COMPANY REGISTRATION NUMBER: 09011968 CHARITY REGISTRATION NUMBER: 1157004 Ridley Hall, Cambridge Company Limited by Guarantee Financial Statements For the year ended 31 July 2021 Ridley Hall. Cambrldge Company LIMIt￿ by Guarant0• Flnancial Slatgments Year ended 31 July 2021 Page• Trustees, annual report {inGorporallng the director's reporti Independent audilorf8 report lo the members Statement of financrdl activllies (Including Income and expenditur8 account> statement of fln8nclal position 1to12 13to17 18 19 Statement of cash flows 20 Notes to the flnancial statements 21to38 Ridley Hall, Cambridge Company Llmlted by Guarantee TTUStoe8' Annual Roport (Incorporating the Director's Report) Yoar ended 31 July 2021 The trustees. who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 July 2021. Raferencg and admlnlstratiV9 datails Reglster•d charity name Rldley Hall, Cambridge Charlty roglstratlon number 11 $7004 Cornpany rogl8tr•tion number 09011968 PrinGlpal offlce and regl$ter•d Ridley Hall Road offlco Cambridge CB3 9HG The tru8t••s Mr Mark Spelman {Chaimian> The Venerable Hugh Mccurdy (Vice Chairman) Revd Canon Frederick Kilner The Rl Revd Dr Jo Bailey Well8 Very Revd John Irvine Mrs Sibella Laing Revd Or Jonathan Llnebaugh Dr Kevin John Holmes Mr Keith Wood Mr Simon McGulre Revd Rebecca Dyball Mrs Lyn Brlsley Canon Andrew R Presland Rl Revd Dr Pete Wllcox Revd Michael David Blgg Mrs Kina Robertshaw Revd Dr James E Kennedy Revd Calhedlle J Blair (Appointed 25 February 20211 (Appointed 21 June 2021) (Appointed 13 October 2021) (Resigned 16 June 2021) (Resigned 12 July 20211 Prlnclpal Revd Dr Michael Volland Company Socretary Mr Guoliang Zhang Audltor Streets Audit LLP Chartered accounlanls & statutory auditor 3 Wellbrook Court Glrton Cambrldge CB3 ONA Bankorg Bardays Bank PIC Si Andrews Street Cambridge CB2 3AA Ridley Hall, Cambrldge Company Llmlted by Guarant•8 Trustges. Annual Rgport Ilncorporating the Director's Report) {condnuedJ Year ended 31 July 2021 Structur0> governan¢e and managemont Con8tStutlon Ridley Hall, Cambrldge I'the College" or "Ridley Hall") is governed by the Memorandum and Artide8 of Association. The Articles of Association provide for the government and management of the College lo be v8sled in a Trustee Board and ils day-lo-day control with the Principal. The Board of Trustees is responsible for.. Delermlning and approving the vision and strategic direction for the Colleg& Monitoring the quality of the education, training. and spiritual forrnalion th8 College provides for Its students Approvlng the Cdlege's budget and related a¢counling, audit, investment and other financial policies Delegallng management of the College to the Principal and tho Leadership Team. wllhin the framework of vision, strategy and financial pollcles which the Board wlll from time lo lime approve Appointing the Principal in a￿ordanCe with appropriate terms and conéilions of remuneralDn and omploymenl which the Board will sel from lirne lo lime On the recommendation of the Principal, appointing. and determining the particular roles of, members of the L8adershSp Team Ensuring Ihal appropriate human resources and employment pdicles are estsblished and implemented within the College, in accordance wlth best practice Ensuring that appropriate best pracllce safeguarding policies are established and Implemented within th8 College and revieweé annually The Trustee Board meets al least 3 limes a year durfng term Ilme. Addillonal meetings may be held when required. N•w Tru8to In apF)oinling new Iruslees, thè Trustee Board seeks lo ensure that a range of experience and expertise is represented. New Iruslees are expected lo engage in the life of the College and lo be fully conversant ￿th Ils alms and oble¢live8. Rlsk Managemont The Trustees monllor risk through a risk register whlch is revised by th8 Flnance Committee and discussed by the Board al least once a year. The exceptional issues created by the pandemic required a éetailed evaluation of Covid ri¥k in March - April 2020. A detailed Covid risk plan was developed and Implemented by the Leadership team ￿th full Board support and the priorities are set out later In the text on page 5. Ridley Hall, Cambridge Company Limited by Guarante? Trustees. Annual R¢port (Incorporating the Dlrector's Report) fcontinu•dl Year ond•d 31 July 2021 Objoctlves and activitlos Objectlv The oblecls of the College are lo provide theological instruction consistent with the princlpl88 of the Church of England lo candidates for ordination and, subject Iherelo, lo provlde theological education with a prefe￿nce for individua15 who are undertaking a course of study in theology or who have been ordained. In carrying out ils objects, the College may provlde accommodallon for students. Publlc b•nefit Th8 Tnjslees have referred lo the Charity Commission's general guidance on public benefit and have considered their public benefit obligations under charity law and beli8V8 that they are in compliance wllh those obligations. Purpose and Dlr•¢tion Ridley Hall is a nallonal, International and reglonal resource for theologically ngorous training and formallon for lay and ordained fflinislry with acliv1118s radiating from our hlsloric sile in Cambridge. The College was founded In 188110 train clergy for the Church of England and for Anglican ministy across the world. We continue lo major on Iralning Anglican mlnislers, but today have more students and more dlv8rse actlvilies ané new partnerships. From our location in Cambridge, the very heart of academlc excellence, we partn8r with a unique range of Christian and educational organisalions. We are a founder member of the Cambrldge Theological Federation I'CTF'I, which celebrates 11$ 501h anniversary in 2022.. we have the flexibillly lo offer undergraduate and p051graduale pathways wllh Cambridge UniversSly and Durham University. In September 2018 an additional leaching centre was established In London In partnership with Sl. Andrew's, Enfield. As a result of the pandemic ¢Jelivery of leachlng for the London centre moved entirely online. In autumn 2020 the College look the slraleglc decision to make the move lo online delivery of leaching for the London centre permanent. The College has a clear vislon, which has emerged under the dlreclion of the current PrlncSpal,' We belleve that God is calling us lo become a beacon of Christian leamlng and formation., lo invest In our baauliful sile, buildings and staff in order to provlde a warm, safe and comfortable home for our diverse and growing community of lay and ordained students. and to ensure that Ridley Hall Is able to respond lo the opportunities of the future. This vislon continue5 to be fulfilled this year through the recruitment of key staff team members, detailed attenllon to the curriculum, ongoing improvements to College buildings and the completion of a major plan for developing the site by creating a fully accessible library and new residgnlial accommodation for married and single students. The builélng project was wmpleted on lime and very close to budget. Tenants were quickly found for the residential accommodation, wh￿h has started to generate income. All our activities reflect our dislinclive Christian ethos. Training future leaders for ordalned mlnisty in the church is still our core activity. Woven into this is the Newbigin Centre, which promotes research and refieclion on mission and Christian engagement with Western Culture. The College's Intemalional programme providès opportunities for sabbaticals, study leave and postgraduate awards for church leaders and visiting scholars, seK-financed or through bursary-funéing. The pandemic meanl temporary pause on 5abbalico1 or other guest5 but the College hopes to resume this important aspect of our shared life in the 2021-22 academic year. Ridley Hall. Cambridge Company Llmlted by Guarantee Trusto0s' Annual Rgport Ilncorporatlng the Diroctorfs Report> (con*nu8dJ Year onded 31 July 2021 ObJectlvo8 and actlvlt103 (coniinuod) Ridley Hall continues lo respond to the growing demand for robusl training and preparation for lay ministry through our Department for Lay Tr8ining and Formation. In 2020-21 the department had 42 men and women across three year-groups studying for the Common Award BA in Theology, Ministry and Mission. In addition, 9 lay ministry students were enrolled on Common Award modules laught through our London (online) leaching cenlre. Achlev•monts and pertormanco Ov•r¥low In 2020-21 Ridley Hall had 68 ordinands engaged in full Ilme resld8nlial Irainlng for ordained mlnlstry in the Church of England, These ordinands study for a variety of undergraduate and poslgraduale awards with Cambridge University and Durham University. The Common Awards palhwayg validated by Durham University fomi part of a national provision for Irainlng future minlslers for the Church of England and other partner churches. Alongside our ordinands, in 2020-21 there were 42 students enrolled on our Lay Ministry Pathway. mentioned above and 10 indepenéent stvdenls studying for range of awards. Ridlerfs London leaching centre continued ils strong start and Gonlinued lo be fruifful this academlc year. We had 9 students enrolled, all of whom were London diocese apprentlces undertaking Common Awarés. The 2020-21 academic year was fnarked by the natlonal 8nd intemalional effects of the Coronavlru8 pandemic. Major reslriclions meant a signif￿an1 wlhink of every aspect of lrfe al College. Teaching, worship, tutoring, eating, socialising and adminlslr8tion were all re-imagined for remote or re51ricled delivery. The Senior Team at Ridley formed a Covid Worklng Group which mel regularly lo monitor developments and form approprlale plans for the College. We successfully navigated the year and were able to effectively d8liver all of our 188chlng and much of our formational activity. We experienced a significant negallvo financial Impact with the cancellation of the language school who lease our sile during the summer months. However, with good ￿st controls, use of the government furloJgh scheme and rental income from the newly completed accommodation, our financi81 position18 more encouraging than might have been hoped al the beglnning of the year. The malorlty of Ridley Hall's academic pathways continue lo be delivered In partnershlp wllh other member Inslilullons of the Cambridge Theological Federation. The Cambridge Theological Federation has Tler 4 Sponsor Status, enabling Ridley Hall, should we wish, lo recrult International 81udents requirlng a Tier 4 vlsa for its Common Awards pathways. During the 2020-21 academic year. we continued lo focus on student recruilmenl for 2021-22 and our efforts have bome fruit in splle of th8 ongoing Coronavirus reslriclions with 25 ordinands accepting places for 2021 entry and a further 2 accepting places for 2022 entry. Unfortunately, 4 of those who 8ccepted Pla￿ with us were not Successful at thelr online selection panels and were not recommended lor orijinalion training. We continued to enjoy our newly constructed onsite laundry facilities and In 2020-21 we completed major (£2MI accessibility and accommodation construction project aimed at improving acce83 to the 8lle and providing a dependable income stream. The Director of th6 Newbigin Cenlre, the Rev Dr Paul Weston continues lo supervise 6 research students for MPhillPhD degrees. The regular summer conference organised by the Centre had lo be cancelled this year (iue lo Ihe Covid19 pandemlc. Ridley Hall. Cambridge Company Llmlted by Guarantoe Tiustges. Annual Report {Incorporating the Directorfs Report) (¢Mllnu8dJ Year ended 31 July 2021 Achleverngnts and performanc• {conAfnu8d) The College continued to respond effectively to the Coronavirus pandemic in line with three key priorities.. i) the health and wellbeing of staff and students. lil the continuation of learning and formation for lay and ordinand ministries and, iiil attending lo our financial stsbility. We learnt many valuable lessons and have drawn on these in plannlng for 2021-22. The leadership team were proactive and nlinued lo work towards long-term sustalnable finance, managing our 2020-21 outcomes carefully and being prudent with our 21-22 budget. We look aévantsge of the governmonl's furlough scheme and were able lo reéuce OLblgoings in some areas. In line wlh the College vision, we conllnued our progress towards ensuring the College is sustainable in th8 short, medium and long terms. Part of Ridley's commitment to becoming a beacon of Christian learnlng and formation is bullding and maintaining an exceptional staff team. In August 2021 our New Teslamenl Tutor moved lo Cambridge with his famlly. The Rev Dr Andy Byers began work immedlalely and collaborales on éelivering New Testament tea¢hlng 8cro8s the CTF with academic colleagues in other CTF Hou88s. Our attempt lo recruit a full lime Tutor in Old Teslamenl to replace the Rev Dr Philip Jenson, who retired In June 2021, wa8 successful in Identifying a strong candidate. However, the person offered the post was subsequently unable to lake up our offer. The teaching of Old Testament In the 2021-22 8cadem* year wlll be undertaken by an exceptionally grfted former sludenl of Ridley Hall, the Rev Dr Olga Fabricanl-Burke. Olga 15 8 chaplain al Trinity College and is looking foward to joining the academ￿ year on a part lime basls. Dr Andrew Goddard was appointed on a part-tlme basis lo leach elhScs lo Ridley sludenls in 2019-20 and 2020-21, He will conllnue lo dellver tea¢hlng in this a￿a and has agreed a Ihr8e-year term running from 2021-24. Dr Jo Grrffiths became our new Chlldren and Famllies Tutor, Rev Ruth Adams joined us as a part-lime Pasloral Tutor and Rev Nikki Mann ￿ined us lo advise on race, racism and movement towards g￿¥ter Incluslon and divers11y. An important part of formalDn of those training for lay and ordained mlnislries is the opportunity lo meet and hear from dls15ngui$hed visitors lo the College. In 2020-21, we were delighted lo welcorne many guests including: Bishop Rose Hud50n-Wilkin, Ruth Valèrio (author of the Archbishop of Canterbury's 2020 Lent Book, Saying Yes lo Lifel, the Rev Canon Dr Jo8peh Bllal, Rev Richard Springer and the Rev Professor Maggie Dawn. Ben Lin(Jsay, the author of Wo Need lo Talk About Race, delivered our Moule Day Lecture in June 2021. Ben was able lo come lo the site in person and deliver his lecture lo Ihity members of the community in a marquee erected for the purpose, The lècture was recorded and made available via our social media plafforms after the event. Ben's lecture was Ghallenging and encouraging and il was a greal privilege lo host him for the day. Ridley Hall, Cambridge Cornpany Llmlted by Guarantee Tru5toes' Annual Roport {IncorporatSng the Dlrectorfs Report) fcondnuodj Year ended 31 July 2021 Achi•vemonts and p0rformanc• (¢onl￿￿o0) In line with our vision lo become a beacon of Christian lèarning and formation, the Leadership Team have commilled themselves lo re-shaping the College and expanding ils reach and impact. Part of slrwing for excellence and sustainability ha5 included 8 focus on ensuring our beautifvl buildings and facilities are accessible lo everyone. An important additional focus has been working towards the provision of accommodallon for married students. At the beginning of 2019 a plan was deviseé that would increase accessiblllty lo Ridley Hall by insldllng ramps and lifts lo th8 main leaching and dining areas of the College and by moving the existing library from the second floor into the basement beneath th8 Lecture Hall. In addition, the prgjecl aimed lo contribute to Ihe financial suslainabllily of the College by converling A-slaircase into income-generaling self-conlained accommodation units. As well as bringing the College in-line with ￿enty-firSt century expectations, we believe that 5mproved access lo facilities will positively impact R￿leY,8 reputation, Increas8 student recruitment and make the College more attraclwe lo a range of income%8neraling external users such as sabbatical guests and Conference organi8er8. In December 2019 we received Listed Bullding Con50nt. This was followed by positive consulialion feeiyback from within the Rldley Community and from local neighboltrs in Old Newnham. Ridley's Board of Trustees approved both the concept and the funds required lo unéertake the technical design stage of the project. In January 2020 det8ile¢y work was undertaken lo plan the works and create the design. This led lo the development of a full sel of lechnlcal drawings for the project and the draft agreement ol contracted sums. To ensure a smooth beginning lo tha con$lruclion project, interim work lo empty A-b8semenl, move s8veral Ihous8nd volumes housed In (he Ilbrary, relocate RLM and admln offices Into the Prtnclpal's Lodge and sel up a new B-basemenl storage area were carrled out in June 2020. Con8lru¢lion work on the prolecl began Sn August 2020 and was completed on lime and very close to bud981 in April 2021. Disruption lo Ilving arrangements for students on sile was minimSsed as a re8uII of the pandemic, which resulted in fewer people Ilvlng on sile and remote delivery of leaching. The finished project is hugely impressive and the visual impact of the improvements lo the interior court are svJnificanl. The new Ilbrary provldes a wel¢oming spa¢e lo study and students were able to use this area immediately. The new accommodallon units were quickly rented and the addillon of external residents lo the slle was well-managed with students and $laff quickly adjusting lo the Change. The access facilities were lesled by two wheelchair users on separate occasions and both report a very positive user experience. The facilitie5 will be officlally opened and blessed by the BSshop of Hunlingdon and a former disabled sludenl of the Colleg8 in October 2021. Strateglc Development• The block-leaching mode of delivery for lay MIn￿try IRLMI training has now compl818d its fifth successful year. The Vice Prin¢lpal and Dean of Lay Ministry, the Rev Fiona Green, completed her second year of leadership of RLM. The Church of England's Resourcing Ministerial Education proposals envisage increased emphasis on lay training throughout the Church of England and so RLM continues lo be a major 51ralegic focus for Ridley Hall. Our engagement in a range of lay ministries Including youth. children's. pioneer, chaplalncy and sports ministry is providing a solid plaNorm for responding creatively lo these new training needs. In 2020-21 we suwessfully bld for £41k to Use for bursaries for sports ministry students. Through the work of our D1￿ctOr of Innovation, Robin Barden, opportunities lo develop the reach and profile of Ridley Hall Lay Ministry activities continue to be fruittul. There has been a broader and increaslng 51udenl profile, and the continued development of valuable relationships with dioceses, particularly London - delivering requirernenls needed lo train lay ministers. The restrictions imposed by the Coronavirus led lo a strategic review of all teaching. Including our London offer. A decision was made to Move teachlng entirely online for the 2020-21 acadernic year. Ridley Hall, Cambridge Company Llmlted by Guarnntee Trustegs. Annual Report (Incorporating th• Directorf8 Roportl (¢onllnu8dJ Year ended 31 July 2021 Achievemonts and performanc• icondnu8d) During 2020-21 Robin led a project lo develop and launch an online course in Sports Ministy known as the Ridley Award. This is the first In a suite of Ridley Awards that the College will develop In the coming years. The Award launched publl¢ly in May 2021. In December 2020 a Strategy Working Group ISVVGI was formed by the PdnGipal. This Included the Vice Principal, Chair of Trustees and Chair of the Finance Committee, The SWG sel out lo be research-driven, Seeking interviews with key voices in the field and data from competitors and market leaders, and focused on generating a draft 5-year strategy for consideration by Trustees by June 2021. The exercise produced five key strategic priorities and a working draft of the strategy wa5 presented to Trustees for discussion in June 2021. Trustee5 were content lo approve the direction of travel arid requested that the Princlpal and staff team move lo acllon the priorit￿5. Dona Mccullagh has conllnued lo drlv& up the College's profile through strategic use of social media. Making use of several popular plafforms. Dona has ensured that Ridley has a consislenl and carefully managed social media presence. This has led to a greatly increased sense that the College 18 a lively and engaged place where things are happening. We have Gonlinued lo be active in conducting an ongolng review of our academic curriculum and our teaching and lulorial staff roles and ￿SponSiblE11105 and continued to Implement and monllor these In 2020-21. The Cambridge Theological Federatlon (CTFI continued to function w611 in 2020-21 wilh central administrative staff working remotely and all meelingg taking placo vla Zoom. The central administration, wlth whom Ridley'3 academic 188m worked closely. delivered a good level of servica lo th8 member houses. In 2020-21 the Principal of Ridley, m￿h8o1 Volland, served as President of the CTF ané wlll continue lo act in this capacity durlng the 2021-22 academic year. 6 Priorit108 for 2021-26 1. Strive for excellence In our provision of degree-level residential ordlnand training 2. Strive for excellence in our provision of dog￿e-leVe1. lay minSstry theolog￿al training and formation 3. Become a leadlng provider of onllne theological ￿ntextUal training 4. Continue lo focus on recruiting and retaining an excepllonal teaching, lulorial and support staff leam 5. Continue our Ilvely programme of buildlng maSnlenance and property Improvement Student Achlevomonts The wlde range of awards on offer al Ridley allows us lo match indlvidual students wllh 3 5urtable course. The excellent results below indicate a high degree of success in this. Ridley Hall, Cambridge Company Llmited by Guarantee Truste￿. Annual Roport {Incorporatlng the Dlre¢torfs Report) l¢ortllnu8d) Year ended 31 July 2021 Achi•vernonts and performance {con*nu6d) Cambridge University awards. 2020-21 In 2020-21 there were four new Tripos students. Including one sludenl enlerlng the fin81 year, and three finalists. All four finalists achieved good 2.1 awards. One will proceed lo a Cambridge UnNersity MPhil, and three lo the Common Awards Postgraduate Diploma, which provides opportunities lo engage with theology thal has a conscious applied and reflective dimension and is oriented to ministry. Two of the first year students achieved good 2.1 s. and the other a starred first (all papers with first class marks). The financial demands of the Tripos land MPhill are heavy. since Ministry Division only pays less than half the luilion fee. Fortunately a number of colleges can help out by subsidising either the Gollege or the luilion fee. and the Henry SmSlh charity generously helps with most of the remalning shortfall. There are therefore limits lo the number of Tripog Students we can accepl and fund, since we are dependent on colleges that can offer svbsianlial bursaries. The other limillng factor Is Ihe number of qualrfied applicanis who apply for the course, and this varies widely year by year. Seven students completed the BTh. with very good ￿9￿118. The￿ were three first class awards, and four upper seconds. Common Awards. 2020-21 Cornmon Awards includes three postgraduate courses: the Postgradu81e Certrficale {PGCert, 80 credits), the Poslgraduale Diploma (PGDip, 120 credi151 and the MA1180 credits including a 60 credits Dissertalionl. In 2020-21 one posl-BTh sludenl and one Lay Mini8ty student completed the Postgraduate Certificate. SIX students look the Poslgraduale Diploma. The maSn course for those with a theology degree Is the MA over years, alongsld8 audillng olh8r modules important for Ihelr mlnislry forrnalion. The number of such students varles wSdely year by year. In 2020-21 there were seven students in this category. including one finalist, and ona deferring completion lo 21-22. Two students look the MA after suc￿sSful completion of an undargraduale award, and one look the MA as a one year programme, following the 8Th. One sludenl upgraded to the MA li.e. writing the dissertalionl in the parish, and there were also five part-lirne flexible students. including three finalists. Over311, this means that Ihero were twenty-four students studying a Common Awards Poslgraduale Course al Rldley, a sub8t8ntlal increase from the prevlous year. Ridley Hall delivers a suite of undergraduate Common Awards, comprising the Certificate of Higher Educallon, Diploma of Higher Education, BA {Hon$l and Graduate Diploma in Theology. Ministry and Mission. Flexible course delivery. including blo¢k week le2chlng, mean5 Ihal programmes are accesslble to a diverse student body. Due lo Covid-19, t8aching of Common Awards In 2020-21 was moved lo online delivery. In 2020-21 seventy-nine students were enrolled for an accredited undergraduate Common Award.. lenty-seven ordinands, forty Lay Ministry students, three flexible study students and nine Ridley Hall London students. A further five RH London students completed a Common Awards taster module, which lead5 to progression to an undergraduate course. Due to the pandemic, confirmation of awards and dassifications by Ourham University has been delayed. Thirty-one students will be presented for undergraduate Common Awards, Induding eighteen for the BA (Honsl, nine for the Diploma of Higher Education, ￿ for the graduate-enlry Diploma and for the Certrficate of Higher Education. The Diploma and Certificate of Higher Education are not classified. BA (Honsl classifications are expected lo include al least one first class award, with a majorty of 2.1 classrflcalion3, and no failures. Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Roport Ilncorporating the Dlrectorfs Rèport) {conlinued) Year ended 31 July 2021 AGhlgv•ments and performance {conllnuÈd} Dgpartrn•nt of Lay Ministry Tralning and Fomiation IRLM) RLM offers degree level training wllhin Common Awards as a k8y part of Ridley Hall's offer lo the whole ¢hurch. RLM ha5 developed a contextual approach that works in partnership with dioceses, faith organisalions and individual churches lo train the laity for a variety of roles including youth ministry, children and family's ministry. sports ministry, and pioneer ministry. RLM delivers the degree in six block leaching weeks over the ye8r al Rldley H811, where students undertake academic study within an intentional worshiping Gommunity. Sluderilg apply their learnlng within subslanlial placements and are Supported in their rofle¢tions through group lutorlals. The RLM team was slr8nglhened further this year ty the appointffl8ril of tsvo new staff. as it hdd lo ils vislon lo deliver excellent training for Christian leaders. Rob French, Tutor in Sports Minlstry, with his academic and leachlng glfts and excellent nelworks within 5POrt8 ministry, enabled further development of this stream. Lucy Anstey, re￿ntlY appointed as Tutor for Schools Chaplaincy, is looking lo develop this area as 8 new speciallsm for Ridley in the year ahead, lying In with a new emphasis on this minlslry wllhin Ihe wlder church. In 2020-21 RLM had 42 students enrolled over the three years, placed with churches and dioce888 aoross the East. South, Wesl and th8 Midlar￿$ of the UK. Student Placements Ridley ordlnand8 usually undertake a four-week summer placement shadowing clergy and experlencing practical minlslry. Some students remain in Cambridge and nearby villages whilst others venture further afleld in the UK and abroad, selecting Contexts which Tange from deeply rural lo city cenlre. In recent years de81ination8 in the UK have included a mulli-elhnic context in Leicesler, a rural benefice in Wales. a resour¢e ¢hurch in Derby, and various cathedrals. Students who opt lo experience Anglican conlexls outside the UK have visited, amon9 others, Hong Kong Cathedral. Perth, Wesl&rn Australia, and 83ghdod. They have returned enriched by the experience lo share thelr stories and their quesllons with their fellow students as they continue to prepare for ordalned min151ry. In summer 2020, because of the r851riclions imposed by the Coronavirus. ordinand placements were postponed and look place in the Christmas and Easter vacations during the 2020-21 academic year. Ridley Hall, Cambrldge Company Llmlted by Guarante• Trustegs. Annual Report {Incorporating the Dirèctor's Report) (¢onUnued) Year ended 31 July 2021 Financlal rgvigw Income Total inGome for the year amounted to £1.555,458 {£2,223,333 in 20191201. This comprised of £1,481,748 unreslricled income and £73,710 reslricled income. The significant decrease on lolal income was malnly due lo a one-off reslricled grant of £645,700 in the prior y8ar. The underlying lolal income for 2019120, excluding this grant is £1,577.633, which is in line with the total income for the year 2020121. Income from the Colleg&'s charitable act1vil￿S (Note 61 was £1,207,003 (£1.226,686 in 20191201- The main source of income for the College is sludenl luilion fees and malnlenance charges. Donatlons and appeals Income decreased from £81,136 in 2019120 to £67,408 in 2020121 (Note 51. Income from other trading aclivilles {Note 7) amounted lo £208,932 {£251.040 In 20191201, consisting of Conference ané lellings incom& of £1,645 {£83,113 in 20191201 and other income of £207,287 {£187,927 in 20191201. The decrease Sn conference income was due lo the Studio language school cancalling their usual hire of our sile and bulldings as a result of the Covld-19 pandem￿. The increase in other income wa5 mainly achieved through recelving the government fudough gran1$ and the adfjilional rental income from A-slaircase accommodation8. Interest received (Note 81 amounted lo £2.2291£15,901 In 2019120). The decrea8e was due lo the significant amount of cash spent on the A-slaircase project In the year, resulting in less cash Inve81ed in the bu5iriess Saving accounts. Expondlture Total expenditure amounted to £1,768,978 whlch is similar lo total expendllure In pdor year, (£1,771,143 in 2019120). The cost of raislng donalions and legacies (Note 91 was £49,673 which is In line with the cost of £49,863 in 2019120. The expenditure on charllable aclivilles INoles 10 and 11 I relates lo the operation of the College, the provision of staff and sludenl housing, and support costs. Th1$ expenditure arnounled lo £1,719,303 (£1,721,280 In 20191201. Overall staff costs (Note 151 wer& £1,107.138 (£1.119,964 in 20191201. Average staff headcounl and the average number of full-llme equivalent employees went down by 3 and 1 respecllvely. Auditors, remuneration is £6,180 for the year1£6,500 In 20191201. Depreciation on tangible fixed assets INole 131 amounted lo £115,4691£92,768 in 20191201 and fixed asset additions amounted lo £1,859,141 for the year {£249,491 in 2019120). The Significant increases w¢re mainly due lo the completion of the A-stalrcase building project. Not movamènt In Fund8 The activllles for the period 3￿W a nel movement of funds of a def1CIt of £218,518 Isurplus Of £571.190 In 20191201. However, it is important to note that the surplus in the prlor year is as a result of a one-off grant of £645,700 and the pension provision movement of £140,000. -10. Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Roport (Incorporatlng the Diractor's Report) (conllmied) Year ended 31 July 2021 FinanGlal revlew (¢onttnued) BalanGg Sheet Total ¢harlty funds at 31 July 2021 were £4,982.813 (£5,201,331 on 31 July 2020). This comprises reslriGled funds of £￿,504 1£748.141 on 31 July 20201, and unrestricted funds of £4,892,309 <£4,453,190 on 31 July 20201. Unreslricled funds are also detailed in Note 25. As a result of adoptlng FRS 102. the balance Sheet now includes a pensions provision of £33,0001£50,000 al 31 July 20201. see Note 24. This provislo has been refiecled separately as 3 pensions reserve In Note 25. The College has no other signiftcant endowment or Investm8n15. There are no borrowlng facilities in pla¢e at this lime. Sub8frquent Evonts There are no subs8quenl events lo report. Roserv•8 Pollcy The Trustees have agreed 8 policy of holding six months budgeted operating costs in Iha General ReseTve, which would equate to approximately £900k. Al 31 July 2021, the unreslricled cash funds. excluding the premises fund and pension reseNe, amounted lo £274,518 a decrease on £1,594,752 at 31 July 2020. The focus in 2021122 continues lo be on how lo address the shortfall both by reviewing in¢ome streams and ways of cutting costs. Inv•stm•nt Pow•rn The Trustees have the power lo make investments al the dls¢ffjtlon of the Trustee Board of up lo Ihlrds of monies held. Plans for futur• p•rlods FollowSng the inlrodudion of four subcommillees within the Truslee$' Commltt88, we aim to achieve Slgnlficanl support from each subcommlttee, each of which has 5pe¢iflc alms.. Education and Formation - lo r8vlew all curriculum and staffing in a ￿ViSed Federation and build 8trong8r relalion¥hlps wSlh key 3lakeholderg', Finance - lo achieve operational break even or beller supported by robust financial system5, processes and controls., Fund Ralsing and Development - lo develop fund ralsing plans. prioritisalion and evaluation using an updated contact database. Nominations - to review successlon planning and to recruit a full ¢omplemenl of Trustees. 11 Ridley Hall, Cambrldge Company Limtt•d by Guarontgo Tru8teos' Annual Report (IncorporatSng the Directorfs Report) (willnued) Year ènded 31 July 2021 Trustee8' rnspon8lbllltles 8tatement The Iruslees, who are a150 directors for the purposes of comp8ny18w, are responsible for preparing the Iruslees, report and the financial stslemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the charity trustees lo prepare financial statements for each year which give true and fair view of the stale of affairs of the charitable company and the incoming resources and 8ppli¢ation of resources. including the Income and expenditure, for that perlod. In ￿parIng these financial statements, the trustees are requlred lo: select sullable accounting pollcies and then apply them conslsl&nlly,' observe tha methods and princlples In the appll¢able Charitigs SORP.. make Judgments and accounllng estimates that are reasonable and prudent. prepare the financial slalemenls on the going concern b8518 unle¥s il is inappropriate lo presumo that the charity will conllnue In busln&ss. The Iruslees are responslble for keeping adequate accounting records that are sufficlenl to show and explaln the charills Iransacllons and disclose with wasonable accuracy. al any lime the financial poslllon of the charity and enable them lo ensure that the financlal statements comply with the Companie8 Act 2006. They are also responsible for safeguardlng the a5sel8 of the charity and henc8 for lakirng reasonable steps for the prevention and detection of fraud ar￿ other irregularities. Audltor Each of Ihe persons who is a INslee at the daté of approval of Ihls report confirms Ihal.. so far as they are awa￿, there is no relevant audit information of which the Char￿'S audllor is unaware", and they have taken all steps that they ought to have taken as a trustee lo rnake themselves 8W8re of any relevant auéll informatlon and lo establish that the charlly's auditor Is aware of that information. Small company provlglon• This report has been prepared In accordance with the provisions applicable to companies enlllled to the small companles exemption. The trustees, annual report was approv8d on trustees by.. and signed on behalf of the board of Mr Mark Spelman Chairman of the Trustees Mr Kovin Holmes Chairman of the Finance Committee -12- Ridley Hall. Cambridge Company Llmlted by Guarantga Independent Auditorfs Rgport to the Members of Ridley Hall, Cambridge Year ended 31 July 2021 Oplnlon We have audited the financial slalements of Riéley Hall, Cambridge Ilhe 'charity') for the year ended 31 July 2021 which comprise the statement of financial activities (including income and expenditure account). 81alement of financial position, statement of cash flows and the related notes, including a summary of significant accounting pdicies, The flnancial reporting framework that has been applied in Ihelr preparation is applicable law and United Klngdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion the financial stal8menls'. give a true and falr view of the slate of the charitV5 affalrs as at 31 July 2021 and of Ils incoming resources and application of resources, including ils IrKome and expenditure, for the year then ended,. have been properly prePa￿d in accordance with United Klngdom Generally Acceple Accounting Practice., have beern prepared in accordance wllh the requirements of the Companies Acl 2006. Ba851 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responslbllilk85 under those glandards are further described in the audiloT'S r8sponsibilities for the audit of the flnancial $lal8menls section of our report. We are Independent of the charity in accordance wlth the elhical requirements Ihal are ￿levant lo our audil of the financial slalemenls in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responslbilities in accordance with Ihgse requlrem8nls. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis for our opinion. Concluslon8 r•latlng to golng conc•rn In auditing the financ￿[ slalements, we have concluded Ihal the tru81ees' use of the going concern ba515 of accountlng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material un¢ertainlies relating lo events or conditions that. indivldually or collectively, may cast signlficanl doubl on the charity's ability lo continue as a golng concern for a perlod of al least ￿e1ve months from when the flnancial Statements are aulhorSged for185U8. Our responsibilities and the responsibilities of the Iruslees wlth respect lo golng con¢em are described in the relevant sections of Ihis report. 13- Ridley Hall, Cambridge Company Limited by Guarantee Independgnt Audllorf8 Report to th• Member8 of Rldley Hall. Cambridge (conllnu•d) Year ended 31 July 2021 Other infomiatlon The other information comprises the information included in the annual report, other than the financlal statements and our auéilor's report thereon. The Iruslees are responsible for the other information. Our opinion on the financial statements does not cover Ihe other information and. except lo the extent otherwise explicitly staled in our report, we do not express any form of assur8nce conclusion Ihereon. In connection with our audit of the financial statements, our responsibility 13 to read the other information and. in dolng so. consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls. we are required to determine whether there is a material misstslemenl in the financial slalemenls or a material rnisstalem8nl of the other information. If, based on the work we have performed, we conclude that there 1$ a malerial misslatemenl of Ihls other information, we are required lo report that fact. We have nothing to report In this regard. Oplnlons on other matter¥ prejcrlbed by tho Companios Act 2000 In our oplnion, based on the work undertaken in the course of the audit.. the informallon given Sn the Iruslees, report for Ihe financial year for whlch the flnanclal statements are prepared Is consislenl wlh the financial Stalemenls., 8nd the Iru$tee5' report has been prepared In accordance with applicable legal r8qulremenls. Matt•rs on whlch w• are r•qulrod to report by exceptlon In tho light of the knowleége and understanding of the charity and its environment oblalned in the course of the audll, we have not ￿entIfied mal8rial misslalemenls in Ihe Iruslees, res))rt. We have nothing lo report Sn respect of the following matters in re18tion to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audlt have not been received from branches not v151ted by us,. or the financlal statements are not In agreement with the accounllng records and relurn8,' or certaln dlsclosures of trustees. remuneration speclfied by law are not made.. or we have not received all the Informallon and explanations we require for our audit., or the trustees were not enlilled lo prepare the finan¢lal slalemenls in accordance with the small companies regime and take advantage of the small ¢ompanies' exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. 14- Ridley Hall, Cambridge Company Llmlted by Guarantee Indepgndent Auditorfs Report to the Mombors of Rldley Hall. Cambrldge (con11n￿￿) Year ended 31 July 2021 Rgsponslbllltlas of trust985 As explained more fully in the trustees, re8ponsibilities statement, the twstees (who are a150 the directors for the purposes of company 18wI are responsible for the preparation of th8 financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of finartcial statements that are free from matèrial misslatemenl, whether due to fraud or error. In preparing the finan¢ial stalemenls, the trustees are responsible for assessing the charity's ability to Continue as a going concern, disclosing. as applicable. mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend to Ilquidate the charlty or lo cease OP8r81ions, or have no reallslic allemalive bul to do so. Audltor'8 r08pon8lbll1t1￿ for th• audlt of the flnanclal •tatom•nt• Our objecllves are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi$stalem8nl, whether due lo fraud or error, and to Issue an auditor's report that includes our opinion. Rea30nable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿¥SyS delecl a material misslalemenl when il exists. Mlsslalemenls can arise from fraud or error and are considered material if, indlvidually or in the aggregate. they could reasonably be expected to Influence the economic de¢lsions of users taken on the basis of these financial stalemenls. Irregularities, Including fr8ud, are Inglanc8s of non-compliance with laws and regulations. We design procedures In line wllh our responsibilities, outlined above, to delect material misstatements in respect of irregLJlarille8, includlng fraud. The exlenl lo which our procedures are capable of delecling irregularities, Including fraud 18 delalled below.. Our approach lo identfying and ass888ing the ri8ks of malerlal misslatemenl In respect of Irregularities, Includlng fraud and nonwcompliance with laws and regulations, was as follows.. Ihe engapmenl partner ensured that the engagement team collectively had the appropriate competencè, ¢apabililies and skills lo identify or recognise non-compliance with applicable laws 8fKI regulations,. we idenlSfled the law8 and regulations applicable to the charity through discu$sion$ with trustee8 and other management, and from our Gornmercial knowledg8 and experience of the charity and theological education sector In whiGh il operates.. we focused on specific laws and regulations which we considered may have a direcl materlal effect on the finanGial statements or the operations of the charity, Including the Companies Act 2006. Charities Act 2011, taxation legislation, data protection. anli-bribery, employment, environmental and health and ¥afety legi8lalion., we assessed the extent of complSance with the laws and regulations identified above through making enquiries of management and Snspecliro legal ¢orregpondence,' and identified laws and regulations Wa￿ communicated within the audit team regularly and the team remained 31ert to instances of non-compliance throughout the audrt. 15- Ridley Hall, Cambridge Company Llmlted by Guarante• Ind•pgndont Audltorfs Roport to the Members of Ridley Hall, Cambridge fcontln4ffjdJ Year endgd 31 July 2021 We assessed the susceptibility of the charity's financial statements to material misstatement, includlng obtaining an understanding of how fraud might occur, by.. maklng enquiries of management as lo where they con8Mlered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fr8ud,' and considering the Internal controls in place lo miligale risks of fraud and non-compliance wlth laws and regulallons. To address the risk of fraud through man8gemenl bias and override of controls, we.. perform8é analytical procedures lo identify any unusual OT unexpected ￿latIonshIps., tested journal entries lo identify unusual transactions., assessed whether judgements and a5sumptlons mad8 In d8lermSning the accounting eslimales sel out in Note 3 were indicative of polentsal bias,. and invesllgatéd the rallonale behlnd slgnlficanl or unusual Iransartlons. In response lo the risk of irregulari1Ses and non-compliance with laws and regulations, we designed procedures which inclu¢Jed, bul were not Ilmiled to.. agreelng financial Slalemenl disdosures lo underlying supportlng documentation., readlng the minules of meellng8 of those charge¢J with governance,. enqulrlng of management as to actual and potential Illlgalion and clalms,. and reviewlng correspondence wllh HMRC, relevant regulators and the charity'8 legal advisors. There are Inherent limllation5 in our audit procedures described above. Th8 more removed that laws and regulations are from financial transactions. the less likely It Is that we would become aware of non-compllan¢e, Auditing standards also limit the audll procedures required lo Identify non-complian¢e with laws and regulations lo enquiry of the Iru51ees and other management and the inspection of regulatory ané18gal correspondence. ff any. Materlal misstatements that arise due to fraud can be harder lo delect than Ih05e that arlse from error as they may Involve dellberale conce8lmenl or colluslon. A further description of our responsibililles for the audll of the financi81 statements Is located on the FinancSal Reporting Coun¢il'5 website al www.frc.org.uklaudilorsr8sponsibilities. Thls description forms part of our auditor's report. -16. Ridley Hall, Cambridge Company Llmlted by Guarantee Indopond•nt Audltovs Report to th• Members of Ridl•y Hall, Cambridge (con11n￿￿} Y•ar anded 31 July 2021 Lpse of our report This report is made solely to the charivs member8. as a body, In accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we might slate lo the Chanty's members th0￿ matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Shane Tharby (Senior Statutory Audltor) For and on behalf of Sireels Audit LLP Chartered accounlanls & slalulory auditor 3 W8llbrook Court Girton Cambridge CB3 ONA 17 December 2021 17- Ridley Hall, Cambridge Company Limited by Guarante8 Statement of Flnanclal Activitle8 {includlng income and oxpendlture a¢¢ounl) Year endéd 31 July 2021 2021 Restricted funds Total funds Total funds 2020 Unreslrfcted funds Incoma and gndowmonts Donations and legacles Charitable activities other trading activities Investment income 66,944 1,203,643 208,932 2,229 70,350 3,360 137,294 1,207,003 208,932 2,229 1,555.458 729.706 1,226.686 251,040 15,901 2,223,333 Total Incomo 1,481.748 73,710 Exponditure Expenditure on raising funds.. Costs of raising donalions and legacies Expenditure on charitable a¢tivitie8 Total oxpondlture 49,873 1.693,004 49,673 1,719,303 1.788,976 49,863 1,721,280 10,11 26.299 1,742,677 26,299 1,771,143 Net {exp•ndlture)Iln¢om• 1260,9291 47,411 (213,5181 452,190 Transferg betsveen funds 17 705.048 1705,0481 Other ro¢ognl8gd galn8 and 10830$ Actuarial (lossesygalns on defined benefit pension schemes Net mov•mènt In fund• {5,000) 439,119 (5,000) 1857,637) 1218,5181 119,000 571,190 R•conciliatlon of funds Total funds brought fO￿ard Total funds carrled forward 4.453,190 4.892,309 748.141 5,201,331 4.982,813 4.630,141 5,201,331 90,504 The statement of nnanclal actSvlties includes all gains and losses reGognised In the year. All Incom8 and expenditure derive from continuing aclivilies. The notes on pages 21 to 38 fom) part of th￿0 finanolal Statements. 18- Ridley Hall, Cambridge Company Llrnlted by Guarantee Statement of Financial Position 31 July 2021 2021 2020 Note Flxod asset8 Intangible assets Tangible fixed assets 18 19 2,S30 4,652,110 4,654,640 3.850 2.908.438 2,912,288 Curr•nt ass•t• Debtor5 Cash at bank and in hand 20 38,741 480,707 519,448 696,656 1,703,950 2,400,606 Credltor8: amount• falllng due wlthln one year Nat current as30ts 158,275 81,563 361,173 5,015,813 2.339,043 Total as80ts188s current Ilabllltla• 5,251,331 Provlslons Pensions and simllar obligatlons Net 088ets 23 33,000 4,982,B13 50,000 5,201,331 Funds of the charlty Reslri¢led funds Unreslrl¢led funds.. Defined benefit pension reserve Other unre8lrict8d income funds •0,504 748,141 133,000) 4,925,309 150,0001 4,503,190 Total unr9strlct￿ fund8 4,892,309 4,982,813 4,453,190 5,201,331 Total charlty funds 25 These financial slal8ments have been prepared in accordance with thé provisions applicable to companles subject to the Small companies, regime. These financial slalements were approved by the board of trustees and aulhorlsed for issue on .¥1+/.￿..&..1...., and are signed on behalf of the board by.. Mrm pelman Chairman of the TnJslees Mr Kevin Holme5 Chairman of the Finance Committee Tho notes on pagos 21 to 38 form part of these financial sLitement8. 19- Ridley Hall, Cambridge Company Llmltad by Guarantge ststement of Cash Flow8 Year onded 31 July 2021 2021 2020 Cash flows from oporatlng actlvltles Net lexpenditureylncome {218,518) 571,190 Adjustments for." Depreciation of tangible fixed assets Amortisalion of intangible assets Other interest receivable and similar income 115,469 1,320 (2,229) 92.768 1.320 115,901) Changes In.. Trade and other debtors Trad8 and other credllors Provisions and employee beneflts Cash generated from Operat￿n$ 657,915 1600.7081 96,712 177,5951 (f 7,000) 1140,0001 633.869 1168,9281 Interest received 2,229 635.898 15,901 Net cash froml(u8ed in) operallng activities 1153,025) Cash flow8 from Investlng actlvltle8 Purchase of18ngible a88els Net Cash used In investing aclivllies {1,859,141) 1249,491) {1,859,141) 1249,491 } Net decreasfr in ¢J•h and cash •qulval•nts Cash and cash oqulvalents at boginnlng of yoar C•sh and ￿•h oqulval•nt8 at •nd of y¢ar (1,223.243} 1402,5161 1,703.950 2,108.468 480,707 1,703.950 The notes on pagos 21 to 38 form part of tho59 flnanclal statemont8. -20- Ridley Hall, Cambridge Company Limited by Guaranteo Notes to the Financial Statgmonts Year endod 31 July 2021 General Information The charity is a private company limlled by guarantee, registered in England and Wales and a registered charity In England and Wale$. The address of the registered office is Rldley Hall Road, Cambridge. CB3 9HG. The charlty is a public benefit entity a5 defined by FRS 102. stst•rnént of compliance These financlal slatem8nls have been prepared in compliance wth FRS 102, The Flnanclal Reporting Slandard applicable in the UK ar)d the Republic of Ireland,, the Statement of Recommended Practice applicable lo charitiès preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 Ichaflties SORP IFRS 1021}, the Companies Act 2006 and Ihe Charities Act 2011. Accountlng pollcl•s Ba818 of preparatlon The flnancial slatem&nls have been prepered on the hislorlcal ￿$1 basls. The flnan¢ial statements are prepared in sterling, which 18 th8 functional currency of the entity. Golng con¢ern There are no material uncertainlles about the charity's abillty lo continue. Judg•rnonts and key sour¢o8 of ostlmatlon Un￿rtaIntY Th8 preparation of the flnancial statements requires managemenl lo maké ludgements, estimates and assumption$ that affect the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other faGlors, Including expectations of future events that are belleved lo be reasonable under the ¢ircumslances. Slgnificanl judgement8 There are no signtlicanl judgements lapari from those involving esllmalions} that management has made in the process of applying the entity's accounting policies and that have the most signlficanl effect on the amounts rerognised in the financial slatèmenls. Key sources of eslimallon uncertainty Accounting estimates and assumptions are made ￿ncernIng the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other 80urces of e8llmation uncertainty that have a signiflcanl risk of causing a material adjustment lo the carrying amounts of assets and liabllllies within the next financial year are as follows.. Tangible fixed assets are recognlsed al cost, less accumulated depreciation. Depreciation is charged over the eslimaled usefijl Ilfe of the asset lo ils estimated residual value. 21 Ridley Hall. Cambrldge Company Limlt•d by Guarantee Notes to tho Flnancial Statements (condnuod) Year ended 31 July 2021 Accountlng pollGles (conllnu￿J Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the ¢harlty's purposes. Designated funds are unrestricted fund8 earmarked by the trustees for particular future pr0￿cl or commitment. Reslricled funds are subjected lo reslricllons on their expenditure declared by the donor or through the terms of an appeal, and fall Into one of two 5ub-classe5.' restrictèd income funds or endowment funds. Incom• and endowmants All income is Included In the Stalemenl of financial activities when enlillem8nl has passed lo the charlty, il is probable that the economlc benefits associated with the Iran$aclion will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. Income from ¢Jonalions or grants is rocognlsed when there Is èvlden¢e of enlltlemenl lo the gift, receipt is probable and amount can be measured rellably. legacy incom• Is recognised when recelpt is probable and enlillemenl is eslabllshed. Income from contracts for the supply of servlces Is recognised wllh the delivery of the contracted $ervSce. This is classified as unreslricled funds unless there is a conlraclual requirement for il lo be spent on 8 particu18r purpose and returned if unspent. In whlch case11 may be regarded as reslricled. Exp8ndltur& Expenditure is recognised on an accruals basis as a liability is Incurred. Expenditure includes any VAT which cannol be fully recovered, and is classified under headings of the statement of financial acllvilies lo whlch il relates.. expenditure on ralslng funds Include5 the costs of all fundraising a¢livi1188. events and non- charitable trading actlvllie8. expenditure on charitable activities indudes all costs Incurred by the charrty In undertaklng activit￿8 that further ils charitable aims for the benefll of 115 beneficiaries, indudSng those support costs and costs relating to the govemance of the charity. olher expenditure In¢ludes all expenditure that is nellher related to ral8ing funds for the charity nor part of ils expendIlu￿ on charitable activilles. AII costs are allocated lo expenditur6 categories reflecting the use of the r850urce. Ridley Hall, Cambridge Company Llmlted by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2021 Accounting policies (witlnu￿) Oper*lng lea808 Lease payments are fecognised as an expense over the lease term on a straighl-line basi5. The aggr8gate benefit of lease incentivès is recognised as a reduction to expenge over th8 lease term, on a straighl-line basis. Cash and cash equlvalents Cash al bank and in hand 18 held lo meet the day to day running costs of the charlty as they fall du8. Cash equivalents are short terni. highly liguld Investments, in 125-day nolSc8, or less, interest bèaring savings account¥. Inlanglblo a880ts Intangible assets are initially recorded al cost, ané are gubsequenlly $lated al cost less any accumulated amortisation. Amortlsatlon Amortisalion is ¢alculaled so as lo wrlte off the cost of an asset, less Its estlmaled resldual value, over the useful economic life of that asset as follows.. Cloud based server 25% 8lralghl line If there is an indication that there has been 8 slgnificanl change In amort15ation rate, useful life or residual value of an Intangible asset, the amortl8alion is revised prospectively lo reflect the new eslimales. Tanglble us•ts Tanglble a85ets are Initially recorded al cost. and subsequently staled 81 cost less any accumulated depreciatlon. D•pr•clatlon Exp6nditure on fumllure and fittings and equipment is capilalised and wrillen off respecllvely al 10% and 10-25% on cost annually. Freehold land is not depreciated. Freehold buildings including refurbishment and improvement costs are depreciated on a slraight-line basis over their u¥eful economic lives whlch are estimated to be 24 or 25 years. except where the estimated residual values (based on prlces al the lime of acquisilionl of the buildings are not materially different from their carrying value in the aGcounts. Improvements are not depreciated until they are brought into use. Rldley Hall continued lo be the joint owner of 15 Guest Road, Cambridge. a residential property purchased in 1989 for £190,000. The purchase price has been mel by a loan from the Church Commissioners which is only repayable upon ￿aliSatIon. Under the agreement. the Church Commissioners bonefit from any increase in the value of the property on sale and the Charity Is responslble for the repair and maintenance of the property. This propety 8ThJ correspondlng loan have therefore not been included within the balance sheet. Ridley Hall, Cambridge Company Limited by Guarantee Notes to th¢ FIDanclal Statements (conlinu•d) Year ended 31 July 2021 A¢countlng pollcies (conllnu•d) Investment Income Investment incom8 15 uediled lo the appropriate fund account9. Govemrnent grants Government grants are recognlsed at the falr value of the asset received or r8ceivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions atla¢hing lo them and the grants wlll be receivéd. Where the grant does not impose sp8clfiéd future performance-related conditions on the reciplenl, il is re¢ogni5ed In Income when the grant proceeds are recelved or receivable. Where the grant does impose specffjied future performance-related conditions on the reclpient, il is recognised in income only when the performance-relaled conditions have been met. Where grants received are prior to satisfying the revenue re¢ognilion crilerla, they are recognised as Value addod tax As the Charlty'5 activities affj classffied as exempl or non-business aclSvities for the purposes of value added tax, the Charity is unable lo reclaim Ihe value added lax which il Incurs on its purchases. Expenditure in these flnancial slalemenls is therefore shown inclusive of value added lax. Provl8lon¥ Provisions are recognised when the enllty has an obligation al the reporting dale as a result of past event, il is probable that the entity will be required lo transfér economic benefits In selllemenl and th8 amount of the obligation can be esllmaled reliably. Provisions ar8 recognised a5 a liability in the statement of financi81 posllion and the amount of the provision as an expense. Provisrons are initially measured at the best e81imale of the amount requlred 10 $8111e the obligation al the reporting dal8 and subsequently raviewed al each reporting dale and adlustad lo reflect the current best estimate of the amount that would be reqUI￿d to settle the obligallon. Any adjuslmenls lo the amounts previously recognised are recognised In income or expenditure unless the provision was orlginally recognisad as part of the cost of an asset. When a provisK)n Is measured al the present value of the aMI￿nI expected lo be required lo sellle the obligation, the unwinding of the discount Is ￿cOgniSed as a finance cost in the stslemenl of financial acllvitie8 In the period It arises, and is allocated lo the appropriate 8xpendilure heading. Defln•(l ¢ontrlbutlon plan8 Conlributlons lo defined contribution plans and other plans accounled for as defined contribution plans are recognised as an expense in the period in which the related service is provided. Any agreed deficlt recovery contributions are ￿Cognised immediately once agreed. Further details about th8 Charity's pension arrangements can be found in Note 24 of the financial 51atemenl8. .24- Ridley Hall, Cambridge Company Llmlted by Guarantetr Notes to the Financlal Stst•mèntS (contin1￿d) Year ended 31 July 2021 Accounting policles (ronllnu•dJ Transfer of aBs•ts on formation of new corporate charlty All activities, assets, 1Sabilities and corresponding funds from the old unincorporated Charity. Ridley Hall. (Charity number 3114561 were transferred lo the new corporate charity, Ridley Hall. Cambrhlge (Charity number 11570041 as of 1 August 2014. A5 a result, all tangible fixed assets transferred, includlng propety assets, were initially worded In this new corporate charity al their nel book value, separately split in the fixed asset note be￿88￿ cost and accumulated depreciation al the lime of Iran8fer In the previous unincorporated charity. No fair value adjustments had been made to reflect the open market value of the property as al the lime of transfer. Future depreclation on the tangible fixed assets transferred have continued to be calculated based on the orlginal purchase pric8 and estimated useful economi¢ lives as al the lime of orNJinal acqui$illon The trustees are of the opinion that accounting for the transfer in this way gives a true and falr view and best reflects the sub51an¢e of the transfer ¥uch that nothing fundamental has changed. Llmitod by guarant•e The charity 13 a company limited by guarantee and has no share tspllal. The liability of each member in the evenl of winding up 1$ limited to £1. Donatlon8 and l•gaclo• Unreslrlcled Funds Reslricled Total Fundi Funds 2021 Donations Donations and appeals 68.658 750 67,408 Gr•nts Grants re¢elvable 286 69,600 69,886 137,294 66,944 70,350 Unre81riGled Funds Restricted Total Funds Funds 2020 Donations Donations and appeals 77.723 3.413 81,136 Grants Grants receivable 648,570 851,983 648,570 77,723 729,706 Included within ￿$tricted funds above is a grant of £645,700 from th8 Maurice & Hllda Laing Charitable Trust which was awarded for the A-staircase building prolecl. -25- Ridley Hall, Cambridge Company Llmited by Guarantee Notes to tho Financlal Ststements (¢ontinuod) Year ended 31 July 2021 Charitabl? activltles Unrestdcted Funds Restricted Total Funds Funds 2021 Fees Sabballcals 1.203,643 3,360 1,207,003 1,203,643 3,360 1.207.003 Unrestricted Funds Restricted Total Funds Funds 2020 Fees Sabbatlcals 1,210,662 18,024 1.226,686 1.210,662 16,024 1.226,686 Oth•r tradlng actlvltl•• Unreslrlcled Total Fund• Unr89trl¢led Total Funds Funds 2021 Funds 2020 Conferences and lettlngs Rentsl Income Caterin9 incorne Other income 1,e45 84,727 4.066 118.494 63,113 65,110 46,813 76,004 251,040 63,113 85,110 46,813 76,004 251,040 84,727 4.066 118.494 208.932 208,932 Inv•stm•nt Incom• Unrestrlcled Total Fund8 UnreglrF¢ted Total Funds Funds 2021 Fund8 2020 Bank interest receivable 2,229 2.229 15,901 15,901 Cost8 of raS8lng donatlons and l•gaGI Unrestrlcted Total Fund¥ Unre5triGled Total Funds Fund5 2021 Funds 2020 Development offi'ce ¢osls 49,673 49,673 49,863 49,863 -26. Ridley Hall, Cambridge Company Llmited by Guarantee Not08 to tho Financial Statements [￿n11nUeoP Year ended 31 July 2021 10. Expondlture on charitabl• actlvitios by fund type Unrestricted Funds Restricted Total Funds Funds 2021 Operatlon of theological college and provision of staff and student housing Support coslg 1.428,914 264,090 26,299 1,455,213 264,090 1.719,303 1,693.004 26,299 Unreslricled Funds Roslri¢led Total Funds Funds 2020 Operallon of theological college and provlslon of 81aff and sludenl housing Support Costs 1,418,013 267.193 38,074 1,454,087 267, 193 1.721,280 1,683,206 38,074 11. Exp•ndltur• on charltabl• actlvltl•8 by i¢tlvlty typ• undertaken directly Support Total fund• costs 2021 Operation of theological college and provision of staff and student houslng Governance costs 1.455,213 257,910 6,180 1,713,123 6,180 1,719.303 1,455,213 264,090 Aclivilles undertaken directly Support Total funds costs 2020 Operation of theological college and provision of staff and sludenl houslng Governance costs 1,454,087 257,796 9,397 1,711,883 9,397 1.454,087 287,193 1,721,280 -27. Ridley Hall, Cambridge Company Limlted by Guaranto9 Not?8 to tho Flnanclal Statements (contlnv8dJ Year •nd•d 31 July 2021 12. Analy818 of 8UPPOrt Costs Total 2021 Total 2020 Wages and salaries Employer's NIC Pansion costs Audit fees Legal and professional fees Costs of Iru51ees' meellng5 Communication costs Finance fees Admin costs Reception costs IT co¥ts 159,799 15.052 15.880 6.180 154,124 14.293 15.396 6.500 2,820 77 16,390 5,103 21,468 9,255 21,767 267,193 15,378 4,376 18,296 0,884 22,245 264,090 13. N•t {exp•ndlturoVlncom• Nel lexpendllureyincome is sialed after chargingl(¢r8dltlngl'. 2021 2020 Amortlsalion of intangible a88els Depreclalion of tangible fixed assets Foreign exchange differences 1,320 11 5,469 3,762 1.320 92,768 4,899 14. AudltOf• rnmuneratlon 2021 2020 Fees payable for the audll of the financial s18temen18 180 6,$00 15. Staff costs Th8 lolal staff costs and employee benefits for the reporting per￿￿ are analysed as follow8.. 2021 2020 Wages and salartes Social security costs Employer contrlbulions to pensK>n plans 912,554 75,909 118,675 1,107.138 927,313 76,339 116,312 1,119,964 -28- Ridley Hall, Cambridge Company Llmlted by Guarantee Notes to tho Financial Statements (Gontlnued) Year ended 31 July 2021 15. Staff costs (¢onllnu8d) The average head count of employees during the year was 39 {2020.. 421. The average number of full-lime equivalent employees during the year is analysed as follows-. 2020 2021 No. Academic Administration Calaring Domestic Pr8mises RLM Development 14 14 31 32 No employee received employee benefits of more than £60,000 during the year12020.' Nill. Koy Management PofBonnal Key management personnel Include all persons that have 8ulhorlty and responsibility for planning. directing and controllin9 the activities of Ihe ¢harily. The lolal Compensation paid to key management personnel for s8rvices provided lo tha charlty was £195,57612020.. £183.0651. 16. Trust•e romun•ratlon and gxp•n8e8 The trustees received no remuneration OT other benefits from the oharlty in the current or previous year. During the year, no 12020., one) trustee8 were reimbursed for travel and 5ubsislence expenses12020.. £77). 17. Transf•r bètwe•n funds The transfer from the reslricled Development Fund lo the general unreslricled fund was done following the costs incurred during the year on tangible fixed asset Improvements which are held for the long term general purposes of the charity and not for a reslrlcled purp08e. Therefore the transfer 1$ in a￿or￿anCe with the Charity SORP. -29- Ridley Hall, Cambridge Company Limited by Guaranteo Not08 to the Fln8nclal Statements (continu•d) Year ended 31 July 2021 18. Intanglble assets Cloud based Intanglble Server At 1 August 2020 and 31 July 2021 Amortlsatlon At 1 August 2020 Charge for the year At 31 July 2021 Carylng amount At 31 July 2021 Al 31 July 2020 5,280 1,430 1,320 2,750 2,530 3,850 19. Tanglbl• flxed u••ts Freehold Flxtures 8nd propaty fliiings Total Cost At 1 August 2020 Additions 3,784,138 1,775,364 623,785 83.777 4,407.921 1,859.141 At 31 July 2021 Oopro¢Satlon Al 1 August 2020 Charge for the y88r At 31 July 2021 Carrying amount At 31 July 2021 Al 31 July 2020 5,559.500 707,582 6,267,062 996,193 88,218 503,290 27,251 1,499.483 115.469 1.084.411 530,541 1,614.952 4,475,089 177.021 4,852.110 2,787.943 120.495 2,908.438 Included wilhln FTrehold Propety is land 8nd buildings of £1,889.15712020'. £1,861,415) whlch is not depreciated. -30- Ridley Hall, Cambridge C¢)mpany Llmitod by Guarantee Not08 to tho Financial Statements (¢onllnyedJ Year ended 31 July 2021 20. Dgbtors 2021 2020 Trade debtors Prepayments and accrued Income Other debtors 21,420 14.652 2,869 38,741 26,480 665,083 5,093 6g6,656 Included within accrued income in 2020 above Is a reslrfcted grant of £645,700 from the MaurlGe & Hilda Laing Charitable Trust which was received in August 2020. 21. Cash and cash •qulvalont8 Cash and cash equivalents comprise thé fdlowing: 2021 2020 Cash al bank and In hand sh(￿-terM deposi18 451,249 29,458 229,055 1,474,895 1,703.950 480,707 22. Cr•dltorn: amount• falllng du• wlthln on• year 2021 2020 Trade cr6dltors Accruals and deferred Income Social securbty and other taxe8 Other credltors 1,312 130,056 20,798 6,109 12,377 21,711 19,299 8,176 158,275 81,563 23. Provlslons Pen8lon• and 81mllar obligatlons At 1 August 2020 Def￿11 contributions paid Other movements 50,000 (22,000) s,000 33,000 At 31 July 2021 The pension provision is for the agreed deficit recovery plan irn respect of the Church of England Funded Pension Scheme. Further details of the Scheme as disdosed in note 24 to the accounts. 31 Ridley Hall, Cambridge Cornpany Llmitèd by Guarantee Notgs to tha Financlal Statements (conllniMdJ Year onded 31 July 2021 24. P•nsions and other post retlremont benefits Defin•d contribution plans The amount recognised In income or expenditure as an expense Sn relatlon to defined conlribullon plan5 was £118,675 {2020.. £116,312). Cttur landF n Pensi cheme Ridley Hall, Cambridge participates in the Church of England Funded Penslons Scheme for slipendiary clergy, a defined benefit pension scheme. Thls Scheme is administered by the Church of England Pensions Board, which holds the as$els of the Schemes separately from those of Ridley Hall, Cambridge and the other particlpaling employers. Each particlpaling employer in the scheme pays contribution5 al 8 common conlrlbulion rale applied lo p8nsionable stipends. The scheme is considered lo be a multi-employer scheme as described in Section 28 of FRS 102. This means It is not posslble lo allribule the Scheme's assets and liabilities to 88ch specrfic participating employer, and this means Ihal contributions are accounted for as if the S¢heme were a defined ¢onlribulion $¢heme. Th8 pension costs Charged lo the SOFA in the year are contributions payable towards benefits and expense$ accru8d in that year. plug the figur88 highlighted in the table below as being recognlsed in the SOFA. A valuation of th8 Scheme Is carried out once every thre8 years. The most recent Scheme valuation completed was carrie(J out as al 31 December 2018. The 2018 valuation revéaled a efl¢il of £50m, based on a8sel$ of £1,818m and a fundlng target of £1.868m, 888e8sed using the following assumplion8'. An average discount rale of 3.2% p. RPI inflallon of 3.4% p.a. land pension Increases consistent wlth Ihl8).' Increase In pensionable slipend8 of 3.40h p.a.; and Mortality in 8ccordance with 95Oh of the S3NA_VL tables, with allowarte for improvements in mortality rates in line with the CM12018 extended model with a long term annual rale of improvement of 1.5Qh, a Smoothing parameter of 7 and an inllial addillon lo mortality improvements of 0.5% pa. Following the 31 December 2018 valuallon, a recovery plan was put In placo unlll 31 December 2022 and the doficil recovery contributions las a percentage of penslonable slipends} are as set out in the table below. January 2018 to December 2020 11.90 January 2021 to December 2022 7.1% Deficit repair contributions As al 31 December 2018 the deficit recovery contribution5 under the recovery plan In forc8 al that lime were 11.gyo of penslonable stipend$ until December 2025. .32- Ridley Hall. Cambridge Company Llrnlted by Guarantee Notes to thg Financlal Statements (conNnu8dl Yearended 31 July 2021 24. Pensions and other post retirnment benefits (Gontinued) As at 31 December 2019 and 31 December 2020 the deficll recovery conlrlbulions under the recovery plan in force were as Sel out In the above table. For senior office holders. pensionable stipends are adjusted in the calculations by a multiple, as sel out in the Scheme's rules. Section 28.11A of FRS 102 requires agreed def1cII recovery payments lo be recognised as a liabllity. The movement in the balance sheet Ilability over 2019 and over 2020 is Set out in the lable below. 2020 2019 Balance she81 liability at 1 January 50,000 190,000 Deflcit conlrlbution pald Interest cost {recognlsed in SOFA) Remaining change to the balance sheel Ilability. Irecognised In SOFA) 122,000) 125,0001 4,000 5,000 1119,0001 Balance sheet liability at 31 December 33,000 50,000 "Comprlses change In agreed d6flcit recovery plan, and change In dlscount rale and assumptions bètween yearvends. Thls118bility repres8nl$ the present value of the deficit contributions agreed as al the accountsng dale and has been valueé usin9 the following 88sumplions Set by reference lo the duration of the efKII recovery payments= December 2020 December 2019 December 2018 2.1% pa 3.1% pa 1.6Vo pa Discount rate Price infl81ion Increase lo totsl pensionable payroll The legal structure of the scheme is such that rf another Responsible Body falls, Ridley Hall, Cambridge could become responsible for paying a share of that Responsible Body's pension 3.1% pa 1.6Vo pa 2.80h pa 1.30A pa The actuarial gain of £119.000 was includ8(i wlthin expenditure on charitable activltles on the Slalemenl of Financial Activities In the previous year but has been shown separately under other recognised gains and losses on the face of the Statement of Financial Activities this year. 33- Ridley Hall, Cambridge Company Limlted by Guarant09 Notes to the Flnanclal Statements {rontlnuedJ Year •nded 31 July 2021 25. Analysls of charltable funds Unr•8tricted funds At 1 August 2020 Ino)me Gains and At losses 31 July 2021 Expenditu￿ Transfer5 Premises fund Property improvem8nl and maintenance fund Annual fun UK Bursary fund Overseas Bursary fund Student Aid Pension Reserve Special Initialfv8$ fund General fund 2.gJ8.438 1,742,353 4,650.791 4,444 61,886 12.776 14,630 48,371 1,649 {11,8431 1101,9751 7,431 8,282 13,175 {1,2501 3,150 7.228 {50.000} 1,050 151 4,195 7,228 15,000} {33,000) 22,000 1,173,283 331,985 159,811 } {1,110,6541 1,416,048 {1,703,6111 186.967 1,481,748 11.742.677) 2,818 231,389 {5.0001 4,892,309 4,453,190 705,048 Al 1 Augu812019 Gains and Al losses 31 July 2020 Income Expenditure Transfers Premlses funé Property improvement and maintenance fund Annual fun UK Bursary fund Overseas Bursary fund Siudenl Aid Pengion Reserve Special Inilialives fund General fund 2,751,716 156,722 2,908,438 53,443 138,761 12,626 300 76.223 150 149,2991 1153,0981 4,444 61,886 12.776 2,100 7.228 11SX).000) 1,050 3,150 7,228 150,000) 21,000 119,000 1,450,000 270,035 155.8081 1220,9091 1,493.627 11,6g8,2611 266,584 1,571,350 {1,733.0891 1.173,283 331,985 119,000 4.453,190 4,495,9)9 Ridley Hall. Cambridge Company Llffllted by Guarantee Notes to th• Financlal Statemonts {conUnuod) Year ended 31 July 2021 25. Analysis of charitable funds {canllnu￿) The Premlses Fund Se￿8$ lo account for the reserves helé within Ihe tangible fixed assets from which the College operates. The transfer be￿88n this fund and the general fund represents movements in tangibl8 fixed assets during the period. The Property Impr0￿ment and Maintanance IPIMI Fund is estsblished lo provlde for funding for any work undertaken by the College across Its physical estates, al our main sile In Ridley Hall Road and beyond. The fund is concerned wllh the repair, day lo day maintenance, adaplalion and upkeep of any existing premises of the college including buildings. grounds and garéens. The Annual Fund enables the College lo ¢onllnue to provide the best possible settlng for its students, formation. Key area$ of the College that benefit from thi5 Fund are leaching, staff trainlng, the library, support services and the chapel. The annual fund consists of donations given to the college for any purpose and $0 are Irealed as deslgnaled. The Bursary Funds provide bursaries in support of both UK and Overseas students. The role of the UK Bursary Fund is lo contribute towards the cos15 of UK based students. in those ¢a8es where sludenl costs may not be ¢overeé. The Oversgas Burnary Fund exists lo provide flnancial assistance to those students from overseas who would not otherwise be able lo sludy 81 the College. The Student Ald Fund is concerned with provlding financial support for students who hava specific needs which cannot be mel from their main gran15. The fund's use is al the discretion of the Principal ané all relevant expenditure is charged against the fund. The Pen•lon R•s•r¥• reflects the provision arising from the adopllon of FRS102. The Speclal Inltlatlv•s Fund has been created following a dona15on of £1.45 million glven lo encourage and enable Rldley Hall in pursuing special initiatives with the aim of provmllng regular income streams lo enhance ils future sustainability as a Ih8ologlcal college In the Church of England. This broad aim gives the trustees wide dlscrelion lo apply these funds Sn the best way they See fll, so this is lo be treated as a designal&d fund. Funds spent on capllal items in the year have been transferred lo the premises fund reserve. Following the ¢omplelion of the A-slairca8e building project durlng this financial year. this fund has almost been fully spent al the year end. The Ggngral Fund is the balance of unreslricled funds after the designatsd funds listed above have been sel aside by the Trustee Board. -35- Ridley Hall. Cambridge Company Llmlted by Guarante• Notes to the Flnancial Statoments fwitinu8d) Year endod 31 July 2021 25. Analy81s of charStabl• fund8 (conllfty¢d) Re8trlct•d funds At 1 August 2020 Income Expenditure Galns and At losses 31 July 2021 Transfers Endowment fund UK Bursary fund Overseas Bursary fvnd Development fund NewbLqln Centre 37,180 22,725 37.180 43.725 40,500 (19.500) 3,495 {3.495) 875,948 8,793 748,141 29,100 4,110 1705,048) (3.3041 (26,2991 (705,048) 9,599 73,710 90,504 Al 1 August 2019 Income Expenéilure Galns and losses 31 July 2020 Transfers Endowment fund UK Bursary fund Overseas 8ursary fund Development fund Newblgin Centre 37.180 45,983 37,180 22,725 {23,258) 8,995 (3.500} 3.495 30,185 13,889 134,232 645,763 6,220 875,948 8.793 111,3181 138,074) 851,983 748,141 -36- Ridley Hall, Cambridge Company Llmlted by Guarantoe Notes to the Flnanclal Statgmgnts (conllnu￿) Year ended 31 July 2021 25. Analy81$ of charitablo funds f¢onllnu•d) The Endowment Fund consists of donations given to assist the College lo build up a capital fijnd and is Irealed as a restricted fund. The intere81 earned on the monies 1$ available for use in supporting a variety of educational uses within the College as determined by the Board of Trustees from time lo tSme. Th8 Bursary Funds provide bursaries in support of both UK and Overseas student$. The role of the UK Bursary Fund is lo conlribule towards the costs of UK based studen15, in those cases where Student costs may not be covered. The Ovarsèas Bursary Fund exists lo provide financial assistance to those students from overseas who would not otherwise be able to study at Ihe Collage. The oovelopment Fund is specifically used lo manage donations for new building projects. This fund is concerned with the finance of any new building project undertaken by the college across its e31ales. Following the completion of the A-$lalrcase building project during thls financial year, 11 grants and donations given lo this fund h8ve baen allocated to meet Ihe costs for the projgcl, and so the fund balance is nil al the year end. The NwbSgln Centre 18 named in memory of Bishop Leslie Newbigln. a pioneer in Ihlnking Ihrough the missionary challenge facing Ghurches In the contemporary West. 11 aims lo allract research students focuslng on themes relating lo the Gospel and Western Gulture and lo develop resources for the wider Church. The remainlng funds in the t8ble above contain the restricted elem8nl of any donatlons towards the activities explained earller In thig note. 26. Analy8ls of net a88•ts botWo¢n fund8 Unrestricted Funds ReStr￿ted Total Funds Funds 2021 Intangible assets Tangible fix￿ assets Current assets Provi$ion$ 2.530 4,652,110 270,669 133,000) 4,892,309 2,530 4,052,110 301,173 133,0001 4,982,813 90,504 Not 088Ot# 90.504 Unrestricted Funds Reslri¢led Total Funds Funds 2020 Intangible assets Tangible fixed assets Current assets Provisions 3,850 2,908,438 1,590,902 150,0001 4,453,190 3,850 2.908,438 2,339,043 150,000) 5,201,331 748,141 N•t asg¢ts 748,141 -37- Ridley Hall, Cambridge Company Limited by Guarantee NotOS to the Flnanclal Ststgments {conUntséd) Year •ndfjd 31 July 2021 27. Analy8ls of chang08 In net debt At At 1 Aug 2020 Cash flows 31 Jul 2021 Cash al bank and In hand 1,703,950 (1.223,243) 480.707 28. Capltal commltm•nts Capital expendlture contracted for bul not provided for In the financial 8taternents is as follow8.. 2021 2020 Tangible flxed asset8 1,604,498 29. Operatln9 l•ase commltrn•nts The total future minlmum lease payments under non-cancellable operating leases are as follows.. 2021 2020 Not later than 1 year Later than 1 year and not later than 5 year8 32,588 11,790 44,358 31,930 37,627 69,557 30. Related p•rtlo8 The total amount of donations recelved from trustees wilhoul conditlon8 amounted to £4,533 12020.. £4,588). There We￿ no other related party transactlons In the current or prbr year. -38.