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2021-08-31-accounts


alary at		 the College
Date Pay Multiple ofthe Lowest full-time equivalent
CEO/Princi al sala
31"Au ust 2021 5.60 617,374

Unrestricted Restricted Total Total
Funds Funds 2021 2020
Note f,000 f000 f,000 f000
Income from: 1(d)
Charitable
Activities		 10,321 10,321 9,569
Other Trading Activities 1,239 1,239 597
Donations,
Legacies and		 Grants 4 810 814 575
Investment
Income		 36 36 37
Other Income 24
Total Income 11,600 810 12,410 10,802
Expenditure
on:		 1(e)
Raising Funds 124 124 119
Charitable
Activities		 6(a)/(b) 9,928 942 10,870 9,607
Other Activities 6c 763 763 699
Total Expenditure 10,815 942 11,757 10,425
Net Gains on Investments 10(b)
Net Income/(Expenditure) for the year 785 (132) 653 377
Transfers Between Funds 18(a)/(b) 117 (117)
Net Income/(Expenditure) before
Other Recognised Gains and Losses 902 (249) 653 377
Other Recognised
Gains and Losses
Defined Benefit Pension Scheme
Actuarial
(loss)/gain		 23 523 523 136
Net Movement
in Funds		 1,425 (249) 1,176 513
Reconciliation ofFunds
Fund Balances Brought Forward 18 11,117 389 11,506 10,993
Fund Balances Carried Forward at End ofYear 12,542 140 12,682 11,506

PORTLAND COLLEGE PORTLAND COLLEGE
CONSOLIDATED BALANCE SHEET AS AT 31AUGUST 2021
Company Registration Number 408340
31August 2021 31August 2020
Note f,000 f000
Fixed Assets
Intangible
Assets		 10(a) 434
Tangible Assets 10(ai) 9,929 8,764
Invesnnents
-Quoted		 10(b) 274
Other Investments
-		 Other than Loans 10(c)
Investments
-Related Parties		 10(d)
Total Fixed Assets 10/63 9,038
Current Assets
Stocks 12 18 29
Debtors 13 549 1,173
Investments 14 2,200 2,200
Cash at Bank on Deposit 1,952 1,540
Cash at Bank and in Hand 290 182
5,009 5,124
Creditors:- Amounts Falling Due Within One Year 15 (2,406) (1,715)
Net Current
Assets		 2,603 3,409
Net Assets Excluding Pension Liability 12,966 12,447
Defined Benefit Pension Scheme Liability 23 (284) (941)
Net Assets Including
Pension Liability		 16 12,682 11,506
The Funds ofthe Group
Restricted Income Funds 18(b) 140 389
Unrestricted
Income		 Funds
General Group Funds 18(a) 11,726 10,884
Designated
Funds		 18(a) 1,100 1,100
Unrealised
Investment		 Revaluation Reserve 18(c) 74
Unrestricted
Income Funds Excluding		 Pension Liability 12,826 12,058
Pension Reserve 23 (284) (941)
Total Unrestricted Funds 12,542 11,117
Total Group Funds 17 12,682 11,506
PORTLAND COLLEGE PORTLAND COLLEGE PORTLAND COLLEGE PORTLAND COLLEGE
PARENT CHARITABLE COMPANY BALANCE SHEET AS AT 31AUGUST 2021
Company Registration Number 408340
31August 2021 31 August 2020
Note f,000 f000
Fixed Assets
Tangible Assets 10(a)(aii) 9,910 8,763
Investments
—Quoted		 10(b) 274
Investments
—Subsidiary		 and Associated Undertaking 10(c) 450
Total Fixed Assets 10,360 9,037
Current
Assets
Stocks 12 10 21
Debtors 13 563 1,163
Investments 14 2,200 2,200
Cash at Bank on Deposit 1,952 1,540
Cash at Bank and in Hand 4 14
4,729 4,938
Creditors:- Amounts
Falling Due Within		 One Year 15 (2,024) (1,528)
Net Current
Assets		 2,705 3,410
Net Assets Excluding Pension Liability 13,065 12,447
Defined Benefit Pension Scheme Liability 23 (284) (941)
Net Assets Including Pension Liability 16b 12,781 11,506
The Funds ofthe Charity
Restricted Income Funds 18(bc) 140 389
Unrestricted
Income		 Funds
General College Fund 18(ai) 11,825 10,884
Designated
Funds		 18(ai) 1,100 1,100
Unrealised
Investment		 Revaluation Reserve 18(ai) 74
Unrestricted
Income		 Funds Excluding Pension Liability 12,925 12,058
Pension Reserve 23 (284) (941)
Total Unrestricted
Funds		 12,641 11,117
Total Charity Funds lib 12,781 11,506

2021 2020
Note %000 %000
Net Cash Provided ByOperating
Activities		 21 2/34 863
Cash Flow From Investing Activities
Purchase ofProperty,
Plant and Equipment		 10(a) (1,962) (1,292)
Proceeds From the Sale ofProperty, Plant and Equipment
Purchase ofInvestments 10(b) (55)
Proceeds &om Sale ofFixed Assets
Proceeds From the Sale ofInvestments 10(b) 274 69
Purchase ofSubsiduary
net ofcash acquired		 27 (164)
Investment
and Other Income		 5 36 37
Net Cash Used in Investing Activities (1,816) (1,241)
Change in Cash and Cash Equivalents
in the Reporting		 Period 519 (378)
Cash and Cash Equivalents at 1September 2020 3,922 4,297
Cash and Cash Equivalents at31August 2021 4,442 3,922
Cash and Cash Equivalents Consists of:
Cash in Hand, at Bank 2,242 1,722
Current Asset Investments 14 2,200 2,200
Cash and Cash Equivalents at31August 2021 4,442 3,922

2021 2020
f000 f000
2. INCOME FROM CHARITABLE ACTIVITIES
Educational fees 6,265 6,269
Residential fees 3,967 3,210
Other fees 89 90
10+21 9,569
All ofthe above income was distributable to unrestricted funds in both years
3. INCOME FROM OTHER TRADING ACTIVITIES
Portland Print 104 110
Furlough 123 175
Polly Teach Ltd 758
Other Trading Income 253 312
1,239 597
All ofthe above income was distributable to unrestricted funds in both years
4. INCOME FROM DONATIONS, LEGACIES AND GRANTS
Legacies
Grants 129.40 55
Donations 685.00 520
814 575
2021 2020
f000 f000
5. INVESTMENT INCOME
Bank Interest 12
UK Listed Investments 24 (7)
36 37

ALYSIS OF EXPENDITURE ON C HARITABLE ACTIVITIES
Activities
undertaken Support 2020
directly Costs Total Total
f000 f000 f000 f000
Education 3,630 2,162 5,792 5,129
Care &Support 3,245 1,833 5,078 4,478
6,875 3,995 10,870 9,607

6.b ALLOCATION
OF SUP		 P ORT CO S TS TS
Basis of Care & Activities & 2020
Support cost allocation Education Support Raising funds Total Total
f000 f000 f000 f000 f000
Learner Support Costs Area/ usage 896 705 45 1,646 1,471
Corporate
Services		 FTEs 874 746 70 1,690 1,329
Depreciation/Amortisation Asset location 392 382 80 854 719
2,162 1,833 195 4,190 3,519
6.c EXPENDITURE ON OTHER ACTIV ITIES 2021 2020
f000 f000
Pathways
to Employment		 &Catering 530 580
Administrati
ve Expenses		 233 119
763
7. GOVERNANCE
COSTS-INCLUDED WITHIN SUPPORT		 COSTS 2021 2020
f000 f000
Auditors
remuneration		 - Current Year 32 32
Other Professional
Costs		 95 125
127 157
8. NET INCOME /(EXPENDITURE) is stated aAer charging:—
Auditor's
Remuneration
Auditors
Remuneration		 - Audit 32 32
Less: Allowance
included		 within Donations &GiAs (9) (9)
23 23
Auditor's
Remuneration		 - Other Services
Audit ofthe Charity's Subsidiary Pursuant to Legislation
Other Services Relating to Taxation
All Other Services
33 28
Operating
Leases
Operating
Leases - all with less than		 1 Year remaining
Rental Agreements

2021 2021 2020 2020
Number FTE Number FTE
Education 189 153 165 126
Care k Support 144 127 164 141
General Learner Support 39 34 32 26
Corporate Services 23 21 25 21
Trading Activities 30 6 9 8
Fundraising 2 2 3 2
427 343 398 324

loyment
C		 osts for the year were:
2021 2020
%,000 6000
Wages and Salaries 8,003 7,100
Employer's National Insurance Contributions 543 453
Employer's Pension Contributions 379 333
Life Assurance
Contributions		 35 35
8,960 7,921

PORTLAND COLLEGE PORTLAND COLLEGE PORTLAND COLLEGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31AUGUST 2021
10. FIXEDASSETS
GROUP Goodwill Total
(a) Intangible
Assets		 f000 f000
At I September 2020
Additions 482 482
Amortisation
for period		 (48) (48)
Net Book Value as at 31August 2021 434 434
Freehold Assets
(ai) Tangible Assets Land & Furniture & Under
Group Buildings
f000		 Equipment
f000		 Transport
f000		 Construction
f000		 Total
f000
Cost
At 1 September 2020 18,249 3,181 258 790 22,478
Additions 1,795 147 20 1,962
Assets upon acquisition 21 21
Transfer Assets under construction 756 34 (790)
Disposals (7) (16) (23)
At 31August 2021 20,800 3/76 262 24,438
Depreciation
At 1 September 2020 11,148 2,385 181 13,714
Charge for Year 627 154 25 806
Eliminated
on Disposal		 (5) (6) (II)
At 31August 2021 11,775 2,534 200 147509
Net BookValue
At 1 September 2020 7,101 796 77 790 8,764
At 31August 2021 9,025 842 62 9,929
FIXEDASSETS
CHARITY
(aii) Tangible
Assets		 Freehold Assets
Charity Land & Furniture & Under
Buildings
f000		 Equipment
f000		 Transport
f000		 Construction
f000		 Total
f000
Cost
At I September 2020 18,249 3,181 258 790 22,478
Additions 1,795 141 20 1,956
Transfer Assets under construction 756 34 (790)
Disposals (6) (16) (22)
At 31August 2021 20,800 3/50 262 24,412
Depreciation
At 1 September 2020 11,148 2,385 181 13,714
Charge for Year 627 148 25 800
Eliminated
on Disposal		 (6) (6) (12)
At 31August 2021 11,775 2,527 200 14,502
Net Book Value
At 1 September 2020 7,101 796 77 790 8,764
At 31August 2021 9,025 823 62 9,910

10. FIXEDASSETS (Continued)
(b) Investments
Group A Charity Quoted
Investments Cash Totals
f,000 f000 f,000
Market Value at 1 September 2020 270 274
Additions
Disposals (270) (4) (274)
Revaluation
At 31August 2021 (see notes below)
Cost at 1 September 2020 195 196
Cost at 31August 2021
10. FIXEDASSETS (Continued)
c Investments
Charity Shares in Group Undertakings
Cost or valuation
at 1September 2020		 100
Holding
in subsidiary:
100Ordinary		 shares ofKl each [note 11] 100
Additions
in the period: 900 Ordinary		 shares at 5500 each 450,000
Cost or valuation
at 31August 2021		 450,100
Cost or valuation
at 1September 2020		 and 31August 2021 Shares in Associated Undertaking
Holding
in associated undertaking:		 2 Ordinary shares ofKl each [note 26]
Cost or valuation
at 1st September 2020 and 31stAugust 2021

15. CREDITORS - AMOUNTS FAL L ING DU E WITHIN ON E YEAR E YEAR
Group Charity
2021 2020 2021 2020
f000 f000 f000 f000
Trade Creditors 244 173 235 144
Other Taxation and Social Security 141 107 115 107
Other Creditors 1,239 916 948 757
Accruals 782 520 726 520
2 406 1716 2 024 1 528
Other Creditors include f260k (2020 - /279k) for Student Fees paid in advance.
16. ANALYSIS OFNET ASSETSBETWEEN FUNDS
GROUP Unrestricted Restricted Total
Funds Funds Funds
f000 f000 f000
Fund Balances at 31 August 2021 are represented by:
Intangible
Fixed assets		 434 434
Tangible Fixed Assets 9,929 9,929
Current Assets 4,869 140 5,009
Creditors: Current Liabilities
Pension Reserve		 (2,406)
~284		 (2,406)
~284
12542 140 12682
16b ANALYSIS OFNET ASSETSBETWEEN FUNDS
CHARITY Unrestricted Restricted Total
Funds Funds Funds
f000 f000 f000
Fund Balances at 31August 2021 are represented by:
Investments 450 450
Tangible Fixed Assets 9,910 9,910
Current Assets 4,589 140 4,729
Creditors: Current Liabilities
Pension Reserve		 (2,024)
~284		 (2,024)
~284
12641 140 12701
17. COLLEGE FUND AND RESERVES
GROUP 2021 2020
f000 f000
Unrestricted
Funds [note 18]
General College Funds - excluding Designated Funds and Pension Liability 11,726 10,884
Designated
Funds [note 18]		 1,100 1,100
General College Funds - excluding Pension Liability 12,826 11,984
Pension Reserve [note 23] (284) (941)
General College Funds - including Pension Liability 12,542 11,043
Unrealised
Investment
Revaluation		 Reserve [note 18c] 74
Unrestricted
income fund		 12,542 11,117
Restricted Funds[note
18b]		 140 389
Total Funds and Reserves 12,682 11,506
17b COLLEGE FUND AND RESERVES
CHARITY 2021 2020
f000 f000
Unrestricted
Funds [note 18ai]
General College Funds - excluding Designated Funds and Pension Liability 11,825 10,884
Designated
Funds [note 18ai]		 1,100 1,100
General College Funds - excluding Pension Liability 12,925 11,984
Pension Reserve [note 23] (284) (941)
General College Funds - including Pension Liability 12,641 11,043
Unrealised
Investment
Revaluation		 Reserve [note 18ci] 74
Unrestricted
income fund		 12,641 11,117
Restricted Funds [note 18bi] 140 389
Total Funds and Reserves 12,781 11,506

Bltstt at31 August 2021 .26-

ements:
2021 2020
%000 f,000
Woodlands
Adventure		 Zone
Outram
Street

E~ui ment
2021 2020
Copier Leases f000 f000
~Ex irin: Within One Year 6 6
Within 2 to Five Years 6 12
12 18

NCILIATION

VITIES		 OF NET MOV EMENT IN FUNDS TO NET CASH FLOW FROM O
2021 2020
f000 f000
Net Income/(Expenditure)
before		 Actuarial Gains 653 377
Amorti sation 48
Depreciation 806 719
Interest Received (36) (37)
Unrealised
Investment
Gains and		 Losses
Loss / (Gains) on Disposal ofFixed Assets 12 5
Post Employment Benefits Less Payments (134) (122)
(Increase)/Decrease in Stock 11 (6)
(Increase)/Decrease in Debtors 721 (449)
Increase in creditors 253 376
Net Cash provided by Operating
Activities		 2/34 863

FRS102VALUATION OFDEFINED BENE FRS102VALUATION OFDEFINED BENE FIT PENSION SCHEME (cont.)
The assets in the scheme and the expected return were:
Value ofassets at Value ofassets at
31August 2021 31August 2020
f000 %000
Cash Accumulation
Policy		 7,444 7,261
Secured Pensions
in Payment		 1,271 1,340
Total Market Value ofAssets 8,715 8,601
Present Value ofScheme Liabilities (8,999) (9,542)
Deficit in the Scheme (284) (941)
2021 2020
OOOO f000
Actual Return on Scheme Assets 516 392
Analysis ofthe Amount
Debited to		 operating Net Income/Expenditure 2021 2020
f000 f000
Current Service Cost
Administration
Expenses		 67 73
Past Service Costs
Interest Cost 14 20
Net Charge to Statement ofFinancial Activities (SOFA) 81 93
Analysis ofAmounts
Recognised in Other Recognised Gains and Losses (ORGL)
Actual Return less Expected Return on Assets 516 392
Experience (Losses)/Gains
Arising on the Scheme Liabilities		 7 (256)
Actuarial
(Loss)/Gain
Recognised		 in ORGL 523 136
Cumulative
Actuarial Loss Recognised
in ORGL		 (1,949) (2,472)
Movement
in Liabilities During the Year
Scheme liabilities at beginning ofyear (9,542) (9,536)
Movement
in Year:
Current Service Cost
Past Service Cost (12)
Interest Cost (145) 168
Employee
Contributions
Benefits Paid 681 (418)
Actuarial
Loss/(Gain)		 7 256
Scheme Liabilities at End ofYear (8,999) (9,542)

FRS102VALUATION OFD EFINED BENE FIT PENS ION SCHEME ( cont.)
2021 2020
f000 f000
Movement
in Assets During the		 Year:
Scheme Assets at Beginning of Year 8,601 8,337
Movement
in Year:
Expected Return on Scheme Assets 516 392
Employer Contributions 215 215
Employee Contributions
Benefits Paid (681) (418)
Administration
expenses		 (67) (73)
Interest income 131 148
Actuarial
Gain/(Loss)
Scheme Assets at End ofYear 8,715 8,601
2021 2020
History ofAmounts
for Current		 and Previous Accounting Period: f000 f000
Scheme Liabilities Amount (8,999) (9,542)
Scheme Assets Amount 8,715 8,601
Deficit Amount (284) (941)
Experience Adjustments
on Scheme Liabilities
Amount 523 136
%ofScheme Assets 6.0% 1.6%
Experience Adjustments
on Scheme Assets
Amount
%ofScheme Assets 0.0% 0.0%
Total Amount
Recognised
in Other Recognised		 Gains and Losses
Amount 523 136
%ofScheme Liabilities 5 8% 1.4%

Fair Value
Book Value Adjustment Fair Value
Fixed Assets
Tangible Assets 20,839 20,839
20,839 20,839
Current
Assets
Debtors 97,067 97,067
Cash at Bank in hand 185,731 185,731
282,798 282,798
Total Assets 303,637 303,637
Creditors
Deferred Tax		 (145,219)
~15,327		 (145,219)
~15,327
(160,546) (160,546)
Total Identifiable Net Assets 143,091 143,091
Goodwill
on acquisition		 (note 10) 481,909
Total purchase consideration 625,000
Cash flow from Investing activities
Cash consideration paid 350,000
Less cash and cash equivalents acquired 350,000
~185,731
Net Cash Flow 164,269