## **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 2022**
**ALBERT MEMORIAL COLLEGE**
**INDEX**
## **PAGE**
1 – 19 TRUSTEES’ REPORT 20 – 22 AUDITORS’ REPORT
23 STATEMENT OF FINANCIAL ACTIVITIES 24 BALANCE SHEET 25 CASHFLOW STATEMENT
26 – 44 NOTES TO THE ACCOUNTS
**ALBERT MEMORIAL COLLEGE**
**TRUSTEES’ ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 JULY 2022**
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 2022.
## **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
## **Present Trustees**
## **Ex Officio Governors**
_Representative of the Bishop of Ipswich & St Edmundsbury-_ To June 2022 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_ – P C Howard-Dobson
## **Governors**
Mr C Packshaw Chairman of the Board of Governors Mr P Moorhouse Vice Chairman Mrs S Ashurst Mrs B Clark Air Vice-Marshal S R C Dougherty (to March 2022) Mr J Ellerby Mr I Fulcher Mr P C Howard – Dobson Mr P Lawrence Mr N Lingwood Mr D Mallett Mrs L Rowan-Robinson Dr S Rudland Mr M Slater Mrs C Torrens (to December 2021) Mrs H Ellerby (to December 2021) Mr N Helliwell Mr P Hulley (from December 2021)
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**ALBERT MEMORIAL COLLEGE**
**TRUSTEES’ ANNUAL REPORT (Continued)**
**FOR THE YEAR ENDED 31 JULY 2022**
**Reference and Administrative details (continued)**
## _**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 2022**
## **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. The composition of the Committee is as specified in the Corporate Governance document, which is subject to regular review by the full Governing Body. The Governing body recognises its responsibility to champion diversity and inclusion and the Committee strives to achieve improvements year on year. This Committee meets regularly throughout the year and reports back to 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 Governor’s time outside of the formal agenda to meet staff and pupils and to explore College issues in more depth. Established sub-groups involve most 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 2022**
## **Training (continued)**
Information on courses of relevance or interest is circulated to Governors. The COVID-19 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.
## **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 recommends 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 Safeguarding and 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 (to August 2022) Mr R Hastings (from September 2022) Interim Bursar Mrs T Godden (from April 2021 to August 2021) Bursar Mr M Madden (from August 2021) Development Director Mr M Myers-Allen Director of People Mrs S Wood Director of Admissions Ms B McCullough (from March 2022)
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**ALBERT MEMORIAL COLLEGE TRUSTEES’ ANNUAL REPORT (Continued)**
**FOR THE YEAR ENDED 31 JULY 2022**
## **Management Team (continued)**
## **Senior School**
Deputy Head (Academic) Deputy Head (Pastoral) Deputy Head (Co-Curricular) Head of Sixth Form
Mr D Ashton Mr O Lloyd Mrs C Cranmer (from September 2022) Mr A Boyd-Williams (to August 2022) Mrs C Williams (from September 2022)
## **Preparatory School**
Head Deputy Head (Academic) Deputy Head (Pastoral) Deputy Head (Co-Curricular)
Mr J Egan Mr D Bilton Mrs J Coventry-King (to August 2022) Mrs A Long (from September 2022) Mr M B 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 also 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 considered.
## **Engagement with parents**
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. Reports are written each term reporting on academic progress as well as on pastoral and co-curricular progress and development.
## **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.
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## **ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Risk Management: risk review, system and procedures (continued)**
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 Senior Leadership 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.
The 2021/22 financial and academic year commenced with robust numbers of students which was positive. However even though the direct impact of COVID-19 was behind us some parents were still finding it difficult to pay as businesses struggled to pick up momentum and this resulted in financial risk materialising.
The College was able to work within its Bank facility in delivering its operational objectives. Key financial metrics improved over the course of the year. This together with improved financial planning arrangements including enhanced scenario testing demonstrate the College’s known plans 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 Committee, to ensure that robust planning, budgeting, forecasting and ongoing performance management processes are in place. Reviews of the assumptions used for planning and the delivery against already approved plans are regularly undertaken to maintain the financial security of the College.
## **Recruitment and retention of pupils**
The new Director of Admissions has brought a professional and focussed approach to recruitment and is working effectively with the new Head of Marketing who has developed the plans launched in the last financial year and has embedded our strap line for the College ‘where every pupil creates their own story’ in all marketing and branding.
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**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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.
## **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 their adult world of the 21[st] century. To this end we believe in offering a breadth of opportunity beyond the confines of the academic curriculum, to unlock enthusiasm, build self-confidence and uncover hidden talents.
Our strategy includes communicating the concept of a seamless 3-18 education starting at the Prep School through to the Senior School, all sitting under the umbrella of Framlingham College. The College community encompasses the Friends of Framlingham College, Framlingham College, Framlingham College Leisure Sports Centre, 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 2022**
## **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.
## **Principal’s Report on Achievements and Performance during the year**
## **Achievements of the College**
The academic year began under the cloud of the COVID-19 pandemic but in spite of this we embraced the new year, and much was achieved. Transition back into school with fewer restrictions than previously took some time but the pupils were fantastic and got on with their learning in a positive and upbeat way. Likewise, the staff returned to their classrooms full of optimism for a productive and healthy year.
We knew that we were likely to have real life, in person examinations in the summer and therefore we had much to do to get the children ready for this.
## a) Curriculum & Teaching & Learning:
Staff turnover needs to be healthy within any organisation and since my arrival, we have seen a number of staff retire or move on to other teaching roles. In each case, at both Prep and Senior Schools, we have recruited very successfully bringing more experience, knowledge and expertise into the College. Quite simply I am not prepared to compromise and employ someone just to fill a teaching role. The person appointed must be right for Framlingham College. As a result of this approach to the recruitment of teachers, with every appointment we make, we are closer to that excellence that the parent body demand. To support all the outward facing work that we do, it is important to note that in the last three years, there has been an almost complete change of personnel within some of our support teams, most notably Finance, Admissions, Marketing and the Medical centre.
The learning environment at the College – Prep and Senior – has changed significantly in the last three years. Out has gone complacency and low self-esteem, and in has come aspiration, ambition, self-belief and motivation. Most pupils at Framlingham College want to excel in all that they do, they are hungry to learn and ambitious for their future. Those who are less motivated are generally those who still need support in finding their direction. Once they find it, with the help of their tutor, Head of Year, HM and teachers, they too will fly.
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**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Principal’s Report on Achievements and Performance during the year (continued)**
The Prep School’s introduction of the Year 7-9 curriculum, led by Elin Egger (T&L SS) has been a great success and the work produced by some of the Year 7 & 8 pupils is truly impressive. Without the pressure of Common Entrance criteria to adhere to, there has been more freedom to learn how to learn, to understand the context of and make connections between subjects and to work independently on projects. Year 9 kick off with the third year of this curriculum in September 2022. Currently the Head of T&L at the Prep School, Lucy Manning, is working on a similar overhaul of the Key Stage 2 curriculum, from Years 3 to 6. Reading has been a core focus and again, Lucy leads the Reading working party and is driving many initiatives at the Prep School, as is the Graduate Scholar, Lauren Blake at the Senior School.
After two years without public examinations in their usual form, we faced our first set of externally assessed examinations. The interesting thing was seeing how they compared to last year’s Teacher Assessed Grades (TAGs) and 2020’s College Assessed Grades (CAG’s). The examination boards suggested that they would be aiming for a midpoint between the levels achieved in 2019 and 2021. The TAGs last year asked schools to evidence every single grade that was issued. We felt confident that we could do this, thus justifying each grade decision that we made. The greatest differences this year were that the pupils were taking end of course examinations rather than the “on going” assessment, the circumstances in which they are sitting these examinations: under time pressure, in an exam hall with many other pupils. And finally, the examinations were marked by external examiners. Moving forward there is plenty of discussion surrounding the future of the examination system but the likelihood of abandoning GCSEs is slim. More digitisation of exams and more open book/ advanced information prior to exams are areas where we may see developments.
## b) Pastoral Care:
Safeguarding and Wellbeing has been at the heart of what we do at all times and there have been many developments with Deputy Head Pastoral Care at both the Senior and the Prep School working together to bring the FLOW programme to fruition. Diversity and Integration are not buzz words at Framlingham, they actually mean something real. We have worked very hard with our pupils, at every level, to ensure they understand how important it is to respect one another’s differences and to celebrate them. Our Boarding Houses are run by staff passionate about pastoral care: they are well trained and supported by SLT and the Medical Centre and we are keen to introduce some professional supervision for them as they deal with increasingly challenging pastoral issues. The wellbeing of all staff continues to be a priority.
At the heart of the daily routine at the College are the assemblies, tutorials and chapel services that bind us altogether. Spiritual, Moral, Social and Cultural themes are discussed, presentations and sermons given. Pupils take a leading role at every opportunity so that pupils are hearing from their peers as much as from the staff about things that matter to them. Chapel plays a bigger role in the lives of the Senior School pupils inevitably and I am delighted that the reticence to sing or the lack of knowledge of basics such as the Lord’s Prayer that I reported on when I arrived, are a thing of the past. More often than not, the roof is well and truly lifted by some joyous and at times raucous singing. My thanks to Reverend Canon Brynn Bayman for his leadership of the chaplaincy.
## c) Co-Curricular:
The College continues to enhance the lives of all the pupils in it through a vibrant, diverse and broad ranging co-curricular offering at both Prep and Senior Schools. Music, Sport, Drama, Volunteering, CCF, DoE, charitable fundraising are all examples of our outstanding offering. Significant achievements include:
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**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Principal’s Report on Achievements and Performance during the year (continued)**
## Music
- We have achieved many successes in the past few years. Our choirs regularly sing in local and national festivals and competitions and are currently the Under 20’s Choral Champions for Suffolk for the third year in a row. Through our scholars’ programme we identify opportunities to stretch our most able musicians and recommend these to them and their parents. This has resulted in students successfully auditioning for AYM, National Youth Jazz Collective, National Youth Percussion Orchestra, National Youth String Orchestra and National Youth Choir.
- We regularly have pupils going on to study music at Conservatoires for example this year 5 pupils went on to study Music.
## DoE
- The DofE at Framlingham College dates back to 1978 and number of participants achieving bronze, silver and gold awards over the years has been consistently high. Its success is down to aligning the activities programme to it; linking it to the CCF; having a range of alternative service opportunities and the dedication of the staff who lead it. Based on a per capita calculation the College is the leading school in the Central Region. For a school with just over 400 the number of awards has been 144 in 2018/19, 177 in 2019/2020 and 106 in 2020/21. The latter result is remarkable considering the impact the COVID-19 pandemic had on the sector. The 2021/22 figure will be more than 110 and we are now fully open, so we expect to climb higher in the years to come as restrictions are lifted. The College helped set up a DofE centre at Ormiston Endeavour Academy through our Outreach Programme and is now establishing links with Chantry Academy. Our aim is to share expertise and equipment with other schools. The College is rightly proud of our achievements and maintains an enviable reputation.
## Sport
- In recent years we have won Girls’ Hockey National Tier 1 Championships at both U18 and U16 level whilst our U15 team have won the bronze in the ISHC Championships. Our U16 girls were National Indoor Champions last year. A number of our pupils have gone on to represent England or Wales at Hockey, with two of our current girls in the GB Hockey Elite Development Programme. We also have an impressive track record in assisting our pupils to gain full sports scholarships to leading American Universities, with two of last year’s leavers being awarded full scholarships, one to study at Stanford, the other at Yale.
- We have again been named in the Top 100 Schools by The Cricketer Magazine, the only school in East Anglia to have been in every publication since its inception. Our successful and acclaimed MCCF Hub has started again following trials in December and number of our pupils and staff are assisting with the coaching.
- In rugby, 21 pupils have been selected for the Northampton Saints Development programmes at U14-U16 levels with our staff involved in transporting and coaching the boys.
- Over 50 pupils are currently involved in elite external pathways in our Focus Sports of Cricket, Hockey, Rugby and Netball.
- Our sports scholars have regular access to 1-1 coaching and mentoring as well as to support services such as physiotherapy.
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**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Principal’s Report on Achievements and Performance during the year (continued)**
## Volunteering
- Charity (House and School)- children choose charities themselves
- PHAB Club
- Responsible School’s Project -environmental work, gardening club
- The fact that there are 17 different nationalities within the school gives many opportunities to better understand the cultures of other countries
- Support for Ukrainian crisis through fund raising and welcoming Ukrainian into school Committees
- Boarding initiatives
- Overseas trips and sports tour
- Charitable Projects such as Christmas Hampers
- Volunteering gives opportunities for pupils to contribute to local community
- Events such as Harvest Lunch enable pupils to look after and interact with local community
## d) Social Responsibility & Public Benefit:
Entrepreneurialism is an increasing focus for the College but ensuring it is understood in its broadest sense and not just as synonymous with business. Initiative, creativity and the courage to pursue an idea is all part of it and this chimes well with our other key focus, Environmentalism. The recent Prep School Green Flag Eco Award demonstrates our commitment to this as does the Bee initiative at the Senior School, the gardening clubs, forest school, the planting of trees for the Queen’s Jubilee and our recent food waste campaign.
An annual public benefit audit now allows us to see where we are adding value and where we need to do more. With COVID-19 a thing of the past the opportunities for volunteering and outreach are far greater and we will see much more happening again in the next academic year.
A “Journey of Discovery” is being planned for Summer 2024 which will see a group of pupils going to Ecuador to volunteer for local charities. Our numbers of international pupils are increasing and so the respect and understanding shown towards other nationalities, ethnicities and cultures is very good within the school. Our pupils’ global perspectives are clear.
## e) Marketing, Admissions and Communications:
A new Head of Marketing worked alongside the outgoing Director of Marketing throughout much of this year and they have had a significant impact on our marketing and recruitment. Our newly appointed Director of Admissions has shaken up and professionalised our Admissions and Recruitment processes at both the Prep and Senior School.
Our use of MSP (My School Portal) continues as a very useful tool for our Parents to receive information. Regular communication with parents continues.
## f) Financial Management:
This year has been a financial reset year with encouraging results. The College has achieved its financial plans by concentrating on income generation and recovery and focussing on the management of costs within the control of the college. There have been some extremely difficult challenges during the year to manage include significant inflationary rises affecting much of supply line and. This was exacerbated by the College coming to the end of fixed price energy contracts at the time of ever-increasing utility prices rises.
Changes made to give more responsibility to the delegated budget managers has borne fruit and this coupled with improving pupil numbers throughout the year has delivered improved financial results.
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**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Principal’s Report on Achievements and Performance during the year (continued)**
By focussing on timely collection of fees and monitoring expenditure at a much more detailed level this has improved our Cash flow and the long-term viability of the college has strengthened.
## **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|Year 7-9 curriculum fully embedded
in Years 7&8. Phase 3 ready to start
in Year 9 at the Senior School in
September 2022.
Key Stage 2 (Year 3-6) curriculum
now being reviewed and trialled.
Spine of skills has now been
articulated and once Marketing have
designed the image, it will be rolled
out throughout the College
classrooms and to teachers to
remind them of what it is.
We are into our 2ndyear of Business
GCSE, with a new Head of
Department and numbers are
looking strong as well as first set of
GCSE grades.
Decision has been made re
languages across the school. Impact
of SS teachers teaching in PS will be
felt as September 22 begins.
Three A Level rule now in place with
EPQ to enhance profile should they
want to do it.|
|To improve the Senior School’s systems
for tracking and monitoring the academic
progress of each pupil|Internal tracking to monitor and
oversee pupil progress in place and
overseen by Heads of Year at the
Senior School.
Use of CEM Data was focus of
Senior School teacher lite bite
sessions this year and all staff are
now trained in how to understand
and use data effectively to enhance
our tracking, monitoring and to use it
to incentivise pupils to achieve their
potential.|
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**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Performance against annual objectives (continued)**
|**Objective**|**Achievement**|
|---|---|
|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|Having reviewed the reporting
process, changes have been
introduced across the College (Prep
and Senior) to our attitude and
attainment grading and criteria. This is
to bring it all together to use a
common structure and language to
make the transition from Prep to
Senior much easier.
Also, the reporting schedule for the
Senior School has changed so that
detailed reporting goes out mid way
through the term rather than at the
end of term. The end of term is
focused instead on a pastoral and co-
curricular review of each pupil.|
|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|The PR&D process is up and running
across both the Prep and Senior
School and this will be reviewed
towards the end of the academic year
to ensure consistency of approach
and effectiveness of the process.
Some tweaks still to be made to
improve documentation.|
|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: role of tutor has been beefed
up and is being implemented. Senior
School Heads of Year are having a
significant impact on the role of the
tutor and the individual attention
needed for each child. Tracking and
monitoring has improved as above.
Subject ambassadors are well
established and are having an impact
in assemblies, parents evening
subject fairs etc. Parent teacher
meetings encourage direct
conversation and honest sharing of
feedback. Reporting system has
changed to bring in more useful
system to encourage progress and
action to be taken following feedback.|
- 13 -
**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Performance against annual objectives (continued)**
|**Objective**|**Achievement**|
|---|---|
|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|Activities have been reviewed at the
Senior School in readiness for start of
academic year Sept 22. Newly
appointed Deputy Head, Co-curricular
ensuring oversight and pro active
involvement in managing pupils’ busy
schedule.
The Prep School has a full programme
of co-curricular activities including
recently started Junior Duke which is
in line with the DoE at the Senior
School.|
|To develop excellent scholarship pathways for
pupils in all spheres of education: Academic,
Sport, Performing Arts, Creative Arts|This is ongoing. Scholarship pathways
need more scrutiny and consistency.
Principal looking at this over course of
this academic year.|
|To review the use of the College’s facilities by
external groups, to ensure that our priority of
widening access is being fulfilled|Newly appointed Head of Marketing,
Commercial and Events overseeing
external events and working with
Director of Development and Outreach
to ensure our priority of widening
access.|
|To maintain, if not grow our bursarial support
for pupils who otherwise would not have
access to our education|Sixth Form Bursary campaign has
begun and two pupils in Year 12
recipients of bursaries and in school.
Springboard continues and we will be
supporting one more pupil next
academic year.|
|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|Senior School staff and pupils visited
Ormiston and Chantry academy last
year to talk about bursary campaign
and have successfully recruited two
pupils into Year 12.DoE links with
Ormiston academy continue and Year
10 DoE bronze awards fulfilled this
term.|
- 14 -
## **ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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 and educational experiences. A further significant proportion of cost goes on catering 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. Major investment in longer term projects was put on hold during the COVID-19 pandemic.
We continue, 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 and we assist two state secondary schools with the delivery of the swimming element of the GCSE syllabus.
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.
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 College continues to build 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). Our Phab Club continues to make a difference by enabling disabled children to spend time with our pupils once a week, whilst their parents and carers have a rest
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.
## **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 six places free of all day 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.
- 15 -
**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **How the Money was used to Support Objectives (continued)**
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 launched a Sixth Form Bursary Campaign to widen access to the Sixth Form for talented pupils in local state schools and are really pleased that two students joined from this programme in September 2022.
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 aid 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 in 2023 to achieve objectives**
1. To increase the number of pupils at the Prep School and retain numbers at the Senior School through effective retention and recruitment strategies.
2. To review the Key Stage 2 curriculum and also the Year 9 curriculum
3. To embed the Year 7-9 curriculum in its 3[rd] year
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
- 16 -
**ALBERT MEMORIAL COLLEGE**
**TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Financial Review**
## **Review of Financial Position and Results for the year**
The College reported a net surplus of £35k (£450k before depreciation) for the year ended 31 July 2022 (before any unrealised gains or losses on investments and property), compared with a net deficit of £(437k) (before depreciation (£39k)) for the previous year.
2021/22 continued to be a difficult year due to the uncertainty following the difficult Covid -19 Pandemic period.
However, the College improved financial position has arisen due to higher than expected pupil number especially in the Summer Term and a renewed focus on managing its cost base in this time of uncertainty.
The main pressures on the College throughout the year were unexpected rises in its cost of goods and services caused by factors outside the control of the College. Most notably the increased costs of power and the knock-on impact to some of our key supply lines including food and building materials. These impacted the latter half of the year and will have a much greater impact on the 2022-23 financial year as the full effect will be felt. The other major impact which remained as a legacy for the College post COVID19 pandemic was the impact on parents’ ability to pay for their child’s education. Many businesses were slow to recover resulting in difficult financial circumstances continuing in to 2022.
Despite the continuing pressures fee income for the College rose by £1.4m and overall income rose by £600k. Pupil number grew throughout the year and the College benefitted from a number of part year boarders which supported the overall growth in pupil income.
Non educational trading was possible this year and trading across the College and its subsidiary showed a large improvement on the previous year growing by £185k but this is still some way below previous ‘normal’ years
The new secured working capital facility agreed with the Bank provided sufficient resources for the College to manage its day to day operational expenditure. Together with strategic assets sales of vacant residential properties this ensured that the liquidity of the College significantly improved throughout the year.
The cost of running the College increased over the previous year reflecting that the College was back running at 100% activity. However, the rise in prices for goods and services mostly notably utilities, food (and other associated catering costs) maintenance and grounds material was unexpected at the levels experienced. These were caused by factors outside the control of the College, but still needed to be managed as effectively as possible. Major maintenance projects on the fabric of the buildings and land have started but need to increase over time to maintain and improve infrastructure and to ensure the campus remains in excellent order.
Staff costs are the greatest proportion of the overall spend of the College accounting for over 75% of total operational expenditure and the Costs were as planned and managed to the budget.
During the year 14.7 % of fee income was given back as remissions to parents. This does not take in to consideration agent commission. This was a considerable improvement on the previous year which showed 16.6% remission provided. Of this total, 35% of remissions were given in the form of scholarships and music awards and a similar value awarded as staff bursaries.
- 17 -
**ALBERT MEMORIAL COLLEGE**
**TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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 generate a significant contribution towards overall surplus.
Pre COVID-19 we were focussed on establishing long-term fund-raising activities and moving forward this continues to be our aim. During the year we have been active in generating funds both for specific and identified future projects such as Chapel Lights, the Hockey Score Board or Rugby lights but have also started to raise funds for future Bursaries for state school children who would never have the opportunity to attend a fee paying school without targeted support ensuring we widen access where possible. We continue to monitor our performance and ensure that stakeholders and potential donors 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.
## **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 College for the benefit of the pupils. In light of the impact of the COVID-19 pandemic we are continually re-assessing this position and are reviewing the assets and funding sources available to us for the long term sustainability of the College. 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 put on hold during the COVID -19 pandemic will be reviewed as the future becomes more certain and the operational finances improve. 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 Committee under recommendation by the Bursar 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 return.
- 18 -
**ALBERT MEMORIAL COLLEGE**
## **TRUSTEES’ ANNUAL REPORT (Continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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 30 November 2022
- 19 -
**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 2022 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 2022, 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.
- 20 -
**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.
- 21 -
**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
5 December 2022
- 22 -
**ALBERT MEMORIAL COLLEGE**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 JULY 2022**
|**Consolidated**
**Unrestricted**
**Note**
**Funds**
**£**
**INCOME FROM:**
**Charitable activities**
Fee income and associated charges
14,640,054
**Other trading activities:**
Trading turnover – FCE Ltd 3
81,449
116,678
– College
**Investments**
Investment income
6
43,129
**Donations and Legacies**
Donations
3,854
**Grants received**
Coronavirus Job Retention
Scheme (CJRS)
7
73,897
**TOTAL INCOME**
14,959,061
**EXPENDITURE ON:**
**Raising funds**
Trading expenses – FCE Ltd
3
33,716
– College
48,986
Financing costs
55,523
Commission payable
85,630
223,855
**Charitable activities**
Education and grant making
14,501,099
**TOTAL EXPENDITURE**
4
14,724,954
**NET INCOME / (EXPENDITURE)**
**BEFORE GAINS AND LOSSES**
**ON INVESTMENTS**
234,107
Investment gains 9/10
475,000
**NET INCOME / (EXPENDITURE)**
**AND MOVEMENT IN FUNDS**
11
18
709,107
Fund balance at 1 August 2021
10,287,877
**FUND BALANCE AT 31 JULY**
**2022**
10,996,984|**Consolidated**
**Unrestricted**
**Note**
**Funds**
**£**
**INCOME FROM:**
**Charitable activities**
Fee income and associated charges
14,640,054
**Other trading activities:**
Trading turnover – FCE Ltd 3
81,449
116,678
– College
**Investments**
Investment income
6
43,129
**Donations and Legacies**
Donations
3,854
**Grants received**
Coronavirus Job Retention
Scheme (CJRS)
7
73,897
**TOTAL INCOME**
14,959,061
**EXPENDITURE ON:**
**Raising funds**
Trading expenses – FCE Ltd
3
33,716
– College
48,986
Financing costs
55,523
Commission payable
85,630
223,855
**Charitable activities**
Education and grant making
14,501,099
**TOTAL EXPENDITURE**
4
14,724,954
**NET INCOME / (EXPENDITURE)**
**BEFORE GAINS AND LOSSES**
**ON INVESTMENTS**
234,107
Investment gains 9/10
475,000
**NET INCOME / (EXPENDITURE)**
**AND MOVEMENT IN FUNDS**
11
18
709,107
Fund balance at 1 August 2021
10,287,877
**FUND BALANCE AT 31 JULY**
**2022**
10,996,984|**Expendable Restricted**
**Endowments**
**Funds**
**£**
**£**
-
-
-
-
-
12,720
-
16,000
-
-|**Expendable Restricted**
**Endowments**
**Funds**
**£**
**£**
-
-
-
-
-
12,720
-
16,000
-
-|**Total**
**2022**
**£**
14,640,054
81,449
116,678
55,849
19,854
73,897|**Total**
**2021**
**£**
13,277,761
7,763
5,218
59,556
381,926
665,595|
|---|---|---|---|---|---|
||14,959,061
33,716
48,986
55,523
85,630|-|28,720|14,987,781|14,397,819|
|||-
-
-
-|-
-
-
-|33,716
48,986
55,523
85,630|8,744
463
99,842
28,044|
||223,855
14,501,099
14,724,954
234,107
475,000
709,107
10,287,877
10,996,984|-
-|-
227,369|223,855
14,728,468|137,093
14,697,868|
|||-|227,369|14,952,323|14,834,961|
|||-
(4,594)|(198,649)
(4,627)|35,458
465,779|(437,142)
763,402|
|||(4,594)
413,769|(203,276)
1,970,362|501,237
12,672,008|326,260
12,345,748|
|||409,175|1,767,086|13,173,245|12,672,008|
The Group’s Income and Expenditure all relate to continuing operations. The notes on pages 26 to 44 form part of these financial statements.
- 23 -
**ALBERT MEMORIAL COLLEGE**
## **B A L A N C E S H E E T**
## **AS AT 31 JULY 2022**
|**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**
**2022 **
**2021**
**£**
**£**
13,931,103
14,426,048
821,223
840,567
14,752,326 15,266,615
52,335
33,826
676,345
1,085,986
2,926
3,536
731,606
1,123,348
(2,310,687)
(3,717,955)
(1,579,081)
(2,594,607)
13,173,245
12,672,008
-
-
13,173,245
12,672,008
1,767,086
1,970,362
409,175
413,769
10,938,953
10,277,579
58,031
10,298
13,173,245
12,672,008|**GROUP**
**2022 **
**2021**
**£**
**£**
13,931,103
14,426,048
821,223
840,567
14,752,326 15,266,615
52,335
33,826
676,345
1,085,986
2,926
3,536
731,606
1,123,348
(2,310,687)
(3,717,955)
(1,579,081)
(2,594,607)
13,173,245
12,672,008
-
-
13,173,245
12,672,008
1,767,086
1,970,362
409,175
413,769
10,938,953
10,277,579
58,031
10,298
13,173,245
12,672,008|**CHARITY**
**2022**
**2021**
**£**
**£**
13,930,916
14,425,828
821,225
840,569
14,752,141 15,266,397
49,147
29,939
664,481
1,084,196
2,926
3,536
716,554
1,117,671
(2,353,481)
(3,722,358)
(1,636,927)
(2,604,687)
13,115,214
12,661,710
-
-
13,115,214
12,661,710
1,767,086
1,970,362
409,175
413,769
10,938,953
10,277,579
-
-|**CHARITY**
**2022**
**2021**
**£**
**£**
13,930,916
14,425,828
821,225
840,569
14,752,141 15,266,397
49,147
29,939
664,481
1,084,196
2,926
3,536
716,554
1,117,671
(2,353,481)
(3,722,358)
(1,636,927)
(2,604,687)
13,115,214
12,661,710
-
-
13,115,214
12,661,710
1,767,086
1,970,362
409,175
413,769
10,938,953
10,277,579
-
-|
|---|---|---|---|---|
|||15,266,615||15,266,397|
|||33,826
1,085,986
3,536||29,939
1,084,196
3,536|
|||1,123,348
(3,717,955)||1,117,671
(3,722,358)|
|||(2,594,607)||(2,604,687)|
|||12,672,008
-||12,661,710
-|
|||12,672,008||12,661,710|
|||1,970,362
413,769
10,277,579
10,298||1,970,362
413,769
10,277,579
-|
|||12,672,008|13,115,214|12,661,710|
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 30 November 2022
The notes on pages 26 to 44 form part of these financial statements.
- 24 -
**ALBERT MEMORIAL COLLEGE**
## **CONSOLIDATED CASHFLOW STATEMENT**
**FOR THE YEAR ENDED 31 JULY 2022**
|**Note**
**NET CASH FLOW FROM**
**OPERATING ACTIVITIES**
18
**CASH FLOWS FROM INVESTING**
**ACTIVITIES**
Purchase of fixed assets
Proceeds from sale of fixed assets
Proceeds from sale of investments
Investment income
6
**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|**2022**
**£**
**£**
982,563
(54,000)
611,325
12,817
55,849
625,991
(55,523)
(23,437)
(78,960)
1,529,594
(1,893,284)
(363,690)
2,926
(366,616)
(363,690)|**2022**
**£**
**£**
982,563
(54,000)
611,325
12,817
55,849
625,991
(55,523)
(23,437)
(78,960)
1,529,594
(1,893,284)
(363,690)
2,926
(366,616)
(363,690)|**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)|
|---|---|---|---|---|
||(55,523)
(23,437)||(99,842)
(72,282)||
||||||
|||1,529,594
(1,893,284)||615,562
(2,508,846)|
|||(363,690)||(1,893,284)|
|||2,926
(366,616)||3,536
(1,896,820)|
|||(363,690)||(1,893,284)|
The notes on pages 26 to 44 form part of these financial statements.
- 25 -
**ALBERT MEMORIAL COLLEGE**
**NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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. The College has a bank overdraft facility of £2.1m and based on the cashflow for the coming year and scenario plans which extend this further this will be sufficient to cover normal operating expenditure together with limited investment. 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 2022.
## **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.
- 26 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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.
- Donations received in respect of specific projects and campaigns for future years are deferred until the requirement of entitlement can be fulfilled.
- 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.
- 27 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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.
- 28 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
**FOR THE YEAR ENDED 31 JULY 2022**
## **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 charity’s balance sheet when the charity 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.
- 29 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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 charity engaged independent valuation specialists to determine the fair value of the residential properties as at 31 July 2022. The carrying amount of residential properties at the 31 July 2022 was £5,105,000. As residential properties are few in number, the valuation specialists valued each one individually in arriving at their fair value, this being defined as the existing use value. They also referred to comparable market data to support the valuation of each property.
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.
|is shown below.|||
|---|---|---|
|Turnover
Cost of sales
Administrative expenses
Total trading expenses
Profit before tax and gift aid donation
Amount payable to Charity in respect of the gift aid donation
Amount retained in subsidiary|**2022**
**£**
81,449
(26,977)
(6,739)
(33,716)
47,733
-
47,733|**2021**
**£**
7,763
(2,524)
(6,220)|
|||(8,744)|
|||(981)
-|
|||(981)|
- 30 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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
-
33
**Total for the group**
-
33
**Charitable expenditure**
**_Educational and grant making_**
Educational
6,094,703
47,657
Welfare
581,312
24,099
Premises
1,235,322
338,137
Support costs and Governance 1,237,448
-
Grants, awards and prizes
-
-
**Total charitable expenditure**
9,148,785
409,893
**Total Expended**
**Group**
**9,148,785**
**409,926 **
**Charity**
**9,148,785**
**409,893**|**Other**
**costs **
**£**
55,523
48,986
85,630
190,139
33,683
223,822
269,016
535,772
1,197,482
1,023,634
2,143,886
5,169,790
**5,393,612 **
**5,359,929**|**Total**
**2022**
**£**
55,523
48,986
85,630
190,139
33,716
223,855
6,411,376
1,141,183
2,770,941
2,261,082
2,143,886
14,728,468
**14,952,323 **
**14,918,607**|**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**|
Included within grants, awards and prizes are educational scholarships which were made to 160 individuals (2021: 173).
|**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|12,609
11,547
531
330
17,413
42,430|12,311
11,280
272
300
11,600|
|---|---|---|
|||35,763|
During 2021/2022 one Governor reclaimed travel and subsistence expenses amounting to £531 (2021: one Governor - £272).
In addition to remuneration paid to auditors included above, the auditor received other fees for nongovernance services totalling £23,042 (2021: £12,532).
Included within expenditure is £59,475 (2021: £47,692) in respect of operating lease rentals.
- 31 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
|**5.**|**STAFF COSTS**|**Total **|**Total**|
|---|---|---|---|
|||**2022**|**2021**|
|||**£ **|**£**|
||The aggregate payroll and similar costs for the year were as follows:|||
||Wages and salaries|7,505,578|7,630,007|
||Social security costs|694,749|705,446|
||Pension costs|932,949|1,130,939|
||Apprenticeship Levy|15,509|18,349|
|||9,148,785|9,484,741|
||None of the Governors received any remuneration or other benefits from the College.|||
||Aggregate employee-benefits of key management personnel|602,027|650,529|
||The average monthly number of employees during the year was:-|||
|||**2022**|**2021**|
|||**No**|**No**|
||Academic|121|126|
||Catering and domestic|78|83|
||Grounds and maintenance|17|20|
||Administration|64|61|
|||280|290|
||Included within the above Administration figures are staff employed in the leisure centre, most of whom|||
||are part time life-guards, as follows:|||
|||**2022**|**2021**|
|||**No**|**No**|
||Leisure Centre Staff|19|26|
||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|3|5|
||£70,001 to £80,000|1|2|
||£80,001 to £90,000|1|1|
||£100,001 to £110,000|1|-|
||£130,001 to £140,000|-|1|
||£140,001 to £150,000|1|-|
During the year there were 5 (2021: 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 £10,499 (2021: £18,499) to the defined contribution scheme in respect of higher paid employees.
## **6. INVESTMENT INCOME**
|Rent
Interest
Other|**2022**
**£**
32,309
247
23,293
55,849|**2021**
**£**
28,991
48
30,517
59,556|
|---|---|---|
- 32 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **7. GRANTS**
- During the year the College claimed £73,897 (2021: £665,595) through the Government’s Coronavirus Job Retention Scheme (CJRS) to cover a proportion of the costs of furloughed staff.
## **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 £453,504 (2021: £327,241 surplus).
## **9. FIXED ASSETS**
|**Property**
**at cost**
**£**
**Cost or valuation**
As at 1 August
2021
16,004,900
Additions
-
Revaluation
-
Disposals
-
As at 31 July
2022
16,004,900
**Depreciation**
As at 1 August
2021
(7,289,429)
Charge for the
year
Disposals
(269,234)
As at 31 July
2022
(7,558,663)
**Net Book Value**
At 31 July
2022
8,446,237
At 31 July
2021
8,715,471|**Property**
**at cost**
**£**
**Cost or valuation**
As at 1 August
2021
16,004,900
Additions
-
Revaluation
-
Disposals
-
As at 31 July
2022
16,004,900
**Depreciation**
As at 1 August
2021
(7,289,429)
Charge for the
year
Disposals
(269,234)
As at 31 July
2022
(7,558,663)
**Net Book Value**
At 31 July
2022
8,446,237
At 31 July
2021
8,715,471|**Property at**
**valuation**
**£**
5,230,000
-
475,000
(600,000)|**Equipment**
**& vehicles**
**at cost**
**£**
1,942,510
54,000
-
(20,195)|**Total**
**Charity**
**£**
23,177,410
54,000
475,000
(620,195)|**Subsidiary**
**Equipment**
**£**
3,124
-
-
-|**Total**
**Group**
**£**
23,180,534
54,000
475,000
(620,195)|
|---|---|---|---|---|---|---|
||16,004,900|5,105,000|1,976,315|23,086,215|3,124|23,089,339|
||
(7,289,429)
(269,234)|-
-
-|(1,462,153)
(145,285)
10,802|(8,751,582)
(414,519)
10,802|(2,904)
(33)
-|(8,754,486)
(414,552)
10,802|
||(7,558,663)|-|(1,596,636)|(9,155,299)|(2,937)|(9,158,236)|
|||5,105,000|379,679|13,930,916|187|13,931,103|
||8,715,471|5,230,000|480,357|14,425,828|220|14,426,048|
- 33 -
**ALBERT MEMORIAL COLLEGE**
**NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **9. FIXED ASSETS (continued)**
Equipment and vehicles include assets under finance leases with a net book value of £23,865 as at 31 July 2022 (2021: £27,843). The depreciation charged during the year on these assets was £3,978 (2021: £3,978).
Residential properties were revalued on an open market basis by Clarke & Simpson, Independent Chartered Surveyors at 31 July 2022. The historical cost of these properties is £283,167 (2021: £294,342).
The difference between valuation and original cost has been taken to a revaluation reserve.
During the year two residential properties were sold, resulting in proceeds of £600,000.
The insurance value of all property totals £79,615,597.
## **10. INVESTMENTS**
|**INVESTMENTS**|||||
|---|---|---|---|---|
|**Group balance as at 1 August 2021**
Disposals
Change in market value
**Group balance as at 31 July 2022**
Investment in subsidiary (see note 2)
**Charity balance as at 31 July 2022**
Quoted Securities
(historical cost £257,912)
Quoted investments comprise:
COIF income and accumulation units|**Designated**
**and other**
**Funds**
**£**
-
-
-|**Restricted**
**Funds**
**£**
426,798
(10,123)
(4,627)|**Endowment**
**Funds**
**£**
413,769
-
(4,594)
409,175
-
409,175
409,175|**Total**
**£**
840,567
(10,123)
(9,221)|
||-
2|412,048
-||821,223
2|
||2|412,048||821,225|
||-|412,048||821,223|
||-
-|412,048
412,048|409,175
409,175|821,223
821,223|
All the above investments are held primarily to provide an investment return.
- 34 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **10. INVESTMENTS (continued)**
The above investments are further analysed below
|**RESTRICTED**
**Prizes, Scholarships & Bursaries Fund**
21,056 (2021: 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 (2021: 265) common income shares*
**EXPENDABLE ENDOWMENTS**
**Moreau Bequest**
21,172 (2021: 21,172) common income shares*
**UNRESTRICTED**
**Framlingham College Enterprises Limited**
**Scholarship & Bursaries Investment Fund**
Nil (2021: Nil) common income shares*
**Total investments at market value**
Cost at 31 July|**GROUP**
**2022**
**2021**
**Market**
**Value**
**Market**
**Value**
**£**
**£**
406,932
411,501
-
10,123
5,116
5,174
412,048
426,798
409,175
413,769
409,175
413,769
-
-
-
-|**GROUP**
**2022**
**2021**
**Market**
**Value**
**Market**
**Value**
**£**
**£**
406,932
411,501
-
10,123
5,116
5,174
412,048
426,798
409,175
413,769
409,175
413,769
-
-
-
-|**CHARITY**
**2022**
**2021**
**Market**
**Value**
**Market**
**Value**
**£**
**£**
406,932
411,501
-
10,123
5,116
5,174
412,048
426,798
409,175
413,769
409,175
413,769
2
2
-
-|**CHARITY**
**2022**
**2021**
**Market**
**Value**
**Market**
**Value**
**£**
**£**
406,932
411,501
-
10,123
5,116
5,174
412,048
426,798
409,175
413,769
409,175
413,769
2
2
-
-|
|---|---|---|---|---|
|||||426,798|
|||||413,769|
|||||413,769|
|||||2
-|
||-
821,223
257,912|-
840,567
258,112|2
821,225
257,914|2|
|||||840,569|
|||||258,114|
* Represent Charities Official Investment Fund (COIF)
- 35 -
## **ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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**
**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|**Movement**
**in year**
**£**
(4,570)
(6,830)
(130,065)
(61,754)
(57)
(203,276)
(4,594)
(113,825)
-
775,199
661,374
453,504
47,733
-
501,237|**Balance at**
**31 July**
**2022**
**£**
417,055
149,999
875,397
264,463
60,172
1,767,086
409,175
4,821,833
806,437
5,310,683
10,938,953
13,115,214
58,031
-
13,173,245|**Represented by**|
|---|---|---|---|---|
|||||**Investments**
**Tangible**
**Net Current**
**Long term**
**Fixed**
**Asset**
**Assets/**
**(Liabilities)**
**Liabilities**
**£**
**£**
**£**
**£**
406,932
-
10,123
-
-
-
149,999
-
-
875,397
-
-
-
167,587
96,876
-
5,116
-
55,056
-|
|||||412,048
1,042,984
312,054
-|
||||||
|||||409,175
-
-
-|
|||||-
4,821,833
-
-
-
-
806,437
2
8,066,099
(2,755,418)
-|
|||||2
12,887,932
(1,948,981)
-|
|||||821,225
13,930,916
(1,636,927)
-
-
187
57,844
-
(2)
-
2
-
821,223
13,931,103
(1,579,081)
-|
- 36 -
## **ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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)
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
-
-
-
229,341
96,876
-
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)
-|
- 37 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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.
- 38 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
|**12.**
**DEBTORS**
Fees and recoverable debts
Trade debtors
Other debtors
Prepayments|**GROUP**
**2022**
**2021**
**£**
**£**
523,106
802,497
19,158
43,588
12,072
11,621
122,009
228,280
676,345
1,085,986|**CHARITY**
**2022**
**2021**
**£**
**£**
523,106
802,497
15,418
41,798
3,948
11,621
122,009
228,280
664,481
1,084,196|
|---|---|---|
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 and deferred income
Other taxes and payroll costs
Finance leases
Inter-Company account|366,616
309,151
361,921
683,648
285,883
294,426
9,042
-
2,310,687|1,896,820
168,581
311,719
442,919
141,000
724,437
32,479
-
3,717,955|419,150
307,210
361,921
683,648
274,394
291,056
9,042
7,060
2,353,481|1,898,257
168,514
311,719
442,919
131,370
723,643
32,479
13,457
3,722,358|
|---|---|---|---|---|
The bank overdraft is secured by way of fixed charges over certain properties.
Included in accruals and deferred income is £108,735 (2021: £Nil) relating to donations received for specific projects and campaigns for future years which the College does not have clear entitlement for at the year end.
**14. CREDITORS:** Amounts due in more than one year
|**Finance leases**
Repayable within 1 year|9,042
9,042|32,479
32,479|9,042
9,042|32,479
32,479|
|---|---|---|---|---|
- 39 -
**ALBERT MEMORIAL COLLEGE**
**NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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 £682,848 (2021: £1,023,774) and at the year-end £77,086 (2021: £121,267) 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. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.
The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.
Until the 2020 valuation 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.
- 40 -
**ALBERT MEMORIAL COLLEGE**
**NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **15. PENSION SCHEME (Continued)**
For the benefit of teaching staff not wishing to participate in TPS, a defined contribution scheme is 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 £155,923 (2021: £Nil) and at the year-end £24,061 (2021: £Nil) was accrued in respect of contributions to this scheme.
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 £90,986 (2021: £107,165) and at the year-end £20,330 (2021: £Nil) was accrued in respect of contributions to this scheme.
## **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|**2022**
**£**
63,390
90,850
-
154,240|**2021**
**£**
48,482
35,303
-|
|---|---|---|
|||83,785|
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
422,228
110,055
-
1,767,086
-
409,175
-
-
409,175
13,191,212
-
(2,194,228)
-
10,996,984
14,426,015
831,403
(2,084,173)
-
13,173,245|
|---|---|
- 41 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **18. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**FROM OPERATING ACTIVITIES**||||
|---|---|---|---|
|Net income for year
Unrealised (gains) on investments
Investment income
Interest payable
Depreciation
(Profit) on disposal
(Increase)/Decrease in stocks
Decrease in debtors
Increase in creditors
**NET CASH FROM OPERATING ACTIVITIES**
**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|**2022**
**2021**
**£**
**£**
501,237
326,260
(465,779)
(763,402)
(55,849)
(59,556)
55,523
99,842
414,552
476,188
(4,626)
(312)
(18,509)
9,412
409,641
58,615
146,373
44,888
982,563
191,935
**2022**
**2022**
**£**
**£**
(3,536)
1,896,820
1,893,284
32,479
1,925,763
610
(1,530,204)
(1,529,594)
(23,437)
(1,553,031)
(2,926)
366,616
363,690
9,042
372,732|||
|||610
(1,530,204)||
||||1,925,763
(1,529,594)
(23,437)|
|||(2,926)
366,616||
||||(1,553,031)
363,690
9,042
372,732|
|||||
The College maintains an overdraft facility with Barclays Bank PLC of £2.1m dated August 2022. 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.
- 42 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **20. RELATED PARTY TRANSACTIONS**
## **Donations made by Trustees**
During the year the Governors made donations to the College totalling £11,018 (2021: £6,946).
## **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 £Nil (2021: £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 telephone equipment and services from the company amounting to £9,196 (2021: £7,940), priced on an arm’s 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 £270 (2021: £34,624), priced on an arm’s length basis.
- 43 -
**ALBERT MEMORIAL COLLEGE**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **21. Consolidated Statements of Financial Activities the prior 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
313,865
**Grants received**
Grants
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 INCOME/(EXPENDITURE)**
**BEFORE GAINS AND LOSSES**
**ON INVESTMENTS**
(282,608)
Investment gains
655,952
**NET INCOME AND MOVEMENT**
**IN FUNDS**
373,344
Fund balance at 1 August 2020
9,914,533
**FUND BALANCE AT 31 JULY**
**2021**
10,287,877|**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
313,865
**Grants received**
Grants
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 INCOME/(EXPENDITURE)**
**BEFORE GAINS AND LOSSES**
**ON INVESTMENTS**
(282,608)
Investment gains
655,952
**NET INCOME AND MOVEMENT**
**IN FUNDS**
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
-
-|**Expendable Restricted**
**Endowments**
**Funds**
**£**
**£**
-
-
-
-
-
-
-
17,491
-
68,061
-
-|**Total**
**2021**
**£**
13,277,761
7,763
5,218
59,556
381,926
665,595
14,397,819
8,744
463
99,842
28,044
137,093
14,697,868
14,834,961
(437,142)
763,402|
|---|---|---|---|---|
|||-|85,552||
|||-
-
-
-|-
-
-
-||
|||-|-||
|||-|240,086||
|||-|240,086||
||(282,608)
655,952
373,344
9,914,533
10,287,877|-
45,983|(154,534)
61,467||
|||45,983
367,786|(93,067)
2,063,429|326,260
12,345,748
12,672,008|
|||413,769|1,970,362||
- 44 -