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||||Page|
|---|---|---|---|
|Trustees'|annual
report|||
|Independent
auditor's||report to the members|18|
|Statement|offinancial|activities|23|
|Statement|ofchanges|in reserves|24|
|Statement|offinancial|position|25|
|Statement|ofcash flows||26|
|Notes to the financial||statements|27|
##
||Name ofTrustee|Position on|Term|Body ofAppointment||
|---|---|---|---|---|---|
|||Governors||||
|1.|Mr. Ian Burleigh|Vice Chair|Jan 26'"|National
Board Appointee:||
|||Executive member|2019-Jan|section 3||
||||2022|||
|||Member at large||||
|2.|Mr Steven Leach|Secretary|Jan 26e|National
Board Appointee:||
|||Executive member|2019-Jan|Section 3||
||||2022|||
|||Member at large||||
|3.|Rev. Carl McCann|Executive member|April 17'"|British Isles South District||
|||Exofficio|2021|||
||||4-year term|The District||
||||renewed|Superintendents
ofthe||
|||||British Isles North District||
|||||and British Isles South||
|||||District, are ex-officio by||
|||||virtue ofoffice.||
|4.|Rev. Ruth Turner|Executive member|May 10"|British Isles North District||
||||2021|||
|||Ex officio|2-year term|The District||
||||renewed|Superintendents
ofthe||
|||||British Isles North District||
|||||and British Isles South||
|||||District, are ex-officio by||
|||||virtue ofoffice.||
|S.|Mrs. Mary Wood|District lay|March 17z"|British Isles North District||
|||representative|2019-2022|Governors are elected|in|
|||||equal numbers
by each||
|||||District Assembly ofthe||
|||||Church ofthe Nazarene|and|
|||||serve between
one and|four|
|||||years.||
|6.|Mr. lain McGookin|District lay|April 17'"|British Isles North District||
|||representative|2021-2024|Governors are elected|in|
|||||equal numbers
by each||
|||||District Assembly ofthe||
|||||Church ofthe Nazarene|and|
|||||serve between
one and|four|
|||||years.||
|7.|Rev. Lorraine Bell|District elder|April 17'"|British Isles North District||
|||representative|2021-2024|Governors are elected
in||
|||||equal numbers
by each||
|||||District Assembly ofthe||
|||||Church ofthe Nazarene|and|
|||||serve between one and|four|
|||||years.||
||Rev. Osahon Jeremie|District elder|April 17r"|British Isles South District|British Isles South District|
|---|---|---|---|---|---|
||Ogbewei|representative|2021-2024|Governors are elected in||
|||||equalnumbers
by each||
|||||District Assembly ofthe||
|||||Church ofthe Nazarene|and|
|||||serve between one and|four|
|||||years.||
||Mr. Andrew|District lay|May 14'"|British Isles South District||
||Hollingworth|representative|2020-July|Governors
are elected in||
||||2021|equalnumbers
by each||
||||(resigned due|District Assembly ofthe||
||||to|Church ofthe Nazarene|and|
||||appointment|serve between one and|four|
||||as|years.||
||||consultant)|||
|10.|Mrs Laura Nike|District lay|April 17'"|British Isles South District||
|||representative|2021-2024|Governors are elected in||
|||||equal numbers
by each||
|||||District Assembly ofthe||
|||||Church ofthe Nazarene|and|
|||||serve between
one and|four|
|||||years.||
|11.|Mr. David Day|Member at large|Jan 26e|National
Board Appointee:||
||||2019-Jan|Section 3||
||||2021|||
||||(extended to|||
||||Jan 2022 due|||
||||to Covid)|||
|12.|Rev. Arthur Snjiders|Member at large|November|National
Board Appointee:||
||Netherlands||28'" 2020-|Section 3||
||||2023|||
||||
|---|---|---|
|3.|Rev. Jim Ritchie|Eurasia Regional
2020-
Eurasia Region|
|||Director
following|
||Rev. Dr. Deirdre|Principal
2012-
Board ofGovernors|
||grower tatz|Executive member
following|
|5.|MrJoe Boston|Student Body
2020-21April
Student Body Section 4|
|||President
27th|
|6.|Mr Tim Geddes|Student Body
April 27'"
Student Body: Section 4|
|||President
2021-22|
|Names ofthe charity trustees||who completed their term ofoffice in 2020-2021.|
|Rev. Jim Ritchie
Governing
executive member||October 2019.Resigned to move to a new role on the Eurasia Region Church
ofthe Nazarene|
|Mr. Andrew Graystone||Completed
his term ofoffice April 17e 2021|
|Chair (appointed
Ma
2017)|||
|Revd Lynn McLean-Birkinshaw||Completed
her term ofoffice April 17u2021|
|Mr. Chris|Ross|Completed
his term ofoffice April 17",2021|
|Mr. David|Davies|Completed
his term ofoffice April 17e,2021|
|Rev. Karl|Stanfield|National
Board election January 2019-2020|
|||Extended due to Covid-19 until Apdl 17'",2021|
|Rev. Nathan
Payne||Completed
his term ofoffice April 17'" 2021|
|Rev Ruth|Turner|2021completed
initial term ofoffice as appointee|
|Mr Andrew
Hollingworth||July 2021resigned from Governors|
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||||we will widen student
recruitment
including
reaching|new|new||markets||||
|---|---|---|---|---|---|---|---|---|---|---|
||||ensure that the education
experience ofcurrent students|||remains||positive|||
||||offer continued
improvements
to our courses||||||||
|Programmes|ofStudy||||||||||
||||we
will widen
our programmes
of study
including|in|the Asian|||Christian|||
||||Studies and Community
Development
areas||||||||
||||review our Youth programmes
to ensure we develop|them|||in keeping||with||
||||our strategic vision||||||||
|Partnershi ps|||||||||||
||||we will continue
to seek paitnerships
with compatible||entities
in|||order||to|
||||develop our profile and reach||||||||
||||make our college accessible to a wide range ofpartners||and their people||||||
||||work on delivering the Science for Seminaries
for materials||||for fulfilment|||of|
||||our grant||||||||
|Geographical|Reach||||||||||
|||-|The college will continue to develop our relationships|with||the Global South|||||
||||for faculty development||||||||
|||-|The college will continue to strengthen
relationships|with||partners||in North|||
||||America||||||||
|||-|We will continue to recruit from beyond the UKto all|levels|||ofprogramme||||
|||-|We will serve diaspora
communities
within the UK||||||||
|National and|International|Profile|||||||||
|||-|We will continue to develop our international
and national||||profile|in|order||
||||to develop a pipeline ofstudents||||||||
|||-|We will invest
in development
ofour alumni
networks||||||||
|Finances|||||||||||
||||In order to be sustainable
we need to have growth over||and||about our costs,||||
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|||Y|ear end|ed 30June|2021|||
|---|---|---|---|---|---|---|---|
||||||2021||2020|
|||||Unrestricted|Restricted|||
|Income and endowments|||Note|funds
8|funds
8|Totalfunds
6|Total funds|
|Donations
and legacies
Charitable
activities
Investment
income
Other income|||4
5
6
7|210,097
1,024,248
2742
195,024|83,153
351|293,250
1,024,248
3,093
195,024|279,154
1,112,636
3,760
166,708|
|Total income||||1,432,111|83,504|1,515,615|1,582,258|
|Expenditure||||||||
|Expenditure
on raising funds:||||||||
|Costs of raising donations||and||||||
|legacies
Expenditure
on charitable|activities||8
9,10|69
1,273,564|66,963|69
'l,340,527|471
1,425,274|
|Total expenditure||||1,273,633|66,963|1,340,596|1,425,745|
|Net gains/(losses)
on investments|||12|1,079||1,079|(9,978)|
|Net income||||159,557|16,541|176,098|146,535|
|Transfers
between
funds||||(1,196)|1,196|||
|Net movement
in funds||||158,361|17,737|176,098|146,535|
|Reconciliation
offunds||||||||
|Total funds brought
forward||||2,367,791|347,059|2,714,850|2,568,315|
|Total funds carried forward||||2,526,152|364,796|2,890,948|2,714,850|
##
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|||Unrestricted|Restricted|Total|
|---|---|---|---|---|
|||Funds|Funds|Funds|
|||F|F||
|Balance at 1July 2019||2,280,739|287,576|2,568,315|
|Net Income for the year ended 30June 2020
Other comprehensive
income
/ (expense)||87,052|59,483|146,535|
|Total comprehensive
ended 30July 2020
Transfer|income / (expense) for the year|87,052|59,483|146,535|
|Balance at 30June|2020|2,367,791|347,059|2,714,850|
|Net Income for year
Other comprehensive|ended 30June 2021
income
/ (expense)|159,557|16,541|176,098|
|Total comprehensive
ended 30June 2021
Transfer|income/ (expense) for the year|159,557
(1,196)|16,541
1,196|176,098|
|Balance at 30June|2021|2,526,152|364,796|2,890,948|
##
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|||30June|2021|||||
|---|---|---|---|---|---|---|---|
||||Note|f|2021||2020
5|
|Fixed assets||||||||
|Tangible fixed assets|||18|||1,953,281|1,981,555|
|Investments|||19|||111,330|110,250|
|||||||2,064,611|2,091,805|
|Current assets||||||||
|Debtors|||20|174,260|||202,603|
|Cash at bank and|in|hand||1,035,277|||725,034|
|||||1,209,537|||927,637|
|Creditors: amounts||falling due within one year|21|102,894|||109,840|
|Net current assets||||||1,106,641|817,797|
|Total assets less|current liabilities|||||3,171,252|2,909,602|
|Creditom: amounts||falling due after more than||||||
|one year|||22|||280,306|194,752|
|Net assets||||||2,890,948|2,714,850|
|Funds ofthe charity||||||||
|Restricted funds||||||364,796|347,059|
|Unrestricted
funds||||||2,526,152|2,367,791|
|Total charity funds|||24|||2,890,948|2,714,850|
##
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||||2021|2020|
|---|---|---|---|---|
||||5|8|
|Cash flows from operating
activities|||||
|Net income|||176,098|146,535|
|Ajdustments
for:|||||
|Depreciation
oftangible
fixed assets|||28,274|29,213|
|Net gains/(losses)
on investments
Dividends,
interest and rents from investments
Other interest receivable and similar
income
Interest payable and similar charges
Accrued (income)/expenses|||(1,079)
(2,640)
(453)
8,675
(5,471)|9,978
(2,640)
(1,120)
8,894
36,056|
|Changesin:|||||
|Trade and other debtors
Trade and other creditors|||28,341
103,070|(42,204)
(64,168)|
|Cash generated
from operations|||334,815|120,544|
|Interest paid
Interest received|||(8,675)
453|(8,894)
1,120|
|Net cash from operating
activities|||326,593|112,770|
|Cash flows from investing
activities|||||
|Dividends,
interest and rents from investments
Purchase oftangible assets
Proceeds from sale oftangible assets|||2,640|2,640
(4,573)
1,280|
|Net cash from/(used
in) investing
activities|||2,640|(653)|
|Cash flows from financing
activities|||||
|Proceeds from borrowings|||(18,990)|(10,794)|
|Net cash used
in financing
activities|||(18,990)|(10,794)|
|Net increase
in cash and cash equivalents
Cash and cash equivalents
at beginning||ofyear|310,243
725,034|101,323
623,711|
|Cash and cash equivalents
at end ofyear|||1,035,277|725,034|
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|Year
Charitable
activities|ended 30June|2021|||
|---|---|---|---|---|
||Unrestricted|TotalFunds|Unrestricted|Total Funds|
||Funds|2021|Funds|2020|
||E|6|F|6|
|Fees|943,373|943,373|988,934|988,934|
|Bookshop sales|422|422|600|600|
|Education services grants (KC)|51,209|51,209|53,557|53,557|
|District budgets|29,244|29,244|69,545|69,545|
||1,024,248|1,024,248|1,112,636|1,112,636|
##
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|Disclosure on Grant and Fee|income|||
|---|---|---|---|
|||2021|2020|
|||6|6|
|Grant Income from OfS||20,156|26,511|
|Grant Income from other Bodies||||
|Fee Income from taught awards
Fee Income from research awards
Fee Income from non-qualifying
courses||504,324
404,361
34,688|530,076
411,823
47,035|
|Total grant and fee income||963,529|1,015,445|
##
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||||||Unrestricted|Restricted|Total Funds|
|---|---|---|---|---|---|---|---|
||||||Funds|Funds|2021
f|
|Income from investment|||properties||2,640||2,640|
|Bank interest receivable|||||80|351|431|
|Other investment|income||||22||22|
||||||2,742|351|3,093|
||||||Unrestricted|Restricted|Total Funds|
||||||Funds|Funds|2020|
||||||F|6|F|
|Income from investment|||properties||2,640||2,640|
|Bank interest receivable|||||270|786|1,056|
|Other investment|income||||64||64|
||||||2,974|786|3,760|
|Other income||||||||
|||||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||||Funds|2021|Funds|2020|
||||||F|6||
|Lettings and commissions
Employer's
allowance
and JRSincome||||137,427
57,597|137,427
57,597|141,495
44,492|141,495
44,492|
|Other income||||||721|721|
|||||195,024|195,024|186,708|186,708|
##
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|8.|Costs of rais|ing|donation|s
and lega|cies||||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||||Funds|2021|Funds|2020|
||Costs of raising||donations|and legacies|E|E||f|
||- Donations||||69|69|471|471|
|9.|Expenditure|on|charitable|activities|by fund type||||
|||||||Unrestricted|Restricted|Total Funds|
|||||||Funds|Funds|2021|
||||||||f.|E|
||Facilities costs
Education-related
Support costs||costs|||178,922
733,606
361,036|6,500
50,086
10,377|185,422
783,891
371,414|
|||||||1,273,564|66,963|1,340,527|
|||||||Unrestricted|Restricted|Total Funds|
|||||||Funds
f|Funds|2020
E|
||Facilities costs
Education-related
Supportcosts||costs|||206,793
760,981
409,188|6,611
41,699
2|213,404
802,681
409,189|
|||||||1,376,962|48,312|1,425,274|
##
|Expenditure|on c|haritable
activities|by activity typ|e|||
|---|---|---|---|---|---|---|
||||Activities||||
||||undertaken||Total funds|Total fund|
||||directly|Support costs|2021|2020|
||||F|E|E|E|
|Facilities and support costs —admin
Education-related
costs
Governance
costs|||185,422
783,691|361,597
9,817|547,019
783,891
9,817|609,386
802,681
13,207|
||||969,113|371,414|1,340,527|1,425,274|
##
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|11.|Analysis ofsupport|costs||||
|---|---|---|---|---|---|
||||Analysis
of|||
||||support costs|||
||||activity
1|Total 2021|Total 2020|
||||||6|
||Staff costs
General office costs
Finance costs
Governance
costs
Travel and accommodation||198,483
64,886
13,087
9,819
5,846|198,483
64,886
13,087
9,819
5,846|203,951
79,659
14,058
13,209
17,466|
||Publicity
Event costs
Depreciation
Professional
costs and|sundries|38,089
309
28,274
12,621|38,089
309
28,274
12,621|33,044
3,922
29,214
14,646|
||||371,414|371,414|409,189|
|12.|Net gains/(losses)
on|investments||||
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds
f|2021
F|Funds|2020
F|
||Gains/(losses)
on other|investment||||
||assets|1,079|1,079|(9,978)|(9,978)|
|13.|Net income|||||
||Net income is stated after charging/(crediting):|||||
|||||2021|2020|
||Depreciation
oftangible
fixed assets
Foreign exchange differences|||28,274
291|29,213
(156)|
##
|||||2021|2020|
|---|---|---|---|---|---|
||||||F|
|Fees payable|for the audit of|the financial|statements|6000|7 000|
|Fees payable|to the charity's|auditor and|its associates for other services:|||
|Audit-related
assurance
services
Taxation advisory services||||3,000
240|3,240
240|
|||||3,240|3,480|
##
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|Employer contributi|Employer contributi|ons
to pension
pla|ons
to pension
pla|ns||720,828
'l8,039|720,828
'l8,039|720,828
'l8,039|789,235
,
19,536|
|---|---|---|---|---|---|---|---|---|---|
|The average head
full-time
equivalent||count ofemployees
employees
during||during
the year|the year was
is analysed|24 (2020:27).The average
as follows:|||number of|
||||||||2021||2020|
|Academic
Student support|||||||No.|9
3|No.
10
3|
|Administration||||||||6|6|
|Chaplaincy||||||||1|1|
|Housekeeping||||||||1|1|
|Library||||||||1|1|
|Manchester|Wesley|Research|Centre|||||1|1|
|Maintenance||||||||1|1|
|Publicity and|recruitment|||||||1|1|
|||||||||24|25|
|||2021|2020|
|---|---|---|---|
|||8|6|
|Salary of Principal
Pension of Principal|Salary
Pensions
Other taxable benefits|39,409
1,182|34,591
1,008|
|Totals||40,591|35,599|
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|18.|Tangible fixed assets|||||
|---|---|---|---|---|---|
|||Land and|Fixtures and|||
||Cost|buildings|fittings
f|Equipment|Total
f|
||At 1July 2020 and 30June 2021|2,294,885|192,701|28,827|2,516,413|
||Depreciation|||||
||At 1 July 2020
Charge for the year|348,829
22,949|157,202
5,325|28,827|534,858
28,274|
||At 30June 2021|371,778|162,527|28,827|563,132|
||Carrying
amount|||||
||At 30June 2021|1,923,107|30,174||1,953,281|
||At 30June 2020|1,946,056|35,499||1,981,555|
|19.|Investments|||||
||||Listed|Investment||
||Cost or valuation||investmentsf|properties
F|Total
f.|
||At 1 July 2020
Additions||2,250|108,000|110,250|
||Fair value movements||1,080||1,080|
||At30June 2021||3,330|108,000|111,330|
||Impairment|||||
||At 1July 2020 and 30June 2021|||||
||Carrying
amount|||||
||At 30June 2021||3,330|108,000|111,330|
||At 30June 2020||2,250|108,000|110,250|
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|Creditors: amo|unts
falling due within one year|||
|---|---|---|---|
|||2021
f|2020|
|Bank loans and overdrafts
Trade creditors
Accruals and deferred
income
Other creditors
Income received
in advance||14,167
27,958
44,919
1,822
14,028|14,167
25,019
50,390
6,367
13,897|
|||102,894|109,840|
|Creditors: amounts
falling due after more than one year||||
|||2021|2020
f|
|Bank loans and
Other creditors|overdrafts|180,306
100,000|194,752|
|||280,306|194,752|
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|Analysis of|charita|ble funds||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|funds|||||||
|||At||||Gains and|At|
|||1 Jul 2020|Income
F|Expenditure
f|Transfers
f|losses
f|so Jun 2021
f|
|Unrestricted|funds|2,367,791|1,432,111|(1,273,633)|(1,196)|1,079|2,526,152|
|||At
1 Jul 2019|Income
F|Expenditure
f|Transfers
f|Gains and
lOSSeS
F|At
30Jun 2020
f|
|Unrestricted|funds|2,280,739|1,474,463|(1,377,433)||(9,978)|2,367,791|
##
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|Restrict|ed|funds||||||||
|---|---|---|---|---|---|---|---|---|---|
||||At
1 Jul 2020||Income|Expenditure|Transfers|Gains and
losses|At
30Jun 2021|
|||||E|6|||6||
|Student||||||||||
|Scholarship
Development||Fund||178,747|46,060|(40,086)|1,196||185,.937|
|Fund
Scottish|School of|||127,942|34,467|(16,877)|||145,532|
|Christian|Mission|||40,370|2,957|(10,000)|||33,327|
|||||347,059|83,504|(66,963)|1,196||364,796|
||||1|At
Jul 2019|Income|Expenditure|Transfers|Gains and
losses|At
30Jun 2020|
|||||E||6|E|6||
|Student||||||||||
|Scholarship
Development||Fund||156,195|54,252|(31,699)|||178,747|
|Fund
Scottish|School of|||81,012|53,543|(6,613)|||127,942|
|Christian|Mission|||50,370||(10,000)|||40,370|
|||||287,577|107,795|(48,312)|||347,059|
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|Analysis ofnet asse|ts between funds|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted||Total Funds|
|||Funds|Funds||2021|
|Tangible fixed assets
Investments
Current assets
Creditors less than
1
Creditors greater than|year
1 year|1,877,120
111,330
896,795
(78,767)
(280,306)|76,161
312,742
(24,107)||8
1,953,281
111,330
1,209,537
(102,894)
(280,308)|
|Net assets||2,526,152|364,796||2,890,948|
|||Unrestricted|Restricted||Total Funds|
|||Funds|Funds||2020|
|Tangible fixed assets
Investments
Current assets
Creditors less than
1 year
Creditors greater than
1 year||1,904,615
110,250
657,518
(109,840)
(194,752)|5
76,940
270,119||f
1,981,555
110,250
927,637
(109,840)
(194,752)|
|Net assets||2,367,791|347,059||2,714,850|
|Analysis ofchanges|in net debt|||||
||||||At|
|||At 1 Jul 2020|Cash flows|30Jun 2021||
|Cash at bank and in hand
Debt due within one year
Debt due after one year||725,034
(20,534)
(194,751)|310,243
4,545
14,445||8
1,035,277
(15,989)
(180,305)|
|||509,749|329233||838982|
##
|The total|future|minimum|lease payments|under non-cancellable|operating|leases are|as follows:|
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||5||
|Not later than
1 year
Later than
1 year and not|||later than 5 years|||2,056
19,446|426
22,159|
|||||||21,502|22,585|
##
##
##
##
##
##
##
##
||Cost
generating|of
funds|Education|Facilities
costs|Support
costs|Governance|Total
2021|Total
2020|
|---|---|---|---|---|---|---|---|---|
|Staff Costs|||483,105|39,240|198,483||720,828|789,235|
|Premises||||146,182|||146,182|166,900|
|Administration|||208,641||134,838|9,819|353,367|373,653|
|Bursaries|||91,945||||91,945|66,743|
|Depreciation|||||28,274||28,274|29,214|
|Total resources|||||||||
|Expended|||783,691|185,422|361,595|9,819|1,340,596|1,425,745|
|Total resources|||||||||
|expended
2020|471||802,681|213,404|395,980|13,209|1,425,745||