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← The Hive College

2024-08-31-accounts

Company Registration Number: 09687904 (England & Wales)

THE HIVE COLLEGE

(A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

THE HIVE COLLEGE

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details 1
Trustees' report 2 - 11
Statement of trustees' responsibilities 12
Independent auditor's report on the financial statements 13 - 16
Independent reporting accountant's report on regularity 17 - 16
Statement of financial activities incorporating income and expenditure account 17 - 18
Balance sheet 19 - 20
Statement of cash flows 21
Notes to the financial statements 22 - 45

THE HIVE COLLEGE

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS
Members Education Impact Academy Trust
Trustees Mr J Harris, Chief Executive Officer
Mr C Hussey, Chair of Trust Board
Mr D Bennet
Ms A Lofthouse
Mr I Lang
Ms J Malin-Burke (appointed 29 September 2023)
Company registered
number 09687904
Company name The Hive College
Principal and registered Perry Common Road
office Erdington
Birmingham
B23 7AT
Senior management
team Mr J Harris, Chief Executive Officer
Mrs K Everton, College Principal
Ms D Bryan Williams, College Assistant Principal
Mr M Shieber, College Assistant Principal
Miss H Mandleberg, Chief Finance and Operations Officer
Miss S Kelly, Cohesion and Innovation Leader

Page 1

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees present their annual report together with the financial statements and auditor's report of the charitable company for the year 1 September 2023 to 31 August 2024. The annual report serves the purposes of both a Trustees' report, and a directors' report and strategic report under company law.

Structure, governance and management

a. Constitution

The Trustees of The Hive College are also the directors of the charitable company for the purposes of company law.

The charitable company is known as The Hive College.

Details of the Trustees who served during the year, and to the date these accounts are approved are included in the Reference and administrative details on page 1.

b. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1, for the debts and liabilities contracted before they ceased to be a member.

c. Method of recruitment and appointment or election of Trustees

The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The number of Trustees shall comprise of no less than 3 but no more than 9. Trustees may be re-elected for consecutive periods not exceeding in aggregate 12 years from the date of their original appointment. Co-opted Trustees may only hold office for 1 year.

d. Policies adopted for the induction and training of Trustees

Training for all Trustees is tailored around their existing experience and skills and is arranged on an individual basis dependant on their specific training needs.

All Trustees have access to information via the college member website which holds paperwork relating to past meetings and schedule of future meetings.

One of the Trustees is appointed as the safeguarding Trustee, reviews safeguarding in the schools and provides feedback on the reviews to the Trust Board

Page 2

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management (continued)

e. Organisational structure

The governance of the college is defined in the Memorandum and Articles of Association together with the funding agreement with the Department of Education.

The Trustees have established a schedule of 4 meetings per year with designated content at each meeting.

This will be reviewed annually but specifically includes setting the college’s policies, adopting the SelfAssessment Report (SAR) and budget, monitoring performance against these plans and making decisions regarding curriculum, achievements and welfare of students and staffing/spending levels.

The Trustees have appointed an internal auditor to give assurance that the college’s Financial Procedures are being adhered to and funds are being expended appropriately.

f. Arrangements for setting pay and remuneration of key management personnel

Pay increments for all staff are subject to successful Performance Management. Staff have to meet specified targets, set and monitored by line managers in line with the college Quality Improvement Plan (QIP), and specified Trustees in the case of the college principal. All staff are paid within ranges on nationally agreed pay scales.

Objectives and activities

a. Objects and aims

b. Objectives, strategies and activities

The main objectives for the period ending 31 August 2024 are detailed below:

The strategies adopted for achieving these objectives are:

Page 3

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Objectives and activities (continued)

Significant activities linked to the trust’s charitable activities, and how they further its aims, have been:

c. Public benefit

In setting our objectives and planning our activities, the Trustees have carefully considered the Charity Commission's general guidance on public benefit.

The Hive College is an equal opportunity employer and strives to give full and fair consideration to all applicants for employment, training and promotions, irrespective of disability, gender, race, colour or sexual orientation.

Strategic report

Achievements and performance

a. Key performance indicators

Key Performance Indicators LIVE Study Programme

Subject No of learners Passed Pass rate
English 26 23 88%
Maths 26 21 81%
ICT 26 21 81%
Preparation for Work 25 22 88%

4 students were on Supported Internships, 1 (25%) has taken up an apprenticeship and 3 (75%) have taken up volunteering roles

Student Destinations

12 leavers: Paid Employment 0 Apprenticeship 3 Volunteering 7 Social Destination 0 Education 1 NEET 1

Key Performance Indicators THRIVE Study Programme

Subject No of learners Passed Pass rate
English 31 25 81%
Maths 31 22 71%
ICT 31 22 71%
Preparation for Adulthood 31 22 71%

Student Destinations

Page 4

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Strategic report (continued)

Achievements and performance (continued)

Strive Learners Progress and Destination Case Study 2023-24

Student Start points Finish points Targets Destination
Student 1  No functional
communication method		  Independent PECS
user		 100% achieved Makadown day
centre
Student 2  No functional
communication method		  Independent PECS
user		 100% achieved Applying for Care
first
Student 3  No functional
communication method
 Low engagement		  Communicating
more/no more consistently
using symbols/body
language
 Increased level of
engagement
100% achieved		 Family home
Student 4  Low engagement
 No functional
communication method		  Making choices from 2
 Higher level of
engagement across
curriculum		 100% achieved Extended PA
hours
Student 5  No functional
communication method
 Lacked in confidence
in groups
 Full support in the
bathroom and wearing
pads		  Independent PECS
user
 Confident engaging
with a range of people
individually and in groups
 No longer using pads
and able to indicate a
need to use the bathroom		 50% achieved Moved to London
Student 6  Low engagement  Improved engagement
 Makingchoices from 2		 100% achieved SENSE

Page 5

THE HIVE COLLEGE (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Strategic report (continued)

Achievements and performance (continued)

Student 7  Very low attendance
due to health
 Sociable
 Low engagement
 Engaging with more of the
curriculum when in college
 Placement ended due to
lack of availability for carers to
attend college		 50% achieved Home
Student 8  High levels of
anxiety
 No functional
communication method		  Improved behaviour
 Independent PECS user		 100% achieved Care first
Student 9  No functional
communication method
 Sociable
 Low engagement
due to low level
communication		  Uses PECS with eye gaze
board
 Higher level of engagement		 100% achieved The Ark
Student 10  Very low attendance
 Withdrawn due to
attendance		 0% achieved NEET
Student 11  Low level
engagement
 High sensory needs		  Good relationships with key
workers
 Shows preferences to
stimulus		 100% achieved Focus
Birmingham
Student 12  High sensory needs
 Low level anxiety		  Shows preferences to
stimulus		 100% achieved Current
care home
Student 13  Very low attendance
due to health
 Withdrawn due to health		 0% achieved Current
care home

Page 6

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Strategic report (continued)

Achievements and performance (continued)

Student 14  Low level
engagement		  Shows preferences to
stimulus		 100%
achieved		 Day center
 Positive relationships
with keyworkers
Student 15  Sociable  Make choices from 2
objects
0% achieved		 Moved to family
home in Poland
 Engaged with
stimuli		  Withdrawn due to moving
back to familyhome
Student 16  Low level
engagement		  Using communication
book to support signing and
verbal communication		 100%
achieved		 Makadown day
centre
 Very sociable  High level of engagement
Student 17  Low level of
engagement with
communication
book		  Higher level of
engagement with
communication book -
communication device
brought		 100%
achieved		 Brias barn
 High anxiety
within college –
low level behaviour
 Higher level of
engagement in the
curriculum
 Sociable  Better attitude towards
college
Student 18  No functional
communication		  Moved to higher ability
class		 100%
achieved		 Care first
 Limited social
skills due to lack
of communication		  Able to communicate
using communication book
 Low
engagement		  Very sociable
Student 19  High level of
anxiety		  Withdrawn due to
behaviour		 0% achieved Social worker
support
 No functional
communication
Student 20  Attended for 2
weeks only
 Other FE placement after
tribunal
0% achieved		 Victoria College

Page 7

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Strategic report (continued)

Achievements and performance (continued)

Student Destinations 20 leavers Social Destination 11 Education 8 NEET 1

Attendance for the academic year

LIVE – 87% THRIVE – 89% STRIVE – 82% Total average – 86%

Retention for the academic year

89%

b. Going concern

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Financial review

The financial results of The Hive College are detailed in the following pages. It is considered that the finances are sound and well established.

The principal funding source is grant income. All expenditure of this grant income is planned to fulfil the objectives and strategies of the college.

During the year ended 31 August 2024 the College received total funding of £3,568,886 compared to total resources expended of £3,115,140 to give a surplus for the year of £453,746 which included depreciation of £99,674.

The Trustees review the level of reserves and are aware of the requirement to balance current and future needs. The Trustees always aim to set a balanced budget with annual income balancing annual expenditure. As such,the Trustees review the reserve levels of the College annually. This review encompasses the nature of income and expenditure streams.The College Reserves Policy expects that all Trust schools will hold a prudent level of reserves. It is expected that the target level of reserves are between 5-8% of income

After transfers, the College made a £339,746 surplus for the year resulting in £1,146,657 of free reserves at the year end.

a. Reserves policy

The Trustees continually monitor the reserves of the College. This process encompasses the nature of income and expenditure streams and the need to match commitments with income and nature of reserves. It is the Trust Board’s general policy to continue to build reserves which can be used for future educational purposes.

The College had total funds at 31 August 2024 of £3,057,515 which included £1,054,426 restricted funds, £92,231 of free reserves defined as unrestricted funds available for general purposes and £1,910,858 which can only be realised by the disposal of tangible fixed assets.

The balance on restricted general funds (excluding pension reserve) plus the balance on unrestricted funds was

Page 8

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

a surplus of £2,965,284.

The Trustees regularly review the level of reserves to ensure the college is sustainable and monitor the number of months the reserves can fund.

b. Investment policy

The College does not have an investment policy. The school reviews investing funds in a high interest account on a regular basis depending on interest rates. At 31 August 2024, the College had no funds invested in a high interest deposit account.

c. Principal risks and uncertainties

The Trustees have considered the major risks and uncertainties facing the charitable company which include changes in legislation and regulations and cash flow management and have put in place procedures to deal with these matters. During the Covid pandemic electronic procedures were introduced for all business and operational systems which will be retained going forward.

Attention has also been focused on non-financial risks arising from fire, health and safety. These risks are managed by ensuring accreditation is up to date, having robust policies in place, and regular awareness training for staff working in these operational areas.

Outlined below is a description of the principal risk factors that may affect the college. However, not all factors are within the College’s control and other factors besides those listed below may also adversely affect the college.

  1. Government funding

The college has considerable reliance on continued government funding through the Local Authority (LA).

This risk has and will be mitigated in a number of ways:

The financial statements report the share of the local government pension scheme deficit on the College’s balance sheet in line with the requirements of FRS 17.

The College takes professional advice on this position and makes appropriate contributions on the basis of that advice to ensure the deficit does not become unmanageable.

3. Student strategy

The College attracts prospective students by:

With ongoing commitment to quality, the college provides high quality learning environments for all the students.

Page 9

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Fundraising

The college does not use external fundraisers. All fundraising undertaken during the period was monitored by the Trustees.

Streamlined energy and carbon reporting

The Energy and Carbon Reporting Regulations came into force on 1 April 2019. As the College consumes more than 40,000 kWh of energy, we report below our energy consumption for the year to 31 August 2024.

The Charitable Company's greenhouse gas emissions and energy consumption are as follows:

Energy consumption used to calculate emissions (kWh)
Energy consumption breakdown (kWh):
Gas
Electricity
Transport fuel
Scope 1 emissions (in tonnes of CO2 equivalent):
Gas consumption
Owned transport
Total scope 1
Scope 2 emissions (in tonnes of CO2 equivalent):
Purchased electricity
Scope 3 emissions (in tonnes of CO2 equivalent):
Business travel in employee-owned or rental vehicles
Total gross emissions (in tonnes of C02 equivalent):
Intensity ratio:
Tonnes of CO2 equivalent per pupil		 2024
689,650
449,337
152,614
87,698
96.38
21.84
118.22
31.60
0.13
149.95
1.25		 2023
640,274
489,184
70,059
81,031
89.31
20.18
109.49
14.51
0.13
124.13
1.04

Quantification and Reporting Methodology

We follow the Government’s 2019 Environmental Reporting Guidelines and 2020 Conversion Factors for Company Reporting, as well as the GHG Protocol Corporate Accounting and Reporting Standard. The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per student, the recommended ratio for the sector.

Measures Taken to Improve Energy Efficiency

The College is starting to develop an overarching decarbonisation strategy and has the ambition to move towards renewable energy sources such as solar power over the next five years. We are about to embark on comprehensive site surveys to investigate the extent to which we can embrace this source of energy.

Page 10

THE HIVE COLLEGE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Plans for future periods

The College’s student numbers have increased steadily from 10 in September 2013 to 120 in September 2023. In September 2024 the number of commissioned places is 137.

The College facilities will continue to be developed and further capital investment will be sought to facilitate this expansion.

Funds held as custodian on behalf of others

Neither The Hive College nor the Trust Board is acting as third party custodian trustees.

Disclosure of information to auditor

Insofar as the Trustees are aware:

The Trustees' report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, and signed on its behalf by:

C. Huusey s Chair of Trustees

Date: 23 December 2024

Page 11

THE HIVE COLLEGE

(A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the Academies Accounts Direction published by the Education and Skills Funding Agency, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for ensuring that in its conduct and operation the Charitable Company applies financial and other controls, which conform with the requirements both of propriety and of good financial management. They are also responsible for ensuring grants received have been applied for the purposes intended.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

C. Hussey Chair of Trustees

Date: 23 December 2024

Page 12

(A company limited by guarantee)

THE HIVE COLLEGE

INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE HIVE COLLEGE

Opinion

We have audited the financial statements of The Hive College (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities SORP 2019 and the Academies Accounts Direction 2023 to 2024 issued by the Education and Skills Funding Agency.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

(A company limited by guarantee)

THE HIVE COLLEGE

INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE HIVE COLLEGE (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 14

(A company limited by guarantee)

THE HIVE COLLEGE

INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE HIVE COLLEGE (CONTINUED)

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities, the Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102), Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The key laws and regulations we considered in this context were General Data Protection Regulation, health and safety legislation, Ofsted and employee legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquire of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, and reading minutes of meetings of those charged with governance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 15

THE HIVE COLLEGE

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF THE HIVE COLLEGE (CONTINUED)

Use of our report

This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Matt Doyle-Healey (Senior statutory auditor)

for and on behalf of Crowe U.K. LLP

Statutory Auditor

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

Date: 23 December 2024

Page 16

THE HIVE COLLEGE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Note
Income from:
Donations and capital
grants
3
Other trading activities
Investments
6
Charitable activities
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income
Transfers between
funds
16
Net movement in
funds before other
recognised
gains/(losses)
Other recognised
gains/(losses):
Actuarial gains on
defined benefit pension
schemes
22
Pension surplus not
recognised
22
Net movement in
funds		 Unrestricted
funds
2024
£
-
72,373
153
5,725
78,251
-
-
78,251
-
78,251
-
-
78,251		 Restricted
funds
2024
£
-
-
-
3,367,538
3,367,538
3,015,466
3,015,466
352,072
(15,929)
336,143
34,000
(148,000)
222,143		 Restricted
fixed asset
funds
2024
£
123,097
-
-
-
123,097
99,674
99,674
23,423
15,929
39,352
-
-
39,352		 Total
funds
2024
£
123,097
72,373
153
3,373,263
3,568,886
3,115,140
3,115,140
453,746
-
453,746
34,000
(148,000)
339,746		 Total
funds
2023
£
89,802
23,326
210
2,826,260
2,939,598
2,695,347
2,695,347
244,251
-
244,251
230,000
-
474,251

Page 17

THE HIVE COLLEGE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Note
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2024
£
13,980
78,251
92,231		 Restricted
funds
2024
£
832,283
222,143
1,054,426		 Restricted
fixed asset
funds
2024
£
1,871,506
39,352
1,910,858		 Total
funds
2024
£
2,717,769
339,746
3,057,515		 Total
funds
2023
£
2,243,518
474,251
2,717,769

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 45 form part of these financial statements.

Page 18

THE HIVE COLLEGE (A company limited by guarantee) REGISTERED NUMBER: 09687904

BALANCE SHEET AS AT 31 AUGUST 2024

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Defined benefit pension scheme asset
22
Total net assets		 403,690
1,305,969
1,709,659
(428,942)		 2024
£
1,776,798
1,776,798
1,280,717
3,057,515
3,057,515
-
3,057,515		 251,424
3,068,662
3,320,086
(2,433,823)		 2023
£
1,821,506
1,821,506
886,263
2,707,769
2,707,769
10,000
2,717,769

Page 19

THE HIVE COLLEGE (A company limited by guarantee) REGISTERED NUMBER: 09687904

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024

2024 2023
Note £ £
Funds of the Charitable Company
Restricted funds:
Fixed asset funds 16 1,910,858 1,871,506
Restricted income funds 16 1,054,426 822,283
Restricted funds excluding pension asset /
liability 16 2,965,284 2,693,789
Pension reserve 16 - 10,000
Total restricted funds 16 2,965,284 2,703,789
Unrestricted income funds 16 92,231 13,980
Total funds 3,057,515 2,717,769

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements on pages 17 to 45 were approved by the Trustees, and authorised for issue on 23 December 2024_______ and are signed on their behalf, by:

Mr C Hussey

(Chair of Trustees)

The notes on pages 22 to 45 form part of these financial statements.

Type text here

Page 20

THE HIVE COLLEGE

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
18
Cash flows from investing activities
19
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20, 21
The notes on pages 22 to 45 form part of these financial statements		 2024
£
(1,830,977)
68,284
(1,762,693)
3,068,662
1,305,969		 2023
£
1,772,099
(776,062)
996,037
2,072,625
3,068,662

Page 21

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. Accounting policies

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgments and key sources of estimation uncertainty, is set out below.

1.1 Basis of preparation of financial statements

The financial statements of the Charitable Company, which is a public benefit entity under FRS 102, have been prepared under the historic cost convention 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 (Charities SORP (FRS 102)), the Charities Act 2011 and the Companies Act 2006.

1.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charitable Company to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charitable Company's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

All incoming resources are recognised when the Charitable Company has entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Grants

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of meeting any performancerelated conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.

General Annual Grant is recognised in full in the Statement of financial activities in the year for which it is receivable and any abatement in respect of the year is deducted from income and recognised as a liability.

Capital grants are recognised in full when there is an unconditional entitlement to the grant. Unspent amounts of capital grants are reflected in the Balance sheet in the restricted fixed asset fund. Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended.

Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured.

Page 22

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Charitable activities

These are costs incurred on the Charitable Company's educational operations, including support costs and costs relating to the governance of the Charitable Company apportioned to charitable activities.

All resources expended are inclusive of irrecoverable VAT.

1.5 Tangible fixed assets

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding requiring the continued use of the asset, the related grants are credited to a restricted fixed asset fund in the Statement of financial activities and carried forward in the Balance sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the Statement of financial activities. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged to the unrestricted fund.

Depreciation is provided on all tangible fixed assets other than freehold land and assets under construction, at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Depreciation is provided on the following basis:

Long-term leasehold property - 2%
Furniture and equipment - 20%
Computer equipment - 33%
Motor vehicles - 20%

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Page 23

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. Accounting policies (continued)

1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

1.9 Financial instruments

The Charitable Company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charitable Company and their measurement bases are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 14. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 15. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Page 24

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. Accounting policies (continued)

1.10 Pensions

Retirement benefits to employees of the Charitable Company are provided by the Teachers' Pension Scheme ("TPS") and the Local Government Pension Scheme ("LGPS"). These are defined benefit schemes.

The TPS is an unfunded scheme and contributions are calculated to spread the cost of pensions over employees’ working lives with the Charitable Company in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary based on quadrennial valuations using a prospective unit credit method. TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

The LGPS is a funded multi-employer scheme, and the assets are held separately from those of the Charitable Company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each Balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of financial activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.

Actuarial gains and losses are recognised immediately in other recognised gains and losses.

1.11 Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the Charitable Company at the discretion of the Trustees.

Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by the funders where the asset acquired or created is held for a specific purpose.

Restricted general funds comprise all other restricted funds received with restrictions imposed by the funder/donor and include grants from the Department for Education Group.

Investment income, gains and losses are allocated to the appropriate fund.

Page 25

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 22, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 August 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

3. Income from donations and capital grants

Unrestricted
funds
2024
£
Capital grants
-
Unrestricted
funds
2023
£
Donations
150
Capital grants
-
150		 Restricted
fixed asset
funds
2024
£
123,097
Restricted
fixed asset
funds
2023
£
-
89,652
89,652		 Total
funds
2024
£
123,097
Total
funds
2023
£
150
89,652
89,802

Page 26

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. Funding for the Charitable Company's charitable activities

Unrestricted
funds
2024
£
Educational operations
DfE grants
General Annual Grant (GAG)
-
Other DfE grants
-
-
Other Government grants
Local authority: SEN funding
-
-
Other income from the Charitable Company Trust's
educational operations
5,725
5,725
Unrestricted
funds
2023
£
Educational operations
DfE grants
General Annual Grant (GAG)
-
Other DfE grants
-
-
Other Government grants
Local authority: SEN funding
-
Local authority other grants
-
-
Other income from the Charitable Company Trust's
educational operations
5,800
5,800		 Restricted
funds
2024
£
1,379,241
107,290
1,486,531
1,881,007
1,881,007
-
3,367,538
Restricted
funds
2023
£
1,261,235
27,618
1,288,853
1,513,693
17,914
1,531,607
-
2,820,460		 Total
funds
2024
£
1,379,241
107,290
1,486,531
1,881,007
1,881,007
5,725
3,373,263
Total
funds
2023
£
1,261,235
27,618
1,288,853
1,513,693
17,914
1,531,607
5,800
2,826,260

Page 27

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

5. Income from other trading activities

Unrestricted
funds
2024
£
Other income
72,373
Unrestricted
funds
2023
£
Other income
23,326
6.
Investment income
Unrestricted
funds
2024
£
Investment income
153
Unrestricted
funds
2023
£
Investment income
210		 Total
funds
2024
£
72,373
Total
funds
2023
£
23,326
Total
funds
2024
£
153
Total
funds
2023
£
210

Page 28

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

7.
Expenditure
Expenditure on fundraising trading activities:
Direct costs
Allocated support costs
Expenditure on fundraising trading activities:
Direct costs
Allocated support costs		 Staff Costs
2024
£
1,717,563
647,011
2,364,574
Staff Costs
2023
£
1,209,308
609,264
1,818,572		 Premises
2024
£
-
149,910
149,910
Premises
2023
£
129,821
249,159
378,980		 Other
2024
£
300,156
300,500
600,656
Other
2023
£
58,797
438,998
497,795		 Total
2024
£
2,017,719
1,097,421
3,115,140
Total
2023
£
1,397,926
1,297,421
2,695,347

8. Analysis of expenditure by activities

Educational operations
Educational operations		 Activities
undertaken
directly
2024
£
2,017,719
Activities
undertaken
directly
2023
£
1,397,926		 Support
costs
2024
£
1,097,421
Support
costs
2023
£
1,297,421		 Total
funds
2024
£
3,115,140
Total
funds
2023
£
2,695,347

Page 29

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Other support costs
Premesis costs
Professional fees
Governance costs		 Total
funds
2024
£
647,011
305,206
138,274
-
6,930
1,097,421		 Total
funds
2023
£
609,264
259,515
249,159
174,783
4,700
1,297,421

Included within governance costs are any costs associated with the strategic as opposed to day-to-day management of the charitable company's activities. These costs will include any employee benefits for governorship, the cost of charity employees involved in meetings with governors, and costs relating to constitutional and statutory requirements including audit and preparation of statutory accounts.

9. Net income

Net income for the year includes:

2024 2023
£ £
Operating lease rentals 25,000 25,000
Depreciation of tangible fixed assets 99,674 112,887
Fees paid to auditor for:
- audit 4,000 4,700
- other services 1,650 -

Page 30

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. Staff

a. Staff costs and employee benefits

Staff costs during the year were as follows:

Wages and salaries
Social security costs
Pension costs
Agency staff costs
Staff restructuring costs
Staff restructuring costs comprise:
Severance payments		 2024
£
1,732,428
144,641
325,892
2,202,961
161,613
-
2,364,574
2024
£
-
-		 2023
£
1,352,434
97,161
292,859
1,742,454
72,618
3,500
1,818,572
2023
£
3,500
3,500

b. Staff numbers

The average number of persons employed by the Charitable Company during the year was as follows:

Teachers
Administration and support
Management		 2024
No.
10
65
3
78		 2023
No.
8
63
3
74

Page 31

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

10. Staff (continued)

c. Higher paid staff

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £70,001 - £80,000 1 1

d. Key management personnel

The key management personnel of the Charitable Company comprise the Trustees and the senior management team as listed on page 1. The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Charitable Company was £269,837 (2023 - £237,913).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL) .

12. Trustees' and Officers' insurance

In accordance with normal commercial practice, the Charitable Company has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on business. The insurance provides cover up to £5,000,000 on any one claim and the cost for the year ended 31 August 2024 was £25,865 (2023 - £25,070). The cost of this insurance is included in the total insurance cost.

Page 32

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

13. Tangible fixed assets

Long-term
leasehold
property
£
Cost or valuation
At 1 September 2023
1,778,528
Additions
-
At 31 August 2024
1,778,528
Depreciation
At 1 September 2023
56,012
Charge for the year
35,751
At 31 August 2024
91,763
Net book value
At 31 August 2024
1,686,765
At 31 August 2023
1,722,516
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Furniture
and
equipment
£
200,833
28,370
229,203
147,879
32,105
179,984
49,219
52,954		 Computer
equipment
£
92,769
8,597
101,366
78,370
12,400
90,770
10,596
14,399		 Motor
vehicles
£
184,072
17,999
202,071
152,435
19,418
171,853
30,218
31,637
2024
£
160,767
12,291
230,632
403,690		 Total
£
2,256,202
54,966
2,311,168
434,696
99,674
534,370
1,776,798
1,821,506
2023
£
76,549
25,392
149,483
251,424

14. Debtors

Page 33

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 September 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
156,704
124,218
76,696
20,234
51,090
428,942
2024
£
47,203
10,376
(47,203)
10,376		 2023
£
529,073
1,679,133
-
47,204
178,413
2,433,823
2023
£
42,263
47,203
(42,263)
47,203

Page 34

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Statement of funds

Unrestricted
funds
General Funds -
all funds
Restricted
general funds
General Annual
Grant
Other DfE grants
Local Authority
SEN funding
Pension reserve
Restricted fixed
asset funds
DfE Capital
grants
Fixed assets
Total Restricted
funds
Total funds		 Balance at 1
September
2023
£
13,980
822,283
-
-
10,000
832,283
249,082
1,622,424
1,871,506
2,703,789
2,717,769		 Income
£
78,251
1,379,241
107,290
1,881,007
-
3,367,538
123,097
-
123,097
3,490,635
3,568,886		 Expenditure
£
-
(1,131,169)
(107,290)
(1,881,007)
104,000
(3,015,466)
-
(99,674)
(99,674)
(3,115,140)
(3,115,140)		 Transfers
in/out
£
-
(15,929)
-
-
-
(15,929)
(238,119)
254,048
15,929
-
-		 Gains/
(Losses)
£
-
-
-
-
(114,000)
(114,000)
-
-
-
(114,000)
(114,000)		 Balance at
31 August
2024
£
92,231
1,054,426
-
-
-
1,054,426
134,060
1,776,798
1,910,858
2,965,284
3,057,515

Page 35

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Statement of funds (continued)

The specific purposes for which the funds are to be applied are as follows:

Restricted general funds

These comprise all restricted funds other than restricted fixed asset funds and include grants from The Education and Skills Funding Agency.

Unrestricted funds

These comprise resources that may be used towards meeting any of the charitable objects of the trust at the discretion of the trustees.

Restricted fixed asset funds

These comprise resources which are to be applied to specific capital purposes imposed by The Education and Skills Funding Agency where the asset acquired or created is held for a specific purpose.

Page 36

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Statement of funds (continued)

Comparative information in respect of the preceding year is as follows:

Unrestricted
funds
General Funds -
all funds
Restricted
general funds
General Annual
Grant
Other DfE grants
Pension reserve
Restricted fixed
asset funds
DfE Capital
grants
Fixed assets
Total Restricted
funds
Total funds		 Balance at
1 September
2022
£
12,683
1,312,274
-
(168,000)
1,144,274
172,310
914,251
1,086,561
2,230,835
2,243,518		 Income
£
29,486
1,261,235
1,559,225
-
2,820,460
89,652
-
89,652
2,910,112
2,939,598		 Expenditure
£
(28,189)
(943,046)
(1,559,225)
(52,000)
(2,554,271)
(12,880)
(100,007)
(112,887)
(2,667,158)
(2,695,347)		 Transfers
in/out
£
-
(808,180)
-
-
(808,180)
-
808,180
808,180
-
-		 Gains/
(Losses)
£
-
-
-
230,000
230,000
-
-
-
230,000
230,000		 Balance at
31 August
2023
£
13,980
822,283
-
10,000
832,283
249,082
1,622,424
1,871,506
2,703,789
2,717,769

Page 37

(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
-
Current assets
92,231
Creditors due within one year
-
Total
92,231		 Restricted
funds
2024
£
-
1,483,368
(428,942)
1,054,426		 Restricted
fixed asset
funds
2024
£
1,776,798
134,060
-
1,910,858		 Total
funds
2024
£
1,776,798
1,709,659
(428,942)
3,057,515

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Defined Benefit Pension scheme
Total		 Unrestricted
funds
2023
£
-
13,980
-
-
13,980		 Restricted
funds
2023
£
-
3,256,106
(2,433,823)
10,000
832,283		 Restricted
fixed asset
funds
2023
£
1,821,506
50,000
-
-
1,871,506		 Total
funds
2023
£
1,821,506
3,320,086
(2,433,823)
10,000
2,717,769

Page 38

THE HIVE COLLEGE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

18. Reconciliation of net income to net cash flow from operating activities

Net income for the period (as per Statement of financial activities)
Adjustments for:
Depreciation
Capital grants from DfE and other capital income
Interest receivable
Defined benefit pension scheme cost less contributions payable
Defined benefit pension scheme finance cost
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operating activities		 2024
£
453,746
99,674
(123,097)
(153)
(100,000)
(4,000)
(147,926)
(2,009,221)
(1,830,977)		 2023
£
244,251
112,887
(89,652)
(210)
44,000
8,000
95,829
1,356,994
1,772,099
19.
Cash flows from investing activities
Interest received
Purchase of tangible fixed assets
Capital grants from DfE Group
Net cash provided by/(used in) investing activities
20.
Analysis of cash and cash equivalents
Cash in hand and at bank
Total cash and cash equivalents		 2024
£
153
(54,966)
123,097
68,284
2024
£
1,305,969
1,305,969		 2023
£
210
(865,924)
89,652
(776,062)
2023
£
3,068,662
3,068,662

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(A company limited by guarantee)

THE HIVE COLLEGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

21. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2023
£
3,068,662
3,068,662		 Cash flows
At 31
August 2024
£
£
(1,762,693)
1,305,969
(1,762,693)
1,305,969		 Cash flows
At 31
August 2024
£
£
(1,762,693)
1,305,969
(1,762,693)
1,305,969
1,305,969

22. Pension commitments

The Charitable Company's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by West Midlands Council. Both are multiemployer defined benefit schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2020 and of the LGPS 31 March 2022.

There were no outstanding or prepaid contributions at either the beginning or the end of the financial year.

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

22. Pension commitments (continued)

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

The result of this valuation will be implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2028.

The employer's pension costs paid to TPS in the year amounted to £143,035 (2023 - £97,486) .

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charitable Company is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the Charitable Company has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charitable Company has set out above the information available on the scheme.

Local Government Pension Scheme

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trusteeadministered funds. The total contribution made for the year ended 31 August 2024 was £315,000 (2023 - £221,000) , of which employer's contributions totalled £261,000 (2023 - £178,000) and employees' contributions totalled £54,000 (2023 - £43,000) . The agreed contribution rates for future years are 22.2 per cent for employers and between 5.5% and 6.5% per cent for employees.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of Charitable Company closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

22. Pension commitments (continued)

Principal actuarial assumptions

2024 2023
% %
Rate of increase in salaries 3.65 3.95
Rate of increase for pensions in payment/inflation 2.65 2.95
Discount rate for scheme liabilities 5.00 5.20
Inflation assumption (CPI) 2.65 2.95

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

2024 2023
Years Years
Retiring today
Males 20.5 20.6
Females 23.5 23.5
Retiring in 20 years
Males 20.2 20.3
Females 24.6 24.7

Sensitivity analysis on total obligations

2024 2023
£000 £000
Discount rate +0.1% 1,116 856
Discount rate -0.1% 1,184 910
Mortality assumption - 1 year increase 1,196 918
Mortality assumption - 1 year decrease 1,104 848
CPI rate +0.1% 1,184 910
CPI rate -0.1% 1,116 856

Share of scheme assets

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

22. Pension commitments (continued)

The Charitable Company's share of the assets in the scheme was:

At 31
August 2024
£
Equities
675,000
Corporate bonds
454,000
Property
78,000
Cash and other liquid assets
91,000
Derecognition surplus
(148,000)
Total market value of assets
1,150,000		 At 31 August
2023
£
598,000
188,000
71,000
36,000
-
893,000

The actual return on scheme assets was £90,000 (2023 - £(4,000)) .

The amounts recognised in the Statement of Financial Activities are as follows:

Current service cost
Interest income
Interest cost
Total amount recognised in the Statement of Financial Activities		 2024
£
161,000
(55,000)
51,000
157,000		 2023
£
222,000
(33,000)
41,000
230,000

Changes in the present value of the defined benefit obligations were as follows:

At 1 September
Service cost
Interest cost
Employee contributions
Acturaial gains
At 31 August		 2024
£
883,000
161,000
51,000
54,000
1,000
1,150,000		 2023
£
844,000
222,000
41,000
43,000
(267,000)
883,000

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

22. Pension commitments (continued)

Changes in the fair value of the Charitable Company's share of scheme assets were as follows:

At 1 September
Derecognition of surplus
Employer contributions
Interest income
Employee contributions
Actuarial gains
At 31 August		 2024
£
893,000
(148,000)
261,000
55,000
54,000
35,000
1,150,000		 2023
£
676,000
-
178,000
33,000
43,000
(37,000)
893,000

23. Members' liability

Each member of the Charitable Company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £NIL for the debts and liabilities contracted before he/she ceases to be a member.

24. Related party transactions

Owing to the nature of the Charitable Company and the composition of the Board of Trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. All transactions involving such organisations are conducted in accordance with the requirements of the Charitable Company's financial regulations and normal procurement procedures relating to connected and related party transactions.

The Charitable Company entered into transactions with its parent company, Education Impact Academy Trust, during the year. Purchases of £180,217 (2023: £312,041) were transacted and amounts due as at the balance sheet date amounted to £124,218 (2023: £1,676,684) .

25. Agency arrangements

The trust distributes 16-19 bursary funds to students as an agent. In the accounting period ending 31 August 2024 the trust received £18,118 (2023: £16,515) and disbursed £15,322 (2023: £13,740) from the fund. An amount of £12,113 (2023: £11,787) is included in other creditors relating to undistributed funds that is repayable.

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(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

26. Controlling party

The immediate parent undertaking is Education Impact Academy Trust, company registration number 07972037, a company limited by guarantee, registered and domiciled in England and Wales.

There is not deemed to be an ultimate controlling party.

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