| CONTENTS | PAGE | |
|---|---|---|
| Trustees Annual Report |
||
| Independent Auditor's |
Report to the Trustees | 12 |
| Statement of Financial |
Activities | 16 |
| Balance Sheet | 17 | |
| Cash Flow Statement | 18 | |
| Notes to the Financial | Statements | 19 |
| President | Revd J R Grundy | |||||
|---|---|---|---|---|---|---|
| Secretary | Revd Dr CJ Dowd | —commenced | 6 May 2022 | |||
| Treasurer | Mr W Duncan —ceased 7 July 2023 | |||||
| Mr M Hart —commenced | 7July 2023 | |||||
| Principal | Revd Dr R M Selby —ceased 1 February 2023 | |||||
| Revd Dr AJ Scott | —commenced | 1 February 2023 | ||||
| Principal Address | Luther King House |
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| Brighton Grove | ||||||
| Rusholme | ||||||
| Manchester | ||||||
| M14 5JP | ||||||
| Registered | Charity | Number | 529253 | |||
| Custodian | Trustee | The Northern College Trust Limited |
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| ADVISERS: | ||||||
| Auditors | Beever and Struthers | |||||
| One Express | ||||||
| 1 George Leigh Street, | ||||||
| Manchester, | ||||||
| M4 5DL | ||||||
| Solicitors | Veale Wasbrough | Vizards LLP | ||||
| Second Floor, 3 Brindley | Place, | |||||
| Birmingham B12JB |
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| Bankers | Triodos Bank | |||||
| Deanery Road |
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| Bristol BS15AS |
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| Investment | Advisors | Brewin Dolphin | ||||
| 10Wellington Place |
||||||
| Leeds LS1 4AN |
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| Insurance | Brokers | Edwards Insurance |
Brokers: | |||
| Stonebridge House |
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| Kenilworth Road |
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| Meriden | ||||||
| CV7 7LJ |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| F. | E | ||||
| Investment | income | 147,158 | 134,409 | ||
| Legacies | 75 | 75 | |||
| Operating | (deficit) | ~234 108) | ~213905 | ||
| ~88 875 | ~79421 | ||||
| Gains I(losses) Net movement |
on investment in funds |
assets | 2~II 5~71 |
5~26) |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Funds | Funds | |||
| Funds | Funds | Funds | 2023 | 2022 | |||
| Note | f. | K | F | ||||
| INCOMING | |||||||
| RESOURCES | |||||||
| Incoming resources |
|||||||
| from generating | funds: | ||||||
| Voluntary | |||||||
| income | 2 | 1,555 | 1,555 | 1,837 | |||
| Investment | |||||||
| income | 3 | 145,481 | 1,677 | 147,158 | 134,409 | ||
| Incoming | |||||||
| resources from | |||||||
| charitable | |||||||
| activities | 4 | 367,419 | 367,419 | 352,515 | |||
| TOTAL INCOMING | |||||||
| RESOURCES | 514,455 | 1,677 | 516,132 | 488,761 | |||
| RESOURCES | |||||||
| EXPENDED | |||||||
| Raising funds | 5 | (25,260) | (25,260) | (27,218) | |||
| Charitable | |||||||
| Activities | 6 | (571,307) | (6,440) | (5?7,747) | (540,964) | ||
| TOTAL RESOURCES | |||||||
| EXPENDED | (596,567) | (6,440) | (603,007) | (568,182) | |||
| NET (EXPENDITURE) | |||||||
| BEFORE GAINS, | |||||||
| LOSSESAND | (82,112) | (4,763) | (86,875) | (79,421) | |||
| TRANSFERS | |||||||
| OTHER | |||||||
| RECOGNISED | GAINS | ||||||
| AND LOSSES | |||||||
| Gains / (losses) | on | ||||||
| investment assets |
21,463 | (72) | (893) | 20,498 | (819,845) | ||
| TRANSFERS | |||||||
| BETWEEN FUNDS | |||||||
| NET MOVEMENT | IN | ||||||
| FUNDS | (60,649) | (4,835) | (893) | (66,377) | (899,266) | ||
| RECONCILIATION | OF | ||||||
| FUNDS | |||||||
| Total funds brought | |||||||
| forward | 6,482,622 | 25,564 | 319,266 | 6,827,452 | 7,726,718 | ||
| TOTAL FUNDS | |||||||
| CARRIED FORWARD | 6,421,973 | 20,729 | 318,373 | 6,761,075 | 6,827,452 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| E | F | ||||
| FIXEDASSETS | |||||
| Tangible assets | 11 | 391,995 | 401,463 | ||
| Investments | 12 | 5,784,007 | 5,748,986 | ||
| 6,176,002 | 6,150,449 | ||||
| CURRENT ASSETS | |||||
| Debtors | 13 | 226,537 | 228,761 | ||
| Cash at bank and | in hand | 376,611 | 475,590 | ||
| 603,148 | 704,351 | ||||
| CREDITORS: Amounts | falling due within one | ||||
| year | 14 | (18,075) | (27,348) | ||
| NET CURRENT ASSETS | 585,073 | 677,003 | |||
| TOTAL ASSETS | LESSCURRENT LIABILITIES | 6,761,075 | 6,827,452 | ||
| NET ASSETS | 6,761,075 | 6,827,452 | |||
| FUNDS | |||||
| Endowment funds |
15 | 318,373 | 319,266 | ||
| Restricted income |
funds | 16 | 20,729 | 25,564 | |
| Unrestricted income funds |
17 | 6,421,573 | 6,482,622 | ||
| TOTAL FUNDS | 6,761,075 | 6,827,452 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| F | |||||
| Net cash (used in) / provided | by operating | activities | (91„788) | 219,703 | |
| Net cash used in investing | activities | ||||
| Dividends and interest from |
investments | 147,158 | 134,409 | ||
| Acquisition ofother investments |
(381,929) | (793,020) | |||
| Disposal of other investments | 227,580 | 477,348 | |||
| Net cash provided by investing activities |
(7,191) | (181,263) | |||
| (DECREASE) IINCREASE | IN CASH | (98,979) | 38,440 | ||
| CASH AND CASH EQUIVALENTS AT | THE START | ||||
| OF THE YEAR | 475,590 | 437,150 | |||
| CASH AND CASH EQUIVALENTS AT THE END | |||||
| OF THE YEAR | 376,611 | 475,590 | |||
| RECONCILIATION OF NET OUTGOING |
RESOURCES BEFORE | TRANSFERS | TO NET | ||
| CASH OUTFLOW FROM OPERATING ACTIVITIES | |||||
| Net (outgoing) resources before transfers |
(86,875) | (79,421) | |||
| Dividends and interest from |
investments | (147,158) | (134,409) | ||
| Realised investment gains |
139,824 | 359,803 | |||
| Depreciation | 9,468 | 10,774 | |||
| Decrease in debtors |
2,224 | 53,954 | |||
| (Decrease) / increase in creditors |
(9,271) | 9,002 | |||
| V '~J | |||||
| Net cash (used in) / provided | by operating:activities | (91,788) | 219,703 |
| VOLUNTARY INCOME | ||||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total | funds | 2023 | |
| f. | ||||
| Donations | 1,480 | 1,480 | ||
| Legacies | 75 | 75 | ||
| 1,555 | 1,555 | |||
| Unrestricted | ||||
| funds | Total | funds | 2022 | |
| F | ||||
| Donations | 1,762 | 1,762 | ||
| Legacies | 75 | 75 | ||
| 1,837 | 1,837 |
| 3. | INVESTMENT INCOME | INVESTMENT INCOME | INVESTMENT INCOME | ||||
|---|---|---|---|---|---|---|---|
| Total | |||||||
| Unrestricted | Restricted | Funds | |||||
| Funds | Funds | 2023 | |||||
| K | E | ||||||
| Bank interest receivable | 8,941 | 8,941 | |||||
| Other interest receivable | 6,394 | 6,394 | |||||
| Other investment | income | 130,146 | 1,677 | 131,823 | |||
| 145,481 | 1,677 | 147,158 | |||||
| Total | |||||||
| Unrestricted | Restricted | Funds | |||||
| Funds | Funds | 2022 | |||||
| F | F | F | |||||
| Bank interest receivable | 889 | 889 | |||||
| Other interest receivable | 2,370 | 2,370 | |||||
| Other investment | income | 129,762 | 1,388 | 131,150 | |||
| 133,021 | 1,388 | 134,409 | |||||
| 4. | INCOMING | RESOURCES FROII CHARITABLE ACTIVITIES | |||||
| 2023 | 2022 | ||||||
| E | f. | ||||||
| URC student and | RCL funding | 340,262 | 337,098 | ||||
| Moravian | student | fees | 4,733 | ||||
| URC lay preaching | 17,000 | 7,235 | |||||
| Other income | 10,157 | 3,449 | |||||
| 367,419 | 352,515 | ||||||
| 5. | COST OF | RAISING FUNDS | |||||
| Unrestricted | |||||||
| funds | Total | funds 2023 | |||||
| Investment | management | costs | 25,260 | 25,260 | |||
| 25,260 | 25,260 | ||||||
| Unrestricted | |||||||
| funds | Total | funds 2022 | |||||
| F | f: | ||||||
| Investment | management | costs | 27,218 | 27,218 | |||
| 27,218 | 27,218 |
| Total | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Funds | ||
| Funds | Funds | 2023 | ||
| R | E | |||
| Training Support |
for mission and ministry costs |
370,423 200,884 |
6)440 | 370,423 207,324 |
| 570,307 | 6,440 | 577,747 | ||
| Total | ||||
| Unrestricted | Restricted | Funds | ||
| Funds | Funds | 2022 | ||
| E | f | |||
| Training Support |
for mission and ministry costs |
353,393 179,861 |
7,710 | 353,393 187,571 |
| 533,254 | 7,710 | 540,964 |
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Governance 8 | Total Funds | |||
| directly | support costs | 2023 | |||
| R | E | ||||
| Training for and ministry Governance |
mission costs |
370,423 | 190,788 16,536 |
561,211 16,536 |
|
| 370,423 | 207,324 | 577,747 | |||
| Activities | Governance 8 |
Total | |||
| undertaken | support | Funds | |||
| directly | costs f |
2022 F |
|||
| Training for and ministry Governance |
mission costs |
353,393 | 173,586 13,985 |
526,979 13,985 |
|
| 353,393 | 187,571 | 540,964 |
| GOVERNANCE 8 SU | PPORT COSTS | ||
|---|---|---|---|
| Total | |||
| Unrestricted | Funds | ||
| Funds | 2023 | ||
| E | K | ||
| Admin staff costs and |
expenses | 44,089 | 44,089 |
| Treasurer and secretary expenses |
1,248 | 1,248 | |
| College houses expenses and rates |
11,285 | 11,285 | |
| Staff housing and relocation costs |
27,460 | 27,460 | |
| Library block charge | 59,000 | 59,000 | |
| Principal's emergency |
fund | 1,260 | 1,260 |
| Prizes, bursaries and |
scholarship | 21,440 | 21,440 |
| Telephone costs | 3,686 | 3,686 | |
| Printing, postage and |
stationery | 2,083 | 2,083 |
| ITcosts / maintenance | 6,699 | 6,699 | |
| Advertising costs, inc |
website | 2,757 | 2,757 |
| Payroll processing costs | 313 | 313 | |
| Depreciation | 9,468 | 9,468 | |
| Governance Costs: |
|||
| Audit and accountancy | fees | 8,022 | 8,022 |
| Legal and professional | fees | 4,040 | 4,040 |
| Costs ofTrustees' meetings |
4,230 | 4,230 | |
| Other financial costs | 244 | 244 | |
| 207,324 | 207,324 | ||
| Total | |||
| Unrestricted | Funds | ||
| Funds | 2022 | ||
| 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 | 1,205 |
| Prizes, bursaries and |
scholarship | 19,273 | 19,273 |
| Telephone costs | 3,657 | 3,657 | |
| Printing, postage and |
stationery | 2,264 | 2,264 |
| ITcosts / maintenance | 5,327 | 5,327 | |
| Advertising 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 |
| equivalent | s (F |
TE) and | actual headco | unt (HC), was as |
follows: | ||
|---|---|---|---|---|---|---|---|
| 2023 | 2023 | 2022 | 2022 | ||||
| FTE | HC | FTE | HC | ||||
| No. | No. | No. | No. | ||||
| Teaching | and | related | staff | 5 | 5 | 5 | 5 |
| Administration | staff | 1 | 1 | 1 | 1 |
| DEBTORS | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| f | |||||
| Trade debtors | 3233 | 6,933 | |||
| Loans to Luther | King House Educational | Trust | 213,331 | 213,331 | |
| Prepayments | and Accrued Income | 9,973 | 8,498 | ||
| 226,537 | 228,761 |
| CREDIT | ORS: Amount | s falling due within one |
year | |
|---|---|---|---|---|
| 2023 | 2022 | |||
| Taxation | and social security | 5,853 | 5,403 | |
| Accruals | and deferred | income | 12,222 | 16,433 |
| Pension | liability | 5,512 | ||
| 18,075 | 27,348 |
| ENDOWMENT FUND |
S | S | |||
|---|---|---|---|---|---|
| Balance at | Gains and | Balance at | |||
| 1 | Sep 2022 F |
Transfers f |
(losses) | 31 Aug 2023 E |
|
| Permanent | |||||
| endowments | |||||
| Bursary Fund | 248,110 | (694) | 247,416 | ||
| Prize Fund | 11,013 | (30) | 10,983 | ||
| Library Fund | 60,143 | (169) | 59,974 | ||
| 319,266 | (893) | 318,373 | |||
| Balance at | Gains and | Balance at | |||
| 1 Sep 2021 | Transfers | (losses) | 31 Aug 2022 | ||
| F | F | 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 |
| Outgoing | |||||||
|---|---|---|---|---|---|---|---|
| Balance at | Incoming | resources | Gains, losses | Balance at | |||
| 1 | Sep 2022 | resources | and transfers | and transfers | 31Aug 2023 | ||
| f. | F | F | R | ||||
| Bursary Fund | 22,986 | 1,319 | (6,040) | (64) | 18,201 | ||
| Prize Fund | (456) | 51 | (400) | (805) | |||
| Library Fund | 3,034 | 307 | (8) | 3,333 | |||
| 25,564 | 1,677 | (6,440) | (72) | 20,729 | |||
| Outgoing | |||||||
| Balance at | Incoming | resources | Gains, losses | Balance at | |||
| 1 | Sep 2021 | resources | and transfers | and transfers | 31Aug 2022 | ||
| F | F | E | E | ||||
| Bursary Fund | 29,383 | 1,095 | (7,210) | (282) | 22,986 | ||
| Prize Fund | 44 | (500) | (456) | ||||
| Library Fund | 2,813 | 249 | (28) | 3,034 | |||
| 32,196 | 1,388 | (7,710) | (310) | 25,564 |
| UNREST | RICTED | INCOME FUN | DS | |||
|---|---|---|---|---|---|---|
| Outgoing | Gains, | |||||
| Balance at | Incoming | resources | (losses) and | Balance at | ||
| 1 Sep 2022 F |
resources F |
and transfers E |
transfers f |
31Aug 2023 E |
||
| General | Funds | 6,482,622 | 514,455 | (596,567) | 21,463 | 6,421,973 |
| Outgoing | ||||||
| Balance at | Incoming | resources | Gains, losses | Balance at | ||
| 1 Sep 2021 f |
resources E |
and transfers F |
and transfers E |
31Aug 2022 f, |
||
| General | Funds | 7,372,157 | 487,372 | (560,473) | (816,434) | 6,482,622 |
| ANALYSIS OF NET ASS | ETS BETWEEN F | UNDS | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 31Aug 2023 | |
| funds | funds | funds | Total | |
| F | ||||
| Tangible fixed assets | 391,995 | 391,995 | ||
| Investments | 5,740,628 | 3,273 | 40,106 | 5,784,007 |
| Net current assets | 289,350 | 17,456 | 278,267 | 585,073 |
| 6,421,973 | 20,729 | 318,373 | 6,761,075 | |
| Unrestricted | Restricted | Endowment | 31 Aug 2022 | |
| funds | funds | funds | Total | |
| E | E | |||
| 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 |
| At 1 Sept | At 31Aug | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | Gashflows | 2023 | ||||||
| F | F | |||||||
| Cash | at | bank | and | in | hand | 475590 | ~98979 | 376611 |
| At 1 Sept | At 31 Aug | |||||||
| 2021 | Gashflows | 2022 | ||||||
| F | ||||||||
| Cash | at | bank | and | in | hand | 437 150 | 38440 | 475590 |