2022-08-31-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	ofBradford			Leeds Beckett University
The University	of	Salford		Liverpool John Moores University
Sheffield Hagam		University		The University of Manchester
The University	of	Leeds		Manchester Metropolitan University
The University	of	Sheffield		The University ofHuddersfield

gift up funding overaccumulation	received from NC ofreserves.	UK Limited, to fund gra	UK Limited, to fund gra	nt making	activities. This appr	oach is intended	to avoid an
Summary ofthe	results and finanCial	position ofthe Group				2022	2021
						6	6
Income						5,881,027	4,970,968
Net incoming resources from unrestricted			funds			(57,166)	160,725
Totalunrestricted	funds					3,129,916	3,187,082
The charity paid	61,694(2021-61,526) in		respect of professional	indemnity	forthe trustees.

2	GOVERNANCE	GOVERNANCE
2.1	Reference	and administrative		details
	Registered	company	number		02788226 (England		and Wales)
	Registered	charity number			1018979
	Registered	office			667-669Stockport Road
					Manchester
					M12 4QE
	Trustees				Dr M Butler - Chair ofthe Board ofTrustees
					Mr J Richardson	—Deputy Chair
					Mr S Mckinnon-Evans			-Treasurer
					ProfessorJ Watling
					Professor A J Sambeg
					Mr R Cotton
					Miss S Darch
					Mr A Ryder
					Mr N Smith
					Mrs M Webster
					Professor Laura C Bishop				(appointed	23June 2022)
					Mr Joe Rosslter				(appointed	3August 2022)
					DrJanice Allan				(appointed	31August 2022)
					Professor lan Wood				(appointed	6September	2022)
					Professor P ayers				(resigned	31January 2022)
					ProfessorJ Keay				(resigned	22 March 2022)
					Professor N M Clement				(resigned	31July 2022)
					MsJ Purves				(resigned	31August 2022)
	Executive Director
	&Company	secretary			Mrs D Leicester
	Auditors				Xeinadin Audit Limited
					Chartered Accountants			and Statutory Auditors
					1City Road East
					Manchester
					M15 4PN
	Solicitors				Shakespeare Martineau
					Waterfront House
					Waterfront Plaza
					Nottingharn
					NG23DQ
					Eversheds Sutherland
					One Wood Street
					London
					ECZV 7WS
					Browne Jacobson
					14th Floor
					No.1Spinningfields
					1Hardrnan Square
					Manchester
					M33EB
	Bankers				Barclays Bank Pic
					PO Box397
					51Mosley Street
					Manchester
					M60 2AU

					Group		Charity
				Notes	2022	2021	2022	2021
					6	E	6	E
Fixed assets
Tangible assets				9	39,454	27,854
Investments				10			1,256,001	1,256,001
					39854	27,854	1,256,001	1,256,001
Current assets
Debtors					500,086	105,693		5,420
Cash at bank	and in	hand			4,926,922	4,783,546	883563	907946
					5/27,008	4,889,239	883,563	913,366
Creditors: amounts		falling due
within one year				12	(1,499,078)	(1,314,339)	(26,694)	(60,534)
Net current	assets				3,927,930	3,574,900	856,869	852,832
Total assets	less current liabilities				3,967.384	3,602,754	2,112,870	2,108,833
Provisions for liabilities					(9,597)	(5,045)
Pension liability				13	(827,871)	(410,627)	(40,767)	(17,041)
Net assets including		pension	liability		3,129,916	3,187,082	2,072,103	2,091,792
Represented	by:
Unrestdcted	income	funds		14	3,129,916	3,187,082	2,072,103	2,091,792

			2022	2021
			6	5
Cash generated from operations
Net income and net movement	in funds before
actuarial gains and losses on pension		scheme	351,852	175,720
Depreciation			17,567	22,422
Pension finance cost			8,226	10,175
Tax charge			73,681	45,146
Investment income			(1,800)	(3,712)
			449,526	249,751
(Increase) decrease in debtors			(394,393)	226,383
Increase (decrease) in creditors			160,130	(372,131)
Cash generated from operations			215,263	104,003
Tax paid			(44,520)	(91,243)
Net cash from operating activities			170,743	12,760
Cash flow from investing activities
Purchase oftangible fixed assets			(29,167)	(25,730)
Interest receivable			1,800	3,712
Net cash flow from Investing activities			(27,367)	(22,018)
Change in cash and cash equivalents		in the year	143,376	(9,258)
Cash and cash equivalents brought forward			4,783,546	4,792,804
Cash and cash equivalents carried forward			4,926,922	4,783,546

	universities meet th	universities meet th	e required standards.	A summary ofthe trading results i	s shown below:
	Summary results				2022	2021
					E	E
	Turnover				5428,373	4,938,148
	Cost ofsales				(749,714)	(744,129)
	Otherincome				50454	29,108
	Administrative	expenses			(4,593,521)	(3,846,735)
	Net interest				(6,368)	(8,934)
	Tax charge				(73,681)	(45,146)
	Actuarial loss on pension scheme				(385,633)	(37,598)
	Donation to parent		charity		(125821)	(143,750)
	Retained profit	forthe year
	The assets and	liabilities ofthe subsidiary		were:	2022	2021
					E	E
	Fixed assets				39+54	27,854
	Debtors				508,633	123,727
	Cash at bank				4,043,359	3,875,600
	Creditors: amounts		falling due within one	year	(F80,931)	(1,259,225)
	Deferred tax				(9,597)	(5,045)
	Pension liability				(787,104)	(393,586)
	Net assets				2,313.814	2,369,325
2	Investment income				2022	2021
					E	E
	Interest receivable on bank deposits					3,712
3	Net movement	in funds			2022	2021
					6	E
	Net movement	in funds isstated after charging:
	Depreciation of	tangible fixed assets			17,567	22,422
	Fees paid to the	Charity's auditor
	-Audit ofcharity financial statements				3,800	3,750
	-Audit ofsubsidiary		fina ncia I statements		8,925	8,500
	-Other services				5,700	5,500
4	Staff costs				2022	2021
					E	E
	Wages and salaries				2,285,853	2,091,277
	Social security costs				199,075	175,450
	Pension costs				216,817	231,711
					2,701,745	2,498,438
					No.	No.
	The average monthly		number ofemployees	were:	65	61

6	Direct expenses - trading	Direct expenses - trading	subsidiary	2022	2021
				f	E
	Rebates to partners			749,714	744,129
7	Charitable activities			2022	2021
				E	E
	Administrative costs
	Employment costs			2,701,745	2,444,215
	Establishment costs			155,244	22,175
	General administrative	expenses		1,687,562	1,345,483
	Finance charges			13,369	15,504
	Depreciation and profit/		loss on disposal	17,567	22,422
				4,575.487	3,849,799
	Chadtable activities
	Bank charges			84	123
	Office expenses			1,631	1,310
	Scholarships and project		development	36,376	71,337
				38,091	72,770
	Governance costs
	Staff costs (including	support)		532t81	61,570
	Auditors' remuneration			6,308	4,236
	Legal fees			17,940	6,049
	Other governance costs			52t47	1,373
				83,976	73,228
				4,697,554	3,995,797

	2022	2021
	6	E
Current tax
- UK corporation tax	69,129	44,463
Deferred tax	4,552	683
	73,681	45,146


9	Tangible fixed assets -	Group	Equipment
	Cost
	At 1 September 2021		213,924
	Additions		29,167
	At 31August 2022		243,091
	Depreciation
	At 1September 2021		186,070
	Charge for the year		17,567
	At 31August 2022		203,637
	Net book value
	At 31August 2022		39/54
	At 1 September 2021		27,854
10	Fixed asset investments	-Charity	Shares in
			subsidiary
			undertakings
	Cost		E
	At 31August 2022		1,256,001
	At 1September 2021		1,256,001


Debtors	Group		Charity
	2022	2021	2022	2021
	E	E	E	f
Trade debtors	398,289	7,339
Amounts owed by group undertakings				5,420
Other debtors and prepay ments	101,797	98,354
	500,086	105,693		5,420
Creditors: Amounts falling due within one year	Group		Chadity
	2022	2021	2022	2021
	E	E	E	E
Trade creditors	203,252	163,142	55	24,999
Amounts owed to group undertakings			8,547
Current tax	69,129	44,520
Taxation and socialsecurity	73,509	54,339	1.134	1,184
Other creditors	330W6	224,291	1.083	1113
Accruals &deferred income	822,342	828,047	15,875	33,238
	1999,078	1,314,339	26694	60534

Pension scheme liability		Group		Charity
		2022	2021	2022	2021
Universities Superannuation	Scheme (USS)	E	E	E	E
At 1September 2021		410,627	385,456	17,041	38,624
Actuarial gains (losses) during	the year	409,018	14,995	23,385	(22,603)
Pension finance cost		8,226	10,176	341	1,020
At 31August 2022		827871	410,627	40,767	17,041

		71%ofAM COO (duration 0)for males and 112%of AM COO (duration 0)forfe Post retirement:	71%ofAM COO (duration 0)for males and 112%of AM COO (duration 0)forfe Post retirement:	71%ofAM COO (duration 0)for males and 112%of AM COO (duration 0)forfe Post retirement:	71%ofAM COO (duration 0)for males and 112%of AM COO (duration 0)forfe Post retirement:	71%ofAM COO (duration 0)for males and 112%of AM COO (duration 0)forfe Post retirement:	71%ofAM COO (duration 0)for males and 112%of AM COO (duration 0)forfe Post retirement:	71%ofAM COO (duration 0)for males and 112%of AM COO (duration 0)forfe Post retirement:	mal	es.
		97.6%of SAPS 51NMA "light" for males and 102.7%of RFVOO for females.
Pension increases (CPI)		CMI	2017with smoothing	parameter		of8.5, and a long term improvement			rate	of 1.8%p.a.
		for males and 1.6%p.a.forfemales.
The current life expectancies on retirement			at age 65are:					2018		2017
							Valuation			Valuation
Males currently aged 65 (years)								24		25
Females currently aged	65 (years)							26		26
Males currently aged 45 (years)								26		27
Females currently aged	45(years)							28		28
A new deficit recovery	plan was put	in place as part ofthe 2018valuation,			which requires payment		of 2%ofsalaries		over the period
1 October 2019to 30 September 2021 at			which point the rate will increase			to 6%.The 2020 deficit recovery		liability		reflects this
plan. The liability figures have been		produced using the following		assumptions:
								2022		2021
Discount rate							2.00%			2.64%
Pension salary growth								n/a		n/a

Movement in funds - Group				Pension
			Unrestricted	reserve	TOTAL
			E	E	E
At 1September 2020			3,411,813	(385,456)	3,026,357
Net income forthe year			160,725		160,725
Actuarial gain (loss) on defined	benefit pension scheme		14,995	(14,995)
Pension finance cost			10,176	(10,176)
At 1September 2021			3,597,709	(410,627)	3,187,082
Net income forthe year,			(57,166)		,(57,166)
Actuarial gain (loss) on defined	benefit pension scheme		409,018	(409,018)
Pension finance cost			8,226	(8,226)
At31August 2022			3,957,787	(827,871)	3,129,916
Movement in funds - Charity				Pension
			Unrestricted	reserve	TOTAL
			E
At 1September 2020			2,107,591	(38,624)	2,068,967
Net outgoings for the year			22,825		22,825
Actuarial gain (loss) on defined	benefit pension scheme		(22,603)	22,603
Pension finance cost			1,020	(1,020)
At 1September 2021			2,108,S33	(17,041)	2,091,792
Net income forthe year			(19,689)		(19,689)
Actuarial gain (loss) on defined	benefit pension scheme		23,385	(23,385)
Pension finance cost			341	(341)
At 31August 2022			2,112,870	(40,767)	2,072,103
Operating lease commitments		Group		Chadity
		2022	2021	2022	2021
		E	E	E	E
Within one year		84,627	196,629
Between one and five years		25,796	41,914
		110,423	238,543

		2022	2021
		E	E
INCOME
Donation from subsidiary		125,821	143,650
Interest receivable		283	3,590
		126,104	147,240
EXPENDITURE
Office expenses		1,631	1,310
Other governance	costs	5447	1,373
Wages and salaries		47+81	54,970
Finance support costs - NCUK		6,600	6,600
pension scheme - actuarial adjustments		23,726	(21,583)
Auditors' remuneration		6,308	4,236
Scholarships and project development		36,376	71,337
Bank charges		84	123
Accountancy and legal fees		17,940	6,049
		145,793	124,415
		(19,689)	22,825