REGisfERED COMPANY NUMBER: 09019610 (Engl•nd and Wales) REGISTERED CHARrrY NUMBER: 1157785 Audlted Hnandal Ststements feff the perk I Septemter 2023 to 31 July 2024 Heart of BKmlNJham Vcullonal Colle9e Umlted Jin Aj[t LInted Chartered Amniants Statlrtory Audito Church Court stourbWe Road Haleyjwen West Mhjlands B63 3TT
Heart ol Blmiln9ham vallOn81 COle Llmlted Contents of the Finandal StateJnents for the I Septefflr 2023 to 31 ju 2024 Report ofthe Ttuslees I to 6 Rep of the Indent Auditors 7 to 9 ststement of nala1 Artlvllles io Balan Sheet li tts 12 Cash Fb)w Ststemert 13 Notes to the Cash How Ststement 14 Notes to the financtal Statements 15 to 23 Dets11 Statement of Flnanaal Actlvitles 24 to 25
Heart of 31milngham VIatIonal College Umited Repjrt cl the Twstees for the perictyj I Sepiembef 2023 to 31 July 2024 The trustets who are also dlrrftors of the tharlty fw the purposes of the Compthes Act 2006, present thelf rerA)rt wlth the financkl st£tements of the thartty for the perfcmj I September 2023 to 31 July 2024, The tNStees have adopted the provtslons of Ac£ounbng aTrJ Rerthing by tharities: Statement of RLrOmMe1tyJ Pradice appSic3ble to charilles prep3dng thelr aCCnts in accordan with the Flnancial Repng Storrflard applicable In the UK and Republic of Ireland (FPS 102) (effective l January 2019). The accounUrrfJ Fehod has been SI)rtened to make the accwnts peri(Kl (onslrtent wth that used by major provlders of Income. The comparalive anN)unts In the accounts are therefore not enttrety comparable. This change Is perrnltted under company bw. OBJEcfivES AND ACllVmES ObJed1v and èlms Our mlsslon To pl0de an insplrational learnlw eronrnent for pThn niTed wlhjnal ethcatlon In a communlty.based setljry, enaNlng learners to achleve ex[epOI outcomes. Our vlslon To emFower our leamers to prepare themsefves lor next stage ol their 8duR lfves by provkllng them translerrabte skJlL8 that enalAe thern to be¢on WSeI Indeperrtdent lTrJfvldual$ ar¢d to flnd thelr pkce In thelr Communlty. Ourvalues openn . we use a slmple, and honest approoch Deternilnauon . we are detemilne(i to ralse p&On$ arrfl awaren, Intemally and extMMIty E¥cellencé - we alm for eXtsIlen In all ol wr teachiThJ and learnlrvJ PrOgr- we slrlve to develop the sknlb and knowbjge of our learrtets and stsff RW - we rLwnlse the valve ol eath Indivldual by wimrtlng equalty and dverslty for o EmpJ%Erment- we emkN)wer our learws to meet their aRlJons tUgh leamer led teathlng and coathln9 OUR OBJEcfivES The tharivs objectlve5 a suth charftable wrp)se5 for ihe publlc beneft as are exdUse1¥ charfiable ac£ordlng to the laws of EnglaThJ artd Wales as the Dlrecttys may fr¢xn tlme trj Ilme detenrlne th particular but not exdusfvety by the provtslon of educatyon. o Promollng sttial tndusion amongst people who are sociawy exduded by providlng oprArtunilies foT tralnlngi emOyMent or SC07 Interactlon, In order to relleve thelr need or a5si& them to IntTrte Into 5oJety. For the purFoses of thls objert, '50daMy exduded, means people are èJdLKled from sodety, or parts of gxlety, as a vIt of one or more of the folbwkng factots: o Sfftl Educational needs D5gbility Pcor EdUCat)n o Pcor SlIS attalnment o AdvaNing health by pronTr)iing and pioteding Ihe health, moral. £Ilden, Y.beIng1 skllls aThl abthtles for peopk who are deerned vulnwable. and o Pronv)tlng for the benefit of the Inhabitants of &rfngham 3rKI Ihe surrIng area the prov6slon ol ladlltles by reason of their age, infimity or disablement, financial hardshlp or 9Xtal and emnomlc Lircumslances or for the wbllc at large in the Inlere5ts 01 SC*Jol v4eifare and wlth the obj&t of i10¥19 the coThJitioft ol lile of the sald Inhamants. Pdge I
Heart of Blmilngham VLKallon81 Cdkge Umited Rewrt of the Trustees for the peAc¥J I September 2023 to 31 2024 OBJEcfivES AND ACllVrnES Significant actfvltlas Student numbers Our learner numbers have 9rown year on year SIn we were estsbllshed In 2014: 201412015: 8 learnefs 2015116.. 281& 201612017., 39 leamets 201712018.. 52 learne 201812019., 63 leamers 201912020.. 72 leamers 202012021: 82 knmers 202112022: 108 leayners 202212023.. 132 leameTS 202312024., 144 lea1$ Whatwedo: Heart of [MInghaM Vrfatkonal College (HBVC) Is a Sla115t ¢ol for youThJ pecyle aged 16-25 wth addllional needs. We offer full-¥me study prLhJramm¢s and Suprted IntemsNps thal de Indmduallsed leamln9 experlentts, developirvj key empkJyablUty and Infledent IlThY sktl& fw leamer5 wlth mlld, ernte, and severe leamlng dls3bHSlles and Autlsuc Spectrum 019Jrde¥ FReds. All students have an EHCP and are fvnded through the ESFA and thdr L(Kal Authorfty. ACHIEVEMENT AND PERFORMANCI o The Leadetshlp and Management of the ¢ollege15 strong. Govemots, leaders, and fflana9ern have establlshol a culture of hlgh exF¢ctsVc4is aTrJ hhjh levels of support Sdents and stsff. The de$Tr, StrJctU and seqvendw d the curTlaJlum Is stroro, Leaders have d¥lgnèJ J currtculum that focuses on devebplng dts. nph)YabI11ty, deVepfflt, and Irthp)den In weparatlon for adulthc<J. Currlculum plannlng ts effecuve and IrKlud8s gK£e55fv10)nat)ratlon empbyers to devel¢)p the wrriculurn In VLal aws. The dellvery of au leaching and leamlNJ actlvilftt fulty SUPPDrts 811 stUdts to make gcxxl or betier progress towards PnalIsed out¢cmes. o Leadw5 ar teachers have e5tsblisW a hlghly effecuve relauonshlp and sex oAKaÈbn ojrrkulum that trlId$ sknJenW knowledge of heathy relallonshlpsi purty, TraI hyglene, consent, arKI grMIng. o Leadets have Sue%U rjealed a cdmi purp)s¢fvl and resrful en¥lronment for thdents to leam In. o The behavlour and attitudes of siudents are excdlent. fvjl 5tsff have very hl9h for students and where there may thalleNJln9 behaoUrS they are managed hlghty effed5vely thrwgh a colla}ale and mety approach acfO&S Staff teams, As a result, Students demonstrate excepU¢)nal behavIou, and all slydthts re hlghty engaged, Leadets have establlshed hlghty effectkve support medNinlsms fw all sbjdents. T1 Indude very effthe supp)rt from the Pastorol ar WeHbdng team, Impresst¥e suppjt for students to prepare for and whi15t attending work plaMents, and an excellent transFort seThtce, o Insplrtng parbietshlps wth employtts l&xl to tKceUent emtAoyobilty QPP)rtuntlles for all students Indudhg wotkplace vlslts, workshops, an¢ work 8¢eMents. Students In placements and supted InternsNps access hlgh-quahty empbyer tralnlJYJ that thdr under#and5ng of key Infort))atbJn la15n9 to thdr Kle5 and respons1.11tle5. o Safeguardlng Is hhty effecttve ènd fvlty embedded into the etlM of the college, The DSL and leadehIp team are very respwbthe and proa(tlve In resFondlng to and actlonlng any safe9uJrdn9 concem5 o The managernent of fina5 sir9 and ersffts that the IrNient In le9wrS and opptytsjnliieg for students and staff a ex(tilent. FINANCZAL REVIEW Our Flnances Most ot the college's Inrffi Is oblalned from the ESFA c¢ Ic1 authorlty. The drity do&$ not cary out Si9nlficant fundralslpo acliVleS from the publlc.The use of tlv fund$1s flot r*kted to a partlcular purKM)5e. Dull4 the perfffil to 31 July 2024, the mllege recelvL)J tot31 IncThne cl £3,660,504 (2023: £3,258,51S) and InrrE¥l totsl wendlbjre of É3,517,574 (2023: £3,422,347). Tr SUTpIus of Ir(ome aInst exFendLwe vM5 £142.930 (2023. deftdt of £163,832). At 31 JV 2024 Ihe rt knk value of red asse15 was £394,328 {2023: £313,599) and moveJnents In tanglble flxed asseis are shown In note 11 to the flnandal 5tatem&M5, Page 2
Heart of Bltmhgham VLKOt5onal Cd UmSted Report of Ihe Twstees for the perk i September 2023 to 31 July 2024 FINANCIAL REVIEW Reserves pollLy The truslees revtew Ihe level of reseNe5 held by the d7kn annualty. Thls reyltri er0mposseS the Thare of IrKome and expendlture streams, the need lo matth commitsments the nature of reseNes, The trustee5 betkve Ihty need to have suffjdent funds to allow them to meet ObliganS arfslng and to cover any fubxe thange5 In the level of fvndlng recelve(J from the ESFA or k(al authority. at 31 Juty 2024 reserves totalbj negalfve £116,269 coMts{n9 £278,059 unrestrfrte(J fund5 kss É394,328 held as fixed assets (2023. £in,545 ne9abve comprfslng £141,045 unrestrlded fvnds less £313,599 held as fixed assets), Hang carefulty c0n5kléd the exfftrted Income and expenditufe of the college for future the trustees feel that more than IO% of annual Income shoukrf be relalned as Unrestr fifftd5 at the pwILxl eTwi. The trustees have revithyed the rrent levet of reserve5 whlch Is tekJw (2023: below) the Iokn guldellne. The tsustees expect that devd0pmts In the new year WIN help the charfty prjre$S towards meetJn9 the guklellne. A strong oveNlew of the college's flnandal p)sitbn hos been trucial work for the dliectors aThJ college leaders. Cont5nuous monitorfng of the Colle fHwrKts remalns at the fcKtlr(fftt for Dkertty5 and thllege leaders, Investments HBVC will be Inyttfjng In Icr and onllne se£wlty tlwougl*)ut 202412025, thls Yal Ind. o Securfty enhancements - Essenvals Qrtlfication SharePolnt and doud mlgration - data cleanslrffJ o Devlce Invesbnent VUTURE PLAIIS For the current academic year, 202412025, ¥Ye wlll be 9oln9 through a pert¢xl of stablllslrvj the cdlegei flnandalty. We 11 consolkjate ènd stab511se our admtles at the expartded level operdllons that has now been a(hIed. Thls vlll mean that costs are matthed by Income rather than nJnntn9 In front of income. Therefore, surpluses ratskr than deficits will be secured, In add1)n, the value ol c3Pit31 sperdlrwj M fadlltle5 enhantrments wil be rèduced tttause fvrther major Improvements 11 nrt be reNulred, Thls wll fftan that the bank holdlng stren9thens ar the net rrent asset PD51th)n knPToves to become [ye. srRucfuRE, GOVERNANCE AND MANAGEMtNT Govemlng do<4m¢nt The charlty Ss contrdled by its govemlng d(Kument, Its artEde5 of ass(KlaUon, JThl (f5jt¢S a Ilmlted company, Hmlt by guaranlee, as <kflned ty the Companles Att 21XJ6. The TW51 cl HBVC are also the Dlre(tots of the tharltsble Company for the PUrrK) of company law. Members Ilablllty Eath member of the chartlable company undertakes to contrIle to the assets of the MPanY In the event of It belng wound up vthlle helshe Is a fflember, or wtthin one year after helshe to be a member, svth amount as may te requlred, nol exceedkng £1, for ihe debts and Ilabilltlts contracbj beftxe they ceas1 to be a member. Page 3
Heart of Wmilngham Vocational Cnlleoe Umlted fte1 of the Trustes foi the ped(>J i September 2023 to 31 lY 2024 STrUCTURE, GOVERNANce AND MANAGEMENT Trustees are apwlnted In accfjrllance wth the artide5 of assodation of Ihe OTIty. fktalts of the trustees who 5eryed Ihroughout the year and the reglstered offlce are indudbj In the Refferen aThl Admtnithlive Detslls sth of th15 repY)rt. Jbject to the artides of assodat5on, a Trusiee apwlnle(l iry the Mern shall hold Offl f¢Y a twm of up to three yea from the date of hls her apntfflent. One thlrd (or the numljer nearest to one thlfd) of the Trustee must retire each year, those toThJest Sn office retsrfn9 Ilrst aThJ the cholce tetween any of equal serdce belrvJ made by drdwlng lots, A Ttustee may serve a maxlmum of three terns, of up to three yeafs per temi. A Trustee who has rJ)fflpkied three ¢tInUouS tem)s of ser os a Trusiee wli I not be ellglbk to be fapOnted as a Trustee unb1 Me year after hlslher retirement. In thls lrtlde mws Ihe betwe AGM and the next. TNstee IndvrtkM)5 are Indmdualty talored to meet the need5 of each Twstee. ernal Trnstee trdlnlng Is offer&J to all Trustees who aTe new to such 8 role covedng to(5 such as lIeS of Trustees Lfftder company and charlty law, governan ond effectlve InterFersonal relatknnshlps. TruStS who have prevlousty uryJert3ken Twstee tralnlng are Inved to UfKiertake a refresher coutse. Tralnlng needs wlll te asse%ed Indlvklualty w on annual golThJ forwards. The Charfty ts govem<JJ by the TnJ#eeg who met for meethgs thjrfng the year. Ols1On$ are tskeTh collethvdrf wlth qln5 arlslng at meetlTr9s dedded by a majority of votes. The thalr of Tnjstets has a second or osUTrJ vote In the event ¢f an equality of votes Flnon<l41 The Truslees givo of thelr t1 freely, the pay and iemunerat5on of the Fmndpal and Senlor Leade[P Team Ls set by the TrUstL4 and15 kert under annual revlew. Organlsatlonal structure The Dliectors detemilne the genernl pdlw of HBVC The day to day rUfin9 of HBVC ts passed on to the Prlncipal, supported by lfft Senlor Leader5hlP Team. The Pfkncipal undertakes the key leadershlp role ovwseelng edutIonal, pastoral and admlnEstratSve, Indudlng lknaJKlal, tssks al duljes In consullauffi with the 1)r Leadershlp Team. The Pflnclpal oversees the recent of all stsff. The Prtnclpal attends 1YrectS, meetkngs. Related pJrtlè• H8VC Is a member of Natspec, thlch u5 the oppjrtvnty to share experttse, kJth¥ledge and experlence, and seek advlce and gsjklance aLYOSS Independent Spedallst Q)Ilege sector. R]•k managernent The Dlredors are reswislbse for ihe ovexsttlng of the rfsks faj by the College. Delalled condenl[0Th5 of rf5k are delegated to the Senlor Leadef5hlp Team, Rlsks a Idenlifled, asse55ed and omtrols estsbllshe<l thrwghout the year. A ftjrmal revlew of Ihe charity's rlsk manwement processes is undertsken on an amual ba$. Rlsk Is mènaged under the headln9s of flnancial sustalnoblllty. coHege safety, stent welfwe, emfvent, college p$ and events and communlty a(Less. The maln rlsks that the Dlrectors have Iden15fbJ arKI the plans to manage ih)se rt5ks are: o Ststus . uthldlng our rewtstlon as a gc¢Afj L¥Jucat50nal provi o FInan- suffiaent fvnds to allow U)e cnllege to fvnclj o Core currkubjm - a hTh¥stlc approach to a meaningful chalwng currfculum GOIIIG CONCERN After maklng approprfe enquIe5, the &)aid of DtrtttNs has a reasonable exrctalkn that the HBVC has adequate resources to contlNe In operational existen for the foresceable fiJiure. For thls reasM, It conunues to adopt the gtslng concern ba$ in prepartno the flnallcijl stsiemetits. Further dda115 rardIng the adoptbn of the goFng concem basFS can te fJJnd In the Ststement of Accounung Polides. PUBLIC BENEFIT The Dlrertor5 have cOn5bJeI Ihe Chafity Cornmlssknn¥ reqrernent In i0Fect of pubFk tenefit. In thelr vlew, Uie tharfty meets, In full, the criterla to sat15fy the te#. Ihe Dlrectorn, annthil report dwi)es the actiyltles undertaken to fvrther Its (hanlable purF<Jses for the public benefit. Page 4
Heart of Bimthigham VarK¢no1 Cc41ege Umlted Rewt of the Tnnstees for the peikJ I Sepiember 2023 lo 31 July 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Company number 09019610 (England and Wales) Reglstered Charlty number 1157785 Reglstered offlc£ 328-331 Bromford Lane waShWL Heath Blrmln9ham B8 2SD Trustees E A Morgan Irened 3.10.24) J LawnCe R J Gowers (rwned I1.1.24) Mlss C E Hcok D W Faulkner ClÉrk tti the Trust W Lamb Prlndpal E aark Audftors Nlcklln Audtt Umlted Chartered Accountants ststutory Audltors Churd) Cwrt StOL*rbrfdge Road Halesowen West Mldlands B633 Solldtovs Bwowne Jacobx Mowl)ray Hc4Jse G75tle Meadow Road Noitlngham NG2 IBJ Banke18 HSBC 96 Nl9h Street Klngs He3th Blrmingham B14 7LD Insurance Hrok¢rs bl4lG Insuran 0121704 8411 Webslto wYn¥.hbvc.ac.uk srATEMENT OP TRusfEES' RESPONSIBILMES The trust (who are also the di¢Erttys of Heart of Blm)Ingham VcKational College Umlt8J the purFoses of company law) are iesFrJrb1e for PTeparfng the Rewrt of the Trustees and the financlal statements in ac0Ydan applKable law and United Kingth Accountlng Stsndards (ne Kingd<Nn Generalty Accepted Accounung Pradice). Paye 5
Heart of BlrftnghaM Vcotlonal Cdie9e Llmlted Rwrt of the Trustees for the peritsj i Septem1 2023 to 31 ju 2024 srATEMENT OF TRUSTEES, RESPONS18ILrrIES- cfjntlnued mpany law requlres the trustees to Pfepare Ilnandal statements for &ich finandal year whlth give a true ard view of the stste of affr5 of the tharitable 0panY arKI of the InccffilrvJ res[CeS and applthkn of ru[, Indudhg the Income and expXIrtUre, of thaitable CL¥npany for that pwlLxI. In preparing those finarijal ststements, the tSUStees are rwuked to selert sultat4e accountlng and then appty them conslstenty. obserye the methods and prtndples In the O)arity SORP; make judgemenls aThJ esttmates that are rea9)nafAe and prudent; prepare the finan statements on the golrrfJ ccrfKern ba5 unless It Is 1napw0ate to pme that the charttable company wlll continue In siness. The trustees are reSps[4e for keeplng praper ac¢t)untlrKJ records whlth dlsdose w5th reasonable acrLTrrnCy at any tlme the flnatKlal p)sI•jOn of the charltle company aTKI to enable tlwn to ensure thot tho Ilnandal ststements compty with the Companles Act 2006. They are also reSnSIb for safeguardlng the assets of charllthe company and hen f tsking reasonaL4e steps lor the preventlon and detethn of fraud and other Irregularitles. In so lar as the trustees are awa. there Is no rthvant audlt InformaY¢)n of vknlth the tharitjble companvs authtors are unayrdre; arKI the trustees have tsken all steps that therf owht to have taken to make themsew aware of any relevant aud Infomaikn and to b115h that the auditors are aware of that Infomlallon. AUDifoRS The audltors, Nkklln Audlt Umlted, be w)osed for rapIntmertt at the 1cOnng Amual General Meetkng. Approved by order of the trfJard of ITUStees on .... l.o....i..o.i..1...7X....... and 51gned on Its behalf by.. j Laviren¢¢- Tr(d*e¢ Page 6
Reiyxt of the Ir¥Jewdent Audliors to the TNstees L Heart of BtrTnlngh3m Vcollon31 College Umlted Oplnlon We have audlted ihe finandal statements of Heart of Btrmlrvjham Vocallonal College Llmttwj (the 'charitsble companv) for the perlcl ended 31 July 2024 whlch comprlse the Ststement of NTr3ndal Activille5, the Balan Sheet, the Cash How ststent and note5 to the financial ststernents, IndLKling a sumTnary of significant acLXXtnting pJlides. The flftanclal reFthng framework that has been applled in thek weparation Ls apicable law arKI Unlbj n9dc Accountlng Stsndards (Unlted ngdoM Genernlty Acttpted Acmuntin9 Pratti). In (1r opln50n the fina13[ statements: glve 8 true and falr eW of the slate of the drilable cornpanvs affa7 as 8t 31 Juty 2024 and of Its Incomlng reswrces and appllcallon of resources, IrKluding Its Inccme and exndIture, for the then ended; have teen property prepar&J In accordaKe with Unlted Klngdom Generally Aepted ACcntIn0 pract,, aTh have been prepared In acwrdantt with the requirements of the Comp3rbles Act 2006. Basls for oplnlon We conducted our aud kn ac¢or(iarKe wtth Intwnaiional Stsndards on Awjlung (UK) (IS4s (UK)) and appllcable law. re$r.b11ltjeS LHKler standards are further descrfbed In the Audr<ors' reswnslbllrtles fDr the autht of lthe flnancwAI ststements sOn of wr rert. We are lThJependent of the thaiktsble company In accordance with the ethlcal requlrements that are rdevant to our audrt of the finandal stements In the UK, Indudlng the FRCS Elhlcal Standard, and we have fvlfilled other ethkal fewnslbihtles in accordarKe wlih these reqylrwnents, We that the avdil eVIden we have obfainedls sufficient and apyopriate to prOrfe a basls for our t¥xnw. Condu4lons relatlng to golng conc•m In audiung the flnandal statements, we have condudgj ihat the tNstees' use (l the Ong concern basls of accwntlng Iti the pRparatlon of the flnanclal stslements b approprfate, Based on the work we have f0ed, we have r¥)1 kknufled any materfal uncetslntles rdatln9 to evenls or condltion5 that, Indlvldualty or CO11Ve, may cast Si9nificant doubl on the Charitab crJnpanVs aNlity to con¥nue Js a gLyng concem for a perfod of at least Iwelve months frnm vthen the farla1 ststements are authortsed for &sue. Our reswnslblNUes and the rwnslblltks of the tJU5tees vAth to golng Loncwn are dexrtsl In the relevant secth)ns of rewt. Othir Inlomiltlon The twstees are re5ponslble for the other Inf0MtI. The cttjer Infom)atlon comprtses the Infmatlon IrKJuded In the Report, other thon tho Ilnanclal statcThents arvj our ReFKvt of the Independent Audltors therem. Our Wnton on the flnala1 ststements does not cover the other lrforniatFon and, except lo the e¥teDI othervlse exrAldtSy ststed In our rewt, we do not express any form of assu1an o)ncluslon Ihereon, In connectlon TAfjth our atsdll of the flnand31 ststements, our re5ponslblHty Is to read the other Infomiab'on and, In doing g), conslder whether the other Infom11 Is materlalty IncS[Stert vth the flnandal atements or Wf knovAtrJge obtalned In the audlt or otheThse ¥)pears to be materlalty mlsstate<i. If we Idenufy suth rnalertal Inconslstendes apparent material m&ststements, we are requlred to detem)Ine whether thts glve5 rf5e to a materlal mlsstatemertt In the finandal stalements them5arfes. If, based on the WO we have performed, we Coknde that there Is a materfal misstatement of this othtr Infomtlon, are required to rwt that fact. We have nothlng to rewrt In thls regard. Mattevs on whlch we am rnqulred to report by exceptlon We have nothliKJ to rep)rt In respert of the foll1j maiters where the Charitte5 {AcAiunts and Repxwts) RegtIOnS 2008 rVIre5 us to report to you Ir, In r cplnlon., the Informatlon gfven In the RepJrt of the Tnjstees b In[lStent In any matwlal reSpt w¢th the financial statemenL8' or the charliable company hos Thjt kept adequate acuwnung remrds; OT the finandal ststements are not In agreement wth Ihe XcotEr¥J reconjs and returns; we have not recdved al the Informatlon aTh1 Éxplanathjns we requtfe for our audlt. Page 7
Report of the IndepeIent Audrts to the Tnjstees of
Heart of Blmlngharn Vational College
Unwted
Responslbllltles of trnsteos
As explaltRd more fvlly IA the Slalement of Trust ReSpOnbHittes. the tnsstees (who are also the dIr15 cf the
haritable a)mpany for U)e purp)ses of company law) are rsIble for the pieparntKn of the financial statements and
for bdng satlslled that they 9tve a tDJe and falr vlew, and for such Intemal contrc4 as the tnjstres dètem)Ine Is necessary
to enable the preparation of finaniial Staternts that aTe frcth n53terlal mlsststement, whether due to fraLKI or erDx.
In prepaAng the finondal ststements, the trustees are reswigble for oswlng the dllble companvs atility to
contlnue as a going concern, dixlothg, as appltsbfe, rnattw5 related to golng cor1 and Un9 the goln9 ioncern
ba$ of accounvng unl$ the trustees dther Intend to Iwktste the charfL3ble cfynpany or to ce35e OFwaUons, or have
Th) reall&lc alternatfve but to do 9).
Our rupon51bllltlu forthe audlt ol the Ilnandil statements
We have iEen app)iftted as 8uditors undw Sertth 144 of the Chartues Act 2011 and report In accordance th the Att
and relevant regulatlons made or having effert thereunder.
Our obl0Ve$ are to obtaln reasonable a5surnn ab3 the finandal ststements as a WIN? are free from
matérlal mlsslatement, whether due to fraud error, and to Issue a Rep)rt of th¢ IThJependent AlIr$ that Indudes
our oplnlon. Reasonat4e assuiance Is a hlgh level of assuran, It Is not a guarnntee that an audrt conduLted In
afxttdance with ISAS (UK) w1 always detect a matsial rnlsststement when it pjlsts. Mlsststements can arfse from fraud
or error and are consldered materfal If, knJr¥ldualty or In the aggre9ate, tlw mukl reasonbbty be eXpted to Inlluen
the e(onomk dedsk)ns of users taken on the basls of these Ilftarthl ststempthts.
The extent to vilikh our prlurtS are op3bl& of detertlNJ Irregularfues, Indudlng lrnud Is detsll&l beknw:
We Identsfy arKI assess rlsks of materlal mlsstatement of the flnandal ststements, whether due to fRud and erfor, Jnd
then desi9n ond perfomi audit WdureS responsrve to thrAe risks, Indudin9 1)blalnln9 audlt evldence that 6s suffldent
and approprlate to ptovlde a basls fc* our oplnlon.
In IdenUAg and assesslno rlsk% of matedal mlsststement In of kre9ularltle5, Indudlng frayd 4nd non.complEance
wlth laws and regukuons, we cnnsblered the folthylrvj..
- the nature of the Sndusty, contrd envlrofftnt arKI busSness Fwfomanca;
results of cur enqulrfes of management atrft thetr own Ident5AcaUon and assessment of the rfsks Irre9ularlties;
any maiters we have IdentIfl h8ng revlertl the companfs prtttsJures lor c£ynptylng wlth laws and regulatk)ns and
whether they were aware of any InStsn of non
Report of the Inde[nt Auditot5 to the Trustees of Heart of &mlngham V(¥aYonal College Umlb Use of our rtport This rerK)rt Is made sclety to the charitable companys tNstees, os a bly# In accordan with Part 4 of Chartlles (Accounts and Repyts) Regulat1$ 2008. Our audlt has been undertsken so that we mlght state to the dr]ble companvs trustees th¢xe matters we are requ1[ to state to them In an audltors. rekx)rt and for rto other purFM)se. To the ftillest extent Femiittoj by law, we do not aLrept or assume re¥SIlIty to anythe other than charftable company ond the thar(table u)mpany's trusiees as a tLwJy, for our audit worK for thls rep)rt, or for the opinions we have formed. Nkkjin Audtt Umll thartered Aco)untsnts Ststtrtory Auditor5 Eliolble to ad as an audRor In temis of Secuffi 1212 01 the Crynpanles Art 2006 Churd) Court StcAJrbddge Road Halesowen West Mldl3nds B633 Page 9
Heart ol Bimiingham Vctsbonal College Umtted ststement of Nnandal AttivitÈes {IncorpDraUrvJ aTr Income and tydliure Account) lor the pertcxl I September 2023 to 31 Juty 2024 1.9.23 to 31.7.24 Total fvnd5 Year Ended 31,8,23 Total funds Vnre5tricted Restdcted fund fiJNIs INCOME AND ENDOWMENTS FROM Donalions and legacles 36,497 36,497 46,898 Charltable actlvltl¢s Educaljon 3,614,482 9,525 3,624,007 3,211,617 Total 3,650.979 9,525 3,660,504 3,258,515 EXPENDMJRE ON ChaTltable actlvltl4Y Educatlon 3,511,407 3,515,007 3,419,$47 2,567 2,567 Total 3,513,974 3,600 3,517,574 3,422,347 NEf INCOMEI(EXPENDrnIRE) 137,CQ5 5.925 142,930 (163,832) RECONCIUATION OF FUNDS Totsl funds brought forward 141,054 3,356 144,410 308,242 TOTAL FUNDS CAIiRIED FORWARD 278,059 9,281 287,340 144,410 The notes fomi part of these financial ststements Page 10
Heart of m)InghaM Vocation81 College Umlted Balan Sheet 31 Juty 2024 2024 Totsl fvr 2023 Total funds fund FJXED ASSETS Tan9lble assets 394,328 394,328 313,599 CURRENT ASSEYS Debt Cash at bank and In harvj 12 ,068 58,293 54,091 97,366 49,012 9,281 133,080 9,2BI 142,361 151,457 CREorroRS iounts falling due wlthln one year 13 (236,428) <236,428) (30D,833) NET CURREIIT ASSErs (103,348) 9,281 {94,067) (149,376) TOTAL ASSEfs LESS CURRENT UABILrriES 290,980 9,281 300,261 164,223 CREDrroRS Amounis tdlllng due after more than one year (12,921) (12,921) (19,813) NA$SEr$ 278,059 9,281 287,340 144,410 PUNDS Unrethcted fijnds Resvicted funds 17 278,059 9,281 141,054 3,356 TOTAL FUNDS 287,340 1+7,410 The Charitsb m90 Is enbtled to exempilon from alIt under Secljon 477 of the Comwies Art 2006 ft)i ptrlod eTrJeLI 31 Juty 20Z4. The membern have noi dewited nc*1• wrsuant to Sectlon 476 of the COmnIeS Act 2006 requlrfng an alIE of these llnarKlal statements. The tNStees acknowledge thelr reSnbIllieS for (a) ensurlw that the chahtable company keeps aCcounu rths that comply wth S&Uons 386 gnd 387 of the Companles Act 2006 and eparSrFJ finanda statements whlth ofve a tn and falr ¥lew of the siafe of affa1 of the charftsble (ompany as at the end of each flnanclal year and of its surplu5 or defKIt for eadi finandal year In ac£ordancA wlth the regulremenls of SeLtlons 394 and 395 and whkh olheThYlse cnmpty with the reoulremenis oi th8 C4xttpanles Act 21M)6 laun9 to financial stateJnents, so far as appllcable to the dwrttable company. These finandal stalen)ents have been audRed under the requlrements of Sedlon 145 of the (harfues Act 2011. (b) The notes fom) part of these fiwKlal statemthts Page 11 o)nUnued...
Heart of Blm)ingharn Vallonal llege UmSted Balarts Sheet- c<>nUnued 31 Juty 2024 Th finandal statements have been prepared in 8crnrdance with the prO510n5 applicable tharltsbk companles subjett to the small Companles regime. The finBndal ststements were approved by the ol Trustees and aLJWsed for &sue on a.l.,aTh.l.? f.......... and were 51gned on its beh3lfby: J Law¢¢ . Trustee The notes form part of these finandal ststements Page 12
Heart of 8rnIngham Vc(allonal Colb3e Ilmited Cash Flow Ststement for the Ferlc#J I September 2023 to 31 July 2024 Periixl 1.9.23 to 31.7.24 Year End&J 31.8.23 Cash flows from operatlng a¢tfvitle% Cash generated from operatlons terest element of hlre purthase payments Pald 103,666 45,092 (2,567) (2,81)0) Net cash PTovlded by operat]ThJ actfvlttes 101,099 42,292 Cash flows from Invertlng aclvltle9 Purthase of tsrvjlble flxed assets (133,280) <41,823) Nel cash usa In Investi acbSties (133,280) (41,823) Cash flows from flnan¢lng •th111 CakNtsI repayments In year (6,892) (7,519) Net cash u*J In flnancln9 actfviues {6,892) (7,519) Changa In cash and cash 1valents Ih the reportlng perfod Cash and $h equl¥alents atthe beglnnlng of the reportlng perlod (39,073) (7,050) 97,366 104,416 Cash and cash equlvolenlj at th• end of tho Yeportlng perl¢)d 58,293 97,366 The notes fomi part of these financial statements Page 13
Heart of Bimilngham vcOn31 College Umlted Notes to the Cash Ftow Statement for the perlcwj I Septembw 2023 to 31 Juty 2024 RECONCIUATION OF NEf INCOHEI(EXPENDrnIRE) TO NEf CASH FLOW FROM OPERATANG AcrxvmES 1.9.23 to 31.7,24 Year Ended 31.8.23 Net Incomel(expoDdlture) for th• rnportlng perfod (as per tho ststement of Flnandal Actl¥itles) Adjustments for: DeprecLaOon charges Inte5t dement of hire purdmse and finano lease rentsl payments (Increase)Idecrease In debtors (Deuease)Ilncrease In Lyedknrs 142,930 {163,832) 52,551 2,567 (29,977) (64,405) 57,338 2,800 18,258 130,528 Net cash provlded by operntlons 103,666 45,092 ANALYSIS OF CHA14GES IN FUNDS At 1.9.23 Cath flow At 31.7.24 N¢t cash Cash at bank and In hand 97,366 (39,073) 58,293 97,366 (39,073) 58,293 D•bt Finance kases (27,331) 6.892 (20,439) (27,331) 6,892 (20,439) Tolal 70,035 <32,181) 37,854 The IleS ftym part of these finandal statements Page 14
Heart of Blmilngham Vocatlonal College L5mlted Notes to the finandal Ststements for the perfcKI I September 2023 to 31]uty 2024 CHARifABLe COMPANY INFORP4ATION The Heart of M11n9haM VocaUMal college L[rnIj Is a wivate Iwnibj charitsb cwany lInted by guarant not havin9 share Cakytal, incorpxaled and domicifed in EThJland and Wales. The re915tered Offi Is 328-332 8romford Lane, WashwctrJd H&ith, Blm)irvJham, England, B8 2SD. ACCOUNTING POUCIES Oagls of pr¢parlng the flnandal statements The financial ststeM1ts ol the charitatde o)mp3nyi whkh Is a public benefrt entity under FRS 102, have been prepared In aordance with the Charits'es SORP (FRS 102) 'ACcOting and Rel19 ty Charltle5: Statement of Recommended Pra¢ll applicable to thore5 preparfn9 thelr ac£ounts in aCcdance vlth the Flnandal ReF(Jrt6ng Standard apkqlcable In the UK and Rewblk of Ireland (FRS 102) (effectlve l January 2019)., FI1ncIal Rewrt6ng Stsndard 102 The Flnartld Repjtmng Standard appllcable In the UK and Republtc of Ireland, and the Companl Art 2006. The finala1 statements have been preparthl thider hlstorfcal cost conventt. Cfltlcal accoufttlno Judgements and l(ey sourcu of esumètlon untertalnty Estlmates and Judgemnts are Clinthualty evaluated armj a based on hlstorfcal PJFerfence and otr factS, Indudino ext*LtsUons of fvtuie events that are Wleved to be reasonable under the drcurnstan, The ¢xJmpany mokes esumates and asstjmpttons cryKernlrrfJ the fubjre. The rewltlng 8ccouniliig tsumates WMI, by definOn, sddom equal the related actual regjlts. The dlrLXtor5 do not belleve there are any assumptyons that have a sl9nltsnt dsk of causlng a materlJl adjusljnent to the Canwng amounts of assets and Ilablltties wlthln the n nandal year, Ineoma All Income Is recc•JnW In the Ststement of Flrlandal Acbvitles On the thartty has entJUement b) the lunds, It Is probable that the income viill be rLYelv&Y and the amount can be measured rdlabty. EXpendIre LlabllKles are recognksed as exp11(U as 9X as there Is a legal or {strUCts1e obllgauon corn the (h3rty lo that expendibjre, It Is kyobabte that a transfer of eo)n(¥nlc benefi15 WMI be requId In SellJnenI and the amwnt of the oblèaljon can meawred ieli4bly. Expenditufe Is accounted ftK on an OCCfua15 bats and has been classlfvj urbjer headlngs that legate all cost telated to the ote90ry. Vtheie rosts nn01 te d a1ts1buW to partfojlar headi¢vJs they have LEen all(t to adfvtttes on a basls conslstent wlth the use of resourca, IIreverdb1e VAT Is tharged as a o)st a9alnst Ihe activlty fv whlth the expendltsj was Inwrred, Allocatlon and apportlonm•nt of costs All costs are alkKated between È<pendiiure cawes In the Ststement of Flnandal Actmlles on a basb to reftect the use of the resour&. T8n9lble flx•d •ss4ts DeprlOnI$ provlded at the folln9 annual rntes In order to write c4f each asset over Its estjmated usefvl Ile, Hxius and fittlngs Motor vehides Computer wulpment 209/0 on cost 20% on cost 20% on cost T•xatlon The d)3rfty is exempt from ccKporai1 tsx on thariiat4e 3thiii Fund a¢<ountlng unstrIcted fvnds Can be us8J In ac(ordarts wlth the tharitable objeclfves at the etIon of the tnjstees. Restrkted furKls can onty be used for partlcul¥ rtted purp)ses wlthln the obJts of the charity. Restrfclfon5 arlse when spedlled by the donor oi when ftjnds are ralsed for partlcular restrkted wrp)ses. Further explarauon Oru natu and purpose c< each fund b Ind1 In the nclts to tho finwKial ststements. Page 15 conbnued..,
Heart of Bimin9ham Vcutional (lege Limlted Notes to the Ftnandal sratsments- contlnue<J for the period I Sepiember 2023 to 31 July 2024 ACCOUNTING POLICIES- contlnued Penslon (¢sts and other post-r¢tlrement benefits Retirefflent benents to ernployees or the tharlty a wovkled by the Teacherg Pen5k¥) SchTh and the L11 Government pen1 Sckwne, These are defined benefit sthmes. As ststed In Note 17 the Teathe, Penslon Scheme Is a muiil.emptoyer stheme and there Is Insuffldenl InfonTo1ion to Use defined acwuntlw. OnW a mlnorlty of the d)èriVs employees are In the Lo(01 Government Pe5[on Stherne arKI consequenuy no fal vdu8ilon cé the stheme I11ty has teen obtrlned for these Ilnancial ststements. Both s£hemes are therefore treated as dellned ntrtlrtl0n schemes for ac(cltIng PU a1 thè conblbutk)ns payable aR dr9ed to the Statemenr of Finandal Activi¥es In the to whkh they relats. Flnanclil Instruments The Chty enters Inio baslc financlal 1nstrurlts trnnsacllors that lèsult In the reo)gnltson of finandal assets and IlabNths Ilke trade detors and trade uedrtrss and loan5 ftom conneded companieg. det Instruments are measured at the of the ffish or other conskleraoon ex[(1 to be or pald. Current assét Investment The curyent asset Investment, telng a freehokl pmperty awaklThJ $31e, Is rwnlsed at the bwer of Ib former depreclated cost and Its net reallzable value. DONATIONS AND LEGACIES Perfc#d 1.9.23 to 31.7.24 Year Endgj 31.8.23 Parentsl donat1ffi5 (Xher Inrne 31,649 4,848 37,268 9,630 36,497 46,898 INCOME FROM CHARrrABLE AcnvIrxES Per1 1.9,23 to 31.7,24 Year Ended 31.8.23 ALI1thty Educauon Educallon Educallon Educauon Educatlon Educallon Eduotlon Edutallon Educatlon Education Educallon ESFA Inc¢me LcKal authorlty Inccme Dept ol EdLKaUon Dept for Work & Penslor SoUhLs11 coundl Walsall ajuncll Worcestwshlre ¢(ncIl Warn¥kkshlre cwn WiThJles kncome IntemsNp supr Inco Other restrlrted Inc¢ 1,526,121 1,792,798 143,616 31,B50 25,633 6,867 20,601 10,606 44,390 12,lJ(K) 9,525 1,409,821 1,587,525 111.208 20.990 18,639 10,062 13,734 25,891 13,747 3,624.7 3,211,617 Pa9e 16 o)ntlnued...
Heart of Blmilnglkim VcKaiional College Umlt Notes to the Flnandal Ststen*nts - (rJntFnued for the pedod I September 2023 to 31 July 2024 CHARITABLE ACTIVMES COSTS Suppjt costs (see te6) DlrtKt Toials EducAtt 2.761,973 753,034 3,515,007 SLIPPORT COSTS Other Educati( 753,034 Support costs, Indudèj In the above, are as follows: Other 1.9.23 to 31.7.24 Year Ended 31.8.23 Total acVvltl85 Education Catering Markettng Rent ard rates Waler rates Waste coHedlon Cleaning Gas & efethclty 0e costs Phone & mollle Subscdptlons & membershlps Legal & woftssional fees Insurance Auditors lee Repalts & rLval5 Health & safety Bank tharges & Interest Depredation IT exFendittKe Genernl expenses 64,429 4,280 372,820 4,194 9,073 ,188 13,917 15,789 15,489 41,100 13,570 15,713 8.853 9,774 10,632 154 52,551 55,725 783 65,551 1,784 332,354 3,304 8,367 42,674 IQ,003 17,437 16,629 32,138 22,263 14,230 10,714 7,555 31,232 162 57,338 57,302 753,034 731,037 NEr ItlCOMEI(EXPENDrnIRE) Net InComel(exrondre) Is ststed after ch¥glngl{creditlrvJ): Perff 1,9.23 Year Ended 31.8.23 31.7.24 rkpredation . owned assets Aud1$ fees. statut(yy audit 52,551 57,338 6,600 Page 17 ojnilnued...
Heart of Birnlftgham Vlxationèl Cdlege Umlted Notes to the flnanclal Ststements- contlnued for the peflod I Septefflber 2023 to 31 ju 2024 TRusfEES' REMUNERATION AIID BENEFITS There wete no trustee5' rernuKrati or other benEfits for the pertod endwj 31 ju 2024 for the year end 31 August 2023. Trust¢e¢ oxpenx4 There were no trustee¥ exFnses pald for the pethd emed 31 July 2024 nor the year ended 31 August 2023, STAFF cosrs Peric#l 1.9.23 Year Endbj 31.8.23 31.7.24 Wages atKI Salae5 Sc(bl security costs 01 pensiM c05ts 2,141,450 199,195 195,337 2,128,612 198,649 191,642 2,535,982 2,518,903 The average monthtyl numbv of emthees duiiNJ the perlod was as folbws: PeA 1.9,23 Ytsr Ended 31,8,23 81 31.7.24 Totsl One emF4oyee recved ernlurnents In ex5 of E60,0(A), rettlvhg emdwnents between £70,000 & £80,000 (2023: One). 10. COMPARATIVES FOR ThE STATEMENT OF FItIANcfAL AcnvmES Unrestrlcted Restrkted fuThJ fvnds Totsl fvnds INCOME AND ENDOWMENTS FROM Donath)ns and le9ades 46,898 46,898 Charllablq acdvltles Educau 3,179,975 31,642 3,211,617 Total 3,226,873 31,642 3,258,515 EXPENDrnIRE ON ChaTltable acttvltles Education 3,391,260 3,419,547 other 2,800 2,800 Tolal 3,394,060 28,287 3,422,347 NET INCOMEI(EXPENDrruRE) (167,187) 3,355 (163,832) RECONCXUATION OF FUNDS Total fUrS brght fornard 308,242 308,242 Page 18 o)ntynuoJ...
Heart of131miiWam Vcrflilonal College Llmlted Notes to the FlnandBI Ststements- contlnued lor the I sept[ 2023 to 31 Juty 2024 10. COMPARATIVES FOR THE sfATEMEiif OF FINANCIAL ACTIVThXES- c4ntinued Unrestricted Re4JicteO Totsl funds TOTAL FUNDS CARIUED FORWAIID 141,055 3,355 144,410 11, TANGIOLE nxeD ASSErs Inyovements Fithres lo operty Motor vehkles Comwter equlpment fiitlngs Totats COST At l pteMl 2023 Addltlons 213,613 88.129 74,981 44,014 97,554 79,905 1,137 466,053 133,280 At 31 Juty 2024 301.742 118,995 97,554 81,042 $99,333 DEPRECIATION At I Seplemlw 2023 Charge year 27,678 13,830 38,007 8.069 37,922 17,885 48,847 12,767 152,454 S2,SSI At 31 Juty 2024 41,508 46,076 55,897 61,614 205,005 NEf BOOK VALUE At 31 Juty 2024 260,234 72,919 41,747 19,428 394,328 At 31 AUg(t 2023 185,935 36,974 59,632 31,058 313,599 12. DEBTORS: Amourirs FALUNG DUE wfTMIM ONE YEAR 2024 2023 Trade debtots Other debtots ppaYMents and accwed Income 16,347 61,100 6,621 44,699 9,392 84,068 54,091 13. CREDffoRS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Htr6 prdse (see note 15) Trade crejthrs S13[ security and other laxes Other crojltors Acctuals and defelled income 7,518 89,683 95,269 37,358 6,6QO 7,518 53,305 47,396 17,805 174,809 236,428 300,833 Page 19 n¥nued...
Heart of Blmilngham VtiOnal ¢x41&Je UmRed Notes to the FInala1 Ststements - contlnued for the pericKI I Septembw 2023 to 31 Juty 2024 14. CREDrroRS: AMOUNTS FALUNG DUE AFTER MORE ThAN ONE YEAR 2024 2023 Hiie purthase (see rote 15) 12,921 19,813 15. LEASING AGREEMEPUS Mlnknum lease payments ftdll iJJe as follobv5: Hlre puthase contracts 2024 2023 Net obllgètions repayable: withln one year Beiween one and flve yea 7,518 12,921 7,518 19,813 20,439 27,331 Nonnl*ble cffjerntlng leases 2024 2023 Wllhln cme year 8elJYoen one and five years 66,393 199,016 43,393 74,016 26S,409 117.409 16. sEcuD DEBTS The followlng sered debts a Induded wlthln ueditor5: 2024 2023 Hlre Purthase 20,439 27,331 17. MOVÉMENT IN FUNDS Net nvnent In funds At 31.7.24 At 1.9.23 Unrertrfrted fund• Gwrdl fund 141,054 137,005 278,059 Raytrlthql funds S¢rewfix Foundati NNS Seeé Sensatton Food Legends CW Communlty 2,346 {1,480) 6,827 (947) 1,525 866 6,827 63 1,525 I,oio 3,356 5,925 9,281 TOTAL FUhlDS 144,4AO 142,930 287,340 Page 20 contirtued...
Heart of WlghaM Vcobonal Coll4e Llmlted Notes to the Flnandal Statements - continued for the period I Septembei 2023 to 31 July 2024 17. MOVEMENT IN FUNDS- conllnued Net MOvemt In fvnds, Induded In the atNJve are as follows: Incomlng Re50ur resour upended Movement funds Unr¢5trlcteAI fund$ Genwal fiJrNI 3,650,979 (3,513,974) 137,005 Restrlcted lundb Windles Communty Hub vthx FouTraation NNS Seed Sen5alkn Fcoj Legends Cow Commurdty 500 (500) (1,480) {673) {947) (1.4BO) 6,827 (947) 1,525 1,525 9,525 (3,600) 5,925 TOTAL FUNDS 3,660,504 (3,517,574) 142,930 rA)mparntlvts for movefflert In fundg Net nVefflent In fijnds At 31,8.23 At 1.9.22 Unr•strl¢t¢d funds Genernl fu 308,242 (167,188) 141,054 RothLted lund• Screwfix Foundauon Fojj L¢wids 2,346 I,oio I,oio 3,356 3,356 TOTAL FUNDS 308,242 (163,832) 144,410 Comparattve net rnovement In fuThls, IrKluded In the the are as foHows: IncomNyJ Resour resour exnded MoVnefit In fvnds Unrestrlcte41 fund Generdl fvnd 3,226,873 {3,394,061) (167,188) Restrfrt¢d funds Wlr¥Jles Communlty Hub scre Foundauc NNS Se&J Sen5al FcrJ Legends 17,895 4,400 7,5CN) I47 (17,895) (2,054) (7,500) (837) I,oio 31,fA2 (28,286) 3,356 TOTAL FUNDS 3,258,515 (3,422,347) (163,832) WlrKJles Cornmunty Hub Page 21 Ojntlnu...
Heart of Blmilngham Vcr4llonal Colkge Umiled Not&5 to the FinaTrJal Ststerrthts- contlnued for the pericrfj I Septemlw 2023 to 31 July 2024 17. MOVEMENT IN FUNDS- contlnued Fundkng towards rrfk)t of Wndles Comrnunty Hub to allow yourKJ adutts to access transferrable skills Into adu Ilfe. Provldlw l)esF<)ke aclivtties and experien, and allowing them to exF4ore the Ic(al commty. S¢Je%X Foundatlon Rfrflt and refurbish tdlet blrKk at Blackplt Lane alkkn)ents and make acctssbk for our learne. NNS Seed Fourthtljn To set up a workjng allotsnent at Blackpit Lane for ow leamers to aLKess a Gardenln9 Chjb for outdoor activltles aTrJ CYJmmunlty engagnt. In a$sl3111)n ryth Ward ErKI Gordeners A5s(datson. Food Legends To build and m?Intaln a fulty Induthe, acctsslble allotrrwit Spa onwslte at thelr base at Edgba5ton Prfory Club (EPC). 18. RELATED PARTY DISCLOSURES The key management per5wnel of tpe charfty compr1 the TNstees, the PrtndFoI and the Head of Sthdent SeNlce5. The total employee ineNts of key management pe)nnel of the chjrfty were £218,231 (2023: £115,385). 19. PENSION COMMrrMENTS The charft3ble ccthpanvs emphye¢s teljng to two prtndpal pensbn s¢henTrs: the Teattr< Penslon Stheme Etyland and Wales (Trs) for acadèmlc and related #Jff; and the Lc¢31 (l)vemment Penslon Schvne {LGPS) fc non.teachlng stsff. Both are mulU.empk)yer defined benefit schemes. The latest artuarial valuatlon ol TPS rdètth11o the perknl ended 3114arch 2012 and of the LGPS 31 Maich 2016. Contrlbullons amwnting to £36,950 We ptyable to the schemes at 31 Juty 2024 (2023,. É16,660) and are Induded wthln ueditors. Teache pS1On Scheme IntrLhJucUon The Teaths' Penslth Stheme (TPS) Is a siaiutoryi contrfbutoryi dthed bmefit xheme, govemed by the Teachers, Penslons Regukn$ (2010) ano, from l April 2014, by the Te0th; Pension Stheme Regulatlons 2014. Membershlp Is automallc for fvll.tlrne teathers In a(3demles and, from l January 2007. aOrnaUC for teathe In part-tlme employment foHowing apOntsnent or a charoe of conw although are able to opt out. The TPS Is an unfvndJ scheme and memtas on a 'pay as you g), basls . these rnnblbuvons along wlth tho mède by ¢mpbyers are uedff(ed to the ExchÈNuw. Retlrement and other pen51L¥i terefits are pald by publlc fvnds promded by Patllament. Valualion of the Teathers, Penslon Stheme Not less tharn every ftyJr years tho Govemwent Actuaryi U51ThJ rMal actuarlal prlnclples, crsrKltKts a formal aLI)Jarfal revlew of the TPS In a¢dan th the PubHr SdVI Pen5ion5 (Valuatlms and Emfver C95t Cap) Dlr&tli>ns 2014 pubFished by HM Tre05Ury. Ihe alm of the revlew Is to Skdfy the ILvel of future contrlbudons. Aduarlal scheme valuati5 are deTrjent orn aswmptjons atout the value of fubjre costs, or teneffts many other fartors, The latest acaral valuauon of the TPS was carrled out as at 31 Marth 2020 and In aMydan with the bIt knlce Pensths aluatIOnS and Emptyer Cost Cap) DlreLkns 2014. The v&uatlon rewrt was puIshed by the Deparbiient for EducaU(M on 27 October 2023. The W elements of the valuatlon and subsequent consultatlon are: - empbyer contrSbutlon rate5 set at 28.680/0 of Fenslonable pay (IndudlThJ 0.08% ernOyer admlnlstratton tharge <currentty 23.68%) Page 22 contsnued...
Heart of Blrmlngham VIKaiioftal College Umlted Notes to the Fitmndal Statemen15- contlnued f¢y the peri(1 I September 2023 to 31 July 2024 19. PENSION COMMtrMENTS- conllnu A copy of the valuaU(M) report and gJkWrtlw dlenlalkInI5 on Yie Teacherg Penslon webte. Under the deflnitions sel out In FRS 102, the TPS Is a rnuki*mployer penslon herne. The (harity has accounted for Ils conthbutions to the stheme as if it were a defined cnntributton 5theme. The charity hos set out above the Infomatlon availatAe on the xheme. LttAI Govermient Penslon Stheme The LGPS Is a funded defined bet perston scheme, wlth the assets hekj In separate trusttradmlnlstered fvnd5. Due to the fact that onty a mlrnrity of the charivs empbyees are In the L81 Govemment Pensson Stheme, no formal valuauon of the sthem Ilat41rty has bÈen Lthlra for finaThJal statements. The chahty has ccounted for Ifs conirfbutfons to the scheme as If it wore a defined contribuuon xheme. The tol31 Contrib%)n5 to defined benefit penslm fecognised as an erfpe for the year ended 31 Juty 2024 were £195,337 (2023: £191,642). Page 23
Heart of Bimilngham Vctsbonal thlege Umited Cttslled Ststement ofHnandal Athitle5 for the i Sewember 2023 to 31 July 2024 PerfcKI 1.9.23 YwEn 31.8.23 31.7.24 INCOME AND ENDOWMENTS Donatlons and legaclL8 Parental donations Other IrKome 31,649 4,848 37,268 9,630 36,497 46,898 Charltsble actlvltleg ESFA Income Local authorfty IoMe Dept of Educaym Dept for Work & Pen51on5 Sollhum coundl Walsall coundl Worc&4tersNre councll Warnylckshire coundl Wlndles Income Intern5hlp suppyt Income Other restrkted Income 1,526,121 1,792,798 143,616 31,850 25,633 6,867 20,601 10,6L16 44,390 12,ch)O 9,S25 1,409,821 1,587,525 111,208 20,990 18,639 10,062 13,734 25,891 13,747 3,624,007 3,211,617 Totsl Incornlng rexiur(49 3,660,504 3,258,515 EXPENDMIRI Charftsble a¢tlvltl4s Salary costs 91 security Pen51ons A9ency stsff 2,141,450 199,195 195,337 43,415 15,337 67,402 22,308 35,08S 42,444 2,128,612 198,649 191,642 19,036 15,870 69,246 15,799 49,656 Transport actNiiles Stsff tralning ShKlent suPrt costs Sludent Intem5hlp supFort costs 2,761,973 2,688,510 Other Hke wrchase 2,567 2,800 Support C4Mts Caterfng MarketlNJ Rent and rates Water rote5 Canied fonvard 64,429 4,280 372,820 4,194 445,723 65,551 1,784 332,354 3,304 402,993 Tlis pagE doe5 rt form part of the siatuw fina7)1 ststements Page 24
Heart of Bimilngl¥3rn vtIOnal C(Alege Llmlted Deialkd Ststement of Ftnandal Artivttles for ihe FErk¥J I September 2023 to 31 Juty 2024 Perioj 1.9.23 Year En tjed 31.7.24 31.8.23 Other Brought lonyard Waste collecilon aeaning Gas & elpxtrt¢lty Offlce costs Phme & moblk Subpu0s & membernNps LwJal & professlonal fees Insufan Audlth fee Repalrs & renewals Health & safety 8ank charges & Interest Depredat IT eire General expenses 445,723 9,073 44,188 13,917 15,789 15,489 41,lOQ 13,570 15,713 8,853 9,774 10,632 154 52,551 55,725 783 4D2,993 8,367 42.674 10,¢X)3 17,437 16,629 32,138 22,263 14,230 10,714 7,555 31,232 162 57,338 57,302 753,034 731,037 Totsl restsur expended 3,517,574 3,422,347 N•t Incom•i(&Ypendlrfj> 142,930 1163,832) Th15 page thes not fomi part d the ststuw financial statements Page 25