Higham Hall College (A ￿MpanY Ilmitsd by gu4rant••l Annual Report and Consolldated Flnancial Statements 31 December 2023 Company ragistration numb¢r: 6421365 Charity reglstration numbèr: 1124959 dOdd&co Higham Hall College Contents R•f•rence and AdrninistratiV8 Details Twstèas, rewrt TNstees' responsibilibès In relation to the financial staternonts Ind¢pendent auditors. report statement of financial actfvitiès Balanee sheet 12 arity balance 8h98t Cash flow statement 14 Notès to thé financial statements 15 Hlgham Hall Collage Reference and Admini¥tratlve Det•ll$ Charity n•m¢ Higham Hall Cofleg& Charlty r•gistralion number 1124959 Company r8glstration number 6421365 Prlnclpal offl¢è Higharn H811 Bassenthwait8 Lak8 COCKERMOUTH CA13 98H Regi$tsr•d offle• Higham Ha Bassenthwaite Lako COCKERMOUTH CA13 9SH Truste0$ P J Brown. Chair HJS¢ott M Walker P M Oate5 (Resigned 24 May 20231 S Clarkè G M¢queen (Res'wjned 24 August 20231 L J Birch W Dufton GRe S¢¢r*tad•s G J Cooke (Resigned 4 September 20231 IAppc¥nted 4 Seplenknr 20231 E A Fish8r 8ank•rs HS8C 3 Pow Stretst WORKINGTON CA14 3AH Audltor Dotjd & Co Audit ￿'mtsd FIFTEEN R058hill Montgomery Way Rosehill Estate CARLISLE CA12RW Page I Higham Hall Colloga Trustees. Report for tho Year Endèd 31 0ecemb•r 2023 Tha trustsès have the pleasure in presentlng thelr r8pK)rt and Ihg ffinancial statements of the charity for the y•ar ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply ¥￿th the charitys gov8rning document, the Charities Acl 2011 and Accountsng and Reporting by Charities." Statement of R8comrnended Ptadi¢e applicable to ¢horib8S preparfng their 8c(xJunts in a¢￿r￿an¢e￿th th8 Finanixal Reporting Standard appllcable in the UK. Go¥ornanc• High8rn H811 Collegg is a charitabl¢ company Ilmltod by guarantse and its goveming document is its rnemornndum and 8thlas of association. The procedur8 for appointing new trustee$ Is set out in the charftls artirJ8s of assooatlon. They providè that appoinlment can be rnade at a general meeting or by ordinary resolubon. The nurnberof directors cannot be1es5 than three is not subjectto any m8ximum. Training is ineluded in the board m9etings stmcture where trustees (x)nsidèrthelr rolos, following charity eommlssbn guidelines, and recei￿ guidance from our zccountant, Dodd and Co Limited. The trus1885 ar8 also direclors of the company. They meet every quartgr to reeelve a report frorn the principal and make deci51on8 based on consensus. ExperKliturg balow £10.000 Is delegated to th8 principal with ¢hequ&5 UP to that valua r•quiring 2 staff signatures. Single item expenditure abovè that value requires b08rd appro¥al and the signature of th8 chairman or his deputy. Highatn Hall College has ¢me wholly owned subsldiary." Higham Leaming Limited. Higham Leaming Lirn￿ed prowdes conf8r8nce and similar facilits.es al HEgharn Hall, and eontrfbutes to any shar8d costs in order to help support the charlty. Hioham Learn¥￿ ￿Mil$d also alms to pass any surplus made bad¢ to Higham H811 College, by way of aid or similar provision. The ￿1￿Clor$ have reviewed th8 major risks to whlL* the charty is exposed and systems or prw9dura5 have been pul in plgc8to rnanage those rlsks. obj￿11￿$ and activitigs The charivs objects a￿.. Yhe advancetnent of education of the pubThe In such a manner as may be charftable and in particular, but not to limit Ihe 98nerality of the foregoing. the provision of adult education, incjuding for with disabillties. deafnass or who aTe hard ol hearing.. The aim of Ffigham is io p.rovid& short resldent4al courses for of all ages and irh g9nerd the advartcemenl of educatitin for thè benefit ol the public. including people wth a disability. Tha following Pubk Benth Statement has been agreed by the Trustees. Public benefit statsment The oblecllve ol the colloge Is the advancement and provlslon of *Jult aducation. The odivities consist of short resldential courses end sing18 day èvants. The intended oulcome is 8n irryjrovetnant the quality of paitipanls Ivas achieved through= - Petsonsl edueab.onal achievement -Acce5Sto eilucational opportunities that are not Otherw￿Se availab19 - Employment and new career opportunities ImprovenEnt in kTh)wledge and 3kn115 198ding to employment andlor in¢rè4sad conflden¢* In a chosan Ilekj of activty. Page 2 Hlgham Hall Collggo Trustee$. Report for the Year Ended 31 DKember 2023 The College also provides ￿der publSc benefft through.. - Opportuniti9s for di58dvantaged people Public a¢￿sS io an historic bulldlng A 5igniflcant conlrlbutlon to tho culturallsfe of lh8 county - A eonln"bulion to the local economy - s￿pport for other local eharities and organisations Examples of th8 Colleg8'5 a¢tNities includ8= - Residential coutsès Ihroughout the year in Art. Art Appr8ciaUon, P&stSmes. Bridg8, Crafts, Textiles. Wood. H&alth, History, Ar¢hagology, Literature. Philosophy, Music. Ihe Arts, Natur8, the Sciences, Photo. Languages. Fi8ld Trips and Surnmer Scho913 - Day events covgring 8 Similar range DI acIN￿￿3 and also indudlThJ art hi$iory talks. art denKJnstrations, con¢8rts and p$rfomances - Concassronary rates for p80ple on low in(x)m - Bursarie5 for firstts"m•rs on bw income Support for disabled people through $peu8lised accommodation. discounted or fr06 pla¢f*S for support slaff or r&latives and additK)nal staff help - Support lor lo¢al organlsations which indud85.' events for the Ioc31 parlsh, free use rjf spac8 during the day by local group5. Thesè now incIL￿tr activities such a5 art, knitting and'man-traihn9' (dog trainingl. Discountod letting raies for oth•r registered tharities - Supptsrt for young P8Dple118- 251 through concessionary cA)urse fees . Support for young p80ple115- 181 through work experien￿ placements sn partnershipwjth local $chools - Support for young people115- 181 through 8SSiStantshFPS. In cmperation wlh lulors, to enablg them to experfen¢g aflordabl8 course activity which might ben6fi1 their choices of lomial and informal study Examplgs where young people have b88n able to loin courses so lar hclude Enamelllng and Mus(aanship course5. Achlovoments and perfomi•nce The la81 four years proved challenglng for many organTr5ations and Higham Hall Coltege was no exception. From March 2020 Covld 19, and its immediate aftermath, greatly disrupted established routines and ways of working. 11 c￿ated huge prfjs8ure on the resouK8s of th8 College. Ba￿ty had ￿ moved on from thal chd18nge than the war in Ukraino bègan in February 2022. The effect on the UK economy, prompted by the worfdwNle disruptM)n lo and gas supplles, Wds a surge in inflation hitting 20% at one polnt. The impact in respect of food and heating cosis was particularly severe. Thi8 Wds followed by a blg increas9 in int8re5t rates in an effort to control inflation. Our rgsponse at Higham w8S to maintain our schedula of courses which had only just retumed to lgvels last seen prlor to Covid. The Trustees were concemed to Support our workforc8 through these exceptional times. Con8equenlly. we awarded 8 second wage Increasg in D8C8mber 2022 over and above our annual review in April to our lowesl-paid ernployees. We entered 2023 wth a range of (x)5ts pressur6s confronlng the Co18ge. H¢)wever, the llumber of8tudents attending courses has continued to increase. Incon* from all sources in¢r8850d by 10Y., resutting in a trading surplus of £36.529 for the year. Page 3 Hlgham Hall Collogo Trustees. Report for Ihe Year Ended 31 December 2023 In 2019. we had embaTked on è major project within the property to imprtsv& facSlltiès and access for dlsabled pgoplg. The cost was 8ntirety funded frorn our own r*s(￿rGe$. The btlk of that rxjst of £t20,148 was IncuThed during the 4 ye*s of maximum diswption from 2020 to 2023- 2019- £15.410 2020- £43,750 2021- £0 2022- £35,549 2023- £25.439 Throughout the bjrmoll of the last four yg8r8, wg have c￿tinUed to repay our outstanding mortgago wlthout any chang8 io the schedu18. Capital r8payments in that period totalled £198,274. The Trustees are mindtul that Ihe combined effect of the capital improvernents and mortgage repaymonts have adversely affected the Fre8 R8S8rves a¥ailabl8 ovar the 4-yoar p8ri0d. 2023 saw a chang8 in th8 Senior P8Tsonne5 at Hpjham. George Cooke, the Prinripal sinca 2012, declded It was b'n to movo on. He had overseen th8 8xpansion of Higham ènd established its reputation for the quality of the courses and th8 OV8rall Higham"expe(ience' which many studgnt$ retumed to enjoy on a regular basls. The Truste8S <)wn him a hkJ98 d8bt of gratitudefor his contribution over Ihe years, in parbcular his handling of the impact ol the cO￿d crisis. In S8Pternb8r 2023. Dr Ellzabeth Fisher was appointed as the new Prfndpal. L￿ZIe Fisher brlngs a wgalth of experience and enthusiasrn to Collsgè. YV8 forward lo 2024 and the prospect of a rètum to more nDmialised Worki￿ Conditi￿S. Flnanclal revlew The tharity's principal lunding 50urcg 15 it5 income frorn the provision of coursès at HSgham Hall. Th8 8XP8nditure inwTh8d during the year was in support of tttsse courses ard the maintgnanc8 and putchase of the prernlses, through a mortg8ge, to secure the long tèmi future of the colleg8_ Income for the year totalled £1,079.922120T2.' £982.7861 with £1.022.261 12022: £916,5051 being generated fro course fees. Total expenditurg was £1.043,39312022." £943.0781 resulting in a Surplus of £36.52912022'. Surplus of £39,708). As a resum, total rese￿85 at the end of the year stood at £1,281.619 12022.. £1,245,090) whith **re all unr85tricted and included a rèvaluation reserve of £530.o4712￿22.' £530,047). Thg charity's trust885 havo consIde￿d the finan(xal risks facéd by the charty, and the level ol fysourees that ngeded in order to safeguard 8gainst these risks. The charity takes deposits of £50 and cour58 f•*9 In adv0n￿, and so the risk that Ihg ¢harity MAY suffer a S￿￿den and unforeseen loss of in¢ome Is faidy small. How8ver. tsthèr risks, such as the risk of sev8re weather, power cuts or tutor abs8nces, which coukl require the charlty to ¢an¢el COU￿8, do Still exisl. In such a case. Ihe ch8rity may have to refund fees already Co1￿¢t$d. The risk also exists that some courses may be less well attended, and so ￿av8 the charity with a shortage ol incorne. To rnitigat8 this, the cuuiculum is planned where p05sibl8 so that popular courses take place at the same time as those likely to be Smaller. Having evaluated these risks. the fnJste8s have agrted a reseNes policy as shown below. Hlgham hall reserves poll¢y UnrestrKted lunds 8r• naoded.. lal to provide funds whieh CAn be designated to speafic projects to enable Ihese prolects to be undertaken: and Ibl to COV8r opèrating costs without which the charity Could not funetitsn. The trustees consider it prudént thal ￿n￿StriCted free reserves should be su￿￿ent.. (al to avoid the n8C8ssityof rèallsing fixed assets held for the charitys us8- Ibl to cover one month of full operating expenditur8- Page 4 Hlgham Hall College Trustees. Report for the Yoar Ended 31 Dacember 2023 1¢) to provide a pwl gqual to 12.5% 01 tho averag8 group Oxpenditure over the proceding years after 9xCI￿1 direct course costs. Unrestricted free group reserves at the end of 2023 We￿ £35,813 12022 - £57,570). which is in dafiul of Ihe sel reserves target level, and represents a d￿rease of £21,757 in the bvel of rèserve5 reported at the pr9vious year end. Th8 trustees will continue to carefvlty monitor the charity'5 financial parfonnanc8 in line wlh the medium lenn.finanaal an. The trustees are also mindful that the propety from which H¥Jham Hall operates is of o sizo and ¢haracter th8t brings significant rgpair and ThaIntenan￿ requiremants. Our ￿serveS may Iherefore be required at any wint to lund such work. 9x3mple8 ofthis being relurbishmenl of the toilets, and window r8p8irs. Small company provisions Thls report has begn prgpared In 8ccordanc&with the srnall companles regim8 Und￿ the Companies Ad 2006. Approvod b the Boardon 22 May 2024 and sign8d on its behall by.. E A Fisher Secretary Page 5 Hlgham Hall Coll89 Trustees. Respon$lblll¢les In relation lo the Flnanclal Statements Thg tru$t88s (who aro also ￿￿0¢tOrS d Higham Hall College the purp￿￿$ of company lawl are re5PDnsible for pr8paring tho Trustees. Annual Report antt Ihe ffinancial statements in aculrdanca wilh applicable law and the Flnanual Rewrtw Standard 102- The Financial Reporling Standard applicable in the LIK and Republic of Ireland.. Company law requires the tnjstees to prepare financi818tatement5 for each finanrAal year which gFve a twe and fair Vl8w of thè stth of affalrs of the Charitab￿ company and ol the incomSng resources and applicatlon of resources, including income and expenditure, of the charitable company for that peri￿. In pr¢p8ring these financial statements, the trusteos a￿ required to.. select suitable a¢¢ounUrvJ pollcies and then apply them consistenlty., Db5erve the methods and principles in th.e Charit185 SORP., make judgements and estimates that are reasonable and prudent,. state whelher applicaile UK accounting stand8r¢Js have been folk)w8d, subject to any materfol dep￿￿1r8$ disclosed and expLgin8d in th8 finanLial 5tatem?nts,' arKI prepare th& financi81 stsi8rnents on the going Conc￿rn basi5 unbss it is inappropriate to presum& that the charitable cOmp￿Y will continue in business. The trustees are responsib￿ for keeping proper accoufjting rewr(ts that disclosè whh reasonable accuwy at any time the financi81 posthon of the charitaNe company and enable Ihem to ensure that the finaneial statements compty with the Companies Act 2008. They are also re5pon5ible for safeguarding the assets of the charitabl8 CoMpa￿Y and henc8 for tsking r8asonabl8 Steps tr the Prevention and det8Ction of fraud and other irrogulariti8s. Pwje 6 Indopondont Audltors. Report to thg Trusto9s of Hlgham Hall College Oplnlon We have audited the flnaDclal statements of Hlgham Hall College thg year 8nded 31 09¢9mber 2023 whlch eomprlse Consolidaled St8tetHent ol Flnancial AotNitie5. ConsolKlated Balance Sheet, crtarily Balance Sheel, Consr>lidated Cash Flow Statement and the related notes, including a summary of significant a¢counling PDllcles. financial reporting fra1T￿WOrk that has been applied in their preparation is appl￿ble law and United Kingdom Accounb"ng Stsndards. including Financial Reporting Standard 102.. The Finan¢ial Rowiting Standaid applicable in tho UK and Republ￿ of Ir8laThJ IUnitè(l Kingdom GenerydllyAccepted Accounting Practice). In our oplnion the finanoal statemenl5'. giva a true and fair view of the state trf the consolidated and ¢harftable company's affairs at 31 Dec8mbgr 2023 8nd of tt)e group's inconwn9 r889urcèg and application of resources, including 11$ incorne and expenditure. for the year then 8nded.. have been prop8rfy prepared in a￿ordan¢e w6th Unlted Kingdom G8naT8lly Accaptod A￿UntIn9 Praotlce., and have been prepared in accordan￿￿&th the requiwmènts ofthe cOmpank￿ Aet 2006. Ba$v4 for opinlon W8 Djndueted our audit in accordanc8 With International Standard5 on Auditing IUKI IISAS IUKII and applicabFe Lqw. Our responsibilitias under tho$6 standards are further described in the Auditorfs responsibilit105 for tho audit of th* finanaal sta18ments sectlon of our report. Wè are independent of th8 Charity in accordance with the ethical raqu1￿ments that are relevant to our audit of the financial statements in th8 UK, including the FRC'S Ethical StanElard 8nd we havo fuffilled our other ethica respon$ibllities in accordance with these requirernents. We believe that the audit evidence we have obtained t5 suffiuent and appropriate to pr(>vida a basis for our opinion. Conelugion8 rolallng to g¢lng ¢oneèrn In auditing th8 financial ststements, we have concluded that the trustees, u88 of th8 concem basis of aecounllng in the p￿paration ofthe finandal statements is appropriatè. Ba$ed on the work we hav8 P8rform8d, we have not id8ntifigd any rnalerLal un￿rtaIn￿98 rdating to events or conditions that. individualty or col￿dIve1y, may cast slgnificant cloubt on the group and Individual charitable companls Bbility to continu8 as a goin9 concern for a period of at least 12 months from wh8n the financial st8tements are authoTiS8d for i￿ue. Our responsibilities #nd Ihe responsbil1￿.es of the trustees wfth r8SPeCt to gO￿g concem are des¢ribed In tha relevanl sections of this rep)rt. othor Information Th8 trustees are ￿$p￿sIble for the other information. The othsr inlormati¢J) COM￿Se$ the Informatlon Included in th& nnual report olhér than the flnanaal slatern8nt5 and our audiiorfs report thereon. Our opinion on the financial Statetnents does not cov$r the Oth￿ informatyon and, 8xcèpI to the exienl offtonNise exp%eiUy stated in our report. we do not express any form of assurance conclusion thereon. In o)nnection with our audit of the financial stat8rnents. our responsibiltty is to read the Other Inforrnation and. in dThng so, consSder whether th8 Other infom)atlon is materially inconslstent wth Ihe financial statements or our knowledge obtain8d in Ihe audit or otherwise 8PP8ars to be materially rnlsstated. If we identty such rnaterfal In¢onsisten¢i8S L* apparent rnaterial misslatgrnents. we are roqulred lo determin8 whether there is a m8teri81 mlsststement in the financial slat&m8nts or a material misstatement of the other infom)8tlon. If. ba50d on the work we havg performed. we ndude that there15 a material misslatament of Ihis olher infomation, we ara required to report thal fact. We have nothing to rwrt In thls regard. Page 7 Independent Auditors. Report to th• Tru$lo0$ of HIgham Hall Colloge .. Lvntinued Qplnlon$ on oth•r matt•rs prg$crlbgd by thg Cornpanlo$ Act 2006 In ouropinion. based on the work undertaken in Ihg ￿urSe of Ihs audit. the Information given in the trustg9s' report lincorporaknng the strategi¢ rep￿t and the director5, report) for the ffinanc4al yearfor whlch th8 fjnandal ststemonls ara Fff&pared is conslstent with the financial ststomgnts: and . th8 trust8es' report lincorpora￿ng the slrategic report and the dirg¢tors' report) have b8on prepared Sn accordance with applicabl8 legal Tequlrements. Matters on ¥thlch we are requlred to rèport by èx¢•ption In the light of thè knowlsdge and understanding ol the Charity and its gnvironment obtained in thè cojrse of the audrt. we have not identified material misslatements in th8 Ttust88s' Annual Roport. W8 have nothing to report In respecl of the following matters in relation to hvhich the Companies Aci 2006 requires us lo report to you if, in our opinicx): Certain disd05ures of trusteÈs' r￿uneratIon spedfied by law are not made.. ad8qllate 8ccounting records havè not b8èn kèpt or rètums adequate for our audit havg not b88n retsived from branches not visited by us., or the financial statements are not in agre8T￿t with Ihe accounting records and returns- or we have not obtalned all the iiforrnation and explanations na￿SSaryf0Y the puwses of OUT audit. RespongIbllltl￿ of th? trust•è$ As gxplained morè fully in the Trustoes. ResponsSblllles Statement set out on page 6, Ihg trttst•os (who are also the directors of tha charitable corTpany for the purposes of company lawl are r8sponsible for the preparakn.on ol the flnanclal Slaternents and ft)r being satisfièd that they glve a true and fair vlew, and for such internal cofitrols as thèy determine is necessary to enable the preparation of finanrAal statements that are free fmm maler$81 mi88tstemert( whethor dué to fraud or error. In preparing the financial staternent5, the trust8ès are rèsponsibk for assessing th8 Charity's abilty to rnntinue as 8 going Cort￿m, dlsclosing. as applicable, matt8r8 related to going concem and usiNJ the goln9 concern basi8 of accounting unlass the trustees either intend to liquidate the Charity or to cease operations, or haye no realisti alternative but to dg w. Our respon$lbllltl•s forthe audlt of the flnanclal slatoments Our objedives arg tts obtain r￿sonable assurance thut whether the financial statem8nt5 as a a￿ free from material misstatement. whether due to fiaud or error, and to issue an auditorfs r8POrt that indudes our opinion. Reasonable assurancg is a hKJh 18vel of a55urance, I￿t is nDt a guarantee th8l an audit conducted in acco￿an¢£ wilh ISAS IUK} will always detect a matgrial misslat8m8nt when It exists. Misstatements can arise from fraud or error ar ar8 considered rnaterial il, indivtdualty or the aggregate. th8y could r8asonabty be expècted to influence the economic d8cisions of usèrs tsken on the basis of th6se financial statements. Irregulaiities, including Iraud, are instanetrs of non-compliance wlth kws and regulations. W8 design procedures In line with iyJr responsiblllties. oullined above. to detec¢ material mlsstatements In respe¢É of irregulari￿8&, including fr8ud. Thè extent to vthlch our procodurgs are capable of detgcbng irr8gularthes, induding fra￿* Is detailed bek)w'. the nabjra of the indugty and sactc*. contrd environment and charity'5 ￿rf0rrnance,. result5 01 our enquirfèg of managom•nt about their ¢)wn identrfication and assessment of the risks of irregulariti8s', any rnatter8 We hyentsfted having obtained and révlewed the charlty's documentaurm of Ih$ir.' policies 8nd procgdur98 relating to: Identifylng, evaluating and wnptylng wlh Faw8 and reguktions and whether they are avare of any instsnc&s of non-Eornpliancs.' Page 8 Independent Auditors. Rèport to the Trustoes of Higham Hall College confvnued detecting and r8sponding lo thg ri¥ks of fraud and whether they h8ve k[￿￿ed]8 Of any adual. suspgctsd or alleged Iraud.. the inteTnal controL8 established to mitigate risks ol fraud or non-complHnce wrth laws and regu￿tiOnS.. The matters discussed among the audit tean regarding how and where fraud might occur in the financAal stattrm8nts and any pot•ntial indicators of fraud. As a result tsf thgsè procOLlurgs. we eonsidèred thè QPPDrtunitlÈS and incèntives that rnay èxist within the oryanisstion for Iraud and identified th8 greatest pot8ntial for fraud to be in relation to revenue r8cognthon and managefflent overrKgg which, in cornmon with all audits under ISA5 IUKI. we are ￿qUIred to perfomi specific procedures to respond to this risk. We also oblain8d an understanding ol th8 bgal and r￿ulatOry fram•woth that th• chadty ¢JP8rat89 in, focuslng on provisions of those laws and regulatsons that had 8 direct effect on the deternination tsf material amounts and disclosures in th8 financial staternents. The key laws and ￿gulationS we ¢onsider& in this context the CompanN?s Art Charities Act, pension legislation, employment ￿w, tsx legis￿tion and relevant health and safety laws. As a resutt of perfomiing the above, in response to the risks idents"fied. we rJ¢d not ￿￿enth"fy any key aulit matters related to the potential risk of fraud or non-compliance laws and règulth"ons. In addrtion to the abovè, our procedures lo respond tg risks identified included the foN(w4ing'. reviewing th8 fin8nts91 staternent disclosures and tssting to supporting dcturnent8tron tr) assess ￿￿pIlance with provisions of relevant laws and regulal'ons described as having a direct effecl on the financial statements., enquinro of management con￿MIng actsjal and potential lits"gation and daims., parfo￿nir￿j anatyb"¢al procsdufas to Identify any Unusu￿ or unaxpèctèd rèlth"onships that may indicatè rlsks ol m8lerial mi$slatemonl due io fraud., re8ding rninutés of maètings of thos8 charged with g0vem8ntr￿. and in addressing th8 risk of fraud through rnanagernent override of controls. te8b.ng the appropriateness ol journal entries 8nd other adjustments., as$e$sing whether the judgements made in making accounting ests'mates are indicatwe ol a potential bias.. and evaluats.ng the business rats"onaJe of any svJnifr¢ant transa¢tion$ that are unusual or outside the normal ¢ourse of the ¢harity'$ w¢rf(. We al#0 commumitated ielevant Identffjèd laws and re9ulatitsnx Ind potential traud risks to all engagement te8m member$ 8nd remained alert to any indications of fraud or nonvcompliance with bws and regulation$ throughout the 8udit. A furthgr dg8CriPtion of our rèsponsibilities for tho audit of thg financial $tatsmgnts 1$ locatsd on th* Financial Reporbn9 Counril's website at.. vA¥W.trc.org.uklaudittrr5￿sPOnslbI1the8. This de$r￿ption forms Part of our auditorfs report. Page 9 Independent Audltors. Report to thg Truste￿ of Hlgham Hall Coll998 . continued Us• of our roport This report is made 501ely to the group and charitable comp8riy'5 membèrs, as a body, in accordanc8 with Chapter 3 ol Part 16 of the Companies Act 2L)L￿. Our audit work has been und8rtaken so that W8 Might state to the group and tharitablè company's membèrs thtsso rnattèrs ￿ are requI￿d to stats to them in an auditorfs ￿port 8nd for no other putpose. To th8 fvllest extgnt POTrnitted by law, do not accept or assume responsibility to anyone other than the group and charrtable company army the group and ch8ritablè eornpany's m8mbèrs as a body, for our audrt work, for this reoort. or lor the opinions have lomied. Faye Arrnstron9 (Senior StstLrtory Auditorl For and on behawol Dodd & Co Audit timited, Ststutory Auditor FIFfEEN Ro$ehill Montgomery Way Rosèhill Estatè CARLISLE CA1 2RW Date.. 27-09-2024 Dodd & Co Audit Limit•d is &ligible to act as an auditor in t￿S of section 1212 tsf thé C¢mpanies Act 20C Page 10 Higham Hall College Consolidated Statement of Flnanclal Activities qlncluding Income •nd Expenditure Account) forthe Year Ended 31 D•cember 2023 Unr•strfctod Totsl Funds Total Funds Fund• 2023 2022 Income and endowmonts trom: Donations and legacies Other trading actfvities Investments Charitab18 actiwties Other income TotBI incorne and ¢ndowments 4,963 51,510 1.1e8 1,022.261 4,963 51,510 1,188 1,022,261 15,999 SO.043 121 916.505 118 982,786 1.079.922 1.079.922 ExpBndiiure on.. Raising funds Charitable activities Total expenditure 38,115 1.005,278 1,043.393 38,115 1,005,278 1,043,393 38.430 904,648 943,078 Ngt movements in fvnds 36.529 36,529 39,708 Re¢onclllatlon of funds Total funds brought forward TotBI funds carried forward 1.245.090 1,281.619 1,245,090 1.281,619 1,205.382 1,245,090 AiT ofthe Charws acts"wties d8rN8 from continuing operations during the above periods. The nole$ on pages 15 to 30 lorn an Inte9ral part of Ihese financial statements. Page11 Hlgham Hall College Company registration number. 6421365 Consolldatsd Balance Sh￿t as at 31 Dec8mbor 2023 2023 2022 Notg Flxed as8et8 Tanglblè assets 12 1.684.884 1,672.333 Curr•nt assèts st(th and work in Iwogrèss Debtors Cash at bank and in hand 11.692 9,616 202.315 223,623 11.301 4.728 211,553 227,582 14 Credltors: Amounts falllng due wlthln on• year 15 1236,1641 1218,6911 N•t eurrnnt {liabilitiesV•ssets 112.541 8,891 Total assfrts I￿8 ¢ury•nt Ilablllllos 1.672,343 1,681.224 Credltors: Amounts falllng due •fter mor• than on• y•ar 16 I3￿),724) 1436,1341 Nèt a88•ts 1281,619 1,245,090 Th• funds of th• charity.. Unr•6trlct•d fund$ Revaluatwjn r&s8￿8 Unre$tri¢ted incomefund5 Total ynr¢str1et￿ funds 530,047 751,572 1.281,619 530,047 715,043 1.245,090 Tolal charityfunds These 8e¢tsunts have been prepared in accordance wtth lh9 pro*i5iDns applicable to companies subject to the small compartias tsgimè. 1,281,619 1,245,090 Approved by the Board on 22 May 2024 and signed on its behalf by.. P J Brown Trustee Tho notes on pages 15 to 30 lorm an integral part of these finandal statements. Paga 12 Hlgham Hall College Charlty Balanc4 Sh8gt as at 31 December 2023 2022 2021 Note Flxed a88•ts Tangible assets Inveslments 12 13 1,684,884 1,672,333 1,684,885 1,672,334 CuTr•nt ass•ts Stod(s and work in progress Debtors Cash at bank and in han(J tr,146 83.755 129.124 222.025 8.833 73.854 143.278. 225,965 14 Crgditors.. amounts talllng dug wlthln ono year 15 (234,567) 1217,075} Nèt eurrènt assets 112,5421 8,890 Totol assets I￿$ current Ilabilitigs 1.672,343 1,681,224 Credltor8: amounts falllng du• &ft•r moro than one 16 1390.7241 1436,134) Net a558ts 1,281,619 1.245,090 The funds oftho Charlly. Unrestrlcted funds Rgvaluation reserva Unrestiicted incomefunds Total unr8Jtricted funds 530,047 751.572 530,047 715,043 1,281,619 1.245.D90 Tolal ¢h•rltyfund$ These accounts hav8 b88n prepared In a(tOTdanco the provish)ns applicable to companies sublecl to th& small cixnpanles ieglme. No Ststemènt of Financial Activity 15 presènle 17,267} The notes on pages 1 S to 30 form an integral part of th888 hnantial 5tat8ma¥ts. Page 14 Igham Hall Colloge Notes to the Flnanclal Statements for the Year Ended 31 DKember 2023 Aceountlng poliei#$ Summaryof $lgntflcartt accourrtiNJ polkles and kny•e¢ounllTh9 estimats¥ The prfnopal accounting poll¢ie$ appfied in tk* p￿paral￿)n of Ihese financial 8tatsm8nts are sot out bdow. These policies hav8 been consislently applied to 811 th& ￿8[8 PTesent8d, unless otherwi88 Stated. 8tat¢mont ot eompllan¢• The finanelal statements have been prep￿e￿ in acCOr(Jaf￿ with A¢countlng 8nd Reporbng by Charities.. Statement of Recommended Pr8cEpEe wAcatAe to i*arities preparing their accounts in ac¢ordanc8 wrth the Financial Reporting Standard applical*8 ¥¥ ffte UK and Republic Of Ireland IFRS 1021 (effective l January 20191 (Charities SORP IFRS 102}), the Finan￿al Reporting Stsndard applicab18 in the UK and Republic of Ireland IFRS 1021 arKI the Compani8s Act 2006. Basls of preparation The charitable ts)mpany meets th8 d8finition of a public b8nefil ent￿ty under FRS 102. Assets and liabilities are Initially reco9nised at historical cost or transaction voiue unless olheNAse stated In the relev8nt aco)untiThJ policy notès. Golng concern Th8 chaiity has considered wh8thei the use the wn9 eoricem basi8 for accounting Is appropyiat8. To do this. they have considerad whether there are any mat•tsl uncertainti8s as to the Charivs ability lo c4)ntirtue as a going concem. The trustaes assess ￿ether the use of going Concern is approptiate l.e. whether there are any material ncertainti88 ielatod to events or Condit￿￿5 that may c851 signilicanl doubl on the abi1ily of the Charity to conunue as a going concem. The twstees make this assessment in rèspoct of a perlod of on8 y8ar from th8 date of approval of the finanaal stat8monts. Fund accounting policy Unr9Stricted income funds arg ggn*ral funds that 8re availablè for at the tru8tees' discrellon in furtherance of the objectives of the charity. Further dgtalls of each fund are dlsdosed in not8 21. Incomo and ondowm•nts Donations are recognised when Ihe Charity has been ntitified In writSng of btsih th• amount and 89tUgment date. In the ev8nt that a donauon is subj9¢t to condktions that require a lovel of perfomiance by the Chanty before the Charity is 8nlilled to the funds. the income is defer￿d and not T￿ogniSed until either those conditions are fvlty tnet. or the fulfilm8nt of thos6 conditions is whdty ￿th1Th the control of the Charity and it 18 probaEAe that th88 conditions￿ll be fulfilled in the ieportir¥J period. Legacy gffts are recognSsed on a cas8 by case basrs follwng the grant of Probate when the admlnistorlexecutor for the eslate h85 communicated in writing both the omount and sèttlément date. In the event that the gift is in the form of an asset other ihan cash or a ftnancial asset traded on a reco9nised stock exchange, recognition 1$ subject to th8 value of the gift bein9 rèliabty measured wilh a degree of reasonabl8 8ccuracy and Ihg title to the asset having be8n transferred to the Charity. Income from Gov8mment and other grants. whoth6r'caplt81' grant5 or 'ravenue' grants, is recognised when the charity has enlitlament to the funds. any performanee condits'ons attach8d lo the grants havè been mel it is prob8b18 that tho Income wlll be r￿1vad and the an￿Unt can be measured reliably and Is nol deferred. Inve8lm•nt income is r¢cognis8d on a roceivabl? ba515. Income from charttable activ￿88 lrtdudas. incorne recognised as eamed las the related goods or s8r¥ices 8re prowd8dl under contract. Page15 Higham Hall College Notes to the Financial Ststements lor the Year Ended 31 DeCeM￿r 2023 . conts"n￿G1 Expend1￿19 Llablliti¢s are recognised as Soon as thgrg is a legal or constructive 0￿19a￿l0￿ comtnilting the charlty to the expenditure. All 8xpendilure 18 accounted for on 8n accruals basis and has bèèn classffiaé undar headings that aggregate all costs related to the category. Costs of generaiing funds are the costs of iradlThJ for fundraising purp¢)ses. Charitsble ewendilure comprises those costs incurred by the charity in th8 d81ivery of its activitie5 and seNtce$ for Its beneficories. It Includes both costs that be allocatsd directly lo ¥u¢h 8cliinbes and those eosts of an indirect nabjre nece55arytO 5UPPOrt them. Support costs Support costs includg central functions and have been 811(>rAted to actmty (x)st categories on a basis ￿nsIstenI with the use ol resources, for example. allocating propety costs by floor areas, or Per capita, staff costs by the time spent and other costs by th&ir usage. Irre¢ov•rablg VAT Irr8COV8rable VAT is char9gd 89ainst Ihè category of restsurces expended for whlch It was incurred. Taxation The Charity is considered to pas8 the tests set out in Par3grAph 1 Schedule 6 of the Finance Ad 20tO and therefore it meeis the definlllon ol a charitable wmpany lor UK corporats'on tax purposes. According￿, the Charity Is potentialty exempt from taxalion in respect of income or ¢apilal gains received thon categorias covergd by Chapter 3 Part 11 of th8 Corporation Tax Act 2010 or Section 25e of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied excluswely to char61able purposes. Flxed ass•ts Individual fLxed asselscostin9 £500 or Dyjre are initially rewrded at cost. Land and building8 Upon tranSIt￿n to FRS102 1 SORP 2015 In year ended 31 D￿rnber 2015. Ihe tharity eh¢so to cary land and buSlding$ at their deemed Cost using the latsstvaluation as at 1 January 2014. Dapr8ciation Depiecialion Is provKled on langlble fixed assets so as lo writ8 off th8 (X15t or valuation, less any estlmated resldu81 value, OV￿ their expecte(l useful economic life as follows.. Freèhdd land and buihlings Not depre¢lat8d Property improvements 2% strai9ht line Minlbus 25% rOdU￿rng balanc8 Arhvork Not ijepreciated FixiurF5, frttings and equlpmenl f5Yo redudng balance The chatity holds various pieces of 8rW bthi¢h Ihe ¢harity does not doproeAAt• In line wfth hs financk31 p)licy. The trustees believe each Item VAII malnian Its value and does not have a definitive usefvl lrfe. Thg chwity d08s not depreciate its buildings as th& trust8es beli8v8 that the policy of continually maintsining the property means th818ny depreciation charge would be Immaterial due to the propeity r&taining a high residual vakne at the end of its useful life. Investments Fixed assèt inv6stments rep￿ents the nominal share value of the chartys wholly owned subsKliary. Higham Lgaming Limited. Pago 16 Hsgham Hall College Notes to the Financial Statomants for the Year Ended 310•¢•mber 2023 .. o)rpVnued Stock Stock Is valued at the kJw8r ol cost and net r8ali5able value, atter due regard lor obsolete 8nd sbw moving stocks. Net realisable value is based on sg11ing prico195s 8ntlc5pated costs to completion and $elling costs. Items donat8d for resale or distribution 8r8 not included in the financial statements until they are sold or distributed. Trade Debtors Trade debt0￿ are aM￿Jnts due from cu8lorners for merchandi$a sold or servSces perform8d In the ordinary course of business. Tradè Ilebt￿S are rectsgnised initially at the tr8nsaction price. Thgy are subsequently measuFed at amortised wsl uslng the effectlvg Int8r8St method, Itss provis￿￿ for impairment. A yovision Yor the impairment of trade debtors is established when therty is objective evidence that Ihg Charity not ba able to CO1￿¢t èll arnounts ¢Juo accordlng to the original terns of the recgiv8ble& Ca$h and Cash EqulvalentS Cash and cash eqU￿a￿nts comprfse cash on hand and call d8postts, and olhar short-tenn hlghty liquld inv8stsnants that are readily conv8rtibl• to a known amount of cash and are subj8Ct to an inswjnfficant risk of change in valuo. Llabilitles Trade credltors are obligations tts pay for goods or 58niicgs thal have been 8cqulred in the ordinary etsurse of business from suppliers. Accounts payable are c188sified as currgnt liabS1ities if the Charty does not have an unconditional right, at the end of the reporting period, to defÈr saillament of Ihe crgditor for at least ￿e1ve months aft9r the reporting date. 11 there is an unconditional right lo d8fer 56ttlement for at 18ast tW81ve months aft9r lh8 repowting dale, they 8re pre$￿ted as nan¢urrenl liabilities. Trade cxeditors ar• recognisèd inttialsy at the transaction price and subsequenty measured at amortised Mst uslng the effective interost method. Oporatlng lea$•s Leases in which 8ubst8ntialty all the risks and reward5 of th¥nershlp are r8tain8d by Iho lessor ar8 classffi6d as operating Itasès. Rentals payabl8 undèr oporaling leases are charged In the Slatem8nt of Financial ActNitI'o$ on a straight line ba%5 Over the lease term. Pen8ions Th8 charity oporatos a defingd contrtbution pension scherne. Contributions ar8 charged in the slalerngnt of financial activdigs a5 they becorne payab￿ In ac£ordan¢e the rulès of the s¢hemg. The charity 8180 operates a defined benefit pension schern8 administered by the Local Govemment Pension Scheme. This has bean accounted fof as if it were a defined contribution scheme whereby contributions are ehArged to the Statemenl of Flnancsal ACts"vit￿s wh8n they becomg dug. Furlh8f oxplanatk)n of lh8 Pension arr8ng&m8nts 15 given in note 18 to tha acLounts. Pag8 17 Hlgham Hall College Notes to the Financial Statgments for the Year Ended 31 Decem￿r 2023 . o)ntinued FI￿n¢[al Inst￿rnentS Flnancial assets and financial Ilabllltbs are recognBed when the charity becorn85 a party to the contractual provisions of the in5tnJment. Financial 5iabilities and equty Instwments a￿ classified according tts the substanc of the ¢ontra¢tual arrangaments entered into. An equity instrument is any contract that evide￿9$ a residual iftterest In the assets of the Charfty after deduth'ng all of its Ilabillties. All finanL¥al assèts and liabilitiès ar6 Initially measured at transaction price (including transaction wstsl. ex￿pt fcKthose fi'nancial assets da5sified as #tlair value 1hrO￿)h profil or loss, which are inbtially m8asur8d at fairvalu Iwhich is normalty the transaction pri(x excluding transactlon costs). unless the arrang8m8nt constilutes a financing transactioft. If an arrangornent constiiute8 a financing transaction. the finanelal asset or financlal liabilty is mèasurad at the present valu8 of the ful￿re paymenL8 disr￿nted at a market rate ol Interest for a simllardebl Instrumgnt. Flnancial assets and Ilabllltles are only offset in the st8tem8nt of financial p05ibon when, and only when there exists a lega15y enforceable right to set off the recognised amcxjnts and Ih8 Charity int8nés either to Sett￿ on a net basis, or to reali88 th8 asset and settte the Irability simultaneously_ Financial assets are dere¢o9nised when and only whèn al the contractual rights to the cash flows from the financial a55et expire or sethed. bl the Charity transfers to anoth9r party Sktb8tantially all ol the risks and rewards of ownership of tho financial asse( or cl the Charfty. desplte having r8tsined 80mb, but not 811. sSgnili¢antrisks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are dereccvJnised only when the Obliga￿On specified in the contract 15 dischar¢Je(I, cancelled rA expires. Consolldatlon Consok"daled financ￿81 statemgnts have bean prepared on a line by line basis In accordance vrith FRS 102 and the Charities Act 2011. consolSdated llnand81 ststernents Incorporale th& accounts of: Higham Hall Collegg, the parent - Higharn Lvamin9 Limited, the wholly (wmed subsidiary. DonatEons and 1gga¢le• Unro$tri¢led Total Funds Total Funds Funds 2023 2022 Do1￿￿On8 and 19gacies Appea15 and donalbns 4,963 4,963 15.999 All of thè ¢Jonatlons and legacies Income in 2022 ￿lated lo unrestrtr(tsl funds. Poge18 Hlgham Hall Colloge Notes to the Flnanclal Statements for the Year Ended 31 D$wnber 2023 . ￿ntinUed oth•rtrAdlng adEvitl•s Unrestrlcted Total Fund* Total Funds Funds 20fJ 2022 Conference f$&s AccommOdat￿n Bar Shop Olher sales 938 16,148 30.089 4,182 153 51,510 938 16.148 30.089 4.182 153 51.510 1,012 15,714 28,679 4,638 50,043 All of the other trading aclivil83 in¢om• in 2022 relal8d to unrastricted fuThl5. knvestm•nts Unrestrictèd T4)tsl Funds Total Fund$ Funds 2023 2022 Interest on cash dèposits 1,188 1.188 121 All olthè donations and lega¢io$ incorne in 2022 related to unrostricted fuThls. Charil¥bl• a¢tlvltl•s Unre$tricted Total Funds Total Funds Funds 2023 2022 Course fees 1,022.261 1,022.261 916,505 All ol the income from thariloble aciivlties in 2022 related to unrestn'cled fvnd$. Othèr Income vnrèstrl￿•d Total Funds Totsl Fund Funds 2023 2022 sa￿ of Bssets 118 All of the other ineome in 2022 relat&d to unrestrKted fvnds. P8ge19 Hlgham Hall Colle N￿•5 to the Finan¢ial Ststsments for the Year Ended 31 December 2023 Exp•nditur• Higham Learnlng Llmitgd Course provlslon Total 2023 T*)tsi 2022 Dir•¢t ¢o$t$ Food and bar purchas&s Course mat8rials and expenses Fmlancg tuiors, fegs and expens05 Laundry Ernployment costs Staff training Rates Waler rates Lwhl, heal and tx)wtrr Insurance Repalrs and maintenance Tolgphgne and fax Computer software and malntenance costs Printing, PO3t8ge and st8tionery Subserlptlons and Iicences Sundry ex￿n$8$ Cost of tNstee meèongs Motor expenses AdvertisirrfJ 21,670 96.920 10.458 159,926 15,651 342.055 123 6,047 1,636 44,360 16,387 58,438 3.752 11.241 7,763 781 2,280 986 2,047 10,028 790,881 118,590 1D.458 159,92£ 16.435 348,055 123 8,047 1,636 45,560 17.208 61.365 3,940 11,804 8,152 820 2.394 988 2,149 10.530 826,180 107.221 10.037 154,438 13,283 307.871 722 5.325 903 43.094 16.116 63,622 3,024 7.993 7.972 454 2.494 1.104 4,232 9,403 759.308 1,200 821 2.927 563 114 102 502 35,299 Support C08t8 Employment co$ts Subsidiary accountancy fees The audit of Ihg Charity's annual 8ccounts Accountancy and payroll Bank and card prO￿SSing charges Mcrtgage interest Depreciation 135,730 135,730 1.820 7,020 8,642 16,576 34,537 12,888 217,213 124.059 2,082 1,820 7,020 8,642 15,580 34,537 12,888 214,397 8.131 15,201 20,721 13,576 183.770 2,816 38.115 1,005.278 1,043,393 943,078 Of the expèndiiur• in 2022, all rolatad lo UnreStr￿ted fvnd$ arld £38,430 of thi5 related to Higham Learning Limited. Paga 20 Higham Hall Colleg Noles to the Financlal Statements for the Year Ended 31 December 2023 continued Gov•man¢e cmtg 2023 2022 Cost of trustee rneets'ngs Accountan¢y fees Payroll processing Subsidary accountancy fees Auditors feas Independent examinerfs fee 988 5.427 3.215 1,820 7,020 2,351 4.288 2,082 18,470 12,564 Tru$¢è•s' r•mun•rndon and expense5 No trustees reca￿ed any remuneration during the year. During the year the college re1mt￿rSed 3 InE5tees a tolal of £98812022- £1.1041 for travel costs incurrad 8s a result of their rol8 a5 trustèè. 10 Net income Ngt incomè is stated after charglng: 2023 2022 Dep￿datIon oftsngible fixgd assets Auditors. ramuneration Olh¢r fin#nckl seNices 12.888 7,020 10.462 13.576 10.213 Page 21 Hlgham Hall College Note$ to the Financial Statements for the Year Endèd 31 December 2023 11 Employees. r•rnunaration The monthly averag¢ numbar of pèrsons Ilncludlng Sen1￿ managernentl employed by thè charltyduring the year ds as follows: 2023 No. 2022 No. Administration aThJ housekeaping 34 The aggregalo payroll costs ofthese persons warg as folk)ws'. 2023 2022 Wages and salaries Social ￿e￿rity Other pension rx)sts 449,029 24.262 10,494 483,785 407.682 15,115 9,133 431,g30 No eThployee ￿te1Ved emolumonts of more than £60.000 during tho year,12022- 1 employee received b8tWe8n £60,000- £70.0001. The key management P8rsonnèl eomprfse the Trustees, the Prin¢ip81 and Head of Accounts. Th• tofal empby89 b6neffts of the key manag￿n￿nI personnel ol th8 Charity We￿ £80,60112022- £84,631). Pag8 22 Id- 11 IY',11 73W Hlgham Hall Collego Notes to the Financlal Statsments for the Year Ended 31 December 2023 13 Ib)vestments In subsidiarigs Tho charty holds rnore than 20% of the Share capital of lh• follo￿n9 company. Country of Incorporallon Prlncipal activity Class Sub$idiary undertaklngs Higham Learning Limited United Kinydom PrO￿$10n of accommodation and other servi￿$ at Higham Hall Ordinary 100 Capital & re$erye$ Pr*)fitlllossl tor tho p•rlod Subsidiary undertaklngs Highaffl Leaming Limited 13.39S 14 ogbtors Group 2023 2022 Other debtors PrepaY￿￿ntS and acwed Inc￿0 336 9,280 9,616 750 3,978 4,728 ChaTrlty 2023 2022 Amounts from subsidiary and associated undertakings Prepayments and 8￿rUed ￿CoMe Other debtors 74.139 9.280 336 83,755 69,126 3,978 750 73.854 Page 24 Hlgham Hall Coll•g• Notes to the Flnanclal Ststsments lor the Year Ended 31 December 2023 continued 15 CrodltorB: Amounts f*lllng du• withln ong yoar Group 2023 2022 Bank loans overdrafts Trade creditors Recelpts in 8(fvancg Taxation and social setyjrfty other creditors AccruaL8 and dofarred Income 48,355 13,894 138,153 7,799 11,496 16,467 236,164 48,679 12,051 131.971 6,714 11,579 7,697 218,691 Charlty 2023 2022 Bank loans overdrAfts Trade crediiors R8ceOpt5 in affvanco Taxation and Social $8curity other cr8ditors Arxnpls and dèferred Income 48,355 13.894 138,153 7.799 11,496 14.870 234,567 48.679 12,051 131,971 6,714 11,578 6,082 217.075 Ciedrt¢Jrs amounts falllhg due vAthln one year Includes the Y91b￿ng Ilabiffties, on which sscurfty has been given by the tharity.. 2023 2022 Bank loans and overdraft 48,354 48,679 Page 25 Higham Hall Colloge Notes to thg Flnanclal Ststomènts for thè Year Ended 31 DeCem￿r 2023 16 Cr•dltors: Amounts falllng aft•r mor• than year Group and charity 2023 2022 Bank l(>ans and ovèrdrafts 390.724 436,134 Craditors amounts falling due after more Ihan one year incKJdes the followng liabiliknes. on which security has bgen given by the charity.. 2023 2022 BaAk108ns and overdrafts 390,724 436,134 Included in the cr8ditor5 are tha following amounts due after more than S ye8rs: 2023 2022 Aftgr mole than five year5 by instalments 152.165 204.167 17 Momber8' Ilablllty The charfty is a private company limited by guarant88 and con5equenUy does not have share capital. Each of the rneM￿rs Is Ilable to contrlbute an amount r¥)t exceeding £10 towards th& assets of the charity in thg event of rNuhlation. 18 Op•ratln9 l•as• cornmltrnents As at 31 De￿rnber 2023 the charlty had totsl future minimum 18as8 paytnents under non-can¢6llable operating as8s as follow5= Other 20Z3 2022 Within one year Within two and five years 2.315 2,683 4.998 2,315 4,998 7,313 19 P•nslon sch•m• Defined contrlbutlon penslon $cherng The charTty operates a defined contn'bution pension scherrE. The pension cost charge lor the peiiod represgnts ontrtbutions payable by the charity lo the stheme and amounted lo £10,49412022- £9,133). ContributK)ns totall￿g £2.746 (2022 - £2.8291 vHe poyable to the schemg at the end of the per£od 8nd are included in ￿ditorS. Page 26 Hlgham Hall Coll•g• Notes to the Flnan¢lal Statornent$ for the Year Ended 31 DeCeM￿r 2023 .. continu D￿ned benelt pènslon 8ch•m• Folkjwng the acqulsltlon of Hi*kam Hall on 19 December 2008, extstlng empk)y8es at thAt dato rètalned th right lo continuè eontn"buting to the final salary Local Government P8nsion Scheme that was otheTh￿Se elosed to new members. Th8 charity obtained indemnity from the employ8es' previous smployer Such that il would hav• no obligation to m8et the defKit which e￿$ted in the final salary pension scheme at 19 December 2008 and would only be liable for any subsequentmovoment in the sch8rne value. The charity has also taken out a bond to indemnify the ¢mployees' previous empk)y8r against the risk ol the charity c8a5ing to operate. or otherwis8 b8ing unable to meet its obligations to fund th8 empk)y￿, mambership of Ihg scheme, in which ease th6 pension scherne liability WOU￿ fall due orb the PrevI￿S employ8r. Tha most recont triennial aetuarfal valuation of the Lo￿1 Govèrnment Pension Stheme, which undertaken 8$ at 31 March 2022. vabJes the charitys share In tt)e scheme assets to ba in excess of its future pension liabilities by £447,000. Und8r the fundiro strategy of the scheme, as the charitys funding targ8t has been achleve(I, its pension contributions are therefore calculated based on future seNice conbibution rates only. As this is the case. FRS 102, the contribulions to th8 5cheTlle are therefore a¢¢ounted fo¥ as though it was a defined contribubon sch8m8. AS at 31 D8c8rnbèr2023 the coll899 had 3 activa mèmbers ofthis 8ch8m8. Page 27 Hlgham Hall Collegg Notes to thè Flnancial Statements for the Year Endgd 31 Dg¢embor 2023 cont￿u8d 20 Related partSe$ Controlling entity Thè ultlmate control of the charty Iles wilh th8 board of dire¢tors, vh¥J Bre also trustees, and whose membershp is set out on p￿8 1. Related partytran8aet•ons The Charity has le￿ived a ¢ommltm&nt to a donation of£13,395 from Higlkam Leaming LlmFted, a wholly obvngd 8ubsidiary12022- £11,613). This amount ramainod outstanding al the year gnd12022- £f1,6131. Hlgham Lgamlng Llmltgd has provldgd a cross company gu8rant88 overthe bank loan takan by the chaiiiy. 21 Analys1$ ¢f funds At31 Decembgr 2023 At 1 January 2023 In¢omlng R•sourco$ •xp•nd•d Gen•ral Funds Unr85tricted incorne fund 1.245.090 1,079,922 11,043,393) 1,281,619 Prior p•rlod Incomlng resourcei R¥¥ourcg$ •xpended At31 De¢embgr 2022 January 2022 G•noro1 Funds Unrestricted Income lund 1.205.382 982,786 943,078) 1,245.090 Pa90 28 Hlgham Hall College Notes to the Financial Statemènts for the Year Ended 31 Do¢•mb•r 2023 ¢¢￿t￿U¢d 22 N•t #880ts byfund Group Unr•$tricted Funds Rèstrlctod Funds Total Funds 2023 Total Funds 2022 TaThJible a&8ets Cu￿ent assets Cr4ditors'. Amounts falling due ￿thin on8 year c￿￿kOr$.. Amunlsf8Ming due after mDre than ono year Net ossets 1,684,884 214.873 1.fj84.884 223.623 1,672,333 227,582 8.750 227.4141 18.7501 1236,1641 1218,691} 1390,7241 1,281,619 1390.7241 1,281,619 1436,134} 1,245,090 Charlty Unr•strl¢tod Funds Rèstriet•d Funds Total Funds 2022 Totsl Funds 2021 Tangible ass8ts Invèstments Currgnl ass8is Creditors.. Amounts f811ing due %ithin one year CredttOTS' Amount5 falling du& after rnL*e than one year Net asset5 1.681,205 1,681.205 1.643.660 213.275 8.750 (8,7501 222,02S 1234,567 232,340 1190.001) 1225,8171 1390,7241 1,277.940 1390,7241 1,277.940 1480.6181 1.205,382 Pag8 29 Higham Hall College Notes to the Financial Statsments for the Year Ended 31 December 2023 ¢on￿rtU$d Prlor perlod Group Unrestrlcted Fund5 Restrfcted Fund$ Tot•1 Funds 2022 Totsl Funds 2021 T•￿Ible assets Current assets Creditors." Amounts falling due vrithin one year Credrtors.. Amounts falling due after more than ono yoar Nel assets 1,672,333 218,832 1,672,333 227,582 1218,6911 1,643.6f)O 233.443 8.750 18.750} 1209.9411 1191,1031 1436,1341 1.245,090 1436,1341 1,245,090 {480,618 1.205.382 Charlty Unr•stri¢t•d Funds Restrlcted Funds Totsl Funds 2021 Totsl Funds 2020 T8ruit4e assets Invèstmènts Curr&nt assets Creditors.. knKyJnts falling due wthin one year Cr8ditor8.' Arnounts fallM)g due after more than onè yeor N81 Asséts 1,672,333 1.672.333 1.643.660 217.215 8.750 225.965 1226,7881 232.340 1218,0381 18.7501 1190,001} 1423.3261 1,248,185 1423,3261 1.248,185 1480,618) 1.205.382 Pao8 30