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2022-07-31-accounts

Company Registration No. 04956068 (England and Wales) Charity Registered No. 1114995

HOMEFIELD COLLEGE LIMITED (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

CONTENTS

Page
Legal and administrative information 1
Report of the Trustees 2
Independent auditor’s report 9
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

Directors & Trustees:
 Ms S Dornyei (resigned 17 November 2021)
Mr D Howard (resigned 30 March 2022)
Mr A Hill (appointed 16 June 2022)
Ms E Hunt
Mr D Jackson
Ms J Jarman
Mr R Miller (appointed 31 May 2022,
resigned 28 September 2022)
Ms J Parr (Chair)
Ms J Rawle (appointed 6 May 2022,
resigned 6 November 2022)
Ms S Pesic-Smith (resigned 7 September 2021)
Ms C Stevens
Ms A Traynor
Ms J Ward
Ms I Wilson
Senior Management: Ms T Forman (Principal)
Ms V Myko (Head of Specialist Support &
Pastoral Services)
(Resigned 8 July 2022)
Ms C Ibbotson (Head of Curriculum & Quality)
Ms S Dickie (Head of Corporate Services)
Mr M Sessions (Head of Funding & Compliance)
(Appointed 1 January 2022)
Registered Office: 217 Loughborough Road
Mountsorrel
Loughborough
Leicestershire
LE12 7AR
Registered Company Number: 04956068 (England and Wales)
Registered Charity Number: 1114995
Auditor: The Rowleys Partnership Ltd
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
LE19 1WP
Bankers:
 NatWest Bank Plc
Market Place
Loughborough
Leicestershire
LE11 3EA
Solicitors:
 Shakespeare Martineau
2 Colton Square
Leicester
LE1 1QH

The company is a registered Charity limited by guarantee.

1

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

The Trustees, who are also the directors of Homefield College Limited for the purposes of company law, present their report and the audited financial statements for the year ended 31 July 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: 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 published in October 2019.

The Trustees have had regard to the Charity Commission’s guidance on public benefit. The mission statement for the Charity is to provide learning and living experiences that empower the Homefield community to recognise their potential as active citizens.

Beneficiaries of the Charity are people aged 16+ who live in the UK, and have complex needs, including those with Autistic Spectrum Conditions and communication and learning difficulties. Places are offered following a detailed assessment and induction procedure designed to identify those the College can have the maximum positive impact on, during their time attending the College. The College receives funding which is based on the outcome of the assessment process. Funding is received from the Education and Skills Funding Agency (ESFA) and/or Local Authorities.

Structure, Governance and Management

Homefield College Limited is a company limited by guarantee. Each of the Trustees is also a member and agrees to contribute £10 in the event of the Charity being wound up. The Charity is governed by its Memorandum and Articles of Association dated 17 December 2003, as amended by special resolution dated 12 June 2006. It is a registered Charity with the Charity Commission.

The Principal reports directly to the Trustee Board. There is an agreed decision-making scheme with delegated powers outlined in respect of appointments and financial matters to the Principal (executive for the whole organisation).

The Charity has ten Trustees who meet as a Board at least four times a year. Each Trustee is also a member of at least one of the following subcommittees: Teaching, Learning & Assessment; Life Long Learning, Living and Inclusion; and Finance and General Purposes. Each subcommittee meets at least three times a year. Trustees are allocated to the subcommittee which can best utilise their skills and knowledge. All Trustees complete an induction programme, and participate in internal and external training programmes which are specific to Trustees. In addition they can and do join staff on College training days.

Risk Management

The College maintains a risk register. The register is routinely reviewed and amended to mitigate risk to Learners, Residents and the Staff. The register includes some risks associated with Covid but they are very much reduced. It is recognised that inflation and energy costs are an increased risk for the organisation and will impact on our ability to plan and control expenditure in certain conditions.

The Senior Management Team continue to seek to reduce the financial risk to the organisation by:

2

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 (continued)

Risk Management (continued)

In addition, members of the Finance and General Purposes committee receive management accounts on a monthly basis.

Key management personnel remuneration

All Trustees give their time freely.

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings and the level of responsibility required. In view of the charitable nature of the company the remuneration benchmark is determined through comparative research into similar local salaries with the living wage as the minimum hourly rate.

Objects of the Charity

The Company’s objects are to advance the education and training and to relieve the needs of individuals with learning difficulties, communication difficulties, epilepsy and students on the autistic spectrum in particular but not exclusively by the provision of a college.

Objectives and activities

The College was set up in 1987, became a registered Charity in June 2006 and operates in Sileby, Mountsorrel, Barrow upon Soar and Nuneaton. The College provides high quality practical experiences for people with learning difficulties to develop their:

The funding the College receives is related not just to the number of people it caters for but also the amount of individualised support a person requires.

The programme for each beneficiary is individualised to reflect person centred planning and for ESFA funded learners may consist of units, which are externally accredited.

To deliver high quality practical experiences, the College consists of a main campus, seven 3/4 bedroom houses and one 6 bedroom house. Each room/area of all the properties is fully and innovatively used to develop a comprehensive range of daily living skills and skills to live with other people.

3

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 (continued)

Objectives and activities (continued)

To enable the learners to be more active in the community, their programmes are, where possible, delivered in community settings such as public transport, bars and restaurants, barbers/hairdressers, libraries, public parks, leisure and outdoor pursuit centres, community centres, and the premises of other providers of education and training. During the year the College engaged with Teck (motor vehicle) and Enstruct (environmental construction and woodland) as partners to widen our vocational provision for the students. Long-term residents and those who access day services are also actively encouraged to take part in such community based activities.

In addition the College has invested time and money to develop realistic work based environments within the general community. Examples include:-

A cafe on the main street of a nearby village called Barrow of Treats which provides a high quality high street outlet offering realistic work placements for beneficiaries covering skills associated with the catering and hospitality industry and delivering a much needed service in the village. This service has been welcomed by the local people, parish council and businesses.

In April 2020 the College secured a ten year lease on a community café in the village of Mountsorrel known as Brewards. Working within Government Covid guidance the café opened for take-way during 2020/21 and is now operating as a fully functioning café providing work placement experiences for our students.

The College is proactively involved in modelling the impact of funding changes on the physical and human resources which the College requires to meet a need which continues to be more local to the College. The College is investing additional time to continue to build proactive links with County Councils of Leicestershire and Warwickshire and Leicester City Council, and is continuing to take forward potential partnership working with other local and regional educational and training organisations.

Achievements and performance

The College was subject to a short inspection by Ofsted in June 2017. Ofsted concluded that Homefield continues to be a good provider and their inspection findings included:

“Homefield students live and learn in the community. They participate in an innovative, personalised and community-based curriculum, which meets their diverse needs very well and prepares them for their next step, adulthood and independence”.

“staff assess students’ starting points well using a very comprehensive system of assessment. They use this detailed information to inform and set appropriately challenging targets for each student, and to provide all staff with details regarding students’ learning and support needs.”

“students make good or better progress from their starting points; many know how much progress they have made since joining the college. They can describe their improved knowledge of healthy eating, and how they have developed further their skills for work, for example skills in customer service, following instructions, using systematic routines and working with others”.

“staff promote and develop students’ English and mathematical skills well in learning settings; they use relevant topics to develop students’ skills at the appropriate level.”

“staff provide students with appropriately challenging verbal and non-verbal communication targets in learning sessions. They ask clear questions and allow students sufficient time to process their thoughts, before they respond verbally or by using communication technology. As a result, students develop their communication skills well.”

“trustees have a diverse range of skills and knowledge in education and commerce; they have relevant experience in safeguarding and educating young people with high needs. Trustees are committed to providing students with high quality provision. They have a comprehensive understanding of the strengths and

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HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 (continued)

Achievements and performance (continued)

weaknesses of the college, as a result of their participation in a wide range of activities with staff, students, and parents and carers. These activities include learning walks, observations of learning sessions, attendance at sub-committees and the training of staff.”

“trustees now have full access to a new ‘data dashboard’, which they use well to monitor a range of measures which show some elements of students’ progress and outcomes; as a result, trustees provide managers with a high level of challenge. However, trustees do not receive sufficient data to enable them to monitor and hold managers to account for the rate of overall progress made by students.”

“staff received regular training and supervision to help them to meet people's needs effectively.”

“people received the support they needed to stay healthy and to access healthcare services.”

“each person had an up to date support plan that was centred on them as an individual. This provided staff guidance on how to meet people's support needs and their likes, dislikes and preferences. These were reviewed regularly.”

“people were encouraged to participate in activities, pursue their interests and to maintain relationships with people that mattered to them.”

“people were supported in line with the Mental Capacity Act (MCA) 2005 and the Deprivation of Liberty Safeguards (DoLS). The provider and staff understood their responsibilities under the MCA.”

“staff were caring and treated people with dignity and respect. They ensured people's privacy was maintained.”

“people were supported to have choice and control of their lives.

“people had access to a complaint's procedure and felt confident to raise any concerns.”

Set against the challenging landscape the college has faced this year it has still been able to implement improvements. The trustees, senior, middle leadership and staff have remained ambitious for the college and have retained a clear vision for the future.

Increased support for staff and students’ well-being has been a particular focus to support all through these challenging times. Additional well-being opportunities have been implemented and monitoring of work loads to ensure that it is manageable for all.

The college’s enrolment profile for 2021/22 was 124 students enrolled, this is an increase of 18 students from the previous academic year and is a continued growth trend over a 3-year period, including growth in 16-18-year olds. 35 students concluded their study programme at the end of the academic year (compared to 17 students in the previous year). 2 students withdrew during the academic year, one to move to GFE (general further education) provision, which is a real success story for that individual.

The College invested in the Therapies Team, Progress Mentors and Learning Support Assistants and they have played a significant role in supporting the students.

In response to student voice and the benefits to student development, the college instigated a Duke of Edinburgh provision. This culminated in 5 students taking part in the first-ever Homefield College expedition, which was a great success. We have had 12 students take part and achieve in Duke of Edinburgh activities this year.

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HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 (continued)

Achievements and performance (continued)

After 2 years, this year was the return of external work placements for students. We have seen some great successes with students and the ability to put their learning into practice with employers has been so developmental.

The Student Union, in its second year gained traction with students having an impact on their College lives.

Financial review

At the balance sheet date the net assets of the charity totalled £3,094,938 (2021 - £2,717,680). The total incoming resources for the year were £5,579,736 (2021 - £4,907,689). The total resources expended for the year were £5,202,478 (2021 - £4,467,618) resulting in a net surplus of £377,258 (2021 - £440,017).

Expenditure during the financial year 2021-22 has been used to:

Activities funded included:

In 2021-22 the College planned to:

Future plans

The Trustees and the College management continue to proactively amend provision and the resources required, both physical and human, in the light of the Covid pandemic and other external drivers. The funding environment is challenging but the College has the necessary skills, expertise and reputation at all levels to carry forward the College’s mission in partnership with its stakeholders.

The College will maintain present partnerships and will continue to build proactive partnerships with local, regional and national funding bodies.

6

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 (continued)

Future plans (continued)

In 2022-23 the College plans to:

The Trustees have given consideration to the Charity Commission’s guidance on public benefit when establishing the aims and activities of the College.

Investment powers and policy

There is no formal investment policy as the College holds no investments, however the Trustees aim to make money held in the College bank accounts earn as much interest as possible.

Fundraising policy

The College does not fundraise externally and seeks to continue its work via careful stewardship of its existing resources.

Reserves policy

The Trustees have considered the level of reserves held by the Charity. Following a risk assessment linked to the development of a policy it has been agreed that the College adopts a reserves policy that free reserves (as defined below) should represent 15%-20% of budgeted expenditure. The position at the date of these accounts was that free reserves totalled £1,727,767 (2021: £1,257,953) which represented 33% (2021: 28%) of actual expenditure in the year. Free reserves are defined as total unrestricted funds less the value of unrestricted fixed assets. This will be built up to the desired level in stages consistent with the Charity’s overall financial position and its need to maintain and develop its charitable activities.

Trustees and Trustees’ interests

The Trustees of the Charity, all of whom have been Trustees for the whole of the period, unless otherwise indicated, are listed below:-

Ms S Dornyei (resigned 17 November 2021)
Mr D Howard (resigned 30 March 2022)
Mr A Hill (appointed 16 June 2022)
Ms E Hunt
Mr D Jackson
Ms J Jarman
Mr R Miller (appointed 31 May 2022, resigned
28 September 2022)
Ms J Parr (Chair)
Ms S Pesic-Smith (resigned 7 September 2021)
Ms J Rawle (appointed 6 May 2022, resigned
6 November 2022)
Ms C Stevens
Ms A Traynor
Ms J Ward
Ms I Wilson

No Trustee had any financial interest in contracts with the Charity during the year.

7

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022 (continued)

Statement of Trustees’ responsibilities

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

A resolution to re-appoint The Rowleys Partnership Ltd as auditors will be proposed at the Annual General Meeting.

The report has been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities and in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board

J Parr J Jarman 217 Loughborough Road
Trustee Trustee Mountsorrel
Loughborough
Leicestershire
Date: 17 January 2023 Date:17 January 2023 LE12 7AR

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HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF HOMEFIELD COLLEGE LIMITED

Opinion

We have audited the financial statements of Homefield College Limited (the ‘charitable company’) for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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 trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appears to be materially misstated. If we identify such

9

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF HOMEFIELD COLLEGE LIMITED (continued)

Other information (continued)

material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

10

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF HOMEFIELD COLLEGE LIMITED (continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-ofthe-auditor’s-responsibilities-for. This description forms part of our auditor’s report.

11

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF HOMEFIELD COLLEGE LIMITED (continued)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mrs P Swann-Jones FCA (Senior Statutory Auditor) for and on behalf of:

The Rowleys Partnership Limited Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP

Date: 19 January 2023

12

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022 (incorporating the Income and Expenditure account)

Unrestricted Restricted Total Total
Notes Funds Funds 2022 2021
£ £ £ £
Income and endowments from
Charitable activities 5.a 5,465,666 5,465,666 4,907,058
Investments 5.b 1,765 - 1,765 631
Other income 5.c 112,305 - 112,305 -
Total income and endowments 5,579,736 - 5,579,736 4,907,689
Expenditure on
Charitable activities 6 5,202,478 - 5,202,478 4,467,618
Total expenditure 6 5,202,478 - 5,202,478 4,467,618
Net income/(expenditure) 377,258 - 377,258 440,071
Total funds brought forward 2,717,680 - 2,717,680 2,277,609
Total funds carried forward 3,094,938 - 3,094,938 2,717,680

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

The notes on pages 16 to 24 form part of these financial statements.

13

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31 JULY 2022

Notes
2022
£
£
£
Fixed Assets
Tangible fixed assets
8
1,367,171
Current Assets
Stock
9
1,082
882
Debtors
10
73,976
68,138
Cash at bank and in hand
11
3,209,730
2,459,128
3,284,788
2,528,148
Creditors: amounts falling due
within one year
12
(877,476)
(645,779)
Net current assets
2,407,312
Total assets less current liabilities
3,774,483
Creditors:amounts falling due
after more than one year
13
(579,545)
Other Provisions - dilapidations
14
(100,000)
Net assets
3,094,938
Funds
Unrestricted funds
18
3,094,938
Total funds
3,094,938		 2021
£
1,459,727
1,882,369
3,342,096
(624,416)
-
2,717,680
2,717,680
2,717,680

For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but as this company is a charity, it is subject to audit under the Charities Act 2011.

Directors’ responsibilities:

The financial statements were approved by the Board of Trustees on 17 January 2023 and were signed on its behalf by:

J Parr J Jarman Trustee Trustee Company Registration No. 04956068

The notes on pages 16 to 24 form part of these financial statements.

14

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022

Cash flows from operating activities
Surplus for the financial year
Adjustment for:
Depreciation of tangible assets
Profit on disposal of fixed assets
Interest paid
Interest received
(Increase) / decrease in debtors
(Increase) / decrease in stock
Increase in creditors
Increase in provisions
Net cash generated from operations
Cash flows from investing activities
Purchase of tangible assets
Sale proceeds from sale of fixed assets
Interest received
Net cash used in investing activities

Cash flows from financing activities
Repayment of bank loans
Interest paid
Net cash (used in)/from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
377,258
59,391
(112,305)
17,690
(1,765)
(5,838)
(200)
230,812
100,000
665,043
(74,530)
220,000
1,765
147,235
(43,986)
(17,690)
(61,676)
750,602
2,459,128
3,209,730		 2021
£
440,071
74,700
-
17,014
(631)
64,296
6,081
171,788
-
773,319
(20,107)
-
631
(19,476)
(43,101)
(17,014)
(60,115)
693,728
1,765,400
2,459,128

The notes on pages 16 to 24 form part of these financial statements.

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HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. Company Status

The company was registered as a Charity on 29 June 2006. Its legal entity is a company limited by guarantee and does not have a share capital. Each member of the company guarantees to undertake to contribute up to a maximum of £10 towards payment of the debts and liabilities of the company in the event of the company being wound up whilst he or she is a member or within one year after he or she ceases to be a member. The charitable company is incorporated in England.

2. Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: 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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charitable company’s accounting policies (see note 3).

Fund accounting

Unrestricted funds are general funds that are available for use at the Trustees' discretion in furtherance of the charitable company’s objectives. Designated funds are unrestricted funds earmarked by the Trustees for a specific purpose. Restricted funds are those which are to be used in accordance with specific restrictions imposed by the donor or which have been raised by the College for specific purposes.

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Income recognition

All income is included in the Statement of Financial Activities when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy. Grants, where entitlement is not conditional on the delivery of a specific performance by the charitable company, are recognised when the charitable company becomes unconditionally entitled to the grant.

Gifts in kind

Any gifts in kind have been included within the financial statements at a valuation as estimated by the Trustees.

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HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.

Irrecoverable VAT is charged against the category of resource expended for which it was incurred.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are capitalised and stated at cost less depreciation. Depreciation is provided on a straight line basis so as to write off tangible fixed assets over their estimated useful lives at the following annual rates:

Freehold property - 2% on a straight line basis
Long leasehold property - 2% on a straight line basis
Improvements to leasehold properties - Over the remaining term of the lease
Fixtures, fittings and equipment - 20% on a straight line basis
Motor vehicles - 25% on a straight line basis

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Statement of financial activities.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in previous years. A reversal of an impairment loss is recognised immediately in the Statement of financial activities.

Stock

Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on the first in first out basis, and includes all costs of purchase and other costs incurred in bringing stock to its present location and condition.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of financial activities.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

17

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

Financial instruments

The charitable company only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the charitable company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the obligation.

Provisions are charged as an expense to the Statement of Financial Position in the year that the charitable company becomes aware of the obligation and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account the relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Retirement benefits

The charitable company operates defined contribution pension schemes on behalf of its staff. Contributions are charged to the Statement of financial activities as they become payable in accordance with the rules of the schemes.

Operating Leases

Payments made under operating leases are charged to the profit and loss account in the period in which they are incurred.

Interest income

Interest income is recognised in the Statement of Financial Activities using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Financial Activities over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

3. Judgements in applying accounting policies and key sources of estimation uncertainty

Many of the amounts included in the financial statements involved the use of judgement and/or estimation. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience but actual results may differ from the amounts included in the financial statements. The key areas in the financial statements where these judgements and accounting estimates have been summarised below:

18

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

4. Net income / (expenditure)

The net income / (expenditure) is stated after charging:


Depreciation of fixed assets
Fees payable to the Charity’s auditor for the audit of the Charity’s annual
financial statements
Profit on disposal of fixed assets
Income
a. Income from charitable activities
LA student fees
DSS student contributions
EFA student contributions
Barrow of Treats & Brewards
Other income
Grant income		 2022
£
(59,391)
(13,200)
112,305
2022
£
3,977,062
19,471
1,381,910
15,031
4,601
67,591
5,465,666		 2021
£
(74,700)
(13,200)
-
2021
£
3,711,940
17,602
1,132,350
12,455
3,057
29,654
4,907,058

5. Income

Of total income from charitable activities £5,465,666 (2021: £4,907,058) was unrestricted and £Nil (2021: £Nil) was restricted.

b. Investment income

All investment income arises from money held in interest bearing deposit accounts.

Of total income from investments £1,765 (2021: £631) was unrestricted and £Nil (2021: £Nil) was restricted.

c. Other income
. Other income 2022 2021
£ £
Profit on disposal of fixed assets 112,305 -

19

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

6. Expenditure on charitable activities

Education and training
Premises
Insurances
Bank charges and interest
Coffee shop costs
Other administration costs
Governance
Total expenditure		 Staff
Other
Depreciation
Total
Total
costs
costs
2022
2021
£
£
£
£
£
3,450,586
778,176
6,007
4,234,769
3,376,005
-
468,247
34,965
503,212
465,196
-
47,228
-
47,228
49,591
-
22,873
-
22,873
32,766
42,369
17,953
-
60,322
223,703
-
302,026
18,419
320,445
307,124
-
13,629
-
13,629
13,233
3,492,955
1,650,132
59,391
5,202,478
4,467,618

Of total expenditure on charitable activities £5,202,478 (2021: £4,467,618) was unrestricted and £Nil (2021: £Nil) was restricted.

7. Staff numbers and costs

The average number of persons (including part time employees) employed by the charitable company during the year, was 127 (2021: 133).

The aggregate payroll costs of these persons were as follows:

2022
£
Wages and salaries
2,747,187
Social security costs
217,552
Pension costs
68,276
Agency staff
438,518
Termination payments
21,422
3,492,955
The number of higher paid employees was:
No.
£60,001 - £70,000
-
£70,001 - £80,000
1		 2021
£
2,506,438
200,669
62,783
31,831
19,327
2,821,048
No.
1
-

Defined contribution pension contributions in the sum of £7,088 (2021: £6,739) were made in respect of the employee earning in excess of £60,000.

None of the Trustees (or any persons connected to them) received any remuneration or benefits from the charitable company during the year, or the previous year. 1 Trustee received reimbursed expenses of £27.90 from the charitable company during the year (2021: £nil).

The non-Trustee key management personnel comprise the members of the senior management team, detailed in the Trustees’ Report on page 1, who collectively manage the college and its operations on a day-to-day basis. The total employee benefits received by the key management personnel during the year was £303,545 (2021: £267,217).

20

(LIMITED BY GUARANTEE)

HOMEFIELD COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

8.
Tangible fixed assets
Cost
At beginning of year
Additions
Disposals
At end of year
Depreciation
At beginning of year
Charge for the year
Disposals
At end of year
Net book value
At 31 July 2022
At 31 July 2021		 Long
Leasehold
Fixtures,
Freehold
Leasehold
Property
fittings &
Motor
Property
Property Improvements equipment
vehicles
Total
£
£
£
£
£
£
1,474,934
214,230
89,572
105,184
148,304 2,032,224

-
-
-
74,530
-
74,530
(135,182)
-
-
-
- (135,182)
1,339,752
214,230
89,572
179,714
148,304 1,971,572
212,692
65,107
72,141
77,026
145,531
572,497
27,696
4,141
3,128
22,621
1,805
59,391
(27,487)
-
-
-
-
(27,487)
212,901
69,248
75,269
99,647
147,336
604,401
1,126,851
144,982
14,303
80,067
968 1,367,171
1,262,242
149,123
17,431
28,158
2,773 1,459,727

9. Stock
Stock 2022 2021
£ £
Coffee shop stock & PPE 1,082 882

Coffee shop stock purchases recognised in expenditure during the year as an expense was £14,797 (2021: £20,673).

10. Debtors
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
12,038
4,000
57,938
73,976		 2021
£
-
-
68,138
68,138

Trade debtors are stated after a bad debt provision of £5,900 (2021: £5,900).

21

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

11. Cash and cash equivalents
Cash and cash equivalents 2022
2021
£
£
Cash at bank and in hand 3,209,730 2,459,128
Creditors: amounts falling due within one year 2022
2021
£ £
Bank loans and overdrafts 43,986 43,100
Trade creditors 128,398 57,109
Taxation and social security 59,964 69,456
Other creditors 15,160 14,811
Accruals 367,136 251,591
Deferred capital grants 149,169 94,043
Deferred income 113,663 115,669
877,476 645,779

12. Creditors: amounts falling due within one year

Deferred income represents income received in advance for social care services provided by the College in the next financial year.

13. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
Bank loans
Analysis of loans
Repayable within one year
Repayable between one and two years
Repayable between two and five years
Repayable in more than five years
Included in liabilities falling due within one year
 2022
£
579,545
43,986
459,344
51,361
68,840
623,531
(43,986)
579,545		 2021
£
624,416
43,100
43,100
492,417
88,899
667,516
(43,100)
624,416

The bank loans are secured on 44 Cossington Road, Sileby and its associated assets, and on 217 Loughborough Road, Mountsorrel and its associated assets. The bank also holds a debenture over all assets of the company.

The loan for 44 Cossington Road, Sileby is repaid monthly and will be repaid in full on 8 July 2030. Interest is charged at 3.18% per annum over the Base Rate.

The loan for 217 Loughborough Road, Mountsorrel is repaid monthly and will be repaid in full on 16 January 2024. Interest is charged at 2% per annum over the Base Rate.

22

HOMEFIELD COLLEGE LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

14. Other provisions

2022 2021
£ £
` Dilapidations provision 100,000 -

The provision for dilapidations is made in respect of 4 tenant repairing leased properties for which a 12 month notice period comes to an end on 31 May 2023.

15. Financial instruments

Financial instruments
2022 2021
£ £
Financial assets measured at amortised cost 3,284,788 2,528,148
Financial liabilities measured at amortised cost 1,557,021 1,270,195

Financial assets measured at amortised cost comprise trade debtors, prepayments and accrued income and cash at bank and in hand.

Financial liabilities measured at amortised cost comprise bank loans, trade creditors, accruals, deferred income and other creditors.

16. Pension costs

The company operates defined contribution pension schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes. Total contributions paid for the year ended 31 July 2022 were £68,276 (2021: £62,783).

17. Financial commitments

As at 31 July 2022, the company had future commitments under non-cancellable operating leases as follows:

2022 2021
£ £
Expiry date:
Due within one year 107,631 104,015
Due one and two years 55,648 30,626
Due two to five years 37,500 37,994
Due over five years 21,875 45,833
222,654 218,468

23

HOMEFIELD COLLEGE LIMITED

(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2022

18. Unrestricted funds

At 1
August 2021
£
General funds
Fixed assets
1,459,727
Free reserves
1,257,953
2,717,680
Comparative unrestricted funds
At 1
August 2020
£
General funds
Fixed assets
1,514,320
Free reserves
763,289
2,277,609		 Income Expenditure
£
£
-
(59,391)
5,579,736
(5,143,087)
5,579,736
(5,202,478)
Income Expenditure
£
£
-
(74,700)
4,907,689
(4,392,918)
4,907,689
(4,467,618)		 At 31
Transfers
July 2022
£
£
(33,165)1,367,171
33,165
1,727,767
-
3,094,938
At 31
Transfers
July 2021
£
£
20,1071,459,727
(20,107)1,257,953
_
-
2,717,680

19. Related party transactions

The college has accreditation with The National Autistic Society, of which Mrs C Stevens (trustee) is Chief Executive. During the year, accreditation fees of £2,471 (2021: £2,247) were paid to The National Autistic Society.

20. Amounts disbursed as agent

Discretionary Support Funds
At beginning of year
Amounts received
Amounts disbursed
At end of year		 2022
£
26,905
30,487
(38,650)
18,742		 2021

£ £
13,292
20,347
(6,734)
26,905

Discretionary Support Funds are available solely to students, where the College is acting as paying agent. In these circumstances, the support funds and related disbursements are excluded from the Statement of Financial Activities. The amounts unspent are included in creditors at the year end.

24