##
|Reports||
|---|---|
|Legalandadministrativeinformation|1|
|Keymanagementpersonnel,andprofessionaladvisors|2|
|StrategicReport|3|
|Statementofcorporategovernanceandinternalcontrol|20|
|Statementofregularity,proprietyandcompliance|28|
|StatementoftheresponsibilitiesofthemembersoftheBoard|29|
|Independentauditor'sreporttothemembersoftheBoardofRichmondand||
|HillcroftAdultandCommunityCollege|31|
|Reportingaccountant'sassurancereportonregularity|35|
|FinancialStatements||
|Statementofcomprehensiveincomeandexpenditure|36|
|Statementofchangesinreserves|38|
|Balancesheet|39|
|Statementofcashflows|40|
|Principalaccountingpolicies|41|
|Notestothefinancialstatements|47|
##
##
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##
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##
##
##
##
##
|UtilityandScope|2020/21UK|2021/22UK|
|---|---|---|
||consumption(kWh)|consumption(kWh)|
|Naturalgas(Scope1)|1,435,661|1,337,903|
|Grid-suppliedelectricity(Scope2)|662,763|695,481|
|Total|2,098,424|2,033,384|
##
##
|UtilityandScope|2020/21UKemission|2021/22UKemission|
|---|---|---|
||(tCO2e)|(tCO2e)|
|Naturalgas(Scope1)|262,956|243,753|
|Grid-suppliedelectricity(Scope2)|140,724|134,492|
|Total|403,680|378,245|
||2020/21|2021/22|
|---|---|---|
|TotaltCO2eemissions|403,680|378,245|
|Averageheadcountemployeesfortheyear|443|313|
|Intensitymetric|911|1,208|
##
##
##
##
##
##
##
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##
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##
##
##
##
##
##
##
##
##
##
##
|KeyPerformanceIndicator|Measure/Target|Actualfor2021/22|
|---|---|---|
|FinancialHealth|Good|Requires|
|||Improvement|
|Ofstedrating|Outstanding|Good|
|StudentAchievement|87.3%|91.7%|
|StudentNumbers|7,300|7,423|
|EBITDAas%ofIncome|2.82%|-7.07%|
##
##
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##
||Expiryof
termof
office|Termof
office|Dateof
resignation|Dateof
resignation|Statusof
appointment|WorkingGroups/
Committeesserved
(2021/22)|Attendance
recordfor
period
concerned|
|---|---|---|---|---|---|---|---|
|MrMark
Albrow|31102021|4years|31|102021|Independent||1ofapossible1|
|MrRichard
Brewster|30062023|4years|n/a||Independent|AuditCommittee,Search&
GovernanceCommittee,
RemunerationCommittee|10ofapossible
10
2of2Audit
Committee|
|||||||Quality&Standards||
|||||||Committee,Search&||
|MsKate
Clarke|01042024|4years|n/a||Independent|GovernanceCommittee,
RemunerationCommittee,|13ofapossible
14|
|||||||Women'sEducation||
|||||||SteeringGroup||
|MsHelen
Darracott|01102021|4years|19|102021|Independent||1ofapossible1|
|||||||Search&Governance||
|MsGabrielle
Flint|n/a|n/a|n/a||Principal&
Chief
Executive(ex
officio)|Committee,Quality&
StandardsCommitteeas
member.Women's
EducationSteeringGroup.
AllotherCommittees(not|10ofapossible
10|
|||||||Audit)asex-officio||
|ProfAndrew||||||Search&Governance||
|George
(Chairofthe
Board)|01102024|4years|n/a||Independent|Committee(Chair),
RemunerationCommittee,
CapitalProjectSteering|12ofapossible
14|
|||||||Group||
|MrDavid
Izett|01042024|4years|n/a||Independent|Finance&Resources
Committee,CapitalProject
SteeringGroup|13ofapossible
14|
|||||||Quality&Standards||
|MsJane
O'Shea|13072023|4years|n/a||Independent|Committee,CapitalProject
SteeringGroup,Women's|15ofapossible
15|
|||||||EducationSteeringGroup||
|||||||Search&Governance||
|||||||Committee,Quality&||
|MsFarah
Rachlin|20102024|4years|24|032022|Independent|StandardsCommittee
(Chair),Remuneration
Committee,CapitalProject|13ofapossible
14|
|||||||SteeringGroup,Women's||
|||||||EducationSteeringGroup||
##
||Expiryof
termof
office|Termof
office|Dateof
resignation|Dateof
resignation|Statusof
appointment|WorkingGroups/
Committeesserved
(2021/22)|Attendance
recordfor
period
concerned|
|---|---|---|---|---|---|---|---|
|||||||AuditCommittee,Search&||
|MsSharon
Raj|20052024|4years|n/a||Independent|GovernanceCommittee,
RemunerationCommittee,
Women'sEducation|13ofapossible
13|
|||||||SteeringGroup||
|MrGraham
Tharp|1412
2025**|4years|n/a||Staff|Finance&Resources
Committee|11ofapossible
11|
|||||||Search&Governance||
|||||||committee,Remuneration||
|MrNigel
Ware|31072023|2years|n/a||Independent|Committee,Finance&
ResourcesCommittee|18ofapossible
18|
|||||||(Chair),CapitalProject||
|||||||SteeringGroup||
||||||||10ofapossible|
|MrNick
Jones|13032025|4years|n/a||Independent|AuditCommittee,Finance
&ResourcesCommittee|11|
||||||||2of2Audit|
||||||||7ofapossible9|
|MrDave
Munby|13032025|4years|n/a||Independent|AuditCommittee|3of3Audit|
||||||||Committee|
|MrPaul
Simmons|13032025
*|4years|14|072022|Student|Finance&Resources
Committee|8ofapossible
11|
|MsClaire
O'Donnell|23032026|4years|n/a||Independent|Quality&Standards
Committee|2ofapossible2|
|MsRenuka
Fernando|23032026|4years|n/a||Independent|Finance&Resources
Committee|3ofapossible4|
||||||||2ofapossible2|
|MrJohn
Riglin|23032026|4years|n/a||Independent|AuditCommittee|1of1Audit|
||||||||Committee|
|MsElizabeth
Ayles|31072023|1year|n/a||Co-opted|AuditCommittee|2of2Audit
Committee|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
Date: 21 December 2022
##
##
##
**21**
|||2022|2021|
|---|---|---|---|
||Notes|£'000|£'000|
|Income||||
|Fundingbodygrants|1|6,025|5,410|
|Tuitionfeesandeducation||||
|contracts|2|1,547|1,789|
|Othergrantsandcontracts|3|14|139|
|Otherincome|4|457|601|
|Investmentincome|5|292|202|
|Totalincome||8,335|8,141|
|Expenditure||||
|Staffcosts|6|6,277|6,242|
|Otheroperatingexpenses|7|2,518|2,217|
|Depreciation|9|895|830|
|Interestpayable|16|427|336|
|Totalexpenditure||10,117|9,625|
|Deficitbeforeothergainsand||||
|losses||(1,782)|(1,484)|
|Deficitbeforetax||(1,782)|(1,484)|
|Taxation|8|||
|Deficitfortheyear||(1,782)|(1,484)|
|Actuarialgaininrespectofpension||||
|schemes|16|7,779|2,259|
|TotalComprehensive||||
|incomefortheyear||5,997|775|
|Representedby:||||
|Unrestrictedcomprehensive||||
|income||5,997|775|
|||5,997|775|
||Income||||||
|---|---|---|---|---|---|---|
||and||Restricted||Restricted||
||expend|Revalua|Benefac|Restricted|Endow-||
||-iture|-tion|-tion|other|ment||
||account|reserve|fund|funds|fund|Total|
||£'000|£'000|£'000|£'000|£'000|£'000|
|Balanceat1August2020|33,210|5,083|17|1,068|3|39,381|
|Deficitfromtheincomeand|||||||
|expenditureaccount|(1,484)||-|-||(1,484)|
|Othercomprehensiveincome—|||||||
|Actuarialgaininrespectof|||||||
|pensionschemes|2,259||||-|2,259|
|Transfersbetweenrevaluationand|||||||
|incomeandexpenditurereserves|89|(89)|||||
|Totalcomprehensiveincomefor|864|(89)||||775|
|theyear|||||||
|Balanceat31July2021|34,074|4,994|17|1,068|3|40,156|
|Deficitfromtheincomeand|||||||
|expenditureaccount|(1,782)|||||(1,782)|
|Othercomprehensiveincome—|||||||
|Actuarialgaininrespectof|7,779|||||7,779|
|pensionschemes|||||||
|Transfersbetweenrevaluationand|||||||
|incomeandexpenditurereserves|89|(89)|||||
|Totalcomprehensiveincomefor|||||||
|theyear|6,086|(89)|||-|5,997|
|Balanceat31July2022|40,160|4,905|17|1,068|3|46,153|
##
|||2022|2022|2021|2021|
|---|---|---|---|---|---|
||Notes|£'000|£'000|£'000|£'000|
|Non-currentassets||||||
|Tangiblefixedassets|9||52,839||52,790|
|Currentassets||||||
|Tradeandotherreceivables|10|431||742||
|Cashandcashequivalents|15|2,741||4,124||
|||3,172||4,866||
|Creditors-amountsfallingdue||||||
|withinoneyear|11|(2,287)||(3,701)||
|Netcurrentassets|||885||1,165|
|Totalassetslesscurrent||||||
|liabilities|||53,724||53,955|
|Creditors-amountsfallingdue||||||
|aftermorethanoneyear|12||(6,570)||(5,733)|
|Provisions||||||
|Netpensionliability|16||(1,001)||(8,066)|
|Totalnetassets|||46,153||40,156|
|Restrictedreserves||||||
|Benefactionfund|||17||17|
|Endowmentfund|||3||3|
|Otherrestrictedfunds|||1,068||1,068|
||||1,088||1,088|
|Unrestrictedreserves||||||
|Incomeandexpenditurereserve|||40,160||34,074|
|Revaluationreserve|||4,905||4,994|
|TOTALRESERVES|||46,153||40,156|
##
|||2022|2021|
|---|---|---|---|
||Notes|£'000|£'000|
|Cashflowfromoperatingactivities||||
|Deficitfortheyear||(1,782)|(1,484)|
|Adjustmentfornon-cashitems||||
|Depreciation||895|830|
|Decrease/(increase)intradeandotherreceivables||311|(213)|
|(Decrease)/increaseincreditorsduewithinoneyear||(1,414)|222|
|Increaseincreditorsdueafteroneyear||837|359|
|Pensionscostslesscontributionspayable||714|609|
|Adjustmentforinvestingorfinancingactivities||||
|Investmentincome||(1)||
|Netcashflowfromoperatingactivities||(440)|323|
|Cashflowsfrominvestingactivities||||
|Investmentincome(excludingpension)||1||
|Paymentsmadetoacquirefixedassets||(944)|(580)|
|||(943)|(580)|
|Decreaseincashandcashequivalentsintheyear||(1,383)|(257)|
|||2022|2021|
|||£'000|£'000|
|Cashandcashequivalentsat1August2021|15|4,124|4,381|
|Cashandcashequivalentsat31July2022|15|2,741|4,124|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|undingbodygrants|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Recurrentgrants|||
|EducationandSkillsFundingAgency-adult|419|641|
|EducationandSkillsFundingAgency16-18|77|78|
|GreaterLondonAuthority-DevolvedGrant|5,079|4,278|
|Specificgrants|||
|Releaseofdeferredcapitalgrants|233|162|
|EducationandSkillsFundingAgency—ALLBursary|55|74|
|Teachers'PensionSchemecontributiongrant|162|177|
||6,025|5,410|
##
|Tuitionfeesandeducationcontracts|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Adulteducationfees|1,276|1,214|
|Feesforloansupportedcourses|176|223|
|Totaltuitionfees|1,452|1,437|
|Educationcontracts|95|352|
|Total|1,547|1,789|
|3.|Othergrantsandcontracts|||
|---|---|---|---|
|||2022|2021|
|||£'000|£'000|
||Othergrantsandcontracts|1|6|
||CoronavirusJobRetentionSchemegrant|4|125|
||CovidTestinggrant|9|8|
|||14|139|
##
|Otherincome|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Otherincomegeneratingactivities|338|213|
|Crecheincome|46|20|
|Rentincome|1|333|
|Otherincome|72|35|
||457|601|
##
##
|5.|Investmentincome|||
|---|---|---|---|
|||2022|2021|
|||£'000|£'000|
||Bankinterestreceivable|1||
||Netreturnonpensionscheme(note16)|291|202|
|||292|202|
##
||2022|2021|
|---|---|---|
||No|No|
|Teachingstaff|176|301|
|Non-teachingstaff|137|142|
||313|443|
||2022|2021|
|---|---|---|
||£'000|£'000|
|Wagesandsalaries|4,128|4,334|
|Socialsecuritycosts|329|313|
|Otherpensioncosts|1,444|1,336|
|Payrollsubtotal|5,901|5,983|
|Contractedoutstaffingservices|376|259|
|Totalstaffcosts|6,277|6,242|
##
||2022|2021|
|---|---|---|
||No|No|
|ThenumberofkeymanagementpersonnelincludingtheAccounting|||
|Officerwas:|4|4|
##
##
|||Keymanagement|Keymanagement|Otherstaff||
|---|---|---|---|---|---|
|||personnel||||
|||2022|2021|2022|2021|
|£65,001|-£70,000p.a.|1|1|||
|£75,001|-£80,000p.a.|2|2|||
|£95,001|-£100,000p.a.|1|1|||
|||4|4|||
||2022|2021|
|---|---|---|
||£'000|£'000|
|Salaries|324|322|
|Pensioncontributions|71|70|
|NationalInsurance-Employer'scontributions|41|40|
|Totalemoluments|436|432|
||2022|2021|
|---|---|---|
||£'000|£'000|
|Salaries|97|97|
|Pensioncontributions|23|23|
|Totalremuneration|120|120|
##
##
||2022|2021|
|---|---|---|
||£'000|£'000|
|Principal'sbasicsalaryasamultipleofthemedianofallstaff|3.2|4.4|
|Principal'stotalremunerationasamultipleofthemedianofallstaff|3.4|4.7|
##
|Otheroperatingexpenses|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Teachingcosts|826|634|
|Non-teachingcosts|944|847|
|Premisescosts|748|736|
|Total|2,518|2,217|
|||2022|2021|
|---|---|---|---|
|||£'000|£'000|
|Auditors'remuneration||||
|•|Financialstatementsaudit|28|31|
|•|Otherservicesprovidedbythefinancialstatementsauditor|6|6|
||(RegularityandTeachers'PensionsAudit)|||
|Internalaudit||13|12|
|Hire|ofassetsunderoperatingleases|22|65|
##
##
##
|Tangiblefixedassets|||||
|---|---|---|---|---|
|||Equipment,|Assetsinthe||
||Freeholdland|fixturesand|courseof||
||andbuildings|fittings|construction|Total|
||£'000|£'000|£'000|£'000|
|Costorvaluation|||||
|At1August2021|55,010|522|455|55,987|
|Additions|314|315|315|944|
|Disposals|(1)|(9)|
-|(10)|
|At31July2022|55,323|828|770|56,921|
|Depreciation|||||
|At1August2021|3,126|71||3,197|
|Chargefortheyear|731|164||895|
|Eliminationinrespectofdisposals|(1)|(9)||(10)|
|At31July2022|3,856|226||4,082|
|Netbookvalueat31July2022|51,467|602|770|52,839|
|Netbookvalueat31July2021|51,884|451|
455|52,790|
|Cost|127,240|
|---|---|
|Aggregatedepreciationbasedoncost|(114,516)|
|Netbookvaluebasedoncost|12,724|
##
##
|Tradeandotherreceivables|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Amountsfallingduewithinoneyear|||
|Tradereceivables|259|440|
|Otherdebtors|8|4|
|Prepaymentsandaccruedincome|162|296|
|Benefactionaccount|2|2|
||431|742|
##
|Creditors:amountsfallingduewithinoneyear|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Tradepayables|216|322|
|Otherpayables|33|33|
|Othertaxationandsocialsecurity|91|89|
|Accrualsanddeferredincome|895|1,145|
|Deferredincome—governmentcapitalgrants|233|162|
|AmountsowedtotheEducationandSkillsFundingAgency|819|1,950|
||2,287|3,701|
||2022|2021|
|---|---|---|
||£'000|£'000|
|Deferredincomeat1August|458|554|
|Releasedfrompreviousyears|(458)|(554)|
|Resourcesdeferredduringtheyear|510|458|
|Deferredincomeat31July|510|458|
##
|Creditors:amountsfallingdueaftermorethanoneyear|||
|---|---|---|
||2022|2021|
||£'000|£'000|
|Deferredincome—governmentcapitalgrants|5,620|5,373|
|AmountsowedtotheEducationandSkillsFundingAgency|950||
||6,570|5,373|
##
##
||2022|2021|
|---|---|---|
||£'000|£'000|
|Equipment|||
|Notlaterthanoneyear|32|37|
|Laterthanoneyearandnotlaterthanfive|||
|years|22|54|
||54|91|
##
|Provisions|||
|---|---|---|
||Defined||
||benefit||
||obligations|Total|
||£'000|£'000|
|At1August2021|8,066|8,066|
|Movementintheyear(note16)|(7,065)|(7,065)|
|At31July2022|1,001|1,001|
|Cashandcashequivalentsandreconc|iliationofnetdebt|||
|---|---|---|---|
||At1||At31|
||August||July|
||2021|Cashflows|2022|
||£'000|£'000|£'000|
|Cashandcashequivalents|4,124|(1,383)|2,741|
||4,124|(1,383|2,741|
##
||2022|2021|
|---|---|---|
||Total|Total|
||£'000|£'000|
|Teachers'PensionScheme|445|456|
|contributionspaid|||
|LocalGovernmentPensionScheme:|||
|.Contributionspaid|421|405|
|.FRS102(28)charge|578|475|
|ChargetotheStatementof|||
|ComprehensiveIncome|999|880|
|Totalpensioncostforyearwithinstaff|||
|costs(note6)|1,444|1,336|
##
##
##
##
##
##
##
##
||At31July|At31July|
|---|---|---|
||2022|2021|
|Rateofincreaseinsalaries|2.50%|2.55%|
|Futurepensionincreases|2.75%|2.80%|
|Discountrateforschemeliabilities|3.40%|1.60%|
|Inflationassumption(CPI)|2.75%|2.80%|
||At31July|At31July|
|---|---|---|
||2022|2021|
||Years|Years|
|Retiringtoday|||
|Males|21.0|21.6|
|Females|23.5|24.3|
|Retiringin20years|||
|Males|22.3|22.9|
|Females|24.9|25.7|
##
##
|Sensitivityanalysisisprovidedbelow:|2022|
|---|---|
||Approx|
||monetary|
||amount|
||(£'000's)|
|Discountrate+0.1%|18,089|
|Discountrate-0.1%|18,890|
|Mortalityassumption—1yearincrease|19,192|
|Mortalityassumption—1yeardecrease|17,805|
|CPIrate+0.1%|18,491|
|CPIrate-0.1%|18,479|
##
||Valueat|Valueat|
|---|---|---|
||31July|31July|
||2022|2021|
||£'000|£'000|
|Equityinstruments|10,237|11,123|
|Gilts|214|380|
|Bonds|2,586|2,444|
|Property|2,277|1,753|
|Cash|216|696|
|Multi-assetfund|1,954|1,698|
|Totalfairvalueofplanassets|17,484|18,094|
|Actualreturnonplanassets|(730)|3,008|
|asfollows:|||
|---|---|---|
||2022|2021|
||Total|Total|
||£'000|£'000|
|Fairvalueofplanassets|17,484|18,094|
|Presentvalueofplanliabilities|(18,485)|(26,160)|
|Netpensionsliability|(1,001)|(8,066)|
##
##
|asfollows:|||
|---|---|---|
||2022|2021|
||Total|Total|
||£'000|£'000|
|Amountsincludedinstaffcost|||
|Currentservicecost|(999)|(880)|
|Pastservicecost|||
|Total|(999)|(880)|
|Amountsincludedininvestmentincome|291|202|
|Amountsincludedininterestcosts|(416)|(331)|
|Administration expenses|(11)|(5)|
|Netinterestcost|(136)|(134)|
|Returnonpensionplanassets|(1,021)|2,806|
|Experiencegains/lossesarisingondefinedbenefitobligations|(1,792)|549|
|Changesinassumptionsunderlyingthepresentvalueofplanliabilities|10,592|(1,096)|
|AmountrecognisedinOtherComprehensiveIncome|7,779|2,259|
##
##
|Movementinnetdefinedbenefitliabilityduringyear|||
|---|---|---|
||2022|2021|
||Total|Total|
||£'000|£'000|
|Netdefinedbenefitliabilityinschemeat1August|(8,066)|(9,716)|
|Movementinyear:|||
|.Currentservicecost|(999)|(880)|
|.Employercontributions|421|405|
|.Netinterestonthedefinedliability|(136)|(134)|
|.Actuarialgain|7,779|2,259|
|Netdefinedbenefitliabilityat31July|(1,001)|(8,066)|
##
|Assetandliabilityreconciliation|||
|---|---|---|
||2022|2021|
||Total|Total|
||£'000|£'000|
|Definedbenefitobligationsat1August|26,160|24,607|
|Currentservicecost|999|880|
|Interestcost|416|331|
|ContributionsbySchemeparticipants|109|109|
|Changeindemographicassumptions|(973)|(311)|
|Changesinfinancialassumptions|(9,619)|1,407|
|Estimatedbenefitspaid|(399)|(314)|
|Experience(losses)ondefinedbenefitobligations|1,792|(549)|
|Definedbenefitobligationsat31July|18,485|26,160|
##
##
|Changesinfairvalueofplanassets|||
|---|---|---|
||2022|2021|
||Total|Total|
||£'000|£'000|
|Fairvalueofplanassetsat1August|18,094|14,891|
|Interestonplanassets|291|202|
|Returnonplanassets|(1,021)|2,806|
|Employercontributions|421|405|
|ContributionsbySchemeparticipants|109|109|
|Estimatedbenefitspaid|(399)|(314)|
|Administrationexpenses|(11)|(5)|
|Fairvalueofplanassetsat31July|17,484|18,094|
##
##
|Learnersupportfunds|||
|---|---|---|
||Year|Year|
||ended|ended|
||31July|31July|
||2022|2021|
|LearnerSupportFunds|£'000|£'000|
|OtherLearnerSupportFunds(AdvancedLearnerLoansBursary)|||
|Grantreceived—currentyear|76|233|
|Less:Disbursedtostudents|(53)|(45)|
|Less:Administrationfee|(1)|(18)|
|Less:Retainedincome||(23)|
|Underspendfortheyear|22|147|
##
##
|CapitalCommitments|||||
|---|---|---|---|---|
||||2022|2021|
||||£'000|£'000|
|Commitmentscontractedforat|31|July|30|0|
##