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||||Page|
|---|---|---|---|
|Reference and administrative||details ofthe College, its Trustees and advisers|1-2|
|Trustees' report|||3-20|
|Independent
auditors'|report|on the financial statements|21 - 23|
|Statement offinancial|activities||24|
|Balance sheet|||25-26|
|Statement ofcash flows|||27|
|Notes tothe financial|statements||28'- 49|
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|Strategic Priorities:|Strategic Priorities:|||||||
|---|---|---|---|---|---|---|---|
|Ensure our long-term||sustainability||||||
|Areas offocus||||||||
||o|Rigorous financial
management||||||
||o|Constant
review and update||of provision||||
||o|Appropriate
diversification||||||
||o|Risk assurance
measures||||||
||o|Environmental
commitment||||||
|Excel in every|aspect|ofour operation||||||
|Areas offocus||||||||
||o|Our holistic approach
to people||||||
||o|Quality assurance||||||
||o|Staff CPD and performance||management||||
||o|Staff wellbeing||||||
||o|Compliance
monitoring||||||
||o|Response to changing|legislative||environment||and the SEND landscape|
||o|Being a learning
organisation||||||
|Make the most of our||exceptional
resources||||||
|Areas offocus||||||||
||o|Accommodation
review|and|planning||||
||o|Campus
management||||||
||o|Commercial
developments||||||
||o|Satellite opportunities||||||
||o|Safeguarding||||||
||o|Partnerships||||||
|Betrailblazers,|initiators
and researchers|||||||
|Areas offocus||||||||
||o|Our position I reputation|within the sector|||||
||o|Risk appetite||||||
||o|Initiatives
and innovations||||||
||o|Marketing,
publicity
and|communication|||with|stakeholders|
||o|Award
applications||||||
||o|Build thirst for increased|understanding|||||
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||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|funds|
|||Note|2021|2021
6|2021
6|2021
6|2020f|
|Income:||||||||
|Donations
and|legacies|5|434,598|84,419||519,017|192,060|
|Charitable
activities||6|8,575,705|||8,575,705|8,849,030|
|Other trading
activities||7|369,395|||369,395|175,406|
|Investments||8|40|||40|147|
|Other income||9|||||584,964|
|Total income|||9,379,738|84,419||9,464,157|9,802,607|
|Expenditure
on:||||||||
|Raising funds||10|458,582|||458,582|343,984|
|Charitable
activities|||9,778,399|29,033||9,807,432|8,984,088|
|Total expenditure|||10,236,981|29,033||10266014|9328072|
|Net||||||||
|(expenditure)/income|||(857,243)|55,386||(801,857)|474,535|
|Transfers
between||||||||
|funds||19|503,407|98,435|(601,842)|||
|Net movement|in|||||||
|funds|||(353,836)|153,821|(601,842)|(801,857)|474,535|
|Reconciliation|of|||||||
|funds:||||||||
|Total funds brought||||||||
|forward|||1,411,253|626,834|2,867,573|4,905,660|4,431,125|
|Net movement|in funds||(353,836)|153,821|(601,842)|(801,857)|474,535|
|Total funds carried||||||||
|forward|||1,057,417|780,655|2,265,731|4,103,803|4,905,660|
##
|||||BALANCE SHEET|BALANCE SHEET|BALANCE SHEET||||
|---|---|---|---|---|---|---|---|---|---|
|||||AS AT|31 DECEMBER 2021|||||
||||||||2021||2020|
|||||Note|||8|||
|Fixed assets||||||||||
|Tangible assets|||||15||3,750,088||3,636,895|
||||||||3,750,088||3,636,695|
|Current assets||||||||||
|Stocks|||||16|41,193||21,723||
|Debtors|||||17|289,137||369,761||
|Cash at bank and|in|hand||||880,377||1,550,441||
|||||||1,210,707||1,941,925||
|Creditors: amounts||due within one year|||18|(856,992j||(673,160)||
|Net current assets|||||||353,715||1,266,765|
|Total assets less|current||liabilities||||4,103,803||4,905,660|
|Net assets|||||||4,103,803||4,905,660|
|Total net assets|||||||4,103,803||4,905,660|
##
|||Note||2021
6|2020f|
|---|---|---|---|---|---|
|Charity funds||||||
|Endowment|funds||19|2,265,731|2,867,573|
|Restricted funds|||19|780,655|626,834|
|Unrestricted|funds||19|1,057,417|1,411,253|
|Total funds||||4,103,803|4,905,660|
##
|||STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS||||
|---|---|---|---|---|---|---|---|
|||FOR THE YEAR ENDED 31DECEMBER 2021||||||
||||||Note|2021f|2020f|
|Cash flows from operating||activities||||||
|Net cash|used
in operating|activities|||21|(455,364)|(88,697)|
|Cash flows from investing||activities||||||
|Dividends,|interests
and rents from investments|||||40|147|
|Proceeds|from the sale oftangible
fixed assets||||||550|
|Purchase|oftangible
fixed assets|||||(214,740)|(138,803)|
|Net cash|used
in investing|activities||||(214,700)|(138,106)|
|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|||(670,064)|643,197|
|Cash and|cash equivalents|at the beginning|ofthe year|||1,550,441|907,244|
|Cash and cash equivalents||at the end ofthe year|||22|880,377|1,550,441|
|The notes|on pages 28 to 49form part ofthese||financial|statements||||
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||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2021
E|2021
E|2021
E|2020f|
|Donations|46,416|84,419|130,835|63,220|
|Grants|388,182||388,182|128,840|
|Total 2021|434,598|84,419|519,017|192,060|
|Total 2020|159,830|32,230|192,060||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
|||E|E|E|
|Training Fees||8,207,146|8,207,146|8,159,912|
|Miscellaneous|Income|50,553|50,553|38,065|
|School Income||47,108|47,108|111,924|
|Short Breaks Income||86,280|86,280|126,275|
|Rental Income||91,688|91,688|92,143|
|Job Retention|Scheme Income|92,930|92,930|320,711|
|Total 2021||8,575,705|8,575,705|8,849,030|
|Total 2020||8,849,030|8,849,030||
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||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2021
8|2021|2020f|
||Retail||224,879|224,879|118,186|
||Hospitality||144,516|144,516|58,220|
||Total 2021||369,395|369,395|176,406|
||Total 2020||176,406|176,406||
|8.|Investment|income||||
||||Unrestricted|Total|Total|
||||funds|funds|funds|
||||2021|2021|2020|
||||E|E||
||Interest Receivable||40|40|147|
||Total 2021||40|40|147|
||Total 2020||147|147||
##
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##
|||Unrestricted|Endowment|Total|Tolal|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2021
f|2021|2021
6|2020f|
|Sale|ofAssets||||584,964|
|Total|2021||||584,964|
|Total|2020|551|584,413|584,964||
##
|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2021
6|2021|2020f|
|Retail|and|Hospitality|Expenditure|223,686|223,686|180,328|
|Retail|and|Hospitality|Staff Costs|234,896|234,896|163,656|
|Total|2021|||458,582|458,582|343,984|
|Total|2020|||343,984|343,984||
##
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##
|||Activities||||
|---|---|---|---|---|---|
|||undertaken|Support|Total|Total|
|||directly|costs|funds|funds|
|||2021
6|2021|2021
6|2020f|
|Education||3,032,164||3,032,164|2,643,072|
|Care||3,360,845||3,360,845|3,116,880|
|Administration||745,000|733,528|1,478,528|1,650,823|
|Campus|&Estates|1,381,149|554,746|1,935,895|1,573,313|
|Total 2021||8,519,158|1,288,274|9,807,432|8,984,088|
|Total 2020||7,54k858|1,442,230|8,984,088||
##
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##
||||Administratic|Campus|&|Total|Total|
|---|---|---|---|---|---|---|---|
||Education|Care|n|Estates||funds|funds|
||2021f|2021
F|2021|2021||2021|2020|
|Staff costs|2,748,904|2,964,500||||5,713,404|5,370,719|
|Depreciation|||101,546|||101,546|61,947|
|Premises
&||||||||
|Ground Costs|92,250|12,104|134,943|1,149,183||1,388,480|900,209|
|Equipment||||||||
|Repairs and||||||||
|Maintenance|37,141|35,462|15,593|132,533||220,729|189,335|
|Licences &||||||||
|Subscriptions|5,697|20,869|62,353|2,775||91,694|93,777|
|Legal,||||||||
|Professional
8||||||||
|Consultation||||||||
|Costs|15,928|17,869|79,887|||113,684|141,044|
|Cleaning
and||||||||
|Consumables|22,898|116,030|976|60,252||200,156|197,771|
|Marketing
and||||||||
|Advertising|1,793|680|16,476|||18,949|11,733|
|Learning||||||||
|Equipment
and||||||||
|Student Activities|55,221|4,924|46,748|654||107,547|97,971|
|Printing||||||||
|Stationery and||||||||
|Computing||||||||
|Consumables|39,714|13,521|167,598|1,807||222,640|230,217|
|College Transport|8,777|2,524|61,036|224||72,561|59,271|
|External||||||||
|Contractors|375|131,298|1,084|32,053||164,810|73,682|
|Miscellaneous|3,466|41,064|56,760|1,668||102,958|114,182|
|Total 2021|3,032,164|3,360,845|745,000|1,381,149||8,519,158|7,541,858|
|Total 2020|2,643,072|3,116,880|765,828|1,016,078||7,541,858||
##
##
##
|||||Administratit|Administratit|Campus|&|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||n||Estates||funds|funds|
|||||2021
f||2021
f||2021f|2020f|
|Staff costs||||733,528||554,746||1,288,274|1,442,230|
|Total 2021||||733,528||554,746||1,288,274|1,442,230|
|Total 2020||||884,995||557,235||1,442,230||
|Auditors'
remuneration||||||||||
|||||||||2021
6|2020f|
|Fees payable|to the College's|auditor||for the audit ofthe|College's annual|||||
|accounts||||||||8,850|8,500|
|Fees payable|to the College's|auditor||in respect of:||||||
|All non-audit|services not included||above|||||1,750|1,600|
|Staff costs||||||||||
|||||||||2021f|2020f|
|Wages and salaries||||||||6,466,476|5,163,641|
|Social security costs||||||||506,124|468,680|
|Pension costs||||||||263,974|344,284|
|Agency costs||||||||129,004|43,502|
|||||||||7,365,578|7,020,I07|
##
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##
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||No.|No.|
|Charitable|staff|||250|247|
|Administration||and|support|76|79|
|Management||||4|4|
|||||330|330|
|2021|2020|
|---|---|
|No.|No.|
##
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##
##
||Freehold|Leasehold|Plant and|Motor||
|---|---|---|---|---|---|
||property|property
F|machinery|vehicles
f|Total|
|Cost or valuation||||||
|At 1 January 2021|12,676,268|467,780|609,122|253,841|14,007,011|
|Additions|24,000|74,434|116,306||214,740|
|At 31 December 2021|12,700,268|542,214|725,428|253,841|14,221,751|
|Depreciation||||||
|At 1 January 2021|9,561,115|236,404|343,064|229,533|10,370,116|
|Charge for the year||29,033|61,295|11,219|101,547|
|At 31 December 2021|9,561,115|265,437|404,359|240,752|10,471,663|
|Net book value||||||
|At 31 December 2021|3,139,153|276,777|321,069|13,089|3,750,088|
|At 31December 2020|3,115,153|231,376|266,058|24,308|3,636,895|
##
|Stocks||||||||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|Finished|goods|and|goods|for|resale|41,193|21,723|
##
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##
|||||||2021f|2020f|
|---|---|---|---|---|---|---|---|
||Due within one year|||||||
||Trade debtors|||||132,874|203,395|
||Other debtors|||||25,979||
||Prepayments
and accrued income|||||130,284|166,366|
|||||||289,137|369,761|
|18.|Creditors: Amounts|||falling due|within one year|||
|||||||2021f|2020|
||Payments
received||on account|||302,382|130,381|
||Trade creditors|||||239,900|248,976|
||Other taxation and|social security||||140,589|110,977|
||Other creditors|||||32,759|35,701|
||Accruals and deferred|||income||141,362|147,125|
|||||||856,992|673,160|
|||||||2021|2020|
|||||||F||
||Deferred
income at||1|January 2021||19,934|9,457|
||Resources deferred||during the year||||19,934|
||Amounts
released|from previous|||periods|(19,934)|(9,457)|
||||||||19,934|
##
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##
|Statement|offunds|- current|year|||||
|---|---|---|---|---|---|---|---|
||||||||Balance at 31|
||||Balance at 1|||Transfers|December|
||||January
2021|Income|Expenditure|in/out|2021|
||||6|6|6||6|
|Unrestricted|funds|||||||
|Designated|funds|||||||
|Infrastructure|Improvement|||||||
|Fund|||||(601,842)|601,842||
|General funds||||||||
|General
Funds - all||funds|666,923|9,379,738|(9,562,626)|(130,320)|353,715|
|Fixed asset|fund||744,330||(72,513)|31,885|703,702|
||||1,411,253|9,379,738|(9,635,1391|(98,435)|1,057,417|
|Total Unrestricted||funds|1,411,253|9,379,738|(10,236,981)|503,407|1,057,417|
|Endowment|funds|||||||
|Fixed asset|fund||2,265,731||||2,265,731|
|Expendable|Endowment||601,842|||(601,842)||
||||2,867,573|||(601,842)|2,265,731|
|Restricted|funds|||||||
|Fixed asset|fund||626,834|84,419|(29,033)|98,435|780,655|
|Total offunds|||4,905,660|9,464,157|(10,266,014)||4,103,803|
##
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##
|Statement|offunds|-prior year||||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||||Balance at||||31|
||||1January|||Transfers|December|
||||2020f|income
f|Expenditure|inlout|2020|
|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||17429|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|
##
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|Analysis|of n|et asse|ts|between funds|- prior year||||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Endowment|Tots/|
||||||funds|funds|funds|funds|
||||||2020|2020|2020|2020|
||||||5||||
|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)|
|Ttl|||||1,411,253|626,834|2,867,573|4,905,660|
##
||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
|||||||||6|
|Net income/expenditure||for the year (as per Statement|||of Financial|Activities)|(801,857)|474,535|
|Adjustments|for:||||||||
|Depreciation|charges||||||101,547|61,947|
|Returns
on|investments
and servicing|||offinance|||(40)|(147)|
|Loss/(profit)|on the sale offixed assets|||||||(584,964)|
|Decrease/(increase)||in stocks|||||(19,470)|5,162|
|Decrease/(increase)||in debtors|||||80,624|(73,580)|
|Increase
in|creditors||||||183,832|28,350|
|Net cash used in operating|||activities||||(455,364)|(88,697)|
##
##
##
|||2021f|2020f|
|---|---|---|---|
|Cash|in hand|880,377|1,550,441|
|Total|cash and cash equivalents|880,377|1,550,441|
##
||||||||||At 31|
|---|---|---|---|---|---|---|---|---|---|
|||||||At|1 January||December|
||||||||2021|Cash flows|2021|
||||||||||6|
|Cash|at|bank|and|in|hand||1,550,441|(670,064)|880,377|
||||||||1,550,441|(670,064)|880,377|
##
##
##
|Principal|actuarial
assumptions
at the Balance shee|t date (expressed as weighted
averages):||
|---|---|---|---|
|||At 31|At 31|
|||December|December|
|||2021|2020|
|||0/||
|Discount|rate|1.80|1.40|
|Inflation|(RPI)|3.50|3.10|
|Inflation|(CPI)|2.90|2.40|
||At 31|At 31|
|---|---|---|
||December|December|
||2021|2020|
||Years|Years|
|Mortality rates (in years)|||
|-for a male aged 65 now|21.7|21.8|
|-at 65 for a male aged 45 now|23.0|23.1|
|- for a female aged 65 now|23.5|23.7|
|-at 65 for a female aged 45 now|25.0|25.2|
##
##
##
|The Colleg|e's shar|e ofthe|assets
in the s|chem|e was.|||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||At 31|Af 31|
|||||||||December|December|
|||||||||2021|2020f|
|Corporate|bonds|||||||2,752,000|2,629,000|
|International
Bonds||||||||14,746,000|14,512,000|
|Cash and|Others|||||||56,000|149,000|
|Total fair|value|ofassets||||||17,554,000|17,290,000|
|The actual|return on scheme assets wes|||6738,000 (2020 - C1,359,000).||||||
|The amounts
recognised|||in the Statement|of Financial||Activities|are as follows.|||
|||||||||2021
6|2020f|
|Benefit changes,||gain/(loss)
on curtailment|||and gain/(loss)||on settlement||40,000|
|Movements|in the|present|value ofthe defined||benefit|obligation|were as follows:|||
||||||||||2021|
||||||||||6|
|Opening|defined|benefit obligation|||||||15,311,000|
|Admin Expenses||||||||||
|Actuarial|Losses||||||||(1,254,000)|
|Interest cost|||||||||211,000|
|Benefits paid|||||||||(474,000)|
|Liabilities|extinguished||on settlements|||||||
|Closing defined||benefit obligation|||||||13,794,000|
##
##
##
|Movemen|ts
in the fa|ir value of the College's share ofscheme assets wer|e as follows:|
|---|---|---|---|
||||2021f|
|Opening|fair value|ofscheme assets|17,290,000|
|Interest|income||239,000|
|Assets distributed||on settlements||
|Benefits|paid||(474,000)|
|Actuarial|Gains||499,000|
|Closing|fair value|ofscheme assets|17,554,000|
##
||||2021
E|2020f|
|---|---|---|---|---|
|Not later than||1 year|11,910|24,721|
|Later than|1 year and not later than 5 years||10,347|23,929|
||||22,257|48,650|
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