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2025-08-31-accounts

Company Registration No. 246351 Charity Registration No. 529320

The Frere Educational Trust

(a company limited by guarantee and not having a share capital)

Trustees' Annual Report and Audited Financial Statements

For the year ended 31 August 2025

The Frere Educational Trust

Contents:

Trustees' Annual Report Pages 1 - 6
(including Statement of Trustees' Responsibilities)
Independent Auditor's Report Pages 7 - 10
Statement of Financial Activities Page 11
Balance Sheet Page 12
Statement of Cash Flows Page 13
Notes to the Financial Statements Pages 14 - 23

The Frere Educational Trust Trustees' Annual Report for the year ended 31 August 2025 (incorporating the Directors' Report)

Company Registration No. 246351 Charity Registration No. 529320

The trustees present their annual report and the independently audited financial statements for the year ended 31 August 2025 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the the Companies Act 2006, the Memorandum and Articles of Association, and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)'.

Administrative details

Also known as: Company Registration Number: Charity Registration Number:

The College of the Resurrection 246351 529320

Trustees/Directors:

Father Oswin Gartside CR (Chair) Father Peter George Allan CR Father George Paul Alfred Guiver CR The Venerable Father Luke Irvine-Capel The Very Rev'd Dr. Frances Ward

Charity Office/Registered Office:

College of the Resurrection, Stocks Bank Road, Mirfield, West Yorkshire WF14 0BW

College Council:

The Rt Rev'd Mark Davies (Vice and Acting Chair) joined May 2025 The Rt Rev'd Anthony Robinson (Vice Chair)  retired July 2024 The Rt Rev'd Smitha Prasadam joined May 2025 The Venerable Justine Allain-Chapman  retired May 2025 Canon David Arnold retired May 2025 The Venerable Bill Braviner joined May 2025 The Rev'd Andrew Dotchin joined September 2024 The Rev'd Dr. Sarah Farrimond Father Oswin Gartside CR (ex-officio Trustee)  Father George Paul Alfred Guiver CR (ex-officio Trustee) Lay Canon Mrs. Zahida Mallard  Sir Richard Mantle OBE  retired October 2024 The Rev'd Canon Professor Kenneth GC Newport  Jenny Price retired May 2025 The Rev'd Dr. Alastair Prince retired May 2025 Father Thomas Seville CR (ex-officio The Community of the Resurrection) Jo Slack (ex-officio Yorkshire Theological Educational Partnership) joined May 2025 The Rev'd Dr. Janet Williams (ex-officio St. Hild College) Staff representative: The Rev'd Dr. Jo Kershaw Student Council representatives: Matt Dunne (Senior Student) Emma Bourne

 - indicates a Finance & General Purposes Committee member

College Principal: The Rt Rev'd Mark Sowerby  Company Secretary: Brother Philip David John Nichols CR College Bursar: Mr. John Paul Casey 

Page 1

The Frere Educational Trust Trustees' Annual Report for the year ended 31 August 2025 (incorporating the Directors' Report)

Company Registration No. 246351 Charity Registration No. 529320

Advisers:

Bankers: HSBC plc 33 Park Row, Leeds, LS1 1LD Bankers: CAF Bank Ltd 25 Kings Hill Avenue, West Malling, ME19 4JQ Auditors: Forrest Burlinson 20 Owl Lane, Dewsbury, WF12 7RQ Solicitors: Wrigleys Solicitors LLP 3 Wellington Place, Leeds, LS1 4AP

Purpose and activities

The purposes of the charity are: the advancement of religious education for the public benefit, and in particular to establish and maintain colleges, hostels or other institutes at Mirfield in Yorkshire, London, South Africa or elsewhere for the reception and training of students in theology, science, arts or letters, but more especially for students who are or who intend to become candidates for Holy Orders.

The College of the Resurrection, a residential Anglican theological college in Mirfield, is the principal work of the Frere Educational Trust.

The College of the Resurrection was founded in 1903 and is the only theological college in the Anglican Communion that shares its life with a monastic community.

Students at the College are mostly candidates for ordination to the priesthood. The College:

Statement on public benefit

The trustees are pleased to confirm that they have considered the Charity Commission's guidance on public benefit in deciding the activities and operations of the charity.

Achievements and performance

The College sent out eight students at the end of the Summer Term to be made deacon. The College recruited eight new students to begin training in September of 2024, half of whom were women. One of the eight recruits was an independently funded student who had commenced with College in January 2023 and who was able to switch to a pathway funded centrally by the Ministry Development Team. Hence the College roll stood at 17 students, of which four were women..

The College has continued to work productively with Durham University via the Yorkshire Theological Education Partnership (YTEP).

The number of students in College for 2024/5 was 20% higher than the previous year and reflected pleasing levels of recruitment for students starting in September 2024. However, the number of students in College over 2024/5 was still well below the College’s aspiration and continues to reflect a number of problems facing Theological Educational Institutions (TEIs) in general and residential Colleges in particular. The number of ordinands entering training has declined and was slow to recover following the Covid19 pandemic; the proportion of ordinands training residentially is in decline and there is substantial overcapacity within the Residential Sector of training institutions.

Page 2

The Frere Educational Trust Trustees' Annual Report for the year ended 31 August 2025 (incorporating the Directors' Report)

Company Registration No. 246351 Charity Registration No. 529320

The number of ordinands generated by the catholic tradition of the Church of England is presently relatively weak. Against that background, the College of the Resurrection has seen a small increase in ‘market share’ and has been recruiting at higher levels than historically larger colleges but the ‘market’ remains much smaller than we have been accustomed to. The recruitment in September 2024 also helped to restore balance within the diversity of the student body.

The College has continued its progress towards the full implementation of its responses to the 2022 PER Recommendations. A new Chair of the College Council, The Bishop of Liverpool, unfortunately resigned his chairmanship of the Council along with his see. The suffragan Bishops of Huddersfield (Leeds Diocese) and Middleton (Manchester Diocese) have joined the Council and the latter is the Acting Chair.

Financial review

The charity's main source of funding is from fees for the education, formation and training of ordinands for the Church of England.

Income from maintenance and tuition fees for the year was £452,214 (2024: £332,872). This income is driven by student numbers. Additional income from the provision of housing, receipts from guests and other income for the year was: £119,881 (2024: £116,983).

The charity received donations in the year of £7,892 (2024: £26,559). Grants have been received of £8,521 from its parent charity and grants from other sources of £75, (2024: £68,310 and £4,050). Bank interest received in the year was: £287 (2024: £244).

Costs for the college have continued to rise, overall expenditure for the year was £561,788 (2024: £531,391). Costs of staffing, external tuition, accreditation, catering and housing have all increased in the year.

Following significant deficits the last two years have seen modest surpluses (2025: £27,082; 2024: £17,627).

Reserves and funds

The General Fund, which is the operating fund of the charity, held £46,836 as at 31 August 2025. The trustees recognise that this level of reserves is deficient and have obtained an undertaking from the parent charity, The Community of the Resurrection to help with funding whilst the Plan for Quality and Sustainability is worked towards and implemented.

There is one restricted fund which is to encourage propective ordinands to visit the college, this fund had a balance of £1,181 as at the period end which will be used in the current year. Reserves remain below the reserve policy of maintaining reserves at a level not below £200,000.

Risk management

Risks have been assessed in accordance with Charity Commission guidance in CC26 and action plans put in place to mitigate or manage those risks. This covered risks associated with adverse event management, academic risk, compliance and safeguarding risks, operational risks (including data protection), and financial risks (including guarding against fraud risks and consideration of the risks associated with investments). The risk register is monitored and updated on a regular basis.

A commonality with some of these, particularly financial risk, was student intake and the size of the overall student body. Whilst the risk that numbers could fall to such a level as to be considered critical was judged to be only moderate, it does highlight the trustees' desire to have sufficient resources in place to support residential training for the future.

Page 3

The Frere Educational Trust Trustees' Annual Report for the year ended 31 August 2025 (incorporating the Directors' Report)

Company Registration No. 246351 Charity Registration No. 529320

Future plans

Recruitment

The College intends to continue its present recruitment policy which has proved to be relatively successful in the past two years. Recruitment for September 2025 has turned out to even better than the previous year. The College has recruited 10 new Ordinands and an independently funded student. The College is one of only a few TEIs which have increased the size of their student bodies.

Efforts are concentrated on its Holy Week activity as well as termly Open Days, regular Social Media postings, networking with parish and diocesan communities and encouraging the recommendation of the College to prospective ordinands by current and former students.

Diversification

The College is pursuing several initiatives to diversify income including the following:

Structure, Governance and Management

The charity is a company limited by guarantee and not having a share capital is governed by its Memorandum and Articles of Association. The directors of the charity are its trustees for the purposes of charity law and throughout this report are referred to as the trustees. The trustees as charity trustees have control of the charity and its property and funds.

Page 4

The Frere Educational Trust Trustees' Annual Report for the year ended 31 August 2025 (incorporating the Directors' Report)

Company Registration No. 246351 Charity Registration No. 529320

Each member undertakes to contribute to the assets of the charity in the event of it being wound up, to a limit not exceeding £1 (one pound). The sole member of the Frere Educational Trust is the Community of the Resurrection which is a company limited by guarantee and not having a share capital, and a registered charity.

The trustees named above have served throughout the year except where indicated. The trustees agree the broad strategy and areas of activity the charity undertakes in accordance with the Articles of Association. This requires that the trustee body must include the Superior for the time being of the Community of the Resurrection and such other persons nominated by the Community. The charity recognises that it has a responsibility to provide guidance and assist new trustees in fulfilling their duties and responsibilities. This is done in accordance with Charity Commission guidance. New trustees are directed to appropriate Charity Commission publications.

The trustees have delegated some responsibilities, in particular, oversight of the running of the College to the College Council. The members of the Council are named above and have served throughout the year except where indicated. Student and staff representatives also sit on the Council.

The Chair of the College Council is appointed by the trustees in consultation with the Archbishop of York and the Chair of the Ministry Division of the Archbishops' Council.

Ex-officio members of the Council are appointed on behalf of their respective bodies which are currently The Community of the Resurrection and St. Hild College.

Other appointments to the Council are made following recommendations by a Nominations Committee according to their experience and skills in areas such as HR, law, finance, education and business. The Council have a Finance and General Purposes subcommittee and a Staffing subcommittee.

Day-to-day management of the College is the responsibility of the Principal of the College and his staff. As part of being integral to the Life of the College, the Community of the Resurrection provides spiritual and pastoral support, as well as support in administration, finance, estate management and some teaching.

Pay policy for senior staff

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. The pay of academic staff is in line with guidance issued each year by the Archbishops’ Council of the Church of England (known as the “Lichfield Scale”).

Co-operation with other organisations

The charity works with and co-operates with the following organisations:

The Community of the Resurrection

The Frere Educational Trust is a wholly owned subsidiary of the Community of the Resurrection (its parent company) which is a company limited by guarantee and having no share capital, and a registered charity. The charity operates out of buildings which are owned by the Community and meets the day to day running costs of these buildings.

Some expenditure of the College is incurred by the Community and recharged on an agreed basis.

Page 5

The Frere Educational Trust Trustees' Annual Report for the year ended 31 August 2025 (incorporating the Directors' Report)

Company Registration No. 246351 Charity Registration No. 529320

Statement of trustees' responsibilities

The trustees (who are also directors of the Frere Educational Trust for the purposes of company law) are responsible for preparing the Trustees' Annual Report (incorporating the directors' report) and the financial statements in accordance with 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).

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

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

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act; the Charities Act; the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Articles of Association. 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.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of disclosure to the auditors

In so far as the trustees are aware at the time of approving our Trustees' Annual Report:

This report was approved by the trustees on 18 December 2025 and signed on their behalf by:

Father Oswin Gartside CR Trustee Frere Educational Trust

Page 6

The Frere Educational Trust

Company Registration No. 246351

Independent Auditor's Report to the member of The Frere Educational Trust For the year ended 31 August 2025

Charity Registration No. 529320

Opinion

We have audited the financial statements of The Frere Educational Trust for the year ended 31 August 2025 which comprise the Statement of Financial Activities and Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement 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:

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 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 the provisions available for small entities, in the circumstances set out in note 18 to the financial statements, 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.

Emphasis of matter - going concern and dependency on support of the parent company

In forming our opinion on the charitable company's financial statements, which is not modified, we draw your attention to the directors' consideration of the going concern basis of preparation in note 1.4 to the the financial statements and the dependency upon the support of the parent company.

The Community of the Resurrection has given an undertaking to provide sufficient financial support to the Frere Educational Trust for a period sufficient for the directors to consider the charity a going concern.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 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 related sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report.

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.

Page 7

The Frere Educational Trust Independent Auditor's Report to the member of The Frere Educational Trust For the year ended 31 August 2025

Company Registration No. 246351

Charity Registration No. 529320

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

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

Responsibilites of trustees

As explained more fully in the Trustees' Responsibilities Statement (set out on page 6), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of 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 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 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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Page 8

The Frere Educational Trust Independent Auditor's Report to the member of The Frere Educational Trust For the year ended 31 August 2025

Company Registration No. 246351

Charity Registration No. 529320

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 the financial statements.

As part of an audit in accordance with ISAs (UK), the auditor exercises professional judgement and maintains professional skepticism throughout the audit.

The extent to which the audit was considered capable of detecting irregularities including fraud 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.

To help us identify instances of non-compliance with laws and regulations that might have a material effect on the financial statements, and in identifying and assessing the risks of material misstatement in respect to non-compliance, or procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Charities Act 2011 and the Companies Act 2006.

Based on our understanding of the charitable company and its sector, we identified that the principal risks of non-compliance with laws and regulations related to UK Charity Law and Safeguarding regulations. We considered the extent to which non-compliance might have a material effect on the financial statements, as well as those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

In addition, we evaluated the trustees' and management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls and determined that the principal risks were related to the size of the organisation (being small means less opportunity for segregating duties and oversight) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures. Auditing standards limit the audit procedures to identify non-compliance with laws and regulations, the further that particular laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Page 9

The Frere Educational Trust Independent Auditor's Report to the member of The Frere Educational Trust For the year ended 31 August 2025

Company Registration No. 246351

Charity Registration No. 529320

As with any audit, there remains a risk of non-detection of irregularities, as these can involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

The primary responsibility for the prevention and detection of irregularities, including fraud, rests with the trustees.

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

Use of our report

This report is made solely to the charitable company's member, 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 charitable company's member 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 charitable company and the charitable company's member as a body, for our audit work, for this report, or for the opinions we have formed.

23 December 2025

Ebrahim Suleman (Senior Statutory Auditor) for and on behalf of Forrest Burlinson, Statutory Auditor

20 Owl Lane, Dewsbury WF12 7RQ

Page 10

The Frere Educational Trust Statement of Financial Activities

Company Registration No. 246351 Charity Registration No. 529320

and Summary Income and Expenditure Account for the year ended 31 August 2025

----- Start of picture text -----
Unrestricted Restricted Total Total
Note funds funds 2025 2024
£ £ £ £
Income from:
Donations and legacies 2 11,388 5,100 16,488 98,919
Charitable activities:
Operation of the College of the Resurrection 3 572,095 -- 572,095 449,855
Investments 4 287 -- 287 244
Total income 583,770 5,100 588,870 549,018
Expenditure on:
Charitable activities:
Operation of the College of the Resurrection 5 557,069 4,719 561,788 531,391
Total expenditure 557,069 4,719 561,788 531,391
Net income/(expenditure) before
movement on investments 26,701 381 27,082 17,627
Net gains/(losses) on investments 6 -- -- -- --
Net income/(expenditure) 26,701 381 27,082 17,627
Net movement in funds 6, 13 26,701 381 27,082 17,627
Reconciliation of funds:
Total funds brought forward 20,135 800 20,935 3,308
Total funds carried forward 46,836 1,181 48,017 20,935
----- End of picture text -----

Page 11

The Frere Educational Trust Balance Sheet as at 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

Note
Fixed assets:
Investments
10
Total fixed assets
Current assets
Debtors
11
Cash at bank and in hand
Total current assets
Liabilities: creditors falling due within one year
12
Net current assets/(liabilities)
Total assets less current liabilities
Net assets
The funds of the charity:
Restricted funds
13
Unrestricted funds
13
Total charity funds
Total
2025
£
100
100
19,465
89,832
109,297
(61,380)
47,917
48,017
48,017
1,181
46,836
48,017
Total
2024
£
100
100
25,968
51,239
77,207
(56,372)
20,835
20,935
20,935
800
20,135
20,935

The notes on pages 14 to 23 form part of these accounts.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Board on 18 December 2025 and signed on their behalf by:

Father Oswin Gartside CR Trustee Frere Educational Trust

Page 12

The Frere Educational Trust Statement of Cash Flows

Company Registration No. 246351 Charity Registration No. 529320

for the year ended 31 August 2025

----- Start of picture text -----
Total Total
note 2025 2024
Cash flows from operating activities £ £
Net movement in funds 27,082 17,627
Investment income (287) (244)
Decrease (increase) in debtors 6,503 (6,809)
Increase (decrease) in creditors 5,008 30,590
Net cash used in operating activities 38,306 41,164
Cash flows from investing activities:
Investment income 287 244
Net cash provided by (used in) investing activites 287 244
Change in cash and cash equivalents in the reporting period 38,593 41,408
Cash and cash equivalents at the beginning of the period 51,239 9,831
Cash and cash equivalents at the end of the period 89,832 51,239
Reconciliation of cash and cash equivalents
Bank and cash in hand 89,832 51,239
Total cash and cash equivalents 89,832 51,239
----- End of picture text -----

Page 13

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

1 Accounting Policies

The charitable company is a public benefit entity as defined by FRS 102.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation of accounts

The financial statements have been prepared in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' - the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Assets and liabilities are recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. Monetary amounts in these financial statements are nearest £. As the charitable company does not trade for profit, the trustees have taken advantage of Section 474 of the Companies Act 2006 and have prepared an income and expenditure account instead of a profit and loss account.

1.2 Legal status

The Charity is a company limited by guarantee, incorporated in England.

The only member of the charity is the Community of the Resurrection (Co.reg.no. 00247772), a company limited by guarantee, having no share capital and being a charity registered in England (no. 232670). In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member. The trustees of the charity are as listed in the Trustees Annual Report.

The registered office is: The College of the Resurrection, Stocks Bank Road, Mirfield, WF14 0BW.

1.3 Fund accounting

1.4 Going concern

Page 14

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

1.5 Income

Income is recognised when the following criteria are met:

Income from grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Donated services and facilities are included at the value to the charity where this can be quantified. In accordance with the Charities SORP (FRS 102) the economic contribution of volunteers time is not measured in the accounts.

For legacies entitlement is the earlier of the date on which the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) that a distribution to the charity will be made, or when a distribution is received. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material in the notes to the accounts.

Income received in advance of the provision of a service or entitlement is deferred until the criteria for income recognition are met and disclosed if material in the notes to the accounts.

Income from investments is included when receivable and the amount can be measured reliably, this is normally upon notification of the income by the investment manager.

1.6 Expenditure and VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activites includes the costs of operating the College such as university fees, premises expenses, staff costs and associated support costs.

Support costs include office, administration and governance costs. These are noted below and included under the one charitable activity, namely the operating of the College of the Resurrection.

All costs and expenses include VAT where charged which is not recoverable by the charity.

1.7 Operating leases

The charity classifies the lease of printing and photocopying equipment as operating leases. The title to the equipment remains with the lessor and the equipment is replaced considerably before the end of the normal economic life of the equipment. Rental charges are recognised as expenditure on a straight line basis over the term of the lease.

1.8 Taxation

No corporation tax has been provided in these accounts because the trustees believe that the income and gains of the charity are within the exemptions granted by Chapters 2 and 3 of the Corporation Tax Act 2010.

Page 15

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

1.9 Debtors

Debtors are recognised at the settlement amount due after any discount offered.

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash and any short term highly liquid investments and deposit accounts.

1.11 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

1.12 Financial instruments

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently at their settlement value.

1.13 Pensions

The College participates in two pension schemes, one for stipendiary academic staff (CEFPS) and one for other academic and lay staff (CWPF), each scheme has been accounted for in these accounts as follows:

The College of the Resurrection participates in the Church of England Funded Pensions Scheme (CEFPS) for stipendary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme seperately 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. 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 pension costs charged to the Statement of Financial Activities in the year are contributions payable towards benefits and expenses accrued in that year, plus the figures highlighted in the table in note 9.

The College of the Resurrection also participates in the Pension Builder section of the Church Workers Pension Fund (CWPF). The scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme seperately from those of the employer and other participating employers.

CWPF has two sections:

  1. the Defined Benefits Scheme

  2. the Pension Builder Scheme, which has two subsections:

  3. a. a deferred annuity section known as Pension Builder Classic, and, b. a cash balance section known as Pension Builder 2014.

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

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

Page 16

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may 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 specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The contributions paid are detailed in note 9.

Donations and legacies
Unrestricted Restricted Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £ £
Donations 2,792 5,100 7,892 3,978
Legacies -- -- -- 22,581
Grants received from parent charity 8,521 -- 8,521 68,310
Other grants received 75 -- 75 4,050
Total income from donations and legacies -- 11,388 5,100 16,488 98,919

The income from legacies was for the general purposes of the charity.

3 Income from charitable activities

3 Income from charitable activities Income from charitable activities
Unrestricted
Restricted
funds
Operation of the College of the Resurrection:
Unrestricted
Restricted
Total
Total
2025
2025
2025
2024
£
£
£
£
Housing account 101,652
--
101,652
89,300
Maintenance and tuition fees 452,214
--
452,214
332,872
Receipts from guests and out of term 16,469
--
16,469
21,876
Reimbursements 1,158
--
1,158
1,252
Sundry Income 602
--
602
4,555
Total income from charitable activities
--
572,095
--
572,095
449,855
4 Investment income Restricted Unrestricted
Restricted
Total
Total
note 2025
2025
2025
2024
Income from Investments £ £
£
£
£
Bank interest receivable 287
--
287
244
10 287
--
287
244

Page 17

The Frere Educational Trust Notes to the financial statements

Company Registration No. 246351 Charity Registration No. 529320

for the year ended 31 August 2025

Unrestricted Restricted Total Total
2025 2025 2025 2024
£ £ £ £ £ £
College staff costs 256,609 -- 256,609 241,783
Accreditation and fees 4,719 38,057 -- 38,057 38,120
Library and Mirfield Liturgical Institute 2,964 -- 2,964 4,947
Premises and catering costs 176,994 -- 176,994 158,307
Housing costs 47,159 -- 47,159 39,755
Office and IT costs 22,365 -- 22,365 22,449
Motoring and travel costs 3,903 -- 3,903 7,054
Promotion -- -- -- 744
Support for prospective ordinands -- 4,719 4,719 2,550
Bursary service charges - -- -- 6,466
Legal fees 2,500 -- 2,500 3,600
Governance costs 6,518 -- 6,518 5,616
-- 4,719 557,069 4,719 561,788 531,391

All the above expenditure was incurred on the one charitable activity namely the College of the Resurrection.

6 Net movements in funds for the year

Net movements in funds for the year is stated after charging:

Operating leases - equipment Total
2025
£
2,501
Total
2024
£
3,336
Auditors' remuneration: Audit fees 3,750 3,050
Accountancy services 2,768 2,566
Support costs
All support costs are incurred in the charity's one charitable purpose, operating the College.
Admin Staff Total
2025
£
54,410
Total
2024
£
46,476
IT costs 13,515 13,277
Other support costs 16,395 23,193
84,320 82,946

7 Support costs

Page 18

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

The average monthly head count of employees was:

Administration staff (No. staff members)
Teaching staff (No. staff members)
2025
2025
2024
2024
Number
FTE
Number
FTE
2
1.5
2
1
4
4
4
4
6
5.5
6
5

The cost in respect of teaching and administration staff was:

note
Wages and salaries
Social security costs
Employer's contribution to pensions:
Church of England Funded Pension Scheme 9
Church Workers Pension Fund contributions 9
Staff costs charged by other entities
Staff training and allowances
Total
2025
£
187,928
11,828
20,922
7,250
9,570
19,111
256,609
Total
2024
£
169,567
18,095
21,964
6,603
9,566
15,988
241,783

No remuneration or expenses were paid to any trustee in the year for duties as a trustee (see note 15). No employee had emoluments exceeding £60,000 in the year or the comparative year.

The total remuneration paid to Key Management in the year was £65,741 (2024: £54,884)

9 Staff pensions

Church of England Funded Pension Scheme (CEFPS) (note 1.13)

The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year (2025: £20,922, 2024: £21,964).

A valuation is carried out once every three years. The most recent Scheme valuation completed was carried out as at 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:

Page 19

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the scheme was fully funded.

The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:

----- Start of picture text -----
% of pensionable stipends
31 December 2021 7.1% payable from January 2021 to December 2022
31 December 2022 Nil
31 December 2023 Nil
31 December 2024 Nil
----- End of picture text -----

An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the scheme's rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 August 2024 and 31 August 2025 is nil.

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

Church Workers Pension Fund (CWPF) (note 1.13)

The pension costs charged to the Statement of Financial Activities in the year were contributions payable of £7,250 (2024: £6,603).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. The next valuation is due as at 31 December 2025.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

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

Page 20

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

10 Investments

Market value at 1 September 2024
Market value at 31 August 2025
Historical cost
Other
Total
£
100
100
100
100
100
100

Investments are shares held in Christ Church St. Leonards On Sea House Improvement Society and are included at cost/probate value.

11 Debtors Total Total
Debtors from operating activities 2025
£
19,465
2024
£
25,968
19,465 25,968
12 Creditors amounts falling due within one year Total Total
Creditors from operating activities and accruals 2025
£
33,856
2024
£
21,904
Deferred income 23,740 29,730
Taxation and social security 3,784 4,738
61,380 56,372
13 Analysis of movements in unrestricted funds
General fund Funds as at
1 September
Income
Expense
2024
£
£
£
20,135
583,770
(557,069)
Gains/
(losses)
£
--
Transfers
£
--
Funds as at
31 August
2025
£
46,836

Page 21

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

Analysis of movements in unrestricted funds - prior year

Funds as at Gains/ Funds as at
1 September Income Expense (losses) Transfers 31 August
2023 2024
£ £ £ £ £
General fund 3,308 545,668 (528,841) -- -- 20,135
Total unrestricted 3,308 545,668 (528,841) -- -- 20,135

The General fund is the principal fund of the Charity, the income produced is used to support the work of the College of the Resurrection.

Restricted funds

Restricted funds
1
Prospective Ordinands
Funds as at
Gains/
Funds as at
September
Income
Expense
(losses)
Transfers
31 August
2024
2025
£
£
£
£
£
£
800
5,100
(4,719)
--
--
1,181
Total restricted funds 800
5,100
(4,719)
--
--
1,181
1
Prospective Ordinands
Funds as at
Gains/
Funds as at
September
Income
Expense
(losses)
Transfers
31 August
2023
2024
£
£
£
£
£
£
--
3,350
(2,550)
--
--
800
Total restricted funds --
3,350
(2,550)
--
--
800

The Prospective Ordinands Fund is to offer support to potential students exploring Christian vocation and theological education. Initial funding was obtained from the Archbishops' Council and generous donors, if anyone would like to donate to this fund please contact the college bursary.

14
Analysis of net assets between funds
Funds
£
Investments
Current assets
Creditors falling due within one year
Analysis of net assets between funds - prior year
Funds
£
Investments
Current assets
Creditors falling due within one year
Unrestricted
Restricted
Funds
Funds
Total
£
£
£
100
--
100
108,116
1,181
109,297
(61,380)
--
(61,380)
46,836
1,181
48,017
Unrestricted
Restricted
Fund
Funds
Total
£
£
£
100
--
100
76,407
800
77,207
(56,372)
--
(56,372)
20,135
800
20,935

Page 22

The Frere Educational Trust Notes to the financial statements for the year ended 31 August 2025

Company Registration No. 246351 Charity Registration No. 529320

15 Related Party Transactions

The charity has taken advantage of the exemption, under Financial Reporting Standard 102 not to disclose related party transactions with its parent company, details of which are in note 17. The charity has also taken advantage of the exemptions under the same not to disclose services provided on a voluntary basis by trustees, contracts of employment between the charity and its employees, and repayment of any out-of -pocket expenses where the trustees or key management have acted as agent for the charity. The Very Rev'd Dr. Frances Ward received travel expenses of £87 in the year (2024: £Nil).

In his capacity as Principal of the College, Bishop Mark Sowerby is on the trustee board of Yorkshire Theological Education Partnership (YTEP), included in accreditation and fees is £14,964 (2024: £10,138) of payments to YTEP for the administration of Common Awards.

There were no other related party transactions in either 2024 or 2025. Details of key management personnel compensation can be found in note 8 above.

16 Operating lease commitments Lessee

At the reporting date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Office equipment
Not later than one year
between two and five years
2025
£
--
--
--
2024
£
2,500
--
2,500

17 Parent undertaking

The ultimate parent undertaking and controlling party is The Community of the Resurrection which is incorporated in Great Britain and registered in England, number 247772. Registered charity no. 232670. Three of the trustees are members of The Community of the Resurrection, two of which are CR trustees. The Community of the Resurrection is an anglican religious community.

The consolidated financial statements of the group are available on the Charity Commission website and from The Bursar, The House of the Resurrection, Mirfield, West Yorkshire, WF14 0BN.

18 Auditors' ethical standards

In common with many organisations of our size and nature we use our auditors to prepare and submit returns to Companies House and the Charity Commission and assist with preparation of the financial statements and deal with the tax authorities.

Page 23