2021-07-31-accounts

ALBERT MEMORIAL COLLEGE

F I N A N C I A L S T A T E M E N T S

For the year ended 31 July 2021

ALBERT MEMORIAL COLLEGE

INDEX

PAGE

• 1 – 18 TRUSTEES’ REPORT

• 19 – 21 AUDITORS’ REPORT

• 22 STATEMENT OF FINANCIAL ACTIVITIES 23 BALANCE SHEET

• 24 CASHFLOW STATEMENT

• 25 – 42 NOTES TO THE ACCOUNTS

ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 JULY 2021

The Governors (who are also the Trustees for the purposes of charity law) present their report and the accounts for the year ended 31 July 2021.

Reference and Administrative details

The Corporation of the Albert Memorial College (known as Framlingham College and Framlingham College Prep School) is regulated by a Royal Charter granted on 30[th] July 1864, as amended by a Supplemental Royal Charter granted on 19[th] July 2005. The Corporation is a registered Charity with registration number 1114383. The charity is regulated by a Scheme of the Charity Commissioners dated 24[th] July 2006.

The principal address is Framlingham College, College Road, Framlingham, Suffolk, IP13 9EY.

Patron

Clare, Countess of Euston, The Lord Lieutenant of Suffolk

President

Mr R Sayer (to November 2020)

Present Trustees

Ex Officio Governors

Representative of the Bishop of Ipswich & St Edmundsbury – The Rt Reverend G Knowles CVO FKC

Master of Pembroke College - The Rt Hon Lord Smith of Finsbury PC MA PhD

The President of The Society of Old Framlinghamians – Air Vice-Marshal S R C Dougherty (To March 2021) P C Howard-Dobson (From March 2021)

Governors

Air Vice-Marshal T W Rimmer

Mr C Packshaw

Mr P Moorhouse Mrs S Ashurst Mrs B Clark Mrs P Creasy (to December 2020) Air Vice-Marshal S R C Dougherty Mr J Ellerby Mr I Fulcher Mr P C Howard – Dobson Mr J A B Kelsall (to November 2020) Mr P Lawrence Mr N Lingwood Mr D Mallett Mr R Sayer (to November 2020)

Chairman of the Board of Governors (to November 2020) Chairman of the Board of Governors (from November 2020) Vice Chairman (from November 2020)

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Reference and Administrative details (continued)

Governors (continued) Mrs L Rowan-Robinson Dr S Rudland Mr M Slater Mrs C Torrens Mrs H Ellerby ( from November 2020) Mr N Helliwell ( from February 2021)

Professional Advisers

Bankers: Barclays Bank plc PO Box 216 Brightwell Court Martlesham Heath Ipswich IP5 3PW Auditors: Ensors Accountants LLP Connexions 159 Princes Street Ipswich IP1 1QJ Solicitors: Veale Wasbrough Orchard Court Orchard Lane Bristol BS1 5WS

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Structure, Governance and Management

Governing documents

The Corporation is governed by the Royal Charter of 1864, as amended by the Supplemental Charter of 2005, and the Byelaws of the Corporation, as approved in 2005. The charity is regulated by a Scheme of the Charity Commissioners dated 24[th] July 2006.

Recruitment and appointment process

The Governing Body recognises the need to reflect a wide and diverse range of skills and interests, together with an appropriate relationship to the specific charitable objectives of the College.

The Nominations Committee is mandated to monitor the composition of the Governing Body and identify suitable candidates for future vacancies. This Committee meets regularly throughout the year and reports back to the full Governing Body. The composition of the Committee is as specified in the Corporate Governance document, which is subject to regular review by the full Governing Body.

A skills audit is regularly reviewed by the Nominations Committee and all Governors are notified of upcoming vacancies as well as the ongoing need to identify suitable candidates for consideration. This Committee actively seeks sources of new Governors. All potential candidates are judged against the skills that are required at that time to complement the body as a whole. Guidance on the protocol to follow when approaching potential new Governors has been agreed by the Board. In addition, the Risk Management and Governance Committee maintains a watching brief to ensure the Governing Body remains fit for purpose.

Details of candidates recommended by the Nominations Committee are circulated to all Governors, as stipulated in the Byelaws, and Governors are able to give due consideration to proposed candidates before ratification or rejection.

New Governors are required to complete a Governor’s acceptance form which includes the code of conduct and guidance on declaring any potential sources of conflicts of interest. Each meeting of the Board is preceded by an agenda item reminding Governors of the need to consider if there are any issues to be discussed that might potentially be sources of conflict of interest to them.

Induction

Potential Governors are given a tour of the College and have an opportunity to meet senior members of staff. Upon election, they are given a more extensive introduction to the College and a formal induction programme. This includes a general résumé of the activities of the entire College, guidance on the role of a Governor and time with key staff.

The Induction pack contains such information as: History and organisation of the College; Governing documents; Management team organisation charts; Accounts; Prospectus; minutes of previous meetings.

Training

There is an element of continuous training in post as at each Governor’s meeting new issues are raised, explained, and debated. Full details of all issues are circulated in advance of meetings. Each termly Governors’ meeting is part of a full day that provides Governors time outside of the formal agenda to meet staff and pupils and to explore issues in more depth. Established sub-groups involve the majority of Governors who gain a more in depth understanding of specific areas of interest. An annual Strategy day is held where Governors and senior staff have the opportunity to discuss matters of current interest in more detail.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Information on courses of relevance or interest is circulated to Governors. The pandemic has led to an increase in the availability and quality of online training opportunities. The convenience of these both in terms of time and location has meant that Governors have been increasingly keen to become more involved. Governors are encouraged to attend, with the College covering costs as necessary. Monthly updates from the school lawyers on matters of interest to Independent Schools are circulated to Governors as are regular bulletins from AGBIS and other professional associations.

Management Organisation structure

The Board of the Corporation meets formally three times a year to review the overall strategy and provide guidance on the general policy and structure of management. At the annual meeting Governors approve accounts, appoint auditors, take reports from Committees as necessary, and appoint new Governors.

A number of Governor-led Committees are in place to ensure Governors are fully informed and able to discharge their duties of oversight. Each Committee is chaired by a Governor and includes both Governors and members of staff. Each formally reports at least annually to the full Board on a staggered, rolling cycle and has the opportunity to raise urgent issues at each meeting.

The Risk Management & Governance Committee is tasked with identifying and monitoring top level risks to the College. It also monitors the operation of all other groups to ensure they are assessing risks within their area and checking management actions to address these.

The Nominations Committee considers the structure and composition of the Governing Body. It identifies upcoming requirements and seeks suitable candidates to join the Board.

The Finance and Operations Committee is concerned with ensuring sufficient resources are in place and suitably utilised to ensure the ongoing financial integrity of the College.

The Remuneration & HR Committee determines pay and conditions for staff and considers other matters relating to employment of staff.

The Education Committee is tasked with examining developments in the field of education to assist in advising the Governing body.

An Estates Management Committee meets to assess strategic matters relating to the land and buildings at both schools.

The Health and Safety Committee checks that matters of Health and Safety are given sufficient weight within the College.

The Welfare Committee ensures up to date Safeguarding policies and procedures are in place and are being followed as well as overseeing wider pastoral issues.

The Appeals Committee meets as required to hear appeals from parents and staff. It is composed of Governors who are independent of the earlier stages of the complaints and disciplinary processes.

Management Team

Principal and Head of the Senior School Mrs JLM North Senior Deputy Head Ms S Wessels Finance Director Mr N Chaplin (to May 2021) Interim Bursar Mrs T Godden (from April 2021 to August 2021) Operations Director Mr A Payn (to July 2021) Development Director Mr M Myers-Allen Director of People Mrs S Wood Bursar Mr M Madden (from Aug 2021)

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Management Team (continued)

Deputy Head (Academic) Mr D Ashton Deputy Head (Pastoral) Mr O Lloyd Deputy Head (Co-Curricular) Mr M Robinson Head of Sixth Form Mr A Boyd-Williams

Preparatory School

Head Mr M King (to Aug 2020) Interim Head Mr M Myers-Allen (Sept 2020-April 2021) Head Mr J Egan (from April 2021) Deputy Head (Academic) Mr D Bilton Deputy Head (Pastoral) Mrs J Coventry-King Deputy Head (Co-Curricular) Mr MB Wilson

Subsidiaries

Albert Memorial College owns the whole of the ordinary share capital of a trading company, Framlingham College Enterprises Limited. This company’s principal activities are the letting of the College’s facilities during non-term time and providing catering facilities for courses and functions.

The registered office of Framlingham College Enterprises Limited is Framlingham College, College Road, Framlingham, Suffolk, IP13 9EY.

Significant professional relationships

The College and its officers are active members of the following associations: HMC, SHA, IAPS, AGBIS, ISBA, ISC. These bodies have been established to provide a forum for Independent schools to share best practice and to promote quality of education within the sector.

There is a highly valued relationship with the Society of Old Framlinghamians. These strong links are to the mutual advantage of each body as the College provides access to facilities and services to the alumni, and they reciprocate with both financial and professional support. Where possible at least one third but not normally more than one half of Elected Governors are former pupils of the school.

Engagement with employees

Governors regularly visit the College where they engage, both individually and in groups, with staff. Many of the Governor Groups regularly include staff in their deliberations to ensure their views are taken into account.

Engagement with parents

Parents are invited to volunteer to participate in a Parent Forum and this now meets regularly. Weekly newsletters are sent to parents to ensure they are informed of latest developments and the Principal also writes a more detailed update each term. Parents evenings take place throughout the year where parents are able to meet teachers and discuss the progress of their children. .

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Risk Management: risk review, system and procedures

The Governors of Framlingham College are responsible for ensuring that appropriate risk management and internal control systems are in place at the College (Senior School and Prep School). That mandate includes reviewing the major risks faced by the College in achieving its objectives, agreeing risk appetite and monitoring risk exposures to ensure that steps are taken to reduce and mitigate risks.

In accordance with our Governance practices, the Risk Management and Governance Committee supports the Governors in monitoring risk and is responsible for reviewing the effectiveness of the risk management and internal control systems. It also ensures that all Governors Committees review risks in their specific areas and maintain appropriate risk management procedures. They in turn interface closely with the Executive Team which identifies the major risks faced by the College in achieving its objectives, assesses risk appetite and ensures that plans are in place to mitigate major risks.

The Governors’ Risk Management Policy and the Risk Register are reviewed annually. The Risk Management Committee is also responsible for checking that the risks identified are being managed within the college. Safeguarding, Health and Safety (including Security and Fire Safety), Crisis Management, Disaster Recovery and Recruitment policies and procedures are all identified as being important to mitigate potential risks and are therefore subject to continual review as part of this process.

The Governors assess risks in the context of impact and likelihood and have identified key risks to the ongoing functioning of the school. These are reviewed on a regular basis through the support of a Risk Register. All of these have been severely impacted by COVID-19 pandemic and risk associated with reduced income arising from the ongoing impact of Covid-19 continues. The 2020/21 financial and academic year commenced with robust numbers of students but further lockdowns as well as the continuing impact on parental ability to pay school fees meant financial risks materialised. Bank funding was secured for reasonably foreseeable projections and the school remains actively engaged in ensuring all scenarios are supported by sufficient resources. The Trustees feel that it is reasonable, based on current assumptions to present the accounts on a going concern basis.

Operating a financially secure and sustainable business model

It is the role of the governors, through the oversight of the Finance and Operations Group, to ensure that robust planning, budgeting, forecasting and ongoing performance management processes are in place. Following the impact of Covid-19, which had both a significant financial and operational impact on the College regular reviews were implemented, and a contingency plan implemented to protect the financial security of the College.

Recruitment and retention of pupils

The new Marketing Director has redesigned and launched the new website and introduced the new strap line for the College ‘where every pupil creates their own story’ as part our rebranding. A range of initiatives, from the pursuit of greater academic excellence, the reinvigoration of the Sixth form to the broad programme of communication with prospective pupils and their parents is all designed to support the retention and recruitment of pupils. COVID-19 had a particular impact on the boarding community, and this remains a key area of focus.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Welfare of pupils and staff

The College is committed to safeguarding and promoting the welfare of our pupils and staff and expects all stakeholders to share this commitment. Safety of pupils is paramount, and we balance any external use of our facilities against any potential conflicts this may cause. The Safeguarding policy is continually under review by the Welfare Committee and is approved by Governors annually or when substantively amended. The College pays the closest possible attention to the welfare of pupils and staff through the implementation of due Safeguarding and Health and Safety procedures, a first-rate medical service, and r obust recruitment policies. It ensures that its policies are under constant review and that best practices are updated on a regular basis. There is a regular programme of education for all staff and pupils on all areas of Welfare and the College makes appropriate use of counselling services.

Robustness of IT systems

The College has a dedicated team to maintain the IT infrastructure, with a particular focus on avoiding down time and protecting systems from external threats, supported by robust back up data systems and disaster recovery procedures.

Objectives and activities

Charitable Objects

The Supplemental Charter describes the objects of the charity as follows. “The objects of the Corporation shall be the advancement of education and training for the benefit of the public by the provision and conduct in or near Framlingham of a day and/or boarding college for boys and girls and a junior school, at Brandeston, in the County of Suffolk, or at such other place or places within or outside our United Kingdom as the Governing body may direct.” In setting objectives and aims and planning methods of delivery the wider context of the need to provide public benefit is taken fully into account by Governors and staff and a public benefit policy has been established for many years. Details of areas in which we are active are published on the school website.

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Strategic Aims

The College is committed to the provision of a high quality, innovative, flexible and holistic education, in a secure and inspiring environment, accessible to a broad range of boys and girls. We aim to equip each individual with the skills, qualifications and personal qualities required to flourish in the adult world of the 21[st] century. To this end we believe in offering a breadth of opportunity beyond the confines of the curriculum, to unlock enthusiasm, build self-confidence and uncover hidden talents.

Our strategy includes the concept of the “Framlingham Family”, encompassing Friends of Brandeston Hall, FramSoc, Fram Leisure, the Society of Old Framlinghamians and the local community, including close links to the Town Council, local state schools and business groups. These groups encourage students, current and former, as well as parents, staff and other interested parties, to maintain close contact with the College. In this way we can monitor current perceptions of our success and whether our overall strategy is working in practice.

In setting objectives, Governors give careful consideration to the Charity Commission’s public benefit guidance.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Core Objectives

• To develop a vibrant learning culture through a seamless, rich and diverse curriculum, in an inspirational and thought-provoking environment.

• To support and nurture the wellbeing of every member of the Framlingham College community. To ensure the personal growth of each child, developing their self-belief and resilience.

• To provide a full, varied and inclusive co-curricular programme which builds confidence, motivates and challenges, encouraging learning and personal development beyond the classroom.

• To widen access to a Framlingham College education, to work in partnership with other schools, and to develop within each pupil a sense of their place in the world.

• To market the College with self-assurance and ambition as the first choice boarding and day school in East Anglia.

• To maintain a sustainable business model to deliver our vision.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Principal’s Report on Achievements and Performance during the year

Achievements of the College

The new academic year 2020-21 began with several changes to the personnel on the Senior Team. At the Prep School, Martin Myers-Allen took on the role of Interim Head for a period of two terms. In April 2021, Jonathan Egan began his tenure as Head of the Prep School, having been appointed in June 2020. At the Senior School, Oliver Lloyd joined as Deputy Head, Pastoral and Alex Boyd-Williams joined as Head of Sixth Form. The latter role was a new Senior Team role to raise the profile of the Sixth Form bringing a new vibrancy, focus and rigour to the Sixth Form experience. Additionally, a Director of Marketing and External Communications was appointed to bring experience and a fresh perspective to the College’s Marketing which was essential to rebrand the College and change perceptions.

The College’s strategy is Vision 2025 and this was published at the end of the academic year 2019-20. This was split into key areas and significant work was done to move all of them forward over the course of this academic year.

a) Curriculum & Teaching & Learning

What must not be forgotten in all that took place in the College last year is the impact of COVID-19 on our teaching and learning. From March 2020 onwards, we began to teach remotely using the Microsoft Teams platform. This was hugely successful and allowed the College to shine in its practice and provision. Both were outstanding. September 2020 saw us back in the classroom, albeit with restrictions such as masks and seating arrangements to avoid the spread of the virus. In spite of all of this, significant progress was made with Vision 2025. In the Prep School, focus was placed on developing the Year 7-9 curriculum. Last year’s Year 8 were the last pupils to cover aspects of the Common Entrance examination curriculum. With our Year 7 pupils, we were therefore able to focus on developing a more cohesive approach to their learning, with themes linking the teaching of all subjects. Project work allowed the pupils greater independence and their research skills developed as a result. By the end of the academic year, departments had created their schemes of work to reflect the thematic links and also the teaching of skills at every point. The image below details the 7-9 curriculum plan:

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Principal’s Report on Achievements and Performance during the year (continued)

The learning culture within the College was front and centre as a priority and pupil subject ambassadors were appointed to ensure that a love of learning was celebrated overtly whenever possible. Assemblies and chapels focussed on achievement and effort in all spheres of life at the College, but the focus was on combatting any sense that learning “was not cool”. The Sixth Form, under the leadership of our new Head of Sixth Form, took on a more rigorous and focused approach which was well received by the pupils and the parents. Ambition and aspiration have become normal words to hear around the College and our careers provision has developed significantly too. Having appointed internally a new Head of Careers and a new Assistant Head of Sixth Form, the pupils now have proactive support from the staff and the introduction of “unifrog” over the course of last year to all Year Groups down to Year 7 at the Prep School, has meant that there is a seamlessness to our support of our pupils that was not there before. Having done a questionnaire to pupils and parents regarding their potential interest in Business Studies as a GCSE, we made the decision to introduce it from September 2021. Over two thirds of the pupils in Year 9 chose it as one of their GCSE subjects. This feeds neatly into our increasing focus on Entrepreneurialism and confirms that there is a significant interest in this from both our parents and our pupils. Having introduced Politics and Government into our A Level choices, we have a strong interest in the subject and expect numbers to grow next year. Another indication of our pupils’ awareness and interest in the world around them. Work was done on the timetable across both sites to bring it together, thus enabling more cross over of staff between the Prep and Senior Schools. The new timetable will come into effect from September 2021. Further changes were also made to bring departments at the two schools together. For September 2021, Music, Computer Science, Design & Technology, Drama and Sport will all run as single departments and more changes will be made next year.

b) Pastoral Care

The FLOW skills programme was developed and finalised over the course of last year with the two Deputy Heads Pastoral taking the lead. Wellbeing was central to all that we did particularly with the additional strain that the pandemic has brought to our pupils. We also overhauled the tutoring system across the two sites, allowing more time for tutoring from September 21 as well as reassigning tutors in the Senior School to either the Years 9-11 or Sixth Form. This is to ensure that each child is assigned a tutor who is well trained to support them through their particular stage of life.

The management of the Medical Centre and the need for additional Mental Health support has been discussed given the concerns that we have had for our pupils, some of whom have struggled with the isolation during COVID, and or with other anxieties. Our focus on skills has developed further and as can be seen from the FLOW programme below, they are being weaved into every aspect of life within the College.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Principal’s Report on Achievements and Performance during the year (continued)

The co-curricular life of the College has flourished in spite of the restrictions that COVID-19 has placed upon us. Whether in school or remote, we have continued to run as many clubs and societies as possible for example Phab Club, which is run by our senior pupils to support disabled children across Suffolk. Our sporting programme has continued with training and internal matches when fixtures were not allowed.

Music has continued with lessons online and musical groups have rehearsed in a variety of ways to enable collaboration to happen even when living and learning from home. The Beatles Tribute concert is an example of our determination not to let things go, just because we are apart. See the link here: https://www.youtube.com/watch?v=UBEXeyfcbaQ&t=1640s. Drama was an area that proved too difficult to continue outside of our curriculum and therefore productions were at first postponed and then cancelled as the pandemic maintained its grip into the new year. Nevertheless, creativity continued to flourish in many different ways and our pupils showed a huge amount of resilience and determination during this time.

c) Social Responsibility & Public Benefit

Last year we conducted a public benefit audit to establish clearly what we do as an organisation and to decide how we might increase what we do. During the pandemic and lockdown, we continued our connections with the elderly in Framlingham by writing letters and cards rather than by visiting and as mentioned our ‘Phab’ club continued remotely too. As soon as we were allowed to open our facilities to the public, we did so for e.g., ‘FramLeisure’. A Director of Development and Outreach was appointed and started to make inroads into planning our future public benefit for Sept 21. The College Bursary Campaign, raising money for Sixth Form bursaries was planned but unfortunately due to the pandemic we made the decision to wait until Sept 21 to launch it. The College teamed up with the Responsible Schools Project last year and conducted a carbon footprint audit to establish what needed to be done to reduce our carbon footprint. Additionally, we started to plan a variety of environmental and sustainability initiatives involving the pupils and empowering them to take the lead, for example restarting the Community Garden and developing a gardening club. This will be formalised in September 21.

d) Marketing, Admissions and Communications

We recognised the need to put much greater emphasis on Marketing the College and the appointment of a Marketing Director had a massive impact. Over the course of the year, she has clarified our message, developed a new website, produced a new school film and digital tour. We now have the marketing assets upon which to build and move the College forward, changing perceptions and protecting our reputation as a forward-thinking future focused educational establishment.

The Admissions department has worked collaboratively with Marketing and there have been improvements to the way in which we present the College at recruitment events. Our numbers have struggled due to Covid but nevertheless we have done online open days, one to one meetings and webinars to attract pupils to the College. We anticipate that recruitment in 2021-22 will improve thanks to our much-improved Marketing and our cohesive messaging about the College.

e) Financial Management

Over the course of the year, we restructured the organisation of our Finance and Operations functions. We appointed a new Bursar and Assistant Bursar to take responsibility for both Finance and Operations and replacing the Finance and Operations Director roles in time for the academic year 21/22. There was a period of handover where an interim bursar assisted the College in order to ensure a seamless transition between one system and another.

The College faced additional financial challenges and the decision was made to consult with academic staff regarding changes to their pension arrangements, to offset the impact of the Government imposed increase to employer contributions levels (from 16.48% to 23.68%). As a result, Teachers’ have been offered the option of a new direct contribution scheme or remaining within the Teachers Pension Scheme at an adjusted salary level. This was a significant piece of work for the HR and Finance teams from November through to April.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Principal’s Report on Achievements and Performance during the year (continued)

What I wrote in last year’s report remains true as I reflect on the academic year 20-21: all of the above happened in what, in truth, has been an exceptionally unusual year for society as a whole, let alone Framlingham College. The remote learning provision described in last year’s report continued in exactly the same way throughout the academic year as and when we were forced to close our doors.

The College’s examination results this year were strong, and a definite improvement on previous years. We are confident that the Teacher Assessed Grades that were issued to our pupils were a true reflection

of their ability. This year, because the College had to ensure there was evidence for every grade that was issued, the system was more rigorous than the previous year and we have no doubt that each pupil earned the grades that they received. The stress and anxiety for pupils over the course of this academic year was palpable and yet they managed to stay on track and were focused on giving of their best. This is testament to the quality of the teachers and their teaching within the College.

Performance against annual objectives

Objective	Achievement
To review the curriculum at every stage to ensure a logical, seamless and purposeful education for each pupil as they move through the College	Review of 7-9 complete and ready to be fully embedded in Years 7&8 in 21-22 and 9 in 22-23. Head of Prep School started to conduct reviews (on going) for Key Stage 1&2 Spine of skills embedded into teaching at every stage GCSE curriculum: decision to add Business GCSE to options Discussions taking place re teaching of languages across the two schools. Sixth Form curriculum being reviewed. Decision to move to three A levels only from Sept 22.
To improve the College’s systems for tracking and monitoring the academic progress of each pupil	Planning has taken place amongst Heads of Year at Senior School to track attitude as well as attainment grades. Plan to implement from Sept 21. Use of data to be discussed further in Sept 21 re CEM
To improve the College’s reporting systems to ensure that parents are fully aware of and play an active in the progress that their child is making	Full review of reporting systems to take place Sept 21 to change for Sept 22.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Performance against annual objectives (continued)

Objective	Achievement
To review and implement the College’s staff appraisal system to ensure that staff continually review their classroom practice, feel supported in further developing their skills and are held to account if expectations and standards are not met	Professional Review & Development embedded at both Prep & Senior Schools.
To raise expectations of and for the pupils both within and beyond the classroom by setting clear targets, identifying action to be taken to achieve these targets and following up where progress is not made	Development of learning culture in College: changes to role of tutor, introduction of Heads of Year with clout, proactive approach to tracking grades, subject ambassadors promoting subjects, honest feedback to parents at parent meetings & in reports.
To ensure the College’s provision for all areas of the co-curricular programme is balanced and that equal support is given to all aspects of the programme	Tutors responsible for oversight of their tutees’ programme to ensure enough balance and time. Activities to be reviewed Sept 21.
To develop excellent scholarship pathways for pupils in all spheres of education: Academic, Sport, Performing Arts, Creative Arts	Scholarship pathways have been reviewed and new and consistent approach being taken.
To review the use of the College’s facilities by external groups, to ensure that our priority of widening access is being fulfilled	The Pandemic made this difficult but public benefit is high on agenda for Sept 21.
To maintain, if not grow our bursarial support for pupils who otherwise would not have access to our education	Bursary campaign was to be launched in June 21 but due to pandemic has been changed to Sept 21. HMC scholars and Springboard bursary candidates continue to be supported at college.
To develop true partnerships with state schools in Suffolk, for the mutual benefit of all the pupils both at the College and at our partner schools	On the priority list for new Director of Public Benefit and Outreach. Ormiston Academy trust is our central focus.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

How the Money was used to Support Objectives

The majority of expenditure continues to be on staff salaries, both in terms of Teachers and Support staff. Along with this goes expenditure by the teaching staff on teaching equipment. A further significant proportion goes on catering costs to ensure the students are fit and healthy, and we also spend on maintenance of the grounds and buildings. We continue to invest in renovation and maintenance projects to maintain the excellent facilities that enhance and enable the educational experience. However major investment in longer term projects was put on hold whilst the financial impacts of the pandemic were being felt.

We continue, with care, to develop relationships with local state schools to ensure as many children as possible are able to benefit from our outstanding staff and facilities. A large number of local primary schools regularly visited the College for lessons in our swimming pool until this was forced to temporarily

close and we assist two state secondary schools with the delivery of the swimming element of the GCSE syllabus.

During the pandemic we offered the NHS use of our Leisure centre car park for COVD Testing for the benefit of the local community and this has continued throughout the year.

We offer the use of the Headmaster Porter Theatre to local schools, with the Framlingham Sir Robert Hitcham’s primary school traditionally using it for their annual performance. We also invite local state schools to attend our performances although of course the opportunity to do this over the last twelve months has been prevented because of the pandemic.

Our two astro pitches are available to schools for hockey and football training, whilst the regional annual primary schools’ cross-country competition is held within the Senior School grounds. Other regional state primary school sports competitions are also often held on our sites.

Well attended annual Maths challenges for local schools as well as a number of regional sports tournaments are held at the senior school.

The school is building links with the Ormiston Endeavour Academy (Ipswich), with staff travelling to the Academy to offer instruction in the Duke of Edinburgh’s Award.

Through our CCF and DoE activities, our pupils find themselves engaged in a variety of voluntary activities such as connecting with the elderly (this was done through letter writing over lockdown). We also began a Phab Club last year making us the only school in Suffolk to be part of this fantastic organisation which enables disabled children to spend time with our pupils once a week, whilst their parents and carers have a rest. We managed to conduct this both in person and then online during the pandemic.

During the pandemic, the College staff were involved a variety of activity to support the local community including our Design and Technology staff who made PPE using our machines to supply local hospitals. Another member of staff made scrubs for hospital staff. Our Chaplain spent a great deal of time during lockdown visiting sick and bereaved people in the community, reaching out to them in any way that he could. Our online musical provision meant that there were a series of concerts made available to the public online. The College also achieved Gold Arts Mark status and is now working towards Platinum which requires the College to further increase its outreach programme. This is something we are absolutely committed to doing.

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ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Grant making policy

We are committed to continuing to widen access to the College through bursaries and scholarships to allow prospective students from all walks of life the opportunity to benefit from a Framlingham Education. We also believe that the quality of education of all students is enhanced by providing a diverse community within which to study. To this end we award a substantial number of scholarships and bursaries and are continually seeking ways of expanding this provision. Our scholarship policy cap has been removed and we can top this up by means tested bursaries for the neediest. Combined scholarships and bursaries can be awarded to a level of 100% of fees. Under the terms of our Charter we specifically offer 6 places free of all tuition fees to local pupils as Pembroke Scholars. We are also part of the HMC scheme offering free or largely funded places to Eastern European students to give them the benefit of an education they would otherwise not have access to. We are part of the Royal National Children’s Springboard Foundation for students from underprivileged backgrounds. These are part funded by Springboard and part funded by the College. We are also an early joiner of the national Partnership Bursaries programme which seeks to assist LEAs place youngsters into boarding schools where this will help them due to their difficult backgrounds.

We have built up a designated scholarship and bursaries fund to provide income to fund further awards, but the majority of awards are sourced from annual fee income. We are also about to launch a Sixth Form Bursary Campaign to widen access to the Sixth Form for talented pupils in local state schools.

We continue to seek to increase funds through campaigns to attract external contributions. We also receive regular but variable income from the Stapleton fund as a result of a bequest from a former student. This is used specifically to provide bursarial support to qualifying students. The financial circumstances of Scholarship applications are checked as a matter of course to ensure we can offer assistance to those most in need of it. All our bursaries are subject to a consistent assessment of financial circumstances to ensure a fair allocation of funds. All awards are re-assessed annually with family circumstances continuously monitored.

Plans for Future periods

Ongoing Objectives

• Add value at each stage of a pupil’s development.

• Fulfil the objectives of Vision 2025

• Increase our public benefit and outreach programme

Activities planned to achieve objectives

1. To increase the number of pupils through effective retention and recruitment strategies.

2. To review the curriculum at every stage

3. To embed the Year 7-9 curriculum

4. To improve the use of data to track academic progress

5. To embed the whole school pastoral FLOW programme

6. To encourage more scholarship applicants through our enhanced scholarship pathways and our revised approach to the awarding of bursaries.

7. To achieve Platinum Arts Mark status

8. To plan and deliver through constant review a robust financial result for the year

9. To develop the College Entrepreneurial hub

10. To develop a College environmental and sustainability strategy

11. 15 -

ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Financial Review

Review of Financial Position and Results for the year

The College reported a net deficit of funds of £(437k) for the year to 31 July 2021 (before any unrealised gains or losses on investments and property), compared with a net deficit of £(819k) for the previous year.

2020/21 continued to be a difficult year due to the on-gong impact of the Covid -19 pandemic around the world. This has had an adverse impact on the financial results for the year.

The result was again impacted by the Covid-19 pandemic. Along with all schools in England the college was instructed to close physically in the Spring Term 2021 (apart from the Prep school where we were open for Key Workers.). As boarding was not permitted throughout the Spring Term, teaching had to operate remotely, with no opportunity for activities or sports Governors concluded. It was agreed by the Governors to offer a discount of approximately 72% on boarding fees for the Spring term to reflect the number of weeks the college was not able to open and a maximum of 5% on days fees after accounting for bursaries and scholarships.

No trading income was possible as the sports centre had to close and no lets were possible. A number of one-off bursaries were awarded to parents who found their income had continued to be impacted due to the crisis and we have reviewed the year end provision for bad and doubtful debts where other parents remained in debt at year end with uncertainty over their ability to pay in the foreseeable future. Income levels were similar to the previous year, and this is around £1m below the last ‘normal’ year in 2018-19.

The College used the Government Furlough Scheme to support staff not required to work. The majority of classroom teachers had to be left fully on payroll throughout the period as they were engaged in delivering a comprehensive and well received remote learning offering. However, a large number of support and ancillary staff were put on to the Scheme where they were not required within the school.

During the year the College received an extremely generous donation from The Society of Old Framlinghamians of £300k which was invested in day-to-day education provision.

The College has worked closely with its bankers throughout this period and has agreed a new working capital facility as we emerge from the pandemic. To continue to invest in its facilities and pupils the College reviewed its property holdings and put plans in place to sell vacant residential units. This was achieved just after the start of the new academic term and generated £600k.

The expenditure in most areas was higher than the previous year reflecting the school was operational for more of the year, but this was offset by reductions in HR, finance and admin costs and also reduced spend on major projects. Major maintenance projects on the fabric of the buildings and land have had to be cut in response to reduced income. This will need to increase in future years to ensure the campus remains in excellent order. There has been significant expenditure in legal and consultancy fees during the year as major changes to the Teachers Pension Scheme were consulted on and which was implemented on the 1[st ] September 2021. This is a major change to the pension offering for academic staff in the college and was fully implemented for the start of the new academic year. This was needed to protect the college from the increasing employer costs associated with final salary pension schemes.

A major investment in the website and other marketing activities was undertaken to support the future growth plans of the College.

During the year 16.6% of fee income was given back in remissions. Of this total more than 50% of remissions were given in the form of scholarships and music awards.

• 16 -

ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

Financial Review (continued)

Funding sources and fundraising

The principal source of funds is fee income. The Stapleton bequest also generates annual income which is restricted for Stapleton Scholarships. Additional trading income is generated by Framlingham College Enterprises Ltd, from renting out facilities, running training camps, providing refreshments for events etc.

As an educational charity the College enjoys tax exemption on investment income, and a reduction in business rates. Financial benefit derived from these sources is used to further our charitable aims. Weighed against this benefit is the fact that we are unable to recover input VAT on our costs. Trading operations through Framlingham College Enterprises Limited normally generate a significant contribution towards overall surplus. Pre Covid we were focussed on establishing long-term fund-raising activities. We continue to monitor our performance and ensure that individuals are kept in contact with developments at the school, fostering a long term buy in to the need to raise funds for the benefit of future generations of children. The Business Club and 1864 Club have been active vibrant bodies that have helped generate a shared sense of purpose and a number of donations (of money, sponsorship and experience) to the school. Work has necessarily been paused on launching a fund to seek contributions towards awarding major bursary / scholarships for children whose parents would otherwise not be able to afford the school fees, thus further widening access. This will progress as soon as we judge it is a sensible time to approach individuals and groups once life returns to relative normality.

Reserves

Note 11 summarises the year’s movement on each fund, shows the assets and liabilities attributable to the various funds by type and describes what the various funds relate to.

It has historically been the opinion of the Governors that a significant level of freely available funds is not necessary for the operation of the College, as all surpluses should be reinvested in the school for the benefit of the pupils. In light of the impact of the Covid-19 pandemic we are re-assessing this position and are reviewing the assets and funding sources available to us. A close relationship is maintained with the bank and the bank account overdraft limit is set to manage the cyclical termly pattern of income and expenditure. The facility is constantly reviewed by the Bursar, with reference to the Finance and Operations Committee.

The policy of the Governors is to reinvest any surpluses achieved year on year into extending and improving the facilities offered and enhancing the fabric of the school. Major capital projects have been on hold during the pandemic and will be reviewed as the future becomes more certain. This is regularly reviewed by Governors to ensure that future spending needs are covered by accumulated surpluses and/or donations/fundraising.

Investment powers

The Governors have wide powers to make investments and take a long term view. Investment policies are directed by the Finance and Operations Group under recommendation by the Finance Director and Chairman.

Policies on investment

We aim to balance risk in our portfolio of investments. It has been determined that a mix of bank deposits and market investments remains a sensible position. COIF units appear to continue to offer a suitable opportunity for investing in the stock market for long term stability.

• 17 -

ALBERT MEMORIAL COLLEGE

TRUSTEES’ ANNUAL REPORT (Continued)

FOR THE YEAR ENDED 31 JULY 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE ACCOUNTS

Law applicable to Charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the Charity’s financial activities and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the Trustees should follow best practice and:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any departures disclosed and explained in the accounts; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the accounts comply with applicable regulations. 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.

In so far as the Trustees are aware:

• there is no relevant audit information of which the Charity’s auditors are unaware; and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Signed on behalf of the Trustees of the Albert Memorial College

Trustee: C Packshaw

Approved by the Trustees on 3 December 2021

• 18 -

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE ALBERT MEMORIAL COLLEGE

Opinion

We have audited the financial statements of Albert Memorial College for the year ended 31 July 2021 which comprise the group Statement of Financial Activities, the group and parent Balance Sheet, the group Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice.

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and parent charity’s affairs as at 31 July 2021, and of its incoming resources and application of resources, 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 Charities Act 2011;

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

• 19 -

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE ALBERT MEMORIAL COLLEGE (Continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities

(Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with

• the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees 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 group and charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations under section 154 of the Act. 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, 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 engagement partner has ensured that the audit team collectively had the required experience, knowledge and competence to perform the planned work and identify any relevant irregularities.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In planning our audit, we identify and assess the risk of material misstatement within the financial statements, whether due to fraud or error. In assessing the risks, consideration is given to the control environment (including Trustees' and management's own processes for identification and risk assessment) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration is also given to the attitudes and incentives of management to commit fraud, with specific procedures planned and performed to respond to the risk of inappropriate management override of controls.

We also obtained an understanding of the applicable laws and regulations to which the charity must adhere, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation, in order to determine the key laws and regulations applicable to the charity.

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the rationale behind significant transactions outside the normal course of business.

• 20 -

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE ALBERT MEMORIAL COLLEGE (Continued)

• Assessment of key accounting estimates within the financial statements in order to assess their reasonableness to determine whether there is any bias in the estimates.

• Review of meeting minutes.

• Enquiring of management and Trustees as to whether they are aware of any alleged, suspected or actual fraud during the year.

We also performed procedures to satisfy ourselves regarding the Charity’s compliance with applicable laws and regulations, including:

• Enquiry of Trustees, management and the entity’s solicitors around actual and potential litigation and claims

• Reviewing correspondence with relevant legal authorities

• Reviewing legal expense accounts for any indicators of litigations

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance or fraud.

There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the Trustees and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of noncompliance could be missed, particularly where the law in itself is far removed from any financial transactions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities.This description forms part of our auditor’s report.

Use of this report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

..................................................... Ensors Accountants LLP - Chartered Accountants & Statutory Auditor Connexions 159 Princes Street Ipswich IP1 1QJ

17 December 2021

• 21 -

ALBERT MEMORIAL COLLEGE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2021

Consolidated Unrestricted Note Funds £ INCOME FROM: Charitable activities Fee income and associated charges 13,277,761 Other trading activities: Trading turnover – FCE Ltd 3 7,763 5,218 – College Investments Investment income 6 42,065 Donations and Legacies Donations 20 313,865 Grants received Coronavirus Job Retention Scheme (CJRS) 7 665,595 Total income 14,312,267 EXPENDITURE ON: Raising funds Trading expenses – FCE Ltd 8,744 – College 463 Financing costs 99,842 Commission payable 28,044 137,093 Charitable activities Education and grant making 14,457,782 Total expenditure 4 14,594,875 NET EXPENDITURE BEFORE GAINS AND LOSSES ON INVESTMENTS (282,608) Investment gains 9/10 655,952 NET EXPENDITURE AND MOVEMENT IN FUNDS 11 373,344 Fund balance at 1 August 2020 9,914,533 FUND BALANCE AT 31 JULY 2021 10,287,877	Expendable Restricted Endowments Funds £ £ - - - - - - - 17,491 - 68,061 - - - 85,552 - - - - - - - - - - - 240,086 - 240,086 - (154,534) 45,983 61,467 45,983 (93,067) 367,786 2,063,429 413,769 1,970,362	Expendable Restricted Endowments Funds £ £ - - - - - - - 17,491 - 68,061 - - - 85,552 - - - - - - - - - - - 240,086 - 240,086 - (154,534) 45,983 61,467 45,983 (93,067) 367,786 2,063,429 413,769 1,970,362	Total 2021 £ 13,277,761 7,763 5,218 59,556 381,926 665,595	Total 2020 £ 13,325,448 70,424 61,965 67,607 43,205 687,005
	-	85,552	14,397,819	14,255,654
	- - - -	- - - -	8,744 463 99,842 28,044	35,913 18,337 81,656 64,317
	-	-	137,093	200,223
	-	240,086	14,697,868	14,874,586
	-	240,086	14,834,961	15,074,809
	- 45,983	(154,534) 61,467	(437,142) 763,402	(819,155) (21,679)
	45,983 367,786	(93,067) 2,063,429	326,260 12,345,748	(840,834) 13,186,582
	413,769	1,970,362	12,672,008	12,345,748

The Group’s Income and Expenditure all relate to continuing operations. The notes on pages 25 to 42 form part of these financial statements.

• 22 -

ALBERT MEMORIAL COLLEGE

B A L A N C E S H E E T

AS AT 31 JULY 2021

Note FIXED ASSETS Tangible fixed assets 9 Investments 9,10 CURRENT ASSETS Stock Debtors 12 Cash at bank and in hand CURRENT LIABILITIES Creditors – amounts due within one year 13 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES Creditors – amounts due in more than one year 14 NET ASSETS FUNDS Restricted 11 Expendable endowments 11 Unrestricted funds 11 - Other charitable - Trading subsidiary 11	GROUP 2021 2020 £ £ 14,426,048 14,287,425 840,567 1,227,860 15,266,615 15,515,285 33,826 43,238 1,085,986 1,144,601 3,536 3,734 1,123,348 1,191,573 (3,717,955) (4,341,024) (2,594,607) (3,149,451) 12,720,008 12,365,834 - (20,086) 12,672,008 12,345,748 1,970,362 2,063,429 413,769 367,786 10,277,579 9,903,254 10,298 11,279 12,672,008 12,345,748	GROUP 2021 2020 £ £ 14,426,048 14,287,425 840,567 1,227,860 15,266,615 15,515,285 33,826 43,238 1,085,986 1,144,601 3,536 3,734 1,123,348 1,191,573 (3,717,955) (4,341,024) (2,594,607) (3,149,451) 12,720,008 12,365,834 - (20,086) 12,672,008 12,345,748 1,970,362 2,063,429 413,769 367,786 10,277,579 9,903,254 10,298 11,279 12,672,008 12,345,748	CHARITY 2021 2020 £ £ 14,425,828 14,287,158 840,569 1,227,862 15,266,397 15,515,020 29,939 39,367 1,084,196 1,144,601 3,536 3,734 1,111,671 1,187,702 (3,722,358) (4,348,167) (2,604,687) (3,160,465) 12,661,710 12,354,555 - (20,086) 12,661,710 12,334,469 1,970,362 2,063,429 413,769 367,786 10,277,579 9,903,254 - - 12,661,710 12,334,469	CHARITY 2021 2020 £ £ 14,425,828 14,287,158 840,569 1,227,862 15,266,397 15,515,020 29,939 39,367 1,084,196 1,144,601 3,536 3,734 1,111,671 1,187,702 (3,722,358) (4,348,167) (2,604,687) (3,160,465) 12,661,710 12,354,555 - (20,086) 12,661,710 12,334,469 1,970,362 2,063,429 413,769 367,786 10,277,579 9,903,254 - - 12,661,710 12,334,469
		15,515,285		15,515,020
		43,238 1,144,601 3,734		39,367 1,144,601 3,734
		1,191,573 (4,341,024)		1,187,702 (4,348,167)
		(3,149,451)		(3,160,465)
		12,365,834 (20,086)		12,354,555 (20,086)
		12,345,748		12,334,469
		2,063,429 367,786 9,903,254 11,279		2,063,429 367,786 9,903,254 -
		12,345,748		12,334,469

Signed on behalf of the Governors of the Albert Memorial College

J N Ellerby

• Chairman of Finance & Operations Group

C Packshaw - Chairman of Board of Governors

Approved by the Governors on 3 December 2021

The notes on pages 25 to 42 form part of these financial statements.

• 23 -

ALBERT MEMORIAL COLLEGE

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2021

Note NET CASH FLOW FROM OPERATING ACTIVITIES 18 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Proceeds from sale of fixed assets Proceeds from sale of investments Investment income NET CASH FLOWS PROVIDED FROM INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Interest paid Capital element of finance leases NET CASH FLOWS FROM FINANCING ACTIVITES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR CASH AND CASH EQUIVALENTS THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS THE END OF THE YEAR RELATING TO:- CASH AT BANK AND IN HAND 19 BANK OVERDRAFTS 19	2021 £ £ 191,935 - 500 535,695 59,556 595,751 (99,842) (72,282) (172,124) 615,562 (2,508,846) (1,893,284) 3,536 (1,896,820) (1,893,284)	2021 £ £ 191,935 - 500 535,695 59,556 595,751 (99,842) (72,282) (172,124) 615,562 (2,508,846) (1,893,284) 3,536 (1,896,820) (1,893,284)	2020 £ £ 35,200 4,500 - 170,744 67,607 242,851 (81,656) (90,091) (171,247) 97,304 (2,606,150) (2,508,846) 3,734 (2,512,580) (2,508,846)	2020 £ £ 35,200 4,500 - 170,744 67,607 242,851 (81,656) (90,091) (171,247) 97,304 (2,606,150) (2,508,846) 3,734 (2,512,580) (2,508,846)
	(99,842) (72,282)		(81,656) (90,091)
		615,562 (2,508,846)		97,304 (2,606,150)
		(1,893,284)		(2,508,846)
		3,536 (1,896,820)		3,734 (2,512,580)
		(1,893,284)		(2,508,846)

The notes on pages 25 to 42 form part of these financial statements.

• 24 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements of the College, which is a public benefit entity have been prepared on the historical cost basis, except for revaluations of property and investments in accordance with applicable accounting standards, in accordance with 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), effective 1 January 2019 and in accordance with the Charities Act 2011. The accounts are prepared in sterling, which is the functional currency of the College. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

Having reviewed the College’s funding facilities and potential major expenditure projects together with the expected ongoing demand for places and the College’s future projected cash flows, the Governors have a reasonable expectation that the College has adequate resources to continue its activities in the foreseeable future. In coming to this conclusion the Governors reviewed sensitivity analysis and produced cashflows based on scenarios where income could fall significantly and alternative sources of funding is required, due to the uncertainty of the full impact of the Covid-19 pandemic which is unknow at this time. The College has a bank overdraft facility which ranges between £1.9m and £2.5m depending upon the time of year. This facility was not being fully utilised at the year end (see note 19) and is regularly monitored. Therefore, they continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation

The group financial statements comprise the financial statements of Albert Memorial College and its trading subsidiary Framlingham College Enterprises Limited, made up to 31 July 2021.

School buildings and equipment

The College owns the following freehold property:The Albert Memorial College Brandeston Hall Other land and properties including residential properties around Framlingham.

The educational properties and the additions and improvements to these school buildings are capitalised at historical cost and depreciated.

The residential properties separate to the educational school buildings are included at valuation and are not depreciated since such valuations are reviewed each year.

Equipment assets are capitalised and carried at historical cost.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:-

Vehicles - 33% on net book value Equipment - over 10 years Educational buildings - over 50 years

No depreciation is charged on freehold land.

• 25 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (Continued)

Stocks

Stocks are stated at the lower of cost and net realisable value.

Expenditure on books and equipment for the new school year has been treated as a payment in advance within debtors.

Investments

Listed investments are stated at their market value at the year end.

Any gain or loss on revaluation is taken to the Statement of Financial Activities.

The unlisted investment in a wholly owned subsidiary undertaking is stated at cost less provision for any permanent diminution in value.

Leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals paid under operating leases are charged to the profit and loss account in the period to which they relate.

Income

All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified and the economic benefit to the College is considered probable. The following specific policies are applied to particular categories of income;

• Fee income and associated charges are recognised when earned, represent the invoiced amount of services provided and are stated gross of all scholarships, remissions and bursaries.

• Donations and bequests are accounted for on the basis of amounts receivable. Donations for activities restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Governors. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction.

• Investment income is included when receivable.

• Trading income represents the invoiced amount of goods and services provided.

• Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

• 26 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (Continued)

Expenditure

Expenditure is recognised on an accruals basis as soon as a liability is considered probable. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates;

• Costs of raising funds comprise the costs of trading for fund raising purposes, financing costs and commissions.

• Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, those costs of an indirect nature necessary to support them and governance costs. Governance costs comprise the costs of complying with constitutional and statutory requirements and strategic planning for its future development. This includes internal and external audit, any legal advice for the College Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Committee meetings and of preparing statutory accounts and satisfying public accountability.

• Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. These estimates are based on staff time.

Fund accounting

Unrestricted general funds

The charity maintains an income and expenditure fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity.

Designated funds

Designated funds are amounts which have been put aside at the discretion of the trustees for specific charitable activities.

Restricted funds

Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.

Expendable Endowment funds

These were created from the Will of Mr E E Moreau. The income from this fund is unrestricted. This capital can be spent if the trustees so determine.

Pension commitments

The Charity contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme. The Charity also contributes to a group personal pension scheme for participating support staff at a starting rate of 3%, up to a maximum of 16.4% of annual basic pay. This is a defined contribution scheme.

• 27 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

1. ACCOUNTING POLICIES (Continued)

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

• 28 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

2. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the College’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The only estimates and assumption which have a significant risk of causing a material adjustment to assets and liabilities is in relation to impairment of fee debtors. When assessing the impairment of fee debtors the College considers the nature and aging profile of the debt and historical experience.

3. NET INCOME FROM TRADING SUBSIDIARY

The charity has one wholly owned subsidiary which is incorporated in the UK, the registered office address is Framlingham College, College Road, Framlingham, Suffolk, IP13 9EY. The company registration number is 02369719. The subsidiary is a trading company which makes a gift aid donation in respect of its taxable profit to the charity. A summary of the trading result is shown below.

Turnover Cost of sales Gross profit Administrative expenses Profit before tax and gift aid donation Amount payable to Charity in respect of the gift aid donation Amount retained in subsidiary	2021 £ 7,763 (2,524) 5,239 (6,220) (981) - (981)	2020 £ 70,424 (29,686) 40,738 (6,227)
		34,511 (34,558)
		(47)

• 29 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

4. TOTAL EXPENDITURE

Staff Depreciation costs and profit on disposal £ £ Costs of raising funds Financing costs - - Trading costs - - Commission - - Total for the charity - - Trading costs of the subsidiary - 47 Total for the group - 47 Charitable expenditure Educational and grant making Educational 6,542,257 88,280 Welfare 617,047 26,279 Premises 1,177,806 361,270 Support costs and Governance 1,147,631 - Grants, awards and prizes - - Total charitable expenditure 9,484,741 475,829 Total Expended Group 9,484,741 475,876 Charity 9,484,741 475,829	Other costs £ 99,842 463 28,044 128,349 8,697 137,046 295,403 387,081 1,041,518 811,162 2,202,134 4,737,298 4,874,344 4,865,647	Total 2021 £ 99,842 463 28,044 128,349 8,744 137,093 6,925,940 1,030,407 2,580,594 1,958,793 2,202,134 14,697,868 14,834,961 14,826,217	Total 2020 £ 81,656 18,337 64,317
			164,310 35,913
			200,223
			7,097,364 1,029,502 2,740,592 1,913,759 2,093,369
			14,874,586
			15,074,809
			15,038,896

Included within grants, awards and prizes are educational scholarships which were made to 173 individuals (2020: 168).

Governance included in support costs: Remuneration paid to auditor for: Audit services Accounting services Reimbursement of expenses to Governors - travel and subsistence Legal and professional fees Staff costs	12,311 11,280 272 300 11,600 35,763	12,311 11,280 324 1,020 14,200
		39,135

During 2020/2021 one Governor reclaimed travel and subsistence expenses amounting to £272 (2020: one Governor - £324).

In addition to remuneration paid to auditors included above, the auditor received other fees for nongovernance services totalling £12,532 (2020: £12,108).

Included within expenditure is £47,692 (2020: £44,960) in respect of operating lease rentals.

• 30 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

5.	STAFF COSTS	Total	Total
		2021	2020
		£	£
	The aggregate payroll and similar costs for the year were as follows:
	Wages and salaries	7,630,007	7,609,829
	Social security costs	705,446	715,471
	Pension costs	1,130,939	1,115,957
	Apprenticeship Levy	18,349	23,030
		9,484,741	9,464,287
	None of the Governors received any remuneration or other benefits from the College.
	Aggregate employee-benefits of key management personnel	650,529	673,581
	The average monthly number of employees during the year was:-
		2021	2020
		No	No
	Academic	126	136
	Catering and domestic	83	84
	Grounds and maintenance	20	20
	Administration	61	62
		290	302
	Included within the above Administration figures are staff employed in the leisure centre, most of whom
	are part time life-guards, as follows:
		2021	2020
		No	No
	Leisure Centre Staff	26	25
	The number of employees who earned £60,000 p.a. (excluding pension contributions		and notional
	residential emoluments) or more during the year were as follows:-
	£60,001 to £70,000	5	4
	£70,001 to £80,000	2	3
	£80,001 to £90,000	1	1
	£120,001 to £130,000	-	1
	£130,001 to £140,000	1	-

During the year there were 7 (2020: 7) higher paid employees who were accruing retirement benefits under the Governments’ Teachers Pension Defined Benefits Scheme. The Charity made contributions in the year of £18,499 (2020: £19,768) to the defined contribution scheme in respect of higher paid employees.

6. INVESTMENT INCOME

Rent Interest Other	2021 £ 28,991 49 30,517 59,556	2020 £ 29,104 389 38,114
		67,607

7. GRANTS

During the year the College claimed £665,595 (2020: £687,005) through the Government’s Coronavirus Job Retention Scheme (CJRS) to cover a proportion of the costs of furloughed staff.

• 31 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

8. CHARITY RESULT FOR THE YEAR

As a consolidated Statement of Financial Activities is published a separate Statement of Financial Activities has been omitted from the group accounts. The surplus of the charity after investment gains was £327,241 (2020: £840,787 deficit).

9. FIXED ASSETS

Property at cost £ Cost or valuation As at 1 August 2020 16,004,900 Revaluation - Disposals - As at 31 July 2021 16,004,900 Depreciation As at 1 August 2020 (7,020,196) Charge for the year Disposals (269,233) - As at 31 July 2021 (7,289,429) Net Book Value At 31 July 2021 8,715,471 At 31 July 2020 8,984,704	Property at cost £ Cost or valuation As at 1 August 2020 16,004,900 Revaluation - Disposals - As at 31 July 2021 16,004,900 Depreciation As at 1 August 2020 (7,020,196) Charge for the year Disposals (269,233) - As at 31 July 2021 (7,289,429) Net Book Value At 31 July 2021 8,715,471 At 31 July 2020 8,984,704	Property at valuation £ 4,615,000 615,000 -	Equipment & vehicles at cost £ 1,948,906 - (6,396)	Total Charity £ 22,568,806 615,000 (6,396)	Subsidiary Equipment £ 3,124 - -	Total Group £ 22,571,930 615,000 (6,396)
	16,004,900	5,230,000	1,942,510	23,177,410	3,124	23,180,534
	(7,020,196) (269,233) -	- - -	(1,261,452) (206,908) 6,207	(8,281,648) (476,141) 6,207	(2,857) (47) -	(8,284,505) (476,188) 6,207
	(7,289,429)	-	(1,462,153)	(8,751,582)	(2,904)	(8,754,486)
		5,230,000	480,357	14,425,828	220	14,426,048
	8,984,704	4,615,000	687,454	14,287,158	267	14,287,425

Equipment and vehicles include assets under finance leases with a net book value of £135,441 as at 31 July 2021 (2020: £209,399). The depreciation charged during the year on these assets was £73,958 (2020: £71,325).

Residential properties were revalued on an open market basis by Clarke & Simpson, Independent Chartered Surveyors at 31 July 2021. The historical cost of these properties is £294,342.

The difference between valuation and original cost has been taken to a revaluation reserve.

The insurance value of all property totals £88,594,130.

• 32 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

10. INVESTMENTS

Group balance as at 1 August 2020 Disposals Transfer Change in market value Group balance as at 31 July 2021 Investment in subsidiary (see note 2) Charity balance as at 31 July 2021 Quoted Securities (historical cost £475,704) Quoted investments comprise: a) Holdings of more than 5% of total Investments COIF income and accumulation units b) Other UK securities	Designated and other Funds £ 765,487 (535,695) (270,744) 40,952	Restricted Funds £ 365,331 - - 61,467	Endowment Funds £ 97,042 - 270,744 45,983 413,769 - 413,769 413,769 413,769 - 413,769	Total £ 1,227,860 (535,695) - 148,402
	- 2	426,798 -		840,567 2
	2	426,798		840,569
	- - -	426,798		840,567
		416,675 10,123		830,444 10,123
	-	426,798		840,567

All the above investments are held primarily to provide an investment return.

• 33 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

10. INVESTMENTS (continued)

The above investments are further analysed below

RESTRICTED Prizes, Scholarships & Bursaries Fund 21,056 (2020: 21,056) common income shares 713 25p Royal Dutch Plc ‘B’ shares (being the investment of the G W Weston Cricket Prize) Scholarships & Bursaries Fund 265 (2020: 265) common income shares EXPENDABLE ENDOWMENTS Moreau Bequest 21,172 (2020: 5,785) common income shares UNRESTRICTED Framlingham College Enterprises Limited Scholarship & Bursaries Investment Fund Nil (2020: 45,637) common income shares Total investments at market value Cost at 31 July	GROUP 2021 2020 Market Value Market Value £ £ 411,501 353,185 10,123 7,706 5,174 4,440 426,798 365,331 413,769 97,042 413,769 97,042 - - - 765,487 765,487 840,567 1,227,860 307,758 523,218	CHARITY 2021 2020 Market Value Market Value £ £ 411,501 353,185 10,123 7,706 5,174 4,440 426,798 365,331 413,769 97,042 413,769 97,042 2 2 - 765,487 765,489 840,567 1,227,862 307,758 523,220	CHARITY 2021 2020 Market Value Market Value £ £ 411,501 353,185 10,123 7,706 5,174 4,440 426,798 365,331 413,769 97,042 413,769 97,042 2 2 - 765,487 765,489 840,567 1,227,862 307,758 523,220
			365,331
			97,042
			97,042
			2 765,487
			765,489
			1,227,862
			523,220

• Represent Charities Official Investment Fund (COIF)

• 34 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

11. FUNDS

11. FUNDS RESTRICTED FUNDS Prizes, Scholarships and Bursaries – Capital (a) Prizes and Scholarships – Income (a) Property Development (b) 150th Anniversary Appeal (c) Scholarships & Bursaries (d) EXPENDABLE ENDOWMENTS Moreau Capital (e) UNRESTRICTED FUNDS Property Revaluation Reserve (f) Scholarships & Bursaries (g) Income and Expenditure (h) TOTAL FUNDS – CHARITY Unrestricted funds retained in subsidiary (i) Consolidation adjustment TOTAL FUNDS – GROUP	Balance at 1 August 2020 £ 360,891 165,858 1,135,527 387,718 13,435 2,063,429 367,786 4,320,658 765,487 4,817,109 9,903,254 12,334,469 11,279 - 12,345,748	Movement in year £ 60,734 (9,029) (130,065) (61,501) 46,794 (93,067) 45,983 615,000 40,950 (281,625) 374,325 327,241 (981) - 326,260	Balance at 31 July 2021 £ 421,625 156,829 1,005,462 326,217 60,229 1,970,362 413,769 4,935,658 806,437 4,535,484 10,277,579 12,661,710 10,298 - 12,672,008	Represented by
				Investments Tangible Net Current Long term Fixed Asset Assets/ (Liabilities) Liabilities £ £ £ £ 421,625 - - - - - 156,829 - - 1,005,462 98,876 - - 229,341 - - 5,173 - 55,056 -
				426,798 1,234,803 308,761 -
				413,769 - - -
				- 4,935,658 - - - - 806,437 - 2 8,255,367 (3,719,885) -
				2 13,191,025 (2,913,448) -
				840,569 14,425,828 (2,604,687) - 220 10,078 - (2) - 2 -
				840,567 14,426,048 (2,594,607) -

• 35 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

11. FUNDS (Continued)

Comparative information in respect of the preceding period is as follows:

RESTRICTED FUNDS Prizes, Scholarships and Bursaries – Capital (a) Prizes and Scholarships – Income (a) Property Development (b) 150thAnniversary Appeal (c) Scholarships & Bursaries (d) EXPENDABLE ENDOWMENTS Moreau Capital (e) UNRESTRICTED FUNDS Property Revaluation Reserve (f) Scholarships & Bursaries (g) Income and Expenditure (h) TOTAL FUNDS – CHARITY Unrestricted funds retained in subsidiary (i) Consolidation adjustment TOTAL FUNDS – GROUP	Balance at 1 August 2019 £ 370,956 152,966 1,265,592 445,102 12,215 2,246,831 367,570 4,300,658 797,257 5,462,940 10,560,855 13,175,256 11,279 - 12,345,748	Movement in year £ (10,065) 12,892 (130,065) (57,384) 1,220 (183,402) 216 20,000 (31,770) (645,831) (657,601) (840,787) (47) - (840,834)	Balance at 31 July 2020 £ 360,891 165,858 1,135,527 387,718 13,435 2,063,429 367,786 4,320,658 765,487 4,817,109 9,903,254 12,334,469 11,279 - 12,345,748	Represented by
				Investments Tangible Net Current Long term Fixed Asset Assets/ (Liabilities) Liabilities £ £ £ £ 360,891 - - - - - 165,858 - - 1,135,527 - - - 290,842 96,876 - 4,440 - 8,995 -
				365,331 1,426,369 271,729 -
				97,042 - 270,744 -
				- 4,320,658 - - 765,487 - - - 2 8,540,131 (3,702,938) (20,086)
				- 12,860,789 (3,702,938) (20,086)
				1,227,862 14,287,158 (3,160,465) (20,086) - 267 11,012 - (2) - 2 -
				1,227,860 14,287,425 (3,149,451) (20,086)

• 36 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

11. FUNDS (Continued)

• a) Prizes, Scholarships and Bursaries Funds relate to gifts and donations received by the College for the provision of prizes, scholarships and bursaries. The accumulated Income Fund represents unspent monies received from annual Stapleton Income.

• b) Property Development Fund reflects the surplus achieved by the College upon the sale of a number of small parcels of the College estate and amounts donated from appeals. This fund is represented by a number of the College buildings.

• c) 150[th] Anniversary Appeal Fund represents amounts generated from an appeal for future development plans of the College.

• d) Scholarships & Bursaries (restricted) Fund represents confirmation deposits which have been donated to the College by parents for this purpose rather than returned to them when their child leaves the College.

• e) Moreau funds were derived from the Will of Mr E E Moreau dated 27 March 1934. These funds have been treated as Expendable Endowments in accordance with the provisions in Mr Moreau’s Will. This fund is partially represented by separately funded investments. During the year the College disposed of investments to improve the overdraft position. Since the year end the College has reinvested the amounts previously borrowed from this fund into common income shares.

• f) Property Revaluation Reserve represents the difference between the revalued amount and the historical cost of certain residential properties.

• g) Scholarships & Bursaries (unrestricted) Fund represents amounts invested for the provision of scholarships, and is held as an unrestricted investment consisting of common income shares and bank deposits which are separately identifiable ring-fenced investments.

• h) Income & Expenditure funds are the unrestricted and undesignated funds of the College. They are represented by Tangible Fixed Assets that are not specifically allocated or funded by any of the Restricted or Designated funds together with the general unallocated other assets and liabilities of the College.

• i) Unrestricted funds retained in the Subsidiary are the accumulated profit and loss reserves held by the trading subsidiary.

• 37 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

12.	DEBTORS	GROUP	GROUP	CHARITY	CHARITY
		2021	2020	2021	2020
		£	£	£	£
	Fees and recoverable debts	802,497	797,812	802,497	797,812
	Trade debtors	43,588	14,457	41,798	14,457
	Other debtors	11,621	40,311	11,621	40,311
	Prepayments	228,280	292,021	228,280	292,021
		1,085,986	1,144,601	1,084,196	1,144,601

Fees and recoverable debts represent College fees owed by Parents of both former and current pupils and is stated net of provisions held against those outstanding amounts that may not be recoverable in full.

13. CREDITORS: Amounts due within one year

Bank overdraft Trade creditors Other creditors Fees received in advance Accruals Other taxes and payroll costs Finance leases Inter-Company account	1,896,820 168,581 311,719 442,919 141,000 724,437 32,479 - 3,717,955	2,512,580 108,744 341,508 519,236 64,638 709,643 84,675 - 4,341,024	1,898,257 168,514 311,719 442,919 131,370 723,643 32,479 13,457 3,722,358	2,521,911 108,744 341,508 519,236 55,133 709,640 84,675 7,320
				4,348,167

The bank overdraft is secured by way of fixed charges over certain properties.

14. CREDITORS: Amounts due in more than one year

Finance Leases Finance leases Repayable within 1 year Repayable between 1-2 years Repayable between 2-5 years	- 32,479 - - 32,479	20,086 84,675 20,086 - 104,761	- 32,479 - - 32,479	20,086
				84,675 20,086 -
				104,761

• 38 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

15. PENSION SCHEME

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,023,774 ( 2020: £994,489 ) and at the year-end £121,267 ( 2020 - £121,933 ) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). 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 set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism review is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

For the benefit of support staff there is also a defined contribution scheme in operation. The assets and liabilities of this scheme are held separately from the Charity in a Group Personal Pension Scheme. Total contributions amount to £107,165 (2020: £121,468).

• 39 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

16. OTHER FINANCIAL COMMITMENTS

At the reporting end date the College had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows

Operating leases which expire: Within one year Within 2 to 5 years In more than 5 years	2021 £ 48,482 35,303 - 83,785	2020 £ 43,740 68,966 794 113,500

There were no amounts contracted for but not provided in the financial statements for the College for either this year or last year.

17. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

RESTRICTED FUNDS EXPENDABLE ENDOWMENTS UNRESTRICTED FUNDS	Tangible Fixed Net assets/ Long term Assets Investments (liabilities) Liabilities Total £ £ £ £ £ 1,234,803 426,798 308,761 - 1,970,362 - 413,769 - - 413,769 13,191,245 - (2,903,368) - 10,287,877
	14,426,048 840,567 (2,594,607) - 12,672,008

18. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net movement in funds Unrealised losses/(gains) on investments Investment income Interest payable Depreciation Loss on disposal (Increase)/Decrease in stocks Decrease/(Increase) in debtors Decrease in creditors NET CASH USED IN OPERATING ACTIVITIES	2021 £ 326,260 (763,402) (59,556) 99,842 476,188 (312) 9,412 58,615 44,888 191,935	2020 £ (840,834) 21,679 (67,607) 81,656 479,015 - 4,052 257,690 99,549
		35,200

• 40 -

ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

19. ANALYSIS OF CHANGES IN NET DEBT

Opening net debt Cash at bank and in hand Bank overdraft Obligations under finance leases Changes in net debt Decrease in cash at bank and in hand Decrease in bank overdraft Repayment of obligations under finance leases Closing net debt Cash at bank and in hand Bank overdraft Obligations under finance leases	2021 £ (3,734) 2,512,580	2021 £ 2,508,846 104,761
	198 (615,760)
		2,613,607 (615,562) (72,282)
	(3,536) 1,896,820
		(687,844) 1,893,284 32,479
		1,925,763

The College maintains an overdraft facility with Barclays Bank PLC of up to a maximum of £2.5m dated August 2021. This facility was renewed on a similar basis during the year and will continue to be reviewed at least annually. The College has provided security in favour of the bank in the form of a legal charge over certain freehold properties owned by the College.

20. RELATED PARTY TRANSACTIONS

Donations made by Trustees

During the year the Governors made donations to the College totalling £6,946 (2020: £8,926).

Society Of old Framlinghamians Charitable Trust

Mr Howard-Dobson, a trustee is also a trustee of the above charity.

In included in donations is an exceptional amount of £300,000, received from the above charity.

Zen Systems Ltd

The above company is controlled by the sons of Mr P C Howard – Dobson, a trustee. Mr Howard-Dobson declared his interest in the company in accordance with the College’s operating policies.

During the year the College received equipment and services from the company amounting to £7,940 (2020: £8,130), priced on an arms length basis.

Odgers Berndston

Mr P Lawrence is employed by the above named company.

During the year the College received services from the company amounting to £34,624 (2020: £35,343), priced on an arms length basis.

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ALBERT MEMORIAL COLLEGE

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

21. Consolidated Statements of Financial Activities the prior year ended 31 July 2020

Consolidated Unrestricted Note Funds £ INCOME FROM: Charitable activities Fee income and associated charges 13,325,448 Other trading activities: Trading turnover – FCE Ltd 3 70,424 61,965 – College Investments Investment income 6 54,087 Donations and Legacies Donations 1,507 Grants received Grants 7 - Total income 13,513,431 EXPENDITURE ON: Raising funds Trading expenses – FCE Ltd 35,913 – College 18,337 Financing costs 81,656 Commission payable 64,317 200,223 Charitable activities Education and grant making 13,959,086 Total expenditure 4 14,159,309 NET INCOME/(EXPENDITURE) BEFORE GAINS AND LOSSES ON INVESTMENTS (645,878) Investment gains (11,770) NET INCOME AND MOVEMENT IN FUNDS (657,648) Fund balance at 1 August 2019 10,572,181 FUND BALANCE AT 31 JULY 2020 9,914,533	Expendable Restricted Endowments Funds £ £ - - - - - - - 13,520 - 41,698 - 687,005 - 742,223 - - - - - - - - - - - 915,500 - 915,500 - (173,277) 216 (10,125) 216 (183,402) 367,570 2,246,831 367,786 2,063,429	Expendable Restricted Endowments Funds £ £ - - - - - - - 13,520 - 41,698 - 687,005 - 742,223 - - - - - - - - - - - 915,500 - 915,500 - (173,277) 216 (10,125) 216 (183,402) 367,570 2,246,831 367,786 2,063,429	Total 2020 £ 13,325,448 70,424 61,965 67,607 43,205 687,005 14,255,654 35,913 18,337 81,656 64,317 200,223 14,874,586 15,074,809 (819,155) (21,679) (840,834) 13,186,582 12,345,748
	-	742,223
	- - - -	- - - -
	-	-
	-	915,500
	-	915,500
	- 216	(173,277) (10,125)
	216 367,570	(183,402) 2,246,831
	367,786	2,063,429

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