Wycliffe Hall Annual Report and Financial Statements Year ended 30 June 2020 Charity number: 1156892 Company number- 09007970
WYCLIFFE HALL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2020 Contents Page Hall Council, OfFicers and Advisors 3-10 Trustees, Report Auditors, Report 14-15 Consolidaled Statement of Financial Activities 16 Consolidated Balance Sheet 17 Company Balance Sheet 18 Consolidated Statement of Cash Flows 19-21 Statement of Accounting Policies 22-32 Notes to the Financial Statements
Wycliffe Hall Hall Council, Officers and Advisors Year ended 30 June 2020 MEMBERS OF THE HALL COUNCIL The members ol the Hall Council are the Oirèclors and Members ol the charitable company and are Iruslees for the purposes ol charity law Throughout this report they are collectively referred lo as the Iruslees. The following served as members of the Hall Council during the year Rl Revd Julian Henderson Chair ex officio Chair Revd Canon Prof Nigel Biggar Revd Em Coley Mrs Alison Coulter Mr Peter Doyle Mrs Sarah Finch Treasurer. and Viceohairfrom February_2020 Chair Dr Philip Giddings Mrs Katrina Iqancock Chair Re5igne(f Sept 2019 Chair Very Revd John Irvine Revd Dr James Kennedy Mr Paul Lindon Appointed June 2020 Mr Chris Tinker Resigned Sept 2019 Revd Canon Fredeiick Kilner Rt Revd Alistsir Magowan Mr Simon McGuire Vice-chÈir fesigne(t February 2020 Revd Ann Templeman Chair Membership of Hall Council sub-commillees during the year is shown above for each Iruslee.
Wycliffe Hall Hall Council. Officer3 and Advisors Year ended 30 June 2020 SENIOR MANAGEMENT The Principal is appointed by the Hall Council lo oversee the management of the Hall and he is assisted by the Senior Management Team. Principal Revd Dr Michael Lloyd Vice-Principal & Acadetnic Dean Revd Dr Juslyn Terry Bursar Mr Andy Bullerworth lunlil 18.12.20191 Mr lan Barnelson (from 06.01.20201 Revd Dr Jenni WillaMS lunlil 15.08.20191 Revd Dr Elizabeth Hoare lfrom 01.09.20191 Revd Greg Downes Dean for Women Member of SMT ADVISORS The follow1ng acted as advisor5 in the period under review". Auditors.. Crilchleys Audit LLP Beaver House 23 -38 Hylhe Bridge Street Oxford OXI 2EP Bankers.. The Royal Bank of Scotland 32 Sl Giles Oxford OX1 3ND Solicitors.. Bales Wells Brailhwaile London LLP 2-6 Cannon Street London EC4M 6YH Address and registered office for Companies House purposes.. Wycliffe Hall 52-54 Banbury Roacl Oxford OX2 6PW Website.. www.wycliffe.ox.ac.uk
Wycliffe Hall Trustees, Report Year ended 30 June 2020 The Trustees present their annual report under the Charities Act 2011 together with the consolidated financial slalemenls ol Wycliffe Hall I'the Hall I for the year ended 30 June 2020, which are also prepared lo meet the requirements foi a directors, report and accounts for Companies Act purposes. REFERENCE & ADMINISTRATIVE INFORMATION Wycliffe Hall is a company limited by guarantee (Company Number 090079701 and is registered with the Charity Commission. charity number 1156892 and Is incorporated in the United Kingdom Wycliffe Hall was Incorporated on 23 April 2014 and registered wilh the Charity Commission on 1 May 2014. On 1 July 2014. all the a5sels, liabilities and staff of the unincorporated Wycliffe Hall Iiusl Icharity regislr2lion number 3097031 were transferred lo this new company. cliffe Hall is a Permanent Private Hall of the University of Oxford. STRUCTURE, GOVERNANCE & MANAGEMENT Constitution The Hall is governed by Arlicles of A5so¢ialion daled 23 April 2014 and is a charitable company limited by guarantee. Governance The Hall Council continues lo review ils governance procedures. In the past, this has included legal structure, trustee appoinlmenl, induction and term of office, responsibilities and review of ils own procedures and policies. Further work on the Committee slruclurè has taken place during the year. Organisational Managamont The Hall Council normally meets four times a year and ils meetings are attended by the Principal and other members of the Senior Management Team, together with the President and Presidenl-elecl ol the Cofflmon Room. In order lo ensure that the Hall Council fullils ils fiduciary duty of full involvement in selling the strategic direction and the moniloring and evaluation ol its aclivilies, the Covncil has established several formal sub-commillees. This enables the Council lo discharge ils duties and responsibilities in these areas in a more effective way. bul does not absolve the Council from ils collective responsibilities., fftlher il enables a small group lo give more detailed consideration lo these mallers and then lo report lo the whole Council. 111 Finance Committee This approves a draft budget for presentslion lo the Council and keeps the developing finances of the Hall under review, making recommendations lo the Council in adminislralive and policy areas. 121 Educ81ion Committee This reviews the leaching, training and formation ol all students and considers major decisions on education and training which may affect the H811's relationship with Ministry Division andlor the University ol Oxford and other major stakeholders.
Wycliffe Hall Trustees, Report Year ended 30 June 2020 131 Governance & Nominations Committee This recommends candidates for membership of the Council (for election by the Council as a whole) as vaGancies arise and recommends improvements lo the govemance arrangements of the H311. 141 Development Comrnillee This determines Development priorities and largels, ensuring that the Hall's oveffill Development actr'vilies are kept under review. including compliance with the Code of Fundraising Practice. 151 Remuneration Committee This review5 2nd agrees staff salaries, pension provision and other staff benefits. In due course, the remit will be extendèd to include all HR-related mallers. A meeting of sub-commillèe chairs lakes place immediately prior lo each Hall Council Meeting in order to brief the Chair and ensure that Council bLJsiness 15 conducted as efficiently as possible. The Senior Management Team meets every two weeks during term time, and as required during vacations Those academic staff who hold employment contracts with Wycliffe14all andlor have responsibility lor a Fellowship Group also meet lortnighlly in term lo conlrribute lo the management of the Hall Group Strueture and Relationships By a scheme dated 1611212014. the Charity Commission appointed Wycliffe Hall as sole corporate Iruslee of the predecessor Irvsl Vvycliffe Hall Icharily number 3097031. This included transfer of lille lo the Hall's main building 152-54 Banbury Road) which is a permanent endowment. The Wycliffe Hall trust continues lo exist bul is essentially dormant-. ils only lulure activity will be il the trust receives legacies. cliffe Hall has b0 wholly owned non-charilable trading subsidiane5, whose profits are donated lo the Hall under the Gift Aid scheme. Wycliffe Hall Services Ltd IWHSLI is incorporated in the United Kingdom and manages the provision of services outside the charitable objects of Wycliffe Hall. Wycliffe Hall Development Ltd IWHSLI was incorporalecl in the United Kingdom during the yearlgth Dec 20181 and manages development of student accommodation on the main sile. Risk Management The Hall has on-going processes which operated throughout the financi21 year for identifying, evaluating and managing the principal risks and uncertainties faced by the Hall and ils subsidiary in undertaking Ils aclivilies. The Hall has developed systems lo monitor and control these risks lo mitigate the impact they may have on the Hall's future and these are overseen by the Finance Committee This includes reviewing the level of insurance cover provided by the Hall's insurers The Hall Council, who have ultimate responsibility loi managing any risks faced by the Hall. have reviewed the processes in place lor managing risk and the principal Identified risks lo which the Hall and Ils subsidiary are exposed and have concluded that adequate systems are in place lo manage these risks. A risk register is updated and reviewed each year. The impact of the Coronaviru5 pandemic and the need for immediale and largeled responses lo il has reinforced the need lo further review and update the risk register This was ong01ng at the end of the Iinancial year.
Wycliffe Hall Trustees. Report Year ended 30 June 2020 OBJECTIVES & ACTIVITIES Charltable Objects The Objects of the Hall as slated in the Articlès of Association are". 111 To provide theological instruction consislenl with the principles of the Church of England lo C2ndidales lor ordination and. subject Iherelo, lo provide theological education (with a preference for in(Sividuals who are undertaking 2 course of study in theology or who have been Ofdainedl. 121 In carrying out ils obje¢ls the Charity may provide accofflmodalion for students. Activltles and Objectives of the Hall The Hall's principal activity, as described above, is the provision of theological in51ruclion and ministerial training. The Hall continues to provide ministerial training lo Church of England ordinands, as well as others from a wide variety of different church backgrounds. Each year, Wycliffe Hall admits undergraduate and poslgraduale students lo study Theology and related disciplines. The Hall Council approved a 10-year Strategic Plan during 2018 and this has been used lo review activity and to make plans. The Hall has a vision lo see the nations transformed by the gospel by renewing Christian leaders in prayer, character, preaching and thinking. In order to achieve this, we are committed to.. Train lifelong disciple makers... by equipping 2 generation of ordained and lay leaders with gospel-cenlred knowledge, character formation, and pastoral skills through a range of carefully designed courses. qualifications and training programs. in Community.. by bringing qualifying students to worship, live and study together, regardless ol background or financial conslrainls, through the provision ol a portfolio of bursaries and scholarships with excell&nl Bible-cenlred teaching.. by enabling lulors lo undertake further study lo enrich their leaching through establishing endowments for faculty scholarships ln biblical studies". history. theology and ethics., mission. apologetics, liturgy and ministry., and in Evangelicalism. in a Ihoughl-provoking city . by providing affordable. quality accommodation and 215l Century 12cililies in the centre of Oxford with access to all of the cultural. sporting, academic, and missional opportunities which the City 8nd University provide An increasing number of ordinands now follow more flexible pathways cogniSed by the Ministry Division of the Church of England. These part-lime and mixed mode pathways provide an allernalive option for the Church to train ils ordinands while they conlinLJe lo be actively engaged In ministry. A significant number of students are admilled each year lo the one-year Certificate in Theological Studies ICTSI, offered IhroLsgh the Oxford University Department of Continuing Education. Some students complete the course part-lime over two years, others continue lo the Diploma In Theological Studies IDTSI and Bachelor in Theology IBThl. The Scholarship and Christianity in Oxford ISCIOI program brings American Visiting Students lo Oxford for a semester's study in each of Michaelmas and Hilary Terms. This programme is a partnership between the Hall and the Us-based Council of Christian Colleges and Universities. The University of Oxford has determined that in future years, the number of visiting students musl be limited lo a proportion of the number of malriculaled Oxford students, which will cause the SCIO programme size lo reduce.
Wycliffe Hall Trusteos, Report Year ended 30 June 2020 Wycliffe Hall also aims lo be a centre ol theological excellence within the Anglican Evangelical tradition As part of the University of Oxford, il models adeMiC excellence and Integrity, and, as an inslilulion training people lor church ministry, il is also cotnrnilled to providing an oulslanding professional training and lo producing students who will be strong leaders. For all these reasons, the H811 pays great allenlion lo ils leaching, to the quality of community life in th@ Hall and to the pastoral care 2nd personal development ol its students. Public Benefit Wycliffe Hall is an educational eslablishmenl, founded lo provide training for those who seek ordained ministry within the Church of England. It accepts students from a wide variety of backgrounds who seek lo study theology within the University of Oxford. The education is provided formally within the Hall and University, and most courses lead to University of Oxford qualifications. Hall Council has considered the Charity Commission's guidance on public benefit. The beneficiaries of the charit8ble activity undertaken by the Hall include the students themselves, those impacted by the students during their placements and missions, the Church of England and other bodies, individuals and communities which will benefit from the future ministries of those who have trained al the Hall. As with other educational establishments, a major benefit lo the students is in the formal conveyance of knowledge This is done In a variety of sellings Including lectures and ILilorials. bul is also imparted through peer groups. on p12cemenl and on mission. The Hall also seeks lo provide a setting conducive lo learning, with emphasis on community Iile. mutual support and the accessibility ol staff who seek to provide appropriate counsel in every circumslBnce. The Hall constantly strives lo improve on ils already high slanclards by encouraging feedback from the students on all aspects of their experiences al the Hall each term On one level, the sucTrss ol the education provided al the Hall can be seen in the qu21ifications from the University of Oxford which the stLidents r&ceive at the end of their courses. However, this academic yardstick does not reflect the full extent of the training given within the Hall lo prepare the students for leadership in the Church of Eng12nd and other spheres of Christian ministry. The benelicial Impact of these students is fell in many ways and places. The Hall believes that il is in the interests of society as a whole that religious leaders are trained al the highest academic level. The exposure of every sludenl lo the (rigorously formed and articulately expressed) views of others, and the subjection ol every belief, however cherished, lo the critique of others produces religious leaders of greater humility. moderation and ability lo engage inlelligenlly and graciously with those who hold opposing beliefs. Such an education and training help develop leaders who will not preside over the retreat of religious groups into a sectarian allilude, bul which will contribute positively lo the debates and the needs contemporary society. The aims sel for the Hall's subsidiary is lo help finance the Echievement of the Hall's aims as above. Flnanclal Support for Students The H211 charges luilion fees In line with externally regulated rates and sets reasonable accommodation and meal charges In order to assist undergraduates entitled to Sludenl Support, the Hall provides through a scheme operated in common with the University and other Colleges, bursary support for those of limited financial means. The scheme is approved by the Office of Fair Access IOFFAI and provides benefits al a subslanlially higher level than the minimum OFFA requirement.
Wycliffe Hall Trustees, Report Year ended 30 June 2020 Most the Hall's independent students {i.e. those whose training costs are not paid by the Church of England) are not eligible for Sludenl Support. Where possible, the Hall provides financial support for students, including several bursaries and lee waivers each year lo fund lees and living costs lor both undergraduate and graduate students For the academic year 2019120, the number ol awards made by the Hall was 1212018119.. 371 and the lolal value awarded was E41.654 12018119.. £122, 1161. The Hall also supports Students with travel expenses associated with their ministerial placements and operates a limited hardship fund, lor which sludenlB Incurring unexpected financial hardship 2re eligible. Wycliffe Hall is most grateful for the support ol donors who have contributed lo Bursary funds. ACTIVITIES AND PERFORMANCE cliffe Hall continues lo renew Christian leaders in prayer, character, preaching and thinking towards Ils vision of seeing the nation5 transformed by the gospel. In the academic year beginning October 2019, 113.5 full b'me equivalent studenls12018.' 1271 were studying al Wycliffe The equipping ol men and women for ordained and lay ministry remains the central activity ol the H311 All those preparing lor ordained ministry in the Church ol England secured positions as Curates and are serving in that conlexl in dioceses across the nation. Others have taken up varioLJS roles in this country or overseas, including the US and Singapore. We always enjoy hearing feedback from our alumni and are constantly encouraged lo see the tsngible Impact they have around the world Exam results lor students on University ol Oxford courses were again excellent. with academic awards being won by several of them. A cohort of students completed the Church of England's Common Awards programme and were awarded diplomas ancl degrees by the University Df Durham. Wycliffe Hall has continued to see ils number ol graduate studeiils growing. 1ncluding several who have previously been al the Hall lor our Visiting Sludenl programine. Our Gr2duale Sociely Is now well established and is recognised as offering very effective support lor graduate 51udenls in their studies 11 loslers a strong sense of community with a regular programme ol academic and Social events. These include a lortnighlly Graduate Research Seiminar, where acadèmic papers are presented on a variety of subjects fiom Wyclffe graduates and staff as well as other graduates and academics across the University. A lermly 'Lounge Lecture, has featured a wide variety of speakers from the UK and further afield in a relaxed social setting. During the year, the Principal and Vice-Principal continued lo hold meetings wilh the Bishops and Oiocesan Directors of Ordination IDDOS) of tnany dioceses, lo share our vision for the future of Wycliffe Hall and the various courses we offer. A Vocations Conference for Women was Drganised specifically lo increase the number ol women coming to Ilie Hall lo train for ordination. In addition lo their leaching, lulors have been active in research and writing, with several books and articles being published by them throughout the year. The Hall has also been encouraging scholarship through hosting New Teslamenl Research Seminars al which local and visiting scholars presenl papers. There Is also a weekly Principal's Hour al which Oxford academics and other scholars and praclilioners, from a wide variely ol disciplines and lailh perspeclives, are Inviled lo speak. This sliong research activity means that we will be SLJbmilling 4.4 siafl lo the 2021 REF Ilhe Government research excellence assessment framework), compared to only one member ol stall in the last exercise in 2014. This should result in around £35k p.a ol addilional ncome for the Hall from 2022 onwards Wycliffe Hall's staff continuèd lo make a significant impact outside the Hall as well. The Director of Ministerial Training and other Drd21ned members of siall have continued lo preach and leach in many sellings, contributing lo the life Df several churches and Christian oiganisalions. These and other lulors have a150 been conlribuling al academic conferences In this country and overseas.
Wycliffe Hall Trustees, Report Year ended 30 June 2020 Impact of Coronavirus The most significant laclor affecting the activities of the Hall during the year was the onset of Coronavirus. Beginning just as Hilary term ended, its impact was felt for the rest of the academic year with no more face-lo- face leaching, no meal provision. and in many cases, no need for accommodation lor our 51udenls, and the cancellation of all conferences expected lo be held during the Easter and early parl of the sumtner vacations. We were also unable lo generate any income from B&B bookings as we would normally have anlicipaled. Thanks lo the efforts of many, we were able lo offer a full range of luilion and worship for Trinity term online, A regular weekly meeting of key operational staff and some SMT members ensured that the Hall's response lo the ever-changing circumstances was as effective as il could be, managing the often competing demands of the Hall being a home foi students al the same lime as a work place for staff. FINANCIAL REVIEW The financial slalemenls have been prepared in accordance with the accounting policies as sel out on pages 19 10 21 and comply with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20151 Opprating Performance Despite Coronavirus. total income for the year fell by only £27k lo £2,530k12019". £2,557kl. Much of this reduction reflects the declin8 in the number of international studen15. and their tuition fees and related rental income following the Cessation of the relationship with the Oxford Centre for Christian Apologetics IOCCAI re5ulling from their trademark dispute with the University of Oxford. Conversely, the level of fees from ordinands Incre25ed by £37k in the year to £512k12019 £476kl. Predictably. during the pandemic. our conference income fell by £71 k 129°/ol from £242k in 2019 10 £171 k Ihis year Vvhere possible. we have reschèduled conferences Into 2021 bul it is loo soon lo know whether these will be possible Total income was positively impacted by a more than doubling of donations and legacies from £150k in 2019 10 £319k this year This included £280k of reslricled giving the highest lolal In Wycliffe history - primarily lundino the bringing lo Wycliffe Hall of Revd Prof. NT Wright as Senior Research Fellow in October 2019. and the replaTrmenl ol the boiler in the main building. We are very grateful lor these gifts and encouraged by the continued and increasing commilmenl that our donors are showing lo the development of the Hall's aclivilies. Unreslricled donations were £38k12019'. £94kl, including gifts for purposes such as burs2ries which are parl of our regular expenditure During the pandemic, we took measures lo manage our largest item of expenditure that of staff payroll. We insliluled a hiring freeze, delayed regular salary Increases and look advantage ol the Government's Job Retention scheme IFurloughl, making sure that all our furloughed staff continued lo receive lull salaries. We are pleased that these actions avoided us needing lo make any redundancies as other Colleges have done We were also able to arrange a Governmenl-backed Coronavirus Business Interruption Loan In August 2020 which provides an interesl-free liquidity cushion for a further year Ljnlil the Impact of Coronavirus and our mitigating actions can be seen more clearly. Totsl expenditure reduced by £20k year-on-year at £2,461 k12019'. £2,481kl. This resulted from the Coronavirus mitigations listed above, together with the difficulty in undertaking some ol our marketing and other external activities during this period The depreciation charge increased lo £206k12019." £151 kl and Capital expenditure of £117k12019.' £392kl was added lo fixed assets during the year. Overall. the Hall rècorded an unreslricled
Wycliffe Hall Trustees, Report Year ended 30 June 2020 deficit of £83k12019 £78k surplus). Reslricled Funds grew from £176k lo £327k in the year, reflecting the impact of the reslricled donations detailed above Two 108ns from RBS tolalling £gOOk were due lo be repaid in AugLJsI 2020. These had been drawn down lo support, amongst other things. the refurbishment works al 4 Norham Gardens. It had been intended lo repay these loans from the procee(Js of a sale of a properly in South Oxford which is surplus lo requirement, 2nd from a property legacy in Summertown. Both these Iran5aclions although proceeding. have been delayed. Accordingly, the loans have been refinanced for a further year. Reserve5 Policy The Hall's reserves policy is lo maintain sufficient free reserves lo enable il lo meet ils shDrl-lerm financial obligations in the event ol an unexpected revenue shortfall anol lo allow the Hall lo be managed efficiently and to provide a buffer that would ensure uninlerrupled services. The Hall aims lo operate on a balanced budget basis, and therefore allempls lo restrict expenditure lo the level of lee and conference income plus anlicipaled unreslricled donations. Totsl funds ol the Hall and ils subsidiaries al the year-end increased to £9,873k12019. £9,746kl. This includes endowment capital of £561 k12019.' £560kl and unspent reslricled income funds lolalling £327k12019, £176kl. The vast majority ol Wycliffe Hall's reserves are invested in propety in order lo provide adequate space for the academic and adminislralive functions of the Hall, lo provide housing for staff and also lo provide housing for students in line with the second object in Ihe Deed of Trust. Current assets are normally restricted lo the minitnum required for the transaction of the Hall's day lo day business. Free reserves li.e. unreslricled nel current asselsl al the year-end Increased lo £378k IJLJne 2019.. £31 gkl which is elaborated in more detail in Note 14 to the Accounts. Grant-making Policy Grants are made from reslricled funds in accordance with the reslriclions imposed on those funds. Investment Powers The Trustees are empowered lo invest the Hall's assets al their discretion FUTURE PLANS Wjcliffe Hall undertook a slialegic review In early 2020, following the decisions of the University of Oxford lo limit Ils ability as a Principal Private Hall IPPHI from offering Durham University Common Awards lo ordinands from Michaelmas 2022. and lo reduce the number of Visiting students admitted. The Hall has determined lo continue as a PPH, providing a full range of University of Oxford courses lo both ordinands and independent students. In addition, resources will be devoted lo developing and coordinating a range of new income- generating courses th31 are consislenl with the charitable objectives of the Hall. Recognising the importance of our properly assets on our central Oxford sile. work will be done to ensure that the Hall is able lo continue lo provide afford2ble. quality accommodation whilst maximising the income generating potential of these assets. Building on the recent success of our philanthropic donations, a series of priorilised largeled campaign5 are in place lor the eoming year including funding new leaching posts. missional development, capital projects and operational support.
Wycllffe Hall Trustees, Report Yearended 30 June 2020 STATEMENT OF TRUSTEES. ACCOUNYING AND REPORTING RESPONSIBILITIES The IKu3lees are responsible lor preparing th8 Truslees, Annu81 R¢pDrl and the financial slalernents Iii accordance with appllcable law and United Kingdom Aceounling Slandar(Js IUnSled KlnJdom Generally Accepted Accounltng Prackn'cel and appltcable lawl, Induding Financial Reporting Slandard 102". Tlie FinancSal Repgrting Slandard Appli¢?ble in the UK and RepublSc ol Ireland IFRS 1021, The law applicable lo charilie3 In England & Wales requlres the trustees to prepare financlal slatements for each financial year iyhich give a true and fair view ol the state of affairs of the eharily and of the incoming resources and 8ppliralion ol re8ources ol the charity for that P8riod. In preparing Ihese financial 8laternents. lh6 tru51ees are Tequired lo.. select 5uilable 8ccounling policies and then apply Ihem ¢on51slenlly, observe the method5 8nd PTlrtc¢ple3 in the Charities SORP,. Inakejudgements and estsmates Ilial are reasonable PTltdent', stale whevier 8ppli¢Bble accounting standards including FRS 102 havo bean followed. subj8Ct lo any material departures disc1058d and explained in the finan¢ial slatemenls- Prepa Ihe finandal $laternanl8 on the going concern basis vnless il is inappiopriBle lo Presume thal the el)arity w511 conlinuÈ In operallon. The tru$lees are rB5ponsiblB for keepin9 proper accounllng fecords that disclose wilh reasonable accuracy al any lime Ihe finantsal poslllon of Ihe charity and ?nablg them to ensure Iliat Ihe fnancial statements Comply with the Charities Acl 2011 and the provlsions of Iliè tr$1 deed. They are 8150 responsible for salEguardino 11)e assets ol the charity and hen¢6for taking reasonabl? Steps for the pr6v8nlbn and detection of fraud and olher irregularit8. The trustees are Iesponslble lor the malntenance and Iniegrtty Df the charity and financlal informalion includgd c the charily's website. Legislglion in thé United Kingdom govemlng the preparalion and dis8Bm¢nalion ol financial slalement5 may difforfrom lègislallon In olherjurisdicllon3. Insofar as IIIB Irusloe5 are aw8ie al the time ol approving our Irustees. annual report". Thore Trs no r8l&vanl information, belng infomiallon needed by Ihe audltor In conneclton wlth prèparing their report, of which Ihe group's audllor is unaware, and Tlie trustees. having made enquiries Df fellow directors and the gio¢Jp's auditor that they ouglil lo have indsvidually taken, have each taken all Steps that helshe 1$ obliged lo lake as a dbreclor in order lo tnake Ihem3elves aware ol any relevant audil infomiation on¢J to 88lablish Ihal the audllor is awafe ol that inforTnalion. Approv8d by Ihe Board ofTru51ees on 19 NOrnber 2020 and sr9ned on 119 behalf by.. Rl Revd Julian Hènderson Chairrnan Doyle surer and Vico Chalrman 10
Wycliffe Hall Independent auditors. report to the members and trustees of Wycliffe Hall Year ended 30 June 2020 Opinion We have audited the financial slalemenls of Vvycliffe Hall Ilhe °Charily'l and its subsidiaries Ilhe group I for the year ended 30 June 2020 which comprise the Consolidated Slalemenl of Financial Aclivilies, the Consolidated and Company Balance Shee15, the Consolidated Statement of Cash Flows. the Slalemenl of Accounting Policies and notes lo the financial slalemenls. The financial reporting framework that has been applied In their preparation Is applicable law and United Kingdom Accounting Standards, Incliiding Financial Reportin9 Standard 102.. The Financi81 Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial slalemenl5.' give a true and fair view of the slate of the group's and of the parent charity's affairs as al 30 June 2020 and of the group's surplus for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are indèpendent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK. including Ihe FRC'S Ethica1 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Conclusions relating to going concern We have nothing lo report in respect of the following maller5 in relation to which the ISAS IUK) require us lo report to you were". the Iruslees, use of the going concern basis of accounting in the preparation of the financial statements is no)1 appropriate, or the trustees have not disclosed iii the financial slalemenls any identified material uncerlainlies that may cas151gnilicanl doubl about the Charity's ability lo continue lo adopt the going concern basis of accounling for a period of al least twelve months from the dale when the financial slalemènls are authorised lor issue. other information The Iruslees are responsible for the other information. The other inforrnalion comprises the information included in the annual report olher than the financial slalemenls and our aLJdilor's report Ihereon. Our opinion on the rinancial slalemen15 does not cover the other inlormalion and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assuranTr conclusion thereon. In connection with our audit ol the financial 51atemenls, our responsibility Is to read the other information and, in doing so, consider whether the other Information is materially inconsislenl with Ihe financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such malerial inconsistencies or apparent material misslalemenls. we are required lo determine whether there is a material misslalemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that lacl. We have nothing lo report In this regard.
Wycliffe Hall Independent auditors. report to the members and trustees of Wycliffe Hall Year ended 30 June 2020 Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforrnalion given in the Iruslees, report lincorporaling the directors, reporll for the financial year lor which the Iinancial slalemenls are preparèd is consislenl with the financial slalemenls". and the Iruslees, report lincorporaling the directors, report) have been prepared in accordance with applicable legal reqiiirements. Matters on which we are required to report by exception In the light of the knowledge and understanding ol the company and its environment obtained in the course of the audit, we have not identified material misslalemenls in the Iruslees, report. We h2ve nothing lo report in iespecl of the following mallers in relaliDn lo which the Companies Act 2006 requires us lo report lo you if, in our opinion. sufficient accounting records have not been kept. the financial slalemenls are not in agreement with the accounting records and returns. certain disclosures ol Iruslees, remuneration specified by law are not made.. or we have not obtained all the information and explanations necèssary for the purposes of our audit. the trustees were not enlilled lo lake advantage of the small companies, exemptions in preparing the directors. report 8nd from the requirement lo prepare a strategic report. Responsibilitie5 of the trustees As explained tnore lully in the Iruslees, responsibilities slalemenl set out on page 10, the trustees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and lair view, and for such internal control as they determine is necessary ID en2ble the preparation of financial stalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the trustees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable. mallers related lo going concern and using the going Concern basis of accounting unless the Iruslees either intend lo liquidate the Charity or lo cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls a5 a whole are free from material missialemenl, whether due lo fraud or èrror, and lo Issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance bul Is not a guarantee that 3n audit Conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when Il exists. Misslalemenls can arise from fraud or error and are considered material if, individuElly or In the aggregate, they could reasonably be expected lo illfluence the economic decisions of users taken based on these financial slalemenls. A further description ol our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibililies. This description forms parl ol our auditor's report.
Wycliffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2020 Use of our report This report Is made solely lo the Chaiity's members. as a body, in accord8nce with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might stale to the Charity s members those mallers we are required lo slate to them In an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other Ih8n the Charity's members as a body, for our audit work, for this report, or lor the opinions we have formed. Robèrt Kirtland FCA (Senior Stalulory Auditor) For and on behalf ol Critchleys Audit LLP Islatulory Audilorl 23-38 Hythe Bridge Street Oxford OX12EP Dale. 15 December 2020 13
Wycliffe Hall Consolidated Statement of Financial Activities {including Consolidated Income and Expenditure Account) Year ended 30 June 2020 Unrestricted Restricted Endowment Funds Funds Funds 2020 2020 2020 Total Funds 2020 Total Funds 2019 Note Ineome and endowments from Charitable activities Teaching, research and residential Donations and legacies Trading income Bank and other interest Other Income 2,132,220 37.898 78,002 570 10 2,132.220 2.355,948 318,838 149.581 78,002 51,488 570 10 280,440 500 Total Income 2,248,700 280,440 500 2,529.640 2,557,020 Expenditure on Generating Funds Fundfftising and publicity Trading expenditure 94,289 94,289 117,764 181 94.289 94,289 117.756 Charitable expenditure Teaching, research and residential 2,265,956 100,315 2,366.271 2,363,219 Totsl expenditure 2,360,245 100,315 2,460,560 2,480,975 Net income I lexpenditurel 1111,5451 180.125 500 69,080 76,045 Transfer beeen funds 28,523 128.5231 Surplusl{Deficitl 183.0221 151,602 500 69,080 75,045 Other recognised gainsl Ilossesl Gain on revalLJalion of fixed assets Actuarial gainsl Ilossesl on defined benefit pension scheme 11691 11691 105 59,000 59,000 14.000 Net movement in funds 124,1911 151.602 500 127.911 90,150 14
Wycliffe Hall Consolidated Statement of Financial Activities {including Consolidated Income and Expenditure Accounti Year ended 30 June 2020 Unrestricted Restricted Endowment Funds Funds Funds 2020 2020 2020 Total Funds 2020 Total Funds 2019 Balances brought forward at 1" July 2019 9.009,458 175,648 560,500 9,745.606 9,655,456 Balances carried forward at 30, June 2020 8.985,267 327,250 561.000 9,873.517 9,745,606 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies. 15
Wycllffe Hall (Company Number 090079701 Con$olldated 8alan¢e Sheet Year ended 30 June 2020 UnrostrlGtod Funds 2020 Re$lrl¢t•d Endowmonl Funds Funds 2020 2020 Total Funds 2020 Total Funds 2019 Note Flxed Assets Tangible Assets 13.562,$80 69.584 560.000 14.192.164 14,305,446 Current Assets Slo¢k Debtors Cash al bank And in hand 286 290.839 286 290,839 29S 308.352 e50,750 257.686 1,000 1,109,416 811,579 1,141,875 257.686 1.000 1,400,541 1,120,226 Cr¥ditor4 Amounts lalbn9 due within one year 10 763.715 763.715 624,654 N¥t Currenl Assvts 378.160 257.686 1.000 636,826 495,572 Total A$$o15 losy Curront Llabllilies 13.940.740 327,250 561.000 14,828,990 14,801,018 Cr•dltors Amounts lalling due after more Ihan one year 12 4.923,473 4,923,473 4.950.412 Pen61on Scheme ProVisn 32,000 32,000 105.000 Total credilors due after Morè than one year 4.965,473 4,955,473 5,055,412 Not A$8èts 8.985.267 327,250 561,000 9,873,517 9.745,606 Copltal Fund# Endowrnenl Fund6 Reslricled Funds D¢$ignated Funds unstriCted Fund$ 581.0 561.000 327.250 76,069 8,909.198 560,500 175,648 76.069 8,933.389 15 16 327,250 76,089 8.909.198 Total Funds B.985.267 327.250 $61,000 9.873.517 9.745,606 Appioved by tha Board of Tru?t¢e¥ on 191h Novernber 2020 an(J 56gned its behall by: Revd lian He rson (Chalrl Peiei Doyle IT urer and 16
WyGllffe Hall Company Balance Sheet Yèarended 30June 2020 Unrestrlcted Rostriclgd Endowm•nl Funds Funds Funds 2020 2020 2020 Tolgl Funds 2020 Total Funds 2019 Noto Flxed A5SOts Tangible Assets Investmenls 13.562,580 10 69,584 S80.000 14,192,184 14.305,446 10 10 13,562,590 69,584 560,000 f4.192.174 14.305,456 Curronl Ass•ts Stock Debtors Cash al Bank and in H8nd 286 380.522 709,814 286 380.552 968.479 295 345.3B5 715.965 257,668 1.000 1.090,622 257.666 1.000 1.349.288 1,061,645 Credltors Amoun18 lalling due within one year io 759.925 7Jf9.925 599.508 Not Curronl A¥s&ts 330,697 257.686 1,000 589,363 482,137 Total Assets les$ Currant Llabllltios 13,893.287 327.250 561,OOD 14,781.537 14.767.593 Credltors Amounls falling due aftef more than one year Pènsion Scheme Provision 12 4.923.473 32.000 4.923,473 4.950,412 32.000 105.000 Total creditors du& after mortr than one year 4.955,473 4.9S5.473 5,055,412 Ngl Asset5 8.937.814 327.250 561,000 9,826,084 9.712.181 Capital Fund$ Endowment Funds Restricted Funds DÈslgrialeiJ Funds Unreslrieted Funds 561.000 561,000 560,500 327.250 175.648 76.069 76,069 8.861.745 8.899,9S4 15 16 327.250 76.069 8.8fj1,745 .937.814 327,250 561,000 9,112e,064 9,712.181 Approved by the Board ol Trustees on 19th November 2020 and signed on I behall by.. l Rev<1 Julia erson {Chairl Peter Doyle (Tièa randvi 17
Wycliffe Hall Consolidated Statement of Cash Flows Year ended 30 June 2020 Note 2020 2019 Nèt cash provided by (used in) operating activities 17 410,814 27,655 Cash flows from investing activities Proceeds from sale of property, plant and equipment Purchase ol properly, plant and equipmenl Net cash provided by (used inl investing activities 8,315 -(117,042L 391,964) J108.727 .I 1391,964 Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowin9 Net cash provided by (used inl financing activities 14,2501 117,0001 500,000 483,000 4,250 Change in cash and cash equivalents in the reporting peiiod 297,837 118,691 Cash and cash equivalents at the beginning of the reporting period 811,579 692,888 Cash and cash equivalents at the end of the reporting period 18 1,109,416 811,579
Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2020 Sco e ol the Financial Stsletnenls The financial slalemenls present the Consolidated S12temenl of Financial Activities ISOFAI, the Consolidated and Company Balance Sheets and the Consolidated Slalemenl of Cash Flows lor the Hall and ils wholly controlled subsidiary Wycliffe Hall Service5 Limited. No separate SOFA has been presented for the Hall alone as currently permilled by the Charity Commission on 8 concessionary basis for the filing of consolidated financial slalemenls. The results ol the subsidiary as included in the consolidated SOFA and balance sheet are disclosed in note 9. Included in the fi'nancial slalemenls are the comparative figures for 2019. Basis of Accountin The Hall's individual and consolidated financial stalÈmenls have been prepared in accordance with United Kingdom Accounting Standards, in particular 'FRS 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021. The Hall is a public benefil enlily for the purpose5 of FRS 102 and a registered charity. The Hall has therefore also prepared ils individual and consolidated financial slalemenls in accordance with 'The Statement of Recommended Practice applicable lo charities preparing their fi'nancial statements in accordance with FRS 102, (The Charities SORP IFRS 10211 The financial slalemenls have been prepared on a going concern basis and on the historical cost basls The principal accounting policies adopted are sel out below and have been appliecl consistently throughout the year. Freehold Pro The charity's original properly was donated lo the charitable company and is shown al deemed acquisition cost. On the transfer from the Trust lo the new limited company. freehold properties Iwilh the exception ol the main silel were re-valued at the market value as al 1 July 2014 and Bre revalued each year. The main site which consists of the endowed property and 3 on sile houses were transferred at deemed acquisition cost and purchase cost. Freehold propèrty is deemed lo consist of land170010 of costl 2nd buildings130Q/o of costl. The land is not being depreciated, bul the buildings are being depreciated over 50 years. Major refurbishments lo buildings are capi121ised and depreciated over 5 or 15 years. Other Fixed Assets Significant Iixed assets are capilalised and depreciated over their eslimaled useful lives., small items are charged lo thè income and expenditure account as incurred. No software is capilalised. The depreciation rates applied lo equipment are 200/0 or 33°ID on cost. Stock Stock is valued al the lower of cost and nel realis8ble value. 19
Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2020 Fund Accountin Funds held by the charity consist of.. Unrestricted General Funds. which can be used In accordance with the charitable objects al the discretion of the Irusloes. Endowment Funds, which result from capital gifts lo the charity and musl be held permanently. Restricted Funds, which Can only be used for particular restricted purposes within the objects of the charity. Re51riclions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is included In the notes lo the financial slalemenls. Designated Funds, unreslricled amounts received which have been sel aside by trustees for a essenti81 spend or future purpose. Fees and other Income Students, fees, rents and Conferen income are accounted for in the period in which the service or facilities are provided. Volunta Income Donations and grants th31 clo not impose specific future performance-related or olhei specific conditions are recognised on the dale on which the charity has enlillemenl to the resource, the amount can be reliably measured and the economic benefit lo the Hall of the donation or grant is probable. Donations and grants subjeel to performance-relaled conditions are recognised as and when those conditions are mel. Donations grants subject to other specific conditions are recognised as those conditions are mel or Iheir fulfilmenl is wholly within the control of the Hall and il is probable that the specified conditions will be met. Legacies are recognised following grant of probate and once the Hall has received sufficient Information from the execulorlsl of the deceased's estate lo be satisfied that the gift can be reliably measured and that Ihe economic benefit lo the Hall is probable. Donations. grants and legacies accruing for the general purposes of the College are is credited lo unreslricled funds. Donations, gr2nt5 and legacies which are SLJbjecl lo conditions as lo their use imposed by the donor or sel by the terms of an appeal are credited to the relevant reslricled fund or, where the donation, grant or legacy is required lo be held as ¢apital, lo Ihe endowment funds. Vvhere donations are received In kind las dislincl from cash or other monetary asselsl, they are measured al the lair value of those assets at the date of the gift. Gifted Assets Where donations are weived in kind las distinct from cash or other monetary asselsl, they are measured al the fair value of those assets al the dale of the gift. Ex endilure Expenditure is accounted for on an accruals basis. Certain expenditure is apportioned lo cost categories based on the eslimaled amount allribulable to that activity in the year on 2 lime basis. eralin eases Rentals applicable lo operating leases are charged lo the SOFA over the period in which the cost is incurred. Defined Benefil Pension Scheme Wycliffe Hall participates in the Church of England Funded Pensions Scheme for slipendiary clergy. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of thè Employer and the other participating employers. 20
Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2020 Each participating employer in the scheme pays contributions at a common contribution rale applied lo pensionable stipends. The scheme is considered to be a mulli-employer schemè as described in Section 28 of FRS 102 This means it is not possible lo atlribule the Scheme's assets and liabilities lo specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme The pensions costs charged to the SOFA in the year are conlribulion5 payable towards benefits and expenses accrued in that year, plus any impact of deficit conlribulions. In addition. a liability is recognised al the balance sheet dale for the discounted value of the expected lulure conliibulion payments under the agreement with this mulliemployer scheme lo fLJnd the past service deficil. Wycliffe Hall also operates a defined contribution pension scheme. Contributions lo this scheme are charged lo the SOFA 85 they become payable. The pension charge for the year includes employer contributions of £92,420 12019.. £128,147). Al the year-end £Nil12019'. £4,838) was accrLJed in respect of contributions to this scheme. 21
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 1. 2019 Comparatives for SOFA Unrestricted Restricted Funds Funds 2019 2019 Endowmont Funds 2019 Total Funds 2019 Income and endowments from charitable activities Teaching, research and residential 2,355,948 2,355,948 Donations and legacies Trading Income Bank and other interest Total income 93,558 51,488 55.523 149,581 51.488 2,500,997 55,523 2.557,020 Expenditure on Generating funds.. Fundraising and publicity Trading expenditure 117,764 117,764 117,756 117,756 Charitable expenditure Teaching. research and residential 2.344,960 18.259 2,363,219 Total expenditure 2,462,716 18,259 2,480.975 Net income I lexpenditurel 38.281 37.264 500 76,045 Transfers between funds 40.000 140,0001 SurpluslDeficit 78,281 2,736 500 76,045 Other recognisod gainslllossesl Gain on revaludlion of fixed assets Actuarial gainslllos5esl on defined benefit pension scheme 105 105 14,000 14,000 Net movement in funds 92,389 2,736 500 90,150 22
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 Income from Charitable Activities 2020 Total 2019 Total Unrestrlcted Restricted Teaching & Research Teaching lees- ordinands Teaching lees- independent stLJdents Teaching lees- visiting students Other academic income Residential income 512.522 442.305 110.307 58.155 1.050,585 512.522 442,305 110.307 58,155 1,050,585 475,720 686,988 100,749 27,038 1,187,569 Bursaries & lee waivers awarded 141,6541 141,6541 1122,1161 2,132,220 2,132,220 2,355,948 3. Analysis of expenditure 2020 Total 2019 Total Direct staff costs Other direct costs Support costs Expenditure on generating funds Fundraising costs Trading costs Total expenditure on generating funds 69.974 24,315 94.289 117,764 8J 69.974 24,315 94,289 117,756 Charitable expenditure Teaching, research & residential 973.419 1,043,393 656,556 680,871 736.296 736,296 2,366,271 2,460,560 2,363,219 2,480,975 Support costs 2020 Total 2019 Total Generating Fund5 Teaching and Research Financial and domestic admin 375.041 67.596 206.218 83,481 3,960 736,296 375,041 67,596 206,218 83,481 3,960 736,296 364,460 59,932 151,060 83,278 9,063 667,793 Depreciation Bank inleresl payable other finance charges Governance Costs 2020 Total 2019 Total Unrestricted Restricted Auditors remuneration- Audit lee Other seivices Taxation Services other governance cost5.. Hall CoLJn¢il 8,460 2,046 836 8,460 2,046 836 8,160 1.980 836 810 810 1.441 11,342 11,342 12,417 23
Wycliffe Hall Notes to the Financial Ststernents Year ended 30 June 2020 6. Staff Costs 2020 Total 2019 Unrestricted Restricted Gr05s Salaries Employer's Nl Pensions 1,011,606 95,916 155,995 1,263,518 7,715 464 771 1,019,321 96,380 156,766 1,272,467 984.264 94,104 155.387 1,233.755 Average number of staff 40 44 The above figures for the average number of staff are for those ernployed on a regular monthly basis, whether full lime or part lime. Termination costs in the year lotalled £Nil12019. £Nill. In addition Wgcliffe Hall pays individuals on an ad hoc basis lo perform Specific tasks. The G051s of these Individuals are mel through the payroll and included In the gross salaries shown above, though not the figures for staff numbers. cliffe Hall also makes the following payments which are not included in the above figLJres'. a. to individu21s for delivering lectures and lulorials and marking es52ys1£41,331, 2019.. £41,503) b. to a third party for the costs of the catering slaff1£99,543, 2019.. £122, 3071 No member ol staff earned more than £60.000. Key managetnenl are members ol the Senior Management Team as disclosed on page 2 The lolal remuneration paid lo key managemenl was £300,12412019". £285,236) (inclusive ol employer's national insurance ancl pension costs) Tangible Assets (Group and Company) Freehold Property Equipment Total Cost As at 151 July 2019 Additions Disposals Revaluation Gain As al 301h June 2020 15,835,055 117,042 329,660 16.164.715 117,042 18.3151 22,859 16,250,583 18,3151 22.859 15,929,238 321,345 Depreciation As al 1s1 July 2019 Charged in year Released on disposJl As al 301h June 2020 1.606.028 198.812 253,241 7,405 17,067)_ 253,579 1.859.269 206,217 7.067 2,058,419 1.804.840 Net Book Value 301h June 2020 14.123,398 67,768 14.192,164 Net Book Value 301h June 2019 14.229.027 76,419 14.305,446 Freehold property owned with equity mortgages is revalued annually using an appropriate house price index. 24
Wycliffe Hall Notes to the Financial Ststements Year ended 30 June 2020 Subsidiary Undertakings Wycliffe Hall Services Limited IWHSLI and Wycliffe Hall Development Limited are both 1000/0 controlled and managed by Wycliffe Hall The registered office for both companies Is the same as for the main charity and can be found on page two ol these accounts. The Irading aclivilies ol Wycliffe Hall Seryices Ltd comprise revenue from lelling of Wycliffe Hall's rooms when not in use by Wycliffe Hall. The results ol this subsidiary and ils assets and Iiabililies al year end were as follows". 2020 2019 Turnover Expenditure Result lor the year 64,675 17.222 47,453 46,843 12,820 Total Assets Total Liabilities Nel funds al year end 129.479 82,026 47,453 65,651 31,277 34,023 The trading activities of Wycliffe Hall Development Ltd comprise investment In development of the Wycliffe Hall sile. The results of this subsidiary and ils assets and liabilities al year end were a5 follows.. 2020 2019 Turnover Expenditure Result for year 34,237 134,2371 45,740 145.7401 Total Assets Total Liabilitie Nel Assets 14,798 114,7881 10 34,460 134.4501 10 Share Capital & Reserves Profil and loss account 10 10 10 9. Debtors 2020 Group 2019 Group 2020 Company 2019 Company Trade Deblors Owed by group undertakings Prepayments Accrued income 211.469 122,475 208.129 93,023 59,786 19,584 380,522 114.100 41.541 48.801 140,943 345,385 59,786 19,584 290,839 48,801 137,076 308,352 25
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 10. Creditors due within one year 2020 Group 2019 GTOUP 2020 Company 2019 Company Amounts falling due within one year.. Creditors Accruals Deferred income 553,831 115,554 94,330 763,715 438,246 98.268 88,140 624,654 552.456 419,483 113.139 94,035 94.330 85.990 759.925 599.508 11. Deferred Income Deferred income comprises of deposits relating to conferences not yel held 2020 Group 2019 Group 2020 2019 Company Company Balance al 1 JLily 2019 Amounts released lo incoming resources Afflounl deferred in the year Balance as al 30 June 2D20 85.989 185,9891 94,330 115,027 1115,0271 85,989 85,989 85,989 115,027 185,9891 1115.0271 94.330 85,989 26
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 12. Creditors Amounts falling due after one year". 2020 Group and Company 2019 Group and Company Royal Bank of Scotland Mortgages Church Commissioners Loans Church ol England 2.110.000 2.813.473 2.110,000 2,836,162 4.250 4,950,412 4,923.473 Loans re Property Commissloners, Equity Share 2020 2019 135 Kingston Road 13 Harelields 121 Harefields 11 Pennywell Drive 8 Marriol Close 14 Sparsey Place loo, 100° 95/0 100°/0 100°/0 100°/o 864,544 419,922 398,925 339,642 296,412 494,025 2,813,473 871,516 423,308 402,143 342,381 298,8C6 498,008 2,836,162 Royal Bank of Scotland mortgages There are a number ol inleresl-only mortgages with RBS, each of which is secured by a legal charge on 8 Norham Gardens.. £960k12019.' £960kl repayable in 2026., the interest rale is 1.25¥0 over Bank of England Base Rate £250k12019.' F250kl repayable in 2026, the interest rale is 2.370/0 over Bank of England Base Rale Since the year end ts0 loans of £400k12019". £400k with an intere51 rale 011.5 % over Bank of England Base Ratel and £500k112019' £500k with an interest rale of 1.75 /0 over Bank of England Base Ratel were tK)Ih refinanced in August 2020 for a year with an interest rale of 1.75Q/o over Bank ol England Base Rate. 27
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 13. Contingent Liabilities The following grants are repayable lo the Archbishops, Council if Wycliffe Hall ceases lo be recognised for ordination training by the House of Bishops'.- 1984165 1977179 2013114 Improvement Grant 6,000 Fire Precaub'ons Work Grant 16,243 Fire Alarm Upgrade Grant 10,000 32,243 14. Analysis of Funds120201 General Fund Capital Fund Pension Reserve Designated Restricted Endowed Funds Fullds Funds 2020 Total Tangible lixed Assets Nel Current Assets Loans Pension Provision 67,766 13,494,814 69,584 560,000 14,192,164 302,091 76,069 257,666 1.000 636,826 14,923,473) 14.923,4731 -A32.0001_- 8,571,341 _132.000 32,000 9,873,517 369,857 327.250 561.000 Analysis of Funds12019 Comparatives General Fund Capital Fund Pension Reserve t)esignated Restricted Endowed Fund5 Funds Funds 2019 Total Tangible l-.ixed Assets Nel Cuirenl Assets Loans Pension Provision 76.419 13.668,527 560.500 14.305,446 243.855 14,2501 14,946,162) 76,069 175,648 495.572 14,950,412) 105,000 105,000 105,000 9,745,606 316,024 8,722,365 76,069 175,648 560,500 15. ReslTlCted Funds Opening Balance 34,389 20.869 19,902 5,402 5,589 78,981 Incoming Funds Outgoing Funds Closing Balance 34.389 20.869 19.902 5,437 5,589 132,699 107,649 230 211 Bishop Neill Fund Matthew E Lewis Memorial Fund eursary Fund Principal's Discretionary Fund Mission Fund Properly Dttvelopment Fund Visiting Aoadefflics Jenni Williams Book Fund School ol Evangelism ResearLlI Fund Buechner Prizes 26,523 785 26,523 750 103,573 149,330 230 49,855 41,680 10.241 10,030 275 175,648 275 327,250 280,440 129,838 28
Wycliffe Hall Notes to the Financial Statements Year endod 30 June 2020 The Bishop Stephen Neill Fund was sel up following his death 2nd funds were raised initially by public appeal wilh recent donalions coming from past and present member5 of the Ha11. Ils purpose is lo bring Church leaders from the Indian sub-conlinenl and East Afric2 to the H211 lor study and research. The Matthew E Lewis Memorial Fund has been established lo help towards the costs of students from francophone Africa. The General Bursary Fund is lo provide bursaries for students. The use of the Principal's Discretionary Fund is al the absolute discretion ol the Principal. In recènt years il has been used lo meet Gases ul hardship. The Mission Fund finances student mi5sion5 in the UK and overseas, including a le2ching mission lo Uganda. The Properly Development Fund was sel up lo raise funds for the development of the site al 54 Banbury Road and the improvetnenl ol sludenl facilities. The Visiling Academic5 fund Wds sel up lo meet the costs of bringing Academics of note lo the college and supporting their teaching work. The Jenni Williams Book Fund was sel up ID grow the amount of theological works held in the library available lo Sludenl by female authors. The School of Evangelism fund was set up to SLJPPOrt the work ol the Wesley Centre for missional engagemenl. The Research Fund has been established through gifts lo help tutors with research which will be published. Two Buecliner prizes have been established for which all current students of the Hall are eligible lo compete, one in ielalion lo preacliing and the other for creative theological writing. 16. Designated Funds Opening Balance 76.069 76.069 Incoming Funds Outgoing Funds Closing Balance 76,069 Visiting Academics The Visiting Academics designated fund has been established through unrestricted donations received and sel aside by the Trustees lo meet the cos15 of bringing Academics of note lo the college and supporting their leaching work. 17. Reconciliation of Net Income to net cash flow from operations 2020 2019 Net incomellexpenditurel Eliiniiialion ol non-operat117g cash flows.. Depreciation Isurplusllloss on sale of fixed assets Decreasellincreasel in stock Decreasellincreasel in debtors 127,911 90,150 206,217 (7,0671 191 17,513 151.060 171 174,7391 29
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 IDecreasellincre2se In creditors IDecreasellincre2se In provisions (Decreasellincrease In pension scheme liability 139.061 1170) 173,0001 1106,7041 11051 132,0001 Nel cash provided by (Ljsed inl operating activities 410,814 27.655 18. Analysis ol cash and cash equivalents 2020 2019 Cash at bank and in hand 1,109.416 811,579 19. Truslees. Remuneration Hall Council members who are the Trustees of the Hall for the purposes of charity law receive no remuneration lor acting as charity trustee5 Hall Council members receive reimbursement ol personal expenses necessarily incurred in connection with Council business amounting to £73412019.. £5611. Trustees made donations lotalling £905 in this financial year12019. £2,615). 20. Pension Scheme Wycliffe Hall participate8 in thè Church of England Funded Pensions Scheme for stipendiary clergy. This schème is administered by the Church of England Pensions Board, which holds the assets of the schemes separat'ely from those of Ihe Employer and the other participating employers. Each participating employer in the scheme pays contributions at a common contribution ratè applied lo pensionable stipends. The scheme is considered lo be a mulli-employer scheme as described in Section 28 of FRS 102. This means il is not p055ible to allribule the Scheme's assets and liabilities lo specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged lo the SOFA in the year are contributions payable towards benefits and expenses accrued in that year. plu5 any Impact of deficit contributions Isee below). A valualioii of the Scheme is carried out once every three years The most recent Scheme valuation completed was carried out a131 December 2018. The 2018 valuation revealed a deficit of £50m. based on assets of £1,818m and a funding target of £1,868m, assessed using the following assumptions.. An average discount rale of 3 2P/0 p.a., RPI inflation of 3.4D/D p.a. land pension increases con51slenl with this)., Increase in pensionable stipends of 3.4°/o p.a., Mortality in accordance with 95g/o of the S3NA VL table5, with allowance for improvements In mortality rates in line with the CMI 2018 extended model. with 8 long term annual rate of Improvement of 1.5V/o. a 'smoothing parameter. 017 and an initial addition lo mortality improvetnenls of 0.50A p.a. 30
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 Following the 31 December 2018 valuation, a recovery plan was pul In place until 31 December 2022 and the deficit repair contributions payable las a peroenlage of pensionable slipendsl were sel as follows.. o of pensionable stipends l January 2018 10 31 December 2020 1 January 2021 10 31 December 2022 Deficit repair contributions 11.901, 7.1° As al 31 December 2017 and 31 Dècember 2018 the defi'cit recovery contributions under the recovery plan in force al that lime were 11.90/0 of pensionable stipends until December 2025. As al 31 December 2019 the deficit recovery contributions under the recovery plan in force were as sel out in the above table. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules. Section 28 11A of FRS 102 requires agreed defi'cit recovery payments to be recognised as a liability The movement in the provision is sel OLJI in the table below 2020 2019 Balance sheet liability al 1 JLJIY Deficit contribution paid Interest cost Irecognised in SOFA) Remaining cliange lo the balance sheet liability. Irecognised in SOFAI Balance sheet liability al 30 June 105,000 116,0001 2.000 59,000 32,000 137,000 12a.0001 2.000 14,000 105,000 "Comprises change in agreed deficit recovery plan. and change in discount rale 2nd assumptions betrween year-ends. This liability represents the present value of the deficit contributions agreed as al the accounting date and has been valued using the following assumplions sel by reference lo the duration of the deficit recovery pqymènls.. December 19 December 18 December 17 Discount rale Price inflation Increase lo total pensionable payroll 1.1D/o pa 2.8Q/o pa 1.30/0 pa 2.10/0 pa 3.10/D pa 1.50/0 pa 1.4°/o pa 30/opa 1.5.10 pa The legal structure of the scheme is such that if another Responsible Body fails, Wycliffe Hall Oxford could become responsible for paying a share of that Responsible Body's pension liabilities.
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2020 21. Financial Commitments DLJrillg the year Ihe Hall entered into a contract with a building contractor lo refurbish the boiler loom in 52-54 Norham Gardens. The total contract value was £132,787 (inclusive of VA TI. £62,731 remains outstanding at 30 June 2020. During the year the Hall also entered into a contract with and IT hardware supplier lo refresh the VM Hardware The total contract value was £59,868 £59,868 remains outstanding at 30th June 2020. During 2018 Ihe Hall entered into a contract with a building conlra¢lor lo refurbish 4 Norham Gardens. The total contract valuo was £415,078 (inclusive of VATI. £10,870 remained outstanding at 301h June 2019. During the year £72,78212019' £95,1001 was charged lo the SOFA for operating leases. At 30 June the Hall had lolal commitments under non-cancellable operating leases as follows.. Land and Buildings expiring within 1 year expiring between two and five years expiring in over live years 2020 £73,807 £18,575 £0 2019 £54,975 £8,100 £0 22. Relatod Party Transactions The Hall is a PPH of the University ol Oxford. Material interdependencies between the University and the Hall arise because ol this relalionship. For reporting purposes, the University and the other CollegeslHalls are not Irealed as related parties as defined in FRS 102 Trustees ol the Hall do not receive remuneration as employees of the Hall. Details of reimbursed expenses as Iruslees are disclosed separately In these financial 51alemenls. 23. Post Balance Sheet Event On 51h November 2020, the Hall completed the sale of a property al 53 Upper Road, Kenninglon Oxford and received nel proceeds of £717,742. 32