REGISTERED COMPANY NUMBEtL. 01987227 (England and Wales) REGISTERED CHARITY NUMBER: 517324 Union REPORT OF THE TRuEEs AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGU 2024 FOR UNION FOUNDATION MHA Statutory Auditor Eifed House Oak Tree Court Cardlff Gate Business Park CARDIFF CF23 8RS
UNION FOUNDATION CONTENTS OF THE FINANCIAL ffATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities io Balance Sheet li Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statements 14 to 24
UNION FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The trustee5, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Union'5 vision is the refomiation of Christ's church worldwide, and its mission Is growing leaders, growing churches. As School, Publishing, Research and Mission work together, Union provides 3 mission ecosystem that can accelerate healthy, sustainable church growth. The following four strategies are employed to enable Union to realise its vision and achieve its m155ion.' Scholars We fortify the Church's misslon through theological excellence. Union Scholars nurtures the theologians. authors and teachers of the future to ensure the ongoing fV1155ion of the church is healthy and robust. Our community of scholars and PhD students produce the finest evangelical theology to bo15ter our school, publishing, and mission. School of Theology - We form men and women to grow Chrisvs church. At Union School of Theology, we offer courses from pre-degree to degrees from BA to PhD, shaping our students to be theologically rigorou5, biblically faithful, and Christlike. In all our academic programmes. our formation of leader5. and our training of preachers. we want to see our students delighting in God and captured by the glory of Christ. Our ministry centre is Union's home and base for residential study. Our Leaming Communities provide accessible. affordable theological education in the context of the local church. Publishing - We fuel refomiation in churche5 and lives. Union Publishing invests in the next generation of leaders with theology that give5 them a taste for a deeper knowledge of God. From books to our free content at www.unionpublishing.org, we are committed to producing excellent resources that will refresh, transfomi and grow believers and their churches. Mission - We foster church growth through people and tinances. Union Mission facilitates the planting and revitalisation of churches and their ministries in the UK Europe and world-wide. We work collaboratively to deploy and support church leaders and help our hubs plant chuhe5 by giving them access to potential funding. Criteria or measures the charity uses to a55ess success In the reporting period. We measure achievement according to our four 5trategies= Scholars Engagement with pastors. theologians and scholars. nationally and internationally: theological publishing. conferences and other high-level input to theological research- helping to nurture and realise the potential of theological scholars in the church. School of Theology - Numbers of students- inca$1ng numbers of healthy learning communities with sustained nltmbers of students.. the quality of the students, academic achievement and the level of their spiritual growth and maturity as developing leaders- the collective increase in fee income. Publishing - Engagement and Consumption of Union media.. magazines, books. video, articles. podcasts. corsference attendance etc.- web traffic demonstratlng engagement and usefulness of materials published on the www.unionpublishing.org web51te,' Social media engagement. International licensing agreements. Misslon Capture and publication of mission stories from Union's ec05y5tem; monitoring number5 of students acr055 the School who go on to mission. resourcing church planting or church rejuvenation with finance and people., activities of learning hubs involved in mission in their local context. Page I
UNION FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENT AND PERFORMANCE Public benefit The organisation's trLtstees can confirm that they have complied with the duty in Section 17 of the Charities Art 2011 to have due regard to public benefit guidance published by the Charity Commission. Union Foundation is a Christian ministry which primarily benefits the international church constituency it seNes and enables healthy growth. These benefits stem from the four strategies which work together as a church Emwth ecosystem to ensure health and growth around the world. Union covers a wide range of learning.. from the highest academi¢ level, our published research benefits the knowledge base of the international church and church lay leaders are equipped by the provision of free articles and inexpensive books for their personal growth. Union is keen to maximise the effectivene$5 of its student5 by seeing them strategically deployed where they can be most Useful in mission. We do this by working closely with many churches, neorkS and agencies who offer great expertise and specific geographical knowledge. A number of new churches, which are now serying and helping local communlties in the UK and in Europe, have been established with support from Union Mission. Union's premises and facilities are made available as an ongoing resource to benefit and serve the needs of Ioc31 churches and host conferente5 on issues of local, national and global significance. Slgnificant charitable activities and achievements against objectives. Union Scholars - www.newtonhouse.ust.ac.uk Newton House has been the subject of a re-focusing effort. While local interest in the Oxford site was low. international interest was strong, so Newton House has been reformed to better raise leader5 and scholars effectively. It will be renamed 'Union Scholar5, and invest in people rather than primarily njnning a centre. The new scholars programme launched with 30 participants from 15 nations. Union School of Theology- wMv.ust.ac.uk Our School of Theology IUSTI is validated by the Open University for its undergraduate and graduate taught programmes. UST has maintained quality assurance from the QAA for its degree programmes validated by the OU. As a result, UST is able to sponsor international students under the Tier 4 vrsa regulations. and our UK courses are designated for student finance. UST'S research continue5 to build through an increasing number of new PhD students on the course validated by Viije Universiteit Amsterdam (Free Universlty of Amsterdam). Student recruitment figures are extremely encouraging and resilient. with annual growth of IO% and the admission of l(X) new students. the student body now reaching 31)0. The SchoDI'5 new MA programme accommodates a new international market and will improve both our reach and resilien, enrolling students from September 2025. This year. we opened 5 new Leaming Communitie5 Iboth in person and online group51 which act 35 hubs for theological education. church planting, and healthy church growth. We currently have 30 Learning communities with 50% of students outside the UK in over 30 nations. Consolidation of the Daniel Rowland Centre to serve We15h language and bilingual churches, with the first Daniel Rowland Gathering held recently at the Ministry Centre. It was encouraging to see new engagement with Welsh speaking churches. Union Publishing- www.unionpublishing.org Union Publishing has made significant progress in providing the Church with resources that inspire delight in God while fostering growth in Christ Over the past year, the publishing house achieved financial sustainability for the first time, generating around £90,000 in sales. This is a remarkable milestone for such a young publisher. and we give thanks to God for thi5 achievement. We released 6 new books this year with 14 books published in totsl. 17,000 Union book5 have been distributed globally since Union Publishing was established. 300.000 downloads of the Delighting in the Trinity Podcast by Michael Reeves have been a¢ce55ed. Union Grow. a video course platform. was launched with a total of 30 new courses on the platform and 280 subscribers. The partnership with Cr055way remains strong. and the growth of Union Publishing's email list and licensing agreements reflects the ongoing success of the ministry in fulfilling it5 mi55ion and reaching an ever-wider audience. Union Publishin8 book5 are now available in several languages, including Frenth, German, Arabic, Portuguese and Korean. Page 2
UNION FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Union Mlsslon - www.union-mission.org Union Mission has been able to channel around £95000 to 25 church planting and ministry projects in Europe. 211 projects were supported in total with over £1.5 million awarded since 2017. We estsblished close partnerships with Union Learning Communities, including 'hub-plus' in Belfast. Adis Ababa and Madagascar. The aim is to bring the whole Union ecosystem lextending to books, content and gatherings) to these locations. catslysing the reformation of leaders and churches on the ground. There will be a gathering of 150-200 pastorslplanters from Ireland in Belfast in March 2025, organised by our Beltast hub-plus mentor, with USTS Provost a5 an invited speaker. Summary of charlvs progress against Its objertives. Union is committed to further developing its ministry ecosystem to serve healthy and sustainable church growth. This 15 resulting in a growing international profile in the area of theological re50urces, training & education, community and church mission. Union Foundation's interition is to be able to come alongside churches and be a resource to help them disciple and raise their people in the faith. Evidence of the charity's progress, measured by the achievement of its Strategic plan. demonstrates a measurable Service to the church. Union Publishing continues to produce world-class resources which help Christians enjoy God and serve his church, mobilising potential leaders to be trained for ministry. We hear of pastors studying our resources for sermon preparation and friends reading articles together on Zoom. Our School of Theology has made theological education more accessible through its Leaming Communities along with Eenerou5 scholarships. It has secured great collaborative partners for degree validation, excellence with the Quality Assurance Agency. student finance and tier 4 student visas. This has allowed the charity to move fornard and achieve its strategic objectives in a timely manner. A third of UST graduates are establishing a new church or re-estsblishing a dying one. either during or after their studies, with some acce55ing church planting fund5. All are resulting in growth of churches acr055 the Union network. FINANCIAL REVIEW We are grateful to report that Union's ministry grew again in 2023-24. Income from student fees increased from £568k to £574k. Union Publishing from £39k to £90k and our Ministry Centre including the Courtyard Cafe & Bookshop from £31k to £59k Income from donations reduced from £818k to £779k but overall. our total income increased from £1489m to £1549m. We were able to reduce our tot31 expenditure from £1,607m to £1,578m as we worked hard to manage our overheads and expenses. Our net expenditure improved this year with a deficit of £28k against £118k13St year. We continue to work towards greater financial resilience so that Union's ministry can continue to benefit the Church. Principal risks and uncertainties and summary of plans and strategies for managing the risk5. The principal risks faced by Union a5 Outlined in our corporate Risk Register are the challenges of a small-sized enterprise with pressure on c35h flow as Union grows. with investment on online development as well as broadening its activities into research, publishing and mission. It was decided by trustees that Union should leverage it'5 property to relieve pressure on ¢35hflow and help create free reserves in the next two years. UST Faculty Stsff Shortage5 There is a moderate risk that UST may experience staff shortages due to ill health or pandemic whith could impact on the delivery of specialised modules. UST'S policy enables us, in the event of Staff absences. to rearrange classe5 at another convenient date or provide an alternative lecturer to deliver lectures. A number of modules are tsught by integrated teams, and other5 in the team can substitute for absences of others in the staff team. Because the teaching delivered in Learning Communities 15 pre-recorded in advance of the academic year. there is no risk of non-delivery of this material, and Learning Communities are allowed backup copies in case there is interruption to the live online delivery. This is being fvrther mitigated in the fijture with the vast majority of lectures being delivered by prerecorded video, it will completely mitigate this risk. Page 3
UNION FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Cash flow Union has undergone a huge transformation, growing three ministries from a residential seminary into a larger decentralised ministry with a vision to enable healthy church growth through investing in leaders and churches. This change in vision has meant ongoing changes to the organisation, its structure, its training model & provision and its processes. This comes with significant investment. Especially as UST is pioneerin8 Cutting edge theologlcal education and resources. We continue to be challenged by the increasing Costs of providing theological education, including the cost burden of regulatory compliance and programme validation. However, there are a number of good developments and plans to ensure we have adequate funds to meet these challenges . Mortgage the property to put ourselves on a more solid financial footing and build free reserves. Union ha5 estsblished a 501 Icl131 charitable foundation to attract tax-efficient funding from churches. trusts and individuals in the US, which is proving very successful. More development5 are progressing to grow our US constituency further. Union's growing profile, nationally and globally. has resulted in invitstions to apply lor significant grant funding, particularly to help with Union's development of learning hubs and infrastructure. which we believe will become a regular source of financial support. Union is opening up additional sources of income through content. publishing. conferences and renta15, cafe and bookstore. Reserves policy The trustees aim to maintain sufficient resources to fund the running and development of the Foundation and the ownership of the buildings and other fixed assets, in accordance with the charitsble objects. The aim over time would be to obviate the need to use an overdraft facility. Subject to funds being available. it is our policy 15 to maintain a reseNe of approximately 25% of annual expenditure. As at 31 August 2024 total reserves were £l.547,597 12023- £1,576.0891. of which £68.234 12023= £42,961) is represented by restricted funds. At the Balance Sheet date £1.950,217 12023= £1,965,075) has been invested in the charity's fixed assets and therefore the charity is currently left with no fvee reserves Funds Funds received for specific purposes are shown as restricted funds in the accounts. In addition. the trustees designate some of the donations received tOW3rds scholarships for Students. FLrruRE PLANS Union's strategic vision is the reformation of Christ's church worldwide. We want to help recruiL raise, deploy and support church leaders to grow the church. Union aims to have a specific impact in Europe by making grant funding available for graduates seeking to establish a new church or rejuvenate an existing one. Union 15 building its network of alumni, learning communities and church planting hubs as well as friends who want to connect and be equipped and encouraged through its ministry ecosystem. We will keep innovating and investing in online infrastructure and decentralised leaming. Our ministry model is to be flexible and accessible for the church, which will mean how people access Union will be robust enough to cope with any future lockdowns or travel restrittions. The Post-COVID era expects this from all Higher Education providers and Union has been in the providential position to have invested and developed in this direction for many years. The parsdemic has merely accelerated what wa5 already happening in HE. We will also keep investing in our ministry centre in Wales to enhance the experience for all who will relax, study and stay at the Ministry Cent. Page 4
UNION FOUNDATION REPORT OF THE TRU EES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Union Foundation is a company limited by guarantee govemed by its Memorandum and Articles of Association d3ted 7 February 1986, amended on 20 June 2003, 2 March 2IX)6 and 27 Feb 2011, and further amended by Change of Name 19 October 2016 and again amended on 2 February 2023. It is registered as a charity with the Charity Commission. Day to day management is undertaken by the President, under authority delegated by the Board of Trustees. Recruitment and appolntment of new trustee5 Trustees are appointed to represent the global Christian community across various denominational and non-denominational groupings making up the conservative Ilargely Reformed) Christian constituency which the School serves. Trustees are appointed who have an appropriate range of skills and experience for the effective strategic management of the charity. They are recruited internationally to reflect the governance and structure of Union. The charity is able to benefit from trustees who bring a greater range of strategic and management expertise and experience from national and international business and charitable organisations. Induction and training of new trustees New Board Members are carefully chosett for the particular skills and experience they bring to the School. Each new trustee recetves a copy of the latest annual accounts, the Memorandum and Article5 and the Charity Commission's advice on trustee responsibility. Most new Board Members already have considerable experience as charity trustees. The President liaises with Board Members, particularly via the Chairman. providing them with information about the activities and general operations. This facilitates decision-making by the Board with regard to strategic initiatives. Trustees are required to carry out a self-appraisal periodically. 3 board development plan being created from the feedback to ensLtre the health of the Board. Organisational structure The Board of TStee5 administers the charity and meets three times a year. The President was appointed by the trustees to manage the day-to-day operations of the charity and present regular reports to the trustees. The Executive Director serves the Trustee Board as Company Secretary. and the Vice President focuses on internal leadership and management of teams and staff. The Provost and Directors of Scholars and Union Publishing were appointed by the President to m3nage the day-to-day operations of UST, Publishing and Union Scholars. Key management remuneration A new salary scale linked to the university settor and combined with research into other charitable companies, was adopted by the Board and formed the benchmark Since then. Union h35 sought to bring salaties into line with the scale and addres5 anomalies as nece5S3ry. The trustees also carried out a full review of key staff remuneration in 2021. A full salary review for all staff is Scheduled for each January. and we typically apply a 2% pay increase to keep up with inflation in addition to a pertormance-related incremental increase each year. In January 2024 the annual increase was 5%. Related parties Union has a strong working partnership with SaR3ng Church in South Korea. The leaders and congregation in Seoul have been very supportive of the partnership over a number of years. Union Foundation US w3s set up by Union Foundation to help Union fundraise in the US and operates as fiscal agent. Risk management Union has a robust Risk Management Framework which includes a risk register co-owned by several lead staff, identifying major risks to which the charity 15 exposed. There is a comprehensive IT Disaster Recovery plan in place. The trustees are sat15fied that the right Systems are in place to meet major risks and ensure Union is prepared to tackle challenging scenarios through Union'5 Business Continuity Management and Plan. This has been achieved in collaboration with the Board. The annual financial accounts are professionally audited externally, and management accounts are provided to the trustees on a monthly basis. Insurance cover is reviewed annually. informed by an independent expert. All health and safety system5 are regularly scrutinised. Page 5
UNION FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DAlLs Reglstered Company number 01987227 (England and Wales) Reglstered Charity number 517324 Registered office Bryntirion BRIDGEND Bridgend CF314DX Trustees Rev Sam Ko (Chaimian Rev Michael P Tindall Ivice Chairman) Rev Dr Douglas Birdsall Rev Steve Levy Prof Michael Joyston Fernando Sean 5hepley Dr Daniel Shin Yun Lee Dr GwenfairAdams Rev Trevor Archer Kill Kim Dr Ernest Edifor Mrs Sung-joo Kim Dr Daniel Henderson - resigned 22 May 2023 resigned 24 February 2023 - appointed 24 February 2023 - appointed 24 February 2023 appointed 22 May 2023 appointed 22 MAY 2023 appointed 15 December 2023 Auditor5 MHA Statutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS Solicitors Property: Loosemores Alliance HoLtse 18-19 High Street CARDIFF CFIO IPT Charity Law: Bate5 Wells 10 Queen Street Place LONDON EC4R IBE Page 6
UNION FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS Senior staff President of Union Executive Director of Union Vice President IAssociate Director) Provost and D1Ctor of Mission Director of Publishing Director of Newton House Rev Dr Michael Reeves Dr Joel Morris Dr Daniel Hames Dr Clive Bowsher Chance Faulkner Robert Trenckmann STATEMENT OF TRUSTEES, RESPONSIBILITIES The tr4JStee5 (who are also the directors of Union Foundation for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs ot the charitable company and of the incoming re50urce5 and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustee5 are required to select 5Ultable accounting policies and then apply them con51Stently', obseNe the methods and principle5 in the Charity SORP. make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the finar)cial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware- there is no relevant audit infomiation of which the charitable company's auditors are unaware., and the trustees have taken a115teps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by order of the Board of Trustee5 on 21 March 2025 and signed on its behalf by: rustee Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF UNION FOUNDATION Opinion We have audited the financial statements of Union Foundation (the 'charitable company'l for the year ended 31 August 2024 which comprise the Ststement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kin8dom Accountin8 Stsndards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the State of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemation31 Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those stsndards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities accordance with these requirements. We believe that the audit evidente we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial ststements. we have concluded that the trustees, Use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial ststements are authorised for i55ue. Our iesponsibilities and the responsibilities of the trustee5 With respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other infom7ation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the linancial ststement5 does not cover the other information and. except to the exient otherwise explicitly stated in our report, we do not express any form of assurante conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the tinancial statements themselve5. If. based on the work we have performed. we conclude that there is a material mi$5tatement of this other intormation. we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infonnation given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financi315tstements- and the Report of the Trustee5 has been prepared in accordance wlth applicable legal requirements. Matter5 On which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report In respect of the following matters where the Companies Art 2006 requires U5 to report to you if. in our opinion- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by u5-, or the financial statements are not in agreement with the accounting records and returns., or ertain disclosures of trustees, remuneration specified by law are not made., or we have not received all the infom)ation and explanations we require for our audit., or the trustees were not entitled to take advantage of the small companie5 exemption from the requirement to prepare a Strategic Report or in preparinE the Report of the Trustee5. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERSOF UNION FOUNDATION Re5pon5ibilities of trustees As explained more fully in the Ststement of Trustees, Responsibilities, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the tinancial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disc195ing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole a fe from material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUK) will always detect a material misststement when it exists. Misststements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. Outlined above, to detect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularitie5, including fraud is detailed below. Enquirie5 of management and those charged with governance around actual and potential litigation and claims., Enquiry of entity stsff and those charged with governance to identify any instances of non-compliance with laws and regulations- Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness. evaluating the busine55 rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; Reviewing minutes of meetings of those charged with governance-, Reviewing financial staternent disclosures and testing to supporting documentation to 355ess compliance with applicable laws and regulations. Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentations. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council'5 website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company'5 members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Art 21J06. Our audit work has been undertaken so that we might stste to the charitable company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable company and the charitable company'5 members as a body. for our audit work, for this report, or for the opinions we have formed. Mortimer FCCA (Senior Statutory Auditor) forand on behalf of MHA Statutory Auditor CARDIFF CF23 8RS Date: MHA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC3123131 Page 9
UNION FOUNDATION srATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THEYEAR ENDED 31 AUGUST2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 643,317 177,183 820,SOO 817,703 Charitable activities Theological training Union publishing Theological service5 574,211 89,634 574,211 89,634 567.932 38,535 25,321 Other trading activities Investment income Other income 59,191 338 5.506 59,191 338 5.506 31,092 281 8,347 Total 1.372,197 177,183 1.549,380 1.489.211 EXPENDITURE ON Raising funds 47.457 47.457 Charitable activities Theological training Mission grant5 Union publishing 1.162.887 102,952 112.666 151.910 1.314.797 102,952 112.666 1,386.314 115,548 105.389 Total 1.425,962 151,910 1.577,872 1.607.251 NEf INCOMEIIEXPENDITURE) 153.7651 25.273 128.4921 1118.0401 RECONCILIATION OF FUNDS Total fund5 brought foNard 1.533.128 42.961 1.576,089 1.694.129 TOTAL FUNDS CARRIED FORWARD 1,479.363 68.234 1.547.597 1.576.089 The note5 Form part of these financial statements Page 10
UNION FOUNDATION BALANCE SHEET 31 AUGUST 2024 2024 Total funds 2023 Total funds UnRstricted fttnds Restricted funds Notes FIXED ASSETS Tangible assets 15 1.950,217 1,950,217 1,965,079 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 16 17 34,999 79.029 8,343 34,999 84,029 71.577 27,615 61,966 408 5.000 63,234 122,371 68.234 190,605 89.989 CREDITORS Amounts falling due within one year 18 1396.0851 1396.0851 1274.0591 NET CURRENT ASSETS 273.7141 68.234 205,480) 1184.0701 TOTAL ASSETS LESS CURRENT LIABILITIES 1,676.503 68.234 1,744,737 1.781,009 CREDITORS Amounts falling due after more than one year 19 1197.1401 1197.1401 1204,9201 NET ASS5 1.479.363 68.234 1.547.597 1,576.089 FUNDS Unrestricted funds Restricted funds 23 1.479,363 68,234 1,533.128 42.961 TOTAL FUNDS 1.547.597 1.576,089 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Tnjstees and authori5ed for issue on 21 March 2025 and were signed on it5 behalf by- Ste The note5 Form part of these financial statements Page 11
UNION FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating activitles Cash generated from operation5 Interest paid 107,496 128.0361 181.5951 118.7581 Net cash provided by/lused inl operating activities 79,460 1100,3531 Cash flows from Investing activitles Purchase of tangible fixed assets Interest received 130,8211 338 16.7851 281 Net cash used in investing activities 130.4831 16,5041 Cash flows from financing activities New loan5 in year Loan repayments in year 46.195 114,1571 (44.0281 Net cash (used in)/provided by financing activities 144.0281 32,038 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 4,949 174,8191 112.5961 62,223 Cash and cash equivalents at the end of the reporting period 17,6471 112,5961 The notes form part of these financial statements Page 12
UNION FOUNDATION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NEf EXPENDITURE TO NET CASH FLOW FROM OPERATING AcfiviTIES 2024 2023 Net expenditure for the reporting perlod las per the Statement of Financlal Artivitiesl Adjustments for Depreciation charges Loss on disposal of fixed assets Interest received Interest paid Increase in stocks Ilncreasel/decrease in debtors Increase/ldecre3sel in creditors 128,4921 1118,0401 44,806 877 13381 28.036 17,3841 122.0631 92.054 51.844 12811 18.758 114,462) 4,779 124.193 Net cash provided by/{used inl operations 107.496 181.5951 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 1.906 69,671 (79,2241 408 113.004) Total cash and cash equtvalents 17.6471 12,5961 ANALYSIS OF CHANGES IN NET DEBT At 119/23 Cash flow At 3118124 Net cash Cash at bank and in hand Bank overdraft 408 13,0041 71,169 66.2201 71,577 79.2241 112.5961 4.949 17.6471 Debt Debts falling due within l year Debt5 falling due after l year 127,3521 1185.6201 5,053 5.780 122.2991 1179,8401 1212.9721 10.833 1202.1391 Total 1225.5681 15.782 1209,7861 The notes form part OF these financial statements Page 13
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 STATUTORY INFORMATION Union Foundation is a company limited by guarantee, incorporated in Wales within the United Kingdom. The registered office is Bryntirion. Bridgend CF314DX. The financial statements are prepared in Sterling 1£), the Company's functional currency, and rounded to the nearest pound. The principal activities and nature of the charity's operations is to provide rigorous biblical and accessible education, training and resources for church leaders and church members to enable their personal and corporate growth in Christ. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheNiise stated. ACCOUNTING POLICIES Basis of preparing the financial statements The financial ststements of the charitsble company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicèble in the UK and Republic of Ireland, and the Companie5 Act 2006. The financial statements have been prepared under the historical cost convention. Going concern At 31 August 2024 there were net current liabilitie5 of £205.480. Union is continuing to grow its intemational network through Learning Communities. students, alumni, and partner churches. Union is continuing to experience growth in student numbers at IO% a year. Union Foundation US has proved very important in raising additional financial 5UPPOrt from the us A number of plans are in hand to develop courses and extend our reach into USA. as well as new partnerships With ministries and high net worth givers. which will each bring a significant financial benefit to the organi5ation. Friends of Union donor programme has been very successful and is continuing to grow rapidly. already bringing in a steady income from regular monthly donors. It is taking longer than expected to deal with the glowing liabilities. but we have been succes5fv1 in securing a large loan on the property to reset our financial posltion and create a Structured way to secure free reserves within two or three years. Taking these factors into account and with the ongoing support of SaRang Ch¢Jrch. the trustees corisider the going concern basis adopted for the preparation of the financial statements to be appropriate Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it IS probable that the income will be received. and the amount can be measured reliably. Thi5 includes capitsl grants. Donations and legacies income Donations and legacies income includes donations. gifts and grants that provide core funding or are of a general nature and are recognised where there is entitlement. probability of receipt and the amount ¢an be measured with sufficient reliability. Such intome 15 only deferred when the donor specifies it must be used in future accountin8 periods or the donor ha5 imposed ¢onditions which must be met before the charity has unconditional entitlement. Income from tharitable activitles Income from charitsble activities includes income received under contract or where entitlement to grant funding is subject t0 Specific performance conditions. This income is recognised as the related seNices are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate. ncome from other trading activlties Income from other trading activities includes income received under contract. Thi5 income 15 recognised a5 the related 5ervice5 are provided and there is entitlement. probability of receipt and the amount can be measured with Sufficient reliability. Income is deferred when the arnounts received are in advance of the performance of the service or event to which they relate. Page 14 continued...
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES- contlnued Investment income Investment income is recognised on a reteivable basis. Basls of recognition of Ilabilities Expenditure is recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economlc benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggre8ate all cost related to the category. Where costs Cannot be directly attributed to particular headings, they have been allocated to activitie5 on a basis consistent with the use of resources. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such acttvities and those costs of an indirect nature necessary to support them. Support costs are those costs that. whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. Thi5 includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity as well as a proportion of salaries based on an approximation of time spent in this area. Allocation and apportionment of costs AII costs are allocated between the expenditure categories on a basi5 designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis. Allocation of expenses has occurred between direct expenditure and support costs for some wage5 and salaries and related costs based on an estimate of time spent irk those areas. A similar allocation has occurred for the premises and related costs based on an estimate of the area5 used. Tangible fixed assets All fixed assets are initially recorded at Cost. The charity has taken advantage of the option available on transition to FRS 102 to treat revalued assets as recorded at deemed cost. Depreciation Depreciation is calculated so as to write off the cost of an asset. less it5 estimated residual value. over the useful economic life of that a55et as follows.. Fixtures. furniture and equipment Property Website Land 20% straight line 2% straight line 20% straight lirie Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitsble activities. Debtor5 Trade debtors and other debtor5 are recognised at the settlement amount due after any trade discount5 offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Credltor5 Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 are nomially recognised at their settlement amount after allowing for any trade discounts due. Page 15 continued...
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES - continued Foreign currencles Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Hlre purchase and leasing commitments Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance SheeL Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease tem), whlchever is shorter. The interest element of these obligations is charged to the Ststement of Financlal Activities over the relevant period. The capital element of the future payments is treated as a liability. Rentsls paid under operating leases are charged to the Statement of Financial Activitie5 on a straight line basis over the period of the lease. Pension costs and other p05t-retirement benefrts The charitable company operates a defined contribution pension scheme. and it contributes to er¥iployees' individual personal pension plans. Contributions payable to the schemes are charged to the Statement of Financial Activities in the period to which they relate. Fund accounting Unrestricted funds are those which may be used for general charitsble purposes at the discretion of the trustee5. Restricted funds have been received with specific stipulations from the donor as to their use and may only be used for s¢Jch purposes. Transfer5 are made from restricted to unrestricted funds once the conditlOn5 for the restriction have been met. Further explanation ot the nature and purpose of each fund is included in the notes to the financial statements. DONATIONS AND LEGACIES 2024 2023 Gifts Legacies 786.500 34.000 817,703 820.5(X) 817.703 OTHER TRADING ACTIVITIES 2024 2023 Ministry income Cafe and bookshops sales Rental income 3.488 23,811 35,380 27,604 59,191 31,092 Page 16 continued...
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 INVESTMENT INCOME 2024 2023 Bank interest re¢eivable 338 281 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Theological training Union publishing Theological services Income from college fees Union publishing Theological seNices 574,211 89,634 567,932 38,535 25.321 663.845 631.788 RAISING FUNDS Other tradlng activities 2024 2023 Café purchases 47,457 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 91 Support costs (see note 101 Totals Theological training Mission grant5 Union publishing 973,521 95,197 73,884 341.276 7,755 38.782 1,314.797 102.952 112,666 1.142,602 387,813 1.530,415 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs DIS life assurance cover Rates and water Insurance Light and heat Telephone Postage and stationery Bur53ry donation5 Visiting lecturers. expenses Library Univer51ty invigilation fees 541,975 5,595 20.142 9,124 32.609 9.772 8,146 41.198 34,387 7.112 53.943 25,546 15,081 1.368 10,884 458 15.700 4,107 2.400 39.818 95,197 8,550 527,344 3,169 20.583 8,949 20.187 12,467 7.453 27.453 21,326 35.510 62,003 47,118 25,880 437 18,461 52.715 5,288 4,342 11,257 IT Repairs and maintenance SeNice contracts Cleaning Provi5ions/Catering Staff expenses Miscellaneous expense5 Provision for bad debts UST support systems Grants to Church Planting projects Learnin8 Hub5. Studio & editing 91,752 11,283 Carried forward 983.112 1,014.977 Page 17 continued...
UNION FOUNDATJON NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES - continued 2024 2023 Brought forward Theological seNices Union publishing Newton House expenses Graduation expenses Student h3rd5hip payment Reformation fellowship Daniel Rowland Centre Depreciation Los5 on sale of assets 983,112 1.014,977 15,591 64,349 26,359 1.361 1.680 27,566 409 49,015 73,884 38.067 2.545 896 37 501 42.683 877 1.142.602 1,201.307 io. SUPPORT COSTS Stsff costs Governance costs Depreciation Other Totals Theological training Mission grant5 Union publishin 165.513 3.762 18.808 1,869 42 212 159.755 3.630 18.155 14.139 321 1.607 341.276 7,755 38.782 188,083 2,123 181,540 16,067 387,813 ii. NET INCOME/IEXPENDITUREI Net income/lexpenditure} is ststed after chargingllcreditingl.. 2024 2023 Auditors. remuneration Depreciation - owned assets Hire of plant and machinery Deficit Dn disposal of fixed 355ets 5,856 44,806 5.595 877 5,850 51,844 3.169 12. TRUSTEES, REMUNERATION AND BENEFITS There was no trustees, remuneration or other benefits for the year ended 31 August 2024 or for the year ended 31 August 2023. Trustees, expen5e5 Expense5 totallinE £68612023 £148) were paid on behalf of 112023 - 11 trustee during the year for travel and accommodation costs. No further amounts were paid to tru5tee5. 13. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 631,431 55,860 42,767 639,093 55,149 38,308 730.058 732.550 The average monthly number of employee5 during the year was a5 follows.. 2024 23 2023 22 Page 18 continued..
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THEYEAR ENDED 31 AUGUST2024 13. STAFF COSTS - continued No employees received emoluments in excess of £60,OCx). The total key management personnel remuneration benefits paid during the year was £329,908 12023 £183,597). 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOMEAND ENDOWMENTS FROM Donations and legacies 724.238 93.465 817.703 Charitable actFVitie5 Theological training Union publishing Theological services 567,932 38.535 25,321 567.932 38.535 25,321 Other trading activities Investment income Other income 31,092 281 8,347 31.092 281 8.347 Total 1.395.746 93.465 1,489,211 EXPENDITURE ON Charitsble activities Theological training Mission grants Union publishing 1.364.563 23.797 105.389 21,751 91.751 1,386.314 115,548 105.389 Total 1.493.749 113.502 1.607,251 NEf INCOME/IEXPENDITUREI 198,0031 {20.0371 1118.0401 RECONCILIATION OF FUNDS Total funds brought forward 1,631,131 62,998 1.694,129 TOTAL FUNDS CARRIED FORWARD 1.533.128 42.961 1.576.089 Page 19 continued...
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST2024 15. TANGIBLE FIXED ASSETS Fixtures, furniture and equipment Freehold property Website Totals COST At I September 2023 Additions Disposals 2,389,151 304,282 30,821 1106.4641 85.446 2,778.879 30.821 1148.7101 142.2461 At 31 August 2024 2,389.151 228,639 43,200 2,660,990 DEPRECIATION At I September 2023 Charge for year Eliminated on di5POsal 467,249 26,183 272.727 13.583 1105.5871 73.824 5,040 142.2461 813,800 44,806 1147,8331 At 31 August 2024 493,432 180.723 36.618 710,773 NEf BOOKVALUE At 31 August 2024 1,895.719 47.916 6.582 1.950,217 At 31 August 2023 1.921,902 31.555 11,622 1,965.079 Included in freehold property is land recorded at deemed cost of £1.080,000 which is not depreciated. STOCKS 16. 2024 2023 Stocks 34.999 27.615 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and accrued income 18,173 1.499 64,357 14,837 680 46,449 84,029 61.966 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 201 Trade creditors Social security and other tsxes Other creditors Interest free loans Accruals and deferred income 101.523 114,497 15.638 10,559 16.000 137,868 40,356 98,752 14,034 10,274 47,195 63.448 396,085 274,059 Page ZO continued..
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 18. CREDITORS:AMOUNTS FALLING DUE WITHIN ONEYEAR- continued Included in Accruals and deferred income is: 2024 2023 Deferred income brought forward Fee5 received in advance Released to fees 61,739 130,745 124,538 61.739 161,7391 1130,7451 Deferred income carried forward 124.538 61.739 19. CREDITORS: AMOUNTS FALLING DVE AER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 201 Interest free loans 179.840 17,300 185,620 19.300 197.140 204,920 Amounts falling due in more than 5 years= Bank loans payable by in5talments 104,541 129.177 20. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand- Bank overdrafts Bank loans 21,597 22.299 13,004 27,352 43,896 40.356 Amounts falling between one and two years.. Bank loans 22,299 27.352 Amounts falling due between two and five years: Bank loans 87.275 87.275 Amounts falling due in more than five years.. Repayable by instalments: Bank103ns 70.266 70,993 21. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 2024 2023 Within one year Between one and five year5 6.600 8,250 7,890 14.850 14.850 22.740 Page 21 continued...
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 22. SECURED DEBTS The following secured debts are included within creditors: 2024 2023 Bank overdrafts Bank loans 21,597 202,139 13,004 212,972 223,736 225,976 The bank borrowings are secUd by a first legal charge over the property. 23. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 3118124 At 119123 Unrestrirted fund5 General fund 1,533,128 153,7651 1.479,363 Restricted fund5 Bursary gifts Welsh publications SaRang scholarship fund SaRang projects fund Building and roofing fund Chairman's expenses fund Language Prize Fund Video Publishing Project Student Hardship Fund Daniel Rowland Centre Strategic Development 119.0361 19.036 1.290 1,290 3.124 25.782 10.019 2,273 2.300 22.160 12.455 10,019 119,0361 13,327 2.273 2.300 10.693 3.253 9,825 110.6931 2,354 6,843 1,171 5.607 16,668 1,171 42.961 25,273 68.234 TOTAL FUNDS 1.576,Q89 128,4921 1,547.597 Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds unrestricted fund5 General fund 1,372,197 11.425.962) 153.7651 Restricted funds Bursary gifts SaRang scholarship fvnd SaRang projects fund Building and roofing fund Video Publishing Project Student Hardship Fund Daniel Rowland Centre Strategic Development 3.496 33,348 107.652 10,019 122,5321 111,1881 195,1971 119,0361 22.160 12.455 10,019 110,6931 2,354 6.843 1,171 110,6931 18961 110,9661 14381 3,250 17.809 1,609 177,183 151,9101 25,273 TOTAL FUNDS 1.549.380 1.577,8721 128,4921 Page 22 continued...
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2024 23. MOVEMENT IN FUNDS- contlnued Comparative5 for movement in funds Net movement in funds At 3118123 At 119122 Unrestrlcted funds General fund Revaluation reserve 858,007 773.124 198,0031 760.004 773 124 1,631.131 198,0031 1,533.128 Restricted funds Welsh publications SaRang projects fund Chairman's expenses fund Language Prize Fund Wideo Publishing Project Student Hardship Fund Daniel Rowland Centre 1,290 22.129 2.273 2.500 22.893 1,913 10,000 1,290 13.327 2,273 2.300 10.693 3,253 9.825 18,8021 12001 {12.2001 1.340 11751 62,998 120.0371 42,961 TOTAL FUNDS 1,694.129 1118,0401 1,576.089 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,395,746 11,493,749) 198,0031 Restrirted funds Bursary gifts SaRang scholarship fund SaRang projects fund Language Prize Fund Video Publishing Project Student Hardship Fund Daniel Rowland Centre 1.336 940 82,949 11.3361 19401 191,7511 12001 112,2001 11.6801 15,3951 18.8021 12001 112,2001 1.340 11751 3.020 5.220 93.465 1113.5021 120,0371 TOTAL FUNDS 1.489,211 11.607.2511 1118,0401 Bursary gifts a donations made towards the fees of student5 at the college. The Welsh Publications fund represents a donation received for the purpose of funding the publication of books in the Welsh language. The 5aRang scholarships fund consists of donations received from the SaRang Community Church to provide assistance for students towards their fee5. The S3Rang projects fund is for the purpose of supporting mission project5, mainly in the UK and Europe. These are, generally, either the planting of new churches or the revitalization of existlng churches. The Chairman's expenses fund represents donation5 received from SaRang Community Church to cover the travel expenses of the Chairman and sundry other costs at his discretion. Page 23 continued...
UNION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contSnued FOR THE YEAR ENDED 31 AUGUST 2024 23. MOVEMENT IN FUNDS - tontinued Language Prize - In accordance with the donor's wishes, a fund has been created to help support and encourage training in the biblical languages. The fund will be used to award prizes to the best performing students in Greek and Hebrew, as decided by the Programme Leaders. Video Publishing fund This funds Comprises donations given to support the production of videos and other similar learninE resources for use by students and for publication and sale through Union Publishing. Student Hardship fund This fund is mainly the accumulation of voluntary Contributions by staff through Give As You Earn. The money raised is used to asslst students in particular financial difficulties. Decisions on which students can be helped are made by a stsff. Daniel Rowland Centre Thi5 15 a partnership beteen Union and those sharing the gospel in Welsh-speaking and bilingual settings in Wales. Donation5 received are used to support the salary and expenses of the NeOrk Coordinator. Building fund From time to time we receive donations for the repair or development of the buildings at Bryntirion House. Strategic Development fund This fund comprises donations which have been given to contribute towards expenses incurred in pursuing Union's strategic development through networking and conferences. 24. EMPLOYEE BENEFIT OBLIGATIONS The company operates a defined contribution pension scheme and contributes to employees. personal pension plans. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions paid by the company and amounted to £42,76712023 - £38.3081. At the year end there were contributions of £6,72112023 - £5.6321 outstanding. RELATED PARTY DISCLOSURES 25. Union Foundation and SaRang Church have a formal agreement to Work together. During the year SaR3ng donated a total of £334,26912023 - £472.1871. Union Foundation received donations of £211.15912023 - £215,560) from Union Foundation US la not-for-profit organisation incorporated in the United State51. Joel Morris and Mike Reeves, key management personr¢el with Union Foundation are directors of Union Foundation US. Union Foundation received donations from trustees totalling £5,019 during the year and repaid interest free loans totalling £7,803 to trustees. Page 24