Teachers’ Enterprise in Religious Education
Annual Report and Financial Statements
31 August 2024
Company Registration Number 06035087 (England and Wales) Charity Registration Number 1117900
Contents
Reports
| Reference and administrative information | 1 |
|---|---|
| Trustees’ report | 2 |
| Independent examiner’s report | 10 |
| Financial Statements | |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Principal accounting policies | 14 |
| Notes to the financial statements | 19 |
Teachers’ Enterprise in Religious Education
Reference and administrative information
| Trustees | G A Cooney |
|---|---|
| B McArdle | |
| K McSharry (Chair) | |
| W M O’Rourke | |
| M A Ruane | |
| Secretary | G A Cooney |
| Registered office | 40 Duncan Terrace |
| Islington | |
| London | |
| N1 8AL | |
| Company registration number | 06035087 (England and Wales) |
| Charity registration number | 1117900 |
| Independent examiner | Amanda Francis |
| The Paddocks, Church Road | |
| Hargrave | |
| Northamptonshire | |
| NN9 6BQ | |
| Principal bankers | Royal Bank of Scotland plc |
| 40 Islington High Street | |
| London | |
| N1 8XB | |
| Investment managers | CCLA Investment Management Limited |
| Senator House | |
| 85 Queen Victoria Street | |
| London | |
| EC4V 4ET | |
| Solicitors | Stone King LLP |
| Upper Borough Court | |
| Upper Borough Walls | |
| Bath | |
| BA1 1RG |
Teachers’ Enterprise in Religious Education 1
Trustees' report 31 August 2024
The trustees present their report together with the financial statements of Teachers’ Enterprise in Religious Education (TERE) (the charitable company) for the year to 31 August 2024.
This report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation.
The financial statements have been prepared in accordance with the accounting policies set out on pages 14 to 18 of the attached financial statements and comply with the charitable company’s memorandum and articles of association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
Principal aim and objectives
The principal aim of the charitable company is to support teachers in Catholic schools and in the wider Christian community in their daily task of unfolding for students and pupils the mystery of God, the teaching of the Church and its application in daily life.
The objectives that the trustees have set in order to achieve this aim are as follows:
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To promote the teaching of religious education with the same academic rigour as other subjects in the curriculum;
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To provide opportunities for teachers to deepen their theological understanding of the Christian Faith and its application to daily life;
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To create a rich variety of resources, for example, textbooks, website with online interactive elements for classroom use, CD ROMS, etc.
Public benefit
In setting the charitable company’s objectives and planning its activities the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.
Review of the year
Looking back over the last twelve months, the first consideration is to see to what extent Teachers’ Enterprise in Religious Education has met its aims and objectives.
Opportunities for teachers to deepen their theological understanding of the Christian faith
A new Religious Education Directory (RED) was published in February 2023. Schools have until September 2026 to implement the content of this new Directory. TERE is writing a new programme: The Vine & The Branches to enable schools to deliver the new Religious Education Directory.
Teachers’ Enterprise in Religious Education 2
Trustees' report 31 August 2024
Review of the year (continued)
Opportunities for teachers to deepen their theological understanding of the Christian faith (continued)
In June 2024 Teachers’ & Pupils’ Books for Year 2 and Year 4 were published in digital format on our website www.tere.org. Primary schools are now able to use The Vine & The Branches Programme for Years 1 – 4. For each year group there is a wide variety of PowerPoint presentations, worksheets, and audio recordings in the books.
These resources are an excellent support for all pupils but, in particular, for those whom English is an alternative language and for those who find learning challenging.
While the Nihil Obstat and Imprimatur are not given for digital publications, Bishop Mark Davies, and Father Terry Tastard have checked all content and in so doing made very helpful suggestions.
Feedback from teachers using this Religious Education programme is very positive: some have said that it is an amazing help to them as the content of the Religious Education Directory is overwhelming. Many teachers have said that the pupils are enjoying The Vine & The Branches and that it is a tremendous support to have a wide variety of resources to enable them to achieve exacting standards.
TERE’s plan is to continue writing the new programme The Vine & The Branches . TERE hopes to be able to have resources ready for publication for Years 5 and 6 in primary schools by June 2025. This will include textbooks for pupils and teachers, PowerPoint presentations and additional worksheets and audio recordings. Printed copies of the Teacher’s Book will also be available for schools.
In addition, as far as it is possible, TERE will provide telephone support and in-service training for teachers.
Our mission abroad
Thailand
In autumn 2023 and July 2024, we had visits from the Sisters of St Paul de Chartres in Thailand who were eager to obtain copies of all TERE’s publications and resources. The plan of the Sisters is to adapt them for their mission in a refugee camp in Tak Province, in the western part of Thailand near the border with Myanmar. Seven Sisters from Bangkok, and approximately two hundred children, are part of an ethnolinguistic group of Sino-Tibetan language-speaking peoples. Formerly, these children had their own religion that did not believe in God. Currently, due to the missionary efforts of the Sisters of St. Paul de Chartres, the children are becoming Christians and Buddhists.
Teachers’ Enterprise in Religious Education 3
Trustees' report 31 August 2024
Review of the year (continued)
Our mission abroad (continued)
Thailand (continued)
In their report to the Trustees of TERE the Sisters said, “Our sessions centre around the profound concept of God’s love. It is truly inspiring to witness how open the Karen children are to learning about love and spirituality, embracing these teachings with eagerness and sincerity.
In our interactions, it is not merely a oneway exchange of knowledge, these children enrich us in return. Their genuine curiosity and deep respect for nature teach us profound lessons about humility and interconnectedness. It is a humbling experience to see how their perspectives shape our own understanding of Faith and Community.”
Future plans
In response to requests from teachers, printed copies of the Teacher’s Books, The Vine & The Branches Programme for Years 1 – 4 will soon be published. By June 2025 digital copies of this programme will be published for Years 5 and 6.
In addition, in so far as it is possible, we will provide telephone support and in-service training for teachers.
Teachers’ Enterprise in Religious Education 4
Trustees' report 31 August 2024
Financial review
Results for the year
The charitable company’s total income amounted to £74,001 (2023 - £42,845) during the year and included £43,426 (2023 - £25,797) from publications, training materials and courses, royalties receivable of £7,840 (2023 - £7,149) and interest receivable of £22,735 (2023 - £9,699).
Expenditure amounted to £77,140 (2023 - £111,187) and included £49,890 (2023 - £55,099) for publication and development of teaching materials, £25,000 (2023 - £52,588) of donations, and £2,250 (2023 - £3,500) in relation to investment advisory services. Further details about donations are given in note 3 to the financial statements.
Net expenditure for the year, before net investment gains, was £3,139 (2023 - £68,342). The net increase in the charitable company’s funds during the year after net investment gains of £35,947 was £32,808 (2023 – the net decrease in the charitable company’s funds during the year after net gains of £2,918 was £65,424).
Reserves policy and financial position
The charitable company’s intention is to retain sufficient reserves to continue to finance the development of educational materials. The trustees are of the opinion that the charitable company should aim to have free reserves of approximately £750,000.
The balance sheet shows total funds of £857,673 (2023 - £824,865) representing funds which are available to support the work of the charitable company in the future and are shown on the balance sheet as general funds.
The trustees are aware that this level of reserves is in excess of the amount required by the above policy. However, they are aware that due to the changes in the educational curriculum and costs associated with digitalisation of educational resources, costs are expected to increase and, therefore, the trustees believe that it is prudent to hold the higher level of free reserves at the present time.
Investment policy and performance
At 31 August 2024 the charitable company held investments in CCLA COIF Investment Funds with a market value of £301,237 (2023 - £323,503).
As noted above, the charitable company’s investments made unrealised and realised gains of £35,947 during the year (2023 - £2,918), reflecting the recovery in investment markets. The trustees are satisfied with the overall performance of the investments.
There are no restrictions on the charitable company’s power to invest.
In addition to the above, the charity has invested £171,375 in bank deposit accounts for a fixed term of two years.
Teachers’ Enterprise in Religious Education 5
Trustees' report 31 August 2024
Financial review (continued)
Governance, structure and management
Constitution
Teachers’ Enterprise in Religious Education (TERE) is a company limited by guarantee (Company Registration No 06035087 (England and Wales)) and is a charity registered for charitable purposes (Charity Registration No. 1117900).
In the event of the charitable company being wound up, members and those within one year of ceasing to be members are required to contribute an amount not exceeding £1 per person.
Trustees
The trustees constitute directors of the charitable company for the purposes of the company legislation.
New trustees are elected by those trustees who are in office at the time of the new appointment. At each Annual General Meeting one third of the trustees retire by rotation, but are eligible for re-election.
The trustees who served during the year were as follows:
Trustees G A Cooney B McArdle K McSharry (Chair) W M O'Rourke M A Ruane
One trustee (2023 – one trustee) (M Ruane) received remuneration of £1,010 (2023 - £300) in respect of proof-reading and administrative services provided during the year to the charity. During the year to 31 August 2024 out of pocket travel expenses were reimbursed to two trustees of £244 (2023 - none).
Certain of the charitable company’s trustees, G A Cooney (Sister Marcellina), B McArdle and M A Ruane contribute to the research and writing of material for the publications produced by the charitable company. Under the terms of the contracts with the charitable company, and as permitted by the charitable company’s Memorandum of Association, they receive royalty payments for these services. Royalties payable for the year to 31 August 2024 to G A Cooney were £2,143 (2023 - £2,118); to B McArdle were £nil (2023 - £1); and to M A Ruane were £591 (2023 - £nil).
No other trustee had any beneficial interest in any contract with the charitable company during the year (2023 – none).
During the year a donation of £25,000 (2023 - £50,000) was made to the Sisters of the Cross and Passion CIO, a registered charity (Charity Registration No 1185348) which administers certain of the assets of St Paul’s Province of the Sisters of the Cross and Passion, a Roman Catholic religious congregation. The donation was to be applied for educational purposes. G A Cooney is a member of the Congregation.
Teachers’ Enterprise in Religious Education 6
Trustees' report 31 August 2024
Governance, structure and management (continued)
Key management personnel
The trustees consider that they comprise the key management of the charitable company in charge of directing and controlling, running and operating the charitable company on a day-today basis.
The trustees are the members of the charitable company. They receive no remuneration in connection with their duties as trustees or their work as key management.
Transactions with the trustees are disclosed above and in note 6 to the financial statements.
Statement of trustees’ responsibilities
The trustees (who are also directors of Teachers’ Enterprise in Religious Education for the purposes of company law) are responsible for preparing the trustees’ report and 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 income and expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in Accounting and Reporting by Charities:
-
Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable United Kingdom Accounting Standards have been followed,
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subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate
-
to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.
Teachers’ Enterprise in Religious Education 7
Trustees' report 31 August 2024
Governance, structure and management (continued)
Statement of trustees’ responsibilities (continued)
The trustees are responsible for the maintenance and integrity of financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Structure and management reporting
The trustees are ultimately responsible for the policies, activities and assets of the charitable company. As the charitable company is fairly small in size, for much of the year the trustees were responsible also for much of the day-to-day work of the charitable company. They meet when necessary to review the charitable company’s activities, possible developments, make important decisions and to seek advice and support from the charitable company’s professional advisers including solicitors and accountants.
Risk management
The trustees have assessed the major risks to which the charitable company is exposed. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational risks faced by the charitable company, they have established effective systems to mitigate those risks.
The charitable company’s material assets are its listed investments, its bank balances and its stock. The trustees obtain external financial advice in respect to the charity’s investments and advice to ensure that returns on the cash balances are maximised. The stock of publications is held and managed by Redemptorist Publications, a registered charity and private limited company based in Hampshire, England, which specialises in the distribution of Christian books, not only their own titles but books published by other UK and US religious publishers.
The other principal financial risk faced by the charitable company remains the impact on schools of the changes in educational materials and programs and the general economic conditions on the ability of schools to purchase publications and teaching materials. Whilst the current level of activity for 2023/24 and beyond suggests that the targets set by trustees are achievable, they remain mindful that changes in general economic confidence can translate into reduced spending and, consequently, levels of income for the charitable company.
The trustees continue to monitor results against budgets and expectations and their reserves policy (see above) reflects the potential risk.
TERE’s reserves have been invested ethically and diligently.
Teachers’ Enterprise in Religious Education 8
Trustees' report 31 August 2024
Acknowledgements
We take this opportunity to express thanks and gratitude to all who ensure that the work of the Teachers' Enterprise in Religious Education continues to be a dynamic force in evangelisation: Our thanks to Sister Marcellina for her unstinting hard-work, long hours, and selfless dedication to the work of TERE and to the cause of Religious Education. Our debt to Sister Marcellina is not less than everything. Huge thanks to the Sisters of The Cross and Passion for the use of 40 Duncan Terrace for the work of TERE, its trustees and support staff. Abundant thanks to the teachers who generously give of their expertise and enterprise to develop The Vine and The Branches a new Religious Education Programme of rigour which seeks to meet the needs and aspirations of young people in a digital format that is attractive, well-illustrated, relevant, and topical; and which complements and fulfils the requirements of the new Religious Education Directory. To TERE's administrative staff fulsome thanks for all their magnificent work - unseen but acknowledged; to all who work selflessly to support the work of Sister Marcellina and the teachers in the work of TERE and evangelisation, again our fulsome thanks.
The Trustees of TERE continue to give financial support to the Mission of the Church in the developing world which is key to their work of evangelisation. The Trustees’ endeavours are echoed in their mantra Ad Maiorem Dei Gloriam .
Signed on behalf of the trustees by:
Marcellina Cooney CP
Trustee
Teachers’ Enterprise in Religious Education Company Registration Number 06035087 (England and Wales)
Approved by the trustees on: 11/12/2024
Teachers’ Enterprise in Religious Education 9
Independent examiner’s report Year to 31 August 2024
Independent examiner’s report to the members of Teachers’ Enterprise in Religious Education (the charitable company)
I report to the charitable company’s members on my examination of the financial statements of the charitable company for the year ended 31 August 2024.
Responsibilities and basis of report
The trustees, who are also the directors of the charitable company, are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charitable company as required by section 130 of the 2006 Act; or
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the financial statements do not accord with those records;
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Amanda Francis, Independent Examiner 27 January 2025 The Paddocks, Church Road Hargrave Northamptonshire NN9 6BQ
Teachers’ Enterprise in Religious Education 10
Statement of financial activities Year to 31 August 2024 (including an income and expenditure account)
| Notes | Unrestricted funds | Unrestricted funds |
|---|---|---|
| 2024 £ |
2023 £ |
|
| Income from: Interest receivable Charitable activities . Publications, training materials and courses 1 . Royalties receivable 1 Other income Total income Expenditure on: Raising funds – investment advisory services Publication and development of teaching materials 2 Donations and grants 3 Total expenditure Net expenditure for the year before net investment gains 5 Net realised and unrealised gains on investments 9 Net movement in funds - net income (expenditure) Reconciliation of funds: Fund balances brought forward at 1 September 2023 Fund balances carried forward at 31 August 2024 |
22,735 43,426 7,840 — |
9,699 25,797 7,149 200 |
| 74,001 | 42,845 | |
| 2,250 49,890 25,000 |
3,500 55,099 52,588 |
|
| 77,140 | 111,187 | |
| (3,139) 35,947 |
(68,342) 2,918 |
|
| 32,808 824,865 |
(65,424) 890,289 |
|
| 857,673 | 824,865 |
The charitable company has no recognised gains and losses other than those shown above.
All of the charitable company’s activities derived from continuing operations during the above two financial periods.
Teachers’ Enterprise in Religious Education 11
Balance sheet 31 August 2024
| Notes | 2024 £ |
2024 £ |
2023 £ |
2023 £ |
|---|---|---|---|---|
| Fixed assets Tangible fixed assets 8 Investments 9 Current assets Stocks 10 Debtors 11 Current asset investments – short term bank deposits Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 12 Total net assets The funds of the charity: Unrestricted funds . Tangible fixed assets fund 13 . General funds |
7,603 10,903 354,359 18,798 |
— 472,612 |
13,349 5,910 486,466 8,798 |
— 323,503 |
| 472,612 | 323,503 501,362 |
|||
| 391,663 (6,602) |
514,523 (13,161) |
|||
| 385,061 | ||||
| 857,673 | 824,865 | |||
| — 857,673 |
— 824,865 |
|||
| 857,673 | 824,865 |
For the year ended 31 August 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in accordance with section 476. The trustees as company directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime as set out in part 15 of the Companies Act 2006 and section 1A of Financial Reporting Standard 102 (FRS 102).
Approved by the trustees and signed on their behalf by:
Marcellina Cooney CP
Trustee
Teachers’ Enterprise in Religious Education Company Registration Number 06035087 (England and Wales)
Approved by the trustees on: 11/12/2024
Teachers’ Enterprise in Religious Education 12
Statement of cash flows Year to 31 August 2024
| Notes | 2024 £ |
2023 £ |
|---|---|---|
| Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Interest received Disposal of investments Cash invested in bank deposits held as fixed asset investments Cash withdrawn (deposited) from short term deposits Net cash provided by (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 September 2023 B Cash and cash equivalents at 31 August 2024 B |
(26,711) | (60,749) |
| 17,766 58,213 (171,375) 132,107 |
6,580 — — (22,626) |
|
| 36,711 | (16,046) | |
| 10,000 8,798 |
(76,795) 85,593 |
|
| 18,798 | 8,798 |
Notes to the statement of cash flows for the year to 31 August 2024.
A Reconciliation of net movement in funds to net cash used in operating activities
==> picture [406 x 141] intentionally omitted <==
----- Start of picture text -----
2024 2023
£ £
Net movement in funds (as per the statement of financial activities) 32,808 (65,424)
Adjustments for:
Interest receivable (22,735) (9,699)
Net gains on investments (35,947) (2,918)
Depreciation — 342
Decrease in stocks 5,746 13,869
(Increase) decrease in debtors (24) 1,075
(Decrease) increase in creditors (6,559) 2,006
Net cash used in operating activities (26,711) (60,749)
----- End of picture text -----
B. Analysis of cash and cash equivalents
| At 1 September 2023 £ |
Cash flows £ |
At 31 August 2024 £ |
|
|---|---|---|---|
| Total cash and cash equivalents: Cash at bank and in hand |
8,798 | 10,000 | 18,798 |
No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).
Teachers’ Enterprise in Religious Education 13
Principal accounting policies Year to 31 August 2024
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.
Basis of preparation
These financial statements have been prepared for the year to 31 August 2024 with comparative information provided in respect to the year to 31 August 2023.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charitable company constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
Critical accounting estimates and areas of judgement
Preparation of the financial statements requires the trustees to make significant judgements and estimates.
The principal areas in the financial statements where judgements and estimates have been made are in respect to assessing the value of any obsolete stock and estimating future income and expenditure flows for the purpose of assessing going concern.
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.
While it is anticipated that in the current macroeconomic and geopolitical climate may have some impact on the charitable company’s activities, the trustees believe that the charity’s financial position is robust given the level of reserves available.
Teachers’ Enterprise in Religious Education 14
Principal accounting policies Year to 31 August 2024
Assessment of going concern (continued)
Therefore, the trustees of the charitable company have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees are of the opinion that the charitable company will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 August 2025, the trustees acknowledge that one significant area that may affect the carrying value of the assets held by the charity is the level of investment return and the performance of the investment markets.
Income recognition
Income is recognised in the period in which the charitable company has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income is deferred only when the charitable company has to fulfil conditions before becoming entitled to it or where the provider of the income has specified that the income is to be expended in a future accounting year.
Income comprises donations, interest receivable, royalties receivable, income from the sale of publications, training materials and courses and miscellaneous income.
Donations are recognised when the charitable company has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charitable company is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charitable company and it is probable that those conditions will be fulfilled in the reporting period.
In accordance with the Charities SORP FRS 102 volunteer time is not recognised.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank.
Income in respect to publications, training materials and courses comprises income from the sale of such items together with income receivable in respect to royalties and license fees. Such income is accounted for when the charitable company has been informed that it has entitlement to the income (usually via notification from the Publishers Licensing Society), the amount is able to be quantified and where receipt is deemed probable.
Other miscellaneous income is measured at fair value and accounted for on an accruals basis.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
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Principal accounting policies Year to 31 August 2024
Expenditure recognition (continued)
All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
-
Expenditure on provision of publications and teaching materials, their development and
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study visits for teachers enables the charitable company to perform its main charitable work.
-
Donations and grants include monies given to organisations with charitable objectives
-
consistent with those of the charitable company are included in the statement of financial activities when approved for payment. Provision is made for any grants and donations approved but unpaid at the end of the financial year.
All expenditure is stated inclusive of irrecoverable VAT.
Support and governance costs
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charitable company it is necessary to provide support in the form of financial procedures, provision of office services and equipment.
Governance costs comprise the costs involving the public accountability of the charitable company (including costs of independent examination) and costs in respect to its compliance with regulation and good practice.
All expenditure on support and governance is attributed directly to the charitable activities of publications and development of teaching materials as any costs in relation to provision of donations and grants or raising funds is considered to be minimal.
Tangible fixed assets
All assets costing more than £2,000 and with an expected useful life exceeding one year are capitalised.
Computer equipment
Depreciation is provided at 33.33% per annum on a straight line basis in order to write off each asset over its estimated useful life.
Fixed asset investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
Teachers’ Enterprise in Religious Education 16
Principal accounting policies Year to 31 August 2024
Fixed asset investments (continued)
The charity does not acquire put options, derivatives or other complex financial instruments. As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
Stocks
Stocks of books, pamphlets and CD ROMS for resale are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stock.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits of more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charitable company anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
Fund accounting
The funds of the charitable company are unrestricted and, therefore, are available for use in furtherance of the charitable company’s objectives at the discretion of the trustees. Within the total unrestricted funds of the charity are amounts representing tangible fixed assets.
Teachers’ Enterprise in Religious Education 17
Principal accounting policies Year to 31 August 2024
Services provided by trustees
For the purposes of these financial statements, no monetary value has been placed on the administrative and other services provided by the trustees.
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Notes to the financial statements Year to 31 August 2024
1 Income from charitable activities
Of the total income in respect to publications, training materials and courses of £43,426 (2023 - £25,797), £7.679 (2023 - £1,794) was derived from outside the United Kingdom. All income from royalties in both 2024 and 2023 was derived from within the United Kingdom.
2 Expenditure on: Publication and development of teaching materials
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2024 2023
£ £
Costs of publications; teaching materials and cost of training
. Writing, editing, proof reading, artwork, filming, digitalisation etc 12,725 11,245
. Printing of publications 2,447 1,952
. Provision for obsolete stock 3,872 11,918
. Royalties payable 4,091 2,813
Distribution costs
. Distribution fees 4,757 4,974
. Website maintenance and development 9,480 8,421
. Advertising and promotional materials — 115
Support costs
. Accountancy, secretarial and support services 1,911 2,164
. Professional fees 2,135 1,121
. Office and other sundry costs 3,390 3,752
. Depreciation — 342
. Bank charges 152 180
. Governance costs (note 4) 4,930 6,102
49,890 55,099
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3 Expenditure on: Donations and grants
| penditure on: Donations and grants | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Donation to the Sisters of the Cross and Passion CIO (note 6) Other donations |
25,000 — 25,000 |
50,000 2,588 52,588 |
4 Governance costs
| vernance costs | ||
|---|---|---|
| 2024 £ 3,793 792 345 4,930 |
2023 £ 5,350 752 — 6,102 |
|
| Legal and professional fees Trustees’ indemnity insurance (note 6) Trustees’ meetings and expenses |
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Notes to the financial statements Year to 31 August 2024
5 Net movement in funds - net expenditure
This is stated after charging:
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2024 2023
£ £
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| Depreciation | — | 342 |
|---|---|---|
| Independent examiner’s fee (Amanda Francis) | 750 | — |
| Independent examiner’s fee and related remuneration ((Buzzacott LLP) | ||
| . Independent examination services | ||
| .. Re 2023 | 800 | 4,000 |
| .. Re 2022 | — | 1,350 |
| . Other services | — | 2,500 |
| ..General advisory | 885 | 625 |
In addition to the fees payable to Buzzacott LLP during the year, £2,250 (2023 - £3,500) was payable to Buzzacott Financial Services Limited in respect to the provision of advice regarding the investment of funds.
6 Staff costs, key management personnel and trustees’ remuneration
The charitable company employed no staff during the year (2023 - none).
The trustees consider that they comprise the key management of the charitable company in charge of directing and controlling, running and operating the charitable company on a day to day basis.
One trustee, M A Ruane, received remuneration of £1,010 (2023 - £300) in respect of her proofreading services and administration services provided during the year to the charity. During the year ended 31 August 2024 £244 out of pocket expenses were reimbursed to trustees (2023 - none).
Certain of the charitable company’s trustees, contribute to the research and writing of material for the publications produced by the charitable company. Under the terms of the contracts with the charitable company, and as permitted by the charitable company’s Memorandum of Association, these individuals receive royalty payments for these services. Royalties payable for the year to 31 August 2024 were as follows:
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2024 2023
£ £
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| G A Cooney | 2,143 | 2,118 |
|---|---|---|
| M A Ruane | 591 | — |
| B McArdle | — | 1 |
During the year, a donation of £25,000 (2023 - £50,000) was made to the Sisters of the Cross and Passion CIO, a registered charity (Charity Registration No 1185348) which administers certain of the assets of St Paul’s Province of the Sisters of the Cross and Passion, a Roman Catholic religious congregation. The donation is to be applied for educational purposes. G A Cooney is a member of the Congregation.
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Notes to the financial statements Year to 31 August 2024
- 6 Staff costs, key management personnel and trustees’ remuneration (continued) The charitable company has purchased insurance to protect the charitable company from any loss arising from negligent acts, errors or omissions on the part of the trustees, employees or agents and to indemnify the trustees or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charitable company during the year totalled £792 (2023 - £752) and provides cover of up to a maximum of £1 million (2023 - £1 million).
The trustees consider that they comprise the key management of the charitable company in charge of directing and controlling, running and operating the charitable company on a day-today basis.
All trustees are members of the charitable company and they receive no remuneration in connection with their duties as trustees or work as key management.
7 Taxation
Teachers’ Enterprise in Religious Education is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the exemptions available to registered charities.
8 Tangible fixed assets
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Computer
equipment
£
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| gible fixed assets | Computer equipment £ |
|---|---|
| Cost At 1 September 2023 and 31 August 2024 Depreciation At 1 September 2023 and 31 August 2024 Net book value At 31 August 2023 and 31 August 2024 |
1,025 |
| 1,025 | |
| — |
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Notes to the financial statements Year to 31 August 2024
9 Fixed asset investments
| Fixed asset investments | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Listed investments Market value (fair value) at 1 September 2023 Disposals ..Proceeds Realised gains Net unrealised investment gains (losses) Market value (fair value) at 31 August 2024 Bank deposits Total Cost of listed investments at 31 August 2024 |
323,503 | 320,585 |
| (58,213) 2,320 |
— — |
|
| (55,893) 33,627 |
— 2,918 |
|
| 301,237 171,375 |
323,503 — |
|
| 472,612 | 323,503 | |
| 244,000 | 305,000 |
All listed investments at 31 August 2024 comprised CCLA COIF Ethical Investment Fund - Accumulation units, the underlying investments of which were dealt in on a recognised stock exchange.
10 Stocks
| Stocks | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Publications and related items for sale | 7,603 | 13,349 |
11 Debtors
| Debtors | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Publication sales VAT recoverable Bank interest receivable |
19 1,070 9,814 10,903 |
144 921 4,845 5,910 |
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| Expense creditors Accruals |
4,602 2,000 6,602 |
9,161 4,000 13,161 |
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Notes to the financial statements Year to 31 August 2024
13 Tangible fixed assets fund
| Tangible fixed assets fund | ||
|---|---|---|
| 2024 £ |
2023 £ |
|
| At 1 September 2023 Net movements in the year At 31 August 2024 |
— — — |
342 (342) — |
The tangible fixed assets fund was established to represent the net book value of the charity’s tangible assets. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets were essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.
14 Unrealised gains on investments
The total unrealised gains as at 31 August 2024 constitute movements on revaluation of listed investments and were as follows:
| 2024 £ |
2023 £ |
|
|---|---|---|
| Total unrealised gains on investments included above: Reconciliation of movements in unrealised gains Unrealised gains at 1 September 2023 On disposals Add: net gains arising on revaluation in the year Unrealisedgains at 31 August 2024 |
57,237 | 18,503 |
| 18,503 5,107 33,627 |
15,585 — 2,918 |
|
| 57,237 | 18,503 |
15 Members’ liability
In the event of the charitable company being wound up, members and those within one year of ceasing to be members, are required to contribute an amount not exceeding £1 per person towards the costs of dissolution and the liabilities incurred by the charitable company while he or she was a member.
16 Related party transactions
Details of transactions with the charitable company’s trustees are provided in note 6.
There were no other related party transactions requiring disclosure (2023 – none).
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