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|---|---|---|---|---|
|Reference and administrative||details ofthe|College, Its Trustees and advisers|1-2|
|Trustees'
report||||3-25|
|Independent
auditors'|report|on the financial|statements|26-28|
|Statement offinancial|activities|||29-30|
|Balance sheet||||31 - 32|
|Statement ofcash flows||||33|
|Notes to the financial|statements|||34- 54|
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|||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|
|||funds|funds|funds|funds|funds|
||Note|2020
6|2020
f|2020
6|2020
6|2019|
|Income:|||||||
|Donations
and legacies||159,830|32,230||192,060|418,212|
|Charitable
activities||8,849,030|||8,849,030|9,266,940|
|Other trading
activities||176,406|||176,406|442,775|
|investments||147|||147|1,527|
|Other income||551||584,413|584,964|47,354|
|Total income||9,185,964|32,230|584,413|9,802,607|10,176,808|
|Expenditure
on:|||||||
|Raising funds|9|343,984|||343,984|570,103|
|Charitable
activities|10|8,936,747|47,341||8,984,088|9,635,035|
|Total expenditure||9,280,731|47,341||9,328,072|10,205,138|
|Net|||||||
|(expenditure)/income||(94,767)|(15,111)|584,413|474,535|(28,330)|
|Transfers
between|||||||
|funds|18|296,941||(296,941)|||
|Net movement
in|||||||
|funds before other|||||||
|recognised
gains/(losses)||202,174|(15,111)|287,472|474,535|(28,330)|
|Other recognised|||||||
|gains/(losses):|||||||
|Losses on revaluation|||||||
|offixed assets||||||(3,001,000)|
|Actuarial losses on|||||||
|defined
benefit pension|||||||
|schemes|23|||||(50,000)|
|Net movement
in
funds||202,174|(15,111)|287,472|474,535|('3,079,330)|
##
|||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||funds|funds|funds|funds|funds|
||Note|||2020|2020|2020f|2020f|2019f|
|Reconciliation||of|||||||
|funds:|||||||||
|Total funds|brought||||||||
|forward|||18|1,209,079|641,945|2,580,101|4,431,125|7,510,455|
|Net movement||in funds||202,174|(15,111)|287,472|474,535|(3,079,330)|
|Total funds
forward|carried|||1,411,253|626,834|2,867,573|4,905,660|4,431,125|
||||BALANCE SHEET|BALANCE SHEET|BALANCE SHEET||||
|---|---|---|---|---|---|---|---|---|
||||AS AT|31 DECEMBER 2020|||||
|||||||2020||2019|
||||Note||||||
|Fixed assets|||||||||
|Tangible assets||||||3,636,895||3,845,624|
|||||||3,636,895||3,845,624|
|Current assets|||||||||
|Stocks||||15|21,723||26,885||
|Debtors||||16|369,761||296,182||
|Cash at bank and in|hand||||1,550,441||907,244||
||||||1,941,925||1,230,311||
|Creditors: amounts|due within one year|||17|(673,160)||(844,810)||
|Net current assets||||||1,268,765||585,501|
|Total assets less current||liabilities||||4,905,660||4,431,125|
|Net assets||||||4,905,660||4,431,125|
|Total net assets||||||4,905,660||4,431,125|
##
|||Note||2020f|2019
Z|
|---|---|---|---|---|---|
|Charity funds||||||
|Endowment|funds||18|2,867,573|2,580,101|
|Restricted funds|||18|626,834|541,945|
|Unrestricted|funds||18|1,411,253|1,209,079|
|Total funds||||4,805,660|4,431,125|
##
|||STATEMENT OF CASH FLOWS||||
|---|---|---|---|---|---|
|||FOR THE YEAR ENDED 31 DECEMBER 2020||||
||||Note|2020f|2019|
|Cash flows from operating||activities||||
|Net cash|used
in operating|activities|20|(88,697)|(719,273)|
|Cash flows from investing||activities||||
|Dividends,|interests
and rents from investments|||147|1,527|
|Proceeds|from the sale oftangible
fixed assets|||550|47,354|
|Purchase|oftangible
fixed assets|||(138,803)|(645,424)|
|Net cash|used
in Investing|activities||(138,106)|(597,543)|
|Cash flows from financing||activities||||
|Proceeds|from the sale of endowed
properties|||870,000||
|Net cash|provided
by financing
activities|||870,000||
|Change|in cash and cash|equivalents
in the year|r|643,197|(1,316,816)|
|Cash and|cash equivalents|at the beginning
ofthe year||907,244|2,224,060|
|Cash and cash equivalents||at the end ofthe year|21|1,550,441|907,244|
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##
||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2020f|2020|2020
6|2019f|
|Donations|30,990|32,230|63,220|338,472|
|Grants|128,840||128,840|79,740|
||159,830|32,230|192,060|418,212|
|Total 2019|257,208|161,004|418,212||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020
6|2020
5|2019f|
|Training Fees||8,159,912|8,159,912|8,913,908|
|Miscellaneous|Income|38,065|38,065|24,157|
|School Income||111,924|111,924|48,582|
|Short Breaks Income||126,275|126,275|188,840|
|Rental Income||92,143|92,143|91,453|
|Job Retention|Scheme Income|320,711|320,711||
|Total 2020||8,849,030|8,849,030|9,266,940|
|Total 2019||9,266,940|9,266,940||
##
##
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020f|2020f|2019f|
|Retail|118,186|118,186|195,976|
|Hospitality|58,220|58,220|245,799|
||176,406|176,406|442,775|
|Total 2019|442,775|442,775||
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020
f|2020
f|2019f|
|Interest Receivable|147|147|1,527|
|Total 2019|1,527|1,527||
##
|||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2020
f|2020
f|2020
6|2019f|
|Sale|ofAssets|551|584,413|584,964|47,354|
|Total|2019|47,354||47,354||
##
##
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2020|2020
6|2019f|
|Retail|and Hospitality|Expenditure|180,328|180,328|341,344|
|Retail|and Hospitality|Staff Costs|163,656|163,656|228,759|
||||343,984|343,984|570,103|
|Total|2019||570,103|570,103||
##
|||Activities||||
|---|---|---|---|---|---|
|||undertaken|Support|Total|Total|
|||directly|costs|funds|funds|
|||2020
6|2020|2020|2019f|
|Education||2,643,072||2,643,072|3,119,900|
|Care||3,116,880||3,116,880|3,541,195|
|Administration||765,828|884,995|1,650,823|1,189,762|
|Campus|&Estates|1,016,078|557,235|1,573,313|1,784,178|
|||7,541,858|1,442,230|8,984,088|9,635,035|
|Total 2019||8,270,866|1,364,169|9,635,035||
##
##
##
||||||Campus|&|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||Education|Care|Administration|Estates||funds|funds|
|||2020f|2020f|2020
f|2020||2020f|2019f|
|Staff costs||2,498,829|2,871,890||||5,370,719|5,772,602|
|Depreciation||||61,947|||61,947|67,915|
|Premises
&|||||||||
|Ground Costs||24,080|10,177|133,950|732,002||900,209|1,023,755|
|Equipment|||||||||
|Repairs and|||||||||
|Maintenance||12,939|22,185|12,372|141,839||189,335|183,631|
|Licences &|||||||||
|Subscriptions||3,985|23,557|64,366|1,869||93,777|68,266|
|Legal,|||||||||
|Professional|&||||||||
|Consultation|||||||||
|Costs||19,227|17,358|104,309|150||141,044|220,065|
|Cleaning
and|||||||||
|Consumables||16,649|106,313|1,209|73,600||197,771|248,237|
|Marketing
and|||||||||
|Advertising||3,099||8,634|||11,733|32,327|
|Learning|||||||||
|Equipment|and||||||||
|Student
Activities||40,701|11,827|32,511|12,932||97,971|163,432|
|Printing|||||||||
|Stationery
and|||||||||
|Computing|||||||||
|Consumables||7,112|7,289|215,749||57|230,217|162,026|
|College Transport||5,854|1,770|51,571||76|59,271|121,949|
|External|||||||||
|Contractors||547|3,225|41,109|28,801||73,682|112,864|
|Miscellaneous||10,050|41,289|38,101|24,742||114,182|93,797|
|||2,643,072|3,116,880|765,828|1,016,078||7,541,858|8,270,866|
|Total 2019||3,119,900|3,541,195|352,114|1,257,657||8,270,866||
##
##
##
##
||||Campus
&|Total|Total|
|---|---|---|---|---|---|
|||Administration|Estates|funds|funds|
|||2020|2020
6|2020
6|2019f|
|Staff|costs|884,995|557,235|1,442,230|1,364,159|
|Total|2019|837,648|525,521|1,364,169||
##
|||||2020|2019|
|---|---|---|---|---|---|
|Fees payable|to the College's auditor|for the audit ofthe College's|annual|||
|accounts||||8,500|8,200|
|Fees payable|to the College's auditor|in respect of:||||
|All non-audit|services not included
above|||1,600|1,600|
##
||2020|2019f|
|---|---|---|
|Wages and salaries|6,163,641|6,955,353|
|Social security costs|468,680|549,915|
|Pension costs|344,284|(f49,739)|
||6,976,605|7,355,530|
##
##
##
|2020|2019|
|---|---|
|No.|No.|
##
##
##
##
|||Freehold|Leasehold|Plant and|Motor||
|---|---|---|---|---|---|---|
|||property|property
f.|machinery
f|vehicles
6|Total
f|
|Cost or valuation|||||||
|At 1 January 2020||13,365,212|391,322|553,942|287,610|14,598,086|
|Additions||7,165|76,458|55,180|~|138,803|
|Disposals||(696,109)|||(33,769)|(729,878)|
|At 31 December 2020||12,676,268|467,780|609,122|253,841|14,007,011|
|Depreciation|||||||
|At 1 January 2020||9,971,637|227,887|298,982|253,956|10,752,462|
|Charge for the year|||8,517|44,082|9,348|61,947|
|On disposals||(410,522)|||(33,771)|(444,293)|
|At 31 December 2020||9,561,115|236,404|343,064|229,533|10,370,116|
|Net book value|||||||
|At 31 December 2020||3,115,153|231,376|266,058|24,308|3,636,895|
|At 31December 2019||3,393,575|163,435|254,950|33,654|3,845,624|
|Included
in freehold|property|is land at s cost off124,168(2019.||f124,168).|||
##
|||||||2020f|2019|
|---|---|---|---|---|---|---|---|
|Finished|goods|and|goods|for|resale|21,723|26,885|
##
##
##
|||||2020f|2019|
|---|---|---|---|---|---|
|Due within one year||||||
|Trade debtors||||203,395|179,439|
|Other debtors|||||820|
|Prepayments
and accrued income||||166,366|116,123|
|||||369,761|298,182|
|Creditors: Amounts||falling due|within one year|||
|||||2020
K|2019f|
|Payments
received|on account|||130,381|148,704|
|Trade creditors||||248,976|180,505|
|Other taxation
and|social security|||110,977|138,431|
|Other creditors||||35,701|30,853|
|Accruals and deferred||income||147,125|148,317|
|||||673,160|844,810|
|||||2020|2019f|
|Deferred income at 1||January 2020||9,457||
|Resources deferred|during the year|||19,934|9,457|
|Amounts
released|from previous||periods|(9,457)||
|||||19,934|9,457|
##
##
##
##
##
||||||||Balance at 31|
|---|---|---|---|---|---|---|---|
||||Balance at 1|||Transfers|December|
||||January
2020
6|Income|Expenditure
f|in/out
6|2020
6|
|Unrestricted|funds|||||||
|Designated|funds|||||||
|Infrastructure|Improvement|||||||
|Fund|||||(268,158)|268,158||
|General funds||||||||
|General Funds - all||funds|607,526|9,047,161|(8,987,764)||666,923|
|Fixed asset|fund||601,553|138,803|(24,809)|28,783|744,330|
||||1,209,079|9,185,964|(9,012,573)|28,783|1,411,253|
|Total Unrestricted||funds|1,209,079|9,185,964|(9,280,731)|296,941|1,411,253|
|Endowment|funds|||||||
|Big Lottery Fund —Ceramics||||||||
|Building|||190,000|||(190,000)||
|Big Lottery Fund —The Acorns|||300,000|||(300,000)||
|Fixed asset|fund||2,090,101|||175,630|2,265,731|
|Expendable|Endowment|||584,413||17,429|601,842|
||||2,580,101|584,413||(296,941)|2,867,573|
|Restricted|funds|||||||
|Fixed asset|fund||641,945|32,230|(47,341)||626,834|
|Total offunds|||4,431,125|9,802,607|(9,328,072)||4,905,660|
##
##
##
|Statement offunds|(continued)||||||
|---|---|---|---|---|---|---|
|Statement offunds|- prior year||||||
|||||||Balance at|
||Balance at|||||31|
||1January|||Transfers|Gainer|December|
||2019f|incomef|Expendituref|inloutf|(Losses)f|2019f|
|Unrestricted|||||||
|funds|||||||
|Designated|||||||
|funds|||||||
|Infrastructure|||||||
|Improvement|||||||
|Fund|610,962|247,635|(257,044)|(601,553)|||
|General funds|||||||
|General Funds-|||||||
|all funds|991,921|9,766,169|(10,152,564)|||607,526|
|Fixed asset fund||||601,553||601,553|
|Pension reserve|2577,000||474,000||(3,051,000)||
||3,588,921|9,768,169|(9,678,564)|601,553|(3,051,000)|1,209,079|
|Total|||||||
|Unrestricted|||||||
|funds|4,179,883|10,015,804|(9,935,608)||(3,051,000)|1,209,079|
|Endowment|||||||
|funds|||||||
|Big Lottery Fund|||||||
|—Ceramics|||||||
|Building|190,000|||||190,000|
|Big Lottery Fund|||||||
|—The Acorns|300,000|||||300,000|
|Fixed asset fund|2,090,101|||||2,090,101|
||2,580,101|||||2,580,101|
|Restricted|||||||
|funds|||||||
|Fixed asset fund|750,471|161,004|(269,530)|||641,945|
##
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##
|Analysis|of n|et asse|ts|between fund|s - current period||||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Endowment|Total|
||||||funds|funds|funds|funds|
||||||2020|2020|2020|2020|
||||||E|E|E||
|Tangible|fixed|assets|||744,330|626,834|2,265,731|3,636,895|
|Current|assets||||1,340,083||601,842|1,941,925|
|Creditors|due|within|one|year|(673,160)|||(673,160)|
|Total|||||1,411,253|626,834|2,867,573|4,905,660|
|Analysis|of n|et assets between funds|- prior period||||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment|Total|
||||funds|funds|funds|funds|
||||2019|2019|2019|2019|
||||E|E|E||
|Tangible|fixed|assets|601,553|663,970|2,580,101|3,845,624|
|Current|assets||1,230,311|||1,230,311|
|Creditors|due|within one year|(622,785)|(22,025)||(544,810)|
|Tl|||1,209,079|641,945|2,580,101|4,431,125|
##
##
##
||||||2020
6|2019f|
|---|---|---|---|---|---|---|
||Net income/expenditure
for the period (as|per Statement|of|Financial Activities)|474,535|(28,330)|
||Adjustments
for:||||||
||Depreciation
charges||||61,947|87,915|
||Returns
on investments
and servicing|offinance|||(147)|(1,527/|
||Profit on the sale offixed assets||||(584,964)|(47,354/|
||Decrease/(increase)
in stocks||||5,162|(4,322/|
||Decrease/(increase)
in debtors||||(73,580)|274,558|
||Increase/(decrease)
in creditors||||28,350|(508,223)|
||Defined benefit pension scheme cost less contributions|||payable||(4,000j|
||Defined benefit pension scheme finance cost|||||(73,000)|
||Defined benefit pension
gain on curtailment|||||(397,000)|
||Net cash used
in operating
activities||||(88,697)|(719,273)|
|21.|Analysis ofcash and cash equivalents||||||
||||||2020f|2019
5|
||Cash
in hand||||1,550,441|907,244|
||Total cash and cash equivalents||||1,550,441|907,244|
##
##
##
##
##
##
|Principal|actuarial
assumptions
at the Balance sheet dat|e (expressed as weighted
averages):||
|---|---|---|---|
|||At 31|At 31|
|||December|December|
|||2020|2019|
|||0/||
|Discount|rate|1.40|2.10|
|Future salary increases||3.10|2.90|
|Inflation|(RPI)|3.10|2.90|
|Inflation|(CPI)|2.40|2.10|
||At 31|At 31|
|---|---|---|
||December|December|
||2020|2019|
||Years|Years|
|Mortality rates (in years)|||
|-for a male aged 65 now|21.8|21.8|
|-at 65for a male aged 45 now|23.1|23.6|
|-for a female aged 65 now|23.7|23.6|
|-at 65 for a female aged 45 now|25.2|25.2|
##
##
##
|Pension commitments|Pension commitments|(continued)|(continued)|(continued)||||||
|---|---|---|---|---|---|---|---|---|---|
|The College's share ofthe||assets
in the scheme|||was:|||||
|||||||||At 31|At 31|
|||||||||December|December|
|||||||||2020
6|2019f|
|UK Equities|||||||||1,541,000|
|Overseas
Equities|||||||||2,731,000|
|Corporate bonds||||||||2,629,000|3,796,000|
|Fixed Interest Government|||Bonds||||||5,759,000|
|International
Bonds||||||||14,512,000|2,247,000|
|Cash and Others||||||||149,000|395,000|
|Total fair value|ofassets|||||||17,290,000|16,569,000|
|The actual return|on scheme||assets was|F1,359,000||(2019 - L1,558,000).||||
|The amounts
recognised||in the Statement||of Financial||Activities|are as follows:|||
|||||||||2020
E|2019f|
|Current service cost|||||||||(87,000/|
|Interest cost|||||||||72,000|
|Benefit changes,|gain/(loss)||on curtailment||and gain/(loss)||on settlement|40 000|397000|
|Total amount
recognised|||in the Statement of|||Financial|Activities|40,000|382,000|
|Movements
in the|present|value ofthe defined|||benefit|obligation|were as follows:|||
||||||||||2020|
||||||||||6|
|Opening
defined|benefit obligation||||||||13,466,000|
|Contributions
by|scheme participants|||||||||
|Admin Expenses||||||||||
|Actuarial Losses|||||||||2,227,000|
|Losses on curtailments||||||||||
|Interest cost|||||||||276,000|
|Benefits paid|||||||||(337,000)|
|Liabilities extinguished||on settlements|||||||(341,000)|
|Closing defined|benefit obligation||||||||15,311,000|
##
##
##
|Movements
in the|fair value ofthe|College's share ofscheme assets were|as follows',|
|---|---|---|---|
||||2020|
|Opening
fair value ofscheme||assets|16,569,000|
|Interest income|||339,000|
|Assets acquired|in a business|combination||
|Assets distributed|on settlements||(301,000)|
|Contributions
by|employer|||
|Contributions
by|scheme participants|||
|Benefits paid|||(337,000)|
|Actuarial
Gains|||1,020,000|
|Closing fair value ofscheme||assets|17,290,000|
##
|cancellable|ope|rating
leases as follows'.|||
|---|---|---|---|---|
||||2020|2019|
|Not later than||1 year|24,721|28,876|
|Later than|1 year and not later than 5 years||23,929|48,650|
||||46,650|75,528|
##
##
##