Charity ', :gistration No. 1088936 Company Registration No. 4104 66 (England and Wales) LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrj Bolchover Mrs T Farley (resigned 17 February 20221 Mrs A Levy Mr B Miller Mrsj Wolfe MBE Governors (in addition to the Trustees) Mrs S Bourla Mrs F Epstein Mr P Miller (resigned November 2022) Ms A Rosen Mrs S Krasner {appoiDted 2. November 2022) College Principal lane Baker Company Secretary Mr B Shine Charity number: 1088936 {England and W31esl Company number 4104466 (England and Wales) Principal address 9 Leicester Avenue Sallord Manchester M7 4HA Registered O￿lCe Unit $06, Centennial Park, Centennial Avenue, Elstree, Borehamwood WD6 3FG Auditor Crowe U.K. LLP 55 LUdga￿ Hill London EC4M 7IW Bankers Uoyds TSB 7, Floor 40 Spring Gardens Manchester M2 IEN LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees. Annual Reporc Independent audltor's report Statement of financial activities Balance sheet 10 Statemen¢ of cash flows Note5 to the accounts 12-20 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT The Trustses presenc their report and accounts for the perlcxj et)ded 31 December 2022. The 3ccounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply wth Langdon College's Mernorandum and Articles of Association, the Companies Act 2006, the Financial Reporung Standard IFRS 1021 alld the Statsrnent of Recornmended Practice, "SORP 2015" issued in july 2014. Rèference and administrative details Langdon College is a registered charity INO. 1088936) and a company limited by guarantee and not having a share capital (No. 41044661- The registered office is as shown on the legal and admiTri5tratiYe page. The Trustees on date of this report, 311 of whorn served throughout the period up until the date of signing these accounts unless indicated below, are as follows.. Mr5 A Levy Mr l Bolchover Mr Ben Niller Mrs I Wolfe MBE Chairperson There are also four non-Trustee governors: Mrs S Bourla Mrs F Ep$￿In Mrs S Krasner (appointed 2, November 2022) Ms A Rosen The Senror Manager5 of the Ctsllege to whom day to day management is delegated are Mrs Jane Baker (Principall, Ashleylordan-Diaper and Dianne Reeve5 (both Assistant Principals}. Structure? governance and management The Board of Trustees is responsible for the overall governallce of Langdon College as a charity. Trustees are co- opted by the existing Board of Trustees or nominated by the Trustees ol The Langdon Foundation. Individual Trustees may remain Board members until death, resignacion or by utTranimous vote of the Board to tertninate a member, membership of the Company. There are no individual subscription5 or other sums payable by Mernber5. The Langdon Foundation, as the sole member, has the right to appoint and remove crustees of Langdon College. The Trustees also act a5 Governors of the College and additional Governors may also be appointed. In 2022, Langdon announced chat Langdon and Kisharon la charity offering similar serwces co Langdon) were consldering a proposed merger. Consultations and Due Diligence have tal. The Tru5tees' current aim is to build free reserve5 equivalent to three months, budgeted costs, representing a lund of c£380,000. The reserves level will be reviewed each year. Coscs continue to be rnoniiored closely to ensure that efficiency is maintained whilst service provision increases. Restricted reserves are £53.16012021: £40,057). Total funds are £358,174 12021.. £239,022). The Langdon Foundation has issued a let￿r of support to the charity. rhe Charity is part of the wider Langdon Group and operates 35 an In￿gra1 part of the charitable Group. Investment policy and performance The present investment policy is that Langdon College does not hold shares or investments. Staff Training and Career Development Langdon College is committed to the training, career development and welfare of it5 employees. An individual's c3reer development Is asse55ed through a Perfortnance Management process that is linked to enhance teaching and learnin& Future plan$ Langdon College will continue to offer a curriculum chat will ensure the devdopment of young people s independence and work skills. Moving forward it is likely most of its provision will focu5 on a day provision. Thls is in light of in increasing focus by Local Authorities to provide local education provision, rather than a high cost residentiil environment. The college h35 continued togrow student numbers both in Manchestsr and London. The college cgntinues to develop an individual arnd responsive curriculum to meet the needs ol the jewish community. CoDnected charities Langdon College is coHnected to three charities these being The Langdon Foundation. Langdon Community and Lingdon Housing, which are all registered with che Chariry Commi55ion. The Langdon Foundation has the right to appoint and remove trus¢ees of Langdon College. Langdon Housing and Langdon CommuniLy. Fundraising The College does not undertake significant fundraising activities that fall within the definition5 of che Charities (Protection and Social Investment) Act 2015. Public benefit The Trustees have complied with their duty in Settion 4 of the Chariiies Act 201 I to have due regard to the guidance published by the Charity Commission. The benefit to the public is manifestly dernonstrated by the achievements contained in this report, 211 of which seeks ¢0 extend and improve the care of young people whose life chance aspirations and contributions to society will be enhanced. as a result. LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT Disclosure ol Information to auditors Each of the Trustses has confirtned that there is no informatior> of which they are aware which is relevant to the audit, but of which the auditor 15 unaware. They have each further confirmed that they have each taken appropria¢e sceps to identify such relevant information and to establish that the auditors are aware of such inforrnation. Tru5tee$' responsibilltlès In relatlon to the financial statements The Charity's trustees {who are also the directors of Langdon College for the purposes of company lawl are responsible for preparing a trustees. annual report and financial statements in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Charity trustees to prepare f¢nancial $￿tements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resource5. including the income and expenditure, of the charity for that pwiod. In preparing the financial statrments, the trustees are required select suitable accounting policies and chen apply them consistently., observe the methods and principles in the Charities SORP (Statement ol Recommended Practice)., make judgements and estimates thac are rvdsonable and prudent., state whether applicable UK accounting standards have been followed, subject to any material depamres di5c105ed and eXPl￿ned in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume thai the Charity will continue in business. The trustees are responsible for keeping proper accounting ￿e0rdS that disclose with reasonable accuracy at any time the linancial position of the Charity and to enable them to ensure that the financial statements comply with ihe Cornpanies Act 2006 and the charity's consti¢vtion. They are also responsible for safeguarding the assets of the Chancy and hence taking re3sonable steps for the prevention and deteccion of fraud and other irregularities. The financial statetnents have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. On behalf f the board of Trustses Miller Trustee Date Ly July 2023 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANGDON COLLEGE Independent Auditor's Report to the Members of Langdon College Opinion We have audited the financi315tatements of Langdon College I'the charitable company'l for the year ended 310ecember 2022 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to che financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applitable law 2nd United Kingdom Accounting Standards, including Finanoal Reporiing Standard 102 The Financial Reporting StiTrdard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pricticel. In our opinion the fjnancial statement5-. ve a true and (air view of the stats of the chariuble company's affairs as at 31 December 2022 and of the its income and expenditure. for the year then ended. have been properly prep3red in accordance with United Kingdom Generally Accepted Accounting Prattice.. and have been prepared in accordance with the reguirements of the Companie5 Act 2006. Basis for opinion We conducted our audit in accordance with International Stand3rd5 on Auditing (UK} {ISAs IUK}I and applicable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilicies for the audit ol the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requiremencs that are relevant co our audir ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient aTrd 3ppropriace to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have conduded thac the trustee'5 Use ol the going concern basis of accounting in the prepararion of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condicions thaL individually or collectively. may cast significant doubt on the charitable eompany's ability to continue as a going concern for a period o13t le35t twelve months from when the financial statements are iuthorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are described che relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other Tnforniation comprises che information included in ¢he annual report, other than the financial stacements and our auditor'5 report thereon. Our opinion on the financial statements doe5 not cover the other information and. except to the extent oiherwise explicitly stated in our reporu we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon5iStent with the financial statements or our Icnowledge obtained in the iudit or othepNise appears to be matrrially misstated. If we identify such maTrrial inconsistencie5 or apparent material misstatement5, we are required to determine whether this gives rise to a material Miss￿teMent in the financial statements themselves. If, based on the work we have performed, we conclude that there is a macerial misstatement of this ocher information. we are required to report that fatt. Vve have nothing to report In this regard. Opinions on other matters pre5eribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in The trustees, reporL which includes the directors, report prepared for the purposes of company law, for the financial year lor which the financial statements are prepared is consistsnt with the finantial statements,. and the directors. repor¢ included within the trustees, report have been prepared in accordance with applicable legal requirements. LANGDON COLLEGE (A COMPANY LIMITED B Y GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANGDON COLLEGE Matters on which we are required to report by exception In light of the knowledge and understanding of che charitable company and its environment obtained in the course of the audi¢ we have not identified material mi5Statements the directors, report included within che trustees, report. We have nothing to report in respect of the following matters in relation to which che Companie5 Act 2006 requires u5 to report to you if, in our opinion- adequate and proper accouncing records have not been kept., or the financial statement5 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 trustee5 were not entitled to prepare the financial statements in accordance with the small companies re&ime and tske advantage ol the small companies. exemptions in preparing the trustees, directors. report and from the requirement to prepare a 5trate8)t report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 5. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible lor the preparacion of the financial 5tatrment5 and for being satisfied chat they give a crue and lair view. and for such internal control as Ihe trustees determine is necessary to enable the preparation of financial statement5 chat are free from tnacerial rni55tatement, whether due to fraud or error. In preparing thefinancial statements. the trustses are responsible for assessing the charitable company's ability to continue 5 a going concern, di5c105in& as applicable, matters related to going concern and using the going concern basis of Iccounting unless the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bu¢ to do so. Auditor's responsibilities for the audit of the financial statements Our objecuves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstacemenL whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reastsnable assurance is a high level of assurance. but is not a guarantse that an audit conducted in accordance with ISA5 IUKI wll tlways decect a macerial misstatement when it exists. Misstatements can arise from fraud or error and are considered matsrial if, individually or in che aggregate, chey could reasonably be expectsd to influence the economic decisions of users taken on the basi5 of these financial statemencs. Details of the eX￿￿t to which the audit was considered cap2ble of detecting irregUl￿1¢1es, including fraud and non- compliance with laws and ￿gulationS are set out below. A further description of our responsibilitie5 for the audit of the financial Statements Is located on the Financial Reponing Council's website at.. res on This description forrns part of our auditorfs report. Extent to which the audit was considered capable of detecting irregularities. including fraud Irre8ularities, including fraud, are instances of non-compliance with laws and regulations. We identified and a5se5sed the risks of material misstatement of the financial statements from irregularities. whether due to fraud or error, aThd discussed these between our audii team members. We then designed and performed audit procedures responsive to those risks, including obtairbing audit evidence sufficient and appropriate to provide 2 b2sis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on ihe decerrnination of tnaterial awnount5 and disclosures in the financial statements. The laws and regulation5 we considered in this ¢ontext were the Companies Act 2006, the Charities Acc 2011 together with the Charities SORP {FRS 1021. Vve as5e5sed the required compliance with these laws and regulacions as parr ol our audit procedures on the related financial5ta￿ment iterns. In addition. we considered provisions of ocher laws and regulations that do not have a direct effect on the financial statements but compliance with which mighi be lundamental co the charitable company s ability to operate or to avoid a maierial penalty. We also considered the opportunitie5 and incentives chat may extsc wirhin rhe charitable company lor fraud. The laws and regulations we considered in this context for che UK operarions were General Data Proreccion Regulacion (GDPRI. health and safety legslation. employment le￿SlatIOn, tax legislation, and CQC Regulations for service providers and Managers. LANGDON COLLEGE (A COMPANY LIMITED B Y GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANGDON COLLEGE Audiiing standards limit the required audit procedures to identify non-compliance with these laws and regulauons to enquiry of the Trustees ind other management and inspection of regulatory and legal correspondence, if any. Vve identified the greacest risk of material irnpact on the financial statements from irregularities. ineluding fraud, to be within income recognition, and che override of controls by management. Our audit procedures to respond to these risks included enquiries of minagemenc about thar own identification and assessment of the risks of irregularities, sample testing on che posting of journals. reviewing accounting estimates for biases. reviewing regulatory correspondence with the Charity Commission, and reiding minuies of meetin85 01 those charged with governance. Owing to the inherent litnitations of an audit, there is an unavoidable risli that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations {irregularities) is from the events and transictions reflected in the financial stacements, the less likely the inherently limited procedures required by auditing stand3rds would iderscify it. In addition, as wich any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgeryb intentional omissions, misrepresentations, or the override ol internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulation5. Use of our report This report is made solely to the charitable company s members, as a body, in accordance with Ch3Pter 3 of Part 16 of the Com4yanies Art 2006. Our audit work has beeH undertaken so that we might stare to the charitable company 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 atcepi or assume responsibiliry to anyone other than che charitable company and the charitable company's members as a bodyi for our audit worlG for this report or for the opinions we have formed. Tim Redwood Senior Siatutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London 27 July 2023 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (incoi-porating an income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2022 Note Unrestricted Restricted funds fund5 Total funds 2022 Total funds 2021 Income from: Donatlons 29.156 24,495 53.651 16,673 Chariuble activities 1,433.769 77,634 1,511,403 1,279,645 Investment income Total income 1,462,925 102,129 1,565,054 ,296,318 Expenditure on: Charitable activities Edueation and student recreation 1.380.196 65.166 1.445.362 1,272,844 Total expenditure 1380 196 65 166 1445 362 1,272,844 Net income 82,729 36,963 119,692 23,474 Transfers between funds 23,860 (23,860) Net movement in funds 106,589 13,103 119,692 23.474 Reconciliation of funds: Total funds brought forward 198,965 40,057 239.022 215,548 Total funds carried fO￿ard 305,554 358714 239,022 The statement ol financial activities includes all ￿1n5 and losses recognised in the year. All income and expenditure derive from continuing activitie5. The Statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. LANGDON COLLEGE (A COMPANY LIMITED B Y GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2022 Company registration number. 1088936 {England and Wales) Note 2022 2021 Fixed assets: Tangible assets 14 23,284 13.122 Current assets: Debtors Cash at banlc and in hand 15 160.249 295.175 88.852 207,196 Total Current assets 455,424 29&048 Liabilities: Creditors: Amounts falllng due within one year Net current assets 16 119,994 70,148 335.430 225,900 Total net as$et5 358,714 239.022 The fund5 ofthe CharFty: 17 Restricted funds 53,160 40,057 Unrestricted funds 305 554 198,965 Total funds 18 358,714 239.022 The financial statements have been prepared in accordance with the provlsions ap￿Icable to tompanies, subject to the small companie5, regime. The no￿$ at pages 12 to 20 form part of these accounts. d by the trustees and authorised for issue on.. 4 July 2023 Mr B Miller Trustee LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 Note Total Funds 2022 Total Funds 2021 Cash flows from operating activities: Net cash provided by operating activitie$ 20 114.555 53.591 Cash flows from investing activities: Purchase of tangible fixed assets (26,575) (2,366) Net cash {used in) investing activÉties Cash flows from financing activities: Inierest received Net ca$h provided by financing activitie5 Change in rash and cash equivalents in the reporting period 87.980 51,225 Cash and cash equivalents at the beginnin8 of the reporting period 207.195 155.970 Cash and cash equivalents at the end of the rèportin8 perlod 295 175 207.195 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting Policie5 The principal iccounong policies adopted, judgement5 and key sources of estimation Un￿rtaInty in the preparation of the financial statements are 85 follows: l. l Basis of preparation The finanaal statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended PracDce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effectiYe I january 2015) - (Charities SORP IFRS 10211, the Financial Reporring Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Charity meets the definition ol a publlc benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical cost or transaction value unless otherwise Stated in the relevanc accountyng policy. 1.2 Preparation of the account5 on a going concern basis The acco¢Jnts have been prepared on a going concern basi5 and the trustees believe there to be no material uncertainiie5 about the Charity s ability to continue as a going concern. Fdlowing recent change5 in the managemenc scructure, costs have been reviewed and are being aligned with anticipated income screams. If necessary, Langdon Foundation provides a letter of support to the College covering the period to 31 July 2024. More information in respect ol faetors affecting income and expenditure are set ouc in the Financial Review on page 3. 1.3 Income Income is recognised when the charity has entitletnent to the lunds, any performance conditions attached co the item{sl of income have been met, it is probable that the income will be received irbd the amount can be measured reliably. Income towards the provision of education is recognised in the year in which education is provided. Income from government or other grants. whether "capital" grafits or "revenue" grants is recognised when the charity has entitletnent to the funds, any performance eonditions attached to the grants have been me¢ it is probable that the income will be received and the amount can be measured rdiably and is not deferred. Investment income is accounted for when receivable. 1.4 Expenditure Expenditure is recognised on an accruals basis once the ¢harity has en￿red intti a lepl or constructive obligatlon. Expenditure include5 any VAT which cannot be fully recovered which is reported as parc of the expenditure to which it relatrs. Charitsble expenditure cornprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs thac can be allocaced directly to such activities and those costs of an indirect nature necessary to Support them. Governance costs include those costs assoclated with meeting the constitutional and statutory requirements of the charity and include the audic lees and costs linked to the Strategic management of the charity. All costs are lllocated ro the one eharit2ble activity. 12 LANGDON COLLEGE (A COMPANY LIMITED B Y GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountin8 Policies (Continued) 1.5 Tangible fixed assets and depreclatlon Tangible fixed assets are stated at C05t les5 depreciation. Depreciation is provided at rates calculated to write off Che cos¢ less estimated re5iduai value of each asset over irs expected useful life. as follows: Fixwres. fittings & equipment Motor vehicles Computers 25% straight line 25% straighi line 33% straight line All single items of equipment with a value less than £ 1.000 have not been capitalised. The policy with respect to irnpairment reviews ol fixed assets is that these assets are inspected regularly for any impairment and 2￿Y defecL remedied so as to maintain the current value. 1.6 Debtors Trade and other debtors are recognised at the settlement amount due after any discount offered and provlsion for bad and doubtful debts. Prepayments are valued at the amount prepaid net of any di5COUn¢5 due. 1.7 Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investfflents with a short maturity of three months or less frorn the date of acquisition or opening of the deposit or sim11ar account. 1.8 Credltors and provisions Creditors and provisio￿$ are recognised where the Charity ha5 a present obligaiion resulting from a past event that will probably resulr in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are norrnally recognised at (heir setdement amounc after allowing for any discounts due. 1.9 Financial instruments The Charity only has ffinanaal assets and liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequendy measured ac their setdement value. 1.10 Pensions The Langdon Foundation operates a defined contribution scheme which certain College staff are members of. The College is a150 a rnember ol the Teachers. Pension Scheme ITPS} which is a multi-employer pension scheme available to traching staff. It is not possible to identify the charity's Share of the underlying assets and liabilities ol the TPS on a consistent and reasonable basis and therefore the scheme is ateounted (or as if it were a defined- ontribution scheme. As a resulc, the amount charged in the financial Statements represents contributyons payable to the scheme in respect of the accounting period for both schemes. l. I l Operating leases Rentals payable under operatyng leases are charged wlnst Income on a straight line basis over the period of the lease. LANGDON COLLEGE (A COMPANY LIMITED BY GUARAhlTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 l Accounting Policies (Continued) 1.12 Fund accounting Unrestrictsd fund5 are available for use at the discretion of the Trustees in furtherance of the general objectives ol the charity. Restricted funds are lunds which are to be used in aecordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restritted funds 15 set out in the notes to the financial statements. Designated fvnds represent funds whith are unresci'ictsd but the Trustees have designed them for a specific purpose to further the objecttves of the chariry. 1.13 Critical accounting estimates and area5 of judgement In the application of the Charitls accounting policie5, Trustees are required to malce judgements, estimates, and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estirnates and underlying assumption5 are based on hiscorical experience and other factors that are considered to be releYanL Actual results may differ from these estimates. The estirna￿s and underlylng assumption5 are reviewed on an on-going basls. Revisions to aceounting estimates are recognised in the period in which the estimate is revised if che revision affecrs only that period or in the perlod of the revision and future periods if the reM5ion affects the current and future periods. In the view of the Truscees, no assumptions concerning che future or estimation uncertainty affecting assets and liabililles at the balance sheet date are likely to result in a material adjustment to cheir carrying amounts in the next financial year. Legal Status of the Charity Langdon College is a registered charity (No. 10889361 and a company limited by guarantee and not having a sharfe capital INO. 4104466}. The registered office is Unit 506. Centennial Park, Centennial Avenue, E15tree, Borehamwood WD6 3FG The company does not have share capital and is limited by guarantee. In the event of the company being wound up. the maximum amoun¢ which each member is liable to contribute is £ l O. Income from donations Unrestricted Restricted funds funds Total fund5 2022 Total funds 2021 Donations 29,156 24,495 53.651 16.673 In 2021 all donations were unrestricted. LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income from charitablè actl¥ltles Unrestricted Restricted funds funds Total Total lunds funds 2021 2022 Fees 1,367,513 66.256 1,367,513 143,890 1,115.382 Other income and grant5 received 77.634 164,263 1,433,769 77,634 1,511.403 1,279,645 In 2021 Income from charitable activities was allocated as lollows.. £1.225,336 to unrestricted funds and £54,309 to restricced funds. Investment income 2022 2021 Interest receivable (unrestricted funds) Expendrture on charitable activities Total 2022 Total 2021 Education and student recreation Stsff costs Rent Therapist5 3nd consultant5 Food and provisions Light 2nd heat Repairs and renewals Other direct costs Depreciation Governance costs (see note 71 927.143 58,804 119,646 10,830 17,781 33.738 253.897 16.414 7.109 1,445,362 803.675 64,156 100,679 9,248 30.229 222,685 15,008 9,353 1.2n,844 For 2021, expenditure on charitable activities was £1.272,844 of which £1.234.772 Wds unrescritted and £38,072 was restricted. All support costs are relatsd to the provision of education and student recreation. Analysi5 of governance costs The Charity identifie5 those c05t5 which relate to the governance funttion. Having identified its governance costs. Ihese are all allocated against the one ch3ritable activity- 2022 2021 Other governance costs cornprise.. Audit Other 6.180 929 6,420 2,933 9,353 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Net income l (expenditure) for the year This Is stated after charging.. 2022 2021 Depreciation Building lease rentals Auditor's remuneratyon 16.414 58,804 6,180 15,008 64,156 6,420 81.398 85,584 Analysis of staff costs, trustee remuneration and expense5, and the cost of key rnanagement personnel 2022 2021 Wages and Salaries Social security costs Pension 779.558 65.734 663,340 58,466 81,869 927,143 803.675 The number of etnployees having benefits in excess of £60.000 were: 2022 Numbèr 2021 Number £70.000 to £80,000 The key management personnel of the Charity comprises the Principal. along with the Trusteés and Governors. The to¢al payments made by the charity in respett of the 5eTrior management team were £99.58012021= £95.704}. There were no termination payments paid during the year12021'. none). None ol the Trustees lor any persons connected with them) received any remuneration during che period neither were they reimbursed expenses during the year12021.. £nill. 10 Staff Numbers The average monthly head count of employees during the year was a5 follows.. 2022 Number 2021 Number Charitable activitie5 Administration 26 25 Total 30 30 16 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 I I Pension and other post-retirement benefit commitments The College participate5 in the Teachers, Pension Scheme I'the TPS. ) lor its ¢eaching staff. The pension chargè lor the year includes contributions payable to che TPS of £81.85112021.. 181,869) and at the year-end £1 0,858 12021 £9,611) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined beTrefits pension scheme govemed by The Twachers. Pensions Regulations 2010 la5 arnendedl and The Teachers, Pension Scheme Regulations 2014 las amendedl. Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is sei by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department The mosl retent actuarial valuation of the TPS was prepared as at 31 March 2016 and che Valuaiion ReporL which was published in March 2019, confirmed thac the employer contribution rate lor the TPS would increase from 16.4/0 to 23.6% from I September 2019. Employers are also required to pay a scheme administration ley of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valutttion Report was prepared in accordance wlth the benefits set out in the scheme regulations and under the approach specified in the Direciions. as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Educition prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teacher5, Pensions. On 27lune 2019, Ihe Supreme Court denied ¢hegovernment permission to ippeal the Court of Appeal's judgment that transitional provisions iniroduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respeccing the Court's decision and has s3id it ￿11 engage fully wich the Employment Tribunal 35 well as employer and member representacives to agree how the discrimination5 will be remedied. A consultation w35 launched by the government on 16luly 2020, and closed to responses on I l October 2020. As a result ol the consultation. the government announced on 4 February 2021 that 1¢ intends to proceed with a deferred choice underpin under which members will be able to ch005e eicher legacy or reformed scheme benefits in respect of their service during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to i cost cap mechanism which was put in place to protect ttxpayers agatn5t unforeseen chan￿$ In scheme costs. The Chief Secretary to the Treasuryt haying in 2018 announced that there would be a review of this cost cap mechanism, in january 2019 announced a pause to the cost ¢ap mechanism following the Court of Appeal's ruling in the McCloudlS2rgeant case and until there 15 certainLy about the value of pensions to employees from April 2015 onwards. The pause was lifted in july 2020, and a consultation was launched in June 2021 on proposed changes to the cosi control mechanism lollowing a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary. and are aiming to implement these chat)ges in time For the 2020 valuitions. The 2016 cost control valuation5 have since been coMple￿d in january 2022. and the result5 indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer tontribudon rate resulting from the 2020 valuattons will take effecc In April 2024. Until thè 2020 valuation is completed it is not pos%ble to conclude on any financial impact or luture changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statemencs. 17 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 12 Related party transactions The charity is connected to The Langdon Foundation (registered charity number.. 1142742, regstered company number.. 76217141. Langdon Cornmuniry (registered charity number.. 1086393, regiscered company number.. 40553381 and Langdon Housing Iregisiered charity number.. 114743. registered company number. 76232461, all of which are iThcorporaced charitable companies registered in England and Wales that do not have Share capiol and are limited by guarantee. At the year end, the tharity had a creditor of £22,79812021.. £31,938) due to The Langdon Foundation. During tho year the Langdon Foundation charged the charity building lease rents of £12,80412021.. £18,156) which are included in the amount stated Note 8 above. and recharges of £16,48612021.. £17.1561 for certain shared costs including Insurance and Audit. At the year end, the charity had a debtor of £15012021.. nil} due from Langdon Housing. The ultimate controlling party of Langdon College is The Langdon Foundation, a charitable company {charity number 1142742, company number 76217141 in whose aceounrs the results have been consolidated. The Langdon Foundation is the sole tnember of Langdon College. The Langdon Foundation owns properties, raises funds gives donations to Langdon College. Langdon Community and Langdon Housing. Consolidated accounts for the Langdon Foundation can be obtained from the same registsred office as the charity. 13 Corporation tax As a charity, Langdon College is exempt from UK tax on income and gains to the extent that these are applied to its charitable objects. No UK tax charges have arisen in the Charity, during the year or the previous year. 14 Tangible fixed assets Office èquipment Fixtures, Fitting5 and equipment Motor Vehicles Total Cost: A5 at l January 2022 Additions 35,049 23,941 70.233 2.634 6,500 111,782 26,575 As at 31 December 2022 58.990 72,867 6,500 138.357 Depreciation: As ac l January 2022 Charge for the y¥ar 25.594 12.934 66,566 3.480 6,500 98.660 16,414 As at 31 December 2022 38,S28 70,046 6.500 115,074 Net book value As 31 December 2022 20.462 2,822 23,284 As 31 Decernber 2021 Al assets are used for charitable purposes. 9,455 3.667 13.122 LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 15 Debtors 2022 2021 Tride debtor5 Amounts owed by group undertakings Prepayments and accrued income 69.605 150 90.495 160.249 59,830 29.022 88.852 16 Creditors: amounts falling due withln one year 2022 2021 Trade creditors Amounts owed to group undertakings Taxarion and scKial security Costs Other creditors Accruals 58.191 22.798 26,904 7.449 31.938 24.327 12,000 119,994 6,420 70,148 17 Analysis of charitable funds Analysis of movements in restricted funds Balance as at l January 2022 Income Expenditure Transfers between Funds Funds a$ at 31 December 2022 Brotherton Real Estate Karte ESFA Bursary ESFA Covid funds ESFA Pension Grant ESFA Tuition Fund ESFA Capital Programme 1.370 1,370 24,495 1.388 (27,2101 11,3881 2,715 26,670 7,785 38.687 39,678 40,057 102,129 {26,6701 17,7851 26,575 23,860 51,790 53.160 65.166 Analysis of movements in restricted funds- prior year Balance as at l January 2021 Income Expenditure Transfers between Funds Funds as at 3 I December 2021 Brotherton Real Estate Norman Laski Memorial CT City Bridge Trust ESFA Pension Grant ESFA Tuition Fund ESFA Capital Programme 1,525 {155) {1,706) 17381 122,7021 110,4051 2,366 38,072 1.370 89 738 22,702 5,990 25,617 54,309 4.415 15,436 23.731 38.687 40,057 89 ESFA items are for specific purposes as noted Brotherton Real Escate is towards the cost of creating a music room for students Cicy Bridge Trust funds were towards the cost of therapy for students during the Covid pandemic Norman La5ki Memorial CT funded the garden projett LANGDON COLLEGE (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 18 Analysis of net assets between funds Unrestricted Restricted lunds funds Total Fund balances at 31 December 2022 are represented by.. Tangible fixed asset5 Current assets Creditors 23,284 402.264 119,994 305 554 23,284 455,424 119.994 358,714 53,160 53.160 Analysis of net assets between funds- prior year Fund balances at 31 December 2021 are represented by.. Tangible fixed assets Current assets Crediiors 13,122 255,991 70,148 198,965 13,122 296,048 70,148 239,022 40.057 40.057 19 Commitments under operating leases Land and Buildings The future minimum piyments under non-cancellknle operating leases are.. 2022 2021 Expiry date: No later than one year Later than one year and Trot later than five years 61.608 41.616 60,400 103,224 20 Reconciliation of nét movement in funds to net cash flow from operating activities 2022 2021 Nei movement in funds Add back depreciation charge Deducr interest income shown in financing activitie5 {IncreasellDecrease in debtors Increasel{Decrea5el in creditors 119,692 16,414 23,474 15,008 (71,397) 49.846 34,330 (19.221) Net cash provlded by operating activities 114,555 53.591 21 Post Balance Sheet Event In 2022, Langdon announced that Langdon and Kisharon la charity offering similar serwces to Langdon) were considering a proposed rnerger. Consultations and Due Diligence have tsken place and the Langdon Foundation Board resolved in July 2023 that the merger should be effective in 2023. -20-