2022-08-31-accounts

Company Registration Number: 1056656 Charity Registration Number: 311793

Trinity College (Bristol) Limited Company Limited by Guarantee

Consolidated Financial Statements

For the year ended 31 August 2022

Trinity College (Bristol) Limited Company Limited by Guarantee Financial Statements

For the year ended 31 August 2022

	Page
Trustees' annual report (incorporating the directors’ report)	1
Independent auditor's report to the members	8
Consolidated Statement of financial activities (including income and expenditure account)	13
Consolidated Statement of financial position	14
Statement of financial position	15
Consolidated Statement of cash flows	16
Group Statement of changes in equity	17
Notes to the financial statements	18

Trinity College (Bristol) Limited Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

For the year ended 31 August 2022

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2022.

Reference and administrative details

Registered charity name Trinity College (Bristol) Limited Charity registration number 311793 Company registration number 1056656 Principal office and registered office Stoke Hill Bristol BS9 1JP

The trustees

Revd D Adide (Co-opted Member) Dr M Clark (Elected Member) – resigned 11 June 2022 Revd Canon R Driver (Elected Member) Revd M Duff (Elected Member) Revd Canon J Dunnett (Elected Member) Revd H Fraser (Elected Member) Revd M Hotchkiss (Co-opted Member) Right Revd R C Jackson (Elected Member, chair) Revd A M Kanagaratnam (Co-opted Member) – appointed 13 June 2022 Mr D Mills (Nominated by Crosslinks) Revd J M Moodey (Co-opted Member) – appointed 13 June 2022 Revd S Potter (Elected Member) Revd J Scamman (Nominated by CPAS) – appointed 23 January 2023

Company secretary & Executive director Canon A.J.S Lucas Principal Revd Dr S Doherty Auditor Saffery Champness LLP St Catherine’s Court Berkeley Place Clifton Bristol BS8 1BQ Solicitors Bobbetts Mackan Solicitors and Advocates 25 Trenchard Street Bristol BS1 5AN Bankers Lloyds Bank PLC 15 High Street Westbury-on-Trym Bristol BS9 3DA

Page 1

Trinity College (Bristol) Limited Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

For the year ended 31 August 2022

Structure, corporate governance and management

The trustees form the College Council which meets at least termly to conduct the policy governance of the college, to shape the vision of the college and to oversee the strategic implementation of the vision. The college principal and other members of the college's Leadership Team together with the student president participate in Council meetings.

The college seeks to help trustees to be well informed both in relation to their roles and responsibilities as trustees and in relation to the work of the college so as to facilitate high quality decision-making. This happens through opportunities to engage with the college outside of Council meetings, through reporting at meetings, special interest portfolios, and relevant items on agendas of meetings.

The trustees that served during the year are listed on page 1. Those elected by the College's Association are indicated as is the body nominating other trustees. By special resolution of the members, the college's Articles of Association were amended in July 2007 to create a smaller, more streamlined Council in pursuance of the college's strategy of making its governance structure more effective.

The College is committed to best practice in all aspects of corporate governance. Members of the College Council commit to adhering to the seven principles of public life (the ‘Nolan’ principles) as well as to the College’s core community values. The College follows the principles laid down by the Governance Code for larger charities and aims to adopt best practice in line with the Higher Education Code of Governance. The Council affirms the public interest principles set out by the Office for Students as the higher education sector regulator and ensures compliance with the ongoing conditions of registration with the Office for Students.

The College’s academic awards at taught undergraduate and postgraduate level are validated by Durham University through the Common Awards scheme set up in partnership with the Church of England, and at postgraduate research level by the University of Aberdeen. The Council receives reports of the annual reviews conducted in relation to both bodies.

The College is satisfied that it complies with all the primary elements that are the hallmarks of effective governing bodies operating in the UK higher education and charity sectors.

The College maintains a register of interest of members of the College Council which is available for inspection.

Objectives and activities

The Charity

Trinity College (Bristol) Limited is established for charitable purposes only. The principal activity consists of providing education in theology.

Trinity College Enterprises Ltd

The principal activity of the subsidiary company is the running of trading enterprises to support the educational programme of Trinity College (Bristol).

Page 2

Trinity College (Bristol) Limited Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

For the year ended 31 August 2022

Public benefit

The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake. Further details of these activities can be found in the review of achievements and performance (see below).

The Company is a registered charity (number 311793) and is limited by guarantee (number 1056656), its governing instrument being its Memorandum and Articles of Association.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

The trustees commend the 2022 financial statements of Trinity College (Bristol) Limited and the consolidated statements of the college and its wholly owned subsidiary, Trinity College Enterprises Limited. The 2021 accounts showed a surplus before depreciation of £181,011; the 2022 accounts return a deficit before depreciation of £129,194. Taken together, the trustees consider these results to be satisfactory. The 2022 inyear deficit is due in part to some £46,000 incurred on preparing for work on the site development, £28,000 from a book loss on the sale of a college property after revaluation, and the retention in the subsidiary company of £10,000 of profits to cover losses incurred during the coronavirus pandemic.

This year, the college marked the fiftieth anniversary of the forming of Trinity College from the merger of Clifton Theological College, Tyndale Hall, and Dalton House with St Michael’s with celebrations in the summer at which many former students and staff from the last fifty years and earlier were able to gather. The trustees are grateful to God for the faithfulness and fruitfulness that have been evident throughout this period and continue in the current life of the college.

The college's vision is to 'live like the Kingdom is near' and its mission is to form leaders of Christ-like character in community for a missional church through theological education. The college's values, to which staff and students commit in a service of worship at the beginning of the academic year, are drawn from the Beatitudes in the Sermon on the Mount and are organised around humility, wholeness, service, holiness, justice, worship, diversity, and courage. The college's strategic and business planning finds its centre in these values.

The academic year started with far few compulsory Covid restrictions and an emphasis on our own risk assessment and mitigations and ended with a much greater sense of normality. It was especially good to be able to welcome back spouses and families into the normal life of the community at lunch and worship. It was also possible to have the Dispersed Learners join us again on site for their residential study weeks. There is no doubt that the pandemic has had a disruptive influence on the formation of community and so in the course of the year we held sessions in year groups for students to talk through their feelings and experiences with one another and staff members. Helpful learning emerged for both students and staff.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

For the year ended 31 August 2022

The college has attracted relatively high numbers of students over the last few years. Since 2016, we have had up to 200 students ranging from certificate to doctoral level and including a number of student spouses who audit modules for interest and not for credit. The largest single cohort of students is made up of ordinands training for the Church of England and in each year since 2017 the number of ordinands has been around 100. The proportion of those studying by the Dispersed Learning route has continued to rise. In partnership with Bristol Baptist College, we continue to have a large and flourishing postgraduate research community, some present in Bristol but the majority dispersed across the world.

The trustees are grateful to the Burden Trust for our longstanding partnership and for their grant of £20,000 in the year towards our work in developing the technological resources to deliver online learning, and in support of our bursary fund for students from relatively disadvantaged backgrounds.

A strategic focus for the college is on diversity and participation. We aim to offer as wide access as possible to our programmes of study to those wishing to deepen their understanding of the Christian faith at higher education level. We are pleased that we have been able to provide specialist support to students presenting with specific learning difficulties, in particular in the areas of dyslexia and dyspraxia. Over 20% of students registered on our undergraduate and postgraduate taught programmes currently access help through DSA funding. Though we have seen good progress in widening participation, we are aware of progress that still needs to be made in some areas. The college welcomed in the course of the year a new member of faculty from a global majority heritage background, and we are seeing a small rise in the number of students with global majority/UK minority ethnic heritage. In the course of the year, we introduced new means of assessment to help those who struggle with the traditional essay format.

The college has begun responding to the report by the Church of England Anti-Racism Taskforce, From Lament to Action , through a number of initiatives.

Capital expenditure was applied in the year on upgrading the college’s fire safety precautions and this continues into the new year. Work was also done on improving access to the buildings for people with limitations on mobility.

The college provides training for the Church internationally, nationally, and locally and aims to benefit the communities the Church serves. All ordinands, whether based in Bristol or elsewhere, engage in context placements alongside their studies. We are grateful to the church communities, those in the Diocese of Bristol and wider afield, that host the students, and we are glad for the positive contribution they make to those communities. The students' experience of ministry in their placement churches, as well as in their placements in community and secular settings, serves to prepare them for the leadership roles they will occupy on leaving college.

Financial review

The group's incoming resources totalled £2,584,593 in the year. There was a net deficit on operations, both restricted and unrestricted, before depreciation of £129,194. Depreciation totalled £152,210, with £59,001 of this relating to the revaluation of our properties and charged to the revaluation reserve. Total funds in the balance sheet stood at £12,335,646, of which £72,539 were restricted. The trustees consider these results to be satisfactory.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

For the year ended 31 August 2022

Plans for future periods

With the lifting of the coronavirus restrictions, the college is in a better place to pursue our plans to improve the facilities on the college site: to improve access, enhance student accommodation, and make inroads on our net zero target. These plans envisage a major fundraising campaign.

Reserves policy

The college’s working capital requirement is met through reserves which are fed by regular committed streams of fee income from the Church of England and from others, supported by an overdraft facility arranged, as required, with the college’s bankers. Larger capital or developmental projects are funded through other fundraising, including from legacies. In general, the Council aims to have sufficient cash reserves to meet the needs of two months’ expenditure. The target cash reserves are in the region of £380,000. Whilst for some of the year, the college meets this target, for some periods in the year and in particular the year-end following the summer vacation, when planned maintenance is mainly undertaken and the normal educational activities are halted, the college falls short. At 31 August 2022, cash reserves fell short of the target by around £340,000. The Council does however have the option, if it chooses, to sell non-core property vested in supporting trust funds to meet the college’s targeted reserve figure.

Financial management and risk review, including internal controls

The Council retains oversight of the financial management of the college and delegates detailed scrutiny of budgets and accounts to its standing committee which reports to each meeting of the Council. In considering risk factors affecting its work, policy is framed and implemented over a wide range of activity including the regulatory framework, financial activity, staffing, property and corporate development and reputation. A risk register is updated annually. The Council continues to work on additional ways of funding its infrastructure and programmes.

Principal risks and uncertainties

In examining the major strategic and operational risks which the college faces, the trustees note three principal areas of risk below, together with mitigation strategies.

Income from fees becomes insufficient to meet the financial commitments and the strategic plans of the college:

• Maintain strategic focus on student recruitment.

• Maintain clarity of communication of vision and values.

• Reinforce commitment to residential training through planned investment in improvements to onsite accommodation and facilities.

• Increase range of opportunities for accessing college programmes.

• Develop new fundraising strategy in tandem with plans for site development.

• Replenish cash reserves through the potential sale of property not needed to support operations.

• Maintain carefully balanced budgeting.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

For the year ended 31 August 2022

Failure to comply with regulatory, safeguarding, and other external obligations:

• Maintain and develop staff and student programmes of training.

• Continue to review and develop relevant policies and their operation.

• Maintain clear processes, systems and structures of compliance and reporting.

• Develop the student directory database to meet all reporting requirements.

• Continue to draw on specialist advice and help.

• Continue to update policy and practice in light of Office for Students regulations and conditions.

The college suffers from the fall-out of factors associated with the wider economy:

• Strategic focus on initiatives around carbon net zero, diversity, access and participation, and new funding streams.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

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

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. 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.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

For the year ended 31 August 2022

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

The trustees' annual report and the strategic report were approved on ………………………… and signed on behalf 24th January 2023 of the board of trustees by:

A.J.S Lucas Charity Secretary

Page 7

Trinity College (Bristol) Limited Company Limited by Guarantee

Independent Auditor's Report to the Members of Trinity College (Bristol) Limited

For the year ended 31 August 2022

Opinion

We have audited the financial statements of Trinity College (Bristol) Limited (the 'parent charitable company') and its subsidiary (the ‘group’) for the year ended 31 August 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and 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 affairs of the group and the parent charitable company as at 31 August 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006 and the Office for Students’ accounts direction.

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 group and the parent charitable company 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 group or the parent charitable company'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.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Independent Auditor's Report to the Members of Trinity College (Bristol) Limited

For the year ended 31 August 2022

Other information

The trustees are responsible for the other information. The other information comprises the information included in the 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• The charity’s grant and fee income, as disclosed in the notes to the accounts, has been materially misstated; or

• we have not received all the information and explanations we require for our audit.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Independent Auditor's Report to the Members of Trinity College (Bristol) Limited

For the year ended 31 August 2022

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the 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 group’s and parent charitable company’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 group or the parent charitable company 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 auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent 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 are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sectors in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Independent Auditor's Report to the Members of Trinity College (Bristol) Limited

For the year ended 31 August 2022

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available 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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Trinity College (Bristol) Limited Company Limited by Guarantee

Independent Auditor's Report to the Members of Trinity College (Bristol) Limited

For the year ended 31 August 2022

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members 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 parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Strong (Senior Statutory Auditor) Date: 9 February 2023 For and on behalf of Saffery Champness LLP Chartered Accountants St Catherine’s Court Statutory Auditors Berkeley Place Clifton, Bristol BS8 1BQ

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Consolidated Statement of Financial Activities (including income and expenditure account)

For the year ended 31 August 2022

			2022		2021
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	6	66,520	38,244	104,764	38,506
Charitable activities	7	2,141,796	-	2,141,796	2,263,095
Other trading activities	8	338,007	-	338,007	273,482
Investment income	9	26	-	26	33
		----------------------	----------------------	----------------------	----------------------
Total income		2,546,349	38,244	2,584,593	2,575,116
		==================	=================	=================	=================
Expenditure on
Raising funds	10	280,439	-	280,439	274,293
Charitable activities	11,12	2,422,852	10,496	2,433,348	2,119,812
		-----------------------	-----------------------	-----------------------	----------------------
Net income before depreciation		(156,942)	27,748	(129,194)	181,011
		-----------------------	-----------------------	----------------------	---------------------
Depreciation		139,208	13,002	152,210	161,304
		------------------------	------------------------	------------------------	-----------------------
Total expenditure		2,842,499	23,498	2,865,997	2,555,409
		==================	=================	==================	=================
		------------------------	------------------------	-----------------------	----------------------
Net (expenditure)/income		(296,150)	14,746	(281,404)	19,708
		=================	=================	=================	================
Other recognised gains and losses
Actuarial (losses)/gains on defined benefit
pension schemes	23	110,000	-	110,000	39,000
		-----------------------	-----------------------	-----------------------	-----------------------
Net movement in funds		(186,150)	14,746	(171,404)	58,708
Reconciliation of funds
Total funds brought forward		12,449,259	57,792	12,507,051	12,448,343
		-------------------------	------------------------	------------------------	------------------------
Total funds carried forward		12,263,109	72,538	12,335,647	12,507,051
		==================	==================	==================	==================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 18 to 44 form part of these financial statements.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Consolidated Statement of Financial Position

For the year ended 31 August 2022

		2022	2021
	Note	£	£
Fixed assets
Tangible fixed assets	16	13,366,030	14,082,658
Current assets
Stocks	18	6,607	3,538
Debtors	19	64,895	67,479
Cash at bank and in hand	20	41,086	18,284
		-------------------------	-------------------------
		112,588	89,301
Creditors: amounts falling due within one year	21	182,571	550,303
		--------------------------	-------------------------
Net current liabilities		71,371	461,002
		--------------------------	-------------------------
Total assets less current liabilities		13,296,047	13,621,656
Creditors: amounts falling due after more than one year	22	950,400	994,605
		-------------------------	-------------------------
Net assets excluding defined benefit pension plan liability		12,345,647	12,627,051
Defined benefit pension plan liability	23	10,000	120,000
		-------------------------	-------------------------
Net assets including defined benefit pension plan liability		12,335,647	12,507,051
		===================	==================
Funds of the group
Restricted funds		72,538	57,792
Unrestricted funds:
Revaluation reserve		11,208,457	11,265,635
Defined benefit pension reserve		(10,000)	(120,000)
Other unrestricted income funds		1,064,652	1,303,624
		-------------------------	-------------------------
Total unrestricted funds		12,263,109	12,449,259
		-------------------------	-------------------------
Total group funds	25	12,335,647	12,507,051
		===================	==================

24th January 2023

These financial statements were approved by the board of trustees and authorised for issue on …………………….., and are signed on behalf of the board by:

Right Revd Richard Jackson Chair of Trustees

Company Registration Number: 1056656

The notes on pages 18 to 44 form part of these financial statements.

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Trinity College (Bristol) Limited Company Limited by Guarantee

Statement of Financial Position

For the year ended 31 August 2022

		2022	2021
	Note	£	£
Fixed assets
Tangible fixed assets	16	13,364,642	14,079,957
Investments	17	1	1
		-----------------------------------------	----------------------------------------
		13,364,643	14,079,958
Current assets
Stocks	18	6,607	3,538
Debtors	19	55,376	65,084
Cash at bank and in hand		30,504	1,400
		-------------------------	-------------------------
		92,487	70,022
Creditors: amounts falling due within one year	21	155,097	528,228
		-------------------------	-------------------------
Net current liabilities		62,610	458,206
		-----------------------------------------	-----------------------------------------
Total assets less current liabilities		13,302,033	13,621,752
Creditors: amounts falling due after more than one year	22	922,901	957,105
		-----------------------------------------	-----------------------------------------
Net assets excluding defined benefit pension plan liability		12,379,132	12,664,647
Defined benefit pension plan liability	23	10,000	120,000
		-----------------------------------------	-----------------------------------------
Net assets including defined benefit pension plan liability		12,369,132	12,544,647
		=====================================	=====================================
Funds of the charity
Restricted funds		72,538	57,792
Unrestricted funds:
Revaluation reserve		11,208,457	11,265,635
Defined benefit pension reserve		(10,000)	(120,000)
Other unrestricted income funds		1,098,137	1,341,220
		-----------------------------------------	-----------------------------------------
Total unrestricted funds		12,296,594	12,486,855
		-----------------------------------------	-----------------------------------------
Total charity funds	25	12,369,132	12,544,647
		=====================================	=====================================

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because Trinity College (Bristol) Limited has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

For the parent charity net movement in funds is a deficit of £175,515 (2021: surplus of £99,994).

These financial statements were approved by the board of trustees and authorised for issue on ………………….., 24th January 2023 and are signed on behalf of the board by:

Right Revd Richard Jackson Chair of Trustees

Company Registration Number: 1056656

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Trinity College (Bristol) Limited Company Limited by Guarantee

Consolidated Statement of Cash Flows

For the year ended 31 August 2022

----- Start of picture text -----
||||| |---|---|---|---| |2022|2021| |Note|£|£| |Cash flows from operating activities| |Net income/(expenditure)|(281,404)|19,708| |Adjustments for:| |Depreciation of tangible fixed assets|152,211|161,304| |Other interest receivable and similar income|-|(33)| |Interest payable and similar charges|53,662|53,310| |Accrued expenses|-|(25)| |-| |Loss on disposal of fixed assets|27,565| |Changes in:| |Stocks|(3,069)|(1,188)| |Trade and other debtors|(3,042)|2,852| |Trade and other creditors|(151,061)|3,792| |-----------------------------|-----------------------------| |Cash generated from operations|(205,138)|239,720| |Interest paid|(53,662)|(53,310)| |Interest received|-|33| |-----------------------------|-----------------------------| |Net cash (outflow)/inflow from operating activities|(258,800)|186,443| |============================|=============================| |Cash flows from investing activities| |Purchase of tangible assets|(101,414)|(55,817)| |-| |Proceeds of disposal of tangible assets|638,266| |-----------------------------|-----------------------------| |Net cash used in investing activities|536,852|(55,817)| |============================|=============================| |Cash flows from financing activities| |Inflows/(outflows) from borrowings|(44,871)|(44,339)| |-----------------------------|-----------------------------| |Net cash used in financing activities|(44,871)|(44,339)| |=============================|=============================| |Net (decrease)/increase in cash and cash equivalents|233,181|86,287| |Cash and cash equivalents at beginning of year|(197,111)|(283,398)| |-----------------------------|-----------------------------| |Cash and cash equivalents at end of year|19|41,086|(197,111)| |============== =============|=============================|

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The notes on pages 18 to 44 form part of these financial statements.

Page 16

Trinity College (Bristol) Limited Company Limited by Guarantee

Group Statement of changes in equity

For the year ended 31 August 2022

Balance at 1 September 2020 Income Expenditure Transfers Gains / (Losses) Balance at 31 August 2021 Income Expenditure Transfers Gains / (Losses) Balance at 31 August 2022	Restricted funds Revaluation reserve £ £ 52,792 11,324,636 21,288 - (16,288) - - (59,001) - -	Unrestricted funds Total Defined benefit pension reserve Other unrestricted income funds £ £ £ (159,000) 1,229,915 12,448,343 - 2,553,828 2,575,116 - (2,539,120) (2,555,408) - 59,001 - 39,000 - 39,000
	57,792 11,265,635 37,174 - (23,498) - 1,070 (57,178) - -	(120,000) 1,303,624 12,507,051 - 2,547,419 2,584,593 - (2,842,499) (2,865,997) - 56,108 - 110,000 - 110,000
	72,538 11,208,457	(10,000) 1,064,652 12,335,647

Page 17

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the financial statements

For the year ended 31 August 2022

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Stoke Hill, Bristol, BS9 1JP.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102) (applicable from 1 January 2019) and the Companies Act 2006 and the Charities Act 2011.

3. Accounting policies

3.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

3.2 Going concern

Having regard to operating estimates, budgets and cashflow forecasts over the three years following the end of the year under review, the trustees are confident that there are no material uncertainties that may cast significant doubt about the charity’s ability to continue as a going concern. They consider, therefore, that the going concern basis remains appropriate.

Page 18

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the financial statements

For the year ended 31 August 2022

3.3 Consolidation

The financial statements of the charity and its wholly owned subsidiary undertaking, Trinity College Enterprises Ltd, are consolidated (on a line by line basis) to produce the Group financial statements made up to 31 August 2022.

All inter-group transactions and balances on transactions between group companies are eliminated on consolidation.

3.4 Income tax

The Charity is a registered charity and as such is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives.

3.5 Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

3.6 Incoming resources

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.

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

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 however 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 conference and nursery income to raise funds for the charity. Revenue from the provision of services is recognised when the service is provided.

Page 19

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the financial statements

For the year ended 31 August 2022

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.

Interest income is recognised using the effective interest method and rent income is recognised as the charity's right to receive payment is established.

3.7 Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

3.8 Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in income or expenditure on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

3.9 Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Page 20

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the financial statements

For the year ended 31 August 2022

3.10 Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset.

No depreciation is provided on buildings held under finance arrangements with the Church Commissioners (notes 16 and 22). A condition of the finance is that these buildings are maintained to a sufficient standard to ensure that there is no impairment. The buildings are subject to an independent five-year cycle of survey to ensure that this condition is being fulfilled.

No depreciation is charged on land, or on assets in the course of construction.

Assets which have been fully depreciated are written out of the books when they have come to the end of their useful life.

Freehold Buildings	-	Over 100 years
Properties held under finance arrangements	-	Not depreciated
Fixtures, Fittings and Equipment	-	Over 4-5 years

3.11 Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

3.12 Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Page 21

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the financial statements

For the year ended 31 August 2022

3.13 Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

3.14 Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

3.15 Defined benefit plans

The company recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan.

Changes in the net defined benefit asset or liability arising from employee service are recognised in income or expenditure as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in income or expenditure in the period in which they occur.

Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in income or expenditure.

4. Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Page 22

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the financial statements

For the year ended 31 August 2022

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

• the useful economic life of the charity's assets

• valuation of defined pension liability

5. Limited by guarantee

The Company is limited by guarantee. Members guarantee to contribute up to £1 each in the event of the winding up of the Company. The number of members at 31 August 2022 was 1,066 (2021 - 1,066).

Page 23

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the financial statements

For the year ended 31 August 2022

6. Donations and legacies

Donations and legacies
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Donations
Donations	9,660	38,244	47,904
Legacies
Legacies	56,860	-	56,860
Grants
Grants	-	-	-
	-------------------------	-------------------------	-------------------------
	66,520	38,244	104,764
	============= =========	======================	======================
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Donations
Donations	11,282	3,788	15,070
Legacies
Legacies	5,936	-	5,936
Grants
Grants	-	17,500	17,500
	-------------------------	-------------------------	-----------------------------
	17,218	21,288	38,506
	=======================	=====================	========================

No grants were received from the Office for Students during the current or previous year. The grants above were entirely from other bodies.

7. Charitable activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Student Fees for taught awards	1,413,904	1,413,904	1,523,128	1,523,128
Student Fees for research awards	262,288	262,288	217,980	217,980
Rental Income	455,786	455,786	490,388	490,388
Sundry Income	5,581	5,581	26,667	26,667
Trinity Association	4,237	4,237	4,932	4,932
	-------------------------------------	-------------------------------------	-------------------------------------	------------------------------------
	2,141,796	2,141,796	2,263,095	2,263,095
	===================================	==================================	==================================	=================================

No fee income was received in relation to non-qualifying courses during the current or previous year.

Page 24

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

8.	Other trading activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Conference and Nursery income	338,007	338,007	273,482	273,482
		=============================	=============================	=============================	=============================
9.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Bank and other interest receivable	26	26	33	33
		=============================	=============================	=============================	=============================
10.	Costs of raising funds
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Costs of generating charitable income	13,233	13,233	8,504	8,504
	Costs of generating other trading income	267,206	267,206	265,789	265,789
		--------------------------	--------------------------	--------------------------	--------------------------
		280,439	280,439	274,293	274,293
		===================	===================	===================	===================
11.	Expenditure on charitable activities by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	Provision of charitable activities		2,380,198	10,495	2,390,693
	Support costs		42,655	-	42,655
			-------------------------------------	-------------------------------	-------------------------------------
			2,422,853	10,495	2,433,348
			==============================	=========================	==============================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Provision of charitable activities		2,081,370	4,713	2,086,083
	Support costs		33,729	-	33,729
			-------------------------------------	------------------------------	-------------------------------------
			2,115,099	4,713	2,119,812
			==============================	=========================	==============================

Page 25

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

12. Expenditure on charitable activities by activity type

----- Start of picture text -----
|||||| |---|---|---|---|---| |Activities| |undertaken|Total Funds|Total Funds| |directly|Support costs|2022|2021| |£|£|£|£| |Provision of charitable activities|2,390,693|-|2,390,693|2,086,083| |Governance costs|-|42,655|42,655|33,729| |----------------------------------|----------------------------------|---------------------------------- ----------------------------------| |2,390,693|42,655|2,433,348|2,119,812| |=====================================|===================================|=====================================|

----- End of picture text -----

13. Net income

Net income is stated after charging:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Depreciation of tangible fixed assets|152,210|149,729| |Auditors’ remuneration for audit services|14,200|12,900| |Auditors’ remuneration for non-audit services|3,705|8,622|

----- End of picture text -----

There was a net deficit for the year relating to the charity of £175,515 (2021 – surplus of £99,994).

14. Staff costs

Total staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Wages and salaries (including agency costs)|1,115,293|988,336| |Social security costs|79,477|70,989| |Pension costs|156,739|133,280| |------------------------------------- -------------------------------------| |1,351,509|1,192,605| |=============================== ==============================|

----- End of picture text -----

The average number of employees during the year was 46 (2021 - 48).

No employee received remuneration of more than £60,000 during the current or prior year.

Key management staff remuneration

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity, being the Principal, two Vice Principals and the Executive Director, was £174,937 (2021: £153,962).

Page 26

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

The Principal’s total remuneration package for the year was:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Basic salary|37,483|36,904| |Pension costs|14,313|9,966| |------------------------------------- -------------------------------------| |51,796|46,870| |=============================== ==============================|

----- End of picture text -----

The principal, as head of the provider, is remunerated at a rate similar to a suffragan bishop in the diocese of Bristol. The principal’s salary (excluding pension contributions) represents a multiple of 1.5 of the average salary for the college as a whole.

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

During the year trustees were reimbursed £680 (2021 - £nil) for expenses.

16. Tangible fixed assets

Group

----- Start of picture text -----
|||||| |---|---|---|---|---| |Properties| |held under| |Land and|Fixtures and|finance| |buildings|fittings|arrangements|Total| |£|£|£|£| |Cost| |At 1 September 2021|13,877,360|619,066|539,905|15,036,331| |Additions|-|101,415|-|101,415| |Disposals|(701,951)|-|-|(701,951)| |-----------------------------------|-----------------------------------|-----------------------------------|-----------------------------------| |At 31 August 2022|13,175,409|720,481|539,905|14,435,795| |==============================|=============================|============================= ==============================| |Depreciation| |At 1 September 2021|476,688|476,985|-|953,673| |Charge for the year|73,429|78,781|-|152,210| |Eliminated on disposal|(36,118)|-|-|(36,118)| |-----------------------------------|-----------------------------------|-----------------------------------|-----------------------------------| |At 31 August 2022|513,999|555,766|-|1,069,765| |==============================|=============================|============================= ==============================| |Carrying amount| |At 31 August 2022|12,661,410|164,715|539,905|13,366,030| |==============================|=============================|============================= ==============================| |At 31 August 2021|13,400,672|142,081|539,905|14,082,658| |==============================|=============================|============================= ==============================|

----- End of picture text -----

Page 27

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

Tangible fixed assets

The cost of depreciable assets at 31 August 2022 is £8,063,390 (2021 - £8,563,924) for the group, including £8,042,182 (2021 - £8,542,716) for the parent charity. Properties held under finance arrangements are properties held in the Company's name, financed by loans from the Church Commissioners. There is currently no intention to dispose of any of these properties. The directors consider that the current market value is in excess of the cost. The depreciable cost of these assets at 31 August 2022 is £462,776 (2021 - £462,776) for both the group and charity.

Charity

Charity
			Properties
			held under
	Freehold	Fixtures and	finance
	property	fittings	arrangements	Total
	£	£	£	£
Cost
At 1 September 2021	13,877,357	597,859	539,905	15,015,121
Additions	-	101,415	-	101,415
Disposals	(701,949)	-	-	(701,949)
	-----------------------------------	-----------------------------------	-----------------------------------	-----------------------------------
At 31 August 2022	13,175,408	699,274	539,905	14,414,587
	==============================	=============================	=============================	==============================
Depreciation
At 1 September 2021	476,688	458,476	-	935,164
Charge for the year	73,429	77,470	-	150,899
Eliminated on disposal	(36,118)	-	-	(36,118)
	-----------------------------------	-----------------------------------	-----------------------------------	-----------------------------------
At 31 August 2022	513,999	535,946	-	1,049,945
	==============================	=============================	=============================	==============================
Carrying amount
At 31 August 2022	12,661,409	163,328	539,905	13,364,642
	==============================	=============================	=============================	==============================
At 31 August 2021	13,400,669	139,383	539,905	14,079,957
	==============================	=============================	=============================	==============================

Page 28

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

Tangible fixed assets held at valuation

The group measured the freehold properties at fair value as at 31 August 2016 as part of their transition to FRS 102. This was treated as deemed cost as permitted by FRS 102. The fair value of college commercial properties was determined by an external, independent valuer having appropriate recognised professional qualifications and recent experience in the location and category of property being valued. The directors believe that the value as at 31 August 2016 was not materially different from the valuation as at 31 August 2015 (the transition date). The valuation technique used in measuring the fair value of freehold properties is the comparable and investment method of valuation. The significant assumption used to ascertain the fair value of £12,392,000 is open market value as defined in VKVS4 of the 'Red Book' being the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. The residential properties were valued at open market value, by obtaining comparable valuations for residential properties within the same area.

In respect of tangible fixed assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold
	property
	£
At 31 August 2022
Aggregate cost	2,636,164
Aggregate depreciation	573,101
	----------------------------
Carrying value	2,063,063
	=====================
At 31 August 2021
Aggregate cost	2,636,164
Aggregate depreciation	(546,739)
	----------------------------
Carrying value	2,089,425
	=====================

Page 29

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

17. Investments

	Shares in
	group
	undertakings
	£
Cost or valuation
At 1 September 2021 and 31 August 2022	1
Impairment
At 1 September 2021 and 31 August 2022	-
Carrying amount
At 31 August 2022	1
At 31 August 2021	1

This represents a 100% shareholding in the Charity's subsidiary undertaking, Trinity College Enterprises Limited, a company incorporated in England. The Company runs the College's conference activity and Day Nursery. Accounts for the year ended 31 August 2022 report turnover of £332,341 (2021 - £267,908) and a profit of £7,643 (2021 – loss of £41,287) for the year, after distributions to the holding company of £nil (2021 - £nil). Total capital and reserves were a deficit of £32,985 (2021 – £40,628).

18. Stocks

		Group		Charity
	2022	2021	2022		2021
	£	£	£		£
Stock	6,607	3,538	6,607		3,538
	-------------------------	----------------------------	----------------------------	-------------------------
	6,607	3,538	6,607		3,538
	=================	=================	=================	=================

19. Debtors

	Group	Group	Charity	Charity
	2022	2021	2022	2021
	£		£	£
Trade debtors	9,018	18,012	285	16,348
Other debtors	29,548	19,005	29,548	19,005
Prepayments	26,329	30,462	25,543	29,731
	-----------------------------	-----------------------------	-------------------------	-------------------------
	64,895	67,479	55,376	65,084
	=============================	=============================	=========================	=========================

Page 30

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

20. Cash and cash equivalents

Cash and cash equivalents comprise the following:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Charity| |2022|2021|2022|2021| |£|£|£|£| |Cash at bank and in hand|41,086|18,284|30,504|1,400| |Credit cards|-|(5,016)|-|(5,016)| |Bank overdrafts|-|(210,379)|-|(210,379)| |-----------------------------|-----------------------------|-----------------------------|-----------------------------| |41,086|(197,111)|30,504|(213,995)|

----- End of picture text -----

----- Start of picture text -----
||||| |---|---|---|---| |Analysis of changes in net debt| |At 1 September|Cashflows|At 31 August| |2021|2022| |£|£|£| |Cash and cash equivalents|(197,111)|238,197|41,086| |Debt due within one year|(38,176)|676|(37,500)| |Debt due in over one year|(1,090,443)|140,042|(950,401)| |-----------------------------|-----------------------------|-----------------------------| |Total|(1,325,730)|378,915|(946,815)| |=========================|=========================|=========================|

----- End of picture text -----

21. Creditors: Amounts falling due within one year

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Charity| |2022|2021|2022|2021| |£|£|£|£| |Unsecured loan|10,000|10,667|-|667| |Bank overdraft|-|210,379|-|210,379| |Trade creditors|20,004|78,575|16,815|77,272| |-|-| |Amounts owed to group undertakings|13,594|19,798| |PAYE and social security|21,053|20,836|19,203|18,136| |Mortgage loans|20,000|20,000|20,000|20,000| |Secured bank loans|7,500|7,500|7,500|7,500| |Other secured loans|-|95,838|-|95,838| |Other creditors|24,296|32,241|24,296|32,241| |Accruals and deferred income|79,718|74,267|53,689|46,397| |-------------|------------------------------|----------------|----------------| |182,571|550,303|155,097|528,228| |===========|=============|===========|

----- End of picture text -----

See note 22 for details on securities.

Page 31

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

22. Creditors: amounts falling due after more than one year

	Group		Charity
	2022	2021	2022	2021
	£	£	£	£
Secured loans – Church Commissioners	539,905	539,905	539,905	539,905
Other secured loans	210,000	210,000	210,000	210,000
Mortgage loans	114,213	140,170	114,213	140,170
Secured bank loans	58,782	67,030	58,783	67,030
Unsecured loans	27,500	37,500	-	-
	-----------------	-----------------	-----------------	-----------------
	950,400	994,605	922,901	957,105
	============	============	============	============

Included within creditors: amounts falling due after more than one year is an amount of £62,996 (2021: £97,200) in respect of bank loans payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors: amounts falling due after more than one year is an amount of £539,905 (2021: £539,905) in respect of other loans payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

The secured loans have been advanced by the Church Commissioners, initially bearing interest at 3% per annum and varying annually in line with the retail price index. Repayment is determined under conditions laid down in the respective legal charges. In addition, any excess proceeds of sale over original cost are payable to the Church Commissioners at that time, with the exception of 10% of the proceeds of 15 Cranleigh Gardens which is due to the Company. It is anticipated that the loans will not be repayable until after more than five years.

Other secured loans are interest free and have been advanced to the charity by two of its employees. The loan of £210,000 is repayable 12 months and 1 day after the year end. See note 27 for further details.

The mortgage loans are being repaid by monthly instalments with interest at variable commercial rates determined by the lenders, over varying periods, the latest being to the year 2027. The loans are secured by way of legal charges over the respective properties.

In May 2020 an unsecured loan of £50,000 was advanced to the Charity’s trading subsidiary, Trinity College Enterprises Limited, by Lloyds Bank. This is a Bounce Back Loan provided as support from the government to businesses experiencing loss of revenue due to the COVID-19 pandemic. The loan is repayable over 5 years starting in June 2021, at a fixed interest rate of 2.5%.

Secured loans are secured over properties owned by Trinity College (Bristol) Limited and associated trusts.

Page 32

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

23. Pensions and other post-retirement benefits

The college participates in four schemes and the year-end provision is in respect of deficits in two of those schemes as follows: -

chemes as follows: -
	Group			Charity
	2022		2021	2022	2021
	£		£	£	£
Church of England Defined Benefits Scheme (1)	-		105,000	-	105,000
Church of England Funded Pension Scheme (3)	10,000		15,000	10,000	15,000
	--------------------------	--------------------------		--------------------------	------------------------
	10,000		120,000	10,000	120,000
	==========================	==========================		==========================	=======================

1. Church of England Defined Benefits Scheme

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 £34,859 (2021: £33,147) plus the figures in relation to the DBS deficit highlighted in the table below as being recognised in the SoFA, giving a total charge of £40,859 for 2022 (2021: £58,147).

If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool and the Actuary so recommends, further transfers may be made from the Life Risk Pool to the employers’ subpools, 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 recently finalised 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 being prepared to 31 December 2022.

Page 33

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

Following the valuation, the Employer has entered into an agreement with the Church Workers Pension Fund to pay a contribution rate of 50.7% of pensionable salary and expenses of £3,200 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 set out below:

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

	2022	2021
	£	£
Balance Sheet Liability at 1 September	105,000	126,000
Defined contribution paid	(6,000)	(25,000)
Interest cost (recognised in SOFA)	-	1,000
Remaining change to the balance sheet liability (*recognised in SOFA)	(99,000)	3,000
	-----------------------------	-----------------------------
Balance Sheet Liability at 31 August	-	105,000
	=============================	=============================

• 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:

Discount rate

2022	2021	2020
0.00%	0.40%	0.40%

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.

2. Church of England Pension Builder Scheme (formerly called the Defined Contribution Scheme)

For eligible salaried employees the college participates in the Church of England Pension Builder Scheme (PBS) within the Church Workers Pension Fund, which is administered by the Church of England Pensions Board.

The PBS is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined contribution schemes.

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

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

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

Page 34

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

The scheme is a multi-employer scheme as described in Section 28 of FRS 102 as it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers. This means that contributions are accounted for as if the scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activities in the year are contributions payable of £52,461 (2021 - £43,354).

A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2019. The next actuarial valuation is being prepared to 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 responsible body fails, Trinity College (Bristol) could become responsible for paying a share of that responsible body's pension liabilities.

3. Church of England Funded Pension Scheme

Trinity College (Bristol) 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 (2022: £60,536, 2021: £47,953).

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 2018. The 2018 valuation revealed a deficit of £50m, based on assets of £1,818m and a funding target of £1,868m, assessed using the following assumptions:

• An average discount rate of 3.2% p.a.;

• RPI inflation of 3.4% p.a. (and pension increases consistent with this);

• Increase in pensionable stipends of 3.4% p.a.;

Page 35

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

• Mortality in accordance with 95% of the S3NA_VL tables, with allowance for improvements in mortality rates in line with the CMI2019 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter” of 7 and an initial addition to mortality improvements of 0.5% pa.

Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are as set out in the table below.

		January 2021
	January 2018 to	to December
	December 2020	2022
	£	£
Deficit repair contributions	11.9%	7.1%

As at 31 December 2020, 31 December 2021 and 31 December 2022 the deficit recovery contributions under the recovery plan in force were as set out in the above table.

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. 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 start	15,000	33,000
Deficit contributions paid	(9,000)	(14,000)
Interest cost (recognised in SOFA)	-	-
Remaining change to the balance sheet liability*
(recognised in SOFA)	4,000	(4,000)
	-----------------------------	-----------------------------
Balance sheet liability at end	10,000	15,000
	==========================	==========================

• Comprises change in agreed deficit recovery plan, and change in discount rate and 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. In general, these are set by reference to the duration of the deficit recovery payments but as at 31 December 2022, under accounting rules the payments are not discounted since the remaining recovery plan is less than 12 months. No price inflation assumption is needed since pensionable stipends for the remainder of the recovery plan are already known.

	December 2021	December 2020
Discount rate	0.0% pa	0.2% pa
Price inflation	n/a	3.1% pa
Increase to total pensionable payroll	-1.5% pa	1.6% pa

The legal structure of the scheme is such that if another responsible body fails, Trinity College (Bristol) could become responsible for paying a share of that responsible body's pension liabilities.

Page 36

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

24. Analysis of charitable funds

Unrestricted funds

Group	At				Gains and	At
	1 Sep 2021	Income	Expenditure	Transfers	losses	31 Aug 2022
	£	£	£	£	£	£
General funds	1,326,624	2,209,412	(2,511,635)	56,108	-	1,080,509
Revaluation
reserve	11,265,635	-	-	(57,178)	-	11,208,457
Non-charitable
trading	(23,000)	338,007	(330,864)	-	-	(15,857)
Pension	(120,000)	-	-	-	110,000	(10,000)
	---------------------------	---------------------------	---------------------------	---------------------	-------------------------	---------------------------
	12,449,259	2,547,419	(2,842,499)	(1,070)	110,000	12,263,109
	=====================================	===================================	===================================	===========================	=============================	===================================
	At				Gains and	At
	1 Sep 2020	Income	Expenditure	Transfers	losses	31 Aug 2021
	£	£	£	£	£	£
General funds	1,210,467	2,280,346	(2,223,190)	59,001	-	1,326,624
Revaluation
reserve	11,324,636	-	-	(59,001)	-	11,265,635
Non-charitable
trading	19,448	273,482	(315,930)	-	-	(23,000)
Pension	(159,000)	-	-	-	39,000	(120,000)
	---------------------------	---------------------------	---------------------------	-------------------	----------------------------	---------------------------
	12,395,551	2,553,828	(2,539,120)	-	39,000	12,449,259
	====================================	===================================	===================================	============================	================================	====================================

Page 37

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

Unrestricted funds

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Charity|At|Gains and|At| |1 Sep 2021|Income|Expenditure|Transfers|losses|31 Aug 2022| |£|£|£|£|£|£| |General funds|1,341,220|2,249,445|(2,548,636)|56,108|-|1,098,137| |Revaluation| |reserve|11,265,635|-|-|(57,178)|-|11,208,457| |Pension|(120,000)|-|-|-|110,000|(10,000)| |----------------------------------- --------------------------------- ---------------------------------|----------------------------|-----------------------------|-----------------------------| |12,486,855|2,249,445|(2,548,636)|(1,070)|110,000|12,296,594| |==================================== =====================================|=====================================|==============================|============================= =====================================| |At|Gains and|At| |1 Sep 2020|Income|Expenditure|Transfers|losses|31 Aug 2021| |£|£|£|£|£|£| |General funds|1,226,226|2,309,065|(2,253,071)|59,001|-|1,341,221| |Revaluation| |reserve|11,324,636|-|-|(59,001)|-|11,265,635| |Pension|(159,001)|-|-|-|39,000|(120,001)| |----------------------------------- --------------------------------- ---------------------------------|----------------------------|----------------------------- -----------------------------------| |-| |12,391,861|2,309,065|(2,253,071)|39,000|12,486,855| |===================================== =====================================|=====================================|==============================|============================= =====================================|

----- End of picture text -----

The £57,178 (2021 - £59,001) reduction to the revaluation reserve is the transfer to the general funds of the annual depreciable amount of the revalued assets.

The £110,000 (2021 - £39,000) gain on the pension fund is the movement in the provision for the year (see note 23).

Page 38

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

Restricted funds

Group and Charity	At				Gains and	At
	1 Sep 2021	Income	Expenditure	Transfers	losses	31 Aug 2022
	£	£	£	£	£	£
Hardship Fund	-	300	(1,370)	1,070	-	-
Strategic building	-	1,100	-	-	-	1,100
fund
George Seamer	2,086	300	-	-	-	2,386
Memorial
Mildmay Trust	1,173	-	-	-	-	1,173
Capital
Hemphill Memorial	2,592	-	-	-	-	2,592
Bursary Fund	-	24,148	(7,800)	-	-	16,348
Florence Weeks	1,000	-	-	-	-	1,000
Memorial Fund
CBT/Pioneer	-	1,146	(1,146)	-	-	-
Training Fund
Video Linking Fund	50,941	10,000	(13,002)	-	-	47,939
Gifts for 3BC	-	180	(180)	-	-	-
	-----------------------	-----------------------	-----------------------	--------------------	--------------------	-----------------------
	57,792	37,174	(23,498)	1,070	-	72,538
	=========================	=========================	=========================	======================	=======================	=========================

The expenditure above includes depreciation against assets acquired using these funds.

	At				Gains and	At
	1 Sep 2020	Income	Expenditure	Transfers	losses	31 Aug 2021
	£	£	£	£	£	£
Hardship Fund	-	550	(550)	-	-	-
George Seamer
Memorial	2,086	-	-	-	-	2,086
Mildmay Trust
Capital	1,173	-	-	-	-	1,173
Hemphill Memorial	2,592	-	-	-	-	2,592
Bursary Fund	-	1,965	(1,965)	-	-	-
Florence Weeks
Memorial Fund	1,000	-	-	-	-	1,000
CBT/Pioneer
Training Fund	-	1,093	(1,093)	-	-	-
Video Linking Fund	45,941	17,500	(12,500)	-	-	50,941
Gifts for 3BC	-	180	(180)	-	-	-
	-----------------------	-----------------------	-----------------------	--------------------	--------------------	-----------------------
	52,792	21,288	(16,288)	-	-	57,792
	=========================	=========================	=========================	======================	=======================	=========================

Page 39

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

The General Bursary Fund and International Students Bursary Fund consist of amounts donated to the College to assist international and independent students in paying their College fees. In the course of the year 8 students were helped in this way (2021 – 14).

The George Seamer Memorial Fund is a fund set up in the memory of George Seamer who died in October 1971.

The Video linking fund was set up from grants made to support the college in developing a videoconferencing facility to benefit students at a distance and enable them to engage in learning events based in the college. This is part of a project to extend the college's reach.

Page 40

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

25. Analysis of net assets between funds

Group

Group
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	13,315,706	50,324	13,366,030
Current assets	90,373	22,215	112,588
Creditors less than 1 year	(182,571)	-	(182,571)
Creditors greater than 1 year	(950,400)	-	(950,400)
Defined benefit pension	(10,000)	-	(10,000)
	------------------------------------	-----------------------------------	------------------------------------
Net assets	12,263,108	72,539	12,335,647
	=================================	==============================	==================================
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Tangible fixed assets	14,029,631	53,027	14,082,658
Current assets	84,537	4,765	89,302
Creditors less than 1 year	(550,304)	-	(550,304)
Creditors greater than 1 year	(994,605)	-	(994,605)
Defined benefit pension	(120,000)	-	(120,000)
	------------------------------------	-----------------------------------	------------------------------------
Net assets	12,449,259	57,792	12,507,051
	=================================	=============================	================================
Charity
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Fixed assets	13,314,318	50,324	13,364,642
Current assets	70,272	22,215	92,487
Creditors less than 1 year	(155,097)	-	(155,097)
Creditors greater than 1 year	(922,900)	-	(922,900)
Defined benefit pension	(10,000)	-	(10,000)
	------------------------------------	-----------------------------------	------------------------------------
Net assets	12,296,593	72,539	12,369,132
	=====================================	=============================	====================================
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Fixed assets	14,026,931	53,027	14,079,958
Current assets	65,257	4,765	70,022
Creditors less than 1 year	(528,228)	-	(528,228)
Creditors greater than 1 year	(957,105)	-	(957,105)
Defined benefit pension	(120,000)	-	(120,000)
	----------------------------------------	-------------------------------	-----------------------------------------
Net assets	12,486,855	57,792	12,544,647
	====================================	===============================	=====================================

Page 41

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

26. Operating lease commitments

As lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

			2022	2021
			£	£
Not later than	1	year	32,671	73,480
			=============================	=============================

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	370,140	474,720
Later than 1 year and not later than 5 years	110,760	168,240
	--------------------------	--------------------------
	480,900	642,960
	=============================	=============================

27. Related parties

Mr A Lucas (executive director and company secretary of the charity) is also a trustee of the Carfax Trust. The charity has free and beneficial use of a property owned by the Carfax Trust. £31,500 (2021 - £31,500) rental income was received in the year with respect to the property and is included in rental income. The Carfax Trust also owns 26 Stoke Hill, the building in which Trinity College Enterprises Limited’s “Muddy Boots” nursery trades. Rent of £17,000 (2021: £16,000) was paid from Trinity College Enterprises Limited to Trinity College (Bristol) Limited in the year.

Bishop Richard Jackson is the chair of the council. The charity uses a property owned by the bishop. Rent of £7,800 (2020 - £7,800) was paid to the bishop for use of the property.

Revd R Driver, who was a trustee in the year under review, was also a trustee of The Bath & Wells Diocesan Board of Finance. In the year fee income of £104,061 (2021 – £113,400) was received in relation to students sponsored by the Diocese.

Mr A Lucas, executive director and company secretary of the charity, has lent the charity £210,000. The loan is interest free, secured and repayable in the summer of 2023. Mr A Lucas is also chair of Bristol Diocesan Board of Finance Ltd. £90,701 (2021 - £161,617) fee income was received in the year with respect to students sponsored by the Diocese.

Page 42

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

28. Bartlett trust

During the year to 30 June 1990, the Bible Churchmen's Missionary Society (now Crosslinks) set up the Bartlett Trust to provide funds for capital expenditure for the benefit of the College. The Trustee is the Bible Churchmen's Missionary Trust Limited.

Assets acquired from Trust funds are considered to be the property of the Trust, the College receiving free and beneficial use of those assets. Accordingly, the assets have not been reflected in the Accounts of the College. Income derived from the use of the assets is reflected in the Income and Expenditure Account.

Since 1990 certain property assets have been sold and the net proceeds from the sales have been applied to the development of the College site. Such funds continue to be held under the terms of the Bartlett Trust deed and revert to the Trust in the event of the college ceasing to trade.

At the balance sheet date the College had the use of one property (2021: 1), which cost £136,760 (2021: £136,760), and the Trust had incurred expenditure of £1,774,979 (2021: £1,774,979) on the development of Stoke House, a College property, as follows:

	£
Original Development - 1990	1,195,912
Sale proceeds - 15 Lime Close, Brentry (2002)	99,950
Sale proceeds - 105 Knole Lane, Brentry (2013)	138,500
Sale proceeds - 81 Pine Road, Brentry (2014)	160,617
Sale proceeds - 12 Fern Close, Brentry (2015)	180,000
	-------------------------------------
	1,774,979
	=========================

29. Non-taxable benefits

The principal receives as a non-taxable benefit a house free of rent and Council Tax. This is the equivalent of a vicarage made available to parochial clergy in the Church of England. He does not receive any taxable benefits.

30. Post balance sheet events

There are no events that have occurred since the year-end or are likely to occur between now and the date of signing the accounts that would provide additional information about conditions in existence at the balance sheet date that might call for an adjustment to the financial statements.

Page 43

Trinity College (Bristol) Limited Company Limited by Guarantee

Notes to the Financial Statements (continued)

For the year ended 31 August 2022

31. Comparative statement of financial activities

		2021
	Unrestricted	Restricted
	funds	funds	Total funds
	£	£	£
Income and endowments
Donations and legacies	17,218	21,288	38,506
Charitable activities	2,263,095	-	2,263,095
Other trading activities	273,482	-	273,482
Investment income	33	-	33
	-----------------------	-----------------------	----------------------
Total income	2,553,828	21,288	2,575,116
	==================	=================	=================
Expenditure on
Raising funds	274,293	-	274,293
Charitable activities	2,115,099	4,713	2,119,812
	------------------------	------------------------	-----------------------
Net income before depreciation	164,436	16,575	181,011
	-----------------------	-----------------------	----------------------
Depreciation	149,729	11,575	161,304
	------------------------	-----------------------	------------------------
Total expenditure	2,539,121	16,288	2,555,409
	==================	=================	==================
	------------------------	------------------------	-----------------------
Net income	14,708	5,000	19,708
	==================	==================	=================
Other recognised gains and losses
Actuarial (losses)/gains on defined benefit pension schemes	39,000	-	39,000
	-----------------------	-----------------------	-----------------------
Net movement in funds	53,708	5,000	58,708
Reconciliation of funds
Total funds brought forward	12,395,551	52,792	12,448,343
	-------------------------	------------------------	------------------------
Total funds carried forward	12,449,259	57,792	12,507,051
	==================	==================	==================

Page 44