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 Unin￿rpOrated 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 off￿8 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, CO￿pIed, 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 be￿e8n 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 Min￿Sterial 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 Consu￿ants and Covopled members of committees. Local church support is
impossible to quantify, but In each academic year we estimate that be￿een approximately 30
mlnlsters. CRCW consultanls and lay p80p18 b8nefit students on th61r educallonal
programmes {partlculady through practlcal placements) and support the w￿rk 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 churc￿Related Communlty Work.
There have 2 students success￿11Y 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 tw￿year 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 V￿ekendS 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 additiC￿al 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 Y￿rShIP 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 a￿UntIng 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 reC￿nmendationS 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 1￿1• 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 educa￿On'
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 Kingd￿7 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 I￿r 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 identffj￿d 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 Othern￿Se 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
I￿uldate 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 ecOnC￿lC 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 1den￿fy1ng 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 obtsIr￿d an understandSThJ of laws and regulatlons that aff￿1 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 h￿thin
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 We￿sIte 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
In￿rnIng 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,$301
3,916
505,675
(66,377)
6,421,973
20,729
318,373 6,761,075 6,827.452
TOTAL FUNDS
CARRIED FORWARD
6,930,262
14,199
322,289 7,266,750 6,761,075
The Statemnt of Flnanclal A￿￿tIeS Ind￿$ 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 activI￿e$.
Th8 not8s on pagé$ 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
A￿ul$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 appl￿ble 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 liabill￿oS are initially recognised at historical cost
or Iransaction value unless othe￿Ise 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 In￿Me 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 Wr￿en 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 ex￿nseS
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 s￿Urities
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 y￿r
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