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2023-07-31-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 2023

for

Christ The Redeemer College

Accendo Consulting Ltd 160 City Road London EC1V 2NX

Christ The Redeemer College

Contents of the Financial Statements for

the Year Ended 31 July 2023

Page
Report of the Trustees 3 to 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16
Balance Sheet 17 to 18
Cash Flow Statement 19
Notes to the Cash Flow Statement 20
Notes to the Financial Statements 21 to 31
Detailed Statement of Financial Activities 32to 34

2

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees for the Year Ended 31 July 2023

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 2023. 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).

3

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees for the Year Ended 31 July 2023

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 Birmingham Newman University to provide training in business and in theology and ministry up to postgraduate levels. It also delivers courses in Business Management and Computing accredited by Pearsons up to Higher National Diploma, and Courses in Education with City and Guilds for Level 5 Diploma in education and Training. In addition, it offers courses in Advanced diploma in chaplaincy accredited by NCFE and several courses in Christian ministry.

College Mission

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 students 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. It also carries our outreach activities within the community and schools to encourage participation in higher education for people of deprived social backgrounds.

4

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees for the Year Ended 31 July 2023

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 2011.

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, educators, entrepreneurs, 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 2022/23 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 college has continued to improve its investment in virtual learning infrastructure to enhance online delivery of its courses on a blended or fully online basis. The College will continue to invest in its IT infrastructure to cope with the everexpanding 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.

Programme Applications Applications Admitted Admitted
22/23 23/24 22/23 23/24 Enrolled
Practical Ministry
courses		 131 157 119 150 148
Foundation Programme 76 108 67 94 94
HND Business courses 56 40 53 34 32
Diploma in Education
andTraining		 48 44 41 41 37
BA TheologyCourses 19 8 8 2 2
MA Theologycourses 20 7 14 3 3
MBA - 3 - 2 2
BA Business courses - 15 - 15 13
Total 350 382 302 341 331

The College has invested in additional marketing and engagement actions to attract and increase the number of suitable applicants to the College for 2023/24 academic year.

5

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees for the Year Ended 31 July 2023

STRATEGIC REPORT

Achievement and Performance

Engagement with employees Section 172(1) statement

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. In particular, the academic staff went through training for the Higher Education Academy and 3 members of staff obtained the fellowship of the Academy. A new cohort are currently undertaking the training. The annual staff evaluation enables decisions for career progression and development.

In order to encourage cordial relationship with the board, management and students, staff and students are represented on the Board of governors. Their membership enables staff and students to be part of the decision-making process in the governance of the college.

This will continue to be the case as it serves to give student and staff voice in the development of the college.

Achievement and performance

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 and provide value for money. 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.

Financial review

Principal funding sources

During the year, incoming resources were a combination of mixed components of student fees and donations. Overall, total income generated was £1,912,481 (2021-22 £1,166,460).

The College made a surplus of £438,161 (2022 - £359,741). After taking account of the operations of the College for the year, the College's available funds stand at £3,120,383 on 31st July 2023 (£2,682,222 on 31st July 2022).

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 £250,000 be maintained. This range is based on managing to sustain core College activity if there were a fall in average income of about 20%.

Statement of Internal Control

The Senior Management Team (SMT) 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 2023 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 register is regularly updated to include new identified risk and remove any risk that is considered no longer operational. The risk management process therefore provides reasonable, but not absolute, assurance that the organisation is protected.

6

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees for the Year Ended 31 July 2023

STRATEGIC REPORT

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, which includes the oversight of the Board’s Audit and Risk committee 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 possible principal risks are identified below.

  1. We currently operate validation agreement with Birmingham 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 university 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, particularly in the government consideration of reduced fees on foundation year of integrated degrees.

  4. Frequent changes in government could affect the policy direction on education that may impact the services of the college. Specifically, frequent changes in regulatory requirements by Office for Students (OfS) in response to political requirement may impact on the finances of the college.

The board’s finance and general purposes 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 Trustee’s 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.

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Report of the Trustees for the Year Ended 31 July 2023

Christ The Redeemer College (Registered number: 05416226)

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’s current fundraising strategy is through personal solicitation through the churches and alumni members. The College commenced the planned annual telephone fundraising campaign to its Alumni and churches in 2021/22 financial year with some success. Fund raising for £5,000,000 college development projects was launched and so far 250000 donations has been received from the Redeemed Christian Church of God. However, with the changing climate in 2023/24, the college plans to intensify its funds raising efforts 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 2020/21 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 plan was reviewed this year and found to clearly define the direction of the college for the period.

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 which the College would not continue to thrive.

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Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees for the Year Ended 31 July 2023

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 9 members. The current membership is 7. The Board of Trustees, now called board of governors 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 8 years. During the year a major restructure was undertaken increasing the Board of Trustees to 9. Four trustees retired and four new members were appointed. The governing council now ceases giving room to a single governing board to enhance the free flow of governance oversight. Emeritus Prof. Michael Omolewa was appointed the new chair of the Board of Governors for the next 4 years.

  2. The Board of Governors also includes a representative of the Alumni Association, nominated member of the teaching staff and a nominated student representative. Members are appointed for a period of 4 years with an option to serve another term of 4 years. The alumni, staff and student members serve as ex-officio members. The board operates two main committees, the Audit and Risks committee and the Finance and General Purposes committee.

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 for 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 for Students.

No Trustee 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 Senior Management Team. 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)

9

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees for the Year Ended 31 July 2023

Registered Charity number 1114890

Registered office

The Rayners 23 Village Way East Harrow Middlesex HA2 7LX

Trustees

MA Omolewa, Chair of Trustee (appointed 12/10/2023) D Akhazemea, Trustee (appointed 3/03/2023) A A Jimoh, Trustee C B Alalade, Trustee (appointed 12/10/2023) A Ifonlaja, Trustee D O Oludoyi, Trustee (appointed 12/10/2023) J E Opute, Trustee (appointed 12/10/2023) V D Omonedo, Trustee (resigned 12/10/2023) M O Igiehon, Trustee (resigned 12/10/2023) M O Hayden, Trustee (resigned 12/10/2023) M A Chilaka, Trustee (resigned 12/10/2023)

Company Secretary

Bamishaiye Daniel

Auditor

Accendo Consulting Ltd Chartered Certified Accountants & Statutory Auditors 160 City Road, London. EC1V 2NX

10

Christ The Redeemer College (Registered number: 05416226)

Report of the Trustees

for the Year Ended 31 July 2023

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.

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 auditors, Accendo Consulting Ltd, 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 and signed on 18 December 2023 the board's behalf by:

MA Omolewa – Chair of Trustee

11

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

Opinion

We have audited the financial statements of Christ the Redeemer College (the 'charitable company') for the year ended 31 July 2023 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

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

Conclusions relating to going concern.

In auditing the financial statements, we 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 we have performed, we 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.

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

12

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

Other information

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

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

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

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception.

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

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.

13

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

Our responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o the nature of the industry and sector, control environment and business performance including the design of the entity's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.

o results of our enquiries of management about their own identification and assessment of the risks of irregularities.

o the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the entity operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011 and Companies Act 2006.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity's ability to operate or to avoid a material fine or penalty.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

14

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

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Other matters

The financial statements of Christ the Redeemer College for the year ended 31 July 2022, were audited by another auditor, Francis King & Co, who expressed an unmodified opinion on those statements on 15 November 2022.

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

Use of our 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. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of Accendo Consulting Ltd Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 160 City Road London EC1V 2NX 18 December 2023

Date: .............................................

15

Christ The Redeemer College

Statement of Financial Activities for the Year Ended 31 July 2023

INCOME AND ENDOWMENTS FROM
Notes
Fees and Donations
2
Charitable activities
Voluntary activities
Charitable income
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
Charitable activities
Other charitable activities
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,857,622
3,515
1,544
49,800
1,912,481
441,606
149,661
883,053
1,474,320
438,161
2,682,222
3,120,383		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 31.7.23
Total
funds
£
1,857,614
3,515
1,544
49,808
1,912,481
441,606
149,661
883,053
1,474,320
438,161
2,682,222
3,120,383		 31.7.22
Total
funds
£
1,139,186
3,100
993
23,181

1,166,460

241,099
83,038
482,581

806,718

359,742
2,322,480
2,682,222

16

Christ The Redeemer College (Registered number: 05416226)

Balance Sheet

31 July 2023

FIXED ASSETS
Notes
Intangible assets
12
Tangible assets
13
CURRENT ASSETS
Debtors
14
Prepayment
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
Unrestricted funds:
General fund
19
TOTAL FUNDS		 Unrestricted
funds
£
54,091
2,820,993
2,875,084
147,084
3,586
1,019,199
1,169,869
(169,701)
1,000,168
3,875,252
(754,869)
3,120,383		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 31.7.23
Total
funds
£
54,091
2,820,993
2,875,084
147,084
3,586
1,019,199
1,169,869
(169,701)
1,000,168
3,875,252
(754,869)
3,120,383
3,120,383
3,120,383		 31.7.22
Total
funds
£
-
2,768,901
2,768,901
94,057
717,076
811,133
(119,353)
691,780
3,460,681
(778,459)
2,682,222
2,682,222
2,682,222

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

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

17

Christ The Redeemer College (Registered number: 05416226)

Balance Sheet - continued 31 July 2023

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 18 December 2023 and were signed on its behalf by:

............................................. A A Jimoh - Trustee AN ............................................. D Akhazemea – Trustee/ Accountable Officer

18

Christ The Redeemer College

Cash Flow Statement
for the Year Ended 31 July 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Bank and finance charges
Capital repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.7.23
£
509,036
509,036
(66,582)
(175,344)
40,641
1,544
(199,741)
(20,711)
(1,258)
14,797
(7,172)
302,123
717,076
1,019,199		 31.7.22
£
348,527
348,527
-
(86,746)
-
993
(85,753)
(30,873)
(822)
22,331
(9,364)
253,410
463,666
717,076

19

Christ The Redeemer College

Notes to the Cash Flow Statement for the Year Ended 31 July 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.7.23 31.7.22
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 438,161 359,742
Adjustments for:
Depreciation charges 105,937 22,773
Profit on disposal of fixed assets (10,835) -
Interest received (1,544) (993)
Increase in debtors (49,440) (3,802)
Increase/(decrease) in creditors 26,757 (29,193)
Net cash provided by operations 509,036 348,527

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank		 At 1.8.22
£
717,076
717,076		 Cash flow
£
302,123
302,123		 At 31.7.23
£
1,019,199
1,019,199

20

Notes to the Financial Statements for the Year Ended 31 July 2023

Christ The Redeemer College

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.

Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost
Intangible Assets
Software - 20% on cost

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.

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.

21

Christ The Redeemer College

Christ The Redeemer College
Notes to the Financial Statements- continued
for the Year Ended 31 July 2023
2.
FEES AND DONATIONS
Donations
Fees
3.
INVESTMENT INCOME
Bank interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Details of grant, donation and fee income:
Grant from the OfS
Donations
Fee income for taught awards
Fee income for research awards
Fee income from non-qualifying courses
Total grant and fee income		 31.7.23
£
254,443
1,603,179
1,857,622
31.7.23
£
1,544
31.7.23
-
254,443
1,493,979
-
109,200
1,857,622		 31.7.22
£
5,286
1,133,900

1,139,186
31.7.22
£
993
31.7.22
-
5,286
1,063,750
-
70,150
1,139,186

22

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

5. RAISING FUNDS

Staff costs
Support costs
Investment management costs
Administrative expenses
Mortgage interest
Aggregate amounts
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Voluntary activities
2,563
Charitable income
8,276
10,839
7.
SUPPORT COSTS
Management
£
Charitable activities
58,304
58,304		 31.7.23
£
386,445
31.7.22
£
207,364
138,822
79,981
525,267
287,345
31.7.23
£
6,334
31.7.22
£
6,502
48,827
27,233
55,161
33,735
441,606
241,099
Support
costs (see
note 7)
Totals
£
£
138,823
141,385
-
8,276
138,823
149,661
Information
Finance
£
technology
£
5476
16,051
5,476
16,051

23

Christ The Redeemer College

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

7. SUPPORT COSTS - continued

Charitable activities Governance
Other
£
48,051
costs
£
10,940
48,051
10,940		 Totals
£
138,823
138,823

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.7.23 31.7.22
£ £
Depreciation - owned assets 93,446 13,408
Software amortisation 12,491 -

9. TRUSTEES' REMUNERATION AND BENEFITS

Remuneration: During the year, the charitable company paid remuneration totalling £48,000 (2022: £48,000) to one of the trustees for services rendered in their professional capacity.

Employer Pension Contributions: In addition to the remuneration, employer pension contributions of £1,253 (2022: £1,253) were also made on behalf of the same trustee.

Trustees' expenses

There was £3,007 paid for trustees' expenses during the year ended 31 July 2023, there was no trustees' expenses paid for the year ended 31 July 2022.

24

Christ The Redeemer College

Notes to the Financial Statements - continued

for the Year Ended 31 July 2023

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		 31.7.23
£
348,840
30,072
7,533
386,445
31.7.23
30		 31.7.22
£
180,619
17,500
9,245
207,364
31.7.22
16

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 £48,000 for the year ended 31st July 2023. (£48,000 in 2022)

  2. Total pension contribution by the charity on behalf of the Rector for the year ended 31st July 2023 was £1,253 (£1,253 for 2022)

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

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Fees
Charitable activities
Voluntary activities
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable income		 Unrestricted
funds
£
1,139,186
3,100
993
23,181
1,166,460
241,099
236,551		 Restricted
fund
£
-
-
-
-
-
-
-		 Total
funds
£
1,139,186
3,100
993
23,181
1,166,460
241,099
236,551

25

Christ The Redeemer College

Christ The Redeemer College
Notes to the Financial Statements- continued
for the Year Ended 31 July 2023
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 329,068
806,718
359,742
2,322,480
2,682,222		 -
-
-
-
-		 329,068
806,718
359,742
2,322,480
2,682,222

26

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

12. INTANGIBLE ASSETS

COST
At 1 August 2022
Additions
At 31 July 2023
AMORTISATION
At 1 August 2022
Charge for year
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022
13.
TANGIBLE FIXED ASSETS
COST
At 1 August 2022
Additions
Disposals
At 31 July 2023
DEPRECIATION
At 1 August 2022
Charge for year
Eliminated on disposal
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Software
£
98,750
66,582
165,332
98,750
12,491
111,241
54,091
-
Freehold
property
£
2,722,142
-
2,722,141
-
41,622
-
41,622
2,680,519
2,722,142		 Designation
consultancy
£
50,000
-
50,000
50,000
-
50,000
-
-
Plant and
machinery
£
83,020
14,829
-
97,849
73,139
9,338
-
82,477
15,372
9,881		 Totals
£
148,750
66,582
215,332
148,750
12,491
161,241
54,091
-
Fixtures
and
fittings
£
59,188
96,374
-
155,563
57,688
24,594
-
82,282
73,280
1,500

27

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

13. TANGIBLE FIXED ASSETS - continued

Motor
COST
vehicles
£
At 1 August 2022
61,133
Additions
55,379
Disposals
(61,133)
At 31 July 2023
55,379
DEPRECIATION
At 1 August 2022
31,327
Charge for year
13,845
Eliminated on disposal
(31,327)
At 31 July 2023
13,845
NET BOOK VALUE
At 31 July 2023
41,534
At 31 July 2022
29,806
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors		 Computer
equipment
£
71,049
8,762
-
79,811
65,477
4,047
-
69,524
10,287
5,572
31.7.23
£
134,065
13,019
147,084		 Totals
£
2,996,532
175,344
(61,133)
3,110,743
227,631
93,446
(31,327)
289,750
2,820,993
2,768,901
31.7.22
£
94,057
-
94,057

-

28

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Mortgage commitment 0-1 year
Social security and other taxes
Other creditors
Accrued expenses & Deferred Income
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Mortgage commitment 1-2 years
Mortgage commitment -3- 5 year
Mortgage commitment -over 5yrs
17.
LOANS
An analysis of the maturity of loans is given below:
Other loans
18.
SECURED DEBTS
The following secured debts are included within creditors:
Mortgage and loan account		 31.7.23
£
49,454
26,589
8,343
19,875
65,440
169,701
31.7.23
£
31,831
108,804
614,234
754,869
31.7.23
£
10,469
31.7.23
£
781,457		 31.7.22
£
75,456
23,710
5,318
10,470
4,400

119,354
31.7.22
£
47,420
83,763
647,276

778,459
31.7.22
£
10,469
31.7.22
£
802,168

Charity bank has first legal charge over the Freehold land and building of Christ the Redeemer College.

29

Christ The Redeemer College

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

19. MOVEMENT IN FUNDS

Unrestricted funds
At 1.8.22
£
General fund
2,682,222
TOTAL FUNDS
2,682,222
Net movement in funds, included in the above are as follows:
Unrestricted funds
Incoming
resources
£
General fund
1,912,481
TOTAL FUNDS
1,912,481
Comparatives for movement in funds
Unrestricted funds
At 1.8.21
£
General fund
2,322,480
TOTAL FUNDS
2,322,480
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
1,166,460
TOTAL FUNDS
1,166,460		 Net
movement
in funds
£
438,161
438,161
Resources
expended
£
(1,474,320)
(1,474,320)
Net
movement
in funds
£
359,742
359,742
Resources
expended
£
(806,718)
(806,718)		 At
31.7.23
£
3,120,383
3,120,383
Movement
in funds
£
438,161
438,161
At
31.7.22
£
2,682,222
2,682,222
Movement
in funds
£
359,742
359,742

30

Notes to the Financial Statements - continued for the Year Ended 31 July 2023

Christ The Redeemer College

19. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.8.22
£
2,322,480
2,322,480		 Net
movement
in funds
£
797,903
797,903		 At
31.7.23
£
3,120,383
3,120,383

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
£
3,078,941
3,078,941		 Resources
expended
£
(2,281,038)
(2,281,038)		 Movement
in funds
£
797,903
797,903

20. EMPLOYEE BENEFIT OBLIGATIONS

£7,533 (2022: £9,245) was contributed towards employees' pension using one of the governments approved auto enrolment pensions managers.

21. RELATED PARTY DISCLOSURES

The charitable company paid £500 (2022: £Nil) to a trustee for lecturing services provided during the year.

At the year-end, the charitable company owed £10,469 (2022: £10,469) to one of the trustees. This amount is included in the charity's financial statements as a payable and represents outstanding transactions that have not been settled as of the balance sheet date.

31

Christ The Redeemer College

Detailed Statement of Financial Activities fr the Year Ended 31 July 2023

Detailed Statement of Financial
Activitiesfr the Year Ended 31 July
2023
31.7.23 31.7.22
£ £
ICOME AND ENDOWMNTS
Fees and Donations
Donations 254,443 5,286
Fees 1,603,179 1,333,900
1,857,622 1,139,186
Investment income
Bak interest 1,544 993
Charitable activities
IPCC donations 3,515 3,100
Other income
Gain on sale of tangible fixed assets 10,835 0
Miscellaneous income 9,713 1,981
Rent received 29,260 21,200
49,808 23,181
Total incoming resources 1,912,481 1,166,460
EXENDITURE
Raising donations and legacies
Wages
Social security
Pensions		 348,840
30,072
7,533		 180,619
17,500
9,245
386,445 207,364
Investment management costs
Administrative expenses 6,334 6,502
Mortgage interest 48,827 27,233
55,161 33,735
Charitable activities
Volunteer expense 8,276 0
Motor expenses 2,563 3,057
10,839 3,057

This page does not form part of the statutory financial statements

32

Christ The Redeemer College

Detailed Statement of Financial Activities for the Year Ended 31

July 2023

Other
Lecturers Cost
Adverts and publicity
Accreditation & subscriptions
Consultancy
Nabet
Books and library
Cpcab
Leaing resource
Study centers
Training expenses
Plant and machinery
Fixtures and ftings
Motor vehicles
Computer equipment
Property
Computer Software
Office exp
BadDebts
Donations
Graduation exp
Recruitment consultancy
Support costs
Management
Rates and water
Telephone
Sundries
Transport ad travelling
Cleaning and security
Finance
Postage and stationery
Bank charges		 31.7.23
£
176,207
4,190
175,448
44,569
-
172
1,277
11,628
-
8,785
9,338
24,594
13,845
4,048
883,053
4,817
3,474
3,088
30,429
16,496
58,304
5,476
4,291
1,258
41,622
12,491
6,417
123,054
1,000
214,062
10,307		 31.7.22
£
127,549
10,603
123,159
23,399
2,700
4,316
2,099
5,500
5,556
1,414
10,481
500
9,935
1,857
482,581
1,480
2,586
1,856
6,082
9,067
21,071
6,315
5,493
822
-
-
-
-
-
-
153,513

This page does not form part of the statutory financial statements

33

Christ The Redeemer College

Detailed Statement of Financial
Activitiesfor the Year Ended 31
July 2023
Infrmation technolog
Interet and computing cost
Other
Insurance
Light and heat
Repairs and maintenance
Governance costs
Accountancy f s
Book keeping ad payroll cost
Auditor's renumeration
Trustees expense
Total resources expended
Net income		 31.7.23
£
16,051
7,080
18,346
22,625
2,000
-
438,161
48,051
7,440
1,474,320
10,940
1,500		 31.7.22
£
4,332
4,856
15,140
8,962
2,000
15,301
2,000
28,962
-
806,718
359,742
19,301

This page does not form part of the statutory financial statements

34