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 le￿VIng 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