Wycliffe Hall Annual Report and Financial Statements Year ended 30 June 2022 Charity number: 1156892 Company number: 09007970 WYCLIFFE HALL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2022 Contents Page Hall Council, Officers, and Advisors 3-10 Trustees, Report Auditors, Report 15- 16 Consolidated Statement of Financial Activities 17 Consolidated Balance Sheet 18 Company Balan￿ Sheet 19 Consolidaled Statement of Cash Flows 20-22 Statement of Accounting Policies 23-33 Notes to the Financial Statements Wycliffe Hall Hall Council, Officers, and Advisors Year ended 30 June 2022 MEMBERS OF THE HALL COUNCIL The members of the Hall Council are the Directors and Members of the charitable company and are Iruslees for the purposes of charity law. Throughout this report they are collectively referred to 85 the trustees. The following served as members of the Hall Council during the year lor subsequently)". Rl Revd Julian Henderson Chalf ex offic Revd Em Coley Mrs Alison Coulter Vi¢e-Chair Chair Mr Peter Doyle Mrs Sarah Finch Resigned February 2022 Dr Philip Giddings Very Revd John Irvine Revd Dr James Kennedy Mr Paul Lindon Re8vJned February 2022 Chair Chair Treasurer Chair Mrs Julie Aldrich DrTom Simpson Mr Simon McGuire Joined S6plÈmber 2021 Revd Michael Bigg Revd Ann Templeman Joined November 2021 Resigned February 2022 Membership of Hall Council sub-committees during the year is shown above for each trustee. Wycliffe Hall Hall Councll, Officers, and Advisors Year ended 30 June 2022 SENIOR MANAGEMENT The Principal is appointed by the Hall Council to oversee the management of the Hall and he is assisted by the Senior Management Team. Principal Revd Dr Michael Lloyd VI￿-prIncipal & Academic Dean Revd Dr Justyn Terry Bursar Mr lan Barnetson Director of Welfare and Spiritual Formation & Dean for Women Revd Dr Elizabeth Hoare Senior Tutor Mrs Katy Routh ADVISORS The following acted as advisors in the period under review,. Auditors.. Crilchleys Audil LLP Be2ver House 23-38 Hylhe Bridge Street Oxford OX1 2EP Bankers.. The Royal Bank of Scotland 32 St Giles Oxford OX1 3ND Solieilors". Bales Wells Braithwaite London LLP 10 Queen Sl Pla London EC4R 1 BE Address and registered Offi￿ for Companies House purposes.. Vvycliffe Hall 52-54 Banbury Road Oxford OX2 6PW Website.. www.wycliffe.ox.ac,uk Wycliffe Hall Trustees, Report Year ended 30 June 2022 The Trustees present their annual report under the Ch8rilies Act 2011 together with the consolidated financial statements of Wycliffe Hall I'the Hall") for the year ended 30 June 2022, which are also prepared to meel the requirements for 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. cliffe 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 Wycliffe Hall trust (charity registration number 3097031 were transferred lo this new company. Wycliffe Hall is a Permanent Private Hall of the University of Oxford. STRUCTURE, GOVERNANCE & MANAGEMENT Constitution The Hall is governed by Articles of Association dated 23 April 2014 and is a charitable company limited by guarantee. Governance The Hall Council continue5 to review its governance procedures. In the past, this has included legal 51ruclure, trustee appointment, induction and term of office, responsibilities and review of its own procedures and policies. Organi$ational Management 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 President-elecl of the Common Room. To ensure that the Hall Council fulfils ils fiduciary duly of full involvement in selling the strategic direction and the monitoring and evaluation of ils aclivilies, the Council has established several formal sub-commillees. This ènables 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,. rather 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 presentation lo 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 leaching, 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. 131 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 2022 141 Development Committee This determines Development priorities and largels, ensuring that the Hall's overall Development activities are kept under review. including compliance with the Code of Fundraising Practice. A meeting ol sub-committee chairs takes place immediately prior to 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 iwo weeks. Those academic staff who hold employment contracts with Wycliffe Hall andlor have responsibility for a Fellowship Group also meet fortnighlly in term to CDnlribule to the m2nagemenl of the Hall. Group Structure and Relationships By a scheme dated 16 December 2014. the Charity Commission appointed Wycliffe Hall as sole corporate trustee of the predecessor trust Wycliffe Hall Icharity number 3097031. This included Iransler of lille to the Hall's main building152-54 Banbury Road) which is a permanent endowment The Wcliffe Hall trust continues lo exist bul is essentially dormant.. Its only future activity will be if the tru51 receives legacie5. Wycliffe Hall has wholly owned non-charilable trading subsidiaries. whose profits are donated lo the Hall under the Gift Aid scheme.: Wycliffe Hall Services Ltd {WHSLI is incorporated in the United Kingdom and manages the provision of seNices outside the charitable objects of Wycliffe Hall. Wycliffe Hall Development Ltd IWHSLI is incorporated in the United Kingdom 2nd manages development of sludenl accommodation on the main sile. Risk Management The Hall has on-going processes which operated throughout the financial year lor identifying, evalLJ8ting, and managing the principal risks and uncertainties faced by the Hall and its subsidiaries in undertaking ils activities. The Hall has developed systems lo monitor and control these risks to miligale the impact they may have on the Hall's future, and these are overseen by the Finanee Committee. The Hall Council, which has ullim2le responsibility for managing any risks faced by the Hall, has reviewed the processes in place for managing risk and the principal identified risks lo which the Hall and its subsidiaries are exposed and have concluded that adequate systems are in place lo manage these risks. A risk register is updated and reviewed each year by H811 Council, most recently in November 2022. Finance Committee review parts of this quarterly and each month the Senior Management Team review the status ol one of the key risk categories. The most significant risks identified by the Council are associated with sludenl recruilmenl lo the various courses 2nd training programmes offered by the Hall. Wycliffe Hall Trustees, Report Year ended 30 June 2022 OBJECTIVES & ACTIVITIES Charitable Objects The Objects of the Hall as slated in the Articles of Association are.. 111 To provide theological instruction consistent with the principles of the Church of England to candidates ft)r ordination and, subject thereto, to provide theological education Iwilh a preference for individuals who are undertaking a course of study in theology or who have been ordained). 121 In carrying out its objects the Charity May provide accommodation for students. Activities and Objgctives of the Hall The Hall's principal activity, as described above, is the provision of theological instruction and mini51erial training. The Hall continues lo 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 postgraduate students lo study Theology and related disciplines. The H211 has a vision to see the nations transformed by the gospel by renewing Christian leaders in prayer, character, preaching and thinking. To achieve this, the H811 is committed to.. Train lifelong disGipl& makers.. by equipping a generation of ordained and lay leaders with gospel-cenlred knowledge, character formation, and pastoral skills through a range of carefully designed courses, qualifscalions. and tmining programmes. in Community.. by brin9ing qualifying students to worship. live and study together, regardless of background or financial conslrainls, through the provision of a portfolio of bursaries and scholarships with exGell&nt Bibl&-centred l&aching.. by enabling tutors to undertake further study to enrich their leaching through establishing endowments for faculty scholarships in biblical studies.. history, theology and ethics., mission, apologetics. liturgy and ministry., and In Evangelicalism. n a thoughl-provoking oity.. by providing affordable. quality accommodation and 21* Century facilities in the centre of Oxford with access lo all the cultural. sporting, academic, and missional opportunities which the City and University provide. A significant number of students are admilled each year to the one-year Certificate in Theological Studies ICTSI, offered through the Oxford University Department of Continuing Education. Some students complete the course part-lime over two years,. others continue to the Diploma in Theological Studies IDTSI and Bachelor in Theology IB Th). This suite of programmes, alongside the BA in Theology and Religion, are the main options for our ordinands unless they have a prior theological degree, in which case they may undertake the MTh, MPhil or DPhil. The Scholarship and Chri51ianily in Oxford ISCIOI progr2mme brings American Visiting Students to Oxford for a semester's study in each of Michaelmas and Hilary Terms. This programme is a partnership betrween the Hall and the Us-based Council of Christian Colleges and Universilie5, The University of Oxford has determined that in future years, the number of visiting students must be limited to a proportion of the number of matriculaled undergraduate Oxford students. Consequently, the Hall has decided that il will replace the SCIO programme with a smaller in-house visiting student programme after Hilary term 2024. cliffe Hall also aims lo be a centre of theological excellence within the Anglican Evangelical Iradilion. As part ol the University of Oxford, il models ac2demic excellence and integrity, and, as an institution training people for church ministry. it is also committed lo providing an oulslanding professional training and lo producing Students Wycliffe Hall Trustees, Report Year ended 30 June 2022 who will be strong leaders. For all these reasons, the Hall pays great allenlion lo its leaching, lo the quality of community life in the Hall and to the pastoral care and peisonal development of ils students Publlc Benefit Wycliffe Hall is an educational eslablishmenl, founded to provide training for those who seek ordained ministry within the Church of England. 11 accepts students from a wide variety of backgrounds who seek to study theology within the University of Oxford, in addilion.lo graduate students from other disciplines who wish lo be study in an Evangelical Anglican H211. The education is provided formally within the Hall and University, and most courses lead lo University of Oxford qualifications. Hall Council has considèred the Charity Commission's guidance on public benèfit. The beneficiaries of the charitable activity undertaken by the Hall include the students thèmselves, those impactèd by the students during their placements 2nd 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 eduealional eslablishmenls, 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 Hall also seeks lo provide a setting conducive lo learning. with an emphasis on community life, mulLJal support and the accessibility of staff who seek lo provide appropriate counsel in every circumslanTr The Hall constantly strives to improve on its already high standards by encouraging feedback from the students on all aspects of their experiences al the Hall each term On one level, the success of the education provided 81 the Hall can be seen in the qualifi'cations from the University of Oxford which the students receive al the end of their courses. However, this academic yardstick doe5 not reflect the full extent ol the training given within the Hall to prepare the students for leadership in the Church Df England and other spheres of Christian ministry. The beneficial impact of these students is fell in many ways and places. The Hall believes that il is in the interests of society that religious leaders are trained al the highest academic level. The exposure ol every sludenl lo the Irigorously formed and articulately expressed) views of others, and the subjection of every belief, however cherished, lo the critique of others produces religious leaders of 9￿ater 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, but which will contribute posib'vely lo the debates- and the needs of contemporary society. Financial Support for Student$ The Hall charges tuition fees in line with extemally r4ulaled rates and sets reasonable accommodation and meal charges. Most of the Hall's independent students li.e. those whose training costs are not paid by the Church of England) are not eligible for Sludenl Support. Where possible, the H811 provides financial support for students, including several bursaries and fee waivers each year lo fund fees and living costs for both undergraduate and graduate students. For the academic year 2021122, the number of awards made by the Hall was 1112021.'121 and the total value awarded was £38,00012021'. £44,917). A new bursary, Theology for All, became available during the year, for which £gOk was received in the year, although students will not be supportèd from il until Michaelmas 2022. The Hall also sUPPOrts studènts with tovel expenses associated with their ministerial placements and opèrates a limited hardship fund, for which students incurring unexpected financial hardship are eligible. Wycliffe Hall 13 most grateful for the support of donors who have contributed to Bursary funds. Wycliffe Hall Trustees, Report Year ended 30 June 2022 ACTIVITIES AND PERFORMANCE Wycliffe Hall continues to renew Christian leaders in prayer. character, preaching and thinking, towards 115 vision of seeing the nations transformed by the gospel. In the academic year beginning October 2021.103.5 full lime equivalent sludents12020'.113.51 were studying at Wycliffe. The equipping of men and women for ordained and lay ministry remains the central activity of the Hall. All those preparing for ordained ministry in the Chunh of England secured positions as Curates and are serving in that context in dioceses across the nation. Olhers have taken up various roles in this country or overseas. We a￿ayS enjoy hearing feedback from our alumni and 8re constantly encouraged lo see the tangible Impact they have around the world. Exam results for students on University of Oxford courses were very good, with an academic award being won by one of them. A final cohort of students completed the Church of England's Common Awaids programme and were awarded diplornas and degrees by the University of Durh8m. The number of graduate students has stayed steady al 3312020.. 351, including a growing cohort of PGCE 51udenls. The Hall's Graduate Society is now well established and is recognised as offering very effective support lor graduate students in their studies. 11 fosters a strong sense of community with a regular piogramme of academic and social events. These include a fortnighlly Graduate Research Seminar, where academic papers are presented on a variety of subje¢ls from Wycliffe graduates and staff as well as other graduates and academics a¢ross the University. A lermly 'Lounge Lecture, has featured a wide variety of speakers from the UK and further afield in a relaxed social setting. The Hall is also developing a programme to mentor Christian academics. Recruitment activity this year, including meetings with Bishops and Diocesan Directors of Ordination IDDOS) and visiting conferences, has recovered after the reslriclions of Covid lockdowns. Open Days and interviews were well attended. The annual Vocations Conference for Women was organised again lo increase the number ol women coming lo the Hall to train for ordination. There is also a weekly Principal's Hour 81 which Oxford academics and other scholars and praclilioners, from a wide variety of disciplines and faith perspectives, are invited lo speak. This year, these have included more on the relationships between science and faith by virtue of a grant to promote Science for Seminaries. In addition lo their teaching, 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 Resèarch Seminars at which local and visiting scholars present papers. This strong research activity means that we submilled 4.4 staff lo the 2021 REF Ilhe Government research excellence assessment Irameworkl, ¢omp8red to only one member of staff in the last exercise in 2014. This Should result In around £70k p.a. of additional income for the Hall from 2022 onwards. We also recruited a second Junior Research Fellow. this time in New Testament Greek, which is externally funded. In addition. we recruited a new MTh Coordinator on behalf of the Faculty of Theology and Religion. The Hall enjoyed the benefit of the Artist in Residence combining study and artistic oulpul wilh the fostering and encouragement of the diverse creative gifts of the community- as demonslraled in the Hall's participation in the Oxlordshire Art Week for a second lime. (This role is funded by specific philanthropic donation.) Wcliffe Hall's 51aff continued lo make a significant impact outside the Hall as well. The ordained members of staff have continued lo preach and teach in many settings, contributing lo the life of several churches and Christian organisalions. Allendance at academic conferences has resumed after Covid lockdowns, with several tutors contributing al them. Wycliffe Hall Trustees, Report Year ended 30 June 2022 FINANCIAL REVIEW The financial slalements have been prepared in accordance with the accounting policies as sel out on pages 21 10 23 and comply with the Charities Act 2011. the Companies Act 2006 and Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20151 Operating Performanee Although the practical impact of Covid began gradually lo diminish during the academic year. and by Trinity term most of the Hall's activities were back lo or approaching 'normal', the negative fi'nancial impact in terms ol reduced numbers of students and the lack of ctsnfidence amongst our regular network lo reactivate events and conferences had set in earlier in the year. Thus, the Hall's financial performance in 21122 only showed signs of a timid recovery as Student tuition and 8ccommodalion fees increased by 3¢ from £1,793k lo £1,847k and trading income of £92k was gènerated, mostly from Bed and Breaktast aclivilies. 12021.. Nill. In 20121 generous donors had provided £491 k of unre51ricled giving to support our Dperational activities, bul as the threat of Covid diminished, this fell back to £113k in 21122. This reduction of £378k in unreslricled donations was not replaced by the £170k non-operational profil from the disposal of a non-slralegic property with the result that unreslricled income overall fell by £63k13 /.110 £2,221 k12021". £2,284kl. With unrestricted expenditure beginning to rise back lo ils pre-covid 18119 levels of £2,419k. this led lo an operating loss of £198k, despite the benefit of the property sale, without which the deficit would have been £369k. This is the third year an operating loss of this scale had been recorded 12021.. £107k. 2020.. £112kl. In common with many other theological colleges, the Hall saw the numbèr of ordinands fall, from 59 in 20121 10 49.5 in 21122 and ordinand fee income fall 2c¢ordingly by £54k lo £426k. The reverse was true for independent students who maintained numbers 8154 bul generated increased fee income by £54k to £490k, primarily because of the gre81er proportion of international students. Whilst these ￿0 factors cancelled themselves out, the almost tripling of income from visiting students lo £95k12021.' £32kl and an increase of £111 k in residential and commercial rental income lo £836k12021.. £725kl boosted core academic income levels. For a second year no conference income was recorded. This has already begun lo return lo more 'normal' levels in Summer 2022. Total expenditure increased by £169k year-on-year lo £2,684k12021'. £2,515kl. The largest factor conlribuling lo this was an 8Q/o increase of £1 ogk in staff related wsls from £1,382k lo £1,491 k. This included the impact of an aggregate 4.6Q/o increase in the salary bill (with lower paid staff receiving c8010l, a £10k increase in National Insurance, both towards the end of the year, together with the ending of the furlough scheme and thè redundancy of a member of the lulorial staff. The depreciation charge reduced by £84k lo £186k12021.. £270kl and fixed assets were reduced by £787k following the disposal of the non-stralegic propety in North Oxford. Restricted donations of £221 k were received in the year including £92k towards a new bursary for UK based students aimed al increasing diversity and £30k for a new Junior Research fellow post. Overall ReslriclÈd Funds were reduced to £389k12021'. £447kl as pfftvious donations were spent down. The Hall is grateful for these gifts and encouraged by the continued commitment of its donors. The disposal of the propety enabled the repayment of a £200k loan from RBS which had already been refinanced for a year In addition, a governmenl-backed Coronavirus Business Interruption Loan of £315k which had provided an interesl-free liquidity cushion for 18 months during Covid was fully repaid. Wycliffe Hall Trustees, Report Year ended 30 June 2022 Reserves Policy The Hall's reserves policy is to maintain sufficient free reserves lo enable it lo meet ils short-lerm financial obligations in the event of an unexpected revenue shortfall and lo allow the Hall lo be managed efficiently and to provide a buffer that would ensure uninlerrupled services. Although the cash in bank awounls increased towards the end of the year. helped by the nel effect of the property disposal and loan repayment (increasing from £1,166k to £1,275kl, cashflows can be volatile monthly and these are monitored closely lo ensure that immediate obligations can be mel. The Hall aims to operate on a balanced budget basis, and therefore allempts to restrict expenditure lo the level of fee and Conference income plus anlicipaled unreslricled donations. This opeffttional objective has not been achieved in any of the last three years {2022." £198k deficit, 2021.. £107k deficit, 2020. £112k delicill reflecting the impact of Covid. It is eurrenlly reliant on any surplus from reslricled funds to support ils operational activities 12022". -£44k, 2021.. £277k, 2020.. £180kl or income from property disposals as in 20221£170kl. This 15 not a sustainable position and post-covid plans are being developed lo establish a more robust operating model (see below). Total funds of the Hall and its subsidiaries al the year-end decreased lo £9,813k12021'. 10,045kl. This includes endowment capital of £561 k12021.' £561 kl and unspent reslricled income funds tolalling £389k12021.. £447kl. Most of Wycliffe Hall's reserves are invested in property lo provide adequate space for the academic and adminislralive functions of the Hall, lo provide housing for staff and lo provide housing for students in line with the second object in the Deed of Trust. Current assets are normally reslricled lo the minimum required for the transaction of the Hall's Day lo day business. Fieg reserves li.e , unreslricled nÈl current asselsl al the year- end increased signilicanlly to £701 k12021.' £247kl which is elaborated in more detsil in Note 14 to the Accounts. Much of this increase resulted from the North Oxford properly sale and the intention Is lo reinvest in pmperty when appropriate. Grant-making Policy Grants are made from restricted funds in accordance with the restrictions imposed on those funds. Investmgnt Powers The Trustees are empowered to invest the Hall'5 assets at their discretion. FUTURE PLANS The pandemic has Èxposed the difficultie$ of an operational model with a broadly fixed cost base and considerable volatility in income streams. Al the same time opportunities are emerging that may enable the broadening of the range of the Hall's activities and strengthen ils financial viability. Chief amongst these Is the potential lo use Yarnlon Manor, some four miles north ol Vvycliffe, and owned by a 5UPPOrtive donor for a combination of accommodation, research. and other events on very generous tèrms. The Hall is also considèring the redevelopment of its main sile to provide better accommodation and teaching facilities, lo be funded primarily by donab'on5, and developing and coordinating a range of new income-generaling courses and conferences that are consistent with the charitable objectives of the Hall. Against this background, the Hall is in the process of reassessing ils stolegic priorities within the context of its vision and mission and developing an integrated five-year plan. This will bring t￿ether all the ¢urrent and future activities of the Hall in a coherent sel ol priorities together with a financial lorecasl with linked tsrgeled multi- year fundraising campaigns and performance indicators. This will be completed by the end of 2022 with implemenlalion already underway. Wycliffe Hall Trustees, Report Year ended 30 June 2022 STATEMENT OF TRUSTEES, ACCOUNTING AND REPORTING RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel and applicable lawl. including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. The12w applicable to charities in England & Wales requires the trustees lo prepare financial slalements for èach financial year which give a true and fair view of the stale of affairs ol the charity and of the incoming resDurces and application of resources of the charity for that period. In preparing these financial statements. the Iruslees are required lo.. select suitablè 8ccounling policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. slate whether applicable accounting standards including FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls. prepare the financi81 slalemenls on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accur8Cy 81 any lime the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011 and the provisions of the trust deed They are also 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 Iruslees are responsible for the maintenance and integrity of the ch8rity and financial information included on Ihe charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial slalements may differ from legislation in other jurisdictions. Insofar as the Iruslees are aware al the time of approving our trustees, annual report.. There is no relevant information, being information needed by the auditor in connection with preparing their oport, 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 lo have individually taken, have each taken all steps that helshe is obliged lo lake as a director lo make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. Approved by the Board of Trustees on 171h November 2022 and signed on its behalf by.. Rl Revd Julian Henderson Chairman Paul Lindon Treasurer 10 Wycliffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2022 Opinlon We have audited the financial statements of Wcliffe Hall I'lhe charitable company'l and its subsidiaries Ilhe group I for the year ended 30 June 2022 which comprise the Consolidated Slalemenl of Financial Activities the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows, and notes lo the financial statements, including significant aecounling policies. The financial reporting framework that ha5 been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of I￿land Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stslements.. give a true and fair view of the state of the group's and parent charitable company's affairs as al 30 June 2022 and of ils incoming resources and application of resources for the year then ended". have been properly prepared in accordanTr with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Ael 2006. Basis for oplnion 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 Auditors responsibilities for the audit of the financial sfr8lemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Sl8ndard and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriatè lo provide basis for our opinion. Conclusions relating to going concern In auditing the fi'nancial slalemenls, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial slalÈments 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 doubl on the Charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are aulhorised for Issue. Our responsibilitie5 and the responsibilities of the Iruslees 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 Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the olher information and, except lo the extent otherwise explicitly slated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slatemenls, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled, If we identify such material inconsistencies or apparent material Wycliffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2022 misslalemenls, we are required to determine whether this gives risè lo a malerial misstalemenl in the financial slalemenls themselves. If, based Dn the work we have performed, we conclude that there is a material misslatemenl of this other information. we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Aet 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 statements are prepared is consislenl with Ihe 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 requlred to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified matèrial misslatemenls in the directors, report included within the Iruslees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if. in our opinion.. adequate and proper accounting records have not been kept, or relums adequate for our audit have not been received from branches not VlSlted by us., or the financial statements are not in agreement with the a¢counling records and returns., or certain disclosures of trustees, remuneration specified bylaw are not made,. or we have not received all the inlormats.on and explanations we require fDr our audit", or the trustees were not enlilled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companie5, exemptions in preparing the trustees. report and from the requirement to prepare a strategic reporL Responsibilities of the trustees As explained more fully in the Iruslees, responsibilities statement sel out on page 11 the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statemen15 and for being satisfied that they give a true and fair view, and for such intern81 control as the Iruslee5 determine is nècessary lo enable the prepar2tion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalemenls, the Iruslees are responsible lor assessing the company's ability lo Continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees eithèr intend lo liquidate the company or to cease operations, or have no realistic alternative but lo do so. 12 Wycliffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2022 Auditor's responslbillties for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements are free from material misslalemenl, whether due lo fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will always dete¢t a material misslatemenl when it exi51s. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken based on these financial slatemenls. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misststemenls in respect of irregularities, including traud. The extent lo which our procedures can delecl irregularities, including fraud is detailed below.. Our approach lo identifying and assessing the risks of material misstatement in respect of irregularilie5, including fraud and non-compliance with laws &nd regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities. and skills lo identtfy or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations appli¢able to the charity through discussions with Iruslees and other management, and from our commercial 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 slalements or the operations of the charity, including the Companies Act 2006, Charities Act 2011, data protection, anli-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 ol non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misslatemenl. including obtaining an understanding of how fraud might occur, by.. making enquiries of management as ID where they considered there was susceptibility to fraud. their knowledge of actual, suspected. and alleged fraud. considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations., and To address the risk of fraud through management bias and tsverride of controls, we". performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual Iransacbons. assessed whether judgements and assumptions made in determining the accounting eslimales sel out in the Slalemenl of Accounting Policies were indicative of potential bias. investigated the rationale behind significant or unusual transactions., and 13 Wycliffe Hall Independent auditors, report to the members and trustees of Wycliffe Hall Year ended 30 June 2022 In response lo the risk of irregularities and non-complian￿ with laws and regulations, we designed procedures which included, but were not limited lo.. agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meeb'ngs of those charged with governance. enquiring of management as 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 linan¢i81 Iransaclions, the less likely it is that we would become aware ol non-compliance. Auditing standards also limit the audit procedures required to Identify non-compliance with laws and regulations to enquiry of the Iruslees and other management and the Inspection of regulatory and legal correspondence. if any. Material misslalements th81 arise due lo fraud can be harder to delect 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 at.. www.lrc.or .uklauditorsres onsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charitable company's members those matters we are required lo slate lo them in an auditor'5 report and for no other purpose, To the lulle51 extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Robert Kirtland FCA (Senior Slalulory Auditor) For and on behalf of Crilchleys Audit LLP Islalutory Auditor) 23-38 Hylhe Bridge Street Oxford OX12EP Dale. 2311112022 14 Wycliffo Hall Consolidated Statement of Financial Activities (Including Consolidated Income and Expenditure Account) Year ended 30 June 2022 Unrestrlcted Restricted Endowment Funds Funds Funds 2022 2022 2022 Total Funds 2022 Total Funds 2021 Note Income and endowrnents from Charitablg actlvitie$ Teaching, research and residential Donations and legacies Trading income Bank and other interest Profil on disposal of fixed asset 1.846,653 112,506 91,566 1,846.653 1,792,627 333,388 892.732 91,566 220,882 170,251 170,251 Total income 2,220,976 220,882 2,441,858 2,685,363 Expenditure on Generating Funds Fundraising and publicity Trading expenditure 207.849 207.849 115,730 26,074 26,074 233,923 233,923 115,730 Charitable expendituro Teaching, research and residential 2,185,457 264,525 2,449,982 2,398.925 Total expenditure 2,419,380 264.525 2.683,905 2,514,655 Net income I (expenditure) 1198,404} 143.6431 1242,0471 170.708 Transfer be￿een funds 1 5,000 115,000) SurplusllDeficit 1183,4041 158,6431 1242,0471 170.708 Other recognised gainsl Ilossesl Gain on revaluation of fixed assets Actuarial gainsl Ilossesl on defined benefit pension scheme 1,556 1,556 609 9.000 9,000 Net movement In funds 1172,8481 (58.6431 1231.4911 171.317 15 Wycliffe Hall Consolidated Statement of Financial Activities Ilncluding Consolidated Income and Expenditure Account) Year ended 30 June 2022 Unrestrlcted Restricted Endowment Funds Funds Funds 2022 2022 2022 Total Funds 2022 Totsl Funds 2021 Balances brought forward at 1st July 2021 9.036,604 447,230 561,000 10,044,834 9,873,S17 Balances carried forward at 301h June 2022 8,863.756 388,587 561,000 9,813.343 10,044,834 The statement ol financial activities includes all gains and losses recognised in the year. All income and expenditure derive from ctsnlinuing aclivilies. 16 Wycllffe Hall (Company Number 09007970) Consolidated Balanco Sheet Year ended 30 June 2022 Unrestrlcted Funds 2022 Restricted Endowment Funds Funds 2022 2022 Total Funds 2022 Total Funds 2021 Note Fixed Assets Tangible Assets 12,577,893 172,584 560,000 13,310,477 14.087,390 Current Assets Slock Debtors Cash al bank and in hand 414 323.175 428,875 428,875 1,058,048 216,003 1,000 1,275,051 1,165,668 1,486,923 Creditors Amounts falling due within one year 216.003 1,000 1,703,926 1,489,257 613,552 613,552 793.750 Net Current Assets 873,371 216,003 1,000 1,090,374 895,507 Total Assets less Current Liabilities 13.451,264 388,587 561,000 14.400,851 14,782.897 Creditors Amounts falling due after more than one year 12 4.578,508 Pension Scheme Provision 4,578,508 4.720,063 9,000 9,000 18,000 Total creditors due after more than one year 4,587,508 4,587,508 4.738,063 Net Assets 8.863,756 388,587 561,000 9,813,343 10,044,834 Capital Funds Endowment Funds Reslricled Funds Designated Funds Unreslricled Funds 561,000 15 16 561,000 388,587 76,069 8,787.687 561,000 447,230 76,069 8,960.535 388,587 76,069 8,787,687 Total Funds 8.863,756 388,587 561,000 9,813.343 10,044,834 Approved by the Board of Trustees on 17UI November 2022 and signed on its behalf by.. Rl Revd Julian Henderson {Chairl Paul Lindon (Tre 17 Wycliffe Hall Company Balance Sheet Year ended 30 June 2022 Unrestricted Restrlcted Endowment Funds Funds Funds 2022 2022 2022 Total Funds 2022 Total Funds 2021 Note Fixed Assets Tangible Assets Investments 12,577,893 10 172,584 560,000 13.310,477 14.087,390 10 10 12,577,903 172,584 560,000 13.310,487 14,087,400 Current Assets Stock Debtors Cash al Bank and in Hand 414 492,333 471,220 1,123,334 1.078.074 492,333 906,331 216.003 1,000 1,398,664 216,003 1,000 1.615,667 1,495,708 Creditors Amounts falling due within one year 10 543,869 543,869 790,674 Net Current Assèts 854.795 216,003 1,000 1,071,798 705,034 Total Assets lèss Current Liabilities 13,432,698 388,587 561,000 14,382.285 14,792.434 Creditors Amounts falling due after more than one year Pension Scheme Provision 12 4,578,508 9.000 4,578,508 4,720,063 9,000 18,000 Total creditors due after more than one year 4,587,508 4,587,508 4,738.063 Net Assets 8.845,190 388,587 561,000 9,794.777 10,054,371 Capital Funds Endowment Funds Reslricled Funds Designated Funds Unreslricled Funds 561,000 561,000 561,000 388,587 447,230 76,069 76,069 8,769,121 8,970.073 15 16 388,587 76,069 8,769,121 8,845,190 388,587 561,000 9,794,777 10,054.372 Approved by the Board of Trustees on 171h November 2022 and signed on ils behalf by.. Rev Julian He rson (Chairl Paul Lindon (Treasurer) 18 Wycliffe Hall Consolidated Statement of Cash Flows Year ended 30 June 2022 Note 2022 2021 Net cash provldod by (used in) operating activities Cash flows trom investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Impairment of assets Nel cash provided by (used inl investing aclNilies Cash flows from financing activitigs Repayments of borrowing C2sh inflows from new borrowing Nel cash provided by (used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents al the beginning of the reporting period Cash and cash equivalgnts at the end of the reporting period 17 1537,3471 103,592 1,052,330 190,6001 650,000 1708,2761 95.936 961,730 1515,0001 200,000 315,000 185,0001 109,383 56,252 1,165.668 1,109,416 18 1,275,051 1,165,668 19 Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2022 Sco è of the Financial Slalemenls The financial slalemenls present the Consolid21ed Statement of Financial Activities ISOFAI, the Consolidated and Company 8alance Sheets and the Consolidated Slalèment of Cash Flows for the Hall and its wholly conlrolled subsidiary Wycliffe Hall SeNices Limited and Wycliffe Hall Development Limited. No Separate SOFA has been presented for the H211 alone as currently permilled by the Charity Commission on a concessionary basis for the filing of consolidated financi81 slalements. 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 2021. Basis of Accountin The Hall's individual and ¢onsolidatèd financial slalements 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 H811 is a public benefit entity for the purposes of FRS 102 and a registered charity. The Hall has therefore also prepared ils individual and consolidated financi81 statements in accordance with 'The Statement of Recommended Practice applicable lo charities preparing their financial slalements 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 basis. The principal accounting policies adopted are set out below and have been applied consislenlly throughout the year. Freehold Pro The charity's original property was donated to 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 of the main silel were re-valLJed al the market value as at 1 July 2014 and are revalued each year. The main site which consists of the endowed property and 3 on sile houses were transferred al deemed acquisition cost and purchase cost. Freehold property is deemed lo consist of land170P/o of costl 2nd buildings130V/o of ¢ostl. 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 capitalised and depreciated over their estimated useful lives,. small items are charged to the income and expenditure account as incurred. No software is capilalised. The depreciation rates applied to equipment are 200A or 330A on cost. Stock stock is valued at the lower of cost and net realisable value. 20 Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2022 Fund A￿oUntin Funds held by the charity consist ot. Unrestricted Genefftl Funds, which can be used in accordan￿ with the charitable objects at the discretion of the Iruslees. Endowment Funds, which result from capital gifts to the charity and musl be held permanently. Reslricled Funds, which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particu12r 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 an essential spend or future purpose. Fees 2nd 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 perform2nce-related or other specific condition5 are rÈcognised on the dale on which the charity has enlillemenl to the resource, the amount can be reliably measured and the economic benefit to the Hall of the donation or grant is probable. Donations and grants subject lo performance-related conditions are recognised as and when those conditions are mel. Donations and grants subject lo other specific conditions are recognised as those conditions are mel or their lulfilment Is wholly within the control of the Hall, and it is probable that the specified conditions will be mel. Legacies are recognised following grant of probate and once the Hall has received sufficient information from Ihe execulorlsl of the deceased's estate to be satisfied that the gift ¢an be reliably measured and that the economic benefit lo the Hall is probable. DDnalions, gfftnls and legacies accruing for the general purposes of the College are credited to unreslriclèd funds. Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the term5 of an appeal afft credited lo the relevant reslricled fund or, where the donation. grant or legacy is required lo be held as capital, to the endowment funds. Where donation5 are received in kind las dislin¢l from cash or other monetary asselsl, they are measured at the fair value of those assets at the dale ol the gift. Gift d Assets Vvhere donations are received in kind las dislincl from cash or other monetary as5elsl, they are measured al the fair value of those assets al the date 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 lo that activity in the year on a time 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 separ8tely from those of the Employer and the other parbcipaling employers. 21 Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2022 Each participating employer in the scheme pays contributions at a common contribution rate applied lo pensionable stipends. The scheme is considered to bè a mulli-employer scheme as described in Section 28 of FRS 102. This means il is not possible lo allribule the Scheme's assets and liabilities lo specific employers and that contributions are 8¢¢ounled for as if the Scheme were a defined contribution scheme, The pensions costs charged lo the SOFA in the year are contributions payable towards bènefits and expenses accrued in that year, plus any impact ol deficit contributions. In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreement with this mulli-employer scheme to fund the past serviee deficit. Wycliffe Hall 8180 operates a defined Contribution pension scheme. Contributions lo this scheme are charged to the SOFA as they become payable. Thè pension charge for the year includes employer contributions of £117,31412021'. £148,760). Al the year-end £10,56812021'. £Nill was accrued in respect of contributions lo this scheme. 22 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 1. 2021 Comparatives for SOFA Unrestricted Restricted Funds Funds 2021 2021 Endowment Funds 2021 Total Funds 2021 Income and endowments from charitable activities Teaching, research and residential 1,792.627 1,792,627 Donations and legacies Trading income Bank and other interest Other income 491,257 401.475 892,732 Total income 2,283,888 401,475 2,685,363 Expftnditure on Generating funds: Fundraising and publicity Trading expenditure 115,730 115,730 115,730 115,730 Charitablg expendlture Teaching, research and residential 2,274,735 124,190 2.398,925 Total expenditure 2,390,465 124.190 2,514,655 Net intomg 1 {expenditure) (106,5771 277.285 170,708 Transfers bebNeen funds 157,305 (157.3051 SurpluslDeficlt 50,728 119980 170,708 Other recognlsed gainslllossesl Gain on revaluation of fixed assets Actuarial gainslllossesl on defined benefit pension scheme 609 609 Net movement in funds 51.337 119,980 171,317 23 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 Ineome from Charitable Activities 2022 Total 2021 Total Unrestricted R9Stricted Teaching & Research Teaching fees- ordinands Teaching fees- independent students Teaching fees visiting students Other academic incorne Residential income 426,316 489,810 94,588 38,383 835,556 426,316 489,810 94,588 38,383 835,556 480,132 436.385 31,677 164,672 724,678 Bursaries & fee waivers awarded 138.0001 138,0001 144,9171 1.846,653 1.846,653 1792,627 Analysis of expenditure 2022 Total 2021 Total Direct staff costs Other direct costs Support costs Expenditure on generating funds Fundraising costs Trading costs Tol81 expenditure on generating funds 152,OQ4 55,845 26.074 207,849 115.730 152,004 81,919 233,923 115,730 Charitable expenditure Teaching, research & residential 1,100,530 1 252 534 613,674 695,593 735,778 735,778 2 449,982 2 683 905 2.398,925 2 514,655 Support costs 2022 Total 2021 Total Generating Funds Teachlng and Research Financial and domestic admin 381.339 88.379 185,562 74,556 381,339 88,379 185,562 74,556 5,942 735,778 388,772 84,427 270,012 76.514 6.580 826.305 Depreciation 8ank interest payable Other finance charges 735 778 Governance Costs 2022 Total 2021 Total Unrestrictgd Restricted Auditors remuneration: Audit fee Other services Taxation Services Other governance costs: Hall Council 9,360 2,352 1,780 9.360 2,352 1,780 8,880 2,352 1,780 857 857 14,349 14,349 13,012 24 Wycliffe Hall Notes to the Financial Statemonts Year ended 30 June 2022 6. Staff Costs 2022 Total 2021 Unrestricted Restricted Gros5 Salaries Redundancy Pay Employer's Nl Pensions 1.072,299 11,379 108,422 148,720 1,340,820 121,882 1,194,182 11,379 120,442 164,980 1.490 983 1,084,873 10,358 110,466 176,327 1382,024 12,020 16,260 150,163 Average number of stsff 41 40 The above figures for the average number of staff are for those employed on a regular monthly basis, whether full b'me or part lime. Termination costs in the year tolalled £11,37912021.. £10,358). In addition, Wycliffe Hall pays individuals on an 8d hoc basis lo perform specific tasks. The costs of these individuals are met through the payroll and included in the gross salaries shown above. though not the figures for staff numbers. Wycliffe Hall also makes the following payments which are not included in the above figures.. a. lo individuals for delivering lectures and lulorials and marking essays1£26,876 2021.. £25,779) b. to a third paty for the costs of the catering slaff1£108,335. 2021. £83,413) The number of employees during the year whose gross pay and benefits (excluding employer Nl and pension contributions} falling within the following bands was.. 2022 2021 £60,001 £70,000 Key management are members of the Senior Management Team as disclosed on page 2. The total remuneration paid to key management wa5 £330.41612021'. £324.6051 (inclusive of employer's national insurance and pension costs.} Tangible Assets (Group and Company) Freehold Property Equipment Total Cost As al 1SiJuly 2021 Additions Disposals Revaluation Gain As at 301h June 2022 15.983,741 407,318 43,756 46,844 1900,0001 11 $2,330) 175,000 15,302 497 16,391.059 90.600 11,052.3301 175,000 15,604,329 301,832 Depreciation As at 1* July 2021 Charged in year Impairment 2,033,288 160,646 270,381 24,917 2,303,669 185,563 Released on disposal A5 al 301h June 2022 43,050 2,150,884 152,330 142 968 195,380 2,293,852 Nel Book Value 30th June 2022 13,151,613 158864 13,310,477 Nel Book Value 30th June 2021 13,950 453 136937 14,087,390 25 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 Freehold property owned with equity mortgages is revalued annually using an appropriate house price index. 8. Subsidiary Undertakings cliffe Hall Services Limited IWHSLI and Wy¢liffe Hall Development Limited are both 1 OOOA 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 pagè two of these accounts. The trading activities of Wycliffe Hall Services Ltd comprise revenue from lelling of Wcliffe Hall's rooms when not in use by Wycliffe Hall. The results of this subsidiary and ils assets and liabilities al year end were as follows.. 2022 2021 Turnover Expenditure Result for the year 91.571 26,074 65.497 7,642 7,642 Total Assets Total Liabilities Nel AssetsllLiabililies} 152,074 130,019 22,055 74,197 81,839 7,642 The trading activities of Wycllffe Hall Development Ltd comprise investment in development of the Wycliffe Hals sile. The results of this subsidiary and ils assets and liabilities al year end were as follows.. 2022 2021 Turnover Expenditure Result for year 11,5941 11.5941 11,8951 Total Assets Total Liabilities Net AsselsllLiabililiesl 12,044 115,523} 13.4791 13,478 115,3631 11,8851 Share Capital & Reserves Profil and loss account 10 13,4891 13,4791 10 11,8951 11,8851 9. Debtors 2022 Group 2021 Group 2022 Company 2021 Company Trade Debtors Owed by group undertakings Prepayments Accrued income 321,414 249,638 322,409 73,131 39,316 249,558 94,126 39,553 33,984 417,221 39,316 68,145 428,875 39.553 323 175 492,333 26 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 10. Creditors due withln one year 2022 Group 2021 Group 2022 Cornpany 2021 Company Amounts falling due within one year.. Creditors Accruals Deferred income 420,657 93,530 99,365 613,552 610,227 101,659 81,864 793,750 406,417 610,227 87.954 98,583 81,864 543,869 790.674 11. Deferred Incomè Deferred income comprises of deposits relating lo conferen￿$ not yet held. 2022 Group 2021 Group 2022 2021 Company Company Balance al 1 July 2021 81,864 94,330 81,864 94,330 Amounts released lo incoming resources Amount deferred in the year Balance as a130 June 2022 181,8641 99,365 99,365 185,9891 81,864 90.205 {81,8641 185,9891 49,498 81.864 49,498 90.205 27 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 12. Creditors Amounts falling due after one year. 2022 Group and Company 2021 Group and Company Royal Bank of Scotland Mortgages Church Commissioners Loan Private Loan 38 Harpes Road Government CBILS Loan 1,210,000 3,068,508 300,000 1,210,000 2,895,063 300,000 315000 4 720 063 4,578,508 Loan re Property Commissioners, Equity Share 2022 2021 135 Kingston Road 13 Harefields 121 Harefields 11 Pennywell Drive 8 Marriol Close 14 Sparsey Place 1000 1000 95010 100.1. 100'/0 100'/0 942,914 457,986 435,087 370,430 323,284 538.807 3,068,508 889,616 432,099 410,494 349,492 305,011 508 351 2,895,063 Royal Bank of Scotland mortgages There are two inleresl-only mortg2ges with RBS, each ofwhich is secured by a legal charge on 8 Norham Gardens.. £960k12021.' £960k) repayable in 2026.. the interest rale is 1.250/0 over Bank of England Base Rale £250k12021.' £250kl repayable in 2026., the interest rale is 2.37Q/o over Bank of England Base Rale 28 Wycliffe Hall Notes to the Financial Statsments Year ended 30 June 2022 13. Contingent Liabilities The following grants are repayable to the Archbishops, Council if Wycliffe Hall ceases to be recognised for ordination training by the House of Bishops.. 1964165 1977179 2013114 Improvement Grant 6,000 FI￿ Precautions Work Grant 16,243 FI￿ Alarm Upgrade Grant 10,000 32,243 14. Analysis of Funds120221 General Fund Capltal Fund Pènsion Designated Restricted Endowed Reserve Funds Funds Funds 2022 Total Tangible Fixed Assets Nel Current Assèts Loans Pension Provision Total 158.864 12,591,613 560,000 13,310,477 624,718 76,069 388,587 1.000 1,090,374 14,578,508) 14,578,508) 9,000 9,000 9,000 9,813,343 783.582 8,013.105 76.069 388,587 561,000 Analysis of Funds12021 Comparatives) Ggngral Fund Capital Fund Penslon Deslgnat&d Restrlcted Endowed Reservo Funds Funds Funds 2021 Total Tangible Fixed Assets Nel 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 14,720,063) 14,720,063) 18,000 18,000 18,000 561,000 10 044 834 308,145 8,670.390 76,069 447,230 15. Restrlcted Funds Openlng Balance 34,389 20.869 19.902 3.527 5,589 Incoming Funds Outgoing Transfers Funds 19.331 Closing Balance 15,058 20,869 4,482 3,527 5,589 18,8471 75,829 72,819 371 91,600 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 Theology for All Research Fund Buechner Prizes Old Teslamenl Tutor Junior Research Fellow Scientist in Residence Income Generation Project 130 15,550 8,847 79,805 33,600 1 $5,634 73,171 371 33,248 91.600 11,2251 45,010 29,993 60,000 1.411 600 42,159 25,439 19,649 14141 2,851 34,547 40,351 15,455 29,993 50.000 29 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 Campus Investment Fund 14.500 14,500 447,230 220 882 279 525 388,587 The Bishop Stephen Neill Fund was sel 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 to the H811 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 to provide bursaries for students. The use ol the Principal's Discretionary Fund is at the absoltjle dis¢reliDn of the Principal. In re￿￿t years il has been used lo meet cases ol hardship. The Mission Fund finances student missions in the UK and overseas, including a leaching mission lo Uganda. The Propety Development Fund was sel up lo raise funds for the development of the sile al 54 Banbury Road and the improvement of sludenl facilities. This will be merged with thè recently established Campus Investment Fund which was set up with the aim of initiating support for campus building enhancement. The Artist in Residence fund was sel up to bring a Chrisb'an musicianlceramicisvartisl lo the Hall and thereby broaden the artistic understanding and engagement of the Hall Communily. The Visiting Academics fund was sel up lo meet the costs of bringing Academics of note lo the college and supporting their lèaching work. The Jenni Williams Book Fund was set up to grow the amount of theological works held in the library available lo Sludenl by female authors. Theology for All is aimed al increasing the diversity of the sludenl body by the provision of full tuition fees and appropriate other financial support to selected UK students The Research Fund has been established through gifts to help tutors with research which will be published. Two 8uechner prizes have been established for which all current students of the Hall are eligible lo cornpele, one in relation lo preaching and the other for creative theological writing. The Old Teslamenl Tutor fund was sel up to bring an Old Testament Tutor to the Hall. The Junior Research Fellow fund was set up to bring a Junior Research Fellow lo the Hall to carry out 2dvanced 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 Set up lo fund the work bringing together Science and Serninary Training. The Income Generation fund provided initial financial resources lo fund consulting work into potential non leaching related forms of Income for the Hall. 30 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 16. Designated Funds Opening Balance 76,069 76,069 Incoming Funds Outgoing Funds Closing Balance 76,069 76,069 Visiting Academics The Visiting Academics designated fund h85 been established through unreslricled donations received and set aside by the Tmslees lo meet the costs of bringing Academic5 of note lo the college and supporting their leaching work. 17. Reconciliatlon of Net Income to net cash flow from operatlons 2022 2021 Net incomellexpenditurel Elimination of non-operaling cash Rows.. Depreciation Isurplusllloss on sale of fixed assets Decreasellincreasel in stock Decreasellincreasel in debtors IDecreaseifincrease in creditors IDecreasellincrease in provisions (Decreasellincrease in pension scheme liability 1231,491) 171,317 185,563 1195,3801 414 1105,7001 1180,1981 11,5551 19,000} 174,078 124,7641 11281 32,336 (169.9651 16101 114,0001 Nel cash provided by (used inl operating activities 537.347 103,592 18. Analysi5 of cash and cash equivalents 2022 2021 Cash at bank and in hand 1.275 051 1,165,668 19. Trustegs, Remuneration Hall Council members who are the Tru51ees of the Hall for the purposes of charity law receive no remuneration for acting as charity Iruslees. Hall Council members receive reimbursement of personal expenses necessarily incurred in connection with Council business amounting lo £21 12021.. £01. Trustees made declared donations tolalling £510 in thi5 financial year12021.. £10,645). 31 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 20. Pension Scheme cliffe Hall participales in the Church of England Funded Pensions Scheme for slipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies. Each participating Responsible Body in the scheme pays contributions at a common contribution rale applied lo pensionable stipends. The schème is considered to be a mulb"*mployer scheme as described in Section 28 of FRS 102. This means il is not possible lo allribute the Scheme's assets and liabilities lo each specific Responsible Body, and this means 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 year12021.' £0, 2020.. £0) plus the figures highlighted in the table below as being recognised in the SOFA, giving a tota1 charge of £0 for 2021 12020.. £01. A valuation of the Scheme is carried out once every three years. The most recent Schème valuation completed was carried out al 31 December 2018. The 2018 valuation revealed a deficit of £50m, based on assets of £1.818m and a fLJnding target of £1,868m, assessed using the following assumptions.. An average discount rale of 3.20/0 p.a.. RPI inflation of 3.40/0 p.a. land pension increases consistent with thisl.. Increase in pensionable stipends 013.4 19 p.a. Mortality in accordance with 95 /0 of the S3NA VL tables, with allowance for improvements in mortality rates in line with the CMI 2018 extended model, with a long-lerm annual r21e of improvement of 1.50/0, a'smoothing paramelerf, of 7 and an initial addition to mortality improvements ol 0.50/0 P. Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit repair contributions payable las a percentage of pensionable slipendsl were sel as follows.. 'h ol pensionable stipends 1 January 2018 to 31 December 2020 1 January 202110 31 December 2022 Deficit repair contributions 11.9. As at 31 December 2019. 31 December 202D and 31 Dècember 2021 the deficit recovery contributions under the recovery plan in force were set 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 deficit recovery payments lo be recognised a5 a liability. The movèment in the provision is sel out in the table below 32 Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2022 2022 2021 Balance sheet liability at 1 July 2021 Deficit contribution p8id Interest cost Irecognised in SOFA) Remaining change lo the balance sheet liability. Irecognised in SOFA) Balance sheet liability al 30 June 2022 18,000 19,000) 32,000 114,0001 9.000 'Comprises change in agreed deficit recovery plan and change in discount rale and assumptions between year-ends. This liability represents the present value of the deficit contributions agreed as al the accounting dale and has been valued using the following a5sumplions. In general, these are sel by reference to the duration of the deficit recovery payments but as at 31 December 2021. under accounting Tules the payments are not discounted since the remaining recovery plan is less than 12 months. No price inflation assumption is needed since pensionable stipends for the remainder of the recovery plan are already known. December 21 December 20 December 19 Discount rale Price inflation Increase to lolal pensionable payroll O.D/o pa nla 0.2'10 pa 1.1Q/o pa 2.80/0 pa 1.6010 pa The legal structure of the scheme is su¢h that if another Responsible Body fails, the Wycliffe Hall Oxford could become responsible for paying a share of that Responsible Body's pension liabilities. 21. Financial Commllments 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. £37,883 remains outstanding al 30th June 2022. During the year £70,97512021'. £70.9751 was charged lo the SOFA for operating leases. Al 30 June the Hall had total commitments under non