2020-08-31-accounts - All Nations Christian College Limited

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Contents		Page
Chairman's statement		3-4
Report ofthe Board of Management		5-20
Report ofthe Independent	Auditors	21-23
Consolidated Statement	of Financial Activities	24
Balance Sheets		25
Consolidated Statement	ofCash Flows	26
Notes to the Financial Statements		27-40

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	BALANCE S	HEETS	A	S AT31ST	AUGUST 202	0
				Group	Group	Company	Company
				2020	2019	2020	2019
		Note		8	E	E	E
Fixed assets
Intangible assets		11
Tangible assets		12		921,568	995,891	921,568	995,891
Investments		13		111978	'I33 740	112076	138840
Total fixed assets			'1,033,544		1,134,631	I,D33,644	1,134,731
Current assets
Stocks				8,312	10,727	8,312	10,727
Students' fees receivable				37,922	29,532	37,922	29,532
Prepayments and other debtors		14		435,822	284,837	429,053	253,229
Amount due from subsidiary						20,723	37,173
Cash and cash equivalents				870 294	880 II15	845 348	869981
Total current assets			1,352,350		1,205,111	1,341,358	1,200,642
Liabilities
Creditors: Amounts	falling due within	one year:
Loans				2,200	16,200	2,200	16,200
Sundry creditors and accruals		15		131,967	183,671	126,946	179,302
Fees received in advance				57226	64 191	51 355	64 191
Total current liabilities				191,393	264,062	180,501	259,693
Net current assets			I	160957	941 049	I 1611857	940949
Net assets		16	2JB~Q1			2~14~1	2I
CapitalFunds
Endowment (including revaluation reserve ofF7,508,2019:f34,272)		13, 17		111,976	138,740	111,976	138,740
Income Funds
Unrestricted
General			1,523,172		1,234,428	1,523,172	1,234,428
Designated		19		412695	6D3409	412695	603409
Total Unrestricted			1,935,867		1,837,837	1,935,867	1,837,837
Restricted		18		146658	99103	146658	99103
Total Funds			KB&02

		Note		2020	2019
				E	E
Cash flows from operating activities:
Net (expenditure)/income as per	SOFA			118,821	(221,741)
Adjustments for:
Depreciation				105,936	109,709
Loss/(surplus) on sale ofproperty,	plant &equipment			(815)	147
Loss/(gain) on investments				26,764	5,002
Investment income				(10,341)	(11,381)
Decrease/(increase) in trade and	other receivables			(159,375)	80,271
Decrease/(increase) in inventories				2,415	4,840
Increase/(decrease) in trade and other payables Cash generated from operations				~72669 ~7	57587
Net cash flows from operating	activities
Cash flows from investing activities:
Purchase ofproperty, plant and equipment				(31,879)	(253,308)
(Purchase)/disposal ofinvestments					(3,000)
Proceeds ofdisposal offixed assets				1,081
Interest received				10341	11881
Net cash flows from investing activities				2 4 7	~249K+
Net (decrease)/increase in cash &cash equivalents:				(9,721)	(220,493)
Cash in hand and at bank at start	ofyear			880015	1 188 588
Cash in hand and at bank at end ofyear
Net Debt Reconciliation		At	1"	Cash flows	At31"
		September			August
		2019 K		f	2020 E
Cash and cash equivalents		880,015		(9,721)	870,294
Interest free loans from supporters		~16200		14000	~2200
Total

	FOR THE YEA	FOR THE YEA	R ENDED 31S	R ENDED 31S	TAUGUST 2020	TAUGUST 2020
3	INCOME FROM CHARITABLE		Unrestricted		Restricted Total		Total
	ACTIVITES &OTHER INCOME			Funds	Funds 2020		2019
				E		E E
	Student fee income	taught awards		456,880		463,515	423,519
	Course fee income	non-credit		133,618		126,983	170,488
	bearing courses
	Student accommodation &meals			191,945		191,945	238,385
	Sundry income			14,877		14,877	14,024
	Furlough income			10,302		10,302
	Rental income			96,664		96,664	108,846
	Conference income			19836		19836	41 929
	Total
	The College did not receive any grant		income from the Office for			Students or other	bodies except
	forf10,302 received	from the government		under the	job retention	scheme.
4	FUNDRAISING AND MARKETING		Unrestricted		Restricted Total		Total
				Funds	funds 2020		2019
				E	E E
	Salary costs			29,286		29,286	26,272
	Advertising			1,648		1,648	448
	Promotional activity	& Publications		16,287		16,287	24,341
	Appeals Database &Website costs			8,428 5792		8,428 5792	2,372 3985
	Total			~61 441		~61 441	~57418
5	EXPENDITURE ON		Unrestricted		Restricted	Total	Total
	CHARITABLE ACTIVITES			Fundsf	Funds	2020 E	2019 F
	Tuition			342,237	10,390	352,627	381,201
	Catedng			157,358		157,358	170,013
	Academic Administration			141,012		141,012	126,817
	Bursary grants			3,012	54,131	57,143	54,732
	Conferences			21,264		21,264	39,265
	Student Benevolent	Fund grants			258	258
	Support costs (notes 6 and 7)			636653	21 758	658 711	656 321
	Total			&lUJI38	8L53Z

Support costs have	been allocated	as follows:
	Activities	Grant	Support	Total 2020	Total 2019
	undertaken	funding	costs
	directly	activities
	6	E	E	E	E
Student costs	651,255		649,566	1,300,821	1,297,227
Bursaries granted		57,143		57,143	54,732
Conferences Total	21 264 ~72 19		9145 711	30 409 ~37:5	76390 1428349

	Total 2020					Fundraising	Student	Conferences	Conferences		Basis of
						&Marketing	costs				Allocation
						E	E		E
	Premises						158,858		3,710		Time/Usage/Area
	Housekeeping						43,514				Time/Usage
	Finance						62,316		1,658		Time
	IT						46,896				Usage
	Facilities						35,551		911		Time
	HR						23,355				Usage
	Management					2,833	53,158				Time
	Administration						109,161		1,004		Usage
	Depreciation	&amortisation					104,074		1,862		Usage
	Governance						12683				Time/Usage
	Total
	PRIOR YEAR		FIGURES
	Total 2019					Fundraising	Student	Conferences			Basis of
						8 Marketing	costs				Allocation
						E	6		6
	Premises						152,761		16,974		Time/Usage/Area
	Housekeeping						51,116		1,253		Time/Usage
	Finance						55,499		2,744		Time
	IT						33,669		751		Usage
	Facilities						28,389		579		Time
	HR						20,798		195		Usage
	Management					2,820	56,008				Time
	Administration						112,219		4,243		Usage
	Depreciation	8 amortisation					96,977		10,386		Usage
	Governance						11760				Time/Usage
	Total
8	NET EXPENDITURE/INCOME					FOR THE YEAR		2020	2019
	This is stated		after charging:
	Auditors' remuneration			—audit				7,410	7,050
					other	services		234		226
	operating lease charges				- photocopiers			3,524	3,721
	Depreciation	oftangible		fixed		assets	105,936		109,709

Andy Dipper, Princi	pal and C	EO	, receive	d the following r	emuneration:
					2020	2019
						E
Basic salary before	salary sacrifice				47,940	47,627
Employer pension	contribution				6,232	6,053
Salary sacrifice arrangements		-	pension	contributions	(2,397)	(2,381)
Non-taxable benefits - provision			of accommodation		16200	16200
Total package

TANGIBLE FIXEDASS	ETS(GROUP)
	Freehold	Furniture	Heavy	Motor
	Properties	Fittings &	Plant	Vehicles	Total
		Equipment
Cost
At 1"September 2019	1,401,695	800,318	235,681	12,521	2,450,215
Additions Disposals At31"August 2020	1 401 695	31,879 ~798 831399	235681	~1000 11521	31,879 ~1798 248D 296
Depreciation At 1"September 2019	878,999	541,136	23,568	10,621	1,454,324
Charge for the year Eliminated on disposals	28,598	51,870 ~532	23,568	1,900 ~1000	105,936 ~1532
At 31"August 2020	907597	592474	47 136	11521	I 658728
Net book value
At31"August 2019 At31"August 2020	522696 494 098	259 182 238 925	212113 188545	1 900 —	995891 921 568
TANGIBLE FIXEDASSETS (COMPANY)
	Freehold	Furniture	Heavy	Motor
	Properties	Fittings &	Plant	Vehicles	Total
		Equipment
		E
Cost
At 1a September 2019	1,401,695	771,942	235,681	12,521	2,421,839
Additions Disposals At 31"August 2020	1 401 695	31,879 ~798 BD3023	235681	~1000 11521	31,879 ~1798 2 451 920
Depreciation At 1"September 2019	878,999	512,760	23,568	10,621	1,425,948
Charge for the year Eliminated on disposals At 31"August 2020	28,598 9117597	51,870 ~532 564 D98	23,568 - 47 136	1,900 ~1000 11 521	105,936 ~1532 I 530352
Net book value
At 31"August 2019 At 31"August 2020	522 696 494098	259 182 238925	212113 188545	1 900 -	995891 921 568

FIXEDASSET IN	VESTMENTS	(GROUP	AND COMPANY) (Co	ntinued)
Trading Company	summary	profit and	loss account	2020	2019
				f	E
Turnover				48,432	129,804
Cost ofsales and Depreciation	administration	expenses		(41,064)	(96,486) ~2346
Profit				7,368	30,972
Amount gift aided	to parent company			~7368	~30972
Net profit
The assets and liabilities ofthe		subsidiary	were:	2020	2019
				E
Current assets				31,715	41,643
Creditors: Amounts	falling due	within one	year	~31615	~41 543
Total Net assets
Aggregate share capital and reserves

PREPAYMEN	TS AND OTHER DEBTO	RS
		Group			Company
		2020	2019		2020	2019
		f		E	K	E
Other debtors		26,187	56,459		19,418	37,538
Prepayments	&Accrued income	409635	228	378	409635	215691
			~24	7	4~2

CREDIT	ORS: Amo	unts falling due	within one year
			Group		Company
			2020	2019	2020	2019
			E	E		E
Creditors			46,984	108,966	46,979	108,910
Accruals Totals	&deferred	income	84983 ~11 7	74705	79967 ~14	70392 ~72

ANALYSIS OF N	E	T ASSE	TS BETWE	EN FUNDS
(Group)			Fixed assets	Investments	Net current	Total At31s	Total At31"
					Assets	August 2020	August
							2019
							E
Endowment funds
Goldsmith Bursary		fund		111,976		111,976	138,740
Restricted funds
Bursary fund					57,335	57,335	57,899
Accommodation	Fund				100	100	30,100
Online Fund					7,968	7,968	1,244
New developments		fund			27,834	27,834
—Zoom rooms
New developments		fund			34,529	34,529
—Maple Hall
En Route-on-the-Move					13,770	13,770	9,603
Fund
Student Benevolent		Fund					257
Library fund					5,122	5,122
Unrestricted funds
General fund			921,568		601,604	1,523,172	1,234,428
Seed Funding					18,125	18,125	28,839
Strategic Fund					394570	394570	574570
Totals
(Company)			Fixed assets	Investments	Net current	Total At31'	Total At 313'
					Assets	August 2020	August
							2019
Endowment funds
Goldsmith Bursary fund				111,976		111,976	138,740
Restricted funds
Bursary fund					57,335	57,335	57,899
Accommodation	Fund				100	100	30,100
Online Fund					7,968	7,968	1,244
New developments		fund			27,834	27,834
—Zoom rooms
New developments		fund			34,529	34,529
—Maple Hall
En Route-on-the-Move					13,770	13,770	9,603
Fund
Student Benevolent		Fund					257
Library fund					5,122	5,122
Unrestricted funds
General fund			921,568	100	601,504	1,523,172	1,234,428
Seed Funding					18,125	18,125	28,839
Strategic Fund					394570	394570	574570
Totals

RESTRICTED FUNDS (Group and Company)		Balance 1~September	Movement Income Expenditure	Movement Income Expenditure	Balance 31"August
		2019		&transfers out	2020
		E	E	E	E
Bursary fund		57,899	53,567	(54,131)	57,335
Accommodation Fund		30,100		(30,000)	100
Online Fund		1,244	6,724		7,968
New dev. fund —Zoom	rooms		42,450	(14,616)	27,834
New dev. fund —Maple	Hall		54,374	(19,845)	34,529
En Route-on-the-Move	Fund	9,603	13,429	(9,262)	13,770
Student Benevolent Fund		257		(257)
Library fund Learning Services Fund			6,000 250	(878) ~250	5,122
Total restricted funds				UZL23$
Prior Year (Group and Company)		Balance 1"September 2018	Income Expenditure Movement		Balance 31"August 2019
		E	E		E
Bursary Fund		70,940	32,391	(45,432)	57,899
Accommodation Fund		30,100			30,100
Online Fund		2,183	5,475	(6,414)	1,244
Majority World Partn. Fund En Route on the Move Fund		5,100	4,200 15,045	(9,300) (5,442)	9,603
Student Benevolent Fund		257			257
Library Fund			4,500	(4,500)
New Developments Fund Total restricted funds		8410	50947	~59357 jiÃ,448

DESIGNATED FUNDS (Group and Company)	DESIGNATED FUNDS (Group and Company)	Balance 1"September	Income	Movement & Expenditure &	Movement & Expenditure &	Balance 31"August
		2019	transfers	in	transfers out	2020
		E		k
Seed Funding		28,839			(10,714)	18,125
Strategic Fund		574570			~180000	394570
Total designated	funds
Prior Year (Group and Company)		Balance 1"September	Income	Movement & Expenditure &		Balance 31"August
		2018 E	transfers	in 6	transfers out f	2019 6
Seed Fund		30,681			(1,842)	28,839
Strategic Fund		899570			~325 000	574 570
Total designated	funds				I&28Q