Registered number. 09S10356 Charity number: 1161253 SARUM COLLEGE (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 SARUM COLLEGE (A company limited by guarantee CONTENTS Page Reference and admlnlstratlve detalls of thè Charity, its Trusteos and advisers TrustO8s' roport 3-13 Indopendent audltors, report on the flnanclal statements 14-17 Consolidated statement of financial activiti88 18 Consolidated incom8 and expenditure account Consolldated balance sheet 19 20-21 Charity balance shèat 22-23 Consolidated statement of cash flows 24 Notes to the financial statements 25-52 The following pages do not form part of the statutory financial stalemenls.. Appendlx Restrl¢ted Funds 53 SARUM COLLEGE (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Tru8tee8 The Bishop Of Sali5bury.' the Righl Revd Stephen Lakel The Bishop Of Bath and Wells - the Right Revd N Michael Beasley1 Rl R@vd Dr Alastair Redfern, Chair Revd Rachel Bending (appointed 4 Dec6mber 2024) The Revd Canon Dr Chigor Chike The Ven Dr Sue Groom (resigned 30 June 2024) Very Revd Simon Jarratt The Revd Canon Edward Probert Mr Tim Mynott The Revd Canon Angela Nutt (appointed 23 September 20241 Sir Marcus O'Lone Mrs Emm8 Osborne Mrs Lucy Salisbury (appointed 4 December 20241 Ms Clare Sellars (resigned 2 December 2023) Prof Jane Shaw (resigned 31 December 2023) Rev'd Christine Smith (appointed 3 July 2023) The Revd Canon Professor EIiz2beth Sluart (appointed 1 July 2023) Foundation Trustee College Leadership Team The Principal Director of Finance & Facililies Dlrector of Marketlng & Communications General Manager of Hospitality Director of Academic Development Professor James Woodward Mr Mark Manterfield Ms Christine Nielsen-cralg Mr Gary Gifford Dr Jayme Reaves The name of the Charity is Sarum College The Charity commonly makes itself known by the name Sarum. Company reglstered number 09510356 Charity registered number 1161253 Registered off ice 19 The Close Salisbury Wiltshire SPI 2EE Indopondent audltors Fletcher & Partners Slatutory Auditors Chartered Accountants Crown Chamb8rs Bridge Street Salisbury Wiltshire SP12LZ Page 1 SARUM COLLEGE (A company limlted by guaranteo REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Bankers Cafcash Limited West Malling Kent ME19 4TA Lloyds Bank plc 38 Blue Boar Row Salisbury Wiltshire SP1 1DB Sollcltors Veale Wasbrough VEards Narrow Quay House Narrow Quay Bristol BS14QA Page 2 SARUM COLLEGE {A company Ilmlted by guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Tru51ees present their annual report together with the audited financial statements of the Charity for the 1 July 2023 to 30 June 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trusteés confirm that the Annual report and financial statements of the charitable comp8ny comply with the current statutory requirements, the r&quiremenls of the charitable company's gov6rning document 2nd the provisions of th8 Statement of Recommended Practice (SORP) 8pplicable to charities preparing their accounts in accordance wilh the Finan¢lal Reportlng Slandard 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 ofthe Companies Act 2006, the Group strategic report required of medium and large companies under the Compani6s Act 2008 (strategic Report 2nd Directors, R@port) Regulation5 2013 is not requir&d. Structure, governance and management . Constltutlon 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 Th8 manag8ment ofthe charity and the group is th8 responsibility ofthe Trustees. The Board Is CDrnposed of no fewer than 10 Trustees and no more than 14 of whom the Blshops of Salisbury and of Bath and Wells are at all times Foundation Trust88s by virtue oftheir office. In addition the trustees may Co-opt up to Iwstees. New or additlonal twslees 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 experlence 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 diversty 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 Qu￿ent issues. Trustees {other than the Foundation Trustees) normally serve a four-year term and are eligible for re- appointment for one four-year le￿n. Page 3 SARUM COLLEGE IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Structure, governance and management (contlnued} c. Organlsatlonal structure and decislon-making pollciès The trustees are responsible for ccntrolling Sarum's management and administration. Their responsibilities include.. Sarum's policy, finances, budget and management., envisioning SaNm's future., planning Sarum's strategic development; and giving guidance and direction to the Executive Committee. Th8 Board has appointed four committees. The tetThs of r6fer&nc6 of the Flnance & General Purposes Committee are The Finance and General Purposes Committee shall, on behalf ofthe trustees, review all aspects of the management of finance and resources at the college {and shall give advice and guidance to the Principal and 16adership team as required}. In particular, rt shall monitor and (where appropriate) make recommendations to the trustees on., Financial managem8nt and financial planning, including the annual budget and annual accounts,. The appointment of the auditors., Hospitality and associated s8rvic88', The ¢olleg6's buildings and estate., Five year plan for Finance and buildings. IT infrastructure., Marketing and fund raising- Heatth and safety., All other legal and regulatory matters. Risk managèment. The committee shall ensure that, as appropriat8, plans are in place for th8 maintenance, sustainability, ren8wal and development of all assets and services The terms of reference of the Board of Studies are.. The focus of the Board of Studies should be on (1) strategic development of academlc programmes across Sarum College,. and (2) assurance of quality for the variety of academic programmes and giving advicé as appropriate. "Academic Programmes. refers to Common Awards Programmes (Ministry) University of Winchester MA Programmes The University of Winchester PhD Programme Short Courses Programme Centre for Spiritual Direction 2.1 Terms of Reference {1) The Board of Studies shall meet once per academic term, equating to three times per year. {2) The Board of Sludi&s shall exercise oversight of the educational work of Sarum College. This includes oversighl of the academic policy and programmes in the College, ensuring that it promotes the vision, ethos, mission and finanGial sustainability of Sarum Coll8ge. {3) The Board of Studies shall recognise that both Common Awards and Winchester programmes have specific requirements related lo management and quality that are addressed through th8ir own management committee structure as noted below. Page 4 SARUM COLLEGE {A company Ilmlted by guaranteè TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 Structure, governance and management Icontlnued) (4) The Board cf Studies shall receive reports from the Director ofAcademic Development and the Dasn of Ministry on: planned developments in academic policy and programmes finsncial stalements in relation to the educational work quality assurance arrangements and implementation {5) The Board of Studies shall also receive periodic reperts from.. the Dlrector of Leaming Resources appointed academic programme student representatives to addres8 any arising quality assurance and strategic matter8. (6) The Board of Studies shall review the d8velopment of academic programme planning, management, delivery, and marketing and provSde recommendations to the relevant committees as appropriate. (7) The Board of Studies may establish what8v&r advisory arrangements may be necessary from lime to time for diff8rent aspects of the educational, marketing, library and leamlng resource provision as appropriate. The terms of referenc8 of the Nominations and Remuneration Ccmmittee are.. Bearing in mind the principles in Paragraph 1 ofthe Sarum College Rules and Regulatlons, the Commrttee shall make recommendations lo the Trustees on the appointmènt and reappolntment of Trustees (including Co-opted Trust8es) and the membership of commlttees. The Committee shall also make recommend8tions, as appropriate, lo the Trustees on the salary and other aspects of the remuneratlon of the Principal. It will also consider remuneration arrangements for College Leadership Team, If the Chair of the Finance & General Purposes Committe8 is not a member of this Committee, he or she shall be consulted on recommendations under this sub-paragraph. The terms of reference ofthe Chalrs. Executive Committee are The Chairs, Executive Committee shall be a place of reflection, planning and consultation and make recommendations to the Board ofTrustees. 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 executivè directors were Prof J Woodward and M Mant&rfi8ld, and its non- executive 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 proflt before Gift Aid of £166,008. £168,037 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 charilable objects. The Trust6es have assessed the major risks to which the charlly and the group is exposed, in particular those related to the operations and finantss of the charity and the group, and are satisfied that systems and procedures are in pla¢8 to mitigate our exposure to th8 major risks. Page 5 SARUM COLLEGE {A company limited by guarante6) TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Objectives and activities a. Pollclos and objectlves Object of the Charlty 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 ncn-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 wwth ils own, specifically the RSCM (Royal School of Church Music) and the Diocese of Salisbury- and, maintaining the Grade 1 listed building. Aims of Sarum's Educational Programme Sawm College strives tc be a cenlre for academic excellence. particularly as a leading provider of theological learning, where students ar@ motivated and empowered to make a tr8nsforming contribution to SQC16ty. The academic work offers a range of learning opportunities, including both accredited and short8r courses. The College avails of a wide network of visiting leclurers and visiting scholars who are able to h8lp mak& our learning offer both diverse and wide-reschlng In depth and brèadth. Sarum Co118g6 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 nourish6d and academically equipped, The students witness to th55 spiritual nourishment through lives mart(ed by wisdom and courage. The Llbrary and hospitality services support these educsticnal 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 ¢on¢lusions, which are independently validated through external examination and programme validalion mechanisms, are consistenlly that students of Sarum share the College's passion ft)r learning and are nourished by the process of education; the deeper understanding they have of their subjèct of study,. the relationships they develop. and their cwn gr0￿h 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 8X8rcis& their learning in order to develop the faith life of the church and, for all of the students both within and Dutside 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, resp8Ct and acceptance amongst and between the church and society. In order ID advanc8 these Sims and outcomes, the College has set three main obj8cliv&s which are investigated further b810w. Page 6 SARUM COLLEGE {A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Objectives and actlvlties (continued) 1. To maintain a posltlve cash flow year on year and to build sufflcient working Gapltal for the buslness. The objectives for 2023-24 were to enable the College Leadership Team to work more effectively toward the College's strategic objectives lo explore more markets for both Hospitality and Education, The current challenge for Sarum is building a 8UStainable business mod81 in the context of the frailties in the education and hospitality markets in ord8r to generate sufficient surpluses to reinvest in the building. This involvas exploring key functions of leadership, administration and marketing to slrenglhen the offer. 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 sustsined and in the case of Local Lay Ministry training increased through expanding recruitment to new dioc8sas. Student recruitment to the Course in Spiritual Direction has been stable. Recruitment to MA and shorter courses have been more v8riabl8. One response to this has been the expansion of partnershlps. As examples 2024 will be the first year in which Sarum tralns Local Lay Ministers from th8 Winchester dioGese, and thè College has been working with the Dioces8 of Birmingham to provide 8ducation to their Oversight Areas. The sustainabillty of the short course programme has been strengthened by agreements with neighbouring Dioceses and the Methodist Church to block book places for some courses, and the partnership with Church Times in running th& online Modern Mystics prDgramme. The investment in IT Continued to 6nabled students and lecturers to attend remotely and another r8sponse to the changing msrket has been to Gh8nge the mix of on site and online cour88S to provide a wider variety of options to students and seek to better 8erve their needs. The market for Hc)spitality is also unpredlctable. Some long-stsnding groups continue to com8 but with lower numbers, but new groups have also been atlracled, often by word of moLrth. The College continues to serve our own students and external groups, and supplement intome Wlth Online Travel Agents particularly during the tourist season. Social media continued to play a key role in the developm8nl of new markets as platforms such as Fa￿boOk are abl8 to reach audiences fluidly and quickly. The College website continues assist Ihe promotion of educatlDn programmes coupled with a more efficient booking system. As a result of a number of inilialrves the College has a greater profile in the city and r8gion including across regional diocege and other Christian denominations including the Methodist, Baptist and United Reformed Church. There have b88n a number of fundraising initiative5 including applications to grant making trusts for which a final response is awailed. 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 8 recognition that the focus must be on financial stability and expanding inlo new markets cf education. Despite the areas of growth stated in this report, building back business has be6n more challenging than anticipated because of post pandemic anxiety and a reluctance from Bome to return to formal or infomial learning. While hospitslily income has begun to return to pre-pandemic levels, the growth that would have t8ken place has been lost and the lake up of hospitality will continue to impact on the College's financial posttion in the new financial year and require careful management. The College also experienced the impact of inflation and increased utility costs. These factors contributed to the outturn of a deficit on the unrestricted fund of ovèr £80,000. The work of the College Leadership Team developed through a paltern ofteam meetings and one to one meelings with the Principal. The objectives for 2024-25 are to improve the marketing reach in particular relating to the attraction of groups staying at the college to d8V81op the MA in Christian Spirituality to address the changes in the education marf(et. Page 7 SARUM COLLEGE IA company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Objectives and activltles {contlnued) 2. Providing a range of educatSonal programmes that nourlsh the human Spirit. The objectives for 2023-24 were to establish the Centre for Formation in MinSstry as an independent Theological Education Institution {TEI) to dovolop the MPhil and doctoral research offer 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 8lt8nd8d from thelr homes and numbers have been sustained. In gen8ral the geographic spread of recruitment increased e.g. to diocese that are further afield. The provision of cour8es online has also enabled rnore overseas students to ben8fit from Sarum's educational programmes. The curriculum itself is always being adapted to respond to new circumstances, We have been adapting d61ivery methods, developing and enhancing pedagogical methods lo address various learning n88ds and modes, and refreshing curriculum content to reflect the world in which we now live. We have undèrgone significant effort to diversify our curriculum in relation to race, eccnomic status, nationallty, class, and disability in order to reflect the ever-increasing range of voices within the area of Iheological Scholarship. A specific development during th@ year is that the Centre for Formation In Ministry received validatlon from the University of Durhsm and the Church of England to enable Sarum Coll@ge to become a Theological Education Institution (TEII. New educational partnerships which emerged in previous years continue to be developed and &xpanded. We have had an agreement with the Diocese of Salisbury to offer a number of continuing ministry development ICMD) courses each year, and we have expanded this model with other Diocese durlng the year. An agre8ment with St Padam's Institute in Cardiff has enabled a cohort of students to study for the Course in Spiritual Direction through the Church Sn Vvales. We also ar@ targeting work with intemational partnerships in North America and Europe to expand our reach and r8PUtation as a centre for academic excellence. We were delighted that we have welcom8d our fir61 PhD studènt who started in September 2022 under the new partnership we have wilh the Universty of Winchester as part of their research degree programme. Further students joined in April 2023. With respect to inclusion of the stLJdent voice in the oversight of academic development, the letThs of reference of the Board of Studies have been updated to include student representation of C8ntre for Fomiation in Ministry and MAS validated by the University of Winchaster and their contributions reported to Trustees. Dr Jayme Reaves has led on the development of a more cohesive academic faculty with improved policies and procedur all focused on improving the student experience. There are 38 students registered with Sarum College on MA programmes validated by the University of Winchester. Of these 8 will graduate. 1 student achieved a Postgraduate Diploma. 2 students achieved a Postgraduate Certificate. 5 students achieved an MA, 3 with Dlstinclion and 2 with Merit. With réspect to the students on the Centre for Formation programmes, there were 65 students regisl8red on the Common Awards (University of Durham) in Theology, Ministry and Mission Pathways in th8 2023 - 2024 academic year. This included 18 students training for LiGens8d Lay Ministry and 4 independent students. Of the students who completed th8ir studies with the University of Durham, 3 completed HE Certificate (120), 5 completed the HE Certificate (180), 12 completed the Higher Education Diploma, 3 compl8ted a Post Graduate Certificale and 4 completed an MA in Theology for Ministry and Mission. All students except one who started the course with a view to Gompl&ting this year completed academic studies on schedule. FurthetThore, one ordinand will continue to study as 8n Independent student to complete an MA in 2024-25 having been ordained in July 2024. The education programme continued to flourish through.. the College's excellent relationships with Winchester Unlversity and Durham University,. its ability to retain and altract the best quality teaching 5t8ff,' and the maintenance of the Library as a hIgh￿tandard learning resource. In addition to the students on accredited Page 8 SARUM COLLEGE IA company Ilmited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Objectlves and activitias (continued) programmes, the collegé also ran a varied programme of short courses. The objectives for 2024-25 are lo gather regional Diocesan Bishops with Directors of Ministry to pursue dev&loping the education offer in partnership expansion of the Centre for Formation in Ministry to includ8 ordinands from the Diocese of Winchest8r and Portsmouth consolidation of the partnership agreements with neighbouring diocese and the Methodist Church lo provide CMD. 3. Provldlng a level of welcome and hospitallty that will never be forgotten. Hospitalty is provided in four sector$: for Dur own students, studying on validated programmes and lifelong16arning courses. for conferences and training events that fall within our charitable pu￿OSe,. for conferenc8 and room hire for the general public,. and for bed and breakfast accommodation for the general public. The objectives for 2023-24 were to increase responstveness to customer feedback to continue planning and works on the physical environment Under the leadership of Mr Gary Gifford, Director of Hospitalty the hospltality aspects of the College have grown during the reporting year, exceeding income and occupancy levels altained befor8 the pandemic. The new Conference Room and accessib16 bedroom on the ground floor have proven popular. Further work has be8n done to decorate some corrldors and upgrade some bedrooms. Along side this planning for maintenance and refurbishment of the College continued during the year. Plans are in place to refu￿lsh the main boilers and create a second 8ccessible bedroom in the new financial year along side routine work to keep on top of the day- to-day maintenance ofthe building. The chall8nge continues to be generating enough monies to fund needs and aspirations in relatlon to the building, The new IT system which enables guests lo book and pay online and a new website dedicated to promoting the Hospitality functlon has proven to be a good fcundation for developing the business in the year. The charlty and the group is grateful for the generous efforts of its volunteers, The College began to use volunteers again in the reporting year and il is estimated that ovèr 2000 volunteer hours were provided, mainly in the library. Ifthis is conservatively valued at £11.5Q an hour the volunteer effort amounts to over £23,00Q. The objectives for 2024-25 are to refurbish a room to provide 8 second ground floor accessible bedroom to contlnue the refurbishment programme of bedrooms to complete planned works to the building to ensure health and saféty compliance Page 9 SARUM COLLEGE IA company limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Objectlves and actlvltles (¢ontlnuad) Public Benefit The Irustees have regard to the Charity Commission's guidance on publlc benefit, The College offers a wide range of courses in pursuit of its charitable objectives and these aré all reasonably priced and open to all. The short cour8e8 give opportunities for individuals to benefit from th8 College's educational activities for a modest outlay. The fees for d8gree cours8s ar6 within the normal range for taught m8Sters courses. The College also offers facilit18s for other groups and organisations with cognate objectives, as referred to in the paragraph on hospitality, at reasonable charges. I ndividuals who wish to U88 the College's significant library but are not undertaking a cours8 at the College may do so for a small annual charge. Individual requests for financial discounts are considered on a case by case basis. Facto￿ outslde our control A number of 'strategic factors, have a continuing b8aring on the activit18s of the College.. Th@ continuing eff&ct of the pandemic had a major impacl on the College during the year. The g8n8ral financial climate continues to have an adverse effect on some activities which are dependent on discretionary spendlng, and where commercial competition is vigorous. Th8 perennial unknown factors are predlcting accurate numbers for bpd and breakfast and conferences alongside anticipating student number recruilmenl to educallon programmes. Many of our key stakeholders in Ihe faith sector are Ihemselves 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 10 SARUM COLLEGE IA company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Flnanclal revlew a. Resulis for the year Total voluntary income for the year was some £249,000. Income from Charitable Activities Increased by £188,000. Educational income increased byjust under £109,000, Charitable Hospitality income increased by over £41,000. The charity activated the trading subsidiary on 1 st August 2015. Ofthe over £732,000 income from other trading actlvities, some £666,000 (last year some £661,000) was generat8d by the company as hospitality income. Afl&r costs the subsidiary made a gift aid donation to the charity of £168,037 in the reporting year. Total income from h05pilality increased by over £46,000 in 2024 to over £887,000 in 2024, split btheen income from charitable activities and income through the trading subsidiary. The total net assets increased by over £94,000 compared to last year atjust over £2,536,OOD. On the Unrestricted fund the net deficit after investment gains was £80,187. The Unrestricted Funds were £1,060,414 which included Designated Funds of £50,100. While unrestricted income on charitable activities increased by over £160,000 costs increased al a higher rate includlng the decision to make appointments to strengthen the Education and Hospitality offer, and investments in the property in part to ensure compliance. The level of Restricted Funds increased lo just over £925,OOQ whlch included the result of significant movement on a number of funds. Incomlng resources for educational programmes of over £246,000. Net out90ings of som8 £124,000 included the application of approximately £49,000 restricted fund5 to depreciation on capitsl workg in previous yesrs. Approximately £72,000 was expended in support of the educational programmes. The total of the Restricted Funds at 30th June 2024 was £925,867 {2023: £800,900). In keeping with the stock market over the 12-month period the value of the existing Endowments increase by nearly £50,000. Collectively the total value of the Endowment Funds at the year-end wa8 £550,000 (2023.. £500,549). At the end ofthe year the charty's total funds amounted to £2,536,281 ofwhich £925,867 was held in restricted funds and £550,000 was held as endowtnent. The unrestricted funds of £1,060.414 included designated funds of £50,100 with the remainder (£1,D10,414) being the charitls general fund, The general fund balance includes fixed assets funded from the general fund. After laklng account of these fixed assets the charitys reserves at 30th June 2024 were £169,230 {2023.' £277,011>. The charitls reserves policy is to build this up to three months, expenditure (£515,759) by generating surpluses over the medium term subject to giving as much emphasis as possible to continuing the improvements to the f£cililies. Page11 SARUM COLLEGE {A company limited by guarante8 TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 b. Rlsk Management The Board of Trustees is responsible for the manag6ment of risk. The College Leadership Team ccmpile 8 detailed consideration of risk in a risk register each year. Risks are Identified and assessed according to probability and impacl with corresponding actions to reduce risk. The Finance & General Purposes Committe8 and Trustees undertake a formal review of risk on an annual basis. Risks fall inlo five main categories: governance, operational, financlal, extemal and compliance. The key controls used by the Charity includ8'. Formal agendas, minutes and reports for all Committee and Trustee activity Detailed terms of reference for all Committees Comprehenslve strategic planning, budgeting and managem&nt accounting Estsblished organisational structures and Ilnes cf reporting Formal written policies, reviews and apprais81s Clear authorisation and approval policies. and Vetting procedures as required by law for the protection of the vulnerable Through the risk management processes 8Stablished for the College, the trustees are satlsfied that the m8jor risks identrfied have been adequately mitigated where necessary. It is reGognised that systems can On￿ provide reasonable but not absolute assurance that malor risks have been adequstely managed. c. Safeguarding The College is commltted to safeguarding and promoling 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 commitrnent. Pollcles a. Reserves Sarum aims to build, over a three-year period, a reserv8 8quivalent to three months, operating expenditure, while at the same lime 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-temi needs in an interesl bearing account and to invest any other funds in a common investment fund. c. Truste8 Indemnity Sarum ha8 purchased insurance from the Ecclesiaslical Insurance Office plc lo indemnlfy Sarum and any person who was or is or shall be a trustee, committee member, employ@e or authorised volunteer against claims made against them for specific wrongful acts occurring or committed in good faith. No person committing or ¢ondoning a dishonest or fraudulent act or omission is, however, entitled to indemnity. The purchase of such insuranc8 Out of the funds of the charity is spe¢ifically authorised by an Order of the Charity Commission under section 189 of the Charities Act 2011. Page 12 SARUM COLLEGE (A company limited by guarantee} TRUSTEES, REPORT ICONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Statement of TNstees' responsibiliti88 The Trusl8es (who are also the directors of the Charity for the pU￿oseS 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 . Undèr company law, the Trustees must not approve the financial statements unless they are satisfied that they gtV8 a tru& and fair view of the state of 8ffair8 of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that P6riod. In preparing these ffnancial statemènts, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of lh8 Charities SORP (FRS 102)., make judgments and accounting estimates Ihal are reasonable and prudent- state whether applicable UK Accounting Standards (FRS 102) have be8n follow8d, Subject to any material departures disclosed and explained in the financial statements., prepare the flnancial statements on the going concern basis unless it is inappropriate to presume that the Group will continu8 in busin&ss. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charty's Iransactions and disclos8 With reasonable accuracy at any time the financial position of the Group and the Charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe Group and the Charity and henc8 for taking r88sonable steps for the prevention and d&tection of fraud and other irregularities. Disclosure of inforniatlon to audttors Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors ar8 unaware, and thal Trustee has taken all the steps that cughl to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charilab18 group's auditors are awara of that information. Approved by order of the members of the board of Trustees on 4 December 2024 and signed on their behalf by.. Rt Revd Dr Alastalr Redfern (Trustee) Page 13 SARUM COLLEGE (A company Ilmlted by guaranteg) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SARUM COLLEGE Oplnlon We have audited the financial Statements of Sarum College {the'parent charitable Gompanw) and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidatéd statement of financial activities, the Consolidaled income and expenditure account, th8 Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of signrfiGant accounting pclicies, The financial reporting framework that has been appli6d in their preparalion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard appllcable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls., give a true and fair view of the slate ofthe Group's and of the parent charitable company's affairs as at 30 June 2024 and of the Group's in¢oming resources and application of resources, including its income and expenditure for the year then ended.. have b86n properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared In accordance with the requir8ments ofthe Charit5es Act 2011. Basis for opinjon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and appIl￿ble 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 ofthe Group in accordance with the ethical requirements that are relevant to our audit of the f inancial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provid8 a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trusle8s' 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 signrficant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least bNelve 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 14 SARUM COLLEGE (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SARUM COLLEGE {CONTINUED} Other Informatlon The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon, Th8 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 extenl otherwise explicttly stated in our report, we do not expres8 any form of assurance conclusion ther60n. Our respon8ibilily is to read the other infom)ation and, in doing so, consider whether the other Information 18 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othemise appears to be materialty misstated. If we identlfy such materlal inconsistencies or apparent material mlsstatements, we ar8 required to determine whether thls gives rise to a material misstatement in the financial statements themselves. If, bas8d 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 Ihis r6gard. Matters on whlch wè ar8 rèquired to report by exGeptlon We have nolhing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 require8 US to report to you if. in our opinion.. the infomiation giv@n in the Trustees, report is inccnsistenl in any material respect with the financial statements. or the parent charitsble Company has not kept sufficient accounting records., or Ihe parent charitsble company financial statements are not in agreement with th8 accounting records and returns. or we have not r8cgived all th8 information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Trustees, responsibiltties statement. the Trustees (who are also the directors of the ¢harilable company for the purposes of company law) are responsible for the preparation of the financial slatémenls and for being satisfied that they give a true and fair view, and for such internal control as the Truslees determine Is necessary to enable the pr6paration of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements, the Trustees are responsible for assessing the Group's and the parent charitable company's abilily to conllnue as a going concern, disc105ing, as applicable, malters r8lated to going concern and u8ing the going conc8rn 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 15 SARUM COLLEGE {A company limlted by guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SARUM COLLEGE (CONTINUED) Audltor&' responslblliti8s for th8 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 rel8vanl r@gulalions made cr having effect thereunder. Our objectives are to obtain reasonable assurance about wh8th8r th8 financial statements a8 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, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will abNays detect a material misstatement when it exisls. Misstatements can ari88 from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expect2d to inftuence the economic decSslons 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 detecl material misstatements in resp8ct of irregularities, including fraud. The ext8nt to which our procedures are capable of detecting irregularities, including fraud is detailed below: .the engagement partner ensured Ihat the engagement team collectively had the appropriale Competence, capabilities and skills to identify or recognise non-ccmpliance with applic8ble laws and regulations., e identified the laws and regulations applicable to the company through discussions with direGtors and other management, and trom our comm8rcial knowledge and experience of the company., "we focused on specific laws and regulations which we considered may have a direct mat8rial effect on the financSal statements or the operations of th8 company, including the Companies Act 2006, data protection, employment, and health and safety legislation,. e assessed the extent of compliance with the laws and regulation8 identified above through making 8nquiries of management and insp8Cting correspondence., and 'identified laws and regulations w8r8 communicated within the audit team regularly 8nd th8 t8am remained alert to instances of non-compliance throughoLrt 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 ènquiri&s of management as to where théy considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud., and 'considering the internal controls in place to mitigat8 risks of fraud and non-compliance with law6 and regulations. Tc address the risk of fraud through management bias and override of controls, w8.. 'perfomed analytical procedures lo identify any unusual or unexpected relationships., .tested journal entries ID id6ntify unusual transactions., 'assessed whetherjudgements and assumptions made in determining the accounting 8Stimates w8re indicative of potential bias., and •investigated the rationale behind significant or unusual transactions. In response to the risk of irregularlties and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: •agreeing financial statement disclosures to underlying supporting do¢umentation' Page 16 SARUM COLLEGE IA company limited by gu8rantè8} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SARUM COLLEGE (CONTINUED) 'reading the minutes of meetings ofthose charged with governance. benquiring of management as lo actual and potgnlial litigation and claims., and *wh8n considered necessary. reviewing correspondence with relevant regulators and the charilabla company's legal advlsors. A furth&r description of our responsibililies for the audit of the financial statements Is located on the Financial Reporting Councll's webslte at,, www,fr¢.or kl uditorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely lo the charitable company's Irustees, as a body, In accordance with Part 4 of the Charlties (Accounts and Reports) Regulations 2008. OLJr audit work has been undertaken so that we might state to th8 charitable companYs trust@8S those matter5 we are required to state to thern in an Audilors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume r88ponsibility to anyone other than the charitable company and ils m8mbers, as a body, for our audit work, for this report, or for the opinions we have fomied. Fletcher & Partners statutory Auditors Chartered Accountants Crown Chambers Bridge Street Salisbury Wiltshire SP12LZ 11 Dec8mber 2024 Fletcher & Partners are eligible to act as auditors In tet7n6 of section 1212 of the Companies Act 2006, Page 17 SARUM COLLEGE IA company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted funds 2024 Restricted funds 2024 Endowment funds 2024 Total funds 2024 Total funds 2023 Note Income and ondowmonts from: Donations and legacies Charitable activities Other trading 8Ctlvities Investments 10,173 1,114,578 732,749 238,621 248,794 1,114,578 732,749 8,646 172,712 94S,364 725,770 8,619 8,5S2 Total income and endowments 1,857,584 247,183 2,104,767 1,853,465 Expènditure on: R8ising fund8 Charitable activiti88 557,016 1,381,555 11,384 113,082 588,400 1,494,637 538,246 1,288.210 Total expendlture 1,938,571 124,466 2,063,037 1,826,456 Net (expenditur8)fincome before net gains on Investments Net gains on investments (80,987) 122,717 41,730 27,009 800 2,250 49,451 52,501 22,978 Net movement In funds 180,187) 124,967 49,451 94,231 49,987 Reconclllatlon of funds: Total funds brought fO￿ard Net movement in funds 1,140,601 (80,1871 800,900 124,967 500,549 49,451 2,442,050 94,231 2,392,063 49,987 Total funds carried foiward 1,060,414 925,867 550,000 2,536,281 2,442,050 The Consolidated ststement of financial activities includes all gains and losses recognised in the year. The notes on pages 25 to 52 ferm part of these financial statements. Page18 SARUM COLLEGE (A company limited by guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Total funds 2024 Total funds 2023 Note Income Gains on investments 2,104,767 3,050 1,853,465 1,170 Gross income in th8 r8ports.ng period Less.. Total 8xpenditur8 2,107,817 1,854,635 <2,063,037) (1,826,456) Net expenditurel(Incom•l for thè reporting perlod 44,780 28,179 The notes on pages 25 to 52 form part ofthese financial statements. Page 19 SARUM COLLEGE (A company Ilmited by guarantee) REGISTERED NUMBER: 09510356 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024 2024 2024 2023 2023 Note Flxed assets Tangible assets Investments 12 14 1,371,799 578,562 1,393,357 526,301 1,950,361 1,919,658 Current assets stccks Debtors Investments Cash at bank and in hand 16 16 17 6,415 91,328 2.954 928,605 4,843 145,563 2,715 696,580 1,029,302 849,701 Cr&ditors.' amounts falling due wilhin one year 18 1409,9711 (293,898) Net current assets 619,331 555,803 Total a5sets18ss current Ilabllltles 2,569,692 2,475,461 Creditors: amounts falling due after more than one year 19 {33,411) (33.411) Total not assets 2,536,281 2,442,050 Charity funds Endowment funds Restricted funds Unrestricted funds 20 20 20 550,000 925,867 1.060,414 500,549 800,900 1,140,601 Total funds 2,536,281 2,442,050 The Charity was entitled to exemption from audit under section 477 of the Companles Act 2006. The members have not requlred the entity to obtaln an audit for the year in question In accord8nce with section 476 of th8 Companles 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 respecl to accounting records and preparation of financial statemènts. Page 20 SARUM COLLEGE {A company limited by guaranlee REGISTERED NUMBER: 09510356 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024 The financial statements have been prepared in accordanc8 Wlth the provisions applicab16 to 6nliti88 subject to the small companies regime, The financial 8tatements were approved and authorised for issue by the Trustees on 04 December 2024 and signed on Ihelr behalf by, Rt Revd Dr Alastair Redfern (Chair of Trustees) The not8s on pages 25 to 52 form part of these financial slatemenls. Page 21 SARUM COLLEGE IA company limited by guarantee) REGISTERED NUMBER: 09510356 CHARITY BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Note Flxed assets Tangible assets Investments 12 14 1.371,614 578,572 1,391,143 526,311 1,950,186 1,917,454 Currant assets stocks Debtors Investments Cash at bank and in hand 15 16 17 6,415 151,867 2,954 817,495 4,843 438,204 2,715 352,437 978.731 798,199 Creditors.. amounts falling due within one year 18 {362,730) (245,728) Net current assets 616,001 552,473 Total assets less current Ilabilities 2,568,187 2,469,927 Creditors. amounts falling due after mcre than one year 19 (33,411) 133,4111 Total net assets 2,532,776 2,436,516 Charlty funds Endowment funds Restricted funds Unrestricted funds 20 20 550,000 925,867 1,056,909 500,549 800,900 1.135,067 20 Total funds 2,532,776 2,436,516 The Charty's net movement in funds for the year was £96,260 (2023 - £52,201). The Charity was entitled to exemption from audit under section 477 of the Ccmpanies Ad 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 r&quirements ofthe Act with respect to accounting records and preparation of financial statements. Page 22 SARUM COLLEGE {A company Ilmlted by guarantee REGISTERED NUMBER: 095103S8 CHARITY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024 The financial stat8m6nts have been prepared in accordance with the provisions applicable to entrcies subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 04 December 2024 and signed on their behalf by.. Rt Revd Dr Alastair R8df8rn (Chair of Trust8es) The notes on page8 25 to 52 form part of these financial statements. Page 23 SARUM COLLEGE IA company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Cash flows from operatlng activitles Net cash used in operating activi1188 294,824 72,808 Cash flows from investing actlvltles Dividends, interests and rents from investment5 Purch8S8 of tangible fixed assets 8,648 (71,8541 8,819 (93,962) Net cash used In Investlng actlvitles (63,2081 {85,343) Cash flows from financlng actlvltles Repayments of borrowing 409 1180,409) Net cash providèd byl{us8d inl financing actlvltles 409 1180,409) Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 232,025 1192,944} 889,524 696,580 Cash and cash equlvalents at the end of the year 928,605 696,580 Tha notes on pages 25 to 52 form part of these financial statements Pa99 24 SARUM COLLEGE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 General Informatlon The charity is a company limited by guarant88 incorporated in England and Wales. The registered office is 19 The Clos6, Salisbury. The members of the company are the Trustee5 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 Accountlng pollcles 2.1 Basis of preparatlon of financlal statements The financial 81atements have been prepared in accordance with the Charilies SORP (FRS 102) Accounting and Reporting by Charilie8, Statement of Recommended Pradice applicabl8 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1D2) {effective 1 January 2019), the Financial Reporting Standard applicable in th@ UK and R8public of Ireland {FRS 102) and the Companias Act 2008. Sarum College meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unle88 Othe￿ise staled in the re18vant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate th8 financial statements of the Charity and its subsldiary undertaking. The resutts of the subsidiary are consolidated on a line by Ilne basis. The Charity has taken advantage of the exemption 811owed under section 408 of the Companies Aci 2006 and has not presented its own Statement of financlal activities in these financial statements. 2.2 Going concern The Trustees consider that there are no ma18rial uncertainties about the charity's ability to continue as a going conc8rn. Page 25 SARUM COLLEGE (A company limited by guarante8 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Charity has entrtlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Incotrne is shown net of VAT. Th8 reco9nitlon of income from legacies is d6p8nd&nt on 6slablishing entitlgment, th6 probability of receipt and th8 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 know18dge of the existence of a valid will and th8 déath of th8 b8n8factor} and the executor is satisfied that the prop6ty in question will not be required to satisfy claims in th8 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 b6 the expectsd Gash 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 rec&ived for specific purposes but not 8xpended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of re¢eipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs bèfore income is r8C8iV8d, th8 income is accru8d. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recogni8ed at the time of Ihe donation. Income tax recoverable in relation to investment income is recognised at the time the investment income 18 receivable. 2.4 Expendlture Expendlture is recognised once there is a legal or constructive obligation to transfer economlc 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. Dlrect costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one aclivity and sUPPOrt costs which are not attributable tc a single activity are apportioned between those activities on a basis consistent with the use of resources, Central staff costs are Sllocated 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 charltable purposes and includes costs of all fundraising activitias @v8nts and non-charitabl8 trading Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associat8d support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tangible fixed assets are trealed as deferred income and released to the Consolidaled slatemenl of financial activities over the lrfe of the asset. Other grsnts are credited to the Consolidated statement of financial activities as the related expenditure is incurred, Page 26 SARUM COLLEGE IA company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 A¢countlng pollcles (continued} 2.6 Interest recelvable Interest on funds held on deposit is includÈd when receivable and the amount Can bé measured reliably by the Group. this is nomally upon notification of the inlerest paid or payab18 by the institution with whom the funds are d8POSlted. 2.7 Tangible fixed assets and depreclatlon 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 messured rellably. Tangible fixed assets are Initially recognised at cost, After re￿gnItiOn, under the cost model, tangible fixed assets are measured al cost less aGcumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tsngible 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 tangibl8 fixed assets less their residual value over their estimated useful lives, Depreclation is provided on the following bas8S'. Freehold property other fixed assets 2/0 per annum on cost 40/0 lo 33 1130A per annum on cost 2.8 Heritage assets Heritage ass&ts are not capilallsed due to un£vailabllty of cost or valuation information, with such information not being obtainable at a cost commensurate with the benefit to the users of the accounts and to the Charty. As a r8sult, no value is attributed to herit8g8 ass6ls in the Balanoe Sheet. Depreciation is provided on the following bases: 2.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at Iheir transaction cost and subsequently measured at fair value at the Balance sheet date, unless th& valu6 cannot be measured reliably in which case it is measured at cost less impairmenl. Investment gains and Ioss88, whether realisèd or unrealised, are combined and presented as 'Gainsl{Losses} on investments, in the Consolidated statement of financial aGtivilies. Investments in subsidiaries are valued at cost less provision for impairment. 2.10 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsclele and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed 2nd variable overheads. 2.11 Debtors Trade and other debtor5 are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 27 SARUM COLLEGE IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcies (contlnued) 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid inv8stments with a short maturty of three months or less from the date cf acquisition or opening of the deposit or similar account. 2.13 Llabllllles and provisions Liabiltties are recogni8ed when there is 8n obligatlon St the Balance sheet date as a result of a past event, it is probabl& that a transfer of economic benefit will be required in Settlement, and the amount of the settlement can b& estimated reliably. Liabilities are recognised at the amcunt that th8 Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts r8quir8d to s@ttle the obligation. Wh@re the effect of the lime value of money is material, th8 prcvision is based on the pre8enl 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 stat8ment of financial activities as a finance co61. 2.14 Flnanclal Instruments The Group onEy has financial assels and flnancial liabilities of a kind that qualrfy 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. 2.15 Pensions The charity operates a defined contribution pension scheme and the pension charg8 represents the amounts payab18 by the charity to the fund in respect of the year. The charity operates a defined benefrts pension scheme and the pension charge is based on a full actuarial valuation dated 31 December 2016. The charity operates 8 defin6d benefits pension scheme. The scheme is a mulli-employ8r scheme where it is not possible, in the normal course of events, to identify on a con618tent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS17 'Retirement benefits,, the charlty accounts for this scheme as if it was a defined contribution schem8. The amount charged to the Statement of financial activities represents contributions payable to the scheme in respect of the accounting period. Page 28 SARUM COLLEGE (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting pollc105 {contlnued 2.16 Fund accounting General funds are unrestricted funds wh5ch are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and whlch have n¢t been designated for other purposes. Designated funds comprise unrestricled 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. Restrlcted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have bean raised by the Group for particular purpos8s. 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 fund5 are permanent trusts whose income is intended either for the benefit of the College or for students attending the College. Incoming resources trom endowment funds are restricted. Inve5trnent income, gains and losses are allocated to the appropriate fund. Page 29 SARUM COLLEGE IA company limited by guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Income from donations and legacles Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations Frlends subscription5 Capital grants and donations Educational & promotional grants and donations Unrestricted grants and donations 9,104 9,104 510 238,111 1,069 510 238,111 1,069 10,173 238,621 248,794 Total 2024 10,173 238,621 248,794 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donatlons Friends subscription8 Capital grants and donations Educational & promotional grants and donations Unrestrided grants and donations Govemment grants - furlough scheme 10,055 10,055 25,093 8,713 128,851 25,093 8,713 128,851 Total 2023 138,906 33,806 172,712 Income from charitable actlvltles Unrestricted funds 2024 Total funds 2024 Educational programmes Library Charitable Hospitalily RSCM Licence fee other Charitable Activities 813,008 26,690 220,738 38,250 15,892 813,008 26,890 220,738 38,250 15,892 Total 2r)24 1,114,578 1,114,578 Page 30 SARUM COLLEGE {A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Income from charltable activities {contlnued) Unrestricted funds 2023 Total funds 2023 Educational programmes Library Charitable Hospitality RSCM Licenc8 fee other Charitable Activities 703,910 25,439 179,457 36,915 643 703,910 25,439 179,457 36,915 643 Total 2023 946,364 946,364 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Incorne from property 65,987 65,967 Unrestricled funds 2023 Total funds 2023 Income from property 64,569 64,569 Income from non charltable trading activltlas Unrestricted funds 2024 Tot81 funds 2024 Trading subsidiary turnover 866,782 666,782 Pag& 31 SARUM COLLEGE (A company limited by guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Income frorn other trading a¢tlvities (continued) Income from non charitsble tradlng acttvltlos {conts'nu•d} Unrestricted funds 2023 Total funds 2023 Trading subsidiary turnover 661,201 661,201 Investment income Unrestkicted funds 2024 Restricted funds 2024 Total funds 2024 Income from local listed investments Interest on bank d8POSIts 8,562 8,562 84 84 Total 2024 84 8,562 8,646 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Income from local listed investments Interest on bank deposits 78 25 8,516 8,594 25 Total 2023 103 8,516 8,619 Expendlture on raising funds Costs of ralslng voluntary income Unrestricted funds 2024 Total funds 2024 Costs of raising voluntary income 10,038 10,038 Page 32 SARUM COLLEGE {A company Ilmited by guaranteo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Expendlture on raising funds Icontlnued) Costs of ralslng voluntsry Income {contlnued) Unrestricted funds 2023 Total funds 2Q23 Cost3 of r81sing voluntary income 9,888 9,888 Fundralslng tradlng expenses Unrestricted funds 2024 Restricted funds 2024 Totsl funds 2024 Costs re property income Allocated support C06ts 33.497 118,614 33,497 129,998 11.384 Total 2024 152,111 11,384 183,495 Fundraising trading expenses {¢ontlnu6d Unrestricled funds 2023 Restricted funds 2023 Total funds 2Q23 Costs re property income Allocated support costs 30,811 150,387 30,611 1e2,084 11,697 Total 2023 180,998 11,697 192,695 Oth8r trading expenses Unrestricted funds 2024 Total funds 2024 Trading subsidiary expenses 394,867 394.867 Page 33 SARUM COLLEGE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on raising funds {contlnued) Other trading 8xp8nses {continued Unrestricted funds 2023 Total funds 2023 Tradlng subsidiary expenses 335,865 335,665 Anatysls of expendlture on charltable actlvltles Summary by fund typ8 Unrestrided funds 2024 Restricted funds 2024 Total 2024 Educational programmes Library Charitabl8 Hospilallty RSCM Licence fee other Charitable Aclivilies 843,859 87,195 415,200 30,921 4,380 78,658 5,381 25,572 3,437 34 922,517 92,576 440,772 34,358 4,414 Total 2024 1,381,555 113,082 1,494,637 Unrestrictéd funds 2023 R8Stricted fund8 2023 Total 2023 Educaticnal programmes Library Charitable Hospitality RSCM Licence fee Other Charitable Actlvities 741,418 75,173 359,784 27,895 216 47,826 11,220 21,709 2,947 22 789,244 86,393 381,493 30,842 238 Total 2023 1,204,486 83,724 1,288,210 Pag8 34 SARUM COLLEGE {A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Analysis of expendlture by activities Activities und8rtaken directly 2024 Support costs 2024 Total funds 2024 Educational programm8S Llbrary Charitable Hospltality RSCM Licence fee Other Charitable A¢ttvities 632.357 49,643 240,010 290,160 42,933 200,762 34,358 4,414 922,517 92,576 440,772 34,358 4,414 922,010 572,827 1,494,637 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Educational progrsmmes Library Charilabl8 Hospitality RSCM Licence fee oth8r Charitable Aclivities 544,499 48,303 213,908 244,745 38,090 167,585 30,842 238 789.244 86,393 381,493 30,842 238 806,710 481,500 1,288,210 Analysls of support costs Educational programmes 2024 Charitable RSCM Hospit81ity Licence fee 2024 2024 Library 2024 Central management Overheads Premises Depreciation Gov8rnanc6 157,432 66,158 41,756 18,689 6,125 4,998 2,100 27,305 8,336 194 42,482 17,852 98,053 40,722 1,653 7,049 2,962 18.368 5,705 274 290,160 42,933 200,762 34,358 P8g8 35 SARUM COLLEGE {A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Analysis of expendlture by actlvltles (conllnued) Analysls of support costs (contlnued) other Charitable Activities 2024 Total funds 2024 Central managem6nl Ov8rh6ads Premises Depreciation Governanc8 2,947 1,238 214,908 90,310 185,482 73,566 8,361 114 115 4,414 572,627 Educational programmes 2023 Charitable RSCM Hospitality Licence fee 2023 2023 Library 2023 Cènlr81 management Overheads Pr8mises Depreciation Governance 129,980 60,203 36,034 13,842 4,686 4,642 2,150 23,404 7,727 167 32,495 15,050 83,315 35,553 1,172 6,844 3,170 15,494 5,087 247 244,745 38,090 167,585 30,842 Other Charitab16 Activities 2023 Total funds 2023 Central management Overheads Premises Depreciation Governance 119 55 174,080 80,828 158,247 62,269 6,276 60 238 481,500 Pag8 36 SARUM COLLEGE (A company limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Analysis of expenditure by activities (continued Expenditure cn 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 ofthe aclivity pre consolidation adjustments. Central management costs includ& adminlstrative staff salaries, travel and meals, recruitment costs, financ6 charges, prof&ssional fees and irrecoverable VAT. Overheads comprise mark8ting and offic8 costs such as telephone, stationery, photocopying and computer costs, Governance costs comprise trustee and council expenses and auditor's fe8$ Ise8 note 10). Premises costs have been apportioned on the basis of flocr area occupied by each activily with the central management allocation then being apportioned on the basis ofthe gross income of each aotivity. Floor ar6as w&r& Fundraising 230/0 (comprising income from propety), Charitable Hospitality 380/0, Educational programmes 8?/0, Library 11 %, RSCM licence fee 70/0 and Central Management 13'A. 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 followlng basis.. a) Music equipment- to educational programm8S b} Computers- as overheads c) Property and other equipment- as premises d) Catering equipment to charitable hospitality 10. Governance costs During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 30 June 2024, expenses tolalling £172 were reimbursed or paid directly lo 1 Trustee (2023 - £38910 2 Trusteesl.Trustees expenses paid related to travel expenses. No Trustees received payment for delivering a lecturs {2023 - £180). Page 37 SARUM COLLEGE {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11. Staff costs Group 2024 Group 2023 Wages and s8laries Social securty costs Contributions to deflned contribution pension schemes 944,439 72,999 75,154 809,786 65,263 63,440 1,092,592 938,489 Group 2024 Group 2023 Average number of employees 46 42 46 42 There were no employees with emoluments over £60,000 in esther 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 £256,094 (2023.. £252,996). Page 38 SARUM COLLEGE {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 12. Tangible fSxed assets Group Fre8hold property other fixed assets Total Cost or valuation At 1 Juty 2023 Additions Disposals 2,004,023 19,433 582,621 52,421 (22,681) 2,586,644 71,854 (22,681) At 30 June 2024 2,023,456 612,361 2.635,817 Depreciation At 1 July 2023 Charge for the year On disposals 731,829 43,358 4S1,658 49,349 {21,976) 1,193,287 92,707 (21,976) At 30 June 2024 774,987 489,031 1,264,018 Net book value AI 30 June 2024 1,248,489 123,330 1,371,799 At 30 June 2023 1,272.394 120,963 1,393,357 Page 39 SARUM COLLEGE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 12. Tangible fixed assets Icontlnuedl Charity Freehold Other fixed property assets Tot81 Cost or valuation At 1 July 2023 Additions Dlsposals 2,004,023 19,433 575,980 52,421 122,681) 2,580,003 71,854 (22,681) At 30 June 2024 2,023,456 805,720 2,629,176 D8prociation At 1 July 2023 Charge for the year On disposals 731,629 43,358 457,231 47,320 (21,976) 1,188,880 90,678 121,976) At 30 June 2024 774,987 482,575 1,257,562 Net book value At 30 June 2024 1,248,469 123,145 1,371,614 At 30 June 2023 1,272,394 118,749 1,391,143 The Salisbury property at 19 The Close is Included at origlnal 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 hav8 been carried OLrt to the College buildings and the open market value is considered to be substantially in exc8ss of cost. No value had been placed on the playing field at stratford-sub-castle in respect of which 2 lease of 99 years was granted to a third party in 1995, 13. Herltage Assets During the year the Charity received a Heritage Edition" of the St John's Bible, a gift from St John's Abbey and University of Mlnnesola through a private donor. The St John's Bible is a handwritten illuminaled Bible in large fonnat, in seven volumes. Page 40 SARUM COLLEGE (A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 14. Flxed asset Investments Listecl investments Group Cost or valuation At 1 July 2023 Revaluations 526,301 52,261 At 30 June 2024 578,562 Net book valu8 At 30 June 2024 578,582 At 30 June 2023 526,301 Investments in subsidiary Listed companies investments Tolal Charity Cost or valuation At 1 July 2023 Revaluations 526,301 52,261 528,311 52,261 At 30 June 2024 10 578,562 578,572 Net book value At 3Q June 2024 10 578,562 578,572 AI 30 June 2023 10 526,301 526.311 Page 41 SARUM COLLEGE IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Princlpal subsldlarlos The following was a subsidiary undertaking of the Charty., Nam8 Company number Registered offlce or prlnclpal Prlnclpal actlvlty place of buslness Sarum College SeNices Limil8d 01931038 19 The Close Salisbury Trading company Class of shar8s Holdlng Included In consolidation Ordinary The financial resulls ofthe subsidiary for the year were,. Name Income Expenditure Profrtl{Loss)I Surplus/ (Deficit> for the year Net assets Sarum Co118g& S8Nices Limited 666,782 500,774 166,008 3,515 15. stocks Group 2024 Group 2023 Charity 2024 Charity 2023 Raw materials and consumables 6,415 4,843 6,415 4,843 16. Debto Group 2024 Group 2023 Charity 2024 Charity 2023 Due wlthln one year Trade debtors Amount5 owed by group undertakings other debtors Prepayments and accrued income 63,889 61,702 17,785 110,443 1,139 22,500 14,811 342,577 1,139 28,SOO 83,861 80,816 91,328 145,563 151,867 438,204 Page 42 SARUM COLLEGE {A company Ilmited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 17. Current asset Investments Group 2024 Group 2023 Charity 2024 Charity 2023 Listed investments 2,954 2,715 2,954 2,715 18. Credltors: Amounts falling duè within one yèar Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans Trade ¢r8ditors other taxation and social security other creditors Accruals and d8ferr@d income (409) 39,614 35,438 77,429 141,826 {409) 39,614 11,601 57,629 137,291 77,634 54,000 99,323 179,014 77,134 35,688 74,775 175,133 409,971 293,898 362,730 245,726 Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred income at 1 July 2023 Resour￿$ deferred during the year Amounts rgleased from previous periods 89,659 101,517 107,063 89,659 (89,659) (101,517) 88,109 101,517 107,063 88,109 (88,109) (101,517) 107,063 89,e59 107,063 88,109 Page 43 SARUM COLLEGE (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 19. Crgdltors: Amounts falllng due after more than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Other creditors - concessionary loan 33,411 33,411 33,411 33,411 Grants from the Central Board of Flnance {concessionary loan) Conditional grants of£19,497 and £13,914 were paid to the Co116gas 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 colleges in 1971, both grants were fonnally 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 r&cognis& the evolution in the College's activities, mostly recently the merger with the Southern Theological Tralning 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 ar8 repayabl8 in the 8v8nt that Sarum College ¢eases 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. Page 44 SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 20. Statement of funds Statement of funds - current year Balance al 30 June 2024 Balgnce at 1 July 2023 Gainsl {Losses) Income Expenditure Unr8Stricted funds Deslgnated funds Dickinson & Philp legacies 50,100 50,100 G8neral fund5 General Funds General funds - Fair value reserve 1,085,628 1,857,584 {1,938.571) 1,004,641 4.873 800 5,S73 1.090.501 1,857,584 (1,938,571) 800 1,010,314 Total Unrestricted funds 1,140,601 1,857,584 (1.938,571) 800 1,060,414 Endowment funds Permanent Endowments Permanent Endowments - Fair value reserve othar charities in conn8Ction with The Sarum College Trust Other charities - Fair value reseNe 17,141 17,141 94,404 94,404 38,257 38,257 350,747 49,451 400,198 500,549 49,451 550,000 Restricted funds Capital funds Education and promotion funds Education and promotion funds- Fair value reserve 654,923 125,066 5Q8 246,675 (102,151) (22,315) 553,280 349,426 20,911 2,250 23,161 800,900 247,183 (124.466) 2,250 925,867 Total of funds 2,442,050 2,104,767 (2,063,037) 52,501 2,536,281 Page 45 SARUM COLLEGE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 20. Statement of funds (continued} statamont of funds - prior year Balanc8 at 30 June 2023 Balanc8 at 1 July 2022 Tr8nsfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designatod funds Dickinson & Philp legacies 100 50,000 50,100 General funds General Funds General funds - Fair value reseNe 1,055,520 1.811,143 (1,731,035) (50,000) 1,085,628 4,497 378 4,873 1,080,017 1,811,143 (1,731,035> (50,000) 376 1,090,501 Total Unrestrlcted funds 1,060,117 1,811,143 11,731,035) 376 1,140,601 Endowment funds Permanent Endowments Permanant Endowments- Fair value reserve 17,141 17,141 94,404 94,404 Other charities in connection with The Sarum College Trust Other charities Fair value reseNe 38,257 38,257 328,939 21,808 350,747 478,741 21,808 500,549 Page 46 SARUM COLLEGE IA company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 20. Statement of funds {continued) Balance at 30 June 2023 Balanc8 at 1 July 2022 Transfers inlout Gainsl {Losse8} Income Expenditure Restrlcted funds Capltal funds Education and promotion funds Education and promotion funds- Fair value reserve 673.448 25,093 (43,818) 654.923 159,640 17.229 (51,803) 125,066 20,117 794 20,911 853,205 42.322 (95.421) 794 800.900 Total of funds 2,392,063 1,853,465 (1,826,456) 22,978 2,442,050 21. Summary of funds Summary of funds - current year Balance at 30 June 2024 Balance at 1 July 2023 Gainsl (Losses) Income Expenditure Designated funds General funds Endowment funds Restricted funds 50,100 1,090,501 500,549 800.900 50,100 1,010,314 550,000 925,867 1,857,584 11,938,571) 800 49,451 2.250 247,183 (124,486) 2,442,050 2,104,767 (2,063,037} 52,501 2,536,281 Page 47 SARUM COLLEGE (A company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 21. Summary of funds (continued) Summary of funds- prlor yoar Balance at 30 June 2023 Balance at 1 Juty2022 Transfers inlout Gainsl (Losses) Income Expenditure Designated funds General funds Endowment funds Restricted funds 100 1,060,017 50,000 {50,000) 50,100 1,090,501 1,811,143 {1,731,035} 378 478,741 853,205 21,808 794 500,54S 800,900 42,322 {95,421) 2,392,063 1,853,465 (1,826,456) 22,978 2,442,050 Page 48 SARUM COLLEGE (A company limtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Mat8rial funds Brought forward Carried Expenditure Gainsl{losses)forward Income Restricted funds Capital Projects: Garfield Weston Lift 96,494 54,104 51,903 95,297 59,452 71,186 71,000 90.877 (7,549) 14,780) 11,553} {2,382) (7,113) (1,215) 88,945 49,324 50,350 92,915 52,392 89,971 71,ODQ 80,135 Attic bedroom appeal General appeal Kttchen & refectory appeal Hav8rstock building access Haverstock educational project Seaton IT and building Pershore Nashdom Friday Charitable Trust Endowment funds Mrs Mary Fletcher Trust 53 (10,742} 150,000) (1.829) 50,QOO 187,210 185,381 107,275 9,478 116,753 Putposes imposed land trust law restrictions) on material funds.. Designated funds include the legaw from Ann Philp which are to be used for purposes that reflect her interests in the life of the college. Restricted Capital funds Garfield Weston.. to b8 applied to capital projects Lift.. to enable building work to create a lift Attic bedroom appeal: to enable the college to creat& the 5 en-sui18 81tic bedrooms General appèal.. 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 impairm&nts Haverstock educational project= to fund a th8ological leaming and outr8ach programme Seaton - IT and building., to fund IT expenditure and interlor and exterior building work Friday Charitable Trust.. lo support the WO￿ of theological education, including the provision of bursaries Pershore Nashdom and Elmore Trust=to support the wot1< of Chrislian Spirituality at Sarum College Endowment funds Mrs Mary Fletcher Trust: to assist a student or students who would not othetwise be able to pay for their training at the College Page 49 SARUM COLLEGE {A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 23. Analysls of net assets between funds Analysls of net assets between funds - current perlod Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Tctal funds 2024 Tangible fixed assets Flxed asset investments Current assets Creditors due within one year Creditors due in more than one y6ar 924,695 5,677 573,424 (409,971) (33,411) 447,104 27,885 450,878 1,371,799 578,562 1,029,302 (4D9,971) (33,411) 545,000 5,000 Total 1,060,414 925,867 550,000 2.536,281 Analysls of net assets between funds - prlor period Unre8tricted funds 2023 Restricted Endowment funds fundE 2023 2023 Total funds 2023 Tangible ftxed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 896,592 5,117 566,201 (293,898) {33,411) 496,765 25,635 278,500 1,393,357 528,301 849,701 (293,898) (33,411) 495,549 5,000 Total 1,140,601 800,900 500,549 2,442,050 Page 50 SARUM COLLEGE (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 24. Reconciliation of net movement In funds to not cash flow from operatlng activities Group 2024 Group 2023 Net income for the period las per Statement of Financial Activitiès) 94,231 49,987 Adjustments for: Depreciation charges Losses on investments Dividends, inter@sts and rents from investments Decrea8el{incr@as8) in stocks Decrease in debtors Incraasel{decrease) in creditors 93,412 <52,501) {8,648) (1,572) 54,235 115,685 83,382 (22,978) (8,619) 355 3,895 {33,214) Nat ¢a5h provid8d by op8rating actlvltles 294,824 72,808 25. Analysis of cash and cash equlvalents Group 2024 Group 2Q23 Cash in hand B£nk accounts 150 928,455 380 696,200 Total cash and cash equlvalents 928,605 698,580 26. Analysls of changes in net debt Other non- cash At 30 June changes 2024 Al 1 July 2023 Cash flows Cash at bank and in hand Debt due within 1 year Liquid investments 696,580 409 2.715 232,025 1409) 928,605 239 2,954 699,704 231,616 239 931,559 Page 51 SARUM COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 27. Llbrary Sarum College houses a Iheolcgical library of some 37,000 volumes. For m&ny yesrs the accounting policy has been to write off the cost of acquisttions in the year of purchas& and therefore no value for thé library appears in the Balance Sheet. 28. Pension commitments Defin6d Contribution P6nsion Scheme Sarum College participates in the Church of England Defined Contributions Scheme Seclicn of the Church Workers P8nsion Fund and as at 30 June 2024 had 39 active members in that Scheme. During th8 yearto 30 June 2024 the contributions wer6 £63,440 (2023 - £63,440). Contributions of £10,650 w8r8 outstanding al the balance sheet date in respect of active scheme m8mbers12023 - £10,6501- £nil of contributions were held by the chariiy for employees that are due to join the scheme (2023 - £nil}, Defined Bén6fit Pension Schem8s (Multi-employer schernes) Sarum College participates in the Pension Builder Scheme Church of England Funded Pensions Scheme for clergy and at 30 June 2Q24 had no active member in that Scheme. No contribulions were made in 2024 or 2023 and no contributions w&re outstanding at the balance sheet date. The Church cf England Funded Pensions Scheme is a defined benefit scheme but Sarum College is unable to identify its share of the underlying assels and liabilities Df the scheme - each employer in the scheme pays a common conln'bution rate. The Scheme was subject to an actuarial valuation in December 2013, which showed a deficlt on the scheme. In the light of the report received from the actuary the Pensions Board concluded that the contribution rate from l January 2015 onwards should be 39.9a/o of the National Minimum Stipend for the preceding year. Sarum College also participated in the Church of England Defined Benefits Scheme Section ofthe Church Workers Pension Fund. There were no active members in that Scheme and no contributions were made in 2024 or 2023. 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 entitles participaling 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 eliminale the deficit on the fund. 29. Related party transactlons In 2024 the following transactions took place between the ¢h8rity and its wholly owned subsidiary, Sarum College Services Limited.. Charges for use of the Charity premises of £1Q5,90712023- £104,814), The transfer under gift aid of the taxable profits of Sarum Co118ge SeNices Limited to the charity of £168,037 (2023- £221,936). At 30 June 2024 the subsidiary owed £110,443 to the Charity {2023 - £342,577). Page 52 The Sarum College Trust Appendix to tho financial statements For thg year end8d 30th June 2024 Restricted funds Tran8fer8 and investment ainsl losses Balancs 0.6.2023 Balan Incoma endiiure a) Capltsl Cgpilgl Prole¢ls,' Garfiold Weston C¢llar$.' Pllgrim Trust Bookshop Extenslon: Esmee Falrburn Foundallon Organ Pracllcè Room,, Hymns Ancient & Modern Resldenllal Facllillas: Lalng Foundation Muslc,, Jon88 Org8n- Foundatlon for Sports and the Art8 Vi¢torian Era Organ . Taber Ltft Atllc Bedroom Appeal Llbrary envlronment Llbrary- M81thews Legacy Sarum Cro88- Sophla Hackèr Window Appeal Mercars- Common Room Sealon IT. front & Inslda bulldlng Sealon- bulldlng Qapilal Appeal - Genor41 Kltchen & Rafeclory Appeal Capital Appeal- Chapelllecture room Tlnd?11 Charttabl8 Ttust- Chapél floor Tindall Charflgble Trust- Refectory Tindall Chariiable Trust-IT Projgct Dleklnson- Chairs Ms Marllyn Marks Landscaping Hav8rEtod¢- Building access Curtalns in the Common Room 96,494 2,517 3,049 {7,6501 88,944 2,517 3,049 2,486 5,366 {90) 11941 2,398 5,172 818 518 54,105 51,903 300 12,539 228 12,992 22,651 90,877 24,97E 95,297 69,452 500 337 14,768 10,417 19,375 1,772 71,187 18181 618 49,325 50.350 300 11,930 {4,7801 {1,5531 16091 11401 12941 11,0691 {10,742) {1,0181 {2,382) 17,113) 12.698 21,582 80,135 23,957 92,915 62,393 500 337 13,542 2,084 18,125 54 11,226} 18,3331 11.2501 11,7721 11,2151 69,972 455 603,284 455 509 654,923 52,148 bl Educational and Prornotional Music.. Church Mu81c Resource Llbrary Christian Spirituality Programme., General Donations Principal's Dlscrellonary Fund Des Quartier Trust Fund Organ Lesson3- Tirbdall Trust Tony Palmor Essay Prfze PNET Sallsbury Field Mission Partner Gosllng libraryjournals Llbrary. Sowter,'Elmgranl.'LFD Library. Sowtsr Rural Mlnlslry Missionary A580￿￿tIon Dawson legacy Sclence for Seminaries Haverslock eduetion81 project Art & Sacred Placès Cobb)Id - oducatlon31 bursary Vldeo conferenclng Frld8y Charitable TruBt Pershore Nashdom and Elmora Trust Other ¢harfli¢s In ¢onnocllon writh The Sanjm Colleg8 Trust 187 187 200 637 {150) 50 31,546 4.882 500 570 1.000 7,375 100 1,585 91 6,580 5,530 28,973 4,882 500 720 1,000 10,618 91 1.376 91 8,109 7,080 6,144 71.000 2,260 1,165 3,781 1,936 11501 {3,2431 1911 12911 100 600 157 314 11,5501 16.1441 71,000 2,260 1,165 2,781 185,381 {1,0001 (1,829) 160,000) 187,210 50,000 7,870 72,318 146.977 246,674 2,250 322 583 £ 800,900 £247,183 £ 2,260 £ 925,867 124,466 Page 53