Registered ChArity No. 1143939 KING'S COLLEGE LONDON THEOLOGICAL TRUST Report and Financial Statements Year eDded 31 July 2024
KING'S COLLEGE LONDON THEOLOGICAL TRUST Contents Page Trusl¢es and professional advisers Trustees, report Statement of Trustees, re5ponslbilltffies Independent Audltor's report Statement of flnanclaj activiti¢s BAIAn¢e sheet Cash flow statement io Notes to the *ceDunts 11-13
KING'S COLLECE LONDON THEOLOGIC.IL TRUST REFERENCE AND.ADMINISTRATIVE DETAILS TRUSTEES The Revd Dr Giles Legoi)d- Chairman The Revd Canon Dr Alison Joyce- represer¢ling The Bishop of London (ex oJTicio) Professor Shitij Kapur,.Principal of King's College London (ex otTicio) Thc R¢vd Barry Nichols The Revd Canon Dr H¢1 Whitehead The Revd Jennie Hogan The Revd Dr Peniel Rajkumar TRUST ADDRESS King's College London Strand London WC2R 2LS AUDITOR Gowers Limited The Old School House Bridge Road Hunlon Bridge Kin8s Langley Herts WD4 8SZ BAIYKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Ilill West Mallirig Kent ME194JQ
KING'S COLLEGE LONDON THEOLOGICAL TRUST TRUSTEES, ANNUAL REPORT Year ended 31 July 2024 The Trustee5 pr¢seni their annual report and fmancial statements of the charity for the year ended 31 July 2024. The financial sLitements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Chllrittes Act 201 l and Accounting and Reporting by Charities: Statement of RecommeTJd¢d Pia¢lice applicable lo charities preparing their accounts ir.. accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland. OBJECTS AND ACTIVITIES The objects of the Trust, as s¢t out in the Schem¢, are as follows.. the provision of or assisting in the provision of residential accommodation for students in the Department of Theology aftd Rcligious SiudiL'S of King's College London. 2. furthering the educJtion of such students, and of former sttjdents of the said Departmenl in such ways as the 'l-rustees tliink fit. 3. furtherin8 the vocational training of such sdnIS or fonner sdentS and in particular of Ihose who intend lo seek ordination in the Church of England. and Ihe advancement of the Christian rcligion, particularly in accordance with the doctrines of the Church of England, among such students and fonner students. The Trustees achieve these objects principally through the award of grants. In particular, they intend to support P05tgraduate overseas students from developing countries undertaking doclor&Vm&8ters research, and to make individual gTants lo home students undertaking courses in the Dep8rtmcnt of Theology. Vocatirjnal training towards the ordained ministry wsll be fvrthered with continuing 8r)nts towards schemes organised through the Dean's Office. The Trustees confirm that they have referred lo the guidance coniained in the Charity Commission's general guidance on public benefit When. viewing the Tnist's aims and objeclives and in planning tUre aLlivilics and .seltin&y d)e grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE Durin8 the year, the Trust funded two overseas scholarships to students studying for w)stgraduale qualifications within the Deparirnent of Theology and Religiou5 Studies of Kin8's College London. These gcholar%hips are awarded to students who are able to benefit from the educational opportunity offered by the deparimenl who arL unable lo obtain an education ai this level iii their own country and who are expected to make a significant contribution to the religious lite of their country Ihrou&h the medium of one of the ChristiAn deTMInatiOns. In addition, the Trust received Iliree applications for individual small grants and nN"o were successful in being awarded lunding. These awards are madL principcilly to assist with IhL' cost of tuiiion fLL's for home students, although requests for other PUTposes, such as ihesis preparation and travel in connection with research are also considered. The Trust also provided support to the Chaplaincy at King's College London by funding two assistants which has enhanced the work of the chaplains. These &wdS assist with the vocational training of Students. Past assistants have continued to minister within the church. FINANCIAL REVIEW The total income for the year, derived entiTely from investsnents and bank deposits was £156.074. The lolal expendilui'e for Ihe y¢ar was £172,057. The expenditure consisted of grants of £101,800 to three students, £61,702 expenditure in fuitheTing the education .and vocational training .of students and fomier students of the Department of Theology and R¢ligious Studies of King's College _ondon and £5.375 on nnagement and administrntion. and the audit fee of £3.180. The excess of expenditure over income for the year was £15,983.
During the yeaT, th¢ market value of the Twst's investments increased by £480550 to £5.644.985. Total fimd8 of the charity as at 31 July 2024 amounted to £5,914,163. The Trustees, polic). is to maintain a capital base from which to generate income to support future beneficiaries. They achiev,: this by adding to the original capital sum all capithl gains arising from the Trust's investments and only spending illcorne. As at 31 July thi5 capital reserve amounled to £5,548,598. In addition. the Trustees mainlain an income reserve a5 a cushion against ihose years in which expenditure exceeds income. This may occur because there are a higher number of applicanL& which the Trustees onsider deserving of support, or because circumstances Tesult in a student requiring surport over a longer period than was originally envisaged. To give the Trustees thls flexibility and to ensure that the Trusi can continue to support a student through to completion of their course. even when this has ha.J to be extended for unforeseen reasons, the Tnkstees have decided to mainlain a reserve of between 6 and 12 months of annual expenditu. At 31 July 2024 th¢ income reserve was standing at £365,565 equivalent to 25 mDDths of expenditllTe, far in excess of the policy. A reorganisation within King's College London has Te5ulted in fewe~: swdent5 applying for gran15 and diffi¢uliie5 in fmding oversvas scholars of a sulTicient standard to undetske succe&sfully a higher degree have contributed lo a decrease in expenditure in previous years. The Trust's Investment policy is to maintain the capital value of its AnvestmenL aftej inflationary factors and g¢ncTale sufficient income to meet its objective5. taking into account During the ycar, the total returns on the Trust's investment was an increase of 12.10/0 consisting of a 9.30/ inciLu5L in the value of investments and a 2.8 /D income yield. STRUCTURE, GOVERNANCE AND MANAGEMENT The Tst was fornied under a s¢h¢me approved by the Charity Commission on 19 Sepiember 1980. The Trusl was previously tread as exempt from the requirements lo register wilh the Chariiy Lcimmission under the provisions of the King's College London Act 1978. However, following the cha.'Iges lo regulation introduced in the Charities Act 2006, the Tjvstees decided that this exemption was no longer appropriate. On 23 September 2011. the Trust was regisred with the Charity Commission in Engla1c, under Charity Number 1143939. There are seven Truslees - two ex-officio Trustees being the Pn'ncipal of King'5 College London and the Bishop of the Diocese of London or his or her nominated repTesentalive wilh five co-opted Trustees.
Statement of Trustees, responsibilities in respect of the Trustees, annual, report and the financAal statements Under charity law. the trustees are Fesponsible for preparing a, Trtees, Annual Reportand the financiaE 8temellts in accordance WTth applicable law and regulations. The Intts ar¢ required io prepare The financial. 5tateFnents itl accordance. with UK Aeeollnting StandaFd% including FRS 102 171¢ Futiziicial Reporting Shuiduwd applicable in klie UK and Republic oflYelaH The financtal statements are required by law to gve a true and f8ir view o.f die of affatrs of the tharity and oEthe inconiing resources and application of resources for that period. In prqjari'ng these financial. sratemenrs, generally accepted accounting PTactice. entatis that the trutrtts: select suitable accounting policies and then apply thenTr consistently. njake judgernenls and eslimates that are reasonable and prndent: state whether applicable UK A¢Colting Sfandarts Etnd the StateFnent of Recommended Practice have been followed, subject to any material dq)artures disclosed and explained in the fillartcial sratements," state whether the financiat statements comp5y wilh the trust deed, subject to any material. deparbjres disclosed and explained in the. financial 5talemerJts' 8&qess the charity's abili(y to coDtsnu¢ as a going concern. disclosin& applicable. mattets related ro going concern. and use the. going concern basis of a¢coLting unl&8s they elther intend to liquidaie the tharity or to cease operdlions, or hav¢ no realistic al'ternativi e but to do so. The trStee5 are required to act in accordance with the trusr deed of the cbarity, wirljin the framework of tDJst law. T.hey are responsibl'é for keeping accounting tecords which are sufficient to show and explain. the. charity's transactions and disclose ai any time, with reasonable accuracy, tILe fi'nanciai Psjsition of the chariry at that ti,me, Bnd to enabl'e the trStS lo ensure iha4 where any staicments ol accounts are, prepared by them under section 132(1) of the Charilies Act 2011, those staEeJnents of qc£ounts comply iviih tbe requirements of regulations Lmder that provisioD. They are responsible for such internal contml Is they deteErninc is necessary to enable the preparauon. of finAnci,al. staremellrs that are. free frorn niaterbal. missiatement, whether due to fraud or error, and have general responsibil1.ty for takin¥ such s¢eps as are reasonably ojen io them to safeguard the assds of the chariry 8nd to prevent and detect fraud and other iTFeguldrtties. The trustees are responsible for the maintenance and integriry of the financial and other Linfonnalion included on the charity's websire. Legi51afion in the UK governing the prepardiion and disseminaiion of financial, statements may differ from legislation in otheriurisdictions. Approved and signed on behaffif of the Tntstees on 04 2gzr Truste
Independent auditor's report to the Trustees of King's ColIege London Theol.)gical: Trust Opillion We have audited the financial statements of. King's College London Theological TnL8t ("d]e charl} for the year ended 31st lujy 2024 which coinprise the statement of financial activities, balance sheet, wh flow statement alld related notes. including significant accourting policies. The financial r¢porting framcwork that has been applied in their prepallOn is applicable law and. United Kj'ngdom Accounting sidards, includiiig FRS 102 The Financial Reparting Standard applicable in the UK and Republic of Ireland (United Kingdom Generatly Acc=pted Accounting Practice)- our opinion, the financial state]nents.' give a true and fatr view of. the state of the charity's affairs at 31 st 202,4 and of its incoming resourc&s and application of resources for the year then ended. have been properly prepad in accordance with UK. accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Lrland. and have been prepared in accordallce witli the requirements of the Charities AcL2011. Basis for opinion We cO[UCted our audit in accordance with Intcrnational Standards on Auditing CUK:) (ISAS (UK)) and applicable law. Our responsibilities under those slandards a further described ID the Auditor's responslbilities for the auth't of the financial statements section of our report. We e depellden[ of tbe charity in accordance with the ethical requireinents that are relevant to our audit of the financial stateinents in the UL including the FRC'S Ethical. stsndd, and wc h&ve fulfilled OLr other ethical responsibilities in accoidance with these iequirements. We belteve that the auth"t evicence we have obtained is sufficient and appropriate to provide a basis for our. opinion. Conclusions relatlng to golng concern In auditing the financial statcinent5, wc liave eoncluded that die trustees. se of the going concern b15 of accounting in the preparation of die fu)anciaJ sratetnents is appropriate. Based on the work we have perfornied, we have not identified any material wiccrtainties relating to events or conditj'ons tliao individually or collectively, may cast significallt douE.t on the charity's ability to continue gs a going eoncem for a, period of at le&st twelve months ftoÉn wheiL the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tTrtee5 with respect to goiJ¥ concern are described in the relevant sections of this repott Other Informatlon The other infom]ation con1prises the infonnation included in the annual. report other than the fm. ancial ststenieiits and our auditor's report thereon. The trustes are responsible for the other infonnation contained within the annual reporL Our opAnion on the financial statements does not Cijver the other infortnation and we do not express any fom of ass[an. cc conclision thcreon. Our responsibility is to read the other infonnation and. in doing so, consider wh&her the other information is tnaterially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othenvise appears to be matcrially misstated. If we identify such material inconsistencies or apparent material inisstatements, we are required to detennine whether thi5 gives rise to a material in,isstatement in the financial statenieiits th.emsel.ves. If, based on the work we have perfornie we conckude. that there is a material tnisstateinent ol this other ini.OITfiation. we are required to report that facL Vle have nothing to report in this regard. Matters on which we are required to report by exception Vle have nothing to report ID respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinton: the infomation given in the trustees. report is inconsistent in any material respect with the fin2nciaL statements. or sufficient accounting records have not been kepL or
the financial statements are not in agreement with tlie accouDttng rccords" or we have noLreceived all. the inforniatson and explanations we require for our audit Responsibiliti of trustees As explained more fiRY in the statement of. trustees, responsibiLities, the ttiistees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inten1 eontroI as the tnteeS detennine is necessary to enable the preparation of fmanciaL sLitements that are frce from material niisslatement, whether ¢e to fiaud or error. In preparing the financial statements, the trustees are ttsponsible for assessing the chLrity's ability to continue as a going Conce disclosing. as applicable. niatters related to goiiig concern. and using the going concern basis of accounting unless the trustees either intsnd to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audtt of the financial statements We have been. appointed &s auditor under section 144 of the Charits'es Act 2011 and report i accordance with the Act and relevant regulations made or having effect theunder. Our objectives are to obtain rOnable assurance about whether the financial statcments as a whole are free fro tnatetial inisstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of a&SuraZ but is not & guarantee that an audit conducted in accordance with ISAS (UtQ will always detect a, tnateridl misstatement when it exists. Misstatements can arise from fraud or error and are considered ntttrrial. if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fun¢la} statements. lttegularities, including fraud. ar¢ instances of non-coinpliance with laws and regujations. We design procedures in line with our re8ponsibil Itics. oullined above. to detec material misststements in respect of. irregularities, including fraud. The extent io wbich our prcjcedures are capable of detecting irregu]arities, i11cludiT fraud, is detailed below. In identifying and assessing risks of. material misstalEment. in respect of, irregujarities, iDcludiDg fraud and noncoiiipliance with laws and regulations, our pi"ocedures included the following: the nature of the chartkble sector, the charity's control environment and performance, results 0£ ow enquiries of iTJanagenieDt and representatives of the iustL'es <ibout their own identification and ass&ssment of thL ojf iegUlarltieS. any matters we identified having reviewed the charity's proced relating to identifyin& evaluating and complying with laws and regulations and whether they We aware of any instsnces of non-compliance. detecting and responding to the risks of fraud and whether they liave knowlcdge of any actual. suspL'Lled or alleged fraud. and the internal systems established. to mitigate risks related to fraud or nonrycompl1ce with laws and regulaiions. the matters discussed among the engagement te including tsx", regarding where fraud migbt occur in the financial statem. ents and any p)tsntial indicators .)f fraud. As a resulL of the above, we consÈdered the opportunities and incentives that miy exist within the organisation for fraud and identified the greatest potential for fraud in management ovetride of controls. In common with all audits under fsLfj (UK), we ate required. to perforni specific procedure5 to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework iii wliicb the company operates. focusing on provisions of those laws and regulations that had a direct effect on the detem]ination of material amounts and disclosures in the financial statements in this Ce. specifically in this conrexL Charities Act 2011 and tax Icgislation. tn addition, we considered provisions of other laws and regulations that do not have a direct effect on the fancial statcinents but compli]Ce with which may bc fundamental to the cotnpany's ability to operate or to ivoid a lliaterial penalty. Audit response to risks identified Having perfornied the above. we did not identify any key audit matters Telat¢d to the potential risk of fraud or non4otnpliance with laws atLd. r¢gulations. Ila addition to, the above, 0. procedures to respond to nsks identified included the followtng:
reviewing the fJnanciaL statement dtsclosures and testing to supporting documentation to assess coinpl lance with relevant l&ws and regulations discussed above" cnquiring of nionagement, the ttustees and in-house manageent concerning actual and potential litigation and claims. performing analytical procedures to identify any unusuat or unexpect&d relationships that may in(b'cate risks of niateriaj misstatement due to fr&ud' and in addressing the risk of fraud through managenient override of conJols. reviewing the appropriateness of journaL entties and other adj'ustrnents. and evaluating thc business rationale of any significant transactions that are unusual or outside tn¢ nornaal course of business. We also coirniiunicated relevant Identi,fied laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or. non-compliance with aws ld regulations throusliout the 8udiL A further descriptioii of our responsibiEities is available on the Financial R'eporting Council's website at: s:/lwww.frc.or .uklauditorsres onsibilities This descrtPtioL fonns part of. our auditoi s reporL Other matters Your attentioii is drawn to the fl thaL the tharity has preped fmancial ststeinents in accordance with -AccountiJig and Reporting by Charities.. Stratement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting star.dard applicable in the UK and Republic of Ire1(d (FRS 102)" (as llended) in prefenCe to die Accounting and Reporting by Charities.. Statement of Recom,fftended Practice issued on l Ap-,il 2005 which is referred to in the extant relatiOnS but has now been withdrawn. This has bcen done in order for tlie financial statements to provide & irus and fair view in accordance with current Geiierally Accepted Accounting Pr%tice. Use of our report This ieport is inade solely to the cliarity's trustees, as a body, ID accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work. has been idertaken so that we might slat¢ to the charity's trustees those matters we are required to state to r&]em in an auditors, report and for no other puoSe. To tlie full'est extent pemiitted by law,. we do not accept or assume responsiljility to anyone other than the charity and the charity's trust£es as a body, for our audit work. for this irporL or for tlie opinions we have fomied. Gowers Limite(L Statutory The Old School House Bridge Road Hunton Bridge Ktngs Langley Herts WD4 8SZ dito
KING'S COLLEGE LONDON THEOLOGICAL TRU srA TEMENT OF FINANCtAL AcTIv[Es Year ended 31 July 2024 Totst Unrestricted funds Note 2024 2023 tncome 2nd Endowments tnvestrneat income Total income 1,56.074 l56,074 [52,125 .52,1'25 E%penditure Expendilur¢ on charitable activities 172,057 203,849 Net Inco(eXpendItUre) and net movement in funds ' before gains and losses on Investments (l5,983) (5 I,724) Net (losses)IgdiDS on investments 480,550 (50,584) Net Movetnent In Funds 464,567 (I02.308) Total Funds brought forward at L, August Total Fund$ carried (orivard at 31 Jvly 5,449,596 5,551,904. 5.9L4, L63 S,449,596 AEI ineotne and expenditure deri.ve from coDtsnuing operdtions.
KING'S COLLEGE LONDON THEOLOGICAL TRUST BALANCE SHEET as at 31 July 2024 Note 2024 2023 FIIXED ASSETS Investments 5,644,985 5,164,435 CURRENT ASSETS Debtors Casjl at bank and i.n, h2nd 47,749 225,748 273,497 50,467 237,694 288,161 CREDITORS: amounts falling due withfn One yeAT NET CURRENT ASSl<TS 4,319 269,178 (3,000 285,1,61 TOT.AL ASSETS LESS CURRENT LIABILITIES 5,914 L63 5,449,596 Funds Unrtitricted funds 5,914,163 5.449,596 The firL4nCtaI statements were approved by the Trustees on on th-IF bebatf. 2025 and signe(t 4,/qZ a Trustee
KtNG'S COLLEGE LONDON TEoLOGIcAL TRUST CASH FLOW STATEMENT for the Period l August 2023 to 3 1 July 2024, Note 2024 2023 Net.Cash Oufflow From Operating Activitres 168,020 211,701 CasE. flows from tnvesttng activities: Interest and dividEnds PaynentS to acquire investments Procctds from sales of investments 56,074, (1.500,000) .500.000 152,125 et cash provided by investÈng activities 1156,074 51125 Change in cash and cash equivalents in the year (11,946) (59,570 Cash and c&8h equivalents brought forward Cashi and cash equlvalents Carried forward 237.694 297,270 237,694, 225,748 10
KING'S COLLEGE LOLYDON THEOLOGICAL TRUST NOTES TO TIJE ACCOUNTS Year ended 31,, July 2024 I ACCOUNTING POLICIES The Financial and Reporting 5tatetnents are prepated in accordance with tbe StatcmenÉ of. Reconunended Pta¢tice"Accounting and Reporting by Charities" (FRSI 02) issued in January 201.5, and applicabl¢ accounting slandards. King's College London Theological TFWSC meets the defixition.of a'public benefit entity under FRS 102. The Trustees consider that there aye no material uncertainties about the Trust's ability to cotttinue a golng concern. The Tntee have reviewed cash flow forecasts for a period of twelve ntonths from the date of apprnval. of these financial stalerneDts, which indicate that, takitig account of reasonable possible downsides such as no income for twelv¢ months and a IOOA decre&se in the valu¢ of wJiv&smients. the Trusi wiFTr have 5uITicient fim(ts, to meet its liabiliti as they fall du¢ for that perio¢l The mosl significant areas of adjEtsÉment and kEy assumptions to do Ivith the carrying value of wets held by th¢ Trst and the level of investment return and the perfortnance of invesrnenf nwkets. The particular accountmg pol'icies adopted by the Truslees are described below. AccouDtlng conventfion The fanCiaL ststemejts a prepared undet the historical cost corkvention as moaified, by the revaluation of investsnents to market valu FuDd accoundng Unrestrtcted funds represent accumulattd income and gdins togcthcr with, the origirbal capitaL sum provided EO establish the TEUSt. The funds a expendable at the discretion of rhe Trustees in the fu3thcTrnce of the objects of the charity and rnay be used to finance both working capiral and capital investment. It 15 the policy of the Trustees to maintain a capital fund from wh&ch to geoerate income to support future beTrefjctaries which they do by addin8 capital gains arising from the Trust's investrneots to tbe original. sum. Incomlng resources Al&, Income is recogwsed in the statement OE financial, activities when the conditions for reIpt have been met and there is Tca50nable assurance of receipt. Where a ¢lairn for repayment of'incorne tsx has or will be mad4 SLkch incorne is grossed up for the tax recoverable. Le8ary gill% are recognised on a case by c&%e b&sis following the 4nting of probate vknen.the admlllistratorlexeculor for the estate h&$ communicafrd in writing both the anouDt aDd setrlement date. Investment income Investtnent income is accouDted for wben re[vable. Cbaratable expenditure All expcndit(Ere is accounted lor OD an accru21 basis. Cbarfttable expenditu Includes all expenditure directly related to the objects of the charity and cotnprt5e5 the followRn Grants payable are accounted for when the Trullees have accepted a legal or mornl, oblizatton to m2ke the grant. 11
KING'S COLLEGE LONDON TH,EOLOGICAL TRUST NOTES TO TEE ACCOUNrs Year en(ted 31 Juty 2024 . Management and administration costs rElate to expenditur¢ incuyred in the manageanent of the charity's assets aDd organisational administrntion. Governance costs Governance costs comprtse au. costs involvin.g the compliance with constitutlOE13F and Statutory requirements. public accountabtitty of the charity and its cornpliance with regulation and good practic& Staff costs The Trust employ1 no staff during the year. IDvestmeDts nvestmellts ar¢ Wdlued sing the bid prtce. Reaiised 8nd unreallsed gains alld lossev are shown separately in the appropriate sectioTr of the statement. of financia& actiiiities. 2Q24 2023 2 INVESTM INCOME Ineome from UK. invcstments Bank interest Iii4.990 -17,1.35 152,12S 1.1..973 156,074 3 EXPENDITURE ON CHARiTABLE ACTlVtriES Materbal grants payabl¢ by the Trust.. Grdnts to students (2 students. 2023: 1 student) Overseas scholarsbips and 8fdnts (2 studenr%' 2023. 3 students) Furtbering bolh the education, aod Vocation training of students Furthering the vocational training of stud'ents Management and administrdtion AudÉt fees 5,500 96,300 1.4260 4'7,442 5J75 3.180 172,057 1.500 l37,940 L2,500 43,690 5,21.9 3,000 203,849 4 INVESTMENTS HELD AS FIXSD ASSETS arket valu¢ at L August Purchases Disposal procee¢ts Reaiised loss disp0521s N'et on revaluation Market value at 31 July 5,164,435 L,iOO.QOO (I,500,000) (74,945) 555,495 5,644.985 5,215,019 (50.584) 5.164.435 C05tat 31 July 4,06L,533 3,648 064 5 DEBTOILS Aeczued lnvesmnt income Other debtors 47,749 47.749 50.467 12
IaNG'S COLLEGE LONi)ON TiIEOU)GICAL TRUST NOTES TO THIE ACCOUNTS. y.ea.r ended 31 2024 6 CREDITORS. AM'OUN,.TS FALLING DUE WITFIIN. ONE YEAR Grnnts to sludents Audit fee Oih¢r Creditors 736 3,L80 403 3.000 3,000 7 FUNDS To1 Unrestricted Funds Capital Fund rncome Fund 2022123 As at l August 5,068,048 38L548 5.H9.596 5,551,904 et tncomrng Resource8 480,550 (15,983) 365,565 404,567 (I02,308) 5,548,598 5,914 163 5,449,596 The capital fund includes the oriwal capital 5UTll of £482,763 provided to estsblish the Trust aod accwnulated capital gains. RECONCILIAT0 OF NET MOVEMENT IN FUNDS TONET CASE[ FROM OPERATtNG ACTtVlTtES 2023 Net movement in funds Dr)Juct. investment incom¢ Deduct Eainsladd back losses oo inveslmenis (Incrcaseydect¢ase in sundry debtors tncreasel(decrease) in sundry creditors N'et cash used. in operatyng activili&s 464567 (l i6,074) (480,550) 2,7l8 I,3 L9 168,020 (L02,308) (152,l25> 50,584 (2,72&1 (5,126) (2ll,701 9 KEY K:ANAGEMEiYf PERSONNEL AND RELATED PARTtES Tbe trustees CoSEd¢r tbe board of trustees as comprising the k'ey maoagement persoaFJel. of the ctr&arity An cbarge of dkrecting and controlling the charity and. running and operating the chority OD i day to day b35i5. All tnLStees give of theTrr tinTre fredy and no trustee. remullerdlion was paid. in the y&qr. No trustee received reimbursement for travel expen.ses during the year. {Previous year: £5 L one trustee) 10 TLXATIO Kin¥s College LowdoD Theolo[ Trust is coosideredto Pass th¢ t&sts set out in Paragrapb I ScheduEe 6 Finance Act 20 LO and thefOre it rnttts the definition. of a charttable trust for UK incone tax purpose& Accordingly, the clkartty is potentiall'y exetE]pÉ flum ttiOn in. respect of income or capital gains receival withtn otegoTies covered by Part 10 Incotne Tax Act 2007 or Section 256 of the TaxalÉorL of Chargeable Gains Act l992. ro the extent that such. income or gains. applied exclusively to charitable purposes. 13