## |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| ## ## ## ## ## ## ## ## ## ## ##