**Registered Charity No. 528648**
## **Trustees of the Former Lichfield Theological College**
## **Financial Statements for the year ended 31 December 2023**
## **Charities SORP (FRS 102)**
## **Trustees of the Former Lichfield Theological College (Registered Charity 528648)**
## **Financial Statements for the Year Ended 31 December 2023**
## **Statement of Financial Activities**
|**Incoming Resources**
Investments
**2a**
Other
**2b**
**Total**
**Resources Expended**
Charitable Activities
**3**
**Total**
Net Movements Before
Revaluations
Net gain/(losses) on investment
Net gain/(losses) on property
Net Movements in the Year
**Total Funds brought forward (1st**
**Jan)**
**Total Funds carried forward (31st**
**Dec)**|**Unrestricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-|**Designated Funds Restricted Funds**
**Endownments**
**Funds**
**Total Funds 2023**
**Total Funds 2022**
**£**
**£**
**£**
**£**
**£**
1,112
43,942
-
45,054
38,864
-
4,800
-
4,800
3,500
1,112
48,742
-
49,854
42,364
1,112
47,700
-
48,812
39,352
1,112
47,700
-
48,812
39,352
-
1,042
-
1,042
3,012
2,663
91,160
-
93,823
(157,377)
-
-
-
2,663
92,202
-
94,865
(154,365)
28,299
1,273,119
-
1,301,418
1,455,783
30,962
1,365,321
-
1,396,283
1,301,418|
|---|---|---|
## **Trustees of the Former Lichfield Theological College (Registered Charity 528648) Financial Statements for the Year Ended 31 December 2023**
## **Balance Sheet**
|**Balance Sheet**||||
|---|---|---|---|
|**Fixed Assets**
Investment Assets
**5(a)**
Tangible Assets
**5(b)**
**Current Assets**
Sundry Debtors
CBF deposit fund
Cash
**Liabilities due in one year**
Creditors
**6**
**Net Current Assets/(Liabilties)**
**Total Net Assets**
**Represented by**
Unrestricted Funds
Designated
Restricted Funds
**Total**|**Total 2023**
**£**
1,251,076
86,204||**Total 2022**
**£**
1,157,253
86,204|
||1,337,280
2,560
218,372
-||1,243,457
-
179,127|
||220,932
(161,928)||179,127
(121,166)|
||59,003
1,396,283
**2023**
**£**
30,962
1,365,321
1,396,283||57,961
1,301,418
**2022**
**£**
28,299
1,273,119
1,301,418|
|||||
|||||
The attached notes form part of these financial statements
## **Trustees of the Former Lichfield Theological College (Registered Charity 528648)**
## **Financial Statements for the Year Ended 31 December 2023**
## **Accounting Policies**
The financial statements have been prepared in accordance with Charities SORP (FRS102).
The financial statements have been prepared under the historical cost convention.The financial statements include all transactions, assets and liabilities for which the Charity is responsible in law.
## **Cashflow Statement**
The Charity has taken advantage of the exemption in FRS102 from the requirement to produce a Cash flow statement on the grounds that the income does not exceed £500,000.
## **Incoming Resources**
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to them as income or capital respectively, ultimate receipt is reasonably certain and the amount recognised can be quantified with reasonable accuracy.
## **Resources Expended**
Expenditure is included on the accruals concept and has been classified under headings that aggregate all costs related to the SOFA category. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional on the recipient satisfying performance or other discretionary requirements to the satisfaction of the trustees, such grants being recognised as expenditure when the conditions which have been met at the year end are noted as a commitment, but not accrued as expenditure.
## **Trustees of the Former Lichfield Theological College (Registered Charity 528648) Notes to Financial Statements for Year Ended December 2023**
## **Income and Endowments from:**
|**2**
**_Investments_**
**2a**
Dividends
Bank Interest
**_Other_**
**2b**
Rent Receivable
**Total**
**EXPENDITURE ON:**
**3**
**Charitable Activities**
**3b**
Grants towards Supporting Ordinands
Grants towards Ministerial Education
Theological Library Resources
Other Grants
Support Costs - Administration
**Total**|**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**Endownment**
**Funds**
**Total Funds**
**2023**
**Total Funds**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**
-
847
36,266
-
37,113
36,934
-
265
7,676
-
7,941
1,930
-
1,112
43,942
-
45,054
38,864
-
-
4,800
-
4,800
3,500
-
1,112
48,742
-
49,854
42,364
**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**Endownment**
**Funds**
**Total Funds**
**2023**
**Total Funds**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**
-
-
29,250
-
29,250
26,250
-
-
9,750
-
9,750
8,750
-
1,112
-
1,112
907
-
-
8,050
-
8,050
2,795
-
-
650
-
650
650
-
1,112
47,700
-
48,812
39,352|
|---|---|
## **Trustees of the Former Lichfield Theological College (Registered Charity 528648) Notes to Financial Statements for Year Ended December 2023**
## **4(a) Staff Costs**
**----- Start of picture text -----**
2023 2022
Salaries - -
**----- End of picture text -----**
The Charity does not employ any staff.
**----- Start of picture text -----**
5(a) Fixed Assets Freehold Total
Buildings Equipment
At Cost or Valuation
As at 1 Jan 2023 86,204 - 86,204
Additions in the Year - - -
- - -
Disposal in the Year
- - -
Revaluation (if any)
Value at 31 Dec 2023 86,204 - 86,204
**----- End of picture text -----**
## **5(b) Investments**
|**Designated**
Investments
**Restricted funds**
Investments
**Total**|**At**
**At**
**01-Jan**
**Additions**
**Disposals**
**Transfers**
**Change in**
**Market Value**
**31-Dec**
28,300
-
-
-
2,663
30,963
1,128,953
-
-
-
91,160
1,220,113
1,157,253
-
-
-
93,823
1,251,076|
|---|---|
|**Liabilities**
**_Amounts falling due in one year_**
Accruals
Deanery Fund
Other Creditors|**2023**
**2022**
**£**
**£**
136,581
97,581
10,000
10,000
15,347
13,585
161,928
121,166|
|---|---|
## **6 Liabilities**
## **7 Analysis of Net Assets**
Fixed Assets Investment Assets Current Assets Current Liabilities
## **8 Funds Reconcilation**
## **Designated Funds**
Meynall Ingram
## **Restricted Funds**
Capital Fund Expendable Fund General Purposes
## **Total Restricted**
## **Total Funds**
**----- Start of picture text -----**
General
Designated Restricted Endownment
Unrestricted Total
Funds Funds Funds
Funds
- - -
86,204 86,204
- -
30,963 1,220,113 1,251,076
- -
1,111 219,821 220,932
- -
(1,112) (160,816) (161,928)
- -
30,962 1,365,322 1,396,283
**----- End of picture text -----**
|**Reserves**|**Incoming**|**Resources**|**Investment**|**Investment**|**Reserves**|
|---|---|---|---|---|---|
|**at**|**Resources**|**Expended**|**Gains / Losses**||**at**|
|**1 Jan**|||||**31 Dec**|
|||||||
|||||||
|28,299|1,112|(1,112)||2,663|30,962|
|||||||
|278,874|6,099|(7,115)||17,376|295,234|
|584,124|27,391|(25,410)||45,593|631,698|
|410,120|15,252|(15,175)||28,191|438,388|
|1,273,119|48,742|(47,700)||91,160|1,365,321|
|||||||
|**1,301,418**|**49,854**|**(48,812)**||**93,823**|**1,396,283**|
## **9 SOFA Comparatives**
(previous year)
## **Incoming Resources**
Investments Other
## **Total**
## **Resources Expended**
Charitable Activities
## **Total**
Net Movements Before Revaluations
Net gain/(losses) on investment
Net Movements for the year
|**Unrestricted**|**Unrestricted**||**Designated**|**Designated**||**Restricted**|**Endownments**|**Endownments**|**Endownments**||**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**Funds**|||**Funds**|||**Funds**|**Funds**||||||
||-|||907||37,957||-||||38,864|
||-|||-||3,500||-||||3,500|
||||||||||||||
||-|||907||41,457||-||||42,364|
||||||||||||||
||-|||907||38,445||-||||39,352|
||||||||||||||
|||-||907||38,445|||-|||39,352|
||||||||||||||
||-|||-||3,012||-||||3,012|
||||||||||||||
||-||(3,776)||-|153,601
||-||-||157,377
|
||||||||||||||
||||||||||||||
||-||(3,776)|||(150,589)||-||||(154,365)|
## **TRUSTEES ANNUAL REPORT SORP (FRS 102)**
## **Notes and Guidance**
- This form is to give guidance on what to include in a Trustees Annual Report.
- This is the information that we think we all know, but not everyone does.
- A good Trustees Annual Report is a Mission and Communication tool which tells people everything about the Charity.
- There is some standard wording which applies to all PCCs in Sections B and C which you may use.
- Once you create your Trustees Annual Report most of the information can be simply updated year on year.
- You may prefer to create your own Trustees Annual Report but all of these Sections need to be included in the Report.
- If you do not wish to create your own Trustees Annual Report you may complete this form and attach it to a copy of your Annual Accounts and Financial Statements.
|Section A
Section B
Section C
Section D
Section E
Section F
Section G|Reference and Administration Details|
|---|---|
||Structure, governance and Management|
||Objectives and Activities|
||Achievements and Performances|
||Financial Review|
||Optional information|
||Trustee Declaration|
**TAR**
1
**----- Start of picture text -----**
Trustees' Annual Report for the period
Period start date Period end date
Day Month Year Day Month Year
01 01 2023 31 12 2023
From To
**----- End of picture text -----**
## **Section A Reference and administration details**
**Trustees of the Former Lichfield Theological College Charity name Other names charity is known by Registered charity number (if any)** 528648
**Charity's principal address**
(eg. Address of the church or church office)
St Mary’s House The Close Lichfield **Postcode WS13 7LD**
**Names of the charity trustees – who manage the charity**
**----- Start of picture text -----**
Trustee name Office (if any) Dates acted if not for whole year
1 Rt Rev Michael Ipgrave Bishop of Lichfield
2 Rt Rev Sarah Bullock Bishop of Shrewsbury
3 Ven Susan Weller Archdeacon of Lichfield
4 Ven Dr Megan Smith Archdeacon of Stoke upon Trent
5 The Very Rev Adrian Dorber Dean of Lichfield Cathedral To 31 March 2023
6 Mrs Claire Shaw Diocesan Director of Education To 30 April 2023
7 Rev Canon Gregory Platten Chancellor of Lichfield Cathedral
8 Rev Jeanette Hartwell Diocesan Director of Ministry
9 Rev Romita Shrisunder Diocesan Director of Ordinands
10
11
12
13
14
15
16
17
19
20
Name of Chair : Ven Sue Weller
**----- End of picture text -----**
**TAR**
2
**Section B Structure, governance and management**
## **Description of the charity’s trusts**
Type of governing document
- (eg. trust deed, constitution)
Following the closure of the Theological College, a Charity Commission Scheme dated 15 November 1985, which combines ten former charities into four distinct categories, governs the Trustees:
**1. General Purposes** : - for assistance in further religious educational purposes
**2. Expendable Fund** : - where capital and income may be expended for the education of persons who are resident in the area of benefit who are undergoing training to enter the priesthood of the Church of England
**3. Capital Fund:** - where income only may be applied towards assisting the Continued Ministerial Education in the area of Benefit
**4. Meynall Ingram Fund** : - which is a designated fund to be used towards the purchase of books etc. to assist with training.
The Area of benefit is defined by the definition of the Diocese of Lichfield as at present constituted together with those parts of the Diocese of Birmingham and Diocese of Derby, which, in 1872, formed part of the Diocese of Lichfield. In addition since the transfer of Himley Deanery in 1994 to the Worcester Diocese, this also forms part of the Area of Benefit.
How the charity is constituted
- (eg. trust, association, company)
> [Charity Commission Scheme – 15 November 1985 ]
Trustee selection methods
(eg. appointed by, elected by)[In accordance with the aforementioned Charity Commission Scheme, there are ] eight ex officio trustees. In addition there must be no less than four nor more than eight co-opted trustees. Co opted trustees shall be appointed for a term of five years, based on residence, occupation or employment or otherwise have special knowledge of the area of benefit.
##
##
**Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)**
The trustees of the Charity are aware of the Charity Commission’s guidance on public benefit in The Advancement of Religion for the Public Benefit and have had regard to it in their administration of the Charity. The trustees believe that, the main purpose of the charity is to offer financial support for those undertaking training into the priesthood of the Church of England, and also to offer support in encouraging the persons concerned in further religious education meets the Public Benefit criteria.
## **Additional governance issues (Optional information)**
**TAR**
3
## **Connected Charities**
You **may choose** to include additional information, where relevant, about:
- policies and procedures adopted for the induction and training of trustees;
- the charity’s organisational structure and any wider network with which the charity works;
The trustees consider that due to the aims and purposes of the charity, then there is a connection with the following charities: -
The Lichfield Diocesan Board of Finance
The Derby Diocesan Board of Finance The Chapter of Lichfield Cathedral.
There is no direct authoritative link between the three aforementioned charities, however decisions made by these connected charities may have some influence or bearing on the decisions made by the trustees.
- relationship with any related parties;
- trustees’ consideration of major risks and the system and procedures to manage them; (Put your Risk Assessment Policy here)
## **Decision Making Structure**
The trustees meet twice a year to review the financial situation of the charity and consider applications for grants and other financial assistance.
**TAR**
4
## **Section C Objectives and activities**
The main purpose of the charity is to offer financial support for those **Summary of the objects of the** undertaking training into the priesthood of the Church of England, and also to **charity set out in its governing** offer support in encouraging the persons concerned in further religious **document** education.
## **Section D Achievements and performance**
The charity aims in any particular year to maximise the income to offer as much financial support to the area of training is possible without damaging the capital and future of the charity.
**Summary of the main achievements of the charity during the year**
During the last twelve months the Trust has managed to award £39,000 (2022: £35,000) to the training of Ordinands (including Continual Ministerial Development), and awarded £8,005 (2022: £2,795) to individuals and Deaneries to assist them with developing their educational requirements. In addition a grants of £1,112 (2022: £907) was allocated towards Theological Library Resources for the purchase of books and other study material.
**TAR**
5
## **Section E Financial review**
**Reserves Policy Brief statement of the charity’s policy on reserves** In light of the objectives of the charity, it is important to have a relatively substantial reserve base to generate increasing levels of income to continue the support offered to the areas of benefit. However, this means dividing the reserves between income and capital. It is not the intention of the trustees to develop significant income reserves, but expend the income generated within any twelve-month period In respect of capital reserves, this is fluctuated by the capital movements of the charitable investments. In recent years the reserves have seen significant increases in capital values on the Global Stock Market sandwiched between significant declines. The trustees remain satisfied in these volatile markets to have the correct balance on capital investments and reserves, with increased income above expectation. It is believed that the reserves level at present is adequate to support the work of the charity, and the structured reduction in income reserves is also beneficial to the charity and its aims and objectives.
## **Further financial review details (Optional information)**
|You**may choose**to include
additional information, where
relevant about:
the charity’s principal sources
of funds (including any
fundraising);
how expenditure has
supported the key objectives of
the charity;
investment policy and
objectives including any ethical
investment policy adopted.|**Financial Review**
In the twelve months to 31 December 2023 there was a surplus of £1,042
(2022: Surplus £3,012) in day-to-day activities.
Ordinary generated income increased from £42,364 in 2022 to £49,854 in 2023.
Overall Investment income (declaration of dividends) remained stable despite
continued low level of interest rates created by the well-publicised global
economic situation. The charity benefited form increase in interest rates.
**Investment Policy**
The trustees have continued to review investments in order to try and raise
dividends and other sources of income without compromising capital growth.
The investments are with CCLA and follow the Ethical investment Policies of the
National Church.|
|---|---|
**TAR**
6
## **Section F Other optional information**
## **Statement of Trustees Responsibilities**
The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and the expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:
- observe the methods and principles in the Charities SORP (FRS102);
- select suitable accounting policies and then apply them consistently;
-
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993 (amended 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.
## **Provision of information to Independent Examiners**
Each of the persons who are members of board of Trustees at the time when this Trustee's Annual report is approved has confirmed that:
- so far as that member of the board of Trustees is aware, there is no relevant information of which the charity’s independent examiners are unaware, and
- that the board of Trustees has taken all the steps that ought to have been taken as a board in order to be aware of any information needed by the charity’s examiner in connection with preparing their report and to establish that the charity’s independent examiners are aware of that information.
**Acknowledge any large Grants or donation in this Section.**
**Acknowledging a large Grant in your TAR may be a condition of acceptance**
**TAR**
7
**Section G Declaration**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
**Signature(s) Full name(s)** Jess Dace **Position** Secretary to the Trustees (eg Secretary, Chair, etc) **Date** 16 October 2024 (eg. Date of the APCM)
**TAR**
8
**Trustees of the Former Theological College Annual Report & Accounts for the Year Ended 31 December 2023**
## **Independent Examiners Report**
We have examined the Financial Statements of the Former Lichfield Theological College which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes. 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).
## **Respective responsibilities of trustees and auditor**
As explained more fully in the Trustees’ Responsibilities Statement the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
## **Basis of Opinion**
The examination was carried out in accordance with the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act and to be found in the Church guidance, 2001 edition, issued by the Finance Division of the Archbishops’ Council. That examination includes a review of the accounting records kept by the Trustees of the Former Lichfield Theological College and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
1. Which gives me reasonable cause to believe that in any material respect the requirements
- To keep accounting records in accordance with section 130 of the 2011 Act; and
- To prepare accounts which accord with the accounting records and comply with the requirements of the 2011 Act and the Regulations have not been met; or
2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Lichfield DBF St Mary’s House The Close Lichfield Staffs WS13 7LD 16 October 2024