## ## ## |Contents||Page| |---|---|---| |Chairman's
statement||3-4| |Report ofthe Board of Management||5-20| |Report ofthe Independent|Auditors|21-23| |Consolidated
Statement|of Financial Activities|24| |Balance Sheets||25| |Consolidated
Statement|ofCash Flows|26| |Notes to the Financial Statements||27-40| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||I5 Ol
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I-| ## ## ||BALANCE S|HEETS|A|S AT31ST|AUGUST 202|0|| |---|---|---|---|---|---|---|---| |||||Group|Group|Company|Company| |||||2020|2019|2020|2019| |||Note||8|E|E|E| |Fixed assets|||||||| |Intangible assets||11|||||| |Tangible assets||12||921,568|995,891|921,568|995,891| |Investments||13||111978|'I33 740|112076|138840| |Total fixed assets|||'1,033,544||1,134,631|I,D33,644|1,134,731| |Current assets|||||||| |Stocks||||8,312|10,727|8,312|10,727| |Students' fees receivable||||37,922|29,532|37,922|29,532| |Prepayments
and other debtors||14||435,822|284,837|429,053|253,229| |Amount due from subsidiary||||||20,723|37,173| |Cash and cash equivalents||||870 294|880 II15|845 348|869981| |Total current assets|||1,352,350||1,205,111|1,341,358|1,200,642| |Liabilities|||||||| |Creditors: Amounts|falling due within|one year:|||||| |Loans||||2,200|16,200|2,200|16,200| |Sundry creditors and accruals||15||131,967|183,671|126,946|179,302| |Fees received
in advance||||57226|64 191|51 355|64 191| |Total current liabilities||||191,393|264,062|180,501|259,693| |Net current assets|||I|160957|941 049|I 1611857|940949| |Net assets||16|2JB~Q1|||2~14~1|2I|77559| |CapitalFunds|||||||| |Endowment
(including
revaluation
reserve ofF7,508,2019:f34,272)||13,
17||111,976|138,740|111,976|138,740| |Income Funds|||||||| |Unrestricted|||||||| |General|||1,523,172||1,234,428|1,523,172|1,234,428| |Designated||19||412695|6D3409|412695|603409| |Total Unrestricted|||1,935,867||1,837,837|1,935,867|1,837,837| |Restricted||18||146658|99103|146658|99103| |Total Funds|||KB&02||||| ## ## ## |||Note||2020|2019| |---|---|---|---|---|---| |||||E|E| |Cash flows from operating
activities:|||||| |Net (expenditure)/income
as per|SOFA|||118,821|(221,741)| |Adjustments
for:|||||| |Depreciation||||105,936|109,709| |Loss/(surplus)
on sale ofproperty,|plant &equipment|||(815)|147| |Loss/(gain)
on investments||||26,764|5,002| |Investment
income||||(10,341)|(11,381)| |Decrease/(increase)
in trade and|other receivables|||(159,375)|80,271| |Decrease/(increase)
in inventories||||2,415|4,840| |Increase/(decrease)
in trade and other payables
Cash generated
from operations||||~72669
~7|57587| |Net cash flows from operating|activities||||| |Cash flows from investing
activities:|||||| |Purchase
ofproperty,
plant and equipment||||(31,879)|(253,308)| |(Purchase)/disposal
ofinvestments|||||(3,000)| |Proceeds ofdisposal offixed assets||||1,081|| |Interest received||||10341|11881| |Net cash flows from investing
activities||||2 4 7|~249K+| |Net (decrease)/increase
in cash &cash equivalents:||||(9,721)|(220,493)| |Cash in hand and at bank at start|ofyear|||880015|1 188 588| |Cash in hand and at bank at end ofyear|||||| |Net Debt Reconciliation||At|1"|Cash flows|At31"| |||September|||August| |||2019
K||f|2020
E| |Cash and cash equivalents||880,015||(9,721)|870,294| |Interest free loans from supporters||~16200||14000|~2200| |Total|||||| ## ## ## ## ## ## ## ## ## ## ## ## ||FOR THE YEA|FOR THE YEA|R ENDED 31S|R ENDED 31S|TAUGUST 2020|TAUGUST 2020|| |---|---|---|---|---|---|---|---| |3|INCOME FROM CHARITABLE||Unrestricted||Restricted
Total||Total| ||ACTIVITES &OTHER INCOME|||Funds|Funds
2020||2019| |||||E||E
E|| ||Student fee income|taught awards||456,880||463,515|423,519| ||Course fee income|non-credit||133,618||126,983|170,488| ||bearing courses||||||| ||Student accommodation
&meals|||191,945||191,945|238,385| ||Sundry income|||14,877||14,877|14,024| ||Furlough
income|||10,302||10,302|| ||Rental income|||96,664||96,664|108,846| ||Conference
income|||19836||19836|41 929| ||Total||||||| ||The College did not receive any grant||income from the Office for|||Students or other|bodies except| ||forf10,302 received|from the government||under the|job retention|scheme.|| |4|FUNDRAISING
AND MARKETING||Unrestricted||Restricted
Total||Total| |||||Funds|funds
2020||2019| |||||E|E
E||| ||Salary costs|||29,286||29,286|26,272| ||Advertising|||1,648||1,648|448| ||Promotional
activity|& Publications||16,287||16,287|24,341| ||Appeals
Database
&Website costs|||8,428
5792||8,428
5792|2,372
3985| ||Total|||~61 441||~61 441|~57418| |5|EXPENDITURE ON||Unrestricted||Restricted|Total|Total| ||CHARITABLE ACTIVITES|||Fundsf|Funds|2020
E|2019
F| ||Tuition|||342,237|10,390|352,627|381,201| ||Catedng|||157,358||157,358|170,013| ||Academic Administration|||141,012||141,012|126,817| ||Bursary grants|||3,012|54,131|57,143|54,732| ||Conferences|||21,264||21,264|39,265| ||Student Benevolent|Fund grants|||258|258|| ||Support costs (notes 6 and 7)|||636653|21 758|658 711|656 321| ||Total|||&lUJI38|8L53Z||| |Support costs have|been allocated|as follows:|||| |---|---|---|---|---|---| ||Activities|Grant|Support|Total 2020|Total 2019| ||undertaken|funding|costs||| ||directly|activities|||| ||6|E|E|E|E| |Student costs|651,255||649,566|1,300,821|1,297,227| |Bursaries granted||57,143||57,143|54,732| |Conferences
Total|21 264
~72
19||9145
711|30 409
~37:5|76390
1428349| ## ## ||Total 2020|||||Fundraising|Student|Conferences|Conferences||Basis of| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||&Marketing|costs||||Allocation| |||||||E|E||E||| ||Premises||||||158,858||3,710||Time/Usage/Area| ||Housekeeping||||||43,514||||Time/Usage| ||Finance||||||62,316||1,658||Time| ||IT||||||46,896||||Usage| ||Facilities||||||35,551||911||Time| ||HR||||||23,355||||Usage| ||Management|||||2,833|53,158||||Time| ||Administration||||||109,161||1,004||Usage| ||Depreciation|&amortisation|||||104,074||1,862||Usage| ||Governance||||||12683||||Time/Usage| ||Total||||||||||| ||PRIOR YEAR||FIGURES||||||||| ||Total 2019|||||Fundraising|Student|Conferences|||Basis of| |||||||8 Marketing|costs||||Allocation| |||||||E|6||6||| ||Premises||||||152,761||16,974||Time/Usage/Area| ||Housekeeping||||||51,116||1,253||Time/Usage| ||Finance||||||55,499||2,744||Time| ||IT||||||33,669||751||Usage| ||Facilities||||||28,389||579||Time| ||HR||||||20,798||195||Usage| ||Management|||||2,820|56,008||||Time| ||Administration||||||112,219||4,243||Usage| ||Depreciation|8 amortisation|||||96,977||10,386||Usage| ||Governance||||||11760||||Time/Usage| ||Total||||||||||| |8|NET EXPENDITURE/INCOME|||||FOR THE YEAR||2020|2019||| ||This is stated||after charging:||||||||| ||Auditors'
remuneration|||—audit||||7,410|7,050||| ||||||other|services||234||226|| ||operating
lease charges||||- photocopiers|||3,524|3,721||| ||Depreciation|oftangible||fixed||assets|105,936||109,709||| ## ## |Andy Dipper,
Princi|pal
and C|EO|, receive|d the following
r|emuneration:|| |---|---|---|---|---|---|---| ||||||2020|2019| |||||||E| |Basic salary before|salary sacrifice||||47,940|47,627| |Employer
pension|contribution||||6,232|6,053| |Salary sacrifice arrangements||-|pension|contributions|(2,397)|(2,381)| |Non-taxable
benefits - provision|||of accommodation||16200|16200| |Total package||||||| ## ## ## ## ## ## ## |TANGIBLE FIXEDASS|ETS(GROUP)||||| |---|---|---|---|---|---| ||Freehold|Furniture|Heavy|Motor|| ||Properties|Fittings &|Plant|Vehicles|Total| |||Equipment|||| |Cost|||||| |At 1"September 2019|1,401,695|800,318|235,681|12,521|2,450,215| |Additions
Disposals
At31"August 2020|1 401 695|31,879
~798
831399|235681|~1000
11521|31,879
~1798
248D 296| |Depreciation
At 1"September 2019|878,999|541,136|23,568|10,621|1,454,324| |Charge for the year
Eliminated
on disposals|28,598|51,870
~532|23,568|1,900
~1000|105,936
~1532| |At 31"August 2020|907597|592474|47 136|11521|I 658728| |Net book value|||||| |At31"August 2019
At31"August 2020|522696
494 098|259 182
238 925|212113
188545|1 900
—|995891
921 568| |TANGIBLE FIXEDASSETS (COMPANY)|||||| ||Freehold|Furniture|Heavy|Motor|| ||Properties|Fittings &|Plant|Vehicles|Total| |||Equipment|||| |||E|||| |Cost|||||| |At 1a September 2019|1,401,695|771,942|235,681|12,521|2,421,839| |Additions
Disposals
At 31"August 2020|1 401 695|31,879
~798
BD3023|235681|~1000
11521|31,879
~1798
2 451 920| |Depreciation
At 1"September 2019|878,999|512,760|23,568|10,621|1,425,948| |Charge for the year
Eliminated
on disposals
At 31"August 2020|28,598
9117597|51,870
~532
564 D98|23,568
-
47 136|1,900
~1000
11 521|105,936
~1532
I 530352| |Net book value|||||| |At 31"August 2019
At 31"August 2020|522 696
494098|259 182
238925|212113
188545|1 900
-|995891
921 568| ## ## ## ## ## ## |FIXEDASSET IN|VESTMENTS|(GROUP|AND COMPANY) (Co|ntinued)|| |---|---|---|---|---|---| |Trading Company|summary|profit and|loss account|2020|2019| |||||f|E| |Turnover||||48,432|129,804| |Cost ofsales and
Depreciation|administration|expenses||(41,064)|(96,486)
~2346| |Profit||||7,368|30,972| |Amount
gift aided|to parent company|||~7368|~30972| |Net profit|||||| |The assets and liabilities ofthe||subsidiary|were:|2020|2019| |||||E|| |Current assets||||31,715|41,643| |Creditors: Amounts|falling due|within one|year|~31615|~41 543| |Total Net assets|||||| |Aggregate
share capital and reserves|||||| ## |PREPAYMEN|TS AND OTHER DEBTO|RS||||| |---|---|---|---|---|---|---| |||Group|||Company|| |||2020|2019||2020|2019| |||f||E|K|E| |Other debtors||26,187|56,459||19,418|37,538| |Prepayments|&Accrued income|409635|228|378|409635|215691| ||||~24|7|4~2|| ## |CREDIT|ORS: Amo|unts
falling due|within one year|||| |---|---|---|---|---|---|---| ||||Group||Company|| ||||2020|2019|2020|2019| ||||E|E||E| |Creditors|||46,984|108,966|46,979|108,910| |Accruals
Totals|&deferred|income|84983
~11
7|74705|79967
~14|70392
~72| ## ## ## |ANALYSIS OF N|E|T ASSE|TS BETWE|EN FUNDS|||| |---|---|---|---|---|---|---|---| |(Group)|||Fixed
assets|Investments|Net
current|Total
At31s|Total
At31"| ||||||Assets|August 2020|August| ||||||||2019| ||||||||E| |Endowment
funds|||||||| |Goldsmith
Bursary||fund||111,976||111,976|138,740| |Restricted funds|||||||| |Bursary fund|||||57,335|57,335|57,899| |Accommodation|Fund||||100|100|30,100| |Online Fund|||||7,968|7,968|1,244| |New developments||fund|||27,834|27,834|| |—Zoom rooms|||||||| |New developments||fund|||34,529|34,529|| |—Maple Hall|||||||| |En Route-on-the-Move|||||13,770|13,770|9,603| |Fund|||||||| |Student Benevolent||Fund|||||257| |Library fund|||||5,122|5,122|| |Unrestricted
funds|||||||| |General fund|||921,568||601,604|1,523,172|1,234,428| |Seed Funding|||||18,125|18,125|28,839| |Strategic Fund|||||394570|394570|574570| |Totals|||||||| |(Company)|||Fixed
assets|Investments|Net
current|Total
At31'|Total
At 313'| ||||||Assets|August 2020|August| ||||||||2019| |Endowment
funds|||||||| |Goldsmith
Bursary fund||||111,976||111,976|138,740| |Restricted funds|||||||| |Bursary fund|||||57,335|57,335|57,899| |Accommodation|Fund||||100|100|30,100| |Online Fund|||||7,968|7,968|1,244| |New developments||fund|||27,834|27,834|| |—Zoom rooms|||||||| |New developments||fund|||34,529|34,529|| |—Maple
Hall|||||||| |En Route-on-the-Move|||||13,770|13,770|9,603| |Fund|||||||| |Student Benevolent||Fund|||||257| |Library fund|||||5,122|5,122|| |Unrestricted
funds|||||||| |General fund|||921,568|100|601,504|1,523,172|1,234,428| |Seed Funding|||||18,125|18,125|28,839| |Strategic Fund|||||394570|394570|574570| |Totals|||||||| ## ## |RESTRICTED FUNDS
(Group and Company)||Balance
1~September|Movement
Income
Expenditure|Movement
Income
Expenditure|Balance
31"August| |---|---|---|---|---|---| |||2019||&transfers
out|2020| |||E|E|E|E| |Bursary fund||57,899|53,567|(54,131)|57,335| |Accommodation
Fund||30,100||(30,000)|100| |Online
Fund||1,244|6,724||7,968| |New dev. fund —Zoom|rooms||42,450|(14,616)|27,834| |New dev. fund —Maple|Hall||54,374|(19,845)|34,529| |En Route-on-the-Move|Fund|9,603|13,429|(9,262)|13,770| |Student Benevolent
Fund||257||(257)|| |Library fund
Learning Services Fund|||6,000
250|(878)
~250|5,122| |Total restricted funds||||UZL23$|| |Prior Year
(Group and Company)||Balance
1"September
2018|Income
Expenditure
Movement||Balance
31"August
2019| |||E|E||E| |Bursary Fund||70,940|32,391|(45,432)|57,899| |Accommodation
Fund||30,100|||30,100| |Online Fund||2,183|5,475|(6,414)|1,244| |Majority World Partn. Fund
En Route on the Move Fund||5,100|4,200
15,045|(9,300)
(5,442)|9,603| |Student Benevolent
Fund||257|||257| |Library Fund|||4,500|(4,500)|| |New Developments
Fund
Total restricted funds||8410|50947|~59357
jiÃ,448|| ## ## ## ## |DESIGNATED FUNDS
(Group and Company)|DESIGNATED FUNDS
(Group and Company)|Balance
1"September|Income|Movement
&
Expenditure
&|Movement
&
Expenditure
&|Balance
31"August| |---|---|---|---|---|---|---| |||2019|transfers|in|transfers out|2020| |||E||k||| |Seed Funding||28,839|||(10,714)|18,125| |Strategic Fund||574570|||~180000|394570| |Total designated|funds|||||| |Prior Year
(Group and Company)||Balance
1"September|Income|Movement
&
Expenditure
&||Balance
31"August| |||2018
E|transfers|in
6|transfers out
f|2019
6| |Seed Fund||30,681|||(1,842)|28,839| |Strategic Fund||899570|||~325 000|574 570| |Total designated|funds||||I&28Q|| ## ## ## ## ## ##