2023-08-31-accounts

		Page
Report ofthe Trustees	1	to	8
Report ofthe Independent Auditors	9	to	11
Statement of Financial Activities		12
Balance Sheet
Cash Flow Statement		14
Notes to the Cash Flow Statement		15
Notes to the Financial Statements	16	to	26

						2023	2022
				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
			Notes	E	E	E	E
INCOME AND ENDOWMENTS		FROM
Donations and legacies				724,238	93,465	817,703	756,035
Charitable activities
Theological training				567,932		567,932	572,131
Union publishing				38,535		38,535	21,465
Theological services				25,321		25,321	88,875
Other trading activities				31,092		31,092	30,748
Investment income				281		281	23
Other income				8,347		8,347	8,056
Total				1,395,746	93,465	1,489,211	1,477,333
EXPENDITURE ON
Charitable activities
Theological training				1,364,563	21,751	1,386,314	1,324,364
Mission grants				23,797	91,751	115,548	225,754
Union publishing				105,389		105,389	66,046
Total				1,493,749	113,502	1,607,251	1,616,164
NET INCOME/(EXPENDITURE)				(98,003)	(20,037)	(118,040)	(138,831)
RECONCILIATION	OF FUNDS
Total funds brought	forward			1,631,131	62,998	1,694,129	1,832,960
TOTAL FUNDS CARRIED FORWARD				1,533,128	42,961	1,576,089	1,694,129

				2023	2022
		Unrestricted	Restricted	Total	Total
	Notes	funds E	funds E	funds E	fundsf
FIXEDASSETS
Tangible assets	14	1,965,079		1,965,079	2,010,138
CURRENT ASSETS
Stocks	15	27,615		27,615	13,153
Debtors	16	50,376	11,590	61,966	66,745
Cash at bank and in hand		(43,967)	31,371	(12,596)	62,223
		34,024	42,961	76,985	142,121
CREDITORS
Amounts falling due within one year	17	(261,055)		(261,055)	(239,655)
NET CURRENT ASSETS		(227,031)	42,961	(184,070)	(97,534)
TOTAL ASSETS LESSCURRENT LIABILITIES		1,738,048	42,961	1,781,009	1,912,604
CREDITORS
Amounts falling due after more than one year	18	(204,920)		(204,920)	(218,475)
NET ASSETS		1,533,123	42,961	1,576,089	1,694,129
FUNDS	22
Unrestricted funds				1,533,128	1,631,131
Restricted funds				42,961	62,998
TOTAL FUNDS				1,576,089	1,694,129

				2023	2022
			Notes	E	E
Cash flows from operating	activities
Cash generated from operations				(81,595)	(22,628)
Interest paid				(18,758)	(16,462)
Net cash used in operating	activities			(100,353)	(39,090)
Cash flows from investing	activities
Purchase oftangible fixed	assets			(6,785)	(35,914)
Sale of tangible fixed assets					3,200
Interest received				281	23
Net cash used in investing	activities			(6,504)	(32,691)
Cash flows from financing	activities
New loans in year				46,195
Loan repayments in year				(14,157)	(24,018)
Net cash provided by/(used	in) financing		activities	32,038	(24,018)
Change in cash and cash equivalents		in the
reporting period				(74,819)	(95,799)
Cash and cash equivalents	at the beginning
ofthe reporting period				62,223	158,022
Cash and cash equivalents	at the end	ofthe
reporting period				(12,596)	62,223

						2023	2022
						E	E
	Net expenditure	for	the	reporting	period (as per the Statement of Financial
	Activities)					(118,040)	(138,831)
	Adjustments for:
	Depreciation charges					51,844	56,117
	Profit on disposal	of	fixed assets				(3,200)
	Interest received					(281)	(23)
	Interest paid					18,758	16,462
	Increase in stocks					(14,462)	(13,153)
	Decrease/(increase)		in debtors			4,779	(12,438)
	(Decrease)/increase		in creditors			(24,193)	72,438
	Net cash used in operations					(81,595)	(22,628)
2.	ANALYSIS OF CHANGES			IN NET	DEBT
					At 1/9/22	Cash flow	At 31/8/23
					E	E	E
	Net cash
	Cash at bank and	in hand			62,223	(74,819)	(12,596)
					62,223	(74,819)	(12,596)
	Debt
	Debts falling due within 1year				(27,956)	604	(27,352)
	Debts falling due after 1year				(199,175)	13,555	(185,620)
					(227,131)	14159	(2125I72)
	Total				(164,908)	(60,660)	(225,568)

INCOME FROM	CH	ARIT	ABLE ACTIVITIE	S
							2023	2022
			Activity				E	E
Income from college		fees	Theological	training			567,932	572,131
Union publishing			Union publishing				38,535	21,465
Theological services			Theological	services			25,321	88,875
							631,788	682,471
CHARITABLE ACTIVITIES COSTS
					Direct		Support
					Costs (see		costs (see
					note 8)		note 9)	Totals
					F		E	F
Theological training					1,029,616		356,698	1,386,314
Mission grants					107,342		8,206	115,548
Union publishing					64,349		41,040	105,389
					1,201,307		405,944	1,607,251
DIRECT COSTS	OF	CHARITABLE ACTIVITIES
							2023	2022
							E	F
Staff costs							527,344	499,242
DIS life assurance	cover						3,169	3,032
Rates and water							20,583	21,058
Insurance							8,949	8,937
L.ight and heat							20,187	21,218
Telephone							12,467	12,020
Postage and stationery							7,453	6,383
Bursary donations							27,453	31,768
Visiting lecturers'	expenses						21,326	38,118
Library							35,510	17,612
University invigilation		fees					62,003	55,935
IT							47,118	29,900
Repairs and maintenance							25,880	38,162
Service contracts							437	1,496
Cleaning							18,461	23,372
Provisions/Catering							52,715	27,563
Staff expenses							5,288	8,262
Miscellaneous expenses							4,342	9,725
Provision for bad	debts						11,257
Grants to Church	Planting		projects				91,752	165,329
Learning Hubs, studio		8 editing					11,283	16,006
Theological services							15,591	28,525
Union publishing							64,349	58,373
Newton House expenses							26,359	35,963
Graduation expenses							1,361	7,835
Student hardship	payment						1,680	736
Reformation fellowship							27,566	9,619
Daniel Rowland Centre							409
Depreciation							49,015	52,815
						1	201 307	1,229,004

SUPPORT COSTS
		Staff			Governance
		costs f	Depreciation f	Other f	costs f	Totals f
Theological training		180,582	2,490	158,182	15,444	356,698
Mission grants		4,104	56	3,695	351	8,206
Union publishing		20,520	283	18,482	1,755	41,040
		205,206	2,829	180,359	17,550	405,944
NET INCOME/(EXPENDITURE)
Net income/(expenditure)	is stated	after charging/(crediting):
					2023f	2022f
Auditors' remuneration					5,850	4,500
Depreciation —owned assets					51,844	56,117
Hire of plant and machinery					3,169	3,032
Surplus on disposal of fixed assets						(3,200)

		2023 f	2022 f
Wages	and salaries	639,093	586,326
Social	security costs	55,149	58,530
Other	pension costs	38,308	35,771
		732,550	680,627

2023	2022
22	22

13.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
				Unrestricted	Restricted	Total
				funds f	funds f	fundsf
	INCOME AND ENDOWMENTS		FROM
	Donations and legacies			490,717	265,318	756,035
	Charitable activities
	Theological training			572,131		572,131
	Union publishing			21,465		21,465
	Theological services			88,875		88,875
	Other trading activities			30,748		30,748
	Investment income			23		23
	Other income			8,056		8,056
	Total			1,212,015	265,318	1,477,333
	EXPENDITURE ON
	Charitable activities
	Theological training			1,066,532	257,832	1,324,364
	Mission grants			225,754		225,754
	Union publishing			66,046		66,046
	Total			1,358,332	257,832	1,616,164
	NET INCOME/(EXPENDITURE)			(146,317)	7,486	(138,831)
	RECONCILIATION	OF FUNDS
	Total funds brought	forward		1,777,448	55,512	1,832,960
	TOTAL FUNDS CARRIED FORWARD			1,631,131	62,998	1,694,129
14.	TANGIBLE FIXEDASSETS
				Fixtures,
				furniture
			Freehold	and
			property f	equipment f	Website f	Totals f
	COST
	At 1September 2022		2,387,816	298,832	85,446	2,772,094
	Additions		1,335	5,450		6,785
	At 31August 2023		2,389,151	304,282	85,446	2,778,879
	DEPRECIATION
	At 1September 2022		441,084	254,119	66,753	761,956
	Charge for year		26,165	18,608	7,071	51,844
	At 31August 2023		467,249	272,727	73,824	813,800
	NET BOOK VALUE
	At 31August 2023		1,921,902	31,555	11,622	1,965,079
	At 31August 2022		1,946,732	44,713	18,693	2,010,138

15.	STOCKS
						2023	2022
	Stocks					27,615	13,153
16.	DEBTORS:AMOUNTS		FALLING		DUE WITHIN ONE YEAR
						2023	2022
						E	E
	Trade debtors					14,837	31,933
	Other debtors					680	898
	Prepayments and accrued income					46,449	33,914
						61,966	66,745
17.	CREDITORS: AMOUNTS			FALLING DUE WITHIN ONE YEAR
						2023	2022
						E	E
	Bank loans and overdrafts			(see note 19)		27,352	27,956
	Trade creditors					98,752
	Social security and other			taxes		14,034	14,978
	Other creditors					10,274	10,680
	Interest free loans					47,195	1,000
	Accruals and deferred	income				63,448	185,041
						261,055	239,655
	Included in Accruals and		deferred		income is:
						2023	2022
						E	E
	Deferred income brought			forward		130.745	113,986
	Fees received in advance					61,739	130,745
	Released to fees					(130,745)	(113,983)
	Deferred income carried		forward			61,739	130,745
18.	CREDITORS: AMOUNTS			FALLING DUE AFTER MORE THAN ONE YEAR
						2023 f	2022 E
	Bank loans (see note 19)					185,620	199,175
	Interest free loans					19,300	19,300
						204,920	218,475
	Amounts falling due in more than				5 years:
	Bank loans payable by instalments					104,541	129,177

19.	LOANS	LOANS
	An analysis ofthe maturity		of	loans is given below:
								2023	2022
								E	F
	Amounts falling due	within	one year on		demand:
	Bank loans							27,352	27,956
	Amounts falling between one			and two years:
	Bank loans							27,352	27,956
	Amounts falling due	between		two and five years:
	Bank loans - 2-5 years							87,275	87,275
	Amounts falling due	in more than five years:
	Repayable by instalments:
	Bank loans more 5	yr by instal						70,993	83,944
20.	LEASING AGREEMENTS
	Minimum lease payments		under non-cancellable			operating	leases fall due as follows:
								2023	2022
								E	F
	Within one year							7,890	9,174
	Between one and five years							14,850	16,140
								22,740	25,314
21.	SECURED DEBTS
	The following secured debts are included				within creditors:
								2023	2022
									F
	Bank loans							212,972	227,131
	The bank borrowings	are secured by a first legal				charge over the property.

					Net
					movement	At
				At 1/9/22 f	in funds f	31/8/23 f
Unrestricted funds
General fund				858,007	(98,003)	760,004
Revaluation reserve				773,124		773,124
				1,631,131	(98,003)	1,533,128
Restricted funds
Welsh publications				1,290		1,290
SaRang projects	fund			22,129	(8,802)	13,327
Chairman's expenses		fund		2,273		2,273
Language Prize	Fund			2,500	(200)	2,300
Video Publishing	Project			22,893	(12,200)	10,693
Student Hardship Fund				1,913	1,340	3,253
Daniel Rowland	Centre			10,000	(175)	9,825
				62,998	(20,037)	42,961
TOTAL FUNDS				1,694,129	(118.040)	1.576,089
Net movement	in funds, included		in the above are as follows:
				Incoming	Resources	Movement
				resources f	expended f	in funds f
Unrestricted funds
General fund				1,395,746	(1,493,749)	(98,003)
Restricted funds
Bursary gifts				1,336	(1,336)
SaRang scholarship fund				940	(940)
SaRang projects	fund			82,949	(91,751)	(8,802)
Language Prize	Fund				(200)	(200)
Video Publishing	Project				(12,200)	(12,200)
Student Hardship Fund				3,020	(1,680)	1,340
Daniel Rowland	Centre			5,220	(5,395)	(175)
				93,465	(113,502)	(20,037)
TOTAL FUNDS				1,489,211	(1,607,251)	(118,040)

Comparatives for movement	Comparatives for movement	Comparatives for movement	in funds
					Net
					movement	At
				At 1/9/21	in funds	31/8/22
				E	E	E
Unrestricted funds
General fund				1,004,324	(146,317)	858,007
Revaluation reserve				773,124		773,124
				1,777,448	(146,317)	1,631,131
Restricted funds
Bursary gifts				707	(707)
Welsh publications				1,290		1,290
SaRang scholarship		fund		17,443	(17,443)
SaRang projects	fund			21,299	830	22,129
Chairman's expenses		fund		2,273		2,273
Language Prize Fund				2,500		2,500
Newton House fund				10,000	(10,000)
Video Publishing	Project				22,893	22,893
Student Hardship	Fund				1,913	1,913
Daniel Rowland	Centre				10,000	10,000
				55,512	7,486	62,998
TOTAL FUNDS				1,832,960	(138,831)	1,694,129
Comparative net	movement		in funds, included	in the above are as follows:
				Incoming	Resources	Movement
				resources	expended	in funds
				E	E	E
Unrestricted funds
General fund				1,212,015	(1,358,332)	(146,317)
Restricted funds
Bursary gifts				3,618	(4,325)	(707)
SaRang scholarship fund					(17,443)	(17,443)
SaRang projects fund				176,158	(175,328)	830
Newton House fund					(10,000)	(10,000)
Video Publishing	Project			22,893		22,893
Student Hardship	Fund			2,649	(736)	1,913
Daniel Rowland Centre				10,000		10,000
METES Project				50,000	(50,000)
				265,318	(257,832)	7,486
TOTAL FUNDS				1,477,333	(1,616,164)	(138,831)