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|CONTENTS||PAGE|
|---|---|---|
|Trustees
Annual
Report|||
|Independent
Auditor's|Report to the Trustees|13|
|Statement
of Financial|Activities|16|
|Balance Sheet||17|
|Cash Flow Statement||18|
|Notes to the Financial|Statements|19|
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||||TRUSTEES REPORT|TRUSTEES REPORT|TRUSTEES REPORT|||
|---|---|---|---|---|---|---|---|
||||YEAR ENDED 31 AUGUST 2021|||||
|OFFICERS:||||||||
|President|||Mrs S M Davies (ceased 2~ July
Revd J R Grundy
(from 13"July|||2021)
2021)||
|Secretary|||Revd BSJolly|||||
|Treasurer|||Mr W Duncan|||||
|Principal|||Revd Dr R M Selby|||||
|Principal Address|||Luther King House|||||
||||Brighton Grove|||||
||||Rusholme|||||
||||Manchester|||||
||||M14 5JP|||||
|Registered|Charity|Number|529253|||||
|Custodian|Trustee||The Northern
College|Trust Limited||||
|ADVISERS:||||||||
|Auditors|||Beever and Struthers|||||
||||St George's House|||||
||||215-219Chester Road|||||
||||Manchester
M154JE|||||
|Solicitors|||Veale Wasbrough
Vizards||LLP|||
||||Second Floor, 3 Brindley Place,|||||
||||Birmingham
B12JB|||||
|Bankers|||Triodos Bank|||||
||||Deanery Road|||||
||||Bristol
BS15AS|||||
|Investment|Advisors||Brewin Dolphin|||||
||||10Wellington
Place|||||
||||Leeds
LS1 4AN|||||
|Insurance|Brokers||Edwards
Insurance|Brokers:||||
||||Congregational
Integra Insurance|||Solutions|Ltd|
||||Currer House|||||
||||Currer Street|||||
||||Bradford|||||
||||West Yorkshire
BD1|5BA||||
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||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted||Endowment|Funds|Funds|
|||Note|Funds
f|Funds
f||Funds
E|2021|2020
6|
|INCOMING|||||||||
|RESOURCES|||||||||
|Incoming
resources|||||||||
|from generating|funds:||||||||
|Voluntary|||||||||
|income||2|2,190||||2,190|1,455|
|Investment|||||||||
|income||3|135,056|1,767|||136,823|138,489|
|Incoming|||||||||
|resources
from|||||||||
|charitable|||||||||
|activities||4|341,249||||341,249|377,715|
|TOTAL INCOMING|||||||||
|RESOURCES|||478,495|1,767|||480,262|517,659|
|RESOURCES|||||||||
|EXPENDED|||||||||
|Raising funds
Charitable||5|(27,352)||||(27,352)|(23,682)|
|Activities||6|(502,796)|(7,060)|||(509,856)|(555,618)|
|TOTAL RESOURCES|||||||||
|EXPENDED|||(530,148)|(7,060)|||(537,208)|(579,300)|
|NET (EXPENDITURE)|||||||||
|BEFORE GAINS,|||||||||
|LOSSESAND
TRANSFERS|||(51,653)|(5,293)|||(56,946)|(61,641)|
|OTHER|||||||||
|RECOGNISED GAINS|||||||||
|AND LOSSES|||||||||
|Gains on investment|||||||||
|assets|||1,094,501||583|5,062|1,100,146|20,301|
|TRANSFERS|||||||||
|BETWEEN FUNDS|||(345)||345||||
|NET MOVEMENT||IN|||||||
|FUNDS|||1,042,503|(4,365)||5,062|1,043,200|(41,340)|
|RECONCILIATION||OF|||||||
|FUNDS|||||||||
|Total funds brought|||||||||
|forward|||6,329,654|36,561||317,303|6,683,518|6,724,858|
|TOTAL FUNDS|||||||||
|CARRIED FORWARD|||7,372,157|32,196||322,365|7,726,718|6,683,518|
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|YEAR ENDE|D 31 AUGUST 2021|||
|---|---|---|---|
|||2021
8|2020f|
|Net cash provided
by / (used in) operating|activities|263,622|(247,207)|
|Cash flows from Investing
activities||||
|Dividends
and interest from investments|136,823||138,489|
|Payments
to acquire tangible
fixed assets
Acquisition
of other investments|(1,892,390)||(4,425)
(820,009)|
|Disposal of other investments|1,267,291||1,025,789|
|Net cash provided
by investing
activities||(488,276)|339,844|
|(DECREASE) / INCREASE IN CASH||(224,654)|92,637|
|CASH AND CASH EQUIVALENTS AT THE START||||
|OF THE YEAR||661,804|569,167|
|CASH AND CASH EQUIVALENTS AT THE END||||
|OF THE YEAR||437,150|661,804|
|RECONCILIATION
OF NET INCOMING|RESOURCES BEFORE|TRANSFERS|TO NET|
|CASH OUTFLOW FROM OPERATING ACTIVITIES||||
|Net (outgoing) resources before transfers
Dividends
and interest from investments
Realised investment
gains
/ (losses)
Depreciation
(Increase)
/ Decrease
in debtors
Increase
/ (Decrease)
in creditors||(56,946)
(136,823)
572,581
10,774
(126,298)
334|(61,641)
(138,489)
(86,481)
10,608
29,510
(714)|
|Net cash provided
by / (used in) operating|activities|263,622|(247,207)|
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||||||Total|
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Funds|
||||Funds
f|Funds
f|2021|
|Bank|interest receivable||242||242|
|Other|interest receivable||1,631||1,631|
|Other|investment|income|133,183|1,767|134,950|
||||135,056|1,767|136,823|
||||||Total|
||||Unrestricted|Restricted|Funds|
||||Funds
f|Funds
f|2020
f|
|Bank
Other|interest receivable
interest receivable||1,953
2,024||1,953
2,024|
|Other|investment|income|132,840|1,872|134,512|
||||136,617|1,872|138,489|
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|INCOMING RESOURCES FROM CHARITABLE ACTIVITIES|||
|---|---|---|
||2021|2020|
||f|f|
|URC student
and RCL funding
Moravian
student fees
Other income|330,146
4,933
6,170|348,772
9,747
19,196|
||341,243|377,715|
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||||Unrestricted|||
|---|---|---|---|---|---|
||||funds
f|Total|funds 2021
f|
|Investment|management|costs|27,352||27,352|
||||27,352||27,352|
||||Unrestricted|||
||||funds|Total|funds 2020|
||||f||f|
|Investment|management|costs|23,682||23,682|
||||23,682||23,682|
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||||||Total|
|---|---|---|---|---|---|
||||Unrestricted|Restricted|Funds|
||||Funds
f|Funds
f|2021
f|
|Training|for mission|and ministry|337,548||337,548|
|Support|costs||165,248|7,060|172,308|
||||502,796|7,060|509,856|
||||||Total|
||||Unrestricted|Restricted|Funds|
||||Funds
f|Funds
f|2020
f|
|Training|for mission|and ministry|365,381||365,381|
|Support|costs||180,367|9,870|190,237|
||||545,748|9,870|555,618|
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|COSTS|OF|CHARITABLE AC|TIVITIES BYACTIVITY|TYPE||
|---|---|---|---|---|---|
||||Activities|||
||||undertaken|Governance
&|Total Funds|
||||directly
f|support costs
f|2021
f|
|Training|for|mission||||
|and ministry|||337,548|162,238|499,786|
|Governance||costs||10,070|10,070|
||||337,548|172,308|509,856|
||||Activities|Governance
&|Total|
||||undertaken|support|Funds|
||||directly
f|costs
f|2020
f|
|Training|for|mission||||
|and ministry|||365,381|174,921|540,302|
|Governance||costs||15,316|15,316|
||||365,381|190,237|555,618|
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|GOVERNANCE
&SU|PPO||RT COSTS|||
|---|---|---|---|---|---|
||||||Total|
|||||Unrestricted|Funds|
|||||Funds|2021|
|||||6||
|Admin staff costs and|expenses|||49,149|49,149|
|Treasurer
and secretary expenses||||1,000|1,000|
|College houses expenses|||and rates|3,640|3,640|
|Staff housing
and relocation costs||||27,747|27,747|
|Library block charge||||34,000|34,000|
|Principal's
emergency|fund|||1,560|1,560|
|Prizes, bursaries
and|scholarship|||19,060|19,060|
|Telephone costs||||4,274|4,274|
|Printing,
postage and|stationery|||1 232|1 232|
|ITcosts / maintenance||||8,509|8,509|
|Advertising
costs||||992|992|
|Payroll processing
costs||||301|301|
|Depreciation||||10,774|10,774|
|Governance
Costs:||||||
|Audit and accountancy|fees|||8,207|8,207|
|Legal and professional|fees|||343|343|
|Costs of Trustees'
meetings||||1,159|1,159|
|Other financial costs||||361|361|
|Other governance
costs||||||
|||||172,308|172,308|
||||||Total|
|||||Unrestricted|Funds|
|||||Funds|2020|
|Admin
staff costs and|expenses|||47,984|47,984|
|Treasurer
and secretary expenses||||2,185|2,185|
|College houses expenses||and rates||5,981|5,981|
|Staff housing
and relocation|||costs|36,324|36,324|
|Library block charge||||34,000|34,00|
|Principal's
emergency|fund|||3,003|3,003|
|Prizes, bursaries
and|scholarship|||21,370|21,370|
|Telephone
costs||||4,284|4,284|
|Printing,
postage
and|stationery|||1,980|1,980|
|ITcosts / maintenance||||5,540|5,540|
|Advertising
costs||||1,580|1,580|
|Payroll processing
costs||||325|325|
|Depreciation||||10,608|10,608|
|Governance
Costs:||||||
|Audit and accountancy|fees|||8,088|8,088|
|Legal and professional
fees
Costs ofTrustees'
meetings||||3,013
3,683|3,013
3,683|
|Other financial costs||||104|104|
|Other governance
costs||||185|185|
|||||190,237|190,237|
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|equivalents
(|FTE)and actual headco|unt
(HC), was as|follows:|||
|---|---|---|---|---|---|
|||2021|2021|2020|2020|
|||FTE|HC|FTE|HC|
|||No.|No.|No.|No.|
|Teaching and|related staff|6|6|6|6|
|Administration|staff|1|1|1|1|
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|TANGIBLE FIXEDA|SSETS||||
|---|---|---|---|---|
|||Freehold|Fixtures &||
|||property|Fittings
f|Total|
|COST|||||
|At 1 September
2020||465,000|20,058|485,058|
|Additions|||||
|At 31 August 2021||465,000|20,058|485,058|
|DEPRECIATION|||||
|At 1 September 2020||45,105|16,942|62,047|
|Charge for the year||9,300|1,474|10,774|
|Eliminated
on disposals|||||
|At 31August 2021|||||
|NET BOOK VALUE|||||
|At 31 August 2021||410,595|1,642|412,237|
|At 31 August 2020||419,895|3,116|423,011|
|INVESTMENTS|||||
|Movement
in market|value||||
||||2021|2020|
|||||f|
|Market value at 1 September 2020|||5,460,298|5,559,295|
|Acquisitions
at cost|||1,892,390|820,009|
|Disposals at carrying
value
Gains I(Losses) on revaluation|||(1,267,291)
527,565|(1,025,789)
106,783|
|Market value at 31 August 2021|||6,612,962|5,460,298|
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|Analysis
of investme|nts
at 31 Augu|st 2021 betwe|en
funds|||
|---|---|---|---|---|---|
|||||Total|Total|
||Unrestricted|Restricted|Endowment|Funds|Funds|
||Funds|Funds
f|Funds
f'|2021
f|2020
f|
|Listed investments||||||
|UK Quoted fixed||||||
|interest Securities|6,562,126|5,252|45,584|6,612,962|5,460,298|
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|DEBTORS|||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||8|f|
|Trade debtors
Loans to Luther||King House|Educational|Trust|9,981
213331|7,633
138,331|
|Other debtors||||||700|
|Prepayments|and Accrued||Income||59,403|9,753|
||||||282,715|156,417|
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|CREDIT|ORS|: Amount|s
falling due within one|year||
|---|---|---|---|---|---|
|||||2021|2020|
|||||6|F|
|Taxation|and|social security||5,139|5,654|
|Accruals|and|deferred|income|13,207|12,358|
|||||18,346|18,012|
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||Balance at||Gains and|Balance at|
|---|---|---|---|---|
||1 Sep 2020
f|Transfers
f|losses
F|31 Aug 2021
E|
|Permanent|||||
|endowments|||||
|Bursary Fund|246,584||3,934|250,518|
|Prize Fund|10,946||174|11,120|
|Library Fund|59,773||954|60,727|
||317,303||5,062|322,365|
||Balance at||Gains and|Balance at|
||1 Sep 2019|Transfers|losses|31Aug 2020|
||E|E|8|8|
|Permanent|||||
|endowments|||||
|Bursary Fund
Prize Fund|249,779
11,088||(3,195)
(142)|246,584
10,946|
|Library Fund|60,547||(774)|59,773|
||321,414||(4 111)|317303|
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|||||Outgoing||||
|---|---|---|---|---|---|---|---|
|||Balance at|Incoming|resources|Gains, losses||Balance at|
|||1 Sep 2020
f|resources
f|and transfers
f|and|transfers
6|31 Aug 2021
f|
|Bursary|Fund|34,098|1,401|(6.660)||544|29,383|
|Prize Fund|||55|(400)||345||
|Library|Fund|2,463|311|||39|2,813|
|||36,561|1,767|(7,060)||928|32,196|
|||||Outgoing||||
|||Balance at|Incoming|resources|Gains, losses||Balance at|
|||1 Sep 2019
f|resources
6|and transfers
6|and|transfers
f|31 Aug 2020
E|
|Bursary|Fund|41,603|1,497|(8,470)||(532)|34,098|
|Prize Fund||(728)|53|(1,400)||2,075||
|Library|Fund|2,169|322|||(28)|2,463|
|||43,044|1,872|(9,870)||1,515|36,561|
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|UNREST|RICTED|INCOME FUN|DS||||
|---|---|---|---|---|---|---|
|||||Outgoing|||
|||Balance at|Incoming|resources|Gains, losses|Balance at|
|||1 Sep 2020|resources|and transfers|and transfers|31Aug 2021|
|||f'||6|6||
|General|Funds|6,329,654|478,495|(530,148)|1,094,156|7,372,157|
|||||Outgoing|||
|||Balance at|Incoming|resources|Gains, losses|Balance at|
|||1 Sep 2019
f|resources
f|and transfers
6|and transfers
8|31 Aug 2020
f|
|General|Funds|6,360,400|515,787|(569,430)|22,897|6,329,654|
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