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 2024
Trinity College (Bristol) Limited Company Limited by Guarantee Financial Statements
For the year ended 31 August 2024
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors’ report) | 1 |
| Independent auditor's report to the members | 10 |
| Consolidated Statement of financial activities (including income and expenditure | |
| account) | 15 |
| Consolidated Statement of financial position | 16 |
| Statement of financial position | 17 |
| Consolidated Statement of cash flows | 18 |
| Group Statement of changes in equity | 19 |
| Notes to the financial statements | 20 |
Trinity College (Bristol) Limited Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors’ Report) (continued)
For the year ended 31 August 2024
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 2024.
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) – termination on 29 January 2024 Revd Canon R Driver (Elected Member) – termination on 29 January 2024 Revd M Duff (Elected Member) Revd Canon J Dunnett (Elected Member) – termination on 21 October 2024 Revd H Fraser (Elected Member) Revd M Hotchkiss (Co-opted Member) – termination on 21 October 2024 Right Revd R C Jackson (Elected Member, chair) – termination on 10 June 2024 Revd A M Kanagaratnam (Co-opted Member) Mr D Mills (Nominated by Crosslinks) – termination on 10 June 2024 Revd J M Moodey (Co-opted Member) Revd S Potter (Elected Member) Revd J Scamman (Nominated by CPAS) Revd E T Prior (Elected Member, chair) – appointed on 10 June 2024 Revd T R Morgan (Elected Member) – appointed on 10 June 2024 Mrs R J Chapman (Co-opted Member) – appointed on 21 October 2024
Company secretary & Executive director Principal
Company secretary & Executive director Canon A J S Lucas Principal Revd Dr S W Doherty Auditor Saffery LLP St Catherine’s Court Berkeley Place Clifton Bristol BS8 1BQ Solicitors Keelys LLP 28 Dam Street Lichfield Staffordshire WS13 6AA
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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 2024
Bankers
Lloyds Bank PLC 15 High Street Westbury-on-Trym Bristol BS9 3DA
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 representatives of the faculty and students participate in Council meetings.
Six trustees are elected by members of the College Association to serve terms of office of four years before re-election or new elections; two are nominated by CPAS and Crosslinks, who represent the founding organisations of the three colleges that merged in the early 1970s to form Trinity College; and up to five can be appointed by the trustees by co-option. The college is committed to ensuring a transparent, inclusive, and effective recruitment process for the appointment of trustees, prioritising individuals with the necessary skills, experience, and commitment to fulfil the college’s mission. Co-opted trustees are recruited based on the college’s current and future needs, ensuring diversity, expertise and representation. Recruitment is conducted through advertised vacancies, and selection involves a formal interview process, with candidates assessed by a Nominations Committee.
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. New trustees are offered the opportunity to meet with senior staff as part of an induction process and are expected to familiarise themselves with the trustee handbook which gives detailed information about their role and responsibilities. In the course of the year under review, specific role descriptions were approved for the chair, vice chair, and honorary treasurer.
Trustees serve on a voluntary basis. Reasonable expenses incurred in the course of their duties, including travel, are reimbursed. Where a trustee, in exceptional circumstances, is remunerated for services outside of governance duties, this is clearly defined, approved, and disclosed to ensure transparency and accountability.
The trustees who 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.
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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 2024
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 programmes are jointly delivered with Bristol Baptist College.
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.
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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 2024
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).
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 2024 financial statements of Trinity College (Bristol) Limited and the consolidated statements of the college and its wholly owned subsidiary, Trinity College Enterprises Limited.
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.
Theological colleges generally have seen a fall in the number of students since the Covid pandemic. While this has been particularly noticeable in the taught programmes, numbers have held up well among postgraduate research students, of whom most are dispersed across the world.
The college’s largest cohort of students is of those sponsored by Church of England dioceses for training towards ordination. The trustees are grateful to the Archbishops’ Council of the Church of England for committing substantial funds in support of ordination training at a time when national ordinand numbers are low.
The college is also grateful to the Burden Trust for a donation of £24,000 in the year in support of the college’s work and to the Relay Trust for its contribution of £83,000 to students’ fees and their support. The trustees acknowledge the efforts of the college staff in their careful budgetary control of expenditure
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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 2024
against a background of inflationary pressures.
The college has set four strategic priorities aimed at creating wider student access and participation, increasing diversity, enabling environmental sustainability, and building an enhanced resourcing capability. Alongside this, the college has developed a master plan for the development of the college’s site and buildings.
Widening access and increasing diversity
In the course of the year, the college successfully bid for funds of £230,000 over the next three years to go towards establishing a new foundation-level programme to enable people from non-traditional educational backgrounds to access the college’s academic programmes. The college was also successful in its bid for £403,000 to enable the professional development of theological educators of UK minority ethnic/ global majority heritage. The funding bids have resulted in the appointment in 2025 of two additional faculty members to lead in these areas. Both of the appointees are themselves of global majority heritage and their presence will result in a better balanced faculty from the perspective of ethnicity and of gender.
We were pleased to continue to provide specialist support to a large number of students with specific learning difficulties, including dyslexia and ADHD.
We were also pleased to welcome our first Jubilee scholar undertaking study at masters level. The Jubilee Scholarship is open to British Black students and aims to contribute to reparatory justice in light of the links between the original owners of the Stoke House site which we currently occupy and the transatlantic trade in enslaved people.
Resourcing and sustainability
Significant work was undertaken in the year to draw down funds from other sources resulting in successful funding awards. The college is looking at ways of enhancing the relationship with Bristol Baptist College to develop greater efficiencies in the use of the resources of both colleges. During the year, an independent chair was appointed to guide discussions.
Physical accessibility and environmental sustainability targets are being built into plans for improving and developing the college’s buildings and infrastructure. Detailed plans were approved for the first phase of a site development programme, which initially is aimed at providing new accommodation for single students on site. Work started on redeveloping the Quad area of the site in November following the year-end.
The college’s trading subsidiary made a healthy financial contribution to the college of £46,900 after management charges. The nursery saw increased activity leading to higher income and lower dependence on agency staff. A strategic emphasis on external conferences and bookings led to significantly higher income in the year.
New projects
The college initiated three new projects in the course of 2023-24 as well as progressing the plans for the Quad development:
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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 2024
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Children, young people, and families ministry (CYF): an in-service pilot programme for clergy is to be run from central church funding in 2024-25, with expected gross income of some £70,000. The programme is aimed at enabling the Church of England reach its objective of doubling the number of children and young people in church by 2030.
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Widening participation: a Church-funded programme to widen access and participation through a foundation programme, funded to the extent of £230,000.
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Growing UKME/GMH theological educators, funded to the extent of £403,000.
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Quad development to provide attractive, accessible and environmentally sustainable accommodation, better suited to contemporary needs, for single students living on site. Funds of over £660,000 were made available for the development by an associated trust. Other fundraising is underway for additional amounts to enable further development.
Following the year-end, the college was successful in a funding submission to establish a Centre for Ministerial and Vocational Development based at Henry Martyn House. This will entail work to be carried out in summer 2025 to increase the capacity of the house and make it accessible for those with limited mobility.
The new projects are aimed in part at securing the student base of the college going forward through increased activity among students from backgrounds that are not currently well represented in the student body and, potentially, from those wanting to engage in CYF ministry. In addition to encouraging new streams of students, the projects will also help the church grapple with recruitment and retention in its ministerial leadership.
Public benefit
The college believes that in training people for church ministry internationally, nationally, and locally it provides public benefit to the communities served by the church. All ordinands, whether based in Bristol or elsewhere, engage in context placements alongside their studies. The trustees are grateful to the church communities, those in the Diocese of Bristol and wider afield, that host the students and are glad for the positive contribution they make to their 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 in society on leaving college. The college also makes available its facilities to groups with a mission to serve the wider society in areas of particular need .
Financial review
The 2024 accounts show a profit on activities, restricted and unrestricted, before depreciation of £994,942, of which restricted income of £873,000 was made available to the college by an associated trust. This amount was set aside for loan repayment and for the development of the Quad buildings for new student accommodation. Depreciation totalled £127,093, with £57,178 of this relating to the revaluation of the college’s properties and charged to the revaluation reserve. The group's incoming resources totalled £3,425,911 in the year. Total funds in the balance sheet stood at £12,973,610, of which £925,834 were restricted.
The surplus on normal operations was higher than the previous year because of an increase in income from independent students, supported by the college’s partnership with the Relay Trust, a higher
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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 2024
contribution from Trinity College Enterprises and a reduction from the previous year in expenditure on utilities following the fall in energy prices.
With effect from 31 March 2024, the college entered into an agreement with the Church of England Church Workers Pension Fund to close its section of the Defined Benefits Scheme and to use the surplus to meet contributions to the college’s main staff Pension Builder Scheme for the time being. The net saving to the college in 2023-24 was £25,000 and is expected to be between £50,000 and £60,000 annually in contributions for the next few years.
Plans for future periods
A major strategic focus continues to be on the recruitment of students, both prospective ordinands training for ministry in the Church of England and others from a wide range of backgrounds. The new projects referred to above feed into this priority, as does the redevelopment of the college’s buildings to provide new onsite residential accommodation. The first phase of developing the Quad area is expected to be complete by the summer of 2025; the next phase will depend on the success of current fundraising. The redevelopment of Henry Martyn House to increase its capacity and accessibility is planned for the summer of 2025. Further plans for the redevelopment of Carter await the outcome of discussions with Bristol Baptist College and new fundraising plans.
Reserves policy
The college’s working capital requirement is met through reserves which are fed by regular and committed streams of fee income from the Church of England and other sources and 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.
The policy is informed by a forecast of levels of income and expenditure for the current and future years, an assessment of the reliability of income sources, and an assessment of the likelihood of the need to call on reserves in the event of a shortfall of income over expenditure or of unexpected expenditure. Levels of reserves are monitored throughout the year as part of normal monitoring and budgetary reporting processes. Continually updated cashflow forecasting informs management decisions.
The Council sets the reserves target at an average monthly level over the year of £250,000, which represents expenditure of just under one and half months. This target was met for eleven months of the year.
Financial management and risk review, including internal controls
The Council retains oversight of the financial management of the college and delegates detailed scrutiny of its cashflow forecasts, 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.
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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 2024
Principal risks and uncertainties
In examining the major strategic and operational risks which the college faces, the trustees note three below together with mitigation strategies.
Income from fees becomes insufficient to meet the financial commitments and the strategic plans of the college:
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Maintain strategic focus on student recruitment.
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Maintain clarity of communication of vision and values.
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Reinforce commitment to residential training through planned investment in improvements to onsite accommodation and facilities.
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Increase range of opportunities for accessing college programmes through three distinct modes of study – residential, non-residential, and part-time.
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Widen student participation through a focus on access at foundation level and greater diversity at postgraduate research level.
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Implement new fundraising strategy in tandem with plans for site development.
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Maintain a surplus budget on normal college operations.
The college suffers from the impact of controversies in the Church of England:
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Maintain and sustain strong ecumenical partnerships, including with Bristol Baptist College.
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Build trusting and appreciative relationships across the Church of England and equip ordinands to do the same.
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Give renewed focus to recruitment of independent students.
Failure to comply with regulatory, safeguarding, and other external obligations:
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Maintain and develop staff and student programmes of training.
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Continue to review and develop relevant policies and codes and their operation.
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Maintain clear processes, systems and structures of compliance and internal and external reporting.
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Make full use of the new student database to meet all reporting requirements.
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Continue to draw on specialist advice and help.
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Continue to update policy and practice in light of Office for Students regulations and conditions and Church of England guidance.
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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 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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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.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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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.
4th February 2025 The trustees' annual report and the strategic report were approved on ………………………… and signed on behalf of the board of trustees by:
hiv A J S Lucas Charity Secretary
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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 2024
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 2024 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:
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give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 August 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 2024
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:
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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
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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 their 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:
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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
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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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 2024
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 8, 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 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 2024
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 2024
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)
Michael Strong (Senior Statutory Auditor) Date: For and on behalf of Saffery LLP Chartered Accountants Statutory Auditors St Catherine’s Court Berkeley Place Clifton, Bristol BS8 1BQ
Saffery 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 2024
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2024|2023|
|Unrestricted|Restricted|
|funds|funds|Total funds|Total funds|
|Note|£|£|£|£|
|Income and endowments|
|Donations and legacies|6|11,514|875,553|887,067|69,621|
|Charitable activities|7|2,120,061|-|2,120,061|1,987,246|
|Other trading activities|8|413,251|-|413,251|399,055|
|Investment income|9|5,532|-|5,532|72|
|------------------------|-------------------------|------------------------- -------------------------|
|Total income|2,550,358|875,553|3,425,911|2,455,994|
|================ =================|=================|=================|
|Expenditure on|
|Raising funds|10|295,839|-|295,839|307,981|
|Charitable activities|11,12|2,129,226|5,904|2,135,130|2,232,152|
|---------------------- ----------------------- -----------------------|----------------------|
|Net income before depreciation|125,293|869,649|994,942|(84,139)|
|---------------------- ----------------------- -----------------------|----------------------|
|Depreciation|119,659|7,434|127,093|155,747|
|---------------------- ------------------------ ------------------------|-----------------------|
|Total expenditure|2,544,724|13,338|2,558,062|2,695,880|
|================ =================|================|=================|
|----------------------- ------------------------ -----------------------|----------------------|
|Net income/(expenditure)|5,634|862,215|867,849|(239,886)|
|================|=================|===============|================|
|Other recognised gains and losses|
|Actuarial gains on defined benefit|23|
|pension schemes|-|-|-|10,000|
|Transfers between funds 24|208,825|(208,825)|-|-|
|-----------------------|----------------------- ----------------------- -----------------------|
|Net movement in funds|214,459|653,390|867,849|(229,886)|
|Reconciliation of funds|
|Total funds brought forward|12,043,317|62,444|12,105,761|12,335,647|
|----------------------- ------------------------- ------------------------ ------------------------|
|Total funds carried forward|12,257,776|715,834|12,973,610|12,105,761|
|================ ==================|================|=================|
----- End of picture text -----
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 19 to 45 form part of these financial statements.
Page 15
Trinity College (Bristol) Limited Company Limited by Guarantee
Consolidated Statement of Financial Position
For the year ended 31 August 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|2024|2023|
|Note|£|£|
|Fixed assets|
|Tangible fixed assets|16|13,177,697|13,302,122|
|Current assets|
|Stocks|18|71,440|5,687|
|Debtors|19|82,656|49,348|
|Cash at bank and in hand|20|647,916|47,350|
|------------------------ ------------------------|
|802,012|102,385|
|Creditors: amounts falling due within one year|21|352,034|391,110|
|------------------------ ------------------------|
|Net current assets/(liabilities)|449,978|(288,725)|
|------------------------ ------------------------|
|Total assets less current liabilities|13,627,674|13,013,397|
|Creditors: amounts falling due after more than one year|22|654,064|907,636|
|------------------------ -------------------------|
|Net assets excluding defined benefit pension plan liability|12,973,610|12,105,761|
|Defined benefit pension plan liability|23|-|-|
|------------------------ -------------------------|
|Net assets including defined benefit pension plan liability|12,973,610|12,105,761|
|===============|=================|
|Funds of the group|
|Restricted funds|715,834|62,444|
|Unrestricted funds:|
|Revaluation reserve|11,094,101|11,151,279|
|Defined benefit pension reserve|-|-|
|Other unrestricted income funds|1,163,675|892,038|
|------------------------ ------------------------|
|Total unrestricted funds|12,257,776|12,043,317|
|------------------------ ------------------------|
|Total group funds|25|12,973,610|12,105,761|
|===============|=================|
----- End of picture text -----
These financial statements were approved by the board of trustees and authorised for issue on 4th February 2025 …………………….., and are signed on behalf of the board by: Type text here
Esther Prior (Feb 6, 2025 18:50 GMT)
Revd Esther Prior Chair of Trustees
Company Registration Number: 01056656
The notes on pages 19 to 45 form part of these financial statements.
Page 16
Trinity College (Bristol) Limited Company Limited by Guarantee
Statement of Financial Position
For the year ended 31 August 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|2024|2023|
|Note|£|£|
|Fixed assets|
|Tangible fixed assets|16|13,176,982|13,300,697|
|Investments|17|1|1|
|---------------------------------------- ----------------------------------------|
|13,176,983|13,300,698|
|Current assets|
|Stocks|18|71,440|5,687|
|Debtors|19|71,587|48,430|
|Cash at bank and in hand|611,620|5,332|
|------------------------ -------------------------|
|754,647|59,449|
|Creditors: amounts falling due within one year|21|361,056|355,050|
|------------------------ -------------------------|
|Net current assets/(liabilities)|393,591|(295,601)|
|---------------------------------------- -----------------------------------------|
|Total assets less current liabilities|13,570,574|13,005,097|
|Creditors: amounts falling due after more than one year|22|646,608|890,136|
|---------------------------------------- -----------------------------------------|
|Net assets excluding defined benefit pension plan liability|12,923,966|12,114,961|
|Defined benefit pension plan liability|23|-|-|
|---------------------------------------- -----------------------------------------|
|Net assets including defined benefit pension plan liability|12,923,966|12,114,961|
|============================|================================|
|Funds of the charity|
|Restricted funds|715,834|62,444|
|Unrestricted funds:|
|Revaluation reserve|11,094,101|11,151,279|
|Defined benefit pension reserve|-|-|
|Other unrestricted income funds|1,114,031|901,238|
|----------------------------------------|----------------------------------------|
|Total unrestricted funds|12,208,132|12,052,517|
|----------------------------------------|----------------------------------------|
|Total charity funds|25|12,923,966|12,114,961|
|============================|================================|
----- End of picture text -----
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 surplus of £809,005 (2023: deficit of £254,171). These financial statements were approved by the board of trustees and authorised for issue on 4th February 2025………………….., and are signed on behalf of the board by: Type text here
Esther Prior (Feb 6, 2025 18:50 GMT)
Revd Esther Prior Chair of Trustees
Company Registration Number: 01056656
Type text here
Page 17
Trinity College (Bristol) Limited Company Limited by Guarantee Consolidated Statement of Cash Flows For the year ended 31 August 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|2024|2023|
|Note|£|£|
|Cash flows from operating activities|
|Net income/(expenditure)|867,850|(239,886)|
|Adjustments for:|
|Depreciation of tangible fixed assets|127,093|155,747|
|Other interest receivable and similar income|-|-|
|Interest payable and similar charges|65,295|61,424|
|Accrued expenses|-|-|
|Loss on disposal of fixed assets|-|-|
|Changes in:|
|Stocks|(65,753)|920|
|Trade and other debtors|(33,308)|15,547|
|Trade and other creditors|(2,166)|10,533|
|---------------------------------|-----------------------------|
|Cash generated from operations|963,343|4,285|
|Interest paid|(65,295)|(61,424)|
|Interest received|-|-|
|---------------------------------|-----------------------------------|
|Net cash (outflow)/inflow from operating activities|898,048|(57,139)|
|===========================|=============================|
|Cash flows from investing activities|
|Purchase of tangible assets|(2,669)|(91,839)|
|Proceeds of disposal of tangible assets|-|-|
|----------------------------------|------------------------------------|
|Net cash used in investing activities|(2,669)|(91,839)|
|============================|=============================|
|Cash flows from financing activities|
|Inflows/(outflows) from borrowings|(253,572)|(42,764)|
|-------------------------------------|------------------------------------|
|Net cash used in financing activities|(253,572)|(42,764)|
|==========================|=============================|
|Net (decrease)/increase in cash and cash equivalents|641,808|(191,742)|
|Cash and cash equivalents at beginning of year|(150,656)|41,086|
|-------------------------------------|------------------------------------|
|Cash and cash equivalents at end of year|20|491,152|(150,656)|
|============= =============|=============================|
|Relating to:|
|Cash at bank and in hand|647,916|47,350|
|Bank overdrafts included in creditors payable within one year|(156,764)|(198,006)|
|============== =============|============== =============|
----- End of picture text -----
The notes on pages 20 to 46 form part of these financial statements.
Page 18
Trinity College (Bristol) Limited Company Limited by Guarantee
Group Statement of changes in equity
For the year ended 31 August 2024
| Balance at 1 September 2022 Income Expenditure Transfers Gains / (Losses) Balance at 31 August 2023 Income Expenditure Transfers Gains / (Losses) Balance at 31 August 2024 |
Restricted funds Unrestricted funds Total Revaluation reserve Defined benefit pension reserve Other unrestricted income funds £ £ £ £ £ 72,538 11,208,457 (10,000) 1,064,652 12,335,647 3,010 - - 2,452,984 2,455,994 (13,404) - - (2,682,476) (2,695,880) 300 (57,178) - 56,878 - - - 10,000 - 10,000 |
|---|---|
| 62,444 11,151,279 - 892,038 12,105,761 875,553 - - 2,550,358 3,425,911 (13,338) - - (2,544,724) (2,558,062) (208,825) (57,178) - 266,003 - - - - - - |
|
| 715,834 11,094,101 - 1,163,675 12,973,610 |
Page 19
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the financial statements
For the year ended 31 August 2024
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 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.
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 2024.
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.
Page 20
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the financial statements
For the year ended 31 August 2024
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.
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.
Page 21
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the financial statements
For the year ended 31 August 2024
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, noncharitable 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.
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
Page 22
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the financial statements
For the year ended 31 August 2024
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.
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.
Page 23
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the financial statements
For the year ended 31 August 2024
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.
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
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 2024 was 1,062 (2023: 1,062).
Page 24
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the financial statements
For the year ended 31 August 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|6.|Donations and legacies|
|Unrestricted|Restricted|Total Funds|
|Funds|Funds|2024|
|£|£|£|
|Donations|
|Donations|11,514|875,553|887,067|
|Legacies|
|Legacies|-|-|-|
|-------------------------|-------------------------|-------------------------|
|11,514|873,289|887,147|
|========== =========|===================|===================|
|Unrestricted|Restricted|Total Funds|
|Funds|Funds|2023|
|£|£|£|
|Donations|
|Donations|23,249|3,010|26,259|
|Legacies|
|Legacies|43,362|-|43,362|
|-------------------------|-------------------------|-----------------------------|
|66,611|3,010|69,621|
----- End of picture text -----
No grants were received from the Office for Students during the current or previous year.
7. Charitable activities
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Total Funds|Unrestricted|Total Funds|
|Funds|2024|Funds|2023|
|£|£|£|£|
|Student Fees for taught awards|1,419,149|1,419,149|1,170,651|1,170,651|
|Mitigation Fund fees|-|-|140,476|140,476|
|Student Fees for research awards|240,205|240,205|195,658|195,658|
|Rental Income|424,893|424,893|445,981|445,981|
|Sundry Income|31,340|31,340|30,466|30,466|
|Trinity Association|4,474|4,474|4,014|4,014|
|--------------------------------------|-------------------------------------- --------------------------------------|--------------------------------------|
|2,120,061|2,120,061|1,987,246|1,987,246|
|================================|============================|================================ ================================|
----- End of picture text -----
No fee income was received in relation to non-qualifying courses during the current or previous year.
In view of a shortfall in the number of ordinands entering training in 2022 across the sector, the Archbishops’ Council established a Mitigation Fund from which to top up the fees payable for Church of England ordinands in training.
Page 25
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
8. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 £ £ £ £ Conference and Nursery income 413,251 413,251 399,055 399,055 ========================= ========================= ========================= =========================
9. Investment income
Bank and other interest receivable
Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 £ £ £ £ 5,532 5,532 72 72 ========================= ========================= ========================= =========================
10. Costs of raising funds
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Unrestricted|Total Funds|Unrestricted|Total Funds|
|Funds|2024|Funds|2023|
|£|£|£|£|
|Costs of generating charitable income|5,913|5,913|19,283|19,283|
|Costs of generating other trading|
|income|289,926|289,926|288,698|288,698|
|------------------------ ------------------------- ------------------------- ------------------------|
|295,839|295,839|307,981|307,981|
|================= ================= ================= =================|
----- End of picture text -----
11. Expenditure on charitable activities by fund type
----- Start of picture text -----
|||||
|---|---|---|---|
|Unrestricted|Restricted|Total Funds|
|Funds|Funds|2024|
|£|£|£|
|Provision of charitable activities|2,090,853|5,904|2,096,757|
|Support costs|38,373|-|38,373|
|---------------------------------- --------------------------------- ----------------------------------|
|2,129,226|5,904|2,135,130|
|========================= ========================= =========================|
|Unrestricted|Restricted|Total Funds|
|Funds|Funds|2023|
|£|£|£|
|Provision of charitable activities|2,189,623|3,500|2,193,123|
|-|
|Support costs|39,029|39,029|
|------------------------------------- ------------------------------------- -------------------------------------|
|2,228,652|3,500|2,232,152|
|==============================|==============================|==============================|
----- End of picture text -----
Page 26
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
12. Expenditure on charitable activities by activity type
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Activities|
|undertaken|Total Funds|Total Funds|
|directly Support costs|2024|2023|
|£|£|£|£|
|Provision of charitable activities|2,096,757|-|2,096,757|2,193,123|
|Governance costs|-|38,373|38,373|39,029|
|---------------------------------- ---------------------------------- ---------------------------------- --------------------------------|
|2,096,757|38,373|2,135,130|2,232,152|
|================================ ================================ ================================ ================================|
----- End of picture text -----
13. Net income
Net income is stated after charging:
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Depreciation of tangible fixed assets|127,093|155,747|
|Auditors’ remuneration for audit services|19,950|15,900|
|Auditors’ remuneration for non-audit services|3,150|4,000|
|Lease payments|340,700|364,976|
----- End of picture text -----
========================= =========================
There was a net surplus for the year after depreciation relating to the charity of £867,850 (2023: deficit of £239,886).
14. Staff costs
Total staff costs were as follows:
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Wages and salaries (including agency costs)|1,169,080|1,090,749|
|Social security costs|79,736|68,137|
|Pension costs|95,021|139,814|
|----------------------------------- ----------------------------------|
|1,343,837|1,298,700|
|========================== =========================|
----- End of picture text -----
The average number of employees during the year was 43 (2023: 44).
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 £186,382 (2023: £160,641).
Page 27
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
The Principal’s total remuneration package for the year was:
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Basic salary|40,705|38,108|
|Pension costs|6,959|7,777|
|----------------------------------- ----------------------------------|
|47,664|45,885|
|========================== =========================|
----- 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 £1,184 (2023: £1,489) 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 2023|13,175,980|811,750|539,905|14,527,635|
|Additions|-|2,669|-|2,669|
|Disposals|-|-|-|-|
|---------------------------------- ---------------------------------- ---------------------------------- ----------------------------------|
|At 31 August 2024|13,175,980|814,419|539,905|14,530,304|
|========================= ========================= ========================= =========================|
|Depreciation|
|At 1 September 2023|587,429|638,084|-|1,225,513|
|Charge for the year|73,430|53,664|-|127,094|
|Eliminated on disposal|-|-|-|-|
|--------------------------------- ---------------------------------- ---------------------------------- ----------------------------------|
|At 31 August 2024|660,859|691,748|-|1,352,607|
|========================= ========================= ========================= =========================|
|Carrying amount|
|At 31 August 2024|12,515,121|122,671|539,905|13,177,697|
|========================= ========================= ========================= =========================|
|At 31 August 2023|12,588,551|173,666|539,905|13,302,122|
|========================= ========================= ========================= =========================|
----- End of picture text -----
Page 28
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
Tangible fixed assets
The cost of depreciable assets at 31 August 2024 is £8,157,326 (2023: £8,154,659) for the group, including £8,135,371 (2023: £8,132,704) 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 2024 is £462,776 (2023: £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 2023 | 13,175,979 | 789,795 |
539,905 |
14,505,679 |
| Additions | - | 2,668 |
- |
2,668 |
| Disposals | - | - |
- | - |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | |
| At 31 August 2024 | 13,175,979 | 792,463 |
539,905 |
14,508,347 |
| ========================= | ========================= | ========================= | ========================= | |
| Depreciation | ||||
| At 1 September 2023 | 587,429 | 617,553 |
- |
1,204,982 |
| Charge for the year | 73,430 | 52,953 |
- |
126,383 |
| Eliminated on disposal | - | - |
- | - |
| --------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | |
| At 31 August 2024 | 660,859 | 670,506 |
- |
1,331,365 |
| ========================= | ========================= | ========================= | ========================= | |
| Carrying amount | ||||
| At 31 August 2024 | 12,515,120 | 121,957 |
539,905 |
13,176,982 |
| ========================= | ========================= | ========================= | ========================= | |
| At 31 August 2023 | 12,588,550 | 172,242 |
539,905 |
13,300,697 |
| ========================= | ========================= | ========================= | ========================= |
Page 29
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
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 2024 | |
| Aggregate cost | 2,636,164 |
| Aggregate depreciation | 625,825 |
| ------------------------ | |
| Carrying value | 2,010,339 |
| ================= | |
| At 31 August 2023 | |
| Aggregate cost | 2,636,164 |
| Aggregate depreciation | 599,463 |
| ------------------------ | |
| Carrying value | 2,036,701 |
| ================= |
Page 30
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
17. Investments
| Shares in | |
|---|---|
| group | |
| undertakings | |
| £ | |
| Cost or valuation | |
| At 1 September 2023 and 31 August 2024 | 1 |
| Impairment | |
| At 1 September 2023 and 31 August 2024 | - |
| Carrying amount | |
| At 31 August 2024 | 1 |
| At 31 August 2023 | 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 2024 report turnover of £439,597 (2023: £398,605) and a profit of £58,844 (2023: £23,784) for the year, after distributions to the holding company of £46,900 (2023: £nil). Total capital and reserves were a surplus of £94 (2023: deficit of £9,200).
18. Stocks
| Group | Charity | Charity | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Stock | 71,440 | 5,687 | 71,440 | 5,687 | ||
| ------------------------- | -------------------------- | ------------------------ | -------------------------- | |||
| 71,440 | 5,687 | 71,440 | 5,687 | |||
| =============== | =============== | =============== | ================= |
An amount of £67,619 included in stocks represents the costs of work-in-progress towards the Quad development and will be transferred to fixed assets in 2024-25 when the current phase of the development is complete.
19. Debtors
| Group | Charity | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Trade debtors | 47,375 | 4,102 | 37,221 | 4,102 |
| Other debtors | 11,835 | 20,536 | 11,834 | 20,536 |
| Prepayments | 23,446 | 24,710 | 22,532 | 23,792 |
| ---------------------------- ---------------------------- | ---------------------------- ---------------------------- | |||
| 82,656 | 49,348 | 71,587 | 48,430 | |
| ========================= ========================= | ========================= ========================= |
Page 31
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
20. Cash and cash equivalents
Cash and cash equivalents comprise the following:
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Group|Charity|
|2024|2023|2024|2023|
|£|£|£|£|
|Cash at bank and in hand|647,916|47,350|611,620|5,332|
|----------------------------- ----------------------------- ----------------------------- -----------------------------|
|647,916|47,350|611,620|5,332|
|========================= ========================= ========================= =========================|
----- End of picture text -----
Analysis of changes in net debt
----- Start of picture text -----
|||||
|---|---|---|---|
|At 1 September|Cashflows At 31 August|
|2023|2024|
|£|£|£|
|Cash and cash equivalents:|47,350|600,566|647,916|
|Bank overdrafts included in creditors payable|(198,006)|198,006|-|
|within one year|
|Debt due within one year|(37,500)|-|(37,500)|
|Debt due in over one year|(907,636)|253,572|(654,064)|
|-----------------------------|-----------------------------|-----------------------------|
|Total|(1,095,792)|895,380|(200,412)|
|======================|=====================|=====================|
----- End of picture text -----
21. Creditors: Amounts falling due within one year
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Group|Charity|
|2024|2023|2024|2023|
|£|£|£|£|
|Unsecured loan|10,000|10,000|-|-|
|Bank overdraft|156,764|198,006|156,764|198,006|
|Trade creditors|21,707|27,894|21,707|22,782|
|Amounts owed to group undertakings|-|-|74,902|20,751|
|PAYE and social security|23,449|16,848|20,153|14,739|
|Mortgage loans|20,000|20,000|20,000|20,000|
|Secured bank loans|7,500|7,500|7,500|7,500|
|Other creditors|8,669|24,360|8,669|24,360|
|Accruals and deferred income|103,945|86,502|51,361|46,912|
|-------------------|-------------------|-------------------|-------------------|
|352,034|391,110|361,056|355,050|
|=============|=============|=============|=============|
----- End of picture text -----
See note 22 for details on securities.
Page 32
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
22. Creditors: amounts falling due after more than one year
| Group | Charity | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Secured loans – Church Commissioners | 539,905 | 539,905 | 539,905 | 539,905 |
| Other secured loans | - | 210,000 | - | 210,000 |
| Mortgage loans | 63,280 | 89,142 | 63,280 | 89,142 |
| Secured bank loans | 43,423 | 51,089 | 43,423 | 51,089 |
| Unsecured loans | 7,456 | 17,500 | - | - |
| ----------------- | ----------------- | ----------------- | ----------------- | |
| 654,064 | 907,636 | 646,608 | 890,136 | |
| ============ | ============ | ============ | ============ |
Included within creditors: amounts falling due after more than one year is an amount of £7,817 (2023: £30,231) 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 (2023: £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.
The other secured loan of £210,000 was repaid in the year and is no longer included in the accounts.
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.
Secured loans are secured over properties owned by Trinity College (Bristol) Limited and associated trusts.
Page 33
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
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: -
----- Start of picture text -----
|||||
|---|---|---|---|
|Group|Charity|
|2024|2023|2024|2023|
|£|£|£|£|
|Church of England Defined Benefits Scheme (1)|-|-|-|
|Church of England Funded Pension Scheme (3)|-|-|-|
|---------------------- -------------------------- ------------------------- -----------------------|
|-|-|-|
|==================|=======================|===================|====================|
----- End of picture text -----
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 £4,514 (2023: £32,670) 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 £4,514 for 2024 (2023: £32,670).
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’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary.
A valuation of DBS is carried out once every three years. The most recently finalised was carried out as at 31 December 2022. In this valuation, the Life Risk Section was shown to be in surplus by £7m. The overall surplus in DBS was £623k.
The next actuarial valuation is being prepared to 31 December 2025.
Following the 2022 valuation, the Employer entered into an agreement with the Church Workers
Page 34
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
Pension Fund to close their section of the DBS with effect from 31 March 2024. The movement in the provision is set out below:
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Balance Sheet Liability at 1 September|-|-|
|Defined contribution paid|-|-|
|Interest cost (recognised in SOFA)|-|-|
|Remaining change to the balance sheet liability (*recognised in SOFA)|-|-|
|---------------------------- -----------------------------|
|Balance Sheet Liability at 31 August|-|-|
|========================= =========================|
----- End of picture text -----
- Comprises change in agreed deficit recovery plan and change in discount rate between yearends.
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:
----- Start of picture text -----
|||||
|---|---|---|---|
|2024|2023|2022|
|Discount rate|0.00%|0.00%|0.00%|
----- End of picture text -----
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)
Trinity College Bristol participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.
CWPF has two sections:
-
the Defined Benefits Scheme
-
the Pension Builder Scheme, which has two subsections;
-
a. a deferred annuity section known as Pension Builder Classic, and,
-
b. a cash balance section known as Pension Builder 2014.
Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.
There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to
Page 35
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable £46,532 (2023: £44,551).
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 10.1% following improvements in the funding position over 2022. There is no requirement for deficit payments at the current time.
For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.
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 (2024: £41,861, 2023: £47,076).
A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:
-
An average discount rate of 2.7% p.a.;
-
RPI inflation of 3.6% p.a. (and pension increases consistent with this);
-
CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards;
-
Increase in pensionable stipends in line with CPIH;
Page 36
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
- Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (ie w2020 = 0%).
Following the 31 December 2018 valuation, a deficit recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) were as set out in the table below. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022. Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was in surplus.
As at 31 December 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the table below. For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.
----- Start of picture text -----
|||||
|---|---|---|---|
|January 2018 to|January 2021 to|January 2023 to|
|December 2020|December 2022|December 2024.|
|£|£|
|Deficit repair contributions|11.9%|7.1%|Nil%|
----- End of picture text -----
Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil. The movement in the balance sheet liability over 2022 and over 2023 is set out in the table below.
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Balance sheet liability at start|-|10,000|
|Deficit contributions paid|-|(7,000)|
|Interest cost (recognised in SOFA)|-|-|
|Remaining change to the balance sheet liability*|
|(recognised in SOFA)|-|(3,000)|
|-------------------------- ----------------------------|
|Balance sheet liability at end|-|-|
|====================== =======================|
----- End of picture text -----
- 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. No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.
Page 37
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
| December 2023 | December 2022 | |
|---|---|---|
| Discount rate | n/a | n/a |
| Price inflation | n/a | n/a |
| Increase to total pensionable payroll | n/a | n/a |
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 38
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
24. Analysis of charitable funds
Unrestricted funds
| Group | At | Gains and | At | |||
|---|---|---|---|---|---|---|
| 1 Sep 2023 | Income | Expenditure | Transfers | losses |
31 Aug 2024 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 884,111 | 2,111,173 | (2,114,834) | 266,003 |
- |
1,146,453 |
| Revaluation | ||||||
| reserve | 11,151,279 | - | - |
(57,178) | - |
11,094,101 |
| Non-charitable | ||||||
| trading | 7,927 | 439,185 | (429,890) |
- |
- |
17,222 |
| Pension | - | - | - |
- | - |
- |
| ------------------------- | -------------------------- | -------------------------- | -------------------------- | ---------------------- | ------------------------- | |
| 12,043,317 | 2,550,358 | (2,544,724) | 208,825 |
- |
12,257,776 | |
| ============================= | ============================= | =============================, | =========================== | ========================= | ============================= | |
| At | Gains and | At |
||||
| 1 Sep 2022 | Income | Expenditure | Transfers | losses |
31 Aug 2023 |
|
| £ | £ | £ | £ | £ | £ | |
| General funds | 1,080,509 | 2,053,929 | (2,307,205) | 56,878 |
- |
884,111 |
| Revaluation | ||||||
| reserve | 11,208,457 | - | - |
(57,178) | - |
11,151,279 |
| Non-charitable | ||||||
| trading | (15,857) | 399,055 |
(375,271) |
- |
- |
7,927 |
| Pension | (10,000) | - |
- |
- | 10,000 |
- |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- ------------------------- | ||
| 12,263,109 | 2,452,984 | (2,682,476) | (300) |
10,000 |
12,043,317 | |
| ============================= | ============================= | ============================= | ============================ | ============================= ============================= |
Page 39
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
Unrestricted funds
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Charity|At|Gains and|At|
|1 Sep 2023|Income Expenditure|Transfers|losses|31 Aug 2024|
|£|£|£|£|£|£|
|General funds|901,238|2,164,526|(2,217,736)|266,003|-|1,114,031|
|Revaluation|
|reserve|11,151,279|-|-|(57,178)|-|11,094,101|
|Pension|-|-|-|-|-|-|
|------------------------------ ------------------------------ ------------------------------|---------------------------- --------------------------|-------------------------------|
|12,052,517|2,164,526 (2,217,736)|208,825|-|12,208,132|
|============================= ============================= ============================= ============================= =========================|===============================|
|At|Gains and|At|
|1 Sep 2022|Income Expenditure|Transfers|losses|31 Aug 2023|
|£|£|£|£|£|£|
|General funds|1,098,137|2,102,929 (2,356,706)|56,878|-|901,238|
|Revaluation|
|reserve|11,208,457|-|-|(57,178)|- 11,151,279|
|Pension|(10,000)|10,000|-|
|------------------------------ ------------------------------ ------------------------------|---------------------------- ----------------------------- ------------------------------|
|12,296,594|2,102,929 (2,356,706)|(300)|10,000 12,052,517|
|============================= ============================= ============================= ============================= ============================= =============================|
----- End of picture text -----
The £57,178 (2023: £57,178) reduction to the revaluation reserve is the transfer to the general funds of the annual depreciable amount of the revalued assets.
Page 40
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
Restricted funds
| Group and | ||||||
|---|---|---|---|---|---|---|
| Charity | At 1 Sep | Gains and | At 31 Aug | |||
| 2023 | Income | Expenditure | Transfers | losses | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Hardship Fund | - | 375 | (1,550) | 1,175 | - | - |
| Strategic building | 1,100 | - | - | - | - | 1,100 |
| fund | ||||||
| George Seamer | 2,486 | - | - | - | - | 2,486 |
| Memorial | ||||||
| Mildmay Trust | 1,173 | - | - | - | - | 1,173 |
| Capital | ||||||
| Hemphill Memorial | 2,592 |
- | - | - | - | 2,592 |
| Bursary Fund | 16,057 | 375 | (2,840) | - | - | 13,592 |
| Florence Weeks | 1,000 | - | - | - | - | 1,000 |
| Memorial Fund | ||||||
| CBT/Pioneer | - | 1,344 | (1,344) | - | - | - |
| Training Fund | ||||||
| Video Linking Fund | 38,034 |
- | (7,434) | - | - | 30,600 |
| Open Learning | - | 20 | (20) | - | - | - |
| Gifts for 3BC | - | 150 | (150) | - | - | - |
| Site Development | - | 873,289 | - | (210,000) | - | 663,289 |
| Fund | ||||||
| ---------------------- | ----------------------- | ----------------------- | ------------------- | -------------------- | -------------------- | |
| 62,444 | 875,553 | (13,338) | (208,825) | - | 715,834 | |
| ====================== | ======================= | ======================= | =================== | ==================== | ========================= |
Funds were transferred out of the Site Development Fund for the repayment of the loan referred to in note 22.
Page 41
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
The expenditure above includes depreciation against assets acquired using these funds.
| At 1 Sep | Gains and | At 31 Aug | ||||
|---|---|---|---|---|---|---|
| 2022 | Income | Expenditure | Transfers | losses | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Hardship Fund | - | - | (300) | 300 | - | - |
| Strategic building | 1,100 | |||||
| fund | 1,100 | - | - | - | - | |
| George Seamer | 2,486 | |||||
| Memorial | 2,386 | 100 | - | - | - | |
| Mildmay Trust | 1,173 | |||||
| Capital | 1,173 | - | - | - | - | |
| Hemphill Memorial | 2,592 | - | - | - | - | 2,592 |
| Bursary Fund | 16,348 | 2,070 | (2,361) | - | - | 16,057 |
| Florence Weeks | 1,000 | |||||
| Memorial Fund | 1,000 | - | - | - | - | |
| CBT/Pioneer | - | |||||
| Training Fund | - | 660 | (660) | - | - | |
| Video Linking Fund | 47,939 |
- | (9,903) | - | - | 38,036 |
| Gifts for 3BC | - | 180 | (180) | - | - | - |
| --------------------- | --------------------- | ----------------------- | -------------------- | -------------------- | ----------------------- | |
| 72,538 | 3,010 | (13,404) | 300 | - | 62,444 | |
| ====================== | ===================== | ===================== | ===================== | ===================== | ======================== |
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 4 students were helped in this way (2023: 3).
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 42
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
25. Analysis of net assets between funds
Group
| Analysis of net assets between funds Group |
|||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 13,152,787 | 24,909 | 13,177,696 |
| Current assets | 113,351 | 688,661 | 802,012 |
| Creditors less than 1 year | (352,034) | - | (352,034) |
| Creditors greater than 1 year | (654,064) | - | (654,064) |
| ------------------------------------ | ----------------------------------- | ------------------------------------ | |
| Net assets | 12,260,040 | 713,570 | 12,973,610 |
| ============================= | ============================ | ============================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 13,261,601 | 40,521 | 13,302,122 |
| Current assets | 80,462 | 21,923 | 102,385 |
| Creditors less than 1 year | (391,110) | - | (391,110) |
| Creditors greater than 1 year | (907,636) | - | (907,636) |
| Defined benefit pension | - | - | - |
| ------------------------------------ | ----------------------------------- | ------------------------------------ | |
| Net assets | 12,043,317 | 62,444 | 12,105,761 |
| ============================== | ============================ | ============================== | |
| Charity | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Fixed assets | 13,152,072 | 24,909 | 13,176,981 |
| Current assets | 63,724 | 690,924 | 754,648 |
| Creditors less than 1 year | (361,055) | - | (361,055) |
| Creditors greater than 1 year | (646,608) | - | (646,608) |
| ------------------------------------ | ----------------------------------- | ------------------------------------ | |
| Net assets | 12,208,133 | 715,833 | 12,923,966 |
| ============================== | ============================= | ============================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Fixed assets | 13,260,177 | 40,521 | 13,300,698 |
| Current assets | 37,526 | 21,923 | 59,449 |
| Creditors less than 1 year | (355,050) | - | (355,050) |
| Creditors greater than 1 year | (890,136) | - | (890,136) |
| Defined benefit pension | - | - | - |
| -------------------------------------- | ----------------------------------- | -------------------------------------- | |
| Net assets | 12,052,517 | 62,444 | 12,114,961 |
| ============================== | ============================= | ============================== |
Page 43
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
26. Operating lease commitments
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Not later than 1 year|27,740|32,671|
----- End of picture text -----
========================= =========================
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Not later than 1 year|419,400|355,020|
|Later than 1 year and not later than 5 years|-|-|
|------------------------- -------------------------|
|419,400|355,020|
|======================|=========================|
----- End of picture text -----
27. Related parties
The Revd Jeremy Moodey (trustee), the Revd Anjali Kanagaratnam (trustee), the Revd Dr Sean Doherty (principal) and Mr Andrew Lucas (executive director and company secretary of the charity) are also trustees of the Carfax Trust. The charity has free and beneficial use of a property owned by the Carfax Trust. £32,100 (2023 - £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 £20,400 (2023: £18,000) was paid from Trinity College Enterprises Limited to Trinity College (Bristol) Limited in the year.
Bishop Richard Jackson was chair of the council until 10 June 2024, when he stepped down as a trustee. The charity used a property owned by the bishop. Rent of £8,250 (2023 - £9,000) was paid to him for the use of the property.
Mr A Lucas, executive director and company secretary of the charity, had lent the charity £210,000. The loan was interest free, secured and repayable on demand. The full balance has been repaid in the year and there is no liability at the year end. The balance was repaid via a property being sold to Mr A Lucas by an associated trust. This transaction was approved by the Charity Commission and conducted at arm’s length and on the basis of a market value established by an independent surveyor.
Page 44
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
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 Trust assets have been sold and the proceeds used for the improvement and development of the college’s buildings. These 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 Trust had applied the following amounts to the college:
£ 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 Sale proceeds – 24 Little Stoke Road, Stoke Bishop (2023) 950,000 ---------------------------------- 2,724,979
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
Following the year-end, construction work was started on the development of the Quad area of Stoke House to create new residential accommodation for single students. Funds have been set aside and are shown in a restricted fund for this purpose. Additional fundraising is ongoing. The work is expected to be completed well in time for the start of the new academic year in September 2025.
Mr Andrew Lucas, executive director, will be retiring after 34 years at the college at the end of the current academic year. The search for his successor is currently underway.
These events do not call for an adjustment to the financial statements.
There are no other 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 45
Trinity College (Bristol) Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
For the year ended 31 August 2024
31. Comparative statement of financial activities
| 2023 | |||
|---|---|---|---|
| Unrestricted | Restricted |
||
| funds | funds |
Total funds | |
| £ | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 66,611 | 3,010 | 69,621 |
| Charitable activities | 1,987,246 | - | 1,987,246 |
| Other trading activities | 399,055 | - | 399,055 |
| Investment income | 72 | - | 72 |
| ----------------------- | -------------------- | ----------------------- | |
| Total income | 2,452,984 | 3,010 | 2,584,593 |
| ================ | ============== | =============== | |
| Expenditure on | |||
| Raising funds | 307,981 | - | 307,981 |
| Charitable activities | 2,228,652 | 3,500 | 2,232,152 |
| ---------------------- | ----------------------- | ----------------------- | |
| Net income before depreciation | (83,649) | (490) | (84,139) |
| ----------------------- | ---------------------- | ---------------------- | |
| Depreciation | 145,843 | 9,904 | 155,747 |
| ------------------------ | ---------------------- | ----------------------- | |
| Total expenditure | 2,682,476 | 13,404 | 2,695,880 |
| ================= | =============== | =============== | |
| ----------------------- | ---------------------- | ----------------------- | |
| Net income | (229,492) | (10,394) | (239,886) |
| ================ | =============== | =============== | |
| Other recognised gains and losses | |||
| Actuarial (losses)/gains on defined benefit pension | |||
| schemes | 10,000 | - | 10,000 |
| Transfers between funds | (300) | 300 | - |
| ----------------------- | ----------------------- | ----------------------- | |
| Net movement in funds | (219,792) | (10,094) | (229,886) |
| Reconciliation of funds | |||
| Total funds brought forward | 12,263,109 | 72,539 | 12,355,647 |
| ------------------------ ------------------------ | ------------------------ | ||
| Total funds carried forward | 12,043,317 | 62,444 | 12,105,761 |
| ================= ================= | =============== |
Page 46
2024 Consolidated TCB accounts - signed
Final Audit Report
2025-02-06
Created: 2025-02-06 By: irene mehraj (irene.mehraj@trinitycollegebristol.ac.uk) Status: Signed Transaction ID: CBJCHBCAABAAZSLGfbvlZk92BAUq_HhD4vlBwZRKemg2
"2024 Consolidated TCB accounts - signed" History
- Document created by irene mehraj (irene.mehraj@trinitycollegebristol.ac.uk) 2025-02-06 - 3:24:29 PM GMT
Document emailed to esther.prior@stjohnsegham.com for signature
2025-02-06 - 3:26:03 PM GMT
- Email viewed by esther.prior@stjohnsegham.com
2025-02-06 - 6:48:50 PM GMT
-
Signer esther.prior@stjohnsegham.com entered name at signing as Esther Prior 2025-02-06 - 6:50:10 PM GMT
-
Document e-signed by Esther Prior (esther.prior@stjohnsegham.com) Signature Date: 2025-02-06 - 6:50:12 PM GMT - Time Source: server
Agreement completed.
2025-02-06 - 6:50:12 PM GMT