2024-06-30-accounts - The Society Of St Stephen's House

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The Society of St Stephen's House Annual report and Financial Statements For the year ended 30 June 2024 Charity Registration Numbgr- 1177459 Company Registration Number. 11199178

Tho Soclety of Ststephen's Hou8• Annual Reportand Financial Statsments Contents INDEX PAGE Charity Infotmalion Tru5tees' Report Audilofs Report statement of Accounting Pdiraes 9-10 Statement of Finan81 ActivitEs Balance sheet Statement of Cash Fk)w5 13 Nol88 lo the Financial StaterÉnts 14-23

The SoGiety ofst Stephen's House Charity Infomiation For the year ended 30 June 2024 The Soaety of Sl Stephen's House Is a registered charity and a company limrted by guarantee. incorporatsd on 12 February 2018 and registered as a charty on the 7 March 2018. The assets and liabilities of the unincotporaied tharily 309693 The Society of Sl Stephen's House, formed by an indenture d¥led 16 August 1876 ¥nd enrolled in the High Court of Justice IChanc&ry Division), transferred to this new charity by deed of transfer on 1 July 2018. The previous tharty 309693 Is now a linked ch8rily renumbered as 1177459-1. Charity Rl$tratiOn NumbÈr= 1177459 Address.. 16 Marston Stt Oxford OX41JX The House Council Tru5te85'. AIITru$tees are al$0 Diredors of the Limited Company Chaimn.. The Rt Rev(1 Dr Martin Wamer. + Vice Chaim)an". Edward Dobson Esq Chaiman of the Finance and G&neral Purposes Commrtt8e'. The Revd Canon Paul Amistead. The Rt Revd Jonathan Baker+ Mr John Booth CVO OL + The Revd Ch8rles Card-Reynolds 1 S¢ptwnbpr2QT41 The Revd Pr&bendary David Houlding IlJim ofoNlc4 8xpiréd I swmb8r20231 The Rt Worshipful Morag Ellis KC The R&vd Canon Dr Robin Ward (Principall 18x ts10). The R&vd Andreas Wenzèl Ivite-Principall 16 Othr231. Ms Kat Harrison The Revd Lucy Gardner IlÈm 16 ot10102)I The Revd Gr8nt Naylor iappoinlJ 21 Nov0mb2023l Mr FÈliK Trimbos iapFoiThied 11 2025 Mr Ewan Gillings laPW1ÈdÉFÈbr1v224 lm ofoNitÉ Èxpl 11 FÈbiu*y 202SI Mr William Aln 1m doRIc4 axpIr8 F8bnJaty20241 The Financ8 and G8neral Purposos Committee- Trustee membets are maTked "atrtye Advisors.. Bank.. Handelsbanken Oxford West Way branch Seacourt Tower, 2nd Floor Wesl Way Botley Oxford OX2 OJJ Soliators Stone King 13 Queen Square Bath Avon BA12HJ Auditors.. Wenn Townsend 30 St Giles Oxford OX1 3LE

The Society of St St¢ph¢n'$ Hou$¢ Trustee$. Report For the year ended 30 June 2024 The Trustee5 present their Annual Report. incorporating their DireGtor5' Report. forthe year ended 30 June 2024 under thè Charities Act 2011 and Companies Act 2006 t(ether with the audited financial statements for the year. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Tru8lees are responsible for preparing the annual report and the financial ststements in accordance with applicable United Kingdom law and with United Kingdom Gener311y Accepted Accounting Practices. Charity law requires the Trustees to prepare financial statemÈnts for each finanraal year whitj) give a true and fair vi of the charity'5 financial activities during the year snd of its financial position at the end of the yesr. In preparing these the Trustees are reqUId to.. select suitable aGGQUnting poliGies then apply thetn con51StenUy, make judgements and estimates that are reasonable and prudent., follow appliGable oG¢ounting $tandar(l$ and the Charitie$ SORP. dis¢lo$ing and explaining any departures in the finanaal statements, and prepare the finanu81 ststements on the 90ing concern bssis unless it 15 inappropriate lo presume that the ¢harity will tontinue in operation. The Trustees are responsible for keeping accounting reGords that di$Glo$e. wth reaSonae awuraGy, the finanGial position of the charity at any tirrts, and lo enable them to ensure that the financial statements comply with charity law. They are also responsible for safeguarding the ass4s of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. REFeRENce AND ADMINISTRATIVE INFORMATION The Charity was founded in 1876 and was previously r4istered th the Charity Commission under Charity number 309693. On 12 Febwary 2018, The Society of Sl. Stephen's House incorporated as a private company limited by guarantee 2nd regist&red as a charity on 7 March 2018. The assets and liabilities were transferred from th& unincorporated charity to thi5 limitecl company with effect from 1 July 2018. The House Council Member5 al the date of this report and of those in offi( during the year, together with details of the senior staff 8nd advisers of tht Society, are sel out on page 3 of this report. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrniny Documtnts The charity is governed by its Mernorandum and Articles on incorporation on 12 February 2018 as arnended on 18 June 2018 and 13 Novetnber 2018. Governing Body The House Council, comprising all the Trustees. is the Society's governing body. It includes a stsff and a student pfftsentative and is supported by non-voting Staff and student memtr8 at Its meetings. The House Council determines the ongoing strategic direction of the Society and gUlateS its adminislralion and the Management of its finances and assets. It rneets eath terrn and is advised by the Finance General Purposes Sub-committee. New members of the House Council are appoint8d according to the terms set out In th8 Charity's Constitution for the various trAtegories of membership. after an appropriate audit of the govemante skill$ required.

The Soclety of St stephen's House Trustees. Report Icontlnuedl For the year ended 30 June 2024 Rocruitment and training of Trusts85 The Trustees bi-annually review their role and way of conducting business al a two-day Residential. Individual Trustees take on specifi¢ responsibilities for the various areas of governan and ¢omplian* with the support of the Bursar. The Principal supports the Chairman regarding Tru81ee recruitment and Hous? Council membership. Remuneration of Trustees and Senior Collège Stsff Th& Trustees receive neither remun&ration nor benefits from thÈir Trusteeship of the Socitty. Thost Trustees who are a150 ernployees of the Society receive remuneration for their work 3s employees of the Society. ForAcaderniG staff this Is in accordance with'Lichfield' Scale issued annually ty the Finance Committee of the Ministry Division of the Church of Englan(l For administrative staff, thi5 is in acGord3nGe with the rdevant pay scales adopted by tIE House Council from those sÈt out by the University of Oxford. Organlsatlonal Management Thè Sotiety Is managed by the House Council. The House Countsl 1$ also responsible for setting and VIewIng the core policies of the Society. These policies include 8 Safeguarding Policy incorporating the principles of the House of Bishop's Policy for safeguarding children (Protecting God's Children. 20101 and safeguarding adutts In the Church of England (Promoting a Safe Church, 20061. During 2015-16 The Society's policies were a150 upd8ted to intorporate the requirements and recommendations of the Government Prevent strategy. The Health and Safety Policy is sdvised upon by Peninsula, and updated annually. The work of irndementing most of ils poliues is carried out by the Finan and General Purposes Comrrittee. which met seven times during the financial year. The day-to-day running of the Society Is delegated lo the Pnncipal, supported by hi5 Staff. Key rnanagement personnel are Gonsidered to be the Principal. V&-prinGIpal and Bursar. OBJECTIVES AND ACTIVITIES Charitable Objects and Aims. Activities and Objèctives The Society's object is to fulfil Its educational aims as sel down In the Memorandum and Articles, being "furthering the Èdutation and training of Graduates of the Universities of Oxford and Cambridge and others preparing for Mission Work abroad or for other Ministerial work in the Church of England or the Churches in communion with the Church of England and for such other purposes as may tend to aid or further this general object. The House Council has ¢on$ide the Charity Commi$$ion'$ guidance on publi¢ benefit and in keeping with its objects, the Society's aims for the public benefit are lo train clergy for the Anglican Communion ancl lo en8ble students to pursue graduate professional training and academic fftsearch in Education. Theological Studies and such rel8ted educational 8Ctivities in the University of Oxford as are conson8nt with the Trust Deed. ACHIEVEMENTS AND PERFORMANCE The Society ha5 furthered its charitable object this year a5 the educational horne for 44 Students. 13 ordinands for the Church of England and 9 post ordination candidate5 have studied in a varEty of ways through undergra(luate and gradual& courses at the Universrty of Oxford, programm&s within St St8ph&n's Hou88, and the Common Award programme validated for th& Church of England by the Univètsity of Durham. The Society also welcomed 22 fulHim& and part-lime and continuing students from the UK and overseas studying for higher degree5.

The Soclety of St Stephen's House Trustees. Report (Continued) For the year ended 30 June 2024 FINANCIAL REVIEW The full d8tails of th&financial performanc8 for th& year are given in th8 Statement of Financial Activitles ISOFAI and the nel assets are set out on the Balance Sheet. Unrestricted net 8XP8nditur8 befor8 gains I bsses forthe year is £425,987 after a charge of £2,482 for buildings depreciation charge which is sèt againstthe maluation resenfe. Donation Income In the year amounted to £458.618. Including £333,259 restricted donations. The S(letY is grateful lo the generous support of all 118 donors, wilhoul whom the work of the SoCty could not continue. R8serv85 policy The reserves policy i5to maintain unrestriLled reser¥e al 8 level equivaleDtto at least three months, operating costs. Unreslricte(I funds at 30 June 2024 arllounted to £14.167.170 as shown in Note 13 to the accounts. However, the ¥asl majority of these funds are currently lied up in tangible frAed assets and property investments Inel of long-lem) liabilities). with only £71.501 free reserves at 30 June 2024. These free resetves currently represent less Ih8n the 18rget unre51ricte(I reserve sl8ted in the policy. However. the Trustees remain content that the charity has Substantial net assets Mrith realisable other investments zmounting lo over £500,000 ancl significant property as5els in excess of those needed for chsritable operations. Further information can be found in the Going con section on page 9. Risk management The House coun1, through the Finance and General Purposes Committee. keeps under review the major rBksfaced by the Society. The risks ar& talegorised under eight separatè types with impacvprobability scores for Èach one and a record kept of action either needed orlaken lo manage and mitigate these risks. The types of risk considered are in the areas of strategy. org8nisation. stud8nls, 8taff, buildings, financial control, Information and IT provision, and provision of services. Atthe operational lev81, r18k a888ssm&nts are used to manage the risks as8ocial8d with all signrficanl actniilK8S. Investsnent pollcy, obl8ctlves and perfomiance Th& Investment portfolio is overs8en by th& Finance and General Purpose8 committee. Funds are invested In M&G Charifund units and the investment properties of the charty in Oxford. No fvnds were invesled nor released from M&G Charifund in the y&ar. Th8 valu& of inv8stm&nts at 30 June 2024 held in M&G Charifund was £518,881 and In inv8Stm&nl prop8rties was £4,523,000. FUTURE PLANS The College has renegolialed ils relationship with the Universty of Oxford following termination of the concession to use the Common Award. and ceased lo be a Perrnanent Private Hall of the Universty from 1 October 2023. Un(ler the terms of the new agreement, the College will continu& to have the right lo matriculat8 20 8tud8nls in theological 8ubjec18 at the University of Oxford. The College continues to invest in extra-mural and nOn-r&sent study for students via the Edward King Cenlre for Pastoral Theology, and has entered a collaboration with the Royal School of Church Music to establish the Institute of Sacred Music, offering Common Aw¥rd qualifKalions in liturgy and theology. Approved by the House Council on 19 March 2025 and svjned on its behalf by". ThÈ RiuhtRÈvÈrÈnd Dr Martin WamÈr Blshop of Chlchester Chalmian olthe Councll

The Society of St Stephen's Hous8 Independent Auditor's Report to the Members of th8 Society of St Stephen's House For the year ended 30 June 2024 Oplnlon We have audited the financial statements of The Society of St stephen's House Ithe 'charitable company I for the year ended 30 June 2024 which Comprise th& Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows, and notes lo th& financial statements, Including significant aceounling policies. The financial reporting framework that has been applied In their preparation 18 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi81 R8porting St8nd8n$ 8pplicabl8 In the UK 8ndR8ptsblic of Irelancl (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's 8ffairs as at 30 June 2024, and of Its incoming resources anLI application of reSoUs, including ils income and expenditure, for the year then ended., have been propedy preparecl in accordan with Unitecl Kingdorn Generally Apted Accounting Practi". and have been prepared in aGcord3nGe with the requirements of the Companies AGI 2006. Basis for opinion We conducte(l our sudil in accord8nce with International Stsndsrds on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those 5tand3rds are further described in Ihe auditor responsibilities for the audit of the financi31 statements section of our report We are independent of the charitable cotnpany in accordan with the ethical requirements that are relevant to our audit of the financial slaternents in the UK, including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden¢e we have obt3ined is suffiGient 3nd appropriate to provide a basis for our opinion. Material uncertainty related to going contem We draw attention to the attounting policies note'going ¢oncern' in the financial statements on pagè 9. whi¢h indi¢ates that the free reseeS balance is under £100k at 30 June 2024. and that ¢ontinued defiGits are fore¢a$t for 2024125 2025126. meaning that frèe reserves would be extinguished within that timeframe without the fftalisation of property assets. in addition to the planned rèalisation of available other investmènts. As stated in the accounting Policies note, these events or conditions. along with other Matte as set forth in the note pertaining to going contem in that section, Indicate that a material uncertainty exists that may cast significant doubt on the company s ability to continue as a going concern. Our opinion Is not modified In rèspect of this matter. In auditing the financial statements. we have concluded that the Trustees. use of th& going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and th8 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Trustees, annual report. other Ihsn the financial statements and our auditorfs report Ihereon. The Trustees are responsible for the other information contained within the annu81 report. Our opinion on the financial ststements does not cover the other Information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance condu510n thereon. Our responsibility is to re8d the other information and, in doing so. consider whether the other information is rn8terially inconsistent with the fin8ncial st8temenls or our knowleLlge obtained in the course of the audit or otherwise appears to be m8teri8lly misstated. If we identify such material inconsi5tencie5 or apparent material mis5tatemenls. we are required lo determine whether thi5 give5 rise to a material mi5slaternent in the financial ststements themselves. If. based on the work we have perfomed, we conclude that there is a material misslalernent of thi5 Other inforrn8tion, we are required to report that fact. We have nothing to report in this regard. Opinions on other mallers pre$Gribed by the Cornpanie5 Act 2006 In our opinion, based the work undertaken in the course of the audit". the inforrnation given in the Trustees. report (incorporating the d1CtOrS. port) for the finan¢ial year for which the financial $tatemenl$ 3re prepared is wnsislent with the finanGial statetnents". and the directors, fftport has been prepared in accordance with applicable legal requirements. Matters on whlch wè are requlred to rèport by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements In the directors, report. We have nothing to report in respect of the following matters in r&lation to which the Companies Act 21K requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not teen received from branches not visited by us., or the financial st8tementS 8re not in agreement with the accounting CordS and returns,. or rtsin clisclosure5 of director5, rernuneration specifiecl bylaw are not macle, or we have not reGeived all the infomiation and explanations we require for our audit, or the Trustee5 were not entitled to prepare the financial 51alements in zccordance with the small cotnpanies, regime and take advant3ge of the small Gotnpanies, exemption$ in preparing the director5, report and frorn the requiretnent to prepare 3 strategic report.

The Society of St Stephen's Hous8 Independent Auditor's Report to the Members of th8 Society of St Stephen's House For the year ended 30 June 2024 R8spon81bllltfies of Trustse8 As explained more fully in the Trustees, responsibilities statement sel out on page 4, the Trustees (who are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the fITranal statements and for being satisfied that they give a true and fair view, and for such internal control ss the Trustees determin8 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prep8ring the financisl ststements, the Trustees 8re responsible for assessing the charitable company's 8bility to continue as a going concern, disclosing. as applicable. matters related lo going concern and using the going concern b85is of accounting unless the Trustees either intend to liquidate the charitable company or to sse operations, or have no realistic alternative but to do so. Auditor re5pon5ibilities for the audit of the financial statements Our objectives 3re to obtain reasonable assur3nce about whether the financial staternents as a whole are free frotn rnaterial nii5ststement. whether due to fraud or error. and to 155ue an auclitorfs report that include5 our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a tnaterial misstatement when it exists Misstaternents Can arise frorn fr2ud or error and are considered rnateri31 if. Individually or in the aggregate, they could rea50n3bly be expethd to influence the eGonornic derisions of use tsken on the basis of these financial statements. Irregularities. intluding fraud, a instances of nDn4ompliance with law$ and regulations. Vve design procedures in line with our responsibilities, outlined above. to deteu tnateriol tnisstalements in re$peGt of i[rUl)ritIes. induding fraud. The extent to which our procedures are tapable of detecting irrUlarities, Including fraud is dètailed below". Enquiry of management. those charged with governance and the entity's solicitors around actual and potential litigation and claims-. Enquiry of entity staff in tax and cunpliance functions to identify any Instances of non-compliance with laws 8nd r8gulations'. Reviewing minutes of meetings of those charged with governance., Reviewing financial slalement disclosures and testing to 8UPPOrting documentation to SS8es8 Complian with 8pplicable18ws ancl regulations., PerfoTrning audit work over the risk of rnan3getnent override of controls, induding testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent litnitstions of an audit, there is 3 risk that we will not delect all irregularitie5. including those1eading to 3 material misstatement in the financial statements or non-compliance with regulation. This risk increases the rnore that compliance with a law or gulatIon 15 removed from the events and trzn5actions reflecte(l in the financial statements. as we will be less likely to beGQtne aware of instances of non<omplianGe. The risk is also greater regar(ling i[rulatieS occurring due to fraud rather than error, a5 fraud involves intentional GonalMent, forgery. collusion. omission or rnisrepresentation. A further description of our responsibilities is av211ablÈ on the FRC'S website at htt s Ilwmv.frc.o -uklauditorslaudit- assurancelaudilor-s-res onsibilities-for-th&audit-of-Ihe-fildescri tion-of_the-auditor'AE2 1o80%99s-res This description forms part of our auditor's report. USÈ of our report This report is made solely to thè cJ)aritable company's members. as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charitable company's membèrs those matters we are required to state to them In an auditor's report and for no other purpose. To the fullèst extent permitted by law, we do not accept or assume responsibility to anyone other than th& eharilable company and th* charitable cunpany's members a8 a body, for our audit work. for this report, or for the opinions we h8ve formed. Benlamln Hayes Bsc FCA (Senlor Statlrtory Audltorl For and on behalf of Wenn Townsend, Chartered AccountsnL Statutory Audltor 08te=

The society of StStephen'5 House Statèmtrrtof A¢¢ounting Polici88 For the year gndgd 30 June 2024 Charity information The Society of St stephen's House is a reglstered eharity and a company limited by guarantee, Incorporated on 12 February 2018 and registered as a charity on the 7 March 2018 (the assets and liabilities of the unincorporated charity The Society of St Stephen's House, formed by an indenture dateol 16th August 1876 and enrolled in the High Court of Justice Ichancery Division), were transferred by deed of transfer on 1 July 20181. Forassets under a Charity Commission Scheme. Thèsociety of St stephen's House is now the solèTrustee of that scheme and the assets under the Scheme are now under the control ofthis charity and Induded in its accounts. Basls of Preparaon Thefinancial statements have t*en prepared in accordance with United Kingdom Accounting Standards, In particular 'FRS 102.. The Financial Rèporting Standard applicable in the UK and Republic of Ireland. IFRS 1021 and in accordance with'The Slalement of Recornmended practi appIlblet0 charities preparing theirfinancial statements in accordance with FRS 102, (rhe Charities SORP IFRS 10211. The fin8ncial 51alements have been prepared on 8 going conrn b85is and on the historical c05t basis. The principal a¢¢ounting policies adopted are set out below and have been applied Gonsi$tently throughouttheyear. Going contÈm The continued actual and forecast deficits on general fund operations of the charity has necessitated a detailed review of the going concern basis of accounting in preparation of the charity accounts. The Truste&s remain content that the charity has substantial net assets amounting to over £14.5 million and these include significant property assets in excess of those needed for charitable operations. The Trustees note thst the free reserwe8 balsnce lunrestricled funds held within nel current asset81 is under £100k at 30 June 2024, and that continued defit8 are forecast for 2024125 and 2025126. meaning that free reser4es would be extinguished within that timeframe without the realisation of property sssets, in addition to the planned re81isstion of available other investrnents. The Trustees have concluded that there would be a rnaterial uncertainty over going concern at the date of the approval of these financial statements if property 355ets are not solcl or a new loan raised against property assets. As a result of this, the Trustees have made the decision to. either". Sell Some property subsequent to the year end, or take out new loan finance, with sufficiently long repayment dates of greater than two years. lo raise similar funds. The aim is to complete the transaction to rsise funds as Soon as possible within th8 next 12 months. The proceed8 of this transaction, together with the planned sale of 8vai18ble other investments, will mean that free reserves are replenished to the extent that any forecast deficits will be covered well in excess of the 12 months from date of approval. The Trustees therefore rernain content that the going Goncern ba51S Gontinues to be appropriate in preparation of the financial $t8tement$. Fund accounting Unrestricted funds are avail81& for use at thè discretion of the Trustees in furtherance of thÈ general objectives of the chsrity. Designated funds are unrestricted funds which have been either allocated or expended by th? Trustees for specified purpose. Restricted funds arefunds which are to be used in accordance with specifie restrictions imposed by the donors or which have been raised by the charity for particular purposes. The nature of each restricted fund Is set out in the notes to the attounts. Fee$ and other inGome Students'fees. rentsand aducational summerschool incomesreaccounled forintheperiod inwhichtheserwice orfacilities are provided. Voluntary income Donations and gifts are recognised on receipt by the charity. Legacies ar8 recognised when there is reasonabl8 assuranc8 of their r8ceipt and the amount is known. Amounts r8ceived for activities restricted by the wishes of the donor are hèld In restricted funds. Re$ource$ expended Resources expènded are accounted for on an accruals basis. Overhead and other costs are allttated to relevant cAtO[leS by manag&ment. Govemance costs comprise costs associated with constitutional and statutory requirements. The irreGoverable eletnent of VAT is induded within administrative overheads.

The Society of St Stephen's House Statement tsf Accounting Policies For the year ended 30 June 2024 Tangible fixed assets Land and buildings are statsd at fair value. Equiwent is stated at cost. Items less than £500 are charyed to the inccthe and expenditure account as Incurred. Finance costs incurred to fund the improvements to the property have been capilalised. The amount included in the cost of the freehold property is shown in the notes to the financisl ststements. Depreclatlon Significantfixed a$$et$ arecapitalised and depreciated overtheir estimated useful live$. The depreciation rate$ applie are as follows.. Freehold propety Fixtures. fittings and equipment 20A straight lirE 5Qkn- 33.33Qh slraight line BU11ng$ a5souated with equity sharing loans Inole 121 have been included at their undepreoated fair value. Gifted assets Gifts of significant fixed sssets are capitalised and included in the sppropriale fixed asset category. The value of such 35sets is induded in incotne in the period in which the gift 15 received. Irwe5tmerts Listecl inveslrnents 8re valued at the middle of the bicl and offer pri but if only one of these is available then that price 15 u$ed. Unreali5ed gains or losses as shown in the Statetnent of Financial Activities are ¢redited ordebited to the relevant fund. Income from Investments is r8eOgnised when the charity becomes entitled to it. Current asset investm8nts are hdd for th8 short term and may b8 realised should the need arise. Investment properties are stated at the marfÉet value atth8 balsnce sheet dale. The Statement of Finsncial Activities Shows nel investment gains and losses arising from rev8luation of the inveslrnent portfolio and dispos8ls throughout the year. Pension schemes The Society participates in the Church of England Funded Pension Scheme and the Church of Englsnd Oefined Benefit8 Scheme, part of the Church Worker5 Pension Fund. The costs of retirement benefits provided to employees ofthe Society through thè multiomployerdefined pÈnsion schemes are atcounted for as if thesè were defined contribution schemes as information is not available to US8 defined benefit accounting In accordance with the requirements of FRS 102. The Society's contributions tothese schemes are recognised as a liability and an expense in the period in which the sal3rieslo which the oontribulions relale are payable.ln addition. a li3bility is recwnised 3tthe balan sheet d3tefor the discounted value of the expected future contribution payments undèr the agreements th thèse multi-employer scheme8 tofund the past Se1 defi1$. The Society also participates inthe Univer511y of Oxford Staff Pension Scheme. These Schemes are hybrid pension schemes. providing defined benefits Ifor members), s5 well Ss defined contribution benefits.The assets of the schemes sreeach held in a separate truslee-administered fund. Because of the mutual nature of the schemes. the asset8 are not attributed to individual Colleges and scheme-wide contribution rates are sat. Tha Society 18th8refore 8xpos8d to actuarial risks associated with other Universities and College tmployets and Is unable to Identify Its shart of the underlying assets and liabil8 ofthe scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102"Employee benefits the Society therefore aGGountsforlhe sthetnes as if they We wholly defined contribution schemes. As a result, the amount charged tothe profit and loss account represent$ the contributions pay3ble to each scheme. sin the SoGiely h35 entered into agreements (the Recovery Plan51 th3t determine how each employer within the scheme5 will fund the over811 deficit. the Souety recognises 3 liabilityforthe contributions payablethat arisefrom the agreetnenls Itothe extent that they relateto the deficit) an(1 therefore an expense is recognised.

The Society of St Stephen's House Statement of Financial Activities

(including income and expenditure account) For the year ended 30 June 2024

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Unrestricted Restricted 2024 2023
Funds Funds Total Total
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential 1 637,246 - 637,246 806,330
Donations and legacies 2 123,359 333,259 456,618 178,204
Investments
Investment income 3 29,888 - 29,888 34,822
Other income
Concert and other event income 132,320 - 132,320 129,151
Other rents 545,055 - 545,055 278,014
Other income 10,267 - 10,267 3,954
Total income 1,478,135 333,259 1,811,394 1,430,475
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential 4 1,746,518 127,385 1,873,903 1,581,217
Generating funds:
Fundraising 4 20,459 - 20,459 19,596
Other expenditure 4 137,145 137,145 111,031
Total Expenditure 4 1,904,122 127,385 2,031,507 1,711,844
Net Income/(Expenditure) before gains/(losses) (425,987) 205,874 (220,113) (281,369)
Net gains/(losses) on investments 9 16,772 - 16,772 (27,258)
Net Income/(Expenditure) (409,215) 205,874 (203,341) (308,627)
Transfers between funds 13 5,000 (5,000) - -
Other recognised gains/losses
(Losses) on revaluation of fixed assets (1,144,938) - (1,144,938) -
Gains on revaluation of loans 136,942 136,942
Actuarial gains on defined benefit pension schemes - - - 97,774
Net movement in funds for the year (1,412,211) 200,874 (1,211,337) (210,853)
Fund balances brought forward 13 15,579,381 295,229 15,874,610 16,085,463
Funds carried forward 13 14,167,170 496,103 14,663,273 15,874,610
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The Society of St Stephen's House Balance Sheet As at 30 June 2024

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2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 7 12,267,552 17,200,853
Property investments 8 4,523,000 994,252
Other Investments 9 516,881 478,858
Total Fixed Assets 17,307,433 18,673,963
CURRENT ASSETS
Stocks 1,111 1,438
Debtors 10 191,285 187,736
Cash at bank and in hand 287,473 417,896
Total Current Assets 479,869 607,070
LIABILITIES
Creditors: Amounts falling due within one year 11 (408,368) (551,873)
NET CURRENT ASSETS/(LIABILITIES) 71,501 55,197
TOTAL ASSETS LESS CURRENT LIABILITIES 17,378,934 18,729,160
CREDITORS: falling due after more than one year 12 (2,715,661) (2,852,603)
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR LIABILITY 14,663,273 15,876,557
Defined benefit pension scheme liability 18 - (1,947)
TOTAL NET ASSETS/(LIABILITIES) 14,663,273 15,874,610
FUNDS OF THE COLLEGE 13
Restricted funds 496,103 295,229
Unrestricted funds
Designated funds - 1,166,147
General funds 3,937,414 2,830,111
Revaluation reserve 10,229,756 11,581,176
Pension reserve 18 - 1,947
14,663,273 15,874,610
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The financial statements were approved and authorised for issue by the House Council of The Society of St Stephen's House on 19 March 2025

The Right Reverend Dr Martin Warner Bishop of Chichester Chairman of the Council

The Society of St Stephen's House Consolidated Statement of Cash Flows For the year ended 30 June 2024

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2024 2023
Notes £ £
Net cash (used in) operating activities 19 (150,194) (88,164)
Cash flows from investing activities
Dividends, interest and rents from investments 29,888 34,822
Purchase of property, plant and equipment (10,117) (3,787)
Net cash provided by investing activities 19,771 31,035
Change in cash and cash equivalents in the reporting period (130,423) (57,129)
Cash and cash equivalents at the beginning of the
reporting period 417,896 436,615
Change in cash and cash equivalents due to exchange rate
movements - -
Cash and cash equivalents at the end of the reporting
period 20 287,473 417,896
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The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential Unrestricted funds Educational income Student residential income Summer schools/conferences income Total Teaching, Research and Residential 2 DONATIONS AND LEGACIES Donations and Legacies Unrestricted funds Restricted funds 3 INVESTMENT INCOME Investment income Unrestricted funds 4 ANALYSIS OF EXPENDITURE Charitable expenditure Teaching, research and residential: Academic, premises, catering and other direct costs Domestic administration costs Depreciation Property loan interest Governance costs Note 5 Total charitable expenditure Expenditure on raising funds Fundraising Other costs of generating funds: Concert and other event costs Total expenditure on raising funds Total expenditure 5 AUDITOR'S REMUNERATION Governance costs: Auditor's remuneration - audit services Auditor's remuneration - year end accounting services Note 4 Included within Domestic administration costs in Note 4: Auditor's remuneration - other accounting services	2024 £ 285,369 156,267 195,610 637,246 2024 £ 123,359 333,259 456,618 2024 £ 29,888 29,888 2024 £ 1,328,836 251,712 248,481 35,855 9,019 1,873,903 20,459 137,145 157,604 2,031,507 2024 £ 5,879 3,140 9,019 28,590 37,609	2023 £ 326,771 376,819 102,740 806,330 2023 £ 138,204 40,000 178,204 2023 £ 34,822 34,822 2023 £ 1,097,136 224,074 228,027 23,320 8,660 1,581,217 19,596 111,031 130,627 1,711,844 2023 £ 5,660 3,000 8,660 23,000 31,660

The Society of St Stephen's House Notes to the financial statements

For the year ended 30 June 2024

6 STAFF COSTS

The aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension contributions The average number of employees of the College, excluding Trustees, was as follows. Total No employee earned over £60,000 in the year.	2024 £ 509,130 41,956 79,980 631,066 2024 24	2023 £ 463,351 38,659 80,500 582,510 2023 22

7 TANGIBLE FIXED ASSETS

Cost or valuation At start of year Additions Revaluation Transfer to/(from) investment property (note 8) At end of year Depreciation and impairment At start of year Charge for the year Eliminated on revalued assets At end of year Net book value At end of year At start of year	Freehold land and buildings £ 18,879,771 - (3,209,771) (3,550,000) 12,120,000 1,858,350 206,482 (2,064,832) - 12,120,000 17,021,421	Fixtures, fittings and equipment £ 794,182 10,117 - - 804,299 614,750 41,997 - 656,747 147,552 179,432	Total £ 19,673,953 10,117 (3,209,771) (3,550,000) 12,924,299 2,473,100 248,479 (2,064,832) 656,747 12,267,552 17,200,853

External valuers, Carter Jonas, Chartered Surveyors and Property Consultants, valued the freehold property (and investment property in note 8) at August 2024 and this amount is reflected in the revaluations at 30 June 2024.

Their valuation was prepared in accordance with the R.I.C.S. Appraisal and Valuation Standards.

Buildings associated with equity sharing loans (note 12) have been included at their undepreciated fair value.

8 PROPERTY INVESTMENTS

Valuation at start of year Revaluation gains/(losses) in the year Transfer from/(to) tangible fixed assets (note 7) Valuation at end of year	2024 Total £ 994,252 (21,252) 3,550,000 4,523,000	2023 Total £ 994,252 - - 994,252

At 30 June 2024, one property was reclassified from tangible fixed assets to property investments and another property vice versa, reflecting the current use of the properties.

The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

9 OTHER INVESTMENTS

All investments are held at fair value.

Fixed asset investments Valuation at start of year Increase/(Decrease) in value of investments Fixed asset investments at end of year The investments represent units held in an UK equities fund. DEBTORS Amounts falling due within one year: Trade debtors Prepayments and accrued income Other debtors CREDITORS: falling due within one year Trade creditors Taxation and social security Other creditors CREDITORS: falling due after more than one year Church Commissioners Equity Sharing Loan ACOCF loan Bank loans	2024 £ 478,857 38,024 516,881 2024 £ 82,874 60,550 47,861 191,285 2024 £ 170,286 22,150 215,932 408,368 2024 £ 1,185,440 1,030,221 500,000 - 2,715,661	2023 £ 506,116 (27,258) 478,858 2023 £ 123,934 34,671 29,131 187,736 2023 £ 335,217 9,721 206,935 551,873 2023 £ 1,222,724 1,129,879 500,000 2,852,603

10 DEBTORS

11 CREDITORS: falling due within one year

12 CREDITORS: falling due after more than one year

An equity sharing loan of £187,000 was advanced by the Church Commissioners to fund 95.6% of the purchase of 36 James Street, Oxford. (The initial interest rate was 3% and moves annually in line with RPI.) The amount repayable upon the sale of the property is the greater of £167,000 and 95.6% of the sale value. The market value of the property is £1,240,000 and hence the fair value of the loan is £1,185,440. The fair value of the loan, where greater than £167,000, is therefore by definition at all times fully offset by the associated asset and does not affect the net asset value of the Society.

The ACOCF loan is a long term loan of £67,191, at a rate of 0.1% interest per annum secured on part of the property at 16 Marston Street, Oxford. On repayment, there is an additional equity share element to repay, being 33.6% of any increase in the value of the asset. Hence the loan has been included in the financial accounts at the fair value of £1,129,879. The value of the associated asset has also been included at undepreciated fair value.

The Handelsbanken bank loan was taken out in December 2020 to fund the re-finance of 23 James Street, Oxford. The loan repayment date has been renegotiated for an additional year, to fall due on 7 December 2025.

The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

13 ANALYSIS OF MOVEMENTS ON FUNDS

At 1 July 2023 £ 168,384 3,988 32,175 10,100 5,000 6,426 13,000 15,000 41,156 - - - -	Incoming resources £ - - - - - - - - - 18,724 187,150 85,385 12,000 30,000	Resources expended £ - - - - - - - - - - - (85,385) (12,000) (30,000)	Transfers £ - - - - (5,000) - - - - - - - - -	Gains/ (losses) £ - - - - - - - - - - - - - -	At 31 June 2024 £ 168,384 3,988 32,175 10,100 - 6,426 13,000 15,000 41,156 18,724 187,150 - - -
295,229	333,259	(127,385)	(5,000)	-	496,103
1,166,147 2,834,005 11,581,176 (1,947)	- 1,478,135 - -	(1,166,147) (533,440) (206,482) 1,947	- 5,000 - -	- 153,714 (1,144,938) -	- 3,937,414 10,229,756 -
15,579,381	1,478,135	(1,904,122)	5,000	(991,224)	14,167,170
15,874,610	1,811,394	(2,031,507)	-	(991,224)	14,663,273

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024

2024 Tangible fixed assets Property investments Other investments Net current assets Long term liabilities Pension scheme liabilities 2023 Tangible fixed assets Property investments Other investments Net current assets Long term liabilities Pension scheme liabilities	Unrestricted Funds £ 12,267,552 4,523,000 20,778 71,501 (2,715,661) - 14,167,170 Unrestricted Funds £ 17,200,853 994,252 155,811 55,197 (2,852,603) (1,947) 15,551,563	Restricted Funds £ - - 496,103 - - - 496,103 Restricted Funds £ - - 323,047 - - - 323,047	2024 Total £ 12,267,552 4,523,000 516,881 71,501 (2,715,661) - 14,663,273 2023 Total £ 17,200,853 994,252 478,858 55,197 (2,852,603) (1,947) 15,874,610

The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

16 TRUSTEES' REMUNERATION

Neither the trustees nor persons connected with them received any remuneration from the Society, except as below.

Expenses for travel to meetings of £1,630 (2023: £247) and an officers' insurance (estimated apportioned cost: £2,800 plus insurance premium tax, 2023: £2,800) have been paid by the Society during the year.

The Principal and staff representative on the Council are trustees of Society but receive remuneration only for their academic roles.

The amounts involved are:	2024	2023
	£	£
Principal	48,167	47,598
Staff representative to 23 October 2023	8,809	26,366
Staff representative from 23 October 2023	31,666	0

Remuneration is calculated as gross pay and employer pension contributions.

17 KEY MANAGEMENT REMUNERATION

The total remuneration paid to key management was £189,405 (2023: £151,609).

Remuneration is calculated as gross pay, employer pension contributions and employer national insurance contributions.

Key management are considered to be the Principal, Vice Principal and the Bursar.

The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

18 PENSION SCHEMES

Pension Fund (CWPF) and the University of Oxford Staff Pension Scheme (OSPS).

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Overview of pension provision 2024 2023
£ £
CEFPS - -
CWPS - -
OSPS - 1,947
- 1,947
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Church of England Funded Pension Scheme (CEFPS)

The Society of St Stephen's House participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.

Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.

liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year.

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

An average discount rate of 2.7% p.a.;

RPI inflation of 3.6% p.a. (and pension increases consistent

CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards;

Increase in pensionable stipends in line with CPIH;

Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).

Following the 31 December 2018 valuation, a deficit recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) were as set out in the table below. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022. Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was in surplus.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 30 June 2024 is nil.

The legal structure of the scheme is such that if another Responsible Body fails, The Society of St Stephen's House could become responsible for paying a share

The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

Church Workers Pension Fund (CWPF)

Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

the Defined Benefits Scheme
the Pension Builder Scheme, which has two
(a) a deferred annuity section known as Pension
(b) a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension

scheme. The pensions costs charged to the SoFA in the year are the contributions payable.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 10.1% following improvements in the funding position over 2022. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

University of Oxford Staff Pension Scheme (OSPS)

The University of Oxford Staff Pension Scheme (OSPS) is a multi-employer hybrid scheme set up under trust and sponsored by the University. It is the pension scheme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the

The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets,

The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

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OSPS
Date of valuation: 31/03/2022
Value of liabilities: £914m
Value of assets: £961m
Funding surplus / (deficit): £47m
Principal assumptions used by actuary:
Rate of interest (periods up to retirement) Gilts +2.25%
Rate of interest (periods after retirement) Gilts +0.5%
RPI Break-even RPI curve less
CPI RPI inflation assumption less
Pensionable Salary increases RPI +pa
Funding ratios:
· Technical provisions basis 105%
· 'Buy-out' basis 62%
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The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

Non-financial assumptions:

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Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - base table Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
improvements Pensioners: 105% of standard S3PxA medium tables for both males and females
16.5% DB for members from 01/10/2023
pensionable salaries): 10% /12% /14% DC members in relation to 4% /6% /8% cost plan - from 01/10/2023
Effective date of next valuation: 31/03/2025
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Pension charge for the year

The pension charge recorded by the Society during the accounting peiod (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme CEFPS CWPS OSPS Other Total	2024 £ 17,390 27,765 33,440 1,385 79,980	2023 £ 14,610 19,335 46,555 80,500

19 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS Net (expenditure) Elimination of non-operating cash flows: Investment income Losses in investments Depreciation Decrease in stock (Increase) in debtors Increase in creditors Release of provision Net cash (used in) operating activities	2024 £ (203,341) (29,888) (16,772) 248,481 327 (3,549) (143,505) (1,947) (150,194)	2023 £ (308,627) (34,822) 27,258 228,027 1,098 (6,872) 44,184 - (49,754)

The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

20 ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash at bank and in hand Total cash and cash equivalents	2024 £ 287,473 287,473	2023 £ 417,896
		417,896

21 RELATED PARTY TRANSACTIONS

Trustees' remuneration is disclosed in Note 16.

22 CONTINGENT LIABILITIES

On 17 July 2006 a grant to The Society of St. Stephen's House of £32,000 orginally made by The Central Board of Finance of the Church of England was assigned to The Archbishops' Council.

The grant is repayable if The Society of St Stephen's House ceases to be recognised for ordination training by the House of Bishops.

23 ADDITIONAL PRIOR YEAR COMPARATIVES

(a) Comparative Statement of Financial Activities ("SOFA")

The comparative SOFA for the year ended 30 June 2023 is presented below:

INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential Donations and legacies Investments Investment income Other income Concert and other event income Other rents Other income Total income EXPENDITURE ON: Charitable activities: Teaching, research and residential Generating funds: Fundraising Trading expenditure Investment management costs Other expenditure Total Expenditure Net Income/(Expenditure) before gains Net gains/(losses) on investments Net Income/(Expenditure) Transfers between funds Other recognised gains/losses Gains/(losses) on revaluation of fixed assets Actuarial gains/(losses) on defined benefit pension schemes Net movement in funds for the year Fund balances brought forward as previously stated Prior year adjustment Funds carried forward at 31 July	Unrestricted Funds £ 806,330 138,204 34,822 129,151 278,014 3,954 1,390,475 1,511,399 19,596 - 111,031 1,642,026 (251,551) (27,258) (278,809) - - 97,774 (181,035) 15,556,560 203,856 15,579,381	Restricted Funds £ - 40,000 - - - - 40,000 69,818 - - - 69,818 (29,818) - (29,818) - - - (29,818) 325,047 - 295,229	2023 Total £ 806,330 178,204 34,822 129,151 278,014 3,954 1,430,475 1,581,217 19,596 - - 111,031 1,711,844 (281,369) (27,258) (308,627) - - 97,774 (210,853) 15,881,607 203,856 15,874,610

The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024

b) Comparative fund movements

The comparative movement on funds for year ended 30 June 2023:

At 1 July 2022 £ 168,384 3,988 32,175 10,100 7,000 6,426 13,000 15,000 41,156 27,818 -	Incoming resources £ - - - - - - - - - - 40,000	Resources expended £ - - - - (2,000) - - - - (27,818) (40,000)	Transfers £ - - - - - - - - - - -	Gains/ (losses) £ - - - - - - - - - - -	At 30 June 2023 £ 168,384 3,988 32,175 10,100 5,000 6,426 13,000 15,000 41,156 - -
325,047	40,000	(69,818)	-	-	295,229
1,166,147 2,924,990 11,769,000 (99,721)	- 1,390,475 - -	- (1,454,202) (187,824) -	- - - -	- (27,258) - 97,774	1,166,147 2,834,005 11,581,176 (1,947)
15,760,416	1,390,475	(1,642,026)	-	70,516	15,579,381
16,085,463	1,430,475	(1,711,844)	-	70,516	15,874,610