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 


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: 


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


**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**<br>**for the Year Ended 30 September 2021**|**Notes to the Financial Statements - continued**<br>**for the Year Ended 30 September 2021**|**Notes to the Financial Statements - continued**<br>**for the Year Ended 30 September 2021**|**Notes to the Financial Statements - continued**<br>**for the Year Ended 30 September 2021**|**Notes to the Financial Statements - continued**<br>**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: 

|<br>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