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2023-06-30-accounts

Registered number: 09510356 Charity number: 1161253

SARUM COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

SARUM COLLEGE

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 12
Independent auditors' report on the financial statements 13 - 16
Consolidated statement of financial activities 17
Consolidated income and expenditure account 18
Consolidated balance sheet 19 - 20
Charity balance sheet 21 - 22
Consolidated statement of cash flows 23
Notes to the financial statements 24 - 51
The following pages do not form part of the statutory financial statements:
Appendix Restricted Funds 52

SARUM COLLEGE

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023

Trustees The Bishop Of Salisbury: the Right Revd Stephen Lake1
The Bishop Of Bath and Wells - the Right Revd Noel Beasley (appointed 29 June
2023)1
Rt Revd Dr Alastair Redfern, Chair
The Revd Canon Dr Chigor Chike
The Ven Dr Sue Groom
Very Revd Simon Jarratt
Mrs Rosemary Macdonald, Chair of Executive Committee (resigned 30 June 2023)
The Revd Canon Edward Probert
Mr Tim Mynott
Sir Marcus O'Lone
Mrs Emma Osborne
Ms Clare Sellars (resigned 2 December 2023)
Prof Jane Shaw
Prof David Sims, Chair of Board of Studies (resigned 30 June 2023)
The Revd Canon Professor Elizabeth Stuart (appointed 1 July 2023)
The Revd Andrew de Ville (resigned 16 March 2023)

1 Foundation Trustee

College Leadership Team

The Principal Professor James Woodward Director of Finance & Facilities Mr Mark Manterfield Director of Marketing & Communications Ms Christine Nielsen-Craig General Manager of Hospitality Mr Gary Gifford Director of Academic Development Dr Jayme Reaves

The name of the Charity is Sarum College

The Charity commonly makes itself known by the name Sarum.

Company registered
number 09510356
Charity registered
number 1161253
Registered office 19 The Close
Salisbury
Wiltshire
SP1 2EE
Independent auditors Fletcher & Partners
Statutory Auditors
Chartered Accountants
Crown Chambers
Bridge Street
Salisbury
Wiltshire
SP1 2LZ

Page 1

SARUM COLLEGE (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Bankers

Solicitors

CafCash Limited West Malling Kent ME19 4TA Lloyds Bank plc 38 Blue Boar Row Salisbury Wiltshire SP1 1DB Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA

Page 2

SARUM COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 July 2022 to 30 June 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.

Structure, governance and management

a. Constitution

The charity and the group is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 25 March 2015.

b. Methods of appointment or election of Trustees

The management of the charity and the group is the responsibility of the Trustees.

The Board is composed of no fewer than 10 Trustees and no more than 14 of whom the Bishops of Salisbury and of Bath and Wells are at all times Foundation Trustees by virtue of their office. In addition the trustees may co-opt up to two trustees.

New or additional trustees are appointed by the then existing body of trustees. In making appointments the trustees bear in mind the importance of choosing individuals whose skills and experience match the needs of the Charity as a whole, the need to reflect an appropriate balance of regional and national experience and denominational background, and principles of equality and diversity including gender and lay and ordained. New Trustees receive an induction which includes an introduction to the College, governance, Trustee responsibilities and a discussion of current issues.

Trustees (other than the Foundation Trustees) normally serve a four-year term and are eligible for reappointment for one four-year term.

Page 3

SARUM COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The trustees are responsible for controlling Sarum’s management and administration.

Their responsibilities include: Sarum’s policy, finances, budget and management; envisioning Sarum’s future; planning Sarum’s strategic development; and giving guidance and direction to the Executive Committee.

The Board has appointed four committees.

The terms of reference of the Finance & General Purposes Committee are

The Finance and General Purposes Committee shall, on behalf of the trustees, review all aspects of the management of finance and resources at the college {and shall give advice and guidance to the Principal and leadership team as required}.

In particular, it shall monitor and (where appropriate) make recommendations to the trustees on:

Financial management and financial planning, including the annual budget and annual accounts; The appointment of the auditors; Hospitality and associated services; The college’s buildings and estate; Five year plan for Finance and buildings; IT infrastructure; Marketing and fund raising; Health and safety; All other legal and regulatory matters; Risk management.

The committee shall ensure that, as appropriate, plans are in place for the maintenance, sustainability, renewal and development of all assets and services

The terms of reference of the Board of Studies are:

The Board of Studies shall oversee all aspects of the quality assurance arrangements made by the College. It shall receive reports from all appropriate committees and other bodies with responsibility for quality assurance in each course or programme and may make whatever enquiries it deems necessary to satisfy itself as to the standards being reached.

The Board of Studies shall also exercise broad oversight of the development of academic policy in the College, the planning of the College's academic programme and of its general academic direction. It shall receive reports on the development of academic policy from the Principal and from others nominated by the Principal. It shall review significant decisions made on the content of this programme and on the priorities given to particular subject areas, or other strands of work. It shall satisfy itself that the College is taking steps to ensure that its academic offering is refreshed and effective for meeting the goals of the College.

The Board of Studies shall receive annual reports from each Centre recognised by the College. These reports shall cover membership, links with others inside and outside the College, the programme of work conducted by the Centre, publications, financial viability, external impact, and future directions for the programme of work and the development of the subject area of the Centre.

The Board of Studies shall establish such structures for quality assurance, course management, course review, examination and assessment, student discipline and other academic purposes as may be required.

Page 4

SARUM COLLEGE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Structure, governance and management (continued)

The Board of Studies may establish whatever advisory arrangements may be necessary from time to time for different aspects of the educational, library and learning resource provision as and when appropriate.

The terms of reference of the Nominations and Remuneration Committee are:

Bearing in mind the principles in Paragraph 1 of the Sarum College Rules and Regulations, the Committee shall make recommendations to the Trustees on the appointment and reappointment of Trustees (including Co-opted Trustees) and the membership of committees.

The Committee shall also make recommendations, as appropriate, to the Trustees on the salary and other aspects of the remuneration of the Principal. It will also consider remuneration arrangements for College Leadership Team. If the Chair of the Finance & General Purposes Committee is not a member of this Committee, he or she shall be consulted on recommendations under this sub-paragraph.

The terms of reference of the Chairs’ Executive Committee are

The Chairs’ Executive Committee shall be a place of reflection, planning and consultation and make recommendations to the Board of Trustees.

The Principal working with the College Leadership Team is responsible for Sarum College’s day to day management.

Sarum works closely with RSCM (Royal School of Church Music) and the Diocese of Salisbury which pay rent to the College for space occupied.

The College’s wholly owned subsidiary Sarum College Services Limited provides hospitality at Sarum College under licence from the College. Its executive directors were Prof J Woodward and M Manterfield, and its nonexecutive directors were J Kelly, R Macdonald (to 30 June 2023), M O’Lone, E Osborne, T Mynott, and A Redfern. Mr Kelly is not a Trustee of the College. During the year Sarum College Services Limited made a profit before Gift Aid of £219,722. £221,936 was paid to Sarum College under the gift aid regime. The College views the company as part of its broad charitable remit and assists with carrying out the College's charitable objects. The Trustees have assessed the major risks to which the charity and the group is exposed, in particular those related to the operations and finances of the charity and the group, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Objectives and activities

a. Policies and objectives

Object of the Charity

Under the Memorandum of Association dated 25th March 2015 the objects of the Charity and the group are to advance the Christian religion and to advance theological education, training, formation and spiritual growth, including (but without limitation) by the provision and maintenance of a college.

The Charity achieves these objectives through:

the establishment of accredited and non-accredited educational programmes, supported by a library; the provision of hospitality facilities to its students; the provision of licensed office space to other charities with charitable objects in sympathy with its own, specifically the RSCM (Royal School of Church Music) and the Diocese of Salisbury; and, maintaining the Grade 1 listed building.

Page 5

SARUM COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Objectives and activities (continued)

Aims of Sarum’s Educational Programme

Sarum College strives to be a centre for academic excellence, particularly as a leading provider of theological learning, where students are motivated and empowered to make a transforming contribution to society.

The academic work offers a range of learning opportunities, including both accredited and shorter courses. The College avails of a wide network of visiting lecturers and visiting scholars who are able to help make our learning offer both diverse and wide-reaching in depth and breadth.

Sarum College orients itself toward outward-looking and interdisciplinary work, including areas of learning that we provide or host which would normally sit outside of the traditional curriculum at other institutions.

The College’s mission is fulfilled when its students come away from their time at Sarum College spiritually nourished and academically equipped. The students witness to this spiritual nourishment through lives marked by wisdom and courage.

The Library and hospitality services support these educational aims and provide facilities to further the aims to others beyond the student body.

The College regularly engages in research through questionnaires and semi-structured interviews into the outcomes experienced by students participating in Sarum’s educational programmes. The conclusions, which are independently validated through external examination and programme validation mechanisms, are consistently that students of Sarum share the College’s passion for learning and are nourished by the process of education; the deeper understanding they have of their subject of study; the relationships they develop; and their own growth in their journey of life and faith.

As a result of their studies, students bring nourishment to the faith community and wider society they inhabit. For those who are in various ministries, they exercise their learning in order to develop the faith life of the church and, for all of the students both within and outside of ministry settings, are more compassionate towards and connected with the wider society. Students regularly demonstrate their empathy through practical actions, communication and seeking to bring greater mutual understanding, respect and acceptance amongst and between the church and society.

In order to advance these aims and outcomes, the College has set three main objectives which are investigated further below.

1. To maintain a positive cash flow year on year and to build sufficient working capital for the business.

The objectives for 2022-23 were

2022-23 was the first financial year without any restrictions linked to Covid. Hospitality income grew as existing groups returned, new groups came to the College for the first time and students came for residential stays. Hospitality income in 2023 was higher than levels before the pandemic. While overall the College’s unrestricted cash reduced by £72,000, this was largely because our improved financial position allowed us to repay the balance of £180,000 outstanding on the CBILS loan.

Planning for education has proven more difficult to predict this side of the pandemic as the market for theological education changes. Student numbers for the Centre for Formation in Ministry have been sustained and in the case of Local Lay Ministry training increased, and student recruitment to the Course in Spiritual Direction has also increase. Recruitment to MA and shorter courses have been more variable. One response to this has been the expansion of partnerships. As examples 2023 will be the first year in which Sarum trains Local Lay Ministers

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SARUM COLLEGE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Objectives and activities (continued)

from the Portsmouth diocese; and the College has been commissioned by the Diocese of Birmingham to provide education to their Oversight Areas . The investment in IT continued to enable students and lecturers to attend remotely and another response to the changing market has been to change the mix of on site and online courses to provide a wider variety of options to students and seek to better serve their needs.

Social media continued to play a key role in the development of new markets as platforms such as Twitter/X and Facebook are able to reach audiences fluidly and quickly. The College website continues assist the promotion of education programmes coupled with a more efficient booking system. As a result of a number of initiatives the College has a greater profile in the city and region including across regional diocese and other Christian denominations including the Methodist, Baptist and United Reformed Church.

There have been a number of fundraising initiatives including applications to grant making trusts for which a final response is awaited. There has been a strengthening of financial policies and procedures with an increase in transparency and shared responsibility across the College Leadership Team.

Progress was made towards the strategy with a recognition that the focus must be on financial stability and expanding into new markets of education. Despite the areas of growth stated in this report, building back business has been more challenging than anticipated because of post pandemic anxiety and a reluctance from some to return to formal or informal learning.

Given the factors in the external environment the financial outturn of a surplus on the unrestricted fund of over £80,000 was significantly better than might have been the case. This was a result of careful management of resources, generous donations from the Pershore, Nashdom Elmore Trust and an anonymous donor and a legacy from Revd Canon Ann Philp. Excluding the CBILS loan and restricted donations, unrestricted cash increased by £108,000 during the year, mostly linked to the increase in unrestricted funds. While hospitality income has begun to return to pre-pandemic levels, the growth that would have taken place has been lost and the take up of hospitality will continue to impact on the College’s financial position in the new financial year and require careful management. The College will also experience the impact of inflation and increased utility costs.

2. Providing a range of educational programmes that nourish the human spirit.

The objectives for 2022-23 were

At the start of the pandemic the College worked quickly to transfer education online and develop the curriculum at the start of the pandemic. Some existing courses such as Exploring Theology have expanded through being taught online. Recruitment increased as people attended from their homes and numbers have been sustained. In general the geographic spread of recruitment increased e.g. to diocese that are further afield. The provision of courses online has also enabled more overseas students to benefit from Sarum’s educational programmes.

The curriculum itself is always being adapted to respond to new circumstances. Since the COVID pandemic began, we have been adapting delivery methods, developing and enhancing pedagogical methods to address various learning needs and modes, and refreshing curriculum content to reflect the world in which we now live. We have undergone significant effort to diversify our curriculum in relation to race, economic status, nationality, class, and disability in order to reflect the ever-increasing range of voices within the area of theological scholarship.

Page 7

SARUM COLLEGE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Objectives and activities (continued)

New educational partnerships which emerged in previous years continue to be developed and expanded. We have an agreement with the Diocese of Salisbury to offer a number of continuing ministry development (CMD) courses each year, and we are nearing similar agreement with other dioceses. An agreement with St Padarn’s Institute in Cardiff has enabled a cohort of students to study for the Course in Spiritual Direction through the Church in Wales. We also are targeting work with international partnerships in North America and Europe to expand our reach and reputation as a centre for academic excellence.

We are delighted that we have welcomed our first PhD student who started in September 2022 under the new partnership we have with the University of Winchester as part of their research degree programme. Further students joined in April 2023 and September 2023.

With respect to inclusion of the student voice in the oversight of academic development, the terms of reference of the Board of Studies were updated to include student representation of Centre for Formation in Ministry and MAs validated by the University of Winchester and their contributions reported to Trustees. Dr Jayme Reaves has led on the development of a more cohesive academic faculty with improved policies and procedures all focused on improving the student experience.

There are 62 students registered with Sarum College on MA programmes validated by the University of Winchester. Of these 21 will graduate. 3 students have achieved a Postgraduate Diploma. 18 students achieved an MA, 9 with Distinction.

With respect to the students on the Centre for Formation programmes, there were 68 students registered on the Common Awards (University of Durham) in Theology, Ministry and Mission Pathways in the 2022-2023 academic year. This included 14 students training for Licensed Lay Ministry and 6 independent students. Of the students who completed their studies with the University of Durham, 10 completed HE Certificate (120), 4 completed the HE Certificate (180), 11 completed the Higher Education Diploma, 1 completed an ordinary BA, 3 completed a BA (Hons), 3 completed a Post Graduate Diploma and 1 completed an MA in Theology for Ministry and Mission. Furthermore one LLM has transferred to the ordination pathway and will complete a HE Diploma during 2023-25 and one ordinand will continue to study as an independent student to complete an MA in 2023-24 having been ordained in June 2023.

The education programme continued to flourish through: the College’s excellent relationships with Winchester University and Durham University; its ability to retain and attract the best quality teaching staff; and the maintenance of the Library as a high-standard learning resource. In addition to the students on accredited programmes, the college also ran a varied programme of short courses.

The objectives for 2023-24 are

3. Providing a level of welcome and hospitality that will never be forgotten.

Hospitality is provided in four sectors:

The objectives for 2022-23 were

Under the leadership of Mr Gary Gifford, Director of Hospitality the hospitality aspects of the College have grown

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SARUM COLLEGE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Objectives and activities (continued)

during the reporting year, exceeding income and occupancy levels attained before the pandemic. The new Conference Room and accessible bedroom on the ground floor have proven popular. The College is grateful to a private benefactor for a donation which enabled further development of the front of the Wren building to create two meeting rooms at the front of the building on the ground floor in order to expand the hospitality provision which were completed to a high standard in the reporting year.

Planning for maintenance and refurbishment of the College continued during the year. Substantial work took place to keep on top of the day to day maintenance of the building and priorities for refurbishment reviewed. A new accessible bedroom will be created. The challenge continues to be generating enough monies to fund needs and aspirations in relation to the building.

In the previous year the management of the Hospitality function was transferred to a new IT system which enabled guests to book and pay online and a new website dedicated to promoting the Hospitality function was developed. This has proven to be a good foundation for developing the business in the year.

The charity and the group is grateful for the generous efforts of its volunteers. The College began to use volunteers again in the reporting year and it is estimated that over 2000 volunteer hours were provided, mainly in the library. If this is conservatively valued at £9.50 an hour the volunteer effort amounts to over £19,000.

The objectives for 2023-24 are

Public Benefit

The trustees have regard to the Charity Commission's guidance on public benefit. The College offers a wide range of courses in pursuit of its charitable objectives and these are all reasonably priced and open to all. The short courses give opportunities for individuals to benefit from the College's educational activities for a modest outlay. The fees for degree courses are within the normal range for taught masters courses. The College also offers facilities for other groups and organisations with cognate objectives, as referred to in the paragraph on hospitality, at reasonable charges. Individuals who wish to use the College's significant library but are not undertaking a course at the College may do so for a small annual charge. Individual requests for financial discounts are considered on a case by case basis.

Factors outside our control

A number of ‘strategic factors’ have a continuing bearing on the activities of the College:

The continuing effect of the pandemic had a major impact on the College during the year. The general financial climate continues to have an adverse effect on some activities which are dependent on discretionary spending, and where commercial competition is vigorous.

The perennial unknown factors are predicting accurate numbers for bed and breakfast and conferences alongside anticipating student number recruitment to education programmes.

Many of our key stakeholders in the faith sector are themselves under financial pressure, and their willingness to fund Sarum College is unlikely to improve in the coming years. Sarum College can offer leadership in exploring, with these partners, ways of adapting and evolving to cope with the changed circumstances.

Page 9

SARUM COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Financial review

a. Results for the year

Total voluntary income for the year was some £173,000. Income from Charitable Activities decreased by over £14,000. Educational income decreased by just over £24,000. Charitable Hospitality income increased by over £20,000.

The charity activated the trading subsidiary on 1st August 2015. Of the over £725,000 income from other trading activities, some £661,000 (last year some £382,000) was generated by the company as hospitality income. This income stream was most affected by the pandemic. It reduced from some £567,000 in the 2018-19 financial year which was the last full year of normal trading and is now generating a higher income than before the pandemic. After costs the subsidiary made a gift aid donation to the charity of £221,936 in the reporting year. Total income from hospitality increased by over £541,000 in 2022 to over £840,000 in 2023, split between income from charitable activities and income through the trading subsidiary.

The College took advantage of the CBILS scheme and drew down a loan of £200,000 from Lloyds in the 202021 financial year. The purpose was to provide security of cash flow should the outturn be worse than actually transpired. The balance of the loan was repaid in the reporting year.

The total net assets increased by nearly £50,000 compared to last year at just over £2,442,000. On the Unrestricted fund the net surplus after investment gains was £80,484. The Unrestricted Funds were £1,140,601 which included Designated Funds of £50,100.

The level of Restricted Funds reduced to nearly £801,000 which included the result of significant movement on a number of funds. Incoming resources for educational programmes of over £42,000. Net outgoings of some £52,000 included the application of approximately £43,000 restricted funds to depreciation on capital works in previous years (see note 23). Approximately £52,000 was expended in support of the educational programmes. Approximately £82,000 was expended on external works to the building from restricted funds received in the previous financial year. The total of the Restricted Funds at 30th June 2023 was £800,900 (2022: £853,205).

In keeping with the stock market over the 12 month period the value of the existing Endowments increased by nearly £22,000. Collectively the total value of the Endowment Funds at the year-end was £500,549 (2022: £478,741).

At the end of the year the charity's total funds amounted to £2,442,050 of which £800,900 was held in restricted funds and £500,549 was held as endowment. The unrestricted funds of £1,140,601 included designated funds of £50,100 with the remainder (£1,090,501) being the charity's general fund. The general fund balance includes fixed assets funded from the general fund. After taking account of these fixed assets the charity's reserves at 30th June 2023 were £277,011 (2022: £164,196). The charity's reserves policy is to build this up to three months' expenditure (£456,614) by generating surpluses over the medium term subject to giving as much emphasis as possible to continuing the improvements to the facilities.

Page 10

SARUM COLLEGE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

b. Risk Management

The Board of Trustees is responsible for the management of risk. The College Leadership Team compile a detailed consideration of risk in a risk register each year. Risks are identified and assessed according to probability and impact with corresponding actions to reduce risk. The Finance & General Purposes Committee and Trustees undertake a formal review of risk on an annual basis. Risks fall into five main categories: governance, operational, financial, external and compliance.

The key controls used by the Charity include:

Through the risk management processes established for the College, the trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

c. Safeguarding

The College is committed to safeguarding and promoting the welfare of students and guests, and ensuring that all staff and volunteers share this commitment. Appropriate policies and training are in place to underpin this commitment.

Policies

a. Reserves

Sarum aims to build, over a three-year period, a reserve equivalent to three months’ operating expenditure, while at the same time giving as much emphasis as possible to the continuing improvement of the facilities.

b. Investment policy

Sarum’s investment policy is to retain the majority of balances of cash required for short-term needs in an interest bearing account and to invest any other funds in a common investment fund.

c. Trustee Indemnity

Sarum has purchased insurance from the Ecclesiastical Insurance Office plc to indemnify Sarum and any person who was or is or shall be a trustee, committee member, employee or authorised volunteer against claims made against them for specific wrongful acts occurring or committed in good faith. No person committing or condoning a dishonest or fraudulent act or omission is, however, entitled to indemnity. The purchase of such insurance out of the funds of the charity is specifically authorised by an Order of the Charity Commission under section 189 of the Charities Act 2011.

Page 11

SARUM COLLEGE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity 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 Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees on

_______ and signed on their behalf by:

Rt Revd Dr Alastair Redfern (Chair of Trustees)

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SARUM COLLEGE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARUM COLLEGE

Opinion

We have audited the financial statements of Sarum College (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated statement of financial activities, the Consolidated income and expenditure account, the Consolidated balance sheet, the Charity balance sheet, the Consolidated 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 Financial Reporting Standard 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence 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 concern 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 Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

SARUM COLLEGE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARUM COLLEGE (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the 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 Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

SARUM COLLEGE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARUM COLLEGE (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, 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 influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances 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 procedures are capable of detecting irregularities, including fraud is detailed below:

•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 company through discussions with directors and other management, and from our commercial knowledge and experience of the company;

•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 company, including the Companies Act 2006, data protection, employment, and health and safety legislation;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and

•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 susceptibility of the company’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 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;

Page 15

SARUM COLLEGE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SARUM COLLEGE (CONTINUED)

•reading the minutes of meetings of those charged with governance;

•enquiring of management as to actual and potential litigation and claims; and

•when considered necessary, reviewing correspondence with relevant regulators and the charitable company’s legal advisors.

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.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Fletcher & Partners

Statutory Auditors Chartered Accountants

Crown Chambers

Bridge Street

Salisbury

Wiltshire

SP1 2LZ

Date:

Fletcher & Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

SARUM COLLEGE

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income and
endowments
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net
income/(expenditure)
before net
gains/(losses) on
investments
Net gains/(losses) on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2023
£
138,906
946,364
725,770
103
1,811,143
526,549
1,204,486
1,731,035
80,108
376
80,484
1,060,117
80,484
1,140,601		 Restricted
funds
2023
£
33,806
-
-
8,516
42,322
11,697
83,724
95,421
(53,099)
794
(52,305)
853,205
(52,305)
800,900		 Endowment
funds
2023
£
-
-
-
-
-
-
-
-
-
21,808
21,808
478,741
21,808
500,549		 Total
funds
2023
£
172,712
946,364
725,770
8,619
1,853,465
538,246
1,288,210
1,826,456
27,009
22,978
49,987
2,392,063
49,987
2,442,050		 Total
funds
2022
£
93,378
960,820
442,255
8,723
1,505,176
359,741
1,260,045
1,619,786
(114,610)
(21,346)
(135,956)
2,528,019
(135,956)
2,392,063

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 24 to 51 form part of these financial statements.

Page 17

SARUM COLLEGE

(A company limited by guarantee)

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

Note
Income
Gains/(losses) on investments
Gross income in the reporting period
Less: Total expenditure
Net income/(expenditure) for the reporting period
The notes on pages 24 to 51 form part of these financial statements.		 Total funds
2023
£
1,853,465
1,170
1,854,635
(1,826,456)
28,179		 Total funds
2022
£
1,505,176
(1,651)
1,503,525
(1,619,786)
(116,261)

Page 18

SARUM COLLEGE (A company limited by guarantee) REGISTERED NUMBER: 09510356

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Total net assets
Charity funds
Endowment funds
19
Restricted funds
19
Unrestricted funds
19
Total funds		 2023
£
4,843
145,563
2,715
696,580
849,701
(293,898)		 2023
£
1,393,357
526,301
1,919,658
555,803
2,475,461
(33,411)
2,442,050
500,549
800,900
1,140,601
2,442,050		 2022
£
5,198
149,458
2,629
889,524
1,046,809
(367,521)		 2022
£
1,382,777
503,409
1,886,186
679,288
2,565,474
(173,411)
2,392,063
478,741
853,205
1,060,117
2,392,063

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 19

SARUM COLLEGE (A company limited by guarantee) REGISTERED NUMBER: 09510356

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on

_______ and signed on their behalf by:

Rt Revd Dr Alastair Redfern

The notes on pages 24 to 51 form part of these financial statements.

Page 20

SARUM COLLEGE (A company limited by guarantee) REGISTERED NUMBER: 09510356

CHARITY BALANCE SHEET AS AT 30 JUNE 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Total net assets
Charity funds
Endowment funds
19
Restricted funds
19
Unrestricted funds
19
Total funds		 4,843
438,204
2,715
352,437
798,199
(245,726)		 2023
£
1,391,143
526,311
1,917,454
552,473
2,469,927
(33,411)
2,436,516
500,549
793,323
1,142,644
2,436,516		 5,198
252,495
2,629
749,938
1,010,260
(334,302)		 2022
£
1,378,349
503,419
1,881,768
675,958
2,557,726
(173,411)
2,384,315
478,741
853,205
1,052,369
2,384,315

The Charity's net movement in funds for the year was £52,201 (2022 - £(142,377)).

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 21

SARUM COLLEGE (A company limited by guarantee) REGISTERED NUMBER: 09510356

CHARITY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on

_______ and signed on their behalf by:

Rt Revd Dr Alastair Redfern

The notes on pages 24 to 51 form part of these financial statements.

Page 22

SARUM COLLEGE

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 24 to 51 form part of these financial statements		 2023
£
72,808
8,619
(93,962)
(85,343)
(180,409)
(180,409)
(192,944)
889,524
696,580		 2022
£
(17,385)
8,723
(74,482)
(65,759)
(20,000)
(20,000)
(103,144)
992,668
889,524

Page 23

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1. General information

The charity is a company limited by guarantee incorporated in England and Wales. The registered office is 19 The Close, Salisbury. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Sarum College meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Page 24

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is shown net of VAT.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the life of the asset. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

Page 25

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Freehold property - 2% per annum on cost
Other fixed assets - 4% to 33 1/3% per annum on cost

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 26

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

The charity operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 31 December 2016.

The charity operates a defined benefits pension scheme. The scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS17 'Retirement benefits', the charity accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of financial activities represents contributions payable to the scheme in respect of the accounting period.

Page 27

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2. Accounting policies (continued)

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are permanent trusts whose income is intended either for the benefit of the College or for students attending the College. Incoming resources from endowment funds are restricted.

Investment income, gains and losses are allocated to the appropriate fund.

Page 28

(A company limited by guarantee)

SARUM COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

3. Income from donations and legacies

Donations
Friends subscriptions
Capital grants and donations
Educational & promotional grants and donations
Unrestricted grants and donations
Total 2023
Donations
Friends subscriptions
Capital grants and donations
Educational & promotional grants and donations
Unrestricted grants and donations
Government grants - furlough scheme
Total 2022
4.
Income from charitable activities
Educational programmes
Library
Charitable Hospitality
RSCM Licence fee
Other Charitable Activities
Total 2023		 Unrestricted
funds
2023
£
10,055
-
-
128,851
138,906
138,906
Unrestricted
funds
2022
£
11,778
-
-
58,114
4,030
73,922		 Restricted
funds
2023
£
-
25,093
8,713
-
33,806
33,806
Restricted
funds
2022
£
-
73
19,383
-
-
19,456
Unrestricted
funds
2023
£
703,910
25,439
179,457
36,915
643
946,364		 Total
funds
2023
£
10,055
25,093
8,713
128,851
172,712
172,712
Total
funds
2022
£
11,778
73
19,383
58,114
4,030
93,378
Total
funds
2023
£
703,910
25,439
179,457
36,915
643
946,364

Page 29

SARUM COLLEGE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

4. Income from charitable activities (continued)

Educational programmes
Library
Charitable Hospitality
RSCM Licence fee
Other Charitable Activities
Total 2022
5.
Income from other trading activities
Income from fundraising events
Income from property
Income from property
Income from non charitable trading activities
Trading subsidiary turnover		 Unrestricted
funds
2022
£
728,096
28,438
159,286
36,915
8,085
960,820
Unrestricted
funds
2023
£
64,569
Unrestricted
funds
2022
£
60,198
Unrestricted
funds
2023
£
661,201		 Total
funds
2022
£
728,096
28,438
159,286
36,915
8,085
960,820
Total
funds
2023
£
64,569
Total
funds
2022
£
60,198
Total
funds
2023
£
661,201

Page 30

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

5. Income from other trading activities (continued)

Income from non charitable trading activities (continued)

Unrestricted Total
funds funds
2022 2022
£ £
Trading subsidiary turnover 382,057 382,057
6.
Investment income
Income from local listed investments
Interest on bank deposits
Total 2023
Income from local listed investments
Interest on bank deposits
Total 2022		 Unrestricted
funds
2023
£
78
25
103
Unrestricted
funds
2022
£
298
77
375		 Restricted
funds
2023
£
8,516
-
8,516
Restricted
funds
2022
£
8,348
-
8,348		 Total
funds
2023
£
8,594
25
8,619
Total
funds
2022
£
8,646
77
8,723
7. Expenditure on raising funds
Costs of raising voluntary income
Unrestricted Total
funds funds
2023 2023
£ £
Costs of raising voluntary income 9,886 9,886

Page 31

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

7. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Unrestricted Total
funds funds
2022 2022
£ £
Costs of raising voluntary income 9,382 9,382

Fundraising trading expenses

Costs re property income
Allocated support costs
Total 2023		 Unrestricted
funds
2023
£
30,611
150,387
180,998		 Restricted
funds
2023
£
-
11,697
11,697		 Total
funds
2023
£
30,611
162,084
192,695

Fundraising trading expenses (continued)

Costs re property income
Allocated support costs
Total 2022
Other trading expenses
Trading subsidiary expenses		 Unrestricted
funds
2022
£
23,461
88,862
112,323		 Restricted
funds
2022
£
-
16,870
16,870
Unrestricted
funds
2023
£
335,665		 Total
funds
2022
£
23,461
105,732
129,193
Total
funds
2023
£
335,665

Page 32

SARUM COLLEGE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

7. Expenditure on raising funds (continued)

Other trading expenses (continued)

Unrestricted Total
funds funds
2022 2022
£ £
Trading subsidiary expenses 221,166 221,166

8. Analysis of expenditure on charitable activities

Summary by fund type

Educational programmes
Library
Charitable Hospitality
RSCM Licence fee
Other Charitable Activities
Total 2023
Educational programmes
Library
Charitable Hospitality
RSCM Licence fee
Other Charitable Activities
Total 2022		 Unrestricted
funds
2023
£
741,418
75,173
359,784
27,895
216
1,204,486
Unrestricted
funds
2022
£
776,753
58,423
283,997
22,909
2,265
1,144,347		 Restricted
funds
2023
£
47,826
11,220
21,709
2,947
22
83,724
Restricted
funds
2022
£
61,359
21,298
28,285
4,127
629
115,698		 Total
2023
£
789,244
86,393
381,493
30,842
238
1,288,210
Total
2022
£
838,112
79,721
312,282
27,036
2,894
1,260,045

Page 33

(A company limited by guarantee)

SARUM COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. Analysis of expenditure by activities

Educational programmes
Library
Charitable Hospitality
RSCM Licence fee
Other Charitable Activities		 Activities
undertaken
directly
2023
£
544,499
48,303
213,908
-
-
806,710		 Support
costs
2023
£
244,745
38,090
167,585
30,842
238
481,500		 Total
funds
2023
£
789,244
86,393
381,493
30,842
238
1,288,210
Educational programmes
Library
Charitable Hospitality
RSCM Licence fee
Other Charitable Activities		 Activities
undertaken
directly
2022
£
569,901
49,777
164,217
-
-
783,895		 Support
costs
2022
£
268,211
29,944
148,065
27,036
2,894
476,150		 Total
funds
2022
£
838,112
79,721
312,282
27,036
2,894
1,260,045

Analysis of support costs

Central management
Overheads
Premises
Depreciation
Governance		 Educational
programmes
2023
£
129,980
60,203
36,034
13,842
4,686
244,745		 Library
2023
£
4,642
2,150
23,404
7,727
167
38,090		 Charitable
Hospitality
2023
£
32,495
15,050
83,315
35,553
1,172
167,585		 RSCM
Licence fee
2023
£
6,844
3,170
15,494
5,087
247
30,842

Page 34

SARUM COLLEGE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Central management
Overheads
Premises
Depreciation
Governance
Central management
Overheads
Premises
Depreciation
Governance		 Educational
programmes
2022
£
137,958
49,697
60,427
13,624
6,505
268,211		 Library
2022
£
4,380
1,578
16,785
6,994
207
29,944		 Other
Charitable
Activities
2023
£
119
55
-
60
4
238
Charitable
Hospitality
2022
£
30,657
11,044
69,076
35,842
1,446
148,065		 Total
funds
2023
£
174,080
80,628
158,247
62,269
6,276
481,500
RSCM
Licence fee
2022
£
7,185
2,588
12,213
4,711
339
27,036
Central management
Overheads
Premises
Depreciation
Governance		 Other
Charitable
Activities
2022
£
1,574
567
604
75
74
2,894		 Total
funds
2022
£
181,754
65,474
159,105
61,246
8,571
476,150

Page 35

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

9. Analysis of expenditure by activities (continued)

Expenditure on central management, overheads and governance which could not be directly allocated to an operating activity have been apportioned on the basis of the gross income of the activity pre consolidation adjustments.

Central management costs include administrative staff salaries, travel and meals, recruitment costs, finance charges, professional fees and irrecoverable VAT. Overheads comprise marketing and office costs such as telephone, stationery, photocopying and computer costs. Governance costs comprise trustee and council expenses and auditor's fees (see note 10).

Premises costs have been apportioned on the basis of floor area occupied by each activity with the central management allocation then being apportioned on the basis of the gross income of each activity. Floor areas were Fundraising 23% (comprising income from property), Charitable Hospitality 38%, Educational programmes 8%, Library 11%, RSCM licence fee 7% and Central Management 13%.

Premises costs comprise repairs, utilities and insurance of the buildings at 19 The Close. Depreciation and loss on disposal of assets has been allocated on the following basis: a) Music equipment - to educational programmes

b) Computers - as overheads c) Property and other equipment - as premises d) Catering equipment - to charitable hospitality

10. Governance costs

Trustee and Council's expenses
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor for non-audit services		 2023
£
389
5,500
3,980
9,869		 2022
£
375
5,500
7,500
13,375

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 30 June 2023, expenses totalling £389 were reimbursed or paid directly to 2 Trustees (2022 - £375 to 2 Trustees).Trustees expenses paid related to travel expenses.

One Trustee also received £180 for delivering a lecture (2022 - £60).

Page 36

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

11. Staff costs

Wages and salaries
Social security costs
Contributions to defined contribution pension schemes		 Group
2023
£
809,786
70,263
63,440
943,489		 Group
2022
£
761,099
62,952
60,062
884,113
Average number of employees Group
2023
£
42
42		 Group
2022
£
41
41

There were no employees with emoluments over £60,000 in either year.

The executive management of the charity is delegated by the Trustees to the Principal and Directors and Managers listed on page 1. The total paid to the key management personnel during the year (including pension contributions) was £252,996 (2022: £227,688).

Page 37

(A company limited by guarantee)

SARUM COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

12. Tangible fixed assets

Group

Cost or valuation
At 1 July 2022
Additions
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022		 Freehold
property
£
1,980,777
23,246
2,004,023
690,286
41,343
731,629
1,272,394
1,290,491		 Other fixed
assets
£
511,905
70,716
582,621
419,619
42,039
461,658
120,963
92,286		 Total
£
2,492,682
93,962
2,586,644
1,109,905
83,382
1,193,287
1,393,357
1,382,777

Page 38

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

12. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 July 2022
Additions
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022		 Freehold
property
£
1,980,777
23,246
2,004,023
690,286
41,343
731,629
1,272,394
1,290,491		 Other fixed
assets
£
505,264
70,716
575,980
417,406
39,825
457,231
118,749
87,858		 Total
£
2,486,041
93,962
2,580,003
1,107,692
81,168
1,188,860
1,391,143
1,378,349

The Salisbury property at 19 The Close is included at original cost, subject to an adjustment for the depreciation of the dining hall, library and chapel block totalling £37,499 while it was owned by the Central Board of Finance. Since 1998 major improvements have been carried out to the College buildings and the open market value is considered to be substantially in excess of cost.

No value had been placed on the playing field at Stratford-sub-Castle in respect of which a lease of 99 years was granted to a third party in 1995.

Page 39

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

13. Fixed asset investments

Group
Cost or valuation
At 1 July 2022
Revaluations
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022
Charity
Cost or valuation
At 1 July 2022
Revaluations
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022		 Investments
in subsidiary
companies
£
10
-
10
10
10		 Listed
investments
£
503,409
22,892
526,301
526,301
503,409		 Listed
investments
£
503,409
22,892
526,301
526,301
503,409
Total
£
503,419
22,892
526,311
526,311
503,419

Principal subsidiaries

Page 40

SARUM COLLEGE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

13. Fixed asset investments (continued)

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity number place of business Sarum College Services Limited 01931038 19 The Close Salisbury Trading company

Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name
Income
£
Expenditure
£
Profit/(Loss)/
Surplus/
(Deficit) for
the year
£
Sarum College Services Limited
661,201
441,479
219,722
14.
Stocks
Group
Group
Charity
2023
2022
2023
£
£
£
Raw materials and consumables
4,843
5,198
4,843
15.
Debtors		 Net assets
£
5,544
Charity
2022
£
5,198
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2023
£
61,702
-
-
83,861
145,563		 Group
2022
£
108,754
-
15,301
25,403
149,458		 Charity
2023
£
14,811
342,577
-
80,816
438,204		 Charity
2022
£
71,723
144,588
15,301
20,883
252,495

Page 41

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

16. Current asset investments

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Listed investments 2,715 2,629 2,715 2,629

17. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 July 2022
Resources deferred during the year
Amounts released from previous periods		 Group
2023
£
(409)
50,264
35,438
66,779
141,826
293,898
Group
2023
£
101,517
89,659
(101,517)
89,659		 Group
2022
£
40,000
53,704
41,949
88,590
143,278
367,521
Group
2022
£
55,187
101,517
(55,187)
101,517		 Charity
2023
£
(409)
50,264
11,601
46,979
137,291
245,726
Charity
2023
£
101,517
88,109
(101,517)
88,109		 Charity
2022
£
40,000
53,704
28,044
70,676
141,878
334,302
Charity
2022
£
55,187
101,517
(55,187)
101,517

Page 42

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

18. Creditors: Amounts falling due after more than one year

Bank loans
Other creditors - concessionary loan		 Group
2023
£
-
33,411
33,411		 Group
2022
£
140,000
33,411
173,411		 Charity
2023
£
-
33,411
33,411		 Charity
2022
£
140,000
33,411
173,411

Grants from the Central Board of Finance (concessionary loan)

Conditional grants of £19,497 and £13,914 were paid to the Colleges of Salisbury and Wells respectively by the Central Board of Finance of the Church of England during the period 1961 to 1964. On the merger of the two colleges in 1971, both grants were formally withdrawn and re-issued to the Salisbury and Wells Theological College subject to a condition contained in an agreement dated the 29th December 1978, namely that if the college ceased to be a theological college recognised by the House of Bishops, then the grants would be repayable.

The original agreement was varied in 2005 and 2015 to recognise the evolution in the College's activities, mostly recently the merger with the Southern Theological Training Scheme in 2015 and the subsequent transfer of the College's activities to the incorporated entity Sarum College. The position at the balance sheet date (as agreed with the Central Board of Finance) is that:

  1. The grants are repayable in the event that Sarum College ceases to be recognised for ordination training by the House of Bishops but not otherwise;

  2. The grants are therefore shown as liabilities in the financial statements;

  3. No interest is charged.

Bank loan

The bank loan has been provided under the Coronavirus Business Interruption Loan Scheme. Interest in the first year of the loan is paid by the UK Government, capital repayments are due one from the advancement of the loan and is repayable in equal instalments over the following five years. The interest rate is 2.8% above the Bank of England base rate. The loan is secured by an unlimited debenture.The loan was repaid during the year.

Page 43

SARUM COLLEGE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

19. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Dickinson
Philp legacy
General funds
General Funds
General funds -
Fair value
reserve
Total
Unrestricted
funds
Endowment
funds
Permanent
Endowments
Permanent
Endowments -
Fair value
reserve
Other charities in
connection with
The Sarum
College Trust
Other charities -
Fair value
reserve		 Balance at 1
July 2022
£
100
-
100
1,055,520
4,497
1,060,017
1,060,117
17,141
94,404
38,257
328,939
478,741		 Income
£
-
-
-
1,811,143
-
1,811,143
1,811,143
-
-
-
-
-		 Expenditure
£
-
-
-
(1,731,035)
-
(1,731,035)
(1,731,035)
-
-
-
-
-		 Transfers
in/out
£
-
50,000
50,000
(50,000)
-
(50,000)
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
376
376
376
-
-
-
21,808
21,808		 Balance at
30 June
2023
£
100
50,000
50,100
1,085,628
4,873
1,090,501
1,140,601
17,141
94,404
38,257
350,747
500,549

Page 44

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

19. Statement of funds (continued)

Restricted
funds
Capital funds
Education and
promotion funds
Education and
promotion funds-
Fair value
reserve
Total of funds		 673,448
159,640
20,117
853,205
2,392,063		 25,093
17,229
-
42,322
1,853,465		 (43,618)
(51,803)
-
(95,421)
(1,826,456)		 -
-
-
-
-		 -
-
794
794
22,978		 654,923
125,066
20,911
800,900
2,442,050

Page 45

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Dickinson
General funds
General Funds
General funds - Fair value
reserve
Total Unrestricted funds
Endowment funds
Permanent Endowments
Permanent Endowments - Fair
value reserve
Other charities in connection
with The Sarum College Trust
Other charities - Fair value
reserve
Restricted funds
Capital funds
Education and promotion funds
Education and promotion
funds- Fair value reserve
Total of funds		 Balance at
1 July 2021
£
100
1,065,366
4,762
1,070,128
1,070,228
17,141
94,404
38,257
348,634
498,436
747,949
189,903
21,503
959,355
2,528,019		 Income
£
-
1,477,372
-
1,477,372
1,477,372
-
-
-
-
-
73
27,731
-
27,804
1,505,176		 Expenditure
£
-
(1,487,218)
-
(1,487,218)
(1,487,218)
-
-
-
-
-
(74,574)
(57,994)
-
(132,568)
(1,619,786)		 Gains/
(Losses)
£
-
-
(265)
(265)
(265)
-
-
-
(19,695)
(19,695)
-
-
(1,386)
(1,386)
(21,346)		 Balance at
30 June
2022
£
100
1,055,520
4,497
1,060,017
1,060,117
17,141
94,404
38,257
328,939
478,741
673,448
159,640
20,117
853,205
2,392,063

Page 46

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

19. Statement of funds (continued)

20. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at 1
July 2022
£
100
1,060,017
478,741
853,205
2,392,063		 Income
£
-
1,811,143
-
42,322
1,853,465		 Expenditure
£
-
(1,731,035)
-
(95,421)
(1,826,456)		 Transfers
in/out
£
50,000
(50,000)
-
-
-		 Gains/
(Losses)
£
-
376
21,808
794
22,978		 Balance at
30 June
2023
£
50,100
1,090,501
500,549
800,900
2,442,050

Summary of funds - prior year

Designated funds
General funds
Endowment funds
Restricted funds		 Balance at
1 July 2021
£
100
1,070,128
498,436
959,355
2,528,019		 Income
£
-
1,477,372
-
27,804
1,505,176		 Expenditure
£
-
(1,487,218)
-
(132,568)
(1,619,786)		 Gains/
(Losses)
£
-
(265)
(19,695)
(1,386)
(21,346)		 Balance at
30 June
2022
£
100
1,060,017
478,741
853,205
2,392,063

Page 47

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

21. Material funds

Brought Carried
forward Income Expenditure Gains/(losses) forward
£ £ £ £ £
Restricted funds - - - - -
Capital Projects: - - - - -
Garfield Weston 104,044 - (7,550) - 96,494
Lift 58,885 - (4,780) - 54,105
Attic bedroom appeal 53,456 - (1,553) - 51,903
General appeal 97,680 - (2,382) - 95,298
Kitchen & refectory appeal 66,472 93 (7,113) - 59,452
Haverstock building access 73,223 - (1,036) - 71,187
Haverstock educational project 71,000 - - - 71,000
Seaton-IT and building 95,930 - (5,053) - 90,877
Science for seminaries 33,935 - (27,792) - 6,143
Endowment funds - - - - -
Mrs Mary Fletcher Trust 103,387 - - 3,378 107,275

Purposes imposed (and trust law restrictions) on material funds:

Restricted Capital funds

Garfield Weston: to be applied to capital projects Lift: to enable building work to create a lift

Attic bedroom appeal: to enable the college to create the 5 en-suite attic bedrooms General appeal: to be applied to capital projects

Kitchen & refectory appeal: to upgrade the kitchen and refectory

Haverstock building access: to improve access to the college's buildings for those with physical impairments

Haverstock educational project: to fund a theological learning and outreach programme Seaton - IT and building: to fund IT expenditure and interior and exterior building work Science for seminaries: to fund a project on science, ethics and religion

Endowment funds

Mrs Mary Fletcher Trust: to assist a student or students who would not otherwise be able to pay for their training at the College

Page 48

SARUM COLLEGE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£
896,592
5,117
566,201
(293,898)
(33,411)
1,140,601		 Restricted
funds
2023
£
496,765
25,635
278,500
-
-
800,900		 Endowment
funds
2023
£
-
495,549
5,000
-
-
500,549		 Total
funds
2023
£
1,393,357
526,301
849,701
(293,898)
(33,411)
2,442,050

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2022
£
924,505
4,827
671,717
(367,521)
(173,411)
1,060,117		 Restricted
funds
2022
£
458,272
24,841
370,092
-
-
853,205		 Endowment
funds
2022
£
-
473,741
5,000
-
-
478,741		 Total
funds
2022
£
1,382,777
503,409
1,046,809
(367,521)
(173,411)
2,392,063

Page 49

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
24.
Analysis of cash and cash equivalents
Cash in hand
Bank accounts
Total cash and cash equivalents
25.
Analysis of changes in net debt
At 1 July
2022
Cash flows
£
£
Cash at bank and in hand
889,524
(192,944)
Debt due within 1 year
(40,000)
40,409
Debt due after 1 year
(140,000)
140,000
Liquid investments
2,629
-
712,153
(12,535)		 Group
2023
£
49,987
83,382
(22,978)
(8,619)
355
3,895
(33,214)
72,808
Group
2023
£
380
696,200
696,580
Other non-
cash
changes
£
-
-
-
86
86		 Group
2022
£
(135,956)
77,193
21,346
(8,723)
(657)
(14,238)
43,650
(17,385)
Group
2022
£
886
888,638
889,524
At 30 June
2023
£
696,580
409
-
2,715
699,704

Page 50

SARUM COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

26. Library

Sarum College houses a theological library of some 37,000 volumes. For many years the accounting policy has been to write off the cost of acquisitions in the year of purchase and therefore no value for the library appears in the Balance Sheet.

27. Pension commitments

Defined Contribution Pension Scheme

Sarum College participates in the Church of England Defined Contributions Scheme Section of the Church Workers Pension Fund and as at 30 June 2023 had 39 active members in that Scheme. During the year to 30 June 2023 the contributions were £63,440 (2022 - £60,062).

Contributions of £10,650 were outstanding at the balance sheet date in respect of active scheme members (2022 - £6,041). £nil of contributions were held by the charity for employees that are due to join the scheme (2022 - £nil).

Defined Benefit Pension Schemes (Multi-employer schemes) Sarum College participates in the Pension Builder Scheme Church of England Funded Pensions Scheme for clergy and at 30 June 2023 had no active member in that Scheme. No contributions were made in 2023 or 2022 and no contributions were outstanding at the balance sheet date.

The Church of England Funded Pensions Scheme is a defined benefit scheme but Sarum College is unable to identify its share of the underlying assets and liabilities of the scheme - each employer in the scheme pays a common contribution rate.

The Scheme was subject to an actuarial valuation in December 2013, which showed a deficit on the scheme. In the light of the report received from the actuary the Pensions Board concluded that the contribution rate from 1 January 2015 onwards should be 39.9% of the National Minimum Stipend for the preceding year.

Sarum College also participated in the Church of England Defined Benefits Scheme Section of the Church Workers Pension Fund. There were no active members in that Scheme and no contributions were made in 2023 or 2022.

Sarum College is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the scheme.

The Scheme was subject to an actuarial valuation in December 2016, which showed a deficit of £6,800 on the scheme. A deficiency payment was paid from 1 April 2018 to 31 December 2018 to eliminate the deficit on the fund.

An annual charge is required to cover the Colleges share of the administration expenses. The charge for 2023 was £1,600 (2022 - £1,600).

28. Related party transactions

In 2022 the following transactions took place between the charity and its wholly owned subsidiary, Sarum College Services Limited:

Charges for use of the charity premises of £104,814 (2022 - £71,178).

The transfer under gift aid of the taxable profits of Sarum College Services Limited to the charity of £221,936 (2022 - £83,272).

At 30 June 2023 the subsidiary owed £342,577 to the charity (2022 - £144,588).

Page 51

The Sarum College Trust Appendix to the financial statements For the year ended 30th June 2023

Restricted funds

a)
Capital
Capital Projects: Garfield Weston
Cellars: Pilgrim Trust
Bookshop Extension: Esmee Fairburn Foundation
Organ Practice Room:
Hymns Ancient & Modern
Residential Facilities: Laing Foundation
Music:
Jones Organ - Foundation for Sports and the Arts
Victorian Era Organ - Taber
Lift
Attic Bedroom Appeal
Library environment
Library - Matthews Legacy
Sarum Cross - Sophie Hacker
Window Appeal
Mercers - Common Room
Seaton - IT, front & inside building
Seaton - building
Capital Appeal - General
Kitchen & Refectory Appeal
Capital Appeal - Chapel/lecture room
Tindall Charitable Trust - Chapel floor
Tindall Charitable Trust - Refectory
Tindall Charitable Trust -IT Project
Dickinson - Chairs
Ms Marilyn Marks - Landscaping
Haverstock - Building access
b)
Educational and Promotional
Music:
Church Music Resource Library
Christian Spirituality Programme:
General Donations
Principal's Discretionary Fund
Des Quartier Trust Fund
Organ Lessons - Tindall Trust
Tony Palmer Essay Prize
PNET Salisbury Field
Mission Partner
Gosling - library journals
Library - Sowter;Elmgrant:LFD
Library - Sowter Rural Ministry
Missionary Association
Dawson legacy
Science for Seminaries
Haverstock eductional project
Art & Sacred Places
Hazel Topping legacy
Cobbold - educational bursary
Video conferencing
Other charities in connection with
The Sarum College Trust		 Balance
30.6.2022
104,043
2,517
3,049
2,576
5,560
1,638
518
58,885
53,456
300
13,148
468
13,287
23,720
95,930
-
97,680
66,472
500
337
15,994
18,750
20,625
1,772
72,223		 Income
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25,000
-
93
-
-
-
-
-
-
-		 Expenditure Transfers and
investment
gains/(losses)		 Balance
30.6.2023
96,494
2,517
3,049
2,486
5,366
818
518
54,105
51,903
300
12,539
228
12,992
22,651
90,877
24,975
95,297
59,452
500
337
14,768
10,417
19,375
1,772
71,187
(7,549)
-
-
(90)
(194)
(820)
-
(4,780)
(1,553)
-
(609)
(240)
(295)
(1,069)
(5,053)
(25)
(2,383)
(7,113)
-
-
(1,226)
(8,333)
(1,250)
(1,036)		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
673,448 25,093 (43,618) - 654,923
187
-
28,200
4,882
500
720
1,000
10,618
180
929
91
5,862
7,080
33,936
71,000
2,260
500
-
11,812
-		 -
250
633
-
-
-
-
-
-
7,261
-
143
-
-
-
-
-
1,165
-
7,777		 -
(250)
(550)
-
-
-
-
-
(89)
(6,814)
-
-
-
(27,792)
-
-
(500)
-
(8,031)
(7,777)		 -
-
690
-
-
-
-
-
-
-
-
104
-
-
-
-
-
-
-
-		 187
-
28,973
4,882
500
720
1,000
10,618
91
1,376
91
6,109
7,080
6,144
71,000
2,260
-
1,165
3,781
-
179,757 17,229 (51,803) 794 145,977
853,205
£		 42,322
£		 (95,421)
£		 794
£		 800,900
£

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