Charlty Number: 1025387 Company Number: 02837809 Bader College Trustees, report and financial statements For the year ended 30 Aprll 2024 •ADZQE2H6* 0310412025 COMPANIES HOUSE
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BADER COLLEGE (A Company Limlted by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees, Report lincludin8 Strategic Report) Independent Auditorfs Report to the Members of Bader College Consolidated Statement of Financial Activities io Consolldated Balance Sheet li Charity Balance Sheet 12 Consolidated Statement of Cash Flov 13 Note5 to the Financial Statements 14-27
BADER COLLEGE (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOED 30 APRIL 2024 Trustees P Deane S Den Otter M Evans S GiNin J Knowles J Purvi5 Company registered number 02837809 Charity registered number 1025387 Reglstered office Herstmonceux Castle, Hailsham, East Sussex, BN27 IRN Company Secrelary R Coupland Independent auditor Haysmac LLP, 10 Queen Street Place, London, EC4R IAG 8ankers National Westminster Bank Plc, l Hl8h Street, Hailsham. East Sussex, BN27 IAi SollcStors Farrer & Co, 66 Lincolns Inn Fields, London, WC2A 3LH
8ADER COLLEGE (A Company Limited by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORT) FOR THE YEAR ENDED 30 APRIL 2024 The trustees of Bader College IBCI hereby present their Annual Report. together with the audited financial statements for the year ended 30 April 2024. STRUCTURE, GOVERNANCE A14D MANAGEMENT The company was established on 15 July 1993 by Queen's University (Canada) as a company limited by guarantee Ino. 028378091 in En8land and Wales and re8lStered as a charity with the Charity Commission Ino. 10253871. It is governed by its Memorandum and Articles of Association dated IS July 2003 and amended by a resolution passed on 2 December 2003. HERSTMONCEUX CASTLE ESTATE LIMITED The charitws wholly owned trading subsidiary carries Out the general day to day running of the gardens and grounds of Her5tmonceux Castle, tO8ether with ancillary operations such as weddings and conferences. The subsidiary company donates any profit5 8enerated to the charity each year under the United Kingdom gift aid procedures. Details of this are shown in the note5 to the financial statements. Olreclofs and Trustees For company law purposes, the trustees are also dlrectors of the company/charity. As at 30 April 2024. there were slx trustees- four tru5tees' resident in the United Kin8dom and two trustees resident in Canada. The trustees who served durin8 the year or have been appointed subsequently were.. A Boggs (Resigned 21 November 20231 P Deane S Den Otter IAppointed 21 November 20231 M Evans (Appointed 21 November 20231 K Fountain (Resigned 30 June 20231 S Girvin (Appointed 30 June 20231 J Knowles R Luce.Kapler IResi8ned 2 1 November 20231 J Purvis No trustee has any interest in the share capital of any 8roup undertaking or received any remuneration from the charity during the current or precedin8 year. Day to day management of the charity durin8 the year was delegated to a management team comprising the Vice- ProvostlExecutive Oirector Janine Griffiths-8aker. the Director of Finance & Assets (Valerie Lee), the Academic Director (Anna Taylor), the Enterprise Director (Julie Ryan) and the Oirector of Corporate Development (Duncan Adams), all resigned during the fiscal year 2023-2024. Dr Jennifer Medves was appointed to administer the management of the th charity as of 15 February 2024 as a Special Advisor to the Chair of the Board. During the audit year there were three people who were responsible for financial management: Kleran Price, Matthew Oean, and Valerle Lee. Trustee appointment and training The tru5tee5 have the power at any time to appoint any per50n to fill a casual vacancy or a5 an addition to the existing trustee members, provided that the total number of trustee members shall not at any time exceed the number fixed in accordance with the Article5 of Association. One third of the trustees retires by rotation each year and may stand for re-election. Further details are set out in the Articles of Association. 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 College. The rules that 8overn the trustees of a charity in the UK are explained and they are provided with the 8uidelines set by the Charity Commission.
BADER COLLEGE IA Company Limited by Guarantee) TRUSTEES, REPORT (INCLUDING STRATEGIC REPORT} FOR THE YEAR ENDED 30 APRIL 2024 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 BC and its subsidiary company, Herstmonceux Castle Estate Limited. is explained. At the earliest opportunity the Ipotentiall trustee is invited to BC to meet the Senior administration team on site to 8et a clearer picture of the day-to-day worklngs of the charlty. OBJECTIVES AND ACTIVITIES Objertives of the charity The principal objective of the charity is to contrlbute to and enhance international education and research through its role as an academic meeting"place for students, scholars and professionals from around the world- a place where people of different nationalitles may learn and work together for both collective and public benefit. Structurèlly, Bader College is an Integral component of Queen's Universitys wide-rangin8 international programmes. To achieve thls objective, the charlty Is developin8 and providing.. A varied offering of academic programmes for undergraduate and post-baccalaureate students, and academics whose interests are oriented towards the United Kingdom, Europe, and wider global issues. A venue and focal point for internatlonal conferences and meetings on similar areas of public interest. An enhanced educational, social, and cultural environment for the local community, throu8h its steward5hlp of the unigue heritase of Herstmonceuxcastle. Activilies durlng the year included: The academic programmin8 continued throu8hout 2023, although all courses were offered online from mid- November until the end of the year. Queen'5 University made the dlfficult decision to close all academlc programmin8 due to significant renovation and conservation of Her5tmonceux Castle requSrements. All students attended Queen's Unlversity in Canada in the winter term of 2024. The British Summer School hired space at Bader College for the summer of 2023 to offer pro8ramming for international secondary school students includin8 usin8 the science laboratories. The senior management team In-31 were offered redundancy in latejanuary 2024 and accepted the conditions of redundancv. The new senior mana8ement team as of February 15, 2024, included J Medves, M Oean, T Cody, and K Renaud who provided 8uidance and man38etnent during the redundancy of all faculty and some staff members who were involved in conferences, weddings, and other aetivities. Some members of staff decided to leave voluntarily to take up positions in other jobs. The remaining staff In-271 were in security, gardens and grounds, and a small HR and finance team to support the administration of Bader College and Herstmonceux Castle Estate. Gould Baxter- Architects and Chartered SuNeyors were hired to conduct a Quinquennial Survey of the castle and alerted the senior management team to the potential problems associated with the gatehouse in the south elevation. Gould Baxter wa5 then hired to undertake the supervision and administration of the conservation and restoration of the entire south elevation. All repairs are required to receive approval from the Secretary of State for Historic En8land a5 the Castle is listed Grade l and 15 a Scheduled Monument. As students are not present, Queen's University funded several other infrastructure projects including a new WIFI fire alarm system in Bader Hall and the Castle. a new waste management treatment plant. and a replacement oil tank for heating oil for the Castle. All projects require extensive reports and planning procedures because of the proximity to the Scheduled Monument. 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 means. To this end, bursaries, and other awards. to the value of £417,41112023: £1,051,978) were made to
BADER COLLEGE (A Company Limited by Guarantee) TRUSTEES, REPORT {INCLUDING STRATEGIC REPORT) FOR THE YEAR ENDED 30 APRIL 2024 our students. BC also supports its public benefit role via student engagement in the local community where our Student5 undertake volunteer placements and activities, including fundraising for varlous charities, and participation in events under the aegis of local charitv 8roups. The BC Concurrent Education program places student teachers in local primary and secondary schools where they assist teachers with tasks such as group learnin8 and literacy. The Health Sclence5 program include5 the placement of students in palliative care. dementia care, and home care settin8s, providin8 excellent experiences for students as well as increasing the College's visibility as a community Partner in the local afea. In addition, BC faculty host various public lectures and concerts throughout the year in addition to takin8 part in the annual National Garden Scheme, opening our 8ardens. and donating the income to charity. Remvnefatlon of Key Mafia£ement Personnel Remuneration of key management personnel is set by the boèTd of tTUStee5. Factors consldered include the responsibilities of the post, local and regional comparative salaries and comparative Salaries paid to other members of staff. FINANCIAL RESULTS AND RESERVES Financlal and risk rnana8ement oblectlves and pollcles The international nature of its activities means that BC is exposed to risks beyond those which affect similar institutions operatin8 solely within the United Kingdom. The tru5tee5 and manasement continually monitor these risks with the objective of minimi2in8 them and mitigating their effect. Periodic formal rlsk assessment5 are carried out in conjunction with Queen's University in addition to BC creating its own reglster of key risks. More informal assessments are also carried out by management at BC on a frequent and regular basis. The key flnancièl objective is to maintain financial viabllity thfOU8h a stron8 System of flnancial 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 infomiation is provided to budget holders and to the trustees. and the bud8et set at the beginnin8 of the year is revised as student numbers are confirmed, with corrective action taken where necessary. Piinclpal r•sks and uncertainties The key risk to the charity is a sudden or perslstent decline in income causing BC to cease to be financially viable,. meeting Student enrolment targets is key to the achievement of a strong financial position. We mitigate this risk throu8h the continuous review of our academic pro8rammin8 and recruitment 5trate8ies and have been implementing the recommendation5 of both the Queen's University Enrolfflent Task Force Report and External Education Quality Committee. Our Income 55 also strongly dependent on the exchan8e rate between the Canadian Dollar and the UK Pound Sterling. We mitl8ate this risk through a program of currency hedging overseen by the Office of the Vice Principal (Finance and Qperationsl at'the Queen's University main campus. 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. BC is char8ed with maintaining and improving a high-profile a55et, Herstmonceux Castle, an important historical site in East Sussex. Herstmonceux Castle is also one of the hi8hest profile capital assets associated with Queen's University. On 25 October 2023 the college was provided with a report from its structural
BADER COLLEGE IA Company Limited by Guarantee) TRUSTEES. REPORT (INCLUDING STRATEGIC REPORT) FOR THE YEAR ENDED 30 APRIL 2024 engineers that the building posed a risk to safety. The decision was made to close the Colle8e until at least summer 2025 to undertake essential work to enable the College to reopen as soon as possible. As anticipated, this has had an impact on the chariVs income for Financial Years 2024 and 2025. Queen's have given financial support to pay for the structural work required and the day to day running of the charity. The work is currently ongoing and scheduled to finish in October 2025. A Serious Incident Report has been filed with the Charity Commission and relevant local and national stakeholders, includin8 Companies House. In the meantime, outside commercial activities have continued ta operate giving the public admission to the 8ardens and café. Financial results The financial results for the year show a surplus of £1.224,30312023: £3,011,398). The fi8ures include the positive impact of £668.00012023= £63,000) arising from the revaluation of investment property. The current year results include a cash injection from Queen's University of £4,215,75012023'. £2,722,062). Excludin8 this, the underlyin8 results would have been a deficit of £2,991,44712023'. surplus of £289,336). The trustees have reviewed the balances of BC and noted unrestrlcted funds of £15,534,30212023.' £14.178,338}. Thls is represented by £14.460.584 tied up In fixed assets12023'. £13,456,269) and net current assets of £2,604,59012023.' £2.631,8091. The subsldlary, Herstmonceux Castle Estate Limlted, made a loss durin8 the year of £2,08212023'. profit of £19,676) and ended the year with net liabilities of £ 172,18312023.. £170,1011. Reserves policy Shortfalls that arose in the early years of the College's inception were covered by Queen's University and the historic debt written off in Jantsary 2020. Queen's fulty supports the activities of BC and has provided financial support during the year. The trustees agree that this policy will be reviewed on a re8ular ba51s. Goln8 concern As noted above (see "Principal Risks and Uncertainties"). si8nificant Structural Issues associated with sections of the Castle necessltated its c105ure, and the closure of the College. in November 2023. The charity has received a written report from a detailed survey which provided detai15 to assess the cost of repairs and options available for ongoing charitable activities whilst renovations are being made. As previously mentioned, Queens have given financial 5UPPOrt for the cost of the structural work and for the day to day running of the charity. This support will contlnue for at least 12 months from the date of these accounts being si8ned. 8ader College therefore continues to adopt the 80in8 concern basis of accounting in preparin8 the financial statements. FUTURE PLANS The future academic pro8rammin8 is bein8 developed by Queen's Unlverslty and is guided by the UN Sustainable Oevelopment Goals and the mission of Bader College to offer excellence in education to international students from Queen's University and other universitie5 around the world. The personnel of 8ader College have ensured public access to the 8arden5 and grounds and limited access to the Castle with guided tours while planning to offer in 2025 a full suite of activities including weddings, events and education programs. As required the staff complement will increase to ensure a safe and enjoyable experience for all visitors. students and their families.
BADER COUEGE IA Company Limited by Guarantee) TRU5TEES' REPORT (INCLUDING STRATEGIC REPORT) FOR THE YEAR ENDED 30 APRIL 2024 STATEMENT OF TRU5TEES' RESPONSIBILITIES The trustees (who are also directors of Bader College for the Pufposes of company lawl are responsible for preparing the Trustees, Report (including the Group Strategic Reportl and the financial statements in accordance with applicable law and United Kin8dom A¢countin8 Standards Iunlted Kingdom Generally Accepted Accountin8 Prarticel. Company law require5 the trustees to prepare finandal statements for each flnancial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and falr view of the state of affairs of the charitable company and the group and of the Income and expenditure, of the charitsble group for that period. In preparing these financial statements the trustees are required to.. • selert suitable accoufttin8 policies and apply them¢ons1Stently observe the methods and principles in the Charities SORP make judgements and èccountlng estimates thèt ère reasonable and prudent • state whether applicable UK Accounting Stsndards have been followed, subJecl to any materlal depJrtures disclosed and explained in the financial statements prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charltable group wlll continue in operatlon. The trustees are responsible for keeping adequaie accountln8 records that are sufficient to show and explaln the ¢harltable company's and 8roup's transartlons and dlsclose with reasonable accurary at any tlme the financial position of the charitable group and enable them to ensure that the financial statements comply wlth the Companies Act 2006. They are also responsible for safeguardin8 the assets of the charitable company ènd the group and hence for takin8 reasonable steps for the prevention and detection of frdud and other irregularitles. Disc105ure of Informatlon to audltor 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 whl¢h the charltable 8roup's audltor 15 unaware. and that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any Informatlon needed by the charitable group's audltor In connectlon wlth preparln8 Its report and to establlsh that the charltable group's auditor is aware of that information. This report, in¢orporatln8 the Group Straiegic Report. was approved by the trustees, in their capacity 4$ company dlrectors, on 3 March 2025 and signed on their behalf by,. J Purvis Trustee
BADER COLLEGE (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BADER COLLEGE Opinion We have audited the financial statements of Bader Colle8e for the year ended 30 April 2024 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, includin8 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 Kin8dom Generally Accepted Accountin8 Practice). In our opinion, the financial statements: give a true and fair view of the state of the 8roup and parent charitable company's affairs as at 30 Aprll 2024 and of the group's net movement in funds, including the income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practice; and have been prepared in accordance with the requirements af the Companies Act 2006. 8a51s for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilltles under those standards are further described in the Auditor's responsibilities for the audit of the financial statement5 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 FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba515 for our opinion. Concluslons relatlng lo ioln8 Concern In auditing the financial Statements, we have concluded that the trustees, use of the 8oin8 concern basis of accountin8 In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue a5 a goin8 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibllities of the trustees with respect to 80in8 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 otherwlse expllcltly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the flnancial statements, our responsibility is to read the other Information and, In doln so. consider whether the other information is materially incon515tent 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 mi55tatement in the financial statements or a material mSsstatement of the other information. If. based on the work we have performed, we conclude that there is a material mlsstatement of this other infomiation, we are required to report that fact, We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information 8iven in the Tru5tees' Report (which includes the strategic report and the dirertors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is conslstent with the financial statements. and the strate8lt report and the directors. report included within the Trustees. Report have been prepared in accordance with applicable legal requirements.
BADER COLLEGE (A Company Limited by Guarantee) INDEPENDENT AUDITOR'5 REPORT TO THE MEMBERS OF BADER COLLEGE Matters on which we are required to report by exceptlon 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 rnaterial 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 charStable company, or returns adequate for our audit have not been received from branches not Vlslted 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 all the information and explanations we require for our audit. Responsibllltles of trustees for the financial stalements As explained more fully in the trustees, responsibilities statement set out on pa8e S, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they 8ive a true and fair view, and for such internal control as the trustees deterrnine 15 necessary to enable the preparation of flnancial statements that are free from material m155tatement, whether due to fraud or error. In preparln8 the financlal statements, the trustees are responsible for assessin8 the group's and the parent charitable company's ability to contlnue as a 80in8 concern, disclosin8, as applicable. matters related to 80ing concern and usin8 the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles lor the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a hi8h level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error ond 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. Irregularitles, including fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line wlth our responsibilities, outlined above. to detect material misstatements in respect of irregularities, includin8 fraud. The extent to which our procedures are capable of detectlng irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non.compliance with laws and regulations related to Charity law. employment law and health and safety re'gulations and we considered the extent to which non-compliance mi8ht 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 mana8emenVs incentives and opportunlties for fratsdulent manipulatlon of the financial statements (including the risk of override of controls), and concluded that the risk was low. Audit procedures performed by the en8a8ement team included.. Discussions with management Includin8 consideration of known or suspected instances of non-compliance wlth laws and regulation and fraud- Evaluating mana8emenYs controls designed to prevent and detert irregularities- Identifying and testing journals,. and Challenging assumptions and judgements made by management in their critical accounting estimates
BADER COLLEGE (Acompany Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BADER COLLEGE Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regardin8 irregularities occurrin8 due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation, A further d¢scription of our responsibilities for the audit of the financial statements is located on the Financial Reportin8 Council's website at.. www.frc.or auditorsres onsibilities . This description forms part of our auditorfs report. Use of our ieport This report is made solely to the charitable company'5 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 Audltor'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 company and the charitable company's members as a body, for our audit work, for thi5 report, or for the opinions we have formed. Lee Stokes Isenior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditors 10 Queen Street Place London EC4R IAG Date: 2 April 2025
BADER COLLEGE IA Company Limited by Guarantee) CONSOLIDATEO STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Income and Expenditure Account) FOR THE YEAR ENDED 30 APRIL 2024 Unrestfi¢ted funds 2024 Restrirted lunds 2024 Total funds 2024 TotJl funds 2023 Note Income from: Donatlons Charitable activitie5 Commercial trading operations Investments Other 70,655 9,045,331 75S,028 102,737 434,765 5,490.890 641,693 113,544 455,901 826,826 6,317,716 641.693 113,544 455,901 Totsl in¢ome 6,702,028 826.826 7,528,854 10,408,516 Expendlture on., R•lslng funds Commercial tradlng operation5 Charitable activities: Academic costs Premlses tost5 480,671 480,671 521,433 2.079,987 3.453,406 40,504 917.983 2.120,491 4,371,389 3.620,298 3,318,387 Total expenditllfe 6.014,064 958.487 6,972,551 7,460,118 Net Sncomellexpendlturè) before reluatIOn of investment propertv 687,964 1131.6611 556,303 2,948.398 Re¥aluatlon of invtrnent propertv io 668.000 668,000 63,000 Net incomellexpenditurel 1.355,964 1131,6611 1,224,303 3,011.398 Net movement In funds for the yèar 1.355,964 1131,6611 1,224,303 3,011,398 Total funds at l May 2023 14,178,338 1,378,959 15,557,297 12.545,899 Total funds at 30 April 2024 15,534,302 1,247,298 16,781,600 15,557,297 All actlvitles relate to continuin8 operations. The notes on pages 14 to 27 form part of these financial statements. io
BADER COLLEGE Registered number.. 2837809 (A Company Limited by Guarantee) CONSOUDATED BALANCE SHEEr AS AT 30 APRIL 2024 2024 2023 Note Fixed assets: Tangible assets Investment property 11.210,584 3,250,000 10,874.269 2,$82,000 io 14,460,584 13,456.269 Current assets: Stocks Debtor5 Cash at bank 5.36S 222,890 2,403,554 li 114,981 2,533,441 2,684,422 2.631,809 Credltors: amounts falllnB due wlthln one year 12 1327,4061 1530,7811 Net Current assets 2,321,016 2,101,028 Total assets less current Ilabllltles 16,781,600 IS,S57,297 Nel •$sets 16,781,600 15,557,297 Charity funds Restricted funds Unrestricted fvnds.. General funds 14 14 1,247,298 1.378,959 15,534,302 14,178,338 Totsl lunds 14 16,781,600 15,S57.297 The financial statement5 were approved by the trustees on 3 March 2025 and signed on their behalf, by- J Purvls Trustee The notes on pages 14 to 27 form part of these flnanclal statements. li
BADER COLLEGE Registered number: 2837809 {A Company Limited by Guarantee) CHARITY BALANCE SHEET AS AT 30 APRIL 2024 2024 2023 Note Fixed assets: Tangible fixed assets Investment property Investments 11,188.318 3,250,000 10,000 10,835,593 2,582,000 10,000 io io 14,448,318 13,427,593 Current •t¢S.. Stock Oebtors Cash at bank 4,603 423,396 2,339,202 li 443,144 2,389,692 2,832,836 2,767,201 edltors: amounts fallin8 due wlthln one year 12 1317,3691 14S6,6401 Net current asset5 2,515,467 2,310,561 Total assets less current liabilities 16,963,785 15,738,154 Net 4ssei$ 16,963,785 15,738,154 CharSty funds Restricted funds Unrestricted funds General funds 14 14 1,247.298 1,378,959 15,716,487 14,359,195 Total funds 14 16.963.785 15,738,154 The flnanclal statements were approved by the trustees on 3 March 2025 and slgned on thelr behalf, by.. J Purvis Trustee The notes on pages 14 to 27 form part of these financial statements 12
8ADER COLLEGE IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Cash flow5 from operating activities Net income Adjustments for.. Gain on revaluation of investment property Dividends and interest received Depreciation Oecrease/lincreasel in stocks Oecreasellincrea5el in debtors Decrease in creditors 1,224.303 3,011.398 1668.0001 1113.5441 354.155 5.365 107.909 1203.3751 163.0001 1102,7371 232,717 18471 148.0451 1770.3681 Net cash piovided by operatlng actlvltles 706,813 2,259,118 Cash IIow5 from In¥estln8 a¢tlvltles Dividends and interest received Purchase of property. plant and equipment 113.544 {690,4701 102,737 1223.3921 Net cash provided by investing activlties {576,9261 1120.6551 Cash Ilows from finanting activltles.. Repayments of borrowin8 1793,7111 Change In cash In the year Cash and cash equlvalents at the start of the yeai 129,887 2,403,554 1.344.752 1,058,802 Cash and cash equlvalents at the end of the year 2,533,441 2,403,554 13
BADER COLLEGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting Policles Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention. in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211second edltSon effective l January 20191- Icharities SORP {FRS 10211 and the Companies Act 2006. The Charity meets the definition of a public benefit entity under FRS 102. Ba55s ol consolldat•on The financial statements consolidate the accounts of 8ader College and Herstmonceux Castle Estate Llmited. The financial statements have been prepared on a 80ing concern basis. Annual budgets are prepared and approved by the Board of Trustees. Monitoring of the bud8et is undertaken via a review of monthly mana8ement 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 submltted to Queen's University, the 8adef College parent company throu8hout the year. Forecast numbers are also 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 charitrfs 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 charivs surplu5, before consolidation, was £1.559,223 {2023: £2,991,725). The charitws income, before consolidation was £7,OSO,26612023.' £9.740,2431. 1.3 Goin8 ton¢ern The Trustees have reviewed their forecasts for the foreseeable future. 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 goin8 concern. They believe the goin8 concern basis of accounting is appropriate for these financial statements. 1.4 Income All income is included in the Statement of Financial Artivities when the charity has entitlement to the funds. probability of receipt and the amount can be measured with sufficient reliability. Income from charitable activities consist of tuition fees for the provision of education. Tuition fees are recognised as income in the year course5 are held. Donations and investment income are recognised when receivable. Other income is reco8nised at point of sale or when the service has been provided. Income from commerci31 tradin8 operations Includes the total income of the wholly.owned subsidiary, Herstmonceux Castle Estate Limited. All other income is recognised when receivable. 14
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting Policies (contlnued) Expenditure All expenditure is accounted. for on an accruèls basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Academic costs comprise Costs directly related to the charitable activlty of educatlon. This includes costs of staff directly related to the academic activity, travel. supplies and other academic costs. Premises costs include èll expenditure directly related to the general upkeep of the facilities. Thls Includes costs of staff directly related to upkeep, supplies. utilities and costs associated with fees and renewals. Governance costs include those costs associated with meetin8 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 tradin8 operations included the total expenditure of the wholly-owned subsidiary, Herstmonceux Castle Estate Limited. Fundraising costs comprise costs incurred in inducing people and organisations to contribute financially to the charivs work. Terminatlon benefits are accounted for on an accrual basis and in line with FRSIO2. Tangible fixed assets and depreciation Tangible flxed assets costin8 more than £500 are capitalised and Included at cost Including any incldental expen5e5 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 estifflated residual value, over their expected useful lives on the following bases: Renovations 30 years Plant and machinery 5 years Fixtures and fittings 5 years Motor vehicles 3 years Computers 3 years On 24 April 1996 the charity paid £9,500,000 for its land and buildings. Oue to its unique nature, Herstmonceux Castle has not been depreciated. The asset Is an historic castle originally constructed in 1441 and the 355et therefore has a very long useful life. Any depreciation charge, and the accumulated depreciation. would therefore be immaterial. Given that the remaining useful economic life is rnore than 50 years, an annual impairment review is undertaken by the trustees. 15
BADER COLLEGE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountln¥ Pollcles Icontlnued) Investments The charity's investment in its subsidiary trading company is accounted for at cost on the charity balance sheet. The net assets. 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. 1.8 Leasing Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. 1.9 Stocks Stocks are stated at the lower of cost and net realisable value, bein8 the estimated sellin8 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 carryin8 amount is reduced to Its selling price less Costs to complete and sell. The Impairment loss is recognlsed immedlately In the SOFA. 1.10 Value added tax The charity is exempt from levyin8 value added tax on most services it provides, as these are lar8ely 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 tradin8 company operates value added tax on a normal basis. Irrecoverable value added tax is included in the appropriate headin8 in the Statement of Financial Activities. 1.11 Pensions The charity operated a defined contrlbution pensSon scheme ènd the pension charge represents the amounts payable by the charity to the fund in respect of the year. 1.12 Forel8n ¢yrrencies Monetary asset5 and liabilities denominated in foreign currencies ère translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction, except for tuition and residence fees, which are translated at the agreed budgeted exchange rate. Exchange gains and losses are recognised in the Statements of Financial Activities. 1.13 Judgement and estimation Estimates and lud8ements 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 (based on the expected useful economic lives of assets) and valuation of investment property assets (based on market bosed assumption51. 16
BADER COLLEGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounilng Policie5 (contlnuedl 1.14 Fund accountin8 General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general oblectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aslde 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 fund5 are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are char8ed against the specific fund. The aim and use of each restricted fund is set out in the notes to the financlal statements. Investment income, 8ains and losses are allocated to the appropriate fund. 1.15 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 re8lStered offlce is Herstmonceux Castle, Hailsham, East Sussex. BN27 IRN. Taxatlon The company is a re8lStered charity and is thus potentially exempt from taxation In respect of income or capltal 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 gains are applied exclusively to charitablp piirpn4p5. Investment Income Totsl funds 2024 Total funds 2023 Rents and other similar charges 8ank deposit interest 81,539 32,005 97,695 5,042 113,544 102,737 17
BADER COLLEGE (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 4. Academic tosls Total lunds 2024 Total funds 2023 Direct staff costs External staff costs Food and supplies Laundry Academic supplies Equipment 879,847 212,292 196,065 17,850 31,012 45,336 1,213,244 627,653 434,751 35,088 222,981 99,165 E- ji Travelling Student activities Irrecoverable VAT Administration costs (note 61 Depreciation Utilities Housekeeping Supplies Restricted Expenditure 194,270 14,142 IS9,686 228,437 68,835 3,869 28,345 40,505 340.662 51.633 146,975 271,012 44,061 2,863 46,943 83,267 2,120,491 3.620,298 Preffllses costs Total funds 2024 Total funds 20Z3 Direct staff costs 570,146 396,879 43,136 323,200 196.343 1,623,676 268,911 12,866 25.513 910,719 517,866 493,076 51,069 426,249 167,417 1.076,705 172,129 28,276 21.691 363.909 Equipment Repairs and renewals Irrecoverable VAT Administration costs (note 61 Depreciation Travellin8 External Staff Costs Restricted Expenditure 4.371,389 3,318,387 18
BADER COLLEGE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 6. Adminlstration costs allocation A¢ademl¢ Costs Preml$•s Costs Tot41 2024 Direct staff costs Telephone and fax Printing, postage and stationery Staff training Professlonal fees Bank charges Computer supplies General Éxpenses 194,403 1.209 911 3,911 1,274 1.549 9.528 15,6S2 1,469.640 13,364 1,327 7,147 67,130 1.438 1,758 61,872 1,664,043 17,567 2,697 13,329 82,459 3,601 13,605 93,453 228.437 1,623,676 1,890,754 Academlc Costs Prem15e$ Costs Total 2023 Direct staff costs Telephone and fax Printin& postage and stationery Staff training Professional fees Bank charges Computer supplies General expenses 236.772 1,724 1,308 5.359 1,538 1.910 5.359 17.042 942,940 13,115 2,633 1,179,712 14,839 3,941 5,359 103,995 3,861 13,077 22,933 102.457 1,951 7.718 5.891 271.012 1,076.705 1.347,717 Net Income This 15 Stated after charging.. Total funds 2024 Total lunds 2023 Depreciation of tan8ible fixed assets.. owned by the charitable group Auditor's remuneration - group Auditor'5 remuneration - non.audit sernices 354,155 20,550 3,000 232,717 17,975 1,550 19
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 8. Staff cost5 The average monthly number ofemployees durin8 the year was as follows.. 2024 No 2023 The average number of employees during the year was.. 83 80 2024 No. 2023 No. The number of hi8her paid employees was: in the band: £60,001 . £70,000 £70,001- £80,000 £90,001- £100,000 £ioo,ooi- £iio,000 £120,001- £130,000 £130,001- £140,000 £140,001- £150,000 The aggregate pension contributions made by the charity on behalf of higher paid staff was £IO.55312023 - £19.3201. The number of higher paid staff accruin8 benefits in defined contribution schemes was 312023 - 81. The total employee benefits received by the key management personnel of the charity were £296,60912023 - £629,682). Total redundancy and termination payments were £675,69912023'. £2,128). No remuneration or expenses were paid to the trustees during the year. Indemnity insurance Is purchased for the trustees and this cost 15 borne by Queen's University. Total funds 2024 Total funds 2023 Employee costs.. Wages and salaries Social security costs Pension costs Staff 8enefits 3.271,032 283,021 93.034 51,844 2,456,351 245,329 79,175 76,902 Total 3,698,931 2,857.757 20
BADER COLLEGE {A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Tanglble flmed assets Freehold Property Plant & Machtnery Motor Vehicles Fixlures & Fittings Total Charlty Cost At l May 2023 Additions 12,078,670 81,732 320.018 71,401 725,827 370.452 12,957.630 690,470 At 30 April 2024 12,078,670 401,750 71,401 1,096,279 13,648,100 Oepreclation At l May 2023 Charge lor the year 1,450,563 128,227 51,429 71,579 46,789 16,862 573,256 121,077 2,122,037 337.745 At 30 April 2024 1,578,790 123,008 63,651 694.333 2,459,782 Net book value At 30 April 2024 10.499,880 278,742 7,750 401,946 11,188,318 At 30 April 2023 10,628,107 30,303 24,612 152,571 10,835,593 21
BADER COLLEGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 APRIL 2024 Tangible fixed assets (continued} Freehold Property Plant & Machinerv Motor Vehlcles Flxtures & Fittings Total Group Cost At l May 2023 Additions 12,078,670 177,755 320,018 71,401 797,361 370,452 13,125,187 690,470 At 30 April 2024 12,078,670 497,773 71,401 1,167,813 13,815,657 Depreclatlon At l May 2023 Charge for the year 1.450,563 128.227 140,063 75,442 46,789 16.862 613.503 133,624 2,2SO,918 354,155 At 30 April 2024 1.578,790 215,505 63,651 747,127 2,605,073 Net book value At 30 April 2024 10,499,880 282,268 7,750 420,686 11,210.584 At 30 April 2023 10,628.107 37,692 24.612 183.858 10,874,269 10. Inve5trnents Rented land The charity owns areas of arable land and pasture which do not form part of its operational assets, but which are let out as farmland and generète rental income. The land is held In the accounts at falr value as follows.. Falr value- Group and Charitv 2024 2023 At l May 2023 Revaluation 2.582,000 668,000 2,519.000 63,000 At 30 April 2024 3,250,000 2.582,000 The fair value is based upon a formal report and valuation as at 30 April 2024, prepared in accordance with the RICS valuation Global Standards 2017 and where relevant the previous RICS Valuation Professional Standards UK January 2014115 (the red bookl and the International Valuation 2017 Standards IIVSI. There are no restrictions placed upon the land or the income generated from it. 22
BADER COLLEGE IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Equity The charity has an investment in subsidiary- its holding of 100% of the issued share capital of £IO,(K)O £1 ordinary shares in its subsidiary trading company. Herstmonceux Castle Estste Limited which is incorporated in England and Wales, company registration number 02902475. The a88re8ate value of capital and reserves and the result for this undertaking for the financial year are as follows.. Capltal and reserves Loss for the ye•r Herstmonceux Castle Estate Limited 1176,0311 15,9301 11. Debtors Group Charity 2024 2023 2024 2013 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued Income 1,056 28.232 1,299 228.478 2.375 191,244 332,592 43,884 66,668 47,119 66,806 2.375 192,283 114,981 222,890 443,144 423.396 12. Creditors: Amounts falling due within one year Group rhlrltv 2024 2023 2024 2023 Trade creditors Other taxation and social security Accruals and deferred income Amounts owed to group undertakin8S 232,692 29,734 64,980 316,544 21,236 184,987 8,014 232,030 25,993 59,346 316.213 4,801 127,612 8.014 327,406 530,781 317,369 4S6,640 23
BADER COLLEGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 13. Consolidated Statement of funds- year ended 30 April 2024 Brought foTh¥ard Transfers Inlout Galnsl (losses) Carrled forward Income Expenditure General funds General fund Non charitable trading funds HCE Revaluation re5erye 11.416,365 6,060,335 15.533.393) 11,943,307 519.974 2,241,999 641,693 1480,6711 680,996 2,909.999 668.ryJO Total unrestricted funds 14.178,338 6,702,028 16,014,064) 668,000 15.534,302 Restrlrted funds Queen'5 University Univer51ty of Waterloo Jennifer Medves Friends of HCE Lund Trust Waltrose 8ader Donation Interest on capital 1,351,820 17,655 255 794,433 780 1952,6201 15,8671 1,193,633 12,568 225 2,924 8,210 500 8,759 20,479 2,924 8,210 500 8.759 20,479 Total Restricted Funds 1.378.959 826,826 1958,4871 1.247,298 Total funds 15,557,297 7,528,8S4 16,972,551 668,000 16,781,600 The designated fund for strategic initiatives represents those funds designated by the trustees for strategic initiatives which cannot be managed within the annual operatin8 budget. The 8eneral reserve fund represents those funds which are unrestricted and not designated for other purposes. The restrirted fund for muslcians in residence is restricted for use in that specific pro8rammè. The restricted fund for University of Waterloo is part of a larger grant and is to fund the salaries of academic researchers. The restricted fund for Bèder donation is a donation to be used for the development of a certificate in global en8a8ement. 24
BADER COLLEGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 13. Statement of funds Icontlnued) Consolidated Statement of funds-year ended 30 April 2023 Brought forward Translers Inlout Galns/ (losses) Carrled forward Income Expenditure General funds General fund Non charitable trading funds HCE Revaluation reserve 10,062,132 7,845,742 16,491,509) 11,416.365 286,379 2,178,999 755.028 1521,4331 519,974 2.241.999 63.000 Total unrestricted funds 12,527,510 8,600.770 17,012,942) 63,000 14,178,338 Restrlcted funds Musicians in residence Queen's University University of Waterloo Jennifer Medves Lund Trust Waitrose 8ader Donation 61,847 1,713,851 22,538 8W 8,210 500 161,8471 1362,0311 18,3771 15751 18,2101 1,351,820 17.655 225 3,494 soo 8,7S9 14,895 16, 1361 Total Restricted Funds 18,389 1,807,746 1447,1761 1,378,959 Total funds 12,545,899 10,408.516 7,460.118 63,000 15,557,297 25
BADER COLLEGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 14. Con501idated Analysis of net assets between fund$ Unrestricted funds 2024 flestricted fvnds 2024 Total funds 2024 Tangiblè fixed assets Investment property Current assets Creditor5 due withln one year 11,210,584 3,250,000 1,401,124 1327,4061 11.210,584 3.250,000 2.648,422 1327,4061 1,247,298 15,534,302 1,247,298 16,781,600 Unrestrlrted fvnd5 2023 Restrlcted fvnds 2023 Tolal lunds 2023 Tangible fixed assets Investment property Current assets Creditors due within one year 10,874,269 2,582,000 1,252,850 1530,7811 10,874,269 2,582,000 2,631,809 1530,7811 1,378.959 14,178,338 1.378,959 15,557,297 15. Ultimate parent undertaking The charity is a subsidiary undertakin8 of Queen's Universlty at Kinsston 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. Kin8Ston, Ontario, Canada. No other group accounts include the result of this charity. 16. Related party transartions During the year the charlty received income of £2,073,11712023'. £7,214,846} from Queen's University relatin8 to tuition and residence fees. A further £4.215.750 12023.. £1,463,255) was received as grants and donations from Queen'5. Total expenditure of £275,89712023.' E235.3171 was payable to Queen's to cover costs incurred by Queen's on the charity'5 behalf. At the balance sheet date £nil12023.' £8.014) wès owed to Queen's Univer51ty. Ouring the year a distribution of £Nil12023'. £Nill was received from Herstmonceux Castle Estate Limited. 26
BADER COLLEGE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 16. Related party transactions {Continuedl Other rechar8es of £352,74212023'. £241,308) were made between 8ader College and Herstmonceux Castle Estate LSmlted. Recharges of £248,62812023: £24,858) were made from Herstmonceux Castle Estate Limited to Bader College. At the balance sheet date £332.59212023.' £228,478) was due from Herstmonceux Castle Estate Limited. 27