OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-08-31-accounts

CONTENTS
Page No
Administrative
information
Statement ofCorporate Governance 2-2
Repok ofthe Auditors 8-10
Statement
of Financial Activities
Balance Sheet .12
Statement ofcash flows 13
Notes tothe Financial Statements 14 —29

Unrestricted Restricted Endowment 2022 2021
Funds Funds Funds Total Total
Note 6 6 6 6
INCOME
Tuition Fees &Accommodation 12 1,772,081 179,175 1,951,256 1,807,211
Charges
Investment 82,759 3,805 86,564 83,106
income
Grants and Donations 28,129 127,265 155,394 122,952
Other Income 13 3,680 30,288 33,968 34,347
TOTAL INCOME 1,886,649 340,533 2.227.182 ' 2.047,616
EXPENDITURE
Charitable
activities
Costs ofProviding 14 2,156,065 21S,S48 92,173 2,463,786 2,153,524
Education
TOTAL EXPENDITURE 2,156,065 215,548 92,173 2,463,786 2,153,524
NET INCOME/(EXPENDITURE) before (269,416) ' 124,985 (92,173) (236,604) (105,908)
gains/I
oases
Unrealised
gains on		 5 (72,458] (6,628] (79,086) 415,147
investments
Realised gains on investments 5
NET INCOME/(EXPENDITURE) being (341,874) 118,357 (92,173) (315,690) 309,239
net movement
in funds
Reconciliation
offunds:
Funds brought forward
at1stSeptember 2021 4,374,884 828,705 332,003 5,535,592 5,226,353
Funds carried forward
at31stAugust
2022		 8,9,10 4,033,010 947,061 239,830 5,219,901 S,S35,592

COMPANY NUMBER 0551150 3
2022 2021
Note f f
FIXEDASSETS
Tangible Assets 2 2,011,746 2,107,773
Investments 5 2,912,914 2,978,731
4,924,660 5,086,504
CURRENT ASSETS
Debtors 6 202,519 399,122
Short term Deposits 5,757 5,757
Bank and Cash in hand 233,972 175,312
442,248 580,191
CREDITORS
Amounts
falling due within 1		 year 7 (147,007] (131,103]
NET CURRENT ASSETS 295,241 449,088
TOTAL ASSETSLESSCURRENT
LIABILITIES 5,219,901 5,535,592
NET ASSETS 5,219,901 5,555,595
CHARITY FUNDS
Endowment 239,830 332,003
Restricted 8 947,061 828,705
Unrestricted
(inc Designated		 Funds) 10 4,033,010 4,374,884
TOTAL CHARITY FUNDS 5,219,901 5,535,592

Statement ofcashflows for year to31August 2022
Note 2022 2021
Net Cashflow' from operating activities 20 149,992 (48,978]
Propertyfunds
Payments
to acquire fixed assets		 (164,626) (157,381]
Payments
to acquire investments		 (13,269) (12,484]
Receipts from sales ofinvestments
interest received 86,564 83,106
Net cash flow from investing activities (91,331) (86,759)
Net increase/(decrease)
in		 cash and cash 58,661 (135,737)
equivalents
Cash a'nd cash equivalents brought forward: 181,069 316,806
Cash and cash equivalents atyear end: 239,729 181,069
Cash and cash equivalents consists of:
Cash at bank and in hand 233,972 175,312
Short term deposits 5,757 5,757
Cash and cash equivalents: 239,729 181,069

2 TANGIBLE FIXEDA SSETS
Long Leasehold
Land & Furniture & Heating &
Cost Buildings Equipment Plant Total
6 6 6 E
Balance at 1stSeptember 2021 4,741,132 599,594 263,666 5,604,392
Additions 28,956 115,473 20,197 164,626
Disposals
Total costat31August 2022 4,770,088 715067 283,863 5,769018
Accumulated
depreciation
Balance at 1st'September 2021 2,795,068 540,284 161,265 3,496,618
Charge for the year 187,825 53,771 19,057 260,653
Disposals
Total depreciation
at		 31August 2022 2,982,893 594 055 180,322 3,757,271
Net book value
At31stAugust 2022 1,787,195 121011 103,541 2,011,746
At 31stAugust 2021 1,946,064 59,309 102,401 2,107,773
3 INVESTMENT INCOME
2022 2021
6 6
Interest - investment funds 56,300 54,246
Interest - Property funds 16,276 15,576
Interest
—Fixed Interest Securities		 673 753
Intcre'st on cash deposits 46 48
interest reinvested 13269 12,484
86,564 83,106

GRANTS AND DONATIONS
2022 2021
5 6
HMRC Job Retention
Scheme		 13,259
The Donald Ik Patricia Marsh Charitable Trust 100,000
Archbishops'
Council		 24,000 76,000
Methodist Diaconal Order 10,000 10,000
Queen's Methodist
Chaplaincy		 Donation 8,000 8,000
StAugustine's
Foundation		 9,260
St John's College 3,144
Anonymous 7,408
StBoniface Trust (Mission) 2,786
Seedcorn Grant 1,750
United Friends ofQueens 759
Other donations 51,000or less 1,450 2,530
155,394 122,952
Ofthe above, E28,129was unrestricted (2021:882,433) and E127,265 was restricted (2021:f40, 519).
FIXEDASSETINVESTMENTS
2022 2021
E
Market value brought forward 2,978,731 2,551,100
Dividends
received and rcinvcsted		 13,269 12,484
Purchase ofInvestments
Sale ofInvestments
Profit on sale/redemption ofinvestments
Net unrealised
profit on revaluation		 79,086 415,147
Closing market value 2,912,914 2,978,731
Historical costat 31stAugust; 1,003,229 1,002,444
The investm ents
compri		 se ofaportfolio offunds managed by CCLA Investment
Manageme		 nt
Ltd.
2022 2021
E 6
Investments at market value comprise:
Investment fund income shares 2,503,001 2,611,199
Property funds 387,564 341,387
Fixed interest securities fund income shares 22,349 26,145
2,912,914 2,978,731
DEBTORS
2022 2021
6 E
Debtors 127,052 305,467
Other Debtors 75,467 93,655
202,519 399,122
CREDITORS - AMOUNTS DUE WITHIN ONE YEAR
2022 2021
6 6
Trade Creditors 85,900 61,938
Other Creditors 11,271, 10,207
Tax&Social Security 20,386 18,069
Accruals &deferred income 29,450 40,888
147,007 131,103
RESTRICTED FUNDS Movement in Funds Movement in Funds
Balance Incoming [Expenditure) Transfers In Balance
/ (Out)
01/09/21 Resources &Gains 31/08/22
6 6 6 f
Consolidated
Fund		 142,838 3,805 (6,628) 140,015
Methodist
Building Grants:
Library Extension 218,333 (22,118) 196,215
New Building Refurbishment 81,600 (6,800) 74,800
Heating overhaul 173,650 (24,807) 148,843
Mission Centre Fund 57,530 57,530
Principals
Discretionary		 Fund 4,300 (10) 4,290
OFS 30,288 (30,288]
MEET 27,118 (12,005] 15,113
P'ship in Theological Education 114,075 179,175 (83,945) 209,305
HMRC]RS
Methodist
Chaplaincy		 8,000 (8,000)
StAugustine's
Fdn		 9,260 (9,260)
Seedcorn 1,750 (800) 950
The Donald &Patricia Marsh 100,000 100,000
Charitable Trust
Methodist Diaconal Order 10,000 (10,000)
Other 7,515 (7,515]
828,705 340,533 (222,176) 947,061
COMPARATIVE FORRESTRICTED COMPARATIVE FORRESTRICTED FUNDS Movement Movement in Funds
Balance Incoming (Expenditure) Transfers Balance
01/09/20 Resources &Gains In / (Out) 31/08/21
E 6 6
Consolidated
Fund		 140,221 3,666 21,438 [22,487) 142,838
Methodist
Building Grants:
Library Extension 240,451 (22,118] 218,333
New Building Refurbishment 88,400 (6,800) 81,600
Heating overhaul 198,457 (24,807] 173,650
Mission Centre Fund 57,530 57,530
Principals
Discretionary		 Fund 4,594 6 (300] 4,300
OFS 31,660 [31,660]
MEET 27,368 (250] 27,118
P'ship in Theological Educauon 40,237 132,575 (58,737] 114,075
HMRC IRS 13,259 (13,259)
Methodist
Chaplaincy		 8,000 (8,000)
StAugustine's
Pdn		 9,260 9,260
Methodist
0iaconal Order		 10000 10,000)
797,258 208,426 (154,493) (22,487) 828,705

ANALYS IS OF NET ASSE TSBETWEEN FUND S YEAR ENDED 3 1AUG 2022
Unrestricted Restricted Endowment Total
Funds Funds
E		 Funds. E Funds
E
Tangible Ftxed Assets 1,352,058 419,858 239,830 2,011,746
Investments 2,772,899 140,015 2,912,914
Current Assets 55,060 387,188 442,248
Creditors - Within one year 147,007 147,007
4,033,010 947,061 239,830 5,219,901
NOTE: The Endowment Fund includes grants repayable
on the		 dissolution
ofthe College to;
The Central Board ofFinance of the Church ofEngland 129,230
The Trustees for Methodist Church Purposes 110,600
239,830
The Restricted Fund includes grants repayable on the dissolution ofthe College to:
The Trustees for Methodist Church Purposes 497,4
tl

Unrestricted Restricted Endowment Total
Fundsf Fundsf Funds Funds
Tangible Fixed Assets 1,302,187 473,583 332,003 2,107,773
Investments 2,835,893 142,838 2,978,731
Current Assets 367,908 212,283' 580,191
Creditors -Within one year (131,103) (131,103)
-After one year
4,374,885 828,705 332,003 5,535,592

Designated Funds
Balance Incoming Resources Gains, (Lossesl Balance
01/09/21f Resources ExPended
f		 aauocations
f		 Transfers
f		 31/08/Z2
AD 2062 Stephen 670,897 13,269 684,166
Lloyd Fund
Research Fund 86,498 86,498
Operating
expense reserve 1000 000 1,000,000
1,757,395 13,269 1,770,664
Unrestricted Unrestricted Funds
Balance Incoming Resources Gains, [tosses) Balance
01/09/21 Resources
f		 EXpended
f		 aauocatioos
f		 TranSferS
f		 31/08/22f
Designated funds 1,757,395 13,269 1,770,664
Unrestricted funds 2,617,489 1,873,380 (2,156,065) (72,458) 2,262,346
4,374,884 1,886,649 2,156,065 72,458 4,033,010

Balance Balance Incoming Resources ua'» 0o»es) Balance
Of/09/20 ReSOurCeS EXpended aluloeatloas TranSferS 31/08/21
E 6 6 5 E
AD 2062 Stephen 658,413 12,484 670,897
Lloyd Fund
Research Fund 86,498 86,498
Operating
expense
reserve 1,000,000 1,000,000
Church Workers' 195,531 (195,531]
Pension Fund
Liability
940,442 12484 804,469 1,757,395
Comparatives
for Unrestricted		 Funds
Balance Incoming Resources oaias, [t.oases) Balance
01/09/20 Resources
E		 Expended
E		 AAlloeatloas
f		 Transfers
E		 31/08/21f
Designated funds 940,442 12,484 804,469 1,757,395
Unrestricted funds 3,064,384 1,826,706 (1,885,328) 393,709 (781,982] 2,617,489
4,004,826 1,839,190 1,885,328 393,709 22,487 4,374,884
A CURRENT YEAR 12 MONTHS AND PRIOR YEAR 12 MONTHS COMBINED POSITION ISASFOLLOWS:
Movement
in Funds
Balance Incoming (Expenditure) Transfers Balance
01/09/20 Resources &Gains In / (Out) 31/08/22
5 6 E 6
Consolidated Fund 140,221 7,471 14,810 (22,487) 140,015
Methodist
Building Grants:
Library Extension 240,451 (44,236) 196,215
New Building Refurbishment 88,400 (13,600) 74,800
Heating overhaul 198,457 (49,614) 148,843
Mission Ccntrc Fund 57,530 57,530
Principals
Discretionary		 Fund 4,594 6 (310] 4,290
OFS 61,948 (61,948]
MEET 27,368 (12,255] 15,113
Partnership in Theological Education 40,237 311,750 (142,682] 209,305
HMRC JRS 13,259 (13,259]
Methodist
Chaplaincy		 Donation 16,000 (16,000]
StAugustine's Foundation 9,260 (9,260]
Seedcorn 1,750 (800) 950
The Donald fa Patricia Marsh
Charitable
Trust		 100,000 100,000
Methodist
Diaconal Order		 20 000 (20,000]
797,258 541,444 369,154) 22,487) 947,061

Designated Funds
Balance Incoming Resources Gains, (Losses) Balance
02/09/20 Resources Bspended 8Anocations TransFers 32/08/22
s
AD 2062 Stephen Lloyd Fund 658,413 25,753 684,166
Research Pund 86,498 86,498
Sixmonths operating expenses 1,000,000 1,000,000
Church Workers' Pension Fund 195,531 (195,531]
Liability
940,442 25,753 804,469 1,770,664
Unrestricted Punds
Balance
Incoming		 Resources Gains, (Losses] Balance
01/09/20
Resources		 Expended AAnorations Transiers 31/08/22
6 I, s
Designated funds 940,442 25,753 804,469 1,770,664
Unrestricted Punds 3,064,384
3,700,087		 (4,041,393] 321,251 (781,982] 2,262,346
4,004,826
3,725,840		 (4,041,393] 321,251 22,487 4,033(010

INCOMING RESOURC ES P ROM CHARITABLE ACTIVITLES
2022 2021
8 6
StudentFees
Centre for Ministerial Formation 841,517 910,573
Centre for Black Theology 76,803 57,997
Centre for Discipleship Theology 98,670 110,165
Centre for Continuing Ministerial Education 69,220 52,413
Partnership
in Theological		 Education 179,175 132,575
Research 82,432 35,033
1,347,817 1,298,756
Accommodation
Charges
Accommodation 485,459 482,950
External Rents in 19,139 24,703
Conferences,
guests etc.		 98,841 801
603,439 508,455
Total Fees &Accommodation Charges 1,951,256 1,807,211
2022 2021
6 6
OPS Income 30,288 31,660
Sundry Income
Teaching & Learning 350
Campus Sundry Income 3,680 2,337
33,968 34,347
14 ANALYSIS OF CHARITABLE EXPENDITVRE
2022 2021
E
Academic &.Library Costs 1„103,768 1,046,339
Disabled Student Expenditure (Reimbursedj 4,145 13,691
Administrative Costs (excluding Governance) 454,898 410,099
Catering Costs 197,357 100,091
Domestic Costs 67,875 43,969
Premises Costs 611,605 517,677
Governance
Costs		 24,139 21,657
2,463,736 2,153,524
15 GOVERNANCE COSTS
2022 2021
8 8
Salaries —operational staff 17,539 15,217
Audit fee 6,600 .6,440
Auditors non audit fees
24,139 21,657
16 STAFF EMOLUMENTS
2022 2021
K
Salary Costs 990,831 933,597
National Insurance 74,917 70,902
Pension Costs 119,966 109,292
1,185,714 1,113,792
The average m onthly
number ofempl		 oyees
and full time e		 quivalent
(F'fE		 ]during the year was as
2022 2022 2021 2021
FTE Nuinber FTE Number
Academic and library 20.2 24,1 17.7 24.8
Administrative and Others 9.1 13.0 8.7 12.8
29.3 37.1 26.4 37.6

the "Lichfield Scale" national Academic Sta ff and Benefit Scale:
2022 2021
E 6
B
ry
asic Sala		 32,304 32,196
Payments
in lieu ofpension contributions
Dividends
Performance
Related Pay
Pension Contributions 4,505 4,468
Salary Sacrifice Arrangements
Compensation
for loss ofOffice
Any other pension scheme costs
Other taxable benefits:
BookAllowance 776 768
Travel Allowance 2,043 2,043
Governors'
Discretionary
Payment		 7,500 7,500
Responsibility
Point Payment		 3,167 3,167
(based on the number
ofstaff in addition to		 the Principal)
Other non-taxable
benefits:
On-site Accommodation 9,427 9,427
Other remuneration:
Egsabbatical payments
2022 2021
6 E
The auditors remuneration is comprised of:-
Audit Fees 6,600 6,440
Other Services
6,600 6,446

2022 2021
E E
Not later than one year 12,602 12,844
I.ater than one and not later than five years 29,366 4,212
Later than five years

2022 2021
6 E
Net income/(expenditure] for the year (315,690) 309,239
Interest receivable (86,564) (83,106)
Depreciation
and impairment		 oftangible fixed assets 260,653 280,798
(Gains] on investments 79,086 (415,147]
(Increase) / decrease in debtors 196,603 (80,998]
Increase / (decrease] in creditors 15,904 (59,765)
Net cash flow from operating 149,992 (48,978)
activities

%ofpensionable stipends January 2018to January 2021to
December 2020 December 2022
Deficit re air contributions 11,9% 7.1%

Year ended 31Au 2022 Year ended 31Au 2021
E,OOO K,OOO
Grant income from the Ofg 30 32
Grant income from other bodies
Fee income for tau ht awards 1,022 1,100
Fee income for research awards 82 107
Fee income for non-
uali
in		 courses 244 92
Total
rant and fee income		 1,380 1,331