2022-07-31-accounts

Repstered CbarSty No. 1143939 KING'S COLLEGE LONDON THEOLOGICAL TRUST Report and Financial Statements YeAr eaded 31 July 2022

1&1¥4G'S COLLEGE LONDON THEOLOGICAL TRUST Contents Page Trwtees and professional advisers Trustees, report Statejnent of Trnsttts, responsibilities IDd¢p¢ndent Audltor's re￿)rt sts1e￿e￿t of fwn¢i81 adivities Balante Sheet C￿￿ flow statement io Nokn to the ￿¢￿lull¥ 11-13

KING'S COLLEGE LONDON THEOLOGICAL TRUST REFERENCE AND ADMtNISTIL4TIVE DETAILS TRUSTEES The Revd Dr Giles Legood-chairrna The Revd Canon Dr AlisoTh Joyce- representing The Bishop of London (ex officio) Professor Shittj Kapur, Principal of King's College LondoTr (Ex Dfficio) The Revd Bany Nichols The Revd CanonDr Hazel Whitehead Archbishop Josiah Idowu-Fearork to 31 Au8llgt 2022 The Kevd Jennie Hogall TRUST ADDRESS King's College London Strand London WC2R 2LS AuD￿oR KPMG LLP Chartered Accountants & Registered Auditor 15 Canada Square London E14 SGL CAF Bank Ltd 25 Kings Hill Avellu¢ Kingq Hill West MalIiDg Kent ￿￿19 4JQ

KING'S COLLEGE LONDON THEOLOGICAL TRUST TRUSTEES, ANNUAL REPORT Ye4r ended 31 Juty 2022 The TNste¢s PTtseTJt thEir annual report and fuw¢ial statements of th¢ charity for the year ended 31 July 2022. Thc fmancial statements have been prepored in acrordance with the accounting poli¢ies set out in note I to the accouDts and Comply with the Chgtities Act 201 I Accovnting and REPOrting by Charities.. Staternent of Re¢ommended PrA¢ti¢¢ applicable to ¢1￿ltieS preparing th¢ir acwunts in ac¢ordan¢e with the Financial Reporting Standard appliGable to the UK and R¢publi¢ of Ireland. OBJECTS AND AcrIvrIiES The objeGts of the TrusL as setout inth¢ Scheme. as follows.. - l. die provision of or &ssisting in the provisi￿ of residential acco￿1￿0datlo￿ for students in th¢ Dq)artm¢nt of Theology and Religious Studies of King's College IA>ndon; 2. furthering the ¢du¢atioll of such smdents. and of former students of tbe said Departtnent in such ways as the Trustees thitik fiL' 3. fiirthering th¢ vo¢ational trailling of su¢h students or former students and in particular of those who intertd to seek ordinationin the Church of England; and 4. the adyancement of the Christian religio4 particularly in accordance with the doctrines of th¢ ChuKh of F.nglaad, amoTLg such students aJMI former stud¢nts. Th¢ TrusteEs achieve these objects principally through the award of grants. In particul8r, they intelhd to support p)stgraduAte overse&8 studettts frorxL de￿lOping countries undertaking do¢toraVma5ters r¢8ffJrdi, and to make individuat grallts to home stydents undertaking Courses in the Department of Thrulogy. Vocational training towards the ordained ministry will be furthered with cothinuing grants tOW￿dS schemes organised through the DeaTh's Office. Th¢ TTUStees confwm th¢y hav¢ referred to th¢ guidaDcc conlailled in the Charity C4mmission's generdl 8uidaace on public benefit whEn re￿ew1￿8 th¢ T￿￿t'S aims and objertives and in planning firtUTe activities and settitig the grant makin8 p)licy for the year. ACHtEVEMENTS AND PERFORIVIANCE During the year. th¢ Tn￿t fjmdeA two ov¢rsNs 5¢holarsbips to sthdents studying for postgraduate qualifications within the DepartmeDt of Theology 8nd Religious S￿dIeS of King's Coll¢g¢ IA)ndoll. These 5cholarship8 are F4warded to students who are able to bellefit from the educational opportunity offered by the dEpartmenl who are unable to obtsin an education at this l¢v¢l in their own wuntry and who are expected to make a Si8Dificant contribution to the rcligiou5 life of their county through th¢ medium of one of the Christian denominations. In addition, the Trust receiv￿ thr¢e applications for individual STTrall grallts and all wer S￿¢¢¢$$fiJl iti ing awarded fvDds. These awards atE llLad£ priAcipally to &s$ist with the cost of tuitlon fees for home stude￿ts. alibou8h requests for other purposes, Such as thesis pr¢paration alld travel ID connection with Tesearch gtt also considered. Th¢ Trust a150 provided support to the Chaplaincy at Kin8'5 Coll¢g¢ L¢mdon by fvnding two as515tsnts which hos etthanced the WOTk of the chaplains. Th¢se award5 a&si5t with the vocational tfdining of S￿dentS. P&st assistants hav¢ continued to minister within the churth. F￿AN￿AL RFWEW Tht total income for the yw, derived entirely from investments and baTJk dq>osits was £144,308. The total expendi￿re ft?r the year w&8 £129.905. Th¢ W¢llditur¢ consisted of grdnts of £68,811 to fRve stud¢nts, £51.426 cxpendits]re in ￿rtherIng the education and vocationa] trAining of studcnts fomier stsidents of the D¢partsn¢nt of Theology Religioiis Studies of King's College Londoll and £4268 on managemettt and administratio￿ 8lld the audit fee of £5,400. Th¢ ¢x¢¢ss of income over expenditure for the year was £14.403.

During the y¢ar. the mark¢t value of the TrEst's iJIv￿￿ellts decreased by £88,826 to £5215.019. Total fulld5 of the charity &s at 3 1 July 2022 amounted to £5,551,9)4. The Tru8tee$' policy 15 to maintain a capitsl base ftom whi¢h to generate income to support future beTheficiaries. They achi¢ve this by adding to the original capitsl sum all capital gains aTising from the Iru5t's tnvesiment5 and only spending incorne. As at 31 July this capitsL reserve attLounted to £5,118,632. In addition, the Trtut¢¢s m8intain an ille0￿¢ reserve &s & cushion against tbose y¢ars in which experLditur¢ exceeds in¢om¢. This may occur because there aT¢ a higher numb¢r of appli¢8mts which the Trustees consider desetving of gupport, or because circutnstan¢es r¢5uIt in a Student requiring SilPPOrt ov¢r a longer period than originally envisag¢d. To give the Tn￿teeS thts flexibility 0￿d to ensure that the Trn5t can conlinu¢ to 5UPPQrt o student thnugh to co￿pICt10￿ of their course, even when this has had to be extended for unforeseen reason5, the Trustees have decided to mallitsin a reserye of b¢tt¥een 6 and 12 months of annual expenditure. At 31 July 2022 the in¢oTne reserye was standing at £433,272 equivalent to 39 months of expenditure, far in excess of the policy. A reorganisation within King's College Lolldo￿ has resulted in fewer studellts applying for grdllts and difficlllties in finding overseas scholars of a sufficient stalldard to undertake succe5s￿IlY a higher dewe have coThtributcd to a decrvdse in expendjlure in previous years. the Trustees have now id¢ntifLed a ft]rther two overseas s¢holars who will be fitnded during the next [￿ancIal yvdr which will as5iSt in re4r¢95ing tbis position. ThE Trust'5 inYe5knent policy 15 to maintain the Capital value of its investmeirt, after taking intt) account infiationary f￿OrS 8ndgenerate suffirieELt income to meet its obj¢ctives. During the year, the totsl retums on the Trust's investment w&8 a iTh¢re*8e of l.oyo consisting of a 1.7¥ decr¢8se in the value of investmetlts and a 2.70/0 income yield. STRUCTURE, GOVERNANCE Af4D MANAGEMETrrr TILe Trust Was fornied llnder a scheJnE approved by the Charity Commission on 19 SeptenLber 1980. The Trust was previously treated &q excmpt from thc rcquirements to register with the tharity Commission under the provisions of the King's College London Act 1978. However. following the changes to rcgulatio introduced in th¢ Charities Act 2006, the Trustees decided that this ¢xernption was no longer appropriale. On 23 Sept¢rnber 2011, the TnL8t was registered with the Charity Commisslon in England, under Charity Number 1143939. Th¢r¢ are sev¢ll Trnstee5 - ttvo ex-oificio Tn￿1¢¢8 being th¢ Principal of King's College LA)ndon and the Bishop ofihe Diocese of London or his or her noJniThated representative with five co-opÉed Trust¢¢5.

Statement of Trustees, responsibilities in respect of the Trusttts, annual report and the financial statements Under clwity law, the trustces are responsible for prcparing a Trustces. Annual Report and the financial statement8 in aecnrdan¢e with applicable law and reglllation8. The tnL8tees are Tequired to prepare the financial statetnent¥ in aL¢Ord&￿Ce with UK A¢¥ounting s&￿daTd5, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for thai period. In PTepaTing these financial statements, generajly accepted a¢counting practice entails that the trustees: select suitable accounting policies and then apply them consistent]y' make judgements and estimates that are reasonable and prudent. state whether applicable IJK Accounting Standards and the Statement of Reconllnended Practi￿ have been followed, subject to any material dLpartures disclosed and explained in the financial statements; state whether the flnanctai slai¢ments comply with the ITUSt deed. subject to any material departures disclosed and explained in the financial statements. assess the charity's ability to Continue as a going concern. dis¢losin& as applicable, matters ￿lated to going conc¢rn' and use the going concern basis of accounting unless they either intend to liquidafr the ch￿lty or to cease operations, or have no realistic alternative but to do so. The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are Tesponsible for keeping accounting records which are sufficient to show and explain the charity's transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the truste¢s to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011. those statements of accounts comply with the requirements of regulations under that provision. They ate responsible for such inten￿1 control as they deterniine is necessary to enable the preparation of fmancial statements that are free from rnaterial misstatement, whether due to fraud OT error, and have general responsibility for tak￿g such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the financial and other inforniation included on the charity's websit¢. Legislalion in the UK governing th¢ preparation and dissemination of financial statements rnay differ from legislation in other jurisdictions. Approved and slgtted on behalf of the Trustees on 10 March 2023. Thistee

Independellt auditor's report to th¢ T￿￿te¢S of Killg's College ￿lld0D Theolozical Trnst Opinion We have audited the fjnancial ststements of King's College London Theological TnLSt ('the Ch￿]ry.) for the year ended 31° July 2022 which CO￿prise the statement of fllwiciai activities, balance sheet, cash flow ststement and related notes. including the accounting poli¢ies in note l. In our opinion the financial statemeLIts: give a trne and fair view of the state of the ch8rity's affairs as at 31" July 2022 alld of its incoming resouT¢¢S and application of resources for Éhe Ye￿the￿ ended. have been properly prepared in accordance with UK accounting standards. including FRS 102 Tre Fi1￿mela1 ReporÉing StimdardaFplicable in the UKandRepublic ofIrelarn4' and have been prepared in accordance with the requirements of th¢ Clwities Act 2011. Basis for opinion We bave been appointed as auditor under section 145 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act. We Conducted our audit in accordance with International Standards on Auditing (UK) CtSAs (UK)") and applicable law. Our responsibilities are described below. We have fuLfilled OUT ethical responsibilities under. and are independent of the charity in accordance witL UK ethical requirements including the FRC Ethical Standard. We believe th￿ the audit evidence we have obtained is a suffi¢i¢nt alld appropriate basis for our opiniorL Going coD¢eTn The trustees have prepared the financxal statements on the going concern basis ￿ they do not intend to liquidate th¢ charity or to cease its operation5, and as they have concluded that the charity's financial position means that this is realistic. They hav¢ also co￿lUd¢d Ilial there are no material uncertainties that could have cast signifi¢ant doubt over its ability to contirLue a going concern for at least a year from th¢ date of approval of thc financial gtatements ('kne going concern period"). In our evaluation of the trustees. conclusions. we considered the inherent risks to the Ch￿Ity'S business mtsdel and analysed how those risks mi8hi aff¢¢t the rharity's finallGial resources or ability to conlinue operations over the going concern period. Oui conclusions based on this work= we consider that the trustees. use of the going concern b&8is of accounting in the preparation of the financial statements is appropriat¢. we have not identified, and concur wilh the trustees, assessment that there is no¢ a llkaterial uncertainty related to events or conditions that, individwdlly or collectively. may cast significant doubt on the charity's ability to colltinue as a going concern for the going concern period. However. ￿ we c8nnot predict all futLTre events or conditions and as subsequent ev¢nls may result in outCOllleS that are inconsistent with judgements th&t were reasonable at the time they were mad¢. the above conclusions are not a guarantee that the charity will continue Èn i)peration. Fraud and breache5 Df l&ws and regulatioDs- ability to detect Identifying and responding to risks ofmalerial mlfslatemenh due tofraz To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that Could indi¢ate an incentive or pressure to commit fraud or Provide an opportunity to commit fraud. Our risk assessmeTht Procedures included: Reading Meeting of Tn￿tee$ minutes. Using Lmalytic&l procedures to identify any UELusual or unexpected relationships. We communicated identified fraud risks throughout the audit te2m and remained alert to any indi¢atioDS of fraud throughout the audit. A5 Tequired by auditing standards. we perform procedures to address the risk of manageTr¢nt ovetride of ¢Olltrols, in particularthe risk that management may be in a position to make

inappropriate accounting entries. On this audit we do not believe there is a fraud risk related io r¥venue recognition becaus¢ the revenue Streams are non-cotnplex and can ￿ simply and directly agreed to independent third paty reports. We th'd not identify any adth"tional fraud risL8. We perforrned pri)cedure5 includi Reviewing all transactions posied ￿rosS the peri￿ and comparing any materia] identified entries to supporting documentation via related substantive proceduru. IdenttfjryngondreJponding Èo rish ofmaterial m1ssithementrel￿edlo compliance wirh laws regulatEOnS We identified areas ofiaws regul&tions that could reaSOllably be expected to bave a material effect on the financial slal¢￿ents from our gen¢ral COllLmercial and seLtor experience (as required by auditing sta￿dards}. and discussed with the trustees and other management the pulicies and procedu￿S regarding complian¢e wtth laws ond regulations. We comtnunicated identified laws at]d re8ulations throughout our team and rernained alert lo Any indications of non4ompliyJKe thrO￿lout the wdiL The potential effcct of these laws and regulatiorys on the fin￿¢181 s¢alements varies CO￿lderablY. Firstly, the Trust is subject to l&ws and regulations that directly aiTe¢t the financial statements including financial reporting legislation (including Telated charitics legislation), and we assessed the extent of compli8nee with these laws and regulations &8 part of our procedures on the related finarKial statemcnl items. Illhilst the company is subjectto many other laws and regulations, we did not identify any athers wher¢ the CODsequences of non40mpliance alone could have a material effe¢t on the amounts or disclosures in the f￿ancial statements. Auditing standards limit the requized audit procedures to identify Thon-ctsmpliance with thes¢ laws and regulations to enquiry of the trLLStees and other a￿ag¢mellt at]d inspection of regulatory and legal correspondcnc¢. if any. Therefore if a breach of operational regulations is not di￿10$ed to or evident from relevant COTrespond¢nce, an uudit will ot detect that breach. Cont￿/ ofihe ability ofihe audii iodefeclfraud or breaches ofltnv orregulthion Owing to the irtherent limitatÈons of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the fllwicial stslemenls, even thougb we have properly planned and performed our audit in accordance with auditing standards. For exatnple, Ihe further removed non-compliance with laws and regulations is from the events and transactions reflected An the fu￿nCIal statements, the less likely the inh¢rently limited procedures required by Auditing standards would identify it. In additio￿ os with any audit. Iher¢ remained a higber risk of non-detection of fra￿1. a5 these may involve collusion, forgery. intentional omission& Tnisrepresentations. or the ove￿Ide of internal ontrols. Our audit pro¢¢dures are d¢signed to detsct tnal¢ria] tnisslat¢iueDL We are not responsible for preventing nOn*omplia￿C¢or fraud and cannot be expected to detsct non•compliance with all laws and regulations. Other infonllation The truMe¢s are responsible for the other inf0rn)ati0￿ which comprises the Trustees, Keport. Our opinion on the fmancia] statements does not cover the other inforniatioll and. accordingly. we do not express sn audit opinion or. except as explicitly stated below, ally fonn of assuran￿ concI￿lOn thereDn. Our respo￿]bIlIty is to Tead the oth¢r inforniation and, in doing so, consider whether. based on our F￿ancIal statements audit work. the information therein is materially misstated or incon5iStent with the ftnancial state￿ents or our audit knowledge. We Are r¢quired to report to you if.. based solely on that worK we have identified materia] misstatements in the other inforniation. or in our opinion, the infomiation given in the Trusttts. Annual Rel￿ is inconsistent in any rnaterial respect with the financial statements.

We have nothing to report in these respects.

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

• the charity has not kept sufficient accounting records; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

Trustees' responsibilities

As explained more fully in their statement set out on page 4, the trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to.do so.

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at w w .frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity's trustees as a body, in accordance with section 145 of the Charities Act 2011 ( or its predecessors) and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Nieboer

for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 15 Canada Square London El4 5GL

24 March 2023

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I￿4G's COLLEGE LOEIDON THLOLOGICAL TRUST srATEMENT OF FtNANCIAL AcrivrrtES Yur ¢uded 31 July 2022 Total Unrestrl¢ted fullds Trlote 2022 2021 Income and Elldowments Invesknent incom¢ Totsl llleollte 144,308 144,3011 140,054 140,054 Ezpendlture Expenditure on c}￿ltable activities 129.905 173 192 Net ineomel(expendlture) and net mowement in funds before gaiDS and lo&sos on investrnents 14,403 (33,138) Net (Ios5eSy￿]nS on itivesttnents {88,826) 786.630 Net Movement In Fundj (74,4￿) 753,4 Ti)tsl Tr'unds brougbt fonvard at l August Total Fulld5 earrfied forwJTd at 31 July 5,626,327 4,872,835 5,551,904 5.626,327 All income and expenditure derive from Cont￿lling opeTations.

klNG'S COLLEGE LONDON THEOLOGICAL TRUST BALANCE SHEET 8s at 31 July 2022 Note 2022 2021 FIXED ASSETS Investments 5,215,019 5,303,845 CURRENT ASSETS Debtors Cash at bank and in hand 47,741 297,270 345,011 46,285 281,117 327.402 CREDrroRS." amounts falling due iyitbin one year NFT CURRF.NT ASSF,TS 8,126) 336,885 (4.920) 322.482 TOTAL ASSLTS LESS CURRENT LIABILITIES 5.551,YU4 5.626.327 Funds lJnrestricted funds 5,551,904 5,626,327 The fmancial statements were approved by the Trnstees on 10 March 2023 and sign¢d on their behalf. Trustee

Kll¥G'S COLLEGE LOWDON THEOLOGICAL TRUST CASII FLOW STATEMENT for the Period l August 2021 to 31 July 2022 Note 2022 2021 Net Cash Outllow From Oper4tiDg Activilles 128,15 173,71 Cash flows from investing activities: Intsrest alld dividend8 144,308 140,054 Net cash provided by investing activities 144,308 140,054 Change ID ¢asb and eqtsivalents Ill the year 16,IS3 (33,661) C&8h and cash equivalents brougbt forward C￿h and cash equiv#knts carried fonyard 281,117 3 l4,778 281.117 297270 10

KtNG'S COLLEGE LOPIDON TE￿oI￿)GIcAL TRUST NOTES TO THE ACCOtJrqTS Y¢aT ended 31 July 2022 I ACCOUNTING POLiaES The FinancHI and Reporting statemEnts ar¢ prepared in accordance with the Starement of Recojnmended PL8Ctice"Accounting at￿ Reporting ty Choriti¢$" (FRS1021, and applÉcable accounting standards. King's College ton(bn Theological Trnst meet9 the def]nition of a public benefit entity under FRSIO2. The TrLtstees consider that there are no ￿￿terIal un¢ertainties aEout the Trust's ability to continue ￿ a going concern. Th¢ Trustees have reviewed c28b flow forecasts for a period of tw¢lve months from the date of approval of these fu￿l¢la1 statements, whieh indi¢ate that, taking account of reasonable possible dowusi(t¢S Such as no incorne for rwelve months and a I￿/Tr decrease in the vallle of investments, the Trust will have Su￿1¢ic￿t funds, to Jneet its liabilÉties a5 they fall due for that perio& The ￿0$t significant are&8 of adjustment and key assujnptions are to do with the carrying value of assds held by the Trust and the level of investllLent return and the perforniance of investtDeDt Dwket5. The parttclllar acGounting policies adopted by the T￿￿ee5 are described below. Accounting eollvelltio The fir￿Cial statemettts are prepar¢d under th¢ historical cost convention as modified by tbe revaluation of investtuents to matket value. FuDd accounting Unrestricted fi]ttds represezit acam]ulaied income and gait￿ together with the original capital sum provided to establish the Tru51. Th¢ fuuds are expendable at the diseretion of the Trustees in the fifftherance of the objects of ihe charity and may be us¢d to fu]once both working capital and &ipital investsnent. It is the po]icy of the TDJstees to maintain a capital from which to generate to support future benefieitiries which tbey do by adding capital gains ari5in& from the Th￿t's i]kvestnients lo the original sum. Ineoming resources All income is recogllised in th¢ statenent of financial activities wb¢n the conditions for receipt have been met ond there is r¢a50nable assurallce of receipL Where a elaitn for repaytllent of incme tax ha5 OT will be made, such inw￿¢ is grossed up for the tax recoverable. Legacy gifts are recognised on 2 C28c by case basis following the ￿a￿tIng of probate when the adrninistratorlexecutot for the tsrtate has COQllnwiicated in writing both the amount and settle￿ellt date. Investment IllCDme Investment income is a¢¢ounted for when receivable. Charitable expendithre All expenditure is accounted for on an arxrual basis. Charitsble ¢xpen(liture includes all expeThditure dir¢ctty related to tbe objects of the Glwity and cornprises the follow￿g. Grants payable are a¢¢ounted for whell the Trustees have accepted a legal or moral obligation lo make the

K1Tr4G'S COLLEGE LOtNDON THEOLOGICAL TRUSI NOTLS TO TEIE ACCOUNTS Year ended 31 July 2022 . MallabE￿¢llt and administration costs relate to expenditure incurred in the management of the ¢1￿1ty'S assets and orga￿￿$￿tiOnaL administration. Governance costs Governanre ￿sts comprise all costs involving the compliance with constittitional and Sta￿tOry requirements, pub]i¢ 8¢wuntability of the charity and its compliance with reguLation and good practi¢e. Staff tosts The Trust employed no staff during tbe year. Investm¢llts h]vestments are v8lucd using the bid price. Realised and unreali5ed gains atsd lo&se5 are sbovrn sepatztely in the 8yproprAats swtion of the statement of f￿￿ela1 a¢tivttie8. 2022 2021 2 tNVESTilffNT INCOME Income from UK investttttttts Bank interest 143.570 732 144308 139,470 584 140,054 3 EXTENDATURE ON CHARITABtI ACTtVlTIES Mat¢rial graDts payable by the TTr￿l.. Grants to s￿dellts (3 students. 2021: 3 students) OY6rs¢a3 5¢holarships and wts (2 gthdents,. 2021.. 3 Students) Furthering both the education and vocation21 training of s￿dentS Furthering the vocatsonal training of students MaDagement and thiTrthtioD Audit f 11,410 57.401 10,350 41,076 4268 5,400 129,905 7,060 10,000 34,430 4,871 4,920 173,192 4 INVEnMET4TS HELD AS FLYED ASSETS Market Yalue at l August Net (losses) I gains on revaluation Market value at 31 Juty 5,303,845 88,826) 5215,019 4.517,215 786,630 5,303,845 Cost at 31 July 3,648,064 3,648,064 5 DEBTORS Acctued Ativ¢st￿¢￿t income 47,741 12

KING'S COLLEGE LofiDON THEOLOGICAL TRUST NOTES TO THE ACCOUNTS Y￿r ended 31 July 2022 6 CBEDifoRS. AMOUNTS FALLtNC DUE WITHIN of4E YEAR Audit fee Other creditors 5,400 2,726 8,126 4,920 4,920 7 FUf4DS Totsl Unrestricted Funds Capital Fulld tncotne Fund 2020r21 As at l AugLlSt 5,207,458 418.869 5.626.327 4,872,835 Net Incoming Re50urc¢s (88,826) 14,403 (74,423) 753.492 5,118,632 43J,272 S,551,904 5,626.327 The capital fund includes the original capital Sum of £482.763 provided to e5tablisJL the TTUSt alld accumulated capitsl gains. 8 RECONCILIATIOLY OF NET MOVEMF.NT IN FUNDS TO NET CASH FROM OPERATll¥G ACTIVITIES 2022 2021 Net movement ill furnd5 Deduct investnlent illcome Add bark lossesldeduct gains on investments Oncreys¢) ill SUJ)dry debtors tn¢r¢ase in Sl￿dry creditor5 Net cash used itt operating activities (74,423) (144,308) 88,826 (1,456) 3,206 128.155) 753,492 (I40.054) (786,630) {1,443} 920 173,7l5 9 KRY MANAGEMENT PERSONhTL ATqD RELATED PARTtES Th¢ trustees consider the board of tn￿te£S as comprising the key rnanagement petSODnel of the c]wity in charge of directing and cTrntr(TrlIu￿ the charity and running 2nd operdtiug the charity on a day to day basis. All trus*e¢s give of tbeir time freely pnd no trustee remthieratioll was paid in tbe year. No tru5t¢E5 received retmbursemerLt for travel expenses dwing the year. IPrevious year.. Jwle) 10 TAX4TtON King's College Iknndorn Theologital Tn￿ 15 considered to pass the tests Set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitsble tr￿st for UK income tax PWPC>se5. Accordingly, the charity is potentially exempt from t￿tioll I￿ respect of ill¢Otlle or capital g&itis received withiTh Categori￿ covered by P8rt 10 lllcome TaxAcl 2007 or Sediou 256 of th¢ Taxation of Chargeable GaiJs Act 1992, to the extent that such income or gains are applied exclusively to cbaritsble purp95es. 13