| CONTENTS | PAGE | |
|---|---|---|
| Trustees Annual Report |
||
| Independent Auditor's |
Report to the Trustees | 12 |
| Statement of Financial | Activities | |
| Balance Sheet | 17 | |
| Cash Flow Statement | 18 | |
| Notes to the Financial | Statements | 19 |
| Total | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Funds | Funds | ||||||||
| Funds | Funds | Funds | 2022 | 2021 | ||||||||
| Note | 8 | 6 | F | |||||||||
| INCOMING | ||||||||||||
| RESOURCES | ||||||||||||
| Incoming resources | ||||||||||||
| from generating | funds: | |||||||||||
| Voluntary | ||||||||||||
| income | 2 | 1,837 | 1,837 | 2,190 | ||||||||
| Investment | ||||||||||||
| income | 3 | 133,021 | 1,388 | 134,409 | 136,823 | |||||||
| Incoming | ||||||||||||
| resources from | ||||||||||||
| charitable | ||||||||||||
| activities | 4 | 352,515 | 352,516 | 341,249 | ||||||||
| TOTAL INCOMING | ||||||||||||
| RESOURCES | 487,373 | 1,388 | 488,761 | 480,262 | ||||||||
| RESOURCES | ||||||||||||
| EXPENDED | ||||||||||||
| Raising funds | 6 | (27,218) | (27,218) | (27,352) | ||||||||
| Charitable | ||||||||||||
| Activities | 6 | (633,254) | (7,710) | (540,964) | (509,856) | |||||||
| TOTAL RESOURCES | ||||||||||||
| EXPENDED | (560,472) | (7,710) | (668,182) | (537,208) | ||||||||
| NET (EXPENDITURE) | ||||||||||||
| BEFOREGAINS, | ||||||||||||
| LOSSESAND | (73,099) | (6,322) | - | (79,421) | (56,946) | |||||||
| TRANSFERS | ||||||||||||
| OTHER | ||||||||||||
| RECOGNISED | GAINS | |||||||||||
| AND LOSSES | ||||||||||||
| (Losses) ri gains |
on | |||||||||||
| investment assets |
(816,436) | (310) | (3,099) | (819,845) | 1,100,146 | |||||||
| TRANSFERS | ||||||||||||
| BETWEEN FUNDS | ||||||||||||
| NET MOVEMENT | IN | |||||||||||
| FUNDS | (889,535) | (6,632) | (3,099) | (899,266) | 1,043,200 | |||||||
| RECONCILIATION | OF | |||||||||||
| FUNDS | ||||||||||||
| Total funds brought | ||||||||||||
| forward | 7,372,157 | 32,196 | 322,365 | 7,726,718 | 6,683,518 | |||||||
| TOTAL FUNDS | ||||||||||||
| CARRIED FORWARD | 6,482,622 | 25,564 | 319,266 | 6,827,452 | 7,726,718 | |||||||
| The Statement | of | Financial Activities includes | all gains | snd losses in the | year and therefore | |||||||
| a statement | oftotal recognised | gains and losses has | not been | prepared. | ||||||||
| All | ofthe above amounts | relate to continuing | acttvilies. |
| YEAR ENDED | 31 AUGUST 2022 | 31 AUGUST 2022 | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| F | |||||
| Net cash provided | by operating activities |
219,703 | 263,622 | ||
| Net cash used In investing activities |
|||||
| Dividends and interest from investments |
134,409 | 136,823 | |||
| Acquisition ofother |
investments | (793,020) | (1,892,390) | ||
| Disposal ofother investments | 477,348 | 1,267,291 | |||
| Net cash provided | by investing activities |
(181,263) | (488,276) | ||
| INCREASE I(DECREASE) IN CASH | 38,440 | (224,654) | |||
| CASH AND CASH | EQUIVALENTS AT THE | START | |||
| OF THE YEAR | 437,150 | 661,804 | |||
| CASH AND CASH | EQUIVALENTS AT THE END | ||||
| OF THE YEAR | 475,590 | 437,150 | |||
| RECONCILIATION | OF NET OUTGOING | RESOURCES | BEFORE | TRANSFERS TO NET | |
| CASH OUTFLOW | FROM OPERATING ACTMTIES | ||||
| Net (outgoing) resources before transfers |
(79,421) | (56,946) | |||
| Dividends and interest from investments |
(134,409) | (136,823) | |||
| Realised investment |
gains | 359,803 | 572,581 | ||
| Depreciation | 10,774 | 10,774 | |||
| Decrease / (increase) in debtors |
53,954 | (126,298) | |||
| Increase in creditors |
9,002 | 334 | |||
| Net cash provided | by operating activities |
219,703 | 263,622 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| URC student | and RCL funding | 337,098 | 330,146 | |
| Moravian | student fees | 4,733 | 4,933 | |
| URC lay | preaching | 7,235 | ||
| Other income | 3,449 | 6,170 | ||
| 362,515 | 341,249 |
| Total | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Funds | |||
| Funds 8 |
Funds | 2022 f |
|||
| Training | for mission | and ministry | 353,393 | 363,393 | |
| Support | costs | 174,349 | 7,710 | 182,059 | |
| 527,742 | 7,710 | 636,452 | |||
| 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 |
| COSTS | OF | CHARITABLE AC | TIVITIES BYACTIVITY | TYPE | |
|---|---|---|---|---|---|
| Activities | |||||
| undertaken | Governance & |
Total Funds | |||
| directly 6 |
support costs f |
2022 f |
|||
| Training | for | mission | |||
| and ministry | 353,393 | 173,686 | 526,979 | ||
| Governance | costs | 13,985 | 13,985 | ||
| 353,393 | 187,571 | 540,964 | |||
| Activities | Governance & |
Total | |||
| undertaken | support | Funds | |||
| directly f |
costs f |
2021 6 |
|||
| Training | for | mission | |||
| and ministry | 337,548 | 162,238 | 499,786 | ||
| Governance | costs | 10,070 | 10,070 | ||
| 337,548 | 172,308 | 509,856 |
| GOVERNANCE &SU |
PPORT COSTS | ||
|---|---|---|---|
| Total | |||
| Unrestricted | Funds | ||
| Funds | 2022 | ||
| 6 | |||
| Admin staff costs and | expenses | 54,881 | 54,881 |
| Treasurer and secretary expenses |
665 | 665 | |
| College houses expenses and rates | 4,000 | 4,000 | |
| Staff housing and relocation costs |
24,250 | 24,250 | |
| Library block charge | 34,000 | 34,000 | |
| Principal's emergency |
fund | 1,205 | 1,206 |
| Prizes, bursaries and |
scholarship | 19,273 | 19,273 |
| Telephone costs | 3,667 | 3,667 | |
| Printing, postage and |
stationery | 2,264 | 2,264 |
| ITcosts / maintenance | 6,327 | 5,327 | |
| Adverbsing costs, inc |
website | 13,021 | 13,021 |
| Payroll processing costs |
269 | 269 | |
| Depreciation | 10,774 | 10,774 | |
| Governance Costs: |
|||
| Audit and accountancy | fees | 8,658 | 8,658 |
| Legal and professional | fees | 663 | 663 |
| Costs ofTrustees' meetings |
4,392 | 4,392 | |
| Other financial costs | 272 | 272 | |
| 187,571 | 187,571 | ||
| Total | |||
| Unrestricted | Funds | ||
| Funds | 2021 | ||
| Admin staff costs and | expenses | 49,149 | 49,149 |
| Treasurer and secretary expenses |
1,000 | 1,000 | |
| College houses expenses and rates |
3,540 | 3,640 | |
| Staff housing and relocation costs |
27,747 | 27,747 | |
| I ibrary block charge | 34,000 | 34,000 | |
| Principal's emergency |
fund | 1,560 | 1,560 |
| Prizes, bursaries and |
scholarship | 19,060 | 19,050 |
| 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 ofTrustees' meetings |
1,159 | 1,159 | |
| Other financial costs | 351 | 351 | |
| 172,308 | 172,308 |
| equivalents (F |
TE)and actual headco | unt (HC), was as |
follows: | ||
|---|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | ||
| FTE | HC | FTE | HC | ||
| No. | No. | No. | No. | ||
| Teaching and | related staff | 5 | 5 | 6 | 6 |
| Administration | staff | 1 | 1 | 1 | 1 |
| TANGIBLE FIXEDA | SSETS | ||||||
|---|---|---|---|---|---|---|---|
| Freehold | Fixtures & | ||||||
| property | Fittings | Total | |||||
| 8 | 8 | ||||||
| COST | |||||||
| At 1 September 2021 |
455,000 | 20,058 | 485,058 | ||||
| Additions | |||||||
| At 31August 2022 | 465,000 | 20,058 | 485,058 | ||||
| DEPRECIATION | |||||||
| At 1 September 2021 | 54,405 | 18,416 | 72,821 | ||||
| Charge for the year | 9,300 | 1,474 | 10,774 | ||||
| Eliminated on disposals |
|||||||
| At 31August 2022 | JLLZK | JQJiSi | |||||
| NET BOOK VALUE | |||||||
| At 31August 2022 | 401,295 | 168 | 401,463 | ||||
| At 31 August 2021 | 410,595 | 1,542 | 412,237 | ||||
| INVESTMENTS | |||||||
| Movement In market |
value | ||||||
| 2022 | 2021 | ||||||
| 6 | |||||||
| Market value at 1 September | 2021 | 6,612,962 | 5,450,298 | ||||
| Acquisitions at cost |
793,020 | 1,892,390 | |||||
| Disposals at carrying | value | (477,348) | (1,257,291) | ||||
| (Losses) Igains on revaluation | (1,179,648) | 527,555 | |||||
| Market value at 31August 2022 | 5,748,988 | 6,612,952 | |||||
| All investments above |
are held at market valuation. | ||||||
| Analysis ofinvestments | at 31August | 2022 between | funds | ||||
| Total | Total | ||||||
| Unrestricted | Restricted | Endowment | Funds | Funds | |||
| Funds | Funds | Funds | 2022 | 2021 | |||
| B | 8 | 6 | 8 | ||||
| Listed investments | |||||||
| UK Quoted fixed | |||||||
| interest Securities | 5,708,823 | 3,847 | 36,516 | 5,748,986 | 6,612,962 |
| DEBTORS | ||||
|---|---|---|---|---|
| 2022 E |
2021f | |||
| Trade debtors | 8,933 | 9,981 | ||
| Loans to Luther King House Educational | Trust | 213331 | 213,331 | |
| Prepayments | and Accrued Income | 8,498 | 59,403 | |
| 228,761 | 282,715 |
| CREDIT | ORS: Amount | s falling due within one |
year | |
|---|---|---|---|---|
| 2022f | 2021f | |||
| Taxation | and social security | 6,403 | 5,139 | |
| Accruals | and deferred | income | 16,433 | 13,207 |
| Pension | liability | 5,512 | ||
| 27,348 | 18,346 |
| ENDOWMENT FUND |
S | |||
|---|---|---|---|---|
| Balance at | Gains and | Balance at | ||
| 1 Sep 2021 | Transfers | (losses) | 31Aug 2022 | |
| E | E | E | ||
| Permanent | ||||
| endowments | ||||
| Bursary Fund | 250,518 | (2,408) | 248,110 | |
| Prize Fund | 11,120 | (107) | 11,013 | |
| Library Fund | 60,727 | (584) | 60,143 | |
| 322,365 | (3,099) | 319,266 | ||
| Balance at | Gains and | Balance at | ||
| 1 Sep 2020 E |
Transfers | (losses) E |
31Aug 2021 f |
|
| 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 |
| Outgoing | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | resources | Gains, losses | Balance at | ||||
| 1 | Sep 2021 f |
resources 6 |
and transfers | and transfers 6 |
31 Aug 2022 6 |
|||
| Bursary | Fund | 29,383 | 1,095 | (7,210) | (282) | 22,986 | ||
| Prize Fund | 44 | (500) | (466) | |||||
| Library | Fund | 2,813 | 249 | (28) | 3,034 | |||
| 32,196 | 1,388 | (7,710) | (310) | 26,664 | ||||
| Outgoing | ||||||||
| Balance at | Incoming | resources | Gains, losses | Balance at | ||||
| 1 | Sep 2020 | resources | and transfers | and transfers | 31 Aug 2021 | |||
| 6 | 6 | 6 | ||||||
| Bursary | Fund | 34,098 | 1,401 | (6,660) | 544 | 28,383 | ||
| Prize Fund | 55 | (400) | 345 | |||||
| Library | Fund | 2,463 | 311 | 39 | 2,813 | |||
| 36,561 | 1,767 | (7,060) | 928 | 32,196 | ||||
| UNRES | TRICTED | INCOME FUNDS | ||||||
| Outgoing | Gains, | |||||||
| Balance at | Incoming | resources | (losses) and | Balance at | ||||
| 1 | Sep 2021 | resources | and transfers | transfers | 31 Aug 2022 | |||
| 6 | 8 | 6 | 6 | |||||
| General | Funds | 7,372,157 | 487,372 | (560,473) | (816,434) | 6,482,622 | ||
| Outgoing | ||||||||
| Balance at | Incoming | resources | Gains, losses | Balance at | ||||
| 1 | Sep 2020 6 |
resources f |
and transfers 6 |
and transfers f |
31 Aug 2021 f |
|||
| General | Funds | 6,329,654 | 478,495 | (530,148) | 1,094,156 | 7,372,167 |
| ANALYSIS OF NET ASS | ETS BETWEEN F | UNDS | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 31Aug 2022 | |
| funds | funds | funds | Total | |
| F | 6 | 6 | 6 | |
| Tangible fixed assets | 401,463 | 401,463 | ||
| Investments | 5,708,823 | 3,647 | 36,516 | 5,748,986 |
| Net current assets | 372,336 | 21,917 | 282,750 | 677,003 |
| 6,482,622 | 25,564 | 319,266 | 6,827,452 | |
| Unrestricted | Restricted | Endowment | 31Aug 2021 | |
| funds 6 |
funds f |
funds 6 |
Total | |
| Tangible fixed assets | 412,237 | 412,237 | ||
| Investments | 6,562,126 | 5,252 | 45,584 | 6,612,962 |
| Net current assets | 397,794 | 26,944 | 276,781 | 701,519 |
| 7,372,157 | 32,196 | 322,365 | 7,726,718 |
| At 1 Sept | At 31Aug | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 f |
Cash | gows f |
2022 f: |
||||||
| Cash | at | bank | and | in | hand | 437 150 | 38440 | 476.590 | |
| At 1 Sept | At 31Aug | ||||||||
| 2020 f |
Gas | hflows | 2021 | ||||||
| Cash | at | bank | and | in | hand | 661 804 | ~224 654 | 437 150 |