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 Finan￿81 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 R￿l$tratiOn NumbÈr= 1177459 Address.. 16 Marston St￿t Oxford OX41JX The House Council Tru5te85'. AIITru$tees are al$0 Diredors of the Limited Company Chaim￿n.. The Rt Rev(1 Dr Martin Wamer. + Vice Chaim)an". Edward Dobson Esq Chaiman of the Finance and G&neral Purposes Commrtt8e'. The Revd Canon Paul Amistead. The Rt Revd Jonathan Baker+ Mr John Booth CVO OL + The Revd Ch8rles Card-Reynolds 1 S¢ptwnbpr2QT41 The Revd Pr&bendary David Houlding IlJim ofoNlc4 8xpiréd I swmb8r20231 The Rt Worshipful Morag Ellis KC The R&vd Canon Dr Robin Ward (Principall 18x ts￿1￿0). The R&vd Andreas Wenzèl Ivite-Principall 16 Oth￿r2￿31. Ms Kat￿ Harrison The Revd Lucy Gardner IlÈm 16 ot10￿102)I The Revd Gr8nt Naylor iappoinl*J 21 Nov0mb￿2023l Mr FÈliK Trimbos iapFoiThied 11 2025 Mr Ewan Gillings laPW1ÈdÉFÈbr￿1v2￿24 l*m ofoNitÉ Èxpl￿￿ 11 FÈbiu*y 202SI Mr William Al￿n 1￿m doRIc4 axpIr￿8 F8bnJaty20241 The Financ8 and G8neral Purposos Committee- Trustee membets are maTked "atrtye Advisors.. Bank.. Handelsbanken Oxford West Way branch Seacourt Tower, 2nd Floor Wesl Way Botley Oxford OX2 OJJ Soliators Stone King 13 Queen Square Bath Avon BA12HJ Auditors.. Wenn Townsend 30 St Giles Oxford OX1 3LE The Society of St St¢ph¢n'$ 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 reqUI￿d 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$e. wth reaSona￿e awuraGy, the finanGial position of the charity at any tirrts, and lo enable them to ensure that the financial statements comply with charity law. They are also responsible for safeguarding the ass4s of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. REFeRENce AND ADMINISTRATIVE INFORMATION The Charity was founded in 1876 and was previously r4istered ￿th the Charity Commission under Charity number 309693. On 12 Febwary 2018, The Society of Sl. Stephen's House incorporated as a private company limited by guarantee 2nd regist&red as a charity on 7 March 2018. The assets and liabilities were transferred from th& unincorporated charity to thi5 limitecl company with effect from 1 July 2018. The House Council Member5 al the date of this report and of those in offi(* during the year, together with details of the senior staff 8nd advisers of tht Society, are sel out on page 3 of this report. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrniny Documtnts The charity is governed by its Mernorandum and Articles on incorporation on 12 February 2018 as arnended on 18 June 2018 and 13 Novetnber 2018. Governing Body The House Council, comprising all the Trustees. is the Society's governing body. It includes a stsff and a student pfftsentative and is supported by non-voting Staff and student memt*r8 at Its meetings. The House Council determines the ongoing strategic direction of the Society and ￿gUlateS its adminislralion and the Management of its finances and assets. It rneets eath terrn and is advised by the Finance General Purposes Sub-committee. New members of the House Council are appoint8d according to the terms set out In th8 Charity's Constitution for the various trAtegories of membership. after an appropriate audit of the govemante skill$ 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 SoC￿ty 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 coun￿1, 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&s￿ent 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 reSoU￿s, including ils income and expenditure, for the year then ended., have been propedy preparecl in accordan￿ with Unitecl Kingdorn Generally A￿pted 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 rese￿eS 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 d1￿CtOrS. ￿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 fITran￿al 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[r￿Ul)ritIes. induding fraud. The extent to which our procedures are tapable of detecting irr￿Ularities, 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 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
**----- End of picture text -----**
11 ## **The Society of St Stephen's House Balance Sheet As at 30 June 2024** **----- Start of picture text -----**
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
**----- End of picture text -----**
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** 12 ## **The Society of St Stephen's House Consolidated Statement of Cash Flows For the year ended 30 June 2024** **----- Start of picture text -----**
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
**----- End of picture text -----**
13 **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| |---|---|---| 14 ## **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. 15 **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. 16 ## **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** |**Restricted Funds**
Community of The Servants of the Cross Fund
M Ramsey Fund
The Organ Fund
The Armorial Fund
The Pye Settlement
Summer School Fund
USA - St Stephen's House 'In Residence'
USA - Fund for Study Leave
USA - Fund for Graduate Studentships
Ascott Priory: Edward King Centre Adminstrator Fund
Friday Charitable Trust: Edward King Centre Fund
Salix grant
Cleaver Trust: Academic Stipend Fund
ACOCF: Academic Stipend Fund
**Total Restricted Funds**
**Unrestricted Funds**
Designated funds
General funds
Revaluation reserve
Pension reserve
**Total Unrestricted Funds**
**Total 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**| |---|---|---|---| 17 **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. 18 **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). **----- Start of picture text -----**
Overview of pension provision 2024 2023
£ £
CEFPS - -
CWPS - -
OSPS - 1,947
- 1,947
**----- End of picture text -----**
## **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 19 **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: 1. the Defined Benefits Scheme 2. 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 **----- Start of picture text -----**
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%
**----- End of picture text -----**
20 **The Society of St Stephen's House Notes to the financial statements For the year ended 30 June 2024** ## **Non-financial assumptions:** **----- Start of picture text -----**
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
**----- End of picture text -----**
## **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)| |---|---|---| 21 ## **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**| |---|---|---|---| 22 **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: |**Restricted Funds**
Community of The Servants of the Cross
M Ramsey Fund
The Organ Fund
The Armorial Fund
The Pye Settlement
Summer School Fund
USA - St Stephen's House 'In Residence'
USA - Fund for Study Leave
USA - Fund for Graduate Studentships
The Edward King Centre
Academic stipend
**Total Restricted Funds**
**Unrestricted Funds**
Designated funds
General funds
Revaluation reserve
Pension reserve
**Total Unrestricted Funds**
**Total Funds**|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**| 23