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2023-07-31-accounts

Page
Reference and Administrative
Details
Report of the Trustees 2to5
Statement of Corporate
Governance		 and Internal Control 6 to 7
Statement
of Responsibilities
of the		 Trustees
Report of the Independent
Auditors		 9 to 12
Statement of Comprehensive
Income		 13
Statement of Financial
Position		 14
Statement of Changes
in Reserves		 15
Statement of Cash Flows 16
Statement of Principal
Accounting		 Policies 17to 22
Notes to the Financial Statements 23 to 32

Year ended Year ended
31
31 July 2023 July 2022
Notes
E'000 E'000
Income
Tuition fees and education contracts 307 120
Funding
body grants		 645 892
Other income 813 5,279
Investment
income		 21
Donations
and endowments		 3,182 2,844
Total income 4,968 9,135
Expenditure
Staff costs 2,933 2,878
Restructuring
costs		 171
Other operating
expenses		 4,456 4,495
Depreciation
and amortisation		 652 499
Interest
and other finance		 costs 122 65
Total expenditure 8,163 8,108
Surplus/(deficit)
before other		 gains/(losses) 3 195 1,027
Gain/(loss)
on disposal		 of tangible assets
Surplus
/ (Deficit) before		 tax (3,195) 1,027
Taxation
Surplus
/ (Deficit) for		 the year (3,195) 1,027
Total comprehensive income for the year (3,195) 1,027
Represented
by:
Restricted
comprehensive
income for the year
Unrestricted
comprehensive
income for the year		 (1,681)
~1,514		 (175)
1,202
3,195 1 027
As at 31 July As at 31 July
2023 2022
Notes
E'000 E'000
Non-current
assets
Tangible assets 11,728 11,765
Current assets
Trade and other receivables 776 751
Cash and cash equivalents 15 2,226 2,716
3,002 3,467
Less: Creditors;
amounts
falling due within		 one year 10 1,315 1,742
Net current
(liabilities)/assets		 1,687 1,725
Total assets less current, liabilities 13,415 13,490
Creditors: amounts
falling		 due after more than one year (7,464) (4,344)
Total net assets 5,951 9,146
Restricted
Reserves
Capital reserve 13 506
Income and expenditure reserve 13 2,079
Unrestricted
Reserves
Income and expenditure reserve 14 5,047 6,561
5,951 9,146
Non-controlling
interest
Total Reserves 5,951 9,146

Restricted Unrestricted
E'000 E'000 E'000
Balance at 1 August 2021 2,760 5,359 8,119
Surplus/(deficit)
for		 the year 5,061 (4,034) 1,027
Transfer between
funds		 (5,236) 5,236
Total comprehensive income for the year (175) 1,202 1,027
Balance at 1 August 2022 2,585 6,561 9,146
Surplus/(deficit)
for		 the year (1,681) (1,514) (3,195)
Transfer between
funds
Total comprehensive income for the year (1,681) (1,514) (3,195)
Balance at 31 July 2023 904 5,047 5,951
Year Year
ended
31		 ended 31
Notes July 2023 July 2022
E'000 E'000
Cash flow from operating activities
Surplus for the year before tax (3,195) 1,027
Adjustment
for non-cash		 items
Depreciation 9 652 499
Decrease/(increase)
in debtors		 10 (25) (508)
Increase/(decrease)
in creditors		 (327) 1,382
Adjustment
for investing		 or financing activities
Interest payable 6 122 65
(Gain)/loss
on the sale of tangible assets
Capital grant income
Cash flows from operating
activities		 3 ~238
~3,011		 5, 150
2,685
Taxation
Net cash outflow from operating		 activities (3,0113 ~2,685
Cash flows from investing activities
Proceeds from sales of tangible assets
Capital grants receipts
Payments
made to acquire		 tangible assets 3
9		 238
~615
~377		 5,150
~5,477
~327
Cash flows from financing activities
Interest paid (122) (65)
New secured
loans		 3,120 4,344
Repayments
of amounts
borrowed		 12 (100)
2,898 4,279
(Decrease)/increase
in cash and cash		 equivalents in the
year (490) 1,267
Cash and cash equivalents at beginning of the year 16 2,716 1,449
Cash and cash equivalents at end of the year 16 2,226 2,716

Year Ended 31 Year Ended 31 Year Ended 31
July 2023 July 2022
1 Tuition fees and education contracts E'000 E'000
Full-time
home and		 EU students 307 120
307 120
Year Ended 31 Year Ended 31
July 2023 July 2022
2 Funding
body grants		 E'000 E'000
Other Bodies
Office for Students 168 103
Specific grants
European
Social Fund		 377 260
Department
for Work - Kickstart scheme		 41 529
HCI Grant 59
645 892
Note: The source of grant and fee income, included in note 2 is as follows:
Year Ended 31 Year Ended 31
July 2023 July 2022
2a Grant and Fee income E'000 E'000
Grant income from the OfS 168 103
Grant income from other bodies 477 789
Year Ended 31 Year Ended 31
July 2023 July 2022
3 Other income E'000 E'000
Other revenue
grants		 96 108
Other capital grants 238 5,150
Other income 479 21
813 5,279
Year Ended 31 Year Ended 31
July 2023 July 2022
Donations and endowments E'000 E'000
Donations with restrictions 713 1,736
Unrestricted donations 2,469 1,108
3,182 2,844

Year Ended 31 Year Ended 31
July 2023 July 2022
5 Staff costs E'000 E'000
Staff Costs:
Salaries 2,463 2,371
Social security costs 250 271
Other pension costs 220 236
Sub-total 2,933 2,878
Restructuring costs 171
Total 2,933 3,049
Year Ended 31 Year Ended 31
July 2023 July 2022
E'000 E'000
Total remuneration ofthe head of the institution
Basic salary 133 166
Performance-related pay and other bonuses
Sums paid under any pension scheme in relation to employment
with the Institution 16 20
149 186

Year Ended Year Ended Year Ended Year Ended
31 July 2023 31 July 2022
Basic salary per annum No. No.
E110,000 - E114,999
E120,000 - E124,999
E130,000 - E134,999
E165,000 - E169,999
Year Ended Year Ended
31 July 2023 31 July 2022
Average staff full time equivalents by major category: No. No.
Academic 27 24
Administration and central services 17 16
Premises 2 3
Other 5 6
Total number of staff 51 49
Year Ended Year Ended
31 July 2023 31 July 2022
Average staff headcount by major category: No. No.
Academic 27 26
Administration and central services 17 16
Premises 2 3
Other 5 7
Total number of staff 51 52

an agement
personne		 l can be found on page 1.
E'000 E'000
ey management
personnel
compensation		 429 656
Year Ended 31 Year Ended 31
July 2023 July 2022
5 Interest and other finance costs E'000 E'000
Loan interest 120 56
Bank charges 2 9
122 65
Year Ended 31 Year Ended 31
July 2023 July 2022
6 Analysis oftotal expenditure by activity E'000 E'000
Academic
and related expenditure		 1,564 1,597
Administration and central services 1,845 2,242
Premises
(including
service concession cost)		 1,238 927
Other expenses 3,307 3,277
7,954 8,043
Other operating expenses include:
Operating
lease		 rentals
Land and buildings 16 16
Software/licenses (donated) 1,669 1,633
Depreciation 652 499
External auditors remuneration in respect of audit services
Audit related
assurance
services		 22 26
Other non-audit services
Total non-audit services 22 26

Leasehold
Buildings		 Leasehold
Buildings		 Fixtures,
Fittings and
Equipment		 Improvements
to property		 Assets in the
Course of
Construction		 Total
E'000 E'000 E'000 E'000 E'000
Cost and valuation
At 1 August 2022 1,181 2,239 1,506 7,606 12,532
Additions 95 520 615
Reclassification
At 31 July 2023 1,181 2,334 1,506 8,126 13,147
Depreciation
At 1 August 2022 66 670 31 767
Charge for the year 22 451 32 147 652
At 31 July 2023 1,121 63 147 1,419
Carrying
amount
At 31 July 2023 1,093 1,213 1,443 7,979 11,728
At 31 July 2022 1,115 1,569 1,475 7,606 11,765
9 Trade and other receivables
Year Ended Year Ended
31 July 2023 31 July 2022
E'000 E'000
Amounts
falling due within		 one year:
Other trade receivables 182 85
Accrued income 347 549
Prepayments 247 117
776 751

Year Ended Year Ended
10 Creditors: amounts fatling due within one 31 July 2023 31 July 2022
year E'000 f.'000
Trade payables 833 256
Social security and other taxation payable 99 94
Other creditors 10
Accruals and deferred income 373 1,289
Unsecured
loans		 100
1,315 1,742
11 Creditors: amount:s falhng due after more than one year
Year Ended Year Ended
31 July 2023 31 July 2022
E'000 E'000
Secured loans
Year Ended Year Ended
12 Loans 31 July 2023 31 July 2022
E'000 E'000
Analysis of secured and unsecured loans:
Due within one year or on demand 100
Due between two and five years 161
Due in five years 7,464 4,183
Due after more than one year 7,464 4,344
Total secured and unsecured loans 7,464 4,444

Reserves with res t ricti ons
ar		 e as follows:
Unspent Unspent
capital other
grants grants Donations Total
E'000 E'000 E'000 E'000
Balances at 1 August 2021 506 31 2,223 2,760
New grants 5, 143 529 5,672
New donations 882 882
Capital grants utilised in the year (5,143) (5,143)
Expenditure (560) (933) (1,493)
Transfers
between		 funds (93) 93
Total restricted comprehensive income for the year (31) (144) (175)
Balances at 1 August 2022 506 2,079 2,585
New grants 238 238
New donations 934 934
Capital grants utilised in the year (238) (238)
Expenditure (1,981) (1,981)
Transfers
between		 funds 506 (128 634
Total restricted comprehensive income for the year (506) (1,175) (1,681)
At 31 July 2023 904 904
2023 2022
Total Total
Analysis ofother restricted funds /donations by type of purpose: E'000 E'000
Scholarships
and		 bursaries 376 485
General 528 2,100
904 2,585

Total
E'000
Balances at 1 August 2021 5,359
Surplus/(deficit) for the year (4,034)
Transfer to/from restricted funds 5,236
Total unrestricted comprehensive income for the year 1,202
Balances at 1 August 2022 6,561
Surplus/(deficit) for the year (2,386)
Transfer to/from restricted funds 872
Total unrestricted comprehensive income for the year (1,514)
At 31July 2023 5,047

sh a nd c ash e quivalents
At 1st August Cash At 31stJuly
2022 Flows 2023
E'000 E'000 E'000
Cash and cash equivalents 2,716 490 2,226
2,716 (490) 2,226
Financial instrument s
Year Ended Year Ended
31 July 2023 31 July 2022
Financial assets E'000 E'000
Financial assets that are debt instruments
measured at amortised cost
Cash and cash equivalents 2,226 2,716
Other trade receivables 182 85
Accrued income 347 549
2,755 3,350
Financial liabilities
Financial liabilities at fair value through
Statement of Comprehensive Income
Financial liabilities measured at amortised cost
Loans 7,464 4,444
Trade creditors 883 256
Accruals 373 1,289
8,720 5,9&9

Provision has not been made for the following capital commitments at 31 July:
31 July 31 July
2023 2022
E'000 E'000
Capital commitments 971
971