering, housekeeping and facilllies. 31 st John's College, Durham M8mbers' Report and Financial Statements 31 Juty 2024 STioiirlS COLLtGE.OUR51AM 10. Key management personnel Itrusteesl Mèmbers of the Counc51 ar8 thé k8y management Personnel of th8 Charitablè Company. They are in charge of directing and controlling, running and operating the Charitable Company on a day-lo-day basis. No remuneration was paid to any of the Council Membars in the capacity of trustees during the year 12023.. nill. Six12023.' 61 Council Members recewed remunerats'on in lolal of £226.01912023'. £266.2131 in connection with Ihebr full-time employment by the College. The College paid contributions 01£26,570 12023". £37.3531 to money purchase and defingd benefit pension scheme5 in respect of 612022." 51 Members of Council. Expenses of £3,859 12023.. £7,947) wèré reimburs6d to trustèes during the year In respeet of 8ttendanc8 at m88ting5. whlch r8pres&nls paym8nt5 to 512023." 58verall trust885. No expensès wére wawed by the truslees12023'. nill. Donations to the charitable company made by the trustees during the yearwere £4,00012023.' £nill. 11. Taxation st John's College, Durham. is consbdered to pass the lesls set out in Paragraph 1 Sch8dul8 6 Flnance Act 2010 and therefore (( meets the definition of a charitable comp8ny for UK corporatlon t8x purposes. Acetsrdingly, the charity is potentially exempt from taxation in resp6Ct of income orcapital gains recewed within categories covered by Chapter 3 Part11 Corporation Tax Act 2010 or Section 256 of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 32 st John's College, Durham M8mb8rs' Rèport and Financial Statements 31 July 2024 syi0iir￿5coLLtc,E. DURILIAI 12. Tanglble Fixed Assets Freehold land & bulldlngs Leasehold land & bulldlngs Flttlngs & equlpment Total 2024 Cost or valuauon Al 31 July 3￿3 Additions rAsp088ls Tfan5fer5 16,￿,(1X) 1,CfL),QX) 105,444 219,228 18,134,228 105,444 [3,￿.(￿K)I 131X),(xx> At 31 JLIY 3r24 13,S55.CO) 4,4&5,444 219,18 18,239,6n Lvreclauon At 31 July 2023 Charge for year Released on fi8P08818 Rdea5ed on Rewluallon 231,787 21,3 At 31 JLAY ￿￿4 7X),767 21,2C(J 118.484 360.451 Net book vaftse At 31 July 2ry24 13.S34,233 4.444,244 1(fJ,744 17,679.221 At 31 July 2023 18.￿.Co0 1.￿.C1￿) 122.503 18,Ql7, The tangible fixed assets are used substantially for direct charllable purposes. Freehold land included above is not depreciated. The cost or valuatlon figure for land and buildings include.. Freeh)Id laNI and builditvJs Free￿Id land and buldings Leasehold Z)24 Leasehoid 2023 At ￿luatIon Stated at hi8torical cost 13,￿8,789 105.444 4,444.244 16,784,039 70.￿1 13,334.￿3 4.444,244 16.￿.(1X) 1,CEO.O The freehold and leasehold property of the College was professionally vglugd on 316t July 2023 at £17,915,000 on exlsting use value forthe freehold and leasehold properties on the Bailey. depreciated replacement C051 appralsal for the Learning Resource Centre and chapel of Sl Mary the Less, and market value for other properties. by George F Wh((e LLP. The trustees consider these valuations to still be appropriate al 31 July 2024. 33 Sl John's College. Durham Mémbers. Report and Financial Statements 31 July 2(r24 srioTINsC(XLECTrl. DURIIAh4 13. Investment Properties At valuatlon At 31 July 2023 Revaluations 2,525,(X)o 725,(X)O Al 31 July 2024 2,750.OCK) Net book value At 31 July 2024 2.750.000 At 31 July 2023 2,525,000 The historic c051 of the above is £3,506,250 12019.. £3.506,2501. The invèstrn8nt property was professionally valu8d on 251b June 2024 by Terence Flrrell Chartered Surveyors at £5,050,000, The nveslmenl represents a 50% share in th8 property. 34 st John's College, Durham Members, Report and Financial Statements 31 July 2024 ST IOIIMS COLLECIE. DUPIIAKI 14. Investments Unquoted investments are represent8d by income shares held in the Cèntral Boaid of Finance of the Church of England Investment Fund. 2024 2023 Markol valu8 At 31 July 2023 AdditlOn8 Unrealised Ilossygain 885,144 901.334 65.403 116,1goi At 31 July 2024 950,547 885, 144 Cost Historicd cost 206,307 206,307 15. Stock 2024 2023 Bar and catering 14.950 17,5 16. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 64,185 4.798 8,925 22,528 2,528 9,750 77,908 34,806 17. Credttors: amounts falling due wi(hSn one year 2024 2￿23 Bank loans (not8 181 other loans (note 18} Trade ered'tors Other cred'tors Other taxes and soclal security Accrual8 & deferred income 66,240 157.813 100,000 5,110 46,674 7,2CQ 40,644 230,845 34,541 7,465 111.290 450,381 357.441 35 st John's Co118ge. Durham Members. Report and Financial Slalemenls 31 July 2024 STSOlI￿SCoELEGE.DUR￿IA14 18. Credttors.. amounts falling due after more than one year 2024 2023 Bank loans Equity sharing loan 1,588,540 o,(x)o 1,￿2,957 620.000 2,208,540 2.182,957 D•talls of loansand le￿rIty 2024 2023 Maturlty- loans Aggregate amounts r6payabia'. Ovèr five years Between two and years 1,943,580 264,g6Q 1,917.gg7 284.￿0 2.208,540 66,240 2, 182.957 257,813 Withln gne year (note 171 2,274,780 2,440,770 Equty Sharing Loans valued at £620,000 12023.. £￿0.000) have been received from the Church Commissloners in respect of the purchase of property for staff and student accommodation. Tho Commissioners hav6 100% of tha Èqurty 5tak8 In these properties. Interest was charged al 5% on draw down of the loan. wf(h the rale being revised annually in line with th8 Rètail Pric8 Index. Intere5115 charged quarterly and the capital is not repayable until tho property is sold. ThÈ58108ns are accounted for as financial liabilitie5 at fair value through the profit and loss, wlh the value of the loan being linked to the market value of thè relatèd propsrtiès. The total balance outstanding as at 31st July 2024 was £620,000. An interest fr88 loan 9mounling to £500.000 was received in August 2018 from the Wlliam Leech Foundation In respect of the Learning Re50ur¢e Centre. The loan is repayable in annual instalments of £100,000 on the anniversary of draw down of th8 loan, The loan was fully paid during the year. A mortgag6 amounting to £2.000,000 was received in November 2018 in order lo repay existing bank loans and fund thè completion of the Learning Resource Centre. The loan is secured against the land and buildings known as 1-12 Brass Thill and 16 Briardene and is repayab18 in monthly in51alments over a périod of 20 year5. The loan wnsisls of tr40 equal parts for which interest is Charged on both at a variable rate of 2.2% above Bank of England Base Rate. The total balance outstanding * July 2024 was £1,654,780. 19. Called-up share capital 2024 2023 Allolted, called up and fullypald 24 Ordinary shares of£1 each 24 st John's College, Durham Members, Report and Financial Statements 31 Juty 2024 STIOTIM5COLLIOI. DURIIA14 Ther8 was no movement In called up share capital during the year. 20. Financial Commitments Conts"ngencies The Central Board of Finance of the Church of England madè the followlng condi1Son81 grants to Sl John's College which are repayable in the event that the College at any time ceases to be a Church of England College, which is either accepting students lo read for degrees in the Faculty of Theology of Durham Univarsity, or Is training students for ministry in the Church of England. Year ol grant 1￿0 40,000 1,163 2,215 3,0(X) 1￿4 1974 46,378 21. Financial Instruments 21(a) Carwng amount of ffn&ncial instruments. The carrying amounts of the linan¢ial assets and liabilities include.. 2024 2023 Assets measured al fair value through wofit or loss Assets measured at amortised cost Liabilities measured at fair value through profit or loss Liabilities measured at amortised cost 950,547 127,775 1620,0001 11,974,831) 885,144 ,278 1820,0001 {1,872,5541 21(b) fin8nci81 Jnstrum8nls m88sur8d 81 fair v81u& Unquoted investments held by the eharitable company are represented by income shzres in the Central oard ol Finance of the Church ol England Investment Fund. The fair value of these unquoted Investments is deterrllin8d by refer8nce to their quoted bid price at the balan¢e sheet dale. The lund is administered by the CCLA (Churches, Charities and Local Authorrtiesl Investment Management Limited. The Charitable company has a number ol equrty sharing loans that are aeeounted for as financial liabilities at fair value through th8 profit and loss, with the value of the loan being determined with reference lo the market value ol the related properties 21(c) Fair values The amunts for all financial assets Carried at fair value are a5 follows". 2024 2023 Nonderlvative financial a55ets at falr value through profit and 1055 Unquoted in￿Stments 950.547 885.144 37 st John's College, Durham Membèrs, Report and Financial Slalemenls 31 July 2024 STIOlltrf5 COLLICI.. DUttllMI 22. Movement in Funds Vthuon Trartsfers 31J￿￿ Irthnb I￿￿Ll￿5) [￿er￿￿e) 31￿￿2)￿4 C(4*£e &4r&Wlne C*r 1%,6481 3,282.24 1Q4 105. 11th,532) (3,¥ 3,815.?87 Sxiety MayWorks&RelLYLrfsPrfrents WSC Re%earchCertre C* ￿brary CarLw Errisslijns Pb Fl￿ IRv¥pivxI (SS5,1481 (17,￿> {7.￿1 427.931 31,0 148.6 10,(LIJ 2,1 131D) Tot￿lIes1￿atedfi￿ds 47•4e6 232,ST6 22S,Cth 541)>) 4217,892 Re51ikted fmd5 CÈr*rrary ErKkyMtprt Fu lancurty Mumikal ECLASPh3se 4 EYarg211c2lGra¢kktr Art&Arlf2c Cluch Lea¢W. Ptr£se2. T*Th¥A￿￿ 4472 g81 94 4Qlle￿ 1,248.128 61. 3,97B 11.(*1.5 587.213 3.978 ECL4S EtclEIB Thpow & Fund Centre Forc￿￿￿hPan￿r￿a1IEo￿ &ReGe¥th rEe thI¥￿&1K￿ar#lp &ThBPig&y Leech ￿￿￿n&t￿VrE￿IF￿ ￿￿￿c¥￿￿rI1E5F Pthtaublcapilal) FK*¢kneralon s¢￿1216￿P ,S)7 79,273 27,& 1.510 285. 7.144 I101.￿> 14.5WI 128,5791 78,7 6,￿1 1,510 128,879 7,851 lQ4,410 6,941 27,765 3,149 7,415 1￿,953 198 3,￿1 1351, 1*,S&51 4741 2￿,￿25 3.149 21,627 13,74) 17,rm) FreeCMr¢hTr8ck 4J8 lJ,070) 9.2 719 DWhJMAw￿￿tics￿IXk1OAWI Frierthol Fkll lead￿ater IKlrE FÈfd 719 11,8431 (2.￿) 14 10.419 12419 7,031 158,818 ,126 18,046 11,878 31fj,247 7,(Q1 1r2, 49,591 19,832 11,876 344,915 Mill￿￿ Visitiro Fe&MsNpF Vaw Fur el Vaw LYGY r6bip FLnl CIHFEI FaLYic Llthrgr(urdSt&y 11,177 3,*6 11 7,245 4,167 276,E1 26,fjiQ 4136 ?0. 11.374 51 Re* LEaGhRe8earch Feknvthp GrU￿r￿j LÈÈrfiru {2￿,ThI 113,612) 17,S181 12,g {1,4831 18.744 710 51 (2,ICW Pe&ebJilJry. Petra T¢td r4Stikt4dfiJn&* 1M¢)17 54189 frjnd In0)rwat￿¥.. ILPtlon reGer¥e 5.1¢9,B95 12761 24 11.47S,W 1ffj7S51 .761 Sharecap Unr•strkted'. 1￿u￿￿￿t￿lUnd 281.$29 {4$74WL) 10,X4 11.7￿. Totalfvrth 22,4W4676 7.*4.W2 17.QNI51) 24159.m 38 st John's College, Durham Members, Report and Financial Statements 31 July 2024 STI011tr15 C(&LICIl. DURIIAII Comparatbve movement in funds 2023 A¥ RaÈtat a￿e Va￿at1 TratskffJ 8tJancp Exwthure GainSI￿se$l tsee n&el 31 J￿Y 3123 31 J￿Y 2022 Ve*uTraled lund5 Alege BBr8 ￿n￿C41¥ Lwy PTtr¥amme JthnB Swlety iorwoths & FiefLthshmerts Fur wsCRes￿￿h Cert I.1￿) 4,324.113 1D. 184.079 34.1( 124.397 123.444 1129, 121,6441 11.14IWI ￿6.￿6) 3.282.224 10.432 434,079 29).((¥) .127 PA,￿7} Total de5fgTrDtsd fvnd5 4,521.518 200.968 1180,3411 {1.141.689} 250,NO J,728Mfj R4*lct¢dfvnd Centenuy Er￿¢￿￿)￿￿n1 Fund kn Cxth mem(￿1 EIXAS Pl￿se4 &engel￿al Grathmte Fdl(t*sNp Art 8 Arfrf8ot¥ Equlprlno LehdErttrup-ph8Ee2-T9M￿elon ECLAS Phase3 Rthh ElthdlB Thedooy & UteratureFund Cenlre FOrCtr￿ch Plantlw Theol(urf & Rese8rÈh AlphoNs8 s¢￿1￿6￿p God 8 ThÈBlg Bang Leech Ha11 ￿l0￿￿￿Ent Fwd Sludent opwrtu￿lle6 Fund Bcol aub Fund FN31Gen8ralion schola￿trIp 8L¥sary Freechurth Ttsttk Raymo￿ FellcM6Np tham Awlogellcs NebAork DlW> Fryends (l(bnmerHII LeadiE¥lerAc￿￿rnOdat1￿ Avd HEndsAppEal Nth¥dl. Roslm Bequtsl 62,752 ,752 94 6TJ,993 OIJW 62.931 1978 2.541 275.211 79.273 61. 3.978 671.418 9S.&)7 79.273 27.$ &.328 4.918) 212.3U8 19.861 24. 1230,LBS1 118,773) 16,4641 11,( 285.935 iro.1 4,$79 120,222 21.025 21,￿3 3,149 21,S27 9,252 719 16,*5 3,049 15,851 719 12,2 13,419 (￿7> ii.c 7,D31 i£B, ,126 16,04S 11,876 316,241 7.031 159.848 45.125 16. VislliDg Fdl(wsfip FuThl Michael Vasey Memorial FuThl i¢haÈ￿V9Sfjy L Schdarshlp Fu cha￿￿ Fabrtc St 318.247 1.51 IlQ7 7.2 Totol 1.K192 1.B76,5fj0 {1A0175• 1.808￿17 EndowmeTrtlund Incorporaung.. 4,223. 3￿.761 24 I1,2￿.5 914.9 &188,8 302,761 24 (2X),IXYI 11.476,492 Er￿¢￿I￿ent ShaN ￿p]I#l Unre5trfctsd'. Bceumtht•d luThd 451&249 14(Q2,6 Tot*IfU￿ds 21,8TB,410 6An,771 (&668.758) {1K7541 22AB2.675 39 Sl John's College, Durham Members, Report and Financial Statements 31 July 2024 ST IOIINSCOLLIGC DUAIIAM Transfers befv4een funds 2024 From General Fund: To Majorworks & Reknrbishmenl FLnd re annual alocation for refi￿bIShMents To Old Library Refvrblshmenl Furnl To Carbon Emisslon5 Plan Fund 1&$9,QX)I 1150.CI))I I25.C￿l (ao,oKx)I 1534,CQO) 1250,OCQI Prior Year Adjustment During the year it was identified that the revaluation rès8tva balaneè was ov8rslat8d by £3.064,905 relating to revaluations and disposals of propertiès prlor to 2009. Thls has b8en corrected by restsling the comparative broughtforward balances of the unrestricted and revaluation resetves. The revaluation reserve represents the surplus of property valuations over historic costs less transforg of d8pr8ciation to unrestricted reserves since the last valuation. As premously Adjustment As restated reported at 31 July 23 Fund5 Unrestricted fjnds Revaluation ReseNe 8,411,587 8,233,800 3,(￿4,905 I3.[￿4,905) 11,476,492 5,168,895 16,645,387 16,645,387 ur oses of Funds Coll8g• Bar Tha Collegè Bar oper8tes under a Club Premise5 Licence for the benefrt of the whole college. 11 has b88n Incorporat8d Into the College accounts since August 2011. Legacy Programmo Unrestricted funds recebved through the legacy programme have been designated by College Council for use in the following ar885', Maintenance & refurbishment of the College buildings ProvSsion ol student bursarie5 Support for Cranmer Johns Soelèty Funds transf8rred lo St John's College on the closure of Johns Society as a separate entity. Funds are séd to support alumni events. including the annual five-year reunion. 40 Sl John's Co116gè, Durham M6mbars' Rèport and Financial Statements 31 JU￿ 2024 STIOIIN'5 C.(￿LEC￿l.DUR1IAa4 Major Works & Refurtjishment An annual allocation from General Fund to ensure a continuous cycle of refijrbishmenl works on thè College buildings. WSC R•$earch Cgntre Fund5 transferred to Sl John's College on the elosurè ol Wesley Study Cenlre, to continue Methodist research and nètworking and lo cover the cost ol employing tha WSC Director. Old Llbrary Refurblshment An 8llocatlon from General Fund forthe refijrbishment of thè Old Llbrary as a decant space, for leaching worship and creatlV8 8rts, as a fa¢ilitator for the wider Renewing the Hèart of the College project. This is overseen by the Estates Committa8. Carbon Emlssions Plan An allocation from Gèn8r81 Fund lo support the delwery of the Carbon Emlsslons Rgducllon - Adion Plan. This is oversèèn by the Carbon Emissions Redudion Aclion Plan Working Group and the Estates Commtttee. Boat Club Rèv•nuo Thg College Boat Club is a functional element of Co118g8 and the fund operates as an operating account for the day to day running costs of the Club. 11 has been incorporat8d Into the College accounts since August 2023. Centenary EndowmentFund This represents dOna￿On$ raised by an appeal to raise funds to establish a permanent endowment in the College. 18n Cundy Memorial Donations received to fund gn annual lecture in memory of lan Cundy. ECLAS (Equlppln9 Christlan Leadernhlp In an Agg of se1￿¢#) Phase 4 This is a grant from the John Templ8ton Foundation for a Iwe-year period from April 2023 to Dècemb8r 2027, and bullds on work carried out under previous projects thls area. In this phase the research and engagement project will be working alongsidè four regbonal partner5 from around the workl. The Evangèllc81 Graduate Scholar8hlp To provide scholarships for international postgraduotè r8s8areh students in the Department of Theology and Religion at Durham Unlversily. Art & Artefacts This incorporatès g donation given towards the purchase of a now cross, tog8thèrwilh furtherdonalions intended to be used for aesthetic purposes. Equlpplng Church Load¢rshlp This was a grant from the Templaton World Charity Foundation, initially for a Ihree-year prolèct to b8 complèted in 2017-18, which was subsequently granted an oxtanslon lo the project for a further year. 41 Sl John's Collèg6, Durham Membgrs, Report and Financial Statements 31 July 2024 STIOIIPf5COLLI.GI.DUIIIIAKI ECLAS (Equlpping Christlan Leadership In an Age of SGlenGe) Pha80 3 Th15 was a grant from the Templeton Religion Trust for a Ihree-year period from January 2020 to June 2023. and builds on work carried out under previous projects in this area. Ruth Etch￿1$ Th￿lOgy & Llteralure Fund To further wrthin th8 College the fruitful relationship ol theology and literature through research, visiting fellows, and undergraduate participation in qu6Stions of theology and lit8ralur8. Centro For Church Growlh ReSea￿h The CCGR conducts research Into church growth and d9cling, holds conferences on this subjed, produces publications and eneourages postgraduate study in this field. Alphon5e Mgh4pI S¢holar¥hlp To fund a student from Lesotho to attend a postgraduate eoursè at Cranm8r. God andthe Big Bang A project primarily funded by John Templeton foundation with the aim of working with stud8nts from nlng lo elghleen years of age on the theme that science and religion are compatible. L8ech Hall DavolopmgntFund Established in the year as the start of a majorfundraising campaign lo fund the redevelopment of Leech Hall and surrounding spacès to provldé an up lo dat8 central hub lor the College. Student Opportunities Fund Relief of hardship and monies to enable partlelpatlon In thè fvll range of opportuni110s that mlght otherwise be Closed to students with limited mèans, so as to ènable enrl¢hmenl of thelr unlversty experience. Boat Club Cèpltal Fund A campaign by members olthe College Boat Club to raise funds to update boats ownèd by tha Coll*g8, to contribute to the maintènance and upgrad8 of thé boathousè. Davld Wllklnson Flrst G•n•radon Seholarshlp To promote widening participation and access by providing accommodation scholarships for students from first gèn8ratlon, BAME and lower Incom& backgrounds. Th8 Bowron Bursary The Bowron Bursary Fund is a travel bursary funded by David and Hèlèn B(Iwron, to be used for Christian overseas relief wotl( by rnèmbèrs ol St John's Collègè, Durham. Freè Chureh Tr8ek Fund To support the delivery of academic programmes for students training for leadershlp within the free church tradltion. and in particularto contribute towards th8 8mploymenl cos15 of the Free Church Track Diieclor. The R8ynwnd Dew Fellowshlp To provide a residential fellowship leading to the publication of a book exploring th6 dialogue of scianca and Christian faith which would be accessible to the general reader. 42 Sl John's College, Durham Members, Raport and Financial Statements 31 July 2024 STlOlIt¢S C(￿LI0[. DURIIANI Durham Apologetl¢s Network To support an annual day in Apologetics shared be￿een the College and local Durham Churches. The Frlgnds of Cranm•rHall Fund This fund aims to help ordinands who find themselvés In financial hardship during their lime in Irainlng. Leadbè•torAecommodallon Award This fund was established by a donation in mèmory of Gordon Leadbeater and airn5 to promote widening participation and access by supportlng prospaclive undergraduate studen15 from low income families lo live in Colleg8 In their first year. Stsff H4rdshlp Fund (fommrfy H8lplng Hand8 Appea To support staff 8nd studants who are experiencing financial dlffi¢uty causad by the COVID-19 pandernic. Nowèll Rostron B8quost Nowell Roslron Bèqy8St is incorporated in the Cranmer Vi511ing Fellowshbp Fund. Thè Mllllon Shllllng Fund The religlous èducation of evangelical students at st John's Collège, having particular regard lo benefillng thè children of clergy. Th• Cranmer Vlsltlng Fellowshlp Fund To defray the residence, study, and travel costs for one lerrn lor more rf funds allow) eaeh year ol Cranmer resident fellowwilh an academlc profile and record. A Visiting Fellowwill be a¢liv8 at rèsearch level or in the public communication of the Chrlstian faith and will give at least one publi¢ lecture and one seminar. The Mlehsel Vasey Memortal Fund To provide for the costs as50cialed with th8 annual lecture on the subject of Church Lf(urgy. Tho fund was established in memory of Rev Michael Va5ey, Tutor In Liturgy al Cranmer Hall. Th• Mlch8d Vasay Legacy Fund Michael Vasey's will slipulated'lo promotè th8 Christian purpose forwhich StJohn's Colleg8 is founded and for the furtheraneè of thè th601ogical education al St John'5 Collage." rhè Scholatshlp Fund The Scholaishlp Fund has kn aims.. lo provide aeeess awards, in-course bursariès and personal development awards to 5UPPOrt students to make the very best of their time al the University. but who may olhgrwise struggle rinancially or ba pravented from Accessing all opportunlth.és available. to fund a post-graduate scholarship. The Ch?pel F•brle Fund Donations received from a campaign to ra1se funds for the repairs and upkeep of th8 Collagè chapel. 43 st John's College, Durham Memb6rs' Report and Financial Statement5 31 July 2024 STIOlI￿sc0LL[C,E.Du1JI￿hl The Underyround Story Visiting Fellow, the Rèvd Brian Brown has produced a seiies of children's books telling slorles from the gospel. The College is a partner for the delivery of thi5 project. INSBS A grant from the International Research NeI￿Ork for the Study of Science & Belief in Society IINSBSI for an existing researcher lor the purpos$ of exploring and mapping STS approaches to science and belief. Relay Trust Funds provided by the Relay Trust for the overarching purpose of addressing bairlers to theological leadership training in thè North East. This is to inelude bursaries towards domestic tuition fé8s as well as contributions towards catering and accornmodalion costs for studen15. awarded by the bursaries panel. The Relay Trust also providè funding towardstr40 Staff rolos, Ihg Leadership T￿nIng endAccèss Officer and the L8ad8rship Traning and Ace8$s AssNslant. Leech Research Fellowshlp Grants awarded bythè Wlliam Leech Research Fund 10 5UPPOrt researchers engagè In research In the area of Christian soeial ethics and praolieal theology In the North East. Gmwlng Falth Lgarnlng Hub Funds provided by the Growing Faith Foundation to sUPPOrt the creation of a 18arTilng hub for training and rèsearch into Growing Faith ot Cranmer Hall. CrnnMOrDeg￿ Apprenti¢eship PmJ8ct A grant by the Project 30k Board, on behalf of the Archbishops, Councll, to explore the developm6nt of 8 Degree Apprenticeship in Church Ministry with Children and Young People in 2024. Pea¢ebuilding Photography & the Arts Grants awarded by the Social Trends Institute and the Binks Trustto support an experts, workshop and publication on 'P88cebuilding and Photography.. Pto¢ebuilding Potra Peacebuildin9 Petra provides support for work relating to work on Peacèbuilding through the Media, Arts and Religious Drama. 44 Sl John's College. Durham Members, Report and Financial Statements 31 July 2024 5TIOTIN'SCOLLEGI. DUiIIIAM 23. Commitments under operating leases There are no operating leases. 24. Prior year comparatives by type of funds Statement of Flnanclal Activities EndowmA Tht fund, ravaluatlo s4Yw and UNr4sirkt4d 5hareupltal Generalfund Unr@5trkt@d Oe51gnaled d5 Re5trfrted lund5 Tota12Qg Notss Ir￿0￿ VoluntarylnEome Grantsand Dona￿On5 lTrvestmentlncorne Income from c￿table 15,546 38.127 123,444 I65L285 25,274 L699.958 148,718 Totsl leeslncome Income from othertradln8 activltie5 Corntnerclal buslnes5 Income Recharges otherlncome 1961533 3.$6&533 124, Z42,587 407.394 Total IncomB 4.S16.249 ?￿,9f￿ 1,674559 &473,776 Expendltureoncharftable actlvftles Costof8eThEralingfund5 13.959,694 IiU989 167,9831 11113571 I1,W￿,734) 1%443,410) 1225,3461 Total expendlture 14,iW,I821 IW,340> I1,4￿5,T84l 1%66&7561 Unrea115ed11055118an5 on Invesknents GainllLos51 on revauallonof Inve5tmentwopertv 14 116,19Jl iioi 13 IL127,5(1 Il127,YY)) NeiintomÈ/lÈxpendltur21 before tran5fer5 ¢&055 transfer5 be￿eeTh funds 433.567 12yJ.ofK)) 27￿5 13x670> 22 29),iX Netlncomellexpendlturel before othercomprehenslve8alnsand losses ¢>lnllLo55lonrevalvalon of 183,%7 1793. 270,825 13¥670) 12 944.935 Fth,26S Netmovementlnfunds forthÈyear 9M,935 183.567 17Y3,￿l 27q82S Fund baIan￿5bT0u8￿tfor￿Ird Fund balan￿sCarrIed fomard 4.S2&745 47LW) 11.291925 11475,492 4.52LSI8 3,T24486 J,535,192 1,8L4017 21￿7￿410 22,482,675 45 st John's College, Durham Members, Report and Financial Slalemenls 31 July 2024 ST lo11￿*ScOLLEGE.Ouf4IIA￿ 25. Analysis of net assets between funds End0V￿Ont nd. roNglu8tlr Unroslrfot reseN8 Unrestricted OBSI￿ated s*arè capSts1 GoDWO1 fijn nds Resthcled fijnds T¢lol 2024 Tan*blo fvod as$•ts In%Eslmènt wopBrtIgs In￿tmoThts Cash at bank end In hand Other net current o5sètsIOlthlillesl eredilors falling duo aft•1 m¢ro tlthn ¢no year 5,425.945 12.453,276 17,879,221 2.7YJ.WO 99),547 4.146.174 1357,523) 2.2Ce.54 2.￿,[0) 112,726 f.7Cfj,1Ce P57,5231 12.2Cfj. 637,821 973,173 1.467.892 5.425.945 11.705.048 4.217.892 1.810.994 rJ.159,879 Comparatve 2023 fund, rovaknavon r8sBfv8 And Unr09tr1oted shAre caplol (*neralfund Unrqstrickd DI￿gna￿d fu￿lS Rogtrkt8d funds Totsl X23 Tan￿b￿ fixed Es8e Inwstrent proparles InwsknwntS Cash *t bankand Sn hand Cthor not cuirènlasse1511la￿￿uQ8I CreDlknr5 falling due after n￿re thAn one year 5,471,680 12,565,823 I8,037,￿3 2.525.(NX) 885,144 1523,ff24 1305,039) 12,182,954 2,S25.OCO 885,144 920.873 1,405,415 1311,789) (2,1&2,954 1.19S,7 6,7YJ 5,471,680 11,476,492 3,728,488 1,a06.017 22,4W2.675 26. Related Party Transactions The College did not engage in any related party transactions in the current or prior year. 27. Contin8ent Liabilities The Colleg6 Pa￿e1pat&S in thè Univèrsitiés Supèrannuation Schèmè iuss) penslon s¢heme. A5 8t th8 year end the College had 11 aclwe members within the scheme12023'. 7 active members). The scheme admln151rators 8slimale that al 31 Ma￿h 2024 the employer debt on withdrawal from the 5cherne would be £275,00012023'. £525,000). The debt would only crystallise upon the complote withdrawal of 811 members from the scheme. This is a significant r6duction from the estimate as at 31 March 2022- this reflects changes in a range of conditions over the 2 year period and is broadly consislenl with other Section 75 d6bt calculations wa hwè saen. The College historically participated in the Church Workers Pension Fund pension scheme with the last amploy6è In the sch6mè18aving in Dècember 2021 81 whlch point a S75 debt ¢ryslalised of £272,900. This dèbt w85 dèfèrrèd and has subsequently been revalued at zero. The College has agreed a legal agreement confimiing there is no liability for this scheme but al the date of signing this had not been omplet8d. 46 Sl John's College. Durham Members, Report and Financial Statements 31 July 2024 STIOIINSCOLIEof. OUllllAhl 28. Analysis of Changes in Net Debt At1Aug23 12,182,957) Cash Flows 125,5831 At 31 Jul 24 12,3)8,5401 66 240 Long tsrm borrowings Shorttsrni Ixrrc%Mngs Totsl Liabilit'es 12,440,770) 3,523,024 185.99) 623.1 12,274,780) 4.146.174 Gsth & Cash equlNabnts 1,082,254 789,140 1.871.394 47