2023-07-31-accounts

Financial Statements

Year Ended 31 July 2023

Charity Registration Number: 309714

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Ripon College Cuddesdon Trustee Report and Financial Statements For the Year Ended 31 July 2023

Contents

	Page
Charity Reference and Administrative Details	3
Governors’ Annual Report	4
Independent Auditor's Report	10
Statement of Financial Activities	13
Balance Sheet	14
Statement ofCash Flows	15
NotestotheFinancialStatements	16

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Ripon College Cuddesdon Governors’ Annual Report Year Ended 31 July 2023

Charity number 309714

Governors Chair The Rt Revd Michael Ipgrave

Principal The Rt Revd Humphrey Southern (ex officio)

Appointed Revd Mark Bodeker (appointed by Bishop of Oxford The Venerable Guy Elsmore (appointed by Bishop of Oxford) Mrs Lucy Docherty (appointed by General Synod) The Very Revd Rogers Govender (appointed by General Synod) (resigned November 2022) Revd Lindsay Llewellyn-MacDuff (appointed by General Synod) (appointed November 2022)

Co-opted

Sir Tony Baldry DL Revd Canon Andrew Braddock (resigned August 2022) Rt Revd Lynne Cullens (appointed May 2023) Mr Philip Gee (Chair of Estates and Personnel Committee) The Rt Revd Anne Hollinghurst (resigned May 2023) The Very Revd Dr David Hoyle MBE (Chair of Education Committee) (resigned May 2023) Canon Judith Knight

Revd Neil Patterson Revd Professor Jennifer Strawbridge Mr Patrick Walker (Chair of Finance Committee)

Staff-elected

Dr Rebecca Dean (appointed July 2023) Revd Dr Roger Latham (resigned July 2023) Revd Dr Sarah Brush

Student-elected

Mr Mark Dunning (resigned June 2023) Mr Andrew Falconer (resigned May 2023) Ms Polly Honeychurch (appointed May 2023) Mr Dov Whittle (appointed May 2023)

Board Secretary

Treasurer

Revd Canon Prof Mark Chapman (Vice Principal)

Mr Clint McVea (Bursar)

Registered office

Auditor

Ripon College Cuddesdon, Oxford, OX44 9EX

Wenn Townsend 30 St Giles, Oxford, OX1 3LE

Bankers

Investment managers

Nat West Bank Willow Court, Minns Business Park, 7 West Way, OXFORD OX2 0JB CCLA Investment Management Ltd, Senator House, 85 Queen Victoria Street, London, EC4V 4ET

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Ripon College Cuddesdon Governors’ Annual Report Year Ended 31 July 2023

The Governors present their report and the audited financial statements of the charity for the year 31 July 2023. The Governors 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

Objectives

The objects of the College (as set out in the Royal Charter, dated 11th December 2001) are to provide, carry on and maintain a college or colleges for the training of candidates for Holy Orders in the Church of England and such other students of theology and other germane Christian studies as the Governors may permit.

• The current strategy for delivering these objectives is summarised as follows: e Providing excellent training and preparation for ministry in the Church of England and the Anglican Communion and to equip individual students for ordained, reader and other lay ministry in a variety of parochial and other contexts, preparing them to become creative and competent leaders within the wider church and the world. This encompasses maintaining high quality in academic and formational training; nurturing communities that support this learning; and seeking good levels of student numbers which can sustain a variety of viable training options in different geographical locations.

• e Being a centre for excellence in academic research. We continue to host conference and study days, manage research projects and attract visiting fellows and overseas visitors. We continue to encourage research from our teaching staff through regular periods of study leave.

• e Broadening the institution through developing the successful and rich partnerships supporting our training in Cuddesdon, Gloucester, Ludlow and Portsmouth, and where possible developing new courses and partnerships, in co-operation with Dioceses and others.

• e Income generation with a view to establishing a sound financial underpinning of our activities. This involves fundraising to support research and student bursaries as well as improvements and developments to buildings and estates. It also involves increasing the income generated from external users of facilities and developing new courses and educational opportunities.

Charitable Activities

We offer full-time residential and full and part-time non-residential training to ordinands sponsored by the Church of England. Students undertake academic theological study in addition to ministerial and spiritual formation which prepares students for their future ministry roles. During the year non-residential training continued to be offered through the full-time context based pathway (CBP) and part time pathway (PTP) based at Cuddesdon, the Cuddesdon Gloucester and Hereford (CGH) pathway based in Gloucester and Ludlow and the Portsmouth Pathway Cuddesdon (PPC) based in Portsmouth. In partnership with the Church Mission Society (CMS) we share in the training and formation of candidates for ordained pioneer ministry in the Church of England. During the year the Diocese of Portsmouth gave notice that it would no longer support a local ordination pathway and the Portsmouth Pathway will cease in July 2024.

We provide a breadth of training opportunities for ordained and lay ministers within the Church of England, recognising the importance this has in encouraging vocational ministry and responding to the broader challenges of the Resourcing Ministerial Formation initiative. CGH and the Portsmouth Pathway train readers alongside ordinands, providing creative opportunities for interaction and learning. Part time study for those exploring theology is provided through CGH in the Dioceses of Gloucester and Hereford through the Introduction to Christian Mission Course. Each of our centres provide opportunities for established ministers and others to develop their theological and ministerial learning as independent students. We also run a variety of short courses and retreats which attract overseas as well as UK delegates.

We run conferences, study days and seminars on a wide range of subjects as well as hosting visiting fellows, exchange students and sabbatical visitors.

Fund-raising standards information

We raise funds from students, alumni and those using or visiting the site in Cuddesdon to support its activities. This is done in a variety of ways including encouraging regular donations (for example the Cuddesdon 500 initiative), sales of books and other items, and periodic appeals for major projects. We have not engaged the services of a professional fundraiser or commercial participator.

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Ripon College Cuddesdon Governors’ Annual Report Year Ended 31 July 2023

Public benefit statement

The Governors have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The Governors are satisfied that our activities exist for the public benefit, particularly in respect of the advancement of religion and education, and that this is demonstrated by the achievements and performance of the College during the year (as outlined below).

We provide a public benefit by training candidates for Holy Orders in the Church of England, by training people for a wide variety of lay ministries, including Reader ministry, and by encouraging the wider study of theology. Training is provided to full time students and part-time students both formally and informally in groups. We provide lectures, materials and library databases. Students are supported by mentoring and coaching, and by the provision of student welfare, accommodation and meals. In a variety of ways, the students’ families are involved so that their partners and children can engage more in the student's education and prepare them to be able to support the student as they become leaders of the wider church community.

We provide a public benefit in academic research through the provision of conferences, study days and managing commissioned research projects. The academic staff publish books and articles in journals which are peer-reviewed and we maintain an academic library with access for academics and students.

We provide a public benefit in raising awareness and understanding of religious beliefs and practices by providing our facilities for the use of appropriate organisations and groups, and through organising conferences, seminars and lectures. In addition, we provide long or short stay retreats for those wishing to undertake research or further study, or simply to be rested and refreshed, in support of their ministry and practise of their beliefs. Our activities promote the study of religious teachings and practices and scriptures; promote prayer, praise and study; provide religious instruction and supervision: encourage and support pastoral work; and support the leaders of the Anglican Communion.

Through our various pathways we seek to play a role in the life of the places in which our activities are based. This is particularly so in Cuddesdon where staff and students share in services in the church, the annual village fete is hosted in our grounds and we aim to welcome and support our neighbours, on occasion making facilities available to hire. Similarly, we are involved in the wider life of the communities that share facilities in Portsmouth, Gloucester and Ludlow.

Achievements and performance

A key theme for the year was a far-reaching staff re-structuring exercise, involving colleagues in all departments — academic, administration, domestic and catering. This was successfully achieved and resulted in a number of departures at the end of the year, including redundancies, retirements and two resignations for private/career enhancement reasons.

Student recruitment to the ordination pathways was again lower than hoped for and (in common with the sector as a whole) we did not experience the ‘bounce back’ in numbers that some had anticipated. This continuing decline in full time residential students seems now to be an established trend and addressing this continues to be at the forefront of our strategy and planning.

We have continued to develop other aspects of our business and have seen a pleasing uptick to our conference and hospitality business. Financial review (including reserves policy) Unrestricted Funds A deficit budget had been set for 2022/23 of £199,100 on the College’s General Fund account. This reflected a significantly lower intake of students that affected the sector as a whole. The planned deficit included additional financial support from national Ministry Team to support TEl’s in light of the reduced number of students. Effective financial control, along with the return of conference and other external activity to precovid levels, meant that financial performance was better than expected, with a deficit of just under £100,000 being incurred on the General Fund at the end of the year. Total unrestricted income for the year was £1,858,704 which was a small increase of £21,208 on the previous year. 5

Ripon College Cuddesdon Governors’ Annual Report Year Ended 31 July 2023

Following the adoption of FRS 102 a defined benefit pension scheme liability has been recognised in the accounts in previous years. As at the end of July 2023 the liability had fallen to zero, a reduction of £10,000 on the assessed liability as at 31 July 2022 of £10,000. The value of the liability is taken from information provided by the Church of England Pension Board as at 31 December each year. The College is unable to assess the extent of any movement in its liability from 31 December 2022 to 31 July 2023.

As noted below in line with its reserves policy we need to generate revenue surpluses in order to secure the College's future as well as to reduce long-term borrowing and invest in capital improvement. The ability to do so remains highly dependent on maintaining and increasing student numbers as well as seeking to maximize other sources of income.

Restricted Funds In addition to the regular investment income from endowment funds (£22,601 ), the other significant restricted income consisted of regular donations for future refurbishment work and alleviating student financial hardship. The most significant restricted funds remaining at the year-end were £49,087 being reserves inherited on the merger with the West of England Ministerial Training Course (WEMTC), £39,403 in the refurbishment fund and £55,028 of donations raised for supporting visiting fellows and students, and sabbaticals. During the year expenditure of £19,215 was incurred on the Science for Seminaries project funded by a grant of £60,000 received from the Templeton Foundation in April 2021 (expenditure of £40,400 had been incurred in the previous year). The College organises a biennial annual conference on behalf of the Congregational Christian Music Committee which is funded by grants and delegate fees. During the year ended 31 July 2023, the College received income amounting to £26,041 (2022: £2,267) and made disbursements of £5,900 (2022: £792) from this income. The balance of funds being held on behalf of the committee at the year-end amounted to £31,616 and is included as a restricted fund. The conference was held in early August 2023, with the next scheduled for 2025.

Investment policy and performance

The College’s investment policy is to increase the real value of income generated whilst protecting the real value of capital after inflation. The current investment objective is to achieve a return of 4% plus inflation, although it is recognized that this is a challenging target if inflation increases significantly. During 2017/18 we reconfirmed our commitment to meet the ethical investment criteria used by the Church of England and as a result moved our investments to funds managed by CCLA. We continue to review the performance of the funds on a regular basis.

Reserves policy

The College has net assets of £8.9m, a figure that includes freehold properties recorded at cost of £10.8m. Net current assets at the year-end were £586,446, of which £199,760 represents restricted funds held for specified purposes. The College regularly monitors its financial and cash flow position and is careful to ensure that it has sufficient working capital and that there are banking facilities available, to meet any foreseeable expenditure. The current approved reserves policy is to aim to hold a minimum of three months of General Fund revenue expenditure as free reserves (approximately £450,000). Reserves are held in order to protect against temporary falls in income, due for example to below target recruitment, or unbudgeted additional expenditure such as pension deficits or major unexpected repairs. Reserves would also assist with the transitional costs of potential restructuring arising from the national review of ministerial education. If free reserves are accumulated in excess of this target the Governors would consider applying them to invest in capital improvement which would help to secure our long-term future.

At the year-end general fund free reserves (defined as net general fund) were £378,970 which is below the target. It remains a priority to aim for general fund surpluses in future in order to maintain reserves at the target level. This is particularly important at the current time with considerable uncertainty about the speed of recovery in the College’s conference and hospitality activities and continuing nervousness about future numbers of ordinands, particularly on the full time residential pathway. We continue to hold net current assets (in addition to its general fund free reserves) sufficient to cover all restricted funds. 6

Ripon College Cuddesdon Governors’ Annual Report Year Ended 31 July 2023

Risk management

We consider, evaluate and record the major areas of risk to which we are exposed, assessing both the likelihood and impact of those risks crystallising, together with the measures in place to manage and mitigate such risks. The process of identification and assessment of risk, the risks identified and the measures for mitigation are reviewed at least annually by the Finance Committee. The risks which are currently assessed as scoring highest, and the plans to address them include:

• e Lower student numbers across the various pathways with the consequent reduction in income. Mitigation includes strengthening the admissions procedures and continued networking with Dioceses and potential students to raise the profile of the College.

• ¢ Unsuccessful renegotiation of existing borrowing arrangements necessitating the earlier than planned repayment of the loans. Mitigation includes close liaison with existing borrowers to secure mutually beneficial terms, as well as establishing a sound debt repayment plan over the next five years.

We have considered additional risks arising from the coronavirus pandemic, although in the main these are already addressed within the risk register. Our response to the pandemic has highlighted a need to invest in new technology for the delivery of online educational activities, and also to upgrade legacy administrative systems that proved difficult to operate under remote working.

The principal risks relating to expenditure are that there may be additional pension deficits to be funded and there may be significant unexpected property maintenance expenditure.

We continue to focus on safeguarding and follow the advice of the House of Bishops and national guidance for TEls. During the year safeguarding training was completed for all students in accordance with the requirements of the national safeguarding team and 23 safeguarding disclosures were investigated and where appropriate referred to the other agencies.

The Principal and Senior Leadership Team keep the risks under review and ensure that proportionate mitigation strategies continue to be in place.

Plans for future periods Approximately 75% of the College’s income comes from the training of ordinands funded by the students’ dioceses (including provision of accommodation). Our major focus remains student recruitment and sustaining high student numbers across all of our pathways.

The number of ordinands across all pathways in 2023/24 is lower than 2022/23 after a further disappointing recruitment period. The reduction has been most marked in the number of full time residential training with only 20 ordinands on the full time pathway (a reduction from 30 in 2022/23). Whilst similar reductions in the number training have been experienced by other training institutions the reduction is worrying and will have an impact over the next two to three financial years.

Looking to the future the financial viability of residential training remains uncertain. It is unclear whether the changes made to the structure of and funding for theological training within the Church of England introduced in September 2023 will significantly improve the position. There is also uncertainty about possible changes to the framework for maintenance support to ordinands which may impact residential student recruitment. Steps are in hand to strengthen and develop relationships with key Dioceses, to investigate opportunities to grow the breadth of ministry training and to improve and extend marketing of the College’s existing pathways. At the same time scrutiny remains tight on costs so as to assist in maintaining the financial viability of the college.

Objectives for the year ahead

In line with the approved Strategic Plan the College’s key objectives and priority actions for the 2024/25 year remain unchanged:

1. Develop new partnerships and maintain presence within Oxford 2. Invest in new education opportunities

2. Develop non-educational use of the facilities in Cuddesdon.

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Ripon College Cuddesdon Governors’ Annual Report Year Ended 31 July 2023

Structure, governance and management

The management of the College is vested in a Board of Governors the composition of which is set out in the Royal Charter dated 11th December 2001 and the accompanying Bye Laws. The Royal Charter provides for the Board of Governors to be the governing and executive body of the College, exercising those powers as set out in the Charter and Bye Laws.

The Governors are charged with appointing the College Principal who is responsible for the day-to-day leadership and management of the College. The Principal is assisted in this by senior staff members who meet regularly as the Senior Leadership Team.

The College Governors and advisors are set out on page 3.

The Governors meet three times a year, and receive reports from the Principal and from staff and students and sub-Committees on all aspects of the College’s life and work. The Governors have reviewed the major risks which face the College and are satisfied that the necessary steps are being taken by the College to mitigate them.

Responsibility for detailed financial scrutiny, including investment policy and the proposal of budgets and final accounts has been delegated by the Governors to the Finance Committee which comprises the Treasurer, at least two Governing Body members, relevant staff members and up to three additional coopted members. The Finance Committee meets at least four times a year and reports to each meeting of the Governing Body. The Finance Committee undertakes an annual review of risks (financial, physical and reputational) and monitors actions being taken to address any areas of concern. A further Governing Body sub-committee, Estates & Personnel, has delegated responsibility for oversight of estates and personnel matters. The sub-committee is chaired by a Governor and reports regularly to meetings of the Board of Governors.

A final Governing Body sub-committee, Education, has delegated responsibility for the strategic oversight of curriculum design and resourcing, including aspects of the ethos and identity of Cuddesdon as a place of scholarship and research. The sub-committee is chaired by a Governor and reports regularly to meetings of the Board of Governors. Remuneration The Estates and Personnel Committee has responsibility for ensuring that we have appropriate remuneration procedures in place for all staff, including those identified as Key Management Personnel. The remuneration of the Principal is determined in accordance with the Lichfield Scale recommended by the Finance Panel of the Ministry Division of the Archbishops’ Council. Recruitment and induction of governors In accordance with the College’s Bye-Laws, two Governors are nominated by the General Synod of the Church of England, two Governors are nominated by the Bishop of Oxford, and staff and students each elect two Governors. Up to ten further Governors may be co-opted by the Board of Governors. A Governors’ induction pack has been prepared and is provided to all new Governors.

Trustees’ responsibilities

The Governors are responsible for preparing the Governors’ 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 Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing financial statements, the Governors are required to: e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP 2019 (FRS 102); ) make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 8

Ripon College Cuddesdon Governors’ Annual Report Year Ended 31 July 2023

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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

On behalf of the Board of Governors ,

Rt. Revd. Michael Ipgrave, Chair and Trustee

Date: 20" February 2024

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Ripon College Cuddesdon Independent Auditor’s Report Year Ended 31 July 2023

Opinion

We have audited the financial statements of Ripon College Cuddesdon (the ‘charity’) for the year ended 31st July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• ¢ give a true and fair view of the state of the charity's affairs as at 31st July 2023, and of its incoming resources and application of resources, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements 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 conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Ripon College Cuddesdon Independent Auditor’s Report Year Ended 31 July 2023

Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• e — sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records; or e we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• e Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;

• e Enquiry of entity staff in Accounting and HR functions to identify any instances of non-compliance with laws and regulations;

• e Reviewing minutes of meetings of those charged with governance; e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• e Performing audit work over the risk of management override of controls, including 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 limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Ripon College Cuddesdon Independent Auditor’s Report Year Ended 31 July 2023

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wenn Townsend

Chartered Accountants and Statutory Auditor Oxford

Date: Ip- 9 be Loup

Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Ripon College Cuddesdon Statement of Financial Activities Year Ended 31 July 2023

			2023	2023		2022
		Unrestricted	Restricted	Endowment
		funds	funds	funds	Total	Total
	Note	£	£	£	£	£
Income and endowments
from:
Donations and legacies	2	45,297	32,818	-	78,115	52,683
Charitable activities	3	1,654,474	26,524	-	1,680,998	1,696,092
Othertrading activities	4	148,704	-	-	148,704	108,632
Investments	5	10,229	22,601	-	32,830	23,243
Total income and		1,858,704	81,943	-	1,940,647	1,880,650
endowments
Expenditure on:
Raising funds	6	91,139	-	-	91,139	87,731
Charitable activities	7	1,967,557	23,081	-	1,990,638	1,891,512
Total expenditure		2,058,696	23,081	-	2,081,777	1,979,243
Netgains / (losses) on investments	15	-	-	(14,162)	(14,162)	(9,389)
Net income /(expenditure)		(199,992)	58,862	(14,162)	(155,292)	(107,982)
Transfers between funds	24	32,301	(32,301)	-	-	-
Other recognised gains / (losses):
Pension deficit movement	26	10,000	-	-	10,000	10,000
Other gains / (losses)	21	159,979	-	-	159,979	(395,431)
Netmovement in funds		2,288	26,561	(14,162)	14,687	(493,413)
Reconciliation of funds:
Total funds broughtforward	24	7,720,363	173,199	1,012,064	8,905,626	9,399,039
Totalfundscarriedforward	24	7,722,651	199,760	997,902	8,920,313	8,905,626

All income and expenditure derive from continuing activities.

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Ripon College Cuddesdon Balance Sheet Year Ended 31 July 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible assets Investments	14 15	10,833,583 790,627	10,855,182 804,789
		11,624,210	11,659,971
Current assets
Stocks Debtors	16 17	6,048 70,737	6,253 60,844
Cash at bank and in hand		684,164	842,873
		760,949	909,970
Creditors: amounts falling due within oneyear	18	(174,503)	(173,993)
Net current assets		586,446	735,977
Total assets less current liabilities		12,210,656	12,395,948
Creditors: amounts falling due after more than one year
Secured loan Unsecured loan	19 19	(3,260,343) (30,000) (3,290,343)	(3,420,322) (60,000) (3,480,322)
Net assets (excluding pension liability)		8,920,313	8,915,626
Defined benefit pension liability	26	-	(10,000)
Net assets		8,920,313	8,905,626
Charity Funds
Endowmentfunds	24	997,902	1,012,064
Restricted funds	24	199,760	173,199
Unrestricted funds	24	7,722,651	7,720,363
Totalcharityfunds		8,920,313	8,905,626

The financial statements were approved and authorised for issue by the Governing Body on 20th February 2024.

Signed on behalf of the Board of Governors

Rt. Revd. Michael Ipgrave, Chair and Trustee

Date: 20" February 2024

The notes on pages page 17 to 34 form part of these financial statements.

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Ripon College Cuddesdon Statement of Cash Flows Year Ended 31 July 2023

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|E| |Net|cash|flow from|operating|activities|(146,471)|(62,247)| |Cash|flow from|investing|activities| |Dividends,|interest and|rent from|investments|32,830|23,243| |Proceeds|from|the|sale|of property,|plant|and|equipment|-|-| |Purchase|of property,|plant and|equipment|(15,068)|(54,777)| |Proceeds|from|the|sale|of|investments|-|-| |Purchase|of|investments|-|-| |Net cash|flow from|investing|activities|17,762|(31,534)| |Cash|flow|from|financing|activities| |Repayments|of borrowing|(30,000)|(30,000)| |Net cash|flow from|financing|activities|(30,000)|(30,000)| |Net|increase|in|cash|and|cash|equivalents|(158,709)|(123,781)| |Cash|and|cash|equivalents|at|1|August|2022|842,873|966,654| |Cash|and|cash|equivalents|at|31|July 2023|684,164|842,873| |Cash|and|cash|equivalents|consists|of:| |Cash|at|bank and|in|hand|684,164|767,873| |Short term|deposits’|-|75,000| |Cash and|cash|equivalents|at 31|July 2023|684,164|842,873| |Analysis|of changes|in|net|debt| |At startof|| Cashflows|Foreign|Other|non-|At|end|of| |year|exchange|cash|year| |Cash|movements|changes| |Cash|767,873|(83,709)|-|-|684,164| |equivalents|75,000|(75,000)|-|-|-| |Loans|842,873|(158,709)|684,164| |falling|due|within|one|(30,000)|30,000|(30,000)|(30,000)| |year| |Loans|falling|due|after|more|(3,480,322)|-|159,979|30,000|(3,290,343)| |than|one|year| |Total|(2,667,449)|(128,709)|159,979|-__|(2,636,179)|

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Reconciliation of net income to net cash flow from operating activities

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|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Net|income|/|(expenditure)|for year|/|period|(155,292)|(107,982)| |Depreciation|36,667|46,043| |(Gains)|/|losses|on|investments|14,162|9,389| |Dividends,|interest|and|rent from|investments|(32,830)|(23,243)| |(Increase)|/ decrease|in|stock|205|(865)| |(Increase)|/ decrease|in|debtors|(9,893)|(10,175)| |Increase|/|(decrease)|in|creditors|510|24,586| |Net|cash|flow from|operating|activities|(146,471)|(62,247)|

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15

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

1 Summary of significant accounting policies

(a) General information and basis of preparation Ripon College Cuddesdon is a charity established by Royal Charter in the United Kingdom. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity's operations and principal activities are to provide, carry on and maintain a College or Colleges for the training of candidates for Holy Orders in the Church of England and such other students of theology or other germane Christian studies. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), 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 prepared 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) 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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the charity, principally freehold property within the village of Cuddesdon. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

(c) 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.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

16

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity where it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. 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. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Other income includes gains on disposals of tangible fixed assets.

(d) 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:

• e Costs of raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes;

• e Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims; and

• e Other expenditure represents those items not falling into the categories above.

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.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 8.

17

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

(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.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Freehold|land|No|provision|has|been|made|for|depreciation|on|freehold|land| |Freehold|buildings|and|buildings|as|it|is|believed|with|regular|maintenance|the| |residual|value|is|unlikely|to|fall|below|the|original|cost,|and| |thus|any|depreciation|would|be|immaterial.| |Plant and|machinery|Calculated|at|annual|rates|of between|5-20%|depending|on|the| |Fixtures|and|fittings|class|of asset,|with|the|intention|of writing|off the|cost|or| |Motor|vehicles|valuation|of the|asset|over|their|expected|useful|lives.|

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(g) 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.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(h) Stocks

Stocks are stated at cost. Cost is calculated using the “first in first out” formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

(i) 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.

(j) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

(k) Concessionary loans

Concessionary loans include those payable to third parties which are interest free or below market interest rates and are made to advance charitable purposes. All loans are measured at cost, less impairment.

(I) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(m) Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

18

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

(n) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(o) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

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

The charity also participates in a multi-employer defined benefit plan. The charity is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis and therefore, as required by Section 28 of FRS 102 “Employee Benefits”, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the SoFA represents the contributions payable to the scheme in respect of the accounting period. Since the charity has entered into an agreement for a recovery plan that determines how each employer within the scheme will fund the overall deficit the charity recognises a liability for the contributions payable that arise from the agreement to the extent that they relate to the deficit and the resulting expense is shown in the SoFA.

(p) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010. All income in the year is within this exemption and no corporation tax liability arises.

(q) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held, the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(r) Critical accounting judgements

FRS 102 distinguishes between a Group Plan pension scheme and a multi-employer pension scheme. A Group Plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as that provided by Church of England Pensions Board. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense is recognised in the statement of financial activities. The trustees are satisfied that the Clergy Pension Scheme provided by the Church of England Pensions Board meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements.

(s) Key sources of estimation uncertainty — Clergy Pension Scheme liability FRS102 requires agreed deficit recovery payments to be recognised as a liability. This liability represents the present value of the deficit contributions agreed as at the accounting date of the pension scheme. The trustees have included the value of this liability within the accounts based on information provided by the Church of England Pensions Board as at 31 December 2022. The trustees consider that this is a best estimate, but recognise it presents a significant risk in potentially causing a material adjustment to the balance sheet as at 31 July 2023.

19

4 Income from other trading activities

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

2		Income from donations and legacies
	7		2023	2022
			£	£
		Gifts and donations Legacies	43,539 29,855	34,050 13,650
		Tax reclaimed	4,721	4,983
			78,115	52,683

Income from donations and legacies was £78,115 (2022 - £52,683) of which £32,818 - (2022 - £16,305) was attributable to restricted and £45,297 (2022 - £36,378) was attributable to unrestricted funds.

3 Income from charitable activities

Income from charitable activities
	2023	2022
	£	pa
Tuition and other student fees	1,022,111	1,035,176
Student accommodation and allowances	621,968	649,429
Continuing education	32,095	2,385
Research	4,824	9,102
	1,680,998	1,696,092

Income from charitable activities was £1,658,798 (2022 - £1,696,092) of which £26,524 (2022 - £4,702) was attributable to restricted and £1,654,474 (2022 - £1,691 390) was attributable to unrestricted funds.

Income from other tradingtrading activities
	2023	2022
	£	£
Fundraising events	171	112
Conference hire	148,064	107,829
Sales of merchandise and othertrading activities	469	691
	148,704	108,632

Income from other trading activities was £148,704 (2022 - £108,632) of which £- (2022 - £-) was attributable to restricted and £148,704 (2022 - £108,632) was attributable to unrestricted funds.

5 Income from investments

Income from investments
	2023	2022
	£	£
Dividends — equities	22,601	22,147
Interest— deposits	10,229	1,096
	32,830	23,243

Income from investments was £32,830 (2022 - £23,243) of which £22,601 (2022 - £22,147) was attributable to restricted and £10,229 (2022 - £1,096) was attributable to unrestricted funds.

6

Expenditure on raising funds

Expenditure on raising funds
	2023	2022
	£	£
Fundraising and PR activities	10,091	11,981
Conference expenses	60,248	56,090
Support costs (see note 8)	20,800	19,660
	91,139	87,731

20

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

7 Analysis of expenditure on charitable activities

	StaffCosts (incl	Teaching Related (incl	Estates and Facilities	Support costs (see	Total 2023	Total 2022
	Housing)	University		note 8)
		Fees)
	£		£	£	£
Teaching and Research StudentAccommodation	671,462 300,426	148,980 -	9,252 411,470	238,529 210,519	1,068,223 922,415	1,134,770 756,742
Total 2023	971,888 ee	148,980 NOON	420,722 20/22	449,048 449,048	1,990,638 1,990,638	1,891,512 1,891,512
Total2022	980,394	184,373	314,836	411,909	1,891,512

Expenditure on charitable activities was £1,990,638 (2022 - £1,891,512) of which £23,081 (2022 - £53,376) was attributable to restricted and £1,967,557 (2022 - £1,838,136) was attributable to unrestricted funds.

8 Allocation of support costs

Allocation of supportsupport costs
	Raising	Teaching	Student	Total	Total
	funds	and	Accommo	2023	2022
		Research	dation
	£	£	£	£
Governance	431	4,948	4,367	9,746	8,940
Admin & maintenance staff costs Office costs	6,785 1,468	77,815 16,826	68,676 14,852	153,276 33,146	147,151 30,577
Premises costs	8,691	99,662	87,959	196,312	144,161
Maintenance and equipment	15	172	152	339	1,832
Insurance	1,321	15,149	13,370	29,840	21,783
Other professional fees Depreciation	663 1,426	7,603 16,354	6,710 14,433	14,976 32,213	34,089 43,036
Total 2023	20,800	238,529	210,519	469,848	431,569
Total2022	19,660	242,330	169,579	431,569

• 9 Governance costs

Governance costs
	2023	2022
	£	£
Trustee expenses	206	-
Auditor’s remuneration	9,540	8,940
	9,746	8,940
No amount has been included in Governance costs for	the direct employment costs or reimbursed
expenses of the Staff Governors on the basis that these payments relate to involvement in the College’s charitable activities.
Net expenditure for the year
Net expenditure is stated after charging:
	2023	2022
	£	£
Depreciation oftangible fixed assets	36,667	46,043
Operatingleaserentals	1,906	1,918

No amount has been included in Governance costs for the direct employment costs or reimbursed expenses of the Staff Governors on the basis that these payments relate to involvement in the College’s charitable activities. 10 Net expenditure for the year

21

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

11. Auditor’s remuneration

The auditor's remuneration amounts to an audit fee of £9,540 (2022 - £8,940).

12 Trustees’ and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration for their role as trustee during the year (2022: £-).

The College considers its key management personnel to be the Governors, which includes the Principal. Under the terms of the Royal Charter the Principal is ex-officio a member of the Governing Body and a trustee of the College. In addition, the Royal Charter requires the appointment of two Staff Governors who are also trustees of the College. The Principal and the Staff Governors, who are related parties as defined by FRS8, receive remuneration as employees of the College. Remuneration, including pension contributions, paid to the Principal and Staff Governors amounted to £153,375 (2022 - £157,254). Other than this no governor or any person with a family or business connection with a governor, directly or indirectly, received any remuneration from the College in the current or preceding year. The reimbursement of trustee expenses was as follows: 2023 2022 2023 2022 Travel Number2 Number206£ £-

13 Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

The average monthly number of employees follows:	and full time equivalent	equivalent (FTE)	(FTE) during the year	year was
	2023	2023	2022	2022
Teaching and research	Number 14	FTE 11.3	Number 14	FTE 12.3
Administration (including library)	10	7.8	10	7.8
Catering, domestic and maintenance	12	9.2	13	10.1
	36	28.3	37	30.2

The total staff costs and employee benefits was as follows:

The total staff costscosts and employee benefits was as follows:
	2023	2022
	£	£
Wages and salaries	933,526	973,327
Employers national insurance contributions	83,043	79,751
Pension costs —defined benefit schemes	50,981	66,253
Pension costs— defined contribution schemes	47,906	47,955
Other employee benefits (housing and book allowances)	18,947	23,801
	1,134,403	1,191,087

No employees received total employee benefits (excluding employer pension costs) of more than £60,000. During the year £33,300 was paid in redundancy (2022 - £-)

22

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

14 Tangible fixed assets

Tangible fixed assets
	Edward King	Other Freehold	Fixtures and
	Chapel	Land and	Fittings	Total
		Buildings
	£	£	£	a
Cost or valuation:
At 1 August 2022 Additions Disposals At 31 July2023	2,681,551 - - 2,681,551	7,992,184 - - 7,992,184	684,758 15,068 (2,952) 696,874	11,358,493 15,068 (2,952) 11,370,609
Depreciation:
At 1 August2022	-	-	503,311	503,311
Charge forthe year	-	-	36,667	36,667
Eliminated on disposals	-	-	(2,952)	(2,952)
At 31 July2023	-	-	537,026	537,026
Net book value:
At 31 July2023	2,681,551	7,992,184	159,848	10,833,583
At31July2022	2,681,551	7,992,184	181,447	10,855,182

The historic value of the freehold land and buildings was established on the basis of a market value appraisal in 1975. All subsequent portfolio additions have been recorded at cost.

The carrying amounts of tangible fixed assets with a restricted title or pledged as security for liabilities is £1,692,972 (2022: £1,692,972).

15 Fixed asset investments

Fixed asset investments
		Listed
		investments
MarketValue		£
At 1 August2022 Additions		804,789 “
Disposals		-
Realised gain / (loss) on disposals		-
Unrealised gain / (loss) on revaluation		(14,162)
At 31 July2023		790,627
	2023	2022
	£	£
Equities Fixed Interest/Bonds	790,627 -	804,789 -
	790,627	804,789
The fair value of listed investments is determined by sheetdate.	reference to the market price at the balance

23

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

16 Stocks

16		Stocks
			2023	2022
			£	£
		Food and catering supplies	3,553	3,557
		Book tokens, vouchers and items for resale	2,495	2,696
			6,048	6,253
17		Debtors
			2023	2022
			£	£
		Students and staff	12,493	9,153
		External debtors	44,070	41,974
		Tax repayment due	4,846	4,983
		Prepayments and deposits	9,328	4,734
			70,737	60,844
18		Creditors: amounts falling due within one year
			2023	2022
			£	£
		Trade creditors Accruals	62,728 56,198	63,583 43,198
		Deferred revenue (see note 22)	13,527	20,645
		Concessionary loans payable (see note 21)	30,000	30,000
		Other creditors	12,050	16,567
			174,503	173,993
		Details of leasing arrangements are provided in note 20.
19		Creditors: amounts falling due after more than one year
			2023	2022
			£	£
		Concessionary loans payable (see note 21)	3,290,343	3,480,322
20	+	Leases
		Total future minimum lease payments under non-cancellable operating leases are as follows:
			2023	2022
			£	£
		Not later than one year	1,870	1,990
		Laterthan one and not later than five years	1,403	3,483
		Later than five years	-	-
			3,273	5,473
21.		Concessionary loans payable
			2023	2022
			£	a
		Secured Loan— Church Body ofHong Kong	3,260,343	3,420,322
		Unsecured Loan	60,000	90,000
			3,320,343	3,510,322

The college drew down a HK$ 18,210,000 5-year loan facility with the Church Body of Hong Kong on 24 June 2008. The proceeds of the loan were used for the purpose of acquiring 1-5 Vine Cottages, High Street, Cuddesdon. Those properties are subject to a negative pledge in favour of the lender pursuant to which they cannot be charged to a third party. Interest was payable in five annual instalments of HK$364,200 (£25,000). The College took out a forward foreign exchange cover with HSBC secured with a first charge over Vine Cottages.

24

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

On 12 October 2010 the loan was re-negotiated to be interest free and to be repayable on the later of (a) the seventh anniversary of the date of the new agreement if the Hong Kong Dollar/British Pound exchange rate exceeds 11.8:1 on that date or (b) if, on the seventh anniversary of the date of the new agreement, the Hong Kong Dollar/British Pound exchange rate is less than or equal to 11.8:1, 90 days after the first date following that seventh anniversary on which the Hong Kong Dollar/British Pound exchange rate exceedsa rate of 11.8:1.

Following the signing of the revised loan agreement the forward exchange contract was sold back to HSBC on 20 October 2010, the proceeds realised of £157,250 were designated for the Appeal and the charge in favour of HSBC over 1-5 Vine Cottages was released.

On 2 May 2011 a variation agreement was entered into which increased the amount of the loan by HK$8,230,000, and a further variation dated 12 December 2011 increased the loan by another HK$6,250,000 taking the total borrowing to HK$32,690,000. The May 2011 agreement brought 2 Orchard View, Cuddesdon (a property owned by the College) within the scope of the negative pledge in favour of the lender. The purpose of the increased loan was to provide funding for the Appeal construction project. On 30 November 2020 a variation agreement was entered into which extended the repayment date of the loan to 12 October 2025 and removed the exchange rate ratio on repayment at the end of the term.

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023|2022|2023|2022| |£|g|HK$|HK$| |Loan|outstanding|at|1|August|3,420,322|3,024,891|32,690,000|32,690,000| |Unrealised|foreign|exchange|movement|(159,979)|395,431|-|-| |Loan|outstanding|at|31|July|3,260,343|3,420,322|32,690,000|32,690,000| |Exchange|rate|HK$|to|the|pound|at|31|July|10.0265|9.5576|

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The total sterling liability as shown in the balance sheet reflects the prevailing exchange rate at the year-end. Any difference arising due to movement in the conversion rate is shown as an unrealised gain or loss in the SOFA.

The College drew down a £845,000 interest free loan facility on 9 November 2007 from the Community of St John Baptist (CSJB). Following a period of negotiation with the CSJB a sale and leaseback arrangement was agreed in relation to two properties held by the College. On the 31% January 2020 two properties were sold to the CSJB for a sum of £695,000, reducing the balance on the loan to £150,000. On the same date the lender leased the properties to the College for a period of 20 years. The remaining interest free loan from the CSJB will be repaid in five equal instalments from 31st January 2021. The outstanding balance at 31 July 2023 is £60,000, with the fourth instalment of £30,000 due on 31% January 2024

22

~+Deferred income

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|||||| |---|---|---|---|---| |Total| |£| |At|1|August 2022|20,645| |Additions|during|the|year|13,527| |Amounts|released|to|income|(20,645)| |At|31|July 2023|13,527|

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Deferred income consists of conference or event bookings that relate to future periods.

25

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

23 Contingent liabilities / assets

There are contingent liabilities regarding conditional grants of £36,295 from the Central Board of Finance of the Church of England before 31 July 1983 which becomes repayable should the college ever cease to be a theological college recognised by the House of Bishops.

24 Fund reconciliation

Unrestricted funds — year ended 31 July 2023

	Balance at				Gains /	Gains /	Balance at
	1/08/22	Income	Expenditure	‘Transfers (losses)			31/07/23
	£	£	£		£	£	£
General Funds	468,750	1,685,487	(1,652,872)	(132,395)		10,000	378,970
DF— Property (fixed assets)	7,137,585		(36,667)		45,068	159,979	7,305,965
DF— Property (repairs)	77,750	-	(208,771)	150,000		-	18,979
DF-WEMTC	36,278	173,217	(160,386)	(30,372)		-	18,737
	7,720,363	1,858,704	(2,058,696)		32,301	169,979	7,722,651
Restricted funds—year	yearended	31 July 2023
		Balance at 1/08/22	Income Expenitt ure		Transfers	Gains! (losses)	Balance & 31/07/23
		£	£	£	£	£	£
Endowment (incl Bishop Allen) Wilberforce Jaspers Lectureship Exhibition and Library Sykes and Pannell Congregational Music Cttee Cuddesdon Study Centre Student Hardship and Retreats WEMTC Refurbishment Appeal Miscellaneous Other Restricted TotalRestrictedFunds		“ - _ - - - 47,361 20,705 49,087 34,231 - 21,815 173,199	1,352 - 144 . 3,818 - 11,600 - 5,687 - 37,516 (5,900) 7,667 - 1,367 (3,932) - - - - 714 - 12,078 (13,249) 81,943 (23,081)		(1,352) (144) (3,818) (11,600) (5,687) - - 5,173 - 5,172 (714) (19,331) (32,301)	“ F é - - - - - - - - - -	es - s - - 31,616 55,028 23,313 49,087 39,403 - 1,313 199,760

Endowment funds — year ended 31 July 2023

	Balance at 4/08/22	Income	Expen diture	Transfers	: Gains/ (losses)	Balance at 31/07/23
EndowmentFund Foundation Fund Wilberforce Fund Jaspers Lectureship Exhibition and Library Skyes and Pannell TotalEndowmentFunds	rae 111,401 140,284 4,727 125,328 380,794 249,530 1,012,064	£ - - - - - - -	£ - - - - - - -	£ - - - - - -___ -__	£ (848) - (90) (2,392) (7,268) (3,564) (14,162)	£ 110,553 140,284 4,637 122,936 373,526 245,966 997,902

26

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

Unrestricted funds—Yearended 31 July	Unrestricted funds—Yearended 31 July	2022
Balance at				Gains /		Balance at
1/08/21	Income	Expenditure	Transfers (losses)			31/07/22
£	£	£		£	£	£
General Funds 8,072,105	1,690,667	(1,587,665)	(7,716,357)		10,000	468,750
DF— Property - (fixed assets)	-	(46,043)	7,579,059 (395,431)			7,137,585
DF— Property 45,805 (repairs)	-	(118,055)	150,000		-	77,750
DF-WEMTC 53,407	146,829	(174,104)		10,146	-	36,278
8,171,317	1,837,496	(1,925,867)		22,848 (385,431)		7,720,363
Restricted funds—Yearended	31 July 2022
	Balance sn 1/08/21	‘ Income expert ure		Transfers	; Gains/ (losses)	Balance a 31/07/22
	£	£	g	£	£	£
Endowment (incl Bishop Allen) Wilberforce Jaspers Lectureship Exhibition and Library Sykes and Pannell Cuddesdon Study Centre Student Hardship and Retreats WEMTC Refurbishment Appeal Miscellaneous Other Restricted Total Restricted Funds	- . - - - 41,911 18,519 49,087 29,178 - 67,574 206,269	1,325 = 141 - 3,741 2 11,367 - 5,573 - 5,450 - 50 (2,917) - - - - 700 - 14,807 (50,459) 43,154 (53,376)		(1,325) (141) (3,741) (11,367) (5,573) - 5,053 - 5,053 (700) (10,107) (22,848)	- “ . - - - - - - - - -	- = - - - 47,361 20,705 49,087 34,231 - 21,815 173,199
Endowment funds—Year ended 31 July 2022
	Balance sf 4/08/21	Expen Income cies		Transfers	: Gains/ (losses)	Balance at 31/07/22
	£	£	£	£	£	£
Endowment Fund Foundation Fund Wilberforce Fund Jaspers Lectureship Exhibition and Library Skyes and Pannell TotalEndowmentFunds	111,963 140,284 4,787 126,914 385,613 251,892 1,021,453	- - - - - - -	- - - - - - -	- - - - - - -__	(562) - (60) (1,586) (4,819) (2,362) (9,389)	111,401 140,284 4,727 125,328 380,794 249,530 1,012,064

Fund descriptions

a) Unrestricted funds General Fund The College’s general reserve for supporting, maintaining and developing its charitable activities.

• b) Designated funds Property (fixed Represents the freehold land and property, other fixed assets and the assets) investments held by the College, along with the associated long term liabilities. Disclosing these separately highlights the available unrestricted reserves available to the charity.

27

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023 Property An amount of income from fees and accommodation charges has been (Repairs) designated for property repairs and maintenance. To the extent this budget has not been fully utilised in the year, due to the irregular nature of such expenditure, the balance has been carried forward as a designated reserve and is earmarked for future property maintenance and improvement.

WEMTC For a limited period following the transfer in August 2011 the income and expenditure arising from the continuing operation of the West of England Ministerial Course was treated as a designated reserve for the future development and support of the activity. No contributions to the designated reserve have been made since July 2016. c) Restricted funds Congregational Music The Congregational Christian Music Committee organises a_ biennial Cttee annual conference which is funded by grants and delegate fees. The College acts on behalf of the Committee and manages the conference and associated activities. Cuddesdon Study Funds to sponsor fellowships, provide overseas student bursaries, promote Centre Activities research generally develop links with theological training institutions in other parts of the Anglican Communion. This includes the Alex and Kirsty Ross Fund to support student exchanges with Trinity College, Melbourne. Student Hardship and _ To provide support for ordinands suffering from financial hardship and to Retreats support student retreats. WEMTC Reserves inherited from WEMTC on merger and to be applied to future delivery of courses. Refurbishment To fund the conversion of student study bedrooms to upgraded ensuite accommodation. Following completion of phase 1 in 2016/17 the funds used were transferred to the general fund along with the assets they represent. The balance at 31 July 2023 represents the funds available for phase 2 of the project.

Appeal

To fund the building of the Education Centre, Chapel and Convent. This includes contributions from the Begbroke Sisters. Following completion of the buildings in 2012/13 all funds raised for this purpose are transferred to the general fund along with the assets they represent.

Miscellaneous Other Includes a grant of £60,000 to deliver the Science for Seminaries project in Restricted the period from April 2021 to December 2022, a grant for development of allotments on the College site, grants to support students with physical and learning disabilities and a donation to fund library space for a collection of donated books.

d) Endowment funds Endowment Fund Represents freehold property given to the College comprising cottages in Cuddesdon village and gardens, farmland and allotments within the main College site and included at a 1975 market value of £66,995, and also investments the income from which to be applied in or towards the upkeep and repair of buildings belonging to the College and for the general charitable purposes of the College. Foundation Fund Freehold property comprising the original College site and kitchen garden, at its 1975 market value of £140,284. Wilberforce Fund Income from investments held to be applied in augmentation of the College Endowment fund as long as the College is conducted as a theological training college of the Church of England.

28

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

Jaspers Lectureship Income generated from investments held to provide lectures on the philosophy of Karl Jaspers. Exhibition and Library Income generated from investments held to provide scholarships & exhibitions for academic distinction, bursaries for financial assistance, and to maintain the Library. (If the income from endowments is not used as described above it may be used for such charitable educational purposes at the College as the Governors see fit). Sykes and Pannell Income generated from investments held to be applied for the maintenance and repair of College buildings and furniture occupied and used for charitable educational purposes.

Sykes and Pannell

25 Analysis of net assets between funds

----- Start of picture text -----
Year ended 31 July 2023 Unrestricted Designated Restricted © Endowment
funds funds funds funds Total
£ £ £ £ £
Fixed assets and investments - 10,626,308 - 997,902 11,624,210
Cash and current investments 468,395 37,716 178,053 - 684,164
Other current assets / liabilities (89,425) (30,000) 21,707 - (97,718)
Creditors more than one year - (3,290,343) - - (3,290,343)
Provisions / pensions - - - -
Total 378,970 7,343,681 199,760 997,902 8,920,313
Year ended 31 July 2022 Unrestricted Designated Restricted © Endowment
funds funds funds funds Total
£ £ £ £ £
Fixed assets and investments - 10,647,907 - 1,012,064 11,659,971
Cash and current investments 572,276 114,028 156,569 - 842,873
Other current assets / liabilities (93,526) (30,000) 16,630 - (106,896)
Creditors more than one year - (3,480,322) - - (3,480,322)
Provisions / pensions (10,000) - - - (10,000)
Total 468,750 7,251,613 173,199 1,012,064 8,905,626
----- End of picture text -----

26 Pensions and other post-retirement benefits

The College participates in the Church Workers Pension Fund (CWPF). The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the College and the other participating employers.

The CWPF has two sections: the Defined Benefits Scheme and the Pension Builder Scheme.

Pension Builder Scheme

The College participates in the Pension Builder Scheme section of the Church Workers Pension Fund. The Pension Builder Scheme of the CWPF is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which 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 be declared, depending upon the investment returns and other factors. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may added before retirement depending on investment returns and other

29

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

factors. There is no requirement for the Board to grant any bonuses. 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 Builder Scheme’s assets and liabilities to specific employers and that 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. A valuation of the Scheme is carried out once every three years. The most recent Scheme 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 3% following improvements in the funding position over 2021. 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.

The legal structure of the scheme is such that if another employer fails the College could become responsible for paying a share of that employer's pension liabilities.

Defined Benefit Scheme

The College participates in the Defined Benefit Scheme (DBS) section of the Church Workers Pension Fund. No new employees are enrolled in this Scheme and with effect from 1 April 2018 all active members of the scheme transferred to alternative pension arrangements. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries. For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to the SoFA during the year are contributions payable towards benefits and expenses accrued in that year. If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary. A valuation of DBS is carried out once every three years. The most recent was carried out as at 31 December 2019. In this valuation, the Life Risk Section was shown to be in deficit by £7.7m and £7.7m was notionally transferred from the employers’ sub-pools to the Life Risk Section. This increased the Employer contributions that would otherwise have been payable. The overall deficit in DBS was £11.3m. The next actuarial valuation is due at 31 December 2022.

30

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

Following the valuation, the Employer has entered into an agreement with the Church Workers Pension Fund to pay expenses of £5,800 per year.

.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is as follows:

		2022		2021
Balance sheet liability at	1 January		0		0
Deficit contribution paid			0		0
Interest cost (recognised	in SoFA)		0		0
Remaining change to the balance sheet liability*(recognised in			0		0
SoFA)
Balancesheetliabilityat	31December		0		0

• Comprises change in agreed deficit recovery plan and change in discount rate between year-ends. This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments:

		December	2022	December	2021	December	2020
Discount	rate	0.00%		0.00%		0.00%

The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employer's pension liabilities.

Church of England Funded Pension Scheme Ripon College Cuddesdon 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 schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as 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: e Anaverage discount rate of 2.7% p.a.; e RPI inflation of 3.6% p.a. (and pension increases consistent with this); e CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards;

• e Increase in pensionable stipends in line with CPIH; e 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

31

Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2023

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.

As at 31 December 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the table below. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

% ofpensionable stipends	January 2018 to	January 2021 to
	December 2020	December 2022
Deficitrepaircontributions	11.9%	7.1%

Section 28.11Aof FRS 102 requires agreed deficit recoverypayments 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 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below. ,	Section 28.11Aof FRS 102 requires agreed deficit recoverypayments 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 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below. ,	Section 28.11Aof FRS 102 requires agreed deficit recoverypayments 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 31 December 2022 is nil. The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below. ,
	2022	2021
Balance sheet liability at 1 January	10,000	20,000
Deficit contribution paid	-7,000	-10,000
Interest cost (recognised in SoFA)	0	0
Remaining change to the balance sheet liability* (recognised in	-3,000	0
SoFA)
Balancesheetliabilityat31December	0	10,000

“ Comprises change in agreed deficit recovery plan, and change in discount rate and inflation assumptions between year-ends.

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.

	December 2022	December 2021	December 2020
Discount rate	n/a	0.0% pa	0.2% pa
Price inflation	n/a	n/a	3.1% pa
Increasetototalpensionablepayroll	n/a	-1.5%pa	1.6%pa

The legal structure of the scheme is such that if another Responsible Body fails, Ripon College Cuddesdon could become responsible for paying a share of that failed Responsible Body's pension liabilities.

~—«~Financial commitments

27 _

32

Ripon College Cuddesdon Notes to the Financial Statements

Year Ended 31 July 2023

There were no contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements (2022 - £-).

28 Related party transactions

There are no related party transactions during the period other than the remuneration of the Principal and Staff Governors shown in note 12 and donations received from Governors and staff totalling £1,180 from 10 individuals (2022: £610, 5 individuals).

29 Funds received as agent

The Ecclesiological Investigations Network organises a biennial conference which is funded by grants and delegate fees. Ripon College Cuddesdon acts as an agent for the conference organising committee. During the year ended 31 July 2023, the College received income amounting to £- (2022: £-) and made disbursements of £- (2022: £-) from this income. The balance of funds being held on behalf of the committee at the year-end amounted to £3,383 and is included in creditors at 31 July 2023 (2022: £3,383). The income received and expenses paid are not included in the SOFA as they do not relate to the activities of the College.

30 ~=Events after the end of the period

During the year the College reviewed future requirements for domestic accommodation for students and staff in light of trends in the number training within a residential setting. The review identified that the College had surplus accommodation above reasonable expectations of future student numbers and as a result took the decision to dispose of its interest in the three properties located within Wheatley. The leases on two properties were surrendered (one in June 2023 and the other in August 2023) once the current tenants vacated the property. A further property, 28 Fairfax Gate, was sold for £410,00 with completion taking place on 26 September 2023. Net sale proceeds of £403,582, after legal and estate agent fees, were received. The net book value of the property at 31 July 2023 was £70,771.

33