CUDDESDON Financial Statements Year Ended 31 July 2024 Charity Registration Number". 309714
Ripon College Cuddesdon Trustee Report and Financial Statements For the Year Ended 31 July 2024 Contents Page Charity Reference and Administrative Details Governors, Annual Report Independent Auditor's Report Statement of Financial Activities 10 13 Balance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16
Ripon College Cuddesdon Governors, Annual Report Year Ended 31 July 2024 Charity number 309714 Governors Chair The Rt Revd Michael Ipgrave Principal The Rt Revd Humphrey Southern (ex offficio) Appointed Revd Mark Bodeker (appointed by Bishop of Oxford) Canon Lucy Docherty (appointed by General Synod) The Venerable Guy Elsmore (appointed by Bishop of Oxford) Revd Lindsay Llewellyn-MacDuff (appointed by General Synod - resigned September 2024} Revd Canon Valerie Plumb (appointed by General Synod February 2025) Co-opted Sir Tony Baldry DL (Chair of Governance Committee) Rt Revd Lynne Cullens Mr Philip Gee (Chair of Estates and Personnel Committee) Canon Judith Knight (resigned May 2024) Revd Neil Patterson Revd Professor Jane Shaw {elected September 2024- Chair of Education and Formation Committee) Revd Professor Jennifer Strawbridge Mr Patrick Walker (Chair of Finance Committee) staff-elected Dr Rebecca Dean Revd Dr Sarah Brush Student-elected Ms Polly Honeychurch (resigned May 2024) Mr Dov Whittle (resigned May 2024) Mr Michael Stokes (appointed May 2024, resigned May 2025) Ms Joy Beauchamp (appointed May 2024, resigned May 2025) Mr Archie Warsap (appointed May 2025) Mr Terry Palmer (appointed May 2025) Board Secretary Revd Canon Prof Mark Chapman (resigned September 2024) Treasurer Mr Clint Mcvea (Bursar) Registered office Ripon College Cuddesdon, Oxford, OX44 9EX Auditor Wenn Townsend 30 St Giles, Oxford, OX13LE Bankers Nat West Bank Willow Court, Minns Business Park, 7 West Way, OXFORD OX2 OJB Investment managers CCLA Investment Management Ltd, Senator House, 85 Queen Victoria street, London, EC4V 4ET
Ripon College Cuddesdon Governors, Annual Report Year Ended 31 July 2024 The Governors present their report and the audited financial statements of the charity for the year 31 July 2024. 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 ft)r delivering these objectives is summarised as follows.. 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. 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. Broadening the institution through developing the successful and rich partnerships supporting our training in Cuddesdon, Gloucester, and Ludlow, and where possible developing new courses and partnerships, in co-operation with Dioceses and others. 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, until June 2024, 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. 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. No complaints were received during the year relating to fundraising (2023.. nil).
Ripon College Cuddesdon Governors, Annual Report Year Ended 31 July 2024 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 onferences, 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 SeNiS 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 (ceased in June 2024), Gloucester and Ludlow. Achievements and performance A significant feature of the year 202312024 was the Periodic External Review which was conducted in November 2023, with the report received at the end of the calendar year. The reviewers formed a broadly positive view of the work of Cuddesdon across a range of aspects- academic, formational, pastoral - while also making some helpful and far-reaching recommendations. These focus especially on strategic direction, governance and marketing and outreach. An Action Plan has been developed to address the PER recommendations, with several already fulfilled and others receiving attention. During the year we made a successful bid to the National Ministry Team Innovation Fund to enable the establishment in the 2025126 academic year of a new Children's, Young People's and Families, Workers training pathway (directly serving a key aspect of the Vision and Strategy of the national church). The development of this programme, together with a programme supporting the ministry of established Incumbents in relation to youth work, will be significant priorities for 2024125. In terms of our core purposes in 2023124, we again placed all leaving ordinands and lay ministry students successfully in curacy and other ministerial placements, including students on our Portsmouth Pathway, which was brought to a successful and gracious conclusion as priorities in the client diocese changed. Further work was done during the year in conjunction with Oxft)rd diocese to develop a new Ordained Assistant Minister pathway for the diocese, which launches as a pilot in September 2024. Financial review (including reserves policy) Unrestricted Funds A deficit budget had been set for 2023124 of £151,950 on the College's General Fund account. This reflected the continued low intake of students that has affected the sector as a whole. The planned deficit included additional financial support from National Ministry Team to support TEI'S through a revised block grant
Ripon College Cuddesdon Governors, Annual Report Year Ended 31 July 2024 Service Level Agreement. Effective financial control, along with continued growih in conference and events activity and a significant legacy meant that financial performan was better than expected, with a small surplus of £34,000 being incurred on the General Fund at the end of the year, significantly assisted by unexpected legacy income of £75,000. Total unrestricted income for the year was £2,014,578 which was an increase of £155,874 on the previous year. Following the adoption of FRS 102 a defined benefit pension scheme liability has been recognised in the accounts in previous years. In July 2023 the liability had fallen to zero, and there has been no change on this in the financial year. 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 2023 to 31 July 2024. 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 (£22,725), 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 yearond were £49,087 being reserves inherited on the merger with the West of England Ministerial Training Course (WEMTC), £44,977 in the refurbishment fund and £46,132 of donations raised for supporting visiting fellows and students, and sabbaticals. 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 2024, the College received income amounting to £1,348 (2023: £26,041) and made disbursements and transfers of £24,970 (2023.. £5.900) from this income. The balance of funds being held on behalf of the committee at the year*nd amounted to £7,994 (2023- £31,616) and is included as a restricted fund. The last 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 capitsl after inflation. The current investment objective is to achieve a return of 40/0 plus inflation, although it is recognized that this is a challenging target if inflation increases significantly. During 2017118 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 £9.4m, a figure that includes freehold properties recorded at cost of £10.6m. Net current assets at the year-end were £1,030,522, of which £173,436 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 unrestricted general fund reserves were £331,121 (2023: £378,970). This is below the minimum target and it remains a priority to aim for general fund surpluses in future in order to increase reserves to facilitate investment and provide options for debt repayment. Overall available unrestricted and designated funds are £857,086 (2023- £416,686) which provides reassurance whilst action is taken to meet
Ripon College Cuddesdon Governors, Annual Report Year Ended 31 July 2024 the minimum target. The Propety Designated Fund £7,277,766 (2023: £7,305,965) can only be realised by disposing of tangible fixed assets and is not available to support the operations of the College. We continue to hold net current assets (in addition to its general fund free reserves) sufficient to cover all restricted funds. 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.. Lower student numbers across the various pathways with the consequent reduction in income. Mitigation includes strengthening the admissions procedures and continued nelworking with Di0seS and potential students to raise the profile of the College. Unsuccessful renegotiation of existing borrowing arrangements neSSItatIng the earlier than planned repayment of the loans. Mitigation includes close liaison with existing borrowers to secure mutually beneficial terms, as well as estsblishing a sound debt repayment plan over the next five years. Our response to the coronavirus pandemic highlighted the 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. A new student administration system has been identified and will be implemented during autumn 2024. 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 National Ministry Team and 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 in 2024125 has improved on the previous year 2023124, increasing to 79 across all pathways. Recruitment to the full time residential pathway continues to be difficult with one funded ordinand and one independent student starting in September 2024 (the number of full time residential ordinands has shown a further fall to 14 in 24125, down from 20 in 23124). Fortunately non-residential recruitment has improved, with good numbers starting at both Cuddesdon and CGH. Overall the lower numbers training, whilst also experienced by other training institutions, is very worrying and will have an impact over the next vo to three financial years. The future financial viability of residential training remains uncertain. Changes to the mechanisms by which funding is passed to Theological Education Institutes have provided some short-to-medium term stability, but the picture beyond 2026 remains uncertain. The issue around possible changes to the framework for maintenance support to ordinands which may impact residential student recruitment is still unresolved. We remain committed to developing strategic relationships with key Di0SeS, to maximize our potential to recruit students. At the same time, we have responded creatively to prompts from the national Church (including the National Ministry Team) to develop new programmes for Children's, Youth and Families {CYF) work and the development of Incumbent ministry in relation to youth work. We expect to make a key appointment in this area early in 2025 and to be launching a pilot Incumbents, programme in January and a
Ripon College Cuddesdon Governors, Annual Report Year Ended 31 July 2024 substantive trainee CYF pathway from September 2025. At the same time scrutiny remains tight on expenditure to assist in maintaining the financial viability of the college. Objectives for the year ahead Following the Periodic External review and with reference to its recommendations and other opportunities, the College's key objectives and priority actions for the 2024125 year are as follows 1. Make a successful appointment to launch a Children's, Youth and Families. Workers pathway from September 2025 (pilot programme at GloucesterlHereford centre from September 2024). 2. Develop an Incumbent Development Programme in conjunction with National Ministry Team colleagues (pilot launch in January 2025) 3. Develop the new OAM raining pathway with Oxford diocese on the basis of pilot from September 2024. 4. Continue to develop a new Business Plan, especially focusing on non-educational use of facilities in Cuddesdon for implementation from September 2025. 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 Govemors and advisors are set out on page 3. The Governors met four times during the year and received 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 Governing Body members, relevant staff members and up to three additional co- opted members. The Finance Committee meets at least four times a year and reports to each meeting of the Governing Body. The Finan Committee undertakes an annual review of risks (financial, physical and reputstional) 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 eststes and personnel matters. The sub-committee is chaired by a Governor and reports regularly to meetings of the Board of Governors. In response to a recommendation from of the Periodic External Review, a new sub-committee was established in 2024, the Governance Committee. Chaired by a governor it is charged with responsibility to oversee recruitment of co-opted governors, giving particular attention to considerations of inclusion and diversity- A final Governing Body sub-committee. Education and Formation, 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 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 stsff, 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.
Ripon College Cuddesdon Governors, Annual Report Year Ended 31 July 2024 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 cckopted 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- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements-, 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: 18 May 2025
Ripon College Cuddesdon Independent Auditor's Report Year Ended 31 July 2024 Opinion We have audited the financial statements of Ripon College Cuddesdon (the 'charity') for the year ended 31. July 2024 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 2024, and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and 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 eviden 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 e1ve 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 auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othetwise 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. 10
Ripon College Cuddesdon Independent Auditor's Report Year Ended 31 July 2024 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: the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibllities 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 assuran 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-complian 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.. Enquiry of management, those charged with govemance and the entity's solicitors around actual and potential litigation and claims., Enquiry of entity staff in Accounting and HR functions to identify any instances of non<ompliance with laws and regulations., Reviewing minutes of meetings of those charged with governance: Reviewing financial statement disclosures and testing to supporting documentation to assess ompliance with applicable laws and regulations-, 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 ststements, as we will be less likely to become aware of instances of non- compliance. 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.uklauditorsresponsibilities. This description foms part of our auditor's report.
Ripon College Cuddesdon Independent Auditor's Report Year Ended 31 July 2024 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 acpt or assume responsibility to anyone other than the charity and the charity's trustees a5 a body, for our auditwork, for this report, or for the opinions we have formed. Wenn Townsend Chartered Accountants and Statutory Auditor Oxford Date: 16th May 2025 Wenn Townsend is eligible to act as an auditor in terms of sectson 1212 of the Companies Act 2006. 12
Ripon College Cuddesdon Statement of Financial Activities Year Ended 31 July 2024 2024 2023 Unrestrfcte(J Restrieted Endowrnent funds funds funds Totsl Total Note Income and endowments from: Donations and legacies Charitable activities other trading activities Investments 91,636 1,696,338 186,497 40,107 13,500 6,674 105,136 1,703,012 186,497 62,832 78,115 1,680,998 148,704 32,830 22,725 Total income and endowments 2,014,578 42,899 2,057.477 1,940,647 Expenditure on: Raising funds Charitable activities 115,027 1,865,392 115,027 1,889,745 91,139 1,990,638 24,353 Total expenditure 1,980,419 24,353 2,004,772 2,081,777 Net gains l (losses) on investments 15 59,374 59,374 (14,162) Net income I qexpenditure) 34,159 18,546 59,374 112,079 (155,292) Transfers between funds 24 44,870 (44,870) Other recognised gains l (losses): Gainl(loss) sale of fixed assets 14 Pension deficit movement 332,811 332,811 26 10,000 159,979 14,687 other gains l (losses) Net movement in funds 21 361 361 412,201 {26,324) 59.374 445,251 Reconciliation of funds: Totsl funds brought forward 24 7.722,651 199.760 997,902 8,920,313 8,905,626 Total funds carried forward 24 8,134,852 173,436 1,057,276 9,365,564 8,920,313 All income and expenditure derive from continuing activities. 13
Ripon College Cuddesdon Balance Sheet Year Ended 31 July 2024 2024 2023 Net8 Fixed assets Tangible assets Investments 14 15 10,745,023 850,001 11,595,024 10,833,583 790,627 11,624,210 Current assets Stocks Debtors Cash at bank and in hand 16 17 5,243 107,975 1,040.575 1,153,793 6,048 70,737 684,164 760,949 Creditors: amounts falling due within one year Net current assets 18 (123,271 1,030,522 174,503 586.446 Total assets less current liabilities 12,625,546 12,210,656 Creditors: amounts falling due after more than one year Secured loan Unsecured loan 19 19 (3,259,982) {3,260,343) 30,000 3.290,343 3,259,982 Net assets (excluding pension liability) 9,365,564 8,920,313 Defined benefit pension liability Net assets 26 9,365,564 8.920,313 Charity Funds Endowment funds Restricted fund5 Unrestricted funds Total charity funds 24 24 24 1,057,276 173,436 8,134,852 9,365,564 997,902 199.760 7.722.651 8.920.313 The financial statements were approved and authorised for issue by the Governing Body on 5th February 2025. Signed on behalf of the Board of Governors Rt. Revd. Michael Ipgrave, Chair and Trustee Date: 16th May 2025 The notes on pages page 16 to 33 form part of these financial statements. 14
Ripon College Cuddesdon Statement of Cash Flows Year Ended 31 July 2024 2024 2023 Net cash flow from operating activities (28,897 146,471) Cash flow from investing activities Dividends, interest and rent from investments Proceeds from the sale of property. plant and equipment Purchase of property, plant and equipment Proceeds from the sale of investments Purchase of investments Net cash flow from Investing activities 62,832 403,582 (21,106) 32,830 (15,068) 445.308 17,762 Cash flow from financing activities Repayments of borrowing Net cash flow from financing activities (60.000) {60.000) 30,000 30,000) Net increase in cash and cash equivalents 356,411 (158,709) Cash and cash equivalents at 1 August 2023 684,164 842,873 Cash and cash equivalents at 31 July 2024 Cash and cash equivalents consists of: 1,040,575 684,164 Cash at bank and in hand Short term deposits Cash and cash equivalents at 31 July 2024 1,040,575 684,164 1,040,575 684.164 Analysis of changes in net debt At start of Cashflows year Foreign exchange movements Other non- cash changes At end of year Cash Cash equivalents 684,164 356,411 1,040,575 684,164 (30.000) 356,411 60,000 1,040,575 Loans falling due within one year Loans falling due after more than one year Total (30,000) (3,290,343) 361 30,000 (3,259,982) 2,636,179 416,411 361 2,219,407 Reconciliation of net Income to net cash flow from operating activities 2024 2023 Net income l (expenditure) for year I period Depreciation (Gains) I losses on investments Dividends, interest and rent from investments (Increase) I decrease in stock (Increase) I decrease in debtors Increase l (decrease) in creditors Net cash flow from operating activities 112,079 38,895 (59,374) (62,832) 805 (37,238) (21.232) (28,897) (155,292) 36,667 14,162 (32,830) 205 (9,893) 510 (146,471) 15
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 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 ststements. 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 fvnds 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 servIs. 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 2024 Fixed asset gifts in kind are recognised when re1vable 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 propety. 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: Costs of raising funds includes all expenditure incurred by the charity to raise funds ft)r its charitable purposes., Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims: and 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- Vvhere support costs cannot be directly attributed to partioular 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 2024 (fj 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: Freehold land Freehold buildings No provision has been made for depreciation on freehold land 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. Calculated at annual rates of between 5-20 % depending on the class of asset, with the intention of writing off the cost or valuation of the asset over their expected useful lives. Plant and machinery Fixtures and fittings Motor vehicles (gl 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 l (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 I 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. ti) 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. (l) 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 ouffiow of economic benefits will be required in settlement and the amount can be reliably estimated. Im) 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 beeen 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 re1vable 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 2024 (n) Foreign currency Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate beeen 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 Vvhen 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 servi. 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 belween 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 multiemployer 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 multiemployer 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 2023. 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 2024. 19
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 Income from donations and legacies 2024 2023 Gifts and donations Legacies Tax reclaimed 25,181 75,500 4,455 105,136 43,539 29,855 4,721 78,115 Income from donations and legacies was £105,136 (2023 - £78,115) of which £13,500 - (2023 £32,818) was attributable to restricted and £91,636 (2023 £45,297) was attributable to unrestricted nds. Income from charitable actlvltles 2024 2023 Tuition and other student fees Student accommodation and allowances Continuing education Research 1,240,855 443,872 11,611 6,674 1,703,012 1,022,111 621,968 32,095 4,824 1,680,998 Income from charitable activities was £1,703,012 (2023 £1,680,998) of which £6.674 (2023 £26,524) was attributable to restricted and £1,696,338 (2023 £1,654,474) was attributable to unrestricted funds. Income from other trading activities 2024 2023 Fundraising events Conference, events and guest stays Sales of merchandise and other trading activities 38 186,069 390 186,497 171 148,064 469 148,704 Income from other trading activities was £186,497 (2023 £148,704) of which £- (2023 £-) was attributable to restricted and £186,497 (2023 - £148,704) was attributable to unrestricted funds. Income from investments 2024 2023 Dividends - equities Interest - deposits 22,725 40,107 62,832 22,601 10,229 32,830 Income from investments was £62,832 (2023 £32.830) of which £22,725 (2023 £22,601) was attributable to restricted and £40,107 (2023 - £10,229) was attributable to unrestricted funds. Expenditure on raising funds 2024 2023 Fundraising and PR activities conferen expenses Support costs (see note 8) 10,365 77,098 27,564 115,027 10,091 60,248 20,800 91,139 20
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 Analysis of expenditure on charitable activities Staff Costs {incl Housing) Teaching Related (incl University Fees) Estates and Facilities Support costs (see note 81 Total 2024 Total 2023 Teaching and Research Student Accommodation Total 2024 685,033 266,310 951,343 209,299 9,559 272 531 282 090 277,192 169,820 1,181,083 1,068,223 922,415 1,990,638 202.299 1,889 745 Total 2023 971.888 148.980 420,722 449.048 1,990,638 Expenditure on charitable activities was £1,889,745 (2023 £1,990,638) of which £24,353 (2023 £23,081) was attributable to restricted and £1,865,392 (2023 £1,967,557) was attributable to unrestricted funds. Allocation of support costs Raising funds Teaching and Research Student Accommo dation Total 2024 Total 2023 Governance Admin & maintenance staff costs Office costs Premises costs Maintenance and equipment Insurance Other professional fees Depreciation Total 2024 615 8,341 2,161 11,140 47 1,827 1,463 1,970 27,564 6,189 83,871 21,726 112,028 480 18,374 14,716 19,808 277,192 3,791 51,384 13,310 68,633 295 11,256 9,016 12,135 169,820 10.595 143.596 37.197 191,801 822 31,457 25,195 33,913 474,576 9,746 153,276 33,146 196,312 339 29,840 14,976 32,213 469,848 Total 2023 20,800 238,529 210,519 469,848 Governance costs 2024 2023 Trustee expenses Auditor's remuneration 215 10,380 10,595 206 9,540 9,746 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 Net expenditure is stated after charging.. 2024 2023 Depreciation of tangible fixed assets Operating lease rentsls 38,895 1,889 36,667 1.906 21
Ripon College Cuddesdon Notes to the Financial Ststements Year Ended 31 July 2024 11 Auditor's remuneration The auditor's remuneration amounts to an audit fee of £10,380 (2023- £9,540). 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 (2023: £-). 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 Staff Governors who are also trustees of the College. The Principal and the Staff Governors, who are related parties as defined by FRS102, receive remuneration as employees of the College. Remuneration, including pension contributions, paid to the Principal and Staff Governors amounted to £167,723 (2023 £153,375). 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.. 2024 Number 2023 Number 2024 2023 Travel 215 206 13 Staff costs and employee benefits The average monthly number of employees and full time equivalent (FTE) during the year was as follows.. 2024 Number 12 2024 FTE 10.2 2023 Number 14 10 12 36 2023 FTE 11.3 Teaching and research Administration {including library) Catering, domestic and maintenance 12 33 26.8 28.3 The total staff costs and employee benefits was as follows: 2024 2023 Wages and salaries Employers national insurance contributions Pension costs - defined benefit schemes Pension costs- defined contribution schemes Other employee benefits (housing and book allowances) 960,893 85,697 36,304 31.847 17,992 1,132.733 933,526 83,043 50,981 47,906 18,947 1,134,403 During the year one employee received total employee benefits (excluding employer pension costs) of more than £60,000. During the year £2,796 was paid in redundancy (2023 - £33,300) 22
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 14 Tangible fixed assets Edward King Chapel Other Freehold Land and Buildings Fixtures and Fittings Total Cost or valuation: At 1 August 2023 Additions Disposals At 31 July 2024 2,681,551 7,992,184 696,873 21,106 (3,036) 714,943 11,370,608 21,106 (73,807} 11,317.907 (70,771) 7,921,413 2,681,551 Depreciation: At 1 August 2023 Charge for the year Eliminated on disposals At 31 July 2024 537,025 38,895 {3,036) 572,884 537.025 38,895 (3,036) 572,884 Net book value.. At 31 July 2024 2,681,551 7,921,413 142,059 10,745,023 At 31 July 2023 2,681,551 7,992,184 159,848 10,833,583 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. During the year 28 Fairfax Gate, was sold for £410,000 with completion tsking place on 26 September 2023. Net sale proceeds of £403,582, after legal and estate agent fees of £6,493, were received. The net book value of the property was £70,771. The carrying amounts of tangible fixed assets with a restricted title or pledged as security for liabilities is £1,692,972 (2023.. £1,692.972). 15 Fixed asset investments Listed investments Market Value At 1 August 2023 Additions Disposals Realised gain l (loss) on disposals Unrealised gain l {loss) on revaluation At 31 July 2024 790,627 59,374 850,001 2024 2023 Equities Fixed Interest l Bonds 850,001 790,627 850,001 790,627 The fair value of listed investments is determined by reference to the market price at the balance sheet date. 23
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 16 Stocks 2024 2023 Food and catering supplies Book tokens, vouchers and items for resale 3,489 1,754 5,243 3,553 2,495 6,048 17 Debtors 2024 2023 Students and staff External debtors Tax repayment due Prepayments and deposits 22,881 64,100 4,438 16,556 107,975 12,493 44,070 4,846 9,328 70,737 18 Credltors: amounts falling due within one year 2024 2023 Trade creditors Accruals Deferred revenue (see note 22) Concessionary loans payable (see note 21) Other creditors 48,949 38,557 21,417 62,728 56,198 13,527 30,000 12,050 174,503 14,348 123,271 Details of leasing arrangements are provided in note 20. 19 Creditors: amounts falling due after more than one year 2024 2023 Concessionary loans payable (see note 21) 3,259,982 3,290,343 20 Leases Total future minimum lease payments under non-cancellable operating leases are as follows.. 2024 2023 Not later than one year Later than one and not later than five years Later than five years 1,403 1,870 1,403 1,403 3,273 21 Concessionary loans payable 2024 2023 Secured Loan - Church Body of Hong Kong Unsecured Loan 3,259,982 3,260,343 60,000 3.320.343 3,259,982 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 2024 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 DollarlBritish 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 DollarlBritish 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 DollarlBritish Pound exchange rate exceeds a 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$32,690,000. The May 2011 agreement brought 2 Orchard View, Cuddesdon (a property owned by the College) within the scope of the negative pledge in favour of the lender. The purpose of the increased loan was to provide funding for the Appeal construction project. On 30 November 2020 a variation agreement was entered into which extended the repayment date of the loan to 12 October 2025 and removed the exchange rate ratio on repayment at the end of the term. 2024 2023 2024 HK$ 3,260,343 3,420,322 32,690,000 361 159,979 3,259,982 3,260,343 32,690,000 10.0276 10.0265 2023 HKS 32,690,000 Loan outstanding at 1 August Unrealised foreign exchange movement Loan outstanding at 31 July Exchange rate HK$ to the pound at 31 July 32,690,000 The total sterling liability as shown in the balance sheet reflects the prevailing exchange rate at the year*nd. 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 3151 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 was to be repaid in five equal instalments from 31st January 2021. The College surrendered the lease on one of the properties on 29 June 2023 and surrendered the lease on the remaining property on 1 August 2023. In January 2024 the College repaid the outstanding balance on the loan of £60,000. 22 Deferred income Total At 1 August 2023 Additions during the year Amounts released to income At 31 July 2024 13,527 21,417 {13,527) 21,417 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 2024 23 Contingent liabilities l 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 2024 Balance at 1108123 Gains I (losses) Balance at 31107124 Income Expenditure Transfers General Funds DF- Property (fixed assets) DF- Property (repairs) DF-WEMTC 378,970 1,839,681 (1,699,324) 7,305,965 (38,895) (188,206) 81,106 331,121 7,277,766 (70,410) 18,979 {81,265) 165,932 403,582 507,228 18,737 174,897 7,722,651 2,014,578 (160,935) 1,980,419 (13,962) 44,870 18,737 8,134,852 333,172 Restricted funds- year ended 31 July 2024 Balance at 1108123 Gains I (losses) Balan at 31107124 Income Expendit ure Transfers 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 Total Restricted Funds 1,360 145 3,839 11,663 5,718 1,348 (1,360) (145) (3,839) (11,663) (5,718) (8,842) (16,128) (3,396) (5,500) (4,971) 31,616 55,028 23.313 49.087 39,403 7,994 46,132 24,463 49,087 44,977 6,121 5,574 456 6,675 42,899 {456) 61 44,870 1,313 199,760 7,144 24,353 783 173,436 Endowment funds- year ended 31 July 2024 Balan at 1108123 Income Expen diture Gains l Balance at (losses) 31107124 Transfers Endowment Fund Foundation Fund Wilberforce Fund Jaspers Lectureship Exhibition and Library Skyes and Pannell Total Endowment Funds 110,553 140,284 4,637 122.936 373,526 245,966 997.902 3.553 114,106 140,284 378 5,015 10,029 132,965 30,474 404,000 14,940 260,906 59,374 1,057,276 26
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 Unrestricted funds- year ended 31 July 2023 Balance at 1108122 Gains I (losses) Balan at 31107123 Income Expenditure Transfers General Funds DF- Propety (fixed assets) DF- Property (repairs) DF-WEMTC 468,750 1,685.487 (1,652,872) 7,137,585 (36,667) (132,395) 45,068 10,000 159,979 378,970 7,305,965 77,750 (208,771) 150,000 18,979 36,278 173,217 7,720,363 1858,704 (160,386) 2,058,696 (30,372) 32,301 18,737 7,722,651 169.979 Restricted funds- year ended 31 July 2023 Balance at 1108122 Gains I Transfers (losses) Balan at 31107123 Income Expendit ure Endowment (incl Bishop Allen) Wilberfor Jaspers Lectureship Exhibition and Library Sykes and Pannell Congregational Music Cttee Cuddesdon Study Centre Student Hardship and Retreats WEMTC Refurbishment Appeal Miscellaneous Other Restricted Total Restricted Funds 1,352 144 3,818 11,600 5,687 37,516 7,667 1,367 (1,352) (144) (3,818) {11,600) (5,687) (5,900) 31,616 55,028 23,313 49,087 39,403 47,361 20,705 49,087 34,231 (3,932) 5,173 5,172 (714) 19,331 32,301 714 12,078 81,943 21,815 173,199 13,249 23,081 1,313 199,760 Endowment funds- year ended 31 July 2023 Balan Expen diture Gains l Balance at (losses) 31107123 1108122 Income Transfers Endowment Fund Foundation Fund Wilberforce Fund Jaspers Lectureship Exhibition and Library Skyes and Pannell Total Endowment Funds 111,401 140,284 4,727 125,328 380,794 249,530 1,012,064 (848) 110,553 140,284 4,637 122,936 373,526 245,966 997,902 (90) (2,392) (7,268) 3,564 14,162 Fund descriptions a) Unrestricted funds General Fund The College's general reserve for supporting, maintaining and developing its charitable activities. b) Designated funds 27
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 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 reseNes available to the charity. An amount of income from fees and accommodation charges has been 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 foNard as a designated reserve and is earmarked for future propety maintenance and improvement. Property (Repairs) 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 Sin July 2016. c) Restricted funds Congregational Music Cttee The Congregational Christian Music Committee organises a biennial 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 Centre Activities Funds to sponsor fellowships, provide overseas student bursaries, promote 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 Retreats To provide support ft)r ordinands suffering from financial hardship and to 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 2016117 the funds used were transferred to the general fund along with the assets they represent. The balance at 31 July 2024 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 2012113 all funds raised for this purpose are transferred to the general fund along with the assets they represent. Miscellaneous Other Restricted Includes a grant for development of allotments on the College site and grants to support students with physical and learning disabilities. d) Endowment funds Endowment Fund Represents freehold propety 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 propety comprising the original College site and kitchen garden, at its 1975 market value of £140,284. 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 Wilberforce Fund
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 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. Ilf 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 maintenan and repair of College buildings and furniture occupied and used for charitable educational purposes. 26 Analysis of net assets between funds Year ended 31 July 2024 Unrestricted Designated funds funds Restricted Endowment funds funds Total Fixed assets and investments Cash and current investments other current assets I liabilities Creditors more than one year Provisions I pensions Total 10,537,748 525,965 1,057,276 11,595,024 1,040,575 (10,053) (3,259,982) 341,741 (10,620) 172,869 567 (3,259,982) 331,121 7,803.731 173,436 1,057.276 9,365,564 Year ended 31 July 2023 Unrestricted Designated funds funds Restricted Endowment funds funds Total Fixed assets and investments Cash and current investments 10,626,308 37,716 997,902 11,624,210 684,164 468,395 178,053 Other current assets I liabilities Creditors more than one year Provisions I pensions Total (89,425) (30,000) (3,290,343) 21,707 (97,718} (3,290,343) 378,970 7,343,681 199,760 997,902 8,920,313 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 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. 29
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 Discretionary bonuses may be added before retirement depending on investment retums and other 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 beeen 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 Dember 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 6.7 /0 at 1 January 2024. There is no requirement for deficit payments at the current time. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m 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 beeen 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 beeen 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 2022. In this valuation the overall surplus in the DBS was £73.6m. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is as ft)Ilows- 30
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 2023 2022 Balance sheet liability at 1 January Deficit contribution paid Interest cost (recognised in SOFA) Remaining change to the balance sheet liability"(recognised in SOFA) Balance sheet liability at 31 December Comprises change in agreed deficit recovery plan and change in discount rate beeen year-ends. Vvhere relevant 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: Dember 2023 December 2022 December 2021 Discount rate 0.00 % o.oo/ 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 ft)r as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year. A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions.. An average discount rate of 2.70/0 p.a.; RPI inflation of 3.6 % p.a. (and pension increases consistent with this)-, CPIH inflation in line with RPI less 0.80/0 pre 2030 moving to RPI with no adjustment from 2030 onwards; Increase in pensionable stipends in line with CPIH; Mortality in accordance with 90 /0 of the S3NA tables, with allowance ft)r improvements in mortality rates in line with the CM12020 extended model with a long term annual rate of improvement of 1.5D/o, a smoothing parameter of 7. an initial addition to mortality improvements of 0.5 % pa and an allowance for 2020 data of Ooh (i.e. w2020 - 00/0). Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded. 31
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 The deficit recovery contributions under the recovery plan in force at each 31 Dember were as follows: /oof ensionable sti ends 7.1 % payable from January 2021 to Dernber 2022 31 December 2021 31 December 2022 31 December 2023 An interim reduction to deficit contributions to 3.2 % of pensionable stipends was made with effect from April 2022 and remained in place until December 2022. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules. Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability- However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2022 and over 2023 is set out in the tsble below. 2023 2022 Balance sheet liability at 1 January 10,000 Deficit contribution paid Interest cost (recognised in SOFA) Remaining change to the balan sheet liability. {recognised in SOFA) -7.000 -3,000 Balance sheet liability at 31 December Comprises change in agreed deficit recovery plan, and change in discount rate and inflation assumptions beeen 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 2023 nla nla nla December 2022 nla nla nla December 2021 Discount rate Price inflation Increase to totsl nla ensionable roll 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. 27 Financial commitments There were no contractual commitments for the acquisition of tangible fixed assets contracted for but not provided in the financial statements {2023 - £-). 32
Ripon College Cuddesdon Notes to the Financial Statements Year Ended 31 July 2024 28 Related party transactions There are no related paty 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 £710 from 8 individuals (2023: £1,180, 10 individuals). 29 Funds received as agent The Ecclesiological Investigations NeOrk organises a biennial conference which is funded by grants and delegate fees. Ripon College Cuddesdon acts as an agent for the Conferen organising committee. During the year ended 31 July 2024, the College received income amounting to £- (2023: £-) and made disbursements of £1,496 (2023-. £-) from this income. The balance of funds being held on behalf of the committee at the year*nd amounted to £1.887 and is included in creditors at 31 July 2024 (2023.. £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 Post balance sheet event On 6th May 2025 agreement was reached with the Church Body of Hong Kong on revised repayment dates for the loan of $32.69m HKD. A schedule of interim annual repayments starting on 1 July 2025 has been agreed resulting in the loan being repaid in full by 1 July 2031. A payment of $2.5m HKD will be made on 1 July 2025, followed by a repayment of $0.5m HKD on 1 July 2026. There are adequate available cash reserves to meet these repayments and the College has in hand action to ensure all future repayments can be met. 33