2021-08-31-accounts - Northern Consortium

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Northern Consortium Member Universit	Northern Consortium Member Universit	Northern Consortium Member Universit	ies
The present members ofthe Consortium			are:
The University	of	Bradford		Leeds Beckett	University
The University	of	Salford		Liverpool John	Moores University
Sheffield Hallam		University		The University	ofManchester
The University	of	Leeds		Manchester Metropolitan University
The University	of	Sheffield		The University	ofHuddersfield

stream for the trading year for	Charity to support its objectives. The consolidated NCUK despite the COVID-19 pandemic.	Charity to support its objectives. The consolidated NCUK despite the COVID-19 pandemic.	financial	performance for 202	1 was strong. Refl	ecting a good
Summary ofthe	results and financial position ofthe Group				2021	2020
					6	6
Income					4,971,068	5,104,620
Net incoming resources from unrestricted		funds			160,724	247,474
Total unrestricted	funds				3,187,081	3,026,357
The charity paid	61479i2019/20:f2 144)	in respect of professional	indemnity	for the trustees.

Reference	and administrative	and administrative
Registered	company	number	02788226 (England	and	Wales)
Registered	charity number		1018979
Registered	office		667-669Stockport Road
			Manchester
			M124QE
Trustees			Dr M Butler —Chair ofthe Board ofTrustees
			Mr 5Mckinnon-Evans	-Treasurer
			Mr R Cotton
			Professor N M Clement
			Ms J Purves
			Mr J Richardson
			Professor J Watling
			Miss 5 Darch				(appointed	23 March 2021)
			Mr A Ryder				(appointed	23 March 2021)
			Mr N Smith				(appointed	23 March 2021)
			Mrs M Webster				(appointed	23 March 2021)
			Prof AJSambell				(appointed	30November	2020)
			ProfessorJ Keay				(resigned	22 March 2022)
			Professor P Byers				(resigned	31January 2022)
			Ms C Swabey				(resigned	6September 2020)
			Mr DTaylor				(resigned	30September 2020)
Company	secretary		Ms D Leicester
Auditors			Xe(nadin Audit Limited
			Chartered Accountants		and Statutory	Auditors
			1City Road East
			Manchester
			M154PN
Solicitors			Browne Jacobson
			14th Floor
			No.i Spinningfields
			1Hardman Square
			Manchester
			M33EB
Bankers			Barclays Bank Pic
			PO Box357
			51 M os icy Street
			Manchester
			M60 2AU

			Notes	2021	2020
INCOME				E	E
income and endowments from:
Investment income				3,812	21,538
Income - trading subsidiary				4,938,148	4,998,530
Otherincome				29,108	84,552
Total income				4,971,068	5,104,620
EXPENDITURE
Direct expenses - trading subsidiary				(744,129)	(656,376)
Charitable activities				(3,995,898)	(4,058,387)
Tax charge - trading subsidiary				(45A46)	(76,055)
Total expenditure				(4,785,173)	(4,790,818)
Net income and net movementin		funds before
actuarial gains and losses on pension scheme				185,895	313,802
Actuarial gain (loss) on defined	benefit pension
scheme				(25,171)	(66,328)
Net movement in funds				160,724	247,474
Total funds brought forward				3,026,357	2,778,883
Total funds carried forward			14	3,187,081	3,026,357

						Group		Charity
					Notes	2021	2020	2021	2020
						6	6	6	6
Fixed assets
Tangible assets					9	27,854	24,546
Investments					10			1,256,001	1,256,001
						27,854	24,546	1,256,001	1,256,001
Current assets
Debtors						105,693	332,076	5,420
Cash at bank	and in	hand				4,783,546	4,792,804	907,946	908,347
						4,889,239	5,124,880	913,366	908,347
Credltorsr amounts		falling		due
within one year					12	(1,314340)	(1,733,251)	(60,534)	(56,757)
Net current	assets					3,574,899	3,391,629	852,832	851,590
Total assets	less current		liabilities			3,602,753	3,416,175	2,108,833	2,107,591
Provisions for liabilities						(5,045)	(4,362)
Pension liability					13	(410,627)	(385,456)	(17,041)	(38,624)
Net assets including		pension liability				3,187,081	3,026,357	2,091,792	2,068,967
Represented	by:
Unrestricted	income	funds			14	3,187,081	3,026,357	2,091,792	2,068,967
The financial	statements		on	pages 11to 21w	" d by the Board ofTrustees and		signed on its	behalf by:

			2021	2020
			6	f
Cash generated from operations
Net income and net movement in funds before
actuarial gains and losses	on pension	scheme	185,895	313,802
Depreciation			22,422	38,985
Loss on disposal offixed assets				11,832
Taxcharge			45,146	76,055
Investment income			(3,812)	(21,538)
			249,651	419,136
Decrease in debtors			226,383	177,872
(Decrease)/increase in creditors			(372,131)	398,889
Cash generated from operations			103,903	995,897
Tax paid			(91,243)	(64,485)
Net cash from operating	activities		12,660	931,412
Cash flow from investing	activities
Purchase oftangible fixed	assets		(25,730)	(7,887)
Interest receivable			3,812	21,538
Net cash flow from investing activities			(21,918)	13,651
Change in cash and cash	equivalents	in the year	(9,258)	945,063
Cash and cash equivalents	brought	forward	4,792,804	3,847,741
Cash and cash equivalents	carried forward		4,783,546	4,792,804

1	Trading subsidiary	Trading subsidiary
	The principal wholly-owned		trading	subsidiary			is Northern			Consortium			UK Limited.		The	principal	activity of this	company is, in
	conjunction with partner	universities,		the	advancement				ofeducational			standards		by the development			of syllabuses	and courses and
	the provision ofexamination		services	and	assurance			programmes			to	ensure that		students		wishing to	attend the company's		partner
	universities meet the required		standards.		A	summary		of	the	trading	results		is shown below:
	Summary profit and loss account																2021 f		2020 f
	Turnover																4,938,148	4,998,530
	Cost ofsales																(744,129)		(656,376)
	Other income																29,108		84,552
	Administrative expenses																(3,884,434)	(3,931,295)
	Net interest																(8,934)		4,492
	Donation to parent charity																(143,650)
	Tax charge																(45,146)		(76,055)
	Retained profit forthe year																140,963		423,848
	The assets and liabilities	ofthe subsidiary			were:												2021 f		2020 f
	Fixed assets																27,854		24,546
	Debtors																123,727		350,263
	Cash at bank																3,875,600	3,884,457
	Creditors: amounts falling due within			one	year												(1,259,226)	(1,679,711)
	Deferred tax																(5,045)		(4,362)
	Pension liability																(393,586)		(346,832)
	Net assets																2,369,324	2,228,361
2	Investment income																2021		2020
																	f		f
	Interest receivable on bank deposits																3,812		21,538
3	Net movement in funds																2021		2020
																	f		f
	Net movement in funds	is stated after charging:
	Depreciation oftangible	fixed	assets														22,422		38,985
	Fees paid to the Charities	auditor
	-Audit ofcharity financial statements																3,750		3,670
	-Audit ofsubsidiary financial		statements														8,500		8,299
	-Other services																5,500
4	Staff costs																2021		2020
																	f		f
	Wages and salaries																2,091,277	1,964,543
	Social security costs																175,450		166,120
	Pension costs																269,309		254,076
																	2,536,036	2,384,739
																			No.
	Theaverage monthly number		ofempl	oyee	s	were:											61		49

6	Direct expenses - trading subsidiary	Direct expenses - trading subsidiary	Direct expenses - trading subsidiary	2021	2020
				E	E
	achates to partners			744,129	656,376
7	Charitable activities			2021	2020
				E	E
	Administrative costs
	Employment costs			2,481,813	2,351,052
	Establishment costs			51,307	87,091
	General administrative		expenses	1,278,854	1,389,107
	Finance charges			15,504	13,908
	Depreciation and profit		/ loss on disposal	22,422	50,817
				3,849,900	3,891,975
	Charitable activities
	Bank charges			123	20
	Office expenses			1,310	2 321
	Scholarships and project development			71,337	107,230
				72,770	109,571
	Governance costs
	Staff costs (including	support)		61,570	42,602
	Auditors' remuneration			4,236	7,265
	Legalfees			6,049	3,488
	Other governance costs			1,373	3,486
				73,228	56,841
				3,995,898	4,058,387

		2021	2020
		E	E
Current tax
- UK corporation	tax	44,463	91,224
Deferred tax			i15,169)
		45,146	76,055

Tangible fixed assets - Group	Equipment f
Cost
At 1September 2020	188,194
Additions	25,730
At 31August 2021	213,924
Depreciation
At 1September 2020	163,648
Charge far the year	22,422
At 31August 2021	186,070
Net book value
At 31August 2021	27,854
At 1September 2020	24,546

Fixed asset investments	-Charity	Shares in
		subsidiary
		undertakings
Cost		E
At 31August 2021		1,256,001
At 1September 2020		1,256,001

11	Debtors	Group		Charity
		2021	2020	2021	2020
		f	f	f	E
	Trade debtors	7,339	310,206
	Amounts owed by group undertakings			5,420
	Other debtors and prepayments	98,354	21,870
		105,693	332,076	5,420
12	Creditors: Amounts falling due within one year	Group		Charity
		2021	2020	ZOZ1	2020
		f	E	f	f
	Trade creditors	163,143	85,511	24,999
	Amounts awed to group undertakings				3,217
	Currenttax	44,520	91,300
	Taxation and social security	54,339	352,550	1,184	723
	Other creditors	224,291	351,330	1,113	787
	Accruals &deferred income	828,047	852,560	33,238	52,030
		1,314,340	1,733,251	60,534	56,757

Movement in funds -Group					Pension
				Unrestricted	reserve	TOTAL
					f	6
At 1September 2019				3,098,011	(319,128)	2,778,883
Net income for the year				247,474		247,474
Actuarial gain (loss) on defined	benefit pension	scheme		66,328	(66,328)
At 1September 2020				3,411,813	(385,456)	3,026,357
Net income for the year				160,724		160,724
Actuarial gain (loss) on defined	benefit pension	scheme		25,171	(25,171)
At 31August 2021				3,597,708	(410,627)	3,187,081
Movement in funds - Charity					Pension
				Unrestricted	reserve	TOTAL
				6	6	6
At 1September 2019				2,264,218	(21,679)	2,242,539
Net outgoings forthe year				(173,572)		(173,572)
Actuarial gain (loss) on defined	benefit pension	scheme		16,945	(16,945)
At 1September 2020				2,107,591	(38,624)	2,068,967
Net income for the year				22,825		22,825
Actuarial gain (loss) on defined	benefit pension	scheme		(21,583)	21,583
At 31August 2021				2,108,833	(17,041)	2,091,792
Operating lease commitments			Group		Charity
			2021	2020	2021	2020
			6	6	6	6
Land and buildings
Within one year				8,318
Other
Within one year			196,629	62,144
Between one and five years			41,914	7,200
			238,543	69,344

			2021	2020
INCOME
Donation from subsidiary			143,650
Interest receivable			3,590	9,785
			147,240	9,785
EXPENDITURE
OfFice expenses			1,310	2,321
Other governance	costs		1,373	3,486
Wages and salaries			54,970	36,002
Finance support costs - NCUK			6,600	6,600
Pension scheme - actuarial		adjustments	(21,583)	16,945
Auditors' remuneration			4,236	7,265
Scholarships and project development			71,337	107,230
Bank charges			123	20
Accountancy and legal fees			6,049	3,488
			124,415	183,357
			22,825	(173,572)