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 be￿een 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- cOn￿rnS 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 apprentI￿S 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 cOn￿mS 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 OU￿orkIng 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 COn￿ntrated 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 Suc￿sSfUl, 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 dI0￿seS 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 financ￿1 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
reSoUr￿S and application of resources, including its income and expenditure, for the year then
ended.,
have been properly prepared in accordan￿ with United Kingdom Generally AC￿pted 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 con￿rn 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 InStan￿S 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 prO￿dureS 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 sUs￿ptibIlity 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 prO￿dureS 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 fO￿ard
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 re￿1Vable. 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 re￿ived.
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 be￿een
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 re￿1vable
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 re￿1vable
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 re￿iVed 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 sep11￿S 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 De￿rnber 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
reSoUr￿S 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 ServI￿S 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 re￿iVed 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