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2021-07-31-accounts

REGISTERED COMPANY NUMBER: 05416226 (England and Wales) REGISTERED CHARITY NUMBER: 1114890

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 July 2021

for

Christ The Redeemer College

Francis King & Co Chartered Certified Accountants & Registered Auditor 348 East Street London SE17 2SX

Christ The Redeemer College

Contents of the Financial Statements for the Year Ended 31 July 2021

Page
Report of the Trustees 1 to 8
Report of the Independent Auditor 9 to 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 23
Detailed Statement of Financial Activities 24 to 26

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2021. 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

The College's objective is the advancement of education, religion, learning and research through the provision of excellent learning activities for students. The College commits significant resources to various outreach activities designed to encourage applications by able candidates from all backgrounds. This supports the College's Access and Participation Statement approved by the Office for Students.

The Redeemed Christian Church of God established the College in 1998 as Christ The Redeemer Bible College to provide ministerial training courses for the ministers of the Redeemed Christian Church of God and the wider Christian community. In 2005, the Board decided to expand the services of the college to include courses in other areas that effectively complement Christian ministry particularly courses in business studies, computing and life skills development. This led to the change of name to Christ The Redeemer College and the registration as a charitable company to take over the business of the Bible College in February 2006.

The aim of this change was to improve the ministry capacity of members and leaders of the church and those of the wider community to better discharge their services for the wellbeing of the community they serve by equipping them with necessary management and professional skills. This process is a continuing one. This is demonstrated in the validations that the College has sought with Universities over the years. The College currently has validation arrangement with Newman University (to provide training in theology and ministry up to postgraduate level) Discussions are ongoing for validation of business courses with Newman University.

College Mission

Strategic Goals

The College has adopted the following strategic goals:

The College regularly measures its performance through Key Performance Indicators (KPIs) that assess the success in the reporting period compared to prior years. These KPIs cover areas including diversity and number of student enrolment; rate of progression, numbers of social and educational events and number of Alumni contacts.

The alumni network is actively involved in the management and development of the College.

The College provides a wide range of public benefit. The Trustees are aware of and have regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.

The College plays a key role in supporting the local community and will often organize events to bring the academic and local communities together. A number of community organisations and individuals use the College's facilities for their conferences or community activities. These activities could not be carried out during the year in view of the pandemic.

Page 1

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

OBJECTIVES AND ACTIVITIES

Public benefit

Christ The Redeemer College is a Higher Education institution and, therefore, an exempt charity under the terms of the Charities Act 2006. The members of the board of directors, are the Trustees of the charity, as such has had due regard to the Charity Commission's guidance on the reporting of public benefit and particularly to its supplementary public benefit guidance on the advancement of education. Students undertaking courses at Christ The Redeemer College obtain direct benefit from the education they receive and the enhanced careers which they subsequently pursue to become ministers of religion, church leaders or business/professionals. Such services also provide benefits to the community through community project support, counselling, and relieving poverty in the community. Through these new leaders and ministers of religion produced by the college, more youth and community-based initiatives are implemented in communities that foster cohesion and safeguarding for our youths.

ACHIEVEMENTS AND PERFORMANCE

During 2020/21 the College continued to provide a vibrant and transformative College experience to students and to invest in the long-term sustainability of the College. The College continued to develop its college premises to provide upgraded learning facilities to enhance students' learning experience and provide a firm financial footing for its future development.

The value of these investments was evident during the onset of COVID 19 pandemic. The virtual learning infrastructure enabled a seamless transition of learning to online delivery which enabled our students to continue their learning with little disruption. The College will continue to invest in its IT infrastructure to cope with the ever-expanding nature of our provisions.

The College continues to maintain its financial sustainability whilst ensuring appropriate access to all students, including those less able to provide resources of their own through bursaries. A focus on fundraising for more scholarships and bursaries is being developed. The impact on students is a growth in confidence through their experience at Christ the Redeemer College, with broadened perspectives, strong ministry, social and professional engagement. This is supported by the active involvement of our Alumni network.

In 2020/21 the College received 293 applications (189 in 2019/20). The breakdown is 101 for practical ministry courses, 108 for foundation year programme, 17 undergraduate theology courses, 53 undergraduate business courses and 14 postgraduate theology courses. Admissions were offered to 311 applicants comprising of 100 for practical ministry courses, 14 undergraduate theology courses, 41 undergraduate business courses, 87 foundation students and 9 postgraduate theology courses applicants. Total enrolled was 251.

The College has invested in additional marketing and engagement actions to attract and increase the number of suitable applicants to the College for 2020/21 academic year.

STRATEGIC REPORT

Achievement and performance

Engagement with employees

The college maintained a progressive and career developmental relationship with its employees. The academic staff were encouraged to engage in subsidised courses for their CPD. The annual staff evaluation enables decisions for career progression and development. In order to encourage cordial relationship with the board and management, there are staff and students' representatives working parties. This is a forum where employees and students present their respective welfare and concerns, and where these are addressed.

Engagement with suppliers, customers and others

The college engages with various stakeholders and suppliers in a way that is most beneficial for the provisions of the services of the college. The college looks for quality and efficiency in line with the funds management policy of the college.

The college ensures good working relationship with suppliers and customers within the boundary of the law in respect of procurement, payments and service delivery. The college ensures all liabilities resulting from PAYE and pensions deductions and contributions are met within timescales accordingly.

Page 2

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

STRATEGIC REPORT

Financial review

Principal funding sources

During the year, incoming resources were a combination of mixed components of student fees and donations. On the whole, total income generated was £1,106,320 ( 2020- £680,745 ).

The Charity made a surplus of £356,094 (2020 - £144,722).

After taking account of the operations of the College for the year, the College's available funds stand at £2,322,480 on 31st July 2021 (£1,966,386 on 31st July 2020) .

Page 3

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

STRATEGIC REPORT Financial review

Reserves policy

The College's reserves are currently unrestricted funds. The Trustees regularly reviews the College's reserves policy. The policy considers the nature of the income and expenditure streams and the need to match variable income with fixed commitments. To allow the College to be managed efficiently and to provide a buffer against interrupted services, the policy requires reserves cover in the region of £100000 be maintained. This range is based on managing to sustain core College activity if there were a fall in income of 20%.

Statement of Internal Control

The Management Board is responsible for maintaining a sound system of internal control that supports the achievement of policy, aims and objectives while safeguarding the funds and assets for which the Board of Trustees is responsible. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; it therefore provides reasonable but not absolute assurance of effectiveness. The system of internal control is designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively, and economically. This process was in place for the year ended 31 July 2021 and up to the date of approval of the financial statements.

Strategic and Operational Risks

The College is a small charity. To manage risk, all College Trustees and staff are made to understand the nature of risk and to accept responsibility for risks management in their area of authority. The risk management process therefore provides reasonable, but not absolute, assurance that the organisation is protected.

We define key strategic and operational risks as those that, without effective and appropriate mitigation, would have a severe impact on our work, our reputation, or our ability to achieve our goals. These risks are reported to the Trustees through the risk management process, allowing them to challenge any assumptions management have made about risks and understand the context in which decisions are taken. This helps to ensure that the most serious risks are being managed effectively. The frisk register is updated regularly as new risks are identified.

The possible principal risks are identified below

  1. We currently operate validation agreement with Newman University. A distant risk could be difficulty with renewal and therefore be unable to recruit students unless there is a new validation. This is not expected in the near future in view of the involvement of the universities in the quality assurance processes of the College

  2. As our programmes are mainly targeted at church ministers and charity workers, changes in this sector may affect recruitment. Unexpected drop in student number, therefore, may present some risk. This is not expected in the near future as the college has diverse sources of income. As the training arm of our founding denomination, there is continuing source of funding from the training of the church's ministers.

  3. Other risks could be changes in government education policies generally, or that affecting financial support to students specifically. 4. COVID 19 pandemic could continue longer than is anticipated. This could impact on students' willingness to continue their studies and reduction in student intake. This is not expected to affect the college in the near future as vaccines have been found to control the virus and adequate infrastructure exist to provide online studies.

The finance committee undertakes regular evaluations of our budgets and expenses for an early identification of any risk. Any identified risk would be promptly reflected in our risk management system.

The Trustees board is confident that its planning, risk management and operational management activities mitigate these risks adequately.

Safeguarding

The College takes safeguarding very seriously. The College considers that it provides a safe and trusted environment and has an organisational culture that prioritises safeguarding among students, staff and users of our facilities. The College considers that it does have adequate safeguarding policies, procedures and measures to protect people using our services. These are reviewed regularly and kept up to date. The College continues to apply due diligence; communicate and train its staff; and monitor and review its position.

Page 4

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

STRATEGIC REPORT

Future plans

Data Protection

Christ the Redeemer College completed its assessment of the requirements of the General Data Protection Regulations (GDPR) and carried out a programme of work to achieve compliance. The Trustees are content that sufficient progress has been made in complying with the Regulation.

Fundraising

The College current fundraising strategy is through personal solicitation through the churches. The College commenced the planned annual telephone fundraising campaign to its Alumni and churches in 2021/21 financial year with limited success due to the COVID 19 pandemic. The college plans to continue the funds raising effort as the environment allows. Members of staff will be employed as callers. All Alumni who might be called would be informed in advance and offered the opportunity to opt out of the call. CRC is understanding and compassionate towards its supporters and will never exploit vulnerability.

The College is evolving and stabilising its academic provisions. The College anticipates changes to its education and research activities in response to growth in its programmes, with student numbers increasing in line with college future development. Activities will continue to support the College's Access and Participation commitments.

During the year the College undertook a Strategic Review of College activities and is implementing a new College Strategic Plan 2021-2025. The purpose of the review was to articulate the College's ambitions, that it is heading in the right direction and that our goals are right for our time and the increasingly globalised 21st Century environment in which we operate. This plan is subject to annual review to maintain its currency and relevance in relation to our strategic goals.

The College will continue to enhance its student experience in innovative ways in view of the pandemic and find ways to improve the services it provides and its relationships with its Alumni members.

Trustees will continue to ensure that the College remains on a sound financial footing and remains a central part of the ministerial training provision within the Christian community. The College will work with the Alumni to enable as many students as possible, through the growth of college scholarships and bursaries. The College remains committed to improving its financial sustainability

The Trustees expresses great thanks to the Council, Alumni and other stakeholders that contribute to the development of the College through their engagement, skills, experience, sharing of opportunities and financial support, without whom the College would not continue to thrive.

Page 5

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is an incorporated company controlled by its governing documents: a Deed of Trust, Memorandum and Articles of Association and College Law. The College is a limited company, limited by guarantee as defined by the Companies Act 2006. There are no restrictions in the governing document on the operation of the charity or its investment powers, other than those imposed by general charity law in the UK. The College's purposes are set out in its Memorandum and Articles of Association.

Corporate Governance

The main features of the College governance structure are:

  1. A Board of Trustees comprising of 3-7 members. Current membership is 6. The Board of Trustees are legally and financially responsible for the management of college affairs. These are also the Directors of the company. The Board meets no less than three times per year. A member of the Trustees board can serve for up to 9 years. During the year none of the members of the Trustees board had served up to nine years. However according to regulations one of the longer serving member Mrs Morola Hayden stepped down and offered herself for re-election during the year 2020/21. She was duly re-elected to continue to serve as Trustee.

  2. A broader College Council, comprising 8 -15 members appointed by the Redeemed Christian Church of God acts as an Advisory Governing Council. The role of the Governing Council is set out in the College Law. Membership includes a representative of the Alumni Association. A nominated student representative attends the council by invitation. Members are appointed for a period of 5 years with an option to serve another term of 5 years. 9 members served on the council in 2020/21 financial year.

The Trustees are satisfied that current governance processes enable the College to deal effectively with the financial and administrative challenges it faces. The Trustees consider that they have paid due regard to the Charity Commission and Office of Students' guidelines in respect of their duties and obligations as Trustees of Christ the Redeemer College. The Board continues to implement changes to its governance arrangements to comply better with the governance requirements of the Charity Commission and the Office of Students.

No Trustee or Council member has any financial interest in the Charity.

The college reviewed its strategic Plan for 2021/2025. This included a review of the level of governance required for the College's future growth and development.

Recruitment and appointment of new trustees

Trustees are appointed by strict spiritual guidelines and biblical qualities that mirror Christ like attributes and professional or academic resources that would be brought to the management of the Charity. Appointments are subject to overall majority of the present Board of Trustees. New Trustees have induction programmes familiarising them with the College, its objectives and structure, alongside their roles and responsibilities under legislation and College governance.

Operational and Academic Management

Operational and Academic management of the College is delegated by the Trustees to the College Rector who is accountable to the Trustee Board for the stewardship of the Charity. The Rector is chair of the Academic Board and the Management Board. The Rector attends Board and Committee meetings of the Board of Trustees. The Rector is Dr Daniel Akhazemea.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

05416226 (England and Wales)

Registered Charity number

1114890

Page 6

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

Registered office

The Rayners 23 Village Way East Harrow Middlesex HA2 7LX

Trustees

M A Chilaka Chair of trustee M O Hayden Trustee Pastor A A Jimoh Trustee Ms A Ifonlaja Trustee M Igiehon Trustee Pastor V Omonedo Trustee

Company Secretary

Pastor V Omonedo

Auditor

Francis Folorunsho, FCCA Francis King & Co Chartered Certified Accountants & Registered Auditor 348 East Street London SE17 2SX

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees (who are also the directors of Christ The Redeemer College for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2021

TRUSTEES' RESPONSIBILITY STATEMENT - continued

The Trustees (who are also the directors of Christ The Redeemer College for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing those financial statements, the trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees have taken reasonable steps to :

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditor is unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditor is aware of that information.

AUDITOR

The auditor, Francis King & Co will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 14 October 2021 and signed on the board's behalf by:

M A Chilaka - Trustee

Page 8

Report of the Independent Auditor to the Trustees of Christ The Redeemer College (Registered number: 05416226)

Opinion

I have audited the financial statements of Christ The Redeemer College (the 'charitable company') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the charitable company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and my Report of the Independent Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Matters on which I am required to report by exception

I have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires me to report to you if, in my opinion:

Page 9

Report of the Independent Auditor to the Trustees of Christ The Redeemer College (Registered number: 05416226)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

My responsibilities for the audit of the financial statements

I have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

An auditor conducting an audit in accordance with ISAs (UK) is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the Independent Auditor.

Use of my report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My audit work has been undertaken so that I might state to the charitable company's trustees those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for my audit work, for this report, or for the opinions I have formed.

Francis King & Co Chartered Certified Accountants & Registered Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 348 East Street

London SE17 2SX

28 February 2022

Page 10

Christ The Redeemer College

Statement of Financial Activities

for the Year Ended 31 July 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Voluntary activities
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Voluntary activities
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,084,953
3,080
690
17,597
1,106,320
168,713
9,800
571,713
750,226
356,094
1,966,386
2,322,480		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 31.7.21
Total
funds
£
1,084,953
3,080
690
17,597
1,106,320
168,713
9,800
571,713
750,226
356,094
1,966,386
2,322,480		 31.7.20
Total
funds
£
616,673
3,259
480
60,333
680,745
96,551
73,737
365,735
536,023
144,722
1,821,664
1,966,386

The notes form part of these financial statements

Page 11

Christ The Redeemer College (Registered number: 05416226)

Balance Sheet

31 July 2021

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
18
Unrestricted funds:
General fund
TOTAL FUNDS		 Unrestricted
funds
£
2,695,563
90,255
463,666
553,921
(122,048)
431,873
3,127,436
(804,956)
2,322,480		 Restricted
fund
£
-
-
-
-
-
-
-
-
-		 31.7.21
Total
funds
£
2,695,563
90,255
463,666
553,921
(122,048)
431,873
3,127,436
(804,956)
2,322,480
2,322,480
2,322,480		 31.7.20
Total
funds
£
2,547,316
83,455
299,729
383,184
(213,638)
169,546
2,716,862
(750,476)
1,966,386
1,966,386
1,966,386

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial statements were approved by the Board of Trustees and authorised for issue on 14 October 2021 and were signed on its behalf by:

The notes form part of these financial statements

continued...

Page 12

Christ The Redeemer College (Registered number: 05416226)

Balance Sheet - continued

31 July 2021

A A Jimoh - Trustee

M A Chilaka - Trustee

The notes form part of these financial statements

Page 13

Christ The Redeemer College

Cash Flow Statement

for the Year Ended 31 July 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Bank and finance charges
Capital repayments in year
Net cash (used in)/provided by 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		 31.7.21
£
316,321
316,321
(153,071)
690
(152,381)
41,342
(25,229)
(766)
(15,350)
(3)
163,937
299,729
463,666		 31.7.20
£
74,133
74,133
-
480
480
50,000
(17,696)
(1,365)
-
30,939
105,552
194,177
299,729

The notes form part of these financial statements

Page 14

Christ The Redeemer College

Notes to the Cash Flow Statement for the Year Ended 31 July 2021

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.7.21
£
Net income for the reporting period (as per the Statement of Financial Activities)
356,094
Adjustments for:
Depreciation charges
31,974
Interest received
(690)
Increase in debtors
(6,800)
Decrease in creditors
(64,257)
Net cash provided by operations
316,321		 31.7.20
£
144,722
14,745
(480)
(10,796)
(74,058)
74,133

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.20 Cash flow At 31.7.21
£ £ £
Net cash
Cash at bank and in hand 299,729 163,937 463,666
299,729 163,937 463,666
Total 299,729 163,937 463,666

The notes form part of these financial statements

Page 15

Christ The Redeemer College

Notes to the Financial Statements for the Year Ended 31 July 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.

3.

DONATIONS AND LEGACIES

Gifts
Donations
Fees
INVESTMENT INCOME
Bank interest		 31.7.21
£
-
5,195
1,079,758
1,084,953
31.7.21
£
690		 31.7.20
£
(1)
63,396
553,278
616,673
31.7.20
£
480

Page 16

continued...

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2021

4. INCOME FROM CHARITABLE ACTIVITIES

31.7.21 31.7.20
Activity £ £
IPCC donations Voluntary activities 3,080 3,259
5. RAISING FUNDS
Raising donations and legacies
31.7.21 31.7.20
£ £
Staff costs 135,370 66,492
Investment management costs
31.7.21 31.7.20
£ £
Administrative expenses 6,640 2,422
Mortgage interest 26,703 27,637
33,343 30,059
Aggregate amounts 168,713 96,551
6. CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Voluntary activities 9,800
7. SUPPORT COSTS
Information
Management Finance technology
£ £ £
Other resources expended 23,072 6,186 3,763
Governance
Other costs Totals
£ £ £
Other resources expended 38,608 162,633 234,262
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.7.21 31.7.20
£ £
Depreciation - owned assets 31,974 14,745

continued...

Page 17

Christ The Redeemer College

Notes to the Financial Statements - continued

for the Year Ended 31 July 2021

9. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' remuneration and benefits paid during the year ended 31 July 2021 is £0 ( year ended 31 July 2020 is £0)

Trustees' expenses

There were no expenses paid to trustees during the year ended 31 July 2021 nor for the year ended 31 July 2020.

10.

STAFF COSTS

Wages and salaries
Social security costs
Pension costs
The average monthly number of employees during the year was as follows:
Full time equivalent		 31.7.21
31.7.2
£
£
117,495
59,299
11,054
4,678
6,821
2,515
135,370
66,492
31.7.21
31.7.20
12
6

Remuneration of Head of the College (Matters in Relation to Accounts Direction 2019)

  1. The total remuneration of the Rector, who is head of the institution was £42,000 for the year ended 31st July 2021. ( £24,000 in 2020)

  2. Total pension contribution by the charity on behalf of the Rector for the year ended 31st July 2021 was £1072.80 ( £489.60 for 2020)

  3. No additional payments were made to the Rector and no employee earned more than £100,000 for the reporting period.

  4. Head of provider's remuneration expressed as a pay multiple of all other employees' remuneration

31.7.21 31.7.20
Head of the provider's basic salary divided by the median pay (salary) 2.1 1.1
Head of the provider's total remuneration divided by the median total remuneration 2.1 1.1

continued...

Page 18

Christ The Redeemer College

Notes to the Financial Statements - continued

for the Year Ended 31 July 2021

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Voluntary activities
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Voluntary activities
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
INTANGIBLE FIXED ASSETS
COST
At 1 August 2020 and 31 July 2021
AMORTISATION
At 1 August 2020 and 31 July 2021
NET BOOK VALUE
At 31 July 2021
At 31 July 2020		 Unrestricted
Restricted
funds
fund
£
£
616,673
-
3,259
-
480
-
60,333
-
680,745
-
96,551
-
73,737
-
365,735
-
536,023
-
144,722
-
1,821,664
-
1,966,386
-
Patents
and
Designation
licences
consultancy
£
£
98,750
50,000
98,750
50,000
-
-
-
-		 Total
funds
£
616,673
3,259
480
60,333
680,745
96,551
73,737
365,735
536,023
144,722
1,821,664
1,966,386
Totals
£
148,750
148,750
-
-

continued...

Page 19

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2021

13. TANGIBLE FIXED ASSETS

COST
At 1 August 2020
Additions
At 31 July 2021
DEPRECIATION
At 1 August 2020
Charge for year
At 31 July 2021
NET BOOK VALUE
At 31 July 2021
At 31 July 2020
COST
At 1 August 2020
Additions
At 31 July 2021
DEPRECIATION
At 1 August 2020
Charge for year
At 31 July 2021
NET BOOK VALUE
At 31 July 2021
At 31 July 2020		 Freehold
property
£
2,534,823
118,502
2,653,325
-
-
-
2,653,325
2,534,823
Motor
vehicles
£
8,145
52,988
61,133
8,145
13,247
21,392
39,741
-		 Plant and
machinery
£
65,789
8,731
74,520
53,877
8,781
62,658
11,862
11,912
Computer
equipment
£
63,620
-
63,620
63,039
8,716
71,755
(8,135)
581		 Fixtures
and
fittings
£
57,188
-
57,188
57,188
1,230
58,418
(1,230)
-
Totals
£
2,729,565
180,221
2,909,786
182,249
31,974
214,223
2,695,563
2,547,316

continued...

Page 20

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2021

14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.21
£
Trade debtors
90,255
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.21
£
Trade creditors
1
Mortgage commitment 0-1 year
23,710
Social security and other taxes
-
Other creditors
93,937
Accrued expenses
4,400
122,048
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.21
£
Mortgage commitment 1-2 years
47,420
Mortgage commitment -3- 5 year
83,763
Mortgage commitment -over 5yrs
673,773
804,956
17.
SECURED DEBTS
The following secured debts are included within creditors:
31.7.21
£
Mortgage and loan account
828,666
Charity bank has first legal charge over the Freehold land and building of Christ The Redeemer College.		 31.7.20
£
83,455
31.7.20
£
1
23,710
2,825
183,262
3,840
213,638
31.7.20
£
47,420
-
703,056
750,476
31.7.20
£
855,369

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.8.20
£
1,966,386
1,966,386		 Net
movement
in funds
£
356,094
356,094		 At
31.7.21
£
2,322,480
2,322,480

continued...

Page 21

Christ The Redeemer College

Notes to the Financial Statements - continued

for the Year Ended 31 July 2021

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,106,320
1,106,320		 Resources
expended
£
(750,226)
(750,226)		 Movement
in funds
£
356,094
356,094

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.8.19
£
1,821,664
1,821,664
Incoming
resources
£
680,745
680,745		 Net
movement
in funds
£
144,722
144,722
Resources
expended
£
(536,023)
(536,023)		 At
31.7.20
£
1,966,386		 At
31.7.20
£
1,966,386
1,966,386
Movement
in funds
£
144,722
144,722
144,722

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.8.19
£
1,821,664
1,821,664		 Net
movement
in funds
£
500,816
500,816		 At
31.7.21
£
2,322,480
2,322,480

continued...

Page 22

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2021

18. MOVEMENT IN FUNDS - continued

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
£
1,787,065
1,787,065		 Resources
expended
£
(1,286,249 )
(1,286,249 )		 Movement
in funds
£
500,816
500,816

19. EMPLOYEE BENEFIT OBLIGATIONS

£2,713.80 (£1,568 for year 2020) was contributed towards employees' pension using one of the government approved auto enrolment pensions managers.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2021.

Page 23

Christ The Redeemer College

Detailed Statement of Financial Activities

for the Year Ended 31 July 2021

INCOME AND ENDOWMENTS
Donations and legacies
Gifts
Donations
Fees
Investment income
Bank interest
Charitable activities
IPCC donations
Other income
Miscellaneous income
Rent received
Graduation fees
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Social security
Pensions
Investment management costs
Administrative expenses
Mortgage interest
Charitable activities
Volunteer expenses
Donation
Motor expenses
Other
Lecturers cost
Carried forward		 31.7.21
£
-
5,195
1,079,758
1,084,953
690
3,080
1,947
15,650
-
17,597
1,106,320
117,495
11,054
6,821
135,370
6,640
26,703
33,343
-
5,815
3,985
9,800
94,992
94,992		 31.7.20
£
(1)
63,396
553,278
616,673
480
3,259
11,057
39,658
9,618
60,333
680,745
59,299
4,678
2,515
66,492
2,422
27,637
30,059
2,380
-
-
2,380
49,543
49,543

This page does not form part of the statutory financial statements

Page 24

Christ The Redeemer College

Detailed Statement of Financial Activities for the Year Ended 31 July 2021

Other
Brought forward
Graduation expenses
Adverts and publicity
Accreditation & subscriptions
Consultancy
Nabet
Books and library
Cpcab
Learning resource
Study centres
Training expenses
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Support costs
Management
Rates and water
Telephone
Sundries
Transport and travelling
Cleaning and security
Finance
Postage and stationery
Bank charges
Information technology
Internet and computing cost
Other
Insurance
Light and heat
Repairs and maintenance
Governance costs
Accountancy fees
Carried forward		 31.7.21
£
94,992
-
9,751
124,134
51,986
2,388
3,468
1,678
8,304
7,761
1,015
8,781
1,230
13,247
8,716
337,451
1,548
2,424
3,409
6,510
9,181
23,072
5,420
766
6,186
3,763
4,933
21,898
11,777
38,608
2,000
2,000		 31.7.20
£
49,543
18,635
1,802
134,319
57,025
14,080
425
-
1,260
39,101
-
6,598
1,230
-
6,917
330,935
5,112
3,209
1,837
3,167
8,187
21,512
2,470
1,365
3,835
3,969
5,723
10,166
6,426
22,315
1,440
1,440

This page does not form part of the statutory financial statements

Page 25

Christ The Redeemer College

Detailed Statement of Financial Activities

for the Year Ended 31 July 2021

for the Year Ended 31 July 2021
Governance costs
Brought forward
Book keeping and payroll cost
Auditor's remuneration
Recruitment consultancy
Total resources expended
Net income		 31.7.21
£
2,000
20,623
2,000
138,010
162,633
750,226
356,094		 31.7.20
£
1,440
18,286
2,400
32,400
54,526
536,023
144,722

This page does not form part of the statutory financial statements

Page 26

Christ The Redeemer College

Areas which should be reviewed on Auditor's Report for the Year Ended 31 July 2021