Wycliffe Hall Annual Report and Financial Statements Year ended 30 June 2023 Charity number.. 1156892 Company number: 090079711 ACHD515D 30111r2023 COMPANIES HOUSE
WYCLIFFE HALL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 30 JUNE 2023 conte.nts Page Hall Council. offi[s. and Advisors 3-10 Trustees. Report Auditors. Report 15-16 Consolidated Stslement of Financial Activities 17 Consolidated Balan Sheet 18 Company Balance Sheet 19 Consolidated SL*ement of Cash Flows 20-22 Statement of Accounting Policies 23-34 Notes to the Financial Statements
Wycliffe Hall Thall Council, OfficerJ. and Advlsors Year ended 30 June 2023 MEMBERS OF THE HALL COUNCIL Thè members of the Hall Council are U)e DirectL¥5 and Members lif the ¢harilable and are Irustees for the purposes of tharity law. Throughout this rep)rt they arE ¢dlecliv8Py refBrred'to as the trustee5. The folltrwing served as wMtie of the Hall Courh?I during the year {or subsequentyl.. Rt Revd Julian Henderson Ch• .ex officio Revd Em Coley Mrs Alison Coutter VK•¢hoY (R1Jw*I0z3l Chair Mrs Kate Pellerau Sarah Fih Mrs Claire Wlliams Very Revd John. lryine Revd Dr Jar5 Kennedy Mr Paul Lin¢lon Chair Chair Trur Chair Mrs Julie Aldrich Or Tom Simpson Mr Sirnon McGuire Revd Michael Bigg Mr Andrew We51 Membership of Hall Council sUtrMmrtIeeS during ts year ks shown aly)ve for eath trustee.
Wycliffe Hall Hall Council, Offlcers, and Advisor5 Year ended 30 June 2023 SENIOR MANAGEMENT The Principal is apFoinled by the Hall Council to ovew the management of the Hall and he is assisted by the Senv)r Management Tèam. ISMT) Prinupal Revd Dr Michael Lloyd Vice-Principal & Academic Dean Revd Df Justyn Terry Bursar Mrlon Bametson Director of wella and STIlval FoaOn & Dgan for Women Revd Dr Eabeth Hoare Senior Tutor Mrs Katy Routh ADVISORS The following acte(l a5 a(M"sors in the pervj under revw. Auditors.. Criichleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Bankers. The Royal of Scotknd 32 St Gile5 Oxford OX1 3ND SO11t0Ts.' Bates Wells Braithvmile London LLP 10 Queen Sl Pbar ' London EC4R 18E Addre$5 and registered Offi for Companw House purposes.. ¢liffe Ha 52-54 Banbury Ro•J Oxlor(l OX2 6PW l•lebsile'. W4W*.wyclrfle.ox.ac.uk
Wycliffe Hall Trustees. Report Yoar ended 30 June 2023 The Twstees present their annual rewt under the Charities Art 2011 together with Ihe consolidalefi financial ststements of Wcliffe Hall 1.the Hall'l for the year ended 30.June 2023, which are also prepared lo meet the requirements for a diréctors, report and accounts for Compantes kt purp)ses. REFERENCE & ADMINISTRATIVE INFORIAATION clrfle Hall is a company limitad ty guarantee (Conwy Number 09007970) and is LStered with the Chanty Commission, charity number 1156892 arKI is incxporate¢J in the Unr(ed ngdorn. cliffe Hall was incorporated on 23 Awil 2014 and registered wth the Chanty Comrnission on 1 May 2014. On 1 July 2014. a11 the assets. liabilities, and slaff ol Ihe uninCPQrth Hall trust (charity regislralion nUmr 309703) were transferred to thi5 new company. diffe Hall'is a Perrnanent Piivate H1 of the Unl[51Y of OxfrKd. STRUCTURE. GOVERNANCE & MANAGEMEKr onstltutlon The Hall 15 govemed by Artides of Ass(Thtton daled 23 WI 2014 and is a charilabje e(IrTyany limited by guarantee. Gov¢rnan¢g The Hall Council C¢)ntinues to revitrw its governance prctedures. In the rt this has wKluded legal struciure, trustee appointm8nl, IndU10n and term of offKe. reSpsibIli11es and ieview of lis cmn Fffocedures and poIleS. Or9anb•lk>nal Mangwngnt The Hall Counul noffnalty ffeets fryJr times a year and its meetin9s are attended by the Principal and other members ofthe Senior Management Team, together vrith Presidenl and PresKlent* of the Comrnnn Room. To ensure that the Hall Couneil luffiL8 it5 fM1uaary duty of fvll invofvement in setti.ng the strateg direGts)n and the monitoring and evaluation of its &tivit$, the Cound has established several formal Surnm1tteeS. This gnabtes the Council to discharge its duties and reSponsi.1rts in these area5 in a more effectiv? way but does not absofve the Council from rt5 colleclive responstbililie$' rather il enables a smdl gffjup to give more detailed Gonsideratwm to these matters and then to rert to the CrlI. . 111 FlnarKe Committee Thts approves a draft budget fDr weSentan to Ihe COU1 and keeps the develwng lrfe of the Hall under review, making reCoMffÉrJaIJns to Council in administrabve, finanoal and wlicy areas. 121 Education Committee Thi5 reviews the leaching, training and formalion of all students and eonsider5 major decigions on edu¢al¢on and training whh may affttt the Hall's relationship with Mintsty Team andlor the Universty of Oxford anLI other mapr stskehohyets. 131 Govemance & Nominations Cornmittee This recommends candidate5 fDr Me?hIp of Ihe Council Ilor election by the Council as a whole) as vacanoes arise and recomrnends improvnts to the govemancg affangemènts of Ihe Hall.
Wycllffe Hall Trustses. Report Year ended 30 June 2023 141 Oevelopment Committee This detem)ines Dev8k)pment yioritses and largels, ensuring that the Hall's overall Development activities are kept under review. including complrance wilh the Code of Fundraisin9 Practice. 151 Remunerdtion Commitiee This Ad Hct comrY¥itee sets the overall ramUneraln.1ralegY in.tems of benchmath targets for remuneration of drfferenl categories of staff. Imrrthtstion of the $trate9y ts a matter lor the Finance Committee and the SMT A rneeling of su¢0MMittee chairs lakes Pla immedialely prior to each Hall Council meetiThJ to b'rief the Chair and ensure that Council business is conducted as effo8ntty as possible. The Senr Management Team rreets every N¥0 weeks. Tutors. academic staff who hav8 respjnsibility for a Fellowship Group and senior support staff alsomeet fortnighty to wntribute to the management of the Hall in the Hall Wde Management Meeting. Group'structure and Relationships By a scheme dated 16 December 2014. the Ch"ty CommissNJn appointed cIrfe Hall as sde corporate trustee of the predecessor trust Wcliffe Hall Icharity number 3097031. This included transfer of title to the Hall's main building {52-$4 Banbury R08dl which is a Pernnent endovnnenL The Wcltffe Hall tntst ntrUeS to exist bul is essentially dom)anL its onty fvture xINity will be rf the trust receNes legxies. cliffe Hall has wh¢Sly owned nOn<haf1tae tradiig SU"dne5. whose proffts are donated lo the Han undef the Gift Aid scheme.. diffe Hall Services Ltd IsLI is inc¢rForaled in the United Kingdom to manage commercial a¢tivrties in support of clIffe Hall's overall objectives. diffe Hall Oevelopffnt Lld (WHDL) was incrypfxaleil in the United Kingdom and acts as a building contractor to Wdiffe Hall. Risk Managemenl The Hall has on-going prcKesses which operated through-tyjt the financial year for id&ntifying. evaluating, and managing the principal risks and uncertainties fa by the Hall and its SLEb$Kliaries in undertaking its acts"vilie5. The Hall has devdoped systems to mnilor ar control Ihese risks to rrItte the TWt they may have on the Hall's frjture. and these are overseen by the Finance Commiitee. The Hall Council, which ha5 uttimale sponsibility for managing any rkS faced by the Hall.. has fevwed the pr(Ke55e5 in pLgce for managing risk and the pnncipal idents'fied risks lo which the Hall and its subsidiaries are exposed an¢ have concluded that adequate systems are in place to manage these risks. A risk iegislef is uFated and reviewed each year by Hall Council. most recently in November 2022. Finance Committee review parts of this quarterly and each month the SenKY Management Teaffl Tevw ts slatus of one ofthe W iisk categories. The most slgnrficanl risks identified by the &wncil are asSd with student recruitff*nt to thè vanCS courses and training programmes offered by the Plall.
Wycllffe Hall Tru8tw' Report Y¢ar ended 30 June 2023 OBJECTIVES & AcnvmES Charltabl• Objects The Objects of If+e Hall as ststed in the AFticJes of AS$1?110n ¥e'. 11} To provide theological inslruction ¢sIStenI wrth the principles of the Church of England lo candidates for ordinatM)n and, suty'ect thereto. to provide theobgical education (with a prefererlce for indNiduals who arE underlakiThJ a course of study in theology or who have been ordained). 12) In carrying out its objects the Ch8rty may provide )mMOdatiOn for studen15. Actlvltles and ObJ•¢tl¥es of the Hall Th¢ Hall's principal actNty, as described aljove. 15 the provtsft of theolcgul instruction and" mini51erial tralning. The Hall continues to provide ministerial Irainirtg to Church of EngLand ordinands. as well as others from a wide variety of different church backgrounds. Each year, Wdrffg Hall admts undergraduate and postgraduate students to Study Theobgy and lated disciplines. The Hall has a vision to see the natK)ns trdll5foml by tho gospel by renvwing Chrisban leaders in prayer. character. preaching and thinking.. To achieve this. we ale nMItted lo." Trnin lifelong makers... by equipwnga generation of ordained aid lay leatleTS with gospel-cenlred knowledge, character fomalhjn, and pastoral skilLs through a range of carefiJlty designed courses. qualifications, and Irainry pr09ramrr. in Community... by bn'nging qualifytng students to worship. INe and siudy tO9elher. regardless of backgiound or financial constraints. through the provisron of a portfolio of bursaries and scholarships th excellent BIblentrod toaching... by enablitYJ'tutor5 to undertake further stuty to enrich their teachin9 through establishing ertdowments for facu scholarships in biblical studies.. history. Iheobgy and ethics.. mi$sh?n. apologetics, lityrgy and ministy.. and in EvangeJKalism. in a thoughl-provoking cty... by providin9 affoftjable, qualty aceomrT¥)dalpJn and 21# Century facillties in the centre ol Oxford with acces5 to all the ltura. sp)rting. academiG and mi5Stonal opportunities which the City and University provide. A svJnfficanl number of students are Thtted each yearto the one-yw Cerbftale in Theologieal Studie5 ICTSI, offered Ihrouyh the Oxford Unrietsty Department of Conb'nuing Educ'on. Some students compte the course part-time over yeats,. others conb.nue to the Diploma in Theological Studie¥lDTSI and Bachelor in Theology {BThl. This suite ol programmes, abngside the BA in Tfwk)gy and Religion, afe the main oplions for our ordinands unless they have a prior IheokJgKal degree. in whth case they may urKlertake the MTh, MPhil or DPhil. ty.cliffe Hall also aims to b¢ a ¢entre of tW(gi¢ excellen within the Anglican Evangefical trart. As part of the Universty of Oxford. il models academic excellence and inlegrty. and. as an institution training people for church ministry, il is also comrrytted to Fwoviding an outstanding wofessional training and to producing students who will be strong leaders. For all these aSonS. the Hall pays great attention to tts leaching. to the quality of eommunty life in the Hall and to pastor* care and personal deVelOprrt ol its students.
Wy¢llffo Hall Tru$tee$' Report Year ended 30 June 2023 Public 8eneflt cliffe H311 is an educats'onal establishment. founded to wide training for those t+4ho seek ordained ministy within the Church of England. It accepts students trom a wwje varÈty of back9rounds who seek to study theology Within the UnNersity ol Oxford. in addition lo graduate students from other disoplines who wish lo study in an Evangelical Anglun Hall. The educalion is FKovK1ed fomialty wthin the Hall and UnNersity, and all cL)urses to University of Oxford qualifications. Hall Council has considered Ihe Charity Cornmission's guidance on public benefit The benefiaaries of the charitable activity undertaken by the Hall include the 5bJdents themselves, those impacted by the students during iheif placemen15 and missions. ihe Church of England and other bodies. indivKluals and rMmUnitieS which will benefit from the fubjre ministrs of those who have trained al the Hati. As with other educatr)nal eSt?lShMents. a maTr)r benefft to the Students is rn the frmal nveYance of knowtedge. This is done in a variety of settings induding lecture5, seminats and tutorials. but is also imparted through peer groups, on placemt and on mh8sion. The HaN also Seeks to provKle a Selling ¢ondLTrwe to learning. with an emphasis on community lrfe, mutual support and the accessibility of staff who seek lo prov . appropriate counsel in every circumstance. The Hall 1nsntty strwes to improve on its already high standards by encouraging feedback from the students on all aspects of their exFeiiences at the Hall each term. On one level. the success of the education provided at the Hall can be in the qualifications from the Universty of Oxford which the students receive at the end of their courses. However. this ademiC yardstick does not reflect the full extent of the training grven wthin the Hall to prepare the students.for leadership in the Church of England and other Sphe of Christian ministy. The beneficial impact of these students is fell in many ways and places. The Hall believes that it is in the interests of society that rel1J$ thlers a trained at the hKJhesl academic level. The exposvre olevery student to the {rigorousty formed and articulalety expressed) views of others, and the subjection of every belief. however Cherished. lo the cribque ol others produces religious leaders of gTealer humility, moderation. and ability lo engage inlellvJentty and graoousty wrth those who hold opposing beliefs. Such an education and training help dèvelop aderS who will not presth over the retreat of religious groups into a sectarian attitude, bul which will contribute positwety to the debates- and the needs- of contemptsrary soriety. Flnancial Support for Stud•nts The Hall charges tuition fees in Ile with extsmaNy Rgulated fates and sets reasonable aecommdalion and meal Charges. To assist UndeljUates entiyed lo Student SupF4rt the Hall provides through a scheme operated in common with the University and other CgeS. bUry support for those ol limited financial means. The 5cheft* is approved by the Offi¢e of Fair Access IOFFAI and provides benefits at a substanbally hwJher level than Ihe minimum OFFA requireffent. Most of the Hall's indeperKlent sludents li.e.. those whose training costs are not paid by the Church of England) are not eligible for Student Support there p055ible. the Hall provides financial SUPFth for students, including several bvrsaries and fee YrdtrVe each year lo fijnd fees and living costs for bjth undergraduate and gfaduate SdentS. For the academic year 2022r23, the nurtier of wards made by the Haifwas 18 {2022'.111 and the total value awarded was £5Sk {2022." £38k). A new bursary. Theology for Ml, became available during the year.. for which £108k was paid lo support 8 students during the year. The Hall also supports students with travel expenses associated with their ministenal pIaCerrnts arm1 operates a limited hardship fund, for which students incurring unexpected financial hartship are eligibk. ¢1e Hall most gratefijl for the support ofdonors who have contributed lo Bursary funds.
Wycliffe Hall Trustees, Report Year ended 30 June 2023 ACTivrriES AND PERFORMANCE ¢liffe Hall eontinues to renew Christian heade in prayer. tharacler. weaching and thinknng, Iixvards its vision of seeiNJ the nations transforrr by the gosFel. In the academic year beginning Octoter 2022.172 full time equN8t $tudents12021'.103.51 wgre sludying at clrfe. The equipping of men and women ts ordained and * ministy remains the central Xlivty of the Hall. I those preparing for ordained ministry in the Churcn of England secured PlIKn$ as Curates and are serving in that context in dioceses acTr)ss England and even in the widerAnglThn Corrffjnunion. We always enjoy hearing feedback frorn our alumni and a constanty erKoura9ed to see the tangible impact they hwe around the worhj. Exam results lor students on University of Oxford courses were generally grN)d. The number of graduate students held steady arourrfl 35 this year bul grew in diversity folkywing our decision to 8dmil graduate stLtdents in suty'ects outside of Thkn)y. Our Graduate Sw8ty is now well established and is recognised as offeiing very effectNe support for graduate students in their studvès. It toslers a strong sense of communlty wlth a regular programme of academic and social events. These include a fortntlY Graduate Research Seminar, whefe aca¢Jemic papets are preseritgj on a variety of subjects from Wcliffe graduates and staff as well as other graduates and academics across the UnNefsty. A temity 'Lounge Lecture, has featured wide ¥ariety ol speakers from the UK and fvrther afield in a relaxed social 5elts"ng. are also devektphng a programrne lo mentor Christian acdemKs. RecnJiknent xtivity this year, induding meetings with Btshops and OKwan Directh of Ordinands IDDOS) . and visiting conferences, has had an increased focus, with several key individuals in the team dediGaling more of their b"n lo this aa,. we hope that the rE5uIts of this wll be shown in ineased student numbers in years to come. Open Days and Intervie were well attended The annual Vc¢8tions Conference for Worw) wa¥ 'YJrganised again to increase the number ol w0nn coming io the Hall. There is also a weekty Principal's Hour at vthich Oxford a¢adeffl and other scholars and praetitioner6, from wide variety of dlscipline3 and faith perspethes. are invited 10 speak. This year. these have included nKNe on the relatsonships befvfftn Scien an¢ faith by virtue of a grant to promote &nce for Seminaries. and we also held a conference on Science and Christianty fvnded by the san grant. In ad¢JitKsn lo their leaching. tuto have been arbve in research and wrFbng, with sever81 books and articles being published by them throughoul.the year. The Hall has also teen encouraging hola15hip through hosting Biblical Studies Research SeminaF5 at whth local and visthg scholars psent papers. Thi5 strong research activity rrans that we submitted 4.4 stsff to the 2021 REF (the ernment research excellen assessment Iram8workl, compared to onty one member of staff in the last exercise in 2014. This has resutted in around £22k .p.a. additional nel income for the Hall fmm acadern year 2023 onwards. We have also been seeking to bring additional Junior Rese8rc* Fellthvs into the Hall and exFert grthvth in this area Sn. We enjoyed the benefft ofth'e Artist in Residence.coM.nlr stuty arKI arn.stic output wilh the fostering and encouragement of the dNerse Creative gffts of the communty- a$ demonstrated in our partKipation in the Oxfordshire Art Week for a third time. (This role is funded by speafic philanthropic donation.) cirffe Hall's staff continued to rnake a sYJnificanl IM rMJtshle the Hall as we15. The ordained members of siaff have continued lo pa¢h and teach in many settings. contiibuting to the lrfe of several churches and Christian Organi$atKs. Attendance a¢ academK confewos has continued. several tutors contn"buting at them.
Wycliffe Hall Trustees. Report Year ended 30 June 2023 FINANCIAL REVIEW The financial ststemnts have been prepared in awdance with the accounting pd1¢$ as set out on page5 20 to 22 and compty with the Charities Act 2011. the CoMpanS Act 20C6 and Accwnting and Reporting by Charities". Statement of Recommended Practice appIae to chaIrtS preparing their accounts in accordance with the Financial ReKth'ng Stsndard Applue in the UK and Republic of Ireland {FRS1021 (effeclNe 1 January 20191. Oper¥llng P•rfornian¢• An 8% infftase in sludenl numbers from 103.5 FTE in 2021122 to 112 FTE in 2022123 heralded a return to re regular post pandemic operating envwonffnt resulting in a healthy improvement in income from £2.442k to £2.946k. This represents an increase of 30% overall ojmpared to 21r22 levels excluding fixed asset sale proceed5. The slrategy to devek)p a viable commercial Iome slream from B&8, Events and Conferences began lo bear eady Iruil as Irading income more than quadnjw from £91 k lo £453k. A significant improvement in the numbw of independent sludents from 54 to 72 meant that their income contribution increased by £154k.. whilsl'thal from oroinands declined Jhtty. Irwme from residenbal and commercial income declined from £836k to É800k retleeting tl)e specift requITrnts of the current student cohort tr1 also the fact that we have in5uffiuent owned or managed acCTratiOn facilrtEs particularly for families. an increasingty important ement of our sludent body. Gifts Iiom our donots also inueased in the ygarwth unrestrthd givin9 rising from £113k to £195k and restricte<l giwng rising by 76% to £388k12021.' £221k). This latter growth refiects the fijnding ol several Speci search and leaching pos15 that are related to our'New Renaissance. vision. (See Future Plans below). Despite the encouraging increases in income, lotsl unreslricted expendrture increased by £589k year-on-year to £3,OOBk12022'. £2,419kl. The largest re9ubar factor contributing lo this was an 9% in¢rease of £133k in staff related v)sis frorn £1,491k to £1.624k This included the impact of an aggregate 10.5% increase in the sa¢ary bill as we continued to rrnve towarrjs unNef&ty benchmarks and hired four rTh)re staff. some ol whom wefe fijnded by restricted donati$. Elsewhere Inflatary cten"ng. consumables, insurance. and utilty costs added lo the overall expense base. From a more strategic perspethe we invesied an addtIal £171k in fvrKITaising and publicity including the appoinlffÉnt of a markeb.ng and comn1unats.s Officer whth enabled us to deliver a tre effective sc¢ial medi8 messagin9 campaign that is aliea(ty showing an encournging impact in lemis of in¢ased admissions. Similaty, the drive to developa viable cy)mnr¢iJ incorr stream required an irueased level of trading expendifvre of £107k. iluding the appointment of an Events and confence manager. most of whh is recorded through our subsidiary Wdrfte Hall Services. The remaining increase in unrestricted expenditu wa5 impacted by £163k Snt on the preliminary planning and design stage5 of a transformatNe approach lo the redeveb)PfTienl of our campus buildings whKh airns to provKJe fath"lities that a more fft-for-purF4)se and that will rneel our ambilious growih obiectbves. The net result of Ihese increases in wulaf and more strateg expenditures together wrth the v3rM)us Inco g)urce irrprovements is an overall unrestrthd opeTrting h)ss of £433k.
Wycllffe Hall
Trust¢es' Roport
Y•ar onded 30 June 2023
R•serv•8 Pollcy
The Hall's reserves policy is to maintain sufficnl free reseNes lo enable rt to rwet ils short4erm financial
obligations in the event of an unexpected revenue shortlall and lo allow the Hall to be managed efficienlfy andto
provide 8 buffer that would ensure uninterrupted servtes. AttIugh cash in bank accounts al £1.259k chan9ed
little dullng the year, cashflows can be volatile rrKmthly and are rrrf)nilcrfed ¢Sety to ensure that Immediate
obligations can be met Our target is to ensure that there are always SUeThI reserves to cover at least 3.
months of budgeted operating expenditure. ¢>erall, the Hall aims to o&wate on a balanced budget basis. and
therefore attempts to restJicl expenditure to the e1 of tee and o)nference income plus anticipated unreStrted
donations. Following the financial difficulti85 fesutting from Ihe pandwnic. the Hall is at 8n earty stage in
estishing a nK)re robust operating modd.
Total funds ol the Hall and its subsidiaries at the year-end deueased to £9.399k12022." £9.813kl. This includes
eni1owment Capital of£561k {2021.. £561k) and unspent reslrthd income funds totalling £399k12021.. £389k}.
05t of Cliffe Hairs reserye5 are invested in property to provide adequate space for the academic and
administrative on9 ol the Hall, and to provide housin9 for students. Cunent assets are nomBIty restricted
to the minimum required for the tranSactn of the Hall's Day lo day busines$. Free SeNe5 {i.e.. unrestrled
nel current assets) at the year*nd dedined lo £588k {2022'. £701kl whth 15 explained in more detail in Note 14
lo the Ants.
Grantwmaklng Poll¢y
Grants a made from strthd fvnds acoydance with the restrthns nSed on those fvnds.
Investment Powo
The Trustees are peTel to invesl the Haif5 assets at ther di5cre1.
FUTURE PLANS
The Hall is gradually recovering from the pandemic and ¢onkn"nuing to devebp plans to ensure a more viable
operating model. As well as a focused recnJi
Wycllffe Hall Trustees, Report Y•ar ended 30 June 2023 STATEMENT OF TRUSTEES, ACCOUNTING AND REPORTING RESPONS181LITES The trustees are responsible for prewng the Tntstee5' Annual Report and the financial statements In accordan¢e with appluble law artd United lfjngdom Accounting Standards (United Kingdom Generalty Accepted Accountin9 Praciicel and applicable LThl. including Financial Reporting Standard 102". The FinancAal Reporting Stsndard Wicable in the UK and RepublK of Irdand (FRS 102). The law applKable lo chantS in England & Wales requires the trnstees lo prepare financial statements lor each financial year which give a true and fair wew of the stale of affairs of the charity and of the incoming resources and application of S011rceS of the chwity lor Ihat Per1. In pParing these financial ststements. the trustees are required lo.. select suitable accounting p)liC$ al then appty them consistent. obserye the methods and principles in Ihe Charities SORP. make judgements and estimates that a reasonable wudenL state whether applicable accounting stsndards induding FRS 102 have been followed, subject lo any material departures disdtssed and explained in the financial statements. prepare the finanGial statements on the going COrern baws unless il 15 inappropriate to presume Ihal the charty w1 continue in opernt. The Iruslees are resw)rtsible for keeping proper accounting records that discbse with feasonable auracY al any lime the financial position of the charity and enable them to ensure that the financial ststemenls comply with the Charities Act 2011 and the provisions of the Irust deed. They are also responsible for safeguarding the assets of the charity and hence for taksng reasonabk ep$ for the prevents.on and detection of fraud and other irregularities. The trustees are responsible for the maintenance and tegftty of the charity and financial infomalion induded on the charity's website. Legislatn in the United Kingdom goveming the preparath)n arKI dissemination ol financial stslements may differ from kgislation in otherjuri5dth"ons. Insofar as the trustees are aware at the time of approving our tsustees. annual report.. There is rto relevant infornalion, being informab'on needed by the auditor in nnectI)n with preporiThJ their repo¢ of which the gr¢up's auditor is unaware, and The trustees, having m&Je enqtsi of fellow direthrs and the group's auditor that they ought lo have in¢Jividually taken, have each taken all steps that helshe is obliged lo take as a director lo make themsefves aware ol any relevant audit inforniation and lo estsblish that the auditor is aware of ¢hal infomats"on. Approved by the Board ofTrustees on Novernber 2023 and sgned on its behalf by: Rt Revd Julian Hermjerson Chaimian Paul Lindon Treasurer io
Wycllffe Hall Independent audltors. report to the membors and tru¥teu of Wycliffe Hall Year ended 30 June 2023 Opinion We have audited the financial $tstennts Of¢tiffe Hal ('the charitabte company'l and its subsidiars (the "group'l for Ihe year ended 30 June 2023 whth (>)mpnse the Consolidated Slatement of Financsal ActNities. the Consdidale¢J and Company Balance Sheets, the Consc4idated Statement of Cash Fbws, and notes to the financial statenEnts, induding SYdnffjant COuntbft9 pol¢ies. The fiTrancial reports.ng frarrwork that has bèen applied in their pparation is applue law and United Kingdom AInting Standards. including FRS 102 The Financial Rewrtin9 Sland8rd applicabla in lh8 UK and Republic ollreland {Unit&J Kingdorn Generally Accepted Accounllng Pracltcel. In our opinion, the financial ststements= give a true and fair view of the stsle ofthe group's aThJ pwertt chantaL4e company's alPairs as a130 Junè 2023 and ot its ints)ming resources and 8pplicatKn of resour for the year then ended.. ave been propety prepared in 0rdartee wrth Unjled "n10M General Accethd Accountlng have been prepare(l in ac¢orilance with the requirem8nts ofthe cornpan Act 2006. Ba$1$ for oplnlon We conducted our audil in accordance wilh Internan81 Stsndards on Audtt"rng (UK) IISAS IUK)) and appllcable law. Ovr re5ponsibililies under those stsndards are fiJrtheT described in the Audito$ responsibilrties for Ihe audit of Ihg financiol statgm8nts section of our ieport We are independonl of the chaiitable company in accordance with the ethical requirements that are relevant to ouraudrt of the fiarla1 stalements in the UK including the FRC'S Ethical Standard anEI we have fvIfiIW our other ethical fesponsibilitw in aC(YJrdan Mth these requirements. We believe that the audit eviilerKe we have oblained is sufficient and appropriate to provide basis for our opinion. Concluslons relatlng to g¢Jing ¢oncern In auditing the financol statnIS. we have ndded ihat the Iru5tees' use of the going concem basis of accountrng in the pparation of the finanaal sta*ments is appropriate. Based on the work we hav& performe(l. we have not identified any malerial uncertainties relatin9 to events or conditions that. indNidually or collectivety. may cast signifKant doubt on the Charrty's ability Its contirue a5 8 going concern lor a peric•J'oi at least 12 rrinths Irom when the fina01 statements are authorised for issue. Our respMsObilittes and the responsFbilities of the trustees th respect to gryng<orKem 8re described in the relevant sections of this reporL Othei Infomiatlon The other informab.on comprises the infomwt¥)n ¥iduded in the annual report, including the rfU51ees' report other than the financial statements and our auditorfs repjrt thereon. The twslees are responsibl8 for the other inf0mtion contained within the annual report Qur opinion on the finano& sialerr¢nts doe5 not cover the other information and. except to the extent olheThfft expw slatet1 Èn our report. we do nol exp5$ any form ol 8ssuwce Conclusi Ilweon. Our responsibility Is to reatl the other infmtion and. in &)ing so. consKler whether the other infomialion is malerHlly inconsistent with the finowal statThnts. or our knowledge obtained in th8 course of Ihe audit, or othen¥ise appears to be materialy misslated. If we Klentsfy such matsrial inconsistenw or apparent material
Wycliffe Hall Independent auditors, report to the members and tNstees of Wycllffe Hall Year ended 30 June 2023 Misstatements... are reqwred to detemiine whether this givesTK8e to a material rrisstatemenl wi Ihe fjnancial stslernenis themselves. Ir, basef1 on the Work we have performed. we conclde Ihat there is a ffBterial misstalemenl of this other infcKmation, we are required to port that I. We have nothing to report in this regard. Opinion8 on other mattert preS¢rtb by the Compnlg¥ Act 2006 In our opinTon. base(l M the undertaken in the course of the aud the informion given in the trustees. reFQrt. wht¢h indudes Ihe directors, report prepared for the purposes of company law. for the finanaal year ft>r whKh Ihe finanal stalem8nts are prepared is consislenl with the financ1 statements- and the directo. reFXJt included vmthin the IrLJStees' rewt have been prepared in cOrdanCe applKable kgal requirefflents. Malters on whlch we are r•quirnd to reprtrrt by exceptlon In the light of the knowledge and understanding of Ihe company and its envirOnEnt obtained in the course of the audrt. we have not Klenlified matenal nNsstalements in the directors, rewrt included wilhin Ihe trustees, report. We have nothing to report respect'of the follcrmng rnatte in lation tr) whrh the Companies Act 2006 require us to report lo you rf, in our opinion". adeqlsale and pro*r a¢wLsnling re¢wds have not been kepL or retums adequate for our audil hove not been received from branches not vi8iled by us.. or the finanaal statements are nol in agreement with the accnting records and retums: LY rtain di10$UreS of trustees. Muneration Spe¢ffd by law ¥e not made" or we have not received all the inlonnation and expianalions w8 require ts our audit,. or the trystee$ were not entided to prepare the financial statements in accordance wth Ihe smam companres wimg and take advantsge of the small Compan$, exernpts'ons in preparing the tru5tees' port and from the requireff£nt to prepare a strategt reF#yL R•sponslbllltles of thg trust•os As explained rn0 lulty in the trustees. responsibElit State1 set out on page 10 the trustee$ (who aré also the directors of the charitable cornpany lor the purposes of company law) are responsible for the prepafatKJn of the financial statements and for being satIsfd Ihal they gwe a true and frdir view. and for such intemal control as the trustees ¢elem)ine is neSary lo enatle Ihe pieparab.on offinancial statements that are free from material missLitemenL whether due to fraud or err¢x. In preparing the ffinancial statements. the trustees are responsible for assessing the o)mpany's ability to continue as a going eoncem. disdosing. as aPpIe. matteJs rekated to going concem and using the 90ing concefn basis of accounting unkn the trustees eilher intend to liquidate the company or to cease operations. or have rio realistic alemati¥e but.to do so. 12
Wy¢liffe Hall Independent auditors. report to the mombers and trustees of Wycllffe Hall Yoar endod 30 June 2023 Audltoe5 Tesponslbllltle¥ forthg •udft of tho ffnanclal statements Our objectwes are lo obtain reasonable assurance about vthèther the financial staleryents are free from material misststernent, whelherdue lo fraud or error. 8nd to tssue an auditorf5 report that includes our opinion. Reasonable assurance is a high Ve1 of assuran¢e is not 3 guarantee that an audit conducted in accordarw with ISAS (UK) will aayS delect a material miss13tement when it exists. Misstatements can arise from fraud or error and are consKlered material rf. indrvidualty or in the aggregate. they could reawnabty be expected to in1luen the economic d&i%ions of users taken based on these financial $tements. Irregulartties. including fraud. are instsnces of non4omF4iance th W$ and reguLgtions. We design procedures in line wilh our resp)nsibilities. oudined abova, lo detect material misstalements in respect of irregularrties. induding fraud. The extent lo which our wocedures Can detect irregularitw, induding fraud is detailed below.. Our approach to idenlfying and assessing the risks of rnoterial mi55tatement In respect of irregularities. . induding fraud and non<ompliance wth laws and regulalions. was as fcdbws: the 8ngagem8nl partner ensured that thg enyagement leam ¢ollecbvety had thè appropriaie competence. capabilities, aNJ ski115 to identify or recognise norFcompliance with apleable Im and regUlatn$. we identified thelaws and regulatv)ns apb to the charity through discussion5 with trustees and other management, and from our ts)mrrwc3al kn(ywWge and experience of the clienf5 busines5 seGtor. we focused on Speci laws and regulaIn$ which we considered may have 8 direct material effect on the financial slaternents or the operations of the charty, including the Companies Act 2006, Charities "Act 2011, d protectK)n. anb".bribery. empbyThnl enVirmental and heatth and safety legislation. we assessed the extent of COMLance wilh the laws an¢J regulations identified abfft thn)ugh mgking enquiries of management.. and identified law5 and regulations were corrffnunicated vrithin the audit team regularty and the team femained alert to instance5 of non-complian throUght the aud We assessed the susceptibilty of the chartys financial statements to material misstateffnL InLIng obtaining an understanding ol hcm fraud might cwjr. by". making enquines of manageTrEnl as lo where they c4%1sidergd there was 5usRptibilty to fraud, their knowledge of actual. SUSFected. and alleged fraud. considering the internal ¢ontrols in Klace lo ffiligate risks of frwj and rK)n-oimpllance wlh laws aTr regulations: and To address the risk of fraud thnJu9h managerrent tiias and OVeje of ¢Mtrois, we: Per1m amlytvl procedures to identsfy any UsUal or unexpthd relationships. tested jouma entries to Klenty unusual Iransadion5. assessed whether1ements and assumptions rnade in determining the accounting estwtes set out in the Statement of Accounting Policies were lThyb.¥e of potential bkqs. investigated the rationate behind SignifinI or unusual transactions.. and 13
Wy¢liffe Hall Independent auditors. report to the members and trustees of Wycliffe Hall Year ended 30 June 2023 In response lo the fisk of iNe9ularilies and nw-complkqnce with laws and regulalK)ns, we desvJned PrclU5 whKh included. but were not limileil to= agreeing financial statement disckjsures to undetying SUPPQTb'ng dMentation. rea¢Jing Ine mmiutes ol meetings of those Charg with govemarv. enquiring of management as lo acluJ and potential litigation and ckim> There are inherent limitations in our audit wocedures described above. The more renv)ved those kw$ and regulations are from financial transactions. the less likely il s that we would become aware of non-compliance. Audrting standards also limit the audit pKKedure5 required to bjentify non-compbance with laws and reg(tlalions lo enquiry of the Iruslees an¢J other managemenl and the inspeckn of regulatory arKI legal ¢>JrTesFondence. if any. Material misstatements that arise due lo fraud can be harder lo delecl than Ihose that arise frthn error as they may invotve delikrate concealment or collusic. A furlher descTipts"on of our Te5ponsibilitEs is avadable on the Financkql Repon9 Counryl's website '. www.frc.o .uklauditorsres nsibil@s. This descriptson fom)s part of our audilo¢s reF<#t Us• of our r•port This report 1$ made solely lo the charitable company'$ rmthrs, as a in accordance wth Chapter 3 of Part.16 of the Companies Act 20C6. Our audit work has been undertaken so that we might slate lo the charitabk company's member5 Ih05e mattets we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent permttted by L4w. we do not accept or assun responsibility to anyone other than the charitable company and the charitable company's members as a tvdy. for our audil work. for this report,.or lof the opinions we have fornd. Robert Kirtland FCA (Senior Statutory Auditor? For and on behalf of Crilchleys Audit LLP {Statutory Auditorl 2>38 Hythe Bridge Street Oxford OX12EP Dale.. 23111r2023 14
Wycllffe Hall Consolldated Statement of FinancialAthili¢>-._ -{In¢ludlng tyonsolldated Income and EXndItijr0 Account) Yoar endod 30 June 2023 Unrestrlct•d Reslrfded Endi>wrnent Fund Fund$ Funds 2023 2023 2023 Total Funds 2023 Totsl Funds 2022 Note Income and endowments from Charitable actlvili•s Teaching, research and residential Donalrons and legaies Tradin9 IIICQ 8ank and other interest Profit on disposal of fixeil asset 1.916,549 19S.269 452,852 1.916,549 1,846.653 576.409 333,388 452,852 91.$66 381.140 170.251 Total Income 2.S64.670 381.140 2.945,810 2,441.858 Expgndlture on Gtrnerating Funds FUnd1$1ng and publicity Trading expenditure 378,738 378.738 207.849 133.047 133.047 26,074 511.785 511.785 233.923 Charllable •xp•ndlturn Tea¢hing,.research and resKlenlial 2.496.629 360.532 2.857,161 2.449,982 Total eXditUr 3.C(J8.414 36D.532 3.368,946 2,683,905 Nèt incom? I (exp•ndllur• 1443.744) 20.608 1423.136} (242,0471 Transfer bEtween funds 10.535 110.535) Surplu$llDfftIt) 1433.2091 10.073 1423,1361 {242.0471 Other rgGognlsed galnyl1108sesl Gains on revaluation of fixed assets A¢tuarial gainsl Ilossesl on defined, benefit pension scheme 1231 (23) 1.556 N•t mov•mgnt In funds (424.232) .10.073 1414.1591 {231.4911 15.
Wycliffe Hall Consolidated Statement of Financial Activitlos Ilncluding Consolidated Income and Expenditure Account) Year ended 30 June 2023 Unrestrictad Restricted Endowment Funds Funds Funds 2023 2023 2023 Tolal Funds 2023 Total Funds 2022 8alances brought forward at 111 July 2022 8,863.756 388,$87 561,000 9,813,343 10,044,834 Balanc•s carried forward at JO June 2023 8.439.523 398,660 1.orKJ 9.399,183 9,813,343 The statement of financial activitie5 indude5 an gan5 and kjsses rwnised hi the year. l income and expendrtufe derive from continuing activit*s. 16
Wycliffe Hall (Company Nufflbgr 09007970) on$olidated Balance Sheet Year ended 30 June 2023 UnTestTiCt•d ' R•slri¢t•d Endfy•nnent Funds Funds Funds . 2023 2023 . 2023 Total Funds 2023 Totsl Funds 2022 Note Flxed Ass•ts TangitAe Assets 12.433.223 1S9.284 560,1XQ 13,152,507 13,310,477 Curr•nt Amtts Slock Debtots Cash at bank and in hand 191.014 191.014 428.'875 1.018.219 239,376 1.258.595 1.275.051 1.209,233 239,376 1.LKK) 1.449.609 1.703.926 Credttors Amounts falling due within one year 10 621,310 821,310 613.552 Not Current Assets 7.970 239.376 828,299 1,090,374 Total Assots le88 Curr¢nl Llablllti•s 13.021,146 398.660 561.0(M) 13.980.8C6 14.4fy).8S1 Cfodltors Amounts lalling due after more than one year 12 4.581,823 4.581.623 4.578,508 Pension Scheme Provision Total creditor5 due after more than one year 4,581,623 4.581.623 4.587.508 Nel Assèts 8.439.523 398.660 561.000 9,399,183 9.813.343 Capitll Funds Endowment Funds Restricted Funds Oesignated Funds Unrestricted Funds 561,0 561,000 398.660 17.630 8.421.893 561.000 388,587 76,069 8,787,687 15 16 398,660 17,630 8.421.893 Total FundB 8.439.523 398.660 561,000 9.399,183 9.813.343 Approved by the Board ofTrustee5 on 16th November 2023 and sb3wJ on ts behalf by.. RtRevd Ju ian Hènderson (Chair) Paul LIOn ITr8a$urgrl 17
Wycliffe Hall Company Balance Sheet Year ended 30 June 2023 Unrgstrl¢tsd Restricted Endowment Total Funds Fuftds Funds Funds 2023 2023 2023 2023 Total Funds 2022 Note FSxed Assets Tangible Assets Investments 12.433.223 10 159.284 560,LXQ 13.152.507 13.310,477 10 10 12,433.233 159.284 560.000 13.152,517 13.310,487 Current Assots Stock OebtOfS Cash at Bank in Hand 251,931 806.342 251.931 492,333 1,046.718 1.123,334 239.376 1.000 1.058,273 239,376 1.298,649 1,61S,667 Credltors Amounts falling due within one year 10 478.982 478,982 543.869 Net Current Assets 579.290 239.376 1.CQO 819.666 1,071,798 Total Assets less CuTr•nt Liabllities 13.012.523 398.e60 561.000 13.972.1B3 14.382,285 Creditovs Amounts fallin9 due after rn than one year Pension Scheme Provision 12 4.581.623 4.581.623 4.578.508 Total creditors due after rrwe than one year 4,581,623 4,581,623 4.587,508 Not Assets 8.430.9 398.e 1,000 9.390.560 9.794.777 Capital Funds Endowment Funds Restricted Funds Dosignated Funds .Uniestrthd Funds 561.OCMJ 561.000 561.000 398,660 388,587 17.630 76.069 8.413.270 8,769,121 15 18 17.630 8.413.270 8,430.9LN) 398.660 56i,CQO 9.390,560 9,794.777 Approved by the Board of Trustees on 16 th November 2023 and signed on its behaff by.. Rt Revd Julian He erson ICh*r) Paul LindM (TreaSUrI 18
Wycliffe Hall onsolldated Statemei)t of Cash Flows Year •ndod 30 June 2023 ' Not• 2023 2022 Net Gash provid•d by lus¢d in) op•r•llng athftl•s 17 14.087 1537.3471 Cash flows from Investlng actlvltles Proceeds Imm Sa of property, ant and equpment Pufchase of property. plant and equipment IMlonI of asséts Net cash w0ved by lused inl investing actNib 1.052,330 {90.6001 (27,428) 3.115 961.730 Cash flows from financlng a¢tivltio& Repayments of t¥)rrowing Cash Inflows from new bJrrwng Net cash provKled by (used inl finanang a¢iivitses 1515,0001 200 000 Char)ge in cash and cash equNalents in the repKxting per 109 383 Cash and cash equivalents at the beginnW Oftt retth"rKJ w¥)d 1.275,051 1.165.668 Cash and cash equlvalents It the end of the rnportlng perfod 18 1 258,595 1275.051 l9
Wy¢llffe Hall SL7tement of Accounting Pollcies Yoar ended 30 June 2023 Sco of th Fin ncial Sl8tements The finanaal statements Psent the Consolklated Statement of Financial Aetivrties ISOFAI, the Corisolidaled and Company 8alance Sheets and the Consolhjated Slalemenl ofcash Flows forthe Hall and itswholly ntrOlled sUbslary Wcliffe Hall Services Limited and Wcliffe Hall Devebpment Limited. No separate SOFA has been Pfesented for the Hall alone as currentty permitted by the Chanty CommissIn on a concessionary basi5 for the filing ol c¢nsolNlaled financtal statements. The results of the subsidiaries as included in the consolidated SOFA and balance sheet are disclosed in rKJte 8. Induded in the financi statements are Ihe cryrparative ffigU for 2022. Basis ofAccounkn'n The Ha51's individual and consolidated financial stateffnls have been prepared in accordance with Unite¢t Kingdom Aunting Standards. in paitular'FRS 102.- The Financial Reporting Standard applKable in the UK and Republic of Irek3nd' {FRS 102}". The Hall is a public benefft entity for the purposes of FRS 11y2 and a registefed charity. The Hall has therefore also prepared its individual and consdidated financaal stslements in aW)rdan with 'The Slatement of Recommended Praclti applieable to chanties PParing Iheir financial st*rnenls in aCCOTdance with FRS 102. {The Ch8ribes SORP (FRS 1021) The financial statements have teen prepared on a goiw concem basis and on the hislorical cost basis. The principal accounting pohu.es adopted are set out beftyv and have been applied consistenY throughout the year. Freehokj Pro The charity's original prcp8rty was donated to the charitsbk company and is shown al deemed acquisition ¢osl. On the transfer from the Trust to the new limited company, freehokj properties (with the excepti¢)n of the main sitel were re-valued at the market value as al l Juty 2014 and are revalued each year. The main site which consists ofthe endowed property and 3 on Site h¢)uses were tran5fetred at dee acquisrtw costand purchase cost Freehold propety 15 deemed to consist of land170% of cost) and buildings130% of rnst). The land is not king depreciated. but the buiklings are being depreuated w 50 years. Major refurbishments to building5 are ¢apitalised and depreciated over S or 15 yew5. her Fixed Ass Is Significant fixed assets are cawtalis8d and depreciated over Uleir eslimated usefrjl lives.. small items are charged to the incorne and expenditure account a5 Irrd. No softwJe is capitalised. The depreciation rates appl lo equipfflent are 20% or 33% COSL 20
Wy¢llff• Hall stst•mont of Accounllng Pollcles Year 8nd8d 30 June 2023 Fund Accountin Funds held by the charity Const ol.. Unrestricted General Funds. whth can be used in a(tfxtsrKe with the charitable objects at the discretion ol the trustees. Endowment Funds. which result frtm capiial gifts to the charty and must be held perrrArtenUy. Restn"cted FuThJs, whKh can onty be used lor partlar restrthd puyJse5 wilhin the objects of the charity. RestrtiOnS arise when speufied by the donor or when thJnd5 are raised for particular wstricted purposes. Furthef eXpkn0tn ol the naknre and Purpose of each lund is induded in the notes lo the financial statements. Desigriated Funds. unrestricted anKunts receNed whith have been Set aside by trustees fc< an senlial spend or fvture purF4)se. and other income Students. fees. rents and confrren¢8 income are a¢cgyJntsd fi)r in Ihe period in whith the ser¥i¢o or faciliti85 &e provffled. Volunta Ineorne Donaliofts and grants that do not inwse specrfK future perfOnce-reIa1ed or other srecific condn$ are recogni5ed on the date on which the charity has enbwement to the resource. Ihe amount can be reliably measured and the 8cononNc benefft lo the Hall of the donalNJn or gfdnl is probable. Donations and grants subject to perfoman¢e-relat8d conditic$ are recognised as and when those ndOn5 are mEt. DonatK•ns and grants subject lo other Speci ¢ondth"ons are recognised as those condition5 are met or their lulfilmenl is wholty Mthin the control of the Hall. arKI il is pmbatjle that the speafd conOnS will be met Legacie5 are recognised following grant of probate an(1 once the Hall has receNed sulficienl informat from the executor{51 of the deceased's eslale to be satisfied that the gift can be reliably measured and that the ewnomtc benefit lo the Hall is [obable. Donations. grants and legaw a¢xruirvJ for the 9eneral"purposes ofthe Colkge are ¢rediled to unreslrthd funds. Donab'ons, grants and 9aCleS which a subject to C£ndtIns a$ to Iheir use imposed by the donor OT sel by Ihe terms of an appeal are credited to the relevant restricted or. where the donation, grant or legacy is required lo be hgld as capital, lo the endowment fijnds. ere donalpjns are receNed in kind la5 distinet from sh or other monetary assets), they are rrured at the fair value of those assets at the date of the gift. Grfted Ass 15 Where donations aTe re¢wed in kind las di5tirKI from osh or other Thnetary asselsl, they are ffEa5ured at the lairvalue of those assets at the date of Ihe gift. Ex enditure Expenditure is accounted for on an ac¢ruats basis. "Certain expendiiure Is apwuoned lo cxtst ¢ategories based on the estimated amount attrfbutable to that activty in the year on a b.me bas4s. rati leases R&ntals applicable lo operabng leases are ch*ged to the SOFA over the period in which the cost is incurred. fin Pen cliffe Hall participate5 in the Church ol England Funded Pensions Scheme for stipendiary clergy. This s¥heme is administered by the Church of England PensnS Brd. wthtch holds the assets of the schemes $eparatety from those of the Emther and the other paibc¥iating employers. 21
Wycliffe Hall Statement of Accounting Policies Year ended 30 June 2023 Each part•pa11rvj employer in the scheme pays contn"butsons at a ¢>Jmmon contribution rale applied to pensionable stipends. The eme is a MueMploYer scheme as described in Se¢tion.28 of FRS 102. This means it not possible to attribute the Scheme'5 assets and lia"11tie5 lo specific empbyers and that contributions are Ounted for as rf the Scheme were a defined contribution scheme. The pensTons eosls charged lo the SOFA in the year are contributions payable towards benefrts and expenses accnsed in that year, plus any impact ol deficit contribulions. In addition. a liability is recognised al the balan sheet ¢Jate for tre discounted value of the expected hjture contribution payments under the agreerrent vrith this multi-effoloyer scheme to fijnd the past service deficit. eliffe Hall also operates a defined tntn.ti0n Pensi scheme. Contributions to this scheme are charged to the SOFA as they becon* payable. The pension charge for the year indudes empbyer conth"butions of £137.622 {2022.' £117.3141. At the yearend È12,83512tr22.. È10,5681 was accrued in resp1 OfCtributIOnS to . this scheme. 22
wycli Hall Notes to the Financial Stateinonts Yoar ended 30 June 2023 1. 2022 Comparatives for SOFA Unrestrl¢ted Restri¢t•d Endowm•nt Fund$ Funds Funds 2022 2022 2022 Total Funds 2022 Income and ondowments from charitable activiti•$ Teaching, research antt SIdents1 1.846.653 1,846,653 Donation5 and lewes Tding irwme Bank and other interest Other in¢ome 112.506 91.566 220.882 333.388 91,588 170.251 170.251 Tot41 bncorn? 2 220 976 2 441 858 Expend[1* on Generat5ng funds: Fundrdising and publicity Trading expenditure 207,849 207,849 233.923 233.923 Charltabl• •xpendlture Teaching. rese8rch and 5ential 2,185.457 264.525 2.449,982 Total eXndIture 2419380 2 683 905 Net In¢¢mè l (expendltur•l {198.404) 143.643) {242.047) Trarksfers bfrn funds 15,000 (15.0001 SuryluslDoliclt 242,047 Othw r•¢ognls•d galnslllosseB) Gain on revaluab.on ol fixed assets Actuarial gainslllossesl on defined benefit Pens)n stheme 1,556 1,556 Net mov•ment In lund¥ 58.643 231491 23
Wycllffe Hall Notss lo the Financial Statements Year ended 30 Juno 2023 In¢ome from Charitsble A¢tlvitles 2023 . Total 2022 Total Llnrestrici•d Restrlctod Teaching & Research Teaching fees- ordinands Teaching fees- independent sknlents Teaching fees- visiting sludenls Other academtc income Residential income 405,753 643.414 72.120 50,254 799.716 405,753 643,414 72.120 50,254 799.716 426,316 489.810 94.588 38.383 83S,556 Bursaries & fee waivers awarded (54.7081 {54,7081 138.0001 1.916549 1 916 549 1 846.653 3. Analysis of expendituro 2023 Total 2022 Total Dlrect Other staff Costs dlrnct cosls Support costs Expenditure on generatlng fuftds Fundraising costs Tradin9 ¢OSts Total expenditure on generats.ng funds 326,012 52.726 378,738 207.849 326.012 185.773 511,785 233,923 Charitable expenditure Teaching. research & residential 1.086 057 I4129 807.265 2 864 308 2.44 982 3 376 093 2 683 905 1 156759 Support costs 2023 Tolal 2022 Totsl Generating Funds Teaching and Resear¢h Financial and dOnstiC admin IT Depreciation Bank interest payable Other finance charges 425,336 88.158 188.490 99,491 425.336 88.158 188.490 99,491 5790 381.339 88,379 185.562 74.556 735 778 Goveman¢• Costs 2023 Tolal 2022 Ti)tal Unrestricted Restricted Auditors remunerntlon: Audit lee Other servrEs TaxatK)n Servi Othèr govemance costs: Hall Council 10.326 10.328 2.300 1,320 9.360 2,352 1,780 1.320 857 15.030 24
Wycliff¢ Hall Nots8 to the Flnan¢ial Statements Y•ar ond•d 30 June 2023 6. Staff Ci 2023 T¢)tal 2022. Restrfcted Gross Salaries Redundan Pay Employef's NI -Pensions 1,189,338 129,861 1.319.199 1,194.182 11-,379 120.442 120,881 154,748 11.052 131,933 172 837 1623 969 159 002 1490 983 Average number of staff 45 41 The above figures for the average number of slaff are.for those empfoyed on a regular morbthty basis, whether fvll ty.mg or.part lime. Teminaty"on costs in the year tots7 £012022". £11.3791_ In addition. ClIffe Hall pays indivhluals on an ad hoc basis to Ferforni Specific tssk$. The costs of these individuals are mel through the payfcII and induded in the gfOSS sakiries sh¢Tr abe. though not the figuo$ for stsff numbets. diffe Hall aL40 makes the followtng paynmts whth a not induded in the above figu$.. a. to indivK1uals for delivering kntures and futlS and marking essays1£35.514 2022.. £26.8761 b. to a thyd party for costs ofthe catering staff1£141.756, 2022.. £108,335) The number ol employees dullng the year wttose 9ross pay and b8nefrts {eXCdIng employer Nl and pension contributions) falhn9 within the folbwirwJ bands was: 2023 2022 £60.D)1 - £70,000 Key managernent are memlws of the Senior mageTrent Team as discS)wJ on p4e 2. Tho total remuneration paid lo key rnanagemenl was £324.853 (2022.. £330.416) (inclusive ofemployerfs natn81 Insurance and pension c05ts.} Tanglbl• Assets (Group and Companyl Freehold Property Egulpment .Total As at 111 Juty 2022 Additions Disposals Revaluabon Gain As al 30th June 2023 15.302.499 301,830 17.864 {52,9951 15.604,329 27,428 1216.9051 (163.9101 15 151 245 15 417,944 Depreciatlo As at 1* July 2022 Charged in y lrnpairmenl 2,150.W 1S7. 142.968 30,924 2,293,852 188.490 Released on disposal As al 30th June 2023 163910 S2.995 120.897 216905 2 265 437 Net Bk Value 3PJun8 2023 13 006.705 13 152.507 Nel Bc4Jk Value June 2022 13 151613 13 310477 25
Wycliffe Hall Notes to the Financial Statements Year ended 30 June 2023 Freehold proFerty owned with equity mutyages is revalued annualty usirtg an approwiate house price index. 8. Sub$ldlory Undortking8 cliffe Hall Seryices Limited INWSLI and ¢l[lIe Hall D8¥ebpnnt Limited are both 100%.controlled and managed by Wcliffe Hall. The registered offe for both companies is the same a5 forthe main charity and can be found on page of these XCOLtsIts. The trading ath"vities ofwycliffe Hall Servkes Ltd comprise revenue from managing cornrnercial aetivities in supwrt of Wcliffe Hall's ovpJall obiecbves. The SUItS of this subsidiary and its assets and lbIlIbeS at year end were as folbws-. 2023 2022 .Turrw)ver Expenditure Resutt lor the year 374.948 107.922 267 026 91.571 Totsl Assets Totsl Liabilities Nel Asset(Li8b11rtI 244.490 230 464 14.026 152.074 130.019 The trading aclivities of Wycllffe Hall Development Ltd compllse activities related lo being a buik1ing Contract for Wdiffe Hall. The resulls of this subsidiary and its assets and liabilities at year end were as follows." 2023 2022 Turnover Expenditu Result for year (1.914) {1,914 11.5941 11.5941 Totsl Assets Total Liabilities Net AssetsllLiabilities} 10.380 (15.7731 {5.3931 12.044 115,5231 13.4791 Share Capitsl & Reseryes Profit and10554ccounl 10 (5.403) (5.3931 10 13,4891 13.4791 9. D•bto 2023 Group 2022 Group 2023 Cofflpany 2022 Company Trade Debtors ed by group undertakings Prepayments Ac¢"rued inwrne 124.986 321,414 ' .560 322.4¢)9 103.909 73.131 $0.6 39,316 772 251931 50,690 15,338 191014 39.316 428 875 26
Wycliffe Hall Note$ to the Flnan¢lal Statements Yoar ended 30 June 2023 10. Cr•dltors du• withln on&ygar 2023 Group 2022 GTOUP 2023 2022 Company Company A}Unts falling due wfthin one year. Creditors Accruals Defrfred incoff 388.159 130.686 420,657 93.530 331,111 406,417 121,781 87.954 26 090 49.498 478 982 543 869 621.310. 11. D•lorr•d Income Deferre¢J income comprises ofdeposits relating to cJ)nferences not yet t1. 2023 Group 2022 Group 2023 Company 2022 Company Balanco al 1 July 2022 $9.365 81.864 49.498 81,,864 Amounts wleased to incoming re50Urtes Amount deferred in the year Balance as at 30 June 2023 199,365) 102.465 102465 181.864) 99.365 (49.4981 181,8641 26 090. 49,498 26 090 49 498 27
Wycllffe Hall Notes to the Financial Ststements Year ended 30 June 2023 12. Credltors Amounts falling due after one year 2023 Group and Company 2022 Group and Company Royal Bank of So)Vand Mortgages Church CommiSsnerS Loan Private Loan 38 Harpes Road 1,210.000 3.071.623 300.0 1.210,000 3,C68,508 300.000 4 $81,623 4.578 508 Loan re Property Equity Shar• 2023 2022 135 Kingston Road 13 Harefields 121 Harefields 11 Pennywell Drive 8 Marriot Close 14 Spar5ey Place 1rAI% 1CQ% 95% 1Crf)% 100% 1¢)0% 943.900 458,448 435,524 370,796 323,600 539 355 3 071 623 942,914 457,986 435,087 370,430 323,284 538 807 3,(e8.508 Royal Bank of Scotland mortgageB There are hvo inlerest-onty rrtgage$ wilh RBS. each of 15 Secured by a legal ¢harye on 8 Norham Gaidens.. £960k {2022.. £960kl repayable in 2026., the interest rnte t5 1.25% over Bank of England Base Rate ' £250k12022'. £250kl Tepayable 2026". the interest rdte is 2.37% over Bank of England Base Rate 13. Contingent Liabilities The following grants are repayab to.the Archbishops, Cnl if diffe Hall ceases to be recognised for ordination training by the House of Bishops= _ 1964165 1977179 2013114 IM[vement Grant 6.000 Fire Precautions Work Grnnt 16,243 Fire Aami Upjiade Grant lo,0 28
Wycllffe Hall Notes to the Financial Ststements Year onded 30 June 2023 14. ATratysl¥ of Funds12023 Gon•rnl Fund Capltal Fund P•nslon Deslgnat•d Restylcted Endowed Reserve Funds Funds Fund8 2023 Total Tangible Fixe Assets Ngl Current .Assets Loans P8n$ion Provisi¢ Total 145,802 12,287,421 159,284 560,OW 13,152,507 570,293 17.630 239.376 1.CQO 628,299 14.581,623) {4,581.S23) 716.095 7 705 798 398 660 9 399.183 Analysis of Funds11022 Comparativw) General Capft•l Penskn Desrynatsd RHtrlct•d Endiwml . 2022 .Fund Fund Re• Fvnds Funds Fund$ Totsl Tangible Fixed Assets Net Current Assets Loans Pension Provision Tolal 158.864 12.591.613 172.584 560.000 13.310.477 624.718 78,069 216.003 1.CQO 1.090,374 {4.578,5081 {4.578.5081 783,582 8 013 105 76.IWJ 9,813 343 IS. Restricted Funds Opening Balance In¢¢ming Funds 0gOIng Tr4nsfers Funds Closlng Balan¢e Stsff r•lat•d Artisl in Residence Visits'ng Academi Old Testament Tutor JRF- LrteratU and ThY Styence for Semsnaries JRF- New Testament Greek New Renaisstrt Proieci Sludent related Btshop Neill Fund Bursary Fund Principal's DI5¢relKary Fund Mission Fund Theology for All Jenni WillianB Book Fund 75.829 72.819 2.851 34.547 40.351 {68,420} 145,6011 {2.8511 (30,746} {26,2021 110,5351 {37,471) ' 7.409 172,792 145.574 29.993 145 56,156 0,582 33,794 3,759 18,685 60,582 15.058 4.482 3,527 5.589 91.600 371 (6.7681 {4.250) 8.290 232 3,527 5,589 18,416 371 35.263 (108.4471 BuKhner Prizes Prop•rty related Matthew E Lewis Memorial FurKJ Propety Development Fund Campus Investment Fund Others Income Generation Project (414) 3.427 (6() 2,413 20.869 18,8471 14,5C¥) 113,722) (7,147) 21.647 114.5001 so.0] 62,800 15.455 {15.4551 388.587 398.660 29
Wycliffe Hall Notes to the Financlal Statemefits Year ended 30 June 2023 Staff Related The Artist in Residence Fund was set up to Provide resottrces to support the appointrnent of an arb.st in ReSenCe whose role is to help the Hall explore Ihe creative role of the Arts in the renewal ol Christsan Ihinknng. The Visiting Academics fijnd was sel up lo meet the costs of bringing academics of note to the college and SuppO.n9 their teaching work The Ohd Teslamenl Tutor fund was sei up to bring an Old Testsnt Tutor to Hall. This fund has since been closed. The JRF-L"rterature and Theology fund was set up lo a Juft Research Felbow to the Hall lo carry out advanced research in English. Literature and Thp4)bgy. They will aLw work on projects in partnership with the Frederick Buechner Center. The Science for Seminartes programwe was established to Ill8$e the focus on science relaled issues in ministerial Iraining in5trtubons. This programme ended in septeMr 2023. The JRF- New Testament Greek was e5tabli8hed lo bn.ng a JuniDr Research Fellow to the Hall to carry out adv8nce(I research in Nth¥ Testament Greek The New Renaissance Project tund was established to hire a tsff memberwho would lead the proje aimed al fostering a nv4¥ renaissance of Ghrislian Sthdarship and culiure. Sltsdent R•lat•d The 8ishop Stephen Neill Fund was sel vp following his death and furKIs were raised iniliaNy by public appeal with recent d¢)nations coming Irom past and wesent members of the Hall. Ils purpose is lo bring Church leaders from the Indian sulKontinenl and East Africa to Ihe Hall for study and search. The Genepl Bursary Furrfl is to provide trr5aes students The use of the Principal's Discrelionary Fund is al the absolule dition ol the PrincApal. In recent years il has been used to I1 cases of hartship The MisSn Fund finances student miwons in the UK and overseas. including a teachirwJ mission to Uganda. The Theology for All Fund provides financial support towaftls fees and mainlenaftce for up to ten UK based students each year frorn under-represented or dtsadvantaged groups, with the OPFOrtunty for awards to be fenewed forthe dur*'orb ofa sWdsnV$ time at Vtydrffe. The Jenni IM11MS Book Fun¢J was set up to 9row the anwnt of theobgical works hdd in the library aVaab to Sludent by femalg author5 Two Buechner proes have been estsbli8hed for which all ojrrent students of the Hall are eligible to eompete. one in relation lo preachirMJ and the other lor creaiive theowical writing. 30
Wy¢liffo Hall Notss to the Financial Statements Year ended 30 June 2023 Property Relat•d The matth E Lewis MefTh)rial Fund vrds establis1d to help towards the eosts ot sfvdents trom franPhone Afr. During the year. the donc agreed to extend its purKhJse lo include initiatives aimed at improving the welconw reNed by students and others entering thé Hall. The balance ol this fund was transferred into th? propety development lund during the year and the fvnd is now close(l. The Propety Development Fun¢J set.up to raise fijnds for the development of the diffe campus. During the year fvnds from the Campv5 DevelOpnt Funtj which had a simiLar purpose were transferred into the Piopety.Devebpnnl Fund and the Gampu$ Devdopment Fur¢d was cbsed. As slated above the balance of the Matthew E. Lewbs Mernorial Fund was also transfeed into the ProFéty Devebwwil Fund Othern The Income Generation ProFctwas lunded to fund C¥)nsuliing WO into potentsal non- teaching related forms of incotrn for the Hall. This has rvw.been fulty SFent and the fund has been cJol 16. 0¢$ignat Funds Opening Balance Incomlng Funds Outgolng Funds 58.439 58,439 Cl¢slng Balance 17.630 17,630 visits.ng Academ The Visiting Academics desTrgnated fvnd has been esta1Shed Ihrough unrestricted donations received and set aside by the Trustees to meet the costs of trin9ing A¢ademi¢s of n¢)te to the llege and Supporting their leaching work During the year funds we(e used to support the costs of cAtinuing an Okj Testsmenl Tuition roie at the Hall. 17. Reconciliation of N•t In¥M¥ to n•¢ ush fl¢Mfrom operatio 2022 Net In¢omel{exponditurel Elimination of non-opgrating cash ffow& Deprecialion ISurplusV105s on rekase of fixed assets Decreaselliruease} in stc¢k Decre25ellirwease) in debr$ {Decreasellinca$e in credrtors (Decreaseifincrease in provisbjns IDe¢rease}Iincrease in pension scheme liatx.lty (414.159) {231.4911 1BB.490 185.563 1195,3801 414 1105,7001 (180,1981 11,5551 19,0001 237.860 10.873 23 19.0001 Nel Cash provided ty (Ltsed inl opwing xtrvit*s 537 347 31
Wycliffe Hall Notes lo the Financlal Statements Year ended 30 June 2023 18. Anatysis of cash and Cash equivalents 2023 2022 Cash at bank and In hand 1258 595 1275 051 19. Trustees. Remun8rabon Hall Council mernber5 who are the Truslees of tho Hall for Ihe purFoses of charty receive no remuneration for acting as Charity trustees. Hall Council memters receive reimbursement of personal expenses n$$an incurred in connection with Council business anntIng to £23312022.. £21)". Trustees made donations totslling £3,590 in this financial year12022-. £510). 20. P•nsion Sch•m• cliffe Hall Oxlord participates in the Church of Engknd Funded Pensn$ Scherne for Stipendiary clergy, a defined benefit pension Scheme. Thi5 SrrE 15 administered by the Church of England Pensitins Board. which holds the assets of the scheme separatety from those of the Responsible 8jIeS. Each participating Responsible Body in the Church of England Furhjed penSnS Scheme pays ¢onlributKJns at a common contributs.on rate applied lo nsionable stipends. The scheme is eonsKlered lo be a multMployer scheme as described in Section 28 01 FRS 102. It is not possible to attribute the Scheme's assels and liaknliti.es to each speofic Responsible Body. and this means contribub.ons are accounted as rf the ScheffE were a deffined conth"bution scheme. The pensions costs charged to the SOFA in the year are contribuiK¢ns payable t¢)ward$ benefits and expenses accrued in that year12022". £0. 2021. £01, plus the frJures In relation lo the Scherne's deficit highlbjhted in the tsble below as bging recognised in the SOFA. gr¥ing a loial charge of £0 for 202212021: £0). A valuation of the Scheme is carried out once every Ihree years. The rIt recent Scheme valuation compleled was carried out * as 31 Decemter 2021. The 2021 valualion revealed a surplus of £560m. based on assets of £2.720m and a fijnding taryet of £2.160m, assessed using the folhmng a55umptions.' . An average discount rnte of2:7% p.a. RPI in110n of 3.6% p.a. {arKI pension inc*eases consistent wth this}.' CPIH infla1ft in line with RPJ less 0.8% pre 2030 n)Jving to RPI with no adjusknenl from 2030 onwards. Incfease in penstonable st4)5 in line with CPIH,. Mortality in accordance wth 90% of the S3NA tstles. with albwance for imwovements in nrtalIty rates in line with"th¢ CM12020 extended model with a tong-term annual rate of improvement of 1.5%. smoothing parameter of 7, an initial addib.on to nalIty improvements of 0.5% pa and an a5fvance "for 2020 data of 0% li.e. w2020= 0%). 32
Wycliffe Hall NotOS to tho Financial Stst¢m•nts Year ended 30 June 2023 20. Pfjnslon Scheme {ConL) Followin9 the 31 Decernber 2018 valuation. a delkit recovery plan w put in pface until 31 Dember 2022 and the deficit recovery conlribulions {as a percentsge of FensIonab stipends) were as sel out in Ihe table below. An intwirn edon to deficit conthbubS to 3.2% of pensionable stipends wgs made with effed from 1 April 2022. Folkjwing finaltsation of the 31 December 2021 valuation. deficit Contributions ceased wrth effect from 1 January 2023, sinee the Schen was in surplus. As al 31 December 2020 and 31 Detember 2021 the dekit rncovery contri1n5 urKler the ieeovery plan in force were as set oul in the tsble bdtyw. For senior office hokjers. pensionable stipends are adjusted in the cakulalions by a mulli, as sot out in the Scheme's rules. % of pensionaNe sliFerKIs 1 jary 2018 10 31 December 2020 1 January 2021 to 31 December 2022 Dthil Pair Contributions 11.9% 7.1% Section 28.11A of FRS 102 requi$ agreed defi¢tt recovery payments to be recognisgd as a liabilty. However. as there are no agreed defiot recovery payments from 1 January 2023 onwards. the balance heet liabilty as at 31 t)ecernber 2022 15 n. The rrThent in the balar Sheet liability over 2021 and ovef 2022 is set oul in the bg1ry*. 2023 2022 8alance sheet liabilty al 1 Juty 2022 DeficAt conln"bulion paid In¢eresl cost Irecognised in SOFA) Remaining change to the balarTrce sh1 liabilrty" (ree4Jgnised in SOFA) Balance sheet liabilty al 30 June 2023 18.000 19,WOI (s,0} 9.000 ' Compnses change in agreed recovery pkn and charye in dOnt rate artd inllation assumpts.ons betren year-ends. Thi5 liability represents the present value of the deit conlribjbons 8greed as at the acLxJunting date as been valued using the following assumpt8. No assumptions are needef1 for Oecember 2022 as there are no agreed deficrt recovery payments gtyng lomard. No Pr inflation assumptson was needed for December 2021 sirKe pensK)nable slwnds forthe refflader of the rvthvery plan were already known. Decem 22 Drnber 21 DecembeT 20 Discount rale Price inflation Increase to total penSiCte payroll 0.0% pa rva -1.5% pa 0.2% pa 3.1% pa 1.6% pa nla 33
Wycllffe Hall Notes to the Financial Statements Year ended 30 June 2023 The legal structure of the scheme 1$ such that rf another Responsible Body fails, the Wdiffe Hall Oxford Could become responsible for paying.a Sha of that Responsible Body's pension lbilItIes. 21. Flnancial Commltments During 2020 the Hall entered a contract and IT h*dWa supplier lo refresh the VM Hardware. The . total Contracl value wa$ £59.868. £25.945'rnmalns outstandlng at W June 2023. Ouring the year £67,70712022.. £70.9751 was tharged to the SOFA for operating leases. At 30 June the Hall had total commrtmenls under rton<ancellabk operating leases as follows.. Lafftd and Buildings eXnn9 within 1 year expiring betren tsvo and fwe years expiring in over fve years 2022 £37.707 £5.268 £0 £18.080 £0 22. R•lated Party Transactions The Hall is part of the collegiate University of Oxford. Material interdependencies befven the University and of the Hall arise trécause of this laborIshiP. For rewbng purwses, the University and the other ColkgeslHalls are not treated a&related parties as defined in FRS 102. Truslees of the Hall do not receNe remuneralion as employees of the Hall. 08tsils of reimbursed exFenses as trustees are disdosed 5epwatety in these finawal statements. 34