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2024-08-31-accounts

CHARITY REGISTRATION NUMBER 529386

CLIFF COLLEGE

CONSOLIDATED ACCOUNTS YEAR ENDED 31 AUGUST 2024

CLIFF COLLEGE

CONTENTS

Page
Trustees’ report 1 – 8
Statement of trustees’ responsibilities 9
Auditor’s report 10 – 12
Consolidated statement of financial activities 13
Charity statement of financial activities 14
Consolidated balance sheet 15
Charity balance sheet 16
Consolidated cash flow statement 17
Notes to the accounts 18 – 33

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Reference and Administration Details

Trustees Karen Stefanyszyn (Chair) Revd Mark Hammond (Vice – Chair) Mr Stephen Holliday Revd Leslie Newton Joan Ryan Revd Janet Unsworth Charity number 529386 Principal address Cliff College Calver Hope Valley Derbyshire S32 3XG Auditors Hawsons Chartered Accountants Statutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QD Bankers HSBC Belgravia Branch The Peak 333 Vauxhall Bridge Road London SW1V 1EJ Solicitors Graysons Solicitors Courtwood House Silver Street Head Sheffield S1 2DD

1

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Cliff College Committee (CCC), the Cliff College managing trustees, present their report and accounts for the year ending 31 August 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, applicable law and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice.

Structure, governance and management

The Charity is governed by two charitable trust deeds, one dated 1903 and a second dated 1930. The CCC Trustees who served during the year were:

Revd Loraine Mellor (Chair) (resigned 31 August 2024) Revd Mark Hammond (Vice – Chair) Revd Ashley Cooper (Principal) (resigned as a trustee 1 September 2024) Revd Jonathan Dean (appointed 25 September 2023) (resigned 10 July 2024) Stephen Holliday (resigned 25 September 2023) (re-appointed 20 March 2024) Jude Levermore (appointed 25 Serptember 2023) (resigned 31 January 2024) Revd Leslie Newton Revd Raj Patta (resigned 25 September 2023) Joan Ryan (resigned 25 September 2023) (re-appointed 20 March 2024) Revd Paul Smith (resigned 25 September 2023) Revd Janet Unsworth (appointed 25 September 2023)

The CCC is appointed by the Methodist Council. In the appointment of members to serve on the CCC, the Methodist Church seeks to employ the widest possible range of skills and expertise, and fully bears this in mind when inviting new managing trustees to take up their responsibilities. Each member of the CCC is a member of a sub-group that meets to scrutinise and report on an element of the College’s life and work. All new CCC members are inducted in briefing meetings with the Principal and senior staff members.

Appointments to the CCC are for an initial period of three years, with the option to extend for up to a further three years. Thereafter, a member may serve for a further year if the nomination is supported by 75% of the members present at a meeting to consider the nomination.

The ultimate responsibility for the College lies with Methodist Conference and, as the College is part of the wider Methodist Church, it is governed by Methodist Church standing orders and the decisions made annually by the Methodist Conference. The Trusteeship is held by the Methodist Council which appoints the CCC to govern the College.

The strategic direction of the Charity is set by the CCC which then delegates the day-to-day running of the College to the College’s Senior Strategy Group (an internal management group consisting of the Principal, Vice Principal Academic, Vice Principal Mission and Chief Operating Officer). The CCC Chair and Vice-Chair receive the minutes of the Senior Strategy Group meetings and attend meetings when appropriate. The Senior Strategy Group reports to the CCC at each of its meetings.

The CCC also receives regular reports from the Board of Directors of Cliff College Outreach Limited, the commercial trading arm of the College.

2

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Objectives and activities

The College’s vision is to be ‘A Global Centre for Evangelism and Missiology’. Cliff College’s uniqueness is as a community being formed by God's Spirit and centred on God's Word, equipping people for practical ministry and engaging in mission.

In living out this vision, the College recognises its commitment to the Methodist Church and its heritage in the Wesleyan family; it exists to train people in mission and evangelism, which aims to impact all sections of the church and serve the widest possible constituency. These are achieved through:

Cliff College exists for the charitable purposes of the advancement of education and of the advancement of religion. All other charitable activities undertaken by the College are to further the attainment of its vision. The CCC have paid due regard to the guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Risk factors

The CCC have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. A risk register is maintained by the Senior Strategy Group and the register is reviewed by the CCC.

The most serious risks to Cliff College's survival and development are identified as:

  1. insufficient student numbers leading to a loss in income

  2. insufficient conference centre bookings

  3. changes in Government legislation and/or the policies of our partners including the University of manchester

  4. a renegotiation of the College’s relationship with the Methodist Church

  5. negative publicity leading to a loss of confidence for the College’s position within the UK church and Higher Education sector

  6. rising inflationary costs that outstrip rising income caused by changes in student residencies and ongoing cost of living crisis

3

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

These risks have been managed in a variety of ways:

  1. In terms of student recruitment, the College website has proved effective with much clearer and concise course information being made available and has provided good links to the College’s growing social media presence. Our ‘Admissions Officer’ has worked to make applying for our courses more streamlined. Recruitment processes have been developed online with successful virtual open days.

  2. The creation of a new Commercial Manager role to increase income and profitability of the Conference Centre. We have seen a significant uptake in conference centre bookings during this year.

  3. The College remains up to date with government policy and maintains good relationships with the Office for Students. Relevant staff members have undertaken training to ensure compliance in key areas. The College also maintains strong relationships with its partners, meeting regularly and ensuring that each other’s expectations are fully understood. The College has undergone an Institutional and Periodic Review by the University of Manchester, the outcome of which was a renewed relationship with the University of Manchester as our validating partner for a further five years.

  4. The Methodist Church is undergoing a training review which will enable clear expectations to be set and managed between the College and the church.

  5. As required, the College’s presence in media and social media has been closely monitored, and advice has been taken where needed to ensure that the College is represented fairly. Managing the College’s public reputation is an activity which is shared by the Methodist Church in Britain, who have committed to fund potential liability arising from the College’s actions.

  6. A clear strategy to a staged release of funds from surplus investment properties to Strengthen College reserves.

Achievements and performance

The College runs taught academic programmes at both undergraduate and postgraduate levels, as well as supervising research programmes. All of the College's academic programmes are validated by the University of Manchester, and the College has an active Collaborative Agreement with the University’s School of Arts, Languages, and Cultures.

In September 2023 we launched the new BA Theology and Mission programme (validated by the UoM) enhancing the quality of courses we are able to offer. This programme is our first undergraduate, fully hybrid programme which gives new opportunities of study and will aid recruitment.

We are also in the process of teaching out two degree programmes

4

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Postgraduate programmes include Postgraduate Certificate, Diploma and Masters degree programmes in Mission. Students may study on specialist pathways, including:

The College provides supervision for students on doctoral programmes, which are awarded by the University of Manchester. Alongside a standard PhD, the College also has a professional doctorate programme, the PhD Missiology.

The College’s academic team continues to develop and deliver various courses in effective ways so that the educational and religious aims of the Charity continue to be achieved, including increasingly online. As part of its Christian heritage, and by provision being built into the learning objectives of accredited programmes, Cliff College students continue to engage in periods of placement and mission. For full-time students these placement experiences significantly increase their employability. Most part-time students remain active in their paid or voluntary church or community roles throughout their time of study at the College.

The College also maintains three research centres, providing annual lectures and research opportunities on three topics:

During this year, the College has been developing links with the Methodist Church in Britain (MCB) to offer shared work and research in the area of Children Youth and Family.

The College is also a member of the Manchester Wesley Research Centre, which connects the College with other institutions in the Methodist, Wesleyan, Evangelical, Holiness and Pentecostal traditions, and resources research and scholarship.

5

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Cliff Global Partnerships

Cliff College’s work with global partners focuses on three main areas:

The College works in partnership with the Methodist Church Global Relationships team in developing relationships with a number of British Methodist Church partners and their theological institutions. In this year, this has included continued support and development for theological and practical training in Sierra Leone, Nigeria and Zimbabwe. The College was represented at the Wesley Theological Society held in the US during February 2024, as well as present at the General Conference of the United Methodist Church meeting in Charlotte, USA in May 2024 and it continues to develop strong links with the Methodist Church in Ireland and the European Methodist eAcademy.

Library

The library is a valuable resource for students, not only for those attending internal courses but also for others who come to carry out their research activities. The move to online learning has led to a significant investment in the Digital Theology Library, to support the physical resources at Cliff. The archive section continues to grow in size and importance, attracting students wishing to explore Methodist history and heritage in detail. During the year, further acquisitions of relevant material for both the archive and the library have been made.

Festival

The Cliff College 'Festival' is a major public event that the College holds each year over the second bank holiday weekend in May. Festival is supported by Methodist Church partners, the Methodist Church Learning Network and the charity ‘All We Can’. Festival is a resource for church groups and individuals as well as being an important aspect of our student recruitment activity and opportunity for students to put their learning into practice.

CCO (Cliff College Outreach Limited)

CCO is the trading arm of the College, providing a range of activities that support the charitable aims of the College. There are two specific areas of activity the CCO oversees:

The Board of Directors continues to actively monitor the financial context in which CCO operates in order that appropriate and prompt action can be taken to respond to the external challenges. Any profits from CCO are provided to College for its charitable purposes.

6

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Financial review

From a financial point of view, the College had an expected difficult year; however, investment in recruitment processes means that student number forecasts for next year are healthy, and conference bookings are starting to move in the right direction. Investment Property rentals remained strong although a revised strategy is in place to see vacant or under-utilised investment properties released to replenish reserves by circa £1m during the next two financial years thgus supporting the ongoing work of the College and to enable an effective working cashflow.

The College continues to make students aware of their financial responsibilities and to this end all new undergraduate students are provided with information and support in managing their personal finances. One-toone 'finance' interviews are held with all residential students and students that attend site for teaching weeks, in which they are made aware of the specific charges that they will be required to pay to the College for tuition fees and residential fees; a payment plan is then agreed upon. Many UK students are able access loans from the Student Loans Company to finance their studies. Throughout the year, student accounts are closely monitored to ensure the minimum of bad debts. Student loans are also available to postgraduate students and, while some of our Master’s programme students are funded by their employer, these loans are beneficial to those who are not.

Investments

Supporters of the College, over many years, have donated substantial sums of money by way of gifts and legacies and have continued to provide this support during the year. The outcome of this generosity is that many investments have been made to provide an income, some for the specific benefit of the students and some to provide general income for the College. Most of the funds are invested through either the Trustees for Methodist Church Purposes (TMCP) or the Central Finance Board of the Methodist Church (CFB) and are therefore subject to the Methodist Church's ethical investment policy. The College remains committed to moving its investments, where possible, into higher yielding funds without compromising its commitment to a low-risk investment strategy as befits a charity.

Arrangements for setting the remuneration of key management personnel

The salaries of key management personnel are set by the CCC, with reference to recommended ministerial stipend set by the Methodist Church for ordained staff, with other salary levels set alongside those offered in the theological college sector (for teaching staff), and general salary levels (for non-teaching staff) with the Living Wage Foundation Living Wage as a benchmark. The Senior Strategy Group are now part of the Methodist Church’s Connexional Team, and salaries for these members of staff are set by the Connexional Team.

Reserves policy

At the 31 August 2024 the College held total reserves of £9,814,118 of which £9,623,729 were held as unrestricted funds. During the year, the College received income of £2,261,032 and had expenditure of £2,726,932 which after gains on investments of £1,106 resulted in a net decrease in reserves of £464,794. The decrease in reserves resulted in the College having an overall deficit in free reserves of £413,223.

It is the policy of the College that free reserves, within unrestricted funds, which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The level of free reserves at 31 August 2024 is not consistent with this policy. The CCC are aware that this is outside of the College’s reserves policy and have agreed a strategy to restore reserves to an appropriate level (the sale of asset properties is part of this strategy). The ongoing support of the Methodist Church remains pivotal as we seek to return the College to surplus. They therefore consider that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.

7

CLIFF COLLEGE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Plans for the future

The College has recognised that greater diversity in income is essential, and this is reflected in the work of the conference centre and commerciality of TheologyX. A new 2-year strategy is being developed and will be implemented ready for September 25. This plan directs the work of the College in developing its two core income streams:

In the shorter term our priority is to replenish reserves. This will provide the College with a firm financial foundation on which to move forward with the developing strategy highlighted above.

Statement of disclosure to auditors

The Trustees of the charity at the date of approval of this Annual Report each confirm that:

On behalf of the board of managing trustees on 5 February 2025

Karen Stefanyszyn (Chair)

8

CLIFF COLLEGE

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 of the charity for that period.

In preparing these accounts, the trustees are required to:

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 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

9

CLIFF COLLEGE

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CLIFF COLLEGE

Opinion

We have audited the financial statements of Cliff College (the ‘charity’) and its subsidiary (the ‘group’) for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Statement of Financial Activities, Charity Balance Sheet, Consolidated 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).

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 parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit 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 and parent charity’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.

Other information

The other information comprises the information included in the trustees 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. 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.

10

CLIFF COLLEGE

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CLIFF COLLEGE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

In the light of our knowledge and understanding of the group and the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees 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 group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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. 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The parent is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charity and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102 and the Charities Act 2011. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated 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 posting of inappropriate journal entries to improve the charity’s result for the period, and management bias in key accounting estimates.

11

CLIFF COLLEGE

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CLIFF COLLEGE

Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to 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/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor’s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Hawsons

Hawsons Chartered Accountants, Statutory Auditor Pegasus House 463a Glossop Road Sheffield S10 2QD

5 February 2025

Hawsons Chartered Accountants is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

12

CLIFF COLLEGE

GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and
legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Other
6
Total income
Expenditure on:
Charitable activities
7
Other
Total expenditure
Gains/(losses) on
investments
12
Net (expenditure)/income
Transfer between funds
Other recognised gains
Gains on revaluation of fixed
assets
Net movement in funds
Fund balances brought
forward
Fund balances carried
forward		 Unrestricted
Funds
£
991,814
470,014
447,844
10,372
240,988
2,161,032
2,126,784
564,408
2,691,192
-
(530,160)
74,599
-
(455,561)
10,079,290
9,623,729		 Restricted
Funds
Endowment
Funds
£
100,000
£
-
-
-
-
-
-
-
-
-
100,000
-
35,740
-
-
-
35,740
-
-
1,106
64,260
1,106
(74,599)
-
-
-
(10,339)
1,106
184,765
14,857
174,426
15,963		 Total
2024
£
1,091,814
470,014
447,844
10,372
240,988
2,261,032
2,162,524
564,408
2,726,932
1,106
(464,794)
-
-
(464,794)
10,278,912
9,814,118		 Total
2023
£
850,651
475,432
307,703
14,253
171,210
1,819,249
2,199,453
525,174
2,724,627
(995)
(906,373)
-
170,000
(736,373)
11,015,285
10,278,912

13

CLIFF COLLEGE

CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and
legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Other
6
Total income
Expenditure on:
Charitable activities
7
Other
Total expenditure
Gains/(losses) on
investments
12
Net (expenditure)/income
Transfer between funds
Other recognised gains
Gains on revaluation of
fixed assets
Net movement in funds
Fund balances brought
forward
Fund balances carried
forward		 Unrestricted
Funds
£
991,814
470,014
487
10,372
593,302
2,065,989
2,126,784
492,487
2,619,271
-
(553,282)
74,599
-
(478,683)
10,093,256
9,614,573		 Restricted
Funds
Endowment
Funds
£
100,000
£
-
-
-
-
-
-
-
-
-
100,000
-
35,740
-
-
-
35,740
-
-
1,106
64,260
1,106
(74,599)
-
-
-
(10,339)
1,106
184,765
14,857
174,426
15,963		 Total
2024
£
1,091,814
470,014
487
10,372
593,302
2,165,989
2,162,524
492,487
2,655,011
1,106
(487,916)
-
-
(487,916)
10,292,878
9,804,962		 Total
2023
£
850,651
475,432
865
14,253
271,210
1,612,411
2,199,453
343,695
2,543,148
(995)
(931,732)
-
170,000
(761,732)
11,054,610
10,292,878

14

CLIFF COLLEGE

CONSOLIDATED BALANCE SHEET YEAR ENDED 31 AUGUST 2024

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net currents (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after more than one
year
15
Net assets
Capital funds
Endowment funds
17
Income funds
Restricted funds
18
Unrestricted funds General		 2024
£
10,036,952
15,963
10,052,915
126,311
165,293
291,604
(446,401)
(154,797)
9,898,118
(84,000)
9,814,118
15,963
174,426
9,623,729
9,814,118		 2023
£
10,247,411
14,857
10,262,268
272,954
251,968
524,922
(396,278)
128,644
10,390,912
(112,000)
10,278,912
14,857
184,765
10,079,290
10,278,912

The financial statements were approved and authorised for issue by the Board on 5 February 2025 Signed on behalf of the board of Trustees

Karen Stefanyszyn (Chair)

Reverend Andrew Stobart – OfS accountable officer

15

CLIFF COLLEGE

CHARITY BALANCE SHEET YEAR ENDED 31 AUGUST 2024

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net currents (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after more than one
year
15
Net assets
Capital funds
Endowment funds
17
Income funds
Restricted funds
18
Unrestricted funds General		 2024
£
10,036,952
15,963
10,052,915
135,458
102,694
238,152
(402,105)
(163,953)
9,888,962
(84,000)
9,804,962
15,963
174,426
9,614,573
9,804,962		 2023
£
10,247,411
14,857
10,262,268
260,807
236,400
497,207
(354,597)
142,610
10,404,878
(112,000)
10,292,878
14,857
184,765
10,093,256
10,292,878

The financial statements were approved and authorised for issue by the Board on 5 February 2025 Signed on behalf of the board of Trustees

Karen Stefanyszyn (Chair)

Reverend Andrew Stobart – OfS accountable officer

16

CLIFF COLLEGE

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2024

Notes
Cash flow from operating activities
20
Cash flow from investing activities
Payments to acquire tangible fixed assets
Receipts from sale of tangible fixed assets
Interest received
Interest paid
Net cash flow from investing activities
Cash flow from financing activities
Bank loan repayments
Net cash flow from financing activities
Net (decrease)/Increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(261,110)
(16,753)
218,188
10,372
(9,372)
202,435
(28,000)
(28,000)
(86,675)
251,968
165,293		 2023
£
(605,659)
(93,737)
775,000
14,253
(5,924)
689,592
(28,000)
(28,000)
55,933
196,035
251,968

17

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS FOR YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

Cliff College is a registered charity (no 529386). The principal address is Calver, Hope Valley, Derbyshire, S32 3XG.

1.1 Accounting convention

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and United Kingdom Generally Accepted Practice.

The financial statements consolidate the accounts of Cliff College and Cliff College Outreach Limited (a company limited by guarantee, registered company number 02331438).

The financial statements are prepared on a going concern basis under the historic cost convention, modified to include certain items at fair value.

The financial statements are prepared in sterling, which is the main functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

After due consideration of all relevant factors including the planned realisation of certain property assets and the ongoing support provided by the Methodist Church, the charity’s income and cash flow forecasts and projections indicate that the charity should be able to continue to operate for the going concern assessment period. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

1.2 Charitable funds

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable

objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific

purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

18

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

1.3 Income recognition

Grants are accounted for on a receivable basis.

For legacies, entitlement and recognition is the earlier of receipt of the legacy or where it is probable that it will be received.

Donations received towards student fee sponsorship may be deferred for use in later years. The disbursements from this fund vary according to student needs.

Incoming resources from endowment funds are unrestricted and are transferred to unrestricted funds at the end of the financial year.

Student fees invoiced in advance are treated as deferred income.

1.4 Expenditure recognition

Resources expended are recognised in the year in which the liability is incurred.

Costs of raising funds relate to the cost of providing conference facilities and other fundraising activities.

Expenditure relating to charitable activities includes all the costs, including support costs, relating to the running of the college as an educational institution.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings Straight line over 100 years
Property refurbishment Straight line over 15 years
Computer equipment 33.3% straight line
Fixtures, fittings and equipment 20% straight line
Motor vehicles 20% straight line
Land is not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income / (expenditure) for the year.

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in net gains / (losses) on revaluation of fixed assets in the SoFA.

19

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

1.6 Investments

Investments are recognised initially at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in net gain/losses in the SOFA.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7 Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.8 Pensions

The pension costs charged in the accounts represent the contributions payable by the charity during the year.

The charity participates in a multi-employer defined benefit scheme, as the proportion attributable to the charity is not separately identifiable, the pension schemes are accounted for as defined contribution pension schemes in the accounts. Following the closure of the defined benefit pension scheme the charity contributed to a defined contribution pension scheme. Further details are included in note 16.

1.9 Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

1.11 Judgements and key sources of estimation uncertainties

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees have based their estimate of the value of the land and buildings of the charity on independent professional valuations. The accuracy of these valuations could therefore have a material adjustment to the carrying amount of assets and liabilities.

20

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

2
Donations and legacies
Donations and gifts
Legacies receivable
Grants from the Methodist Church
Global Partnership income
TheologyX income
Other grants
For the year ended 31 August 2023
Legacies receivable
Unrestricted funds
M Woodlock-Smith
J Robson
M Smith-Croucher
G Ware
A Jackson
A Moden
S Britton
Other - various
3
Charitable activities
Student fees
Festival Income
4
Other trading activities
Trading income		 Unrestricted
Fund
£
68,771
20,358
888,262
-
-
14,423
991,814
750,561
Group
2024
£
376,854
93,160
470,014
Group
2024
£
447,844		 Group and Charity
Restricted
Total
Total
Fund
2024
2023
£
£
£
-
68,771
101,209
-
20,358
168,069
-
888,262
428,297
100,000
100,000
100,000
-
-
27,000
-
14,423
26,076

100,000
1,091,814
850,651
100,000
850,651
2024
2023
£
£
17,926
150,000
1,105
-
-
12,000
-
8,205
-
1,000
-
538
-
(3,674)
1,327
-
20,358
168,069
Charity
2023
2024
2023
£
£
£
426,101
376,854
426,101
49,331
93,160
49,331
475,432
470,014
475,432
Charity
2023
2024
2023
£
£
£
307,703
487
865		 Group and Charity
Restricted
Total
Total
Fund
2024
2023
£
£
£
-
68,771
101,209
-
20,358
168,069
-
888,262
428,297
100,000
100,000
100,000
-
-
27,000
-
14,423
26,076

100,000
1,091,814
850,651
100,000
850,651
2024
2023
£
£
17,926
150,000
1,105
-
-
12,000
-
8,205
-
1,000
-
538
-
(3,674)
1,327
-
20,358
168,069
Charity
2023
2024
2023
£
£
£
426,101
376,854
426,101
49,331
93,160
49,331
475,432
470,014
475,432
Charity
2023
2024
2023
£
£
£
307,703
487
865		 Total
2023
£
101,209
168,069
428,297
100,000
27,000
26,076
100,000 850,651
100,000 850,651
2023
£
426,101
49,331
475,432
2023
£
307,703		 2023
£
150,000
-
12,000
8,205
1,000
538
(3,674)
-
168,069

21

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

5 Investment income Group and Charity
Unrestricted Unrestricted
2024 2023
£ £
Central Finance Board Funds 10,372 14,253
6 Other income Group Charity
2024 2023 2024
2023
£ £ £
£
Rental Income 146,594 108,059 266,594
198,059
Other income 94,394 63,151 326,708
73,151
240,988 171,210 593,302
271,210
7 Charitable expenditure Group and Charity
Unrestricted
Restricted		 Endowment Total
Total
Funds
Funds		 Funds 2024
2023
£
£		 £ £
£
Staff costs 743,869
-		 - 743,869
822,303
Methodist Church 167,355
-		 - 167,355
156,559
stipends
Student course costs 168,986
14,174		 - 183,160
163,476
Festival costs 99,225
-		 - 99,225
145,785
Global Partnership costs -
21,566		 - 21,566
34,964
Theology X Platform costs 37,940
-		 - 37,940
52,842
Gain on disposal of fixed (88,188)
-		 - (88,188)
-
assets
1,129,187
35,740		 - 1,164,927
1,375,929
Share of support costs 997,597
-		 - 997,597
823,524
(see note 8)
2,126,784
35,740		 - 2,162,524
2,199,453
For the year ended 31 2,154,429
45,024		 - 2,199,453
August 2023

In accordance with the Access and Participation Plan, the College has spent £41,000 (2023: £41,000) on Access Investment; £7,000 (2023: £5,000) on Financial Support Investment; £10,000 (2023: £10,000) on Support for Disabled Students; and £2,000 (2023: £2,000) on Research and Evaluation Investment.

22

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

8
Allocation of support costs
2024
Governance
Finance
IT
Property costs
Depreciation
Office costs
Irrecoverable VAT
Other
2023
Governance
Finance
IT
Property costs
Depreciation
Office costs
Irrecoverable VAT
Other		 Group and Charity
Charitable
Other
activities
activities
£
£
114,389
20,186
41,395
7,305
106,017
18,709
239,054
42,186
82,630
14,582
141,777
25,020
68,313
12,055
204,022
36,004
997,597
176,047
£
£
49,732
8,776
53,290
9,404
101,312
17,879
130,228
22,981
74,162
13,087
110,389
19,481
74,228
13,100
230,183
40,620
823,524
145,328		 Total
£
134,575
48,700
124,726
281,240
97,212
166,797
80,368
240,026
1,173,644
£
58,508
62,694
119,191
153,209
87,249
129,870
87,328
270,803
968,852

Support costs have been allocated based on the relevant proportions of income.

Governance costs includes audit and accountancy fees for the year of £15,740 (2023: £14,900).

9 Trustees and key management remuneration

Cliff College is controlled by The Methodist Council, whose members are the Trustees of Cliff College and appoint the Cliff College Committee to serve as the governing body of the college.

The college considers its key management personnel to be its Senior Strategy Group which comprise the Principal, the Vice Principal Academic, the Vice Principal Mission and the Chief Operating Officer. The total amount of benefits received by key management personnel is £226,469 (2023: £214,130).

Other than the Principal who is part of the Senior Strategy Group, no other members of the Cliff Committee received any remuneration during the current or previous year. During the year no expenses were reimbursed to members of the Cliff College Committee. In the prior year 6 members of the Committee were reimbursed a total of £1,244 relating to travel expenses.

23

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

10 Employees – Group

The average monthly number of employees and full time equivalent (FTE) duing the year was as follows:

Academic
Non Academic		 2024
2024
Number
FTE
12
11
30
24
42
35		 2023
2023
Number
FTE
12
10
31
24
43
34
Employment costs
Wages and salaries
Social security costs
Other pension costs
Total staff costs		 Group
2024
2023
£
£
1,093,217
1,086,388
99,399
100,832
60,114
66,533
1,252,730
1,253,753		 Group
2024
2023
£
£
1,093,217
1,086,388
99,399
100,832
60,114
66,533
1,252,730
1,253,753
1,253,753

There are no employees whose annual emoluments were £60,000 or more.

24

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

Tangible fixed assets
Investment
Properties
£
Cost or
valuation
At 1 September
2023
3,705,000
Additions
-
Transfer
260,000
Disposals
(130,000)
At 31 August
2024
3,835,000
Depreciation
At 1 September
2023
-
Charge for the
year
-
At 31 August
2024
-
Net book value
At 31 August
2024
3,835,000
At 31 August
2023
3,705,000		 Land
and
Buildings
£
6,516,000
-
(260,000)
-
6,256,000
92,380
46,190
138,570
6,117,430
6,423,620		 Group and Charity
Fixtures,
Computer
Fittings
Equipment
& Equipment
£
£
450,025
495,096
5,881
10,872
-
-
-
-
455,906
505,968
376,396
466,446
33,781
12,102
410,177
478,548
45,729
27,420
73,629
28,650		 Motor
Vehicles
£
33,695
-
-
-
33,695
17,183
5,139
22,322
11,373
16,512		 Total
£
11,199,816
16,753
-
(130,000)
11,086,569
952,405
97,212
1,049,617
10,036,952
10,247,411

11 Tangible fixed assets

Investment Properties included at valuation had a historical cost of £1,279,656 (2023: £1,279,656) with accumulated depreciation of £65,493 (2023: £65,493). Land and buildings included at valuation had a historical cost of £6,872,187 (2023: £7,002,187) with accumulated depreciation of £1,358,818 (2023: £1,358,818).

Freehold land and buildings were subject to independent professional valuation at 31 August 2022.

The Investment Properties were subject to independent professional valuations at 31 August 2023. A number of the investment properties have also been subject to independent professional valuations at 31 August 2024.

25

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

12
Fixed asset investments
Market value at 1 September 2023
Change in value in the year
Market value at 31 August 2024		 Group and Charity
CFB
Managed
mixed
fund
CFB
Managed
fixed
interest
£
£
14,830
27
1,105
1
15,935
28
Total
£
14,857
1,106
15,963

The custodian trustees are the Trustees for the Methodist Connexional Funds (Registered) and the Trustees for Methodist Church Purposes. The market value of the investments has been provided by the Trustees for Methodist Church Purposes (TMCP).

13
Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
2023
£
£
62,503
177,501
-
-
11,179
23,622
52,629
71,831
126,311
272,954		 Charity
2024
2023
£
£
31,821
92,313
39,829
73,041
11,179
23,622
52,629
71,831
135,458
260,807		 Charity
2024
2023
£
£
31,821
92,313
39,829
73,041
11,179
23,622
52,629
71,831
135,458
260,807
260,807
14
Creditors: amounts falling due within
one year
Trade creditors
Tax and social security costs
Other creditors
Bank loan
Accruals and deferred income
15
Creditors: amounts falling due after
more than one year
Bank Loan		 Group
2024
2023
£
£
217,649
261,926
50,746
44,089
18,161
18,178
28,000
28,000
131,845
44,085
446,401
396,278
2024
2023
£
£
84,000
112,000		 Charity
2024
2023
£
£
206,645
248,137
20,031
22,667
18,161
18,178
28,000
28,000
129,268
37,615
402,105
354,597
2024
2023
£
£
84,000
112,000		 Charity
2024
2023
£
£
206,645
248,137
20,031
22,667
18,161
18,178
28,000
28,000
129,268
37,615
402,105
354,597
2024
2023
£
£
84,000
112,000
354,597
2023
£
112,000

26

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

16 Pension costs

The College is a participating employer of the Pension and Assurance Scheme for Lay Employees of the Methodist Church (“the Scheme”), a defined benefit scheme.

A valuation of the Scheme for the purposes of these disclosures was carried out at 31 August 2024 by an independent actuary. The major assumptions used by the actuary, together with those used in the previous year, were:-

2024 2023
% %
Discount rate 5.0 5.2
RPI inflation rate 3.3 3.4
CPI inflation rate 2.7 2.8
Rate of increase in pensionable earnings 2.7 2.8
Rate of increase in pension payments 2.2/3.2/5.0 2.2/3.3/5.0

The major categories of the Scheme’s assets (excluding money purchase AVCs) as a percentage of the total Scheme assets, were as follows:

otal Scheme assets, were as follows:
31 August 31 August
2024 2023
% %
Equities - -
Corporate bonds - 46
Property - -
Cash 0.4 19
Liability driven investment - 31
Annuities 99.6 4

The following amounts at 31 August 2024 were measured in accordance with the requirements of FRS 102.

Total market value of assets
Present value of scheme liabilities
Net overfunding in Scheme
Unrecognised assets
Net Defined Benefit Asset		 £ million
54.2
55.1
0.9
(0.0)
(0.9)

27

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

16 Pension costs (continued)

The Scheme operated by the Methodist Church is a defined benefit scheme. However, the College is not the only participating employer in the Scheme and it is unable to determine its share of the underlying assets and liabilities on a consistent and reasonable basis. This is because contributions paid into the Scheme are not invested separately to those paid by other employers participating in the Scheme. As such no separate fund is identifiable in respect of the College. In order to determine a current fund for each participating employer it would be necessary to separately account for contributions, benefit payments and investment returns for each participating employer.

Under the terms of the Scheme, the assets and liabilities are pooled amongst the participating employers. If a participating employer were to cease to participate then that employer would be required to pay a debt to fully fund their share of the Scheme’s liabilities. The College would not be liable for another employer’s debt but has an option to assume responsibility under an apportionment arrangement.

The Scheme closed to new entrants and the future accrual of pensionable service with effect from 31 May 2019 and therefore regular employer contributions ceased on that date.

A full actuarial valuation of the Scheme was carried out at 1 September 2023 by the Scheme Actuary. The valuation disclosed a past service deficit of £676,000. The shortfall revealed at 1 September 2023 was eliminated by contributions to be paid from the Pension Reserve Fund of the Methodist Church to the Scheme as follows:

The next full actuarial valuation is due to be carried out as at 1 September 2026.

The College contributed to a defined contribution pension scheme on behalf of its employees. The employer contributions paid to the Scheme during the year totalled £60,114 (2023: £66,533).

28

CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

17 Permanent Endowment funds Group and Charity

General
Student prizes
General
Student prizes		 Balance at
1 September
2022
£
8,979
6,873
15,852
Balance at
1 September
2023
£
8,598
6,259
14,857		 Income
Expenditure
£
£
-
-
-
-
-
-
Income
Expenditure
£
£
-
-
-
-
-
-		 Investment
Transfers
gains/
(losses)
£
£
-
(381)
-
(614)
-
(995)
Investment
gains/
Transfers
(losses)
£
£
-
771
-
335
-
1,106		 Balance at
31 August
2024
£
9,369
6,594
15,963
Balance at
31 August
2023
£
8,598
6,259
- 14,857

29

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpected balances of donations and grants held on trust for specific purposes.

Global Partnership
Bursary Fund
Welfare Fund
Other
Global Partnership
Bursary Fund
Welfare Fund
Other		 As restated
Balance at
1 September
2023
£
119,392
15,730
27,845
21,798
184,765
Balance at
1 September
2022
£
81,861
25,790
27,845
21,798
157,294		 Income
Expenditure
£
£
100,000
(21,566)
-
(14,174)
-
-
-
-
100,000
(35,740)
Income
Expenditure
£
£
100,000
(34,964)
-
(10,060)
-
-
-
-
100,000
(45,024)		 Transfers
£
(74,599)
-
-
-
(74,599)
Transfers
£
(27,505)
-
-
-
(27,505)		 Balance
31 August
2024
£
123,227
1,556
27,845
21,798
174,426
Balance at
31 August
2023
£
119,392
15,730
27,845
21,798
184,765

Restricted funds

Global Partnership receives funding from the Methodist Church to arrange mission trips to developing countries.

The Bursary Fund exists to provide support to students who need help paying for their course fees.

The Welfare Fund exists to provide support to students who are in general financial difficulties. Disbursements are made according to need.

Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions placed upon it.

30

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

19 Analysis of net assets between funds

2023
Charity
Tangible fixed assets
Investments
Net current assets
Creditor greater than one
year
Cliff College Outreach
Net current assets
Group
2024
Charity
Tangible fixed assets
Investments
Net current liabilities
Creditor greater than one
year
Cliff College Outreach
Net current assets
Group		 Unrestricted
funds
£
10,247,411
-
(42,155)
(112,000)
10,093,256
(13,966)
10,079,290
Unrestricted
funds
£
10,036,952
-
(338,379)
(84,000)
9,614,573
9,156
9,623,729		 Restricted
funds
£
-
-
184,765
-
184,765
-
184,765
Restricted
funds
£
-
-
174,426
-
174,426
-
174,426		 Endowment
funds
£
-
14,857
-
-
14,857
-
14,857
Endowment
funds
£
-
15,963
-
-
15,963
-
15,963		 Total
2024
£
10,036,952
15,963
(163,953)
(84,000)
9,804,962
9,156
9,814,118
Total
2023
£
10,247,411
14,857
142,610
(112,000)
10,292,878
(13,966)
10,278,912

31

CLIFF COLLEGE

NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

20 Reconciliation of net (expenditure) to net cash flow from
operating activities
Net (expenditure) for the year
Interest receivable
Interest payable
Losses on investments
Profit on disposal of fixed assets
Depreciation on tangible fixed assets
Decrease in debtors
Increase in creditors
Net cash flow from operating activities
21 Operating lease commitments
At 31 August 2024 the charity has had outstanding commitments for
under non-cancellable operating leases, which fall due as follows.
Within one year
Within two to five years
Total
22Grant and Fee Income
Grant Income from the OfS
Grant income from other bodies
Fee income for taught awards
Fee income for research awards
Fee income from non-qualifying courses
 Group
2024
£
2023
£
(464,794)
(906,373)

(10,372)
(14,253)
9,372
5,924
(1,106)
995
(88,188)
-
97,212
87,248
146,643
59,537
50,123
161,263

(261,110)
(605,659)
future minimum lease payments
Group
2024
£
2023
£
3,853
3,853
3,532
7,385
7,385
11,238
Group
2024
£
2023
£
14,423
16,346
-
10,000
284,767
322,117
44,498
43,800
47,589
60,184
391,277
452,447		 Group
2024
£
2023
£
(464,794)
(906,373)

(10,372)
(14,253)
9,372
5,924
(1,106)
995
(88,188)
-
97,212
87,248
146,643
59,537
50,123
161,263

(261,110)
(605,659)
future minimum lease payments
Group
2024
£
2023
£
3,853
3,853
3,532
7,385
7,385
11,238
Group
2024
£
2023
£
14,423
16,346
-
10,000
284,767
322,117
44,498
43,800
47,589
60,184
391,277
452,447
452,447

32

CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2024

Group
23 Head of Provider Remuneration 2024 2023
£ £
Principal
Stipend cost 36,700 34,613
Pension 7,678 7,243
Other non-taxable benefits (provision of Manse) 20,000 20,000

This remuneration package is in line with others in the theological college sector, and is in line with value and performance delivered. Performance is reviewed by the Board of Governors. As the Principal is an ordained minister in the Methodist Church in Britain, the remuneration is set by the stipend level of the Methodist Church in Britain

The head of provider’s basic salary and remuneration are 1.8 times the median pay and remuneration of staff respectively, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff.

24 Related parties

Cliff College has a subsidiary company, Cliff College Outreach. Cliff College Outreach is a company limited by guarantee whose members are made up of the Cliff College Committee.

Cliff College Outreach was set up in 1988 in order to serve the College in the building of the Broadbelt and Eagles buildings and to act as the vehicle carrying out the trading activities of the charity as provider of conference accommodation to third parties during times when the buildings were not being used by the College for housing students.

The activities of Cliff College Outreach are in line with the policies and strategies of Cliff College, and indeed occupy the same premises and complement the overall charitable activities and financial strength of the charity. Details of the subsidiary company’s assets at 31 August 2024 and results for the year then ended are as follows:

Turnover
Cost of sales
Gross profit
Administrative expenses
Profit for the year
Debtors
Cash at bank and in hand
Creditors
Net assets		 Cliff College
Outreach
£
447,357
(162,259)
285,098
(261,976)
23,122
30,682
62,599
93,281
(84,125)
9,156

33