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|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|
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|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||||
||||Brighton Grove||||
||||Rusholme||||
||||Manchester||||
||||M14 5JP||||
|Registered|Charity|Number|529253||||
|Custodian|Trustee||The Northern
College Trust Limited||||
|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||||
|Bankers|||Triodos Bank||||
||||Deanery
Road||||
||||Bristol
BS15AS||||
|Investment|Advisors||Brewin Dolphin||||
||||10Wellington
Place||||
||||Leeds
LS1 4AN||||
|Insurance|Brokers||Edwards
Insurance|Brokers:|||
||||Stonebridge
House||||
||||Kenilworth
Road||||
||||Meriden||||
||||CV7 7LJ||||
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|||||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)|
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|||||||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|
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|||||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|
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|||||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|
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|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|
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|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|
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|||||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|
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||||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|
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|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|
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|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|
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|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|
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|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|
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|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|
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|||||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|
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|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|
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|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|
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|||||||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|