COMPANY REGISTRATION NUMBER: 04086997 CHARITY REGISTRATION NUMBER: 1087337 The ABDO College of Education Company Limited by Guarantee Financial Statements 31 December 2024 BURGESS HODGSON AUDIT LIMITED Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN
The ABDO College of Education Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 14 Statement of financial position Statement of cash flows 15 16 Notes to the financial statements 17
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 December 2024 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 2024. Reference and administrative details Registered charity name The ABDO College of Education Charity registration number 1087337 Company registration number 04086997 Principal office and registered office Godmersham Park Godmersham Canterbury CT4 7DT England The trustees Mr K Gutsell GBDO (Hons) SLD Mrs G M Dynan FBDO Mr l A Vvllls Bsc Mcoptom (Resigned 24 July 2025) (Term ended 5 November 2024) (Term ended 6 November 2024) Mr D V E Newsome FBDO R CL SMC(fech) Mr C Marchant F8DO Ms S Begum FBDO Mr L Thomas FBDO Ms C Walsh FBDO CL SMC (Tech) Ms H Wilkinson FBDO Mrs BA Rennie Ms D Bill (Term ended 9 May 2024 and reappointed 08 February 2025) (Term ended 12 February 2025) (Resigned ended 27 July 2025) (Term ended 24 July 2025) (Appointed 9 May 2024) (Appointed 24 July 2025) Company secretary Mr Alistair Bridge Auditor Burgess Hodgson Audit Limited Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN Bankers Barclays Bank PIC Level 27 1 Churchill Place London E14 5HP
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 Bankers Investec Wealth & Investment 2 Gresham Street London EC2V 7QP Solicitors Hempsons 40 Villiers Street London WC2N 6NJ
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 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 Trusiees 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. 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 Resirictions 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 thereofj, 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.
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 Public Benefit Our core business is as a specialist College serving the needs and requirements of the optical profession. We do this through the provision of recognised qualifications in a regulated profession and in partnership with key stakeholders. College courses include Optical Assistant courses, Fellowship Diploma in Ophthalmic Dispensing (Level 6), a Bsc degree level programme and Contact Lens courses. In support of the advancement of the profession, a key focus of 2024 was becoming both a recognised apprenticeship provider and the development of the FBDO Ophthalmic Dispensing apprenticeship for August 2024 launch. In delivering our mission, the College provides the following identifiable public beneffts through the advancement of education.. High-quality teaching Strong links across the sector Partnership with employers Working with employers to support a focus on inclusivity in our learner base Excellent employment record for learners strong learner outcomes. Our 2024 enrolment figures were broadly in line with those of 2023 and the enrolment of Y1 apprentices exceeded the expected intake. The recruitment success of the apprenticeship offer in its first year provides a firm foundation to build on, with a key performance indicator being strong student recruitment to ensure a robust financial foundation. Across 2024, 688 students started their studies with us.
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 Objectives and activities Mission & Vision In 2024, we reviewed and consulted on our mission and vision, with final approval by our Board of Trustees.. The mission of ABDO College is to advance the optical profession through the provision of high quality, innovative education and training. Our vision is to deliver sector-leading education as the specialist training provider of choice for all aspects of optical education. Quality of Learning & Curricula Developments The College is committed to providing high-quality education, to increasing educational opportunities for the profession and to widening the range of students we support. Our range of courses support individuals to achieve their learning goals, with skills equipping them to support the ongoing development of the regulated sector. The College works collaboratively with numerous stakeholders, including regulatory bodies, statutory agencies, educational partners, employers, supervisors and students, in the development and continual improvement of our offer. We are committed to developing and delivering an outstanding student experience and ensuring our curricula meet the evolving needs of the sector, our employers and our students. This was a key focus in 2024 and remains so across 2025 as we review and refine our approach to multiple stakeholder engagement. Key learning and curricula developments included.. Successful accreditation as a recognised provider of apprenticeships Development & launch of the FBDO Ophthalmic Dispensing higher-level apprenticeship (level 6) Successful revalidation of our programmes by our regulatory oversight body, the General Optical Council (GOC) Review and updating of the FBDO syllabus to integrate the regulatory outcomes of the GOC'S Education Strategic Review Review of programme structure and balance on the FBDO Diploma to ensure a sustainable and inclusive one programme approach Ensuring a successful teach out of our degree provision in partnership with Canterbury Christ Church University Our overall student pass rates continue to be the highest across the sector and 2024 outcomes tracked avslightly higher than the previous year across most units. Student success is a key performance indicator and the College is working with ABDO Exams across 2025 to review and improve the overall approach to assessment for students.
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 Achievements and performance Achievements & Perfomiance 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. Further achievements in 2024 in service of our mission include.. Review of our overall approach to stakeholder engagement to ensure a focus on continual improvement and holistic engagement Development and launch of a student experience strategy Investment in a new IT system for apprenticeships (Aptem) and HR system (Breathe) to support the resilience of College systems Review and implementation of a sustainable management structure Investment in our people through a review of workforce planning and ongoing professional development Vvholescale review of Health and Safety Greater cross-sector collaboration. Financial review Financial Perfomiance During the year under review, the College made a net income of £170,296 after charging depreciation and amortisation of £73,749. The investments recorded an unrealised gain of £13,533. Reserves Policy The Board of Trustees of the College reviews financial reserve levels annually. This review considers the nature of the College's income and expenditure streams, the need to match income with ongoing commitments, and the purpose and sufficiency of the reserves held. The College has a written reserves policy, reviewed each year, which reflects its commitment to using financial resources to enhance educational provision while balancing the need to avoid holding excessive reserves. Nevertheless, the Charity recognises that an appropriate level of usable reserves is essential to.. protect the College from unforeseen financial risks,. provide for asset replacement., support areas of planned investment., and enable the funding of future plans or projects that cannot be met from a single year's budget alone. The identification of such needs informs decisions to set aside funds. Consequently, the Board seeks to maintain reserves at a level that supports the Charity's ongoing activities and primary educational objectives. As at the year end, the Charity's reserves are held as follows.. unrestricted funds of £1,853,205 (2023- £1,682,909) and restricted funds of £9,659 (2023- £9,659).
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 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 Practi). 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.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charrties SORP; make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware,. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The ABDO College of Education Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 December 2024 The trustees, annual report was approved on 0910912025 and signed on behalf of the board of trustees by.. Daryl Np.w%iiiiie (Sep 26, 2025 11.1438 GMT+5.5) Alistair Bridge {Sep 23, 2025 09..24'.24 GMT+I) Mr D Newsome FBDO R CL SMC(Tech) Trustee Mr Alistair Bridge Charrty Secretary
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 2024 Opinion We have audited the financial statements of The ABDO College of Education (the 'charity') for the year ended 31 December 2024 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- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion Ilve 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.
The ABDO College of Education Company Limited by Guarantee Independent Auditor's Report to the Members of The ABDO College of Education (continuedj Year ended 31 December 2024 Other infomiation 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 othetwise 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. Ilve 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 given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. 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.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the 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., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 10-
The ABDO College of Education Company Limited by Guarantee Independent Auditor's Report to the Members of The ABDO College of Education (continuedj Year ended 31 December 2024 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 concem basis of accounting un less the trustees either intend to liquidate the charity or to cease operations, or have no realistic altefflative but to do so. Auditors 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 a nd 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 perfonn 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. 11
The ABDO College of Education Company Limited by Guarantee Independent Auditor's Report to the Members of The ABDO College of Education (continuedj Year ended 31 December 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the fina ncial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. 12-
The ABDO College of Education Company Limited by Guarantee Independent Auditor's Report to the Members of The ABDO College of Education (continuedj Year ended 31 December 2024 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 auditorfs 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 Audit Limited Chartered accountants & statutory auditor Camburgh House 27 New Dover Road Canterbury Kent CT13DN 13-
The ABDO College of Education Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Charitable activities Other trading activities Investment income Other income 2,744,785 13,167 26,309 2,744,785 13,167 26,309 2,833,054 12,433 7,692 (700) 2,852,479 Total income 2,784,261 2,784,261 Expenditure Expenditure on charitable activities Total expenditure 9,10 2,627,498 2,627,498 2,627,498 2,627,498 2,635,795 2,635,795 Net gains on investments 12 13,533 13,533 11,132 Net income and net movement in funds 170,296 170,296 227,816 Reconciliation of funds Total funds brought forward Total funds carried fOard 1,682,909 1,853,205 9,659 1,692,568 1,862,864 1,464,752 1,692,568 9,659 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 17 to 28 form part of these financial statements. 14-
The ABDO College of Education Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Intangible assets Tangible fixed assets Investments 17 18 19 162,244 171.127 242,827 576,198 86,536 193,825 231,462 511,823 Current assets Stocks Debtors Cash at bank and in hand 20 21 38,203 376,215 1,181,592 1,596,010 40,515 354,167 1,442,065 1,836,747 Creditors: amounts falling due within one year Net current assets 22 280,157 575,656 1,315,853 1,892,051 1,261,091 1,772,914 Total assets less current liabilities Creditors: amounts falling due after more than one year 23 29,187 1,862,864 80,346 1,692,568 Net assets Funds of the charity Restricted funds Unrestricted funds 9,659 1,853,205 1,862,864 9,659 1,682,909 1,692,568 Total charity funds 25 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 0910912025 and are signed on behalf of the board by.. Dciryl NpiJJ%iiirie (Sei) 26, 2025 11.1438 GMT+S.5) Mr D Newsome FBDO R CL SMC(Tech) Trustee Alistair Bridge (Sep 23, 2025 09:24:24 GMT+l) Mr Alistair Bridge Charity Secretary The notes on pages 17 to 28 form part of these financial statements. 15-
The ABDO College of Education Company Limited by Guarantee Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Net income 170,296 227,816 Adjustments for.. Depreciation of tangible fixed assets Amortisation of intangible assets Net gains on investments Dividends, interest and rents from investments Other interest receivable and similar income Accrued (income)lexpenses 46,946 26,803 (13,533) (5,905) (20,404) 1245,986) 48,473 16,557 (11,132) (5,737) (1 ,955) 183,146 Changes in." Stocks Trade and other debtors Trade and other creditors 2,312 (22,048) (38,932) 1100,451) 1,479 7,091 47,805 513,543 Cash generated from operations Interest received 20,404 (80,047) 1,955 515,498 Net cash (used in)/from operating activities Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Purchase of intangible assets Purchases of other investments Proceeds from sale of other investments 5,905 (24,248) 1102,511) (96,776) 98.944 1118,686) 5,737 (60,007) (56,480) 58,623 (52,127) Net cash used in investing activities Cash flows from financing activities Proceeds from borrowings Net cash used in financing activities (61,740) (61,740) (41,667) (41,667) Net (decreasellincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 1260,473) 1,442,065 1,181,592 421,704 1,020,361 1,442,065 The notes on pages 17 to 28 form part of these financial statements. 16-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General infomiation 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. 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. 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. 17-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 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 contractua I 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. The charity also receives income from the Education and Skills Funding Agency (ESFA) for the delivery of apprenticeship training programmes under the Department for Education (DfE) funding model. Under this model, the total agreed funding for each apprenticeship programme is typically split as follows.. 80 % is paid in equal monthly instalments over the planned duration of the apprenticeship, normally 36 months. 200/0 is held back and paid as a completion payment upon the learner reaching the end of their programme and attempting the End Point Assessment (EPA) Recognition of Monthly Funding (800/0) Revenue attributable to the first 800/0 of the total funding is recognised monthly on a straight-line basis over the agreed delivery period, provided the learner remains on programme and the company continues to fulfil its contractual delivery obligations. If a learner withdraws early, revenue is recognised only up to the date of withdrawal, and any unearned amounts received in advance are deferred and recognised as a liability. Recognition of Completion Payment (20°h) The final 20Q/o completion payment is recognised as revenue only when all the following conditions are met.. The apprenticeship programme has been fully delivered,. The learner has attempted the End Point Assessment (EPA),. and - The ESFA has accepted the associated funding claim. 18-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 Accounting policies (continued) Resources expended Expenditure is recognised on an accruals basis as a 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. 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 Brrtish Dispensing Opticians and the irrecoverable element of VAT. Government grant income Govemment 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 peric*Js 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. 19-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 Accounting policies (continued) Intangible assets (contlnuedj 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 Copyrights Software Course Development 10 % straight line 10 % straight line 100/0 Straight line 100/¢ Straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intang ible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets All fixed assets are initially recorded at cost. Depreciation is calculated to write off the cost of an asset, less its estimated residua I 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 Fixtures and Fittings Computer Equipment Lab Equipment 7. 50/0 Straight line 200/0 Straight line 330/0 Straight line 150A 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. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. -20-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 Accounting policies (continued) Impairment of fixed assets (contlnuedj 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 cash- generating 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. Financial instrurnents 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 expecled 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 100/0 of the employees annual salary. Such contributions are held independently of the charities finances. The contributions made are charged to the profit and loss account as they arise. 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. 21
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Course fees and accommodation Text books and rules Rental income Apprenticeship income 2,446,803 88,715 7,267 202,000 2,744,785 2,446,803 88,715 7,267 202,000 2,744,785 2,730,363 2,730,363 97,091 97,091 5,600 5,600 2,833,054 2,833,054 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sponsorships 13,167 13,167 12,433 12,433 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Dividends Bank interest receivable Interest on loans 5,905 10,820 9,584 26,309 5,905 10,820 9,584 26,309 5,737 1,955 5,737 1,955 7,692 7,692 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Govemment grant income (700) (700) Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable activity Support costs 2,204,172 423,326 2,204,172 423,326 2,123,854 511,941 2,123,854 511,941 2,627,498 2,627,498 2,635,795 2,635,795 -22-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 10. Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable activity Govemance costs 2,204,172 309,202 114,124 423,326 2,513,374 114,124 2,627,498 2,484,275 151,520 2,635,795 2,204,172 11. Analysis of support costs Analysis of support costs Total 2024 Total 2023 Finance costs Governance costs Irrecoverable VAT ABDO charges - payable (9,667) 117,269 109,202 200,000 416,804 (9,811) 117,269 109,202 200,000 416,804 13,685 151,520 89,421 271,000 525,626 12. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain l (Loss) on investment assets 13,533 13,533 11,132 11,132 13. Net income Net income is stated after chargingl(crediting)'. 2024 2023 Amortisation of intangible assets Depreciation of tangible fixed assets 26,803 46,946 16,557 48,473 14. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 14,650 13,925 During the year, the company's auditor changed from Burgess Hodgson LLP to Burgess Hodgson Audit Limited following a change in legal structure of the audit firm. The responsible individual remains the same. -23-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefrts 949,596 78,734 76,561 5,625 1,110,516 1,113,022 74,792 67,101 1,254,915 The average head count of employees during the year was 22 (2023.. 20). The average number of fulktime equivalent employees during the year is analysed as follows.. 2024 No. 2023 No. Number of leadership staff Number of direct charitable staff 18 20 The number of employees whose remuneration for the year fell wrthin the following bands, were.. 2024 2023 No. No. £80,000 to £89,999 £100,000 to £109,999 16. Trustee remuneration and expenses No trustee received any remuneration during the year. 17. Intangible assets Course Software development Website Copyrights Total Cost At 1 January 2024 Additions 111,329 25,000 165,516 301,845 102,511 404,356 102,511 102,511 At 31 December 2024 111,329 25,000 165,516 Amortisation At 1 January 2024 Charge for the year At 31 December 2024 111,329 25,000 78,980 16,552 215,309 26,803 242,112 10,251 111,329 25,000 95,532 10,251 Carrying amount At 31 December 2024 69,984 92,260 162,244 86,536 At 31 December 2023 86,536 -24-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 18. Tangible fixed assets Long Leasehold Fixiures and Property fittings Computer Lab Equipment Equipment Total Cost At 1 January 2024 Additions 266,626 3,754 270,380 125,812 8,548 134,360 213,586 11,946 225,532 390,854 996,878 24,248 1,021,126 At 31 December 2024 390,854 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 163,616 12,528 176,144 116,135 3,505 175,173 18,211 348,129 12,702 803,053 46,946 119,640 193,384 360,831 849,999 Carrying amount At 31 December 2024 94,236 14,720 32,148 30,023 171,127 At 31 December 2023 103,010 9,677 38,413 42,725 193,825 19. Investments Cash or cash other equivalents investments Total Cost or valuation At 1 January 2024 Additions Disposals Fair value movements 3,970 52,815 (46,273) 227,492 43,961 (52,815) 13,677 232,315 231,462 96,776 (99,088) 13,677 242,827 At 31 December 2024 10,512 Impainnent At 1 January 2024 and 31 December 2024 Carrying amount At 31 December2024 10,512 3,970 232,315 227,492 242,827 231,462 At 31 December 2023 All investments shown above are held at valuation. Listed investments The aggregate market value of listed investments is £242,827 (2023: £216,572). 20. Stocks 2024 2023 Stock 38,203 40,515 -25-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 21. Debtors 2024 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 65,628 283,958 10,355 16,274 376,215 215,810 101,311 23,764 13,282 354,167 22. Creditors: amounts falling due within one year 2024 2023 Bank loans Trade creditors Accruals and deferred income Social securrty and other taxes 50,034 34,226 171,598 24,299 280,157 60,615 82,242 417,584 15,215 575,656 23. Creditors: amounts falling due after more than one year 2024 2023 Bank loans 29,187 80,346 24. 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 £76,561 {2023'. £67,101). 25. Analysis of charitable funds Unrestricted funds At 1 January 20 24 At Gains and 31 December losses 2024 Income Expenditure Unrestricted Fund 1,682,909 2,784,261 (2,627,498) 13,533 1,853,205 At 1 January 20 23 At Gains and 31 December losses 2023 Income Expenditure Unrestricted Fund 1,455,093 2,852,479 (2,635,795) 11,132 1,682,909 -26-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 25. Analysis of charitable funds (continued) Restricted funds At 1 January 20 24 At Gains and 31 December losses 2024 Income Expenditure Restricted Fund 9,659 9,659 At 1 January 20 23 At Gains and 31 December losses 2023 Income Expenditure Restricted Fund 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. 26. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Intangible assets Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 162,244 161,468 242,827 1,596,010 (280,157) (29,187) 1,853,205 162,244 171,127 242,827 1,596,010 1280,157) (29,187) 1,862,864 9,659 9,659 Unrestricted Restricted Total Funds Funds Funds 2023 Intangible assets Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 86,536 184,166 231,462 1,836,747 (575,656) (80,346) 1,682,909 86,536 193,825 231,462 1,836,747 (575,656) (80,346) 1,692,568 9,659 9,659 -27-
The ABDO College of Education Company Limited by Guarantee Notes to the Financial Statements {ntinUed) Year ended 31 December 2024 27. Analysis of changes in net debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand Debt due within one year Debt due after one year 1,442,065 (60,615) (80,346) 1,301,104 (260,473) 1,181,592 10,581 (50,034) 51,159 (29,187) (198,733) 1,102,371 28. Operating lease commitments The total future minimum lease payments under non-cancellable operating leases are as follows.. 2024 2023 Not laterthan 1 year Later than 1 year and not later than 5 years Later than 5 years 313,603 1,185,122 3,511,040 6,009,765 318,783 1,199,942 3,803,627 5,322,352 29. 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 £200,000 (2023.. £271,000) in respect of administrative wages and general expenses. At the year end The ABDO College of Education was owed £283,958 (2023.. £101,311) by The Association of British Dispensing Opticians. -32-