Charity Nurnber.. 1025387 Company Number.. 02837809 Bader College (Previously Bader International Study Centre) Trustees, report and financial statements For the year ended 30 April 2022
BADER College IA Company Llmlted by Guarantee) CONTENTS Pa8e Reference and Administrative Details of the Charity, its Trusteesand Advisers Trustee5' Report lincluding Strategic Report) Independent Auditorfs Report to the Members of Bader College 9-11 Consolidated Statement of Financial Activities 12 Consolidated Balance Sheet 13 Charity Balance Sheet 14 Consolidated Statement of Cash Flows 15 Note5 to the Financial Statements 16-28
BADER College IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OFTHE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2022 Trustees J Purvi5 K Fountain A Bogg5 J Knowle5 R Luce-Kapler P Deane Company registered number 02837809 Charity re8lStered number 1025387 Reglstered office Herstmonceux Castle, Hailsham, BN27 IRN Company Secretary R Coupland Independent auditor Haysmacintyre LLP. 10 Queen Street Place, London, EC4R IAG Bankers National Westminster Bank Plc, l High Street, Hailsham, East Sussex, 8N27 1 Sollcltors Farrer & Co, 66 Lincolns Inn Fields, London, WC2A 3LH
Bader College IA Company Llmlted by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTI FOR THE YEAR ENDED 30 APRIL 2022 The trustees of the Bader College18CI hereby present their Annual Report. together with the audited financial Statements for the year ended 30 April 2022. STRUCTURE. GOVERNANCE AND MANAGEMENT Legal constltutlon The company was established on 15 July 1993 by Queen's University (Canada) as a company limited by guarantee Ino. 028378091 in England and Wales and registered as a charity with the Charity Commission Ino. 10253871. It is governed by its Memorandum and Articles of Association dated 15 July 2003 and amended by a resolution passed on 2 December 2003. The renaming and rebranding of BC enabled Bader College to formally recognise its connection to Queen's and relaunch itself in the global study abroad market. The new name better describes the academic programming of Bader College, distinguishing it from others, and provided the opportunity for Bader to promote itself as a destination site for academic conferences and develop a stroneer and more global position and profile. HERSTMONCEUX CASTLE ENTERPRISES LIMITED The charity's wholly owned tradin8 subsidiary carries out the general day to day running of the Gardens and Grounds of Herstmonceux Castle, together with ancillary operation5 such as wedding5 and conference5. The subsidiary company donates any profits generated to the charity each year under the United Kingdom eift aid procedures. Details of this are shown in the notes to the financial statements. Directors and Trustees For company law purposes, the trustees are also directors of the companylcharity. As at 30 April 2022, there were six trustee5- four trustees, resident in the United Kingdom and two tru5tees' resident in Canada. The trustees who served during the year or have been appointed subsequently were.. I Purvis K Fountain A Boggs l Knowles R Luce-Kapler P Deane No trustee has any interest in the share capital of any group undertaking or received any remuneration from the charity during the current or preceding year. Day to day management of the charity during the year was delegated to a management team comprising the Vice- ProvostlExecutive Director IHugh Hortonl, the Director of Finance & Assets Ivalerie Lee), the Academic Director (Christian Lloyd), the Enterprise Director (Julie Ryan), the Director of Student & Enrolment Services (Jennifer Medves) nd the Director of Corporate Development (Duncan Adams). Trustee appointment and training The trustees have the power at any time to appoint any person to fill a casual vacancy or as an addition to the existing trustee rnembers, provided that the total nurnber of truste8 mernbers shall not at any tirne exceed the number fixed in accordance with the Articles of Association. One third of the trustees retires by rotation each year and may stand for re*lection. Further details are set out in the Articles of Association.
Bader College IA Company Llmlted by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTI FOR THE YEAR ENDED 30 APRIL 2022 When a person is considered for the position of trustee at BC, that person is approached and given an opportunity to look at and discuss the history, the current goals, and objectives, as well as the future aspirations of the BC. The rules that govern the trustees of a charity in the UK are explained and helshe is provided with the guidelines set by the Charity Commission. The potential trustee is also given the opportunity to look at the previous and present balance sheets of the charity. and the modus operandi of the BC and its subsidiary company. Herstmonceux Castle Enterprises Limited, is explained. At the earliest opportunity the Ipotentiall trustee is invited to the BC to meet the 5enioi administration team on 51te to get a clearer picture of the day-to-day workings of the charity. OBJECTIVES AND ACTIVITIES Objectives of the charity The principal objective of the charity is to contribute to and enhance international education and research through its role a5 an academic meeting-place for student5, Scholars and profe55ionals frorn around the world- a place where people of different nationalitie5 may leain and work together for both collective and public benefit. Structurally, the 8ader College is an integral component of Queen's University's wide-ranging international programmes. To achieve this objective, the charity is developing and providing.. A vailed offering of academic programmes for undergraduate and p05t-baccalaureate students, and academics whose interests are oriented towards the United Kingdom, Europe, and wider global issues. A venue and focal point for international conferences and meetings on similar areas of public interest. An enhanced educational. social, and cultural environment for the local community. through its stewardship of the unique heritage of Herstmonceuxcastle. Activities during the year Activities durine the year included.. Restarting of in-person teaching for the 2021-22 academic year, including implementation of plans to allow a safe return to campus starting in September 2021. Restructure of contracts for academic staff. Campu5 capital and improvement plan in place and initiated, with significant reNovation5 to the student ha115 of residence. Implementation of a campus marketing and recruitment strategy, including a name change from Bader International Study Centre to Bader College on 13 June 2022.
BADER COLLEGE IA Company Limited by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTI FOR THE YEAR ENDED 30 APRIL 2022 Performance against objectives Strate8ic Goal Priority (Low, Medium High) Midpoint Deliverables (milestones or timelines to demon5trote you are on tr(Fck) Visit from International Association of Universlties IIAUI a5se550r5 scheduled for lune 2022. With participation by staff and faculty in the review process. Delivery Date Indicators of Success Ensure that BC is positioned to support the University's international plan High Fall 2022.. University's International strategy. including BC participation will be unveiled by the BC becorres a central support of Queen's international strategy Reorganisation of Academic staffing. Medium Faculty contract restructure business case completed. August 2022.. Faculty restructure completed. Staffing restructure leads to increased student sat15faction aligned with Stronger research and teaching metrics Certificate operating with Significant international student enrolment. Develop new academic prograrnming focus5ed on the internationalisation of the study body and in maximising the use of BC facilities Medium Certificate courses approved through Queen's Quality Assurance Processes IQUQAPI. Fall 2022.. first class of upper year Health Science; Introduction of Certificate courses July 2022: pilot of British Summer Schoo15 program. Successful implernentation of the first year Health Sciences program in person,. Introduction of an upper year Health Science program for Fall 2022, with significant student interest,. Agreement o summer school program with British Summer Schools Customised academic programs operating onsite and producing new revenue Stream to BC.
BADER COLLEGE IA Company Limited by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTI FOR THE YEAR ENDED 30 APRIL 2022 Align BC teaching and learning to Queen's Equity, Diversity, Intlusion and Indigeneity IEDIII objective5 nd the Declaration of commitment to address systemic racism Medium Relaunched the Vice Prov05t's Cornrnittee on Equity, Diversity, Indigeneity and Inclusion. charged with focussing on developing recommendations for the embedding of EDII within the BC academic and Student Services programming. Reviewing our current scholarship offerinES Wlth a view to increasing acce55ibility to BC for students from lower income and equity seeking groups. Philanthropic proposal completed for Central Development at Queen'5 to support student bur53rie5 BC EDII committee in place. Increase in atces5ibility of BC prograrns. July 2022: implementation of new approaches for philanthropic developrnent. Student services and academic prograrnming in place that empha5ises EDII Falllwinter 2022123 new Certificate courses in place ernphasising EDII Implement rebranding of Bader International Study Centre to Bader College High Board and Senate approval of new name. June 2022.. official unveiling of new name and brand identity. Increase in profile under Bader College name, increasing complement of international students. Ongoing replacement of old identity with new cross all operations (website, signage, legal. etc.) Increase in research profile, and success in grant applications. Public benefit The trustees continue to have regard to the guidance on public benefit published by the Charity Commission and are committed to maintaining and improving access to the courses run by the Charity, irrespective of background and financial mean5. To this end, bursarie5, and other awards, to the value of £58,841,12021.. £NILI were made to our students. The BC also supports it5 public benefit role via student engagement in the local community where our Students undertake volunteer placements and activitie5, including fundraising for various charities, participation in events under the aegis of local charity groups, such as Vitality Villages.
BADER COLLEGE IA Company Limited by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTI FOR THE YEAR ENDED 30 APRIL 2022 The BC Concurrent Education program places student teachers in local primary and secondary schools where thev assist teachers with tasks such as group learning and literacy. In addition, BC faculty host various public lectures and concerts throughout the year in addition to taking part in the annual National Garden Scheme, opening our garden5, and donating the income to charitv. Remunèration of Key Managemènt Personnel Remuneration of key management personnel is set by the board of trustees. Factors considered include the responsibilities of the post, local and regional comparative salaries and comparative salaries paid to other members of staff. FINANCIAL RESULTS AND RESERVE5 Financial and risk management objectives and policies The international nature of its activities means that the BC is exposed to risks beyond those which affect similar institutions operating solely within the United Kingdom. The trustees and management continually monitor these risks with the objective of minimisingthem and mitigating their effect. Periodic formal risk assessments are carried out in conjunction with Queen's University in addition to the 8C creating its own Risk register of key risk5. More informal a55essments are also carried out by management at the BC on a frequent and regular ba515. The key financial objective is to maintain financial viability through a strong system of financial and management controls and enrolment of sufficiently high numbers of students to cover normal running costs and allow for investment in maintenance and improvement of the infrastructure of the site. A budget is prepared annually and approved by the trustees. During the year, regular financial information is provided to budget holders and to the trustees, and the budget set at the beginning of the year is revised as student numbers are confirmed, with corrective action taken where necessary. Principal ri5k5 and uncertainties The key risk to the charity is a sudden or persistent decline in income causing the BC to cease to be financially viable,- meeting student enrolment targets is key to the achievement of a strong financial posltion. We mitiEate this risk through the continuous review of our academic programming and recruitment strategies. and have been implementing the recommendations of both the Queen's University Enrolment Task Force Report and External Education Quality Committee. Our income is also strongly dependent on the exchange rate between the Canadian Dollar and the UK Pound Sterling. We mitigate this risk through a program of currency hedgin8 overseen by the Office of the Vice Principal (Finance and Operations) at the Queen's University main campus. The BC is charged with maintaining and improving a high-profile asset, Herstmonceux Castle, an important historical site in East Sussex. Herstmonceux Castle is also one of the highest profile capital assets associated with Queen's University. We have mitigated this risk through appropriate health and safety policies, the developrnent of a capital plan and undertaking a detailed condition survey of the slte, to maintain the integrity of the campus infrastructure. Managing the provision of visas to students and to key workers is of increasing concern due to delays to the visa process by the Home Office. We are mitigating this risk by ensuring timely provision of information to students on the visa application process, and building a relationship with the office of our local Member of Parliament.
BADER COLLEGE IA Company Limited by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTI FOR THE YEAR ENDED 30 APRIL 2022 Financial results The financial results for the year show a deficit of £141,03812021: £1,839,176 deficitl. The figures include the positive impact of £150,00012021.' £283,400) arising from the revaluation of investment property- excluding the revaluation, the results show a deficit of £291,03812021.' £2,122,576). The deficit in 2022 largely arises due to the impacts of the COVID-19 pandemic on residential income from students in the summer term where students were not physically on site. The current year results include a cash injection from Queen's University of £1,124,62612021.' £329,671). Excluding this, the underlying results would have been a deficit of £1,265,66412021'. £2,168,847>. The tru5tee5 have reviewed the balance5 of the BC and noted unrestricted fund5 of £12,527,51012021.. £12,667,625). Thi5 is represented by £13,402,594 tied up in fixed a55ets12021.. £13,399,524), and net current assets of -£62,98412021'. -£712,586). Restritted fund held arnount to £18,38912021.. £19,312). The subsidiary, Herstmonceux Castle Enterprise5 Limited, made 3 105s during the year of £51,91912021= £168,7481ossl and ended the year with net a55ets of -£189,77712021.. .£138,612). Resèrves policy Queens fully support the activities of the BC and have provided financial support during the year. The trustees agree that this polity will be reviewed on a regulaf ba51S. Golng concern Management has assessed the going concern assumptions and believes there are no issues given the University has access to sufficient liquid resources via its parent company Queen's University, Canada. Bader College Continue to adopt the going Concern basis of accounting in Pfeparing the finantial statements. FUTURE PLANS Priorities for 2022-23 include.. Engagement in the Principal and Vice Chancellor-led International Planning proce55, en5uiing that the BC is front and centre, in development of the Queen's International Plan. Review, design and implement distinctive academic programming to attract more and higher quality, student applicants. This area of work also includes seeking external partnerships via custom programming. Implementation of the HCE Financial Services Costing Analysis and Corporate Development recommendations. Increase integration with both external and on-campu5 partner5, leveraging their support and expertise= Observatory Science Centre, community groups and local business, student services.. event services; admissions,. financial services. Develop graduate student and research opportunities at the BC through platforms such as the SSHRC giant, Mataiiki, and department-based initiatives. Increa58 alurnni engagernent activity and 8nhance philanthropy through a renewed Case for Support.
BADER COLLEGE IA Company Limited by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORTI FOR THE YEAR ENDED 30 APRIL 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES The tru5tee5 (who are also directors of Bader College for the purposes of cornpany lawl are responsible for preparing the Trustees, Report (including the Group Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 charitable company and the group and of the income and expenditure. Df the charitable group for that period. In preparing these financial statements the trustees are required to.. select suitable accounting policies and apply themconsistently observe the methods and principles in the CharitiesSORP make judgements and accounting estimates that are reasonable and prudent state whether applicable UK Accountine Standards have been followed. subject to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concern basi5 unless it 15 inappropriate to presume that the charitable group will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company'5 and group'5 transactions and disclose with reasonable accuracy at any tirne the financial position of the charitable group and enable them to ensure that the financial 5tatement5 comply with the Companies Act 2006. They are a150 responsible for Safeguarding the asset5 of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each of the persons who are trustees at the time when this Trustees, Report is approved has confirmed that-. so far as that trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware. and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of ny information needed by the chaiitable EIOUP'S auditor in connection with preparing its report and to e5tabli5h that the charitable group's auditor is aware of thatinformation. Aud5tor Haysmacintyre LLP have completed their initial 3 -year terrn plus I further year as auditors of the company, the re-tender of the audit provision will be proposed at the forthcoming Annual General Meeting. This report, incorporating the Group Strategic Report. was approved by the trustees, in their capacity as company directors, on 23 November 2022 and siEned on their behalf bv.. J Purvis Trustee
BADER COLLEGE IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BADER INTERNATIONAL STUDY CENTRE Opinion We have audited the financial statements of Bader College for the year ended 30 April 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The 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 Accountin8 Practice). In our opinion, the financial statements: give a true and fair view of the state of the group and parent charitable companrfs affairs as at 30 April 2022 and of the group's net movement in funds, includinE the income and expenditure, 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 requirernent5 of the Companie5 Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on AuditinE IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial staternent5 Section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have tsbtained is sufficient and appropriate to provide a basis for our tspinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified èny material uncertainties relatine to events or ondition5 that, individually or collectively, may cast significant doubt on the group'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 trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our 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. In connection with our audit of the financial 5tatement5, our responsibility IS to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial 5tatement5 or a material misstaternent of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in thi5 regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report (which includes the strategic report and the directors, report prepared for the purposes of company lawl 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 included within the Trustees, Report have been prepared in accordance with applicable legal requirements.
BADER COLLEGE IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BADER INTERNATIONAL STUDY CENTRE Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report (which incorporates the strategic report and 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 by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received 311 the infoTrnation and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement set out on page 8, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financi315tatements and for being satisfied that they give a true and fail view, and for such internal control a5 the trustee5 determine is nece55ary 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 trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to goinE concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasoriable assurance about whether the financial statements ès a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorf5 report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 law5 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.. Based on our understanding of the group 3nd the environment in which it operate5, we identified that the principal risk5 of non-compliance with laws and regulations related to Charity law, employrnent law and health and safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered other factors such as the Companies Act 2006, the Charities Act 2011. income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent rnanipu13tioN of the financial staternents (including the risk of override of controls), and concluded that the risk was low. Audit procedures performed by the engagement team included.. Discussions with management including consideration of known or suspected instances of non-compliance with laws nd regulation and fraud,. Evaluating management's controls designed to prevent and detect irregularitie5', Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions,. and Challenging assumptions and judgements made by management in their critical accounting estimates io
BADER COLLEGE IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BADER INTERNATIONAL STUDY CENTRE 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 mi5Statement in the financial statements or non-cornpliance 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 reEarding irregulèrities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omi55ion or mi5repre5entatioN. 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.or .uk auditorsres onsibilities This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's 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 charitable cornpany and the charitable company's members as a body, foi our audit work, for this report, or for the opinions we have forrned. Lee Stokes (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place London EC4R IAG Date: 23 November2022 li
BADER COLLEGE IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES {Including Income and Expenditure Actount) FOR THE YEAR ENDED 30APRIL 2022 Unresirlcted lunds 2022 Restrlcted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations 1,463,255 3,131,874 501,515 96.382 26,903 1,463,255 3,303,226 501,515 96,382 26,903 745,279 532,031 181,824 99,290 289,995 171,352 Cotnmercial trading operatiOll5 Investments Other Total Income 5,219,929 171,352 5,391,281 1,848,419 Expenditure on- Raising funds Commercial trading operations Charitable activities: Ac3demic costs Premises costs Loss on disposal of fixed assets 425,378 425,378 236,486 2,416,537 2,581,486 72,274 loo,000 2,488,811 2,681,486 1,651,022 2,075,859 137 Total expenditure 5,423,401 172,274 5,595,675 3,963,5(H4 Net expendlture before revaluatlon of Investment property 1203,4711 19221 1204,3941 12,115,0851 Revaluation of investment propertv io 150,000 150.000 283,400 Net expenditure 153,4711 19221 154,3941 11.831,6851 Exchange losses 186,6441 186,6441 17,4911 Net movement In funds for the year 1140,1151 19221 1141,0381 11,839,1761 Total lund5 at l May 2021 12,667,625 19,311 12,686,937 14,526,113 Total funds at 30 April 2022 12.527,510 18.389 12,545,899 12.686,937 All activities relate to continuing operation5. All income and other expenditure was unrestricted. The notes on pages 16 to 28 form part of these financial statements. 12
BADER COLLEGE Re8lStered number= 2837809 IA Company Limited by Guarantee) CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2022 2022 2021 Note Flxed assets.. Tangible assets Investment propertv 10,883,594 2,519,000 11,030,524 2,369,000 io 13,402,594 13,399.524 Current assets: Stocks Debtors Cash at bank 4,518 174,845 1,058,802 11,723 84,614 702,893 li 1.238.166 799.230 Creditors: amounts falling due within one year 12 11,301,149) 11,511,817) Net turrent liabilitie5 162,9841 1712,5871 Total assets less current liabilities 13.339,609 12.686,937 Creditors- amounts falling due after one year 13 1793,7111 Net assets 12,545,899 12,686.937 Charlty funds Restricted funds Unrestricted fund5'. General funds Designated funds 14 18,389 19,312 14 14 12.527,510 11,942,617 725,008 Total funds 12,545,899 12,686,937 The financial statements were approved by the trustees on 23 Novernber 2022 and signed on their behalf, by: I Purvis Trustee The notes on pages 16 to 28 form part of these financial statements 13
BADER COLLEGE Re8lStered number= 2837809 IA Company Limited by Guarantee) CHARITY BALANCE SHE AS AT 30 APRIL 2022 2022 2021 Note Fixed assets: Tangible fixed assets Investment propertv Investments 10,842,492 2,519,000 10,000 10,982,161 2,369,000 10,000 io io 13,371,492 13,361.161 Current 35sets: Stock Debtors Cash at bank 3,872 464,068 895,996 9,676 430,345 465,232 li 1,363.935 905.253 Credltors: amounts falling due within one year 12 11,195,286) 11,430,864) Net current Iliabilitiesllassets 168,649 1525,6111 Total assets less current liabilities 13.540,141 12,835.550 Credltors: amounts falling due after one year 13 1793,7111 Net assets 12,746,430 12,835.550 Charlty funds Restricted funds Unrestricted funds General fund5 Designated funds 18,389 19,312 12,728,041 12,091,230 725,008 Total funds 12,746,430 12.835,550 The financial staternents were approved by the trustees on 23 Novembei2022 and signed on their behalf, by- I Purvis The notes on pages 16 to 28 form part of these financial statements Trustee 14
BADER COLLEGE IA Company Llmited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30APRIL 2022 2022 2021 Cash flow5 from operatin8 activities Net leypenditurellincome Adjustments for.. Loss on disposal of fixed assets Gain on revaluation of investment property Investment Income Depreciation Decrease in stocks Decrease in debtors Increaselldecreasel in creditors 1141,0381 11,839,176) 17081 1150,0001 196,3821 202,730 7,206 190,2311 1210,6681 137 1283,4001 199,2901 193,948 10,8920 109,691 678,729 Net cash (used inllpr(wided by operating activities 1479,0911 11,228,470) Cash flows from irwesting activities Investment Income Purchase of property, plant and equipment Disposal of property, plant and equipment 96,382 155,8001 708 99,290 1101,6381 230 Net cash lused inllprovided by investing artivitiès 41,290 12,1171 Cash flows from flnanclng actlvlt5es: Increase in/lrepayments of) borrowing 793,711 Change in cash in the year Cash and cash equivalents at the start of the year 355,909 702,892 11,230,587) 1,933,480 Cash and cash èquivalents at the end of thè year 1,058,802 702,892 15
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 l. Accounting Policies Basls of preparatlon of financSal statements The financial statements have been prepared under the historical cost convention, in accordance with the Accounting and Reporting bycharities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition effective l January 20191- (Charities SORP IFRS 10211 and the Companies Act 2006. The Charity meets the definition of a public benefit entity under FRS 102. Basls of consolidation The financial statements consolidate the accounts of Bader College and Herstmonceux Castle Enterprises Limited. The financial 5tatement5 have been prepared on a going concern basi5. Annual budgets are prepared and approved by the Board of Trustees. Monitoring of the budget is undertaken via a review of monthly management accounts and meetings with budget holders as well as financial reports provided at twice yearly Board meetings. Forecast numbers compared to budget are prepared and submitted to Queen's University, the Bader College parent cornpany throughout the year. Forecast numbers are a150 included in papers submitted to the Bader College Board. The charity has availed itself of Paragraph 3131 of Schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of the charity's activities. No separate Statement of Financial Activities has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006 and the SORP. The charity's deficit, before consolidation, was £89,11912021.. deficit tsf £1,669,673). The charitvs income, before con501idatioN wa5 £4,912,82812021 £1,689,849) Golng concern The Trustees have reviewed their forecasts for the foreseeable future, these include considerations of the impact of COVID-19 on the Group. The Trustees consider that the Group will have adequate resources to continue to fund their activities for the foreseeable future, and as such there is no material uncertainty relating to going concern. They believe the going concern basis of accounting is appropriate for these financial statements. Intomè All income is included in the Statement of Financial Activities when the charity has entitlement to the funds. probability of receipt and the amount can be measured with sufficient reliability. Income from charitable activitie5 con515t of tuition fee5 for the provision of education. Tuition fees are recognised as income in the year courses are held. Donation5 and are recognised when receivable. Other income is recognised at point of sale or when the service has been provided. Income from commercial trading operations includes the total income of the wholly-owned subsidiary, Her5tmonceux Castle Enterprises Limited. All other income 15 recogni5ed when receivable. 16
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Accounting Policies Icontinuedl Expenditure All expenditure is accounted for on an accruals basis and has been included under expense categories that aegreEate all costs for allocation to adivities. Where costs cannot be directly èttributed to particular activities thev have been allocated ON a basi5 consistent with the use of the re50urce5. Academic costs comprise costs directly related to the charitable activity of education. This includes costs of staff directly related to the academic activity, travel, supplies and other academic costs. Premises costs intlude all expenditure directly related to the general upkeep of the facilities. This intludes costs of staff directly related to upkeep, supplies, utilitie5 and costs aSSOCiated with fees and renewals. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity. Expenditure on commercial trading operation5 included the total expenditure of the wholly-owned subsidiary, Herstmonceux Castle Enterprises Limited. Fundraising costs comprise costs incurred in inducing people and organisations to contribute financially to the charitrfs work. Termination benefits are accounted for on an accrual basis and in line with FRSIO2. Tangible fixed assèts and depreciation Tangible fixed a55ets costing more than £2,500 are capitalised and included at C05t including any incidental expenses of acquisition. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expeeted useful live5 on the following bases.. Renovations 30 years Plant and machinery S years Fixtures and fittings 5 years Motor vehicles 3 years Computer5 3 years On 24 April 1996 the charity paid £9,500,000 for its land and buildings. Due to its unique nature, Herstmonceux Castle has not been depreciated. The asset is an historic castle originally constructed in 1441 and the asset therefore has a very lonE useful life. Any depreciation charge. and the accumulated depreciation, would therefore be immaterial. Given that the remaininE useful economic life is more than 50 years, an annual impairment review is undertaken by the trustee5. 17
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Accountin8 Policies Icontinuedl Investments The charity's investment in its subsidiary trading company is accounted for at cost on the charity balance sheet. The net a55ets, funds and financial activity of the trading subsidiary are consolidated in the consolidated Balance Sheet and the consolidated Statement of Financial Activities. Investment properties are valued at the fair value as at the reporting date. Leasin8 Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. 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 reporting 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 recoEnised immediately in the SOFA. 1.10 Value added tax The charity Is exempt from leVIng value added tax on most services it provides, as these are largely educational in nature. For this reason it is unable to fully recover value added tax which it suffers on goods and services purchased. The subsidiary trading company operates value added tax on a normal basis. Irrecoverable value added tax is included in the appropriate heading in the Statement of Financial Activitie5. 1.11 Pensions The charity operated a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. 1.12 Foreign currenae5 Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling èt the rate ruling on the date of the transaction, except for tuition and residence fee5, which are translated at the agreed budgeted exchange rate. Exchange gains and1055es are recognised in the Statements of Financial Activities. 1.13 Judgement and estlmatlon Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key areas open to judgement and estimation include depreciation Ibased on the expected useful economic lives of assets) and valuation of investment property assets Ibased on market based assumptions). 18
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Accounting Policies Icontinuedl 1.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in atcordante with specific restrittions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment incorne, gain5 and losse5 are allocated to the appropriate fund. I.IS Status of Company The charity is a private company limited by guarantee. Each member has a potential liability not exceeding one pound. The directors of the charity constitute trustees for Charities Act purposes. Bader College is also a registered charity in accordance with the Charitie5 Act 2011. The registered office is Herstmonceux Castle, Hai15ham, East Sussex, BN27 IRN. Taxation The company is a registered charity and is thus Potentially exempt from taxation in respert of income or capital gains received within categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or Eains are applied exclusively to charitable purposes. Investment income Total funds 2022 Total funds 2021 Rents and other similar charges Bank deposit interest 96.128 254 98,813 477 96,382 99,290 19
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Academic costs Totsl funds 2022 Total funds 2021 Oirect staff costs External staff costs Food and Supplies Laundrv Academic supplies Equipment Travelling Student activities Irrecoverable VAT Administration costs (note 61 Oepreciation 1,025.636 530,445 140,555 6,182 88,511 83,552 158,912 76,970 79,247 181,037 28,683 2,333 14,473 72,274 876,505 389,140 3,136 1,171 14,956 29,618 10,050 5,504 31,310 178,519 32,196 1,803 9,443 67,671 HousekeepinE Supplies Restricted Expenditure 2,488,811 1,651,022 Premises C05ts Total funds 2022 Total funds 2021 Oirect staff costs 412,352 427,456 21,229 429,964 100,917 1.016,468 158.640 10,215 4,244 loo,000 437,650 317,446 23,828 144,430 46,480 949,126 149,486 7,355 58 Equipment Repairs and renewa15 Irrecoverable VAT Administration costs (note 61 Oepreciation Travellin8 External Staff C05t5 Restricted Expenditure 2,681,486 2,075.859 20
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Administration costs allocation Academlc Costs Premlses Costs Totsl 2022 Oirect staff costs Telephone and lax Printin& postage and stationery Staff training Professional fees Bank charges Computer supplies General expenses 155,767 1,776 49 5,070 876,712 13,441 2,958 8,159 106,463 2,286 1,032,479 15,217 3,007 13,229 106,463 2,286 11,195 13,628 11,195 7,180 6,449 181,037 1,016,468 1,197,505 Academlc Costs Premlses Costs Totsl 2021 Oirecr staff costs Telephone and fax Printin& postage and stationery Staff training Professional fee5 Bank charges Computer supplies General Expenses Donations 153,219 4,502 98 2,347 824,650 11,771 2,030 3,150 100,715 1,652 977,869 16,273 2,128 5,497 100,715 1,788 12,876 10,249 250 136 12,876 9,341 4,908 250 178,519 949,126 1,127,645 Net intome This is stated after charging.. Total funds 2022 Total funds 2021 Depreciation of tangible fixed assets- owned by the charitable group Auditor's remuneration- group Auditor's remuneration- non-audit 5ervice5 187,323 15.250 1,450 193,948 14,250 1,350 21
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 8. Staff costs The average monthly number of employees during the year was as follows.. 2022 No 2021 No The average number of employees during the year was.. 69 83 2022 No. 2021 No. The number of higher paid employees was.. In the band.. £60.001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £120,001- £130,000 £130,001 - £140,000 £140,001 - £150,000 The aggregate pension contribution% made by the charity on behalf of higher paid staff wa5 £16,92212021- £13,4761. The number of higher paid staff accruing benefits in defined contribution schemes wa5 512021- 31. The total employee benefits received by the key management personnel of the charity were £621,53812021. £533,340). Total redundancy and termination payments were £20.27112021'. £94,368). No remuneration or expenses were paid to the trustees during the year. Indemnity insurance is purchased for the trustees and this cost is borne by Queen's University. Total funds 2022 Total funds 2021 Employee costs.. Wages and salaries Social Security costs Pension costs Staff Benefits 2,116,510 180,649 54,159 65,799 2.043,626 158,981 51,362 57,374 Total 2,417.117 2.311,343 External costs.. The group contratts out all of its catering activities to a specialist tatering company in order to provide the necessarv expertise in this area. The tosts in the year for the group of such 5ervice5 amounted to £369,78912021.. £IS5,0831. 22
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Freehold Property Plant & Machinery Motor Vehicles Fixtures & Fittings Total Charltv Cost At l May 2021 Additions Oisposals 12,076,403 2,268 47,199 8,830 13.3461 30,179 27,336 19,3641 605,532 9,220 145,9181 12,759,312 47,654 158,6281 At 30 April 2022 12,078,670 52,683 48,151 568,834 12,748,338 Depreciatlon At l May 2021 Charge for the year Disposals 1.194,109 128,227 45,250 1,949 13,3461 24,249 12,077 19,3641 513,544 45,070 145,9181 1,777,152 187,323 158,6281 At 30 April 2022 1.322,336 43,853 26,962 512,696 1,905,847 Net book value At 30 April 2022 10,756,334 8,830 21,189 56,138 10,842,492 At 30 April 2021 10,882,294 1,949 5,930 91,988 10.982,161 23
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Freehold Property Plant & Machinery Motor Vehicles Fixtures & Fittings Total Group Cost At l May 2021 Additions 12,076,403 2,268 141,019 14,197 30,179 27,336 660,186 12,(M)O 12,907,786 55,800 161,7921 Oisposals 16,5101 19,3641 145,9181 At 30 April 2022 12,078,670 148,705 48,151 626,268 12,901,795 Depreciatlon At l May 2021 Charge for the year Disposals 1.194,109 128,227 127,623 7,512 16,5101 24,249 12,077 19,3641 531,282 54,914 145,9181 1,877,263 202,730 161,7921 At 30 April 2022 1.322,336 128,625 26,962 540,278 2,018,201 Net book value At 30 April 2022 10,756,334 20,080 21,189 85,990 10,883,594 At 30 April 2021 10,882,294 13,396 5,930 128.904 11,030.524 10. Investments Rented land The charity own5 areas of arable land and pasture which do not form part of its operational a5set5, but which are let out as farmland and generate rental income. The land is held in the accounts at fair value as follows- Fair value 2022 2021 At l May 2021 Revaluation 2,369.000 150,000 2,085,600 283,400 At 30 April 2022 2,519,000 2,369,000 The fair value is based upon a formal report and valuation as at 16 May 2022, prepared in atcordante with the RICS valuation Global Standards 2017 and where relevant the previou5 RICS Valuation Professional Standards UK january 2014115 Ithe red book) and the International Valuation 2017 Standards Ilvsi. There are no restrictions placed upon the land or the income generated from it. 24
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 Equity The charity has an investment in subsidiary- its holding of 100% of the issued share capital of £10,000 £1 ordinary shares in its subsidiary trading company, Herstmonceux Castle Enterprises Limited which is incorporèted in England and Wales, company registration number 02902475. The aggregate value of capital and reserves and the result for this undertaking for the financial year are as follows.. Capltal and reserves Loss for the year Herstmonceux Castle Enterprises Limited 1189,7771 51,919 11. Debtors Group Charlty 2022 2021 2022 2021 Trade debtors Amounts owed by Broup underrakings Other debtors Prepayments and accrued income 41,195 3,896 7,621 327,094 3,340 126,013 1.181 352.043 4,461 72,660 3,340 130,310 4,461 76,257 174,845 84,614 464,068 430,345 Creditors: Amounts falllng due wlthln one year Group Charlty 2022 2021 2022 2021 Trade creditors Other taxation and social security Accruals and deferred income Amounts owed to group undertakings 211,257 31,032 317,672 741,189 98,129 1,115 203,385 1,209,188 210,460 31,011 212,626 741,189 78,869 1,115 141,692 1,209,188 1,301,149 1,511,817 1,195,286 1,430,864 13. Creditors: Amounts falllng due over one year Group Charlty 2022 2021 2022 2021 Queen's University Loan 793,711 793.711 793,711 793.711 The loan will be repaid subject to 8ader College cashflow. 25
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 14. Consolidated Statement of funds-year ended 30 April 2022 Brought forward Transfers Inlout Galnsl Ilossesl Carrled forward Income Expendlture Deslgnated funds Strategic initiatives 725,008 1725,0081 725,008 1725,0081 Gèneral funds General fund Non charitable trading funds HCE Revaluation reserve 9,703,376 4,718,414 14,998,023) 725,008 186,6441 10,062,131 210,242 2.028,999 501,515 1425,3781 286,379 2,178,999 150,000 11,942.617 5,219,929 15,423,401) 725.008 63,356 12,527,510 Total unrestricted funds 12,667,625 5.219,929 15,423,401) 63,356 12,527,510 Restricted funds Musicians in residence Queens University University of Waterloo Bader donation 1,312 50,309 loo,000 21,042 151,6211 iioo,0001 117,5481 13,1051 3.494 14,895 18,000 Total Restricted Funds 19,312 171,351 1172,2741 18,389 Total funds 12,686.937 5,391,280 15,595,675) 63,356 12,545,899 The designated fund for strategic initiative5 represents th05e fuNd5 designated by the trustees for strategic initiative5 which cannot be managed within the annual operating budget, these were transferred into the General Funds a5 spend has occurred over previous years. The general reserve fund represents those funds which are unrestricted and not desiÉnated for other purposes. The restricted fund for musicians in residence is restricted for use in that specific programme. The restricted fund for Queens University related to a donation provided by the Queens University to refurbish the bathroom of the student accommodation. The entire amount was used in within the year for this purpose. The restricted fund for University of Waterloo 15 part of a larger grant and is to fund the 5alarie5 of academic researchers. The restricted fund for Bader donation is a donation to be used for the development of a certificate in global engagement. 26
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 14. Statement of funds Icontinuedl Consolidated Statement of funds- year ended 30 April 2021 Brought forward Transfers Inlout Gains/ Ilossesl Carried forward Income Expendlture Deslgnated funds Strategic initiatives 725,008 725,008 725,008 725,008 General funds General fund Non charitable trading funds HCE Revaluation reserve 11,789,291 1,580,924 13,659,347) 17,4931 9,703,375 264,903 1,745,599 181,824 1236,4861 210,243 2,028,999 283,400 13,799,793 1,762,748 13,895,833) 275,909 11,942,617 Total unrestricted funds 14,524,801 1,762,748 13.895,8331 275,909 12.667,625 Restrlcted funds Musicians in residence Innovation Fund University of Wateiloo Bader Donation 1,312 49,705 3,475 14,491 18,000 149,7051 13,4751 114,4911 1,312 18,000 1,312 85,671 167,6711 19,312 Total funds 14,526.113 1,848,419 13,963,504) 275,909 12,686,937 27
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30APRIL 2022 IS. Con501idated Analysis of net assets between fund5 Unrestrlcted funds 2022 Restrlcted funds 2022 Total funils 2022 Tangible fixed assets Inve5ttllent property Current assets Creditor5 due within one year Cr&ditors due in more than on& year 10,883,594 2,519,000 1,219,776 11,301,149) 1793,7111 10,883,594 2,519,000 1.238,165 11,301,1491 1793,7111 18,389 12,527,510 18,389 12,545,899 Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed 3ssets Investment propertv Current assets Creditors due within one year Creditors due in more than tsne year 11,030,524 2,369.000 779,918 11,511,817) 11,030.524 2,369,000 799,230 11,511,8171 19,312 12,667.625 19,312 12,686.938 16. Ultimate parent undertaklng The charity is a subsidiary undertaking of Queen's University at Kingston Icanadal incorporated in Canada. The largest group in which the results of the charity are consolidated is that headed by Queen's University at Kingston (Canadal, incorporated in Canada. The consolidated accounts of this university are available to the public and may be obtained from Queen's University, Kingston, Ontario, Canada. No other group accounts include the result of this charity. 17. Related party transactions Duringthe yearthe charity received income of £3,115,99412021.. £446,2671 from Queen's Univer51ty relating to tuition and residence fees. A further £1,463,25512021.. £745,279) wa5 received a5 grants and donations from Queen's. Total expenditure of £238,98712021- £251,718) was payable to Queen's to cover cost5 incurred by Queen's on the charity's behalf. At the balance sheet date £1,534.89912021: £1,209,188) was owed to Queen's University. During the year a distribution of £Nil12021-. £7541 was received from Herstmonceux Castle Enterprises Limited. Other recharge5 of £169,32012021: £152,038) were made between Bader College and Herstmonceux Castle Enterprises Limited. Recharges of £33,12012021'. £37,915) were made between Herstrnonceux Castle Enterprises Limited and Bader College. At the balance sheet date £327,09412021'. £352,0431 was due from Herstmonceux Castle Enterprises Limited. This year there is also net intercornpany sales from Herstmonceux Castle Enterprises Limited to Bader College of £8,14512021'. £nill. 28