NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charity Number 529253
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONALI ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS PAGE Trustees Annual Report Indep8ndent Audltorfs Report to the Trustees 12 statement of Financlal Actfvitles 16 Balance Sheet 17 Cash Flow Statement 18 Not8S to the Financial Statem8nts 19
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 TRUSTEES ANNUAL REPORT Thls report fulfils the requirements of the Charities Act 2011 for a Trustees, Annual Report. Governors and Charity Trustees The College Is govemed by an UninrpOrated Board of Governors who are also the Charty Truslees. Thls body Includes ten nominated Gov8mors, five co-optèd Goveinors and the Prlncipal. The nominated Governors are appointed by the Council of the Congregational Federatlon, th6 General Assembly of Th8 United Reformed Church and the stud6nts of the College. The Congr8gational Federation and The Unitèd Refomied Church appolnl for a lemi of four years and the stLKJents of the College for one year. C¢>opted Gov8mors are appointed by the Govemors for a tem of four years. The Governors have all served in off8 throughout the year except wher8 indicated. Together with past Gov8mors who served in the year as indicated, they are: Nomlnated by the Unlted Reforn)ed Church (6) Revd Mark A Bates {S) Dr Le51ey Coote Mr Willie Duncan IF)- ceased 7 July 023 Mr John R Grundy Mrs Margaret Marshall Revd Raymond S Singh Nominated by the Congregatlonal Federatlon12) Revd Oliver Kinchin {S) Revd Alan Kennedy Nomlnatod by the students of the Collag8 {2) Mrs Carol Clack- ceased 8 April 2024 Mrs Margaret Dexter-Brown - comrnenced 9 April 2024 Mr Edward Lyne - commenced 9 April 2024 Mr Maurice Omorojie- ceased 8 April 2024 CowOPt•d Governors14 + 1 vacancy} R8vd Robert Hopcroft- ceased 30 June 2024 Revd James Kissack Revd Micha81 Newman- commenced 1 July 2024 Mrs Jo Patterson Revd Dal88n ten Cate Ex Offi¢lo Governor11) Revd Dr Adam J Scott {Prfncipal) IF) Membershlp of Committees is shown by th8 following letters.. . (FJ Flnance and Resourcgs Committee (formerty the FinanGe Advisory Group), and (S) Standing Commfft8e.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 OFFICERS.. Presidenl Secretary Treasurer Prin¢ipal Revd J R Grundy Revd Dr C J Dowd Mr M Hart- caased 1 January 2024 Revd Dr A J Scott Prlnclpal Addross Luther Klng House Brfghton Grove Rusholme Manchester M14 SJP Reglsterod Charlty Number 529253 Custodian Trust00 The Northem College Trust Limited ADVISERS.. Audltors Beever and Struthers One Expres5 1 George Leigh Street, Manchester. M4 50L Soliciiors Veale Wasbrough Vizard5 LLP Second Floor, 3 Brindley Place, Birmingham B12JB Bankors Triodos Bank Deanery Road Bristol BS15AS Invostmont Advlsors Brewin Dolphln 10 Wellington Place Leeds LS14AN Insurance Brokors Edwards Insuranc8 Brokers: Stonebridge House Kenilworth Road Meriden CV7 7LJ
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 Thè Northern College Board of Governors present thelr annual report for the year ended 31 August 2024 under the Charities Act 2011, together with the audlled accounts for the year, and confirm that the latter comply wth th8 requirements of the Act, thè Trust Deed and the Charities SORP (FRS 102). REFERENCE AND ADMINISTRATIVE INFORMATION The College was founded in 1843 and Is reglstor8d with the Charty Commlssion under charlty number 529253 dated 25th May 1961. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is govemed under a scheme ad¢Jpted 9th April 2001 (amended by resolution dated 14th July 2003) whlch replaced earlier schemes. Govemlng body The Board of Govemors Includes mèmbers nomlnated by the United Rebmied Church, the Congregational Federation and students of the College as w811 as Governors COThOPt8d by the Board,. the Principal is an ex officlo Governor. (See page 1.) Recruitment and training of Governors Governors are appointed by the governing body on the basss of nominations rec8rved from The Unlled Reformed Church, Congregation81 Federatlon and Student Body. A proportion is Oryopled by the governlng body itsew. Through consultation with the nominating bodles the Board seeks to recruit persons with appropriate backgrounds that will h8lp to maintain a balanc8 of skills and experience withln the governing body. All new Gov8mors receive a pack of informatlon which contalns pollcSes and other documents relévant to the govemance and working of the College,. in addtlion. they receive induction training from the Secretary or the Prlnclpal. Each year the College Govemors normally have an extended meeting which, apart from essential busln&ss, is largely devoted to dlscusslng with College staff, and others. the core work and the wider role of the College. In addition, time is regularfy set aside al Board meetlngs for the discussion of policies and the strategic direction of the development of the College In accordan wilh f(s charltabFe objects. Oryanlsadonal managomont The College Govemors, as Trustees of the charity, are legally responsible for the overall management and control of the College and me61 flve times a year. They are supported by Finance and Resources Comm1tt68 (FRC) convened by th8 Treasurer which includes both Governors and other, COpIed, members. The Board of Governors tskes responslbility for the academlc and other educational standards of lh8 College, and for the support of the teachlng staff. FRC normally meets in advanc8 of Governors, m88tlngs order lo make recommendations and reports to th8 gov8ming b. The day to day running of the College is delegated to Ihe Prinapal. Th8 standing committee is a group of three governors who may be called upon lo deal with certain Human Resource and grievan¢& pr(EdureS and as such meet only on an ad hoc basis when required.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 Group strudure and relatlonshlps The Northern Coll8g8 Trust Limf(ed is the eustodlan Trustee of the College. The Collége Is a founding, stakeholdlng member of Luth8r Klng House Educatlonal Trust (LKHEfi, to ¥thlch Ihe College has the rkJhl to appoint one dlr8Ctor, working collaboratively wlth other colleges and training insiitutSons to malntaln the infrastructure of Luther Klng House and to develop educatlonal programmes. The Prfncipal Is the colege's nomlnated govemor and Irustee on the LKHET Board. The flnandal relatlonshlps betsveen other colleges, LKHET and Northem College have b8en kept under review and since the Covid-19 crisis. A number of meetings have been held by Zoom bee8n th8 Principals of the college and govemorslt))mmittee members with financial expertise to monitor the situation. Rlsk management and assessment The Board of Governors is responsible for conslderation of ongoSng rfsks faced by the Colleg8. The detailed work is delegated lo FRC which has identified current risks and rfsk levels and taken steps to establish systems thal will prevent or mitigate those risks. The risk policy is revlewed annualty. (See below on the management of Significant dsks this year), OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitablo otyects and prfnclple activities The object of the Colbge Is to advanc8 the Chrlstlan religion in acccrfdance wilh the tenets of the churches by providing education and training of men and women: ndidates for the mlnlstrles of the churches mlnlslers ot, and lay péople In, the churches • ministers and lay persons from other d8nominations and in such olher way as the Govemors Ihink frt. The College's'core buslness, Is the fulfilment of the first part of thls ot4'ect. lo provide educatlon and training f¢N dinatIon of stipendiary- and non-stipendiary Ministers of Word and Sacraments, and for commissioned ministry of Church-Relaled Communlty Work within the Unlted Refomied Church and the Congiegational Federatk)n as appropriate. It fulfils Ihls object in an ecumenlcal setting as a member of LKHET. Other aspects of the object are fulfilled by lay, and PTe- and post•ordinatlonlcommissioning tralnlng offered to the wider Unlted Refomied Church and Congregational Federation, and to other denomlnatlons {In particular the Moravlan Church). The college also trains URC Assembly Accredited Lay Preachers and Maravian Lay Preachers. The charfty also maintains a variety of endowments vthose objects are: to award bursarfes lo those students who are in need., and to award prizes. The Oevelopment Plan is reviewed annual by the Board of Govemors., its purpose is to.. sel out the presént sltuatlon and work of Northem College, reflect on how the College is working to its ¢haritable objective. and to look al potentlal fijture devèlopmenls such as staffing levels, kèy partnershlps and wider outworking of Ihe charitable objective, In particular the serving of the wider churches.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 In additlon to the regular r6vlew of the Development Plan. there is a meellng-by-meetlng review of a rolllng 'Action Plan, whlch dlstils the actlons required to ensure the out-working of the Development Plan. Aims and Intended Impact The aim, in collaboration with other collèges within LKHET, is to provide appropriate educallon and training for MinSterial and mlnlstry of church-related community work students and lay people, Including pracllcal experience within churches and a variety of other environments. A further aim is to provide re50ur¢es, funded by sponsoring bodies and the College's assets, to enable the aims and objectives to be achSeved. Objectives ftir the year The focus has been on the continued provision of education for our sludents, church and communty placements at home and abroad, to attend to the p8rsonal development of students and to encourage theological maturmy and growth overse8n by a system of personal tulorlng. During the académic year Northem College had 14 ministerial gtudents and 17 lay students. The College wlll also continue to support and increase the beneflt to the widèr church as It seeks to fulfil its objectives. This is a significant aspect of the public benefit of this Charfty. In particular, offering lay tralnlng - Assembly Accredited Lay Pre8cher course. a Lay Preachers, Conference and bespoke tralnlng for the wider Church on topics such as worshlp, the Sacraments, the rites of passage, resilience and trauma. Lay training is becoming increasingly important in the United Reformed Church as the numbers of ministers is falling in relation to the number of worshipping communities. Strategles to achleve the yoar's owectlves Stialegies in place included the ongoing five-year cycle of sabbatlcals for academic staff in order to malntaln academic staff competencles. In addition, there was further development of links with a number of Synods of the United Refomied Church and with the Moravian Church. Through the work of the Principal and all the Tutors, the College continues to offer skills and experionce into the wider Church. During the year, the Govemofs tcok the decision to offer some limited funding to lay students In order to encourage studenl numbers across the different courses offered through Luther Kong Centre. No one accessed thls fundlng thls year. Grant-making pollcy The College gives grants as p8miitted by its charitable scheme and objects to sludents of the College. Grants are given as.. hardship mon[85 (normally up to a sum of approximately £1,OOOpa, though we did make additional provision in the past year In vlew of exceptional circumstances) to support students through financial crises, and to dèvelop the part of our charitable objectives which refers to lh8 further training of existing ministers who wish to engage in post-graduate research.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST2024 Volunteers Th& College's educational prcgramme benefits considerably from voluntsry inputs. These Indude Church and Community Placement Superyisors, members of Church Support Groups, Communty Consuants and Covopled members of committees. Local church support is impossible to quantify, but In each academic year we estimate that beeen approximately 30 mlnlsters. CRCW consultanls and lay p80p18 b8nefit students on th61r educallonal programmes {partlculady through practlcal placements) and support the wrk of the charity through rnembership of committees. Operatlonal perfornyance of the College During the y6ar there have been 7 sbjdents for Sllpendiary Ministry of Word and Sacramenl (SM, full-limel, 6 for Non-stipendiary Ministry of Word and Sacrament (NSM, part-tim8}. and 2 fulktime for the ministry of churcRelated Communlty Work. There have 2 students success11Y completing their courses and they have both received a call to a pastorale. They wll receive their leaving Certificates at thè annual college Service in September, affirmlng recommendati for oidlnatlon. Eleven AALP students began their twyear courJe this year. Ten continued their tralning. These Students are being invited to integrate Into other aspects of the Ilf6 of the college to offer them further beneflt In thelr courses (eg the College Away Day for ministerial students). During th6 year all members of academlc staff have served the wlder church by the leadlng of worship. luloring of courses and serving on national and synod commtttees. Some in the staff team contribute to inlemational and national conferences and publications. These activities, together with work on the ¢)bjects of the College, have kept Northern College In the denominallonal awareness within the United Reformed Church. and the Brftlsh Provinc8 of tho Moravian Church. Nothem College in collaboration with Luther Klng Centre has continued to make good use of online learning, which has increased availabilty of courses to our students. The weekend part- time programme continues to be taught by Zoom across six academic weekends for all LKC students, whllst the Northern College students have. in additlon, three on-site r8sidenllal we8k8nds to support their personal developrn8nt and preparation for ministry. The frjll-time mld-w68k course it taught on-site, with the excèption of the Biblical langu8ges modules whlch continue as Zoom-taught. The AALP rJ)urse Is a comblnation of three resldential VekendS per year, with nlne or ten S8ssion by Zoom in the evening$. The nèèds of worklng students were all taken Into onsideralion. PRINCIPLE RISKS AND UNCERTAINTIES Fundlng amngoments The Cdlege's funding is a mixture of fee income from the denomlnatlons which sponsor students, income from the College's own Investments and subscriptions and donations. Th8 maln slralegy of the Colleg8 is to maximise Incom8 through the work of the Firban¢e and Resource Commlttee and lo apply Ihe resources so generatèd to develop the College in accordance wth ils obl8Ct.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 The Colleg• works with the United Reformed Church, and other denominatlons where applicable, to ensur8 that the costs of sludenl fundlng are met In full wherever possible. Regular dialogue and a shared sense of mission help to mitigate any risks. The United Refomed Church has malnlained contact wrth Northem College lo ensure the college's funding n88ds are met by the input of additional funding. The Unlted Reformed Church has Indicated thal there wll be a reductlon to their funding for ministerlal training across all the Resourcè Centres for Leaming. Thè proces6 of agr86ing whal this reduction will be and how it will be implemented has been ongoing, but remains unresolved. Northern College has been acllvely Involved in these conversations. The Unlt8d Reformed Church has agreed thal, In 2025, a small increase In fundlng will be received by Northern College to ensure funding throughout the denomination remains fair; match funding with other Resource Centre's for Learning (RCL'S) within the Unit8d Reformed Church. Staff penslon s¢hemes The College is a participating employer in the URC'S ministers, and lay staffs pension schemes. Following the requlred consullallon wlth staff, in March 2023, the URC closed both the existing pension schemes, and all pension arrangements were moved to a n&w Defined Contribution Scheme provided by AON. Investmentperfomiance agalnst objective$ The perfomance of the investment portfollos has continued to be r8vlewed by FRC on behalf of the Govemors and met expectalions. The Markéts have been steady through the financial year which has resulted in a posilive movement on inveslmenls for the penod, and a gain on Investment of £551,185 {2023'. galn of £20,498). Inveslmenl performance continues to be a key risk espedally consldeilng market fluctuatlons from Brexit, Covld-19 and other worid events. These will be monltor8d dosely. Brewin Dolphin's representative has been invit8d to additiCal meetings to assist FRC in monitoring income. LKHET LKHET'S business subsldlary (Luther King House Accommodation and Conference Services) has continued lo see an incr8as8 in its business and income this year. They secured a favourable contract for the increased cost of electricity and gas. Northem College continues to have discussions wlth LKHET and Northern Baptlst College to continue lo monitor the business's ne8ds. The r8crultment of undergraduate students has been poor sinco 2020 resulting In low fee income, with the most significant issue being the fall in the number of independent students who have applied to loln the undergraduate course, although appllcatlons for the new 8cademi¢ year are more buoyant. We are not yet sur6 whether this fall in numbers is a general decline, or whether this represents a Covid knockwon situation in the sense that people do not feel able lo take on the responsibility for significant fees. The effect of the poor student numbers is that the business. despite the about-turn, cannot fully subsidise the educational losses. Mttigation has been laklng place through Increased marketing, which is showing some impact. The situallon in r&spect of Northern College stud8nts has improved. The resldential weekends for the part-tlme students have proved succe5slul, with staff having more tlme overall to spend offering tutorlal and training support. These actions will take som6 Ilme to bear the fullest fruit, bul there has already been a good uplurn In applicationslacceptances from independent students for Ihe coming academic year.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 Educational Rlsk Durham University Common Awards scheme now validates all new undergraduate and MA students al th8 Luther Klng Centre. York St John's valldales all new PhD students. Th& Unlverslty of Manchester has continued to validate some MA students, bul as of the next exam board they wlll no lon9er do so. The college believes students are benefitting from LKC being part of a wldethspread network of theologlcal tralning for ministy with a validator and d8partsnent speclfically constituted for that purpose. PUBLIC BENEFIT STATEMENT The Govemors have taken into account the Charity Cornmissh)n guldance on publlc bènefit and belleve that the activities of the College ar& In Ilne with that guidanc8. The College provides unlversity-validaled courses of theological Chrlstian education for those training for Ministry of Word and Sacrament. and of Church-Related Community Work. Those tralning for amdliéd mlnlstries are seldom able to use thelr educatbn to advance thelr own materlal Interests; their vthole reason for entering training Is to respmd lo the perceived call of God upon their lives to serve the needs of local congregations and wmrnunities. All students of the College begln thls service in training placements throughout their course of Iraining. Members of the College staff also assist exlstlng mlnlslers in 'Contlnulng MinlslerSal Developrnent, by offering study facilitses and tuition, including for the ministers, sabbatlcal renewal, in-service training, and in work towards hlgher degrees in contextual theology which by Its very nature involves Issues of church communty development and servlc8. The Academi¢ Stsff of the Coll8g8 also contribute to the development of lay service and ministry across the United Refomed Church and other denominations by offering and supportlng tralnlng events at venuos acr055 England and Wales. By increasing the number of Academic Staff, the College has further been able to contribut8 to the work of th8 wider Church. The new AALP course Is further benefft the p80ple of the churches both diredly (for those receivlng tralnlng) and indlrectly (within Ihe churchés where YrShIP leading will bè carrled oull. FINANCIAL REVIEW AND RESULTS FOR THE YEAR FlnanGlal pollry Th6 alm of the Govemors Is to flnance the general actlvllles of the College from fees paid for luition, investment income and subscriplions and donations. If 8 shortrall does occur, it Is covered by a transfer from the accumulated Income. The Governors monitor the posltlon carefully. Thè attached accounts have been prepared in accordance with the recommendatlons of the Statement of Recommended Practice for Charltlos Issued by the Charities Commission.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 The College's net outgoing resources of £45,510 for the year (2023.. £86,875 outgolng) as set out In the Statement of FinancSal ActivSlles (SOFA) were as follows.. 2024 2023 Investment income Legacies Operating (deficit) 150,893 5,075 147,158 75 510 Gains on Investrnant assets N8t movement in funds The Governors are confident that there are sufflcl&nl funds available from ongoing activitles and accumulated income for the College to meet its financial commitments for the foreseeable future bul will continue to monitor Ihls situatlon closely. Reserves poll¢y The Govemors aim to achleve a reseNes status sufficient lo generale income lo cover the expenditure requlred lo continue the education of th8 current students over Ihe r8mainder of their courses. The maximum course length is normally, at the present time, four years and the current annual 6xp8nditure is £602,250 {2023: £603,007). Governors estlmato that the level of reserves r8quired to generate a substantial level of income are c. £4,935,000. Such a level of reserves would also cover the amounts needed to cover the Costs of windlng up the charity. Indlvldual funds reserves poli¢le$ are detalled In the aUntIng policles in note 1. Notes 15 to 18 lo the financial ststements Show the assets and liabilities attributable to the various funds by type and describe the various r8Strictsd funds of the College and summarises the year's movements on each fund. At 3151 August 2024 th8 charity holds £7,266.75012023'. £6,761,075> in r8serve8, of whlch £13,039 {2023.' £20,729) are restricted funds and £322,289 (2023: £318,373} are endowmènt funds. A further £385,55312023'. £391.995) are represented by tanglble fixed assels leavlng £6.545,88412023'. £6,029,978) in free reserves. FRC and the Board of Govemors keep the reserve pollcy under revlew. This brlngs further clarity in terms of mnies that Can be utilised In the outsvorking of the Development Plan. The Governors, policy is, Iherefore, lo continue to malntain reserves to an appropriate level by means of annual operatlng surpluses and judicious management of the Inv8stment assels. There have been slgnlflcanl challenges over the last two years, so Ihat the financbal relationship with LKHET is b8ing robusly reviewed with regular meetings and consideralion by both the Noco Board and the LKHET Board. Thè URC is also reviewlng its funding modal in relallon to tha Colleges, and this wlll become clearer during the course of the next yéar. Northern Collège has significant reserves, as noted above, and we are confident Ihat we are In a position to respond to such changes. In addition, once those situations and relationships are clearer we will be In a position better to update the Resarves Pollcy whlch Is kept under regular review.
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 Investment pollcy and objectlves The maln objecllve for the funds of th8 Coll8g8 Is to malntain fijture income constsnt in real t8mis. Prior to the review of funds in the year, the objective for funds In the Whalley Range Fund was to achieve capital apprèciation. Following completlon of the review, the investment pollcy will now be reconsidered and revised as appropriate. The Govemors, ethical inv8Stment pollcy. based on the recommendations of the Uniled Refomied Churth's advlsory group. is not lo invest in:_ a) companS8s dlrectly engaged in the manufacture or supply of weapons of destrudlon bl companies where a slgnificant part of th8 buslness is in the supply of alcohollc drinks or tobacco products or military equipment (other than weapons of destruction); or the provision of gambling facilitles. or the publlcation or distribvliC of pomography c) fossll fuel companles that are not compliant wlth the Parls 2015 reCnmendationS for carbon emissions. We will deem 'significant' to moan where the share of tumover derived from the actlvSty concemed Is more than around 10-20% of the company's totsl lumov8r. In addltlon to the crfierfa listed the URC'S Investment bodSes ar8 encouraged to avoid investment in companies whose managed practices a deemed to be unacceptable or whose operations are d88med lo: • contribute lo the oppresslve nature of regimes which are gullty of gross human rights vsolations; • contribute to a harmfvl impad on the social or natural enwronment: ha the soclety In vthlch they r4J8rate more than they benefit . promote injustice Nomially, the value of no indivldual equlty inveslment should be m¢Jre than 7.5Yo of the value In equities In both funds or 11• In elthor fund. Brewin Dolphin manage the investments wlth full dlscretlonary powers. The investments ofthe funds other than the Whalley Range Fund ar8 h8ld In a pooled fund for mor8 eff8Ctlve management. The Governors, pollcy is, therefore, to conllnue lo maintaln reserves to thal level by means of annual operating surpluses and ludiclous management of the investment assets. Arrangements ftir settlng pay and remuneration olkey managament personnel The Princlpal is th8 only remunerated member of the key management TsOnnel team. Pay is review8d annually by FRC and approved by the Govemors. Mission Council of the URC Trust sel the level of ministerial stipend each year. FRC use the level of stipend as a benchmark In settlng the salary of the Prlncipal. FUTURE PLANS The United Refomed Church looks to Northem College, Westminster College. Cambridge and the Scottish College to train ministers of Word and Sacrament8 and of church-related communty work, as well as lay people. To support thls work, Northem College intends: to continue to work in existing re18tionships wlthln the Unlted Refomed Churth's vthole leaming environment, which indudes not only the colleges but also lay training and continuing ministerial development offered through the Synods; to continue to deliver theologlcal educatlon and tralnlng for mlnlsterlal and lay students., to continue to work in partnership with LKHET to Provide Durham University validated theologlcal and mlnlsterlal educaOn' 10-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) TRUSTEES REPORT YEAR ENDED 31 AUGUST 2024 to continue to support students through their rllinisterial training., to deliver and develop new forms of lay training., and to build further ecumenical relationships, specifically with the Moravian Church. The combination of Zoom and on-site training las set out above) will continue as it has proved popular with both Northern College and independent students, cutling down travel cosls (though the travel costs for Northern College students are refundable). This will continue, though we will keep under review the nature of the provislon, and which modes of provision are appropriate to particular courses and particular cohorts of students on different pathways of training. The College Governors will also continue lo monitor what financial support maybe offered to attracl further lay students lor ministers doing further studies) into Northern College and LKC. In July 2024 the Board of Governors, alongside the Boards of Governors of Northern Baptist College and Luther King House Educational Trust, made a decision lin accordance wilh due process) lo move towards a merger of the three charities into a new entity which will seek to continue the work of Northern College. This process is underway. Both financial and educational matters will continue to be monitored closely, both wilhin Northern College and together with Luther King House and the other colleges. TRUSTEES, RESPONSIBILITIES STATEMENT The Charities Act 2011 requires the Governors as the Truslees of the College to prepare financi81 slalements for ea¢h financial year which give a true and fair view of thè College's financial activities during the year and of its financial position al the end of the year. In preparing the financial st8temenls the Governors should follow best practice and select 5uilable accounting policies and apply them consistently., make judgements and estimates Ihat are reasonable and prudent.. follow applicable accounting standards and the Charities SORP., and prepare the financial statements on the going concern basis unless it is inappropriate to assume that the College will continue in operation. The Governors are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the College at any lime, and to enable them as Trustees lo ensure that the financial slalemenls comply with charily law. The Govemors are also responsible for safeguarding the College's assets and ensuring their proper application in accordance with charity law. and hence for laking reasonable steps for the prevention and dglection of fraud and other irregularilies. Rev'd J Grundy Trustee 1 December 2024 11
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NORTHERN COLLEGE YEAR ENDED 31 AUGUST 2024 Opinlon We have audited the financial statements of the Northern College (United Reformed and Congregational)°the charity. forthe year ended 31 August 2024 which comprise Ihe Statement of Financial Actlvltles, the Balanc8 Sheet, the Slatemenl of Cash Flows and the related notes. The financial reporting framework Ihat has been applied in thalr pr8paration is appli¢able law and United Kingdom Accounting Standards, Including FRS 102 'The Financial Reporting starbdard appllcable in the UK and Rgpubll¢ of Ir8land' (United Kingd7 Generally A¢pted Accountlng Practice). We have been appointed as audttor under sectbn 144 of the Chadties Act 2011 and report In accordance wlth the Act and relevant regulations made or having effect thereunder. In Ir oplnlon. the finandal statements: give a true and fair view of the state of the ¢hariVs affairs as at 31 August 2024 and of Its incomlng resources and application of resources. Induding its income and expendllure for the year then ended: have been properfy prepared in accordance wfth United lQrodom Generally Acc8pt8d Accounting Practlce: and have bèen prepared in accordance wth the requirements of the Chaiitles Act 2011. Ba$ls for oplnlon We conducted our 8udlt In accordance wlth Intemational Standards on auditing {UK) (ISAS (UKI) and applicable law. Our responsibilities urKter those standards ar8 further described in the Auditor's r8sponsibilities for the audit of the financial ststements section of our report. We are Independent of the chadty In accordance wlth the ethical requSrements that are relevant to our audll of the financlal statements In the UK, includlng the FRC'S Ethical standard. and we have fulfilled our other ethical responsibilitles In accordance with these requirements. We believe that the audit evidence we have obtained is Sufficient and appropriate lo provide a basis for our opin60n. Conclu$lons relatlng to golng concem In audlting the financial statements, we have concluded that the trustee8' use of the going concgm basis of accourbting in the preparation of the financlal statements is appropriate. Based on the work we have perfomed, we have not identffjd any material uncertainties relating lo events or conditions that, individually or colleclively, may Cast significant doubt on the group's or parent charity's abllty to contlnue as a going concern for a period of al least twelve months from when the financi81 statements are authorlsed for Issue. Our responslbillties and the responsibllitles of the truslees wllh respect to gcing ¢onc6m ar8 described In the relevant sections of this report. 12-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONALI YEAR ENDED 31 AUGUST 2024 Other Infomiatlon The other information comprises the information included in thè annual report, oth8r than the financial statements and our audltor's report Ihereon. The trustees are responslble for th8 other Information. Our Cf)inlon on the financial statements does not cover the other infomiatlon and, except to the extent otherwise expliully staled in our report. we do not express any fom of assurance conclusion thèreon. In connection with our audlt of the financial sl8temenls, our responsibility is to rèad the other Informatlon and, in doing so, conslder whether the oth&r inforniati is materlally inconsistenl with the financial statements OT our knowledge obtained in the audlt or OthernSe appears to b8 materially misstated. If we identfy such mal&rlal inconsistencles or apparent materlal misslatemenls, we are required to delemiine whether there is a materlal misstatement in the financial statements or a material mlsstatement of the other informatk)n. If, based on the work V have perfomi8d, we eonclude thatthere is a material misstatement ofthis other infomation, we are required to report that fact. We have nothing to report in thls regard. Matters on whlch we are required lo roport by axcoption We have nothing to rèport 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 informalion given in Ihe financial statements is inconsistent In any matèrial respect with the truslees, report., the charity has not kept suffi¢ignt accounting records,. the financial statements are not in agreement with the accounting records,. or we have not received all the infomiation and explanations we requir8 for our audit. Responslbllltles of trustees As explained more fully In th6 Trustses, Responsibllities Statement set out on page 11. thé trustees are responsible for the preparation of the financial slat8monts and for being satisfiefl that they give a true and fair view, and for such internal control a5 th8 trustees detemiine is necessary to enable the preparatSon of financial Statements that are free from material mlsstatement, whether due to fraud or error. In preparing the finandal statements, the truste8s ara rèsponslble for assesslng ihe charws ablllty to contlnue as a going concern, dlsclosing, as applicable, matters related to going concem and using the going conc&m basis of accounting unless the trustees either intend to Iuldate the charty or to cease opérations, or have no realistic altemalive but to do so. 13.
NORTHERN COLLEGE {UNITED REFORMED AND CONGREGATIONAL INDEPENDENT AUDfTOR'S REPORT TO THE TRUSTEES OF NORTHERN COLLEGE YEAR ENDED 31 AUGUST 2024 Audftoffs responslbllltl6s for tho audlt of the flnancial slatements Our objectives are to obtsin reasonable assurance at)out whether the financlal statements as a vthole are free from material misslatemenl, whether duè to fraud or error, and to Issue an auditor's report that Includes our opinlon. Reasonable assurance Is a high level of assurance, but 18 not a guarantee that an audit conducl8d In accordance with ISAS (UK) will aNvays detect a materlal misstatement when li exlsts. Mlsstatemenls can arlse from fraud or error and are considered material if, IrKJlvidualty or in the aggregate, they Could reasonably be expected to infiuence the ecOnClC decislons of users taken ¢)n the basis of these financial statements. Extent to whlch tho audlt was consldored capable of d8tectlng Irrogularltl•$, Including fraud We Identlfy and assess the rfsks of material misstatement of the financial ststements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtalning audit evidence that Is sufflclent and appropriate to provide a basis for our opinion. In 1denfy1ng and addressing risks of material misstatem8nt In respect of irregularities, including fraud and non-cofflpliance wlth laws and regulations. our procedures induded the following: We obtsIrd an understandSThJ of laws and regulatlons that aff1 tha Company, focusing on those that had a direct effect on the financAal statements or that had a fundamentsl effect on its operations. Key laws and règulations that we identified Induded the Companies Act 2006 and lax leglslation. We enquiied of the Directors and reviewed Board meeting minutes evldence of non- compliance ¥th relevant lay and regulations. We enquired of the Directors about any incidences of fraud thal had tak8n place during the accounting period. The risk of fraud and non-compliance with laws and regulations was discussed hthin the audit team and tests were planned and performed to address these risks. We enqulr8d of the Directors about actual and poientlal litlgation and ¢lalms. We perfomied analytlcal procedures to identify any unusual or unexpected relationships that might indlcate rlsks of material misstatement due to fraud. In addressing the risk of fraud due to management override of internal controls we tested the approprlateness of journal entries and assessed whether the judgements made In maklng accounllng estlmates were Indicative of a potential blas. Due to the inherent Ilmltatlons of an audit, there is gn unavoldable risk that we may not have delected some material rnisslalem8nts In the finan¢ial statements, even though we have properly planned and perfomied our audlt in accordance wilh audillng stsndards. For8xample, as wlth any audit, there remained a hlghèr dsk of non4etectlon of irregularltles, as these may involve collusion, forgery, intentional omissions, mlsrepresentalions, or the ov8rrtdo of Intemal controls. W8 are not responsible for preventing fraud Of non-compliance with laws and regulatlons and cannot be expecta lo detect all fraud and non-compliance with laws and regulations. A further descrlptlon of our responsibilities for the audit of the financial statements is locatèd on the Flnancial Reportlng Councll's WesIte at www.frc.or uklaudilorsres onsibilllies. This description foms part of our 8uditor's r8POrt. -14-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NORTHERN COLLEGE {UNITED REFORMED AND CONGREGATIONALI YEAR ENDED 31 AUGUST 2024 Use of our report Thls report Is made solely to the charity's trustees, as a body, in accordance wllh Part 4 of the Charitles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charlty's trustees those matters we are required to state lo them in an auditor's report and no other purpose. To the fullesl extent pemiitted by law, we do not accept or assume responslbillty to anyone other Ihan the Gharity and th8 charity's trustees as body, for our audit woth, for this report, or for the opinions we have fomed. Sue Hutchlnson FCCA statutory Auditor B•&ver and Struthers is eligible to act as an auditor in tern)s of section 1212 of th6 Companies Act 2006 One Express 1 George Leigh Street Manchester M4 5DL Date 15-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) STATEMENT OF FINANCIAL ACTIVITIES Total Funds 2024 Total Funds 2023 Unroslrlcted Restrlcted Endowrnènt Funds Funds Funds INCOMING RESOURCES InrnIng resources from generating funds: Voluntary income Investment Income Incoming resources from charitable activities 6,523 6,523 1,555 149,379 1.514 150,893 147,158 399,324 399,324 367,419 TOTAL INCOMING RESOURCES 555,226 1,514 556,740 516.132 RESOURCES EXPENDED Raising funds Charitable Actlvltles {27,2671 127,267) {25,260) {565,523) (9.4601 1574,983) (577,747) TOTAL RESOURCES EXPENDED (592,790) (9,460) {602,250) {603,007) NET {EXPENDITURE) BEFORE GAINS, LOSSES AND TRANSFERS (37,564) (7,946) (45,510) 186,875) OTHER RECOGNISED GAINS AND LOSSES Gains l (losses) on investment assels TrANSFERS BETWEEN FUNDS 547,013 256 3,916 551,185 20,498 (1,160 1,160 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Totsl funds brought forward 508,289 {6,$301 3,916 505,675 (66,377) 6,421,973 20,729 318,373 6,761,075 6,827.452 TOTAL FUNDS CARRIED FORWARD 6,930,262 14,199 322,289 7,266,750 6,761,075 The Statemnt of Flnanclal AtIeS Ind$ all galn5 arwj k)sses In the year and therefore 8 statament of lolal recognSsed gains and losses has Th)1 begn prepawd. l of th8 abovg grnounls rolate to contlnuln9 activIe$. Th8 not8s on pagé$ 19 to 30 fom part ofthese ffinan¢lal statements. 16-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 FIXED ASSETS Tangible assets Investments 11 12 385,538 391,995 6,485.559 5.784,007 6,871,097 6,176.002 CURRENT ASSETS Debtors Cash al bank and in hand 13 234.698 183.350 226,537 376.611 418.048 603,148 CREDITORS: Amounts falllng due within one year 14 (22,395) 118,0751 NET CURRENT ASSETS 395,653 585,073 TOTAL ASSETS LESS CURRENT LIABILITIES 7,266,750 6,761.075 7,266,750 6,761,075 NET ASSETS FUNDS Endowment funds Restricted income funds Unrestricted income funds 15 16 17 322,289 318,373 14.199 20,729 6,930.262 6,421,973 7,266,750 6,761.075 TOTAL FUNDS The financial statements on pages 16 to 30 were approved by the Govemors and aulhorised for issue on the 1 December 2024 and are signed on thelr behalf by.. Revd John Presid8nl Grundy Revd Dr Chris J Dowd Secretary The notes on pages 19 10 30 form part of these flnancial statern8nt8. 17-
NORTHERN COLLEGE (UNrrED REFORMED AND CONGREGATIONAL) STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2024 2024 2023 Net cash (used In) operatlng actSvllles (212.020) (91.788) Net cash (used In) Invesung actlvftles Dividends and interest from Investments Paymènts to acqulre tangible fixed assets Aul$ll10n of other Investments Disposal of other Investments 1 $0,893 {4,2641 (2,181,458 2,053,588 147.158 1381,929) 227,580 Net cash provided by l (used In) Investlng activities 18,759 {7.191) (DECREASE) IN CASH {193,261) (98,979) CASH AND CASH EQUIVALENTS AT THE START OF THE YEAR 376,611 475,590 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 183.350 376,611 RECONCILIATION OF NET OUTGOING RESOURCES BEFORE TRANSFERS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Net {outgoingl resources befor8 transf8rs Dtvidends and inlerest from investments Realised investmenl (losses) I gains Depreciatlon (Increase) I decrease in debtors Increase l {deorease} in creditors {45,510) (86,875) (150,893) (147,158) {22.497) 139,824 10.721 9,468 18,161) 2,224 4,320 {9,271) Net cash (used In) operaling actlvitles (212.020) (91,788) The not6$ on pages 19 10 30 form part of thgse finan¢lal $lalom8nts. 18.
NORTHERN COLLEGE (UNrrED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Basls of accountlng The flnancial statements have b86n prepared in accordance with Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities proparing their accounts in accordance wsth the Flnancial Reporting Standard appllcable in the UK and RepublScof Ireland IFRS 102) (effective 1 January 2019)- {Charit18s SORP (FRS 1021), the Financlal Reporting Standard applble in the UK and Republic of Ireland (FRS 102). Northern College (Unlted Reformed and Congregational} meets the definition of a public benefit entSty und8r FRS102. Assets and liabilloS are initially recognised at historical cost or Iransaction value unless otheIse staled In the relevant accountlng wlicy notels>. Accountlng convèntlon The flnandal statements have been prepared on an accrual's basls under the historScal cost convention and in accordance with applicable accounling standards. The accounts are prepared in pounds sterling. Golng Concem At Ihe time of approving the financial stalefflents, the Trustees have a reasonable 8xpectation that the Charity has adequatè r6sources lo conllnue in operational existence for the foreseeable future. Thero are no material uncertainties on the charity's abilty to continue as a going concern. Thus, the Truslees continue to adopl th8 going concem basis of accounting in preparing th8 financial statsments. The college conlinues to respond to the needs of students, staff and the wider church. Teaching is provlded In a mixture of online and onslte dasses. FRC and Gov6mors continue to meet primarlly using Zoom with hvo meetings of the Govemors on sile. Both financial and educational mallers continue to be monitored closely, both within Northern Coll8ge and together with Luther Klng Cèntre and the other colleges, as well as with the wider thurch as needs for training continue lo evolve. Judgemonls and esllmates Where requlred the Govèmors make judgements. estimates and assumptlons that affect amounts reported in the financial statements. However, the nature of estimation means Ihat actual outeom6s could differ from thos8 8sllmates. The only slgnlficant judgements that has had a material effect on the amounts recognised Sn th8 financia5 statements is the allocation of the investment valuè across the funds of the charity. Incomè from charltable activitlos Incoming resources from charitable activity comprises mainly tultlon fee income. Tulllon fees are credited to income in the financi81 year to which they relate. Voluntary Incom• Donations under gift aid, together wlth the associaled Income tax recovery, are recognised in the InMe when the donation Is received. L8ga¢58s are Included as income on recelpt. 19-
NORTHERN COLLEGE (UNITED REFORMED ANDCONGREGATIONAL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (continued) Avrnrds and grants are credited to income In the financial year to whlch they relate. Flxed assets Land and buildings have been included in th8 financlal statements at cost, Depreciation is charged at the following ratès: Buildlngs Flxtur8s & Flttings 33.3°A on Wren down valu6 Items ovèr £1,000 are capitalised. Invostment Income Dlvidends are credited to the statern8nt of financial activities when they are receivable. Investment income, realised and unrealised gains on the collective fund is allocated in line vAth the r6latlve size of the fund. Credli Is taken for Interest In the financial year to which it relates. Invostmont assets Investment assets are ststed at th8 market value. Market value is based on middle market value. Penslon costs The amount charged in respect ofthe penslon costs, the contrfbutions payabl6 In the year are included within the appr¢)priate expendituré heading in the Ststement of Financial Activities Allocatlon of costs Whenever possible expendiiure Is alkThted to an activity $t category. Where items of expenditure contribLrte directly to more than one activity cost, they are apportioned on a reasonable, justSfiable and ¢on$istent basis. Management and admlnlstration costs are also, wherever posslble. attributed to a slngle actwity but where apportSonmenl is required thls is done on a reasonable, justlfiable, and cDn$l$tent basls. Governance cosls comprlse the costs of Tunning the charity, Including strategic planning for its futurè development, extemal audit, any legal advice for the College's Governors. and all the costs of complying wtth the conslitutlonal and statutory requirem8nls, such as costs of Govemor and Commltte8 m8ellngs and of preparfng the statutory accounts and sallsfylng publlc accountability. Debtors Trade arKI other debtors are r8cognis8d at the 8ettlement amount due after any trade discount off6r6d. Pr8paym8nts are valued al the amount prepaid net of any trade dlscounts due. -20-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (continued) Cash at bank and In hand Cash at bank and cash in hand includ8s cash and short temi highly liquid Investments with a short maturity of 31 days or less from the date of acquisition or opening of the deposlt or slmllar accounL Creditors Creditors are recognis8d where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated rellabty. Creditors are normally Tecognlsed at their settlement amount aft6r allowing for any trade dis¢ounts due. Rosarvès The policies for restricted endowment Income funds are as follows.. Bursary Fund In¢ludlng Churches of Chrlst The Govemors use the income of the Bursary Fund for student support In conjunctlon wlth grants from sponsoring churches Prize Fund The incomè from this fund Is used to award prizes to th8 Students Library Fund The income from this fund is applled to provlde library facilitlès. Transfers are also made from the gen8ral funds to meet these cosls. Financial instruments The Charity only has flnanclal assets and financlal liabllltles of a kirKJ that qualify as basic financial instruments. Basic financial instruments are initially recognised at Iransaclion value and subsequèntly measured at thelr settlement value with the exc4pllon of bank loans vthich ar8 subsequently measured at amortlsed cost using the effectlve interest m8thod. VOLUNTARY INCOME Unrostrlctèd fund$ Total fund$ 2024 Donations Legacies 1,448 5,075 6,523 5.075 6.523 Unrestricted funds Total funds 2023 Donations Legacies 1,480 75 1,480 75 1.555 1,555 -21
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 INVESTMENT INCOME Total Funds 2024 Unrostrlcted Restrlcted Funds Funds Bank interest receivable Other interest receivable Other Investment income 14,462 9,616 125,301 149,379 14.462 9,616 126,815 150,893 1,514 1,514 Total Funds 2023 Unresirfcted Restrlcted Funds Funds Bank inter8st receivable Other interest receivable Other Investment income 8,941 6,394 130,146 145,481 8,941 6,394 131.823 147.158 1,677 1,677 4. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES 2024 2023 URC student and RCL fijndlng Moravlan student fees URC lay preaching Other income 360,983 4,765 22,500 11,076 399,324 340,282 17,000 10,157 367,419 COST OF RAISING FUNDS Unrostrlcted funds Total funds 2024 Investment management costs 27,267 27,267 27.287 27,267 Unrestricted funds Total funds 2023 Investment management costs 25,260 25,260 25,260 25,260 .22-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Total Funds 2024 Unrostrlcted Restrf¢ted Funds Funds Training for mission and minlstry Support costs 369,100 196,423 565,523 369,100 205,883 574,983 9,460 9,460 Total Fund8 2023 Unrestricted Restricted Funds Funds Tralning for mission and mSnistry Support costs 370,423 200,884 571,307 370,423 207,324 6,440 6,440 577,747 7. COSTS OF CHARITABLE ACTivfriES BY ACTivrrY TYPE Actlvltles undortaken Governanco & dlroctly support costs Total Funds 2024 Training for mission and ministry Govemance costs 369,100 170,452 35,431 539,552 35,431 369,100 205,883 574,983 Adivities Govemance & undertak8n SUPFQrt directly costs Totsl Funds 2023 Training for mlsslon and mlnlstry Governance costs 370.423 190,788 16,536 561,211 16,536 370,423 207,324 577,747 .23-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 GOVERNANCE & SUPPORT COSTS Totsl Funds 2024 Unrestrlctèd Funds Admin staff costs and exnseS Treasurer and secretary expenses College houses expens8s and rates Staff housing and relocation costs Llbrary block charge Principal's em8rgency fund Prizes, bursaries and scholarship Telephone costs Printing. postsge and stationery IT costs I maintenan Advert15ing costs, inc website Payroll processlng costs Depreciation Govemance Costs.. Audlt and accountsncy fees Legal and professlonal fees Costs of Trustees, meetings othèr financlal costs 51,987 1,230 6,765 24,000 34,000 1,365 24,460 3,727 1,636 7,655 2,569 338 10,721 51,987 1,230 6,765 24,000 34,000 1,365 24,460 3.727 1,636 7,655 2,569 338 10,721 12,309 17,450 5,494 177 12,309 17,450 5,494 177 205,883 205,883 Total Funds 2023 Unreslrfctod Funds Admin staff costs and expenses Treasurer and secretary expenses College houses expenses and rates Staff houslng and relocatlon costs Library block charge Principal's emergency fund Prizes, bursades and scholarshlp Telephone $ts Printing, postage and stationery IT costs I malntenance Advertising ¢osts, inc website Payroll processing costs Depreciatlon Governance Costs.. Audit and accounlancy fees Legal and professional fees Costs of Truslees, meetings Other financial costs 44,089 1,248 11,285 27,460 59,000 1,260 21,440 3,686 2,083 6,699 2,757 313 9,468 44,089 1,248 11,285 27,460 59,000 1,260 21,440 3,686 2,083 6,699 2,757 313 9,468 8,022 4,040 4,230 244 8,022 4,040 4,230 244 207,324 207,324
NORTHERN COLLEGE {UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 NET OUTGOING RESOURCES FOR THE YEAR This is stated after charging: 2024 2023 Auditors, remuneralron: • audit of the financial statements preparation of the financial statements 8,070 1,541 8.070 1.541 10. STAFF COSTS AND EMOLUMENTS Total staff costs woro as follows: 2024 2023 Wages and salarios Social security costs Penslon costs 215,572 20,819 36,688 273,079 211,681 20,908 43,342 275.931 Partlculars of employees: The average r)umber of employees durlng th6 year, calculated on the basis of full-time equlvalents (FTE} and actual headcount IHC), was as follows.. 2Q24 FTE No. 2024 HC No. 2023 FTE No. 2023 HC No. Teaching and related Staff Administration staff No employee received remuneratlon of more than £60,000 durfng the year12023 - £60,000). 14 Trustees were reimbursèd expenses lotalling £2,641 (2023: 13 trustees £1,390} in relation to trav81 expenses. The Principal (a Trusleel was relmburs6d £4,483 (2023.. £2,245). These expenses were in relation to the role of Principal. Key management personnel comprfse the Trustees and the Principal. The Principal is the only Trustee remunerated by the College. This is in rolation to the role of Princlpal. No remuneration was paid in connection with th6 role as Trustee. Remuneration amounted to £54,92112023.' £84,060). Employers, pensk)n contributions included in this total, amounted to £6,61412023.' £14,599)- -25-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 11. TANGIBLE FIXED ASSETS Freohold Flxtures & property Flttlngs Total COST At 1 Septsmber 2023 Additions Dlsposals 465,000 20,058 4,264 485.058 4.264 At 31 August 2024 465,000 21,643 486,643 DEPRECIATION At 1 S8ptemb8r 2023 Charge for the year Released on disposal 73.005 9,300 20.058 1.421 93,063 10,721 At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 382,695 391,995 385,538 391.995 12. INVESTMENTS Movement In market valuo 2024 2023 Market value al 1 Soptember 2023 Acquisitions at cost Disposals at carrwng value Gains l (losses) on ravaluation 5,784,007 5.748,986 2,181.458 381.929 (2,053,588) (227,5801 573,682 {119.328} Market value at 31 August 2024 6,485,559 5,784,007 All investments above are held al markèt valuallon. Analysis of investrnents at 31 August 2024 between funds Tolal Funds 2024 Total Funds 2023 UnroStrl¢tod Rgstrlcted Endowmènt Funds Funds Funds Llsted investments UK Quoted fixed Inter&sl sUrities 6,438,404 2,883 44,272 6,485,559 5.784,007 .26-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 13. DEBTORS 2024 2023 Trade debtors Loans to Luther King House Educational Trust Prepayments and Accrued Income 14,157 213,331 7,210 234,698 3,233 213,331 9,973 226,537 The Trustees consider that debtors totalling £213,331 VAII b8 rèpayable after one year 1& CREDITORS: Amounts falllng due wlthln ono yr 2024 2023 Taxation and so¢lal securlty Accruals and deferred income 6,067 16,328 22,395 5.853 12,222 18,075 15. ENDOWMENT FUNDS Balance at 1 Sèp 2023 Galns and Balance at Ilossesl 31 Aug 2024 Transfers Pornianent endowments Bursary Fund Prize Fund Llbrary Fund 247,416 10,983 59,974 318.373 3,043 135 738 250,459 11,118 60,712 322,289 3.916 Balance at 1 Sep 2022 Gains and Balance at (Ios5es) 31 Aug 2023 Transfers Perman&nt endowments Bursary Fund Prize Fund Llbrary Fund 248,110 11.013 60,143 319,266 {694) {3Ql) (169) (893) 247,416 10,983 59,974 318,373 -27-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 16. RESTRICTED INCOME FUNDS Outgoing Gains. Incomlng resourcès {lossesl and Balance at rosources and transfers transfers 31 Aug 2024 Balance at 1 Sep 2023 Bursary Fund Prize Fund Library Fund 18,201 (805) 3,333 1,185 45 {9.0601 14001 224 1,160 32 10,550 3,649 14,199 20,729 1,514 19,460) 1,416 Outgolng Gains, Incoming resources (losses) and Balance at resources and transfers transfers 31 Aug 2023 Balance at 1 Sèp 2022 Bursary Fund Prize Fund Library Fund 1,319 51 307 (6,040) {400) {64) 18,201 1805) 3,333 20,729 3,034 25,$64 (8) (72) 1,677 (6,440) 17. UNRESTRICTED INCOME FUNDS Gains, Outgoing (k)8ses> and Balance at resources transfers 31 Aug 2024 Balance at 1 Sep 2023 Incoming resou[S General Funds 6,421,973 555,226 (592,7901 545,853 6,930,262 Galns. Outgolng (losses) and Balance at resources transfers 31 Aug 2023 Balance at 1 Sep 2022 Incoml resources General Funds 6,482,622 514,455 (596,5671 21,463 6,421,973 -28-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 18. ANALYSIS OF NEf A&8ETS BETWEEN FUNDS Unrestricted funds Restricted Endowment 31 Aug 2024 funds funds Total Tanglble fix8d assets Investments Net current assets 385,538 6,438,404 106,320 6,930,262 385,538 6,485,559 395,653 7,266,750 2,883 11,316 14,199 44,272 278,017 322,289 Unrestricted funds Restricted Endowment 31 Aug 2023 funds funds Total Tangible fixed assets Investments N81 current assèts 391,995 5,740,628 289,350 6,421,973 391,995 5,784,007 585,073 6,761,075 3,273 17.456 20,729 40,106 278,267 318,373 19. RELATED PARTY TRANSACTIONS Detalls of transactions wlth Trustees ara provlded 8t note 10. The Co15ege is a founding, slake holding member of Luther King House Educational Trust {LKHET), to which the Colleg8 has the right lo appoint one director, working collaboratively with other colleges and tralning institutions to mainlain th8 infrastructure of Luther King House and to develop educational programmes. Revd Dr Adam J Scott, the Principal and a member of key management personnel, 18 the College's nominated govemor and trustee on the LKHET Board. At each meeling of Ihe LKHET Board and the Noco Board, the Principal's conflict of Interest is declared and noted. The balance outslandlng to thè College at the year end was £213,331 12023- £213,331>. .29-
NORTHERN COLLEGE (UNITED REFORMED AND CONGREGATIONAL} NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31 AUGUST 2024 20. Analysls of changes in Net Debt At 1 Sept 2023 At 31 Aug 2024 Cashflows Cash at bank and in harKI 376611 193261 At 1 Sept 2022 At 31 Aug 2023 Cashflows Cash at bank and in hand 475 590 376 611