2023-07-31-accounts

Contents	Page
1. Referenceandadministrativedetails	3
2. Chair'sReport	4-10
3. Corporatestructure,TrusteesandDirectors	11
4. Trustees’Report(incorporatingStrategic andDirectorsReport)	12-19
5. Directors’Responsibilities	20
6. Objectivesandactivitiesforthepublicbenefit	21-25
IndependentAuditor’sreport	24-29
StatementofComprehensiveIncomeandExpenditure	30
StatementofChangesinReserves	31
BalanceSheet	32
CashFlowStatement	33
Notestothefinancialstatements	34-49

Courseofstudy	2023	2022	2021
	%	%	%
BMUS	72	61	64
BAActing	100	90	86
BADesign	85	100	100
BAStageManagement	91	73	53

KeyPerformanceIndicators	2022/23|	2021/22| 2020/21	2021/22| 2020/21
Surplus/(deficit)beforegainsandlosses- £000	608|	(1,481)	(890)
Cash(includingshorttermbonds)- £000	4,955	6,564	7,338
NetAssets- £000	17,419	13,975	7,353
Currentratio	2.2	1.9	2.7

	2022/23	2021/22
Energyconsumptionusedtocalculateemissions(kWh)	2,520,255	2,591,291
Scope1:emissionsinmetrictonnesCO2e
Gasconsumption	253	262
Owntransport	12	8
Scope2:emissionsinmetrictonnesCO2e
Purchasedelectricity	219	219
Scope3:emissionsinmetrictonnesCO2e
Owntransport	14	16
Businesstravelinemployeeownedvehicles	5	24
Totalgrossemissions- MetrictonnesCO2e	503	529
Intensityratio— tonnesCO2eperstudent	0.58	0.65

	Notes	2023	2022
		£'000	£'000
Income
Tuitionfeesandeducationcontracts Fundingbodygrants Otherincome Investmentincome	ouuBW	10,255 4,411 1,966 273	9,730 3,892 1,276 65
Totalincomebeforeendowmentsanddonations		16,905	14,963
Donationsandendowments	7	3,981	1,674
Totalincome		20,886	16,637
Expenditure
Staffcosts	8	9,055	9,578
Otheroperatingexpenses		9,656	7,103
Depreciation	11	1,123	942
Interestandotherfinancecosts	9	444	495
Totalexpenditure		20,277	18,118
Surplus/(deficit)beforeothergainsandlosses		608	(1,481)
Gainondisposaloffixedassets		8	2
Lossoninvestments	17	(83)	(106)
Surplus/(deficit)fortheyear		533	(1,585)
Actuarialgaininrespectofpensionschemes	23	2,913	8,206
Totalcomprehensiveincome/(expenditure)fortheyear		3,446	6,621
Representedby:
Endowmentcomprehensiveincome/ (expenditure)	17	1,621	(36)
Restrictedcomprehensiveincomefortheyear	18	g99	98
Unrestrictedcomprehensiveincomefortheyear		926	6,559
		3,446	6,621
Allitemsofincomeandexpenditurerelatetocontinuingactivities

	Incomeandexpenditureaccount	Incomeandexpenditureaccount		Revaluation
				reserve	Total
	Endowment	Restricted	Unrestricted
	£'000	£'000	£'000	£'000	£'000
Balanceat1 August2022	2,804	1,501	7,848	1,819	13,973
Surplus/(Deficit)fortheyear	1,621	899	(1,987)	0	533
Othercomprehensiveincome	0	0	2,913	0	2,913
Balanceat31July2023	4,425	2,400	8,774	1,819	17,418

	Notes	2023	2022
		£'000	£'000
Non-currentassets
Tangibleassets	11	24,827	24,664
Heritageassets	11	500	500
Other	11	135	135
		25,462	25,299
Currentassets
Stock		10	10
Tradeandotherreceivables	12	316	330
Investments	13	7,079	7,449
Cashandcashequivalents	19	1,015	1,453
		8,420	9,242
Creditors:amountsfalling
duewithinoneyear	14	(3,870)	(4,932)
Netcurrentassets		4,550	4,310
Totalassetslesscurrentliabilities		30,012	29,609
Creditors:amountsfallingdueaftermorethanone year	15	(12,409)	(12,890)
Provisions
Pensionprovisions	16	0	(2,555)
Otherprovisions	16	(185)	(189)
Totalnetassets		17,419	13,975
RestrictedReserves
Incomeandexpenditurereserve- endowmentreserve	17	4,426	2,805
Incomeandexpenditurereserve- restrictedreserve	18	2,401	1,501
UnrestrictedReserves
Incomeandexpenditurereserve- unrestricted		8,772	7,849
Revaluationreserve		1,819	1,819
		17,418	13,974
ShareCapital		1	1
TotalReserves		17,419	13,975

	Note	2023	2022
		£'000	£'000
Cashflowfromoperatingactivities
Surplus/(deficit)beforeothergainsandlosses		608	(1,481)
Adjustmentfornon-cashitems
Depreciation	11	1,123	942
Lossoninvestments		(83)	(106)
Profitondisposaloffixedassets		8	2
Decrease/ (Increase)indebtors	12	14	(184)
(Increase)/ Decreaseinstock	12	(0)	(10)
Increaseincreditors	14,15	180	1,032
LGPSPensioncostslesscontributionspayable		354	1,190
Capitalgrantincome	14	(380)	(311)
Adjustmentforinvestingorfinancingactivities
Interestpayable	9	357	336
Endowmentincome	7	(1,675)	(48)
Netcashinflowfromoperatingactivities		505	1,363
Cashflowsfrominvestingactivities
Movementininvestments		370	741
Paymentsmadetoacquirefixedassets	ii	(1,285)	(1,192)
		(915)	(451)
Cashflowsfromfinancingactivities
Interestpaid		(357)	(336)
Endowmentincome		1,675	48
Deferredcapitalgrantreceivedintheyear		0	593
Repaymentsofamountsborrowed		(1,347)	(1,131)
		(29)	(826)
(Decrease)/ increaseincashandcashequivalentsintheyear		(440)	86
Cashandcashequivalentsatbeginningoftheyear	19	1,453	1,367
Cashandcashequivalentsatendoftheyear	19	1,015	1,453
Movement		(440)	86
Analysisofchangesinnetdebt		Asat 1Aug2022	Cashflows	Other er	Changes 5	Asat 31Jul2023
		£'000	£'000		£'000	£'000
Cashatbankandinhand		1,453	(440)		0	1,015
Debtduewithinoneyear		(1,347)	1,347		(192)	(192)
Debtduewithinmorethanoneyear		(5,569)	0		192	(5,378)
		(5,463)	907		0	(4,554)

			2023	2022
3	Tuitionfeesandeducationcontracts	Notes	£'000	£'000
	Full-timehomestudents		6,596	6,554
	Full-timeinternationalstudents		3,095	2,522
	ShortCourseFees		565	654
			10,255	9,730
			2023	2022
4	Fundingbodygrants		£'000	£'000
	HigherEducationFundingCouncil		4,030	3,615
	AmortisationofDeferredCapitalgrant		380	277
			4,411	3,892
			2023	2022
5	Otherincome		£'000	£'000
	Catering		836	473
	Othercapitalgrants		0	34
	Otherincome		1,130	769
			1,966	1,276
			2023	2022
6	Investmentincome		£'000	£'000
	Investmentincomeonendowments	17	90	64
	Otherinvestmentincome		184	1
			273	65
			2023	2022
7	Donationsandendowments		£'000	£'000
	Endowmentincome(newendowments)	17	1,675	48
	Donationswithrestrictions	18	1,627	924
	Unrestricteddonations		680	702
			3,981	1,674

8	Staffcosts
		2023	2022
	StaffCosts	£'000	£'000
	Salaries	6,825	6,698
	Socialsecuritycosts	629	617
	Otherpensioncosts	1,600	2,263
	Total	9,055	9,578

Remunerationofdirectorsandhigherpaidemployees
	2023	2022
(a)Directorsandhigherpaidemployees:	£'000	£'000
Salary	324	305
Benefits	3
PensioncontributionstoLGPS	57	38
	384	344
	2023	2022
(b)EmolumentsofthePrincipal:	£'000	£'000
Salary	164	162
Benefits	3
PensioncontributionstoLGPS	27	27
	194	191
RemunerationofthePrincipaloftheCollegeexpressedas
	2023	2022
Basicsalaryasa multipleofthemedianbasicsalaryofallstaff	4.43	4.88
Totalremunerationasa multipleofthemediantotalremunerationtoallstaff	5.12	4.94
Numberoffulltimeequivalentstaffduringtheyearbymajorcategory,includingseniorpost-holders
	2023	2022
Academic	116	108
Other	60	66
	176	174
Inadditiontotheabove,thenumbersoffulltimeequivalentstaffemployedbyPSSandproviding	servicesduring
theyeartoRWCMDbymajorcategory
	2023	2022
Academic	14	mm
Other	49	22
	63	33
Averageheadcountequivalentstaffnumbersbymajorcategory,includingseniorpost-holders
	2023	2022
Academic	221	259
Other	91	120
	312	379

		2023	2022
9	Interestandotherfinancecosts	£'000	£'000
	Loaninterest	357	336
	Netchargeonpensionscheme(seenote23)	87	159
		444	495
		2023	2022
10	Analysisoftotalexpenditurebyactivity	£'000	£'000
	Academicandrelatedexpenditure	12,418	10,600
	Administrationandcentralservices	3,670	3,751
	Premises	2,716	2,326
	Residences,cateringandconferences	418	230
	Otherexpenses	1,055	1,212
		20,277	18,119
	Otheroperatingexpensesincluded:
		2023	2022
		£'000	£'000
	Externalauditor'sremunerationinrespectofauditservices	34	24
	Externalauditor'sremunerationinrespectofnonauditservices	5	5
	Operatingleaserentals- other	172	167

11 TangibleAssets
	FreeholdLandand	LeaseholdLand	Plantand	Fixtures,Fittings
	Buildings	andBuildings	Machinery	andEquipment	Total
	£'000	£'000	£'000	£'000		£'000
Costorvaluation
At1 August2022	27,893	2,318	4,237	1,461		35,909
Additions	0	0	1,086	199		1,285
Disposals	0	0	(53)	0		(53)
At31July2023	27,893	2,318	5,269	1,661		37,141
Accumulateddepreciation
At1 August2022	6,144	1,313	2,653	1,135		11,246
Chargefortheyear	469	21	542	90		1,123
Disposals	0	0	(53)	0		(53)
At 31July2023	6,612	1,334	3,142	1,227		12,315
Netbookvalue
At31July2023	21,281	984	2,127	434		24,827
At31July2022	21,749	1,005	1,584	326		24,664

12	Tradeandotherreceivables
			2023	2022
			£'000	£'000
	Amountsfallingduewithinoneyear:
	Tradereceivables		154	265
	Otherreceivables
	Prepaymentsandaccruedincome		126	59
	Amountsduefromparentundertaking		34
			316	330
	Theamountsduefromparentundertakingareinterestfreeandrepayableondemand.
13	Investments
			2023	2022
			£'000	£'000
	Shortterminvestmentinshares		3,140	2,338
	Shorttermbonds		3,940	5,111
			7,079	7,449
14	~—sCreditors :amountsfallingduewithinoneyear
			2023	2022
			£'000	£'000
	Securedloans		192	180
	Unsecuredloans	15		1,167
	Amountsowedtoparentundertaking	22	57	137
	Othercreditors		182	501
	Tradepayables		464
	Socialsecurityandothertaxationpayable		160	111
	Accrualsanddeferredincome		2,815	2,836
			3,870	4,932

	2023	2022
	£'000	£'000
Otherincome	412	228
Deferredcapitalgrants(seenotes4 and5)	380	311
	792	539

				2023	2022
				£'000	£'000
Deferredcapitalgrant				7,031	7321
Securedloans				5,378	5,569
				12,409	12,890
Analysisofsecuredloans:
				2023	2022
				£'000	£'000
Duewithinoneyearorondemand(as	perNote14)			192	1,347
Duebetweenoneandtwoyears				201	192
Duebetweentwoandfiveyears				665	634
Dueinfiveyearsormore				4,512	4,743
Dueaftermorethanoneyear				5,378	5,569
Totalsecuredandunsecuredloans				5,569	6,916
Securedloanrepayableby2041*				5,569	5,749
Unsecuredloanrepayableby2023				0	1,167
				5,569	6,916
Includedwithinthetotalbalanceaboveisthefollowingdueinmorethantwoyears
				2023	2022
	Interest	Repayment	Term	£'000	£'000
BarclaysBank
Alltranches	6.33%	Quarterly	33years	5,177	5,569
			(to2041)

		Pensionscheme	DefinedBenefit	OtherProvisions	Total
		provisionunder	EnhancedProvision
		FRS102
		£'000	£'000	£'000	£'000
At1 August2022		2,555	154	35	2,744
Reductioninyear		0	(4)	0	(4)
Reductioninyear	(seenote23)	(2,555)	0	0	(2,555)
At31July2023		0	150	35	185

	Restricted	Unrestricted	Yearto31	Yearto31
	permanent	permanent	July2023	July2022
	endowments	endowments
			Total	Total
	£'000	£'000	£'000	£'000
OpeningBalances
Capital	386	2,133	2,519	2,577
Accumulatedincome	76	210	286	264
	463	2,343	2,805	2,840
Endowmentincome	1,675	-	1,675	48
Investmentincome	23	67	90	64
Expenditure	(6)	(55)	(60)	(42)
Decreaseinmarketvalueofinvestments	(14)	(69)	(83)	(106)
Totalendowmentcomprehensiveincomefortheyear	1,677	(57)	1,621	(36)
ClosingBalances	2,140	2,286	4,426	2,805
Representedby:
Capital	2,047	2,063	4,111	2,519
Accumulatedincome	93	223	315	286
	2,140	2,286	4,426	2,805
Analysisbytypeofpurpose:
Scholarshipsandprizefunds	2,140	2,286	4,426	2,805
	2,140	2,286	4,426	2,805
Analysisbyasset
Currentassetinvestments			4,035	2,583
Cashandcasheguivalents			391	222
			4,426	2,805

	Yearto31	Yearto31
	July2023	July2022
	Total	Total
	£'000	£'000
OpeningBalances	1,501	1,404
Newdonations	1,627	672
Expenditure	(727)	(575)
Totalnetrestrictedcomprehensiveincomefortheyear	899	97
Closingbalances	2,401	1,501

RestrictedReserves(continued)
	2023	2022
	£'000	£'000
Analysisofotherrestrictedfunds/donationsbytypeofpurpose:
Scholarshipsandprizefunds	685	596
Specificprojects	32	46
Other	10	30
	727	672

Cash	and	cash	equivalents
				At	1	August	Cash	At	31July
						2022	Flows		2023
						£'000	£'000		£'000
Cash	and	cash	equivalents			1,453	(440)		1,015
						1,453	(440)		1,015

	2023	2022
	£'000	£'000
Payableduringtheyear	172	167
Futureminimumleasepaymentsdue:
Notlaterthan1 year	177	172
Laterthan1 yearandnotlaterthan5 years	764	742
Laterthan5 years	2,882	3,150
Total leasepaymentsdue	3,824	4,064

	2023	2022
	%pa	%pa
PriceInflation(CPI)	2.85	2.75
Rateofincreaseinpensionablesalaries	3.85	3.75
Discountrate/interestincomeonassets	5.10	3.50

		2023			2022
	Males		Females	Males		Females
Pensioneraged65	20.9		23.6	21.4		23.8
Activememberaged45	21.8		24.7	21.9		24.9

	2023	2022
	£'000	£'000
Equities	12,208	11,007
Governmentbonds	1,685	1,968
Corporatebonds	2,067	2,158
Property	1,233	1,392
Other	156	70
Cash	17	95
Total	17,366	16,690
AnalysisoftheamountshowninthebalancesheetforLGPSpensions:
	2023	2022
	£'000	£'000
Fairvalueoffundassets	17,366	16,690
Presentvalueofdefinedbenefitobligation	(16,146)	(19,245)
Pensionassetbeforeadjustments	1,221	(2,555)
Effectofassetceiling(FRS102para28.22)	(1,221)
Netpensionasset/(liability)recognisedonBalanceSheet		(2,555)
ManagementhaveusedtheIAS19approachtocapthesurplusto£Nil(acceptableunderFRS 102)
	2023	2022
	£'000	£'000
Currentservicecost	682	1,479
Pastserviceandadministrationcharges	12	14
Totaloperatingcharge	694	1,493
Analysisoftheamountchargedtointerestpayable/creditedto
otherfinanceincomeforLGPSpensions:
	2023	2022
	£'000	£'000
Interestcost	672	460
Expectedreturnonassets	(589)	(304)
Netchargetootherfinanceincome	82	156
PaymentstotheFund	(413)	(447)
ChargetoIncomeandExpenditureStatement	364	1,202
AnalysisofothercomprehensiveincomeforLGPSpensions:
	2023	2022
	£'000	£'000
(Losses)/ Gainsonassets	(200)	(2,253)
ExperienceGain/ (Loss)onliabilities	4,339	10,438
ExperienceGain/ (Loss)onliabilities(EnhancedProvisiononTermination)	(6) 4,133	20 __8205.

	2023	2022	2021	2020	2019
Differencebetweenactualandexpectedreturnonschemeassets:
Amount(£m)	(200)	(2,253)	3314	803	519
Experiencelosses/(gains)onschemeliabilities:
Amount(£m)	4,339	10,438	(3,241).	(1,082)	—(1,782)
			2023		2022
			£'000		£'000
Cumulativeactuariallossrecognisedasothercomprehensiveincome	forLGPS
Cumulativeactuarial(gains)/ lossesrecognisedatthe startoftheyear			(5,314)		2,872
Cumulativeactuarial(gains)/ lossesrecognisedattheendoftheyear			(9,454)		(5,314)
			2023		2022
			£'000		£'000
Analysisofmovementin(deficit)/ surplusforLGPSpension
Deficitatbeginningofyear			(2,555)		(9,538)
ContributionsorbenefitspaidbytheCollege			413		447
Currentservicecost			(682)		(1,479)
Otherfinancecharge			(95)		(170)
Actuarialgainrecognisedinothercomprehensiveincome			4,139		8,186
Surplusatendofyear			1,221		(2,555)
Effectofassetceiling(FRS102para28.22)			(1,221)			-
NetpensionassetrecognisedonBalanceSheet			-		(2,555)
			2023		2022
			£'000		£'000
AnalysisofmovementinthepresentvalueofLGPSliabilities
PresentvalueofLGPSliabilitiesatthestartoftheyear			19,247		27,751
Currentservicecost (netofmembercontributions)			682		1,479
Interestcost			672		460
Actualmembercontributions(includingnotionalcontributions)			209		217
Actuarial(gain)/ loss			(4,339)		(10,438)
Netbenefitspaid			(323)		(222)
Pastservicecosts			-		-
PresentvalueofLGPSliabilitiesattheendoftheyear			16,146		19,247
			2023		2022
			£'000		£'000
Analysisofmovementinthefairvalueofschemeassets
Fairvalueofassetsatthestartoftheyear			16,690		18,211
Expectedreturnonassets			589		304
Actuarial(loss)/ gainonassets			(200)		(2,253)
ActualcontributionspaidbyCollege			413		447
Actualmembercontributions(includingnotionalcontributions)			209		217
Netbenefitspaid			(323)		(222)
Administrationexpenses			(12)		(14)
			17,366		16,690
LGPSassetsdonotincludeanyoftheCollege'sownfinancialinstruments,orany		property
occupiedbytheCollege.
			2023		2022
			£'000		£'000
ActualreturnonSchemeassets
ExpectedreturnonSchemeassets			589		304
Assetloss			(200)		(2,253)
			390		(1,949)
EstimatedcontributionsforLGPSintheFinancial Year2023-24is£436kassuming		95%membertakeup.