2021-07-31-accounts - Royal Welsh College Of Music And Drama

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K'ey Performance Indicators	2020/21-	201'9/20	2'018/19'
Surplus/(deficit) before gains and losses - f000	(890)	34	91
Cash (including short term bonds) - E000	7,338	8,570	6,490
Net Assets -f000	7,354	7,832	8,138
Current ratio	2.7	2.4	3.7

UK Greenhouse gas	efnissions	and energy use dat	a for the year	to 31July 2021:
				2020/21	2019/20
Energy consufnption	used to calculate emissions		(kWh)	2,262,000	2,298,000
Scope 1:emissions	in metric	tonnes CO2e
Gas consumption				268	233
Own transport				7	8
Scope 2:emissions	in metric	tonnes CO2e
Purchased electricity				232	326
Scope3:emissions	in metric	tonnes CO2e
Own transport				14	9
Business travel in employee		owned vehicles		22	22
Total gross einissions - Metric tonnes CO2e				543	598
Intensity ratio —tonnes C02e per student				0.64	0.71

						Notes	2021	2020
							E'000	E'000
Income
Tuition fees and education contracts							8,983	8,659
Funding body grants							3,998	3,620
Other income							1,123	1,128
Investment income							94	141
Total income before endowments		and donations					14,198	13,548
Donations and endowments							1,051	1,845
Total income							15,248	15,393
Expenditure
Staff costs							9,642	9,064
Other operating expenses							5,116	4,917
Depreciation						11	937	875
Interest and other finance costs						9	444	502
Total expenditure							16,138	15,359
(Loss)/Surplus before other	gains and losses						(890)
Gain/(Loss) on investments						17		(148)
(Loss)/Surplus forthe year							(544)	(114)
Actuarial gain/(loss) in respect of pension schemes						23		(192)
Total comprehensive income/(expenditure)			forthe year				(478)	(M6)
Represented by:
Endowment comprehensive	income/(expenditure)			for the year			366	(154)
Restricted comprehensive	income/(expenditure)			for the	year		77	211
Unrestricted comprehensive	income/(expenditure)			forthe year			(921)	(363)
							(478)	(306)
All items ofincome and expenditure		relate to	continuing		activities

		Income and expenditure	Income and expenditure		Revaluation
					reserve	Total
		Endowment	Restricted	Unrestricted
		E,'000	E'000	E'000	8000	E'000
Balance at 1August	2020	2,473	1,326	2,212	1,819	7,831
Surplus/(Deficit) for	the year	366		(987)		(544)
Other comprehensive	income			66		66
Balance at31July 2021		2,840	i,405	1,291	1,$l9	T,SSI

						Notes	2021	2020
							6'000	f'000
Non-current assets
Tangible assets						11	24,415	24,917
Heritage assets						11	500	500
Other						11	135	135
							25,050	25,552
Current assets
Trade and other receivables						12	146	211
Investments						13	8,189	7,884
Cash and cash equivalents						24	1,367	2,742
							9,703	10,837
Creditors: amounts	falling
due within one year						14	(3,565)	(4,460)
Net current assets							6,138	6,378
Total assets less current		liabilities					31,187	31,930
Creditors. amounts	falling due after more than				one year	15	(14,061)	(15,227)
Provisions
Pension provisions						16	(9,539)	(8,836)
Other provisions						16	(234)	(35)
Total net assets							7,354	7,832
Restricted Reserves
Income and expenditure		reserve	—endowment		reserve	17	2,837	2,475
Income and expenditure		reserve	- restricted	reserve		18	1,404	1,327
Unrestricted Reserves
Income and expenditure		reserve	- unrestricted				1,292	2,210
Revaluation reserve							1,819	1,819
							7,353	7,831
Share Capital							1	1
Total Reserves							7,354	7,832

				Note	2021	2020
					E'OM	E'000
Cash flow from operating		activities
(Loss)/Surplus before other gains and losses					(890)
Adjustment fornon~ah		items
Depreciation					937	875
(Gain)/Loss on investments					(64)	37
Decrease in debtors				12
(Decrease)/Increase in creditors				14,15	(566)	1,263
LGPS Pension costs less contributions payable					966	664
Capital grant Income				14	(36)	(169)
Adjustment forinvesting		or financing activities
Investment income					0	(141)
Interest payable					320	328
Endowment capital					(3)	0
Short term Rnandng				14	0	(585)
Net cash inflow from operating activities					728	2,330
Cash flows fram irwesting		activities
Movement in Investments					104	(44)
Payments made to acquire fixed assets					(434)	(423)
Bond payment to secure	lease				0	(135)
New deposits					3	0
					(327)	(602)
Cash flows from financing		activities
Interest paid					(320)	(328)
Short term financing					0
Repayments ofamounts	borrowed				(1,456)	(155)
					(1pTJ6)	102
Increase/(Decrease) in cash and cash equivaleiits			in the year		(1375)
Cash and cash equivalents		at beginning ofthe year		19	2,742	913
Cash and cash equivalents		at end ofthe year		19	lp367	2,742
					As at			As at
Analysis ofchanges in net debt					1Aug 2020			Sllul2021
					EqX)0	E'000		E'000
Cash at bank and in hand					2,742	(1375)	0	1,367
Debt due within one year					(1.457)	(1,456)	(1,130)	(1,131)
Debt due within more than one year					(8,046)		1,130	(6,916)
					(6,761)	(2,831)	0	(6,680)

Notes	tothe financial statements	tothe financial statements	tothe financial statements
forthe year ended 31july 2021
					2021	2020
3	Tuition fees and education		contracts	Notes	E'000	E'000
	Full-time home and EU	students			6,594	6,371
	Full-time international	students			1,788	1,708
	Short Course Fees				601	580
					8,983	8,659
					2021	2020
4	Funding body grants				E'000	E'000
	Higher Education Funding		Council		3,746	3,485
	Amortisation ofDeferred Capital grant				251	135
					3,998	3,620
					2021	2020
5	Other income				f'000	E'000
	Catering				115	361
	Other capita Igrants				34	34
	Other income				974	733
					1.123	1,128
					2021	2020
6	Investment income				E'000	E'000
	Investment income on	endowments		17	62	64
	Other investment income				32	77
					94	141
					2021	2020
7	Donations and endowments				E'000	E'000
	New endowments			17	3	0
	Donations with restrictions			18	672	872
	Unrestricted donations				375	973
					1,051	1,845

Staff costs
										2021	2020
Staff Costs										f'000	E'000
Salaries										6,944	6,784
Social security costs										614	581
Other pension costs										2,0&4	1,699
Total										9,642	9,064
Remuneration	ofdirectors and higher paid				employees
										2021	2020
(a)Directors										f'000	E'000
Salary										222	220
Benefits										3	2
Pension	contributions		to LGPS							37	34
										261	257
In addition one director receives remuneration						in their capacity as President ofthe Students'				Union.
(b) Higher paid	employees									2021	2020
Emoluments		ofthe Principal:								E'000	E'000
Salary										152	152
Benefits										3	2
Pension	contributions		to LGPS							25	24
										179	178
Average full time equivalent			staff numbers		by major category, including			senior post-holders
										2021	2020
Academic										100	103
Other										81	84
										181	187
Average headcount		equivalent staff		numbers		by major	category, including		senior post-holders
										2021	2020
Academic										231	241
Other										154	208
										386
Remuneration	ofthe Principal ofthe			College expressed			as
										2021	2020
Basic salary as	a ratio ofthe		median	basic salary ofall staff						4.63	4.50
Total remuneration		as a ratio ofthe		total remuneration			ofall staff			4.63	4.50

						2021	2020
9	Interest and other finance costs					f'000	f'000
	Loan interest					320	328
	Net charge on pension scheme		(see note 23)			125	174
							502
						2021	2020
10	Analysis oftotal	expenditure	by	activity		f'000	f'000
	Academic and related expenditure					9,428	8,726
	Administration and central services					3,139	3,180
	Premises					2,144	2,005
	Residences, catering and conferences					243	429
	Other expenses					1,183	1,020
						16138	15359
	Other operating	expenses include:
						2021	2020
						f'000	f'000
	External auditors'	remuneration		in respect ofaudit services		30	29
	External auditors'	remuneration		in respect ofnon-audit	services	0	3
	Operating lease	rentals - other				158	110

		2021	2020
		f'000	6'000
Secured loans		173	165
Unsecured loans		958	1,292
Amounts owed to parent undertaking		10	668
Other creditors		340	334
Trade payables		77	32
Social security and other taxation payable		118	121
Accruals and deferred	income	1,890	1,847
		3,565	4,460

							2021	2020
							f'000	.E'000
Deferred capital grant							7,145	7,181
Secured loans							5,749	5,921
Unsecured loan							1,167	2,125
							14,061	15,227
Analysis ofsecured and unsecured			loans:
							2021	2020
							f'000	E'000
Due within one year oron demand			tNote	14)			1,131	1,457
Due between one and two years							1,347	1,131
Due between two and five years							603	1,739
Due in five years or more							4,966	5,176
Due after more than one year							6,916	8,046
Total secured and unsecured		loans					8047	9908
Secured loan repayable by 2041'							5,922	6,086
Unsecured loan repayable	by 2023						2,125	3,417
							8047	9909
Included within the total balance above is				the following due in more than two years
							2021	2020
				Interest	Repayment	Term	E'000	E'000
Barclays Bank
All tranches				5.349f	Quarterly	33years	5,569	5,921
						(to2041)

				Restricted	Unrestricted		Year to31	Year to31
				permanent	permanent		July 2021	July 2020
				endowments	endowments
							Total	Total
				E'000	E'000		E'000	E'000
	Opening Balances
	Capital			349	1,880		2,228	2,376
	Accumulated income			71		176	247	254
				419	2,056		2,475	2,629
	New endowments					3
	Investment income			10		52	62	64
	Expenditure			P)		(38)	(45)	(71)
	Increase in market	value ofinvestments		54		291	345	(148)
	Total endowment	comprehensive	income for the year	57		309	366	(154)
	Closing Balances			476	2	364	2,840	2,475
	Represented by:
	Capital			403	2,174		2,577	2,228
	Accumulated	income		74		190	264	247
				476	2,364		2~	2,475
	Analysis by type ofpurpose: Scholarships and prize funds			476	2,364		2~	2,475
				476	2,364		2,840	2,475
	Analysis by asset
	Current asset	investments					2,689	2,343
	Cash and cash	equivalents					152	132
							2+40	2,475
18	Restricted Reserves
	Reserves with restrictions are as		follows:
							Year to31	Year to31
							July 2021	July 2020
							Total	Total
							E'000	E'000
	Opening Balances						1,327	1,115
	New donations						671	872
	Expenditure						(594)	(661)
	Total restricted comprehensive income for the year						77	211
	Qosing Balances						1,404	1,327

			2021	2020
			ss pa	%pa
Price Inflation (CPI)			2.90	2.20
Rate ofincrease in pensionable		salaries	3.90	3.20
Discount rate/interest	income	on assets	1,65	1.45


	Males	Females	Males	Females
Pensioner aged 65	21.3	23.7	21.0	23.5
Active member aged 65	21.8	24.9	21.8	24.4

										2021	2020
										E'000	E'000
Equities										12,710	9,183
Government bonds										2,162	1,616
Corporate bonds										2,173	1,575
Property										1.133	1,010
Cash										35	81
Total										18,211	13,465
Analysis ofthe amount			shown		in	the balance		sheet for LGPS	pensions:
										2021	2020
										E'000	E'000
Scheme assets										18,211	13,465
Scheme liabilities										(27,750)	(22,111)
Deficit in the scheme —net pension							liability
recorded within	pension			provisions			(Note 16)			(9,539)	(8,646)
										2021	2020
										E'000	E'000
Current service cost										1,293	982
Past service and	administration				charges					14	13
Total operating charge										1,307	995
Analysis ofthe amount			charged		to		interest payable/credited		to
other finance income for				LGPS	pensions:
										2021	2020
										E'000	E'000
Interest cost										326	442
Expected return	on assets									(204)	(274)
Net charge to other %nance income										122	168
Payments to the	Fund									(462)	(464)
Charge to Income and		Expenditure					Statement			966	699
Analysis ofother	comprehensive					income for		LGPS pensions:
										2021	2020
										E'000	E'000
Gains on assets										3,314	803
Experience (loss)	on liabilities									(3,241)	(1,082)
Experience (loss)/gain		on		liabilities		(Enhanced		Provision on Termination)		P)	88
										66	(192)

History ofexperience gains and	History ofexperience gains and	losses- LGPS pensions	losses- LGPS pensions	losses- LGPS pensions
						2021	2020	2019	2018	2017
Difference between actual and		expected return on scheme assets:
Amount (fm)						3314	803	519.4	769	470
Experience losses/(gains)	on scheme		liabilities:
Amount (fm)						(3,241)	(1,082)	(1,782)	214	(1,402)
								2021		2020
								f'000		f'000
Cumulative actuarial loss	recognised		as other comprehensive			income for	LGPS
Cumulative actuarial losses recognised			atthe start ofthe		year			2,945		2,665
Cumulative actuarial losses recognised			at the end	ofthe year				2,872		2,945
								2021		2020
								E'OOD		f'000
Analysis ofmovement in	dehcit	for LGPS pension
De0cit at beginning ofyear								(8,645)		(7,702)
Contributions or benefits paid by the College								462		499
Current service cost								(1,293)		(982)
Other finance charge								(136)		(181)
Actuarial gain/ (loss) recognised		in other comprehensive			income			73		(279)
Deficit at end ofyear								(9,538)		(8,645)
								2021		2020
								f'000		f'000
Analysis ofmovement In	the present		value of LGPS liabilities
Present value ofI.GPS liabilities		atthe start ofthe year						22,111		19,640
Current service cost (net ofmember contnbutions)								1,293		982
Interest cost								326		442
Actual member contributions (including notional				contributions)				226		187
Actuarial loss								3,241		1,082
Actual benefit payments								554		(222)
Present value ofLGPS liabilities		at the end ofthe		year				27,751		22,111
								2021		2020
								E'000		E'000
Analysis ofmovement in	the fair value ofscheme assets
Fair value ofassets at the	start	ofthe year						13,465		11,938
Expected return on assets								204		274
Actuarial gain on assets								3,314		803
Actual contributions paid	by College							462		499
Actual member contributions (induding notional				contributions)				226		187
Actual benefit payments								554		(222)
Administration expenses								(14)		(13)
Fair value ofscheme assets at the end ofthe year								18,211		13,465
I.GPSassets do not include any ofthe			College's own financial			instruments,	or any property
occupied by the College,
								2021		2020
								E'000		E'000
Actual return on Scheme	assets
Expected return on Scheme assets								204		274
Asset gain								3,314		803
								3,518		1,076