Reg15tered numbgr. 00408340 Charlty nuM￿r.. 214339 PORTLAND COLLEGE (A company limited by guarant•e) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 •AE3LKWAA' 29mW025 r￿MPA￿Es HCIJSE #78 PORTLANO COLLEGE IA company limited by 9uarante•l CONTENTS Ref•rnnc• and *dminlstratl¥• dttails of th• Cornpany. Ils TnMtees and ad¥l*•r• Trustees. r•pNt Ind•p•ndent audlt*)rn' veport on the Iln•n¢l•l stat•m•Trts Con$olid•lod ststement of Iln•nC1￿ actlvltle 2-13 14-17 18 consolida1￿ balanc• sh￿¢ 19 Company l)•lance sheel Consolidated st•temert 01 ush flows 20-21 Notes lo the flnanclal statements 23-50 PORTLAND COLLEGE (A eompany lirniiad by guarnnt••) REFERENCE AND AOMINISTRATIVE OETAILS OF THE comp￿4Y. ITS TRUSTEÉS MID ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr M 8riggs. Vice Chair Ms J Bullgr Ms H Ccwer lappc¥nieil 24 Jarwry 20241 Mr D Do￿t￿nk0 Ms S Egl¢y Mr P Emerson. Cha M5AFa •Ar D Fatptefs Or D Green. Chair of Tnjstees r S Jad(son Ms O Jackson IAS M Murray Company r•gl$tered number Charity registered nurnber 214339 Reglst•r•d offlc• Notlingham Road Mansfiel Noth"nghamshwe NG18 4TJ Prnsldent Vlce Presidents Mrs A Swan Parenle klBE OL Mrs D m￿aId Mr K DcDonald Mr H P Matheson DL Professor C O'Brien OBE Company secr*t•ry Mr I Cowm (until 3 December 20241 Mr D SIArYway (from 3 L)ecember 20241 Ch1￿ eXE￿Al¥e officer Mr M Dale Ind•pendent ¥ydttor5 PKF Smith Cooper AudrL Lwnrted ststutw Autjitws 2 Lace Market Square Notb'ngham NG1 1PB Bankers HSBC Ba￿ pk 1 St. P•t8fs Streei Derby DE12AE Sollcltors Freelh'5 LLP Cardinal Square 2nd FkxK, West PoKIt 10 Notb"n9ham Road DE13QT Page 1 (A comwny limlt•d by guarante•) TRUSTEES. REPORT FOR THE YEAR ENDED 31 &WGUST 2024 The Trustees present their annual report together ￿ryIh the audited financial slalements of the Company for the spar 1 Septernber 2023 to 31 August 2024. The Annual report serves the purposes ol bolh a TnJslees' r8POrt and a dir8Ctor5' report under cownpany law. The Trustees confirm Ihat the Annual report and financial statements of the charitable company COM￿ wth the current stalLrtory requirements. the requirern¢nts of the charitable companls governing rJo(xJmenl ant1 the wow5ions of the Stslement ol Recommended Practice ISORPI applicable to chafitj'es pr4aring their accounls in accrydance wth ts Financial Reporb'ng standa￿ applicat4¢ in UK and Republic of Irtrl*d IFRS1021 leffectNe 1 janu￿ 2019). The slrate9ic report ￿qui￿d under company Law is included in this reptrt and eo¥w5 the sectths ofachi•v•rn8nt and performance. f￿an(la1 review and plans fUbj￿ penc•Js. Portland College has thrtre ￿OllY owned subsKtharies. Prmvand College Enteyprises Limited. Polly Teach Limited and Jurnpstsrt AP Ltd lacquired on 12 August 20241. All Income. expendiiure and balance sheets have been CC￿s011dated inlo the Port￿￿ College aCt￿nts. T*th e¥tyanat(rynotes. Oblectlves and actlvltles a. Pollcles and oblectlv PortlaTrd Col*e opgratas a ￿brnnL nati￿81 col*ge for Peop￿ a wkje range of disabilities. It is one of the foremost Colkges ol its lype in the United Kingdom. wo¥idirvJ g(￿ leaming opportunitvds for well over 500 leamers. residents and citizens aged from 9 upward5. The College's prinapal obieclives. set out sn Artide 5 of it5 Artide5 of Associabon. are 'FL¥ the benefil ¢0 advan￿ the edLKalion ol and promote Ihe relief of persons th L*sabilit*s by any every méans.. The viyon statement of the Charity 1$ thal all p￿[A¢ with disatilibes Will hava a lifetirr* of opportunity. Our mission is to deliver exceleni programrnes to inwrè aThJ empower pec* wrth dKsabilities to live more depen¢Jent and ftffilliry fves. The Charity *ll athieve tlws ambiti￿ by concentrating ¢)n its th￿? strategw goals.. An Increased ThJmber of beneficiaiies vrill be alye to access a thider. m¢Jts diVersrf￿￿ semeè t>ffer and will. hieve irnproved heath andlor fitness thrcyjgh partiapatyon An increased nurn￿ ol ￿nefiCia￿eS will be able to a(rEss a more dNer$if￿ servir* offer and wll achieve their Cofe goaLs lo lea¢1 a more independeni irfe. An ￿CreaSe¢l number of peopk benefltb.ng from emptyat4.lty w￿￿MMe$. athieving and sustsining work (both waged and volunlaryl or b&ng enabkd ￿ a￿$ other prowsion. The colle￿ f(Ku$e¥ on supporb.ng Slum •¢*ievement and progrew. t))lla￿alIng and ¢)xyerating olhers. In particular the Cdlege has stn'ven to wjduce dear ewdence that the quality of the provision made for its students demonstrates the impact of ihese sirategic themes. The Dire￿{¥S confirm that during their ¢Ly?￿dera￿.Qn of Ihe colle￿e ￿l10S0phy. due regard of Charity Cornmissicn guit18n￿ on public benefit has been taken act£￿￿t ofarNI acted uwn. nec855ary. Th¢ main actiwbes undertaken by the College are siudent leathing. leamirrfj and assessment carried out by the Furthr Edu￿1￿ team Sukwrted by therapy teams and Regdenb"al Leaming. In adult soval Ca￿ we provide re5idents.al and day seryices fftduding short breawrwte. Tho othgr a￿l￿treS in line wilh our Arbdes of Association obJ'e¢b"ves include an emFkn￿ent 5UPPOrt pro91arnn￿, PLYVand Pathways and the fully inclusive Woodland Adventvre Zone. kn 2023-24. there a wmber of commeraal a¢b¥ities induding lettings and IK)spitaJrty lunctions. PcAly Teach Limited was established In 2014 and jlyned the PorNand group in September 2020. prowding high qualty indivTdual and grryJp tuition for young people who are disengaged from mainstream education Combining social work. with teathing practs'ce and work. Teach w0v￿e$ bespok• leaming programme5 to young people a Tange ol emotM)nal. sfyial. and behwoural difficum￿S that make ri diffujn for them to attènd $ch(x)l. Polly Teach is an Ofsted registered Sth￿l lull time on roll PU￿lS as well 85 part tirne pupils referred by Ic￿1 authorikn.es or Ihrcyjgh subD)ntrad from s(*br￿S prov￿Ing o)re educAtronal prograMn￿S (Maths, English and Suer￿> and Yocational Frfogrammes for at Key Slages 2. 3 and 4. Jumpstart AP Lld gslablished in 2022 and was inc¢xp(rdW inlo Ihe Po￿nd group n August 2024. Page 2 PORTLAND COLLEGE (A company l#Tht•d by gu•rant¢• TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectl¥es and •¢livllies (cmlinued) Jumpstart piowdes htgh qualty vocaknal ttji11￿ and qvalificalirms for youThJ peopb (Key St•3es 3 and 41 a￿ disengaged frcKn mainstream educatKJn. Jumpstart AP 1$ a registered Atsmats"ve PrwsM)n service v N0ttingharns￿re Cwnty Counril offering part-bmè places to pupils ref8rr•d by local authorrties and schools offerin9 engagemént actiwt*s and votsthonal qu￿￿￿tiOnS in molor vehide maintenan￿. e-SPOrt5, gyTh Instruction & person￿ fitness and hair & beauty- In settiThJ c&pctrves and planning for actswbe5. Ihe Trvstees have givèn due c(ffi5ideration to general guidance published by Ihe Charity Cornrnlsslc￿ relating to public ￿n￿l. inchjding the guidance 'Public benefit.. running thanty {P821'. b. Volunt•era Portland College *dlues the sw￿1[cant contr*wbons frcffi ap[￿XIMa1elY 48 vdunleeTr who support in a variety ol roles. indudir4J learning and Gyre suppc*l. caiering. estates mainl￿anCe, minibus drivtng and fundralsing. The Volunteer and CSR Ce￿rdina10r also supports local busirwes to meel their Corporate Sooal Responsibilrty objectives by promotiThJ and fac]￿lating charitable acti￿)eS. Strntegic Yeport Athlev•ments and p•rformance a. Maln aehl•vem*nts dthè Company The Win0￿ aL*vity of Portkind College is to prowde the appropriate level of learning & teaching and care support lor pec* *Mth dIsa￿￿'t1es and mental health corMliti"ons. Leamer5 and (ib2ens are funded prinripalty by Local Aulhorities and the Education and Skills Funding Agency IESFAI who COV￿ the di￿￿ and support costs of the ￿a¢eMent. The college fvndraises to ￿ver the cost of new faciliti.es aThJ equipment to enhance the experience learning of learnefs and oiizens. Need. rather Ihan 4tx.lty to pay. is the key detern7inant of vknether proskwtive knamer5 ac¢*55 leaming and teaching pr¢4Jramm8s. Th8 TnJ$lees we therefo￿ fully sa11sf￿ that our activibes m8el Ihg 18gal public b8neffi't requirement. L￿fflIng and tèaehln9 During 202&24, HMJh Needs Student fuThJed ￿ numbers S￿)￿15￿d at around 2￿. a grlwrth 0115% on th? previous year. Success rates for these leamers acuedrted qualfftatirx6 ￿th￿ed to show that g¢4)d pr(yJress has been madg in ling wth goals and aspiratw$. The Col*¢ was inspected by Otsted in January Th and ￿CeNe￿ an overall ￿tstand￿}g assessment an outstanding v•rrJict in each cat•gc¥y. The Twstee5 Ca￿fvuY monitor the quality ol this prowsit)n with a view to sustaining qUa￿ty at Ihe hI￿leS1 l•¥el. We have invested resource5 in new teaching facilities induding ygniftsnt upJr8de5 to the popular small animal farrn and donkey therapy actiwty and to the hair & beauty salon teathiNd area. In May 2024 the new ManLrfactuiing CÈntrè workshop t￿lI¢JIng was handed over to the College prowding a reallstic manvlacturing work experienca opportunity as part of Ihe suppty chain fw kjcal rnanufaclurmg tr*Jsinesses. The Manulacluring Centre has been designed to be earbon negative in use. In Fetryuary 2024 the Charity purchased the f￿8hOld rA 22a Forest Road Wesl, Noltyngham - a substsnljal communty building dose to Nolbngham City Centre whith hou5e5 a trfanch of Pollyteath School and W*ill be open to Further E¢Jucation Learrws Irom September 2024. Be Héatthy kbve and C￿lageoUS prcied (¥Jr aw)) to improvo heath and ￿lIbe1r￿J. W• rèeognise that mental ill health is a growing challengè for learners and this initiab"ve. a￿r￿j with more traditional support such as counselling semce. embeds su￿￿1 for ￿arnerS in this area. Safeguarding arrangements are a strength of the col￿ge and we have Th￿emented the govemmenl Prgvent agenda effeclNely. Learners feel safe and Page 3 PORTLAND COLLEGE IA company Ilmiled lry gu•r4Dt•el TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Strateglc r•port (c￿lInued) Achlevwmnts and wlornianc• {contlnu•dl are th'lled in SUPFrfM*"r*3 ￿arnets fwxl tr￿$11￿￿ into the college enmronment a thalenge. Car• Cbtbzens access ￿ caye pThi5ion in a of ways thrw Ihe Day knice. Rewdential Learning, Short BreakslRespile Service or the Inwndent L￿l￿g programrne. The Day se￿￿ w0vi￿on is classed non- regulaled. whilst Ihe others are all reguL8ted by the Quality Commission. All care seThices afe widèly onsidered to be caring and perw-centred wth demonstrable outcunes. We have been able to build on the •xcellent reputation of Ihe College. by improving and wdening the impact of OLW offev to learrers and citizens Ilhe weferred tem. rather than r￿dent ¢y serwce user). ReyuL4led seMce5 are Inspected by the Care Quality Comrni55ion and Poruand FreedL¥n was rated Gcoj at Ihe most recent inspection (May 20181. In the Day servi￿$, our market pogbon as a quality p*ovirJet has c￿tinued to strengthen and demand for places continues to be •xc?ptK)nally hmjh. W? could not meel all demands for places in our campus-based prowsion so it was necessary to de¥dop Ihe 5eNce in the rommunrty hubs 5 days a week frorn 3 venues in Mansfield and Ra¥en5head. We have expanded residenbal learner numbers and have cons8quenlty reouireil additional ¢¥re Staff. In 2023-24 we have worked tsreles51y to improve core staffing numbers aThJ we su￿esSfUlty attained and implemented the Home Office Heallh Cale Sponsor Visa LicerKe and 1hro￿h the app>nlmenl of an ¢)perations Manager to Implement mc*e flexible staffing roths. The Chanty as an employer continues to pay ¥tove Ihe bcal market rnedian salaries for care rdes in an effort to attract and relain the h￿he$l quality staff. We have appli¢d to and are implementing a career devdr4)menl pathway lor care stalf. We continue to focus on the development of recordirrfj Ca￿ delivery and impact and seeking to improve the ctrordinaii¢Jft of managèment infomiation. We believe our staff routsnely dernonstrate commilment above an¢J beyr*nd the expectation of nomial s•rvi¢e delivery #nd we need to find ￿dy5 to capture and present data to demonstrate that. We are using an education Iramework lo record progress by tyjr Independent Lmng alizens are hampered by the lack of Suitable progression opwtunilies for these iybzens oul%"de Ihe services we direclly manage in the Charity group. Polly T•ach Limlt•d The Scho￿ was last inspecled by Ofsled in Ihe Summer 012023 and ac￿￿ed a'Gcod' areas of outstandlng praciKe, induding outstanding in Fersonal dgvekjpment. Leaders have prowded a bespoke curriuJhJm for each ind¢vidual and have designed a wdItyann￿j and strudured curriculum." it se15 out what rAwils 8re e¥pect8d lo achieve auoss all subiects. including vocat￿nal subjects. an¢Y the curricJJlum Is implemented well. The new KS2 programme ha5 had limrted success so far insufficient referrals to justify SKJnificant althatr'on ol resources (space and staffing) and compèting demands for places at KS4. increase in referraLs of pupils with hNJh SEND needs and parUcvlaty SEMH (social. ern￿.￿al and mentsf health) needs noted in last yearfs report h83 nb"nued. PcAlyteach has responded Ihe develcpment of acuediled FO￿$t School actmty and training the aniire slaff cohort in trauma4nfomi8d Wat￿Ce. We onb"cipate Trauma-lnformed S(*c*J Status to te awarded during 2024-25. Portland Pathways 2023-24 vras another year of high athiewnent in this community-fadng provision vthich ￿ceiVed neatty eoo new referr815 in-yEar lup 68% on 2022-231. Pathways suppcrts mainly adults vtho are l¢￿J4errn recipiet71s of welfare or th5ability benefits. During the yEar ￿ op8ned further hub offices in Newark-on-Trent and Kirkby.in- AShf￿1￿ and received rw funding from Naitonal Lotteries Community to support thè semce into 2026. All corè performancR tar9?ts for Palhways exceeded with 108 p)b stsrts and 187 ¢C￿￿￿e￿on$ of our Rebuild Your Mental Health course. P898 4 PORTLAND COLLEGE (A eompany limtttd by guarantee) TRUSTEÉS. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 AUGUST 2024 Strat•giG rwort (conflnu￿} Achlevern*nts and p•rforniane• Icontlnued) Woodland Ad￿nturn ZonelNewstart Arts & Acll¥iti¢s The Woodknd Adventwe Zone and N•￿rt IAtslibes SUpp￿t both beneficiar¢es of Ihe Charity5 core servTrces but also engage in signrficant outreach and d8&very for otrw children and aduts with disabilitres. Parb'ripat¥ numbers for toth offers grew in 2023-24 840 extemal user Interad￿5 in the Wcrf)dland Adventure Zone and a total of 219J intsmavextemal user interaciion for NewstartArts and Ac11￿￿e5 program￿. Jumpstsrt AP The Charity group acquired Jwnpstart AP in August 2024 vrith a rytracquisitirn phase of engagement to FX)sitir the company for stgnrfKant growth in 2024-25. Jumpstsrt has ad¢Jed new capabilrty to the Charty sYOUP parD'cularlyv4ith motor vehide maintenance ieaL*iThJ faulities and qualificalion delivery. b. FundrJi>ing act4Vities and inc¢xM g•n•ratlon The fundr815in9 teain coniinues ￿ raise funds wia aFvlicalions to Irusts. indivbjuals. organi5ations. and by organising a number of countymde fundraising events Ihroughout Ihe ￿31. Fundraising targets are project- based and change eath year to align with the strategie ptan The team a(thieved larget again this year. with charitable inc4Jme grants tolalling £1.140k durin9 2023-24 1£631k in 2022-231. Funding pledges for the Manufacbjring Centre were lulty realised in 2023-24 and othef grant sources secured for Ihe projecl. Other key projects included a large accessible minilyJs, grant pledges toward the redevelopment ol an accomModa￿n block. funding for (wjtdoor therapy and adventrjre activity equipment and pa￿and Pathways. Flnancl¥l rnview . Going con¢ern Aftef making appropnate enquiri¢s, the Trusiees have a reasonat4e expects1￿ that the Group has adequate resources to continue In operats.onal t￿stenCe lor the foreseeable future. For this reason. they continue to adopt the going concern ba515 in prepanng financial s￿ternents_ Furtlw delats regarding Ihe adoption of the going concem basis can be found in th6 accc¥mts"ng [￿l¢les. b. Reger¥u pollcy Reserves are those frjnds aVaila￿e to Ihe Grwp once it has met rts commitments and covered planned expenditure. The un￿SIrthd Free Restrves r¢tain•d as at 31 AugLtst 2024 were £13.719k1£12.042k in 20231. The Group I College retsin 'Free' Res¢rves at a ￿ver that *￿Uld meel sjnforeseen shortfalls in short-term income streams. The ba95 of ol Free Rg58rves ayre8d by Ihe DI￿¢t￿S is three months expendiiure. Freo Reserves do nol indvde RestrKted or De&gnated Fund5. or fixed assets. General funds of £13,719k (note 211 less fixed assets of £11,663k Inoles 14 and 151 equates to Free ReseNes ol E2.056k. The Designated Funds a5 al 31 August 2024 total £1.QOOk {£1.oc4Jk In 2023} arKJ are for future projects. They are listed in Note 21 of the Financial Staiement5. The Directors have approved a camws master plan whth sets out a 10-year capital programme lio approximatefy 20271 to fvrther develop our wc&xlland carnpus into the premier further educalton dests'nation for disabled people in the UK. The level of Freè R$seNes required to cover 3 months exFenditure 15 £4.616k as at 31 Au9USt 2024 12023.. £3.751kl. The ¢uFrent level of Free Reserves is than 3 month5 expenditure. however the Directors undertake regular r8vwws of the level ol Reseryes and they are Satisf￿ Ihat the current lev￿ meets the Group's reqvirernenls. Page S PORTLAND COLLEGE IA comp•ny limited by guarnntee TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENOED 31 AUGUST 2024 ¢. Material InV￿tMents policy Th& Direth require the best use to bè mad¢ of avalable cash resource5 Ihrough the pNdeni placement ol fixed-term inveslments. Fixe¢J4em UK bank dèposits totalled £25Ok 85 at the Balance Sheet date 31 August 2024 1£761k in 20231 and Cash at 8ank on Dep￿1 sloc#J at £3.700k1£2.915k in 20231. As the ffixed-lem) UK bank deposits have a fixed terrn of less than th￿e months as at 31 August 2024. these are included within Cash al Bank on the balan￿ sheel this swr. Therefore total Cash at Bank in the Group 3tood at £3.950k this ￿#r, increasing by £1,035k during the year. mainly due tr) temwjrary wr)rkiry Cakmlal fluctualrorts. The annual relum on investm￿ts and Cash al Bank VAS £63k1£68k ￿ 2023). d. Prfnclp•l risks and unc•rtainti•S A wular assèssm8nt ol risx is car￿d OUL ¢o¥•ring finanoal and rh>)￿nancIal ri$ks to vknich the College is ewsed. wrth a pa￿"Cular empha￿$ on Ihose risks whith invofve benefiiyari85. This assessment 15 lom￿llY viewed at every main Board meeting. the Audit Commiitee able to scrutinise risk management in more deiail vthere directed by Ihe Board. Eath identifie(1 risk is RAG rated. allocated to an individual senior manag8r and actions idenNfied to minimise the overall risks. The risk register is an interactive docurnent th81 is continually revwed and updated bythe Sen￿ management le￿ #Jentity risks and manage m￿"gat￿m activities. The main areas of wi5k for the ￿ganIsatiOn ￿ cOn￿dered to ￿". LcGql auth￿lty fmanrial ins(thncy li.e. sectIL￿ 114 nobficalirms under the Local Govemm•rtt Finance Act 19881 lèading to delunding of p)st-16 Spel)￿ transrth ar￿Or bte pawnent or attempted eduction of placement lees. Reputatsonal tlamage folkwing a safeguarding Prevent incident invomng a leamer or er(128n. Cyber Security risk through wnjs and cfv-a1la￿ leading io kjss of informab"on's system eontrolling all areas of the College tyJsine5s and campus security. Pnce, wage and tax inAalion leading io finan(ial instability. e. Princlpal funding The primary sourees of funtJing lor Portland Colkge are student f•es and re$Klential Ca￿ fees. Studènt education and re￿dential fees are fvnded wa the ESFA and local authorits.es whiL¥t residents.al and day service lee5 were received from social care and heanh authcrfibes. l. Group operatlnq resu4s The nel income before olher Tecognised gains and losses for the year ended 31 August 2024 wa5 8 surplus of £2.447k 1£213k in 20231_ The College cperated al a surplus of £3.498k1£1.266k in 20231 before the non-cash items of deprecia￿On and amortisation. This. thereft>re. represents the College's E8ITDA (Eamings before Interest, Tax•s, Depreciat￿n and Arnoth'$8tiw) re5utt for the year. g. Flx•d asx•ts Ch￿ge5 in Fixed Assets are shown in Note 15 to Ihe Pinanryal Statements. In the opinion of the Dlreclofs the market value of the freehold wopaty may differ from Ihè book wa￿8. but a5 th8re is no inienty'on of disposng of any premises, it is Ihefef¢ye nol Consid￿ approFXAte lo qu￿tify lh8 th.ff6ron￿. P4e6 pORTL￿lD COLLEGE {A company limlted by ou•rantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Slructure, goYmne• and managemenl a. Constitution Portland Colleg¢ w85 lounded as a ￿MpanY limited by guarante• (Company number 004083401 on 12 April 1946 and is govemed in acr£￿dance with its Art￿leS of Assotiatii)n. As a regISte￿d chaTty Icharity number 2143391, the College is also subject to the rules of the Charity Commi55ion. The group ￿$￿Its irlcorporate Portland C￿lege Enterprises Limited. Pc41y Teath kn"mrted and Jurnpstart AP Ltd (from acquiytion on 12 Augusl 20241. all companie5 registered in Enland and Wales. The College is controlled by a 8tra￿ ol Govemws (the Direclors under Company Lawl. who bring a broad lange of ex￿rtiSe to the College and a￿ apwnted by Ihe K4embers of the Cdlege at a Ge￿181 Meeting. Under Artic 25. the Goveming Body must comprise not ￿ than 10 Ordinary Gov8mors and lif and onty rf appoinied a$ Govemorsl. the PfesKl8nl and Vice-Presthnts of Ihe Colle99. Ordinary Governor is appointed IDr a tgrrn of four years. and normally would Serve no more Ihan ￿¥0 CLwseoJb"ve tem)$. The Ex-olficio Members i.e.. President and VKevPresidents a￿ aprxynted annually. On appointment. r*ew Dtrectors are given a personal induetion to the College. indmdual meetings wilh all senhy manager5 and an informatson pack including the Goveming Owiment and familiari5￿9 them th& Myk of th* 8oard arwj their roles 8nd responsibilities. In accordance vAth the ArtiL*s of ASsouati￿, the Truslees reb'￿ by rolabon. The Board of Governor5 has open recruitment policy. b. Method¥ of appolntment or •l•eiion ot Truste The management of th¢ Group and Ihe Company 15 Ihe re5pxsknility of Ihe Tru5teos 7A*Tro arn elected aTrJ ry>- opted under ihe terns of the Trust d*Èd. . Or9•nTr5ational stN¢luTe and d•elslOn4￿a￿lftg polkl•s The Collage benefils from a goyeming t*)dy possessing a CoMp￿hen51Ve range of skiNs and experience which all¢)ws detsiled oversight of all facets of the tKJsiness of the College. The Drylors discharye their duties wa Goveming Body meetings. held al least four times per ypar and through a rdnge of Committees which includg... Audit Committèe, Rernuwab￿ Ccwnmrttee, Oversvjhl ol Stsndards Group. Ov8r5ight of Finance Group, Enterprises Board, Estates PbnniwwJ Group and Development Working Group. Th¢5¢ commthees, tog&ther vthh any oiher working part*5 that may at b.mes nece55ary, meet as and ¥vhen requiréd. The Prinopal and Chi•1 Extcutive officer is responsible to the tmrectors for Ihe daY40￿8Y running of Ihe Cdlege and the execution of strategy and polioes as dea.ded by the Board of Go¥emoTs. In 202>24, Ihe breadlh of Board experlise 8vailable to the College is degr￿be￿ below. tknvn Gre•n Bsc (Hon*l PhD C•rtEd PGDlp FSET- Chalr of Go¥emors Dawn joined the Board in 2015. She was pwou51y Principal & CEO at Landmarks College and Vice Principal at Portland College. She is now the Karten Ne￿k Develcpment CothinatLW, Natspec's Quality Improvement Lead and also provides quality improvernenl consuifancy swwces for spe&alist lurther education college5. Mark Brlggs - Vke Chair and Chalr of Staff Cwnc Mark I￿ned Ihe Board in 2019. has exIenS￿ eXpe￿nCe in the put￿1¢ and cultural sectors. and has director level experience in IxJsine55 and transformation. Alorwj wth this, Mark is a f(xmer Paratymwan wth insght into sport, heallh and wel￿beIng. Peter Em8rson DL- Wi¢e Chalr •nd CIMtr ol Estat•s Plannlng Group Pètaf joined the Board in 2017. P￿ar reb.red as ch￿ Operating Olficer of Severf￿ld PLC and Managing Diraclor of Wat50n Ste•1 in 2013. Retwd November 2023 ftom being a consultanl in the C￿struc110n induslry and from Laing O'Rourke Limited. Joanne Butler Joanne joined the Board in 2021. She is an auiism cOns￿nt wothing ￿ educath)n. wtNkpFaces. and othèr youth and aduh organisation5 through her company SEND SuprKJrt. Jo is Ihe ctraulhy of Is That Effectlve Page 7 PORTLAND COLLEGE (A wnp•ry lknii¢d lry guw•ntee) TRUSTEES. RepoRT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Stru¢lure, gowmance and Manageme￿ (eontinu•dl Cornmuni¢ation in a neUrtsd1ve￿ W￿d. She ¥rns F￿￿uSty ts Head teather ol #n ¥utism speualist school. and offws specaalist teachiry for NotDnghamshire Clymty Cwnril. Helen Cooper 8A(Honsl BSCIHonsl - appoSnt•d 24th January 2024 Hden has been on the Board of th8 Royal College of OC£upat￿al Therapists Sin￿ 2019 and ha5 been invdved in several clinical review5 for the Nats"onal Institule for Health Researth. Over the years she has developed a ¢ompr¢h¢nsivo undetslandirwJ of care b￿1 practices. regulatory complianrE and risk rnanagemenl. Helen is a Directty ol Delphi Lld Fxowding exrert congjttancy, traintng arwj aokn.sory serMce5 to the soual care rndustry. David Dowbenko 8SclHonsl M Dawd Joined the Board in July 2023. He has over 30 Jears, ey4)triÈnce ol ktal government. across a number of functions. Much of this has been in management roles assooat*d th tharyè and modernisatson, induding the prowsKm ol school trarn5PNt for rxjpils with specrdl educational needs and dIsa￿"￿"t1es. Damd is involved with the Ukrainian Cultural Cenlre in Notlingham. where he 15 Head ol Ihe Audit Committee. He is a150 Chair Elect of the North St8ffordshire Cornmunty Rail Partr￿1p. Sarah Egley RGN 8A(Hon$l Htsllh C•re Practlce & MAMU M•nawineirt and L¢ad?rship.' Lead Govemor for Safèguarding Sarah joined the Boafd in 2018. She is Assistani Director <)Jalty Improvement, Innovatth aThJ Assuran¢e for Derbyshire Community Heamh Services NHS Trus¢. Sarah also has hdd the Fosition ol inlerim Deputy Chief Nurse in 2023. Sarah brings a wK1e breadih of experience from opernts.onal nursing and leadership rgles, within a variety ol cl'nical s&Mces. Sarah. has taught in academic seth.ng as an Associate Lecture. She has worked in acute and community settings as wdl as supporting inlegf3I￿ W￿￿treaMS th19ing seryices from health and social ￿re together. Sarah ￿adS quality improvemenl. inrb0Vati￿ assurancè a$ wdl as ryeab'ng system resilience in kKal organisall"onakwide d¢vekvn￿t. Amanda Farr DL Msc (Oxon) Arnanda joined the Board in 2018. Sh8 has *vked in NHS rehabilitation and ment81 h8dth services for most of hèr eareer. latt•rfy ￿adIng c￿ntY ￿Mary care menial hèalth servic85. She has been a visiting lecturer al Nottingham and Oxford Untver5ities. She of Sweeney and Farr As$￿*ateS offering mentsl tlealth treatments and ￿9an￿at￿Jnal *pll-beirg. Amanda is Ihe Ch•r of Nottingham Pla￿OUSe Board and has extensive experience in th• ￿lUntary in ts aty and cwnty of Nott"tnghamshir8 and is a former High Shgriff and curreni Deputy kn￿nant of Ihe c¢unty. Pl0f￿901 Dean Fathers DL- Chair of R•mun•ration Committ•• Dean io¢n8d Ihe 8oard in 2017 Wtt￿n he was Chair of. NHS ULHT and Nottinghamshire Healthca￿ NHS Foundat￿￿ Trust. He currenlty hdds Non-ExeuJtive Board appryntfflents with the Parliamentary and Health Services Ombudsman Ivthere he is Chair of Quality Committee) and the Academy for F￿alth Cxre Srjence (where he is Chair of the Ltfe saen￿ Steering Grwpl. He is aLso a Trustee of the Charity ca￿ After Combat, Chair of the Midlands Engine's Health Care and Lrfe Science Board and Independent Chair of Iljality Safety and Risk at Voyage Care. In add￿"On. Dean ho￿ HorK)rary Vigb'ng Professor fo￿ Ihe Universities of Noth"ngham and Lin(*kn. D•ann• Jackson FCCA Chalr of Audlt Committ•• Dianne joined the Board In January 2023 and has been an extemal ad￿sor to Ihe OFG since 2019. Oianne is an experienced Finance Dwector ext¢n5ive knowledge and experiertrce frixn working in the Eduration Secior for over 25 year5. Drdnne a nonexeGub"ve diredor of a housng assocratson aTrJ also Chair of Nolts County Foth)dation who are th8 independenl charitabl• arm of Notts c￿￿ty FIKJtball Club. St*ph•n Jackson- FCMA GCMA- Chair of Owsight olFln#ncè Group Stephen joined the Board in 2019. He Is a CLvxrneroallyfcKused Executs"ve wth global experien￿ and Cha￿$ the Audit Committee. He has ovèr 30 years tJ)ard level experience al both Executive and Non-E¥ecutive level. June Murray. Chair of 0￿rsI9ht ol Stsndards CofflThittee June I￿ned Ihe Board in November 2022 and has 8￿enSIve expenènce *4)tking in speoalist further education at RN18 Cdlege Lc*Jghborvugh In(Yw kTry•m as Sense Cdlege Lcwht*whl for the pasl h¥en￿tne ￿a￿S as Pa98 8 PORTLAND COLLEGE (A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR ThE YEAR ENDED 31 AUGUST 2024 Structure. governan￿ and manaqemenl (contlnued) As5istsnt Pn"n(ipal aNI Colege Principal. Councillor Samantha Deakin- COwOPted member Samanlha pined the Board in 2021 as Nottingharnshire Cwnty CwrKifs representative. She is the c￿nty Councilk* for the Ward where P¢xUand C￿lege is I￿ated and also a ca￿'neI Member for Ashfield District Council. Whilst the Charity benefit5 from a very slrrmg and pytractive Board. Ihe Governors have been diligent in aLTrditing the skill set of exists.ng M￿bers, develowry a fomal successon plan based on anb"cipated ￿￿rement dates aNI rew8wirng the Sirateg¢c direclh)n ol the Charity to ensure trHt we refain thal slrength and c8n pwde effective govemance of the wde and incre￿ng raroe of actiwties. d. Polici8s adoM•d lor the inducilon and trainin9 of Tn All new Governor Awoinlments fdb74V a lull re￿rt￿nI process, Ir￿uding application and iniemew with College Principal, Chair and Governor Parwl ensuring commilm•nt. skills and discovering any p)t•nlkql conflict of Interest. This is then followed by a structured inducfion programme with the Senior Managgm?nt ieam and ongoing trainirwJ induding sar￿ard11￿j. *. Financial risk manogement The Truslees have 85ses5ed major risk5 to whi¢h th¢ Gr¢wp and th¢ Ctynpany * exposed. in particular those related to the optratrffis arKI firtrance5 of the Group and the Company. and are satisfjed that Systems a￿1 procedures are in place lo M￿"gate éxposure lo the major risks_ f. Tru#tees' Indemnities During the ￿r, the Col￿ge purchased E¥ecuti¥e. Profess￿81 and Fiddty ￿abl￿ty Insurance. whKh Covered the ￿￿ctOrS and Officèrs of the College. at a tost 01 £9.114 {2023-. t9.1141_ In all cases. the tnsuran¢ indemnifiès the College against k>sses incurred from 7AYongful acts that ￿$￿It in claims by third parb"ès. In add￿On, the indfvtdual Directors or Officers are covered under the Exeodtsve Lkabilty insurance policy against personal loss, as a ￿sUIt ol claims made Up(￿ them for acti￿$ taken wtiilst acting in their capacty as 01￿ctorS or of th8 College. g. S•nlor t•am r•mUner•tl(￿ stat•m•nt and S•nior post holderg T￿1Th the remit of Remuneration Committee This statement is published by the Board of Govemor5 01 POrtIar￿ College the fmaniial year 2023-24, informed by ihe Asswiation ol c￿lege$, Senior Poslholder R?munerafion Cc#l?. Principal & Ghief Exe¢ubve Offi¢er Mark Dale Deputy Prinupal fjuality & Further Eduration Angela NevAowthnes Assistant Principal Care & Designated Safeguardry Lead Ike Onvhjkwe Assistant Princpal Development Ethvard Johnstone Assisiani Princpal Finance & Compliance Daniel Stanway lapwntgj Fetyuary 20241 Assistant Principal Schwls Shaun Pdlard P(Alcy on the vemunerJti(¥n ot S•nlor post holders The Remun&ralffi Commrttee seeks to fow"i. retsii and rewa￿ the bost pos$ble staff to ddivtr the colla￿.$ strategic objectwe5 and effectively lead operab"ons. The Committee uses extemal benchmark infcwmalion, nolably the Assrxiab"on ol Col￿eS Senior Pay Surv8y RerKJrt. and kKal lalwr market inlomiaiion to ag appr￿rIal8 lev81s. Al roles in Ihe c￿lege are graded u&ng an established market leader system of Job valuation. Cronw RewardTM Th• (*"edi¥e is to irny4oment equal pay work ol aqual value. PORTLAND COLLEGE IA company Iwnited by guar•nt•e TRUSTEES. REPORT (CONTINUED) FOR THE YE•A ENDED 31 AUGUST 2024 Structur•. g¢)vernance and m•nwmen¢ IcoDlinued) The Board of Govèmors sets ari Annual Cost Df LTrwng rise on 1st hw'l each year atvj the Remunèratitsn Cornmiltee takes accwnl of the annual pay award vth8n det8rnwn￿g whether or not lo appty a cost of living increase to serior hohJers. The College does not have a ￿rf0￿ce related pay scheme. The Col￿ge does have an gx¢gptional perfonrance bonus rK0cedu￿. which cc*Jld be applied to a sen￿r p)st Wder on the recomrnendalion 91 her or his line manager. Any reoynmendation be su*"ect to approval by Ihe Remuneration Committee. Excepiional performan￿ bMu5e$ are non-U)nsolklate(l and nffvpènS￿abI&. The College offers Iwo pension schemes to emplo￿$.. Teather5' Pensi￿ Stheme for e1￿ible empknyees and a defined conlribjtion scheme availaNe to any emplo￿. R•mn*r¥b"on Committee approved a rost of li￿ry rise of 7.0% for senior E￿￿-hOldets from 1st April 2024. Cost of living for other staff was 9.78%. In 2023-24. no exwi￿al perfomance bonuses were paid to senior st-holders. Pay muttl￿e of th• Printipal & ch.ef ExocLthe Officer in reLI11L￿ to the Icr•ftst paid fu114ime wuivaknt salary al the College. Date 31st August 2024 Pay Mu￿￿￿e olthe Thincipal & CEO 5.27 {5.41 in 20231 L(Mest fUll￿me equivalent salary £22.306 Poli¢y on incorne derlv•d from ext•rnal actl¥lti•$ Staff ale supported to undertake extemal wc*k in certain circumstances, e.g. Sèrvi￿ in the Reserve Armed Forces. acting as an Ofsted or CQC Inspect(* or CQC Expert. consultancy propcts that would develop the skills of Ihe staff member or enhance their knovAedge and underslarK*"ng in relation io their substantive role. Nomally extemal work shwld not exceed 10 I￿1rk1r￿j days per annum. speu.al ￿ave will be 9ranled in approved circumstances. The staff member may retsin any eamings frryn vp to 10 days extemal work per annum. In 2023-24. the Deputy Principal rel￿￿￿ extemal eamings from 10 days work as w Ofsled Inspector. h. Employm•nt pollcleg It is the College's pclicy to have effective communicab"oA and wn5uifabon wth its staff. We have a vduntsry r¢cognitvJn agreemenl with the Trade Unil￿5 Unison and NASUWT for all Staff. Under ihe leims of this agveement, and our Staff C(yJncil ConstitulK)n, we consult on a variety of issues afferting terms and conditions of nployment. which are iegulaty discussed. at l?asl three tsmes per annum at Staff Council. Vve also mmunicate wa perfom)ance management I￿1$ such as irKliMdual perfcfftanrL ￿vIewS and supervis￿￿5. Leadership forum. team briefings, staff tsainirrtJ days. frequenl n8Ws Ixjiknfbn5, Prinipal's Comms and the Senior Management Team's enga9ernenl meetings groups of staff. The CL4lege is lully cornmiiled to Equthty. ￿"Ver$i￿ and Indusicffl IEDI) ar¥J wblishes its gender pay gap annually. Portland Ccllege is an equal oppNtunib"e5 emF4oyer and is acuedited as a Oisabilty Confidènt arKt Mbndful Empk)yer. al￿9 with being a member of the NaiK¥HI Aubslic Socpty. The Cdlege emplo￿ ￿ 8vefage of 382 tu114ime equNalent peoFle ¢j￿I￿g th• year. ccfflpared with 381 2022-23. Pa98 10 PORTLAhlD COLLEGE (A company limiied by guarnntee) TRUSTEES REPORT ICONTIMUED) FOR THE YEAR ENDED 31 WGUST 2024 Plans future perfods The Boar<1 ol Governors has worked the Senh)r Mana9ement Team to devebp an ambit10115 5-year plan, ¢r4btted A Lifet¥ne of Opportijnity vthich ￿nert$ the recent w&on statement a*)ted by the Charity. The plan ha5 been through an extengve perth of stskehokler consultabon and engwrnant and Ihe Directots are confident that the investment and devekjpmerf WAI rtsult in increased wblie benefit as d8fined through the Artides ol Asswation. The Fdan ant￿pate5 Ihai 011 ujrrenl core prryramrnes tMII also o)ntinue to operate, serving an InC￿ased number of beneficiaiies during the plan penL*J. The plan contains signif¢canl ambrtions to gecgraphiG4ty e¥iend the rangè *)d number of further and arju education oppthinities thrc*Jgh the creation of h￿) 51te5 in Nottingham and a numbtr of other towns. This will enable ihe Charily to benefit mofe individuals every year. folky*ing a period of successful expansw. 2017-20. B¢Jilthng on Ihe success of mai(K returtishment projects Ihe (Trat￿n of the aw&wtnning W(Kdand Adventure Zwe. the Director5 are wppothg sub5tsntial in¥e5tmert thring lh• plan period.. Redev?bpmeni of a communal residential ￿0¢k to 15 mod•m en suite room5 wth bèspoke communal areas for addityonal reSIden￿'al studenfs to meet higher deffl￿d ((lue lo compbBts June 20251. Purchase ol a ￿mMunitY building in Nottingham as a fc* expansirffi of actiwlies for further education and Polty Teach lryjmpleted Febwary 20241. Redevelopmenl ol a redundant accL*nmodalirM bl(Kk into Social hw5ing for disablgd Redesign of the small animal farm and hortiDJlivre areas. The current facililies rang? b¢￿en 10 and 15 years old and a￿ all but lifelle4Nred. Purposeful out¢Yw remains a popular area for pecyle wNh ¢ompl8x disabiliD'es 8nd a150 prowdes Wlider therap8ubc and edu¢2lional optx)rtunities lè.g. education for sUSta￿a￿lity linked lo the United Nab"cffls su5tainabiknty goa151. Par￿￿tY c4)mpkted 2023-24. ConstructRw of a light manufacturing v￿rkShOp. Thks wcyect c(rfnplements and completes the recenl investment into construction trades and is caretulty maFped on to the Ictal jobs fflarket wherè there is continuous demand for latMyJr in lumiture manufacturing. The inveslment wll te substantialty funded by Govemmenl's Tovms Fund (com￿ete￿ 20241. A renewal of the main camws core infra5trudure indudry the water main, electrioty main an(1 campus dala cable neh¥ork Iwater mafjn completed in 2024. &18Ctn"cal suppty usyJraded in 20241. Invèstment in eneryy genèration and kM¢r heatyng tethnrJc4Jie$ 10 $upport a thve toward Net Zero In Scope 1 emissions by 2035 (new Manufactuling Centre is carbon negaty.ve in use," all eleclnaty is purchased Irom renewable generalion SQLYIXSI. We will conlinue to seek oprrt)rtunib"es to additi￿81 hubs acr055 the kxal area closer to the homes and work opportunities for ob"zens. We *ill also Iwk lo colbborale wilh gwd qualty organisalion5 suppth'ng isabled people. In 2025 tht Charity wll tonb.nue to operate put4ic engagement sxtyarammes to capitalise on the SI￿•ricant investment in new and ￿lUrbIshed faulities such as the Wcdiand Athenture Zcme ènd Newstart Theatre. These faalrties wll often te let, free of rent. to educalim and community groups whose core purpose aligns wilh the Charitys own ct4'ects. The￿ will be otrw Kryrarrwr￿ of publ￿ benefft. cpen lo all, operated by the College. Page 11 PORTLAND COLLEGE {A comyny limlted ty gvarnntae) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR EhlDED 31 AUGUST 2024 Engaym¢nl with w*ployees and ernPlo￿nl ofth• disabled Employees heve been ts)nsu*ed ￿ issuÈs of cr￿￿*M to them ty means ol regular consultal￿e committee and stsff mettirtgs and have been kepl in1￿Med t￿ speofic mattets direciiy by management. The Group and the Company cafry Out exii inler¥iews for JI staff leaving the organisalion and have adopted a wrttdure of upward feedback for senior rnanager￿t and Ihe T¥ustees. The Group have IMpl￿ented a number of detirykd rdicaes ￿ Tdation to all aspects of personnel mattsrs induding.. Equal cwortunities poky Volunteers. policy Health & safety Wicy In a¢¢ordance ¥*y¢h the Group and the Cofflpanrfs equal OpF￿tu￿Illes g￿liCY, Ih? Group and the Company have longestablishtrd fair employm￿1 practices in th• recrurfrw*nl. selection. retenb.on and training of drsabled staff. Full details ofthese pyicaes are availatrAe from the Compan18 offKes. Sl*¢ment of Trustws. r•$pon6ibilitl•s Thg Trustees l*lKJ are also the (lirectrys of ts Cryrpany fcr purposes of ￿rnpanY knwl a￿ ￿SPonsible lor preparing the Trustees. rep(xl induding the Strategc repxjrt and the financial ststerrents in accordance with applicable law and United lQ"rvJth)rn Acc(yJntsng Stwmjards Iunrted KIngd￿Tr Generally Accepted Accounting Practice). Company L8w requwe5 the Tnjstees to p￿￿e finant?al Statem￿1$ for each finanoal Under cGvnpany kqw. the Trustees must not approve the ffinanoal siatem8nts unless they are sab'sfied that they give a true and fair view of the state of affairs ol Ihe Grwp and Ihe Company arKI of their in¢ornirvJ reswr¢es and application ol resiyJfte5, including their income and •xpenditure. for that peril￿. In these finaroal st*ements, the Trustees ar• r￿UlTed lo: selecl suitable acrtsjnling wliryes and Ihen 8ppty them eonsstenty. obseN• the methods and wnoWes of th* charit￿ SORP IFRS 1021: rn*e judgrnents and a￿Ounting estimales Ihat aré rea$onabbe and prudenl. state w￿1h￿r applicable UK Accounts"rKJ Standards {FRS 1021 have been followed. subject kn any material departure5 disdosed and ewained in the finanaal siatemenls; prepare financial slaternents on Ihe g0¥)g c4)ncern bas6 unless it is inappropriate lo presum8 thal the Group vdill in busin￿￿. The Trustees We respcmssble tr keepng adequate accounting Ihal are sufficient to show and explain the Groltp and the Crxnpanls transaclions and di5dDse th reasona￿8 acwracy at any time the financial po*tion of the Group and the Cornpany and enab￿ them to ensure that the financial statements comply swth the ompanies Act 2006. They are also responsib￿ for saleguar¢Jing the assets oflhe Group and Ihe C(*npany and hence for takn.ng rea$￿a￿e steps Ic* Ihe Kxeventx*) and dete(thffj of fraud other irregularib"es. Page 12 PORTLAND COLLEGE (A cTrny Ilrnlled by guarantèe) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Dis¢lo•urè of Inforni•tion to •udltors Eath of the persons who a￿ Truslees at the time ¥then ihis Trustees. report is approvet1 has cmfirmed that" so tsr as that Truslèe is aVAre. Ihere i8 rele￿nt inforniatiC￿ of which the Charitab￿ grwp's auditors are unaware. and that Trust•e has lak¢n all the steps thal cught to have bew t*en as a Trustee in c*der to be aware of any ielevant audtl Informal*￿ ond to eswlish that the Charitab￿ grwp¥ auditors are aw￿ of that Infomiation. Audltots rhè auditots. PKF Smith CLXW Audit Limited, ha%R indicated ther WTllinwess to ojntinue ￿ office. The designateLI Twstee5 ¥AI proptyse a motKJn rEapKththg the auditors ai a meeting of Ihe TrusteFJs. Approved by ￿der of the rrwnbw3 of the l>xrd o1Truslg￿ and 5ign#d on thair behaN by. Dr D Gr••n Chair of Trustees Dale. 13- 65_ loZS- Page 13 PORTLAMD COLLEGE (A cofflpany limlt•d by guarnnt•el INDEPENDENT AUDITORS. REPORT TO THE MEIOBERS OF PORTLAND COLLEGE Opinion W? have auditeil Ihe fi*ancial Statements of Porland Cdlege (the 'po￿nt charitable companll and its subsidiaries Ithe 'group'l for Ihe year end￿ 31 August 2024 whith comprise the ConsdlE1aiéd st8tement of rinancial ath'vrties. the Consdidated balance sheet, the Company balance sheet, the Cc%nsolidated statèmenl of cash flows and the ￿lated notes, induding a surnmary of significanl a￿)unting pOl￿tS. The financial r•porting framework that has been applied in thwr weparatth is ap￿icab￿ law and United Kingdom Accountin9 Standards. induding Fw)ancial Repth"ng Stsndard 102 The Finanoal Repoth"ng Standard applicable in the UK and Republ￿ of I￿eL￿d, (Urmled Kingdrrfn G￿erallY Acc*pted Acc4xmlwig pr￿.¢?). In or*nion tsffinanclal st8tem•nts'. gNe a true and lair wew of the state of the Gro￿.8 and of the pwent charilable cunpanys affairs as at 31 August 2024 and of the Gffjup's incL¥TMng resourtes arKI a￿l¢allOn of rest￿rceS. including ils income and expenditu￿ for the year then ￿￿ed. have been proFerty wepared ￿ accordance wilh Uriied KJ"ngdcffi Generalty Accepted Ac¢ounkn"ng Practice." and have been prepared in accordan￿ Mith Ihe requirernents of Ihe C(Ynpanie5 Act 2Tr)6. Ba8iJ for opinio We eonductecj our audit in aC￿rIanCe IntematiC￿aI Standarfs on Audithng IUKI IISAS IUKII and applicabl? law. Our ￿spOnSibl11￿.es under those S￿d31¢J$ are further described in the Avdrttys, responsibilities for the audit ol the financial ststements sectK>n of wr report. We are independenl of the Group in acwdance with the ethical quirements th3t are relevani to aud￿* of Ihe Ilnanoal 51atements in the United Ki￿om. induding the Financial Reporting Councifs Ethical Standard. and we have Lwr other ethKal r85ponsbilitips in actordance wth these requirements. We believe Ihat the avdii e¥wJence we have obiaine(J is sufficRnt an¢J apprCPria￿ tQ WOTr4ide a ba￿$ lor our wwwon. Con¢lusl¢*ns r•latlng ¢0 golng ¢on£•m In auditing ihe finan¢ial $talem8nts. * hav¢ C(￿4￿ded that Ihe Tw$t¢¢s' us¢ of the ¢oncem basi$ of accounling in the preparabon of the financial is apprqxiale. Based Im the work w• ha￿ p￿1￿￿&￿. have rKA idenlif*d any maierial urKertainb"es rnlating to events or ndition5 thaL indiwdualty or rxllecb'vety. may cast significanl doubt on the Group's or the parent ¢harltsble cornpanls abilty lo ¢￿tinue as a wrKJ tor a penLxI of at least Iwehe months vthen the financial stalements are aulfv0i1s￿ for iSSL*. Our reSp￿SibIlIt￿ the responsi￿.11￿.es of lh• Tnjslees with respect to gomg concem ar• d￿rrib8{1 in th relevant secti￿$ ofthis reprxt. Page 14 PORTLAND C(XLEGE IA company Ilm•t•d by gu•T4nl•¢l INDEPEt40ENT AUDITORS. REPORT TO THE MEMBERS OF PORTLAND COLLEGE ICONTINUEDI Othw hllomiailon Th8 Othèr inlcymation comprises the infwmaiw incknded in th? knnual rewrt other than the financial statements and our Auditors. rewrt thereon. The Trustees responsible for the other inforniatson ujntained wthin the Annual report. Our opinion on the ffinanoal ststements does not cover the olher information and, except to the extenl othe￿iSe expliciuy stated in c￿r report. we do Th)t eXp￿sS any fomi of assLwanc8 condusion thereon. Our responsits4lity is to rèad ihe other Infomiaiion and. in doing 50, cOns￿er wl*ther the other information 15 materialty incon&stent wth the finanoal stalements OT our knth¥fedge obtsined in the course of ihe audit. or otherwise appeals lo be materially misslated_ If we idtnity such material inry)nsi8ienries or 8PP8rent mèterial misslatements. we are required to detemine wheiher thts give5 rise to 8 fflaterial misstatement In the financial staternents themselve5. Ir. based £*) the have perfomed. ¥¥e Cr￿Clu(le ihat Ihere is a rnaterial misststémenl of this other infom)a(￿. a￿ required to repryt Ihat fact. We have nolhing to r•F¥Jt in this reg¥d. Opinion on oth•r matt•rs pr•scrib•d by th¢ coM￿nI*S Act 2006 In our opin￿, based on the Undertaken in Ihe cw5e of the autht." thé infom)ats"on given In the Truslees. repNi i￿rUding the Slrat¢gic rewjrt for the fina￿la1 ￿ar for whith the f￿anCial slalements are prepared is consistenl the finaftcial 5talerr￿ts. the Trustees. ￿port and the Stralegic repryl have been prepared in accordance with applicable *al uirements. Matters on *thi¢h we are requirwl to report by •xe•pti*)n In the I￿h1 of our knO￿edge and undetsiandlng of Ihe L*aiitable ccrfnpany aThJ its enyironmert obtained In the course ol Ihe audit, have not I￿￿1￿*d material mi5slatements in the Truslees, repryt induding thè Stralegic We hav8 nothing to re￿￿rt in respect ol the folky*irvJ matters in relats.on to whith Companies Act 200.6 requI￿S us to rep￿1 to you il, in ow cyinion". ihe parent charitsble company has not kept adequate and Suff￿4ent accoLmbng records. or ￿tUrnS adequate fur our audit have not been received from branchès not v7siied by us; or Ihe parent Charitab￿ company finanri31 siaiements are not in agreement the ￿(o￿ting recK*ds an retums". certain disdosures ofTru5tees' rernunefatKJn sp•ofied by are nol made: or VA have r￿t received all the inforniatson and ewan8ts.ons we require lor w audrt. Responslbllllles of trust•Ès As explained m￿e fulty in the Trustees, fesponsbilities statgniwit, the Trustges Iwho are also ihe directors of the charitable company for the pU￿$seS of o)mpany lawl are responsiL4tr lor the kyeparation of the financial statements and for being satisfied that they give a twe and fair view. a￿1 for such internal control as th¢ Trustees delem)ine is nece55ary to enalAe the FryaratIC￿ of f￿an￿al statements that a￿ free frun materi81 misstatemenl. whether dve lo fraué or error. In preparing the financial statements. the Truslees ￿ r•sr•Msibk for as5•S5ing th• Group's and the parent charitable companls alylity to conbnue a$ a goiThJ Contem. t1isdosing, as applicable, matters ￿lated to going concem and using the gryng concem basis of ac£ouniNvJ unkss the Trustees either intend lo liquidate the Group or the parent ch8ritth cornpany or ￿ ￿$tr operab"tsns. or have rbo realistic amemative tKJt to do so. Page 15 PORTLAND COLLEGE (A e(#npany limited by guarantw) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF PORTLAND COLLEGE ICONTINUEDI Auditors, r•sP0115ibilitie5 for thg audit olth? fin￿￿041 stst•m•nts Our obieetives are to oblain reasonable assurance at#wt the financial stat•ment5 as a wholg ar8 free from material missiatement, vthttther dut io traud or error. and to issue an Auditors. rep￿1 that indudes our opinion. Reasonable assurance is a hKJh ￿1 of assurance. bvt is not 8 guarantee that an audrt c(￿dUCted in acryjrdance with ISAS IUKI always tjetecl a material mis5talement when it exists. Misstatements can arise from Iraud or Érror and are Conside￿ matelial rf. individualty or in Ihe aggregate, they coukl reasonatdy be expected to influence thé economic dÈasirffis of users tskeTh on Ihe basis of these financial statements. Irregukiiti•s, IndU￿1ng fraud. are instsn¢e5 of nc￿-c￿p￿.an¢e ￿1h la￿ ￿gUlatiOns. We de5vJn procedvres in line with our respon&bilib"•s, ouuined above. to delect material misstatements in respect of irregularities. inc5uding fraud. The extent lo *ffiich (NJr 1xocedu￿ are ¢aPab￿ of detedirs wregularities. induding fraud is detailed bebw.. Base(l on our underslarhjing ol Ihè and iThJustry, we *Jenlify the key lav43 and regulati￿$ thcting the Group. We identified that princ4)al risk (rffrdud or non {Thnplr￿ce V•ith laws regulat￿n$ relate(I to.. management bias in respect of accc4Jnts"ng estimates athj jLw*ements made,. management override of eontrol.. posbng ol urrtJ5ual iwmals or Iransacbons. We focused on thosé areas that ojuld 9Ne rise to a matwial mBstatemeni in the Group ffflan¢Tral $tstemenls. Our p￿Cted￿re$ induded, but were not limited to: Enquiry of management and those tharged *ith govemanrA around actual and potential litigation and dairn5. incbJding instances of nry￿¥ynpllance laws and wulations and fTaud: Reviewing minutes of meets.ngs of those charged wrth govemance where avaik3ble,' Reviewng legal èxpendttwe in the >Ear lo •Jentify inslartt5 of I￿n-Comphance wilh la￿ and regulations and frat￿.. Re¥￿WIng financia Ststsmenl disc105we5 aThJ testry to SUFvc*ling d￿menta￿On to ass¢ss ¢tynpliance with aFplirable laws and regulations.. Perfom)ing audit work over the risk of manawent ovewwKJe ol contro15. including testlng of loumal entrfe$ and other adjuslments for aFpropriateness, evaluating the tr4Jsine5s rati￿8￿ of svJnrfKanl transactions Ixtside Ihe nomal C￿￿TSe ol busine55 and reviewing am)unb"ng estirnates for bias. 11 1$ Ihe primary responsib4"fTty ol manag•m•nt. *rylh the oversight of those charged ￿ govEmance. to èn5urelhat the entitys operations are con¢Jucted in accordance the Pr￿lS1On$ of laws and regulations and forthepreveniion and detect￿ of fraud. Because of the inherent limilalions of an audit. is a risk th￿ we *MII not detect all irregularities, including those leading 10 a material misslalement in the ffinan￿81 slaiements or non-complrance with regui8tion. This risk Inc￿3$eS Ihe mofy that compliance wlh a law or regulatson is rem¢)ved from the evenis and transactKJns renecled in Ihe finanual statement5. as ￿ ￿11 be likely lo become awa￿ of instances of non-eompliance. The risk is aLso g￿ater regarding irr¢gularit* occurring due to fraud rather than error. as fraud in?￿l¥eS intsntv>pl ￿￿r￿alMent. forgery, Omissic￿ or misreK*esentation. A further descriptjon ol our responsts'lities for the audit of the financial staiements is k)caled on the Financial Rep)rting Counol's al.. itslitses. This desuipb.on forn$ part of our Auditors. ￿E￿)rt. Page16 PORTLANO COLLEGE (A company limit•d by guarant¢e} INDEPENDENT AUD￿oR5. REPORT TO THE MEMBERS OF PORTLAND COLLEGE ICQNTINUEDI Use ol our report This report is made soldy to Ihe ChwI￿le C<*n￿lS wrernbBrs, a3 a body, in acct>rdance vrith Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertakèn so that we might slale to the charitab comp8nYs memters those matters wt arè reqUI￿d to state lo them In an ALJdrtors' rewt and for no other purpose. To the ￿lIest extent pennitted by kw. we do not a￿Ept or assume responsibility lo anyone other than the charitsble company an(1 its mèmbers. as a bc*Jy. lor ou¥ audr< work. for Ihis rèporL or for the Iyinion5 W have formed. Julie Stringer (Senior gtatutory auditor) for and on beha￿ of PKF Smlth Coopei Audlt Llmtted Statulory Auditors 2 Lace Market Square Nottingham NG1 1P8 Date: 28 May 2025 Page 17 PORTLAND cC￿LEfjE (A t￿Y l•Mil•d by gu•rnntè•) CONSOLIDATEO STATEMENT OF FIN￿CIAL ACTMnES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGiIST 2024 Total fund5 2024 £000 Tolal funds 2023 lund5 2024 £000 funds 2024 £000 Note In¢ome from: Donations and ￿arA85 Charitable activities Olhtr trading aCbvbt￿S Ir4¥estments 1.113 531 17341 17,241 13.341 2, 193 106 97 97 Totsl In¢tyno 19.799 20.912 16,271 Expenditure on.. RaisirrtJ funds Charitable activities Othw tradtng activities 165 165 97 15,862 16.3a6 1.914 13,535 2.426 Tolal expendltyf? 17.941 18.465 16,058 Net mov¢m*nt In funds bèlort other r•cognls•d gainslllosses) 2.447 213 Other recognls•d galnsl{1055•sI- Actuartal gaIn￿lI0558sI on defined benefit pen5i0n schemes Pension Sufplus nol r8¢rfjni5ed 27 178 178 13601 (1751 27 Net movement In lund¥ 589 1.676 2,265 R•conclllallon of fvnds: Total funds I￿0u9hl firfw*d Nel movemenl In funds 427 13.042 1.676 13,469 13.431 $89 Totsl lunds earrl•d forward 1.01fj 14718 15.734 13.469 The Consolidated stalement of fina￿101 ¥knb"es all gain5 and thses r¢¢cgnised in the JEar. The notes on pagÈs 23 to XJ forn part olthese fwwoal s￿ternents. Pag8 18 PORTLAND COLLEGE (A cornpany llrnited by guarantee) REGISTERED MUMBER: 00408340 CONSOLIOATEO BALANCE SHEET AS AT 31 AUGUST 2024 20Z4 £000 2023 £000 Fixed assets Intangib￿ asse¢s Tangibl? a5$9t5 14 35fj 11,307 383 15 9,230 11.663 9,613 Current assets Siocks Debtors 17 19 2.348 761 18 19 25 2.198 Invg$tmentS Cash at bank and in hand 2,915 6.168 6,043 Credilor5.' amounts falling due wthin 12.09n (2.187) Net current amets 4.071 3,856 Total assets less CUfr¢nt Ilabilltbes 15.734 lJ,469 Defined benefil pension stheme asset 27 Total nel assets IS.734 13,469 Chartty funds Reslricted fvnds Unr•stricted funds 21. 1.015 427 Designated funds G￿￿Tal fvnds 21 21 l.OOQ 12,042 13,719 Tolal unrestricled tunds 21 14.719 f3,042 Total funds 15.734 13,469 The Trustees acknowledge their reSp￿sibIlibeS for complyng Vlilh the requ1￿ments of the Act twrth respect to accounting iewds and preparabon ol f￿ancial statements. The finanaal statements ￿re approved arKI authori5ed lor issue by the Trustee5 and swed on t￿Tr behalf by. Or O Green Chair of Trus¢e¢$ "IS_(Y>-_IQ25 The notes on pages 23 10 50 forn part ofthese financial statements. Pa9# 19 PORTLAND COLLEGE IA company Ilmlted by guarant•e} REGISTERED NUMBER.. 110408340 COMPANY 8ALANCE SHEET S AT 31 AUGUST 2024 2024 2023 Flx•d ass•ts Tangible asseis InveslrrEnis 15 16 9.136 450 450 11.572 9.586 Curr•nt ass•ts 17 18 19 25 12 12 2.254 761 2.571 Debtors Investments Cash at bank ant1 in hand 3.514 5.509 5.598 Credilcrfs.. amounts fall￿g due within one year 11,627) fl,953) N•t curr•nt ags•ts 3,645 Total assets l•ss ¢urr•nl Ilabililies 15.454 13.231 Darin￿ b*nèfit ￿nSIOn sthem6 assel 27 "Tgtsl net . 15,454 13,231 Charityfunds Restri¢ted funds UN￿stricted funds 21 427 Designated fvnds General fund$ Unrestricted funds 21 21 21 1,OlX+ 13,406 14.406 11,804 12,804 Tot￿ unrestsicted funds 21 14A06 12,804 Totsl fvnd$ 15,454 13,231 Page 20 PORTL￿aD COLLEGE IA crynpany Ilmlt•d by guarant••l ' REG&￿D NUMBER: OD408340 COMPANY BALANCE SHEET IcoimNUED) AS AT 31 AUGUST 2024 The Trustees a¢kr￿￿edge th•r reSpcwt*I￿es for conwfyirvj *ilh the requirement5 of the A¢t resped to aC¢OLmting ree4yds and ￿paratI￿ of finantyal ststerwvts. Th& fin8n¢ial $tatements *tTe apwo¥¢d and a￿tr￿ls$d l¢Y iswe by ts Trustees and sign8d on their bth•lfby'. Dr D Gr••n Chaw ol Trustees Date.. 2S.o5.ZolS The noles on p8ges 23 to YJ fom) wt of thèst finarKi•l statements. Page 21 PORTLAND COLLEGE {Acwany limit•d by guayartw CONSOUDATED STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 ￿1GUST 2024 2024 2023 £000 Cash n¢M from opwatlng a¢lS¥itl Nei cash used ￿ operalKvJ actsw￿S (Note 241. 4286 1,295 ' Catsh flow5 fr(ffi Investlng actfvlii•s 4wd8nds. Int?r8sts and rants fr¢￿n lnveSb￿nts Purchase oltar@ible fix8d asset$ 63 (3.0221 (685) Net'c4gh u••d In Inv•sting aeti¥id f2.9591 1617> Cash Ilows from financing adlvititrs Cash ouffiaw ￿ aC4JUL%it￿ of gjbsidiary {53) cash lused Snyprovlded by.financlnB *cll¥lll (53 Ch•nge In cash and ¢ash •4ulval•nts in the y• Cash and cash equivalent5 at the twirffliThJ of the ￿r INole 25) 274 678 3.676 2.998 Ca*h and ¢￿h equlval4nts at th• end afth• y 3,950 3,676 The noles pag•5 YJ to SO loftn port of these ststemenls . P￿22 PoRTL￿D COLLEGE {A eampany Ilmlt•d by guarante•) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR EIIDED 31 AUGUST 2024 General Inlormatlon The College 15 a wvate company tim￿￿ed by guwantee arKI witlKwl share capital and registered charity. incorporated in the United Ktngdorn. Th Cc4leg8's.registerèd adrèss Nottingham Road. Mansfield. NOtti￿laM51￿r?. NG18 4TJ. The Iinaneia stalements are p￿pared in Sterfir4J is ihe functw)nal currency d Ihe College and are rounded to Ihe nèarest £1.(#10. The svJnificant accountyng wjbcies apFAied in the preparation of these financial statemènts aw s•t out behyw. Thesè Oicies h8¥e bèèn ¢th￿stenty ￿rA￿d to all wesented unless otherwise stated. Accounttng pollcles 2.1 81818 ol pY•par•tlon of fln•nclal slateme The finanryal stslernents have been prepar¢d ￿ a(x>)rtlan¢e with the Charibes SORP IFRS 1021 . Accounting arad R¥portwig by Charitse$: Stakn¢nt of Recommended Practice applicable lo chaiiti•s preparing their accounts in accordarte wth Ihe Finanoal Reporting Standard ap￿iCable in the UK and Re￿￿1¢ of Ireland IFRS 102) leffectiNp l January 20191, ts F￿ancial Rewiing Standwd apph'catAe in the UK and Republic of Ireland IFRS 102} arwj the Cornpani•s"Act 2￿. PorU*d College meets the ￿er￿￿Th of a putthc b8n•frt entity under FRS 102. Assets and liabilities are iniliaty ￿COgnp5ed at hislorical cost or transaction ¥￿e unless otheNMse ststed in the relevant accounling policy. . The Consoli¢Jated stalernent of financ&af acbvit*s ISOFAI and Consolidaled balance sheet consolidate the financial stslements of the Cornp8ny 8TrJ its subsidkgry undwtskirg5. Th8 results of the svbskJiar4es are cry1501Klated w a by line bags. Th• Company has taken at1vantage of the exempl￿ ￿lowed under sectKJn 408 01 the Cnmpanies Act 20￿ and notpiesented its ovm Statement of financ4al actMtie5 in these financi81 y￿eMents. 2.2 Golng ￿n¢ern Thè 9roup financial statements have been pvepared on a coftc8m basis under the historical cost ccffjvention. fflodifi•Y to inc(wtmle the Indus(￿ of Fixed Assel InvestrTwls al fair value. The financial sialeffents have been prepared on a g(yn9 cwcern basis as the Tru5tee5 believe that no rnatwial uncwta1ntl￿ ￿$1. The Truslee5 have cOr￿￿dered th? level of fvnd5 hdd and Ihg exprrled el of irKome and experKliture for 12 months from aUth￿Is￿g these finanoal stat*m•nts. The budgÈted income and exwditurè ks suffitient wth the kvel of reserves lor Ihe Group to be able to continue as a wng concem. 2.3 Basls of congolldation The ffinano81 ¢¢rn)Sdate ac£txJnts of PorfaN1 Colege ar￿ al of its subsldiory urKJertakiTh>. The CLNnpany has taken advant*3e ol the exemption under sectKm 408 of the Companies Act 2rJJ6 d has not presented ils s&1teTr￿nl of Financial AthTrties in financial slatements. The tharity ha5 gwated 8 suwus of £2221k12023: £29k defityll. Page 23 PORTLAND COLLEGE (Aeompany limit•d by guarants•) NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 A¢¢ounting polkh$ I¢￿11Thu*d} 2.4 Buslne5S c¢)rnblnations and goodwill BuSi￿$S combinakns are a￿Qu￿￿d for by aF9￿g the purthase wrthod, wryth goodwill rocOgn￿ewrs Fixtures, filbngs and •WiJm￿l . 5. 7 y Not• thal freqhokl prop￿ a*0 indudes ihe co61 of Improvem￿ aThl refurbishment prw. lrfe expeclancy ofe¥h txAdtiwJ is assessod indmdually. The ass*s' regdual values. USEfvle INes and dem"atK)n methc¥J5 are revifftved, and adjusted Fxoswclivety rf appropriat•. ry rf Ihere is an Indicat￿ ol a s*Jnificanl change since the Lasl reporting Gains aThJ 105ses vt ¢thsposals are delemified by compwiny the pr¥)c8*Js *ith Ihe taryirwj p4nount and ao rewThsed in the Con50b"daled slaiernenl ol f¥￿nCIal acliwbes. 111 Investm•nts Inveslments in sub5idiari¢s are vak*d at cost Jess provl&on ts knpaiTment Currenl asset inveslmenls are rnethum-tem) highly liquid investrnents and are held 8t fair value. These include cash on deposit ¢•sh ¢quiv8knrs wAth a m8lvrity of more than lh￿e month5 and 5s than year. 2.12 Stocks Slock5 we valued at Ihe of cost and reafisable value ￿er making due allowance for obsolele and sfw•rnowng st￿#$. Cost indudès al direct costs and an appropriat• prow)rts"on of fixed and variable overt*ad5. 2.13 Oeblors Trade awKI 011￿ deb¢rys we recognLsed al Ihe s￿Ilemen1 aN￿￿t after •ny tyade discount offered. Prepaynents are vahJéd ai Ihe arnount wep•d nel of any trade discounts due. 2.14C•sh Jt bank and In h•nd Cash at bank and in hand I￿ud•S cash 8ThJ shc#t4erm hwy hquid investrnents w¢h a shryt maturty thr* monlhs ty less fmm the date of acw1sitj￿ ty opening olthe deposft ￿ simlloractount. Pag• 26 PORTLAND COLLEGE {A company Ilmtted by guaran1¢•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2D24 Aeeounllng pollcl*s {￿ntinUed 2.15 Ua*Jlltths and provlslons Liabilibes are rncwised T*then t￿￿e ts an at the Bakqrte sheet date 8$ 4 result of a past event. il is prrknts￿ tha¢ a transfer of tcontinx t>anefft be rnwired in settknien( and the amount of the $8titémeni can ￿ aslimaied rel4bty. Liablilies are recowised at the amwnt that the Cthwy an￿pate$ it will pay lo setde the debt c Ihe amount it has rec*ved as advanced payments the goods ry sewvvs it must providg. 2.16 Fin4n¢ial kn¥truments The (*oup onty has a899ts and finAntial 1ot¢Jrtks ol a kind thAI qualify as b85k financkql instrumenls. Ba￿¢ finarbcial instruments we ¥xbalty recogrM5ed at tyn5xtiDn valu8 and subsequently MeaSu￿d at their settlement vak*. 2.17 Op•f*tlng l•ases Renta15 paid unlef operab"rvJ *ase5 are dwged lo tho Cthwkdatad slatem•nt of f￿ancIal activrt*s on a stravjht-line basis obw the kase tem. 2.18 PensloD The Gro￿ operales o derW￿d cmknbulion pen*tin scheme kn th• of its empbyees. The pensiw charye rew•sents Ihe amcwts payth ty Ihe lo Ihe in rgspe(a ofthe year. The GroLrp also wowdes rebremenl benefits to cerlw em[A0￿e$ through ts Tear*)ers' Pension Schème rTrs"i. ¥thith is 8 defined benefit $d￿ffle. The TPS is an unfunded seheme and ciJntritrAJlions are Gqicula¢ed so a5 to spread the ¢))st ol pensions over emplo￿e$. working lives wilh the charitable Ccmnpany in suth a way that the penwon cost is a substaniially level percefttage trl rrent and future pen5ionakle pawoll. Thv contribjtions are deterniined by the Governm&nl Actuary on Ihe ba&s of quadrennial vahjabons using a wospectivtr un¢1 ryedit mthod. TPS 1$ an unfvndtd multi-ernknr scheme wNh no un¢Jerfwng assets to assNJn bets¥een em￿0YerS. Consequently, the TPS 15 treated as a defined cryitrthution stheme for a1x￿1r￿a purposes and Ihe contributNJn recKJgnised in the period lo whith Ihey relate. The Grw operates a defin•d ber*fft xtheme fLX the benefit of certain of ils ernployee5. This scheme was closed to memb¢r5 wlh effed from 1 January 1997. whe￿ GfOUP obligations exceed xhemè assets. a IAtslity for Ihe Group's ob1vti￿$ under the stheme i¥ rec¢>3nised nel of scheme assets. Where stheme assets ex￿￿ the Group's Obl￿at￿mS. the asset value is resln'cted nd the 5urplu5 is not recognised. The net charwJ• in the defined benelrt assev liability is recogni5ed as the cost of the defined benefft scherne thjring tht and is tharged to cosl headiryjs. C￿ a pro rats bas￿ based ¢Jn ft￿1 ts.me eqUWa￿nt emplo￿eS, and actuarial gainsl losses. The total ¢0st 15 re￿nised in unre5tri¢ted funds. Th• P￿s1On stheme assets 8r* measured al fair vahje and th• defineil b*)efit obhjabcm is measured ￿ an actuarial basis U￿n9 the projected unit melhod. Acbjarial valua1￿$ are ￿lI81ned at leasl kn"enrK8lly and are updated at each balance sheet dale. Details rf Ihe G￿￿'S defined benefft sd*me are slThvn in note 27. Aduari81 gain3 and 10s¥s arè rècwmsed iYwnèd• in recujnised gains and losses. Page 27 PQRTLAND COLLEGE (A Ilmlt•d by 9uarant••) NOTES TO THE FIN>JICIAL STATEMENTS FORTHE YEAR ENOED 31 ￿1GusT 2024 ACCI￿n11n0 Polici￿ {conUnued) 2.19 Fund a¢Gounting General funds are unrestsided funds a¥•lable for use at thè discrgtion of the Twstees furtherance ol th• 98nèr4f obj'tdi￿s of ts Gr￿p and TAthith" not been de9gnated for oth¢1 purposes. Designated fvnds CoM￿"Se 4mre5trth I￿ts Ihat have been Set ag&le bytr* Trustees for particular purpos8s. The aim use of ea(* tje￿ted ILw￿ is set urt. in I￿ notes to the finanrAal statements. Restricted fund5 fuftds are to be u3ed in accordarsce vjiih specific ￿str￿tr.0ns 4xposed by donors or which have been rn15ed by the Group lor particular puws. The costs of raising and 8drninistttin9 suth fuwkts a￿ charged agamtst the sr*ufic frjnd. The aim and use ol each regtsicted fund is set out in Ihe notes to the finan¢ial statsmenls. Investment incame. gains èNI 10s5es aT¢ alh)cated to Ihe appwiatè fLmd. Crltltal *e¢ounting esthTrates and ofludym•nl Estimates and judgments we C￿￿n￿81￿ eva￿ated artl arn based. cn hthrical expgriefice and other fxtots, indudiThJ e¥pedalbn8 tl ftrture ev￿15 th•t are believed to be r•asoMbk• undgr the Circumstances. Critical accountww estimates assthmptiNts.' The Gr(￿p makes esbmates and as$impt￿ C4)nc•rring Ihe Th• resultFng a￿uTrting eslimates and assumpb"o#s by dèfinitK)n. stbjom equal the related actual iesirtb. Thts ests'mate5 and assumption5 that have a sp3nificant risk of cwsing a material a￿"ustm•nI to the caThying arnounts ofL assets and lia￿.￿be$ thin the finartial yaar ￿ dtsoxsed bel￿. The present value of Ihe defff￿1 be￿rt Kth5ion scheme depends on a rAm)ber of la¢ttys that are d•terrnined w an actuarial basis U￿)g a wiety of a￿￿np￿0Ths. The assumptions usèd In deleminlng ihe nat cost or Income for p8nsws indu¢e the discount rate. Any changes in these assumptions. sthich arg disclosed in note 30, *il impad th• Garrytrrfj amounl of Ihe pensw sctheme. Furthe￿re a rofl foryrtrd appyoath propcts resurts from the latesi aciuawial valuab.cfi performed al 31 Oecember 2021 has been vsed by Ihe aduary tn vafuiThJ the p9n$h￿ sthemg al 31 August 2024. Any differ8ncts befvn the figu￿$ dèriveil Ir(*n the roll fward appro&h and a luH a¢tuairal valuation would irnpacl on the ca￿)￿J amount ofthe To the extent th? there is 0 Surplus Fn Ihe Defined Benefit Pwwon Scheff* at the 8al*)ce Sheet dale, there is SIgnrf￿nl ju¢Jgment Treed8d in assewng ￿elher the Su￿U5 should be recr>Jnised 4$ a pension a$58t or whethef Ihe surphJs should be resthcted to some ￿Ve1 or in toral. Thi5 assessrwil wll need lo conS￿er ￿1her Ihe Group. as the employer. has an tsncI)ndiltc￿aI right to a ielund ol the surplu5 in the scheme and whether lhe￿ is an econ￿￿¢ accounting benefft available lo the Group as a Contribution r8duction. The ifflpact of these assessrnents OD the exlent lo which the stheme svrplus has been recognised as a pension ass¢t at BaLa￿ Sheet date k% set OLrt in note 27. Pa9e 28 PORTLAIID COLLEGE IA Mmpwy Ilmlt•d by guarnnt¢•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 come lrnm donakn and leg•cl¢s R•str1et￿ Unrnstriet•d fvnd$ Total lunds 2024 £000 . funds 2023 £000 2024 Oon*"on$ Granis 27 931 169 462 1.113 27 631 Tot812023 618 13 631 Uiirestricted funds 2024 £OOD Totsl nds 2024 £000 Total lund$ 2023 £0( Educational fees R•sidentlal lees Other fttès 9.647 7.426 9,647 7,426 7.733 s.401 207 17,241 17,241 13,341 Totsl 2023 13,341 13,341 P•3e 29 PORTLAND cl￿GE (A c¢fflpany limited by guarant•ol NOTES TO THE FINANCIAL STATEPAEIITS FOR THE YEAR ENDED 31 AUGUST 2024 frorn n¢Jn charitabl• tradin9 aclmti Totsl fvnds 2024 £000 fvnd• 2024 £fjoo fund5 2023 Other. trading"incune P(rfYand ￿Int Pdtyleach Lwntrted JvmpstartAP Limited 333 579 2.oe8 13 1.613 13 2.434 2,193 Tot812023 2. 193 2, 193 In￿$￿Tr•nt Ine¢)m• Tolol funds 2024 £000 Total funds 2023 fvnds 2024 Interesl on dgpogts 38 97 106 T￿912023 P•3& 30 PORTLAND COLLEGE (A cwpany Ilmit•d by guarants•l MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIGUST 21124 Anal￿> of 0x￿nd11urè on ¢harltabl• •¢ti¥ltle• s￿MMary by fund type Restrlcted un￿$triC1ed funds fund¥ 2024 20Z4 Étsoo Tot*1 2024 £000 Tolal 2023 ca￿ and wjpport ministrative costs Edu￿1￿￿1 costs 7.964 190 7.708 8,247 190 7.001 165 241 6,369 524 15,862 1fj.386 13.535 Tolal.2023 13.451 13.535 Olhew tradlng a¢ti￿lIe Totsl fund5 2024 £000 Tolal. . runds 2023 funds 2024 £000 01P￿ trading costs Amortisatyon Olher trading- sabr Other tradin9- Nl Olher trading" penSIc￿ costs 357 357 1.087 55 1,183 84 17 55 1.3S5 117 1.355 117 1,914 1.914 2.426 Total 2023 2.426 2,426 Pwje 31 PORTLAND COLLEGE (A ¢ompary limlkni by gv•raftteeJ MOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 AIIGUST 10. An01￿1# of exyndAur• by acllvl Total funds 2024 ' £000 Totèl . directty 2024 2024 2023 Care & sUPPJrt Administrative eKpense5 Educati 5.745 2.5Q2 190 3.3fj5 8,247 7,001 165 6.369 7.949 10.329 6,057 16.3a6 13,535 Tot812023 8.612 4.923 13.535 Anatysls ol support eosts Care & Adminlstrati . Support •yp•ns¢$ Edu¢•tlon 2024 2024 2024 Total funds 2024 Tclal 2023 jo Slaff costs Oepfeoat Leamer suryyt 1.(*3 41 1.373 479 1.513 2.477 1.811 982 2.130 1.040 2.612 2.502 3.365 fj,057 4,923 Total 2023 2.393 165 2,365 4,923 11. Audltors. r•muneratlo 2024 £000 2Q23 Fees payable to lh• Grtyjp's ￿(￿Tfor the audi¢ cl ￿ GrEw* amval 32 Fees payablo to the Companys *udrtor ift resped d.. Ai tax com￿18n¢e seNietis nol induded ztx All a5suwc• sefyKes not induded atsy4e All n¢m-audrt W￿CeS not irtlu¢Jtd otov• Page 32 PORTLANO COLLEGE IA¢•mpany limilod by guar*•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Staff co¥tg . Group 2D24 Company 2024 £000 Company 2023 2023 Wages and 541•ries Soo'al security oists Contribution to defined pension schemes 12.890 10.745 733 11,588 9.723 649 .145 552 128 11.623 13,022 10.5QO Durin9 the ￿ar, redundancy and lerminalK￿ cOsts"t￿alled. £17.6k {2023.. t87k). Thg$e c¢sts wore in respecl of five former gmplo)pe5 {2023: seven). Th• averag• nvmber of per$￿S ￿ dumg the year was as fdlu*s: Group 2024 No. Group 2023 Company 2024 No. CompAny 2023 Educalm Care & Suppjt Geft*r￿ Leamèr SupFWt Cryporaiè Serw¢ts Trading Activbbes FuntlraisiNJ 240 152 203 152 21. 21 27 474 616 437 In additson a total 0148 {2023.' 371 brI￿lee￿"M>Je a to the Cdlege in a varw of different The number of empwes emptye beneffts lexclLwJing pension cxjstsl exceede(I £60.000 was.. GTQUP 2024 No. Gkvup 2023 No. In the band £60.IJ01 - t70.0 In Ihe band £70.fKJ1 - e80.OIX) the band £1[￿.001 _ £I10.L￿) In the band £110.fK11- £120,IyKI The Ce41ege considers its key management persLmnel to crynprise.the Senior Managemenl Team as delailed in the Trustee5' report. The total empwnenl benefits ¥￿ud￿9 employer pension ¢￿'bUtiDn$ and emplo5w nabonal in$urwKe ofts key M￿agement pe￿onnel weie £539k12023.. £552kl. Pag8 33 IA eompany limited by guarante•) NOTES TQ THE FINANCIPL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Trugt¢e$' r•muMMtlon W exp¢nsgs thJriThJ thè year, no Trustee5 re￿Ned any r* other benefils (2023. £NILI. Dwing Ihe year ended 31 August 2024. no TrustÈe expenses have been in￿ffed (2023. £NIU.' 14. Intsnglble •s8ets Group Goodwlll £000 Cost At 1 Septwnbw 2023 drt#Jns 547 At 31 August 2024 575 Amortlsatlon At 1 Séptember 2023 Charge for Ihe yew 55 31 Augusl 2024 219 N•t book v￿u* At 31 Augusl 2024 A131 Augus¢ 2023 .383 Page 34 IA coffipany IlmAed by guar•nte•l MOTES TO ThE FINANCIAL STATEME14TS FOR THE YEAR ENDED 31 AUGUST 2024 1& . Tanglble flxed assets Group F5xtures. Molor Ilttlngs and vehlcle$ •qulpment 'Èooo £000 Freehold property coithdloTr £000 Total £000 ¢05t or valuatlon Al 1 Seplember 2023 Addibons On 8¢qui¥illon of sybsdiaries Transfers 114 2.761 285 53 23,663 3.022 1,682 160 1,079 (1,079) At 31 ALWJUSt 2024 23.170 26.738 Dèpr•elatlon Al 1 September 2023 Charge the 12.192 14.433 175 At 31 August 2024 12,981 2,170 15.431 Nel book valu• At 31 Augusl 2024 10,1 11.307 At 31 August 2023 . 8,217 63 766 9,230 Page 35 PORTLAND COLLEGE {A wKnpany Ilmlted by guaranle•l NOTES TO THE FINA14CIAL STATEIIEHTS FOR THE YEAR ENDED 31 AIGUST 2024 15. Tanglble fix•d ass•ts Icontlnu¢d) Company FIX￿re9. Frnehold Motor. fittings and property construcuon ' ¥•hlcb•s oquipment £000 £000 £000 £000 Cost or valuatlt At 1 Septernbef 2023 Additi￿$ 184 2.721 273 23.S37 2.956 1,65J 1,079 130 At 31 Augu$l 2024 417 2,994 26,493 Oepre¢l•tion . Al 1 Septwnber 2023 Charge for the 241 25 1,975 170 14,.399 .971 7T6 AI 31 AIvJu5t2024 12.959 266 2.145 15,370 N•t book valuo At 31 August 21f24 10.123 151 11.123 Al 31 Aioust 2023 8.162 45 745 9,136 Pag8 36 PORTLAND COLLEGE (A company Ilmlt•d by guarante•) NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 Flxed asset Invetstrnents in gubgidi•ry. ¢ompanle8 £000 Ctynpony Cost or valuallon At 1 Septsmber 2023 At 31 A￿￿$1 2024 N*t boo# ￿lue At 31 August 2024 At 31 August 2023 450 Prlndpal subsidiwies Th¢ fdlowng were subs•Jiary L￿10k￿Y ofth• Company. , N•mes com￿nY number Princlpal acthilty Holdlnq kncluded In consolldatlon Portland College Ente￿riSeS Lwiwt¢d 08766855 Catering. funct￿5 and lellirTrgs 09287766 EducaD 140513LM) . Educatson 100% Yes Polty Teach Limited JUrnpstsr￿p Limited IIX)% Yes 100% Y•s he Investm￿19 in the above indirÈcUy hdd. The ffflanckgl resulis of the 5ubsKliaFies for the yaar were.. Incom• ExpendSlur* Profrt for the ywr Net assets Pc*11and College Enterprises LiThMted Polly Teach knmiled Jump$t8rtAP Limrted 366,725 1087,990 13.1 259,850 1.942,734 12,628 106.87S 145.256 648.188 447.754 3S.322 Thè income and expenditure for JuThp5tsrtAP Limited Is W￿l￿je￿ from ihe date of acquisition on 12 August 2024 to 31 ￿￿9V$1 2024. Page 37 PORTLAND COLLEGE IAwry4011y limit•d by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JI AUGUST 2024 17. Stocks Group 2024 Gmup Cornpny Company 2023 2024 2023 £000 12 Finished goods and gcKJds fLY res*• 19 12 D•l>tor¥ Grovp 20U £000 Group Company Company 2023 2024 2023 £000 Du• wlthSn on• y•ar Trade deblors Arnounts owed by grwp Imd8rtaknrwJ5 I￿74 1.947" 1.303 1.666 211 24 Prepaymerts and accrued iru1￿ 376 373 1198 2.254 19. CurY•nt asset Inve•lrnents Group 2024 Company C¢wnp8ny 2024 2023 £000 2023 Unh$ted inveslmenls 761 761 PORTLA14D COLLEGE IA ccffipany limlted by 9uar*nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2Q14 20. Creditors: Amounts f•lkng du• wSthln one y•ar Group Comp•ny 2024 £000 Company 2023 2023 Trad* uedilors Corp¢xatirm tax Other taxation and SOCI￿ security Othèr ueditors Accrupl$ and delwred incomè 159 172 136 139 36S 227 559 706 255 744 753 973 815 2,097 2: 187 1.627 1,953 Group 2024 £000 Gmup 2023 Deferfed incL¥Tre at 1 Septernber 2023 Resour¢g8 deferred during Ihe yeaf Amounfs released from prthryou$ p8FiorJs 211 175 211 1175) 109 {211) 109 211 P•28 39 PORTL*J40 COLLEGE (A company limlied by guar•nteel NOTES ro THE F114ANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2024 21. 3tstem•nt ol lunds Statement ol lunds-wr•rt y•ar B•lanc• at 1 8alan¢e at. Gain51 31 Au9USt {Lo$stsl 2024 £000 2023 kn¢ome Ewdltur• Unrnstri¢i•d funds Design•ted funds Campus Development Plan G•neral funds UnTestricted Fuw* D•signat•d Fund$- Oefined Benefft Pensiw Scheme 12.•42 19.799 (10,1221 13,719 182 {1821 11042 19.799 {17.9411} 11J2) 13.719 Totsl Unrestrl¢t•d fi￿d8 11042 19.799 {17.940 1182) 14.719 Restr1￿￿ fvnds ESFA- SCA ESFA- OFC ESFA- TPS Minibus WooJfands Propct rrade Centre Farm 154 15 11541 1151 {61 15) 121 99 69 527 10 228 31)1 10 Sensory Gawdens SGholwshtp Fund Day Center Sensthy Roc4n Pines Forest Road Wèsi EqLFipm8nt i other WAZ SlaffiThJ Paihwdy5 NCS 14 95 141 150 38 101 51 125 121 {61 {1011 35 (1251 427 1.113 (szsi 1.015 Total of lund 13A69 20.912 {18.4651 (182) 15.734 Page 40 PORTLAND COLLEGE (A company Ilmlted ty guarant¢•) MOTES TO THE FINANCIAL STATEIAENTS FOR ThE YEAR ENDED 31 AUGUST 2024 21. StatemeN of funds le￿nued) rlèsignated Fund5: Oes•3nated funds ha¥e teen held in rdation to the d￿fir￿ t*nefit pension liabilty of £NII12023.' £Nill recognising the liability of Ihe Stheme b85ed ￿ an attemative valuats"Dn method and the campus dèvelopmeni pkn of £1.QOOk basèd ￿ 0 6ignific#ni programmo 01 infrastrnctur8 rnodernL￿I￿. R•stri¢t•d Funds: Signific** restn.dtd balonees S￿ broken dtr*n as folkyAs: Mlnibus- Pwchase of College use tydlizens ond leamers. Woodlands Pmj¢¢t. F￿lY ￿es￿ble fwl att¥•niuw for1$8mer and the Iwger cummunty. Trade Cenlre. Educat1￿1 aw¥• wo¥*Ying Vocali¢￿¥1 sknlL8. Fami. RedeveloFrfWIt of Farm area accessible by s&￿. learn￿S aThJ tstitèns. Swwy Gardens- Extemal area in Ed￿tion f• prov￿1￿9 calm area and yneral hrylicvNurè skills. Sthola￿hlP Fund. Cash funds are hekj ftYth• SFects puwe of siwortityj students. ESFA Sthoc4 ISCAI - awarded by ihe ESFA to help mainlain and inprovt condityon of ts Crjlege t￿ldIng5 and grwnds. ESFA De¥￿4*￿ Fomiula C￿rtaI IDFC). awarded ty Ihe ESFAfLY Ca￿ts1 wciects. ESFA Teacws Pensiw Sth¢me (TPS). by Ihe ESFA for Ihe leachers. pension scheme. Flnes Devdopment- Renow8tiry Ihe pl￿ bUild￿g to t>ecome FE Resid•nt41 and eypand that pmwsion. Fom$t RO￿ West - I￿r￿8Se, preparatiryl. and fumishing of a n•¥ site for E(lucalion in Nottingharn (Incknding rooff6 for Pdty T&**l. WAZ st8ifmg- FuThJs rtise(I to patw wver the staffiry costs ofthe Advenlwe Zone team. Pathwaya. Funds rwsed for ow path￿dy$ whith awns to inyove •mployment ew>ortunrties for people wilh disatilitres by cowses and c¢xmsell'r*J (We￿￿￿lY knovm as Recow¥ College). NCS. Fundiry from the NCS fcw wC￿landS Acb¥ibes and foc*1 proNidod to thè Public. PwJe41 PORTLAMD COLLEGE (A c¢ryny limited by giiarnnlee) NOTES TO THÉ FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 AUGUST 2024 21. Stat•rn¢n¢ of fwd• (cootlnu•dl 8tat¢ment of funds- priol y••r Balance al 31 A(wst 2023 1 Seplemb GainFJ "(Lossesl D•51gnal•d funds Defined Benefft Pension Scthwne Li0￿1￿ Campus De¥eWment 13f 17) 137 (717) G•n•ral fuftds Unrestrirled FUN15 11.654 15.653 (15.964) 874 {175) 12,042 Total UnrEstricted f3.234 15.653 {1&827J 157 [175) 13,042 R•slTl¢led funds SaT) Karten Twst- ML Minibus 14 41 [14) 17 35 225 42 (14) (11J (43J (ij Trade eentre Fam Sensory garrlen5 Scholarship luThd ESFA." SCA Recovery CL4leg¢ Day Centrè Sènsory 14 228 15 14 95 95 157 f15n 146 1146J Equiprnent l other (2) 19T 618 (231) {151J 427 Total of fund 13,431 16.271 {16.058J (175) 13,469. "Ptye42 PORTLAND COLLEGE (A COM￿ Ilmlled by gu•rnnl•¢) NOTES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENOEO 31 AUGUST 2024 Summ*y tsffunds Summary •ffiN)ds-curr•nt y••r Balance ¥t 1 Seplernbgr 2023 Balance at G•lnsl 31 August 2024 £000 Incomg Exp•nditur• £000 £000 £000 Designated funds Gen¢ral furwjs Restricted fund5 1.000 13.719 1.015 12,lJ12 19.799 117.940) 1525) 1182) 13. 20.912 118.465) (182) 15,734 Summary of funds . wlor year Balanctt at 31 Augu 2023 1 Se￿*￿￿r 2022 Inctyne Exp¢nditu Gainsl (Losses) Deslymted funds Genwal funds Restricled tunds 137 fl5.964) (231) (717) 874 (157) 11.654 197 15.653 618 (175) 12,042 427 13.431 16.271 (16.058) f175) 13.469 p￿43 PoRTL￿D COLLEGE IA c(ffipany lirnlt¢d by 9uarant••l NOTES TO THE FIN￿¢IAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Analysls of net a$s•ts b•twe•n lund¥ Anatysis of n•t assets tsptw•tn lund5. ¢urr•nt wlod R¢strict•d Un￿$t1￿ted funds funds 2024 2024 £000 Tot•l nd$ 2024 £000 Tangible fixed assets Intangible fix¢d as5els CuTTent assets Crodilor5 thje *ithin cffle 11.307 356 5.153 (2.0971 11.307 356 6.168 lllJ571 1.015 Tatal 1.015 14.719 1S.734 Afialy51s ol n•t assets betwq•n funds- prior peri¢)d rol81 fvnds 2023 funds 2023 2023 Tawble fixeil &ssels "Intangibb fixed assets Cvrrent assets Creditors due within (xw . 9,230 383 5,616 .187) 9.230 383 6,043 12,187) 427 Totsl 427 t3,042 13,469 Pwje 44 PORTLAND COLLEGE (A cryany limi*d by guarant••l . MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Reconclllatlon of net movwnen¢ In ftsnds to n•t ¢ash fh)w from operatlng xtlvltles Group 2024 Group 2023 Net ino)me f(v the period (as per Statemenl of Finaryaal ￿tr￿tIes) 2.447 213 Ilustments for: Deyeriation thafgèx Amort1saf￿n charges Divid8nds. internsts rents fr￿n in¥estments (Increasel l ¢Je￿aSe in stoths . Decrease in detknrs 0￿8a￿ in"uedilors Net der￿ed pension 5d*me cost Gcthtll acquired on wdwse of s[￿￿diary 998 55 1631 11) 151 191) {182) 128) (68) 1178) (175) X•t ush.PTovided by owr•llng xll¥6O 3,286 1,295 25. Amtysls of Cash and cash equlval•nts Group 2024 £000 3,950 GfOUP 2023 £000 3,676 C8$h In hand 28. Analysls of change5 in nel (I Acqulsition ol At31 2023 Cash flows subsldlaries Aug￿1 2024 £000 £000 £000 £000 2.915 761 Cash 8t bank and in hand L￿Uld investmenls 1.088 (7611 {531 3.950 3.676 327 (531 3.950 Page 45 PORTLAND COLLEGE (A ¢omp•)y limli•d by gtsarants•} NOTES TO THE FIP4AMC￿L STATEMENTS" FOR ThE YEAR ENDED 31 *MGUST 2[124 . 27. Penslon commltm•nts ¢ontril)¥tion The Cdlege wowdes auttrenrc4menl memtersbip ol rts defin¢¢f contrttth'on pension scheme to all new d a￿S11r¥a emplws. This Stheme is cuffenlty operated by Avi¥a Ifonnedy Fiiends Lrfel. The Coll89 11 conrritxrte an equal r￿centa]e of salary. in acrAJrdanc8 ¥￿th the employee's chosen option, up to a maxirnurn of 6%. Efflpk)￿r contri￿￿￿¥ of £435k were made to Schem¢ dwing the year eryled 31 Augu¥t 2024 {2023- £317k). A5 ￿ atterrbaiNe to ffs scheme. the Col* also coDlribJles lo other speofic definbd bènefit schemes induding th8 Teachers, Pension Schemè (TPS) ts ¢ertain ful￿s and those employed by outshje •3en¢ies. The cost ol emplwr c(ffjtributK)ns durry th8 vrds £137k12023.' £118kl. Conlrtmjlic￿s lo thesè sGh•Ms at 31 Auwst 2024 t24k12023'. £11kl. The Teachers. Pensth S¢herne crpsi a Slatuttry. contrthw. defined benefit stheme, govemed by the Te8thers' Pension Scheme Regulab"cms 2014. AJI teachers have Ihe optth to opt-OLrt of the TPS Idbw'ng enmlment: The TPS is an unfunded stheme ￿ vthieh the member aThJ empk)￿r makes contributN)ns. as a . percen￿9& ol skn - these contr*AJtKJns a￿ credited lo the Exthequer. Retirement and other penS￿n benefits are pald by publc funds wowded by Paliameni. ValuailDn olthe T¢aehets' Penslm Schemo The Gowemment Actuary, using nc￿1 actuarial printsples. conducts a lornal acluartal ￿vIeW of Ihe TPS in accordance wlh Ihe.Pvtth"c SeM"ce I)eng￿￿ (Valu8b"ws and Empbyer Cost Capl Direetions 2014 blished by HKq Treasury every 4 h￿r5. The aim of the review is to ensure 5theme costs are recognised and Managed approWetyatrMI the re¥iew SFeofies the levet offuturè t￿nIn"t￿trans. Actuarial scheme Valuatic*￿ we deFendent on assumptions abc*Jt the valL* of fLrture ￿$1$, design of ' benefits and many olher factors. The blest actuarial ValUatk￿ ol the TPS was Car￿ out as at 31 March 2020 The valuation rewt was published by the Departrn*nt IOT EducatK>n 27 October 2023, wth the SCAPE rate. set by HMT, applsmg 8 T￿tronal investment retum b35ed tys l.rK above the Tate Of CPI. Th key etemenls of the valuats"￿ tKrtctffie are.. empsoyer contrityJb"on rates $81 al 28.68% of pensionable pay lindudry 8 0.08% admliistration levyl. This is an increase of 5% in empIwerD￿triIjJth(*ls the c￿1 control result IS SLKh that Tr? changè in metrthr benefi15 is needed. total scheme tsats"lrties Ip.en%effjs currentty in payment and the èstimaled CO￿ of future benefits) for sermee to the èffectwe dale of £262.Crf)O million and nolon* assets leslirnated futuie crJntribullon5 together with lh& nots.￿al inve5tmenlS held at th& valuation datel 01£222.200 fflillw, giving a notional past 5eNce defiut of £39,800 millKx) The resuh of this vaiualion ¥MIi b• ￿T￿nented 1 April 2ff24. ThB next valuation resur( 15 due to be ifflplemented from l 2tr28. A ¢opy of the valuation rewf and SUppo￿"r￿j dOcL￿nIat￿ffl is on thg Teachers. Ponsbns website Under the definitir*ts set li FRS 102, the TPS ts an unfvnde(l mU￿-emploYer ￿n$1(*) scheme. The Group has accthJnt8d for its c￿tr￿Ul￿)n$ to the 5them as rf rt were a defined ￿￿Intr￿Jts0n scheme. The has set out at>ove lh6 inlormaiion availthe oft the St￿1r*. PORTLANO CCUEGE IA ¢ompany Ilmlt•d by gu¥anl•• NOTES TO THE FINAPICIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 27. Penslon ¢ommltments {eonllnuedl Group d•fin•d b••)•fft p•nslon xheme The Col*ge dosed ils Defi￿d BenBfft Schemè to ne4¥ Members *ilh effect from 1 January 1997 and so the use of the proieded unit V8luation method required by FRS102 ihat the currenl sewvice c05t la5 proporbon of Oefined Benefit M¢mbgrfs eamingsl is likdy to increase a5 Members approath retiremtrnl. assèts of Scheme are hekl separately from those of the CoThe9e. b•ng invested with pn￿ential The mosl recent actuarial res*rt.*tJich was yoduced Ihe effec1rve dale 01 31 D￿ernt￿r 2021. showe(l a defKil valuab.on 01 £245k aThJ fvnding level of 97%. It was agreed between Ihe College aFNJ the Twst¢¢s of the Stheme to to remove the fvnding 5hortlaN. as il existed al 31 Oe¢ember 2015. Consequenty Iho Col*e is C{￿tri￿lIng £218k pw annum. The resulls of the acluarial valuation as at 31 December 2021 have been yoiected to 31 ￿JgUSt 2024 u•ng the assumption$ set Lxrt bel￿. The fyures in the foJknbin9 di￿reS were measuwBd using the project method. . Prinopal acluwial assuwwytions at Ihe 8alarKe sheet date {exwessed as weighled avwagesl: At 31 August Al 31 August 2024 2023 Olscount rate Revaluati¢m of d•ferred per￿n$ RPI Inflation 5.10 2.60 3.00 At 31 Augu51 AÉ 31 August 2024 2023 .Y•ars Yg8r¥ tslity rates lin - lor a rna￿ aged 65 now - at 65 for a rn￿8 ag8d 45 now - IOT a ferna￿ aged 65 rHY4Y - at 65 foi 8 lemale aged 45 21.4 21.5 22.7 23.9 25.3 The Group's share of Ihe assets in the stherne was". At 31 August Al 31 Aygusl 2024 2023 £000 Cash and other li¢w>J assets Investmenl fuThJs 93 S.605 1Q6 5.187 937 Otrter T￿1 f4lr value of assels 6,606 6,230 47 PORTLAND COLLEGE (A ¢¢m￿nY Ilmlted by guarants•l . NOTES TO THE FINANCIAL STATEMEIITS FOR THE YEAR EldDED 31 WJGUST 2024 27. Pènslon ¢oMmilments Iwillr4ued) The actud retum on stheme ass¢ts was £585.000 (2023. £792,￿010$51. The 8Th￿nIS recognlse11 in tr* Cthwlidated st#leM￿offin8nU￿ 8cIMties are as lollows.. 2024 £000 2023 t•rest incorne l {Ixxt} AdM￿ls1r8tiYe expenses Total amourt T¢￿nI8•￿ In th• cons0￿￿ Stat￿n￿ offfinancial 38 (80) 136) [42) Movements tn ts Frfesen¢ vafue cl the defy￿d benefrt ob￿alIl￿ wer• as I￿k￿¥S.. 2024 £000 Op•niThJ defined tse￿frt obkgabL Aduarial [05585 Ber￿lts paid Intèrasl eost 5.660 13571 291 Closing d•fined benefft obllg•tion 5,676 Movemenls in the fair wa￿e ofthe Grwp's of scherne assets weT8JS fdlows.. 2024 £000 OperMng falr value ols(*eme assets Interesl income Actuafial g8iTr5 c￿tri￿ljI￿ by effl￿0)￿ . B8nefils pahd Administration expenses Dwnition ol pension sufKA 0.239 325 260 21 13571 170) 1930) Closlng 1411 valu• ol sdltrrn assets 5.676 Page 48 . PORTLAND CIXLEGE (A ¢offlpany1Smll•d by guarant••} MOTES TO THE FINANCNL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 n$lon cofflmilments {cl￿tInued) As a result ol the currenl market conditign$ factryEd n￿¢ the assumptions applwj by the LGPS scherne aduary, aduarial valuation at the year-erKI has resulted in an unrecogni5ed surplus on Ihe scheme of £930.CNJO {2023- £570.OOOJ. sUrp￿S has Mt betn reco￿Se￿ vththin statements. The recognition of a s￿￿U$ under FRS102. sh￿Id be made to Ihe exienl that an employer can expect to secure econcrfnic benefit from i( either by payng a reduced rnte of cfjntribLrtions or toking 8 refund; M8nagewent ha¥e assessed lyjth considerall￿S and conthded the folowng.. Basèd ffi hI5torK sY4ctieAs and updates on lulure expectati￿$ from Ihe adrnlnislering aulhority, management do not antitspate Ihat the noxt aduarial Vthat1￿ will resutt in a re(lu¢tion ¢0 ¢y)nlriwltons due to current rnark•l conditio￿. The availatylty of any k¥)lenlid cash refund al l*)ililies have been pa*J is based on several unprgdicL*e tulure oulcomes sel out in thè scheme rulgs that ￿not be reasonably assiimed at this stag¢. A$ a rgsutt, management cwsid•r ther¥ to be a low p055ibih.ty of a ¢ash refund. From the above conc*Jsion, the balance has Iherefrye been ￿Stricted to a value of £NII at the year*nd. The dereccwii￿ adjustment 1$ Shtr￿ as other recoynised gain￿ 1055es in the Statement of Fin8nGial Adwilig5. 28. Owatlng l•ase ¢<¥mmllments At 31 August 2024 th• and ColMP￿Y had commitin•nts to make fvlure rninimum lease payTnenls under r￿