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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|
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|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.|||
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|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|||||||
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||||||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|
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||||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|
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||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|
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|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|
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|||||
|---|---|---|---|
|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|
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||||||
|---|---|---|---|---|
|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|
##
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|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|
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|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|||
##
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|||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|