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2022-07-31-accounts

St Luke’s College Foundation

Report of the Trustees and Financial Statements

for the year ended 31 July 2022

Contents Page
Reference and Administration 1
Trustees report 2-6
Independent examiner's report 7
Statement of Financial Activities 8
Balance sheet 9
Notes to the Financial Statements 10 - 15

Registered Charity Number 306606

1 St Luke’s College Foundation

Reference and Administration

Registered Charity Number 306606
Principal address 15 St Maryhaye, Tavistock, Devon PL19 8LR.
Trustees
Ex Officio The Lord Bishop of Exeter: The Right Reverend Robert Atwell
The Dean of Exeter: The Very Reverend Jonathan Greener
Chairman of the Exeter Diocesan Board of Finance
(Custodian Trustee & Hon. Treasurer): Mr Giles Frampton
The Exeter Diocesan Director of Education: Mrs Susan Lockwood
Nominative Nominated by the Bishop of Exeter:
Reverend Professor Gina Radford -Chair from 1st January 2022
Nominated by the Council of the University of Exeter:
Professor Grace Davie -Chair (resigned December 2021)
Professor Louise Lawrence_(appointed January 2022)_
Professor Tim Quine_(appointed October 2021)_
Professor Wendy Robinson_(resigned September 2021)_
Dr Michael Wykes -Vice Chair
Co-optative Reverend Dr David Rake
The Venerable Dr Trevor Jones
Miss Katie Freeman
Bankers National Westminster Bank plc, 59 High Street, Exeter EX4 3DP
Independent Examiner Mrs M Hutchings, Apsleys Chartered Accountants
21 Bampton Street, Tiverton Devon EX16 6AA
Solicitors Michelmores, Woodwater House, Pynes Hill, Exeter EX2 5WR
Investment manager CCLA Investment Management Ltd
Senator House, 85 Queen Victoria Street, London EC4V 4ET
Payroll manager Bishop Fleming Payroll, Century House, Rivera Park, Nicholson Road,
Torquay, Devon TQ2 7TD
Pension provider The Church of England Pensions Board, 29 Great Smith Street,
London SW1P 3PS
Name of senior staff member The Director, who acts as Clerk to the Trustees, is Dr David Benzie.

2

St Luke’s College Foundation

Report of the Trustees for the year ended 31 July 2022

The Trustees present their report and the financial statements of the Foundation for the year ended 31st July 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

OBJECTIVES AND ACTIVITIES

Summary of the objects of the charity as set out in the governing document

Policies for achieving objectives

The Trustees consider that within the region there should be a lively, high quality and flexible provision for theological and religious education. The former provides for the needs of those who serve the churches, whether lay or ordained; the latter focuses on religious education in schools and further education and on the training of teachers for this.

2 Grant making

The Trustees also make Personal Awards to individuals following university-level studies or research in theology and religious education; and they make Corporate Awards to universities and similar institutions to enable them to develop or enhance their provision in these fields. These Awards may be granted for up to three years in the first instance.

The Foundation no longer owns Freehold Property. Its Capital Fund is invested with CCLA Investment Management Limited, in CBF Units. The investment objective is to maximise income whilst seeking appreciation in capital values over the years at least in line with inflation.

Procedures

The Trustees normally meet twice yearly. They review policy, receive and respond to reports from their investment advisers, review financial statements, and review the risks to which the Foundation may be susceptible. They allocate grants on the recommendations of a small group of Trustees (the Scrutineers), elected in rotation.

The Trustees have instituted an “Anglican Chaplaincy Management Group” (ACMG) to oversee matters associated with Anglican Chaplaincy at the University of Exeter. The ACMG reports to the Trustees.

Within the policies laid down, the day to day management of the Foundation is delegated to the Director who has the assistance of a finance clerk.

The Trustees have had due regard to guidance published by the Charity Commission on public benefit. The activities which the Trustees pursue to further the Foundation's charitable purposes for the public benefit include: providing financial support for Christian ministry in university education; and providing grants to clergy, teachers and other applicants from all parts of the UK for studies and research in religious education, theology and religious studies.

3

St Luke’s College Foundation Report of the Trustees (continued) for the year ended 31 July 2022

ACHIEVEMENTS AND PERFORMANCE

Summary of the main achievements of the charity during the year

Chaplaincy at the University of Exeter

The Foundation is one of the sponsors of the Anglican Chaplaincy at the University of Exeter, where it has, since its inception, provided posts and leased and maintained the St Luke’s Chapel. Since 2013 the Foundation, together with the Diocese of Exeter, has funded the post of Lazenby Chaplain. The Reverend Hannah Alderson, as Lazenby Chaplain, leads the Anglican Chaplaincy team.

During the year (2021-22) the Anglican Chaplaincy Team (ACT) at the University comprised the Lazenby Chaplain, the Anglican Chaplain (Lay Minister), the Director of Chapel Music, two Chaplaincy Assistants and the Chaplaincy Administrator. The year saw a welcome return to normal activities following the lifting of most Covid measures. At St Luke’s, the popular weekly soup lunch returned, and on Streatham campus there was a return to a busy programme of services, talks and discussion groups. We were pleased to welcome Sunday evening speakers such as Bishop Jackie and Ben Bradshaw MP, as well as many other Christian theologians, activists and artists. Marking Remembrance and Christmas on behalf of the University continued to be significant events in the year when the Chapel was at its fullest, and we were also honoured to mark the Queen’s Platinum Jubilee at the Chapel with a special service. On the music side, the Chapel Choir sung for 4 weeks of graduation, including in Truro where they also performed concerts in local churches. The Choir sung at a diverse range of events throughout the year including a special concert at Exeter Prison.

The Anglican Chaplaincy Management Group met regularly during the year to oversee matters associated with the Anglican Chaplaincy at the University of Exeter. As the Covid pandemic eased, face-to-face meetings were resumed. For reasons of efficiency, some meetings were via videoconferencing.

The St Luke’s Chapel. The project to address the internal configuration of the St Luke’s Chapel that was initiated in 2018-19 has continued. Despite the easing of the covid pandemic, progress was still slow because of the ongoing consequences for the economy of the pandemic. By the end of the year (31st July 2022) we were nearing the point where a contract with a builder could be signed. The project continued to be a logistical and a financial challenge, but the Trustees remain committed to it and excited by it. As expected, it has dominated the Foundation’s affairs and is expected to do the same in 2022-23.

Ministerial Formation and theological education

The Foundation’s Object provides, inter alia, for the “training of ministers of religion”. The number and scope of applications for grants reflect the many challenges facing those already in the service of the churches. It is evident (a) that these exceed the churches’ capacity to fund the training needs of individuals; and (b) that theological colleges and similar providers must respond by developing appropriate training including diverse and flexible modes of delivery.

Theological Education and University Chaplaincy, were supported by the following awards in 2021-22:

Support for Religious Education

The Trustees endeavour to achieve a balance between the financial support which they are able to offer for theology, which has largely to do with chaplaincy, scholarship and the formation and development of ministers, and religious education (RE) as a school subject.

The Trustees supported RE by making the following award in 2021-22:

4

St Luke’s College Foundation Report of the Trustees (continued) for the year ended 31 July 2022

Personal and Corporate Awards

The Foundation promotes an annual round of applications to support individuals and institutions with grants for university-level studies and equivalent initiatives which serve to advance further and higher education in theology and religious education. It makes Personal Awards to individuals for postgraduate studies and research in these fields, and modest Corporate Awards to universities, colleges, and other agencies to enhance their capacity to provide theological and religious education at this level. The Trustees no longer make awards to Secondary RE PGCE trainees. The Foundation collected data on applicant diversity for the first time in 2021. Patterns, as they emerge, will inform future practice.

During the year the Trustees received 44 applications for Personal Awards (2021: 37 applications), and 3 applications (2021: 3 applications) for Corporate Awards.

27 applications were recommended for new/supplementary Personal Awards (2021: 24) and 2 applications for Corporate Awards (2021: 2), amounting to £104,740 over 3 years, of which £39,540 will be payable in the forthcoming academic year.

Advice to potential applicants

Personal grants are usually modest in relation to the total cost of individuals’ studies, but the Trustees aim to “make a difference” so that applicants are able to fulfil their plans. They support applicants from a wide range of Christian traditions throughout the UK.

Applications are not normally accepted from candidates based overseas and only exceptionally from international students who are currently in the UK. This restriction enables the Trustees to provide more, and possibly somewhat larger, grants to those who are serving the churches and religious education in the UK; and who wish - through personal study and research - to equip themselves more fully to address the many challenges they face in their ministry and teaching.

The timetable for making Awards:

The Foundation makes one round of awards each academic year. A pack of information and forms to apply for an award can be obtained from the Director from January onwards. The closing date for the receipt of completed applications is 1st May annually. The new awards (which can be granted for up to 3 years) are announced by the end of June and take effect in the following September.

A modest sum is made available for “out of cycle” corporate awards each year. Such awards will only be made in circumstances where it is impossible to adhere to the normal timetable.

Major awards

From time to time the Trustees are able to make a small number of larger corporate awards to enhance the capacity of universities and other institutions working in the fields of theology and RE. All applications for major awards must meet three principal criteria:

• The applicant organisation should normally be based in the region; or - if the proposal is part of a national or wider project - there should be a clear regional dimension to the initiative.

• There should be a demonstrable need, and value to be gained, in the region for the outcomes of the project - that is, the facilities to be created, the training offered, or the research completed and implemented.

• The project should strengthen the applicant organisation, and show evidence of planning for longer-term funding after the period for which the Trustees might provide support.

5

St Luke’s College Foundation Report of the Trustees (continued) for the year ended 31 July 2022

FINANCIAL REVIEW

Result for the year

The net value of the Foundation's assets is £7,815,437 (2021: £8,060,971) yielding an income of £216,424 (2021: £209,148). Direct charitable expenditure totalled £165,555 (2021: £187,996) and administrative expenses were £37,882 (2021: £35,937). There was a realised profit on investments of £nil (2021: £nil) and unrealised loss on investments of £262,671 (2021: profit of £870,630). There was a resultant deficit of £245,534 (2021: surplus of £859,641).

Pension arrangements for the Foundation's employees

The Trustees appointed the Church of England Pensions Board to provide pensions for its employees with effect from 1st April 2015. The pension provision meets the Pensions Regulator’s requirements for automatic enrolment. The Foundation’s staging date for auto enrolment was 1st March 2016. The Foundation completed the re-declaration of compliance in January 2022.

Policy on reserves

It is the policy of the Trustees to maintain unrestricted funds, which constitute the Income Fund, at a prudent level to provide for capital projects, to provide for unforeseen major expenditure on the Chapel and to cover any shortfall in current expenditure when necessary. Unrestricted funds were maintained at this level throughout the year.

In recent years there has been a significant appreciation of the value of the Capital Fund. The appreciation goes beyond that needed to allow for inflation and, in recent years, Trustees have been willing to use some of the appreciated value on charitable activities. Of particular significance at the current time is the decision by Trustees to withdraw capital in order to fund a major development project at the St Luke’s Chapel. Permission for this has been received from the Charity Commission.

The Trustees adopted a new policy on reserves and investments in June 2018; this policy was updated in June 2019 and will be reviewed again once the St Luke’s Chapel project has been completed.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The St Luke’s College Foundation is a Foundation regulated by the Charity Commission under a Scheme sealed on 17th February 1977. The Scheme was amended by the Trustees on 30th November 2015 and again on 20th June 2016. The Charity Commission’s permission to withdraw capital in a letter dated 24th March 2020 is now part of the trusts of the Foundation. The Trustees held their first meeting on 13th October 1977.

How the Foundation is constituted

Foundation

Trustee selection method

The Scheme provides for there to be 12 trustees, of whom 4 hold the appointment “ex officio”, 4 are nominated by other bodies and 4 are appointed by existing trustees.

Changes in trustees

Professor Grace Davie retired as Chair and as a Trustee at the end of December 2021.

Professor Wendy Robinson retired as Trustee at the end of September 2021

Professor Tim Quine was appointed Trustee by Council of the University of Exeter in October 2021

Professor Louise Lawrence was appointed Trustee by Council of the University of Exeter in January 2022

Reverend Professor Gina Radford was elected Chair of the Trustees from January 2022

Risk management

From time to time the Trustees examine the major strategic, business and operational risks which the foundation faces and seek to ensure that systems are in place to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Trustees agreed a substantive interim policy on risk in June 2018; they had expected to update the policy in 2021 but this will now happen at a later date.

Data privacy and protection

Trustees considered the Foundation’s Data Privacy Policy in June 2019 and agreed an updated version of an earlier interim policy. The Foundation’s Data Retention Policy was agreed in June 2018.

6

St Luke’s College Foundation Report of the Trustees (continued) for the year ended 31 July 2022

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the Board on …………………………….. and signed on their behalf by:

Mr Giles Frampton........................................................ Custodian Trustee and Hon.Treasurer

7

St Luke’s College Foundation Report of the Independent Examiner for the year ended 31 July 2022

I report to the trustees of the Foundation on my examination of the accounts of the Foundation for the year ended 31 July 2022 which are set out on pages 8 to 15

Responsibilities and basis of report

As the Foundation’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or

  2. the accounts do not accord with those records

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mrs M Hutchings Aspen Waite South West Chartered Accountants 21 Bampton Street Tiverton EX16 6AA

Date:

8

St Luke's College Foundation Statement of Financial Activities Year ended 31 July 2022

Income and endowments from:
Investments
Bank Interest
Employment allowance
Total income and endowments
Expenditure on:
Charitable activities
Chapel and Chaplaincy
Other (Project development)
Administrative expenses
Grants payable
Major Grants
Personal and Corporate Grants
Prizes and awards
Total expenditure
Other expenditure
Realised Profit/(Loss) on investments
Unrealised Profit/(Loss) on Investments
Net income/ (expenditure)
Transfers between funds
Net Movement in Funds
Reconciliation of funds:
Balances brought forward
Balances carried forward		 Notes
2
3
11
11
6
6		 Income
Fund
£
3,749
39
4,112		 Capital
Fund
£
212,675
-
-		 Total
Funds
2022
£
216,424
39
4,111		 Total
Funds
2021
£
209,148
4
3,792
7,899 212,675 220,574 212,944
2,186
-
37,882
24,456
49,497
600		 66,240
22,576
-
-
-
-		 68,426
22,576
37,882
24,456
49,497
600		 65,092
38,873
35,937
29,018
54,613
400
114,621 88,816 203,437 223,933
-
-		 (262,671) (262,671) -
870,630
(106,722)
146,435		 (138,812)
(146,435)		 (245,534)
-		 859,641
-
39,713
139,644		 (285,247)
7,921,327		 (245,534)
8,060,971		 859,641
7,201,330
179,357 7,636,080 7,815,437 8,060,971

g

The Notes on pages 10 to 15 form part of these Financial Statements.

9

St Luke's College Foundation Balance Sheet as at 31 July 2022

Fixed Assets
Investments
Current Assets
Debtors
Cash at Bank
Creditors:Amounts falling due within one year
Net Current Assets
Net Assets
Funds
Capital
- Lazenby Trust
- Endowment
- Expendable Project
Income
- Restricted		 Notes
6
7
8
9
9
9
9		 2022
£
7,691,066
7,691,066
37,453
90,859
128,312
3,941
124,371
7,815,437
1,108,012
5,856,429
671,639
179,357
7,815,437		 2021
£
8,003,737
8,003,737
36,678
24,421
61,099
3,865
57,234
8,060,971
1,153,720
6,073,392
694,215
139,644
8,060,971

The financial statements were approved and authorised for issue by the trustees on ………………………………………. and signed on their behalf by:

Rev Professor Gina Radford…………………………………………………………….. Trustee

Mr Giles Frampton …………………………………………………………………… Trustee

The Notes on pages 10 to 15 form part of these Financial Statements

10

St Luke's College Foundation Notes to the Financial Statements

Year ended 31 July 2022

1 Summary of significant accounting policies

(a) General information and basis of preparation

St Luke's College Foundation is a charity registered in England within the United Kingdom.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

(c) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(d) Employee benefits

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(e) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

11

St Luke's College Foundation Notes to the Financial Statements (continued) Year ended 31 July 2021

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property was depreciated over 50 years on a straight line basis. Freehold land was not depreciated.

The cost of sundry equipment is written off in the year of purchase.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Cash

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts.

(i) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Capital funds represent the permanent assets of the charity.

(j) Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2.
Costs of charitable activities - Chapel and Chaplaincy
Chapel -
Running Costs - General
Repairs
Chaplaincy -
Chaplain's Stipend
Salaries
Pension contributions
Expenses of Office
Block Grant
Chapel Music grant
Other expenses
3.
Administrative costs
Office Expenses
Trustee Expenses
Administrative Salaries
Pension contributions
Meeting Expenses
Computer Expenses
Professional Fees and Subscriptions
Advertising
Accountancy Fees paid to Independent Examiner
Independent Examiners Fees for External Scrutiny
Payroll costs
Bank Charges
Other		 2022
£
2,186
-
15,793
28,899
9,200
-
9,000
2,000
1,348		 2021
£
2,198
2,040
11,835
28,308
9,224
-
9,000
2,000
486
68,426 65,091
300
108
25,176
4,245
1,230
72
2,465
589
1,320
600
1,160
25
592		 405
-
24,489
4,136
38
72
2,353
617
1,440
600
1,123
26
638
37,882 35,937

12

St Luke's College Foundation Notes to the Financial Statements (continued) Year ended 31 July 2022

4 Employees
The average number of persons employed by the Foundation was:
Number of Employees
- Full time
- Part time
Staff Costs:
Wages and Salaries
Social Security Costs
Pension costs		 2022
1
6		 2021
1
5
£
68,973
895
13,445		 £
63,439
1,193
13,360
83,313 77,992

There are no employees earning emoluments over £60,000

The charity operates a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the charity and amounted to £13,445 (2021: £13,360). Creditors as at 31 July 2022 included £793 (2021: £762) worth of pension contributions payable to the pension provider.

5 Trustees remuneration and expenses

Remuneration
Expenses - mileage
6 Investments
Market Value at 1 August 2021
Investments purchased during year
Proceeds from sale of investments
Realised profit(loss) on sale of investments
Unrealised profit (loss)
Value of shares held at 31 July 2022
Cash held in CBF Deposit Fund
Market Value at 31 July 2022
Investments Comprise:
Cost
£
109,153 CBF Fixed Interest
163,296
259,147 CBF Investment Fund
1,135,310
638,602 CBF Property Fund
742,210
464,817 CBF Global Equity Fund
524,200
160,000 CBF Deposit Fund
730,000
3,295,016
During the year 1 (2021: nil) trustees were reimbursed a total of		 Remuneration
Expenses - mileage
6 Investments
Market Value at 1 August 2021
Investments purchased during year
Proceeds from sale of investments
Realised profit(loss) on sale of investments
Unrealised profit (loss)
Value of shares held at 31 July 2022
Cash held in CBF Deposit Fund
Market Value at 31 July 2022
Investments Comprise:
Cost
£
109,153 CBF Fixed Interest
163,296
259,147 CBF Investment Fund
1,135,310
638,602 CBF Property Fund
742,210
464,817 CBF Global Equity Fund
524,200
160,000 CBF Deposit Fund
730,000
3,295,016
During the year 1 (2021: nil) trustees were reimbursed a total of		 Market
Income
Value
Received
£
£
135,187
3,251
4,836,792
142,137
920,747
38,094
1,068,340
30,761
730,000
2,181
7,691,066
216,424
2022
£108 for mileage (2021: £nil)		 Market
Income
Value
Received
£
£
135,187
3,251
4,836,792
142,137
920,747
38,094
1,068,340
30,761
730,000
2,181
7,691,066
216,424
2022
£108 for mileage (2021: £nil)		 Market
Income
Value
Received
£
£
135,187
3,251
4,836,792
142,137
920,747
38,094
1,068,340
30,761
730,000
2,181
7,691,066
216,424
2022
£108 for mileage (2021: £nil)		 Market
Income
Value
Received
£
£
135,187
3,251
4,836,792
142,137
920,747
38,094
1,068,340
30,761
730,000
2,181
7,691,066
216,424
2022
£108 for mileage (2021: £nil)		 £
0
108		 £
0
0
108 0
2022
£
7,223,737
-
-
-
(262,671)		 2021
£
6,353,107
-
-
-
870,630
6,961,066
730,000		 7,223,737
780,000
7,691,066 8,003,737
Income
Received
£
7,121
137,121
30,383
30,524
3,999
3,295,016 7,691,066 216,424 8,003,737 209,148

13

Notes to the Financial Statements (continued)

St Luke's College Foundation

Year ended 31 July 2022

7 Debtors
Investment income
Sundry debtors and prepayments
8 Creditors:Amounts falling due within one year
Sundry accruals
9A Statement of Funds
At 1 August
2021
£
Capital - Lazenby Trust
1,153,720
- Endowment
6,073,392
- Expendable Project
694,215
Total Capital Fund
7,921,327
Income Fund
139,644
Total Funds
8,060,971
At 1 August
2020
£
Capital - Lazenby Trust
1,011,626
- Endowment
5,344,856
- Expendable Project
733,088
Total Capital Fund
7,089,570
Income Fund
111,760
Total Funds
7,201,330		 7 Debtors
Investment income
Sundry debtors and prepayments
8 Creditors:Amounts falling due within one year
Sundry accruals
9A Statement of Funds
At 1 August
2021
£
Capital - Lazenby Trust
1,153,720
- Endowment
6,073,392
- Expendable Project
694,215
Total Capital Fund
7,921,327
Income Fund
139,644
Total Funds
8,060,971
At 1 August
2020
£
Capital - Lazenby Trust
1,011,626
- Endowment
5,344,856
- Expendable Project
733,088
Total Capital Fund
7,089,570
Income Fund
111,760
Total Funds
7,201,330		 7 Debtors
Investment income
Sundry debtors and prepayments
8 Creditors:Amounts falling due within one year
Sundry accruals
9A Statement of Funds
At 1 August
2021
£
Capital - Lazenby Trust
1,153,720
- Endowment
6,073,392
- Expendable Project
694,215
Total Capital Fund
7,921,327
Income Fund
139,644
Total Funds
8,060,971
At 1 August
2020
£
Capital - Lazenby Trust
1,011,626
- Endowment
5,344,856
- Expendable Project
733,088
Total Capital Fund
7,089,570
Income Fund
111,760
Total Funds
7,201,330		 New
designations
£
33,913
178,762		 Expended
£
66,240
-
22,576		 Investment
gains/(losses)
£
(45,708)
(216,963)		 Investment
gains/(losses)
£
(45,708)
(216,963)		 2022
£
35,566
1,887		 2021
£
34,668
2,010
37,453 36,678
3,942 3,866
3,942 3,866
Transfers
£
32,327
(178,762)		 At 31 July
2022
£
1,108,012
5,856,429
671,639
7,921,327 212,675 88,816 (262,671) (146,435) 7,636,080
139,644 7,899 114,621 - 146,435 179,357
8,060,971 220,574 203,437 (262,671) - 7,815,437
At 1 August
2020
£
1,011,626
5,344,856
733,088		 New
designations
£
32,402
173,500		 Expended
£
60,854
-
38,873		 Investment
gains
£
142,094
728,536		 Transfers
£
28,452
(173,500)
0		 At 31 July
2021
£
1,153,720
6,073,392
694,215
7,089,570 205,902 99,727 870,630 (145,048) 7,921,327
111,760 7,042 124,206 - 145,048 139,644
7,201,330 212,944 223,933 870,630 - 8,060,971

14

St Luke's College Foundation Notes to the Financial Statements (Continued) Year ended 31 July 2022

9A Continued…

The St Luke’s Foundation Endowment fund represents the permanent fund of the Charity. Only the income is expendable.

During 2021, following a resolution under s.282 charities Act 2011 and with the concurrence of the Charities Commission, the Trustees transferred £750,000 to a project fund in connection with the refurbishment of St Luke’s Chapel. A sum of £700,000 was transferred from the investment capital funds to the investment deposit account pending the commencement of the project.

The capital fund from the Lazenby Trust, the assets of which were transferred to the Charity in 2013, is a restricted fund whereby both the income and capital are expendable.’

9B Analysis of Net Assets between Funds

Capital Fund
Income Fund		 Invest-
ments
£
7,636,080
54,986		 Net
Current
Assets
£
-
124,371		 Total
£
7,636,080
179,357
7,691,066 124,371 7,815,437

10 Related party transactions

There were no related party transactions during the year.

Grants paid in the year:
Corporate Awards:
Corporate awards - to further, higher & other education institutions for research &
other purposes which contribute to the advancement of religious education and theology.
Corporate awards - major
SWMTC
Supporting theological formation
Corporate awards - small
Dave Francis Education Ltd
Developing "Big ideas for RE" resources
Professor Sue Gillingham
Support for vol 3 of "Psalms through the Centuries"
Personal awards - for research in theology or religious education
Rev Matt Allen
Revd Jenny Bridgman
Mrs Sian Brookes
Rev Rachel Bunting
Mr Tim Dixon
Mr Alexander Jones
Rev Simon Leigh
Mr Jared Lovell
Ms Liz Marsh
Rev Oliver Mears
Mr Oliver Peel
Rev Louise Annison
Rev Dan Brown
Rev Sue Butler
Rev Sam Crossley
Mr Jack Driver-Székely		 New Awards
£		 Continuing
Awards
£
24,456		 Continuing
Awards
£
24,456
1,050 3,000
1,050 3,000
1,000
1,000
1,000
1,500
1,500
1,000
1,000
1,000
447
1,500
1,000		 1,000
1,000
1,000
1,000
750

11 Grants paid in the year:

15

St Luke's College Foundation Notes to the Financial Statements (Continued) Year ended 31 July 2021

11
Grants paid in the year (continued):
Personal awards - for research in theology or religious education (continued)
Dr Sam Durley
Mrs Ruth Flanagan
Miss Christie Gilfeather
Mr Kevin Glasgow
Mrs Anna Leyden
Revd Shemil Mathew
Miss Hattie McInerney
Rev Tom Mumford
Mr Sam Rylands
Rev Graham Stevenson
Mr Miles Tradewell
Personal awards - for taught studies in theology or religious education
Mr Joe Allen
Mr Richard Barber
Rev Mark Castleton
Mr Mike Day
Rev David Gent
Mr Nour Gobara
Mr Ciarán Nevers
Rev Nathanael Poole
Miss Lydia Taylor
Rev Amanda Evans
Rev Anthony Gill
Rev Ben Morgan Lundie
Rev'd Michael Mair
Rev John White
Personal awards paid in the year (total £45,447)
Overall totals
Total all Corporate Major Awards:
Total all Corporate Small Awards:
Total all Personal Awards:
Total Corporate Small Awards & all Personal Awards:
Total all awards excluding prizes:
Total Prizes (not included in tables above):
Overall total for all awards & prizes:		 New Awards
£		 Continuing
Awards
£
750
1,500
1,500
1,500
1,000
750
750
1,000
1,000
1,500
750
3,000
1,500
1,500
1,000
750		 Continuing
Awards
£
750
1,500
1,500
1,500
1,000
750
750
1,000
1,000
1,500
750
3,000
1,500
1,500
1,000
750
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
20,947 24,500
24,456
4,050
45,447
49,497
73,953
600
74,553

Future instalments of awards approved but not yet due amount to £174,368