Company Registration No 923975 Charity Registration No 254591 Roffey Park Institute Limited Consolidated Reports and Accounts For theyear Ended 31 July 2022
Roffey Park Institute Limited Consolidated Reports and Accounts For the Year Ended 31 July 2022 Contents Page Number Report of the trustees and directors including strategic report Strategic report Statement of trustees, responsibilities Independent auditor's report Consolidated statement of financial activities Consolidated and chariry balance sheets Consolidated statement of cash flows Notes to the accounts 3to 16 10 18to21 22 23 24 25to39
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Board of trustees and directors The tru5tee5 of Roffey Park Institute Limited, who were also the directors. and who, unless otherwise stated, served throughout the year were: 0& Mr R Leek Mr S Ling Ms C Duodu Mr D Beverley Mr M Haworth Mrj Ramji Mr N Perks Mr A Bailey Ms J Morris Mr D Guerin (Chair) (Appointed 2210712022) (Appointed 2210712022) + Member of the Audit and Risk Committee Member of the People and Reward Committee Member of the Business Development Committee Member of the Charitable Purpose Committee Key Management Personnel Chief Executive Interim Chief Executive Head of Governance and Company Secretary Head of Governance and Company Secretary Director of Finance Director of Human Resources Mr R Coles (to 26107120221 Ms A Egan (from 0110712022) Mr5 A K Humphrey (to 1410412022) Mrs S Jaywant (from 0310512022) Mr S W de Winter Ms K Coxon The registered office and principal operating address is: Forest Road Horsham West Sussex RH124TB Website: www.roffeypark.ac.uk
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Professional Advisers: Auditor.. RSM UK Audit LLP Portland, 25 High Street Crawley, West Sussex RHIO IBG Banker.. Unity Trust Bank PIC Nine Brindleyplace Birmingham BI 2JB Insurance broker. Sutton Winson Greenacre Court Station Road Burge55 Hill RH159DS Solicitor: Irwin Mitchell LLP Belmont House Station Way Crawley West Sussex RHIO IJA
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 The trustees and directors present their report and audited accounts for the year ended 31 July 2022 and confirm that they comply with the Companies Act {2006) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective l January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION Constitution and structure Roffey Park Institute Limited {"the Institute" 'Roffey Park") is a registered Charity No 254591 ind a Company limited by guarantee and not having a share capital. Roffey Park Institute was incorporated under the Companies Act on 30 November 1967, registration no. 923975. Membership is by invitation from the Board of Trustees and Directors and the total number of members is limited to 50. Upon dissolution of the Institute, members guarantee to pay the sum of £1 each. The trustees and directors, officers 2nd the principal address of the charity are listed on pe 3 and particulars of the charity's professional advisers are provided on page 4. GOVERNANCE AND MANAGEMENT Governing document and body The charity's governing documents are its Memorandum and Arcicles of Association. The governing body of the charity is the Board of Trustees who are also the directors of the company. Recruitment and training of trustees Candidates from existing members or member companies are considered having regard to the overall skills required by the Board. The induction process includes interviews with existing Board members 2nd the Chief Executive 2nd the receipt of 2 trustee's induction pack. All trustees are briefed and updated on their profe55ional responsibilities regularly. They are also enabled to attend a training event at Roffey Park or elsewhere when needed to help further their understanding. A new trustee may be appointed to the Board at any time during the year. The appointment is confirmed at the following Annual General Meeting. The number of the Board of Trustees is limited at any one time to 18.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Organisational management The Board is legally responsible for the over211 management and control of the charity and meets quarterly. It currently comprises l O independent trustees drawn from the current 41 members of Roffey Park Trustees belonging to corporate members submit themselves for re-election every three years- other trustee5 submit themselves for re-election annually. A Chief Executive 15 appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance and employment. In addition, the following standing committees meet at leist once a year to discuss key areas in more detiil and to report back to the main Board. The primary purpose of each standing committee is as follow5= the Audit and Risk Committee meet5 to consider financial matters. the future budget. the Institute's approach to risk and public benefit initiatives and the People and Reward Committee meets to consider employment related matters including those affecting the future budget. Other committees may be formed from time to time to address particular issues. Pay policy for senior staff The Board of trustees and directors consider the senior management team, who comprise the key management personnel of the charity, in charge of directing and controlling, running and operating the charity on a day-today basis. All the trustees give of their time freely and received no remuneration in the year other than reimbursement of expenses on Roffey Park business. The pay ofthe senior staff is reviewed annually as part ofthe People and Reward Committee meeting, to ensure their pay and any pay rises awarded reflect individual performance, market rates and pay settlements generally, whilst also being mindful of the chariry's responsibiliry to consider its own fin2nci21 position. Group structure and related parties Roffey Park Institute Limited has two wholly owned subsidiaries and is a member of an Irish entity: Roffey Park Services Limited undertakes lettings and bar activities and uses the Institute's facilities for third party use at times when they are not required for the charity'5 own use. Its turnover for the year was £1,130k (2021 £308k). A gift aid donation of £421 was made to the charity in the year (2021 £26k). Roffey Park Asia Pacific Pte Ltd undertakes training and research activities in Asi2 Pacific. Its total income for the year was £300k (2021 £491 k). Roffey Park Institute Ireland undertakes training and research activitie5 in Ireland. Its total income for the year was £325k (2021 £424k}.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Risk management The Board of Trustees is responsible for the management of the risks faced by Roffey Park. Detailed considerations of risk are delegated to the Audit and Risk Man2gement Committee who are assisted by the Minagement Team. Risks 2re identified, assessed and controls established throughout the year. A form31 review of the charity's risk management process is undertsken on an annu21 basis. The key controls used by the charity include.. formal agendas and minutes for all committee and Board activity. detailed terms of reference for all committees., comprehensive strategic planning, budgeting and management accounting., org2nisational structure and lines of reporting. The trustees have conducted their annu21 review of the mijor risks to which Roffey Park is exposed and are satisfied that 5y5tem5 have been e5tabli5hed to mitigate those risks. The main ri5k5 identified in the year were- The economic and political outlook. in part due to Covid-19, and the continuing Brexit related market changes. the financial health of the Institute and the impact of recent economic upheavals on its financial sustainability,. the leadership and management organisation structure of the Institute and its ability to redirect the focu5 of the Institute in the face of the economic event5 of the last 12 months. The mitigating actions being taken include proactive market intelligence and client insight g2thering,' reviewing income streams 2nd redesigning portfolio to reflect changes in the market environment; investment in technology for business development and digital delivery of our programmes: tight cost and cash contro15 and appropriate reward, recognition and succession planning for critical talent. OBJECTS ANDAIMS Charity objects Roffey Park's formal objectives are closely linked: To conducc promote and support, for the benefit of the public, research into questions affecting the health and welfare of all those engaged in industry, commerce and the public services, particularly concerning the relationship between management and employees. To advance education by providing training and discussion programmes in all or any aspects of the science of personnel management for managers, administrators, supervisors and others having similar responsibilities.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Aims and intended impact We champion people at work to enable them to realise their potential by creating healthy, sustainable, high-performing 2nd flourishing communities 2t work. In addition, we undertake specific projects from time to time which benefit our community in related ways. How we achieve this Whilst Roffey Pirk Institute Limited w2s established as 2 compiny limited by gu2r2ntee in 1967, our work and organisation first started in 1946 atthe end ofthe Second World War. Agroup of pioneers, led by Lord Horder and Thoma5 Ling, researched and developed innovative way5 to a551St individua15 with occupational or psychological disorders back into the workplace. They ran programmes in which the 'discussion method" was chosen as the preferred learning vehicle. Whilst with time the focus of these programmes has moved on, the same dialogic and group-oriented methods continue to underpin our work today. At the individual level, we are committed to our participants developing themselves and tiking responsibility for their own leirning. At the org2nis2tional level, our clear approaches to critical thinking and inclusive learning allow organisations to develop creative strategies to tackle current and emerging issue5. Our people We have an excellent and committed team of people acr055 all our locations. Our learning and development professionals con51St of full and part-time Staff, supported by our Associate faculry. Together with our researchers, facilities and administrative staff, we all put into practice our philosophy. This is instrumental to the overall quality of the learning experience that our participants enjoy. Our facilities Whilst we operate a remote working policy whereby staff, where possible, work from home, we also use the Roffey Park site through 2 lease agreement. The site in Horsh2m continues to provide a tranquil setting and nurturing space in which to undertake the full range of Institute activities. This ha5 enhanced Roffey Park's reputation a5 an excellent venue for workshop5 and learning events. Public Benefit In February 2014 the Charity Commission published their revised General Guidance on Public Benefit. Our Public Benefit activitie5 at Roffey Park are centred on the core work of the Institute, namely research and development programmes for the benefit of people in the workplace as well as undertaking specific projects. Our beneficiaries The Chariry Commission's first principle of public benefit is that there must be an identifiable benefit or benefits and that this is backed by evidence where necessary.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 The outputs from our research projects are available without charge, for the benefit of the public. as publications or via our website. Our development programmes are primarily available to people within organisations, in or taking up positions of responsibility. The beneficiaries of our programmes are the participants and their teams and the organisations that they work for. We also offer programmes that focus on personallprofession21 skill development to individuals. Our programmes are designed to benefit participants in three specific ways: first. we take a group dynamics ippro2ch to learning that encourages interaction and cross-group developmenL This enhances the learning effect for all and promotes 5elf-development as well a5 skills development. Secondly, we promote reflection and feedback as part of our development programmes, giving learners the opportunity to hear others and adapt their behaviour. Thirdly, we promote a continuous learning approach to self- development, reflecting our impact objectives of inclusivity 2nd sust2in2bility. The opportunity to benefit The Charity Commission's second principle of public benefit is that the benefit must be to the public or a sufficient section of the public. In particular, people who cannot afford to pay our fees should have the opportunity to benefit in some material way that is related to our aims. Similarly, less "well off, or marginali5ed people must not be excluded from the opportunity to benefiL We recognise that the cost of providing top quality development training and working with small groups is high. Whilst our fees are affordible to the majority of people working in positions of responsibility in medium and larger organisations, there will be some, typically those in smaller and not-for-profit organisation5, for whom this may not be the case. Therefore, we specifically addre55 both the availability and accessibility of our work to people in these organisations. We offer discounts to charities and NGOS for in-house programmes, as well as personal discounts to delegates signing onto our open programmes. More recently, adopting digital technologies has illowed us to benefit learners from other countries, as well as learner5 who may not be able to physically attend programme5 due to illness, disability or learning difficultie5. This has widened our reach to encompass individual registrants on our programmes from Asia, Africa, Australia and North America. This process is continuing and we have increased our capabilities in delivering programmes to wider participant demographics. We also offer in-kind activities when working with local and national charitable organisations. When not being used for our own training activities, our training facilities are available to and are used by local organisations including charitie5. Details of all our research reports and newsletters are available on our website www.roffe 2rk.2c.uk. The majority of these, together with guides written by our faculty on leadership and management developmenL personal effectiveness and organisational development (OD), are available free of charge.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 STRATEGIC REPORT Achievements and Performance: Review of the year The period to 31, July 2022 has seen a slow recovery. with the threat of lockdown still looming as well a5 decisions being made both internally and by clients on whether to return to face-to-face training or to retain the use of a virtual approach. Thi5 year, the impact of the war in Ukraine also impacted our ability to trade, with some of our clients being directly impacted. This year also saw a major rise in the cost of living in the UK, Europe including Ireland where the majority of our clients are located, which in turn thre2tened the stability of our trading year. Although we were able to pay off our debt this yeir, the cumulative effect of these negative global conditions has seen revenue heavily impacted once again. The impact of the Covid-19 pandemic has had a profound effect on the financial stability of the Charity and the decision was made to sell the site at Horsham to Christ's Hospital, this sale was concluded in April and we entered into a five-year lease agreement. Despite the above commentary, the final two quarters of the ye2r s2w a surprising increase in trade. Our research activity continued to shift in response to returning to work, hybrid working, staff motivation and talent acquisition and retention. We have been sharing our ideas and learnings in a range of forums, including conferences, podcasts and through our publications. Two casualties of the pandemic 2nd pressures from extern21 glob21 threats have been our 3nnual research competition and our Working in Asia reports. However, we felt our rese2rch 2nd outreach time wa5 better spent in encouraging the sharing of ideas and stre55e5 arising for organisations post- pandemic. To this end, we created the HR Matters series of webinars and mastercla55es, enabling sharing of best practise and experiences. These have proved immensely popular and valued. Our partnership with the University of Sussex continues to develop. We have launched our Masters in People and OD 2s a global virtu31 programme, 2nd now have multiple cohorts running. We have recruited a highly skilled associate team to 5UPPOrt the work we do in the Roffey Park Academy and we have designed a serie5 of post-graduate diplomas. We have continued to develop our expertise in using digital tools to deliver high quality, engaging programmes. We have shared this learning through our networks and publications. We h2ve also been developing approaches to f2cilit2te learning ind development in blended (as well returning to more face-to-face) environments and using technology effectivety to enable learning and engagement. We continue to refresh our porcfolio so that it is multi-channel. resilient to future shocks and more widely available to a larger potent121 learner base than ever in our history. Once again, we have made the best out of a difficult ye3r, putting ourselves in the best possible position for the future.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Last. and by no means least, we have come through the year with some key changes to staff with Dr Robert Cole5 resigning in July and Dr Arlene Egan taking on the interim CEO role. On behalf of the Trustee5,1 would like to thank Dr Robert Coles for his leadership particularly during the Covid- 19 pandemic. Dr Arlene has been working closely with her leadership team to create a sustainable strategy for Roffey Park Institute over the coming years. We continue to develop partnerships to co-create international programmes and further widen our reach, mitigating the risk5 a550ciated with the pandemic, cost of living issue and staff engagemenL Progress against our charitable objectives for the year To enhance our cipability for reach and impact domestically and internationilly across different sectors of society= Thi5 year saw an increase in our web51te visitors to 421.709 (153.466 last year}. Our social media followers increased to 8,449 (6,600 last year). International training and research revenues a5 a percentage of total revenues were I ly. (28Y. last year). We provided fee concessions in each of our business streams and as a percentage of tot21 revenues they were l. l % (1.87. last year). 2. To strengthen our brand and reputation as a thought leader domestically and internationally: We run complimentary events each quarter (the Navigator series) to share our expertise, research and practice on a range of tOPlC31 issues. To date, these have been attended by over 800 people 2cross the world. We continue to build our online presence by regularly publishing optimised content and thought leadership. We continue to present virtually at domestic and international events on a wide variety of leadership, human resources and organisational development related subjects. To12y down the foundations for further systems improvements for this: Dat2 is being gathered through our Salesforce CRM system 2nd Guestline. Our use of IT p12rforms and engagement tools is being honed. Our S21esforce CRM system is operition31, as part of a wider update ofour IT systems, including Zoom Room5, Guestline for the venue, and Breathe HR for staff engagement, communication and management. Guestline, in particular, will provide us with valuable data as the campus reopens. 4. To continue our focus on ensuring financial stability: We maintained cost control in order to rethin as much c2sh in the organisation as possible as we continue to navigate the uncertainty this year. We focused more deliberately on building our client base closer to our locations and in offering in-company open programmes to clients. As a result ofthe sale ofthe site, we have repaid the CBIL loan and propery loan with Unity, which has 311owed us to be debt free and we are planning how to invest the remaining proceeds for the sale in line with investment policy.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Financial Review Review of the year During the yr the Covid restrictions in the UK eased and our income generation improved, both in terms of the training delivered and from the Site at Horsham. However, Covid restrictions remained stricter and longer in Singapore, which impacted their income. Our total trading income for the year was £6.6m {£4.8m last year). In April 2022 the Site was sold to Christ's Hospital for £6.25m (and leased back at £375k per 2nnum}. The sale resulted in a book loss on sale of assets of £578k 2nd 2SSOClated legal and other costs of £52k. In addition, sever21 one-off costs were incurred in the year. including a provision against the intercompany balince owed by the Singapore entity (of £115k)- The net expenditure for the year w2s £1,746k {£776k12St year). The Sale of the Site enabled us to clear the loan with Unity Bank and the CBIL with Natwest, thu5 eliminating any exposure to rising interest rates and increased loan repayments and providing us a significant cash cushion. Our net cash position at the end of the year was thus £3.2m (£1.8m net debt last year), which included paying two ye2rs of the lease (£750k) to Christ's Hospital. The results for the year ended 31 July 2022 are shown on p2ge 22 of the accounts in the Consolidated Statement of Financial Activities. Our net assets at year end stood at £3.1 m (£4.8m last year). Reserves policy The group's reserves at 31 July 2022 were £3.099k (2021: £4,846k). there are no restricted funds held. Total designated funds (the Val Hammond Fund) were £102k {2021.. £132k). Fund5 totalling £157k (2021: £7,182k} were tied up in fixed assets. The unrestricted free reserves are £2,943k (2021: nil). Looking ahead, the minimum level of free reserves is for Roffey Park to retain £750k of Cash. It should be noted that none of the services offered by the Institute are considered essential to any beneficiaries. During the next year the intention is to invest some of these free reserves to provide an opportunity for capital growth and interest income. 12
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Going concern The group has net current assets of £2,943k at the balance sheet date (2021.. net current liabilities of £1,495k). As outlined in the accounting policies in note I to the financial statements, in making their assessment of the going concern position of the group, and the preparation of the financial statements on thi5 basis, the Trustees have considered the position on that assumption. Looking ahead, the forecasts prepared indicate that our cash balances will remain suflicient to continue trading and therefore it is valid to assume the going concern principle. The fOreCtS are bised on reasonable assumptions, including there will be no more lockdowns ind activity on the site at Horsh2m will return to pre Covid-19 levels. our online programmes will continue to sell well ind our planned investment in marketing, design of programmes and business development will help grow the income base. The sale of the site for £6,250k in April 2022 enabled us to immediately clear the loan balances with Unity and Natwest and provided us with 2 significant cash cushion. The Tru5tee5 are closely monitoring performance against forecasts and cash flow projection5 and are confident that the matters referred to above will continue to be managed effectively. The Trustees and Directors are of the opinion that these measures will be sufficient for the company to continue as a going concern. The financial statements have been prepared on a going concern basis, which assumes that the charitable group will be able to continue in operational existence for at least twelve months from the date of approval of the finincial statements with forecasts prepared to July 2024. Future Plans There rem2ins uncert2inty in the world, and the continuous threat of Covid-19, the imp2Ct of the war in Ukraine, the cost of living issue. the cost of doing business and cyber security threats all mean that we face a challenging and difficult trading outlook. Within the constraints of these challenges. we remain focused on delivering learning and support to delegates and student5 around the world to the greatest extent possible. Our focus on our charitable objects is undiminished, as is our sense of mission. We examine all our costs carefully, not least those in the areas of business developmen( marketing and programme delivery. The digital environment presents a double ch211enge'. the cost of delivery higher than with physical classrooms, whilst the fee we can charge per leirner is under pressure. We have become very focused on programme level margins as well as costs of sale, impact of marketing and speed and efficiency of programme design and delivery. We have also begun to restructure the organisation to ensure further cost efficiencies. We have set both an ambitious budget 2nd target for performance this year that reflects our belief that all the hard work on the part of our staff will pay off. We are focusing on enhancing the client experience, ensuring that we have robust ways of measuring impact and that we engage overtly in a cycle of continuous improvement to respond to the needs of our clients and participants. A huge amount of effort continues to go into protecting and keeping our client business with u5, engaging with them to offer help, advice and assistance where needed. This will be enhanced through the newly formed Client Relationship Management team which will be formed in the coming months.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Looking forward to the next year, we will: Engage more with our markets 2nd clients to gather market research and work to launch new relevant offerings. Focus our efforts on strengthening our base in the UK and Ireland and grow our footprint into Europe. Strengthen our engagement with our Associate Community which continues to add immense value to Roffey Park Institute, the members of which act as ambassadors of Roffey P2rk and work on our behalf. Establish our alumni network and continue to support those participants who have experienced our programme5 in the past. Focus on ensuring that we have developed an approach to the client experience that is unp2r211eled in our industry. Enhance our organis2tion21 culture through a renewed commitmentto our staff and stakeholders, living our values and pr2Ctising what we teach. Have an organisational structure that is fit for purpose. Increase our research outputs in areas that relate to our charitable objectives. Continue to develop and deploy the Roffey Park Digital Learning offering, enhancing our reach whilst staying true to our group dynamics and self-directed learning roots. Continue to develop partnerships and alliances to better serve the learning needs of our marketplaces. We will continue to work with wider initiatives, including diversity and inclusion, ESG ind partnering with learning organis2tions to increase access to learning for minorities. There will undoubtedly be stre55e5 in the year ahead. We are mindful of this and will support all our staff as best we can to cope with the stress, dislocation, and ambiguitie5 of the year ahead: To create an internal culture for 211 staff to flourish.. To create a forum for staff to have a voice in the direction ofthe organisation and to become involved in initiatives., To enhance opportunities for staff to collaborate across the organisation. To ensure time for learning and development is prioritised for staff; To recognise 2nd rew2rd the st3ff of Roffey Park for their hard work and commitmen( To increase our research activity in areas related to our core disciplines, as well 2s in our dialogic and group based learning approache5, working in concert with partner5 to create joint research propositions and seek grant and research council funding- To develop our charitable activities locally especially in the area of mental health and wellbeing- To maintain a rigorous approach to both cost management and margin management to protect and, if possible, build our c2sh reSees., 14
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 To closely monitor utilisation management and a strict focus on billing for work done and eliminating non-billable client time-, To operate an integrated business development plan, marketing and portFolio developmentl delivery for each quarter of the year; To continue to promote our Masters as a global, distance learning offering. To continue the excellent work ofthe UK site team, growing our reputition as a great venue to work. study and learn., To offer OD consultancy to client5. Statement as to disclosure of information to auditor The Trustees who were in office on the date of approval of these accounts, have confirmed that, as far a5 they are aware, there is no relevant audit information of which the company's auditor is unaware and have confirmed that they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that it h2s been communicated to the auditor. Third party indemnity provision for trustees (directors) Qualifying third party indemnity provision is in place for the benefit of all trustees (directors} of the comp2ny.
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Auditor RSM UK Audit LLP has agreed to offer themselves for re-election as auditor to the charity. The Trustees, Annual Report of the Trustees and Directors is approved by order of the Board as trustees and the Strategic Report (included therein) is approved by the Board of Trustees in their capacity as the directors at a meeting on 16, December 2022 and signed on its behalf by- R. Leek Chair Forest R02d Horsham West Su55ex, RH12 4TB
Roffey Park Institute Limited Report of the Trustees and Director5 31 July 2022 Statement of Trustees. Responsibilities The trustees (who are also directors of Roffey Park Institute Limited for the purposes of company law} are responsible for preparing the Trustees, Report (including the Strategic Report) and the financial statements in accordance with applicible law 2nd United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financi31 year that give a true 2nd fair view of the state of affairs of the chiritable compiny and the group 2nd of the incoming resources and application of resources. including the income and expenditure of the charitable group for that period. In preparing these financial 5tatement5, the trustee5 are required to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP., Make judgments and estimates that are reasonable and prudent. State whether 2pplicable UK Accounting Standards have been followed, subject to any m2teri21 dep2rtures disclosed and explained in the fin2nci21 statements; Prepare the financi31 statements on the going concern basis unless it is in2ppropri2te to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accur2cy at any time the fin2nci21 position of the ch2rit2ble company and enable them to ensure that the financiil statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55et5 of the charitable company and the group and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularitie5. The trustees are responsible for the m2inten2nce and integrity of the corporate 2nd fin2nci21 information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdiction5. 17
Roffey Park Institute Limited Independent auditor's report Independent auditor'5 report to the member5 of Roffey Park Institute Limited Opinion We have audited the financial statements of Roffey Park Institute Limited Ithe'parent charitable comptny'l and its subsidiaries {the 'group'l for the year ended 31 july 2022 which comprise the Consolidated Statement of Financial Activities (including che Consolidated Income and Expenditure Account), the Consolidaced and Company Balance Sheets, the Consolidaced Cash Flow Statement and noces to the financial statements, including significant accounting policies. The financial reporting frnmework that has been applied in their preparatlon 15 applicable law and United Kingdorn Accounting Stsndards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Practicel- In our opinion che financial statements.. ve a true and fair view of the state of the group's and the parent charitable company'5 affairs as at 31 july 2022 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended-, have been properly PrePad in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirement5 of the Companies Att 2006 Basis for opinion We have been appoinied auditors under the Companies Acc 2006 and section 151 of che Charities Acc 201 l and report in accordance with those Acts. We conducted our 3udit in accordance with Intern3tional St3ndards on Auditing IUKI11SAs IUKI} and applicable law. Our re5ponsibilitie5 under those standard5 are further described in the Auditor'5 responsibilitie5 for the audit of the financial statements section of our reporL We ire independent of the group and parent charitible company in accordance with the ethical requirements that are relevant to our audit of the finincial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in iccordance with these requirements. We believe that the audit evidence we have obtained is sufficienc and appropriats to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identyfied any matsrial uncertainties relating to events or condityons thaL individually or collertively, may cast significant doubt on the group's or parent charitable company's ability to continue as a going concern for a period of at leasc twelve months from when the financial statsmencs are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are described in the relevant settions of this report Other information The other information comprises the information included in the Report of the Trustees and Directors other than the financial statements and our auditor's report thereon. The trustees are responsible for the other informacion contained within the Report of the Trustees and Direccors. Our opinion on che financial statements does noc cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereon.
Roffey Park Institute Limited Independent auditor'5 report Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial starements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other informatyon, we are required to report that fatt. We have nothing to report in thi5 regard. Opinion5 on other matters prescribed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information gven in the Truscees, and Directors, Report. which includes the Strategit ReporL for che financial year for which the financial 5t3ternents are prepared is consistent with the financial 5tatements', and the Trustees, and Directors, Report ind the Strategic Report included within the Trustees, and Directors, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent Charitable Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustee5' and Director5, Report or the Strategic Report included within the Trustees, and Direttors, Report. We have nothing to report in respett of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. Idequate accounting record5 have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us., or Ihe parent charitable company financial statsments are not in agreement with the accounting records and returns,. or certain disclosures of tru5tees' remuneration specified by law are not rnade., or we have not received all the information and explanations we require for our audiL Responsibilities of trustees As explained more fully in the Statement of Trustees, re5pon5ibilitie5 set out on page 17, the tru5tee5 (who are also the direttors of the charitable company for the purp05e5 of company lawl are responsible for the preparation of the financial 5utsments and for being sat15fied that they give a true and fair view, and for such internal control a5 the trustees determine 15 necessary to enable the preparition of financial statements that are free from material misstttement, whether due to frnud or error. In pparing the financial stacements, the trustees are responsible for assessing the group's and parent tharicable company's ability to continue as a going concern, disclosing, as applicable, m3ttsrs related to going concern and u51ng the going concern basis of accounting unles5 the trustee5 either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditorf5 responsibilities for the audit of the financial statement5 Our objettives are to obcain reasonable assurance about whether the financial statements as a whole are free from matsrial misscaiemenL whether due to fraud or error, and to issue an auditor's reporc thac includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarancee chac an audit conducted in actordante with ISAS IUKI will always decett a rnaterial misstatement when it exist5. Mi5Statement5 can arise from fraud or error and are considered material If. individually or in the ag8regats. they could reasonably be expetted to influence the economic deci5ion5 of users taken on the basis of these financial statements.
Roffey Park Institute Limited Independent auditor'5 report The extent to whith the audit was eon$idered capable of detecting irregularities, including fraud Irregularitie5 3re instances of non-compliance with law5 and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non- compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during che audiL In relation to fraud, the objective5 of our audit are to identify and a5ses5 the risk of materi31 misstatement of the financial 5tatsrnents due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audiL However, it is the primary responsibility of managemenL with the oversight of those charged with governance, co ensure chat the entity's operations a conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and as5e5sing risks of material misstatement in respect of irregulirities, including fraud. the group audit engagement obtained an understanding of che natu of che sector, including che legal and regulatory framework that che ¥oup and parent charitable company operdtes in and how the group and parent tharitable cornpany are complying with the legal and regulatory fr3mework., inquired of managemenL and those charged with governance, about their own identificatyon and assessment of the risks of irregularities. including any known attual, suspected or alleged instances of fraud., discussed matters about non-compliance with law5 and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures, we consider the most significant laws and regulations that have a direct impart on the financial statements are FRS 102, Charities SORP {FRS 1021. Companies Att 2006, Charities Art 2011 and the parent charitable company's governing documenc. We performed audit procedures to detect non-compliances which may have a matsrial impact on the financial statements whieh included reviewing the financial statements including the Trustees, ReporL remaining alert to new or unusual transactions which may not be in accordance with the governing documents and inspecting correspondence with extern legal advisors and updated internal documentation and policies to reflect legal advice. The most significant laws ind regulations th&t have an indirect impact on the financial statements are those in relation to the GDPK health and safety and employment laws. including IR35 regulacions. We performed audit procedures co inquire of management whether the group is in compliance with these law and regulations, inspetted prolessional fee and legal expenditure transactions co identify possible non-cotnpliance and internal handbooks, manuals and other documents updated to reflect leg31 advice or changes in legslation. The group iudit engement team identified the risk of management override of controls as the area where the financial 5titements were m05t susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual Journ entries and other adjustments, evaluating the business rationale in relation to significanL unusual transaccions and transactions entered into oucside the normal course of business and Chleng1Thg judgments and estimates. A further description of our responsibilities for the audit of the financial 5taternentS 15 provided on the Financial Reporting Council'5 website at h ..Ilwww.frc.or -uklauditorsres on51bilities. This description forms part of our auditor'5 report. 20
Roffey Park Institute Limited Independent auditor's report Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company s members those matcers we are required co stace co them in an audicor's report and for no ocher purpose. To che fullest extent permitted by law, we do not accept or assume re5pon5ibility to anyone other than the charitable company ind the chariuble company's members as a body, for our audit work for thi5 reporu or for the opinion5 we have fomied. lsn LLL LLf Zoe Long5taff-Tyrrell (Senior Statutory Auditor} For on behalf of RSM UK AUDIT LLP, Stitutory Auditor Chartered Accountants Porcland, 25 High Screec Crawley West Sussex RHIO IBG Dace.. 5 January 2023
Roffey Park Institute Limited Consolidated Statement of Financial Artivities Ilncluding Consolidated Income & Expenditure Account) For the year ended 31 July 2022 Unrestricted funds 2022 2021 INCOME from Note Charitable activities Education Research 5.440.663 4.496.430 4.572 Oth•r tradlng actlvltl•* 1.130,489 307,666 Other income Investment income Kick Start scheme Job support scheme 2.076 14.711 26.446 348.848 Total Income 6.614.385 5.157.516 EXPENDITURE on Raising funds Trading artivities Financing costs 1.412.823 45.753 307.245 37.610 Charitable activities Education Research Loss on sale of Site 6.221.793 49.798 630.688 5.464.465 124.343 Total 8.360.855 5.933.663 EXPENDITURE (1.746.470) 1776.1471 MOVEMENT IN FUNDS (1.746.470) 1776.1471 RECONCILIATION OF FUNDS Total funds brought forward 4.845.566 5.621.713 Total funds carried forward Is 3.099.096 4.845.566 In April 2022 the Site at Horsham was sold to Christ's Hospital for £6,250,000. The loss on sale of £630.688 included a writ&off of the Site assets of £578.634 and associatsd le1 and other costs of £52,054 (see note 211. The statement of financial attivities includes all gains and losses retognised in the year. 22
Roffey Park Institute Limited Company Registration No. 923975 Consolidated and Charity Balance Sheets At 31 July 2022 Group 2022 Charfty 2022 GP 2021 Charlty 2021 Note Flxed a55ets Intan8ible a55ets Tangible assets Investment In subsidiaries Total Flxod A$t5 12u,34G 7.054.433 81.544 81,399 ILNJ 156.5fAI 7.056.918 156.545 7.182.264 7.179.879 Lurretrt ass$ Stock5 Debtors Cash at bank and in hand Total Cuirent a55ets io li 15,033 2,D99,224 3 178,789 5,303,046 17,499 2,292,273 3.084.285 5,394,057 21,161 928,015 486.228 1,435,404 14,914 916,265 349,120 1,280,299 Crodltors.. amounts falling due within one year 12 2.360.495 2.109.108 2.930.445 2.831.321 Net Current assetsllllabllltlesl 2 942.551 3,284.949 1,495,0411 1,551,0221 Total assets less current Ilabllltle$ 3,099.096 3,441.449 5,687.223 5,628.857 Credttors.. amount5 falling due after one year 13 841,657 841,657 Net asset5 3.099.096 3.441.449 4.845.566 4.787.2 Total unrestricted funds 15 3,099.096 3.441.449 4,845.566 4.787.2 As pemiitted by settion 408 of the Companies Act 2006, the parent charity's Statement of Financial Attivities {including Income and Expenditure account) has not been included in these financial statemencs. The parent charity s resulc for the year was a deficit of £1,345,75112021.. deficit of £1,143,781). The Board of Trustees approved and authorised for issue the accounts on page5 22 to 39 on 16 December 2022. The account5 are signed on behalf of the Board by. R. Leek Chair D. Guerin, Director 23
Roffey Park Institute Limited Consolidated Cash Flow Statement For the year ended 31 July 2022 2022 2021 al $h flows from operat1{ orttvltlea Net cash used in operatinB activities (note 181 11.157,2561 1652,3211 bl Cash flows from Inveatlng artivleS Interest paid Receipts froni sale of tangible fixed a55ets Interest received Payments to acquire tangible fixed assets Not ca$h used in invegtiriK a¢tivitig$ 145,7531 137,6101 12.0761 55,173 6,146.998 159,205 1196,8151 tl Cash flow9 from/lr•paying) financing acti•3 (refinancing of loans, property loan repaymentsl 12,297,181) 936,433 dl Change in ¢4$h and $h aqui¥i1gnt8 in thg year 1,692,561 87,297 Cèsh and cash equivalents at the beBtnnin8 of the ye8r 486.228 398,931 3 178 789 486 228 Furth•r d•tsils 4r• shown in not• 18. Rewndllatlon of net e4sh fflow to movement In net debt Increase in cash irl the year Cash inflowlloutflowl from change In debt 2,692.561 2,297.181 4,989,742 11.810,9531 3,178.789 87.297 1936,4331 1849,1361 1961.8171 1,810,9531 Net debt as at l August Net fundslldebtl as at 31 July l Ausu4t 2021 Cih Non C#h Mows Mov•m•rits 31 July 2022 Cash ar hand and In bank Bank loans due within I vear Bank loans due after l year 486,228 11,455,524) 841.657 11,810,953) 2,692,561 1,455,524 841.657 4,989,742 3,178,789 3,178,789 24
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 Principal accounting policie5 Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statetnent of Recornmended Practice 3ppIic3ble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {second addition effective I january 20191- {Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK ind Republic of Ireland IFRS1021 and the Companies Act 2006. No acquisitions took place during the year and all eonsolidated aetivities are Continuing. The statement of financial attivities ISOFAI and balance sheet consolidate the accounts of the charity and its Subsidiary undertakings. The re5uIt5 of the subsidiaries are consolidated on a line by line basi5. The charity has availed itself of Paragriph 3131 of Schedule 4 of the Companies Act and adapted the Compinies Act formats to refiett the special nature of the charity's attivities. In accordance with $408 of the Companies Att no separate SOFA has been presentsd lor the charity alone. Roffey Park Institute Limited tneets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical c05t or transaction value unle55 Otherwise stated in the relevant accounting policy. Reduced disclosures In accordance with FRS 102. the Company has tsken advantage of the exemptions from the following disclosure requirements.. Section 7 'Statsmenc of Cash Flows, disclosures Settion I I 'Basic Financial Instruments, & Section 12'0ther Financial Instrument Issues'_ Carrying amounts, interest incomelexpense and net gaInlo$Se$ for each category of financial instrumenL basis of determining fair values,. details of collaceral, loan defaulcs or breaches, details of hedges, hedging lair value changes recognised in profit or loss and in other comprehensive income. Presentation of a Statement of Cash Flow and related notes and Going conct As at 31 july 2022, the consolidated group had net current assets of £2,943k (last year net current liabilities of £1,495kl. Looking ahead. the forecast5 prepared indicate that our cash balances will remain sufficient to continue trading and therefore it is valid to assume the going concern principle. The forecasts are based on reasonable a5sumption5 including.. there will be no more lockdowns and activity on the 51te at Horsham will return to pre Covid-19 levels. our online programmes will continue to sell well and our planned investment in marketing, design of programmes and business development will help grow the income base. The sale of the site for £6,250k in April 2022 enabled us to immediately tlear the loan balances with Unity and N3tWe5t and provided u5 Wlth a significant cash cushion. The financial statements have been prepared on the going concern blS which assumes thit the charitable group and the parent charity will be able to continue in operational existence for a period of 12 months from the date these accounts were signed. Even if the future income generation is lower than forecast next year, the cash reserves will ensure the charicable group will be able w continue in operational existence to july 2024.
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Principal accounting policie5 (continued) Income Income, including fee5 receivable and Charge5 for servite5 and use of premises, are accounted for in the period in which the service 15 provided and are stated net of VAT. Income from crading aeciviues include the trading activities of the subsidiary company, Roffey Park Services Limited and bank interest e1vable. Income received from government grants {theJob Support Scheme) of £26,44612021= £348,848) and the Kick Start Scheme of £14,71112021= £nill. Recognition of the grnnt is based on the accruals model. There were no unfulfilled conditions in relation to this income. Charitable activities represent the educational and research activities. Fees receivable are stated after dedutting concessions of £72.00012021.. £95,000}. These are available in each of the business streams. Expenditure Expenditure 15 accounted for on an accruals ba51S. Costs of raising funds include the trading activiiies of the subsidiary company. Roffey Park Services Limited and the financing costs associated with interest on the long-term bank loan. Charitable activitie5 represent the educ3tional and research activities 3nd include both the direct Costs and the support costs relating to them. Expenditure on research is charged to the SOFA a5 incurred. Support costs include central functions and have been allocaced to attivity Cost categories on a basis consistent with the use of resource5, eg. 311ocating property Costs on their usage and staff costs by time 5penL Intangible assets Intangible assets purchased are only ognIsed when futu economic benefits are probable and che cost of the asset tan be MeaSud reliably. Intangible assets are initially recognised ac cosc and subsequently measured at eost less accumulated amort153tion from the point at which the as5et5 corne Into use. Int3ngible assets are amort15ed through the SOFA over the expected useful lives as follows= Computer software 2-5years 26
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Principal accounting policie5 Icontinued} Depreciation Depreciation of fixed assets 15 charged by equal annual instalments commencing with the year of acquisition at ratr5 estimated to write off their c05t or valuation less any residual value over the expected useful lives that are as follow5.. Freehold land Freehold buildings SO years Grounds store and workshop 20 years Furniture, fitting5 and equipment 4 - 10 years IT equiprnent 2-Syears Srnall item5 of capital expenditure under £500 are expensed through the SOFA 3nd not depreciated. With the site at Horsham sold in April 2022, some expenditure on the site in the year to july 2002 was expensed rather than being treated as a fixed asset and depreciated over the useful life of the asseL Operating Leases Rentals paid under operating leases are charged to the SOFA as incurred. Stocks Stock5, including consumables, are valued at the lower of cost and net realisable value, after making due allowance for ob501ete and damaged items. Employee benefits The coscs of short-tsm) employee benefits are recognised as a liability and an expense. The besc estimats of the expenditure required to 5etde an obligation for termination benefits 15 recognised itnrnediately a5 an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Pensions As frorn I july 2003 all staff are eliyble for parricipation in a group personal pension plan managed by Standard fe. Thi5 15 a defined contribution scheme and contributions to the scheme are charged to the SOFA as incurred. Taxation Roffey Park Institute Limited is a registered charity and as such its income and gains falling within Sections 466 to 493 of the Corporation Tax Act 201 O or section 256 of Taxation of Ch3rge3ble Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its Chitable objects. Roffey Park Institute Ireland is not a charity ind is subjett to corporition tax in Ireland. Foreign currency Transaction5 expressed in foreign currencies are translated into 5tsding at rntes of exchange approxirnating to those ruling at the date of transaction. Monetary assets and liabilities are translated at rate5 ruling at the balance Sheet date. All differences are taken to the Statement of Financiil Activities ISOFAI. 27
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Principal accounting policie5 Icontinued} Interest receivable Interest on funds held on deposit is included when receivable ind the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the Bink. Debtors Trade and other debtor5 are recogni5ed at the settlementamount due after any trade discounts offered. Prepayrnent5 are valued at the amount prepaid net of any trade discounts due. Creditors and provisions Creditor5 and provisions are recognised where the charity has a present obligation resulting from a past event thit will probably result in the transfer of fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their setdement amount after allowing lor any trade discounts due. Financial Instruments The charity only has financial assets and finincial liabilities of a kind th&t qualify as basic financial instruments. Basic financial instruments ire initially recognised at trinsartion value and Subsequently measured at their settlement value with the exception ol bank loans which are subsequently measured at amortised cost using the effective interest method. Fund Accounting Unrestrictsd funds are available to spend on attivities that further any of the purposes of the charity. Designated funds are unrestritted funds of the charity which che trustees have decided at their discretion to set aside to use for a specific purpose. Judgements and Key Sources of Estimation Uncertainty The preparation of the financial statements requi5 management to make judgements, estimates and assumptions that affett the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance5. Management consider there are no significant judgements or key source5 of estimation uncertainty impatting amounts recognised in these financial statements. 2 Education 11 %12021 11 %} of the Institute's incorning resources from educational activitie5 have been earned from 5ervice5 performed outside the UK andlor received from clients based outside the UK.
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Subsidiary Undertakings: Roffey Park Asia Pacific Pte Ltd IRPAPI Roffey Park Services Ltd IRPSI and Roffey Park Institute Ireland CLG IRPE} RPAP (registered address 600 North Bridge Road, 05-01 Parkview Square, Singapore 188778 and business address 3 Tetnasek Avenue, Level 21 Centennial Tower, Singapore 0391901 undertake5 training and research actiwcie5 and RPS (registered and business addre55 Forest Road. Horsham. West Su55ex. RH12 4TBI underoke5 letcings activiiie5 and provides bar facilitie5. The charity owns the whole of the Share capital of each subsidiary. Their trading re5uIt5 for the year, as extratted from the audited accounts, are summarised below. On 12 April 2019, a new undertaking of the Charity was incorporated in Irelind (Roffey Park Institute Ireland IRPEI, company number 6480581. RPE'5 registered address is Trinity House, Charleston Road, Ranelagh, Dublin, Ireland and its business address is 45 8urton Hall Road. Sandford, Dublin, Iland. RPE is a company limited by guarantee, on winding up the Charity is guaranteed topay£l. RPE 2022 RPAP 2022 RPS 2022 RPE 1021 RPAP 2021 RPS 2021 Tumover 324.544 190.065 1.130.490 423.012 491.161 307.666 1497,0301 194,5281 1715,4471 1282,8161 1299,0451 1111,8801 172,4861 205,437 415,042 141,096 192,217 195,786 129,2041 1230,3771 1697,3801 1138,0261 1285.2421 1195,3651 10,488 484,061 1101,6901 124,9401 1271,8501 391,036 Cost of sales Gross Ilossl/prof1t Administration expenses Other operating income Operatin8 Ilossllprofit Corporation tax IL¢sl/pr¢)fft f>rdlnry •ttlvltl•*4ft•rtsxaWf>n 3,070 14581 421 101690 Z71850 391036 421 Fixed a55et5 Current assets 146 34,290 69,510 221,297 1134,5941 149,4161 1483,4861 262 189 743 1,743 77,305 74,382 137,220 174,8441 130,9451 1127,1381 N•t Illab116tl•#llai RPS Tr3ding costs of £1,412,823 12021 £307.2451, as shown on page 22, comprise cost of sales and administration expenses. On I, August 2021 those sttff who worked at the Site in Horsham providing letting and bar facilities and servicing RPI residentyal clients were transferred to RPS from RPI. 29
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Expenditure 2022 2021 Net expenditure for the year is stated after char8ingJlcrediting)'. Auditor5 remuneration- audit 36,650 6,000 2,400 15,280 189,943 195,244 57,014 57R,fi24 336,024 31,605 34,375 9,000 2,150 12,954 77,826 279,877 45,714 udit RSM Chio Lim LLP audit Glavin Wiseman IIVII (iudil S¥lVSL¥S Operating leases Depreciation of tan8ible fixed assets- owned assets Amortisation of *ntangible assets I nsq nn.salp nf fsxpd asgpt Cost of goods sold Forei8n exchan8e differences '.18ainVIoss 124,171 13,468 Employees 2022 2021 Staff costs.. WaEes and salaries Social security costs Pension contributions 3,075,176 2,684,399 315,770 265,301 213,342 159,531 3,6t14,288 3,109,231 2022 2021 Numb•r Numb•r Average number of staff employed= Education Learning Resources and Information Technologies 23 24 33 19 30 17 Administration and Marketing 79 74 On Isi Augu5c 2021 the 33 Facilities employee5 {2021- 301, who worked at the Site in Horsham providing letting and bar facilities and servicing RPI residential clients, were transferred to RPS from RPI. 30
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Employees Icontinuedl The number ofemployees whose emoluments (total pay, vehicle and medical insurance) amounted to over £60,(X)O in the year was as follows.. 2022 Number 2021 Number £60,001- £70,OL £70,001- £80,0(KJ £80,001- £90,0(M) £ioo,001 £1 10,000 £110,001 £120,000 £140,001 £150,000 £170,001 £180,000 No trustee received remuneration from the charity during the year. Trustee indemnity insurince cover was provided. 2022 2021 Out of pockeL travel, subsistence and professional membership expen5e5 incurred by and reimbursed to 51x12021 one) trustees totalled.. 1.657 143 The key management personnel of the group comprise the trustees, the Chief Executive, the Chief Operating Officer, the Heid of Governance & Leg1 and Company Secretary, the Head of Finance, the Head of Asia Pacific and the Head of Human Resources. The employee benefits of key management personnel for the group was £627,12912021= £494,243). Pension costs The UK Chirity's employees and the employees of Roffey Park Services are eligible for membership of the Standard Life Group Personal Pension Plan. The tod pension cost for the period for these employees was £213,34112021.. £159,531). The Charity contributed £63,11712021: £34,421 I to Standard Life for l O members of staff whose emoluments amounted to over £60,000 in the year. Standard Life Group Personal Pension Plan As from I july 2003 all staff are eligible for participation in a group personal pension plan. The charity contributes up to 8% of pensionable salary into this defined contribution scheme.
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) 6 Allotation of governance and support costs Allocation of support costs within tod expenditure= AlOCation of support costs within total expenditure.. Roffey Park S•rvlc•s Ltd Flnancln8 Educatlon R05earch 2022 2021 Total Total DIT8rt costs 269.648 45,753 3.289,291 49,798 3.654,490 2,597.831 Support costs.. IT and Learnlng Resources Facllltles Admln and Managèmènt Marketln Governance wst5 Tot81 16,295 498,111 599,984 28.785 571.366 640,262 1,079,362 546.912 94,600 45,753 6,221,793 587,661 570.151 1,138,373 1,341,013 1,679,346 998,366 575.697 332.269 94,600 93,575 7,730,167 5,933,205 1,412.823 49,798 Financing costs include £45,75312021.. £37,610) of bank interest payable during the year on che property loans. Governance cost5 are made up of follows.. 2022 2021 Auditors, remuneratyon Trustee expenses Staff cosrs 45,050 1,657 47,893 94,600 45,525 143 47,907 93,575 Intangible assets - Group and Charity Computer Software C05t l August iu21 Additions 31 July 2022 6,669 177,729 Arnortisation l August 2021 Charge lor year 31 July 2022 45,714 57,014 102 728 Net bookamount 31 July 2022 l August 2021 75,Wl 125,346 32
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) 8 Tangible fixed asset5 - Group Freehold Land & Bulldlngs Furnlture & Flttlngs IT Equlpment Total Cost or Valuatlon l August 2021 Addition5 Disposals 31July 2022 7,972,647 2.563,731 32.668 17,972,647) 12,525.9861 70,413 569,794 15.836 1381,2381 204,392 11.106.172 48.504 110,879.8711 274,805 Depretiatlon l August 2021 Charge for year Disp05als 31July 2022 1,500.515 2.073,830 48,646 99,419 11,549,161) 12,147.1641 26,085 474,909 47,179 1354,9121 167,176 4.049,254 195,244 14,051.2371 193,261 Net book amount 31July 2022 L August 2021 44,328 489.901 37.216 94,885 81.544 7,056,918 0,472.132 Historical cost inforrnation 2022 2021 Cost of revalLJed land and buildings Depreciatlon NeL Ljuvk Vdlu 7,802,212 11,485,974) 6.310,238 8 Tangible fixed assets - Charity Freehold Land & Buildings FurnSture & Fitting$ IT Equipment Total Cost or Valuatlon l August 2021 Additions Disposals 31July 2022 7,972.647 2,563,731 32,668 17,972,647) 12,525,9861 70,413 548.592 15,836 1379,5661 184,862 11.084.970 48,504 110,878,199) 255,275 Depreclatlon l August 2021 Charge for year Disposals siJuIy 2u22 1,500,51S 2,073,830 48.646 99.419 11.549,1611 12,147,1641 2ts,UlSS 456,192 44,839 1353,2401 14/,/YI 4,030,537 192.904 14,049,565) I/S,iS/b Net book amount 31July 2022 I Au8USt 2021 44,328 489,901 37,071 92,400 81,399 7,054,433 6,472,132 33
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Investment5 Charjty 2022 Charlty 2021 Cost l August 20218nd 31 July 2022 100 IC>0 The charity owns the whole of the 100 issued £ l ordinary shares of Roffey Park Services Limited, a company registered in England registration number 5025908 and with the registered address Forest Road, Horsham, West Sussex, RH12 4TB. The subsidiary has a coterminous year-end and is used for non-primary purpose trading acciviries, namely letting of spare training room and bedroom spate ac the Institute and bar trading. All attivities have been consolidated on a line by line basis In the SOFA and profits are distributed via gift aid to the charity. The charity owns the whole of the l issued S$ l ordinary shires of Roffey Park Asia Pacific Private Limited, a company registered in Singapore on 23 july 201 O. The subsidiary has a coiem)inous year-end and undertakes training and research accivities. All activities have been consolidated on a line by line basis in the SOFA. The charity is a member of Roffey Park Insticute Ireland CLG and has l 00% effective control, so its results are also tonsolidated on a line by line basis in the SOFA. Group 2022 Charity 2022 Group 2021 Charity 2021 io Stocks Raw materials and consumables Stocks for resale Teaching aids 13,209 7,824 4,000 25,033 13,209 290 10,575 6,586 4,000 21,161 10,575 339 4,000 17,499 4,000 14,914 li Debtors Trade debtors Amounts owed by subsidiary undertskings Prepaid expenses Accrued income 1,185,782 981,281 41b,108 898,665 883,331 14,777 11,553 2,099,224 2,292,273 668,863 551,872 133,1102 197,970 32,621 916,265 220,882 38,270 928,015 12 Creditors: amount lalling due within l year Bank loan 1,455,524 1,455,524 565,690 462,816 356,026 314,599 337,531 235,935 225,985 211.075 1,060,289 1,050,533 603,267 601,003 396,985 359,824 289,643 249,120 2,360,495 2,109,108 2,930,445 2,831,321 Trade creditors other tax and social security Fee receivable in advance Accrued expenses During the ye, for the group, fees of £3,395.37112021= £2,490,033) were receivable in advance and fee5 of £2,938,349 12021.. £2.470,9801 were released and recognised within the SOFA. 34
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) Group & Chartrty 2022 Group & Charity 2021 13 Credltors: amount falllng du• after mor8 than ono year Bank loan 841,657 Amount payable". In more than one but not more than two years In more than two but not more than fwe years In five year5 or more 180,365 377,457 283,835 841,657 Following the Sale of the Site in April 2021 the CBIL with NatWe5t and the long-terrn loan with Unity Bank were paid back in full. 14 Financial Instruments The carrying amount of the Group's financial instruments at 31 july were.. Group 2022 Group 2021 Flnanclal assets: Debt instruments measured at amortised cost Trade debtors Accrued income Total 1,185,782 14,777 1,200,559 668,863 38,270 707,133 Financial liabilitie5: Measured at amortised cost Bank loans Trade creditors 2,297,181 356,026 289,643 2,942,850 565,690 396,985 962,675 Accrua15 Total 35
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) 15 Total unrestricted funds Balance at l August 2021 Balance at Tran5fgrs 31 July 2022 Income Exp•nditurq Revaluation reserve Designated fund: Val Hammond Fund General funds 88,073 188,0731 132,467 4,566,660 130,1641 4,848,899 16,164,486) 102,303 3.339,146 88,073 Charlty 4,787,21)0 4,848,899 16,194,650) 3,441,449 Activities undertaken by Roffey Park Asia Pacific Activities undertaken by Roffey Park Institute Ireland Non charitable trading funds 45,180 299,965 1324,9051 20,240 3,204 324,544 1428,0521 1100,3041 9,982 1,140.977 11,413.2481 1262.2891 Group 4.845.566 6.614.385 18,360.8551 3,099,096 Balance at l August 2020 Balance at Tran3f•r$ 31 July 2021 Incoma EKp•nditurq Revaluation reserve Desi8nated fund: Val Hammond Furkd General funds 91,209 13,1361 88,073 162,005 5,677,767 129,5381 3,450,615 14,564,858) 132,467 4,566,660 3.136 Charity 5,930,981 3,450,615 14,594,396) 4,787,200 Activlties undertaken by Roffey Park Asia Pacific Activities undertaken by Roffey Park Institute Ireland Non charitable trading funds 1345,8561 975,323 1584,2871 45,180 592 423.912 1421.3001 3,204 35,996 307,666 1333,6801 9,982 Group 5,621,713 5,157,516 15,933,663) 4,845,566 Depreciation on the revalued assets is cransferred co che general lund accounL The designated Val Hammond fund is held as cash and was treated to provide starc up resources for research projects and will be used as and when Suitable projects arise. It will be funded by transferring l 0% of the Surplus made in future years, from the unrestricted gener31 fund5. Al other assets and liabilities relate to unrestricted general fund5. 36
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) 15 Totsl unrestricted funds Icontinuedl An4ly$l$ of a$$•ts b•tw••n fund$ Tangible Net current Fixed Assets assets1lliabilities1 Credltors over l year Balance at 31 July 2022 Group Unrestricted funds General Revaluation reserve Val Hammond Fund 156.545 2.840.248 2,996.793 102,303 2 942 $51 102,303 3 099 096 156 $45 Charity Unrestricted funds General Revaluation reserve Val Hammond Fund 156,50D 3,182,646 3,339,146 102,303 3,284,949 102,303 3,441,449 156,50D T•n$lbl• N•t curr•nt Flxtd As$et$ a#get511liabilit1È51 Cr•dltors ov•r l year B•l•nc• at 31 July 2021 Group Unrestrirted funds General Revaluation reserve Val Hainmond Fund 7,094,191 88.073 11.627,5081 1841,6571 4,625,026 88.073 132,467 4,845,566 132,467 11,495,041) 7,182,264 1841,6571 Charlty Unrestricted funds General Revaluation reserve Val Hammond Fund 7.091,806 88,073 11.683,4891 1841,6571 4,566,660 88,073 132,467 4,787,200 132,467 11,551,022) 7,179,879 1841,6571 16 Members. liability Roffey Park In5tituts Limited 15 lirnited by guarantee of it5 members, whose maximum number 15 50. Each member's guarantee is limited to a sum not exceeding £ I 37
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) 17 Gu•rint•q$ and oth•rfin•nElil ¢tsmmltm•nts The company, under a goup VAT registration. is jointly and severally liable for Val¢Je Added Tax due by Roffey Park Services Limited. At 31 July 2022 this amounted to £240,63512021..£159,0711. Total future mlnlmum lease payments under non-cancellable operatlng leases are as follows.. 2022 Group 2022 Charity 2021 Group Z021 Charity Due within l year Due between 2 and 5 years 36,404 22,496 1,180,661 1,178,481 1,217,065 1,200,977 50,108 78,832 128,940 22.496 74.102 96,598 18 Consolld•t•d ¢•ih flow $tst•m•nt• 2022 Group 2021 Group Reconciliation of net expenditure to net cash flow from operating actlvities Net movemeTrt in expenditure for the year Adjusted for: Investment income Interest payable Depreciation Loss on disposal of fixed assets Ilncreaselldecrease in stock Ilncrea5el in debtors Increase in creditors 11,746,470) 1776,1471 2,076 45,753 252,258 578,634 13.8721 11.998 11,171.2091 1430.5781 885,574 179.205 1.157.256) 652,321 37.610 325.591 19 Related partytransactlons During the year, the Charity entered into the ftsllowlD8 transactitsns with related parties Group ¢omp•nl•s 2022 2021 Sales Purchases Rechar8e of costs Gift Aid received 402,167 180.102 1115.3561 194.5781 403,093 1139,0671 421 26.435 Amounts owed to the Charlty at the year end 416,108 133,802 The Charity made a provision against the balance owed by its subsidiary company, Roffey Park Asia PacifiG of £80,451. 38
Roffey Park Institute Limited Notes to the Accounts 31 July 2022 (Continued) 20 Post balance sheet events At a Board Meeting on 23rd Septernber 2022 it was agreed that the subsidiary Roffey Park Asia Pacific would be wound up and that Dr Arlene Egan would be appointed a5 the Chief Executive with effect from 23, September. Sale of Site The Covid-19 pandemic related restrictions since Mareh 2020 have had a significant impact on the financial stability of the Charity with large deficits made for the past 3 years and the need to obtain a CBIL of £ I m as all of the Charity's reserves were exhausted. A5 a result, the decision was made to Sell the Site at Horsham and in April 2022 the Si was sold to Christ's Hospital {a local chirityl for £6,250,000. The cash proceeds enabled the Chirity to cleir the property loan with Unity Trust Bank and the CBIL with Natwest, Ind provide a cash injection that will ensure the long term viability of the Charity. The book write-off of the Site assets sold was £578,634 and there were £52,054 associated legal and other direct costs. The Site is leased back from Christ's Hospid on a 5 year agreement so There is no impact on the Charity's operations and ability to service its clients and participants. 39