Charity r•glstratlon number 1081184 Company r•glstr•tlon number 02400056 (England and Wal#¥l NORTHERN COLLEGE OF ACUPUNCTURE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
NORTHERN COLLEGE OF ACUPUNCTURE LEGAL AND ADMINISTRATIVE INFORMATION Trustaes K Wicklow ECLIU H Thomas N Haines DJay G Webb H Lansdown (AF¢X)inted 20 O¢tober 20221 (Apwlnted 9 Fgbruary 20231 T M Horta Rois da Sifva Srtrntary DJay Charlty numbgr 1081184 Company number 0241X)056 R•glst•f•d offlG• 61 189ate York Y01 6LJ Auditor H8nton & Co LLP 124 Acomb Road York Y024 4EY Bankors Santsnder plc Bridle Road Bootle L30 4G8
NORTHERN COLLEGE OFACUPUNCTURE CONTENTS Pago Trustees, report Stat8m8nt of trusloes. r8sponslbllMles Independent auditorfs replxi Statement offinancial actsvibos 10 ststemenl ol financial poslllon 11 Statement of cash IIow8 12 N¢)tes lo the flnanclal statements 13-23
NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 30 JUNE 2023 The trusts8$ PTeSont their annual rewt financlal statements for the year ended 30 June 2023. financi81 statemènts have been pw8red in accordance wlth th8 a¢cvunling policp$ sot oul in note 1 to thg flnancial statements 8nd comply vAth the Companios Act 2006, 'AcUnting and Reporbng by Charities.. Stalemenl of Recommended Practlce applicable to charibes preparing their accounts In accordance with the Financlal Reporting Standard appliile in the UK and Republic of IrelaThJ IFRS 102) (eftect5ve 1 Jarwary 2019} and Regulatory advlce 9.. Accounts diracdon Is81 by the Officè for Students. Obl•ctlv•s and actlvltl The charlty'$ objects are to provlde educaUon In the art of acupuncture, traditional Chinese medklno and nUtrin an(J there has been no change In these during th8 y8ar. The trustegs have paid du& regard to guldarte Ued by the Charity Commission in decldlThJ what acMtw th8 ¢harty should undertake. Stratoglc rnport The description undar th6 adIngS 'A¢hievements and porfomiance. and 'FinancTral revieyf tho wnpany law roquiromgnts for the trustees to presant a stratsgyc roport. Aehlwom•nts and p•rfom)an¢e 1) The 2022 Intake ol students was of.. 37 for the Bsc in Acupuncture 12 for the MScJPGDlp in Nutrition Sclence and Pradlcg W8 did not offer our online MS¢s in Advanced Oriental Medi(¥no (Research and Practke),. Advan¢d Complemèntary Medicine (Research and Practlcel; and Advanced Nutrition {Research and Practice), whh falled to re¢Nit sufficient students in 2021. We are reviewing our postgraduate prOViOn and awnlng to launch now ¢ourses. 2) Twenty students graduatsd In 2023 w6th the BSG in A(yJpuncture, four of tha$0 wllh Ilrst class hort)urs. F& studénts gradualod with the Msc in Nutrition Science and Practice, ono Wth distinction. Two stud8nts wadualgd with the Msc In Chlnese Herbal Mgdicin&. one with distinctlon, and Ihr88 students 9raduated wllh the PGDip mi ChIne Herbal Medicine. One Student gr&JuatwJ wlih Ihe Msc in Advanced Nulribon {Res8arch and Pract1. 31 Rates of students wtthdrawlng, Suspandlng stu(ty, transfgrrfng to part-tim8 study or splittsng year of modules over tsyo years continugd lo wn at a much higher rate than prior to the Covid pandemlc. C$8$ stated by sludent8 were primarily finandal and heotth-relaled. This was a dear effact of the comblnaUon of tho cost of living crkls and the longer tem health effects followlng the Covid-19 pandemic. 41 Thls ygar teathlThJ and leamSng returned to rolalive nomialty in the wake of the pand8ml& Some ¢sseS In a¢upuncture and nutrilKJn remained onllne. and th8 herbs course continued to run as a mo9Y online c(NJrse. Tho cupunclure dlnlc is operating Sn pre-pandanlo forni, the nuttiOn cllnlc now offers cllents a thoice of face to faco or onlinè appoinlments, and the horbs dlnlG now opgrates entirely onlino. 5) We cantinuod our academlc enhancement acovities. Induding work on collegfrd9 enhoncemenl themes. and we began work on developing c¥Jtton8 for now oour88s. 6) In the National Studant Survey we achiaved scores that were atty)ve the HE healthcare 8¢dor aver40 for 16 (Mrt of the 26 irbdivldual questions. In the T8achiw Excellencè Framewotk we achievod a bronza overdll, comprlslng a sllver forlhe student 8XenCe and bronze for sludenl OLrtcome$. 7) MembeT8hlp of our onlin8 Practitionor Hub Contin1 to grtrw. The Hub contsnugd to provide an orIn8 communlty for our alumni and other practllioners. with CPD courses and Iho Opon to loln online supervision groups. Th1$ yfjar the Hub began to offer in-person CPD courses to complemont the online cour$es, and we doveloped B one year onlir CPD courso in Chinese M8dicina Nutrition. which recTuW 21 Students for a start In October 2023. Th& Hub also r8n a very well re¢eNed NCAweekend conferencg in Yor
NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPOR (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 8) Our teachlng dlnks conlnued to offer a hlgh quallty prOfeonal serwce at much r8due8d rates, both to th810(¥l communlty and. In the case of the online dbnlcs, 8180 lo people fijrther afiehj. Patient $utveys and feedba generally domonslrale a high level of satisfaction. 91 We continued to devebp our research activity, with a particular focus on the first pilot stage of a me4or sludy of acupuncturo and nutrition for alrfal flbrflkon. 101 College staff continued lo contrltrrtjte to thè th of our professital bodies and the HE sector In a varlèty of ways. 11} Staff development activity arKI researth and scholarshlp acirvTty continued, wllh som8 teachlng staff 8ngaging in high levels of research and scholarship activity. 121 Wo rgport on 3 publicallons 3 0)nfererKe presents0 by Msc alumnl. 131 Our validating Partrlsh[p with the UnNer8ity Coll8ge of Osteopathy IUCO} conlknued Into Its thlrd yoar, enabllng our students lo continue to aecess student 108ns and providlng a supportive parb)8tship wlth an HE prOd$r that teachè8 cognate subject areo$ and understand8 the particular challenges fry small spe¢iak'st prowders. 14) We review (Mjr overall 6tralegy and identlfiod opwrtunllle8 for develcpmènt of new courses. Financial rovlew W• had a suiklus of £10,031 In 2022-23. following on from 2021-22 when we h8d a defldt of £55,391. Our Intske of new students In 2022 was reasonable consi¢Jering the finandal uncertainl$ caused by the current cost of INing c¥i$is, but numbers wern lower overall. In additKJn. we again exp8rign¢ed higher Ihan 8xpected rates of students wilhdravlng, Intemjpung study, trarnferring to part-tsme study or #preading one y8ar of study ovar tsvo yaars. Our anatysis of thls shows that financé and health were the primary causes of student drop out. However, our 8xp8ndlture was well contrdle(18nd the final otJIrn8 was a surplus. Our careful advance planning has meant that we have been able to functron 8ff8Ctn181y throu first th8 pand6mic and Ihen the cost of INing crisis. but the affe¢l on the Ilvey of our mature student population continues to Impact on us. We are undertaking detailed planning for new income generation and this combin8d with our usual adaplability 11 enablè us to continu8 to provide our educational and dinical serylces whlle continuing to invest prudently in actlvllles and wojects whl¢h are expectèd to benefit our futtjre income. and whth will fvrther advance our charitable objectives. In the meantime. wllh a small surplus In 22-23 w8 have been able to protect our minimum reserves, enabllng us to face any fiJlw8 uncertoSnUes with confidence, and protecting th8 overall financlal health of the College. It is the policy of the charlty that unrestricted lunds whlch have not boon dasign8te(I for a 8peafic use should te malntained at 8 level of not less than £185,000 eath year. The trustees consider Ihat reserves at thls lov81 ensure IhaL In the event of a Slgnlflcanl drop in funding. they 11 be able to wntlnue the charty's current activiti8$ while consIderaOn is given to W8y8 in whith additional funds moy be ralsed. or they wll be ab to decide to dose their course5 to new students but ¢onliiu& OPgTaling while existing students Gompl8t8 Iheir studi&s. Tha unrestricted fvnd balance as at 30 June 2023 was £298.639 {2022.. £286,763>. Additional reserves are being hold for use In proigcts Indudlng 8UPPOrtlng students with Iheir research projects. The restrf¢tsd fund balance as al 3D June 2023 was £16.86012022'. £18,705>. Internal Control Wa malntaln a 'rfsks and Issues registert whlch Is considerod by our Board8 8NI Commlttee8 regulat1y throuyh th8 year. reviewed by tho Board of Dire¢torsffjwslees, and used to inform future plannlng In Ilne wlth our charitablo objecllves. When a Board or Committee identifies A Changed or increased risk. or a new risk, this is 8scalat8d to th• Board of DIrectOrsruste8$. The reglsler Includes a scorlng System fr)r the IlkellhoNJ of rlsks becomlng a reallty. the impact of rksks rf they become a mality, the degree of control wg have over the risk, and the wi881ble 8p8od of escalation of thg risk. 1I5ks that are (x)V8r8d include buslness, cyerational, compliance wSth law and regulatory bodie3, finandal, management and govemance. ond customer soryke risks.
NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 The dLrtS of the Board of Dlr8ctorsrrru$tses Indudo dutles trj "monltor Iha profgssica1. comm8rdal and reputstlonal rl$ks faclng Ihe College, ensuriryd that ther¢ are effe¢tiVo systsms of control and risk managemenv and to 'onsure that the long-term vialxlity of the CrAlego is maintained through m¢)Nloring the performance of the College. induding financial and managerfal aspecls". To oSSlSt in Ihese duties the Board recebves Fewrts from Ihe Resources Committee and Prlnclpal at every meeling. No sign¢an1 intemal Control w•aknesses or failures have arf86n durfng %)22-23 or since the year end. Plans for fulure perfods Out ov8rall stralryic airn5 for 202&2026 are: 1. To advance the 8ublect areas and professions in our ar&qs of Intere8( grow tholr professionallsation and rgs91 base to promte acceptsnce of our disciplines the wider publi¢ good. 2. To Prowde an Incjuslve. 8UPPOrtfve. high qualty. ros&arch informed and slimulalng learnlng enronm for Ihe dIverty of our 8tudenl populatknn. 3. To achigve a stablo and sustainable po8ition for th8 Collage vrrithin the hIgr education sèctf. In support of Ihese dims. our KtIeS are: 1. We bvill enhance tsur approach to teachg. leaming and studant pport Nthlch engages Students and enables their leamino and personal groth for Ihelr fubJre succes8. 2. We will strgthen our endeavours lo uleIn Subject and edu¢atK&nal activitss wrth researth, by contributing to and $1oering resaarch initiative8 which promote Iho und8r8tanding of our dlsdplines ond evaluate thelr efficacy. and by developlng relevant collaborations in both oducatlon and research. 3. We will create opportunltles for lh8 passion arKI enthusiasm of our 8taff to omerye, by continuing and strengthening our commiknent to ongoing stsff devdopment whlth support8 Students in their professional development, enUrage$ th8m to work at the College, and enhKes sludonts, leaming oxparign¢e. 4. We will create stages sustalnable gro4th for our educalK*nal prow&on and wlll eW our Idenllty to ensure It is frt for the future. 5. Wo will continue Io engage with regulatory d8v8lopments in UK higher ethcation, worklng vAlh profe881onal and stalulory bodies, pursulng our own degree awarding powots. and 8thSevlng a change In our Office for Stydents statu8 to fea c8p provlder. 6. We wlll dgvolop out IT infrastrUre, ensLAdng that it meets the needs of all aspects of the College's actmty. e have Idonfle 8av6ral opportunldes to davelop now o)urses. which expg¢ted to Gcffilrfbuto to InGrgased incomè trom 2024.
NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORn (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 structur•. gov•rnancg and management Th8 charity is a company limited by guarantee and accordingly ha8 no share capital. The trLi8lees, who are 81$0 the d1CtOrS for thè purpose of company law. arKI who served during the year and up to the dale of svJnature of the financial staternenls were.. K Wicklow J R Galloway ECL5u H T1Ma8 N Haire$ DJay G Webb H Lansdown T M Horta Rels da Sllva (Resigned 14 October 2022) (Appointed 20 October 2022) {Appoinled 9 February 20231 The serving trusle8s have the rxiwer to co opt new truslees. New trustees are ass18ted through their induction by exBling tnjslees and officials of the charlty- None of the trustees has any benefldal Inlerest In the compony. Al of e trustoes aro membpTS of the G¢ynpany arKI guarantee to ntrIbUto £5 In the gvent of a wlndlng up. Quallfylng thlrd party Indwnnlty provSslons Th8 duties of thg Board of DirectOrnrUste0s am.. To ensure the College's sustainability by Working wth the Principal and management team to agree the Cdlege's S1h110sophy, and straleglc dire¢Abn. To ensure that the vision and ethos of the College are sustained and that thè College works to achieve its stratègic aims and charitsbl8 objè¢tives. To ensure that the lonlerni viabilty of the College is maintained through monitoring the performance of th6 Collegè, including finanal and managèrial aspects. To monitor the Professional, commercial and reputational risks facing the Coll8ge, onsuring that Ihere aro effecbve system$ of Control and risk management. To protect the reputotion of tha Coll898 by being assured that cl8ar regulations, policies and prooedures that Odhere lo legislalNe and regulatory requirements are in ploce, ethiG81 in noture, and folk)wed. To uphold the College's Code of Practice on Freedom of Speech and to en$ure that academic staff have freedom wlthln the 18W to questlon and lèst received wisdom, and to pul forward new Sd88s 8nd controversial or unpopular ormnions. without plaong themsefves In leopa of loslng their jobs and privileges they have al the College. To re¢eNe assurance that academic governance is effective by working with the Academic Board to maintain a¢ademi¢ and rosearch standards, ensuty enhancement of teaching, leaminu and assessment, and ensure that academic risks are effecbvety managed". To promote equality and diversity throughout the institution, induding in rdation to its own operation. To work wth the Principal and managament team to be assured that effective ntrol and du8 dilig($ tske Pla in relation to institutionally signrficanl extemal activities- To review demands made by the processes of university validation and profrssional accreditation, assess the re80urce implications of these demands, and determine what fysponse the Cdlega should make. To ansuro that thg Collge'$ govornan¢g structuS and pro¢8$$gs are fft for purposg by rgferenciry Iham against recognised standards of good practice, including the HE Code of Governance. To appolnl the Princlpal, Support and lo advi86 h1Mfftr In delfvery of the College's oblecuves, and temiSnate hlslher contr8cI as appropriate. To appoint &ithar Dirodors or one Dir8Ctor and on8 Sen m8mb8r of tho Collage stafl lo undertak appralsal of the Prlnclpal.
NORTHERN COLLEGE OF ACUPUNCTURE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 To receivo requests for medlatlon from staff arKI implement medlatlon processes as appropriate. when the College's standard processes lindud*o the "sorn9 OLrf' process) havg been used without athlevlng a satisfactory outcome. To recelve appeals at the appeol stagè of th6 staff dlsclpllnary and grfevancg prduras, and to nominate a Director to decide on the appeal. To nominolo on8 or more Directorls) lo th8 Hgoring Committee of the appeals 8tsge of the student grfevance procedure or of the Student dSsclpllnary procedures. when approprfate. ' Indudlng partngrshlps B ciAlaboratp)n, recrultment an¢J retenn of students. provl$lon of infumatKJn, qualty assurance and rarch integrity. ** Extemal activitiès wllh substsnts'al potenllal for finanrAal or reput8tional rSsk, Including fund-ralslng, donaOn8, corporate sponsored research, subsKliaries. partner8hips and other c4)mmeroal activities. Audltor In accJ)rdan¢8 with tho companys articl05, a resolution proposing that Henton & Co LLP bè reapp01n11 as auditor of the MpanY will be put al a General Meetlng. Dl8closurn of Intomiatlon to audltor Each of the trustees has confirmed that thèrè is no Information of vthich they are aware which is relevant to the audit. but of whh the auditor is unawdre. Thoy have further confirmed that thgy have taken akwropriat& steps to Jentlfy such relevant Informatic and to establish that the auditor is aware of such inf0mtion. The trustees, report, IndIng tha str8tagic report. was approvèd by the Board of Trustees. H Thomas Trustee 19 October 2023
NORTHERN COLLEGE OF ACUPUNCTURE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2023 The Iruslees, who are also the dlrectors of Northern Collège of Aeupuncture for the Purpose of company law, are responslble for preparfng the Trust6a8' Rert and tha ffinanci818tatemenls in acts)rdance with applicable law Unlted Klngdom Accountlng Stsndards {Unlted Klngdom GeneralAccepted Accounllng Practi1. Company Law r8quir8s the trustegs lo prepare finanual ststem&nt8 for eath finandal year whlth glve a tru8 and fwr view of the state of offoirs of the charity and of the inooming resources 8pplicati)n of re8wr¢es. irduding the income 8nd expenditure. of the charitable company for that year. In pr•paring these financial statements, the INstees are required to.. - selert suiloble accounUrwJ polldes and then atply them n819tenty,. - obseNe melhods and prirKipl8s in tho Chariti8s SORP" - make judgements and estim8t88 that are rn880n8ble and prud1. stale wh8ther appli18 UK Accounting Stsndard$ have boen followed, Subioct to any material dgpartur&s dlsclosed and explained In the finanual statements., and - prep8fe the financial ststements on the g)Ing (x)ncem basis unless il is inappropriate to pr88ume Ihat the charfty 11 continLre in opgr8tlon. The trustees are responslble for keeping adgquale accountlng records that disclose wth reasonable accuracy al ony bme the finanGIo1 posibon of the charity and enable thom to ensure th* the finanryal statements comply with the Companies Act 2006. They ara also responsible for safeguarding the assets of the charity arKI hence for taknng re8son•ble steps for the preventknn and detection of fraud and other irregularitK88.
NORTHERN COLLEGE OF ACUPUNCTURE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NORTHERN COLLEGE OFACUPUNCTURE Qplnlon We have audlted the financlal statsmènts of Northem College of Acupurthre (the 'charWI for the year ended 30 June 2023 whh (x)mprise Ihe statement of finandal activeS. tha 8tst8ment of financial position, th8 ststement of cash fbws and the notes to the financial stat8rrnts. includiro a summory of signlficant accntI policies. The finanThal reporbng framèwork that ha8 been applled In their prèparation is apIcable law and United Kingdom Accountlng Stsndards. Includlng Flnancial Reporting Stsndard 102 Tho Finan¢ial Reporting Standard applicable in th9 UK and Rgpul)li¢ of Ireland Iunited Kingdom GenerallyAcc6Pted Accounting Practieèl. In our OniOn. Ihe finanaal ststements.. give a true and falr viaw of the stale of the ¢haritoble companys affalr8 a8 at 30 June 2023 and of its Incoming resources and application of resources. for the year then ended. hav8 been properfy pr8pared in accordance with United Kirwom General Accepted AKountirvJ PActice,' and have been preparad in accordance with the regulrements of thg Companies Act 2006,. and In all material aspects meet Iho requirements of th& OfS'$ accounts direction. 84$1$ for oplnion W8 conducted our audit In accordanca wth Intemational Standards on Auditing {UKI (ISA8 {UK)} and applible law. Our reskK)n$ibil1tS under those $tsndard$ are further described in the AuditoPs responslbillties for (he audit of the fvJanci81 statements $8Ctlon of our reporL We are Sndependent of the charity In accordan with the ethical requireTrxnts that are relevant to our audit of the finanGk41 statements in the UK, including the FRC'S Ethlcal Stsndard. and we have fufllled our other ethical responsibilities in acceance with these requlremenls. W8 b8lieve that the audit wSdonce wa have oblalnod is sufficlent and appropdate lo provid8 a basls for our oplnlon. Concluslon8 rolallng to golng ¢onc•rn In oudrling the fin8ncl81 statements. we have conclu¢Jed that th6 Iru8tseg' use of tho go5ro ¢oncem basis of aOuntIng In the preparation of the financial sl8tsments is appropriate. BasJ on Ihg work we h8ve parformed. w8 have not Iden1bf any matsrfal uncertaintie$ relating to events or conditions that. individually or colleGtlvely. may c8s1 significant doubt on the d)8rfty's ability lo continue as a gThng conc£m for a wiod of at least twafve m¢th$ from when the finandal statements are authorised for18SUO. Our responsibilities and the mswnslllllo& of the trustees wllh respect to goiry ¢))n(*m oro dèscrfbed In tho rOvAnt seclion3 of this report. Oth•r Inforrnation Th8 other informallon comprlses the infomation Indudgd in Ihe annual report other Ihan Ihe ffiriancAal statements and our auditofs report thereon. Th8 trustees arg r9sponsible for the other infornation contained wlhin the annual report. Our opinion on tho finanaal statemènts does not cover the other information and we do not express any forni of as5ur8nce conclusion Ihereon. Our responslbility 18 lo raad the other information and, in dtyng so. consider whether the olher Infomallon Is matsrially inrA)n$l$tent with the financlal ststemenl$ or our knowledgè obtslned in the course of the audit. or otherwise appears to be materially misstated. If we identfy $uch material cOnsistenc1e$ or 8pparenl matsrial misststsmenls, we are required to determino whothgr Ihls glv6s rise to a matgrfol misststement In the finanGKqI 5tstements themsefves. If, bassd on the work we have perfomwj, we ¢ondude that there is a materfal mlsstatsmont of this olh8r information. we are required to r8p(N1 that f8Ct. We have nothing to raport In thls regard. Mattors on whlch wo ar¢ requlred to rnport by ptIon We h8v8 nolhkng to report in rgspact of the following motters in rdalion to which the Charitiès <AOunts and Reports) RegulatnS 2008 r8quir8 US to report to you if. in our opinlon: the Information given in the finanGlal statements is in¢onsist8nt in any Material respect with Ihe trustees. rgPQrt.' or 8ufflclent acoounlng records havg not been kep( or Ihe flnanclal slaÈemenls ara not In agreement wth the accounllng records: or we hava not r¥8 all the infomiallon and axplanations we r&Juir8 for our audll.
NORTHERN COLLEGE OF ACUPUNCTURE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NORTHERN COLLEGE OFACUPUNCTURE R•sp¢)nsibllltl•$ of trust• As explained moro llY tn thg statement of trustees. resporksrbllmles. the truste88. who are also the directors of charity for the purFrt)se of company law, aro responsible for the prepar8lon of the flnanaal Ststements and frjr bglng satisfied that they give a true and faK view. and for such intemal control as the trustees determine is necessary to enable the preparation of financval statem8nts that are free from malarial misstatement, whether due lo fraud or error. In preparing the fln8ndal stalemenls. the Iruslees are responsible fr)r a$sesslng the chartty's ability to continue as a going ¢onc8m, disdosing. as appllcable, matt8rs related lo going concem and uslng the going concern basis of aecounting unless the Iru5tees either intsnd lo liquidats Ihe charttab19 Company or to c888e operation8, or have no realistic allemalive but to do so. Audltorfs rponSIbIlItI•$ for tho audlt of th• flnanelal ststgmgnts W8 have been 8ppolnted as auditor under section 144 of the Charlttes Act 2011 and rgpc*t in a¢¢ordance wrth th A¢t and relevant regulalkjns made or having effert thereunder. Our oblectlves are to oblaln reasonable a3suTance aboLrt vthelher the financial Statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guar8nlee that an audlt condueled In accordance th ISAS IUKI will always d91oct a matsrfal misstatement whon it exists. Misstatsments can arlse from fro1 (Y error and are consided material if. indiwdu811y or in the aggregate. they could reasonably be expected to influenco the economic declsK)ns of users taken on the basls of these financial ststemgnls. Irregularflles, Including fraud. ara instances cf non-compliance wth laws an¢J regulations. We deslgn proceduras in line our responsibiltbes. outlined above. to detect material misstatements in respect of irregularibes. incjuding fraud. The extant to whlch our prctedur8s are Gapablo of detecting irregularities. including fraud, Is detsbled bekhv. We have obtained an understanding of th8 legal arml r8gul8tory frarrowork appllcablo to tha Charfty through dlscussions th senior management and reW of the gutr)ry framework of any professional or membership bodl&s that the Charity is a part of. The Charfly uses third parties to ensure that it remalns up to date with changes arKI lo rawaw ¢omplSan¢8 with all ts Iggal and regulatory requirements. In marj our a88essment of detectin9 Irregularilies. includitYJ fraud, we have discjjssod the issue with manogemenl who have advlsed that therè havo baen no changes and the Charfty remalns compliant with its l$g81 and regulatory r8quir8m8nl. Nothing ha5 been brought In completlng our 8udlt that eontradicts thls. The laws and regulations Klenllfied as $vJnifKanl includo Companies Act 2006, charfu Act 2011, Ihose producod by th8 offi(% for Students. heallh and 88f6ty leglslallon. employment laws. dats wotecbon. and relevant tax18WS. In making our 8SS8$sment of the sueplb1l1ty of the Charitys finandal slatements to malerlal ml$statem6nt. we have also considered how fraud mpahl occur. Our risk assessment procedures indude: enqulry of members and management lo understand Iho htgh level pollcles ond procedu in placE to prevonl and detect fraud and reading Board minutes. As a r8suIt of these procedures we Identffiod lh8 greatest potential for fraud In the follovAng areas: revenue recognitKJn and in particular th8 risk that ravenu818 reco•d in the WTong pgrfod: and subjecVe a¢countirbg estimate$. Both risks arise due to a polgntial desire to present strongor results. A8 requlred by auditlng stsndardg we 8180 idenllfied and 8ddressed Ihe risk of management override of contrds. We performed the followkng pro¢edLThS to Address the r18k8 of fraud Identified: revlewlng financial sLitemant dlsdosures and testing to supporting documenlauon" 8uditing the dsk of management override of controls, Indudbng through testing joum81 entries and other adjustments for approprfateness, and evaluating Ihg trwsln888 ratlonalo of Significant transactKJn$ outslde the nomal ¢our5e of busin8SS'. ossessing signfficant accounllng estimates for lyos., and tosling the IlmlryJ and rocognIti of incnme and. in p8rtlcular, that11 was appropriatgly recognlsed.
NORTHERN COLLEGE OF ACUPUNCTURE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NORTHERN COLLEGE OF ACUPUNCTURE No Instances of matwial mi$slat8m8nt or fr8ud have been noted in the audlt of the accounts for the year eThdJ 30 June 2023. Th6 engagemonl partngr has assesse(l that the gngagement team has th¢ appropriate compelenee and capabilities to identlfy or re¢(nISe nonrycompliance with laws and regutIonS, affecle(I by the Inherent dlfficajlty in detecting irregulaiities, th8 effectiveness of the Charitys controls, and the n8ture. timing and extent of the audit prrKedures perfomgj. No matters of non-complianc8 with laws and rogulations and fraud were idenullod by the engagement team. Our audlt procedures were designed lo r85wnd to dsks of matsrial mbsststement in the financial slatomonts. recognlslng thal the rlsk of not detectlng a matsrial misstatement due lo froud is higher than the rlsk of no detectirg onè from orror, as fraud may involve deliberate concealment by, for oxample. forgery. misrepresenta0n8 or through collu$ion. There are Inherent limitations in thè 8udf( procedurgs performed an the furthgr rgnv)ved non-compliance with laws and regulations Is from the events and tranSaCtn$ reflected the ffinanrAal statements, tha less likely we 8re to become aware ol it. A furth8r description of our responslbllltkgs Is available on th8 Finandal Reportlng Cou11'S website at: hllps:11 w4.fr¢.org.UadItQr$re$ponsIbil68. Thls descjiption fomis part of our aUd0S report. Us• of our r•port Thls report 1$ made so18ly to the djart9 Irusteo$, a$ a b, In accordance wtth part 4 of the charl8$ {AcUnts and Reports) Regulations 200B. Our audit work has been undertaken $0 that w8 might state lo the charitls trustees those matters we are required to stalo to them in an 8uditofs report and for nts other purpose. To Ihe fullest extent pamiitted by law, w8 do not accept or assume respon$ibillty lo anyone other than the charfty arKI the charity's trustees as a ldy, for our audit work, this report. or for the opinK)ns we have fcnngd. Brott Davi# {Senlor StstutoryAuditorl for and on boh•lf of H•nton & Co LLP Chartored A¢¢ountants Statutory Audltor 124 Acomb Road Yo Y024 4EY 19 October 2023 Henton & Co LLP 18 ellgible for appolntment as audltor of the charity by virtue of tts ellgibility for appointment as audltor of a company undar section 1212 of the Companies Act 2006.
NORTHERN COLLEGE OF ACUPUNCTURE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 unrtrICd Rostrf¢tod funds funds 2023 2023 Total Unrostrlcted Restricted funds funds 2022 2022 Total 2023 2022 Notgs n¢ome from: Charitsble 8clivilies Investments 1,046,158 3.200 1,046,158 3.200 1,098,565 1.193 1.098,565 1,193 Total incom• 1,049.358 1.049,358 1.099.758 1,099.758 Ex ndlbjro Charftsble activtli85 1,037,482 1,845 1,039.327 1.155,149 1,155.149 Net incom•llexpenditurn) for the yearl Nèt m1MOnt in funds 11.876 (1,8451 10,031 155,3911 {55,3911 Fund balances ot 1 July 2022 286.763 18.705 305.468 342.154 18.705 360,859 Fund balanc•s at 30 Jun• 2023 298.639 16.880 315.499 286,763 18.705 305,468 Th8 statement of financial acllwlies indude$ all gains and108ses recwnlsed In the year. I Incomè and expendlture derfve from conllnulng actiwties. The staternent of finandal act1lIeS also ¢LYnplleg with th8 r8quiromonl$ for an In¢om8 and expendliure aecount under the CompanN8s Act 2006. 10-
NORTHERN COLLEGE OF ACUPUNCTURE STATEMENT OF FINANCIAL POSMON AS AT 30 JUNE 2023 2023 2022 Flx•d Msets Tangiblo a880ts 11 13,951 15.118 Current a8s0ts Stocks Debtors Cash al bank and h8nd 3,600 42.671 470,125 3,600 45,315 464.995 13 516.396 513,910 Cr•dltors: amounts lalllng du• wlthln ong y•ar 14 {214.8481 (223,5601 Nel current a88ets 301,548 290.350 Total assets le88 currnnt liabilitiè8 315,499 305,468 Incom• funds Reslrfcted funds Unrestrfctsd funds 16.860 298.639 18.705 286.763 315.499 305.468 The wnpany is entiued to the exeMPn from the audft requlremgnt ntained in section 477 of the Companies Act 20C6, for thg yeor ended 30 June 2023. alth19h an audit has been carrièd tyjl undor socn 144 of the Charltie8 Act2011. Th8 (IlreOr5 acknowledgo thoir responsiL¥lriios for ¢omptying wrth the requiremerrts of Ihe Companies Act 2LN)6 ilh r8spect to accountiThJ records and the preparatiw of financial 8tal8ments. Th8$e finanaal Statsmonts have been preparod in acLordan¢e wlth Ihe Pro810n$ oppllc*bl8 lo companies subloGt to the sm811 companlgs reglme. Thg financi81 slalements were approved by the Trustees on 19 October 2023 DJ8y Trust•• R Blackwell Accountablo Offlcor Company R•gi8tratlon 140. 2400056 11
NORTHERN COLLEGE OF ACUPUNCTURE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 2023 2022 Cash flows from op8ratlTrg aethittl•$ Cash ganerated fron18bSQrtjed by) operat 19 5,228 {15,3761 Inve¥tlng acthiltles Purchase of tangible fixad assots Investrnent Income received (3,298) 3.200 (2,988) 1.193 Net tash used In Investing activiti•s (98) (1,7951 Ngt ¢a$h u8•d In Ilnanclng adlvlll•8 Not incre¥selldecrthis•P In cash and Cash equ6valents 5.130 {17,171) Cash and ¢8sh equlvants at b8ginnlng of year 464,995 482.166 Cash and ca8h equivalents at end of year 470.125 464,995 12-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Accounting poll¢l Charlty Infomiatlon North8rn College of Acupuncturo bs a private company Ilmfited by guarantee incorporated In England ond Wale8. The registered offlce is 61 MlckJeg8le. York. Y016LJ. 1.1 A¢¢ounting ¢onv•ntlon The financlal statements have boon prepared in accordance with th• the Companies Act 20Cfj. and "Accounting and Rekx)rting by Charities.. Slalement of Rgcommendad Practice applicable to charities preparlng Ihelr accounts in aco)rdan th the Flnanclal Reporting Standard appll¢able in the UK and Republlc of Ireland IFRS 1021 {effactive 1 January 20191 and Regulatory advice 9: Accounts dlrection is$u9d by the Offica for Stud8nts. The tharity 1$ a Public B8n8fil Entity as dofined by FRS 102. The financlal statemonts are prepared In 8tedlng, whh is th¢ functional currency of the chwlty. Monetsry an)UnIS in these finanaal ststements are rounded lo the nearest £. The finandal statements have b•en propared under the historical cost ¢onvenlion. Tho principal accounting Pdic adopted ar6 sel out bglow. 1.2 Goln9 COnM At the tlme of approving the tlnanclal statements. the trustees hava a r6asonablo expeclatlon that the charity has adequate resourcas to conl'nuo In operational existence for th& foreseeable fulure. Thus th8 truslees ontinue to adopt the golng con¢8rn basis of accounn9 In preparing th8 financial stalaments. 1.3 Ch•rllabl• funds Unrestricted funds are available for uso 81 th8 diserètion of the trustees in furtherancé of ther charilablo obJe¢tsve$. Restrlctad funds are subpct to specific COndonS by donors as to how they may b& used. Tha purposes and uses of Ihe restrictod fvnds ore sel ¢yJt in the notes to the flnanclal Stalements. 1.4 Incomo Income 15 regnISed wh8n Ihe charity is legally entlued to it aftor any perfonnanc8 ¢ndilion8 have b8en met, the amounts can be measured rellably, and11 Is probable that income will be received. Fge 1$ recognisgd in the period in which stu{Jts aro Studwng. Cllnlc recelpts are recogni88d In the pedo(J In which the sorvice is provided. Grants for Immedlate expenditure are a¢counted for whan they become receivablè. Grants received for $p8ofic purpose3 are tre8tsd as restricted fvnds. Grants whlth are re¥9 for ftAlur¢ accounting periods are deferred and rewnbsed in those Peri(. IrKomg from tho sale of goc#ls Is rgcognised when receivabl8 by th8 tharity. Rent Is recognBed when recelvable by the chaiity. Interest is rèwJnlsed when rocgivable by the Charity. 13-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Accountlng policios ICoTrtinu•d} 1.5 Exp•ndlturn Expenditure Is recLJgnSsed on an 8ccruals basls 85 a Ilabllty18 Incurred and 13 dassified under the froadlngs of the Statement of finanaal activities lo whic il relates: Expend1ture on charltable aelivities indudes all costs incurred by a ch8rtty in undertaking adNiti¢s that further Fts charitable aim8 for the benefit of its nefiari&S, including thos8 support costs and costs relating tr) the govemance of the tharity apportioned lo Gharttable wAlvitie All costs aw allocated lo expendlture categories reflaclng tho use of th8 resour¢8. Dkect costs attributablg to a slngle actNity #re alkncatsd dlrecuy to th8t acbvity. Shared costs are apportioned been the actiwbes they contribute lo on a reasonablo, lustffiable and consislenl bags. 1.6 TangibJ• fixad assets Tangible fixed assets are Inlllalty measured at cost and subs8qu8nlly mea$ur8d at cSt N valuatlon. net of depredatlon and any impairment Ios$88. Depreciation is recognised 50 to wr6te off the cost or valualron of assots 18S$ their rnsidual value5 over thfjlr useful lives on the following bg8es'. Fixturns and fittings 15%120%125% reducing balanc The gain or Ios5 arfslrwJ on th8 dlsposal of en asset Is delernlned as the diff8rence betrn the sale proc8•d$ and the carrying value of the asseL and is recognls8d in the Statement of finanGio1 activeS. 1.7 ImpalMnI of fix•d aets Al aach reporting end date. tho ¢harlty revlews the carrylng amounts of its tangible and Intsnglble assets to detemiine whether there 1$ 8ry indication that those assets have suffered an impaivmenl loss. If any suth Indlcalion exlsts. the r8coverable Omounl of the asset Is eslimat8d in order to del8Thine the gxtent of the impairngnl loss IW any). 1.8 stocks Stocks are stsled al the l¢)wgr of co81 and estlmatgd Selllng pdc6 less costs lo complets and sell. Cost comprises direct materials and. whore apKAicable, dired labour costs 8nd those overheads that have been InrTed In brlnglng the stocks to their present location and condition. Items held for distribullon at no or nominal cthi$id8rabon are m8a8ured the lower of repl8ment cost and cost Nat realisablo value is the estlmated selltng price less a119sllmaled costs of comp18th)n and (x)sts lo bè Incurred in markeling, selling and distribulion. 1.9 Cash and cash •qulvalonts Cash and cash equSvalents indude cash Sn hand. deposits hald at Call with banks. Qthgr short-lerm Ilquid irwestments wilh original maturities of threa or18s5, and bank overdrafts. Bank overdrBft8 are shown wthin borrowros in Current Ilabllllies. 14-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 A¢¢ountlng pollcl•s (contIndI 1.10 Flnanelal Instrum•nts Tha charity has electod to apply the provisions of S8¢n 11 'B8sic FinancAal Instruments, and Section 12 'Other Financ481 In$Érum&nts Issu8s' of FRS 102 to 1 of its financial instruments. Financial instruments are recognlsed In the carftYs balre sheet when tho charity becomes party to thg contractual provisn$ of the instrument. Financial assets arKI liabliti88 a offset. with the net amounts presented in the ffinancial statemènts. when there is a legalty enforce8ble rlght to set off tha re(£on18ed amounls and thate is an intention to settle on a net bads or to rea118e Ihe asset and selue the liability slmultaneously. 8aslc fln*n¢ial ass•ts Basic finon¢ial assets. which includo dgblors and cash and bank balan, ar8 infaally measured at transadion price includlng tr8nsaction costs and are sub80qu0nY caniad at amortised cost uslng th8 effective interest method unloss the arrangement constitutes a financiig transaction. wherè the transaction is measured at the presgnt valu8 of lh8 lutura re¢%lpls discounted al a market rale of intsfosL FInarla1 assgts cla88Med as recelvable within one year are not amortised. Bask fin•nci•l liabHldo$ Basic financial Ilabillu. includiro creditors and bank loans are initi8lly recogni88d at transadion price unless thg arrang8mont constilute5 a lln•n¢ing transaction. where the debt Instrument Is measured al the present value of the future payments discounted at a mart(8t r8t8 of Intere81. Fin8n¢ial li8bilib6s dassrfied as pays& within one year are not amortised, Dobt instrumants are 5ubsequent rrIed at amortised co8t. uslng the effecllve Interest rate method. Trade cre(Jitors are cbIlga0ns to pay for goods or servlces that havo b99n acquired in the ordinary couw of op8rdtions suppliers. Arunts p8yabl& are classffied as current liabilities if payment is due within one year or los$. If not. they are presented 8$ nonwcurrent liabblttbes. Trade credMor8 are re(£gnlsed initially at Iransaction Pri and subSequenY measured at omortisad C¢ u81ng the effective inler8s1 methoj. Dergwgnltlon of ffn•n¢lal Ilabllltl•s Finan81 liabilities aT8 dereexYJnl8ad when Ihg charity's contractual obligations explre or ar0 dlscharg9d or cancollgd. 1.11 Employ•e benoflts Tho Cost of arsy unused holiday antittomonl is recognised in the peiiod li whl¢h the employee's services are raceived. Temiinalbon bonefits are recognised knmediatsly as an expense whon th• ¢harity is demortstrably 1xMItted totgminale the employmgnt of an amployee Or to provide larminalion benefts. 1.12 Rètlrnm•nt b•nefiis Payments to defined ¢ontribulion retlrement benefft scthemes are Chorged as an e4)èns6 as tlw fall due. 1.13 Cr•dltor8 and provlslons Creditors and provi8lon8 are recognisod where the charity ha8 a present oblig8tion resulting from a past 81)t that vrill resull In tho transfor of funds to a thlrd patty and Ihe amount due to settle the obllgation can b• measured or estimated reliably. 15-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Crftlcal a¢countlng estlma¢e$ and judg•m•nts In the applKalion of the chariV8 accounting pdicie8, the trustees are requ811 to make judgements. estimot•$ and as3umptions about the carrylng amount of ass8ts and liabilities that are nol readlty app8r8nt from other sources. The eslimales and associated assumption$ are based on hlstorlcal experience and other f8Gtors that are conslder8d to be relevonl. Actual results may differ from these estimal8s. The 8stimates and undgrfwng assumptlons ar6 reviewed on an oroolng 1$. Revisions to accounllng eslimates am recognised in the period in which the estimato 1$ revised whore the revision 8ffgcts only Ihal per4od, or in the perfod of the rewsion and future periods whara the revblon affect5 both current and fuiure parl)d8. Charitabl• actItItS T•a¢hln# f••8 Cllnlc r•IPts81l$$ Of b¢>Dk¥ Practltloner Hub 2023 Total 2022 2023 2023 2023 Sales ¥thin Charitab actlvMI8s 953,683 59.803 3,630 29.242 1,046,158 1.098,565 For the y•ar •n41gd 3Q Jun• 2022 T•achlng f••s Cllnl¢ r•e•lptsSal88 of book¥ Prnrltion•r Hub Tolal Sales thIn charitabk8 activities 1,024,024 58.128 3,361 13,052 1.098,565 Note on grant gnd fee income.. 22-23 21-22 ranl income friNn the O rant incomo from other bodies 88 in¢om8 for taught award (exclusive of VATI 937,228 1.010,944 Fee income for research award exduslve of VATI IA IA 99 Inme from nonrf4ualfying urs8s18xclusive of VAT 16.455 13,080 otal granl and fee income 953,683 1,024,024 16-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Inve8tmonts VnT•Strl¢t•d UnrnstriGt•d funds funds 2023 2022 Renlal irKome Inleresl re¢¢fvable 1.693 1,507 3,200 1.193 Details of grant and f•• Incomè 2023 2022 The source of wnts and fee Income is as follows: Fee Income for tsugm awards 953.683 1.024,024 Tot81 gr8nt and fee income 953,683 1.024.024 17-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Charitabh actlvlt Coll•g• and College and clinic ellnFe 2023 2022 Staff costs DepTrciation and impaymènt Needles an(1 moxa Laundry and $hary)z Herbs L&tur8rs fges Lecturers other 537.155 4,465 3,841 639 7.608 183.603 14,370 562,092 7.563 5,616 2,147 12.497 211,877 11,841 E 11 Universty registration f88s Taaching alds Ac¢reditation and valldalion Library and o-learnlng Bc*)ks resalg Research Other charit8blè expendilur8 24,422 2,387 43,954 13,292 1.202 1,111 197.228 84,375 4,744 45.632 13.187 693 1.780 187,584 1.035.277 1,151,628 Share of govern8n (sts {8ee note 7} 4.050 3.521 1,039,327 1.155,149 Analys1¥ by fund Unrestricte(I funds Rostrict8d funds 1,037.482 1,1S5,149 1.845 1,039,327 1,155,149 Support GO8ts Support Govwnance 2023 2022 Autlit fees 4,050 4.050 3.521 4,050 4.050 3,521 Analysed between Charitable activitses 4,050 4.050 3,521 Govemance costs Indudes payments to the auditors of £4,050 (2022- £3,521} for audll fegs. 18-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Tru$t•es None of the trustees {or any perscffts o)l¢Gted wilh them) rec•ived any ramur*ration or b8nefits from the charity during the year. No Irustse expenses have be6n incurrnd by the chaiity. Employees The avernge monthty number of ompWe8 durtng the ygar was: 2023 mUmr 2022 Numbor T8athing Admlnk8tration 12 18 13 17 Totsl 30 Employment costs 2023 2022 Wages and 8alarfes Social $8curity costs Other penslon costs 497,784 30,307 517,944 34.349 9,799 537,155 562,092 19-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 Employa•s Icontlnuod No employe8s reIVed empbyee benoffts of more than £60,000. The head of the Coll•g8 roceiv&J a basic s81ary of £58,656 {2022 . £57,508) and penslon contrfbudons of £1,321 {2022 = £1,321). The Principal's basic salary is 1.8 ts"mes12022= 1.7 time81 thè median pay of stsff, where the medi4n pay 1$ calculalod on a full-time equivalent basi8 for the salarfos paid by tho prowder to ils stsff. The Prinpal'S total ramuneration is 1.8 tlmes12022: 1.7 times) the median total romuneralNJn of staff, whera the madlan totsl remuneralion is calculated on a fvlbtime equivalent basis for the total remuneration paid by th? ctsrity lo its staff. There were no payments to Ihe Prindpal In lieu ol pension contrfbulions. of dlvldends, of perforn)anc&r6laled pay or other bonuses, and no other taxable or n0n-taXae trnefits OT Other ramUratiOn. There were no salary sa¢rtficg arrangements. Al p8nsion contributions are identified 81)ve. Justrficatlon of the Princi rs remuneration Th8 College is a small HE prov*der, vllh around 200 6tudents, 8nd18 also a registered (a78rity. As is usual for small providers, the Principal's kgy tssks cover a wide range from the stratègic to the operational, and they indude flnancial, professional and18gal rasponsibililies as well as Involvement in marketing end managlng th& 88nloi acadèmlc laam. Tha Prlncipal has been Sn post for 24 years. Under h1816wJ8rshlp the College has expanded Its provL8lon from one Msc course lo fNe Msc cour888 and one BS¢ course, has survwed sub$tanlTal economic challeThJes. especlally Iho 2008 banklng crisis. ha$ built up its financial f8$, and enhanced bts reputatlon as a qualr provider with a strong mMitment lo research. In rècent years the College has had successfvl r8ports from the QualityAssuranc8 Agency for HE and been registered with the Office for SbJdents. In the Natlonal Student SuNey the College consi%ientty athieves hhjh scores for over811 sbJdent satisfa¢bon and generalty scores which are above the $8Ctor averagas. The Pnpal'S perfomance 591Led via an annu81 Ferforman¢e review conducted by tsvo m8mbers of the Boar(l of DirectorSnIste8s, and on an IgoIng ba818 al reguL8r meetings of Board of DirectOrUSt$e$. nsatx)n for103s of office Thgra were no payments as compensalton for I$ of office to any staff memb•r during the year. 10 T•xalion The chaty is exempl from tax on incom8 and g8lns falling within secllon 505 of the Taxes Act 1988 or sectbn 252 of th8 T8xationof Ghargeable Galns Act 1992 to the exient that thgs& aro applied to rts charilablg objgcts. -20-
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 11 Tanglbl• Iixod a889ts Flxlur•s and Illlln Cost At 1 July 2022 Additions 126.755 3,298 At 30 June 2023 130,053 D•prKlatlon and Impalrniont At 1 July 2022 Depreckgtion charged in the year 111,637 4.465 At 30 Jun8 2023 116.102 Carrying •mount At 30 June 2023 13,951 At 30 June 2022 15,118 12 Stocks 2023 2022 Raw materio18 and consumables 3,600 13 Debt4XS 2023 2022 Amounts lalllng du• wlthln ono year. Trade debto Other debtors Prapaym8nts and 8CL¥ued inc>Jme 13.231 420 29.020 24,807 1,831 18.877 42.671 45,315 14 Cr•ditorn: amount$ falllng duè wlthln on• yur 2023 2022 Other tsxation and social security Trade crfjdltors Othèr creiJitor8 Accruals and deferred income 7.989 24.143 7,391 175,325 9,180 21.346 1Y2,514 214.848 223,560 21
NORTHERN COLLEGE OF ACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 15 R•strictod fvnd8 Th8 Income funds of the chadly Indude resbictgd funds comwising the frdlowing unexpended balances of donations anfl gr8nts held on trustfor sperific purposes.. Movement In funds Ineomlng r•8our¢•• 8alana• ot 1 Jvly 2021 8ahrK• at Rmourl B•lonc• al 1 Juty 2022 •xp8nd8d 30Jyne 2023 SuprKrting thdents 18.705 18.705 {1,8451 16,860 16 Analysls of •$$•ts b•tw•en funds Unro8lrlctsd R•#trl¢tod funds 2023 Totsl Unrestrlet•d Restrlcted funds fund$ 2022 2022 Total 2023 2023 2022 Fund balanc8s at 30 June 2023 are rewesented by: Tangible assets Current assetsl1lSa1les) 13.951 284.688 13,951 301,548 15.118 271,645 15.118 290.350 16,860 18,705 298.639 16,860 315.499 286.763 18.705 305.468 17 Operatlnglgase commltmènts Al the rfrpotfjng end date the charfty hod olrtstandlng commitmants for fure minilM 18as8 payments under nOn-canlIable opgrallng leases, which fall due as follow8: 2023 2022 Imthin one year Bgtsveen two and five years In over fve years 50,000 220,000 110.000 50,000 215,000 165,(XlO 380,000 430,000 18 R•lat•d party transactlons There were no di5closabl8 r8lat8d paty tranSactnS dvrSng the year12022- nonè).
NORTHERN COLLEGE OFACUPUNCTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 30 JUNE 2023 19 Cash gen•ratsd from operatlons 2023 2022 Surplu8lldeficit) for th8 year 10.031 155,391) Adtments for. Inveslmenl Income rects3nisod ¥i statement of financial athities Depwialion and Impairment of tanglble fixed assets (3,200) 4,465 11.1931 7,563 Movements in wLy*ing capital". Iln(¥easeydecrease in stocks 0gc¥eas8 In debto IDecreasel in credOr8 2,527 42.051 (10,9331 (8,7121 Cash g9norat•d from1labs0rd by) op•rallons 5.228 (15.3761 20 Analysis ol changes In nèt funds The charity had no debt durfng the year. -23-
NORTHERN COLLEGE OF ACUPUNCTURE ADDENDUM TO ACCOUNTS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023 Called up sharè capltal Total Funds Total AT 1 JULY 2020 355.014 355,014 Surplus for the year 5.845 5,845 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 360,859 360.859 Dividends pakl and payable TOTAL INVESTMENTS ay AND DISTRIBUTIONS TO OWNERS AT 30 JUNE 2021 360,859 360,859 (Deficit) for the year (55,391) (55.391) TOTAL COMPREHENSIVE INCOME FOR THE YEAR 305,468 305.468 DIvIderS paid artd payable TOTAL INVEsTME1s BY AMD DISTRIBLMONS TO OWNERS AT 30 JUNE 2022 305,468 305.468 Surplus for the yaar 10,031 10,031 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 315A99 315A99 Diwd8ThJs paid and payaNo TOTAL INVESTMEKfs BY AND DISTRIBLryIONS TO OWNERS AT 30 JUNE 2023 315.499 315,499 l ¢onflm that the above figures ha been dgrived from th6 audFted accounts ofth8 company. Biett Dav1$ (Sonior Statutory Audlto For and on behalf of Henton & Co LLP CharteTgd Accounlart & Slatutory Audltor 124 AcorY*J Ro York Y024 4EY