| Chair's Introductory Statement |
||||
|---|---|---|---|---|
| Report ofthe Governors | ||||
| Auditor's Report |
17 | |||
| Consolidated Statement of Financial Activities and income and Expenditure |
Account | 20 | ||
| College Statement of Finanoal |
Activities and Income and Expenditure | Account | 21 | |
| Consolioated Balance Sheet |
22 | |||
| College Balance Sheet | ||||
| Consolidated Cash Flow Statement |
24 | |||
| Notes on the Financial Statements | 25 |
| The Governors | The Governors | have assessed the major risks to which the College is exposed, in particular, those related to the |
|---|---|---|
| operations | and | finances of the organisat/on. and are satisfied that systems and processes are in place to mitigate |
| the College's exposure to these ma)or risks | ||
| The Board | ofGovernors have /dentfied the foltowing key strategic risks tc the charity Actions to mitigate against |
|
| these nsks | are | also detailed. |
| Risk; Mitigation |
Major change in finances resulting in athreat to long term organisational viability Reserves policy that sets aside funds for longer term plans & reasonable operating, Development of medium- term financial plan; Financial appraisal of longer term committing opportunities, |
|
| Sensitwity analysis of changes in costs affecting bottom kne. On-going monitonng ol expenditure against budgets, Rev/ew of budgets in-year to ident/fy where cost savings can be made, Formal |
||
| reporting to F&GP ofvariances |
||
| Risk: | Failure of strategic initiatives across Service areas (Umberslade/ Pinewood/ Community |
|
| Mitigation: | Services/ Residential Services) Control of appkcation and assessment process. panel meetings; SfvtT meetings, reshaping of curriculum and timetable to maximise resource use, dev of new campuses, estates planning and |
|
| project management controls |
||
| Risk: Mitigation: |
inadequate reporting to the Board Strategic planning. ob)ective setting & budgeting processes; timely 8 accurate reporting; timely preparation ofreports. tnurnvirate meetings/ reg contact between Board/senior staff Reg Board & AC meetings SAR presented lo Board Progress against KPls presented regularly tu Board Periodic governance reviews where reporting is assessed |
|
| Risk: Mitigation: |
H&Srisk to the organisation H&S Off/cers in place at QAC who ensure Compliance w/th law 8 regs, Publicised H&S policies, Regular inspection &testing ofappliances, smoke and fire alarms; Trained first aiders/Trained fire marshals Fire safety training, inctud/ng use of exninguishers. Fire notices in all areas, Evacuation areas, Fire, H&S consultancy used regularly Risk Assessments logged into central system; H&S |
|
| group meekngs w/th governor attendance Regular evacuation drills; |
||
| 12 |
| Year | Year | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 31 Jul 2022 | Unrestricted | Restricted | 31 Jul 2021 | |||
| Funds | Funds | Total | Funds | Funds | Total | |||
| Income | Notes | f | 6 | 6 | 6 | |||
| Charitable Activities |
3 | 12,873,455 | 83,945 | 12,957,400 | 11,110,765 | 88,200 | 11,198,965 | |
| Donations and legacies Grant BRIBRent Other Donations and Grants |
584,320 31,308 |
180.488 | 584,320 211,796 |
594,559 3,340 |
224,776 | 594,559 228,116 |
||
| 615,628 | 180,488 | 796,116 | 597,899 | 224,776 | 822,675 | |||
| Other Trading Activities Sales in Enterprises Other Trading Income |
604,582 82,224 686,806 |
604,582 82,224 686,806 |
494,221 25,852 520,073 |
494,221 25,852 520,073 |
||||
| Investment Income |
||||||||
| Interest | 6,436 | 6,436 | 1,420 | 1,420 | ||||
| Investment Income |
53,604 | 53,604 | 47,170 | 47,170 | ||||
| 60,040 | 48,590 | |||||||
| Total Income | 14,235,930 | 264,432 | 14,500,362 | 12,277,327 | 312,976 | 12,590,303 | ||
| Expenditure Chantable Activities |
4 | 13,381,195 | 179,498 | 13.560,693 | 11,722,668 | 280,999 | 12,003,667 | |
| Raising Funds | 5 | 551,924 | 1.188 | 553,112 | 440,553 | 440,563 | ||
| Profit on Disposal of Fixed Assets | (300) | (300) | ||||||
| Total Expenditure | 13,932,819 | 180,686 | 14,113,505 | 12,163,231 | 280,999 | 12,444,230 | ||
| Net Income/(Expenditure) | before | |||||||
| movements on Investment |
Assets | 303,111 | 83,746 | 386,857 | 114,096 | 31,977 | 146,073 | |
| Gains/(Losses) on Investment Assets |
~1M,736 | 426,455 | 426,455 | |||||
| Net Income/(Expen&8ture) | 13 | 134,375 | 83,746 | 218,121 | 540,551 | 31,977 | 572,528 | |
| Transfers between Funds |
91,372 | (91,372) | 23,406 | (23,406) | ||||
| Net movement in Funds |
225,747 | (7,626) | 218,121 | 563,957 | 8,571 | 572,528 | ||
| Funds at 31July 2021 Funds at 31July 2022 |
13 | 11,559,772 11,785,519 |
1,263,538 1,255,912 |
12,823,310 13,031,431 |
10,995,815 11,559,772 |
1,254,967 1,263,538 |
12,250,782 12,823,310 |
| Year | Year | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | 31Jul 2022 | Unrestricted | Restricted | 31Jul 2021 | ||
| Funds | Funds | Total | Funds | Funds | Total | |||
| Income | f | f | f | f | f | |||
| Charitable Activities |
3 | 12,873,455 | 83,945 | 12,957,400 | 11,110,765 | 88,200 | 11,198,965 | |
| Donations and legacies |
||||||||
| Grant: BRIBRent | 584,320 | 584.320 | 594.559 | 594,559 | ||||
| Other Donations and Grants |
232,912 | 180,488 | 413,400 | 151,913 | 224,776 | 376,689 | ||
| 817,232 | 180,488 | 997,720 | 746,472 | 224,776 | 971,248 | |||
| Other Trading Activities | ||||||||
| Other Trading Income | 154,822 | 154JI22 | 113,626 | 113,626 | ||||
| Investment Income |
||||||||
| Interest | 6,436 | 6,436 | 1,420 | 1,420 | ||||
| Investment Income |
53,604 | 53,604 | 47,170 | 47,170 | ||||
| 48,590 | ||||||||
| Total income | 13,905,550 | 264,432 | 14,169,982 | 12,019,453 | 312,976 | 12,332,429 | ||
| Expenditure | ||||||||
| Chantable Activities |
13,381,194 | 179.498 | 13,560,693 | 11,722.668 | 280,999 | 12,003,667 | ||
| Raising Funds Profit on Disposal of Fixed Assets |
222,182 ~303 |
1,188 | 223.370 +3~30 |
182,689 | 182,689 | |||
| Total Expenditure | 13,603,076 | 180,687 | 13,783,763 | 11,905,357 | 280,999 | 12,186,356 | ||
| Net Income/(Expenditure) | before | |||||||
| movements on Investment Gains/(Losses)on Investment |
Assets Assets |
302,474 ~168.7~36 |
83,746 | 386,220 (168~736 |
114,096 426,455 |
31,977 | 146,073 426,455 |
|
| Net Income/(Expenditure) | 133,738 | 83,746 | 217,484 | 540,551 | 31,977 | 572,528 | ||
| Transfers between Funds |
91,372 | 91,372 | ~23,400 | 2~3406 | ||||
| Net movement in Funds |
225,110 | (7,626) | 217,484 | 563,957 | 8,571 | 572,528 | ||
| Funds at 31July 2021 | 11040772 1,26353,8 | 12813310 | ID635815 | 12541167 | 1224D782 | |||
| Funds at 31July 2022 | 11,774,882 1,255,912 | 13,030794 | 11,549,772 | 1,263,538 | 12,813,310 |
| 31 | JULY 2022 | |||||
|---|---|---|---|---|---|---|
| 31Jul | 2022 | 31 Jul | 2021 | |||
| Notes | 6 | 6 | ||||
| Fixed Assets | ||||||
| Tangible Assets. | ||||||
| Land and Buildings —Freehold Land and Buildings —Leasehold Fixtures Fittings and Equipment Motor Vehicles |
1.005,086 5154,063 1 055,387 24,067 |
1,033.544 5.225,646 790.648 37,748 |
||||
| Computer Ecinpment |
289,751 | 7.528,354 | 227,161 | 7,314,747 | ||
| Investments | 2,619,282 | 2.739,422 | ||||
| Total Fixed Assets | 10054.169 | |||||
| Current Assets | ||||||
| Stock | 6,472 | 5,964 | ||||
| Debtors | 10 | 1,293,029 | 1,295,352 | |||
| Short term Deposits Cash at Bank and In Hand |
1,129,948 2,298,806 |
1,132.941 1,924,024 |
||||
| Total Current Assets | 4,728,255 | 4,358,281 | ||||
| Liabilities | ||||||
| Creditors: Amounts within one year |
falling due | ~1,834.460 | 1,589,140 | |||
| Net Current Assets | 2,893,795 | 2,769,141 | ||||
| Total Assets less Current Liabilities | 13,041,431 | 12,823.310 | ||||
| Total Net Assets | 13,041,431 | 12823,310 | ||||
| Funds | ||||||
| Unrestricted Funds |
||||||
| General | 10,400,519 | 10,269,772 | ||||
| Designated | 13 | 1 385 000 | 11.185.518 | 1 280 QM | 11,559.772 | |
| Restricted Funds |
13 | 1,255,912 | 1,263,538 | |||
| 13,041.431 | 12,823,310 |
| Year | Year | ||||||
|---|---|---|---|---|---|---|---|
| 31Jul 2022 | 31 Jul 2021 | ||||||
| 8 | E | ||||||
| Cash flows from Operating Activities |
1 | 117.370 | 851,007 | ||||
| Cash flows from Investing Activities: Dividends and Interest from Investments |
60,040 | 48,590 | |||||
| Proceeds from the Sale of Fixed Assels | (300) | ||||||
| Purchase of Fixed Assets | (756,725) | (343.324) | |||||
| Proceeds from Sale of Investments | 245,182 | 299,078 | |||||
| Purchase of Investments | (293,778) | (791,505) | |||||
| Change in Cash and Cash Equivalents |
in the | reporting | period | 371,789 | 63,846 | ||
| Cash and Cash Equivalents at the |
beginning | ofthe reporting | 3,056,965 | 2,993,119 | |||
| period Cash and Cash Equivalents at the |
end | ofthe | reporting | period | 3,428,754 | 3,056,965 | |
| Notes to the Consolidated Cash Flow Statement |
|||||||
| 1.Reconciliation of Net Income to |
Net Cash Flow from | Operating | |||||
| Activities | |||||||
| Net Income for the reporting period |
218,121 | 572,528 | |||||
| Adjustments for. Depreciation Charge (Gains)rLosses on Investments Dividends and Interest from Investments |
543,118 168,736 (60,040) |
535,354 (426,455) (48,590) |
|||||
| Profit on Disposal of Fixed Assets (Increase)/Decrease in Stocks (Increase) in Debtors Increase/(Decrease) in Creditors |
300 (508) 2,323 245,320 |
(627) (94,888) 313,685 |
|||||
| Nel Cash Provided by Operating Activities |
1,117,370 | 851,007 | |||||
| 2. Analysis of Change in Cash |
and | Cash | |||||
| Equivalents | At 31July | Cash | At 31July | ||||
| 2021 | Flows | 2022 | |||||
| 8 | |||||||
| Cash at Bank and in Hand | 1,924,024 | 374.782 | 2,298,806 | ||||
| Short term Deposrts | 1,132,941 3.056,965 |
2,99~3 371,789 |
1,129,948 3,428,754 |
| . CHARITAB EACTIVITIES INC ME |
|||
|---|---|---|---|
| Year | Year | ||
| Income from Charitable Activities: Education and Skills Funding Agency Student Funding Educaten and Skills Funding Agency Free Meals Funding Educaten and Skills Funding Agency Capital Maintenance Funding Educabon and Skxts Funding Agency Teachers Pension Fundeg Educaten and Skills Funding Agency Covid Mass Testing Funding Education and Skills Fuixkng Agency 16-19Tuition Fund Total Education and Skills Funding Agency Local Auhariitres Student Funding Other Emptoymeni Programmes Income Independence Plus Client Social SerwcesrPnvate Income Respite Care &Private Student Fee Income Community Services Incame Student Transport Fees Catering Income Other Charitable acbvises Income |
31July 2022 f 3 795,800 36.126 204,343 81,565 13,064 69,495 4,200,393 7,335,390 9,324 927,103 192,737 220.792 4,408 44.396 22,858 |
31 July 2021 'f 3. 84.708 48.877 98,143 79,699 58,020 88,200 3,757,647 6,301,062 9,837 892,650 121.798 78,652 3,454 26,825 7,040 |
|
| Total Income from Charitable Acfivriies |
12,957,400 | 11,198,965 | |
| , CHA IT B CTIVITIES EXPENDITURE |
Year | Year | |
| Expenditure from Charitable Activities |
31July 2022f | 31July 2021f | |
| Unrestricted Funds Direct Teaching and Support Staff Casts Indirect Staff Costs to support Chantatfe Ackvilies Other Employee Related Costs Premises Costs Catering and Cleaning Oepreciabon Equipment Maintenance Exam Fees and Courses Subscnptions Student Transport and Other Allowances Student Bursanes Meckcal Costs |
7.912,698 1,689,786 131.745 1,293,444 815.014 516,361 99982 13,671 19,090 74,856 533 38.913 |
6,849,950 1,614,605 101,615 1,191.739 715,938 508,597 115,379 13,561 24,602 51,105 1,270 20.880 |
|
| Leameg Equipmenl, Consumables and Acbvites Educational Subcontract Fees Student Support Professional Fees Staff Travel Expenses College Transport printing, stasonery, postage and Compubng Consumabks Markebng and Advertiseg Miscellaneous |
45.924 76,965 64.559 16,255 36,284 416,695 38.869 10,830 |
28.022 34,992 50,950 4,659 16.086 286,704 23.709 9.075 |
|
| Legal, Profess onal & Consulting Fees and Charges External Audit Fees Development Volunteers' Expenses Books and Publicabons |
49,856 24,960 212 71 3,622 13,381,194 |
38,443 20 012 593 182 11.722.668 |
|
| Restricted Funds Depreaation Infection Control Non-Staff Costs Learning Equipment and Consumables Staff Costs |
26,757 6,648 110,124 76.719 |
26.757 28.813 52,586 172.843 |
|
| 179,498 | 280,999 | ||
| Ti lal Exl endik vc finm Ctiantable Activities |
13,560693 | 12.003.667 |
| Year | Year | |||
|---|---|---|---|---|
| Enterprises | 31July 2022 | 31July 2021 | ||
| Salaries Premises Costs |
266,723 6,579 |
230,280 27,461 |
||
| Cost ofGoods Sokl Audit and Accounting Other Costs |
Fees | 19,016 6,200 103,822 |
7,120 7,125 73662 |
|
| Other Costs ofRaising | Funds | 402,340 | 345,648 | |
| Staff Costs | 87,739 | 65,936 | ||
| Catering Costs | 288 | |||
| Management Charges Cost ofGoods Sok! |
Investment | Funds | 13,132 2,636 |
11,626 30 |
| Other Costs | 47,264 | 17,035 | ||
| 150,772 | 94,915 | |||
| Total Costs of Raising Funds | 553.112 | 440,563 | ||
| 6. NET INCOME |
||||
| Year | Year | |||
| Net Income is stated after charging. | 31July 2022 | 31July 2021 | ||
| Operating Leases: | ||||
| Rent Hire of Equipment |
747,735 11,086 |
686,765 14,302 |
||
| Staff Costs | 9,835,258 | 8,968.789 | ||
| Auditors' Remuneration. |
External Audit Services | 29,600 | 26,037 | |
| Other services | 1,560 | 1.100 | ||
| Depreciation of Owned Assets |
543,118 | 535,354 | ||
| 7. STAFF COSTS |
||||
| Year | Year | |||
| Staff Costs. | 31July 2022 8 |
31July 2021 | ||
| Wages and Salaries | 8,421,433 | 7.821,792 | ||
| Social Security Costs Other Pension Costs |
707,349 498,277 |
634,460 451,486 |
||
| Agency staff costs | 208,199 | 61,051 | ||
| 9,835,258 | 8,968,78g |
| STAFF COSTS | c | ontin | ued | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Year | Year | ||||||||
| 31July 2022 | 31July 2021 | ||||||||
| The average weekly |
number | (full | time | equivalent) | of employees | Number | Number | ||
| during the year was as Teaching and Support Care Staff |
follows Staff |
208 118 |
190 99 |
||||||
| Office and Management QAC Enterprises Maintenance Staff |
42 9 8 |
39 8 8 |
|||||||
| Average headcount throughout |
the | year was 423 employees | |||||||
| The number ofemployees taxable benefils in kind, f60,000were: |
induded ex gratia |
above whose earnings and redundancy costs) |
{including exceeded |
Year 31July 2022 |
Year 31July 2021 |
||||
| Number | Number | ||||||||
| E'60,000 toE69,999 | 4 | 3 | |||||||
| f80,000to E89,999 | |||||||||
| f90,000 toE99,999 f100,000tof109,999 |
| 8. FIXEDASSE |
TS | ||||||
|---|---|---|---|---|---|---|---|
| Freehold | Leasehold | Fixtures | Assets | ||||
| Land and | Land and | and | Motor | Computer | Under | ||
| Group and College | Buildings E |
Buildings E |
Fittings E |
Vehicles E |
Equipment | Construction E |
Total E |
| Cost 31 July 2021 Additions Dlsposals 31 July 2022 |
1,497,608 1,497,608 |
6,940,569 68,368 7.008,937 |
2,547.667 260,923 2,808.590 |
287,294 49,060 238.234 |
2.754,270 208,915 2,963,185 |
218.519 218,519 |
14.027 408 756,725 ~9.C60 14,735,073 |
| Depreciation 31 July 2021 |
464.064 | 1 714,923 | 1.757.019 | 249,546 | 2.527,109 | 6712,661 | |
| Prowded in the Year Eliminated on |
28.458 | 139,951 | 184.309 | 13,680 (49.060) |
176,720 | 543,118 (49,060) |
|
| disposal 31 July 2022 |
49,522 | 1 854,874 | 1,941.328 | 214,166 | 2 703.829 | 7 206 719 | |
| Net Book Values 31 July 2022 31July 2021 |
1,005,086 1,033,544 |
5,154,063 5,225,646 |
86/,262 790,648 |
37,748 | 259,356 227,161 |
218,519 218,519 |
7,528,354 7,314,747 |
| Movements in the Investmen |
t Fund man |
aged by Smith &Willia |
mson were |
||
|---|---|---|---|---|---|
| Year | Year | ||||
| 31July 2022 | 31 | July 2021f | |||
| Market Value at beginning | ofthe year | 2,739,424 | 1.820,541 | ||
| Additions to investment at |
cost | 293,776 | 791,505 | ||
| Disposals at market value Net realised and unrealised |
investment | gain/(loss) | (245,182) 168,736 |
(299,078) 426,454 |
|
| Total Investment Fund Shares in subsidiary companies |
2,619,282 102 |
2,739,422 102 |
|||
| Closing Balance | 2.619,384 | 2,739,524 |
| 31July 2022f | 31July 2021f | ||||
|---|---|---|---|---|---|
| Listed | Secul1tles | 2,619,282 | 2,739,422 | ||
| Total | Investments | in Investment | Fund | 2,619,282 | 2,739,422 |
| QAC | Enterprises | Limited | 100 | 100 | |
| QAC | Sight Vitlage | Limited | 1 | 1 | |
| Sight | Village Limited | 1 | 1 | ||
| Total | Investmenls | 2,619,384 | 2,739,524 |
| 31July 2022 | 31July 2021 | |||
|---|---|---|---|---|
| Land and | Equipment & |
Land and | Equipment 8, |
|
| Buildings | Fixturesf | Buildings E |
Fixtures K |
|
| Not later than one year within 2-5years Over 5years |
761,320 158,833 22,500 |
7,462 932 |
696,765 55,000 |
13,585 9,954 |
| 31 July 2022 | 31July 2021 | ||||
|---|---|---|---|---|---|
| E | K | ||||
| Authorised | anc contracted | for but not | |||
| provided | for in the financial | statements | 156,596 | 135,027 |
| Unrestricted | Designated | Restricted | Total | ||||
|---|---|---|---|---|---|---|---|
| Fund | Fund | Funds | |||||
| E | 8 | ||||||
| Group | |||||||
| Fund balances | at 31July 2022 are represented | by: | |||||
| Tangible | Fixed | Assets | 6,780,335 | 748,019 | 7,528,354 | ||
| Investments | 2,619,282 | 2,619,282 | |||||
| Current | Assets | 2,835,362 | 1,385,000 | 507,893 | 4,728,255 | ||
| Current | Liabilities | 1,834,460 | 1,834,460 | ||||
| 10,400,519 | 1,385,000 | 1,255,912 | 13,041,431 | ||||
| College | |||||||
| Fund balances | at 31 July 2022 are represented | by. | |||||
| Tangible | Fixed | Assets | 6,780,335 | 748,019 | 7,528.354 | ||
| Investments | 2,619,384 | 2.619,384 | |||||
| Current | Assets | 2,809,864 | 1.385,000 | 507893 | 4 702 757 | ||
| Current | Liabilities | 1,819,701 | 1.819,701 | ||||
| 10,389,882 | 1,385,000 | 1,255,912 | 13,030,794 |