REGISTERED CHARITY NUMBER: 1059383
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
FOR
FORMISSION CIO
HB&O Ltd Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
FORMISSION CIO
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 July 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 17 |
FORMISSION CIO
REPORT OF THE TRUSTEES for the year ended 31 July 2024
The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
ForMission's main focus is the provision of Christian education and training. Its charitable objectives are defined in its governing document as:
(1) To advance the Christian religion in the United Kingdom, Europe and overseas in particular but not exclusively by the study of the doctrines of the Christian faith and by the provision and maintenance of a college or colleges.
(2) To advance education for the public benefit in the doctrines of the Christian faith in particular but not exclusively by assisting those who profess to be Christians in preparing for their ministry; and promoting or conducting research into the said doctrines and publishing or arranging for the publication of the useful results of such research.
(3) To relieve the poor, sick and aged in need.
The charity is a Public Benefit Entity as defined by FRS 102. The trustees confirm that at all times in both planning and carrying out the charitable activities they have had due regard to the guidance notes on Public Benefit supplied by Charities Commission.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
During the year ended 31 July 2024, ForMission continued to operate a franchise arrangement with its validating body, Birmingham Newman University, for ForMission students based in the UK. This arrangement existed alongside the pre-existing arrangement whereby the college's programmes were validated by the university.
ForMission continued to deliver robust, well-respected academic programmes to students based in the UK and mainland Europe, including through significant online provision. We have completed the move from a campus-based delivery of our programmes to centralised online delivery combined with residentials, and with pathway leaders replacing campus leaders.
The college continued to enjoy a reputation for innovation and diversity, and for an excellent student experience, at both undergraduate and postgraduate levels. ForMission continued to work closely with a number of key partner organisations, simultaneously increasing its profile and its ability to recruit students.
In Autumn 2023, two new specialist pathways were launched for ForMission's MA in Missional Leadership programme: (i) Justice, and (ii) Discipleship and Movements. And in March 2024, ForMission signed an MOU to collaborate on a Level 3 course in Biblical Worship and to explore the development of a new BA pathway in Worship, to be launched in 2024 or 2025.
The college's operations continued to be overseen by its Senior Management Team, led by the Principal. The SMT was strengthened by the appointment of a Vice-Principal at the start of the 2023-24 academic year. During this academic year, one priority was developing a strategy for decolonialising and greening the college's curriculum and learning resources.
Vision and values
The college's leadership has articulated its vision as:
to encourage and equip Christians to transform the world through missional presence and action. The College is a learning community of reflective practice, community engagement, leading-edge missional theology and participation in God's mission.
Its core values are defined as:
being relational and missional; committed to diversity, excellence and service.
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FORMISSION CIO
REPORT OF THE TRUSTEES for the year ended 31 July 2024
FINANCIAL REVIEW
Financial position
The net result for the year was a deficit of £67,548, following the previous year's deficit of £12,502. This has resulted in a decrease in funds in the year with unrestricted funds at the year end of £271,000 compare to £338,548 for the previous period. Restricted funds have remained consistent at £3,405 year on year.
FUTURE PLANS
In May 2024, the Trustees and College Principal began a process of exploring potential collaborations, partnerships or mergers that would help secure ForMission's position within the higher education sector. A working group was established and criteria were agreed to identify the best potential collaborative partner - a UK-based theological college with similar vision and values to ForMission. This process also included financial due diligence and was expected to take several months.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
During 2023-24, no new individuals joined the Board of Trustees and no Trustees resigned. The Board met formally on four occasions. In January 2024, ForMission's Governance Framework and Scheme of Delegation were updated but there were no changes to its Constitution.
Organisational structure
The Board's sub-committees were extended to include a Fundraising Committee and a Search Committee alongside the Remuneration Committee and Audit Committee, with terms of reference established for each.
During Summer 2023, ForMission employed an external consultant to conduct a review of the Board's operations, resulting in a detailed report with key recommendations that were accepted by the Trustees and integrated into the college's plans for improvement and enhancement.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1059383
Principal address
Rowheath Pavilion Heath Road Bournville Birmingham West Midlands B30 1HH
Trustees
R A Baylis Chair S Bandawa D Fittro (resigned 28.1.2025) Ms S Potter Rev D C Pierce (resigned 15.9.2025) Rev B A Thomas D J Rolles
Independent Examiner
HB&O Ltd Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
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FORMISSION CIO
REPORT OF THE TRUSTEES for the year ended 31 July 2024
Approved by order of the board of trustees on 6 November 2025 and signed on its behalf by:
R A Baylis - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FORMISSION CIO
Independent examiner's report to the trustees of Formission CIO
I report to the charity trustees on my examination of the accounts of Formission CIO (the Trust) for the year ended 31 July 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Gregg Olner FCA
HB&O Ltd Chartered Accountants Highdown House 11 Highdown Road Leamington Spa Warwickshire CV31 1XT
6 November 2025
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FORMISSION CIO
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2024
| Unrestricted Endowment fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 2,031 - Charitable activities 5 Educational activities 376,384 - Investment income 4 751 - Total 379,166 - EXPENDITURE ON Charitable activities 6 Educational activities 446,714 - NET INCOME/(EXPENDITURE) (67,548) - RECONCILIATION OF FUNDS Total funds brought forward 338,548 3,405 TOTAL FUNDS CARRIED FORWARD 271,000 3,405 |
2024 Total funds £ 2,031 376,384 751 379,166 446,714 (67,548) 341,953 274,405 |
2023 Total funds £ - 532,969 118 533,087 545,589 (12,502) 354,455 341,953 |
|---|---|---|
The notes form part of these financial statements
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FORMISSION CIO
BALANCE SHEET 31 July 2024
| Unrestricted Endowment fund fund Notes £ £ FIXED ASSETS Intangible assets 11 189,920 - Tangible assets 12 231 - 190,151 - CURRENT ASSETS Debtors 13 65,276 - Cash at bank 31,202 3,405 96,478 3,405 CREDITORS Amounts falling due within one year 14 (15,629) - NET CURRENT ASSETS 80,849 3,405 TOTAL ASSETS LESS CURRENT LIABILITIES 271,000 3,405 NET ASSETS 271,000 3,405 FUNDS 17 Unrestricted funds Endowment funds TOTAL FUNDS |
2024 Total funds £ 189,920 231 190,151 65,276 34,607 99,883 (15,629) 84,254 274,405 274,405 271,000 3,405 274,405 |
2023 Total funds £ 189,920 3,091 193,011 58,986 138,862 197,848 (48,906) 148,942 341,953 341,953 338,548 3,405 341,953 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 6 November 2025 and were signed on its behalf by:
R A Baylis - Trustee
The notes form part of these financial statements
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FORMISSION CIO
CASH FLOW STATEMENT for the year ended 31 July 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating activities Cash flows from investing activities Sale of tangible fixed assets Interest received Net cash provided by investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (92,442) (2,699) (95,141) 260 751 1,011 (10,125) (10,125) (104,255) 138,862 34,607 |
2023 £ (48,316) 8,828 (39,488) - 118 118 (13,500) (13,500) (52,870) 191,732 138,862 |
|---|---|---|
The notes form part of these financial statements
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FORMISSION CIO
NOTES TO THE CASH FLOW STATEMENT for the year ended 31 July 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Net expenditure for the reporting period (as per the Statement of | |||
| Financial Activities) | (67,548) | (12,502) | |
| Adjustments for: | |||
| Depreciation charges | 2,600 | 2,600 | |
| Interest received | (751) | (118) | |
| Interest paid | 2,699 | (8,828) | |
| (Increase)/decrease in debtors | (6,290) | 8,616 | |
| Decrease in creditors | (23,152) | (38,084) | |
| Net cash used in operations | (92,442) | (48,316) | |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.8.23 | Cash flow | At 31.7.24 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 138,862 | (104,255) | 34,607 |
| 138,862 | (104,255) | 34,607 | |
| Debt | |||
| Debts falling due within 1 year | (10,125) | 10,125 | - |
| (10,125) | 10,125 | - | |
| Total | 128,737 | (94,130) | 34,607 |
2. ANALYSIS OF CHANGES IN NET FUNDS
The notes form part of these financial statements
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Rowheath Pavilion, Heath Road, Bournville, Birmingham, B30 1HH.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared on the historical cost basis, and are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
- There will continue to be a sufficient number of students enrolling on the college's courses, both undergraduate and postgraduate.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
-
Amortisation rates for the charity's course materials could be incorrect leading to an overstatement of their carrying value.
-
Course fees recoverable are not paid in full
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- student fees are recognised when the college becomes entitled to receipt. In the case of self-funded undergraduates this will be on invoices issued at the commencement of the academic year or term as appropriate; for students with student loans this will be when money is received through our partner college, which should all be received in the appropriate academic year. For postgraduate students invoices are issued at the commencement of individual teaching modules.
continued...
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
2. ACCOUNTING POLICIES - continued
Income
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Library - 10% on cost Fixtures and fittings - 10% on cost Computer equipment - 20% on cost
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of course materials the carrying value is assessed against the estimated cost of having to re-write or otherwise acquire these.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
continued...
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
2. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can 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 financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
3. DONATIONS AND LEGACIES
| 3. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Donations | 2,031 | - | |
| 4. | INVESTMENT INCOME | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Deposit account interest | 751 | 118 |
continued...
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
5. INCOME FROM CHARITABLE ACTIVITIES
| 2024 Activity £ Educational activities Educational activities 369,951 Other income Educational activities 6,433 376,384 6. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 7) £ £ Educational activities 183,959 262,755 7. SUPPORT COSTS Governance Management costs £ £ Educational activities 259,473 3,282 |
2023 £ 528,841 4,128 |
|---|---|
| 532,969 | |
| Totals £ 446,714 |
|
| Totals £ 262,755 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees in either the current or previous years.
Trustees' expenses
| 2024 £ Trustees' expenses 782 Travel expenses to board meetings were paid to four (2023 - three) trustees during the year. STAFF COSTS 2024 £ Wages and salaries 218,756 Social security costs 16,058 Other pension costs 16,201 251,015 The average head count of employees during the year was 13 (2023 - 17). The average monthly number of employees during the year was as follows: 2024 Teaching and support staff 13 |
2023 £ 526 2023 £ 236,210 6,976 20,266 |
|---|---|
| 263,452 | |
| 2023 9 |
9. STAFF COSTS
continued...
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
9. STAFF COSTS - continued
No employees received emoluments in excess of £60,000.
Key Management Personnel
The key management personnel were the Principal and the Vice Principal. The total remuneration including pension contributions and social security costs in the year was £66,534 (2023 - £50,289).
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Endowment fund fund £ £ INCOME AND ENDOWMENTS FROM Charitable activities Educational activities 532,969 - Investment income 118 - Total 533,087 - EXPENDITURE ON Charitable activities Educational activities 545,589 - NET INCOME/(EXPENDITURE) (12,502) - RECONCILIATION OF FUNDS Total funds brought forward 351,050 3,405 TOTAL FUNDS CARRIED FORWARD 338,548 3,405 11. INTANGIBLE FIXED ASSETS COST At 1 August 2023 and 31 July 2024 AMORTISATION At 1 August 2023 and 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 |
Total funds £ 532,969 118 533,087 545,589 (12,502) 354,455 341,953 Course materials £ 286,216 96,296 189,920 189,920 |
|---|---|
continued...
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
12. TANGIBLE FIXED ASSETS
| Fixtures and Computer Library fittings equipment £ £ £ COST At 1 August 2023 18,270 25,693 8,186 Disposals - (260) - At 31 July 2024 18,270 25,433 8,186 DEPRECIATION At 1 August 2023 17,676 23,196 8,186 Charge for year 594 2,006 - At 31 July 2024 18,270 25,202 8,186 NET BOOK VALUE At 31 July 2024 - 231 - At 31 July 2023 594 2,497 - 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Trade debtors 65,276 Prepayments and accrued income - 65,276 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Bank loans and overdrafts (see note 15) - Taxation and social security 12,044 Other creditors 3,585 15,629 15. LOANS An analysis of the maturity of loans is given below: 2024 £ Amounts falling due within one year on demand: Bank loans - |
Totals £ 52,149 (260) 51,889 49,058 2,600 51,658 231 3,091 2023 £ 55,914 3,072 58,986 2023 £ 10,125 5,666 33,115 48,906 2023 £ 10,125 |
|---|---|
continued...
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
16. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years |
2024 £ 13,900 30,916 44,816 |
2023 £ 13,900 44,816 |
|---|---|---|
| 58,716 |
17. MOVEMENT IN FUNDS
| Unrestricted funds General fund Endowment funds Tuition support endowment TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Endowment funds Tuition support endowment TOTAL FUNDS |
At 1.8.23 £ 338,548 3,405 341,953 Incoming resources £ 379,166 379,166 At 1.8.22 £ 351,050 3,405 354,455 |
Net movement At in funds 31.7.24 £ £ (67,548) 271,000 - 3,405 (67,548) 274,405 Resources Movement expended in funds £ £ (446,714) (67,548) (446,714) (67,548) Net movement At in funds 31.7.23 £ £ (12,502) 338,548 - 3,405 (12,502) 341,953 |
At 31.7.24 £ 271,000 3,405 |
|---|---|---|---|
| 274,405 | |||
| (67,548) | |||
| At 31.7.23 £ 338,548 3,405 |
|||
| 341,953 |
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FORMISSION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 533,087 533,087 |
Resources Movement expended in funds £ £ (545,589) (12,502) (545,589) (12,502) |
Resources Movement expended in funds £ £ (545,589) (12,502) (545,589) (12,502) |
|---|---|---|---|
| (12,502) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Tuition support endowment TOTAL FUNDS |
At 1.8.22 £ 351,050 3,405 354,455 |
Net movement in funds £ (80,050) - (80,050) |
At 31.7.24 £ 271,000 3,405 |
|---|---|---|---|
| 274,405 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 912,253 912,253 |
Resources Movement expended in funds £ £ (992,303) (80,050) (992,303) (80,050) |
Resources Movement expended in funds £ £ (992,303) (80,050) (992,303) (80,050) |
|---|---|---|---|
| (80,050) |
The endowment fund represents assets transferred from Springdale College Charitable Trust and is to be used to generate income to pay for student tuition.
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NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2024
18. EMPLOYEE BENEFIT OBLIGATIONS
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £16,201 (2023 - £20,266).
19. RELATED PARTY DISCLOSURES
Aside from the transactions noted above, there were no other related party transactions during the year.
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