Charity Registration No. 1054907 Company Registration No. 03173420 {England and Wales) REDCUFFE COLLEGE ANNUAL REFIORT AND UNAUDITED FINAP4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ABD16B9V 2PJ0912022 MPANIES HOUSE
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REDCLIFFE COLLEGE LEGAL AND ADMINISTRATIVE INFORMATION Dlrectors Mr B Preecevsmth Bishop M J Snow (Chair) Ms S R Bames MrG R Sloan Rev l Olofinjana Ms A F Gibson DrNJWood . Mr P James Ms A Grieve Mr N Patterson Mrs C J L Sanderson {Res¢gned 31 March 20211 {Resigned 31 March 20211 {Resrgned 31 March 20211 {Appoint&J 29 June 2021) {Appointed 29 June 2021) (Appointed 29 June 2021) (Appointed 29 June 2021) (Appointed 29 June 2021) Mrs R J N BKhJlecombe {AppOinJ 29 June 2021) {Resigned 19 August 2022) Secretary Mr A Downing Mr A Wa*er {Resigned 29 June 2021) (Appointed 29 June 2021) Charity number los47 Company number 03173420 Registered office Easneye Ware Hertfordshi United lQngJom SG12 8LX Independent examiner Miriam Hid(son Jacob CaVenh & Skeet 5 Robin Hcod Lar SuttL Surrey SM129¥V
REDCLIFFE COLLEGE CONTENTS Page Directors, rep)rt Independent examinerfs report Stslement of financial actmt Statement of financial wsition Notes to the flnancial statements 7-16
REDCLIFFE COLLEGE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 The Directors present their report and financial statements the ended 31 December 2021. The financAal statements have been prepared in actr)r(lan wilh acUntirwj [leS set out in notes to the financial statements and complywith the charitys Memorandum and Articles ofAssociation, ts Charities Act 2011, the Companies Act201 and"Accounting and Rep"ng by ChareS.. Statement of Recommended Practice applicable lo charits'es preparing their accounts in aceor(Jance with the Financ1 Reporting Standard applicabte in the UK and Republic of Ireland (FRS 102). (as enj for accountlng pericJs commencing from 1 January 20191 Objectives and activilles Objects The Charitable objects of Reddrffe Collegellhe College") are to be an evangelical and inlerdenominalional college committed to training an intemational txly of men and wnen in Christian ministry, with special empttasis on evangelism. development work arwj cross trJltural miss(on. The polic(es adopted in fvrtherance of these objects are as disdosed Wi the finanoal statements. On 22 November 2017. the charity passed resolutions lo make changes to rts Artides of Assock8tw. includeA updats.ng lo the provisions of the Companies Act 2006. In January 2020 the Trustees mel to review the fijture wobility of the College and decided that the Colge would only be abbe to leach rts extsling students to the end of their programmes Isubseouenttv referred to as Yeach Oufl. Aims In support of its objects, the College aims to provide hwJh qualrty training through its teachir4J and learning programmes al the post-graduate level. The courses are validated al Higher Education levd bythe University of Gloucestershire and consist of professional development. academ learning ar applied personal development that enable students to research and study issues they encounter in their current work and to be thoroughly prepared for their future ministry in the UK and overseas. The format of progrdrnmes aims to broaden access to the courses for students who cwld not benefft from Ihe traditional format. Strategy and Key Objectives The College ha5 undergone manychanges. including the decision in e8rly 2020 lo eease taking new students into it5 programmes and lo complete its oblig8lions lo current students over the next 3 years. 11 has further sought atternative collaborathans with other Similar colleges with the aim of offering ntinUed training in bespoke areas. The main objective has been in planning a merger with All Nations Christian College. The transfer agreement with All Nations Christian College was sNJned on 31 March 2021. This enabled the transfer of all acts'vities to All Nations, exp1 those relating lo Teach OLrt, and all rights and assets, except cash at bank. UFX)n completion of Teach Out. which is expected to take a minimum of three years. a final transfer of assets will take place tfore the College is wound LW. Acliwties The principal activity of Reddtffe College Ks descri under Objects and Aims above. Further information about the acbvty of the College and the thanges made this year can bè found by looking at our website at www.redcltffe.a¢.uk. Volunteers and other supporters A number of people give voluntarily of their lime to be irMAved in Ihe lrfe of the Cole, which is invaluable to us. If we were lo pay such people Ihe (#)st to the College would be so signrficanl as to be unattainable. We are extremely grateful to those who are involved with Redcliffe Cole in thL8 way. In addition. we continue to be thankful to the many individual supportets and grant-making trusts who financially support the ministry of the Col*e and have remained faithful during this time of Iransrtion. Their consistent and regular support makes a signfftsnt differen to the ability of the eoilege to function successfully and make the necessary changes.
REDCLIFFE COLLEGE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 Achigvoments and pgrfomianco Business Planning and Strategy Revw After further review of its finances and the changing global markei. Ihe trustees agreed in December 2019 thal earty in 2020 they would have to make a final decision on furthering the achievements of the College. With this in view. plans were put in place lo ensure a good Teach Out prryxs foT all students. These plans included conversations with the UnNersty of Gloucestershire and a review of what would be the best options for the students. Financial review The College is continuing as a small charity in order lo fv1 its responsibilits for Teach Out of ils current students. The Trustees are thanktul for the rnt Legacy from Mrs Ann Winser which has ensured there is financial prO5[on to complete the Teach Oul. The College had undergone significant changes in the previous year which led to the decision to ase activities once Teach Out is Ll)Mle {2023 at the earfiestl. I staff have been maje redurKlant and All Nations Chrtstk4n College have employed some of the academic staff to enable the Teach Out prc¢ess to continue. Reserves Policy The reserves policy is to ensure there is suffiaent to pay all expenses until the Teach O¢rt process is compleled. The Trustees consider there is enough reserves to complele the Teath Out pr(ws. Investment Powers Under the Memorandum and Artide5 of Assroation. the company has the power to make any irweslments that the Directors see fiL Risk Management The Diwlor5 conduct a regular revwi of the major risks to which the company is exrxjsed and systems are reviewed and updated to mf(igate these. We are of the opInn th these measures are appropriate to the Charfty's si2e and the nature of its operations. Future Plans The plans for 2022 are focused on cLJntinuing to ensure a thar pl) forTeach Out so that all current students have an extsllenl learning expernCe. Structure. govemance and management The charity is a company limited by guarnntee, and each member is untler covenant to contribute a sum not exceeding £1 in the circumstances as set out in dause 6 of the Memorandum of A5souab"on.
REDCLIFFE COLLEGE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021 Directo¢s selection, appointment and competen The new Directors have t>een appointed in line wth the transferagreemenlwith All Nations Christian College. The Board considers the skills mix and endeavours to identify teople who will contribute in an area that will most suf( the current need. The current Board consists of Feople from rnBsion. thurch. theological, financial, marketing. kgal and charitable backgrounds. al of whom bring the necess experb.se to the work of the College None of the Oirectors has benefiual interest in the company. All of the Dire(knrs are rnembets of the company and guarantee lo conlribute £1 in the event of a windirwJ up. Organisational Structure The Directors will usually meet ti¥1 each year to c(er all matters pertaining to the governan of the harity. The day to day rnanagenl of Ihe College has been txrtsourced to All Nations Christian College since 29 June 2021. The above port has been prepared In ordan with the provtsilxs applicajle to Compan subject to the small companies regune. The Directors. report wa5 approved by the Board of Directors. Mr B Preece-smith Diroctor Dated.....*..llTr.
REDCLIFFE COLLEGE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REDCLIFFE COLLEGE I report to the Tnjslees C my examination ofthe financial statements of Reddrffe COle (the charty) the year ended 31 December 2021. Responslbilities and basls of report As the Trustees of the charity18nd also its (lirectors for the purp)ses of company law) you are resw>nsible for the preparation of the financial statements in accordan wlh the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied mysewthat the finanual statements ofthe CharItya not reqiired to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examinati of the charitys finaneial ststemenls Carr oul under seth'on 145 of the Charibes Act 2011 (the 2011 Act). In caryng out my examination I have followed all the appluble Directions gNen by the Charity Commission under seCtn 14515)Ibl of the 2011 ACL Independent gxaminerfs statement I have completed my examinatirm. I confim that M matters have come to my attention in connectKJn ¥th the examination giving me cause to beIve that in any materk41 respect. a¢Untin0 records were not keDt in respeet of the charitv as required bv section 386 of the 2006 ACL" the financial stslements do not accord with those records. or the financial statements do not comply vthh the accounting requirements of sKtion 3 of the 20C6 Act other than any requirement that the accounts give a true and fair view which is not a matter consiéered as part of an independent examination.. or the financial statements have not been prepared in accordance with the methods a1 principses of the Statement ol Re¢ommerKled Prackn"ee for accounting and reporting by charities applicable lo charities preparing their accounts in accordan wtih the Financi81 ReportirKJ Standard ap1¢able in the UK arKI Republic of Ireland IFRS 102). I have no conm5 and have come acfC6S no other matters in o)nnection with the examination to which attention should be drawn in this report in order to erHble a proper underslanding of the financial statements lo be reached. Miriam Hickson FCA Jacob, Caven8gh & Skeet 5 Robin Hts)d Lane Sutton Surrey SMI 2SW
REDCLIFFE COLLEGE STATEMENT OF FINANCIAL ACTIVMES INCLUOING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted Restricted funds lunds 2021 2021 Total Unrestrithd Restricbj funds funds 2020 2020 Total 2021 2020 In¢ome and endovm)ents Irom: Donations and legacies Charitsble activities Investments Other inGome 127.1x3 20.436 4.198 131,261 20.436 143,146 163.933 22.842 36,282 179,428 163,933 22,842 150 150 Total income 147.651 4.198 151.849 330,869 36.282 367,151 8nditure on: RaisiTrJ furnjs 5,758 5.758 Charitsble activitie5 94.930 10.000 104.930 417.873 9.256 427,129 Total expgnditure 94,930 10.OCM) 104,930 423,631 9,256 432.887 N•1 incomellexpenditure) for the year 52.721 (5.802) 46.919 192.762) 27.026 {65.7361 Other recognisod gains and losses Other gains or losses 10 44 Net movement in funds 52,721 (5,802) 46,919 192.7181 27,026 {65.692} Fund balances at 1 January 2021 60,673 57.893 118,566 153,391 30.867 184.258 Fund balances at 31 December 2021 113.394 52.091 165,485 60.673 57,893 118.556 The statement offinanoal actItieS indeS all gains and rftiSed in the year. All income and expenditure derive from continuing activths. The slalement of financial ath"vikn"es also c(npfs with the requirements for an income and expenditure account under the Companies Act 2006.
REDCLIFFE COLLEGE STATEMENT OF FINANCIAL posmoN AS A T 31 DECEMBER 2021 2021 2020 Current assets Debtors Cash at bank in hand 11 139.035 61.594 100,986 33.780 200.629 134.746 Credltors". amounts falling due within one year 12 {35.144} 116.1801 Net current assets 165.485 118,566 Total assets less curront liabilities 165.485 118.566 Income funds Restricted funds Unrestricted funds 13 52.091 113,394 57.893 60.673 165,485 118.566 The company i% entitled io the exemption from the audit wu1MentcOntslned in section 477 of the Companies Act 20C6. for the year ended 31 December 2021. The membeTS have not required the company to obtain an audit in ac(tsd8rKe with section 476 of the Companies Aci 2006. The directors acknowledge their reSponsi.1rt1eS foro)mplying the requirements ofthe CompaniesAct 20C6 with spect to accounting re¢or(Is and the weparation of finaal statements. These financial statements have been prepared in aalaftee with the provisions applicable lo companies subject to the small companies regime. The finanrAal statements were approved by the 'tcrfs on .. ..... Mr B Preece-smith Director Company Registration No. 03173420
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2021 A¢Unting policios Charlty Infomiatlon Reddrffe College is a private company limited by guarantee incorwrated in England and Wales. The registered Off is Easneye, Ware. H&rfordshire. SG12 8LX. United Kingdom. 1.1 Accounting convention The finanual statements have been prepared in acccffdan the charitys Memorandum and Articles, the Companies Act 2006. the CharitEs Acl 2011 and'Accounting and RetK)rting by Charities: Statement of Recommended Practice appli¢2ble to tharities preparing their accounts in accord8nce wrth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102). {as amended for accounting periods commenciTrJ from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sleding. vthich is the funcb.onal currency of the charity. Monetary amounts in these finanoal ststemenls are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting polKie5 adopted are set out beknw. 12 Golng concem At the time of appmwng the finanoal staiements, the Directors have a reasonable expectstion that the charity has adequate resour to Continue in operational existence to coMete the Teach Out of existing students. Thus the Directors continue to adopt the going COrern basis of )Unting in preparing the financial statements. The Directors have dcKumerrted Ihetr jUstif110n of their gorg (>)ncem assessment under Financial Review wthin the Dire(ors' ReFxyL 1.3 Charitable fvnds Unrestricted funds are available for use at the dtscretion of the DIrIrS in furtherance of their charitsble objectives. Restricted funds are sU.e¢l to SFecific conditions by donors as to how they may be used. The pul1)SeS and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds a subJect to SpeCrft.cond.os by donots that the eapital must bè maintained by the charity. 1.4 Income Income 15 recognised vthen the charity is legdly entiued lo it after any perforniance conditi'ons have been mel, the amounts can be measure(I reliaNy, and it is probable that ino)me wll be recewed. Cash donations are recognised on receipt Olher donations are recognised On the charity has been notrfied of the donation. unless rtOM7ance conditions requi deferral of the amounl. Income tax recoverable in relation to donations r1Ved under Gift A*J or deeds of covenanl is cOgniSed al the time of the donatic. Legacies are recognised on receipt or o¢herwise rf the chanty has been notif of an impending distribution, the amount is known, and receipt isexpected. If the anount not known, the legacy is treated as a contsngent asset.
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 Accounting policies 1.5 Expenditure Expenditure is inclLKled in the SLitement of Finartl Aclivits on an accrual basL8. indusive of VAT and is allocated behveen the following categories of resources expended. Certain staff costs are ¥)portioned belween separate headings based on an estimate of slaff time. Costs of aetmties - expenditu directly lated to furthering the objects of the charity Cost of generating furids- expenditure on fundraising Governan costs- eyndIre to coMY wrth statutory and legal requirements 1.6 Cash and cash equivalents Cash and cash equivalents indude cash in hand. de$it$ hekj al call with banks. other short-temi liquid investments wrth orwJinal maturities of three months or less. and bank overdrafts. 1.7 Financtal Instruments The charity has elected lo apply prowsions of Section 11 'Basic Financial Instrumenls. and Section 12 'Other Financial Inslnjments Issues. of FRS 102 to all of its finanual instruments. Financial instruments are reccgnised in the chariWs balan Sheet the ciarity becomes party to the contractual provishjns of the instrumenL Financial assets and kabilibes are oftset. Vith the netamounts presented in thefinancial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the Ik41*'lty simultsneously. Basic financial assets Basic financial assets, which incjude debtors and cash and bank balances, are initially measured at transaction price induding transaCtn costs and are subsequendy carrtd at amortised cosl using the effective interest method unless the arrangement consb"tutes a finanung tr8ns8cb"on, where the transadion is measured al the present value of the future receipts discounted at a mart(et rate of interest. Financial assets dassifd as receivable wlhin one year are not arnorts"5ed. Bask finan¢lal liabilities Basic financial liabilits. including creditors arKI bank loans are initialty reeognised at tranlion price unless the arrangement constfftrtes a financing transaction. re the debt instrurnent is measured al the present value of the fulure payments discounted at a markel rate of interest. Financial liabilities classified as payabk within one year are not amortised. Debt instruments are subsequently Caled at arnortised (>)5L using the effeclive interest rale method. Trade creditors we obligations to pay forgoods orsep41 that have been acqured in the ordinarycourse of operations from suppliers. Amounts payab are classified as eurrent liabilities rf payThent is due within one year or less. If not, theyare presented as non-currenl liabilrf(ies. Trade creditors are recognised initially at transaction price and subsequently measLJred al amortised cost using the effective interest method. Dfrrecognition of financial liabilities Financial liabilities are derecoanised when the Charit$ Contrac1 oblyations eXF1 or are discharged or canCeld.
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 1.8 Employee benefits The cost of any unused holiday entidement is recognised in Ihe Feric4J in whith the employee's services are received. Tennination benefts are recoJnis&J Knmediately as an expense when the charity is demonstrably committed lo temiinate the employment of an employee or to provide temination benefits. 1.9 Retirement bgneffts Payments to defined contribution retirement benefft schemes are charged as an expense as they f811 due. 1.10 Operating leases Rentsls payable under operating lease5. induding any lease IntiVeS recewed. are tharged against Income on a slraighl line bas¢s over the lenn of the revant lease. Crltlcal a¢Unting estimates •nd judgemonts In the applieation of the chartys accounting policS. the Directors are required to make judgements, estimates and assumptions atKJul the caffn9 amounl of assets and liabilities that are not readily apparent from other sources. The e5ts"mates and asscoated assumptions are based on historical experience and other fact thal are considered to be relevant Adual results may drffer fr se esfimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the pericKJ in whith the esb.male is revised where the revision affects only that period, or in the TIo of the revision and future perw)ds where the revision affects both current and fulure Deriods. Donations and l•gacies Unrestrlcted Restricted funds funds Total 2021 Total 2020 Donations and gffts Legacies receivable 14.950 112.113 4.198 19,148 112.113 105.687 73,741 I27.(3 4.198 131.261 179.428 For the year ended 31 December 2020 143.146 36,282 179.428
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charltable actlvlues 2021 2020 Student f&s SerVes provided under contraci COVKI 19 suptKJrt 20,436 140,6 1,621 21.616 20.436 163.933 Inv•stments Unrestricted Unrestricted funds funds 2021 2020 Rental income Interest CeivebIe 22.Sts) 342 22,842 Raising funds Unrestricted Unreslricted funds funds 2021 2020 Fundraisin and u1 Other fundraising costs 5,758 5,758 10-
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Expenditure on Charitable activitie5 2021 2020 Slaff costs Library books and lapes Bursary Catering provisions Consultancy fees Validation expenses staff and student development Lectsjrers, OLrtsourced expenses Travelling expenses 234,1 14,150 6.756 838 3.800 25.156 1.144 27,215 1,586 220 18.834 55,717 74.771 31 S.546 sha of support costs (see note 8) Share of govemance costs (see note 8) 21.026 9.133 102,916 8.667 104.930 427.129 Analysis by fund Unrestricted funds Reslrthd fvnds 94,930 10.000 417.873 9,256 104.930 427,129 11
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Support costs Support Govemance costs 2021 2020 Basls of allocalion Oulsource(l Admin & Staff Costs Deorecialion & loss on tlisDosal Heat, light and deaning Rent 8nd rates Insurance Repairs and renewals Legal and professial fees Telephone Printing, stalionery and pJst*Je Bad debt expense l T Maintenance Office equipment Subscriptions arKI donatK)ns Bank charges and inlerest 3,1 6.093 263 Time 28.367 Allocalion 2.986 Allocation 28,355 Allocation 4.516 Allocation 8,558 Allocation 1.712 Allocation 2.157 Allocation 83 Allocation 12 Allocation 10,964 Allocalion 13.513 Allocation 2.675 Allocation 1.018 Allocation 1.459 10 1,459 10 519 519 1.702 13,552 575 1.702 13.552 575 306 Legal and professional Accountancy Trustees meetings Independent exarniners fees 3.643 3.643 3,195 Allocation 2.873 Allocation 336 Allocation 2.000 Allocation 2.300 2.300 21.026 9.133 30,159 111,583 Governance costs indudes p8Ments to the current indeFendent examiners of £1,500 and £800 to the previous examiners {2020'. £2,000). 12-
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Employees & Trustees Number of employees The average monthly number of empbyees during the Far *Fs: 2021 Number 2020 Numbèr Academic Other 10 Employment costs 2021 2020 Wages and $an8$ Redundancy Costs Other pension costs 189,322 28,047 17,795 235,164 All personnel were made redundant during 2020. Since November 2020. the College operates using outsourced staff. under contract from All NatnS Christian College Limited. The former key management personnel of ts charity Mrs R Vel10rEwell was the Principal of the College up to 311t August 2020 and received remunera1 in her Fwition as Principal of £O1£21.990.. 2020) There were no employees whose annual remuneration was £60,OIXI or more. (None 20201 NIX of the trustees was pahJ any remunerth"on. rK)r repaKI any expenses.12020: 1 trustees paid £315 lecturing). 10 Other galns or losses Unrestricted Unrestricted lund$ funds 2021 2020 Foreign exchange gaw 1441 13-
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 11 Dgbtors 2021 2020 Amounts falling due within one year. Trade debtors other debtors Prepayments and wued income 20,819 2.042 116.174 22.3 863 77.733 139,035 100.986 12 Credltors: amounts falllng due wlthln one year 2021 2020 Trade credrto Other creditors Accruals and deferred income 14.925 2,880 17,339 6.013 247 9,920 35.144 16.180 14-
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 13 Restrlctsd funds The income funds of the charity include restricted funds cc¥rprisirKJ the ftllowng unexpended balances of donations and grants hekj on trust for spKific purposes: Movement In funds Movement in funds Balance at Income Eyndltyre Balance at Income Expendlture Balance at 1 January 1 January 31 2020 2021 December 2021 Excellen in Mission Bible and Mission Erasmus CPD Conversion Staff reward for service 29.331 5,975 (6,756) 28.550 4.198 32,748 750 750 750 786 27.807 27.807 110.0001 17.807 12,SCX)I 30,867 36,282 {9.256> 57.893 4,198 110,000) 52.091 The Excellence in Mission Fuj is maintained to fund the ctsJrses of students who would otherwtse be Unab to meet their course fees. The Bible and MiSsn FurKI commenced to suky)rt an investigalK)n into the requirement and development of an MA in Bible and Missi¢)n. The fund contsined supp)rt from outshle Redcliffe and enabled research to be carried out as necessary. The Erasmus Fund contsins amounts granted by the Brsh Councl and enables higher educaDon students, teachers and institutions in 31 EurOan counlries to studyfor part oftheir degree in another country. For this reason the funds are $trI(ed and the unus&J lunds are due to be retumed. The CPD Converston Fund is to Redcliffe lo convert exsting Reddiffe cowses into CPD courses. 15-
REDCLIFFE COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 14 Analysls ol net assets between funds UTrrestri¢ted Restricted Funds Funds Tolal Fund balances at 310ecember 2021 a represented by.. Current asselslUiabilibe5) 113.394 52.091 165,485 113,394 52,091 165.485 At 31 December 2020. rrertt assetsniabilities 60.673 57,893 118.566 15 Qperating lease commitments Lesse• Al the reporting end date the charity had OUtsding MMItMents for firture minimum lease payments under non-cancellabk operating leases, whith fall due as follows." 2021 2020 Wifhin one year Befvn and five ar5 3,175 12.7 3.175 3.175 15.875 Operating lease expenses in 2021 were £12.71XI12020.. £33.700) 16 Related party trnnsaclions Mrs Caroline Sanderson, Mr Norman Patterson, Ms Alison Grieve arky Mr Peler James are all Trustees of All Nations Chrisb"8n College kn'mitgxl. Mrs Rowena Biddlecrmbe is a member of the key management personnet al All Nations Christian Col*e. During the year £66,229 was paid to All Nations Christian College for Teach Out Costs. CPD Development and AdminIstrath of the Charity. (2020 £5.8691. As at 31 Dember 2021. the balance ow&J to PJI Nations Christian College was £6.546 (2020.. £5,869} 17 Post 8aJance Sh•et Event On the 23 Feb 2022 the Serite Contrdcl was signed wll Al Nations for academ and administr8tive service5 to facilitate the Teach OUL 16-