| Page | |||
|---|---|---|---|
| Reference and administrative details |
|||
| Report ofthe trustees | 2 | to | 9 |
| Report ofthe independent auditors |
10 | to | 12 |
| Statement offinancial activities | 13 | ||
| Balance sheet | 14 | ||
| Cash flow statement | 15 | ||
| Notes to the cash flow statement | 16 | ||
| Notes to the flinancial statements | 17 | to | 24 |
| Detailed statement offinancial activities |
25 | to | 26 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | 8 | |||||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
20,311 | 734,733 | 755,044 | 277,669 | ||
| Charitable activities |
||||||
| College operating activities |
487,546 | 487,546 | 332,331 | |||
| Other income | 2,579 | 2,579 | ~5005 | |||
| Total | 510436 | 734733 | 1245169 | 615,005 | ||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| College operating activities |
524,116 | 154,036 | 678,152 | 394,903 | ||
| NET INCOME/(EXPENDITURE) Transfers between funds |
14 | (13,680) 11,644 |
580,697 ~11,644) |
567,017 | 220,102 | |
| Net movement in funds |
(2,036) | 569,053 | 567,017 | 220,102 | ||
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought forward |
119,512 | 1,372,692 | 1,492,204 | 1,272,102 | ||
| TOTAL FUNDS CARRIED FORWARD | 117476 | 1941745 | 2059221 | 1492,204 |
| BALANCE SHEET 31STDECEMBER 2022 |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| Notes | |||
| FIXEDASSETS | |||
| Tangible assets | 10 | 1,970,478 | 1,379,701 |
| CURRENT ASSETS | |||
| Debtors | 180,334 | 122,501 | |
| Cash at bank | 16 195 | 31,368 | |
| 196,529 | 153,869 | ||
| CREDITORS | |||
| Amounts falling due within one year |
12 | (107,786) | (41,366) |
| NET CURRENT ASSETS | 88,743 | 112,503 | |
| TOTAL ASSETS LESSCURRENT | |||
| LIABILITIES | 2,059,221 | 1,492,204 | |
| NET ASSETS | 2,059221 | 1492204 | |
| FUNDS | 14 | ||
| Unrestricted funds |
117,476 | 119,512 | |
| Restricted funds | 1,941745 | 1372692 | |
| TOTAL FUNDS | 2 059221 | 1,492,204 |
| FOR | THE | YEAR ENDED 3 | 1STDECEMBER2022 | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Notes | |||||
| Cash tlows from operating | activities | ||||
| Cash generated from operations |
~629 029 | 194,015 | |||
| Net cash provided by operating activities |
629,029 | 194015 | |||
| Cash flows from investing | activities | ||||
| Purchase oftangible fixed assets |
~644,202 | 195469 | |||
| Net cash used in investing | activities | ~644202) | 195469 | ||
| Change in cash and cash |
equivalents | in | |||
| the reporting period |
(15,173) | (1,454) | |||
| Cash and cash equivalents | at the | ||||
| beginning ofthe reporting |
period | 31,368 | ~32 822 | ||
| Cash and cash equivalents | at the end | of | |||
| the reporting period |
16,195 | 31,368 |
| FORTHE YEAR ENDED 31STDECEMBER 20 | FORTHE YEAR ENDED 31STDECEMBER 20 | 22 | 22 | ||
|---|---|---|---|---|---|
| RECONCILIATION | OFNKT INCOME TO NKT CASH FLOW FROM | OPERATING ACTIVITIES | |||
| 2022 | 2021 | ||||
| 8 | |||||
| Net income for the | reporting | period (as per the Statement offinancial | |||
| activities) | 567,017 | 220, 102 | |||
| Adjustments for: |
|||||
| Depreciation charges |
53,425 | 38,785 | |||
| Increase in debtors |
(57,833) | (79,361) | |||
| Increase in creditors | 66,420 | 14,489 | |||
| Net cash provided | by | operati | ons | 629,029 | 194,015 |
| ANALYSIS OF CHANGES IN NET | FUNDS | ||
|---|---|---|---|
| At 1.1.22 | Cash liow | At 31.12.22 | |
| g | g | ||
| Net cash | |||
| Cash at bank | 31,368 | 15,173 | 16,195 |
| 31,368 | (15,173) | 16,195 | |
| Total | 31368 | ~15,173 | 16,195 |
| 2022 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Small donations | 3,168 | 180 | |||||||||
| Church ofPentecost - | UK | 601,876 | 277,489 | ||||||||
| International Missions |
150,000 | ||||||||||
| 755,044 | 277,669 | ||||||||||
| INCOME FROM | CHARITABLE ACTIVITIES | ||||||||||
| 2022 | 2021 | ||||||||||
| Activity | |||||||||||
| Academic income | College | operating | activities | 295,508 | 237,035 | ||||||
| Rental income | College | operating | activities | 4,790 | 6,185 | ||||||
| Students accommodation |
rent | College | operating | activities | ~187 248 | 89 111 | |||||
| 487 546 | ~332331 | ||||||||||
| 4. | CHARITABLE | ACTIVITIES COSTS | |||||||||
| Direct | Support | ||||||||||
| Costs (see | costs (see | ||||||||||
| note 5) | note 6) | Totals | |||||||||
| 8 | 8 | ||||||||||
| College operating | activities | 674,052 | 4, 100 | 678 152 | |||||||
| 5. | DIRECT COSTS | OF | CHARITABLE ACTIVITIES | ||||||||
| 2022 | 2021 | ||||||||||
| 8 | |||||||||||
| Staffcosts | 160,480 | 85,680 | |||||||||
| Communication | costs | 41,064 | 23,551 | ||||||||
| Freelance lecturers | 12,347 | 18,575 | |||||||||
| Accreditation and |
course development | fees | 58,119 | 22,765 | |||||||
| Library costs | 10,506 | 8,593 | |||||||||
| Travel and conferences | 7,745 | 1,054 | |||||||||
| Catering | 3,389 | 238 | |||||||||
| Office costs | 1,435 | 4,724 | |||||||||
| Website and computer | costs | 2,963 | 718 | ||||||||
| Repairs Et maintenance | 147,799 | 70,278 | |||||||||
| Council tax | 3,765 | 38,526 | |||||||||
| Heat and light | 27,096 | 19,743 | |||||||||
| Health and safety | 15,460 | 9,300 | |||||||||
| Water charges | 6,373 | 2,458 | |||||||||
| Subscription and |
licenses | 1,015 | 864 | ||||||||
| Rent other and caretaking | 250 | ||||||||||
| Bank charges | 1,160 | 761 | |||||||||
| Insurance | 17,678 | 14,238 | |||||||||
| Legal and professional | expense | 1,080 | 2,384 | ||||||||
| Training and CPD |
677 | 2,975 | |||||||||
| Bad debts | 42,257 | ||||||||||
| Advertising and |
marketing | (1,006) | 9,232 | ||||||||
| Student bursaries | 9,596 | 3,500 | |||||||||
| Graduation cost |
668 | ||||||||||
| Carried forward | 571,666 | 340,407 |
| DIRECT | COST | S OF | CHARITABLE ACTIVITIES - continued | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Brought | forward | 571,666 | 340,407 | ||
| Student accommodation | cost | 48,960 | 10,211 | ||
| Depreciation | 53,426 | 38,785 | |||
| 674,052 | 389,403 | ||||
| SUPPORT COSTS | |||||
| Governance | |||||
| costs | |||||
| College operating | activities | 4 100 | |||
| Support costs, included | in the above, are as follows: | ||||
| 2022 | 2021 | ||||
| College | |||||
| operating | Total | ||||
| activities | activities | ||||
| g | |||||
| Auditors' | remuneration | 4,100 | 3,600 | ||
| Non-audit | Examination | 1,900 | |||
| 4 100 | 5,500 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| g | |||||
| Auditors' | remuneration | 4,100 | 3,600 | ||
| Depreciation | —owned | assets | 53,425 | ~38 785 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Wages and salaries | 135,180 | 74,661 | |||||
| Social security | costs | 11,902 | 5,419 | ||||
| Other pension | costs | 13,398 | 5,600 | ||||
| 160,480 | 85,680 | ||||||
| The average monthly | number ofemployees | during the year was as follows; | |||||
| 2022 | 2021 | ||||||
| Administration | 3 | 2 | |||||
| Academic | 3 | 3 | |||||
| No employees | received emoluments | in excess of660,000. | |||||
| TANGIBLE | FIXED | ASSETS | |||||
| Long | Plant and | Computer | |||||
| leasehold | machinery | equipment | Totals | ||||
| 8 | 8 | 8 | |||||
| COST | |||||||
| At 1st January | 2022 | 1,808,558 | 63,446 | 10,931 | 1,882,935 | ||
| Additions | 644,202 | ~644 202 | |||||
| At 31stDecember 2022 | 2,452,760 | 63,446 | ~10931 | ~2527 137 | |||
| DEPRECIATION | |||||||
| At 1st January | 2022 | 466,120 | 32,742 | 4,372 | 503,234 | ||
| Charge for year | 44,895 | 6,344 | 2,186 | 53,425 | |||
| At 31stDecember 2022 | 511 015 | 39,086 | 6,558 | 556,659 | |||
| NET BOOK | VALUE | ||||||
| At 3 1st December 2022 | 1,941,745 | 24,360 | 4,373 | 1,970,478 | |||
| At 31st December 2021 | 3,342,430 | 30 704 | 6,339 | 7,379,703 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Trade debtors | 159,485 | 122,501 | |||||
| Other debtors | 20,849 | ||||||
| 180,334 | 122501 | ||||||
| 12. | CREDITORS: | AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| 2022 | 2021 | ||||||
| Trade creditors | 54,184 | 12,878 | |||||
| Social security | and other taxes | 3,898 | 3,834 | ||||
| Accruals and deferred income | 49,704 | 24,654 | |||||
| 107,786 | 41,366 | ||||||
| 13. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||||
| 2022 | 2021 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| fund | fund | funds | funds | ||||
| 8 | |||||||
| Fixed assets | 27,771 | 1,942,707 | 1,970,478 | 1,379,701 | |||
| Current assets Current liabilities |
196,529 ~146.6247 |
~962) | 196,529 ~107786) |
153,869 ~41,366) |
|||
| 117476 | 1,941745 | 2 659221 | 1,492,204 | ||||
| 14. | MOVEMENT | IN FUNDS | |||||
| Net | Transfers | ||||||
| movement | between | At | |||||
| At 1.1.22 | in | funds | funds | 31.12.22 | |||
| Unrestricted funds |
|||||||
| General fund | 119,512 | (13,680) | 11,644 | 117,476 | |||
| Restricted funds | |||||||
| College activities | 1,372,692 | 580,697 | (11,644) | 1,941,745 | |||
| TOTAL FUNDS | 1,492,204 | 567,017 | 2,059,221 |
| Incoming | Resources | Movement | |||||
|---|---|---|---|---|---|---|---|
| resources | expended | in funds | |||||
| Unrestricted | funds | ||||||
| General | fund | 510,436 | (524,116) | (13,680) | |||
| Restricted funds |
|||||||
| College | activities | 734,733 | (154,036) | 580,697 | |||
| TOTAL | FUNDS | I 245,166 | ~676,1521 | 567,617 | |||
| Comparatives | for movement | in funds | |||||
| Net | |||||||
| movement | At | ||||||
| At 1.1.21 | in funds | 31.12.21 | |||||
| 8 | 8 | ||||||
| Unrestricted | funds | ||||||
| General | fund | 94,879 | 24,633 | 119,512 | |||
| Restricted funds |
|||||||
| College | activities | 1,177,223 | 195,469 | 1,372,692 | |||
| TOTAL | FUNDS | 1,272, 102 | 220,102 | 1,492,204 | |||
| Comparative | net movement | in | funds, included | in the above are as follows: | |||
| Incoming | Resources | Movement | |||||
| resources | expended | in funds | |||||
| 8 | 8 | ||||||
| Unrestricted | funds | ||||||
| General | fund | 343,116 | (318,483) | 24,633 | |||
| Restricted funds |
|||||||
| College | activities | 271,889 | (76,420) | 195,469 | |||
| TOTAL | FUNDS | 615,005 | ~394903) | 220,102 |
| Net | Transfers | ||||
|---|---|---|---|---|---|
| movement | between | At | |||
| At 1.1.21 | in funds | funds | 31.12.22 | ||
| Unrestricted funds |
|||||
| General | fund | 94,879 | 10,953 | 11,644 | 117,476 |
| Restricted funds |
|||||
| College | activities | 1,177,223 | 776,166 | (11,644) | 1,941,745 |
| TOTAL | FUNDS | 1,272 102 | 787 119 | 2,059,221 |
| Incoming | Resources | Movement | ||
|---|---|---|---|---|
| resources | expended | in funds | ||
| Unrestricted funds |
||||
| General | fund | 853,552 | (842,599) | 10,953 |
| Restricted funds |
||||
| College | activities | 1,006,622 | (230,456) | 776,166 |
| TOTAL | FUNDS | 1,060,174 | ~I,073,D55 | 707 11r |
| FOR THK YEA | R ENDED 31STDEC | EMBER 2022 | |||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| 8 | 8 | ||||||
| INCOME AND ENDOWMENTS | |||||||
| Donations and legacies |
|||||||
| Small donations | 3,168 | 3,168 | 180 | ||||
| Church ofPentecost - | UK | 17,143 | 584,733 | 601,876 | 277,489 | ||
| International Missions |
150,000 | 150,000 | |||||
| 20,311 | 734,733 | 755,044 | 277,669 | ||||
| Charitable activities |
|||||||
| Academic income | 295,508 | 295,508 | 237,035 | ||||
| Rental income | 4,790 | 4,790 | 6,185 | ||||
| Students accommodation |
rent | 187,248 | 187,248 | 89,111 | |||
| 487,546 | 487,546 | 332,331 | |||||
| Other income | |||||||
| Sundry income | 2,579 | 2 579 | 5,005 | ||||
| Total incoming resources |
510,436 | 734,733 | 1,245,169 | 615,005 | |||
| EXPENDITURE | |||||||
| Charitable activities |
|||||||
| Wages | 95,160 | 40,020 | 135,180 | 74,661 | |||
| Social security | 11,902 | 11,902 | 5,419 | ||||
| Pensions | 13,398 | 13,398 | 5,600 | ||||
| Communication costs |
41,064 | 41,064 | 23,551 | ||||
| Freelance lecturers | 12,347 | 12,347 | 18,575 | ||||
| Accreditation and course develo |
pment fees | 58,119 | 58,119 | 22,765 | |||
| Library costs | 10,506 | 10,506 | 8,593 | ||||
| Travel and conferences | 7,745 | 7,745 | 1,054 | ||||
| Catering | 3,389 | 3,389 | 238 | ||||
| Office costs | 1,435 | 1,435 | 4,724 | ||||
| Website and computer | costs | 2,963 | 2,963 | 718 | |||
| Repairs &maintenance | 78,678 | 69,121 | 147,799 | 70,278 | |||
| Council tax | 3,765 | 3,765 | 38,526 | ||||
| Heat and light | 27,096 | 27,096 | 19,743 | ||||
| Health and safety |
15,460 | 15,460 | 9,300 | ||||
| Water charges | 6,373 | 6,373 | 2,458 | ||||
| Subscription and licenses |
1,015 | 1,015 | 864 | ||||
| Rent other and caretaking | 250 | ||||||
| Bank charges | 1,160 | 1,160 | 761 | ||||
| Insurance | 17,678 | 17,678 | 14,238 | ||||
| Legal and professional | expense | 1,080 | 1,080 | 2,384 | |||
| Training and CPD |
677 | 677 | 2,975 | ||||
| Bad debts | 42,257 | 42,257 | |||||
| Carried forward | 453,267 | 109,141 | 562,408 | 327,675 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| 8 | |||||
| Charitable activities |
|||||
| Brought forward | 453,267 | 109,141 | 562,408 | 327,675 | |
| Advertising and marketing |
(1,006) | (1,006) | 9,232 | ||
| Student bursaries | 9,596 | 9,596 | 3,500 | ||
| Graduation cost |
668 | 668 | |||
| Student accommodation | cost | 48,960 | 48,960 | 10,211 | |
| Long leasehold | 44,895 | 44,895 | 30,254 | ||
| Plant and machinery | 6,345 | 6,345 | 6,345 | ||
| Computer equipment |
2,186 | 2 186 | 2 186 | ||
| 520,016 | 154,036 | 674,052 | 389,403 | ||
| Support costs | |||||
| Governance costs |
|||||
| Auditors' remuneration |
4,100 | 4,100 | 3,600 | ||
| Non-audit Examination |
1,900 | ||||
| 4,100 | 4,100 | 5,500 | |||
| Total resources expended | 524,116 | 154,036 | 678,152 | ~394903 | |
| Net income | ~13680) | 580,697 | 567,017 | ~220 102 |