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REGISTERED CHARITY NUMBER: 1056606
Report of the Trustees and Financial Statements for the Year Ended 31 August 2020
for South West Ministry Tralning Course
Haines Watts Exeter LLP 3 Southernhay West Exeter Devon EX1 1uG
South West Ministry Training Course Contents of the Financial Statements For the Year Ended 31 August 2020
| Page | |
|---|---|
| Report of theTrustees | 1-5 |
| Report of the IndependentAuditors | 6-7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| NotestotheFinancialStatements | 10-20 |
South West Ministry Training Course Report of the Trustees For the Year Ended 31 August 2020
The trustees present thelr report with the financlal statements of the Charity for the year ended 31 August 2020. The trustees have adopted the provisions of the Statament of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ Issued in January 2015.
REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1056606
Registered office Riverside Centre 13-14 Okehampton Sireet Exeter Devon EX4 1DU
| Trustees | |
|---|---|
| The RevdCanon Graham Thompson | Resigned 31.8.20 |
| The Rt Revd Robert Atwell | |
| The Rt Revd Nicholas MoKinnel (Chair) | |
| The Revd Preb. Philip Sourbut | |
| The Ven DrMark Butchers | |
| The Revd ProfessorMorwenna Ludlow | |
| The RtRevd Phillp Mounstephen | |
| The Revd EliySheard | |
| The Revd Lionel Stock | |
| The Rt Revd Hugh Nelson | Appointed on 07.07.20 |
| MrCharles Milis | Appointed on 16.11.20 |
| DrJonathan Curtis | Appointed on 16.11.20 |
| Mrs Rachel Mitchell | Appointed on 18.1.21 |
| Auditors | |
| Haines Watts Exeter LLP | |
| 3 SouthernhayWest | |
| Exeter | |
| Devon | |
| EX11JG |
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure and governing document The main activity of the Charity since Its incorporation on 20 June 1995 has been the provision of theological education and training for Christian ministries in the South West, candkates being presented by the participating churches. The Charlty also provides open-access theological education, and supporis research. The Charity Is a registered charity (number 1056606.)
The company was converted to a Charitable Incorporated Organisation (CIO) on 20 February 2020 and is now governed by a foundation trust deed. In the event of winding up, every member of the Board is liable to contribute a sum not exceeding £10 towards the debts and liabilities of the Charity and the costs, charges and expenses of winding up.
New trustees are provided with a full induction to the Charity and training is provided where required.
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South West Ministry Training Course Report of the Trustees For the Year Ended 31 August 2020
The trustees are empowersd to manage the strategic business of the Charity, to exercise all the powers of the Charlty and to appoint a Principal, to be responsible for the everyday operations of the Charity.
The trustees have established finance and staffing committees to advise the board.
Risk management
The trustees have a duty to Kdentify and review the risks to which the Charity is exposed and to ensure appropriate controls are In place to provide reasonable assurance against fraud and error.
The opportunities and uncertainties created by developments in regional patterns of training are continuously monitored by the Charity through Its contacts with church leaders. The trustees and members of the board have implemented a risk review procedure in order to be awarethe Charityof thefaces, levels ofprioritisingrisks andthem thel impactIn termsonofoperations.potential impact This Involvesand likellhood identifyingof theoccurrence type of risksand identifying means of mitigating the risks. The main risk identified concemed Jack of control over student numbers. The procedure is managed and kept under review by the Finance Committes.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The South West Ministry Training Course's vision Is to deliver ministerial formation that is Christcentred, world-engaging, rooted in local communities, and involves lay and ordained worklng generously and collaboratively together. It seeks to achieve this vision through an integrated academic and formational curriculum cultivating adventurous faith, missional hope and grounded love.
We hope to have 22 ordination students, 20 reader trainees, 25 Foundations in Christian Ministry students and 45 curates each year in order to provide financlal stability within present staff resources. These levels of recruitment are outside our control and we have to adopt a flexble strategy in orderto react to the changing pattems of recruitment and selection by the churches. We offer theological education to members of the public and numbers of We these students are steady. are seeking to market these modules more actively.
Our relationships with the Anglican dioceses of the South West are developing and deepening,
Pubilc benefit
The trustees have concluded that the Charity has met the Public Benefit requirements because:1. the benefit that arises from the Charity's aims are that: (a) the Charity Is able to advance the Christian religion by the promotion of theological education, training and research. (b) the Charity 's able to contribute to the advancement and promotion of the Christian religion. 2. the Charity’s aims intend to benefit the public generally. an3. inere are no restricttons on who can have the opportunity to benefit (bursaries are available); 4, nobody receives any private benefit from the Charity. The trustees have complied with the duty in the Charities Act 2011. They have had due regard to the guidance published by the Charity Commission in the Public Benefit Statement,
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South West Ministry Training Course Report of the Trustees For the Year Ended 34 August 2020
| | | | ' | |
ACHIEVEMENT AND PERFORMANCE Charitable activities The income of the company is derived mainly from fees charged to sponsoring churches for tuition provided to ordination candidates and others engaged in ministerial training.
A very significant movement has been forged In our relationship with the dloceses in forming new ways of working with regional co-operation and development.
Income for the yaar totalled £446,368 (2019 - £463,865). Expenditure for the year totalled £376,121 (2019 - £415,455).
Formational Programmes
We trained 50 students from the Diocese of Exeter on our Level 3 Foundations In Christian Ministry Course. There were 6 Readers In training from the Diocese of Exeter and 3 Readers In Training from the Diocese of Truro. We trained 18 ordinande from both dloceses, with 6 leaving at the end of the academic yearto be ordained deacon. SWMTC runs Initial Ministerial Education Phase 2 for the Exeter Diocese, with a total of 42 curates, including 14 new curates In 2019.
Academlc Quality Assurance The final version of the report of the Periodic External Review (PER) of SWMTC’s formation was received in autumn 2019. The PER Is a joint exercise by the Church of England's Ministry Division and the University of Durham. The report commended SWMTC’s supportive community life and pastoral care of students, the strong ethos of teaching and support for adult learners and our plans for the new curriculum. During 2019-20 we began responding to the recommendations in the report.
New Formation Programmes
During 2019-20 we implemented an Innovative new curriculum for both ordinands and Readers in training based upon the Lord’s Prayer, Nicene Creed and Magnificat.
Sustainability As a result of a lot of hard work and focussed management, we are able to celebrate a third year of budget surplus after many years of increasing deficits. The Board has adopted a Business Plan which states its ‘firm Intention not to operate with a budget deficit in the future’.
Staff In April 2019 we interviewed for a full-time Principal and Revd Dr Mark Butchers was appointed to bagin in post from September 2020 onwards when Revd Dr Jonathan Rowe and Revd Preb Philip Sourbut stepped down as Joint-Principals. ,
Organisation
In 2019-20 we decided to change from Joint Principals to a single full-time Principal. Revd Dr Jonathan Rowe and Revd Preb Phillp Sourbut (the two Diocesan Directors of Mission and Ministry) served as Joint-Princlpals for three years, bringing significant and vital changes to the organisation. We owa them a huge debt of thanks. Covid-19 Covid-19 meant that all our teaching needed to go online from March 2020 onwards. This was a huge challenge which the SWMTC staif rose to magnificently. We were able to maintain our high standard of teaching throughout the year, and some students found attendance easier without having to travel long distances. Nonetheless we look forward to the time when we can resume our weekend residentials and the face to face community life which is so Important to formation. The key reason for the significant surplus of Income over expenditure in 2019-20 was the lack of residential weekend and Lent School costs. That has helped put SWMTC ontoa firmer financial footing.
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South West Ministry Tralning Course Report of the Trustees For the Year Ended 31 August 2020
Safeguarding
Safeguarding is a prominent concern throughout the organisation and there js an opportunity to review the policy and discuss pertinent Issues at each Board meeting. During 2019-20, we improved the communication of our safeguarding policies and procedures to the students.
Overall, SWMTC continues to be In good shape and looking forward to the future.
FINANCIAL REVIEW
Reserves policy
Any surplus of Income over expenditure Is retained to enable the company to pursue its objectives. Reserves are held for the following purposes:
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to cover unexpected shortfalls in Income arising from lower student numbers compared to projections;
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- to ensure that funds are available to meet the legal employment entitlements of Charity staff; - to enable the Charity to meet emergency calls arising from property damage or equipment fallures;
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- to enable the Charity to cover expenditure during the time that it would take to adjust to a major change resulting from external and irresistibie forces.
The policy of the Charity is to hold in the general reserve sufficient funds to cover not less than threes months of normal working expenditure.
At the year-end a total of £230,590 was held In reserves (2019 - £107,676). The level of reserves ls considered to be adequate.
Plans for future periads
The Charity’s objects for the future are to make a surplus In order that the Charity's reserves can be augmented and maintained in accordance with the reserves poltcy.
investment policy and objectives
It is the policy of the company to maximise investment Income while minimising risk and to ensure that all Investments are strictly ethkal.
STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charities {aw requires the trustees to prepare financial statements for each financial year which givea true and falr view of the state of affairs of the Charity and of the incoming resources and application of resources, Including the income and expenditure, of the Charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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- observe the methods and principies in the Charity SORP; . make judgements and estimates that are reasonable and prudent; - prepare the financlal statements on the going concem basis unless tt Is inappropriate to presume that the Charity will continue in business.
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South West Ministry Training Course For Report of the Trustees the Year Ended 31 August 2020 eeegust ee
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the finanola! statements comply with the Charitles Act 2011, They are also responsible for safeguarding the assets of the Charlty and hence for taking reasonable staps for the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there ls no ralevant infomation of which the Charity’s auditors are unaware, and each trustee has taken all the steps that they oughtto have taken as a[trustee][in] order to make them aware of any audit Information and to establish that the Charity's auditors are aware of that information.
AUDITORS
The auditors, Haines Watts Exeter LLP, will be proposed for re-appointment; at the forthcoming Annual General Meeting.
Approved by order of the Board of Trustees on 18" January 2021_and signed on tts behaif by:
NA PMC nwal
The Rt Revd Nicholas MoKinnne! — Chak of Trustees
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Report of the Independent Auditors to the Trustees of South West Minlstry Tralning Course For the Yoar Ended 31 August 2020
Opinion We have audited the financial statements of South West Ministry Training Course for the year ended 31 August 2020 on pages seven fo twenty, The financial reporting framework that has been applled in their preparation Is applicable law and the United Kingdom Accounting Standard. (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 August 2020 and of Its incoming resources and application of resources, Including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
This report is made solely to the charity's trustees, as a body, In accordance with Section 144 of the Charitles Act 2011 and regulations made under Seotion 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purposes. To the fullest extent permitted by law, we do not acceptor assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for thls report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with international Standards on Auditing (UK)(ISAs (UK)) and applicable law. Our responsbiilties under those standards are further described in the Auditors responsibilltias for the audit of the financial statements section of our report. We ate independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, Including tha FRC’s Ethical Standard, and we have fuifilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to golng concem
We have nothing to report In respect of the following matters in relation to which the ISAs (UK) require us to report to you where: : the trustees' use of the going concem basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial stataments any Kentified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of atleast twelve months from the date when the financial statements are authorised for issue.
Other Information
The trustees are responsible for the other Information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other Information and we do not exprees any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility Is to read the other Information and, in dolng se, conskder whetherthe other information ts materially Inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Report of the Independent Auditors to the Trustees of South Wast Minlstry Training Course
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, In our opinion: - the Information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - the charity has not kept adequate accounting records; or : the financial statements are not In agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibllitles set out on page four, the trustees are responsible for the preparation of the financial statements and for belng satisfled that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, wheather due to fraud or error,
In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the golng concern basis of accounting unless the trustees either Intend to liquidate the academy or to caase operations, or have no realistic alttemative but to do so.
Our responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 1443 of the Charitlas Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but ls not a guarantee that an audit conducted In accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www-frc.org. uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our raport This report Is made solely to the charity's trustees, as a body, in accordance with Parl 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit ork, for this report, or for the opinions we have formed. Benjamin de Cruz BA FCA (Senior Statutory Auditor) for and on behalf of Haines Watts Exeter LLP, Statutory Auditors 3 Southemhay West Exeter Devon EX1 1JG Date: x8) thay
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South West Ministry Tralning Course Statement of Financial Activities For the year ended 31 August 2020
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|||||||||
|---|---|---|---|---|---|---|---|
|2020|2019|
|Unrestricted|Restricted|Total|Total|
|Notes|Funds|Funds|Funds|Funds|
|£|£|£|£|
|INCOMING|RESOURCES|
|Incoming|resources|from|generated funds|
|Investment income|2|1,435|-|1,435|1,110|
|Incoming|resources from|charitable activities|3|444,933|-|444,933|462,765|
|$48,368 446,968|463,866|
|RESOURCES|EXPENDED|
|Charitable activities|4|966,415|(3,667)|362,748|404,707|
|Governance cosis|5|9,706|-|9,708|10,748|
|378,121|(3,667)|372,454|415,455|
|NET INCOMINGHOUTGOING)|RESOURCES|70,247|3,667|73,914|48,440|
|Other|recognised|gaina/(losses)|
|Gains|on|investment|assets|-|”|-|:|
|Actuarial gains/(losses)|on defined benefit sohomes|49,000|49,000|(18,000)|
|RECONCILIATION|OF FUNDS|
|Total|funds brought forward|172,688|(84,992)|107,676|77,266|
|TOTAL FUNDS CARRIED FORWARD|242,915|(12,325)|230,590|107,676|
|OTHER|COMPREHENSIVE|INCOME|
|Nel Incomingoulgoing)|resources|for the year|70,247|§2,667|122,914|30,410|
|Other comprehensive|incoming/(outgaing)|resources|-|-|-|-|
|Total comprehensive|net incomingoutgotng) resources|70,247|52,667|122,914|30,410|
----- End of picture text -----
The statement of financial activities Includes all gains and losses recognised In the year,
All Incoming resources and resources expended derive from continuing activities.
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||||||||
|---|---|---|---|---|---|---|
|South West|Ministry Training|Course|
|Balance|Sheet|
|As|at 31|August|2020|
|2020|2018|
|Notes|Unrestricted|Restricted|Total|Total|
|Funds|Funds|Funds|Funds|
|£|£|£|£|
|FIXED ASSETS|
|Tangible assets|10|1,978|-|1,978|4,981|
|Investments|-|“|-|-|
|1,976|:|1,978|1,981|
|CURRENT|ASSETS|
|Debtors|11|1,359|.|1,058|4,079|
|Cash at bank and|In|hand|250,805|3,008|253,813|183,737|
|252,164|3,008|258,172|187,816|
|CURRENT|LIABILITIES|
|Creditors: amounte|falling due within one year|12|(11,225)|-|(11,226)|(14,121)|
|NET CURRENT ASSETS|240,939|3,008|243,947|173,605|
|TOTAL ASSETS LESS CURRENT LIABILITIES|242,015|3,008|245,023|175,676|
|PENSION LIABILITY|18|”|(18,833)|(15,333)|(68,000)|
|NET ASSETS|242,915|(12,326)|230,580|107,676|
|FUNDS|14|
|Unrestricted|funds|242,915|172,888|
|Restricted|funds|3,008|3,008|
|Pension|fund|(15,333)|(88,000)|
|TOTAL FUNDS|ee|
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These financial statements have been audited under the requirements of Section 144 of the Charities Act 2011.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the smail companies regime and the Financial Reporting Standard for FRS 102 The financlal statements were approved by the Board of Trustees on 48" January 2021 and were signed on its behaif by: Vira ( NPI Vore The Rt. Revd. Nicholas McKinnel — Chalr of Trustees
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South Weat Minlstry Training Course Notes to the Financial Statements For the Year Ended 31 August 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared In accordance with the Charitles SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charitles Act 2011. The financial statements have been prepared under the historical cost convention with the exception of certain Investments.
These financial statements are presented In Sterling (£) which Is the functional currency of the company and rounded to the nearest £.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the Charity fs legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources,
Tangible fixed assets
Depreciation Is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office furniture - straight line over 5 years Computer equipment - straight line over 3 years
Taxation
The Charity ig exempt from corporation tax on Its charitable aotivitles.
Fund accounting
Unrestricted funds can be used In accordance with the charitable objectives at the discretion of the trustees.
Restricted funds oan only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund Is Included in the notes to the finanolal statements.
Penslon coats and other post-ratiramant benefits
The charity participates in two defined contribution pension schemes. Full details of these schemes are provided in Note 18.
Library
No monetary vaiue {fs attributed io the library and all expenditure is written off to the Income and expenditure account.
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South West Ministry Training Course Notes to the Financial Statements For the Year Ended 31 August 2020
2. INVESTMENT INCOME
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||||||
|---|---|---|---|---|
|2020|2019|
|£|£|
|Deposit account|interest|1,435|1,110|
|Other|Interest|-|-|
|1,436|Li 10|
|INCOMING|RESOURCES|FROM CHARITABLE CHARITABLE|ACTIVITIES|
|2020|2019|
|£|£|
|Independent|students|12,170|24,170|
|Miscellaneous|Income|755|810|
|Ordinands|142,104|133,914|
|St|Luke's College|Foundation|33,090|46,170|
|Diocesan|service|contracts|286,814|257,691|
|444,933|462,755|
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3. INCOMING RESOURCES FROM CHARITABLE CHARITABLE ACTIVITIES
4, CHARITABLE ACTIVITIES COSTS
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|||||
|---|---|---|---|
|2020|2019|
|£|£|
|Academic costs|14,142|10,815|
|Employment|costs|245,492|266,862|
|Establishment|costs|46,292|40,073|
|Encountering|Theology|60,489|92,707|
|Bad debt|-|250|
|eS|
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5. GOVERNANCE COSTS
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|||
|---|---|
|Trustees’|expenses|
|Auditors’|remuneration|
|Accountancy|fees|
|Professional fees|
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|||
|---|---|
|2020|2019|
|£|£|
|-|151|
|2,654|2,664|
|4,726|5,440|
|2,326|2,593|
|9,706|10,748|
|Ee|ee|
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South West Ministry Training Course Notes to the Financial Statements For the Year Ended 31 August 2020
6. NET INCOMING/OUTGOING RESOURCES
Net resources are stated after charging:
Depreciation - owned assets
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|||
|---|---|
|2020|2019|
|£|£|
|1,084|655|
|nee|(ee|
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7. TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 34 August 2019.
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||||||
|---|---|---|---|---|
|2020|2019|
|£|£|
|Trustees’|expenses|:|151|
|ee|ee|
|8. STAFF COSTS|
|2020|2019|
|£|£|
|Wages and|salaries|176,718|184,463|
|Social|security|costs|10,164|13,099|
|Other pension costs|41,873|47,223|
|228,755|244,785|
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The average monthly number of employees during the year was as follows:
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|||||||
|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Staff|g|9|
|No|3 9|
|employees|received|emoluments|in|excess of|£60,000.|
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South West Ministry Training Course Notes to the Financla! Statements For the Year Ended 31 August 2020
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9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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|||||||
|---|---|---|---|---|---|
|2018|
|Unrestricted|Restricted|Tatal|
|Funds|Funds|Funds|
|£|£|£|
|INCOMING RESOURCES|
|Incoming|resources from|genereted funds|
|{nvastment|Income|1,110|-|1,110|
|Incoming|resources from charitable|activities|462,755|-|462,755|
|463,865|‘|463,865|
|RESOURCES EXPENDED|
|Charitable activities|410,707|(8,000)|404,707|
|Governance costs|10,748|-|10,748|
|1) SE|
|NET INCOMINGOUTGOING) RESOURCES|42,410|8,000|48,410|
|Other racognised gaina/(losses)|
|Gains on|Investment|assets|-|-|-|
|Actuarial|gains/{losses)}|on defined benefit schames|-|(18,000)|(18,000)|
|RECONCILIATION|OF FUNDS|
|Total funds brought forward|130,258|(52,992)|77,266|
|TOTAL FUNDS CARRIED FORWARD|172,668|107,876|
|OTHER COMPREHENSIVE|INCOME|
|Net Incoming/(outgoing) resources|for the year|42,410|(12,000)|30,410|
|Other comprehensive|Incoming/(outgoing)|resources|-|.|-|
|Total comprehensive net Incoming/(outgoing) resources|«42,410|(2,000) 30,410|
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South West Ministry Tralning Course Notes to the Financial Statements For the Year Ended 31 August 2020
10. TANGIBLE FIXED ASSETS
| Office furniture |
Office furniture |
Office furniture |
Computer equipment |
Total | ||
|---|---|---|---|---|---|---|
| £ | £ | £ | ||||
| Cost | ||||||
| At1September2019 Additions Disposals |
2,991 413 - |
21,116 666 - |
24,106 1,079 - |
|||
| At 31 August2020 | 3,404 | 21,781 | 25,185 | |||
| Depreciation | ||||||
| At 1 September2079 Chargeforthe year Ellminated on disposal |
2,777 132 : |
19,349 962 - |
22,126 1,084 - |
|||
| At31 August2020 | 2,909 | 20,301 | 23,210 | |||
| Net BookValue | ||||||
| At 31 August2020 At 31August2019 |
= | 495 Bid |
1,480 eeWs |
= | 1,975 1,500, |
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2020 2019
£ £
Other debtors 1,358 4,078
1,358 4,078
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South West MinIstry Tralning Course Notes to the Financial Statements For the Year Ended 31 August 2020
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||||
|---|---|---|---|---|
|2020|2019|
|&|£|
|Trade|creditors|56|326|
|Taxation and|social|security|3,379|4,089|
|Other|creditors|7,790|9,706|
|11 3225|4 21|
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13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Restricted|2020 Total|2019 Total|
|fund|fund|funds|funds|
|£|£|£|£|
|Fixed assets|1,976|-|1,976|1,981|
|Current assets|252, 164|3,008|255,172|187,816|
|Current|liabilities|(11,225)|-|(11,225)|(14,121)|
|Pension|flability|:|(15,333)|(15,333)|(88,000)|
|e515,|32280580,|OL SB|
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16
South West Ministry Training Course Notes to the Financial Statements For the Year Ended 31 August 2020
14. MOVEMENT IN FUNDS
| 14. MOVEMENT IN FUNDS | |||||
|---|---|---|---|---|---|
| Net | |||||
| At | movement | At | |||
| 01.09.2019 | In funds | 31.08.2020 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General and designatedfunds | 172,668 | 70,247 | 242,915 | ||
| Restricted funds | |||||
| Restrictedtund Pension fund |
3,008 (68,000) |
- 52,667 |
3,008 (15,333) |
||
| TOTALFUNDS | 107,876 | 122914 | 914 | 230,590 | |
| Netmovement In funds, included inthe above are as follows: | |||||
| Incoming resources |
Resources expended |
Gaina, logsasand transfers |
Movement infunds |
||
| £ | £ | g | £ | ||
| Unrestricted funds | |||||
| Generalanddesignated funds | 446,368 | (376,121} | - | 70,247 | |
| Restricted funds | |||||
| Restricted fund | “ | - | - | . | |
| Pensionfund | - | 52,667 | . | 52,667 | |
| 446,368 | (323,454) | - | 122,914 |
Net movement In funds, included in the above are as follows:
15. FINANCIAL COMMITMENTS
At 31 August 2020 the charity had total commitments under non-cancellable operating leases over the remaining life of those leases of £18,266 (2019 - £36,618).
16. RELATED PARTY DISCLOSURES
The trustees have completed Declaration of Interest forms and have considered whether there have been any transactions with related parties that should be disclosed. They have concluded that there have been no such transactions.
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South West Ministry Tralning Course Notes to the Financial Statements
17. MEMBERS’ LIABILITY
In the event of winding up, every member of the Board Is liable to contribute a sum not exceeding £10 towards the debts and Ilabilities of the charity and the cost, charges and expenses of winding up.
18. PENSION AND OTHER POST-RETIREMENT BENEFITS
Church Workers Pension Fund (CWPF)
South West Ministry Training Course (SWMTC) (PB Classic) participates In the Pension Bullder Scheme section of the CWPF for fay slaff. 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 saction known as Pension Builder Classic and a cash balance section known as Pension Builder 2074.
Pension Builder Scheme
The Pension Builder Scheme of the Church Workers Pension Fund Is made up of two sections, Pension Builder Claseic 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 tme. Bonuses may also be declared, depending upon tha investment returns and other factors.
Pension Bulider 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 accountmay have bonuses added by the Board before retirement. The bonuses dapend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.
There is no sub-division of assets between employers In each section of the Pension Builder Scheme.
The scheme Is considered to ba 4 multi-employer scheme as described In Section 28 of FAS 102. This Is because it Is not possible to attribute the Pension Builder Scheme's assets and flabilities to specific employers and that contributlons are accounted for as If the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable of £13,087 (2019: £13,538). A valuation of the scheme |s carried out once avery three years. The most recent scheme valuation completed was carried out as at 31 December 2016. This revealed, on the ongoing assumptions used, a deficit of £14.2m. Employers have not been asked to make up any shortfall in PB Classic in the past and the Pensions Board expects to be able to continue this practice. Pension Builder 2014 will be valued in relation to the lump sum payable to members at normal pension age. There are no annual pension benefits.
17
South West Ministry Training Course Notes to the Financial Statements For the Year Ended 31 August 2020
|
;
Church of Engiand Funded Pension Fund (CEFPS)
South West Ministry Training Course participates in the Church of England Funded Pension Scheme for stipendiary clergy. This schame is administered by the Church of England Pensions Board, which holds fhe assets of the schemes separately from those of the Responsible Bodies.
Each participating employer in the scheme pays contributions at a common contribution rate applied to pensionable stipends.
The scheme Is considered to be a mult-employer scheme as described nn Section 28 of FRS102. This means itis not possible to attribute the Scheme's assets and liabillties 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 towards benefit and expenses accrued in that year plus any impact of deficit contributions (see below).
A valuation of the Scheme is carrled out once every three years. The most recent Scheme valuation completed was carrled out at as 31 December 2018. The 2018 valuation revealed a deficit of 250m, based on assets of £1,818m and a funding target of £1,868m, assessed using the following assumption:
-
An average discount rate of 3.2% p.a.;
-
RPlinflation of 3.4% p.a. (and pension increases consistent with this);
-
Increase in pensionable stipends of 3.4% p.a.;
-
¢ Mortality In accordance with 95% of the S3NA_VL tables, with allowance for improvements in mortality rates in line with the CMI2018 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter" of 7 and an initial addition to mortality improvements of 0.5% pa.
Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are as set out in the table below,
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eee% of pensionable stipends January 2018 to December January 2021 to December
2020 2022
Deilcit repair contributions 11.9% 7.1%
AatEB,
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18
South West Minlstry Tralning Course Notes to the Financlal Statements Foroem the etYear Endedee 31 August 2020
eet
Church of England Funded Penslon Fund (CEFPS)
The deficit recovery contributions payable under the recovery pian in force from 31 December 2017, to 31 December 2022 were as set out In the above table.
For senior office holders, pensionable stipends are adjusted in the calculations by a multle, as set out In the Scheme's rules.
Section 28.11A of FRS102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the provision is set out in the table below.
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Balance|sheet|liability|at|1|September|68,000|56,000|
|Deficit|contribution|pald|(4,667)|(7,000)|
|Interest cost (recognised|In|SoFA)|1,000|1,000|
|Remaining|change|to|the|balance|sheet|liability”|(49,000)|18,000|
|(recognised|in|SoFA)|
|Balance sheet|liability|at 31|August|15,333|68,000|
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*Comprises change in agreed deficit recovery plan and change in discount rate and assumptions between year-ends.
This liabllity represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments:
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|||||||||
|---|---|---|---|---|---|---|---|
|December|December|December|
|20192082017|
|Discount|rate|1.1% pa|2.1% pa|1.4%|pa|
|Price|inflation|2.8% pa|3.1%|pa|3.0%|pa|
|Increase|to total|pensionable|payroll|1.3% pa|1.6% pa|1.5%|pa|
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The legal structure of the scheme is such that if another Responsible Body fails, South West Ministerial Training Course could become responsible for paying a share of that Responsible Body's pension liabilities.
19