##
|||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)|
##
##
##
##
##