## |||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| ## ## ## ## ## ##