Wycliffe Hall Annual Report and Financial Statements Year ended 30 June 2021 Charity number: 1156892 Company number: 09007970
WfCLIFFE HALL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2021 Contents Page Hall Council, OffirS and Advisors 3- 11 Trustees, Report 12-15 Auditors, Report 16-17 Consolidated Statement of Financial Activities Consolidated Balance Sheet Company Balance Sheet 20 Consolidated Statement of Cash Flows Statement of Accounting Policies 24-34 Notes to the Financial Statements
Wycliffe Hall Hall Councll, Officers and Advisor$ Year ended 30 June 2021 MEMBERS OF THE HALL COUNCIL The members of the Hall Council are the Directors and Members of the charitable company and are trustees for the purposes of charity law. Throughout this report they are collectively referred lo as the trustees. The following served as members of the Hall Council during the year lor subsequently).. Rt Revd Julian Henderson Chair ex officio Revd Em Coley Mrs Alison Coulter Mr Peter Doyle Mrs Sarah Finch Treasurer and VK8-Ch2ir Chair Dr Philip Giddings Very Revd John Irvine Revd Dr James Kennedy Mr Paul Lindon Chair Chair Revd Canon Frederick Kilner Mr Simon McGuire R88uned November 2020 Revd Ann Templeman Chair Membership of Hall Council sub-committees during the year is shown above for each trustee.
Wycliffe Hall Hall Council, Officers and Advisors Year ended 30 June 2021 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 & Academic Dean Revd Or Justyn Terry Bursar Mr lan Barnetson Director of Welfare and Spiritual Formation & Dean for Women Revd Dr Elizabeth Hoare Senior Tutor Mrs Katy Routh {From 1* October20201 ADVISORS The following acted as advisors in the peri(xl under review.. Auditors". Crilchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Bankers.. The Royal Bank of Scotland 32 Sl Giles Oxford OX1 3ND Solicitors.. 88tes Wells Braithwaite London LLP 10 Queen St Place London EC4R 18E Address and registered office for Companies House purposes.. Wycliffe Hall 52-54 Banbury Road Oxford OX2 6PW Website.. www.wycliffe.ox.ac.uk
Wycliffe Hall Trustees, Report Year ended 30 June 2021 The Trustees present their annu81 report under the Charities Act 2011 together with the consolidated financial slalemenls of Wycliffe Hall I'the Hall") for the year ended 30 June 2021, which are also prepared to meet the requirements for a directors, pOrt and accounts for Companies Act purposes. REFERENCE & ADMINISTRATIVE INFORMATION Wycliffe Hall is a company limited by guarantee Icompany 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 with the Charity Commission on 1 May 2014. On 1 July 2014, all the assets, liabilities. and staff of the unincorporated Wcliffe Hall trust (charity registration number 3097031 were transferred to this new company. Wycliffe Hall is a Permanent Private Hall of the University of Oxford. STRUCTURE. GOVERNANCE & MANAGEMENT Constltutlon The Hall is governed by Articles of Association dated 23 April 2014 and is a charitable company limited by guarantee. Governance The Hall Council continues to review its govemance proCedUS In the past, this ha5 included legal structure, trustee appoinlmenl, induction and term of off5, responsibilities and review of its own procedures and policies. Organlsational Management The Hall Council normally meets four limes a year and ils meetings are attended by the Principal and other members of the Senior Management Team, together with the President 8nd Presidenl-elecl of the Common Room. To ensure that the Hall Council fulfils its fiduciary duty of full involvement in setting the strategic direction and the monitoring and evaluation of ils activities. the Council has established several formal sub-commillees. This enable5 the Council lo discharge ils duties and responsibilities in these areas in a more effective way, bul does not absolve the Council from its collective responsibilities,. rather it enables a small group to give more detailed consideration lo these matters and then lo report to the whole Council. 111 Finance Committee This approves a draft budget for presentation to the Council and keeps the developing life of the Hall under review, making recommendations lo the Council in adminislralive, financial and policy areas. 121 Education Committee This reviews the teaching, training and formation of all students and considers major decisions on education and training which may affect the Hall's relationship with Ministry Team andlor the University of Oxford and other major stakeholders. 13) Governance & Nominations Committee This recommends candidates for membership of the Council (for election by the Council as a whole) as vacancies arise and recommends improvements lo the governance arrangements of the Hall.
Wycliffe Hall Trustees, Report Year ended 30 June 2021 141 Development Committee This determines Development priorities and targets, ensuring that the Hall's overall Development activities are kept under review, including Complian with the Code of Fundraising Practice. A meeting of sub-committee chairs lakes place immedi8leW prior lo each Hall Council meeting lo brief the Chair and ensure that Council business is conducted as efficiently as possible. The Senior Management Team meets every weeks. Those academic stsff who hold employment contracts with Wycliffe Hall andlor have responsibility for a Fellowship Group also meet fortnightly in lem lo contribute lo the management of the Hall. Group Structure and RelationshSps By a scherlle dated 16 December 2014, the Charity Cornmission appointed Wcliffe Hall as sole corporate Iruslee of the predecessor trust Wycliffe Hall (charity number 3097031. This included transfer of tille ID the Hall's main building152-54 Banbury Road) which is a permanent endowment. The Vvycliffe Hall trust continues lo exist bul is essentially dormant.. its only future activity will be if the trust receives legacies. Vvycliffe Hall has wholly owned non-charitable trading subsidiaries, whose profits are donated lo the Hall under the Gift Aid scheme.. Wycliffe Hall Services Ltd IVVHSLI is in¢orporaled in the United Kingdom and manages the provision of services outside the charitable objects of Wycliffe Hall. cliffe Hall Development Ltd IVVHSLI was incorporated in the United Kingdom during the year and manages development of sludenl accommodation on the main sile. Risk Management The Hall has on-going processes which operated through-out the financial year for identifying. evaluating, and managing the principal risks and uncertainties faced by the Hall and its subsidiaries in Ljndertaking its activities. The Hall has developed systems to 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. The Hall Council, which has ultimate responsibility for managing any risks fad by the Hall, has reviewed the processes in place lor managing risk and the principal Identified risks to which the Hall and ils subsidiaries are exposed and have concluded that adequate systems are in place to manage these risks. A risk register is updated and reviewed each year by Hall Council, most rentlY in May 2021 Finance Commiitee review this six-monthly and each month the Senior Management Team review the status of one of the key risk categories. The most significant risks identified by the Council are associated with student recruitment lo the various courses and training programmes offered by the H811. Efforts continue lo be invested in expanding income generating opportunities.
Wycliffe Hall Trustees, Report Year ended 30 June 2021 OBJECTIVES & ACTIVITIES Charitable ObJe¢ts The Objects of the Hall as slated in the Articles of Association a.. 111 To provide theological instruction consislenl with the principles of the Church of England lo candidates for ordination and, subject thereto, to provide theological education Iwilh a preleren¢e for individuals who are undertaking a course of study in theology or who have been ordained). 121 In carrying out its obje¢ls the Charity may provide accommodation ft)r students. Actlvities and Objectives of the Hall The Hall's principal activity, as described above, is the provision of theological instruction and ministerial training. The Hall continues to provide ministerial training lo Church of England ordinands, as well as others from a wide variety ofdifferenl church backgrounds. Each year, Wycliffe Hall admits undergraduate and postgraduate students to study Theology and related disciplines. The Hall has a vision lo see the nations transformed by the gospel by renewing Christian leaders in prayer, character, preaching and thinking. To achieve this, we are commilled lo.. Train lifglong disciple m8kers... by equipping a generation of ordained and lay leaders with gospel-centred knowledge, character formation, and pastoral skills through a fftnge of carefully designed courses, qualifi'cations. and training progr2mmes. in Community.. by bringing qualifying students to worship, live and study together, regardless of background or financial constraints, through the provision of a portfolio of bursaries and scholarships with excellent BIblentr8d teaching.. by enabling tutors to undertake further study to enrich their teaching through establishing endowments for faculty scholarships in biblical studies.. history, theology and ethics., mission, 8pologelics, liturgy and ministry., and in Evangelicalism. in a thought-provoking city,. by providing affordable, quality accommodation and 21 St Century facilities in the Centre of Oxford with access to all the cultural, sporting, academic, and missional opportunities which the City and University provide. A significant number of students are admitted each year lo the one-year Cerbficale in Theological Studies ICTSI, offered through the Oxford University Department of Continuing Education. Some students complete the course part-lime over years," others conb'nue lo the Diploma in Theological Studies IDTSI and Bachelor in Theology IBThl. From Michaelmas 2021, thi5 Sulte of programmes will become the default option for our ordinands. The Scholarship and Christianity in Oxford ISCIOI programme brings American Visiting Students lo Oxford for a semeste¢s study in each of Michaelmas and Hi18ry Terms. This programme is a partnership beeen 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 must be limited lo a proportion of the number of malriculated Oxford students, which will require the Hall to repla the SCIO programme with a smaller in-house visiting student programme. cliffe Hall also aims to be a centre of theological exllenCe within the Anglican Evangelical Iradilion. A5 part of the University of Oxford, il models academic excellence and integrity, and, as an institution training people for church ministry, it is also commilled lo providing an outstanding professional training and lo producing students who will be strong leaders For all these reasons, the H811 pays great allenlion lo its leaching, to the quality of community life in the Hall and to the pastoral care and personal development of ils students.
Wycliffe Hall Trustees, Report Year ended 30 June 2021 Publlc Benefit Wycliffe Hall is an educalionaS establishment, founded lo provide training for those who seek ordained ministry within the Church of England 11 accèpts 51udenls from a wide variety of backgrounds who seek to study theology within the University of Oxford. The education is provided fomally within the Hall and University, and most courses lead lo University of Oxford qualifications. Hall Council has considered the Charity Commission's guidance on public benefit. The beneficiaries of the charitable activity undertaken by the Hall include the students themselves. those impacted by the students during their placements and missions, the Church ol England and other bodies. individuals and communities which will benefit from the future ministries of those who have trained at the Hall. As with other educational establishments, a major benefit to the students is in the formal conveyance of knowledge. This is done in a variety of sellings including lectures and tutorials. bul is also imparted through peer groups. on placement and on mission. The HÉll also seeks lo provide a selling conducive to learning, with an emphasis on community life, mutual support and the accessibility of staff who seek lo provide appropriate counsel in every circumstance. The Hall constantly strives lo improve on its already high standards by encouraging feedback from the students on all aspects ol their expèriences al the Hall each term. On one level, the success of the education provided al the Hall can be seen in the qualifications from the University of Oxford which the students receive at the end of their Courses. However, this academic yardstick does not reflect the lull exlenl of the training given within the Hall to prepare the students for leadership in the Church of England and other spheres of Christian ministry. The beneficial impact ol these students is fell in many ways and places. The Hall believes that it is in the interests of society that religious leaders are trained al the highest academic levèl. The exposure ol every student to the (rigorously formed and articulately expressed) views ol others. and the subjection of every belief, however cherished, to the critique of others produces religious leaders of greatèr humility, moderation. and ability to engage intelligently 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 attitude. bul which will contribute positively lo the debates- and the needs - of contemporary society. Financial Support for Students The Hall charges tuition fees in line with externally regulated rates and sets reasonable accommodation and meal charges. To assist undergraduates entitled to Student 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 at a subslanlially higher level than the minimum OFFA requirement. Most of the Hall'5 independent students li.e., those whose training costs are not paid by the Church of England) are not eligib5e for Student SuppDrt. Where possible. the Hall provides financial support for students, including several bursaries and fee waivers each year lo fund fees and living costs lor both undergraduate and graduate students. For the academic year 2020121, the number of awards made by the Hall was 11 12019120..121 and the total value awarded was £44,917 12019120.. £41,654). The Hall also supports students with travel expenses associated with their mini51erial placements and operates a lirnited hardship fund. for which students incurring unexpected financial hardship are eligible. Wycliffe Hall is most grateful for the support of donors who have contributed lo Bursary funds.
Wycliffe Hall Trustees, Report Year ended 30 June 2021 ACTIVITIES AND PERFORMANCE Wycliffe Hall continues to renew Christian leaders in prayer, character, pa¢hIng and thinking, towards ils vision of seeing the nations transformed by the gospel. In the academic year beginning October 2020,113.5 full lime equivalent studenls12019.'1081 were studying al Wycliffe. The equipping of men and women for ordained and lay ministy remains the central activity of the Hall. All those preparing for ordained ministry in the Church of England secured positions as Curates and are serving in that context in dioceses across the nation. Others have tsken up various roles in this country or overseas. We always enjoy hearing feedb2ck from our alumni and are constantly encouraged lo see the tangible impEct they have around the world. Exam results for students on University of Oxford courses were again excellent, with acaderric awards being won by several oflhem. A cohort of students completèd the Church of England's Common Awards programme and were awarded diplomas and degrees by the University of Durham, including some excellent results. The number of graduate students has slabilised around 35, including a growing cohort of PGCE students. Our Graduate Society is now well established and is recognised as offering very effective support for graduate students in their studies. 11 fosters a strong sense of community with a regular programme of academic and social events. These include a fortnightly Graduate Research Seminar, Whe academic papers are presented on a variety of subjects from Wycliffe graduates and stsff as well 85 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. Covid limited much of the Hall's usual recruitment activity this year, including meetings with Bishops and Diocesan Directors of Ordination IDDOS). Open Days and interviews were moved almost entirely online, and all the conferences we usually attenci were Cancelled. However, 3 Vocations Conference for Women was orgBnised specifically to increase the number of women coming lo the Hall lo train for ordination. There is also 8 weekly Principal's Hour al which Oxford academics and other scholars and practitioners, from a wide variety of disciplines and faith perspectives, are invited lo speak. In addition lo their le8ching, tutors 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 Testament Research Seminars at which local and visiting scholars present papers. This strong research activity means that we submitted 4.4 staff lo the 2021 REF Ilhe Government research excèllence assessment framework), compared lo only one member of staff in the last exercise in 2014. This should result in around £35k p.a. of additional income for thè Hall from 2022 onwards. We are also very pleased lo have recruited an Old Testament tutor (funded by philanthropic donalionsl, and our first Junior Research Fellow in Literature and Theology (funded by the Frederick Buechner Cenlrel. In addition, we recruited and now host, the MTh Coordinator on behalf of the Faculty of The01¢Y and Religion. We were delighted lo be able lo appoint an Arb'sl in Residen this past year, who combines study and artistic oulpul with the fostering and encouragement of the diverse creative gifts of the community - as demonslraled in our participation (for the first limel in the Oxfordshire Art Week. (This role was, again, funded by specific philanthropic donation.) Wycliffe Hall's staff continued lo make a significant impact outside the Hall as well. The ordained members of staff have continued lo preach and leach in many settings, contributing lo the life of several churches and Christian organisalions, although thi5 work has been limited as many churches moved services online during lockdown. However, opportunities were seized lo speak at retreats and zoom spirituality workshops. Allendance at academic conferences has been similarly limited.
Wycliffe Hall Trustees, Report Year ended 30 June 2021 Impact of Coronavirus The most significant factor affecting the activities of the Hall during the year was the continuation of the Coronavirus pandemic, covering as il did the whole of the financial and academic year. As restrictions slowly began lo ease the Hall was able lo provide face-lo-face teaching with the support of a local church and gradually increase meal provision, and accommodation for those students able lo travel lo Oxford. No conferences or B&B bookings were possible throughout the year. A regular weekly meeting of key operational staff ensured that the Hall's response lo the ever-¢h2nging circumstances was as effective as it could be. managing the often -competing demands of the Hall being a home for students al the same time as a workplace for staff. We were heartened by the fact that throughout the pandemic, none of our resident students lesled positive with the virus. FINANCIAL REVIEW The financial statements have been prepared in accordan with the accounting policies as sel out on pages 21 to 23 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 Operating Perforniancfr The Hall's financial perf0rrnan in 20121 was 8 combination of factors which moved in opposite directions. Firstly, there was a reduction of opeTrting income of £418k from £2,211 k lo £1,793k, primarily because of the coronavirus pandemic. This led to an operating loss of £107k, the second year an operating loss of this scale had been recorded12020'. £112kl. At the same lime, and al least partially a response to the pandemic, donations, and legacies more than doubled from £319k in 2020 10 £893k this year Wthin that figure, unrestricted donations increased more than tenfold from £38k to £491 k. This included an interesl-free loan of £300k which was used to support the subsidised purchase ol a legacy propety donation, as well as substsntial other gifts lo support our Covid-19 emergency campaign. As a result, the Hall recorded an unrestricted surplus of £51 k12020.' £83k deficill. We are very grateful for these gifts and encouraged by the continued and increasing commitment of our donors whilst recognising that the quantum of such donations can mask the fact that a more robust operab'ng model is required. Total income for the year rose by £155k lo £2.685k 12020". £2,530kl of which 33g/o came from donation5 and legacies as described above12020'. 13°IDI. Fee income from all eategories of students declined, including by £32k for ordinands and by £79k for visiting students. Continuing uncertainly about the pandemic and travel difficulties inevitably led to a significant fall in residential sludenl income lo £725k12020'. £1,051 kl which was not able to be replaced with commercial rental incomes during the year. No conference income was recorded this year which compares with £171 k in 2020 Iwilh 3 months, pandemic impacll and £242k in 2019. We are hopeful that this will return lo more 'normal' levels in 2022. The more than doubling of donations and legacie5 included £401 k of restricted giving - the highest total in Wycliffe history- supporting the appointment of amongst others an Old Testament Tutor, and Artist and a Scientist in Residence and a Junior Research Fellow. During the yèar, we tcK)k measures lo manage our largest Item of expendiluTe- that of staff payroll. We continued a hiring freeze. largeled a small aggregate salary increase on staff whose compensation was most behind comparable benchmarks, and look advantage of the Government's Job Retention scheme (Furloughl, making Sure that all our furloughed staff continued to receive full salaries. Sadly, we also made members of the support staff redundant. We took advantage of a government-backed Coronavirus Business Interruption Loan of
Wycliffe Hall Trustees, Report Year ended 30 June 2021 £315k in August 2020 which provided an interest-free liquidity cushion for a year unt'l the impact of Coronavirus and our mitigating actions can be seen more clearty. Total expenditure increased by £44k year-on-year at £2,5151 k12020'. £2,461 k}. Although this was impacted by the Coronavirus mitigations listed above, il also reflects the relatively fixed nature of the cost base which has ranged beeen £2,461 k and £2,515k in each of the last four years. The depreciation charge increased lo £270k 12020.. £206kl and £141 k12020'. £86kl was added lo fixed assets during the year. Restricted Funds grew fro £327k lo £447k in the year, reflecting the impa¢l of the restricted donations described above. Two loans from RBS lolalling £900k were due lo be repaid in August 2020. £700k of this was repaid from the proceeds of a sale of a propety in South Oxford which was surplus lo requirement and the remaining £200k refinanced for a further year. A5 a result ol a property legacy, the Hall purchased a propety in Summertown for half its market price. This purchase was enabled by an interest free private loan of £300k. Reserves Pollcy The Hall's reserves policy is lo maintain sufficient free reserves to enable il lo meet ils short-lèrm Iinancial obligations in the event of an unexpected revenue shortfall and lo allow the Hall lo be managed efficiently and lo provide a buffer that would ensure uninterrupted services. Although the cash in bank accounts varied little overall in the year (increasing from £1,109k to £1166kl, cashflows can be volatile monthly and these are monitored closely to ensure that immediate obligations can be mel. The Hall aims to operate on a balanced budget basis, and therefore attempts to restrict expenditure to the level of fee and conference income plus anticipated unreslri¢led donations. This operational objective has not been achieved in either of the last two years12021'. £107k deficit, 2020, £112k deficill and is currently reliant on the surplus from restricted funds to support its operational aclivities12021.. £277k, 2020." £180kl. Total funds of the Hall and its subsidiaries al the year-end increased lo £10,045k12020.' £9,873kl. This includes endowment capitsl of £561 k12020 £561 kl and unspent striCted income funds tolalling £447k12020'. £327kl. Most of Wycliffe Hall's reserves are invested in property lo provide adequate space for the academic and administrative functions of the Hall, lo provide housing for staff and lo provide housing for students in line with the sècond object in the Deed of Trust. Current assets are normally restricted lo the minimum required for the transaction of the H811's Day to day business. Free reserves li.e., unrestricted net current asset51 al the year-end decreased lo £247k12020". £378kl which is elaborated in more detail in Note 14 to the Account5. Grant-making Policy Grants are made from restricted 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 As the impacts of the pandemic lessen, and the imperative of focusing on short-term operational management hopefully dirninish. the Hall continues to implement the recommendations of a strategic review completed in 2020. Following the decisions of the University of Oxford to limit its ability as a Principal Private Hall IPPHI from offering Durham Univèrsity Common Awards to ordinands from Michaelmas 2022, 2nd lo redu the number of Visiting students admilled, the Hall has delemiined to continue as a PPH, providing a full range of University of Oxford courses lo both ordinands and independent students. In addition, resources are being devoted lo developing and coordinating a range of new inwme-generaling courses that are consistent with the charitable objectives of the Hall.
Wycliffe Hall Trustees, Report Year ended 30 June 2021 The pandemic has exposed the difficulties of an operational model with a broadly fixed cost base and considefftble volalilily in income streams. Consequently. several initiatives are being pul in place lo more proactively generate and manage income streams which are not directly related to academic tuition and that can contribute to a more Tobusl business model. Recognising the importance of our propety assets on our central Oxford site, work will be done lo invest in the fabric to ensure that the H211 is able to continue lo provide affordable, quality 8ccommodalion whilst maximising the income generating potential of these assets. Building on the continued success and Importan of our philanthropic donations, a series of prioritisèd targeted campaigns are in place for the coming year including funding new teaching posts, missional development. capital projects and operational support. 10
Wycliffe Hall Trustees, Report Year ended 30 Jun8 2021 STATEMENT OF TRUSTEES, ACCOUNTING AND REPORTING RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting PracliTrl ancl applicable lawl, including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. The law applicable lo charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the Incoming resources and application of resources of the charity for that period In preparing these financial statements, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and eslimales that are reasonable and prudent. state whether applicable accounting sland8rds including FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls. prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounlir7g records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenan and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Insofar as the trustees are aware al the time of approving our trustees, annual reporL' There is no relevant information, being information needed by the auditor In connection with preparing their report. of which the group's auditor is unaware, and The trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each tsken all steps that helshe is obliged to lake as a director lo make themselves aware of any relevant audit information and lo establish that the auditor is aware of that inform81ion. Approved by the Board of Trustees on 16 November 2021 and signed on ils behalf by,. Rl Revd Julian Henderson Chairman oyle er Tre
Wycllffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2021 Opinion We have audited the fi'nancial statements of Wycliffe H8111'the charitable company l and its subsidiaries Ilhe 'group") for the yèar ended 30 June 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Corllpany Balance Sheets, the Consolidated Slalemenl of Cash Flows, and notes lo the financial slalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financi81 R@porting Standard applic8ble in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give a true snd fair view of the stale of the group's and parent charitable company's affairs as al 30 June 2021 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companie5 Act 2006. Basis for opinion We condueled our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit Df the financial slalements section of our report. We are independent of the charitable company in accordance wilh the ethi1 requirements that are relevant lo our audit of the financial slalemenls in the UK. including the FRC'S Ethical Standard and we have fullilled 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 for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability lo continue as a going concern for a period of al least 12 months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report other information The other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our auditor's report thereon. The Iru51ees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent othernise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsi51ent with the financial slalements, or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material 12
Wycliffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2021 mis5talemenls, we are required to determine whether this gives rise to a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact, We have nolhlng lo report in this regard. Opinions on other matters prescribed by th9 Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Iruslees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial slalements are prepared is consistent with the financial slatemenls.. and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are roquired to report by ex¢optlon In the light of the knowledge and understsnding of the company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 require us to report lo you if, in our opinion.. adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial slalements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Iruslees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. Responsibllities of the trustegs As explaingd more fully in the trustees, responsibilities statement set out on page 13 the IruslBes {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the company's ability lo continue as a going concern, disclosing, as applicable. matters related to going ¢oncern and using the going conrn basis of accounting unless the trustee5 either intend lo liquidate the company or to cease operations, or have no realistic alternative but lo do so. 13
Wycliffe Hall Independent auditors, report to the mombers and trustees of WyGliffe Hall Year ended 30 June 2021 Auditor's responsibilities for the audlt of the flnanclal statements Our objeth'ves afft to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due ta fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a material misstatement when il exists. Mi55lalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial stalemenls. Irregularities. including fraud. are instsnces of non<ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstalèmenls in respect of irregularities, including fraud. The extent to which our procedures delect irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misslalemenl in respect of irregularities, including traud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement learn collectively had the appropriale competence, capabilities, and skills lo identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our eommercial knowledge and experience of the client's business sector. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity. including the Companies Act 2006, Charities Act 2011, data proleelion, anb'_bribery, employment, environmental and health and safely legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceplibilily of the charity's financial statements lo material misstatement, including obtaining an understanding of how traud might occur, by.. making enqLJiries of management as lo where they considered there was susceptibility to ffftud. their knowledge of actual, suspected, and alleged fraud, considering the internal controls in place to mitigate risks of fraud and non-compliance wrth laws and regulations", and To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships. lesled joumal entries lo identify unusual Iransaclions. assessed whelherjudgements and assumptions made in detennining the accounting estimates set out in the Statement of AccoLJnling Policies were indicative of potential bias. invests"galed the rationale behind significant or unusual Iransaclions., and 14
Wycliffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2021 In response lo the risk of irregularities and non-compliance with laws and regulab'ons, we designed procedures which included, bul were not limited lo.. agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged with governance. enquinng of management 8$ lo actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-complian with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our auditoffs report. Use of our report This report is made solely to the charitable company'5 members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company'5 members as a body, for our audit work, for this report. or for the opinions we have formed. Robert Kirtland FCA (Senior Statutory Audilorl For and on behalf of Crilchleys Audit LLP (Statutory Audilorl 23-38 Hylhe Bridge Street Oxford OX12EP Dale". 01 December 2021
Wycliffe Hall Consolidated Statement of Financial Activities (including Consolidated Income and Expenditur8 Account) Year ended 30 June 2021 Unrestricted Restrlcted Endowment Funds Funds Funds 2021 2021 2021 Total Funds 2021 Total Funds 2020 Note Income and endowments from Charitable activities Teaching, research and residential Donations and legacies Trading income Bank and other interest Other Income 1,792,627 491,257 1,792,627 2,132,220 892,732 318,838 78.002 570 10 401.475 Total income 2,283,888 401,475 2,685,363 2.529,640 Expenditure on Genèrating Funds Fundraising and publicity Trading expenditure 115,730 115,730 94,289 115,730 115.730 94,289 Charitable expenditure Te2ching. research and residential 2.274.735 124.190 2,398,925 2,366,271 Total expenditure 2.390,465 124,190 2,514,655 2,460,560 Net income I lexpenditurel 1106,577) 277.285 170,708 69,080 Transfer between funds 157,305 1157,3051 Surplusl{Defi¢itl 50,728 119,980 170,708 69.080 Other recognised gainsl Ilossesl Gain on revaluation of fixed assets Actuarial gainsl Ilossesl on defined benefit pension scheme 609 609 11691 59,000 Net movemènt in funds 51,337 119,980 171,317 127,911 16
Wycliffe Hall Consolidatsd Statement of Financial Activities (including Consolidated Income and Expendlture Account) Year ended 30 June 2021 Unrestrlcted Restricted Endowment Funds Funds Funds 2021 2021 2021 Total Funds 2021 Total Funds 2020 Balances brought forward at 1*t July 2020 8.985,267 327,250 561,000 9,873,517 9,745,606 Balances Carried fotward at 30 June 2021 9,036,604 447,230 561,000 10,044.834 9,873.517 The slalemenl of financial a¢livilies includes all gains and losse5 recognised in the year. All income and expenditure derive from continuin9 aclivilies. 17
Wycliffe Hall (Cornpany Number 09007970) Consolidated Balance Sheet Year ended 30 June 2021 Unrestricted Funds 2021 Restricted Endowment Funds Funds 2021 2021 Total Funds 2021 Total Funds 2020 Note Fixed Assets Tangible Assets 13.370,085 157,305 S60,000 14,087,390 14.192,164 Current Assets Stock Debtors Cash al bank and In hand 414 323,175 414 323,175 286 290,839 874,743 289,925 1,000 1.165,668 1,109,416 1.198,332 289,925 1,000 1.489,257 1,400,541 Creditors Amounts falling due within one year 10 793,750 793,750 763,715 Net Current Assets 404,582 289,925 1,000 695,507 636,826 Total Assets less Current Liabilities 13.774,667 447,230 561,000 14,782,897 14,828,990 Creditors Amounts falling due after more than one year 12 4,720,063 4,720,063 4,923,473 Pension Scheme Provision 18,000 18,000 32,000 Total creditors due after more than one year 4.738,063 4.738,063 4,955,473 Net Assets 9.036,604 447.230 561,000 10.044,834 9,873,517 Capital Funds Endowment Funds Restricted Funds Oesignaled Funds Unreslricled FLJnds 561,000 561,000 447,230 76,069 8.960,535 561,000 327,250 76,069 8,909,198 15 16 447.230 76,069 8,960.535 Total Funds 9,036,604 447,230 561,000 10,044,834 9,873,517 Approved by the Board of Trustees on 18UI November 2021 and sign on ils behalf by.. Rl Revd Julian Henderson (Chairl Peter Doyle I asurerl 18
Wycliffe Hall Company Balance Sheet Year ended 30 June 2021 Unrgstricted Restrlcted Endowmgnt Funds Funds Funds 2021 2021 2021 Total Funds 2021 Total Funds 2020 Note Flxed Assets Tangible Assets Investments 13.370,085 10 157,305 560.000 14,087,390 14,192, 164 10 10 13.370,095 157,305 560,000 14,087,400 14,192,174 Current A$$¢ts Stock Debtors Cash al Bank and in Hand 414 417,220 787,149 414 417,220 1.078,074 286 380,522 968,479 289,925 1.000 1.204,784 289,925 1.000 1.495,708 1,349,288 Credltors Amovnls falling due within one year 10 790,674 790.674 759,925 Net Current Assets 414,110 289,925 1,000 905,034 589.363 Total As$et$ less Current Llabllltie$ 13,984,205 447.230 561,000 14,992,434 14,781,537 Creditors Amounts falling due after more than one year Pension Scheme Provision 12 4,720,063 18,000 4,720,063 4,923,473 18,000 32,000 Total creditor5 due after more than one year 4.738,063 4,738.063 4,955,473 Net Assgts 9.046,142 447,230 561,000 10.054,372 9.826,064 Capltal Funds Endowment Funds Reslricled Funds Designated Funds Unreslricled Funds 561.000 561,000 561,000 447,230 327,250 76,069 76,069 8,970,073 8,861,745 15 16 447,230 76.069 8.970,073 9.046.142 447,230 561.000 10,D54,372 9.826,064 Appr(ived by the Board of Trustees on 181h November 2021 and signed on its behalf by.. Rt Revd Julian Henderson (Chairl Peter Doyle j urerl 19
Wycliffe Hall Consolidatsd Statement of Cash Flows Year ended 30 June 2021 Note 2021 2020 Net ¢ash provlded by (used inl operatlng activities Cash flows from investing activities Proceeds from sale of property, plant and equipment Purchase of propety, plant and equipment Impairment of assets Nel cash provided by (used in) investing activities 17 103,592 410,814 650,000 1708,2761 95,936 37.660 8,315 1117,0421 108.727 Cash flows from financing actlvltle$ Repayrnenls of bDrrowing Cash inflows from new borrowing Net cash provided by (used inl financing activities 185,000} 14,2501 85.000 4,250 Change in cash and cash equivalents in the reporting perDd 56,252 297 837 Cash and cash equivalents al the beginning of the reporting period 1,109,416 811,579 Cash and cash equlvalents at the end of the reportlng period 18 1,165.668 1,109,416 20
Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2021 Sco e of the Financial Slalements The financial slalemenls present the Consolidated Ststemenl of Financial Activities ISOFAI, the Consolidated and Company Balance Sheets and the Consolidated Slalemenl of Cash Flows for the Hall and Ils wholly controlled subsidiary Wycliffe Hall Servi¢e5 Limited and Wcliffe Hall Development Limited. No separate SOFA has been presented for the Hall alone as currently permilled by the Charity Commission on a concessionary basis for the filing of consolidated financial stalemenls. The results of the subsidiaries as included in the consolidated SOFA and balance sheet are disclosed in note 8. Included in the financial statements are the comparative figures for 2020. Basis ot Accountin The Hall's individual and consolidated financial st8temenls have been prepared in accordan 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 benefit entity for the purposes of FRS 102 and a registered charity. The Hall has therefore also prepared its individual and consolidated financial slalemenls in accordance with 'The Statement ol Recommended Practice applicable to charities preparing their financial slalemenls in accordance with FRS 102, IThe Charities SORP IFRS 10211. The financial statements have been prepared on a going concern basis and on the histori¢al cost basis. The principal accounting policies adopted are set out below and have been applied consistently throughout the year. Freehold Pro The charity's original pmpety was don21ed to the charicable company and is shown at deemed acquisition cost. On the transfer from the Trust lo the new limited company, freehold properties (with the exTrption ol the main silel were re-valued al the market value as al 1 July 2014 and are revalued each year. The main site which consists of the endowed property and 3 on site houses were transferred al deemed acquisition cost and purchase cost. Freehold property is deemed to consist of land {700A of costl and buildings {300/0 of costl. The land is not being depreciated, bul the buildings are being depreciated over 50 years. Major refurbishments to buildings are capilalised and depreciated over 5 or 15 years. Other Fixed Assets Significant fixed assets are capilalised and depreciated over their estimated useful lives,. small items are charged lo the income and expenditure account as incurred. No software Is capitalised. The depreciation rates applied to equipment are 20¥0 or 33 % on cost. Stock Stock is valued at the lower of cost and nel realisable value. 21
Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2021 Fund Accountin Funds held by the charity con51St of.. Unrestricted General Funds, which can be used in accordance with the charitable objects al the discretion of the trustees. Endowment Funds, which result from capital gifts lo the charity and musl be held permanently. Restrieled Funds, which can only be used lor particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or whèn funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial ststèmenls. Designated Funds, unreslricled amounts received whi¢h have been sel aside by Iruslees for an essential spend or future purpose. Fees and other income Students, fees, rents and conference income are accounted for in the period in which the service or facilities are provided. Volunta Income Donations and grants that do not impose Specific future performance-related or other specific conditions are recognised on the date on which the charity has entillemenl to the resource, the amoLJnl can be fftliably measured and the economic benefit to the Hall of the donation or grant is probable. Donations and grants subject lo performance-relaled conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their lulfilmenl is wholly within the control of the Hall, and it is probable that the spe¢1fied conditions will be met. Legacies are recognised following grant of probate and On the Hall has received sufficient information from the execulorlsl of the deceased's estate to be satisfied that the gift can be reliably measured and that the economic benefit lo the Hall is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Donations, grants and legacies which are subject lo conditions as lo their use imposed by the donor or set by the terms of an appeal are credited lo the relevant reslricled fund or, where the donation, grant or legacy is required lo be held as capital, lo the endowment funds. Vvhere donations are received in kind las distinct from cash or other monetary asse151, they are measured at the fair v21ue of those assets al the dale of the gift. Gifted Assets Where donations are received in kind las distinct from cash or other monetary assets), they are measured al the fair value of those assets at the dale of the gift. Ex endilure Expenditure is accounted for on 2n aceruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable lo that activity in the year on a lime basis. eralin leases Rentals applicable to operating leases are charged lo the SOFA over the period in which the cost is incurred. Defined Benefit 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 the Employer and the other participating employers. 22
Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2021 Each participating employer in the scheme pays contributions al a common Contiibulion rate applied to pensionable stipends. The $cheme is considered to be a mulli-employer scheme as des¢ribed in Section 28 of FRS 102. This means il is not Possible lo attribute the Scheme's assets and liabilities to 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 contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions. In addition, a liability is recognised al the balance sheet dale for the discounted value of the expected future contribution payments under the agreement with this mulli-employer scheme lo ftjnd the past service deficit. Wyclrffe H211 also operates a defined Contribution pension scheme. Contributions to this scheme are charged to the SOFA as they become payable. The pension charge for the year includes employer contributions of £108,15012020.' £92,420). Al the year*nd £Nil12020.' £Nill was accrued in respect of contributions lo this scheme. 23
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 1. 2019 Comparatives for SOFA Unrestricted Restricted Funds Funds 2020 2020 Endowment Funds 2020 Total Funds 2020 Income and endowments from charitable activities Teaching, research and residential 2,132,220 2.132,220 Donations and legacie5 Trading income Bank and other interest Other income 37.898 78,002 570 10 280,440 soo 318,838 78,002 570 io Total income 2,248.700 280.440 500 2,529.630 Expenditure on Generating funds: Fundraising and publicity Trading expenditure 94,289 94,289 94,289 94,289 Charitable expendituro Teaching, research and residential 2,265,956 100,315 2,366,271 Total expenditure 2 360.245 100,315 2,460.560 Net income I lexpenditurel 1111,5451 180,125 500 69.080 Transfers between funds 28,523 128,5231 SurpluslDeficit 151,602 500 other rgcognised gainsl{lossesl Gain on revaluation of fixed assets Actuarial gainslllossesl on defined benefit pension scheme 11691 11691 59,000 59,000 Net movement In funds 24,191 151,602 500 127,911 24
ycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 Income from Charitable Activities 2021 Total 2020 Total UnrestriGtgd Restrlcted Teaching & Research Teaching fees - ordinands Teaching fees - independent students Teaching fees- visiting students Other academic income Residential income 480,132 436,385 31,677 164,672 724,678 480,132 438,385 31.667 164,672 724,678 512,522 442,305 110,307 58,155 1,050,585 Bursaries & fee waivers awarded 144,9171 {44.9171 141,6541 1,792,627 1,792,627 2 132.220 Analysis of expenditure 2021 Total 2020 Total Direct staff costs Other dlrect costs Support costs Expenditure on generating funds Fundraising costs Trading costs Total expenditure on generating funds 102,303 13,427 115,730 94,289 102,303 13,427 115,730 94,289 Charitsble expenditurg Teaching, research & residential 990,818 1,093,121 581,802 595,229 826,305 826,305 2,398,925 2,514,655 2,366,271 2,460,560 4. Support costg 2021 Total 2020 Total Generating Funds Teaching and Research Financial and domestic admin 388.772 84.427 270.012 76.514 6.58D 826.305 388,772 84,427 270,012 76,514 6,580 826,305 375.041 67,596 206.218 83,481 3,960 736,296 Depreciation Bank interest payable Other finance charges Governance Costs 2021 Total 2020 Total Unrestricted Restrfcted Audltors remuneration- Audit fee Other services Taxation Services Othgr governance costs: Hall Council 8,880 2.352 1.780 8,880 2,352 1,780 8,460 2.046 836 810 13,012 12,152 25
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 6. Staff Costs 2021 Total 2020 Unrestrlcted Restricted Gross Salaries Redundancy Pay Employer's Nl Pensions 1.046,200 10,358 106,069 168,635 1.331,262 38,673 1,084,873 10,358 110,465 176,327 1,382 023 1.019.321 4,396 7,692 50,761 96,380 156,766 1,272,467 Average number of staff 40 40 The above figures for the average number of staff are for those employed on a regular monthly basis, whether full time or part time. Termination costs in the year tolalled £10,35812020.' £Nill. In addition, Wycliffe Hall pays indivicluals on an ad hoc basis to perform specific tasks. The costs ol these individuals are met 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 figures.. to Individuals for delivering lectures and tutorials and marking essays1£25.779, 2020.. £41,331) b. to a third party for the costs of the catering staff1£83.413, 2020." £99,543) The number ol employees during the year whose gross pay and benefits (excluding employer Nl and pension conlributionsl falling within the following bands was.. 2021 2020 £80,001 - £70,000 Key management are members of the Senior Management Team as disclosed on page 2. The lolal remuneration paid to key management was £324,605 {202Q. £300,124) linclusive of employer's national insurance and pension costs.) Tangible Assgts (Group and Company) Freehold Property Equipment Total Cost As al 1 St July 2020 Additions Disposals Revaluation Gain As al 30th June 2021 15.929.238 622,303 165a.0001 82.200 15.983.741 321.345 85,973 16,250,583 708,276 1650.0001 82,200 16,391,059 407.318 Depreciation As al 1st July 2020 Charged in year Impairment 1.804.840 157.276 95.936 253.579 16.802 2,058.419 174,D78 95,936 Released on disposal As al 30th June 2021 24,764 2 033 288 24,764 2,303 669 270,381 Nel Book Value 301h June 2021 13.950.453 136937 14 087,390 Nel Book Value 301h June 2020 14.124.398 14,192,164 26
Wycllffe Hall Notes to the Financlal Statements Year ended 30 June 2021 Freehold propety owned with equity mortgages is revalued annually using an appropriate house price index. 8. Subsidiory Undertaklngs cliffe Hall Services Limited IVWSLI and Wycliffe Hall Development Limited are both 1 OODk controlled and managed by Wycliffe Hall. The registered Offi for both companies is the same as for the main charity and can be found on page two of these accounts. The trading activities of Wycliffe Hall Services Ltd comprise revenue from letting of Wycliffe Hall's rooms when not in use by Wycliffe Hall. The results of this subsidiary and ils assets and liabilities at year end were as follows.. 2021 2020 Turnover Expenditure Result for the year 64.675 17,222 47,453 7,642 Total Assets Total Liabilitie5 Nel AsselsllLiabilities) 74,197 81,839 7,642 129.479 82,026 The trading activities of Wycliffe Hall Development Ltd comprise investment in development of the cliffe Hall site. The results of this subsidiary and ils assets and liabilities at year end were as follows.. 2021 2020 Turnover Expenditure Re5uII for year 34,237 {34.2371 11,8951 11,8951 Total Assets Total Liabilities Net A$5elsllLiabilitiesl 13,478 115,3631 {1,8851 14.798 114,7881 10 Share Capital & Reserves Profil and loss account 10 11,8951 {1,8851 10 10 9. Debtors 2021 Group 2020 Group 2021 Company 2020 Company Trade Debtors Owed by group undertakings Prepayments Accrued income 249,638 211,469 249,558 94,126 39,553 33,984 417,221 208,129 93,023 59,786 19,584 380,522 39.553 33,984 323,175 59,786 19,584 290,839 27
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 10. Creditors due within one year 2021 Group 2020 Group 2021 2020 Company Company Amounts falling due within one year.. Creditors Accruals Deferred income 610,227 101,659 81 864 793 750 553,831 115,554 94.330 763.715 610,227 552,456 98,583 113,139 81,864 94,330 790,674 759.925 11. Deferred Income Deferred income comprises of deposits relating lo conferences not yel held. 2021 Group 2020 Group 2021 2020 Company Company Balance at 1 July 2020 Amounts released lo incoming reSoUrS Amount deferred in the year Balance as al 30 June 2021 94,330 185,9891 81,864 90 205 85,989 {85.9891 94.330 94,330 85,989 185.9891 {85,98gi 81,864 94,330 90,205 94,330 28
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 12. Creditors Amounts falling due after one year.. 2021 Group and Company 2020 Group and Company Royal Bank of Scotland Mortgages Church Commissioners Loan Private Loan 38 Harpes Road Government CBILS Loan 1,210,000 2.895,063 300,000 315,000 4,720,063 2,110,000 2,813.473 4 923,476 Loan re Property Commlssiongrs, Equity Share 2021 2020 135 Kingston Road 13 Harefields 121 Harefields 11 Pennywell Drive 8 Marriot Close 14 Sparsey Place 100% 100° 95% 1 OOYO 1 OOY• 100Yo 889,616 432,099 410,494 349,492 305.011 508.351 2,895,063 864.544 419,922 398,925 339,842 296,412 494,025 2,813,473 Royal Bank ofscotland mortgages There are a number of inlerest-only mortgages with RBS. each of which is secured by a legal eharge on 8 Norham Gardens.. £0k(202o'. £960kl repayable in 2026.. the interest rate is 1.25¥0 over Bank of England Base Rate £250k12020,. £250kl repayable in 2026., the interest rale is 2.370/0 over Bank of England Base Rale £200k12020'. £500kl repayable in 2022.. thi5 loan was refinanced in Augus12021 with an interest rale of 2.05¥0 over Bank of England Base Rate. 29
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 13. Contingent Llabilities The following grants are repayable to the Archbishops. Council if Wycliffe H311 ceases lo be recognised for ordination training by the House of Bishops.. 1964165 1977179 2013114 Improvement Grant 6.000 Fire Precautions Work Grant 16.243 Fire Alarm Upgrade Grant 10.000 32,243 14. Analysis of Funds120211 General Fund Capital Fund Pension Reserve Designated Restrlcted Endowed Funds Funds Funds 2021 Total Tangible Fixed Assets Net Current Assets Loans Pension Provision Total 136,937 13,390,453 560,000 14,087,390 171,208 76,069 447,230 1,000 695,507 14,720.0631 14,720,063) 18,000 18,000 18,000 561,000 10 044.834 308,145 8 670,390 447,230 Analysls of Funds12020 Comparatives} General Fund Capital Fund Penslon Designated Restricted Endowed Reserve Funds Funds Funds 2020 Total Tangible Fixed Assets Nel Current Assets Loans Pension Provision Total 67,766 13,494,814 69,584 560,000 14,192,164 302,091 76,069 257,666 1.000 638,826 14,923,4731 14,923,473) 32.000 32.000 32,000 9.873.517 369,857 8 571,341 76,069 327,250 561 CIOO 15. Restricted Funds Opening Balance 34,389 20,869 19,902 5,437 5,589 132,699 Incomlng Funds Outgoing Transfers Funds Closlng Balance 34,389 20,869 19,902 3,527 5,589 Bishop Neill Fund Matthew E Lewis Memorial Fund Bursary Fund Principal's Discretionary Fund Mission Fund Property Development Fund Artist in Residence Visiting Academics Jenni Williams Book Fund School of Evangelism Research Fund Buechner Prizes 05d Teslamenl Tutor Junior Research Fellow Scientist in Residen 1,910 1132,6991 124,6061 260,426 5.905 141 80,186 40,383 155,634 73.171 371 107,649 230 211 211 275 1,500 11,2251 45,010 29,993 60,000 447,230 45,010 29,993 60,000 401 475 327,250 124 190 157,305 30
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 The Bishop Stephen Neill Fund was set up following his death and funds were raised initially by public appeal with recent donations coming from past and present members of the Hall. Ils purpose is lo bring Church leaders from the Indian sub-conlinenl and East Africa lo the Hall for 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 of the Principal. In recent years il has been used to meet cases of hardship. The Mission Fund finances student missions in the UK and overseas, including a teaching mission lo Uganda. The Property Development Fund was sel up to raise funds for the development of the sile al 54 Banbury Road and the improvement of student facilities. This is now fvlly spent The Visiting Academics fund was set up lo meet the costs of bringing Academics of note to the college and supporting their teaching work. The Jenni Williams Book Fund was set up to grow the amount of theological works held in the library available lo Student by female authors. The School of Evangelism fund was sel up to support the work of the Wesley Centre for missional engagement. This is now fully spent. The Research Fund has been established through gifts to help tutors with research which will be published. Two Buechner prizes have been established forwhich all current students of the Hall are eligible lo compete, one in relation lo preaching and the other for creative theological writing. The Old Testament Tutor fund was sel up to bring an Old Testament Tutor lo the Hall. The Junior Research Fellow fvnd was set up lo bring a Junior Research Fellow to the Hall lo carry out advanced research in English. Literature and Theology. They will also work on projects in partnership with the Frederick Buechner Center. The Scientist in Residence fund was sel up in order to bring Scients'sts in Residen into the Hall. 16. Deslgnated Funds Opening Balanco 76,069 Incoming Funds Outgolng Funds Closing Balance 76.069 76,069 The Visiting Academics designated fund has been established through unrestricted don81ions ceiVed and sel aside by the Trustees lo meet the costs of bringing Academics of note to the college and supporting their leaching work. Visiting Academics 31
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 17. Reconciliation of Net Income to net cash flow from operations 2021 2020 Net in¢omellexpenditure} Elirninalion of non-operaling cash flows.. Depreciation Isurplusllloss on sale of fixed assets Decreasellincreasel in sloek Decreasellincre2sel in debtors (Decreasellincrease in creditors (Decreasellincrease in provisions IDecreasellincrease in pension scheme liability 171,317 127,911 174.078 (24,7641 11281 {32,3361 1169,9651 16101 {14,0001 206,217 17,0671 191 17,513 139,061 11701 173,0001 Nel cash provided by (used inl operating activities 103,592 410,814 18. Analysi$ of cash and cash equivalents 2021 2020 Cash at bank and in hand 1. 165.668 1,109,416 19. Trustees, Remuneratlon Hall Council members who are the Trustees of the Hall for the purposes of oharity law receive no remuneration for acting as charity trustees. Hall Council members receive reimbursement of personal expenses necessarily incurred in connection with Council business amounting to £0 (2020.. £7341. Trustees made donations lotalling £10,645 in this financial year12020'. £9051 20. Pension Scheme Wycliffe Hall participates in the Church of England Funded Pensions Scheme for stipendiary clergy. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. Each participating employer in the scheme pays contributions at a common contribution rate applied to pensionable sts'pends. The scheme is considered to be 8 multi-employer scheme as described in Section 28 of FRS 102. This means il is not possible to attribute the Scheme's assets and liabilities to 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 contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions Isee below). A valuation of the Scheme is carried out once every the years. The most recent Scherne valuation completed was carried out at 31 December 2018. The 2018 valuation revealed a deficit of £50m, based on as5els of £1,818m and a funding target of £1,868m, assessed using the following assLJmptions.' 32
INycliffe Hall Notes to the Financlal Statements Year ended 30 June 2021 An average discount rate of 3.20/0 P. RPI inflation of 3.4QA p.a. land pension increases consistent with Ihisl,. Increase in pensionable stipends of 3.4¥o p.a. Mortality in accordance with 950/0 of the S3NA VL tables, with allowance for improvements in mortality rates in line with the CMI 2018 extended model. with a long-term annual rate of improvement of 1.SO/u, a smoothing parameter. of 7 and an initial addition lo mortality improvements of 0.50/0 p.a. 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 percentage of pensionable stipends) were sel as follows.. % of pensionable stipends 1 January 2018 to 31 December 2020 1 January 2021 10 31 December 2022 Deficit repair contributions 11.90 7.1Vo As al 31 December 2018 the deficit recovery contributions under the recovery plan in force al that lime were 11.9'k of pensionable stipends until December 2025. As at 31 December 2019 and 31 December 2020 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 tho Scheme's rules. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a li8bilily. The movement in the provision is set out in the table below 2021 2020 Balance sheet liability 8t 1 Juty 2020 Deticil contribution paid Interest cost Irecognised in SOFA) Remaining change lo the balance sheet liability" Irecognised in SOFA} Balance sheet liability al 30 June 2021 32,000 114.000} 105,000 116,0001 2,000 59,000 32,000 'Comprises change in agreed deficit recovery plan and ¢hange in discount rate and assumptions beeen year*nds. 18,000 This liability represents the present value of the deficit contributions agreed as al the accounting dale and has been v81ued using the following assumptions sel by reference to the duration of the deficit recovery payments". December 20 December 19 December 18 Discount rale Price inflation Increase lo total pensionable payroll 0.2VD pa 2.10/0 pa 3.10/0 pa 1.6D/o pa 2.8'/0 pa 1.6/opa 33
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2021 The legal structure of the scheme is such that if another Responsible Body fails. the Wcliffe Hall Oxford could become responsible for paying a share of that Responsible Body's pension liabilities. 21. Financial Commitments During 2020 the Hall entered Into a contract with and IT hardware supplier lo refresh the VM Hardware. The total contract value was £59,868. £49.179 remalns outstanding at 30th June 2021. During the year £70,975 {2020'. £72,782) was charged to the SOFA for operating leases. At 30 June the Hall had total commitments under non-cancellable operating leases as foSlows'. Land and Buildings expiring within 1 year èxpiring between two and five years expiring in over fwe years 2021 £67.814 £16.468 £0 2020 £73,807 £18,575 £0 22. Related Party Transactions The Hall is part of the collegiate University of Oxford. Material interdependencies beeen the University and of the Hall arise because of this relationship. For reporting purposes. the University and the other CollegeslHalls are not Irealed as related parties as defined in FRS 102. Trustees of the Hall do not receive remuneration as employees of the Hall. Details of reimbursed expenses as trustees are disclosed separately in these financial statements. 34