2021-07-31-accounts - St John's College, Durham

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Report of the Members ofCouncil	1
StatementofMembers' responsibilities In respect of the members' annual report and the financial statements	7
Independent auditor's reporttothe Council Members of StJohn's College, Durham	8
Statement offinancial activities (incorporating income and expenditure account)	11
Balance sheet	12
Cash flow statement	13
Cash flowsfrom operating activities	13
Notes	14

		Endowment
		fund,
		revaluation		Unrestricted
		reserve and	Unrestricted	Designated	Restricted
		share capital	General fund	funds	funds	Total 2021	Total 2020
		£	£	£	£	£	£
	Notes
Income
Voluntary income
Donations			33,579	30,000	1,559,519	1,623,098	564,673
Legacies			500			500
Investmentincome	2		572	24,504	23,184	48,260	97,016
Incomefrom charitable
activities
Totalfees income	3		3,332,566			3,332,566	3,164,630
Incomefrom othertrading
activities
Commercial business income	4		30,173	29,915	6,960	67,048	259,521
Recharges			184,469			184,469	115,286
Other income	5		158,146			158,146	233,413
Total income			3,740,005	84,419	1,589,663	5,414,087	4,434,539
Expenditure	7
Expenditureon charitableactivities			(3,444,936)	(20,617)	(1,462,784)	(4,928,337)	(4,111,526)
Costofgeneratingfunds			(34,602)	(49,652)		(84,254)	(277,543)
Total expenditure			(3,479,538)	(70,269)	(1,462,784)	(5,012,591)	(4,389,069)
Unrealisedgains on investments	13			624	116,900	117,524	22,041
Gain/(Loss) on revaluation of
investment property	12			7,500		7,500	(270,000)
Net income before transfers	6		260,467	22,274	243,779	526,520	(202,489)
Grosstransfers betweenfunds	21		8,907		(8,907)
			269,374	22,274	234,872	526,520	(202,489)
Net income/(expenditure)
before other recognised
gains and losses			269,374	22,274	234,872	526,520	(202,489)
Gains on revaluation offixed assets
Net movement in funds for the year			269,374	22,274	234,872	526,520	(202,489)
Fund balances broughtforward		7,707,448	8,104,241	4,300,382	1,020,814	21,132,885	21,335,374
Transfer in respectofdepreciation
chargedon revaluedfixed assets		(57,258)	57,258
Fund balances carriedforward	21	7,650,190	8,430,873	4,322,656	1,255,686	21,659,405	21,132,885

		2021		2020
		£	£	£	£
	Notes
Fixed assets
Tangibleassets	`11`		18,000,033		18,261,205
Investmentproperties	`12`		3,652,500		3,645,000
Investments	13		911,727		764,203
			22,564,260		22,670,408
Current assets
Stock	`14`	13,894		12,357
Debtors	`15`	72,910		143,254
Cash atbank and in hand		2,050,022		1,166,203
		2,136,826		1,321,814
Creditors: amountsfallingduewithin one year	`16`	(554,896)		(437,446)
Net current assets			1,581,930		884,368
Total assets less current liabilities			24,146,190		23,554,776
Creditors: amounts fallingdueafter morethan	`17`
oneyear			(2,486,785)		(2,421,891)
Net assets			21,659,405		21,132,885
Capital and reserves
Called up share capital	`18`		24		24
Endowmentfund	`21`
Revaluation reserve		7,347,405		7,404,663
Endowment funds		302,761		302,761
			7,650,166		7,707,424
Unrestricted accumulatedfund	`21`		8,430,873		8,104,241
Designatedfunds	`21`		4,322,656		4,300,382
Restrictedfunds	`21`		1,255,686		1,020,814
			21,659,405		21,132,885

*forthe yearended31 July 2021*
	2021		2020
	£	£	£	£
Cash flows from operating activities		801,922		358,221
Cash flows from investing activities
Acquisitionof tangiblefixed assets	(10,860)		(80,394)
Acquisitionof longterm investments	(30,000)
Net cash outflow from investing activities		(40,860)		(80,394)
Financing activities
Loans advanced	250,000
Repaymentofborrowings	(127,243)		(148,126)
		122,757		(148,126)
Increase in cash and cash equivalents in the year		883,819		129,701
Cash and cash equivalents atthe beginning of the year		1,166,203		1,036,502
Cash and cash equivalents at the end of the year		2,050,022		1,166,203
Cash flows from operating activities
		2021		2020
		£		£
Net income		526,520		(202,489)
Gains on investments		(117,524}		(22,041)
(Gains)/loss on revaluationof investment property		(7,500)		270,000
Depreciation		272,032		271,924
(lncrease)/decrease in stock		(1,537)		1,896
Decrease/(increase) in debtors		70,344		111,269
lncrease/(decrease) in non loan creditors		59,587		(72,338)
		801,922		358,221

2	Investment Income	2021	2020
		£	£
	Interest receivable	572	2,379
	Dividends from unlisted securities	23,308	22,254
	Rental incomefrom investment property	24,380	72,383
		48,260	97,016
3	Total Fees Income	2021	2020
		£	£
	Maintenancefees	1,811,673	1,649,728
	Tuitionfees	947,948	945,557
	Collegefees	422,004	422,004
	Other fees	150,941	147,341
		3,332,566	3,164,630
4	Commercial Business Income	2021	2020
		£	£
	Conferences	37,575	179,857
	Bed and breakfast		12,701
	Bar	29,473	66,963
		67,048	259,521
s	Other Income	2021	2020
		£	£
	Coronavirus Job Retention Scheme Grant	156,003	219,989
	Business Rates Grant		10,000
	Other income	2,143	2,951
		158,146	232,940
6	Net Income Before Charges Are Stated	2021	2020
		£	£
	After charging
	Depreciation	272,032	271,924
	Operating lease charges	38,776	58,150
	Auditors remuneration
	Statutory audit ofthese financial statements	11,500	10,200

Expenditure	Unrestricted	Restricted	Total
	Funds	Funds	2021
	£	£	£
*Charitable expenditure*
Academiccosts	256,440	1,138,940	1,395,380
Administrative costs	124,747	17,220	141,967
Household and catering	297,850		297,850
Premises costs	444,607		444,607
Major repairs and refurbishments	62,197		62,197
Staffcosts (note8)	1,889,791	306,624	2,196,415
Depreciation (note 11)	272,032		272,032
Interestpaid	78,292		78,292
Governance costs:
Professionalfees	19,719		19,719
Auditand accounts	17,135		17,135
Legalfees	2,743		2,743
	3,465,553	1,462,784	4,928,337
*Cost of generatingfunds*
Commercial activities	6,761		6,761
Staffcosts (note8)	50,959		50,959
Bar	26,534		26,534
	84,254		84,254
	Unrestricted	Restricted	Total
	Funds	Funds	2020
	£	£	£
Charitable expenditure
Academic costs	273,915	166,940	440,855
Administrative costs	163,131	1,858	164,989
Household andcatering	263,414		263,414
Premises costs	525,648		525,648
Major repairs and refurbishments	182,101		182,101
Staffcosts (note8)	1,959,629	174,165	2,133,794
Depreciation (note 11)	271,924		271,924
Interestpaid	82,931		82,931
Governancecosts:
Professionalfees	26,379		26,379
Auditand accounts	12,145		12,145
Legalfees	7,346		7,346
	3,768,563	342,963	4,111,526
Cost ofgeneratingfunds
Commercial activities	92,105		92,105
Staffcosts (note 8)	128,973		128,973
Bar	56,465		56,465
	277,543		277,543

Notes (continued)
	2021	2020
Staff Costs	£	£
Wages and salaries	1,847,455	1,872,289
Social security costs	156,813	161,804
Pension costs	243,106	228,675
	2,247,374	2,262,767

Therewas one employee_(2020: one)_ whoseemoluments, as definedfortaxation purposes, amountedto ov prior year. The emoluments ofthis employeefellwithinthefollowingbands:	er £60,000 inthecurre	ntor
	2021	2020
£70,000-£79,999	1	1
Pensioncontributions paid intheyear in respectofthe abovestaffwere£16,110_(2020: £15,906)_
Theaverage number ofemployees, analysed byfunction, was:	2021	2020
Academic
Teaching	15	15
Research	7	7
Pastoral Tutors	3	4
Administrative	23	23
Domestic	14	16
Catering	24	24
Premises	5	6
	91	95
Theaverage number offull-time equivalentpersons
employed bythe College duringtheyear was:	63	68

		Freehold land	& buildings	Leasehold	Fixtures,
11	Tangible fixed assets		Under	land &	fittings &
		Completed	construction	buildings	equipment	Total
		£	£	£	£	£
	*Cost or valuation*
	At31July 2020	17,273,600		1,050,001	219,228	18,542,829
	Additions	10,860				10,860
	Disposals
	Transfers
	Revaluations
	At31July 2021	17,284,460		1,050,001	219,228	18,553,689
	*Depreciation*
	At31July 2020	229,168		21,000	31,456	281,624
	Chargefor year	229,276		21,000	21,756	272,032
	Ondisposals
	Revaluations
	At31 July 2021	458,444		42,000	53,212	553,656
	*Net book value*
	At 31 July 2021	16,826,016		1,008,001	166,016	18,000,033
	At31July 2020	17,044,432		1,029,001	187,772	18,261,205

	Freehold land		Freehold land
	and buildings		and buildings
	Completed	Leasehold	Completed	Leasehold
	2021	2021	2020	2020
	£	£	£	£
Atvaluation	17,213,499	1,050,001	17,213,499	1,050,001
Stated athistorical cost	70,961		60,101
	17,284,460	1,050,001	17,273,600	1,050,001


Investment properties	Investment
	properties
	£
*At valuation*
At 31 July 2020	3,645,000
Revaluations	7,500
At 31July 2021	3,652,500
*Net book value*
At 31 July 2021	3,652,500
At 31 July 2020	3,645,000

	Fixed assets	Total	Total
		2021	2020
		£	£
	*Market value*
	At 31July 2020	764,203	742,162
	Additions	30,000
	Unrealised gains	117,524	22,041
	At 31 July 2021	911,727	764,203
	*Cost*
	Historical cost	206,307	176,307
14	Stock	2021	2020
		£	£
	Barand catering	13,894	12,357
15	Debtors	2021	2020
		£	£
	Trade debtors	25,664	118,682
	Prepayments and accrued income	39,150	9,460
	Otherdebtors	8,096	15,112
		72,910	143,254

Creditors: amounts falling due within one year	2021	2020
	£	£
Bank loans (note 17)	135,863	78,000
Other loans (note 17)	100,000	100,000
Trade creditors	138,976	151,730
Othercreditors	57,643	43,203
Othertaxes and social security		{484)
Accruals & deferred income	122,414	64,997
	554,896	437,446

Creditors: amounts falling due after more than one year	2021	2020
	£	£
Bank loans	1,993,435	1,828,541
Other loans	493,350	593,350
	2,486,785	2,421,891
*Details of loans and security*	2021	2020
	£	£
*Maturity - loans*
Aggregate amounts repayable:
Overfive years	1,723,605	1,617,891
Between two and five years	763,180	804,000
	2,486,785	2,421,891
Within one year (note 16)	235,863	178,000
	2,722,648	2,599,891

2021	2020
£	£
24	24

	£
Yearofgrant
1960	40,000
1961	1,163
1964	2,215
1974	3,000

The carrying amounts ofthe financial assets and liabilities include:
	2021	2020
	£	£
Assets measured atfairvaluethrough profit or loss	911,727	764,203
Assets measured at amortised cost	33,760	134,278
liabilities measured at amortised cost	(3,041,680)	(2,859,821)

The amounts forall financial assets carried at fairvalue are as follows:	Fair	Fair
	value	value
	2021	2020
	£	£
Non-derivative financial assets at fair value through profit and loss
Unquoted investments	911,727	764,203

Movement in funds	Balance			Investment	Transfers	Balance
	31July 2020	Income	Expenditure	Gains/(Losses)seenotebelow)		31July 2021
	£	£	£	£	£	£
Designated funds
College Bar	8,319	29,473	(49,652)			(11,860)
Legacy Programme	4,259,662	24,504	(358)	8,124		4,291,932
WSCResearch Centre	32,401	5,442	(259)			37,584
COVIDSupport Fund		25,000	(20,000)			5,000
Total designated funds	4,300,382	84,419	(70,269)	8,124		4,322,656
Restricted funds
Centenary Endowment Fund	52,184	1,581		7,981		61,746
IanCundy Memorial	214					214
Evangelical GraduateScholarship	52,769	1,547		7,686		62,002
Art& Artefacts	4,153	126		635		4,914
EquippingChurch Leadership	43,590					43,590
ECLAS	194,258	1,206,495	(1,325,025)			75,728
Leech Research Fellowship	7,035	31,066	(38,101)
WSCFuture Fund	5,000	10,000	(15,000)
Ruth Etchells Theology & Literature Fund	70,224	2,128		10,741		83,093
CentreforChurch Growth Research	95					95
AlphonseMohapi Scholarship	1,510					1,510
God &The BigBang		236,902	(42,354)			194,548
Student Opportunities Fund	39,728	40,312	(1,286)	11,691		90,445
BoatClubAppeal	4,886				(500)	4,386
Bowron Bursary	2,536	76		388		3,000
CODEC	4,371		(4,371)
FreeChurchTrack		33,333	(24,119)			9,214
Raymond DewFellowship	7,693	233		1,177		9,103
DurhamApologetics Network	719					719
Friends ofCranmerHall	12,552	2,487	(2,661)	1,838		14,216
LeadbeaterAccommodationAward	12,433	364	(415)	1,838		14,220
Helping Hands Appeal	12,198	1,009	(5,180)			8,027
Outside @ Johns		887			(887)
Nowell Rostron Bequest	5,847	178		894		6,919
Million Shilling Fund	139,463	4,075	(3,200)	20,566	(1,800)	159,104
CranmerVisiting Fellowship Fund	37,525	1,137		5,740		44,402
Michael Vasey Memorial Fund	15,006	455		2,295		17,756
Michael Vasey Legacy Fund	9,876	299		1,511		11,686
Scholarship Fund	280,069	8,304	(280)	41,919	(5,720)	324,292
Chapel Fabric Fund		1,669				1,669
The Underground Story	4,880	5,000	(792)			9,088
Total restricted funds	1,020,814	1,589,663	(1,462,784)	116,900	(8,907)	1,255,686
Endowment fund incorporating:
Revaluation reserve	7,404,663				(57,258)	7,347,405
Endowment funds	302,761					302,761
Share capital	24					24
Unrestricted: accumulated fund	8,104,241	3,740,005	(3,479,538)		66,165	8,430,873
Total funds	21,132,885	5,414,087	5,012,591	125,024		21,659,405

Movement in funds (continued)	Balance			Investment	Transfers	Balance
	31July 2019	Income	Expenditure	Gains/(Losses) see note below)		31 July 2020
	£	£	£	£	£	£
Designatedfunds
College Bar	26,390	66,963	(80,034)		(5,000)	8,319
Legacy Programme	4,510,903	73,516	(55,449)	(269,308)		4,259,662
WSC Reccarch Centre	32,243		(162)		320	32,401
Preaching Conferences	885				(885)
Total designated funds	4,570,421	140,479	(135,645)	(269,308)	(5,565)	4,300,382
Restrictedfunds
Centenary Endowment Fund	49,152	1,523		1,509		52,184
Ian Cundy Memorial	214					214
Evangelical Graduate Scholarship	51,100	1,492	(1,300)	1,477		52,769
WSC PhD Scholarship	2,320		(2,000)		(320)
Learning Resource Centre		56,679			(56,679)
Art & Artefacts	3,912	121		120		4,153
Equipping Church Leadership	60,958	10,783	(28,151)			43,590
ECLAS		401,065	(206,807)			194,258
Leech Research Fellowship	2,049	19,500	(14,514)			7,035
WSC Future Fund	10,000	10,000	(15,000)			5,000
Ruth Etchells Theology & Literature Fund	66,209	2,050	{65)	2,030		70,224
CentreforChurch Growth Research	(283)	473	(95)			95
Alphonse Mohapi Scholarship	6,510		(5,000)			1,510
Student Opportunities Fund	32,947	3,697	(3,063)	1,147	5,000	39,728
Boat Club Appeal	4,023	1,363			(500)	4,886
Bowron Bursary	2,388	74		74		2,536
CODEC	520	40,000	(54,677)		18,528	4,371
Raymond Dew Fellowship	7,246	225		222		7,693
Geoffrey Marshall Legacy	239		(239)
Durham Apologetics Network	719					719
Friends of Cranmer Hall	9,563	4,473	(1,846)	362		12,552
LeadbeaterAccommodation Award	12,710	363	(1,000)	360		12,433
Helping Hands Appeal		12,643	(445)			12,198
Outside @ Johns		176			(176)
Nowell Rostron Bequest	5,508	170		169		5,847
Million Shilling fund	136,896	4,018	(3,630)	3,979	(1,800)	139,463
CranmerVisiting Fellowship Fund	38,683	1,095	(3,338)	1,085		37,525
Michael Vasey Memorial Fund	14,134	438		434		15,006
Michael Vasey Legacy Fund	9,302	288		286		9,876
Scholarship Fund	270,640	8,174	(1,120)	8,095	(5,720)	280,069
Chapel Fabric Fund	2,421	395			(2,816)
The Underground Story	5,543	10	(673)			4,880
Total restricted funds	805,623	581,288	(342,963)	21,349	(44,483)	1,020,814
Endowmentfund incorporating:
Revaluation reserve	7,461,921				(57,258)	7,404,663
Endowmentfunds	302,761					302,/61
Share capital	24					24
Unrestricted: accumulated fund	8,194,624	3,482,783	(3,680,472)		107,306	8,104,241
Total funds	21,335,374	4,204,550	(4,159,080)	(247,959)		21,132,885

Transfers betweenfunds:	2021	2020
	£	£
ToGeneral Fund:
From LearningResourceCentre Restricted Fund on completionofbuilding		56,679
From BoatClubAppealtocontributetocostofboathouserepairs	500	500
FromOutside @ Johnstocontributetocostofoutdoor bar	887	176
FromMillion Shilling Fundto contributetocosts ofSenior Tutors Forum	800	800
FromMillion Shilling Fundto contributetocosts ofChaplain	1,000	1,000
FromScholarship Fundfor Choir Director & Organ Scholars	5,720	5,720
FromChapel Fabric Fundto contributetocostofrestoringchapel windows		2,816
From Revaluation Reserveto cover depreciation on revalued assets	57,258	57,258
From General Fund:
ToCODEContransferofresearchcentre		(17,643)
	66,165	107,306
From College Barto StudentOpportunities Fund, beingdistribution ofbar surplus		5,000
From PreachingConferencestoCODEContransfer ofresearch centre		885
FromWSCPhDScholarshiptoWSC Research Centre, beingsurplus after scholarshipcompleted		320

Thetotalfuture minimum payments under non-cancellable leasesfor properties areasfollows:
	2021	2020
	£	£
Amounts due:
Within oneyear	2,741	56,677
Between one andfive years		74,435
	2,741	131,112
Theoperatingleases represent leases oftwo_(2020- three)_ propertiesfromthird parties.

	Endowment
	fund,
	revaluation
	reserveand	Unrestricted	Unrestricted
	share	General	Designated	Restricted
	capital	fund	funds	funds	Total 2020
	£	£	£	£	£
Income
Donations		5,413		559,260	564,673
Iegacies
Investment income		1,945	73,516	21,555	97,016
Incorne from charitable activities
Totalfees income		3,164,630			3,164,630
Income from other trading activities
Commercial business income		192,558	66,963		259,521
Recharges		115,286			115,286
Otherincome		232,940		473	233,413
I otal income		3,/12,1/2	140,4/9	581,288	4,434,539
Expenditure
Expenditureon charitableactivities		(3,764,452)	(4,111)	(342,963)	(4,111,526)
Costofgeneratingfunds		(146,009)	(131,534)		(277,543)
Total expenditure		(3,910,461)	(135,645)	(342,963)	(4,389,069)
Unrealised gains oninvestments			692	21,349	22,041
Lossonrevaluation ofinvestmentproperty			(270,000)		(270,000)
Net income/(expenditure) before transfers		(197,689)	(264,474)	259,674	(202,489)
Grosstransfers betweenfunds		50,048	(5,565)	(44,483)
Net income/(expenditure) betore other recognised
gains and losses		(147,641)	(270,039)	215,191	(202,489)
Gains onrevaluationoffixed assets
Net movement in funds for the year		(147,641)	(270,039)	215,191	(202,489)
Fund balances broughtforward	7,764,706	8,194,624	4,570,421	805,623	21,335,374
Transferinrespectofdepreciation chargedonrevalued
fixed assets	(57,258)	57,258
Fund balances carriedforward	7,707,448	8,104,241	4,300,382	1,020,814	21,132,885

	Endowment
	fund,
	revaIuation
	reserve and	Unrestricted	Unrestricted
	share	General	Designated	Restricted
	capital	fund	funds	funds	Total 2021
	£	£	£	£	£
Tangible fixed assets	7,650,190	10,349,843			18,000,033
Investmentproperties			3,652,500		3,652,500
Investments			4,828	906,899	911,727
Cash atbank and in hand		1,042,954	658,281	348,787	2,050,022
Other netcurrentassets/(liabilities)		(475,139)	7,047		(468,092)
Creditorsfalling dueafter morethanoneyear		(2,486,785)			(2,486,785)
	7,650,190	8,430,873	4,322,656	1,255,686	21,659,405

	Endowment
	fund,
	revaluation
	reserve and	Unrestricted	Unrestricted
	share	General	Designated	Restricted
	capital	fund	funds	funds	Total 2020
	£	£	£	£	£
Tangible fixedassets	7,707,448	10,553,757			18,261,205
Investmentproperties			3,645,000		3,645,000
Investments			23,945	740,258	764,203
Cash atbank and in hand		258,137	627,510	280,556	1,166,203
Other netcurrentassets/(liabilities)		(321,762)	3,927		(317,835)
Creditorsfalling dueafter morethanoneyear		(2,385,891)			(2,385,891)
	7,707,448	8,104,241	4,300,382	1,020,814	21,132,885