REGISTERED COMPANY NUMBEtL. 01987227 (England and Wales)
REGISTERED CHARITY NUMBER: 517324
Union
REPORT OF THE TRu￿EEs 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 chu￿he5 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- inc￿a$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, ne￿orkS 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 T￿Stee5 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 D￿AlLs
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 D1￿Ctor 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￿ f￿e 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 ASS￿5
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 A￿ER 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 secU￿d 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 bet￿een 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 Ne￿Ork 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