Charlty r•gistration numbgr 629989 THE NEW CHURCH COLLEGE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE NEW CHURCH COLLEGE LEGAL AND ADMINISTRATIVE INFORMATION Charlty number 529989 Indend•nt •xamin•r Anthea Grange FCA Douglass Grar4Je Stanley House Phoenix Park Blakewatsr Road Blackburn 881 5RW Trust•• Tho General Conference of the New ChuT¢h IA company limited by guarantee) Pudey Chase Centre, Pudey Chase Lane, Mancetter Atherstone, Warni¢kshire, CV9 2Ra AdmIn1¥traOn General control and management is the ro8ponsibility of the College Council. Policy is overseen by Governers. who elect members of the Coun¢il. Land and investrnents are held in tho name of the Trusteè. ObJectlv• The main objectNe 18 the educatn of members of the New Churth Ch•rlty Offlc• 25 Radclffe New Road, Rad¢le, Manchester, M26 1LE B•n*•r Natv)nal Itm1n81èr Bank pk. PresfvvKh. Manchester Inv•Atm•nt Mon•g•r RBC Brewin Dolphin 12 Smilhfield Sireel. London. EC1A 98D P•rni•n•nt Endowm•nt An investment fund the investsnenl policy of which 18 overseen by the Trustee
THE NEW CHURCH COLLEGE CONTENTS Page College Coundl Independent examinerfs ret¥yt statement of financial activities Balance sheet 10 Note8 lo the flnancial statements
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT FOR THE YEAR ENDED 31 MARCH 2023 This Report covers the of the College Ccthol for Ihe year en¢Yed 31 March 2023. The Nv•V Church College uses the Working name of The Swedenborg Open Leaming Certtre ISOLCel 8fKI is based al Wellspr¢ng House. The accounts have l)een prepared in accordance wrth the aecwnting pol$ $01 in note 1 to Il accounts and comply wlh the Cole's governing document, the Chants"e5 Act 2011 and 'Accounting and Reporting by Charities." Statement ol Recommgnded Practice appluble to tharrties preparing their aCUnIS in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las affnded for accounting periods cc¥nmenong from 1 January 2016) 1. COUNCIL MEMBERSHIP ANDATTENDANCEAT MEETINGS 1 .1 Attendance at Councll Meetlngs The Council met, in person for one full Council meeting and on Zoom for 2 full Counul meeb'ngs making a lolal of 3 occasions during the year in April 2022, Octob8r 2022 an¢J January 2023. There was also an AGM in July 2022. Membership and attendance at meetings were as follows". Councll M•mb•rn Councll meetlng AGM (Juty} Mr C Ch8rnber$. Prewdenl Mr RJ Nicho118. TsSure1 Ms Gwendolen Rowe, Secretsry Revd M Duckworth Dr P Ishewod Mr R Kennion Mr S Kennion Revd MW Slanloy The Admini81r81or, Melank? 8ennett, 8ttended 3 Counul meetings13 possible) by standing inwtatl(. The Leader of EducalN)n, R•vd Rc4n Wocldrty attended 3 full CouncAI meting$ 13 possible) by slandlng invilalion. 1.2 Attendancè •ttheAnnual Pl••tlng The 158th Annual Meeting of Governors of the New Church College was hdd at Wellspring House, on Saturday 2nd July 2022 with an 4ttendarKo of 15 GoverN)rs and 9 guestslfriends. 2. EMPLOYEES The New Church College currenoy employs 1.37 fiJll time equlv¥lent IFTE} ststr. Namè Revd Robin Wooldrid Melanie Bennett ob Role Leader ol Education dministrator Hours 20 35 FTE 0.87 Linda Sloney undertakes House KeeF4'ng dub.es on a cawal basis. averagw around 2 hours a week. The work of the Leader ol Education is SUPFrtJtsd by a team of tutors Nvho are engaged on a consultanw b8sis lo assist with module writing and delivery. 3. EMPLOYEE REMUNERATION It is the Current policy of the Counul to follow lead of the Gener81 conferen in detemiining salaries. In line with this. the Council agreed lo increase the salaries of the Leader of EdUcatn and the Administrator by 6% from 1 st January 2023. It was then agreed to follow this w¢th a lurther 4% above. starting on 1s1 May 2023.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 4. GENERAL REVIEW OF THE WORK OF THE COLLEGE 4.1 Porformance of the Charity th the IlIding now being open m(¥e events have been tsknng place. Easter Rally-April 2022 158th AGM 2nd July 2022 Summer Gathering - July 2022 Summer Camp 1- August 2022 Shorecliffe Rise AGM - 2022 Navigating Uncert8inty Awareness Grcwp led by Stephen RusselkLxy in Octobef 2022 Bradford New Church Families weekend. 18+ Weekend- Fèb 2023 4.2 Hlghllghts of th• year.. Miss Lynne Grrffith8 0)mmenced fulktime training for the mmisty In January 2023. She is doing very Paul Morgan took six months on 8abbakn'¢al leave and is dn9 a 9month placement with the Derby New Church. Rèvd Robin Wooldridge ha8 ¢C'nued workiw on Ihe Stepping Stongs courses and S Cours arg now availablg online. Thefe are also 3 Introduclory courses vhich are a bridge betsveen the stepping stone ¢ourses and further study. The Web1¢ is now up and runnirKJ and appears on approximately 60 other websites. Mr Stephen Rusgell-Lacy Is wpwrting him with this. Thè ¢o11oge continues lo reflect ¢)n future wrth actK>n 9roups looking al the different •re8s of its work. 4.3 Futurg Dgvelopmont The c¢Jlege has continLd to prowde onllne courses. Our plans lo extend the bulldlng remain on hold as there hasn't been enough use of the building yet. This wll continue to be monitored. Moving forward il Is planned to hold regulai workshop8 beginning with one on lo lead workshops expethd lo run in the autumn. 4.4 Staff Lead•r of Edu¢4tlon Robin Wooldridge has now completed his s•o)nd year as Leader ol Edwtion and he has conllnued lo work on the Stepping stones courses He has also continued to reach to other organisations and v ale now in a partnership wlh the Youth Ministry Univw¥ty. This is an American online study site. There 8re currently 5 members studying wlh them. More advanced courses are also being looked at tco. He has done 8 lol of work lo update OLbr website which is now actNe and has ccmts'nue(I lo keep il up lo date. Admlnlstrator Melanie Bennett has continued to work. behaff of Wdlspllng House, from h¢)me continuing to splrt her time befv4een har home and We115pring House. She provides administratsvo support lo colge but has also taken on extra ro5 due to the resignation of the Centre Leader. The college is deeply grateful for her liresess work keeping in conlacl wlth people and continuing lo administer to the colkge. going above and beyoThJ. Facllltles Managemènt The Facilities Management team has continued to work hard on the fabric of the buildiry and the grounds. These onlinue lo flourish and the college is grateful to the team Vtho work b.lesS1Y to ensure our be8Utiful building 1$ well cared for and that the grounds stsy well presented have continued lo improve the building. carrying out maintenance work %thenevef needed. In Decmber there was a Ilo¢yJ arKI a bot of time, resources, and finance has been spent in repairing the dathage lo the building. This is ongting. Ray Kennion. Melanya Bennett, and lan Hayes worked hard to get the tuation under control. We owe them an enorwnous debt of gratitude for all their eff¢)rts in this area. Measures are tein9 tsken going fward lo provhle an aLimi monitoring system for our buildiry. which will letsen tho Irden on staff and also ensure any remedial vth 1$ carried out al the earliest kX)ssible Ment.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Support Stsff The college continues lo benefft from the invaluable work Sue Chesworth does wthin her Tole 5UPPOrting students in working with Ihe youth leaders arKI their training needs. ncerely thank her for her conbnugd work in this area. We cannot forget the amount of hard work Ray Kenn does as the c4retaker. His work for the college in this way is tireless and we allY thank him for this VDrk. In March, Ray slepped down from his role on the Facilities Management Team and Iha counul extend th&r gratitude lo him for the many years of service he has 9iven to the C¢Jlege. Volunteors We valu6 greatly the many18y people who volunleer ot college and provlde 80 much support to the team. We warmly thank them all for their eommilmenl and dedicati lo the college. 4.$ SOLC• Sponsored Studènts During this last year. our student Paul Morgan has taken sabbatlc81 le8ve and 18 now on 81x months, pfacement al Derby New Church. Miss Lynne Grkffilhs completed her entry lor ordination and has startad full-lime trainin9 for the Ministy 88 of January 2023. She 1$ doing really well and is exlremety erthusiaslj'c. She is on course Trmlh her studies. SOLC? Students As of May 2023, there are 42 students anrolled on SOLCe eourses. Of these, seven are tutorad on fee-paylng modules, and 34 are on the free Siepp'ng Stones courses, vthere the study is self-direthd. Our student body comes from ten different ccmjntries, auoss five conts"n8nls. 4.6 Outrèach The College advèrtige$ its oFen leaming eourse$ and events programme ¢)n thè website .These are available lo t1 in the general public and to church members. Our endeavour is lo providg a welcoming sphere for peOe to rn, lo come together and lo share in spiritual matters in a safe environment, albeit this has been on Zoom for MI1 of the time. We continue to reach out to the wider communlty lo build netsvorks and establish new reLitsonships %thilst aayS aiming to aCh a wder audience. 4.7 Relat•d Party The Trustee, The General Conferenee of the New Church. is a registèred tharty. The General Conference is enlilled lo a 0pOrtIon of the nel income resources from the Jersey Fund and provides payroll faalrties for which the College pay$ o service charge. The College also rel$ on the support of Conferere for tutors, examiners and module wrilers. 4.8 Governors There are currently.. Honorary Governors- 3 Life Governors- 5 Honorary Life Governors- 5 Annual GovernoTS- 40 Making a total of 53 in all.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Flnancl•l rgvlew 6.0 FINANCE Annu•lAccounts The TT8asurer reporteij a nel decreaso in re8ClceS of £9,6S1 befora capital movements for the y08r to 31$t March 2023. (increase of £8.352 in 2022}. Durlng the year. losses on the disposal of inveslments of £35.178 We rnalised Yith notional1088es of £190.554 arising from the revaluation of investments. Stock market8 at this lime were strugglirrfJ as a resurt of the continuing war in Ukraine. the Fersislenlly high Inflation rale in the UK along with interest rate nse8 globally. This m$ lo have contributed to bank failures in the US along with concerns about Credit &wss in Europe. as people remombered the bankiThJ crash in 200819. All of this ctrIbuted to a fall in stock market vdues at this lim8. Cleaty it is hoped that over time the valuation of our Invèstments will improve but we remain subject to enorniC factors impacting performarKe of global stsxk m8rk818. The budget for 2022-2023 prqé¢t8d a defKit of £1.150 Iboforn Investmwrt management fe8sl bul the actu81 8urplus for the year was £4.281 before investrnenl management fees arKI a deficrt of £9,651 when thesè arn Included. The main reason for the improvement compared wrth the budgeted figure, was a slightly hIgr investment income than expected Couplod th Iv4r 8xpendrtur8 in some areas indudin9 counal 8nd staff expenditure. There was alK• Some unexpethd irKome éXPWKIth resultsng from thè flood and rglated Insurance claim. A budget for 2023-2024 proi¢¢ts 8 defidt of £25.0 before adju8trnt$ arin9 on th8 real and notlonal gains and bsses or charg88 for managing our investments. This defi¢it 18 due In the maln lo work on the roof which needed to be undgrtaken to proteci the fabrbc of thè building. During the year the Royal Bank of Canada I'RBC") announced that rt had completed the acquisrtion of Brewin Dolphln Holdings PLC I'Brewin t)olphin'}, a mulli-8w8rd-wnning wealth management fim). BrevAn Dolphin now 0rateS 8$'R8C Brewin Dolphin,, as part of RBC. Investments The unrestricted lunds. ItKludlng th? Jersey Fund. are amalgamated to minimi8e trading ¢08ts and b form larger portfolio. The lunds conkn.nue lo soparaled from an accwnts.ng wnld-vièw. Brewin Dolphin, contsnue to folJrAV the agreed investrnent policy 8latement wl)i¢* provid addrtionel flexibility to th• managers around our Invesb))ent eateg(xl8s to hopefully improve ino)me from our inveslments. 6.0 FUNDING AND RESERVES POLICY AND RISK REVIEW Oblocllvg The objective of the Ctt8rrty is stated in Charlty Commlssion Schem• dated 13th July 1977. This slates th8t the Charity shall promote the education of members of the New Church. wlh emphaws upon the doctrire and life of the New Church. The land and inveslments belonging lo the Chanty Shall be held in the name of Trustee he Genefal Confence of the Ne4V Church). The income from investments held in the name of the Truaee in accordance wlh the Charity Corymission Scheme dated 13th July 1977. is by agreement paid directly lo Ihe College.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Prlnclple The New Church Cdlege operates to a balad budge( whilé rwnisirvJ that, wthin exh indrvidual year, small operating surplus or defiul may arise. Any devth'on from otpthe will be aed the Trustse in advance. Mon$ available lo the College are invested to obtsin both an Irthma arKI capital gmvrth. The ino)me 1$ used lo fund the day-lo.day activities of the College, %¥thile the ca"t81 gr(Ath ensures the continuing vkibilty of The College, enabling it to meet fijture commitments and "e(aive$. Small donations and legacies, which are r¥)t given for a spe¢lfi¢ purpose. will be used at the d18cretlon of the College Council to fvnd and enhance the daY-1cY activitiès of the College. Sub$lanllal ¢Jonation$ and legacte8 may be added to reseNe$ to fijnd the fijlure development of The College's Objective. These monies will be added lo the Non-Pemanenl ErKlry•Merrt account at the di8crets.on of the Treasurer of the College. in cg)nsultsliM wlh the Cwncil. Oon'ons or legacK88 that are glven for 4 sp¢¢Iflc purpose may require the 8stablishment of new ¢ndwnenl funds. en required. these %vill be set up. The handllng of these accounts, the levd ol reserves. and investrnenl pcAicy are subpct to regular review by t Council at 118 meellngs, and as part of the annual budgetsng exeruse. To asslst in this obJ'ectw6. Thé Nthv Churth College currently operates th& foll¢Thlng aUnts.. National Westrnln8ter 88nk 8¢¢ounl. This is u#ed fc meettng dty-ttrd•y opgrating expen888. Investment accounts arè detailed below. In addrtNJn. the Countsl and TnJ8lee have re8ponbIIty for the assets as defined on the Balance Sheet, includiThJ Ihe ryopèrty in which thg Colloge currenty ro8ldes. Investment 8¢xounl$ opw8ted by Brthmn Dolphln SertIa•s Ltd. Depo811 aceounl$. For each of the investment xcounl8 below, Brev•in Oolphln hohj $h bolanc•$ from the purchase and $•18 of investments and to rneat tran10n expenses. Peman6nl en¢Jowmenl account established under thè Charty Commission Scheme. This reslncted fund Contains th¢ investrnenls as defined in the Scheme. Over timé, the detailed investments have changed as the rèsutt of sound investment deusions, bul principle of income together vAth capitsl growth remains. (These funds lall under the definrtion of Permanent Endowment a8 defined in th8 Charities Reserves book1 CC19, and are therefore not cl839ed as reserves). In one combined account. the trhti follNlng fund8 are mwntsined with Sqrat0 record8 of irKome kept the Vo constrtuenl funds. . The non.perrn8nenl endvwment account (y)ntain$ addthnal rthrestricted funds that have been donated to the Charity over time. These have been invested in Ilne wllh the abtsve prinryple, thus Hicreasing investment income while allowing additional flexibilty for funt1s as rUlled by Ihe CoutKII. (These lunds fall under the definthon of Expendable Endonent as deffined in the Charities Reserves booklet CC19, and are thereth rKJt dassrfl as reseNesl. The Jersey Educatsonal Fund was estsblished follov•ing a substantial donation from the Jersey Society, and the non-StriCted fund was estaNished so that the irOMe from the Fund would be allocated lo lh8 College for the development of New Church edLKation. This 15 adrninislered in ling Wth the 'Memor8ndum of Intertt, agreed by the Counuls of the General Conference of the New Church and of The New Church Cdlege. signed on 8th Apn"11998. (These fvnds fall under the definition of Expendatje Endowment as definod in the Charities Reserves twklel CC19. and are therefore not daSSrfd as relervesl.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Note. IndUd vthin the fu18, whlth are a(kninislered cm behaw of the Cdlege by Brev+in Dolphin, are investments in both the General Conference Pod. which is administered by the General Conference of the New Church, and the COIF Chanty FurKts adminiered by CCLA Invesbnent Management Ltd. This means that The New Church College does not currenty hdd reservè5 as defined in the Chariti88 R88erves booklet CC19. This policy is subject to an annual reeW as part ol the budgetfng prcttss to ensure thal the r1Ve8 8tlll moel the requirements of the Charity, and that the p)licy is still being Ic41(hd. TRUSTEE'S RESP014818IUTIES IN RELATION TO THE FINANCIAL STATEMENTS The charity Iru81ee is responsibl6 for preparing an annual report and finanaal 8tstements in awydance with applicable law and United Kingdom Accounb'ng Slandards (United 'ngdoM Generally A¢¢¢pled AccounliThJ Practice). This activity is managed by the Treasurer l%those ncrfnination for the post must bè approved by the Trustee81 and with the Collèg6 Counol on behaw of the Trustees. The law applicable to olariti88 Sn Effjtand and l•V41es requires the charlty tru8te6 to prèpare finwval 818tements lor eoch finanual period which give a true and fair view of the stale of affairs of the charity and of the incoming resources and applKats"on of rosrCeS of ts chanty that p. In prepwing the fin8ncKal statements, tr Iruslee is required to.. Select suitable accoUnn9 Wi¢io8 and then apply tr88 consi$tenYy. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonab and pftthit. Stale whether appllcable ac¢ounling slandards have been foll¢yAd. wbject to any material departUfe8 disclosed and explained in thè financial statements. Prepare the financial st8t6menls on the ongoing corKxn ba3 unl688 it is inappropriate to pr88Um that the chaiity Mll continu• in l)uwne8s. The trustee is responsible for keeping proper occounling records that disdose wlh reasonable accuracy al any tlme the Ilnanca81 po$th'on of the tharty and enatAes it to ensure that thè finanoal $t8lemen18 cunply wrth the Charities Act 2011 and the provisi$ of the charlty's consil1uti. It is also respongble for safeguardlng the 8ssels of the charity and hence for takirvJ reasonable steps foi the arKI detect of fraLJ and othar Irregulanttes. Strncturn, go¥nCe and manag•m•nt The College is 8 th8rlt8ble ineorpored organisalily) wi81ered wlh the Charity Commission. whlch is managed by tho College C(NJncil on behaw of its Iruslee, The General Conference of the New Church. The College Council who served ring the year to the date of Wgnaiure of th6 finanoal $tatement8 were.. Mr C Chambers Mr R J Nicholl8 Ms G Rowe Revd M DuCkY)rth Dr P IShe00d MT R Kennion Mr S Kennion Revd M W Stanley
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Colleg• Couwl report was approved on behalf of College Couwl Mr C Ch•mb•rn Preside Dated. ... Mr R J Nlchol Treasurer
THE NEW CHURCH COLLEGE INDEPENDENT EXAMINER'S REPORT TO THE COLLEGE COUNCIL OF THE NEW CHURCH COLLEGE I report to the Collgge Council my exaMon of ffinan¢fial statern of The New Churth College (the College) for the yoar erwjed 31 March 2023. Responslbllltlm and basls of r•port As the College Counc41 of the College you are responyAble for the pwaralicffl of the finandal 8tatsm8nl$ In ac£ordanc6 wth the requirement$ of the Char8$Act 2011 (the 2011 Act). I report in respect of my examination of the Col*e's finartial statements earried out under soction 145 of th8 2011 Act. In carrying out my examination I have folltywed am the $¢W.ble 're£l3 given ty the Charity CornmiSsn under secbon 1451Sllb) of the 2011 A¢1. Indepondent •xJmlnorfs Ststement Your attents'on is drawn lo the fact that the dwrity h98 prepared fin•nts4 statements in accordaru Vth Accounting •nd Reporting by Charitss prgparing I1r accounts in accordance wth the Financial Reports'ng Standard applicable In the UK and Republic ol Ireland IFRS 1021 in preferenco lo the Accounting and Rewrting by Char.es.. Statement of Recommended Prathce Issued on 1 Awl 2005 i¥ referred to in the extant regulations bul ha8 now been thdrawn. l und8r8tand that this has bn done in order for financial slalements to provKle a true and fair view in acrd8Th¢¥ wlth Generally A¢¢epted Accounting Prttce effective for reporbng beginNry ¢)n or aft•r 1 January 2015. I have completed my examinalw. I confimi that no matter8 havè come to my •tt•nbon in o)nnecticn wlth the examinabon giving me cause to believe that in any matenal resp8¢t'. accounting r¢¢tyds were not kept in respect of the College a8 required ty 8e¢b'on 130 of the 2011 Act,. or the financial statements do not acrd wth those records.. or the financial slalemenl8 do not compty wlh the applicable roquirements concaming the fom and contanl of accounts set oirt in the Charllies (Aceounts arKI Reports) Regulats'ons 2008 other than any requir8m8nl th81 tha accounts givé a true fair vth¥ 1$ rK>t a matter conwdereo as part of an independent examination. I hav¢ no CO9rn¥ and have come acro88 no other matters in conneth.on the examlnalon lo whl¢h 8tt8nllon should bg drawn in this reFQrt in order to enable a woper undefstanding of th8 ac£oLmls to rgached. Anthèa Grangg FCA Independent Examlner Douglass Grangè Stanley Hou88 Phoenix Park Blakewaler Road Blackbum BB15RW
THE NEW CHURCH COLLEGE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unrostrfcted Unrn8trlct•d Restrlctod funds lund$ End0%nt gMor•l Jersey fund¥ 2023 2023 2023 Total Total 2023 2022 Donations and legaae$ Other trading activitie8 Investments Other income 17.768 4.757 72,890 23,938 17,768 4,757 84.231 23,938 23.055 3.541 75,698 1.128 11.341 Total Incom• 119,353 11,341 130,694 103.422 Ralslng fijnds 11.280 2,632 13.912 15.550 Charitable activi1188 126.433 128.433 79.520 Total r•sources exponded 137,713 2,632 140.345 95.070 Nel gain81{1088eJl Dn Investments 11 (56,6831 134,3711 (134.878) (225,7301 209,359 Not loutgolngvlncomlng ve•otsK b•for• tran8f•rn (75.0431 125,8621 (134.878) (235,3811 217,711 Gross transfers bth••n fvnds 17.174 {10.8841 18.290) Net movom•nt In fund8 (57,8691 {36,5461 (140,986) 1235,3811 217.711 Fund balantss at 1 April 2022 1,236,634 443.878 1,723,558 3,404,070 3,186.359 Fund balanc •t 31 Mah 2023 1.178.785 407.332 1,582,592 3,168,689 3.404,070 The statement of financid activities inchjjes all galns and losses recognwd in Ihe year. All income and expendrture denve from continuing 8ctiwt*8.
THE NEW CHURCH COLLEGE BALANCE SHEET ASAT31 MARCH 2023 2023 Flxed a¥38ts Investments 13 3.121.608 3,361,578 Current assets Debtors Cash al bank and in hand 14 10.775 53,229 22,087 35.085 57,172 Crndltorn: •mounts falllng du• wlthln ono yo•r 15 (16.9231 114,6801 Net rrent 8S8et8 47,081 42,492 Total a•••t•1088 curr•nt Il•blllti 3.168,689 3,404.070 Capltal fund8 Endowment fund8 In¢om• funds Unrestricted fvnd8- Jersey Education Unrestricted fiJnd8- general 1.582.592 1,723.558 407,332 1,178,765 443,878 1.236.634 3.168.889 3.404.070 Th8 accounts were approv8(I by tho Colle90 an ... . 2013 Mr C Chambers Presld•nt 10-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcl•g Charlty intonnation The chaiity was established by way of a Chanty commissi Scheme dated 13 Juty 1971. 1.1 Accountlng convèntlon The accounts have been prepared ift a¢¢ordance wth the Cdlege'8 govemlng doeumeftt, the Charitie5 Act 2011 and "Accounting and Reporbng by Charities.. Statement of Recommended Practi¢e applicable lo charities preparing their accounts in aordanCe wth the Financ1 ReFtht"ng Standard applicable In the UK and Republic of Ireland IFRS 102). {a$ amended for accounting pericrfjs c0mrneng froffl 1 January 2016}. The College 18 a Publ1¢ Benefit Eritsty as defined by FRS 102. The Coll89e has taken advantage of the provis8 in the SORP for charibes applylng FRS 102 Updat0 Bullth'n 1 not to prepare a Statement of C88h Fkyws. The financial $lalements have departed trom the Charltles {Aceourts and Reportsl Regulations 2008 onty to the extent required to provKle a true and fair ViV•V. This dep8rture ha8 involved follrming the Ststemenl ol Recommendod Prath"ce for charibes athing FRS 102 rather than the version of the Statement of Recommended Pr¥tr. whith is referred to in thè ReguIth"ons but has since been wlthdrawn. The finan¢l81 ¥tslemenls are prepared In st¢rllng, 1$ lh• functional cJJrrency of tho College. Mongtary amwnts in these financial 8tatement8 are rourthd to Ihg noarest £. The financial Statements have been prgpared under the hi8torlcal ernt conventicm, Imodlfied to Indude tho rovoluallon of freehold properties and to indude irweslmenl propertses and certain finaal instrunents at foir valuel. The prfnctpal 8ecounling pgllcies adcyted are 88t out belchv. 1.2 Golng conc•m Al the lime of approving the financial 8tatement8, the Cdlege Ctxm¢M have a rea&)nae expectation that th College has deqLte resources lo conb.nue in opefalional 8xisterK8 for the foreseeable future. Thus th8 College C¢un¢il conts'nue to adopt the gobng concem basis of tt.ng in preparirKJ the fin8noal slalements. 1.3 Charltabl¢ fundi Unrestricteil lunds are avaiW¢ for uso at thg dtwetion of tho Councll in furtherance of Ihelr charitable objectives. R8Stricled funds are subfrect to SFeufie conthtion¥ by donors OS to how they may be used. The purposes and uses of the reslricled funds are 8et out in the notes to Ihe financial statements. Endowment fund¥ are subject to 8pedfK condilions by donors that the rapttal must be maintsined by the College. 1.4 Income Income is recogni8ed when the College is legally enliled lo it after Y pgrfomiance condltions hav& bèon met, the amounts can te measured reliabty. it is probat4e that irKome wll be received. Cash donations are recogAised on rewpt. Other (knat8 a recc3nised once the College has been notified of the donation, unless perfornance conditi$ require deferral of the amount. Intle tax recoverable in relation lo ¢S)nations r1Ved under GiftAid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on receipt or othenmse rf College has been notified of an impending dislribulion, the amount is kno, and receipt is expected If the amount is not known, the legacy is treated as conliThJent asset. 11
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcl8S {Contlnued) 1.5 Expenditure Expenditure is recogni8ed on¢e there is a kgal or Con8tnKt1 OblatIon lo transfer economic benefit to a third paty. It is probable trtat a Iransfrr of economic beneffts V11 be required In sduement. and the amount of thè obligation Can be measured rgliabty. Expenditure Is classified by acts'vty. The costs of each actmty are made up of the totsl of dI[t costs and shared costs. induding Supp costs invofved in undertakino each ath'vty. Dirert costs attribLrtat4e lo a sing adivity are all¢xated directty to that activty. Shared costs vthich contribute to more than one aclivty and support costs are not attributable to 8 single actsvty are apports.oned bgtsyeen those activiS on a basis onsislenl wlh the use of resources. Central staff costs are alkjcated on th8 basis of lime spent, and depreaation charges are allccated on p1)n of thè asset's Use. 1.6 Flx•d ass•t Inv•th•nt• Flxed 8ssel investments are inilially measured at tranwbon priee exduding transaction wJt$, and are sub8equenlly measured al tsir value at each reporti'ng date. Change$ in fair value are recogni8ed in nel Incomellexpendriurel for the year. Transaction costs are expensed as incurr¢d. 1.7 Ca•h and cmh •qufval•nts Cash and cash equivalents indude c•sh in hand, dew81ts held at call wlth bar&8, olhor strt-tM liquid investments wlh original malurilie8 of trtroe nvxths oT198s, and bank overdraft8. Bank overdrafts are shown wthin borrowings in current liabilities. 1.8 Flnanclal In8trum•nts The College has elected to appty provi8ion• ol Secthn 11 '8a8ic Financial In8truments' and Section 12 'Other Finandal Instruments IssLth' of FRS 102 to all of its financial Instruments. Financial Instrumts are r¢t>)gni8ed in the College's bal8rKe sheet when the College b•come8 paty to the contractual provisions of ts instrument. Flnand818$$el$ and li8bilitres are off8el, wrth the nel 8mounts rffesented in financial statements, when ther• is alogally errforceable nghl lo set off the recrynised 8mcMJr)ts and there VJ an intention to Settle on a nel basis or lo rèaliso the asset and settle the liability slmultan8tyJy. 88sl¢ Iln•n¢l•l assets Basic finanoal assels. %thich include debtors and c*h and bank balanc88, are Inltlally measured transaction price induding transaction costs and are subsequentty carried at am0'S8d cost U8lng the effectivo interest method unless the arr8ngemenl conStrte5 a finanuThJ transactK)n. where the transaction 1$ measured at the presenl value of the fvrture receipts discounted at a market rale of Intere8t. Finanaal 888ets clas&fied as réceivat40 wthin one year are rM)t amortised. Basic financlal Ilabllttles Basic financial liabilits'os. induding creditcws bank loans are inrbalty recognised at transaction prits unles¥ the arrangement constitutes a finatKing transaction, where tho dobt inslwmenl is measured at the present value of the future Panents discounted at a market rate of interest Finanaal liabilit da8fied as payable one year a not amorb'sed. Debt instruments are subsequenty carried at am0"Sed ¢¢sL uwng the effecaive Interest rale method. Trade creditor5 are Obligatn$ to pay for goods OT seNces that have been acquired in the ordInY course of operations from suppliers. Amounts payable are ¢Ssified as cufrent liabilrties rf payment is due within ong year or less. If not, they are presented as rth-current liabilities. Trade creditors are fecognised initially at transaction price and subsequently measured al amortisfjd cost the effeth.ve interest meth¢)d. 12-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ountlng pollclos (Contlnued) Derncognition of Ilnanclal liabilitses Financial liabilities are dereccgnised vthen thè College'8 cOntrtual l0t10n5 expire or are di8ch8rged or cancelled. 1.9 Employ•e benelfts The cost of any unused holiday enlrfement 1$ recognlw In the period in wl)ich the employee'8 8ervic88 are received. Temiinalion beneffts are recognlsed Immediatety as an expense %then the College is demonstrably committed to lerminale the employment of an empweo iy to provlde lemlnation bonefft$. Crttl¢•l a¢¢oyntlng o•tlmat•8 and Judg•m•nts In the application of the Cdlege's aCCotIng policaes. thè Colbay Council are required lo make iudgem8nt8. 68tfimatè8 and assumptions about the carrying amount of •ets and liabilth'es that are not readily 8PP8renl from other Sources. The estimates and as6coated assumptNJns arè bas8d on hislorical experience and other factors Ihal aro ¢onsidered to be rdevanl. A¢1 resum8 may dthf from these estsmates. The estlmates and uThJ8rlylng 038umptioM are revlewed on an ongoiThJ b88i8. Rw8K)n8 to accountlng estsmates 8r8 recogni¥ed in th• peric41 in which the estimate Is revised where the revi&on affects cnly th81 period, or in the period of the revision and fulure penods where the revision affects tjoth current and future penods. Don•tloM and l•gacle• Unmtrlct•d Unrn8trlct•d fund$ funds goneral g¢nèral 2023 2022 Dc*tation$ and g 17,768 23,055 Oth•r tradlng Jctlvltl UnMtrlct•d Unr••trlGtgd fund• fund8 general genernl 2023 2022 Fee8 4,757 3,541 13-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Inv•stments Unmtricted Unrestrlcled funds funds general Jtrsoy Totsl 2023 Total 2022 U80 of college premi888 Inme frc¥n listsd Inve*ment8 318 75,380 72.200 11.341 83,541 72,890 11.341 84.231 75,698 For tho y•ar •nd•d 31 March 2022 65.571 10.127 75,698 Oth•r Incom• Vnmtrfctsd UnMtrlct•d fvnds fund• g•n•ral genernl 2023 2022 Other In¢omo 23,938 1,128 Ral•lng lund• Unmlrfctsd Unrn•trlcted funds nds Jerw Tot41 2023 Total 2022 11,280 2.832 13,912 15.550 11.280 2.632 13.912 15,550 For thg ye•r ended 31 March 2022 Investmgnt management 12.627 2,923 15,550 14-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Chaittable actlvltles Charltable Charltable Exp•ndlturo Expondlture 2023 2022 Staff Module ting and luial expenses Support services Lgaders budgets Library including distance leamlng Office equlpmenl- purchases. lea8ing and mwntenance Propety expenses- regular Propgty expenS- other Jersey Fund confefence student supwt Catenng and housekewng Tolephone, fax and inlemet Stsliory and poslages Council and Staff expenM$ Mi$¢ellaneous Bank and interest charges Professlonal fees (excl. JEFI Other charitable exponditure 50.729 3,242 51 1.512 85 2,838 10,010 41,595 7,939 2,341 351 554 109 2,735 7,887 3.892 7,089 - il 578 880 262 1,853 1,447 132 3,400 80 130 1.000 321 567 4,162 158 3.300 126,433 79,520 128.433 79,S20 Profesalonal fees includes payments to the Independent Examiner of £3.30012022- £3,300) for examlnalion of the accounts. College Councll N¢)ne of the College Council ((Y any per¥ons wingcted with them) receNed any remunerati or tefits from the Colleg¢ duriThJ the year. 1s-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Employ•o5 Numb•r of èmpty5 The average monthly number of employees durirwj the year was.. 2023 Numb•r 2022 Numb•r Administration Spirflu81 and ¢duCati loaders Employm•nt costs 2023 2022 ge8 and 8alarie8 50,729 There were no employms whose annual remuneratth £60,000 or mor•. 11 galnsl{los¥H) on Inve•tm•nts unr••trI UnMtrlct•d RHtrlct•d fund• fund• End0•nI g•nw•l J•r fund• Totsl 2023 Totsl 2022 Revaluatlon of Investments Gainll108sI on Sale ol investments (51,155) 15,528) {29,4691 (109,9301 1190.5541 14.902 {24.746 135,1761 208,521 2,838 ($8,883) (34.371) {134.876) {225,7301 209.359 For th• year onded 31 March 2022 89.552 21.001 98,806 209.359 16-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Taxatlon The charity is exempl from lax on income and gains falling wthin secth)n S05 of the Taxes Act 1988 or seth'on 252 of the Taxation of Chargeable GainsAct 1992 to the extent these are aPled lo its charitable objects. 17-
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THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 DelAorJ 2023 2022 Amounts falllng due wlthln on• yur. CC)ratIOn tax recoverable Other debtors Prepayment8 and ac£ru8d income 350 5.862 4,563 1,300 19,213 1.574 10.775 22,087 10 Cr•dltor¥: •mounts f•lllng du• wlthln one y•4r 2023 2022 Accruals and d8ferrgd iNn8 16.923 14,680 19-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 R•lat•d party tramactions The were no disdosable r*led paty transacti5 dlmng the year12022- norn). -21