Financial Statements of Heythrop College for the Year Ended 31 July 2019, Slides of Accounting

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Heythrop College

Ttrr Spndatiit Phltrrwphy arnl^ Thnrrtorjy t'ottrndr ot' (^) the Ltnhrcrwy ol' (^) London

Heythrop College ~^ Financial Statements to 31 July 2019

Charity registration number:^312923

Address: Heythrop College

University of London Kensington Square London WB 5HN www. (^) heythrop. ac.uk

Governors:

Bankers: See list of Governors on (^) page 3

National Westminster Pic

11 The Parade

Canterbury

Kent

CT1 2DT

Solicitors: Lee Bolton Monier-Williams

1 The Sanctuary

Westminster

SW1P 3JT

Pinsent Masons

30 Crown Place Earl Street London EC2A 4ES

Auditors: BDO LLP

2 City Place

Beehive Ring Road

Gatwick

West Sussex RHB OPA

Heythrop College a^ Financial Statements to (^31) July 2019 LIST OF GOVERNORS, 2018- Ex officio President of the College

The Principal

Rev Damian Howard (from 01-09-17) (Chair from 04-04-19) Prof Claire Ozanne (^) (to 04-04-19)

Nominated

External

Members

Co-opted

External

Members

Elected

Internal

Members

Student

Members

Nominated by the Trustees for

Roman Catholic Purposes (^) (TRCP)

Nominated by the Archdiocese of

Westminster/Bishops' Conference

Nominated by the University of

London

Members who may not be

nominated (^) by any of the (^) groups or

organisations already represented

Members of the academic staff

Member of the non-academic staff

President of Heythrop Students

Union (HSU) and one other

elected by HSU

Rev Brendan Callaghan (^) (to 31-01-19)

Rev Keith McMillan

Rev Edward^ Birmingham (to 31-01-19)(from 04- 04-19)

Rev John Moffat

Rev Paul Nicholson (from 04-04-19) Rev Francis Turner (^) (from 04-04-19) Archbishop Kevin McDonald (^) (to 31-01-19) Prof John^ Davies^ (to 31-01-19) Dr Edel (^) Mahony (to 31-01-19) Prof John Morrill (^) (to 31-01-19) Mr Jeremy Heap (^) (to 31-01-19) Mr John Darley (^) (to 31-01-19) Mrs Tamsin Eastwood^ (Chair) (to 04-04-19) Mr Michael (^) Egan (to 04-04-19) Mr Loughlin Hickey (to 31-01-19) Mr John Ward (to 31-01-19) Mr Anthony O'Mahony^ (to 31-08-18) Rev Prof Michael Barnes (^) (to 31-08-18) Dr Edward^ Howells^ (to 31-08-18) Rev Dr Michael Kirwan (^) (to 31-08-18) Ms Shade Olutobi (^) (to 31-01-19) Mr Henry Edwards-Xu^ (to 31-01-19) Mr Matthew Holland (^) (to 31-01-19) Secretary Clerk (^) to the (^) Governing Body Mrs Maureen Skinner (^) (to 31-01-19)

Heythrop College ~^ Financial^ Statements^ to^31 July 2019

Strategic Review

Introduction

Heythrop College was the specialist Philosophy

and Theology College of the University of

London, which it joined in 1970. The College was founded in (^1614) by the Society of Jesus and throughout its life has received substantial

support from the Society, through the Trustees

for Roman Catholic Purposes (TROP). From 2006-07 (^) the College also received direct public

funding initially^ from the Higher Education

Funding Council for England and in 2017- and 2018-19through the Office for Students.

Changes in the UK Higher Education

environment since 2012 made it increasingly

challenging for Heythrop College to meet the

costs of being a small autonomous institution.

By 2014 it^ had^ become^ apparent that^ these

costs had become greater than could be

provided for by the College's various sources of

income, including likely levels of tuition fees,

which for the College came from just its two

subject areas. Since the College was no longer

viable in its current form alternative approaches

were investigated, including forming a strategic

partnership with another institution, setting up a

consortium of small institutions to share the

costs of services and continuing as an

autonomous institution with radicalreshaping.

In 2015 governors concluded that none of the

approaches would allow the College to continue

its mission^ in a sustainable fashion.

Consequently, after much reflection, and with

great sadness, the governors of Heythrop

College decided that Heythrop College,

University of London would close when it had

fulfilled its obligations to its remaining students.

These obligations have now been fulfilled and

the College ceased to operate on 31 January

2019 and to be regulated (^) by the Office for

Students on that same date.

Mission

The Mission^ of the College was:

~ To serve society through philosophy and

theology

~ To offer its students an education

marked (^) by intelligence, scholarship and

generosity of^ spirit

~ To foster interfaith dialogue

~ To be a resource for the Christian faith

community; and ~ (^) To provide leadership in Catholic thought. Objectives

The objectives of Heythrop College were, from

within the Catholic tradition, to make a

significant contribution in the fields of theology

and philosophy to the intellectual and

educational life of the University, of society in

general and of the Christian community in

particular; and to maintain and enhance its

reputation for scholarship nationally and internationally.

The College sought to meet these objectives

through its teaching for^ degrees and^ diplomas in

theology and philosophy, through its research

and supervision of graduate students, through

its library, the Heythrop Journal and other

publications and through the^ wider^ influences^ of

members of the faculty and its graduates.

For the final periods of its^ operation, the^ College's

strategic objectives were:

~ To teach out its existing modules and

degree programmes to^ a^ high academic

standard;

~ To protect the student experience

throughout the teach out

~ For its closure to be orderly.

STRATEGICAIM

The College's^ key priority for^ 2018-19was^ to

wind down the remaining academic activities

to a high standard and then to close the College in an orderly and graceful manner. PERFORMANCE AGAINST STRATEGIC AIMS

The College supported all^ its^ students^ to

complete their awards or to continue them

through the^ University^ of^ London^ Worldwide

and the University of London School of

Advanced Studies.

Following the^ completion^ of^ the^ College's

academic activities and having dealt with

the remaining financial and administrative

matters, the College ceased operation after

settling all outstanding assets and liabilities

on 31 January 2019.

Heythrop College 4 Financial Statements to 31 July 2019

PUBLIC BENEFIT

The College has in the past played an

important role in advancing (^) education and

religion for the public benefit and this has

been reflected in its mission and (^) objectives

from past years. In making decisions

about the public benefit deriving from the

activities of the College the Governors have

had due regard to the public benefit

guidance issued by the Charity

Commission.

Heythrop's service to society was to educate

students in a context of valuing and respecting

others and their beliefs to work in a society that

acknowledges and understands (^) diversity. The

College believed that the study of philosophy

and theology as academic subjects has the

potential to transform the experience of an

individual, enabling them to understand their

place in the world with deeper understanding

and humanity. These subjects promote life-

changing personal development, teach students

to engage with ideas critically and

independently, and equip students with the

skills necessary to understand, and thus work in

and manage, complexity and change.

Heythrop was^ a leader in the field of inter-

religious and interfaith (^) dialogue, which (^) informed

much of its teaching provision. Lifelong learning

has been a fundamental principle at the College,

which has supported students to find their

vocation, whatever that may be, at any stage of

their lives.

The College provided resources not only for

students but for the wider community, not least

through one of the finest specialist libraries in

the UK, built (^) up over 400 years, which has

remained open to all those who have a scholarly

interest in the subject throughout 2017-18. Arrangements have^ now^ been made for this

Library to continue to be made available through

the University of London.

The College was also horne to several Research

Centres and Institutes which provided public

benefit through publications, seminars and

events. These include:

~ the Centre for Eastern Christianity which ran

public conferences^ on very live issues such

as the (^) impact of current conflicts on the Christian communities in (^) Syria;

~ the Religious Life Institute which is an

internationally recognized resource for those

living and working in religious communities; and

~ the Heythrop Institute for Religion 5 Society

which fostered research opportunities and

resources into the relationship of religion and

society for individual researchers and groups,

for churches and faith communities, for civil

society organisations, and^ for^ the wider

public.

In the past, Heythrop delivered a rich

programme of evening and part-time study, from

study days and short courses to postgraduate

and research degrees. Intensive modules were

offered in ethics for healthcare and for business,

which have been valued (^) by practitioners. The College's postgraduate (^) programmes have been

taken by a wide range of professionals working

in the public sector, charities and community

orga nisations.

Heythrop College g^ Financial^ Statements^ to^31 July^2019 EQUALITY AND DIVERSITY^ STATEMENT

The College's^ approach to ensuring fair

access to students^ was^ set^ out^ fully^ in^ its

Access Agreement, which is available on

the Office for Fair Access website. Whilst

the College had a particular focus on the

Christian (and, in^ particular, Catholic)

traditions, students and staff were

welcomed from a wide variety of

backgrounds and people of all religious

beliefs and none. The College was

committed to providing an environment

that was free from every kind of unlawful or

inappropriate discrimination. The College welcomed applications from

students with learning difficulties and

disabilities, and the College was committed

to practical policies which allowed, as far as

possible, for^ equality of^ opportunity and

access to the higher and further education programmes provided.^ The^ College

established a cross-department^ Equality and

Diversity Forum for staff and students, which

took forward the equality and diversity

strategy. The^ College's^ Code^ of^ Practice^ for

the Research Excellence Framework

exercise was noted for its features of good

practice by the Higher Education Funding

Council.

Access was available to most teaching and

study areas and provision was made for

access to other facilities and ground-floor

accommodation in the student^ residence^ if

required. Care^ was^ taken^ in^ the^ timetabling

process to ensure students'^ needs^ were

taken into account. Special arrangements

were made for examinations^ as^ required^ and IT (^) equipment provided. The College's

academic and pastoral support was

particularly commended^ by the^ QAA

Institutional Audit of 2011.The^ provision^ of

material electronically^ through^ the^ Virtual

Learning Environment (Helios) has^ also

contributed to the accessibility^ of^ learning

resources.

APP dbyth^0 i^ gg dy (^) / -f((t/f', I^2020 d^ igii^ d^ it^0 h^ ifby:

Fr. Damian Howard SJ

Chair of the Governing Body

Heythrop College^ a^ Financial^ Statements^ to^31 July^2019

The members of the Board are also required to

give a^ report^ in^ the^ financial^ statements^ which

includes the legal and administrative status of

the College. The members of the Board are

responsible for^ keeping adequate accounting

records that are sufficient to show and explain

the College's^ transactions and disclose with

reasonable accuracy at any time the financial

position of the College and enable them to

ensure that the financial statements comply with

the Royal Charter, its Articles of Association^ and

the Statement of Recommended Practice:

Accounting for Further and Higher Education.

They are also^ responsible for^ safeguarding the

assets of the College and hence for taking

reasonable steps for the prevention and

detection of fraud and other irregularities.

Members of the Board must ensure there are

appropriate financial and management controls

in place in order to safeguard public and other

funds and to ensure they are used properly. In

addition, members of the Board are responsible

for securing economical, efficient^ and^ effective

management of the College's resources and

expenditure, so that the^ benefits^ that^ should^ be

derived from the application of public funds are

not put at risk.

Financial statements^ are^ published^ on^ the

Charity Commission's website. The Charity's website is no longer being maintained.

Approved by the^ Governing^ Body on^ / Pf' I I 2020 and^ signed^ on^ its^ behalf^ by:

Fr. amian Howard SJ Chair of (^) the Governing Body

Heythrop College^ '^ Financial^ Statements^ to^31 July^2019

INDEPENDEIXIT ALliGITGRS' REPORT TG Tl-IF^ GOVERNORS Qr Hc~HRQP^ GQI^ LEGF

Opinion We have audited the financial statements of Heythrop College^ ("the^ College"^ ) for^ the^ year ended 31 July 2019 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, 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: ~ (^) give a true and fair view of the state of the College's affairs (^) as at 31 July 2019 and of the College's income and expenditure, gains and losses, changes in reserves and of the College's (^) cash flows for the year then ended; ~ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ~ have been (^) properly prepared in accordance with the Statement of Recommended Practice: Accounting for Further and Higher Education and relevant^ legislation. 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 College 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.

Financial statements (^) prepared on a basis other than going concern We draw (^) your attention to the "Basis^ of preparation" section of the Principal Accounting Policies, which explains that, because of the decision taken (^) by the Board of^ Governors, the College ceased operating on 31 January 2019 and the College is no longer a going concern. The financial statements have therefore been prepared on a basis other than that of a going concern. Our opinion is not qualified in this respect. Other information The Governors^ are^ responsible^ for^ the^ other information. Other information comprises the information included in the Annual Report, other than the financial statements and our auditor's^ report thereon. Our opinion on the financial statements does not cover^ the^ other^ information^ we^ do^ not express (^) any form of assurance conclusion^ thereon. In connection with our audit of the financial statements, our responsibility is to read^ the^ other information including the Strategic Review and the Corporate Governance and Responsibilities^ of^ the

Governing Body and, in doing so, consider^ whether

the other information is materially^ inconsistent^ with the financial statements or our knowledge obtained in 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^ there^ is^ a

material misstatement in the financial statements 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matter where the Charities Act 2011 requires us^ to report to you if,^ in^ our^ opinion: ~ (^) the information in the Strategic Review and the Corporate Governance and Responsibilities of the Governing Body is inconsistent in (^) any material respect with the financial statements; or ~ sufficient accounting records have not been kept; or ~ the financial statements are not in agreement with the accounting records and returns; or ~ we have not received all the information snd explanations we require for^ our^ audit.

Heythrop College a^ Financial^ Statements to 31 July 2019 Statement of Comprehensive Income Notes Year Ended (^31) July 2019 Year (^) Ended (^31) July 2018 Income

Tuition fees and education contracts

Funding (^) body (^) grants Research grants and contracts Other income Investment income 12,^463 272, 770 1, 236 246, 599 365, 266 33, 445 1,413, 404 874 Total income before endowments and donations Donations and Endowments 286, 469 3,968, 372 2,059, 588

Total income (^) 4,254, 841 18,364, 288 Expenditure Staff costs Fundamental restructuring (^) costs Other (^) operating expenses Depreciation 590, 988 470, 650 3,484, 323 2,387, 032 1,045, 553 11,247, 281 4,693, 256 Total expenditure (^) 4,545, 961 19,373, 122 Deficit and total comprehensive

oufflow for the period

( 291,120)^ (1,008,834) Represented by: Restricted comprehensive expenditure for the year Unrestricted comprehensive expenditure for the year Deficit attributable to the College (^14) ( 291,120)

( 291,120)^ (1,008,834) All amounts in the current and prior (^) year represent discontinued operations. The notes on (^) pages 16 to 25 form part of these accounts.

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Heythrop College^ a^ Financial^ Statements^31 July^2019

Cash Flow Statement Cash flow from operating activities Deficit for the (^) year Adjustment for non-cash items Depreciation Decrease/(increase) in^ debtors (Decrease)/increase in^ creditors (Decrease)/increase in pension provision (Decrease)/increase in other provision Adjustment for investing or financing activities Investment income Notes 9 10 11 16 13 Year Ended (^31) July 2019

10,818,^551 (9,597,212) (1,818,168)

Year Ended 31 July 2018

4,693,^256

4,176, 935 (35,637) 831, 163

Net cash inflow from (^) operating activities (SS9,185) (1,170,870) Cash flows from investing activities Investment income 1,^236 1, 236 874 Decrease in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of^ the^ year (887,949) 1,060,^862 172, 913 (1,169,996) 2,230,^858

The notes on pages 16 to 25 form^ part of^ these^ accounts.

Heythrop College^ a^ Financial^ Statements^31 July 2019

Statement of (^) Principal Accounting Policies Basis of preparation These financial statements have been prepared in accordance with the Statement of Recommended Practice (^) (SORP): Accounting for Further (^) and Higher Education 2015 and in accordance with Financial Reporting Standard (FRS) 102. The College has prepared these financial statements following the FEHE SORP

as it^ considers^ this^ to be^ the^ most^ appropnate

given its activities. The College is a public benefit entity and therefore has applied the relevant public benefit requirement of FRS

In June 2015 the Governors concluded, Heythrop College, University of London, would continue for the next three (^) years and then

cease to be a College of the federal University.

The Governors also decided that after all the obligations to the current students had been

discharged the College would cease to operate

in January 2019. These accounts have therefore been (^) prepared on (^) a break (^) up basis. Basis of accounting The financial statements are (^) prepared on a basis other than that of (^) going concern. This

means that the historical cost basis has been

applied except^ where^ this^ is^ inappropriate given the break (^) up basis of preparation. Income recognition

Income from tuition fees is credited to the

Statement of Comprehensive Income and Expenditure over the period in which students

are studying and includes all fees chargeable

to students or their sponsors. Fee income is stated gross except where the amount of the tuition fee is reduced (^) by a discount, in which

case it is shown net of the discount. Bursaries

and scholarships are accounted for gross as

expenditure and not deducted from income. Income from the sale of (^) goods or services is credited to the Statement of Comprehensive Income and Expenditure when the (^) goods or services are supplied to the external customers or the terms of the contract have been satisfied. Investment income is credited to the income and expenditure account on a receivable^ basis.

Funds the College receives and disburses as

paying agent on behalf^ of a Funding Body are excluded from the income and expenditure of the College where the College is exposed to minimal risk or (^) enjoys minimal economic benefit related to the transaction. Grant Funding Government revenue grants including funding council block (^) grant and research grants are recognised in income over the periods in which the College recognises the related costs for which the grant is^ intended^ to^ compensate. Where part of a government grant is deferred it is recognised in deferred income within creditors and allocated between creditors due within one year and due after more than one

year as appropriate.

Grants (including research grants) from non- government sources are recognised in income when the College is entitled to the income and performance related conditions have been met. Income received in^ advance^ of performance related conditions being met is

recognised as deferred income within creditors

in the balance sheet^ and^ released^ to^ income

as the conditions are met.

Donations and^ Endowments Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised in^ income^ when^ the^ College^ is entitled to the funds. Income^ is^ retained^ in^ the restricted reserve until such time that it is utilised in line with such^ restrictions^ at^ which point the income is released to general reserves through a reserve transfer. Donations with no restrictions^ are^ recognised in income when the College is entitled to the funds. Investment income and the appreciation of endowments is recorded in income in the (^) year

in which it arises and as either restricted^ or

unrestricted income according to the terms of the restriction (^) applied to the individual endowment fund. There are four main (^) types of donations and endowments recognised within reserves: Restricted donations -^ the donor has specified that the donation must be used for a particular objective. Unrestncted permanent endowments^ —the donor has specified that the fund^ is^ to be permanently invested^ to^ generate^ an^ income stream for the general benefit of the institution. Restricted expendable endowments -^ the donor has specified a particular objective other than the purchase or construction of

tangible fixed assets, and the College has the

power to use the capital.

Heythrop College^ a^ Financial^ Statements^31 July^2019

Statement of Principal Accounting Policies Provisions, contingent liabilities and

contingent assets

Provisions (^) are recognised in the financial statements when: (a) The College has a present obligation

(legal or constructive) as a result of a

past event; (b) It^ is^ probable^ that^ an^ outflow^ of economic benefits will be required to settle the obligation; and (c) A^ reliable^ estimate^ can^ be^ made^ of the amount of the obligation.

The amount recognised as a provision is

determined (^) by the expected future cash flows at a pre-tax rate that reflects nsks specific to the liability. A contingent liability arises from a (^) past event that gives the College a possible obligation whose existence will only be confirmed (^) by the occurrence (^) or otherwise (^) of uncertain future events not wholly in the control of the College. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will (^) be required or the amount of the obligation cannot be measured reliably. Contingent kabilities are not recognised in the Balance Sheet but are disclosed in the notes. Taxation The College is a charity within the meaning of Para 1 Schedule 6 Finance Act

2010. Accordingly, the College is potentially exempt from taxation in respect of income or capital gains within^ categories covered^ by

sections 478-488 of the Corporation Tax Act

2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. The College receives no similar exemption in respect of Value Added Tax (^) (VAT). Irrecoverable VAT on inputs is included in the costs of such inputs. Any irrecoverable VAT

allocated to fixed assets is included in their

cost.

restricted fund which the^ College^ must^ hold^ in perpetuity. Other restricted reserves include balances where the donor has designated a specific purpose and therefore the College is restricted in the use of these^ funds. Judgements in (^) applying accounting policies and (^) key sources of estimation uncertainty In preparing these financial statements, the Governors have made^ the^ following judgements: ~ (^) In light of the closure of the College that

the funds held as restricted reserves

should be transferred to the Society of

Jesus as the^ organisation^ best^ able^ to

expend the funds in accordance with the terms of the restrictions.

~ Trade and other receivables (see note 10),

the estimate for receivables relates to the recoverability of the balances^ outstanding at year end. A review is performed on an individual debtor basis to consider whether each debt is recoverable. Reserves Accounting

Reserves are classified as restricted or

unrestricted. Restricted endowment reserves include balances which, through endowment

to the^ College are^ held^ as a permanently

Heythrop College a^ Financial^ Statements^31 July 2019 Notes to the Accounts Year Ended (^31) July 2019 Year Ended (^31) July 2018 1 Tuition Fees and education contracts Full-time home and EU students Full-time international students Part-time students

43, 680 37, 661 246, 599

2 Funding body grants

Recurrent (^) grant Office for Students (Higher Education Funding Council until April 2018) Capital (^) grant 12, 463 12, 463 354, 114 11, 152 365, 266 3 Research grants and contracts Research charities 33, 445 33, 445 4 Other income Residences, catering and conferences Other income

65. 251 207, 519 272,^770 893,^319 520, 085 1,413,^404

5 Investment income

Income from permanent endowments Income from short-term^ investments

1,^208 1,^236

6 Donations and endowments Donations with restrictions Unrestricted donations 1,305, 485 2,662, 887 3,968,^372 4,687, 091 11,617, 609

16,304,^700