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2021-06-30-accounts

INDEX PAGE
Charity
Information
Trustees'
Report		 4-7
Auditor's
Report		 8-12
Statement
of Accounting		 Policies 13-14
Statement
of Financial		 Activities 15
Balance Sheet 16
Consolidated
Statement		 ofCash Flows 17
Notes to the Financial Statements 18-27
The Society ofStStephen's The Society ofStStephen's The Society ofStStephen's The Society ofStStephen's The Society ofStStephen's The Society ofStStephen's House
Charity information
For the year ended 30 June 2021
The Society ofStStephen's House is a registered charity and a company
limited
by guarantee,		 incorporated on 12th February 2018 and
registered as a charity on the 7th March 2018.The assets and liabilities of the unincorporated chadity 309693The Society ofSt Stephen's House,
formed by an indenture dated 16th August 1876and enrolled in the High Court ofJustice (Chancery Division), were transferred to this new chadity
by deed oftransfer on 1st July 2018. The previous charity 309693is now a linked charity renurnbered as 1177459-1.It is disclosed as a restricted
fund with a zero balance in these accounts.
Charity Registration Number: 1177459
Address: 16Marston Street
Oxford
OX4 1JX
The House Council Trustees:
All Trustees are also Directors of the Limited Company
Chairman: The Rt Revd Dr Martin Warner*+
Vice Chairman: Mr John Booth+
Chairman of the Finance and The Revd Canon Paul Armstead'
General Purposes Committee:
The Rt Revd Dr Jonathan Baker+
The Revd Charles Card-Reynolds
The Revd Prebendary
David Houlding*
Gregory Jones QC (to September 2021)*
The Revd
The Revd		 Canon Timothy
Canon Dr Robin		 Pike (to September 2021)
Ward (Principal) (ex officio) *
Dr Mark Philpott (to October 2021)(nominated by the Academic Staff)
Dr Lindsay Dixon
Mr Luke Demetri (to September 2020) (nominated by the Student Common Room)
Mr Michael Dixon (from March 2021)(nominated by the Student Common Room)
+ Life trustees The Revd Lucy Gardner
(from October		 2021) (nominated by the Academic Staff)
In attendance
at the		 House Council:
The Revd Andreas
Wenzel		 (from August 2020) (Vice-Principal)
Mr Michael
Mrs Alison		 Dixon (to March 2021) (nominated
by
Parker (Bursar) (Company Secretary)		 the Student Common
*		 Room)
The Venerable
Luke Miller		 (appointed by the General Synod)
Mrs Millie Day (from March 2021)(nominated by the Student Common Room)
The Finance and General
Purposes Committee: Members marked *
Advisors:
Bank: Handelsbanken
Oxford West Way branch
Seacourt Tower, 2nd Floor
West Way
Botley
Oxford
OX2 OJJ
Solicitors: Stone King
13Queen Square
Bath
Avon
BA1 2HJ
Auditors: Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX12EP

Auditor's
responsibilities
for the audit ofthe financial statements
We assessed the susceptibility
ofthe charity's
financial statements
to material
misstatement,		 including obtaining an
understanding
of how fraud might occur, by:
~making
enquiries
ofTrustees
and other management
as to where they considered		 there was susceptibility to fraud,
their knowledge
ofactual, suspected
and alleged fraud; and
~considering
the internal
controls
in place to mitigate
risks offraud and non-compliance		 with laws and regulations;
To address
the risk offraud through
management
bias and override ofcontrols, we:
~performed
analytical
procedures
to identify any unusual
or unexpected
relationships;
~tested journal entries to identify
unusual
transactions;
assessed whether
judgements
and assumptions
made
in determining
the accounting		 estimates were indicative of
potential
bias; and
~lrivestigated
the rationale
behind
significant or unusual
transactions;
In response
to the risk of irregularities
and non-compliance
with laws and regulations,		 we designed
procedures		 which
included,
but were not limited to:
~agreeing
financial statement
disclosures
to underlying
supporting
documentation;
~eading the minutes
ofmeetings
ofthose charged
with governance;
~cehquiring
of management
as to actual and potential
litigation
and claims;
~ificonsidered
necessary,
reviewing
correspondence
with relevant
regulators
and the company's		 legal advisors.
There are inherent
limitations
in our audit procedures
described above. The more		 removed that laws and regulations
are from financial
transactions,
the less likely
it is that we would become aware of		 non-compliance.
Auditing
standards
also limit the audit procedures
required
to identify non-compliance
with		 laws and regulations to enquiry of
the Trustees
and other management
and the inspection
of regulatory
and legal correspondence,		 if any.
Material
misstatements
that arise due to fraud can be harder to detect than those		 that arise from error as they may
involve deliberate
concealment
or collusion.
A further
description
ofour responsibilities
for the audit ofthe financial statements		 is located on the Financial
Reporting
Council's website at: www. frc.org.uk/auditorsresponsibilitles.
This description
forms part ofour auditor's
report.

Restated
Unrestricted Restricted 2021 2020
Funds Funds Total Total
Notes F E
INCOME AND ENDOWMENTS FROM:
Charitable
activities
Teaching, research and residential 663,450 663,450 865,757
Donations
and legacies		 175,874 39,500 215,374 492,348
Investments
Investment
income		 16,317 6,514 22,831 29,874
Other income
Concert and other event income 29,457 29,457 90,680
Other rents 87,459 87,459 174,212
Total income 972,556 46,014 1,018,570 1,652,871
EXPENDITURE ON:
Charitable
activities
Teaching, research and residential 4 1,280,092 44,155 1,324,247 1,464,596
Generating
funds
Fundraising 43,147 43,147 23,230
Other expenditure 10,858 10,858 69,392
Total Expenditure 4 1,334,097 44,155 1,378,252 1,557,218
Net Income/(Expenditure) before gains (361,540) 1,859 (359,681) 95,653
Net gains/(losses)
on		 investments 85,834 85,834 (105,168)
Net Income/(Expenditure) (275,707) 1,859 (273,848) (9,515)
Transfers
between
funds		 13 (12,929) 12,929
Other recognised
gains/losses
Gains/(losses)
on revaluation		 offixed assets 357,456 357,456
Actuarial
gains/(losses)		 on defined benefit pension schemes
Net movement
in funds		 for the year 68,820 14,788 83,608 (9,515)
Fund balances
brought
forward		 13 16,062,377 280,441 16,342,818 16,352,333
Funds carried forward
at 30June		 16,131,197 295,229 16,426,426 16,342,818

As at 30June 2021
Company Registration
Number:		 11199178
Restated
2021 2020
Notes 6 f
FIXEDASSETS
Tangible assets 17,637,673 17,538,791
Property
investments		 994,252 994,252
Other Investments 521,992 436,159
Total Fixed Assets 19,153,917 18,969,202
CURRENT ASSETS
Stocks 3,782 4,181
Debtors 10 108,696 137,894
Cash at bank and in hand 528,891 576,686
Total Current Assets 641,369 718,761
LIABILITIES
Creditors: Amounts falling due within one year (378,558) (825,455)
NET CURRENT ASSETS / (LIABAILITIES) 262,811 (106,694)
TOTAL ASSETS LESS CURRENT LIABILITIES 19,416,728 18,862,508
CREDITORS: falling due after more than one year 12 (2,788,653) (2,298,653)
NET ASSETS BEFORE PENSION ASSET OR LIABILITY 16,628,075 16,563,855
Defined benefit pension scheme liability 18 (201,649) (221,037)
TOTAL NET ASSETS 16,426,426 16,342,818
FUNDS OF THE SOCIETY
Restricted funds 295,229 280,441
Unrestricted
funds
Designated
funds		 1,152,643 1,009,893
General funds 3,207,491 3,454,553
Revaluation
reserve		 11,972,712 11,818,968
Pension reserve 18 (201,649) (221,037)
16,426,426 16,342,818

2021 2020
Notes F'000 r'000
Net cash provided
by (used in) operating		 activities 19 (64,647) 300,284
Cash flows from investing activities
Dividends,
interest and rents from investments		 22,831 29,874
Proceeds from the sale of property, plant and equipment
Purchase of property,
plant and equipment		 (5,977) (16,240)
Purchase
of investment		 property
Proceeds from sale ofinvestments
Purchase of investments
16,854 13,634
Cash flows from financing activities
Repayments
of borrowing		 (500,000) (10,000)
Cash inflows from new borrowing 500,000
Net cash provided
by (used in) financing		 activities (10,000)
Change
in cash and cash		 equivalents in the reporting period (47,793) 303,918
Cash and cash equivalents at the beginning
ofthe
reporting
period		 576,685 272,768
Change
in cash and cash		 equivalents due to exchange
rate movements
Cash and cash equivalents at the end of the reporting
period 20 528,891 576,686
1 INCOME FROM CHARITABLE INCOME FROM CHARITABLE INCOME FROM CHARITABLE INCOME FROM CHARITABLE ACTIVITIES ACTIVITIES
2021 2020
Teaching, Research and Residential E f.
Unrestricted
funds
Fees received 334,390 343,350
Student rent 325,502 362,045
Educational
summer		 schools/conferences 3,557 160,362
663,450 865,757
Total Teaching, Research and Residential 663450 865,757
2 DONATIONS
AND LEGACIES
2021 2020
E
Donations
and Legacies
Unrestricted
funds		 175,874 419,116
Restricted
funds		 39,500 73,232
215,374 492,348
3 INVESTMENT
INCOME
2021 2020
E
Dividends
and Interest
Unrestricted
funds		 16,317 13,662
Restricted
funds		 6,514 16,212
22,831 29,674
4 ANALYSIS OF EXPENDITURE Unrestricted Restricted 2021 2020
Funds Funds E E
Charitable
expenditure
Teaching, research and residential:
Academic' 320,470 42,155 362,625 249,872
Premises 461,968 2,000 463,968 564,761
Catering 93,984 93,984 112,655
Property
loan interest and loan break		 costs 25,769 25,769 25,676
Educational
support		 369,392 369,392 502,326
Bank charges 1,258 1,258 1,774
Bad debts 582
Governance
costs		 7,250 7,250 6,950
Total charitable
expenditure		 1,280,092 44,155 1,324,247 1,464,596
Expenditure
on raising		 funds
Fundraising 43,147 43,147 23,230
Total expenditure
on raising		 funds 43,147 43,147 23,230
Expenditure
on raising		 funds
Other rental costs 1,523 1,523 19,875
Concert and olher evenl costs 9,335 9,335 49,517
Total expenditure
on raising		 funds 10,858 10,858 69,392
Total expenditure 1,378,252 1,557,218
The 2020 resources expended ofE1,557,210 represented f1,502,631 from unrestricted funds, E54,587 from restricted funds.
' These costs include the overall movemenl on the pension deficit during the year which has decreased by E19,388(2020i f70,214 increase) across the
three pension schemes,
5 ANALYSIS OF GOVERNANCE COSTS
2021 2020
f f
Governance costs comprise:
Auditor's
remuneration
-		 audil services 4,250 4,100
Auditor's
remuneration
-		 other services 3,000 2,850
Other governance
costs
7,250 6,950
No amounl has been included in governance costs for the direct employment costs or reimbursed expenses ofthe Trustees on the basis that these payments relate to
the Trustees
involvement		 in the Society's charitable activities. Details of the remuneration ofihe Trustees and their reimbursed expenses are included as a separate
note within these financial statements.

6 STAFF COSTS
2021 2020
The aggregate
staff costs for the year were as follows.		 f 5
Salaries and wages 475,090 487,893
Social security costs 32,819 34,295
Pension contributions 107,286 104,039
Pension deficit repayments 23,802 27,812
638,997 654,039
The average number ofemployees ofthe Society, excluding Trustees,
was as follows. 2021 2020
Total 23 26
The average
number ofemployees		 ofthe Society, excluding Trustees,
on a full time equivalent basis was as follows.
Total 10 13
No employee
received		 more than 560,000 during the year.
7 TANGIBLE FIXEDASSETS
Freehold Fixlures,
land and fittings and
buildings equipment Total
5 5 6
Cost
At start ofyear 18,798,683 743,233 19,541,916
Additions 5,977 5,977
Disposals
At end ofyear 18,798,683 749,210 19,547,893
Depreciation
and impairment
At start ofyear 1,186,489 459,180 1,645,669
Depreciation
charge for the year		 203,712 60,843 264,555
Depreciation
on disposals
At end ofyear 1,390,201 520,023 1,910,224
Net book value
At end ofyear 17,408,482 229,187 17,637,673
At start of year 17,612,194 284,053 17,896,247
On 27 July 2016external valuers Carter Jonas, Chartered Surveyors and Property Consultants, valued the freehold property at 617,658,226.
Their valuation
was prepared		 in accordance with the R LC S.Appraisal and Valuation Standards. For accounting purposes, tlie valuation was not deemed to be
materially
different to the value as		 at 30June 2014, and hence was used to restate cost as at that date.
2021 2020
Total Total
Va/uation at start ofyear 994,252 994,252
Additions and improvements at cost
Disposals
Revaluation
gains/(losses)		 in the year
Valuation at end ofyear 994,252 994,252

ANALYSIS OF NET ASSETS B ETW EEN F UNDS
Unrestricted
Designaled		 Restricted 2021
Funds Funds Funds Total
f 6 f 6
Tangible
fixed assets		 17,637,673 17,637,673
Property
investments		 994,252 994,252
Other investments 353,608 168,384 521,992
Nel current assets/(liabilities) (168,817) 304,783 126,845 262,811
Long term liabilities (2,288,653) (500,000) (2,788,653)
Pension scheme
liabilities		 (201,649) (201,649)
14,978,554 1,152,643 295,229 16,426,426
Unrestricted
Designated		 Restricted 2020
Funds Funds Funds Total
f 6 8 f
Tangible
fixed assets		 17,538,791 17,538,791
Property
investments		 994,252 994,252
Other investments 257,063 179,096 436,159
Net current assets 33,383 (241,422) 101,345 (106,694)
Long term liabilities (2,298,653) (2,298,653)
Pension scheme liabilities (221,037) (221,037)
16,115,172 1,009,893 280,441 16,342,81S
TRUSTEES' REMUNERATION
Neither the trustees nor persons connected with Ihem received any remuneration from Ihe Society, except as below.
Expenses
for travel to meetings		 of668(2020:6536)and officers insurance of62,480 pius insurance premium tax (2020:72,480 )have been paid by the Society
during the year.
The Principal
and staff representative		 on the Council are Irustees ofthe Society but receive remuneration
only		 for their academic roles. The amounts involved are:
2021 2020
f 6
Principal 44,853 43,472
Staff representative 41,191 40,519
Remuneration
is calculated as gross		 pay and employer pension
contributions.

18 PENSION SCHEMES
Church of England
Funded Pensions Scheme
The Society of StStephen's
House
participates
in the Church of England
Funded		 Pensions Scheme for stipendiary
clergy, e defined		 benefit pension scheme. This
scheme is administered
by the Church of England Pensions Board, vrittch holds the assets ofthe schemes separately
from those ofthe Responsible
Bodies.
Each participating
Responsible
Body in the scheme pays contributions		 at a common
contribution		 rate applied
to pensionable
stipends.
The scheme
is considered
to be a mutttwmployer
scheme as described		 in Section 28of FRS 102, This means
it is not possible to attribute		 the Scheme's assets and
liabilities to each specific Responsible
Body, and this means contributions		 are accounted
for as		 ifthe Scheme were a defined
contribution		 scheme.
The pensions
costs charged
to Ihe SoFA in the year are contributions
payable towards		 benefits and expenses accrued
in that year plus the figures		 highlighted in the table below as
being recognised
in the SoFA, giving a total charge of645,500for 2021		 (2020:f37,787).
A valuation
ofthe Scheme is carried out once every three years. The
valuation
revealed a deficit off50m, based on assets off1,818m and		 most recent Scheme valuation
completed was carried out at as 31 December 2018.The 2018
a funding
target off1,868m, assessed
using the follovriing
assumptions:
An average discount rate of3,2%p.a4
RPI inflation of3N% p.a. (and pension increases consistent
with this);
Increase in pensionable
slipends
of3.4% p.a4
Mortality
in accordance
with 95%of the S3NA VL tables, with allowance
for improvements
in		 mortality
rates in line vrith the CMI2018 extended
model		 vrith a long
term annual
rate ofimprovement
of1.5%, a smoothing
parameter" of		 7 and an initial addition
to		 mortalty
improve ments of05%pa.
Following
the 31 December 2018valuation,
a recovery
plan was put in		 place until 31 December 2022 and the deficit recovery contributions (as a percentage of
pensionable
stipends) are as set out in the table below.
%ofpensionable
stipends		 January 2018to January 2021to
December 2020 December2022
Deficit repair contributio 119% 7.1%
As at 31 December 2017and 31 December 2018the deficit recovery contributions under the recovery plan
in force at that time were		 11.9%of pensionable stipends
until December 2025.
As at 31 December 2019and 31 December 2020 the deficit recovery contnbutions under the recovery plan
in force were as set out in the		 above table.
For senior office holders, pensionable
stipends
are adjusted
in the calculations
by a multiple,
as set out in Ihe Scheme's rules.
Section 28.11AofFRS 102requires
agreed deficit recovery payments		 to be recognised as a liability.
The nmvement
in the balance sheet		 liability over 2019and over
2020 is set out in the table below.
2020 2019
Balance sheet liability at 1 January 10,000 68,000
Deficit contribution
paid		 -8,000 -10,000
Interest cost (recognised
in SOFA)		 1,000
Remaining
change
to the balance sheet liability'
(recognised
in SOFA)		 11,000 -49,000
Balance sheet liability at 31 December 13,000 10,000
Comprises
change
in agreed deficit recovery plan, and change
in discount rate		 and assumptions
behveen
year-ends.
This liability represents
the present value ofthe deficit contributions
agreed as at		 the accounting date and has been valued
using the		 following assumptions set by
reference
to the duration ofthe deficit recovery payments:
December 2020 December 2019 December 2018
Discount rate 0.2% pa 1.1%pa 2.1%pa
Price inflation 3.1%pa 2.8%pa 3.1%pa
Increase to total pensionable
payroll		 1.6%pa 1.3%pa 1.6%pa
The legal structure
ofthe scheme is such that
if another Responsible		 Body fails, The Society of SlStephen's
House cauld become responsible		 for paying a share of
that Responsible
Body's pension
liabilities.

23 2020 STATEMENT OF FINANCIAL FINANCIAL ACTIVITIES COMPARATIVE
Unrestricted Restricted 2020
Funds
6		 Fundsf Total
6
INCOME AND ENDOWMENTS FROM:
Charitable
activities
Teaching, research and residential 865,757 865,757
Donations
and legacies		 419,116 73,232 492,348
Investments
Investment
income		 13,662 16,212 29,874
Other income
Concert and other event income 90,680 90,680
Other rents 174,212 174,212
Total income 1,563,427 89,444 1,652,871
EXPENDITURE ON:
Charitable
activities
Teaching, research and residential 1,410,009 54,587 1,464,596
Generating
funds
Fundraising 23,230 23,230
Other expenditure 69,392 69,392
Total Expenditure 1,502,631 54,587 1,557,218
Net Income/(Expenditure) before gains 60,796 34,857 95,653
Net gains/(losses)
on investments		 (44,887) (60,281) (105,168)
Net Income/(Expenditure) 15,909 (25,424) (9,515)
Transfers
between
funds
Other recognised
gains/losses
Gains/(losses)
on revaluation
offixed assets
Actuarial gains/(losses) on defined benefit pension schemes
Net movement
in funds for the year		 15,909 (25,424) (9,515)
Fund balances
brought		 fonvard 17,109,156 305,865 17,415,021
Funds carried forward at 30June 17,125,065 280,441 17,405,506