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← Scottish United Reformed And Congregational College

2021-12-31-accounts

REGISTERED CHARITY NUMBER: SC004318

Report of the Trustees and Unaudited Financial Statements

for the Year Ended 30 September 2021

for

Scottish United Reformed and Congregational College

MacMillan Craig, Chartered Accountants Festival Business Centre 150 Brand Street Glasgow GSIIDH

Scottish United Reformed and Congregational College

Contents of the Financial Statements for the Year Ended 30 September 2021

Page Report of the Trustees to 3 Independent Examiner's Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes to the Financial Statements 7 to 13 Detailed Statement of Financial Activities 14

Scottish United Reformed and Congregational College

Report of the Trustees for the Year Ended 30 September 2021

The trustees present their report with the financial statements of the charity for the year ended 30 September 2021. The trustees have adopted the provisions of Accounting 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 !02) (effective I January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal task of the College is to train men and women for ministry in the United Reformed and Congregational Churches.

Significant activities

The College is a charity with educational purposes for the preparation and on-going learning of the ministry of the Church within the United Reformed Church and Congregational Churches. It is recognised by the United Reformed Church Assembly as a resource centre for learning. Under a partnership agreement, it provides education and training services for the Synod of Scotland of the United Reformed Church for the development and support of the ministry of the whole people of God.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The principal task of the College is to train individuals for ministry in the United Reformed and Congregational Churches. This has been the sole activity during the year. In the course of this year, the College has been responsible for initial ministerial education with ordinands entrusted to it by the United Reformed Church, including direct educational delivery, liaison with educational partners and management of placements.It makes provision for ministerial continuing education through direct delivery of educational courses, educational guidance to ministers and others in authorised ministries, management of learning programmes and educational grants and educational advice to the church. Since March 2020 training and education has taken a very different course due to the pandemic with much more on line and distance learning.Where in person sessions have been possible in a Covid secure way these have taken place.

Investment performance

Our underlying investments have reduced due to the impact of COVID on the stock market. The reduction in the value of the FTSE I00 was just over 2% in the accounting period. The college investment portfolio showed a growth in value of about 8% which gave re-assurance that our investment policy is meeting needs.

FINANCIAL REVIEW

Principal funding sources

The College's principal source of external funding is education fees for students. Internal funding is delivered from reserves and a gradual spend down of the reserves. As at the date of this report ongoing discussions were still taking place with the main funder to agree a new long-term basis for calculation of payment. An interim settlement had been agreed for 2021 - 2022 which covers a significant part of the substantial shortfall being seen.

Investment policy and objectives

The College's investments are managed on a discretionary basis by stockbrokers Rathbones. The instructions given are for a policy of balancing income and capital growth. The policy on investment was formally reviewed in February 2020 by the Management Committee and the updated policy was provided to our stockbrokers.

The College, following Union of the United Reformed Church and the Congregational Union of Scotland, considered it appropriate to adopt the wider United Reformed Church Policy on investment and refuse to invest in organisations which generate a significant proportion of their profit from the sale or production of alcohol, tobacco, carbon energy and weapons.This position was re-confirmed as part of the overall investment policy review in February 2020.

Reserves policy

The long term aim of the Management Committee is that year on year the running costs of the College should be met from recurring revenue sources. Unrestricted funds should be held at such a level that emergency expenses can be incurred promptly in the interests of, for example, health and safety. The College's unrestricted funds exceed the short term requirements outlined above.

FUTURE PLANS

With this legal entity closing as a charity at 31 December 2021 there are no fonnal future plans. All assets and any liabilities have been transferred to the successor body as of I October 2021. As at the date of this report all activity 1s now being undertaken by the su cessor organisation.

Pagel

Report of the Trustees

for the Year Ended 30 September 2021

Scottish United Reformed and Congregational College

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The College has origins dating back to 1811 and is governed by a constitution. The college is an unincorporated organisation.

The membership and the trustees decided in 2019 that the college should change its legal status and become a Scottish Charitable Incorporated Organisation (SCIO). The work to create the new organisation called The Scottish College (Congregational & United Reformed) with a charity number SC051195 has been completed. Members and trustees have agreed the transfer of assets and liabilities which took place on 1 October 2021. This organisation ceased to be a charity on 31 December 2021.

Trustee appointment

Interim vacancies for trustees are filled by the existing trustees until the following Annual Meeting of the College. Such power to appoint is agreed at the Annual General Meeting for the period until the following AGM. Trustees are thereafter elected at the Annual General Meeting in line with the constitution.

Organisational structure

The affairs of the College are governed by the Annual General Meeting which determines overall policy. Responsibility for implementing policy is delegated to the College Management Committee and the Principal is accountable to this committee for academic leadership and for the management of the college's life within said policies. Limited delegated financial powers have been agreed to ensure effective administration of the College.

Induction and training of new trustees

New trustees are given on-going guidance to ensure that they are familiar with the College's values, aims and objectives together with its day to day operations, in addition to clarifying their statutory responsibilities as trustees of the charity.

Risk management

The Management Committee have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to identify and mitigate the exposure to major risks. Our main risks are: deflation, impacting the value of investments and our property asset; recession following COVID with impact upon income; a critical dependency on one external funder (United Reformed Church), unexpected liabilities for the office building we purchased in 2019; and the College has recognised that there is a key person risk. Mitigation of the key risks have been identified and are being acted upon.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

SC004318

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MacMillan Craig, Chartered Accountants Festival Business Centre 150 Brand Street Glasgow G51 IDH

Gillespie Macandrew LLP 5 Athol! Crescent EDINBURGH EH3 8EJ

Page2

Scottish United Reformed and Congregational College

Report of the Trustees for the Year Ended 30 September 2021

Approved by order of the board of trustees on 15 February 2022 and signed on its behalf by:

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Pagc3

Independent Examiner's Report to the Trustees of Scottish United Reformed and Congregational College

I report on the accounts for the year ended 30 September 2021 set out on pages five to thirteen.

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's trustees consider that the audit requirement of Regulation IO(l)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(l)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the a.ccounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(I) which gives me reasonable cause to believe that, in any material respect, the requirements

to keep accounting records in accordance with Section 44(l)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

n in order to enable a proper understanding of the accounts to be reached.

Glasgow G511DH

15 February 2022

Page 4

Scottish United Reformed and Congregational College

Statement of Financial Activities

for the Year Ended 30 September 2021

30.9.21 30.9.20 30.9.20
Unrestricted Restricted Endowment Total Total
fund funds fund funds funds
Notes £ £ £ £ £
INCOME AND ENDOWMENTS
FROM
Donations and legacies 2 171 171 192
Charitable activities 4
Delivery of educational services 80,288 80,288 79,248
Investment income 3 22,960 1,163 24,123 15,018
Total 103,419 1,163 104,582 94,458
EXPENDITURE ON
Charitable activities 5
Delivery of educational services 92,387 4,587 96,974 101,439
Net gains/(losses) on investments 35,464 4,675 40,139 (42,944)
NET
INCOME/(EXPEND!TURE) 46,496 1,251 47,747 (49,925)
RECONCILIATION OF FUNDS
Total funds brought forward 435,384 97,204 7,650 540,238 590,163
TOTAL FUNDS CARRIED
FORWARD 481,880 98,455 7,650 587,985 540,238
--- --- --- --- ---

The notes form part of these financial statements

Page 5

Scottish United Reformed and Congregational College

FIXED ASSETS
Notes
Tangible assets
II
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one
year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Balance Sheet
30 September 2021
Unrestricted
Restricted
fund
funds
£
£
110,200
319,597
93,645
429,797
93,645
3,954
343
52,432
4,467
56,386
4,810
(4,303)
52,083
4,810
481,880
98,455
481,880
98,455		 Endowment
fund
£
7,650
7,650
7,650
7,650		 30.9.21
Total
funds
£
I10,200
420,892
531,092
4,297
56,899
61,196
(4,303)
56,893
587,985
587,985		 30.9.20
Total
funds
£
I 12,619
381,898
494,517
24,878
24,166
49,044
(3,323)
45,721
540,238
540,238
481,880
98,455
7,650
587,985		 435,384
97,204
7,650
540,238

The financial statements were approved by the Board of Trustees and authorised for issue on 15 February 2022 and were signed on its behalf by:

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The notes form pa.rt of these financial statements

Page6

Notes to the Financial Statements for the Year Ended 30 September 2021

Scottish United Reformed and Congregational College

I. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with tl1e Charities SORP (FRS 102) 'Accounting 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) (effective I January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comrmttmg the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property 20% on cost Fixtures and fittings 33% on cost Computer equipment 33% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for the following:

Property Reserve Fund: Restricted to be used on upkeep of property.

Bursary Funds: Restricted to be used for the provision of assistance to students under the auspices of the College Miss Baxter's Scholarship Trust: restricted for the funding of student scholarships

Permanent Endowment Funds:

Miss Baxter's Endowment Account: Restricted for use in respect of expenses of the College Principal.

Pension costs and other post retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments are shown at market value with the exception of the College feu duties and ground annuals which are shown at cost. Net realised and unrealised gains and losses are included in the statement of financial activities.

Page?

continued...

Scottish United Reformed and Congregational College

Notes to the Financial Statements - continued

for the Year Ended 30 September 2021

2. DONATIONS AND LEGACIES

30.9.21 30.9.20
£ £
Donations - including Friends of College 171 192
--
3. INVESTMENT INCOME
30.9.21 30.9.20
£ £
Dividends received 23,897 14,789
Deposit account interest 16 21
Loan stock interest 210 208
24,123 15,018
--- ---
4. INCOME FROM CHARITABLE ACTIVITIES
30.9.21 30.9.20
Activity £ £
Seminars and courses Delivery of educational services 5,400 5,400
Student education funds Delivery of educational services 60,646 62,119
Reimbursement ofprincipal's
expenses Delivery of educational services 2,900 774
Training services Delivery of educational services 11,342 10,955
80,288 79,248
--- ---
5. CHARITABLE ACTMTIES COSTS
Direct Support
Costs (see costs (see
note 6) note 7) Totals
£ £ £
Delivery ofeducational services 94,754 2,220 96,974
---
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
30.9.21 30.9.20
£ £
Staff costs 69,573 70,492
Insurance 826
Printing, publications, postage 524 308
Sundries 5,873 4,076
Principal's travel and subsistence 843 1,807
Honoraria 4,000 4,000
Student costs 5,057 6,550
Travel, committee and college staff 327 1,841
Seminars and courses 1,332 2,482
Property management charges 3,761 4,927
Depreciation 2,638 2,736
94,754 99,219
---
7. SUPPORT COSTS
Governance
costs
£
Delivery of educational services 2,220
--

continued...

Page 8

Scottish United Reformed and Congregational College

Notes to the Financial Statements - continued

for the Year Ended 30 September 2021

7. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Governance costs

Independent examination

30.9.21 30.9.20
Delivery
of
educational Total
services activities
£ £
2,220 2,220
-- --

8. TRUSTEES' REMUNERATION AND BENEFITS

The principal, , is a trustee of the College. During the year he received a salary of £48,063 (2020: £47,851), and had pension contributions made of £5,745 (2020: £5,670).

Trustees' expenses

The charity met individual expenses incurred by three trustees for services provided to the charity during the year. The total of these expenses was £120 (2020: £110) for telephone, and £824 (2020: £1,648) for travel.

9. STAFF COSTS

STAFF COSTS
30.9.21 30.9.20
£ £
Wages and salaries 62,046 62,083
Social security costs 1,782 2,738
Other pension costs 5,745 5,671
69,573 70,492
--- ---
The average monthly number of employees during the year was_as_follows:
30.9.21 30.9.20
Principals I I
Administration 2 2
3 3
-- --

No employees received emoluments in excess of £60,000.

IO. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Restricted Endowment Total
fund funds fund funds
£ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 192 192
Charitable activities
Delivery of educational services 79,248 79,248
Investment income 13,865 1,153 15,018
Total 93,305 1,153 94,458
EXPENDITURE ON
Charitable activities
Delivery of educational services 95,912 5,527 101,439
Net gains/(losses) on investments (37,953) (4,991) (42,944)
NET INCOME/(EXPENDITURE) (40,560) (9,365) (49,925)
RECONCILIATIONOF FUNDS
Total funds brought forward 475,944 106,569 7,650 590,163
Page 9 continued...

Page 9

Scottish United Reformed and Congregational College

Notes to the Financial Statements - continued for the Year Ended 30 September 2021

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021		 Notes to the Financial Statements - continued
for the Year Ended 30 September 2021		 Notes to the Financial Statements - continued
for the Year Ended 30 September 2021		 Notes to the Financial Statements - continued
for the Year Ended 30 September 2021		 Notes to the Financial Statements - continued
for the Year Ended 30 September 2021
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES-continued
Unrestricted Restricted Endowment Total
fund funds fund funds
£ £ £ £
TOTAL FUNDS CARRIED FORWARD 435,384 97,204 7,650 540,238
--- --- --- ---
11. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Computer
property property fittings equipment Totals
£ £ £ £ £
COST
At I October 2020 102,854 12,000 28,384 1,982 145,220
Additions 219 219
At 30 September 2021 102,854 12,000 28,384 2,201 145,439
DEPRECIATION
AtIOctober 2020 2,400 28,384 1,817 32,601
Charge for year 2,400 238 2,638
At 30 September 2021 4,800 28,384 2,055 35,239
NET BOOK VALUE
At 30 September 2021 102,854 7,200 146 110,200
--- --- ---
At 30 September 2020 102,854 9,600 165 112,619
--- --- --- --- ---
12. FIXED ASSET INVESTMENTS
30.9.21 30.9.20
£ £
Shares 420,724 381,730
Other 168 168
420,892 381,898
---
Additional information as follows:
Cash and
Listed settlements
investments pending Totals
£ £ £
MARKET VALUE
AtIOctober 2020 370,175 11,555 381,730
Additions 24,876 24,876
Disposals (25,253) (25,253)
Revaluations 39,371 39,371
At 30 September 2021 409,546 11,178 420,724
NET BOOK VALUE
At 30 September 2021 409,546 11,178 420,724
--- --- ---
At 30 September 2020 370,175 11,555 381,730
--- --- ---
There were no investment assets outside the UK.
Cost or valuation at 30 September 2021 is represented by:
Cash and
Listed settlements
investments pending Totals
£ £ £
Valuation in 2021 409,546 11,178 420,724
--- --- ---

Page 10

continued...

Scottish United Reformed and Congregational College

Notes to the Financial Statements - continued

for the Year Ended 30 September 2021

12. FIXED ASSET INVESTMENTS - continued

Investments (neither listed nor unlisted) were as follows:

30.9.21 30.9.20
£ £
Feu duties 50 50
Ground annuals 118 118
168 168
-- --

The historical cost of fixed assets investments as at 30 September 2021 was £317,168 (2020: 317,545).

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.21 30.9.20
£ £
Fees due from Trust 3,081 24,878
Prepayments 1,216
4,297 24,878
--- ---
14. CREDITORS: AMOUNTS FALLING DUE WJTIIlN ONE YEAR
30.9.21 30.9.20
£ £
Social security and other taxes 1,114 1,057
Accrued expenses 3,189 2,266
4,303 3,323
-- --

15. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Net
At movement At
1.10.20 in funds 30.9.21
£ £ £
Unrestricted funds
General fund 435,384 46,496 481,880
Restricted funds
Miss Mary Ann Baxter Scholarship Trust 36,167 5,838 42,005
Property reserve 38,609 (4,587) 34,022
Bursary fund 22,428 22,428
97,204 1,251 98,455
Endowment funds
Pennanent Endowment 7,650 7,650
TOTAL FUNDS 540,238 47,747 587,985
--- --- ---

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 103,419 (92,387) 35,464 46,496
Restricted funds
Miss Mary Ann Baxter Scholarship Trust 1,163 4,675 5,838
Property reserve (4,587) (4,587)
1,163 (4,587) 4,675 1,251
TOTAL FUNDS 104,582 (96,974) 40,139 47,747
--- --- ---

Page 11

continued...

Scottish United Reformed and Congregational College

Notes to the Financial Statements - continued for the Year Ended 30 September 2021

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Comparatives for movement in funds
Net
At movement At
1.10.19 in funds 30.9.20
£ £ £
Unrestricted funds
General fund 475,944 (40,560) 435,384
Restricted funds
Miss Mary Ann Baxter Scholarship Trust 40,605 (4,438) 36,167
Property reserve 43,536 (4,927) 38,609
Bursary fund 22,428 22,428
106,569 {9,365) 97,204
Endowment funds
Pennanent Endowment 7,650 7,650
TOTAL FUNDS 590,163 (49,925) 540,238
--- --- ---

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 93,305 (95,912) (37,953) (40,560)
Restricted funds
Miss Mary Ann Baxter Scholarship Trust 1,153 (600) (4,991) {4,438)
Property reserve (4,927) (4,927)
1,153 (5,527) (4,991) {9,365)
TOTAL FUNDS 94,458 (101,439) (42,944) (49,925)
--- --- --- ---

A current year 12 months and prior year 12 months combined position is as follows:

Net
At movement At
1.10.19 in funds 30.9.21
£ £ £
Unrestricted funds
General fund 475,944 5,936 481,880
Restricted funds
Miss Mary Ann Baxter Scholarship Trust 40,605 1,400 42,005
Property reserve 43,536 (9,514) 34,022
Bursary fund 22,428 22,428
106,569 (8,114) 98,455
Endowment funds
Permanent Endowment 7,650 7,650
TOTAL FUNDS 590,163 (2,178) 587,985
--- --- ---

Page 12

continued...

Scottish United Reformed and Congregational College

Notes to the Financial Statements - continued

for the Year Ended 30 September 2021

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:


follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 196,724 (188,299) (2,489) 5,936
Restricted funds
Miss Mary Ann Baxter Scholarship Trust 2,316 (600) (316) 1,400
Property reserve (9,514) (9,514)
2,316 (10,114) (316) (8,114)
TOTAL FUNDS 199,040 (198,413) (2,805) (2,178)
--- ---

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2021.

Page 13

Scottish United Reformed and Congregational College

Detailed Statement of Financial Activities for the Year Ended 30 September 2021

30.9.21 30.9.20
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations - including Friends of College 171 192
Investment income
Dividends received 23,897 14,789
Deposit account interest 16 21
Loan stock interest 210 208
24,123 15,018
Charitable activities
Seminars and courses 5,400 5,400
Student education funds 60,646 62,119
Reimbursement of principal's expenses 2,900 774
Training services 11,342 10,955
80,288 79,248
Total incoming resources 104,582 94,458
EXPENDITURE
Charitable activities
Wages 62,046 62,083
Social security 1,782 2,738
Pensions contributions 5,745 5,671
Insurance 826
Printing, publications, postage 524 308
Sundries 5,873 4,076
Principal's travel and subsistence 843 1,807
Honoraria 4,000 4,000
Student costs 5,057 6,550
Travel, committee and college staff 327 1,841
Seminars and courses 1,332 2,482
Property management charges 3,761 4,927
Improvements to property 2,400 2,400
Fixtures and fittings 24
Computer equipment depreciation 238 312
94,754 99,219
Support costs
Governance costs
Independent examination 2,220 2,220
Total resources expended 96,974 101,439
Net income/(expenditure) before gains and losses 7,608 (6,981)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 768
Net income/(expenditure) 8,376 (6,981)
--- ---

This page docs not form part of the statutory financial statements

Page 14