Charity numb•r: 1193244 KITE COLLEGE Trustees. Report and Flnanclal Stslements For the Year Ended 31 August 2024
KITE COLLEGE Conl•nts Pagè R•forgnce and Admlnlstratlw Dètails of the Chaffty. Ils Trn$10 and Advis•rs Trustses. R•port TNJtees' R•spon¥ibiliti•s Stat•m•nl Ind•p•nd•nt Audllvrs. Report on th• Flnanclal Statsm•nts Ststsmenl of Financlal Actlvltl•8 8-11 12 Balanc• Sh•gt 13 Stal•m•nt ol Cash Flo 14 Notes to thè Flnancial Statements 15-31
KrrE COLLEGE Reference and Admlnlstrativè Dètails of lh• Chwlty. Its Tru$t••s and AIvis8v5 For th• Y•r Endgd 31 August 2024 Trus199S Bob L#w, Choir Josephine Campbell John Saville 88nUey Simon Bounds (resigned 4 December 20241 Peter William Stewart (r8sign8d 28 May 2024} Nikki Clark Tlmothy O'connor Stephanie B8iardo18ppointed 27 March 2024> Rose Bradlgy Pam Jone8 Neil Paul (resigned 31 December 2024) Emma HaNey lapwlnted 27 March 20241 Joan 018gboyega {appointsd 27 March 2024) N1)la Petrl lappolnted 27 March 2024} Emma Gray (appointed 4 December 20241 Nell ReesvDavies lapFyointsd 9 Octthr 2024) Charlty reglstorod number 1193244 Prlnclpal offic• Unit 1 Bonham Dfve EuYolir* Business Pa Sitbngboume Kent ME10 3RY Senlor Manag•ment Tèam S. 8addgr- Principal Iresignod 31st January 2024} S. MIlr- Interim Principal lappolnted March 2024> G. Ward- Intsrim Business Manager {reslgned 31st August 2024} H.Cardy- Colleg8 Buslness managor lappoinled 19th August 2024) A. While (resigned 30th December 2023) Independent •udltors Xeinadin Audit Limited Chartered A¢untants Statutory Auditor 12 Conqueror Court Sittingboume Kant ME10 5BH Pag8 1
KrrE COLLEGE Trustees. Report For th• Yoar End•d 31 August 2024 The trustees present thelr annual report together wth the financ1 stst8m8nts and audltorfs report of the charitable company for the year 1 September 2023 to 31 August 2024. The Annual Report serve8 the purposes of both a Tru8tse8' report and 8 dlrectors. r8POrt under (¥Jmpany18W. ObJ•¢tlv• and activiti•% a. Pollcles and oWctlve$ To be Kent'$ leading indgpendent speclalSst educalon and Irainlng prS1on for Post 16 arne[S wlih SEND, who hold a Gurrent EHCP. In sethng objectives and plannlng for actMtles, the Twstees have glven due consideralion to gener81 guldan¢8 publlshed by the Chadty Commission relang to public benefiL includlr4J the guidarkce 'Publlc benefit: runnlng a charity (PB2}'. b. st91s for •chi•vlng obJ•Gtlves To increase Specialist provlslon for yDung people across Kent, developing the I1 offer. KITE College o1$0 accepts young peopl8 from other Local Authorities through slalutory consultation. KITE College is not SeclKJn 41 approved. and thgrgfore Local Auihoritios are unable to name this provi8N)n without agre8mgnL c. Activitios und•rtak•n lo •ehlwe obJ•ctlv•s To improve life cha$ and opportunltS&s lo all young people th leamlng dSffulUes and SEMH needs throu amboUS and Inspiratnal. lrfelong leaming and skills programmes. These Include VlIc81 training in.. Construction. Motor Vehlclg Technolc*3y, Hair and Beauty EmpW)ilty & Lrfo Skills Addibonalty fomial qualmlcattons In Math8 and Eng1I8h. The College, Is leased from Kènt County Courril and Is loeatèd on th& Euro Llnk Industrfal Estala Siiknngboume. op8ned on 1st S8PtemboT 2021. Our Valut Kindness Intggrfty Toleronce Excellence d. Maln 01VItIeS undertaken to further thè Charltys purp080s for the publlc benollt The colknge provldes a range of full timo vocational training opportunili8s as well as Math$ and English for ts Students, funded by the public purse. aimed ulbrnat8ly at them being ready and abl8 to enter th8 W( of work 8nd become a productlve member ofthe communlty. Page 2
KrrE COLLEGE TMstse$' R•port lcontlnuedl For the Y•ar Ended 31 9$* ¥J24 Achlovem•nts and p•rforman •. IA•ln achlav•ments of th• Charity Duftng the academlc year. tho ¢011og6 $UFVOrt8d 80me 82 students. 68 were from Kent Vth 14 from 5 olher authortties. b. W rforManCe indicatorn The collega has a range of KP15 moving from the numb8r of students it supports to more detailed ones Ihal document th? incroa$ing academicl vocational development of its students to how many of its students move into employmenl of fvrther education. e. R•vlew of actlvttlo• Thg PrinGipal rgwrts on a regular ba$k8 on the activities 8nd operation of the eonege and adjusts the offers available annually to Ihe students based upon the demandslrequests of the students and thelr famllles. d. Factors r•lavant to athle objoctlvos The college ensures they have employthy the necessary qualty staffing to teach and support the students and monitor this regularfy. . Fundralslng actlvltlo$ and In¢omfj g•neration No frjndralslng actfvlleg other than an OccasKlI grant bld Flnanclal r•vhw a. Golng After making appropriate erNuiries, the Trust•es have a reasonable expectation that the Charfty has adequate resources lo continue in operational exlslence for the foreseeablè ftrtur&. For this reascffl, they wntinue to adopt the golng concem basis in preparing the fin8nci81 ststements. Further detslls regarding the adoption of thè going concern basis can be found in the acwunting kxJIicigS. b. R•sorvos policy The Trustee8 fom)ally appft)ved a policy On 16th July vknlch has a targat mlnlmum reserve of £300k whh is ba$ed upon tsvo months runnlng costs. As the college is publiGty funded the concern$ are aut deL8ys in fUndg being recelved. a reduction in learner numbers and unfcfeseen emergenues. Pag8 3
KITE COLLEGE Trusteos. Report Icontlnued) For tho Yoar Endod 31 August 2024 c. Revlew The Coll8go contbnugd to grow during the year both in temis of thdent numbws and financialty and the y80r ended with the colle securing ts EFSA hlgh ed$ fvTraing contract from August 2023 and recelved 8 flrst payment in August. As the College w8s still in its infancy and developlng it had not established a Reserves policy that applied io Ihat year other than needlng to ensure that it had sufficient funds to allow the College to flourish. Gtsing forward with the College w)ts'nuing to grow il will put in pl8 a Reserve8 pollcy. The Cl)Ige is funded though the ESFA funding 8greemenl, a$ well 05 High Needs Fundlng rec8ive¥J directly from KCC SEN. Indwidual Funiling Arrardements IIFAS) th a small numb&r of Othgr Local Authorilies. are in place. for non-Kenl young people at the College. d. PrlnGlpal rfsks and uncertalnlles Thè eollego whllsl belng publicty fundgd and supporting a category of students where to numbgrs contlnue to $e localty 18 always at rfsk of funding being reducd or not keeping pace with inflation and the funders reduclng the numbèr of student$ they are prepared to 8UPF<Jrt. •. Flnancial risk rn•nag•m9nt oblectlves and policies No pollcy18 currently In pl8eè. bLrt 8 Rlsk RegSster Ss due to be devewd shorlly. On an on4Joing basis the risks are consldered al each meeting ofthe SFP when it revlews the management ac[nts Structur•p go¥•manc• and manag•ment a. Constitutlon KITE Colknge was reg15tered wlth the Charfty Commisston on 261h January 2021 a8 a Charitabkry InCorrated Organisation {CIO) wlth a board of trustees consislng of 9 mgm1$. b. Methods of appolntment or election of Trustoes The management of the Charity is the responsibility of the Trustees who are 8cted aThJ CopIed undor the lern$ of the Trust deed. c. Organlsatlonal structurn and d•GlslonaIng pollcles Trust has one full Commrttee SUFfSQrted by 2 permanent sub committe68'. Stsffing. Fln8nee and Premises ISFPI Leaming and Indusion {Ul And a Pay Committeg Is appolnted when needed during the year. Day to day operational and financial decisions are d818gatsd to Ihg Principal but the approved Financo PollGy sets out when and where aFproval bs needed frC either Ihe SFP or the Board. Page 4
KE COLLEGE Trustsès. R•port In10Thed) For th• Yaor Endod 31 August 2024 Structure. governane• and m•nwment {¢ontinu•dl d. PoliclOB adoptod for thè Indu¢tlon and tralnlng of Trusto TYuslee3 are appointed to KrrE College primarity based on thelr skllls. expertence. expertlse. and quallfttlony. Skllls and Expase. Trustegs are appolnted based on thelr specTrl¢ sknlls and expe$& that align with the needs of KITE College. For example. finance, business. HR, health and safety. Soclal SeNce3, health & wellbeing, psychow, education and qualty control inspection. Experlence: Twstees bllng valuable experien( from Ihelr professKinal or personal b8d(grounds that can benefit KITE College. This could inctude oxpwience In leadehiP rdgs, strateglc planning. fun(Iraising. or community engagement. QualificaUon8'. Trustee¥ may have specific qualifica that make them well-sutted for their roles. These could indudo oducallonal degroes. profes8KJnal cerbfications, or relevant training in ar&8S Such as governance. law. or management. Dfv8rstty'. Diverslty among trustees is crucial to ensuring a welkrounded and Inclus govèming b(Kly. TNstees from diverse backgrounds bring drM&rent persFedwes, ideas, and approachos to problem-sofvino, whlch can endth thè d&¢rsion4naklng protÈss and botter represont th8 interests of the organizalicffl's slakeholders. Skillsap an81$ Is undertaken on a regular basis. When gaps are Identllled suitable practitloners ar6 sort. approached & proposed by current trust members andlor the principal and rf secondgd then Cvs and &os are shared wllh all sitting trustees and voted on al full trustee meetings. All Trustees recve a planned inductlon whith is supplemented by èxtern81 providers as necessary. New trustees are Provided with a copy of'GUIDANCE The essential Irusle&.' what you need to know. what you n* to do.. made aware of the instrument of gov8mance for KrrE£ollege arKI reminded thot all trustee8 aro required to folbw th8 Non prSnapleB (CnduCt in public offl) e. Pay poll¢y for key management personnel All key management posts have a Set grad8 and are incrnased annually after a ievi8w by the appointsd Pay Committee ar agreed by the Board of Trustees. f. R•lated party rdatlonshlps The Trustees are drawn from 8 variety of organisation8 that support or have an interest wi the typ8 of $lLthnt that the college supports. The Chalr of Twstees also holds posluons at othor chadtles thrg thgre were financial Ir4nsactlon8 durfng tho year. g. Financial rl$k manag•ment The Trustees have assessed the major risks to which the Charity is gxFwd, #i particular those related to the opèrBtions and finarths of the Charlty. and ore satisfied that systems and procedures are In place to milvJ8te exposure to th& major ri5k8. Plans forluture p•riods The college Is filllng a gap in the 8Ltpport that is avallable to ils studants as Is evident in the grovlng numbgr of applicatlons for places at the college that has more than doubled in the last year. Looking forward. th8 Trustee$ plan to Increase the numbers they can a¢¢owwnodate in SiiUngb)ume whmst expanding Its operalKin to other locations ac¥oss the county. Page S
KITE COLLEGE Trusteas. R&port l¢ontinued} For th• Yoar Ended 31 August 2024 Dis¢losur• of Inforni•tion lo audltor8 Each ofthe parsons who are Truste88 al the time when thts Tru8tees' Report is approved has 0)nfim)8d that $0 far as that Trustee is avr4ro. thore is no relgvant audtt Inform8Uon of whlch the charitys 8LKlltor8 are unaware, ar that Trustae has taken 811 the steps that ought to have been takon 83 a Trustee in order to be aware of any relevant audit infomialion 8nd to estsblish that the charitys audrtors are awarg of that infomation. Audltor4 The auditors, Xeinadin Audit Limited. have indicatsd their wllingness to continue in office. The dgsignated Trustees will propose a motion reappointing the auditors 8t a meeting of the Trustees. Approved the members board and slgned on thelr behaw by: Tvu8t¢es on 8gb ir of Trus180s) Pag8 6
KrrE COLLEGE Stat•m•nt of Tru$tMs' re$pon$ibilltl•s For th? Year Ended 31 August 2Q24 The Twstees ar8 r95pcKislble preparfng tha Truslo0$' Report and the finandal statements In accordance with applicable law and United Kiwdom AUnting Stsndards Iunlled Kingdom Generally Accepted Accountmg Practice). The law applicale to charities In England & Wales requires the Trustees to prepare flnanc4al Statements for oach financial which give a true and fair vtew of the state of affalrs of the Charity and of its in¢oming resources and appllcation ol resources, including its income and gxpendilure. for that Poriod. In preparlng thgse finarri81 statements, Trustees are required to: sel8cl $ukiabla accounting poll¢iO$ and thgn apply them conslstenty. observe the methods and prfnciples of the Charities SORP {FRS 102)., maka judgments and acuuntlng estimates that are reasonable and prudent state whether applicable UK Accounting Standards IFRS 102} have been followed, sublect to any material d8parbJres disclosed arbd expLained in the financlal statements," prepare the financial ststemenls on the going wnoern basis unles8 It18 Inapproprlats lo presume that the Charity will ¢(1u@ in bJsln8ss. The Trust88s are responsitle for koeping adequate accounting records that are sufficient to Show and explain thg Charivs transactions and disclose with reasonable accuracy at any timo the financlal poslth)n of the Charity and enab them to ensure Ihal the financi81 statements Gompty the Charities Act 2011. the Charity (Accounts and R8POrtsl Regulations 2008 and the provlslons of the Twst deed. They are also responslble for safeguarding the ass91$ of the Charity and h8nce for taking reasonable steps the pre¥9ntion and deteciion of fraud and other irregul8rilie8. Approvfyj order of Ihg members the of and signed on ils behaw by: Truste68 on 8ob La (Chair fusteesl Page 7
KrrE COLLEGE Indep•nd•nt Audltors. Rgport to Iho Momb•rs of KITE Coll• Oplnlon We have audlted the finanal ststem8nts of KITE College (the 'thariW> for th9 year ended 31 AlUst 2024 ich comprlse the Stalemenl of Finanaal A¢bvib8s, the Balance Shee( the Statement of Cash Fbws and the related notes. includlng a summary of signifKant accounting PKJli¢ies. The financial reporting framework that has beèn appllad in their preparation is applicable law and United lQngdom Accounting Standards, including Finanoal Reporting Standard 102 'Th0 Financial Reporling Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Genorydlly Aceèpted Accountlng Pr8clice). The flnanclal 8tstements have been prepar8d In 8ccordance th Accounting Ond Rewrting by Charltles preparlng Ihelr acwunts In accordan with the Flnandal Reporting Standards app&cabl8 in the UK and Republic of Ireland IFRS 102) in preference to th6 Aco)untlng and Rewrtlng by Chariti8s'. Statement of Recomm8nde(I Practice issugd on 1 April 2005 whith is referred to In the &xt8nt regulattons but has been withdrawn. Thk8 ha8 been done in order for the accounls to provide a tNe ar fair vmv in accordance with the Gengrally Accepted Accounting Practsce effective for reporting periods beglnnlng on or after 1 January 2015. In our opinion the financial statements: glve a true and falr view of the state of the ¢hority$ affalrs as at 31 ALVUSt 2024 and of Its incomlng resourc4s and application of reSoUrS for the year then ended,. have boen properfy wapared in accordanGe v*ith Unmed Klngdom Generally Accepted Accounting Practi¢g,' and have been prepared In acKordance vAth the requirements of the Charllles Act 2011. Basls for oplnion We conducled our 8udit in accordance wtth Intemational Standar(Is on AuditirrfJ (UK) {ISAs IUKII and applicat49 law. Our responsibilities under those standards are further described In the ALKlitors' reswnsibilities for the audit of the financial statemgnts section of our report. We are Independent of the charity In accordance ¥wth the ethical qUIreMents that a relevant to our audlt of the fin8ncial statements in the Unlled Kingdom. indudlng the Finanelal Reporting Council's Ethical Standartl, and we have fulfilled our other elhie41 responsibilltles In accord8ftce with these requlrements. We bolieve that the audit evid9 we have obtaingd is sufficlont and approprialg Io FwvSde a basis fry our oplnbn. Concluslons r•l•llng to golng Goncorn In audltlng the finand818talÈments. we have conduded that th8 TYuslees' use of the golng concem bas18 of aoGounUng in the preparation of the financlal ststements Is appropriate. Based on the work have perfomied, we have not identified any mat8rf81 uncertainties relating to events t conditions that, indiwdually or wllectivtly, may significant doubl on the charitys 8t41ity to conlnuè as going concem for a peritid of at least twelve month$ from when the finanoal slalemonls are aulhorised for issue. Our r8sp0nslllltleS and the reswnsibilil'es of the Trustee8 wSth respect to goir¥J concem are descdbed in Ihe relevant sections of this rfjport. Pag8 8
KfTE COLLEGE Ind•p•nd•nt Audltors. Report to Ihe Mombors of KITE Collo9• (conllnu•d) Other Inforn)atlon other information comprises the informalion ilWJed In the Annual Rw)rt other than the financial slalements and our Auditors, Rek)Ort thereon. The Trustees are responsible lor the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other informatson arKI. except to the extent otherwlse explicrtly staled in our retKJrt W8 do not express any form of assurance conclusion thereon. Our responsibility is lo read the other informallon and, in doing so, C91er whether the olh8r inforrnallon is mat8rially inconsistent with the financial ststements or our knowledg& obtained in the cour8e of Ihe 8udll. or otherwise appears to b8 materiolly mlsstatod. If we idenlfy such malarial inconslstencies or apparent material mlsstatsments, we are requlred to detemine whother this gwes rise to a material mk8Statement In the financial $tatements themselves. If. b8sed on the work we have perfomed, wo condude that th8rg 1$ a materlal misstatement of thi8 Other infomiatlon. we are requlred to r6port thatfa. W6 have nothing to report in this rega. Matters on whl¢h wo are roqulr•d to r•port by exceptlon We have nothirg to report in respect of the follo5n9 matter8 wh6rn the char88 (Accounts and Repts} Regulations 2008 requires us to report to you rf, in our opinion- the Infomi8tlon glven in th8 Trusteès. Report k8 In81¥tent In material re8P8Ct with the financial stslements,. or sufficient accountlng records have not been kept.. or the financial ststements are not in 8greement ¥th the accoun records and relums,. or wa have not rec8ivod all lh9 Infom)atitin and explonabons we rnqulre for our audit. R•sponslblllth8 of trnst••$ As explalned more fully in the Truste8s' Responsibilities Statement. the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for suth inlemal control as the Trustees determine is naSary lo enable the Fwarat•)n of financial statements that are fr88 from material misstatemen( whether due lo fraud or arTOr. In preparing the financial statements. the Trustees are re8ponslble lor assessing the chartys abilty to continue as a going concern, disclosing, as applicable. mattèrs rekted to going concern and using the golng concem b8Si8 of accounting unless th8 Trustees either intènd to liquidate the charity or to wrations. or have no r@allsC alternative but to do so. Pag8 9
KITE COLLEGE Ind•p•nd•nt Audltors. Report to th• M•mb•rs of KITE Coll•ge (conllnuod) Audit¢Jrs' rnsponslbllltlos for th9 audh of tho Ilnanclal stat7• We have been appolnted as auditor under secti(m 144 of the Chariti85 Ad 2011 and report In aoKordance Ihe Act and rel8vant regulations made Cf havlng effect thereunder. Our objectNes are to obtaSn reasonab16 assuranee about whether the fln8ncial ststernents a$ a vAK)le are free from material misstatgmtsnl, thether due lo fraud or error, an¢J to i8su8 an Audrtors. Rew)rt that Indudas our opinlon. Reasonable assurancè is a high 18v81 of assurance, bul 1$ not o guarant90 that an audh wnducted in accordance wrth ISA5 IUKI will aayS detect 8 m8terlal misstatemgnt wh8n it exists. Mlsstatements can arfsg from fraud or error and are eonsidered materi81 If. Indlwdually or In the aggregate. they ¢ouhJ r8asonabiy be expectsd lo influence the economlc declslons of users taken on Ihe basls of these lknandal statements. IrreguLgrities. including fraud, e instances of non<omplSance wlth laws and rewlations. We de8kJn procedures In line Nwth our responsibilrfies, ouUin8d above, lo detect material misstatements In resp8cI of Irrngularities. including fraud. The extent to whlch our procedures are capable of d8le¢ting irregukritifjs, induding fraud is detsiled below: As part of an audit in awrdance with ISAS {UKI. exercise profosstonal Sudgement and mairitsin professlonal scepticism through the audit. We al80: 1. Ass8ssed the susceplbllity of tha 8nlWs financi81 ststements to material misstalgmen( IlUdIng how fraud may ctcur. 2. Held dlscussfon8 Wtth the client rggardlng thelr pollcies and prw8duros on 03mplianco with laws and regulallons. 3. Held discussions wiu) the client regardlng thelr polldes and prctedures on fraud risks, InckKllng knowjedge of any acbjal suspected or alleged fraud. We conslder the èntitys wntrols effedve In Identylng fraud. We do not ojnsider there to be significant dlfficulty In detecting irrggularilie8. Because of the inherent limitations of an audit, there is a rfsk that we wlll not detect all irregularities, Sncludlng those leadlng to a material mi$stalemeFrt in the financAal statèments or non-compliance wilh reguklon. Thls risk Incr88ses the more that compllance wlth a Lqw or regulation is removed from the events and transaction$ refleded in the financlal ststemènts. as we will be less likely to bec4Jme aware of instsnces of nonrycknmplianca. The risk 15 also greater regarding IrreguLqriti88 occurtlng due to fraud rather Ihan en)r, as fraud Involves intentional ¢onc8almenL fofgory. coIIush)n, omlsslon or misrepresgntstV. A fvrther description of our responsibileS for the aLKlit of the financial stat8monls is locted on the Financial Reporting Coundfs w6bsite at.. wfre. .ukJ8JitorSreS onslblllties. This desulitKJn fomis part of our Auditors. Report. P•Jo 10
KITE COLLEGE Indepondent Audlt¢Ys' Roport to the Membens of KITE Coll•go (continued} Us• of our rnport Th1$ report is made solely to the charitls truste&s, as a body. In accordance wtth Part 4 of the Ch8riti8s (Accounts and Réportsl Regulations 2008. Our aLwJIt wCk has been undertaken so thal we might state to the chariws trustees those matters we aré required lo stat8 to them in an Auditors, Report and for no other purpose. To the fullast extent permitted by law. wè do not aept or assume responsibility lo anyone other than the chartty and its trustees, as 8 brxly, for our audit work, for this reporl. or for the opinions we hav8 formed. %..L IL,11 L.1 I X•lnadln Audlt Llmlted chartad Accountants Statutory Auditor 12 ConquerLY Court Sittinobourne Kent ME10 5BH Date: 3 l 2oZS Xeinadin Audit Limited are eligible to act as auditors in lemis of section 1212 of the Companies Act 2006. Page 11
KrrE COLLEOE Statsm•nt of financlal actlvltl•$ For th• Yew Ended 31 August 2024 As restated Tot81 funds 2023 Unrn8tslct•d fund$ 2024 R•strfcted funds 2024 Total funds 2024 Income from: Donations and legacles Charitsbbe activltles Investments Other Incom8 2.401 2,401 1,688,337 6.000 4,101 5.500 1.491,280 1,688.337 6,1)00 4.101 2,246 Total Ineom 1,698,438 2.401 1,700.839 1.502.926 Expondlture on: Charitable advtues 1.691852 2.401 1,695.253 1.092,962 Tol•l gxpgndllur• 1,692.852 2.401 1.695.253 1,092,962 Nèt movement In fund$ b•for• oth•r rn¢ognl$¢d galnslllosses) 5,586 409.064 Oth•r r•¢Ognid galnsl(loss•s}: Actuarial gains on defined benafft pension schemes Pension 8urplus not recogn18ed 23.000 {81.000) 23,000 (81,0001 143,OLLI (103.000) 23 Net movemfrnt In funds 152.4141 152.414) 449.064 R•conclllatlon of funds: Total fvnds brought foM8rd Nel rrK)vement In funds 531,218 152N14) 531.218 (52.4141 82,154 Total lunds carrled forward 478,804 478,804 531.218 The Statement of Fwianaal ktNities IrKludes 811 gains ond losses re(x)gnis8d in the year. The notes on pages 15 to 31 form port of these fin8ndal ststsments. Pag8 12
KITE COLLEGE Balance Sheèt As at 31 August 2024 AS reslaled 2023 2024 Fix•d a$$•ts Tanglbl8 assets Current assèts 11 154,550 102,295 Debtor8 Cash at bank and in hand 12 17.420 513.436 12,025 544,979 530,856 557,004 Cr&lltors; anK*unts falllng dug wlthin one year 13 206,602 (128.081) Nèt ¢urr•nt Sets 324,254 428,923 Total net assets 478.804 53t,218 Charfty funds Restrfcted funds Unrestricted funds 16 478.804 531.218 Total funds 478,804 531,218 The financkql ststements were approved and aulhorised fw issue by tha Trustffis on and signed on thek bghalf by. Bob Law IChaSr of 21rtAL slees) The es on pages 15 to 31 form part of these finaNaal statements. P4ge 13
KrrE COLLEGE statMent of Cash Flow8 For the Year Ended 31 August 2024 2024 2023 Cash flows from oporatlng a¢Uvltlg$ Net Gash used Sn operallng a¢tivitie5 56,512 601,512 Cash flows from Invostlng actlvhle8 Purchase ol tangible fixod a88ets {88.055} (25.205) N•t cash US in investing a¢tlvltlo$ (88,0551 125,2051 Cuh ffl0 from financlng activilios Repayrnents of borrowlng {74,888) N•t cash provided byl(used In) Ilnanclng activitlo$ 174888) Change In ¢ash and cash oquFvalents In the year Cash and ca9h equlvalents at thè beginning of the year (31.543) 544,979 401,419 143,560 cash and cash •qulv*l•nts at tho end of tho year 513N36 544,979 The notes on poges 15 to 31 fomi part ofthese financial stateThnts Pago 14
KITE COLLEGE Notes to th• Flnan¢lal Stst•monts Forth• Yo•r Ended 31 August 2024 Genor•l Inforniatlon KITE College Is a CharitslAe InLX)rporatsd Organisation, regS8t8red in England and Wales. The registered office Is KITE College. Unil 1 Bonham Drive. Eurolink Business Park, singboume, KenL ME10 3RY. The prindpal aclivmy of the Charity Is to provkle independent speciafist educati and training to Ung peoplo. A¢¢ountlng poliel•s 2.1 Ba818 of propar•llon olflnaneill stat•m•Thts The flnancl81 ststsments have been prepared in accordanca with the Charflles SORP IFRS 102) - Accounllng and Reporting by Charities.. Slalemenl of Recommended Pracllce applicable lo charlt*s preparfng their aw)unls In accordan¢e wlth the Flnandal Roporling Standard applIcab In Ihe UK and Republic of Iroland IFRS 102118ffo¢ts'vo 1 January 2019). tho F5nanclal R8w)thg Standard appficable in the UK and Republic of Ireland {FRS 1021 and th8 Charitios Act 2011. The finarKial statements hove been prepar8d to give a Irue and falrf vlew and have departed frDm th8 Charities (Accounts arKI Rgportsl Regulations 2008 only to the extént required lo pmvide a 'ln and fail view. This departure has involved folbwng the Charib'8s SORP IFRS 102} published in October 2019 ralher than the Accounting and Raporting by Ch8rilies'. Statgmfrnt of Recommended Practke affective from 1 rI1 2005 which has since been withdrawn. KrrE College meets the definiti'on of a publlc benefft entity under FRS 102. Assets and liabilities are initially recognlsed at historkal cost or transactw valug unle88 Othorwi86 Stated in the relevant accounting policy. 22 Golng concem The Tru51ge$ assess vthether Ihg use of golng concern is appropriate i.e. whether there are any material uncartainties related to events or condllions whith may cast signlflcant doubt on the abilty of the Charity lo continue as a going ¢oncem. The Trustees make thls assessment in respect of a pèriod of al least one year from the date of authorisation for issue of the financial $tstements and have conduded th8t the Charity has 8dequate resources to ntinUe in operational existence for the foreseeable fijthre and there are no matèrial uncertainties about the Charitys abilty to continue as a gng concem, thus they conllnue lo adopt the going concern basis of accounting in preparlng nanclal stat8m8nts. 23 Income All income Is recc4Jnised onco the Chartty ha8 entitloment lo the in(a)me, It Is wobable that the inc0rn9 will be 1ved and the anw)unt of inrne re¢eiVae can be mea$ur&J rgliabty. Grants are included In Ihe Statement of Financial ActNiti&s on a r8ceivable basis. The balance of income rec8ived for $peafi¢ purposes but not expended during Ihe period is shown in the relevant funds on the Bolance Sheet. Wher6 income is received in advance of entitlement of relPt, hs r8¢cvJnIln is deferred and included in creditorn as deferred income. Wh8re entitlemont Oc(r8 before income is recelved. the incomg is accrue(l. Other InMe h recogntsod In th& perftxl In which li is reGelvabl8 and to Ihe extent th8 go(xJs have been provlded or on completion of tha servlc8. P8ge 15
KttE COLLEGE Not•s to th• Flnancial Stat•rnonts For the Y•ar Ended 31 Augusl 2024 Accountlng pollcl•$ (contlnuod) 2.4 Expendlture Expendire Is rec&Jnised once there is a legal or nStructiVe obligation to transfer economic benefft to 8 third paty. il is probabK8 that a transfer of economic benefits will be required in settlement arHI the amount of the obligation Gan be measured rellably. Expènthlure is classthed by activity. The costs of oach activty are made up of thg total of dirèct Wsts and shared costs. Indudlng support costs invdved in undertaking each acthvity. Direct (St8 athfjbutsble to 8 slngle activlty are allocated dlrectFy to that activty. Shared costs which contributs to more than one actmty and supp)rt costs which are not attribLrtable to a slngle activity ar8 apportSoned b8twegn those activltla$ on a basls consistent ¥th the usa of rasources. Central 8t8ff costs are allo¢ated on the basis of tlme spenL and depr8claUon charges alloGated on the poruon of the asseys use. Expendllure on tharitable activities 15 incurred on directly undertaking the actmlles whlch further the Charitys objectives, as well Is any associate(i support C05ts. All expendIre Is indusive of irrecoverable VAT. 2.5 Governm•nt grants Gov6mm6nt grants rela9 to tanglble fixed assets ars treated as d8ferred income and released to the Statement of Flnanaal Advile$ over the expected useful Ilves of the assets ¢oneemed. othgr grants arg credlted to tha Statomgnt of Financlal Actmtles as the rekited expenditure Is Incurred. 2A Taxatlon The Ch8rity is c(ldered to pas3 the tests set out in Paragraph 1 Schedule 6 of the Finance Art 2010 and therefore il meets the dèfinition of a charitabL* company for UK )r)ratiOn tax purposes. Accordingly. tre Charity is potentially exempt from taxallon in respect of income or capttal gan$ r1Ved wthin ¢atsgories wvered by Chapter 3 Part 11 of the Corporotion Tax Act 2010 or Section 256 of the Taxation of Charg8abla Gains Act 1992, to the extgnt that such income or golns are applied exdusively to charitable purposes. 17 Tanglbl• fixed assets and d•preclatlon Tangible Ted as$gts (#)sting £500 or more are capltsllsed and recy)gnbgd vknen future acnoMIC benefits are FKobable and the cost or valug of the asset can be measure(I rellably. Taroible fixed assets are inilialty recognised at cost. After recognKlon, uThJer cost model. langible fixed assets are measured at C051 less accumulated depreciation and any accumulated impairmènt loss85. Al costs incurred to bring a tsngibl8 fixe11 asset into its inteThttod workin9 condthon should be indudad in the mea8urement of Gosl. Depreoalion is chargad 80 a8 to allocate the cost of tsngible Ilxed assets I$ thelr resldual value over their estimalgd useful lives. using the stralghl-line method. Depwiatb)n Is provlded ffi the fc4lowng bases: Improvements lo feasehol property Workshop equipment slraighl lina over 2 years Fkxtures. Fittings and Equlpment- slraighl line ovor 4 years straight Ilne over 10 years 2.8 Dob¢orn Trade and olher debtors are recognised 01 the Settlement amount after any Irade discount offered. Prepayments are valued at tha amount prepaid net of any trade discounts due. Pay 16
KrrE COLLEGE Notes to th• Flnan¢lal Slat•m•nts For th• Yoar Endod 31 AUW 2024 ¢ountlng policl•s {contlnugdl 2.9 Cash •t bank and In hand Cash at bank 8nd in hand Snclude$ cash and short-tem highty liquid inv8Stmgnts wth a short maturity of three months or less from the date of aulsion or openlng of the deposit or similar a¢unt. 2.10 Llablllll•s and provisions LIabIl ar6 reniSed whan th¢re Is an obllgallon at thè Balan Sheèt date a$ a resuh of a past gvenl, It Is probable that a transfgr of 8conomlc bènefft wtll be requlred in settlwnent. and tho amount of the $8tt18ment can be estlmaled reliab. Liabilities are reo)gnlsed at the amcmjnt that thg Charity anli¢ipates it 11 pay lo settle the debt or the amount it has received as advanced payments for the goods or sgrvices it must provkle. Provisions arg m&%urad at the best estlmate of the amounts requSr&J to selue the obligation. wr8 the effect of the time value of money Is material. the provision Is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to thé liability. The unvAnding of the discount is recognL8ed in the Statam8nt of Financial Activbtles as a finonoe cost. 2.11 Flnan¢lal Instrumonts The Chadty only ho$ financial assets and financlal liabiliti9s of a kjnd thal qual as ba3ic flnandal instruments. Basic financial instruments are initially rects3nised at transaG*itin value and subsequenuy measured at their settlement valug the ex¢ePtn of bank bans which are 8ubsequenUy measured at amortlsed cost uslng the effoctive interest methcd. 2.12 Rodundancy and T•rnilnatlon Payrn•nts Redundancy and termin8t6on costs ar8 rècognlsed as an expense in the Slatoment of Finan¢ial Actwities and a Ikqbilily on the Ban Sheet immediatety at the point the College Is demonstrably commltted lo either terminats the employmènt of an employee or group of 8mployees before normal rolirement date. or prowde 18milnation benefits as a r8suIt of an offer made In order to encourage voluntary redundan¢y. The College Is considered to be deMstrablY commiited only when It has detallod formal plen forth8 temiination and is Wthout reallstic possiblllty of wthdrawal from the plan. 2.13 Pensions The Charity operates a defined nfjfit pension schemo by the Lo(xl Government Pension SGheme I'LGPS.). The LGPS is a fvnded multkomployer scheme and the assets are held $6parately from those of the Charity in separat8 trustso administered funds. Pansk)n schème assets are measured al fair value and liabilities are measured on an actuarial basls using the projected unit Gredil med and discounted at a ral8 equlvalent to tha current rate of retum on a high qualty corporate bond of equlvalenl term and current to the fiabilitKgs. The acluarial valualons are obtained at1&8St knennially and are updatgd al each Balance Sheet date. The amounts charged to operating surplus ar8 th8 Jrrent servic8s costs and the costs of scheme introductlons, beneffil changes, setmemenls and rtsllmenls. they are includ8d as part of staff costs as incuffod. Net interest on the net defined b8nefit liabilitylasset 18 al recognised in the Statement of FinanGial Actlwties and comprises the Interest Gost on the éefined benefit obllgatlon ènd interest ineome on th? scheme assets, Calculated by mulbplylng the fair v01ue of the scheme assets at the beglnning of the period by th8 rate usfjil to discount the benefit obliqallons. The difference beeTh the inlere$l income on the scheme assets and the a¢tual relum on tho scheme assets is rpcognised in other recc9nl8ed gains and losses. Actuarfal gains and1088e8 are recc¥Jnis8d immediatety in other recognisod gains and losses. Pago 17
KrrE COLLEGE Notes to th• Flnanclal Statements For the Y•ar Endod 31 August 2024 Accountlng pollcl•$ (continuod) 2.14 AgenGy arrangements The college acts as an agent in distrilxjting 1&19 bursary funds from ESFA. Pawnents roceived from ESFA and subsequent disbursements to Students are excluded from Iha stalemenl of fin8nclal acuvities os the cOle do&8 not have contrd over the charilablo application of the fiJnd8. The college can use up lo 5% of the allocation towards its own administrati costs and this is rawJn188d in the stslement of financlal 8cllvibes. the fvnds received and paid, and any balonc9S held are disclosgd in note 28. 2.15 Fund accountlng General funds are unrestri(knd funds which are availabK9 for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and whiGh have not been designated for olher pury)ose$. Designated funds Comprise unrestrtcled funds that havg been Set aside by the Trustse$ for partlcular purposes. The awn and use of each designated fund is Set out in the notes to the financk41 statsments. Restrlcted funds are funds whith arè to ba v$8d Sn acrdanCe wth speclfic restrictions Imposed by donor8 or whlch have been raised by the Charfty for particular purposes. The c051s of raIry and adminlst8dng such funds are charyed against the spettffic fijnd. Tho aim usè of each r8strictsd fvnd is set out in the notes to the ffinanclal ststsments. Pag• 18
KITE COLLEGE Not•$ lo th• Financlal Statsm•nts For the Year End•d 31 August 2024 Income from donat1¢$ and1ogacle$ RestrlGted fund8 2024 Totsl fvnds 2024 rotsl funds 2023 Gr8nts 2.401 1401 5,500 Tol812023 5,500 5,500 Incomo from ¢harltable actlvltl•$ As restoted Tofal funds 2023 Unrgstrlctsd funds 2024 Total fvnds 2024 Educational Opgralions 1,688,337 1,688,337 1,491,280 Total 2023 as rest8lod 1.491,280 1.491.280 Oth•r incoming r•sourGos Unrtstrlct•d fun(ts 2024 Total funds 2024 Total funds 2023 other Incoming resources 4.101 4.101 2.246 Totsl 2023 2,246 2,246 Page 19
KrrE COLLEGE Not•8 to the Finandal Statements For th• Year End•d 31 Augusl 2024 Analys1• of •xpenditure on charltable •¢tlvilies Summary by fund typo Unre$trlcled R8strict•d funfls funds 2024 2024 Total 2024 Tot81 2023 Edu¢ational Operations 1,892,852 2,401 1,695,253 1.092,962 Totsl 2023 1,092,962 1,092,962 Analysis of exp•ndllure by •cllvltlos Actlviti•s undertaken dlroct 2024 Support Totsl funds Totsl funds 2023 2024 Educallonal Operaltons 1,244,819 450,434 1,695.253 1,092.962 Tol812023 642, 190 450,772 1,092,962 AnalyJl$ of dlro¢t ¢osts Edu¢atlon•l Oper•tlon$ 2024 Total funds 2024 Total fvnds 2023 Staff w81s Curriwlum resources Leamer reglslratson and exom fees Brought in professional servic*8 Agency costs 1,108.568 28,539 10,214 67.605 29.893 1.108.568 28,539 10,214 67,605 29.893 591,451 17,680 11,190 21,869 1,244,819 1.244.819 642. 190 Totsl 2023 642,190 642. 190 Page 20
KITE COLLEGE Notes to th• Flnanclal Statements For the Yr End 31 August 2024 Anawsls olexpondlture by activrti8s (ntInued) Analysis of 8UPPOrt costs Educational Operatl4>ns 2024 Totsl funds 2024 Tolal funds 2023 Staff Costs Deprecialton staff development arKI trainiig ICT resources Admln 8UPF4i8s Bullding maintenance and repavs Cleaning Water and $gwer8ge Energy Insurances Cataring supplies Equipment leasing Agency costs 165,480 35,800 30,577 43.312 8.060 46,136 13,288 1,578 38,261 1,9S3 13.188 4.473 4.725 18,823 24,780 165,480 35,800 30.5TI 43.312 8.060 46.136 13288 1.sr8 38,261 1,953 13,188 4A73 4725 18,823 24780 309,207 31,062 5.689 37.117 18,662 2,197 1,566 9,858 3,093 5.379 1,333 Z619 22.200 Govemance c081s 450,434 450,434 450,772 Tolal 2023 450.7T2 450.772 Audltorn. r•muneratlon 2024 2023 F8e8 payable to the Charfws 8udittir for Iho audit of the Charitrfs anal accounts 21.600 16,200 Fees payable to the Charftys auditors asso(aales in respect of.. All non4udll 8er4kes not Induded abov& 3,180 Pag9 21
KITE COLLEGE Notos to th• Flnancial Ststsm•nts For th• Y•ar End•d 31 August 2024 staff costs 2024 2023 Wag98 and salatle8 Soual securty costs Contribution to dgfined ntribUtIOn penslon schemes Op8rating costs of defined benefit penslon schemes 999,855 92,579 1,614 180,000 661,399 63,610 (6.351) 782.000 1274,048 900,658 Includod in staff restructuring costs arn non4latutorylnon<iMtraGhl 8ever8nce paynents totalling £12,72012023- £Nil)- The average number of persons empknyed by the Charity during the yE8r was as follows: 2023 No. Teaching Staff Leadership and Flnance Support 14 12 10 31 23 The number of ompW8s whose employ99 ne1}ts 1gxcludlrvJ employer pension costs) exce8d&J £60.000 was: 2024 No. 2023 In the band £60.001- £70.C In the band £70,001- £80,OCK) Thg key managem&nl p8r8onnel ofth6 chaty comprise ofthe PrSndpal and 8uslness Manager. Totsl amount of employee benefits {including employer pension contrltrmjtlons and Omploygr national In8uranc contdbutionsl receiv9d by key managemgnt pgrsonnel for thelr servicas to tha chority was £205,732 (2023- £146,482). 10. T140$. romunwallon and gxpgns During the year. Trustses reNed ary femuneration or othgr benefits (2023- £NIL). During the year end&J 31 August 2024, expenses totalling £1,419 were reimbursed or pakl diroty to 4 Trustses (2023 - £NIL). Thege expensas were inCud in the course of carrySng out their duli88 as trustee$ and r8late lo travel, accommodation. and other related c08ts. Ptyo 22
KrrE COLLEGE Noles to thg Flnanclal Statements For th• Y•ar End•d 31 August 2024 11. Tanglbl• flxod assets Long4erni 18as•hold Flxtur•s, property Garay Flttlngs and Imp'ments Equlpmont Equlpment Total Cost or valuation At 1 September 2023 95.030 53,105 23,755 38.no 157.505 88,055 At 31 August 2024 148,135 23,753 73,070 245.560 D•preatIon At I Septèmber 2023 Charge for Ihg year 18,559 14,814 21.186 2.569 15A65 18,417 55,210 35.800 At 31 Augusl 2024 33.373 23.755 33.082 91.010 Not book valug At 31 August 2024 114,762 39,788 154.550 At 31 August 2023 76,471 2.569 23,255 102.295 12. Debtor• 2024 2023 Due within on• y•ar Trade debtors Other d8btors Prepayments and accrued Incom 1.812 10,213 17.416 17,420 12,025 Pege 23
KrrE COLLEGE Not•$ to the Flnancial Statsm•nts For thg Year Endgd 31 August 2024 13. Credltor3: Amounts lalllng dug wlthln one year A$ restated 2023 2024 Trad8 credilorB Other taxation and soaal se¢urity Other creditors A(ual5 and deferred irthme 45A98 22.650 8.446 18,277 6,686 94,672 128,908 206,602 128.081 As restated 2023 2024 Deferred inK•mg at 1 September 2023 Resource5 deferred dudng the year Amounts reaSed from preMou$ perh)ds 67.074 89.832 (67,074) 67,074 DefvThod Incom at 31 August 2024 89,832 67.074 Oeferred in¢ome represents ESFA funding received in advance for the 24125 academlc year. 14. Fin•nclal In8trum•nts 2024 2023 Flnanclal ass•ts Flnancial assets measured at fair value through Income and exp8nditur8 513N36 544,979 15. Prloryèar adjuslmonls The prior year figur8s have been $tated to refflect the correction of an error in the recognilion of ESFA inco. The inwme wos reo)gnlsed In the prior ye8r vtsn. due to the unav8ilability ol the fundiry schedule al that il should have been deferred into the current pwlod. As a resuh of thi8 adjustmènt. ther8 is a decr&gs8 in reserves as al 31 August 2023. amounting to £73,635. A summary of the Impact on the p0T year is as follows.. Reductlon of Income 73.635 Increase in other credilor3 16.561} Increase in deferred Income 167,073} Pago 24
IrE COLLEGE Notss lo the Financlal Stalomonts For the Yar End•d 31 4ryU$t 2024 16. 8tatem•nl of funds Statsment of fvnd$- ¢urr•nt y•ar As restatsd Balan¢• at 1 S•ptsmber 2023 Balance at GaiTrsl 31 August (Lossfjs) 2024 Tr•nsf•rs Inlout Income Expendlturn Unrg$trkted funds Deslgnated funds Designo18d funds 102,083 102,083 G•n•ral fund* Unrostrfcled funds 531.218 1.698A38 (1,692.8521 1102,0831 (58,000) 37cn1 Total Unrestrlcl•d funds 531,218 1.698.438 11,692,852> 158,000) 478,804 Restrict•d Restricted Funds {2.401) Total of lunds 531.218 1,700.839 (1,695,2531 (58.000) 47a804 The speafic purposes for which the funds are to be aFwlied are as follo4w. The d8signatsd fund represents amounts set aside in relation to potential unpaid rental fees wth Kent County Coun1 followng ongoing negotiation5 regafdlng tha property in usg. Unre8tMcted fvnds ar8 applled to the general work of the Charityto support all tharitae obj8Ctlves. Page 25
KrrE COLLEGE Notés to the Flnncial Ststom•nts For th• Ygar Endod 31 Augu$t 2024 16. SLtem8nt of funds (continuod) Statement of funds- prior yoar As restated Balance 8t 31 Au9USt 2023 Balance al 1 Seplomber As r8St8t8d 2022 Income Expenditu G8insl {Loss8s) Unrnstrlcted funds Unrestrlcted funds Pension reserve 110, 154 (28,OOOJ 1,502.026 (1.080.962) 112,000) 531,218 40,000 82154 1.502.026 (1,092.962) 40,000 531,218 17. Summary of funds Summary of funds- ¢urr•nt y•ar As restst•d Balance al 1 S•pt•mbor 2023 Balon at G•ln$l 31 August (Lomos) 2024 TranBfern Inloul In¢omg Exyndltur• De8tgnated funds Gener81 funds Restrfcted funds 102,083 1.698.438 11.692,852) (102,0831 102.083 376,721 531,218 {58.QOO 2.401 (2.401> 531.218 1.700,839 (1.695.253) (58.000) 478,804 Pag6 26
KrrE COLLEGE N¢)tes to thè Fin•nel•l Slatements For tho Yw End•d 31 August 2024 17. Summary of funds {¢ontlnued) Summary of funds - prfor year Balance at 1 Septembar As restated 2022 InGomg Expendlture B8kn 31 Atwusl 2023 Galn fLossosJ General fiJnd8 82,154 1.502.026 (1,092,962J 40,000 531,218 18. Analpl$ of n•t assots bgtwoen funds Analysls of n•t as$•ts betw• fundg - curf•nt p8rlad Unr•strld•d funds 2024 Total funds 2024 TaThJib19 fixed assets Cuffent assets Creditors due wrthin one year 154,550 1¥550 530,856 530.856 (206,6021 (206.604 Total 478.804 478.804 Anatysls of n•t as69ts bgtwegn funds . prlor p¢rlod As Reslatgd As Resl8t8d unstricted Total lunds 2023 2023 Tangibl& fixed a88ets Curront assets Creditots due within one y 102,295 102,295 557.004 557,004 {128,081) (128,081J Total 531,218 531.218 Page 27
KrrE COLLEGE Notes to th• Flnan¢lal Statgments For the Year End•d 31 August 2024 19. Reconciliatlon of not mov•ment In fundi lo n¢t Cash fk*w from oper•tihg activlllgs As resfated 2023 2024 Net income for tho p8riod (as per Ststemenl of Flnancial Athvibos) 409,064 AdJtments for: Depr8ciation ¢hargos Decraasellincroase} in dèbtors Increas? in Creditors Pgnsion LGPS 35.81 15.395) 78,521 (58,000) 31,062 32.110 1T,276 12.000 Net cash provid•d by operating acllvttl•• 56.512 501.512 20. Analysis of cash and ¢ash equlval•nts 2024 2023 Cash in hand 513N36 544,979 Total cash and c•$h •quival•nts 513,436 544,979 21. Analy•l$ of ¢hanges In ntl debt Septsmber At31 2023 Ca¥h flows August 2024 Cash at bank and In hand $44.979 (31.543) 513,436 544.979 (31,543) 513.436 22. Contlngent Ilabilili•s Kit8 Colegè h•$ enter&J Inlo a l&ase agreement with Kent County Council, under which rental payments are due. The colknga is currenty in dispute with Kent County Counal over remedlal works whith were due to take pce prior lo occupation bul are still tstandIng. It the belief of the trustees thal no rentsl amounts will be due until after the remedial works hav& taken place. If in the rare circumstsn¢e that KCC charge b8ckd8ted rent at thls point, the potential liability to th8 o)Ilege will be £102,083. Page 28
KITE COLLEGE Notas lo tho Flnanclal Ststem•nts For the Year Ended 31 Aiigust 2024 23. Pension cornmllmonts The Charity operates 8 defined beneffil pension scheme. The ChariW$ empk)ye8s belong to Local Government Pension Scheme (LGPS), lch is managed by Kent County Counc51. The latest acarIal valairtion of th& LGPS related to the period ended 31 March 2023. The LGPS Is a funded defined benefft penslon scheme, wtth the 8s5ets hgld in separate tNstee- administered funds. The total contribution made for Ihe year ended 31 August 2024 was £289.00012023 £212,000). of whkh employerfs contributions totslled £233.000 12023 - £167,£0) and emF4oyee'$ ntributions lotslw £56,00012023 - £45,000). The agreed contribution rate8 for futLFfg yoars aro 26.8 per cent for empty9 and variabte per cent for employee8. Principal ¥tuarial assumptions at the Balance Sheet date {exK*essed as Y59h18d averagesl: Al 31 At31 August August 2024 2023 DUnt rate Fulure salary increoses Fulurp pelOn increase8 5.15 3A0 2.80 5.25 The currant mortalty assumpti$ include sufflclent albwance for fvlure improvements in mortalty rates. The assumetl Ilfe expectations on r&tir8mgnt age 65 are: At 31 At 31 August August 2024 2023 Y•ars Mortality rate5 lin years) - for 8 male aged 65 now - at 65 for a male aged 45 now - for a f8malo age(165 now - al 65 for a female aged 45 now 20.7 22.0 23.3 24.7 2&2 24.6 The Charity's share of the as8ets in the $¢heme was: At 31 At31 A(yl August 2024 2023 Equities Gims Other b)nds Propgrty Cash and other Ilqukl 8S$0ts Absoluie retum Infraslruclura 564,000 406,000 143.1)00 91.1)00 24.000 50.000 88.000 46.000 24,000 Total falr v•lw of as8et6 987.000 639.000 Pagg 29
KITE COLLEGE Notes to the Fln•n¢lal Statements For thg Y•ar Ended 31 August 2024 23. P•n8lon ¢ommltm•nts {¢ontlnu•d) The actual return on scheme assets was £60.000 (2023- £,000). The amounts rets)gnised in the Slatsment of Financial Activities are as foll¢)ws." 2024 2023 Current s8rvic8 cost Int8r8St income Interest cost 180.(KIO 141.(KlOI 35.lJOO f82,000 (23,OOOJ Total amount rncognls•d in th• Ststomont of Flnanclal Activitl•s 1741100 179,000 M¢)vem8nts in the present value of the defined b8nefit obligat*Jn were as follows: 2024 2023 Openlng d8fined benefft obllgatlon Current SeCe cost Interest cost Contributions by scheme participants Actuarial gains 536.000 180.000 30,000 56,000 q4,OOQI 460,000 182,000 20.000 45.000 (171,000) Closlng d•fin•d ben•llt gbllgatlon 798.000 536,000 Movements In fair value oftho Ch8ritls sh8re of scheme assets as follows: 2024 2023 Opening fair value of scheme assets Expected retum on assets Acluarial gainsl(Ios5es> Contllbutions by employer Contributions by scheme participants 639.000 41.000 19.000 232,000 56,000 432,000 23.000 (28.000) 167,000 45,000 Closing f•ir valu• of schwn• ass•ts 987.000 639,000 Tho Charlty has an unrecognlsgd surplus of £189,00012023 - £103,000) In rgspe¢t of 11$ deflnod bengfit Pgnsion scheme a$ h does not expe to recover the plan surplus either through re<luc8d contributions In the future or through refunds from tho plan. Pag8 30
IrE COLLEGE Notss to th• Finan¢lal Ststements For the Year Endgd 31 August 2024 24. Op•ratlng l•a$• commilm•nts At 31 August 2024 the Charity had commrtments to make fuium minimum l&as6 payments under non- cancallable op6rating18ases as follows.. 2024 2023 Not later than 1 ye8r Later than l year and not later than 5 years 12,817 11,211 195 24,028 195 The followlng lease payments have been rocognised as an expense in the Statement of Financial Adivities- 2024 2023 Op8rating1gase rentals 2.230 T80 Related party tranSaOn$ During Ihe year. the college received a grant lotalling £2,40012023'. £5.500) from Red Hlll Trust. a charlty which Bob Law. the Chalr of the College, is also a Trustee. Payments were made to The Sock41, Emotional and BehaviourBI Difficutties Association ISEBDA), a thaTtty which Bob Law is a Trusteg of. lotsllirwJ £1.37412023'. £1,816). Payments were also made to Challenger Troop CIC, an enlty in whKh Bob Law Is a non•xecutive diroctcf, tolalling £3.60012023'. £Nil}. At the Balance Sheot dat8, no amounts were ow&J or owlng In rolaon to these Iran8aGtions. During the prior ar, the college made repayments of a loon from S Badder, the pr8Mous Principal, totalling £74.888. The lo was repaid with interest based on th8 Bank of England's rate of 0.1% totslllng £75. At the year ended 31 August 2023. the outstandlng balance due to S Badder was £Nil. No such transacticms toc* place in the current year. 26. Agèncy Arrang•m•nt The college distributes 16-19 bursary funds lo students as an agent for ESFA. In the accounting perlod ending 31 August 2024 collegè received £4,340 and dislxjrsed £1.480 from frJnd. induding £217 for admlnistralion of the fijnd. An amount of £9,421 18 includad In olhBr cr8dltors relatin9 to undistribut8d fvnds that Is repayable to ESFA. coMparate for the accountlng pwbd endrwJ 31 August 2023 ar8 £6,561 received, £Nil disbursod and £6,561 indudèd in other credllors. Page 31