## **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS** # **FOR THE YEAR ENDED 31 DECEMBER 2021** ## **FOR** **THE ARCHBISHOP’S EXAMINATION IN THEOLOGY TRUST (LAMBETH RESEARCH DEGREES IN THEOLOGY)** **REGISTERED CHARITY NUMBER 1169536** 1 # **THE ARCHBISHOP’S EXAMINATION IN THEOLOGY TRUST (LAMBETH RESEARCH DEGREES IN THEOLOGY)** ## **REGISTERED CHARITY NUMBER 1169536** ## **CONTENTS FOR THE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** Trustees’ Annual Report Page 3 Independent Examiner’s Report Page 5 Statement of Financial Activities Page 6 Balance Sheet Page 7 Notes to the Financial Statements Page 8 2 ## **THE ARCHBISHOP’S EXAMINATION IN THEOLOGY TRUST (LAMBETH RESEARCH DEGREES IN THEOLOGY)** ## **REGISTERED CHARITY NUMBER 1169536** ## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The financial statements comply with FRS102 and SORP 2019, the Charities Act 2011 and the charity’s governing document. ## **Governance** The charity is registered with the Charity Commissioners (Number 1169536) and its governing document is a trust deed dated 08 September 2015. ## **Trustees** The charity was managed during the year by the trustees comprising: The Right Reverend Dr J G Inge Professor P F Sheldrake The Reverend Canon J Ben Quash Professor C Harrison The Reverend Canon Professor A G Milbank Professor G R Davie The Reverend Canon J D T Hawkey The Reverend Canon J A Walters The Reverend Canon N Sagovsky New trustees are appointed by a resolution of the trustees passed at an ordinary or special meeting. ## **Principal Addresses and Advisers** The Charity operates from Lambeth Palace, Lambeth Palace Road, London SE1 7JU. The Independent Examiner is Carol Rigby. ## **Objects and Aims** The charitable objects of the AET Trust are the advancement of Christian education for the public benefit and the advancement of religious education for the public benefit by supporting the work of the Archbishop’s Examination in Theology/Lambeth Research Degrees in Theology (AET/LRDT); including by supporting the Academic Board and/or the Council of Management of the AET/LRDT and by the award of grants for tuition and research (such awards being subject to a limitation). The AET/LRDT permits a limited number of postgraduate students to study for the degrees of MPhil and PhD in Christian Theology to the standards of the best UK universities. The degrees are granted by the Archbishop of Canterbury under powers deriving ultimately from the Ecclesiastical Licences Act of 1533 and preserved in subsequent legislation, including most recently the Higher Education and Research Act (HERA) 2017. For legal reasons, the scheme is open only (albeit with technical exceptions subject to legal scrutiny) to nationals of countries which retain the British monarch as their head of state. ## **Organisation** The charity is managed by its trustees and administration is carried out in accordance with the trustees by the Council and the Academic Board. 3 ## ## ## ## Independent examinerfs report on the accounts Report to thg tTUSteesl members of The Archbishop's Examination in Theology Trust (Lambeth Research Degrees in Theology} On accounts for the ygar ended 31¥1 December 2021 Charity no 1169536 Set out on pages 6t08 I report to the trustees on my examination of the accounts of the above charity I'the Trusfl for the year ended 3111212021. As the charity Iruslees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the AcY'}. Responsibilitles and basls ol report I report in respect of my examination of the Trust's accounts ¢arried out under section 145 of the 2011 Act and in carrying out my examinatton, I have followed the applicable 01￿ctiOnS given by the Charity Commission under section 14515llbl of the Act. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination which gives me Cause to believe that in, any material respect.. accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examinerfs ststement I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order lo enable a proper understsnding of the accounts to be ￿aCtted. Date: 10 October 2022 Sl9ned: Name: Carol Rigby Nonesuch, Hill Farm Lane, Duns Tew, OX25 6JH Address: ## **THE ARCHBISHOP’S EXAMINATION IN THEOLOGY TRUST REGISTERED CHARITY NUMBER 1169536** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021** ||**TOTAL**|**TOTAL**| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |**INCOME**||| |**Fees from students**|**27,900**|**33,450**| |**Interest**|**1**|**14**| ||**______**|**______**| |**Total Income**|**27,901**|**33,464**| |**EXPENDITURE**||| |**Fees paid to supervisor/examiner**|**(15,350)**|**(9,200)**| |**Seminar/Education Day**|**(3,343)**|**(2,025)**| |**Travel/administration**|**(1,340)**|**(1,247)**| |**Website**|**(449)**|**(431)**| |**Adjudicator subscription**|**(504)**|**(480)**| |**Student support**|**(224)**|**( - )**| |**Bank charges**|**(142)**|**(60)**| |**Examiner fee**|**(500)**|**( - )**| ||**______**|**______**| |**Total expenditure**|**(21,852)**|**(13,443)**| |**Net income / (expenditure) and net**|**______**|**______**| |**movement in funds**|**6,049**|**20,021**| |**Total funds brought forward**|**57,192**|**37,171**| ||**______**|**______**| |**Total funds carried forward**|**63,241**|**57,192**| **-6-** 6 ## ## ## ## ## ## ## ## **THE ARCHBISHOP’S EXAMINATION IN THEOLOGY TRUST REGISTERED CHARITY NUMBER 1169536** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1. Accounting Policies** ## **Basis of Accounting and Change in Basis of Accounting** The financial statements have been prepared under applicable accounting standards and the current Statement of Recommended Practice **,** Accounting and Reporting by Charities and applicable accounting standard FRS102. The financial statements have been prepared under the historical cost convention and the basis of accounting was receipts and payments. ## **Going concern** The financial statements are approved during a period when there is much uncertainty as a result of the emergence and international spread of COVID-19. The ultimate impact of the COVID-19 pandemic on the finances of the Archbishop’s Examination in Theology Trust is unclear. However, having reviewed the resources available to the charity, the trustees conclude that that charity has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the charity’s financial viability. Accordingly, the financial statements are prepared on the going concern basis. ## **Remuneration and Expenses** No remuneration or reimbursement of expenses was paid during the year to any trustee or any person connected with the trustees. ## **Employees** The Archbishop’s Examination in Theology Trust has no employees. ## **Unrestricted Fund Assets** The balance on the Unrestricted Income Fund at 31 December 2021 was £63,241 (2020 – £57,192). The fund has arisen from accumulated income and is held in bank accounts with CAF Bank and Co-Operative Bank. ## **Income Recognition Policy** All income is recognised on a cash basis. ## **Fees Payable Policy** Fees payable to supervisors and examiners are recognised on a cash basis. ## **2. Cash Funds** The balance shown in the CAF Bank Cash Account is after deducting uncleared cheques of £1,727 (2020 £2,810). 8