Charfty registration number $29989 THE NEW CHURCH COLLEGE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE NEW CHURCH COLLEGE LEGAL AND ADMINISTRATIVE INFORMATION Charity number 529989 Independent examiner Anthea Grange FCA Ground Floor, Capricorn House Capricorn Park Blakewater Road BlaGkburn Lancashire BB15QR Tru8tse The General Conference of the New Church (A company limited by guarantee} Purley Chase Centre, Purley Chase Lane, Mancetter Atherstone, Warwid(shire, CV9 2RQ Administration General control and management is the responsibility of the College Council. Policy is overseen by Governors, who elect members of the Council. Land and investments are held in the name of the Trustee. Objective The main objective is the education of members of the New Church Charity Offic 25 Radcliffe New Road, Radcliffe, Manchester. M26 1 LE Banker National V*lestminster Bank plc. Prestwich, Manchester Investment Manager RBC Brewin Dolphin 12 Smithfield Street, London, EC1A 9BD Pemianent Endowment An investment fund the investment policy of which is overseen by the Trustee
THE NEW CHURCH COLLEGE CONTENTS Page College Council report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 10-20
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT FOR THE YEAR ENDED 31 MARCH 2024 This Report covers the work of the College Council for the year ended 31 March 2024. The New Church College uses the working name of The Swedenborg Open Learning Centre ISOLCe] and is based at Wellspring House. The accounts have been prepared in accordance with the accounting policies set out in note 1 to tlp accounts and comply with the College's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as arrEnded for accounting periods commencing from 1 January 2016) 1. COUNCIL MEMBERSHIP AND ATTENDANCE AT MEETINGS 1 .1 Attendance at Council Meetings The Council met, in person for one full Council meeting and on Zoom for 2 full Council meetings making a total of 3 occasions during the year in April 2023, Odober 2023 and January 2024. There was also an AGM in July 2023. This was held at Wellspring House. Membership and attendance at meetings We as follo)NS'. Council Members Councll meetlngs AGM (July Mr C Chambers, President Mr RJ Nicholls, Treasurer Ms Gwendolen Rowe, Secretary Revd M Duckworth Dr P Isherwood Mr R Kennion Mr S Kennion Revd MW Stanley The Administrator, Melanie Bennett, attended 3 full Council meetings {3 possible) by standing invitation. The Leader of Education, Revd Robin Wlooldridge attended 3 full Council meetings {3 possible) by standing invitation. Mrs Sue Chesworth (Conference Council Member) attended 2 meetings (2 possible) by standing invitation. 1.2 Attendance at the Annual Meeting The 159th Annual Meeting of Governors of the New Church College was held at Wellspring House, on Saturday 1st July 2023 with an attendance of 12 Governors and 4 guestslfriends. 2. EMPLOYEES The New Church College currently employs 1.37 fv11 time equivalent {FTE) staff.. Name Revd Robin Wooldridge Melanie Bennett ob Role Leader of Education Administrator Hours 20 35 FTE 0.87 Linda Stoney undertakes House Keeping duties on a casual basis, averaging around 2 hours a week. The work of the Leader of Education is supported by a team of tutors who are engaged on a consulta ncy basis to assist with module writing and delivery.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 3. EMPLOYEE REMUNERATION It is the current policy of the Council to follow the lead of General Conference in determining salaries. In line with this, the Council made an increase to the salaries of the Leader of Education and the Administrator by 4¥0 from 1 st May 2023. An increase of 4010 has been agreed and approved from 1 st April 2024. 4. GENERAL REVIEW OF THE WORK OF THE COLLEGE 4.1 Perfomiance ofthe Charlty IAfith the building now being open more events have been taking place. Easter Rally- April 2023 Committee of Ministers - May 2023 NCYAAGM- June 2023 159th AGM - July 2023 Summer Gathering -July 2023 Summer Camp 1- August 2023 18+ group - September 2023 How are you doing? How is your Soul?. September 23 Adventure into Lower Earth - October 23 Youth Committee weekend - December 23 Christmas Gathering - December 23 - held at Kearsley New Church 18+ weekend February 24 Journey into Lower Earth- February 24 Adventure into Lower Earth - March 24 4.2 Hlghllghts of the year- Ms Lynne Griffiths continues full time training for the ministry and is in her second y8ar. She is doing very well and is very enthusiastic. Paul Morgan has resigned from his Iraining. Revd Robin Wooldridge has continued working on the Stepping Stones courses and courses continue to be taken up. There are also three introductory courses which are a bridge beeen the Stepping Stone courses and further study. We have had one person express interest in doing a paid course. Mr Stephen Russell-Lacy is supporting him with this. The college has now run sets of workshops with some success, particularly with Revd Michael Stanley's AdventurelJourney into Lower Earth. 4.3 Future Development The college has continued to provide online courses. Workshops have been run successfully in the hlrtumn and Spring and four further workshops are planned for Autumn 2024. Mrs Karin Baynes has been r&writing the Pathway to Vtholeness Course which will be ready in 2025 for Ms Lynne Griffiths to do as part of her training. 4.4 Staff Leader of Educatlon Robin Wooldridge is now completing his third year as Leader of Education and is continuing to work on Stepping stones courses. He has continued to reach out to other organisations and we are now in partnership with the Youth Ministry University. It is an American online study site. Five members have studied with them so far. More advanced courses are also being looked at too. He continues to update the website. Admlnlstrator Melanie Bennett has continued to work, on behalf of Wellspring House, from home continuing to split her time beeen home and Wellspring House. She provides administrative support to the college but is also working hard to cover the colleg8 not having a Centre Leader. The college are deeply grateful for her tireless work keeping in contact with people and continuing to administer to the college, going abov8 and beyond. In consultation with Mr Peter Isherwood she has spent a lot of time updating the Fire and Safety procedures for the college which has demanded a tremendous amount of her time and the college is extremely grateful to her, and to Peter, for the additional work that has been put in.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Facllltles Management Due to the floods last year the decision was taken to introduce early waming systems for fire and other disasters and a new security warning system has now been deployed. The counal also approved the replacement of the roof which was in need of exiensive work. The Facilities Management team continue to work hard to maintain the fabric of Ihe building and grounds. These continue to fflourish and the college is grateful to the team who work tirelessly to ensure our beautiful building is well cared for and that the grounds stay well presented. We have continued to improve the building carrying out maintenance work as needed. Our thanks must go to all who work in this area to ensure the building and grounds are maintained. Support Staff The llege continues to benefit from the invaluable work Sue Chesworth does within her role supporting students and in working with the youth leaders, training. We sincerely thank her for her continued work in this area. Volunteers We value greatly the many lay people who volunteer at the college and provide so much support to the team. INe warmly thank them all for their commitment and dedication to the college. 4.5 SOLCe Sponsored Students In March Paul Morgan resigned as an ordination student to SOLCe. He is going to the USA in the Snrner to study at Bryn Athyn to do ordination training. Ms Lynne Griffiths is now in her second year. She is doing really well and is extremely enthusia&ic. She is on track with her studies. She has been doing some courses outside of SOLCe. She is set for ordination at Conference 2025. SOLCe Students As of March 2024, there are 38 students enrolled on SOLCe courses. This includes students doing both Stepping Stones courses, which are self-directed and those doing paid courses. Some students are doing more than one course. Our student body comes from different countries, across five continents. 4.6 Outreach The College advertises its open learning courses and events programme on the website www.swedenbor enlearnin .or uk .They are also advertised on Social Media and more recently the workshops have also been advertised on colourful booklets produced by Miss Gwendolen Rowe. These are available to those in the general public and to church members. Our endeavour is to provide a welcoming sphere for people to leam, to come together and to share in spiritual matters in a safe environment. albeit this has been on Zoom for most of the time. We continue to reach out to the wider community to build networks and lo establish new rdationships whilst always aiming to reach a wider audien. 4.7 Related Party The Trustee, The General Conference of the New Church, is a registered charity. The General Conference is entitled to a proportion of the net income resources from the Jersey Fund and provides payroll facilities for which the College pays a service charge. The College also relies on the support of Conference for tLrtors, examiners and modultrwriters. 4.8 Governors Th@re are currently.. Honorary Governors - 3 Lrfe Governors - 5 Honorary Life Governors - 5 Annual Governors- 40 Making a total of 53 in all.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financlal review 5.0 FINANCE 5.1 Annual Accounts The Treasurer reported 8 net decrease in resources of £33,351 before capital movements for the year to 31 st March 2024. (decrease of £9,651 in 2023). During the year, losses on the disposal of investments of £2.335 were realised with notional gains of £295,565 arising from the revaluation of investments. The budget for 2023-2024 projected a deficit of £25,000 {before investment management fees) but the actual deficit for the year was lower at £19,062 before investment management fees and a deficit of £33,351 when these are included. The deficit was caused by a on&off cost relating to the replacement of the roof. The main reason for the improvement compared with the original budgeted loss was slightly lower expendilure by stsff against their budgets plus reduced council and staff expenditure. A budget for 2024-2025 projects a surplus of £7.000 before any adjustments arising on the real and notional gains and losses or charges for managing our investments. 5.2 Invostments The unrestricted funds, including the Jersey Fund, are amalgamated to minimise trading costs and kn form a larger portfolio. The funds continue to be separated from an accounting point-of-view. Brewin Dolphin. continue to follow the agreed investment policy statement which provided additional flexibility to the managers around our investment categories to hopefully improve income from our investments. 6.0 FUNDING AND RESERVES POLICY AND RISK REVIEW Objectlve The objective of the Charity is staled in the Charity Commission Scheme dat8d 13th July 1977. This states that the Charity shall promote the education of members of the New Church, with emphasis upon the doctrire and lrfe of the New Church. The land and investments belonging to the Charity shall be held in the name of Ire Trustee (The General Conference of the New Church). The income from investments held in the name of the Trustee in accordance with the Charity Commission Scheme dated 13th July 1977, is by agreement paid directly to the College. Princlple The New Church College operates to a balanced budget, while recognising Ihat, within each individual year, small operating surplus or deficit may arise. Any deviation from this objective will be agreed with the Trustee in advance. Monies available to the College are invested to obtain both an inrne and capital groW(h. The income is used to fund the day-to-day activities of the College, while the capital growth ensures the continuing viabilty of The College, enabling il to meet future commitments and objectives. Small donations and legacies, which are not given for a specific purpose, will be used at the discretion of the College Council to fund and enhance the daY-ldaY activities of the College. Substantial donations and legacies may be added to reserves to fund the future development of The College's Objective. These monies will be added to the Non-Permanent Endowment account at the discretion of the Treasurer of the College, in consultation with the Council. Donations or legacies that are given for a specrfic purpose may require the establishment of new endowment funds. Idldhen required, these will be set up.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The handling of these accounts, the level of reserves. and investment policy are subject to regular VIeW by the Council at its meetings, and as part of the annual budgeting exercise. To assist in this objective. The New Church College currently operates the following accounts.. National Westminster Bank account. This is used for meeting day-to4ay operating expenses. Investment accounts are detailed below. In addition. the Council and the Trustee have responsibilty for the assets as defined on the Balance Sheet. including the property in which the College currently resides. Investment accounts opersted by Brewin Dolphin Securities Ltd. Deposit accounts. For each of the investment accounts below. Brewn Dolphin hold cash balances from the purchase and sale of investments and to meet transaction expenses. Permanent endowment account established under the Charity Commission Scheme. This restricted fund contains the investments as defined in the Scheme. Over time, the detailed investments have changed as the result of sound investment decisions, but the principle of income together with capital growih remains. (These funds fall under the definits.on of Permanent Endowment as defined in the Charities Reserves booklet CC19, and are therefore not classed as reserves). In one combined account, the two following funds are maintained with separate records of income kept for the trNo constituent funds. The non-permanent endowment account contains additional non-restricted funds that have been donated to the Charity over time. These have been invested in line with the above principle, thus increasing investment income while alloviing additional flexibility for funds as required by the Council. (These funds fall under the definition of Expendable Endowment as defined in the Charities Reserves booklet CC19, and are therefore not classified as reserves). The Jersey Educational Fund was established following a substantial donation from the Jersey Society, and the non-restricted fund was estsblished so that the income from the Fund would be allocated to the College for the development of New Church education. This is administered in line with the 'Memorandum of Intent, agreed by the Councils of the General Conference of the New Church and of The New Church College, signed on 8th April 1998. (These funds fall under the definits.on of ExpendatAe Endowment as defined in the Charities Reserves booklet CC19, and are therefore not classified as reseDies). Note. Included within the funds, which are administered on behalf of the College by Brewin Dolphin, are investments in both the General Conference Pool, which is administered by the General Conference of the New Church. and the COIF Charity Funds administered by CCLA Investment Management Ltd. This means that The New Church College does not currently hold reseples as defined in the Charities Reserves booklet CC19. This policy is subject to an annual review as part of the budgeting process to ensure that the re*rves still meet the qUirements of the Charity, and that the policy is still being follovrfed.
THE NEW CHURCH COLLEGE COLLEGE COUNCIL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEE'S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity trustee is responsible for preparing an annual report and financial statements in acccydance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This activity is managed by the Treasurer (whose nomination for the post must be approved by the Trustees) and with the College Council on behalf of the Trustees. The law applicable to charities in England and Vlales requires the charity trustee to prepare finarLial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustee is required to.. Select suitable accounting policies and then apply these consistently. Observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the ongoing conrn basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial p051tion of the charity and enables it to ensure that the financial statements ccvnply with the Charities Act 2011 and the pravisions of the charity's constitution. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraLKI and other irregularities. Structure, governance and managament The College is a charitsble incorporated organisation registered viith the Charity Commission, which is managed by the College Council on behalf of its trustee, The General Conference of the New Church. The College Council who served during the year and up to the date of signature of the financial statements were.. Mr C Chambers Mr R J Nicholls Ms G Rowe Revd M Duckworth Dr P Isherwood Mr R Kennion Mr S Kennion Revd M W Stanley The College Council report was approved on behalf of College Council. Mr C Chambers President Dated.. MrR Icholls Treasurer Dated..
THE NEW CHURCH COLLEGE INDEPENDENT EXAMINER'S REPORT TO THE COLLEGE COUNCIL OF THE NEW CHURCH COLLEGE I report to the College Council on my examination of the financial statements of The New Church College (the College) for the year ended 31 March 2024. Responslbllltle8 and basis of report As the College Council of the College you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the College's financial statements carried out under setxion 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5}(b) of the 2011 Act. Independent exaMineS ststement Your attention is drawn to the fact that the charity has prepared financial statements in accordarrE with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) in preference to theAccounting and Reporting by Charities- Statement of Recommended Pradice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the College as required by section 130 of the 2011 Act. or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements conceming the form and content of arxounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter Considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 4n¥Kts (,- Anthea Grange FCA DOLA IASS Ground toor, Capricom H Capricorn Park Blakewater Road Blackbum Lancashire BB1 5QR use
THE NEW CHURCH COLLEGE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrostricted Unrestricted Restrlcted funds funds Endowment general Jersey funds 2024 2024 2024 Total Total 2024 2023 Notes Donations and legacies Other trading activities Investments Other income 16.499 3.572 75,341 11,434 16,499 3.572 87,884 11,434 17.788 4,757 84,231 23,938 12,543 Totsl income 106,846 12,543 119,389 130,694 Raising funds 11.605 2,685 14,290 13.912 Charitable activities 138,451 138,451 126,433 Total resources •xpended 150,056 2,685 152,741 140,345 Net gainsl{losses) on investments 11 104.049 40,612 148,570 293,231 (225,730) Net incomingl(outgolng) resources b•fore transfers 60,839 50,470 148,570 259,879 (235,381) Gross transfers between funds 20,840 (12,275) (8,585) Nat movement in funds 81,679 38,195 140,005 259,879 (235,381) Fund balances at 1 April 2023 1,178,765 407,332 1,582,592 3,168,689 3,404,070 Fund balances at 31 March 2024 1,260,444 445,527 1,722,597 3,428,568 3,168,689 The statement of financial activities includes all gains and losses recognised in the year. The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE NEW CHURCH COLLEGE BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed assets Investments 13 3,400,722 3,121,608 Current assets Debtors Cash at bank and in hand 14 8,421 42,270 10,775 53,229 50,691 64,004 Creditors: afflounts falling due withln one year 15 (22.845} {16,923) Net current assets 27,846 47,081 Total assets less current liabilitias 3,428,568 3,168,689 Capital funds Endowment funds Income funds Unrestricted funds - Jersey Education Unrestricted funds - general 16 1.722,597 1.582,592 17 445,527 1,260,444 407,332 1,178,765 3,428,568 3.168.689 The accounts were approved by the College Council on .. Mr C Chambers Presld•nt
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polieles Charlty inforniation The charity was established by way of a Charity Commission Scheme dated 13 July 1977. 1.1 Accounting convention The accourrts have been prepared in accordan with the College's governing document, the Charities Act 2011 and 'AcGounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2018). The College is a Public Benefit Entity as defined by FRS 102. The College has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to Ihe extent required to provide a true and fair view. This departur8 has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended practi which is referred to in the Regulations bLrt which has Sin been withdrawn. The financial statements are ppared in sterling. vthich is the functional currency of the College. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and to indude investment properties and certain financial instrLments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the College Council have a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. Thus the College Council continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted ndS are available for use at the discretion of the College Council in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purpose5 and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the College. 1.4 Income Income is rewgnised when the College is legally entitled to it after any perfonnance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the College has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the College has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 10-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir&t costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Flxed asset Investments Fixed asset investmen15 are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial Instruments The College has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of Èts financial instruments. Financial instruments are recognised in the College's balance sheet vthen the College becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, vthen there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultsneously. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reGeipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, vthere the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. 11
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {Continued) Derecognltlon of financlal liabilities Financial liabilities are derecognised when the College's contractual obligations expire or are discharged or cancelled. 1.9 Employee beneftts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the College is demonstrably commttted to terniinate the employment of an employee or to provide termination benefits. Crlti¢al accountlng estimates and judgements In the application of the College's accounting policies, the College Council 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 are considered to be relevant. Actual results may drffer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects Lmly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestrlctsd funds 2024 Unrestrlcted funds 2023 Donations and gifts 16,499 17,768 Income from other trading actlvitles Unrestrlcted Unrestricted funds funds 2024 2023 Fees 3,572 4,757 12-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestrlcted Unrestricted funds funds general Jersey Total 2024 Total 2023 Use of college premises Income from listed investments 454 74,887 454 87,430 690 83.541 12,543 75.341 12,543 87,884 84.231 For the year endod 31 March 2023 72,890 11,341 84,231 Other Income Unrestrlcted Unrestrl¢ted funds funds 2024 2023 Other income 11,434 23,938 Raising funds Unrestrlcted Unrestricted funds funds general Jersey Total 2024 Total 2023 men 11,605 2,685 14.290 13,912 11,605 2,685 14,290 13,912 Forthe year ended 31 March 2023 Investment management 11,280 2,632 13,912 13-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable actlvlties Charitsble Charltable Expenditure Expenditure 2024 2023 staff costs Module writing and tutorial expenses Support services Leaders budgets Library including distance learning Office equipment- purchases, leasing and maintenance Propety expenses - regular Propety expenses - other Jersey Fund conference student support Catering and housekeeping Telephone, fax and internet Stationery and postages Council and staff expenses Miscellaneou5 Bank and interest charges Professional fees {excl. JEF) Other charitable expenditure 53,988 4,953 108 832 35 2,795 13,928 40,641 8,780 2,706 993 618 1,884 2,744 148 3,300 50,729 3,242 51 1,512 85 2,638 10,010 41,595 7,939 578 880 262 1,853 1,447 132 3,400 80 138,451 126,433 138,451 126,433 Professional fees includes payments to the Independent Examiner of £3,300 {2023- £3,300) for examination of the accounts. College Council None of the College Council (or any person5 connected with them) received any remuneration or benefits from the College during the year. 14-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Administration Spiritual and education leaders Employment costs 2024 2023 Wages and salaries 53,988 50,729 There were no employees whose annu81 remuneration was £60,000 or more. 11 Net gainsl(losses) on investments Unrestricted Unrestricted Restrlcted funds funds Endowment general Jetsey funds Total 2024 Total 2023 Revaluation of investments Gainl(loss) on sale of investments 104,496 (447) 41,009 (397) 150,060 (1,490) 295,565 {2,334) {190,554) (35,176) 104,049 40,612 148,570 293,231 {225,730) For th• year ended 31 March 2023 (56,683) (34,371) {134,676) {225,730) 15-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 16-
Co CO - ¢+ ¢f+ U<<>LLCi
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2024 2023 Amounts falllng dua wlthln one year: Corporation tax recoverable Other debtors Prepayments and accru8d income 275 3,268 4.878 350 5,882 4.563 8,421 10,775 15 Creditors: amounts falling due wlthin one year 2024 2023 Accruals and deferred income 22,845 16.923 16 Endowment funds Endowment funds represent assets which must be held permanently by the College. Income arising on the endowment funds can be used in accordance with the objects of the College and is induded as unrestricted income. Any capital gains or losses arising on the assets fomi part of the fund. At 1 April 2023 Transfers Gains and At 31 March losses 2024 Pemianent endowments 1,582,592 (8.565) 148,570 1,722,597 Prevlous year: At 1 April 2022 Transfers Gains and At 31 March losses 2023 Pemianent endowments 1,723,558 (6,290) (134,676) 1,582,592 18-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Unrestricted funds - Jersey These are unrestricted funds vA)ich are material to the College's activities. At 1 Aprfl 2023 Incoming resourc8S Resources expended Transfers Galns and At 31 March losses 2024 407.332 12,543 (2,685) (12,275) 40,812 445,527 Prevlous year: At 1 April 2022 Incoming resources Resources expended Transfers Galns and At 31 March losses 2023 443,878 11,341 (2.632) {10,884) (34,371) 407,332 18 Unrestrfcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they rnay be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Gains and At 31 March Iossgs 2024 At 1 Aprll 2023 Incomlng resources Resources expended Transfers General funds 1,178,765 106,846 {150,056) 20,840 104,049 1,260,444 Pr•vlous year: At 1 April 2022 Incomlng resources Resources expended Transfers Galns and At 31 March losses 2023 General funds 1,236,634 119,353 (137,713) 17,174 (56,683) 1,178,765 19 Analysls of net assets between funds Unrestrlcted Unrestricted Endowment funds funds funds general Jersey 2024 2024 Totsl 2024 2024 At 31 March 2024: Investments Current assetsl(liabilities) 1,233,613 26.831 445,120 407 1,721,989 608 3,400,722 27.846 1.260,444 445,527 1,722,597 3,428,568 19-
THE NEW CHURCH COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysls of net assets between funds (Continued) Unrestrictod Unrestrlcted Endowment funds funds funds general Jersey 2023 2023 Totsl 2023 2023 At 31 March 2023: Investments Current assetsl(liabilities) 1,132,590 46,175 407,193 139 1,581,825 767 3,121,608 47,081 1,178,765 407,332 1.582,592 3.168,689 20 Related party transactions There were no disclosable related paty transadions during the year (2023 - none). -20-