Registered number: 02686377 Charity number: 1009018
VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 22 |
VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024
| Trustees | B P Wolvaardt |
|---|---|
| M Wolvaardt | |
| R Oosthuizen | |
| E A Van Tonder (resigned 14 November 2023) | |
| H De Villiers | |
| J F Hendricks | |
| R Jones (appointed 14 November 2023) | |
| Company registered number 02686377 Charity registered number 1009018 Registered office Millhouse 32-38 East Street Rochford Essex SS4 1DB Accountants Venthams Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB Bankers The Royal Bank of Scotland plc 89 Marlowes Hemel Hempstead Hertfordshire HP1 1XY |
Page 1
VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
The Trustees present their annual report together with the financial statements of the Company for 1 July 2023 to 30 June 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects of the charity are to advance the Christian Faith.
Veritas College International (VCI) is an organisation whose mission is to serve the church in its various expressions at the local church level around the world. This mission is fulfilled by training church leaders and believers who will be able to train others, using a curriculum with approaches and methodologies to facilitate the following processes: Interpret the Bible in a practical and responsible way; apply the obtained absolutes of the Bible in the local context and communicate the absolutes in the local context.
VCI works internationally via National Colleges with a focus in areas where there is a need for practical, professional or academic biblical training and/or where time or resources are limited. VCI training takes place in existing churches of any denomination or in church plant settings. The training aims to be integrated into the life and ministry of the church. Since 1992, VCI has become a key provider of theological training in over 50 countries.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives and further the Company's purposes for the public benefit
Our objectives in the last year were to support our existing international training networks: to ensure the training is to the right standard, funded and adequately staffed; to implement the accredited training that is enabling students to have recognised qualifications from the West Australian Government using their vocational training in a practical and local setting; to implement the post-graduate training that is offered by VCI that is registered in the State of Texas; to maintain the accreditation status for the post-graduate US qualifications; to keep the VCI network updated on policies and procedures; to ensure good reporting of training throughout the network according to the license agreements; and to expand the training to new countries. VCI meets and liaises with National Veritas College directors, local staff and local board members.
c. Grant-making policies
Funds that are received for a specific country or project (called restricted funds) are safeguarded to be used for only that purpose. Just before the beginning of a new financial year all countries within the network must submit budgets for the new financial year. The VCI board makes discretionary allocations of unrestricted funds to various National Veritas Colleges.
Page 2
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Objectives and activities (continued)
d. Volunteers
VCI received a substantial amount of services donated by volunteers to carry out various activities and trainings during the year. Our ongoing ability to serve the church is dependent on these contributed services by volunteers.
During the past financial year 1,756 (2023: 1,428) volunteer facilitators globally completed their training in one of our 4 modules. We realise to multiply the training it is critical for us to focus on volunteers who can take the work forward and to assist the newly trained facilitators to start their own groups. Volunteer services are not recognized as either revenue or contributions received as it cannot be measured reliably.
Our CEO and his wife serve as volunteers on a full-time basis. The other trustees (directors) give their time and skills voluntarily and receive no remuneration or benefit.
Achievements and performance
a. Main achievements of the Company
This year the number of student enrolments in the Foundation Training was 32,484 (2023: 24,177) in 55 (2023: 53) countries. This represents a growth of 34.36% from the previous year.
The Diploma Training has been advanced by various cohorts applying for recognition of prior learning (RPL) to the accredited VCI entity in Australia.
The Graduate training offered through the VCI entity registered in the State of Texas, USA has progressed well. This institution received Accreditation Status from the Association of Biblical Higher Education (ABHE) in the USA in February 2023. This accrediting body is associated to the World Evangelical Alliance and is recognised by the US Department of Education and the Council of Higher Education Accreditation. We are grateful that this accreditation status for our post-graduate US qualification complements our non-formal Foundation Training and our Australian accredited Diploma Training.
The processes to monitor and ensure quality and timely reporting, accounting and administration by the network of training colleges are well in place.
b. Fundraising activities and income generation
Veritas has a relatively small number of committed donors that support the charity. Aside from income generated by our training activities, we continuously seek funding from individuals, churches and organisations to meet the working capital requirement of the charity. Veritas is working to expand its donor base.
Page 3
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Financial review
Veritas continues to be blessed by the generosity of our donors, who have supported our ministry throughout the past financial year. In 2024, we received total donations amounting to £831,147 (2023: £600,029), of which £333,545 (2023: £363,850) was donated for general use. The increase in donations can largely be attributed to the expansion and strengthening of our donor base of individuals, Christian foundations, and trusts from various countries. We have received more donations and grants to support our growing training activities in Africa.
Notably, our board members contributed 27% of all donations received by the VCI Network of Colleges. Our CEO and his wife serve as volunteers on a full-time basis, while the remaining board members generously contribute their time and expertise without receiving any form of remuneration or benefits. Furthermore, all salaried staff across our global operations willingly accept compensation below market rates, serving the ministry with tremendous dedication and sacrifice.
A key objective for Veritas is to increase local support within each country, where feasible. In the past financial year, local donations raised by the VCI Network of Colleges accounted for 26% of our global income.
Income from our global training activities in 2024 was £163,228, representing 12% of our total income. While this revenue stream continues to grow modestly each year, we anticipate that it will remain a small percentage of our overall income, given our mission to operate in some of the world’s most economically disadvantaged regions.
Our total expenditure for 2024 was £770,850 (2023: £854,861), reflecting a decrease primarily due to reduced support provided to Veritas College International entities in the USA and South Africa, as they successfully raised more local donations to fund their training activities.
In the United Kingdom, we recorded a surplus of £61,617 for 2024, a significant improvement compared to the £253,402 shortfall in 2023. Globally, the surplus was £148,847 (2023: £202,077 shortfall).
A continuing advantage for Veritas is the extensive involvement of volunteer facilitators. As we serve numerous churches, many of them graciously offer their facilities and staff to facilitate our training programs. This model allows us to operate as a highly cost-effective charity.
c. Principal risks and uncertainties
The charity is dependent upon donors to fund the training because it focusses on serving the church in countries where resources are limited and/or where the church is persecuted. Whilst tight accounting procedures and audits are part of the college ethos, there is a risk that some monies could be misused causing a breakdown of trust between donors and the charity. In order to manage the risk, controls are in place such as annual budgeting, quarterly financial reports, annual auditing, policies and procedures, and efficiency ratios comparing the cost of training between different countries. There are specialised training courses for the trainers and other checks to ensure that high levels of quality training are maintained as there could be some dilution in the teaching quality with a potential reputational risk. The growth of our training brings increased workloads, which require the regular assessment of the levels of staffing and resources by the VCI board.
Page 4
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
d. Principal funding
The principal funding resources of VCI are trusts, foundations, churches and individuals.
Structure, governance and management
a. Constitution
Veritas College International is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
The document was originally signed on 23rd November 1991 and amended by a special resolution dated 6th November 2007. The Certificate of Incorporation on Change of Name was issued on 19th December 2007. Trustees are recruited to the international board by assessing their experience and commitment to the ethos of VCI. The aim is to give the board the necessary expertise and oversight to ensure the college is well managed.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Organisational structure and decision-making policies
VCI’s board is the ultimate decision maker for the charity’s operations and is the custodian of the charity’s assets. VCI has intellectual property licence agreements with National Veritas Colleges and denominations and other organisations that are permitted to operate Veritas training with agreed policies and procedures. The purpose of the agreements is to permit effective local training and management while protecting the intellectual property, reputation and goodwill of VCI. The CEO is instrumental in ensuring that the board decisions are carried out within the international college structure.
d. Related party relationships
The charity derives the majority of its general income from a company where R Oosthuizen and B P Wolvaardt are directors.
Plans for future periods
To find additional opportunities to serve whole denominations or existing training networks in order to increase the number of those benefitting from our training in a cost effective way.
To expand the footprint of VCI training in the countries where Veritas is established and to carefully consider new areas where the work is needed.
Page 5
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
B P Wolvaardt Director Date: 29 October 2024
Page 6
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024
Independent examiner's report to the Trustees of Veritas College International ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 June 2024.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 7
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Independent examiner's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Dated: 4 November 2024
Stuart Harrison FCA
Venthams
Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB
Page 8
VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) Transfers between funds 13 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 333,545 - 1,320 334,865 265,771 265,771 69,094 (54,311) 14,783 250,532 14,783 265,315 |
Restricted funds 2024 £ 497,602 - - 497,602 505,079 505,079 (7,477) 54,311 46,834 198,038 46,834 244,872 |
Total funds 2024 £ 831,147 - 1,320 832,467 770,850 770,850 61,617 - 61,617 448,570 61,617 510,187 |
Total funds 2023 £ 600,029 50 1,380 601,459 854,861 854,861 (253,402) - (253,402) 701,972 (253,402) 448,570 |
|---|---|---|---|---|
Page 9
VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2024
| Note Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
1,200 511,987 513,187 (3,000) |
2024 £ 510,187 510,187 510,187 244,872 265,315 510,187 |
466 450,704 451,170 (2,600) |
2023 £ 448,570 |
|---|---|---|---|---|
| 448,570 | ||||
| 448,570 | ||||
| 198,038 250,532 |
||||
| 448,570 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
B P Wolvaardt Director Date: 29 October 2024
Page 10
VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024
| Cash flows from operating activities Net cash used in operating activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2024 £ 61,283 61,283 450,704 511,987 |
2023 £ (246,719) (246,719) 697,423 450,704 |
|---|---|---|
Page 11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
1. General information
Veritas College International is a charity limited by guarantee, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The objects of the charity are to advance the Christian Faith.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Veritas College International meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Any such gifts in kind that are material to the financial statements are recognised where they can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 12
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
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.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 13
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
2. Accounting policies (continued)
2.8 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 333,545 Total 2023 363,850 |
Restricted funds 2024 £ 497,602 236,179 |
Total funds 2024 £ 831,147 600,029 |
Total funds 2023 £ 600,029 |
|---|---|---|---|
4. Income from charitable activities
| Unrestricted funds 2024 £ Income from charitable activities - Training activities - Total 2023 50 |
Total funds 2024 £ - 50 |
Total funds 2023 £ 50 |
|---|---|---|
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VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
5. Investment income
| Unrestricted funds 2024 £ Investment income - local cash 1,320 Total 2023 1,380 Analysis of grants Grants to Institutions 2024 £ Grants - office support costs 248,676 Total 2023 323,513 |
Total funds 2024 £ 1,320 1,380 Total funds 2024 £ 248,676 323,513 |
Total funds 2023 £ 1,380 |
|---|---|---|
| Total funds 2023 £ 323,513 |
||
6. Analysis of grants
The Company has made the following material grants to institutions during the year:
| Name of institution Veritas College International (Australia) Veritas College International (USA) Veritas College International (South Africa) |
2024 £ 109,036 139,640 - 248,676 248,676 |
2023 £ 87,006 173,049 63,458 |
|---|---|---|
| 323,513 | ||
| 323,513 |
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VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Training activities 265,771 Total 2023 338,589 |
Restricted funds 2024 £ 505,079 516,272 |
Total 2024 £ 770,850 854,861 |
Total 2023 £ 854,861 |
|---|---|---|---|
8. Analysis of expenditure by activities
| Training activities Total 2023 Analysis of direct costs Insurance Legal and professional Bank charges Profit/loss on foreign exchange General expenses Support grants Total 2023 |
Activities undertaken directly 2024 £ 519,272 528,908 |
Grant funding of activities 2024 £ 248,676 323,513 |
Support costs 2024 £ 2,902 2,440 Training activities 2024 £ 689 282 770 11,966 486 505,079 519,272 528,908 |
Total funds 2024 £ 770,850 854,861 Total funds 2024 £ 689 282 770 11,966 486 505,079 519,272 528,908 |
Total funds 2023 £ 854,861 |
|---|---|---|---|---|---|
| Total funds 2023 £ 603 270 828 7,939 2,996 516,272 528,908 |
|||||
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VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
8. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
Analysis of support costs
| Governance costs Total 2023 |
Training activities 2024 £ 2,902 2,440 |
Total funds 2024 £ 2,902 2,440 |
Total funds 2023 £ 2,440 |
|---|---|---|---|
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,628 ( 2023 - £2,502 ).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 30 June 2024, no Trustee expenses have been incurred (2023 - £NIL) .
11. Debtors
| Due within one year Trade debtors Prepayments and accrued income 12. Creditors: Amounts falling due within one year Accruals and deferred income |
2024 £ - 1,200 1,200 2024 £ 3,000 |
2023 £ 466 - |
|---|---|---|
| 466 | ||
| 2023 £ 2,600 |
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VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Fund Restricted funds Field worker funds Asia Trust Fund DRC Trust Fund Egypt Trust Fund Francophone Training Trust Fund Malawi Trust Fund Mexico Trust Fund Module Development Trust Fund Mozambique Trust Fund Nepal Trust Fund Romania Trust Fund South Africa Trust Fund Sub Saharan Africa Trust Fund Uganda Trust Fund Zambia Trust Fund Other small funds Trust Funds in other jurisdictions Total of funds |
Balance at 1 July 2023 £ 250,532 3,225 96,570 - 25,631 - 9,340 - 4,705 3,000 14,081 - 4,336 847 - - - 36,303 198,038 448,570 |
Income £ 334,865 17,514 3,607 - 37,173 43 14,885 16,751 - - 8,521 - 34,520 160,683 270 - 450 203,185 497,602 832,467 |
Expenditure £ (265,771) (13,014) (24) (3,850) (33,354) - (51,035) (42,198) (977) (13,701) (16,508) (5,600) (28,089) (47,081) (6,043) (21,307) (29,505) (192,793) (505,079) (770,850) |
Transfers in/out £ (54,311) (1,125) - 3,850 (3,431) (26) 36,150 25,447 - 10,701 1,125 5,600 20 (104,910) 5,773 21,307 29,055 24,775 54,311 - |
Balance at 30 June 2024 £ 265,315 |
|---|---|---|---|---|---|
| 6,600 100,153 - 26,019 17 9,340 - 3,728 - 7,219 - 10,787 9,539 - - - 71,470 244,872 |
|||||
| 510,187 |
All restricted income received by Veritas College International is safeguarded in a trust fund for each specific country, to be used for that purpose only, without deducting Veritas administrative costs. We serve poorer communities and local training income is usually not sufficient to pay for training. Donations are transferred according to the needs (expenditure) in each country. Controls are in place such as annual budgeting, quarterly financial reports, annual auditing, policies, procedures and efficiency ratios. Where restricted donations are not adequate to support training activities in a specific country, general donations are allocated.
Page 18
VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
13. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Fund Restricted funds Field worker funds Asia Trust Fund DRC Trust Fund Egypt Trust Fund Francophone Training Trust Fund Malawi Trust Fund Mexico Trust Fund Module Development Trust Fund Mozambique Trust Fund Nepal Trust Fund Romania Trust Fund South Africa Trust Fund Sub Saharan Africa Trust Fund Uganda Trust Fund Zambia Trust Fund Other small funds Trust Funds in other jurisdictions Total of funds |
Balance at 1 July 2022 £ 453,419 1,525 93,453 - 39,313 2,053 9,340 1,955 - 1,500 64,912 - 29,005 3,721 - - 273 1,503 248,553 701,972 |
Income £ 365,280 12,620 3,128 - 39,539 50 19,573 15,955 11,631 4,349 5,707 - 9,701 19,777 270 - 64 93,815 236,179 601,459 |
Expenditure £ (338,589) (10,020) (11) (2,209) (51,696) - (72,500) (44,617) (5,221) (5,817) (16,943) (4,607) (34,746) (57,009) (17,857) (24,782) (21,870) (146,367) (516,272) (854,861) |
Transfers in/out £ (229,578) (900) - 2,209 (1,525) (2,103) 52,927 26,707 (1,705) 2,968 (39,595) 4,607 376 34,358 17,587 24,782 21,533 87,352 229,578 - |
Balance at 30 June 2023 £ 250,532 |
|---|---|---|---|---|---|
| 3,225 96,570 - 25,631 - 9,340 - 4,705 3,000 14,081 - 4,336 847 - - - 36,303 198,038 |
|||||
| 448,570 |
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VERITAS COLLEGE INTERNATIONAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
14. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 July 2023 £ 250,532 198,038 448,570 Balance at 1 July 2022 £ 453,419 248,553 701,972 |
Income £ 334,865 497,602 832,467 Income £ 365,280 236,179 601,459 |
Expenditure £ (265,771) (505,079) (770,850) Expenditure £ (338,589) (516,272) (854,861) |
Transfers in/out £ (54,311) 54,311 - Transfers in/out £ (229,578) 229,578 - |
Balance at 30 June 2024 £ 265,315 244,872 510,187 |
|---|---|---|---|---|---|
| Balance at 30 June 2023 £ 250,532 198,038 448,570 |
|||||
| Summary of funds - prior year | |||||
| General funds Restricted funds |
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VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
15. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Current assets 268,315 Creditors due within one year (3,000) Total 265,315 Analysis of net assets between funds - prior period Unrestricted funds 2023 £ Current assets 253,132 Creditors due within one year (2,600) Total 250,532 |
Restricted funds 2024 £ 244,872 - 244,872 Restricted funds 2023 £ 198,038 - 198,038 |
Total funds 2024 £ 513,187 (3,000) 510,187 Total funds 2023 £ 451,170 (2,600) 448,570 |
|---|---|---|
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operating activities |
2024 £ 61,617 (734) 400 61,283 |
2023 £ (253,402) 6,583 100 (246,719) |
|---|---|---|
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VERITAS COLLEGE INTERNATIONAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
17. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2024 £ 511,987 511,987 |
2023 £ 450,704 |
|---|---|---|
| 450,704 |
18. Analysis of changes in net debt
| Cash at bank and in hand | At 1 July 2023 £ 450,704 450,704 |
Cash flows £ 61,283 61,283 |
At 30 June 2024 £ 511,987 511,987 |
|---|---|---|---|
19. Related party transactions
During the year the charity received donations totalling £289,010 (2023: £327,350) from Ferndale International a charitable company of which R Oosthuizen and B P Wolvaardt are directors and trustees, £8,000 (2023: £15,000) from Wolfpack Properties Limited a company of which B P Wolvaardt is a director and £265,285 (2023: £85,147) from Veritas College International in Australia, South Africa and USA, overseas charities under common control.
Grants of £248,676 (2023: £323,513) have been paid to Veritas College International in Australia, South Africa and USA, in respect of management, administrative and charitable expenditure.
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