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2023-12-31-accounts

COMPANY REGISTRATION NUMBER: 04086997 CHARITY REGISTRATION NUMBER: 1087337

The ABDO College of Education Company Limited by Guarantee Financial Statements 31 December 2023

BURGESS HODGSON LLP Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

The ABDO College of Education

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2023

Page
Trustees’ annual report (incorporating the director's report) 1
Independent auditor's report to the members 7
Statement of financial activities (including income and
expenditure account) 12
Statement of financial position 13
Statement of cash flows 14
Notestothefinancialstatements 15

The ABDO College of Education

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report)

Year ended 31 December 2023

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2023.

Reference and administrative details

Registered charity name TheABDO College of Education
Charity registration number 1087337
Company registration number 04086997
Principal office and registered Godmersham Park
office Godmersham
Canterbury
CT4 7DT
England
The trustees
Mr K Gutsell GBDO (Hons) SLD
Mrs G M Dynan FBDO
Mr
Mr D V E Newsome FBDO R CL
SMC(Tech)
Mr C Marchant FBDO
Ms S Begum FBDO
Sir A Garrett CBE HonFBDO
Mr L Thomas FBDO
Ms C Walsh FBDO CL SMC
(Tech)
Ms H Wilkinson FBDO
Company secretary SirAnthony Garrett CBE HonFBDO
Auditor Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
Bankers Barclays Bank Plc
Level 27
1 Churchill Place
London
E14 5HP
Investec Wealth & Investment
2 Gresham Street
London
EC2V7QP

The trustees

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The ABDO College of Education

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continuea)

Year ended 31 December 2023

Solicitors

Hempsons 40 Villiers Street London WC2N 6NJ

Structure, governance and management

Governing Document

The Company is constituted by Memorandum and Articles of Association as a company limited by guarantee, not having share capital and the company number is 04086997. The company obtained charitable status on the 3 July 2001, and registered with the Charity Commission and the Charity's registered number is 1087337.

ABDO College is based and registered at Godmersham Park, Godmersham, Canterbury, CT4 7DT.

Appointment of Trustees

The Association of British Dispensing Opticians is a member of ABDO College, whose trustees include up to ten trustees appointed by their board of directors.

The board of directors of the Association has the right to appoint up to six trustees who serve for four years after which they retire but are eligible for re-appointment for one further term of four years.

Trustee Induction

New trustees are made aware of their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association and all relevant undertakings with regard to the management of the charity's affairs. On appointment, new trustees also meet with senior academic staff and with executive management to obtain information and understanding of the College's operations.

Organisational Structure

The board of trustees, which meets quarterly, administers the Charity. The general secretary has been appointed by the trustees to manage the day to day operations of the college within the terms of delegation approved by the trustees.

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The ABDO College of Education

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

Risk Management

The trustees actively review the major risks that the charity faces during regular meetings. The financial support undertakings by the ABDO College of Education are considered sufficient to meet all known commitments and normal financial risks until the charity becomes fully self-supporting.

The trustees have also examined the other operational and business risks faced by the charity and consider they have established adequate systems and controls to mitigate all significant risks.

Investment Powers and Restrictions

The board of trustees have the power to employ a professional investment manager, who is entitled to carry out an investment business under the provisions of the Financial Services Act 1986 (or any statutory modification or re-enactment thereof), to exercise the power of investment subject to the policy guidelines drawn up by the board of trustees and within the powers of investment allowed by law.

Public Benefit

The board of trustees have considered the Charity Commission's general guidance on public benefit and specifically its additional public benefit guidance on advancing education together with feecharging. This has been taken into account when structuring the Charity's objectives and activities.

Objectives and activities

The objectives of the Charity are to advance and promote education and research in the science and practice of optics for the public benefit and to disseminate the useful results of such research.

The primary objectives and activities for the year were directed to:

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The ABDO College of Education

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

Achievements and performance

The team at ABDO College is passionate about professional development through recognised qualifications. The College courses include Optical Assistant courses, Fellowship Diploma in Ophthalmic Dispensing (Level 6) courses and contact lens courses.

Student enrolment figures

Enrolments for all of the College core courses (i.e. those listed below) were:

1st Year Diploma in Ophthalmic Dispensing 156 1st Year Foundation Degree in Ophthalmic Dispensing 0 (programme withdrawn) 2nd Year Diploma in Ophthalmic Dispensing 174 2nd Year Foundation Degree in Ophthalmic Dispensing 16 3rd Year Diploma in Ophthalmic Dispensing 163 3rd Year BSc (Hons) in Ophthalmic Dispensing 13 Contact Lens Certificate Course 52 Optical Assistant Courses 62 Senior Optical Assistant Courses 23

EXAMINATION PASS RATES Examination pass rates (the percentage of students achieving a first attempt pass) during 2023 were as follows:

DISPENSING PQE Theory 80.5% PQE Practical Section A 93.5% Section C1 97.0% Section B1 97.0% Section C2 90.0% Section B2 78.0% SectionD 99.5%

FQE Theory

Advanced Ophthalmic Lenses (and Ophthalmic Dispensing) 85.60% Abnormal Ocular Conditions/Standards of Practice 90.00% Anatomy 99.00% Refractive management 86.00% Low vision 82.50% Contact lenses 98.00%

FQE Practical Section A1 85.00% Section B3 95.50% Section A2 89.00% Section C 92.00% Section A3 92.00% Section D1/2 95.50% Section B1 96.00% Section D3/4 100.00% Section B2 98.50% Section D5/6 97.00%

CONTACT LENS

Anatomy, Physiology & Pathology 93.50% Visual Optics 53.00% Contact lens practice 94.00%

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The ABDO College of Education

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continuea) Year ended 31 December 2023

BSC(HONS) RESULTS 2023 First: 2 2:1: 3 2:2: 2 3: 0

FD RESULTS 2023 Distinction: 1 Merit: 1 Pass: 14

Financial review

Financial Performance

During the year under review, the College made a net income of £227,816 after charging depreciation and amortisation of £65,030. The investments recorded an unrealised gain of £11,132.

Reserves Policy

The board of trustees seeks to maintain the reserves at a level that will support the charity with its ongoing activities.

The reserves for the charity are broken down into unrestricted funds at £1,1682,909 (2022: £1,455,093) and restricted funds at £9,659 (2022: £9,659).

Trustees’ responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' 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 charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

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The ABDO College of Education

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2023

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved oN ...............::s0 and signed on behalf of the board of trustees by:

Clive Marchant (Sep 20, 2024 15:18 GMT+1) Alistair Bridge (Sep 20, 2024 17:32 GMT+2) Mr C Marchant FBDO Sir Anthony Garrett CBE HonFBDO Trustee Charity Secretary

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The ABDO College of Education

Company Limited by Guarantee

Independent Auditor's Report to the Members of The ABDO College of Education

Year ended 31 December 2023

Opinion

We have audited the financial statements of The ABDO College of Education (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 obtained is sufficient and appropriate to provide a basis for our opinion.

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 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 charity'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.

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The ABDO College of Education

Company Limited by Guarantee

Independent Auditor's Report to the Members of The ABDO College of

Education (continued)

Year ended 31 December 2023

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 statements, our responsibility is to read the other information and, in doing so, 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 statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 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:

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Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ 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:

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The ABDO College of Education

Company Limited by Guarantee

Independent Auditor's Report to the Members of The ABDO College of

Education (continued)

Year ended 31 December 2023

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 laws 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and the charity's performance.

Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the charity's performance measures to meet targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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The ABDO College of Education

Company Limited by Guarantee

Independent Auditor's Report to the Members of The ABDO College of

Education (continued)

Year ended 31 December 2023

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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The ABDO College of Education

Company Limited by Guarantee

Independent Auditor's Report to the Members of The ABDO College of

Education (continued)

Year ended 31 December 2023

Use of our report

This report is made solely to the charity'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 charity'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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Roderick Archibald (Senior Statutory Auditor)

For and on behalf of Burgess Hodgson LLP Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

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The ABDO College of Education

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 December 2023

2023 2022
Unrestricted Restricted
funds funds Totalfunds Total funds
Note £ £ £ £
Income and endowments
Charitable activities 5 =2,833,054 = 2,833,054 2,242,101
Other trading activities 6 12,433 - 12,433 11,166
Investment income 7 7,692 - 7,692 9,112
Other income 8 (700) - (700) Fe
Total income 2,852,479 - 2,852,479 2,262,379
Expenditure
Expenditure on charitable activities 9,10 2,635,795 - 2,635,795 2,218,687
Total expenditure 2,635,795 - 2,635,795 2,218,687
Net gains/(losses) on investments 12 11,132 - 11,132 (35,735)
Net income and net movement in funds 227,816 - 227,816 7,957
Reconciliation of funds
Total funds brought forward 1,455,093 9,659 1,464,752 1,456,795
Totalfundscarriedforward 1,682,909 9,659 1,692,568 1,464,752

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 15 to 27 form part of these financial statements.

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The ABDO College of Education

Company Limited by Guarantee

Statement of Financial Position

31 December 2023

2023 2022
Note £ £ £
Fixed assets
Intangible assets 17 86,536 103,093
Tangible fixed assets 18 193,825 182,291
Investments 19 231,462 222,473
511,823 507,857
Current assets
Stocks 20 40,515 41,994
Debtors
Cash at bank and in hand		 21 354,167
1,442,065		 361,258
1,065,764
1,836,747 1,469,016
Creditors: amounts falling due within one year 23 575,656 389,982
Net current assets 1,261,091 1,079,034
Total assets less current liabilities 1,772,914 1,586,891
Creditors: amounts falling due after more than
one year 24 80,346 122,139
Net assets 1,692,568 1,464,752
Funds of the charity
Restricted funds 9,659 9,659
Unrestricted funds 1,682,909 1,455,093
Totalcharityfunds 26 1,692,568 1,464,752

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on litsessseseeeeeey aNd are signed on behalf of the board by:

Clive Marchant (Sep 20, 2024 15:18 GMT+1)

Mr C Marchant FBDO Trustee

The notes on pages 15 to 27 form part of these financial statements.

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The ABDO College of Education

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 December 2023

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2023|2022| |Note|£|£| |Cash|flows|from|operating|activities| |Net|income|227,816|7,957| |Adjustments|for:| |Depreciation|of|tangible|fixed|assets|48,473|42,249| |Amortisation|of|intangible|assets|16,557|17,982| |Net|gains/(losses)|on|investments|(11,132)|35,735| |Dividends,|interest|and|rents|from|investments|(5,737)|(6,287)| |Other|interest|receivable|and|similar|income|(1,955)|(2,825)| |Accrued|expenses/(income)|183,146|(27,359)| |Changes|in:| |Stocks|1,479|(3,827)| |Trade|and|other|debtors|7,091|(90,427)| |Trade|and|other|creditors|47,805|(5,595)| |Cash|generated|from|operations|513,543|(32,397)| |Interest|received|1,955|2,825| |Net|cash|from/(used|in)|operating|activities|515,498|(29,572)| |Cash|flows|from|investing|activities| |Dividends,|interest|and|rents|from|investments|5,737|6,287| |Purchase|of|tangible|assets|(60,007)|(98,728)| |Purchases|of|other|investments|(56,480)|(36,825)| |Proceeds|from|sale|of|other|investments|58,623|39,042| |Net|cash|used|in|investing|activities|(52,127)|(90,224)| |Cash|flows|from|financing|activities| |Proceeds|from|borrowings|(41,667)|(49,953)| |Net|cash|used|in|financing|activities|(41,667)|(49,953)| |Net|increase/(decrease)|in|cash|and|cash|equivalents|421,704|(169,749)| |Cash|and|cash|equivalents|at|beginning|of|year|1,020,361|1,190,110| |Cash|and|cash|equivalents|at end|of year|22|~=1,442,065|1,020,361|

----- End of picture text -----

The notes on pages 15 to 27 form part of these financial statements.

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The ABDO College of Education

Company Limited by Guarantee Notes to the Financial Statements

Year ended 31 December 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Godmersham Park, Godmersham, Canterbury, CT4 7DT, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

3. Accounting policies

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The ABDO College, a registered charity, was originally established under the auspices of The Association of British Dispensing Opticians. As part of its support for the charity the Association entered into a deed of grant on the 14th February 2016 to assist the ABDO College in meeting its debts as they fall due and in the furtherance of its charitable objectives for a period of five years.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continue)

Year ended 31 December 2023

3. Accounting policies (continued)

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Legacy income is recognised when receipt is probable and entitlement is established.

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Course fees are recognised in full upon commencement of the course with an accrual made to represent the direct costs incurred after the year-end in connection with the provision of the course. Textbook sales are accounted for at the time of sale.

Resources expended

Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

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The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

Resources expended (continued)

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Resources expended are recognised upon commencement of the course on an accrual basis to match the expenses connected with running the courses with the fee income received. Costs deemed to be directly attributable to the running of the college courses are allocated to direct charitable expenses including charges from The Association of British Dispensing Opticians and the irrecoverable element of VAT.

Government grant income

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website - 10% straight line Copyrights - 10% straight line Software - 10% straight line

lf there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

Tangible assets

All fixed assets are initially recorded at cost. Depreciation is calculated to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long Leasehold Property - 7% straight line Fixtures and Fittings - 20% straight line Computer Equipment - 33% straight line Lab Equipment - 15% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continuea) Year ended 31 December 2023

3. Accounting policies (continued)

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

The charity contributes to the personal pension plans of certain employees, subject to a maximum of 10% of the employees annua! salary. Such contributions are held independently of the charities finances. The contributions made are charged to the profit and loss account as they arise.

4.

Limited by guarantee

The charity is a company limited by guarantee and has no share capital. Each member of the College will undertake to contribute such amount as may be required (not exceeding £20) to the College's assets if it should be wound up, either whilst a member or within one year of his or her membership ceasing.

5. Charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Course fees and accommodation 2,730,363 2,730,363 2,129,246 2,129,246
Text books and rules 97,091 97,091 110,855 110,855
Rental income 5,600 5,600 2,000 2,000
2,833,054 2,833,054 2,242,101 2,242,101

-19-

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2023

6. Other trading activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Sponsorships 12,433 12,433 11,166 11,166
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Dividends 5,737 5,737 6,287 6,287
Bank interest receivable 1,955 1,955 2,825 2,825
7,692 7,692 9,112 9,112
8. Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Government grant income (700) (700) 7 =]
9. Expenditure on charitable activities byfund type
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Charitable activity 2,123,854 2,123,854 1,684,369 1,684,369
Support costs 511,941 511,941 534,318 534,318
2,635,795 2,635,795 2,218,687 2,218,687
10. Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2023 2022
£ £ £ £
Charitable activity 2,123,854 360,421 2,484,275 2,087,148
Governance costs - 151,520 151,520 131,539
2,123,854 511,941 2,635,795 2,218,687

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 December 2023

11. Analysis of support costs
Analysis of
support costs Total 2023 Total 2022
£ £ £
Finance costs 13,685 13,685 19,568
Governance costs 126,703 126,703 111,971
irrecoverable VAT 89,421 89,421 72,779
ABDO charges - payable 271,000 271,000 330,000
500,809 500,809 534,318
12. Net gains/(losses) on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Gain / (Loss) on investment assets 11,132 11,132 (35,735) (35,735)
13. Net income
Net income is stated after charging/(crediting):
2023 2022
£ £
Amortisation of intangible assets 16,557 17,982
Depreciation of tangible fixed assets 48,473 42,249
14. Auditors remuneration
2023 2022
£ £
Fees payable for the audit ofthe financial statements 19,000 13,125
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023 2022
£ £
Wages and salaries 1,113,022 728,690
Social security costs 74,792 69,328
Employer contributions to pension plans 67,101 62,734
1,254,915 860,752

-21-

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 December 2023

15. Staff costs (continued)

The average head count of employees during the year was 20 (2022: 20). The average number of full-time equivalent employees during the year is analysed as follows:

2023 2022
No. No.
Number of staff 2 2
Number of direct charitable staff 18 18
20 20
The number of employees whose remuneration for the year fell within the following bands, were:
2023 2022
No. No.
£60,000 to £69,999 ~ 1
£80,000 to £89,999 1 =
1 1

16. Trustee remuneration and expenses

No trustee received any remuneration during the year.

17. Intangible assets

Website Copyrights Software Total
£ £ £ £
Cost
At 1 January 2023 and
31 December 2023 111,329 25,000 165,516 301,845
Amortisation
At 1 January 2023 111,329 25,000 62,423 198,752
Charge for the year - - 16,557 16,557
At 31 December 2023 111,329 25,000 78,980 215,309
Carrying amount
At 31 December 2023 - - 86,536 86,536
At31December2022 - - 103,093 103,093

-22-

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2023

18. Tangible fixed assets

Long
Leasehold
Property
ru		 Fixtures and
fittings
£		 Computer
Equipment
£		 Lab
Equipment
£		 Total
£
Cost
At 1 January 2023 266,626 123,135 183,609 363,501 936,871
Additions - 2,677 29,977 27,353 60,007
At 31 December 2023 266,626 125,812 213,586 390,854 996,878
Depreciation
At 1 January2023 153,874 111,855 156,113 332,738 754,580
Charge for the year 9,742 4,280 19,060 15,391 48,473
At 31 December2023 163,616 116,135 175,173 348,129 803,053
Carrying amount
At 31 December 2023 103,010 9,677 38,413 42,725 193,825
At31December2022 112,752 11,280 27,496 30,763 182,291
  1. Investments
Cash or cash Other
equivalents investments Total
£ £ £
Cost or valuation
At 1 January 2023 5,457 217,016 222,473
Additions
Disposals		 28,462
(29,949)		 28,018
(28,462)		 56,480
(58,411)
Fair value movements - 10,920 10,920
At 31 December 2023 3,970 227,492 231,462
Impairment
At 1 January 2023 and 31 December 2023 - -
7
Carrying amount
At 31 December 2023 3,970 227,492 231,462
At31December2022 5,457 217,016 222,473

All investments shown above are held at valuation.

Listed investments The aggregate market value of listed investments is £216,572 (2022: £217,016).

  1. Stocks

Stock

2023 2022
£ £
40,515 41,994

-23-

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2023

21. Debtors

2023 2022
£ £
Trade debtors 215,810 297,829
Amounts owed by group undertakings 101,311 =
Prepayments and accrued income 23,764 19,134
Other debtors 13,282 44,298
354,167 361,258
22. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023 2022
£ £
Cash at bank and in hand 1,442,065 1,065,764
Bank overdrafts - (45,403)
1,442,065 1,020,361
23. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 60,615 105,892
Trade creditors 82,242 33,355
Accruals and deferred income 417,584 234,438
Social security and other taxes 15,215 16,297
575,656 389,982
24. Creditors: amounts falling due aftermore than one year
2023 2022
£ £
Bankloansandoverdrafts 80,346 122,139
  1. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £67,101 (2022: £62,734).

~24-

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continueg) Year ended 31 December 2023

26. Analysis of charitable funds

Unrestricted funds

At At
1 January 202 Gains and 31 December
3 Income Expenditure losses 2023
£ £ £ £ £
Unrestricted Fund 1,455,093 2,852,479 (2,635,795) 11,132 1,682,909
At At
1 January 202 Gains and31 December
2 Income Expenditure losses 2022
£ £ £ £ £
Unrestricted Fund 1,447,136 2,262,379 (2,218,687) (35,735) 1,455,093
Restricted funds
At At
1 January 202 Gains and31 December
3 Income Expenditure losses 2023
£ £ £ £ £
Restricted Fund 9,659 - - - 9,659
At At
1 January 202 Gains and31 December
2 Income Expenditure losses 2022
£ £ £ £ £
RestrictedFund 9,659 - - - 9,659

In 2003 the Charity received a donation of £20,000 with the requirement that this be used only for the furtherance of the Charity's Library. This is held in a restricted fund. All other funds are unrestricted.

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continue)

Year ended 31 December 2023

27. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Intangible assets 86,536 = 86,536
Tangible fixed assets 184,166 9,659 193,825
Investments 231,462 - 231,462
Current assets 1,836,747 - 1,836,747
Creditors less than 1 year (575,656) - (575,656)
Creditors greater than 1 year (80,346) = (80,346)
Net assets 1,682,909 9,659 1,692,568
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Intangible assets 103,093 - 103,093
Tangible fixed assets 172,632 9,659 182,291
Investments 222,473 - 222,473
Current assets 1,469,016 - 1,469,016
Creditors less than 1 year (389,982) - (389,982)
Creditors greater than 1 year (122,139) - (122,139)
Netassets 1,455,093 9,659 1,464,752

28. Analysis of changes in net debt

At
At 1 Jan 2023 Cash flows 31 Dec 2023
£ £ £
Cash at bank and in hand 1,065,764 376,301 1,442,065
Bank overdrafts (45,403) 45,403 -
Debt due within one year (60,489) (126) (60,615)
Debt due afterone year (122,139) 41,793 (80,346)
837,733 463,371 1,301,104

29. Operating lease commitments

,

The total future minimum lease payments under non-cancellable operating leases are The total future minimum lease payments under non-cancellable operating leases are as follows:
2023 2022
£ £
Not later than 1 year 318,783 318,783
Later than 1 year and not later than 5 years 1,199,942 1,226,138
Later than 5 years 3,803,627 4,096,213
5,322,352 5,641,134

|

|

The ABDO College of Education

Company Limited by Guarantee

Notes to the Financial Statements (continuea)

Year ended 31 December 2023

30. Related parties

The Association of British Dispensing Opticians is a member of The ABDO College of Education. Up to six Trustees of ABDO College are appointed by The Association of British Dispensing Opticians. Three trustees of the ABDO College of Education are directors of The Association of British Dispensing Opticians.

The Association of British Dispensing Opticians charged The ABDO College of Education £271,000 (2022: £330,000) in respect of administrative wages and general expenses.

At the year end The ABDO College of Education was owed £101,311 (2022: £Nil) by The Association of British Dispensing Opticians.

-27-