CHARITY REGISTRATION NUMBER 529386 CLIFF COLLEGE CONSOLIDATED ACCOUNTS YEAR ENDED 31 AUGUST 2023
CLIFF COLLEGE CONTENTS Page Twstees, report Statement of trustees, responsibilities Auditor's report 9-11 Consolidated statement of financial &tivibes 12 Charity stslemenl of financial activities 13 Consolidated balance sheet 14 Charity balance sheet 15 Consolidated cash flow statement 16 Notes lo the accounts 17-32
CLIFF COLLEGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Reference and Administration Details Trustees Revd Loraine Mellor {Chair) Revd Ashley Cooper (Principall Revd Jonathan Dean Revd Mark Hammond Revd Leslie Newton Revd Janet Unsworth Charity number 529386 Principal address Cliff College Calver Hope Valley Derbyshire S32 3XG Auditor5 Hawsons Chartered NOUntants Stslutory Auditor Pegasus House 463a GIo550p Road Sheffield S10 2QD Bankers HSBC Belgravia Branch The Peak 333 Vauxhall Bridge Road London SW1V 1EJ Solicitors Graysons Solicitors CourNvoc%J House Silver Street Head Sheffield S1 2DD
CLIFF COLLEGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Cliff College Committee ICCCI, the Clrff COle Manlg trustees, present their report and accounts for the year ending 31 August 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's goveming document. applicable law and the requirements of Accounting and Reporting by Charities.. Statement of Recommended Pracb"ce. Structure. gov9rnance and management The chaTity is governed by charitable trust deeds, one dated 1903 and a seo)nd dated 1930. The members of the CCC who served during the year wefe: Revd Loraine Mellor (Chair) Stephen Holliday (V¢ce-Chairl (resigned 25 Seplemter 2023) Revd Ashley Cooper (Principall Revd Jonathan Dean lappoinled 25 Septembef 2023) Ashley France Iresigned 31 August 20231 Revd Mark Hammond Matthew Lee {resigned 24 Marth 2023) Revd Leslie Newion Revd Raj Patta Iresigned 25 September 2023) Joan Ryan (resigned 25 September 20231 Revd Paul Smith Iresigned 25 septeMr 20231 Revd Janel Unsworth lapprynted 25 September 2023) The CCC is appointed by the Methodist Council. In the appointment of mernbers to serve on the CCC, the Methodist Church seek5 to employ the widest possible range of skills and expertise, and fully bears this in mind when inviting new rnanagirbg trustees to lake up their respon5ibilib"es_ Each member of the CCC is a member of a sub-group that meets lo scrutinise and reFQrt on an element of the College's life and work. All new CCC members are inducted in briefing meetings with the Principal and senior staff members. Appointments lo the CCC are for arb initial period of three years, wth the option to extend for up lo a further three years. Thereafter, a rnember may serve for a further year if the nomination is supported by 75Ok of the members present at a meeb'ng to consider the nomination. The ultsmale responsibility for the College lies with Methodist Conference 2nd, as the Colle9e is part of the wider Methodist Church, it is govemed by Methc%list Church standing orders and the decisions made annually by the Methodist Conference. The Trusteeship is held by the Methodist Council which appoints the CCC to govern the College. The strategic direction of the chartty is set by the CCC which then delegates the day-taY running of the College to the College's Senior Strategy Group lan intemal management group consisting of the Principal, VI Principal Academi¢, Vice Principal Mission and Chief Operating Officer). The CCC Chair and Vice-chair receive the minutes of the Executive Committee meetings and attend meebngs when appropriate. The Executive Committee reports to the CCC at each of its meetings. The CCC also receives regular reports from the Board of Oirectors of Cliff College Outreach Limited. the commercial trading am) of the Col*e.
CLIFF COLLEGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Objgctives and activities The College's vision is lo be 'A Global Centre for Evangelism and Missiology. Cliff College's uniqueness is as a community being formed by God's Spirit and centred on God's Word, equipping people for practical ministy and engaging in mission. In living out this vision. the College recognises its commrtmenl to the Melhodisl Church and ils heritage in the Wesleyan family". st exists to train people in mTrssion and evangelism, which aims lo impact all sections of the church and serve the widest ssIble constituency_ These are achieved through". a range of valKlated courses and programmes mission and evangelism at their core short Courses, Ministry and Ministy Development courses and a Summer School to seNe the needs of lay people in the thurch evangelism and mission team to act as a catalyst for mission and evangelism in the church an annual Fesfval to deliver a vibrant programme for all ages the Cliff Year to provide young people with a year of vocational exploration the conference centre to provmle accommodation for individuals and groups Global partnerships to support lay and ordained training acr055 the globe Cliff College exists for the charitable purposes ol the advancement of educab.on and of the advancement of religion. Ail other charitable activities undertaken by the College are to further the attainment of its vision. The CCC have paid due regard lo the guidance issued by the Charity Commission in deciding what activities the charity should undertake. Rlsk factors The CCC have assessed the major risks to which the charity is exFx)sed and are satisfied that systems afe in place to mitigate exwsure to the major risks. A risk register is maintained by the Senior Strategy Group and the register is reviewed and approved by the CCC on an annual baws. The most serious risks to Cliff College's survNal and devetopment are idenlified as.. insuffi'cient student nurnbers leading to a loss in income. insufficient conference centre b)okings. 3. changes in Govemment legislation an(Vor the poIleS of our partners. a renegotiation of the College's relationship with the Methodist Church. negative publicity leading to a loss of Confidence for the College's positlon within the UK church and Higher Education sector. These risks have been managed in a variety of ways: In terms of student recruilmenl, the College website has proved effective th much clearer and concise course information being made available and has provi(led good links lo the College's growing social media presence. We have invested in an 'Admissions Officerf to make applying for our courses more streamlined. Recruitsnent processes have been develop&J online wth successful virtual open days. 2. The ¢atIOn of a new Commeraal Manager role to increase profftability of the Conference Cenlre. 3. The College remains up to dale with govemment poltcy and maintains goLMI felationships with the Office for Students. Relevant staff members have undertaken training to ensure compliance in key area5. The College also maintains strong relationships wrth its partners, m*ling regulady and ensuring that each other's expectations are fulty understood. The College'5 planned Instilutsonal and Penodic Review by the University of Manthester has been scheduled for the 23r24 academic year.
CLIFF COLLEGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 4. The Methodist Church has renewed its commth)ent to Cliff College through the development of a 'Shared Mission Plan, which enables the college to dearly identify the areas of work expected and offers a clear opportunity lo monitor the relats"orsship with the church and its impacts on the wider life of the college. 5. As required, the College'5 Preser in media and soaal media has been closely monitored, and advice has been 18ken where needed to ensure that the College is represented fairly. Managing the College's public reputslion is an activity which is shared by the Methodist Church in Britain, who have committed lo fund potential liability arising from the College's actions. Achievements and perforniance The College runs taught academic programmes at tK)th undergraduate and postgraduate levels, 88 well as supervising research programmes. All of the College's acadernic programmes are validated by the University of Manchester, and the college has an acltve Collaborative Agreement wrth the University's School of Arts, Languages, and Cultures. In September 2022, a new programme of Mission and Ministy Development units al Level 4 (first year undergraduate) wa5 launched, acts.ng as a new stream for iecrutlment lo the wider academic programmes of the College. Undergraduate prograrnmes include.. Certificate. Diploma and Bachelors (Honoursl degree programmes in Theology and Ministry Certificate. Diploma and Bachelors (Honoursl degree programmes in Mission and Ministy During this year, a new Certificate, Diploma and Bachelors (Honours) degree programmes in Theology and Mission has been devek)ped and designed by the College and validated by the University of Manchester. lo replace the exislillg two undergraduate programmes from September 2024. Postgraduate programmes include Postgraduate Certfficate, Diploma and Masters degree programmes in Mission. Students may study on specialist pathways. including.. Biblical Theology and Mission Children's and Youth Mission Christian Mentoring Disability, Theology and Mission Leadership, Mission and Renewal Literature. Theology and Culture Mission and Evangelism Mission and Global Justice Pioneering MlnistrteFresh EXpreSsnS The College provides supervision for sttjdents on dcctoral Fyogrammes. which are awarded by the University of Manchester. Aongside a standard PhD. the College also has a professional doctorate programme, the PhD Missiolc¥Jy.
CLIFF COLLEGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The College's academic team continues to develop and deliver various Courses in effective ways so that the educational and religious aims of the charty continue to be achieved, including increasingly online. As part of its Christian heritage, and by prOViOn being built into the leaming objectives of acefediled programmes. Cliff College students continue lo engage in periods of placement and mission. For full-time students these placement experiences significantly increase their employability. Most part-time students remain active in their paid or voluntary church or community roles throughout their b'me of study at the College. The College also maintsins three research centres. providing annual lectures and research opportunities on three topics.. The Samuel Chadwick Centre." focussing on gathering and disseminating the fruits of research in pneumalology wlh particular referen to the Wesleyan. Pentecostal and charismatic traditions. The Bible. Church and Gender Centre". focusing on biblirol and practical gender slLtdies and how these inletseet and inform the lives of women and men in the contemporary church. Generation.. the centre for the study of youth, children and families mission and ministy- During this year. the College has secured an Opportun lo provide researeh for the Methodist Church's New Places for New Peoplelchurch at the Margins inilialive. and will fecruit a Research Fellow lo fulftl this exciting opportunity. The College is a150 a member of the Manchester Wesley Research Centre. which o)nnects the College w¢lh other inslilub'ons in the MethodisL Wesleyan. Evangelical, Holiness and Pentecostal traditsons, and resources reseafch and scholarship. Cliff Global Partnerships Cliff College's woth wlh global partner5 focuses on three main areas.. In-counlry training.. providing training and supportfoT training. in partnership with local training centres. al a variety of levels to meet the local needs. Immersion trips. providing experiences of the global thurch lo groups of individuals from the UK. including from Cliff College. Theology X.. providing a leaming platfomi that underpins in country training. The College Wofks in partnership with the Methodi81 Church Global Relab"onships team in developing Telation5hips with a number of British Methodist Church partners and their theological institutions. In this year, this has included continued support and development for theological and practical training in Sierra Leone, Nigeria and Zimbabwe. The College was represented at the Wesley Theological Society held at Asbury. Kansas in February 2023, and continues to develop stron9 links with the Methodist Church in Ireland and the European Methodist eAcademy. Library The library is a valuable resource for sbjdents. not only for those attendin9 intemal o)urse5 but also for others who come lo carry out their research aclivities. The move to online leaming has led to a sMJnificanl investment in the Digital Theology Library. to support the physical resources at Cliff. The archive section conb.nues to grow in size and importance, attracting students wishing to explore Melhcxjisl history and heritage in detail. During the year. further a¢quisitions of relevant material for b)th the archive and the library have been made.
CLIFF COLLEGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Festlval The Cliff College 'Feslival' is a major publ event that the College holds each year over the second bank holiday weekend in May. Festival is supported by Methc<list Church partners. the Methodist ChLtrch Learning Network and All We Can. Festival is a resource for church groups and individuals as well as being an important aspect of our student recruitment activity. CCO (Cliff College Outreach Llmited) CCO is the trading arm of the College. providing a range of activities that support the charitable aims of the College. There are two specific areas of activity the CCO oversees.. The Conference Centre Pfovides high44ualty facilities and modem accommcxlation options across the site lo a wide range of customers. Theology X Comrnercial provides an online learning platfomi for a range of other organisations, both in the UK and across the globe. 11 also provides access to professional studio recording and editing facilities. in order for partners to build high-quality online leaming opportunities. The board of directors continues to actively monitor the financial context in CCO operates in order that appropriate and prompt aclion can be taken to re4)ond to the extemal challenges. Any profft5 from CCO are provided to College for its charilable purposes. Financial review From a financial point of view. the College had an expected difficult year., however, investment in recruitment processes means that student number forSts for next year are healthy. and conference bookings are starting lo move in the right direction. Investment Property rentals remained strong. The College continue5 to make students aware of their financial responsibilities and to this end all new undergraduate students are provided with infomalion and suppK)rt in tnanaging their personal finances. One-to- one'finance, interviews are held with all resKlential stLtdents and students that attend sile for leaching weeks. in which they are made aware of the specrfic charges that they will be required to pay to the College for tuition fees and residential fees. a payrnenl plan is then agreed upon. Many UK students are able access loans from the Student Loans Company to finance their studtes. Throughout the year. sludenl xcounls are closely monitored lo ensure the minimum of bad debts. Student loans are also available to postgraduate students and, while some of our Maslerfs programme students are funded by their employer, these loans are benefi'cial lo those who are noL Investments Supporters of the College, over many year5. have donated substantial sums of money by way of gifts and legacies and have continued to provKle this SUPPOrt during the year. The outcome of this generosity is that many investmersts have been made lo provide an income, some for the specthc benefit of the students and some to provide general income for the College. Most of the fvnds are invested through either the Twstees for Melhodisl Church Purposes ITMCP} or the Central Finance Board of the Methodist Church ICFBI and are therefore subject to the Methodist chuh,$ ethical investment The college remains committed to moving its investments. where possible, into higher wekling fvnds without compromising its ¢omrnitrnenl to a low risk investment strategy as befits a chanty.
CLIFF COLLEGE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Arrangements for settlng the remunerdtion of key management personnel The salaries of key management personnel are set by the CCC, with reference to recommended ministerial stipend sel by the Methodist Church for ordained stsff, with olhei salary leve15 sel alongside those offered in the theological college sector (for teaching slaffj, and general salary levels (for non-teaching staff) with the Living Wage Foundation Living Wage as a benchmafk. The Senior Strategy Group are now part of the Methodist Chufch's Connexional Team, and salaries for these memters of staff are set by the Connexional Team. Reserves pollcy Al the 31 August 2023 the College held total reserves of £10.278,912. During the year, the College received income of £1,819,249 and had expenditure of £2.724.627 which after losses on investments ol £995 and gains on the revaluation of fixed assets of £170.000 resulted in a net decrease in reserves of £736,373. 11 is the policy of the College that unrestricted funds whKh have not been designated for a specific use should be maintsined al a level equivalent to beeen three and six monlh's expenditure. A5 at 31 Atjgusl 2023 the College had a deficit of unreslricled free resefves of £167,499. The CCC are aware that the current level of Ie reserves is not consistent with the College's reserves p)licy bul have agreed a strategy to restore reserves lo an appropriate level. They therefore consider Ihal, in the event of a signtficant drop in funding, they will be able lo continue the charity's current acb"vib"es while consideration ss given to ways in whith additional funds may be raised. Plans for the futurelgolng concern The College has recognised that grealef divefsity in income in es5enkn.al and this is reflected in the adoption of a new five year business plan for the financial years 2023-2028. The plan directs the work of the College in developing its two core income streams.. Providing a full range of accessible learning opportunities, at all levels. lo grow a vibrant and diverse sludenl body, both onsite and online. Maximising the use of the Conference Centre, trM)th forextemal conference bookings as well as leisure rentals. In the shorter term our priority is to replenish reseThes and the College has soEd a property to work towards this, as part of a wider strategy with regard to its assets. This will provide the College with a fimi financial foundation on which to move forward with the business plan. as highlighted aVe. On behalf of the board of rnanaging tTUStees. Revd Ashley Cooper, Principal and Trustee
CLIFF COLLEGE STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Reportand the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicab lo charities in England armj Wales requires the trustees to prepare financial statements for each financial year which give 8 true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required lo.. select sullable accounting poli¢ies and then apply them consistently.. observe the methods and prtnciples in the Charities SORP IFRS 1021.. make judgements and esknmates that are reasonabk and prudent.. slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial slalemenls on the going concem basis unle$5 it is inappropriate lo presume that the charity will conty.nue in business. The trustees are respcjnsible for keeping proper accnn9 records that disclose with reasonable accuracy al any lime the financial posits.on of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reportsl Regulations 2008 arsd the provisions of the trust deed. They are also resFonsible for safeguarding the assels of the chanty and hence for tsking reasonable steps for the prevention and detection of traud and other iwularitie5. The trustees are responsible for the maintenance and integrity of the charity and financial infomation included on the charity's webstte. Legislation in the United Kingdom goveming the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
CLIFF COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CLIFF COLLEGE Opinion We have audited the financial statements of Cliff College {Ihe'charity'} and its subsidiary (the 'group'i for the year ended 31 August 2023 which comprise the Consolidated Ststement of Financial Activities, Consolidated Balance Sheet. Charity Statement of Financial Ath"vilies, Charity 8alance Sheet, Consolidated C85h Flow Statement and notes lo the financial stslemenls, including a summary of STgnfficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanual Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounb"ng Practs'cel. In OLsr opinion the financial ststements". give a true and fair view of the state of the group's and the parent ¢harity's affairs as at 31 August 2023. and of the group's incoming resources and application of resources. including its income and expenditure, for the year then ended., have been property prepared in accordance wtth United Kingdom Generally A¢cepted Accounting Practice., have been prepared in accordance wilh the requirements of the Charities Act 2011., where applicable, funds from whatever souro administered by the provider for specific purposes have been properly applied to those purposes and managed in accordan wth relevant legislation., where applicable. funds provided by the Ofs. UK Research and Innovation lincluding Resear¢h England), the Education and Skills Funding Agency and the Department for Education have been applied in accordance with the relevant terms and conditions." and the requirements of the Ofs's accounts direction have been rneL Basis for oplnlon Vve conducted our audit in accordance with Internatnal Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditols responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements thal are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going conrn In avdiling the financial ststernenls. we have concluded that the trustees. use of the going concem basis of accounting in the preparab'on of the financial ststements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectNely, may cast significant doubl on the group and parent charity's ability lo continue as a going concern for a penod of at least twelve rnonths from Nthen the financial statements are aulhorised for issue. Our responsibilities and the resFKJnsibilib"e5 of the tTusl*s with respecl to going concern are described in the relevant secb.ons of this report. Cxher Infom)atlon The other infomiation eornpfises the information included in the trustees annual reporL other than the financtal statements and our auditor's rewrt Ihereon. The trustees are responsible for the other Information contained within the annual report. Our OnIOn on the financial ststements does not cover the other information and, expt to the extent otherwise expliutty stsled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomialion and. in doing 50, consider whether the other infomialion is materially inconsistent Wtth the financial statements or our knowledge obtained in the COL¢rse of the audit or otherwise appears lo be materialty mi$5tsted. If we identify such material inconsislencies or apparent material misstalemenls, we are required to delemiine whether this gives rise lo a material misstatement in the financial slalements themselves. If. based on the work we have performed. we conclude that there is a material misslalement of this other infomiab"on. we are required to report that fact. We have nothing lo report in this regard.
CLIFF COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CLIFF COLLEGE Matters on whlch we are required to report by exception We have nothing to report in resp1 of the following matters in relation to whith the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the finanaal statements is inconsistent in any material respect with the trustees. report." or sufficient accounting records have not been kept." or the parent tharills financial statements are not in agreement wrth the accounting records and returns., or we have not received all the information and explanations we require for our audit. In the light of our knowledge and understsnding of the group and the charity and its environment obtsined in the course of the audit, we have not identsfied material misstatements in the Trustees, Report. Responsibilities of Irustggs As explained more fulty in the tnjstees. responsibilities statement set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of fin8ncial statements that are free from mateibal misstatemenl whether due to fraud or error. In preparing the financial statements. the tnjslees are reswnsible for assessing the group and parent charity's ability to conb.nue as a going concern, disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent ¢harity or lo cease operations, or have no realisbc altemakn.ve but lo do so. Auditorfs responsibllities for Ihe audlt of the finan¢ial Statements We have been apwinled as auditor under wtion 151 of the CharitS Act 2011 and report in acLordance wrth gulalions made under section 154 of that Act Our objectives are lo obtain feasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes OLtT opinion. Reasonable assurance is 8 high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misslatemenls can arise frorn fraud or error and are considered matenal rf, individually or in the aggregate, they could reasonably be expected to Influen the economic deciwons of users tsken on the basis of these financial slalernents. The exlenl to which our procedures are capable of detecknThJ irregularilies, including fraud is detailed below.. The parent is subject lo laws and regulab.ons that directly and indirectly affect the financial slalements. Based on OLtr understanding of the charity and the environment rt operates within, we determined that the laws and regulations which were most significant included FRS 102 and the Charities Act 2011. We considered the exlenl lo which non-compliance with these laws and regulations might have a material effect on the financial stalemenls, including how fraud might occur. We evaluated management's in¢enb"ves and opportunities for fraudulent manipulation of the financial statements (including the TFsk of override of controls}, and determined that the principal risks were related lo the posting of inappropllale joumal entries lo improve the charity's result for the penod, and management bias in key accounbng estimates. 10
CLIFF COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CLIFF COLLEGE Audit procedures perfornd by the engagement team included: Discussions with management and those responsible for legal compliance procedures within the parent lo obtain an understanding of the legal and regulatory framework applicable to the charity and how the charity complies with that framewotk, including consideration of known or suspected instances of non- complk1nce with laws and reguLgtions and fraud- Reviewing minutes of Trustee meekn"ngS', Identifying ar¢d assessing the design effecb'veness of controls Ihat management has in place lo prevent and detect fraud and non-complian with laws and regulations", Challenging assumptions a1 Judgements made by management in their significant accounting estimates_ Identifying and testing journal entries. in particular any joumal enlries posted with unusual account combinations or posted by senior management. There are inherent limrtations in the audit predre$ described al)ove and the more removed non-compliance with laws and regulations is from the events and transactions reflecled in the financial statements, the less likely we are lo become aware of IL Also. the risk of not detecting a material misstatement due to fraud is higher than the risk ol not delecling one resulbng from erfor, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentslions. or through collusion. A further des¢ription of our Tesponsibiliti'es is available on the Financial Reporttng Council's website at vw.frc.org.uklauditorslaudil-assurancelaudiloi-s-responsibilities-for-1he-audit-of-the-fildescription-of-1he- auditor's-responsibilitses-for. This desuipb.on forn part of our auditor's report. Use of our report This report is made solely to the charity's trustees, a5 a b(MYy, in accordance with Part 4 of the Charities (Accounts and Reports) Regulab"ons 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees lttose matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume restx)nsibilily to anyone other than the charity and the charity's trustees as a bcKly. for tyjr audit work, for this report. or for the onionS we have fomed. Hawsons Chartered Accountants, Statutory Audit Pegasus House 463a Glossop Road Sheffield S10 2QO Hawsons Chartered Accountants is elwible to act as an auditor in terms ofsectirjn 1212 of the Comp8nies AGt 2006.
CLIFF COLLEGE GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Restricted Endowment Funds Funds Total 2023 Totsl 2022 Nole Incomo from: Donations and legacies Charitable activities Other trading activities Investments Other 750.651 475.432 307.703 14.253 171,210 100,000 850.651 475.432 307.703 14,253 171,210 806,706 706,491 332,062 6,838 205,337 Totsl incomg 1.719.249 100,000 1,819,249 2,057,434 Expenditure on: Charitable activiltes Other 2.154.429 525,174 45.024 2,199,453 525, 174 2,138,219 599,025 Total expendlture 2,679,603 45.024 2,724,627 2,737,244 (Losses) on investments 12 995 {9951 137,0651 Net {expendlture)Ilneome 1960,354} 54.976 (9951 {906,373) (716.875) Transfer betwgen funds 27.505 127,505) Othgr recognlsed galns Gains on revaluation of fixed assets 170.000 170.000 215,000 Net movement In funds 1762.849) 27.471 (995) {736,373) 1501.8751 Fund balances brought forward 10,842.139 157.294 15.852 11.015,285 11,517,160 Fund balances carrigd forward 10.079,290 184.765 14,857 10.278,912 11.015,285 12
CLIFF COLLEGE CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Restricted Endowmenl Funds Funds Total 2023 Total 2022 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other 750.651 475.432 100,000 850,651 475,432 865 14.253 271,210 806,706 706,491 2,010 6,838 295.337 14,253 271.210 Total Income 1.512.411 100,000 1,612,411 1.817.382 Expenditure on.. Charitable activities Other 2,154.429 343.695 40,881 2.199.453 343,695 2,138,219 398,283 Totsl expendlture 2.498,124 45,024 2,543,148 2,536,502 {Los5esl on invgstments 12 (9951 19951 {37.065) Net (expenditurelllncorne (985.7131 54.976 1931.7321 1756,1851 Transfer between funds 27.505 127.5051 Other Tecognised gains Gains on revaluation of fixed assets 170.000 170.000 215.000 Net movgment in funds {788.2081 27.471 1995) 1761,7321 1541,1851 Fund balances brought forward 10,881,464 157.294 15.852 11.054,610 11,595,795 Fund balances carried forward 10.093.256 184.765 14,857 10.292,878 11.054,610 13
CLIFF COLLEGE CONSOLIDATED BALANCE SHEET YEAR ENDED 31 AUGUST 2023 Nole 2023 2022 Fixed assets Tangible assets Investments 11 12 10.247,411 14,857 10,262,268 10,845,922 15,852 10.861,774 Current assets Debtors Cash at bank and in hand 13 272.954 251.968 524,922 332.491 196.035 528,526 CrÈditor5: amounts falling due within one year 14 {396,2781 1235,0151 Ngt Curyents assels 128.644 293,511 Total assets less current liabilities 10,390,912 11,155,285 Credltors: amounts falling dug aftgf more than one year 15 1112,0001 (140.000) Net assets 10.278.912 11.015.285 Capltal funds Endowment funds 17 14,857 15,852 Income funds Reslricled fltnds Unrestricted funds General 18 184.765 10.079,2g 157,294 10,842,139 10.278.912 11,015.285 The financial statements were approved and authorised for issue by the Board on 7 March 2024 Sigrsed on behalf of the brd of Trustees Revd Ashley Cooper- Trustee Revd Andrew Slobart- OIS accountsble offter 14
CLIFF COLLEGE CHARITY BALANCE SHEET YEAR ENDED 31 AUGUST 2023 Note 2023 2022 Flxed assets Tangible asset5 Investments 11 12 10,247.411 14,857 10.262,268 10,845,922 15,852 10,861,774 Current assets Debtors Cash at bank and in hand 13 260,807 236.400 497.207 396,994 153,057 550,051 Creditors: amounts falllng due within one year 14 1354,5971 (217.2151 Net currents assets 142.610 332,836 Total assets less current Ilabllltles 10,404,878 11.194.610 Creditors: amounts falling due after more than one year 15 1112.000) 1140,0001 Net assets 10.292,878 11.054,610 Capltal funds Endowment funds 17 14,857 15,852 Income funds Restricted funds Unrestricted funds General 18 184.765 10.093.256 157.294 10,881.464 10,292.878 11.054.610 The financial slalemenls were approved and auttsNised for issue by the Board on 7 March 2024 Signed on behalf of the board of Trustee5 Revd Ashley Cooper- Trustee Revd Andrew Stobart- Ofs accountable offIr 15
CLIFF COLLEGE CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2023 Notes 2023 2022 Cash flow from operating activities 20 1605,659) 1424,2601 Cash flow from invesllng activities Payments to acquire tangible fixed assets Receipts from sale of investments Receipts from sale of investment property Interest received Interest paid {93.737) 149,2871 441.485 775,000 14,253 5,9241 6,838 15,4751 Not cash Ilow from investlng actlvltles 689,592 393,561 Cash flow from flnanclng activities Bank loan repayments (28.000 28.000 Net cash flow from financing activities {28.0001 128,000) Net Incrgasg1{decreasel In cash and cash equivalents 55,933 158,699) Cash and cash equivalents at beginning of year 196.035 254,734 Cash and cash equivalents at ond of year 251.968 196,035 16
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS FOR YEAR ENDED 31 AUGUST 2023 Accounting pollcles Charlty Information Cliff College is a registered charity Ino $293861. The principal address is Calver. Hope Valley, Defbyshire, S32 3XG. 1.1 Accounting conventlon The charity Constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan wlh Accounting and Reporting by Charities. Statement of Recommended Practi applicable lo charits.es Pfeparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Charities Act 2011. the Companies Act 2006 and United lQngdom Generalty Accepted Practitr. The financial statements consolidate the accounts of Cliff College and Cliff College Outreach Limited la company limited by guarantee, registered company number 023314381. The financial slalements are wepared on a going concem basis under the historic cost convention, modified lo include certain items at fair value. The financial statements are prepared in steding. which is the main functional currency of the charity and rounded to the nearest £. The sigllificant accounting policies applied in the pfeparah.on of these financial slalemenls are set out below. These policies have been consistently applied lo all years presented unless otheiSe stated. Going concern After due considerakn.on of all relevant factors the charity's income and cash fiow forecasts and projections indicate that the charity should be able to continue to operate for the foreseeable future. The Iruslees therefore have a reasonable expectation that the chanty has adequate resources to continue in operational existence for the foreseeable future. Accordingly they conkn.nue lo adopt the going concern basi5 in prepanng the financial stalemenls. 1.2 Charitable funds Endowment funds are subject to specthc conditions by donors that the capital must be maintained by the chaflty. Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the fvnds have been designated for olher purposes. Designated funds cornprise funds which have been set aside at the discreb.on of the trustees forspecific purposes. The purF)ose$ and uses of the designated funds are set out in the notes to the accounts. Reslricled funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the reslrtcted funds are set out in the notes to the a¢unts. 17
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 1.3 Income recognition Grants are accounte(J for on a receNable basis. For legacies, enlitlemenl and recogntiion is the earfEr of receipt of the legacy or where it is probable that it will be received. Donations received towards student fee sponsorship may be deferred for use in later years. The disbursements from this fund vary according lo student needs. Incoming resources from endowment funds are unrestricted and are transferred to n$tcted funds al the end of the financlal year. Sludenl fees invoiced in advance are treated as deferred income. 1.4 Expenditure recognition Resources expended are recc43nised in the year in which the liability is incurred. Costs of raising fvnds relate to the cost of providing conference facilrties and other fundraising activities. Expenditure relating lo charitable activities includes all the costs, including support costs. relating lo the running of the ¢tJlege as an educational institution. Governance costs are those incurred in connection with administration of the charity and compliance with ¢onsb'tutional and statutory requirements. 1.5 Tanglble fixed assets and depreciation Tangible fixed assets are stated at cost or valuation sS accumulated depreciation and accumulated impairment losses. Depreciation is recognised so as to write off the cost orvaluation of assets less their residual values over theiT useful lives on the following bases.. Buildings Property refurt)ishmenl Computer equipment Fixtures, fittings and equipment Motor vehicles Land is not depreciated Straight line over 100 years Straight line over 15 years 200k slravjhl line 20/0 straight line 20% straight line The gain or loss arising on the disposal of an asset is detenmined as the difference behveen the sale proceeds and the carrying value of the asseL and is recognised in net income I lexpeTrdilure) for the year. Investment properties are measured at fair value at each reporting date with changes in fair value Tecognised in nel gains l (losses) revaluation of fixed assets in the SOF 18
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 1.6 Investments Investments are recognised initially at faif value, which is nomially the transaction price excluding transaction costs. Subsequently. they are measured at fair value with changes recognised in net gainllosses in the SOFA. A subsidiary is an entity controlled by the charity. Control is the power lo govem the financial and operating policies of the enlty so as to obtain benefits from rts acb"vities. 1.7 Impairment of fixed assets Assets not measured at fair value are reviewed for any indicabon that the asset may be impaifed at each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash generating un¢t, is estimated and compared to the carying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried al a revalued amount where the impairment loss is a revaluation decrease. 1.8 Penslons The pens¢on costs charged in the accounts represent the contributions payable by the chaTty during the year. The charity participates in a mulb'mployer defined benefft scheme. as the proportion attributable lo the charity is not separately identifiable. Ihe pension schemes are accounted for as defined contribution pension schemes in the accounts. Following the closure of the defined benefit pension scheme the charity contributed lo a defined contr"buts"on pension scheme. Further details are included in note 16. 1.9 Cash and cash equlvalents Cash al bank and in hand include5 cash and short term highly liquid investments with a short malurity of three months or less from the date of xquisitson or opening of the deposit or simikr account. 1.10 Financial instruments Financial instruments are classtfied and a¢¢ounted for. according lo the substan¢e of the contractual arrangement, as financial assets. financial liabilities or equity instnjments. An equity instrument is any contract that evidences a residual interest in the assets of the company afterdeducting a51 of its liabilities. Where shares are issued. any component that creates a financial liability of the company is presented as a liability in the balan sheet. The corresponding dN¥Jends relating to the tbilItY component are charged as interest expense in the profit and loss account. 1.11 Judgements and key sour5 of estimation uncertalnties In the application of the chanty's accounting policies, the trvstees are required to make judgements, estimates and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that a considered lo be relevant. Actual results may differ from these eslimales. The estimates and Ltnderlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period ol the revk8ion and future pericJs where the revision affects both current and future periods. The trustees have based Iheirestimate ofthevalueofthe land and buiklings of thecharityon independent professional valuations. The accuracy of these valuab.ons coukl therefore have a material adjustment to the urrying amount of assets and liabilities. 19
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS ICONTINUED) YEAR ENDED 31 AUGUST 2023 Donations and legacles Group and Charty R8stri¢ted Totsl Fund 2023 Unrestricted Fund Total 2022 Donations and gifts Legacies receivable DMLN grant from the Melhodistchurch Global Partnership income Theologyx income Other grants 101.209 168,069 428.297 101,209 168.069 428,297 100,000 27,000 26,076 60.182 162.303 425,096 126,129 100.000 27,000 26,076 32,996 750,651 11x1,000 850,651 806,706 For the year ended 31 August 2022 680,577 126,129 806,706 2023 2022 Legacies receivable Unreslricled funds M Woodlock-smith M Smith-croucher G Ware A Jackson A Moden S Britton A Wheeler P Stephens 150,000 12.000 8,205 1.000 538 13.674) 90,000 20 72,283 168.C69 162,303 Charitable activilies Group 2023 Charity 2022 2023 2022 Student fees Festival Income 426,101 49.331 475,432 638,308 68,183 426.101 49.331 475.432 638,308 68,183 706,491 Other trading activitios Group 2023 Charlty 2022 2023 2022 Trading income 307,703 332.062 865 2,010 20
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Investment incornè GTOUP and Charity Unrestricted Unrestrlcted 2023 2022 Central Finance Board Fullds Other investment income 14,253 6.838 14,253 6.838 Other income Group 2023 Charlty 2022 2023 2022 Rental Income Other income 108,059 63,151 171,210 201.337 4.000 205,337 198.059 73,151 271.210 169,749 125,588 295,337 Charltable expenditure Group and Charity Unrestricted Restricted Endowrnent Total Funds Funds Funds 2023 Total 2022 Staff costs Methcmjist Church stipends Sludenl course costs Fe5bval costs Global Partnership costs Theology X Plattomi costs other 822,303 156.559 822,303 156,559 821,404 173,621 153,416 145.785 10.060 163,476 145,785 34,964 52,842 192,171 101,917 66.733 40.120 94.942 1.490,908 52.842 1,330,9)5 45,024 1,375,929 Share of support costs (see note 81 823,524 823.524 647.311 2.154.429 45.024 2.199.453 2.138,219 For the year ended 31 Aijgusl 2022 1.871.314 266.905 2,138,219 In accordance with the Access and Participation Plan, the College has spent £41,00012022". £54.000} on Access Investment," £S,00012022.' £5,000) on Financial Support Investrnenl., £10.00012022.' £nill on Support for Disabled Students," and £2,000 {2022: £2.000} on Research and Evaluab"on Investrnent. 21
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Allocation of support costs Group and Charlty Other Charitab19 Total 2023 Govefnance Finan IT Property costs Depreciation offi costs Irrecoverable VAT Other 49.732 53,290 101,312 130,228 74.162 110,389 74.228 230.183 8,776 9,404 17,879 22,981 13.087 19.481 13.100 40.620 58.508 62,694 119,191 153.209 87.249 129,870 87.328 270.803 823,524 145,328 968,852 2022 Governance Finance 32.492 42.736 85,292 89,970 68,478 117,800 62,630 147.913 10,831 14,245 28,431 29.990 22,826 39.266 20.876 49.305 43,323 56,981 113,723 119.960 91,304 157,066 83,506 197,218 Propety costs Depreciation Office costs Irrecoverable VAT Other 647,311 215,770 863,081 Support costs have been allocated based on the relevant proportions of income. Governance costs includes audrt and accountancy fees for the year of £14,90012022.' £13,925). 9 Trustees and key management remuneration Cliff College is controlled by The MethTrJi5t Council. whose members are the Trustees of Cliff College and appoint the Cliff College Committee to serve as the goveming body of the college. The college considers its key management personnel to be its Senior Strategy Group which comprise the Principal, the Vice Principal Academic. the Vice Principal Mission and the Chief Operating Officer. The total amount of benefits received by key rnanagemenl personnel is £214.13012022.' Senior Management Group £230.6891. Other than the Principal who is part of the Senior Strategy Group. no other members of the Cliff Committee received any remuneration during the Cuent or previous year. During the year six12022.' six) members of the Cliff College Committee were reimlxjrsed a total of £1.24412022." £828) relating lo travel expenses.
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 10 Employees - Group The average monthly number of employees aThl full time equivalent (FTE) duing the year was as follows.. 2023 Number 12 31 43 2023 FTE 10 24 2022 Number 15 28 43 2022 FTE 13 19 32 Academic Non Academic Group 2023 2022 Employment costs Wages and salaries 1,086.388 1.092,8 14 105,359 62.254 Social security costs Other pension sts 100,832 66,533 Total staff costs 1.253,753 1,260,4 27 There are no employees whose annual emoluments were £60.000 or more. 23
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 11 Tanglble fixed assets Group and Charity Land and Buildings Plant, Equipment & Furniture Investment Propgrtigs Computer Equlpment Motor Vehicles Total Cost or valualion Al 1 September 2022 4.310.000 6,516,000 379.493 485.886 19,700 11,711,079 Addrtions Disposals Revaluation 70.532 9,210 13.995 93,737 (775,0001 170,000 1775,000) 170,000 At 31 August 2023 3,705,000 6.516.000 450,025 495,096 33.695 11.199,816 Depreciation Al 1 September 2022 46,190 351.786 455,137 12,044 865,157 Charge for the year 46.190 24.610 11.309 5,139 87,248 At 31 August 2023 92.380 376.396 466.446 17.183 952,405 Net book value At 31 August 2023 3.705,000 6,423.620 73,629 28,650 16.512 10,247,411 At 31 August 2022 4,310,000 6.469,810 27.707 30,749 7,656 10.845.922 Investment Properties included al valuation had a historical cost of £1,279,65612022'. £1.778,2181 wilh accijmulated depreciation of £65.493.12022." £80.9731. Land and buildings included at valuation had a historical cost of £7,002.18712022.' £7.IXJ2,1871 with accumulated depreciatson of £1,358,818 {2022. £1,312,628) Freehold land and buildings were subject to independent professional valuation at 31 August 2022. Investment Properties were subject to independent professional valuations at 31 August 2023. The valuations were undertaken by Riddle & Co based on market value. 24
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 12 Fixed asset Investments Group and Charity CFB Managed fixed interest CFB Managed mixed fund Totsl Market value at 1 September 2022 Change in value in the year Transfer 15,405 {993) 418 447 121 418 15,852 19951 Market value at 31 August 2023 14,830 27 14.857 The custodian Injslees are the Trustees for the Methodist COnneOnal Funds {Regisleredl and the Trustees for Methodist Church Purposes. The markel dIue of the investrnents has been provided by the Trustees for Melhodi5t Church Purposes ITMCPI. Group 2023 Charity 13 Debtors 2022 2023 2022 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 1TI,501 111.480 92.313 73,041 23,622 71,831 260,807 46.456 129,527 174,929 46,082 396,994 23,622 71,831 272.954 174,929 46,082 332,491 Group Charity 14 Creditors- arnounts falling due withln one year 2023 2022 2023 2022 Trade creditors Tax and soeial seurity costs Other creditors Bank loan Accruals and deferred income 261.926 44,089 18,178 28,000 44,085 396,278 116.991 39,307 9.193 28,000 41,524 235,015 248,137 22,667 18,178 28,000 37,615 354.597 114,151 26,097 9,193 28,000 39,774 217,215 15 Creditors: amounts falling due after more than one year 2023 2022 2023 2022 Bank Loan 112.OlJ) 140.000 112.000 140,000 25
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 16 Pension costs The College is a participating employer of the Pension and Assurance Scheme for Lay Employees of the Methodist Church l-the Seheme"), a defined benefit scheme. A valuation of the Scheme for the purposes of these disdosures was carried out al 31 August 2023 by an independent actuary. The major assumptions used by the xtuary. together wlh those used in the previous year, were'.- 2023 2022 Discount rate RPI inflation rale CPI inflation rate Rale of increase in pensionable earnings Rale of increase in pension payments 2.213.315.0 2.313.415.0 The major categortes of the Scheme's assets lexduding money purchase AVCS) as a perntage of the totsl Scheme assets, were as follows: 31 August 2023 31 August 2022 Equi(ies Corporate bonds Property Cash Liability driven investment Annuities 12 46 37 10 16 20 19 31 The followng amounts al 31 August 2023 were measured in accordan with the requirements of FRS 102. £ mllllon 57.2 53.2 Total market value of assets Present value of scherne liabilrt.ses Net overfunding in Scheme Unrecognised assets Net Defined Benefit Asset 14.01 26
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 16 Penslon costs lcontinugd) The Scheme operated by the Methodist Church is a defined benefft scheme. However. the College 1$ not the only participating employer in the Scheme and r( is Unab to determine ils share of the underlying assets and liabilits.es on a consislenl and reasonable basis. This is because contributions paid into the Scheme are not invested separately lo those paid by other ernployers participating in the Scheme. As such no separate fund is identifiable in respect of the College. In order to detemine a current fund for each parb"rypats"ng employer il would be necessary lo separately account for contributions. benefit payments and investment returns for each partiapating employer. Under the lems of the Scheme. the assets and liabilities are pooled amongst the participating employers. If a partieipaling employer were to cease lo participate then that employer would be required lo pay a debt to fully fund their share of the Scheme's liabilibes. The College would not be liable for another employerfs debt bul has an option lo assume responsibilrty under an apportionment arrangement. The Scheme closed to new entrants and the future accrual of pensi¥ble seryice wilh elfecl from 31 May 2019 and therefore regular employer contributions ceased on that date. A full 8Ctuarial valuation of the Scheme was carried out al 1 September 2020 by the Scheme Actuary. The valuation disclosed a past service deficrt of £16.7m. It was agreed that the shortfall revealed at 1 September 2020 should be eliminated by contribution5 lo be pard from the Pension ReseNe Fund of the Methodist Church to the Scheme as follows". £2,380.000 per annum each August. Starting August 2021 up to and induding August 2026,. and Between £0 and £529,000 each December, starting December 2021 up lo and including December 2026. The precise amount payable wll be determined by the Scheme Actuary having regard to Scheme experience. An update of the ftjnding position as al 1 September 2022 was carried out by the Scheme Actuary. This showed that the past Servi defiot had reduced from £16.7m to £1.1m. The next fvll actuarial valuation is due to be carrred out as at 1 September 2023. The College contributed lo a defined contribution penston scheme on behall of its employees. The employer contribubons paid to the Scheme during the year loLilled £66,53312022'. £62.2541. 27
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 17 Permanent Endowment fund5 Group and Charity Balance at 1 September 2022 Inv8stment galnsl Ilossesl Balance at 31 August 2023 In¢ome Expendlture Trnnsfers General student prizes 8.979 6.873 13811 16141 8,598 6,259 15.852 995 14.857 Balance at 1 Septembgr 2021 Investment gainsl {losses) Balanca at 31 August 2022 Income Expenditure Transfers General Library Ministerial 12.268 3,475 11,710 3.256 (2,7991 13.4751 {11,7101 13.2561 {4901 8.979 Perpetuated subscriptions Student fees 189,780 1189,780) Student fees13rl paty inleiestl Student prizes Trekkers 146,592 (146,5921 18.598 8.621 111,726) (8,621) 6,873 394.300 1377,9591 (4891 15,852 28
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 18 Restricted funds The income funds of the charty include restricted funds comprising the following unexpected balaft$ of donations and grants held on trust for specific purposes. As roststed Balance at 1 September 2022 Income Expenditure Transfers Balance 31 August 2023 Global Partnetship Bursary Fund Welfare Fund Other 81.861 25,790 27,845 21.798 157.294 100,000 34.9641 110.060) 127,5051 119,392 15,730 27,845 21,798 184.765 100,000 145.024) 127.505) Balance at 1 September 2021 Income Expenditurg Transfers Balance at 31 August 2022 Global Partnership Bursary Fund Welfare Fund World Mission Fund support The Story Project Theology X Project Evangelistic Funds Other 48,255 47,404 27,845 6,371 116,129 (88.8941 21,6141 6.371 81,861 25,790 27,845 {6.371} 29.631 166.121 42.925 21,798 {29.631) {62.6491 10.000 1113,4721 142.9251 21,798 390,350 126.129 {266,9051 (92,2801 157,294 Restricted funds Global Partnership receives funding from the Methodist Church to arrange missh)n trips to developing covnlries. The Bursary Fund exists to provide support to students who need help paying for their course fees. The W8lfarg Fund exists to provhje supwt to students who are in general financial difficulb'es. Disbursements are made according to need. Sufficient resources are held in an appropriate fCM to enable exh fund to be applied in accordance with any restrictions placed upon rt. 29
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 19 Analysis of net assets between funds 2023 Unrestridgd funds Restricted funds Endowrnent funds Total 2023 Charity Tangible fixed assets Investments Net current assets 10.247.411 10,247,411 14,857 142,610 1112,0001 14.857 (42,1551 1112,Tr30) 184.765 Creditor greater than one year 10.093,256 184.765 14.857 10.292,878 Cliff College Outreach Ltd Net current assets 113.966) (13,9661 Group 10,079,2WJ 184,765 14.857 10,278.912 2022 Unrestrlcted Funds Restrlcted funds Endowmenl funds Total 2022 Charity Tangible fixed assets Investments Nel current assets CreditOT greater than one year 10.845.922 10,845,922 15,852 332.836 1140,0001 15.852 175.542 (140.OCKJI 157,294 10,881,464 157.294 15.852 11,054,610 Cliff College Outreach Ltd Nel cuffent a$sets {39.325) (39,3251 Group 10.842.139 157.294 15.852 11.015.285 30
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Group 20 Reconciliatlon of net (expenditurg) to net $h Ilow from operatlng activities 2023 2022 Nel lexpendilure} for the year {9(,373) 1716.875) Interest receivable Interest payable Losses on investments Depreciation on tangible fixed assets Decrease in debtors IncreasellDecreasel Increase in creditors 114,2531 5,924 995 87,248 59,537 161,263 16,838) 5,475 37,065 91,299 235.491 169,8771 Not cash flow from operating activiti8$ {605,6591 1424,2601 21 Operating lease ¢ommltments At 31 August 2023 the charity has had oulslanding commibnents for future minimum lease payments under non-cancellable operating leases. which fall due as follows. Group 2023 2022 Within one year 3,853 267 Within to five years 7,385 Total 11.238 267 Group 22 Grant and Fee Income 2023 2022 Grant Income from the Ofs Grant income from other bodies Fee income for taught awards Fee income for research award5 Fee income from non-qualifying cour5e5 16,346 10.000 322,117 43.800 60,184 34.531 515.250 38,400 84,658 452,447 672.839 31
CLIFF COLLEGE NOTES TO THE CONSOLIDATED ACCOUNTS {CONTINUED) YEAR ENDED 31 AUGUST 2023 Group 23 Head of Provider Remuneratton 2023 2022 Principal Stipend cost Pension Other taxable benefits 45,402 7.243 43,393 6,947 This remuneration package is in line with others in the theological college sector, and is in line with value and performance delivered. Performance is reviewed by the Board of Governors. As the Principal is an ordained minister in the Methodist Church in Britain, the remuneration is set by the stipend level of the Methodist Church in Britain The head of provider'5 b05iC salary and remuneration are 1.3 times the median pay and remuneration of staff respectivety, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff. 24 Related partlès Cliff College has a subsidiary Company. Cliff College Outreach Limited. Cliff College Outreach Limited is a company limited by guarantee whose members are made up of the cirfr College Committee. Cliff College Outreach Limited vra5 set up in 1988 in Order to serve the College in the building of the Broadbelt and Eagles buildings and lo act as the vehicle calrying out the trading activitie5 of the charity as provider of conference accomm()dation to third parties during b.mes when the buildings were not being used by the College for hrmjsing students. The acb"vits"es of Cltff College OLrtreach Limited are in line with the tKJlics and strategies of Cliff College. and indeed occupy the same pIseS and complement the overall charitable activrties and financial strength of the charity. Detsils of the subsidiary ¢ompany's assets al 31 August 2023 and results for the year then ended are as follows.. Cllff Collegtr Outreach Ltd Turnover 3(.838 89,130 Cost of sales Gross profit 217,708 Administrative expenses Profit for the year 192.349 25,359 Debtors Cash al bank and in hand 80,718 15,568 96,286 Creditors 110.252 Net liabilitles 13.966 32