Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-01false6155falsefalse 02746545 2022-07-01 2023-06-30 02746545 2021-07-01 2022-06-30 02746545 2023-06-30 02746545 2022-06-30 02746545 2021-07-01 02746545 1 2022-07-01 2023-06-30 02746545 1 2021-07-01 2022-06-30 02746545 5 2022-07-01 2023-06-30 02746545 5 2021-07-01 2022-06-30 02746545 d:Director1 2022-07-01 2023-06-30 02746545 d:Director3 2022-07-01 2023-06-30 02746545 d:Director4 2022-07-01 2023-06-30 02746545 d:Director9 2022-07-01 2023-06-30 02746545 d:Director10 2022-07-01 2023-06-30 02746545 d:Director11 2022-07-01 2023-06-30 02746545 d:RegisteredOffice 2022-07-01 2023-06-30 02746545 d:Agent1 2022-07-01 2023-06-30 02746545 e:Buildings e:ShortLeaseholdAssets 2022-07-01 2023-06-30 02746545 e:Buildings e:ShortLeaseholdAssets 2023-06-30 02746545 e:Buildings e:ShortLeaseholdAssets 2022-06-30 02746545 e:PlantMachinery 2022-07-01 2023-06-30 02746545 e:PlantMachinery 2023-06-30 02746545 e:PlantMachinery 2022-06-30 02746545 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02746545 e:FurnitureFittings 2022-07-01 2023-06-30 02746545 e:OfficeEquipment 2022-07-01 2023-06-30 02746545 e:OfficeEquipment 2023-06-30 02746545 e:OfficeEquipment 2022-06-30 02746545 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02746545 e:ComputerEquipment 2022-07-01 2023-06-30 02746545 e:ComputerEquipment 2023-06-30 02746545 e:ComputerEquipment 2022-06-30 02746545 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02746545 e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02746545 e:CurrentFinancialInstruments 2023-06-30 02746545 e:CurrentFinancialInstruments 2022-06-30 02746545 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02746545 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 02746545 e:ShareCapital 2023-06-30 02746545 e:ShareCapital 2022-06-30 02746545 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02746545 e:RetainedEarningsAccumulatedLosses 2023-06-30 02746545 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 02746545 e:RetainedEarningsAccumulatedLosses 2022-06-30 02746545 e:RetainedEarningsAccumulatedLosses 2021-07-01 02746545 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 02746545 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 02746545 e:FinancialAssetsAmortisedCost 2023-06-30 02746545 e:FinancialAssetsAmortisedCost 2022-06-30 02746545 e:FinancialLiabilitiesAmortisedCost 2023-06-30 02746545 e:FinancialLiabilitiesAmortisedCost 2022-06-30 02746545 d:OrdinaryShareClass1 2022-07-01 2023-06-30 02746545 d:OrdinaryShareClass1 2023-06-30 02746545 d:OrdinaryShareClass1 2022-06-30 02746545 d:FRS102 2022-07-01 2023-06-30 02746545 d:Audited 2022-07-01 2023-06-30 02746545 d:FullAccounts 2022-07-01 2023-06-30 02746545 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02746545 e:WithinOneYear 2023-06-30 02746545 e:WithinOneYear 2022-06-30 02746545 e:BetweenOneFiveYears 2023-06-30 02746545 e:BetweenOneFiveYears 2022-06-30 02746545 e:MoreThanFiveYears 2023-06-30 02746545 e:MoreThanFiveYears 2022-06-30 02746545 2 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02746545









MØLLER INSTITUTE LIMITED


DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
MØLLER INSTITUTE LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr Richard Leather 
Mr Timothy F How 
Professor Dame Athene M Donald 
Mrs Tamsin M James 
Dr Simon H Bittleston 
Professor Tim Minshall 




REGISTERED NUMBER
02746545



REGISTERED OFFICE
Churchill College

Cambridge

Cambridgeshire

CB3 0DS




INDEPENDENT AUDITORS
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ




BANKERS
Lloyds Bank
Endeavour House

Chivers Way

Histon

Cambridge

CB24 9ZR





 
MØLLER INSTITUTE LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Balance Sheet
 
 
10
Statement of Cash Flows
 
 
11
Notes to the Financial Statements
 
 
12 - 23


 
MØLLER INSTITUTE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report for the year ended 30th June 2023.

PRINCIPAL ACTIVITIES
 
The principal focus of the Company is the design and delivery of leadership development and executive education programmes and courses. In addition, the Company provides conferencing and accommodation facilities to a broad range of clients. 

BUSINESS REVIEW
 
The results for the year and the financial position of the Company are as shown in the financial statements on pages 9 to 23.
MAJOR EVENTS
Over the past 12 months the Moller Institute made significant progress – both in its recovery from the challenges driven by significant economic headwinds and more importantly in the execution of its operating strategies for growth in each of its key areas of focus.
Diversification by Region, Sector and Product 
The business made strong progress in engagement with new clients from new geographies and sectors.
Highly rated programmes were delivered for client groups from Thailand, Indonesia, Japan, the USA and Denmark.
Many, if not all are expected to return in the coming year with agreements for new programmes also reached with groups from Australia, Singapore, Taiwan, Hong Kong and the Gulf. 
While the majority of the team’s future focus will be on these high-quality bespoke education and development programmes – a limited number of Open Enrolment Short Courses are also building a reputation in the market.
 
The Institute’s conferencing team performed particularly strongly and continued to set a consistently high benchmark in the industry in service and profitability – returning to pre-pandemic levels of activity and performance. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
Management and mitigation of geopolitical and economic challenges remain central to the Company’s on-going operating plans.
The business also remains exposed to labour market variations, wage pressures and energy cost increases. 

FUTURE DEVELOPMENTS

The Institute will continue to focus on developing and delivering a strong pipeline of clients from a range of industry sectors and geographic regions. 
The Institute has invested in systems and processes which have streamlined operations through the implementation of new finance, HR, CRM and project management systems which provide management with timely and accurate data and insights.
The focus for coming years will be on gradual increases in delivery capacity across each area of the business ensuring that programme and service quality is maintained.

Page 1

 
MØLLER INSTITUTE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

PERFORMANCE MONITORING
 
The Board of Directors meets regularly throughout the year to consider strategic matters shaping and impacting the Company’s performance.
The main KPIs for the Company are financial in nature and relate to revenue and profit. The turnover for 2023 is £5,152,860 which is an increase of 46.07% to 2022 (£3,527,471). The profit for the year is £444,104 (2022 - £109,335).  The major events section in the Strategic report provides further details.
Beyond these, Management uses a range of qualitative measures to monitor and manage performance. These qualitative measures include feedback reports on customer satisfaction for the Company’s venue operations and feedback surveys for executive education programmes. The Education Programme feedback is evaluated by the Company’s Education Standards Committee and reported to the Board. 
As a wholly owned subsidiary of Churchill College, University of Cambridge, the Company will continue to donate its profits to the College, a registered charity, by means of Gift Aid


This report was approved by the board on 31 October 2023 and signed on its behalf.





................................................
Mr Richard Leather
Director

Page 2

 
MØLLER INSTITUTE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

PRINCIPAL ACTIVITY

The principal activity of the Company continued being that of providing facilities for residential training courses and day courses and the design and delivery of leadership development and executive education programmes.

DIRECTORS

The directors who served during the year were:

Mr Richard Leather 
Mr Timothy F How 
Professor Dame Athene M Donald 
Mrs Tamsin M James 
Dr Simon H Bittleston 
Professor Tim Minshall 

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £444,104 (2022 - £109,335).

FUTURE DEVELOPMENTS

These have been disclosed in the Strategic Report on page 1 of these financial statements. 

Page 3

 
MØLLER INSTITUTE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsPrice Bailey LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 







................................................
Mr Richard Leather
Director

Date: 31 October 2023

Page 4

 
MØLLER INSTITUTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MØLLER INSTITUTE LIMITED
 

OPINION


We have audited the financial statements of Moller Institute Limited (the 'Company') for the year ended 30 June 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
MØLLER INSTITUTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MØLLER INSTITUTE LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
MØLLER INSTITUTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MØLLER INSTITUTE LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and how it operates and considered the risk of the company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements of the company, the financial reporting.
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:
• We reviewed systems and procedures to identify potential areas of management override risk. In      particular, we carried out testing of journal entries and other adjustments for appropriateness. 
• We reviewed minutes of directors meetings and agreed the financial statement disclosures to underlying   supporting documentation.
• We have made enquiries of management and directors of the company regarding laws and regulations    applicable to the organisation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
MØLLER INSTITUTE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF MØLLER INSTITUTE LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Suzanne Goldsmith (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

 
Date: 
22 November 2023
Page 8

 
MØLLER INSTITUTE LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
  
5,152,860
3,527,471

Cost of sales
  
(2,007,982)
(1,618,983)

Gross profit
  
3,144,878
1,908,488

Administration expenses
  
(2,713,158)
(1,858,038)

Other operating income
 4 
-
58,885

Operating profit
 5 
431,720
109,335

Interest receivable and similar income
 9 
12,384
-

Profit before tax
  
444,104
109,335

Profit after tax
  
444,104
109,335

  

  

Retained earnings at the beginning of the year
  
6,039,545
5,930,210

Profit for the year
  
444,104
109,335

Gift aid to parent Company
  
(716,445)
-

Retained earnings at the end of the year
  
5,767,204
6,039,545
The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
MØLLER INSTITUTE LIMITED
REGISTERED NUMBER: 02746545

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
7,975,772
8,328,803

Current assets
  

Stocks
 12 
18,878
11,182

Debtors: amounts falling due within one year
 13 
663,074
806,887

Cash at bank and in hand
 14 
2,057,112
1,080,695

Current liabilities
  
2,739,064
1,898,764

Creditors: amounts falling due within one year
 15 
(2,947,532)
(2,187,922)

Net current liabilities
  
 
 
(208,468)
 
 
(289,158)

Total assets less current liabilities
  
7,767,304
8,039,645

  

Net assets
  
7,767,304
8,039,645


Capital and reserves
  

Called up share capital 
 17 
2,000,100
2,000,100

Profit and loss account
 18 
5,767,204
6,039,545

  
7,767,304
8,039,645


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2023.




................................................
Mr Richard Leather
Director

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
MØLLER INSTITUTE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
444,104
109,335

Adjustments for:

Depreciation of tangible assets
377,424
371,401

Interest received
(12,384)
-

(Increase)/decrease in stocks
(7,696)
753

Decrease/(increase) in debtors
143,814
(448,770)

Increase in creditors
55,136
19,259

(Decrease) in amounts owed to groups
(11,972)
(16,436)

Net cash generated from operating activities

988,426
35,542


Cash flows from investing activities

Purchase of tangible fixed assets
(24,393)
(45,613)

Interest received
12,384
-

Net cash from investing activities
(12,009)
(45,613)

Net increase/(decrease) in cash and cash equivalents
976,417
(10,071)

Cash and cash equivalents at beginning of year
1,080,695
1,090,766

Cash and cash equivalents at the end of year
2,057,112
1,080,695


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,057,112
1,080,695

2,057,112
1,080,695


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


GENERAL INFORMATION

Møller Institute Limited is a company limited by shares incorporated in England and Wales. The registered office is Churchill College, Cambridge, CB3 0DS.
The principal activity of the Company continued being that of providing facilities for residential training courses and day courses and the design and delivery of leadership development and executive education programmes. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 (FRS102).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The level of rounding applied is to the nearest Pound. 

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company’s financial statements have been prepared on a going concern basis. 
 
The directors have considered a period of not less than 12 months from the date of approval of these financial statements.
The directors continue to regularly review business and cash forecasts to ensure sufficient funds to continue to run the business as a going concern.
 
Accordingly the financial statements have been prepared on a going concern basis.   

Page 12

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

INTEREST INCOME

Interest income is recognised in Statement of Income and Retained Earnings using the effective interest method.

Page 13

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

PENSIONS

The Company operates two defined pension contribution schemes. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, at varying rates on cost.

Depreciation is provided on the following basis:

Land & Buildings on Short Term Leasehold
-
10, 20 or 50 years on cost
Plant and machinery
-
5 or 10 years on cost
Fixtures, Fittings, Tools & Equipment
-
at varying rates on cost
Office equipment
-
5, 10, or 20 years on cost
Computer equipment
-
3 or 10 years on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Income and Retained Earnings.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 14

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in
Page 15

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.13
FINANCIAL INSTRUMENTS (continued)

the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

DEED OF COVENANT DISTRIBUTION

Deed of covenant payments to Churchill College, the parent company, are treated as a distribution rather than an expense in the financial statements. Where a deed of covenant has been entered into by the parent and subsidiary, the obligation is recognised in line with the deed for the profits to be paid over in the year that they are earned. 


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the Company's accounts requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. 
Management consider the areas set out below to be those where critical accounting judgements have been applied and the resulting estimates and assumptions may lead to adjustments to the future carrying amounts of assets and liabilities. 
Accruals
The company has a number of accruals relating to costs that have not been invoiced. These are re-assessed annually and amended where necessary to reflect current estimates.

Page 16

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


OTHER OPERATING INCOME

2023
2022
£
£

Government grants receivable
-
58,885


During the year ended 30 June 2023, the Company recognised an amount totalling £Nil (2022 - £58,885) receivable under the UK Government’s Coronavirus Job Retention Scheme.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
377,424
371,402

Other operating lease rentals
227,525
-

Other operating lease rentals relate to the rental charges which were waived in the previous year.


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

11,000
9,275

Page 17

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,186,010
1,838,377

Social security costs
181,387
155,879

Cost of defined contribution scheme
97,059
73,481

2,464,456
2,067,737




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Providing services
37
29



Administration
24
26

61
55


8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
145,789
120,090


Not included in the above is employer NI contributions of £14,701 (2022 - £13,561). Included in the above is employer pension contributions of £33,289 (2022 - £15,090), with amounts owed to employer pension contributions at 30 June 2023 of £1,564 (2022 - £6,701).


9.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
12,384
-

12,384
-

Page 18

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


TAXATION


2023
2022
£
£



Total current tax
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
444,105
109,335


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
84,380
20,774

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
63
-

Capital allowances for year in excess of depreciation
53,417
46,079

Super-deduction expenditure adjustments
(759)
(2,600)

Changes in provisions leading to an increase (decrease) in the tax charge
(976)
497

Deed of covenant distribution
(136,145)
-

Other differences leading to an increase (decrease) in the tax charge
20
-

Losses brought forward
-
(64,750)

Total tax charge for the year
-
-

Page 19

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
11,770,662
384,000
418,571
271,410
12,844,643


Additions
-
15,361
-
9,032
24,393


Disposals
(25,569)
(52,656)
(774)
(33,701)
(112,700)



At 30 June 2023

11,745,093
346,705
417,797
246,741
12,756,336



Depreciation


At 1 July 2022
3,662,963
340,679
273,444
238,754
4,515,840


Charge for the year on owned assets
319,479
10,265
34,416
13,264
377,424


Disposals
(25,569)
(52,656)
(774)
(33,701)
(112,700)



At 30 June 2023

3,956,873
298,288
307,086
218,317
4,780,564



Net book value



At 30 June 2023
7,788,220
48,417
110,711
28,424
7,975,772



At 30 June 2022
8,107,699
43,321
145,127
32,656
8,328,803


12.


STOCKS

2023
2022
£
£

Goods for resale
18,878
11,182


Page 20

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


DEBTORS

2023
2022
£
£


Trade debtors
570,713
747,439

Other debtors
7,071
945

Prepayments and accrued income
85,290
58,503

663,074
806,887



14.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
2,057,112
1,080,695



15.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
221,016
148,907

Amounts owed to group undertakings
428,035
440,007

Other taxation and social security
106,328
154,106

Other creditors
738,264
6,701

Accruals and deferred income
1,453,889
1,438,201

2,947,532
2,187,922


Page 21

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

16.


FINANCIAL INSTRUMENTS

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,057,112
1,080,695

Financial assets that are debt instruments measured at amortised cost
577,784
748,383

2,634,896
1,829,078


Financial liabilities


Financial liabilities measured at amortised cost
(1,233,006)
(1,083,755)


Financial assets measured at value through profit or loss comprise cash at bank and in hand. 


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by parent company and other debtors


Financial liabilities measured at amortised cost comprise trade creditors, payments on accounts, amounts owed to parent company and group companies, other creditors  and accruals and deferred income. 


17.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



2,000,100 (2022 - 2,000,100) Ordinary shares of £1.00 each
2,000,100
2,000,100



18.


RESERVES

Profit and loss account

The profit and loss account represents the cumulative profits and losses of the Company, net of any dividends or other adjustments.

Page 22

 
MØLLER INSTITUTE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


19.


PENSION SCHEMES

The total pension cost charged to the Statement of Income and Retained Earnings account is £97,059 (2022 - £73,041).
The amount owed at the balance sheet date is £1,564 (2022 - £Nil).
 


20.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
506,613
357,559

Later than 1 year and not later than 5 years
1,689,787
1,424,746

Later than 5 years
2,448,992
2,221,875

4,645,392
4,004,180


21.


CONTROLLING PARTY

The Company's ultimate parent undertaking and immediate and ultimate controlling party is Churchill College in the University of Cambridge, which is incorporated under Royal Charter. Amounts due to or from Churchill College are included within the description 'parent company' within the notes analysing debtors and creditors. The Company has taken advantage of exemption from the requirement to disclose transactions with wholly owned group companies.
The accounts of the Company are included in the consolidated accounts of Churchill College. These are available on the College's website.
During the year, the Company entered into transactions with Churchill Conferences Limited, a wholly owned subsidiary of Churchill College in the University of Cambridge. 
The Company has taken advantage of exemption under Paragraph 33.1A of FRS102 in relation to the disclosure of transactions entered into between two or more members of group, provided that any subsidiary which is a party to the transaction is wholly owned by such member. 

 
Page 23