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Co-operative College Statement of Financial Activities for the Year Ended 31 July 2021

			Year Ended	31 July 2021			Year Ended	31 July 2020
		Unrestricted	Restricted	Endowment	Total Funds	Unrestricted	Restricted	Endowment	Total Funds
		Funds	Funds	Funds	2021	Funds	Funds	Funds	2020
		£	£	£	£	£	£	£	£
Income
Donations and Legacies	2	118,688	61,591	-	180,279	182,517	74,749	-	257,266
Charitable Activities	4	144,523	105,513	-	250,036	217,487	121,634	-	339,121
Investments	5	21,265	11,243	-	32,508	30,495	12,930	-	43,425
Total Income		284,476	178,347	0	462,823	430,499	209,313	0	639,812
Expenditure
Raising Funds	9	26,096	7,245	7,177	40,518	42,113	6,512	9,306	57,931
Charitable Activities	8	666,458	268,695	-	935,153	1,061,639	191,248	-	1,252,887
Restructuring Costs	13	228,604	-	-	228,604	-	-	-	-
Total Expenditure		921,158	275,940	7,177	1,204,275	1,103,752	197,760	9,306	1,310,818
Gains on Investments	16	34,118	139,606	138,287	312,011	25,177	86,753	123,992	235,922
Net Income/(Expenditure)		(602,564)	42,013	131,110	(429,441)	(648,076)	98,306	114,686	(435,084)
Strategic Investment		-	-	-	-	125,309	-	(125,309)	-
TransfersBetween Funds	22	555,564	-	(555,564)	-	522,767	-	(522,767)	-
Net Movement in Funds	22	(47,000)	42,013	(424,454)	(429,441)	0	98,306	(533,390)	(435,084)
Reconciliation in Funds
Funds Brought Forward		282,000	1,051,934	1,526,762	2,860,696	282,000	953,628	2,060,152	3,295,780
Total Funds Carried Forward		235,000	1,093,947	1,102,308	2,431,255	282,000	1,051,934	1,526,762	2,860,696

Co-operative College Balance Sheet as at 31 July 2021

	Notes	Total Funds	Total Funds
		31 July 2021	31 July 2020
		£	£
Fixed Assets
Intangible Assets	14	-	4,500
Tangible Assets	15	10,658	17,174
Investments	16	2,071,963	2,173,645
Total Fixed Assets		2,082,621	2,195,319
Current Assets
Stock	18	2,468	2,468
Debtors and Prepayments	17	74,408	115,997
Investments	16	397,500	550,000
CashatBankandin Hand	24	48,723	148,065
Total Current Assets		523,099	816,530
Liabilities
Creditors: amounts falling due within one year	19	174,465	151,153
Net Current Assets		348,634	665,377

Net Assets		2,431,255	2,860,696
The Funds of the Charity
Endowment Funds	22	1,102,308	1,526,762
Restricted Funds	22	1,093,947	1,051,934
Unrestricted Funds	22	235,000	282,000
Total Charitable Funds		2,431,255	2,860,696

The financial statements on pages 22 to 41 were approved and authorised for issue by the Board of Trustees on 31 March 2022 and approved on its behalf by

Jon Nott Chair of the Board of Trustees

Co-operative College Cash Flow Statement for the Year Ended 31 July 2021

	Notes	Year Ended 31	Year Ended 31
		July 2021	July 2020
		£	£
Cash Flows from Operating Activities:
Net Cash Used inOperating Activities	23	(677,397)	(586,578)
Cash Flows from Investing Activities:
Dividends and Interest from Investing		32,508	43,425
Purchasing of Plant and Equipment		(4,803)	(5,444)
Proceeds from Sale of Plant and Equipment		350	-
Proceeds from Sale of Investment		550,000	665,000
Net Cash Provided by Investing Activities		578,055	702,981
Change in Cash and Cash Equivalents in the		(99,342)	116,403
Reporting Period
Cash and Cash Equivalents at the Beginning		148,065	31,662
of the Reporting Period
Cash and Cash Equivalents at the End of the		48,723	148,065
Reporting Period

Notes to the Financial Statements for the Year Ended 31 July 2021

1 Accounting Policies

a

Basis of preparation and assessment of going concern

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention, modified for the revaluation of the investment portfolio which is held at market rate, in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Charities SORP FRS 102 and the Charities Act 2011.

From July to September 2020, the Trustees undertook a strategic review of the College which led them to re-size the cost base resulting in annual savings of approx. £400k. The College has £235k of unrestricted reserves and over £1m of expendable endowment. The latter is invested for income and long term gains but accessible within 3 days should it be required. The Trustees wish to preserve the expendable endowment for the long term but will use the fund as necessary to support a period to build income back. This will be reviewed annually, commencing in July 2022. Taking all these factors into account, the Trustees consider that there are no material uncertainties about the College's ability to continue as a going concern.

All values within the annual report and accounts are reported in £ sterling.

b Funds structure

The College has three types of fund. Unrestricted funds which can be spent in any manner appropriate to the furtherance of the general objectives of the charity. Restricted funds are those where the funder has provided for the funds to be spent in furtherance of a specified charitable purpose and often relate to funding for a particular project. The College also has an expendable endowment fund the Co-operative College Fund, resulting from the sale of property originally purchased with funds gifted by the co-operative movement. The funds are invested in order that the interest and gains arising can be used to support the College in the furtherance of co-operative education. The Trustees reserve the right to release funds from the endowment for strategic purposes. Details of each fund and the transactions taking place in the year can be found in note 22 to the accounts.

c

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

i) Income recognition

All income is recognised when there is an entitlement to the funds, the receipt is probable and the amount can be measured reliably. Grants are recognised when received or in accordance with the conditions set by the funding provider. Project income is recognised on actual work completed to the end of the period. Donations are recognised when the College receives the funds.

The measurement of actual work completed on a project takes into account a number of factors. Where outputs directly related to income can be identified as complete the income is recognised in full. Otherwise timesheets of staff and invoices of associates are used to determine the progress of each identifiable strand of work. Where a particular strand of work within the project is deemed to progress evenly between two points of time, income is allocated evenly over that period of time. All allocations of income to the accounting period are confirmed to available project reporting and agreed with project management.

Where entitlement to funds is not yet due or due in full because conditions for its entitlement are not met then such income is deferred to the extent that entitlement has not yet been earned. Measurement of that extent is in accordance with the most appropriate basis as detailed above.

Notes to the Financial Statements for the Year Ended 31 July 2021

ii) Expenditure

Expenditure is recognised on an accruals basis and is spent in line with the appropriate income, or in the case of core costs (staffing, rent etc.) in line with invoices and contracts of employment. Charitable expenditure enables the Co-operative College to meet its charitable objective.

Project expenditure is similarly recognised on an accruals basis. Where invoices are not available to directly attribute expenditure to the accounting period, expenditure is accrued upon the same basis as income recognition, as follows: Where outputs directly related to specific expenditure can be identified as complete the expenditure is recognised in full. Otherwise timesheets of staff and associate invoices determine the progress of work and recognition of expense. Finally, where a particular strand of work is deemed to progress evenly between two points in time, expenditure is allocated evenly over that period of time.

Governance and support costs are allocated to each charitable activity stream in proportion to its level of direct expenditure

iii) Tangible fixed assets

Tangible fixed assets are stated at cost less the accumulated depreciation. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed and reviewed for each asset and depreciated accordingly, on a straight line basis, taking into account the following minimum rates:

Plant, fixtures and fittings 10% - 33% per annum Information technology equipment 20% - 50% per annum

iv) Intangible fixed assets

Intangible fixed assets are stated at cost less the accumulated amortisation. Amortisation is calculated in equal monthly amounts based on cost. Amortisation takes place over the estimated useful life of the asset, taking into account the following minimum rates:

d

Technology investment

Stock

25% per annum

Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to sell. Cost is based on cost of purchase on a first in, first out basis. Review at the end of each reporting period determines the likely resale value of each stock item and any write down needed should this be lower than the cost of the item.

e

Debtors

Trade debtors are recorded at transaction price. Review of trade debtors takes place throughout the year and at the reporting date to determine any provision required for doubtful debts. Project debtors reflect the value of work performed less the funds received at year end. Value of work performed is based on actual expenditure incurred in performing the work except where the funding budget states alternative measurement. These alternatives may include fee rates for staff time, or round figure rates for travel and subsistence.

f

Creditors

Trade creditors are recorded at transaction price. Project creditors reflect the funds received by year end less the value of work performed by that date. Value of work performed is based on actual expenditure incurred in performing the work except where the funding budget states alternative measurement. These alternatives may include fee rates for staff time, or round figure rates for travel and subsistence.

Notes to the Financial Statements for the Year Ended 31 July 2021

g Restructuring costs

Restructuring costs contain two elements:

i) Redundancy pay

With the proviso that no redundant employee is to receive less than 2 weeks' pay, and no less than 4 weeks pay for 2 years services, the amount of entitlement will be the number of weeks' pay determined by the prescribed scale, as detailed in the Employment Rights Act 1996, increased by 75% and rounded up to the nearest halfweek.

The prescribed scale is calculated in the following manner:

1. For each year of employment from age 15 and over but under 22 half a week's pay.
1. For each year of employment from age 22 and over but under 41 one week's pay.
1. For each year of employment from age 41 and over one and a half weeks' pay.

ii) Payment in lieu of notice

Should the redundant employee not be required to work their notice period, they shall be entitled to payment in lieu of notice based on the following notice periods: 1. Less than 4 years' service, notice period of 4 weeks

More than 4 years' service, notice period of 13 weeks

Restructuring costs are recognised on an accruals basis, attributing the expense to the period in which the restructuring took place

h Financial instruments

Trade debtors and accrued income

Trade debtors and accrued income are recognised at original value. Provision is made for impairment where there is objective evidence that the College will not be able to collect all amounts.

Cash at bank and in hand

Cash at bank and in hand represents those balances held for working capital purposes and available upon demand. These are recognised at carrying value.

Trade creditors and accruals

Trade creditors and accruals are recognised at original value and subsequently measured at amortised cost unless the maturity date is less than twelve months.

Investments

Investments are recognised at fair value at each reporting date. This is taken to be the publically listed market value of the fund.

i

Investments

Investment income is recognised on an accruals basis. Investments are managed by Royal London Asset Management and are invested in a Sustainable Diversified Fund. Investments are held for income and capital growth in the long term, but in accessible funds, which are liquid enough to meet the needs of any programme, project or fund. Valuation is taken as the publically listed market value at each reporting date. To the extent that investments are expected to be utilised in the next 12 months for operational purposes they are reflected as current assets. To the extent that the funds are expected to be held for a period of over 12 months from balance sheet date they are reflected as fixed assets. Prior to the financial year to 31 July 2021, all investments were shown as fixed asset investments. The split between current and fixed asset investments represents a truer reflection of the period of investment. Prior year figures have been adjusted to reflect this change in treatment.

Notes to the Financial Statements for the Year Ended 31 July 2021

j Allocation of support and governance costs

Support costs are those functions that assist the work of the College but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the College's programmes and activities. These costs have been allocated to expenditure on charitable activities apportioned as set out in note 7.

k Strategic Investment

Strategic investment was approved in 2018 towards the development of a future co-operative university. Within 2020/21 £nil (2019/20 - £125,308) was invested from The Co-operative College Fund and is reflected as strategic investment transfers between funds.

l Pension scheme

The Co-operative College offers an auto enrolment compliant group personal pension scheme which is administered and managed by The Royal London Mutual Insurance Society Limited. Up to 30 April 2021, new employees were enrolled at an employee contribution rate of 4% with The Co-operative College paying 8%. After two years' employment employees could opt to increase their contribution to 6%, with the employer contribution increasing to 12%. From 1 May 2021 all employees are able to enrol at one of two levels of contribution either 4% (both employee and employer) or 6% (employee and employer). Contributions to the scheme are recognised in the period to which they relate.

m

Tax and VAT

The Co-operative College is a registered charity and as such is potentially exempt from taxation of its income to the extent that it falls within the charity exemptions as detailed in the Corporation Taxes Act 2010. The Co-operative College is VAT registered and charges VAT at the applicable rates according to its outputs. Where expenses can be directly attributed to a specific income stream, the VAT treatment mirrors that of the income. Where expenses cannot be directly attributed, the irrecoverable amount of VAT is calculated on the basis of staff allocation between different income streams.

2 Income from Donations and Legacies

Donations Core Funding	2021 2020 £ £ 118,112 136,433 62,167 120,833
	180,279 257,266

Income from donations and legacies above includes £61,591 relating to restricted purposes (2020: £74,749)

Notes to the Financial Statements for the Year Ended 31 July 2021

3 Grants

In 2020/21 the College received the following grants and funding:

Co-op Foundation/Big Lottery Fund #iWill Fund: Youth Co-operative Action Phase Two HMRC: Coronavirus Job Retention Scheme CAST - Catalyst and the National Lottery Community Fund COVID-19 Response: Discovery Programme Development Programme Momentum Programme Income from grants above reflects £51,399 for restricted purposes (2020: £66,098) Charitable Income 2021 Learning & Development Schools Programmes Membership Events £ £ £ £ Course and programme fees 102,638 6,250 - Projects 10,780 - - Service level agreement - - - Miscellaneous - - - Other (note 6) - - 10,867 113,418 6,250 10,867	Co-op Foundation/Big Lottery Fund #iWill Fund: Youth Co-operative Action Phase Two HMRC: Coronavirus Job Retention Scheme CAST - Catalyst and the National Lottery Community Fund COVID-19 Response: Discovery Programme Development Programme Momentum Programme Income from grants above reflects £51,399 for restricted purposes (2020: £66,098) Charitable Income 2021 Learning & Development Schools Programmes Membership Events £ £ £ £ Course and programme fees 102,638 6,250 - Projects 10,780 - - Service level agreement - - - Miscellaneous - - - Other (note 6) - - 10,867 113,418 6,250 10,867	2021 2020 £ £ 23,063 66,098 44,520 51,618 5,000 6,711 16,625 95,919 117,716 Projects Heritage Central Total £ £ £ £* - - - - 108,888 - 111,205 - - 121,985 - - - - - - 239 - 35 274 - - - 8,022 18,889
	113,418 6,250 10,867	- 111,444 0 8,057 250,036

4 Charitable Income

Charitable income above includes £105,513 relating to restricted purposes

2020 Course and programme fees Projects Service level agreement Miscellaneous Other (note 6)	Learning & Development Schools Programmes Membership Events Projects Heritage Central Total £ £ £ £ £ £ £ £* 41,549 - - - 12,570 - - 54,119 6,760 - - - 149,160 - 1,847 157,767 - - - - - 64,239 7,957 72,196 623 - - 1,340 8,746 - 1,205 11,914 - - 11,861 30,264 1,000 - - 43,125
	48,932 - 11,861 31,604 171,476 64,239 11,009 339,121

Charitable income above includes £121,634 relating to restricted purposes

All activities related to Heritage are charged back to the Co-operative Heritage Trust under a management agreement. Reporting on these activities can be found in the annual report and accounts of the Co-operative Heritage Trust. ��

Notes to the Financial Statements for the Year Ended 31 July 2021

5 Investment income

Investment income
	2021	2020
	£	£
Dividends and interest on investments	32,508	43,425
Investment income above includes £11,243 relating to restricted funds (2020:£12,930)

6 Other Charitable Income

Conferences Study visits Membership Event facilitation	2021 2020 £ £ - 25,224 - 6,040 10,867 11,861 8,022 -
	18,889 43,125

None of the above income related to restricted purposes

7 Allocation of governance and support costs

Cost of Goods Sold
Administration
Central Staffing
Infrastructure
Professional fees
Travel
Governance costs (Below)
Total

2021
2020
Basis of apportionment
£
£
£
£
£
£
13,841
-
13,841
21,298
-
21,298 Expenditure
17,331
32
17,299
27,482
168
27,314 Expenditure
285,658
50
285,608
340,197
548
339,649 Expenditure
63,006
395
62,611
76,396
732
75,664 Expenditure
11,646
-
11,646
11,384
-
11,384 Expenditure
779
-
779
5,732
1,084
4,648 Expenditure
12,236
12,236
-
16,747
16,747
- Expenditure
404,497
12,713
391,784
499,236
19,279
479,957*

*Governance and support costs are allocated to each charitable activity stream in proportion to its level of direct expenditure

Governance Costs

overnance Costs
Trustee expenses External auditor Legal fees	2021 2020 £ £ - 3,481 12,236 11,916 - 1,350
	12,236 16,747

The auditor's remuneration constituted an audit fee of £12,236 (2020: £12,150). No other services were provided by the auditor.

Notes to the Financial Statements for the Year Ended 31 July 2021

8 Charitable Expenditure

2021 Direct staffing costs Direct costs of delivery Administration Infrastructure and premises Professional fees Travel Miscellaneous Other support costs (see note 7) Governance costs (see note 7)	Learning & Development Schools Programmes Events Research Projects Heritage University Total 2021 £ £ £ £ £ £ £ £ 149,477 - 28,339 - 156,483 - - 334,299 40,504 2,324 - - 88,224 - - 131,052 3,154 - 1,824 - 5,058 - - 10,036 20,492 - 3,420 - 21,223 - - 45,135 4,647 - 681 - 4,490 - - 9,818 - - - - 316 - - 316 - - - - - - - - 161,151 1,717 25,297 - 203,619 - - 391,784 5,229 56 821 - 6,607 - - 12,713
	384,654 4,097 60,382 0 486,020 0 0 935,153

2021
Direct staffing costs
Direct costs of delivery
Administration
Infrastructure and premises
Professional fees
Travel
Miscellaneous
Other support costs (see
note 7)
Governance costs (see
note 7)

Learning &
Development
Schools
Programmes
Events
Research
Projects
Heritage
University
Total 2021
£
£
£
£
£
£
£
£
149,477
-
28,339
-
156,483
-
-
334,299
40,504
2,324
-
-
88,224
-
-
131,052
3,154
-
1,824
-
5,058
-
-
10,036
20,492
-
3,420
-
21,223
-
-
45,135
4,647
-
681
-
4,490
-
-
9,818
-
-
-
-
316
-
-
316
-
-
-
-
-
-
-
-
161,151
1,717
25,297
-
203,619
-
-
391,784
5,229
56
821
-
6,607
-
-
12,713

384,654
4,097
60,382
0
486,020
0
0
935,153

Expenditure on charitable activities was £935,153 (2020: £1,252,887) of which £666,458 (2020: £1,061,639) was unrestricted and £268,695 (2020: £191,248) was restricted

2020 Direct staffing costs Direct costs of delivery Administration Infrastructure and premises Professional fees Travel Miscellaneous Other support costs (see note 7) Governance costs (see note 7)	Learning & Development Schools Programmes Events Research Projects Heritage University Total 2020 £ £ £ £ £ £ £ 74,059 - 34,623 12,274 207,897 45,038 104,817 478,708 13,915 - 53,465 - 79,762 12,002 1,450 160,594 3,803 - 7,387 1,080 6,888 934 3,224 23,316 2,852 - 4,318 1,366 18,713 5,299 19,000 51,548 3,102 - 12,800 295 9,888 814 3,911 30,810 731 - 76 269 4,534 153 2,083 7,846 (1,500) 2,329 - - - - - 829 61,749 1,483 71,753 9,734 208,682 40,910 85,646 479,957 2,480 60 2,882 391 8,383 1,643 3,440 19,279
	161,191 3,872 187,304 25,409 544,747 106,793 223,571 1,252,887

2020
Direct staffing costs
Direct costs of delivery
Administration
Infrastructure and premises
Professional fees
Travel
Miscellaneous
Other support costs (see
note 7)
Governance costs (see
note 7)

Learning &
Development
Schools
Programmes
Events
Research
Projects
Heritage
University
Total 2020
£
£
£
£
£
£
£
74,059
-
34,623
12,274
207,897
45,038
104,817
478,708
13,915
-
53,465
-
79,762
12,002
1,450
160,594
3,803
-
7,387
1,080
6,888
934
3,224
23,316
2,852
-
4,318
1,366
18,713
5,299
19,000
51,548
3,102
-
12,800
295
9,888
814
3,911
30,810
731
-
76
269
4,534
153
2,083
7,846
(1,500)
2,329
-
-
-
-
-
829
61,749
1,483
71,753
9,734
208,682
40,910
85,646
479,957
2,480
60
2,882
391
8,383
1,643
3,440
19,279

161,191
3,872
187,304
25,409
544,747
106,793
223,571
1,252,887

Notes to the Financial Statements for the Year Ended 31 July 2021

9 Raising Funds

Raising Funds
Fundraising staff costs Membership staff costs Administration Infrastructure Travel Miscellaneous Investment management	2021 2020 £ £ - 3,541 19,541 28,370 1,254 2,547 3,570 5,419 - 106 (40) 240 16,193 17,708
	40,518 57,931

10 Employee Costs The College seeks to ensure that all colleagues are fairly rewarded for the work that they undertake. All colleagues are appointed to a role cluster and level that is appropriate to the content of their role. Each role cluster and level has specific salary bands.

The average number of colleagues employed by the College was:

Full time Part time Full time equivalents	2021 2020 8.9 15.2 7.2 5.7
	16.1 20.9
	13.9 18.9

The costs incurred in respect of these employees were:

Salaries & wages Social security Pension Other	2021 2020 £ £ 530,274 692,160 51,168 70,666 50,923 68,068 43,618 19,923
	675,983 850,817

The following one off payments relating to termination of employment have been made:

Redundancy payments	2021 2020 £ £ 134,946 -

On 16 April 2021, six members of staff were made redundant following a re-structure. On 31 July 2021 one further member of staff was made redundant as part of the same re-structure. The redundancy payments for these seven members of staff totalled £134,946.

Notes to the Financial Statements for the Year Ended 31 July 2021

11 Key Management Personnel

The College considers its key personnel to comprise the Trustees and Chief Executive & Principal. Up to December 2019, it also comprised the role of Vice Principal - Co-operative Education and Research. From December 2020 through to May 2021, the key personnel also comprised the role of Interim Chief Executive to assist with the restructure.

The total remuneration for the key management personnel was as follows:

	2021	2020
	£	£
Salaries	103,312	106,711
Pension contribution	8,661	12,805
	111,973	119,516
The remuneration of the Chief Executive & Principal, who is the highest paid		employee and	included in the above figures is as follows:
	2021	2020
Simon Parkinson (until 6 December 2019)
	£	£
Salary	-	29,968
Pension contributions	-	3,596
	0	33,564
Priscilla Ross (from 6 December 2019 until 31 July	2021	2020
2021)
	£	£
Salary	79,378	56,222
Pension contributions	8,488	6,747
	87,866	62,969
Neil Calvert (from 1 July 2021)	2021	2020
	£	£
Salary	4,333		-
Pension contributions	174		-
	4,507		0

The number of members of the key management personnel (including the Chief Executive & Principal) whose remuneration, excluding pension contributions, falls into the following bandings:

he following bandings:
£70,001 - £80,000	2021 2020
	1 1

On 6 December 2019, Simon Parkinson left his role as Chief Executive & Principal to be replaced by Dr Priscilla Ross who was previously Vice Principal. This latter role was not directly replaced. On 1 July 2021, Neil Calvert began his employment as new Chief Executive & Principal with Dr Priscilla Ross leaving the College after a handover period on 31 July 2021.

Notes to the Financial Statements for the Year Ended 31 July 2021

12 Trustee Remuneration

The Trustees received no remuneration in the performance of their duties.

No Trustees (2020: eight) were reimbursed expenses during the year (2020: £4,565).

In the prior year, these expenses included travel, accommodation and subsistence when attending the College's Centenary conference in November 2019.

The Co-operative College had the following staff trustee during the year. They received no remuneration as a Trustee. Their remuneration as an employee was as follows:

Salary Pension Contributions	Daniel Cox £ 29,531 2,082
	31,613

13 Restructuring Costs

A working group of Trustees and management team was convened from July 2020 to review the operations of the College. A reduction in cost base was recommended.

The following costs were incurred in implementing the recommendations of the group:

Redundancy Costs Outplacement support Interim CEO Professional Fees Recruitment Other Costs	£ 134,946 4,100 19,600 25,094 31,070 13,794
	228,604

14 Intangible Fixed Assets

	Website
	£
Cost
1 August 2020	18,000
31 July 2021	18,000
Amortisation
1 August 2020	13,500
Charge for year	4,500
31 July 2021	18,000
Net book value at 1 August 2020	4,500
Net book value at 31 July 2021	0
Amortisation has been charged against charitable activities	in the Statement of Financial Activities.

Notes to the Financial Statements for the Year Ended 31 July 2021

15 Tangible Fixed Assets

Cost 1 August 2020 Additions Disposals 31 July 2021 Depreciation 1 August 2020 Charge for year Disposals 31 July 2021 Net book value 1 August 2020 Net book value 31 July 2021 nvestments 1 August 2020 Divestments Valuation Gain Charges against valuation 31 July 2021		IT Equipment Plant, fixtures and fittings Total £ £ £ 84,290 77,871 162,161 3,184 1,619 4,803 (60,618) (44,060) (104,678) 26,856 35,430 62,286 69,371 75,616 144,987 6,680 1,329 8,009 (58,302) (43,066) (101,368) 17,749 33,879 51,628 14,919 2,255 17,174 9,107 1,551 10,658 Total Royal London Sustainable Diversified Fund Co-operative Group Shares Chelmsford Star Share Account £ £ £ £ 2,723,645 2,722,145 500 1,000 (550,000) (550,000) 312,011 312,011 (16,193) (16,193)
		2,469,463 2,467,963 500 1,000

16 Investments

Investments held at 31 July 2021 comprise the following:

Current Asset Investments - to be utilised within 12 months Fixed Asset Investments - to be held for at least 12 months	2021 2020 £ £ 397,500 550,000 2,071,963 2,173,645
	2,469,463 2,723,645

Investments are split between current and fixed asset investments to accurately reflect the periods for which the investment is made. Current investments reflects that element that are expected to be drawn for use within 12 months.

Investments held with Royal London in a sustainable diversified fund are reflected at fair value (their market value) at the reporting date. This treatment is in accordance paragraph 11.14(d) of FRS 102.

See accounting policy note 1 (i) which provides information on the change in presentation adopted in the 2020/21 financial statements.

Notes to the Financial Statements for the Year Ended 31 July 2021

17 Debtors

Debtors
Trade debtors Project debtors Accrued income VAT Prepayments Other debtors	2021 2020 £ £ 29,679 33,025 14,129 27,493 13,914 25,680 - 4,795 16,686 24,438 - 566
	74,408 115,997

18 Stock

Opening and closing stock	£ 2,468

19 Creditors

Trade creditors Project creditors Accruals Taxation and social security Other deferred income (note 20) Other creditors VAT	2021 2020 £ £ 36,408 42,964 20,848 44,804 49,241 28,538 13,094 17,302 16,266 8,924 36,453 8,621 2,155 -
	174,465 151,153

Included within Other creditors is £32,000 held on behalf of the Lok Swasthya SEWA Trust in relation to the COVID-19 relief fund.

20 Deferred Income

Project Creditors Core Funding Workshops Membership subscriptions	2021 2020 £ £ 20,848 44,804 - 4,667 12,141 604 4,125 3,653
	37,114 53,728

Notes to the Financial Statements for the Year Ended 31 July 2021

Reconciliation of Deferred Income

econciliation of Deferred Income
Balance at 1 Aug 2020 Amount released from previous years Amount deferred in current year Balance at 31 July 2021	£ 53,728 33,997 17,383
	37,114

21 Operating Lease Commitments

Land & Buildings Not later than one year Plant & Machinery Not later than one year ��	2021 2020 £ £ 10,528 13,511
	10,528 13,511
	- 5,331 - -
	- 5,331

	10,528 18,842

Payment under operating leases within the year amounted to:

	2021	2020
	£	£
Land and Buildings	26,882	32,427
Plant and Machinery	5,876	8,147

Notes to the Financial Statements for the Year Ended 31 July 2021

22 Charitable Funds

2021 Expendable Endowment Funds: Co-operative College Fund Restricted Funds: Les Stannard Co-operative Citizenship Fund Co-operative Pioneers Memorial Fund Joyce & Vic Butler Zambia�DGRV Together Enterprise Scotland Rwanda S.E.A.D. Project Co-op (Ad)venture Co-op Starter 2 Coop4Edu YOUCOOPE ESF/WEA�Co-operative (Ad)venture Co-op Foundation/Big Lottery Fund #iWIll Fund: Youth Co-operative Action Phase Two NSCCT Barefoot Co-operative Project CAST - Catalyst and the National Lottery Community Fund COVID-19 Response: Discovery Programme Development Programme Momentum Programme Unrestricted Funds: Revenue Reserves Total Charitable Funds	Balance at 1 August 2020 Income Expenditure Investment Gains Transfers Between Funds Balance at 31 July 2021 £ £ £ £ £ £ 1,526,762 - (7,177) 138,287 (555,564) 1,102,308
	1,526,762 0 (7,177) 138,287 (555,564) 1,102,308
	48,883 497 (8,421) 5,992 - 46,951 904,419 10,744 (30,438) 129,422 - 1,014,147 177 2 (1) 26 - 204 - 239 (239) - - - - 9,249 (9,249) - - - - 9,900 (9,900) - - - - 61,591 (61,591) - - - - 794 (794) - - - - 5,303 (5,303) - - - - 5,136 (5,136) - - - - 13,734 (13,734) - - - 98,455 23,062 (93,038) 4,166 - 32,645 - 10,780 (10,780) - - - - 5,000 (5,000) - - - - 6,711 (6,711) - - - - 15,605 (15,605) - - -
	1,051,934 178,347 (275,940) 139,606 0 1,093,947
	282,000 284,476 (921,158) 34,118 555,564 235,000
	2,860,696 462,823 (1,204,275) 312,011 0 2,431,255

Transfers between funds of £555,564 took place to maintain unrestricted reserves at agreed minimum levels.

Notes to the Financial Statements for the Year Ended 31 July 2021

2020 Expendable Endowment Funds: Co-operative College Fund Restricted Funds: Les Stannard Co-operative Citizenship Fund Co-operative Pioneers Memorial Fund Joyce & Vic Butler Zambia - DGRV Together Enterprise Scotland Rwanda S.E.A.D. Project Co-op (Ad)venture Co-op Starter 2 Coop4Edu Co-op Pathways Malawi Malawi-DGRV Co-op Foundation/Big Lottery Fund #iWIll Fund: Youth Co-operative Action Youth Co-operative Action Phase Two NSCCT Barefoot Co-operative Project Unrestricted Funds: Revenue Reserves Total Charitable Funds	Balance at 1 August 2019 Income Expenditure Investment Gains Transfers Between Funds Balance at 31 July 2020 £ £ £ £ £ £ 2,060,152 - (9,306) 123,992 (648,076) 1,526,762
	2,060,152 0 (9,306) 123,992 (648,076) 1,526,762
	44,491 664 (303) 4,031 - 48,883 831,617 12,264 (14,049) 74,587 - 904,419 161 2 (1) 15 - 177 - 6,211 (6,211) - - - - 2,426 (2,426) - - - - 7,370 (7,370) - - - - 74,749 (74,749) - - - - 8,125 (8,125) - - - - 14,310 (14,310) - - - - - - - - - - 10,334 (10,334) - - - - - - - - - 77,359 66,098 (53,122) 8,120 98,455 - 6,760 (6,760) -
	953,628 209,313 (197,760) 86,753 0 1,051,934
	282,000 430,499 (1,103,752) 25,177 648,076 282,000
	3,295,780 639,812 (1,310,818) 235,922 0 2,860,696

Transfers between funds consist of £522,767 to maintain unrestricted reserves at agreed minimum levels and £125,309 to provide strategic investment as approved by Trustees. The latter consists of funds to support the College's development towards achieving degree awarding powers and exploring the possibility of a future Co-operative University.

Endowment and Restricted Funds are held for the following purposes:

Co-operative College Fund

Resulting from the sale of property originally purchased with funds gifted by the co-operative movement. The funds are invested in order that the interest and gains arising can be used to support the College in the furtherance of co-operative education. The Trustees reserve the right to release funds from the endowment for strategic purposes. During the financial year funds were released to support College operations in line with the agreed strategic plan.

Notes to the Financial Statements for the Year Ended 31 July 2021

Les Stannard Co-operative Citizenship Fund

Given by the South East Region of The Co-operative Group the purpose of the fund is to support young people (aged 25 and under) who wish to participate in educational opportunities provided by the College. Such educational opportunities should be within a wider citizenship theme.

Co-operative Pioneers Memorial Fund

Established in early 2010 when a number of small funds were brought together, the fund aims to enable learners facing financial difficulties to participate in programmes arranged by the Co-operative College. This includes funding for bursaries and match funding for projects through which participants benefit from College services and programmes which they could not afford to do so otherwise.

Co-op Foundation/Big Lottery Fund #iWill Fund

Two grants have been awarded from this fund. The first grant, awarded in 2017 funded the project 'Youth Co-operative Action: Tackling Youth Loneliness in Rochdale and Manchester's Care Leaver Community', which completed in November 2018. The second grant for phase two of the Youth Co-operative Action project is funding the College to work in Greater Manchester, Plymouth and Hartlepool. This project began in Spring 2019 and is planned to complete by the end of 2021.

Sufficient resources are held in an appropriate form to enable the funds to be applied in accordance with any restrictions imposed.

Analysis of net assets between funds

2021 Tangible assets Intangible assets Fixed asset investments Current assets Current liabilities 2020 Tangible assets Intangible assets Fixed asset investments Current assets Current liabilities	Unrestricted Funds Restricted Funds Endowment Funds Total £ £ £ £ 10,658 - - 10,658 - - - - - 969,655 1,102,308 2,071,963 397,269 125,830 - 523,099 (172,927) (1,538) - (174,465)
	235,000 1,093,947 1,102,308 2,431,255
	Unrestricted Funds Restricted Funds Endowment Funds Total £ £ £ £ 17,174 - - 17,174 4,500 - - 4,500 - 646,883 1,526,762 2,173,645 409,809 406,721 - 816,530 (149,483) (1,670) - (151,153)
	282,000 1,051,934 1,526,762 2,860,696

Notes to the Financial Statements for the Year Ended 31 July 2021

23 Reconciliation of Net Incoming Resources to Net Cash Outflow from Operating Activities

Net income for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges Amortisation charges Disposal of assets Gains on investments Management charges against valuation of investment Dividends and interest from investments Decrease in stock Decrease in debtors Increase in creditors Net cash used in operating activities	2021 2020 £ £ (429,441) (435,084) 8,009 9,075 4,500 4,500 2,960 - (312,011) (235,922) 16,193 17,707 (32,508) (43,425) - 3,719 41,589 107,726 23,312 (14,874)
	(677,397) (586,578)

24 Analysis of Changes in Net Debt

Cash at bank and in hand Total cash and cash equivalents	Balance at 1 August 2020 Cash flows Balance at 31 July 2021 £ £ £ 148,065 (99,342) 48,723
	148,065 (99,342) 48,723

25 Contingent Liabilities and Capital Commitments

The College has no contingent liabilities or capital commitments as at the balance sheet date.

26 Related Party Transactions

The following are related party transactions, as defined by Financial Reporting Standard 102, section 33, together with details of notable transactions.

The Co-operative Heritage Trust

The Co-operative College is one of the founding members of the Co-operative Heritage Trust. The College ran the day-to-day management of the Co-operative Heritage Trust under a management agreement. This arrangement ceased on 12 October 2019.

Amounts of £4,725 (2019/20 - £107,992) and £790 (2019/20 - £642) were receivable from and payable to the Co-operative Heritage Trust for the 12 month period. At 31 July 2021 the balance owed to the College was £4,725 (2020: £nil) and the balance payable to the Co-operative Heritage Trust was £nil (2020: £175).

2021-07-31-accounts

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Co-operative College Statement of Financial Activities for the Year Ended 31 July 2021

Co-operative College Balance Sheet as at 31 July 2021

Jon Nott Chair of the Board of Trustees

Co-operative College Cash Flow Statement for the Year Ended 31 July 2021

1 Accounting Policies

a

Basis of preparation and assessment of going concern

b Funds structure

c

Critical accounting judgements and key sources of estimation uncertainty

i) Income recognition

ii) Expenditure

iii) Tangible fixed assets

iv) Intangible fixed assets

d

Stock

e

Debtors

f

Creditors

g Restructuring costs

i) Redundancy pay

ii) Payment in lieu of notice

h Financial instruments

Trade debtors and accrued income

Cash at bank and in hand

Trade creditors and accruals

Investments

i

Investments

l Pension scheme

m

Tax and VAT

2 Income from Donations and Legacies

3

Grants

4 Charitable Income

5 Investment income

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