2020-06-30-accounts - The Emerson College Trust Limited

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		Page
Report ofthe	Trustees	1 to 5
Report ofthe	Independent Auditors	6 to 7
Consolidated	Statement of Financial Activities
Consolidated	Balance Sheet
Company Balance Sheet
Cash Flow Statement
Notes to the	Cash Flow Statement	12
Notes to the	Financial Statements	13to 28

		f	orthe ear e	nded 30June 20	20
							2020		2019
				Unrestricted	Restricted	Total	funds	Total	funds
				funds	funds
			Notes	6
INCOME AND ENDOWMENTS		FROM
Donations and legacies			2	10,137	256,712		266,849		84,466
Charitable activities
Education			4	874,643			874,643		909,868
Investment income			3	386			386		47
Trading income			21	215,000			215,000		545,000
Other income			5	856672			956,672		5,580
Total				2,056,838	256,712	2,313,550		1,544,961
EXPENDITURE ON
Subsidiary's trading	activities		21	225,972			225,972		507,563
Charitable activities			6
Education				942,976	105,068	1,048,044			988,932
Bank loan interest									9,876
Total				1,168,948	105,068	1,274,016		1,506,371
NET INCOME/(EXPENDITURE)				887,890	151,644	1,039,534			38,590
Transfers between	funds		18	27,881	(27,881)
Net movement in funds				915,771	123,763	1,039,534			38,590
RECONCILIATION	OF FUNDS
Total funds brought	forward			1,529,765	58,719	1,588,484		1,549,894
TOTAL FUNDS CARRIED FORWARD				2,445 536	182.482	2,628,518		1,588,484

	A~I	D 2 2D2D
				2020		2019
		Unrestricted	Restricted	Total funds	Total	funds
		funds	funds
	Not		F
	es
FIXEDASSETS
Tangible assets	13	2,252,039		2,252,039	2,252,125
Investments	14	12,267		12,267		12267
		2,264,306		2,264,306	2,264,392
CURRENT ASSETS
Stocks	15	862,741		862,741		23,204
Debtors Cash at bank and in hand	16	37,118 374629	145,270 ~37 212	182,388 ~411 841		132,388 385,435
		1,274,488	182,482	1,456,970		541,027
CREDITORS
Amounts falling due within one year	17	(311,292)		(311,292)	(388,534)
NET CURRENT ASSETS		963,196	182,482	1,145,678		152,493
TOTAL ASSETSLESSCURRENT
LIABILITIES		3,227,502	182,482	3,409,984	2,416,885
PENSION LIABILITY	19	(781,966)		(781,966)		(828,401)
NET ASSETS		2,445,536	~182 482	2,628,018	~1,588484
FUNDS	18
Unrestricted funds Restricted funds				2,445,538 ~182482	1,529,765 ~58719
TOTAL FUNDS				2,628,018	1,588.484

		At	30June 2020
					2020		2019
			Unrestricted	Restricted	Total funds	Total	funds
			funds	funds
		Not	6
		es
FIXEDASSETS
Tangible assets Investments		13 14	2,252,039 12268		2,252,039 ~12268	2,252,125 12268
			2,264,307		2,264,307	2,264,393
CURRENT ASSETS
Stocks		15	24,830		24,830		23,204
Debtors Cash at bank and	in hand	16	1,240,924 ~3953	145,270 37,212	1,386,194 41,165		335,706 177336
			1,269,707	182,482	1,452,189		536,246
CREDITORS
Amounts falling due within one year		17	(306,512)		(306,512)	(383,754)
NET CURRENT ASSETS			~963 195	182,482	1,145,677		152,492
TOTAL ASSETS	LESSCURRENT
LIABILITIES			3,227,502	182,482	3,409,984	2,416,885
PENSION LIABILITY		19	(781,966)		(781,966)	(828,401)
NET ASSETS			2,445,336	182,482	2,628,018	1,588,484
FUNDS		18
Unrestricted funds					2,445,536	1,529,765
Restricted funds					182,482		58,719
TOTAL FUNDS					2,628,018	1,588,484

			EMERSON COLLE ETRUST LIMITED	EMERSON COLLE ETRUST LIMITED	EMERSON COLLE ETRUST LIMITED
			CONSOLIDATED CASH FLOthf STATEMENT
			for	the	ear ended 30June 2020
					2020	2019
					Notes	8
Cash flows from	operating		activities:
Cash generated from operations					109,522	531,251
Interest paid						~9876)
Net cash provided		by (used in) operating
activities					109,522	521,375
Cash flows from	investing		activities:
Purchase oftangible		fixed assets			(83,502)	(23,031)
Interest received					386	47
Net cash provided		by (used in) investing			(83,116)	(22,984)
activities
Cash flows from	financing		activities:
Loan repayments	in	year				(300,000)
Net cash provided		by (used in) financing
activities						(300,000)
Change in cash	and cash		equivalents	in the
reporting period					26,406	198,391
Cash and cash equivalents			at the beginning
ofthe reporting	period				385,435	187,044
Cash and cash	equivalents		at the end	ofthe
reporting period					411,841	3~85 435

RECONCILIATION	OF NET INCOME/(EXPE	NDITURE) TO NET CAS ACTIVITIES	H FLOW FROM OP	ERATING
			2020	2019
			6	6
Net income/(expenditure) for the reporting		period (as per the
statement offinancial activities)			1,039,534	38,500
Adjustments for:
Depreciation charges			37,388	44,797
Interest received			(386)	(47)
Interest paid				9,876
Movement in non current liabilities			(46,435)	(43,448)
(Increase)/decrease	in stocks		(793,337)	473,835
(Increase)/decrease	in debtors		(50,000)	(25,609)
Increase/(decrease)	in creditors		~77,242	33,257
Net cash provided	by (used in) operating	activities	109,522	531,251

Depreciation is provided at the following annua	l rates in order to write offeach asse	t over its estim	ated useful life.
Freehold property	-1%on cost
Shortleasehold	- Over the life-time ofthe 7years lease
Machinery and office equipment	-20-25% on reducing balance
Fixtures and fittings	-25%on reducing balance
Library Books	- 15-25%on reducing balance
Assets costing 6750 or more are capitalised.	All other assets under this amount	are expensed	to the income and

				2020	2019
			Activity	6	6
Student	fees		Education	236,157	210,130
Student	boarding	&Catering	Education	389,289	448,653
Other income			Education	73,999	40,182
Venue	hire & rental income		Education	175,198	~210 903
				874,643	909868

			Direct costs	Support costs	Totals
			(See note 7)	(See note 8)
			6
Education			775,341	~272 703	1,048,044
DIRECT COSTS OF CHARITABLE ACTIVITIES
				2020	2019
					5
Staff costs				423,843	418,309
Tutor Fees				96,608	113,189
Tutor accommodation		& material		28,213	28,323
Provisions	and household			64,919	80,069
Garden costs				1,489	2,200
Library and	Bookshop	materials		12,708	10,583
Repairs and maintenance				42,900	31,905
Bad Debts				870
Pixton Third Age Project				103,791
				~775 341	684,578
SUPPORT	COSTS
				Governance
			Management	costs	Totals
			5	8
Education			259,401	13,302	~272 703

Management
				2020	2019
				Education	Total activities
				8
Trustees' expenses				596	1,104
Rates and water				35,359	40,755
Insurance				18,115	17,607
Light and heat				50,151	56,142
Telephone, internet &copier				3,665	3.321
Postage and stationery				745	870
Advertising & publicity				11,315	18,795
Office equipment and	IT			25,802	22,832
Pension deficit Michael		Hall			1,762
Pension deficit administration				13,191	12,563
Pension deficit finance		costs		34,634	36,306
Pension Levy				9,804	11,613
Professional fees				4,670	7,697
Travel &other costs				1,945	2,862
Membership Fees				2,522	3,055
Bank &other charges				9,499	12,005
Depreciation oftangible		and heritage assets		37,388	44,795
				259,401	294,084
Governance costs
				2020	2019
				Education	Total activities
				f	f
Auditors' remuneration				7,000	6,000
Auditors' remuneration		for	non audit work	6,302	4,270
Legal &professional	fees
				13,302	10,270
NET INCOME/(EXPENDITURE)
Net income/(expenditure)			is stated after charging/(crediting):
				2020	2019
				8	5
Auditors' remuneration				7,000	6,000
Other non-audit services				6,302	4,270
Depreciation - owned	assets			~37 388	44,797

Trustees' expenses
					2020	2019
					8	8
Trustees' expenses					596	1,104
Trustees' expenses	relate to	travel and subsistence		for three trustees.
STAFF COSTS
					2020	2019
					5
Wages and salaries					430,572	418,843
Social security costs Other pension costs					28,681 6,726	24,159 ~4614
					~465 979	447,616
The average monthly	number	of employees	during	the year was as follows:
					2020	2019
Teaching andadmin	istration				18	18

			Unrestricted	Restricted	Total	funds
			funds	funds
			5
INCOME	AND ENDOWMENTS	FROM
Donations	and legacies		51,848	32,618		84,466
Chadtable	activities
Education			909,570	298		909,868
Investment	income		47			47
Trading income			545,000			545,000
Other income			5 580			5,580
Total			1,512,045	32,916	1,544,961

	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONT f~lh d d 30 3 2020	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONT f~lh d d 30 3 2020	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONT f~lh d d 30 3 2020	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONT f~lh d d 30 3 2020	INUED
12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
				Unrestricted	Restricted	Total	funds
				funds	funds
					f
	EXPENDITURE ON
	Chadtable activities
	Education			982,751	6,181		988,932
	Bank loan interest			9,876			9,876
	Subsidiary's trading		activities	507,563			507 503
	Total			1,500,190	6,181	1,506,371
	NET INCOME/(EXPENDITURE)			11,855	26,735		38,590
	RECONCILIATION	OF FUNDS
	Transfers between		funds	41,740	(41,740)
	Total funds brought		forward	1,476,170	73,724	1,549,894
	TOTAL FUNDS CARRIED FORWARD			1,529,765	58,719	1,588,484

TANGIBLE FIXEDASSETS (GROUP AND C	OMPANY)
				Machinery and
	Freehold		Short	office
	property		leasehold	equipment
COST
At 1 July 2019	2,577,463		77,000	163,946
Additions Disposals	17,097 ~105000			1,835
At 30June 2020	2,489,560		77,000	16~ 701
DEPRECIATION
At1 July2019 Charge for year Eliminated on disposal	354,776 25,798 ~50 QDD		72,200 4,800	149,545 3,946
At 30June 2020	321 774		77,DDQ	153491
NET BOOK VALUE
At 30June 2020	2.167,706			12 201)
At 30June 2019	2 222 607	.	4,0DQ	14,4DI
	Fixtures and
	fittings 6	Library Books f		Totals 6
COST
At1 July2019	302,091		16,848	3,137,348
Additions Disposals	64,570			83,502 ~105000)
At 30June 2020	366,661		16,848	3,115,850
DEPRECIATION
At 1 July 2019	291,874		16,828	885,223
Charge for year Eliminated on disposal	2,824		20	37,388 ~58,000)
At 30June 2020	294 698		16848	863,811
NET BOOK VALUE
At 30June 2020	71 963		.	2 252 039
At 30June 2019	10217		20	2252128

	Listed
	investments
	8
MARKET VALUE
At 1 July 2019 and 30June 2020	12,267
NET BOOK VALUE
At 30June 2020	12,267
At 30June 2019	~12 267

	There were no investment assets outsi	There were no investment assets outsi	There were no investment assets outsi	There were no investment assets outsi	There were no investment assets outsi	de	the UK	.
	Emerson College holds 265 Depository						Receipts	in Triodos	Bank NV.
	The charitable	company's		investment		at	the Balance Sheet		date includes	the 51 ordinary	share in Emerson		College
	Enterprises Limited set up			to develop some ofthe properties					with Emerson	College site.
	Emerson College Enterprises				Limited
	Class ofshares - Ordinary							holding 100%
15.	STOCKS
											2020		2019
											F		5
	Stocks - Company										24,830		23,204
	Work-in-progress - Subsidiary										837,911
	Group										862,741		23,204
16.	DEBTORS:AMOUNTS		FALLING DUE				WITHIN	ONE YEAR
	Group
											2020		2019
											5
	Trade debtors										107,175		96,595
	Other debtors										73,037		11,020
	Intercompany	account
	Prepayments	and accrued		income							2,176		24,773
											182,388	~132388
	Company
											2020		2019
													5
	Trade debtors										105,674		96,595
	Other debtors										63,712		11,020
	Intercompany	account									1,214,632		203,317
	Prepayments	and accrued		income							2,176		24,774
											1,386,194		335,706

Group
		2020	2019
		F	6
Trade creditors		51,362	78,123
Social security and other taxes		5,322	7,088
Other creditors		9,126	23,912
Pension creditor		53,367	47,372
Private loans		2,500	2,500
Accruals and deferred	income	189,615	~229 539
		311,292	~388 534
Company
		2020	2019
		6	6
Trade creditors		51,362	78,123
Social security and other taxes		5,322	7,088
Other creditors		9,126	23,912
Pension creditor		53,367	47,372
Accruals and deferred	income	187,335	227,259
		306,512	383,754

	for	the ear ended 30Jun	e 2020
MOVEMENT IN	FUNDS
			Net	Transfers
		At 1.7.19	movement	between	At 30.6.20
			in funds	funds
Unrestricted funds
General fund		1,501,391	888,814	27,881	2,418,086
Biodynamic agriculture		25,859	(840)		25,019
Holistic Baby & Child Care BD		2,244	(84)		2,160
14/15 Course Development
Library		271			271
		1,529,765	887,890	27,881	2,445,536
Restricted funds
Initiative Group		1,593			1,593
Greenhouse		19,370	7,184	(26,554)
Ruskin Hall (Refurbishment)		21,072		(4,118)	16,954
Stage		330			330
Library - hol Baby & Child		1,510			1,510
Bursary Holistic	Baby	1,087			1,087
Pixton			(2,791)	2,791
Anthroposophic	Nursing	1,036			1,036
Healing Words		3,858			3,858
Storytelling Bursary		5,473	258		5,731
Storytelling		3,390	(810)		2,580
Emerson Bursary			2,533		2,533
Practioners &Teachers			145,270		145,270
		58,719	151,644	(27,881)	182,482
TOTAL FUNDS		1,588,484	1,039,534		2,628,018

Net moveme	nt in funds,	included in the above are as follows:
			Incoming	Resources	Movement in
			resources f	expended	funds F
Unrestricted	funds
General fund			2,057,678	(1,168,864)	888,814
Biodynamic agriculture Holistic Baby & Child Care BD14/15 Course Development			(840)	~84)	(840) ~84)
			2,056,838	(1,168,948)	887,890
Restricted	funds
Greenhouse			7,184		7,184
Pixton			101,000	(103,791)	(2,791)
Emerson Bursary			2,545	(12)	2,533
Practioners	&Teachers		145,270		145,270
Storytelling	Bursary		258		258
Storytelling			330	(1,140)	(810)
Biodynamic	agriculture	fund	125	(125)
			256,712	(105,068)	151,644
TOTAL FUNDS			2~313,550	(1~274016)	1~039 534

Compa	rativ	es	for mo	vement in funds
						Net	Transfers
					At 1.7.18	movement	between	At 30.6.19
						in funds	funds
						f
Unrestricted funds
General	fund				1,447,730	11,921	41,740	1,501,391
Biodynamic		agriculture			25,859			25,859
Holistic	Baby &		Child Care BD		2,310	(66)		2,244
14/15 Course Development
Library					271			271
					1,476,170	11,855	41,740	1,529,765
Restricted		funds
Biodynamic		agriculture		fund	39,009	(3,830)	(35,179)
Initiative	Group				1,593			1,593
Greenhouse					555	18,815		19,370
Ruskin	Hall	(Refurbishment)			21,072			21,072
Stage					330			330
Library	- hol	Baby &Child			1,510			1,510
Bursary	Holistic		Baby		1,087			1,087
Pixton					7,532	(971)	(6,561)
Anthroposophic			Nursing		1,036			1,036
Healing	Words					3,858		3.858
Storytelling		Bursary				5,473		5.473
Storytelling						3,390		3.390
					73,724	26,735	(41,740)	58,719
TOTAL	FUNDS				1,549,894	38,590		1,588,484

Comparative	net move	ment in funds, included in the above are a	s follows:
			Incoming	Resources	Movement in
			resources	expended	funds
				6	6
Unrestricted	funds
General fund Holistic Baby & Child		Care BD 14/15 Course Development	1,512,045	(1,500,124) ~66)	11,921 ~66)
			1,512,045	(1,500,190)	11,855
Restricted	funds
Greenhouse			18,815		18,815
Healing Words			3,858		3,858
Pixton				(971)	(971)
Storytelling	Bursary		5,473		5,473
Storytelling Biodynamic	agriculture	fund	4,770	(1,380) ~3,830)	3,390 ~3830)
			32,916	(6,181)	26,735
TOTAL FUNDS			1,544,961	(1,506,371)	38,590

FINANCIAL PERFO	RM	AN	CE OF THE CHARITI	ABLE COMPANY
				2020	2019
				8	8
Income				1,141,878	1,011,381
Gift from Subsidiary				21,900	25,421
Gain on sale oftangible		fixed assets		923800
				2,087,578	1,036,802
Expenditure on charitable			activities	1 048 044	998212
Net (expenditure)/income				1,039,534	38,590
Total funds brought	forward			1 588484	1 549 894
Total funds carried	forward			2628 018	1 588484
Represented by:
Unrestricted Funds Restricted Funds				2,445,536 182482	1,529,765 ~5719
Total Funds				2628 018	1 588484