| Page | ||
|---|---|---|
| Report ofthe Trustees | 1 to 7 | |
| Report ofthe Independent Auditors |
8to 9 | |
| Statement of Financial | Activities | 10 |
| Balance Sheet | ||
| Cash Flow Statement | 12 | |
| Notes to the Cash Flow Statement | 13 | |
| Notes to the Financial | Statements | 14to 25 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | Total funds | |||
| funds | funds | |||||
| Notes | F | F | ||||
| INCOME AND ENDOWMENTS FROII | ||||||
| Donations and legacies |
568,748 | 6,860 | 575,608 | 600,168 | ||
| Mission grants | 209,927 | 209,927 | 423,367 | |||
| Charitable activities |
||||||
| Theological training |
503,710 | 503,710 | 560,783 | |||
| Other trading activities |
28,852 | 28,852 | 32,545 | |||
| Investment income |
66 | 66 | 67 | |||
| Other income | 2,590 | 2,590 | 3,905 | |||
| Total | 1,103,966 | 216,787 | 1,320,753 | 1,620,835 | ||
| EXPENDITURE ON | ||||||
| Charitable activities |
||||||
| Theological training |
1,088,307 | 4,210 | 1,092,517 | 1,131,587 | ||
| Mission grants | 23,100 | 242,714 | 265,814 | 460,203 | ||
| Total | 1,111,407 | 246,924 | 1,358,331 | 1,591,790 | ||
| NET INCOME/(EXPENDITURE) | (7,441) | (30,137) | (37,578) | 29,045 | ||
| Transfers between funds |
21 | 2,885 | ~2,885) | |||
| Net movement in funds |
(4,556) | (33,022) | (37,578) | 29,045 | ||
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought | forward | 1,741,710 | 54,821 | 1,796,531 | 1,767,486 | |
| TOTAL FUNDS CARRIED FORWARD | 1.737154 | 21,799 | 1,758,953 | 1,796,531 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | Total funds | ||
| funds | funds | ||||
| Notes | |||||
| FIXEDASSETS | |||||
| Tangible assets | 14 | 2,038,431 | 2,038,431 | 2,065,290 | |
| CURRENT ASSETS | |||||
| Debtors Cash at bank and in hand |
57,555 48,973 |
2t 798 | 57,555 68,772 |
76,874 115459 |
|
| 104,528 | 21,799 | 126,327 | 194,333 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
16 | (165,597) | ('l65,597) | (248,342) | |
| NET CURRENT ASSETSl(LIABILITIES) | ~6),069) | 2t 799 | ~39,270) | ~64,009) | |
| TOTAL ASSETSLESSCURRENT LIABILITIES | 1,977,362 | 21,799 | 1,999,161 | 2.01 '1,281 | |
| CREDITORS | |||||
| Amounts falling due alter more than one year |
17 | (240,208) | (240,208) | (214,750) | |
| NET ASSETS | 1 737,'164 | 21 799 | 1 7581)53 | 1,798,531 | |
| FUNDS Unrestricted funds Restricted funds |
1,737,154 21,799 |
1,?41,710 54821 |
|||
| TOTALFUNDS | 1 758963 | 1796531 |
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | E | F | |||||
| Cash flows from operating | activities: | ||||||
| Cash generated from operations |
(7,124) | 51,192 | |||||
| interest paid | ~17,819) | ~15,667) | |||||
| Net cash provided by (used in) operating |
activities | ~24,943) | 35,525 | ||||
| Cash flows from investing | activities: | ||||||
| Purchase oftangible fixed assets |
(26,993) | (58,117) | |||||
| Interest received | 66 | 67 | |||||
| Net cash provided by (used in) investing |
activities | ~26.927) | ~58,050) | ||||
| Cash flows from financing | activities: | ||||||
| New loans in year Loan repayments in year |
270,000 ~2B4 817) |
50,000 ~35,676) |
|||||
| Net cash provided by (used in) financing |
activities | 5,183 | 14,324 | ||||
| Change in cash and cash |
equivalents | in | the | ||||
| reporting period |
(46,687) | (8,201) | |||||
| Cash and cash equivalents | at the beginning | ofthe | |||||
| reporting period |
115,459 | 123,660 | |||||
| Cash and cash equivalents | at the end | of | the | ||||
| reporting period |
68.772 | 115,459 |
| 2020 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| F | ||||||||
| Net income/(expenditure) | for the reporting | period (as per the statement | of | |||||
| financial activities) | (37,578) | 29,045 | ||||||
| Adjustments | for: | |||||||
| Depreciation | charges | 53,852 | 58,963 | |||||
| Interest received | (66) | (67) | ||||||
| Interest paid | 17,819 | 15,667 | ||||||
| Decrease/(increase) | in debtors | 21,319 | (50,481) | |||||
| Decrease in |
creditors | ~62,470) | ~1,935) | |||||
| Net cash provided | by (used in) operating | activities | ~7,124) | 51,192 | ||||
| 2. | ANALYSIS OF CHANGES | IN NET DEBT | ||||||
| At | 1/9/19 | Cash flow | At 31/8/20 | |||||
| F | ||||||||
| Net cash | ||||||||
| Cash at bank and in | hand | 115,459 | (46,687) | 68,772 | ||||
| Debt | ||||||||
| Debts falling | due within one year | (14,242) | (14,850) | (29,092) | ||||
| Debts falling | due after one | year | )195,450) | ~25.458) | )220,990085) | |||
| ~209,692) | ~40,3D8) | )250.MD) | ||||||
| Total | ~94.233) | ~86,995) | ~181,228) |
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| F | F | ||||||
| Gifts and | donations | 560,315 | 600,168 | ||||
| Donations | towards | Mission | Grants | 209,927 | 423,367 | ||
| Legacies | 532 | ||||||
| Grants | 14,761 | ||||||
| 785,535 | 1,023,535 | ||||||
| Grants received, | included | in the above, are as follows: | |||||
| 2020 | 2019 | ||||||
| F | |||||||
| HMRC Job Retention | Scheme Grant | 14,761 |
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 2020 | 2019 | |
| F | ||
| Conference centre income | 3,555 | 15,026 |
| Rental income | 25,297 | 17,519 |
| 28,852 | 32,545 | |
| INVESTMENT INCOME | ||
| 2020 f |
2019 E |
|
| Bank interest receivable | 66 | 67 |
| INCOIIE FROM CHARITABLE ACTIVITIES | ||
| 2020 f |
2019 F |
|
| Income from college fees | 503,710 | 560,783 |
| Direct costs | Support costs | Totals | ||
|---|---|---|---|---|
| (See note 8) | (See note 9) | |||
| F | ||||
| Theological training Mission grants |
869,501 252,912 |
223,016 12,902 |
1,092,517 265614 |
|
| 1,122,413 | 235,918 | 1,358,331 |
| DIRECT COSTS | OF CHARITABLE ACTIVITIES | OF CHARITABLE ACTIVITIES | ||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| Staffcosts | 486,726 | 470,053 | ||||
| DIS life assurance | cover | 3,404 | 3,404 | |||
| Rates and water | 15,133 | 19,238 | ||||
| Insurance | 9,219 | 8,272 | ||||
| Light and heat | 25,414 | 24,184 | ||||
| Telephone | 7,723 | 7,340 | ||||
| Postage and stationery | 4,889 | 5,840 | ||||
| Bursary donations | 4,210 | 7,822 | ||||
| Visiting lecturers' | expenses | 28,438 | 19,289 | |||
| Library | 30,535 | 26,055 | ||||
| University invigilation fees |
60,153 | 71,736 | ||||
| IT | 38,121 | 31,818 | ||||
| Repairs and maintenance | 21,316 | 13,064 | ||||
| Service contracts | 1,920 | 2,645 | ||||
| Cleaning | 12,870 | 18,703 | ||||
| Provisions/Catering | 17,140 | 27,430 | ||||
| Staff expenses | 6,804 | 6,195 | ||||
| Miscellaneous expenses |
3,946 | 7,404 | ||||
| Provision for bad | debts | 22,975 | ||||
| Grants to Church | Planting | projects | 240,224 | 489,814 | ||
| Learning Hubs, studio 8 editing Theological services |
14,383 39,078 |
18,461 | ||||
| Depreciation | 50,767 | 55,316 | ||||
| 1,122,413 | 1,357,058 | |||||
| SUPPORT COSTS | ||||||
| Governance | ||||||
| Staff costs | Depreciation f |
Other F |
costs | Totals F |
||
| Theological training |
90,280 | 3,085 | 118,180 | 11,471 | 223,016 | |
| Mission grants | 11,561 | 1,341 | 12,902 | |||
| 90,280 | 3,085 | 129.741 | 12,812 | 235,918 | ||
| NET INCOME/(EXPENDITURE) | ||||||
| Net income/(expenditure) | is stated after charging/(crediting): | |||||
| 2020 | 2019 | |||||
| F | ||||||
| Auditors' remuneration |
4,759 | 4,104 | ||||
| Depreciation -owned assets |
53,852 | 58,963 | ||||
| Hire of plant and | machinery | 3,404 | 3,404 | |||
| Staff pension contributions |
30,665 | 30387 |
| STAFF COS | TS | |||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||||
| F | ||||||||
| Wages and salaries | 503,674 | 493,347 | ||||||
| Social security costs | 42,667 | 41,435 | ||||||
| Other pension | costs | 30,665 | 30,387 | |||||
| 577,006 | 565,169 | |||||||
| The average | monthly | number ofemployees | during | the year was as follows: | ||||
| 2019 | 2018 | |||||||
| 20 | 21 | |||||||
| No employees | received emoluments | in excess of | F60,000. | |||||
| The total key | management | personnel | remuneration | benefits paid during the year | were F146,832. |
| Unrestricted | Restricted | Total funds |
|||
|---|---|---|---|---|---|
| funds | funds | ||||
| F | |||||
| INCOME AND ENDOWMENTS | FROM | ||||
| Donations and legacies |
587,907 | 435,628 | 1,023,535 | ||
| Charitable activities |
|||||
| Theological training |
560,783 | 560,783 | |||
| Other trading activities |
32,545 | 32,545 | |||
| Investment income |
67 | 67 | |||
| Other income | 3,905 | 3,905 | |||
| Total | 1,185,207 | 435,628 | 1,620,835 | ||
| EXPENDITURE ON | |||||
| Charitable activities |
|||||
| Theological training |
1,124,414 | 7,173 | 1,131,587 | ||
| Mission grants | 460,203 | 460,203 | |||
| Total | 1,124,414 | 467,376 | 1,591,790 | ||
| NET INCOME/(EXPENDITURE) | 60,793 | (31,748) | 29,045 | ||
| Transfers between funds |
12.000 | ~12,000) | |||
| Net movement in funds |
72,793 | (43,748) | 29,045 | ||
| RECONCILIATION OF FUNDS |
|||||
| Total funds brought | forward | 1,668,917 | 98,569 | 1,767,486 | |
| TOTAL FUNDS CARRIED FORWARD | 1,741,710 | 54.621 | 1,796,531 |
| TANGIBLE FIXEDASSETS | ||||
|---|---|---|---|---|
| Fixtures, | ||||
| Freehold | furniture and |
|||
| property | equipment | Website | Totals | |
| F | F | |||
| COST | ||||
| At 1 September 2019 | 2,354,936 | 283,564 | 60,246 | 2,698,746 |
| Additions Disposals |
6,140 | 20,853 ~14,623) |
26,993 ~14,623) |
|
| At 31 August 2020 | 2,361,076 | 289,794 | 60,246 | 2,711,116 |
| DEPRECIATION | ||||
| At 1 September 2019 | 363,914 | 238,783 | 30,759 | 633,456 |
| Charge for year Eliminated on disposal |
25,560 | 16,243 ~14,623) |
12,049 | 53,852 ~14.623) |
| At 31 August 2020 | 389,474 | 240,403 | 42,808 | 672,685 |
| NET BOOK VALUE | ||||
| At 31 August 2020 | 1,971,602 | 49,391 | 17,436 | 2,038,431 |
| At 31 August 2019 | 1,991,022 | 44,781 | 29,487 | 2,065,290 |
| 2020 | 2019 f |
||
|---|---|---|---|
| Trade debtors | 47,008 | 63,078 | |
| Other debtors | 991 | 785 | |
| Prepayments | and accrued income | 9,556 | 15,011 |
| 57,555 | 78,874 |
| CREDITORS: AMOUN | TS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|---|
| 2020 | 2019 | ||
| Bank loans and overdrafts (see note 18) | 29,092 | 14,242 | |
| Social security and other taxes | 13,485 | 11,550 | |
| Other creditors | 15,457 | 11,972 | |
| Interest free loans | 35,259 | 70,384 | |
| Accruals and deferred | income | 72,304 | 140,194 |
| 165,597 | 248,342 |
| Included in Accruals and |
deferred income is: |
||
|---|---|---|---|
| 2020 | 2019 | ||
| F | F | ||
| Deferred income brought | forward | 112,839 | 112,031 |
| Fees received in advance |
64,380 | 112,839 | |
| Released to fees | ~112,939) | ~112.031) | |
| Deferred income carried | forward | 64,380 | 112,839 |
| CREDIT | ORS: AMO | UNTS FALLING DUE AFTER MORE THAN |
ONE YEAR | |
|---|---|---|---|---|
| 2020 | 2019 | |||
| F | ||||
| Bank loans (see note 18) | 220,908 | 195,450 | ||
| Interest | free loans | 19,300 | 19,300 | |
| 240,208 | 214,750 | |||
| Amounts | falling due | in more than 5years: | ||
| Bank loans payable | by instalments | 104,541 | 129,177 |
| 18. | LOANS | |||||||
|---|---|---|---|---|---|---|---|---|
| An analysis ofthe maturity | of | loans is given below: | ||||||
| 2020 f |
2019 | |||||||
| Amounts falling due within |
one year on demand: | |||||||
| Bank loans | 29,092 | 14,242 | ||||||
| Amounts falling between one |
and two years: | |||||||
| Bank loans | 29,092 | 14,900 | ||||||
| Amounts falling due between |
two and five | years: | ||||||
| Bank loans -2-5 years | 87,275 | 48,959 | ||||||
| Amounts falling due in more than five years: |
||||||||
| Repayable by instalments: |
||||||||
| Bank loans more 5yr by instal | 104,541 | 131,591 | ||||||
| 19. | LEASING AGREEMENTS | |||||||
| Minimum lease payments |
under non-cancellable | operating | leases fall due as follows: | |||||
| 2020 | 2019 | |||||||
| F | ||||||||
| Within one year | 5,095 | 7,879 | ||||||
| Between one and five years | 7,473 | 11,175 | ||||||
| 12,568 | 19,054 | |||||||
| 20. | SECURED DEBTS | |||||||
| The following secured debts are included | within | creditors: | ||||||
| 2020 | 2019 | |||||||
| F | F | |||||||
| Bankloans | 250,000 | 209,692 | ||||||
| The bank borrowings are secured by a first legal |
charge over the property. |
| Net movement | Transfers | Transfers | |||||
|---|---|---|---|---|---|---|---|
| At1/9/19 | in funds | between | funds | At 31/8/20 | |||
| f | |||||||
| Unrestricted funds |
|||||||
| General | fund | 968,586 | (7,441) | 2,885 | 964,030 | ||
| Revaluation reserve |
773,124 | 773,124 | |||||
| 1,741,710 | (7,441) | 2,885 | 1,737,154 | ||||
| Restricted funds | |||||||
| Bursary | gifts | 2,106 | 2,106 | ||||
| Welsh publications | 1,290 | 1,290 | |||||
| SaRang | scholarship | fund | 7,443 | 7,443 | |||
| SaRang | projects fund | 2,218 | 6,469 | 8,687 | |||
| Building | and roofing fund | 2,885 | (2,885) | ||||
| Chairman's expenses Europe Collaboration |
fund fund |
2,273 39,491 |
~39,491) | 2,273 | |||
| 54,821 | (30,137) | (2,885) | 21,799 | ||||
| TOTAL | FUNDS | 1,798.531 | ~37.578) | 1,758,953 | |||
| Net movement in funds, included |
in the above are as follows: | ||||||
| Incoming | Resources | Movement in |
|||||
| resources | expended | funds | |||||
| E | F | ||||||
| Unrestricted funds |
|||||||
| General | fund | 1,103,966 | (1,111,407) | (7,441) | |||
| Restricted funds | |||||||
| Bursary | gifts | 450 | (450) | ||||
| SaRang | scholarship | fund | 3,760 | (3,760) | |||
| SaRang | projects fund | 171,071 | (164,602) | 6,469 | |||
| Building Europe |
and roofing fund Collaboration fund |
2,885 38,621 |
~78,112) | 2,885 ~39,491) |
|||
| 216,787 | (246,924) | (30,137) | |||||
| TOTAL | FUNDS | 1,320,753 | ~1,358,331) | ~37,578) |
| Comparatives for movement |
Comparatives for movement |
Comparatives for movement |
Comparatives for movement |
in funds | in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net movement | Transfers | ||||||||||
| At 1/9/18 | in funds | between | funds | At 31/8/1 9 | |||||||
| F | F | E | |||||||||
| Unrestricted Funds |
|||||||||||
| General | fund | 895,793 | 60,793 | 12,000 | 968,586 | ||||||
| Revaluation reserve |
773,124 | 773,124 | |||||||||
| 1,668,917 | 60,793 | 12,000 | 1,741,710 | ||||||||
| Restricted Funds | |||||||||||
| Bursary | gifts | 2,096 | 10 | 2,106 | |||||||
| Welsh publications | 1,290 | 1,290 | |||||||||
| SaRang | scholarship | fund | 7,443 | 7,443 | |||||||
| SaRang | projects fund | 5,112 | (2,894) | 2,218 | |||||||
| Building | and roofing | fund | 12,000 | (12,000) | |||||||
| Chairman's expenses |
fund | 2,273 | 2,273 | ||||||||
| Europe | Collaboration | fund | 80,355 | ~40,864) | 39491 | ||||||
| 98,569 | (31,748) | (12,000) | 54,821 | ||||||||
| TOTAL | FUNDS | 1.767.486 | 29,045 | 1,796,531 | |||||||
| Comparative net movement |
in | funds, | included | in the above are as | follows: | ||||||
| Incoming | Resources | Movement in |
|||||||||
| resources | expended | funds | |||||||||
| F | F | F | |||||||||
| Unrestricted funds |
|||||||||||
| General | fund | 1,185,207 | (1,124,414) | 60,793 | |||||||
| Restricted funds | |||||||||||
| Bursary | gifts | 1,010 | (1,000) | 10 | |||||||
| SaRang | scholarship | fund | 6,822 | (6,822) | |||||||
| SaRang | projects fund | 200,999 | (203,893) | (2,894) | |||||||
| Building Europe |
and roofing Collaboration |
fund fund |
12,000 214797 |
~255.661) | 12,000 ~40,864) |
||||||
| 435,628 | (467,376) | (31,748) | |||||||||
| TOTAL | FUNDS | 1,620,835 | ~1,591,790) | 29,045 |