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 

7 



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
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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