**Charity registration number 527408**
## **ST CUTHBERT'S COLLEGE USHAW**
## **T/A USHAW COLLEGE**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Rt Reverend M Davies - Bishop of Shrewsbury|
|---|---|
||Rt Reverend T P Drainey - Bishop of Middlesbrough|
||Rt Reverend P Swarbrick - Bishop of Lancaster|
||Rt Reverend R Heskett - Bishop of Hallam|
||Most Reverend M McMahon - Archbishop of Liverpool|
||Rt Reverend M Stock - Bishop of Leeds|
||Rt Reverend J Arnold - Bishop of Salford|
|**Charity number**|527408|
|**Principal address**|Ushaw College|
||Ushaw|
||Durham|
||DH7 9RH|
|**Auditor**|Galley & Tindle Audit Limited|
||Oakmere|
||Belmont Business Park|
||Durham|
|**Bankers**|Barclays Bank Plc|
||Market Place|
||Durham|
||DH1 3NB|
|**Solicitors**|Grays|
||Duncombe Place|
||York|
||YO1 7DY|
|**Investment advisors**|Henderson Global Investors|
||201 Bishopgate|
||London|
||EC2M 3AE|
|**Advisors to Trustees**|J Whiston|
||C Lawrence|
|**Senior Management Personnel**|P Seed - Director of Operations|
||J Ward - Commercial Manager|
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 5|
|Statement of trustees' responsibilities|6|
|Independent auditor's report|7 - 9|
|Statement of financial activities|10|
|Balance sheet|11|
|Statement of cash flows|12|
|Notes to the financial statements|13 - 27|
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
The trustees present their annual report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The charity's object and principal activity continues to be the education of those of all faiths and none. Whilst training of seminarians and the educational outreach activities has now ceased, the programme of Ushaw Lectures continues and the Library supports research and scholarly studies.
The Charity Commissioners have previously approved a Scheme for the Charity which defines the objects more widely to better suit the objectives of Ushaw and its role.
## **Impact of Covid-19 Pandemic:**
The continuation of the Pandemic into this financial period has been a significant challenge, despite the removal of restrictions at the end of July 2021, the impact of further variants of the virus suppressed trade, meant that the management of the Charity were constantly changing trading behaviour to maximise income, this was coupled with an increase in National Lottery Heritage Funding to support the expansion of trade and support the increased costs to operate a Covid safe site.
## **Post Pandemic Environment:**
As the world began to re-open at different paces, the impact of globalisation and the commencement of the invasion of Ukraine has created a new pressure on the performance of the site moving into the new financial year. Accelerating energy costs and high inflation are driving underlying operational costs and financing costs a rate not seen in decades which could change customer habits and restrictions on available funding and increase risk on potential bad debts, these issues form the corner stone of the future planning for the Charity.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
- 1 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE TRUSTEES' REPORT (CONTINUED)**
_**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Achievements and performance Achievements**
The main development is in the commercial and cultural fields with Ushaw’s offer of concerts and other events, historical buildings and collections and improved standards of hospitality. Ushaw has also brought forward plans to activate and monetise the outdoor spaces and make grounds more usable and family friendly. Visitor numbers continue to rise and were in excess of 50,000 in the year to 31 March 2022. There was a welcome increase in visitors from the immediate area during the pandemic, which as continued and has helped to cement Ushaw as an important local amenity as well as being a visitor destination of regional and national significance.
The gardens and grounds continue to be renovated and improved by volunteers and are a major attraction, with significant open days and increasing attendance in their own right.
The ongoing programme of spiritual and liturgical events supports the continued Catholic life of Ushaw.
Discussions continue with Durham University representatives on behalf of the University of Durham on use of some of Ushaw’s buildings for University purposes and a pre-emption agreement exists between the University and the Ushaw Trustees. A ten-year lease on an office and teaching accommodation wing has been in place since 1 August 2016, alongside a pre-emption agreement relating to further portions of the buildings.
As of November 2022 the Pre-emption agreement has been amended to form a more robust Partnership agreement which along with accompanying service level agreements commits both parties to a more mutually beneficial relationship, which will lead to increased exposure of Ushaw to the University community. Alongside this it further secures the relationship with regard to the management and further cataloguing of the Library’s collections.
The Director of Operations continues in post supported by a Commercial Director, Culture and Heritage Director and an Estates and Projects Director alongside financial and administrative staff. Ushaw continues to grow in profile on the heritage and tourism fronts
There continue to be two major areas of concern; the future of the Junior House and the Model Farm. Potential partnerships and funding opportunities will continue to be sought to address these areas of Heritage at Risk
The Durham Residential Research Library has started accepting researchers and fellows again and it is anticipated that the financial contribution of this aspect will continue to grow as a result of the new Partnership agreement.
## **Financial review**
The Charity had total income for the year of £2,000,377 (2021: £1,299,001) and expenditure of £1,882,315 (2021: £1,218,239) giving a surplus of £346,708 (2021: surplus £80,737). Included within the surplus figures there is an increase in property investment values of £228,646 (2021: £nil).
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**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **Reserve level and policy**
Restricted funds (including designated funds) at the year-end stood at £254,685 (2021: £48,007) and unrestricted funds were £2,694,882 (2021: £2,554,853). All the unrestricted reserves are held in fixed assets and the Trustees are seeking additional funding sources to increase the level of free reserves to develop the Charity, particularly through donations and benefactions. A professional fundraiser was employed form March 2020 to strengthen and manage fundraising activities. Since the closure of the College, the policy continues to carefully examine the assets of the College in land, buildings, and contents to identify those which are no longer required for the charitable purpose, to dispose of them appropriately at market value and to redirect the capital generated towards the charitable purpose.
## **Principal Funding Sources**
The principal funding source of the Charity was the rental income received from Durham University and Durham Music Services as well as income from investment properties. Commercial activity continues to grow and is making a significant contribution.
The Charity was successful in obtaining further funding from the National Lottery Heritage Fund under its cultural support grants to cover some of the operating costs of the site and some development funds to assist in the full re-opening of the site. Total funds received for the period were £701k (2021: £344k).
## **Plans for future periods**
The Charity aims to develop the cultural programme based on achievements already made. The College will increase its opening hours and diversity of cultural offers. It will also seek to stage more major events and festivals commensurate with the external spaces available. It
The Charity intends negotiate and restructure its current loan facilities using its available assets to significantly reduce its exposure and to implement a long-term repayment that allows the Charity to better utilise operational surpluses.
Exploration into how the Charity can benefit from utilising Gift-Aid in a better mechanism on annual passes and standard entry incomes as well as those through donations.
It is recognised that the support from grant funding to support activities have been essential throughout the pandemic and need to form a cornerstone of income generation in the future. £828k (2021: £633k).
The work following the Heritage Lottery Fund grant of £104,000 under the Resilient Heritage Programme is completed, and proposals made for the future of Junior House to a mixed use accommodation of gallery office and lettable accommodation. The study has also looked at Ushaw’s business, governance, and sustainability. A Business plan has been produced which recommends expansion and refinement of current offers and proposes membership schemes for visiting public. Recommendations have been made to augment governance with a new management Trust broadening diversity of Trusteeship.
Discussions with the University’s senior staff, and in particular with the Vice-Chancellor, continue and the University is in the fourth year of pre-emptive rights for a 10-year period for use of the buildings subject to suitable financial compensation for the Trustees, and at the same point in a 10-year lease for a significant wing of the buildings. Clarity of future requirements will enable the Trustees to make plans for further development of the site in the future. The Charity continues to receive support from the Arts Council England, Durham County Council, St Cuthbert’s Society and various other grant making bodies for which Ushaw and the Trustees are most grateful.
## **Structure, governance and management Objects, organisation and principal activity of the Charity**
The Charity is constituted as a trust and is governed as a trust. There is no formal deed - ancient foundation as amended by the Scheme dated 17 July 2003.
- 3 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
The trustees who served during the year and up to the date of signature of the financial statements were:
Rt Reverend M Davies - Bishop of Shrewsbury Rt Reverend T P Drainey - Bishop of Middlesbrough Rt Reverend P Swarbrick - Bishop of Lancaster Rt Reverend R Byrne - Bishop of Hexham & (Resigned 12 December 2022) Newcastle Rt Reverend R Heskett - Bishop of Hallam Most Reverend M McMahon - Archbishop of Liverpool Rt Reverend M Stock - Bishop of Leeds Rt Reverend J Arnold - Bishop of Salford
## **Recruitment, induction and training of Trustees**
Under the 2003 Scheme, the Trustees are nominated and appointed by the Episcopal Governors of the College. The Episcopal Governors are the Ordinaries of the Province of Liverpool plus the Diocese of Shrewsbury.
The Trustees in the first instance are drawn from amongst the Episcopal Governors, with additional trustees, including lay members, appointed from time to time to meet the needs of the Charity. Currently the Trustee body is comprised of eight bishops, supported by three advisors, namely the President of the College Mgr John Marsland, Dr Jim Whiston (Middlesbrough Diocese) and Mrs Carol Lawrence (Financial Secretary Shrewsbury Diocese),
Following recruitment, the Trustees are provided with sufficient induction material to understand the charitable purpose of the Trust, the financial position and current issues. This is supplemented with discussions with Officers of the Charity and also the Chair or Vice Chair of Trustees.
It is recognised that the current trustees hold a number of similar roles and hold significant experience and skills, which are enhanced by training and updates such as those given at the regular Bishops Conference meetings. The Trustees are also encouraged to undertake any other suitable periodic training to assist in their role.
The Finance and General Purposes Committee continues its work in advising and monitoring continuing development. As constituted the Committee includes the three Trustees advisors previously named, and is augmented by those with experience of museums and libraries, heritage property and listed buildings, education property, commercial property and economic development. Durham University is also represented. The Committee reports to the Trustees.
## **Organisational Structure**
The Trustees are responsible for the overall management of the College and meet on a regular basis.
The day-to-day on site management of the Charity is handled by the Director of Operations with a Commercial Director, Culture and Heritage Director and an Estates and Projects Director.
## **Key management personal remuneration**
The trustees consider the Board of Trustees, the Director of Operations, the Commercial Director, the Culture and Heritage Director and the Estates and Projects Director to be the key management personnel.
Senior management salaries are reviewed annually by the Trustees and changes made as appropriate, recognising outside factors.
## **Risk Management**
- 4 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
The Board of Trustees is responsible for the management of the risks faced by Ushaw. Considerations of risk are delegated to the Senior Management team. Risks are identified, assessed and controls established throughout the year. A formal review of the Charity’s risk management processes is undertaken on an annual basis.
Through the risk management processes established for the College, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that risks have been adequately managed.
The principal risk is the availability of finance to cover normal operation and repairs.
The second major risk is the historic nature of some of the building and particularly the derelict condition of the Junior House. Mitigation is being pursued through physical provisions and a longer-term solution will be sought through feasibility study and hopefully repurposing. The Trustees have asked that a risk register be devised and maintained.
The risk to the operations of the Trust presented by the Covid -19 pandemic will be monitored and assessed in the coming period: the management of the Trust will ensure that all opportunities to mitigate the effects of the restrictions that are imposed are taken.
## **Public Benefit**
On behalf of the Trust, the Trustees would like to sincerely thank all staff and volunteers for all their efforts.
In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission guidance on public benefit.
The Charity has provided education and training for those of all faiths and none, through courses and lectures and extensive use of the conference facilities. The College also has an important and extensive collection of books in its library that are available to scholars (by appointment) for use in studies, often through a loan system with Durham University. An increasing number of scholars are using this facility albeit on a reduced capacity due to implications of the pandemic.
Ushaw has significant exhibition spaces which provide continuing public access to its own collections and also to display of materials from individuals and institutions, and organised exhibitions throughout the year
The buildings and grounds can also be visited as a heritage asset and are of interest to those from a wide variety of backgrounds. The cultural development programme is now also a major contributor to the public benefit.
The number of volunteers continues to increase and there are currently around 100 on the list, at least half of these are regular contributors, and the growing resource of volunteers has led to the appointment of a volunteer co-ordinator who will make the system more organised.
The trustees' report was approved by the Board of Trustees.
## **Most Reverend M McMahon - Archbishop of Liverpool**
Trustee Dated: 31 January 2023
- 5 -
## **ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
- 6 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST CUTHBERT'S COLLEGE USHAW**
## **Opinion**
We have audited the financial statements of St Cuthbert's College Ushaw (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of its incoming resources and application of resources, 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 Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity 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 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 7 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST CUTHBERT'S COLLEGE USHAW**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees 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 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report 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 (UK) will always detect a material misstatement when it exists. Misstatements 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 basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with trustees and our management;
- We assessed the extent of compliance with laws and regulations identified above through making enquiries
- of management and inspecting legal correspondence;
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- Understanding the design of the charity's remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.
- 8 -
ST CUTHBERT'S COLLEGE USHAW
TIA USHAW COLLEGE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF ST CUTHBERT'S COLLEGE USHAW
In response to the risk of irregularities and non-eompli8nce with laws and regulations, we designed pro¢edure8
which included, but were not limited to".
Agreeing financial statement disclosures to underfying supporting documentation..
Reading the rninutes of meetings of those charged with govemance.,
Enquiring of management as to actual and potential litigation and clsims-, and
Reviewng corFe8pondence wth HMRC, relevant regulators and the company's legal advisois.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedurBS required to identify non-compliance with laws and gUlationS to
enquiry of the trustees and other management and the inspection of regulatory and legal correspondeneè, rf any.
Material misstaternenls that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliber8te concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11
.frc.org.uklauditorsresponsibilities. This de5CriPtion forms part of our auditorfs report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with"Accounting
and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable In the UK 8nd Republic of Ireland IFRS 1021" 188
amended) in prefence to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued
on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements lo provide a true and fair view in accordance with current
Generally Accepted Accounting Practice.
Use of our r&port
This report is made solely to the charity's trustees. as a body, in accordance with part 4 of the Charities (Accounts
and Reports) Regulations 2008. Our 8udit work h8s been undertaken so that we Tnight state to the charity's trusteè5
those matters we are required lo state to them in an auditoVs report and for no other purpose. To the fullest eent
permitted by 13w, we do not accept or assume responsibility to anyone other than the charity and the charity,
trustees as a bo
for our audit work, for this report, or for the opinions we have fomed.
Chris Tindle Bsc FCA (Senlor Statutory Audittsrl
for and on b8hatf of Galley & Tindle Audlt Llmlled
S i. l- LOIS
Chartered Accountants
Statutory Auditor
Oakrnere
Belmont Business Park
Durham
Galley & Tindle Audit Lirnited is eligible lor appointment as auditor of the chaNty by virtue of its eligibility for
appointrnenl as auditor of s company under section 1212 of the Companies Act 2006.
## **ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
21,171
12,070
963,555
Charitable activities
**4**
954,335
-
5,106
Other trading activities
**5**
6,097
-
-
Investments
**6**
38,043
-
-
**Total income**
1,019,646
12,070
968,661
**Expenditure on:**
Raising funds
**7**
23,258
-
15,359
Charitable activities
**8**
1,101,529
-
742,169
**Total resources expended**
1,124,787
-
757,528
Net gains/(losses) on investments
**13**
228,646
-
-
**Net incoming resources before**
**transfers**
123,505
12,070
211,133
**Net incoming resources before**
**transfers**
123,505
12,070
211,133
Gross transfers between funds
16,524
-
(16,524)
**Net income for the year/**
**Net movement in funds**
140,029
12,070
194,609
Fund balances at 1 April 2021
2,554,853
-
48,007
**Fund balances at 31 March 2022**
2,694,882
12,070
242,616|**Total**
**2022**
**£**
996,796
959,441
6,097
38,043
2,000,377
38,617
1,843,698
1,882,315
228,646
346,708
346,708
-
346,708
2,602,860
2,949,568|Total
2021
**£**
653,350
596,958
10,879
37,814|
|---|---|---|
|||1,299,001|
|||27,752|
|||1,190,487|
|||1,218,239|
|||-|
|||80,762
80,762
-|
|||80,762
2,522,099|
|||2,602,861|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 10 -
## **ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE BALANCE SHEET**
## _**AS AT 31 MARCH 2022**_
|**Notes**
**Fixed assets**
Tangible assets
**14**
Investment properties
**15**
**Current assets**
Stocks
**16**
Debtors
**17**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**18**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**19**
**Net assets**
**Income funds**
Restricted funds
**20**
Unrestricted funds - designated
Unrestricted funds - general|**2022**
**£**
**£**
443,321
3,918,823
4,362,144
5,142
453,052
261,088
719,282
(341,354)
377,928
4,740,072
(1,790,504)
2,949,568
242,616
12,070
2,694,882
2,949,568|**2021**
**£**
**£**
461,999
3,690,177
4,152,176
5,413
253,639
200,330
459,382
(290,743)
168,639
4,320,815
(1,717,954)
2,602,861
48,007
-
2,554,854
2,602,861|
|---|---|---|
The financial statements were approved by the Trustees on 30 January 2023
Most Reverend M McMahon - Archbishop of Liverpool
## **Trustee**
- 11 -
## **ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**Notes**
**Cash flows from operating activities**
Cash absorbed by operations
**25**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash (used in)/generated from**
**investing activities**
**Financing activities**
Repayment of borrowings
**Net cash generated from financing**
**activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**£**
(40,531)
38,043
72,550|**£**
(9,304)
(2,488)
72,550
60,758
200,330
261,088|**2021**
**£**
(13,556)
37,814
74,881|**£**
(43,559)
24,258
74,881
55,580
144,750
200,330|
|---|---|---|---|---|
- 12 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **Charity information**
St Cuthbert's College Ushaw is an unincorporated registered Charity in England & Wales. The principal address and nature of operations are given in the Report of the Trustees.
The Charity is governed as a Trust and is constituted by a Board of Trustees.
No formal deed - ancient foundation as amended by the Scheme dated 17 July 2013.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Assets and liabilities are initially recognised at historical cost or transaction values unless otherwise stated in the relevant accounting policy note.
## **1.2 Going concern**
Although total liabilities exceed current assets by £1,549,315 the financial statements have been prepared on the going concern basis. Long term liabilities includes a loan from Salford Diocese which was renegotiated during the year and no interest will be charged for five years. Annual repayments of £50,000 were due to commence from 1 April 2019 however due to COVID-19 the repayments have been delayed and a new payment plan is being agreed.
On the basis that fixed asset investments surplus to the Charity's needs can be sold to generate cash, the Trustees believe that it is appropriate for the financial statements to be prepared on the going concern basis.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised and included in the financial statements when all of the following conditions are met:
- The Charity has entitlement to the funds
- Any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity
- There is sufficient certainty that receipt of the income is considered probable; and
- The amount can be measured reliably
- 13 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **(Continued)**
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:
- The donor specifies that the donation must only be used in future accounting periods; or
- The donor has imposed conditions which must be met before the Charity has unconditional entitlement
Investment income is recognised on a receivable basis.
Revenue grants receivable are included in income for the period to which they relate.
Rental income from Durham University is recognised in the period to which it relates and amounts received relating to later periods are deferred until the following year.
Other rental income is credited to the Statement of Financial Activities when received.
Income from charitable activities includes income recognised as earned (as related goods or services are provided) under contract or where entitled to grant funding is subject to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. There is no netting off within the accounts.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. irrecoverable VAT is split equally between direct costs and support costs.
Charitable expenditure comprises those costs incurred by the company in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Governance costs include those incurred in the governance of the Charity which are associated with the constitutional and statutory requirements.
- 14 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses and represent assets owned by the Charity. Assets costing less than £1,000 are not capitalised.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements 15 & 25 years straight line basis Plant and equipment 33% & 4% straight line basis Fixtures and fittings 33% & 4% straight line basis Motor vehicles 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Property valuations are carried out by Vickers & Barrass Chartered Surveyors.
## **1.8 Heritage assets**
The college has substantial long-held historical assets. These comprise listed buildings on the College site, together with their contents comprising ancient books, manuscripts, works of art an other artefacts of historical and cultural importance. In accordance with the Charity SORP FRS 102 18.4 (Heritage assets), such assets acquired before 1 July 2006 have not been capitalised, since reliable estimates of cost or value could not be found without unreasonable effort or expenditure. Moreover, the historic cost would neither reflect their current value nor the importance to the College. The estimated value of these assets amounted to approximately £70 million at the balance sheet date.
## **1.9 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.10 Stocks**
Stocks are stated at the lower of cost and net realisable value. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.11 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 15 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.12 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instructions.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **1.13 Employee benefits**
The Charity contributes to the University Superannuation Scheme (USS) for the Director of Operations and a group pension scheme for the other staff. The USS is a defined benefit scheme which is externally funded. The scheme operates a pooled arrangement with contributions paid centrally at an agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the scheme. Under the terms of the Charities SORP FRS 102 17.18, in these circumstances, contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year.
The pension costs charged in the financial statements represent the contribution payable by the Charity during the year.
- 16 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Donations and gifts
8,914
12,070
147,803
Cultural engagement grants
12,257
-
815,752
21,171
12,070
963,555|**Total**
**2022**
**£**
168,787
828,009
996,796|Total
2021
£
19,895
633,455|
|---|---|---|
|||653,350|
- 17 -
## **ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **4 Charitable activities**
|**Durham**
**University**
**Retainer**
**Residents**
**income**
**Conference**
**room hire &**
**catering**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Sales within charitable activities
198,000
368,039
154,098
Analysis by fund
Unrestricted funds - general
198,000
368,039
154,098
Restricted funds
-
-
-
198,000
368,039
154,098|**Bed &**
**Breakfast**
**income**
**2022**
**£**
31,166
31,166
-
31,166|**CE Ticket**
**sales**
**CE Tours &**
**annual passes**
**2022**
**2022**
**£**
**£**
90,947
117,191
90,947
112,085
-
5,106
90,947
117,191|**Total**
**2022**
**£**
959,441
954,335
5,106
959,441|**Total**
**2021**
**£**
596,958|
|---|---|---|---|---|
|||||594,360
2,598|
|||||596,958|
- 18 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **5 Other trading activities**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2022**|2021|
||**£**|£|
|Gift shop sales|6,097|2,023|
|Other trading income|-|8,856|
|Other trading activities|6,097|10,879|
## **6 Investments**
|Rental income
Interest receivable
**Raising funds**
**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2022**
**2022**
**£**
**£**
Fundraising and publicity
Investment managers
costs
9,178
-
Advertising
14,080
15,359
Staff costs
-
-
Fundraising and publicity
23,258
15,359
23,258
15,359|**Unrestricted**
Unrestricted
**funds**
funds
**general**
general
**2022**
2021
**£**
£
37,825
37,759
218
55
38,043
37,814
**Total**
Unrestricted
Restricted
Total
funds
funds
general
**2022**
2021
2021
2021
**£**
£
£
£
9,178
9,335
-
9,335
29,439
7,794
905
8,699
-
9,718
-
9,718
38,617
26,847
905
27,752
38,617
26,847
905
27,752|**Unrestricted**
Unrestricted
**funds**
funds
**general**
general
**2022**
2021
**£**
£
37,825
37,759
218
55
38,043
37,814
**Total**
Unrestricted
Restricted
Total
funds
funds
general
**2022**
2021
2021
2021
**£**
£
£
£
9,178
9,335
-
9,335
29,439
7,794
905
8,699
-
9,718
-
9,718
38,617
26,847
905
27,752
38,617
26,847
905
27,752|
|---|---|---|
|||37,814|
|||Total
2021
£
9,335
8,699
9,718|
|||27,752|
|||27,752|
## **7 Raising funds**
- 19 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **8 Charitable activities**
|**Direct costs**
**2022**
**£**
Staff costs
443,273
Depreciation and impairment
59,210
Conference & event costs
193,597
Property expenses
474,203
Irrecoverable VAT
54,210
Other costs
7,846
Project costs
-
Loan interest
-
Computer costs
-
Print, post & stationery
-
Telephone
-
Equipment hire
-
Bank & credit card charges
-
Shop purchases
-
Consultancy
15,714
1,248,053
Share of governance costs (see note 9)
9,930
1,257,983
**Analysis by fund**
Unrestricted funds - general
564,217
Restricted funds
693,766
1,257,983|**Support**
**costs**
**Cultural**
**engagement**
**costs**
**2022**
**2022**
**£**
**£**
51,746
256,151
-
-
-
-
-
-
-
-
18,494
37,293
-
26,764
156,364
-
13,281
-
4,662
-
6,375
-
-
-
8,807
-
-
5,778
-
-
259,729
325,986
-
-
259,729
325,986
248,619
288,693
11,110
37,293
259,729
325,986|**Total**
**2022**
**£**
751,170
59,210
193,597
474,203
54,210
63,633
26,764
156,364
13,281
4,662
6,375
-
8,807
5,778
15,714
1,833,768
9,930
1,843,698
1,101,529
742,169
1,843,698|**Total**
**2021**
**£**
643,373
52,098
66,437
279,631
28,813
16,340
2,187
26,967
15,346
3,268
6,420
540
5,538
2,202
29,697|
|---|---|---|---|
||||1,178,857
11,630|
||||1,190,487|
||||821,190
369,297|
||||1,190,487|
- 20 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **9 Support costs**
|Audit fees
Legal and professional
Accountancy services
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
6,350
-
-
-
3,580
-
9,930
-
9,930|**2022**
**£**
6,350
-
3,580
9,930
9,930|2021
£
6,300
1,313
4,017|
|---|---|---|---|
||||11,630|
||||11,630|
Governance costs includes payments to the auditors of £6,350 (2021: £6,300) for audit fees.
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **11 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries|**2022**
**Number**
44
**2022**
**£**
751,170|**2021**
**Number**
41|
|---|---|---|
|||**2021**
**£**
653,091|
No employee earned more than £60,000 per annum.
The key management personnel of the Charity comprises the Trustees, Director of Operations and Commercial Manager and the total remuneration amounts to £83,000(2021: £126,724).
There were no employees whose annual remuneration was more than £60,000.
## **12 Pension costs**
The charity operates defined contribution pension schemes in respect of certain employees. The schemes and the assets are held by independent managers. The Charity also contributes to the University Superannuation Scheme in which the Director of Operations is a member. The pension charge represents contributions due from the Charity and amounted to £28,723 (2021: £18,420). There are outstanding contributions of £4,817 (2021: £5,652) at the year end.
- 21 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **13 Net gains/(losses) on investments**
|Revaluation of investment properties
**14**
**Tangible fixed assets**
**Leasehold**
**improvements**
**£**
**Cost**
At 1 April 2021
2,067,584
Additions
-
At 31 March 2022
2,067,584
**Depreciation and impairment**
At 1 April 2021
1,660,438
Depreciation charged in the year
30,073
At 31 March 2022
1,690,511
**Carrying amount**
At 31 March 2022
377,073
At 31 March 2021
407,146|**Unrestricted**
**funds**
**general**
**2022**
**£**
228,646
**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Motor vehicles**
**£**
**£**
**£**
38,919
106,293
-
-
30,532
9,999
38,919
136,825
9,999
32,105
58,251
-
3,396
24,486
1,257
35,501
82,737
1,257
3,418
54,088
8,742
6,813
48,040
-|Total
2021
£
-|
|---|---|---|
|||**Total**
**£**
2,212,796
40,531|
|||2,253,327|
|||1,750,794
59,212|
|||1,810,006|
|||443,321|
|||461,999|
The College has substantial long-held historical assets. These comprise listed buildings on the College site, together with their contents comprising ancient books, manuscripts, works of art and other artefacts of historical and cultural importance. As explained in the accounting policies, these assets have not been capitalised, since reliable estimates of cost or value could not be found without unreasonable effort or expenditure. Moreover, the historic cost would neither reflect their current value nor their importance to the College.
## **15 Investment property**
|**Fair value**
At 1 April 2021
Net gains or losses through fair value adjustments
At 31 March 2022|**2022**
**£**
3,690,177
228,646|
|---|---|
||3,918,823|
The fair value of the investment property has been arrived at on the basis of a valuation carried out by Vickers & Barrass Chartered Surveyors, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
- 22 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**16**
**Stocks**
Raw materials and consumables
**17**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**18**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals and deferred income
**19**
**Creditors: amounts falling due after more than one year**
Borrowings|**2022**
**£**
5,142
**2022**
**£**
65,869
15,834
371,349
453,052
**2022**
**£**
13,461
139,268
84,098
81,329
23,198
341,354
**2022**
**£**
1,790,504|**2021**
**£**
5,413|
|---|---|---|
|||**2021**
**£**
56,027
21,928
175,684|
|||253,639|
|||**2021**
**£**
8,887
124,426
49,854
81,414
26,162|
|||290,743|
|||**2021**
**£**
1,717,954|
The secured loan represents a loan from Salford Roman Catholic Diocese, which is secured on part of the freehold land and buildings at Ushaw College. There is currently a short-term agreement in place for five years of annual payments of £50,000 that is reaching maturity, this has been delayed due to problems arising from the pandemic and the subsequent lock-down. The objective of the Charity is to mutually agree a medium-term plan to satisfy the loan whilst bringing the original short-term agreement up to date.
## **20 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
|**1**|**April 2021**|**resources**|**expended**||**31 March**|
||**£**|**£**|**£**|**£**|**2022**
**£**|
- 23 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**20**
**Restricted funds**
Friends of Ushaw
Conservation of Pugin Altarpiece
Nativity Sculptures
Choir
NLHF Cultural Recovery Grants
Fr Sharratt
Roger Kelly Music Fund
CCOMF - Illuminating Ushaw
Enterprise Development
Ushaw Playpark
Art Fund - Re-image Grant
Museum Grant
Digital Ushaw
Education
All Aboard
Increasing Access to Ushaw
Other|12,001
5,969
1,701
976
423
-
9,879
-
-
-
-
1,060
2,500
9,307
-
-
4,191
48,007|5,403
(327)
-
-
-
-
448
(781)
701,314
(679,617)
145,600
802
459
(6)
19,500
(28,000)
11,980
(9,400)
14,000
-
36,000
(20,000)
-
-
-
-
-
(6,531)
15,034
(8,340)
9,900
-
9,024
(5,328)
968,662
(757,528)|**(Continued)**
-
17,077
-
5,969
-
1,701
-
643
(22,120)
-
-
146,402
-
10,332
8,500
-
-
2,580
-
14,000
-
16,000
-
1,060
-
2,500
-
2,776
-
6,694
-
9,900
(2,905)
4,982
(16,525)
242,616|**(Continued)**
-
17,077
-
5,969
-
1,701
-
643
(22,120)
-
-
146,402
-
10,332
8,500
-
-
2,580
-
14,000
-
16,000
-
1,060
-
2,500
-
2,776
-
6,694
-
9,900
(2,905)
4,982
(16,525)
242,616|
|---|---|---|---|---|
|||||242,616|
- 24 -
**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **20 Restricted funds**
**(Continued)**
Friends of Ushaw membership fees are to be allocated to earmarked projects following discussions with the Firend's committee.
The money for the conservation of the Pugin Alter piece project was received in previous years. The funds are to support the continued maintenance costs of the Alter.
The money received for the Education Centre was received from Gillian Dickinson (£50,000) and St Mary's Priory (£20,000) to develop part of the College as an Education Centre.
Nativity Sculptures is the commission of a local sculptor to make nativity figures for Ushaw's nativity.
CDFC - Celebrating Ushaw's History is towards a programme of schools and family workshops linked to the Mat Collishaw commission. The Nerve Rack.
Roger Kelly MF is to support young people with music education.
Choir is choir membership fees to be offset against choir costs.
CDCF grant for Digital Ushaw, for the promotion of digital engagement with audience.
Fr Sharratt legacy is for the preservation/protection and to improve access to the contents of the Library
Museum Grant - Development and Recovery Grant to acquire documentation materials and conservation equipment to facilitate our collections care procedures.
NLHF Restricted funds specifically for COVID-19 recovery, to help finance the overheads of the charity and assist in the re-opening of the property for visitors.
Enterprise development - training and development workshops for creative businesses
Ushaw Playpark - funding from the Mid Durham Area Action Partnership to create a natural play park at Ushaw for younger years engagement and visitors to enjoy
Re-image Grant - Augmented reality trail and app around the grounds at Ushaw; digitisation and associated workshops.
All aboard - funding for engagement at Ushaw; this money funded the Railway Posters exhibition and associated activities. Funding was secured during covid.
Access to Ushaw - funding from MDAAP to increase access to Ushaw; this included funding for some events, activities and free family annual passes for children eligible for free school meals
The transfer between funds represents spending in excess of the restricted income.
OTHERS:
Outdoor Windows – A grant received to support the commission of an outdoor exhibition of stained glass windows by Stu Langley
St Cuthbert's Society is towards summer holiday activity programme for young people.
Holiday Activities – Funds received for the development and provision of summer activities for children.
The Cultural Engagement income includes grants and donations from Durham County Council, Durham University, St Cuthbert's College, the Arts Council and CDFC. The money is received to support the Cultural Engagement programme.
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## **ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **21 Analysis of net assets between funds**
||**Unrestricted**|**Designated**|**Restricted**|**Total**|Total|
|---|---|---|---|---|---|
||**funds**|**funds**|**funds**|||
||**2022**|**2022**|**2022**|**2022**|2021|
||**£**|**£**|**£**|**£**|£|
|Fund balances at 31 March 2022||||||
|are represented by:||||||
|Tangible assets|443,321|-|-|443,321|461,999|
|Investment properties|3,918,823|-|-|3,918,823|3,690,177|
|Current assets/(liabilities)|123,242|12,070|242,616|377,928|168,639|
|Long term liabilities|(1,790,504)|-|-|(1,790,504)|(1,717,954)|
||2,694,882|12,070|242,616|2,949,568|2,602,861|
## **22 Operating lease commitments**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years|**2022**
**£**
3,064
-
3,064|**2021**
**£**
5,184
7,416|
|---|---|---|
|||12,600|
## **23 Events after the reporting date**
Discussions are continuing with the local authority and professional advisors to ascertain if parcels of land separate from the main site can be realised, albeit that this may be under planning policy restrictions and guidelines. The trustees intention is that the proceeds would be deployed in developing the main site at Ushaw and the process may take up to three years to complete. The trustees also remain committed to addressing the indebtedness of the Charity to Salford Roman Catholic Diocesan Trust, particularly where security over land has been given to support the long term loan.
## **24 Related party transactions**
Long term creditors includes a loan for £1,758,087 (2021: £1,667,954) from Salford Diocese, of which a Trustee, Rt Reverend John Arnold is the Bishop. Interest of £152,632 (2021: £24,881) was charged on this loan during the year.
No other related party transactions occurred.
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**ST CUTHBERT'S COLLEGE USHAW T/A USHAW COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**25**|**Cash generated from operations**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
||Surplus for the year|346,708|80,762|
||Adjustments for:|||
||Investment income recognised in statement of financial activities|(38,043)|(37,814)|
||Fair value gains and losses on investment properties|(228,646)|-|
||Depreciation and impairment of tangible fixed assets|59,210|52,098|
||Movements in working capital:|||
||Decrease in stocks|271|285|
||(Increase) in debtors|(199,415)|(155,921)|
||Increase in creditors|35,769|17,351|
||Increase/(decrease) in deferred income|14,842|(320)|
||**Cash absorbed by operations**|(9,304)|(43,559)|
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