COMPANY REGISTRATION NUMBER: 09011968 CHARITY REGISTRATION NUMBER: 1157004 Ridley Hall, Cambridge Company Limited by Guarantee Financial Statements For the year ended 31 July 2024
Ridley Hall, Cambridge Company Limited by Guarantee Financial Statements Year ended 31 July 2024 Pages Trustees, annual report {incorporating the directorfs report) 1to12 Independent auditorfs report to the members 13to17 Statement of financial activities (including income and expenditure account) 18 ststement of financial position 19 Statement of cash flows 20 Notes to the financial statements 21to38
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 July 2024 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 2024. Reference and administrative details Registered charity name Ridley Hall, Cambridge Charity registration number 1157004 Company registration number 09011968 Principal office and registered Ridley Hall Road office Cambridge CB3 9HG The trustees The Rt Revd Dr Jo Bailey INells (Resigned 22 November 2023) Very Revd John Irvine (Resigned 11 December 2023) Mrs Sibella Laing Mr Andrew West Rt Revd Dr Pete Wilcox Revd Michael David Bigg Professor Simeon Zahl Revd Rebecca Dyball (Vice Chairman) Mr Mark Spelman (Chairman) Ms Kina Robertshaw Miss Susan Pope Rt Revd Debbie Sellin Canon Andrew R Presland Dr Kevin John Holmes Mr Simon McGuire (Resigned 22 November 2023) Principal Revd Preb Dr Isabelle Hamley (Appointed 8 April 2024) Revd Dr Michael Volland (Resigned 30 November 2023) Company Secretary Mr Guoliang Zhang Auditor Streets Audit LLP Chartered accountants & statutory auditor 3 Wellbrook Court Girton Cambridge CB3 ONA Bankers Barclays Bank PIC St Andrews Street Cambridge CB2 3A4
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Structure, governance and management Constitution Ridley Hall, Cambridge ("the College" or"Ridley Hall") is governed by the Memorandum and Articles of Association. The Articles of Association provide for the governance and management of the College to be vested in a Trustee Board and its day-tTrday control with the Principal. The Board of Trustees is responsible for= Determining and approving the vision and strategic direction for the College Monitoring the quality of the education, training, and spiritual formation the College provides for its students Approving the College's budget and related accounting, audit, investment and other financial policies Delegating management of the College to the Principal and the Leadership Team, within the framework of vision, strategy and financial policies which the Board will from time to time approve Appointing the Principal in accordance with appropriate terms and conditions of remuneration and employment which the Board will set from time to time On the recommendation of the Principal, appointing, and determining the particular roles of, members of the Leadership Team Ensuring that appropriate human resources and employment policies are established and implemented within the College, in accordance with best practi Ensuring that appropriate best practi safeguarding policies are established and implemented within the College and reviewed annually The Trustee Board meets at least 3 times a year during term time. Additional meetings may be held when required. New Trustees In appointing new trustees, the Trustee Board seeks to ensure that a range of experience and expertise is represented. New trustees are expected to engage in the life of the College and to be fully conversant with its aims and objectives. Risk Management The Trustees monitor risk through a risk register which is reviewed by the Finan Committee and discussed by the Board at least once a year. In addition to operational, talent and financial risks, the Finance Committee continues to watch closely the decline in Church attendance and the resulting impact on numbers for ordinand and lay training.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Objectives and activities Objectives The objects of the College are to provide theological instruction to candidates for ordination and lay leadership in the Church of England. In carrying out its objects, the College may provide accommodation for students. Public benefit The Trustees have referred to the Charity Commission's general guidance on public benefit and have considered their public benefit obligations under charity law and believe that they are in compliance with those obligations. Purpose and Direction Ridley Hall is an international, national and regional resour for theologically rigorous training and formation for lay and ordained ministry with activities radiating from our historic site in Cambridge. The College was founded in 1881 to train clergy for the Church of England and for Anglican ministry across the world. We continue to major on training for ministry in Anglican contexts, but today have more students and more diverse activities and new partnerships. From our location in Cambridge, the very heart of academic excellence, we partner with a unique range of Christian and educational organisations. We are a founder member of the Cambridge Theological Federation {"CTF"}, which celebrated its 50th anniversary in 2022,. we have the flexibility to offer undergraduate and postgraduate pathways with Cambridge University and Durham University. In September 2018 an additional teaching centre was established in London in partnership with St. Andrew's, Enfield. As a result of the pandemic, delivery of teaching for the London centre moved entirely online. In autumn 2020 the College took the strategic decision to make the move to online delivery of teaching for the London centre permanent, establishing what is now known as Ridley Online. The mission of the College, to train ministers for the church, is fulfilled by a superb staff team of people who are both academically rigorous and in touch with the life of the church on the ground. Following the arrival of the new principal, a process of asking what the vision and strategy of the college needs to be for this next phase is starting, drawing in all staff and some members of the board of trustees in September to pray and ask, how do we build on the work done so far, and how do we respond to the challenges of today so that we may build leaders for tomorrow, rooted in Scripture and open to the work of the Spirit. The context of the church today requires ever more agility and flexibility, in our ability to respond to national initiatives, in seeking new partnerships, and in diversifying our business model to enable better long-term resilience. To this end, we are aiming to work together with others in the Federation to explore how to offer ordination training in different forms, strengthen our youth and children's work training beyond degree level, and maximise the use of our building out of tem) time, with the help of an outstanding catering team. to offer events and dinners on a commercial basis.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Objectives and activities (continued) All our activities reflect our distinctive Christian ethos. Training future ministers for ordained ministry in the church is still our core activity, with an increasingly improved balance beeen ordination training and training for other types of ministry. As the Church of England as a whole is pursuing its strategic aim to reach out more effectively to children and young people, we have seen a sharp increase in our RLM programme and hope to build on this to strengthen Ridley as a centre for youth and children's work training going forward. The College's international refreshment programme provides opportunities for sabbaticals, study leave and postgraduate awards for church leaders and visiting scholars, self-financed or through bursary- funding. It has been a joy to host a number of guests over the 2023-2024 academic year, and we are hoping to strengthen our offer through spiritual direction and mini-retreats in the years ahead. Ridley Hall continues to respond to the growing demand for robust training and preparation for lay ministry. The falling number of ordinands at a national level continues to be a concern. While some drop of ordinands is a by product of the complex interwoven factors identified by the national church {poor terms and conditions of ordinands and clergy- cOnrnS about the availability of full-time stipendiary posts- nature of difficult national debates., effect of the pandemic on vocations), there is also a concern that an increasing number of ordinands are asking for flexible pathways which we are not currently set up to offer. Strategic work in the year ahead will involve identifying how Ridley may diversify its offer in ways that are realistic given our staff team, yet enable us to take on students who are not necessarily resident in Cambridge.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Achievements and performance Overview In 2023-24 Ridley Hall had 34 ordinands engaged in full time residential training for ordained ministry in the Church of England. These ordinands study for a variety of undergraduate and postgraduate awards with Cambridge University and Durham University and included two Lambeth PhD ordinands. The Common Awards pathways validated by Durham University form part of a national provision for training future ministers for the Church of England and other partnerchurches. Alongside our ordinands, in 2023- 24 there were 21 students enrolled on our Lay Ministry Pathway, mentioned above and 24 independent students studying for a range of awards. Ridley online had 11 students enrolled, the majority of whom were London diocese apprentice. Some of these apprentIS were taking a taster module. The majority of Ridley Hall's academic pathways continue to be delivered in partnership with other member institutions of the Cambridge Theological Federation. The Cambridge Theological Federation has student visa sponsor status enabling Ridley Hall to recruit international students requiring a student visa for its Common Awards pathways. During the 2023-2024 academic year, we continued to focus on student recruitment for 2024-25. There continues to be serious cOnmS across the TEI sector about falling numbers of ordinands. We appreciate the work of the national Ministry Team in seeking to identify and address this, whilst also giving additional support for TEls to maintain capacity until, hopefully, numbers pick up again. However, this is not a long-term solution, and there are specific vulnerabilities for TEls focusing on residential training, given the expense and lack of flexibility of this model. As a result, we are looking to make our offer more flexible, as well as explore additional sources of income, maximising the use of our buildings. Looking ahead to 2024-2025, we have 12 new ordinands coming in, which means our intake is equal to 2023-2024, but far short of the 25 new ordinands we used to welcome. In addition, Dr Olga Fabrikant-Burke is leading our work on admissions and is using feedback from visiting candidates to design college open days in order to show the college at its best. Hard work from the national church on children and youth work however has led to the offer of training bursaries and boosted incoming students for our RLM programme for the year ahead. In 2024-25 there will be 32 lay ministry students of which 20 will be new starters. 17 of the new starters will be in receipt of a bursary. This not only is good news for the year ahead, but shows that coordinated, intentional work at national level can produce fruit and progress on the ground. The national team is aware of the particular difficulties of residential TEls and their high costs and has launched a funding review, to try and identify how TEls can be funded more sustainably in the future. In promoting Ridley's programme and opportunities, it is clear that social media and online communications is key, and a new member of staff, Matt Cooper, joined in January. Matt has already made strides in building up the profile of the college through a new website, a YouTube channel, increased presence on social media, and the production of a number of videos featuring staff and students, and making the life of the college more visible for those considering studying with us.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Achievements and performance (continued) An important part of formation of those training for lay and ordained ministries is the opportunity to meet and hear from distinguished visitors to the College. In 2022-23, among others, Jack Palmer-vvhite from the Good Faith Partnership, (Christianity and Public Partnership), Bishop Smitha (+ Huddersfield), who helped us explore questions of ra, ethnicity and howwe live well in a diverse world and church- Bishop Andy Emerton (+ Shetwood) and our own student. Dr Steven Horne, who published several books on traveller Theology, and spoke from both research and personal experience. This year we did not have a full Moule day event but instead gave friends and students a chance to meet the new principal, Revd Preb. Dr Isabelle Hamley. Strategic Developments A Vision & Strategy Day was held on 26th September 2024 in which the staff body along with select Trustees will review and refresh strategic thinking which may result in an updated 5-year plan and more precise OUorkIng of priorities. However, current approved priorities for 2022-2026 are-. 1. Strive for excellence in our provision of degree-level residential ordinand training 2. Strive for excellen in our provision of degree-level, lay ministry theological training and formation 3. Become a leading provider of online theological contextual training 4. Continue to focus on recruiting and retaining an exceptional teaching, tutorial and support staff team 5. Continue our lively programme of building maintenance and propety improvement Having completed another academicyear, staff at Ridley Hall have been working with colleagues across the Cambridge Theological Federation to plan for a more sustainable and streamlined academic offering, given the current reduction in overall student numbers. We have now established three hubs in Ridley itself to oversee different parts of the life of the college in a joined up way.. an academic hub, a recruitment hub, and a formation hub. One priority for the coming year is to ensure these groups work well together to enhance and streamline student experience. Together with others in the CTF, Ridley continued to increase access to its postgraduate offering by delivering MA modules in Mini-Block-Weeks, taught during the ordinand term. Mini-Block teaching enables Ridley to offer part-time postgraduate study to distance students, lay and ordained, who learn alongside resident ordinands. The modules are taught by both full-time faculty and associate tutors. For each module, teaching is COnntrated in two Mini-Blocks, which run from Monday afternoon until Wednesday lunchtime. The aim is to provide a complete Mini-Block curriculum, including modules on specialist ministry topics, that enables students to complete a PG Certificate in one year, a PG Diploma in years, and an MA overthree years. For 2024125 we have 10 students (equal to 2023124} learning on the post-graduate mini block weeks - 3 on the MA and 7 on the Graduate Diploma. We are looking at building on the mini-block week module model to offer a part-time ordination track, in collaboration with Westcott House.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Achievements and performance (continued) The block-teaching mode of delivery for lay ministry (RLM) training has now completed its eighth successful year. The Vice Principal and Dean of Lay Ministry, the Rev Fiona Green, completed her fifth year of leadership of RLM. The Church of England's Vision and Strategy envisages increased emphasis on lay training throughout the Church of England and so RLM continues to be a major strategic focus for Ridley Hall. Our engagement in a range of lay ministries including youth, children's, pioneer, chaplaincy and sports ministry is providing a solid platform for responding creatively to these new training needs. A major new offer by Ridley, thanks to a successful bid for funding from the Innovation Fund, has been the Catalyst programme, a pre-degree course for those involved in volunteer roles in children and youth ministry, as both training in its own right, and a taster for study. The programme was conceived as a pipeline of students for our RLM programme, and this has proved highly SucsSfUl, with students choosing to train at Ridley because Catalyst has given them the confidence and desire to do so. We will be running a second year of Catalyst, in partnership with interested dioceses, and Robin Barden in his role promoting innovation, is putting together a bid to launch a sports version of the catalyst programme. Learning from catalyst suggests that it is important to think strategically about student pathways from informal, access level courses, all the way through to degree, master's and research, as there is demand in all these areas, and the structured ability to move from one step to the next within a known institution is something students value. Robin Barden, together with the principal and vice-principal, is working on the Ridley bid for Innovation Fund money for the next year, setting out a way of consolidating our pathways in this way. Going forward, it is important for the College to explore innovative partnerships to further strengthen and diversify our business model. Ridley is in a good position as a trusted 'brand in the last few months, Ridley has had conversations with a number of organisations interested in some form of partnership.. Sanctuary Mental Health, the Langham Partnership, the New Wine Network among others. Defining more clearly what our vision is will help decide which possibilities to pursue. which to leave aside, and which to postpone for a time.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Achievements and performance (continued) Student Achievements The wide range of awards on offer at Ridley allows usto match individual students with a suitable course. The excellent results below indicate a high degree of success in this. Overall, the college had 34 ordinands, 21 lay ministry students, 11 Ridley online students, and 24 independent students enrolled on educational pathways. Cambridge University awards. 2023-24 In 2023-24 three Ridley Hall students read for the Cambridge MPhil. Two students completed the qualification while one intermitted due to illness with the intention of completing the degree during the first year of curacy. Ridley Hall had four ordinands enrolled in the BTh,' one finalist and three first year students. The finalist continues to work to complete the degree following a year of significant health concerns. Of our three first year candidates, two were awarded upper second-class honours for their work with one awarded lower second-class honours. One of Ridley's former ordinands continues to work on a PhD in the Faculty of Divinity, part time, alongside curacy duties. As in previous years, we are grateful to the Henry Smith Charity and several Cambridge Colleges, notably Selwyn and Trinity Hall for their continuing financial support of our ordinands who are reading for Cambridge degrees. Common Awards. 2023-24 Post raduate Seven students completed postgraduate qualifications this year.. three finished an MA, three completed Post-Graduate Diplomas, and one a Post-Graduate Certificate.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Achievements and performance (continued) Under raduate Following the July 2024 Exam Board, eleven students completed undergraduate Common Awards qualifications.. BA (Hons), three Diplomas of Higher Education, three Graduate Diplomas, Certificates of Higher Education, and one Foundation Award. Department of Lay Ministry Training and Forniation {RLM) RLM offers degree level training within Common Awards as a key part of Ridley Hall's offer to the whole church. RLM has developed a contextual approach that works in partnership with dioceses, faith organisations and individual churches to train the laity for a variety of roles including youth ministry, children and family's ministry, sports ministry and school chaplaincy. RLM delivers the degree in six block teaching weeks over the year at Ridley Hall, where students undertake academic study as part of an intentional worshiping community. Students apply their learning in substantial placements and are supported in their reflections through group tutorials. The RLM team has continued to develop its training offer during the academic year 2023124. Ridley Hall has also piloted, thanks to a grant from the National Church. a new Youth and Children & Family Ministry training scheme this year, Catalyst30K. In the year 2023-24, RLM had 20 students enrolled over the three years of its degree level programme, placed with churches and dI0seS across the East, South, West and the Midlands of the UK. The new Catalyst scheme had 138 students enrolled, with 15 of those enrolled to study on the RLM degree level programme in 2024125. Student Placements Ridley ordinands usually undertake a four-week summer placement shadowing clergy and experiencing practical ministry. Some students remain in Cambridge and nearby villages whilst others venture further afield in the UK and abroad. selecting contexts which range from deeply rural to city centre. In recent years destinations in the UK have included, among others, Norwich and Manchester Cathedrals, a pioneer ministry on a new build development, as well as parish churches in Cambridge, Eastboume, and London. Students who opt to experien Anglican contexts outside the UK have visited contexts in, among others, Reno (USA), Auckland (NZ) and Hong Kong. They have returned enriched by the experience to share their stories and their questions with their fellow students as they continue to prepare for ordained ministry.
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Financial review Income Total income for the year amounted to £2,282,790 (£1,708,979 in 2022123}. This comprised of £2,072,478 unrestricted income and £210,312 restricted income. The significant increase on income was mainly due to a gain of £401,798 (Note 9) on disposal of a residential property in the year. The underlying total income for 2023124. excluding this gain is £1.880.992, which is 10 % higher than the total income in 2022123. Income from the College's charitable activities (Note 6) was £783,026 (£974.018 in 2022123). The main source of income for the College is student tuition fees and maintenance charges. The significant decrease on student income was due to the reduction on student numbers. However, the Church of England provided financial support via a six-year service level agreement started in September 2023, these block grants amounted to £256,415 (Note 5) in 2023124. Donations and grants income increased from £169,085 in 2022123 to £505,169 in 2023124 (Note 5). The significant increases on grants include the unrestricted CofE block grants of £256,415 and restricted grants of £209,144, whilstdonations decreased significantly to £39,610 in 2023124 (£69,111 in 2022123). Income from other trading activities (Note 7) amounted to £579,507 (£564,636 in 2022123), consisting of conference income of £141,110 (£143,229 in 2022123) and rental, catering and other income of £438,397 (£421,407 in 2022123). Interest received (Note 8) amounted to £13,290 (£1,240 in 2022123). Expenditure Total expenditure amounted to £2,060,029 (£1,980,554 in 2022123). The increases were mainly caused by the high inflation in particular on energy costs. The cost of raising donations and legacies (Note 10) was £44,018 (£43,233 in 2022123)- The expenditure on charitable activities {Notes 11 and 12) relates to the operation of the College, the provision of staff and student housing, and support costs. This expenditure amounted to £2,011,893 (£1,931,859 in 2022123). Overall staff costs (Note 17) were £1,097,935 (£1,140,100 in 20221231. Average staff headcount and the average number of full-time equivalent employees went down by 1. Auditors, remuneration is £8,946 for the year {£8,520 in 2022123). Depreciation on tangible fixed assets {Note 15) amounted to £180,396 (£180,471 in 20221231 and fixed asset additions amounted to £74.162 for the year (£31.023 in 2022123). Net movement in Funds The activities for the period show a net movement of funds of a surplus of £222,761 (deficit of £268,575 in 2022123). 10
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 July 2024 Financial review (continued) Balance Sheet Total charity funds at 31 July 2024 were £4,615,702 (£4,392,940 on 31 July 2023). This comprises restricted funds of £121,484 (£81,034 on 31 July 2023), and unrestricted funds of £4,494,218 (£4,311,906 on 31 July 2024). The College has no other significant endowment or investments. There are no borrowing facilities in place at this time. Subsequent Events There are no subsequent events to report. Reserves Policy The Trustees have agreed a policy of holding six months budgeted operating costs in the General Fund, which would equate to approximately £950k. At 31 Juty 2024, the unrestricted cash funds, excluding the premises fund and pension reseNe, amounted to £514,293 an increase on negative £43,317 at 31 July 2023. Addressing the operating shortfall continues to be a focus for Finance Committee and the Leadership Team by reviewing income streams and ways of cutting costs. Investment Powers The Trustees have the power to make investments at the discretion of the Trustee Board of up to thirds of monies held. Plans for future periods Following the introduction of four subcommitt*s within the Trustees. Committee, we aim to achieve significant support from each subcommittee, each of which has specific aims.. Education and Formation to review all curriculum and staffing in a revised Federation and build stronger relationships with key stakeholders., Finan - to achieve operational break even or better supported by robust financial systems, processes and controls., Fund Raising and Development- to develop fund raising plans, prioritisation and evaluation using an updated contact database; Nominations- to review succession planning and to maintain a full complement of Trustees. The make-up and remit of subcommittees is currently under review as part of an ongoing board effectiveness audit. 11
Ridley Hall, Cambridge Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Directorfs Report) (continuedj Year ended 31 July 2024 Trustees, responsibilities statement The trustees, who are also direclors for the purposes of company law, are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice) Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for thai period In preparing these financ1 statements, the trustees are required to". select suitable accounting policies and then apply them consistently.. observe the methods and principles in the applicable Charities SORP.. make judgments and accounting estimates that are reasonable and prudent". prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charrty will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confimis that.. so far as they are aware. there is no relevant audit infomiation of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charty's audrtor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on board of trustees by-. and signed on behalf of the Mr Mark Spelman Chairman of the Trustees Dr Kevin Holmes Chairman of the Finance Committee 12
Ridley Hall, Cambridge Company Limited by Guarantee Independent Auditorfs Report to the Members of Ridley Hall, Cambridge Year ended 31 July 2024 Opinion We have audited the financial statements of Ridley Hall, Cambridge (the 'charity') for the year ended 31 July 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charity's affairs as at 31 July 2024 and of its incoming reSoUrS and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally ACpted Accounting practi., have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going con basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibiltties of the trustees with respect to going concem are described in the relevant sections of this report. 13
Ridley Hall, Cambridge Company Limited by Guarantee Independent Auditorfs Report to the Members of Ridley Hall, Cambridge (continuedj Year ended 31 July 2024 Other inforniation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the workwe have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements" and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light ofthe knowledge and understanding ofthe charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or rtain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require ft)r our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 14
Ridley Hall, Cambridge Company Limited by Guarantee Independent Auditorfs Report to the Members of Ridley Hall, Cambridge (continuedj Year ended 31 July 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors forthe purposes of company law) are responsible forthe preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going conrn and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ase operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below= Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity and sector in which it operates., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislab'on,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal Corresponden,. and 15
Ridley Hall, Cambridge Company Limited by Guarantee Independent Auditorfs Report to the Members of Ridley Hall, Cambridge (continuedj Year ended 31 July 2024 identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the sUsptibIlity of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of meetings of those charged with govemance; enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with HMRC, relevant regulators and the charity's legal advisors. There are inherent limitstions in our audit prOdureS described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 16
Ridley Hall, Cambridge Company Limited by Guarantee Independent Auditorfs Report to the Members of Ridley Hall, Cambridge {continuedJ Year ended 31 July 2024 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted 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 Auditor} For and on behalf of Streets Audit LLP Chartered accountants & statutory auditor 3 Wellbrook Court Girton Cambridge CB3 ONA 28 November 2024 17
Ridley Hall, Cambridge Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 July 2024 2024 Restricted funds Total funds 2023 Unrestricted Jnds Total funds Note Income and endowments Donations and grants Charitable activities Other trading activities Investment income Other income 294,857 783,026 579,507 13,290 401,798 210,312 505.169 783.026 579.507 13.290 401.798 169,085 974,018 564,636 1,240 Total income 2,072,478 210,312 2,282,790 1,708,979 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Taxation 10 44,018 1,842,031 4,118 44,018 2,011,893 4,118 2,060,029 43,233 1,931,858 5,463 169,862 14 Total expenditure 1.890.167 169.862 1,980,554 Net incomellexpenditure) 182,311 40,450 222.761 (271,575) Other recognised gains and losses Actuarial gains on defined benefit pension schemes 3,000 Net movement in funds 182,311 40,450 222.761 (268,575) Reconciliation of funds Total funds brought fOard Total funds carried forward 4.311.906 81.034 4,392,940 4,661,515 4,494,217 121,484 4,615.701 4,392,940 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 21 to 38 form part of these financial statements. 18
Ridley Hall, Cambridge Company Limited by Guarantee Statement of Financial Position 31 July 2024 2024 2023 Note Fixed assets Tangible fixed assets 21 3,983,774 4,359.074 Current assets Debtors Cash at bank and in hand 22 48,389 698,118 48,311 105,253 746.507 153.564 Creditors: amounts falling due within one year Net current assets 24 114,580 119,698 631.927 33.866 Total assets less current liabilities 4,615.701 4.392.940 Net assets 4,615.701 4.392,940 Funds of the charity Restricted funds Unrestricted funds. Other unrestricted income funds 121.484 81,034 4,494,217 4,311,906 Total unrestricted funds 4,494,217 4.311,906 Total charity funds 26 4,615,701 4,392.940 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by: Mr Mark Spelman Chairman of the Trustees Dr Kevin Holmes Chairman of the Finance Committee The notes on pages 21 to 38 form part of these financial statefflents. 19
Ridley Hall, Cambridge Company Limited by Guarantee Statement of Cash Flows Year ended 31 July 2024 2024 2023 Cash flows from operating activities Net incomel(expenditure) 222.761 (271,575) Adjustments for.. Depreciation of tangible fixed assets Amortisation of intangible assets Other interest receivable and similar income Gains on disposal of tangible fixed assets Taxation 180,396 180,471 1,210 (1,240) 113,290) 1401,798 4,118 5,463 Changes in.. Trade and other debtors Trade and other creditors Provisions and employee benefits Cash generated from operations 2.687 (3,773 67,934 (56,213) (8,000) (8,899 (81,950) Interest received Tax paid Net cash froml(used in) operating activities 4.022 (5,463 110,340) 1,240 (80,710) Cash flows from investing activities Purchase of tangible assets Proceeds from sale of tangible assets Interest receivable 174,162) 670,864 6.503 (31,023) Net cash froml(used in) investing activities 603.205 (31,023) Net increasel(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 592.865 105.253 (111,733) 216,986 698,118 105,253 The notes on pages 21 to 38 form part of these financial statements. 20
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2024 General information The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Ridley Hall Road, Cambridge, CB3 9HG. The charity is a public benefit entity as defined by FRS 102. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Companies Act 2006 and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concem There are no material uncertainties about the charity's ability to continue. More information can be found in the Risk Management section on Page 2 of this report. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no significantjudgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the fijture and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Tangible fixed assets are recognised at cost, less accumulated depreciation. Depreciation is charged over the estimated useful life of the asset to it's estimated residual value. 21
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 Accounting policies (continued) Income tax Current tax is recognised on taxable income or expenditure for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sulFclasses: restricted income funds or endowment funds. Income and endowments All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliabty measured. The following specific policies are applied to particular categories of income" income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement offinancial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events and non- charitable trading activities. expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. 22
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 Accounting policies (continued) Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Cash and cash equivalents Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due. Cash equivalents are short tem, highly liquid investments, in 125 day notice, or less, interest bearing savings accounts. Intsngible assets Intangible assets are inib-ally recorded at cost, and are subsequently stated at cost less any accumulated amortisation. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows.. Cloud based server 25 /0 Straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation. Depreciation Expenditure on furniture and fittings and equipment is capitalised and written off respectively at 10°/o and 10-25 /0 on cost annually. Freehold land is not depreciated. Freehold buildings including refurbishment and improvement costs are depreciated on a straight line basis over their useful economic lives which are estimated to be 24 or 25 years. except where the estimated residual values (based on prices at the time of acquisition) of the buildings are not materially different from their carrying value in the accounts. Improvements are not depreciated until they are brought into use. During 2023124, Ridley Hall continued to be the joint owner of 15 Guest Road, Cambridge, a residential property purchased in 1989 for £190,000. The purchase price has been met by a loan from the Church Commissioners which is only repayable upon realisation. Due to the current occupant leaving employment at Ridley Hall, the College is in the process of disposing this property. Under the agreement, the Church Commissioners benefit from any increase in the value of the property on sale and the Charity is responsible for the repair and maintenance of the propety. This propety and corresponding loan have therefore not been included within the balance sheet. 23
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 Accounting policies (continued) Investment income Investment income is credited to the appropriate fund accounts. Government grants Government grants are recognised at the fair value of the asset received or re1Vable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be reived. Vvhere the grant does not impose specified future perfoM)an-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Vvhere the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. INhere grants received are prior to satisfying the revenue recognition criteria. they are recognised as a liability. Value added tax As the Charity's activities are dassified as exempt or non-business activities for the purposes of value added tax, the Charity is unable to reclaim the value added tax which it incurs on its purchases. Expenditure in these financial statements is therefore shown inclusive of value added tax. Defined contribution plans Contributions to defined contribution plans and other plans accounted for as defined contribution plans are recognised as an expense in the period in which the related service is provided. Any agreed deficit recovery contributions are recognised immediately once agreed. Transfer of assets on formation of new corporate charity All activities, assets, liabilities and corresponding funds from the old unincorporated charity, Ridley Hall, {Charity number 311456) were transferred to the new corporate charity, Ridley Hall, Cambridge (Charity number 1157004) as of 1 August 2014. As a result all tangible fixed assets transferred, including property assets, were initially recorded in this new corporate charity at their net book value, separately split in the fixed asset note beeen cost and accumulated depreciation at the time of transfer in the previous unincorporated charity. No fair value adjustments had been made to reflect the open market value of the property as at the time of transfer. Future depreciation on the tangible fixed assets transferred have continued to be calculated based on the original purchase price and estimated useful economic lives as at the time of original acquisition The trustee's are of the opinion that accounting for the transfer in this way gives a true and fair view and best reflects the substance of the transfer such that nothing fundamental has changed. 24-
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 Limited by guarantee The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. Donations and grants Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations and appeals 37.022 1,168 38,190 Grants Grants re1vable 257,835 209,144 466,979 294.857 210,312 505,169 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations and appeals 61,157 7,954 69,111 Grants Grants receivable 97.724 2,250 99,974 158,881 10,204 169,085 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Fees Sabbaticals 758.609 24.417 758,609 24,417 783,026 783,026 Unrestricted Funds Restricted Total Funds Funds 2023 Fees Sabbaticals 955,734 16,244 2,040 957,774 16,244 971,978 2,040 974,018 25
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Conference income Rental income Catering income Other income 141,110 260.280 136,953 41.164 141.110 260,280 136,953 41,164 143,229 225,920 125,292 70,195 143,229 225,920 125,292 70,195 579,507 579.507 564,636 564,636 Investment income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest re1vable Short term deposit account interest 4,022 9,268 4.022 9.268 1,240 1,240 13.290 13,290 1,240 1,240 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain on disposal of tangible fixed asset 401,798 401.798 10. Costs of raising donations and legacies Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Development office costs 44,018 44,018 43,233 43,233 26
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 11. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Operation of theological college and provision of staff and student housing Support costs 1.583.228 258.803 166,763 3,099 1,749,991 261,902 1,842,031 169,862 2.011,893 Unrestricted Funds Restricted Total Funds Funds 2023 Operation of theological college and provision of staff and student housing Support costs 1,631.434 293.202 7,222 1,638,656 293,202 1,924,636 7,222 1,931,858 12. Expenditure on charitable activities by activity type Activities undertaken directly Support Total fund costs 2024 Operation of theological college and provision of staff and student housing Governan costs 1,749,991 252,955 8,947 2.002,946 8,947 1,749,991 261,902 2,011,893 Activities undertaken directly Support costs Total fund 2023 Operation of theological college and provision of staff and student housing Governance costs 1.638,656 284,683 8,520 1,923,339 8,520 1,638,656 293,203 1,931,859 27
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 13. Anatysis of support costs Total 2024 Total 2023 Wages and salaries Employer's NIC Pension costs Audit fees Communication costs Finance fees Admin costs Reception costs IT costs 134,097 13,209 16,137 8,947 6,925 8,853 46,981 7,118 19,635 150,279 14,927 15,028 8,520 32,141 5,450 39,180 6,816 20,862 261,902 293,203 14. Taxation Major components of Lix expense 2024 2023 Current tax: UK current tax expense Taxation 4,118 5,463 4.118 5,463 Reconciliation of tax expense The tax assessed on the income for the year is higher than (2023= higher than) the standard rate of corporation tax in the UK of 19 % (2023= 19°k). 2024 2023 Net incomel{expenditure) before taxation Net incomel{expenditure) by rate of tax Net incomel(expenditure) on charitable activities Tax on incomel{expenditure) 226,879 (266,112) (50,561) 56,024 133,235) 37.353 4,118 5,463 15. Net incomel(expenditure) Net incomel{expenditure) is stated after chargingl(crediting)'. 2024 2023 Amortisation of intsngible assets Depreciation of tangible fixed assets Settlement credit on previous rent charges 1,210 180,471 180,396 158,242) 28
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 16. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 8.946 8,520 17. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 911.509 74.300 112.126 941,586 79,084 119,430 1,097,935 1,140,100 The average head count of employees during the year was 39 {2023.' 40). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 Academic Administration Catering Domestic Premises RLM Development 13 14 29 30 No employee reiVed employee benefits of more than £60.000 during the year (2023.. Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for sep11S provided to the charity was £234,689 {2023..£241,568). 18. Trustee remuneration and expenses The trustees received no remuneration or other benefits from the charity in the current or previous year. During the year, one (2023: two) trustee was reimbursed for travel and subsistence expenses totalling £131 (2023. £267). 19. Transfers between funds During the prioryear, £29,250 was transferred from the UK Bursary restricted fund to general funds in relation to the costs involved in funding the tuition for students. 29
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 20. Intsngible assets Cloud based intangible server Cost At 1 August 2023 and 31 July 2024 Amortisation At 1 August 2023 and 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023 5,280 5,280 21. Tangible fixed assets Freehold Fixtures and property fittings Equipment Total Cost At 1 August 2023 Additions Disposals At 31 July 2024 Depreciation At 1 August 2023 Charge for the year Disposals At 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023 5,594,436 53,785 (269,157) 5,379,064 431,632 5,700 308,586 6.334,654 14,677 74,162 (1,119) (270,276) 322,144 6.138,540 437,332 1,383,042 151,436 {954) 323,462 19,026 269,076 9,934 (256) 278,754 1,975,580 180,396 (1,210) 2,154,766 1.533.524 342.488 3,845,540 43,390 3,983,774 4,211,394 108,170 39,510 4,359,074 Included within Freehold Propety is land and buildings of £1,600,000 {2023.' £1,869,157) which is not depreciated. 30
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 22. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 9,173 37,222 1,994 30,965 12,242 5,104 48.389 48,311 The debtors above include the following amounts falling due after more than one year.. 2024 2023 Trade debtors 3.360 11,750 23. Cash and cash equivalents Cash and cash equivalents comprise the following: 2024 2023 Cash at bank and in hand Short-term deposits 91,615 606,503 105,253 698.118 105,253 24. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Corporation tax Social security and other taxes Other creditors 44,075 39.432 4.118 19.308 7.647 19,437 65,504 5,463 20,782 8,512 114,580 119,698 25. Pensions and other post retirement benefrts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £112,126 {2023= £119,430). 31
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 25. Pensions and other post retirement benefrts (Continued) Church of En land Funded Pension Scheme Ridley Hall, Cambridge participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of Ridley Hall, Cambridge and the other participating employers. Each participating employer in the scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multiemployer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme's assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year, plus the figures highlighted in the table below as being recognised in the SOFA. A valuation of the Scheme is carried out On every three years. The most recent Scheme valuation completed was carried out as at 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions= An average discount rate of 2.7 % p.a., RPI inflation of 3.6 % p.a. (and pension increases consistent with this),. CPIH inflation in line with RPI less 0.8 % pre 2030 moving to RPI with no adjustment from 2030 onwards., Increase in pensionable stipends in line with CPIH., Mortality in accordance with 90 % of the S3NA tables, with allowance for improvements in mortality rates in line with the CM12020 extended model with a long term annual rate of improvement of 1.50/0, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5 % pa and an allowance for 2020 data of 00/0 (i.e w2020 = 00/0). Following finalisation of the 31 December 2021 valuation, deficit contributions aSed with effect from 1 January 2023, Sin the Scheme was fully funded. The deficit recovery contributions under the recovery plan in for at each 31 December were as follows= °k of pensionable stipends 7.1 % payable from January 2021 to December 2022 31 December 2021 31 December 2022 31 December 2023 An interim reduction to deficit contributions to 3.2 /0 of pensionable stipends was made with effect from April 2022, and remained in place until December 2022. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules. 32
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 25. Pensions and other post retirement benefrts (Continued) Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 Dernber 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below. 2023 2022 Balance sheet liability at 1 January 11,000 Deficit contribution paid Remaining change to the balance sheet liability. (recognised in SOFA) (8,000) (3,000) Balance sheet liability at 31 December "Comprises change in agreed deficit recovery plan, and change in discount rate and inflation assumptions belween year£nds. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known. December 2023 December 2022 nla nla December 2021 0.0% pa nla -1.5% pa Discount rate Price inflation Increase to total pensionable payroll nla The legal structure of the scheme is such that if another parhcipating employer fails, Ridley Hall, Cambridge could become responsible for paying a share of that participating employer's pension liabilities. 33
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 26. Anatysis of charitsble funds Unrestricted funds At 1 Aug 2023 Gains and At losses 31 Jul 2024 Income Expenditure Transfers General fund Pension Premises fund Propety improvement and maintenance fund Annual fund UK Bursary Fund Overseas Bursary Fund Student Aid {69,028) 1.777.620 (1.878,932) 508.958 338,618 4.355,223 (375.298> 3,979,925 1,329 1,297 10,472 75 290,020 4,300 1,404 157,657 3,932 (133,660) (10,840) 5,358 7,255 163 300 5,521 7,160 4,494,217 {395) 4.311,906 2,072.478 (1.890,167) At 1 Aug 2022 Gains and At losses 31 Jul 2023 Income Expenditure Transfers General fund Pension Premises fund Propety improvement and maintenance fund Annual fund UK Bursary Fund Overseas Bursary Fund Student Aid 32,467 1,634,781 (1,980,347) {11,000) 8,000 4,505,882 244,071 (69,028) 3,000 (150,659) 4,355,223 1,254 1,227 14,250 75 54,982 5,472 1,329 1,297 10,472 (54,912) (9,250) 5,058 7,115 300 1,125 5,358 7,255 {985) 4,556,253 1,696,735 {1,973,332) 29,250 3,000 4,311,906
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 26. Anatysis of charitsble funds (continued) The Premises Fund serves to account for the reseprfes held within the tangible fixed assets from which the College operates. The transfer between this fund and the general fund represents movements in tangible fixed assets during the period. The Property Improvement and Maintenance IPIM) Fund is established to provide for funding for any work undertaken by the College across its physical estates, at our main site in Ridley Hall Road and beyond. The fund is concerned with the repair, day to day maintenance, adaptation and upkeep of any existing premises of the college including buildings, grounds and gardens. The Annual Fund enables the College to continue to provide the best possible setting for its students, formation. Key areas ofthe College that benefit from this Fund are teaching, staff training, the library, support services and the chapel. The annual fund consists of donations given to the college for any purpose and so are treated as designated. The Bursary Funds provide bursaries in support of both UK and Overseas students. The role of the UK Bursary Fund is to contribute towards the costs of UK based students, in those cases where student costs may not be covered. The Overseas Bursary Fund exists to provide financial assistance to those students from overseas who would not othemise be able to study at the College. The Student Aid Fund is concerned with providing financial supportfor students who have specific needs which cannot be met from their main grants. The fund's use is at the discretion of the Principal and all relevant expenditure is charged against the fund. The Pension Reserve reflects the provision arising from the adoption of FRS102. The General Fund is the balan of unrestricted funds after the designated funds listed above have been set aside by the Trustee Board. 35
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 26. Anatysis of charitsble funds (continued) Restricted funds At 1 Aug 2023 Gains and At losses 31 Jul 2024 Income Expenditure Transfers Endowment Fund UK Bursary Fund Newbigin Centre Propety improvements and maintenance fund Annual fund 37,180 31,835 8,730 37,180 49,377 8,971 183.112 750 (165,570) (509) 3,289 418 26,032 3,707 22,249 121,484 (3,783) (169,862) 81,034 210.312 At 1 Aug 2022 Gains and At losses 31 Jul 2023 Income Expenditure Transfers Endowment Fund UK Bursary Fund Newbigin Centre Propety improvements and maintenance fund Annual fund 37,180 58,835 9,247 37,180 31,835 8,730 2,250 2,790 (29,250) (3,307) 7,204 (3.915) 3,289 105,262 12,244 (7.222) (29,250) 81,034 36
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 26. Anatysis of charitsble funds (continued) The Endowment Fund consists of donations given to assist the College to build up a capital fund and is treated as a restricted fund. The interest earned on the monies is available for use in supporting a variety of educats'onal uses within the College as determined by the Board ofTrustees from time to time. The Bursary Funds provide bursaries in support of both UK and Overseas students. The role of the UK Bursary Fund is to contribute towards the costs of UK based students, in those cases where student costs may not be covered. The Overseas Bursary Fund exists to provide financial assistance to those students from overseas who would not otherwise be able to study at the College. The Property Improvement and Maintenance (PIM) Fund has been estsblished to provide funding for any work undertaken by the College across its physical estates, at our main site in Ridley Hall Road and beyond. The fund is focused on longer term projects that seek to refurbish, renovate, or improve our existing estate, the fund's scope would include buildings, walls and gardens. The Newbigin Centre is named in memory of Bishop Leslie Newbigin, a pioneer in thinking through the missionary challenge facing churches in the contemporary West. It aims to attract research students focusing on themes relating to the Gospel and Western culture and to develop reSoUrS for the wider church. The Annual Fund enables the College to continue to provide the best possible setting for its students, formation. Key areas ofthe College that benefitfrom this Fund are teaching, staff training, the library, support ServIS and the chapel. The remaining funds in the table above contain the restricted element of any donations towards the activities explained earlier in this note. 27. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Net current assetsl(liabilities) Net assets 3.983.774 510.443 3,983,774 631,927 121,484 4,494,217 121,484 4,615,701 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Net current assetsl(liabilities) Net assets 4,359,074 {47,168) 4.311.906 4,359,074 33,866 81,034 81,034 4,392,940 37
Ridley Hall, Cambridge Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 28. Anatysis of changes in net debt At 1 Aug 2023 Cash flows At 31 Jul 2024 Cash at bank and in hand 105,253 592,865 698,118 29. Capital commitments Capital expenditure contracted for but not provided for in the financial statements is as follows= 2024 2023 Tangible fixed assets 72.163 49,374 30. Operating lease commitments The total future minimum lease payments under non-cancellable operating leases are as follows= 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 33,480 606 34,110 34,086 34,086 68,196 31. Related parties The total amount of donations reiVed from trustees without conditions amounted to £5,369 {2023.. £12,420). There were no other related paty transactions in the current or prior year. 38