|||||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|
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||||||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|
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|||||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|
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||||||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|
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|||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|
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|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|
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