THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
REGISTERED NUMBER - 3188730
29 Howard Street North Shields Tyne and Wear NE30 1AR
Tel : 0191 259 2743 Fax : 0191 257 2249 E-mail : info@essell.co.uk Ref: ACR/2267
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
CONTENTS
| Legal and Administrative Information | Page 1 |
|---|---|
| Report of the Trustees | Page 2 - 3 |
| Report of the Independent Examiner | Page 4 |
| Statement of Financial Activities | Page 5 |
| Balance Sheet | Page 6 - 7 |
| Cash Flow Statement | Page 8 |
| Notes to the Financial Statements | Page 9 - 14 |
The Appendix do not form part of the Statutory Financial Statements
Prepared by Essell Accountants Limited
29 Howard Street North Shields NE30 1AR Tel: 0191 259 2743 : Fax 0191 257 2249 E-mail: info@essell.co.uk Ref: ACR/2267
Page 1
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Legal and Administrative Information for the Year Ended 31 March 2022
Constitution
The North East Religious Learning Resources Centre Limited is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Company Number 3188730 (England and Wales), Charity Number 1055285.
Directors and Trustees
The Directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
The trustees serving during the year and since the year end were as follows :
Revd Dr David Bryan Mr Paul Rickeard Miss Sally Milner Mr Nicholas Brooker Revd Joanne Thorns Mr Andrew Barron Mrs Jo Warner Revd Alice Munns (resigned 13 October 2021) Mr Alistair Jenkins (resigned 13 October 2021) Dr Canon Alan Bennett Bartlett (appointed 12 May 2022) Mrs Catherine Jenkins Dr Jeremy Bonner (appointed 12 May 2022)
Trustees are appointed based on the objectives of the charity to advance religious education in the North East of England and are ex-officio representatives, or nominees, of the following bodies: the Durham Diocesan Board of Education, the Newcastle Diocesan Board of Education, Durham Bishops Council, Newcastle Bishops Council and the Lindisfarne College of Theology. In addition up to four members may be co-opted by the Board of whom one shall be a practising Anglican communicant and one from another Christian Denomination.
Registered Office
Cuthbert House, Stonebridge Lane, Durham, DH1 3RY
Independent Examiner
Alex Robinson, Essell Accountants Limited, 29 Howard Street, North Shields, Tyne and Wear, NE30 1AR
Bankers
National Westminster Bank plc, 12 Market Place, Durham, DH1 3NG.
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 2
Report of the Trustees for the Year Ended 31 March 2022
The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2022.
Legal and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities.
Objects of the Charity
The principal activity of the company is the provision of the promotion of the charitable object as laid out in the memorandum and Articles of Association (1996): The advancement of religious education in the North East of England through the establishment and maintenance of resources centres; the provision of advice, guidance and assistance; the provision of courses, seminars and training.
The Board of Trustees have referred to the Charity Commission general guidance on public benefit when reviewing the aims and objectives of the North East Learning Resources Centre Limited NERLRC) and are satisfied that they meet the public benefit requirements. Further information within the achievements and performance section of this report provides details of the work done to meet these aims and objectives.
Structure, Governance & Management
The Board of Trustees meets twice a year and holds its AGM in October each year. The Board has delegated responsibility for the day to day management of the company to the Director, supported by their staff. No employee of the NERLRC Ltd is a Director or Trustee of the Board
Three sub-committees exist which provide strategic support to the Board:
-
Executive Committee
-
Newcastle Site Committee
-
Durham Site Committee
Investment Powers
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit.
Related Parties
The charity has a very close relationship with the St. Hild and St. Bede Trust and the Lord Crewe's Charity which provide funding to enable the charity to carry out its charitable objectives. In addition, we work in close partnership with the Dioceses of Newcastle & Durham as well as Lindisfarne College of Theology.
Financial Review
2022 showed an overall deficit of £15,324 compared to a surplus of £26,816 in 2021 Please note that, following their request, the grant from the St Hild & St Bede Trust is now a restricted fund.
There were no further Covid related grants received from HMRC this year; additional income was from an increase in charitable activities, predominately from membership. The increase in expenditure was intentional and strategic - developing the RRC infrastructure – and utilised cash reserves held, but in excess of, the 6-12 month recommendation of the RRC Reserves Policy. There would have been a greater deficit this year had it not been for an adjustment to the ground rent following overstating the creditors on last year’s accounts.
It is to be noted that the CCLA investment fund has continued to grow above expectation despite the economy but that the funds in this account are subject to market forces beyond the control of the RRC and may reduce at any time.
Achievements and Performance
Purchasing has resumed to normal following the reinstatement of all RRC services after the Covid Lockdowns. The biggest purchases this year were the Lindisfarne Gospels, and the St Cuthbert Gospel of John, facsimiles. These were for specific projects and long term educational use and the outputs of these projects have already been very exciting.
Other projects have included very well attended online courses for schools and churches, the continuation of the RE Places of Worship film project and significant work with other – national – RE project partners.
Staffing levels have been maintained until the RRC Review is complete; overtime was reintroduced to cover the ongoing a one-person staff member deficit. During the year, in order to support the significant output, the RRC has contracted temporary support to fill identified needs: for example, a specialist videographer and two consultants in the year for research and development work.
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 3
Report of the Trustees for the Year Ended 31 March 2022
Health and Safety
In accordance with the provision of the Health and Safety at Work Act 1974, the company has been aware of its legal responsibilities for carrying out an appropriate policy.
Risk Statement
The management committee has conducted a review of the major risks to which the charity is exposed and systems have been established to mitigate these risks. We hold a Board of Trustees risk management register which is reviewed quarterly.
Reserve Policy
The management committee has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be equivalent to between six and twelve months of the resources expended. At this level the Trustees feel they would be able to continue the current activities in the event of a drop in funding.
Statements of Trustees Responsibilities
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and the apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to 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 preventions and detection of fraud and other irregularities.
Independent Examiners
The independent examiner, Alex Robinson will be proposed for re-appointing in accordance with Section 485 of the Companies Act 2006.
In preparing this report, the trustees have taken advantage of special examinations applicable to small companies conferred by Part 15 of the Companies Act 2006.
ON BEHALF OF THE BOARD :
Name : Revd Joanne Thorns Date :
Position : Vice Chairperson
Page 4
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
I report on the accounts of the Trust for the year ended 31 March 2022 which are set out on pages 5 - 12.
Respective Responsibilities of the Trustees and Examiner
The Charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required this year (under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to :
-
examine the accounts (under section 145 of the 2011 Act).
-
to follow the procedures laid down in the General Direction given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
-
to state whether particular matters have come to my attention.
Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commission. That examination includes a review of the accounting records kept by the trustee's and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. The report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
-
(1) Which gives me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the requirements of the 2011 Act and the Regulations have not been met; or
-
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr Alex Robinson FCCA Essell Accountants Limited 29 Howard Street, North Shields, NE30 1AR Date :
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Income and Endowments Incoming Resources from Generated Funds: Donations and Legacies Grant Received from St. Hild and St. Bede HMRC Other Grants Donations Income from Investments: Bank Interest Income from Charitable Activities Total Income and Endowments Expenditure on : Expenditure on Raising Funds Expenditure on Charitable Activities Total Expenditure on: Net Income / (Expenditure) resources before transfers Transfers between funds Net Movement in Funds Balance as at 31st March 2021 Balance as at 31st March 2022 |
Notes 2 3 4 |
Unrestricted Funds £ 0 0 0 1,015 1,015 25 1,039 20,212 21,251 466 36,448 36,914 (15,663) 98 (15,564) 357,363 341,799 |
Restricted Funds £ 124,000 0 10,200 0 134,200 0 134,200 0 134,200 19 133,843 133,862 338 (98) 240 49,940 50,181 |
Total Total 2022 2021 £ £ 124,000 124,000 0 14,806 10,200 10,453 1,015 94 135,215 149,353 25 11 135,239 149,364 20,212 16,645 155,451 166,009 485 963 170,291 138,230 170,776 139,193 (15,324) 26,816 0 0 (15,324) 26,816 407,304 380,488 391,980 407,304 |
||
|---|---|---|---|---|---|---|
These notes form part of these financial statements
| THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED BALANCE SHEET AS AT 31 MARCH 2022 FIXED ASSETS Tangible Assets (Note 8) CURRENT ASSETS CCLA Funds (Note 9) Debtors (Note 10) Cash at Bank and in Hand CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR (Note 11) NET CURRENT ASSETS NET ASSETS CAPITAL AND RESERVES Unrestricted Funds (Note 14) Restricted Funds (Note 14) Revaluation Reserve (Note 15) |
Page 6 252,770 251,684 168,784 152,363 35,668 35,965 36,963 63,944 241,416 252,272 7,528 18,372 233,887 233,901 486,657 485,585 341,799 357,363 50,181 49,940 94,677 78,281 486,657 485,585 2022 2021 £ £ |
|---|---|
| 241,416 | |
| 7,528 | |
For the year ended 31 March 2022, the Company was entitled to exemption from the requirement to have an audit under the provisions of Section 477 of the Companies Act 2006. No notice has been deposited with the Company under Section 476 of that Act requiring an audit to be carried out.
Balance Sheet continues on page 7
Page 7
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
BALANCE SHEET AS AT 31 MARCH 2022
(Continued)
The Directors acknowledge their responsibilities for :-
1) ensuring that the Company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006, and
2) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit for the financial year in accordance with the requirements of Section 394 and 395 of the Companies Act 2006 and which otherwise comply with the requirements of that Act relating to financial statements so far as applicable to the Company.
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard For Smaller Entities.
In the Directors' opinion the Company is entitled to the exemptions as a small company.
Approved by the Board
Revd Joanne Thorns
Vice Chairperson
Date :
Page 8
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| Notes Net Cash (Outflow) / Inflow from Charitable Activities 1 Less Transferred to Deposit Account Less Capital Expenditure during Period Less Investment Income Received (Decrease) / Increase in Cash in Period |
31.03.22 £ (24,483) 0 (2,473) (25) (26,981) |
31.03.21 £ 8,568 0 (8,499) (11) |
|---|---|---|
| 58 |
1. Reconciliation of Operating Surplus / (Deficit) to Net Cash Outflow from Charitable Activities
| Operating (Deficit) / Surplus Add : Depreciation Decrease / (Increase) in Receivables (Decrease) / Increase in Creditors Net Cash (Outflow) / Inflow from Charitable Activities 2. Analysis of Changes in Net Funds Cash at Bank and In Hand as at 31 March 2021 CCLA Investment Revalue Cash Flow Cash at Bank and In Hand as at 31 March 2022 |
£ £ £ £ (15,324) 26,816 1,387 1,213 297 (29,623) (10,843) 10,162 (9,159) (18,248) (24,483) 8,568 31.03.22 31.03.21 63,944 63,887 0 0 (26,981) 58 36,963 63,944 31.03.22 31.03.21 |
£ £ £ £ (15,324) 26,816 1,387 1,213 297 (29,623) (10,843) 10,162 (9,159) (18,248) (24,483) 8,568 31.03.22 31.03.21 63,944 63,887 0 0 (26,981) 58 36,963 63,944 31.03.22 31.03.21 |
|---|---|---|
| 8,568 | ||
| 31.03.21 63,887 0 58 |
||
| 63,944 |
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 9
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Accounting Convention
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005) issued in March 2005, applicable accounting standards and the Companies Act 2006. The principal accounting policies adopted in the preparation of the financial statements are as follows:
Financial Reporting Standard Number 1
Exemption has not been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company as it is seen as enhancing the information provided by the financial statements.
Incoming Resources
Incoming Resources represents grants, sales and other work done during the year. It is prepared on an accrual basis.
Tangible Fixed Assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Computer - 33% Reducing Balance Fixtures and Fittings - 10% Reducing Balance
The Trustees consider that the useful economic lives of the religious books are in excess of fifty years and that the recoverable amount on these books would be no lower than cost price. As a consequence any depreciation charged and accumulated would not be material to the accounts. In accordance with FRS 15, annual impairment reviews are undertaken to confirm that there is no change to the anticipated economic lives of these assets. New books purchased are charged directly to the SOFA, such that the value of books held remains constant.
Where assets are purchased with funds given for that specific purpose the Trustees may elect that the asset is written off in full in the year of acquisition in order to match expenditure with income.
Fund Accounting
Fund held by the charity are either :
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds - these funds are grants or donations received that require the funds to be used in a specific way or for a specific purpose.
Designated funds - these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted Funds £ Retail Sales - Books 245 Retail Sales - Cards 0 Retail Sales - Others 33 Membership 18,489 Book Fines 572 Royalties 104 Sundry Income 768 20,212 3. EXPENDITURE ON RAISING FUNDS Unrestricted Funds £ Advertising and Marketing 300 Cost of Retail Sales 166 466 4. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Funds £ Staff Costs 4,329 Resources Purchased 12,693 Subscriptions 0 Travel and Subsistence Costs 1,276 Health and Safety 0 Cleaning 42 Insurance 2,035 Sundry Expenses 637 Office Accommodation 0 Depreciation 1,387 Telephone 1,294 Postage 147 Printing and Stationery 1,698 Computer and Software 2,398 Repairs and Renewals 460 Treasurers Fees 6,181 Legal and Professional fees 1,017 Independent Examiner 840 Bank Charges 16 36,448 |
Restricted Funds £ 0 0 0 0 0 0 0 0 Restricted Funds £ 0 19 19 Restricted Funds £ 116,768 6,562 1,492 255 75 0 0 39 1,760 0 973 0 1,188 4,696 0 0 0 0 35 133,843 |
||
|---|---|---|---|
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. STAFF COSTS
| Total Total 2022 2021 £ £ Wages, Salaries and social security costs 109,032 87,261 Pension Contributions 12,065 11,610 121,097 98,871 The average weekly number of employees during the year was : 6 7 No Employee received remuneration amounting to more than £60,000 in either year. Mrs Jenkins received fees for being treasurer during the year, this is shown separately in Note 4. |
Total 2021 £ 87,261 11,610 |
|
|---|---|---|
| 98,871 | ||
| 7 |
Other Trustees received no remuneration and were not reimbursed for any of their expenses in either year.
6. NET OUTGOING RESOURCES
| The Net Outgoing Resources are stated after charging : Independent Examiner |
Total 2022 £ 840 |
Total 2021 £ 840 |
||
|---|---|---|---|---|
7. TAXATION
No liability to UK Corporation Tax arose on activities for the period ended 31 March 2022.
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 12
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
(Continued)
8. TANGIBLE FIXED ASSETS
| COST As at 1 April 2021 Additions in the Year Disposals in the Year As at 31 March 2022 DEPRECIATION As at 1 April 2021 Disposals in the Year Charge for the Year As at 31 March 2022 NET BOOK VALUE As at 31 March 2022 As at 1 April 2021 9. INVESTMENT ACCOUNT CCLA CBF Deposit Fund CCLA Investment Fund at valuation 10. DEBTORS Amounts falling due within one year Trade Debtors Prepayments 11. CREDITORS : AMOUNTS FALLING DUE WITHIN ONE YEAR Trade Creditors Accruals Other Creditors |
Computer £ 14,208 1,587 0 |
Other Equipment Books £ £ 35,374 239,460 886 0 0 0 |
Total £ 289,042 2,473 0 |
|---|---|---|---|
| 15,795 | 36,260 239,460 |
291,515 | |
| 4,725 0 1,054 |
32,633 0 0 0 333 0 |
37,358 0 1,387 |
|
| 5,779 | 32,966 0 |
38,745 | |
| 10,016 | 3,294 239,460 |
252,770 | |
| 9,483 | 2,741 239,460 |
251,684 | |
| 2022 £ 9,107 159,677 168,784 2022 £ 31,370 4,298 35,668 2022 £ 1,598 840 5,091 7,528 |
2021 £ 9,082 143,281 |
||
| 152,363 | |||
| 2021 £ 31,426 4,539 |
|||
| 35,965 | |||
| 2021 £ 15,719 557 2,095 |
|||
| 18,372 |
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
Page 13
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
(Continued)
12. CHARITABLE STATUS
The North East Religious Learning Resources Centre Limited is a Registered Charity (1055285)
13. SHARE CAPITAL
The North East Religious Learning Resources Centre Limited is a company limited by guarantee. (03188730)
14. RECONCILIATION OF MOVEMENTS IN RESERVES
| General Funds Unrestricted Funds - Current Assets Unrestricted Funds - Fixed Assets and Books Total General Funds Restricted Funds Lord Crewe's Charity Library - Book Stock Lord Crewe's Charity Library - Journals Lord Crewe's Charity Library - Staff St. Hild and St. Bede Trust Total Restricted Funds Total Funds |
Balance at Transfer Incoming Resources Balance at 1 April 2021 Between Resources expended 31 March 2022 Funds £ £ £ £ £ 154,916 98 18,778 (35,527) 138,266 202,447 0 2,473 (1,387) 203,533 |
|---|---|
| 357,363 98 21,251 (36,914) 341,799 |
|
| 48,896 0 3,000 (3,066) 48,830 1,044 0 1,200 (894) 1,350 0 0 6,000 (6,000) 0 0 (98) 124,000 (123,902) 0 |
|
| 49,940 (98) 134,200 (133,862) 50,181 |
|
| 407,304 0 155,451 (170,776) 391,980 |
15. REVALUATION RESERVE
The revaluation reserve shows the movement in value over the year of the CCLA investment fund.
Page 14
THE NORTH EAST RELIGIOUS LEARNING RESOURCES CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
(Continued)
16. PENSION COSTS
The North East Religious Learning Resources Centre (PB Classic) participates in the Pension Builder Scheme section of the Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.
The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section know as Pension Builder Classic and a cash balance section known as Pension Builder 2014.
Pension Builder Scheme
The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.
Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonus declared, is payable from member's Normal Pension Age.
There is no sub-division of assets between employer in each section of the Pension Builder Scheme.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SoFA in the year are contributions payable (2022: £4,120, 2021: £4,120).
A valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.
For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time.
For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.
The legal structure of the scheme is such that if another employer fails, The North East Religious Learning Resources Centre Ltd could become responsible for paying a share of the failed employer’s pension liabilities.